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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 28, 2021, Vol. 22, No. 122

                           Headlines



F R A N C E

DERICHEBOURG SA: Fitch Assigns Final BB Rating on EUR300MM Notes
EUROPCAR MOBILITY: Rejects Volkswagen's EUR2.2-Bil. Takeover Bid
YOUNI 2019-1: S&P Raises Class F Notes Rating to BB+


I R E L A N D

ARES EUROPEAN X: Fitch Affirms Final B- Rating on Class F Notes
ARES EUROPEAN X: Moody's Affirms B2 Rating on EUR13.5MM F Notes
INVESCO EURO VI: Moody's Gives (P)B3 Rating to EUR12MM Cl. F Notes
SCF CAPITAL: Moody's Hikes Senior Unsecured Debt From Ba2
ST. PAUL'S VII: Moody's Assigns B3 Rating to EUR12MM Cl. F-R Notes



I T A L Y

824/19: Puts Building Up for Sale, July 20-230 Auction Set
DEDALUS SPA: Fitch Affirms 'B' LT IDR, Outlook Stable


K A Z A K H S T A N

ATFBANK JSC: Moody's Alters Outlook on B2 Deposit Rating to Pos.


L U X E M B O U R G

ALLNEX (LUXEMBOURG): S&P Alters Outlook on 'B' ICR to Negative


R U S S I A

AKTIV BANK: Put on Provisional Administration, License Revoked
FOREBANK JSC: Bank of Russia Ends Provisional Administration
MEGAPOLICE LTD: Bank of Russia Ends Provisional Administration
RIB: Bank of Russia Terminates Provisional Administration
SSTB LLC: Bank of Russia Terminates Provisional Administration



U N I T E D   K I N G D O M

ENDO INTERNATIONAL: S&P Lowers ICR to 'B-' on Opioid Litigation
KANTAR GLOBAL: Moody's Rates $400MM Add-on Sr. Secured Notes 'B2'
SAGA PLC: Moody's Affirms B1 CFR & Rates New Unsecured Notes B1
SYNLAB BONDCO: Fitch Affirms BB Rating on EUR620MM B5 Term Loan
WISE PLC 2006-1: Moody's Hikes Class B Notes Rating to B2

[*] UK: HMRC to Take Cautious Approach in Collecting Covid Debts


X X X X X X X X

[*] BOND PRICING: For the Week June 21 to June 25, 2021

                           - - - - -


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F R A N C E
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DERICHEBOURG SA: Fitch Assigns Final BB Rating on EUR300MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Derichebourg S.A.'s EUR300 million 2.25%
notes, due July 2028, a final senior unsecured rating of 'BB'. The
Recovery Rating is 'RR4'. The senior unsecured rating is in line
with the waste-recycling group's Long-Term Issuer Default Rating
(IDR) of 'BB', which has a Positive Outlook.

Pending the completion of the acquisition of Groupe Ecore Holdings
S.A.S. (B-/Stable), the proceeds from the EUR300 million notes
issue will be deposited into a segregated escrow account, held in
the name of Derichebourg, but controlled by the escrow agent. The
release of escrowed proceeds will be subject to satisfaction of
conditions linked to the acquisition of Ecore. If the acquisition
is not completed on or prior to 30 April 2022 or due to the
occurrence of certain other events, the notes will be subject to a
special mandatory redemption.

The notes rank pari passu with all other senior, unsecured
financial obligations of Derichebourg.

Derichebourg's Long-Term IDR of 'BB' reflects the group's strong
market position as the number one in the French and Spanish metals
recycling business with a disciplined approach to maintaining
sustainable margins (value over volume). The rating also captures
the cyclical nature of this business that is partially mitigated by
diversification into services activities with stable earnings
characteristics.

The Positive Outlook reflects forecast funds from operations (FFO)
net leverage will fall to around 3.0x over the next 18 months and
management's objective of reverting to a conservative financial
policy of reported net debt / EBITDA below 1x following the Ecore
acquisition.

KEY RATING DRIVERS

Moderate Leverage: Fitch forecasts the Ecore acquisition will
increase FFO net leverage above 3x, before it moderates to around
3.0x over the next 18 months and ease towards 2.5x by the financial
year ending September 2024 (FY24).

Strong Free Cash Flow: Derichebourg reported robust FCF in FY20,
despite it being a turbulent year for the European steel industry
with operations affected by lockdowns in Europe and weak customer
demand. A EUR62 million working-capital inflow due to lower prices
and reduced capex by around EUR20 million helped preserve cash,
resulting in free cash flow (FCF) of EUR57.5 million for 2020
(after deducting right-of-use depreciation linked to leased
assets).

Derichebourg also waived the dividend that would normally have been
paid after year-end. Economic recovery in Europe has materially
improved capacity utilisation of assets and with less future growth
investment, Fitch forecasts EUR70 million-EUR80 million FCF per
annum from FY22 (after deducting right-of-use depreciation).

Conservative Financial Policy: After completion of the Ecore
acquisition, Derichebourg will focus on its integration and on
capex to maintain high-performing processing facilities.
Management's objective is to achieve leverage over the medium- to
long-term that is consistent with net debt / EBITDA of less than 1x
(in line with its historical record before the Lyrsa and Ecore
acquisitions) or around net debt / EBITDA of under 1.5x
(Fitch-adjusted figure). The group will continue to pay dividends
at 30% of normalised net income.

Leading Market Position in Ferrous: Derichebourg will hold more
than 30% of the French recycling market for ferrous metals once the
acquisition of Ecore is completed. Other market participants
include general waste companies and many smaller metals recyclers.
Derichebourg and Ecore benefit from economies of scale, a wide
geographic footprint with sites close to customers, a full range of
processing capabilities and close relationships with key
customers.

Scrap Market Peak: In May 2021 China abolished its export VAT
rebate of 13% for many finished steel products to curb production.
This has made Chinese exports less competitive and Turkish exports
more competitive, increasing Turkish rebar export demand and scrap
prices. As a result, recent transactions for scrap have been
reported at USD490/tonne or above (HMS 1/2 80:20), an all-time
high. In Europe the CRU group expects scrap demand to increase in
2021 by 11% yoy, and to decelerate thereafter to 1% yoy by 2025.

Strong Position in Non-Ferrous: Derichebourg will hold around 25%
of the French recycling market for non-ferrous metals after the
Ecore acquisition. The higher value of metals, such as copper and
aluminium, facilitates higher gross margins per tonne and
additional earnings contributions from niche activities linked to
processing/refining the metals. These include blending
stainless-steel waste or aluminium refining. Forecast deficits for
various metals will support demand for recycled volumes over the
long term.

Procurement Strategy Defines Margin: Derichebourg is a price taker
in the sale of secondary raw materials. The group uses quotes from
customers or market indices to establish maximum rates it can pay
for procurement of metal waste, defining a margin for volumes to be
processed. Its sale and procurement streams are closely
coordinated, so that commodity-price exposure can be minimised and
earnings visibility achieved. Historically margins for ferrous
metals have been more stable, with non-ferrous showing slightly
more movement over time.

Volume Risk in a Downturn: If scrap prices are too low in a
downturn, available volumes from suppliers may shrink. Weak
economic conditions may lead construction and demolition companies
to defer the disposal of demolition waste, by delaying their
pipeline of projects; or cause individuals to delay the purchase of
a new car, resulting in lower volumes of end-of-live vehicles for
recycling.

Services Aid Diversification and Stability: Last year's market
downturn and subsequent recovery have highlighted the cyclicality
of the metals-recycling business. In turn, the services business
reported broadly stable earnings in the year of the pandemic, which
reflects contracts' conservative risk profile, with little volume
risk and inflation pass-through for important operating cost
items.

Supportive Market Fundamentals: EU regulation is promoting the
circular economy with an increasing emphasis on recycling. As a
result, Fitch views Derichebourg's business model as robust. With
recycling rates increasing over time, higher capacity utilisation
of the company's assets will support earnings growth over the long
term.

DERIVATION SUMMARY

Derichebourg is the leading metal (ferrous and non-ferrous)
recycling business in France and Spain, with smaller operations in
Mexico, Belgium, Germany, Italy and the US. The group also provides
services linked to various waste streams, such as the end-of-life
vehicle and waste electrical and electronic equipment schemes,
offers cleaning and waste-collection services to municipalities and
multi-service outsourcing solutions to a wide range of customers.
While the metals recycling business is cyclical in nature, services
are based on medium-term contracts with earnings visibility and add
some diversification and stability to the overall business
profile.

Derichebourg and Ecore (B-/Stable) together will have a 30%-35%
share of the French metal recycling market (ferrous and
non-ferrous) with a dense network of collection sites, processing
facilities and access to a deep-sea port that opens up export
markets (in case volumes exceed European demand for secondary raw
materials). The group has greater scale and offers a broader range
of capabilities than direct peers, which supports gross margins.

Within the wider recycling and waste sector, Befesa S.A. shares
common business characteristics with Derichebourg's
metals-recycling business. It is a services company specialising in
the recycling of steel dust, salt slag and aluminium residues.
Befesa has a higher concentration of customers linked to sourcing
of waste materials, but its metals waste is qualified as hazardous
waste with fewer companies in the market with the expertise and
licence to process the residues. Befesa has a global geographic
footprint (including two new plants that will start ramping up in
2H21 in China), whereas Derichebourg is mostly focused on Europe.

Despite hedging a proportion of its annual zinc production,
Befesa's earnings are highly exposed to zinc prices over the medium
term. Derichebourg is committed to returning to a conservative
financial policy over the medium term following the acquisition of
Lyrsa and Ecore with a reported net debt / EBITDA of under 1x.
Befesa aims to reduce reported net debt / EBITDA to under 2x in the
near term on supportive market conditions.

Ecore and Befesa reported for January to June 2020 a decline of
EBITDA by around 30%. Derichebourg only reports earnings on a
semi-annual basis, so comparable data is not available. For Ecore
the decline was driven by lower volumes linked to the closure of
its sites in France during a six-to-eight week period, while gross
margins were flat or slightly higher. Befesa is more
internationally diversified and was less affected by lockdowns.
Total volumes were broadly flat (while production was more skewed
towards steel dust and waelz oxide compared with previous periods),
but prices of recycled materials were weaker, causing the earnings
decline.

Derichebourg's services activities saw limited earnings decline in
the year of the pandemic, which reflects contracts' conservative
risk profile, with little volume risk and inflation pass-through
for important operating cost items. The company generally targets
contracts that require technical expertise. Other business service
providers with a technical focus such as Serco Group Plc performed
slightly better in the year of the pandemic, while Spie S.A. saw
earnings decline more than 15%.

KEY ASSUMPTIONS

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

-- Processed volumes in the metals-recycling business to increase
    low single-digit percentages to around 7mt in ferrous and
    925kt in nonferrous by FY24 (combined for Derichebourg, Lyrsa
    and Ecore);

-- Gross margin per tonne in normal market conditions to reduce
    towards EUR65 for ferrous and EUR235 for non-ferrous by FY23
    from a peak in FY21 on economic recovery and supportive
    commodity markets;

-- Earnings contributions from i) municipal services, ii) multi
    services and iii) services linked to waste streams to be
    broadly flat for the next four years;

-- Effective tax rate of 24% from FY22 onwards;

-- Capex in line with management guidance;

-- Dividend at 30% of normalised net income;

-- No further debt-funded acquisitions over the next four years.

RATING SENSITIVITIES

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

-- FFO net leverage comfortably below 3.0x on a sustained basis;

-- FFO interest coverage above 9x;

-- Meaningful earnings growth from more stable income streams,
    such as public-sector services, multi-services or services
    linked to waste streams.

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

-- As the rating is on Positive Outlook, a negative rating action
    is unlikely in the short term. However, inability to achieve
    FFO net leverage below 3x would result in Outlook revision to
    Stable;

-- FFO net leverage above 4.0x on a sustained basis would lead to
    a negative rating action;

-- Cash flow from operations less capex/total net debt under 10%;

-- FFO interest coverage below 7.5x;

-- Increasing volatility of gross margin in ferrous and non
    ferrous recycling.

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

Robust Liquidity: The acquisition of Ecore is expected to close
between September and December 2021. As of closing, Derichebourg
will have in excess of EUR240 million of cash and cash equivalents
as well as a EUR100 million undrawn, committed revolving credit
facility with maturity in March 2025. The forecast indicates that
FCF will mostly cover maturities over the forecast horizon (all
existing term debt has manageable and smooth amortisation), so that
Derichebourg is funded over the medium term.

In weaker economic conditions the group will benefit from
working-capital inflows and has the ability to preserve cash
through lower (absolute) capex and dividends (shareholder
distributions are linked to 30% of normalised net income).

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

Derichebourg covers the whole value chain in metals recycling from
collection, sorting, processing to refining and marketing of scrap
and non-ferrous metals.

The group also has business services including services linked to
waste streams, such as the waste electric and electronic equipment
and end-of-life vehicle schemes, cleaning and waste collection for
municipalities or multi-services outsourcing solutions for a wide
range of customers.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- EUR139.7 million of lease liabilities excluded from the total
    debt amount for FY20.

-- EUR54.5 million of right-of-use depreciation and EUR2.3
    million interest for leasing contracts treated as operating
    expenditure, reducing EBITDA in FY20.

-- EUR180.3 million of factoring added to Fitch-adjusted debt for
    FY20; movement in factoring balance from the previous year was
    reversed in working capital.


EUROPCAR MOBILITY: Rejects Volkswagen's EUR2.2-Bil. Takeover Bid
----------------------------------------------------------------
Ed Hammond, Kiel Porter, and Aaron Kirchfeld at Bloomberg News
report that Europcar Mobility Group has rejected a bid from
Volkswagen AG valuing the auto-rental firm at about EUR2.2 billion
(US$2.6 billion), people with knowledge of the matter said.

A consortium led by the German carmaker offered about 44 euro cents
per share for Europcar earlier this month, the people said, asking
not to be identified because the information is private. Europcar,
which is controlled by a group of hedge funds, views the proposal
as too low, the people said.

Investment firm Attestor Ltd. and Dutch transport conglomerate Pon
Holdings BV are among the bidding group, the people said.

VW is interested in gaining access to Europcar's infrastructure and
technology in a bet on the future of mobility services, the people
said.

The German carmaker isn't currently planning to raise its offer,
though that could still change, the people said.

Europcar shares have declined about 67% in the last year and hit an
all-time low of 25 cents on Feb. 26, when the company announced it
closed its financial restructuring, according to Bloomberg data.

Earlier this year, Europcar completed a debt restructuring and
capital increase that wiped out more than EUR1 billion of debt and
handed control of the company to creditors led by Anchorage and
Marathon.

                About Europcar Mobility Group

Headquartered in Paris, France, Europcar Mobility Group S.A. is the
European leader in car rental services, providing short- to
medium-term rentals of passenger vehicles and light trucks to
corporate, leisure and replacement. It generated revenue of around
EUR1.8 billion in 2020.

Europcar agreed the debt restructuring in principle with creditors
on Nov. 26, 2020. The deal includes EUR475 million of new money and
a debt reduction of EUR1.1 billion by fully converting the
borrower's existing unsecured EUR600 million of 4.125% notes due
2024, the EUR450 million of 4% notes due 2026 and the EUR50 million
Credit Suisse facility into equity.

France-based car rental firm Europcar requested the opening of
restructuring proceedings at the Paris Commercial Court on Dec. 14,
2020, to enable the firm to implement the debt restructuring it
agreed with creditors. The proceedings took place via an
accelerated timetable under the "procedure de sauvegarde financiere
acceleree" according to the French insolvency code.

Europcar Mobility sought Chapter 15 protection (Bankr. S.D.N.Y.
Case No. 20-12878) on Dec. 17, 2020.  The case is handled by
Honorable Michael E. Wiles. The Debtor's counsel is David R.
Seligman, P.C. of Kirkland & Ellis LLP.

Europcar obtained approval from the Paris Commercial Court, while a
U.S. court on Feb. 4, 2021, recognized the French process as
"foreign main proceedings" under Chapter 15 of the U.S. Bankruptcy
Code, and gave full effect to the safeguard restructuring plan.


YOUNI 2019-1: S&P Raises Class F Notes Rating to BB+
----------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)', 'AA+ (sf)', 'A (sf)', and
'BB+ (sf)' its credit ratings on YOUNI 2019-1's C-Dfrd, D-Dfrd,
E-Dfrd, and F-Dfrd notes, respectively, and affirmed its 'CCCp
(sf)' rating on the class G-Dfrd notes.

The rating actions follow S&P's review of the transaction's
performance, based on the most recent information S&P has received
(as of the May 2021 interest payment date).

Given the transaction's sequential payment structure and the pool's
short weighted-average life, the available credit enhancement for
the C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes has increased to
83.1%, 56.1%, 44.2%, and 28.2%, respectively, from 47.5%, 34.5%,
29.7, and 21.0% at our prior review in June 2020. The transaction
features an amortizing reserve with no floor, sized to 0.8% of the
class C-Dfrd to F-Dfrd notes' outstanding principal balance. The
liquidity reserve is currently at its target level.

Cumulative defaults in the portfolio are 6.9%, with a remaining
pool factor of 34.6%. S&P said, "In our view, gross losses have now
stabilized, after initially being higher than we expected after the
transaction closed in May 2019. As a result, we have decreased our
base-case gross loss assumption to 11.0% from 12.5% at our prior
review. We have maintained the same recovery rate assumptions as at
closing and our previous review."

S&P said, "Given credit enhancement for the notes has significantly
increased and we have reduced our gross loss assumptions, our cash
flow analysis indicates that the class C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes can attain higher ratings than those previously
assigned. We have therefore raised our ratings on these classes.

"In our revised base-case scenario, the ratings on the class E-Dfrd
and F-Dfrd notes implied by our model are higher than the ones
assigned. We do not consider higher ratings for these classes of
note are currently warranted, in light of the current uncertainty
surrounding COVID-19, the lack of access to the liquidity reserve
until the notes becomes the most senior, and the uncured class
G-Dfrd notes' principal deficiency ledger.

"The G-Dfrd notes do not pass our stresses at the 'B' rating level
for full repayment of principal by maturity. The class G-Dfrd notes
do not benefit from any hard credit enhancement, just excess
spread, if available. Additionally, the class G-Dfrd notes are
currently vulnerable to an ultimate nonpayment of principal given
that there is currently an uncured amount of approximately EUR1
million on their principal deficiency ledger. Since the total
outstanding principal balance is only EUR12 million, the class
G-Dfrd notes depend upon favorable financial and economic
conditions if they are not to default, in our view. Therefore, we
have affirmed our 'CCCp' rating on the class G-Dfrd notes."

S&P's operational, counterparty, and legal risk analysis has not
changed since closing.

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."

YOUNI 2019-1 is a French ABS backed by a portfolio of French
consumer loans granted to individual private borrowers, which
Younited originated. It was Younited's first public securitization
transaction since it started its business in 2011.

  Rating Table

  CLASS          RATING
             TO          FROM
  C-Dfrd     AAA (sf)    A (sf)
  D-Dfrd     AA+ (sf)    BBB (sf)
  E-Dfrd     A (sf)      BB- (sf)
  F-Dfrd     BB+ (sf)    B- (sf)
  G-Dfrd     CCCp (sf)   CCCp (sf)




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

ARES EUROPEAN X: Fitch Affirms Final B- Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned ARES European CLO X DAC's refinancing
notes final ratings and affirmed the others.

     DEBT                   RATING              PRIOR
     ----                   ------              -----
ARES European CLO X DAC

A XS1859494277       LT  PIFsf   Paid In Full   AAAsf
A-R XS2347648706     LT  AAAsf   New Rating     AAA(EXP)sf
B-1 XS1859494863     LT  PIFsf   Paid In Full   AAsf
B-1-R XS2347649340   LT  AAsf    New Rating     AA(EXP)sf
B-2 XS1859493469     LT  PIFsf   Paid In Full   AAsf
B-2-R XS2347650199   LT  AAsf    New Rating     AA(EXP)sf
C XS1859493972       LT  PIFsf   Paid In Full   Asf
C-R XS2347650785     LT  Asf     New Rating     A(EXP)sf
D XS1859494608       LT  PIFsf   Paid In Full   BBB-sf
D-R XS2347651247     LT  BBB-sf  New Rating     BBB-(EXP)sf
E XS1859496645       LT  BBsf    Affirmed       BBsf
F XS1859495670       LT  B-sf    Affirmed       B-sf

TRANSACTION SUMMARY

ARES European CLO X DAC is a cash flow collateralised loan
obligation (CLO). The proceeds of this issuance have been used to
redeem the old notes. The portfolio is managed by Ares European
Loan Management LLP. The refinanced CLO envisages a reduction in
the margin for the class A through D notes and a nine-month
weighted average life (WAL) extension to 6.5 years. The
reinvestment period end date will stay the same at August 2022.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B'/'B-' range. The Fitch-weighted
average rating factor (WARF) of the current portfolio is 34.13.

High Recovery Expectations: The portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate (WARR) of the
current portfolio is 64.57%, calculated by Fitch based on the
latest criteria, and 66.5%, calculated by the trustee based on the
transaction documentation.

As the recovery rate provision does not reflect the latest rating
criteria, the assets without a recovery estimate or recovery rate
by Fitch can map to a higher recovery rate than in Fitch's current
criteria. To factor in this difference, Fitch has applied a stress
on the breakeven WARR of 1.5%, which is in line with the average
impact on the WARR of EMEA CLOs following the criteria update.

Diversified Asset Portfolio: The transaction will have four Fitch
matrices corresponding to a maximum exposure to the top 10 obligors
at 16% and 23% and maximum fixed-rate assets limited at 0% and
7.5%. The transaction also includes limits on the Fitch-defined
largest industry at a covenanted maximum 17.5% and the three
largest industries at 40.0%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

WAL Extended by Nine Months: The transaction's reinvestment period
ends in August 2022. On the refinancing date, the issuer extended
the WAL covenant by nine months to 6.5 years and updated the Fitch
test matrices.

Model-implied Ratings Assigned: The transaction has a reinvestment
period whose criterion is similar to other European transactions.
Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines. Currently all collateral
quality, portfolio profile, and coverage tests are passing except
for another agency's weighted average rating factor test. The
transaction was below par by 77bp as of the latest investor report
dated 6 May 2021. There is EUR6.7 million in defaulted assets.

The Stable Outlooks on the notes reflect the default rate cushion
under the sensitivity analysis Fitch ran in light of the
coronavirus pandemic.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to five notches of the notes. At closing, Fitch uses a
    standardised stress portfolio (Fitch's stressed portfolio)
    that was customised to the portfolio limits as specified in
    the transaction documents.

-- Even if the actual portfolio shows lower defaults and smaller
    losses at all rating levels than Fitch's stressed portfolio
    assumed at closing, an upgrade of the notes during the
    reinvestment period is unlikely, as the portfolio credit
    quality may still deteriorate, not only by natural credit
    migration, but also through reinvestments.

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

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

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

Coronavirus Baseline Stress Scenario:

Fitch has 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

ARES European CLO X 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.


ARES EUROPEAN X: Moody's Affirms B2 Rating on EUR13.5MM F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Ares
European CLO X DAC (the "Issuer"):

EUR274,500,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR30,250,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR17,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR31,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR25,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the outstanding notes which have
not been refinanced:

EUR26,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Sep 6, 2018
Definitive Rating Assigned Ba2 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Sep 6, 2018
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Moody's rating affirmations of the Class E and F Notes are a result
of the refinancing, which has no impact on the ratings of the
notes.

As part of this refinancing, the Issuer has extended the weighted
average life test date by nine months to December 6, 2027. It has
also amended certain definitions including the definition of
"Adjusted Weighted Average Rating Factor" and minor features. In
addition, the Issuer has amended the base matrix that Moody's has
taken into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 96.0% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 4.0% of the portfolio may consist of unsecured
obligations, second-lien loans, mezzanine loans and high yield
bonds.

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

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 global corporate assets from a gradual and
unbalanced recovery in global 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:

Performing par and principal proceeds balance: EUR443.54 million

Defaulted Par: EUR 6.67 million

Diversity Score: 49 (*)

Weighted Average Rating Factor (WARF): 3015

Weighted Average Spread (WAS): 3.55%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life end test date: December 6, 2027


INVESCO EURO VI: Moody's Gives (P)B3 Rating to EUR12MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Invesco Euro
CLO VI DAC (the "Issuer"):

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

EUR32,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

EUR26,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR24,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

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

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six months ramp-up period in compliance with the
portfolio guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR32,800,000 Subordinated Notes due 2034 which
are not rated.

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

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: 48

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.10%

Weighted Average Life (WAL): 8.5 years


SCF CAPITAL: Moody's Hikes Senior Unsecured Debt From Ba2
---------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba2 the rating
of the backed senior unsecured debt issued by SCF Capital
Designated Activity Company, an indirect wholly owned subsidiary of
Sovcomflot PAO (SCF) incorporated in Ireland. Moody's also upgraded
SCF's Baseline Credit Assessment to ba2 from ba3, and assigned a
Baa3 issuer rating. Moody's is withdrawing SCF's Ba1 corporate
family rating and its Ba1-PD probability of default rating. The
outlook remains stable.

RATINGS RATIONALE

Moody's upgrade of SCF's ratings to Baa3 reflects the growing
importance of SCF to the Russian government from its role in
serving as critical infrastructure for highly strategic large-scale
energy projects in the Arctic and Far East regions, significant
development potential of which is increasingly viewed by the state
as a key strategic priority for the country. This underpins SCF's
strengthened standalone credit profile, while reinforces Moody's
assessment of strong state support, even taking into account the
recent IPO, providing solid grounds for the two notch uplift the
debt instrument and issuer ratings receive under the GRI
methodology. The agency's confidence that the strong level of state
support assumed in the ratings would directly benefit the holding
company is the basis for no longer considering structural
subordination to be a factor thereby removing the notching that had
previously existed for the senior unsecured instrument rating.

One of the key drivers for this action is Moody's decision to
upgrade SCF's BCA to ba2 from ba3 reflecting the improvement in the
company's financial and business profiles supported by its
consistent focus on increasing diversification into the stable and
high-margin industrial segment (liquefied natural gas [LNG] and
liquefied petroleum gas [LPG] shipping and offshore services),
which reduces the group's overall exposure to the volatility in the
conventional tanker market. Thus, the segment's contribution to
SCF's total TCE revenue (total revenue minus voyage costs and
commissions) reached around 50% in 2020 (around 30% in 2016) and
the company strategically aims to grow the share of this segment to
70% by 2025 capitalizing on its global leadership in seaborne
transportation in harsh environments, which underpins its unique
domestic competitive positioning and ensures involvement in major
Russian LNG projects with strong growth potential and significant
state support. SCF's development plan is, in particular, backed by
its strong backlog of very long-term contracts, which expanded to a
record $23.5 billion (including $9.7 billion attributable to the
company under its JVs) from around $9 billion in 2016.

The growing share of repeat business with low contract renewal
risks has enhanced SCF's earnings visibility and reduced the
historical volatility in its financial profile providing the
growing buffer against market downturns. Moreover, although SCF's
fairly extensive debt-funded investment program is set to pickup
starting 2022 with a peak in 2023, all the company's upcoming
investments in new vessels are already secured by long-term
contracts with fixed profitability, thus reducing the related
financial risks. Despite the aggressive $225 million of dividends
to be paid in 2021 after the IPO, Moody's also expects SCF to
pursue a fairly prudent financial policy sticking to a more
conservative approach to shareholder distributions in the following
years, which it will balance with the investment programme to
remain within its internal leverage target set at below 4.0x
reported net debt/EBITDA. Overall, Moody's expects SCF to retain
sound financial profile with its adjusted debt/EBITDA comfortably
below 4.5x through the market cycles.

SCF's BCA of ba2 continues to reflect its (1) leading position in
the tanker market globally and in Russia; (2) relatively modern,
diversified fleet and solid customer base; and (3) sound liquidity,
with a comfortable debt maturity profile, largely prefunded
contracted investment program, as well as historically prudent
liquidity management with established access to long-term
international bank and capital funding, reinforced by the IPO and
the recent partial refinancing of its $900 million Eurobond due in
2023 through a new $430 million notes due 2028.

SCF's position as a majority state-owned company means that Moody's
rates the company under its government related issuer (GRI)
methodology. According to this methodology, SCF's Baa3 rating is
driven by a combination of (1) its BCA of ba2, a measure of its
standalone credit strength; (2) the Government of Russia's bond
rating of Baa3 with a stable outlook; (3) the low default
dependence between SCF and the Russian government; and (4) the
strong probability of state support to the company Moody's have
assigned in the event of financial distress.

While the public listing of a portion of SCF's common equity in
October 2020 will diversify its shareholder base, the government
retained a majority stake with its direct ownership in the company
reducing to 82.8% from 100%. Although the government may further
reduce its stake under the privatisation plan that envisages the
sale of 25% less one share in SCF by 2022, Moody's does not expect
a potential further sale of a non-blocking stake to have any
significant effect on the company's operations or reduce the degree
of control of the state over SCF. The agency' assessment of strong
state support is further reinforced by the government's decision to
recapitalise the company, despite increased pressure on the
government budget because of the coronavirus pandemic, which, in
particular, reflects the growing importance of the company because
of its key role in servicing major strategic energy projects in the
country.

STRUCTURAL CONSIDERATIONS

Although a large amount of SCF's debt (approximately 70%) is raised
by the company's operating subsidiaries and is secured by vessels,
Moody's is no longer applying notching for structural subordination
reflecting Moody's assessment that given the strong GRI support
assumption, it is Moody's expectation that support would be
provided at the level of the holding company offsetting the risk of
having other debt in the capital structure benefiting from
security. In addition, the agency takes into account the fact that
the issuer's unencumbered asset value significantly exceeds the
amount of the bond.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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

In terms of environmental risks, SCF's operations are subject to
laws and regulations aimed at protecting the environment and
reducing pollution. The global shipping industry is highly
scrutinised for fuel/carbon emissions and ballast water discharge,
and faces increasing regulations to curb these risks, which may
require substantial investments to overhaul vessels and change
operating procedures to comply.

SCF remains a state-controlled company. The company's corporate
governance risk is mitigated by the fact that it demonstrates a
good level of public information disclosure, while four out of 11
members of its board of directors are independent. The recently
completed IPO further supports the company's transparency. Moody's
assessment of corporate governance risks also factors in SCF's
history of aggressive debt-funded growth investments. The agency,
however, expects the company to stick to a prudent financial policy
balancing its investment programme and shareholder distributions.

OUTLOOK

The stable outlook on SCF's rating reflects Moody's expectation
that the company will continue to benefit from the strong state
support, while its financial performance and liquidity will remain
comfortable through the cycle, supported by the consistent
development of the stable industrial segment and adherence to its
balanced financial policy. In particular, the agency expects the
company's adjusted debt/EBITDA to remain below 4.5x, retained cash
flow/net debt above 15% and adjusted funds from operations/interest
above 3.75x.

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

There is currently no potential for an upgrade of SCF's rating
because the rating is positioned at the level of the sovereign bond
rating. An upgrade of the sovereign bond rating could put positive
pressure on SCF's rating, if the company's BCA were raised,
assuming no change to support and dependence factors. Positive
pressure on the company's BCA could develop if SCF continues to
grow its industrial business as planned, while proving its ability
to sustain stronger credit metrics through the market and
investment cycles, where Moody's-adjusted debt/EBITDA trends
towards 3.5x and below, retained cash flow/net debt above 20%, and
funds from operations/interest above 4.0x, while liquidity remains
sound.

Moody's could downgrade SCF's rating if it were to downgrade
Russia's sovereign rating or the company's leverage rises above the
agency's expectations on a sustained basis as a result of (1) a new
major downturn in the conventional tanker market; (2) any
disruptions in the industrial segment leading to its
lower-than-expected contributions to the company's earnings and
cash flow generation; or (3) a significant step-up in SCF's
investment spending or aggressive shareholder distributions. A
substantial deterioration in SCF's liquidity could also lead to a
rating downgrade.

LIST OF AFFECTED RATINGS:

Issuer: SCF Capital Designated Activity Company

Upgrades:

BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3
from Ba2

Outlook Actions:

Outlook, Remains Stable

Issuer: Sovcomflot PAO

Assignments:

LT Issuer Rating, Assigned Baa3

Withdrawals:

LT Corporate Family Rating, Withdrawn , previously rated Ba1

Probability of Default Rating, Withdrawn , previously rated
Ba1-PD

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Shipping published in
June 2021.

Headquartered in St. Petersburg, Russia, Sovcomflot PAO is a
leading international shipping group involved in the transportation
of oil, oil products and LNG/LPG, as well as provision of offshore
services with particular focus on operating in harsh environments.
The company is one of the world's leading energy-shipping companies
by deadweight tonnage including the largest fleet of ice-class
vessels and serves the large strategic energy projects in Russia
accounting for around 18% of all seaborne hydrocarbons exports from
the country. For the 12 months that ended March 31, 2021, the
company generated revenue of $1.5 billion and Moody's-adjusted
EBITDA of $758 million.


ST. PAUL'S VII: Moody's Assigns B3 Rating to EUR12MM Cl. F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the Notes issued by St. Paul's CLO
VII DAC (the "Issuer"):

EUR244,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR32,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

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

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR28,800,000 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)

EUR12,000,000 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.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be over 80% ramped at closing date with
the remaining assets being acquired prior to the effective date on
October 1, 2021 and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe.

Intermediate Capital Managers Limited will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5 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.

On March 21, 2017 (the "Original Issue Date"), the Issuer also
issued EUR43,990,000 of Subordinated Notes, which will remain
outstanding.

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: EUR400,000,000.00

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3150

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.20%

Weighted Average Life (WAL): 8.5 years




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

824/19: Puts Building Up for Sale, July 20-230 Auction Set
----------------------------------------------------------
The insolvent company 824/19 is selling a period building at 7/9
Via Clerici, Milan, of approximately 1,900 square meters in
addition to two inner courtyards and composed of a basement ground
floor and three upper floors used as residences, offices, storage
rooms and garages.

An online sale will be conducted at www.doauction.it from July 20,
2021, to July 30, 2021.

The starting price is set at EUR17,255,000.

The receiver is Micaela Cecca.

Contact information:

Edicom Servizi Srl
Tel: 0418622235
or visit http:portalevenditepubbliche.giustizia.it


DEDALUS SPA: Fitch Affirms 'B' LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Dedalus SpA's Long-Term Issuer Default
Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed
Dedalus Finance GmbH's EUR1 billion senior secured term loan at
'B+'/'RR3'/60%.

Dedalus benefits from strong positions in its key market segments,
a highly diversified customer base, the recurring nature of its
revenues and supportive market trends. The rating is constrained by
its high leverage.

KEY RATING DRIVERS

Leverage Constrains Rating: Fitch estimates Dedalus's funds from
operations (FFO) leverage on a pro-forma basis will be above the
downgrade threshold of 7.5x in 2021. The increase in 2021 will be
driven by the OSM AG acquisition and modest pressure on EBITDA due
to additional employee hiring to support growth. Deleveraging from
2022 will be supported by the realisation of synergies from
previous M&A transactions and organic EBITDA growth. Fitch
estimates the other leverage metric (cash from operations (CFO)
less capex/gross debt) will remain comfortably within the
thresholds for the 'B' rating at around 8% in 2021-2022.

TLB Repricing Positive: Dedalus's repricing of the term loan B
(TLB) should save around EUR7.6 million of interest expense
annually, improving free cash flow and CFO less capex/gross debt
metric. The company repriced its TLB and upsized it by EUR90
million to fund the OSM acquisition. The increase in debt modestly
reduces the recovery percentage but will not lead to a lower rating
for the senior secured debt, as it remains comfortably within the
thresholds for the 'RR3' recovery rating band.

Strong Position in Fragmented Markets: The European healthcare
software market is highly fragmented and Dedalus has a different
set of competitors in each market. Its share varies from 20% to 70%
across different sub-segments. Dedalus's main competitive
advantages are a dedicated focus on the healthcare industry, strong
R&D capabilities and a fairly large scale. These allow it to
operate efficiently in different healthcare systems in compliance
with local regulation and international standards.

Extensive Product Offering: Dedalus covers the entire spectrum of
healthcare software needs for clinical activities including
electronic medical records (EMR), diagnostic solutions (including
laboratory, anatomical pathology and radiology information
systems), administration activities and enterprise resource
planning (ERP), which supports day-to-day administrative functions
(e.g. procurement, HR, finance) and primary/integrated care and GPs
and the care process of chronic and complex patients. EMR is
Dedalus's main segment, contributing around 50% to its revenue,
followed by diagnostic solutions at around 30%.

Synergies Drive EBITDA Growth: Fitch expects Dedalus's EBITDA in
2021-2023 will be driven by organic revenue growth and synergies
from the merger with Aceso in 2020, which should come from
cost-cutting and cross-selling. The major synergies, including
optimisation of overlapping functions and property and centralised
procurement, are expected in France, where Dedalus's and Aceso's
operations overlap and from R&D optimisation. Moderate synergies
through shifting certain services to a cloud-based model (from
on-premise servers), centralised procurement, general and
administrative costs and R&D optimisation are also expected from
the DXC Technology Company transaction (in 2021).

Supportive Industry Trends: Fitch believes that Dedalus is
well-positioned to benefit from the digitalisation of European
healthcare systems. This is deemed essential not only to improve
treatment quality and patient experience, but also to tackle rising
healthcare costs driven by secular trends, such as the ageing
population.

The low digitalisation of healthcare infrastructure in the EU
pushes governments to promote investments in IT infrastructure,
particularly with Covid-19 underlining the importance of medical
data storage and the necessity for collaborations across healthcare
systems. However, this trend is partially offset by the
rationalisation of hospitals, data security concerns and budget
constraints.

Sound M&A Strategy: Fitch believes that Dedalus's M&A strategy has
a positive impact on its credit profile via increased geographical
diversification, enhanced R&D capacity and larger scale of
operations. A mix of debt, equity and balance sheet cash funding
protects the company from excessive leverage increase. Valuations
in the sector are high, typically with double digit EBITDA
multiples, so debt-only funded acquisitions may lead to delays in
deleveraging and pressure the ratings.

Resilient Revenues: Around 80% of Dedalus's revenues are recurring
or re-occurring, which provide fairly high cash-flow visibility and
stability. The critical nature of software products, combined with
significant barriers to entry (e.g. high switching costs and
initial R&D), long-term nature of contracts (three to six years),
as well as low technological risk underpin customer-base
sustainability, which is evidenced by a low churn rate (around
1%).

DERIVATION SUMMARY

Dedalus's ratings are supported by its leading market positions in
its key segments in all countries of presence, its unique
pan-European footprint in the highly fragmented healthcare software
industry, the long-term nature of contracts and a sustainable
customer base as evidenced by low churn rates. Its close
Fitch-rated peers MedAssets Software Intermediate Holdings, Inc.
(nThrive TSG; B/Stable) and athenahealth, Inc. (B+/Stable) also
benefit from solid market positions, high customer retention and
good exposure to secular growth trends. Similar to Dedalus, these
companies' ratings are constrained by high leverage.

Dedalus's closest Fitch-rated peer in Europe is TeamSystem Holding
S.p.A (B/Stable), a leading Italian accounting and ERP software
company with a good proportion of recurring revenue. The companies
have similar leverage profiles and benefit from healthy market
trends and a sustainable customer base. Dedalus has a larger
geographical footprint with exposure to more stable economies in
Germany and France, while TeamSystems operates only in Italy but
benefits from higher margins.

Dedalus's operating profile compares well with that of other
Fitch-rated software peers, in particular Project Angel Holdings,
LLC (MeridianLink, B/Stable) and Particle Luxembourg S.A R.L.
(WebPros, B/Stable). Another peer group would be cybersecurity
firms such as Imperva Inc. (B-/Stable), Surf Intermediate I Limited
(Sophos, B/Stable), which have higher medium-term revenue growth
prospects and stronger margins but also higher leverage. Dedalus is
also broadly comparable with Fitch-rated peers in the wider
technology sector. It has slightly higher leverage but benefits
from its market leadership, diversification and robust FCF
generation.

KEY ASSUMPTIONS

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

-- Mid-single digit revenue growth in 2022-2024;

-- Pro-forma EBITDA margin at 19.9% (Fitch definition) in 2021
    gradually increasing to 23% by 2024 as synergies materialize;

-- Working capital change per year at EUR3 million-EUR4 million
    in 2021-2024;

-- Capex at 1.2% of sales in 2020-2023;

-- Capitalised R&D costs are treated as expensed and included in
    EBITDA;

-- Integration, transformation and transaction expenses totalling
    EUR44 million spread across 2021-2023, treated as one-off
    items below FFO;

-- Factoring of EUR30 million (end-2020 outstanding amount)
    included in total debt.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Dedalus would be
    reorganised as a going-concern (GC) in bankruptcy rather than
    liquidated.

-- Fitch estimates that its post-restructuring EBITDA would be
    around EUR125 million. Fitch would expect a default to come
    from a secular decline or a drop in revenue and EBITDA
    following an unlikely emergence of a disruptive technology,
    reputational damage or intensified competition. The EUR125
    million GC EBITDA is 18% lower than Fitch-defined 2021 EBITDA
    forecast of EUR152 million.

-- An enterprise value (EV) multiple of 6.0x is applied to the GC
    EBITDA to calculate a post-reorganisation EV. The multiple is
    in line with that of other similar software companies that
    exhibit strong pre-dividend FCF generation. The historical
    bankruptcy case study exit-multiples for peer companies ranged
    from 2.6x to 10.8x, with a median of 5.1x. However, software
    companies demonstrated higher multiples (4.6x-10.8x). Aceso
    was valued at approximately 16x EBITDA. Fitch believes that
    the high acquisition multiple also supports Fitch's recovery
    multiple assumption.

-- 10% of administrative claims taken off the EV to account for
    bankruptcy and associated costs.

-- Fitch estimates the total amount of secured debt for claims at
    EUR1.1 billion, which includes a EUR1 billion senior secured
    term loan and assuming that the equally ranked EUR110 million
    revolving credit facility (RCF) is fully drawn.

-- Fitch does not include EUR140 million PIK notes outside of the
    scope of the restricted group in total debt and treat them as
    equity in line with Fitch's criteria.

-- Fitch does not include factoring facilities in the total
    claims estimates as Fitch believes that the factoring
    programme will continue to be available.

-- Fitch estimates the expected recoveries for senior secured
    debt at 60%. This results in the senior secured debt rating of
    'B+'/'RR3', one notch above the IDR.

RATING SENSITIVITIES

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

-- FFO gross leverage below 6x

-- CFO less capex/gross debt at above 10%

-- Continued strong market leadership and strong FCF generation

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

-- FFO gross leverage sustainably above 7.5x;

-- CFO less capex/gross debt below 5%;

-- FFO interest coverage sustainably below 2.0x;

-- Failure to extract synergies from the Aceso acquisition
    leading to slower EBITDA growth and delayed deleveraging;

-- A weakening market position, as evidenced by slowing revenue
    growth.

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 liquidity to remain strong over the
next four years, supported by positive FCF generation, a prudent
approach to the amount of cash on the balance sheet and a EUR110
million RCF. The term loan is due in 2027.

ISSUER PROFILE

Dedalus is the leading pan-European player in a fragmented
healthcare software market, formed in May 2020 from the merger of
Dedalus's operations in Italy and France and Aceso, a carve-out of
the healthcare software business from Agfa-Gevaert with operations
in Germany, Austria, Switzerland and France. In April 2021, Dedalus
acquired Healthcare Software Solutions from DXC, expanding its
geographic footprint into UK, Ireland, Australia, New Zealand,
Spain and other countries.




===================
K A Z A K H S T A N
===================

ATFBANK JSC: Moody's Alters Outlook on B2 Deposit Rating to Pos.
----------------------------------------------------------------
Moody's Investors Service has upgraded the Baseline Credit
Assessment of ATFBank JSC (SB of "Jusan Bank" JSC) to caa1 from
caa2, its Adjusted BCA to b3 from caa1 and its junior foreign
currency subordinated debt rating to Caa2(hyb) from Caa3(hyb).
Concurrently, the rating agency has affirmed ATFBank's long-term
bank deposit ratings of B2, its long-term Counterparty Risk
Ratingsof B1 and its Counterparty Risk Assessment (CR Assessment)
of B1(cr), as well as its short-term deposit ratings of Not Prime,
short-term CRRs of Not Prime and short-term CR Assessment of Not
Prime(cr). The outlook on the bank's long-term deposit ratings and
the issuer outlook were changed to positive from stable.

RATINGS RATIONALE

The upgrade of ATFBank's BCA and Adjusted BCA reflects
strengthening of the bank's solvency profile, following its
acquisition by First Heartland Jusan Bank JSC (Jusan; B1 stable,
b3) in December 2020. In conjunction with the deal, ATFBank was
recapitalized by its new shareholder, created substantial loan loss
provisions and considerably reduced the amount of problem loans.

ATFBank's BCA remains constrained by corporate governance risks,
namely, the lack of transparency regarding its asset quality,
provisions and capital under IFRS, and high uncertainty over the
execution of Jusan group's strategy. The bank's highly volatile
financial results and significant concentration in deposits are
other factors constraining its BCA.

POSITIVE OUTLOOK

The change of outlook on the long-term deposit ratings to positive
from stable reflects Moody's expectations that by the end of 2021
ATFBank will merge with Jusan, whose long-term deposit ratings are
one notch higher.

VERY HIGH AFFILIATE SUPPORT

ATFBank's Adjusted BCA of b3 incorporates one notch of uplift above
its BCA. Moody's assessment of a very high probability of affiliate
support from Jusan reflects Jusan's 99.88% stake in ATFBank and the
two banks' plan to merge by the end of 2021.

HIGH GOVERNMENT SUPPORT

One notch of uplift within ATFBank's B2 deposit ratings above its
b3 Adjusted BCA results from Moody's assessment of a high
probability of support from the Government of Kazakhstan (Baa3
positive). This assessment reflects the track record of ATFBank
receiving government support, as well as its increased systemic
importance as part of the upcoming merger with Jusan. The merged
bank will command a market share of around 10% in banking system
assets, making it Kazakhstan's third-largest banking group.

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

ATFBank's ratings will be upgraded, if the bank is merged with
Jusan.

The downside risk for ATFBank's deposit ratings is currently
limited, given the positive outlook. However, if Jusan's plans with
respect to the legal merger in 2021 change, a negative rating
action could follow. Also, ATFBank's BCA could be downgraded in
case of a significant deterioration in its capital or liquidity
position.

LIST OF AFFECTED RATINGS

Issuer: ATFBank JSC (SB of "Jusan Bank" JSC)

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1

Baseline Credit Assessment, Upgraded to caa1 from caa2

Junior Subordinated Regular Bond/Debenture, Upgraded to Caa2 (hyb)
from Caa3 (hyb)

Affirmations:

Long-term Counterparty Risk Assessment, Affirmed B1(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Ratings, Affirmed B1

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed B2, Outlook Changed To
Positive From Stable

Outlook Action:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2021.




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

ALLNEX (LUXEMBOURG): S&P Alters Outlook on 'B' ICR to Negative
--------------------------------------------------------------
S&P Global Ratings revised its outlook on industrial coating resins
producer Allnex (Luxembourg) & Cy SCA to stable from negative and
affirming the ratings at 'B'.

The stable outlook indicates that the current positive business
trends, combined with Allnex's ability to pass on most increases in
the cost of raw materials to customers should help it reduce
leverage, measured as adjusted debt to EBITDA, to below 6x in the
next 12 months. S&P also expects FOCF will remain solid.

Although measures to contain the spread of COVID-19 pushed the
global economy into recession last year, Allnex benefited from its
global presence and well-diversified end-markets. It also saw
improved profitability due to higher unit margins and effective
cost-saving initiatives. As a result, volume declined by only 0.7%
and S&P Global Ratings-adjusted EBITDA was up more than 10% to
EUR303 million in 2020, despite lower selling prices and negative
foreign exchange effects. This was much stronger than S&P
previously expected (i.e., adjusted EBITDA declining by 7%-12%). As
a result, credit metrics improved. For example, adjusted debt to
EBITDA fell to 6.4x in 2020 from 7.4x in 2019.

Allnex also benefitted from the much swifter economic recovery in
China and from market share gains, especially in the coil market
segment. This gave it volume growth of 17% in China. Moreover, the
company was able to increase unit margins by maintaining pricing
discipline as the cost of raw materials fell. Combined with cost
savings from successfully implemented integration projects, this
led to a marked increase in adjusted EBITDA margin, to 16.5% in
2020 from 13.5% in 2019.

As a result, leverage will continue to fall—S&P expects adjusted
debt to EBITDA to improve to 5.5x-6x in 2021. This is in line with
the 5.0x-6.5x debt to EBITDA that it views as commensurate with the
rating. The recovery that started in July last year accelerated in
the fourth quarter and has continued into 2021. This led to very
strong first-quarter results; volumes were up more than 14% year on
year and reported EBITDA rose 21%, to about EUR101 million.

This was further exacerbated by supply shortages and the increasing
cost of raw materials. Although the very strong momentum in the
first quarter is likely to continue in the second quarter, S&P does
not expect it to be sustained in the second half. Rising raw
material costs will also constrain unit margin.

Allnex will still be able to pass on most raw material cost
increases to customers, resulting in a more moderate net negative
effect on margin. In addition, the company will maintain its focus
on cost-efficiency measures, which generated total cost savings of
EUR115 million during the 12 months to March 2021. In S&P's base
case, it assume its adjusted EBITDA will increase to EUR340
million-EUR350 billion this year, and that the EBITDA margin will
rise slightly to 16.8%-17.2%.

In 2020, reported FOCF improved to above EUR180 million, compared
with EUR75 million in 2019. S&P attributes this to higher EBITDA;
inventory reduction measures that reduced the need for working
capital; and lower raw material prices. In addition, capital
expenditure (capex) was cut by nearly 30% to about EUR56 million.
As a result, the cash balance increased to above EUR205 billion at
year-end 2020, and strengthened further to EUR225 million as of
March 2021.

S&P said, "We expect capex to increase to EUR100 million-EUR110
million in 2021 and to remain at this level for the next
three-to-four years. Most of the investment will be used to expand
production facilities in Asia, including the construction of a
manufacturing hub in China. We also expect higher working capital
in line with topline growth. Combined with higher capex, this will
weigh on FOCF in 2021, but FOCF is still expected to be very solid,
at about EUR100 million."

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 Allnex is likely to steadily
reduce its leverage in the next 12 months. Positive business
trends, combined with its ability to pass on most raw material cost
increases to customers should lead to adjusted debt to EBITDA of
below 6x. S&P also expects the group will sustain solid FOCF of
about EUR100 million.

S&P said, "We could lower the rating if Allnex's margin declined
significantly, or FOCF weakened to below EUR70 million, or if
adjusted debt to EBITDA deteriorated to above 6.5x without
near-term recovery prospects. This could occur if market demand saw
a sustained decline and unit margins declined continuously as a
result of rising raw material costs. In addition, a more-aggressive
financial policy regarding capex, acquisitions, and shareholder
distributions could constrain the rating.

"We view an upgrade as remote at this stage. We could raise the
rating if Allnex demonstrated a track record of healthy organic
growth while maintaining resilient profitability and generating
sustainably solid FOCF." An upgrade would be contingent on adjusted
debt to EBITDA improving to sustainably below 5x and a strong
commitment from the shareholder to keep adjusted leverage at this
level.




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

AKTIV BANK: Put on Provisional Administration, License Revoked
--------------------------------------------------------------
The Bank of Russia, by virtue of Order No. OD-1267, dated June 25,
2021, revoked the banking license of the Saransk-based JSC AKTIV
BANK (Reg. No. 2529; hereinafter, AKTIV BANK).  The credit
institution ranked 192nd by assets in the Russian banking system.

The Bank of Russia made this decision in accordance with Clauses 6
and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that AKTIV BANK:

   -- understated the value of required provisions for possible
losses on loan and similar debts and overstated the value of its
assets to artificially improve its financial performance and
conceal its actual financial standing;

   -- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied supervisory measures
against it over the last 12 months, including restrictions on a
number of banking operations;

   -- failed to comply with the anti-money laundering and
counter-terrorist financing laws.

Non-performing loans made a significant portion in AKTIV BANK's
loan portfolio.  The quality of the credit institution's loan
portfolio was low, but it carried out operations aiming to maintain
the value of capital fictitiously in order to feign compliance with
the prudential requirements for banking.

The Bank of Russia sent an order to AKTIV BANK demanding it to form
loss provisions in the required amount.  However, as AKTIV BANK
fulfilled this order, this created grounds in its activities for
implementing measures aimed at preventing its insolvency
(bankruptcy) due to the fact that its equity decreased by over 40%
and AKTIV BANK thus breached a range of required ratios.  These
circumstances proved that AKTIV BANK's operations posed a real
threat to the creditors' and depositors' interests.

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

The Bank of Russia appointed a provisional administration to AKTIV
BANK for the period until the appointment of a receiver or a
liquidator.  In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.

Information for depositors: AKTIV BANK is a participant in the
deposit insurance system; therefore, its depositors will be
compensated for their deposits in the amount of 100% of the balance
of funds, but no more than a total of RUR1.4 million per depositor
(including interest accrued), taking into account the conditions
stipulated by Chapter 2.1 of the Federal Law "On the Insurance of
Deposits with Russian Banks".

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


FOREBANK JSC: Bank of Russia Ends Provisional Administration
------------------------------------------------------------
The Bank of Russia, on June 24, 2021, terminated activities of the
provisional administration appointed to manage the credit
institution JSC ForeBank (hereinafter, the Bank).

No signs of insolvency (bankruptcy) have been established as a
result of the provisional administration-conducted inspection of
the credit institution.

On June 8, 2021, the Arbitration Court of the City of Moscow issued
a ruling on the forced liquidation of the Bank.

The State Corporation Deposit Insurance Agency was appointed as a
receiver.

Further information on the results of the activity of the
provisional administration is available on the Bank of Russia
website.

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-360, dated March 12, 2021, following the
revocation of the banking license of JSC ForeBank.


MEGAPOLICE LTD: Bank of Russia Ends Provisional Administration
--------------------------------------------------------------
The Bank of Russia, on June 23, 2021, terminated the activity of
the provisional administration appointed to manage commercial bank
Megapolice, Ltd (hereinafter, the Bank).

According to the assessment of the provisional administration, the
value of the Bank's assets is insufficient to fulfil its
obligations to creditors.

On June 7, 2021, the Arbitration Court of the Chuvash Republic
recognized the Bank as insolvent (bankrupt) and initiated a
bankruptcy proceeding against it.  The State Corporation Deposit
Insurance Agency was appointed as the receiver.

More details about the work of the provisional administration are
available on the Bank of Russia website.

Settlements with the Bank's creditors will be made in the course of
the bankruptcy proceeding as the Bank's assets are sold (enforced).
The quality of these assets is the responsibility of the Bank's
former management and owners.

The provisional administration was appointed by Bank of Russia
Order No. OD-475, dated March 26, 2021, due to the revocation of
the banking license from commercial bank Megapolice, Ltd.


RIB: Bank of Russia Terminates Provisional Administration
---------------------------------------------------------
The Bank of Russia, on June 24, 2021, terminated activities of the
provisional administration appointed to manage Credit Company RIB
(hereinafter, the credit institution).

No signs of insolvency (bankruptcy) have been established as a
result of the provisional administration-conducted inspection of
the credit institution.

On June 8, 2021, the Arbitration Court of the City of Moscow issued
a ruling on the forced liquidation of the credit institution.

The State Corporation Deposit Insurance Agency was appointed as a
receiver.

Further information on the results of the activity of the
provisional administration is available on the Bank of Russia
website.

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-539, dated April 2, 2021, following the
revocation of the banking license of Credit Company RIB.


SSTB LLC: Bank of Russia Terminates Provisional Administration
--------------------------------------------------------------
The Bank of Russia, on June 23, 2021, terminated the activity of
the provisional administration appointed to manage commercial bank
SStB LLC, or Modern Standards of Business (hereinafter, the Bank).

The provisional administration completed its inspection and
revealed no signs of insolvency (bankruptcy) of the credit
institution.

On June 10, 2021, the Arbitration Court of the City of Moscow
issued a ruling on the forced liquidation of the Bank.

The State Corporation Deposit Insurance Agency was appointed as the
liquidator.

More details about the work of the provisional administration are
available on the Bank of Russia website.

The provisional administration was appointed by Bank of Russia
Order No. OD-362, dated March 12, 2021, due to the revocation of
the banking license from commercial bank SStB LLC.




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

ENDO INTERNATIONAL: S&P Lowers ICR to 'B-' on Opioid Litigation
---------------------------------------------------------------
S&P Global Ratings lowered its rating on Dublin, Ireland-based Endo
International PLC to 'B-' with a negative outlook.

The negative outlook reflects that potential opioid-related
liabilities could materially exceed the company's $1.4 billion cash
balance, which could lead us to view the capital structure as
unsustainable.

S&P said, "Our rating action primarily reflects the mounting
opioid-related litigation that we expect will result in significant
liabilities. In April 2021, the Circuit Court for Sullivan County,
Tenn. issued an order granting a default judgment on liability
against Endo as a sanction for alleged discovery improprieties in a
case related to the sale of opioids in Tennessee. A separate
damages trial is currently scheduled for July. Most recently, the
Tennessee Court of Appeals declined to review the default judgment
on procedural grounds, but Endo is still pursuing a stay of the
damages trial and other avenues of appeal. We think the orders from
the Court of Appeals increase the probability that Endo is assigned
damages for its alleged role in Tennessee's opioid crisis, and the
damages could be substantial, given the plaintiffs have claimed
$2.4 billion of prospective damages. Endo will almost certainly
appeal the outcome of the damages trial, if it occurs, and will not
have to pay the punishment amount until the appeal is completed. We
view the probability of success on appeal as lower than for the
original trial. Moreover, we believe the outcome of this trial
could influence Endo's negotiating position for a broader
settlement."

In California, Endo was unable to settle ahead of the start of the
trial, suggesting significant distance in negotiations between
plaintiffs and defendants. Although the outcome of the California
trial is highly uncertain, the court could assess a very
substantial monetary judgment if Endo is found liable, given the
lawsuit is seeking $50 billion from Endo, Johnson & Johnson, Teva,
and AbbVie. For comparison, the opioid public nuisance trial in
Oklahoma found Johnson & Johnson, the only defendant not to settle,
liable and assessed a $465 million judgment. Endo settled this case
for a modest $8.75 million, but S&P does not believe this
settlement can be extrapolated to other cases. Endo has not yet
settled the pending case in New York ahead of a trial that is
scheduled to begin imminently.

Endo marketed opioid products, including Opana ER, until 2016. Endo
voluntarily removed Opana ER from the market in 2017, following an
FDA request because of concern the drug's risks outweigh its
benefit including its potential for misuse and abuse. It continues
to sell certain opioid products, including Percocet, but does not
promote these products.

S&P said, "We believe Endo's gross credit metrics will materially
weaken over the next two years. We expect gross adjusted debt to
EBITDA of about 8x in 2021, deteriorating from 6x in 2020 because
of revenue declines in sterile injectables and generics and
investment in the growth of QWO. We believe credit metrics will
weaken further with the eventual loss of exclusivity for Vasostrict
(25% of 2021 revenue), which we are forecasting in 2023. Our base
case assumes that opioid litigation liabilities will not exceed the
company's cash balance of $1.4 billion as of March 31, 2021,
although we believe the eventual opioid-related liability is highly
uncertain given the company's willingness to go to trial."

Endo's business is increasingly concentrated in a few branded
products. Endo previously had a large, profitable portfolio of
generic pharmaceuticals sold in the U.S., but revenues contracted
as competition intensified over the last four years and the company
reduced its investment in the segment. In 2020, the generic
business contributed only 6% of income from continuing operations,
compared to 20% in 2018.

S&P said, "Going forward, we expect branded specialty and sterile
injectables to drive business results. We expect the revenue growth
of the business to primarily stem from Xiaflex and QWO (together
about 16% of 2021 revenue), and these products share the same
active ingredient collagenase clostridium histolyticum (CCH). The
company's pipeline is also concentrated in development projects
related to additional indications for Xiaflex. This concentration
is likely to increase because we think litigation will constrain
the company's ability to invest in the business."

Vasostrict is the company's largest product generating $786 million
(27%) of revenue in 2020, but we expect generic competition in 2023
to significantly erode its contribution. The exact timing of
competition is uncertain, but the upcoming trial scheduled for July
2021 could provide a catalyst for multiple generic entrants. The
company has more than 10 other branded products, but we expect
revenue to gradually decline from these mostly mature products.

Environmental, Social, and Governance (ESG) credit factors for this
credit rating change:

-- Health and safety.

S&P said, "The negative outlook reflects the risk that opioid
related liabilities could materially exceed the company's $1.4
billion cash balance, which could lead us to view the capital
structure as unsustainable, especially given the erosion of
profitability we expect from the loss of exclusivity of Vasostrict
in the next 2-3 years.

"We could consider a lower rating if we conclude opioid-related
liabilities are likely to materially exceed the company's cash
balance ($1.4 billion at March 31, 2021).

"We could consider revising the outlook to stable if we are believe
Endo will be able to resolve its opioid litigation with its current
cash balances. This would increase the likelihood that the capital
structure is sustainable. In this scenario, we would expect
modestly positive free cash and an expectation for organic EBITDA
growth (excluding Vasostrict) from the success of Xiaflex and QWO
offsetting a manageable decline in other products."


KANTAR GLOBAL: Moody's Rates $400MM Add-on Sr. Secured Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned B2 rating to the add-on $400
million guaranteed senior secured notes due October 2026 being
issued by the subsidiary of Kantar Global Holdings S.a r.l.'s
(Kantar B2, negative) - Summer (BC) Bidco B LLC. 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 $900 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 bond rating is in line with the B2 rating
of Kantar's existing senior secured bank and bond debt.

RATINGS RATIONALE

The rating action reflects the fact that the add-on senior secured
bond 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 debt
documentation.

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., 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.


SAGA PLC: Moody's Affirms B1 CFR & Rates New Unsecured Notes B1
---------------------------------------------------------------
Moody's Investors Service has affirmed Saga Plc's corporate family
rating and backed senior unsecured debt rating at B1, and the
probability of default rating at B1-PD. The outlook has been
changed to stable from negative.

The rating action reflects steps Saga has taken to stabilize its
financial position and improve financial flexibility, along with
diminished uncertainty around the sustainable resumption of cruise
operations on a profitable basis.

In the same action, Moody's has assigned a B1 rating to the
proposed backed senior unsecured notes maturing in 2026.

RATINGS RATIONALE

The change in outlook to stable reflects Saga's stabilized
financial position and Moody's expectation that leverage and
profitability will improve steadily over the next 18 months as the
group resumes travel and cruise operations and its insurance
business remains a resilient source of earnings and liquidity
support.

Over the past nine months, Saga has been successful in
strengthening and stabilizing its leverage, liquidity and
profitability through a range of measures, including though raising
an additional GBP150 million in equity during September 2020, used
to repay debt and bolster liquidity, and working with its lenders
to relax covenants and restrictions on its bank debt facilities. As
at May 31, 2021, the group's Net debt to EBITDA (excluding Cruise)
of 2.9x was comfortably within the current 4.75x covenant
requirement. In addition, Saga has been able to gain expense
efficiencies and reduce the extent of "cash burn" required to
support its travel and cruise operations while suspended.

Moody's says that Saga's plans to issue an additional GBP250
million in senior debt will improve the group's financial
flexibility, if successfully placed, and enhance its ability to
handle further downside scenarios. Saga has stated that it plans to
use part of the proceeds from the proposed debt issuance to repay
the GBP70 million outstanding balance on the term loan, along with
redeeming – via a tender offer – up to GBP100 million of its
outstanding 2024 backed senior unsecured notes. Repayment of the
term loan will moderate some of the downside risk that Saga faces
with respect to debt and leverage management.

Saga plans to resume cruise operations on June 27, 2021, albeit
initially with lower load factors that are expected to increase if
UK Government lockdown restrictions ease further in July, as
planned. Travel and cruise bookings have remained remarkedly
resilient, with retention rates for customer deposits through the
period of suspension of 73% and 42% for cruise and travel
operations, respectively. Based on strong advance bookings for
cruise and travel for the 2021/22 and 2022/23 seasons, Moody's
expects profitability to increase over the next year.

While the risk of further extensive lockdowns as a result of a
coronavirus resurgence has reduced, downside risks remain and any
requirement to suspend cruise and travel operations for a period,
once restarted, would have a meaningful impact on the group's
profitability.

The UK Government's current guidelines for cruise holidays
stipulate that cruises only call at ports within the UK and Irish
common travel area and place a limit on passenger numbers. Saga
expects these restrictions to be lifted as the Government further
eases lockdown restrictions, currently expected for July 19, 2021,
although this timing could change based on the evolution of the
pandemic and Government decisions. Moody's expects that Saga would
be able to manage down its leverage in scenario where it operates
its cruises at capacity of at least 50%, even for an extended
period of time. However, a further extended suspension of cruise
or, operating at even lower capacity will be more challenging and
cause leverage to remain elevated for longer, which could have
negative implications for Saga's ratings.

Saga's ratings are supported by the group's well established and
highly trusted affinity brand, diversified business profile that
includes insurance broking and underwriting, travel and cruise
operations catering to the over 50's in the United Kingdom,
historically solid underlying EBITDA and net profit margin, which
Moody's expects to improve over the next year as the group recovers
from the coronavirus-related disruption to its travel and cruise
businesses. These strengths are offset by the deterioration in
Saga's debt leverage as a result of reduced profitability caused by
the prolonged suspension of its travel and cruise operations, which
will result in total Debt-to-EBITDA leverage (including cruise ship
debt, which is secured on the ships and is export credit guarantee
backed) of around 12x remaining elevated for at least the next
year.

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

Moody's said that the following factors could lead to upward
pressure on Saga's ratings: (i) sustained resumption of travel and
cruise operations with load factors for cruise in excess of 85%,
and (ii) Debt-to-EBITDA (Moody's calculation, including ship debt)
improving to at least 5.0x on a sustainable basis.

Conversely, Moody's said that the following factors could lead to
downward pressure on the ratings: (i) further suspension of, or
significant delays in restarting cruise and travel operations, (ii)
indications that Debt-to-EBITDA leverage (Moody's calculation,
including ship debt) will remain above 6x beyond fiscal year-end
2022, (iii) indications of weakening financial flexibility,
including more constrained access to capital or less flexibility
from lenders, (iv) meaningful deterioration in profitability or
capitalisation of Saga's insurance operations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.


SYNLAB BONDCO: Fitch Affirms BB Rating on EUR620MM B5 Term Loan
---------------------------------------------------------------
Fitch Ratings has affirmed Synlab Bondco PLC's term loan B (TLB) 4
of EUR385 million and TLB5 of EUR620 million at 'BB' with a
Recovery Rating of 'RR4'. Fitch has also affirmed the Long-Term
Issuer Default Rating (IDR) of Synlab AG (Synlab) at 'BB'. The
Outlook is Stable.

The rating affirmation of the TLBs without a single-notch uplift
from the 'BB' IDR reflects their de-facto senior unsecured nature
after the release of most of their previous guarantor and security
protection following the IPO. A new term loan A (TLA) and revolving
credit facility (RCF) at Synlab now share the same guarantee
coverage provided by Synlab Bondco PLC as TLBs given default. The
existing share pledge TLB creditors have over Synlab Bondco PLC
does not offer materially enhanced recovery prospects, should the
TLB lenders exercise the share pledge at distress.

The 'BB' IDR is supported by Synlab's large, albeit mostly
Europe-focused, defensive and stable operations, subject to
regulatory pressures, with sustained positive free cash flow (FCF).
It also reflects adequate credit metrics with funds from operations
(FFO) gross leverage projected at 4.0x (net 3.5x), anchored in the
group's net leverage target of below 3.0x (corresponding to around
4.0x FFO net leverage), and improved financial flexibility on the
back of an enlarged EUR500 million RCF.

KEY RATING DRIVERS

Commitment to Conservative Financial Policy: The IDR is supported
by Synlab's announced commitment to a conservative financial policy
that is commensurate with high non-investment grade companies',
even though the group retains funding flexibility to pursue further
small/mid-scale acquisition opportunities under the current rating.
Its new leverage target of below 3.0x, which Fitch estimates would
equal FFO-adjusted gross leverage of 4.5x-5.0x (4.0x net) based on
Fitch-defined EBITDA and excluding the impact of IFRS 16, is
commensurate with the 'BB' rating category. Further positive rating
momentum is predicated, among other factors, on Synlab adhering to
its strict financial discipline post-IPO.

Strong FCF: Fitch projects strong FCF margins of 7%-8% until 2024
on higher EBITDA, lower annual interest costs, and contained trade
working-capital and capex requirements. Fitch expects moderate
trade working-capital outflows and capex at 4% of revenue, in line
with prior years. Lower annual interest costs, following debt
prepayments and application of post-IPO margin reduction for the
existing TLBs will reduce estimated interest costs to around EUR40
million-EUR60 million from 2021 from around EUR120 million in 2020
(excluding IFRS 16-related lease interest expense).

Defensive Business Profile: Synlab's defensive business model, with
infrastructure-like lab-testing services, offers resilient earnings
and sustained positive cash flows leading to moderate business
risk. The sector's highly regulated environment with high barriers
to entry and Synlab's geographic diversification limit exposure to
individual country regulation and result in scale-driven benefits
within each market. At the same time, the regulated nature of
lab-testing services and persisting cost pressures limit the scope
for organic growth and profitability expansion.

Medium-Term Benefit from Covid-19: Covid-19 testing accounted for
30% of Synlab's 2020 sales and strongly boosted 1Q21 performance
during the third pandemic wave. Fitch expects this service will
continue to materially support its sales and EBITDA in the near
term, albeit at a slower pace from 2022, with still strong volumes
combined with gradual price reduction. Fitch expects some demand
for testing service to remain after 2021.

Despite vaccination progress in Europe in 2Q21, Fitch still expects
infection resurgence, given ongoing virus mutations, limiting herd
immunity due to global travel. The prospect of coronavirus becoming
a recurring infection akin to other seasonal viral diseases implies
testing will become a permanent means of virus control and
prevention.

Regulation Affects Profits: Synlab operates in a regulated medical
market, which is subject to pricing and reimbursement pressures,
and in some jurisdictions such as France, under a tight price and
volume agreement between the national healthcare authorities,
lab-testing groups and trade unions. The high social relevance of
the lab-testing sector exposes the sector constituents such as
Synlab to increased risks of tightening regulations constraining
its ability to maintain operating profitability and cash flows.
Fitch captures this risk in the ESG Relevance Score of '4' for
Exposure to Social Impact.

DERIVATION SUMMARY

Fitch rates Synlab using Fitch's Ratings Navigator framework for
medical devices, diagnostics and products companies. Synlab is the
largest lab-testing company in Europe. Following its IPO in April
2021, Synlab's 'BB' IDR reflects the group's large scale, with
sales approaching EUR3 billion and market-leading positions in the
European lab-testing market, alongside a defensive business model
given the infrastructure-like nature of lab-testing services.

Compared with other IG global medical diagnostic peers such as
Eurofins Scientific S.E. (BBB-/Stable) and Quest Diagnostics Inc
(BBB/Stable), Synlab is more geographically concentrated in Europe
(around 95% of sales) and is more exposed to the routine
lab-testing market. In addition, the IG-rated Eurofins and Quest
are 2x-3x larger in total sales and more diversified across other
diagnostic markets such as environmental and food testing. However,
Synlab's profitability is broadly in line with IG peers', with
solid EBITDAR margins of around 23.1% (expected in 2021) and strong
FCF margins of 7%-8%.

Synlab's 'BB' IDR also factors in a more conservative financial
risk profile, following debt prepayments from asset-disposal
proceeds and the recent IPO. The group's credit risk profile is in
line with the 'BB' rating category, due to large scale and
FFO-adjusted gross leverage estimated at 4.0x in 2021. This
differentiates Synlab from smaller, more aggressively leveraged
Laboratoire Eimer Selas (B/Stable) and Inovie Group (B/Stable) with
FFO-adjusted gross leverage at 8.0x and 7.0x, respectively.

KEY ASSUMPTIONS

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

-- Sales growth of 11% in 2021 supported by new contract wins and
    strong demand from Covid-19-related testing. This is followed
    by a significant decline of Covid-19 related sales in 2022
    2024. Sales excluding Covid-19 testing growing at low single
    digits in key markets, supplemented by 3%-4% M&A-led growth,
    over the next four years;

-- EBITDA margin (Fitch-defined, excluding IFRS 16) at 23.4% in
    2021, boosted by Covid-19 volumes, before normalising at 18%
    19% by 2024;

-- EUR200 million of bolt-on acquisitions per annum until 2024,
    funded by internal cash flows;

-- Enterprise value (EV)/EBITDA acquisition multiples of 10x;

-- Capex at roughly 4% of sales in 2021-2024;

-- Strong FCF generation, with FCF margin of 14% in 2021,
    followed by 7% until 2024.

Recovery Ratings Assumptions:

-- At IPO the guarantor coverage for the TLBs provided by Synlab
    Bondco PLC and its subsidiaries on joint and several basis
    representing no less than 50% of group's EBITDA was released.
    After the IPO, Synlab Bondco PLC remains the only guarantor
    for the TLBs;

-- Simultaneously all security for the TLBs was also released at
    IPO with the pledge granted over the shares of Synlab Bondco
    PLC remaining the only TLB collateral post-IPO;

-- The new senior unsecured TLA and RCF are guaranteed by Synlab
    Bondco PLC, which is also the sole guarantor of the TLBs;

-- Fitch understands from management that no new intercreditor
    agreement has been put place after the IPO;

-- In case of distress, the new senior unsecured TLA and RCF
    lenders, as well as the legacy TLB lenders would seek
    guarantee protection from Synlab Bondco PLC; in Fitch's view,
    the common guarantor coverage effectively equalises the
    recovery prospects for the new and legacy debt holders.

-- Although the TLB lenders could also seek recovery by
    exercising the pledge over the shares of Synlab Bondco PLC,
    Fitch does not see a material difference in recovery prospects
    that would justify a difference in the notching uplift for the
    TLB rating from the IDR. Consequently, Fitch views broadly
    equal recovery prospects for TLB, TLA and RCF to effectively
    deem all instruments as senior unsecured and leading to a
    'BB'/'RR4' instrument rating;

-- Fitch understands from management that later in the year
    Synlab intends to refinance the TLBs with new senior unsecured
    debt at the level of Synlab, at which point the share pledge
    will be released.

RATING SENSITIVITIES

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

-- Evidence of greater business maturity (post Covid-19) as
    reflected in improving product focus and geographical
    diversification leading to FCF margins sustainably in the mid
    to-high single digits;

-- Strict commitment to a conservative financial policy and
    leverage target;

-- FFO-adjusted net leverage trending below 3.5x on a sustained
    basis; and/or

-- FFO fixed charge coverage above 5.0x.

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

-- Weakening business profile and declining profitability with
    mid-single digit FCF margins;

-- Looser financial policy e.g. willingness to breach group
    leverage target due to renewed debt-funded M&A activity or
    unexpectedly high shareholder remunerations;

-- FFO-adjusted net leverage sustainably above 4.0x; and/or

-- FFO fixed charge coverage below 4.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Synlab's liquidity position is comfortable
with projected Fitch-defined readily available year-end cash (net
of restricted cash of EUR30 million deemed to be required in daily
operations) of EUR400 million- EUR500 million, further reinforced
by EUR500 million available under the committed RCF. Strong
operating performance with moderate working capital and capex
should facilitate high internal cash generation with FCF estimated
at EUR200 million through to 2024, which is sufficient to
accommodate bolt-on M&A of up to EUR200 million a year.

Synlab benefits from diversified sources of funding and a
long-dated debt maturity profile with term loans and RCF due
2026-2027 and lower debt-service cost. Following Synlab's IPO, the
group has also gained access to equity markets, which further
improves its funding options.

ISSUER PROFILE

Synlab is one of Europe's largest providers of analytical and
diagnostic testing services, offering routine and specialist tests
in clinical testing, anatomical pathology testing and diagnostic
imaging. It runs operations in around 40 countries, mostly in
Europe with France (25% of 2020 sales), Germany (22%), southern
Europe together with Latin America (30%) and northern and eastern
Europe (23%).

ESG CONSIDERATIONS

Synlab has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to increased risks of tightening regulation
constraining its ability to maintain operating profitability and
cash flows. This has a negative impact on its credit profile and is
relevant to the rating in conjunction with other factors.

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


WISE PLC 2006-1: Moody's Hikes Class B Notes Rating to B2
---------------------------------------------------------
Moody's Investors Service announced today that it has taken rating
actions on the following classes of notes issued by WISE 2006-1
PLC:

Issuer: WISE 2006-1 PLC

GBP30,000,000 Class A Credit-Linked Notes due 2058, Upgraded to
Baa3 (sf); previously on Nov 28, 2018 Upgraded to Ba2 (sf)

GBP22,500,000 Class B Credit-Linked Notes due 2058, Upgraded to B2
(sf); previously on Nov 28, 2018 Affirmed Caa1 (sf)

GBP11,250,000 Class C Credit-Linked Notes due 2058, Affirmed Caa3
(sf); previously on Nov 28, 2018 Affirmed Caa3 (sf)

Moody's also affirmed the rating of the Super Senior CDS, entered
into by Dexia Credit Local (protection buyer) and referencing the
same underlying portfolio:

Issuer: Dexia Credit Local - Super Senior Credit Default Swap WISE
2006-1 PLC

GBP1436.25M (current outstanding balance GBP 1055.0M) Super Senior
Swap, Affirmed Aa2 (sf); previously on Nov 28, 2018 Affirmed Aa2
(sf)

The transactions are synthetic project finance CDOs with an
underlying portfolio consisting of GBP denominated PFI and
regulated utility bonds located in the UK, each guaranteed by one
of four (originally seven) monolines.

RATINGS RATIONALE

Moody's said that today's rating actions are a result of an
improvement in the credit quality of the underlying reference
portfolio and of the monoline that is guaranteeing the portfolio
over the last year.

The credit quality has improved as reflected in the improvement in
the average credit rating of the portfolio (measured by the
weighted average rating factor, or WARF) and of the monoline that
is guaranteeing the portfolio. Moody's WARF of the underlying
reference portfolio considering the protection provided by the
guarantors is 1733, compared with 1751 a year ago

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Project
Finance and Infrastructure Asset CDOs Methodology" published in
April 2020.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider(s),
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in May 2021. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

The ratings of the notes rely on the ratings of the wrappers but
also on the credit quality of the underlying reference portfolio.
In particular, an upgrade or downgrade to the Insurance Financial
Strength rating of one or more of the wrappers could result in an
upgrade or downgrade to the ratings of the notes.

Other sources of uncertainty that may impact notes performance
include limitations of historical data for some of the project
finance asset types, long maturities of the underlying loans and
counterparty influence on loan performance. Additionally, this
transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy.

Additional uncertainty about performance is due to the following:

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the underlying portfolio.
Moody's has assumed the average life of the bonds as reported,
however legal final maturity could be up to 35 years.


[*] UK: HMRC to Take Cautious Approach in Collecting Covid Debts
----------------------------------------------------------------
The Irish News reports that the UK Government has said HM Revenue
and Customs will take a "cautious approach" in enforcing debt
collections from businesses struggling financially due to the
Covid-19 pandemic.

UK Business Secretary Kwasi Kwarteng in a letter to the Institute
of Directors and insolvency specialists R3 said enforcement by the
taxman will be based on whether a company has been engaging with
HMRC, rather than due to its inability to pay, The Irish News
relates.

According to The Irish News, business groups had been concerned
that there could be a wave of insolvencies later in the year as
payment holidays on debts and Government support comes to an end.

They have warned that an aggressive approach to tax collection from
HMRC could exacerbate the problem, The Irish News notes.

Retailers and the leisure sector have been particularly concerned,
especially while restrictions remain in place and customer numbers
remain limited, The Irish News discloses.

The Government recently announced an extension to a moratorium over
commercial evictions for businesses unable to meet rent bills, The
Irish News recounts.

But Mr. Kwarteng, as cited by The Irish News, said the support
would not be forever, adding: "With the right controls, coupled
with a cross-Government approach to its continued support and
enforcement, will be vital to a return to a healthy and functioning
economy."




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

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



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *