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

                          E U R O P E

          Monday, June 21, 2021, Vol. 22, No. 117

                           Headlines



F R A N C E

AFFLELOU SAS: Fitch Assigns 'B' LongTerm IDR, Outlook Negative
TARKETT PARTICIPATION: Fitch Assigns FirstTime 'BB-(EXP)' LT IDR
TARKETT PARTICIPATION: Moody's Assigns First Time 'Ba3' CFR
TARKETT PARTICIPATION: S&P Assigns 'BB-' LT ICR, Outlook Stable


G E R M A N Y

SUSE SA: S&P Raises Issuer Credit Rating to 'BB-', Outlook Stable


I R E L A N D

AQUEDUCT EUROPEAN 3-2019: Moody's Assigns (P)B3 Rating to F Notes
ARBOUR CLO II: Moody's Assigns B3 Rating to EUR11.3M Cl. F-R Notes
ARBOUR CLO II: S&P Assigns B- Rating on Class F-R Notes
BLACKROCK EUROPEAN III: Moody's Assigns B3 Rating to Cl. F-R Notes
GERMAN PROPERTY: Pensions Authority Takes Legal Action v. WOTL

HENLEY CLO II: Fitch Assigns Final B- Rating on F-R Tranche
HENLEY CLO II: S&P Assigns B- Rating on Class F-R Notes


I T A L Y

ALITALIA SPA: Group of Creditors Prepares to Auction Claims
CEDACRI GROUP: S&P Assigns 'B' LongTerm ICR, Outlook Stable
SESTANTE FINANCE 4: S&P Affirms 'D' Ratings on 3 Note Classes


L U X E M B O U R G

EUROPEAN MEDCO 3: Fitch Affirms 'B' LT IDR, Outlook Stable
HIDROVIAS INT'L: Fitch Affirms 'BB' Rating on Unsecured Notes


R U S S I A

SETL GROUP: S&P Alters Outlook to Positive & Affirms 'B+' ICR


U N I T E D   K I N G D O M

ACTIVE WEALTH: Boss Banned From Acting as Director for 13 Years
CONSORT HEALTHCARE: S&P Cuts Bonds Rating to 'BB+', On Watch Neg.
INEOS ENTERPRISES: Moody's Hikes CFR to Ba3, Outlook Stable
KANTAR GLOBAL: Moody's Rates $500MM Add-on Secured Term Loan 'B2'
MAGNETIC PUSH: Boss Disqualified as Company Director for 11 Years

NEWDAY FUNDING: Fitch Raises Class F Notes to 'B+sf'
PUNCH PUBS: Fitch Assigns FirstTime 'B-(EXP)' IDR, Outlook Stable
PUNCH PUBS: Moody's Assigns 'B3' CFR, Rates New GBP600MM Notes 'B3'
PUNCH TAVERNS: S&P Withdraws 'CCC+' LongTerm Issuer Credit Rating
RANGERS FC: Ex-Administrators Sued for Negligence Over Ibrox Sale

RICCALL CARERS: Goes Into Liquidation, Halts Trading
ROCHESTER FINANCING 3: Fitch Assigns Final B- Rating on X Notes
ROCHESTER FINANCING 3: S&P Assigns B- Rating on X Certs
VIVO ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
[*] UK: Reopening Delay to Result to Bankruptcies, Job Losses



X X X X X X X X

[*] BOND PRICING: For the Week June 14 to June 18, 2021

                           - - - - -


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F R A N C E
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AFFLELOU SAS: Fitch Assigns 'B' LongTerm IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has assigned to Afflelou S.A.S. a Long-Term Issuer
Default Rating (IDR) of 'B'. The Outlook is Negative. Fitch has
also assigned Afflelou final instrument ratings of 'B+'/RR3 for the
senior secured notes and 'CCC+'/RR6 for the subordinated notes.

The 'B' IDR reflects Fitch's view of Afflelou's sustainable
business model, demonstrating limited exposure to the pandemic.
Strong brand awareness and leading positions in its core market
support business stability. However, Fitch notes that due to trade
disruptions and the announced distribution to shareholders,
leverage metrics are still forecast to temporarily exceed negative
rating sensitivities in the financial year ending 31 July 2021.

The Negative Outlook reflects remaining uncertainties over FY21
sales due to continuing partial store closures during lockdowns, as
well as temporary deterioration of liquidity after the transaction
closure. Fitch expects to revise the Outlook once retail operations
in Europe stabilise. A Stable Outlook is predicated on positive
free cash flow (FCF) allowing Afflelou to rebuild its liquidity
cushion.

Fitch has withdrawn the ratings on 3AB Optique Developpement's debt
instruments as the notes have been called.

Fitch has withdrawn 3AB Optique Developpement's IDR as it is no
longer considered by Fitch to be relevant to the agency's coverage
because the entity is not issuing debt.

KEY RATING DRIVERS

Moderate Exposure to Pandemic: Afflelou's stores faced a full
two-month closure during the first lockdown at the start of the
pandemic, and part of the network in France (around 20%) had to be
closed in early 2021 amid subsequent lockdowns. Fitch therefore
expects a decrease of around 20% in sales in FY20 to be followed by
less than full recovery of sales in FY21, with revenues reaching
pre-pandemic levels in FY23 under the Fitch case projections. Fitch
does not incorporate drastic operational restrictions in Fitch's
forecast as the majority of stores are now expected to stay open,
regardless of restrictions imposed on retail in core markets.

Sustainable Demand for Core Products: Sales went up 14.3% in 1QFY21
and 5.7% in 2QFY21 on a like-for-like basis, evidencing less
discretionary spending of consumers on healthcare products.
Supportive healthcare reimbursement system in France provides
reimbursement of around 70% of total healthcare expenditure of
consumers. As 93% of revenues come from prescription glasses (86%)
and hearing aids (7%), which enjoy long-term growth in demand,
Fitch forecasts growth in mid-single digits over a three- to
five-year horizon, following the pre-pandemic healthy performance
of core operational segments.

Leverage to Temporarily Exceed Sensitivities: The refinancing
transaction closed in late May 2021 and saw a distribution to
shareholders of EUR135 million, leading to a temporary increase in
leverage metrics that will offset strong performance demonstrated
in 1HFY21. As a result, Fitch forecasts that FFO adjusted leverage
will be slightly above Fitch's negative sensitivity at end FY21
However, Fitch expects that sales recovery and continued cost
discipline efforts should help Afflelou deleverage below the
negative sensitivity by FY22.

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

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

Solid Cash Flow Generation: Afflelou managed to stay FCF positive
in FY20 amid all the trading restrictions and pre-dividend FCF for
FY21 is forecast to exceed 7%. Limited capex and working capital
requirements should help sustain the FCF margin at high single
digits, helped by growth of increasingly profitable hearing aid
activities Fitch expects that mid-term capex requirements will grow
from 3-4% to 4-5%, mainly due to the digital transformation efforts
that comprise around a half of the total capex spending in Fitch's
forecast. The forecast mid-term pre-dividend FCF margin is lower
than the record 15.5% margin in FY19, but sufficient to support
solid deleveraging.

Favourable Long-term Trends: The aging population and increasing
myopia is increasing the number in need of correction by 1%
annually in Europe. In addition, the availability of sophisticated
solutions like progressive lenses are expected to positively impact
replacement cycles. In this environment, Fitch expects chains to
outperform the market, thanks to stronger economies of scale and
increased sophistication of services. Independents, generally
associated with territorial market niches and finer services, may
face more severe consequences from the pandemic.

Hearing Aid Opportunity: Market fundamentals for the hearing aid
market in France are strong, with 60% of patients in need of
hearing aids lacking the appropriate devices and the 100% Santé
programme allowing price reimbursement to consumers. Afflelou's
intention to fully replicate its existing optical aid business
model onto hearing aids potentially reduces business-process
related capex, and the rollout of products through hearing aid
corners in existing stores should benefit from high brand awareness
and reduce required capex for its franchisees.

Fitch acknowledges the perceived similarities of business models in
hearing and optical aid product sales and the respective potential
synergies, but recognise the smaller scale of the hearing aid
market due to lower demand from end consumers.

DERIVATION SUMMARY

Afflelou's ratings reflect the group's profile characterised by its
healthcare products and retail distribution network, which is
predominantly franchised with owned stores. The credit risk of the
retail component is mitigated by a favourable reimbursement policy
for vision products in France, covered by the state and mutual
insurance policies. This provides greater operational stability
compared with conventional high street retailers, who face less
predictable consumer behaviour, and as a result, are exposed to
higher sales and earnings uncertainties.

The business also compares favourably with that of Auris Luxembourg
II S.A. (WS Audiology, (B-/Stable), a supplier of hearing aids.
WS's higher leverage and weaker FCF generation justify a lower
rating than Afflelou's.

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

KEY ASSUMPTIONS

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

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

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

-- No cash upstream up to FY24 after EUR135 million in FY21.

Key Recovery Assumptions:

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

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

-- Fitch's analysis assumes a post-restructuring EBITDA of about
    EUR64 million, 15% down from Afflelou's 1HFY21 LTM EBITDA. At
    this level of EBITDA, Fitch assumes that corrective measures
    would have been taken, and thus Fitch would expect Afflelou to
    generate moderately positive to break-even FCF. However, the
    capital structure will likely become unsustainable. Fitch also
    assumes a distressed multiple of 5.5x and a fully drawn EUR30
    million revolving credit facility (RCF) in a distressed
    scenario.

-- Fitch's waterfall analysis generated a waterfall generated
    recovery computation (WGRC) in the 'RR3' band (indicating a
    'B+' instrument rating) for the EUR410 million senior secured
    notes, and in the 'RR6' band (indicating a 'CCC+' instrument
    rating) for the EUR75 million senior subordinated note. The
    waterfall analysis based on current metrics and assumptions is
    70% for the senior secured debt and 0% for the subordinated
    debt.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action/upgrade:

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

-- FFO adjusted gross leverage sustainably below 5.5x;

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

-- FFO fixed charge cover sustainably above 2.5x.

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

-- Confirmation of normalisation momentum on trading conditions
    with last 12 months EBITDA trending above EUR75 million;

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

-- Maintenance of liquidity buffer over EUR40 million.

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

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

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

-- Post-dividends FCF margin below 3%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Weaker Liquidity Post-transaction: After refinancing, Afflelou will
be left with only EUR10 million in cash under Fitch's assumptions,
which is low in comparison with the company's usual cash levels.
Under Fitch's rating case projections, only EUR8 million is
forecast to remain on balance sheet at 31 July 2021, with EUR25
million available undrawn under the RCF (of a total EUR30 million).
Restoration of the cash balance is predicated on a return to growth
and improved profitability, and this would be central to a revision
of the Outlook to Stable.

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.

ISSUER PROFILE

Afflelou operates as a franchisor in the optical and hearing aid
product markets, operating primarily in France and Spain. The
company provides franchisees with a full range of solutions and
services, supporting the network with industry know-how and
business practices, also providing bespoke marketing and promotion
activities valid throughout the chain.


TARKETT PARTICIPATION: Fitch Assigns FirstTime 'BB-(EXP)' LT IDR
----------------------------------------------------------------
Fitch Ratings has assigned Tarkett Participation an expected
Long-Term Issuer Default Rating (IDR) of 'BB-(EXP)' with a Stable
Outlook. Fitch has also assigned expected instrument ratings of
'BB+(EXP)'/'RR2' to the proposed senior secured term loan B. The
final ratings are contingent upon the receipt of final
documentation conforming materially to information already received
and details regarding amount, security package and tenor.

The rating reflects the impact on Tarkett Participation's (a
bidding company for Tarkett S.A.'s shares) financial profile from
the additional leverage assumed under the transaction to acquire
the outstanding shares of Tarkett S.A. not already owned by the
Deconinck family, through a simplified public offer by the
Deconinck family and financial investor Wendel. This will increase
debt for the consolidated group by around EUR420 million, aligning
the financial profile with the lower end of the 'BB' category.

Tarkett's rating reflects its solid business profile, supported by
leading market positions in several product segments and markets,
combined with strong diversification across more than 100
countries, a sound 80/20 split between renovation and new-build and
presence in both the commercial and private residential
end-customer segments.

The rating is pressured by a weak financial profile, largely
attributable to both profitability margins (which Fitch assesses as
weaker and more volatile than other building products companies)
and the leverage profile. However, Fitch recognises that cash
conversion remains sound, despite the added interest costs and
benefits from no near-term maturities, providing expectations of
solid and stable cash flows.

KEY RATING DRIVERS

Higher Leverage: The new EUR950 million loan will increase the
consolidated group's debt by around EUR420 million (to finance the
acquisition of minority held shares in Tarkett S.A.) and will
substantially increase funds from operations (FFO) gross leverage
to 6.0x at end-2021 (from Fitch's previous expectation of 3.6x for
Tarkett S.A.) with FFO net leverage increasing to 5.2x (2.5x
previously expected). The financial structure is weak for the
rating, reflected by a financial structure sub-factor score of
'b+', but Fitch expects deleveraging as the group continues to
improve profitability generation.

Committed Owners: The transaction highlights strong commitment from
the Deconinck family, which will increase its ownership to around
70% from 50.8% currently and introduces Wendel as financing
partner, committing up to 30% ownership. Wendel's long-term
investment strategy is aligned with the existing owner's strategy.
Fitch also expects Wendel to contribute additional industrial
expertise. In the event of larger M&A opportunities, the owners
have also indicated further equity support to ensure that leverage
will not exceed the stretched level at closing of this
transaction.

Balanced End-market Diversification: Tarkett's business profile
benefits from an 80/20 split between the more stable renovation
market versus the potentially more volatile new-build market.
Furthermore, the flooring renovation cycle is fairly frequent, with
office space in particular generally changing flooring with every
new tenant or lease contract.

The company's 70/30 split between commercial and private
residential is generally a positive balance between the different
associated demand drivers. However, in 2020 the commercial business
developed less favourably than residential with the latter gaining
from general home-improvement trends during the pandemic. The
business profile also benefits from geographic diversification
across the more mature North America (44% of sales) and Europe
(36%) and faster growing CIS countries and Asia Pacific.

Mixed 1Q21 Performance: Adverse foreign exchange movements and weak
recovery in the sports, office and hospitality segments in North
America led to an 8% sales-drop in 1Q21 (-3.8% organic) vs 1Q20. In
EMEA, Tarkett's largest region, recovery was strong in France and
Italy but weaker in other countries due to new waves of lockdowns.
Similar impacts in North America resulted in demand from the office
and hospitality segments remaining weak whereas residential picked
up more.

Rising raw materials continue to pressure margins, somewhat
mitigated by increased prices and further cuts to structural costs.
Consequently, group margins went down to 6.1% in 1Q21 from 6.9% in
1Q20 (company defined EBITDA margins). Geographically, margins
remained fairly stable in EMEA and CIS countries but were more
affected in North America.

Raw Material Sensitivity: Tarkett is exposed to raw materials cost
swings and has seen a gradual increase in several of its input
materials, including most oil-based derivatives: PVC, plasticisers,
vinyl etc. The company has successfully passed the higher raw
materials costs onto to its customers, albeit with a fairly long
lag. Commercial projects can have up to one year between order and
delivery as the order is agreed with designers/architects and floor
installation is at a late stage in the construction.

To mitigate the recent raw materials cost inflation, Tarkett
already increased prices in early 1Q21 for certain products. It has
additional increases planned, with the aim of recovering about 50%
of the estimated cost increase in 2021.

Development of Recycling of Material: Tarkett is highly committed
to sustainable production and is leading the development of
recycling used flooring for use as raw input materials for its
production. The company targets reaching 30% of recycled raw input
materials by 2030 (13% in 2020). Fitch expect this will lessen
sensitivity to raw material swings and Fitch also expects it to
support competitiveness over the longer term as customers become
increasingly focused on recycling capabilities and initiatives.

Deleveraging Targeted: The transaction will increase leverage, but
Fitch expects Tarkett to continue prioritising a conservative
financial policy, with an internal target of company-defined net
debt to EBITDA of 3.0x and to not exceed 4.0x in case of M&A. Fitch
expects gradual deleveraging over the rating horizon, reaching FFO
net leverage of 3.9x in 2023 down from 5.2x in 2021. However, given
the increased debt and weaker leverage metrics Fitch additionally
focuses on gross leverage, which will benefit from expected margin
improvement and continued positive free cash flow.

Notching of Senior Secured Debt: The secured TLB capital structure
results in a two-notch uplift to 'BB+' for the senior secured debt
rating (from the 'BB-' IDR) on the back of superior recovery
prospects (RR2) according to the generic approach under Fitch's
criteria.

DERIVATION SUMMARY

Tarkett's closest Fitch-rated peer is HESTIAFLOOR/Gerflor
(B+/Negative) and the two have fairly similar product offerings
serving primarily commercial end-customers with vinyl and linoleum
flooring. Gerflor is smaller, about a third in terms of turnover,
and has fairly high exposure to France but somewhat better margins
than Tarkett. Tarkett is also larger than Victoria plc
(BB-/Stable), which targets the residential flooring segment but
Tarkett's margins are weaker than Victoria's. Gerflor has higher
leverage than Tarkett hence its lower rating, while Tarkett and
Victoria have similar leverage metrics and deleveraging trends.

Other peers include the largest flooring company globally, US based
Mohawk Industries (BBB+/Stable) and building products company Masco
Corporation (BBB/Stable). These companies are more than twice the
size of Tarkett and have higher exposure to residential
end-customers. Mohawk is also large in ceramics tiles and Masco's
offering spans across a portfolio of home improvement building
products. Both companies have higher margins and lower FFO
leverage, Mohawk at 2.0x and Masco at 2.8x expected in 2021.

KEY ASSUMPTIONS

-- Single-digit revenue growth reflecting business recovery after
    weak 2020 and acquisitions with a recovery to the pre-pandemic
    revenue base in 2024;

-- EBITDA margin to improve together with the growing revenue
    base and continuation of cost cutting measures initiated in
    2019;

-- Capex intensity at 3.4% in 2021 and decreasing to nearer 3%
    over the horizon;

-- No dividends assumed over the rating horizon;

-- M&A of EUR20 million in 2021 followed by EUR60 million from
    2022 onwards;

-- Limited gross debt reduction due to TLB structure; leverage
    metrics benefiting from improved profitability generation.

RATING SENSITIVITIES

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

-- Delivery of cost saving measures driving an improved operating
    margin profile;

-- EBITDA margin sustainably above 10%;

-- FCF margins sustainably above 2%;

-- FFO net leverage sustainably below 3.5x.

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

-- EBITDA margin below 8%;

-- FFO margin below 6%;

-- FCF not remaining positive;

-- FFO gross leverage sustainably above 5.5x;

-- FFO net leverage sustainably above 4.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch expects Tarkett to maintain strong
liquidity and forecast around EUR140 million of Fitch-adjusted cash
end-2021. The transaction, expected to close end-June 2021,
includes the drawing of around EUR56 million on the revolving
credit facility (RCF) to maintain cash balances. The new financing
will result in higher interest payments due to higher interest
rates and debt, but Fitch expects positive free cash flow to allow
for a repayment of the RCF by year-end. Future liquidity will be
supported by a new EUR350 million RCF and the long term TLB
facility, with no debt amortisations scheduled before the bullet
maturity in 2028.

Future cash flow will benefit from no dividends when taken private,
in addition to the lack of debt amortisations, and Fitch forecasts
excess cash will be used for acquisitions.

ISSUER PROFILE

Tarkett is a leading flooring and sports surface manufacturer
offering solutions to the healthcare, education, housing, hotels,
offices, commercial and sports markets. Products include vinyl,
linoleum, carpet, rubber and wood flooring as well as synthetic
turf and athletics track.

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.


TARKETT PARTICIPATION: Moody's Assigns First Time 'Ba3' CFR
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating and a Ba3-PD probability of default rating to Tarkett
Participation, a global designer and manufacturer of flooring
products. Concurrently, Moody's has assigned a Ba3 instrument
rating to the proposed EUR1,300 million senior secured first lien
bank credit facility consisting of up to EUR950 million 7-year
senior secured first lien Term Loan B due 2028 and a EUR350 million
6.5-year senior secured first lien Revolving Credit Facility due
2027, both incurred by Tarkett Participation. The outlook is
stable.

The proceeds from the new debt facility will be used by the
controlling shareholder of Tarkett, the Deconinck family, alongside
equity financing from Wendel S.A., a long-term investment holding
company, to finance the acquisition of Tarkett S.A., cover related
transaction costs and for general corporate purposes.

On April 23, 2021, the Deconinck family announced a simplified
tender offer to acquire up to 49% of the remaining publicly traded
shares of Tarkett S.A.. Wendel S.A. will own up to 30% of Tarkett's
shares. If more than 90% of share capital is brought to the offer,
the company will be delisted from Euronext Paris in the third
quarter of 2021.

RATINGS RATIONALE

Tarkett's Ba3 rating reflects the company's strong positions in the
global flooring market with high R&D, manufacturing and
distribution capabilities; broad product offering in the flooring
segment with well-established brands; and good end-market and
geographical diversification. The rating is also supported by the
company's long-standing commitment to a circular economy; good
liquidity with a track record of consistent and solid free cash
flow (FCF); and experienced management team committed to
maintaining a balanced capital allocation strategy.

At the same time the rating is constraint by the initially
leveraged capital structure, with Moody's adjusted debt/EBITDA
likely to be above 5.5x following the closing (assuming 100%
ownership) of the tender offer. However, Moody's expects the
company to reduce its leverage to below 5.0x over the next two
years, driven by the expected gradual recovery in key end-markets
and from Tarkett's profitability-improvement and cost-reduction
measures. Moody's also understands that the company is committed to
reduce leverage going forward.

The rating also takes into account the high level of competition
and pricing pressure in certain end-markets; Tarkett's exposure to
foreign currency and raw material price volatility; weaker
profitability compared to some of its peers and limited track
record of sustained EBITDA growth. In addition, the rating reflects
the adverse effect of the coronavirus pandemic on certain
end-markets and weaker operating performance over 2018-19;
short-term headwinds from raw material price increases and cost
inflation; the execution risks associated with the company's cost
saving initiatives; and the risks of potential debt-financed
acquisitions.

ESG CONSIDERATIONS

As a public company, Tarkett has high standards in terms of
compliance and reporting, organisational and board structure, and
policies and procedure. Moody's expects the company to maintain
these standards following the closing of the offer.

LIQUIDITY

Tarkett has good liquidity, with a cash balance of EUR150 million
at closing and a EUR350 million RCF likely to be drawn by EUR56
million. The company is exposed to working capital seasonality,
with a peak-to-trough working cash need of around EUR70 million-
EUR100 million between January and June, and a recovery during the
second half of the year. Therefore, Moody's expects the company to
repay the drawn RCF by year-end 2021. Intra-month swings are
limited. Tarkett generates solid levels of cash, despite its
relatively low margin. Such levels of cash are supported by the
company's moderate capital spending needs, which historically
represented around 3%-3.5% of sales, and a low cost of debt. In
2020, Moody's-adjusted FCF reached EUR152 million, given the
significant reduction in capital spending and continued working
capital management. Over the next two years, Moody's expects the
company to continue to generate positive FCF of around EUR40
million- EUR60 million.

Following the closing of the transaction, the company will have no
debt maturity until 2028. The EUR350 million RCF will have one
springing covenant tested (with ample capacity) only when the
facility is drawn by more than 40%, with a net leverage test of
5.8x.

STRUCTURAL CONSIDERATIONS

Upon completion of the transaction, Tarkett's new capital structure
will consist of up to EUR950 million equivalent senior secured term
loan B and a EUR350 million senior secured RCF, both rated in line
with the CFR. The instruments share the same security package, rank
pari passu and are guaranteed by a group of companies representing
at least 80% of the consolidated group's EBITDA. The security
package, consisting of shares, bank accounts and intragroup
receivables, is considered as limited. The Ba3-PD is at the same
level as the CFR, reflecting the use of a standard 50% recovery
rate as is customary for capital structures with first-lien bank
loans and a covenant-lite documentation.

OUTLOOK

Tarkett is weakly positioned in the Ba3 rating category. The stable
rating outlook reflects Moody's expectation that the company will
reduce its leverage below 5.0x over the next two years. This is
based on the assumption that the company will achieve margin
improvements from 2022 through the successful implementation of its
profitability-improvement and cost-reduction initiatives and a
gradual recovery in key end markets. There is limited headroom for
any deviation from Moody's current expectations, and a failure by
the company to swiftly reduce its leverage below 5.0x would strain
its rating. Finally, the stable outlook reflects the company's
solid FCF and good liquidity, which Moody's expects to be
maintained over the period.

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

The proposed rating triggers reflect Moody's assumption that
Tarkett will be able to acquire 100% of Tarkett S.A.'s shares.

Moody's would adjust its guidance to tighter triggers if Tarkett
fails to secure full ownership of Tarkett S.A.

An upgrade is unlikely in the short term, given the weak rating
position of Tarkett at the closing of the transaction. Over time,
the rating could be upgraded if Tarkett's Moody's-adjusted
debt/EBITDA moves towards 4.0x on a sustained basis; Moody's
adjusted EBITA margin increases towards 6% on a sustained basis;
Moody's-adjusted FCF/debt remains above 5%, with the preservation
of its good liquidity.

A downgrade is likely if Tarkett's Moody's-adjusted debt/EBITDA
remains above 5.0x on a sustained basis; EBITA margin remains below
5% on a sustained basis; FCF/debt moves towards low-single digits
in percentage terms on a sustained basis or liquidity weakens.

PRINCIPAL METHODOLOGY

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

PROFILE

Headquartered in Paris, Tarkett Participation (Tarkett) is a global
designer and manufacturer of flooring products, with a focus on
resilient flooring, including luxury vinyl tiles (LVTs), commercial
carpets, wood, sport surfaces and flooring accessories. The company
has 33 production facilities across 17 countries worldwide, with
eight recycling plants, 24 R&D laboratories and a large network of
distribution centres. It provides its products to a wide range of
end-markets, such as healthcare and care homes, education,
workplace, hospitality, sports and residential. In 2020, the
company had more than 12,500 employees and reported revenue of
EUR2.6 billion.


TARKETT PARTICIPATION: S&P Assigns 'BB-' LT ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Tarkett Participation, the new parent company of Tarkett
S.A. At the same time, S&P assigned a 'BB-' issue rating to the new
up to EUR950 million term loan B and to the new EUR350 million
revolving credit facility (RCF).

The stable outlook indicates that the company is likely to recover
from the pandemic gradually, and to implement actions that will
mitigate the impact of rising raw material prices. FFO to debt is
forecast to be about 16%-18%.

S&P expects Tarkett will maintain its leading market position.
Tarkett is the third-largest flooring solution manufacturer
globally, behind U.S.-based Mohawk Industries and Shaw Industries.
It is also the biggest manufacturer of resilient flooring for
residential and commercial markets in Western Europe. Tarkett
enjoys a leading market share in several niche markets, including
the residential Eastern Europe market, Nordic wood flooring
segment, and turf and tracks segments in North America. S&P said,
"Barriers to entry for the flooring market are relatively high in
our view, given the need for significant manufacturing investments
and regulatory and environmental approvals. We also factor into our
rating Tarkett's contracts and long-lasting relationships with
large companies, associations, architects, and sport franchises."

Tarkett is likely to maintain its diverse geographic profile and
product mix. The company has expanded over the years, both
organically and through acquisitions. Its range of flooring
products includes resilient flooring, wood and laminates, carpets,
and sport surfaces, but not ceramic tiles. The group generates
about 45% of its sales in North America, about 35% in Western
Europe, and 20% in the rest of the world. In S&P's view, Tarkett is
more diversified than peers such as Gerflor and Mannington Mills.

S&P does not expect Tarkett's sales to recover to the 2019 level
within the next three years. This is because Tarkett is materially
exposed to commercial end markets that suffered during the
pandemic, such as workplaces, hospitality, and sport. Recovery in
such commercial activities is predicted to be muted in 2021. That
said, the health care, education, and residential segments should
remain resilient. The company could also benefit from the European
recovery plan, especially in the health care, education, and energy
efficiency sectors.

Raw material price inflation will hamper margin improvement in
2021-2022. The company anticipates that purchasing cost inflation
could affect costs in 2021 by around EUR100 million. Although it
has started to increase product prices, this will probably not
fully offset the rise in raw material prices. Passing on price
increases is subject to a time lag of more than six months, and
longer for project-based activities.

S&P views Tarkett's profitability improvement objective as
ambitious. Tarkett's medium-term objectives include improving its
EBITDA margin to over 12% through a EUR137 million structural
cost-reduction program. The plan includes rationalizing the
industrial footprint, reviewing underperforming businesses,
stepping up in automation, and simplifying processes. Tarkett had
already achieved EUR79 million in savings by end-2020. However,
price inflation and the slow recovery in commercial segments could
slow progress toward its target. Tarkett's S&P Global
Ratings-adjusted EBITDA margin was less than 10% in 2020,
indicating that its profitability lags that of peers.

The contemplated tender offer will weaken the company's financial
profile. Tarkett's majority shareholder, the Deconinck family,
announced that it intends to acquire the rest of the share capital,
with Wendel as a financial investor. Wendel will subscribe to a
share capital increase that will partially fund the acquisition.
The remainder will be funded through a EUR950 million term loan B,
should all the minorities be bought back. S&P said, "The term loan
B will also be used to repay existing financings located at Tarkett
S.A. Pro forma the transaction, we forecast that adjusted leverage
will increase, with FFO to debt of about 16%-18% at closing (30% in
2020). Even if a few minority shareholders remain, we still
anticipate that FFO to debt will be below 20% in 2021."

S&P said, "Since the company generates free cash flows, we expect
Tarkett to reduce its financial leverage in the coming years.
Tarkett has a new internal target of leverage of about 3.0x; this
translates into our adjusted leverage of about 4.0x-4.1x. However,
we will monitor how Tarkett's cash is used. We note that the
company does not run an intensive capital expenditure (capex)
program and does not anticipate shareholder remuneration in the
coming years. We see a possibility that Tarkett will engage in a
significant merger or acquisition, which could be funded by cash
and debt."

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 stable outlook indicates that the company is likely to recover
from the pandemic gradually, and to implement actions that will
mitigate the impact of rising raw material prices. FFO to debt is
forecast to be about 16%-18%.

S&P's could lower the ratings if:

-- FFO to debt fell below 15% for a prolonged period; or

-- The group experienced severe margin pressure as a result of raw
material price increases or operational issues, leading to much
lower free operating cash flow than we anticipate; or

-- Liquidity came under pressure.

In S&P's view, this scenario is unlikely over its 12-18 month
outlook horizon.

S&P could raise the ratings if:

-- Tarkett posted FFO to debt comfortably above 20%;

-- The company was committed to maintaining such credit metrics;
and

-- Operating performance was in line with S&P's base-case
expectations.




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

SUSE SA: S&P Raises Issuer Credit Rating to 'BB-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on SUSE S.A.,
the intermediate holding company of SUSE Linux, to 'BB-' from 'B'.

S&P also raised the issue rating on SUSE S.A.'s debt to 'BB-' from
'B', maintained the recovery rating at '3', and revised its
recovery expectations to 65% from 60%.

The stable outlook reflects S&P's view that SUSE Linux will
organically grow revenue at 13%-17% in 2021-2022, leading to sound
EBITDA growth and meaningful deleveraging toward 5x in 2021 and 4x
in 2022.

S&P said, "The upgrade is supported by SUSE Linux's sound
deleveraging since the partial debt repayment, strong cash flow
ratio, a more prudent financial policy, and strong growth
prospects. Shortly after the IPO in May, SUSE Linux fully repaid
its $270 million second-lien term loan and part of the first-lien
term loan. This is in line with our previous expectations. We think
the debt reduction will result in a sound deleveraging toward 5x in
2021 and stronger cash flow metrics because of interest savings. We
forecast that SUSE Linux will generate more than $150 million FOCF
in 2021, with FOCF to debt approaching 20%, better than the average
of other similarly rated software peers. Additionally, we think
SUSE Linux's company adjusted leverage target of 3.5x is largely
consistent with our 'BB-' rating, and that the company will
maintain the ratio even if it faces slower top-line growth than we
project in our base case.

"The stable outlook reflects our view that SUSE Linux will
organically grow revenue at 13%-17% in 2021-2022, leading to sound
EBITDA growth and meaningful deleveraging toward 5x in 2021 and 4x
in 2022. We also forecast strong FOCF of more than $150 million,
with FOCF to debt approaching 20% in 2021.

"We could lower our rating if significantly lower-than-expected
revenue growth or EBITDA margins, or a more aggressive financial
policy, were to leave SUSE Linux's adjusted leverage materially
above 5x, or if adjusted FOCF to debt declined below 10%.

"In our view, the company's financial sponsor control and
medium-term leverage target limit rating upside at this stage.
However, we could raise our rating if SUSE Linux's adjusted
leverage reduces to below 4x, funds from operations (FFO) to debt
stays at more than 20%, and FOCF to debt remains over 25% on a
sustained basis, supported by the company's commitment to maintain
the ratios or if EQT relinquishes its control over the medium
term."




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

AQUEDUCT EUROPEAN 3-2019: Moody's Assigns (P)B3 Rating to F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing debts to be issued by
Aqueduct European CLO 3-2019 Designated Activity Company (the
"Issuer"):

EUR1,200,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR196,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR50,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Assigned (P)Aaa (sf)

EUR29,500,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR11,200,000 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.

As part of this reset, the Issuer will extend the reinvestment
period to around 4.6 years and the weighted average life to 8.6
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, mezzanine obligations and high yield bonds.
The portfolio is expected to be almost fully ramped as of the
closing date.

HPS Investment Partners CLO (UK) LLP ("HPS") 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
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 debts' performance is subject to uncertainty. The debts'
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 debts'
performance.

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.6 years


ARBOUR CLO II: Moody's Assigns B3 Rating to EUR11.3M Cl. F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Arbour
CLO II Designated Activity Company (the "Issuer"):

EUR1,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR27,700,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR12,300,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR25,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR27,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR21,200,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR11,300,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

Interest and principal amortisation amounts due to the Class X-R
Notes are paid pro rata with payments to the Class A-R Notes. The
Class X-R Notes amortise by EUR200,000 over the five payment dates,
starting on the second payment date.

On the Original Closing Date, the Issuer also issued EUR39,500,000
of subordinated notes, which will remain outstanding. The terms and
conditions of the subordinated notes are amended in accordance with
the refinancing notes' conditions.

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

Oaktree Capital Management (UK) LLP will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.58 years
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 53

Weighted Average Rating Factor (WARF): 3010

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years


ARBOUR CLO II: S&P Assigns B- Rating on Class F-R Notes
-------------------------------------------------------
S&P Global Ratings assigned credit ratings to Arbour CLO II DAC's
class X, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. At
closing, the issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment (linked to six-month
EURIBOR).

The portfolio's reinvestment period ends approximately 4.5 years
after closing, and the portfolio's weighted-average life test will
be approximately 8.5 years after closing.

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.

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,851.84
  Default rate dispersion                                 682.50
  Weighted-average life (years)                             4.58
  Obligor diversity measure                               114.92
  Industry diversity measure                               22.51
  Regional diversity measure                                1.23

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              159
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                           7.40
  'AAA' actual weighted-average recovery (%)               36.49
  Modeled weighted-average spread (%)                       3.48
  Reference weighted-average coupon (%)                     4.00

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread of 3.48%, the reference
weighted-average coupon of 4.00%, and the actual weighted-average
recovery rates for all rated notes. 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 cash flow analysis also considers
scenarios where the underlying pool comprises 100% floating-rate
assets (i.e., the fixed-rate bucket is 0%) and where the fixed-rate
bucket is fully utilized (in this case, 15%).

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class X,
A-R, B-1-R, B-2-R, C-R, D-R, and E-R notes. Our credit and cash
flow analyses indicate that the available credit enhancement for
the class B-1-R, B-2-R, C-R, and D-R notes could withstand stresses
commensurate with higher ratings than those we have 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 assigned ratings on these notes.

"Our credit and cash flow analysis shows a negative break-even
default rate (BDR) cushion for the class F-R notes at the 'B-'
rating. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and the class F-R notes' credit
enhancement (6.88%), we believe this class is able to sustain a
steady-state scenario, where the current market level of stress and
collateral performance remains steady. Consequently, we have
assigned our 'B- (sf)' rating to the class F-R notes, in line with
our 'CCC' ratings criteria.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X to E-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 covenanted
weighted-average spread, covenanted coupon, and actual 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) 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 for which the obligor's primary business activity
is related to the following industries: controversial weapons,
thermal coal, nuclear weapons, firearms, coal mining, tobacco and
tobacco products, palm oil and palm fruit products, prostitution,
pornography, and illegal drugs or narcotics. 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    RATING      AMOUNT      CREDIT        INTEREST
                     (MIL. EUR)  ENHANCEMENT (%)   RATE (%)
  X        AAA (sf)     1.00          N/A        3mE + 0.30
  A-R      AAA (sf)   248.00        38.00        3mE + 0.86
  B-1-R    AA (sf)     27.70        28.00        3mE + 1.50
  B-2-R    AA (sf)     12.30        28.00              2.00
  C-R      A (sf)      25.00        21.75        3mE + 2.00
  D-R      BBB (sf)    27.00        15.00        3mE + 3.00
  E-R      BB- (sf)    21.20         9.70        3mE + 5.76
  F-R      B- (sf)     11.30         6.88        3mE + 8.30
  Sub. Notes    NR     39.50          N/A               N/A

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


BLACKROCK EUROPEAN III: Moody's Assigns B3 Rating to Cl. F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
BlackRock European CLO III Designated Activity Company (the
"Issuer"):

EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR36,000,000 Class B-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR25,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR29,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR22,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is around 85% ramped as of the closing date and comprised
of predominantly corporate loans to obligors domiciled in Western
Europe.

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

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3125

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years


GERMAN PROPERTY: Pensions Authority Takes Legal Action v. WOTL
--------------------------------------------------------------
Joe Brennan at The Irish Times reports that the Pensions Authority
has taken legal action against a Kildare company linked to the
high-profile collapse of Hanover-based German Property Group (GPG)
that resulted in 1,800 Irish investors losing as much as EUR107
million.

The watchdog lodged papers with the High Court on June 8, according
to court filings, against Wealth Options Trustees Limited (WOTL),
based in Naas, which administered Irish investments in GPG,
formerly known as Dolphin Trust, The Irish Times relates.

GPG, which was set up in 2008 by German-British businessman Charles
Smethurst to buy listed German buildings and redevelop them as
apartments, imploded last year after taking EUR1.5 billion from
investors in the Republic, the UK, Asia and elsewhere, The Irish
Times recounts.

Mr. Smethurst's home was raided by German police in March as part
of an ongoing investigation into suspected investment fraud, The
Irish Times notes.

The Pensions Authority's case is scheduled to come before the
courts on June 28, The Irish Times discloses.  A number of
affidavits have been filed, The Irish Times states.

While case details list the Pensions Authority as the defendant in
this case and WOTL as the plaintiff, a spokesman for the authority
confirmed that his organization is the petitioner and WOTL are the
respondents, The Irish Times relays.

The Irish investments were channelled to GPG through two special
purpose vehicles (SPVs), MUT 103 and Dolphin MUT 116, registered to
the same address and each sharing the same two directors as WOTL,
The Irish Times discloses.

MUT 103, an investment vehicle for EUR41.3 million of retail
savings, was put into liquidation in March, and Dolphin MUT 116,
responsible for EUR65.8 million of pension savings, entered
liquidation at the end of last month, The Irish Times recounts.

The Pensions Authority has only had authority to investigate WOTL,
a Revenue-approved pensioner trustee, in relation to Dolphin MUT
116, the pensions vehicle, The Irish Times notes.

When it first emerged in July 2019 that Dolphin Trust had missed
interest payments in the UK, WOTL issued a letter to brokers
highlighting how Irish investors were protected, saying it passed
on money to Germany only "when we have security in place for a
value in excess of the funds loaned", The Irish Times relates.

When Dolphin Trust told WOTL in late 2019, it would miss interest
payments due to Irish investors, the Naas-based firm hired a number
of advisers, including law firm Dentons, to try to protect the
interests of investors in the Republic, The Irish Times discloses.

However, Dentons' advice provided to the High Court in March said
the GPG insolvency administrator believes that all of the loan
claims of the Irish MUTs against the German group's companies are
"subordinated and therefore the granted securities could be
challenged".  The liquidation of GPG is expected to take years,
according to The Irish Times.


HENLEY CLO II: Fitch Assigns Final B- Rating on F-R Tranche
-----------------------------------------------------------
Fitch Ratings has assigned Henley CLO II DAC reset final ratings.

       DEBT                 RATING              PRIOR
       ----                 ------              -----
Henley CLO II DAC

A-R XS2339931821     LT  AAAsf   New Rating   AAA(EXP)sf
B-1-R XS2339932712   LT  AAsf    New Rating   AA(EXP)sf
B-2-R XS2339933363   LT  AAsf    New Rating   AA(EXP)sf
C-R XS2339934098     LT  Asf     New Rating   A(EXP)sf
D-R XS2339934684     LT  BBB-sf  New Rating   BBB-(EXP)sf
E-R XS2339935228     LT  BB-sf   New Rating   BB-(EXP)sf
F-R XS2339935145     LT  B-sf    New Rating   B-(EXP)sf

TRANSACTION SUMMARY

Henley CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. The note proceeds have been used to redeem the
existing notes, except the subordinated notes, and to fund the
current portfolio with a target par of EUR400 million. The
portfolio is actively managed by Napier Park Global Capital Ltd.
The transaction has a 4.61-year reinvestment period and an 8.5-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 current
portfolio is 34.81.

High Recovery Expectations (Positive): Over 95% of the current
portfolio comprises of senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
61.83%.

Diversified Portfolio (Positive): The transaction includes four
Fitch test matrices corresponding to top 10 obligor limits of 18%
and 26.5% and maximum fixed rated assets at 0% and 15% of the
portfolio balance. 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 (Positive): The transaction has a 4.61-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Deviation from Model-Implied Rating (Negative): The assigned
ratings for the class C, D and F notes are one notch above the
model-implied ratings (MIR). When analysing the Fitch test matrices
with the stressed portfolio, the notes showed maximum breakeven
default rate shortfalls of 1.03%, 1.21% and 1.66%, respectively.
The ratings are supported by the transaction's steady performance,
and the significant default rate cushions across the capital
structure based on the current portfolio and the coronavirus
baseline scenario.

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

RATING SENSITIVITIES

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

-- A reduction of the rating default rate (RDR) at all rating
    levels by 25% of the mean RDR and a 25% increase of the
    recovery rate at all rating levels, would lead to a downgrade
    of up to five notches for the rated notes, except the class A
    R 'notes, which are already at the highest rating on Fitch's
    scale and cannot be upgraded.

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

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

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

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

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

Coronavirus Baseline Stress Scenario

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

Coronavirus Potential Severe Downside Stress Scenario

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Henley CLO II 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.


HENLEY CLO II: S&P Assigns B- Rating on Class F-R Notes
-------------------------------------------------------
S&P Global Ratings assigned credit ratings to Henley CLO II DAC's
class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R reset notes. The
transaction has also issued additional subordinated notes to bring
the total to EUR34.15m.

The transaction is a reset of an existing transaction, which
originally closed in June 2020. The issuance proceeds of the
refinancing notes have been be used to redeem the refinanced notes
(the class A, B, C, D, E, and F notes), pay fees and expenses
incurred in connection with the reset, and fund the acquisition of
additional assets.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P considers
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                     3010.32
  Default rate dispersion                                 465.10
  Weighted-average life (years)                             5.45
  Obligor diversity measure                                92.44
  Industry diversity measure                               20.46
  Regional diversity measure                                1.20

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                           1.90
  Actual 'AAA' weighted-average recovery (%)               34.06
  Covenanted weighted-average spread (%)                    4.10
  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 positive effect of such
obligations 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 such assets, and the
limitations in reclassifying proceeds received from such 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 collateral enhancement
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 such loss mitigation obligation, all
coverage tests shall 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;

-- The obligation purchased is a debt obligation, which ranks
senior or pari passu and has a par value greater than or equal to
its purchase price; and

-- The balance in the principal account remaining equal to or
greater than zero after giving effect to the purchase.

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.

Amounts received from loss mitigation loans originally purchased
using principal proceeds will be returned to the principal account,
whereas any other amounts can form part of the issuer's interest
account proceeds. The manager may, at their sole discretion, elect
to classify amounts received from any loss mitigation obligations
as principal proceeds.

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 4.5 years after
closing.

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (4.10%), 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.

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

Until the end of the reinvestment period on Jan. 25, 2026, 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.

S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately mitigate
its exposure to counterparty risk under our current counterparty
criteria.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R to F-R notes. Our credit and cash flow analysis indicates that
the available credit enhancement for the class B-1-R, B-2-R, C-R,
D-R, and E-R notes could withstand stresses commensurate with
higher rating levels than those we have assigned. However, as the
CLO will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our ratings assigned to the notes.

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our 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. The results are
shown in the chart below.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries
(non-exhaustive list): tobacco, controversial weapons, 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 Napier Park
Global Capital Ltd.

  Ratings List

  CLASS    RATING     AMOUNT   INTEREST RATE     CREDIT
                    (MIL. EUR)      (%)        ENHANCEMENT (%)
  A-R      AAA (sf)    236.00    3mE + 0.85         41.00
  B-1-R    AA (sf)      20.00    3mE + 1.55         29.75
  B-2-R    AA (sf)      25.00          2.00         29.75
  C-R      A (sf)       31.00    3mE + 2.15         22.00
  D-R      BBB- (sf)    24.50    3mE + 3.00         15.88
  E-R      BB- (sf)     22.00    3mE + 5.71         10.38
  F-R      B- (sf)      12.50    3mE + 8.30          7.25
  Sub      NR           34.15           N/A           N/A

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




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

ALITALIA SPA: Group of Creditors Prepares to Auction Claims
-----------------------------------------------------------
Antonio Vanuzzo at Bloomberg News reports that a group of creditors
that bought Etihad Airways PJSC-linked bonds are preparing to
auction US$463 million of claims against insolvent airlines
Alitalia and Air Berlin to recover some of their investment.

According to Bloomberg, a statement said the trustee of bonds
issued by EA Partners I and II -- two special purpose entities set
up by the Abu Dhabi-based carrier -- hired Barclays Bank Plc to
arrange the sale.  It said potential buyers will be able to access
documentation on June 21 and the auction will take place within two
weeks, Bloomberg relates.

Etihad sold US$1.2 billion of bonds between 2015 and 2016 with the
help of financier Lars Windhorst and Goldman Sachs Group Inc. to
prop up loss-making airlines in which it owned stakes, Bloomberg
discloses.  The notes ended up in restructuring after Etihad
changed its strategy and pulled the plug on its support for the
airlines, Bloomberg states.

Air Berlin, Alitalia and India's Jet Airways have since filed for
insolvency, while creditors have so far failed to reach an
agreement over Air Seychelles's debt with the local government,
Bloomberg recounts.

Bondholders including BlueBay Asset Management, Sandglass Capital
Advisors, Sancta Capital and VR Global Partners have been unable to
bring Etihad to the negotiating table over the last two years, as
the carrier doesn't recognize the debt as its own, according to
Bloomberg.


CEDACRI GROUP: S&P Assigns 'B' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Italian banking software and it services provider Cedacri Group
and its 'B' issue rating to the senior secured notes.

S&P said, "The stable outlook reflects our view that Cedacri's
revenue will increase 6%-9% in 2021-2022 thanks to ongoing
digitalization and outsourcing, while the adjusted EBITDA margin
will increase by about 500 basis points (bps) due to cost-cutting
initiatives. This should lead to swift deleveraging toward 6x and
free operating cash flow (FOCF) to debt approaching 8% in 2022."

In May 2021, ION Investment Group (ION) acquired Cedacri Group SpA
through its subsidiary Cedacri MergeCo SpA (Cedacri) for about
EUR1.5 billion, which was partially funded by issuance of EUR650
million notes.

Following the acquisition, Cedacri has a highly leveraged capital
structure, with adjusted debt to EBITDA of over 7x in 2021. Cedacri
also has limited scale, a relatively niche focus on Italian core
banking software and solutions, and high customer concentration.

S&P said, "The assigned ratings are in line with our preliminary
ratings, which we assigned on May 13, 2021.  There were no material
changes to our base case or the financial documentation compared
with our original review."

The main difference between the preliminary rating analysis and the
final one is slightly higher interest expenses than expected. S&P
said, "We think this will result in lower FOCF in 2021, with FOCF
to debt of 4.5%-5.0% compared with our previous expectation of
5.0%-5.5%. However, we continue to expect the ratio will materially
improve toward 8% in 2022 on the back of lower nonrecurring costs
and expected synergies."

The stable outlook reflects S&P's view that Cedacri's revenue will
increase 6%-9% in 2021-2022, thanks to ongoing digitalization and
outsourcing, while adjusted EBITDA margin will increase by about
500 bps due to cost-cutting initiatives. This should lead to swift
deleveraging toward 6x and FOCF to debt approaching 8% in 2022.

S&P could lower the rating if Cedacri's:

-- S&P Global Ratings-adjusted leverage remains above 7x; or

-- FOCF is below 5%.

This could happen if Cedacri experiences lower revenue and EBITDA
growth because of greater competition or significant delays in
realizing cost reductions.

S&P could raise the rating if Cedacri significantly outperforms our
base case, leading to:

-- Adjusted leverage of below 5x; and

-- FOCF to debt of more than 10% on a sustained basis.


SESTANTE FINANCE 4: S&P Affirms 'D' Ratings on 3 Note Classes
-------------------------------------------------------------
S&P Global Ratings raised to 'BBB- (sf)' from 'BB (sf)' its credit
rating on Sestante Finance S.r.l.'s series 4 class A2 notes. At the
same time, S&P affirmed its 'D (sf)' ratings on the class B, C1,
and C2 notes.

S&P said, "The rating actions follow the implementation of our
revised criteria and assumptions for assessing pools of Italian
residential loans. They are based on our analysis of the most
recent information that we have received and the transaction's
current structural features.

"Upon expanding our global RMBS criteria to include Italian
transactions, we placed our rating on the class A2 notes under
criteria observation. Following our review of the transaction's
performance and the application of our updated criteria for rating
Italian RMBS transactions, the rating is no longer under criteria
observation."

The reserve fund has not been replenished since its depletion in
August 2009.

S&P said, "Our analysis considers the transaction's sensitivity to
the potential repercussions of the pandemic. We have also run a
sensitivity analysis assuming higher defaults and a lower recovery
rate.

"Based on our updated credit and cash flow analysis, we consider
that the available credit enhancement for the class A2 notes is
sufficient to support a higher rating than that currently assigned.
We have therefore upgraded the class A2 notes to 'BBB- (sf)' from
'BB (sf)'. The 'BBB- (sf) rating is lower than the rating indicated
by our cash flow results because it incorporates the transaction's
poor performance during its life. The outstanding amount of the
principal deficiency ledger stood at EUR36.5 million as of April
2021 and the reserve fund was fully depleted, indicating the
absence of a dedicated liquidity reserve. Cumulative recoveries are
also lower than those in other RMBS transactions. In addition, the
macroeconomic environment has demonstrated weakness and
volatility.

"The class C1 and C2 notes breached the interest deferral trigger
in October 2013, and the class B notes breached it in October 2016.
After these breaches, we lowered to 'D (sf)' our ratings on these
classes of notes. As interest on the class B, C1, and C2 notes has
remained unpaid, we have affirmed our 'D (sf)' ratings on these
classes of notes.

"Commerzbank AG acts as swap counterparty in this transaction.
Under our counterparty criteria, we assessed the collateral
framework as weak because the swap documents do not contain
downgrade provisions in line with our counterparty criteria.
Therefore, our ratings on Sestante Finance's series 4 notes are
capped at the resolution counterparty rating on the swap
counterparty, which is 'A- (sf)'. Our sovereign risk criteria cap
the ratings on this transaction at 'A+ (sf)'."

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."

Sestante Finance's series 4 notes were issued in an Italian RMBS
transaction that closed in December 2006. They are backed by a pool
of residential mortgage loans originated by Meliorbanca SpA.




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

EUROPEAN MEDCO 3: Fitch Affirms 'B' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed European Medco Development 3 S.a.r.l's
(PharmaZell) Long-Term Issuer Default Rating (IDR) at 'B' with
Stable Outlook. Fitch has also affirmed European Medco Development
4 S.a.r.l's senior secured debt at 'B+' with a Recovery Rating of
'RR3'.

European Medco Development 4 S.a.r.l. indirectly owns PharmaZell, a
Luxembourg-based manufacturer of active pharmaceutical ingredients
(APIs).

The 'B' IDR reflects PharmaZell's small scale with portfolio and
customer concentration risks and revenue volatility. This is
mitigated by well-entrenched market positions in specialty API,
long-standing customer relationships and an adequate financial risk
profile.

The Stable Outlook encapsulates Fitch's expectations of strong
organic growth with sustained positive free cash flow (FCF) and
organic deleveraging prospects towards 5.5x on a funds from
operations (FFO) gross leverage basis by financial year to March
2025, from around 7.0x in FY21-FY22.

KEY RATING DRIVERS

Niche Player, High Entry Barriers: The rating is constrained by
PharmaZell's small scale with product and customer concentrations.
This is mitigated by a focus on higher-value API production,
supported by proprietary-process knowledge and strong client
relationships with a large number of generic drug manufacturers,
where product quality, supply reliability and cost efficiency play
a key role. Tight regulation is an additional barrier to entry,
limiting competition.

Strong Margins Mitigate Revenue Volatility: Fitch's rating case
reflects that PharmaZell's revenue generated by APIs displays a
degree of volatility correlated to the commercial success of the
underlying generic drugs. However, the rating is supported by
steadily expanding EBITDA and healthy operating margins of around
30%, reflecting PharmaZell's competitive cost position and proven
ability to manage and protect profitability of the company's
selective product portfolio.

Asset-Heavy Operations: As a supplier of specialty APIs to generic
drug manufacturers, PharmaZell's business model is akin to that of
a contract manufacturing organisation (CMO), albeit differentiated
by greater operational flexibility reinforced by proprietary
production knowledge. It, however, requires high capex for
maintenance, optimisation and expansion, which Fitch estimates on
average at 10% of sales in the next four years. Although this high
capital intensity consumes a large part of PharmaZell's cash flows
from operations, Fitch views these investments as critical for
medium- and long-term growth and productivity.

Self-funded Capex: Fitch believes that PharmaZell will be able to
fund its extensive capex programme entirely from internal cash
flow, which supports its ratings. Inability to adequately invest in
its manufacturing base could undermine the company's cost
competitiveness and organic growth prospects, which are
instrumental to achieving sustained positive FCF and deleveraging.

Cash-Generative Operations: Fitch projects PharmaZell's FCF margins
at mid-single digits from FY22, following the assumed completion of
the company's operational optimisation. Positive FCF differentiates
its credit profile from that of lower-rated peers lacking in
sustained cash generation. A change to break-even or negative FCF
would, in Fitch's view, indicate worsening operating risk, which in
combination with a lack of deleveraging, could put pressure on
ratings.

Slower De-Risking, Deleveraging Capacity: Continuing deleveraging
to an FFO gross leverage of below 7.0x in the medium term is
critical for the 'B'/Stable IDR. The term loan B (TLB) add-on of
EUR15 million in April 2021 to accelerate investments in organic
growth will slow deleveraging, as Fitch projects FFO gross leverage
to increase to 7.2x in FY22 from 6.8x in FY21. In the medium term
we, however, project PharmaZell to resume deleveraging towards 5.5x
by FY24, driven by Fitch's assumption of profitable, organic
revenue growth as the company ramps up new production capacity.

M&A Risk: Fitch understands from management that while the business
plan at present prioritises organic growth, the company may engage
in selective bolt-on M&A, including raw-material suppliers. Fitch
regards the possibility of large-scale M&A as low, and would
consider this as event risk to Fitch's ratings.

Supportive Market Fundamentals: PharmaZell's credit profile
benefits from a supportive broader pharmaceuticals market due to
growing and ageing populations and increasing access to medical
care, with generics drugs receiving government support as a means
to contain rising healthcare costs.

In the API market, which is projected to grow at high single digits
in percentage terms, Fitch views PharmaZell as well-placed to
capitalise on the continuing trend for outsourcing by
pharmaceutical companies of non-core and technologically complex
processes and to leverage its proprietary knowledge, product
pipeline and well-established client relationships.

DERIVATION SUMMARY

Fitch rates PharmaZell according to its Rating Navigator Framework
for Pharmaceutical Companies, and also for peer comparison. Fitch
regards the capital-intensive contract development and
manufacturing organisation (CDMO) Roar Bidco AB (Recipharm,
B/Positive) as the closest peer to PharmaZell, whose business model
benefits from outsourcing trends in the pharmaceutical industry and
high barriers to entry leading to overall stable underlying
business dynamics. Both ratings are constrained by high FFO gross
leverage of above 7.0x and rely on an inherent deleveraging
capacity backed by growing EBITDA and cash flows.

At the same time, Fitch views Recipharm's business model as
stronger given the company's larger scale with its estimated number
four position in the global CDMO market, exposure to
technologically advanced drug delivery technologies, high revenue
visibility and more sizeable FCF with a comfortable liquidity
position. Based on its stronger operating profile, Recipharm can
therefore tolerate up to 1.0x higher leverage for a 'B' credit. The
difference between Recipharm's Positive Outlook and PharmaZell's
Stable Outlook is due to the former's deleveraging prospects to
below 6.5x by end-2022 in combination with a more resilient
business risk profile.

Fitch also compares PharmaZell with animal pharma manufacturer
Financiere Top Mendel S.A.S. (Ceva Sante, B/Stable), whose ability
to maintain market share and profitability strongly relies on
ongoing large investments and R&D capabilities. Similarly to
Recipharm's, Ceva Sante's considerably larger business scale,
healthy operating margins and ample liquidity headroom allow a
higher FFO gross leverage tolerance of at least 1.0x than
PharmaZell's for a 'B' IDR.

In contrast, asset-light pharmaceutical companies such as IWH UK
Finco Limited (Theramex; B/Stable), Cheplapharm Arzneimittel GmbH
(B+/Stale) and Pharmanovia Bidco Limited (Atnahs, B+/Negative)
reflect different operating risks with an emphasis on drug IP
rights management, or marketing and distribution capabilities and
far less ongoing capex requirements leading to stronger FCF margins
than PharmaZell's. While all three companies have certain product
concentrations, higher-rated Cheplapharm and Atnahs show
considerably stronger FCF and more conservative financial policies
than Theramex.

KEY ASSUMPTIONS

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

-- Sales growth CAGR of 6% over the next four years;

-- EBITDA margin stable at 29%-30% over the next four years;

-- Capex at 10%-12% of sales driven by investments in capacity
    expansion to FY25;

-- Small working-capital outflows of around EUR2 million-EUR5
    million p.a. to support revenue growth to FY25;

-- No acquisitions for the next four years;

-- No shareholder distributions for the next four years.

Recovery Ratings Assumptions

-- Fitch's recovery analysis assumes that PharmaZell would be
    restructured as a going concern rather than liquidated in a
    default.

-- Given some product and customer concentration risks EBITDA
    contraction at the point of distress could be significant.
    Fitch estimate a post-distress EBITDA of EUR45 million.
    Earnings contraction of that magnitude would most likely be
    the result of a significant sales decline of one of
    PharmaZell's products in the concentrated portfolio (e.g. top
    three steroids contribute an estimated 15% of sales; 5-ASA
    product comprises around 20% of sales) as a result of severe
    manufacturing disruption, regulatory issues, market-share loss
    to a superior competitive product or unsuccessful drug
    commercialisation by one of PharmaZell's customers.

-- PharmaZell has developed substantial technical knowledge and
    proprietary technologies over the past 20+ years. It also has
    an inelastic (15+ years) blue-chip customer base. These are
    factored into the distressed valuation as are the attractive
    pharma market fundamentals that support overall growth of 6%
    8% in core product lines (steroids, 5-ASA and amino acids).

-- In Fitch's recovery analysis, Fitch estimates that around
    EUR20 million of asset-backed financing comprising receivables
    factoring facilities of approximately EUR15 million, together
    with export advance financing facilities of some EUR5 million,
    will not be available to the business post-distress.

-- After deducting 10% for administrative claims, Fitch's
    principal waterfall analysis generated a ranked recovery in
    the 'RR3' band for the all senior secured capital structure,
    comprising the TLB of EUR290 million and an EUR75 million
    revolving credit facility (RCF), which Fitch assumes to be
    fully drawn prior to distress, and ranking equally among
    themselves.

-- This indicates a 'B+'/'RR3' instrument rating for the senior
    secured debt with an output percentage based on current
    metrics and assumptions at 53%.

RATING SENSITIVITIES

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

-- Increasing business scale and product diversification
    supporting EBITDA margin expansion toward 35%;

-- FCF margins sustained at high single digits; and

-- FFO gross leverage sustained at below 5.0x.

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

-- Declining revenue due to product or production issues or as a
    result of customer losses leading to EBITDA margin declining
    towards 25%;

-- Weak-to-neutral FCF on a sustained basis;

-- FFO gross leverage above 7.0x; and

-- FFO interest cover tightening to below 2.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch projects satisfactory liquidity with
cash from operations averaging EUR35 million, which will be
sufficient to self-fund annual capex of EUR20 million-EUR25
million. After deducting EUR6 million deemed as restricted cash to
support intra-year trade working capital, Fitch estimates a tight
but sufficient year-end cash balance of EUR15 million in FY22,
gradually improving to EUR50 million by FY25, in addition to the
committed RCF of EUR75 million, which Fitch expects will remain
largely undrawn.

PharmaZell has a concentrated debt structure with a TLB due in
2027, which translates into manageable refinancing risk given
long-dated debt maturities, underlying positive FCF and supportive
industry dynamics.

ISSUER PROFILE

PharmaZell is a manufacturer of APIs for the generics drug market.
The company is focused on off-patent niche specialty APIs requiring
complex manufacturing processes and proprietary technologies.

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.


HIDROVIAS INT'L: Fitch Affirms 'BB' Rating on Unsecured Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Hidrovias do Brasil S.A.'s (Hidrovias)
Long-Term Foreign Currency (FC) and Local Currency (LC) Issuer
Default Ratings (IDRs) at 'BB' and National Scale long-term rating
at 'AA(bra)'. Fitch has also affirmed Hidrovias International
Finance S.a.r.l.'s unsecured notes at 'BB'. The Rating Outlook on
LC IDR and National Scale Rating has been revised to Stable from
Negative.

The Outlook revision to Stable reflects Hidrovias' expected
deleveraging trend during the next 18 to 24 months. The company has
been investing to increase its business scale and improve client
diversification via a mix of organic and inorganic growth. Fitch
forecasts the company to exhibit a net adjusted debt/EBITDA ratio
of 4.2x and 3.7x during 2021 (pro forma including acquired asset)
and 2022, respectively. Hidrovias' current rating headroom is
limited. The affirmation of the 'BB' rating is linked to net
leverage moving to around 3.5x in the medium to long term, in line
with its main peers.

The Rating Outlook for the FC IDR is Negative, reflecting Brazil's
(BB-) Negative Outlook. Hidrovias' FC IDR is capped by Brazil's
'BB' Country Ceiling, as the majority of the company's growth
opportunities should continue to originate from its operations in
the country.

KEY RATING DRIVERS

Take-or-Pay Contracts Protect Cash Flow: Hidrovias' ratings
incorporate its stable cash flows, which reflect that the majority
of its EBITDA is generated under long-term, take-or-pay contracts.
These provide cash flow visibility, as they contain features that
allow inflation-adjusted price increases and the pass-through of
fuel and/or labor charges. Considering the ramp-up of projects and
contracts through 2021, Hidrovias has roughly 72% of total capacity
contracted under long-term take-or-pay agreements. Its largest
contract duration is 25 years.

Challenge to Increase Client Diversification: Hidrovias exhibits
portfolio concentration risk, as its main clients are Vale S.A.
(BBB/Stable), COFCO Group and Alumina do Norte do Brasil S.A.
(Alunorte), which Fitch estimates that together it fluctuates
around 48%-62% of the company's total EBITDA. Over the last year,
Hidrovias has added new clients and sectors to its portfolio,
including projects for Salt operations in Brazil's Rio Grande do
Norte state and new service activities in Santos Port. The company
has also recently announced the acquisition of the south American
assets of Imperial Logistics International B.V. & Co. KG (Imperial)
for USD85 million. This company operates in the Parana-Paraguay
river system, and should help to improve the company's competitive
position in this corridor.

Route and Production Concentration: Grains and fertilizer, iron ore
and bauxite represent 47%, 32% and 20%, respectively, of Hidrovias'
2020 EBITDA. In terms of routes, the North Corridor represents 41%
of EBITDA, South 38%, Coastal Navigation 20% and salt/Santos the
remaining 1%. Approximately 58% and 42% of total EBITDA is
generated in Brazil and Uruguay/Paraguay, respectively. Fitch
expects Hidrovias' annual EBITDA to average BRL890 million
in2021-2022.

Manageable FX Risk Exposure: Hidrovias faces exposure to FX risk,
as the majority of its debt is U.S. dollar-denominated. This is
mitigated by strong EBITDA generation (around 60%) in hard
currency, as well as its high cash balances (around 90%)
denominated in U.S. dollars. This has been key to mitigate currency
mismatch risk effects in short-term cash outflows as it relates to
the company's semi-annual bond coupon payments.

Good Performance Despite Drought: Hidrovias has shown solid
operational performance with increasing volumes, improved
competitiveness and market share gains. In the short term, the
company faces challenges on its south corridor operations with a
significant drought in the Parana-Paraguay waterway, which has
driven volumes down. This has been partly offset by the take-or-pay
contracts framework. Nevertheless, this limits the company's growth
opportunities to operate spot contracts, and Fitch expects some
decline in operating margins for the corridor during 2021. During
1Q21, the company experienced lower grain volumes due to a delay in
the soybean harvest but it was offset by an increase in tariffs
earlier in the year.

Growing CFFO, Capex to Pressure FCF: The ongoing business expansion
is leading to negative FCF, which was negative BRL76 million in
2020. During 2021, capex will increase to support the development
of Salt and Santos operations, as well as other ongoing
projects/expansions, which should lead to negative FCF of around
BRL132 million. A likely increase in 2022 capex to expand
operations in the north corridor should lead to negative FCF of
around BRL21 million. Fitch estimates around BRL525 million in
capex and no dividend payments during 2021 and 2022.

Limited Leverage Headroom: The impact of FX volatility and higher
capex plans have postponed Hidrovias' most significant deleveraging
to beyond 2021 under Fitch's forecasts. Management's strategy on
business diversification/growth, its discretionary associated
capex, and return to shareholders will be key to define leverage
trends going forward. Fitch expects net leverage ratios to be 4.2x
and 3.7x in 2021 and 2022, respectively, and to decline to around
3.5x by 2023. This compares with 4.9x in 2019 and 4.7x in 2020, per
Fitch's calculations.

Solid Financial Flexibility: Together with its resilient business
profile, Hidrovias' strong financial flexibility is a key rating
consideration amid its growth strategy and corresponding elevated
leverage ratios. The company has operated with solid cash balances
and no short to medium term refinancing risks, alongside
demonstrating good access to the local and international capital
markets.

DERIVATION SUMMARY

Hidrovias is well positioned in the 'BB' rating category relative
to transportation/logistics peers across the region, which are
generally rated in the 'BB' to 'BBB' categories. Hidrovias' main
rating constraint derives from its medium-size business scale and
weakest capital structure versus Brazilian peers, such as MRS
Logistica S.A. (BB/Negative), Rumo S.A. (BB/Negative), and VLI S.A.
(National Long-Term Rating AAA[bra]/Stable). Offsetting those
factors, are Hidrovias' resilient business profile due to the
majority of operations being based on take-or-pay contracts and
strong financial flexibility supported by high liquidity and
long-term debt amortization profile with no refinancing risks in
the next five years.

Hidrovias' expected 2021 net leverage metrics are higher than net
leverage expected for other rated Brazilian peers in the
transportation/logistics sector with more mature operations and
with higher credit ratings. Rumo, VLI and MRS Logistica are
forecast to reach 2021 net leverage ratios of 3.3x, 3.2x and 2.1x,
respectively. Hidrovias' ratings factor in the expectation of the
company's net adjusted leverage ratio trending to down to 3.5x-4.0x
by 2022.

KEY ASSUMPTIONS

-- Revenue growth in 2021, reflecting ramping up of operations,
    with 20% growth in 2021 reflecting new operations in Santos
    and Salt and ongoing growth volumes on the north corridor
    segment;

-- EBITDA margin around 46% in 2021 and 47% in 2022;

-- Total capex of around BRL525 million in 2021 and in 2022;

-- Dividend distributions at 1% of net income, per company's
    bylaws, from 2023 onwards.

RATING SENSITIVITIES

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

-- Hidrovias' Foreign Currency IDR is capped at Brazil's Country
    Ceiling considering the majority of the company's growth
    opportunities continue to originate within the country.

For the National Long-Term Ratings and Local Currency ratings,
factors that could lead to a positive rating action include:

-- Broader client diversification;

-- Net debt/EBITDA consistently below 3.0x and total debt/EBITDA
    below 4.5x;

-- Interest coverage consistently above 4.0x;

-- Maintenance of strong liquidity to avoid refinancing risks,
    with cash/short-term debt ratio at a minimum of 1.5x.

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

-- Large debt-funded M&A acquisition or entering into a new
    business in the logistics sector that adversely impacts its
    capital structure on a sustained basis or increases its
    business risk exposure;

-- Net leverage consistently above 4.0x from 2022 onwards;

-- Deterioration of liquidity position, with increasing short to
    medium term refinancing risks.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Position: Fitch expects Hidrovias to maintain a
solid cash position while conservatively managing its FCF with a
strong growth strategy. The company's cash position as of 1Q21 was
very strong at BRL1.15 billion, while short-term debt was BRL113
million, excluding lease obligations. The company has a comfortable
debt amortization schedule in the medium term, with an average of
BRL66 million due in 2022-2024, BRL875 million in 2025 and BRL2.7
billion in 2031. Hidrovias does not have a committed standby credit
facility. Almost of all of its debt is U.S. dollar-denominated,
while around 90% of the company's cash position is held in U.S.
dollars. This strong hard currency cash balance helps to mitigate
FX risk mismatch related to its short-term debt obligations and
bond coupon payment.

Hidrovias' total adjusted debt, per Fitch's calculation, was BRL4.7
billion at 1Q21, mainly composed of BRL2.7 billion of cross-border
bonds due 2031, BRL867 million of cross-border bonds due 2025, and
BRL 714 million of Banco Nacional de Desenvolvimento Economico e
Social (BNDES) financing. Fitch includes in the debt calculation
BRL120 million (USD21 million) of guarantees related to one of its
50% joint ventures, Obrinel S.A., domiciled in Uruguay.

ISSUER PROFILE

Hidrovias is an integrated logistics provider focused on waterways
logistics services. It has an end-to-end infrastructure, including
transshipment, port terminals and a fleet of barges, pusher tugs
and cabotage vessels. The company operates in logistics corridors
in the northern region of Brazil and in the Paraguay-Parana river
system. Its business model is based on long-term take or pay
contracts with strong counterparties (72% of its EBITDA).

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.




===========
R U S S I A
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SETL GROUP: S&P Alters Outlook to Positive & Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Russian developer Setl
Group to positive from stable and affirmed its 'B+' rating.

S&P said, "We could raise the ratings in the next 12 months if Setl
further increases its scale and diversification, while maintaining
margins of about 25% and an adjusted ratio of debt to EBITDA below
3.0x.

"Our outlook revision follows the company's growth and expansion in
recent years with revenue increasing to Russian ruble (RUB)116.5
billion in 2020, versus RUB61.3 billion in 2016. We forecast
further 5%-10% annual revenue growth in 2021-2022, on the back of
positive price momentum and portfolio growth. Factoring in strong
S&P Global Ratings-adjusted EBITDA margins at 26%-27% in 2019-2020,
we forecast the average EBITDA margin at about 25% in the next two
years, supported by good cost control and selling price
appreciation at more advanced stages of projects. We believe the
company's increase in project completions to 1,505,000 square
meters (sqm) in 2020 from 1,331,000 sqm in 2019 (13% year on year
[yoy]) and therefore decreasing risk of exposure to a smaller and
more concentrated project base mitigates its still high
concentration to the St Petersburg market, representing the
majority of Setl's revenue in 2020. We believe that the company
will likely become more comparable with other rated developers in
the same business risk category, such as Via Celere or Miller
Homes, benefiting from solid underlying market fundamentals.

"This is because COVID-19-related travel restrictions limited the
inflow of labor migrants, and the Russian housing development
sector is experiencing a labor shortage. We understand that Setl is
exposed to this risk since it outsources subcontractors for its
projects. Nevertheless, we assume that as a large contractor with
strong brand recognition, Setl should be relatively well-positioned
to manage this risk in the near term.

Despite COVID-19-related economic challenges, in the last 12 months
the performance of Russian housing developers has been lifted by
favorable mortgage conditions. This is because the mortgage rate
was at a historic low, mirroring the Russian key rate and
reflecting the conditions of the state-subsidized mortgage program.
Combined with some supply contraction, this led to a housing price
surge. As a result, the value of Setl's sales contracts increased
by 6% yoy in 2020 to RUB112.3 billion, as a 9% average selling
price increase balanced a low single-digit decline of the area
sold. Furthermore, in the first-quarter of 2021, the average
selling price increased by about 27.6% yoy and sales increased by
30% yoy to RUB32.7 billion. The share of mortgage-backed contracts
in Setl's sales grew to 68% in the first-quarter of 2021, from 56%
in 2019. S&P said, "We understand that the state-subsidized
mortgage program will likely be extended until mid-2022, although
on more restrictive terms. We believe this will support housing
demand, somewhat offsetting the effect of the Russian key rate
starting to inch up and mitigating the pressure on household income
lingering from the pandemic. We also assume that supply will remain
lower than demand in St Petersburg, where Setl's key operations are
located, supporting Setl's strong position, with a market share of
about 19% in the first quarter of 2021 (according to management).
That said, we factor in the very high competition in the sector."

S&P said, "Although we expect Setl's debt to accumulate in
2021-2022 with adjusted debt to EBITDA increasing to 2.5x-3.0x by
year-end 2022 from 0.6x at year-end 2020, we believe its leverage
remains favorable compared with industry peers at the same rating
level whose leverage tends to be about 4x-5x. The expected increase
follows recent changes in Russian regulation, whereby Setl needs to
fund new projects with projects finance loans from Russian banks.
At the same time, Setl's non-project finance is expected to
gradually decrease from about RUB18 billion at end-April 2021.
Furthermore, since Setl sells more than 90% of its apartments
during construction (which takes about 2-2.5 years on average),
cash from pre-sales is accumulated in escrow accounts, securing
debt repayment upon project completion. We forecast that cash in
escrow accounts will at least cover the drawings under project
finance facilities, lowering the risk of these loans. As of the end
of the first quarter 2021, cash in escrow accounts (RUB11.9
billion) was 95% higher than the drawings on project finance
lines."

Setl's financial policy, including a dividend payout ratio of below
75% of net income, is geared toward maintaining its financial
target of total debt to EBITDA below 3.0x including project finance
loans and below 1.0x excluding project finance loans. Setl does not
plan to increase its corporate debt and the forecast leverage
growth will come on the back of more favorably priced project
finance loans, which should support Setl's solid interest coverage
ratio of about 5.0x. Importantly, Setl has not made any overly
aggressive acquisitions in recent years. S&P expects that the
financial discipline demonstrated by Setl's management should
support its metrics commensurate with its base-case assumptions.

S&P's positive outlook on Setl reflects its view that S&P may
upgrade the company in the next 12 months if Setl continues to
expand its business operations, subject to a supportive economic
and regulatory environment.

An upgrade would require a steady and sustainable adjusted EBITDA
margin of about 25%. S&P would also expect a supportive financial
policy that leans toward a conservative approach, allowing adjusted
debt to EBITDA to stay sustainably below 3.0x and EBITDA interest
coverage to remain close to its current base case. An upgrade would
also hinge on Setl maintaining adequate liquidity without imminent
refinancing risks.

S&P said, "We would revise the outlook to stable if Setl's S&P
Global Ratings-adjusted debt to EBITDA were to exceed 3.0x or if
its EBITDA interest coverage weakened substantially from our base
case. This could happen because of weaker operating performance,
for example due to COVID-19-related measures or macroeconomic
headwinds resulting in unfavorable industry trends, margin
pressure, or adverse working capital movements." Pressure on the
rating could intensify if the group's external financial
flexibility deteriorated and its overall liquidity management
became more aggressive.




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

ACTIVE WEALTH: Boss Banned From Acting as Director for 13 Years
---------------------------------------------------------------
Jim Armitage at Evening Standard reports that Darren Reynolds, boss
of Active Wealth, the financial advice firm famed for its
involvement in the British Steel pension transfer debacle, has been
banned from acting as a director for 13 years after losing clients
GBP24 million.

Mr. Reynolds, 51, advised hundreds of clients on the best way to
invest their pension funds and, following his advice, 288
transferred more than GBP23 million into Self-invested Personal
Pension Schemes, Evening Standard discloses.

Their money was then put into a portfolio of high risk, unregulated
corporate bonds with no protection for investors from the Financial
Services Compensation Scheme, Evening Standard states.

In the event, the FSCS did recompense them more than GBP10 million
but because of the GBP50,000 compensation cap, they still lost more
than GBP24 million, Evening Standard notes.

According to Evening Standard, the Insolvency Service investigated
the company, which went into liquidation in 2018, and declared in a
statement: "Following Active Wealth's liquidation, an Insolvency
Service investigation found that between December 2014 and December
2016, Darren Reynolds had failed to act in the best interests of
the company's clients."

The ban was ordered in the Manchester High Court of Justice by DJ
Obodai, meaning he cannot directly or indicrectly become involved
in the "promotion, formation or management of a company" without
permission of the court, Evening Standard relates.

Active Wealth was the first firm to be banned from doing pension
transfers by the Financial Conduct Authority before it went into
liquidation, Evening Standard notes.  Several of its clients were
members of the British Steel Pension Scheme and were persuaded to
invest in the so-called Portfolio Six selection of high risk bonds,
Evening Standard relays.


CONSORT HEALTHCARE: S&P Cuts Bonds Rating to 'BB+', On Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on Consort Healthcare
(Tameside) PLC's (ProjectCo) bonds to 'BB+' from 'BBB+' and
assigned a recovery rating of '3'.

S&P placed its 'BB+' rating on the bonds on CreditWatch with
negative implications, indicating that it could lower the rating by
multiple notches if an agreement to stall deductions is not
concluded on appropriate terms by the end of June, or if the Trust
takes steps that could elevate the risk to future debt service
payments on the bonds.

Consort Healthcare (Tameside) PLC (ProjectCo), a limited-purpose
vehicle, used the bond proceeds to finance the design,
construction, and operation of the project for the Tameside and
Glossop Integrated Care NHS Foundation Trust (the Trust) under a
34-year project agreement, as part of the U.K. government's private
finance initiative (PFI) program. The project comprises an 86-bed
acute diagnostic and treatment center, a mental-health facility,
and a surface car park.

The final phase of project construction was completed by Balfour
Beatty Construction Northern Ltd. and Balfour Beatty Engineering
Services Ltd. (together, Balfour Beatty) as scheduled in 2011.

ProjectCo contracts out its facilities management (FM) service
obligations to Engie GDF Suez (Engie; rebranded from Cofely U.K.
Ltd., formerly Balfour Beatty's U.K. FM business) under a
back-to-back FM service agreement. The Trust retains soft FM risk.

The Trust has made material deductions from its service payments to
ProjectCo due to long-standing fire-safety defects at the project,
with the result that ProjectCo may need to rely on funds in the
reserve accounts to make debt service payments on the bonds. The
Trust alleges that outstanding fire defects raise safety concerns
about hospital operations. Frustrated with the slow progress on the
remedial works and by ProjectCo's alleged failure to correctly
report the long-standing defects, the Trust--supported by the
third-party consultant, P2G--began withholding material amounts
from its service payments to ProjectCo post December 2020. The
deductions withheld from January 2021 to May 2021 stood at GBP2.37
million out of the GBP5.11 million total payable over the period.
The Trust has also cited, but for the time being deferred, other
possible deductions of GBP1.88 million over March 2021-May 2021.
ProjectCo, while accepting that certain defects exist, contests the
level of deductions and SFPs levied by the Trust and is engaging
with the Trust to resolve the current issues. In S&P's view, there
is considerable divergence between the parties' assessments of the
risks posed by the fire-safety defects, which has strained their
relationship. The Trust's deductions have resulted in the rapid
deterioration of ProjectCo's finances, and it is possible that
ProjectCo may need to utilize funds from its reserve accounts to
make the September 2021 GBP2.42 million debt service payment.

The Trust and ProjectCo are in discussions regarding a standstill
agreement, but delays agreeing appropriate terms may accelerate
ProjectCo's liquidity issues. S&P understands that the agreement
would provide for a "standstill period," during which revenues to
the ProjectCo would resume and Balfour Beatty would progress
completion of the remedial works. Should the parties be unable to
reach a timely resolution and sign the agreement, the Trust could
continue to make deductions from its service payments, further
worsening ProjectCo's liquidity position and its capacity to make
debt service payments after September 2021. However, even assuming
the parties can resolve their differences, should they subsequently
disagree on the quality or extent of the fire-safety remediations,
the Trust would retain the power to make deductions under the
project agreement.

Significant SFPs triggered contractual rights for the Trust and
bond holders. The Trust also levied a number of SFPs on account of
the fire defects. S&P understands that these SFPs result in an
event of default under the project agreement and collateral deed
and the possible exercise of remedies, including termination of
ProjectCo and acceleration of the bonds, respectively. However, the
parties' willingness to negotiate their differences suggests that
these measures are unlikely to be exercised imminently.
Nevertheless, if they do not resolve their differences in good
time, the possibility of the Trust terminating the project
agreement and an acceleration of the bonds cannot be dismissed, in
S&P's view.

The CreditWatch negative placement indicates the risk of a
multi-notch downgrade of S&P's rating on the bonds if the parties
fail to resolve their existing differences, through the standstill
agreement or otherwise, by the end of June 2021; or the risk that,
despite such resolution, the Trust is unsatisfied by the
fire-safety remediation measures, potentially leading to a renewed
round of deductions, resulting in increased financial pressure on
ProjectCo. S&P could also lower the rating if the relationship
between the Trust and ProjectCo further deteriorates, as indicated
by continued disagreements or legal disputes or if the Trust takes
steps that could elevate risk to future debt service payments on
the bonds.


INEOS ENTERPRISES: Moody's Hikes CFR to Ba3, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
INEOS Enterprises Holdings Limited ("INEOS Enterprises") to Ba3
from B1 and probability of default rating to Ba3-PD from B1-PD.
Moody's also upgraded to Ba3 from B1 the ratings assigned to INEOS
ENTERPRISES HOLDINGS II LIMITED's EUR279 million senior secured
term loan A ("TLA") due 2024 and EUR780 million senior secured term
loan B ("EUR TLB") due 2026, and INEOS ENTERPRISES HOLDINGS US
FINCO LLC's $370 million senior secured term loan B ("USD TLB") due
2026. The outlook on all three entities is stable.

RATINGS RATIONALE

The rating action reflects INEOS Enterprises' strong performance in
2020 helped by its solvents division that produces IPA, a compound
used in the manufacturing of hand sanitizer, although Moody's notes
that the performance of other segments has been more volatile.
Further, Moody's expects growth across INEOS Enterprises' portfolio
of businesses to continue in the next 12-24 months based largely on
the broad economic recovery in global markets following the
pandemic. Also positively, INEOS Enterprises has met Moody's
criteria for a positive rating movement: the company maintained its
Moody's-adjusted EBITDA margin in the teens, generating positive
free cash flow (FCF, calculated after capex and dividends, if any)
consistently in support of its liquidity position and kept
Moody's-adjusted total and net debt to EBITDA below 4x and 3.5x,
respectively. Counterbalancing these strengths are the intrinsic
cyclicality of INEOS Enterprises' business and the parent company's
history of shareholder-friendly policies.

INEOS Enterprises' composites and pigments businesses experienced
earnings declines in the second quarter of 2020 as automotive,
manufacturing and construction end markets were pressured by the
pandemic. Positively, these businesses recovered in the second half
of 2020 and continued stable performance into the first quarter of
2021.

In response to the overwhelming demand for sanitizing products,
INEOS Enterprises started a hygienics business in the spring of
2020. With an offering of a range of hand sanitizers and related
products, it is the first consumer-oriented business within the
broader INEOS group of chemical companies. While INEOS Enterprises
expects hygienics to grow to become a meaningful contributor to
earnings, currently its contribution is not material.

Despite the challenges related to the pandemic, INEOS Enterprises
has successfully integrated the most recent acquisitions of the
Joliet business from Flint Hill Resources, LLC. (unrated), which is
now part of the chemical intermediates division, followed by the
acquisition of Ashtabula TiO2 complex from Tronox Holdings Plc (B1
stable) for $700 million in April 2019 and the acquisition of the
composites business and Marl butanediol (BDO) facility of Ashland
LLC (Ba1 stable) for $1.1 billion in September 2019. The company
realized approximately EUR95 million in cost savings through the
first quarter of 2021 and expects to generate an additional EUR25
million by the end of 2023.

Owing in large part to the counter-cyclical performance of the
solvents business in the second quarter of 2020, as well as strong
recovery in the other segments later in the year, INEOS Enterprises
grew its EBITDA in 2020, as well as in the first quarter of 2021.
This solid performance allowed the company to deleverage to 3.8x
for the last twelve months ended March 2021 as compared to 4.9x in
2019 following its acquisitions of businesses that now comprise its
pigments and parts of composites, solvents and chemical
intermediates segments. Moody's expects INEOS Enterprises at least
to maintain its current gross leverage going forward.

ESG CONSIDERATIONS

The chemical industry is among the eleven sectors identified by
Moody's as having an elevated exposure to environmental risk. Soil,
water and air pollution regulations continue to represent the key
environmental risks to the chemical sector. INEOS Enterprises'
risks are in line with the industry.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety, as well as the associated economic effect. INEOS
Enterprises' ratings reflect the impact of the breadth and severity
of the shock on the group, and the broad deterioration in credit
quality it has triggered. However, one of INEOS Enterprises'
businesses, solvents, benefitted from producing IPA, an ingredient
in hand sanitizers, and helped offset cyclically weaker performance
in some of the other businesses.

INEOS Enterprises is a private company that is part of the INEOS
family of companies ultimately 100% owned by James Ratcliffe
(61.8%), Andrew Currie (19.2%) and John Reece (19.0%), 95% of which
is held through Ineos Limited. In line with the financial policy of
other INEOS entities, INEOS Enterprises has a medium-term leverage
target of keeping unadjusted leverage below 3.0x through the cycle
and takes a flexible approach to paying dividends from free cash
flow.

LIQUIDITY

INEOS Enterprises' liquidity position is adequate. At the end of
March 2021, the group had cash balances of around EUR300 million.
In addition, it has access to a EUR300 million securitisation
facility collateralised by trade receivables that expires at the
end of August 2022 and is expected to be extended for another three
years on a rolling basis. At the end of March 2021, availability
under the programme was around EUR160 million.

Looking ahead, Moody's expects the group to generate sufficient FCF
to meet scheduled term loan amortisations under a range of
scenarios. The senior secured term loans are covenant-lite, with
the exception of a net total leverage covenant which only applies
to TLA and for which Moody's expects INEOS Enterprises to maintain
comfortable headroom.

STRUCTURAL CONSIDERATIONS

The Ba3 ratings assigned to the TLA and TLB of INEOS ENTERPRISES
HOLDINGS II LIMITED and INEOS ENTERPRISES HOLDINGS US FINCO LLC
reflects the fact that both loans are senior secured obligations of
the borrowers, rank pari passu with each other and benefit, to the
extent legally possible, from the same first ranking guarantees
from all material subsidiaries representing at least 85% of the
restricted group's consolidated EBITDA and assets.

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

Positive rating momentum may arise over time should INEOS
Enterprises demonstrate (i) consistent profitability by maintaining
or growing its Moody's-adjusted EBITDA margin in the teens; (ii)
sustained positive FCF generation after capex and dividends; (iii)
Moody's-adjusted total and net debt to EBITDA below 3.0x and 2.5x
through the cycle; and (iv) conservative financial policy in line
with its stated net leverage target of below 3.0x through the
cycle.

Conversely, the ratings could come under downward pressure, should
INEOS Enterprises' operating results fall short of Moody's
expectations and FCF generation turn negative, resulting in some
deterioration in liquidity and leverage reflected in
Moody's-adjusted total and net debt to EBITDA rising above 4x and
3.5x for an extended period of time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Headquartered in the UK, INEOS Enterprises is a leading producer of
intermediary chemicals with strong manufacturing platforms in
Europe and North America, operating fourteen sites in each of the
two regions. In 2020, INEOS Enterprises reported revenues of EUR2.1
billion and EBITDA of EUR390 million.


KANTAR GLOBAL: Moody's Rates $500MM Add-on Secured Term Loan 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned B2 rating to the $500
million of add-on senior secured term loan B2 (due December 2026)
being issued by the subsidiaries of Kantar Global Holdings S.a
r.l.'s (Kantar, B2 negative) - Summer (BC) Bidco B LLC and co-
borrowed by Summer (BC) Holdco B S.a r.l. The outlook on the rating
is negative.

The rating action follows the company's announcement of funding its
recently announced acquisition of Millennium Park Holdco, Inc.
(Numerator, Caa1, stable; a Chicago based tech-driven consumer and
marketing intelligence company) with USD900 million in add-on
senior secured debt with the rest a combination of $350 million
equity and $150 million cash. On April 19, 2021, Kantar had
announced that it had entered into a definitive agreement to
acquire Numerator from Vista Equity Partners.

The add-on senior secured term loan's rating is in line with the B2
rating of the secured bank at bond debt issued by Kantar's
subsidiaries.

RATINGS RATIONALE

The rating action reflects the fact that the add-on senior secured
debt ranks pari-passu with the existing secured debt. It will be
secured by share pledges, intercompany receivables and bank
accounts, and guaranteed by operating subsidiaries accounting for
80% of the Consolidated EBITDA as defined in (and subject to the
guarantor coverage adjustments specified in) the Senior Facilities
Agreement.

RATING OUTLOOK

The negative outlook reflects the risk of (1) slower than expected
realization of planned cost savings under the transformation plan
(2) the integration risks associated with Numerator's acquisition
and (3) slower than currently expected improvement in revenues and
EBITDA over the next 12-18 months.

Stabilization of outlook will require the company to generate cost
savings in line with its plan and achieve operating performance
such that the company's gross leverage (Moody's adjusted) begins to
trend towards 6.5x.

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

Positive pressure on the ratings is unlikely over the next 12-18
months. It could develop over time, if (1) Kantar demonstrates
sustained moderate revenue and EBITDA growth; (2) its gross
debt/EBITDA (Moody's-adjusted) decreases sustainably and is
maintained below 5.5x; and (3) the company's Moody's adjusted free
cash flow (FCF)/ Debt ratio improves towards 10%.

Downward ratings pressure would materialize if (1) Kantar's
revenues and EBITDA fail to grow in line with its current business
plan (2) its gross leverage (Moody's-adjusted gross debt/EBITDA) is
no longer expected to reduce towards 6.5x during 2022; and/ or (3)
its free cash flow (FCF)/ debt (Moody's-adjusted) declines
materially beyond 2021. There would also be downward rating
pressure if the company's liquidity were to significantly
deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

Kantar Global Holdings S.a r.l. (Kantar Group Holdings), previously
Summer (BC) Lux Consolidator S.C.A. , is the top-most entity of the
restricted group that owns Kantar. Kantar is a global data,
research, consulting and analytics business which offers a complete
view of consumer behaviour in over 100 countries. In its fiscal
year ended December 31, 2020, Kantar reported revenue of USD3.5
billion and EBITDA of USD460 million in constant currencies.


MAGNETIC PUSH: Boss Disqualified as Company Director for 11 Years
-----------------------------------------------------------------
East Midlands Business reports that Leicester payroll services boss
has been banned for orchestrating a multi-million pound tax
avoidance scheme, while failing to justify GBP37 million
expenditure in 11 months.

Scott Ian Rooney was appointed sole director of Magnetic Push
Limited in February 2017, East Midlands Business discloses.

The company provided payroll services, trading from a serviced
office in Liverpool, and was previously known as The
Knowledgeshares Limited and My PSU Subcontractors Limited.

Magnetic Push Limited operated for just 11 months before it went
into liquidation and was voluntarily wound up, East Midlands
Business recounts.

The liquidator, however, reported to the Insolvency Service that
Scott Rooney refused to co-operate and failed to deliver up the
company's books and records, East Midlands Business notes.

According to East Midlands Business, Scott Rooney's lack of
co-operation and further information provided by the tax
authorities that the company was part of a tax avoidance scheme
triggered an investigation by the Insolvency Service.

The investigation found that Magnetic Push was playing an active
role as an umbrella company in a wider tax avoidance scheme, East
Midlands Business relays.

Scott Rooney declared a VAT liability of just GBP609 but the tax
authorities claimed more than GBP4 million from Magnetic Push in
the liquidation, East Midlands Business discloses.  The company
also failed to declare PAYE and National Insurance contributions,
East Midlands Business states.

The absence of books and records meant investigators could not
establish genuine company expenses from almost GBP37 million that
had left the company account between February and December 2017 nor
the reasons behind the company's failure, East Midlands Business
states.

On March 1, 2021, at the High Court in front of Judge Jones, Scott
Rooney was disqualified as a company director for 11 years, East
Midlands Business relates.

Judge Jones increased Scott Rooney's ban to 11 years after he ruled
a longer ban was appropriate due to the seriousness of failing to
keep records in the context of the large sums the company dealt
with, almost GBP37 million in 11 months coupled with Scott Rooney's
lack of co-operation, East Midlands Business recounts.

Scott Rooney's ban started on March 22 and means that he is banned
from directly or indirectly becoming involved, without the
permission of the court, in the promotion, formation or management
of a company, according to East Midlands Business.


NEWDAY FUNDING: Fitch Raises Class F Notes to 'B+sf'
----------------------------------------------------
Fitch Ratings has taken the following rating actions on NewDay
Funding's series VFN-F1 V1 notes and NewDay Partnership Funding's
series VFN-P1 V1 notes following an amendment.

      DEBT                 RATING           PRIOR
      ----                 ------           -----
NewDay Partnership Funding

VFN-P1 V1 Class A   LT  BBB-sf  Downgrade   BBBsf

NewDay Funding Master Issuer Plc

VFN-F1 V1 Class A   LT  BBB-sf  Downgrade   BBBsf
VFN-F1 V1 Class E   LT  BBsf    Affirmed    BBsf
VFN-F1 V1 Class F   LT  B+sf    Upgrade     Bsf

TRANSACTION SUMMARY

NewDay Partnership Funding is a securitisation of UK credit card,
store card and instalment loan receivables originated by NewDay
Ltd. The receivables arise under a number of retail agreements, but
active origination currently takes place for all co-branded credit
cards under agreements with Debenhams, the Arcadia Group, House of
Fraser, Laura Ashley and Amazon.

NewDay Funding's notes are collateralised by a pool of non-prime UK
credit card receivables.

Series VFN-P1 V1 and VFN-F1-V1 provide funding flexibility, which
is necessary for credit card trusts.

KEY RATING DRIVERS

Amended Margins and Advance Rates: The downgrades of NewDay
Funding's VFN-F1 V1 class A notes and NewDay Partnership Funding's
VFN-P1 V1 class A notes reflect a change in the margin for these
classes.

The upgrade of NewDay Funding Master Issuer's VFN-F1 V1 class F
notes is driven by an increase in credit enhancement (CE).
Following the execution of the amendments, CE for this class has
increased to 5.0% from 2.3%.

Asset Assumptions Unchanged: These rating actions only address the
impact of the amendments to the structure, meaning that asset
assumptions are unchanged. Fitch maintains a steady-state
charge-off rate of 18%, a steady-state monthly payment rate of 10%
and a steady-state yield of 30% for the trust.

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.

NewDay Funding VFN-F1 V1:

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

Rating sensitivity to increased charge-off rate:

-- Increase steady state by 25% / 50% / 75%

-- VFN-F1 V1 A: 'BB+sf' / 'B+sf' / 'B+sf'

-- VFN-F1 V1 E: 'B+sf' / 'Bsf' / N/A

-- VFN-F1 V1 F: N/A / N/A / N/A

Rating sensitivity to reduced monthly payment rate (MPR):

-- Reduce steady state by 15% / 25% / 35%

-- VFN-F1 V1 A: 'BB+sf' / 'BB+sf' / 'BBsf'

-- VFN-F1 V1 E: 'BB-sf' / 'B+sf' / 'B+sf'

-- VFN-F1 V1 F: 'Bsf' / 'Bsf' / 'Bsf'

Rating sensitivity to reduced purchase rate:

-- Reduce steady state by 50% / 75% / 100%

-- VFN-F1 V1 A: 'BBB-sf' / 'BBB-sf' / 'BBB-sf'

-- VFN-F1 V1 E: 'BB-sf' / 'BB-sf' / 'B+sf'

-- VFN-F1 V1 F: 'B+sf' / 'Bsf' / 'Bsf'

Rating sensitivity to increased charge-off rate and reduced MPR:

-- Increase steady-state charge-offs by 25% / 50% / 75% and
    reduce steady-state MPR by 15% / 25% / 35%

-- VFN-F1 V1 A: 'BBsf' / 'B+sf' / N/A

-- VFN-F1 V1 E: 'Bsf' / N/A / N/A

-- VFN-F1 V1 F: N/A / N/A / N/A

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

Rating sensitivity to reduced charge-off rate:

-- Reduce steady state by 25%

-- VFN-F1 V1 A: 'BBB+sf'

-- VFN-F1 V1 E: 'BBB-sf'

-- VFN-F1 V1 F: 'BBsf'

-- NewDay Partnership Funding VFN-P1 V1:

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

Rating sensitivity to increased charge-off rate:

-- Increase steady state by 25% / 50% / 75%

-- VFN-P1 V1 A: 'BB+sf' / 'BBsf' / 'BB-sf'

Rating sensitivity to reduced monthly payment rate (MPR):

-- Reduce steady state by 15% / 25% / 35%

-- VFN-P1 V1 A: 'BBB-sf' / 'BB+sf' / 'BBsf'

Rating sensitivity to reduced purchase rate:

-- Reduce steady state by 50% / 75% / 100%

-- VFN-P1 V1 A: 'BBB-sf' / 'BB+sf' / 'BB+sf'

Rating sensitivity to increased charge-off rate and reduced MPR:

-- Increase steady-state charge-offs by 25% / 50% / 75% and
    reduce steady-state MPR by 15% / 25% / 35%

-- VFN-P1 V1 A: 'BBsf' / 'BB-sf' / 'Bsf'

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

Rating sensitivity to reduced charge-off rate:

-- Reduce steady state by 25%

-- VFN-P1 V1 A: 'BBB+sf'

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has not conducted any checks on 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.

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.


PUNCH PUBS: Fitch Assigns FirstTime 'B-(EXP)' IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned UK Punch Pubs Group Limited (Punch) a
first-time expected Long-Term Issuer Default Rating (IDR) of
'B-(EXP)' with a Stable Outlook. Fitch has also assigned Punch
Finance plc's planned GBP600 million bond, guaranteed by Punch
group entities, an expected 'B+(EXP)' senior secured rating with a
Recovery Rating of 'RR2' (80%).

The expected IDR is constrained by a post-refinancing high funds
from operations (FFO) lease-adjusted gross leverage at 7.6x in
financial year to mid-August 2022 (FY22) although a strong free
cash flow (FCF) capacity enables the group to re-invest in pub
conversions and increase EBITDA.

The ratings also reflect Punch's wet-led suburban, town-and
village-weighted UK pub portfolio, with a new debt structure. Since
easing of lockdown restrictions in mid-April (outdoor) and mid-May
2021 (indoor), drink volumes have quickly bounced back above
Punch's pre-pandemic levels. The portfolio is diverse
geographically and the group's EBITDA by outlet in FY22 is equally
split between leased & tenanted (L&T) and managed partnerships
(MPs).

The assignment of the final ratings is contingent on details of the
planned bond's proceeds and their uses, and final documentation
conforming to information already received.

KEY RATING DRIVERS

Bounce Back in Volumes: As seen in summer 2020, post-lockdown and
upon the re-opening of pubs, their drink and food volumes have
swiftly recovered, despite curfews or other operational
restrictions. Since mid-April 2021 Punch's opened managed pubs with
outdoors capacity averaged 109% sales of 2019 levels and since
mid-May, with trading allowed indoors, 110%. Punch is yet to return
to full profits due to extra, including (re)start-up, costs but as
most of the cost base is variable, cash generation and subsequent
working-capital inflow are expected to be large and rapid. For its
L&Ts, publicans' payments of rents to Punch have been maintained.

Conducive Portfolio Mix: Punch's 1,235 UK pub portfolio is
primarily wet-led with some having 'value food' offerings rather
than the 'premium food' by peers. Its suburban, town and village
categorisations (92% weighting) are conducive to the immediate
pandemic environment of avoiding city centres and a focus on
suburban WFH. The city-centre pubs/night clubs of Stonegate and
Weatherspoon have suffered from workers not yet returning to cities
for work or play.

Operating Models' EBITDA/Pub: Punch's managed pubs have yet to
reach peers' pre-pandemic EBITDA of around GBP200,000 per pub -
although within the latest conversions of L&Ts into MPs management
targets a comparable range by expanding capacity and including more
food content. Punch's existing L&T portfolio achieves a comparable
GBP65,000-GBP70,000 EBITDA/pub - in the same range as Enterprise
Inn's large L&T portfolio (now part of Stonegate) but lower than
others (Greene King for example). Within the L&T operating model,
publicans' rent to Punch (as landlord) is 35% of this EBITDA/pub.

Planned Growth with MP Conversions: By investing in more capacity,
expanding kitchens for food offerings and better amenities than
local competition, EBITDA/pub increases with a three-to four-year
payback of Punch's share of capex.

During FY18-FY20, GBP42.7 million of capex on 117 conversions
(average GBP350,000 per pub) have taken place. Some of the
increased EBITDA is captured in latest 12 months (LTM) to January
2020 (LTM end-January 2020) EBITDA but its full annualised effect
should only be visible in FY22 when operating conditions normalise.
A further 178 conversions during FY21-FY25 requiring capex of
GBP37.5 million is expected by management to yield an GBP15 million
EBITDA increase. This capex is funded through cashflow and planned
disposal proceeds.

Different MP Model: Punch's managed partnerships are different to
peers' since the MPs and planned conversions have local staff
employed by a self-employed manager, who retains a 25% cut of pub
revenue. Consequently, Punch's central overheads are lower.
Although MPs continue to source drinks from Punch, they are
independent rather than branded. This more variable cost structure
results in MP profits flowing to Punch to remunerate its capital
employed historically or for recent conversion capex.

Significant Government Covid-19 Support: Since March 2020, L&T
publicans have received significant cash grants during periods of
closure, furloughed staff, and received rates relief. Many pubs
have used this period of forced closures to refurbish and improve
facilities. Although Punch provided some rent concessions to its
L&T tenants, some rent was paid (many are now current), Punch
reports that business failures were low, and its L&T publicans are
likely to have significant cash reserves to pay their contractual
L&T rent.

Highly Leveraged: After private equity owners' recent equity
injections totalling GBP31 million, and upon prepaying the whole
business securitisation financing and other debt with the planned
GBP600 million bond, Fitch forecasts FFO lease-adjusted gross
leverage at 7.6x in FY22 and 7.3x in FY24 (6.2x net). This leverage
funds a predominantly freehold-owned estate. Management has a more
positive medium-term target of 6.0x lease-adjusted net debt /
EBITDAR (equivalent to Fitch's FFO lease-adjusted net leverage of
6.1x).

Disposals to Partly Fund Capex: Capex totalling GBP25 million-GBP30
million per year is partly mitigated by management-expected
disposals of GBP15 million per year (including surplus land,
conversions to residential and units on-sold as pubs). Post-capex,
pre-disposals, and in the absence of dividends, FCF rises GBP10
million-GBP15 million a year by FY23. This highlights Punch's
capacity to invest in pub conversions to maintain and improve
profits.

DERIVATION SUMMARY

As there is no Fitch navigator framework for UK pubs, Fitch rates
Punch under its global restaurants navigator framework, taking its
predominantly wet-led operations into account, and a significantly
higher proportion of freehold property ownership, which affects
leverage.

Compared with 'B' rating category peers in Fitch's EMEA credit
opinion portfolio, as the sixth-largest pub company in the UK by
number of pubs, the group commands some supplier discounts. Punch
is not facing the same severity of challenges seen at casual-dining
peers in the UK. Punch's higher leverage is partially mitigated by
marginally stronger fixed charge coverage (around 2x) and better
financial and operational flexibility given its freehold property,
and greater FCF flexibility than peers.

The potential for recovery in volumes and profits is more immediate
for this localised service than hotels that rely on international
travel and holidays.

Compared with Stonegate Pub Company Limited (B-/Negative) with
around 4,300 pubs, Punch's 1,235 portfolio is smaller. Although
Punch's EBITDA/pub in L&T is comparable with Stonegate's 2020
Enterprise Inn-acquired L&T portfolio's, Punch's managed portfolio
yields lower profits than Stonegate's, reflecting the size of the
average unit and drink sales per pub. Both companies are mainly
wet-led. Punch's portfolio is less town centre-based than Stonegate
whose city and late-night formats have had for some time restricted
operational conditions, eroding their high EBITDA/pub. Although
Stonegate has also received a modest equity injection, its rating
is constrained by its weak pre-reopening liquidity position and
increased near-term leverage.

Both companies' underlying strategy is to source under-utilised L&T
pubs from within their respective portfolios for conversions by
injecting new management and capex to increase EBITDA/pub capacity.
Punch already has the liquidity to continue to pursue this
strategy, whereas Stonegate needs post-pandemic profits to create
the operational cashflow for planned profit growth.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for Punch Pubs:

-- EBITDA improving towards GBP80 million in FY22. This reflects
    LTM to end-January 2020 including annualised EBITDA from pub
    conversions that already had capex incurred on them but is yet
    to reflect the full-year contribution due to lockdowns,
    disposals and acquisitions since. The EBITDA includes a
    deduction of GBP9 million of operating lease rents.

-- Capex (maintenance and for conversions) of around GBP30
    million in FY22 and FY23;

-- Neutral working-capital cash flows;

-- No dividends;

-- GBP600 million bond at Fitch-assumed 6% coupon;

-- Disposals of GBP10 million per annum from FY22.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Punch would be liquidated in
bankruptcy rather than re-organised as a going concern. Fitch has
assumed a 10% administrative claim. The liquidation estimate
reflects Fitch's view of the value of pledged collateral that can
be realised in a sale or liquidation conducted during a bankruptcy
or insolvency proceedings and distributed to creditors.

Fitch used only the freehold and long leasehold pubs, and freehold
head office, valuations within an updated May 2021 third-party
valuation. These valuations are based on the fair maintainable
trade (FMT or profitability) of the pubs using 8x-12x multiples.
Punch has had a record of selling pubs and portfolio assets at, or
above, book value.

Fitch applied a standard 25% discount (75% advance rate) to the
updated valuations, replicating a distressed group having an around
20% reduction in EBITDA (replicating the FMT component of the
valuation). Punch's super-senior GBP70 million revolving credit
facility (RCF) is assumed to be fully drawn on default.

Our waterfall analysis generates a ranked recovery for the planned
senior secured bond in the 'RR2' category, leading to a 'B+(EXP)'
instrument rating. This results in a waterfall generated recovery
computation (WGRC) output percentage of 80% based on current
metrics and assumptions.

RATING SENSITIVITIES

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

-- FFO gross lease-adjusted leverage below 6.0x (net lease
    adjusted leverage below 5.5x);

-- FFO fixed charge coverage above 2.5x;

-- FCF margin at 2% to 5%.

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

-- Unable to demonstrate a decrease in leverage so that FFO gross
    lease-adjusted leverage remains above 7.5x beyond FY23;

-- FFO fixed charge coverage trending towards 1.5x;

-- Negative FCF margin;

-- Weakened liquidity including significant drawdown of the RCF.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity to Fund Conversions' Capex: Including GBP31 million of
private-equity owner cash injections in FY20 and FY21, and the use
of bond proceeds to repay existing debt and costs, pro-forma cash
is expected to be around GBP20 million, plus a proposed GBP70
million RCF (undrawn). With the GBP600 million bond, Punch will
have no debt maturities until 2026.

Liquidity for Another Lockdown: Although not Fitch's central case,
for the 'B-' rating the agency ran a scenario of another
three-month lockdown (October 2021-January 2022). Using the
representative cash burn post-FCF (including acquisition, disposal
and capex activity) in the periods of February-May 2020 and
December 2020-March 2021, Fitch calculates an updated cash burn at
GBP10 million-GBP12 million per quarter including the GBP600
million bond interest expense. This low cash burn reflects the low
level of central staff costs, given its L&T and MP operating
models. Fitch believes that Punch would have sufficient liquidity,
with its pro-forma post-bond cash of GBP20 million alongside its
GBP70 million RCF (undrawn at closing).

ISSUER PROFILE

Punch owns 988 L&T and owns and operates 247 MP pubs across the
UK.

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.


PUNCH PUBS: Moody's Assigns 'B3' CFR, Rates New GBP600MM Notes 'B3'
-------------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Punch Pubs Group Limited
(Punch or the company), the parent company for the Punch Pubs
group, a leading pub operator in the UK. Concurrently, Moody's has
assigned instrument ratings of B3 to the new GBP600 million backed
senior secured notes due 2026 to be issued by Punch Finance plc.
The outlook is stable.

RATINGS RATIONALE

Punch Pubs Group Limited's B3 CFR reflects (1) its position as a
major UK pub operator, with scale and geographic diversification;
(2) its sizeable Leased and Tenanted (L&T) portfolio that supports
earnings resilience and a growing Management Partnership (MP)
business model gives scope for EBITDA growth; (3) market dynamics
that are on balance supportive for established operators with
scale; and (4) asset backing which would ultimately support debt
recovery prospects and in the meantime provide a source of
alternate liquidity.

The rating is constrained by (1) the highly levered capital
structure with Moody's adjusted leverage expected to remain above
8x in the next 12-18 months (2) low free cash flow generation
constrained by sizeable capital spending levels; (3) execution
risks and rising operational gearing (from a low starting point)
associated with the MP conversion programme; and (4) limited
absolute scale relative to many rated companies and exposure to
only a single country.

Moody's believes the strength of Punch's trading performance since
pandemic related trading restrictions began to be lifted in April
reflects both significant pent up demand and, more importantly, the
enduring appeal of pubs as a place to socialise. The rating
agency's base assumption is that in the months ahead and beyond the
pub industry will be able to trade without any restrictions linked
to social distancing, and that underlying industry volumes can
quickly return to modest growth from pre-pandemic levels. Operators
will also benefit from a somewhat less competitive environment due
to an acceleration in closures and failures over the course of the
pandemic.

In addition Moody's expects Punch's results will be helped by a
growing contribution from the MP conversions completed before and
during the pandemic. As such, the rating agency expects Punch's
Moody's-adjusted EBITDA to improve to around GBP80 million in the
next 12 to 18 months, compared to about GBP71 million in its fiscal
2019, ended August 2019, the last full fiscal year unaffected by
the pandemic. This would translate to deleveraging towards 8x
Moody's-adjusted gross leverage, measured in terms of Moody's
adjusted gross debt to EBITDA.

The rating agency recognises the strategic logic behind Punch's
plans to continue to undertake conversions of L&T pubs to the MP
model. The targeted EBITDA uplift and cash payback period appear
reasonable and Punch has an established track record of site and
partner selection, which has been refined over several years.
However, the associated capital spending constrains the company's
overall net cash generation and as Punch increases the proportion
of its estate operated under the MP model, its direct exposure to
drink sales increases and in turn so does the potential for profit
volatility and underperformance. That said, after conversion of the
identified MP pipeline in about three years, the stable and
predictable L&T segment will still account for two-thirds of sites,
down from about 80% currently.

ESG CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
The coronavirus pandemic constitutes a social risk under Moody's
ESG framework, given the substantial implications for public health
and safety. In terms of governance, the ownership by Patron Capital
and May Capital is pertinent, as it is common for private equity
firms to have a high tolerance for leverage. Moody's positively
notes that Punch's senior management have either been with the
business during its tenure as a publicly listed company or have
experience in senior roles in other large quoted businesses.

LIQUIDITY

Punch has an adequate liquidity profile. Proforma for the
refinancing transaction, the company will have GBP20 million of
cash as well as full availability under a GBP70 million super
senior revolving credit facility (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 could be sold piecemeal if necessary. The RCF is subject to a
springing Loan to Value covenant which has very significant
headroom on the basis of the current portfolio valuation and would
only be tested if the facility is more than 40% drawn.

STRUCTURAL CONSIDERATIONS

The B3 CFR and the company's probability of default rating (PDR) of
B3-PD are at the same level reflecting Moody's assumption of a 50%
loss given default (LGD) at the structure level in line with the
rating agency's standard practices when there are at least two
levels of seniority among the tranches of funded debt.

The new super senior RCF and senior secured notes benefit from a
strong collateral package which includes fixed charges over
freehold properties. The company's estate is 93% freehold or long
leasehold and was most recently valued in May 2021 at GBP850
million. Ultimately, the asset backing could lead to superior
recovery rates than normal in the event of a default but at this
stage, as Moody's does not anticipate a default in the foreseeable
future, this potential does not affect the company's CFR or PDR.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company
will be able to sustain volumes of drink sales at pre-pandemic
levels in the months ahead and drive organic revenue and EBITDA
growth, primarily through its MP conversion programme.

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 EBITDA growth; (2)
Moody's adjusted Debt/EBITDA reduces sustainably towards 7.0x; (3)
RCF/Net Debt is sustained at close to 10%; and (4) the company
maintains an adequate liquidity profile.

Downward pressure could materialise if (1) Moody's adjusted
leverage does not reduce below 9x in the next 12 months; (2)
EBIT/Interest is close to or below 1x; or (3) the company's
liquidity profile materially deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.

PROFILE

Headquartered in the UK, Punch is the sixth largest pub operator by
number of sites in the UK, with 1,235 unbranded drink-led pubs as
of March 28, 2021. About 80% of the estate is L&T pubs and the
remainder is operated under the company's MP model. Punch has a
variety of concepts that cater to different social and demographic
categories across the UK. In its fiscal years ending August 2020
and 2019, the company generated revenues of GBP179 million and
GBP233 million respectively, and company-adjusted post-IFRS 16
EBITDA of GBP44 million and GBP77 million respectively.


PUNCH TAVERNS: S&P Withdraws 'CCC+' LongTerm Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
rating on Punch Taverns Ltd. (Punch), and its 'B' issue ratings on
the group's Class A securitization notes, at the company's request.
At the time of the withdrawal, the outlook was negative.

S&P revised its outlook to negative from stable on Oct. 21, 2020,
because of the COVID-19 pandemic's impact on the group's already
vulnerable financial position. Punch entered the global pandemic
with very high leverage, with S&P Global Ratings-adjusted debt to
EBITDA of 8.7x for the fiscal year ending Aug. 31, 2019. The
negative outlook also reflected the increasing refinancing risk,
particularly in relation to the Class A6 notes maturity in
September 2022.


RANGERS FC: Ex-Administrators Sued for Negligence Over Ibrox Sale
-----------------------------------------------------------------
Noah Hilton at News Nation USA reports that former administrators
of Rangers Football Club have been accused of negligence through a
failure to get advice on a sale of parts of the club including
Ibrox and effectively selling the brand for nothing after it
financially collapsed and was sold for GBP5.5 million.

According to Nation USA, the claim has been made by club
liquidators BDO case who are suing the former administrators of the
business David Whitehouse and Paul Clark of Duff and Phelps for
GBP56.8 million claiming a flawed strategy in raising money to
reimburse thousands owed money from the club's 2012 insolvency
under then-owner Craig Whyte.

The assets including Ibrox and training ground Murray Park were
sold to the Charles Green-fronted Sevco consortium for GBP5.5
million while the oldco was heading into liquidation, Nation USA
discloses.

The allegation came as BDO detailed its case against the insolvency
experts who ran the club for four months before it was sold as the
club fell into liquidation, Nation USA notes.

Mr. Whitehouse and Clark are defending the action in the Court of
Session claiming the liquidators expected a "bonkers" strategy,
which would have been a "fire sale" of Rangers which would have
"effectively shut the club down for good", Nation USA relays.

Kenny McBrearty, QC, for BDO in summing up the case said the
administrators had failed to "test the market" and discover whether
assets such as Ibrox or the training ground Murray Park could be
sold separately, meaning they did not get good value for the sale,
Nation USA notes.

According to Nation USA, McBrearty said there was a "real and
substantial chance of sale and leaseback" to a future club owner of
Ibrox, arguing that would have raised more money for thousands of
creditors who are out of pocket to the tune of millions from the
collapse.

And McBrearty criticized a failure to value the brand -- which was
effectively sold for nothing -- saying that the Sevco consortium
would have known its value.  An assessment carried out by an
independent finance expert on the day of the Sevco purchase and
commissioned by the new owners put the value of the brand alone at
GBP16 million -- but it was judged to be of no worth in the sale,
Nation USA relates.

Andrew Young QC for Mr. Whitehouse and Mr. Clark said that if the
administrators took the actions suggested by BDO would have
resulted in a "huge backlash from fans" which they may need to have
on board in the future, Nation USA recounts.

Mr. McBrearty, as cited by Nation USA, said: "They [the new owners]
had their eye on the brand," he said.  "The brand was the
business.

"They were experienced bidders who knew what they were bidding
for."


RICCALL CARERS: Goes Into Liquidation, Halts Trading
----------------------------------------------------
Nadia Jefferson-Brown at York Press reports that Riccall Carers, a
care business has ceased trading, after more than 20 years
providing home visits for vulnerable and elderly people in York and
Selby.

According to York Press, directors of the company have given
instructions to Begbies Traynor in York to assist with placing the
company into liquidation, citing pressures within the care sector,
exacerbated over the last year by the challenges of the pandemic.

Family-owned Riccall Carers Ltd provided personal care home visits
to around 180 private and local authority-funded clients in the
region, York Press states.

The York-based business was established in 1998 and held contracts
with both City of York Council and North Yorkshire County Council
as well as privately-funded clients, York Press relates.

Insolvency director at Begbies Traynor, Mike Jenkins, is working
with the company directors along with York and North Yorkshire
councils to ensure continuity of care for clients, York Press
discloses.


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

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

A XS2348602835   LT  AAAsf  New Rating   AAA(EXP)sf
B XS2348603643   LT  AAsf   New Rating   AA(EXP)sf
C XS2348603999   LT  A-sf   New Rating   A-(EXP)sf
D XS2348604021   LT  BBBsf  New Rating   BBB(EXP)sf
E XS2348604377   LT  BB+sf  New Rating   BB+(EXP)sf
F XS2348604534   LT  BB+sf  New Rating   BB+(EXP)sf
G XS2348604617   LT  NRsf   New Rating   NR(EXP)sf
R XS2348605267   LT  NRsf   New Rating   NR(EXP)sf
X XS2348604963   LT  B-sf   New Rating   B-(EXP)sf

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 (68.9%), Money Partners Ltd
(29.4%) 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 1.3x to the current FF
assumptions.

Seasoned Non-Prime Loans: The portfolio consists of seasoned loans,
originated primarily prior to 2007. The OO loans (82.6% 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 18.5% loans linked to the
Bank of England base rate (BBR), 52.1% linked to Libor and the
remaining 29.4% is 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.

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. The collateral backed
notes remain 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 six 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.

-- 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.

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 B- Rating on X Certs
-------------------------------------------------------
S&P Global Ratings has assigned final 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 also issued
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 GBP214.14 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 sold the portfolio back to
Rochester Mortgages Ltd., the seller and legal title holder.

At closing, the issuer, Rochester Financing No. 3, used the
issuance proceeds to purchase the full beneficial interest in the
mortgage loans from the seller and legal title holder. The issuer
grants 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 serves as the back-up servicer facilitator.

S&P said, "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 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 ratings
assigned. As the situation evolves, we will update our assumptions
and estimates accordingly."

  Ratings

  CLASS     FINAL RATING*    CLASS SIZE (MIL. GBP.)
  A          AAA (sf)           167.26
  B          AA (sf)             18.23
  C-Dfrd     A- (sf)             11.79
  D-Dfrd     BBB (sf)             4.29
  E-Dfrd     BB- (sf)             3.22
  F-Dfrd     B (sf)               2.14
  G-Dfrd     NR                   7.50
  R†         NR                   4.29
  X-Dfrd     B- (sf)              5.36
  Y Certs    NR                    N/A
  R Certs    NR                    N/A

*S&P's 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 fund a warranty reserve,
which provides compensation for losses arising from a breach of a
loan warranty.
N/A--Not applicable.
NR--Not rated.


VIVO ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Vivo Energy plc's (Vivo Energy)
Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable
Outlook. The senior unsecured rating on the USD350 million 5.125%
bond issued by Vivo Energy Investments B.V. due in 2027 has also
been affirmed at 'BB+'. The Recovery Rating is 'RR4'.

The rating of Vivo Energy reflects its good geographical
diversification with fuel retail activities across 23 countries in
Africa with strong market positions against a concentration of
operations in emerging markets. The latter somewhat limits the
benefit of its geographical diversification and quality of cash
flows available to service its debts at holding company level.

The ratings incorporate Vivo Energy's conservative financial
structure despite higher future shareholder distributions. Fitch
expects robust post-pandemic performance notwithstanding the slower
recovery of its commercial segment.

KEY RATING DRIVERS

Robust Post-pandemic Performance: Fitch expects Vivo Energy to
perform well due to strong underlying demand drivers and addition
of new sites within the retail segment, despite some weakness in
the commercial segment. Fitch forecasts volumes to fully recover to
pre-pandemic levels in 2022, driven by reopening of retail sites,
whose volumes (57% of total) recovered swiftly in 2020, and EBITDA
to trend towards USD400 million over the next four years. Fitch's
rating case does not assume further strict lockdown measures.

Slower Recovery for Commercial Segment: Fitch foresees slower
volume recovery for the commercial segment but do not anticipate
this to have a material impact on profits. The commercial segment
reported 15% yoy lower volumes in 1Q21 due to a weak aviation &
marine (A&M) segment and loss of one material contract in 2020. The
A&M segment attracts low margin and contributed only 4% to
pre-pandemic gross cash profits, despite a more material 11%
addition to volumes.

High Concentration in Emerging Markets: Vivo Energy has retail
operations in 23 African countries leading to a high developing /
emerging market concentration and exposing it to a more volatile
operating environment. The contribution of investment-grade
countries to the total sales volumes of fuel has declined to around
10% from 30%, following the downgrade of Morocco in October 2020.
In 20 of its markets, it has limited flexibility on its operating
margins as pump prices, including the allowed retail margin, are
set by regulators. In case of a devaluation of the local currency
against the US dollar, in which most of Vivo Energy's debt is
denominated, margins can only be adjusted with government
intervention.

Currency Risk Partly Mitigated: Currency risk is partly mitigated
by Vivo Energy's exposure to countries whose currencies are pegged
to the US dollar or euro, contributing to around 60% of EBITDA in
2020. Upstreaming dividends from operating companies, billing for
central costs as well as maintaining hard-currency cash balances at
holding company level all help to mitigate currency risk. The
currency risk is also mitigated by natural hedging at subsidiaries,
which have their own local bank facilities, as well as US dollar
hedging.

Adequate Profitability: Vivo Energy's profitability with an
expected funds from operations (FFO) margin of around 3% is low in
the non-food retail space but is adequate for fuel retail. The
group has historically demonstrated fairly stable profit margins.
Nevertheless, its exposure to emerging/developing markets makes its
profits potentially more vulnerable as demonstrated by a decline in
retail margin in its largest market Morocco between 2Q18 and 1Q19.
Its ability to improve the margin is also somewhat limited by
minimal but growing non-fuel revenues (under 5%) that typically
would enhance profitability.

Low Leverage: Fitch forecasts Vivo Energy to maintain low FFO
readily marketable inventories (RMI) lease adjusted net leverage of
under 1.0x despite a new dividend policy increasing pay-out to 50%
of attributable earnings from 30%. Fitch's forecast captures USD160
million capex in 2021, but any M&A would be treated as an event
risk. Vivo Energy prudently targets net debt/EBITDA below 1.5x
through the cycle, and its capital structure is commensurate with
peers rated in the 'BBB' category.

Strong Market Position: Vivo Energy is well established in Africa,
it is the number one or number two fuel retailer by volume in
countries representing around 90% of total volumes. It benefits
from the visibility, reputation and high standards of the Shell
brand. Group's forecourt retail business is further enhanced by
non-fuel retail activities supported by partnerships with various
restaurant franchises, which benefit the fuel retail segment to
some extent through cross-selling.

Some Vertical Integration: Vivo Energy's business is underpinned by
some vertical integration that allows moderate control over cost
and guarantees supply. Its storage assets support operations across
its retail and commercial segments and customer and products
diversification is adequate through three segments (retail,
commercial, and lubricants each representing 60%, 26% and 14% of
group EBITDA, respectively).

DERIVATION SUMMARY

The closest peer is Puma Energy Holdings Pte Ltd (BB-/Stable),
which has a broader business profile with its integrated downstream
and midstream operations, and wider geographic diversification
(albeit also in emerging-market countries). Vivo Energy has far
lower FFO RMI-lease adjusted net leverage metrics at below 1x,
versus Puma Energy's around 3x post-rights issue. It is less
capital-intensive than Puma Energy, which has made substantial
investments over the last decade in midstream infrastructure, which
are taking time to feed through to profitability and is in the
process of disposing of its non-core assets.

Vivo Energy's retail operations have better earnings stability than
Puma Energy's, and can be compared, to some extent, with those of
EG Group Limited (EG, B-/Stable), a UK-based independent petrol
retailer. EG's overall scale and diversification have improved
through acquisitions and the group is present in mature European,
US and Australian markets. EG benefits from a higher exposure to
more profitable convenience and food-to-go retail under its
primarily company-owned/company-operated model. EG's rating also
reflects a weaker financial profile following a period of mainly
debt-funded acquisitions with FFO-adjusted gross leverage at 8.2x
in 2020, and forecast deleveraging to 7.8x by 2022.

KEY ASSUMPTIONS

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

-- Total fuel volumes to grow 6% in 2021, and on average by 4% in
    2022-2024

-- Retail sales volume to grow 15% in 2021, followed by 3%-4%
    p.a. to 2024. Openings of 80 service stations per year.

-- Commercial sales volume to fall 5% in 2021 before increasing
    4%-5% p.a. in the following three years; slow recovery of the
    A&M segment.

-- Partial revenue recovery by 14% in 2021, followed by low
    single-digit growth to 2024, driven by new service stations.

-- Gross cash unit margin of USD75 per thousand litres in 2021,
    returning to the low USD70s by 2024.

-- Capex of USD160 million in 2021, and USD150 million per year
    in 2022-2024.

-- Dividend outflows of USD60 million-USD70 million p.a.
    corresponding to a 50% payout ratio over the next four years.

-- No M&A-related cash outflows until 2024.

RATING SENSITIVITIES

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

-- Enhanced geographical diversification in countries with a
    stronger operating environment without impairing
    profitability, while maintaining its solid market shares in
    the countries it operates in;

-- A record of disciplined financial policy through the cycle and
    maintenance of hard-currency liquidity buffers at holding
    company level in line with Fitch's Non-Financial Corporates
    Exceeding the Country Ceiling Rating Criteria;

-- Free cash flow (FCF)/EBITDAR excluding expansionary capex
    above 40% on a sustained basis;

-- Maintenance of FFO RMI-lease adjusted net leverage below 0.5x
    (or below 1.5x on a gross basis);

-- FFO RMI-adjusted fixed charge cover above 5x on a sustained
    basis.

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

-- Sharp deterioration in sales volume signalling heightened
    competition rather than weaker cyclical demand, leading to
    sustained EBITDA attrition to below USD300 million;

-- FCF/EBITDAR excluding expansionary capex at 20% or below on a
    sustained basis;

-- FFO RMI-lease adjusted net leverage above 2.5x on a sustained
    basis (or above 3.5x on a gross basis);

-- FFO RMI-adjusted fixed charge cover below 3.5x on a sustained
    basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-2020, Vivo Energy reported cash balances
of USD515 million and had USD240 million of available under an
undrawn revolving credit facility (RCF) to cover current reported
debt of USD270 million (mostly local facilities at operating
company level).

The current USD300 million RCF has USD30 million expiring in May
2022 and USD270 million in May 2023. Fitch expects Vivo Energy to
generate positive FCF over 2021-2024 and to maintain an adequate
cash buffer without the need to sustainably increase its RCF use.

Vivo Energy also relies on USD1.3 billion of undrawn unsecured
short-term bank facilities across its network, which Fitch
conservatively excludes from available liquidity as these are not
committed and mature in less than one year. Fitch estimates that
these lines are sufficient to fully cover working-capital
fluctuations.

Cash at operating companies is used to service debt at the same
level (accounting for around 40% of total debt) and is not
earmarked as collateral for any debt instrument in particular.

ISSUER PROFILE

Vivo Energy is a vertically integrated retailer and marketer of
fuels and lubricants in 23 African countries under Shell and Engen
brands. The parent company Vivo Energy Plc is registered in the
UK.

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.


[*] UK: Reopening Delay to Result to Bankruptcies, Job Losses
-------------------------------------------------------------
Marc Daniel Davies at Bloomberg News reports that Britain's
decision to extend the last remaining Covid-19 lockdown rules
another month will cause barely a ripple in the pace of economic
growth this year but put thousands of jobs at risk in the
industries hit hardest by the pandemic.

UKHospitality, which represents restaurants, hotels and bars, said
its members will lose another GBP3 billion (US$4.2 billion) in
sales in addition to the GBP87 billion foregone during the
pandemic, threatening 300,000 jobs across the industry, Bloomberg
relates.

According to Bloomberg, the British Chambers of Commerce said the
decision will deliver a "hammer blow" to small companies already at
the brink of bankruptcy.  It also raises risks for that workers now
enjoying government furlough benefits won't be reabsorbed back into
the workforce when that program ends, Bloomberg states.

"The delay to the easing of restrictions is undoubtedly a huge
disappointment for many employers," Bloomberg quotes Joanne Frew,
head of employment practice at the legal firm DWF Law LLP, as
saying.  "The true test will be in September when the government
lifeline of furlough is withdrawn."

Business groups are pressing for the government to extend support,
especially a temporary break on taxes, until all curbs are dropped,
Bloomberg discloses.

Business failures in the hospitality sector will rise without
further support and "getting this far will count for nought,"
UKHospitality CEO Kate Nicholls, as cited by Bloomberg.




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

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



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *