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

                          E U R O P E

          Monday, May 24, 2021, Vol. 22, No. 97

                           Headlines



A U S T R I A

WIENERBERGER AG: Moody's Alters Outlook on Ba1 CFR to Stable


G E R M A N Y

DEUTSCHE LUFTHANSA: Egan-Jones Retains B Sr. Unsecured Debt Ratings
REVOCAR 2018: DBRS Confirms BB Rating on Class D Notes
REVOCAR 2021-1: DBRS Assigns BB Rating on Class D Notes


I R E L A N D

AURIUM CLO VIII: Moody's Assigns (P)B2 Rating to Class F Notes
CAIRN CLO XIII: Fitch Assigns Final B- Rating on Class F Debt
CAIRN CLO XIII: Moody's Assigns B3 Rating to EUR11M Class F Notes
CROSTHWAITE PARK: Moody's Assigns B3 Rating to EUR15M Cl. E Notes


I T A L Y

FEDRIGONI SPA: Moody's Assigns B2 CFR Following Reorganization
ITALY: Egan-Jones Retains 'BB+' Senior Unsecured Debt Ratings
MARCOLIN SPA: Moody's Rates New EUR350MM Guaranteed Sr. Notes 'B3'
TAURUS SRL 2018-1: DBRS Confirms BB(low) Rating on Class E Notes


L I T H U A N I A

AKROPOLIS GROUP: Fitch Assigns FirstTime 'BB+' IDR, Outlook Stable
AKROPOLIS GROUP: S&P Assigns 'BB+' ICR, Outlook Negative


L U X E M B O U R G

SES SA: Moody's Assigns Ba1 Rating to Proposed Hybrid Bond


N E T H E R L A N D S

AIRBUS SE: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
BOELS TOPHOLDING: Moody's Alters Outlook on B1 CFR to Stable
MAXEDA DIY HOLDING: Fitch Affirms B LongTerm IDR, Outlook Stable


N O R W A Y

NORWEGIAN AIR: Aims to Complete Financial Restructuring on May 26


R U S S I A

CHERKIZOVO GROUP: Moody's Hikes CFR to Ba3, Outlook Stable


S P A I N

BBVA CONSUMER AUTO 2020-1: DBRS Confirms BB(high) Rating on D Notes


S W E D E N

INTRUM AB: Fitch Affirms 'BB' LT IDR & Alters Outlook to Stable


S W I T Z E R L A N D

GATEGROUP: S&P Raises ICR to 'CCC+' on Completed Restructuring
TRANSOCEAN LIMITED: Egan-Jones Hikes Unsecured Debt Ratings to CCC-


T U R K E Y

TURKISH AIRLINES: Fitch Assigns FirstTime 'B' LT IDRs, Outlook Neg.
TURKISH AIRLINES: Fitch Gives 'BB' Rating on 2015-A Class A Certs


U N I T E D   K I N G D O M

DRAKE & MORGAN: Plans to Enter Company Voluntary Arrangement
LIBERTY STEEL: Metro Bank Seeks Early Repayment of GBP18MM Loan
PREMIER FOODS: Moody's Alters Outlook on B1 CFR to Positive
PREMIER FOODS: S&P Hikes ICR to BB- on Deleveraging, Outlook Stable
SIGNATURE LIVING: Administrators Tap CBRE to Market Shankly Hotel

[*] UK: Insolvency Plan May Drag Struggling SMEs Into Court
[*] UK: Tenth of Scotland's Hotels May Shut Down for Good by 2023


X X X X X X X X

[*] BOND PRICING: For the Week May 17 to May 21, 2021

                           - - - - -


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A U S T R I A
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WIENERBERGER AG: Moody's Alters Outlook on Ba1 CFR to Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of the Austrian building materials producer Wienerberger AG.
Concurrently, the rating agency has affirmed the issuer's senior
unsecured ratings at Ba1 and the probability of default rating at
Ba1-PD. The outlook has been changed to stable from negative.

RATINGS RATIONALE

The rating action reflects Wienerberger's relatively resilient
performance in the turbulent 2020 and Moody's belief that the
ongoing economic recovery with a healthy level of construction
activity will allow the company to maintain financial metrics
commensurate with its current rating. In 2020, Wienerberger's
revenue declined by 3% while its Moody's adjusted EBITDA was down
7%, as the group's operating results in the second half of the year
recovered from the Covid-induced shock in Q2 2020. However,
reductions in working capital and capex resulted in a record-high
level of free cash flow that reduced net debt leading to the RCF/
net debt ratio (Moody's adjusted) of approximately 33% by the
year-end 2020. With that, the ratio exceeded Moody's quantitative
upgrade trigger for the rating category.

The positive FCF generation together with the issuance of EUR400
million senior unsecured bond in May 2020 significantly improved
the company's liquidity position, resulting in EUR666 million of
cash plus EUR371 million availability under the committed revolving
credit line by the year-end 2020 compared to EUR129 million of cash
plus EUR360 million undrawn credit facility in previous year.
Despite these artificially high cash balance, Wienerberger's gross
leverage (as adjusted by Moody's) of 3.3x was within the 2.5x --
3.5x range Moody's views as appropriate for the existing rating.
The ratio declined to 3.1x in Q1 2021 reflecting the redemption of
EUR215 million hybrid bonds in February 2021. Moody's thinks that
earnings recovery throughout 2021 (Wienerberger guides for 7%-11%
increase in its like-for-like EBITDA in 2021) will likely reduce
gross leverage further down to the stronger end of the Moody's
guided range for the Ba1 rating, in absence of larger M&A.

The $250 million Meridian Brick acquisition in the US (announced in
December 2020, expected closing in Q2 2021) will contribute to
gross leverage reduction by being largely cash-financed whereby
providing additional earnings and doubling the group's exposure to
the strongly performing US construction market. Though, both hybrid
redemption and the recent acquisition will also reduce
Wienerberger's liquidity reserve. Nevertheless, Moody's assumes
that Wienerberger will continue to carefully manage its liquidity
profile in light of envisaged intensified growth investments in
2021-23 and potential further acquisitions given the company's
strategy to enhance organic growth through M&A.

Wienerberger's rating is supported by (1) the group's strong market
position as the global leader in clay blocks and Europe's #1
producer of facing bricks, clay roof tiles and ceramic pipes; (2)
reduced business cyclicality since last global crisis due to
investments in pipe business, which now accounts for around 28% of
the group revenue and together with Roof products (17% of revenue)
has a stronger exposure to more stable renovation and
infrastructure spending; (3) regional diversification across Europe
(c. 90% of group sales) complemented by the revenue contribution
from North America (c. 10%), which will double with the acquisition
of Meridian Brick (closing expected in H1 2021); (4) the financial
policy targeting a moderate level of leverage (company-defined net
debt/ EBITDA ratio of below 2.5x) and (5) the overall healthy
market environment for construction/ building materials in Europe
and the US.

However, the rating is constrained by (1) the still high exposure
to the cyclical new-build construction (around 60% of group sales);
(2) the fragile, albeit improving, economic environment in light of
the ongoing pandemic (3) its relatively modest size compared to
major investment grade rated peers in the building materials
industry; (4) its relatively aggressive, significantly increased
shareholder remuneration in recent years and (5) the event risk as
the company aims to enhance its organic growth with acquisitions
and its leverage (1.6x in 2020, 1.9x in Q1 '21) is currently well
below the self-imposed ceiling (



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G E R M A N Y
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DEUTSCHE LUFTHANSA: Egan-Jones Retains B Sr. Unsecured Debt Ratings
-------------------------------------------------------------------
Egan-Jones Ratings Company, on May 21, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Deutsche Lufthansa Aktiengesellschaft.

Headquartered in Cologne, Germany, Deutsche Lufthansa
Aktiengesellschaft provides passenger and cargo air transportation
services worldwide.


REVOCAR 2018: DBRS Confirms BB Rating on Class D Notes
------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by RevoCar 2018 UG (haftungsbeschrankt) (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AAA (sf) from AA (high) (sf)
-- Class C Notes upgraded to AAA (sf) from AA (low) (sf)
-- Class D Notes confirmed at BB (sf)

The ratings on the Class A, Class B, Class C, and Class D Notes
(the Rated Notes) address the timely payment of interest and
ultimate payment of principal on or before the legal final maturity
date in April 2031.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of level of delinquencies and
defaults, as of the April 2021 payment date.

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Corona virus Disease (COVID-19)
pandemic.

The transaction is a securitization of German auto loan receivables
originated and serviced by Bank11 für Privatkunden und Handel GmbH
(Bank11). The initial portfolio included loans granted to private
and corporate clients for the purchase of new and used vehicles.
Most of the receivables have equal monthly installments; however,
12.7% of loans at closing included a final balloon payment. The
transaction closed on May 22, 2018.

PORTFOLIO PERFORMANCE

As of the April 2021 payment date, loans that were one month and
two months in arrears represented 0.2% and 0.04% of the outstanding
portfolio balance, respectively, while loans more than three months
in arrears were zero. Gross cumulative defaults amounted to 0.7% of
the initial collateral balance, with cumulative recoveries of 34.7%
to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has maintained its base case PD at 1.3% and
updated its base case LGD to 62.6% following coronavirus
adjustments.

DBRS Morningstar opted to elect mid-range core multiples. The
inclusion of incremental balloon stresses means the derived
adjusted multiple is above the higher range used at an AAA (sf)
level.

CREDIT ENHANCEMENT AND RESERVES

The subordination of the respective junior obligations provides
credit enhancement to the Rated Notes. As of the April 2021 payment
date, credit enhancement to the Class A Notes increased to 33.6%
from 19.7% at the last annual review 12 months ago; credit
enhancement to the Class B Notes increased to 14.7% from 8.6%;
credit enhancement to the Class C Notes increased to 12.0% from
7.0%; and credit enhancement to the Class D Notes increased to 3.6%
from 2.1%.

The transaction benefits from an amortizing liquidity reserve,
which will only become available to the Issuer upon a servicer
termination event, with a target balance equal to 0.7% of the
outstanding collateral balance. The reserve would be available to
cover senior fees and expenses, swap payments, and interest
payments on the Class A Notes. As of the April 2021 payment date,
the reserve was at its target of EUR 0.7 million.

The transaction additionally benefits from a commingling reserve
funded by Bank11 at closing to EUR 10.4 million. This reserve is
maintained at a balance equal to the scheduled collections amount
for the next collection period plus 0.5% of the outstanding
performing collateral balance. As of the April 2021 payment date,
the reserve was funded to EUR 4.7 million.

Borrowers in Germany have the right to set off claims against the
Issuer that they had at the time of the assignment of receivables
or at the time they become aware of the assignment from the Seller
to the Issuer. Set-off risk is mitigated by loan eligibility
criteria that stipulates borrowers cannot hold deposits with Bank11
and that Bank11 will fund a set-off risk reserve if certain events
occur. As of the April 2021 payment date, the set-off risk reserve
account was unfunded.

The Bank of New York Mellon Corporation, Frankfurt Branch
(BNY-Frankfurt) acts as the Account Bank for the transaction. Based
on DBRS Morningstar's private rating of BNY-Frankfurt, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar consider the risk arising
from the exposure to BNY-Frankfurt to be consistent with the
ratings assigned to the Rated Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

UniCredit Bank AG acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating on UniCredit Bank AG
is consistent with the First Rating Threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Corona virus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many ABS
transactions, some meaningfully. The ratings are based on
additional analysis and, where appropriate, adjustments to expected
performance as a result of the global efforts to contain the spread
of the coronavirus. For this transaction, DBRS Morningstar applied
an additional haircut to its base case recovery rate and conducted
additional sensitivity analysis to determine that the transaction
benefits from sufficient liquidity support to withstand high levels
of payment holidays in the portfolio. As of April 2021 no loans
benefited from payment moratoriums.

Notes: All figures are in Euros unless otherwise noted.

REVOCAR 2021-1: DBRS Assigns BB Rating on Class D Notes
-------------------------------------------------------
DBRS Ratings GmbH assigned the following ratings to the notes
issued by RevoCar 2021-1 UG (haftungsbeschrankt) (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (sf)

DBRS Morningstar does not rate the Class E Notes in this
transaction.

The rating of the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date. The rating of the Class B Notes addresses the
ultimate (and timely as the most senior class) payment of interest
and the ultimate repayment of principal by the legal final maturity
date. The ratings of the Class C and Class D Notes address the
ultimate payment of interest and the ultimate repayment of
principal by the legal final maturity date.

The Notes are backed by a pool of receivables related to auto loan
contracts comprising standard amortizing and balloon loan
receivables granted to private individuals and commercial clients
residing in Germany by Bank11 für Privatkunden und Handel GmbH
(Bank11 or the Originator). The collateral portfolio will also be
serviced by Bank11 (the Servicer). The Issuer is registered at
Wilmington Trust SP Services (Frankfurt) GmbH, which is
incorporated under German law.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement;

-- Relevant credit enhancement in the form of subordination,
reserve funds, and excess spread;

-- Credit enhancement levels are sufficient to support DBRS
Morningstar's projected cumulative net loss under various stressed
cash flow assumptions for the Class A, Class B, Class C, and Class
D notes;

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested;

-- Bank 11's capabilities with regard to originations,
underwriting, and servicing and its financial strength;

-- The transaction parties' financial strength with regard to
their respective roles;

-- The credit quality of the collateral and historical and
projected performance of the Seller's portfolio;

-- The sovereign rating of the Federal Republic of Germany,
currently at AAA with a Stable trend; and

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
address the true sale of the assets to the Issuer.

TRANSACTION STRUCTURE

The transaction includes a 48-month revolving period during which
the Issuer can purchase additional collateral. During this period,
the transaction includes comprehensive receivable eligibility
criteria and limitations on the type of collateral that can be
purchased during the revolving period, which have to be complied
with.

The transaction incorporates a single waterfall that facilitates
the distribution of the available distribution amount. The notes
amortize sequentially subject to a note-specific target principal
redemption amount.

On the issue date, Bank11 has funded a liquidity reserve of EUR
1,750,000, with a target balance of 0.25% of the outstanding
principal amounts of all purchased receivables. The liquidity
reserve is available to cover senior expenses, servicing fees, and
interest on the Class A Notes only after the servicer fails to
transfer collections under the servicing agreement resulting in the
occurrence of a servicer termination event.

The transaction also includes a commingling reserve funded at
closing and a set-off reserve mechanism. These reserves will in
addition to the liquidity reserve only be available upon the
occurrence of certain predefined events.

All underlying contracts are fixed-rate loans and interest paid on
the Notes is also fixed, hence there is no interest rate risk in
this transaction.

DBRS Morningstar analyzed the transaction cash flow structure in
Intex DealMaker.

COUNTERPARTIES

The Bank of New York Mellon, Frankfurt Branch (BoNY) has been
appointed as the account bank for the transaction. DBRS Morningstar
privately rates BoNY and publicly rates The Bank of New York
Mellon's Long-Term Senior Debt at AA (high) with a Stable trend.
DBRS Morningstar concluded that BoNY meets the minimum criteria to
act in its capacity as the account bank. The transaction also
contains downgrade provisions relating to the account bank
consistent with DBRS Morningstar criteria.

CORONAVIRUS CONSIDERATIONS

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many structured
finance transactions, some meaningfully. The ratings are based on
additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus. For this transaction, DBRS Morningstar applied a
moderate haircut to its expected recovery rate.

Notes: All figures are in Euros unless otherwise noted.



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I R E L A N D
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AURIUM CLO VIII: Moody's Assigns (P)B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Aurium
CLO VIII Designated Activity Company (the "Issuer"):

EUR272,800,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR30,800,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR5,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR7,700,000 Class B-3 Senior Secured Fixed/Floating Rate Notes
due 2034, Assigned (P)Aa2 (sf)

EUR30,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR27,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR23,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba2 (sf)

EUR13,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B2 (sf)

RATINGS RATIONALE

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

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

Spire Management Limited ("Spire") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5 year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR31,400,000 Subordinated Notes due 2034 which
are not rated.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR440,000,000

Diversity Score: 50 (*)

Weighted Average Rating Factor (WARF): 2825

Weighted Average Spread (WAS): 4.00%

Weighted Average Coupon (WAC): 3.55%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.51 years


CAIRN CLO XIII: Fitch Assigns Final B- Rating on Class F Debt
-------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO XIII DAC final ratings.

    DEBT                RATING
    ----                ------
CAIRN CLO XIII DAC

A XS2327435066    LT AAAsf   New Rating
A-1               LT AAAsf   New Rating
A-2               LT AAAsf   New Rating
B XS2327435819    LT AAsf    New Rating
C XS2327436460    LT Asf     New Rating
D XS2327437351    LT BBB-sf  New Rating
E XS2327437948    LT BB-sf   New Rating
F XS2327437518    LT B-sf    New Rating
M-1 XS2327438086  LT NRsf    New Rating
M-2 XS2327438326  LT NRsf    New Rating

TRANSACTION SUMMARY

Cairn CLO XIII DAC is a securitisation of mainly senior secured
obligations with a component of senior unsecured, mezzanine and
second-lien loans. Note proceeds are being used to fund a portfolio
with a target par of EUR400 million. The portfolio is actively
managed by Cairn Loan Investments II LLP. The collateralised loan
obligation (CLO) has a 4.5-year reinvestment period and a 8.5-year
weighted average life (WAL).

KEY RATING DRIVERS

Above Average Portfolio Credit Quality (Positive): Fitch places the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 31.6.

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 62.6%.

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

Portfolio Management (Neutral): The transaction has a 4.5-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 A, D, E, and F notes are one notch higher than the
model-implied rating (MIR) under the stressed portfolio analysis.
When analysing the matrices with the stressed portfolio, the notes
showed a maximum break-even default-rate shortfall ranging from
0.64% to 2.43% across the structure at the assigned ratings.
However, the final ratings are supported by the significant default
cushion on the identified portfolio due to the notable cushion
between the covenants of the transaction and the portfolio's
parameters. 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 25% reduction of the mean default rate (RDR) across all
    ratings and a 25% increase in the recovery rate (RRR) across
    all ratings will result in an upgrade of no more than five
    notches across the structure, apart from the class A notes,
    which are already at the highest rating on Fitch's scale and
    cannot be upgraded.

-- At closing, Fitch used a standardised stress portfolio
    (Fitch's 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:

-- A 25% increase of the mean RDR across all ratings and a 25%
    decrease of the RRR across all ratings will result in
    downgrades of up to five notches cross the structure.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
envisage the coronavirus baseline scenario. The agency notched down
the ratings for half of assets with corporate issuers on Negative
Outlook regardless of sector. This scenario shows resilience of the
assigned ratings, with a comfortable cushion across all the notes.

Coronavirus Downside Scenario Impact

Fitch also considers a sensitivity analysis that contemplates a
more severe and prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
of assets with corporate issuers on Negative Outlook regardless of
sector. Under this downside scenario, all classes pass their
current ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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.


CAIRN CLO XIII: Moody's Assigns B3 Rating to EUR11M Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to debt issued by Cairn CLO XIII
Designated Activity Company (the "Issuer"):

EUR73,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned Aaa (sf)

EUR125,000,000 Class A-1 Senior Secured Floating Rate Loan due
2033, Assigned Aaa (sf)

EUR50,000,000 Class A-2 Senior Secured Floating Rate Loan due
2033, Assigned Aaa (sf)

EUR38,500,000 Class B Senior Secured Floating Rate Notes due 2033,
Assigned Aa2 (sf)

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

EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Baa3 (sf)

EUR20,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured loans, second-lien
loans, mezzanine obligations and high yield bonds. The portfolio is
expected to be 75% ramped as of the closing date and comprises
predominantly corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during the
7 month ramp-up period in compliance with the portfolio
guidelines.

Cairn Loan Investments II LLP ("Cairn II LLP") will manage the CLO.
It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half-year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

In addition to the eight classes of debt rated by Moody's, the
Issuer has issued EUR 20,100,000 of Class M-1 Subordinated Notes
and EUR 13,500,000 of M-2 Subordinated Notes which are not rated.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 38*

Weighted Average Rating Factor (WARF): 2949

Weighted Average Spread (WAS): 3.5%

Weighted Average Coupon (WAC): 4.5%

Weighted Average Recovery Rate (WARR): 43.75%

Weighted Average Life (WAL): 8.5 years


CROSTHWAITE PARK: Moody's Assigns B3 Rating to EUR15M Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing debt issued by
Crosthwaite Park CLO DAC (the "Issuer"):

EUR149,000,000 Class A-1A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR151,000,000 Class A-1A Senior Secured Floating Rate Loan due
2034, Definitive Rating Assigned Aaa (sf)

EUR10,000,000 Class A-1B Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR40,000,000 Class A-2A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR22,500,000 Class B-1 Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR10,000,000 Class B-2 Senior Secured Deferrable Fixed Rate Notes
due 2034, Definitive Rating Assigned A2 (sf)

EUR31,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR26,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba2 (sf)

EUR15,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

Interest and principal payments due to the Class A-1B Notes are
subordinated to interest and principal payments due to the Class
A-1A Notes the Class A-1A Loan. The Class A-1A Notes' and Class
A-1A Loan's payments are pro rata and pari passu.

As part of this reset, the Issuer has amended the base matrix and
modifiers that Moody's has taken into account for the assignment of
the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is fully ramped as of the closing
date.

Blackstone Ireland Limited will continue to manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.3-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations and credit improved obligations. Additionally, the
issuer has the ability to purchase loss mitigation loans using
principal proceeds subject to a set of conditions including
satisfaction of the par coverage tests.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR500,000,000

Defaulted Par: EUR0 as of April 20, 2021

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3091

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years



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

FEDRIGONI SPA: Moody's Assigns B2 CFR Following Reorganization
--------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating and
a B2-PD probability of default rating to Fedrigoni S.p.A.
(Fedrigoni), an Italian paper producer focused on labeling and
specialty papers. Concurrently Moody's has withdrawn the CFR and
PDR on Fabric (BC) S.p.A.previously rated B2 CFR and B2-PD PDR. The
outlook on Fabric (BC) S.p.A. will be withdrawn, previously
negative and the outlook on the ratings of Fedrigoni is negative.

RATINGS RATIONALE

The rating action was triggered by a reorganization of the group
whereby Fabric (BC) S.p.A. has been merged into Fedrigoni S.p.A.
with Fedrigoni being the surviving entity.

The B2 CFR is primarily constrained by Fedrigoni's (1) moderate
scale, with revenue of around EUR1.3 billion in 2020; (2) exposure
to volatile pulp prices because it is not vertically integrated
into pulp; (3) moderate, although decreasing, exposure to the
structurally declining and margin-diluting coated wood-free (CWF)
and uncoated wood-free (UWF) paper segment, which represented
15%-20% of the group's EBITDA in 2018; and (4) very high leverage
of 8.3x in 2020, as calculated by Moody's with further M&A risk
that could slow the deleveraging process.

Fedrigoni's CFR is primarily supported by (1) the company's
market-leading positions in a number of structurally growing
premium niches (such as specialty graphic paper, art paper, and
pressure-sensitive and self-adhesive labels, for example, for the
premium wine industry) with well-established brands, which allow it
to operate with a level of profitability (a Moody's-adjusted EBITDA
margin of 9.6% in 2020) that compares well with that of most other
paper producers; (2) the prospects of good positive free cash flow
(FCF) generation, given the relatively limited maintenance capital
spending; and (3) good customer diversification, enabled by its
proprietary distribution network.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The Fedrigoni Group has exhibited environmental awareness by
setting specific policies in the direction of reducing
environmental footprint and responding to climate change. Under
this framework, the company sources pulp from forests managed in
accordance with sustainable forestry schemes and has managed to
reduce CO2 emissions progressively over the last six years by more
than 7%. Additionally, Fedrigoni has reduced its chemical oxygen
demand by 23% and is committed to continuously adopting measures
that help reduce water consumption. Furthermore, in the field of
energy consumption, a reduction of almost 10% in electricity
consumed for paper production was achieved, while some of the paper
mills use suitable water resources to generate hydroelectric
energy.

In the field of social considerations, the company invests in its
people by providing professional training and a work environment
centred around the health and safety framework. Specifically,
Fedrigoni offers around 20,000 training hours each year, in which
75% of employees participate in managerial or technical courses.
Occupational safety is also assured by providing training and
relevant activities that lead to a constant decrease in the number
of workplace accidents. Moody's also regard the coronavirus
outbreak as a social risk under Moody's ESG framework, given its
substantial implications for public health and safety.

Fedrigoni's governance is articulated by the existence of a single
shareholder, the private equity fund Bain Capital, which owns the
company since April 2018, when it acquired a 90% stake in the
Fedrigoni Group. The founding family maintains 10% of the capital
and is actively present in the group's management team.

STRUCTURAL CONSIDERATIONS

The B2 rating on the guaranteed EUR580 million senior secured notes
due 2024 and the EUR225 million guaranteed senior secured notes due
2026 is in line with the CFR. This is predominantly because senior
secured debt constitutes most of the company's outstanding
liabilities and there is only a EUR125 million super senior
revolving facility, which has a priority over security enforcement
proceeds.

In Moody's Loss Given Default assessment, the bonds rank below the
facility and sizeable trade payables (around EUR310 million as of
December 2020). Although both the bonds and the facility are
secured, the strength of the security is relatively weak because it
essentially consists only of share pledges, material bank accounts
and certain intragroup receivables. However, upstream guarantees
are provided from all material entities.

OUTLOOK

The negative outlook reflects the uncertainty over the pace of
recovery in global economic sentiment and its impact on Fedrigoni's
credit metrics, particularly in the recovery of its paper and
security business segment. It also reflects the weak positioning
under the current rating category and the absence of headroom for
additional debt-funded acquisitions. The level of cash and
availability under liquidity facilities to fund minor debt
maturities coming due over the next 12-24 months as well as
operating cash needs will be also major considerations.

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

A positive rating action would be considered in case of (1)
financial policies commensurate with Moody's-adjusted debt/EBITDA
of below 5.0x on a sustained basis; (2) Moody's-adjusted EBITDA
margin remaining in the low teens in percentage terms on a
sustained basis; (3) further strengthening of liquidity by building
sufficient cash balances; and (4) further track record of material
positive FCF generation.

Downward pressure would intensify in case of (1) Moody's-adjusted
debt/EBITDA remaining above 6.0x on a sustained basis; (2)
Moody's-adjusted EBITDA margin remaining below 10% on a sustained
basis; (3) negative FCF generation on a sustained basis; or
weakening of liquidity

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.

COMPANY PROFILE

Headquartered in Verona, Italy, Fedrigoni is a producer of
specialty and premium commodity papers, and selfadhesive labels, as
well as security paper and features for bank notes and documents.
With around 4,000 employees and 22 manufacturing facilities in
Italy, Spain, Brazil, the UK and the US, the group sells its
products in 130 countries around the world. Fedrigoni was founded
in 1888 and currently operates through its two business segments:
paper and security, and pressure-sensitive labels. In 2020,
Fedrigoni reported revenue of EUR1.3 billion.The group was acquired
by the private equity firm Bain Capital, in April 2018.

ITALY: Egan-Jones Retains 'BB+' Senior Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on May 18, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by the Republic of Italy.


MARCOLIN SPA: Moody's Rates New EUR350MM Guaranteed Sr. Notes 'B3'
------------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the B3-PD probability of default rating of Italian
eyeglass manufacturer Marcolin S.p.A. Moody's has also assigned a
B3 rating to the proposed EUR350 million guaranteed senior secured
notes due 2026 issued by Marcolin. The outlook on the ratings
remains negative.

Proceeds from the new notes will be used to refinance existing
debt, including the outstanding EUR250 million guaranteed senior
secured notes due 2023, EUR40 million drawing under the revolving
credit facility (RCF) maturing in 2022 and a EUR50 million bank
loan maturing in 2025. The rating on the existing notes will be
withdrawn upon repayment at completion of the refinancing.

"The affirmation of the rating reflects the improvement in
Marcolin's liquidity following the planned refinancing, owing to
the extension of the debt maturity profile and the restored
availability under a new EUR46 million revolving credit facility,"
says Lorenzo Re, a Moody's Vice President - Senior Analyst and lead
analyst for Marcolin.

"While the refinancing is leverage neutral, the negative outlook
continues to reflect Marcolin's very high leverage, with future
deleveraging remaining subject to a material improvement in
operating performance which carries significant execution risk,"
Mr. Re added.

RATINGS RATIONALE

Marcolin's operating performance in 2020 was negatively impacted by
Covid, with sales declining by 30% and EBITDA (as reported by the
company and before one-off costs) dropping to EUR26 million from
EUR56 million in 2019. One-off costs related to some restructuring
actions and the early termination of non-core licenses, as well as
working capital absorption, weighted on cash flow resulting in a
material cash burn of almost EUR70 million. This outflow was
covered by a EUR25 million cash injection from the shareholder and
EUR63 million of additional debt, including a new State-backed
EUR50 million term loan and EUR13 million additional drawings under
the RCF.

Moody's expects the company's operating performance to recover in
2021, although remaining below pre-crisis levels with reported
recurring EBITDA increasing towards EUR40 million from EUR56
million in 2019.

The proposed refinancing will extend the company's debt maturity
profile to 2026 and will improve liquidity thanks to a new EUR46
million RCF, but will leave the overall amount of debt unchanged.
As a result, leverage will remain very high with Moody's adjusted
debt /EBITDA above 11x in 2021.

Deleveraging beyond 2021 remains subject to a material improvement
in operating performance well above pre-Covid levels, implying
sustained top-line growth, EBITDA margin improvement towards
historical peak levels of 12% and continued reduction of working
capital.

Marcolin is implementing several actions to support this
improvement, including efficiency increases in its production
plants, overhead cost reduction, optimization of the brand
portfolio and the revamp of its distribution network in Asia.
However, visibility on the pace of improvement remains low, as the
uneven macroeconomic recovery and still low consumer confidence may
hamper sales, while execution risk on a number of new initiatives,
such as revenue growth from new licenses and optimization of
inventories remains high. Therefore, Marcolin may not be able to
restore a more sustainable capital structure in case of
underperformance compared to its business plan.

Depending on the success of execution of the business plan, Moody's
estimates that Marcolin's Moody's adjusted EBITDA in 2022 will be
in the range of EUR50 million- EUR60 million, leverage would be at
around 6.7x to 8.0x, and FCF would be neutral or only modestly
positive.

Marcolin's credit profile is supported by the company's solid
market position in the global eyewear market, with a well-balanced
product and geographic diversification. The rating also factors the
company's modest size and the risk of licenses not being renewed,
owing to the lack of significant proprietary brands and the high
sales concentration in a few brands. In addition to the very high
leverage and weak free cash flow generation, the rating also
reflects the company's weak EBIT/interest coverage ratio, which is
expected to remain below 1x until 2023.

Marcolin's 49% stake in Thelios, the JV with LVMH, supports the
rating, although Moody's does not expect it will materially
contribute to Marcolin's cash flows in the next 12-18 months.
However, this stake represents a source of financial flexibility as
Marcolin could, at some point, sell it in case of need. Marcolin
and LVMH have put/call options on this stake that can be exercised
in 2027/2028.

LIQUIDITY

Marcolin's liquidity will improve following the refinancing,
supported by approximately EUR55 million of cash expected as of
March 2021 and the full availability under the new EUR46 million
committed RCF. This will cover its capital spending of around EUR14
million- EUR15 million per year and sufficiently cover its seasonal
working capital swing, with cash absorption in the first half of
the year and release in the second half.

The RCF includes a springing financial covenant of 11.5x net
leverage, tested quarterly when drawings exceed 40% of the RCF. As
part of the refinancing, Marcolin obtained a covenant holiday with
testing starting only from September 2022.

STRUCTURAL CONSIDERATIONS

The B3 rating assigned to the EUR350 million guaranteed senior
secured notes is in line with the CFR, reflecting the fact that the
notes represent most of the group's financial debt. While the EUR50
million super senior RCF ranks senior to the notes, its size is not
enough to cause a notching down of the notes.

Moody's has assumed a 50% family recovery rate, as it is standard
for capital structures that include both bonds and bank debt. The
notes are secured by share pledges and are guaranteed (with some
limitations under Italian law) by subsidiaries, representing at
least 85% of the group's EBITDA.

The capital structure includes a EUR25 million shareholder loan,
maturing in 2027, that is eligible for equity credit under Moody's
criteria.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the execution risk on Marcolin's
restructuring plan and the risk that credit metrics may remain
weaker than the 6.5x maximum leverage tolerance for the B3 rating
category in the next 18-24 months in case of underperformance, with
leverage remaining around 6.7x to 8.0x.

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

Negative pressure on the rating could materialise in case of (1) a
deterioration in the company's liquidity profile; (2) failure to
restore a sustainable capital structure in the next 18-24 months,
with leverage, measured as Moody's adjusted gross debt /EBITDA not
returning towards 6.5x; and (3) continued negative free cash flow
for an extended period of time. In addition, failure to
successfully complete the proposed refinancing would likely lead to
immediate downward pressure on the rating.

Positive ratings pressure could arise over time if (1) the
company's Moody's-adjusted debt/EBITDA returns to below 5.5x on a
sustained basis; (2) its EBIT margin returns to high single-digit
levels in percentage terms; and (3) liquidity remains adequate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Marcolin S.p.A.

Gtd. Senior Secured Regular Bond/Debenture, Assigned B3

Affirmations:

Issuer: Marcolin S.p.A.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Outlook Actions:

Issuer: Marcolin S.p.A.

Outlook, Remains Negative

COMPANY PROFILE

Headquartered in Italy, Marcolin S.p.A. (Marcolin) is a leading
designer, manufacturer and distributor of eyewear, with a portfolio
of around 30 licensed brands. The group has a global presence in
both sunglasses and prescription frames. In 2020, the group
reported EUR340 million in revenue and EUR26 million in recurring
EBITDA. Since 2012, Marcolin has been controlled by private equity
sponsor PAI Partners.

TAURUS SRL 2018-1: DBRS Confirms BB(low) Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings of all classes of the
Commercial Mortgage-Backed Floating Rate Notes Due May 2030 (the
Notes) issued by Taurus 2018-1 IT S.R.L. (the Issuer or the
Transaction) as follows:

-- Class A Notes at AA (low) (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (high) (sf)
-- Class E Notes at BB (low) (sf)

The trend on Class A remains Stable while the trends on Class B
through E remain Negative.

The rating confirmations reflect that the overall credit quality of
the transaction was, as of today, not materially affected by the
Corona virus Disease (COVID-19) pandemic. However, similar to the
last review, DBRS Morningstar remains cautious about its outlook of
the transaction as the loans are still recovering from the relief
measures agreed last year and it remains to be seen if the Bell Air
loan meets its financial covenant at the expiry of the covenant
waiver period; therefore, the Negative trends were maintained on
the mezzanine and junior classes. Class A's trend remains Stable.

Taurus 2018-IT S.R.L. is a EUR 336.6 million securitization of
three floating-rate senior commercial real estate loans (the
Camelot loan, the Bell Air loan, and the Logo loan) advanced by
Bank of America Merrill Lynch. Both the Camelot and Bell Air loans
were used for acquisition financing whereas the Logo loan was used
for refinancing. The Camelot and Logo loans are backed by Italian
logistics assets (sponsored by Blackstone and managed by Logicor),
while the Bell Air loan is backed by Italian retail properties
(sponsored by Partners Group L.P. and managed by Kryalos Asset
Management).

As of February 2021, the Transaction had seen an aggregate property
market value (MV) increase of 3.8% equalling approximately EUR 21.9
million. Nevertheless, whereas the properties securing the Camelot
and Logo loans have registered a MV increase of 12.0% and 10.2%,
respectively, the Bell Air portfolio's MV has actually decreased by
11.7%. As such, the loan-to-value (LTV) ratios of the loans have
changed to 58.7% from 65.8% for Camelot; to 48.5% from 45.4% for
Bell Air; and to 47.9% from 56.2% for Logo. It should also be noted
that the Bell Air borrower has not only sold the biggest asset, the
Primavera shopping centre, to prepay a part of the loan, but also
made a voluntary prepayment of EUR 5 million. The prepayment
proceeds from the Bell Air loan were applied sequentially to
amortize the Class A Notes.

All three loans have been extended to 2022 with one more extension
option remaining. DBRS Morningstar does not foresee any particular
difficulties for the Camelot and Logo borrowers to exercise their
extension rights because of the lack of financial default
covenants. The Bell Air borrower, instead, will need to meet its
70.0% LTV and 10.0% (tightened from 9%) debt yield (DY) covenants
in order to remain in compliance on and from August 2021, when the
financial covenant waiver will expire, and to exercise its last
extension option before the February 2022 second loan maturity. The
February 2021 investor report stated Bell Air's DY was 9.5%,
slightly below the default covenant. Given the 2.6% vacancy rate of
the Bell Air properties, the Sponsor needs to effectively manage
the rent arrears and make sure tenants are paying deferred rent as
agreed or the loan could go into default.

After DBRS Morningstar's last review, in July 2020 the delegate
servicer granted the Bell Air borrower consent to temporarily amend
the in-place leases to give a rent suspension for the lockdown
period (March 2020 (inclusive) to June 2020 (inclusive)) and rent
discount to the relevant tenants having an annual rent higher than
EUR 150,000 and to waive the DY financial covenant to the August
2021 test date (inclusive). As a condition of the waiver, the
borrower deposited EUR 6.46 million into a blocked reserve account
to cover projected opco operating shortfalls, fund operating costs
and debt service during the waiver period, and increased dividend
restrictions. In DBRS Morningstar's view, such waiver does not
materially affect the loan's credit quality and the proposed lease
changes are in line with market practice seen by DBRS Morningstar.
Consequently, no additional stress was applied to the Bell Air
loan. However, DBRS Morningstar removed the net cash flow (NCF) and
value of the Primavera asset in its analysis and updated its NCF
and value assumption of the loan to EUR 8 million and EUR 109.5
million, respectively, compared to EUR 11.0 million NCF and EUR
151.4 million at issuance.

Meanwhile, Blackstone has managed to stabilize the Camelot and Logo
loans' cash flows. Rent deferrals were offered to certain tenants
and although several tenants delivered notices in the Camelot loan,
most of them regeared their leases. The Logo borrower also
finalized the lease negotiation for the Peschiera 1 asset and is
expected to come out of cash trap soon. DBRS Morningstar believes
the stable performances of these two light industrial loans could
sufficiently mitigate the volatility of the Bell Air loan hence the
rating confirmations.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may continue for many CMBS
borrowers, some meaningfully. In addition, commercial real estate
values of certain sectors are negatively affected, at least in the
short term, affecting refinancing prospects for maturing loans and
expected recoveries for defaulted loans.

Notes: All figures are in Euros unless otherwise noted.



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AKROPOLIS GROUP: Fitch Assigns FirstTime 'BB+' IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Baltics-focused retail property company
Akropolis Group, UAB a first-time Long-Term Issuer Default Rating
(IDR) of 'BB+' with a Stable Outlook. Fitch has also assigned
Akropolis' planned EUR300 million bond an expected 'BB+(EXP)'
senior unsecured rating.

Akropolis' ratings are constrained by concentration on a limited
number of assets, restricting asset and geographical
diversification. The largest asset comprises above 40% of the
group's portfolio. This asset concentration is expected to improve
as assets are acquired and an ongoing development project completes
in 2024.

The ratings also reflect a portfolio of four regionally dominant
shopping centres in Lithuania (75% of market value) and Latvia
(25%) and a conservative financial profile. Akropolis' shopping
centres are anchored by Maxima Group, a Baltic leading grocery
chain, and other tenants with a range of fashion and entertainment
retail offers. The portfolio was valued at EUR0.8 billion at
end-2020.

The assignment of the final rating is contingent on final
documentation conforming to information already received.

KEY RATING DRIVERS

Concentrated Portfolio: Akropolis' portfolio comprises four
regional shopping centres. The largest one with 89,000 sqm of
retail gross lettable area (GLA) and at 40% of the total portfolio
market value (MV) is located in Vilnius (Lithuania). The
second-largest centre (61,000 sqm, 25% MV) in Riga (Latvia) and two
in Klaipeda (61,000 sqm, 25%) and Siaulai (36,000 sqm, 10%) which
are the third- and fourth-most populous cities in Lithuania.
Akropolis is negotiating the acquisition of another shopping centre
in the the Baltic states and plans development of an over-136,000
sq m GLA mixed-use scheme in Vilnius.

Even including these two additions Akropolis will be one of the
most concentrated property companies among EMEA Fitch-rated peers.

Strong Market Position: Akropolis' shopping centres benefit from
high brand recognition as a result of a first-mover advantage of
investing in shopping centres in Lithuania. Its
conveniently-located shopping centres dominate their respective
catchment areas, providing a wide retail offering. The centres are
anchored by the largest food retailer in Baltics, Maxima Group
(owned by Akropolis' parent company, UAB Vilniaus prekyba (VP
Group)). Fashion sales are represented by a range of well-known
international or regional brands. The fashion offering is
complemented by food & beverage and entertainment segments
encompassing cinemas and indoor ice-skating rinks.

High Tenant Concentration: The top-10 tenant groups generate over
40% of Akropolis' income, including 17% by VP Group-owned tenants.
This is higher than Fitch-rated CEE peers' 20%. The comparatively
small scale of local retail markets and demographic trends have not
attracted many international retailers to enter the Baltics. This
results in the retail market being dominated by a small number of
regional companies operating own and/or franchised international
brands.

Low E-commerce Penetration: Online sales penetration in the Baltics
is lower than in other CEE and western European countries. It has
allowed bricks-and-mortar retail to capture more of the region's
consumption growth. In Lithuania and Latvia penetration ranged
between 3.5% and 5% (in 2019) versus Romania's over 5%, Poland's
7%, and the Czech Republic's 15%. While e-commerce is gaining
market share, accelerated by the pandemic-related social-distancing
measures, each country's low population density is less conducive
to exponential growth in this retail channel.

Manageable Coronavirus Impact: Non-essential stores in Latvia have
remained closed since December 2020. In Lithuania they opened in
April 2021. Akropolis reports that 74% of its GLA was fully
operational in April. Even during 2020, Akropolis' operational
performance remained solid with 91% rental collection (including
granted discounts), high occupancy above 99% and a healthy
occupancy cost ratio (OCR) at 12%.

Tenancy Contracts' Features: A distinctive feature of a substantial
part (over 78% of rental income) of Akropolis' tenancy contracts is
an annual inflation-linked rent indexation of a minimum 1%-3%. The
assets' OCR and occupancy illustrate a sustainable profile. Even
after past years of like-for-like average 3% annual rent increases,
rent affordability is aided by tenants' sales growth reflecting
strong local consumption that has been converging towards western
European levels. As the Baltics are eurozone members tenant rents
and Akropolis' cost base are denominated in euros, resulting in no
exposure to currency risk.

Development Pipeline: Akropolis' Vingis development project will be
located next to a popular city park in Vilnius, providing a natural
entry point for park visitors. The first stage of the scheme is
expected to be completed in 2024 with full rental income achieved
in 2026 when the second phase is completed. Capex totals around
EUR300 million. To reduce development risk management requires
pre-lets and procurement of a fixed-price construction contract
with a third-party general contractor.

Moderate Leverage: Akropolis' net debt/EBITDA of 4.4x at end-2020
reflects the company's high-yielding Baltics-located retail assets
and a conservative 31% Fitch-adjusted loan-to-value (LTV). Cash
flow leverage is expected to moderately increase to 6.3x in 2021
when management's potential property acquisition is completed
(using annualised rents) and remain around this level until its
development project is completed in 2024 when the ratio will settle
at 5.6x. Interest cover remains over 6x due to strong cash flows
and low interest rates.

Governance Structure Limitations: As part of the VP Group,
Akropolis has benefitted from cooperation with VP Group-owned
retailers who create a comprehensive retail proposition and
coordinate retail offerings in its shopping centres. However,
concentrated ownership by a privately-held group means financial
disclosure and corporate governance are not comparable to listed
companies'. Indirect 77% ownership by dominant shareholder Nerijus
Numa, together with the lack of independent directors on Akropolis'
board, means that the arm's length nature of related-party
transactions (with Maxima Group and sister tenants) does not have
independent oversight.

DERIVATION SUMMARY

Akropolis' EUR0.8 billion portfolio, comprising four shopping
centres located in Lithuania (A/Stable) and Latvia (A-/Stable), is
smaller and materially more concentrated than the EUR5.8 billion
CEE retail portfolio owned by NEPI Rockcastle plc (BBB/Stable).
Atrium European Real Estate Limited's (BBB/Stable) has a CEE retail
portfolio of EUR2.5 billion, which is similar in size to the EUR2.4
billion office portfolio of Globalworth Real Estate Limited
(BBB-/Stable).

Akropolis' country risk exposure is comparable to that of Atrium
where assets are in 'A-' or above-rated countries except for 10% of
the portfolio (by value), which is located in Russia (BBB/Stable).
NEPI has the highest diversification with a presence in nine CEE
countries but the average country risk is lower and similar to that
exhibited by Globalworth, whose office assets are almost equally
split between Poland (A-/Stable) and Romania (BBB-/Negative).

Akropolis' end-2020 net debt/EBITDA at 4.4x was the lowest among
all CEE Fitch-rated peers. This is partly because Akropolis has the
highest income-yielding assets with a net initial yield estimated
at around 7.5% (adjusted for rent lost to Covid 19-related rent
discounts) and the lowest LTV at 31%. This net debt/EBITDA is most
comparable to NEPI's around 6x. NEPI's financial profile is
stronger than Atrium's and Globalworth's.

KEY ASSUMPTIONS

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

-- Given the extended effect of the pandemic and related
    tightening of social-distancing measures including essential
    shops closures, for 2021 rents Fitch assumes (i) two months of
    lost rent (adjusted to reflect Akropolis' share of essential
    stores) and (i) a 5% decrease in rents on scheduled lease
    renewals;

-- Increasing vacancy rate to 4% in 2024;

-- Sizable property acquisition completed in 2021 based on
    details provided by management;

-- Over EUR250 million of capex (including Vingis' development
    spend) during forecast horizon until 2024;

-- No dividends paid for the next four years.

RATING SENSITIVITIES

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

-- Expansion of the portfolio in less correlated markets while
    maintaining portfolio quality;

-- Unencumbered asset/unsecured debt cover above 2.0x;

-- Net debt/EBITDA below 8.5x;

-- Consistent interest-rate hedging policy;

-- Improved corporate governance;

-- Under Fitch's Parent and Subsidiary Rating Linkage Criteria,
    assuming a moderate to strong linkage, VP Group's credit
    profile would need to be investment-grade for an upgrade of
    Akropolis to investment-grade.

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

-- Net debt/EBITDA above 9.0x and LTV trending above 55%;

-- Unencumbered asset/unsecured debt cover below 1.75x;

-- Failure to complete the Vingis development as per schedule
    and/or materially outside the assumed budget;

-- Liquidity score below 1.0x;

-- Transactions with related-parties that are detrimental to
    Akropolis' interest.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Pro-forma for the planned EUR300 million bond,
partial repayment of bank loans and completion of the potential
property acquisition, Akropolis's cash is sufficient to cover an
EUR5 million loan amortisation in 2021. Akropolis does not use
committed revolving credit facilities as a contingent source of
liquidity.

Using the bond proceeds to partially prepay secured bank loans,
three Akropolis' assets will become unencumbered. Assuming
successful closing of the potential property acquisition, Fitch
calculates that the total value of unencumbered assets/unsecured
debt will be 2.5x.

Akropolis is not a REIT so it is not constrained by dividend
distribution requirements. Fitch interprets its internal dividend
policy to mean no dividends when material outlays related to the
development programme or acquisitions are expected, or would cause
the company's reported LTV to be above 45%. No dividends during the
rating horizon (until 2024) will allow Akropolis to retain free
cashflow to finance the development of Vingis shopping centre.

ESG Considerations

Akropolis has an ESG Relevance Score of '4' for Governance
Structure reflecting the lack of corporate governance attributes
that would both mitigate key person risk from the dominant
shareholder Nerijus Numa and assure independent oversight of
related-party transactions. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Unless stated otherwise above the highest level of ESG credit
relevance is a score of 3 - 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 company.

AKROPOLIS GROUP: S&P Assigns 'BB+' ICR, Outlook Negative
--------------------------------------------------------
S&P Global Ratings assigned its 'BB+' ratings to Lithuanian retail
property owner Akropolis Group UAB and its senior unsecured debt,
in line with those on VP and Maxima.

The negative outlook mirrors that on Maxima and reflects S&P's
expectation that, over the next 12-18 months, Maxima's adjusted
leverage and funds from operations (FFO) to debt could hover at
2.9x-3.1x and 27.0%-29.5%, respectively.

Akropolis' business risk assessment is constrained by the company's
concentration risk in a limited number of assets, almost solely in
the retail property segment, and its overall small portfolio. The
company owns four shopping and entertainment centers valued at
EUR771 million at year-end 2020. Its growth strategy is clearly
defined, with a large retail development project in Vilnius
(Lithuania) that should be delivered in second-half 2024, and a
potential sizable acquisition in 2021. By 2026, Akropolis'
portfolio would likely almost double to include six shopping
centers with a value close to EUR1.5 billion, although this remains
small in comparison to most rated European retail property
companies. S&P said, "The dependence on a few assets makes the
company more vulnerable to any market volatility, in our view. We
also generally consider retail property sector less resilient than
other property segments like residential, since it largely depends
on household consumption and changes in consumer habits. We further
believe the retail segment has been facing structural challenges
for years due to increasing e-commerce competition, although this
has been limited so far in the Baltics. Long-lasting restrictions
related to the COVID-19 pandemic and the resulting economic
downturn will likely further affect retail tenants, which could
harm retail property landlords' revenue. In that context, the
density of shopping centers per inhabitant is also an important
factor. Although it remains moderate in Lithuania and Latvia, close
to Western European levels and lower than the Nordics, we also view
competition as a risk because these markets do not have very strong
legal barriers to entry."

Akropolis' shopping centers are prime and well positioned in the
Baltics, attracting high footfall and demonstrating very low
vacancy rates in the past couple of years. Each of the company's
shopping centers is either the largest in its city (Vilnius,
Klaipeda, and Siauliai) or the second-largest (Riga), with an
average size of about 65,500 square meters (sqm)--almost twice that
of large European company Klepierre. They are not located in city
centers, but still within affluent and easily accessible areas of
cities. Akropolis' tenants (both international and local) include a
mix of a convenience offerings, featuring its anchor grocery store
Maxima (about 11% of Akropolis' total income), pharmacies,
services, and easily accessible parking areas; and entertainment
offerings (10%-15% of gross lettable area), including cinemas,
restaurants, bowling, and indoor skating rinks, in addition to the
usual clothing (20%-30% of gross lettable area) and home
interior/household tenants. As a result, its shopping centers
attract particularly high footfall, with 41 million visitors
overall in 2019, which represents about 10.2 million visitors per
asset; the combined Lithuanian and Latvian population is only about
4.7 million. Furthermore, reflecting their attractiveness to
customers and tenants, these assets have demonstrated a low 1%
vacancy level for the past couple of years. S&P therefore believes
that Akropolis' position in the retail real estate market is
robust, and that its assets should continue attracting footfall and
tenants, despite competition.

The company's leverage centers on a relatively prudent financial
policy targetting a 40% maximum net-loan-to-value, while its S&P
Global Ratings-adjusted debt to EBITDA should remain relatively
low. Overall, Akropolis' leverage should increase over the next two
years, due to its large Vingis development project and potential
acquisition. But the company's financial policy targets a maximum
net loan-to-value of 40%, which would translate into S&P Global
Ratings-adjusted debt to debt plus equity of about 42.5%, as per
our 2020 calculations. S&P said, "Although our forecasts show the
ratio could slightly exceed this level in 2021 due to our
assumption of exceptional pandemic effects and large development
capital expenditure (capex), we believe it should stabilize below
42.5% because of the company's financial policy." In addition,
thanks to its relatively high 7% yield, Akropolis' adjusted debt to
EBITDA should remain relatively low at well below 7.5x, which
compares well with that of rated retail property companies in
Europe.

S&P said, "Due to its strong position in the Baltics and comparably
low debt-to-EBITDA ratio, we view the company's stand-alone credit
quality as comparable with that of 'BB+' peers.Although our
business risk profile assessment remains constrained by the small
portfolio size, concentration risk, and operations in a challenging
retail market, we still believe Akropolis compares slightly
positively with companies positioned in the same weak business risk
profile category, which have less solid market positions. In
addition, we believe the company is also well positioned within its
financial risk profile assessment, with debt to EBITDA well below
7.5x, combined with our expectation of strong EBITDA interest
coverage and moderate debt to debt plus equity of well below 45%.

"We view Akropolis as a core subsidiary of the VP group and
integral to its strategy.We believe it is highly unlikely that VP,
which has owned 100% of Akropolis since 2016, will sell the
company. This is because we understand VP views Akropolis as part
of its group identity, as the real estate arm. About 50% of VP's
real estate assets are Akropolis' shopping centers, and VP's
subsidiaries represent about 25% of Akropolis' total gross leasable
area and approximately 17% of its total income, as anchor tenants.
We expect VP to support Akropolis under foreseeable circumstances,
as demonstrated through the group's flexible dividend policy, under
which the group envisages no dividend from Akropolis during the
realization of its large Vingis development project (which includes
EUR287 million of estimated capex). In addition, we understand
Akropolis' decision-making process heavily involves VP, with all
decisions above EUR1 million approved by VP management. Since
Maxima is the main factor in VP's credit quality, we align our
final rating on Akropolis with that on Maxima, at 'BB+' with a
negative outlook."

The negative outlook on Akropolis mirrors that on Maxima, as the
main business driver of the VP group.

S&P said, "The negative outlook on Maxima reflects our expectation
that, over the next 12-18 months, the company will take longer than
we expected to deleverage. There is a risk that credit metrics
remain weaker at the current rating level, including adjusted debt
to EBITDA of 2.9x-3.1x and FFO to debt of 27%-29.5%, amid
intensifying competition in Latvia and Estonia. In addition, the
negative outlook reflects our view that the weaker performance of
Maxima could weigh on VP's financial strength, since the food
retailer represents more than 70% of group earnings. This would
prevent deleveraging at the group level."

S&P could lower the ratings on Akropolis following a downgrade of
Maxima, which would affect VP's overall credit quality. This could
happen if:

-- Maxima significantly underperforms our base-case scenario,
including a material decline in operating performance and lower
profitability because of intensifying market competition, or if a
weaker macroenvironment in the Baltics or Poland weighs on margins
and cash flows;

-- Maxima's or VP's financial policies are less prudent, either
due to increased dividends or large-scale, debt-funded acquisitions
that keep leverage about 3.0x or FFO to debt below 30% at Maxima or
the wider group level; or

-- Liquidity at both Maxima and VP deteriorates.

S&P sid, "We could lower the ratings on Akropolis if we perceive
that VP's approach to the company has changed, leading us to no
longer regard Akropolis as a core subsidiary of VP.

"Although it would not result in a downgrade, due to expected group
support, we could revise down our assessment of Akropolis'
stand-alone credit profile if its liquidity cushion tightens, or
leverage increases materially, such that S&P Global
Ratings-adjusted debt to EBITDA increases well above 7.5x, or debt
to debt plus equity does not stay well below 45%.

"We could revise the outlook on Akropolis to stable if we take a
similar rating action on Maxima. This could happen if Maxima
deleverages well below 3x on an adjusted basis while strengthening
and sustaining FFO to debt above 30%, supported by the financial
policy. These metrics could stem from Maxima's increasing
profitability, with cost-control and efficiency measures more than
offsetting competitive pressure on the group's profitability in
Latvia and Estonia."

An outlook revision to stable would also hinge on VP's progressive
deleveraging, such that its leverage falls well below 3x and its
FFO comfortably and sustainably exceeds 30%, combined with low
re-leveraging risk at both Maxima and VP.




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

SES SA: Moody's Assigns Ba1 Rating to Proposed Hybrid Bond
----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 guaranteed long-term
rating to the proposed perpetual deeply subordinated fixed rate
resettable securities ("hybrid bond") issued by SES S.A. The
outlook is negative.

Proceeds from this issuance will be used to refinance the EUR750m
hybrid bond callable in January 2022, and issued in June 2016.

RATINGS RATIONALE

The Ba1 rating assigned to the hybrid bond is two notches below
SES's issuer rating of Baa2. The two-notch rating differential
reflects the deeply subordinated nature of the hybrid bonds. The
bonds are perpetual, callable instruments, senior only to common
equity, have optional coupon deferral on a cumulative basis, and
have no step-up prior to year ten and none greater than 100 basis
points over the life of the hybrid.

In Moody's view, the bonds have equity-like features that allow
them to receive basket "C" treatment, i.e., 50% equity and 50% debt
for financial leverage purposes (please refer to Moody's Hybrid
Equity Credit methodology published in September 2018).

The Baa2 long term issuer rating reflects SES's strong position as
a global market leader in satellite-based communications services,
with a long-term contract-based franchise; the strategic fit of and
revenue contribution from O3b's satellite constellation (medium
earth orbit [MEO]) to SES' geosynchronous (GEO) satellite fleet;
its strong profitability; its balanced financial policy, with a
commitment to maintain its reported net debt/EBITDA below 3.3x;
Moody's expectation that SES will be able to monetize its C-band
spectrum over 2021-23; and the moderate level of support to SES
from the Government of Luxembourg (Aaa stable).

SES' rating is constrained by the difficult market conditions for
EMEA satellite operators; the company's strained credit metrics for
its rating category because of its relatively high gross leverage;
the ongoing revenue contraction in its video segment; and its
likely negative free cash flow (FCF) over 2021-22 because of its
investments in the new O3b mPOWER fleet.

LIQUIDITY

SES' liquidity is strong, reflecting cash and equivalents of EUR589
million as of March 2021, and a fully undrawn credit facility
totaling EUR1.2 billion with no financial covenants (renewed in
June 2019 and expiring in 2025). These liquidity sources will more
than cover the company's negative Moody's-adjusted FCF of EUR100
million in 2021 and EUR300 million in 2022. In addition, Moody's
expects SES to receive $1 billion from C-band monetization in Q1
2022.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on SES' ratings reflects the difficult market
conditions for EMEA satellite operators, with the company's video
business remaining structurally strained. As a result, SES' revenue
and EBITDA peaked in 2015 but have declined since then. In
addition, because of technological innovations, the barriers to
entry in SES' markets are diminishing and new companies are
entering the markets.

The negative outlook also reflects Moody's expectation that SES'
adjusted leverage will remain at around 4.0x in 2021, above the
maximum tolerance level of 3.5x for the Baa2 rating, and will only
improve toward 3.5x in 2022 if the company stabilizes its operating
performance and manages to reduce debt.

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

Upward pressure on SES' rating is unlikely to emerge in the current
difficult environment for EMEA satellite operators but can develop
if the company's operating performance improves significantly.
Quantitatively, such an improvement will require a steady increase
in SES' revenue, an increase in its Moody's-adjusted EBITDA margin
to above 70% and an improvement in its Moody's-adjusted gross debt/
EBITDA to below 3x.

Additional downward pressure may emerge on SES' rating if the
company's operating performance does not stabilize; its gross debt/
EBITDA (Moody's-adjusted) remains above 3.5x; its FCF turns
negative on a sustained basis; or the Luxembourg government or its
wholly owned investment affiliates reduce their aggregate economic
ownership in SES below the current level of around 20% (leading to
SES no longer being considered a government-related issuer [GRI]),
which will likely result in a one-notch downgrade.

LIST OF AFFECTED RATINGS

Assignment:

Issuer: SES S.A.

BACKED Junior Subordinated Regular Bond/Debenture, Assigned Ba1

PRINCIPAL METHODOLOGY

The methodologies used in this rating were Communications
Infrastructure Industry published in September 2017.

COMPANY PROFILE

Headquartered in Luxembourg, SES is a leading company in the
fixed-satellite services (FSS) market, with over 50 and 20
satellites in the GEO and MEO fleets, respectively. The Government
of Luxembourg, together with its wholly owned state banks, Banque
et Caisse d'Epargne de l'Etat (Aa3 stable) and Societe Nationale de
Credit et d'Investissement, owns around 20% of SES.



=====================
N E T H E R L A N D S
=====================

AIRBUS SE: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on May 19, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Airbus SE.

Headquartered in Leiden, Netherlands, Airbus SE manufactures
airplanes and military equipment.


BOELS TOPHOLDING: Moody's Alters Outlook on B1 CFR to Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Boels
Topholding B.V., including its B1 corporate family rating and its
B1-PD probability of default rating. Concurrently, Moody's assigned
a B1 instrument rating to the new EUR1,450 million senior secured
term loan B due 2027 and EUR179 million senior secured revolving
credit facility due 2026. At the same time, Moody's has changed the
outlook on all ratings to stable from negative.

Proceeds from the EUR1,450 million TLB, alongside EUR125 million of
cash on balance sheet, will be used to fully repay the EUR238
million term loan A (TLA) and reprice the existing EUR1,335 million
TLB at a lower margin.

RATINGS RATIONALE

Boels' CFR is strongly positioned in the B1 rating category and
reflects the company's strong performance since the beginning of
the pandemic, the moderate deleveraging resulting from the
transaction and Moody's expectation that management will continue
to demonstrate a conservative financial policy.

As of December 2020, Moody's calculates that Boels will deleverage
from 4.0x to 3.7x pro forma the transaction because of the
repayment of EUR123 million TLA using cash on hand. The company
continued to demonstrate a more conservative financial policy as it
also reiterated its reported net leverage target of 3.0x,
equivalent to around 3.0-3.5x on a Moody's-adjusted basis.

In contrast with European peers, Boels increased its EBITDA by 3%
to EUR402 million in 2020 despite restrictions related to the
coronavirus. This is slightly above Moody's pre-coronavirus
forecast, and above Moody's post-coronavirus forecast. The company
benefited from its diversified geographical exposure to countries
less severely affected by lockdowns, as well as a large proportion
of revenues generated from tools, which have been more resilient
than larger equipment. The EBITDA margin also expanded, largely
supported by the reduction in personnel and operating expenses.

Moody's expects Boels to continue growing its top line by
mid-single-digit percentage in the next 12-18 months, supported by
the gradual recovery in European economies. This is broadly in line
with the European Rental Association forecasts of 4.2% market
growth in the Netherlands, 4.4% in Central Europe and 2.2% in
Northern Europe. As a result, Moody's projects a Moody's-adjusted
EBITDA of EUR475-EUR485 million in 2021.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that
Moody's-adjusted leverage will decline towards 3.5x in the next
12-18 months. It also includes Moody's expectation for continued
moderate growth and increased rental penetration in the company's
countries of operation. Moody's considers that the company will not
execute any major debt-funded acquisitions or shareholder
distributions in the short-term as per the company's stated
financial policy.

LIQUIDITY PROFILE

Moody's considers Boels' liquidity to be adequate and mainly
supported by undrawn RCFs totaling EUR199 million (including the
EUR179 million syndicated RCF and a fully undrawn EUR20 million RCF
in Sweden), while the expected cash balance at closing of the
transaction will be low at EUR27 million. Moody's expects the
company's free cash flow ("FCF") will be breakeven in 2021 as it
catches up on gross fleet capex, after a material 41% cut to EUR205
million in 2020. On average, Moody's expects Boels will generate
EUR50-EUR55 million per annum over the two years.

As part of the documentation, the Senior Facility Agreement ("SFA")
contains a maintenance covenant based on net leverage set at 6.5x.
At closing, net leverage will be 3.5x and Moody's expects that
Boels will maintain ample headroom under this covenant.

STRUCTURAL CONSIDERATIONS

The PDR is B1-PD, in line with the CFR, reflecting Moody's
assumption of a 50% family recovery rate as is customary for bank
debt structures with loose financial covenants. The RCF and TLB are
pari passu and rated B1, in line with the CFR.

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

Positive pressure on the rating could occur if: (i)
Moody's-adjusted leverage declines below 3.5x on a sustainable
basis; (ii) liquidity is consistently good, notably thanks to a
larger RCF; (iii) the company continues to demonstrate a
conservative financial policy, including its commitment to reduce
net leverage below 3.0x.

Negative pressure on the rating could occur if: (i) the company's
operational performance deteriorates; (ii) Moody's-adjusted
leverage increases at or above 4.5x on a sustained basis, or (iii)
the liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

COMPANY PROFILE

Headquartered in Netherlands, Boels Topholding B.V. (Boels) is a
leading European provider of rental equipment. Pro forma the Cramo
acquisition, Boels materially improved its scale. On a combined
basis, the company generated EUR1.2 billion of revenue and EUR402
million of normalized EBITDA in 2020. Boels was founded in 1977 by
Pierre Boels Sr. His son Pierre Boels Jr. is its Chief Executive
Officer since 1996 and owns 100% of the company.

MAXEDA DIY HOLDING: Fitch Affirms B LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Maxeda DIY Holding B.V.'s (Maxeda)
Long-Term Issuer Default Rating (IDR) at 'B' with Stable Outlook.
Fitch has affirmed Maxeda's enlarged EUR470 million senior secured
notes at 'B+' with a Recovery Rating of 'RR3' on completion of a
EUR50 million tap issue.

The incremental debt would increase funds from operations (FFO)
adjusted gross leverage by 0.3x to 6.4x in financial year to 2
February 2022. The company expects to use the proceeds to
potentially fund its growth but may distribute excess cash as
dividends over the next few quarters, depending on its performance.
Even if Maxeda were to pay out the proceeds as dividends in FY22
its FFO adjusted leverage would remain just below 6.5x gross and
below 6.0x (net of readily available cash), in line with a 'B'
rating, albeit exhausting most of its rating headroom.

Maxeda's IDR reflects the company's limited size but leading
position in the DIY retail market in the Benelux countries. This is
balanced by a resilient business model to changing trends,
including the shift in consumer expenditure towards DIY. Fitch
expects Maxeda to generate positive free cash flow (FCF), on
sustained sales growth, lower promotion costs and improved working
capital. However, its leverage remains high for the rating. A
prudent financial policy and future deleveraging are key for the
current 'B' rating.

The Stable Outlook reflects modest execution risks following the
completion of Maxeda's turnaround plan, and the resilience of the
DIY sector amid still uncertain macroeconomic conditions.

KEY RATING DRIVERS

Market Leader in Benelux: The rating reflects Maxeda's leading
position in the DIY market in Belgium and the Netherlands, with
market shares of 44% and 25%, respectively, as of January 2021. The
company operates near 350 stores located in prime retail locations,
and benefits from strong brand awareness, creating a barrier to
entry for new competitors. Fitch believes online penetration of the
DIY market will remain limited compared with other non-food retail
sectors, such as apparel, driven by the greater technical
complexity of Maxeda's product offering. This should also help
limit the entry of potential competitors.

Resilient DIY Market: The pandemic has led to strong like-for-like
(LFL) revenue growth for DIY retailers as people spend more time in
their homes. Maxeda experienced a 17.9% surge in sales in the
Netherlands during 2020 despite a 1.5-month store closure, and 9.8%
in Belgium despite a one-month store closure. Maxeda continued to
generate high growth in Belgium during 1Q21 and maintained strong
pick-and-collect performance in the Netherlands where stores were
closed between mid- December and end-April. Fitch expects revenue
growth to remain strong during 1H21, due partly to changing
consumer behaviour, before normalising in 2H21. Fitch estimates
Maxeda to generate low single-digit LFL sales growth after the
pandemic as DIY retains its appeal to consumers.

Satisfactory Format Diversification: Maxeda focuses on two
countries but benefits from some diversification due to its three
store formats (city stores, medium box and big box) operated
through three brands (Praxis in the Netherland, and Brico and
BricoPlanit in Belgium). These stores offer a large product
portfolio, including private labels. Maxeda has also invested in
omni-channel capabilities in recent years, notably through the
creation of a dedicated e-distribution centre. Fitch estimates that
online sales growth will outpace brick-and-mortar sales but remain
small relative to the overall business.

High Leverage: Fitch forecasts FFO adjusted gross leverage to trend
towards 6.4x from FY22, following the the EUR50 million tap, which
is high for the rating. This exhausts most of the 'B' rating
headroom, leaving little scope for manoeuvre in the event of
operational disruptions or more adverse macroeconomic conditions
than expected. This is offset, in Fitch's view, by a sustainable
business model and limited embedded execution risks in Maxeda's own
strategy.

Profitability to Improve: Fitch expects the Fitch-adjusted EBITDA
margin to improve towards 7.5%-7.8% over the next three years,
around 100bp above the FY20 level based on management's ability to
tightly manage costs, while LFL sales growth should absorb fixed
costs. Fitch continues to assess Maxeda's profitability as solid
relative to that of close peers, such as Kingfisher plc
(BBB/Stable), and for the 'B' IDR.

FCF Generation to Turn Positive: Fitch forecasts FCF margin to turn
positive from FY21 as Maxeda improves its FFO margin, stabilises
capex and benefits from the completion of the conversion of Formido
into Praxis stores. Fitch also estimates that Maxeda's cash flows
will benefit from a newly implemented inventory-management
programme, reducing cash flow volatility, which is reflected in the
rating.

Franchise Allows Lower-Risk Expansion: Maxeda operates retail
locations through a combination of directly owned stores (65% by
number of stores) and franchisees (35%). Fitch believes that
franchise agreements will remain important in expanding Maxeda's
footprint at limited cost over the next four years.

Maxeda provides some guarantees to its franchisees, but Fitch sees
limited risks as management has streamlined its franchisee network
in recent years, and guarantees represent buyback of inventories
that could be used in directly owned stores. It has sub-lease
agreements with some of its franchisees, although Fitch sees these
posing limited risks relative to the size of the company.

DERIVATION SUMMARY

Maxeda's closest peer is Mobilux 2 SAS (BUT; B/Stable), the French
furniture and decoration retailer. Both companies have a
satisfactory business profile for the 'B' category, with
market-leading positions in concentrated geographies. Fitch expects
Maxeda to generate higher EBITDA and FCF margins than BUT. Leverage
for both companies is high and comparable, with expected FFO
adjusted net leverage at 5.7x in February 2022 for Maxeda and 5.5x
in June 2022 for BUT.

Maxeda is rated one notch above The Very Group (B-/Positive), which
is similar in size and profitability, despite higher sales
expectations for the latter due to its prominent exposure to online
retail. Fitch expects The Very Group to deleverage towards 6.5x in
FY22 from around 8.0x in FY20 on an FFO adjusted gross leverage
basis, close to Maxeda's metrics, hence the Positive Outlook.

Kingfisher plc (BBB/Stable), the largest DIY group in the UK and
the second-largest in France (behind Groupe Adeo), has sales almost
10x larger than Maxeda's, leading to benefits from scale, market
presence and brand diversification, which provide some competitive
advantages, underpinning its 'BBB' rating. Profitability is
comparable between these two DIY retailers, although FFO adjusted
net leverage is materially higher for Maxeda (5.5x-5.7x) than for
Kingfisher (expected to normalise around 2.5x).

KEY ASSUMPTIONS

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

-- Sales to decline 6.9% in FY22 due to store closures in the
    Netherlands during 1QFY22 and gradual normalisation in demand,
    0.4% and 1.3% growth in FY23 and FY24, respectively;

-- Fitch-adjusted EBITDA margin stabilising at 7.7%-7.8% until
    FY24;

-- Capex of EUR40 million per year for the next four years;

-- Working-capital inflow of EUR5 million-EUR6 million p.a. in
    FY22 and FY23, then stabilising at low single-digit inflow as
    Maxeda continues to improve inventory management;

-- EUR14 million of cash considered restricted by Fitch due to
    intra-year working-capital requirements.

Key Recovery Rating Assumptions

Fitch assumes that Maxeda would be reorganised as a going-concern
(GC) in bankruptcy rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

In Fitch's bespoke recovery analysis, Fitch estimates GC EBITDA
available to creditors of around EUR70 million. The GC EBITDA is
based on a stressed scenario reflecting, for example, a prolonged
economic downturn combined with difficulties in the turnaround of
the store network, weaker-than-expected online performance and/or
sustained competitive pressures.

Fitch continues to apply a distressed enterprise value (EV)/EBITDA
multiple of 5.0x, in line with comparable businesses such as BUT.

Based on the debt waterfall analysis, Maxeda's EUR65 million
revolving credit facility (RCF) ranks super senior to the company's
EUR470 million senior secured notes. Therefore, after deducting 10%
for administrative claims, the analysis generates a ranked recovery
for the senior secured bonds in the 'RR3' band, indicating a 'B+'
instrument rating with a waterfall generated recovery computation
(WGRC) of 53% (previously: 60%) based on current metrics and
assumptions. The lower WGRC results from the increased senior
secured debt amount.

RATING SENSITIVITIES

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

-- Further improvement in scale and diversification together with
    better visibility over macroeconomic conditions that would
    lead to an FFO margin above 5% and FCF margin above 3% on a
    sustained basis;

-- FFO fixed-charge coverage sustained above 2.0x;

-- FFO adjusted gross leverage below 5.0x (net: 4.5x) on a
    sustained basis.

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

-- Significant deterioration in revenue and profitability
    reflecting, for example, an increasingly competitive operating
    environment, a new period of prolonged lockdown or meaningful
    delays to economic recovery after the pandemic;

-- FFO fixed-charge coverage below 1.5x on a sustained basis;

-- FFO adjusted gross leverage sustained above 6.5x (net: 6.0x);

-- FFO margin sustained below 3%;

-- Evidence that liquidity is tightening due to operational
    underperformance, large working-capital outflows, or
    distribution to shareholders.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: At FYE21, Maxeda had EUR104 million
Fitch-defined readily available cash pro- forma for the EUR50
million tap (excluding EUR14 million for working-capital purposes)
and EUR65 million RCF, which Fitch expects to remain undrawn over
the next four years. Maxeda has no near-term maturities with the
EUR470 million senior secured notes maturing in October 2026 and
the EUR65 million RCF due in April 2026.

Maxeda expects to use the tap proceeds to fund its expansion
strategy or bolt-on M&A. Even if proceeds were mainly distributed
as dividends over the next few months, subject to the company's
performance, Fitch would still view liquidity as satisfactory
supported by Fitch's expectation of positive FCF generation and
full availability under the RCF.

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).




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

NORWEGIAN AIR: Aims to Complete Financial Restructuring on May 26
-----------------------------------------------------------------
Phil Davies at TravelWeekly reports that Norwegian Air hopes to
complete a financial restructuring before the end of the month.

The low cost carrier said it was "determined" to complete the
reconstruction process on May 26, TravelWeekly relates.

The airline, which abandoned long-haul routes from Gatwick during
the pandemic last year, hopes to forge ahead after no objections
were filed against the overhaul, TravelWeekly discloses.

Norwegian Air was previously able to exit an examinership process
in Ireland and won approval from a court in Oslo for the revamp,
TravelWeekly notes.

Norwegian Air entered examinership in Ireland last November,
looking to restructure several of its Irish subsidiaries while
protected from creditors, TravelWeekly recounts.

"At the expiry of the appeal period no appeals have been filed and
consequently the reconstruction plan is final and binding,"
TravelWeekly quotes the airline as saying in a brief statement.

"The company is consequently determined to complete the
reconstruction process on May 26, 2021."




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

CHERKIZOVO GROUP: Moody's Hikes CFR to Ba3, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 corporate
family rating and also upgraded to Ba3-PD from B1-PD probability of
default rating of Cherkizovo Group, PJSC, Russia's leading meat
products manufacturer. The outlook remains stable.

RATINGS RATIONALE

The decision to upgrade Cherkizovo's rating reflects Moody's
recognition of the company's progress on improving its business
mix, vertical integration and competitive positioning, as well as
successful integration of acquisitions and implementation of
capacity ramp-ups. Despite the challenging macroeconomic conditions
of 2020 Cherkizovo reduced leverage measured by adjusted
debt/EBITDA to below 3.0x and demonstrated solid EBITA interest
coverage of above 4.0x, which makes its credit profile consistent
with a Ba rating category, notwithstanding its relatively modest
scale compared to some of its global peers and limited geographic
diversification of its operations.

Moody's notes that vertical integration into grain and meat
processing allows Cherkizovo to limit inflation of costs and
maintain solid profitability. Moody's expects the company to
increase its 2021 sales thanks to higher prices of poultry and
turkey products, and sustain profitability, measured by
Moody's-adjusted EBITDA margin, at around 19%-20%. Exports, which
the company increased to one-tenth of total poultry production in
2020, currently provide a revenue of around US$10 million a month,
which creates a degree of natural hedge against an increase in
foreign currency-denominated costs. The company's key investment
project is construction of a soybeans crushing plant, which assumes
investment of RUB6 billion over a period of 2021-22; the project
targets self-sufficiency in soybean meal and will help to reduce
cost of production.

Although delisted from the London Stock Exchange in 2018,
Cherkizovo maintains good corporate governance standards, with four
out of nine directors being independent nonexecutive industry
experts. Independent directors chair all three committees: audit,
remuneration and strategy. The company is 87.9% owned by the
Mikhaylov family, 8.6% by Grupo Corporativo Fuertes, S.L., 1% by
management and other holders, and 2.5% remain in free float on the
Moscow Exchange.

Cherkizovo's Ba3 CFR reflects its (1) relatively modest size by
international standards; (2) susceptibility to volatility in
commodity prices and a number of industry-specific event risks,
including biological risks, trade restrictions and government
policies; and (3) concentration on Russia's domestic market, with
currently limited opportunities of pork export to Asia, in
particular China. Moody's positively acknowledges Cherkizovo's
proven ability to withstand market downcycles, supported by its (1)
leading market position in its home country; (2) diversified meat
product output, with a portfolio of well-known domestic brands; (3)
developed distribution network that covers the most densely
populated European part of Russia; (4) increasing vertical
integration, with around 50% self-sufficiency in grain; and (5)
well-invested, high-margin poultry and pork production facilities.
The rating also incorporates Cherkizovo's established access to the
Government of Russia's (Baa3 stable) financial support for
agricultural businesses, which continues to contribute to the
stability of the company's financial results. The company's gradual
shift to longer-term bank funding and its strong relationship with
state-owned banks provide additional support to its rating.
One-third of the company's debt portfolio is represented by
domestic bonds.

LIQUIDITY

Moody's expects Cherkizovo to generate operating cash flow of at
least RUB15.5 billion in 2021. Together with the available
committed backup liquidity of around RUB35 billion and cash
balances of more than RUB7 billion as of the end of March 2021,
this should allow the company to comfortably refinance its debt
maturities, fund its capital spending and dividend distributions
over the next 18 months. The company generated positive free cash
flow in 2020 and expects to be free cash flow positive in 2022. The
dividend policy envisages distribution of 50% of net income and can
be adjusted for liquidity support needs. Cherkizovo maintains a
relatively large share of short-term working capital financing,
mostly from state-owned banks, to support its operating cycle.
Moody's expect that this type of funding will remain in the
company's debt structure in the foreseeable future because it is
eligible for government interest rate subsidies which reduce the
cost of such debt to below 3% per annum. The company faces low
foreign-currency risk because 96% of its portfolio is denominated
in Russian roubles.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on Cherkizovo's Ba3 CFR is reflecting Moody's
expectation that the company will sustain its adjusted leverage
metrics within the guidance range for the current rating category
and will maintain adequate liquidity.

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

Cherkizovo's rating could be upgraded if the company demonstrated a
track record of a conservative financial policy, with adjusted
gross debt/EBITDA trending to or below 2.5x, and EBITA/interest
coverage above 6.0x on a sustained basis, alongside with growth in
the scale of operations, improvement in the earnings stability and
achieving a more conservative liquidity profile.

Conversely, Cherkizovo's rating could be downgraded if its adjusted
debt/EBITDA sustainably rose above 3.5x and EBITA/interest fell
below 3.5x because of a more aggressive financial policy, or a
material weakening in operating results, as well as deterioration
in the company's liquidity profile.

PRINCIPAL METHODOLOGY

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

Cherkizovo Group, PJSC is Russia's leading meat products
manufacturer, ranking first in overall meat and poultry production.
The company operates eight meat-processing plants, seven full-cycle
poultry and 16 integrated pork production facilities, as well as
nine combined fodder production plants. Cherkizovo's vertically
integrated model is complemented by the in-house grain production
in its own land plots of around 290,000 hectares, grain storage
facilities and a distribution network covering most of the European
part of Russia and, since end-2018, Siberia. In 2020, Cherkizovo's
consolidated revenue and Moody's-adjusted EBITDA amounted to the
equivalent of around $1.8 billion and $376 million, respectively.



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

BBVA CONSUMER AUTO 2020-1: DBRS Confirms BB(high) Rating on D Notes
-------------------------------------------------------------------
DBRS Ratings GmbH confirmed the following ratings on the notes
issued by BBVA Consumer Auto 2020-1 FT (the Issuer):

-- Series A at AA (low) (sf)
-- Series B at A (high) (sf)
-- Series C at BBB (high) (sf)
-- Series D at BB (high) (sf)

The rating of the Series A notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in January 2036. The ratings on the Series B notes,
Series C notes, and Series D notes address the ultimate payment of
interest and the ultimate repayment of principal by the legal final
maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies and defaults,
as of the April 2021 payment date.

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Corona virus Disease (COVID-19)
pandemic.

-- No revolving termination events have occurred.

The Issuer is a securitization of Spanish unsecured vehicle loans
originated and serviced by Banco Bilbao Vizcaya Argentaria, S.A.
(BBVA). The portfolio comprises loans to finance the purchase of
new and used vehicles. The transaction closed in June 2020 and has
a revolving period scheduled to end in January 2022.

PORTFOLIO PERFORMANCE

As of the April 2021 payment date, loans that were 30 to 60 days
delinquent and 60 to 90 days delinquent represented 0.6% and 0.3%
of the portfolio balance, respectively. Loans more than 90 days
delinquent amounted to 0.2%. The cumulative doubtful loan ratio was
0.2% of the aggregate original portfolios, with cumulative
principal recoveries of 5.1% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has maintained its base case PD and LGD
assumptions at 5.1% and 59.3%, respectively. The analysis is based
on the replenishment criteria set forth in the transaction legal
documents.

CREDIT ENHANCEMENT

Subordination of the junior notes provides credit enhancement. As
of the April 2021 payment date, the Series A, Series B, Series C
and Series D notes' credit enhancement remained at 14.0%, 11.5%,
8.5% and 5.0%, respectively, which has been stable since the DBRS
Morningstar initial rating because of the transaction revolving
period ending in January 2022.

The transaction benefits from a cash reserve, currently at the
target level of EUR 5.5 million, equating to 0.50% of the
outstanding balance of the Series A, Series B, and Series C notes.
The cash reserve covers senior fees and provides liquidity support
to the Series A notes, the Series B notes, and the Series C notes.

BBVA acts as the account bank for the transaction. Based on the
account bank reference rating of BBVA at A (high), which is one
notch below the DBRS Morningstar Long Term Critical Obligations
Rating (COR) of AA (low), the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
rating assigned to the Series A notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

BBVA acts as the swap counterparty for the transaction. DBRS
Morningstar's COR rating of BBVA at AA (low) is consistent with the
First Rating Threshold as described in DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Corona virus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many ABS
transactions, some meaningfully. The ratings are based on
additional analysis and, where appropriate, adjustments to expected
performance as a result of the global efforts to contain the spread
of the coronavirus. For this transaction, DBRS Morningstar applied
an additional haircut to its base case recovery rate and conducted
additional sensitivity analysis to determine that the transaction
benefits from sufficient liquidity support to withstand high levels
of payment holidays in the portfolio.

Notes: All figures are in Euros unless otherwise noted.



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

INTRUM AB: Fitch Affirms 'BB' LT IDR & Alters Outlook to Stable
---------------------------------------------------------------
Fitch Ratings has revised Intrum AB (publ)'s Outlook to Stable from
Negative, while affirming the institution's Long-Term Issuer
Default Rating (IDR) at 'BB'. Fitch has also affirmed Intrum's
senior unsecured debt at 'BB'.

The revision of the Outlook reflects that cash collections and
earnings held up better in 2020 than anticipated at the onset of
the pandemic, and Fitch's expectation that Intrum should continue
to report adequate profitability from its servicing and investment
activities while reducing leverage.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

Intrum's ratings reflect significant leverage, a characteristic of
the debt-purchasing sector and also due to increased debt driven by
past acquisition activity. They also take into account Intrum's
market-leading franchise in the European debt-purchasing and
credit-management sector, where the group benefits both from
diversification across 25 countries and from its high proportion of
fee-based servicing revenue, which complements its more balance
sheet-intensive investment activities.

In 2020 Intrum reported cash EBITDA of SEK11.6 billion, a 9%
increase on 2020 despite the economic disruption brought about by
the coronavirus pandemic. There was also no repeat of 2019's SEK2.7
billion impairment of goodwill. In 1Q21 cash EBITDA of SEK2.7
billion represented 3% growth from 1Q20 and Fitch expects Intrum's
current efficiency programme to support margin improvements once
associated upfront costs have been absorbed.

Lockdown conditions had their greatest impact in 2020 in the
southern European markets in which Intrum has grown most rapidly
since 2017, as a greater proportion of underlying assets are
secured and therefore reliant on access to judicial systems to
progress liquidation orders. Unsecured assets, which comprise a
much greater proportion of Intrum's portfolios in northern Europe,
benefit from greater automation in payments, and collections have
proven fairly resilient during the pandemic. However, in Fitch's
view some heightened repayment risk remains as economic-support
measures expire, in respect of those consumers whose own incomes
have been adversely affected.

Fitch's core leverage metric for companies with typically stable
asset-based cash-generation characteristics, such as debt
purchasers, is gross debt-to-adjusted EBITDA (including adjustments
for portfolio amortisation). The benchmark boundary for leverage
between 'b' and 'bb' range ratings is 3.5x, and by Fitch's
calculations the ratio (based on annualised adjusted EBITDA) at
end-1Q21 for Intrum was around 4.3x, which constrains the IDR at
its current level.

Intrum itself monitors leverage by reference to net debt-to-cash
EBITDA as adjusted for non-recurring items on a rolling 12-month
basis, which at end-1Q21 stood at 4.1x. Since 2017 it has
maintained a medium-term target for this measure of 2.5x-3.5x,
achievement of which is more reliant on growth in cash EBITDA than
on reduction in debt. Expectation of deleveraging is factored into
Intrum's ratings and should achievement of its target be delayed
beyond 2022, Fitch may tighten its leverage tolerance at the
current rating.

Intrum's long-term funding incorporates bonds, private placements
and a revolving credit facility, with no significant maturities
before 2024. Near-term liquidity is supported by cash and undrawn
revolving credit facility headroom, which at end-2020 totalled
SEK17 billion. While debt purchasers over the long term need to
replenish their business models with regular portfolio
acquisitions, they also have the option over shorter periods to
moderate their rate of investment, while continuing to generate
cash from existing portfolios.

Intrum's senior unsecured debt rating is equalised with the
Long-Term IDR, reflecting Fitch's expectation of average recovery
prospects given the group's largely unsecured funding profile.

Intrum has an ESG Relevance Score of '4' for financial
transparency, in view of the significance of internal modelling to
portfolio valuations and associated metrics such as estimated
remaining collections. This has a moderately negative influence on
the rating, but is a feature of the debt purchasing sector as a
whole, and not specific to Intrum.

RATING SENSITIVITIES

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

-- A sustained reduction in earnings or material divergence
    between earnings and cash generation, for example as a result
    of a significant share of earnings being accrued within
    unconsolidated affiliates and not available to service debt at
    parent level;

-- Failure to demonstrate progress towards management's stated
    2022 deleveraging target, whether as a result of increasing
    debt or lack of EBITDA growth, such as to cause doubt on its
    likely achievement; and

-- A weakening in asset quality, as reflected in long-term assets
    such as portfolio investments, joint ventures or goodwill
    experiencing material write-downs in their value on account of
    collections underperforming previous expectations.

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

-- A sustained reduction of Intrum's gross debt-to-EBITDA to well
    within Fitch's 'bb' category range for cash flow leverage
    (2.5x-3.5x), while maintaining a strong franchise in debt
    purchasing and collection.

-- Intrum's Short-Term IDR would only change if the group's Long
    Term IDR is upgraded above 'BB+' or downgraded below 'B-'.

-- Intrum's senior unsecured debt rating is primarily sensitive
    to changes in the group's Long-Term IDR. Changes to our
    assessment of recovery prospects for senior unsecured debt in
    a default (e.g. introduction to Intrum's debt structure of a
    materially larger revolving credit facility, ranking ahead of
    senior unsecured debt) could also result in the unsecured debt
    rating being notched down from the IDR.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Intrum has an ESG Relevance Score of '4' for Financial Transparency
due to the significance of internal modelling to portfolio
valuations and associated metrics, which has a negative impact on
the credit profile, and is relevant to the rating in conjunction
with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on 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: S&P Raises ICR to 'CCC+' on Completed Restructuring
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
airline caterer gategroup to 'CCC+' from 'SD' (selective default).

The stable outlook reflects S&P's view that gategroup's liquidity
position has improved but financial leverage will remain high for
the next 12 months and the company is dependent upon favorable
business, financial, and economic conditions to meet its financial
commitments.

Financial restructuring has improved gategroup's liquidity and
extended its debt maturity profile, but the debt burden remains
considerable. gategroup has completed its debt restructuring, which
primarily targeted an extension of 2021-2022 debt maturities. After
the transaction, gategroup's capital structure comprises EUR665
million of senior loans due October 2026, CHF325 million of notes
due February 2027, and a new CHF475 million subordinated loan due
March 2027 (of which it has so far drawn about CHF100 million)
provided by gategroup's shareholders. Additionally, the company
reported about CHF443 million of lease liabilities, about CHF630
million of pension deficit, and a CHF266 million financial
liability arising from its shareholding in Servair, which gategroup
has controlled since 2017. Combined with about CHF145 million in
other financial debt, this amounts to S&P Global Ratings-adjusted
debt of CHF2.4 billion-CHF2.5 billion in 2021 according to S&P's
base case (compared with about CHF2.5 billion in 2020 and about
CHF1.7 billion in 2019). Even though the company now does not have
any material debt maturing before October 2026, its substantial
absolute debt level constrains credit quality. On top of that,
S&P's forecast slow EBITDA recovery (improving from the deeply
negative territory reported in 2020) amid sluggish and uneven air
travel return, which will result in an elevated debt-to-EBITDA
ratio in the next couple of years, likely remaining over 10x.

Pandemic-related lockdown measures and travel restrictions, as well
the emergence of new virus variants, continue to weigh on
gategroup's prospects. The approval of several vaccines has created
a path to more normal social and economic activity, but complex and
slow rollouts across the EU will burden air traffic recovery while
new variants appear more transmissible and have led to concerns
over vaccine efficacy. There remains considerable uncertainty
regarding the outlook for air travel. S&P said, "That said, we now
believe that European air passenger traffic (measured by revenue
passenger kilometers [RPK]) and revenue in 2021 will be 30%-50% of
2019 levels. gategroup derived over 40% of its revenue from this
region in 2019. Our estimate for global traffic and revenue in 2021
is unchanged at 40%-60% of 2019 levels. We maintain our
expectations for 2022 that traffic will reach 70%-80% of 2019
levels, with a recovery to 2019 levels by 2024. This estimate
incorporates our assumptions that vaccine rollouts will gather pace
and widespread immunization across Europe and most other developed
economies will be achieved by the end of third-quarter 2021."

S&P said, "We expect 2021 to be another very difficult year for
gategroup. The company derives most of its revenue from on-board
catering and the sale of food and nonfood products directly to
passengers. A big part of its earnings are therefore directly tied
to air passenger volumes. Without a strong increase in air traffic
demand, we do not expect the company to reach a substantial
recovery in EBITDA and cash flow generation over the next 12
months. Ongoing bumpy traffic conditions are likely in the coming
months, depending on local travel constraints, including quarantine
rules or mandatory testing for COVID-19. Furthermore, we anticipate
a delayed and subdued recovery of business and long-haul traffic,
which typically are among the most profitable segments for
gategroup. We note that over the past year gategroup has
accelerated its expansion into adjacent non-aviation markets in its
efforts to diversify away from its reliance on air travel. For
example, its deSter division designs and produces sustainable food
packaging, and gategroup can leverage its existing asset base for
non-aviation related food preparation. While we view this
development as revenue growth enhancing, it will not offset the
pressure on gategroup's revenue coming from the sluggish air
traffic expected in the short term."

Financial restructuring has shored up gategroup's liquidity buffer
and cash generation since it reduces the company's interest burden.
gategroup used some of the proceeds from the CHF500 million of new
shareholder funding to repay the shareholders' interim liquidity
line that it had received in November 2020 (about CHF60 million was
drawn as of Dec. 31, 2020). The remaining funds are available for
drawings as required, together with cash on hand (CHF303 million
reported at December-end 2020), providing gategroup with an ample
liquidity cushion for the next 12 months to weather the slow
industry recovery. S&P said, "We expect the new capital structure
will help gategroup's cash generation since its cash interest
payments will be about CHF20 million lower per year than before the
restructuring. Additionally, gategroup is no longer subject to the
financial maintenance covenant, which has been replaced by a
minimum liquidity test of CHF25 million. Its liquidity is further
supported by an absence of material debt repayments before 2026. We
expect that the available liquidity sources should cover
gategroup's near-term cash needs, comprising up to CHF38 million in
cash debt service cost, up to CHF90 million in lease payments, up
to CHF50 million minimum required for capital expenditure,
potential working capital investments, and payments in relation to
Air France-KLM's put option to sell the remaining stake in Servair
to gategroup. We note that the company has received funds under
various governments' support programs (for example in France and
the U.S.) over the past 12 months and continues to further actively
engage with government authorities for further support."

S&P said, "The stable outlook reflects our view that gategroup's
liquidity position has improved but leverage will remain high for
the next 12 months and the company is dependent upon favorable
business, financial, and economic conditions to meet its financial
commitments.

"We could lower our ratings on gategroup if the company's operating
performance fails to show tangible signs of recovery, leading to a
large operating cash flow deficit, resulting in dwindling liquidity
headroom, or if we considered a distressed debt restructuring or
any other specific default scenario to be likely within 12 months.

"To upgrade gategroup, we would need to be confident that air
travel demand conditions were normalizing, and the recovery was
robust enough to enable the company to restore its financial
strength, with free operating cash flow (FOCF) turning sustainably
positive, alongside a stable liquidity position."


TRANSOCEAN LIMITED: Egan-Jones Hikes Unsecured Debt Ratings to CCC-
-------------------------------------------------------------------
Egan-Jones Ratings Company, on May 19, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Transocean Ltd. to CCC- from C. EJR also upgraded the rating on
commercial paper issued by the Company to C from D.

Headquartered in Steinhausen, Switzerland, Transocean Ltd. is an
offshore drilling contractor.




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

TURKISH AIRLINES: Fitch Assigns FirstTime 'B' LT IDRs, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has published Turk Hava Yollari Anonim Ortakligi's
(Turkish Airlines or THY) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) of 'B'. The Outlook on the IDRs is
Negative.

The ratings are constrained by high leverage and uncertain recovery
from the coronavirus pandemic. Fitch sees further downside risk to
industry-wide demand recovery and international travel restrictions
due to the pandemic, which may delay deleveraging to levels that
are commensurate with the rating to beyond 2023. This is reflected
in the Negative Outlook.

Positively, the ratings of THY are supported by a diversified route
network, strong position on the domestic market, highly competitive
cost base as well as a viable and cash flow-accretive growth
strategy.

The ratings reflect Fitch's view of THY's Standalone Credit Profile
(SCP) of 'b' and links with the Turkish state (BB-/Stable, 49.1%
shareholding) under Fitch's Government-Related Entities Rating
Criteria (GRE).

KEY RATING DRIVERS

Demand Hit by Covid-19: Fitch forecasts that the continued impact
from the pandemic will result in continuing weak demand for THY in
1H21, with a gradual and protracted recovery over the next three
years. Following the sudden stoppage of most of its flight network
in 2Q20, THY has recovered ahead of most EMEA peers in capacity and
passenger numbers and has undertaken a number of cost-saving
measures. Fitch forecasts full revenue recovery from the Covid-19
impact only by 2024.

Defensive Measures: In response to the pandemic, THY has cut or
postponed uncommitted capex, cut non-urgent and non-operational
expenses, frozen recruitment, deferred payments to major suppliers
and discussed with the authorities for deferral of fees, tax
payments and new financing options. THY has also cut staff cost by
70%. Its longer-term cost saving plan involves cost cuts of USD900
million, more than half of which was realised in 2020. THY also
amended its wage agreement with employees resulting in about 40%
reduction in its personnel costs. It further benefits from a 50%
discount to airport charges at state-owned airports and Sabiha
Gocken airport in Turkey till end-2022.

Credit Metrics Outside Guidelines: Fitch expects THY's funds from
operations (FFO) gross adjusted leverage to remain high in 2021
after an increase in 2020. Fitch expects FFO gross adjusted
leverage to decline to below Fitch's negative rating sensitivity of
7.0x by 2023. FFO fixed charge cover is also forecast to remain
weak till 2022. A significant delay to improvement of credit
metrics may lead to a downgrade.

Resilience to External Factors: THY's highly competitive cost
position, favourable hub location, diversified route structure and
Turkey's position as a tourist destination support the company's
resilience to economic, political and other external shocks. This
was demonstrated by its ability to quickly rebound after a drop in
cash flow generation in 2010 and 2016. However, the pandemic-driven
industry-wide crisis poses a greater challenge than previous
downswings. Nevertheless, THY's performance in 2020 was more
resilient than peers' due to cost flexibility and higher exposure
to cargo.

Scale, Location and Diversity: Having grown its capacity at a
faster rate than the market over the last 15 years, THY reached the
scale of operations and the network breadth comparable to those of
the three largest network carriers in Europe by 2019. This supports
its business profile and provides the foundation for recovery and
future growth. Its Istanbul hub with its new airport provides THY
with a strong base. Its location allows higher usage of lower
unit-cost narrow-body aircraft and serves as a solid transit hub
connecting Europe, Africa, South Asia and Far East.

FX and Turkish Economy: High geographic diversity of operations
along with a high share of revenue generated in US dollars and
euros limit THY's exposure to the Turkish economy and Turkish lira
fluctuations as well as travel restriction in individual countries.
Before the pandemic (2019)) THY generated 59.2% of revenue in US
dollars and euros with an additional 27.3% in currencies correlated
with these major currencies. However, almost half of its passengers
were domestic passengers. THY's net long position against the euro
and the depreciation of lira could result in some benefit to the
company, depending on how much of it is passed on to customers.

Rating on a Standalone Basis: THY is 49.12%-owned by Turkey Wealth
Fund (TWF), which is fully state-owned. Under the GRE Criteria
Fitch assesses the factors - status, ownership and control and
socio-political implications of default, and support track record
as 'Moderate', and the financial implications of a THY default on
the ability of other GREs and the state to raise funds as 'Weak'.

Reliant on Own Funding: THY does not pay any dividends and has not
received direct financial support in the past due to its sufficient
financial resources. It is one of the nationally strategic entities
in TWF's portfolio and its linkages have indirectly facilitated
access to bank funding. Fitch's rating case does not include direct
cash support from TWF/Turkey, on the assumption that the airline
has continued access to bank funding and aircraft-financing
markets.

DERIVATION SUMMARY

With its favourable cost and hub position and global diversity of
operations Fitch views THY's business profile as comparable with
airlines rated in the 'BB' category including Air Canada
(B+/Stable) and Public Joint Stock Company Aeroflot - Russian
Airlines (BB-/Negative, SCP b). Its business and financial profile
is weaker than British Airways Plc's (BB/Negative). THY's higher
capex-driven growth trajectory, which the airline intends to
continue over the medium term, constrains free cash flow (FCF)
generation and thus its ability to de-leverage compared with
peers'.

KEY ASSUMPTIONS

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

-- Protracted recovery to pre-pandemic revenue levels by 2024;

-- Decline in yields in 2021 and 2022 for both passenger and
    cargo from the high levels of 2020;

-- Capex in line with company' revised guidance of USD2.4 billion
    for 2021 and USD2 billion for 2022;

-- No dividend payments during 2021-2025;

-- Reduction in personnel cost in 2021 in line with the company's
    agreement with employees.

RATING SENSITIVITIES

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

-- Fitch does not anticipate an upgrade due to the Negative
    Outlook.

-- Impact from Covid-19 not exceeding Fitch's current
    expectations along with sustainable trend towards decline in
    FFO adjusted gross leverage to below 7.0x could result in an
    Outlook revision to Stable.

-- Strengthening of linkages with the Turkish state could result
    in a notching-up of the IDR from the SCP.

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

-- Prolonged impact from the pandemic and macroeconomic crisis
    that can only be partially offset by cost savings or capex
    reduction, resulting in FFO gross adjusted leverage
    sustainably above 7.0x.

-- EBITDAR margin below 12% on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Its cash position of USD1,763 million as at
end-March 2021 along with available credit lines exceeding USD2
billion were sufficient to cover short-term debt maturities of
USD2.5 billion (excluding leases). Fitch forecasts cash outflow
from operations over the next 12 months of about EUR300 million,
driven by working-capital flows while FFO is expected to be
positive at about EUR200 million. Capex is expected to be around
USD2.4 billion, with about 75% being funded by finance leases.

THY's credit lines are renewed annually. Similar to other Turkish
and emerging-market corporates the company does not pay commitment
fees. It has been successful in renewing its credit lines and,
given its state ownership, believes those lines will remain
available. THY has informed Fitch that about half of the credit
lines are with local Turkish banks with the remainder with foreign
banks in Turkey.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - 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.


TURKISH AIRLINES: Fitch Gives 'BB' Rating on 2015-A Class A Certs
-----------------------------------------------------------------
Fitch Ratings has published Turk Hava Yollari Anonim Ortakligi's
(THY or Turkish Airlines, B/Negative) Bosphorus pass through
certificates series 2015-1A class A's long-term 'BB' rating.

The rating reflects the application of Fitch's Aircraft Enhanced
Equipment Trust Certificates (EETC) Criteria. Key rating
considerations include the quality of the aircraft collateral,
significant over-collateralisation (OC), the Turkish insolvency
regime, the transaction's underlying lease structure, the
certificates' liquidity facility, THY's credit quality, and various
additional structural features. The rating also captures the
certificates' single-tranche structure and the wide-body aircraft
concentration in the collateral pool.

KEY RATING DRIVERS

Fitch incorporates a series of stress tests that simulate the
rejection and repossession of the aircraft in a severe aviation
downturn. Due to the deterioration in the aircraft appraisal
values, class A certificates do not pass 'BB' level stress test and
the 'BB' rating is achieved through the application of Fitch's
bottom-up approach. A high level of OC and quality collateral
underpin Fitch's expectations that certificate holders should
receive full principal recovery prior to default even in a severe
stress.

The initial class A tranche's loan to value (LTV), as cited in the
offering memorandum (OM), is 64.5% and the maximum LTV through the
life of the transaction produced by Fitch's 'BB' level stress is
103.5% (when stresses are applied one year in the future). The
maximum LTV assumes a 20% discount to the current appraisal value,
a fully drawn liquidity facility and remarketing cost at 5% of
portfolio value. Typically, Fitch uses appraisal values from three
independent appraisal firms to assess a transaction's LTVs.

Bottom-up Approach

The 'BB' rating is notched up from THY's Long-Term Issuer Default
Rating (IDR) of 'B'. The notching uplift reflects the transaction's
high affirmation factor (which assesses the core nature of the
aircraft in the pool to the airline's long-term fleet strategy), by
the benefits of the liquidity facility and the transaction's solid
recovery prospects in a distress.

Affirmation Factor (+1 notch): Fitch deems the affirmation factor
for this pool of aircraft as moderate to high. Fitch views the pool
of 777-300ERs included in this transaction as strategically
important to THY. 777-300ER, along with A330-300, are the most
common wide-body aircraft in THY's fleet and the former represents
THY's workhorse in long-haul flights. Three 777-300ERs in this
transaction are also young relative to other 777-300ERs in its
fleet, and therefore the pool is less likely to be rejected in a
restructuring.

Liquidity Facility (+1 notch) and Recovery (+1 notch): In addition
to the one-notch uplift for Fitch's assessment of moderate-to-high
affirmation factor, the 'BB' rating reflects a further two-notch
uplift. This is driven by a one-notch uplift each for the dedicated
18-month liquidity facility provided by BNP Paribas S.A.
(A+/F1/Negative) acting through its Paris head office and the
outstanding recovery prospects for the tranche at 'BB' level stress
test, receiving a total uplift of three notches from THY's IDR.

Transaction Summary

THY's Bosphorus pass through certificates series 2015-1A class A
were issued in 2015, and the structure largely follows the U.S.
EETC template (pass-through SPV, liquidity facility, cross-default
provisions, etc). THY raised USD328 million to fund the purchase of
three B777-300ERs, which were delivered new in 2015. The
certificates comprise one tranche, which will amortise over 12
years and do not have a balloon payment. This is unlike the
majority of Fitch-rated EETC transactions, which typically have
balloon payments at 30%-50% of the initial offering amount. The
full amortisation of the certificates will provide higher
collateral coverage to the certificates holders as the transaction
ages and is credit-positive.

The transaction is secured by three Boeing 777-300ERs built in
2015, which Fitch views as Tier 1 aircraft. However, Fitch applies
a harsher stress to account for the greater historical volatility
experienced by wide-body jets versus the most popular narrow
bodies. With an average age of 5.8 years, the 777-300ERs are
relatively young in its life cycle, with no replacement aircraft in
the near to intermediate term, although THY envisages A350-900 and
B787-9 as their next generation of long-haul fleet.

Legal Jurisdiction

Certificates holders in this transaction benefit from the
provisions of the Cape Town Convention (CTC), which the Republic of
Turkey ratified in July 2011 and has primacy over Turkish law.
Turkey's CTC declarations include Alternative A with a 60-day
waiting period. Creditors also benefit from holding in hand the
IDERAs (irrevocable de-registration and export request
authorisations), which would expedite the physical possession of
the aircraft within eight days in a default. IDERAs are available
for all three aircraft in this transaction. Fitch deems
aircraft-specific insolvency legislation in Turkey as supportive of
the transaction and assumes respect for the rule of law.

The CTC establishes an international legal framework to facilitate
financing of mobile equipment, and it is similar in many ways to
Section 1110 of the US bankruptcy code. As such, Fitch's EETC
rating methodology reflects considerations of the speed, certainty
and costs associated with repossession of aircraft in different
jurisdictions. It also considers creditors' ability to swiftly
repossess aircraft or an airline's incentive to affirm aircraft in
bankruptcy (while paying all interest and principal on time and in
full).

The creditor protections provided by CTC are integral to Fitch's
EETC analysis as they ensure that creditors will be able to swiftly
repossess aircraft collateral if the n the case that the underlying
airline defaults. Both CTC and Section 1110 contain provisions that
ensure that aircraft are not subject to the typical stays that
delay asset repossessions in bankruptcy. As such, creditors in EETC
transactions have sufficient time to repossess their aircraft and
re-sell them on the open market, allowing principal to be repaid
prior to the expiration of the liquidity facility and thus avoiding
a default.

DERIVATION SUMMARY

Unlike the majority of the EETC transactions rated by Fitch,
Bosphorus 2015-1A does not have large balloon payments and
amortises rapidly. As a result, debt amortisation outpaces the
depreciation of the asset values. In this aspect, Bosphorus 2015-1A
is similar to British Airways Pass Through Trust Series 2013-1
(class A rated A+) EETC transactions but different to the majority
of other Fitch-rated EETC transactions.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include a harsh downside scenario in which THY declares bankruptcy,
chooses to reject the collateral aircraft, and where the aircraft
are remarketed in a severe slump in aircraft values.

RATING SENSITIVITIES

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

-- Positive rating action is not expected in the near term due to
    coronavirus-related pressures on the airline industry and
    collateral values;

-- The rating is based on a bottom-up analysis and is notched up
    from THY's IDR. An upgrade of THY's IDR or improvement in
    collateral values leading to a top-down analysis-driven rating
    could lead to an upgrade.

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

-- Downgrade of THY's IDR;

-- Change in Fitch's assessment of the affirmation factor or
    recoveries based on decline in collateral values.

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

Class A certificates benefit from a dedicated 18-month liquidity
facility covering interest payments that is provided by BNP Paribas
S.A. (A+/F1/Negative) acting through its Paris head office.

ESG CONSIDERATIONS

Fitch does not provide separate ESG scores for THY's EETC
transaction as ESG scores are derived from THY.

SOURCES OF INFORMATION

The rating is subject to Criteria Variation to Non-Financial
Corporates Exceeding the Country Ceiling Rating Criteria. The
applicable Country Ceiling for Turkey is 'BB-'.




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

DRAKE & MORGAN: Plans to Enter Company Voluntary Arrangement
------------------------------------------------------------
Andrew Seymour at Foodservice Equipment Journal reports that Drake
& Morgan has announced plans to enter a company voluntary
arrangement (CVA) just days before the industry is allowed to fully
reopen again.

The London-based bar and restaurant group recently undertook a
strategic review which concluded that action needed to be taken to
safeguard the future of the business following a year in which it
has hardly been able to trade, Foodservice Equipment Journal,
relates.

It is understood that three of the group's 22 sites will close as
part of the CVA, which requires the support of landlords and
creditors, Foodservice Equipment Journal notes.

Employees at the three sites affected by the restructuring will be
offered alternative roles within the business, Foodservice
Equipment Journal states.

The CVA is being handled by accountancy firm Deloitte, Foodservice
Equipment Journal discloses.

According to Foodservice Equipment Journal, Partner Gavin Maher
said: "The CVA will allow flexibility in this period of uncertain
trading by moving to a predominantly turnover-based rent model for
its duration.

"Drake & Morgan was a successful business prior to covid-19 and
this action will enable the business to emerge strongly from the
pandemic."


LIBERTY STEEL: Metro Bank Seeks Early Repayment of GBP18MM Loan
---------------------------------------------------------------
Ben King at BBC News reports that Metro Bank asked for early
repayment of an GBP18 million loan from the troubled steel group
Liberty more than two years ago -- and it is still waiting for its
money.

This revelation is another example of the financial pressures
weighing on Liberty's owner GFG Alliance, BBC notes.

The group's future has been in doubt since its main backer,
Greensill Capital, went into administration in March, BBC states.

According to BBC, GFG says "no loan terms have been breached for
non-payment".

In May, the UK Serious Fraud Office announced an investigation into
GFG Alliance, the Gupta family's group of businesses, looking into
alleged money laundering and fraudulent trading. GFG has said it
will co-operate fully with the investigation, BBC recounts.

However, problems had arisen with a loan secured on the Newport
steelworks as early as 2018, an analysis of Land Registry documents
and filings for companies linked to GFG has shown, BBC relays.

Valued at GBP21 million, the steelworks is owned by a UK company,
Liberty Steel Property Newport Ltd (LSPN), controlled by Sanjeev
Gupta.

Filings at the Isle of Man Companies Registry show that it's one of
a portfolio of industrial properties, including another factory in
South Wales and locations in Manchester and the West Midlands,
which were pledged as security for an GBP18 million loan from Metro
Bank, according to BBC.

LSPN's accounts for 2018-2019 say that "due to breaches of . . .
covenants and restrictions, Metro bank have called in the [loan]
facility and have stipulated that full repayment must be made" by
March 31, 2020, BBC relates.

The accounts for the following year confirm that, although that
deadline has passed, there are "ongoing discussions" to renegotiate
the financing arrangement, and Metro Bank has agreed to "defer any
action" for now, BBC discloses.

A GFG Alliance spokesman declined to say what had caused the loan
terms to be breached, BBC notes.  He said "no loan terms have been
breached due to non-payment" and "discussions are ongoing and are
being resolved."

Isle of Man filings list a number of covenants for the loan,
including one stipulating that the borrower "shall not discount or
factor its book debts", BBC states.


PREMIER FOODS: Moody's Alters Outlook on B1 CFR to Positive
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of Premier Foods plc, a branded ambient
foods producer to the UK retail market, and also of its subsidiary
Premier Foods Finance plc. Concurrently, Moody's has assigned a B1
rating to the proposed GBP300 million backed senior secured notes
due 2026 to be issued by Premier Foods Finance plc. At the same
time, Moody's has affirmed Premier Foods corporate family rating of
B1 and probability of default rating of B1-PD. The ratings on the
existing backed senior secured notes due 2022 and 2023 remain
unchanged.

RATINGS RATIONALE

Since the rating upgrade to B1 from B2 in September 2020 Premier
Foods has further strengthened its balance sheet by repaying GBP110
million of its notes due 2022 (on top of the GBP80 million repaid
between March and September 2020). The company used a combination
of internally generated cash flows and cash on its balance sheet,
as well as GBP30 million proceeds from sale of its share in Hovis
joint venture. In addition, the company's sales continued to see a
significant boost during the period as lockdown restrictions led to
people eating more at home. In the fiscal year 2021, ended April 3,
Premier Foods' sales were up by 10.3% while EBITDA as reported by
the company grew by a solid 9.6% (both normalised for the 53 weeks
period this year).

As a result, Premier Foods Moody's-adjusted gross leverage,
measured as gross adjusted-debt to EBITDA, reduced to 4.5x in
fiscal 2021 from 6x in fiscal 2020. This improvement was achieved
in spite of the company's pension deficit increasing to GBP383
million in fiscal 2021 from GBP275 million a year. During the same
period the company's Moody's adjusted interest coverage, measured
as EBITA to interest, increased to 2.4x from 2x and Moody's expects
this ratio to improve further towards 3x thanks to the lower debt
quantum and likely lower coupon on the new notes. Lower interest
expenses will also support the company's free cash flow generation
which the rating agency expects to be between GBP30 and GBP40
million a year after pension contributions.

Moody's expects the company's sales and EBITDA in fiscal 2022 will
likely be somewhat lower than the very strong levels achieved in
fiscal 2021 as the boost to revenues seen in fiscal 2021 eases as
the UK lifts major restrictions on social distancing. However, the
rating agency positively notes some widening of the company's
customer base during the pandemic, which, coupled with continued
product innovation, should help to sustain some of the last year's
momentum.

Premier Foods' CFR is further supported by its solid market
positions in the UK food market with a portfolio of
well-established brands that underpin relatively high margins.
However, less positively the company's credit quality also reflects
its high geographical and customer concentration and its relatively
small size compared to large international food producers. The
company is also exposed to foreign exchange risks and volatility in
raw material prices which may create pressure on margins. Prices
for wheat, sugar and palm oil, which are among the key ingredients
for the Premier Foods' products, are significantly higher compared
to last year. Moody's understands that the company has agreed price
increases with retailers and also uses hedging to mitigate the
impact of higher input cost.

ESG CONSDIDERATIONS

Moody's considers the company's financial policies and governance
practices as relatively conservative, which is a clear credit
positive. The company intends to reduce its net leverage (excluding
the pension deficit) further to 1.5x from 2x achieved as of March
2021. Premier Foods has declared a dividend for fiscal 2021 of
around GBP8.5 million, the first dividend for several years. The
new pension agreement will give the company more room for
distributions although still require matching dividends with
pension contributions and in light of this and the deleveraging
target Moody's does not anticipate any material dividend payments
in the next 1-2 years.

The company is LSE listed and subject to the UK Corporate
Governance Code. The company's Board comprises ten members,
including seven non-executive directors. The two largest
shareholders (Nissin Foods and Oasis Management), which own close
to 28% of the shares have one nominated non-executive director
each. Moody's also positively notes that Premier Foods recently
created a new role of Director of Corporate Affairs and ESG, which
highlights increased focus and importance of ESG issues to the
business.

LIQUIDITY

Premier Foods' liquidity profile remains adequate. As of March
2021, and pro-forma for the transaction, the company had access to
around GBP142 million liquidity in cash and partially undrawn
revolving credit facility (RCF), which is typically used to cover
seasonal working capital fluctuations. Moody's also expects the
company to maintain high headroom under the maintenance covenants
in the RCF agreement over the next 12-18 month, which include net
debt/EBITDA and EBITDA/interest coverage ratios which are tested
biannually.

STRUCTURAL CONSIDERATIONS

Premier Foods' capital structure pro-forma for the transaction
includes the new GBP300 million backed senior secured notes due
2026 and the new GBP175 million (RCF) due in May 2024.

Applying Moody's loss given default (LGD) methodology (assuming a
standard 50% recovery rate typical of debt structures including
both bonds and bank debt), the backed senior secured notes are
rated B1 i.e. at the same level as the CFR because all the debt,
including the pension deficit, ranks pari passu.

The revolving credit facility, backed senior secured notes and
pension deficit are secured by floating charges over the assets of
operating subsidiary guarantors which must hold a minimum of 80% of
the consolidated gross tangible assets, consolidated EBITDA and
turnover of the group.

RATING OUTLOOK

The positive outlook reflects Moody's expectations that Premier
Foods will maintain leverage sustainably below 5x and EBITA
interest coverage of above 2.5x over the next 12 to 18 months. It
does not incorporate a change in financial policy or material
debt-funded acquisitions.

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

An upgrade will require Premier Foods to continue its track record
of solid operating performance in a more normalised post-pandemic
environment. An upgrade will also require the company's debt/EBITDA
to stay below 5x (or below 3x, excluding the pension deficit) on a
sustained basis and the company's EBIT margin sustained above
12.5%, while generating positive free cash flow (after pension
contributions) and keeping a solid liquidity profile.

The rating could be downgraded if the company's (1) gross
debt/EBITDA increases above 6.5x on a sustained basis (or 3.5x
excluding the pension deficit), (2) EBIT margin falls materially
below 11%, or (3) liquidity profile deteriorates for instance as a
result of negative free cash flow (after pension contributions).
Moody's assessment of the leverage also takes into consideration
the volatility in the adjustment for the company's significant
pension deficit.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

PROFILE

Headquartered in St Albans, UK and quoted on the London Stock
Exchange, Premier Foods plc is a branded ambient foods producer to
the UK retail market. For the fiscal year ended March 2021, Premier
Foods reported revenues of GBP947 million [1]. The company's market
capitalisation is approximately GBP900 million as of the date of
this publication.


PREMIER FOODS: S&P Hikes ICR to BB- on Deleveraging, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings raised its long-term credit rating on U.K.-based
packaged foods producer to 'BB-' from 'B+'. S&P also raised its
issue rating on the existing GBP20 million floating rate notes to
'BB-' from 'B+'. S&P assigned an issue rating of 'BB-' and recovery
rating of '3' to the proposed GBP300 million senior secured notes.

S&P said, "The stable outlook reflects our view that Premier Foods'
S&P Global-Ratings-adjusted debt to EBITDA will be about 3.0x-3.5x
in the next two years. Our base case is supported by the group's
favorable product mix, leading position in U.K. core segments, and
recurrent positive free operating cash flow (FOCF).

"Premier Foods reported strong operating performance in fiscal year
2021, and we assume this will return to pre-pandemic levels as
consumer behaviors normalize. The group reported total sales of
about GBP947 million in fiscal year 2021 (FY2021; ending April 3)
representing annual growth of about 12%, with branded sales (85% of
total sales) up 15% year-on-year, while nonbranded sales declined
by about 6%. Branded segment growth has been supported by the
increased demand for meals-at-home products, and by new product
developments. Conversely, nonbranded sales suffered from high
exposure to the out-of-home channel and lower volumes in the
discounter channel. For FY2022, we expect revenue decline of about
4%-5% as consumer behaviors normalize with the gradual easing of
social restrictions. In FY2021, the group's S&P Global
Ratings-adjusted EBITDA margin spiked at about 19% (15.6% in
FY2020). This was mainly due to collaborative retail partnerships
with effective in-store execution, internal cost controls, product
innovation, and robust supply chain operations. The group has also
been able generate recurrent stable FOCF of about GBP70 million,
broadly in line with previous year despite higher working capital
and capital expenditure (capex) needs. S&P Global Ratings-adjusted
debt to EBITDA ratio improved to about 2.0x in 2021 from 4.0x in
2020. The improvement was mainly driven by the reduced total debt
quantum and strong operating performance compared to the previous
year. We expect EBITDA margins to reduce to pre-pandemic levels
(15%-16%) as volumes normalize, and be negatively affected by the
cost inflation of raw materials. In addition, we estimate the
adjusted leverage ratio to normalize at around 3.0x-3.5x over the
next two years."

The U.K. food service industry is on a long-term growth trend
despite the fragmented competitive landscape and cost inflation of
raw materials. The ambient grocery sector--in which Premier Foods
operates--has an estimated value of about GBP37 billion in 2021.
Over the past 12 months it has seen an annual increase of about
10%-12%, mainly driven by stay-at-home consumption (source: Kantar
Worldpanel). Premier Foods is one of the U.K.'s main food
manufacturers, with a market share of about 3%-4%. It owns
well-known local brands in flavorings, seasonings, quick meals,
cooking sauces, and other categories. It benefits from a high
penetration rate in U.K. households (ranging from about 45% market
share in quick meals to about 73% for flavorings and seasonings).
Moreover, online sales have been a key growth area; revenues
increased by 104% in FY2021 compared with the previous year and now
account for about 9%-10% of total group sales. The group is also
expanding its geographic reach and now has a presence in Ireland,
the U.S., and Australia (about 6% of total sales are from outside
the U.K.). It has leveraged its efficient manufacturing and
logistics operations to ensure product availability and maintain
collaborative partnerships with top U.K. food retailers
(com.spglobal.ratings.services.article.services.news.xsd.MarkedData@c4a1415,
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@329f3d5b,
Asda, and Morrisons). Premier Foods is strengthening its brand
equity power by pursuing leading brand positions, insight-driven
product innovation, marketing investments, and international
expansion. The group spent about 14% of total sales revenues on
selling, marketing, and distribution in fiscal 2021, similar to the
previous year.

The food manufacturing industry is currently quite fragmented, with
several multinationals and small to midsize local players (the
latter tending to focus more on niche categories). Premier Foods is
also exposed to potential cost increases of raw materials (such as
sugar, sweetener, oil, dairy products, cocoa, and flavorings). It
is partially managing cost inflation via forward purchases and by
entering into fixed-price agreements. However, S&P believes that
the adjusted EBITDA margin will fall as the company might not be
able to pass-through all necessary price increases to customers to
offset inflationary pressures.

Premier Foods' proposed refinancing will reduce leverage and
improve its debt maturity profile. During FY2021 the group reduced
its total gross debt burden by repaying GBP190 million out of
GBP210 million from its existing floating rate notes maturing in
2022. With the proposed transaction, Premier Foods aims to fully
refinance its existing capital structure with the full repayment of
about GBP320 million of financial debt (GBP300 million of senior
secured notes due in 2023 and GBP20 million repayment of remaining
floating rate notes). The group expects to finance the repayment
with the proposed GBP300 million fixed-rate notes (due in 2026) and
RCF drawings of GBP20 million. The new proposed RCF of EUR175
million (due in 2024) with a two-year extension option, will
support Premier Foods' liquidity profile. Following the
refinancing, S&P's main adjustments to the group's debt will
include about GBP16 million for leases and about GBP28 million for
trade receivables sold.

There is limited operational disruption from the pension scheme
merger and Brexit. In 2020, Premier Foods completed the agreement
with the pension trustees to a segregated merger of its two pension
schemes (RHM and Premier Foods). As of April 2021, the merged trust
reported a surplus of about GBP540 million. The surplus will
support the long-standing pension funding situation by helping the
group reduce the net present value of pension deficit contributions
and save pension administration costs. Mandatory cash pension
contributions may progressively shrink from about GBP47 million in
2021 (including administration costs) to about GBP35 million-GBP45
million in FY2022 and FY2023, depending on market conditions and
investment performance. S&P believes this will improve cash flow
generation and ease the group's financial burden, absent any
mergers, acquisitions, or significant shareholder remunerations.
Furthermore, the recent trade deal reached between the U.K. and the
EU has materially limited Brexit-related risks for the group. The
free trade tariff that the U.K. and EU have agreed to does not lead
to price effects from importing raw materials from the EU. The
group has not observed any significant disruptions to its supply
chain.

S&P said, "The stable outlook reflects our expectation that Premier
Foods' structural debt reduction will provide the company ample
headroom in an environment of growing agricultural and freight
prices. We expect Premier Foods to post adjusted EBITDA margins of
about 15%-16% in the next 12-18 months (allowing for some input
cost volatility) and that adjusted debt to EBITDA will remain about
3.0x-3.5x, with EBITDA interest coverage above 3.0x. We expect the
group's performance to continue to benefit from its strong brand
positioning, continued focus on innovation, and limited supply
disruption. Under our base case we expect it to post positive
annual FOCF."

Downside scenario

S&P said, "We could lower our ratings if Premier Foods experienced
significant operational challenges translating into adjusted debt
to EBITDA approaching 4.0x and EBITDA interest coverage remained
below 3.0x. This could result from a significant loss of market
share in the group's core categories and if it was unable to pass
through necessary price increases to offset raw material price
inflation. We could also downgrade Premier Foods if it is unable to
generate healthy and recurring FOCF, resulting in a material
deterioration in its credit metrics that would significantly hamper
the expected deleveraging path."

Upside scenario

S&P said, "We could raise our ratings if Premier Foods achieved a
sustainable increase in its profitability level, with supportive
organic sales growth translating into significantly higher cash
flow generation than we anticipate. Under this scenario we would
expect it to achieve and maintain adjusted debt to EBITDA in the
range of 2.0x-3.0x."


SIGNATURE LIVING: Administrators Tap CBRE to Market Shankly Hotel
-----------------------------------------------------------------
Business Sale reports that administrators from Kroll (formerly Duff
& Phelps) have engaged CBRE to market Signature Living's famous
Shankly Hotel in Liverpool for sale.

The hotel, named after former Liverpool FC manager Bill Shankly,
was one of a number of Signature Living hotels to enter
administration last year amid the impact of the COVID-19 pandemic,
Business Sale notes.

A price for the 125-bedroom hotel has not been named, but when
Signature last marketed the hotel for sale in 2019, it was looking
for offers of around GBP40 million, Business Sale states.  With
international travel being widely discouraged, the sale comes ahead
of what is expected to be a booming summer for the UK's
"staycation" market, Business Sale relays.

According to Business Sale, Joint administrator Michael Lennon of
Kroll, said: "The Signature Shankly hotel is a quality venue, in an
excellent location.  Pre-pandemic, it would see around 700 people
check in on a Friday night for a weekend experience and its unique
offering to larger groups makes it a popular selection."

"During the last 12 months, trading under the various pandemic
restrictions has been strong, with a high number of bookings and
demand for tickets to events the hotel has been able to host, in
excess of the numbers allowed under the COVID reduced capacity.
Everyone is confident that the hotel will return to pre-COVID
levels of trade once the restrictions are lifted."

"For complete clarity, the Shankly Hotel's current and future
guests, as well as its suppliers and staff are not affected by this
development, nor by the marketing of the hotel for sale.  The
administration relates to the bricks and mortar and not to
operations," Business Sale quotes Signature Living owner Lawrence
Kenwright as saying.

"We remain in positive and regular contact with our first charge
lenders, our investors and the administrators regarding a Company
Voluntary Arrangement process which is now well underway.  The CVA
process has the support of more than 95% of our unsecured creditors
and would see us coming out of administration and re-acquiring the
sites which have been affected by it."


[*] UK: Insolvency Plan May Drag Struggling SMEs Into Court
-----------------------------------------------------------
Niall Brady at The Sunday Times reports that thousands of
struggling companies will be forced to go to court to restructure
their finances after the pandemic because of gaps in a simplified
alternative proposed by the government, insolvency experts have
warned.

According to The Sunday Times, a small company administrative
rescue process (Scarp) unveiled recently aims to provide a low-cost
alternative to examinership for businesses threatened with
insolvency after pandemic supports are withdrawn.  

Many will find, however, that Scarp may be unsuitable for writing
down their largest liabilities such as revenue debt and
unaffordable leases with above-market rents, The Sunday Times
relays, citing Tom O'Brien, a partner at the accountancy firm
Mazars.


[*] UK: Tenth of Scotland's Hotels May Shut Down for Good by 2023
-----------------------------------------------------------------
Emma Newlands at The Scotsman reports that a tenth of Scotland's
hotels could be forced to shut for good by 2023 as they buckle
under debts, losses and staffing problems, a restructuring expert
is warning.

The dire prediction has been made by Derek Forsyth, head of
restructuring with specialist local accountancy firm and business
advisory group Azets, who believes a decade of expansion by the
sector could slip into reverse, The Scotsman notes.

According to The Scotsman, Mr. Forsyth said UKHospitality recently
reported the industry it covers has GBP2.5 billion in rent arrears
alone due to the pandemic.

He said the Scottish Tourism Alliance had found that 89% of hotels
have up to ten staff vacancies, and he cited Market Recovery
Monitor data showing nearly 10% of UK restaurants have closed since
the onset of the pandemic, The Scotsman relates.

The restructuring expert said many hotel businesses were seasonal,
but had already been unable to capitalise on the normal spring
upturn in bookings, The Scotsman notes.

"The collapse in business travel, together with the cancellation of
major events, weddings, parties, conferences and tourism, has led
to a severe haemorrhaging of income," he said.

"Furthermore, hotels are also usually heavily geared with sizeable
loans whilst still having to meet routine costs such as staffing,
insurance, heating and marketing.

"Unfortunately, the sector is now facing an unprecedented set of
problems that is almost certainly set to cause long-term strategic
damage to Scotland's hotel and hospitality sector.

"It would be entirely reasonable if several hotel operators, owners
and entrepreneurs decide that the problems are insurmountable and
close their businesses.

"If 10 per cent of hotels close, it will have a serious impact on
Scotland's urban and rural economies, given the importance of the
sector in terms of employment, investment and the cohesive role
hotels play in local communities."

Edinburgh Hotels Association spokesman Russell Imrie said looking
at the Scottish capital alone, the hotel market faced major
hurdles, with no international business currently, and the UK
staycation market favouring large rural destinations, The Scotsman
notes.

As for what can be done to tackle the problem, Mr. Forsyth is
urging concerned hotel operators and owners to act fast to cut
costs, preserve cash, communicate with their banks and consider
restructuring the business, The Scotsman discloses.




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

[*] BOND PRICING: For the Week May 17 to May 21, 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



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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 * * *