/raid1/www/Hosts/bankrupt/TCREUR_Public/210531.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, May 31, 2021, Vol. 22, No. 102
Headlines
B E L A R U S
BANK BELVEB: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
BELGAZPROMBANK: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
BPS-SBERBANK: Fitch Affirms 'B' LT IDR, Outlook Negative
B U L G A R I A
FIRST INVESTMENT: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
F I N L A N D
CITYCON OYJ: Fitch Assigns BB Rating on EUR300MM Subordinated Debt
G E O R G I A
GEORGIAN RAILWAYS: Fitch Gives 'BB-(EXP)' Rating on Green EuroBond
G E R M A N Y
PRESTIGEBIDCO GMBH: Moody's Alters Outlook on B2 CFR to Positive
I R E L A N D
BBAM EUROPEAN I: Moody's Assigns (P)B3 Rating to EUR12MM F-R Notes
FAIR OAKS II: Moody's Assigns (P)B3 Rating to EUR8.7MM F-R Notes
HARVEST CLO XI: Fitch Affirms Final B- Rating on F-R Notes
MADISON PARK XVI: Moody's Assigns B3 Rating to Class F Notes
SOUND POINT I: Fitch Assigns Final B- Rating on F-R Debt
SOUND POINT I: Moody's Assigns B1 Rating to Class F-R Notes
N E T H E R L A N D S
BME GROUP: Moody's Affirms B3 CFR & Alters Outlook to Stable
SCHOELLER PACKAGING: Moody's Alters Outlook on B3 CFR to Positive
SYNCREON GROUP: Moody's Hikes CFR to B2 & Alters Outlook to Stable
P O L A N D
SYNTHOS SA: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
SYNTHOS SA: Moody's Assigns Ba2 CFR, Outlook Stable
R U S S I A
IRS-BANK JSC: Put on Provisional Administration, License Revoked
SAUBER BANK: Put on Provisional Administration, License Revoked
SNBCO NARAT: Put on Provisional Administration, License Revoked
S P A I N
AEDAS HOMES: Fitch Assigns Final BB Rating on EUR325MM Sec. Notes
CAIXABANK CONSUMO 2: Moody's Ups Rating on Series B Notes to Ba3
CAIXABANK CONSUMO 5: Moody's Ups Rating on Class B Notes to Ba2
FTA RMBS SANTANDER 2: DBRS Confirms C Rating on Series C Notes
HIPOCAT 8 FTA: Fitch Affirms BB Rating on Class D Debt
U N I T E D K I N G D O M
AZURE FINANCE 2: Moody's Upgrades GBP7.1M Class E Notes to Ba2
BETINDEX: Football Index Founder Denies Receiving Millions
CAFFE NERO: July Trial Scheduled for CVA Legal Challenge
CD&R FIREFLY: Moody's Rates New EUR300MM Term Loan 'B1'
CHARTER MORTGAGE 2018-1: Fitch Affirms BB+ Rating on Class E Notes
DREAMS: Tempur Sealy to Buy Business for GBP340 Million
STRATTON MORTGAGE 2021-3: Moody's Gives (P)B3 Rating on F Notes
UNIQUE PUB FINANCE: Fitch Lowers 2 Note Classes to 'B-'
X X X X X X X X
[*] BOND PRICING: For the Week May 24 to May 28, 2021
- - - - -
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B E L A R U S
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BANK BELVEB: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Belarus-based Bank BelVEB OJSC's (BVEB)
Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook is
Negative.
KEY RATING DRIVERS
IDRs and SUPPORT RATING (SR)
The Long and Short-Term IDRs and the Support Rating (SR) of BVEB
are driven by potential institutional support from its parent,
Russia's VEB.RF (BBB/Stable). Despite the parent bank's high
ability and propensity to support BVEB, its 'B' Long-Term IDR is
capped by Belarus's 'B' Country Ceiling. The Negative Outlook on
BVEB's Long-Term IDR reflects Belarusian sovereign's potentially
weaker financial position, which could cause an increase in
Belarusian transfer and convertibility risk and therefore limit the
extent to which parental support could be utilised to service the
bank's own obligations.
BVEB is 97.5%-owned by VEB.RF. The latter's propensity to provide
support, remains high, in Fitch's view. This is based on (i) the
strategic importance of the Belarusian market and the specific
mission BVEB performs in supporting VEB's projects in Belarus, (ii)
BVEB's majority ownership, (iii) significant parent-subsidiary
integration, (iv) a record of support provided to date and the
small cost of potential support compared with the parent's
resources, and high reputational risks of a subsidiary's default.
VIABILITY RATING (VR)
The 'b-' VR captures the bank's moderate market shares and
systemically important status, manageable risks to capital from
unreserved impaired loans, a capacity to absorb additional moderate
losses through pre-impairment profits as well as a stable funding
profile. The VR also considers a record of modest financial
performance and tighter core capitalisation than peers'.
The VR also factors in Fitch's assessment of the domestic operating
environment, which is highly sensitive to Belarus's economic
performance and changes in the sovereign's credit profile. This is,
in particular, due to BVEB's high concentration of operations in
Belarus, large holdings of Belarusian government debt (end-2020:
0.8x Fitch core capital (FCC)), and indirect exposure to the public
sector (through lending to state-owned enterprises (SOEs), 48% of
BVEB's corporate loans at end-2020).
The impact of the pandemic on Belarus's economic growth proved to
be less severe than at regional peers as the country did not adopt
harsh containment measures. Real GDP contracted only 0.9% in 2020,
despite additional shocks from the oil sector and political
developments. Fitch is projecting growth of just 0.7% in 2021 as
weak domestic demand will outweigh an improved external
environment.
Fitch expects problem loan recognition in local accounts to remain
delayed as regulatory forbearance measures that helped manage
solvency and asset-quality metrics are extended further to
end-2021. Residual asset-quality risks, due to a lag effect from
the pandemic, Belarusian rouble (BYN) weakness and other domestic
challenges, in particular, BYN-liquidity constraints and high
funding costs, will dampen lending and performance prospects in
2021 and, potentially, in 2022.
At end-2020, BVEB's impaired loans (IFRS 9 Stage 3 and purchased or
originated credit-impaired (POCI)) comprised 9% of gross loans,
while Stage 2 loans were a further 20% (end-2019: 6% and 11%,
respectively). Specific loan loss allowances (LLAs) covered
impaired loans by a weak 43%, reflecting significant reliance on
collateral. Heightened risks stem from bulky foreign-currency (FC)
loans (80% of loans) to financially vulnerable local borrowers,
including SOEs, while hard-currency revenue derived from export
markets has become more limited for Belarus-based companies in
2020.
Pre-impairment profit relative to average gross loans was unchanged
at 3% in 2020 (net of one-offs), despite market volatility, and was
comparable to the bank's closest peers'. Fitch's core profitability
metric - operating profit/risk-weighted assets (RWAs) - was a
modest 0.3% in 2020, driven by higher risk costs (2020: 2.3% of
average gross loans; 2019: 0.3%). Future performance will remain
highly sensitive to asset-quality trends and prevailing operating
conditions but the anticipated impact is contained at the level of
Fitch's assessment for earnings and profitability.
At end-2020, BVEB's FCC ratio was 11.5%, which is only moderate in
light of the bank's heightened credit risks. Volumes of Stage 3
loans, net of specific LLAs, were manageable, at 30% of FCC, but
net Stage 2 loans made up a large 116% of FCC. At end-1Q21, BVEB's
regulatory solvency ratios of 11.5% (CET1) and 15% (total capital
adequacy ratio, CAR) reflected the moderate effect of regulatory
forbearance measures. Net of the latter, regulatory solvency
metrics will only be moderately above the regulatory minimums of
8.5% (CET1) and 12.5% (CAR including buffers).
Our assessment of BVEB's funding and liquidity profile considers
the high dollarisation of the bank's liabilities (end-2020: 89% of
the total), largely resulting from customer accounts and sizeable
external borrowings (38% of liabilities), albeit partly from
VEB.RF. FC liquidity buffer is moderate in light of upcoming
wholesale funding maturities, but Fitch does not expect an
immediate pressure on BVEB's funding and liquidity profiles due to
decreased deposit volatility, continued access to external, mostly
Russian creditors, and the availability of ordinary liquidity
support from the parent.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of the IDRs is unlikely in the near term given the
Negative Outlook on Belarus's sovereign rating.
-- Improved prospects for Belarus' operating environment,
indicated by a sustained economic recovery and stabilized
exchange rate, allowing for improvements in asset quality and
performance metrics would be positive for the bank's
standalone profile.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The bank's IDR and SR could be downgraded if Belarus's
sovereign ratings are downgraded and the Country Ceiling is
revised down.
-- The bank's VR could be downgraded if deterioration in
operating conditions causes a marked asset- quality erosion
(impaired loans ratio sustainably above 13%) resulting in
significant performance and solvency pressures, without being
remedied by timely parental capital support.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The IDRs of BVEB are driven by potential support from VEB.RF.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
BELGAZPROMBANK: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Belarus-based Belgazprombank's (BGPB)
Long-Term Issuer Default Rating (IDR) at 'B' and Viability Rating
(VR) at 'b'. The Outlook is Negative.
KEY RATING DRIVERS
BGPB's Long-Term IDR and Support Rating (SR) are driven by
potential support the bank could receive, if required, from its
joint Russian owners, PJSC Gazprom (BBB/Stable) and Gazprombank
(Joint-stock Company) (BBB-/Stable), each holding a 49.82% stake in
BGPB. Despite the parents' high ability and propensity to support
BGPB, its 'B' Long-Term IDR is aligned with and capped by Belarus'
'B' Country Ceiling. The Negative Outlook on the Long-Term IDR
reflects the Belarusian sovereign's potentially weaker financial
position, which could cause an increase in Belarusian transfer and
convertibility risks and therefore limit the extent to which
parental support could be utilised to service BGPB's own
obligations.
In Fitch's view, the propensity of BGPB's owners to provide support
to the bank, if needed, remains high. This view considers the
strategic importance of the Belarusian market, majority ownership,
significant parent-subsidiary integration, a record of support
provided to date and the small cost of potential support compared
with the parents' resources, and high reputational risks of a
subsidiary's default.
The IDRs of BGPB are also underpinned by its standalone profile, as
reflected in its 'b' VR. The VR is heavily influenced by Fitch's
assessment of the domestic operating environment and the bank's
asset quality, which are highly sensitive to Belarus's economic
performance and changes in the sovereign's credit profile. This is,
in particular, due to BGPB's high concentration of operations in
Belarus and the sizeable holdings of Belarusian government debt
(end-2020: 0.5x Fitch Core Capital (FCC)).
The impact of the pandemic on Belarus's economic growth was less
severe than at regional peers as the country did not adopt harsh
containment measures. Real GDP contracted only 0.9% in 2020,
despite additional shocks from the oil sector and political
developments. Fitch is projecting growth of just 0.7% in 2021 as
weak domestic demand will outweigh an improved external
environment. Fitch expects residual asset-quality risks due to a
lag effect from the crisis, Belarusian rouble (BYN) weakness and
other domestic challenges, in particular, BYN-liquidity constraints
and high funding costs. All this will dampen lending and
performance prospects in 2021 and, potentially, in 2022.
At end-1Q21, BGPB's impaired (IFRS 9 Stage 3) loans were a moderate
5.4% of gross loans, with a reasonable 69% coverage by specific
loan loss allowances (LLAs). Stage 2 loans were large at 47.5% of
total loans at end-1Q21 (end-2019: 16.5%) and mostly reflected the
deterioration of borrowers' reported financial metrics. Heightened
credit risks relate to potential migrations to impaired loans from
the Stage 2 portfolio should operating conditions continue to
deteriorate in 2021. This makes asset quality an important driver
of the bank's financial profile and a factor of high influence on
the bank's VR.
Pre-impairment profitability moderated to the still reasonable 3.2%
of average gross loans in 2020 (2019: 4.5%), despite market
volatility and business constraints. It has been helped by
resilient margins, as funding costs have been adequately managed,
and healthy fee income. Fitch's core profitability metric -
operating profit/risk-weighted assets (RWAs) - was a modest 0.9% in
2020 (2019: 3%), constrained by higher risk costs. Future
performance will remain highly sensitive to asset-quality trends,
which have not yet stabilised, and the bank's progress in
recovering business scale after a sharp balance-sheet contraction
in 2020.
At end-2020, BGPB's FCC ratio was a solid 15.8%, helped by
deleveraging and earnings retention. Stage 3 loans, net of specific
LLAs, were negligible relative to FCC, although sizeable and
low-provisioned Stage 2 loans heighten risk to capital. The bank's
regulatory solvency ratios were managed at above the regulatory
minimums during 2020-1Q21, with only moderate effect from
regulatory forbearance measures.
Client deposits are the bank's core funding source, at 57% of
end-2020 liabilities, down from 71% at end-2019. BGPB experienced
larger-than-peers' deposit outflows of around 45% (net of
foreign-exchange effects) in 2020. This was a result of
reputational damage upon the introduction of a temporary
administration by the central bank in June 2020, and then due to
market volatility following the presidential election in August.
Liquidity pressures have been managed through loan deleveraging and
collateralised borrowings from local banks and the central bank
(12% of end-2020 liabilities). Liquidity pressures and deposit
outflows at BGPB diminished by end-2020, as had for the sector.
BGPB has accumulated comfortable liquidity buffers to cover
upcoming wholesale funding maturities, which are moderate and
refinancing needs could also be backed by the parent bank.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The bank's IDR and SR could be downgraded if Belarus's
sovereign ratings are downgraded and the Country Ceiling is
revised lower.
-- The bank's VR could be downgraded in case of a sovereign
downgrade as Fitch believes the bank should not be rated above
the sovereign. Fitch could also downgrade the VR if
deterioration in operating conditions causes marked asset
quality erosion (impaired loans ratio sustainably above 10%)
resulting in significant performance and solvency pressures,
without being remedied by timely parental capital support.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of the IDRs is unlikely in the near term given the
Negative Outlook on Belarus's sovereign rating. Improved
prospects for Belarus' operating environment, indicated by a
sustained economic recovery and stabilised exchange rate,
allowing for improvements in asset quality and performance
metrics would be positive for the bank's standalone profile.
However, a VR upgrade is unlikely without a corresponding
upgrade of the sovereign rating.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
BGPB's ratings are driven by potential support from shareholders -
Gazprom and Gazprombank.
ESG CONSIDERATIONS
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.
BPS-SBERBANK: Fitch Affirms 'B' LT IDR, Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed Belarusian BPS-Sberbank's (BPS)
Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook is
Negative.
KEY RATING DRIVERS
The Long and Short-Term IDRs and the Support Rating (SR) of BPS are
driven by potential institutional support from its parent Sberbank
of Russia (SBR; BBB/Stable). Despite the parent bank's high ability
and propensity to support BPS, its 'B' Long-Term IDR is capped by
Belarus's 'B' Country Ceiling. The Negative Outlook on BPS's
Long-Term IDR reflects Belarusian sovereign's potentially weaker
financial position, which could cause an increase in Belarusian
transfer and convertibility risk and therefore limit the extent to
which parental support could be utilised to service the bank's own
obligations.
BPS is 98.4%-owned by SBR. The propensity of the parent to provide
support to its Belarusian subsidiary, if needed, remains high, in
Fitch's view. This is based on (i) the strategic importance of the
Belarusian market (ii) BPS's majority ownership, (iii) significant
parent-subsidiary integration, (iv) a record of support provided to
date, the small cost of potential support compared with the
parent's resources, and high reputational risks of a subsidiary's
default.
The IDRs of BPS are also underpinned by its standalone profile, as
reflected in its 'b' VR. The VR captures the bank's moderate market
shares and systemically important status, limited risks to capital
from unreserved problem loans, moderate capacity to absorb losses
through profits and healthy structural liquidity, underpinned by
committed liquidity lines from the parent bank.
The VR is also heavily influenced by Fitch's assessment of the
domestic operating environment, which is highly sensitive to
Belarus's economic performance and changes in the sovereign's
credit profile. This is, in particular, due to BPS's high
concentration of operations in Belarus, large holdings of
Belarusian government debt (end-2020: 0.9x Fitch core capital
(FCC)), and indirect exposure to the public sector (through lending
to state-owned enterprises).
The impact of the pandemic on Belarus's economic growth was less
severe than at regional peers as the country did not adopt harsh
containment measures. Real GDP contracted only 0.9% in 2020,
despite additional shocks from the oil sector and political
developments. Fitch is projecting growth of just 0.7% in 2021 as
weak domestic demand will outweigh an improved external
environment. Fitch expects residual asset-quality risks due to a
lag effect from the pandemic, Belarusian rouble (BYN) weakness and
other domestic challenges, in particular, BYN-liquidity constraints
and high funding costs. All this will dampen lending and
performance prospects in 2021 and, potentially, in 2022.
At end-1Q21, BPS's impaired (IFRS9 Stage 3) loans were a high 17.3%
of gross loans (end-2019: 15.5%), albeit with comfortable
73%-coverage by specific loan loss allowances (LLAs). Heightened
risks stem from bulky foreign-currency (FC) loans (56% of loans) to
financially vulnerable local borrowers, while FC revenue derived
from export markets has become more limited for Belarus-based
companies in 2020. These risks are captured by Stage 2 loans at
20.9% of end-1Q21 loans (end-2019: 6.3%).
Pre-impairment profitability remained reasonable in 2020 (equal to
3.6% of average gross loans; 2019: 3%), despite market volatility.
Net interest margin narrowed in line with fallen loan yields, while
funding costs have been adequately managed and fee income remained
healthy. Fitch's core profitability metric - operating
profit/risk-weighted assets (RWAs) was a moderate 1.6% in 2020
(2019: 2.7%), constrained by higher risk costs. Future performance
will remain highly sensitive to asset-quality trends.
Pressure on capitalisation is easing. At end-2020, the bank's FCC
ratio was a solid 17.2%, above closest peers', underpinned by
earnings retention and limited growth in RWAs. Stage 3 loans, net
of specific LLAs, were manageable at 25% of FCC, although net Stage
2 loans were a large 118% of FCC. BPS's solvency ratios may decline
moderately from current levels given planned dividend distributions
and declining earnings due to difficult operating conditions but
this impact is contained at the level of Fitch's assessment for
capitalisation.
Liquidity is adequately managed and accumulated buffers remain
comfortable, despite sector-wide deposit instability in 2H20. At
end-1Q21, highly liquid assets covered around 27% of client
accounts. Access to parental financing resources benefits BPS's
liquidity profile.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The bank's IDR and SR could be downgraded if Belarus's
sovereign ratings are downgraded and the Country Ceiling is
revised lower.
-- The bank's VR could be downgraded in case of a sovereign
downgrade as Fitch believes the bank should not be rated above
the sovereign. Fitch could also downgrade the VR if
deterioration in operating conditions causes marked asset
quality erosion (impaired loans ratio sustainably above 20%)
resulting in significant performance and solvency pressures.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of the IDRs is unlikely in the near term given the
Negative Outlook on Belarus's sovereign rating. Improved
prospects for Belarus' operating environment, indicated by the
sustained economic recovery and stabilised exchange rate,
allowing for improvements in asset quality and performance
metrics would be positive for the bank's standalone profile.
However, a VR upgrade is unlikely without a corresponding
upgrade of the sovereign rating.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The bank's ratings are driven by potential support from the parent
Sberbank.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
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B U L G A R I A
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FIRST INVESTMENT: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed First Investment Bank AD's (FIBank) Long
Term Issuer Default Rating (IDR) at 'B' with a Negative Outlook and
Viability Rating (VR) at 'b'.
KEY RATING DRIVERS
IDRS AND VR
FIBank's IDRs and VR reflect the bank's substantial asset quality
pressures and resulting high capital encumbrance. In Fitch's view,
despite recovery prospects for Bulgarian economy being solid in the
medium term, the bank's existing vulnerabilities weigh on its
ratings.
Fitch estimates Bulgarian GDP to have contracted only 4.2% in 2020,
compared with Fitch's earlier estimate of a 5.7% contraction,
followed by a forecast 3.4% expansion in 2021. This underpins
Fitch's stable outlook on Bulgarian banks' operating environment
assessment of 'bb'. Furthermore, the country's path to eurozone
accession will be positive for Fitch's assessment of the operating
environment. However, Bulgaria (BBB/Positive) still has to show
progress on meeting structural commitments before accession and its
targeted accession date of January 2024 is beyond Fitch's rating
horizon.
FIBank's asset quality is a rating weakness reflecting high stock
of impaired loans, with modest coverage by provisions and a sizable
portfolio of repossessed properties. At end-2020, the bank's
consolidated impaired loans (IFRS9 Stage 3 loans) accounted for 22%
of gross loans. Stage 2 loans added a further about 15% of gross
loans. FIBank's coverage ratio (35% of impaired loans) is well
below the sector average of about 63%. The bank's impaired loans
remain concentrated, impeding effective resolution of legacy
problem loans, especially as loans loss provisions are low. The
bank's asset quality is further weighed down by high levels of
concentrated repossessed assets (mostly real estate), which
accounted for 6.3% for total assets at end-2020.
Additional risks to the bank's loan quality come from the effects
of the pandemic and are not yet fully captured in the bank's asset
quality metrics, mainly due to offered loan moratoria. Some early
indicators for customers exiting moratoria point to reasonable
levels returning to regular repayment. However, a material share of
loans remain subject to payment suspension following the latest
extensions, which allowed applications to be filled by end 1Q21,
with a material share of these being suspended until end-2021.
These will remain a source of elevated credit risk over the next
two years.
FIBank's capitalisation is weighed down by the significant
encumbrance by unprovisioned impaired loans, which offset the
bank's reasonable levels of reported regulatory metrics. At
end-2020, the bank's unprovisioned impaired loans accounted for a
high 82% of common equity Tier 1 (CET1) capital. The ratio would
increase to 130% if repossessed assets were included. In Fitch's
view, the bank may have to absorb additional impairment losses
relating to at least some of its net problematic assets. FIBank's
CET1 ratio stood at a reasonable 17.7%, although the bank still
needs to amortise the remainder of the IFRS 9 introduction effect.
Fitch estimates it will absorb about 1.8pp of the CET1 ratio over
2022 and 2023, excluding profits generated over the period.
FIBank's profitability reflects the bank's high stock of non-income
producing assets and elevated cost of risk due to existing asset
quality challenges. Earnings had been improving gradually before
the pandemic, but downside risks to growth and asset quality remain
a drag on the bank's short-term prospects. FIBank reported a 0.7%
operating profit-to-risk weighted assets ratio in 2020 but did not
front load any additional provisioning related to the weakening
economic outlook. In Fitch's view, this only postponed the need for
additional provisioning, which will drag on the bank's already weak
profitability.
FIBank's funding profile is solid underpinned by a largely granular
customer deposit base and reasonable liquidity. The bank has been
effective in decreasing the cost of deposit funding, while
maintaining reasonable stability. This is underpinned by the bank
improving perception among retail clients and its fairly modern
service offering. The bank remains self-funded, as evidenced by its
stable and moderate gross loans to customer deposits ratio of 72%
at end-2020. The liquidity position is reasonable and regulatory
liquidity ratios remain well above the minimum requirements
SUPPORT RATING AND SUPPORT RATING FLOOR
FIBank's Support Rating Floor (SRF) of 'No Floor' and Support
Rating (SR) of '5' express Fitch's opinion that although potential
sovereign support for the bank is possible, it cannot be relied
upon. This is underpinned by the EU's Bank Recovery and Resolution
Directive, transposed into Bulgarian legislation, which requires
senior creditors to participate in losses, if necessary, instead of
or ahead of a bank receiving sovereign support.
RATING SENSITIVITIES
IDRS AND VR
Factors that could individually or collectively lead to negative
rating action or a downgrade:
-- Further weakening of FIBank's asset quality due to a rise in
bad debts not adequately provided for and without clear and
credible prospects for fast recovery. In particular, if the
bank's impaired loans ratio rises above 30%.
-- Inability to show meaningful progress in resolving the bank's
problem assets (including impaired loans and repossessed
assets) within the Outlook horizon would result in a
downgrade.
-- Deterioration of the bank's capital position due to asset
quality pressures or weaker profitability. In particular, if
the bank's CET1 ratio falls below 15% or the uncovered part of
the bank's impaired loans exceeds its CET1 capital.
Factor that could individually or collectively lead to positive
rating action or an upgrade:
-- An upgrade is unlikely in the near term given the Negative
Outlook. In the longer term, an upgrade would be contingent on
significant progress in resolving the bank's problem loans,
while maintaining reasonable profitability and capitalisation.
In particular, this would require credible resolution of
problem loans with the impaired loans ratio falling
sustainably below 15% and raising coverage of impaired loans
closer to sector averages.
SR AND SRF
Domestic resolution legislation limits the potential for positive
rating action on the bank's SR and SRF.
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
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
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F I N L A N D
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CITYCON OYJ: Fitch Assigns BB Rating on EUR300MM Subordinated Debt
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Fitch Ratings has assigned Citycon Oyj's about EUR300 million
subordinated undated capital securities an instrument rating of
'BB'. The securities qualify for 50% equity credit.
The hybrid is issued under Citycon's Green Financing Framework and
proceeds will be used to fund green assets that meet the
framework's requirements.
KEY RATING DRIVERS
CAPITAL SECURITIES
Hybrid Notched Off Citycon's IDR: The undated hybrid capital
securities are rated two notches below Citycon's Long-Term Issuer
Default Rating (IDR) of 'BBB-'. This reflects the securities'
deeply subordinated status, ranking behind senior creditors and
senior only to ordinary equity, and ranking pari passu with its
existing EUR350 million hybrid issued in 2019. Coupon payments are
deferrable at the discretion of the issuer and the securities have
no formal maturity date. The instrument rating also reflects the
securities' greater loss severity and higher risk of
non-performance than senior obligations.
Equity Treatment: The capital securities qualify for 50% equity
credit in accordance with Fitch's Corporate Hybrids Treatment and
Notching Criteria in regard to deep subordination, remaining
effective maturity date of at least five years, full discretion to
defer coupons for at least five years and limited events of
default. The equity credit is limited to 50% given the cumulative
interest coupon, a feature that is more debt-like in nature.
Effective Maturity Date: Although the capital securities are
perpetual, Fitch's criteria deem their effective maturity to be at
the securities' 2046 step-up date. From this date, the issuer will
no longer be subject to replacement language, which discloses the
intent to redeem the instrument with proceeds of a similar
instrument which attains equal or greater equity credit. The
instrument's equity credit would change to 0% five years before the
effective maturity date (i.e. in 2041). The coupon step-up remains
within Fitch's aggregate threshold rate of 100bp.
ISSUER
Outperformed Peers During Pandemic: Citycon's ratings reflect its
operational performance, which has been better than many European
peers' during the Covid-19 pandemic. Rent collection rates have
remained high, above 95% in 2020 (1Q21: 92%) as have occupancy
rates (1Q21: 94%), while rental relief granted to tenants has been
manageable. Its rental income resilience is linked to its exposure
to necessity-based and some public-sector tenants, the Nordic
governments' comprehensive support for tenants, less severe
lockdowns imposed and its exposure to Nordic consumers.
Citycon entered the pandemic with higher leverage than many
investment-grade peers (end-2019: 10x net debt/EBITDA). Fitch
forecasts this to return to 10x in 2022, when its large Lippulaiva
development is completed, and to remain below Fitch's 10.5x
downgrade rating sensitivity (using annualised rents) in 2023 and
2024, aided by planned disposals (including building rights) and
this hybrid issue.
Gradual Recovery Expected: Fitch believes the gradual reopening of
economies will improve landlords' and tenants' operational
performance, aided by government stimulus and steady vaccine
rollout. Fitch rates EMEA property companies on an annualised
EBITDA basis in a post-lockdown environment rather than on
temporarily high cash-flow leverage in 2020 and 2021.
Fitch-annualised EBITDA includes expectations of a subdued rental
environment where rents adapt to lower levels and occupancy rates
remain influenced by weakened tenants, and consumer demand is hit
by higher unemployment rates.
High Cash Flow Leverage: Net debt/EBITDA was high at 12.3x at
end-2020 (end-2019: 10x), which includes the impact of Covid-19 on
rental income. Management is committed to balancing its sizeable
development programme with asset disposals, and has indicated other
potential balance sheet measures including the new hybrid bond.
Together with the completion of the Lippulaiva development in 2022,
this is key to restoring leverage to 10x. Fitch expects EBITDA net
interest cover to remain comfortable at about 3x.
Uncertainty remains around the challenging retail environment and
its impact on rents and occupancy, and around the timing and
valuations of planned disposals. Positively, Citycon completed the
disposal of three shopping centres in Sweden in 1Q21 for EUR149.7
million, confirming its latest book values.
DERIVATION SUMMARY
Citycon is one of the few Fitch-rated European (non-central and
eastern Europe) all-retail property companies with a Stable
Outlook. This reflects a more conducive Nordic operating
environment, Citycon's type of retail portfolio with less past
years' excesses (e.g. occupancy cost and space) to work through,
and headroom in its financial profile.
Citycon's property portfolio is smaller than higher-rated
Unibail-Rodamco-Westfield SE (BBB+/Negative) and Hammerson plc
(BBB/Negative). Its shopping centres are convenience,
grocery-anchored assets similar to IGD SIIQ S.p.A. (BBB-/Negative)
rather than the destination shopping centres that Unibail and
Hammerson primarily own. Many are adjacent to transport hubs so
they benefit from high footfall, not all of which are weekend
high-spend consumers. Citycon's portfolio is located in more
developed countries with higher disposable income per person than
eastern European peers, such as Atrium European Real Estate Limited
(BBB/Stable) or NEPI Rockcastle plc (BBB/Stable).
Citycon's net leverage, which was above 12x in 2020 and should
settle at about 10x in 2022, is higher than Hammerson's (below 9x)
and Unibail's (about 9x after its debt reduction plan). All
property companies benefit from comfortable interest cover ratios,
as their average cost of debt is low.
Fitch has not applied the one-notch uplift to Citycon's senior
unsecured rating. Its portfolio mix includes smaller and more
regional assets, which are considered less liquid than those of UK
or French peers that benefit from the sector recovery uplift.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- The challenging post-lockdown retail environment implies low
potential for rent increases, and subdued prospects for an
improvement in occupancy rates. Fitch has not included an
improvement in occupancy rate when economies reopen. An
improvement in tenant demand for space or in rents could
improve metrics beyond Fitch's rating case.
-- Adverse impact from Covid-19 on net rental income limited to
EUR5 million in 2021 (2020: EUR13.5 million) and none
thereafter. Reflecting the group's vulnerable short average
lease length, Fitch has reduced 29% of rents scheduled to
expire in 2021 by 5%, and assumes 20% in 2022 to be flat
rather than the standard 1.5% CPI increase.
-- Annualised rental contribution from disposals is deducted from
rental income in the year they occur to reflect the full
impact on recurring rental income in year-end debt/EBITDA
metrics.
-- Development capex is balanced with disposals (EUR150 million
completed in 1Q21) or other balance sheet measures.
-- Successful completion of Lippulaiva in 2022.
-- EUR5 million of dividends/interest income on shareholder loans
from joint ventures (JVs) per year.
-- Dividends paid at 80% of funds from operations (FFO).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Net debt/EBITDA (including cash-paid interest under
shareholder loans and recurring dividends from JVs and
associates) sustainably below 9.5x;
-- EBITDA net interest cover remaining above 1.75x;
-- Improvements in portfolio quality, most likely via asset
disposals of weaker-performing assets, and rental growth-
enhancing investments in the property portfolio;
-- Unencumbered asset cover above 2.0x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Net debt/EBITDA (including cash-paid interest under
shareholder loans and recurring dividends from JVs and
associates) above 10.5x;
-- Loan-to-value rising above 55%;
-- EBITDA net interest cover falling below 1.5x;
-- Assets performing worse than expected with further like-for
like rental decreases, falling footfall and tenants' sales;
-- Unencumbered asset cover falling below 1.5x.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: At end-1Q21, Citycon had EUR46.1 million in
cash and EUR500 million in undrawn committed credit facilities
(maturing in 2024) comfortably covering EUR94 million of commercial
paper maturing in 2021 and EUR162 million of bonds maturing in
2022. Committed capex mainly relates to the Lippulaiva project.
During 2021, Citycon issued a EUR350 million seven-year green
senior unsecured bond with a 1.625% coupon. The group's average
debt maturity was 4.5 years at end-1Q20 (end-2020: 3.8 years)
before taking into account this new perpetual hybrid bond. The
average cost of debt was 2.4% at end-1Q21.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=============
G E O R G I A
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GEORGIAN RAILWAYS: Fitch Gives 'BB-(EXP)' Rating on Green EuroBond
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Fitch Ratings has assigned JSC Georgian Railways' (GR) US
dollar-denominated planned green Eurobond a 'BB-(EXP)' expected
rating. The final rating is contingent upon receipt of final
documentation conforming materially to the preliminary
documentation.
The proceeds from the planned Eurobond will be primarily used to
refinance the existing USD500 million notes due 2022 through a
tender offer structured with exit consent, financing of the
company's infrastructure projects. GR intends to fund any
additional amounts required in respect of the tender offer and
redemption of the 2022 notes from its internal cash flows. The
assignment of final instrument rating is contingent on the
successful placement of Eurobond and completion of tender offer
with exit consent for its existing USD500 million 2022 notes.
GR positions the forthcoming Eurobond as eligible for green
financing as an amount equal to the net proceeds from the issuance
will be used to finance or refinance one or more eligible projects
in accordance with the company's green bond framework.
KEY RATING DRIVERS
The Eurobond's 'BB-(EXP) rating is equalised with GR's IDR as it
will be a direct, unconditional senior unsecured obligation of the
company, which will rank pari passu with all its other present and
future unsecured and unsubordinated obligations.
GR is Georgia's monopolistic integrated railway group. It is
wholly-owned by the state via national key assets manger - JSC
Partnership Fund, with core business in freight transit
operations.
Fitch classifies GR as an entity ultimately linked to Georgia under
its Government-Related Entities (GRE) Rating Criteria and applies a
top-down approach based on its assessment of the strength of
linkage with and incentive to support by the Georgian state. The
GRE support score is assessed at 22.5, reflecting a combination of
a 'Strong' assessment for status, ownership and control and
financial implications of default, and 'Moderate' assessment for
support track record and socio-political implications of default.
GR's Standalone Credit Profile (SCP) is 'b+', which reflects a
'Weaker' assessment for revenue defensibility, 'Midrange'
assessment for operating risk, and 'Weaker' financial profile with
leverage (Fitch's net adjusted debt to EBITDA) approaching 6.5x in
Fitch's rating case scenario at end-2024. The combination of the
assessment of strength of links with the state and SCP assessment
under Fitch's Public Sector, Revenue-Supported Entities Rating
Criteria leads to GR's IDRs being notched down by a single notch
from Georgia's IDRs (BB/Negative). The Negative Outlook on GR's
ratings mirrors that on the sovereign.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Positive action on GR's ratings will be mirrored on the
Eurobond's rating.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Negative action on GR's ratings will be mirrored on the
Eurobond's rating.
-- For GR's rating sensitivities see the rating action commentary
published on 20 November 2020.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=============
G E R M A N Y
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PRESTIGEBIDCO GMBH: Moody's Alters Outlook on B2 CFR to Positive
----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of PrestigeBidCo GmbH ("S&B" or "the
company"), a holding company owner of the German fashion retailer
Schustermann & Borenstein. Concurrently, Moody's has affirmed the
company's B2 corporate family rating, its B2-PD probability of
default rating and the B2 rating of the EUR260 million guaranteed
senior secured notes due December 2023 issued by the company. The
outlook on all ratings is positive.
"Our decision to change S&B's outlook to positive reflects the
company's strong positioning in the rating category and our
expectations of continued sales and earnings growth in the next
12-18 months, supported by increasing online penetration in the
European fashion segment" says Guillaume Leglise, a Moody's Vice
President -- Senior Analyst, and analyst for S&B. "While there is
still some uncertainty regarding the sponsor-owner financial
policy, which has been untested since the 2016 leveraged buyout,
the positive outlook assumes that the company will maintain good
liquidity and will continue to favor the growth of the business,
with sustained capital spending, as seen in the last two years".
RATINGS RATIONALE
Moody's decision to change the outlook to positive from stable
reflects the rating agency expectations that S&B will continue to
improve its financial profile reflecting a strong momentum in sales
and earnings growth. This will be supported by the increasing
penetration of online sales in the European apparel segment, a
trend that has accelerated with the pandemic. Moody's expects the
company will continue to develop its digital and customer analytic
capabilities, following the appointment of a new CEO and a new COO,
both coming from online fashion company Zalando. The company will
also benefit from its new warehouse, completed in 2020, which has
significantly increased its volume capacity.
The company recorded a solid trading performance in the last 12
months, with sales and EBITDA (as adjusted by the company) up
respectively by 14% and 31% in the 12 months to 31 March 2021
compared to the same period a year before. The company's online
activities strongly benefited from stay at home orders, which
largely mitigated the negative impact of pandemic-related temporary
stationary retail store closures during 2020. S&B is strongly
positioned in its rating category, with a leverage estimated at
around 3.4x at end-March 2021, below Moody's 4.0x threshold
required for an upgrade.
Moody's believes there is still a degree of uncertainty regarding
the financial policy of the company's sponsor-owner, Permira,
despite the fact that Permira has evidenced a better track record
than most sponsors in terms of deleveraging. S&B's bond falls due
in December 2023 and Moody's expects that the company together with
the sponsor will either look to refinance this in the next 12-18
months or given Permira's 5-year ownership of S&B, sell to a new
owner -- both could lead to a releveraging event. Permira's good
track record with regards to financial policy is evidenced by the
fact that it has not extracted any cash from the company since the
2016 leveraged buyout and has supported S&B's growth with high
capital spending in the last few years, notably the EUR40 million
invested in 2019/20 for the new logistic center. The positive
outlook assumes that the company will continue to invest in the
development of its online activities, while maintaining good
liquidity and a balanced financial policy.
The B2 CFR reflects S&B's (1) strong track record of double-digit
online revenue growth in percentage terms, (2) its exclusive,
invitation-only membership models, and active customer relationship
management, which allow for low marketing expenses, result in high
retention rates and support high operating margins, (3) its
resilient revenue and profitability despite the coronavirus
pandemic, allowing for continued deleveraging, and (4) its positive
free cash flow generation and good liquidity despite sustained
investments to continue to support the growth of the business.
At the same time, the B2 CFR is still constrained by (1) the
uncertainty regarding the financial policy of the company's
sponsor-owner, (2) the company's exposure to the highly competitive
online and offline fashion retail industry, where some companies
are many times the size of S&B, (3) its reliance on suppliers of
popular brands to provide merchandise at attractive prices to
satisfy customer's changing preferences and demands, (4) highly
seasonal business model with high working capital requirements,
driven by inventory management, and (5) some geographical revenue
concentration in Germany.
S&B has good liquidity. As of the end of March 2021, the company
had a cash balance of EUR107.8 million and a full availability
under its EUR50 million committed revolving credit facility (RCF).
The company's RCF has one springing maintenance covenant triggered
when the RCF is more than 35% drawn. The current capacity under
this covenant is very ample (net leverage of around 2.1x as at
end-March 2021 vs. a limit of 8.1x) and is likely to increase
further as earnings grow. S&B is subject to sizeable seasonal
swings reflecting the company's high cash generation during the
fourth quarter of the year because of the holiday shopping season.
The company does not have any significant debt maturities before
2023, when the RCF and the outstanding EUR260 million senior
secured notes are due.
ESG CONSIDERATIONS
Moody's considers social concerns to be a moderate risk for the
retail and apparel sector because the rise of e-commerce implies
the growing use of big data and customer data, which can create
privacy and legal issues. Also, fashion retailers rely heavily on
external suppliers, which can lead to risks related to responsible
sourcing. However, these risks are limited for S&B because of its
strong positioning online and the diversity of its brand offering
and suppliers.
In terms of the company's corporate governance, S&B is controlled
by Permira, which — as is often the case in highly levered,
private-equity sponsored deals — has some tolerance for leverage
and where governance can be comparatively less transparent.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook reflects Moody's expectation of continued
growth in sales and earnings led by growing online penetration in
fashion retailing in the company's main markets. This will lead to
a further reduction in leverage towards 3.0x in the next 12 to 18
months. The outlook also assumes the maintenance of a good
liquidity and no significant change in financial policy, with the
sponsor-owner continuing to support the development of the
activities.
STRUCTURAL CONSIDERATIONS
S&B's PDR of B2-PD is in line with the CFR and reflects the use of
a 50% family recovery rate, consistent with capital structures
including both bond and bank debt. The B2 instrument rating on the
senior secured notes is also in line with the CFR, reflecting the
lack of significant structural subordination stemming from the
EUR50 million super senior RCF and trade payables, which rank ahead
of the notes.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the rating could arise if (1) adjusted
Debt/EBITDA falls sustainably below 4.0x and (2) RCF/Net Debt
sustainably remains above 10%, whilst maintaining a good liquidity
profile and demonstrating a balanced financial policy.
Downward pressure on the ratings could arise if earnings weaken
such that (1) adjusted Debt/EBITDA increases towards 5.5x (2)
RCF/Net Debt drops below 5% or (3) the liquidity profile weakens.
Any material debt-funded acquisition or aggressive financial policy
could further put pressure on the ratings.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Retail Industry
published in May 2018.
COMPANY PROFILE
PrestigeBidco GmbH is a holding company owner Schustermann &
Borenstein, which was founded in 1924 as a wholesale fabrics
business. The company now operates as a members-only off-price
fashion retailer. Headquartered in Munich, the company offers
mainly premium and affordable luxury designer brand clothing and
accessories at discounted prices for men, women and children
through online and in-store channels. In 2020, S&B generated 86% of
its revenue through its online platform BestSecret, with the
remaining 14% generated offline from its four stores. Over the same
period, 77% of S&B's net sales were generated from Germany and 23%
internationally, mainly from Austria, Switzerland and France. In
2020, the company reported revenue of EUR615.8 million and EBITDA
(as adjusted by the company) of EUR107.8 million.
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I R E L A N D
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BBAM EUROPEAN I: Moody's Assigns (P)B3 Rating to EUR12MM F-R Notes
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Moody's Investors Service announced that it has assigned the
following provisional ratings to the re-issued notes to be issued
by BBAM European CLO I Designated Activity Company (the "Issuer"):
EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR30,800,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR12,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR25,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)
EUR25,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)
EUR21,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)
EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)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 will issue the notes in connection with the re-issuance
of the following classes of notes (the "Original Notes"): Class A
Notes, Class B-1 Notes, Class B-2 Notes, Class C Notes, Class D
Notes, Class E Notes and Class F Notes, due 2033 previously issued
on June 29, 2020.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 95% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the three month ramp-up period in compliance with the
portfolio guidelines.
BlueBay Asset Management LLP ("BlueBay") 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 remaining
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 seven classes of notes rated by Moody's, the
Issuer has previously issued EUR31,500,000 Subordinated Notes due
2033 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: EUR400 million
Defaulted Asset: EUR0
Diversity Score: 47
Weighted Average Rating Factor (WARF): 2960
Weighted Average Spread (WAS): 3.60%
Weighted Average Coupon (WAC): 4.00%
Weighted Average Recovery Rate (WARR): 43.5%
Weighted Average Life (WAL): 8.5 years
FAIR OAKS II: Moody's Assigns (P)B3 Rating to EUR8.7MM F-R Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Fair Oaks Loan Funding II Designated Activity Company (the
"Issuer"):
EUR1,000,000 Class X-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR213,500,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR37,600,000 Class B-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR21,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)
EUR24,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)
EUR19,300,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)
EUR8,700,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)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 will issue the notes in connection with the re-issuance
of the following classes of notes (the "Original Notes"): Class X
Notes, Class A Notes, Class B-1 Notes, Class B-2 Notes, Class C
Notes, Class D Notes, Class E Notes due May 2031 previously issued
on May 2020.
As part of this reset, the Issuer will increase the target par
amount by EUR100 million to EUR350 million. In addition, the Issuer
has amended the base matrix and modifiers that Moody's has taken
into account for the assignment of the definitive ratings.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be approximately 75% ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 6 month ramp-up period in
compliance with the portfolio guidelines.
Fair Oaks Capital Ltd 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 4.2 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. 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.
Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 25% or EUR250,000.00 over the first eight
payment dates, starting from the first payment date.
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 modelled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Target Par Amount: EUR350,000,000
Diversity Score: 45
Weighted Average Rating Factor (WARF): 3050
Weighted Average Spread (WAS): 3.40%
Weighted Average Coupon (WAC): 3.40%
Weighted Average Recovery Rate (WARR): 45%
Weighted Average Life (WAL): 8.5 years
HARVEST CLO XI: Fitch Affirms Final B- Rating on F-R Notes
----------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XI DACs refinancing notes
final ratings.
DEBT RATING PRIOR
---- ------ -----
Harvest CLO XI DAC
A-R XS1627781880 LT PIFsf Paid In Full AAAsf
A-RR XS2339929098 LT AAAsf New Rating AAA(EXP)sf
B-1-R XS1627782185 LT AAsf Affirmed AAsf
B-2-R XS1627782342 LT AAsf Affirmed AAsf
B-3-R XS1629312882 LT AAsf Affirmed AAsf
C-R XS1627782425 LT Asf Affirmed Asf
D-R XS1627781963 LT BBBsf Affirmed BBBsf
E-R XS1627782268 LT BBsf Affirmed BBsf
F-R XS1627782003 LT B-sf Affirmed B-sf
TRANSACTION SUMMARY
Harvest CLO IX DAC is a cash flow collateralised loan obligation
(CLO). The proceeds of this issuance are being used to redeem the
old class A notes. The portfolio is managed by Investcorp Credit
Management EU Limited. The refinanced CLO has reduced the margin
for the class A notes to 65bp from 92bp, extended the weighted
average life (WAL) by 15 months to 5.3 years, and removed strict
satisfaction of the 'CCC' test from the reinvestment criteria
post-reinvestment period. The reinvestment period end-date remains
the same at June 2021.
KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 32.7.
High Recovery Expectations
The portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the identified portfolio is 65.63%,
calculated by Fitch based on Fitch's latest criteria, and 63.8%,
calculated by the trustee based on the transaction documentation.
Diversified Asset Portfolio
The transaction has a Fitch test matrix corresponding to maximum
exposure to the top 10 obligors at 20% and maximum fixed-rate
assets at 5% of the portfolio. The transaction also includes limits
on the Fitch-defined largest industry at 17.5% and the
three-largest industries at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management
The transaction's reinvestment period ends in June 2021, shortly
after closing. The reinvestment criterion is similar to other
European transactions'. The transaction has removed the requirement
to satisfy the 'CCC' test in the reinvestment criteria after the
reinvestment period but continues to require satisfaction of the
Fitch WARF test. 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.
WAL Extended to 5.3 Years:
On the refinancing date, the issuer has extended the WAL covenant
by 15 months. The Fitch matrix was updated to reflect the extended
WAL.
Model-implied Ratings Deviation
The ratings of the class E and F notes are one notch higher than
the model-implied ratings (MIR) derived under the stressed
portfolio analysis. These notes show a maximum shortfall of 0.89%
and 2.4% under the stressed portfolio and matrix analysis. The
current ratings are supported by their credit enhancement, as well
as the default cushion on the current portfolio due to the notable
buffer between the covenants of the transaction and the portfolio's
parameters. The notes also pass the current ratings under the
coronavirus sensitivity analysis that is used for surveillance. In
addition, the class F note's deviation from the MIR reflects
Fitch's view that the tranche has a limited margin of safety given
the current credit enhancement level. The notes do not present a
"real possibility of default", which is the definition of 'CCC' in
Fitch's Rating Definitions.
Affirmation of Existing Notes
The notes that were not refinanced have been affirmed with Stable
Outlooks, reflecting the transaction's stable performance. The
transaction was below par by 2.6% as of the latest investor report
dated 31 March 2021. The transaction was passing all portfolio
profile, collateral quality and coverage tests except for WAL (4.33
versus a limit of 4.24), weighted average spread (3.59% versus a
minimum of 3.65%), Fitch WARF (33.04 versus a maximum of 33) and
WARR (63.8% versus a minimum of 65.28%). It had one defaulted asset
of EUR3.2 million.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the default rate (RDR) at all rating levels by
25% of the mean RDR and an increase in the recovery rate (RRR)
by 25% at all rating levels would result in an upgrade of up
to five notches depending on the notes, except for the class
A-R notes, which are already at the highest 'AAAsf' rating. At
closing, Fitch used a standardised stressed portfolio (Fitch's
stressed portfolio) that was customised to the portfolio
limits as specified in the transaction documents.
-- Even if the actual portfolio shows lower defaults and smaller
losses at all rating levels than Fitch's stressed portfolio
assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, as the portfolio credit
quality may still deteriorate, not only by natural credit
migration, but also through reinvestments.
-- After the end of the reinvestment period, upgrades may occur
on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess
spread available to cover for losses in the remaining
portfolio.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the RDR at all rating levels by 25% of the mean
RDR and a decrease of the RRR by 25% at all rating levels will
result in downgrades of no more than six notches depending on
the notes.
Coronavirus Baseline Stress Scenario
Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%. The Stable Outlooks on all
the notes reflect the default rate cushion in the sensitivity
analysis Fitch ran in light of the coronavirus pandemic.
Coronavirus Severe Downside Stress Scenario
Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The severe downside stress
incorporates a single-notch downgrade to all the corporate exposure
on Negative Outlook. This scenario shows resilience at the current
ratings for all notes.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
MADISON PARK XVI: Moody's Assigns B3 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to debt issued by Madison Park Euro
Funding XVI DAC (the "Issuer"):
EUR2,700,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)
EUR164,400,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)
EUR165,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Assigned Aaa (sf)
EUR43,865,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)
EUR12,835,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned Aa2 (sf)
EUR26,450,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)
EUR10,000,000 Class C-2 Senior Secured Deferrable Fixed Rate Notes
due 2034, Assigned A2 (sf)
EUR36,450,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)
EUR28,350,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba2 (sf)
EUR14,850,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, 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 obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 100% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe.
Credit Suisse Asset Management Limited ("CSAM") 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
approximately 4.5 years reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.
Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes and
Class A Loan. The Class X Notes amortise by 12.5% or EUR337,500
over the 8 payment dates starting on the 2nd payment date.
In addition to the ten classes of debt rated by Moody's, the Issuer
has issued EUR 43,100,000 Class M 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 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'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:
Par Amount: EUR540,000,000
Diversity Score: 58
Weighted Average Rating Factor (WARF): 2926
Weighted Average Spread (WAS): 3.30%
Weighted Average Coupon (WAC): 4.50%
Weighted Average Recovery Rate (WARR): 43.00%
Weighted Average Life (WAL): 8.5 years
SOUND POINT I: Fitch Assigns Final B- Rating on F-R Debt
--------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO I Funding DAC final
ratings.
DEBT RATING PRIOR
---- ------ -----
Sound Point Euro CLO I Funding DAC
A-R Loan LT AAAsf New Rating AAA(EXP)sf
A-R Note XS2339922671 LT AAAsf New Rating AAA(EXP)sf
B-1-R XS2339923059 LT AAsf New Rating AA(EXP)sf
B-2-R XS2339923307 LT AAsf New Rating AA(EXP)sf
C-R XS2339923646 LT Asf New Rating A(EXP)sf
D-R XS2339924024 LT BBB-sf New Rating BBB-(EXP)sf
E-R XS2339924537 LT BB-sf New Rating BB-(EXP)sf
F-R XS2339924370 LT B-sf New Rating B-(EXP)sf
X-R XS2339922598 LT AAAsf New Rating AAA(EXP)sf
TRANSACTION SUMMARY
Sound Point Euro CLO I DAC is a securitisation of mainly senior
secured obligations with a component of senior unsecured, mezzanine
and second-lien loans. Note proceeds were used to redeem the old
notes (excluding subordinated notes). The portfolio is managed by
Sound Point CLO C-MOA LLC. The collateralised loan obligation (CLO)
has a 4.5-year reinvestment period and an 8.5-year weighted average
life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral):
Fitch places the average credit quality of obligors in the 'B'/'B-'
category. The Fitch weighted average rating factor (WARF) of the
identified portfolio is 32.37.
High Recovery Expectations (Positive):
Senior secured obligations comprise 99% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate (WARR) of the identified portfolio
is 64.42%.
Diversified Asset Portfolio (Positive):
The transaction has several Fitch test matrices corresponding to
top 10 obligors' concentration limits of 15% and 20% and maximum
fixed-rate obligation limits of 0%, 7.5%, and 10%. The manager can
interpolate within and between the matrices. The transaction also
includes various other concentration limits, including the maximum
exposure to the three-largest Fitch-defined industries in the
portfolio at 40%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.
Portfolio Management (Positive):
The transaction has a 4.5-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, B-1, B-2, C, D, E and F notes and the A
loan are one notch higher than the respective model-implied ratings
(MIR) derived under the stressed portfolio. The assigned ratings
are supported by a significant default cushion on the current
portfolio due to the notable cushion between the covenants of the
transaction and the portfolio's parameters including a higher
diversity (172 obligors) for the identified portfolio than that in
the stressed portfolio. All notes pass the assigned ratings based
on the current portfolio that is used for the coronavirus baseline
sensitivity analysis and will be used for surveillance.
The class F notes' deviation from the MIR also reflects Fitch's
view that the tranche has a significant margin of safety given the
credit enhancement level at closing. The notes do not present a
"real possibility of default", which is the definition of 'CCC' in
Fitch's Rating Definitions.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the default rate (RDR) at all rating levels by
25% of the mean RDR and an increase in the recovery rate (RRR)
by 25% at all rating levels would result in an upgrade of up
to five notches depending on the notes, except for the class A
notes and class A loan, which are already at the highest
rating on Fitch's scale and cannot be upgraded.
-- At closing, Fitch used a standardised stressed portfolio
(Fitch's stressed portfolio) that was customised to the
portfolio limits as specified in the transaction documents.
Even if the actual portfolio shows lower defaults and smaller
losses at all rating levels than Fitch's stressed portfolio
assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, as the portfolio credit
quality may still deteriorate, not only by natural credit
migration, but also through reinvestments.
-- After the end of the reinvestment period, upgrades may occur
on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess
spread available to cover for losses in the remaining
portfolio.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the RDR at all rating levels by 25% of the mean
RDR and a decrease of the RRR by 25% at all rating levels will
result in downgrades of no more than five notches depending on
the notes.
Coronavirus Baseline Stress Scenario:
Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%. The Stable Outlooks on all
the notes reflect a default-rate cushion across all notes in the
sensitivity analysis Fitch ran in light of the coronavirus
pandemic.
Coronavirus Severe Downside Stress Scenario:
Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates a single-notch downgrade to all the corporate
exposure on Negative Outlook. This scenario shows resilience at the
current ratings for all refinanced notes.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
SOUND POINT I: Moody's Assigns B1 Rating to Class F-R Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing debt issued by Sound
Point Euro CLO I Funding Designated Activity Company (the
"Issuer"):
EUR1,000,000 Class X-R Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)
EUR150,400,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)
EUR159,600,000 Class A-R Senior Secured Floating Rate Loan due
2034, Assigned Aaa (sf)
EUR34,750,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)
EUR12,750,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Assigned Aa2 (sf)
EUR33,850,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)
EUR33,650,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)
EUR26,250,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba2 (sf)
EUR15,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned B1 (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.
On the Original Closing Date, the Issuer also issued EUR45,000,000
of Subordinated Notes, which will remain outstanding.
The terms and conditions of the subordinated notes are amended in
accordance with the refinancing debts' conditions.
Interest and principal amortisation amounts due to the Class X-R
Notes are paid pro rata with payments to the Class A Debt. The
Class X-R Notes amortise by EUR 333,333 over the 3 payment dates,
starting on the first payment date.
As part of this reset, the Issuer will extend the reinvestment
period to 4.5 years and the weighted average life to 8.5 years. It
will also amend certain concentration limits, definitions and minor
features. The issuer has included the ability to hold loss
mitigation obligations. In addition, the Issuer has amended the
base matrix and modifiers that Moody's has taken into account for
the assignment of the definitive ratings.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be almost fully
ramped as of the closing date so there will be no effective date
defined.
Sound Point CLO C-MOA, LLC ("Sound Point") 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.
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 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'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:
Par Amount: EUR500,000,000
Diversity Score(1): 49
Weighted Average Rating Factor (WARF): 3016
Weighted Average Spread (WAS): 3.60%
Weighted Average Coupon (WAC): 4.00%
Weighted Average Recovery Rate (WARR): 43.0%
Weighted Average Life (WAL): 8.5 years
=====================
N E T H E R L A N D S
=====================
BME GROUP: Moody's Affirms B3 CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
and B3-PD probability of default rating for BME Group Holding
B.V.'s following the company's proposal to raise EUR200 million in
incremental debt to fund bolt-on acquisitions and
transaction-related expenses. The outlook was changed to stable
from positive. Concurrently, Moody's has downgraded to B3 from B2
the instruments ratings assigned to the backed senior secured first
lien credit facilities, consisting of the backed senior secured
first lien term loan A (TLA) due 2025, the backed senior secured
first lien term loan B (TLB) due 2026, which is proposed to be
amended and upsized, and the backed senior secured first lien
revolving credit facility (RCF) due 2025, aligning the instrument
ratings with the CFR.
RATINGS RATIONALE
The change in outlook to stable reflects a delay in the expected
pace of deleveraging of BME due to the proposed transaction and the
debt-financed share redemption completed earlier this year,
although the impact on the company's net interest expense was
limited due to a realized margin decrease on TLB. Both transactions
expected to increase its balance sheet debt by about 40% since
year-end 2020, resulting in BME remaining highly leveraged,
reducing the likelihood of a rating upgrade as reflected in the
previous positive outlook. Moody's estimates leverage at around
6.8x Moody's-adjusted gross debt/EBITDA as of last twelve months
(LTM) ended March 2021, pro forma debt transaction and earnings of
the bolt-on acquisitions (before synergies), compared to 6.4x at
year-end 2020. The change in the outlook to stable has triggered
the downgrade of the backed senior secured first lien instrument
ratings to the same level as the CFR at B3 as described under
structural considerations. However, Moody's continues to recognize
BME's robust operating performance over the last quarters, as
reflected in year-on-year revenue growth of 4.9% in Q1-2021 and
3.4% in 2020, as well as margin improvement to 6.7% Moody's
adjusted EBITDA margin as of LTM Q1-2021 from 6.3% in 2020.
Since the LBO by Blackstone in 2019, the company has executed its
strategy well and has demonstrated earnings growth in 2020 and
Q1-2021 despite a challenging operating environment, which included
store closures in certain geographies. However, a debt-financed
EUR264 million shareholder distribution in April 2021 raised its
leverage by around one turn. In addition, BME has accelerated its
acquisition activity since the beginning of 2021, including the
announced acquisitions of Saint-Gobain Distribution Netherlands,
the Mahler Group in Germany and Grupo BMV in Spain. BME will
benefit from an increase in scale and diversification from the
contemplated acquisitions. However, the acquisition multiples and
the funding mix further delay the company's deleveraging
trajectory. Furthermore, Moody's recognizes execution challenges
linked to the integration and the expected performance improvements
(including expected synergies) of the acquired businesses.
BME has potential to reduce leverage from current levels through
EBITDA growth and free cash flow (FCF) generation, supported by
stable renovation end market fundamentals and profitability
improvement initiatives. However, given the demonstrated financial
policy under the private equity ownership, the rating incorporates
the risk of periodic re-leveraging due to acquisitions or
shareholder distributions, following a period of strong operating
performance. At the same time, Moody's also recognizes that the
company has a relatively limited scope for significant
re-leveraging from current levels, with permitted debt capped at
5.0x senior secured first lien leverage (5.0x pro forma the
proposed transaction) or consolidated total debt leverage of 5.6x
in its credit facilities.
BME's B3 CFR continues to reflect (1) the company's leading
position in the building materials distribution market in Europe,
with good diversification across European markets (2) its
significant exposure of 60% to the relatively stable RMI market;
(3) its flexible cost base and inherent countercyclical nature of
working capital in the distribution industry; and (4) its adequate
liquidity and significant portfolio of owned real estate assets.
At the same time, the rating incorporates (1) BME's operations in a
highly fragmented and competitive market, reflected in its low
Moody's-adjusted operating margin of around 3.0% in 2020; (2)
history of sensitivity to new construction activity, although
mitigated by its exposure to the RMI market which is expected to be
more stable; (3) its high leverage, as reflected in its pro forma
Moody's-adjusted gross debt/EBITDA of around 6.8x as of last twelve
months ended March 2021, and (4) low expected positive free cash
flow (FCF) generation, with FCF/debt in low single digits.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Moody's take into account the impact of ESG factors when assessing
companies' credit quality. The main environmental and social risks
are not material in case of BME. In terms of governance, the
company is owned by the private equity firm Blackstone. As a
result, Moody's expect BME's financial policy to favor shareholders
over creditors, reflected by the company's tolerance for high
leverage.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectation that BME will
continue to benefit from positive renovation end market dynamics
that supports low single digit organic revenue growth and adjusted
operating margin improving to 4.0% through 2022, resulting in
Moody's adjusted debt/EBITDA moving to around 6.2x by year-end 2022
and continued positive FCF, with FCF/Debt in low single digits.
Furthermore, Moody's also expects that acquisitions announced
year-to-date will be successfully closed and integrated into the
group in the next 12-18 months. Notwithstanding the change in
outlook to stable from positive, Moody's considers BME's rating to
be strongly positioned.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The credit rating can be improved if the company chooses to adopt
and demonstrates track record of more conservative financial
policies, resulting in leverage reduction on both gross and net
debt basis. Specifically, an upgrade could result if the company's
Moody's adjusted debt to EBITDA is sustainably below 6.25x and
RCF/Net Debt above 10%, while maintaining adequate liquidity,
supported by positive FCF with FCF/Debt in low single digits.
Conversely, negative rating pressure could arise if Moody's
adjusted operating margin deteriorates; Moody's adjusted gross
debt/EBITDA increases above 8x; Moody's adjusted EBITA/Interest
declines below 1x; or FCF turns negative on a sustained basis
resulting in deterioration of company's liquidity profile; or the
company undertakes debt-funded shareholder distributions or
acquisitions, which result in weakening of credit metrics.
STRUCTURAL CONSIDERATIONS
The TLB, TLA and the RCF rank pari passu and are guaranteed by
subsidiaries of the group accounting for at least 80% of
consolidated EBITDA.
The refinancing transaction closed in October 2020 took out the
first loss cushion provided by the second lien term loan through
increasing the backed senior secured first lien borrowings. Because
of the positive outlook on the CFR at the time of the refinancing
transaction, the rating agency decided to leave the instrument
ratings on the backed senior secured first lien facilities one
notch above the CFR. The change in outlook to stable has now
triggered a realignment of the backed senior secured first lien
instrument ratings with the CFR at B3.
LIQUIDITY
Moody's expects BME to operate with adequate liquidity over the
next 12-18 months. This reflects BME's anticipated EUR157 million
pro forma cash balance as of March 2021 and EUR195 million
available RCF. These sources, together with funds from operations,
are sufficient to cover the seasonality in working capital, as well
as the company's capital spending needs. Moody's projects that the
company will generate consistently positive FCF, which is expected
to be used to fund bolt-on acquisitions.
The RCF contains a springing maintenance covenant of 8.4x leverage
calculated on a senior secured first lien net debt basis, which is
tested when the facility drawings net of cash exceeds 45% of total
commitments. Moody's forecasts the capacity under the covenant to
be ample in the next 12-18 months. The company does not have any
significant maturities until 2025.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.
PROFILE
Based in Schiphol, the Netherlands, BME Group is the third-largest
European building materials distributor operating in Germany, the
Netherlands, Belgium, France, Switzerland and Austria. In November
2019, the company was acquired by Blackstone from CRH Plc, one of
the world's largest building materials companies, for a total
consideration of EUR1.7 billion as CRH decided to focus on its
heavy side building materials business. In 2020, BME generated
EUR3.9 billion in revenues and EUR202 million of
management-adjusted EBITDA.
SCHOELLER PACKAGING: Moody's Alters Outlook on B3 CFR to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the B3-PD probability of default rating of the Dutch
returnable transit plastic packaging (RTP) manufacturer Schoeller
Packaging B.V. Concurrently, Moody's has affirmed the B3 rating on
the EUR250 million guaranteed senior secured notes due in 2024
issued by Schoeller. The outlook on the ratings has been revised to
positive from negative.
"The outlook change to positive from negative reflects Schoeller's
more resilient than anticipated operating performance since the
start of the pandemic and Moody's expectations that, despite some
headwinds in 2021, the company will continue to sustain its
earnings, improve its profitability and reduce leverage supported
by the economic recovery, incremental revenues from pooling
services and the continued focus on costs,"says Donatella Maso, a
Moody's Vice President - Senior Analyst and lead analyst for
Schoeller.
"Although the expected growth will require incremental capital
spending in 2021, we expect Schoeller to gradually become free cash
flow positive in 18-24 months," adds Ms Maso.
RATINGS RATIONALE
Schoeller's operating performance in 2020 was better than Moody's
anticipated. The company benefitted from its end-market diversity,
price increases and cost reduction measures. As a result, the
company's revenue declined only by 2% while its EBITDA (as adjusted
by Moody's) improved to EUR67 million from EUR64 million in 2019.
The company's exposure to pooling services, beverages and retail
industries mitigated lower volumes in a number of end-markets more
vulnerable to the pandemic, such as automotive. EBITDA was up by
EUR2 million due to an improved product mix, lower commodity
prices, cost savings as well as increased automation.
Schoeller's operating performance continued to be strong in Q1 2021
with revenue and Moody's adjusted EBITDA up year on year by 6% and
21% respectively, driven by the agriculture, food and retail
markets and US pooling services. As a result, EBITDA for the last
twelve months (LTM) ended March 2021 further increased to EUR69
million.
The steady improvement in EBITDA combined with lower gross debt
following repayments of the outstanding amounts under the super
senior revolving credit facility (RCF) and overdrafts and reduced
used of factoring resulted in Moody's adjusted leverage falling to
5.2x at the end of March 2021 from 6.2x in 2019.
While Moody's anticipates a degree of volatility in earnings in the
coming quarters, primarily due to raw material price inflation and
the impact of some supply shortages, the rating agency also expects
that Schoeller will be able to resume growth in the second half of
the year, supported by the economic recovery and the achievement of
operational efficiencies. Increased volumes with Irel Bidco Sarl
(IFCO, B2 stable), which recently signed contracts with two large
retailers in Europe and in the US, and other growth initiatives
will also contribute to future revenue growth. IFCO is the
company's largest client, generating 25% of consolidated sales in
Q1 2021.
Moody's expects that revenue and earnings growth will accelerate in
2022-2023, with its EBITDA margin increasing to 14%-15% from 13% in
2020 and its gross leverage (as adjusted by Moody's) falling below
5.0x. The plan will however require material incremental capital
spending, most of which will be incurred in 2021. These investments
will constrain the company's free cash flow generation in the next
two years.
The B3 rating remains constrained by Schoeller's smaller size,
lower margins and higher capex requirements relative to other
packaging manufacturers, which constrain its ability to generate
positive free cash flows on a sustained basis; its exposure to
cyclicality, as the purchase of Schoeller's products is typically
seen as a capital investment, and therefore, is subject to deferral
during severe downturns; the highly competitive industry in the
context of the commoditised nature of the company's products
resulting in pricing pressure; its exposure to raw material price
inflation; and some concentration with its largest client.
Conversely, the B3 rating is positively supported by Schoeller's
leading market position in the RTP sector in Europe with an
estimated 20% share; its innovation capabilities enabling the
company to benefit from the continuous positive trends in the
sector; and a degree of geographic and end-market diversity.
LIQUIDITY
Moody's views Schoeller's liquidity profile as adequate. Despite
the expected increase in capital expenditures in 2021, resulting in
negative free cash flow, liquidity is supported by approximately
EUR27 million of cash on balance sheet at the end of March 2021;
full availability under its EUR30 million super senior RCF maturing
in 2024, and no debt amortization until 2024, when the bonds are
due.
The company benefits from several factoring arrangements, which are
expected to be renewed in order to manage intra-year fluctuations
in receivables and a EUR65 million committed stand-by facility in
the form a subordinated shareholders' loan provided by Brookfield,
currently drawn for EUR9.5 million, including accrued interests,
and treated as equity under Moody's methodologies.
The super senior RCF has a springing covenant (maximum net drawn
super senior leverage of 1.0x), which is tested when the RCF is
drawn by more than 40%. Moody's expects the company to continue to
comply with this covenant.
STRUCTURAL CONSIDERATIONS
The company's B3-PD PDR is aligned with the B3 CFR, reflecting the
use of a 50% family recovery rate, as is typical for transactions
that include both bonds and bank debt.
The B3 rating on the notes reflects the fact that they represent
the majority of the debt in the capital structure and the size of
the RCF is not sufficiently large to allow any notching. Both the
notes and the super senior RCF share the same security and
guarantees but the notes rank junior to the RCF upon enforcement
under the provisions of the intercreditor agreement. Security
includes pledges over shares, bank accounts, receivables, and
certain UK assets. Material subsidiaries which guarantee the notes
represent c.86% of the group EBITDA or c.81% total assets.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook assumes that Schoeller' earnings will continue
improving, its FCF will gradually become positive after increased
capital spending in 2021 and its liquidity will remain adequate.
The positive outlook reflects Moody's expectation that the
company's leverage will reduce below 5.0x in 2022.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure on the ratings could materialise if the company
continues to grow its earnings resulting in its in financial
leverage, measured as Moody's adjusted gross debt to EBITDA
trending towards 5.0x and its free cash flow becoming positive,
both on a sustainable basis; while maintaining an adequate
liquidity profile.
Negative pressure on the ratings could arise if Schoeller's
operating performance deteriorates materially; Moody's adjusted
debt/EBITDA remains sustainablyabove 6.5x; free cash flow fails to
improve from 2022 onwards; or its liquidity weakens.
LIST OF AFFECTED RATINGS
Issuer: Schoeller Packaging B.V.
Affirmations:
Probability of Default Rating, Affirmed B3-PD
LT Corporate Family Rating, Affirmed B3
BACKED Senior Secured Regular Bond/Debenture, Affirmed B3
Outlook Action:
Outlook, Changed To Positive From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.
COMPANY PROFILE
Headquartered in the Netherlands, Schoeller is a returnable transit
plastic packaging manufacturer operating primarily in Europe and
the US, employing approximately 2,000 people. For the last twelve
months ending March 31, 2021, the company generated revenue of
EUR528 million and EBITDA of EUR69 million as adjusted by Moody's.
The company is the result of the integration between the Schoeller
Arca Systems Group and the Linpac Allibert Group in 2013. Since May
2018, Schoeller is 70% owned by private equity Brookfield Business
Partners L.P. and 30% by Schoeller Industries B.V., a family-owned
business with a broad focus on packaging, transport and logistics
systems.
SYNCREON GROUP: Moody's Hikes CFR to B2 & Alters Outlook to Stable
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Moody's Investors Service upgraded syncreon Group B.V.'s ratings -
corporate family rating to B2 from B3, Probability of Default
Rating to B2-PD from B3-PD, senior secured first lien first out
term loan to Ba3 from B1 and the senior secured first lien second
out term loan to B3 from Caa1. The rating outlook was changed to
stable from negative.
The rating action reflects Moody's expectation for continued, solid
free cash flow generation and improving interest coverage as the
focus on right-sizing the cost structure and eliminating
unprofitable contracts is translating into good operating momentum.
Results have also benefited from the step-change in technology
spending for remote work and school arrangements as well as the
recovery, though more recently uneven, in global automotive
production.
RATINGS RATIONALE
syncreon's ratings reflect longstanding blue-chip customer
relationships, a strong track record for contract renewals and an
asset-lite operating model that generates solid free cash flow. The
company has built upon the dramatically lower debt balance
following the October 2019 recapitalization, improving its
financial flexibility. Accordingly, debt levels should remain
largely flat going forward with the cash position increasing from
solid free cash flow. The ratings also incorporate high customer
concentration and sizable exposure to the cyclical automotive
industry which accounts for approximately 40% of revenues.
syncreon's technology segment at nearly 60% of revenues is
experiencing strong growth in ecommerce revenues as remote/virtual
settings are expected to remain a meaningful percentage of
workplace arrangements going forward. Cross-selling and expansion
of services with existing customers, including parts warehousing,
inventory management, reverse logistics and repairs, also represent
attractive expansion opportunities.
Moody's expects debt-to-EBITDA (including Moody's standard
adjustments) to remain relatively flat at less than 3x through 2022
as cash should build from solid free cash flow. With the portfolio
now devoid of unprofitable contracts, the company could pivot to
growth via acquisitions to complement its momentum in new business
awards. In the event potential acquisitions exceed internal cash
sources, Moody's expects prudent acquisition financing that
preserves financial flexibility given the balance sheet issues less
than two years ago.
The stable outlook reflects Moody's expectations for mid-single
digit organic revenue growth as technology spending maintains a
healthy pace and global light vehicle production continues to
recover. Margins should be sustained near current levels (EBITDA
Margin in the low-20% range), enabling free cash flow to
comfortably exceed $50 million.
syncreon is expected to maintain good liquidity through 2022
supported by a strong cash position and significant availability
under its $135 million asset based revolving credit facility (ABL)
that is set to expire 2024. Cash on hand at March 31, 2021 was
nearly $120 million while availability under the undrawn ABL
totaled approximately $120 million after netting posted letters of
credit. Annual free cash flow is expected to remain solidly
positive, further strengthening the balance sheet.
In addition to being an asset-lite operating model, alternate
sources of liquidity are limited with all assets pledged to the ABL
and term loans.
Moody's took the following actions on syncreon Group B.V.:
Corporate Family Rating, upgraded to B2 from B3
Probability of Default Rating, upgraded to B2-PD from B3-PD
Senior Secured First Lien First Out Term Loan, upgraded to Ba3
(LGD2) from B1 (LGD2)
Senior Secured First Lien Second Out Term Loan, upgraded to B3
(LGD4) from Caa1 (LGD4)
Outlook, changed to Stable from Negative
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if organic revenue growth approaches
double digits and margins continue expanding, resulting in
debt-to-EBITDA sustained in the mid-2x or below range. Expectations
for free cash flow-to-debt to consistently exceed 10% could also
result in positive rating action. Ratings could be downgraded if
EBIT-to-interest falls below 1.5x, debt-to-EBITDA approaches 5x or
free cash flow falls significantly. Large debt-financed dividends
or acquisitions that materially reduce financial flexibility as
well as a deterioration in liquidity could also result in a ratings
downgrade. Loss of a significant customer or signs of a decline in
the overall contract renewal rate would also be viewed negatively.
Financial policies are still developing following the balance sheet
recapitalization in October 2019 but debt has remained largely flat
while the cash position has been increasing.
The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.
syncreon Group B.V. is an international provider of specialized
logistics and supply chain solutions to customers primarily in the
technology and automotive sectors. Revenues for the latest twelve
months ended March 31, 2021 were nearly $1.2 billion.
syncreon is owned by its former first lien and unsecured lenders
with the top four equity holders constituting private equity
sponsors and hedge funds.
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P O L A N D
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SYNTHOS SA: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Poland-based chemicals company Synthos
Spolka Akcyjna a first-time Long-Term Issuer Default Rating (IDR)
of 'BB' with a Stable Outlook and its proposed EUR500 million notes
an expected senior secured rating of 'BB+(EXP)' with a Recovery
Rating of 'RR2'. The assignment of the final rating on the proposed
instrument is contingent on the receipt of final documents
conforming to information already reviewed.
The IDR of Synthos is constrained by its modest scale, exposure to
the transportation and construction sectors, price volatility of
butadiene and styrene derivatives as well as Fitch's expectation of
funds from operations (FFO) net leverage of around 3x over
2021-2024. The expected acquisition of synthetic rubber assets from
Trinseo LLC, Synthos's net debt/EBITDA target of 2.0x-2.5x and a
lack of a clearly defined dividend distribution framework will not,
in Fitch's view, support material deleveraging.
Rating strengths are its strong position in European-market niches,
such as the production of synthetic rubber and insulation
materials, consistent pre-dividend free cash flow (FCF) generation,
a fairly resilient EBITDA margin, backward integration and access
to competitively priced feedstock.
The Stable Outlook reflects Fitch's expectation that pro-forma of
the acquisition, EBITDA will recover to an average of PLN1.2
billion (EUR0.3 billion) over 2021-2024, from around PLN0.9 billion
in 2020, and that the company will have sufficient cash flow
generation to cover planned investments.
KEY RATING DRIVERS
Niche Leader, Small Scale: Synthos benefits from a strong position
in niche markets and the proximity of manufacturing facilities to
an established and diversified customer base. However, its rating
is constrained by the small scale of its operations versus 'BB'
category chemical peers'. Around 75% of sales are derived from
Europe, where Synthos has a leading production capacity of emulsion
styrene butadiene rubber (ESBR) and expandable polystyrene. It will
also become a global leader for solution styrene-butadiene rubber
once the rubber assets of Trinseo are acquired.
Despite the acquisition its scale remains moderate based on Fitch's
estimate of pro-forma EBITDA around EUR0.3 billion on average over
2021-2024. Exposure to transportation will increase to about 50% of
EBITDA post acquisition from 30% in 2020, which can contribute to
earnings volatility, mitigating the benefits of larger scale.
Acquisition Credit-Neutral: The EUR358 million (PLN1.7 billion)
acquisition of rubber assets will be funded by a mixture of debt,
cash and, if necessary, equity injection to maintain net
debt-to-EBITDA within management's target of 2.0x-2.5x. Excluding
potential synergies, Fitch estimates approximately EUR60 million of
accretive EBITDA from the target and FFO net leverage of 2.7x in
2022. Failure to reach targeted earnings or unexpected costly
integration of the acquired business may result in a breach of
Fitch's negative leverage sensitivity of 3x.
Financial Policy Limits De-Leveraging: Fitch forecasts FFO net
leverage at around 2.7x-2.9x over 2021-2024 due to the acquisition,
significant growth capex, and Fitch's assumption of dividend
distributions on the basis of neutral post-dividend FCF. Synthos's
target of 2.0x-2.5x net debt/EBITDA indicates that FCF could be
channelled to dividend payments, additional investments or
acquisitions. Adhering to such a policy can lead to sharp increases
in leverage ratios during times of poorly performing end-markets or
fluctuations in raw-material prices, given the inherent volatility
of the sector.
Increasing Capacity, Green Investments: Fitch estimates 2021-2024
capex at PLN2.3 billion (pro-forma for the acquisition), versus
PLN1.3 billion in 2017-2020. The new CCGT plant, to be commissioned
by end-2023, accounts for about PLN0.5 billion of investments,
while PLN0.7 billion will support growth across the rubber, styrene
and dispersion segments. Fitch regards CCGT plant capex and PLN0.5
billion of maintenance capex in the next four years as committed,
but see scope for a cut in capacity-expansion capex, if needed.
Fitch estimates the entire capex plan can be financed from
internally generated cash flow, assuming the CCGT plant is
constructed within budget and market conditions remain stable.
Backward Integration: Synthos's competitive position is underpinned
by an integrated production chain, which provides access to
competitively priced feedstock, and self-sufficiency in electricity
and steam generation, which supports profitability. Synthos
currently sources approximately 35% of butadiene from its joint
venture with Unipetrol and, on average, half of its styrene supply
from its Czech Republic-based subsidiary, Synthos Kralupy, and its
Poland-based subsidiary, Synthos Dwory. A further 19% of butadiene
is supplied by Unipetrol's parent, Polski Koncern Naftowy ORLEN
S.A. (PKN) (BBB-/RWP).
Exposed to Supply Chain: Synthos remains exposed to supply-chain
disruption, despite self-sufficiency in raw materials, as evident
in a force majeure at Unipetrol in 2015. Investments in the
reconstruction of Unipetrol's steam cracker post-force majeure,
strong and long-lasting relationship with external suppliers plus
overcapacity in Europe mitigate the interruption risk of access to
feedstock. However, profitability can still be hit if raw materials
are purchased at market prices should internal sources be
disrupted. The target company is not vertically integrated and
exposed to two key providers of butadiene and styrene. The
continuity of the target company's supplies is, however, supported
by long-term contracts and proximity of suppliers.
Relative Resilience of Margins: Synthos has consistently generated
positive pre-dividend FCF since 2017. Its EBITDA margin is also
resilient for a commodity producer, despite fluctuations in
butadiene and styrene derivative prices that can drive large swings
in revenue and earnings. This is due to partial protection from a
formula-linked and pass-through contract structure in the rubber
business and steady EBITDA generation from mostly internally
utilised heat and power plants. Moreover, a low-cost position in
central Europe allows Synthos to maintain high utilisation rates.
Fitch forecast its EBITDA margin to improve to 15%-16% over
2021-2024, from 12%-14% over the past four years, following the
introduction of new and more value-added products.
Notching for Proposed Notes: Fitch rates the proposed senior
secured notes using a generic approach for 'BB' category issuers,
which reflects the relative instrument ranking in the capital
structure, in accordance with Fitch's Corporates Recovery Ratings
and Instrument Ratings Criteria. The proposed notes will be secured
by a share pledge of guarantors comprising 98% of group adjusted
EBITDA as of March 2021 and mortgage over real estate in Poland.
This results in the expected senior secured rating being notched up
once from the IDR. The Recovery Rating is in the 'RR2' band.
DERIVATION SUMMARY
Synthos's business profile is weaker than that of peers, such as
Ineos Quattro Holdings Limited (BB/Stable), Ineos Group Holdings
S.A. (BB+/Negative), OCI N.V. (BB/Stable), and PAO SIBUR Holding
(BBB-/Stable), due to its smaller scale, lower diversification and
weaker global product leadership, albeit strengthening in synthetic
rubber segment with acquisition of assets from Trinseo. Its
profitability is broadly similar to that of Ineos Quattro and Ineos
Group, but is weaker than SIBUR's, which has the strongest cost
position among the peers. However, Fitch forecasts Synthos's FFO
net leverage to be much lower than that of peers, except for
SIBUR.
KEY ASSUMPTIONS
-- Butadiene prices correlated with Fitch's oil price deck:
USD58/barrel (bbl) in 2021 followed by USD53/bbl to 2024;
-- Revenue CAGR of 6% over 2020-2024 excluding acquired assets;
-- Volume CAGR of 2% over 2020-2024 excluding acquired assets;
-- Acquisition of synthetic rubber assets from Trinseo completed
by end-2021, contributing from 2022 on average incremental
PLN250 million EBITDA per year;
-- Equity injection of PLN450 million upon closing of the
acquisition;
-- EBITDA margin of 15%-16% over 2021-2024;
-- Total capex of PLN2.3 billion over 2021-2024;
-- Dividends of PLN600 million in 2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO net leverage consistently below 2.0x (2020: 2.6x);
-- EBITDA consistently above USD0.4 billion;
-- Record of adherence to a more conservative financial policy,
including a clearly defined dividend distribution framework.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO net leverage consistently above 3.0x due to, among other
things, weaker-than-expected market performance and/or
sizeable debt-funded acquisitions;
-- Decline in EBITDA margin to below 10% for a sustained period.
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: Synthos's main debt repayment in the coming
five years is a EUR443 million term loan maturing in 2025, which
the company intends to refinance with the proposed EUR500 million
seven-year notes. Synthos also refinanced and upsized its revolving
credit facility to EUR500 million (PLN2.2 billion-equivalent) in
May 2021, which it expects to draw about 40% to acquire the
synthetic rubber assets from Trinseo. Fitch expects the undrawn
portion to be sufficient to maintain adequate liquidity throughout
Synthos's growth capex programme.
SUMMARY OF FINANCIAL ADJUSTMENTS
-- Depreciation of right-of-use assets of PLN31 million
reclassified as operating expenses. Lease liabilities of
PLN196 million excluded from financial debt.
-- EBITDA of joint-venture excluded from EBITDA and FFO. Dividend
received from joint venture included in FFO (net impact
positive of PLN13 million).
-- PLN150 million non-recurring expenses excluded from EBITDA and
FFO.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
SYNTHOS SA: Moody's Assigns Ba2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
and a Ba2-PD probability of default rating to Synthos S.A. At the
same time, Moody's assigned a Ba2 rating to the proposed EUR500
million guaranteed senior secured notes due 2028 to be issued by
Synthos. The outlook on the ratings is stable.
RATINGS RATIONALE
The Ba2 CFR reflects Synthos' strong position in the European
markets for styrene butadiene rubber as well as expandable, general
purpose and high-impact polystyrene. Around 38% of its legacy
output (before the proposed transaction to buy the synthetic rubber
assets of Trinseo S.A. (Ba3, negative)) by volume is to the
construction industry, where Synthos benefits from structural
demand growth, primarily for building insulation. Around 35% of the
output is to tire manufacturers, of which around 75% is to the tire
replacement market that Moody's considers fairly defensive relative
to the remaining 25% that are indirectly sold to automobile OEMs
whose demand tends to be more volatile.
On May 21, Synthos announced that it signed an agreement to buy the
synthetic rubber assets of Trinseo for around $449 million of cash,
including approximately $30 million of pension liabilities and
subject to customary working capital adjustments. The transaction
will be funded by around PLN1.0 billion drawings of its EUR500
million revolving credit facility, PLN219 million cash on hand and
a potential equity contribution of PLN450 million if required based
on the company's stated financial policies at closing. With the
proposed acquisition Synthos will further consolidate its market
position with synergy potential of up to PLN135 million according
to management estimates. Synthos estimates normalised EBITDA of
around PLN240 million. Synthos will gain access to higher value
SSBR products and intellectual property that it then can use in its
own production, but it will also increase its exposure to the more
commoditized EBSR market that tends to be more competitive and
oversupplied in Europe. The transaction is expected to close around
year-end 2021.
In assigning the Ba2 CFR Moody's has taken into consideration
Synthos' scale, regional and product concentration. Amongst its
competitors from the chemical sector are larger and more
diversified companies such as Trinseo S.A. (Ba3 negative) and INEOS
Quattro Holdings Ltd (Ba3, negative), both of which, however are
showing weaker capital structures. Around 74% -- and around 36%
combined in Poland and the Czech Republic -- of 2020 group revenues
were generated in Europe and the focus on the two end markets
insulation (35.1% of group revenues) and rubbers (28.4%). The
narrow product range of commodity chemicals has resulted in revenue
and EBITDA volatility that Moody's expects to remain a feature of
Synthos financial profile. Moody's estimates EBITDA margins to be
generated in the mid to high-teens (%), with an average EBITDA of
around PLN1.4 billion in the next 2 to 3 years (including, on a
pro-forma basis, the contribution from the Trinseo assets),
resulting in Moody's-adjusted debt/EBITDA of around 2.8x-2.9x. This
positions the company at the lower end of the Ba2 rating category.
Such ratios, however, do not assume sizeable dividend payments by
the company, as happened in 2018. The assigned rating also takes
into account the public commitment of the company to adhere to its
long-term net leverage target (company definition) of 2x - 2.5x
while securing relevant liquidity. Any material deviations from
this guidance, for instance a high dividend payout, will cause
immediate negative rating pressure.
The company also produces dispersions, adhesives, latex (DAL) and
agrochemicals, but their contribution to EBITDA is still minor,
albeit growing. Moody's expects that the combined EBITDA
contribution from DAL and agrochemicals will amount to around
10%-15% by 2025. Synthos is fully self-sufficient in electricity
and heat production, and sells excess electricity to the grid. This
self-sufficiency helps to contain energy costs, provides additional
revenue diversification, and adds some stability to the otherwise
rather cyclical chemical operations.
Pro-forma for the closing of the transaction the company expects
cash of nearly PLN250 million (a significant increase compared to
the 2020 year end cash balance of PLN109 million) which would be
sufficient to cover working cash of 3% annual revenues, or nearly
PLN200 million. The company has access to a EUR500 million
revolving credit facility that was drawn by EUR9.0 million as of Q1
2021. The company intends to use the proceeds from the SSNs to
repay its PLN2.0 billion term loan.
ESG CONSIDERATIONS
Synthos is a privately held company, beneficially owned by Mr.
Michal Solowow through a Luxembourg-registered fund that bundles
other economic interests. The Ba2 rating reflects Moody's view that
as part of a larger opportunistic group with diverse business
interests, owned by a single shareholder, there may be a risk of
sizeable shareholder remuneration at some point that could lead to
a deterioration of the company's capital structure. In 2018 Synthos
paid a one-time dividend on PLN1.6 billion (EUR369 million), and in
the first quarter of 2020 distributed PLN300 million (EUR69
million) despite the company's internal guidance to delay any
dividend payment until the second half of 2021, subject to leverage
measured by net debt/EBITDA improving to 2.5x. However, Synthos's
public commitment to maintain its net leverage at 2.0x-2.5x and not
to pay dividends in periods when this target can be jeopardized; is
a strong factor supporting the rating.
Synthos' power generation in Poland is coal-powered and therefore
carries environmental risks. To mitigate these risks, the company
is installing combined cycle power turbines that will increase the
company's power and heat production, improve efficiency of
generation and lower the emissions of CO2 when it will be
commissioned (Q4 2023). The associated capital spending in the
period 2021-2023 totals around PLN700 million, peaks in 2022 and
constrains the generation of free cash flows.
STRUCTURAL CONSIDERATIONS
The Ba2 rating for the proposed EUR500 million SSNs has been
aligned with the CFR. The bond ranks pari passu with the existing
EUR500 million revolving credit facility. The SSNs are guaranteed
by operating entities representing 94% of the consolidated assets,
98% of the revenues and 92% of the consolidated accounting EBITDA.
The SSNs are secured by share pledges and real estate of Polish
subsidiaries, the value of the collateral package represents around
50% of secured indebtedness.
RATIONALE FOR STABLE OUTLOOK
The stable outlook assumes a revenue and EBITDA recovery from the
coronavirus pandemic in 2021 and beyond and reflects an increasing
contribution from DAL and agro chemical operations. The stable
outlook also reflects Moody's expectation that the company will
adhere to its net leverage target at all times.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's-adjusted gross debt/EBITDA
sustainably falls below 2.0x alongside maintenance of strong
liquidity and FCF to debt sustainably in the mid-teens as well as
conservative and predictable financial policy - particularly in
relation to shareholder returns.
Conversely, a deterioration in the company's financial profile with
adjusted debt/EBITDA remaining above 3.0x for a prolonged period of
time and a failure to generate FCF to debt at least in the high
single digits on a sustainable basis beyond 2021 would put negative
pressure on the rating. The rating also could be downgraded if the
company does not adhere to its own financial target of maintaining
company defined net leverage in the 2.0x to 2.5x range.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
PROFILE
Headquartered in Oswiecim, Poland, Synthos S.A. is one of the
leading European synthetic rubber and styrenics producers, with its
production facilities located in Poland, the Czech Republic, France
and Holland. In 2020, Synthos reported around PLN5.0 billion
(EUR1.1 billion) in revenue and operating profit of around PLN438
million (EUR98 million). Synthos is a privately held company,
beneficially owned by Mr. Michal Solowow via the
Luxembourg-domiciled and regulated investment fund Black Forest
SICAV-SIF, S.A.
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R U S S I A
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IRS-BANK JSC: Put on Provisional Administration, License Revoked
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The Bank of Russia, by virtue of its Order No. OD-980, dated May
28, 2021, revoked the banking license of Moscow-based Joint-Stock
Commercial Bank IRS, or IRS-BANK (Registration No. 272;
hereinafter, IRS-BANK). The credit institution ranked 317th by
assets in the Russian banking system.
The Bank of Russia made this decision in accordance with Clause 6
of Part 1 of Article 20 of the Federal Law "On Banks and Banking
Activities", based on the facts that IRS-BANK:
-- understated the amount of loan loss provisions to be set up
and overstated the value of assets to artificially improve its
financial indicators and conceal its actual financial standing;
-- violated federal banking laws and Bank of Russia regulations,
making the regulator repeatedly apply supervisory measures over the
last 12 months.
The loan portfolio of IRS-BANK was largely composed of troubled
loans.
Notwithstanding the low quality of its loan portfolio, the credit
institution performed transactions to artificially maintain its
equity capital in order to formally comply with prudential
requirements.
An order to adjust the value of assets was sent to IRS-Bank. The
credit institution's efforts to fulfil this order resulted in the
emergence of grounds for implementing measures to prevent its
insolvency (bankruptcy).
IRS-BANK was involved in dubious operations to withdraw funds
abroad through the prepayment for goods imports, and also in
dubious transit operations.
The Bank of Russia appointed a provisional administration to
IRS-BANK for the period until the appointment of a receiver or a
liquidator. In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.
Information for depositors: IRS-BANK is a participant in the
deposit insurance system; therefore, depositors6 will be
compensated for their deposits in the amount of 100% of the balance
of funds but no more than a total of RUR1.4 million per depositor
(including interest accrued), except for the cases stipulated by
Chapter 2.1 of the Federal Law ‘On the Insurance of Deposits with
Russian Banks'.
Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency). Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.
SAUBER BANK: Put on Provisional Administration, License Revoked
---------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-978, dated May
28, 2021, revoked the banking license of Saint Petersburg-based
Joint-stock Company Sauber Bank, or JSC Sauber Bank (Reg. No. 1614;
hereinafter, Sauber Bank). The credit institution ranked 227th by
assets in the Russian banking system.
The Bank of Russia made this decision in accordance with Clauses 6
and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that Sauber Bank:
-- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied measures against it
over the past 12 months, which included restrictions on certain
banking operations;
-- failed to comply with the anti-money laundering and
counter-terrorist financing laws.
Sauber Bank performed dubious large-volume transactions with
individuals to sell cash foreign currency, as well as high-risk
dubious transit operations.
The Bank of Russia appointed a provisional administration to Sauber
Bank for the period until the appointment of a receiver or a
liquidator. In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.
Information for depositors: Sauber Bank is a participant in the
deposit insurance system; therefore, depositors will be compensated
for their deposits6 in the amount of 100% of the balance of funds
but no more than a total of RUR1.4 million per depositor (including
interest accrued), except for the cases stipulated by Chapter 2.1
of the Federal Law "On the Insurance of Deposits with Russian
Banks".
Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency). Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.
SNBCO NARAT: Put on Provisional Administration, License Revoked
---------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-982, dated May
28, 2021, revoked the banking license of Kazan-based Settlement
Non-bank Credit Organization Joint Stock Company Narat, or SNBCO
JSC Narat (Registration No. 1902-К; hereinafter, SNBCO Narat).
The credit institution ranked 388th by assets in the Russian
banking system. SNBCO Narat is not a member of the deposit
insurance system.
The Bank of Russia made this decision in accordance with Clauses 6
and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that SNBCO Narat:
-- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied measures against it
over the past 12 months, which included restrictions on certain
banking operations;
-- failed to comply with the anti-money laundering and
counter-terrorist financing laws.
SNBCO Narat was involved in conducting non-transparent transactions
for payments between individuals and illegal online casinos and
bookmakers, including using P2P transfers, as well as dubious
transit operations.
The Bank of Russia appointed a provisional administration to SNBCO
Narat for the period until the appointment of a receiver or a
liquidator. In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.
=========
S P A I N
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AEDAS HOMES: Fitch Assigns Final BB Rating on EUR325MM Sec. Notes
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Fitch Ratings has assigned AEDAS Homes OPCO SLU's EUR325 million
senior secured notes a final rating of 'BB' with a Recovery Rating
of 'RR3'. The notes are guaranteed by AEDAS Homes S.A (AEDAS;
Issuer Default Rating: BB-/Stable).
The ratings reflect the continuous improvement in AEDAS' operating
performance since the company's IPO in 2017. In the last twelve
months (LTM) to financial year end-March 2021 the company delivered
1,963 units (LTM end-December 2018: 230). Fitch expects further
growth to stabilise its EBITDA margin at around 20% and reduce
leverage as the company is on track to deliver over 2,000 units per
year in the next two years (FY23 management target: 3,000 units).
Fitch calculates FY21 funds from operations (FFO) net leverage at
2.1x, which is commensurate with the current ratings.
KEY RATING DRIVERS
Improving Operating Performance: AEDAS is one of the largest
Spanish housebuilders with nearly 2,000 units delivered in FY21.
Since its inception in 2017, the company has been focusing on the
mid-to-high value residential segment mainly for primary homes (84%
of total units delivered so far). Its land bank (15,484 units at
FY21) equals to 7.9 years of production based on the current
output, or around five years based on management's target of 3,000
units per year. More than 90% of the targeted deliveries will be
generated from traditional build-to-sell (BTS) units to private
individuals, with the remainder build-to-rent (BTR) sale of turnkey
projects to third-party investors.
Attractive BTR Market: Demand for new residential assets from
private investors is rising in Spain, a sub-sector that
historically lacks professional rental operators. AEDAS entered the
BTR market in 2019 with its first agreement with an international
asset manager for the construction of 500 units in Madrid. The
company delivered the first phase of the project, consisting of 103
units, in December 2020. In 4Q FY21 AEDAS signed two more
agreements with two different operators for the construction of a
total 943 units. AEDAS de-risks its BTR developments by
forward-selling BTR schemes.
Land Portfolio Suitably Located: The number of households in Spain
are projected to increase by more than 1.1 million by 2035 (2020:
18.7 million). This is an increase of 5.9% for the whole country,
with diverging trends by region. The largest populated cities of
Madrid, Barcelona (Cataluna region), Valencia and the Andalucia
region all show expected growth of 6.8%-9.9%, higher than the total
Spain average. AEDAS is well-positioned to capture some of the
growth prospects in those areas given its vast availability of land
in these key locations (less than 5% of its land is located in
other regions), which represented 60% of 2019's GDP for Spain and
show positive demographic trends.
BTS Sale Coverage: At end-March 2021 the order book stood at 3,428
units, equivalent to more than EUR1 billion worth of BTS sales.
Pre-sales at FY21 covered 72%, 40% and 13% of management's targeted
sales for each of the next three years (FY22 to FY24),
respectively. Agreements to deliver turnkey developments for the
private rented sector (PRS) has the potential to add sales
visibility.
Upfront Payments Aid Cash Flow: Construction works for a new BTS
development typically start once 30% of the units are pre-sold.
This threshold is also a pre-requisite for banks to provide
developer loans, which will be repaid upon completion of the
project. Funding needs over the development phase are partly
mitigated by a 10% down-payment received from customer for the
unit. Subsequently, an additional 10% is paid during the
development period until completion. In FY21, only 43 contracts
were cancelled - equivalent to 1.4% of the company's average
orderbook - as upfront payments provided buyers with a strong
incentive to fulfil the remaining contractual obligation.
Leverage Expected to Reduce: FY21 FFO gross and net leverage were
3.2x and 2.1x respectively. Fitch expects leverage to reduce in the
next 24 months as the company is on track to exceed 2,000 unit
deliveries in FY22, generating EBITDA margins at around 20% and
positive cash flow, in the absence of unplanned large land
acquisitions or M&A. AEDAS' financial policy is to maintain net
debt/EBITDA at below 2.0x (FY21: 1.7x).
Senior Secured Rating: Under Fitch's Corporate Recovery Ratings and
Instrument Ratings Criteria updated on 9 April 2021, the secured
debt of a company with a 'BB-' IDR can be rated up to two notches
from the IDR with a Recovery Rating of 'RR2'. Similar to other
'BB-' rated Spanish homebuilders', AEDAS' secured debt has a
one-notch uplift to 'BB' and a 'RR3' Recovery Rating, reflecting
the significant volatility of collateral values in this asset class
in Spain.
DERIVATION SUMMARY
AEDAS' FY21 output at 1,963 units is similar to that of Via Celere
Desarrollos Inmobiliarios, S.A. (BB-/Stable), with both generating
revenues at around EUR650 million-EUR660 million in their
respective latest fiscal years. The products offered by AEDAS are
mid-to-high value units of large multi-family condominiums built in
prominent cities with an average selling price (ASP) of EUR340,000.
(Via Celere ASP: EUR316,000). These products are similar to those
of the German homebuilder CONSUS Real Estate AG (B-/Rating Watch
Positive) - also active in central city locations - while the
UK-based Miller Homes (BB-/Stable) is specialised in single-family
homes in UK regions away from London, with an ASP in 2020 of
GBP261,000.
The geographic focus of AEDAS and Via Celere is the richest regions
of Spain with higher demographic growth: Madrid, Barcelona,
Seville, Malaga, Valencia and Andalucia. AEDAS' owned landbank at
around 15,000 units is smaller than that of Via Celere (over 21,000
units). This is equivalent to 7.9 years of production for AEDAS and
over 10 years for Via Celere based on their respective current
output.
Some of the largest Spanish housebuilders with a good availability
of land are involved in the BTR segment as it allows them to
bulk-sale a whole development, reducing stock of land amassed in
the past. AEDAS consolidated its position as one of the most active
homebuilders in the BTR segment with 943 units sold from July 2020
to end-March 2021, after Spain's first lockdown.
Compared with Via Celere - whose approach to BTR is more
speculative as the company does not have pre-sale agreements in
place with investors when it starts its projects - AEDAS' strategy
entails advance agreements with PRS operators before committing to
any BTR developments, thus minimising the risk of the end-purchase
of its projects. Neinor Homes S.A. (BB-/Stable) is also dedicating
its construction expertise and land bank (around 16,600 units) to
BTR, but unlike its two domestic peers it intends to keep the BTR
assets on its balance sheet, becoming a rental operator of such
properties. As a result of the BTR segment, Neinor's consolidated
leverage is higher than peers', with FFO gross leverage of around
6.0x during 2021 and 2022.
The Spanish homebuilder's funding model is similar to that of the
UK, requiring the company to fund land and completion costs with
only a small purchaser deposit (up to 20% Spain compared with
around 5% for the UK). Upon completion the remainder is payable.
Banks (who administer the escrowed purchaser deposit) in Spain have
a minimum 30% pre-let requirement for their developer loan funding,
which advance up to 60% debt relative to cost-to-build.
Each peer has different financial policies. Rather than penalise a
company for its private equity ownership and assume that cash will
be extracted out of the group, despite bonds' permitted
distribution mechanisms, Fitch has been transparent in disclosing
and, where appropriate, reflects in its rating case management's
intentions to target certain financial policies over the rating
horizon. If management accelerate improvements in financial
metrics, warranting an upgrade as detailed in Fitch's rating
sensitivities, ratings could be changed accordingly. Equally, if
dividend payouts and use of cash worsen metrics, ratings could be
downgraded. For the abovementioned Spanish homebuilders, Fitch's
forecasts - which its forward-looking ratings are based on - depend
on maintaining or increasing FY20/21 operational capacity, sales
momentum (aided by comparable pre-let proportions), disciplined
ASP, all of which provide visibility on gross margins and the
resultant financial policy.
KEY ASSUMPTIONS
-- Land spend of EUR650 million over the next four years to
partially replenish the land bank used in future developments
that will stabilise at around 11,000 units over time;
-- BTS sales averaging around 2,500 units during FY23-FY25;
-- ASP for BTS at EUR300,000-EUR350,000;
-- BTR at around 10% of total sales through to FY25;
-- EBITDA margin increasing to above 20% (FY21:19.6%) as
operations scale up;
-- Dividend pay-out at 50% of net income, excluding extraordinary
dividends.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Increase in volumes resulting in consistently positive free
cash flow (FCF);
-- FFO gross leverage sustainably below 2.0x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage sustainably above 4.5x;
-- Negative FCF over a sustained period.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Ample Liquidity: AEDAS' liquidity, pro-forma for the EUR325 million
notes issue, is ample. It comprises a new EUR55 million
super-senior revolving credit facility (RCF) and around EUR190
million of surplus cash after the repayment of a syndicated loan
(EUR100 million) and other existing bank debt (around EUR30
million).
At FY21 AEDAS had EUR169 million developer loans, typically drawn
by the company and its subsidiaries to fund new projects and repaid
upon their completions and sale. Management planned to use the
proceeds of the EUR325 million bond to materially reduce developer
loans, such that the capital structure only comprises these notes
by FY23.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
CAIXABANK CONSUMO 2: Moody's Ups Rating on Series B Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Series B
Notes in CAIXABANK CONSUMO 2, FONDO DE TITULIZACION. The rating
action reflects the increased levels of credit enhancement for the
affected note. Moody's has also affirmed the rating of the Series A
Notes that had sufficient credit enhancement to maintain the
current rating.
EUR1170 million Series A Notes, Affirmed Aa1 (sf); previously on
Apr 25, 2018 Upgraded to Aa1 (sf)
EUR130 million Series B Notes, Upgraded to Ba3 (sf); previously on
Feb 1, 2018 Upgraded to B2 (sf)
The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.
RATINGS RATIONALE
Increase in Available Credit Enhancement
The reserve fund is at its target of EUR52 million. The credit
enhancement for Series B increased to 25.72% from 7.1% since the
last rating action in February 2018, although the reserve fund is
not available to cover interest on Series B as long as the Series A
is outstanding. Moody's has also taken into consideration
alternative scenarios with the reserve fund target at EUR26 million
in case that loans more than 90 days in arrears represent less than
1.5% of the outstanding balance.
Moody's has also affirmed the rating of the Series A Notes that had
sufficient credit enhancement to maintain the current rating.
Revision of Key Collateral Assumptions
As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.
The performance of the transaction has been better than expected
despite loans more than 90 days in arrears have increased, and
currently stand at 4.8% of current pool balance. Cumulative
defaults currently stand at 2.43% of original pool balance. As a
result, Moody's has lowered its lifetime default expectation.
Moody's default assumption for the current portfolio remains
unchanged at 6.5% of the current balance, translating into a lower
default assumption of 3.44% of the original balance. Moody's
maintained the assumption for the portfolio credit enhancement of
18%, and decreased the fixed recovery rate assumption to 25%.
The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in economic activity in Spanish economic activity.
Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.
CAIXABANK CONSUMO 5: Moody's Ups Rating on Class B Notes to Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two Classes
of Notes in CAIXABANK CONSUMO 5, FONDO DE TITULIZACION. The rating
action reflects the increased levels of credit enhancement for the
affected Notes, and takes into account the correction of an input
error.
EUR3230.5 million Class A Notes, Upgraded to Aa1 (sf); previously
on Jun 22, 2020 Definitive Rating Assigned Aa3 (sf)
EUR319.5M million Class B Notes, Upgraded to Ba2 (sf); previously
on Jun 22, 2020 Definitive Rating Assigned B1 (sf)
The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling.
The transaction is a static cash securitisation of unsecured
consumer loans extended to obligors in Spain by CaixaBank, S.A.,
(Baa1 Senior Unsecured/(P)P-2, A3(cr)/P-2(cr), A3 LT bank
deposits). The loans are used for several purposes, such as general
consumer purposes, interior decoration and property improvement and
auto-related loans such as acquisition and maintenance. CaixaBank,
S.A. also acts as asset servicer, collection account bank,
calculation agent and paying agent of the transaction.
RATINGS RATIONALE
Increase in Available Credit Enhancement
Sequential amortization, coupled with continuously robust
prepayment led to the increase in the credit enhancement available
in this transaction for Class A. Class B benefits from pool
amortization as well, although to a lesser extent.
For instance, the credit enhancement for Classes A and B increased
to 19.0% and 6.8% from 14.0% and 5.0% since the initial rating
action in June 2020. However, the reserve fund amortization will
not start until June 2021, and at that time the credit enhancement
of Class B will be back to the initial level of 5.0%. Still, Class
B benefits for more liquidity available to cover interest
payments.
Revision of Key Collateral Assumptions
As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.
Loans more than 90 days in arrears currently stand at 2.67% of
current pool balance. Cumulative defaults currently stand at 0.18%
of original pool balance.
Moody's has maintained the assumption for the default probability
of the current balance at 6.75%, translating into default
probability of the original balance of 5.15%, a decrease from the
previously assumed default probability of the original balance of
6.75%. Moody's has maintained the assumption for the fixed recovery
rate and the portfolio credit enhancement at 15% and 19%,
respectively.
The rating action also reflects the correction of an input error by
Moody's in the amortization of the reserve fund in the cash flow
analysis. The initial modeling did not correctly consider the lack
of floor in the reserve fund target amount after the first year.
The correction of the input error has a negative impact on the
rating of Class B limiting marginally the upgrade due to increased
credit enhancement.
The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in economic activity in Spain.
Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; (iii) improvements in the credit quality of the
transaction counterparties; and (iv) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.
FTA RMBS SANTANDER 2: DBRS Confirms C Rating on Series C Notes
--------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the bonds
issued by FTA RMBS Santander 2:
-- Series A Notes confirmed at AA (high) (sf)
-- Series B Notes upgraded to BBB (low) (sf) from BB (sf)
-- Series C Notes confirmed at C (sf)
The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in February 2057. The ratings of the
Series B and Series C Notes address the ultimate payment of
interest and principal on or before the legal final maturity date.
The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the February 2021 payment date.
-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.
-- Current available credit enhancement to the Series A and Series
B Notes to cover the expected losses at their respective rating
levels.
-- The Series C Notes were issued for the purpose of funding the
reserve fund and are in the first-loss position and, as such, are
highly likely to default. Given the characteristics of the Series C
Notes, as defined in the transaction documents, the default most
likely would only be recognized at the maturity or early
termination of the transaction.
-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.
The transaction is a securitization of Spanish residential mortgage
loans originated and serviced by Banco Santander, S.A. (Santander).
The transaction follows Spanish securitization law and closed in
July 2014.
PORTFOLIO PERFORMANCE
As of February 2021, loans two to three months in arrears
represented 0.2% of the outstanding portfolio balance, stable since
February 2020. The 90+ delinquency ratio was 0.6%, up from 0.5% in
the same period, and the cumulative loss ratio was 2.0%.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 4.7% and 20.3%, respectively, including
coronavirus-related adjustments.
CREDIT ENHANCEMENT
The credit enhancement available to the Series A Notes continues to
increase as the transaction deleverages, with the credit
enhancement to the Series B Notes also slightly increasing. The
Series C Notes funded the reserve fund at closing and do not
benefit from credit enhancement. The credit enhancement consists of
overcollateralization provided by the outstanding collateral
portfolio and includes the reserve fund.
As of the February 2021 payment date, credit enhancement to the
Series A Notes was 45.8%, up from 41.8% as of the February 2020
payment date. Credit enhancement to the Series B Notes was 8.2%, up
from 7.5% in the same period.
The reserve fund is available to cover principal losses, senior
fees, and interest shortfalls on the Series A and Series B Notes.
As of the February 2021 payment date, the reserve fund was at its
target level of EUR 142.4 million.
Santander acts as the account bank for the transaction. Based on
the account bank reference rating of Santander at A (high), which
is one notch below the DBRS Morningstar Long Term Critical
Obligations Rating 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.
DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.
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 RMBS
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 increased the expected
default rate for self-employed borrowers, incorporated a moderate
reduction in residential property values, and conducted an
additional sensitivity analysis to determine that the transaction
benefits from sufficient liquidity support to withstand potential
high levels of payment holidays in the portfolio.
Notes: All figures are in Euros unless otherwise noted.
HIPOCAT 8 FTA: Fitch Affirms BB Rating on Class D Debt
------------------------------------------------------
Fitch Ratings has taken multiple rating actions on 3 Hipocat FTA
RMBS transactions in Spain, including upgrading two tranches of
Hipocat 7 and affirming Hipocat 6 and 8.
DEBT RATING PRIOR
---- ------ -----
Hipocat 6, FTA
Class A ES0345782009 LT AAAsf Affirmed AAAsf
Class B ES0345782017 LT AAAsf Affirmed AAAsf
Class C ES0345782025 LT A+sf Affirmed A+sf
Hipocat 7, FTA
Class A2 ES0345783015 LT AAAsf Affirmed AAAsf
Class B ES0345783023 LT AAAsf Affirmed AAAsf
Class C ES0345783031 LT AAsf Upgrade A+sf
Class D ES0345783049 LT A-sf Upgrade BBB+sf
Hipocat 8, FTA
Class A2 ES0345784013 LT A+sf Affirmed A+sf
Class B ES0345784021 LT A+sf Affirmed A+sf
Class C ES0345784039 LT A+sf Affirmed A+sf
Class D ES0345784047 LT BBsf Affirmed BBsf
TRANSACTION SUMMARY
The transactions comprise residential mortgages originated by
Catalunya Banc S.A. (now part of Banco Bilbao Vizcaya Argentaria,
S.A., (BBVA); BBB+/Stable/F2) and serviced by BBVA.
KEY RATING DRIVERS
Covid-19 Stress Assumptions
Fitch has identified additional stress scenarios to be applied in
conjunction with its European RMBS Rating Criteria in response to
the coronavirus outbreak and the recent legislative developments in
Catalonia (see: EMEA RMBS: Criteria Assumptions Updated due to
Impact of the Coronavirus Pandemic and Spain RMBS: Criteria
Assumptions Updated Due to Decree Law in Catalonia). The agency
applied these additional stresses for the rating analysis.
Expected Asset Performance Deterioration
Fitch anticipates a generalised weakening in Spanish borrowers
ability to keep up with mortgage payments linked to an increase in
unemployment and vulnerability of self-employed borrowers. As a
result, performance indicators such as the levels of arrears
(currently below 1% for all three transactions) could increase in
the following months, leading Fitch to incorporate a 10% increase
in weighted average foreclosure frequency (WAFF, which approximates
three-month plus arrears in each pool rising to 3%). Fitch has not
made an additional adjustment for payment holidays given that the
take-up in all three transactions is below the Spanish market
average at around 9%, which is low compared with what other
European countries have experienced such as the UK or Italy.
Increased Credit Enhancement
The class C and D notes of Hipocat 7 have been upgraded to 'AAsf'
and 'A-sf', respectively, due to increased credit enhancement. As
the transaction amortises pro-rata and the reserve fund in the
transaction is at its floor and cannot amortise further, credit
enhancement has built up through time for these notes.
Rating Caps
Hipocat 6's class C rating is capped at the issuer's account bank
provider rating (BNP Paribas Security Services, A+/ Negative/F1) as
the transaction's cash reserves held at this entity represent a
material source of credit enhancement for this class of notes. The
class D notes of Hipocat 7 and 8 will both also be capped at the
deposit rating of the account bank (Societe Generale S.A.,
long-term deposit rating: A) in the transactions for the same
reason, but are currently rated below this level.
Fitch also views Hipocat 8 as being exposed to payment interruption
risk (PIR) in the event of a servicer disruption. Current liquidity
sources are sufficient to cover senior fees, net swap payments and
senior notes' interest during a minimum of three month-period
needed to implement alternative servicing arrangements. However, as
the reserve fund can be drawn to cover credit losses, Fitch
believes that the reserve fund balance of Hipocat 8 can be depleted
in a stress scenario as it has been in the past and not be
available to cover PIR. As a result, the notes' maximum achievable
rating is in the 'Asf' category, in line with Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.
Geographical Concentration in Catalonia
The securitised portfolios are exposed to the Region of Catalonia,
ranging from around 70% to around 85% of the current balances.
Under Fitch's credit analysis, to address regional concentration
risk, higher rating multiples are applied to the base foreclosure
frequency assumption to the portion of the portfolios that exceeds
2.5x the population within this region, in line with Fitch's
European RMBS Rating Criteria.
ESG - Governance
Hipocat 8 has an ESG Relevance Score of 5 for "Transaction &
Collateral Structure" due to PIR.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Stable to improved asset performance could lead to upgrades.
-- Hipocat 6's class C notes rating is capped at the issuer's
account bank provider rating. An upgrade of the account bank
rating could trigger a corresponding upgrade of these notes'
rating.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A downgrade of the account bank rating of Hipocat 6 would also
trigger a corresponding downgrade of the class C notes'
rating.
-- A multi-notch downgrade to the account bank rating of Hipocat
7 and Hipocat 8 would also trigger a corresponding downgrade
of the class D notes' rating for both transactions.
-- Weakening liquidity due to large take-ups on mortgage payment
holidays and performance worse than Fitch's assumptions may
lead to a downgrade.
-- Fitch's Spanish structured-finance ratings are capped at six
notches above Spain's Long-Term Local Currency Issuer Default
Rating (IDR; A-/Stable as of May 2021). A downgrade of Spain's
IDR could lower the maximum achievable rating for Spanish
structured-finance transactions, relevant for notes rated at
'AAAsf' in all three transactions.
-- A longer-than-expected coronavirus crisis that erodes
macroeconomic fundamentals and the mortgage market in Spain
beyond Fitch's current base case. Credit enhancement ratios
unable to fully compensate the credit losses and cash flow
stresses associated with the current rating scenarios, all
else being equal. To approximate this scenario, a rating
sensitivity has been conducted by increasing default rates by
15% and reducing recovery expectations by 15%, which would
imply downgrades of up to three notches for Hipocat 6, and one
notch each for Hipocat 7 and Hipocat 8.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third- party assessment of the asset portfolio information or
conducted a review of origination files as part of its monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Hipocat 6's class C notes 'A+sf' ratings are capped at BNP Paribas
Security Services' rating because they are exposed to excessive
counterparty dependency risk.
Although not currently at the cap Hipocat 7's class D notes 'A-sf'
ratings and Hipocat 8's class D notes 'BBsf' ratings are limited by
Societe Generale's deposit rating because they are exposed to
excessive counterparty dependency risk.
ESG CONSIDERATIONS
Hipocat 8, FTA has an ESG Relevance Score of '5' for Transaction &
Collateral Structure due to PIR, which has a negative impact on the
credit profile, and is highly relevant to the rating, resulting in
a rating adjustment by more than one category.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===========================
U N I T E D K I N G D O M
===========================
AZURE FINANCE 2: Moody's Upgrades GBP7.1M Class E Notes to Ba2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four Notes
and affirmed the ratings of three Notes in Azure Finance No. 2
plc:
GBP126.4M (GBP 77.3M outstanding) Class A Notes, Affirmed Aaa
(sf); previously on Jul 28, 2020 Definitive Rating Assigned Aaa
(sf)
GBP26.4M Class B Notes, Upgraded to Aaa (sf); previously on Jul
28, 2020 Definitive Rating Assigned Aa1 (sf)
GBP17.0M Class C Notes, Upgraded to A1 (sf); previously on Jul 28,
2020 Definitive Rating Assigned A3 (sf)
GBP5.7M Class D Notes, Upgraded to Baa2 (sf); previously on Jul
28, 2020 Definitive Rating Assigned Ba1 (sf)
GBP7.1M Class E Notes, Upgraded to Ba2 (sf); previously on Jul 28,
2020 Definitive Rating Assigned B1 (sf)
GBP6.1M Class F Notes, Affirmed Caa1 (sf); previously on Jul 28,
2020 Definitive Rating Assigned Caa1 (sf)
GBP12.3M (GBP 2.9M outstanding) Class X1 Notes, Affirmed Caa2
(sf); previously on Jul 28, 2020 Definitive Rating Assigned Caa2
(sf)
Azure Finance No. 2 plc is a static cash securitisation of auto
receivables extended by Blue Motor Finance Limited (NR) to obligors
located in the United Kingdom. The portfolio consists of hire
purchase agreements extended to private obligors.
RATINGS RATIONALE
The rating action is prompted by an increase in credit enhancement
available for the affected Note tranches and better than expected
collateral performance.
Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain the current rating on the affected
Notes.
Increase in Available Credit Enhancement
Sequential amortisation led to the increase in the credit
enhancement available in this transaction.
For instance, the credit enhancement for the tranche B, C, D and E
Notes affected by today's rating action increased to 25.87%,
13.64%, 9.50% and 4.44% from 19.14%, 10.09%, 7.03% and 3.23%
respectively since the latest rating action in July 2020.
Revision of Key Collateral Assumptions
As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date. Assets more than 60
days in arrears currently stand at 0.38% of current pool balance.
Cumulative defaults currently stand at 1.35% of original pool
balance. Moody's assumed a default probability of 12% of the
current portfolio balance. This corresponds to a default
probability assumption of 10.25% as of the original pool balance,
down from the previous assumption of 12.0%. The Portfolio Credit
Enhancement and the recovery rate were left unchanged at 32% and
35% respectively.
The liquidity available for each rated Note is provided by a
specific reserve fund for each tranche. Moody's assessed the
availability of liquidity sources for each class of rated Notes,
and concluded that there is sufficient liquidity coverage for the
assigned credit ratings.
The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in the UK 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.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.
BETINDEX: Football Index Founder Denies Receiving Millions
----------------------------------------------------------
Daniel O'Boyle at iGB reports that Football Index co-founder Adam
Cole has sought to correct what he described as "inaccuracies"
regarding the payments he and other BetIndex shareholders received
before the operator collapsed earlier this year.
Mr. Cole said that following the release of documents ahead of a
court hearing on Friday, May 21, there had been a number of
"inaccuracies" in the way the case was reported, iGB relates.
According to iGB, in a new statement, he moved to dispel claims
that were "not open to debate or interpretation".
One of these claims concerned a business named Fame Ventures, to
which Football Index paid GBP9.0 million in "support fees" in its
2020 accounts, iGB notes.
Mr. Cole, as cited by iGB, said that while a business currently
known as Fame Ventures lists only himself as a director and has no
bank account, this was not the business being paid. Rather, this
refers to the business now known as Index Labs, which according to
Companies House filings changed its name from Fame Ventures in
December 2019, iGB notes.
Index Labs is the parent company of Football Index and, as it
performed work on the operator's platform, Cole says it is "where
the bulk of technical costs are incurred".
Mr. Cole -- who stepped down as Football Index chief executive in
December 2020 -- then revealed that the amount he had received from
all businesses in the BetIndex group was GBP236,692 over the six
years since its launch, iGB discloses. However, he said he also
received full repayment of a zero-interest loan he gave to the
business, the size of which was not disclosed, iGB relays.
In addition, the Football Index founder clarified that the business
had not paid any dividends to shareholders at any point in its
history, iGB notes.
Mr. Cole added that if there was any misconduct on directors'
behalf, administrators Begbies Traynor would investigate it, iGB
relates.
"All we can do as a team right now is fight for the best outcome
for those customers," iGB quotes Mr. Cole as saying. "As officers
of the court, the administrators are duty bound to provide a
thorough investigation of the conduct of directors of the company
and the events that led to the administration of BetIndex."
The documents in question were released ahead of a court hearing to
determine how funds in BetIndex's GBP4.5 million player protection
account should be allocated, iGB states. The funds are intended to
cover money held in player accounts, but the administrators asked a
High Court judge to determine a cut-off date for winnings, as these
would continue to accrue if a date was not selected, eventually
bringing the account into deficit, according to iGB.
The judge, Robin Vos, ultimately postponed his decision, but said
his ruling should come by the end of this week, June 4, iGB
discloses.
BetIndex entered administration on the night of March 11, and had
its license suspended by the Gambling Commission at the same time,
iGB recounts. This followed a change to the operator's dividend
structure on March 8 that BetIndex said was necessary to keep the
business running, iGB notes.
CAFFE NERO: July Trial Scheduled for CVA Legal Challenge
--------------------------------------------------------
Alex Ralph at The Sunday Times reports that a legal challenge to a
restructuring of Caffe Nero will go to trial in July after a judge
rejected an attempt by the chain to strike it out.
Caffe Nero secured approval for a company voluntary arrangement
last year under which its 650-plus landlords will get 30p for every
pound they are owed, The Sunday Times discloses. More than 90% of
creditors, including the "overwhelming majority" of the chain's
landlords, voted to approve the CVA, The Sunday Times notes.
However, it was contentious and attracted a challenge from some
landlords because shortly before the vote last November the Issa
brothers, the billionaire buyers of Asda, offered to repay
landlords' debts in full as part of an attempt to take control of
the chain, according to The Sunday Times.
CD&R FIREFLY: Moody's Rates New EUR300MM Term Loan 'B1'
-------------------------------------------------------
Moody's Investors Service affirmed CD&R Firefly 4 Limited's ("Motor
Fuel Group" or "MFG") B2 corporate family rating and B2-PD
probability of default rating. Simultaneously, Moody's affirmed the
B1 instrument ratings of the backed senior secured facilities
maturing in 2025, the backed senior secured revolving credit
facility and the backed senior secured letter of credit facility
both due in 2024, and affirmed the Caa1 rating of the backed senior
secured second lien term loan maturing in 2026, all issued by CD&R
Firefly Bidco Limited (MFG). Concurrently, Moody's assigned a B1
rating to the new EUR300 million guaranteed senior secured term
loan B3 due 2025. The outlook of CD&R Firefly 4 Limited and CD&R
Firefly Bidco Limited (MFG) has been changed to negative from
stable. Motor Fuel Limited's outlook is negative.
The proceeds from the new EUR300 million guaranteed senior secured
term loan B3, the increase in the backed senior secured first lien
term loan B1 of up to GBP70 million, along with cash from the
balance sheet will be used to fund a dividend of around GBP367
million to its private equity owners, refinance part of the
existing GBP325 million backed senior secured second lien term loan
and pay transaction related fees.
"The affirmation of MFG's CFR reflects the company's track record
of strong operating performance and a very resilient performance
during the lockdown periods in 2020 and the first quarter of 2021.
However, the change of outlook to negative from stable reflects the
increased leverage driven by the dividend recapitalisation, the
risk that the company may not be able to delever as rapidly as
required for the current rating over the next 12-18 months, and the
company's lack of track record of operating within the leverage
range expected for the B2 rating" says Roberto Pozzi, Moody's lead
analyst for MFG.
RATINGS RATIONALE
MFG's B2 CFR reflects its i) strong market position as the largest
petrol station operator in the UK by number of sites, with a
high-quality forecourt network, ii) stable cash flows, iii) growing
convenience retail and food-to-go markets providing significant
roll-out opportunities across its estate, and iv) experienced
management team. The B2 rating is also underpinned by MFG's company
owned-franchise operated (COFO) business model, with limited fixed
costs and relatively predictable income streams.
The company's business model has proved to be very resilient during
the last 12 months. The substantial decline in fuel volumes
resulting from a sharp fall in traffic during the lockdowns was
more than offset by higher fuel margins thanks to good pricing
discipline across the industry and a strong retail performance. In
retail, MFG benefitted from strong demand for high margin retail
categories, particularly across its network of urban and peri-urban
sites. Fuel volumes have significantly improved since the trough in
April 2020, although they currently remain around 15% below the
levels of early 2020 before the first lockdown. The regular
retender of fuel supply contracts will sustain fuel margins growth
over the next 12-18 months, according to management.
Leverage, measured in terms of Moody's adjusted gross debt to
EBITDA, was not affected by the lockdowns and stood at 6.4x at the
end of 2020, down from 7.4x in 2019 but still at the high end of
the 5.5x-6.5x range required for the B2 rating. MFG also exhibited
a very solid operating performance, well above Moody's
expectations, with strong cash flow management and liquidity
despite negative working capital unwind. Also, the rating agency
notes that MFG has not relied on any emergency government loans nor
it had to draw down additional credit facilities signed for as
precaution in the early phases of the pandemic.
However, the envisaged dividend recapitalisation, the second in two
years, will result in an increase in leverage. On a Moody's
adjusted basis proforma for the proposed dividend recapitalisation,
leverage is 7.6x based on Moody's adjusted gross debt of GBP2.19
billion and EBITDA of GBP288 million in 2020, including around
GBP27 million of financing income and GBP38 million fair value
losses on financial assets and liabilities. Moody's expects MFG's
leverage to reduce to around 6.8x in 2021 and 6.3x in 2022 before
any potential future further dividend payments, thus leaving the
company weakly positioned in the B2 rating category. The reduction
in leverage will be driven by mid-single-digit EBITDA growth from
ongoing commercial and operational initiatives, including the
continued development of retail and food-to-go offering (from a low
current penetration), revised franchisee contract terms and
sustained high fuel margins.
ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS
Moody's considers the electrification of private transport as a
long-term risk. The UK government recently announced a target to
ban the sale of new petrol and diesel cars by 2030 and hybrid cars
by 2035 that may accelerate the transition to battery electric
vehicles or hydrogen powered cars. Although ambitious, the new
target clearly signals a step change in transportation policies in
the country and would be potentially credit negative for service
stations operators because of the significant capital needed to
transform their networks and adapt their business models. That
said, EV penetration rates remain low today, representing 1.2% of
the UK car parc, and management expects 80% of car parc to remain
dependent on fossil fuel by 2030. Indeed, management believes that
MFG is well positioned to manage the fuel transition leveraging on
the company's strategically well-located estate and ongoing
investments in non-fuel offering to drive traffic.
Governance risk remains one of the key constraints to MFG's credit
profile. High governance risk, owing to the company's financial
sponsor ownership, continues to suppress upward ratings momentum.
Private equity firm Clayton Dubilier & Rice (CD&R) has a history of
employing aggressive financial policies, including an initial very
high leverage following the LBO and the recent debt-funded
dividend. An insulated board of directors, comprising mostly of
management and representatives from the sponsor, and limited
financial disclosures owing to its status as a privately held
company, are further corporate governance weaknesses.
LIQUIDITY
Moody's views MFG's liquidity as good. The rating agency expects
the company to generate meaningful positive free cash flow over the
next 12-18 months. Liquidity is further supported by Moody's
expectation of ongoing availability under the RCF the outstanding
of GBP305 million, of which GBP65 million was drawn as at December
31, 2020. Moody's considers this facility to be more than adequate
to cover intra-quarter working capital needs. The RCF has only one
springing maintenance covenant based on net senior secured
leverage, tested only when drawn by more than 40% and against which
Moody's expects MFG to maintain sizeable headroom. The first lien
and second lien term debts are covenant-lite.
STRUCTURAL CONSIDERATIONS
The B1 rating of the backed senior secured first-lien term loans,
the RCF and the letter of credit facility reflects their ranking
ahead of the subordinated backed senior secured second-lien term
loan, which is rated Caa1, given its subordinated position in the
event of a default. The backed senior secured first-lien debts have
a security package comprising guarantees from all material
operating subsidiaries on a first-ranking basis, while the
outstanding GBP308 million backed senior secured second-lien term
loan, on a post-transaction basis, share the same security on a
second-ranking basis. The issue of any additional senior debt will
increase negative rating pressure on the second lien debt.
The borrower of all the facilities is CD&R Firefly Bidco Limited
(MFG) and all the facilities are guaranteed by CD&R Firefly 4
Limited and all material operating subsidiaries on a first-ranking
basis.
RATING OUTLOOK
The negative outlook reflects the increase in leverage as a result
of the envisaged dividend payment, the second in two years, and the
risk that leverage may not return below 6.5x in the next 12-18
months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The outlook could be stabilised if leverage was expected to
sustainably reduce below 6.5x.
While unlikely in the short to medium term, the ratings could
experience upward pressure if Moody's-adjusted gross leverage was
expected to sustainably reduce below 5.5x.
On the other hand, negative pressure could be exerted on MFG's
ratings if i) Moody's-adjusted gross leverage fails to reduce below
6.5x over the next 12-18 months; ii) further dividend payments were
expected to raise leverage above this level; iii) free cash flow
were to turn negative for an extended period; iv) or in case of a
weaker than expected liquidity.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Retail Industry
published in May 2018.
CORPORATE PROFILE
Headquartered in St Albans, MFG is the largest independent
forecourt operator in the United Kingdom with around 918 stations
operating under multiple fuel brands. The company mainly operates
petroleum filling stations and offers convenience retailing stores.
It has grown through a combination of transformative and bolt-on
acquisitions as well as solid organic performance. The company has
been majority owned by funds managed by private equity firm Clayton
Dubilier & Rice (CD&R) since 2015.
CHARTER MORTGAGE 2018-1: Fitch Affirms BB+ Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Charter Mortgage Funding 2018-1 PLC
(CMF2018-1) and CMF 2020-1 PLC. The Outlooks on CMF2018-1's class d
notes and CMF2020-1's class C, D, and E notes have been revised to
Stable from Negative.
DEBT RATING PRIOR
---- ------ -----
Charter Mortgage Funding 2018-1 PLC
A XS1821502405 LT AAAsf Affirmed AAAsf
B XS1821502744 LT AAAsf Affirmed AAAsf
C XS1821503049 LT AA+sf Affirmed AA+sf
D XS1821503478 LT A-sf Affirmed A-sf
E XS1821503635 LT BB+sf Affirmed BB+sf
CMF 2020-1 PLC
A XS2096745216 LT AAAsf Affirmed AAAsf
B XS2096745307 LT AA+sf Affirmed AA+sf
C XS2096745729 LT A+sf Affirmed A+sf
D XS2096745992 LT BBB+sf Affirmed BBB+sf
E XS2096749127 LT BBB-sf Affirmed BBB-sf
TRANSACTION SUMMARY
The transactions are securitisations of owner-occupied (OO)
mortgages. The loans were originated by Charter Court Financial
Services (CCFS), trading as Precise Mortgages in the UK excluding
Northern Ireland.
KEY RATING DRIVERS
Stable Transaction Performance: Fitch's analysis of the CMF deals
under its coronavirus assumptions (see EMEA RMBS: Criteria
Assumptions Updated due to Impact of the Coronavirus Pandemic)
showed that all notes were resilient at their current ratings. The
notes have benefited from the UK's economic recovery, and asset
levels have remained stable. The Stable Outlooks reflect Fitch's
expectations that there will be no performance deterioration.
The revision of the Outlooks on the class D notes of CMF2018-1 and
the class C, D, and E notes of CMF2020-1 to Stable reflects that
self-employed borrower concentration has not resulted in
performance volatility. The transactions have displayed stable
performance. The proportion of borrowers in payment holidays in the
pools has decreased considerably without having an impact on
arrears levels. The proportion of loans in arrears for both
transactions has decreased since mid-2020. The notes are likely to
benefit from continuing economic recovery in the UK, as Covid-19
lockdown measures ease.
Coronavirus Additional Assumptions: Fitch applied updated criteria
assumptions to the mortgage portfolio. The application of revised
'Bsf' representative pool weighted average foreclosure frequency
(WAFF) and revised rating multiples resulted in a multiple to the
current FF assumptions of approximately 1.2x at 'Bsf' and about
1.0x at 'AAAsf' for both transactions.
Borrowers on payment holidays in the transactions represent between
2.21% and 2.28% of the portfolio balances as of March 2021. Fitch
did not apply any stress for payment holidays in its cash-flow
analysis as the low level of payment holidays observed do not pose
additional liquidity risk.
CE Build-up: Credit enhancement (CE) for both transactions have
increased as a result of the amortisation of the class A notes.
Both transactions benefit from liquidity protection provided by the
general reserve fund and liquidity reserve fund, both at their
target. This supported the affirmation of all notes and Stable
Outlooks.
Stabilising Asset Performance: The overall pool composition has not
significantly changed. Performance has improved as loans have
exited their payment holidays and the overall arrears levels have
decreased since the last review.
A portion of the loans (representing 51.4% for CMF2018-1 and 85.4%
for CMF 2020-1) has, or is expected to revert to a Libor-linked
interest rate. Fitch understands that the seller is working on the
index-rate replacement, but has no visibility on the final plan.
No Turbo Benefit above 'BB+sf': On any payment date on or after the
optional redemption date, any excess spread available will be
diverted to principal available funds and used to pay down the
notes (Turbo feature). However, any subordinated hedging amounts
that could be payable (in the event of default of the swap
counterparty) are senior to this turbo feature item in the priority
of interest payments. If the swap mark-to-market is in favour of
the swap counterparty, excess spread may not be available to pay
principal. For this reason. Fitch has not given credit to the turbo
feature in scenarios above 'BB+sf'.
Help-to-Buy Affects ESG
Nearly 27.2% and 32% of the pools comprise loans in which the UK
government has lent up to 40% inside London and 20% outside London
of the property purchase price in the form of an equity loan. This
allows borrowers to fund a 5% cash deposit and mortgage the
remaining balance.
Fitch has taken the balances of both the mortgage loan and equity
loan into account when calculating the borrower's FF, in line with
its UK RMBS Rating Criteria.
Given this impact on the FF, accessibility to affordable housing
through the Help-to-Buy Government Scheme is a factor affecting
Fitch's ESG scores
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Stable or improved asset performance driven by stable
delinquencies and defaults would lead to increasing CE and
potentially upgrades. This could result from a successful and
full economic reopening, driven by the increase in
vaccinations and a decrease in Covid-19 cases.
-- Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the
recovery rate (RR) of 15%, implying upgrades of up to three
notches for CMF 2018-1 (class D), and three notches for CMF
2020-1 (class C).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Economic uncertainty remains despite signs of economic
recovery driven by the end of lockdown measures and vaccine
rollouts. Public economic support measures have thus far been
instrumental in containing unemployment levels and preventing
repossessions. Fitch acknowledges the roll-off of these
support measures may negatively impact overall economic
levels, including a potential rise in unemployment.
-- Both transactions would be affected by weakening market
conditions. Self-employed borrowers in both pools would be
particularly vulnerable, as their incomes are highly
susceptible to economic volatility. In the event of weak asset
performance, a rise in delinquency levels and defaults is
likely. This could reduce CE available to the notes.
-- As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline
and Downside Cases", Fitch considers a downside coronavirus
scenario for sensitivity purposes. Under this scenario, Fitch
assumed a 15% increase in WAFF and a 15% decrease in WARR. The
results indicate downgrades of up to two notches for CMF2018-1
(class C) and up to three notches for CMF2020-1 (class D).
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
CRITERIA VARIATION
At origination, CCFS included self-employed borrowers with only one
year of income verification completed and borrower income could be
based only on the latest year of income if the income was
increasing. As a result, CCFS's lending policies do not follow the
standard UK prime practice, as they are more lenient than most UK
prime lenders.
In order to account for this, Fitch applied an increase of 30% to
the FF for self-employed borrowers with verified income instead of
the 20% increase, as per its criteria.
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
Charter Mortgage Funding 2018-1 PLC, CMF 2020-1 PLC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
CMF2018-1 and CMF2020-1 have an ESG Relevance Score of '4' for
Exposure to Social Impacts in relation to accessibility to
affordable housing due to the significant proportion of loans in
the pool that accessed the Help-to-Buy government scheme, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Except for the matters discussed above, 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 the way in which
they are being managed by the entity(ies).
DREAMS: Tempur Sealy to Buy Business for GBP340 Million
-------------------------------------------------------
Business Sale reports that UK-based bedding retailer Dreams is set
to be sold by Sun European Partners to US group Tempur Sealy for
around GBP340 million.
According to Business Sale, the fee is approximately a 12x multiple
of the firm's most recently reported post-tax profits of GBP28.3
million.
The acquisition comes following a successful turnaround that the
retailer has undertaken since the appointment of CEO Michael Logue
in 2013, Business Sale notes. Since it began its turnaround, the
company has recorded six consecutive years of growth, with sales
last year said to have reached around GBP327 million, Business Sale
states.
No job losses or store closures will be made as a result of the
acquisition and the retailer's management team will remain in
place, headed by Michael Logue, Business Sale discloses.
Day-to-day operations will continue and the company said it
remained committed to its current strategy, according to Business
Sale.
Dreams produces its own-brand mattresses from a factory in Oldham
and makes around 11,500 sales each week. The business has a
network of more than 200 stores as well as an ecommerce operation.
It delivers to customers from 11 delivery centres and has a fleet
of 140 vehicles.
The acquisition, which remains subject to FCA regulatory approval,
is expected to complete in the third quarter of 2021, Business Sale
says.
STRATTON MORTGAGE 2021-3: Moody's Gives (P)B3 Rating on F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Stratton Mortgage Funding 2021-3 plc:
GBP []M Class A Mortgage Backed Floating Rate Notes due December
2043, Assigned (P)Aaa (sf)
GBP []M Class B Mortgage Backed Capped Rate Notes due December
2043, Assigned (P)Aa2 (sf)
GBP[]M Class C Mortgage Backed Capped Rate Notes due December
2043, Assigned (P)A3 (sf)
GBP[]M Class D Mortgage Backed Capped Rate Notes due December
2043, Assigned (P)Baa3 (sf)
GBP[]M Class E Mortgage Backed Capped Rate Notes due December
2043, Assigned (P)Ba2 (sf)
GBP[]M Class F Mortgage Backed Capped Rate Notes due December
2043, Assigned (P)B3 (sf)
Moody's has not assigned any ratings to the:
GBP[]M Class X1 Mortgage Backed Capped Rate Notes due December
2043
GBP[]M Class X2 Mortgage Backed Capped Rate Notes due December
2043
GBP[]M Class Z1 Mortgage Backed Notes due December 2043
GBP[]M Class Z2 Mortgage Backed Notes due December 2043
RATINGS RATIONALE
The Notes are backed by a static pool of United Kingdom
non-conforming mortgage loans which were previously securitised in
the transactions Oncilla Mortgage Funding 2016-1 plc and Stratton
Mortgage Funding plc transactions.
The portfolio of assets amount to approximately GBP [271.1] million
as of 28 February 2021 pool cut-off date. The Reserve Fund will be
funded to [2]% of the Class A to D Notes balance at closing and the
total credit enhancement for the Class A Notes will be [22.1]%.
The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.
According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at [2]% of Class A to D Notes balance. However,
Moody's notes that the transaction features some credit weaknesses
such as no back-up servicer and neither the seller nor servicer
actively monitoring for loan warranty breaches. Various mitigants
have been included in the transaction structure such as a back-up
servicer facilitator which is obliged to appoint a servicer if
certain triggers are breached, also the loans in the pool have been
rated as part of previous transactions and are well seasoned.
Moody's determined the portfolio lifetime expected loss of [4.5]%
and Aaa MILAN credit enhancement ("MILAN CE") of [22]% related to
borrower receivables. The expected loss capture Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.
Portfolio expected loss of [4.5]%: This is higher than the United
Kingdom non-conforming RMBS sector and is based on Moody's
assessment of the lifetime loss expectation for the pool taking
into account: (i) the average seasoning of the pool of 14.5 years,
which is higher than the average non-conforming UK RMBS
transaction; (ii) 83.3% of the pool consists of interest-only
loans; (iii) pool arrears, with 10.35% of the pool in arrears more
than 90 days, 9.8% excluding payment holidays; (iv) the current
macroeconomic environment in the UK and the potential impact of
future interest rate rises on the performance of the mortgage
loans; and (v) benchmarking with comparable transactions in the UK
market.
MILAN CE of [22]%: This is in line with the United Kingdom sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
weighted average current loan to value of 81.25% which is slightly
higher than comparable transactions whilst the current indexed loan
to value of 60.8% which is lower than comparable transactions; (ii)
83.3% of the pool consists of interest-only loans; (iii) pool
arrears, with 9.8% of the pool in arrears more than 90 days,
excluding loans that are in payment holiday; and (iv) adverse
credit history with 18% borrowers with prior CCJs in the pool.
CURRENT ECONOMIC UNCERTAINTY:
The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in United Kingdom 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.The principal methodology used in these ratings was
"Moody's Approach to Rating RMBS Using the MILAN Framework"
published in December 2020.
The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see "Moody's Approach to Rating RMBS Using the MILAN
Framework" for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; or (ii) a
deleveraging of the capital structure.
Factors that would lead to a downgrade of the ratings include: (i)
further restructuring of pool loans resulting in higher losses;
(ii) increase in current CCJ's resulting in higher than expected
losses; and (iii) economic conditions being worse than forecast
resulting in higher arrears and losses.
UNIQUE PUB FINANCE: Fitch Lowers 2 Note Classes to 'B-'
-------------------------------------------------------
Fitch Ratings has downgraded Unique Pub Finance Company Plc's class
M and N notes to 'B-' from 'B' and affirmed the class A4 notes at
'BB+' . The Outlooks are Negative.
DEBT RATING PRIOR
---- ------ -----
Unique Pub Finance Company Plc
Unique Pub Finance Company Plc/Debt/2 LT LT BB+ Affirmed BB+
Unique Pub Finance Company Plc/Debt/3 LT LT B- Downgrade B
Unique Pub Finance Company Plc/Debt/4 LT LT B- Downgrade B
RATING RATIONALE
The rating actions reflect Fitch's expectation that Unique's free
cash flow (FCF) generation in 2021-2022 will be insufficient to
cover junior debt service as a result of the concentrated nature of
the class M amortisation profile and the reduction in revenues due
to the pandemic and related restrictions on public gatherings. The
company benefits from strong liquidity, which allows it to cover
the shortfall through cash available in the debt service reserve
account (DSRA) and the liquidity facility. In the Fitch rating case
(FRC), the credit profile and FCF debt service coverage ratios
(DSCRs) continue to be negatively affected by the severe demand
shock related to the coronavirus pandemic. The class A4 notes
remain above downgrade sensitivities, the credit profiles of the
junior class M and N notes have deteriorated and remain under
pressure.
The Negative Outlooks reflect significant uncertainty regarding the
pub sector's recovery from the pandemic, and the path to reaching
pre-coronavirus EBITDA and FCF DSCRs.
KEY RATING DRIVERS
Structural Decline but Strong Culture - Industry Profile: Midrange
The UK pub sector has a long history, but trading performance for
some assets has shown significant weakness in the past even on
pre-pandemic basis. The sector has been in structural decline for
the past three decades due to demographic shifts, greater health
awareness and the growing presence of competing offerings. Exposure
to discretionary spending is high and revenues are therefore linked
to the broader economy. Competition is keen, including off-trade
alternatives, and barriers to entry are low. Despite the on-going
contraction, Fitch views the sector as sustainable in the long
term, supported by a strong UK pub culture.
Sub-KRDs: Operating Environment - Weaker; Barriers to Entry -
Midrange; Sustainability - Midrange.
Experienced Operator, Well-Maintained Estate - Company Profile:
Midrange
Unique is 100%-owned by Ei Group (acquired by Stonegate Group in
2020), a large and experienced UK pub operator with economies of
scale but limited use of branding. As the estate is substantially
fully leased or tenanted, insight into underlying profitability is
weak. Operator replacement would be difficult, but possible within
a reasonable period. Centralised management of the estate and
common supply contracts result in close operational ties between
the securitised and non-securitised estates.
Fitch views the pubs as reasonably well maintained and over 90% of
the estate is held on a freehold or long-leasehold basis. In 2020,
the Unique estate was valued at GBP1,345 million, with a fairly
high average pub value of GBP719,000 (down from GBP791,000 in
2018). Over the past few years, management has reinvested disposal
proceeds into improving the existing estate. There is no minimum
capex covenant, but upkeep is largely contractually outsourced to
more than half of tenants on full repair and insuring leases. The
secondary market is liquid and there is value in the estate on
alternative use, such as residential property and
mini-supermarkets.
Sub-KRDs: Financial Performance - Weaker; Company Operations -
Midrange; Transparency - Weaker; Dependence on Operator - Midrange;
Asset Quality - Midrange
Weaker Debt Features - Debt Structure: Class A - Midrange; Class M
and N -Weaker
Debt is fully amortising but there is concurrent amortisation
between the class A4 and class M junior tranche and debt service is
high in 2021-2024. Favourably, the debt is fully fixed-rate, which
avoids floating-rate risk and senior-ranking derivative
liabilities. The security package comprises comprehensive
first-ranking fixed and floating charges over borrower assets.
Prepayments and purchases result in debt service being one year
ahead and compliance under the restricted payment condition
calculation, allowing cash to be up-streamed. Structural features
include a GBP65 million debt service reserve account (DSRA) and a
liquidity facility of GBP152 million, which decreases in line with
leverage. The reduction of the liquidity facility is a significant
credit negative. In Fitch's view, the SPV is not a true orphan SPV
as the share capital is owned by a subsidiary of Unique and the
majority of its directors are not independent.
Liquidity Erosion
Unique has sufficient liquidity to cover at least 2021 needs. As of
end-April 2021, Unique had GBP88 million in cash, of which only
GBP50 million was available for debt service (GBP7.4 million
transaction account and partially used DSRA with GBP43 million
balance), while the rest is restricted to non-debt service
purposes. Unique also has an undrawn GBP152 million liquidity
facility. Scheduled debt service is GBP103 million in 2021 and
GBP135.6 million in 2022.
Under the FRC, Unique has insufficient FCF to meet the class M
notes' repayment over 2021-2024. Unique relies on available cash in
the DSRA and the liquidity facility to repay the class M notes. The
DSRA is projected to be fully depleted by 2Q22. Consequently, the
class M amortisation erodes protective features for the senior
class A4 notes and the most junior class N notes.
Sub-KRDs: Debt Profile: Class A - Midrange; Class M and N -Weaker;
Security Package: Class A - Stronger, Class M and N - Midrange;
Structural Features - Weaker
Financial Profile
Under the updated FRC, the class A4, M and N notes' projected FCF
DSCRs in 2021-2027 deteriorated to 1.9x, 0.7x and 0.8x,
respectively, versus 2.1x, 0.9x and 0.9x at the last review in June
2020. The ratios are quoted as the lower of the average and median
over the period.
PEER GROUP
Unique's closest peers are Punch B and Wellington Pub Company.
Punch B (class A notes rated 'B-' with DSCR of 0.8x as of June
2020) is the closest peer. Both issuers have a large portfolio of
mainly tenanted pubs and are exposed to the broader UK economic
cycle as they rely on discretionary spending. Punch B's class A
notes have a comparable projected FCF DSCR to Unique's junior notes
(class M DSCR of 0.7x and class N DSCR of 0.8x). Both issuers have
negative features unusual for whole business securitisations, i.e.
Punch B class A notes' have refinancing risk, while Unique's class
M notes have a concentrated amortisation profile of over three
years, which justifies the similar rating.
Wellington Pub Company plc (class A notes rated 'B' with DSCR of
1.1x and class B notes rated 'B-' with DSCR of 0.9x) has a
different business model as it is a free-of-tie pub transaction.
Compared with Unique and Punch B, Wellington's financial
performance is weak, and the pubs are significantly less profitable
as measured by EBITDA per pub. Fitch perceives asset quality to be
weaker than that of Unique and Punch B. These factors are mitigated
by Wellington's stronger FCF DSCRs.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- A slower than assumed recovery from the Covid-19 shock,
resulting in projected FCF DSCRs below 1.3x for the class A4
notes. For the class M notes and N notes the depletion of the
DSRA or use of the liquidity facility in excess of Fitch's
expectation could increase the chance of further negative
rating action as it would indicate a weakening of the current
credit profile. The class N notes' rating is also capped by
the class M notes' rating.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch does not anticipate an upgrade, as reflected in the
Negative Outlook.
-- A quicker than assumed recovery from the Covid-19 shock,
supporting sustained credit metrics recovery to levels
stronger than outlined in the negative sensitivities below
could allow us to revise the Outlook to Stable.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
TRANSACTION SUMMARY
Unique is a whole business securitisation of a portfolio of 1,846
tenanted in the UK owned and operated by Stonegate Pub Company
(B-/Negative).
CREDIT UPDATE
In the year to March 2021, Unique reported unadjusted cash flow of
GBP45.5 million, representing a 61.3% decrease from the previous
year, mainly driven by pub closures amid the pandemic lockdowns.
Additionally, the average number of pubs reduced by 1.7%, while
cash flow per pub basis fell 60.5% to GBP24,400 from GBP61,800
yoy.
The most affected quarters were 2Q20 and 1Q21 when sales fell to
GBP7 million and GBP14 million, respectively (compared with GBP47
million-GBP50 million on pre-pandemic basis) due to pub closures,
but still some rents were paid due to government grants.
As of May 2021, around 70% of the Unique's estate had reopened, and
volumes were higher compared with the 2019 level due to pent-up
demand. Business failures within Unique's estate remain relatively
low.
FINANCIAL ANALYSIS
Fitch Cases
The FRC reflects the negative short-term impact of reduced cash
flow amid the pandemic. After the 2020-2021 shock, Fitch assumes
Unique's projected cash flows to progressively recover to 90% of
2019 level by 1Q22 and then to 100% of 2019 level by end-2023. This
reflects Fitch's view that demand levels within the pub sector will
return to normal in the medium term. However, the pandemic shock
has had a permanent impact on class M notes' credit profile due to
their concentrated amortisation profile in 2021-2024 with no time
for recovery left.
The FRC projects FCF DSCRs in 2021-2027 of 1.9x, 0.7x and 0.8x for
the class A4, M and N notes, respectively. Fitch forecasts a
material improvement in the metric for the class N notes beyond
2024, following the full amortisation of the class M notes.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 24 to May 28, 2021
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Fuerstenberg Capital I 5.625 EUR 44.445
Casino Guichard Perrac 3.992 EUR 67.940
Casino Guichard Perrac 0.767 EUR 38.774
Rallye SA 4.000 04/02/2021 EUR 28.333
Intralot Capital Luxem 5.250 9/15/2024 EUR 57.610
Obrascon Huarte Lain S 4.750 3/15/2022 EUR 70.500
Mitsubishi UFJ Investo 3.960 12/15/2050 EUR 58.693
PB International BV 7.625 1/26/2022 USD 27.000
Accor SA 0.700 12/07/2027 EUR 55.793
Air France-KLM 0.125 3/25/2026 EUR 15.388
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.484
Naviera Armas SA 6.500 7/31/2023 EUR 60.240
Orient Express Bank PJ 10.000 USD 30.750
Mallinckrodt Internati 5.750 08/01/2022 USD 74.250
VIC Properties SA 3.000 5/28/2025 EUR 70.000
Distribuidora Internac 0.875 04/06/2023 EUR 67.298
BNP Paribas SA 7.625 USD 99.963
Norwegian Air Shuttle 7.250 11/11/2022 EUR 45.000
Korian SA 0.875 03/06/2027 EUR 57.157
Jain International Tra 7.125 02/01/2022 USD 21.000
FIGEAC-AERO 1.125 10/18/2022 EUR 21.542
Obrascon Huarte Lain S 5.500 3/15/2023 EUR 69.339
Mallinckrodt Internati 4.750 4/15/2023 USD 11.500
Moby SpA 7.750 2/15/2023 EUR 23.557
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 71.390
O1 Properties Finance 0.500 9/27/2028 USD 14.000
Rallye SA 4.371 1/23/2023 EUR 28.000
Voltalia SA 1.000 1/13/2025 EUR 33.251
Quadient SA 3.375 EUR 57.735
HOCHDORF Holding AG 2.500 CHF 53.080
Cooperativa Muratori & 6.000 2/15/2023 EUR 2.880
Biocartis Group NV 4.000 05/09/2024 EUR 70.044
Neoen SA 2.000 06/02/2025 EUR 58.060
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.327
Wirecard AG 0.500 09/11/2024 EUR 9.006
Cooperativa Muratori & 6.875 08/01/2022 EUR 2.596
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 35.515
Pierre Et Vacances SA 2.000 04/01/2023 EUR 29.226
Nexity SA 0.125 01/01/2023 EUR 65.615
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 23.500
Union Fenosa Preferent 1.113 EUR 70.420
Maisons du Monde SA 0.125 12/06/2023 EUR 44.132
Neoen SA 1.875 10/07/2024 EUR 49.203
Vallourec SA 4.125 10/04/2022 EUR 5.948
Korian SA 2.500 EUR 43.096
Mallinckrodt Internati 5.625 10/15/2023 USD 75.000
Turkey Government Bond 8.000 03/12/2025 TRY 72.800
Naviera Armas SA 4.250 11/15/2024 EUR 60.295
Paper Industries Inter 6.000 03/01/2025 EUR 70.000
Intelsat Jackson Holdi 5.500 08/01/2023 USD 62.000
Valaris plc 7.750 02/01/2026 USD 11.000
Metro Bank PLC 5.500 6/26/2028 GBP 60.617
Rallye SA 3.250 02/08/2024 CHF 28.007
Koninklijke Luchtvaart 0.750 CHF 25.000
Norwegian Air Shuttle 5.000 02/07/2023 SEK 46.322
Valaris plc 5.200 3/15/2025 USD 11.000
Intu Debenture PLC 5.562 12/31/2027 GBP 46.833
SAS AB 3.406 SEK 71.000
Stockmann OYJ Abp 10.750 EUR 44.750
Intelsat Luxembourg SA 8.125 06/01/2023 USD 8.125
Hurricane Energy PLC 7.500 7/24/2022 USD 50.425
Fuerstenberg Capital E 1.301 EUR 44.333
Rallye SA 5.250 02/01/2022 EUR 27.929
Genfit 3.500 10/16/2025 EUR 19.177
Scandinavian Airlines 0.625 CHF 23.261
Wasps Finance Plc 6.500 5/13/2022 GBP 70.299
Travelex Financing PLC 8.000 5/15/2022 EUR 1.588
Mallinckrodt Internati 5.500 4/15/2025 USD 75.000
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.836
Nexity SA 0.250 03/02/2025 EUR 69.151
Cabonline Group Holdin 7.500 12/09/2022 SEK 80.583
Lambay Capital Securit 6.250 GBP 0.082
Debenhams PLC 5.250 7/15/2021 GBP 1.751
Valaris plc 5.750 10/01/2044 USD 10.875
Abengoa Abenewco 2 Bis 1.500 4/26/2024 EUR 0.982
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.782
ADLER Real Estate AG 2.500 7/19/2021 EUR 13.937
Swissport Investments 6.750 12/15/2021 EUR 0.942
Intelsat Jackson Holdi 8.500 10/15/2024 USD 62.938
Norddeutsche Landesban 7.780 EUR 65.547
Galapagos Holding SA 7.000 6/15/2022 EUR 7.498
Linas Matkasse Newco A 8.000 10/09/2022 SEK 55.750
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 20.759
Air Berlin PLC 8.250 4/19/2018 EUR 0.895
EOS Imaging SA 6.000 5/31/2023 EUR 6.765
Rallye SA 4.000 11/23/2020 CHF 28.200
Intelsat Jackson Holdi 9.750 7/15/2025 USD 63.438
Swissport Investments 9.750 12/15/2022 EUR 45.679
Hellenic Republic Gove 2.085 7/25/2057 EUR 50.375
Offshore Drilling Hold 8.375 9/20/2020 USD 9.624
Privatbank CJSC Via UK 10.250 1/23/2018 USD 30.002
Rallye SA 3.400 1/31/2022 EUR 28.961
Dexia Credit Local SA 1.187 EUR 3.143
Yell Bondco PLC 8.500 05/02/2023 GBP 40.054
EA Partners II BV 6.750 06/01/2021 USD 44.000
Valaris plc 4.875 06/01/2022 USD 7.027
Air Berlin PLC 6.750 05/09/2019 EUR 0.259
Hema Bondco II BV 8.500 1/15/2023 EUR 0.122
Virgolino de Oliveira 10.500 1/28/2018 USD 0.949
Avangardco Investments 10.000 10/29/2018 USD 1.500
Bank Otkritie Financia 10.000 4/26/2019 USD 9.539
UkrLandFarming PLC 10.875 3/26/2018 USD 2.886
Valaris plc 8.000 1/31/2024 USD 11.000
Mitsubishi UFJ Investo 3.700 12/30/2099 EUR 5.969
Santhera Pharmaceutica 5.000 2/17/2022 CHF 39.609
Intelsat Connect Finan 9.500 2/15/2023 USD 36.000
Stichting Afwikkeling 6.250 10/26/2020 EUR 5.365
Eramet SA 4.000 EUR 63.346
Stobart Finance PLC 2.750 05/08/2024 GBP 65.000
Valaris plc 4.500 10/01/2024 USD 3.980
EA Partners I BV 6.875 9/28/2020 USD 0.774
Valaris plc 4.700 3/15/2021 USD 11.000
HI Bidco AS 8.480 1/30/2023 NOK 69.087
BAT International Fina 2.250 09/09/2052 GBP 74.157
Societe Centrale des B 2.500 5/15/2023 EUR 6.880
FF Group Finance Luxem 3.250 11/02/2021 CHF 9.769
FF Group Finance Luxem 1.750 07/03/2019 EUR 5.304
Claranova SADIR 5.000 07/01/2023 EUR 1.110
Deutsche Bank AG 2.652 6/28/2033 USD 70.530
Vseukrainsky Aktsinern 10.900 6/14/2019 USD 1.056
Intelsat Luxembourg SA 7.750 06/01/2021 USD 5.000
WD Invest Sarl 1.900 10/02/2024 EUR 8.375
Catena Media PLC 7.984 SEK 64.164
Banco Espirito Santo S 7.125 11/28/2023 EUR 0.096
Rickmers Holding AG 8.875 06/11/2018 EUR 0.766
Mallinckrodt Internati 5.750 08/01/2022 USD 65.250
Lehman Brothers UK Cap 5.125 EUR 7.919
Thomas Cook Finance 2 3.875 7/15/2023 EUR 1.024
Joh Friedrich Behrens 6.250 6/18/2024 EUR 43.028
Stichting Afwikkeling 11.250 EUR 1.210
DOF Subsea AS 9.500 3/14/2022 USD 25.172
OGX Austria GmbH 8.375 04/01/2022 USD 0.001
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.484
CNP Assurances 2.000 EUR 50.005
Joh Friedrich Behrens 7.750 11/11/2020 EUR 44.160
Privatbank CJSC Via UK 11.000 02/09/2021 USD 9.042
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.267
New World Resources NV 4.000 10/07/2020 EUR 0.912
Havila Shipping ASA 4.880 01/02/2025 NOK 24.631
Rallye SA 1.000 10/02/2020 EUR 27.304
Hamon & CIE SA 3.300 1/30/2025 EUR 44.750
Mallinckrodt Internati 5.500 4/15/2025 USD 74.867
Lehman Brothers UK Cap 3.875 EUR 7.398
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
DOF Subsea AS 8.450 11/27/2023 NOK 25.196
Alno AG 8.500 5/14/2018 EUR 14.770
Bourbon Corp 7.989 EUR 0.273
KTG Agrar SE 7.125 06/06/2017 EUR 2.932
Hellenic Bank PCL 10.000 EUR 46.066
Dexia SA 1.232 EUR 1.351
Agrokor dd 9.875 05/01/2019 EUR 15.000
German Pellets GmbH 7.250 11/27/2019 EUR 0.588
Lehman Brothers UK Cap 6.900 USD 2.745
Mallinckrodt Internati 5.625 10/15/2023 USD 74.940
Espirito Santo Financi 6.875 10/21/2019 EUR 0.301
Valaris plc 7.375 6/15/2025 USD 13.750
Alpine Holding GmbH 6.000 5/22/2017 EUR 1.007
Gamalife - Cia de Segu 2.957 EUR 69.997
JZ Capital Partners Lt 6.000 7/30/2021 GBP 9.050
Yuksel Insaat AS 9.500 11/10/2015 USD 2.495
CBo Territoria 3.750 07/01/2024 EUR 4.700
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 1.699
Virgolino de Oliveira 11.750 02/09/2022 USD 1.545
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 1.375
Senivita Social Estate 2.000 05/12/2025 EUR 9.700
Verimatrix SA 6.000 6/29/2022 EUR 3.951
Cirio Holding Luxembou 6.250 2/16/2004 EUR 0.620
Allied Irish Banks PLC 12.500 6/25/2035 GBP 60.614
Autonomous Community o 2.965 09/08/2039 JPY 71.910
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Immigon Portfolioabbau 5.795 EUR 12.466
Privatbank CJSC Via UK 10.875 2/28/2018 USD 29.749
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 0.903
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.002
Banca Popolare di Vice 2.821 12/20/2017 EUR 0.150
Tresu Investment Holdi 5.000 9/29/2022 EUR 28.255
Valaris plc 5.850 1/15/2044 USD 14.000
Valaris plc 5.400 12/01/2042 USD 12.337
Norske Skogindustrier 7.000 12/30/2026 EUR 0.001
Norwegian Air Shuttle 6.375 11/15/2024 USD 50.750
Bilt Paper BV 9.640 USD 1.000
Finmek International S 7.000 12/03/2004 EUR 2.193
Valaris plc 4.750 1/15/2024 USD 14.000
Banca Popolare di Vice 9.500 9/29/2025 EUR 0.049
Banco Espirito Santo S 2.106 EUR 0.100
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.351
Lehman Brothers UK Cap 5.750 EUR 2.225
Virgolino de Oliveira 10.500 1/28/2018 USD 0.949
Manchester Building So 6.750 GBP 30.051
International Industri 9.000 07/06/2011 EUR 0.254
Veneto Banca SpA 9.878 12/01/2025 EUR 0.407
Portugal Telecom Inter 6.250 7/26/2016 EUR 0.175
KCA Deutag UK Finance 9.875 04/01/2022 USD 48.430
Air Berlin PLC 5.625 05/09/2019 CHF 0.513
International Industri 11.000 2/19/2013 USD 0.280
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 23.299
KCA Deutag UK Finance 9.625 04/01/2023 USD 49.709
Russian Federal Bond - 0.250 7/20/2044 RUB 19.000
Ghelamco Invest 4.500 5/23/2022 EUR 40.000
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Credit Suisse AG/Londo 4.740 6/29/2022 USD 9.900
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Autostrade per l'Itali 2.730 12/10/2038 JPY 28.682
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
New World Resources NV 8.000 04/07/2020 EUR 0.036
Praktiker AG 5.875 02/10/2016 EUR 0.069
Kommunekredit 0.500 7/30/2027 TRY 32.432
Cooperatieve Rabobank 0.500 10/30/2043 MXN 14.404
Civitas Properties Fin 4.000 11/24/2022 EUR 47.000
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Cooperatieve Rabobank 0.500 10/29/2027 MXN 62.920
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.732
Virgolino de Oliveira 10.875 1/13/2020 USD 32.000
Corporate Commercial B 8.250 08/08/2014 USD 0.308
SpareBank 1 SR-Bank AS 1.207 12/21/2030 EUR 73.990
Cooperatieve Rabobank 0.500 7/30/2043 MXN 14.493
Cooperatieve Rabobank 0.500 1/31/2033 MXN 37.498
ESFIL-Espirito Santo F 5.250 06/12/2015 EUR 1.311
Elli Investments Ltd 12.250 6/15/2020 GBP 52.265
Island Offshore Shipho 2.790 6/30/2021 NOK 2.651
Cirio Finance Luxembou 7.500 11/03/2002 EUR 2.545
Banco Espirito Santo S 6.875 7/15/2016 EUR 20.375
Steilmann SE 6.750 6/27/2017 EUR 2.184
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Offshore Drilling Hold 8.375 9/20/2020 USD 9.624
CRC Breeze Finance SA 6.110 05/08/2026 EUR 30.272
O1 Properties Finance 8.250 9/27/2021 USD 13.569
Waste Italia SpA 10.500 11/15/2019 EUR 0.500
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.510
Del Monte Finance Luxe 6.625 5/24/2006 EUR 4.426
Agrokor dd 9.125 02/01/2020 EUR 15.000
Alno AG 8.000 3/21/2019 EUR 15.250
OGX Austria GmbH 8.375 04/01/2022 USD 0.001
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Bank Nadra Via NDR Fin 8.250 7/31/2018 USD 0.208
MaxFastigheter i Sveri 6.500 SEK 50.104
ML 33 Invest AS 7.500 NOK 61.704
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Sairgroup Finance BV 4.375 06/08/2006 EUR 0.233
Espirito Santo Financi 3.125 12/02/2018 EUR 1.752
LBI ehf 6.100 8/25/2011 USD 9.904
KCA Deutag UK Finance 7.250 5/15/2021 USD 48.500
Caixa Economica Montep 5.000 EUR 50.000
Banco Espirito Santo S 6.900 6/28/2024 EUR 20.375
UBS AG/London 14.000 07/06/2021 USD 69.760
Breeze Finance SA 6.708 4/19/2027 EUR 28.950
BNG Bank NV 10.010 6/17/2025 TRY 69.465
Intelsat Jackson Holdi 9.750 7/15/2025 USD 73.250
Veneto Banca SpA 6.411 EUR 0.761
Intelsat Jackson Holdi 8.500 10/15/2024 USD 62.375
Pongs & Zahn AG 8.500 EUR 0.002
Steilmann SE 7.000 03/09/2017 EUR 1.429
Grenke Finance PLC 0.819 2/15/2030 EUR 63.553
Chr Bygga Bostader Hol 9.000 07/05/2021 SEK 50.000
Stichting Afwikkeling 6.625 5/14/2018 EUR 5.375
Solstad Offshore ASA 3.900 9/24/2021 NOK 4.666
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Windreich GmbH 6.500 7/15/2016 EUR 4.315
Rena GmbH 7.000 12/15/2015 EUR 2.096
Alpine Holding GmbH 5.250 07/01/2015 EUR 1.007
REM Saltire AS 7.200 6/30/2021 NOK 51.679
Manchester Building So 8.000 GBP 34.667
KTG Agrar SE 7.250 10/15/2019 EUR 2.932
KPNQwest NV 10.000 3/15/2012 EUR 0.068
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 1.315
AKB Peresvet ZAO 0.510 08/04/2034 RUB 36.860
Decipher Production Lt 12.500 9/27/2019 USD 1.500
Sairgroup Finance BV 6.625 10/06/2010 EUR 0.233
Agrokor dd 8.875 02/01/2020 USD 15.000
Saleza AS 9.000 07/12/2021 EUR 0.203
Naviera Armas SA 4.250 11/15/2024 EUR 60.805
Turkey Government Bond 11.700 11/13/2030 TRY 73.250
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.613
Finance and Credit Ban 9.250 1/25/2019 USD 0.257
Mox Telecom AG 7.250 11/02/2017 EUR 1.354
SiC Processing GmbH 7.125 03/01/2016 EUR 2.614
Alpine Holding GmbH 5.250 06/10/2016 EUR 1.007
Depfa Funding III LP 0.040 EUR 37.034
Veneto Banca SpA 6.950 2/25/2025 EUR 0.407
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 35.515
Erotik-Abwicklungsgese 7.750 07/09/2019 EUR 0.779
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
WPE International Coop 10.375 9/30/2020 USD 4.922
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.782
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Hema Bondco II BV 8.500 1/15/2023 EUR 0.122
Aralco Finance SA 10.125 05/07/2020 USD 0.934
KCA Deutag UK Finance 9.875 04/01/2022 USD 48.083
German Pellets GmbH 7.250 07/09/2018 EUR 0.588
Banco Espirito Santo S 2.286 EUR 0.235
Windreich GmbH 6.500 03/01/2015 EUR 4.315
Credit Suisse AG/Londo 20.000 11/29/2024 USD 11.890
Dr Wiesent Sozial gGmb 7.000 EUR 0.020
Deutsche Bank AG 0.687 10/11/2049 EUR 72.814
Yell Bondco PLC 8.500 05/02/2023 GBP 40.309
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 72.225
KCA Deutag UK Finance 7.250 5/15/2021 USD 48.417
SFO Akkord Finans 10.000 02/12/2024 RUB 61.540
Barclays Bank PLC 0.350 05/06/2022 USD 9.865
Banco Santander SA 1.860 EUR 2.117
Deutsche Bank AG/Londo 13.750 6/20/2026 TRY 66.765
Lehman Brothers Treasu 5.220 03/01/2024 EUR 0.100
SAS AB 4.407 SEK 37.652
Espirito Santo Financi 9.750 12/19/2025 EUR 1.134
Agrokor dd 9.875 05/01/2019 EUR 15.000
KCA Deutag UK Finance 9.625 04/01/2023 USD 49.709
Portugal Telecom Inter 5.242 11/06/2017 EUR 0.694
MS Deutschland Beteili 6.875 12/18/2017 EUR 1.920
BOA Offshore AS 0.409 7/17/2047 NOK 7.396
Sidetur Finance BV 10.000 4/20/2016 USD 2.749
Gold-Zack AG 7.000 12/14/2005 EUR 11.030
Intelsat Connect Finan 9.500 2/15/2023 USD 28.000
Virgolino de Oliveira 10.875 1/13/2020 USD 32.000
Rena GmbH 8.250 07/11/2018 EUR 2.096
German Pellets GmbH 7.250 04/01/2016 EUR 0.588
AKB Peresvet ZAO 0.510 2/14/2032 RUB 11.000
Swissport Investments 9.750 12/15/2022 EUR 45.679
Uppfinnaren 1 AB 11.000 SEK 40.000
International Finance 0.500 6/29/2027 ZAR 63.210
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
Intralot Capital Luxem 5.250 9/15/2024 EUR 56.034
Credit Suisse AG/Londo 5.000 3/29/2023 USD 9.610
Promsvyazbank PJSC 2.500 9/29/2029 RUB 67.120
Havila Shipping ASA 4.130 01/02/2025 NOK 49.964
Ideal Standard Interna 11.750 05/01/2018 EUR 0.050
Paper Industries Inter 6.000 03/01/2025 EUR 70.000
Credit Agricole Corpor 5.400 1/31/2028 BRL 73.571
Stichting Afwikkeling 2.207 EUR 1.210
Stichting Afwikkeling 8.450 8/20/2018 USD 5.375
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.510
Getin Noble Bank SA 5.250 4/29/2024 PLN 50.146
Ahtium PLC 4.000 12/16/2015 EUR 0.586
SAir Group 6.250 10/27/2002 CHF 12.625
Vneshprombank Ltd Via 9.000 11/14/2016 USD 0.078
AKB Peresvet ZAO 0.510 6/23/2021 RUB 53.590
Top Gun Realisations 7 8.000 07/01/2023 GBP 1.476
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 23.482
Ahtium PLC 9.750 04/04/2017 EUR 0.768
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 30.500
Rio Forte Investments 4.750 11/10/2015 EUR 5.720
UniCredit Bank AG 10.300 12/24/2021 EUR 68.030
DZ Bank AG Deutsche Ze 0.490 03/11/2031 EUR 43.346
getgoods.de AG 7.750 10/02/2017 EUR 0.291
Golfino AG 8.000 11/18/2023 EUR 0.010
DekaBank Deutsche Giro 6.000 06/02/2021 EUR 57.110
Depfa Funding II LP 6.500 EUR 60.474
Norske Skogindustrier 7.125 10/15/2033 USD 0.001
Rio Forte Investments 4.000 7/22/2014 EUR 5.859
Moby SpA 7.750 2/15/2023 EUR 23.557
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
SAir Group 4.250 02/02/2007 CHF 12.625
Deutsche Agrar Holding 7.250 9/28/2018 EUR 1.254
Commerzbank AG 0.085 11/19/2029 EUR 64.718
Solship Invest 1 AS 5.000 12/08/2024 NOK 6.682
Societe Generale SA 8.000 8/18/2021 USD 34.060
Steilmann SE 7.000 9/23/2018 EUR 1.429
Rio Forte Investments 3.900 07/10/2014 USD 5.394
Credit Suisse AG/Londo 6.500 3/28/2022 USD 4.420
City of Predeal Romani 2.500 5/15/2026 RON 61.000
Barclays Bank PLC 2.000 06/12/2029 TRY 31.926
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.315
HSBC Bank PLC 0.500 6/23/2027 MXN 65.005
Espirito Santo Financi 5.050 11/15/2025 EUR 1.230
Deutsche Bank AG/Londo 0.500 10/18/2038 MXN 15.015
Credit Suisse AG/Londo 12.250 02/08/2024 USD 9.750
Gebr Sanders GmbH & Co 8.750 10/22/2018 EUR 9.492
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Sequa Petroleum NV 5.000 4/29/2020 USD 28.764
Veneto Banca SpA 6.944 5/15/2025 EUR 0.407
Kingdom of Belgium 0.459 7/23/2079 EUR 71.829
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.466
SAir Group 6.250 04/12/2005 CHF 12.625
Barclays Bank PLC 0.500 4/13/2022 USD
Norske Skogindustrier 7.125 10/15/2033 USD 0.001
Pescanova SA 5.125 4/20/2017 EUR 0.319
Pescanova SA 8.750 2/17/2019 EUR 0.319
UBS AG/London 10.250 4/19/2021 EUR 73.950
BNP Paribas Issuance B 6.550 3/28/2025 EUR 64.350
Credit Suisse AG/Londo 6.250 10/31/2025 USD 11.501
Activa Resources AG 0.500 11/15/2021 EUR 1.000
SAir Group 5.500 7/23/2003 CHF 12.625
BLT Finance BV 12.000 02/10/2015 USD 10.500
Galapagos Holding SA 7.000 6/15/2022 EUR 7.498
Lehman Brothers Treasu 1.000 10/05/2035 EUR 0.100
Barclays Bank PLC 5.000 11/01/2029 BRL 65.893
Muehl Product & Servic 6.750 03/10/2005 DEM 0.080
Virgolino de Oliveira 11.750 02/09/2022 USD 1.545
Solon SE 1.375 12/06/2012 EUR 0.544
Societe Generale SA 6.000 05/09/2022 USD 13.950
Leonteq Securities AG/ 5.880 6/16/2021 EUR 16.600
SG Issuer SA 5.000 5/23/2024 EUR 61.930
Golden Gate AG 6.500 10/11/2014 EUR 37.600
Thomas Cook Finance 2 3.875 7/15/2023 EUR 1.024
Lehman Brothers Treasu 0.188 11/02/2035 EUR 0.100
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
Swissport Investments 6.750 12/15/2021 EUR 0.942
Bank Otkritie Financia 0.010 9/24/2025 RUB 71.050
Credit Suisse AG/Londo 4.970 4/29/2022 USD 9.900
Zurcher Kantonalbank F 11.000 7/22/2021 CHF 67.350
Banco Espirito Santo S 10.000 12/06/2021 EUR 0.098
AKB Peresvet ZAO 13.000 10/07/2017 RUB 46.500
Danske Bank A/S 5.300 7/15/2023 SEK 45.850
Societe Generale SA 22.000 11/03/2022 USD 58.400
COFIDUR SA 0.100 12/31/2024 EUR 24.050
Bibby Offshore Service 7.500 6/15/2021 GBP 11.500
Intelsat Jackson Holdi 9.750 7/15/2025 USD 73.250
Credit Agricole Corpor 10.320 7/22/2026 TRY 70.737
BRAbank ASA 7.440 NOK 57.933
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
UniCredit Bank AG 0.115 11/19/2029 EUR 71.236
SG Issuer SA 0.263 2/20/2025 EUR 19.940
Leonteq Securities AG/ 6.400 11/03/2021 CHF 51.020
Societe Generale SA 12.560 09/08/2023 USD
Cooperativa Muratori & 6.875 08/01/2022 EUR 2.596
Credit Agricole Corpor 10.500 2/16/2027 TRY 71.062
Credito Padano Banca d 3.100 EUR 34.168
New World Resources NV 8.000 04/07/2020 EUR 0.036
SAir Group 2.125 11/04/2004 CHF 12.625
Agrokor dd 8.875 02/01/2020 USD 15.000
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Cooperatieve Rabobank 0.500 11/30/2027 MXN 62.901
SALVATOR Vermoegensver 9.500 12/31/2021 EUR 9.250
Leonteq Securities AG 12.500 5/20/2021 CHF 64.860
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
Landesbank Hessen-Thue 0.650 10/01/2031 EUR 10.320
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.265
Agrokor dd Via Aquariu 4.921 08/08/2017 EUR 14.625
International Bank of 8.250 10/09/2024 USD 60.375
Windreich GmbH 6.750 03/01/2015 EUR 4.315
Instabank ASA 5.380 3/28/2028 NOK 71.087
Minicentrales Dos SA 0.010 06/06/2047 EUR 67.347
Societe Generale SA 12.000 07/08/2021 USD
Landesbank Baden-Wuert 6.000 8/27/2021 EUR 55.880
Leonteq Securities AG/ 3.350 12/13/2021 EUR 68.630
Santander Consumer Ban 5.280 NOK 61.002
Barclays Bank PLC 1.450 9/24/2038 MXN 31.388
Astana Finance BV 7.875 06/08/2010 EUR 16.000
SG Issuer SA 4.000 7/20/2021 SEK 71.000
Societe Generale SA 6.000 06/06/2022 USD 14.700
BNP Paribas Emissions- 10.000 6/24/2021 EUR 60.000
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.836
BNP Paribas SA 1.000 1/23/2040 MXN 19.850
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Espirito Santo Financi 0.352 10/27/2024 EUR 0.300
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Instabank ASA 7.380 NOK 48.428
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.068
UniCredit Bank AG 6.600 7/20/2028 EUR 45.780
Landesbank Hessen-Thue 7.000 10/20/2022 EUR 53.810
Metalloinvest Holding 0.010 03/10/2022 RUB 73.160
UkrLandFarming PLC 10.875 3/26/2018 USD 2.886
Credit Agricole Corpor 10.200 08/06/2026 TRY 70.375
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Credit Agricole Corpor 11.190 1/15/2026 TRY 74.476
SAir Group 0.125 07/07/2005 CHF 12.625
Credit Agricole CIB Fi 0.390 12/16/2032 EUR 61.601
Cooperativa Muratori & 6.000 2/15/2023 EUR 2.880
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Cooperatieve Rabobank 0.500 12/29/2027 MXN 62.277
Skandinaviska Enskilda 9.500 7/17/2023 SEK 75.520
SAir Group 5.125 03/01/2003 CHF 12.500
Barclays Bank PLC 2.730 9/27/2024 EUR 71.810
Resa SA/Belgium 1.950 7/22/2036 EUR 50.000
Archer Finance OOO 9.250 3/29/2022 RUB 0.020
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
LBI ehf 6.100 8/25/2011 USD 9.904
Northland Resources AB 4.000 10/15/2020 NOK 0.271
AlphaNotes ETP Dac 0.010 09/09/2029 USD 68.996
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Samaratransneft-Termin 17.000 6/20/2021 RUB 32.000
Societe Generale SA 4.500 12/29/2022 USD 4.190
Credit Suisse AG/Londo 8.750 5/20/2021 GBP 63.250
UniCredit Bank AG 5.050 01/11/2022 EUR 35.870
Credit Suisse AG/Londo 8.000 05/04/2021 EUR 74.560
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Santander Consumer Ban 5.280 NOK 60.483
Kaupthing ehf 4.390 10/14/2008 CZK 0.250
SAir Group 2.750 7/30/2004 CHF 12.625
Otkritie Holding JSC 10.000 4/20/2028 RUB 2.440
Credito Padano Banca d 3.100 EUR 33.959
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.351
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.376
Barclays Bank PLC 0.500 1/28/2033 MXN 35.423
Espirito Santo Financi 5.125 5/30/2016 EUR 1.526
Cooperatieve Rabobank 0.500 8/21/2028 MXN 58.521
HSBC Bank PLC 10.300 12/10/2024 TRY 74.156
Raiffeisen Switzerland 5.500 7/26/2021 EUR 54.580
EFG International Fina 6.130 6/20/2024 EUR 2.990
Skandinaviska Enskilda 8.300 7/17/2023 SEK 73.280
Landesbank Hessen-Thue 5.400 04/05/2023 EUR 47.360
Nordea Bank Abp 4.100 7/20/2023 SEK 51.500
SG Issuer SA 3.000 09/02/2021 EUR 49.090
Credit Suisse AG/Londo 7.250 4/27/2021 EUR 72.610
Privatbank CJSC Via UK 10.875 2/28/2018 USD 29.749
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Windreich GmbH 6.250 03/01/2015 EUR 4.315
OOO SPV Structural Inv 0.010 09/01/2023 RUB 66.740
Agrokor dd 9.125 02/01/2020 EUR 15.000
Landesbank Baden-Wuert 2.050 7/23/2021 EUR 68.680
Landesbank Hessen-Thue 5.000 02/10/2023 EUR 71.830
Raiffeisen Switzerland 4.000 8/30/2022 CHF 55.490
Credit Suisse AG/Londo 10.250 05/03/2021 CHF 68.440
SG Issuer SA 5.000 07/10/2021 EUR
Getin Noble Bank SA 4.750 5/31/2024 PLN 71.874
Getin Noble Bank SA 4.250 6/28/2024 PLN 59.875
Top Gun Realisations 7 8.000 07/01/2023 GBP 1.476
Bilt Paper BV 9.640 USD 1.000
Heta Asset Resolution 7.500 12/31/2023 ATS 1.994
Lehman Brothers Treasu 14.900 9/15/2008 EUR 0.100
Getin Noble Bank SA 5.250 7/28/2023 PLN 65.059
Kaupthing ehf 9.000 USD 0.122
Pescanova SA 6.750 03/05/2015 EUR 0.319
Societe Generale Effek 3.000 7/22/2022 USD 8.050
SG Issuer SA 2.980 12/28/2021 USD 71.170
Citigroup Global Marke 12.379 11/13/2023 SEK 71.760
Landesbank Hessen-Thue 3.600 08/12/2021 EUR 58.100
Barclays Bank PLC 0.517 05/06/2022 USD 9.950
SG Issuer SA 1.400 12/28/2032 EUR 26.010
UBS AG/London 25.250 08/10/2021 CHF 68.050
Credit Suisse AG/Londo 10.000 1/20/2023 USD 9.780
Bank Julius Baer & Co 10.600 7/22/2021 USD 58.650
Kardan NV 6.325 2/21/2021 ILS 13.860
Bank Julius Baer & Co 9.500 05/07/2021 EUR 70.750
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
Metalloinvest Holding 0.010 03/07/2022 RUB 70.010
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Lehman Brothers Treasu 2.000 3/16/2035 EUR 0.100
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.376
Minicentrales Dos SA 0.010 06/06/2047 EUR 65.750
Kaupthing ehf 1.588 ISK 0.250
Ideal Standard Interna 11.750 05/01/2018 EUR 0.050
Espirito Santo Financi 5.050 11/15/2025 EUR 0.852
Credit Agricole Corpor 9.450 03/08/2027 TRY 66.519
Lehman Brothers Treasu 6.650 8/24/2011 AUD 0.100
Credit Agricole CIB Fi 7.000 06/12/2023 TRY 75.665
Kaupthing ehf 6.125 10/04/2016 USD 0.250
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 69.379
Eiendomskreditt AS 2.270 9/17/2029 NOK 71.603
Bank Otkritie Financia 10.000 4/26/2019 USD 9.539
PA Resources AB 13.500 03/03/2016 SEK 0.124
New World Resources NV 4.000 10/07/2020 EUR 0.912
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.613
LBI ehf 7.431 USD 0.001
Credit Suisse AG/Londo 0.500 01/08/2026 BRL 63.445
KPNQwest NV 8.125 06/01/2009 USD 0.068
Credit Agricole Corpor 10.200 12/13/2027 TRY 67.955
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Lehman Brothers Treasu 5.500 6/22/2010 USD 0.100
HSBC Bank PLC 10.300 12/20/2024 TRY 74.117
LBI ehf 8.650 05/01/2011 ISK 9.375
Credit Agricole Corpor 10.800 3/24/2026 TRY 70.162
Heta Asset Resolution 5.730 12/31/2023 EUR 1.994
Heta Asset Resolution 5.920 12/31/2023 EUR 1.994
Cerruti Finance SA 6.500 7/26/2004 EUR 2.061
Norske Skogindustrier 7.000 12/30/2026 EUR 0.001
UniCredit Bank AG 5.500 07/09/2021 EUR 47.670
DekaBank Deutsche Giro 2.000 11/19/2021 EUR 67.930
Societe Generale SA 4.890 2/16/2023 USD
Leonteq Securities AG/ 2.630 7/30/2021 USD 71.290
TransKomplektHolding O 9.500 11/02/2028 RUB 70.000
SG Issuer SA 5.000 04/02/2024 EUR 58.550
Skandinaviska Enskilda 8.600 7/17/2023 SEK 73.840
Skandinaviska Enskilda 4.400 7/15/2022 SEK 71.045
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 1.000
BNP Paribas Issuance B 5.000 11/05/2024 EUR 27.710
Zurcher Kantonalbank F 10.200 08/06/2021 CHF 73.680
SALVATOR Vermoegensver 9.500 EUR 10.800
Derzhava-Garant OOO 7.500 06/12/2030 RUB 0.990
State of Saxony-Anhalt 0.030 07/03/2028 EUR 60.000
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
AKB Peresvet ZAO 13.250 4/25/2018 RUB 46.500
Irish Bank Resolution 4.000 4/23/2018 EUR 33.250
Getin Noble Bank SA 4.250 8/30/2024 PLN 68.371
Intelsat SA 4.500 6/15/2025 USD 35.152
Kaupthing ehf 3.750 02/01/2045 USD 0.232
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Astana Finance BV 9.000 11/16/2011 USD 15.250
Lehman Brothers Treasu 4.050 9/16/2008 EUR 0.100
Lehman Brothers Treasu 7.375 9/20/2008 EUR 0.100
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Lehman Brothers Treasu 8.000 10/23/2008 USD 0.100
Credit Agricole Corpor 10.800 3/24/2026 TRY 72.926
Lehman Brothers Treasu 23.300 9/16/2008 USD 0.100
Heta Asset Resolution 0.131 12/31/2023 EUR 1.994
UBS AG/London 13.750 7/26/2021 USD 70.810
Credit Suisse AG/Nassa 7.000 6/22/2021 CHF 55.930
Danske Bank A/S 10.300 07/09/2023 SEK 11.000
Vontobel Financial Pro 5.000 4/13/2021 EUR 58.463
Landesbank Hessen-Thue 5.000 9/21/2023 EUR 72.020
Corner Banca SA 12.200 4/27/2021 CHF 73.560
UBS AG/London 13.500 4/26/2021 USD 66.950
Credit Suisse AG/Londo 8.750 6/23/2021 EUR 70.940
Santander Consumer Ban 5.280 NOK 60.483
Turkey Government Bond 10.500 08/11/2027 TRY 73.000
IT Holding Finance SA 9.875 11/15/2012 EUR 0.255
Petromena ASA 9.750 5/24/2016 NOK 0.607
HSBC Bank PLC 0.500 11/25/2025 BRL 64.266
Heta Asset Resolution 4.350 12/31/2023 EUR 1.994
Northland Resources AB 4.000 10/15/2020 USD 0.271
Banca Popolare di Vice 9.500 10/02/2025 EUR 0.049
Lehman Brothers Treasu 2.875 3/14/2013 CHF 0.100
Lehman Brothers Treasu 4.350 08/08/2016 SGD 0.100
Nutritek International 8.750 12/11/2008 USD 2.089
MIK OAO 15.000 2/19/2020 RUB 13.875
Deutsche Bank AG/Londo 0.500 04/05/2038 MXN 23.347
BNP Paribas SA 0.500 11/16/2032 MXN 27.540
Kaupthing ehf 7.000 7/24/2009 ISK 0.250
Raiffeisen Switzerland 6.800 05/06/2022 EUR 0.020
Landesbank Hessen-Thue 4.000 07/07/2021 EUR 49.480
DekaBank Deutsche Giro 3.000 6/21/2021 EUR 45.840
Societe Generale SA 3.900 3/23/2022 USD 0.890
UBS AG/London 10.000 8/19/2021 CHF 70.750
UniCredit Bank AG 13.000 6/25/2021 EUR 73.650
Zurcher Kantonalbank F 8.000 2/25/2022 CHF 72.140
Leonteq Securities AG 5.000 6/15/2021 CHF 69.600
Credit Suisse AG/Londo 8.500 5/18/2021 EUR 62.250
Zurcher Kantonalbank F 9.250 8/26/2021 CHF 67.900
Landesbank Hessen-Thue 3.350 5/19/2021 EUR 76.700
UBS AG/London 7.000 2/21/2022 EUR 63.800
UBS AG/London 5.500 8/19/2021 EUR 67.300
UBS AG/London 5.750 8/20/2021 EUR 69.800
Societe Generale Effek 29.303 6/25/2021 EUR 66.510
Leonteq Securities AG/ 8.600 07/12/2021 EUR 62.470
UBS AG/London 6.500 8/19/2021 CHF 67.300
Landesbank Hessen-Thue 5.150 6/14/2022 EUR 69.590
BNP Paribas Emissions- 8.500 6/24/2021 EUR 71.740
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.930
BNP Paribas Emissions- 13.000 6/24/2021 EUR 64.380
BNP Paribas Emissions- 9.000 6/24/2021 EUR 66.980
BNP Paribas Emissions- 7.500 6/24/2021 EUR 73.450
BNP Paribas Emissions- 9.000 6/24/2021 EUR 70.920
BNP Paribas Emissions- 10.000 6/24/2021 EUR 69.610
BNP Paribas Emissions- 12.000 6/24/2021 EUR 72.780
BNP Paribas Emissions- 10.000 6/24/2021 EUR 71.110
BNP Paribas Emissions- 11.000 6/24/2021 EUR 68.680
BNP Paribas Emissions- 12.000 6/24/2021 EUR 67.230
Vontobel Financial Pro 14.500 6/25/2021 EUR 75.250
Vontobel Financial Pro 18.000 6/25/2021 EUR 73.450
Corner Banca SA 15.400 06/02/2021 CHF 71.670
Vontobel Financial Pro 16.000 6/25/2021 EUR 73.910
Vontobel Financial Pro 17.000 6/25/2021 EUR 72.540
Vontobel Financial Pro 19.500 6/25/2021 EUR 72.140
Raiffeisen Schweiz Gen 7.000 7/26/2021 AUD 68.170
BNP Paribas Emissions- 10.000 6/24/2021 EUR 70.430
DekaBank Deutsche Giro 3.400 09/04/2023 EUR 75.990
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.580
Leonteq Securities AG/ 10.600 7/26/2021 USD 72.270
UBS AG/London 7.500 09/06/2021 CHF 72.400
Leonteq Securities AG 22.300 6/15/2021 EUR 6.240
Leonteq Securities AG 21.800 6/25/2021 CHF 5.680
Leonteq Securities AG/ 4.000 03/03/2022 EUR 34.260
Vontobel Financial Pro 11.000 6/25/2021 EUR 68.179
Landesbank Baden-Wuert 5.700 2/25/2022 EUR 71.730
Landesbank Baden-Wuert 1.200 2/25/2022 EUR 70.000
Landesbank Baden-Wuert 3.700 2/25/2022 EUR 62.780
Landesbank Baden-Wuert 2.800 6/25/2021 EUR 64.880
Citigroup Global Marke 8.050 1/24/2023 EUR 63.570
Erste Group Bank AG 4.350 2/20/2022 EUR 55.450
SG Issuer SA 7.600 1/20/2025 SEK 66.370
UniCredit Bank AG 4.200 2/19/2022 EUR 51.920
DekaBank Deutsche Giro 3.000 8/27/2021 EUR 59.130
Landesbank Hessen-Thue 3.500 03/09/2022 EUR 57.480
UniCredit Bank AG 4.000 3/13/2022 EUR 55.600
Landesbank Hessen-Thue 5.900 03/09/2023 EUR 66.460
EFG International Fina 7.000 2/21/2022 CHF 73.400
Landesbank Hessen-Thue 6.400 03/09/2023 EUR 63.150
Leonteq Securities AG 6.400 5/25/2021 CHF 58.550
Landesbank Hessen-Thue 3.500 07/06/2022 EUR 46.490
Leonteq Securities AG 8.000 06/08/2021 CHF 65.000
UniCredit Bank AG 3.700 6/25/2022 EUR 60.460
UniCredit Bank AG 6.000 12/25/2021 EUR 76.670
Landesbank Hessen-Thue 2.000 6/13/2022 EUR 61.510
UBS AG/London 10.000 8/26/2021 EUR 70.450
Bank Julius Baer & Co 9.500 8/26/2021 CHF 69.050
UBS AG/London 10.750 8/26/2021 CHF 73.800
DZ Bank AG Deutsche Ze 4.300 6/21/2021 EUR 71.510
UBS AG/London 7.000 7/26/2021 EUR 55.400
Credit Suisse AG/Londo 6.000 8/24/2022 CHF 74.970
Credit Suisse AG/Londo 7.500 5/25/2021 CHF 68.480
UBS AG/London 10.250 8/26/2021 CHF 73.800
EFG International Fina 10.000 7/26/2021 EUR 64.480
Landesbank Hessen-Thue 2.300 02/09/2023 EUR 74.110
UniCredit Bank AG 4.130 2/13/2022 EUR 58.260
Landesbank Hessen-Thue 6.500 2/16/2023 EUR 53.850
Societe Generale SA 4.500 12/30/2024 USD 65.180
Societe Generale SA 4.500 12/29/2022 USD 6.100
EFG International Fina 11.500 08/02/2021 USD 60.330
DZ Bank AG Deutsche Ze 5.750 9/22/2021 EUR 74.180
Societe Generale SA 22.000 8/31/2022 USD 73.800
Corner Banca SA 15.000 05/04/2021 CHF 3.580
BNP Paribas Emissions- 8.000 6/24/2021 EUR 73.230
EFG International Fina 14.800 8/19/2021 CHF 67.980
Vontobel Financial Pro 16.500 6/25/2021 EUR 58.334
Landesbank Baden-Wuert 2.200 7/23/2021 EUR 69.190
Landesbank Hessen-Thue 6.000 03/10/2023 EUR 63.670
UniCredit Bank AG 6.000 6/25/2021 EUR 67.570
UniCredit Bank AG 5.400 12/24/2021 EUR 69.230
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 66.130
Raiffeisen Schweiz Gen 5.600 07/12/2021 CHF 45.000
UniCredit Bank AG 7.500 12/24/2021 EUR 53.790
UniCredit Bank AG 10.200 12/24/2021 EUR 70.090
UniCredit Bank AG 4.700 6/25/2021 EUR 72.810
Landesbank Baden-Wuert 2.300 7/23/2021 EUR 67.900
Landesbank Hessen-Thue 4.000 6/16/2022 EUR 55.680
Landesbank Hessen-Thue 5.300 9/23/2022 EUR 45.300
Societe Generale SA 8.000 5/28/2027 USD 44.400
DZ Bank AG Deutsche Ze 3.300 6/21/2021 EUR 73.810
Raiffeisen Schweiz Gen 5.000 12/29/2021 CHF 66.720
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 65.260
UniCredit Bank AG 6.600 12/24/2021 EUR 56.110
UniCredit Bank AG 10.000 6/25/2021 EUR 74.470
UniCredit Bank AG 7.500 6/25/2021 EUR 63.170
Skandinaviska Enskilda 9.020 7/17/2023 SEK 72.110
Corner Banca SA 14.200 8/24/2021 USD 6.610
UniCredit Bank AG 9.100 12/24/2021 EUR 72.640
UniCredit Bank AG 4.100 12/24/2021 EUR 65.500
UniCredit Bank AG 7.600 6/25/2021 EUR 53.280
UniCredit Bank AG 4.400 12/24/2021 EUR 73.430
Landesbank Hessen-Thue 6.700 10/13/2023 EUR 67.750
UniCredit Bank AG 8.700 6/25/2021 EUR 74.550
UniCredit Bank AG 10.700 6/25/2021 EUR 71.250
UniCredit Bank AG 12.100 6/25/2021 EUR 67.600
Zurcher Kantonalbank F 5.000 7/23/2021 EUR 69.980
UniCredit Bank AG 4.400 6/25/2021 EUR 64.550
UniCredit Bank AG 5.400 6/25/2021 EUR 60.220
UniCredit Bank AG 8.900 12/24/2021 EUR 60.090
UniCredit Bank AG 10.100 6/25/2021 EUR 48.040
Landesbank Hessen-Thue 6.200 6/17/2022 EUR 52.860
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 66.000
Landesbank Baden-Wuert 2.650 9/23/2022 EUR 68.240
UBS AG/London 14.250 7/19/2021 USD 66.620
DZ Bank AG Deutsche Ze 5.600 6/23/2021 EUR 69.440
UBS AG/London 7.000 7/19/2021 CHF 53.800
Landesbank Hessen-Thue 2.500 6/21/2021 EUR 68.900
SG Issuer SA 4.000 6/22/2026 EUR 62.320
EFG International Fina 11.400 6/28/2021 USD 50.970
SG Issuer SA 11.170 7/20/2025 SEK 62.000
Credit Suisse AG/Londo 7.000 8/25/2021 EUR 73.750
UBS AG/London 6.250 6/21/2021 CHF 56.800
Vontobel Financial Pro 18.000 6/25/2021 EUR 69.910
Vontobel Financial Pro 13.500 6/25/2021 EUR 67.800
Vontobel Financial Pro 21.000 6/25/2021 EUR 75.660
Vontobel Financial Pro 15.500 6/25/2021 EUR 65.500
Vontobel Financial Pro 22.000 6/25/2021 EUR 74.690
Goldman Sachs & Co Wer 14.000 12/22/2021 EUR 74.150
Goldman Sachs & Co Wer 16.000 12/22/2021 EUR 72.600
Goldman Sachs & Co Wer 19.000 6/23/2021 EUR 68.360
Goldman Sachs & Co Wer 14.000 9/22/2021 EUR 74.070
Goldman Sachs & Co Wer 15.000 7/21/2021 EUR 73.850
Goldman Sachs & Co Wer 18.000 7/21/2021 EUR 69.530
Landesbank Hessen-Thue 5.700 6/16/2022 EUR 57.470
Vontobel Financial Pro 10.500 6/25/2021 EUR 73.340
Vontobel Financial Pro 12.000 6/25/2021 EUR 70.440
Goldman Sachs & Co Wer 18.000 9/22/2021 EUR 69.560
Landesbank Hessen-Thue 5.200 9/30/2022 EUR 46.590
Vontobel Financial Pro 16.500 6/25/2021 EUR 71.330
Vontobel Financial Pro 14.500 6/25/2021 EUR 72.740
Landesbank Baden-Wuert 2.600 2/25/2022 EUR 65.430
Natixis SA 2.500 07/12/2021 EUR 57.090
Leonteq Securities AG 7.600 7/13/2021 CHF 62.260
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 64.900
Landesbank Baden-Wuert 2.850 9/23/2022 EUR 67.800
DekaBank Deutsche Giro 2.550 7/30/2021 EUR 59.540
Landesbank Hessen-Thue 2.750 5/20/2021 EUR 59.100
Bayerische Landesbank 2.000 2/18/2022 EUR 65.200
Landesbank Hessen-Thue 3.500 8/17/2022 EUR 70.550
UniCredit Bank AG 4.300 7/26/2022 EUR 60.980
UniCredit Bank AG 3.650 7/23/2022 EUR 61.050
UniCredit Bank AG 6.400 7/23/2021 EUR 77.010
Bayerische Landesbank 2.000 1/28/2022 EUR 66.360
Credit Suisse AG/Nassa 7.200 07/05/2021 CHF 60.150
UniCredit Bank AG 4.200 7/26/2022 EUR 42.510
UniCredit Bank AG 4.450 7/23/2022 EUR 72.310
UniCredit Bank AG 4.150 7/26/2022 EUR 62.040
Landesbank Hessen-Thue 3.600 7/27/2022 EUR 71.010
SG Issuer SA 4.000 08/02/2021 EUR 65.150
Landesbank Hessen-Thue 4.000 08/03/2022 EUR 64.250
Landesbank Hessen-Thue 5.750 08/03/2023 EUR 68.000
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 65.060
Landesbank Hessen-Thue 7.500 11/03/2023 EUR 63.820
Landesbank Baden-Wuert 2.000 2/25/2022 EUR 73.710
Landesbank Hessen-Thue 4.000 8/18/2021 EUR 54.650
Landesbank Hessen-Thue 5.100 2/17/2023 EUR 58.930
UniCredit Bank AG 4.250 11/21/2021 EUR 43.670
UniCredit Bank AG 4.200 11/21/2021 EUR 58.490
Leonteq Securities AG/ 7.200 10/27/2021 CHF 65.270
Landesbank Hessen-Thue 4.000 11/24/2021 EUR 48.730
UniCredit Bank AG 4.500 1/18/2022 EUR 57.640
Landesbank Hessen-Thue 5.000 11/25/2022 EUR 56.590
Raiffeisen Switzerland 10.500 07/11/2024 USD 19.330
UniCredit Bank AG 3.500 2/13/2023 EUR 50.900
UniCredit Bank AG 3.600 8/23/2021 EUR 49.680
Landesbank Hessen-Thue 5.900 8/25/2023 EUR 36.480
Landesbank Hessen-Thue 4.000 06/08/2022 EUR 53.780
Landesbank Hessen-Thue 4.000 06/08/2022 EUR 58.630
Leonteq Securities AG 8.400 05/11/2021 CHF 60.430
UniCredit Bank AG 3.750 8/23/2021 EUR 56.100
UniCredit Bank AG 3.900 10/24/2021 EUR 50.130
UniCredit Bank AG 4.050 10/24/2021 EUR 66.110
EFG International Fina 6.200 8/16/2021 CHF 74.280
Landesbank Baden-Wuert 2.300 7/22/2022 EUR 63.710
UniCredit Bank AG 3.200 09/10/2022 EUR 57.130
Landesbank Baden-Wuert 2.600 9/24/2021 EUR 62.180
UniCredit Bank AG 3.800 10/24/2021 EUR 58.360
Landesbank Hessen-Thue 6.000 12/01/2022 EUR 46.580
Erste Group Bank AG 5.550 8/30/2022 EUR 54.000
DekaBank Deutsche Giro 3.100 5/28/2021 EUR 45.260
Vontobel Financial Pro 6.700 03/07/2022 EUR 58.150
UniCredit Bank AG 3.250 3/29/2022 EUR 20.350
UniCredit Bank AG 3.600 3/29/2022 EUR 72.080
UniCredit Bank AG 3.750 3/26/2022 EUR 63.200
Landesbank Hessen-Thue 4.000 7/21/2021 EUR 70.840
Landesbank Hessen-Thue 5.650 10/28/2022 EUR 61.380
Landesbank Hessen-Thue 3.000 08/11/2022 EUR 66.730
Landesbank Hessen-Thue 6.250 12/22/2022 EUR 55.490
UniCredit Bank AG 4.450 12/29/2022 EUR 44.850
UniCredit Bank AG 4.300 12/19/2021 EUR 56.430
UniCredit Bank AG 4.700 12/19/2021 EUR 40.670
Landesbank Hessen-Thue 4.400 01/05/2023 EUR 53.170
EFG International Fina 7.000 5/23/2022 EUR 56.980
SG Issuer SA 7.500 1/20/2025 SEK 64.760
UniCredit Bank AG 4.400 12/10/2022 EUR 64.130
UniCredit Bank AG 4.200 12/08/2021 EUR 42.520
Landesbank Hessen-Thue 5.400 11/24/2022 EUR 64.140
Landesbank Baden-Wuert 2.750 3/25/2022 EUR 61.840
Landesbank Baden-Wuert 2.500 3/25/2022 EUR 70.760
Leonteq Securities AG/ 4.200 06/01/2021 CHF 29.110
Landesbank Baden-Wuert 3.100 2/25/2022 EUR 67.930
Raiffeisen Switzerland 4.800 11/23/2023 CHF 58.990
Credit Suisse AG/Londo 6.810 4/29/2022 USD 9.900
BNP Paribas Emissions- 23.000 12/23/2021 EUR 16.360
Leonteq Securities AG/ 3.750 2/20/2023 CHF 64.020
Leonteq Securities AG 27.000 06/02/2021 CHF 7.090
EFG International Fina 6.000 8/13/2021 CHF 64.450
Leonteq Securities AG 6.000 8/17/2021 CHF 47.810
Raiffeisen Schweiz Gen 5.800 9/28/2021 CHF 66.900
DekaBank Deutsche Giro 4.000 4/23/2021 EUR 70.990
Corner Banca SA 6.200 10/05/2021 CHF 72.710
UniCredit Bank AG 5.750 01/11/2022 EUR 56.420
DekaBank Deutsche Giro 3.250 06/08/2021 EUR 55.350
HSBC Trinkaus & Burkha 6.500 6/25/2021 EUR 1.470
Natixis SA 2.970 06/08/2021 USD 72.880
Landesbank Baden-Wuert 3.250 2/24/2023 EUR 70.390
HSBC Trinkaus & Burkha 5.700 6/25/2021 EUR 59.070
UniCredit Bank AG 4.250 6/28/2022 EUR 58.620
DekaBank Deutsche Giro 6.000 06/11/2021 EUR 58.390
Landesbank Baden-Wuert 4.100 1/28/2022 EUR 62.860
UniCredit Bank AG 4.350 10/26/2021 EUR 34.460
SG Issuer SA 2.980 12/28/2021 EUR 71.540
Landesbank Baden-Wuert 3.550 6/25/2021 EUR 58.840
Landesbank Baden-Wuert 2.250 6/25/2021 EUR 69.710
Landesbank Hessen-Thue 5.350 9/22/2023 EUR 39.910
Landesbank Baden-Wuert 2.200 6/25/2021 EUR 65.340
EFG International Fina 7.000 10/25/2021 EUR 72.800
Leonteq Securities AG 6.200 06/08/2021 CHF 53.120
DekaBank Deutsche Giro 5.150 5/21/2021 EUR 54.900
Landesbank Baden-Wuert 3.250 12/23/2022 EUR 68.810
Landesbank Baden-Wuert 2.650 12/23/2022 EUR 71.650
Landesbank Hessen-Thue 4.700 2/24/2023 EUR 54.780
Landesbank Hessen-Thue 6.450 2/24/2023 EUR 50.050
Landesbank Hessen-Thue 5.700 11/24/2022 EUR 59.790
Landesbank Hessen-Thue 4.000 06/04/2021 EUR 68.200
Landesbank Baden-Wuert 2.500 1/28/2022 EUR 61.580
Bayerische Landesbank 2.300 11/26/2021 EUR 62.020
UniCredit Bank AG 5.400 06/04/2021 EUR 66.020
Leonteq Securities AG/ 5.500 5/25/2021 CHF 57.970
EFG International Fina 7.000 06/08/2021 EUR 53.710
EFG International Fina 5.550 07/12/2021 USD 4.170
UniCredit Bank AG 4.350 11/21/2021 EUR 63.570
Corner Banca SA 8.000 5/25/2021 CHF 59.590
Leonteq Securities AG 7.800 5/14/2021 CHF 17.340
EFG International Fina 6.200 8/16/2021 CHF 64.840
DekaBank Deutsche Giro 2.500 10/22/2021 EUR 73.970
Leonteq Securities AG 7.400 9/28/2021 CHF 72.460
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 69.650
Landesbank Baden-Wuert 3.200 12/23/2022 EUR 68.530
DekaBank Deutsche Giro 4.250 4/14/2022 EUR 47.430
Landesbank Hessen-Thue 6.800 7/14/2022 EUR 71.520
UniCredit Bank AG 4.300 7/18/2021 EUR 63.760
UniCredit Bank AG 3.600 7/18/2021 EUR 45.300
UBS AG/London 21.800 6/24/2021 EUR 73.510
UBS AG/London 12.200 6/24/2021 EUR 68.090
UniCredit Bank AG 5.350 8/24/2021 EUR 50.640
Raiffeisen Schweiz Gen 5.000 04/05/2022 CHF 75.460
Corner Banca SA 8.600 10/12/2021 CHF 70.850
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 65.690
Landesbank Hessen-Thue 6.350 11/19/2024 EUR 68.210
Landesbank Hessen-Thue 4.000 3/23/2022 EUR 52.970
SG Issuer SA 9.180 1/20/2025 SEK 70.170
Landesbank Baden-Wuert 2.800 4/25/2022 EUR 64.580
Erste Group Bank AG 4.350 2/28/2022 EUR 54.950
Landesbank Hessen-Thue 5.550 3/16/2023 EUR 54.740
UniCredit Bank AG 4.500 03/12/2022 EUR 57.030
UniCredit Bank AG 3.500 8/24/2022 EUR 65.710
UniCredit Bank AG 4.000 2/28/2022 EUR 62.880
UniCredit Bank AG 4.000 11/21/2022 EUR 70.650
HSBC Trinkaus & Burkha 5.000 10/07/2021 EUR 73.510
Landesbank Baden-Wuert 3.950 8/27/2021 EUR 65.150
Landesbank Baden-Wuert 3.400 11/25/2022 EUR 64.330
DekaBank Deutsche Giro 3.100 12/03/2021 EUR 54.910
Landesbank Baden-Wuert 3.800 1/28/2022 EUR 61.260
Bayerische Landesbank 2.500 12/03/2021 EUR 66.740
Landesbank Hessen-Thue 5.600 02/11/2025 EUR 69.310
Leonteq Securities AG/ 4.750 11/01/2021 CHF 37.930
UniCredit Bank AG 4.730 01/02/2023 EUR 64.990
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 64.620
Leonteq Securities AG/ 4.290 7/30/2021 USD 40.210
SG Issuer SA 0.263 4/16/2025 EUR 29.250
Leonteq Securities AG/ 6.200 7/27/2021 CHF 69.190
UniCredit Bank AG 4.100 8/24/2022 EUR 65.880
Landesbank Baden-Wuert 4.000 10/22/2021 EUR 54.730
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 59.800
Leonteq Securities AG 7.200 08/06/2021 CHF 70.850
Araratbank OJSC 5.250 09/11/2022 USD 25.018
Landesbank Hessen-Thue 4.000 8/31/2022 EUR 55.040
DekaBank Deutsche Giro 2.300 11/12/2021 EUR 67.410
SG Issuer SA 7.740 7/20/2025 SEK 75.010
Landesbank Baden-Wuert 2.150 8/27/2021 EUR 67.870
EFG International Fina 6.400 08/09/2021 CHF 63.610
Landesbank Baden-Wuert 2.600 9/23/2022 EUR 70.520
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 70.000
EFG International Fina 12.000 10/19/2021 USD 67.360
Leonteq Securities AG/ 4.000 08/10/2022 CHF 66.410
Landesbank Baden-Wuert 4.000 5/27/2022 EUR 56.040
Landesbank Baden-Wuert 3.300 5/27/2022 EUR 61.960
Leonteq Securities AG 5.400 7/25/2022 CHF 63.940
DekaBank Deutsche Giro 2.800 05/02/2022 EUR 59.190
Landesbank Baden-Wuert 2.300 6/24/2022 EUR 61.070
DekaBank Deutsche Giro 3.400 4/30/2021 EUR 49.550
Landesbank Baden-Wuert 2.550 12/27/2021 EUR 57.390
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 51.010
Landesbank Hessen-Thue 4.400 12/22/2022 EUR 53.280
UniCredit Bank AG 4.300 8/24/2021 EUR 50.010
Landesbank Hessen-Thue 4.000 11/10/2021 EUR 42.880
Landesbank Hessen-Thue 3.000 08/06/2021 EUR 40.500
DekaBank Deutsche Giro 1.000 11/02/2021 EUR 62.440
DekaBank Deutsche Giro 3.900 4/25/2022 EUR 49.360
Leonteq Securities AG/ 6.100 2/21/2022 CHF 73.380
Credit Suisse AG/Londo 4.500 07/12/2021 EUR 71.600
SecurAsset SA 5.250 6/30/2022 EUR 49.500
Leonteq Securities AG/ 4.000 2/21/2022 EUR 68.620
Leonteq Securities AG/ 2.500 06/05/2024 EUR 70.150
DZ Bank AG Deutsche Ze 11.200 6/25/2021 EUR 71.130
Zurcher Kantonalbank F 9.750 8/26/2021 USD 72.180
UBS AG/London 6.750 07/05/2021 CHF 52.900
Landesbank Hessen-Thue 4.000 08/09/2023 EUR 60.000
UniCredit Bank AG 7.800 6/25/2021 EUR 65.640
UniCredit Bank AG 10.700 6/25/2021 EUR 60.450
UniCredit Bank AG 9.700 6/25/2021 EUR 64.620
UniCredit Bank AG 11.300 6/25/2021 EUR 74.950
UniCredit Bank AG 10.100 6/25/2021 EUR 71.450
UniCredit Bank AG 6.400 6/25/2021 EUR 69.360
UniCredit Bank AG 9.300 6/25/2021 EUR 62.400
UniCredit Bank AG 7.500 6/25/2021 EUR 70.990
UniCredit Bank AG 11.800 6/25/2021 EUR 57.670
UniCredit Bank AG 8.500 6/25/2021 EUR 67.050
UniCredit Bank AG 9.600 6/25/2021 EUR 63.590
UniCredit Bank AG 7.600 6/25/2021 EUR 69.870
UniCredit Bank AG 8.100 12/24/2021 EUR 65.760
UniCredit Bank AG 5.800 12/24/2021 EUR 71.490
UniCredit Bank AG 6.600 12/24/2021 EUR 72.720
UniCredit Bank AG 11.000 12/24/2021 EUR 74.970
UniCredit Bank AG 10.200 12/24/2021 EUR 59.120
UniCredit Bank AG 8.500 12/24/2021 EUR 63.450
UniCredit Bank AG 6.900 12/24/2021 EUR 68.390
UniCredit Bank AG 7.700 12/24/2021 EUR 66.070
UniCredit Bank AG 6.800 12/24/2021 EUR 68.990
UniCredit Bank AG 6.000 12/24/2021 EUR 72.230
Landesbank Baden-Wuert 4.000 8/27/2021 EUR 71.550
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 71.970
Landesbank Baden-Wuert 4.000 8/27/2021 EUR 62.330
Landesbank Baden-Wuert 2.750 8/27/2021 EUR 58.560
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 56.630
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 53.240
Leonteq Securities AG 20.000 5/20/2021 CHF 5.350
Leonteq Securities AG 20.400 5/18/2021 CHF 5.460
Corner Banca SA 21.000 5/18/2021 CHF 5.160
Goldman Sachs & Co Wer 21.000 6/23/2021 EUR 68.750
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 68.050
Erste Group Bank AG 8.000 7/31/2024 EUR 70.700
Landesbank Baden-Wuert 3.750 8/27/2021 EUR 73.340
Landesbank Baden-Wuert 5.750 8/27/2021 EUR 64.810
Landesbank Baden-Wuert 3.250 8/27/2021 EUR 66.770
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 58.560
Corner Banca SA 30.000 06/08/2021 USD 7.330
Leonteq Securities AG/ 29.000 06/08/2021 CHF 7.530
Vontobel Financial Pro 11.500 6/25/2021 EUR 74.443
Leonteq Securities AG 30.000 06/09/2021 CHF 7.780
BNP Paribas Emissions- 9.000 6/24/2021 EUR 73.390
BNP Paribas Emissions- 9.500 6/24/2021 EUR 74.990
BNP Paribas Emissions- 11.000 6/24/2021 EUR 71.040
BNP Paribas Emissions- 8.500 6/24/2021 EUR 73.640
BNP Paribas Emissions- 10.000 6/24/2021 EUR 75.470
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.300
BNP Paribas Emissions- 13.000 6/24/2021 EUR 70.200
BNP Paribas Emissions- 15.000 6/24/2021 EUR 67.180
BNP Paribas Emissions- 7.500 6/24/2021 EUR 72.030
BNP Paribas Emissions- 8.500 6/24/2021 EUR 72.220
BNP Paribas Emissions- 12.000 6/24/2021 EUR 67.310
BNP Paribas Emissions- 11.000 6/24/2021 EUR 74.040
BNP Paribas Emissions- 13.000 6/24/2021 EUR 65.850
Leonteq Securities AG/ 6.000 06/08/2021 USD 4.250
BNP Paribas Emissions- 11.000 6/24/2021 EUR 66.060
BNP Paribas Emissions- 10.000 6/24/2021 EUR 75.440
BNP Paribas Emissions- 9.500 6/24/2021 EUR 70.120
EFG International Fina 15.000 05/06/2021 USD 7.710
Corner Banca SA 20.000 4/27/2021 CHF 5.250
UBS AG/London 8.000 03/04/2022 EUR 70.450
BNP Paribas Emissions- 0.170 9/23/2021 EUR 0.440
SG Issuer SA 1.500 12/30/2032 EUR 50.940
UBS AG/London 6.500 07/12/2021 EUR 55.650
UBS AG/London 21.250 2/18/2022 USD 62.600
Landesbank Hessen-Thue 3.000 05/03/2022 EUR 66.000
DZ Bank AG Deutsche Ze 19.300 6/25/2021 EUR 60.880
Leonteq Securities AG 15.600 4/20/2021 CHF 4.180
DZ Bank AG Deutsche Ze 13.900 6/25/2021 EUR 70.240
EFG International Fina 29.000 5/25/2021 CHF 14.760
Banque Cantonale Vaudo 6.800 6/28/2021 CHF 53.250
Landesbank Baden-Wuert 3.250 9/24/2021 EUR 72.660
Finca Uco Cjsc 6.000 2/25/2022 USD 25.176
Leonteq Securities AG 7.200 9/22/2021 CHF 63.640
Citigroup Global Marke 8.200 3/21/2024 SEK 56.710
Landesbank Hessen-Thue 4.000 6/22/2022 EUR 54.330
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 68.260
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 72.260
Leonteq Securities AG/ 3.770 7/30/2021 USD 61.070
Leonteq Securities AG 6.800 05/11/2021 EUR 53.270
UniCredit Bank AG 4.000 06/07/2022 EUR 50.240
UniCredit Bank AG 3.800 6/28/2022 EUR 59.170
UniCredit Bank AG 3.800 12/29/2022 EUR 73.450
Landesbank Hessen-Thue 3.500 01/05/2022 EUR 54.900
Landesbank Hessen-Thue 3.500 01/05/2022 EUR 53.310
UniCredit Bank AG 6.350 5/14/2021 EUR 66.080
EFG International Fina 6.200 05/03/2021 CHF 62.570
Landesbank Hessen-Thue 6.150 8/25/2022 EUR 61.140
Landesbank Baden-Wuert 2.300 2/25/2022 EUR 63.860
Societe Generale Effek 6.100 04/03/2023 EUR 59.740
UniCredit Bank AG 3.750 4/19/2022 EUR 67.430
getBACK SA 4.610 9/14/2021 PLN
Landesbank Baden-Wuert 3.650 6/25/2021 EUR 59.990
UniCredit Bank AG 6.300 10/16/2021 EUR 41.420
UBS AG/London 11.300 6/24/2021 EUR 69.060
UniCredit Bank AG 3.800 10/24/2021 EUR 62.660
UniCredit Bank AG 5.700 5/14/2021 EUR 60.100
Landesbank Hessen-Thue 4.000 01/05/2022 EUR 41.550
Landesbank Hessen-Thue 5.500 5/25/2023 EUR 39.160
Landesbank Hessen-Thue 6.100 4/26/2024 EUR 64.790
Zurcher Kantonalbank F 24.500 6/22/2021 EUR 27.550
EFG International Fina 27.000 6/24/2021 EUR 13.640
EFG International Fina 26.000 6/24/2021 CHF 13.150
Leonteq Securities AG 5.600 5/16/2022 CHF 63.310
UniCredit Bank AG 3.350 6/14/2022 EUR 56.860
Leonteq Securities AG/ 5.600 5/25/2021 CHF 45.350
UniCredit Bank AG 3.700 06/04/2022 EUR 64.410
Landesbank Baden-Wuert 2.100 8/27/2021 EUR 53.480
EFG International Fina 5.600 4/26/2021 CHF 62.480
UBS AG/London 12.900 6/24/2021 EUR 67.130
Landesbank Hessen-Thue 2.000 3/29/2022 EUR 51.070
EFG International Fina 7.600 10/11/2021 CHF 66.400
HSBC Trinkaus & Burkha 7.600 6/25/2021 EUR 1.690
DZ Bank AG Deutsche Ze 13.100 6/25/2021 EUR 76.090
Landesbank Hessen-Thue 4.000 05/11/2022 EUR 62.750
SG Issuer SA 8.700 1/20/2025 SEK 68.610
Landesbank Baden-Wuert 3.700 9/24/2021 EUR 66.510
DZ Bank AG Deutsche Ze 14.600 9/24/2021 EUR 73.580
Landesbank Hessen-Thue 3.500 05/11/2022 EUR 60.920
Landesbank Hessen-Thue 6.500 05/11/2023 EUR 70.820
Banque Cantonale Vaudo 5.800 08/09/2021 CHF 61.890
Raiffeisen Schweiz Gen 7.500 5/14/2021 CHF 63.930
Leonteq Securities AG/ 15.470 5/18/2021 CHF 3.650
UniCredit Bank AG 17.600 6/25/2021 EUR 59.500
DZ Bank AG Deutsche Ze 9.300 6/25/2021 EUR 74.320
Corner Banca SA 15.200 08/11/2021 CHF 7.790
UBS AG/London 6.500 08/02/2021 CHF 63.900
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 59.410
Leonteq Securities AG 7.200 9/24/2021 CHF 70.330
Leonteq Securities AG/ 11.400 9/20/2021 CHF 5.780
DZ Bank AG Deutsche Ze 11.000 6/23/2021 EUR 74.320
UniCredit Bank AG 3.750 12/21/2021 EUR 65.330
Landesbank Baden-Wuert 3.400 2/24/2023 EUR 70.030
Leonteq Securities AG 30.000 6/22/2021 CHF 7.770
Leonteq Securities AG/ 3.380 6/16/2021 USD 47.780
Landesbank Hessen-Thue 4.000 12/21/2022 EUR 71.440
Landesbank Baden-Wuert 3.400 1/27/2023 EUR 67.990
Leonteq Securities AG/ 3.420 6/16/2021 USD 49.490
UniCredit Bank AG 5.150 01/02/2023 EUR 67.040
Landesbank Baden-Wuert 4.000 12/27/2021 EUR 65.800
Zurcher Kantonalbank F 9.000 7/30/2021 EUR 70.660
EFG International Fina 6.200 08/05/2022 EUR 70.450
EFG International Fina 11.500 08/02/2021 USD 55.400
Leonteq Securities AG 8.000 08/05/2021 CHF 72.760
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 70.270
DekaBank Deutsche Giro 2.050 05/03/2021 EUR 70.360
Zurcher Kantonalbank F 6.000 5/25/2021 CHF 72.940
Zurcher Kantonalbank F 6.000 5/25/2021 EUR 70.250
UniCredit Bank AG 12.200 6/25/2021 EUR 71.350
DZ Bank AG Deutsche Ze 7.000 6/25/2021 EUR 70.170
DZ Bank AG Deutsche Ze 9.000 6/25/2021 EUR 66.300
DZ Bank AG Deutsche Ze 11.300 6/25/2021 EUR 62.960
DZ Bank AG Deutsche Ze 11.700 6/25/2021 EUR 70.040
DZ Bank AG Deutsche Ze 10.300 6/25/2021 EUR 70.850
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 71.420
UniCredit Bank AG 4.150 10/12/2022 EUR 62.320
Natixis SA 1.500 10/04/2021 EUR 72.250
Leonteq Securities AG/ 9.200 9/21/2021 EUR 74.920
EFG International Fina 9.800 9/21/2021 EUR 53.540
Landesbank Baden-Wuert 2.550 11/26/2021 EUR 65.160
Leonteq Securities AG 6.000 9/14/2021 CHF 70.370
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 64.670
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 67.680
Bayerische Landesbank 2.250 7/23/2021 EUR 62.530
DekaBank Deutsche Giro 2.600 10/24/2023 EUR 67.440
DekaBank Deutsche Giro 2.500 10/24/2023 EUR 67.170
UniCredit Bank AG 3.850 10/05/2023 EUR 74.760
UBS AG/London 9.500 9/13/2021 CHF 74.050
Landesbank Hessen-Thue 4.000 10/12/2022 EUR 67.690
UniCredit Bank AG 3.600 10/05/2022 EUR 68.190
Center-Invest Commerci 5.250 03/03/2022 RUB 65.000
DekaBank Deutsche Giro 6.300 10/01/2021 EUR 58.900
UniCredit Bank AG 4.300 10/18/2021 EUR 49.440
Landesbank Hessen-Thue 5.700 10/27/2022 EUR 59.450
Landesbank Hessen-Thue 3.000 10/20/2022 EUR 66.070
UniCredit Bank AG 3.850 9/19/2021 EUR 41.300
Leonteq Securities AG/ 8.000 09/01/2021 CHF 69.880
UniCredit Bank AG 5.350 2/27/2023 EUR 61.980
Landesbank Hessen-Thue 4.000 03/01/2023 EUR 62.170
UBS AG/London 10.000 6/14/2021 EUR 65.550
UBS AG/London 14.750 6/14/2021 USD 9.150
Landesbank Hessen-Thue 5.000 9/29/2022 EUR 61.480
Landesbank Hessen-Thue 3.000 07/06/2021 EUR 45.800
Societe Generale SA 1.580 9/16/2024 USD 4.840
UniCredit Bank AG 3.500 9/19/2021 EUR 46.690
Landesbank Hessen-Thue 3.500 9/29/2021 EUR 43.350
UniCredit Bank AG 3.500 10/08/2022 EUR 56.840
Landesbank Hessen-Thue 6.000 10/06/2022 EUR 60.020
DekaBank Deutsche Giro 3.100 04/08/2022 EUR 59.120
DekaBank Deutsche Giro 3.300 04/08/2022 EUR 56.490
Leonteq Securities AG/ 4.000 03/08/2022 EUR 65.920
Raiffeisen Schweiz Gen 4.700 10/20/2021 CHF 70.650
Leonteq Securities AG 7.200 09/08/2021 CHF 57.400
Landesbank Hessen-Thue 4.000 04/12/2023 EUR 67.060
Landesbank Baden-Wuert 2.500 9/23/2022 EUR 70.330
Societe Generale Effek 5.600 09/04/2023 EUR 51.400
Landesbank Hessen-Thue 3.350 9/21/2022 EUR 65.510
UniCredit Bank AG 4.600 9/14/2022 EUR 66.660
UniCredit Bank AG 3.700 9/14/2022 EUR 60.420
UniCredit Bank AG 3.750 9/14/2022 EUR 67.850
Barclays Bank PLC 0.500 06/08/2022 USD 10.000
Landesbank Hessen-Thue 5.200 01/08/2024 EUR 60.630
DekaBank Deutsche Giro 2.300 9/24/2021 EUR 59.660
Landesbank Hessen-Thue 6.000 9/21/2023 EUR 56.180
Landesbank Baden-Wuert 3.250 8/27/2021 EUR 60.170
Corner Banca SA 6.400 09/07/2021 CHF 69.320
UniCredit Bank AG 3.800 8/30/2023 EUR 59.200
Opus-Chartered Issuanc 5.000 03/08/2027 USD 68.720
Bank Julius Baer & Co 10.200 5/30/2023 EUR 23.050
Landesbank Baden-Wuert 2.700 6/25/2021 EUR 59.970
Vontobel Financial Pro 11.500 6/25/2021 EUR 71.092
Leonteq Securities AG/ 22.620 12/23/2021 CHF 72.910
UniCredit Bank AG 4.200 9/21/2022 EUR 58.980
Leonteq Securities AG/ 25.000 8/26/2021 USD 12.710
Landesbank Hessen-Thue 2.500 6/17/2021 EUR 73.700
UBS AG/London 7.500 6/14/2021 EUR 54.400
UniCredit Bank AG 8.200 6/25/2021 EUR 76.370
Landesbank Baden-Wuert 4.800 2/25/2022 EUR 55.070
Raiffeisen Centrobank 5.750 7/19/2021 EUR 62.470
UniCredit Bank AG 6.000 2/22/2022 EUR 69.670
DekaBank Deutsche Giro 3.200 2/25/2022 EUR 73.200
Leonteq Securities AG/ 26.000 5/28/2021 CHF 6.940
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 64.390
Societe Generale Effek 3.750 5/24/2021 EUR 34.340
Landesbank Hessen-Thue 6.700 5/17/2022 EUR 55.880
Landesbank Hessen-Thue 6.600 2/17/2023 EUR 64.270
Landesbank Hessen-Thue 4.350 2/24/2023 EUR 59.680
Zurcher Kantonalbank F 7.750 6/18/2021 EUR 65.450
Landesbank Baden-Wuert 3.300 3/25/2022 EUR 61.800
UniCredit Bank AG 5.450 3/15/2022 EUR 56.730
UniCredit Bank AG 7.000 3/29/2022 EUR 68.680
Leonteq Securities AG/ 3.400 3/20/2024 CHF 54.330
Leonteq Securities AG/ 2.750 9/15/2022 CHF 30.970
Leonteq Securities AG 3.600 9/22/2026 CHF 64.860
Raiffeisen Schweiz Gen 3.000 9/21/2029 CHF 73.450
Leonteq Securities AG 3.900 12/20/2024 CHF 61.630
Raiffeisen Schweiz Gen 3.200 12/18/2026 CHF 75.270
Raiffeisen Schweiz Gen 3.400 3/21/2025 CHF 64.680
Leonteq Securities AG/ 5.000 9/13/2021 CHF 73.600
Raiffeisen Schweiz Gen 2.700 9/22/2026 CHF 61.250
UBS AG/London 7.250 6/21/2021 CHF 54.100
Landesbank Baden-Wuert 3.300 9/24/2021 EUR 66.410
UBS AG/London 6.500 6/28/2021 EUR 53.800
Landesbank Baden-Wuert 4.700 3/25/2022 EUR 54.630
UniCredit Bank AG 9.600 12/27/2021 EUR 62.590
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 65.940
Landesbank Baden-Wuert 3.400 2/25/2022 EUR 63.250
Landesbank Baden-Wuert 4.750 2/25/2022 EUR 55.810
Landesbank Hessen-Thue 4.000 3/15/2023 EUR 70.970
UniCredit Bank AG 3.800 9/19/2021 EUR 49.780
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
Zurcher Kantonalbank F 8.500 8/24/2021 CHF 65.230
Raiffeisen Schweiz Gen 5.250 8/24/2021 CHF 67.000
Landesbank Hessen-Thue 5.800 9/24/2024 EUR 63.000
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 60.940
UBS AG/London 11.250 6/21/2021 USD 54.450
UniCredit Bank AG 9.000 12/27/2021 EUR 74.670
UniCredit Bank AG 4.200 03/01/2023 EUR 67.150
Skandinaviska Enskilda 6.300 7/15/2022 SEK 72.530
Landesbank Hessen-Thue 6.150 03/11/2025 EUR 65.860
Landesbank Baden-Wuert 2.750 11/26/2021 EUR 59.150
Leonteq Securities AG/ 5.600 8/24/2021 CHF 46.710
EFG International Fina 6.500 8/30/2021 CHF 66.910
Leonteq Securities AG/ 7.420 11/22/2021 EUR 63.630
Landesbank Baden-Wuert 3.690 12/23/2022 EUR 71.830
BNP Paribas Emissions- 8.000 6/24/2021 EUR 70.640
BNP Paribas Emissions- 9.500 6/24/2021 EUR 67.000
BNP Paribas Emissions- 5.000 6/24/2021 EUR 68.640
BNP Paribas Emissions- 12.000 6/24/2021 EUR 71.500
BNP Paribas Emissions- 11.000 6/24/2021 EUR 74.130
EFG International Fina 17.800 5/27/2021 USD 8.570
Vontobel Financial Pro 10.250 9/24/2021 EUR 71.790
Leonteq Securities AG 13.200 5/25/2021 CHF 63.590
DekaBank Deutsche Giro 3.700 12/17/2021 EUR 71.930
EFG International Fina 10.800 5/26/2021 CHF 68.380
UBS AG/London 10.000 5/20/2021 CHF 71.950
UniCredit Bank AG 4.450 01/02/2024 EUR 72.550
Bayerische Landesbank 1.350 12/23/2022 EUR 65.060
BNP Paribas Emissions- 12.000 6/24/2021 EUR 63.950
BNP Paribas Emissions- 13.000 6/24/2021 EUR 60.950
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.220
UniCredit Bank AG 4.650 12/22/2023 EUR 72.470
Landesbank Hessen-Thue 4.000 9/20/2023 EUR 66.340
Araratbank OJSC 5.500 9/19/2023 USD 25.050
UBS AG/London 7.000 8/16/2021 CHF 58.400
UBS AG/London 10.750 6/28/2021 CHF 68.000
Vontobel Financial Pro 15.500 6/25/2021 EUR 76.650
Societe Generale SA 21.000 12/23/2022 USD 74.100
Landesbank Baden-Wuert 3.500 3/24/2023 EUR 70.480
Zurcher Kantonalbank F 10.750 1/21/2022 CHF 73.170
Raiffeisen Schweiz Gen 5.000 9/13/2022 CHF 73.740
Landesbank Baden-Wuert 2.100 10/27/2023 EUR 63.810
Leonteq Securities AG/ 11.800 4/20/2021 CHF 66.100
Vontobel Financial Pro 3.400 6/18/2021 EUR 71.331
Landesbank Baden-Wuert 5.500 4/23/2021 EUR 64.440
Landesbank Baden-Wuert 3.400 4/23/2021 EUR 63.160
UBS AG/London 7.750 9/13/2021 EUR 58.800
UBS AG/London 11.750 7/22/2021 CHF 71.050
UniCredit Bank AG 11.100 7/23/2021 EUR 74.330
UBS AG/London 8.000 1/24/2022 CHF 70.800
Zurcher Kantonalbank F 5.350 7/29/2021 CHF 71.910
UBS AG/London 15.000 7/22/2021 CHF 64.700
UBS AG/London 11.250 1/24/2022 CHF 73.300
EFG International Fina 13.000 12/27/2021 CHF 12.420
Bank Julius Baer & Co 6.650 5/14/2021 EUR 68.900
Bank Julius Baer & Co 14.750 8/16/2021 EUR 5.000
Raiffeisen Schweiz Gen 8.000 5/14/2021 CHF 55.140
Vontobel Financial Pro 9.100 2/21/2022 EUR 72.877
Zurcher Kantonalbank F 7.000 2/21/2022 CHF 72.130
Leonteq Securities AG 11.000 01/03/2022 CHF 71.600
BNP Paribas Emissions- 10.000 9/23/2021 EUR 4.670
BNP Paribas Emissions- 5.000 06/04/2021 EUR 54.310
Raiffeisen Schweiz Gen 6.000 6/30/2021 EUR 62.720
Zurcher Kantonalbank F 7.000 8/18/2021 CHF 62.980
UBS AG/London 10.000 7/15/2021 CHF 72.800
UBS AG/London 11.750 6/28/2021 CHF 73.550
UBS AG/London 10.000 6/28/2021 CHF 73.300
UBS AG/London 11.000 5/17/2021 USD 66.010
Leonteq Securities AG/ 8.000 5/14/2021 CHF 56.210
Landesbank Baden-Wuert 2.950 10/22/2021 EUR 72.950
Zurcher Kantonalbank F 7.750 09/09/2021 EUR 71.370
Raiffeisen Centrobank 6.000 10/07/2021 EUR 69.120
Landesbank Baden-Wuert 4.400 4/23/2021 EUR 60.440
Zurcher Kantonalbank F 9.500 7/22/2021 EUR 66.310
Zurcher Kantonalbank F 7.500 7/28/2021 CHF 72.340
UBS AG/London 8.500 9/13/2021 EUR 65.300
UBS AG/London 14.250 10/25/2021 CHF 66.250
BNP Paribas Issuance B 7.200 12/17/2024 SEK 69.450
Leonteq Securities AG 16.000 4/13/2021 CHF 14.120
Vontobel Financial Pro 11.500 06/11/2021 EUR 71.050
UBS AG/London 7.750 5/24/2021 EUR 53.650
Vontobel Financial Pro 10.500 06/11/2021 EUR 70.680
UBS AG/London 7.750 10/25/2021 EUR 60.850
UBS AG/London 12.000 4/23/2021 CHF 67.250
UBS AG/London 7.000 10/04/2021 CHF 74.450
UBS AG/London 7.250 10/04/2021 CHF 65.400
Landesbank Baden-Wuert 2.900 4/23/2021 EUR 72.950
Landesbank Baden-Wuert 4.100 4/23/2021 EUR 68.430
UBS AG/London 7.000 9/13/2021 CHF 65.250
Raiffeisen Schweiz Gen 4.400 10/21/2021 CHF 57.550
Vontobel Financial Pro 16.000 06/11/2021 EUR 64.220
SG Issuer SA 0.850 10/16/2024 EUR 11.180
Raiffeisen Schweiz Gen 8.200 4/20/2021 CHF 68.380
Credit Suisse AG/Londo 7.500 4/21/2021 EUR 60.940
Landesbank Baden-Wuert 1.800 4/23/2021 EUR 69.430
Leonteq Securities AG 12.000 10/18/2021 CHF 71.250
Vontobel Financial Pro 5.100 5/28/2021 EUR 70.653
Raiffeisen Schweiz Gen 8.600 4/21/2021 CHF 61.780
EFG International Fina 10.400 10/15/2021 EUR 63.510
UBS AG/London 7.000 10/11/2021 CHF 60.050
Erste Group Bank AG 5.800 10/31/2024 EUR 69.250
Landesbank Baden-Wuert 3.600 6/23/2023 EUR 62.870
UBS AG/London 5.500 8/23/2021 CHF 65.500
Zurcher Kantonalbank F 6.300 12/16/2022 CHF 63.380
UBS AG/London 7.000 8/23/2021 EUR 59.150
Danske Bank A/S 6.860 07/09/2022 SEK 25.790
UniCredit Bank AG 9.200 12/24/2021 EUR 73.490
UniCredit Bank AG 10.200 6/25/2021 EUR 72.060
UniCredit Bank AG 11.400 6/25/2021 EUR 70.010
UniCredit Bank AG 8.400 12/24/2021 EUR 75.030
UniCredit Bank AG 10.300 12/24/2021 EUR 71.470
UniCredit Bank AG 15.300 6/25/2021 EUR 66.530
UniCredit Bank AG 16.700 6/25/2021 EUR 64.140
UniCredit Bank AG 11.300 12/24/2021 EUR 69.850
UniCredit Bank AG 12.400 6/25/2021 EUR 71.860
Credit Suisse AG/Londo 8.250 4/27/2021 CHF 72.260
UniCredit Bank AG 11.800 6/25/2021 EUR 67.110
UniCredit Bank AG 9.300 12/24/2021 EUR 70.980
UniCredit Bank AG 13.000 6/25/2021 EUR 65.440
UniCredit Bank AG 10.100 12/24/2021 EUR 69.670
Bank Julius Baer & Co 8.850 4/28/2021 CHF 69.600
UniCredit Bank AG 7.300 12/24/2021 EUR 73.610
UniCredit Bank AG 8.100 12/24/2021 EUR 72.110
UniCredit Bank AG 9.000 12/24/2021 EUR 70.770
UniCredit Bank AG 12.900 6/25/2021 EUR 62.440
UniCredit Bank AG 13.900 6/25/2021 EUR 70.020
UniCredit Bank AG 10.200 6/25/2021 EUR 62.210
UniCredit Bank AG 10.400 12/24/2021 EUR 63.050
UniCredit Bank AG 12.600 12/24/2021 EUR 71.800
UniCredit Bank AG 8.300 12/24/2021 EUR 65.960
UniCredit Bank AG 13.200 6/25/2021 EUR 58.390
UniCredit Bank AG 14.100 6/25/2021 EUR 60.400
UniCredit Bank AG 11.700 6/25/2021 EUR 64.680
UniCredit Bank AG 10.000 12/24/2021 EUR 68.640
UniCredit Bank AG 10.800 12/24/2021 EUR 66.890
UniCredit Bank AG 12.500 12/24/2021 EUR 63.900
UniCredit Bank AG 11.700 12/24/2021 EUR 65.360
UniCredit Bank AG 7.600 6/25/2021 EUR 73.470
UniCredit Bank AG 9.900 6/25/2021 EUR 69.240
UniCredit Bank AG 8.700 6/25/2021 EUR 71.270
UniCredit Bank AG 11.100 6/25/2021 EUR 67.340
UBS AG/London 11.750 7/29/2021 CHF 71.800
Bank Julius Baer & Co 16.250 05/04/2021 CHF 69.450
Skandinaviska Enskilda 6.000 1/15/2025 SEK 72.300
Zurcher Kantonalbank F 4.000 02/11/2022 CHF 69.390
Bank Julius Baer & Co 7.500 05/05/2021 CHF 73.450
Vontobel Financial Pro 16.500 06/11/2021 EUR 71.860
UBS AG/London 9.300 08/12/2021 CHF 71.550
UBS AG/London 7.000 08/12/2021 CHF 69.750
UniCredit Bank AG 13.200 6/25/2021 EUR 63.640
Leonteq Securities AG/ 4.500 09/02/2021 EUR 65.490
Leonteq Securities AG/ 5.910 09/02/2021 EUR 66.030
Leonteq Securities AG/ 7.290 09/02/2021 EUR 67.550
Leonteq Securities AG/ 8.590 09/02/2021 EUR 67.060
Leonteq Securities AG/ 9.660 09/02/2021 EUR 67.490
Leonteq Securities AG/ 1.430 09/02/2021 EUR 70.850
Leonteq Securities AG/ 2.470 09/02/2021 EUR 71.250
Leonteq Securities AG/ 3.650 09/02/2021 EUR 71.750
Leonteq Securities AG/ 5.020 09/02/2021 EUR 72.280
Leonteq Securities AG/ 6.330 09/02/2021 EUR 72.770
Leonteq Securities AG/ 3.290 09/02/2021 EUR 69.510
Leonteq Securities AG/ 4.570 09/02/2021 EUR 70.020
Leonteq Securities AG/ 6.020 09/02/2021 EUR 70.540
Leonteq Securities AG/ 7.440 09/02/2021 EUR 71.060
Leonteq Securities AG/ 8.760 09/02/2021 EUR 71.570
Leonteq Securities AG/ 9.900 09/02/2021 EUR 70.810
Leonteq Securities AG/ 11.390 09/02/2021 EUR 68.080
Leonteq Securities AG/ 9.220 09/02/2021 EUR 73.750
Raiffeisen Schweiz Gen 8.500 12/13/2021 CHF 69.870
SG Issuer SA 0.850 7/29/2024 EUR 13.530
UBS AG/London 14.000 6/28/2021 CHF 68.300
UBS AG/London 8.000 6/28/2021 CHF 75.900
UBS AG/London 13.750 6/28/2021 CHF 7.610
Vontobel Financial Pro 14.500 9/24/2021 EUR 74.180
Vontobel Financial Pro 17.000 9/24/2021 EUR 71.370
Vontobel Financial Pro 20.000 9/24/2021 EUR 69.180
Vontobel Financial Pro 23.000 6/25/2021 EUR 66.700
UBS AG/London 11.000 6/28/2021 CHF 69.700
EFG International Fina 11.120 12/27/2024 EUR 66.370
Bayerische Landesbank 2.500 7/22/2022 EUR 70.960
Vontobel Financial Pro 13.000 9/24/2021 EUR 75.650
Vontobel Financial Pro 18.500 9/24/2021 EUR 70.230
Vontobel Financial Pro 14.000 6/25/2021 EUR 75.460
Vontobel Financial Pro 15.500 6/25/2021 EUR 73.380
Vontobel Financial Pro 16.000 9/24/2021 EUR 72.840
Vontobel Financial Pro 17.500 6/25/2021 EUR 71.550
Vontobel Financial Pro 21.000 6/25/2021 EUR 68.170
UBS AG/London 10.000 12/27/2021 CHF 74.200
UBS AG/London 7.250 6/28/2021 EUR 73.250
Vontobel Financial Pro 19.500 6/25/2021 EUR 69.850
Vontobel Financial Pro 18.500 6/25/2021 EUR 70.540
Vontobel Financial Pro 20.000 6/25/2021 EUR 68.550
Vontobel Financial Pro 17.500 9/24/2021 EUR 70.200
Vontobel Financial Pro 16.500 6/25/2021 EUR 72.590
Vontobel Financial Pro 14.000 9/24/2021 EUR 74.070
Credit Suisse AG/Londo 10.800 12/07/2021 USD 54.600
UBS AG/London 12.000 12/06/2021 USD 73.560
Leonteq Securities AG/ 9.500 06/03/2021 EUR 58.900
Landesbank Baden-Wuert 5.700 6/25/2021 EUR 72.500
Landesbank Baden-Wuert 5.900 7/23/2021 EUR 71.770
Landesbank Baden-Wuert 2.500 7/23/2021 EUR 66.070
Landesbank Baden-Wuert 4.200 7/23/2021 EUR 61.100
Landesbank Baden-Wuert 6.500 7/23/2021 EUR 57.130
Landesbank Baden-Wuert 4.500 6/25/2021 EUR 71.960
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 69.500
Landesbank Baden-Wuert 3.700 6/25/2021 EUR 67.530
Landesbank Baden-Wuert 4.750 6/25/2021 EUR 65.100
Landesbank Baden-Wuert 5.750 6/25/2021 EUR 63.460
Landesbank Baden-Wuert 7.750 6/25/2021 EUR 70.080
Deutsche Bank AG 3.800 02/04/2030 USD
Landesbank Baden-Wuert 5.050 10/22/2021 EUR 69.410
EFG International Fina 7.000 09/06/2021 EUR 74.500
Raiffeisen Schweiz Gen 6.600 3/23/2022 CHF 67.910
BNP Paribas Emissions- 10.000 3/24/2022 EUR 9.800
Leonteq Securities AG 10.000 8/17/2021 CHF 72.410
BNP Paribas Emissions- 5.000 3/24/2022 EUR 71.240
BNP Paribas Emissions- 7.000 3/24/2022 EUR 69.440
Landesbank Baden-Wuert 4.100 10/22/2021 EUR 71.690
Skandinaviska Enskilda 6.400 1/15/2025 SEK 75.120
Landesbank Baden-Wuert 4.800 10/22/2021 EUR 67.540
BNP Paribas Emissions- 6.000 9/23/2021 EUR 71.850
EFG International Fina 9.700 9/26/2022 CHF 13.740
BNP Paribas Emissions- 10.000 12/23/2021 EUR 7.280
BNP Paribas Emissions- 6.000 6/24/2021 EUR 69.660
UBS AG/London 7.250 09/06/2021 CHF 59.450
BNP Paribas Emissions- 7.000 12/23/2021 EUR 69.190
Leonteq Securities AG/ 6.000 5/20/2021 CHF 74.800
Societe Generale SA 8.000 7/14/2021 USD 5.000
Corner Banca SA 11.000 7/21/2021 CHF 71.570
Zurcher Kantonalbank F 8.000 10/22/2021 EUR 66.780
BNP Paribas Emissions- 9.000 9/23/2021 EUR 4.300
UBS AG/London 12.500 06/11/2021 CHF 74.300
UBS AG/London 9.000 06/11/2021 CHF 76.450
UBS AG/London 14.000 06/11/2021 CHF 59.050
Leonteq Securities AG/ 15.000 6/16/2021 CHF 61.690
EFG International Fina 15.500 6/16/2021 EUR 7.420
Leonteq Securities AG/ 11.400 6/16/2021 EUR 67.630
Leonteq Securities AG 8.000 12/13/2022 CHF 70.800
UBS AG/London 10.750 05/07/2021 USD 52.800
Leonteq Securities AG/ 10.000 05/10/2021 EUR 55.130
BNP Paribas Emissions- 7.000 6/24/2021 EUR 74.650
Barclays Bank PLC 2.000 5/28/2021 USD 11.560
Societe Generale Effek 12.240 6/25/2021 EUR 66.230
Societe Generale Effek 13.989 6/25/2021 EUR 61.650
Zurcher Kantonalbank F 14.000 5/21/2021 CHF 68.400
Societe Generale Effek 13.479 12/24/2021 EUR 67.980
UBS AG/London 7.000 9/27/2021 CHF 73.050
UBS AG/London 9.750 6/18/2021 CHF 74.250
UBS AG/London 7.000 12/20/2021 CHF 61.600
UBS AG/London 10.250 12/20/2021 CHF 74.700
UBS AG/London 12.000 12/20/2021 CHF 71.000
Landesbank Baden-Wuert 2.000 7/23/2021 EUR 60.490
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 62.470
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 67.870
Landesbank Baden-Wuert 3.500 6/25/2021 EUR 58.360
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 71.550
Zurcher Kantonalbank F 6.250 12/30/2021 EUR 74.590
UBS AG/London 6.500 05/03/2021 CHF 72.150
Landesbank Baden-Wuert 5.500 7/23/2021 EUR 71.880
Landesbank Baden-Wuert 7.000 6/25/2021 EUR 52.610
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 69.800
Landesbank Baden-Wuert 7.000 6/25/2021 EUR 70.920
DekaBank Deutsche Giro 5.500 12/03/2021 EUR 57.230
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 66.950
Landesbank Baden-Wuert 4.000 6/25/2021 EUR 67.220
Landesbank Baden-Wuert 5.000 6/25/2021 EUR 60.950
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 74.020
Landesbank Baden-Wuert 4.000 6/25/2021 EUR 61.910
Landesbank Baden-Wuert 2.500 6/25/2021 EUR 76.200
Landesbank Baden-Wuert 6.500 6/25/2021 EUR 56.270
Landesbank Baden-Wuert 4.500 6/25/2021 EUR 62.030
Leonteq Securities AG/ 8.150 09/02/2021 CHF 42.720
Leonteq Securities AG 11.800 12/20/2021 CHF 71.960
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 66.700
Landesbank Baden-Wuert 2.500 6/25/2021 EUR 70.130
Landesbank Baden-Wuert 5.500 6/25/2021 EUR 61.200
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 70.950
Landesbank Baden-Wuert 6.500 6/25/2021 EUR 73.840
Landesbank Baden-Wuert 5.500 6/25/2021 EUR 56.830
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 56.300
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 52.030
Leonteq Securities AG 11.000 12/20/2021 CHF 75.020
Zurcher Kantonalbank F 8.000 5/16/2022 CHF 72.260
UBS AG/London 7.000 8/30/2021 CHF 64.300
DekaBank Deutsche Giro 3.000 9/24/2021 EUR 71.650
DekaBank Deutsche Giro 4.000 1/14/2022 EUR 72.670
Societe Generale Effek 17.468 6/25/2021 EUR 70.550
Zurcher Kantonalbank F 8.125 02/11/2022 EUR 66.370
Zurcher Kantonalbank F 9.750 02/11/2022 USD 68.090
Leonteq Securities AG/ 11.200 08/04/2021 CHF 75.140
UBS AG/London 12.000 08/05/2021 CHF 71.650
UBS AG/London 11.500 08/05/2021 CHF 73.800
Araratbank OJSC 5.500 1/29/2024 USD 24.978
Leonteq Securities AG/ 13.500 05/12/2021 EUR 3.120
UBS AG/London 10.500 11/15/2021 CHF 73.800
UBS AG/London 11.000 5/14/2021 CHF 67.750
Credit Suisse AG/Londo 10.000 5/14/2021 EUR 74.020
Leonteq Securities AG/ 6.800 5/18/2021 EUR 60.780
BNP Paribas Issuance B 7.150 11/07/2024 SEK 71.120
Credit Suisse AG/Londo 11.500 5/20/2021 CHF 67.090
Credit Suisse AG/Londo 7.600 7/23/2021 EUR 70.540
UBS AG/London 14.000 12/20/2021 CHF 65.750
EFG International Fina 5.600 07/11/2024 EUR 25.830
Zurcher Kantonalbank F 8.000 05/07/2021 CHF 67.510
Bank Julius Baer & Co 10.000 6/21/2021 EUR 63.950
Landesbank Baden-Wuert 3.250 7/28/2023 EUR 67.060
Bayerische Landesbank 1.450 1/26/2024 EUR 66.660
Leonteq Securities AG/ 7.500 12/20/2021 EUR 59.750
WEB Windenergie AG 2.500 9/26/2021 EUR 0.010
Vontobel Financial Pro 20.000 6/25/2021 EUR 62.500
Vontobel Financial Pro 22.000 6/25/2021 EUR 61.120
Vontobel Financial Pro 16.500 9/24/2021 EUR 65.040
Vontobel Financial Pro 18.000 6/25/2021 EUR 63.980
Vontobel Financial Pro 16.000 6/25/2021 EUR 65.600
Raiffeisen Schweiz Gen 7.800 11/22/2021 CHF 60.120
Raiffeisen Schweiz Gen 9.000 5/25/2021 CHF 67.690
BNP Paribas Emissions- 9.000 6/24/2021 EUR 70.830
Societe Generale SA 10.000 12/02/2021 USD 64.200
Raiffeisen Schweiz Gen 7.060 06/02/2021 USD 58.430
BNP Paribas Emissions- 8.000 6/24/2021 EUR 64.060
UBS AG/London 7.000 11/29/2021 EUR 62.300
Landesbank Baden-Wuert 3.000 11/26/2021 EUR 61.680
DekaBank Deutsche Giro 3.250 11/25/2022 EUR 71.490
Vontobel Financial Pro 11.000 05/11/2021 EUR 61.217
EFG International Fina 9.000 9/20/2021 EUR 60.230
Leonteq Securities AG/ 2.290 10/29/2021 EUR 51.290
SG Issuer SA 7.440 05/03/2021 CHF 54.050
UniCredit Bank AG 10.000 6/25/2021 EUR 67.390
UniCredit Bank AG 12.300 6/25/2021 EUR 59.590
UniCredit Bank AG 7.500 6/25/2021 EUR 73.090
UniCredit Bank AG 12.300 6/25/2021 EUR 48.180
UniCredit Bank AG 10.900 12/24/2021 EUR 74.390
UniCredit Bank AG 15.100 6/25/2021 EUR 56.850
UniCredit Bank AG 5.700 12/24/2021 EUR 70.090
UniCredit Bank AG 9.900 12/24/2021 EUR 71.500
UniCredit Bank AG 9.900 6/25/2021 EUR 68.260
UniCredit Bank AG 7.400 12/24/2021 EUR 70.100
UniCredit Bank AG 11.200 6/25/2021 EUR 50.030
UniCredit Bank AG 12.800 6/25/2021 EUR 71.580
UniCredit Bank AG 11.000 6/25/2021 EUR 56.880
UniCredit Bank AG 12.900 12/24/2021 EUR 59.100
UniCredit Bank AG 9.100 12/24/2021 EUR 66.020
Landesbank Hessen-Thue 7.000 4/29/2022 EUR 73.380
SG Issuer SA 9.800 05/03/2021 USD 56.700
UniCredit Bank AG 10.200 6/25/2021 EUR 52.090
Societe Generale SA 13.010 02/02/2023 USD 65.200
UniCredit Bank AG 11.700 6/25/2021 EUR 73.430
UniCredit Bank AG 13.000 6/25/2021 EUR 60.850
UniCredit Bank AG 7.800 12/24/2021 EUR 63.230
UniCredit Bank AG 11.800 6/25/2021 EUR 73.730
UniCredit Bank AG 9.900 12/24/2021 EUR 64.490
UniCredit Bank AG 8.900 12/24/2021 EUR 53.600
UniCredit Bank AG 8.300 6/25/2021 EUR 63.780
UniCredit Bank AG 10.000 12/24/2021 EUR 58.210
UniCredit Bank AG 9.300 12/24/2021 EUR 59.740
UniCredit Bank AG 8.100 12/24/2021 EUR 55.220
UniCredit Bank AG 8.300 12/24/2021 EUR 71.070
UniCredit Bank AG 13.600 6/25/2021 EUR 66.080
UniCredit Bank AG 9.700 12/24/2021 EUR 52.150
UniCredit Bank AG 11.200 12/24/2021 EUR 49.600
UniCredit Bank AG 11.100 12/24/2021 EUR 69.140
UniCredit Bank AG 12.000 6/25/2021 EUR 54.980
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
HPI AG 3.500 EUR 3.011
UBS AG/London 5.750 8/16/2021 CHF 71.550
Mifa Mitteldeutsche Fa 7.500 08/12/2018 EUR 2.100
Landesbank Hessen-Thue 7.700 8/20/2021 EUR 54.070
EFG International Fina 13.000 11/08/2021 EUR 67.940
Vontobel Financial Pro 4.300 5/24/2021 EUR 75.770
UBS AG/London 8.000 11/08/2021 CHF 59.600
Leonteq Securities AG/ 6.000 11/23/2021 CHF 55.250
DekaBank Deutsche Giro 2.400 6/17/2022 EUR 72.570
Raiffeisen Schweiz Gen 5.500 5/24/2022 CHF 76.090
Zurcher Kantonalbank F 9.000 06/04/2021 CHF 74.630
DekaBank Deutsche Giro 4.150 07/01/2022 EUR 59.370
Landesbank Hessen-Thue 5.750 07/12/2024 EUR 62.160
UBS AG/London 6.250 06/07/2021 CHF 53.950
UBS AG/London 8.750 06/07/2021 EUR 58.400
Bayerische Landesbank 2.700 5/14/2021 EUR 58.970
Leonteq Securities AG 6.600 10/12/2021 CHF 64.320
UniCredit Bank AG 11.400 12/24/2021 EUR 61.600
UniCredit Bank AG 12.000 6/25/2021 EUR 69.500
Landesbank Hessen-Thue 6.000 03/06/2025 EUR 54.580
UBS AG/London 14.250 05/06/2021 CHF 61.250
UBS AG/London 7.500 9/20/2021 CHF 58.300
Vontobel Financial Pro 10.000 12/24/2021 EUR 75.182
Vontobel Financial Pro 15.000 9/24/2021 EUR 65.995
Vontobel Financial Pro 19.500 6/25/2021 EUR 63.351
SG Issuer SA 0.350 11/15/2023 EUR 20.430
Vontobel Financial Pro 19.500 6/25/2021 EUR 68.488
Leonteq Securities AG/ 4.890 11/26/2021 USD 67.510
Vontobel Financial Pro 10.000 9/24/2021 EUR 73.725
Lehman Brothers Treasu 9.250 6/20/2012 USD 0.100
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.374
Lehman Brothers Treasu 3.000 9/13/2010 JPY 0.100
Heta Asset Resolution 5.270 12/31/2023 EUR 1.994
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.374
Getin Noble Bank SA 5.250 11/30/2023 PLN 70.645
Getin Noble Bank SA 5.250 12/21/2023 PLN 70.412
Getin Noble Bank SA 5.250 04/04/2024 PLN 59.778
Lehman Brothers Treasu 8.600 7/31/2013 GBP 0.100
Lehman Brothers Treasu 7.320 7/31/2013 GBP 0.100
WPE International Coop 10.375 9/30/2020 USD 4.922
Lehman Brothers Treasu 3.600 3/19/2018 JPY 0.100
Lehman Brothers Treasu 8.280 7/31/2013 GBP 0.100
Spoldzielczy Bank Rozw 3.750 7/16/2025 PLN 74.885
Lehman Brothers Treasu 1.280 11/06/2010 JPY 0.100
Lehman Brothers Treasu 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasu 7.500 7/31/2013 GBP 0.100
Leonteq Securities AG/ 15.180 12/27/2021 EUR 11.440
DekaBank Deutsche Giro 3.700 11/25/2022 EUR 68.250
Leonteq Securities AG 14.800 05/04/2021 CHF 61.760
Landesbank Baden-Wuert 2.000 11/26/2021 EUR 65.220
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 59.500
Landesbank Hessen-Thue 7.770 7/15/2021 EUR 36.840
EFG International Fina 15.000 4/30/2021 CHF 67.580
DekaBank Deutsche Giro 2.300 4/16/2021 EUR 54.570
Bibby Offshore Service 7.500 6/15/2021 GBP 11.500
Lehman Brothers Treasu 5.250 11/21/2009 USD 0.100
Lehman Brothers Treasu 2.300 6/27/2013 USD 0.100
Kaupthing ehf 6.500 10/08/2010 ISK 0.250
Lehman Brothers Treasu 1.950 11/04/2013 EUR 0.100
Lehman Brothers Treasu 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasu 3.630 03/02/2012 EUR 0.100
Lehman Brothers Treasu 0.750 3/29/2012 EUR 0.100
Lehman Brothers Treasu 3.000 08/08/2017 EUR 0.100
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 4.500 03/07/2015 EUR 0.100
Lehman Brothers Treasu 3.025 1/31/2015 EUR 0.100
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 38.412
Getin Noble Bank SA 4.250 7/26/2024 PLN 54.818
Lehman Brothers Treasu 3.820 10/20/2009 USD 0.100
IT Holding Finance SA 9.875 11/15/2012 EUR 0.255
Lehman Brothers Treasu 6.000 3/17/2011 EUR 0.100
Lehman Brothers Treasu 0.500 2/16/2009 EUR 0.100
Credit Suisse AG 0.500 12/16/2025 BRL 64.694
Bank Otkritie Financia 0.010 7/16/2025 RUB 72.660
Lehman Brothers Treasu 4.000 2/28/2010 EUR 0.100
Lehman Brothers Treasu 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasu 2.000 5/17/2010 EUR 0.100
Heta Asset Resolution 4.875 12/31/2023 EUR 1.994
Heta Asset Resolution 5.030 12/31/2023 EUR 1.994
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Kaupthing ehf 7.500 12/05/2014 ISK 0.250
Lehman Brothers Treasu 2.370 7/15/2013 USD 0.100
Teksid Aluminum Luxemb 12.375 7/15/2011 EUR 0.122
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.732
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.265
Getin Noble Bank SA 5.250 1/31/2024 PLN 64.875
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
Lehman Brothers Treasu 3.700 06/06/2009 EUR 0.100
HSBC Bank PLC 0.500 12/22/2025 BRL 63.716
Barclays Bank PLC 10.200 2/14/2025 TRY 71.328
Sidetur Finance BV 10.000 4/20/2016 USD 2.749
Lehman Brothers Treasu 4.250 3/13/2021 EUR 0.100
Lehman Brothers Treasu 8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasu 5.103 6/22/2046 EUR 0.100
Getin Noble Bank SA 5.250 3/31/2023 PLN 75.230
Lehman Brothers Treasu 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasu 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasu 4.500 03/06/2013 CHF 0.100
Espirito Santo Financi 5.625 7/28/2017 EUR 0.785
Lehman Brothers Treasu 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasu 8.000 08/03/2009 USD 0.100
Lehman Brothers Treasu 1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasu 10.000 3/27/2009 USD 0.100
Kaupthing ehf 6.125 10/04/2016 USD 0.250
Lehman Brothers Treasu 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasu 4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasu 7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasu 2.000 10/28/2010 EUR 0.100
Lehman Brothers Treasu 7.750 1/30/2009 EUR 0.100
Lehman Brothers Treasu 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasu 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasu 7.500 10/24/2008 USD 0.100
Lehman Brothers Treasu 6.000 10/24/2008 EUR 0.100
Lehman Brothers Treasu 8.000 4/20/2009 EUR 0.100
Lehman Brothers Treasu 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasu 4.500 12/30/2010 USD 0.100
Lehman Brothers Treasu 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasu 6.000 12/06/2016 USD 0.100
Kreditanstalt fuer Wie 0.250 10/06/2036 CAD 49.140
Lehman Brothers Treasu 3.500 10/31/2011 USD 0.100
BRAbank ASA/NO 7.440 NOK 62.052
Lehman Brothers Treasu 7.585 11/22/2009 MXN 0.100
Lehman Brothers Treasu 6.600 2/22/2012 EUR 0.100
Lehman Brothers Treasu 3.500 10/24/2011 USD 0.100
Lehman Brothers Treasu 0.250 10/19/2012 CHF 0.100
Lehman Brothers Treasu 2.400 6/20/2011 JPY 0.100
Lehman Brothers Treasu 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasu 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasu 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasu 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasu 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu 6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasu 5.100 05/08/2017 HKD 0.100
Lehman Brothers Treasu 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasu 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasu 1.680 03/05/2015 EUR 0.100
Getin Noble Bank SA 5.250 8/31/2023 PLN 65.875
Lehman Brothers Treasu 1.750 02/07/2010 EUR 0.100
Heta Asset Resolution 0.217 12/31/2023 EUR 1.994
Kaupthing ehf 5.000 01/04/2027 SKK 0.250
Lehman Brothers Treasu 5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasu 4.000 11/24/2016 EUR 0.100
SG Issuer SA 3.300 9/26/2034 ZAR 47.580
SG Issuer SA 2.700 11/28/2034 ZAR 42.832
SG Issuer SA 3.000 10/10/2034 ZAR 45.358
Lehman Brothers Treasu 2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasu 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu 11.000 12/19/2011 USD 0.100
Lehman Brothers Treasu 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasu 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasu 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasu 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasu 7.000 11/28/2008 CHF 0.100
Lehman Brothers Treasu 3.850 4/24/2009 USD 0.100
Northland Resources AB 15.000 7/15/2019 USD 2.621
Northland Resources AB 15.000 7/15/2019 USD 2.621
LBI ehf 2.250 2/14/2011 CHF 9.375
Lehman Brothers Treasu 4.000 10/12/2010 USD 0.100
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Lehman Brothers Treasu 7.000 10/22/2010 EUR 0.100
Lehman Brothers Treasu 4.800 11/16/2012 HKD 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Natixis SA 0.300 6/25/2048 USD 45.671
LBI ehf 7.431 USD 0.001
Lehman Brothers Treasu 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasu 3.000 8/13/2011 EUR 0.100
Getin Noble Bank SA 5.250 11/09/2023 PLN 70.605
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
Lehman Brothers Treasu 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasu 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasu 6.000 5/23/2018 CZK 0.100
Lehman Brothers Treasu 3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasu 0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasu 5.000 05/02/2022 EUR 0.100
Lehman Brothers Treasu 2.250 05/12/2009 USD 0.100
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasu 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasu 4.000 5/17/2010 USD 0.100
Lehman Brothers Treasu 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasu 2.480 05/12/2009 USD 0.100
Lehman Brothers Treasu 4.100 06/10/2014 SGD 0.100
Elli Investments Ltd 12.250 6/15/2020 GBP 52.265
Lehman Brothers Treasu 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 9.300 12/21/2010 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 8.800 12/27/2009 EUR 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Kaupthing ehf 4.730 12/19/2008 SKK 0.250
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasu 16.000 10/08/2008 CHF 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Lehman Brothers Treasu 4.600 10/11/2017 ILS 0.100
Lehman Brothers Treasu 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasu 3.500 12/20/2027 USD 0.100
Waste Italia SpA 10.500 11/15/2019 EUR 0.500
Lehman Brothers Treasu 1.500 10/12/2010 EUR 0.100
Lehman Brothers Treasu 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasu 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 6.300 12/21/2018 USD 0.100
Lehman Brothers Treasu 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 4.200 12/03/2008 HKD 0.100
Lehman Brothers Treasu 8.000 12/31/2010 USD 0.100
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Lehman Brothers Treasu 8.050 12/20/2010 HKD 0.100
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
Kommunalbanken AS 4.800 12/01/2022 TRY 75.963
Sberbank CIB CJSC 0.010 01/04/2030 RUB 51.366
Lehman Brothers Treasu 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasu 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 8.000 3/19/2012 USD 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Lehman Brothers Treasu 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasu 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasu 1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasu 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasu 10.000 5/22/2009 USD 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Lehman Brothers Treasu 5.250 04/01/2023 EUR 0.100
Getin Noble Bank SA 5.250 5/31/2023 PLN 70.147
Credit Agricole Corpor 10.150 02/05/2025 TRY 73.003
Getin Noble Bank SA 5.250 4/28/2023 PLN 70.093
Instabank ASA 9.430 NOK 58.748
Lehman Brothers Treasu 6.700 4/21/2011 USD 0.100
Lehman Brothers Treasu 3.000 09/12/2036 JPY 0.100
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Lehman Brothers Treasu 13.000 12/14/2012 USD 0.100
SAir Group 2.750 7/30/2004 CHF 12.625
Lehman Brothers Treasu 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasu 4.680 12/12/2045 EUR 0.100
Deutsche Bank AG/Londo 2.000 10/25/2023 TRY 65.214
Lehman Brothers Treasu 4.820 12/18/2036 EUR 0.100
Lehman Brothers Treasu 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasu 5.500 4/23/2014 EUR 0.100
Lehman Brothers Treasu 15.000 06/04/2009 CHF 0.100
Lehman Brothers Treasu 7.600 03/04/2010 NZD 0.100
Lehman Brothers Treasu 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasu 5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasu 4.600 08/01/2013 EUR 0.100
Lehman Brothers Treasu 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasu 6.250 09/05/2011 EUR 0.100
Lehman Brothers Treasu 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasu 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasu 4.300 06/04/2012 USD 0.100
Lehman Brothers Treasu 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasu 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasu 11.750 03/01/2010 EUR 0.100
Lehman Brothers Treasu 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasu 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasu 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasu 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasu 8.875 1/28/2011 HKD 0.100
Lehman Brothers Treasu 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasu 2.000 6/28/2011 EUR 0.100
Lehman Brothers Treasu 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasu 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasu 5.500 07/08/2013 EUR 0.100
Polski Bank Spoldzielc 3.750 9/14/2027 PLN 64.873
Lehman Brothers Treasu 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu 12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasu 6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasu 7.550 12/29/2008 USD 0.100
Lehman Brothers Treasu 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasu 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasu 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasu 7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasu 6.000 08/07/2013 EUR 0.100
Lehman Brothers Treasu 11.250 12/31/2008 USD 0.100
Kaupthing ehf 9.750 09/10/2015 USD 0.250
Lehman Brothers Treasu 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasu 16.000 12/26/2008 USD 0.100
LBI ehf 5.080 03/01/2013 ISK 9.375
Lehman Brothers Treasu 2.673 9/21/2010 JPY 0.100
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Lehman Brothers Treasu 7.750 01/03/2012 AUD 0.100
Lehman Brothers Treasu 2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasu 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasu 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu 13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasu 3.100 06/04/2010 USD 0.100
Lehman Brothers Treasu 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasu 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasu 6.450 2/20/2010 AUD 0.100
Lehman Brothers Treasu 7.625 7/22/2011 HKD 0.100
Lehman Brothers Treasu 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Kaupthing ehf 2.775 05/10/2045 ISK 0.250
Lehman Brothers Treasu 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasu 2.430 9/25/2009 USD 0.100
Lehman Brothers Treasu 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasu 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasu 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasu 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasu 6.600 02/09/2009 EUR 0.100
Lehman Brothers Treasu 6.720 12/29/2008 EUR 0.100
Lehman Brothers Treasu 7.600 1/31/2013 AUD 0.100
Lehman Brothers Treasu 7.060 12/29/2008 EUR 0.100
Lehman Brothers Treasu 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasu 7.150 3/21/2013 USD 0.100
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Lehman Brothers Treasu 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasu 10.000 06/11/2038 JPY 0.100
Lehman Brothers Treasu 6.000 6/21/2011 EUR 0.100
Lehman Brothers Treasu 2.000 6/21/2011 EUR 0.100
Lehman Brothers Treasu 8.000 12/27/2032 JPY 0.100
Lehman Brothers Treasu 4.100 8/23/2010 USD 0.100
Lehman Brothers Treasu 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasu 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasu 0.010 9/20/2011 USD 0.100
Lehman Brothers Treasu 12.000 7/13/2037 JPY 0.100
UniCredit Bank AG 5.600 4/16/2021 EUR 61.410
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *