/raid1/www/Hosts/bankrupt/TCREUR_Public/210607.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, June 7, 2021, Vol. 22, No. 107

                           Headlines



G E R M A N Y

METRO AG: Moody's Withdraws Ba1 Corporate Family Rating
WIRECARD AG: Philippine Authorities File Criminal Complaint


I R E L A N D

BAIN CAPITAL 2021-1: Moody's Gives (P)B3 Rating to Class F Notes
BILBAO CLO III: Fitch Assigns Final B- Rating on E-R Tranche
BILBAO CLO III: S&P Assigns B- Rating on Class E Notes
DORCHESTER PARK CLO: Moodys Hikes Class F-R Notes Rating to B2
NORTHWOODS CAPITAL 21: Moody's Assigns (P)B3 Rating to Cl. F Notes

NORTHWOODS CAPITAL 21: S&P Assigns Prelim B- Rating on F-R Notes
ROCHESTER FINANCING 3: Fitch Assigns B-(EXP) Rating on X Notes
ROCHESTER FINANCING 3: S&P Assigns Prelim. B- Rating on X Notes
ST. PAUL'S VII: S&P Assigns Prelim. B- Rating on Cl. F Notes


I T A L Y

ALITALIA: Ryanair to Appeal State Funds Injected Into New Entity
INT’L DESIGN GROUP: Fitch Affirms Final B Rating on EUR470MM Notes


L U X E M B O U R G

INDIVIOR FINANCE: Moody's Hikes CFR to B2, Outlook Stable


N E T H E R L A N D S

AERCAP GLOBAL: Moody's Affirms Ba1(hyb) Rating on Subordinate Bond
NOBEL BIDCO: Moody's Assigns First Time 'B1' Corp. Family Rating


R U S S I A

RFI BANK: Put on Provisional Administration, License Revoked


S W E D E N

ITIVITI GROUP: Moody's Withdraws B3 CFR Following Debt Repayment
TRANSCOM HOLDING: Moody's Rates New EUR300MM Secured Notes 'B3'


T U R K E Y

ZORLU YENILENEBILIR: S&P Assigns 'B-' LT ICR, Outlook Stable


U N I T E D   K I N G D O M

AVATION PLC: Fitch Withdraws 'CCC' LongTerm IDR
DEUCE MIDCO: Moody's Assigns B3 CFR, Outlook Stable
MORTIMER BTL 2021-1: Moody's Assigns (P)Ba3 Rating to Cl. X1 Notes
TOGETHER ASSET 2021-CRE2: S&P Assigns Prelim. 'B' Rating on X Notes
TOWD POINT 2019-GRANITE5: Moody's Upgrades GBP5MM F Notes to B1

WOOHA BREWING: Bought Out of Administration by North Coast
WRIGHT & BELL: Goes Into Administration Due to Covid-19 Pandemic


X X X X X X X X

[*] BOND PRICING: For the Week May 31 to June 4, 2021

                           - - - - -


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

METRO AG: Moody's Withdraws Ba1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 corporate family
rating and Ba1-PD probability of default rating of METRO AG.
Moody's has also withdrawn Metro's Ba1 senior unsecured ratings,
(P)Ba1 senior unsecured medium-term notes program rating, NP
commercial paper rating and (P)NP other short-term rating.
Concurrently, Moody's has withdrawn METRO Finance B.V.'s Ba1 backed
senior unsecured rating, (P)Ba1 backed senior unsecured MTN program
rating and (P)NP backed other short-term rating. The outlook of
both entities at the time of the withdrawal was stable.

RATINGS RATIONALE

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

COMPANY PROFILE

Headquartered in Dusseldorf, Germany, Metro is one of the largest
food wholesalers and retailers in Europe, with revenue of EUR25.6
billion and Moody's-adjusted EBITDA of EUR1.0 billion in the fiscal
year ending September 2020. The group was created by the demerger
of the former METRO GROUP, whose shareholders agreed in February
2017 to split the operations between CECONOMY AG, which took over
consumer electronics, and Metro Wholesale & Food Specialist AG,
which gathered the food wholesale and retail operations. Metro
Wholesale & Food Specialist AG subsequently changed its name to
Metro AG.


WIRECARD AG: Philippine Authorities File Criminal Complaint
-----------------------------------------------------------
Stefania Palma at The Financial Times reports that Philippine
authorities have filed a criminal complaint against individuals
over the Wirecard scandal, including former chief operating officer
Jan Marsalek, following a probe examining the collapse of the
German payments group.

The prosecutor-general's office said in a statement on June 4 that
the National Bureau of Investigation (NBI) had recommended charges
against four individuals, who also include Mark Tolentino, a lawyer
based in Manila, the FT relates.

The south-east Asian country was thrust centre stage during
Wirecard's implosion after the company claimed to have EUR1.9
billion in cash at two local banks, Bank of the Philippine Islands
(BPI) and BDO Unibank, the FT discloses.  The fraud at the once
high-flying payments group unravelled last year after Wirecard
revealed the cash did not exist, the FT relays.  Wirecard filed for
insolvency in June 2020, the FT recounts.

The NBI also recommended charges against Joey Dela Cruz Arellano,
Judith Singayan Pe and other, unnamed individuals, the
prosecutor-general's office said in its statement, the FT states.
Philippine investigators recommended the charges along with BPI,
which also brought the complaint, according to the FT.

The recommended charges include falsifying commercial documents as
well as violating the general banking act, the cyber crime
prevention act and the electronic commerce act, the FT discloses.
If found guilty, penalties include imprisonment of up to 12 years
and fines of up to 2 million Philippine pesos (US$42,000),
according to the statement from the prosecutor-general's office,
the FT says.

The accusations revolve around bank documents that claimed the
purported EUR1.9 billion existed and were shown to Wirecard's
auditor EY, the FT discloses.

Mr. Marsalek, who German prosecutors believe to be one of the
architects of the multibillion-euro fraud, has been on the run
since Wirecard's collapse and is wanted by Interpol, the FT notes.

Prosecutor-general Benedicto Malcontento told the FT that the
complaints allege that Marsalek met Tolentino in Manila in March
2020 together with EY and KPMG, which Wirecard's supervisory board
commissioned in 2019 to run a special audit into its accounting.

Wirecard told EY that Tolentino was its trustee in the Philippines,
overseeing cash in local bank accounts on its behalf, the FT
relates.  Mr. Tolentino denies having been Wirecard's trustee and
has previously accused the German company of "identity theft", the
FT notes.




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

BAIN CAPITAL 2021-1: Moody's Gives (P)B3 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the Notes to be issued by Bain
Capital Euro CLO 2021-1 Designated Activity Company (the
"Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

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

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

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR24,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR20,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F 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 is a managed cash flow CLO. At least 95% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 5% of the portfolio may consist of unsecured senior
loans, second-lien loans, high yield bonds and mezzanine loans. The
portfolio is expected to be over 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 six month ramp-up period in compliance with the
portfolio guidelines.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR30,600,000 M-1 Subordinated Notes due 2034 and
EUR500,000 M-2 Subordinated Notes due 2034 which are not rated.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortises by 12.5% or EUR 250,000.00 over eight
payment dates starting on the second payment date.

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 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: EUR400,000,000.00

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 44.3%

Weighted Average Life (WAL): 8.5 years

BILBAO CLO III: Fitch Assigns Final B- Rating on E-R Tranche
------------------------------------------------------------
Fitch Ratings has assigned Bilbao CLO III DAC final ratings.

      DEBT                   RATING             PRIOR
      ----                   ------             -----
Bilbao CLO III DAC

A-1 XS2168064926     LT  PIFsf   Paid In Full   AAAsf
A-1-R XS2332235733   LT  AAAsf   New Rating
A-2A XS2168064090    LT  PIFsf   Paid In Full   AAsf
A-2A-R XS2332236384  LT  AAsf    New Rating
A-2B XS2168063282    LT  PIFsf   Paid In Full   AAsf
A-2B-R XS2332236970  LT  AAsf    New Rating
B XS2168062557       LT  PIFsf   Paid In Full   Asf
B-R XS2332237788     LT  Asf     New Rating
C XS2168061666       LT  PIFsf   Paid In Full   BBB-sf
C-R XS2332238323     LT  BBB-sf  New Rating
D XS2168060775       LT  PIFsf   Paid In Full   BB-sf
D-R XS2332239131     LT  BB-sf   New Rating
E-R XS2332238919     LT  B-sf    New Rating

TRANSACTION SUMMARY

Bilbao CLO III DAC is a securitisation of mainly senior secured
obligations with a component of senior unsecured, mezzanine and
second-lien loans, and high-yield bonds. Note proceeds have been
used to redeem all existing classes except the subordinated notes
and upsize the portfolio to a target par of EUR350 million. The
portfolio is actively managed by Guggenheim Partners Europe
Limited. The transaction has a 4.7-year reinvestment period and an
8.7-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the target
portfolio is 34.6.

Recovery Inconsistent with Criteria (Negative): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the target portfolio is 63.3%.

Diversified Portfolio (Positive): The transaction has four matrices
based on two top 10 obligor limits at 15% and 23%, and two fixed
rate asset limits at 0% and 10%. The transaction also includes
various concentration limits, including the maximum exposure to the
three largest (Fitch-defined) industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

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

Model-implied Ratings Deviation (Negative): The assigned ratings of
all classes are one notch above the model-implied rating (MIR).
When analysed with the matrices, the maximum default rate shortfall
at the target rating ranges from -0.8% to -4.3% across the
structure. The ratings are supported by the good performance of the
existing CLO, as well as the significant default cushion against
downgrade based on the target portfolio due to the notable cushion
between the covenants of the transactions and the portfolio's
parameters.

All notes pass the assigned ratings based on the target portfolio
and the coronavirus baseline sensitivity analysis that is used for
surveillance. The class F notes' deviation from the MIR reflects
the agency's view that the tranche displays 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

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

-- A 25% reduction of the mean default rate (RDR) across all
    ratings and a 25% increase in the recovery rate (RRR) across
    all ratings will result in an upgrade of no more than five
    notches across the structure, apart from the class A notes,
    which are already at the highest rating on Fitch's scale and
    cannot be upgraded.

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

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

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

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

Coronavirus Baseline Scenario Impact

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

Coronavirus Downside Scenario Impact

Fitch also considers a sensitivity analysis that contemplates a
more severe and prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
of assets with corporate issuers on Negative Outlook regardless of
sector. Under this downside scenario, all classes pass the current
ratings except the class E notes, which would be one notch lower.

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

Bilbao CLO III DAC

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

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

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

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


BILBAO CLO III: S&P Assigns B- Rating on Class E Notes
------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bilbao CLO III
DAC's class A-1-R, A-2A-R, A-2B-R, B-R, C-R, D-R, and E notes. At
closing, the issuer did not issue additional unrated subordinated
notes in addition to the EUR43.15 million of existing unrated
subordinated notes.

The transaction is a reset of an existing transaction, which
originally closed in May 2020. The issuer used the refinancing
notes' issuance proceeds to redeem the existing notes (the class
A-1, A-2A, A-2B, B, C, and D notes), pay fees and expenses incurred
in connection with the reset, and fund the acquisition of
additional assets.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

  Portfolio Benchmarks
                                                      CURRENT
  S&P Global Ratings weighted-average rating factor  2,950.42
  Default rate dispersion                              572.37
  Weighted-average life (years)                          5.04
  Obligor diversity measure                             81.46
  Industry diversity measure                            21.11
  Regional diversity measure                             1.25

  Transaction Key Metrics
                                                      CURRENT
  Total par amount (mil. EUR)                             350
  Defaulted assets (mil. EUR)                               0
  Number of performing obligors                            90
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                     'B'
  'CCC' category rated assets (%)                        4.24
  Covenanted 'AAA' weighted-average recovery (%)        36.78
  Covenanted weighted-average spread (%)                 3.50
  Covenanted weighted-average coupon (%)                 4.50

Loss mitigation obligations

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

Loss mitigation obligations allow the issuer to participate in
potential new financing initiatives by the borrower in default.
This feature aims to mitigate the risk of other market participants
taking advantage of CLO restrictions, which typically do not allow
the CLO to participate in a defaulted entity's new financing
request. Hence, this feature increases the chance of a higher
recovery for the CLO. While the objective is positive, it can also
lead to par erosion, as additional funds will be placed with an
entity that is under distress or in default. This may cause greater
volatility in our ratings if the obligation's positive effect does
not materialize. In S&P's view, the presence of a bucket for loss
mitigation obligations, the restrictions on the use of interest and
principal proceeds to purchase the assets, and the limitations in
reclassifying proceeds received from these assets from principal to
interest help to mitigate the risk.

The purchase of loss mitigation obligations is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase loss mitigation obligations using interest proceeds,
principal proceeds, or amounts in the supplemental reserve
account.

The use of interest proceeds to purchase loss mitigation
obligations is subject to:

-- The manager determining that there are sufficient interest
proceeds to pay interest on all the rated notes on the upcoming
payment date; and

-- Following the purchase of the loss mitigation obligation, all
coverage tests must be satisfied.

The use of principal proceeds is subject to:

-- Passing par coverage tests;

-- The manager having built sufficient excess par in the
transaction so that the aggregate collateral balance is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment; and

-- The purchased obligation being a debt obligation, which ranks
senior or pari passu, having a par value greater than or equal to
its purchase price, and having a maturity date falling prior to the
notes' maturity.

Loss mitigation obligations that have limited deviation from the
eligibility criteria will receive collateral value credit for
overcollateralization carrying value purposes. To protect the
transaction from par erosion, any distributions received from loss
mitigation obligations purchased with the use of principal proceeds
will form part of the issuer's principal account proceeds and
cannot be recharacterized as interest. Loss mitigation obligations
that do not meet this version of the eligibility criteria will
receive zero credit.

The cumulative exposure to loss mitigation obligations purchased
with principal is limited to 5% of the target par amount. The
cumulative exposure to loss mitigation obligations purchased with
principal and interest is limited to 10% of the target par amount.

Rating rationale

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.7 years after
closing.

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

"In our cash flow analysis, we used the EUR350 million target par
amount, the covenanted weighted-average spread (3.50%), the
reference weighted-average coupon (4.50%), and the actual
weighted-average recovery rates generated by the portfolio. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Our credit and cash flow analysis shows that the class A-2A-R,
A-2B-R, B-R, and C-R notes benefit from break-even default rate
(BDR) and scenario default rate cushions that we would typically
consider to be in line with higher ratings than those assigned.
However, as the CLO will be in reinvestment phase until February
2026, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings on the notes.

"For the class E notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC+' rating. However, after applying our
'CCC' criteria, we have assigned a 'B-' rating to this class of
notes." The one-notch uplift (to 'B-') from the model generated
results (of 'CCC+'), reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 28.62%
(for a portfolio with a weighted-average life of 5.04 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 5.04 years, which would result in a target default rate
of 15.62%.

-- S&P also noted that the actual portfolio is generating higher
spreads and recoveries versus the covenanted thresholds that it has
modelled in its cash flow analysis.

-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chance for this note
to default, and (iii) if it envisions this tranche to default in
the next 12-18 months.

Following this analysis, S&P considers that the available credit
enhancement for the class E notes is commensurate with the 'B-
(sf)' rating assigned.

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

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020."

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries
(non-exhaustive list): tobacco, controversial weapons, trade of
illegal drugs or narcotics, including recreational cannabis, and
thermal coal and fossil fuels from unconventional sources.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Guggenheim
Partners Europe Ltd.

  Ratings List

  CLASS   PRELIM    PRELIMINARY  SUB (%)  INTEREST RATE*
          RATING    AMOUNT
                    (MIL. EUR)
  A-1-R   AAA (sf)    210.00     40.00   Three/six-month EURIBOR
                                             plus 0.86%
  A-2A-R  AA (sf)      26.40     28.17   Three/six-month EURIBOR
                                             plus 1.50%
  A-2B-R  AA (sf)      15.00     28.17   1.98%
  B-R     A (sf)       21.40     22.06   Three/six-month EURIBOR
                                             plus 2.00%
  C-R     BBB- (sf)    23.40     15.37   Three/six-month EURIBOR
                                             plus 3.00%
  D-R     BB- (sf)     19.60      9.77   Three/six-month EURIBOR
                                             plus 5.96%
  E       B- (sf)       9.80      6.97   Three/six-month EURIBOR
                                             plus 8.30%
  Sub. Notes   NR      43.15       N/A           N/A

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

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


DORCHESTER PARK CLO: Moodys Hikes Class F-R Notes Rating to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Dorchester Park CLO DAC:

US$57,250,000 Class B-R Senior Secured Floating Rate Notes due 2028
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on
December 21, 2020 Upgraded to Aa1 (sf)

US$25,000,000 Class C-R Secured Deferrable Floating Rate Notes due
2028 (the "Class C-R Notes"), Upgraded to Aa1 (sf); previously on
December 21, 2020 Upgraded to A1 (sf)

US$27,500,000 Class D-R Secured Deferrable Floating Rate Notes due
2028 (the "Class D-R Notes"), Upgraded to A3 (sf); previously on
December 21, 2020 Upgraded to Baa2 (sf)

US$24,750,000 Class E-R Secured Deferrable Floating Rate Notes due
2028 (the "Class E-R Notes"), Upgraded to Ba2 (sf); previously on
August 11, 2020 Confirmed at Ba3 (sf)

US$8,000,000 Class F-R Secured Deferrable Floating Rate Notes due
2028 (the "Class F-R Notes"), Upgraded to B2 (sf); previously on
August 11, 2020 Confirmed at B3 (sf)

Dorchester Park CLO DAC, originally issued in February 2015 and
refinanced in June 2018, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2020.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since December 2020. The Class
A-R notes have been paid down by approximately 40.2% or $118.3
million since then. Based on the trustee's May 2021 report[1], the
OC ratios for the Class A/B, Class C, Class D, Class E and Class F
notes are reported at 147.08%, 132.86%, 120.09%, 110.52% and
107.75%, respectively, versus December 2020 levels of 130.93%,
122.25%, 113.93%, 107.36% and 105.39%, respectively.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: $345,626,412

Defaulted par: $667,697

Diversity Score: 66

Weighted Average Rating Factor (WARF): 2971

Weighted Average Spread (WAS) (before accounting for LIBOR floors):
3.21%

Weighted Average Recovery Rate (WARR): 47.36%

Weighted Average Life (WAL): 3.79 years

Par haircut in OC tests and interest diversion test: 0.74%

In consideration of the current high uncertainties around the
global economy, and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from Moody's base case. Some of the
additional scenarios that Moody's considered in its analysis of the
transaction include, among others: sensitivity analysis on
deteriorating credit quality due to a large exposure to loans with
negative outlook, and a lower recovery rate assumption on defaulted
assets to reflect declining loan recovery rate expectations.

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


NORTHWOODS CAPITAL 21: Moody's Assigns (P)B3 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Northwoods Capital 21 Euro DAC (the "Issuer"):

EUR222,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR30,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR31,500,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR32,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

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

EUR21,500,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR16,000,000 Class F Mezzanine 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.

As part of this reset, the Issuer will extend the reinvestment
period to around 4.5 years and the weighted average life to 8.5
years. It will also amend certain concentration limits, definitions
and minor features. In addition, the Issuer will amend the base
matrix and modifiers that Moody's will take 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 at least
70% of the portfolio must consist of senior secured loans.
Therefore, up to 10% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations,
high yield bonds. The portfolio is expected to be around 75% ramped
as of the closing date.

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

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR425,000,000

Diversity Score: 52

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8.604 years


NORTHWOODS CAPITAL 21: S&P Assigns Prelim B- Rating on F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to
Northwoods Capital 21 Euro DAC's class A-1, A-2, B-1, B-2, C-R,
D-R, E-R, and F-R reset notes. At closing, the issuer will have
EUR34.80 million (including EUR6.10 million in additional unrated
subordinated notes) of unrated subordinated notes outstanding from
the existing transaction.

The transaction is a reset of the existing Northwoods Capital 21
Euro, which closed in July 2020. The issuance proceeds of the
refinancing notes will be used to redeem the refinanced notes
(class A, B, C, D, E, and F notes of the original Northwoods
Capital 21 Euro transaction), and pay fees and expenses incurred in
connection with the reset.

The reinvestment period, originally scheduled to last until June
2023, will be extended to December 2025. The covenanted maximum
weighted-average life will be 8.5 years from closing.

Under the transaction documents, the manager may purchase loss
mitigation obligations in connection with the default of an
existing asset to enhance the global recovery on that obligor. The
manager may also exchange defaulted obligations for other defaulted
obligations from a different obligor with a better likelihood of
recovery.

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

  Portfolio Benchmarks

  S&P performing weighted-average rating factor         2,804.39
  Default rate dispersion                                 530.03
  Weighted-average life (years)                             5.47
  Obligor diversity measure                                97.33
  Industry diversity measure                               22.31
  Regional diversity measure                                1.28
  Weighted-average rating                                      B
  'CCC' category rated assets (%)                           4.53
  'AAA' weighted-average recovery rate                     35.83
  Floating-rate assets (%)                                 86.15
  Weighted-average spread (net of floors; %)                3.67

S&P said, "In our cash flow analysis, we modelled a par collateral
size of EUR425.00 million, a weighted-average spread covenant of
3.55%, the weighted-average coupon covenant of 4.00%, and the
minimum weighted-average recovery rates as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

"We expect the issuer to purchase part of the effective date
portfolio from Northwoods Capital 21U Euro DAC, a warehouse
special-purpose entity (SPE) via participations. With regards to
the warehouse SPE, the warehouse seller complies with our legal
criteria. The transaction documents require that the issuer and the
warehouse SPE use commercially reasonable efforts to elevate the
participations by transferring to the issuer the legal and
beneficial interests as soon as reasonably practicable.

"Our credit and cash flow analysis show that the class B-1, B-2,
C-R, D-R, and E-R notes benefit from break-even default rate (BDR)
and scenario default rate cushions that we would typically consider
to be in line with higher ratings than those assigned. However, as
the CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings on these classes of notes.

"The class A-1 and A-2 notes withstand stresses commensurate with
the currently assigned preliminary ratings. In our view, the
portfolio is granular in nature, and well-diversified across
obligors, industries, and assets.

"For the class F-R notes, our credit and cash flow analysis
indicates a negative cushion at the assigned preliminary rating.
Nevertheless, based on the portfolio's actual characteristics and
additional overlaying factors, including our long-term corporate
default rates and recent economic outlook, we believe this class is
able to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that it rates, and that have recently
been issued in Europe.
-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 24.11%
(for a portfolio with a weighted-average life of 5.46 years),
versus a generated BDR at 16.95% if S&P was to consider a long-term
sustainable default rate of 3.1% for 5.46 years, which would result
in a target default rate of 16.95%.

-- The actual portfolio is generating higher spreads and
recoveries at the 'AAA' rating compared with the covenanted
thresholds that it has modelled in its cash flow analysis.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F-R notes is commensurate with the
preliminary 'B- (sf)' rating assigned.

"The Bank of New York Mellon, London Branch is the bank account
provider and custodian. At closing, we expect the documented
downgrade remedies to be in line with our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"We consider that the transaction's legal structure will be
bankruptcy remote at closing, in line with our legal criteria.

"The CLO is managed by Northwoods European CLO Management LLC. We
currently have three European CLOs from the manager under
surveillance. Under our "Global Framework For Assessing Operational
Risk In Structured Finance Transactions," published on Oct. 9,
2014, the maximum potential rating on the liabilities is 'AAA'.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R to E-R
notes to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020. The results
shown in the chart below are based on the actual weighted-average
spread, coupon, and recoveries.

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

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
weapons, marijuana, tobacco, pornography, prostitution, illegal
activities, child or forced labor, production of asbestos fibers,
thermal coal, fracking activities, opioid drug manufacturing and
distribution that has negative environment, social, and governance
impact, or payday lending activities. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

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

  Ratings List

  CLASS   PRELIM.   PRELIM. AMOUNT     INTEREST RATE*      SUB (%)
          RATING      (MIL. EUR)

  A-1     AAA (sf)      222.00      Three-month EURIBOR    40.71
                                       plus 0.87%  
  A-2     AAA (sf)       30.00      Three-month EURIBOR    40.71
                                       plus 1.15%§
  B-1     AA (sf)        31.50      Three-month EURIBOR    29.76
                                       plus 1.55%
  B-2     AA (sf)        15.00             2.00%           29.76
  C-R     A (sf)         32.50      Three-month EURIBOR    22.12
                                       plus 2.10%
  D-R     BBB- (sf)      27.50      Three-month EURIBOR    15.65
                                       plus 3.25%
  E-R     BB- (sf)       21.50      Three-month EURIBOR    10.59
                                       plus 6.06%
  F-R     B- (sf)        16.00      Three-month EURIBOR     6.82
                                       plus 8.63%
  Sub     NR             34.80             N/A               N/A

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

EURIBOR--Euro Interbank Offered Rate.
§ EURIBOR capped at 2.05%.


ROCHESTER FINANCING 3: Fitch Assigns B-(EXP) Rating on X Notes
--------------------------------------------------------------
Fitch Ratings has assigned Rochester Financing No. 3 plc's
(Rochester 3) notes expected ratings.

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

DEBT           RATING
----           ------
Rochester Financing No.3

A   LT  AAA(EXP)sf  Expected Rating
B   LT  AA(EXP)sf   Expected Rating
C   LT  A-(EXP)sf   Expected Rating
D   LT  BBB(EXP)sf  Expected Rating
E   LT  BB+(EXP)sf  Expected Rating
F   LT  BB+(EXP)sf  Expected Rating
G   LT  NR(EXP)sf   Expected Rating
R   LT  NR(EXP)sf   Expected Rating
X   LT  B-(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Rochester 3 is a securitisation of non-prime owner-occupied (OO)
and buy-to-let (BTL) mortgages previously securitised in Rochester
Financing No.2 and backed by properties in the UK. The mortgages
were originated by DB Bank UK Ltd (68.6%), Money Partners Ltd
(29.7%) and Edeus Mortgage Creators Ltd (1.7%).

KEY RATING DRIVERS

Coronavirus-Related Alternative Assumptions: Fitch applied updated
criteria assumptions to Rochester 3's mortgage portfolio (see EMEA
RMBS: Criteria Assumptions Updated due to Impact of the Coronavirus
Pandemic).

The combined application of revised 'Bsf' representative pool's
weighted average foreclosure frequency (WAFF) and revised rating
multiples resulted in a 'Bsf' multiple of 1.29x to the current FF
assumptions

Seasoned Non-prime Loans: The portfolio consists of seasoned loans,
originated primarily prior to 2007. The OO loans (82.7% of the
pool) contain a high proportion of self-certified, interest-only,
county court judgements, restructured loan arrangements and loans
in arrears. Fitch therefore applied its non-conforming assumptions
to this sub-pool.

When setting the originator adjustment for the portfolio Fitch
considered factors including the historical performance and average
annualised constant default rate since closing. This resulted in an
originator adjustment of 1.0x for the OO sub-pool and the BTL
sub-pool.

Unhedged Basis Risk: The pool contains 18.3% loans linked to the
Bank of England base rate (BBR), 52.0% linked to Libor and the
remaining 29.7% linked to a standard variable rate that tracks
Libor plus a loan specific margin. As the notes pay daily
compounded SONIA, the transaction will be exposed to basis risk
between the BBR and SONIA. The loans currently linked to Libor will
transition to an alternative rate by the end of 2021. Fitch
understands that one option for the alternative rate is BBR and
stressed the transaction cash flows for basis risk, in line with
its criteria, for all assets.

Interest Deferrals Cap Class E Rating: Fitch tested the transaction
for interest deferrals under its expected case and found that the
class E deferred in a number of scenarios. Fitch considered the
length of these deferrals, which persist for up to four years in
some scenarios, to be excessive and applied a rating cap at
'BB+sf'' as a result.

Warranty Reserve: The transaction features a warranty reserve sized
at 2.0% of the closing collateral balance and available to
compensate the issuer for any loan that breaches the
representations and warranties. This reserve replaces the
obligation of the seller to repurchase loans in breach, which is
typical of a UK RMBS transaction. The reserve is available only for
claims made in the first 18 months after closing and could be
exhausted by a material number of breaches.

Fitch tested the structure for warranty-related losses above the
reserve of 2.0% of the opening collateral balance and found that
the excess spread notes could be downgraded to 'CCCsf' or below as
a result. The collateral backed notes remained protected by the
available excess spread as these losses are added to the principal
deficiency ledger. The predecessor transaction, Rochester Financing
No.2, suffered no breaches since closing in 2016.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing credit
    enhancement and potential upgrades. 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%. The
    impact on the subordinated notes could be an upgrade of up to
    four notches.

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

-- The broader global economy remains under stress from the
    coronavirus pandemic, with surging unemployment and pressure
    on businesses stemming from social-distancing guidelines.
    Government measures related to the coronavirus pandemic
    introduced a suspension on tenant evictions and mortgage
    payment holidays. Fitch acknowledges the uncertainty of the
    path of coronavirus-related containment measures and has
    therefore considered more severe economic scenarios.

-- As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline
    and Downside Cases", Fitch considers a more severe downside
    coronavirus scenario for sensitivity purposes whereby a more
    severe and prolonged period of stress is assumed with a
    halting recovery. Under this scenario, Fitch assumed a 15%
    increase in the WAFF and a 15% decrease in the WARR. The
    results indicate downgrades of up to four notches.

-- The transaction's performance may be affected by changes in
    market conditions and economic environment. Weakening economic
    performance is strongly correlated to increasing levels of
    delinquencies and defaults that could reduce credit
    enhancement available to the notes.

-- Additionally, unanticipated declines in recoveries could also
    result in lower net proceeds, which may make certain notes'
    ratings susceptible to potential negative rating actions
    depending on the extent of the decline in recoveries. Fitch
    conducts sensitivity analyses by stressing both a
    transaction's base-case FF and RR assumptions, and examining
    the rating implications on all classes of issued 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 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.

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

Rochester Financing No.3 has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
the high proportion of interest-only OO mortgages, which could
contribute to tail risk at the end of the transaction as a result
of material bullet payments. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Rochester Financing No.3 has an ESG Relevance Score of '4' for
Human Rights, Community Relations, Access & Affordability due to
the presence of legacy OO mortgages with limited affordability
checks and self-certified income. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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


ROCHESTER FINANCING 3: S&P Assigns Prelim. B- Rating on X Notes
---------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Rochester Financing No. 3 PLC's class A, B, C-Dfrd, D-Dfrd, E-Dfrd,
F-Dfrd, and X-Dfrd notes. At closing, Rochester Financing No. 3
will also issue unrated class G-Dfrd and R notes, and Y and R
certificates.

Rochester Financing No. 3 is a static RMBS transaction that
securitizes a portfolio of £230.359 million owner-occupied and
buy-to-let (BTL) mortgage loans secured on properties in the U.K.

The transaction is a refinancing of Rochester Financing No. 2 PLC,
which closed in February 2016.

Shortly before closing, Rochester 2 will sell the portfolio back to
Rochester Mortgages Ltd., the seller and legal title holder.

At closing, the issuer, Rochester Financing No 3, will use the
issuance proceeds to purchase the full beneficial interest in the
mortgage loans from the seller and legal title holder. The issuer
will grant security over all of its assets in favor of the security
trustee.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to self-certified borrowers and borrowers with
adverse credit history, such as prior county court judgments
(CCJs), an individual voluntary arrangement, or a bankruptcy
order.

Of the pool, about 0.2% of the mortgage loans by current balance
are currently granted payment holidays due to COVID-19. Payment
holiday usage peaked at 20% for the pool in May 2020.

A general reserve fund provides credit enhancement for the class A
to F-Dfrd notes, a liquidity reserve fund provides liquidity
support for the class A and B notes, and principal can be used to
pay senior fees and interest on the notes subject to various
conditions.

Target Servicing Ltd. is the servicer in this transaction.
OneSavings Bank PLC will serve as the back-up servicer
facilitator.

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

S&P said, "Our credit and cash flow analysis and related
assumptions consider the transaction's ability to withstand the
potential repercussions of the COVID-19 outbreak, namely, higher
defaults and longer recovery timing. Considering these factors, we
believe that the available credit enhancement is commensurate with
the preliminary ratings assigned. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Preliminary Ratings

  CLASS   PRELIM. RATING*   CLASS SIZE (%)
  A          AAA (sf)          78.00
  B          AA (sf)            8.50
  C-Dfrd     A (sf)             5.50
  D-Dfrd     BBB (sf)           2.00
  E-Dfrd     BB (sf)            1.50
  F-Dfrd     B (sf)             1.00
  G-Dfrd     NR                 3.50
  R†         NR                  N/A
  X-Dfrd     B- (sf)            2.50
  Y Certs    NR                  N/A
  R Certs    NR                  N/A

* S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal for the class A and B notes, and
the ultimate payment of interest and principal on the other rated
notes.
† The proceeds from the class R note will fund a warranty
reserve, which provides compensation for losses arising from a
breach of a loan warranty.
N/A--Not applicable.
NR--Not rated.


ST. PAUL'S VII: S&P Assigns Prelim. B- Rating on Cl. F Notes
------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to St.
Paul’s CLO VII DAC's class A to F European cash flow CLO notes.
The transaction also has outstanding unrated subordinated notes.

The transaction is a reset of an existing transaction, which closed
in July 2018.

The proceeds from the issuance of the rated and additional unrated
notes will be used to redeem the existing rated notes. The issuer
will use the remaining funds to cover fees and expenses incurred in
connection with the reset. The portfolio's reinvestment period is
scheduled to end in December 2025.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.50
years after closing. The actual weighted-average life (WAL) of the
portfolio is 4.33 years, which is shorter than the reinvestment
period. S&P has considered the portfolio's extended WAL in its
credit analysis.

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio Benchmarks
                                                         CURRENT
  S&P weighted-average rating factor                    2,835.68
  Default rate dispersion                                 666.80
  Weighted-average life (years) without reinvestment        4.33
  Weighted-average life (years) including reinvestment      4.50
  Obligor diversity measure                               105.52
  Industry diversity measure                               22.04
  Regional diversity measure                                1.29

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                           6.26
  Actual 'AAA' weighted-average recovery (%)               36.56
  Covenanted weighted-average spread (%)                    3.70
  Covenanted weighted-average coupon (%)                    4.00

Unique Features

Loss mitigation obligations

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

The purchase of loss mitigation obligations is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in the principal balance definition, although where the loss
mitigation loan meets the eligibility criteria with certain
exclusions, it is accorded defaulted treatment in the par coverage
tests. The transaction documents limit the CLO's exposure to loss
mitigation obligations that can be acquired with principal proceeds
to 10.0% of the adjusted collateral principal amount.

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

To protect the transaction from par erosion, any distributions
received from loss mitigation loans that are purchased with
principal will irrevocably form part of the issuer's principal
account proceeds and cannot be recharacterized as interest. Any
distributions received from loss mitigations loans from all sources
of proceeds may only be transferred to their respective accounts so
long as they are above the amount that is afforded in the coverage
test.

Reverse collateral allocation mechanism

If a defaulted euro-denominated obligation becomes the subject of a
mandatory exchange for U.S.-denominated obligation following a
collateral allocation mechanism (CAM) trigger event, the portfolio
manager may sell the CAM obligation and invest the sale proceeds in
the same obligor (a CAM euro obligation), provided the obligation:

-- Is denominated in euros;

-- Ranks as the same or more senior level of priority as the CAM
obligation; and

-- Is issued under the same facility as the CAM obligation by the
obligor.

To ensure that the CLO's original or adjusted collateral par amount
is not adversely affected following a CAM exchange, a CAM
obligation may only be acquired if, following the reinvestment, the
numerator of the CLO's par value test, referred to as the adjusted
collateral principal amount, is either:

-- Greater than the reinvestment target par balance;

-- Maintained or improved when compared to the same balance
immediately after the collateral obligation became a defaulted
obligation; or

-- Maintained or improved compared to the same balance immediately
after the mandatory exchange which resulted in the issuer holding
the CAM exchange. Solely for the purpose of this condition, the CAM
obligation's principal balance is carried at the lowest of its
market value and recovery rate, adjusted for foreign currency risk
and foreign exchange rates.

Finally, a CAM euro exchanged obligation that is also a
restructured obligation may not be purchased with sale proceeds
from a CAM exchanged obligation.

The portfolio manager may only sell a CAM obligation and reinvest
the sale proceeds in a CAM euro obligation if, in the judgment of
the portfolio manager, the sale and subsequent reinvestment is
expected to result in a higher level of ultimate recovery when
compared to the expected ultimate recovery from the CAM
obligation.

Bankruptcy exchange

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

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

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

-- The coverage tests are satisfied;

-- The aggregate principal balance of the obligations received in
bankruptcy exchanges since the issue date does not exceed 10.0% of
the target par amount;

-- The aggregate principal balance of the obligations received in
bankruptcy exchanges held by the issuer at that time does not
exceed 2.5% of the target par amount;

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

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

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

Rating rationale

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

"In our cash flow analysis, we used the EUR399.69 million target
par amount, the covenanted weighted-average spread (3.70%), the
covenanted weighted-average coupon (4.00%), and the actual
weighted-average recovery rates for all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

"Until the end of the reinvestment period on December 21, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"We expect at closing that the transaction participants' documented
replacement provisions will be in line with our counterparty
criteria for liabilities rated up to 'AAA'.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1 to E notes
could withstand stresses commensurate with the same or higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned on the notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

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

Environmental, social, and governance (ESG) credit factors

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Intermediate
Capital Managers Ltd.

  Ratings List

  CLASS   PRELIM.   PRELIM. AMOUNT  INTEREST RATE     CREDIT
          RATING     (MIL. EUR)        (%)         ENHANCEMENT(%)

  A       AAA (sf)     244.00        3mE + 0.89       38.95
  B-1     AA (sf)       32.00        3mE + 1.65       28.44
  B-2     AA (sf)       10.00              2.10       28.44
  C       A (sf)        24.00        3mE + 2.40       22.44
  D       BBB (sf)      28.80        3mE + 3.50       15.23
  E       BB- (sf)      21.20        3mE + 6.12        9.93
  F       B- (sf)       12.00        3mE + 8.55        6.93
  Sub     NR            43.99               N/A         N/A

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




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

ALITALIA: Ryanair to Appeal State Funds Injected Into New Entity
----------------------------------------------------------------
Reuters reports that Ryanair will appeal against funds made
available to the government-owned Italian airline that will replace
Alitalia as it considers them illegal state support, the chief
executive of the Irish carrier said on June 5.

"As soon as this money will be injected in the newco we will take
the (due) steps," CEO Eddie Wilson told Italian daily la Repubblica
in an interview.

"We are waiting to see, but it is clear that it is illegal aid and
we will defend our interest by appealing against this umpteenth
loan," he added.

According to Reuters, Italy is close to a deal with the European
Commission to launch Italia Trasporto Aereo (ITA), which was
initially expected to start flying again in April.

Under the relaunch, the government plans to inject EUR3 billion
(US$3.65 billion) into ITA, which would take over the assets of the
old Alitalia, Reuters discloses.

"I have the impression that there's nothing new, ITA will just be
the extension of Alitalia . . . with the same problems seen for
decades, money being drained from public resources into an airline
that today, like yesterday, will lose money," Reuters quotes Mr.
Wilson as saying.

Ryanair urged the EU to require ITA to bid competitively for
Alitalia's airport slots, Reuters discloses.  Ryanair has made no
secret of its interest in picking up Alitalia slots, Reuters
notes.

The European Union competition watchdog is reviewing past and
present Italian state aid to Alitalia, with a decision expected in
coming weeks, Reuters discloses.


INT’L DESIGN GROUP: Fitch Affirms Final B Rating on EUR470MM Notes
--------------------------------------------------------------------
Fitch Ratings replaces a rating action commentary on International
Design Group published on May 28, 2021 to correct the Recovery
Rating of the EUR470 million senior notes.

The amended press release is as follows:

Fitch Ratings has affirmed International Design Group S.p.A.'s
(IDG) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook. Fitch has also assigned IDG's EUR470 million senior
floating-rate notes a final rating of 'B' with a Recovery Rating of
'RR4'. The company is an Italy-based producer of high-end furniture
and lighting products.

The rating actions follows the receipt of the final contractual
arrangements for the notes. The final documentation is broadly in
line with the draft previously received.

IDG used EUR150 million of the notes proceeds to primarily fund the
acquisition of YDesign Group, LLC (YDesign) announced in April 2021
and to refinance its EUR320 million floating-rate notes issued in
2019.

Fitch has withdrawn the 'B' rating of the EUR320 million
floating-rate notes issued in 2019 following repayment.

KEY RATING DRIVERS

Acquisitions Shape Financial Policy: The acquisition of YDesign, an
online independent sales platform for high-end lighting and
furniture for North America, accelerates IDG's e-commerce
expansion. The company aims to keep YDesign as an independent
merchant. However, Fitch expects some distribution discontinuation
with IDG's competing brands distributed on YDesign's platform.
Fitch expects only small bolt-on acquisitions over the next 12 to
18 months, and assume around EUR50 million in M&A spending for
2022, all to be funded by debt. Overall, Fitch believes IDG's
financial policy will be led by acquisitions, driven by
shareholders' appetite to expand the business.

Challenges in Contract Business: The performance of IDG's contract
channel was weak in 2020, declining about 23% yoy, while its
contribution to total sales dropped to 19%, from 24% in 2019. The
channel focuses on development projects for commercial and leisure
venues, and offers cross-brand propositions within the company's
portfolio. Restrictions to travel and leisure activities will still
constrain the performance of this channel, which may take more than
12 months before replicating 2019 revenues. However, IDG's growth
prospects remain sustainable, anchored in the company's traditional
residential customer base and wholesale distribution.

Limited 2020 Earnings Decline: IDG's revenue declined around 7% in
2020, less than the 18% Fitch forecasts in April 2020. Closures of
production sites and stores significantly affected trading in 1H20.
Growth of the Louis Poulsen brand was unaffected, sustained by
milder restrictions in Nordic countries. Italian brands partially
recovered in 2H20, with a marked re-opening of the wholesale
channel across all geographies. At end-2020, sales of the Flos
brand declined 12% and the B&B brand 8%.

Fitch-calculated 2020 EBITDA (adjusted for IFRS 16), which remained
in line with 2019's, was also protected by a mainly variable cost
base. Furlough schemes and cost savings contributed to an increase
in EBITDA margin to around 25%. Fitch expects margins to stabilise
around 19.5%, due to a different business mix following the
acquisition of YDesign.

Leverage Within Sensitivities: Fitch estimates funds from
operations (FFO) gross leverage for 2020 at 6.6x, which is
compatible with a 'B' rating in IDG's sector. This is a marginal
increase from 2019, but remains materially below Fitch's previous
expectations. It is due to lower-than-expected revenue and EBITDA
loss, and early repayment of its revolving credit facility (RCF),
which was drawn at the onset of the pandemic. Fitch expects
leverage to increase in 2021, due to only partial contribution to
profits from YDesign from 2H21, before easing back in 2022.

Consistently Positive Free Cash Flow (FCF): IDG retained its FCF
generation capability through 2020. A flexible cost base and strong
control over the supply chain continued to feed into moderate capex
and low working-capital requirements. Fitch expects some of these
savings to be unsustainable in 2021, and Fitch also models a
dilution in EBITDA margin due to the different business model of
YDesign and of other potential targets. Overall, Fitch expects FCF
margins to average around 4% through to 2024, which is robust for
the rating.

Resumption of Consumer Spending: Fitch expects the eurozone
economy, a key market for IDG, to grow 4.7% in 2021, after a
decline of 6.6% in 2020. The fiscal-easing initiatives announced by
several countries, including Italy, will be a driver of growth in
the short term. The US and APAC, also significant target markets
for IDG, will benefit from a strong fiscal stimulus package and a
normalisation in macroeconomic policies, respectively. Slow vaccine
rollout in Italy and other European countries may leave
restrictions in place, postponing economic rebound to 3Q21. Fitch
expects consumer spending in 2021 to grow 2.6% in the eurozone and
5.7% in the US.

Consumers Switch Towards Goods: The social-distancing measures
imposed during the pandemic have affected spending patterns. A
dramatic reduction in households' recreational spending,
constrained by social distancing, generated a shift from services
to goods consumption, providing a boost to manufacturing
industries. The outlook of IDG's lightning and furniture
end-markets is largely stable, underpinned especially by the
acquisition of YDesign. Expected long-lasting difficulties for
travel and leisure will affect IDG's contract business.

DERIVATION SUMMARY

The ratings of IDG reflect its premium brand portfolio and
diversification of its distribution channels, with wholesale
mitigating the inherent risk in retail and contracting. The
residential bias in catalogue sales and the move towards e-commerce
through the acquisition of YDesign strengthen the business model,
and will be sustainable through and after the pandemic. The 'B'
rating continues to reflect long-term growth potential and a
moderate through-the-cycle deleveraging path.

IDG's luxury peers are Capri Holdings Limited, the owner of
Versace, Jimmy Choo, and Michael Kors (USA), Inc. (both rated
BB+/Stable) and Tapestry Inc. (BB/Stable), the owner of Coach, Kate
Spade and Stuart Weitzman. In the investment-grade space, IDG is
fairly comparable to Pernod Ricard S.A. (BBB+/Stable). Compared
with IDG, Fitch sees a higher fashion risk for Capri and Tapestry
as well as higher exposure to retail distribution. However,
comparability is limited due to the smaller size of IDG and
material differences in the capital structure. Recovery through the
pandemic also contributed to Capri's and Tapestry's Outlooks being
revised to Stable. The Stable Outlook on Pernod reflects its
financial flexibility and liquidity buffer.

In Fitch's European LBO portfolio, the optical chain Afflelou
S.A.S. (Afflelou, B(EXP)/Negative) and the beauty retailer Douglas
GmbH (B-/Stable) also enjoy strong brand recognition and customer
loyalty, but with wider exposure to retail distribution. Affelou's
retail model is mitigated by the company's healthcare component and
partial public and insurance reimbursements for distributed goods.
Douglas's 'B-' rating is influenced by a more aggressive capital
structure

KEY ASSUMPTIONS

-- Revenue to rebound 19.4% in 2021, including the integration of
    YDesign by 2H21. Revenue CAGR at 12% or 2020-2024;

-- EBITDA CAGR of 6% for 2020-2024, with a margin of 21% in 2021
    and around 19.5% in the following three years;

-- Cash outflow from working capital of EUR4 million in 2021,
    inflows of EUR2 million and EUR3 million in 2022 and 2023,
    respectively;

-- About EUR195 million of capex over 2021-2024;

-- No dividends in 2021-2024;

-- M&A spending marginally above EUR150 million in 2021 and over
    EUR50 million in 2022.

Key Recovery Assumptions

The recovery analysis assumes that IDG would be considered a
going-concern (GC) in bankruptcy, and that it would be reorganised
rather than liquidated, given its immaterial asset base and the
inherent value within its distinctive portfolio of brands.
Additional value lies in the retail network and the wholesale and
contracting client portfolio. Fitch has assumed a 10%
administrative claim.

Fitch assesses GC EBITDA at around EUR90 million. Fitch's distress
scenario assumes slower revenue growth due to weak expansion under
certain distribution channels, as contracting and a reduction in
pricing lead to lower margins.

Fitch increases Fitch's GC EBITDA by about EUR5 million from last
year, to reflect the change in the corporate scope following the
acquisition of YDesign and the updated capital structure after the
assumed leverage increase.

At the GC EBITDA, Fitch estimates IDG would still be able to
generate low single-digit FCF margins but its implied total
leverage would put the capital structure under pressure, making
refinancing extremely difficult without debt cuts or increasing the
cost of debt beyond the available FCF headroom.

Fitch uses a 6.0x multiple, towards the high end of Fitch's
distressed multiples for high-yield and leveraged- finance credits.
Fitch's choice of multiple is justified by the premium valuations
present in the sector involving strong design and luxury brands.

The security package is centered on shares in the key operating
subsidiaries owned by IDG and hence pledged against the holding
company's debt obligations. No security has been taken over the
intellectual property assets, whose access by creditors is,
however, protected by negative pledges and limitation of liens
clauses. The guarantor's coverage test is set at 80%.

The RCF is assumed to be fully drawn upon default. The RCF ranks
super senior and ahead of the senior secured notes. The latter
include the new EUR470 million bond and existing EUR400 million
fixed-rate notes.

Our waterfall analysis generates a ranked recovery for the senior
secured noteholders in the 'RR4' category, leading to a 'B'
instrument rating. This results in a waterfall generated recovery
computation output percentage of 44% (unchanged upon refinancing
completion) based on current metrics and assumptions.

RATING SENSITIVITIES

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

-- A more conservative capital allocation policy leading to FFO
    gross leverage below 6.0x on a sustained basis;

-- FFO fixed-charge coverage higher than 2.5x on a sustained
    basis;

-- FCF margin at 5% or higher, as a result of unmodified pricing
    power and successful management of acquisitions integration.

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

-- FFO gross leverage remaining above 7.0x through the cycle due
    to margin declines or increased recourse to debt-funded
    acquisitions or dividend programs;

-- FFO fixed-charge coverage below 1.8x;

-- FCF margin lower than 2%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: IDG's cash position as of end-2020, and the
full repayment of the EUR100 million RCF, drawn for precautionary
reasons in 2Q20, restored the company's liquidity to satisfactory
levels. Fitch assumes some volatility in the liquidity buffer in
the next 12 to 18 months, as expected acquisitions are partially
mitigated by forecast positive FCF generation through to 2024.

ESG CONSIDERATIONS

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




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L U X E M B O U R G
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INDIVIOR FINANCE: Moody's Hikes CFR to B2, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded the ratings of RBP Global
Holdings Ltd and Indivior Finance S.ar.l. (collectively
"Indivior"). Moody's upgraded Indivior's Corporate Family Rating to
B2 from B3, Probability of Default Rating to B2-PD from B3-PD and
ratings on the senior secured bank credit facilities to B2 from B3.
There was no change to Indivior's SGL-1 Speculative Grade Liquidity
Rating. The outlook on all rated entities is stable.

The ratings upgrade reflects Moody's view that rising use of
Sublocade, coupled with cash balances above $900 million, will give
Indivior the flexibility to improve profitability through 2022.
This is despite increasing investment to support commercialization
of Sublocade, Indivior's newer injectable burprenorphine product,
as well as pricing pressure on Suboxone Film. As transition from
Suboxone Film to Sublocade steadily continues, the negative impact
of generic competition for Suboxone film will become less relevant.
To date, the company has avoided an extremely steep decline in
Suboxone Film revenue due to steady market share despite generic
competition. Indivior's schedule of litigation settlement payments
will be manageable due to Indivior's significant cash balances.

Rating upgraded:

Issuer: RBP Global Holdings Ltd

Corporate Family Rating to B2 from B3

Probability of Default Rating to B2-PD from B3-PD

$50 million senior secured revolving credit facility to B2 (LGD3)
from B3 (LGD3)

Issuer: Indivior Finance S.ar.l.

Senior secured term loans to B2 (LGD3) from B3 (LGD3)

Outlook Actions:

The outlook on all entities is stable.

RATINGS RATIONALE

Indivior's B2 Corporate Family Rating reflects significant revenue
concentration in buprenorphine-based products, which represent the
substantial majority of the company's revenue. Concentration in
bupenorphine will continue to be a challenge as Sublocade replaces
Suboxone Film as the largest product over time. Moody's expect
gross debt/EBITDA to rise in 2021 assuming further erosion in
Suboxone Film revenue and higher investment in the
commercialization of Sublocade for future growth. Moody's believes
that after peaking in 2021, debt/EBITDA will improve to around 7x
in 2022. Moody's debt adjustments include the present value of
Indivior's settlement payments which are being paid on a fixed
schedule and add about 4x of adjusted financial leverage to derive
Moody's 2022 estimate. Settlement payments, while manageable, will
also be a drag on cash flow for the foreseeable future. Supporting
the rating is Indivior's significant cash balance of more than $900
million, prior to settlement payments, relative to $234 million of
funded debt.

The SGL-1 Speculative Grade Liquidity Rating is supported by
Indivior's large reported cash balance of $945 million at March 31,
2021. Indivior has no remaining settlement payments until early
2022. Moody's expects cash balances will remain in excess of $800
million over the next 12 to 18 months, incorporating working
capital fluctuations as well as significant investments to support
the commercial uptake. Indivior has a $50 million revolver expiring
in December 2022 that Moody's expects will remain undrawn. The
credit agreement contains a maximum 3 times net secured debt/EBITDA
covenant that permits up to $250 million of cash to be netted.
Moody's believes that covenant compliance cushion will be good over
the next twelve months given its net cash position.

ESG considerations include Indivior's very high social risks
relating to cash outflows for settled litigation. Indivior will be
making cash settlement payments to the DOJ related to
opioid-related litigation for various years. Governance
considerations include Indivior's policy to maintain cash in excess
of its $233 million outstanding balance on its term loan. As part
of the DOJ settlement, Indivior entered into a 5-year Corporate
Integrity Agreement (CIA) with the Office of Inspector General of
the Department of Health and Human Services (HHS), another
governance consideration.

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

Factors that could lead to a downgrade include a significant
depletion of cash prior to Indivior's term loan maturing or if
positive trends in Sublocade and Perseris reverse such that EBITDA
becomes negative.

Factors that could lead to an upgrade include fast uptake in the
launch of Sublocade and Perseris and improved revenue diversity.

UK-based RBP Global Holdings Ltd is a subsidiary of publicly-traded
Indivior PLC (collectively with other subsidiaries "Indivior"), a
global specialty pharmaceutical company headquartered in Richmond,
Virginia. Indivior is focused on the treatment of opioid addiction
and closely related mental health disorders. Reported revenue for
the twelve months ended March 31, 2021 approximated $674 million.

The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.



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N E T H E R L A N D S
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AERCAP GLOBAL: Moody's Affirms Ba1(hyb) Rating on Subordinate Bond
------------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 backed long-term
issuer rating of AerCap Holdings N.V. and the Baa3 backed senior
unsecured ratings of subsidiary AerCap Ireland Capital D.A.C., the
backed Ba1(hyb) junior subordinate rating of AerCap Global Aviation
Trust and the Baa3 senior unsecured ratings of International Lease
Finance Corporation. Moody's also revised the outlooks for each
entity to stable from negative.

RATINGS RATIONALE

Moody's has affirmed AerCap's ratings based on its expectation that
improving demand for leased aircraft as airline operating
conditions gradually improve will strengthen the company's
operating prospects. The ratings' affirmation also considers
AerCap's pending acquisition of GE Capital Aviation Services
(GECAS) from General Electric Company (GE. Baa1 negative), that the
companies expect to close in the fourth quarter of 2021. Moody's
expects this acquisition will enhance AerCap's's competitive
positioning in commercial aircraft leasing, benefiting its earnings
and cash flow from a larger high quality fleet and increased
customer base. The ratings' affirmation also reflects AerCap's
continued commitment to strong liquidity management, including
maintaining a liquidity sources to uses ratio of at least 150% at
closing of the GECAS transaction. A credit challenge is AerCap's
need to raise longer-term debt capital to replace the acquisition
transaction's bridge financing; AerCap's larger post-transaction
scale will significantly increase its exposure to the
confidence-sensitivity of the debt capital markets. Additionally,
the transaction could increase AerCap's debt-to-equity leverage at
closing, though Moody's expects that AerCap will emphasize a
deleveraging strategy toward its 2.7x target. Like industry peers,
AerCap is also exposed to continued weak performance of certain
airlines.

Moody's has revised AerCap's outlook to stable from negative based
on Moody's expectation that demand for leased aircraft will rise as
air carriers rebuild capacity to serve strengthening air travel
demand, helping to improve the company's profitability and cash
flow metrics over the next 12-18 months. The stable outlook also
reflects Moody's expectation that AerCap's combination with GECAS
will have manageable execution risks, including fund raising, and
that AerCap will prioritize leverage reduction and maintenance of
strong liquidity.

Moody's revised its outlook for the aircraft leasing sector to
stable from negative on May 20, 2021, reflecting its expectations
that rising air travel volumes will strengthen airline credit
quality and improve demand for leased aircraft, strengthening
lessors' prospects for achieving stronger profitability by 2023.
The stable outlook also reflects strong liquidity positioning as
well as stable financial leverage in the sector, as the risk of
large impairment charges recedes.

AerCap maintains strong liquidity, aided by resilient access to
market debt capital during the pandemic-related downturn and the
company's own steps to build alternate sources and reduce cash flow
demands by reducing aircraft purchase commitments. AerCap has
obtained commitments for $24 billion of bridge financing from banks
to fund its payment to GE for its acquisition of GECAS and has also
increased revolving credit commitments by $4.35 billion, for a
total of $9 billion, providing backup liquidity for the increased
funding needs of the combined entity. Moody's estimates that AerCap
had liquidity coverage of 12 month's liquidity uses of over 160% at
March 31, 2021, which is above Moody's current 150% minimum
liquidity coverage threshold for investment-grade aircraft leasing
companies. Moody's expects that AerCap's strong liquidity,
liability management, and fund raising actions will preserve its
strong liquidity runway.

The ratings' affirmation reflects anticipated improvements in the
risk characteristics of AerCap's aircraft fleet. The company's
combined fleet of over 2,000 owned and managed aircraft will have a
lower percentage of wide-body aircraft (approximately 40% versus
47% currently), which Moody's believes will reduce fleet
remarketing and residual realization risks. Further fleet
improvements are embedded in the combined order book of nearly 500
new-technology primarily narrow-body aircraft. AerCap has a strong
record of committing its ordered aircraft to new leases well in
advance of delivery.

Moody's expects that air passenger demand will recover strongly
toward 2019 levels by 2023, but during the interim certain airlines
will continue to struggle, limiting AerCap's profitability and cash
flow, though improving air travel demand should ease conditions
over the next several quarters. Moody's expects that leasing will
remain an important source of aircraft acquisition capital for the
airline industry and that recovery will provide new leasing
opportunities that will help to revive AerCap's cash flows and
earnings.

AerCap's debt-to-equity leverage could rise at the closing of its
acquisition of GECAS, given the potential fluctuations in the
company's share price that will drive the value of the shares
AerCap issues to GE as part of the transaction consideration. But
AerCap has said it remains committed to a 2.7x adjusted
debt-to-equity leverage ratio, which is consistent with Moody's
investment-grade criteria. Moody's expects that AerCap will take
steps to reduce leverage to that level should it be necessary
post-closing.

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

AerCap's ratings could be upgraded if: 1) the company's GECAS
acquisition execution and integration risks are well managed; 2)
the strength of recovery in air travel volumes exceeds Moody's base
case; 3) the company is expected to generate consistently stronger
and more stable profitability and cash flow ratios compared to
peers; 4) the company continues to demonstrate effective liquidity
management post-acquisition; 5) fleet integration, residual value
risks and exposure concentrations are well managed; and 6) the
company's debt-to-tangible net worth leverage ratio declines to
less than 3.0x (Moody's adjusted).

AerCap's ratings could be downgraded if: 1) liquidity coverage
(Moody's sources-to-uses over a one-year horizon) substantially
declines; 2) recovery in air travel volumes declines materially
below Moody's base case; 3) revenues weaken and costs increase to
the extent that the company will be unable to generate materially
improved profits and operating cash flow by the end of 2023; 4)
debt-to-tangible equity leverage increases to more than 3.8x
(Moody's adjusted); 5) the company's competitive positioning
otherwise weakens.

LIST OF AFFECTED RATINGS

Issuer: AerCap Holdings N.V.

Affirmations:

Backed long-term Issuer rating, affirmed Baa3

Senior Unsecured Shelf, affirmed (P)Baa3

Backed Junior Subordinated Regular Bond/Debenture, affirmed
Ba2(hyb)

Outlook Action:

Outlook changed to Stable from Negative

Issuer: AerCap Ireland Capital D.A.C

Affirmations:

Backed Senior Unsecured Regular Bond/Debenture, affirmed Baa3

Outlook Action:

Outlook changed to Stable from Negative

Issuer: AerCap Global Aviation Trust

Affirmation:

Backed Junior Subordinated Regular Bond/Debenture, affirmed
Ba1(hyb)

Outlook Action:

Outlook changed to Stable from Negative

Issuer: International Lease Finance Corporation

Affirmations:

Senior Unsecured Regular Bond/Debenture, affirmed Baa3

Preferred Stock, affirmed Ba2(hyb)

Outlook Action:

Outlook changed to Stable from Negative

Issuer: Delos Finance SARL

Affirmations:

Backed Senior Secured Bank Credit Facility, affirmed Baa2

Outlook Action:

Outlook changed to Stable from Negative

Issuer: ILFC E-Capital Trust I

Affirmation:

Backed Preferred Stock, affirmed Ba1(hyb)

Outlook Action:

Outlook changed to Stable from Negative

Issuer: ILFC E-Capital Trust II

Affirmation:

Backed Preferred Stock, affirmed Ba1(hyb)

Outlook Action:

Outlook changed to Stable from Negative

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


NOBEL BIDCO: Moody's Assigns First Time 'B1' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating and a B1-PD probability of default rating to Nobel
Bidco B.V., the new parent company of Philips' domestic appliances
business. Concurrently, Moody's has assigned a B1 rating to the
company's proposed EUR850 million senior secured term loan B and
EUR250 million senior secured revolving credit facility, both due
in 2028 and to be issued by Nobel. The assigned outlook is stable.

Proceeds from the debt issuance will be used to finance the
acquisition of Philips' domestic appliances division by Hillhouse
Capital, as well as to cover transaction fees. The transaction is
expected to be completed in the third quarter of 2021.

"The B1 rating reflects the company's large scale, leading market
positions supported by its strong brand, its well diversified
footprint and solid cash flow generation," says Giuliana
Cirrincione, Moody's lead analyst for Nobel.

"However, the rating also factors in the high initial leverage, and
the execution risk on the separation from Philips as well as
repositioning the business in China, ", adds Mrs. Cirrincione.

RATINGS RATIONALE

The B1 rating reflects the company's (1) leading market positions
globally, underpinned by the strong recognition of the Philips'
brand and track record of product innovation; (2) large scale,
broad product portfolio and geographic sales diversity; (3) good
liquidity and free cash flow generation capacity, supported by an
asset-light business model and solid profit margins; and (4) the
favorable demand trends for small domestic appliances.

However, the rating is constrained by (1) high initial leverage,
with a Moody's adjusted gross debt to EBITDA ratio of 5.5x in 2021
(pro-forma for the new capital structure), which will only decline
towards 5.0x by 2023; (2) the exposure to discretionary consumer
spending and to emerging markets, both of which bring potential
earnings volatility; (3) the execution risk associated with the
carve-out from Royal Philips and repositioning of the business in
China, and (4) the increasing competition and continued need to
focus on product innovation to protect profit margins and market
share.

Moody's expects Nobel's revenue to grow by mid-single digit rates
over 2021-23, mainly supported by higher penetration of high-margin
flagship products and a progressive operating performance recovery
in China. The rating agency anticipates, however, that earnings
growth will materialise starting from 2023 only. This reflects that
the positive momentum expected in sales and profitability in 2021
and 2022 will be more than offset by the planned increase in A&P
expenses to support topline expansion, as well as by the high costs
Nobel will incur to set up its stand-alone cost structure following
the separation from Royal Philips.

In Moody's view, both the carve-out from Royal Philips and the
company's turnaround strategy in China carry execution risk.
Repositioning of the business in China, where the company has
struggled to perform since 2015 due to strong competitive pressure,
will be a key challenge for Nobel, as the company needs to regain
market share, especially in light of the increasing competition
from Chinese brands. More positively, Moody's acknowledges the
established investment track record of Nobel's owner, Hillhouse, in
the Asian consumer products space.

Based on Moody's forecasts, Nobel's financial leverage -- measured
as Moody's adjusted gross debt to EBITDA ratio - will stand at 5.5x
by the end of 2021 (pro-forma for the new capital structure) and
will temporarily increase to around 6.4x in 2022 (or 5.2x excluding
the EUR63 million carve out related costs), before trending to
slightly below 5.0x by the end of 2023.

The high initial leverage is partly mitigated by the company's
solid free cash flow generation capacity, which will remain
positive even in 2021-2022 despite the large one-off carve-out
costs. According to Moody's forecasts, Nobel's free cash flow (FCF)
will be around EUR60 million and EUR50 million in 2021 and 2022,
respectively, with an underlying Moody's adjusted FCF to debt ratio
in the range of 3%-4%. Once the carve-out related costs are phased
out, FCF will improve to EUR140 million in 2023, with FCF to debt
ratio at around 8%, supported by the company's limited capex and
net working capital requirements, and good profitability (with
Moody's adjusted EBIT margin of around 10%-11%).

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Following the transaction, Nobel will be fully owned by private
equity firm Hillhouse Capital. As is often the case in highly
levered, private equity sponsored deals, owners have a high
tolerance for leverage/risk and governance is comparatively less
transparent. That said, the rating agency also highlights that the
shareholder's priority in the medium term will be to support the
company's turnaround efforts in China while minimizing the risks
related to the separation from Royal Philips. As a result, Moody's
does not expect significant shareholder distributions or appetite
for M&A opportunities before 2023. In addition, given the carve out
nature of the transaction, there is material risk of incurring
higher than expected costs related to the separation and delays in
its implementation.

Environmental and social considerations have low relevance for
Nobel, given the limited exposure to related risks. However,
factors such as commitment to circular economy strategies, wider
use of recycled materials and responsible sourcing will help
support Nobel's strong brand image. Moody's also highlights the
impact that the Coronavirus related restrictions have had on
consumer habits, positively or negatively impacting demand
depending on the product segment (e.g., positive for coffee,
negative for garment care), and the risks related to its potential
unwinding as restrictions are lifted globally.

LIQUIDITY

Pro-forma for the transaction, Moody's expects the company to
maintain good liquidity driven by (1) a starting cash balance of
EUR100 million; (2) positive free cash flow generation of minimum
EUR50 million per annum in 2021 and 2022; (3) a fully available
EUR250 million revolving credit facility, and (4) a long debt
maturity profile with no significant maturities until early 2028.

The RCF will be subject to a senior net leverage covenant at 10.0x,
to be tested if 40% or more of the facility is drawn, and under
which Moody's expects the company will maintain ample capacity.

STRUCTURAL CONSIDERATIONS

The B1 rating assigned to the proposed EUR850 million senior
secured term loan B and EUR250 million RCF is in line with the
company's CFR. This reflects the pari passu ranking of the
facilities, as well as the assumption of a 50% standard family
recovery rate, in line with Moody's customary approach for
covenant-lite capital structures.

The facilities will benefit from upstream guarantees from the
group's restricted subsidiaries representing at least 80% of
consolidated EBITDA, and will be secured by intra-group
receivables, bank accounts and share pledges.

RATIONALE FOR STABLE OUTLOOK

Nobel is initially weakly positioned in its rating category,
reflecting a high pro-forma Moody's adjusted leverage of 5.5x at
the end of 2021 and the expectation that it will increase further
in 2022 as a result of significant carve-out related costs and
planned increase in advertising and promotion expenses.

The stable outlook also reflects Moody's expectation that leverage
will decline to slightly below 5.0x by 2023, supported by stronger
underlying operating performance and solid free cash flow
generation. The stable outlook also assumes that the company will
maintain its good liquidity and will not make significant
shareholder distributions or debt-financed acquisitions before
2023.

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

Positive pressure on the rating in the short term is unlikely, in
light of the execution risk in implementing the carve-out and in
repositioning the business in China, as well as the lack of track
record of financial policies under the new ownership. Overtime,
upward pressure on the rating could develop if the company
successfully executes the carve out and the business plan while
developing a track record of operating under conservative financial
policies such that (1) Moody's adjusted leverage trends towards
4.5x on a sustainable basis; and (2) Moody's adjusted free cash
flow to debt ratio improves towards the high single-digits in
percentage terms.

Conversely, negative pressure on the rating could materialise if
(1) Moody's adjusted leverage remains above 5.5x by 2023 as a
result of weak earnings and poor execution of the turnaround
strategy in China; (2) the separation process from Royal Philips
results into higher-than-anticipated extraordinary costs leading to
a muted or negative free cash flow generation; and (3) the company
pursues an aggressive financial policy including large acquisitions
and shareholder distributions, hampering its good liquidity.

LIST OF AFFECTED RATINGS

Issuer: Nobel Bidco B.V.

Assignments:

Probability of Default Rating, Assigned B1-PD

LT Corporate Family Rating, Assigned B1

Senior Secured Bank Credit Facility, Assigned B1

Outlook Action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Domiciled in the Netherlands, Nobel is a leading global player in
small domestic appliances (SDA), with sales in 130 countries
worldwide. Nobel's product portfolio spans across five categories,
including Kitchen Appliances, Coffee, Garment Care, Floor Care and
Air Care.

Most of Nobel's products are sold under license from the global
Philips brand, with other local or product-focused brands including
Saeco, Preethi, Walita and Gaggia.

Following the carve-out from Royal Philips, Nobel will be fully
owned by private equity firm Hillhouse Capital. In 2020 Nobel
generated EUR2.2 billion of revenue and EUR336 million of
company-adjusted EBITDA.




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

RFI BANK: Put on Provisional Administration, License Revoked
------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1039, dated June
4, 2021, revoked the banking license of Moscow-based Joint stock
company Bank Reserve Finance and Investments, or RFI BANK JSC (Reg.
No. 3351; hereinafter, RFI BANK).  The credit institution ranked
328th 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 RFI 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.

RFI BANK was involved in conducting non-transparent transactions
for payments between individuals and illegal online casinos and
bookmakers.

The Bank of Russia also cancelled RFI BANK's professional
securities market participant license.

The Bank of Russia appointed a provisional administration to RFI
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: RFI BANK is a participant in the
deposit insurance system; therefore, depositors will be compensated
for their deposits in the amount of 100% of the balance of funds
but no more than a total of RUR1.4 million per depositor (including
interest accrued), except for the cases stipulated by Chapter 2.1
of the Federal Law "On the Insurance of Deposits with Russian
Banks".

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency). Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.




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S W E D E N
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ITIVITI GROUP: Moody's Withdraws B3 CFR Following Debt Repayment
----------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating and B3-PD probability of default rating of Itiviti Group
Holding AB, the top entity of Itiviti's restricted group.
Concurrently, Moody's has withdrawn the B2 instrument rating on the
$521 million equivalent Euro-denominated backed senior secured
first lien term loan, the B2 instrument rating on the $50 million
backed senior secured revolving credit facility and the Caa2
instrument rating on the $140 million backed senior secured second
lien term loan of Itiviti Group AB. The outlooks have also been
withdrawn from ratings under review.

RATINGS RATIONALE

Moody's has withdrawn the ratings following the repayment of all
outstanding debt by Itiviti after closing of the acquisition by
Broadridge Financial Solutions Inc. (Baa1 negative).


TRANSCOM HOLDING: Moody's Rates New EUR300MM Secured Notes 'B3'
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the proposed
EUR300 million backed senior secured floating rate notes due in
2026 to be issued by Transcom Holding AB. Concurrently, Moody's has
affirmed the B3 corporate family rating and the B3-PD probability
of default rating of Transcom Holding AB. The outlook on all
ratings remains stable.

The net proceeds from the proposed EUR300 million backed senior
secured floating rate notes will be used to refinance the company's
existing indebtedness, for general corporate purposes, pay
transaction fees and expenses. The B3 rating on the existing EUR180
million backed senior secured floating rate Euronotes due in 2023
will be withdrawn upon repayment.

The assigned B3 rating is subject to review of final documentation
and no material change to the size, terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

The rating affirmation reflects the company's good operating
performance in 2020 and Q1 2021 as well as the adequate Moody's
adjusted debt / EBITDA at the current rating level. Pro forma the
proposed refinancing, Moody's-adjusted leverage will reach 5.5x,
based on LTM 2021 EBITDA, which remains within Moody's guidance for
a B3 rating.

In 2020, Transcom realized 3.1% revenue growth driven by a strong
performance during the second half of the year. This good operating
performance in a challenging environment is mainly due to: growth
in the Commerce & Tech sector and decreasing exposure within the
Telco & Cable sector; the development of near and off-shore
locations, with expansion in Egypt, the Philippines, Bosnia &
Herzegovina, Croatia and Colombia; and the quick ramp up of
work-at-home during the height of the coronavirus which limited
business disruption.

Profitability also improved with the company's EBITDA margin rising
to 10% in 2020 from 6% in 2017. EBITDA expansion was due to the
launch of a multiyear cost savings programme where Transcom exited
unprofitable contracts, rationalised operations and undertook
divestments. This is also because of the positive impact from the
acquisition of higher-margin businesses, notably Awesome
(e-commerce servicing from the Philippines) as well as an increase
in high margin off-shore delivery footprint.

In 2021, Moody's expects these trends, in addition to new contract
wins, to support strong revenue growth and further EBITDA margin
improvement. As a result, Moody's estimates that Moody's-adjusted
leverage could improve below 5.0x, which would drive some positive
rating momentum. Since 2018, the company's compound annual growth
rate was 1.3%. The Agency would like to see a greater track record
of strong revenue growth before considering positive rating action.
The cost savings programme is now complete and Moody's expects the
pace of margin improvement will moderate as gains from the
programme have run their course. Free cash flow (FCF) is positive,
and FCF/debt is expected to be in the low single digits in
percentage terms. This level of FCF comfortably positions the
company in the B3 rating but would need to increase further to also
support positive rating action.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Transcom's
operating performance will continue to strengthen with strong
revenue growth and further EBITDA expansion, and that this in turn
will support deleveraging and an adequate liquidity profile in the
next 12-18 months.

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

Upward rating pressure could emerge if Transcom demonstrates a
track record of revenue growth over an extended period, while
enhancing its customer and sector diversification; the company
improves its Moody's-adjusted EBITA margin towards
high-single-digits in percentage terms; Moody's-adjusted leverage
falls below 5.0x on a sustained basis; FCF generation is sustained
at mid-single-digits as a percentage of Moody's-adjusted debt, and
liquidity remains adequate.

Downward rating pressure could emerge if Transcom is unsuccessful
in renewing major contracts or its margins decline; the company's
Moody's-adjusted leverage rises to around 7.0x; its FCF is
negative; or its liquidity deteriorates and becomes weak.

STRUCTURAL CONSIDERATIONS

The B3 instrument rating on the proposed EUR300 million backed
senior secured floating rate notes reflects the absence of any
meaningful liabilities ranking ahead in the debt structure. The
company's capital structure will comprise the senior secured notes
and a new five year undrawn EUR45 million super senior revolving
credit facility. Both will rank pari passu and will benefit from
guarantees from operating subsidiaries and security over shares of
Transcom. However, proceeds from any recovery from the enforcement
of any security interest will be applied to satisfy the obligations
under the super senior revolving credit facility, before being
applied to satisfy obligations to holders under the proposed EUR300
million backed senior secured floating rate notes.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

PROFILE

Founded in 1995, Transcom ranks among the largest European
providers of outsourced CRM and is the leading provider in Sweden
and Norway. Headquartered in Sweden, the company operates 50
contact centres in 21 countries, offering services in 33 languages
to more than 200 international clients.




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

ZORLU YENILENEBILIR: S&P Assigns 'B-' LT ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Zorlu Yenilenebilir Enerji A.S. (Zorlu Renewables), and its
'CCC+' issue rating to the $300 million bonds, which it considers
as subordinated to the secured debt at the company's main operating
subsidiary, Dogal.

The stable outlook reflects the stability of cash flow brought by
the Yekdem tariffs and our expectation of sound operating
performance.

Zorlu Renewables is a small-scale generator operating in a
high-risk country.

The company has 559MW of installed power generation capacity, of
which 55% is geothermal, 24% wind, and 21% hydro. In 2020, Zorlu
Renewables generated 2.2 terawatt-hours (TWh) of electricity, which
is 0.7% of Turkey's total power generation. Zorlu Renewables'
assets represent less than 1% of the country's total generating
capacity. In line with its main peers, DTEK Renewables and GGU,
Zorlu Renewables is a very small player, which makes it more
sensitive to any change in the operating environment. S&P said,
"All its assets are located in Turkey, where we see high country
risks, highlighted by a weak banking system and the local
currency's heightened volatility. However, we assess geothermal
generation to be less volatile than other types of renewables, with
relatively high load factors of 57% for 2020 and 64% for 2019,
compared with 28% and 31%, respectively, for wind, and 30% and 34%
for hydro."

The existing feed-in Yekdem tariff supports the company's cash
flow.

Zorlu Renewables operates under the favorable Yekdem feed-in tariff
renewable energy support mechanism, established in 2005. Yekdem's
key features for existing stations are beneficial for the company
because renewables output is acquired as a "must-run," and the
tariffs are U.S. dollar-linked (with monthly adjustments), set for
10 years after the plant is commissioned, and about double the free
market electricity price. This helps Zorlu Renewables maintain
solid profitability (versus 78% EBITDA margins in 2020) until
Yekdem expires. Currently, three geothermal power stations (390MW
in total) operate under Yekdem, expiring in 2023, 2025, and 2027.
That translates into 73% of the company's 2020 electricity output
and 96% of the company's 2020 EBITDA being covered by Yekdem. With
an estimated gradual decline of EBITDA to 90% in 2022 and 80% in
2024, the feed-in-tariff for certain stations will expire, and the
exposure to merchant electricity prices will gradually grow.

Yekdem is less supportive for new stations, but only modestly
affects Zorlu Renewables' operations.

In January 2021, the regulator updated the Yekdem terms for
stations to be commissioned between July 2021 and December 2025.
The new tariffs for geothermal energy will be Turkish
lira-denominated, most likely with quarterly adjustments for
inflation, U.S. dollar, and euro exchange rates, and generally much
lower than the existing feed-in-tariff for already operating
plants. Notably, for geothermal stations, the new Yekdem will be
about half of the existing rate. For Zorlu Renewables, this will
affect the planned expansion projects: the 3.5MW solar plant (to be
put into operation in 2021), and two stations adding 36MW in total
to its geothermal asset (2023). S&P said, "In our base case, we do
not assume any revision to the Yekdem terms already in place for
the company. That said, we acknowledge that this might have a
substantial effect on the company's business and cash flow.
Although there have been no previous attempts to intervene in the
regulation, our concerns stem from volatility in the country's
financial markets, a weakening lira, and generally a sizable gap
between Yekdem and spot electricity prices."

Zorlu Renewables will likely remain highly leveraged in 2021-2022.

S&P said, "The company has relatively high debt levels, and we
expect FFO to debt of about 10%-11% and debt to EBITDA of 5.5x-6.0x
in 2021-2022 (versus 7.6% and 7.0x, respectively, in 2020). This is
thanks to production's return to historical levels (2020 results
were affected by some repairs) and the expected conversion of about
$134 million of shareholders' debt into equity as a part of the
planned bond issuance. In addition, we understand that the pressure
from capex will be only moderate, with about $530 million spending
in 2021 and 2022, translating into annual FOCF of Turkish lira
(TRY) 30550 million-TRY35580 million (TRY513 million in 2020),
which we expect the company to keep on balance sheet. Although we
calculate all credit ratios on a gross basis, because of the
company's exposure to the weak local banking system, its untested
financial policy priorities, and our assessment of its business
risk profile, the availability of these funds will alleviate the
refinancing risk when the bond comes due in 2026 at a time when the
company will benefit from less support from the Yekdem tariffs.
Although Zorlu Renewables' debt is denominated in U.S. dollar,
Yekdem tariffs provide a natural hedge."

Weaker credit quality of the wider group constrains our ratings on
the company.

Zorlu Renewables is a 100%-owned subsidiary of Zorlu Enerji, which
is in turn 78.8% owned by Zorlu Holding. Zorlu Holding group, which
reported $5.4 billion of revenue and $950 million of EBITDA in
2019, is a large diversified conglomerate comprising assets in
consumer electronics, energy, real estate, textile, and mining.
Zorlu Renewables is a relatively small contributor to Zorlu
Holding's EBITDA, but it is key to Zorlu Enerji's strategy. Many of
Zorlu Renewables' operational and financial functions, as well as
strategic decision-making, are at the Zorlu Enerji level.

S&P said, "We view the credit quality of Zorlu Enerji and Zorlu
Holding as weaker than that of Zorlu Renewables on a stand-alone
basis.

"We assess Zorlu Renewables stand-alone credit profile (SACP) at
'b'. Our assessment is underpinned by very heavy leverage and high
interest costs at the wider group level (with FFO to debt in the
range of 1%-3% for Zorlu Holding and 3%-4% for Zorlu Enerji), heavy
historical reliance on short-term debt and rollovers, sizable
related-party transactions, and a track record of cash upstreaming
(from Vestel and Zorlu Enerji to Zorlu Holding). We incorporate the
probability of negative group intervention into our rating on Zorlu
Renewables, and we cap the issuer credit rating at 'B-'.

"The stable outlook reflects our view that the risks associated
with the weaker overall group credit quality of Zorlu Holding; U.S.
dollar-denominated debt; and the company's small scale of
operations are balanced by the dollar-linked favorable Yekdem
tariffs; projected positive FOCF; adequate liquidity; and
management's intentions to keep FOCF in the company.

"In our base case, we anticipate the company's generation volumes
will return to historic levels after the completion of maintenance
and repairs. As such, we project the company's metrics--FFO to debt
of 10%-11% and debt to EBITDA 5.5x-6.0x in 2021-2022_-will be
adequate for the 'b' SACP."

Rating pressure might appear if:

-- There are unexpected, unfavorable regulatory revisions of the
Yekdem tariffs (for example, not protecting the company from
foreign exchange fluctuations);

-- There is stress on the company's liquidity; or

-- There are instances of negative group interventions (such as
cash upstreaming, mergers and acquisitions [M&A] transactions, or
aggressive dividends).

S&P said, "Ratings upside is limited over the next two years, in
our view, given that our rating on Zorlu Renewables incorporates
our assessment of the credit quality of Zorlu Holding, which is
more highly leveraged and reliant on short-term funding. An upgrade
of Zorlu Renewables could stem from Zorlu Holding deleveraging and
strengthening liquidity, with short-term debt fully covered by
committed liquidity sources."

An upward revision of Zorlu Renewables' SACP to 'b+' would hinge on
the company's ability to sustain stronger credit metrics, with FFO
to debt comfortably above 12%, without negative interventions from
the parent or liquidity strain. This, however, would not
automatically lead S&P to upgrade the company, because the issuer
credit rating would still depend on S&P's view of the wider group's
credit quality.




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

AVATION PLC: Fitch Withdraws 'CCC' LongTerm IDR
-----------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on the
'CCC' Long-Term Issuer Default Ratings (IDR) of Avation PLC and its
subsidiaries - Avation Capital S.A. and Avation Group (S) Pte. Ltd.
Fitch also maintained the RWN on the notes due 31 October 2026 at
'CCC-' with Recovery Rating of 'RR5'.

At the same time, Fitch has withdrawn all of Avation's ratings for
commercial reasons.

KEY RATING DRIVERS

The maintenance of the RWN reflects that there have been no
material changes to Avation's credit profile since Fitch's previous
rating action on 26 March 2021. In particular, uncertainty remains
regarding Avation's lease exposure to Philippine Airlines, whose
restructuring could affect Avation's ability to refinance its
secured debt payments. This would negatively affect its cash flow
and leverage. As such, the timing of events driving the RWN does
not support an immediate resolution.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has adjusted its core leverage calculation by including
maintenance right assets and lease premiums in tangible equity.
This reflects Fitch's assessment that the balance-sheet items
contain sufficient economic value to support creditors. Fitch
regards aircraft purchase rights as intangible assets until they
are exercised and reflected in the cost of the aircraft. As such,
Fitch excludes these from its calculation of tangible equity.

ESG CONSIDERATIONS

Avation has an ESG Relevance Score of '4' for Management Strategy
due to heightened execution risk in the challenging operating
environment faced by the aviation industry. This had a moderately
negative impact on Avation's credit profile and is relevant to the
ratings in conjunction with other factors. The ESG scores have also
been withdrawn.

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.

Following the withdrawal of ratings for Avation, Fitch will no
longer be providing the associated ESG Relevance Scores.


DEUCE MIDCO: Moody's Assigns B3 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Deuce Midco Limited, the
indirect parent company for David Lloyd Leisure Group Limited
("DLL" or "the company"), a UK-based premium fitness club operator.
Concurrently, Moody's has assigned instrument ratings of B3 to the
new GBP645 million backed senior secured notes and EUR300 million
backed senior secured floating rate notes both due 2027 to be
issued by Deuce FinCo plc and of Ba3 to the new GBP125 million
senior secured super senior revolving credit facility (RCF) due
2025 to be borrowed by Deuce Midco Limited. The outlook on all
ratings is stable.

RATINGS RATIONALE

The new notes together with a cash injection by the company's
owner, TDR Capital, will be used to fully refinance the company's
existing debt, cover the transaction fees and provide GBP131
million cash overfunding. Moody's understands that the GBP350
million support from TDR will enter the restricted group as common
equity.

Deuce Midco Limited's B3 CFR reflects (1) its leading niche
position in the UK premium fitness club market sustained by high
barriers to entry and its well-invested club network; (2) the track
record of positive organic growth prior to the pandemic with
resilient earnings and high profit margins; (3) favourable market
dynamics for a quick post-lockdown recovery thanks to suburban
locations and higher than average affluence of its members; and (4)
good revenue visibility thanks to its subscription-based model and
a loyal customer base.

The rating is constrained by (1) the highly levered capital
structure with pro-forma Moody's adjusted leverage of 8.6x, which
is expected to remain above 8x over the next 12-18 months; (2) the
relatively small scale compared to some rated peers with revenues
of GBP511 million in 2019; (3) the highly competitive nature of the
health and fitness and broader leisure markets; and (4) limited,
although improving, geographic and brand diversification.

Last March, the group's clubs were temporarily shut down as
governments in all of its countries of operation imposed lockdown
measures. DLL suspended membership fees during the closure period
and subsequently focused on cost reductions and benefitted from the
government schemes to compensate for staff payroll as well as a
business rates holiday in the UK. Fitness clubs in the UK fully
re-opened from May 17, 2021; the company's clubs in Europe are in
different stages of re-opening and expected to be largely back to
normal operations during June. Upon reopening, DLL has been
adhering to strict health and safety protocols.

As of end of April 2021 the company's membership base already
started recovering and was at around 91% of the pre-pandemic level,
compared to 86% as of December 2020. Moody's expects the company to
fully recover its membership base this year thanks to the company's
affluent customer base with more resilient income and predominantly
suburban locations in a context of working from home trend. In
addition, the rating agency expects DLL's revenues will be further
supported by higher yields as the company introduced price
increases in early 2020.

Moody's considers the company's adjusted leverage to be very high,
estimated at 8.6x based on 2019 Moody's-adjusted EBITDA, pro-forma
for the transaction and acquisition of Meridian. The rating agency
expects leverage to decrease towards 8x in the next 12-18 months as
the company is recovering its membership base after the lockdown.

The company's high adjusted leverage is partially explained by the
significant long-dated leases for ground rent and the company's
clubs. The total aggregate lease liability was GBP913 million in
2020 -- equal to the company's funded debt. While total rent
expenses will remain a significant cash outflow for the company,
long leases allow DLL to secure attractive locations and support
predictability of future cash flows for capital spending.

The high levels of adjusted leverage limit cash flow generation and
lead to relatively weak adjusted interest cover metrics (EBITA /
Interest) which Moody's expects to be around 1.1x -- 1.2x in the
next 12-18 months. The rating agency anticipates the company's
growing network and recovering margins will support gradual
improvement of the key ratios, however, there is limited headroom
for underperformance at the current rating level.

ESG CONSIDERATIONS

Moody's considers certain governance considerations related to DLL.
The company is owned by TDR Capital which, as is common for private
equity firms, has a high tolerance for leverage and appetite for
debt-funded acquisition, and undertook a GBP400 million dividend
recap in 2018. More positively, TDR's decision this year to inject
GBP350 million equity into the company demonstrates the
shareholders commitment to the business.

LIQUIDITY

DLL has an adequate liquidity profile. Following the transaction,
the company will have GBP131 million of cash and full availability
under the GBP125 million RCF to support capital spending and
working capital needs. The company's liquidity also benefits from
significant freehold and long leasehold real estate assets, which
can be used in sale and lease back transactions. The RCF is subject
to a springing net leverage covenant which will only be tested if
the facility is more than 40% from June 2022.

STRUCTURAL CONSIDERATIONS

The B3 CFR and PDR of B3-PD are at the same level reflecting
Moody's assumption of a 50% loss given default (LGD) at the
structure level owing to at least two levels of seniority among the
tranches of funded debt. The Ba3 rating on the RCF reflects its
priority over the proceeds in an enforcement over the backed senior
secured notes which are rated B3.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company
will be able to recover its membership base to pre-pandemic level
by the end of 2021 and continue to drive organic revenue growth and
EBITA margin enhancement. The outlook does not account for any
debt-funded acquisition, dividend payment or any other material
payments outside the restricted group.

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

Moody's could upgrade the company's rating if: (1) the company
delivers sustained positive organic revenue and EBITA margin growth
as well as successfully integrating the newly acquired clubs in
Continental Europe; (2) Moody's adjusted Debt/EBITDA reduces
sustainably below 7x; (3) RCF/Net Debt is sustained above 10%; and
(4) the company maintains an adequate liquidity profile. An upgrade
would also require DLL to generate positive free cash flow while
maintaining capital spending at levels to at least maintain the
reputation of its clubs.

Downward pressure could materialise if (1) Moody's adjusted
leverage does not reduce well below 9x in the next 12 months; (2)
EBITA/Interest is sustained below 1x; (3) the liquidity profile
materially deteriorates; or (4) if there is any material and
sustained decline in the number of members or in membership yield.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

PROFILE

Headquartered in the UK, David Lloyd Leisure Group Limited operated
122 Clubs as at March 31, 2021 (pro forma for committed
acquisitions) across the UK as well as Continental Europe. DLL is
Europe's largest premium racquets, health and fitness club operator
with more than six hundred thousand members as of April 2021. The
Clubs have an aggregate of about 1,050 tennis courts and 200
swimming pools (indoor and outdoor) as well as squash, badminton,
studio and gym facilities. Its market positioning is at the premium
end with largely suburban locations, and it appeals to affluent
families.

MORTIMER BTL 2021-1: Moody's Assigns (P)Ba3 Rating to Cl. X1 Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Mortimer BTL 2021-1 PLC:

GBP[]M Class A Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)Aaa (sf)

GBP[]M Class B Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)Aa1 (sf)

GBP[]M Class C Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)Aa3 (sf)

GBP[]M Class D Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)A1 (sf)

GBP[]M Class E Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)A3 (sf)

GBP[]M Class X1 Floating Rate Notes due June 2053, Assigned (P)Ba3
(sf)

GBP[]M Class X2 Floating Rate Notes due June 2053, (P)Caa1 (sf)

RATINGS RATIONALE

The Notes are backed by a pool of prime UK buy-to-let ("BTL")
mortgage loans originated by LendInvest BTL Limited ("LendInvest",
NR). This represents the third rated RMBS issuance from
LendInvest.

The portfolio of assets amount to approximately GBP[280.0] million
as of May 17, 2021 pool cut-off date. The subordination for the
Class A Notes will be [12.5]% excluding the Liquidity Reserve Fund
that will be funded to [1]% of the balance of Class A to B Notes at
closing.

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 static structure and a relatively low
weighted-average loan-to-value ("LTV"). However, Moody's notes that
the transaction features some credit weaknesses such as an unrated
originator with a relatively short history in the BTL space also
acting as servicer and the absence of a balance guaranteed basis
swap. Various mitigants have been included in the transaction
structure such as an experienced delegated servicer, Pepper (UK)
Limited (NR), performing the servicing alongside LendInvest and the
presence of an interest rate swap. Furthermore, the transaction
includes a back-up servicer facilitator which is obliged to appoint
a replacement servicer if certain triggers are breached and Pepper
(UK) Limited is required to step-in in case of the servicer being
terminated.

Moody's determined the portfolio lifetime expected loss of [1.5]%
and [13]% MILAN Credit Enhancement ("MILAN CE") related to borrower
receivables. The expected loss captures 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 [1.5]%: This is broadly in line with the
recent UK BTL RMBS sector average and is based on Moody's
assessment of the lifetime loss expectation for the pool taking
into account: (i) the collateral performance of Lendinvest
originated loans to date, with cumulative losses of 0% during the
past 3 years; (ii) the performance of previously securitised
portfolios, with cumulative losses of 0% to date; (iii) very low
CCJs in the pool; (iv) [16.0]% of the loans in the pool backed by
multifamily properties; (v) the current macroeconomic environment
in the UK and the impact of future interest rate rises on the
performance of the mortgage loans; and (vi) benchmarking with other
UK BTL transactions.

MILAN CE for this pool is [13.0]%, which is in line with other UK
BTL RMBS transactions, owing to: (i) the WA current LTV for the
pool of [72.1]%; (ii) top 20 borrowers constituting [9.3]% of the
pool; (iii) static nature of the pool; (iv) the fact that all the
loans in the pool are interest-only; (v) the share of self-employed
borrowers of [13.1]%, and legal entities of [76.3]%; (vi) [16.0]%
of the loans in the pool backed by multifamily properties; and
(vii) benchmarking with similar UK BTL transactions.

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 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.

Principal Methodology

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

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

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

Significantly different actual losses compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.


TOGETHER ASSET 2021-CRE2: S&P Assigns Prelim. 'B' Rating on X Notes
-------------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Together Asset Backed Securitisation 2021-CRE2 PLC's (TABS 2021
CRE2) class A loan, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and X-Dfrd
notes. At closing, TABS 2021 CRE2 will also issue unrated class Z
notes.

The transaction is a static transaction that securitizes a
provisional portfolio of £250 million mortgage loans, secured on
commercial (77.18%), mixed-use (17.82%), and residential (5.00%)
properties in the U.K.

This is the second transaction S&P has rated in the U.K. that
securitizes small ticket commercial mortgage loans after Together
Asset Backed Securitisation 2021-CRE1 PLC.

The loans in the pool were originated by Together Commercial
Finance Ltd. (a nonbank specialist lender) between 2017 and 2021.

S&P said, "We consider the nonresidential nature of most of the
pool as higher risk than a fully residential portfolio,
particularly the loss severity. We have nevertheless assessed these
loans' probability of default using our global residential loans
criteria as the method by which the loans were underwritten and are
serviced is similar to that of Together's residential mortgage
portfolio. On the loss severity side however, we have used our
covered bond commercial real estate criteria to fully capture the
market value declines associated with commercial properties."

At closing, credit enhancement for the rated notes will consist of
subordination and the non-liquidity reserve portion of the general
reserve fund. Following the step-up date, additional
overcollateralization will also provide credit enhancement. The
overcollateralization will result from the release of the excess
amount from the revenue priority of payments to the principal
priority of payments.

Liquidity support for the class A loan notes is in the form of an
amortizing liquidity reserve fund. The nonamortizing reserve fund
can provide liquidity support to the class A loan to E-Dfrd notes.
Principal can also be used to pay interest on the most-senior class
outstanding (for the class A loan to E-Dfrd notes only).

At closing, the issuer will use the issuance proceeds to purchase
the beneficial interest in the mortgage loans from the seller. The
issuer grants security over its assets in the security trustee's
favor.

S&P said, "Our preliminary ratings on the notes also reflect their
ability to withstand the potential repercussions of the extended
recovery timings, higher default sensitivities, and largest
borrower default.

"There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote.

"Our rating analysis considers a transaction's potential exposure
to ESG credit factors. For RMBS, we view the exposure to
environmental credit factors as average, social credit factors as
above average, and governance credit factors as below average. In
this transaction, we view the exposure to environmental credit
factors as average, in line with the benchmark, as the pool is
diversified geographically and does not have concentration risk.
However, given over 95% of the loans in this pool are backed by
small-ticket commercial properties and half of the borrowers are
limited liability companies, rather than purely residential
mortgage loans to consumer borrowers, we view this transaction's
exposure to social credit factors as average. Relative to consumer
borrowers, commercial borrowers may have lower direct exposure to
certain social credit factors given the higher level of regulatory
protection provided to consumers. However, certain commercial real
estate exposures, such as hotels, and certain retail properties,
may face material social challenges when it comes to health and
safety management, or changing user preferences regarding
commercial real estate space usage. We view the exposure to
governance factors as below average as in line with other
structured finance transactions there is strong governance
frameworks through, for example, the generally very tight
restrictions on what activities the special-purpose entity can
undertake compared to other entities."

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

  Preliminary Ratings

  CLASS    PRELIM. RATING*     CLASS SIZE (%)
  A loan     AAA (sf)            79.75
  B-Dfrd     AA (sf)              5.50
  C-Dfrd     AA- (sf)             4.25
  D-Dfrd     A (sf)               3.90
  E-Dfrd     BBB- (sf)            3.60
  X-Dfrd     B (sf)               5.50
  Z          NR                   5.00
  Residual certs  NR        N/A

*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A loan notes, and the
ultimate payment of interest and principal on the other rated
notes.
NR--Not rated.
N/A--Not applicable.


TOWD POINT 2019-GRANITE5: Moody's Upgrades GBP5MM F Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five notes in
Towd Point Mortgage Funding 2019-Granite 5 plc. The rating action
reflects increased levels of credit enhancement for the affected
notes and better than expected collateral performance.

Moody's affirmed the rating of the notes that had sufficient credit
enhancement to maintain the current rating on the affected notes.

GBP65.714M Class A Notes, Affirmed Aaa (sf); previously on Jul 29,
2020 Affirmed Aaa (sf)

GBP4.48M Class B Notes, Upgraded to Aa1 (sf); previously on Jul
29, 2020 Affirmed Aa2 (sf)

GBP9.708M Class C Notes, Upgraded to Aa1 (sf); previously on Jul
29, 2020 Affirmed A1 (sf)

GBP5.974M Class D Notes, Upgraded to Aa3 (sf); previously on Jul
29, 2020 Confirmed at Baa2 (sf)

GBP6.721M Class E Notes, Upgraded to Baa2 (sf); previously on Jul
29, 2020 Confirmed at Ba3 (sf)

GBP5.227M Class F Notes, Upgraded to B1 (sf); previously on Jul
29, 2020 Confirmed at Caa1 (sf)

The portfolio of underlying assets is comprised of UK unsecured
personal loans which were initially originated by Landmark
Mortgages Limited (formerly Northern Rock plc). These loans were
part of the "Together" mortgage linked unsecured personal loan
product or as a "Mortgage Plus Unsecured Loan" product offered to
borrowers at or about the same time as they took out a secured
mortgage loan. All of the loans are unsecured and do not share in
or benefit from any security provided by the borrowers in respect
of any linked mortgage loan.

RATINGS RATIONALE

Increase in Available Credit Enhancement

Sequential amortization led to the substantial paydown of Class A
to GBP29.4 million from GBP52.9 million, resulting in increase in
the credit enhancement available in this transaction since the last
rating action in July 2020. The credit enhancement for the classes
B, C, D, E and F , which were affected by today's rating action,
increased to 70%, 61%, 56%, 50% and 45% from 58%, 51%, 46%, 41% and
38% respectively since last rating action in July 2020. Benefiting
from ample excess spread, class Z1 PDL was cleared on every IPD
since issuance.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability assumption for the portfolio reflecting the collateral
performance to date.

Total delinquencies with 90 days plus arrears currently increased
slightly to 17.6% of current pool balance from 15.9% since the last
rating action. Cumulative losses currently stand at 3.9% of
original pool balance. Loans in payment holidays as a proportion of
the current pool balance reduced to 2.2% in April 2021 from 30.2%
as of May 31, 2020.

The current default probability is 25.26% of the current portfolio
balance, which translates into a decrease of the default
probability assumption on original balance to 23.22% from 25.26%.
Moody's maintained the assumption for the fixed recovery rate at 5%
and the portfolio credit enhancement of 50%.

Moody's notes that the asset assumptions apply to the portfolio
excluding the 17.20% of the pool that are delinquent for more than
4 months. At closing, the Class Z2 Notes (NR) were issued to fund
the purchase of defaulted loans.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer and account banks.

Moody's considered that the lack of liquidity available to classes
B to F notes may lead to payment disruption in the event of
servicer default. The ratings of the classes B and C notes are
constrained at Aa1 (sf) by financial disruption risk.

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
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.


WOOHA BREWING: Bought Out of Administration by North Coast
----------------------------------------------------------
Business Sale reports that North Coast Brewing has acquired Wooha
Brewing from administrators for an undisclosed sum.

Morayshire-based Wooha, which was founded in 2015, experienced
unsustainable cash flow problems" and fell into administration in
March, Business Sale relates.  

The company cited the impact of COVID-19 on hospitality and
licensed trade and the post-Brexit increase in export costs,
Business Sale discloses.

Wooha will now become the latest brand to join the North Coast
Brewing portfolio, run by Kenny Webster, Business Sale notes.


WRIGHT & BELL: Goes Into Administration Due to Covid-19 Pandemic
----------------------------------------------------------------
Business Sale reports that Wright & Bell Limited, a company that
operates two top London restaurants, has announced that it has
entered administration.

Owner of the Kitty Hawk and Lino restaurants in London has revealed
that it has appointed Quantuma as administrators following a
difficult year caused by the COVID-19 pandemic, Business Sale
relates.

The Imbiba-backed operator stated that both of its businesses had
their finances significantly impacted by coronavirus lockdown
restrictions, with Kitty Hawk remaining closed since March 2020,
Business Sale discloses.

According to Business Sale, commenting on the news, managing
director Sarah Clarke stated that the firm was hoping to reach a
new agreement with creditors but has failed to find a middle
ground.

"We have been unable to reach a suitable agreement with our
landlords, so have made the difficult but necessary decision to
appoint administrators," Business Sale quotes Ms. Clarke as
saying.

Also operating under the name W& B Holdings, Wright & Bell Limited
has confirmed that none of its other companies will be impacted by
the administration, Business Sale notes.  This includes Green Room,
which was purchased by the restaurant operator in July 2020, as
well as Marsha in Gabriel's Wharf, and Whyte & Brown in Kingly
Court, according to Business Sale.




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

[*] BOND PRICING: For the Week May 31 to June 4, 2021
-----------------------------------------------------
Issuer                  Coupon  Maturity     Currency  Price
------                  ------  --------     --------  -----
Fuerstenberg Capital I     5.625                 EUR    44.445
Casino Guichard Perrac     3.992                 EUR    67.940
Casino Guichard Perrac     0.767                 EUR    38.774
Rallye SA                  4.000  04/02/2021     EUR    28.333
Intralot Capital Luxem     5.250  9/15/2024      EUR    57.610
Obrascon Huarte Lain S     4.750  3/15/2022      EUR    70.500
Mitsubishi UFJ Investo     3.960 12/15/2050      EUR    58.693
PB International BV        7.625  1/26/2022      USD    27.000
Accor SA                   0.700  12/07/2027     EUR    55.793
Air France-KLM             0.125  3/25/2026      EUR    15.388
Andrade Gutierrez Inte     9.500 12/30/2024      USD    53.484
Naviera Armas SA           6.500  7/31/2023      EUR    60.240
Orient Express Bank PJ    10.000                 USD    30.750
Mallinckrodt Internati     5.750  08/01/2022     USD    74.250
VIC Properties SA          3.000  5/28/2025      EUR    70.000
Distribuidora Internac     0.875  04/06/2023     EUR    67.298
BNP Paribas SA             7.625                 USD    99.963
Norwegian Air Shuttle      7.250  11/11/2022     EUR    45.000
Korian SA                  0.875  03/06/2027     EUR    57.157
Jain International Tra     7.125  02/01/2022     USD    21.000
FIGEAC-AERO                1.125 10/18/2022      EUR    21.542
Obrascon Huarte Lain S     5.500  3/15/2023      EUR    69.339
Mallinckrodt Internati     4.750  4/15/2023      USD    11.500
Moby SpA                   7.750  2/15/2023      EUR    23.557
EYEMAXX Real Estate AG     5.500  4/26/2023      EUR    71.390
O1 Properties Finance      0.500  9/27/2028      USD    14.000
Rallye SA                  4.371  1/23/2023      EUR    28.000
Voltalia SA                1.000  1/13/2025      EUR    33.251
Quadient SA                3.375                 EUR    57.735
HOCHDORF Holding AG        2.500                 CHF    53.080
Cooperativa Muratori &     6.000  2/15/2023      EUR     2.880
Biocartis Group NV         4.000  05/09/2024     EUR    70.044
Neoen SA                   2.000  06/02/2025     EUR    58.060
Econocom Group SA/NV       0.500  03/06/2023     EUR     7.327
Wirecard AG                0.500  09/11/2024     EUR     9.006
Cooperativa Muratori &     6.875  08/01/2022     EUR     2.596
Officine Maccaferri-Sp     5.750  06/01/2021     EUR    35.515
Pierre Et Vacances SA      2.000  04/01/2023     EUR    29.226
Nexity SA                  0.125  01/01/2023     EUR    65.615
Nostrum Oil & Gas Fina     8.000  7/25/2022      USD    23.500
Union Fenosa Preferent     1.113                 EUR    70.420
Maisons du Monde SA        0.125  12/06/2023     EUR    44.132
Neoen SA                   1.875  10/07/2024     EUR    49.203
Vallourec SA               4.125  10/04/2022     EUR     5.948
Korian SA                  2.500                 EUR    43.096
Mallinckrodt Internati     5.625 10/15/2023      USD    75.000
Turkey Government Bond     8.000  03/12/2025     TRY    72.800
Naviera Armas SA           4.250 11/15/2024      EUR    60.295
Paper Industries Inter     6.000  03/01/2025     EUR    70.000
Intelsat Jackson Holdi     5.500  08/01/2023     USD    62.000
Valaris plc                7.750  02/01/2026     USD    11.000
Metro Bank PLC             5.500  6/26/2028      GBP    60.617
Rallye SA                  3.250  02/08/2024     CHF    28.007
Koninklijke Luchtvaart     0.750                 CHF    25.000
Norwegian Air Shuttle      5.000  02/07/2023     SEK    46.322
Valaris plc                5.200  3/15/2025      USD    11.000
Intu Debenture PLC         5.562 12/31/2027      GBP    46.833
SAS AB                     3.406                 SEK    71.000
Stockmann OYJ Abp         10.750                 EUR    44.750
Intelsat Luxembourg SA     8.125  06/01/2023     USD     8.125
Hurricane Energy PLC       7.500  7/24/2022      USD    50.425
Fuerstenberg Capital E     1.301                 EUR    44.333
Rallye SA                  5.250  02/01/2022     EUR    27.929
Genfit                     3.500 10/16/2025      EUR    19.177
Scandinavian Airlines      0.625                 CHF    23.261
Wasps Finance Plc          6.500  5/13/2022      GBP    70.299
Travelex Financing PLC     8.000  5/15/2022      EUR     1.588
Mallinckrodt Internati     5.500  4/15/2025      USD    75.000
Thomas Cook Group PLC      6.250  6/15/2022      EUR     0.836
Nexity SA                  0.250  03/02/2025     EUR    69.151
Cabonline Group Holdin     7.500  12/09/2022     SEK    80.583
Lambay Capital Securit     6.250                 GBP     0.082
Debenhams PLC              5.250  7/15/2021      GBP     1.751
Valaris plc                5.750  10/01/2044     USD    10.875
Abengoa Abenewco 2 Bis     1.500  4/26/2024      EUR     0.982
Senvion Holding GmbH       3.875 10/25/2022      EUR     0.782
ADLER Real Estate AG       2.500  7/19/2021      EUR    13.937
Swissport Investments      6.750 12/15/2021      EUR     0.942
Intelsat Jackson Holdi     8.500 10/15/2024      USD    62.938
Norddeutsche Landesban     7.780                 EUR    65.547
Galapagos Holding SA       7.000  6/15/2022      EUR     7.498
Linas Matkasse Newco A     8.000  10/09/2022     SEK    55.750
Nostrum Oil & Gas Fina     7.000  2/16/2025      USD    20.759
Air Berlin PLC             8.250  4/19/2018      EUR     0.895
EOS Imaging SA             6.000  5/31/2023      EUR     6.765
Rallye SA                  4.000 11/23/2020      CHF    28.200
Intelsat Jackson Holdi     9.750  7/15/2025      USD    63.438
Swissport Investments      9.750 12/15/2022      EUR    45.679
Hellenic Republic Gove     2.085  7/25/2057      EUR    50.375
Offshore Drilling Hold     8.375  9/20/2020      USD     9.624
Privatbank CJSC Via UK    10.250  1/23/2018      USD    30.002
Rallye SA                  3.400  1/31/2022      EUR    28.961
Dexia Credit Local SA      1.187                 EUR     3.143
Yell Bondco PLC            8.500  05/02/2023     GBP    40.054
EA Partners II BV          6.750  06/01/2021     USD    44.000
Valaris plc                4.875  06/01/2022     USD     7.027
Air Berlin PLC             6.750  05/09/2019     EUR     0.259
Hema Bondco II BV          8.500  1/15/2023      EUR     0.122
Virgolino de Oliveira     10.500  1/28/2018      USD     0.949
Avangardco Investments    10.000 10/29/2018      USD     1.500
Bank Otkritie Financia    10.000  4/26/2019      USD     9.539
UkrLandFarming PLC        10.875  3/26/2018      USD     2.886
Valaris plc                8.000  1/31/2024      USD    11.000
Mitsubishi UFJ Investo     3.700 12/30/2099      EUR     5.969
Santhera Pharmaceutica     5.000  2/17/2022      CHF    39.609
Intelsat Connect Finan     9.500  2/15/2023      USD    36.000
Stichting Afwikkeling      6.250 10/26/2020      EUR     5.365
Eramet SA                  4.000                 EUR    63.346
Stobart Finance PLC        2.750  05/08/2024     GBP    65.000
Valaris plc                4.500  10/01/2024     USD     3.980
EA Partners I BV           6.875  9/28/2020      USD     0.774
Valaris plc                4.700  3/15/2021      USD    11.000
HI Bidco AS                8.480  1/30/2023      NOK    69.087
BAT International Fina     2.250  09/09/2052     GBP    74.157
Societe Centrale des B     2.500  5/15/2023      EUR     6.880
FF Group Finance Luxem     3.250  11/02/2021     CHF     9.769
FF Group Finance Luxem     1.750  07/03/2019     EUR     5.304
Claranova SADIR            5.000  07/01/2023     EUR     1.110
Deutsche Bank AG           2.652  6/28/2033      USD    70.530
Vseukrainsky Aktsinern    10.900  6/14/2019      USD     1.056
Intelsat Luxembourg SA     7.750  06/01/2021     USD     5.000
WD Invest Sarl             1.900  10/02/2024     EUR     8.375
Catena Media PLC           7.984                 SEK    64.164
Banco Espirito Santo S     7.125 11/28/2023      EUR     0.096
Rickmers Holding AG        8.875  06/11/2018     EUR     0.766
Mallinckrodt Internati     5.750  08/01/2022     USD    65.250
Lehman Brothers UK Cap     5.125                 EUR     7.919
Thomas Cook Finance 2      3.875  7/15/2023      EUR     1.024
Joh Friedrich Behrens      6.250  6/18/2024      EUR    43.028
Stichting Afwikkeling     11.250                 EUR     1.210
DOF Subsea AS              9.500  3/14/2022      USD    25.172
OGX Austria GmbH           8.375  04/01/2022     USD     0.001
Andrade Gutierrez Inte     9.500 12/30/2024      USD    53.484
CNP Assurances             2.000                 EUR    50.005
Joh Friedrich Behrens      7.750  11/11/2020     EUR    44.160
Privatbank CJSC Via UK    11.000  02/09/2021     USD     9.042
Grupo Isolux Corsan SA     1.000 12/30/2021      EUR     0.267
New World Resources NV     4.000  10/07/2020     EUR     0.912
Havila Shipping ASA        4.880  01/02/2025     NOK    24.631
Rallye SA                  1.000  10/02/2020     EUR    27.304
Hamon & CIE SA             3.300  1/30/2025      EUR    44.750
Mallinckrodt Internati     5.500  4/15/2025      USD    74.867
Lehman Brothers UK Cap     3.875                 EUR     7.398
OGX Austria GmbH           8.500  06/01/2018     USD     0.001
DOF Subsea AS              8.450 11/27/2023      NOK    25.196
Alno AG                    8.500  5/14/2018      EUR    14.770
Bourbon Corp               7.989                 EUR     0.273
KTG Agrar SE               7.125  06/06/2017     EUR     2.932
Hellenic Bank PCL         10.000                 EUR    46.066
Dexia SA                   1.232                 EUR     1.351
Agrokor dd                 9.875  05/01/2019     EUR    15.000
German Pellets GmbH        7.250 11/27/2019      EUR     0.588
Lehman Brothers UK Cap     6.900                 USD     2.745
Mallinckrodt Internati     5.625 10/15/2023      USD    74.940
Espirito Santo Financi     6.875 10/21/2019      EUR     0.301
Valaris plc                7.375  6/15/2025      USD    13.750
Alpine Holding GmbH        6.000  5/22/2017      EUR     1.007
Gamalife - Cia de Segu     2.957                 EUR    69.997
JZ Capital Partners Lt     6.000  7/30/2021      GBP     9.050
Yuksel Insaat AS           9.500  11/10/2015     USD     2.495
CBo Territoria             3.750  07/01/2024     EUR     4.700
Alitalia-Societa Aerea     5.250  7/30/2020      EUR     1.699
Virgolino de Oliveira     11.750  02/09/2022     USD     1.545
Cirio Finanziaria SpA      8.000 12/21/2005      EUR     1.375
Senivita Social Estate     2.000  05/12/2025     EUR     9.700
Verimatrix SA              6.000  6/29/2022      EUR     3.951
Cirio Holding Luxembou     6.250  2/16/2004      EUR     0.620
Allied Irish Banks PLC    12.500  6/25/2035      GBP    60.614
Autonomous Community o     2.965  09/08/2039     JPY    71.910
Norske Skog Holding AS     8.000  2/24/2021      EUR     0.006
Immigon Portfolioabbau     5.795                 EUR    12.466
Privatbank CJSC Via UK    10.875  2/28/2018      USD    29.749
Abengoa Abenewco 2 Bis     1.500  4/26/2024      USD     0.903
Pongs & Zahn AG            8.500  11/01/2014     EUR     0.002
Banca Popolare di Vice     2.821 12/20/2017      EUR     0.150
Tresu Investment Holdi     5.000  9/29/2022      EUR    28.255
Valaris plc                5.850  1/15/2044      USD    14.000
Valaris plc                5.400  12/01/2042     USD    12.337
Norske Skogindustrier      7.000 12/30/2026      EUR     0.001
Norwegian Air Shuttle      6.375 11/15/2024      USD    50.750
Bilt Paper BV              9.640                 USD     1.000
Finmek International S     7.000  12/03/2004     EUR     2.193
Valaris plc                4.750  1/15/2024      USD    14.000
Banca Popolare di Vice     9.500  9/29/2025      EUR     0.049
Banco Espirito Santo S     2.106                 EUR     0.100
EDOB Abwicklungs AG        7.500  04/01/2012     EUR     2.351
Lehman Brothers UK Cap     5.750                 EUR     2.225
Virgolino de Oliveira     10.500  1/28/2018      USD     0.949
Manchester Building So     6.750                 GBP    30.051
International Industri     9.000  07/06/2011     EUR     0.254
Veneto Banca SpA           9.878  12/01/2025     EUR     0.407
Portugal Telecom Inter     6.250  7/26/2016      EUR     0.175
KCA Deutag UK Finance      9.875  04/01/2022     USD    48.430
Air Berlin PLC             5.625  05/09/2019     CHF     0.513
International Industri    11.000  2/19/2013      USD     0.280
Nostrum Oil & Gas Fina     8.000  7/25/2022      USD    23.299
KCA Deutag UK Finance      9.625  04/01/2023     USD    49.709
Russian Federal Bond -     0.250  7/20/2044      RUB    19.000
Ghelamco Invest            4.500  5/23/2022      EUR    40.000
KPNQwest NV                7.125  06/01/2009     EUR     0.068
Credit Suisse AG/Londo     4.740  6/29/2022      USD     9.900
Kaupthing ehf              7.625  2/28/2015      USD     0.250
Autostrade per l'Itali     2.730  12/10/2038     JPY    28.682
Phones4u Finance PLC       9.500  04/01/2018     GBP    71.750
New World Resources NV     8.000  04/07/2020     EUR     0.036
Praktiker AG               5.875  02/10/2016     EUR     0.069
Kommunekredit              0.500  7/30/2027      TRY    32.432
Cooperatieve Rabobank      0.500 10/30/2043      MXN    14.404
Civitas Properties Fin     4.000 11/24/2022      EUR    47.000
Hellas Telecommunicati     6.054  1/15/2015      USD     0.001
Cooperatieve Rabobank      0.500 10/29/2027      MXN    62.920
Grupo Isolux Corsan SA     6.000 12/30/2021      EUR     0.732
Virgolino de Oliveira     10.875  1/13/2020      USD    32.000
Corporate Commercial B     8.250  08/08/2014     USD     0.308
SpareBank 1 SR-Bank AS     1.207 12/21/2030      EUR    73.990
Cooperatieve Rabobank      0.500  7/30/2043      MXN    14.493
Cooperatieve Rabobank      0.500  1/31/2033      MXN    37.498
ESFIL-Espirito Santo F     5.250  06/12/2015     EUR     1.311
Elli Investments Ltd      12.250  6/15/2020      GBP    52.265
Island Offshore Shipho     2.790  6/30/2021      NOK     2.651
Cirio Finance Luxembou     7.500  11/03/2002     EUR     2.545
Banco Espirito Santo S     6.875  7/15/2016      EUR    20.375
Steilmann SE               6.750  6/27/2017      EUR     2.184
Centrosolar Group AG       7.000  2/15/2016      EUR     2.505
Kaupthing ehf              5.750  10/04/2011     USD     0.250
Offshore Drilling Hold     8.375  9/20/2020      USD     9.624
CRC Breeze Finance SA      6.110  05/08/2026     EUR    30.272
O1 Properties Finance      8.250  9/27/2021      USD    13.569
Waste Italia SpA          10.500 11/15/2019      EUR     0.500
Cirio Del Monte NV         7.750  3/14/2005      EUR     0.510
Del Monte Finance Luxe     6.625  5/24/2006      EUR     4.426
Agrokor dd                 9.125  02/01/2020     EUR    15.000
Alno AG                    8.000  3/21/2019      EUR    15.250
OGX Austria GmbH           8.375  04/01/2022     USD     0.001
KPNQwest NV                8.875  02/01/2008     EUR     0.068
Norske Skogindustrier      2.000 12/30/2115      EUR     0.113
Bank Nadra Via NDR Fin     8.250  7/31/2018      USD     0.208
MaxFastigheter i Sveri     6.500                 SEK    50.104
ML 33 Invest AS            7.500                 NOK    61.704
Tennor Finance BV          5.750  6/17/2024      EUR    75.000
Sairgroup Finance BV       4.375  06/08/2006     EUR     0.233
Espirito Santo Financi     3.125  12/02/2018     EUR     1.752
LBI ehf                    6.100  8/25/2011      USD     9.904
KCA Deutag UK Finance      7.250  5/15/2021      USD    48.500
Caixa Economica Montep     5.000                 EUR    50.000
Banco Espirito Santo S     6.900  6/28/2024      EUR    20.375
UBS AG/London             14.000  07/06/2021     USD    69.760
Breeze Finance SA          6.708  4/19/2027      EUR    28.950
BNG Bank NV               10.010  6/17/2025      TRY    69.465
Intelsat Jackson Holdi     9.750  7/15/2025      USD    73.250
Veneto Banca SpA           6.411                 EUR     0.761
Intelsat Jackson Holdi     8.500 10/15/2024      USD    62.375
Pongs & Zahn AG            8.500                 EUR     0.002
Steilmann SE               7.000  03/09/2017     EUR     1.429
Grenke Finance PLC         0.819  2/15/2030      EUR    63.553
Chr Bygga Bostader Hol     9.000  07/05/2021     SEK    50.000
Stichting Afwikkeling      6.625  5/14/2018      EUR     5.375
Solstad Offshore ASA       3.900  9/24/2021      NOK     4.666
Bulgaria Steel Finance    12.000  05/04/2013     EUR     0.216
Hellas Telecommunicati     8.500 10/15/2013      EUR     0.540
Windreich GmbH             6.500  7/15/2016      EUR     4.315
Rena GmbH                  7.000 12/15/2015      EUR     2.096
Alpine Holding GmbH        5.250  07/01/2015     EUR     1.007
REM Saltire AS             7.200  6/30/2021      NOK    51.679
Manchester Building So     8.000                 GBP    34.667
KTG Agrar SE               7.250 10/15/2019      EUR     2.932
KPNQwest NV               10.000  3/15/2012      EUR     0.068
Abengoa Abenewco 2 Bis     1.500  4/26/2024      USD     1.315
AKB Peresvet ZAO           0.510  08/04/2034     RUB    36.860
Decipher Production Lt    12.500  9/27/2019      USD     1.500
Sairgroup Finance BV       6.625  10/06/2010     EUR     0.233
Agrokor dd                 8.875  02/01/2020     USD    15.000
Saleza AS                  9.000  07/12/2021     EUR     0.203
Naviera Armas SA           4.250 11/15/2024      EUR    60.805
Turkey Government Bond    11.700 11/13/2030      TRY    73.250
Phosphorus Holdco PLC     10.000  04/01/2019     GBP     0.613
Finance and Credit Ban     9.250  1/25/2019      USD     0.257
Mox Telecom AG             7.250  11/02/2017     EUR     1.354
SiC Processing GmbH        7.125  03/01/2016     EUR     2.614
Alpine Holding GmbH        5.250  06/10/2016     EUR     1.007
Depfa Funding III LP       0.040                 EUR    37.034
Veneto Banca SpA           6.950  2/25/2025      EUR     0.407
Officine Maccaferri-Sp     5.750  06/01/2021     EUR    35.515
Erotik-Abwicklungsgese     7.750  07/09/2019     EUR     0.779
La Veggia Finance SA       7.125 11/14/2004      EUR     0.287
WPE International Coop    10.375  9/30/2020      USD     4.922
Senvion Holding GmbH       3.875 10/25/2022      EUR     0.782
OGX Austria GmbH           8.500  06/01/2018     USD     0.001
Cattles Ltd                8.125  07/05/2017     GBP     0.027
Hema Bondco II BV          8.500  1/15/2023      EUR     0.122
Aralco Finance SA         10.125  05/07/2020     USD     0.934
KCA Deutag UK Finance      9.875  04/01/2022     USD    48.083
German Pellets GmbH        7.250  07/09/2018     EUR     0.588
Banco Espirito Santo S     2.286                 EUR     0.235
Windreich GmbH             6.500  03/01/2015     EUR     4.315
Credit Suisse AG/Londo    20.000 11/29/2024      USD    11.890
Dr Wiesent Sozial gGmb     7.000                 EUR     0.020
Deutsche Bank AG           0.687  10/11/2049     EUR    72.814
Yell Bondco PLC            8.500  05/02/2023     GBP    40.309
Turkiye Ihracat Kredi     12.540  9/14/2028      TRY    72.225
KCA Deutag UK Finance      7.250  5/15/2021      USD    48.417
SFO Akkord Finans         10.000  02/12/2024     RUB    61.540
Barclays Bank PLC          0.350  05/06/2022     USD     9.865
Banco Santander SA         1.860                 EUR     2.117
Deutsche Bank AG/Londo    13.750  6/20/2026      TRY    66.765
Lehman Brothers Treasu     5.220  03/01/2024     EUR     0.100
SAS AB                     4.407                 SEK    37.652
Espirito Santo Financi     9.750 12/19/2025      EUR     1.134
Agrokor dd                 9.875  05/01/2019     EUR    15.000
KCA Deutag UK Finance      9.625  04/01/2023     USD    49.709
Portugal Telecom Inter     5.242  11/06/2017     EUR     0.694
MS Deutschland Beteili     6.875 12/18/2017      EUR     1.920
BOA Offshore AS            0.409  7/17/2047      NOK     7.396
Sidetur Finance BV        10.000  4/20/2016      USD     2.749
Gold-Zack AG               7.000 12/14/2005      EUR    11.030
Intelsat Connect Finan     9.500  2/15/2023      USD    28.000
Virgolino de Oliveira     10.875  1/13/2020      USD    32.000
Rena GmbH                  8.250  07/11/2018     EUR     2.096
German Pellets GmbH        7.250  04/01/2016     EUR     0.588
AKB Peresvet ZAO           0.510  2/14/2032      RUB    11.000
Swissport Investments      9.750 12/15/2022      EUR    45.679
Uppfinnaren 1 AB          11.000                 SEK    40.000
International Finance      0.500  6/29/2027      ZAR    63.210
Russian Post FGUP          2.750  12/06/2023     RUB    70.000
Intralot Capital Luxem     5.250  9/15/2024      EUR    56.034
Credit Suisse AG/Londo     5.000  3/29/2023      USD     9.610
Promsvyazbank PJSC         2.500  9/29/2029      RUB    67.120
Havila Shipping ASA        4.130  01/02/2025     NOK    49.964
Ideal Standard Interna    11.750  05/01/2018     EUR     0.050
Paper Industries Inter     6.000  03/01/2025     EUR    70.000
Credit Agricole Corpor     5.400  1/31/2028      BRL    73.571
Stichting Afwikkeling      2.207                 EUR     1.210
Stichting Afwikkeling      8.450  8/20/2018      USD     5.375
Air Berlin Finance BV      8.500  03/06/2019     EUR     0.510
Getin Noble Bank SA        5.250  4/29/2024      PLN    50.146
Ahtium PLC                 4.000 12/16/2015      EUR     0.586
SAir Group                 6.250 10/27/2002      CHF    12.625
Vneshprombank Ltd Via      9.000 11/14/2016      USD     0.078
AKB Peresvet ZAO           0.510  6/23/2021      RUB    53.590
Top Gun Realisations 7     8.000  07/01/2023     GBP     1.476
Nostrum Oil & Gas Fina     7.000  2/16/2025      USD    23.482
Ahtium PLC                 9.750  04/04/2017     EUR     0.768
NTRP Via Interpipe Ltd    10.250  08/02/2017     USD    30.500
Rio Forte Investments      4.750  11/10/2015     EUR     5.720
UniCredit Bank AG         10.300 12/24/2021      EUR    68.030
DZ Bank AG Deutsche Ze     0.490  03/11/2031     EUR    43.346
getgoods.de AG             7.750  10/02/2017     EUR     0.291
Golfino AG                 8.000 11/18/2023      EUR     0.010
DekaBank Deutsche Giro     6.000  06/02/2021     EUR    57.110
Depfa Funding II LP        6.500                 EUR    60.474
Norske Skogindustrier      7.125 10/15/2033      USD     0.001
Rio Forte Investments      4.000  7/22/2014      EUR     5.859
Moby SpA                   7.750  2/15/2023      EUR    23.557
A-TEC Industries AG        8.750 10/27/2014      EUR     0.100
SAir Group                 4.250  02/02/2007     CHF    12.625
Deutsche Agrar Holding     7.250  9/28/2018      EUR     1.254
Commerzbank AG             0.085 11/19/2029      EUR    64.718
Solship Invest 1 AS        5.000  12/08/2024     NOK     6.682
Societe Generale SA        8.000  8/18/2021      USD    34.060
Steilmann SE               7.000  9/23/2018      EUR     1.429
Rio Forte Investments      3.900  07/10/2014     USD     5.394
Credit Suisse AG/Londo     6.500  3/28/2022      USD     4.420
City of Predeal Romani     2.500  5/15/2026      RON    61.000
Barclays Bank PLC          2.000  06/12/2029     TRY    31.926
Air Berlin Finance BV      6.000  03/06/2019     EUR     0.315
HSBC Bank PLC              0.500  6/23/2027      MXN    65.005
Espirito Santo Financi     5.050 11/15/2025      EUR     1.230
Deutsche Bank AG/Londo     0.500 10/18/2038      MXN    15.015
Credit Suisse AG/Londo    12.250  02/08/2024     USD     9.750
Gebr Sanders GmbH & Co     8.750 10/22/2018      EUR     9.492
Dolphin Drilling ASA       4.490  8/28/2019      NOK     0.644
Sequa Petroleum NV         5.000  4/29/2020      USD    28.764
Veneto Banca SpA           6.944  5/15/2025      EUR     0.407
Kingdom of Belgium         0.459  7/23/2079      EUR    71.829
Lloyds Bank PLC            0.500  7/26/2028      MXN    59.466
SAir Group                 6.250  04/12/2005     CHF    12.625
Barclays Bank PLC          0.500  4/13/2022      USD
Norske Skogindustrier      7.125 10/15/2033      USD     0.001
Pescanova SA               5.125  4/20/2017      EUR     0.319
Pescanova SA               8.750  2/17/2019      EUR     0.319
UBS AG/London             10.250  4/19/2021      EUR    73.950
BNP Paribas Issuance B     6.550  3/28/2025      EUR    64.350
Credit Suisse AG/Londo     6.250 10/31/2025      USD    11.501
Activa Resources AG        0.500 11/15/2021      EUR     1.000
SAir Group                 5.500  7/23/2003      CHF    12.625
BLT Finance BV            12.000  02/10/2015     USD    10.500
Galapagos Holding SA       7.000  6/15/2022      EUR     7.498
Lehman Brothers Treasu     1.000  10/05/2035     EUR     0.100
Barclays Bank PLC          5.000  11/01/2029     BRL    65.893
Muehl Product & Servic     6.750  03/10/2005     DEM     0.080
Virgolino de Oliveira     11.750  02/09/2022     USD     1.545
Solon SE                   1.375  12/06/2012     EUR     0.544
Societe Generale SA        6.000  05/09/2022     USD    13.950
Leonteq Securities AG/     5.880  6/16/2021      EUR    16.600
SG Issuer SA               5.000  5/23/2024      EUR    61.930
Golden Gate AG             6.500  10/11/2014     EUR    37.600
Thomas Cook Finance 2      3.875  7/15/2023      EUR     1.024
Lehman Brothers Treasu     0.188  11/02/2035     EUR     0.100
Otkritie Holding JSC       0.010  10/03/2036     RUB     0.010
Swissport Investments      6.750 12/15/2021      EUR     0.942
Bank Otkritie Financia     0.010  9/24/2025      RUB    71.050
Credit Suisse AG/Londo     4.970  4/29/2022      USD     9.900
Zurcher Kantonalbank F    11.000  7/22/2021      CHF    67.350
Banco Espirito Santo S    10.000  12/06/2021     EUR     0.098
AKB Peresvet ZAO          13.000  10/07/2017     RUB    46.500
Danske Bank A/S            5.300  7/15/2023      SEK    45.850
Societe Generale SA       22.000  11/03/2022     USD    58.400
COFIDUR SA                 0.100 12/31/2024      EUR    24.050
Bibby Offshore Service     7.500  6/15/2021      GBP    11.500
Intelsat Jackson Holdi     9.750  7/15/2025      USD    73.250
Credit Agricole Corpor    10.320  7/22/2026      TRY    70.737
BRAbank ASA                7.440                 NOK    57.933
ECM Real Estate Invest     5.000  10/09/2011     EUR    15.375
UniCredit Bank AG          0.115 11/19/2029      EUR    71.236
SG Issuer SA               0.263  2/20/2025      EUR    19.940
Leonteq Securities AG/     6.400  11/03/2021     CHF    51.020
Societe Generale SA       12.560  09/08/2023     USD
Cooperativa Muratori &     6.875  08/01/2022     EUR     2.596
Credit Agricole Corpor    10.500  2/16/2027      TRY    71.062
Credito Padano Banca d     3.100                 EUR    34.168
New World Resources NV     8.000  04/07/2020     EUR     0.036
SAir Group                 2.125  11/04/2004     CHF    12.625
Agrokor dd                 8.875  02/01/2020     USD    15.000
Norske Skog Holding AS     8.000  2/24/2023      USD     0.006
Cooperatieve Rabobank      0.500 11/30/2027      MXN    62.901
SALVATOR Vermoegensver     9.500 12/31/2021      EUR     9.250
Leonteq Securities AG     12.500  5/20/2021      CHF    64.860
Tonon Luxembourg SA        9.250  1/24/2020      USD     1.000
Landesbank Hessen-Thue     0.650  10/01/2031     EUR    10.320
Grupo Isolux Corsan SA     0.250 12/30/2018      EUR     0.265
Agrokor dd Via Aquariu     4.921  08/08/2017     EUR    14.625
International Bank of      8.250  10/09/2024     USD    60.375
Windreich GmbH             6.750  03/01/2015     EUR     4.315
Instabank ASA              5.380  3/28/2028      NOK    71.087
Minicentrales Dos SA       0.010  06/06/2047     EUR    67.347
Societe Generale SA       12.000  07/08/2021     USD
Landesbank Baden-Wuert     6.000  8/27/2021      EUR    55.880
Leonteq Securities AG/     3.350 12/13/2021      EUR    68.630
Santander Consumer Ban     5.280                 NOK    61.002
Barclays Bank PLC          1.450  9/24/2038      MXN    31.388
Astana Finance BV          7.875  06/08/2010     EUR    16.000
SG Issuer SA               4.000  7/20/2021      SEK    71.000
Societe Generale SA        6.000  06/06/2022     USD    14.700
BNP Paribas Emissions-    10.000  6/24/2021      EUR    60.000
Phones4u Finance PLC       9.500  04/01/2018     GBP    71.750
Thomas Cook Group PLC      6.250  6/15/2022      EUR     0.836
BNP Paribas SA             1.000  1/23/2040      MXN    19.850
Tonon Luxembourg SA       12.500  5/14/2024      USD     0.399
Espirito Santo Financi     0.352 10/27/2024      EUR     0.300
A-TEC Industries AG        5.750  11/02/2010     EUR     0.100
Instabank ASA              7.380                 NOK    48.428
A-TEC Industries AG        2.750  05/10/2014     EUR     0.100
KPNQwest NV                7.125  06/01/2009     EUR     0.068
UniCredit Bank AG          6.600  7/20/2028      EUR    45.780
Landesbank Hessen-Thue     7.000 10/20/2022      EUR    53.810
Metalloinvest Holding      0.010  03/10/2022     RUB    73.160
UkrLandFarming PLC        10.875  3/26/2018      USD     2.886
Credit Agricole Corpor    10.200  08/06/2026     TRY    70.375
Kaupthing ehf              5.750  10/04/2011     USD     0.250
Credit Agricole Corpor    11.190  1/15/2026      TRY    74.476
SAir Group                 0.125  07/07/2005     CHF    12.625
Credit Agricole CIB Fi     0.390 12/16/2032      EUR    61.601
Cooperativa Muratori &     6.000  2/15/2023      EUR     2.880
KPNQwest NV                8.875  02/01/2008     EUR     0.068
Cooperatieve Rabobank      0.500 12/29/2027      MXN    62.277
Skandinaviska Enskilda     9.500  7/17/2023      SEK    75.520
SAir Group                 5.125  03/01/2003     CHF    12.500
Barclays Bank PLC          2.730  9/27/2024      EUR    71.810
Resa SA/Belgium            1.950  7/22/2036      EUR    50.000
Archer Finance OOO         9.250  3/29/2022      RUB     0.020
Solarwatt GmbH             7.000  11/01/2015     EUR    15.500
LBI ehf                    6.100  8/25/2011      USD     9.904
Northland Resources AB     4.000 10/15/2020      NOK     0.271
AlphaNotes ETP Dac         0.010  09/09/2029     USD    68.996
Bulgaria Steel Finance    12.000  05/04/2013     EUR     0.216
Samaratransneft-Termin    17.000  6/20/2021      RUB    32.000
Societe Generale SA        4.500 12/29/2022      USD     4.190
Credit Suisse AG/Londo     8.750  5/20/2021      GBP    63.250
UniCredit Bank AG          5.050  01/11/2022     EUR    35.870
Credit Suisse AG/Londo     8.000  05/04/2021     EUR    74.560
SAG Solarstrom AG          6.250 12/14/2015      EUR    31.000
Santander Consumer Ban     5.280                 NOK    60.483
Kaupthing ehf              4.390 10/14/2008      CZK     0.250
SAir Group                 2.750  7/30/2004      CHF    12.625
Otkritie Holding JSC      10.000  4/20/2028      RUB     2.440
Credito Padano Banca d     3.100                 EUR    33.959
EDOB Abwicklungs AG        7.500  04/01/2012     EUR     2.351
Mriya Agro Holding PLC     9.450  4/19/2018      USD     4.376
Barclays Bank PLC          0.500  1/28/2033      MXN    35.423
Espirito Santo Financi     5.125  5/30/2016      EUR     1.526
Cooperatieve Rabobank      0.500  8/21/2028      MXN    58.521
HSBC Bank PLC             10.300  12/10/2024     TRY    74.156
Raiffeisen Switzerland     5.500  7/26/2021      EUR    54.580
EFG International Fina     6.130  6/20/2024      EUR     2.990
Skandinaviska Enskilda     8.300  7/17/2023      SEK    73.280
Landesbank Hessen-Thue     5.400  04/05/2023     EUR    47.360
Nordea Bank Abp            4.100  7/20/2023      SEK    51.500
SG Issuer SA               3.000  09/02/2021     EUR    49.090
Credit Suisse AG/Londo     7.250  4/27/2021      EUR    72.610
Privatbank CJSC Via UK    10.875  2/28/2018      USD    29.749
Tonon Luxembourg SA       12.500  5/14/2024      USD     0.399
Windreich GmbH             6.250  03/01/2015     EUR     4.315
OOO SPV Structural Inv     0.010  09/01/2023     RUB    66.740
Agrokor dd                 9.125  02/01/2020     EUR    15.000
Landesbank Baden-Wuert     2.050  7/23/2021      EUR    68.680
Landesbank Hessen-Thue     5.000  02/10/2023     EUR    71.830
Raiffeisen Switzerland     4.000  8/30/2022      CHF    55.490
Credit Suisse AG/Londo    10.250  05/03/2021     CHF    68.440
SG Issuer SA               5.000  07/10/2021     EUR
Getin Noble Bank SA        4.750  5/31/2024      PLN    71.874
Getin Noble Bank SA        4.250  6/28/2024      PLN    59.875
Top Gun Realisations 7     8.000  07/01/2023     GBP     1.476
Bilt Paper BV              9.640                 USD     1.000
Heta Asset Resolution      7.500 12/31/2023      ATS     1.994
Lehman Brothers Treasu    14.900  9/15/2008      EUR     0.100
Getin Noble Bank SA        5.250  7/28/2023      PLN    65.059
Kaupthing ehf              9.000                 USD     0.122
Pescanova SA               6.750  03/05/2015     EUR     0.319
Societe Generale Effek     3.000  7/22/2022      USD     8.050
SG Issuer SA               2.980 12/28/2021      USD    71.170
Citigroup Global Marke    12.379 11/13/2023      SEK    71.760
Landesbank Hessen-Thue     3.600  08/12/2021     EUR    58.100
Barclays Bank PLC          0.517  05/06/2022     USD     9.950
SG Issuer SA               1.400 12/28/2032      EUR    26.010
UBS AG/London             25.250  08/10/2021     CHF    68.050
Credit Suisse AG/Londo    10.000  1/20/2023      USD     9.780
Bank Julius Baer & Co     10.600  7/22/2021      USD    58.650
Kardan NV                  6.325  2/21/2021      ILS    13.860
Bank Julius Baer & Co      9.500  05/07/2021     EUR    70.750
WEB Windenergie AG         4.000 12/17/2025      EUR     0.010
Metalloinvest Holding      0.010  03/07/2022     RUB    70.010
Rosbank PJSC               0.010  4/30/2024      RUB    65.000
Aralco Finance SA         10.125  05/07/2020     USD     0.934
Lehman Brothers Treasu     2.000  3/16/2035      EUR     0.100
Mriya Agro Holding PLC     9.450  4/19/2018      USD     4.376
Minicentrales Dos SA       0.010  06/06/2047     EUR    65.750
Kaupthing ehf              1.588                 ISK     0.250
Ideal Standard Interna    11.750  05/01/2018     EUR     0.050
Espirito Santo Financi     5.050 11/15/2025      EUR     0.852
Credit Agricole Corpor     9.450  03/08/2027     TRY    66.519
Lehman Brothers Treasu     6.650  8/24/2011      AUD     0.100
Credit Agricole CIB Fi     7.000  06/12/2023     TRY    75.665
Kaupthing ehf              6.125  10/04/2016     USD     0.250
EYEMAXX Real Estate AG     5.500  9/24/2024      EUR    69.379
Eiendomskreditt AS         2.270  9/17/2029      NOK    71.603
Bank Otkritie Financia    10.000  4/26/2019      USD     9.539
PA Resources AB           13.500  03/03/2016     SEK     0.124
New World Resources NV     4.000  10/07/2020     EUR     0.912
Phosphorus Holdco PLC     10.000  04/01/2019     GBP     0.613
LBI ehf                    7.431                 USD     0.001
Credit Suisse AG/Londo     0.500  01/08/2026     BRL    63.445
KPNQwest NV                8.125  06/01/2009     USD     0.068
Credit Agricole Corpor    10.200 12/13/2027      TRY    67.955
Norske Skog Holding AS     8.000  2/24/2023      USD     0.006
Lehman Brothers Treasu     5.500  6/22/2010      USD     0.100
HSBC Bank PLC             10.300 12/20/2024      TRY    74.117
LBI ehf                    8.650  05/01/2011     ISK     9.375
Credit Agricole Corpor    10.800  3/24/2026      TRY    70.162
Heta Asset Resolution      5.730 12/31/2023      EUR     1.994
Heta Asset Resolution      5.920 12/31/2023      EUR     1.994
Cerruti Finance SA         6.500  7/26/2004      EUR     2.061
Norske Skogindustrier      7.000 12/30/2026      EUR     0.001
UniCredit Bank AG          5.500  07/09/2021     EUR    47.670
DekaBank Deutsche Giro     2.000 11/19/2021      EUR    67.930
Societe Generale SA        4.890  2/16/2023      USD
Leonteq Securities AG/     2.630  7/30/2021      USD    71.290
TransKomplektHolding O     9.500  11/02/2028     RUB    70.000
SG Issuer SA               5.000  04/02/2024     EUR    58.550
Skandinaviska Enskilda     8.600  7/17/2023      SEK    73.840
Skandinaviska Enskilda     4.400  7/15/2022      SEK    71.045
RENE LEZARD Mode GmbH      7.250 11/25/2017      EUR     1.000
BNP Paribas Issuance B     5.000  11/05/2024     EUR    27.710
Zurcher Kantonalbank F    10.200  08/06/2021     CHF    73.680
SALVATOR Vermoegensver     9.500                 EUR    10.800
Derzhava-Garant OOO        7.500  06/12/2030     RUB     0.990
State of Saxony-Anhalt     0.030  07/03/2028     EUR    60.000
Tonon Luxembourg SA        9.250  1/24/2020      USD     1.000
AKB Peresvet ZAO          13.250  4/25/2018      RUB    46.500
Irish Bank Resolution      4.000  4/23/2018      EUR    33.250
Getin Noble Bank SA        4.250  8/30/2024      PLN    68.371
Intelsat SA                4.500  6/15/2025      USD    35.152
Kaupthing ehf              3.750  02/01/2045     USD     0.232
Nota-Bank OJSC            13.500  04/01/2016     RUB    31.500
SAG Solarstrom AG          7.500  07/10/2017     EUR    31.000
Astana Finance BV          9.000 11/16/2011      USD    15.250
Lehman Brothers Treasu     4.050  9/16/2008      EUR     0.100
Lehman Brothers Treasu     7.375  9/20/2008      EUR     0.100
Hellas Telecommunicati     6.054  1/15/2015      USD     0.001
Lehman Brothers Treasu     8.000 10/23/2008      USD     0.100
Credit Agricole Corpor    10.800  3/24/2026      TRY    72.926
Lehman Brothers Treasu    23.300  9/16/2008      USD     0.100
Heta Asset Resolution      0.131 12/31/2023      EUR     1.994
UBS AG/London             13.750  7/26/2021      USD    70.810
Credit Suisse AG/Nassa     7.000  6/22/2021      CHF    55.930
Danske Bank A/S           10.300  07/09/2023     SEK    11.000
Vontobel Financial Pro     5.000  4/13/2021      EUR    58.463
Landesbank Hessen-Thue     5.000  9/21/2023      EUR    72.020
Corner Banca SA           12.200  4/27/2021      CHF    73.560
UBS AG/London             13.500  4/26/2021      USD    66.950
Credit Suisse AG/Londo     8.750  6/23/2021      EUR    70.940
Santander Consumer Ban     5.280                 NOK    60.483
Turkey Government Bond    10.500  08/11/2027     TRY    73.000
IT Holding Finance SA      9.875 11/15/2012      EUR     0.255
Petromena ASA              9.750  5/24/2016      NOK     0.607
HSBC Bank PLC              0.500 11/25/2025      BRL    64.266
Heta Asset Resolution      4.350 12/31/2023      EUR     1.994
Northland Resources AB     4.000 10/15/2020      USD     0.271
Banca Popolare di Vice     9.500  10/02/2025     EUR     0.049
Lehman Brothers Treasu     2.875  3/14/2013      CHF     0.100
Lehman Brothers Treasu     4.350  08/08/2016     SGD     0.100
Nutritek International     8.750  12/11/2008     USD     2.089
MIK OAO                   15.000  2/19/2020      RUB    13.875
Deutsche Bank AG/Londo     0.500  04/05/2038     MXN    23.347
BNP Paribas SA             0.500 11/16/2032      MXN    27.540
Kaupthing ehf              7.000  7/24/2009      ISK     0.250
Raiffeisen Switzerland     6.800  05/06/2022     EUR     0.020
Landesbank Hessen-Thue     4.000  07/07/2021     EUR    49.480
DekaBank Deutsche Giro     3.000  6/21/2021      EUR    45.840
Societe Generale SA        3.900  3/23/2022      USD     0.890
UBS AG/London             10.000  8/19/2021      CHF    70.750
UniCredit Bank AG         13.000  6/25/2021      EUR    73.650
Zurcher Kantonalbank F     8.000  2/25/2022      CHF    72.140
Leonteq Securities AG      5.000  6/15/2021      CHF    69.600
Credit Suisse AG/Londo     8.500  5/18/2021      EUR    62.250
Zurcher Kantonalbank F     9.250  8/26/2021      CHF    67.900
Landesbank Hessen-Thue     3.350  5/19/2021      EUR    76.700
UBS AG/London              7.000  2/21/2022      EUR    63.800
UBS AG/London              5.500  8/19/2021      EUR    67.300
UBS AG/London              5.750  8/20/2021      EUR    69.800
Societe Generale Effek    29.303  6/25/2021      EUR    66.510
Leonteq Securities AG/     8.600  07/12/2021     EUR    62.470
UBS AG/London              6.500  8/19/2021      CHF    67.300
Landesbank Hessen-Thue     5.150  6/14/2022      EUR    69.590
BNP Paribas Emissions-     8.500  6/24/2021      EUR    71.740
BNP Paribas Emissions-     9.500  6/24/2021      EUR    71.930
BNP Paribas Emissions-    13.000  6/24/2021      EUR    64.380
BNP Paribas Emissions-     9.000  6/24/2021      EUR    66.980
BNP Paribas Emissions-     7.500  6/24/2021      EUR    73.450
BNP Paribas Emissions-     9.000  6/24/2021      EUR    70.920
BNP Paribas Emissions-    10.000  6/24/2021      EUR    69.610
BNP Paribas Emissions-    12.000  6/24/2021      EUR    72.780
BNP Paribas Emissions-    10.000  6/24/2021      EUR    71.110
BNP Paribas Emissions-    11.000  6/24/2021      EUR    68.680
BNP Paribas Emissions-    12.000  6/24/2021      EUR    67.230
Vontobel Financial Pro    14.500  6/25/2021      EUR    75.250
Vontobel Financial Pro    18.000  6/25/2021      EUR    73.450
Corner Banca SA           15.400  06/02/2021     CHF    71.670
Vontobel Financial Pro    16.000  6/25/2021      EUR    73.910
Vontobel Financial Pro    17.000  6/25/2021      EUR    72.540
Vontobel Financial Pro    19.500  6/25/2021      EUR    72.140
Raiffeisen Schweiz Gen     7.000  7/26/2021      AUD    68.170
BNP Paribas Emissions-    10.000  6/24/2021      EUR    70.430
DekaBank Deutsche Giro     3.400  09/04/2023     EUR    75.990
BNP Paribas Emissions-     9.500  6/24/2021      EUR    71.580
Leonteq Securities AG/    10.600  7/26/2021      USD    72.270
UBS AG/London              7.500  09/06/2021     CHF    72.400
Leonteq Securities AG     22.300  6/15/2021      EUR     6.240
Leonteq Securities AG     21.800  6/25/2021      CHF     5.680
Leonteq Securities AG/     4.000  03/03/2022     EUR    34.260
Vontobel Financial Pro    11.000  6/25/2021      EUR    68.179
Landesbank Baden-Wuert     5.700  2/25/2022      EUR    71.730
Landesbank Baden-Wuert     1.200  2/25/2022      EUR    70.000
Landesbank Baden-Wuert     3.700  2/25/2022      EUR    62.780
Landesbank Baden-Wuert     2.800  6/25/2021      EUR    64.880
Citigroup Global Marke     8.050  1/24/2023      EUR    63.570
Erste Group Bank AG        4.350  2/20/2022      EUR    55.450
SG Issuer SA               7.600  1/20/2025      SEK    66.370
UniCredit Bank AG          4.200  2/19/2022      EUR    51.920
DekaBank Deutsche Giro     3.000  8/27/2021      EUR    59.130
Landesbank Hessen-Thue     3.500  03/09/2022     EUR    57.480
UniCredit Bank AG          4.000  3/13/2022      EUR    55.600
Landesbank Hessen-Thue     5.900  03/09/2023     EUR    66.460
EFG International Fina     7.000  2/21/2022      CHF    73.400
Landesbank Hessen-Thue     6.400  03/09/2023     EUR    63.150
Leonteq Securities AG      6.400  5/25/2021      CHF    58.550
Landesbank Hessen-Thue     3.500  07/06/2022     EUR    46.490
Leonteq Securities AG      8.000  06/08/2021     CHF    65.000
UniCredit Bank AG          3.700  6/25/2022      EUR    60.460
UniCredit Bank AG          6.000 12/25/2021      EUR    76.670
Landesbank Hessen-Thue     2.000  6/13/2022      EUR    61.510
UBS AG/London             10.000  8/26/2021      EUR    70.450
Bank Julius Baer & Co      9.500  8/26/2021      CHF    69.050
UBS AG/London             10.750  8/26/2021      CHF    73.800
DZ Bank AG Deutsche Ze     4.300  6/21/2021      EUR    71.510
UBS AG/London              7.000  7/26/2021      EUR    55.400
Credit Suisse AG/Londo     6.000  8/24/2022      CHF    74.970
Credit Suisse AG/Londo     7.500  5/25/2021      CHF    68.480
UBS AG/London             10.250  8/26/2021      CHF    73.800
EFG International Fina    10.000  7/26/2021      EUR    64.480
Landesbank Hessen-Thue     2.300  02/09/2023     EUR    74.110
UniCredit Bank AG          4.130  2/13/2022      EUR    58.260
Landesbank Hessen-Thue     6.500  2/16/2023      EUR    53.850
Societe Generale SA        4.500 12/30/2024      USD    65.180
Societe Generale SA        4.500 12/29/2022      USD     6.100
EFG International Fina    11.500  08/02/2021     USD    60.330
DZ Bank AG Deutsche Ze     5.750  9/22/2021      EUR    74.180
Societe Generale SA       22.000  8/31/2022      USD    73.800
Corner Banca SA           15.000  05/04/2021     CHF     3.580
BNP Paribas Emissions-     8.000  6/24/2021      EUR    73.230
EFG International Fina    14.800  8/19/2021      CHF    67.980
Vontobel Financial Pro    16.500  6/25/2021      EUR    58.334
Landesbank Baden-Wuert     2.200  7/23/2021      EUR    69.190
Landesbank Hessen-Thue     6.000  03/10/2023     EUR    63.670
UniCredit Bank AG          6.000  6/25/2021      EUR    67.570
UniCredit Bank AG          5.400 12/24/2021      EUR    69.230
Landesbank Baden-Wuert     3.500  7/23/2021      EUR    66.130
Raiffeisen Schweiz Gen     5.600  07/12/2021     CHF    45.000
UniCredit Bank AG          7.500 12/24/2021      EUR    53.790
UniCredit Bank AG         10.200 12/24/2021      EUR    70.090
UniCredit Bank AG          4.700  6/25/2021      EUR    72.810
Landesbank Baden-Wuert     2.300  7/23/2021      EUR    67.900
Landesbank Hessen-Thue     4.000  6/16/2022      EUR    55.680
Landesbank Hessen-Thue     5.300  9/23/2022      EUR    45.300
Societe Generale SA        8.000  5/28/2027      USD    44.400
DZ Bank AG Deutsche Ze     3.300  6/21/2021      EUR    73.810
Raiffeisen Schweiz Gen     5.000 12/29/2021      CHF    66.720
Landesbank Baden-Wuert     3.000  6/25/2021      EUR    65.260
UniCredit Bank AG          6.600 12/24/2021      EUR    56.110
UniCredit Bank AG         10.000  6/25/2021      EUR    74.470
UniCredit Bank AG          7.500  6/25/2021      EUR    63.170
Skandinaviska Enskilda     9.020  7/17/2023      SEK    72.110
Corner Banca SA           14.200  8/24/2021      USD     6.610
UniCredit Bank AG          9.100 12/24/2021      EUR    72.640
UniCredit Bank AG          4.100 12/24/2021      EUR    65.500
UniCredit Bank AG          7.600  6/25/2021      EUR    53.280
UniCredit Bank AG          4.400 12/24/2021      EUR    73.430
Landesbank Hessen-Thue     6.700 10/13/2023      EUR    67.750
UniCredit Bank AG          8.700  6/25/2021      EUR    74.550
UniCredit Bank AG         10.700  6/25/2021      EUR    71.250
UniCredit Bank AG         12.100  6/25/2021      EUR    67.600
Zurcher Kantonalbank F     5.000  7/23/2021      EUR    69.980
UniCredit Bank AG          4.400  6/25/2021      EUR    64.550
UniCredit Bank AG          5.400  6/25/2021      EUR    60.220
UniCredit Bank AG          8.900 12/24/2021      EUR    60.090
UniCredit Bank AG         10.100  6/25/2021      EUR    48.040
Landesbank Hessen-Thue     6.200  6/17/2022      EUR    52.860
Landesbank Baden-Wuert     3.000  9/23/2022      EUR    66.000
Landesbank Baden-Wuert     2.650  9/23/2022      EUR    68.240
UBS AG/London             14.250  7/19/2021      USD    66.620
DZ Bank AG Deutsche Ze     5.600  6/23/2021      EUR    69.440
UBS AG/London              7.000  7/19/2021      CHF    53.800
Landesbank Hessen-Thue     2.500  6/21/2021      EUR    68.900
SG Issuer SA               4.000  6/22/2026      EUR    62.320
EFG International Fina    11.400  6/28/2021      USD    50.970
SG Issuer SA              11.170  7/20/2025      SEK    62.000
Credit Suisse AG/Londo     7.000  8/25/2021      EUR    73.750
UBS AG/London              6.250  6/21/2021      CHF    56.800
Vontobel Financial Pro    18.000  6/25/2021      EUR    69.910
Vontobel Financial Pro    13.500  6/25/2021      EUR    67.800
Vontobel Financial Pro    21.000  6/25/2021      EUR    75.660
Vontobel Financial Pro    15.500  6/25/2021      EUR    65.500
Vontobel Financial Pro    22.000  6/25/2021      EUR    74.690
Goldman Sachs & Co Wer    14.000 12/22/2021      EUR    74.150
Goldman Sachs & Co Wer    16.000 12/22/2021      EUR    72.600
Goldman Sachs & Co Wer    19.000  6/23/2021      EUR    68.360
Goldman Sachs & Co Wer    14.000  9/22/2021      EUR    74.070
Goldman Sachs & Co Wer    15.000  7/21/2021      EUR    73.850
Goldman Sachs & Co Wer    18.000  7/21/2021      EUR    69.530
Landesbank Hessen-Thue     5.700  6/16/2022      EUR    57.470
Vontobel Financial Pro    10.500  6/25/2021      EUR    73.340
Vontobel Financial Pro    12.000  6/25/2021      EUR    70.440
Goldman Sachs & Co Wer    18.000  9/22/2021      EUR    69.560
Landesbank Hessen-Thue     5.200  9/30/2022      EUR    46.590
Vontobel Financial Pro    16.500  6/25/2021      EUR    71.330
Vontobel Financial Pro    14.500  6/25/2021      EUR    72.740
Landesbank Baden-Wuert     2.600  2/25/2022      EUR    65.430
Natixis SA                 2.500  07/12/2021     EUR    57.090
Leonteq Securities AG      7.600  7/13/2021      CHF    62.260
Landesbank Baden-Wuert     3.050  9/23/2022      EUR    64.900
Landesbank Baden-Wuert     2.850  9/23/2022      EUR    67.800
DekaBank Deutsche Giro     2.550  7/30/2021      EUR    59.540
Landesbank Hessen-Thue     2.750  5/20/2021      EUR    59.100
Bayerische Landesbank      2.000  2/18/2022      EUR    65.200
Landesbank Hessen-Thue     3.500  8/17/2022      EUR    70.550
UniCredit Bank AG          4.300  7/26/2022      EUR    60.980
UniCredit Bank AG          3.650  7/23/2022      EUR    61.050
UniCredit Bank AG          6.400  7/23/2021      EUR    77.010
Bayerische Landesbank      2.000  1/28/2022      EUR    66.360
Credit Suisse AG/Nassa     7.200  07/05/2021     CHF    60.150
UniCredit Bank AG          4.200  7/26/2022      EUR    42.510
UniCredit Bank AG          4.450  7/23/2022      EUR    72.310
UniCredit Bank AG          4.150  7/26/2022      EUR    62.040
Landesbank Hessen-Thue     3.600  7/27/2022      EUR    71.010
SG Issuer SA               4.000  08/02/2021     EUR    65.150
Landesbank Hessen-Thue     4.000  08/03/2022     EUR    64.250
Landesbank Hessen-Thue     5.750  08/03/2023     EUR    68.000
Landesbank Baden-Wuert     3.500  7/23/2021      EUR    65.060
Landesbank Hessen-Thue     7.500  11/03/2023     EUR    63.820
Landesbank Baden-Wuert     2.000  2/25/2022      EUR    73.710
Landesbank Hessen-Thue     4.000  8/18/2021      EUR    54.650
Landesbank Hessen-Thue     5.100  2/17/2023      EUR    58.930
UniCredit Bank AG          4.250 11/21/2021      EUR    43.670
UniCredit Bank AG          4.200 11/21/2021      EUR    58.490
Leonteq Securities AG/     7.200 10/27/2021      CHF    65.270
Landesbank Hessen-Thue     4.000 11/24/2021      EUR    48.730
UniCredit Bank AG          4.500  1/18/2022      EUR    57.640
Landesbank Hessen-Thue     5.000 11/25/2022      EUR    56.590
Raiffeisen Switzerland    10.500  07/11/2024     USD    19.330
UniCredit Bank AG          3.500  2/13/2023      EUR    50.900
UniCredit Bank AG          3.600  8/23/2021      EUR    49.680
Landesbank Hessen-Thue     5.900  8/25/2023      EUR    36.480
Landesbank Hessen-Thue     4.000  06/08/2022     EUR    53.780
Landesbank Hessen-Thue     4.000  06/08/2022     EUR    58.630
Leonteq Securities AG      8.400  05/11/2021     CHF    60.430
UniCredit Bank AG          3.750  8/23/2021      EUR    56.100
UniCredit Bank AG          3.900 10/24/2021      EUR    50.130
UniCredit Bank AG          4.050 10/24/2021      EUR    66.110
EFG International Fina     6.200  8/16/2021      CHF    74.280
Landesbank Baden-Wuert     2.300  7/22/2022      EUR    63.710
UniCredit Bank AG          3.200  09/10/2022     EUR    57.130
Landesbank Baden-Wuert     2.600  9/24/2021      EUR    62.180
UniCredit Bank AG          3.800 10/24/2021      EUR    58.360
Landesbank Hessen-Thue     6.000  12/01/2022     EUR    46.580
Erste Group Bank AG        5.550  8/30/2022      EUR    54.000
DekaBank Deutsche Giro     3.100  5/28/2021      EUR    45.260
Vontobel Financial Pro     6.700  03/07/2022     EUR    58.150
UniCredit Bank AG          3.250  3/29/2022      EUR    20.350
UniCredit Bank AG          3.600  3/29/2022      EUR    72.080
UniCredit Bank AG          3.750  3/26/2022      EUR    63.200
Landesbank Hessen-Thue     4.000  7/21/2021      EUR    70.840
Landesbank Hessen-Thue     5.650 10/28/2022      EUR    61.380
Landesbank Hessen-Thue     3.000  08/11/2022     EUR    66.730
Landesbank Hessen-Thue     6.250 12/22/2022      EUR    55.490
UniCredit Bank AG          4.450 12/29/2022      EUR    44.850
UniCredit Bank AG          4.300 12/19/2021      EUR    56.430
UniCredit Bank AG          4.700 12/19/2021      EUR    40.670
Landesbank Hessen-Thue     4.400  01/05/2023     EUR    53.170
EFG International Fina     7.000  5/23/2022      EUR    56.980
SG Issuer SA               7.500  1/20/2025      SEK    64.760
UniCredit Bank AG          4.400  12/10/2022     EUR    64.130
UniCredit Bank AG          4.200  12/08/2021     EUR    42.520
Landesbank Hessen-Thue     5.400 11/24/2022      EUR    64.140
Landesbank Baden-Wuert     2.750  3/25/2022      EUR    61.840
Landesbank Baden-Wuert     2.500  3/25/2022      EUR    70.760
Leonteq Securities AG/     4.200  06/01/2021     CHF    29.110
Landesbank Baden-Wuert     3.100  2/25/2022      EUR    67.930
Raiffeisen Switzerland     4.800 11/23/2023      CHF    58.990
Credit Suisse AG/Londo     6.810  4/29/2022      USD     9.900
BNP Paribas Emissions-    23.000 12/23/2021      EUR    16.360
Leonteq Securities AG/     3.750  2/20/2023      CHF    64.020
Leonteq Securities AG     27.000  06/02/2021     CHF     7.090
EFG International Fina     6.000  8/13/2021      CHF    64.450
Leonteq Securities AG      6.000  8/17/2021      CHF    47.810
Raiffeisen Schweiz Gen     5.800  9/28/2021      CHF    66.900
DekaBank Deutsche Giro     4.000  4/23/2021      EUR    70.990
Corner Banca SA            6.200  10/05/2021     CHF    72.710
UniCredit Bank AG          5.750  01/11/2022     EUR    56.420
DekaBank Deutsche Giro     3.250  06/08/2021     EUR    55.350
HSBC Trinkaus & Burkha     6.500  6/25/2021      EUR     1.470
Natixis SA                 2.970  06/08/2021     USD    72.880
Landesbank Baden-Wuert     3.250  2/24/2023      EUR    70.390
HSBC Trinkaus & Burkha     5.700  6/25/2021      EUR    59.070
UniCredit Bank AG          4.250  6/28/2022      EUR    58.620
DekaBank Deutsche Giro     6.000  06/11/2021     EUR    58.390
Landesbank Baden-Wuert     4.100  1/28/2022      EUR    62.860
UniCredit Bank AG          4.350 10/26/2021      EUR    34.460
SG Issuer SA               2.980 12/28/2021      EUR    71.540
Landesbank Baden-Wuert     3.550  6/25/2021      EUR    58.840
Landesbank Baden-Wuert     2.250  6/25/2021      EUR    69.710
Landesbank Hessen-Thue     5.350  9/22/2023      EUR    39.910
Landesbank Baden-Wuert     2.200  6/25/2021      EUR    65.340
EFG International Fina     7.000 10/25/2021      EUR    72.800
Leonteq Securities AG      6.200  06/08/2021     CHF    53.120
DekaBank Deutsche Giro     5.150  5/21/2021      EUR    54.900
Landesbank Baden-Wuert     3.250 12/23/2022      EUR    68.810
Landesbank Baden-Wuert     2.650 12/23/2022      EUR    71.650
Landesbank Hessen-Thue     4.700  2/24/2023      EUR    54.780
Landesbank Hessen-Thue     6.450  2/24/2023      EUR    50.050
Landesbank Hessen-Thue     5.700 11/24/2022      EUR    59.790
Landesbank Hessen-Thue     4.000  06/04/2021     EUR    68.200
Landesbank Baden-Wuert     2.500  1/28/2022      EUR    61.580
Bayerische Landesbank      2.300 11/26/2021      EUR    62.020
UniCredit Bank AG          5.400  06/04/2021     EUR    66.020
Leonteq Securities AG/     5.500  5/25/2021      CHF    57.970
EFG International Fina     7.000  06/08/2021     EUR    53.710
EFG International Fina     5.550  07/12/2021     USD     4.170
UniCredit Bank AG          4.350 11/21/2021      EUR    63.570
Corner Banca SA            8.000  5/25/2021      CHF    59.590
Leonteq Securities AG      7.800  5/14/2021      CHF    17.340
EFG International Fina     6.200  8/16/2021      CHF    64.840
DekaBank Deutsche Giro     2.500 10/22/2021      EUR    73.970
Leonteq Securities AG      7.400  9/28/2021      CHF    72.460
Landesbank Baden-Wuert     3.000 12/23/2022      EUR    69.650
Landesbank Baden-Wuert     3.200 12/23/2022      EUR    68.530
DekaBank Deutsche Giro     4.250  4/14/2022      EUR    47.430
Landesbank Hessen-Thue     6.800  7/14/2022      EUR    71.520
UniCredit Bank AG          4.300  7/18/2021      EUR    63.760
UniCredit Bank AG          3.600  7/18/2021      EUR    45.300
UBS AG/London             21.800  6/24/2021      EUR    73.510
UBS AG/London             12.200  6/24/2021      EUR    68.090
UniCredit Bank AG          5.350  8/24/2021      EUR    50.640
Raiffeisen Schweiz Gen     5.000  04/05/2022     CHF    75.460
Corner Banca SA            8.600  10/12/2021     CHF    70.850
Landesbank Baden-Wuert     3.500  1/28/2022      EUR    65.690
Landesbank Hessen-Thue     6.350 11/19/2024      EUR    68.210
Landesbank Hessen-Thue     4.000  3/23/2022      EUR    52.970
SG Issuer SA               9.180  1/20/2025      SEK    70.170
Landesbank Baden-Wuert     2.800  4/25/2022      EUR    64.580
Erste Group Bank AG        4.350  2/28/2022      EUR    54.950
Landesbank Hessen-Thue     5.550  3/16/2023      EUR    54.740
UniCredit Bank AG          4.500  03/12/2022     EUR    57.030
UniCredit Bank AG          3.500  8/24/2022      EUR    65.710
UniCredit Bank AG          4.000  2/28/2022      EUR    62.880
UniCredit Bank AG          4.000 11/21/2022      EUR    70.650
HSBC Trinkaus & Burkha     5.000  10/07/2021     EUR    73.510
Landesbank Baden-Wuert     3.950  8/27/2021      EUR    65.150
Landesbank Baden-Wuert     3.400 11/25/2022      EUR    64.330
DekaBank Deutsche Giro     3.100  12/03/2021     EUR    54.910
Landesbank Baden-Wuert     3.800  1/28/2022      EUR    61.260
Bayerische Landesbank      2.500  12/03/2021     EUR    66.740
Landesbank Hessen-Thue     5.600  02/11/2025     EUR    69.310
Leonteq Securities AG/     4.750  11/01/2021     CHF    37.930
UniCredit Bank AG          4.730  01/02/2023     EUR    64.990
Landesbank Baden-Wuert     3.000  7/23/2021      EUR    64.620
Leonteq Securities AG/     4.290  7/30/2021      USD    40.210
SG Issuer SA               0.263  4/16/2025      EUR    29.250
Leonteq Securities AG/     6.200  7/27/2021      CHF    69.190
UniCredit Bank AG          4.100  8/24/2022      EUR    65.880
Landesbank Baden-Wuert     4.000 10/22/2021      EUR    54.730
Landesbank Baden-Wuert     3.500  8/27/2021      EUR    59.800
Leonteq Securities AG      7.200  08/06/2021     CHF    70.850
Araratbank OJSC            5.250  09/11/2022     USD    25.018
Landesbank Hessen-Thue     4.000  8/31/2022      EUR    55.040
DekaBank Deutsche Giro     2.300  11/12/2021     EUR    67.410
SG Issuer SA               7.740  7/20/2025      SEK    75.010
Landesbank Baden-Wuert     2.150  8/27/2021      EUR    67.870
EFG International Fina     6.400  08/09/2021     CHF    63.610
Landesbank Baden-Wuert     2.600  9/23/2022      EUR    70.520
Landesbank Baden-Wuert     3.500  7/23/2021      EUR    70.000
EFG International Fina    12.000 10/19/2021      USD    67.360
Leonteq Securities AG/     4.000  08/10/2022     CHF    66.410
Landesbank Baden-Wuert     4.000  5/27/2022      EUR    56.040
Landesbank Baden-Wuert     3.300  5/27/2022      EUR    61.960
Leonteq Securities AG      5.400  7/25/2022      CHF    63.940
DekaBank Deutsche Giro     2.800  05/02/2022     EUR    59.190
Landesbank Baden-Wuert     2.300  6/24/2022      EUR    61.070
DekaBank Deutsche Giro     3.400  4/30/2021      EUR    49.550
Landesbank Baden-Wuert     2.550 12/27/2021      EUR    57.390
Landesbank Baden-Wuert     2.500 12/27/2021      EUR    51.010
Landesbank Hessen-Thue     4.400 12/22/2022      EUR    53.280
UniCredit Bank AG          4.300  8/24/2021      EUR    50.010
Landesbank Hessen-Thue     4.000  11/10/2021     EUR    42.880
Landesbank Hessen-Thue     3.000  08/06/2021     EUR    40.500
DekaBank Deutsche Giro     1.000  11/02/2021     EUR    62.440
DekaBank Deutsche Giro     3.900  4/25/2022      EUR    49.360
Leonteq Securities AG/     6.100  2/21/2022      CHF    73.380
Credit Suisse AG/Londo     4.500  07/12/2021     EUR    71.600
SecurAsset SA              5.250  6/30/2022      EUR    49.500
Leonteq Securities AG/     4.000  2/21/2022      EUR    68.620
Leonteq Securities AG/     2.500  06/05/2024     EUR    70.150
DZ Bank AG Deutsche Ze    11.200  6/25/2021      EUR    71.130
Zurcher Kantonalbank F     9.750  8/26/2021      USD    72.180
UBS AG/London              6.750  07/05/2021     CHF    52.900
Landesbank Hessen-Thue     4.000  08/09/2023     EUR    60.000
UniCredit Bank AG          7.800  6/25/2021      EUR    65.640
UniCredit Bank AG         10.700  6/25/2021      EUR    60.450
UniCredit Bank AG          9.700  6/25/2021      EUR    64.620
UniCredit Bank AG         11.300  6/25/2021      EUR    74.950
UniCredit Bank AG         10.100  6/25/2021      EUR    71.450
UniCredit Bank AG          6.400  6/25/2021      EUR    69.360
UniCredit Bank AG          9.300  6/25/2021      EUR    62.400
UniCredit Bank AG          7.500  6/25/2021      EUR    70.990
UniCredit Bank AG         11.800  6/25/2021      EUR    57.670
UniCredit Bank AG          8.500  6/25/2021      EUR    67.050
UniCredit Bank AG          9.600  6/25/2021      EUR    63.590
UniCredit Bank AG          7.600  6/25/2021      EUR    69.870
UniCredit Bank AG          8.100 12/24/2021      EUR    65.760
UniCredit Bank AG          5.800 12/24/2021      EUR    71.490
UniCredit Bank AG          6.600 12/24/2021      EUR    72.720
UniCredit Bank AG         11.000 12/24/2021      EUR    74.970
UniCredit Bank AG         10.200 12/24/2021      EUR    59.120
UniCredit Bank AG          8.500 12/24/2021      EUR    63.450
UniCredit Bank AG          6.900 12/24/2021      EUR    68.390
UniCredit Bank AG          7.700 12/24/2021      EUR    66.070
UniCredit Bank AG          6.800 12/24/2021      EUR    68.990
UniCredit Bank AG          6.000 12/24/2021      EUR    72.230
Landesbank Baden-Wuert     4.000  8/27/2021      EUR    71.550
Landesbank Baden-Wuert     3.500  8/27/2021      EUR    71.970
Landesbank Baden-Wuert     4.000  8/27/2021      EUR    62.330
Landesbank Baden-Wuert     2.750  8/27/2021      EUR    58.560
Landesbank Baden-Wuert     3.500  8/27/2021      EUR    56.630
Landesbank Baden-Wuert     5.000  8/27/2021      EUR    53.240
Leonteq Securities AG     20.000  5/20/2021      CHF     5.350
Leonteq Securities AG     20.400  5/18/2021      CHF     5.460
Corner Banca SA           21.000  5/18/2021      CHF     5.160
Goldman Sachs & Co Wer    21.000  6/23/2021      EUR    68.750
Landesbank Baden-Wuert     5.000  8/27/2021      EUR    68.050
Erste Group Bank AG        8.000  7/31/2024      EUR    70.700
Landesbank Baden-Wuert     3.750  8/27/2021      EUR    73.340
Landesbank Baden-Wuert     5.750  8/27/2021      EUR    64.810
Landesbank Baden-Wuert     3.250  8/27/2021      EUR    66.770
Landesbank Baden-Wuert     5.000  8/27/2021      EUR    58.560
Corner Banca SA           30.000  06/08/2021     USD     7.330
Leonteq Securities AG/    29.000  06/08/2021     CHF     7.530
Vontobel Financial Pro    11.500  6/25/2021      EUR    74.443
Leonteq Securities AG     30.000  06/09/2021     CHF     7.780
BNP Paribas Emissions-     9.000  6/24/2021      EUR    73.390
BNP Paribas Emissions-     9.500  6/24/2021      EUR    74.990
BNP Paribas Emissions-    11.000  6/24/2021      EUR    71.040
BNP Paribas Emissions-     8.500  6/24/2021      EUR    73.640
BNP Paribas Emissions-    10.000  6/24/2021      EUR    75.470
BNP Paribas Emissions-    11.000  6/24/2021      EUR    72.300
BNP Paribas Emissions-    13.000  6/24/2021      EUR    70.200
BNP Paribas Emissions-    15.000  6/24/2021      EUR    67.180
BNP Paribas Emissions-     7.500  6/24/2021      EUR    72.030
BNP Paribas Emissions-     8.500  6/24/2021      EUR    72.220
BNP Paribas Emissions-    12.000  6/24/2021      EUR    67.310
BNP Paribas Emissions-    11.000  6/24/2021      EUR    74.040
BNP Paribas Emissions-    13.000  6/24/2021      EUR    65.850
Leonteq Securities AG/     6.000  06/08/2021     USD     4.250
BNP Paribas Emissions-    11.000  6/24/2021      EUR    66.060
BNP Paribas Emissions-    10.000  6/24/2021      EUR    75.440
BNP Paribas Emissions-     9.500  6/24/2021      EUR    70.120
EFG International Fina    15.000  05/06/2021     USD     7.710
Corner Banca SA           20.000  4/27/2021      CHF     5.250
UBS AG/London              8.000  03/04/2022     EUR    70.450
BNP Paribas Emissions-     0.170  9/23/2021      EUR     0.440
SG Issuer SA               1.500 12/30/2032      EUR    50.940
UBS AG/London              6.500  07/12/2021     EUR    55.650
UBS AG/London             21.250  2/18/2022      USD    62.600
Landesbank Hessen-Thue     3.000  05/03/2022     EUR    66.000
DZ Bank AG Deutsche Ze    19.300  6/25/2021      EUR    60.880
Leonteq Securities AG     15.600  4/20/2021      CHF     4.180
DZ Bank AG Deutsche Ze    13.900  6/25/2021      EUR    70.240
EFG International Fina    29.000  5/25/2021      CHF    14.760
Banque Cantonale Vaudo     6.800  6/28/2021      CHF    53.250
Landesbank Baden-Wuert     3.250  9/24/2021      EUR    72.660
Finca Uco Cjsc             6.000  2/25/2022      USD    25.176
Leonteq Securities AG      7.200  9/22/2021      CHF    63.640
Citigroup Global Marke     8.200  3/21/2024      SEK    56.710
Landesbank Hessen-Thue     4.000  6/22/2022      EUR    54.330
Landesbank Baden-Wuert     3.000  7/23/2021      EUR    68.260
Landesbank Baden-Wuert     3.000  7/23/2021      EUR    72.260
Leonteq Securities AG/     3.770  7/30/2021      USD    61.070
Leonteq Securities AG      6.800  05/11/2021     EUR    53.270
UniCredit Bank AG          4.000  06/07/2022     EUR    50.240
UniCredit Bank AG          3.800  6/28/2022      EUR    59.170
UniCredit Bank AG          3.800 12/29/2022      EUR    73.450
Landesbank Hessen-Thue     3.500  01/05/2022     EUR    54.900
Landesbank Hessen-Thue     3.500  01/05/2022     EUR    53.310
UniCredit Bank AG          6.350  5/14/2021      EUR    66.080
EFG International Fina     6.200  05/03/2021     CHF    62.570
Landesbank Hessen-Thue     6.150  8/25/2022      EUR    61.140
Landesbank Baden-Wuert     2.300  2/25/2022      EUR    63.860
Societe Generale Effek     6.100  04/03/2023     EUR    59.740
UniCredit Bank AG          3.750  4/19/2022      EUR    67.430
getBACK SA                 4.610  9/14/2021      PLN
Landesbank Baden-Wuert     3.650  6/25/2021      EUR    59.990
UniCredit Bank AG          6.300 10/16/2021      EUR    41.420
UBS AG/London             11.300  6/24/2021      EUR    69.060
UniCredit Bank AG          3.800 10/24/2021      EUR    62.660
UniCredit Bank AG          5.700  5/14/2021      EUR    60.100
Landesbank Hessen-Thue     4.000  01/05/2022     EUR    41.550
Landesbank Hessen-Thue     5.500  5/25/2023      EUR    39.160
Landesbank Hessen-Thue     6.100  4/26/2024      EUR    64.790
Zurcher Kantonalbank F    24.500  6/22/2021      EUR    27.550
EFG International Fina    27.000  6/24/2021      EUR    13.640
EFG International Fina    26.000  6/24/2021      CHF    13.150
Leonteq Securities AG      5.600  5/16/2022      CHF    63.310
UniCredit Bank AG          3.350  6/14/2022      EUR    56.860
Leonteq Securities AG/     5.600  5/25/2021      CHF    45.350
UniCredit Bank AG          3.700  06/04/2022     EUR    64.410
Landesbank Baden-Wuert     2.100  8/27/2021      EUR    53.480
EFG International Fina     5.600  4/26/2021      CHF    62.480
UBS AG/London             12.900  6/24/2021      EUR    67.130
Landesbank Hessen-Thue     2.000  3/29/2022      EUR    51.070
EFG International Fina     7.600  10/11/2021     CHF    66.400
HSBC Trinkaus & Burkha     7.600  6/25/2021      EUR     1.690
DZ Bank AG Deutsche Ze    13.100  6/25/2021      EUR    76.090
Landesbank Hessen-Thue     4.000  05/11/2022     EUR    62.750
SG Issuer SA               8.700  1/20/2025      SEK    68.610
Landesbank Baden-Wuert     3.700  9/24/2021      EUR    66.510
DZ Bank AG Deutsche Ze    14.600  9/24/2021      EUR    73.580
Landesbank Hessen-Thue     3.500  05/11/2022     EUR    60.920
Landesbank Hessen-Thue     6.500  05/11/2023     EUR    70.820
Banque Cantonale Vaudo     5.800  08/09/2021     CHF    61.890
Raiffeisen Schweiz Gen     7.500  5/14/2021      CHF    63.930
Leonteq Securities AG/    15.470  5/18/2021      CHF     3.650
UniCredit Bank AG         17.600  6/25/2021      EUR    59.500
DZ Bank AG Deutsche Ze     9.300  6/25/2021      EUR    74.320
Corner Banca SA           15.200  08/11/2021     CHF     7.790
UBS AG/London              6.500  08/02/2021     CHF    63.900
Landesbank Baden-Wuert     2.500 12/27/2021      EUR    59.410
Leonteq Securities AG      7.200  9/24/2021      CHF    70.330
Leonteq Securities AG/    11.400  9/20/2021      CHF     5.780
DZ Bank AG Deutsche Ze    11.000  6/23/2021      EUR    74.320
UniCredit Bank AG          3.750 12/21/2021      EUR    65.330
Landesbank Baden-Wuert     3.400  2/24/2023      EUR    70.030
Leonteq Securities AG     30.000  6/22/2021      CHF     7.770
Leonteq Securities AG/     3.380  6/16/2021      USD    47.780
Landesbank Hessen-Thue     4.000 12/21/2022      EUR    71.440
Landesbank Baden-Wuert     3.400  1/27/2023      EUR    67.990
Leonteq Securities AG/     3.420  6/16/2021      USD    49.490
UniCredit Bank AG          5.150  01/02/2023     EUR    67.040
Landesbank Baden-Wuert     4.000 12/27/2021      EUR    65.800
Zurcher Kantonalbank F     9.000  7/30/2021      EUR    70.660
EFG International Fina     6.200  08/05/2022     EUR    70.450
EFG International Fina    11.500  08/02/2021     USD    55.400
Leonteq Securities AG      8.000  08/05/2021     CHF    72.760
Landesbank Baden-Wuert     3.050  9/23/2022      EUR    70.270
DekaBank Deutsche Giro     2.050  05/03/2021     EUR    70.360
Zurcher Kantonalbank F     6.000  5/25/2021      CHF    72.940
Zurcher Kantonalbank F     6.000  5/25/2021      EUR    70.250
UniCredit Bank AG         12.200  6/25/2021      EUR    71.350
DZ Bank AG Deutsche Ze     7.000  6/25/2021      EUR    70.170
DZ Bank AG Deutsche Ze     9.000  6/25/2021      EUR    66.300
DZ Bank AG Deutsche Ze    11.300  6/25/2021      EUR    62.960
DZ Bank AG Deutsche Ze    11.700  6/25/2021      EUR    70.040
DZ Bank AG Deutsche Ze    10.300  6/25/2021      EUR    70.850
Landesbank Baden-Wuert     3.500  7/23/2021      EUR    71.420
UniCredit Bank AG          4.150  10/12/2022     EUR    62.320
Natixis SA                 1.500  10/04/2021     EUR    72.250
Leonteq Securities AG/     9.200  9/21/2021      EUR    74.920
EFG International Fina     9.800  9/21/2021      EUR    53.540
Landesbank Baden-Wuert     2.550 11/26/2021      EUR    65.160
Leonteq Securities AG      6.000  9/14/2021      CHF    70.370
Landesbank Baden-Wuert     3.000 12/23/2022      EUR    64.670
Landesbank Baden-Wuert     2.500  6/24/2022      EUR    67.680
Bayerische Landesbank      2.250  7/23/2021      EUR    62.530
DekaBank Deutsche Giro     2.600 10/24/2023      EUR    67.440
DekaBank Deutsche Giro     2.500 10/24/2023      EUR    67.170
UniCredit Bank AG          3.850  10/05/2023     EUR    74.760
UBS AG/London              9.500  9/13/2021      CHF    74.050
Landesbank Hessen-Thue     4.000  10/12/2022     EUR    67.690
UniCredit Bank AG          3.600  10/05/2022     EUR    68.190
Center-Invest Commerci     5.250  03/03/2022     RUB    65.000
DekaBank Deutsche Giro     6.300  10/01/2021     EUR    58.900
UniCredit Bank AG          4.300 10/18/2021      EUR    49.440
Landesbank Hessen-Thue     5.700 10/27/2022      EUR    59.450
Landesbank Hessen-Thue     3.000 10/20/2022      EUR    66.070
UniCredit Bank AG          3.850  9/19/2021      EUR    41.300
Leonteq Securities AG/     8.000  09/01/2021     CHF    69.880
UniCredit Bank AG          5.350  2/27/2023      EUR    61.980
Landesbank Hessen-Thue     4.000  03/01/2023     EUR    62.170
UBS AG/London             10.000  6/14/2021      EUR    65.550
UBS AG/London             14.750  6/14/2021      USD     9.150
Landesbank Hessen-Thue     5.000  9/29/2022      EUR    61.480
Landesbank Hessen-Thue     3.000  07/06/2021     EUR    45.800
Societe Generale SA        1.580  9/16/2024      USD     4.840
UniCredit Bank AG          3.500  9/19/2021      EUR    46.690
Landesbank Hessen-Thue     3.500  9/29/2021      EUR    43.350
UniCredit Bank AG          3.500  10/08/2022     EUR    56.840
Landesbank Hessen-Thue     6.000  10/06/2022     EUR    60.020
DekaBank Deutsche Giro     3.100  04/08/2022     EUR    59.120
DekaBank Deutsche Giro     3.300  04/08/2022     EUR    56.490
Leonteq Securities AG/     4.000  03/08/2022     EUR    65.920
Raiffeisen Schweiz Gen     4.700 10/20/2021      CHF    70.650
Leonteq Securities AG      7.200  09/08/2021     CHF    57.400
Landesbank Hessen-Thue     4.000  04/12/2023     EUR    67.060
Landesbank Baden-Wuert     2.500  9/23/2022      EUR    70.330
Societe Generale Effek     5.600  09/04/2023     EUR    51.400
Landesbank Hessen-Thue     3.350  9/21/2022      EUR    65.510
UniCredit Bank AG          4.600  9/14/2022      EUR    66.660
UniCredit Bank AG          3.700  9/14/2022      EUR    60.420
UniCredit Bank AG          3.750  9/14/2022      EUR    67.850
Barclays Bank PLC          0.500  06/08/2022     USD    10.000
Landesbank Hessen-Thue     5.200  01/08/2024     EUR    60.630
DekaBank Deutsche Giro     2.300  9/24/2021      EUR    59.660
Landesbank Hessen-Thue     6.000  9/21/2023      EUR    56.180
Landesbank Baden-Wuert     3.250  8/27/2021      EUR    60.170
Corner Banca SA            6.400  09/07/2021     CHF    69.320
UniCredit Bank AG          3.800  8/30/2023      EUR    59.200
Opus-Chartered Issuanc     5.000  03/08/2027     USD    68.720
Bank Julius Baer & Co     10.200  5/30/2023      EUR    23.050
Landesbank Baden-Wuert     2.700  6/25/2021      EUR    59.970
Vontobel Financial Pro    11.500  6/25/2021      EUR    71.092
Leonteq Securities AG/    22.620 12/23/2021      CHF    72.910
UniCredit Bank AG          4.200  9/21/2022      EUR    58.980
Leonteq Securities AG/    25.000  8/26/2021      USD    12.710
Landesbank Hessen-Thue     2.500  6/17/2021      EUR    73.700
UBS AG/London              7.500  6/14/2021      EUR    54.400
UniCredit Bank AG          8.200  6/25/2021      EUR    76.370
Landesbank Baden-Wuert     4.800  2/25/2022      EUR    55.070
Raiffeisen Centrobank      5.750  7/19/2021      EUR    62.470
UniCredit Bank AG          6.000  2/22/2022      EUR    69.670
DekaBank Deutsche Giro     3.200  2/25/2022      EUR    73.200
Leonteq Securities AG/    26.000  5/28/2021      CHF     6.940
Landesbank Baden-Wuert     3.000  6/25/2021      EUR    64.390
Societe Generale Effek     3.750  5/24/2021      EUR    34.340
Landesbank Hessen-Thue     6.700  5/17/2022      EUR    55.880
Landesbank Hessen-Thue     6.600  2/17/2023      EUR    64.270
Landesbank Hessen-Thue     4.350  2/24/2023      EUR    59.680
Zurcher Kantonalbank F     7.750  6/18/2021      EUR    65.450
Landesbank Baden-Wuert     3.300  3/25/2022      EUR    61.800
UniCredit Bank AG          5.450  3/15/2022      EUR    56.730
UniCredit Bank AG          7.000  3/29/2022      EUR    68.680
Leonteq Securities AG/     3.400  3/20/2024      CHF    54.330
Leonteq Securities AG/     2.750  9/15/2022      CHF    30.970
Leonteq Securities AG      3.600  9/22/2026      CHF    64.860
Raiffeisen Schweiz Gen     3.000  9/21/2029      CHF    73.450
Leonteq Securities AG      3.900 12/20/2024      CHF    61.630
Raiffeisen Schweiz Gen     3.200 12/18/2026      CHF    75.270
Raiffeisen Schweiz Gen     3.400  3/21/2025      CHF    64.680
Leonteq Securities AG/     5.000  9/13/2021      CHF    73.600
Raiffeisen Schweiz Gen     2.700  9/22/2026      CHF    61.250
UBS AG/London              7.250  6/21/2021      CHF    54.100
Landesbank Baden-Wuert     3.300  9/24/2021      EUR    66.410
UBS AG/London              6.500  6/28/2021      EUR    53.800
Landesbank Baden-Wuert     4.700  3/25/2022      EUR    54.630
UniCredit Bank AG          9.600 12/27/2021      EUR    62.590
Landesbank Baden-Wuert     3.500  8/27/2021      EUR    65.940
Landesbank Baden-Wuert     3.400  2/25/2022      EUR    63.250
Landesbank Baden-Wuert     4.750  2/25/2022      EUR    55.810
Landesbank Hessen-Thue     4.000  3/15/2023      EUR    70.970
UniCredit Bank AG          3.800  9/19/2021      EUR    49.780
WEB Windenergie AG         2.250  9/25/2028      EUR     0.010
Zurcher Kantonalbank F     8.500  8/24/2021      CHF    65.230
Raiffeisen Schweiz Gen     5.250  8/24/2021      CHF    67.000
Landesbank Hessen-Thue     5.800  9/24/2024      EUR    63.000
Landesbank Baden-Wuert     3.000  9/23/2022      EUR    60.940
UBS AG/London             11.250  6/21/2021      USD    54.450
UniCredit Bank AG          9.000 12/27/2021      EUR    74.670
UniCredit Bank AG          4.200  03/01/2023     EUR    67.150
Skandinaviska Enskilda     6.300  7/15/2022      SEK    72.530
Landesbank Hessen-Thue     6.150  03/11/2025     EUR    65.860
Landesbank Baden-Wuert     2.750 11/26/2021      EUR    59.150
Leonteq Securities AG/     5.600  8/24/2021      CHF    46.710
EFG International Fina     6.500  8/30/2021      CHF    66.910
Leonteq Securities AG/     7.420 11/22/2021      EUR    63.630
Landesbank Baden-Wuert     3.690 12/23/2022      EUR    71.830
BNP Paribas Emissions-     8.000  6/24/2021      EUR    70.640
BNP Paribas Emissions-     9.500  6/24/2021      EUR    67.000
BNP Paribas Emissions-     5.000  6/24/2021      EUR    68.640
BNP Paribas Emissions-    12.000  6/24/2021      EUR    71.500
BNP Paribas Emissions-    11.000  6/24/2021      EUR    74.130
EFG International Fina    17.800  5/27/2021      USD     8.570
Vontobel Financial Pro    10.250  9/24/2021      EUR    71.790
Leonteq Securities AG     13.200  5/25/2021      CHF    63.590
DekaBank Deutsche Giro     3.700 12/17/2021      EUR    71.930
EFG International Fina    10.800  5/26/2021      CHF    68.380
UBS AG/London             10.000  5/20/2021      CHF    71.950
UniCredit Bank AG          4.450  01/02/2024     EUR    72.550
Bayerische Landesbank      1.350 12/23/2022      EUR    65.060
BNP Paribas Emissions-    12.000  6/24/2021      EUR    63.950
BNP Paribas Emissions-    13.000  6/24/2021      EUR    60.950
BNP Paribas Emissions-    11.000  6/24/2021      EUR    72.220
UniCredit Bank AG          4.650 12/22/2023      EUR    72.470
Landesbank Hessen-Thue     4.000  9/20/2023      EUR    66.340
Araratbank OJSC            5.500  9/19/2023      USD    25.050
UBS AG/London              7.000  8/16/2021      CHF    58.400
UBS AG/London             10.750  6/28/2021      CHF    68.000
Vontobel Financial Pro    15.500  6/25/2021      EUR    76.650
Societe Generale SA       21.000 12/23/2022      USD    74.100
Landesbank Baden-Wuert     3.500  3/24/2023      EUR    70.480
Zurcher Kantonalbank F    10.750  1/21/2022      CHF    73.170
Raiffeisen Schweiz Gen     5.000  9/13/2022      CHF    73.740
Landesbank Baden-Wuert     2.100 10/27/2023      EUR    63.810
Leonteq Securities AG/    11.800  4/20/2021      CHF    66.100
Vontobel Financial Pro     3.400  6/18/2021      EUR    71.331
Landesbank Baden-Wuert     5.500  4/23/2021      EUR    64.440
Landesbank Baden-Wuert     3.400  4/23/2021      EUR    63.160
UBS AG/London              7.750  9/13/2021      EUR    58.800
UBS AG/London             11.750  7/22/2021      CHF    71.050
UniCredit Bank AG         11.100  7/23/2021      EUR    74.330
UBS AG/London              8.000  1/24/2022      CHF    70.800
Zurcher Kantonalbank F     5.350  7/29/2021      CHF    71.910
UBS AG/London             15.000  7/22/2021      CHF    64.700
UBS AG/London             11.250  1/24/2022      CHF    73.300
EFG International Fina    13.000 12/27/2021      CHF    12.420
Bank Julius Baer & Co      6.650  5/14/2021      EUR    68.900
Bank Julius Baer & Co     14.750  8/16/2021      EUR     5.000
Raiffeisen Schweiz Gen     8.000  5/14/2021      CHF    55.140
Vontobel Financial Pro     9.100  2/21/2022      EUR    72.877
Zurcher Kantonalbank F     7.000  2/21/2022      CHF    72.130
Leonteq Securities AG     11.000  01/03/2022     CHF    71.600
BNP Paribas Emissions-    10.000  9/23/2021      EUR     4.670
BNP Paribas Emissions-     5.000  06/04/2021     EUR    54.310
Raiffeisen Schweiz Gen     6.000  6/30/2021      EUR    62.720
Zurcher Kantonalbank F     7.000  8/18/2021      CHF    62.980
UBS AG/London             10.000  7/15/2021      CHF    72.800
UBS AG/London             11.750  6/28/2021      CHF    73.550
UBS AG/London             10.000  6/28/2021      CHF    73.300
UBS AG/London             11.000  5/17/2021      USD    66.010
Leonteq Securities AG/     8.000  5/14/2021      CHF    56.210
Landesbank Baden-Wuert     2.950 10/22/2021      EUR    72.950
Zurcher Kantonalbank F     7.750  09/09/2021     EUR    71.370
Raiffeisen Centrobank      6.000  10/07/2021     EUR    69.120
Landesbank Baden-Wuert     4.400  4/23/2021      EUR    60.440
Zurcher Kantonalbank F     9.500  7/22/2021      EUR    66.310
Zurcher Kantonalbank F     7.500  7/28/2021      CHF    72.340
UBS AG/London              8.500  9/13/2021      EUR    65.300
UBS AG/London             14.250 10/25/2021      CHF    66.250
BNP Paribas Issuance B     7.200 12/17/2024      SEK    69.450
Leonteq Securities AG     16.000  4/13/2021      CHF    14.120
Vontobel Financial Pro    11.500  06/11/2021     EUR    71.050
UBS AG/London              7.750  5/24/2021      EUR    53.650
Vontobel Financial Pro    10.500  06/11/2021     EUR    70.680
UBS AG/London              7.750 10/25/2021      EUR    60.850
UBS AG/London             12.000  4/23/2021      CHF    67.250
UBS AG/London              7.000  10/04/2021     CHF    74.450
UBS AG/London              7.250  10/04/2021     CHF    65.400
Landesbank Baden-Wuert     2.900  4/23/2021      EUR    72.950
Landesbank Baden-Wuert     4.100  4/23/2021      EUR    68.430
UBS AG/London              7.000  9/13/2021      CHF    65.250
Raiffeisen Schweiz Gen     4.400 10/21/2021      CHF    57.550
Vontobel Financial Pro    16.000  06/11/2021     EUR    64.220
SG Issuer SA               0.850 10/16/2024      EUR    11.180
Raiffeisen Schweiz Gen     8.200  4/20/2021      CHF    68.380
Credit Suisse AG/Londo     7.500  4/21/2021      EUR    60.940
Landesbank Baden-Wuert     1.800  4/23/2021      EUR    69.430
Leonteq Securities AG     12.000 10/18/2021      CHF    71.250
Vontobel Financial Pro     5.100  5/28/2021      EUR    70.653
Raiffeisen Schweiz Gen     8.600  4/21/2021      CHF    61.780
EFG International Fina    10.400 10/15/2021      EUR    63.510
UBS AG/London              7.000  10/11/2021     CHF    60.050
Erste Group Bank AG        5.800 10/31/2024      EUR    69.250
Landesbank Baden-Wuert     3.600  6/23/2023      EUR    62.870
UBS AG/London              5.500  8/23/2021      CHF    65.500
Zurcher Kantonalbank F     6.300 12/16/2022      CHF    63.380
UBS AG/London              7.000  8/23/2021      EUR    59.150
Danske Bank A/S            6.860  07/09/2022     SEK    25.790
UniCredit Bank AG          9.200 12/24/2021      EUR    73.490
UniCredit Bank AG         10.200  6/25/2021      EUR    72.060
UniCredit Bank AG         11.400  6/25/2021      EUR    70.010
UniCredit Bank AG          8.400 12/24/2021      EUR    75.030
UniCredit Bank AG         10.300 12/24/2021      EUR    71.470
UniCredit Bank AG         15.300  6/25/2021      EUR    66.530
UniCredit Bank AG         16.700  6/25/2021      EUR    64.140
UniCredit Bank AG         11.300 12/24/2021      EUR    69.850
UniCredit Bank AG         12.400  6/25/2021      EUR    71.860
Credit Suisse AG/Londo     8.250  4/27/2021      CHF    72.260
UniCredit Bank AG         11.800  6/25/2021      EUR    67.110
UniCredit Bank AG          9.300 12/24/2021      EUR    70.980
UniCredit Bank AG         13.000  6/25/2021      EUR    65.440
UniCredit Bank AG         10.100 12/24/2021      EUR    69.670
Bank Julius Baer & Co      8.850  4/28/2021      CHF    69.600
UniCredit Bank AG          7.300 12/24/2021      EUR    73.610
UniCredit Bank AG          8.100 12/24/2021      EUR    72.110
UniCredit Bank AG          9.000 12/24/2021      EUR    70.770
UniCredit Bank AG         12.900  6/25/2021      EUR    62.440
UniCredit Bank AG         13.900  6/25/2021      EUR    70.020
UniCredit Bank AG         10.200  6/25/2021      EUR    62.210
UniCredit Bank AG         10.400 12/24/2021      EUR    63.050
UniCredit Bank AG         12.600 12/24/2021      EUR    71.800
UniCredit Bank AG          8.300 12/24/2021      EUR    65.960
UniCredit Bank AG         13.200  6/25/2021      EUR    58.390
UniCredit Bank AG         14.100  6/25/2021      EUR    60.400
UniCredit Bank AG         11.700  6/25/2021      EUR    64.680
UniCredit Bank AG         10.000 12/24/2021      EUR    68.640
UniCredit Bank AG         10.800 12/24/2021      EUR    66.890
UniCredit Bank AG         12.500 12/24/2021      EUR    63.900
UniCredit Bank AG         11.700 12/24/2021      EUR    65.360
UniCredit Bank AG          7.600  6/25/2021      EUR    73.470
UniCredit Bank AG          9.900  6/25/2021      EUR    69.240
UniCredit Bank AG          8.700  6/25/2021      EUR    71.270
UniCredit Bank AG         11.100  6/25/2021      EUR    67.340
UBS AG/London             11.750  7/29/2021      CHF    71.800
Bank Julius Baer & Co     16.250  05/04/2021     CHF    69.450
Skandinaviska Enskilda     6.000  1/15/2025      SEK    72.300
Zurcher Kantonalbank F     4.000  02/11/2022     CHF    69.390
Bank Julius Baer & Co      7.500  05/05/2021     CHF    73.450
Vontobel Financial Pro    16.500  06/11/2021     EUR    71.860
UBS AG/London              9.300  08/12/2021     CHF    71.550
UBS AG/London              7.000  08/12/2021     CHF    69.750
UniCredit Bank AG         13.200  6/25/2021      EUR    63.640
Leonteq Securities AG/     4.500  09/02/2021     EUR    65.490
Leonteq Securities AG/     5.910  09/02/2021     EUR    66.030
Leonteq Securities AG/     7.290  09/02/2021     EUR    67.550
Leonteq Securities AG/     8.590  09/02/2021     EUR    67.060
Leonteq Securities AG/     9.660  09/02/2021     EUR    67.490
Leonteq Securities AG/     1.430  09/02/2021     EUR    70.850
Leonteq Securities AG/     2.470  09/02/2021     EUR    71.250
Leonteq Securities AG/     3.650  09/02/2021     EUR    71.750
Leonteq Securities AG/     5.020  09/02/2021     EUR    72.280
Leonteq Securities AG/     6.330  09/02/2021     EUR    72.770
Leonteq Securities AG/     3.290  09/02/2021     EUR    69.510
Leonteq Securities AG/     4.570  09/02/2021     EUR    70.020
Leonteq Securities AG/     6.020  09/02/2021     EUR    70.540
Leonteq Securities AG/     7.440  09/02/2021     EUR    71.060
Leonteq Securities AG/     8.760  09/02/2021     EUR    71.570
Leonteq Securities AG/     9.900  09/02/2021     EUR    70.810
Leonteq Securities AG/    11.390  09/02/2021     EUR    68.080
Leonteq Securities AG/     9.220  09/02/2021     EUR    73.750
Raiffeisen Schweiz Gen     8.500 12/13/2021      CHF    69.870
SG Issuer SA               0.850  7/29/2024      EUR    13.530
UBS AG/London             14.000  6/28/2021      CHF    68.300
UBS AG/London              8.000  6/28/2021      CHF    75.900
UBS AG/London             13.750  6/28/2021      CHF     7.610
Vontobel Financial Pro    14.500  9/24/2021      EUR    74.180
Vontobel Financial Pro    17.000  9/24/2021      EUR    71.370
Vontobel Financial Pro    20.000  9/24/2021      EUR    69.180
Vontobel Financial Pro    23.000  6/25/2021      EUR    66.700
UBS AG/London             11.000  6/28/2021      CHF    69.700
EFG International Fina    11.120 12/27/2024      EUR    66.370
Bayerische Landesbank      2.500  7/22/2022      EUR    70.960
Vontobel Financial Pro    13.000  9/24/2021      EUR    75.650
Vontobel Financial Pro    18.500  9/24/2021      EUR    70.230
Vontobel Financial Pro    14.000  6/25/2021      EUR    75.460
Vontobel Financial Pro    15.500  6/25/2021      EUR    73.380
Vontobel Financial Pro    16.000  9/24/2021      EUR    72.840
Vontobel Financial Pro    17.500  6/25/2021      EUR    71.550
Vontobel Financial Pro    21.000  6/25/2021      EUR    68.170
UBS AG/London             10.000 12/27/2021      CHF    74.200
UBS AG/London              7.250  6/28/2021      EUR    73.250
Vontobel Financial Pro    19.500  6/25/2021      EUR    69.850
Vontobel Financial Pro    18.500  6/25/2021      EUR    70.540
Vontobel Financial Pro    20.000  6/25/2021      EUR    68.550
Vontobel Financial Pro    17.500  9/24/2021      EUR    70.200
Vontobel Financial Pro    16.500  6/25/2021      EUR    72.590
Vontobel Financial Pro    14.000  9/24/2021      EUR    74.070
Credit Suisse AG/Londo    10.800  12/07/2021     USD    54.600
UBS AG/London             12.000  12/06/2021     USD    73.560
Leonteq Securities AG/     9.500  06/03/2021     EUR    58.900
Landesbank Baden-Wuert     5.700  6/25/2021      EUR    72.500
Landesbank Baden-Wuert     5.900  7/23/2021      EUR    71.770
Landesbank Baden-Wuert     2.500  7/23/2021      EUR    66.070
Landesbank Baden-Wuert     4.200  7/23/2021      EUR    61.100
Landesbank Baden-Wuert     6.500  7/23/2021      EUR    57.130
Landesbank Baden-Wuert     4.500  6/25/2021      EUR    71.960
Landesbank Baden-Wuert     3.000  6/25/2021      EUR    69.500
Landesbank Baden-Wuert     3.700  6/25/2021      EUR    67.530
Landesbank Baden-Wuert     4.750  6/25/2021      EUR    65.100
Landesbank Baden-Wuert     5.750  6/25/2021      EUR    63.460
Landesbank Baden-Wuert     7.750  6/25/2021      EUR    70.080
Deutsche Bank AG           3.800  02/04/2030     USD
Landesbank Baden-Wuert     5.050 10/22/2021      EUR    69.410
EFG International Fina     7.000  09/06/2021     EUR    74.500
Raiffeisen Schweiz Gen     6.600  3/23/2022      CHF    67.910
BNP Paribas Emissions-    10.000  3/24/2022      EUR     9.800
Leonteq Securities AG     10.000  8/17/2021      CHF    72.410
BNP Paribas Emissions-     5.000  3/24/2022      EUR    71.240
BNP Paribas Emissions-     7.000  3/24/2022      EUR    69.440
Landesbank Baden-Wuert     4.100 10/22/2021      EUR    71.690
Skandinaviska Enskilda     6.400  1/15/2025      SEK    75.120
Landesbank Baden-Wuert     4.800 10/22/2021      EUR    67.540
BNP Paribas Emissions-     6.000  9/23/2021      EUR    71.850
EFG International Fina     9.700  9/26/2022      CHF    13.740
BNP Paribas Emissions-    10.000 12/23/2021      EUR     7.280
BNP Paribas Emissions-     6.000  6/24/2021      EUR    69.660
UBS AG/London              7.250  09/06/2021     CHF    59.450
BNP Paribas Emissions-     7.000 12/23/2021      EUR    69.190
Leonteq Securities AG/     6.000  5/20/2021      CHF    74.800
Societe Generale SA        8.000  7/14/2021      USD     5.000
Corner Banca SA           11.000  7/21/2021      CHF    71.570
Zurcher Kantonalbank F     8.000 10/22/2021      EUR    66.780
BNP Paribas Emissions-     9.000  9/23/2021      EUR     4.300
UBS AG/London             12.500  06/11/2021     CHF    74.300
UBS AG/London              9.000  06/11/2021     CHF    76.450
UBS AG/London             14.000  06/11/2021     CHF    59.050
Leonteq Securities AG/    15.000  6/16/2021      CHF    61.690
EFG International Fina    15.500  6/16/2021      EUR     7.420
Leonteq Securities AG/    11.400  6/16/2021      EUR    67.630
Leonteq Securities AG      8.000 12/13/2022      CHF    70.800
UBS AG/London             10.750  05/07/2021     USD    52.800
Leonteq Securities AG/    10.000  05/10/2021     EUR    55.130
BNP Paribas Emissions-     7.000  6/24/2021      EUR    74.650
Barclays Bank PLC          2.000  5/28/2021      USD    11.560
Societe Generale Effek    12.240  6/25/2021      EUR    66.230
Societe Generale Effek    13.989  6/25/2021      EUR    61.650
Zurcher Kantonalbank F    14.000  5/21/2021      CHF    68.400
Societe Generale Effek    13.479 12/24/2021      EUR    67.980
UBS AG/London              7.000  9/27/2021      CHF    73.050
UBS AG/London              9.750  6/18/2021      CHF    74.250
UBS AG/London              7.000 12/20/2021      CHF    61.600
UBS AG/London             10.250 12/20/2021      CHF    74.700
UBS AG/London             12.000 12/20/2021      CHF    71.000
Landesbank Baden-Wuert     2.000  7/23/2021      EUR    60.490
Landesbank Baden-Wuert     3.000  6/25/2021      EUR    62.470
Landesbank Baden-Wuert     2.000  6/25/2021      EUR    67.870
Landesbank Baden-Wuert     3.500  6/25/2021      EUR    58.360
Landesbank Baden-Wuert     2.000  6/25/2021      EUR    71.550
Zurcher Kantonalbank F     6.250 12/30/2021      EUR    74.590
UBS AG/London              6.500  05/03/2021     CHF    72.150
Landesbank Baden-Wuert     5.500  7/23/2021      EUR    71.880
Landesbank Baden-Wuert     7.000  6/25/2021      EUR    52.610
Landesbank Baden-Wuert     5.000  7/23/2021      EUR    69.800
Landesbank Baden-Wuert     7.000  6/25/2021      EUR    70.920
DekaBank Deutsche Giro     5.500  12/03/2021     EUR    57.230
Landesbank Baden-Wuert     2.000  6/25/2021      EUR    66.950
Landesbank Baden-Wuert     4.000  6/25/2021      EUR    67.220
Landesbank Baden-Wuert     5.000  6/25/2021      EUR    60.950
Landesbank Baden-Wuert     5.000  7/23/2021      EUR    74.020
Landesbank Baden-Wuert     4.000  6/25/2021      EUR    61.910
Landesbank Baden-Wuert     2.500  6/25/2021      EUR    76.200
Landesbank Baden-Wuert     6.500  6/25/2021      EUR    56.270
Landesbank Baden-Wuert     4.500  6/25/2021      EUR    62.030
Leonteq Securities AG/     8.150  09/02/2021     CHF    42.720
Leonteq Securities AG     11.800 12/20/2021      CHF    71.960
Landesbank Baden-Wuert     3.000  6/25/2021      EUR    66.700
Landesbank Baden-Wuert     2.500  6/25/2021      EUR    70.130
Landesbank Baden-Wuert     5.500  6/25/2021      EUR    61.200
Landesbank Baden-Wuert     3.000  6/25/2021      EUR    70.950
Landesbank Baden-Wuert     6.500  6/25/2021      EUR    73.840
Landesbank Baden-Wuert     5.500  6/25/2021      EUR    56.830
Landesbank Baden-Wuert     3.500  7/23/2021      EUR    56.300
Landesbank Baden-Wuert     5.000  7/23/2021      EUR    52.030
Leonteq Securities AG     11.000 12/20/2021      CHF    75.020
Zurcher Kantonalbank F     8.000  5/16/2022      CHF    72.260
UBS AG/London              7.000  8/30/2021      CHF    64.300
DekaBank Deutsche Giro     3.000  9/24/2021      EUR    71.650
DekaBank Deutsche Giro     4.000  1/14/2022      EUR    72.670
Societe Generale Effek    17.468  6/25/2021      EUR    70.550
Zurcher Kantonalbank F     8.125  02/11/2022     EUR    66.370
Zurcher Kantonalbank F     9.750  02/11/2022     USD    68.090
Leonteq Securities AG/    11.200  08/04/2021     CHF    75.140
UBS AG/London             12.000  08/05/2021     CHF    71.650
UBS AG/London             11.500  08/05/2021     CHF    73.800
Araratbank OJSC            5.500  1/29/2024      USD    24.978
Leonteq Securities AG/    13.500  05/12/2021     EUR     3.120
UBS AG/London             10.500 11/15/2021      CHF    73.800
UBS AG/London             11.000  5/14/2021      CHF    67.750
Credit Suisse AG/Londo    10.000  5/14/2021      EUR    74.020
Leonteq Securities AG/     6.800  5/18/2021      EUR    60.780
BNP Paribas Issuance B     7.150  11/07/2024     SEK    71.120
Credit Suisse AG/Londo    11.500  5/20/2021      CHF    67.090
Credit Suisse AG/Londo     7.600  7/23/2021      EUR    70.540
UBS AG/London             14.000 12/20/2021      CHF    65.750
EFG International Fina     5.600  07/11/2024     EUR    25.830
Zurcher Kantonalbank F     8.000  05/07/2021     CHF    67.510
Bank Julius Baer & Co     10.000  6/21/2021      EUR    63.950
Landesbank Baden-Wuert     3.250  7/28/2023      EUR    67.060
Bayerische Landesbank      1.450  1/26/2024      EUR    66.660
Leonteq Securities AG/     7.500 12/20/2021      EUR    59.750
WEB Windenergie AG         2.500  9/26/2021      EUR     0.010
Vontobel Financial Pro    20.000  6/25/2021      EUR    62.500
Vontobel Financial Pro    22.000  6/25/2021      EUR    61.120
Vontobel Financial Pro    16.500  9/24/2021      EUR    65.040
Vontobel Financial Pro    18.000  6/25/2021      EUR    63.980
Vontobel Financial Pro    16.000  6/25/2021      EUR    65.600
Raiffeisen Schweiz Gen     7.800 11/22/2021      CHF    60.120
Raiffeisen Schweiz Gen     9.000  5/25/2021      CHF    67.690
BNP Paribas Emissions-     9.000  6/24/2021      EUR    70.830
Societe Generale SA       10.000  12/02/2021     USD    64.200
Raiffeisen Schweiz Gen     7.060  06/02/2021     USD    58.430
BNP Paribas Emissions-     8.000  6/24/2021      EUR    64.060
UBS AG/London              7.000 11/29/2021      EUR    62.300
Landesbank Baden-Wuert     3.000 11/26/2021      EUR    61.680
DekaBank Deutsche Giro     3.250 11/25/2022      EUR    71.490
Vontobel Financial Pro    11.000  05/11/2021     EUR    61.217
EFG International Fina     9.000  9/20/2021      EUR    60.230
Leonteq Securities AG/     2.290 10/29/2021      EUR    51.290
SG Issuer SA               7.440  05/03/2021     CHF    54.050
UniCredit Bank AG         10.000  6/25/2021      EUR    67.390
UniCredit Bank AG         12.300  6/25/2021      EUR    59.590
UniCredit Bank AG          7.500  6/25/2021      EUR    73.090
UniCredit Bank AG         12.300  6/25/2021      EUR    48.180
UniCredit Bank AG         10.900 12/24/2021      EUR    74.390
UniCredit Bank AG         15.100  6/25/2021      EUR    56.850
UniCredit Bank AG          5.700 12/24/2021      EUR    70.090
UniCredit Bank AG          9.900 12/24/2021      EUR    71.500
UniCredit Bank AG          9.900  6/25/2021      EUR    68.260
UniCredit Bank AG          7.400 12/24/2021      EUR    70.100
UniCredit Bank AG         11.200  6/25/2021      EUR    50.030
UniCredit Bank AG         12.800  6/25/2021      EUR    71.580
UniCredit Bank AG         11.000  6/25/2021      EUR    56.880
UniCredit Bank AG         12.900 12/24/2021      EUR    59.100
UniCredit Bank AG          9.100 12/24/2021      EUR    66.020
Landesbank Hessen-Thue     7.000  4/29/2022      EUR    73.380
SG Issuer SA               9.800  05/03/2021     USD    56.700
UniCredit Bank AG         10.200  6/25/2021      EUR    52.090
Societe Generale SA       13.010  02/02/2023     USD    65.200
UniCredit Bank AG         11.700  6/25/2021      EUR    73.430
UniCredit Bank AG         13.000  6/25/2021      EUR    60.850
UniCredit Bank AG          7.800 12/24/2021      EUR    63.230
UniCredit Bank AG         11.800  6/25/2021      EUR    73.730
UniCredit Bank AG          9.900 12/24/2021      EUR    64.490
UniCredit Bank AG          8.900 12/24/2021      EUR    53.600
UniCredit Bank AG          8.300  6/25/2021      EUR    63.780
UniCredit Bank AG         10.000 12/24/2021      EUR    58.210
UniCredit Bank AG          9.300 12/24/2021      EUR    59.740
UniCredit Bank AG          8.100 12/24/2021      EUR    55.220
UniCredit Bank AG          8.300 12/24/2021      EUR    71.070
UniCredit Bank AG         13.600  6/25/2021      EUR    66.080
UniCredit Bank AG          9.700 12/24/2021      EUR    52.150
UniCredit Bank AG         11.200 12/24/2021      EUR    49.600
UniCredit Bank AG         11.100 12/24/2021      EUR    69.140
UniCredit Bank AG         12.000  6/25/2021      EUR    54.980
Rosbank PJSC               0.030  4/30/2024      RUB    65.000
HPI AG                     3.500                 EUR     3.011
UBS AG/London              5.750  8/16/2021      CHF    71.550
Mifa Mitteldeutsche Fa     7.500  08/12/2018     EUR     2.100
Landesbank Hessen-Thue     7.700  8/20/2021      EUR    54.070
EFG International Fina    13.000  11/08/2021     EUR    67.940
Vontobel Financial Pro     4.300  5/24/2021      EUR    75.770
UBS AG/London              8.000  11/08/2021     CHF    59.600
Leonteq Securities AG/     6.000 11/23/2021      CHF    55.250
DekaBank Deutsche Giro     2.400  6/17/2022      EUR    72.570
Raiffeisen Schweiz Gen     5.500  5/24/2022      CHF    76.090
Zurcher Kantonalbank F     9.000  06/04/2021     CHF    74.630
DekaBank Deutsche Giro     4.150  07/01/2022     EUR    59.370
Landesbank Hessen-Thue     5.750  07/12/2024     EUR    62.160
UBS AG/London              6.250  06/07/2021     CHF    53.950
UBS AG/London              8.750  06/07/2021     EUR    58.400
Bayerische Landesbank      2.700  5/14/2021      EUR    58.970
Leonteq Securities AG      6.600  10/12/2021     CHF    64.320
UniCredit Bank AG         11.400 12/24/2021      EUR    61.600
UniCredit Bank AG         12.000  6/25/2021      EUR    69.500
Landesbank Hessen-Thue     6.000  03/06/2025     EUR    54.580
UBS AG/London             14.250  05/06/2021     CHF    61.250
UBS AG/London              7.500  9/20/2021      CHF    58.300
Vontobel Financial Pro    10.000 12/24/2021      EUR    75.182
Vontobel Financial Pro    15.000  9/24/2021      EUR    65.995
Vontobel Financial Pro    19.500  6/25/2021      EUR    63.351
SG Issuer SA               0.350 11/15/2023      EUR    20.430
Vontobel Financial Pro    19.500  6/25/2021      EUR    68.488
Leonteq Securities AG/     4.890 11/26/2021      USD    67.510
Vontobel Financial Pro    10.000  9/24/2021      EUR    73.725
Lehman Brothers Treasu     9.250  6/20/2012      USD     0.100
Mriya Agro Holding PLC    10.950  3/30/2016      USD     4.374
Lehman Brothers Treasu     3.000  9/13/2010      JPY     0.100
Heta Asset Resolution      5.270 12/31/2023      EUR     1.994
Mriya Agro Holding PLC    10.950  3/30/2016      USD     4.374
Getin Noble Bank SA        5.250 11/30/2023      PLN    70.645
Getin Noble Bank SA        5.250 12/21/2023      PLN    70.412
Getin Noble Bank SA        5.250  04/04/2024     PLN    59.778
Lehman Brothers Treasu     8.600  7/31/2013      GBP     0.100
Lehman Brothers Treasu     7.320  7/31/2013      GBP     0.100
WPE International Coop    10.375  9/30/2020      USD     4.922
Lehman Brothers Treasu     3.600  3/19/2018      JPY     0.100
Lehman Brothers Treasu     8.280  7/31/2013      GBP     0.100
Spoldzielczy Bank Rozw     3.750  7/16/2025      PLN    74.885
Lehman Brothers Treasu     1.280  11/06/2010     JPY     0.100
Lehman Brothers Treasu     4.000  12/02/2012     EUR     0.100
Lehman Brothers Treasu     7.500  7/31/2013      GBP     0.100
Leonteq Securities AG/    15.180 12/27/2021      EUR    11.440
DekaBank Deutsche Giro     3.700 11/25/2022      EUR    68.250
Leonteq Securities AG     14.800  05/04/2021     CHF    61.760
Landesbank Baden-Wuert     2.000 11/26/2021      EUR    65.220
Landesbank Baden-Wuert     4.000 11/26/2021      EUR    59.500
Landesbank Hessen-Thue     7.770  7/15/2021      EUR    36.840
EFG International Fina    15.000  4/30/2021      CHF    67.580
DekaBank Deutsche Giro     2.300  4/16/2021      EUR    54.570
Bibby Offshore Service     7.500  6/15/2021      GBP    11.500
Lehman Brothers Treasu     5.250 11/21/2009      USD     0.100
Lehman Brothers Treasu     2.300  6/27/2013      USD     0.100
Kaupthing ehf              6.500  10/08/2010     ISK     0.250
Lehman Brothers Treasu     1.950  11/04/2013     EUR     0.100
Lehman Brothers Treasu     4.870  10/08/2013     USD     0.100
Lehman Brothers Treasu     3.630  03/02/2012     EUR     0.100
Lehman Brothers Treasu     0.750  3/29/2012      EUR     0.100
Lehman Brothers Treasu     3.000  08/08/2017     EUR     0.100
Hellas Telecommunicati     8.500 10/15/2013      EUR     0.540
Lehman Brothers Treasu     6.000  7/28/2010      EUR     0.100
Lehman Brothers Treasu     6.000  7/28/2010      EUR     0.100
Lehman Brothers Treasu     4.500  03/07/2015     EUR     0.100
Lehman Brothers Treasu     3.025  1/31/2015      EUR     0.100
Kuntarahoitus Oyj          0.250  6/28/2040      CAD    38.412
Getin Noble Bank SA        4.250  7/26/2024      PLN    54.818
Lehman Brothers Treasu     3.820 10/20/2009      USD     0.100
IT Holding Finance SA      9.875 11/15/2012      EUR     0.255
Lehman Brothers Treasu     6.000  3/17/2011      EUR     0.100
Lehman Brothers Treasu     0.500  2/16/2009      EUR     0.100
Credit Suisse AG           0.500 12/16/2025      BRL    64.694
Bank Otkritie Financia     0.010  7/16/2025      RUB    72.660
Lehman Brothers Treasu     4.000  2/28/2010      EUR     0.100
Lehman Brothers Treasu     4.100  5/20/2009      USD     0.100
Lehman Brothers Treasu     2.000  5/17/2010      EUR     0.100
Heta Asset Resolution      4.875 12/31/2023      EUR     1.994
Heta Asset Resolution      5.030 12/31/2023      EUR     1.994
Rosbank PJSC               0.020  4/30/2024      RUB    65.000
Kaupthing ehf              7.500  12/05/2014     ISK     0.250
Lehman Brothers Treasu     2.370  7/15/2013      USD     0.100
Teksid Aluminum Luxemb    12.375  7/15/2011      EUR     0.122
Grupo Isolux Corsan SA     6.000 12/30/2021      USD     0.732
Grupo Isolux Corsan SA     1.000 12/30/2021      USD     0.265
Getin Noble Bank SA        5.250  1/31/2024      PLN    64.875
Rosbank PJSC               0.040  4/30/2024      RUB    65.000
Lehman Brothers Treasu     3.700  06/06/2009     EUR     0.100
HSBC Bank PLC              0.500 12/22/2025      BRL    63.716
Barclays Bank PLC         10.200  2/14/2025      TRY    71.328
Sidetur Finance BV        10.000  4/20/2016      USD     2.749
Lehman Brothers Treasu     4.250  3/13/2021      EUR     0.100
Lehman Brothers Treasu     8.500  07/06/2009     CHF     0.100
Lehman Brothers Treasu     5.103  6/22/2046      EUR     0.100
Getin Noble Bank SA        5.250  3/31/2023      PLN    75.230
Lehman Brothers Treasu     7.500  9/13/2009      CHF     0.100
Lehman Brothers Treasu     0.250  7/21/2014      EUR     0.100
Lehman Brothers Treasu     4.500  03/06/2013     CHF     0.100
Espirito Santo Financi     5.625  7/28/2017      EUR     0.785
Lehman Brothers Treasu     5.500  6/15/2009      CHF     0.100
Lehman Brothers Treasu     8.000  08/03/2009     USD     0.100
Lehman Brothers Treasu     1.500 10/25/2011      EUR     0.100
Lehman Brothers Treasu    10.000  3/27/2009      USD     0.100
Kaupthing ehf              6.125  10/04/2016     USD     0.250
Lehman Brothers Treasu     5.750  6/15/2009      CHF     0.100
Lehman Brothers Treasu     4.000  4/13/2011      CHF     0.100
Lehman Brothers Treasu     7.000  4/14/2009      EUR     0.100
Lehman Brothers Treasu     2.000 10/28/2010      EUR     0.100
Lehman Brothers Treasu     7.750  1/30/2009      EUR     0.100
Lehman Brothers Treasu     3.860  9/21/2011      SGD     0.100
Lehman Brothers Treasu    10.500  08/09/2010     EUR     0.100
Lehman Brothers Treasu     8.000  5/22/2009      USD     0.100
Lehman Brothers Treasu     5.000 10/24/2008      CHF     0.100
Lehman Brothers Treasu     7.500 10/24/2008      USD     0.100
Lehman Brothers Treasu     6.000 10/24/2008      EUR     0.100
Lehman Brothers Treasu     8.000  4/20/2009      EUR     0.100
Lehman Brothers Treasu     7.000  07/11/2010     EUR     0.100
Lehman Brothers Treasu     4.500 12/30/2010      USD     0.100
Lehman Brothers Treasu     4.150  8/25/2020      EUR     0.100
Lehman Brothers Treasu     6.000  12/06/2016     USD     0.100
Kreditanstalt fuer Wie     0.250  10/06/2036     CAD    49.140
Lehman Brothers Treasu     3.500 10/31/2011      USD     0.100
BRAbank ASA/NO             7.440                 NOK    62.052
Lehman Brothers Treasu     7.585 11/22/2009      MXN     0.100
Lehman Brothers Treasu     6.600  2/22/2012      EUR     0.100
Lehman Brothers Treasu     3.500 10/24/2011      USD     0.100
Lehman Brothers Treasu     0.250 10/19/2012      CHF     0.100
Lehman Brothers Treasu     2.400  6/20/2011      JPY     0.100
Lehman Brothers Treasu     1.600  6/21/2010      JPY     0.100
Lehman Brothers Treasu     6.000  2/14/2012      EUR     0.100
Lehman Brothers Treasu     7.000  2/15/2012      EUR     0.100
Lehman Brothers Treasu     4.690  2/19/2017      EUR     0.100
Lehman Brothers Treasu    15.000  3/30/2011      EUR     0.100
Lehman Brothers Treasu     6.750  04/05/2012     EUR     0.100
Lehman Brothers Treasu     5.100  05/08/2017     HKD     0.100
Lehman Brothers Treasu     5.000  4/24/2017      EUR     0.100
Lehman Brothers Treasu    13.500 11/28/2008      USD     0.100
Lehman Brothers Treasu     1.680  03/05/2015     EUR     0.100
Getin Noble Bank SA        5.250  8/31/2023      PLN    65.875
Lehman Brothers Treasu     1.750  02/07/2010     EUR     0.100
Heta Asset Resolution      0.217 12/31/2023      EUR     1.994
Kaupthing ehf              5.000  01/04/2027     SKK     0.250
Lehman Brothers Treasu     5.200  3/19/2018      EUR     0.100
Lehman Brothers Treasu     4.000 11/24/2016      EUR     0.100
SG Issuer SA               3.300  9/26/2034      ZAR    47.580
SG Issuer SA               2.700 11/28/2034      ZAR    42.832
SG Issuer SA               3.000  10/10/2034     ZAR    45.358
Lehman Brothers Treasu     2.500 12/15/2011      GBP     0.100
Lehman Brothers Treasu    11.000  6/29/2009      EUR     0.100
Lehman Brothers Treasu    11.000 12/19/2011      USD     0.100
Lehman Brothers Treasu     4.500  08/02/2009     USD     0.100
Lehman Brothers Treasu     4.000  4/24/2009      USD     0.100
Lehman Brothers Treasu     9.000  3/17/2009      GBP     0.100
Lehman Brothers Treasu     7.250  10/06/2008     EUR     0.100
Lehman Brothers Treasu     9.000  6/13/2009      USD     0.100
Lehman Brothers Treasu     7.000 11/28/2008      CHF     0.100
Lehman Brothers Treasu     3.850  4/24/2009      USD     0.100
Northland Resources AB    15.000  7/15/2019      USD     2.621
Northland Resources AB    15.000  7/15/2019      USD     2.621
LBI ehf                    2.250  2/14/2011      CHF     9.375
Lehman Brothers Treasu     4.000  10/12/2010     USD     0.100
ECM Real Estate Invest     5.000  10/09/2011     EUR    15.375
Lehman Brothers Treasu     7.000 10/22/2010      EUR     0.100
Lehman Brothers Treasu     4.800 11/16/2012      HKD     0.100
Petromena ASA             10.850 11/19/2018      USD     0.622
PSN Pm OOO                 9.500  09/10/2026     RUB    21.625
Natixis SA                 0.300  6/25/2048      USD    45.671
LBI ehf                    7.431                 USD     0.001
Lehman Brothers Treasu     3.400  9/21/2009      HKD     0.100
Lehman Brothers Treasu     3.000  8/13/2011      EUR     0.100
Getin Noble Bank SA        5.250  11/09/2023     PLN    70.605
Kaupthing ehf              3.750  2/15/2024      ISK     0.250
Lehman Brothers Treasu     2.500  8/23/2012      GBP     0.100
Lehman Brothers Treasu    18.250  10/02/2008     USD     0.100
Lehman Brothers Treasu     6.000  5/23/2018      CZK     0.100
Lehman Brothers Treasu     3.350 10/13/2016      EUR     0.100
Lehman Brothers Treasu     0.800 12/30/2016      EUR     0.100
Lehman Brothers Treasu     5.000  05/02/2022     EUR     0.100
Lehman Brothers Treasu     2.250  05/12/2009     USD     0.100
Kaupthing ehf              5.250  7/18/2017      BGN     0.250
RGS Nedvizhimost OOO      12.000 10/18/2017      RUB     0.335
Lehman Brothers Treasu    13.000  7/25/2012      EUR     0.100
Lehman Brothers Treasu     4.000  5/17/2010      USD     0.100
Lehman Brothers Treasu     4.000  5/30/2010      USD     0.100
Lehman Brothers Treasu     2.480  05/12/2009     USD     0.100
Lehman Brothers Treasu     4.100  06/10/2014     SGD     0.100
Elli Investments Ltd      12.250  6/15/2020      GBP    52.265
Lehman Brothers Treasu     6.000  9/20/2011      EUR     0.100
Lehman Brothers Treasu     0.500 12/20/2017      AUD     0.100
Lehman Brothers Treasu     9.300 12/21/2010      EUR     0.100
Lehman Brothers Treasu     0.500 12/20/2017      AUD     0.100
Lehman Brothers Treasu     0.500 12/20/2017      AUD     0.100
Lehman Brothers Treasu     0.500 12/20/2017      AUD     0.100
Lehman Brothers Treasu     8.800 12/27/2009      EUR     0.100
Lehman Brothers Treasu    11.000 12/20/2017      AUD     0.100
Kaupthing ehf              4.730 12/19/2008      SKK     0.250
Lehman Brothers Treasu     0.500 12/20/2017      AUD     0.100
Lehman Brothers Treasu    11.000 12/20/2017      AUD     0.100
Lehman Brothers Treasu    11.000 12/20/2017      AUD     0.100
Lehman Brothers Treasu     4.000  01/04/2011     USD     0.100
Lehman Brothers Treasu    16.000  10/08/2008     CHF     0.100
KPNQwest NV                7.125  06/01/2009     EUR     0.068
Lehman Brothers Treasu     4.600  10/11/2017     ILS     0.100
Lehman Brothers Treasu     5.200  11/09/2011     EUR     0.100
Lehman Brothers Treasu     3.500 12/20/2027      USD     0.100
Waste Italia SpA          10.500 11/15/2019      EUR     0.500
Lehman Brothers Treasu     1.500  10/12/2010     EUR     0.100
Lehman Brothers Treasu     5.375  02/04/2014     USD     0.100
Lehman Brothers Treasu    13.000  2/16/2009      CHF     0.100
Lehman Brothers Treasu     0.500 12/20/2017      USD     0.100
Lehman Brothers Treasu     6.300 12/21/2018      USD     0.100
Lehman Brothers Treasu    11.000  2/16/2009      CHF     0.100
Lehman Brothers Treasu     4.200  12/03/2008     HKD     0.100
Lehman Brothers Treasu     8.000 12/31/2010      USD     0.100
Kaupthing ehf              7.625  2/28/2015      USD     0.250
Lehman Brothers Treasu     8.050 12/20/2010      HKD     0.100
Irish Bank Resolution      6.750 11/30/2013      BGN    33.250
Kommunalbanken AS          4.800  12/01/2022     TRY    75.963
Sberbank CIB CJSC          0.010  01/04/2030     RUB    51.366
Lehman Brothers Treasu     1.000  2/26/2010      USD     0.100
Lehman Brothers Treasu     6.000  3/18/2015      USD     0.100
Lehman Brothers Treasu     0.500 12/20/2017      USD     0.100
Lehman Brothers Treasu     0.500 12/20/2017      USD     0.100
Lehman Brothers Treasu     0.500 12/20/2017      USD     0.100
Lehman Brothers Treasu     8.000  3/19/2012      USD     0.100
KPNQwest NV                8.875  02/01/2008     EUR     0.068
Lehman Brothers Treasu     8.000  3/21/2018      USD     0.100
Lehman Brothers Treasu     4.000  03/10/2011     EUR     0.100
Lehman Brothers Treasu     1.000  05/09/2012     EUR     0.100
Lehman Brothers Treasu    10.600  4/22/2014      MXN     0.100
Lehman Brothers Treasu    10.442 11/22/2008      CHF     0.100
Lehman Brothers Treasu    10.000  5/22/2009      USD     0.100
Northland Resources AB    12.250  3/26/2016      USD     2.621
Lehman Brothers Treasu     5.250  04/01/2023     EUR     0.100
Getin Noble Bank SA        5.250  5/31/2023      PLN    70.147
Credit Agricole Corpor    10.150  02/05/2025     TRY    73.003
Getin Noble Bank SA        5.250  4/28/2023      PLN    70.093
Instabank ASA              9.430                 NOK    58.748
Lehman Brothers Treasu     6.700  4/21/2011      USD     0.100
Lehman Brothers Treasu     3.000  09/12/2036     JPY     0.100
Norske Skog Holding AS     8.000  2/24/2021      EUR     0.006
Lehman Brothers Treasu    13.000 12/14/2012      USD     0.100
SAir Group                 2.750  7/30/2004      CHF    12.625
Lehman Brothers Treasu     0.500  08/01/2020     EUR     0.100
Lehman Brothers Treasu     4.680  12/12/2045     EUR     0.100
Deutsche Bank AG/Londo     2.000 10/25/2023      TRY    65.214
Lehman Brothers Treasu     4.820 12/18/2036      EUR     0.100
Lehman Brothers Treasu     7.750  2/21/2016      EUR     0.100
Lehman Brothers Treasu     5.500  4/23/2014      EUR     0.100
Lehman Brothers Treasu    15.000  06/04/2009     CHF     0.100
Lehman Brothers Treasu     7.600  03/04/2010     NZD     0.100
Lehman Brothers Treasu    13.500  06/02/2009     USD     0.100
Lehman Brothers Treasu     5.000 11/22/2012      EUR     0.100
Lehman Brothers Treasu     4.600  08/01/2013     EUR     0.100
Lehman Brothers Treasu     1.460  2/19/2012      JPY     0.100
Lehman Brothers Treasu     6.250  09/05/2011     EUR     0.100
Lehman Brothers Treasu    16.800  8/21/2009      USD     0.100
Lehman Brothers Treasu     4.000  06/05/2011     USD     0.100
Lehman Brothers Treasu     2.300  06/06/2013     USD     0.100
Lehman Brothers Treasu     4.300  06/04/2012     USD     0.100
Lehman Brothers Treasu    10.000  2/16/2009      CHF     0.100
Lehman Brothers Treasu     7.000  2/15/2010      CHF     0.100
Lehman Brothers Treasu    14.900 11/16/2010      EUR     0.100
Lehman Brothers Treasu    11.750  03/01/2010     EUR     0.100
Lehman Brothers Treasu     3.000  06/03/2010     EUR     0.100
Lehman Brothers Treasu     7.600  5/21/2013      USD     0.100
Lehman Brothers Treasu    11.000  07/04/2011     USD     0.100
Lehman Brothers Treasu    11.000  07/04/2011     CHF     0.100
Lehman Brothers Treasu     8.875  1/28/2011      HKD     0.100
Lehman Brothers Treasu     5.550  03/12/2015     EUR     0.100
Lehman Brothers Treasu     2.000  6/28/2011      EUR     0.100
Lehman Brothers Treasu     0.500  06/02/2020     EUR     0.100
Lehman Brothers Treasu    12.400  06/12/2009     USD     0.100
Lehman Brothers Treasu     5.500  07/08/2013     EUR     0.100
Polski Bank Spoldzielc     3.750  9/14/2027      PLN    64.873
Lehman Brothers Treasu    10.000  6/17/2009      USD     0.100
Lehman Brothers Treasu    12.000  07/04/2011     EUR     0.100
Lehman Brothers Treasu     6.850 12/22/2008      EUR     0.100
Lehman Brothers Treasu     7.550 12/29/2008      USD     0.100
Lehman Brothers Treasu     7.600  3/26/2009      EUR     0.100
Lehman Brothers Treasu     7.500  5/30/2010      AUD     0.100
Lehman Brothers Treasu    14.100  11/12/2008     USD     0.100
Lehman Brothers Treasu     7.250  07/08/2014     EUR     0.100
Lehman Brothers Treasu     6.000  08/07/2013     EUR     0.100
Lehman Brothers Treasu    11.250 12/31/2008      USD     0.100
Kaupthing ehf              9.750  09/10/2015     USD     0.250
Lehman Brothers Treasu     8.280  3/26/2009      USD     0.100
Lehman Brothers Treasu    16.000 12/26/2008      USD     0.100
LBI ehf                    5.080  03/01/2013     ISK     9.375
Lehman Brothers Treasu     2.673  9/21/2010      JPY     0.100
Laurel GmbH                7.125 11/16/2017      EUR     7.750
Lehman Brothers Treasu     7.750  01/03/2012     AUD     0.100
Lehman Brothers Treasu     2.500  8/15/2012      CHF     0.100
Lehman Brothers Treasu     0.500  07/02/2020     EUR     0.100
Lehman Brothers Treasu    13.150 10/30/2008      USD     0.100
Lehman Brothers Treasu    13.432  01/08/2009     ILS     0.100
Lehman Brothers Treasu     3.100  06/04/2010     USD     0.100
Lehman Brothers Treasu    16.000  11/09/2008     USD     0.100
Lehman Brothers Treasu    16.200  5/14/2009      USD     0.100
Lehman Brothers Treasu     9.000  05/06/2011     CHF     0.100
Lehman Brothers Treasu     6.450  2/20/2010      AUD     0.100
Lehman Brothers Treasu     7.625  7/22/2011      HKD     0.100
Lehman Brothers Treasu    17.000  06/02/2009     USD     0.100
Lehman Brothers Treasu     8.000  5/22/2009      USD     0.100
Kaupthing ehf              2.775  05/10/2045     ISK     0.250
Lehman Brothers Treasu     7.000  4/24/2009      USD     0.100
Lehman Brothers Treasu    10.000 10/23/2008      USD     0.100
Lehman Brothers Treasu     6.000  03/04/2015     USD     0.100
Lehman Brothers Treasu     2.430  9/25/2009      USD     0.100
Lehman Brothers Treasu    10.000 10/22/2008      USD     0.100
Lehman Brothers Treasu    16.000 10/28/2008      USD     0.100
Lehman Brothers Treasu     6.600  5/23/2012      AUD     0.100
Lehman Brothers Treasu     3.450  5/23/2013      USD     0.100
Lehman Brothers Treasu     6.600  02/09/2009     EUR     0.100
Lehman Brothers Treasu     6.720 12/29/2008      EUR     0.100
Lehman Brothers Treasu     7.600  1/31/2013      AUD     0.100
Lehman Brothers Treasu     7.060 12/29/2008      EUR     0.100
Lehman Brothers Treasu     3.500  6/20/2011      EUR     0.100
Lehman Brothers Treasu     7.150  3/21/2013      USD     0.100
Norske Skogindustrier      2.000 12/30/2115      EUR     0.113
Lehman Brothers Treasu     7.500  2/14/2010      AUD     0.100
Lehman Brothers Treasu    10.000  06/11/2038     JPY     0.100
Lehman Brothers Treasu     6.000  6/21/2011      EUR     0.100
Lehman Brothers Treasu     2.000  6/21/2011      EUR     0.100
Lehman Brothers Treasu     8.000 12/27/2032      JPY     0.100
Lehman Brothers Treasu     4.100  8/23/2010      USD     0.100
Lehman Brothers Treasu     1.500  02/08/2012     CHF     0.100
Lehman Brothers Treasu     5.120  4/30/2027      EUR     0.100
Lehman Brothers Treasu     0.010  9/20/2011      USD     0.100
Lehman Brothers Treasu    12.000  7/13/2037      JPY     0.100
UniCredit Bank AG          5.600  4/16/2021      EUR    61.410



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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.


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