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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, August 9, 2021, Vol. 22, No. 152

                           Headlines



B E L G I U M

IDEAL STANDARD: Fitch Assigns Final 'B-' LT IDR, Outlook Stable


C Y P R U S

OMEGA FUNDS: Moody's Affirms B2 Issuer Ratings, Outlook Stable


F R A N C E

CAB SOCIETE: Fitch Affirms B+ Rating on Senior Sec. Debt
EUROPCAR MOBILITY: S&P Places 'CCC+' Ratings on CreditWatch Pos.
TEREOS SCA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable


I R E L A N D

CONTEGO CLO IX: Moody's Assigns B3 Rating to EUR13.5MM Cl. F Notes
CONTEGO CLO IX: S&P Assigns B- (sf) Rating to Class F Notes
CVC CORDATUS XXI: Moody's Assigns (P)B3 Rating to EUR14MM F Notes
HAYFIN EMERALD IV: Moody's Gives (P)B3 Rating to EUR14.8MM F Notes
HAYFIN EMERALD IV: S&P Assigns B- (sf) Rating on Class F-R Notes

HENLEY CLO V: S&P Assigns Prelim B- (sf) Rating on Class F Notes
PALMER SQUARE 2021-1: Moody's Assigns (P)B1 Rating to Cl. F Notes
PALMER SQUARE 2021-2: Moody's Gives B3 Rating to EUR9.5MM F Notes
SCULPTOR EUROPEAN VI: Moody's Gives (P)B3 Rating to Cl. F-R Notes


I T A L Y

SAIPEM SPA: S&P Downgrades ICR to 'BB' on Operational Challenges


P O R T U G A L

HIPOTOTTA NO. 4: Fitch Affirms BB- Rating on Class C Tranche


R U S S I A

IC RUSS-INVEST: Moody's Affirms B2 Issuer Ratings, Outlook Stable
KS BANK: Put on Provisional Administration, License Revoked
SAUBER BANK: Bank of Russia Terminates Provisional Administration
YAKUTSK FUEL: Fitch Assigns 'B-' LT IDR, Outlook Stable


U N I T E D   K I N G D O M

CANTERBURY FINANCE 1: Fitch Raises 3 Note Classes to 'BB+'
CLEVELAND BRIDGE: Production Work to Resume Today
FINASTRA LIMITED: Moody's Affirms B3 CFR, Outlook Stable
FORMAPLEX: Bought Out of Administration in Pre-pack Deal
HMV GROUP: Unsecured Creditors Set to Receive Negligible Return

MCLAREN HOLDINGS: Fitch Assigns Final 'B-' LT IDR, Outlook Stable
PEOPLECERT HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable
[*] UK: Company Liquidations in Scotland Up 65% in Q Ended June 30


X X X X X X X X

[*] BOND PRICING: For the Week August 2 to August 6, 2021

                           - - - - -


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B E L G I U M
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IDEAL STANDARD: Fitch Assigns Final 'B-' LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Ideal Standard International (IS) a
final Long-Term Issuer Default Rating (IDR) of 'B-' with a Stable
Outlook. Fitch has also assigned the building products supplier's
new EUR325 million senior secured notes (SSN) a final rating of
'B-' with a Recovery Rating of 'RR4'.

IS's business model remains sustainable, supported by strong brand
recognition, good market positions in selected building product
segments with a high exposure to more stable renovation works
(around 80% of sales in 2020), good diversification across
residential, public and commercial end-user segments as well as
fairly broad coverage across Europe, its main market.

The rating is constrained by high leverage, weak free cash flow
(FCF) generation and smaller scale than peers'. The cash flow
profile has been under pressure from high restructuring costs and
working-capital volatility in recent years. We, however, expect
these to decrease over the four-year rating horizon and, together
with the well-advanced restructuring initiatives, lead to
meaningful profitability improvements.

KEY RATING DRIVERS

Restructuring Well-Advanced: IS has substantially restructured its
production footprint by accelerating closure of four plants since
2018, leading to some 13 plants closed since 2008, and relocating
many to low-cost countries. Furthermore, procurement and the supply
chain have been optimised and productivity improved by investments
in automation, with resultant cost savings. Total cost savings
amounted to EUR75 million between 2018 and end-2020. Another
improvement has been the reduction of complex or low-margin
products (SKUs), with the number of ceramics SKUs having been more
than halved and those within fittings cut by close to 30%, leading
to a substantially better product mix and hence increased margins.

Further Restructuring Potential: While a majority of its
restructuring has been finalised, IS is targeting additional
savings over 2021 and 2022, with specific targets for both
procurement and selling, general and administrative expenses in
2021. Fitch incorporates a majority of these additional savings
into Fitch's forecasts, supported by the successful transformation
to date, and expect Fitch-defined EBITDA margins to improve to 12%
by 2023 from 9.9% in 2019 (with 2020 being somewhat an outlier
year).

Restructuring Cost Burdens Cash Flow: The restructuring increased
gross margin in 2018-2020 by about 2pp (adjusted for Covid-19
impact) and Fitch expects a further 2pp improvement over the rating
horizon. However, restructuring costs (which Fitch views as
non-recurring and excluded from EBITDA and funds from operations
(FFO)) together with working-capital volatility, have kept FCF
margin negative with the exception of 2020 due to tighter working
capital control and capex limitations. Fitch expects additional
restructuring costs until 2022, with FCF margin turning to a
negative 3% in 2021 before it gradually improves to a positive
territory of 2.5% in 2023.

Margin Increases Key: Delivery of margin improvement is key for IS,
which will be driven by its ability to successfully implement its
restructuring. This is particularly important in the face of
significant inflationary input cost pressures, which will likely
somewhat be mitigated by favorable building product trends
affecting the repair, maintenance and improvement segments, in
particular.

Stretched Leverage Following Refinancing: The refinancing adds
roughly EUR260 million to senior debt, with parts of the proceeds
used for shareholder distribution (assumed to repay some
shareholder loans). Accordingly, FFO gross leverage will
substantially increase to 7.4x (5.9x net). While this leverage is
high for a 'b' category rating, Fitch expects good deleveraging to
FFO gross leverage 5.6x in 2022 and 5.1x by 2024.

Sound Market Position: IS's business profile is supported by a
broad product offering across ceramics (toilets, basins, sinks),
fittings (bathroom and kitchen taps, mixers, thermostats, bath tubs
and shower systems) as well as bathroom furniture and accessories.
Its largest broad market brand is Ideal Standard, its Armitage
Shanks brand has a strong no.1 position in the non-residential UK
segment and Porcher is the leading brand in France. This helps
support IS's good market position in a fragmented market,
maintaining a top four market share across Europe and MENA.

Well-Diversified: IS has a well-diversified geographic exposure,
with Europe (including the UK and Russia) its largest market at 86%
and the remainder in Egypt and other MENA countries. It also has
good end-market diversification with 80% of sales from the stable
renovation sector, mitigating its exposure to more cyclical
new-build construction. Its sales are also spread across public
projects (hospitals, schools, public bathrooms), residential
buildings, hospitality and other commercial bathrooms.

Fairly Competitive Industry: Barriers to entry are fairly low but
supported by the value of strong brands and its focus on product
development, such as water-saving technologies for taps and recent
touch-free combined water and soap tap. However, pricing pressures
remain given the maturity of IS's main European markets. Its
restructuring initiatives delivering a lower cost base helped
defend profitability and are expected to ensure improving margins
over the rating horizon.

Preferred Equity Certificates (PECs)/Shareholder Loans: Fitch
treats IS's PECs and shareholder loans as equity. This is due to
their contractual and structural subordination to senior debt and
to their longer maturities. Payment-in-kind of interest and the
absence of material events of default are also relevant. However,
the size of these instruments, EUR3 billion in total, is material
in relation to IS's capital structure. Fitch believes that a
financial policy leaning to equity remunerations would be negative
for ratings. These instruments date back to previous debt
restructurings under previous ownership and have been retained when
Anchorage Capital and CVC Credit Partners together took over IS in
2018.

DERIVATION SUMMARY

IS's business profile benefits from a strong exposure to the less
cyclical repairs, maintenance and improvements segment, similarly
to Hestiafloor 2 (B+/Negative) and PCF GmbH's (B+/Stable) but less
than higher-rated Victoria Plc's (BB-/Stable).These companies serve
a diverse range of end-markets, but their smaller scale (with sales
typically below EUR1 billion) means they characteristically have a
niche product range and more limited geographic diversification
with Europe as the core region.

IS's EBITDA margin is the weakest among rated building-product
peers that generate margins of 14%-16%. FCF generation is also
weaker due to excessive restructuring-related costs and capex.
However, Fitch expects the FCF margin to improve to be somewhat in
line with peers' by 2023. Fitch's deleveraging forecast for IS to
FFO gross leverage 5.6x by 2022 means it will have lower FFO
leverage than PCF and Hestiafloor 2.

KEY ASSUMPTIONS

-- Revenue to increase 13.5% in 2021 (reflecting post-pandemic
    recovery) and in low single digits to 2024;

-- EBITDA margin to steadily improve to 12%-12.5% for the next
    four years;

-- Non-recurring cash outflows of EUR24 million in 2021-2022;

-- Capex at 4.8% of sales in 2021 and 4% in 2022 before
    normalising at 3% to 2024 on the back of limited
    restructuring-related investments;

-- FCF margin to improve to around 2.5%-2.9% in 2023-2024 on the
    back of limited restructuring costs and lower capex;

-- No distributions to shareholders and no M&A to 2024;

-- Repayment of shareholder financing by EUR243.5 million.

RECOVERY ASSUMPTIONS

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

-- A 10% administrative claim.

-- The GC EBITDA estimate of EUR55 million reflects Fitch's view
    of a sustainable and post-reorganisation EBITDA and compares
    adequately with EBITDA reported in 2018 when the company
    declared an event of default under its 2014 senior secured
    notes. The assumption considers cost-cutting efforts taken by
    the company since 2018 in the reorganisation of the business
    to offset manufacturing inefficiencies and optimise operating
    costs.

-- Fitch applies a distressed EBITDA multiple of 4.5x to
    calculate a GC enterprise value, which is in line with the
    4.5x-5.5xmultiple for other building products companies rated
    by Fitch.

-- Its EUR15 million revolving credit facility (RCF) to be fully
    drawn on default. Local credit facilities at non-guarantor
    level (Egyptian and Bulgarian facilities) are structurally
    senior to the super senior RCF and factoring facilities and
    all are senior to the EUR325 million SSN in the waterfall
    analysis.

These assumptions result in an average recovery rate for the SSN
rating within the 'RR4' range, resulting in the debt rating being
aligned with the IDR. The principal and interest waterfall analysis
output percentage on current metrics and assumptions is 49%.

RATING SENSITIVITIES

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

-- FFO gross leverage below 5.5x;

-- EBITDA margin sustainably above 12%;

-- FCF margin above 2%;

-- Implementation of restructuring measures delivering sustained
    margin improvement.

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

-- FFO gross leverage above 7.0x;

-- EBITDA margin below 9%;

-- Sustainably negative FCF margin;

-- Failure to complete operational restructuring in the next two
    years.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Liquidity comprised Fitch-adjusted cash of
EUR92 million at end-2020 and a new EUR15 million super senior RCF,
which Fitch expects to be undrawn over the rating horizon. IS
relies on a number of local facilities, and cash flow generation is
still burdened with restructuring costs. Fitch expects the FCF
margin to remain neutral to negative from 2020-2021 until it
improves to 2.5%-2.9% in 2023-2024 on the back on operational
turnaround and in the absence of restructuring costs and strategic
capex.

Debt Structure: The current debt maturity of EUR65 million will be
refinanced with the new EUR325 million SSNs. The funding structure
is concentrated and IS will be exposed to a bullet debt repayment
in five years when the SSNs are due.

ISSUER PROFILE

IS is a leading manufacturer of sanitaryware in Europe and MENA.
Product offering includes ceramics, fittings, bathing &wellness as
well as bathroom furniture and accessories for residential and
non-residential end markets.

ESG CONSIDERATIONS

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



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C Y P R U S
===========

OMEGA FUNDS: Moody's Affirms B2 Issuer Ratings, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the local and foreign currency
B2 long-term and Not Prime short-term issuer ratings of Omega Funds
Investment Ltd. The outlook remains stable.

Moody's has decided to withdraw Omega's instrument-level outlooks
for its own business reasons.

The affirmation of Omega's ratings reflects Moody's assessment of
the company's ample capital cushion and strong liquidity profile.
The affirmation also takes into account constraints associated with
the company's small and undiversified franchise, with a high
concentration of business and revenue stream on few large
customers; high volatility of its revenues; and key-man risk
related to its shareholder.

RATINGS RATIONALE

The affirmation of Omega's ratings reflects the company's very low
leverage in terms of equity-to-assets ratio of 98%, and robust
liquidity profile at 75% of assets as of year-end 2020,
respectively.

Omega's pre-tax margin has historically been strong, varying
between 35% and 90%. In 2020, this margin became negative owing to
EUR1.8 million pre-tax loss as a result of material EUR2.1 million
negative revaluation of foreign-currency denominated assets into
euro, Omega's reporting currency. In 2020 euro strengthened by
almost 10% against US dollar and almost 25% against Russian rouble,
which caused one-off revaluation losses. Based on management
accounts for the first half of 2021, Moody's expects that the
company's revenue stream and bottom-line profitability will be
positive albeit volatile through the rest of the year.

The company's leverage remained very limited with
liabilities-to-equity ratio at 2% at the end of 2020. Omega has no
market debt issuance, and has reported a drastic decline in its
liabilities since 2019. Concurrently, Omega's equity-to-assets
ratio improved to 98% at the end of 2020 from 30% as of year-end
2018. According to management accounts as of June 30, 2021, Omega's
leverage remained broadly flat.

In 2020, as well as in previous five financial years, more than 80%
of Omega's fee and commission income was attributable to the
company's five largest customers. This represents a very high
single-name concentration in the company's revenue stream.
Moreover, Omega's boutique franchise is highly dependent on the
connections of its sole shareholder, rendering the company
potentially vulnerable to any change in ownership or management.

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

The ratings could be upgraded as a result of a significant
expansion of the company's franchise as well as a material
reduction in its single-name customer concentrations.

The ratings could be downgraded as a result of a significant
increase in the company's leverage, weakening of its liquidity
profile, and loss of key customers, resulting in a significant
scaling down of the company's activities and risk to the continuity
of its business.

LIST OF AFFECTED RATINGS

Issuer: Omega Funds Investment Ltd

Affirmations:

Long-term Issuer Ratings, affirmed B2, previously Stable debt
level outlook withdrawn

Short-term Issuer Ratings, affirmed NP

Outlook Action:

Outlook remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.



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F R A N C E
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CAB SOCIETE: Fitch Affirms B+ Rating on Senior Sec. Debt
--------------------------------------------------------
Fitch Ratings has affirmed CAB societe d'exercice liberal par
actions simplifiee's senior secured debt at 'B+' with a Recovery
Rating of 'RR3' following the completion of a EUR300 million term
loan B (TLB) add-on to finance several acquisitions in, and outside
of, France. Fitch has also affirmed the Long-Term Issuer Default
Rating (IDR) of its parent company Laboratoire Eimer Selas at 'B'
with a Stable Outlook.

The 'B' IDR balances Laboratoire Eimer's aggressive leverage with a
predominantly debt-funded opportunistic, albeit well-executed,
acquisitive business strategy and rapid scaling-up of operations
with superior operating and free cash flow (FCF) margins, which
Fitch regards as among the highest in the sector.

The Stable Outlook reflects Fitch's expectation of the company's
steady operating and financing profiles, supported by a reliable
social infrastructure-like healthcare business model and an
expected consistent financial policy to keep funds from operations
(FFO) adjusted leverage at around 8.0x.

KEY RATING DRIVERS

Acquisitions Rating-Neutral: Fitch views Laboratoire Eimer's latest
acquisitions as rating-neutral as the TLB add-on and revolving
credit facility (RCF) utilisation, together with balance-sheet
cash, are invested in additional revenues, earnings and cash flows.
Fitch views the acquisitions as being compatible with Laboratoire
Eimer's inherently stable operations, allowing the company to
strengthen its market position in selected regions in France and
attain meaningful market presence in other European countries.

Financial Policy Drives IDR: The rating is mainly driven by
Laboratoire Eimer's predictable financial discipline and funding
mix to support the company's highly acquisitive growth strategy.
Fitch assumes stronger FCF for the next four years to fund over 30%
of future acquisitions. At the same time, Fitch anticipates the
company to continue with its largely debt-funded M&A strategy,
which will fully exhaust leverage headroom under the 'B' IDR with
FFO adjusted gross leverage remaining at around 8.0x through to
2024.

M&A Poses Event Risks: M&A remains a cornerstone of Laboratoire
Eimer's business strategy, and uncertainty over its magnitude and
funding poses event risks. Fitch's rating case assumes around
EUR800 million of M&A each year. Smaller or bolt-on M&A could be
accommodated by FCF or the use of RCF (likely to eventually
term-out in TLB), while mid-scale and larger acquisitions would be
funded by a combination of new debt, FCF and equity, as was the
case in 2019 and 2020. Departure from the established asset
selection- and-integration practices, or more aggressive financial
policies would put pressure on ratings.

High Leverage but Deleveraging Potential: Based on Fitch's M&A (and
funding) assumptions and steady organic performance, Fitch projects
FFO adjusted gross leverage to remain at around 8.0x in the medium
term, supporting the Stable Outlook. Strong internal cash
generation provides scope for deleveraging, although growing cash
reserves will likely be reinvested in M&A instead of debt
reduction. Its temporarily lower FFO gross leverage of around 6.0x
in 2020 and 2021 is a one-off, driven by material Covid-19 related
testing activity, whose contribution will reduce after this year to
less significant levels.

Adequate Financial Flexibility: Despite higher cash debt-service
requirements with the growing amount of debt, Laboratoire Eimer's
FFO fixed charge cover should remain adequate for the rating at
above 2.0x.

Defensive Business Model: Laboratoire Eimer's business model is
defensive with stable, non-cyclical revenues and high and resilient
operating margins. The company benefits from scale-driven operating
efficiencies and well-rehearsed M&A execution and integration, in
addition to high barriers to entry as it operates in a highly
regulated market. Acquisitions in other geographies reduce the
impact of adverse regulatory changes in any single country.
Additionally, an envisaged extension of its services to specialty
tests with the current acquisitions will improve revenue
defensibility.

Healthy Cash Flow Generation: Last year's M&A, particularly the
transformational acquisition of CMA-Medina in Belgium, together
with high Covid-19 related testing will lead to another record year
with FCF margins projected at double digits in 2021.
Pandemic-induced service volumes will reduce from 2021 onward, but
the business will continue to feature high profitability. Given
contained trade working capital and low capital intensity, this
translates into sustained sizeable FCF and high FCF margins
estimated in the low double digits, which are solid for the rating.
Strong cash-flow profitability remains a key factor, mitigating
periods of excessive leverage.

Temporary Benefit from Covid-19: Fitch expects Covid-19 testing to
remain a substantial profit and cash- flow contributor also in
2021, given ongoing high volumes of testing, despite recent PCR
tariff cuts in France. Despite the good vaccination progress in
Europe achieved in 2Q21, Fitch still expects infection resurgence
after 2021, given ongoing virus mutations and 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. Fitch therefore
projects some residual testing demand to remain after 2021, albeit
with considerably reduced volumes and pricing, leading to a lower
contribution to Laboratoire Eimer's profits and cash flows in the
medium term than in 2020-2021.

DERIVATION SUMMARY

Similar to other sector peers, such as Synlab AG (BB/Stable) and
Inovie Group (B/Stable), Laboratoire Eimer benefits from a
defensive, non-cyclical business model with stable demand given the
infrastructure-like nature of lab-testing services. This has been
reinforced by strongly improved trading during the pandemic.
Laboratoire Eimer's high and stable operating and cash-flow margins
are the highest in peer comparison, which Fitch largely attributes
to the particularities of the French regulatory regime and the
company's exposure to the private lab-testing market.

The lab-testing market in Europe has attracted significant
private-equity investment, leading to highly leveraged financial
profiles. The three-notch rating difference between Laboratoire
Eimer and Inovie Group against Synlab is due to the latter's more
conservative financial risk profile, following debt prepayments
from asset-disposal proceeds and its recent IPO, leading to
approximately 4x lower leverage than its 'B' rated peers'.

KEY ASSUMPTIONS

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

-- Organic sales growth at 0.6% per year for 2021-2025,
    reflecting Laboratoire Eimer's triennial agreement renewal in
    France;

-- 2020 and 2021 acquisitions to drive above 50% and 15%
    increases in sales in 2021 and 2022, respectively;

-- Strong Covid-19 activity in 2021, estimated up around 70% yoy,
    before gradually normalising in the following four years;

-- M&A of EUR800 million per year in 2022-2023, using a mix of
    additional debt, FCF and new equity;

-- EUR10 million-EUR15 million of recurring expenses (above FFO)
    and general expenses and EUR10 million of M&A-driven
    transaction fees a year until 2025;

-- Reduction of large 2020 trade working-capital outflows in 2021
    following purchase in new Covid-19 related supplies and one
    off delays with social health insurance payments; reversal of
    trade working-capital requirements in 2022-2023 as Covid-19
    related activity is projected to decline; neutral trade
    working capital thereafter to 2025;

-- Excluding Covid-19 activity, EBITDA margin to improve
    following planned business additions and as low-risk synergies
    materialise on earlier acquisitions;

-- Capex on average at around 1.5% of revenues per year until
    2025; and

-- No dividend payments throughout the life of Laboratoire
    Eimer's debt facilities.

Recovery Ratings Assumptions:

-- Fitch follows a going-concern approach over balance-sheet
    liquidation given the quality of Laboratoire Eimer's network
    and strong national market position.

-- Going-concern EBITDA reflects break-even FCF, implying a 30%
    discount to projected 2020 EBITDA, adjusted for a 12-month
    contribution of all 2020 and 2021 announced acquisitions, as
    well as anticipated normalised Covid-19 testing activity over
    the medium term.

-- Distressed enterprise value (EV)/EBITDA multiple revised to 6x
    (from 5.5x) to account for Laboratoire Eimer's increased
    scale, geographic and product diversification. This is
    comparable with Synlab's 6.0x at the time the company was
    rated in the 'B' category.

-- Structurally higher-ranking super senior debt of around EUR29
    million at operating companies to rank on enforcement ahead of
    RCF and TLB.

-- The senior secured TLB and senior secured notes jointly at
    around EUR2.55 billion and RCF of EUR271 million, which we
    assume to be fully drawn upon distress, rank pari passu after
    super senior debt. Unsecured senior bond ranks third in
    priority.

-- After deducting 10% for administrative claims from the
    estimated post-restructuring EV, Fitch's waterfall analysis
    generates a ranked recovery for the senior secured debt in the
    recovery rating 'RR3' band, leading to a senior secured rating
    of 'B+' with a waterfall generated recovery computation (WGRC)
    of 61%. For the senior unsecured notes Fitch estimates their
    recovery in the 'RR6' band with a WGRC of 0%, corresponding to
    a 'CCC+' senior unsecured rating.

RATING SENSITIVITIES

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

A larger scale, increased product/geographical diversification,
full realisation of contractual savings and synergies associated
with acquisitions and/or voluntary prepayment of debt from excess
cash flow, followed by:

-- Maintaining double-digit FCF margins;

-- FFO adjusted gross leverage (pro-forma for acquisitions) below
    7.0x on a sustained basis; and

-- FFO fixed charge cover (pro-forma for acquisitions) trending
    above 2.5x on a sustained basis.

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

-- Weak operating performance with neutral to negative like-for
    like sales growth and declining EBITDA margins due to a delay
    in M&A integration, competitive pressures or adverse
    regulatory changes;

-- Failure to show significant deleveraging toward FFO adjusted
    gross leverage of 8.0x at least two years before major
    contractual debt maturities due to lost discipline in M&A;

-- FCF margin reducing towards mid-single digits such that
    FCF/total debt declines to low single digits; and

-- FFO fixed charge cover below 2.0x (pro forma for acquisitions)
    on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch views Laboratoire Eimer's liquidity as
comfortable. This is based on a high freely available cash balance
of EUR320 million (net of EUR20 million that Fitch treats as the
minimum cash required in daily cash operation and unavailable for
debt service) in December 2020. Fitch projects improvements to
internal liquidity generation - boosted by Covid-19 related testing
activity and its credit-accretive CMA-Medina acquisition - which
the company can use at its discretion for bolt-on M&A.

A recent refinancing by Laboratoire Eimer has widened its funding
mix and extended its debt maturity profile to 2028-2029. An upsized
RCF to EUR271 million from EUR120 million has also enhanced
liquidity headroom and financial flexibility.

ISSUER PROFILE

Laboratoire Eimer is one of Europe's largest providers of routine
diagnostic tests in the private lab-testing market in France and
Belgium.

ESG CONSIDERATIONS

Laboratoire Eimer has an ESG Relevance Score of '4' for Exposure to
Social Impacts due to high risks of tightening healthcare
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.

EUROPCAR MOBILITY: S&P Places 'CCC+' Ratings on CreditWatch Pos.
----------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' ratings on Europcar Mobility
Group (Europcar) and its EUR500 million fleet bond on CreditWatch
with positive implications, given its view that potential group
support from Volkswagen AG (VW) would benefit Europcar's
creditworthiness.

S&P expects to resolve the CreditWatch placement once the
transaction closes, and after it assesses Europcar's strategic
importance to VW, and the group's likely ability, capacity, and
willingness to support Europcar in future instances of unforeseen
distress.

The CreditWatch placement follows the announcement that a
consortium led by Volkswagen AG (VW) (BBB+/Stable/A-2) has launched
a takeover offer for Europcar.

The proposed acquisition will be executed through the dedicated
holding company Green Mobility Holding SAS (GMH), which will be
held by a consortium led by Volkswagen AG (VW). VW will have the
majority shareholding (about 66% equity share), and Attestor Ltd.
will roll over its existing approximately 12.8% holding in
Europcar, while Pon Holdings BV will also join the venture as a new
joint minority equity partner. However, S&P understands VW will not
control or consolidate GMH despite its majority equity interest,
but instead the consortium will act in concert with respect to the
company, under what the group has described as a balanced
governance structure.

Europcar's board of directors has welcomed the offer price of
EUR0.5 per share. Investors representing 68% of Europcar's shares
have agreed to tender their stock providing irrevocable commitments
to the consortium. This exceeds the 67% minimum acceptance
threshold set for the deal. S&P anticipates the transaction will
close in the fourth quarter of 2021 or the first quarter of 2022,
subject to customary closing conditions. This includes the receipt
of regulatory and competition approval and a recommended offer by
the ad hoc committee of independent Europcar directors, following a
fairness opinion, which we expect in early September 2021. The
offer price for the proposed acquisition will increase to EUR0.51
if more than 90% of the share capital and voting rights are
transferred following the tender offer, a level that would allow
the consortium to pursue a mandatory squeeze-out and obtain 100%
equity ownership.

No financing plans have been disclosed.Europcar's corporate term
loan B, revolving credit facility, and fleet bond agreements
contain change-of-control provisions that may result in the need
for a consent solicitation process or refinancing of existing debt.
S&P has not received information or assessed at this time any
material proposed changes to the future capital structure of either
Europcar or GMH, or key provisions of the governance and
relationship of shareholders in the GMH consortium.

S&P said, "The CreditWatch placement indicates that we might raise
our ratings on Europcar, most likely by one notch, if we establish
potential group support from VW. An upgrade will be based on GMH's
successful acquisition of a substantial controlling position in
Europcar, and our assessment of Europcar's strategic importance to
the largest joint consortium shareholder parent, VW (indirectly
owned through GMH). We understand mobility services is intended to
form a key pillar of VW's 'New Auto' strategy and more broadly the
group's 2030 strategic plan. We expect Europcar will be a key
contributor to building out VW's strategy, but we need to clarify
the relationship and level of support VW would provide to Europcar
under benign and stressful financial conditions. Following receipt
and analysis of further information, we intend to assess the
materiality and strategic importance of Europcar to VW as well as
the ability, capacity, and willingness of VW to support Europcar
under the proposed structure. In our view, potential group support
from VW would benefit Europcar's creditworthiness."

At this time, S&P's ratings on Europcar remain in the 'CCC'
category, reflecting in particular:

-- A recovering but fragile macroeconomic environment;

-- Europcar's high levels of negative corporate free cash burn
(annualized);

-- Group restructuring and transformation of operations; and

-- The group's lack of a substantial track record of consistent
performance and adequate liquidity.

S&P said, "We note that the recovery of Europcar's operating
performance has gained momentum in the second quarter of 2021. We
will continue to monitor the group's performance during the 2021
summer peak period, and if it has sufficient liquidity to
comfortably operate on a stand-alone basis through the first
quarter of 2022, which is usually the low season.

"We expect to resolve the CreditWatch placement within the next
six-to-nine months following completion of the proposed
transaction. We expect the ratings impact resulting from GMH's
acquisition of Europcar will become clear in the next months,
following receipt and analysis of more comprehensive information on
the proposed transaction as well as once we have a clearer picture
of Europcar's strategic importance to VW."

S&P could resolve the CreditWatch placement and upgrade Europcar,
most likely by one notch, if:

-- The transaction successfully closes, giving a substantial
control position--including ability to control governance,
strategy, and cash flows--to the consortium's joint holding
company, GMH; and

-- S&P assesses that Europcar is at least moderately strategic to
VW, and that the group is likely to support Europcar under some
foreseeable circumstances, regardless of the actions or interests
of the other owners; or

-- Europcar's capital structure, financial policy, and strategy
under the new ownership result in stronger creditworthiness.

S&P could remove the ratings from CreditWatch and affirm the 'CCC+'
ratings on Europcar if:

-- The proposed acquisition does not successfully close; or

-- S&P assesses that VW is unlikely to support Europcar in some
foreseeable circumstances, or that Europcar is of limited strategic
importance to WV.

Prior to transaction close, S&P will continue to evaluate updated
information regarding Europcar's operating and financial
performance recovery from COVID-19-related impacts and its
liquidity.


TEREOS SCA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has revised Tereos SCA's (Tereos) Outlook to Stable
from Negative and affirmed the sugar producer's Long-Term Issuer
Default Rating (IDR) at 'BB-'. The senior unsecured rating of
Tereos Finance Groupe 1 (Finco) has also been affirmed at 'B+'
while its Recovery Rating has been revised to 'RR5' from 'RR6' and
removed from Under Criteria Observation (UCO).

The Outlook revision reflects Fitch's expectations of
operating-profit recovery from FY22 (ending March 2022), supported
by volumes normalisation in Europe, efficiency gains, and
anticipated moderation in capex. This, together with a recovery of
global sugar prices, should result in positive free cash flow (FCF)
and deleveraging by FYE22 to levels that are consistent with the
rating. The group has also improved its liquidity position by
issuing a new EUR425 million bond and refinancing a large portion
of its revolving credit facilities over the last 12 months.

The IDR rating reflects Tereos's resilient market position as the
second-largest sugar producer globally with an asset-heavy business
model, operations and raw-materials sources spread across Europe
and Latin America and a pricing mechanism for beetroot supply that
protects profitability from sugar-price swings. Also, the company
benefits from moderate product diversification and mid-sized scale
compared with that of global commodity traders. This is balanced by
high leverage that is more consistent with a lower rating
category.

KEY RATING DRIVERS

Profits Recovery from FY22: Fitch expects Tereos' EBITDA to grow
toward EUR500 million-EUR550 million in FY22-FY23 (FY21: EUR435
million) due to the recovery of sugar sales volumes in Europe and
higher sugar prices since FY21. This should translate into a
sustainable recovery of annual funds from operations (FFO) at
around EUR400 million from FY22, the minimum level that Fitch views
as being consistent with a 'BB-' IDR.

Margin Sustainability: Despite Fitch's assumption of a correction
in sugar prices from FY23-FY25, Fitch expects Tereos to be able to
protect its EBITDA margin at 11%-11.5%, supported by efficiency
initiatives, which include the completion of the Ambitions 2022
plan; limited volumes growth; and a shift in the focus of its
commercial strategy in starch and sweeteners to value from volumes.
Additionally, Fitch assumes that profitability in its Brazilian
operations will partly benefit, through to FY25, from a growing
share of own-farmed sugar cane in the sourcing mix.

Leverage Headroom Restored from FY22: Fitch expects readily
marketable inventories (RMI)-adjusted FFO net leverage to reduce to
below 5.0x in FY22 (FY21: 6.8x) and to around 4.5x from FY23,
creating sufficient headroom against the maximum 5.0x level that is
consistent with the rating. Fitch projects net debt (adjusted for
factoring) to fall toward EUR2.5 billion by FY24 (FY21: EUR2.6
billion, including EUR204 million of factoring-lines utilisation).
Fitch's projections are more conservative than Tereos's target of
below EUR2 billion by FY24. Fitch assumes that the group will
continue adhering to a conservative financial policy, limiting
shareholder remuneration mostly to the application of the
sugar-beet pricing formula. Fitch also does not rule out further
divestments.

Shift to Neutral/Positive FCF: Fitch expects Tereos to maintain the
neutral-to-positive FCF generation it delivered in FY21 versus the
largely negative results of FY18-FY20. In addition to stronger
profit, Fitch expects FCF will be supported by a reduction in
annual capex to around EUR300 million a year (FY21: EUR368 million)
and prudent dividends of EUR20 million-EUR25 million per year in
FY22-FY25, only partly offset by anticipated working-capital
outflows.

Strong Business Profile: Tereos has a business profile that is
commensurate with the mid-to-high end of the 'BB' rating category
through the cycle. This reflects its large operational scope and
strong position in a commodity market with moderate long-term
growth prospects. It is diversified with production in the EU and
Brazil, and with a presence in starches, sweeteners and protein
products, reducing reliance on sugar operations. Tereos also has
flexibility to alternate between sugar- and ethanol-processing,
depending on market prices, as well as a flexible pricing mechanism
for beetroot procurement agreed with its member farmers, which
should support profit-margin resilience.

Growing International Operations' Profitability: Fitch expects
currently high oil prices to be supportive of sugar prices,
particularly in Brazil, where together with a weaker Brazilian real
should keep ethanol prices buoyant. This should support revenue and
profitability in Tereos's international operations in FY22.

Weak Bond Recovery Prospects: The senior unsecured rating for
FinCo's EUR1,025 million bonds is one notch below Tereos's IDR,
reflecting their structural subordination to prior-ranking debt at
Tereos operating entities (FY21: 4.1x consolidated EBITDA; 57% of
total debt) and a high share of secured debt in the total debt
portfolio (FY21: 27%). Fitch expects the debt structure to remain
largely unchanged for the next four years. Under Fitch's criteria
this indicates lower recoveries for unsecured debt raised by FinCo.
Fitch has revised the Recovery Rating to 'RR5' from 'RR6' in line
with Fitch's new Recovery Ratings Criteria published in April 2021
and removed the senior unsecured ratings from UCO.

ESG Reassessment: Fitch has changed the ESG credit relevance score
for Waste & Hazardous Materials Management; Ecological Impacts to
'4' from '3' as Fitch concluded that risks related to regulatory
changes for application of crop protection products by farmers are
more related to Ecological Impacts rather than Exposure to
Environmental Impacts. Fitch has simultaneously reduced the ESG
credit relevance score for Exposure to Environmental Impacts to '3'
from '4' as Fitch views exposure to extreme weather events as
relevant but having a low impact on the rating.

The '4' ESG Relevance Score for Waste & Hazardous Materials
Management; Ecological Impacts reflects impact on the volumes of
its sugar production in France from regulation that restrains the
use of neonicotinoid-based insecticides in beetroot farming. As a
result, jaundice has materially expanded over sugar beet farms in
France, reducing yields by 26% compared with average levels. While
the authorities have approved the re-introduction of neonicotinoid
until 2023 the risks for disease outbreaks remain post 2023.
Tereos's management believe that alternative solutions, such as
resistant sugar beet varieties and sowing techniques that are under
development, should be sufficiently effective to maintain farming
yields unaffected by the definitive ban of neonicotinoid
treatment.

DERIVATION SUMMARY

Tereos's 'BB-' IDR is three notches below that of larger and
significantly more diversified commodity trader and processor Bunge
Limited (BBB-/Stable). Tereos is also rated one notch below Andre
Maggi Participacoes S.A. (Amaggi; BB/Stable), an integrated
agribusiness company based in Brazil. Although both companies have
comparable scale and asset-heavy businesses with Tereos exposed to
moderate product diversification and Amaggi heavily reliant on one
region, the latter benefits from a more conservative capital
structure and stronger FCF generation than Tereos.

Tereos has comparable scale and is focussed on few commodities as
similarly rated Kernel Holding S.A. (BB-/Stable). Although Kernel
has lower leverage, this is balanced by its dependence on a single
source of supply, Ukraine, compared with Tereos's ability to source
raw materials from Europe and Brazil.

Tereos benefits from a stronger business profile than Biosev S.A.
(B/RWP) and Corporacion Azucarera del Peru S.A. (B+/Stable), whose
ratings reflect higher geographical and product concentration.
Tereos also benefits from lower refinancing risk and greater
financial flexibility than both Biosev and Corporacion Azucarera
del Peru, but this is partly offset by higher leverage.

KEY ASSUMPTIONS

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

-- USD/EUR at 1.2 over the next four years and USD/BRL at 5.25 in
    FY22, and flat at 5.3 in FY23-FY25;

-- International sugar price NY11 averaging at around USD0.145/lb
    in FY22 before declining to USD0.136/lb in FY23 and
    stabilising at USD0.13/lb in FY24-FY25. European sugar prices
    at around EUR420/tonne in FY22. International sugar prices
    grew in 2021 to their highest levels since 2016-2017 due to
    the global supply-and-demand balance having shifted to a
    deficit in the 2020-2021 season, driven by lower harvests in
    Brazil, France, Germany and Thailand;

-- Fitch assumes the global balance will only be in mild surplus
    next season, as growing supply from India and eastern Europe
    will be moderated by a still low harvest in Brazil and growing
    global consumption in the anticipated post-pandemic economic
    recovery. Thus, Fitch assumes that prices will remain high in
    the 2021-2022 season, and correct from FY24 toward USD0.13/lb,
    which is one U.S. cent above Fitch's previous forecasts for
    FY24 FY25;

-- Fitch-adjusted EBITDA margin improving toward 11.7% in FY23
    and stabilising at 11%-11.5% in FY24-FY25, from 10.8% in FY21;

-- Capex of around EUR300 million-EUR320 million a year for the
    next four years;

-- Dividends paid to cooperative members of around EUR20 million
    EUR25 million a year;

-- No material M&A transactions over the next four years;

-- Credit lines used to finance operations are renewed.

RATING SENSITIVITIES

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

-- Strengthening profitability (excluding price fluctuations) as
    measured by RMI-adjusted EBITDAR/gross profit returning to
    above 30%, reflecting reasonable capacity utilisation in sugar
    beet and overall increased efficiency.

-- At least neutral FCF while maintaining strict financial
    discipline.

-- Consolidated FFO net leverage (RMI-adjusted) consistently
    below 4x, aided by debt repayments rather than cyclical profit
    expansion.

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

-- Reduced financial flexibility as reflected in FFO interest
    coverage (RMI-adjusted) falling permanently below 2.5x or an
    inability to maintain adequate availability under committed
    medium-term credit lines.

-- Inability to maintain cost savings derived from the efficiency
    programme or excessive idle capacity in different market
    segments, leading to weak RMI-adjusted EBITDAR/gross profit on
    a sustained basis.

-- Inability to return consolidated FFO to approximately EUR400
    million.

-- Consolidated FFO net leverage (RMI-adjusted) above 5.0x on a
    sustained basis, reflecting higher refinancing risks.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Tereos's internal liquidity score (defined
as unrestricted cash plus RMI plus accounts receivables divided by
total current liabilities) remained weak at 0.8x as of FYE21. At
the same time the group has improved its maturity profile following
its EUR425 million bond placement (including a EUR125 million tap
in April 2021) and refinancing of a number of credit facilities.
The group's liquidity position is also supported by EUR481 million
of undrawn committed revolving credit facilities at FYE21 and
Fitch's expectations of neutral FCF in FY22.

ISSUER PROFILE

Tereos is the world's second-largest sugar producer and
third-largest alcohol, ethanol and starch producer in Europe. It is
a cooperative with 12,000 cooperative farmer shareholders based in
France, who provide the group with sugar-beet raw materials.

ESG CONSIDERATIONS

Tereos has an ESG Relevance Score of '4' for Waste & Hazardous
Materials Management; Ecological Impacts due to risks related to
regulatory changes for application of crop protection products by
farmers. This has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

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



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

CONTEGO CLO IX: Moody's Assigns B3 Rating to EUR13.5MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Contego CLO IX
Designated Activity Company (the "Issuer"):

EUR274,500,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

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

EUR13,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR31,162,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR31,275,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR24,210,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR13,500,000 Class F 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 approximately 90% ramped up as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the five month ramp-up period in
compliance with the portfolio guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR37,650,000 Subordinated Notes due 2034 which
will not be 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: EUR450,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3090

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years

CONTEGO CLO IX: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Contego CLO IX
DAC's class A, B-1, B-2, C, D, E, and F notes. The issuer also
issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately four and half
years after closing, and the portfolio's maximum average maturity
date is eight and half years after closing. Under the transaction
documents, the rated notes pay quarterly interest unless there is a
frequency switch event. Following this, the notes will switch to
semiannual payment.

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,906.28
  Default rate dispersion                                 463.15
  Weighted-average life (years)                             5.14
  Obligor diversity measure                               129.31
  Industry diversity measure                               19.32
  Regional diversity measure                                1.26

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                                450
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              146
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                           0.00
  'AAA' weighted-average recovery (%)                      34.98
  Weighted-average spread net of floors (%)                 3.79

S&P said, "In our cash flow analysis, we modeled the EUR450 million
target par amount, the actual weighted-average spread of 3.79%, the
reference weighted-average coupon of 4.00%, and the actual
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category. Our cash flow
analysis also considers scenarios where the underlying pool
comprises 100% floating-rate assets (i.e., the fixed-rate bucket is
0%) and where the fixed-rate bucket is fully utilized (in this
case, 10%).

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A,
B-1, B-2, C, D, and E notes. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-1,
B-2, C, D, and E notes is commensurate with higher ratings than
those we have assigned. However, as the CLO will have a
reinvestment period, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned ratings on
these notes.

"The class F notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook,
we believe this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis reflects several
factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs we have rated and that have recently
been issued in Europe.

-- S&P's BDR at the 'B-' rating level is 26.94% versus a portfolio
default rate of 15.92% if it was to consider a long-term
sustainable default rate of 3.1% for a portfolio with a
weighted-average life of 5.14 years.

-- Whether the tranche is vulnerable to non-payment in the near
future.

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

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

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

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit the manger from investing in activities related to
extraction of thermal coil and fossil fuels, oil sands and
pipelines, controversial weapons, endangered species, pornography,
adult entertainment or prostitution, tobacco, payday lending,
opioids, food commodity derivatives, palm oil and palm fruit
products, any unlicensed and unregistered financing, hazardous
chemicals, and ozone-depleting substances. Since the exclusion of
assets related to these activities does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

  Ratings List

  CLASS   RATING     AMOUNT    SUB (%) INTEREST RATE*
                   (MIL. EUR)        
  A       AAA (sf)    274.50   39.00   Three/six-month EURIBOR     
   
                                       plus 0.95%
  B-1     AA (sf)      31.50   29.00   Three/six-month EURIBOR
                                       plus 1.60%
  B-2     AA (sf)      13.50   29.00   2.00%
  C       A (sf)       31.16   22.08   Three/six-month EURIBOR
                                       plus 2.15%
  D       BBB (sf)     31.28   15.13   Three/six-month EURIBOR
                                       plus 3.00%
  E       BB- (sf)     24.21    9.75   Three/six-month EURIBOR
                                       plus 6.01%
  F       B- (sf)      13.50    6.75   Three/six-month EURIBOR
                                       plus 8.64%
  Sub     NR           37.65    N/A    N/A

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

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


CVC CORDATUS XXI: Moody's Assigns (P)B3 Rating to EUR14MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the Notes to be issued by CVC
Cordatus Loan Fund XXI DAC (the "Issuer"):

EUR1,800,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR174,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR60,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR38,000,000 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)

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

EUR30,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

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

EUR14,000,000 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 about 75% ramped as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with the
portfolio guidelines.

CVC Credit Partners Investment Management Limited ("CVC") 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 1/2-year reinvestment period. Thereafter, subject
to certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes and
Class A-2 Notes. The Class X Notes amortises by EUR300,000.00 over
six payment dates starting from the second payment date.

In addition to the nine classes of Notes rated by Moody's, the
Issuer will issue EUR31,425,000.00 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 debt's performance is subject to uncertainty. The debt's
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debt's
performance.

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

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

Par Amount: EUR400,000,000.00

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3125

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 45.0%

Weighted Average Life (WAL): 8.5 years

HAYFIN EMERALD IV: Moody's Gives (P)B3 Rating to EUR14.8MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Hayfin Emerald CLO IV DAC (the "Issuer"):

EUR318,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR25,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR17,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR20,000,000 Class B-3 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR33,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR37,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR28,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR14,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

As part of this reset, the Issuer will increase the target par
amount by EUR180 million to EUR 530 million. In addition, the
Issuer will amend the base matrix and modifiers that Moody's will
take into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and 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 five month ramp-up period in compliance with the
portfolio guidelines.

Hayfin Emerald Management LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.7 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.

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.

On the Original Closing Date, the Issuer also issued EUR1,000,000
Class M Notes due 2034 and EUR31,300,000 Subordinated Notes due
2034 which will remain outstanding. The terms and conditions of the
subordinated notes are amended in accordance with the refinancing
notes' conditions. The Issuer will also issue additional
EUR16,600,000 Subordinated Notes due 2034, which will form a single
class of subordinated notes with the existing Subordinated Notes,
with an aggregate principal amount outstanding of EUR47,900,000.
The Class M Notes accrue interest in an amount equivalent to the
senior and subordinated management fees and its notes payments rank
senior to payment of interest and principal on the rated notes with
regards to the senior management fee component and junior to the
payment of interest and principal on the rated notes but senior to
the interest diversion test with regards to the junior management
fee component.

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: EUR530,000,000

Diversity Score(*): 48

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.66 years


HAYFIN EMERALD IV: S&P Assigns B- (sf) Rating on Class F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Hayfin Emerald CLO IV DAC's class A-R, B-1-R, B-2-R, B-3-R, C-R,
D-R, E-R, and F-R notes. At closing, the issuer will also issue
unrated subordinated notes. The transaction is a reset of an
existing transaction, which closed in August 2020.

The proceeds from the issuance of the rated and additional unrated
notes will be used to redeem the existing rated notes. In addition
to redeeming the existing notes, the issuer will use the remaining
funds to cover fees and expenses incurred in connection with the
reset. The portfolio's reinvestment period is scheduled to end in
April 2026.

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

The portfolio's reinvestment period will end approximately 4.67
years after closing, and the portfolio's weighted-average life test
will be approximately 8.67 years after closing.

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

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,804.24
  Default rate dispersion                                 621.47
  Weighted-average life (years)                             5.17
  Obligor diversity measure                               114.55
  Industry diversity measure                               26.09
  Regional diversity measure                                1.28

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                              530.0
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              146
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                           2.10
  'AAA' weighted-average recovery (%)                      35.18
  Covenanted weighted-average spread (%)                    3.66
  Reference weighted-average coupon (%)                     4.00

Loss mitigation loan mechanics

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

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in the principal balance definition.

The issuer may purchase loss mitigation loans using either interest
proceeds, principal proceeds, or amounts in the collateral
enhancement account. The use of interest proceeds to purchase loss
mitigation loans are subject to (i) all the interest and par
coverage tests passing following the purchase, and (ii) the manager
determining there are sufficient interest proceeds to pay interest
on all the rated notes on the upcoming payment date. The use of
principal proceeds is subject to the transaction passing par
coverage tests and the manager having built sufficient excess par
in the transaction so that the principal collateral amount is equal
to or exceeds the portfolio's target par balance after the
reinvestment.

Rating rationale

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

"In our cash flow analysis, we used the EUR530 million target par
amount, the covenanted weighted-average spread of 3.66%, the
reference weighted-average coupon of 4.00%, and actual
weighted-average recovery rates at each rating level. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to D-R notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned preliminary ratings on the
notes.

"The class F-R notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates, we believe this class is
able to sustain a steady-state scenario, in accordance with our
criteria. S&P's analysis further reflects several factors,
including:

-- The available credit enhancement for this class of notes is in
the same range as that of other CLOs that we rate and that have
recently been issued in Europe.

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

-- S&P's model generated BDR at the 'B-' rating level of 25.69%
(for a portfolio with a weighted-average life of 5.17 years) versus
if it was to consider a long-term sustainable default rate of 3.1%
for 5.17 years, which would result in a portfolio default rate of
16.01%.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A-R, B-1-R, B-2-R, B-3-R, C-R, D-R, E-R, and F-R notes.

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

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

Environmental, social, and governance (ESG) credit factors

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

Hayfin Emerald CLO IV is a European cash flow CLO securitization of
a revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Hayfin
Emerald Management LLP will manage the transaction.

  Ratings List

  CLASS   PRELIM.     PRELIM.   SUB (%)   INTEREST RATE*
          RATING      AMOUNT
                    (MIL. EUR)
  A-R     AAA (sf)    318.00    40.00    Three/six-month EURIBOR
                                         plus 1.04%
  B-1-R   AA (sf)      25.30    28.25    Three/six-month EURIBOR  
                                         plus 1.75%
  B-2-R   AA (sf)      17.00    28.25    2.10%
  B-3-R   AA (sf)      20.00    28.25    Three/six-month EURIBOR
                                         plus 2.35%
                                         §Three/six-month EURIBOR

                                         plus 1.75%†
  C-R     A (sf)       33.10    22.00    Three/six-month EURIBOR
                                         plus 2.30%
  D-R     BBB (sf)     37.10    15.00    Three/six-month EURIBOR
                                         plus 3.45%
  E-R     BB- (sf)     28.10     9.70    Three/six-month EURIBOR
                                         plus 6.06%
  F-R     B- (sf)      14.80     6.91    Three/six-month EURIBOR
                                         plus 8.68%
  Add. sub. Notes  NR  16.60      N/A    N/A
  Sub. Notes   NR      31.30      N/A    N/A

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


HENLEY CLO V: S&P Assigns Prelim B- (sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Henley
CLO V DAC's class A, B-1, B-2, C, D, E, and F notes. At closing,
the issuer will issue subordinated notes.

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

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

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

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

-- The transaction's legal structure, which S&P expect to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                          CURRENT
  S&P weighted-average rating factor                     3,016.99
  Default rate dispersion                                  479.24
  Weighted-average life (years)                              5.50
  Obligor diversity measure                                 98.06
  Industry diversity measure                                20.71
  Regional diversity measure                                 1.18

  Transaction Key Metrics
                                                          CURRENT
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                            1.70
  Covenanted 'AAA' weighted-average recovery (%)            34.55
  Covenanted weighted-average spread (%)                     3.85
  Covenanted weighted-average coupon (%)                     4.50

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.6 years after
closing.

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.85%), the
reference weighted-average coupon (4.50%), and the target minimum
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

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

"Until the end of the reinvestment period on April 25, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

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

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

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

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Napier Park
Global Capital Ltd.

Environmental, social, and governance (ESG) credit factors

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

  Ratings List

  CLASS    PRELIM.  PRELIM. AMOUNT   INTEREST RATE    CREDIT
           RATING       (MIL. EUR)       (%)        ENHANCEMENT(%)
  A        AAA (sf)        234.00    3mE + 0.95      41.50
  B-1      AA (sf)          22.00    3mE + 1.75      29.75
  B-2      AA (sf)          25.00          2.10      29.75
  C        A (sf)           32.70    3mE + 2.30      21.58
  D        BBB- (sf)        25.30    3mE + 3.20      15.25
  E        BB- (sf)         21.00    3mE + 5.90      10.00
  F        B- (sf)          12.00    3mE + 8.55       7.00
  Subordinated    NR        35.20       N/A            N/A

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


PALMER SQUARE 2021-1: Moody's Assigns (P)B1 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the Notes to be issued by Palmer
Square European Loan Funding 2021-1 Designated Activity Company
(the "Issuer"):

EUR306,000,000 Class A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR40,500,000 Class B Senior Secured Floating Rate Notes due 2031,
Assigned (P)Aa1 (sf)

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A1 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)

EUR15,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR7,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Assigned (P)B1 (sf)

RATINGS RATIONALE

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

The Issuer is a static CLO. The issued notes will be collateralized
primarily by broadly syndicated senior secured corporate loans.
Moody's expect the portfolio to be 100% ramped as of the closing
date.

Palmer Square Europe Capital Management LLC (the "Servicer") may
engage is disposition of the assets on behalf of the Issuer during
the life of the transaction. Reinvestment is not permitted and all
sale and unscheduled principal proceeds received will be used to
amortize the notes in sequential order.

In addition, the Issuer will issue EUR29,950,000 Subordinated Notes
due 2031 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 debt's performance is subject to uncertainty. The debt's
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The Servicer's investment decisions and management
of the transaction will also affect the debt's performance.

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

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

Par Amount: EUR450,000,000.00

Diversity Score: 57

Weighted Average Rating Factor (WARF): 2749

Weighted Average Spread (WAS): 3.57% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 3.625% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 46.83%

Weighted Average Life (WAL): 5.54 years (actual amortization vector
of the portfolio)

PALMER SQUARE 2021-2: Moody's Gives B3 Rating to EUR9.5MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Palmer Square
European CLO 2021-2 DAC (the "Issuer"):

EUR182,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR35,000,000 Class A-2 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR24,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A3 (sf)

EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR9,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2035, 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 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 five-months ramp-up period in compliance with the
portfolio guidelines.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer issued EUR30,600,000 Subordinated Notes due 2035 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: EUR350,000,000.00

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2955

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

SCULPTOR EUROPEAN VI: Moody's Gives (P)B3 Rating to Cl. F-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Sculptor European CLO VI DAC (the "Issuer"):

EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

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

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

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

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

EUR19,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR13,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer 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 fully ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe.

Sculptor Europe Loan Management 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 year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations. Additionally, the
issuer has the ability to purchase loss mitigation loans using
principal proceeds subject to a set of conditions including
satisfaction of the par coverage tests.

On the Original Closing Date, the Issuer also issued EUR34,300,000
Subordinated Notes due 2034 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.

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000.00

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years



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

SAIPEM SPA: S&P Downgrades ICR to 'BB' on Operational Challenges
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Italy-based engineering and construction company Saipem S.p.A. to
'BB' from 'BB+'.

The stable outlook reflects S&P's view that Saipem's recent
announcements (North Sea and Mozambique projects) won't have a
lasting impact on results, and the company's EBITDA will recover
quickly to EUR700 million or better.

A series of operational issues and one-off items resulted in
negative EBITDA in the first half of the year, with side effects
extending into the second half, albeit with a lower impact.
Operational issues related to COVID-19 continue to have an impact
on Saipem's ability to execute its project on time. According to
the company, after incurring additional expense of EUR100 million
in 2020, it expects similar costs in 2021. Saipem's peers weren't
subject to these issues. Earlier this year, the company was
notified by Total that it had halted the Mozambique liquefied
natural gas (LNG) project due to security reasons. S&P said,
"According to our calculation, the $3.6 billion project was planned
to contribute EUR200 million-EUR250 million to Saipem's EBITDA for
2021-2023. We believe that the project will restart in second-half
2022, and the stoppage will bear additional costs. Lastly, the
company announced operational issues in the North Sea due to
challenging soil conditions, resulting in a EUR200 million loss.
The string of events led Saipem to report negative adjusted EBITDA
of EUR266 million, and even if we assume that EBITDA will rapidly
recover to EUR300 million-EUR350 million in second-half 2021, the
company's credit metrics will be well below the 20% we see as
commensurate with the 'BB' rating. Under our base-case scenario, we
don't project a recovery of the credit metrics to 20% or more until
at least 2023."

Saipem continues to showcase a book-to-bill ratio superior to 1x
and increase the already-very large backlog, supporting long-term
prospects. Since first-quarter 2020, the backlog (including
unconsolidated entities) has grown to EUR26.2 billion from EUR23.4
billion, reflecting the company's ability to continue getting work
in a difficult environment, leveraging on its diverse capabilities
(85% of new engineering and construction [E&C] contracts are
non-oil). This provides revenue visibility in the medium term, but
strong execution and cost management will be key in translating
that revenue into operating cash flow. S&P understands the company
is working on further streamlining the business to reduce costs. A
new industrial plan is also to be presented in fall 2021, which
should further clarify key strategic priorities.

Leverage is under control, but liquidity would require some
management attention in the near term. S&P said, "With a negative
EBITDA in the first half of the year, we now expect the company to
breach its financial covenants under its EUR1 billion revolving
credit facility (RCF). The facility is a back-up, and remains
undrawn. While we expect Saipem to obtain a temporary waiver by
year-end, we now assess the company's liquidity as less than
adequate, revised from strong. However, the change had no impact on
the rating. At the same time, we view positively Saipem's ability
to keep its debt level under control." As of June 30, 2021, the
company's reported net debt was EUR1.4 billion, compared with
EUR1.2 billion in Dec. 31, 2020, and Saipem expects it to increase
to about EUR1.6 billion by year-end. However, even with an EBITDA
recovery in 2022, debt levels will not change materially. Unlike
its peers, the company continues to carry sizable debt.

S&P said, "The stable outlook reflects our view that Saipem's
recent announcements (the North Sea and Mozambique projects) won't
have a lasting impact on results, and its EBITDA will recover
quickly to EUR700 million or better. Under our base-case scenario,
we project EBITDA of EUR700 million-EUR800 million in 2022, after
an expected EBITDA of slightly more than EUR300 million in
second-half 2021. With the profitability the company would be to
maintain its debt at current level and to post an adjusted funds
from operations (FFO) to debt in the range of close to 20%, in the
low end of the 20%-30% range that we view as commensurate with the
rating. Our rating doesn't assume any changes in the support of
owner ENI SpA."

With the current supportive backlog, S&P sees the likelihood of a
lower rating as remote in the coming 12 months. However, beyond
then, it can see pressure on the rating if:

-- Saipem's FFO to debt remains well below 20% in 2022 without no
signs of improvement in 2023.

-- The company's backlog deteriorates (for example, lower margins
for new projects).

-- Operational issues related to COVID-19 affected Saipem's
ability to deliver projects on time and on budget.

-- The company's liquidity position deteriorates (for example
inability to secure a waiver to its RCF). S&P views this scenario
as less likely, given the good relationship with its core banks.

-- Lastly, ratings stress could arise from a decline in financial
support from Saipem's main shareholders.

S&P said, "In our view, an upgrade will be subject to the company's
ability to restore its profitability and having better visibility
over the LNG project in Mozambique. We believe the company won't
meet those milestones at least till mid-2022." A higher rating
would require Saipem to maintain adjusted FFO to debt of 30% or
better through the cycle with positive FOCF.




===============
P O R T U G A L
===============

HIPOTOTTA NO. 4: Fitch Affirms BB- Rating on Class C Tranche
------------------------------------------------------------
Fitch Ratings has affirmed HipoTotta No. 4 Plc and Gamma, STC S.A.
/ HipoTotta No. 13.

        DEBT                   RATING          PRIOR
        ----                   ------          -----
HipoTotta No. 13

Class A PTGMMBOM0001    LT  A+sf   Affirmed    A+sf

HipoTotta No. 4 Plc

Class A XS0237370605    LT  Asf    Affirmed    Asf
Class B XS0237370787    LT  Asf    Affirmed    Asf
Class C XS0237370860    LT  BB-sf  Affirmed    BB-sf

TRANSACTION SUMMARY

The transactions comprise Portuguese residential mortgage loans
originated and serviced by Banco Santander Totta SA
(BBB+/Stable/F2). The affirmations follow a periodic review of the
transactions.

KEY RATING DRIVERS

Counterparty Risk Cap Ratings: Hipototta 13's class A notes' rating
is capped at 'A+sf' as the account bank replacement trigger set at
'BBB' and 'F2' is insufficient to support 'AAsf' or 'AAAsf'
ratings, as per Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria. For Hipototta 4, the counterparty
provisions of 'F2' do not support note ratings in the 'AAsf' or
'AAAsf' rating categories, but this does not currently constrain
the rating of the senior notes. However, it is the driver of the
'4' ESG Relevance Score for Transaction Parties & Operational Risk,
as the replacement triggers have been modified after transaction
closing.

Steady Transaction Performance: Asset performance has remained
stable over the past 12 months, supported by portfolio
deleveraging. The cumulative gross default ratio for Hipototta 4
remained stable at 3.5%, while defaults for Hipototta 13 are still
low, mirroring the transaction's low seasoning.

As a result of the coronavirus pandemic, the originator has granted
payment holidays under the Portuguese government scheme (both for
principal and interests) that may last up to December 2021. At June
2021, they represented around 11% and 18% of the outstanding
portfolio for Hipototta 4 and 13, respectively. Fitch believes all
classes are resilient to higher projected losses should payment
holidays roll over to defaults. This drives the affirmation and
Stable Outlooks on all classes of notes.

Hipototta 13 Interest Rate Risk: Hipototta 13 is marginally exposed
to interest rate risk, as the structure is unhedged and less than
1% of the pool pays a fixed interest rate, while the notes pay
floating coupons. Fitch has accounted for this risk in its analysis
and found the available credit enhancement (CE) for the class A
notes was sufficient to mitigate it.

Deviation from Calculated Performance Adjustment: In Hipototta 13's
asset analysis, Fitch has applied a 100% performance adjustment
floor, instead of the calculated 90% applicable for transactions
with seasoning between three and four years. This mirrors the
potential impact of the prolonged period of payment holidays on the
flow of new defaults, and the fact that it could have an impact on
asset performance.

ESG Credit Relevant for Hipototta 4: Hipototta 4 has an ESG
Relevance Score of '4' for Transaction Parties & Operational Risk
due to modification of the account bank eligibility triggers after
transaction closing, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

RATING SENSITIVITIES

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

-- Hipototta 4's class A and B notes and Hipototta 13's class A
    notes could be upgraded up to the 'AAsf' country ceiling for
    Portugal, provided the account bank replacement triggers
    support higher ratings, in accordance with Fitch's Structured
    Finance and Covered Bonds Counterparty Rating Criteria. This
    would be subject to the counterparty compliance with the
    triggers, and adequate CE to sustain stresses associated with
    higher ratings.

-- Hipototta 4's class A, B and C notes could also be upgraded up
    to 'A+sf' if there is a sufficient increase in CE to
    compensate for expected losses commensurate with higher
    ratings.

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

-- A deterioration in asset performance beyond Fitch's
    assumptions could trigger negative rating action on the notes.

-- CE failing to fully compensate for credit losses and cash flow
    stresses associated with the current rating scenarios, all
    else being equal, could also trigger negative rating action.

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

HipoTotta No. 13

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

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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.

HipoTotta No. 4 Plc

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of HipoTotta No. 4 Plc initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

HipoTotta No. 4 Plc has an ESG Relevance Score of '4' for
Transaction Parties & Operational Risk due to modification of
counterparty eligibility triggers after transaction closing, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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



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

IC RUSS-INVEST: Moody's Affirms B2 Issuer Ratings, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the local and foreign currency
B2 long-term and Not Prime short-term issuer ratings of IC
RUSS-INVEST. The outlook remains stable.

Moody's has decided to withdraw RUSS-INVEST's instrument-level
outlooks for its own business reasons.

The affirmation of RUSS-INVEST's ratings reflects Moody's
assessment of the company's strong capital cushion, low leverage
and robust liquidity profile. However, these strengths are
moderated by the company's undiversified business model, highly
volatile profitability and elevated exposure to market risk.

RATINGS RATIONALE

The affirmation of RUSS-INVEST's ratings reflects the company's
very low leverage in terms of tangible assets and off-balance sheet
exposures in relation to its tangible common equity (1.0x at
year-end 2020); strong funding and liquidity profile owing to
reliance on its capital as the main source of funding, as well as
limited risk appetite.

RUSS-INVEST's ratings remain constrained by the entity's
undiversified business model, with a focus on proprietary
investments in Russian equities, and emerging and developed markets
fixed income securities; as well as elevated exposure to market
risk, leading to highly volatile earnings. Apart from proprietary
trading, RUSS-INVEST's other businesses (i.e., rental investments,
brokerage activities, asset management and investment banking) do
not make a material contribution to the company's revenues, given
the low scale of their operations.

At the end of 2020, fixed income securities amounted to 59% of the
company's assets at the end of 2020 and were largely represented by
Baa and Ba rated Eurobonds of the Russian, developed and emerging
markets' issuers. Equity investments accounted for 14% of
RUSS-INVEST's total assets; entire equity portfolio was invested in
the Russian stocks and American depositary receipts (ADR) which
offer limited diversification given the high correlation between
financial instruments. These risks are exacerbated by material
single-name concentration within RUSS-INVEST's equity portfolio
(the five largest positions represented about 90% of the company's
equity portfolio at year-end 2020).

RUSS-INVEST's business model implies that the company's revenues
are relatively undiversified and volatile with predominant part of
revenues stemming from proprietary trading activity, and are also
exposed to the USD/RUB exchange rate as about 80% of its securities
is denominated in US dollars, while its reporting currency is
Russian rouble. In 2020, RUSS-INVEST posted a net income of RUB409
million, which translates into 8.9% return on equity. Positive
bottom line result last year was largely driven by RUB523 million
positive revaluation of foreign-currency denominated assets amid
about 16% depreciation of rouble versus US dollar in 2020.

RUSS-INVEST has continued to diversify its securities portfolio via
a steady increase of non-Russian exposure to issuers from both
developed and emerging countries. At the end of 2020, the share of
non-Russian exposure amounted to 59% of securities portfolio,
compared with 28% at the end of 2018.

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

The ratings could be upgraded if the company diversifies its
revenues by shifting its focus away from proprietary trading and
improves its operating efficiency.

The ratings could be downgraded as a result of a significant
increase in leverage, which could jeopardize RUSS-INVEST's
liquidity profile and capital adequacy.

LIST OF AFFECTED RATINGS

Issuer: IC RUSS-INVEST

Affirmations:

Long-term Issuer Ratings, Affirmed B2, previously Stable debt
level outlook withdrawn

Short-term Issuer Ratings, Affirmed NP

Outlook Action:

Outlook, Remains Stable

KS BANK: Put on Provisional Administration, License Revoked
-----------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1649, dated
August 6, 2021, revoked the banking license of Saransk-based Joint
Stock Company KS BANK, or JSC KS BANK (Reg. No. 1752; hereinafter,
KS BANK).  The credit institution ranked 176th by assets in the
Russian banking system.

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

   -- understated the amount of loan loss provisions to be set up
to artificially improve its financial indicators and conceal its
actual financial standing; and

   -- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied measures against it
over the past 12 months including three cases of restrictions on
household deposit-taking.

KS BANK focused on serving the interests of its owners and their
related companies accounting for a significant portion of the loan
portfolio.  At the same time, over 50% of such companies'
outstanding debt was problem loans. Notwithstanding the low quality
of its loan portfolio, KS BANK performed transactions to
artificially maintain its equity capital in order to formally
comply with prudential requirements.

The Bank of Russia sent an order to KS BANK to make a proper
assessment of risks assumed by it and to recognize its real
financial standing in its financial statements.  The credit
institution's efforts to fulfil this order resulted in the
emergence of grounds for implementing measures to prevent its
insolvency (bankruptcy).  The said circumstances pointed to a real
threat to creditors' and depositors' interests from the operations
of KS BANK.

The Bank of Russia appointed a provisional administration to KS
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:  KS 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.


SAUBER BANK: Bank of Russia Terminates Provisional Administration
-----------------------------------------------------------------
On August 6, 2021, the Bank of Russia terminated the activity of
the provisional administration appointed to manage JSC Sauber Bank
(hereinafter, the Bank), according to the Bank of Russia's Press
Service.

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

On July 22, 2021, the Arbitration Court of St Petersburg and the
Leningrad Region decided on a compulsory winding-up of the Bank.

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

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

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-979, dated
May 28, 2021, following the revocation of the banking license of
JSC Sauber Bank.


YAKUTSK FUEL: Fitch Assigns 'B-' LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Yakutsk Fuel and Energy Company JSC's
(YATEC) Long-Term Issuer Default Ratings (IDR) of 'B-'. The Outlook
is Stable.

YATEC's rating reflects its dominant position in Russia's Republic
of Sakha (Yakutia, BBB-/Stable) and its integration into gas
condensate refining, relatively stable earnings and moderate,
albeit rising, leverage, but also small scale and execution risks
around YATEC's participation in Yakut LNG. A-Property, the
company's main shareholder, is considering an LNG plant as an
option to monetise YATEC's gas reserves.

In 2020, YATEC generated USD41 million in EBITDA, and Fitch
projects its EBITDA will double by 2024 after it increases gas
condensate production through gas cycling.

KEY RATING DRIVERS

Financial Restructuring Completed: A-Property assumed control over
YATEC through buying out the company's debt and shares in 2019.
Since then, YATEC has placed two domestic bonds (RUB4 billion due
in 2023 and RUB5 billion due in 2025), and currently has no other
material external debt. Fitch understands from management that most
of YATEC's shareholder loans (which total RUB3.3 billion) will be
repaid from a planned related-party transaction (disposal of a
non-core asset) in 3Q21.

Small Production, Stable Revenues: YATEC's scale of operations is
small. In 2020, the company produced 1.8 billion cubic metres (bcm)
of natural gas, 96 thousand tonnes (kt) of gas condensate and 25 kt
of LPG, or about 32 thousand barrels of oil equivalent per day
(kboe/d) in total. Its funds from operations (FFO) unit
profitability (USD2.5/boe in 2021 increasing to around USD4.0/boe
by 2024) is much lower than peers due to its focus on natural gas
and the regulation of domestic natural gas prices in Russia.
However, its earnings are relatively stable (in rouble terms)
compared with those of its oil-focused peers.

Moderate Leverage: YATEC's public financial policy is to maintain
net debt to EBITDA below 3x, which is in line with the maintenance
covenant under its domestic bond documentation. The company's
projected leverage is sensitive to the actual amount and timing of
equity proceeds that YATEC is planning to raise in 2022-2024. In
the rating case, Fitch projects that YATEC's FFO net leverage will
increase to 3.7x by 2025 from 2.7x in 2020, based on Fitch's
conservative assumptions around capex and equity funding.

Large Reserves: YATEC has large natural gas reserves. Its reserve
life, including natural gas and condensate, is around 59 years on
the 1P basis and 129 years on the 2P basis. In absolute terms,
YATEC's 1P reserves total 108 bcm, or 691 million boe, including
liquids. YATEC aims to increase its reserves through acquiring
licenses in Yakutia and exploration so that it could provide
feedstock to Yakut LNG after it commences operations, potentially
in 2028.

Dominant Local Gas Producer: As the principal regional gas producer
and supplier, YATEC enjoys a dominant market position in Yakutia.
The regional gas distribution network is not connected to PJSC
Gazprom's (BBB/Stable) unified gas supply system, which secures the
company's market position, but at the same time, its natural gas
sales are constrained by local demand. Based on local regulation,
YATEC sells gas exclusively to JSC Sakhatransneftegas (controlled
by the government of Yakutia), and gas tariffs are set by the
regulator. In 2021, YATEC's average gas tariff increased by 18% yoy
after remaining stable over 2018-2020. Fitch assumes that the
tariff will be indexed up by 3% per year in 2022-2024.

Exposure to Liquids Credit Positive: YATEC benefits from
integration into gas condensate processing. Liquids made up 48% of
the company's EBITDA in 2020. YATEC currently produces liquified
petroleum gas (LPG), stable gas condensate (SGC), gasoline and
diesel fractions, and sells them locally and in the other eastern
regions of Russia, where the oil products market is in deficit.

Increasing Liquids Sales: YATEC is planning to divest its retail
network in 2021, and dramatically increase production and sales of
SGC and LPG through gas-cycling (when produced gas is re-injected
into the reservoir) from 2024. This could increase YATEC's EBITDA
by more than 50% but will require additional investments. YATEC's
capex earmarked for this project should be broadly covered by
operating cash flows and should not require significant additional
borrowings.

Transformational LNG Project: YATEC's owners are planning to
monetise the company's substantial natural gas reserves by building
a large LNG plant. The project is at the pre-FEED stage now and is
expected to be owned and realised by Globaltek LLC, a project
finance company controlled by A-Property (51%) and YATEC (49%).
YATEC's role in the project would be to secure the reserve base,
which should increase from 390bcm (based on Russian standards) to
at least 600bcm for the project to become feasible, and to sell
feedstock to the plant.

The plant's total budget is preliminarily assessed by the
management at EUR30 billion, with most of the investments made by
the project finance company. YATEC's share of investments in the
project over 2021-2025 is assessed at more than RUB30 billion,
which is planned to be mostly equity funded. Management expects to
approve the project in 2022 and it could start in 2028.

Execution Risks Related To Yakut LNG: YATEC may benefit from the
LNG project in the long term as its natural gas sales would
substantially increase. However, it also exposes YATEC to execution
risks and could have a substantial impact on its credit metrics.
The project is yet to be formally approved by the state, and its
funding structure is to be confirmed. Planned investments,
including YATEC's share of capex, are very substantial relative to
its cash flows, making its credit profile vulnerable to the size of
equity proceeds. For this reason, YATEC has an ESG Relevance Score
of '4' for Management Strategy.

Additionally, YATEC has an ESG relevance score of '4' for Group
Structure to reflect related party transactions entered by YATEC.
In particular, YATEC has provided funding to Globaltek LLC to fund
the initial stage of the LNG project.

DERIVATION SUMMARY

YATEC's scale of production is much lower than that of peers in the
'B' rating category, such as Kosmos Energy Ltd (B/Rating Watch
Negative), Ithaca Energy Ltd (B/Stable) and Seplat Petroleum
Development Company plc (B-/Positive). YATEC's reserve base is
stronger than peers, but its unit profitability is much weaker, due
to the regulation of natural gas prices in Russia. YATEC's earnings
are less volatile than its oil-focused peers. YATEC's rating also
takes into account high execution risks related to its
participation in the Yakut LNG project.  

KEY ASSUMPTIONS

-- Natural gas production at 1.8 bcm in 2021-2025;

-- Liquids production triples in 2024 relative to 2020;

-- Fuel sales are discontinued in 2022;

-- Gas prices are indexed at 3% in 2022-2025 after a sharp rise
    in 2021;

-- Brent oil price: USD63/b in 2021, USD55/b in 2022 and USD53/b
    in 2023-2025;

-- Average USD/RUB exchange rate: 74.1 in 2021, 72.5 in 2022 and
    72 in 2023-2025;

-- Capex totalling RUB47 billion in 2021-2025;

-- 30% dividend payout ratio;

-- RUB4.9 billion proceeds from divestments received in 2021.

RATING SENSITIVITIES

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

-- Successful implementation of the growth projects resulting in
    materially larger scale while maintaining FFO net leverage
    consistently below 4x.

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

-- Deteriorating liquidity position;

-- Inability to raise equity while proceeding with its share of
    investments into the LNG project leading to a significant
    increase in leverage, e.g. FFO net leverage consistently above
    6x;

-- Consistently negative free cash flow after equity funding.

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 Immediate Liquidity: YATEC's immediate liquidity is strong.
It has no material maturities in 2021-2022 (except for a
shareholder loan due in 2022, which should mostly be repaid in 3Q21
through a related-party transaction) and placed a RUB5 billion bond
in April 2021. However, YATEC's liquidity and financial flexibility
could be affected by its ability to raise equity financing needed
to fund YATEC's share of investments in Yakut LNG.

ISSUER PROFILE

YATEC is a small natural gas and condensate producer/refiner in
Russia's Republic of Yakutia. It is the only natural gas supplier
in the central part of Yakutia, including the city of Yakutsk.

ESG CONSIDERATIONS

YATEC has an ESG Relevance Score of '4' for Management Strategy due
to high execution risks related to the Yakut LNG project, which has
a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

YATEC has an ESG Relevance Score of '4' for Group Structure due to
related-party transactions, including borrowings provided to fund
the initial stage of the LNG project, which has a negative impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.

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



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

CANTERBURY FINANCE 1: Fitch Raises 3 Note Classes to 'BB+'
----------------------------------------------------------
Fitch Ratings has upgraded 17 tranches of Canterbury Finance No 1
(CF1), Canterbury Finance No 2 (CF2) and Canterbury Finance No 3
(CF3) and affirmed seven others. The class D, E and X notes of CF1,
class D of CF2 and class E and F of CF3 have been removed from
Rating Watch Positive (RWP). The Outlooks are Stable.

     DEBT                 RATING           PRIOR
     ----                 ------           -----
Canterbury Finance No.1 PLC

A1 XS1876157048    LT  AAAsf   Affirmed    AAAsf
A2 XS2020619230    LT  AAAsf   Affirmed    AAAsf
B XS1876157394     LT  AAAsf   Upgrade     AAsf
C XS1876157477     LT  A+sf    Upgrade     Asf
D XS1876157634     LT  A-sf    Upgrade     BBBsf
E XS1876157717     LT  BB+sf   Upgrade     BBsf
F XS1876157980     LT  BB+sf   Upgrade     BBsf
X XS1876158012     LT  BB+sf   Upgrade     B+sf

Canterbury Finance No.3 PLC

A1 XS2198900875    LT  AAAsf   Affirmed    AAAsf
A2 XS2198900958    LT  AAAsf   Affirmed    AAAsf
B XS2198901170     LT  AA+sf   Upgrade     AA-sf
C XS2198901253     LT  A+sf    Upgrade     Asf
D XS2198901337     LT  A-sf    Upgrade     BBBsf
E XS2198901501     LT  BBB-sf  Upgrade     BBsf
F XS2198901840     LT  BB+sf   Upgrade     B+sf
X XS2198901923     LT  BB+sf   Upgrade     BBsf

Canterbury Finance No.2 PLC

A1 XS2133480199    LT  AAAsf   Affirmed    AAAsf
A2 XS2133481080    LT  AAAsf   Affirmed    AAAsf
B XS2133483458     LT  AA+sf   Upgrade     AAsf
C XS2133483706     LT  A+sf    Upgrade     Asf
D XS2133483888     LT  A-sf    Upgrade     BBBsf
E XS2133483961     LT  BBB-sf  Upgrade     BB+sf
F XS2133484001     LT  BB+sf   Affirmed    BB+sf
X XS2133484340     LT  BB+sf   Upgrade     Bsf

TRANSACTION SUMMARY

The transactions feature static securitisations of buy-to-let (BTL)
mortgages originated by OneSavings Bank PLC (OSB), trading under
its Kent Reliance brand, in England and Wales. The loans are
serviced by OSB via its UK-based staff and offshore team.

KEY RATING DRIVERS

Off RWP: The withdrawal of coronavirus assumptions for the BTL
sector resulted in the class B to F notes being placed on RWP in
July 2021. The upgrades of the class B to F and X for CF1, CF2 and
class B to E and X for CF3 are supported by the retirement of
coronavirus-related stress assumptions in Fitch's analysis for UK
BTL portfolios (see 'Fitch Retires UK and European RMBS Coronavirus
Additional Stress Scenario Analysis, except for UK
Non-Conforming').

Positive Selection (Positive): The pools consists of UK BTL
mortgage loans advanced to borrowers with no adverse credit
history. This is more stringent than the adverse credit history
generally accepted by OSB. The majority of loans have been advanced
based on a full valuation and are underwritten by a robust lending
policy. Loans selected for the Canterbury series have been proven
to outperform OSB's wider book, which has led to Fitch assigning an
originator adjustment of 1.1x, lower than the 1.2x adjustment it
applied to its initial analysis of the transactions.

Limited Impact of Payment Holidays: Payment holidays for all three
transactions have decreased significantly from their 2020 peaks. In
May 2020, between 25% and 30% pools had a payment holiday
outstanding. This has since fallen to approximately 0.1% in all
transactions.

Fitch does not expect this to increase further given the deadline
for applying to the scheme has now passed, coupled with the
loosening of coronavirus-containment restrictions. The reduction in
the level of payment holidays benefits the transactions through
increased available revenue. It is particularly credit-positive for
the class X notes in all three transactions, given its principal is
repaid via excess spread. This is reflected in their upgrade.

Adequate Credit and Liquidity Support: Credit enhancement for the
class A notes has increased to 27.5%, 21.2% and 23.3% from 17%,
18.5% and 19.5% at closing for CF1, CF2 and CF3, respectively. This
is a result of the sequential note pay-down and the general reserve
fund established at closing for all three transactions at 1.5% of
the initial collateralised notes balance, which provides liquidity
and credit support to the class A1 to F notes in all transactions.

Additionally, an amortising liquidity reserve will be set up at
1.5% of the outstanding balance of the class A1 to B notes in all
transactions should the general reserve fund (GRF) falls below its
target amount. The GRF for CF1 and CF2 are non-amortising while the
GRF for CF3 can amortise until optional redemption date and is
subject to performance triggers.

The increased credit support and strong liquidity protection
available to the notes contributed to the affirmations and the
upgrades.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing credit
    enhancement levels and, potentially, upgrades. Fitch tested an
    additional rating sensitivity scenario by applying a decrease
    in the weighted average foreclosure frequency (WAFF) of 15%
    and an increase in the WA recovery rate (RR) of 15%, implying
    upgrades of up to one rating category.

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

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

-- In addition, unanticipated declines in recoveries could result
    in lower net proceeds, which may make certain notes' ratings
    susceptible to potential negative rating action depending on
    the extent of the decline in recoveries. Fitch conducts
    sensitivity analyses by stressing both a transaction's base
    case FF and RR assumptions. For example, a 15% WAFF increase
    and 15% WARR decrease would result in a model-implied
    downgrade of the mezzanine notes of up to three notches.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Prior to the transactions closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transactions closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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.

CLEVELAND BRIDGE: Production Work to Resume Today
-------------------------------------------------
TeessideLive reports that administrators appointed to troubled
Cleveland Bridge say production work will begin today, Aug. 9.

According to TeessideLive, the move will see 100 employees expected
to return to work at the iconic engineering site in Darlington.

It comes after 53 members of staff were made redundant from the
bridge building firm on Aug. 4, TeessideLive notes.

They went into administration last month and more than 300 direct
and contract jobs were put at risk, TeessideLive recounts.

Administrators have been working to find a new buyer for the
company, TeessideLive discloses.

"Restarting production is an important milestone for us as we look
to secure the future of the business and supports our ongoing talks
with interested parties," TeessideLive quotes Martyn Pullin --
martyn.pullin@frpadvisory.com -- Partner at FRP and Joint
Administrator of Cleveland Bridge UK, as saying.

Before the cuts, they employed 221 staff at its headquarters as
well as an engineering site in Wales, plus almost 100 contractors
in the North East and further afield, TeessideLive states.

Cleveland Bridge, which was founded in 1877, has worked on projects
such as the Sydney Harbour Bridge, the Victoria Falls Bridge and
Middlesbrough's Transporter Bridge.


FINASTRA LIMITED: Moody's Affirms B3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed Finastra Limited's (Finastra
or the company) B3 corporate family rating and B3-PD probability of
default rating, as well as the B2 and Caa2 instrument ratings on
the first lien and second lien backed senior secured bank credit
facilities, respectively, borrowed at subsidiaries DH Corporation,
Finastra Europe SA and Finastra USA, Inc. Outlook on all ratings is
stable.

"The ratings affirmation reflects Finastra's operating performance
strengthening over fiscal 2021, ending May 2021, and our
expectation that the company's credit metrics will remain in line
with our guidance for its B3 rating over the next 12-18 months"
says Luigi Bucci, Moody's lead analyst for Finastra.

"At the same time, free cash flow (FCF) remains limited in the
context of the company's elevated debt burden and operating
performance needs to remain on track to achieve additional
deleveraging from current levels" adds Mr Bucci.

RATINGS RATIONALE

Finastra's B3 CFR primarily reflects its: (1) positioning in the
financial services software sector, which is supported by positive
long-term growth dynamics; (2) widely diversified product range;
(3) good revenue visibility thanks to long-term contracts and high
retention rates; and (4) adequate liquidity, supported by the
recent turnaround in FCF generation.

Conversely, Finastra's CFR is constrained by the company's: (1)
very high Moody's-adjusted leverage; (2) free cash flow (FCF)
generation, limited in the context of the high debt burden; (3)
weak interest coverage; and (4) ongoing operating performance
pressures in its non-core segments.

Moody's expects Finastra's revenues to grow at around 1%-2% (core:
3%; non-core: -17%) and 2%-3% (core: 3%; non-core: -10%) over
fiscal 2022 and 2023, respectively, largely driven by subscriptions
and cloud and an overall stabilization in service revenues despite
the ongoing pressures in the non-core segment. While the rating
agency believes that the pandemic may have accelerated the demand
for digitalisation in the banking industry over the medium term, in
Moody's view the ceiling for overall revenue growth over the next
three to five years lies in the mid-single-digit range for
Finastra's offering.

The rating agency expects Finastra to record company-adjusted
EBITDA growth rates in the low single digits in percentage terms
over fiscal 2022 as it reinvests in the product, particularly
cloud, and impact from additional cost savings will be limited.
Moving into fiscal 2023, Moody's estimates company-adjusted EBITDA
to grow broadly in line with revenues. On a Moody's-adjusted-basis,
the evolution will be different in fiscal 2022 as the rating agency
assessment will consider future non-recurring items to be of a more
recurring nature than those booked over the past four years in the
context of the group integration and transformation after the D+H
acquisition.

Moody's expects Moody's-adjusted leverage to stand at around 7.9x
in fiscal 2022 (fiscal 2021: 7.6x) as lower Moody's-adjusted EBITDA
will offset the positive impact from repayments of the outstanding
RCF drawings. Leverage should then start to reduce in fiscal 2023
through EBITDA growth, ending the year at around 7.4x.

Moody's forecasts FCF to grow moderately towards $60-70 million in
fiscal 2022 and $100-110 million in fiscal 2023, supported by
company-adjusted EBITDA growth and an expected reduction in
exceptional items together with a continued improvement in working
capital. Despite of the overall improvement over the course of
fiscal 2021, these levels remain limited in the context of the
company's debt levels and translate into a Moody's-adjusted
FCF/debt in the 1%-2% range over fiscals 2022-2023.

ENVORONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Social risks that Moody's considers in Finastra's credit profile
include data security because the company's systems process large
amounts of confidential and sensitive data, which increases legal,
regulatory or reputational risks. In March 2020, Finastra was
subject to a ransomware attack, which forced the company to take
offline the affected servers. While certain operations were
suspended on the back of the attack, the company reported that
customer and employee data remained untouched.

In terms of governance, since 2012, Vista has been the key
shareholder in the business. The rating agency views the financial
policy of Finastra as aggressive, as illustrated by its very high
leverage after the acquisition of D+H in 2017. Moody's also notes
frequent changes in key management over the last 12-18 months,
particularly at CFO level.

LIQUIDITY

Finastra has an adequate liquidity profile, strengthened compared
to the previous year. As of the end of May 2021, the group had a
cash balance of $93 million and access to a drawn $400 million RCF
($201 million available). The current rating and outlook assume
that the RCF, due 2022, will be refinanced well ahead of maturity.
Despite the shift to subscriptions, the group maintains a seasonal
cash generation profile heavily geared towards the second half of
the year as a result of the annual collection cycle for maintenance
and some other recurring revenue.

The RCF has a springing first-lien net leverage covenant set at
7.8x, tested if 35% or more of the facility is utilised. Headroom
under the covenant test is currently ample (May 2021: 5.9x).

STRUCTURAL CONSIDERATIONS

The backed senior secured first-lien term loan is rated B2, one
notch above the CFR, reflecting its contractual seniority ahead of
the senior secured second-lien term loan, which is rated Caa2.

The backed senior secured first-lien facilities, comprising term
loan and RCF, rank pari passu and have a security package
comprising guarantees from all material operating subsidiaries
(>5% of consolidated EBITDA) on a first-ranking basis,
representing at least 80% of consolidated EBITDA. The backed senior
secured second-lien facilities benefit from the same security
package on a second-ranking basis.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the rating agency's expectation that
Finastra will continue improving its operating performance over the
next 12-18 months such that Moody's-adjusted leverage will remain
below 8x. The stable outlook also incorporates Moody's assumption
that the company will be able to record continued improvements in
positive FCF generation while maintaining an adequate liquidity,
and not undertake debt-funded shareholder distributions or
acquisitions.

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

The ratings could come under positive pressure if: (1) the company
were to generate continuous organic revenue and EBITDA growth; (2)
Moody's-adjusted debt/EBITDA were to reduce below 6.5x (below 7.5x
on an EBITDAC basis, that is, before the capitalisation of software
development costs); and (3) Moody's-adjusted FCF/debt were to
improve sustainably to 5% or above.

Moody's would consider a rating downgrade if Finastra's operating
performance were to weaken or if the company were to pursue a more
aggressive financial policy. Negative pressure on the ratings would
arise if: (1) organic revenue and EBITDA growth were to turn
negative; (2) Moody's-adjusted debt/EBITDA were to exceed 8x on a
sustained basis; or (3) FCF generation turned negative for an
extended period; or (4) liquidity were to deteriorate, including a
failure to refinance debt maturities in a timely manner.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
Industry published in August 2018.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Finastra Limited

LT Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Issuer: DH Corporation

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Issuer: Finastra Europe SA

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Issuer: Finastra USA, Inc.

BACKED Senior Secured Bank Credit Facility, Affirmed B2

BACKED Senior Secured Bank Credit Facility, Affirmed Caa2

Outlook Actions:

Issuer: DH Corporation

Outlook, Remains Stable

Issuer: Finastra Europe SA

Outlook, Remains Stable

Issuer: Finastra Limited

Outlook, Remains Stable

Issuer: Finastra USA, Inc.

Outlook, Remains Stable

COMPANY PROFILE
Headquartered in London (UK) Finastra Limited (Finastra) is a
leading financial services software provider, offering a broad
range of solutions to around 8,600 banks and financial institutions
located across 130 countries. Over fiscal 2021, Finastra generated
revenue and company-adjusted EBITDA of $1,799 million and $771
million, respectively.

FORMAPLEX: Bought Out of Administration in Pre-pack Deal
--------------------------------------------------------
The News reports that Formaplex, which supplies lightweight
component solutions to the automotive, motorsport, aerospace,
medical and defense markets, has seen a raft of recent
redundancies, restructuring and a pre-pack administration this
year.

The firm, which has four manufacturing sites in Hampshire --
Voyager Park in Portsmouth, Access Point in Cosham, and sites in
Horndean and Havant, was placed into administration last month,
only to be bought the same day in a pre-pack deal by its owners,
who have now created Formaplex Technologies, The News recounts.

It has been operating for more than 20 years.  It was bought by UK
private equity fund Elaghmore in February, which took the business
on a period of restructuring that saw it shed 110 staff, The News
discloses.

According to The News, Andy Ducker, partner at Elaghmore, said:
"While positive progress had been made, to secure the long-term
future of Formaplex Ltd the business needed to take further steps
to strengthen its balance sheet.

"As a result, Formaplex Ltd was placed into administration as of
July 8, 2021.  We agreed to purchase the business and assets of
Formaplex Limited from the administrators on the same day through a
procedure known as a pre-pack administration.

"There has been a seamless transition of customers and the 482
employees to a new business, Formaplex Technologies.  We have
secured the support of all the major customers, and a new,
experienced CEO, Dominic Cartwright has been appointed to run
Formaplex.

"Elaghmore has committed significant funding to ensure the future
of Formaplex, and grow the business."


HMV GROUP: Unsecured Creditors Set to Receive Negligible Return
---------------------------------------------------------------
Ashley Armstrong and Ben Martin at The Sunday Times report that
unsecured creditors of HMV are set to receive less than a penny in
the pound after the failure of the music retailer almost three
years ago.

HMV collapsed into administration a few days after Christmas in
2018 when the company, which was owned by Hilco Capital, was
crippled by a slump in festive trading, The Sunday Times recounts.

According to The Sunday Times, Doug Putman, a Canadian entrepreneur
and vinyl fan, bought the bulk of the business out of
administration the following February and is planning to expand it
to mark its centenary.

However, despite HMV's rescue, creditors of the retailer's former
owner are set to receive a negligible return, according to the
latest progress report from the administrators, The Sunday Times
discloses.



MCLAREN HOLDINGS: Fitch Assigns Final 'B-' LT IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned McLaren Holdings Limited (MHL) a final
Long-Term Issuer Default Rating (IDR) of 'B-' and McLaren Finance
plc's USD620 million senior secured notes (SSN) a final 'B' rating
with a Recovery Rating of 'RR3'. The Outlook on the IDR is Stable.

The IDR of MHL reflects its wholly-owned subsidiary McLaren
Automotive's (McLaren) limited geographic and product
diversification, expected negative free cash flow (FCF) and high
leverage. Rating strengths are McLaren's technical knowledge and
leading positions as a global niche manufacturer of luxury super
cars and growth prospects following a sharp sales decline in 2020
due to the pandemic. It also reflects the group's stronger balance
sheet following measures taken to bolster its capital structure.

The SSN's rating of 'B' reflects the notes' senior ranking to
obligations down-streamed by parent McLaren Group Limited (MGL)
from the issuance of preference shares and convertible preference
shares.

KEY RATING DRIVERS

Not a Typical Carmaker: The McLaren brand's fame and appeal spread
beyond car racing and extend McLaren's peer group to luxury
companies for which brand management, limited scale and
exclusivity, and strict pricing power are essential. Nonetheless,
McLaren remains a car manufacturer, subject to stringent sector
regulations, such as safety and fuel emissions, as well as high
investment requirements and fixed costs to amortise.

Niche Luxury Manufacturer: With only a limited product portfolio
and annual production capacity of about 5,000-6,000 units, McLaren
is small and not diversified. Despite the luxury segment's lower
volatility than mass-market cars', external shocks can
significantly affect sales. Wholesale volume fell by about a half
in 2020 as a result of the pandemic, to less than 2,000 units,
although retail volumes were less affected, because of destocking
at dealers. In addition, as its whole product portfolio is
developed on a common platform, a problem affecting one model could
affect the entire range.

Clear and Solid Positioning: McLaren has resilient pricing power at
the high-end of the market and a clear positioning in luxury super
cars with top-3 positions in the relevant sub-segments. The
internal development of platform and powertrains is a significant
drag on earnings and cash flows as they are not shared with, or
supplied by, a partner, but they provide McLaren with a distinctive
selling point, compared with other brands that are part of larger
automotive groups.

Limited Geographic Diversification: Sales are focused on Europe and
North America, with only a modest presence in China. Chinese
customers are less attracted to sport cars and prefer ultra-luxury
limousines and SUVs. Furthermore, McLaren has a significant
mismatch between sales and production, and material currency
exposure, given its production and R&D made exclusively in the UK,
but with about 70% of total revenue denominated in non-sterling
currencies.

Challenged by Shifting Industry Trends: While not directly and
immediately affected by all of the industry's structural trends,
including connectivity, autonomous driving and electrification,
McLaren is gradually transitioning toward electric powertrains. The
group has launched a hybrid model in 2021 with satisfactory initial
success, and is considering electric models in the next few years.
Its credit profile could be challenged by the electrification
trend, which could create opportunities for new entrants and prompt
increased investment for incumbent manufacturers, but the overall
impact on sales and earnings is yet unclear.

Racing's Needs Largely Covered: The racing division has been carved
out from MGL and is effectively ring-fenced from the automotive
group. Fitch believes that MGL will continue to support the racing
division in case of financial stress, potentially with cash flows
from MHL, which Fitch would treat as event risk. Immediate risks of
cash leakage are mitigated by a recent capital increase, which
Fitch expects should largely cover the racing business's financial
needs for the next two to three years in the absence of major
change in the business plan.

Restructured Financial Profile: The overall McLaren group has taken
a series of measures to bolster its financial structure, including
MGL's issuance of GBP400 million of preference shares to new
investors and GBP150 million of convertible preference shares, of
which approximately GBP370 million will be down-streamed to MHL
through cash and equity following the repayment of a GBP150 million
loan. Other measures include the issue by MHL of USD620
million-equivalent of new five-year SSNs to repay its existing
senior notes and loans; the sale & leaseback of McLaren's
headquarters for GBP170 million; and the sale of McLaren Applied.

High Leverage to Decline: Fitch calculates funds from operations
(FFO) gross leverage (pro-forma for the above measures) of just
below 6x at end-2021, declining rapidly to 3x-4x through to
end-2023 and further to around 2x at end-2024. While not included
in Fitch's liquidity and leverage calculations, less than 50% of
the McLaren heritage car collection, valued at more than GBP200
million, will be allocated to the automotive group.

Improving Medium-term Profitability: Earnings took a major hit from
the pandemic with the automotive EBITDA margin falling to around
break-even in 2020, from about 20% in 2018-2019. Fitch expects the
operating margin to recover gradually in 2021-2023 with an
acceleration from 2024 due to stronger profitability of new
products, contained costs and the effect of lower depreciation &
amortisation. Fitch believes that new model launches and a
recovering environment will support prices while the increasing
share of Ultimate series sales and customisation options will
bolster profitability. In parallel, McLaren is increasing component
carry-over between models and streamlining its purchasing and
production process.

Negative FCF: FCF has been negative for several years and
deteriorated further during the pandemic because of falling
underlying earnings, leading to more than GBP400 million negative
FCF in 2020. Fitch expects FCF to remain negative between 2021 and
2023, before gradually recovering as FFO improves and investments
slow, due to a new architecture and model-range streamlining.

DERIVATION SUMMARY

McLaren is a niche manufacturer, much smaller than other carmakers
in Fitch's public portfolio rated in the 'BB' and above rating
categories. Its product range and overall diversification is weaker
than larger peers'. Its brand value is strong, supported by its
history and heritage, but not above that of leading and established
car groups with a long history such as Toyota Motor Corporation
(A+/Stable), Daimler AG (BBB+/Positive) and BMW AG.

MHL's financial profile is at the low end of Fitch's portfolio of
rated car manufacturers, with sustained FCF absorption and high
leverage. Higher-rated carmakers typically report net cash
positions through the cycle, contrary to MHL, which has high
leverage even after the recent refinancing and restructuring
measures.

KEY ASSUMPTIONS

-- Revenue growth of more than 20% in 2021 and 2022, declining to
    low single digits in 2023, before accelerating again towards
    double digits in 2024 in line with the product pipeline;

-- EBIT margin to improve gradually and become positive in 2024,
    at around 3.5%;

-- Annual working capital outflow on average at around GBP20
    million through to 2025;

-- Capex at 17%-20% of revenue to 2025;

-- No acquisitions and no dividend payment to 2025;

-- Revolving credit facility (RCF) undrawn to 2025.

RATING SENSITIVITIES

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

-- Positive EBIT margin;

-- Positive FCF on a sustained basis;

-- FFO gross leverage below 3.5x.

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

-- EBIT and FCF remaining negative by 2024;

-- FFO gross leverage above 5.5x;

-- Rapidly deteriorating liquidity;

-- Inability to respond to industry trends, notably the
    transition to electric powertrains.

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

Transaction Improving Liquidity: MHL reported GBP67 million of cash
and cash-equivalent at end-2020 and GBP60 million available under
its previous RCF.

Fitch expects the ongoing refinancing measures, including the
issuance of preference shares and convertible preference shares by
MGL, with proceeds down-streamed to MHL through the purchase of the
racing division stake (GBP150 million) and of a portion of heritage
cars (GBP85 million), and equity contribution; a sale and leaseback
transaction (GBP170 million); and new SSNs (USD620 million) will
bolster MHL's liquidity. Fitch expects pro-forma liquidity to
increase to just below GBP200 million at end-2021.

A new super senior RCF of GBP110 million, including a GBP15 million
accordion option, will also be available. The accordion option
enables MHL to increase the RCF size without the need for consent,
and Fitch views it as available in Fitch's liquidity calculation.
Total available cash should cover Fitch's expectations of cash
absorption until 2023.

New Debt Structure: Post-financial restructuring debt includes
USD620 million in SSNs and an RCF of GBP110 million, including
GBP40 million as letters of credit. MHL has also a trade-finance
facility of USD220 million that provides support to the group's
independent retailers. This facility was GBP64 million-utilised at
end-2020, and Fitch assumes a modest increase in usage by around
GBP50 million by end-2024.

ISSUER PROFILE

MHL is the intermediate holding of MGL. It owns 100% of McLaren
Automotive and 100% of McLaren Applied. McLaren Automotive is a
manufacturer of luxury, high-performance sport cars and supercars.

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.

PEOPLECERT HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its long-term 'B' issuer credit rating
to PeopleCert Holdings UK Ltd., the ultimate parent of the combined
PeopleCert group. S&P also assigned an issue rating of 'B' to the
senior secured notes and a recovery rating of '3' (rounded
estimate: 50%), based on its expectation of meaningful recovery in
the event of a default.

U.K.-based certifications provider PeopleCert recently announced
the acquisition of AXELOS, owner of the intellectual property of
its two main frameworks (ITIL and PRINCE2) for £389 million. The
group has recently completed the issuance of EUR300 million of
senior secured notes to partially fund the acquisition.

S&P said, "The stable outlook reflects our expectations that the
group will successfully integrate AXELOS and achieve rapid organic
revenue growth, allowing it to reduce leverage to adjusted debt to
EBITDA of 4.0x-4.5x. The stable outlook also reflects our
expectation that free cash flow generation will support the group's
liquidity position.

"The final ratings are in line with the preliminary ratings we
assigned on July 23, 2021.


"Our ratings on PeopleCert reflect the group's relatively small
size in the highly fragmented professional education solutions
industry, its elevated leverage at the closing of the transaction
and execution risks around its expansion strategy, as well as
acquisition-related integration risks. These challenges are
partially offset by the group's vertically integrated business
model, which supports above-average profitability, and high
barriers to entry thanks to the ownership of the ITIL and PRINCE2
frameworks. We expect the group will deliver high revenue and
earnings growth, which should see it quickly deleverage to
4.0x-4.5x debt to EBITDA in FY2022. Our ratings also incorporate
our assumption that the group will follow a balanced financial
policy with a strong focus on reducing leverage over the medium
term.

Following the acquisition of AXELOS, PeopleCert will become a
leading integrated provider of professional certifications. On June
21, 2021, PeopleCert reached an agreement to acquire AXELOS, the
owner of the intellectual property for a portfolio of IT and
project management frameworks and certifications from U.K.-based
professional services provider Capita PLC, for £389 million.
PeopleCert has financed the acquisition with EUR300 million of
senior secured notes and a £140 million equity injection from
Silicon Valley-based private equity firm FTV Capital, which will
become a minority shareholder. The remaining proceeds from the debt
issuance and cash on the balance sheet will be used to redeem
PeopleCert's existing debt and fund transaction-related costs. S&P
said, "We estimate that S&P Global Ratings-adjusted leverage is
about 6.3x at the closing of the transaction, based on pro forma
adjusted EBITDA of about £41 million for the combined group during
the 12 months to March 31, 2021. We anticipate that the group will
close 2021 with adjusted leverage of 5.6x on a fully consolidated
basis."

The IT and project management frameworks are PeopleCert's main
assets, and the group is rapidly expanding its languages
division.Since 2018, PeopleCert has been the exclusive distributor
and examinations provider for AXELOS' portfolio of products,
deriving most of its revenues from the commercialization of ITIL
and PRINCE2 exams (about 90% of total exam revenues in 2020) in
exchange for royalty fees. ITIL and PRINCE2 are frameworks with
strong positions in IT and project management, respectively (global
market shares of about 25%), and are used by over 50,000 corporate
organizations and 800 government bodies globally. ITIL is a broad
framework of IT service-management best practices that prepare
organizations for their digital transformation. While ITIL is the
market's only broad IT service framework, PeopleCert mainly
competes with associations and non-for-profit organizations, and
operates alongside providers of more specific certifications--for
example, COBIT (for cybersecurity) or Amazon Web Services (cloud
computing). PRINCE2 is the world's leading project management
framework, encompassing various practices and initiatives to
increase organizational effectiveness. It mainly competes with PMP,
which has a stronger market share in the U.S. and China, whereas
PRINCE2 leads in the U.K. and continental Europe. With the
completion of the acquisition, PeopleCert will now fully own,
develop, and commercialize 700 certifications in the IT and
business sectors, and continue to provide language examinations
under the Common European Framework of Reference (CEFR) through
LanguageCert.

Full ownership of its flagship certifications, and strong tailwinds
in the languages division, will boost organic growth of 20%-30%
during the next 12-18 months.Increasing demand for professional
certifications in IT and project management (supported by the sharp
increase in remote working and digitization), increased focus on
marketing outreach, and full control over its pricing strategy
could drive sound growth in PeopleCert's exam volumes and revenue
over our forecast period. In 2015-2018, the group's ITIL and
PRINCE2 revenues faced temporary declines due to increases in exam
prices and historic underinvestment, which led to a fall in
volumes. However, after the rollout of the updated ITIL4
certification in 2019, revenue growth picked up and continued until
the pandemic hit in March 2020. In 2020, exam revenues declined by
13% because of pandemic-related effects on corporate and government
education budgets. In the first quarter of 2021, revenue growth
resumed at about 20% for the combined group. S&P said, "We believe
LanguageCert will contribute to future growth through a rapid
increase in volumes. While the company currently has a very small
share in this market--it competes with established players such as
Pearson and the IELTS SELT Consortium--in our view demand for
LanguageCert's exams will be strong." Demand will be supported by
recent contract wins with several European government bodies (such
as the U.K. Home Office and the French Ministry of Education).
These factors should translate into above-peer-average adjusted
EBITDA margins of about 50%-60% over our forecast period.

PeopleCert's relatively small earnings base and concentration on
two main frameworks could lead to volatile credit metrics. With
forecasted revenues of about £80 million-£100 million and
adjusted EBITDA of £40 million-£50 million in 2021 (pro forma the
AXELOS acquisition), PeopleCert's revenues and earnings base is
considerably smaller than some of its larger, more diversified
peers in the broader education and media sectors. S&P said,
"Although we anticipate high top-line and earnings growth, the
limited scale and scope of operations could expose the group to
increased volatility in credit metrics in the event of operating
underperformance or unforeseen exceptional costs. The group also
currently lacks audited financial accounts for the consolidated
group's perimeter, which could lead to some variation in forecasted
credit metrics. We also see PeopleCert's heavy reliance on ITIL and
PRINCE2 certifications as a risk." These certifications generated
89% of its exam revenue in 2020. Although used by corporations and
governments globally, they are not immune to competitive pressures;
specialized providers could disrupt parts of PeopleCert's
end-markets. PeopleCert will need to invest continually in updating
its certifications to stay ahead of the pack. That said, a decline
in ITIL or PRINCE2's relevance is unlikely in the near-to-medium
term and would be gradual rather than abrupt.

S&P said, "We expect leverage will reduce to 4.0x-4.5x by the end
of 2022, from above 6.0x at closing, due to rapid top-line and
earnings growth.Under our base case, we also envision PeopleCert
continuing to generate significant cash, with free operating cash
flows (FOCF) of £10 million-£20 million in 2021 and £30
million-£40 million in 2022." Rapid deleveraging and high cash
flow generation will be supported by strong organic growth of
8%-12% in the group's main ITIL and PRINCE2 certifications
divisions, as the group is expected to increase its focus on
boosting exam volumes and introduce a variety of related products
(such as mock exams and mandatory reading materials) that should
boost average fees earned per certification. PeopleCert's
proprietary technology capabilities--enabling it to provide
examination services virtually (including online proctoring and
identification) and so eliminate the staff and real estate needs of
physical examinations--will also support profitability. The rapid
expansion of the languages division, LanguageCert, on strong
relationships with government bodies and an increased need for
immigration- and education-related languages certifications, will
also support the group's growth.

S&P said, "We anticipate that PeopleCert's financial policy will be
less aggressive than those of private equity-owned peers. We expect
that PeopleCert will focus on reducing leverage over the next
two-to-three years, while pursuing moderate shareholder
distributions funded with part of the group's free cash flow
generation. The group has historically operated with very low
leverage and we understand its founder, controlling shareholder and
CEO Byron Nicolaides, will maintain a cautious approach and focus
on deleveraging after completing the AXELOS acquisition. As such,
we anticipate that PeopleCert's financial policy will be less
aggressive compared with private-equity-owned peers such as
Prometric, Ascend, and Colibri Group. The participation of private
equity firm FTV Capital as PeopleCert's minority shareholder will
not materially change the group's financial policy, in our view."

PeopleCert has a smaller scale of operations than some of its
better-diversified competitors, but it stands to achieve higher
profitability and lower leverage compared with peers. PeopleCert
operates alongside other global testing solutions and
certifications providers such as Prometric and Pearson Vue, as well
as regional and more specialized certifications providers such as
Ascend Learning and Colibri Group. Compared to peers, we believe
that PeopleCert has a smaller and more concentrated earnings base
that exposes it to higher volatility in earnings and credit
metrics. On the other hand, its vertically integrated business
model and growth prospects compare positively to most
certifications providers, which depend on external (largely
non-profit) awarding organizations to enhance the marketability and
commercialization of their products, while paying hefty royalty
fees that eat into profitability margins.

S&P's rating on PeopleCert is higher than our ratings on U.S.-based
peers Prometric, Ascend Learning, and Colibri Group (all owned by
private equity sponsors). This mainly reflects PeopleCert's lower
leverage and more conservative financial policy. Prometric
(B-/Negative) is an established provider of testing solutions for
external awarding organizations through multi-year contracts.
Ascend Learning (B-/Stable) and Colibri Group (McKissock Investment
Holdings; B-/Stable) develop and distribute a range of professional
certifications in the health care and real estate industries,
respectively. However, its rating on PeopleCert is lower than our
ratings on larger more diversified peers such as Pearson PLC
(BBB-/Stable). Pearson's business division, Pearson Vue, is the
global leader in testing solutions and has a significantly larger
scale of operations (with over 15 million exams delivered annually,
compared to PeopleCert's 570,000).

S&P said, "The stable outlook reflects our expectation that, over
the next 12 months, PeopleCert will integrate the AXELOS business
and achieve rapid organic revenue growth, allowing it to reduce
leverage, with adjusted debt to EBITDA declining to 4.0x-4.5x,
while maintaining FOCF to debt comfortably above 5%. The stable
outlook also reflects our assumption that PeopleCert will generate
FOCF of £15 million-£20 million and maintain an adequate
liquidity position.

"We could lower our ratings if PeopleCert was unable to grow its
revenue and earnings in line with our base case, or followed a more
aggressive financial policy than we currently expect, such that
adjusted debt to EBITDA stayed above 5.0x or FOCF to debt
deteriorated toward 5%." This could happen if:

-- It struggles to integrate AXELOS, or fails to achieve volume
growth in its core IT and business certifications divisions,
leading to persistently high leverage; and/or

-- The group prioritized debt-funded acquisitions or large
shareholder distributions over deleveraging.

S&P said, "A positive rating action is unlikely in the near term,
in our view. Over the longer term, we could raise our ratings if
PeopleCert meaningfully expanded its size and scope of operations
and reduced its dependence on the ITIL and PRINCE2 frameworks,
while achieving strong and stable growth in earnings and FOCF
generation. An upgrade would also require adjusted debt to EBITDA
to decline comfortably below 4.0x, and the financial policy to aim
at maintaining improved credit metrics, with limited risk of
re-leveraging."


[*] UK: Company Liquidations in Scotland Up 65% in Q Ended June 30
------------------------------------------------------------------
Mark Williamson at The Herald reports that the number of firms
going into liquidation in Scotland has surged amid the challenges
posed by the pandemic official figures show.

According to The Herald, the Accountant in Bankruptcy recorded 163
cases of firms entering liquidation, in the quarter to  June 30, up
65% on the 99 recorded in the same period in 2020.

The number of liquidations in the latest quarter was up around 80%
on the three months to March 31, during which 91 were recorded, The
Herald notes.

The increase was driven by a 132% rise in the number of creditors'
voluntary liquidations, to 132, from 57 in the same period last
year, The Herald states.

Directors of some of the firms concerned may have decided they
could not continue trading following months in which many
businesses faced challenging trading conditions, The Herald
discloses.

Restructuring and insolvency trade body R3 said the figures
reflected the tough three months the Scottish business community
has been through, The Herald relates.

"With an uneven easing of restrictions across the country, a number
of businesses are still adapting to the 'new normal' and will have
to wait a while before they return to pre-pandemic trading," The
Herald quotes Iain Fraser, who chairs R3's Scottish Technical
Committee, as saying.

Mr. Fraser noted that while Scotland's economy is recovering and
business confidence has risen times remain tough for the retail,
hospitality and nightlife industries, according to The Herald.




===============
X X X X X X X X
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[*] BOND PRICING: For the Week August 2 to August 6, 2021
---------------------------------------------------------
Issuer         Coupon  Maturity     Currency  Price
------         ------  --------     --------  -----
Casino Guichard 1.004                 EUR     43.323
Casino Guichard 3.992                 EUR     72.701
Hurricane Energy7.500     7/24/2022   USD     63.333
Mitsubishi UFJ I3.957     12/15/2050  EUR     50.127
Intralot Capital5.250     9/15/2024   EUR     59.981
Accor SA        0.700     12/07/2027  EUR     51.846
Fuerstenberg Cap5.625                 EUR     49.275
Rallye SA       4.000     2/28/2030   EUR     30.875
Air France-KLM  0.125     3/25/2026   EUR     15.866
EYEMAXX Real Est5.500     4/26/2023   EUR     61.991
Metro Bank PLC  5.500     6/26/2028   GBP     65.325
EA Partners II B6.750     06/01/2021  USD     42.125
Econocom Group S0.500     03/06/2023  EUR     7.649
Voltalia SA     1.000     1/13/2025   EUR     31.131
Korian SA       0.875     03/06/2027  EUR     57.107
Mallinckrodt Int5.750     08/01/2022  USD     66.500
EYEMAXX Real Est5.500     9/24/2024   EUR     44.473
PB International7.625     1/26/2022   USD     30.833
FIGEAC-AERO     1.125     10/18/2022  EUR     22.338
Pierre Et Vacanc2.000     04/01/2023  EUR     29.904
Rallye SA       4.371     1/23/2023   EUR     31.699
Korian SA       2.500                 EUR     42.099
Wirecard AG     0.500     09/11/2024  EUR     10.990
HOCHDORF Holding2.500                 CHF     57.502
Nexity SA       0.250     03/02/2025  EUR     67.729
Mallinckrodt Int4.750     4/15/2023   USD     24.500
Hylea Group SA  7.250     12/01/2022  EUR     35.500
Maisons du Monde0.125     12/06/2023  EUR     46.355
Naviera Armas SA6.500     7/31/2023   EUR     69.864
Quadient SA     3.375                 EUR     58.213
Moby SpA        7.750     2/15/2023   EUR     31.524
Nostrum Oil & Ga8.000     7/25/2022   USD     27.458
Intu Debenture P5.562     12/31/2027  GBP     39.500
Intelsat Luxembo8.125     06/01/2023  USD     3.316
Mallinckrodt Int5.625     10/15/2023  USD     68.250
Privatbank CJSC 10.250    1/23/2018   USD     10.000
Air Berlin PLC  6.750     05/09/2019  EUR     0.325
Mallinckrodt Int5.500     4/15/2025   USD     69.250
Bourbon Corp    8.061                 EUR     15.770
Intelsat Jackson5.500     08/01/2023  USD     58.500
Officine Maccafe5.750     06/01/2021  EUR     19.906
O1 Properties Fi0.500     9/27/2028   USD     10.000
Air Berlin PLC  8.250     4/19/2018   EUR     0.268
Intelsat Jackson8.500     10/15/2024  USD     58.000
Abengoa Abenewco1.500     4/26/2024   EUR     1.183
EYEMAXX Real Est5.500     7/22/2025   EUR     73.981
Orient Express B2.000                 USD     30.190
Debenhams PLC   5.250     7/15/2021   GBP     1.001
PREOS Global Off7.500     12/09/2024  EUR     64.500
Rallye SA       3.400     1/31/2022   EUR     34.132
Rallye SA       3.250     02/08/2024  CHF     32.435
Offshore Drillin8.375     9/20/2020   USD     6.967
Union Fenosa Pre1.107                 EUR     70.420
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Lloyds Bank PLC 2.661     2/22/2033   USD     77.178
Nostrum Oil & Ga7.000     2/16/2025   USD     27.458
Hellenic Bank PC10.000                EUR     57.440
Senvion Holding 3.875     10/25/2022  EUR     0.504
Neoen SA        1.875     10/07/2024  EUR     43.572
Rallye SA       5.250     02/01/2022  EUR     32.887
Genfit          3.500     10/16/2025  EUR     18.669
Intelsat Connect9.500     2/15/2023   USD     33.397
Immigon Portfoli5.801                 EUR     12.226
Ziton A/S       7.900     10/03/2022  EUR     65.000
Neoen SA        2.000     06/02/2025  EUR     52.947
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Turkey Governmen10.500    08/11/2027  TRY     74.950
Lloyds Bank PLC 2.308     4/26/2033   USD     80.836
Naviera Armas SA4.250     11/15/2024  EUR     68.360
Travelex Financi8.000     5/15/2022   EUR     1.333
Rickmers Holding8.875     06/11/2018  EUR     0.565
Koninklijke Luch0.750                 CHF     25.250
DOF Subsea AS   8.260     11/27/2023  NOK     27.250
EA Partners I BV6.875     9/28/2020   USD     0.503
Galapagos Holdin7.000     6/15/2022   EUR     1.500
Jain Internation7.125     02/01/2022  USD     21.750
Stichting Afwikk6.250     10/26/2020  EUR     5.263
Intelsat Luxembo7.750     06/01/2021  USD     2.500
Mitsubishi UFJ I3.704     12/30/2099  EUR     5.333
Nexity SA       0.125     01/01/2023  EUR     64.819
Air Berlin PLC  5.625     05/09/2019  CHF     0.510
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Avangardco Inves10.000    10/29/2018  USD     0.396
Intelsat Jackson9.750     7/15/2025   USD     58.750
Nexity SA       0.875     4/19/2028   EUR     59.001
Dexia Credit Loc1.181                 EUR     3.391
Barclays Bank PL2.852     3/28/2033   USD     71.793
Banco Espirito S7.125     11/28/2023  EUR     0.139
Rallye SA       4.000     11/23/2020  CHF     28.000
Bilt Paper BV   9.640                 USD     1.699
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Deutsche Bank AG2.218     3/15/2033   USD     72.300
Norddeutsche Lan7.490                 EUR     67.891
OGX Austria GmbH8.500     06/01/2018  USD     0.022
FF Group Finance3.250     11/02/2021  CHF     8.422
Scandinavian Air0.625                 CHF     23.000
Senivita Social 4.000     05/12/2025  EUR     8.010
UkrLandFarming P10.875    3/26/2018   USD     1.885
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Yuksel Insaat AS9.500     11/10/2015  USD     1.007
Alitalia-Societa5.250     7/30/2020   EUR     0.100
Privatbank CJSC 10.875    2/28/2018   USD     29.354
Privatbank CJSC 11.000    02/09/2021  USD     3.772
Hamon & CIE SA  3.300     1/31/2035   EUR     45.890
JP Morgan Struct0.379     9/30/2021   EUR     1.000
REM Saltire Hold7.000     12/31/2024  NOK     51.777
Grupo Isolux Cor1.000     12/30/2021  EUR     0.182
Hellenic Republi2.085     7/25/2057   EUR     47.720
Gamalife - Cia d2.957                 EUR     72.991
Alno AG         8.500     5/14/2018   EUR     16.226
FF Group Finance1.750     07/03/2019  EUR     5.442
Eramet SA       4.000                 EUR     66.173
Fuerstenberg Cap1.020                 EUR     48.138
Joh Friedrich Be7.750     11/11/2020  EUR     45.000
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
JZ Capital Partn6.000     7/30/2021   GBP     9.600
Claranova SADIR 5.000     07/01/2023  EUR     1.110
EOS Imaging SA  6.000     5/31/2023   EUR     6.857
Lehman Brothers 5.125                 EUR     8.008
Espirito Santo F6.875     10/21/2019  EUR     0.244
Stichting Afwikk11.250                EUR     1.258
Banco Espirito S6.875     7/15/2016   EUR     25.250
Norske Skogindus7.000     12/30/2026  EUR     0.001
DOF Subsea AS   9.500     3/14/2022   USD     27.194
WD Invest Sarl  1.900     10/02/2024  EUR     10.051
Lehman Brothers 6.900                 USD     3.986
Tresu Investment5.000     9/29/2022   EUR     28.250
Hema Bondco II B8.500     1/15/2023   EUR     0.780
EFG Internationa0.321                 EUR     66.617
Saleza AS       9.000     07/12/2021  EUR     0.203
Verimatrix SA   6.000     6/29/2022   EUR     3.801
Banco Espirito S2.106                 EUR     0.124
Dexia SA        1.244                 EUR     1.402
Pentracor GmbH  8.500     5/29/2025   EUR     71.175
Deutsche Bank AG1.268     6/28/2033   USD     71.650
KTG Agrar SE    7.125     06/06/2017  EUR     2.885
Lehman Brothers 3.875                 EUR     8.000
International In9.000     07/06/2011  EUR     0.176
KPNQwest NV     10.000    3/15/2012   EUR     0.474
JP Morgan Struct0.379     9/30/2021   EUR     1.000
Virgolino de Oli10.500    1/28/2018   USD     0.882
Praktiker AG    5.875     02/10/2016  EUR     0.069
JP Morgan Struct0.379     9/30/2021   EUR     1.000
ESFIL-Espirito S5.250     06/12/2015  EUR     0.112
New World Resour4.000     10/07/2020  EUR     0.231
Solon SE        1.375     12/06/2012  EUR     0.745
Banca Popolare d2.821     12/20/2017  EUR     0.159
Joh Friedrich Be6.250     6/18/2024   EUR     45.500
BNP Paribas SA  7.625                 USD     50.000
Finance and Cred9.250     1/25/2019   USD     0.257
Agrokor dd      9.875     05/01/2019  EUR     15.000
Banca Popolare d9.500     9/29/2025   EUR     0.049
Norske Skogindus2.000     12/30/2115  EUR     0.113
Cirio Holding Lu6.250     2/16/2004   EUR     0.728
LBI ehf         6.100     8/25/2011   USD     9.883
Norwegian Air Sh5.000     02/07/2023  SEK     44.592
Lehman Brothers 5.750                 EUR     3.962
Hellas Telecommu6.054     1/15/2015   USD     0.001
Breeze Finance S6.708     4/19/2027   EUR     31.000
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intralot Capital5.250     9/15/2024   EUR     60.035
Corporate Commer8.250     08/08/2014  USD     0.308
Nostrum Oil & Ga8.000     7/25/2022   USD     27.865
Allied Irish Ban12.500    6/25/2035   GBP     61.150
Windreich GmbH  6.500     03/01/2015  EUR     4.475
Tennor Finance B5.750     6/17/2024   EUR     75.000
Mallinckrodt Int5.625     10/15/2023  USD     68.183
Finmek Internati7.000     12/03/2004  EUR     2.193
Portugal Telecom6.250     7/26/2016   EUR     0.175
Cirio Finanziari8.000     12/21/2005  EUR     1.295
Mallinckrodt Int5.750     08/01/2022  USD     66.300
New World Resour8.000     04/07/2020  EUR     0.110
UniCredit Bank A0.107     11/19/2029  EUR     67.979
Norwegian Air Sh6.375     11/15/2024  USD     49.542
Alpine Holding G6.000     5/22/2017   EUR     2.233
Alno AG         8.000     3/21/2019   EUR     16.200
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Veneto Banca SpA9.878     12/01/2025  EUR     0.448
SAG Solarstrom A6.250     12/14/2015  EUR     31.000
Societe Centrale2.500     5/15/2023   EUR     6.880
Dr Wiesent Sozia7.000                 EUR     0.011
Agrokor dd      9.125     02/01/2020  EUR     15.000
Mallinckrodt Int5.500     4/15/2025   USD     62.500
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Cooperatieve Rab0.500     10/30/2043  MXN     15.182
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Cirio Finance Lu7.500     11/03/2002  EUR     2.665
Civitas Properti4.000     11/24/2022  EUR     47.000
Ghelamco Invest 4.500     5/23/2022   EUR     40.000
Orange SA       3.000     6/15/2022   EUR     10.000
Cooperatieve Rab0.500     7/30/2043   MXN     15.987
Sairgroup Financ4.375     06/08/2006  EUR     1.525
Banco Espirito S6.900     6/28/2024   EUR     25.296
International In11.000    2/19/2013   USD     0.276
CBo Territoria  3.750     07/01/2024  EUR     4.700
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Depfa Funding II0.235                 EUR     57.237
Santander Consum5.110                 NOK     44.846
Virgolino de Oli10.500    1/28/2018   USD     0.882
Lloyds Bank PLC 0.500     7/26/2028   MXN     59.625
OGX Austria GmbH8.500     06/01/2018  USD     0.022
Stichting Afwikk6.625     5/14/2018   EUR     5.250
Santander Consum5.110                 NOK     44.846
Alpine Holding G5.250     07/01/2015  EUR     2.233
Offshore Drillin8.375     9/20/2020   USD     6.967
Rallye SA       1.000     10/02/2020  EUR     27.309
Bank Nadra Via N8.250     7/31/2018   USD     0.208
Sidetur Finance 10.000    4/20/2016   USD     2.082
KPNQwest NV     8.125     06/01/2009  USD     0.474
Nostrum Oil & Ga7.000     2/16/2025   USD     27.592
Cirio Del Monte 7.750     3/14/2005   EUR     0.590
Agrokor dd      8.875     02/01/2020  USD     15.000
Island Offshore 2.790     6/30/2022   NOK     4.777
Virgolino de Oli10.875    1/13/2020   USD     34.000
Banco Espirito S2.286                 EUR     0.237
WPE Internationa10.375    9/30/2020   USD     5.000
Grupo Isolux Cor6.000     12/30/2021  EUR     0.229
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Espirito Santo F9.750     12/19/2025  EUR     0.389
Intelsat Connect9.500     2/15/2023   USD     33.397
Alpine Holding G5.250     06/10/2016  EUR     2.233
SpareBank 1 SR-B1.212     12/21/2030  EUR     73.522
SAS AB          4.410                 SEK     26.464
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Peine GmbH      2.000     07/05/2023  EUR     44.500
Windreich GmbH  6.500     7/15/2016   EUR     4.475
Sberbank of Russ0.010     7/24/2028   RUB     80.100
German Pellets G7.250     04/01/2016  EUR     1.000
German Pellets G7.250     11/27/2019  EUR     1.000
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
Espirito Santo F3.125     12/02/2018  EUR     1.485
A-TEC Industries2.750     05/10/2014  EUR     0.100
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Norske Skog Hold8.000     2/24/2021   EUR     0.006
Cattles Ltd     8.125     07/05/2017  GBP     0.027
SiC Processing G7.125     03/01/2016  EUR     2.381
Erotik-Abwicklun7.750     07/09/2019  EUR     0.779
Elli Investments12.250    6/15/2020   GBP     52.250
Del Monte Financ6.625     5/24/2006   EUR     4.413
Sberbank of Russ0.010     7/23/2026   RUB     80.100
SAG Solarstrom A7.500     07/10/2017  EUR     31.000
Credit Suisse AG5.880     6/28/2023   USD     10.000
Havila Shipping 4.700     01/02/2025  NOK     24.195
Vneshprombank Lt9.000     11/14/2016  USD     0.078
O1 Properties Fi8.250     9/27/2021   USD     10.440
KTG Agrar SE    7.250     10/15/2019  EUR     2.885
Havila Shipping 3.950     01/02/2025  NOK     51.646
Lehman Brothers 5.220     03/01/2024  EUR     0.100
Hema Bondco II B8.500     1/15/2023   EUR     0.780
Virgolino de Oli10.875    1/13/2020   USD     34.000
Deutsche Bank AG13.750    6/20/2026   TRY     72.069
Golfino AG      8.000     11/18/2023  EUR     0.020
Intelsat Jackson9.750     7/15/2025   USD     58.500
Pescanova SA    5.125     4/20/2017   EUR     0.319
Senvion Holding 3.875     10/25/2022  EUR     0.504
Kommunekredit   0.500     7/30/2027   TRY     33.770
CRC Breeze Finan6.110     05/08/2026  EUR     30.273
Intelsat Jackson8.500     10/15/2024  USD     58.500
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Naviera Armas SA4.250     11/15/2024  EUR     68.990
Norske Skog Hold8.000     2/24/2023   USD     0.006
Agrokor dd      9.875     05/01/2019  EUR     15.000
Pongs & Zahn AG 8.500     11/01/2014  EUR     0.002
Commerzbank AG  0.077     11/19/2029  EUR     63.129
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intelsat Luxembo12.500    11/15/2024  USD     65.750
Stichting Afwikk2.207                 EUR     1.258
Credit Suisse AG12.450    12/08/2021  USD     40.590
Credit Suisse AG4.250     03/07/2022  USD     9.900
Veneto Banca SpA6.950     2/25/2025   EUR     0.449
Aralco Finance S10.125    05/07/2020  USD     0.934
Officine Maccafe5.750     06/01/2021  EUR     19.906
Ahtium PLC      4.000     12/16/2015  EUR     0.586
Air Berlin Finan6.000     03/06/2019  EUR     0.357
Cooperatieve Rab0.500     10/29/2027  MXN     62.118
SALVATOR Vermoeg9.500                 EUR     9.900
Gebr Sanders Gmb8.750     10/22/2018  EUR     9.375
International Fi0.500     6/29/2027   ZAR     65.586
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Cooperatieve Rab0.500     11/30/2027  MXN     61.836
Depfa Funding II6.500                 EUR     60.509
NTRP Via Interpi10.250    08/02/2017  USD     30.500
AKB Peresvet ZAO0.510     2/14/2032   RUB     12.250
Getin Noble Bank5.250     7/28/2023   PLN     73.398
SALVATOR Vermoeg9.500     12/31/2021  EUR     8.800
Decipher Product12.500    9/27/2019   USD     1.500
Turkiye Ihracat 12.540    9/14/2028   TRY     73.991
Espirito Santo F5.050     11/15/2025  EUR     1.097
BNG Bank NV     10.010    6/17/2025   TRY     73.373
Caixa Economica 5.000                 EUR     50.040
Sberbank of Russ0.010     7/29/2024   RUB     80.100
Steilmann SE    6.750     6/27/2017   EUR     2.184
Landesbank Hesse6.800     7/18/2024   EUR     70.970
Golden Gate AG  6.500     10/11/2014  EUR     37.500
Sequa Petroleum 5.000     4/29/2020   USD     30.718
A-TEC Industries8.750     10/27/2014  EUR     0.100
HPI AG          3.500                 EUR     3.011
getgoods.de AG  7.750     10/02/2017  EUR     0.367
Portugal Telecom5.242     11/06/2017  EUR     0.694
MS Deutschland B6.875     12/18/2017  EUR     1.810
Veneto Banca SpA6.411                 EUR     0.342
BOA Offshore AS 0.409     7/17/2047   NOK     8.777
Barclays Bank PL4.000     7/19/2022   USD     9.970
Barclays Bank PL5.090     06/08/2022  USD     9.940
DZ Bank AG Deuts0.488     03/11/2031  EUR     57.129
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Air Berlin Finan8.500     03/06/2019  EUR     0.357
Privatbank CJSC 10.875    2/28/2018   USD     29.354
German Pellets G7.250     07/09/2018  EUR     1.000
La Veggia Financ7.125     11/14/2004  EUR     0.287
Mox Telecom AG  7.250     11/02/2017  EUR     2.272
Steilmann SE    7.000     9/23/2018   EUR     1.429
Credit Suisse AG20.000    11/29/2024  USD     13.340
Muehl Product & 6.750     03/10/2005  DEM     0.102
SAir Group      0.125     07/07/2005  CHF     12.625
Russian Federal 0.250     7/20/2044   RUB     20.000
SFO Akkord Finan10.000    02/12/2024  RUB     67.810
Ahtium PLC      9.750     04/04/2017  EUR     0.717
Uppfinnaren 1 AB11.000                SEK     40.000
Santander Consum5.110                 NOK     45.107
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Credit Suisse AG27.250    07/03/2024  USD     9.700
Ukraine Governme8.120     11/10/2035  UAH     69.163
Steilmann SE    7.000     03/09/2017  EUR     1.429
Getin Noble Bank4.250     8/30/2024   PLN     60.039
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Barclays Bank PL0.500     1/28/2033   MXN     37.304
Rena GmbH       7.000     12/15/2015  EUR     2.096
WEB Windenergie 4.000     12/17/2025  EUR     0.010
Barclays Bank PL5.000     11/01/2029  BRL     66.961
Banco Santander 1.858                 EUR     1.565
Phones4u Finance9.500     04/01/2018  GBP     71.750
EFG Internationa12.000    10/19/2021  USD     66.110
Moby SpA        7.750     2/15/2023   EUR     33.382
Stichting Afwikk8.450     8/20/2018   USD     5.250
Dyadya Doner OOO13.500    4/25/2023   RUB     16.510
Rio Forte Invest4.000     7/22/2014   EUR     5.814
COFIDUR SA      0.100     12/31/2024  EUR     24.050
International Ba8.250     10/09/2024  USD     60.375
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Ukraine Governme6.000     1/22/2031   UAH     62.721
New World Resour4.000     10/07/2020  EUR     0.231
Metalloinvest Ho0.010     03/07/2022  RUB     70.000
Sairgroup Financ6.625     10/06/2010  EUR     1.509
A-TEC Industries5.750     11/02/2010  EUR     0.100
UkrLandFarming P10.875    3/26/2018   USD     1.885
Activa Resources0.500     11/15/2021  EUR     0.500
Banco Espirito S10.000    12/06/2021  EUR     0.139
Cooperatieve Rab0.500     1/31/2033   MXN     36.400
Centrosolar Grou7.000     2/15/2016   EUR     2.505
SG Issuer SA    5.000     04/02/2024  EUR     58.780
SG Issuer SA    2.100     04/05/2033  EUR     31.130
Getin Noble Bank4.250     7/26/2024   PLN     65.837
BRAbank ASA     7.260                 NOK     50.193
MTS-Bank PAO    9.500     10/28/2029  RUB     51.860
Lehman Brothers 1.000     10/05/2035  EUR     0.100
WEB Windenergie 4.500                 EUR     0.010
LBI ehf         7.431                 USD     0.001
Credit Suisse AG6.250     11/28/2025  USD     11.570
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Natixis SA      0.300     6/25/2048   USD     51.061
Northland Resour15.000    7/15/2019   USD     2.621
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Rena GmbH       8.250     07/11/2018  EUR     2.096
Credit Suisse AG5.200     8/17/2022   USD     9.829
City of Predeal 2.985     5/15/2026   RON     61.000
RENE LEZARD Mode7.250     11/25/2017  EUR     0.500
SAir Group      6.250     10/27/2002  CHF     12.625
SAir Group      5.125     03/01/2003  CHF     12.750
Credit Suisse AG11.150    12/08/2021  CHF     42.210
Credit Suisse AG16.500    05/10/2024  USD     10.290
Mifa Mitteldeuts7.500     08/12/2018  EUR     2.000
Getin Noble Bank5.250     11/30/2023  PLN     65.269
Rio Forte Invest3.900     07/10/2014  USD     5.750
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Intelsat Jackson9.750     7/15/2025   USD     56.936
Bilt Paper BV   9.640                 USD     1.699
Credit Suisse AG4.180     9/14/2022   USD     9.800
Vontobel Financi9.100     2/21/2022   EUR     70.169
Kardan NV       6.325     2/21/2021   ILS     14.140
Getin Noble Bank5.250     12/21/2023  PLN     74.676
Russian Post FGU2.750     12/06/2023  RUB     70.000
Resa SA/Belgium 1.950     7/22/2036   EUR     50.000
Veneto Banca SpA6.944     5/15/2025   EUR     0.449
Banca Popolare d9.500     10/02/2025  EUR     0.049
Rosbank PJSC    0.040     4/30/2024   RUB     65.000
Heta Asset Resol5.030     12/31/2023  EUR     1.438
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Landesbank Baden5.400     2/25/2022   EUR     73.950
Credit Suisse AG11.500    12/08/2021  EUR     42.290
Otkritie Holding0.010     9/17/2027   RUB     3.500
Archer Finance O9.250     3/29/2022   RUB     0.120
BNP Paribas SA  1.000     1/23/2040   MXN     21.986
Astana Finance B7.875     06/08/2010  EUR     16.000
DANY COLL LLC   0.100     7/19/2022   RUB     1.970
PA Resources AB 13.500    03/03/2016  SEK     0.124
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Intelsat Luxembo12.500    11/15/2024  USD     65.750
ECM Real Estate 5.000     10/09/2011  EUR     15.375
LBI ehf         7.431                 USD     0.001
Heta Asset Resol7.500     12/31/2023  ATS     1.438
Otkritie Holding0.010     10/03/2036  RUB     0.010
Credit Suisse AG4.530     07/12/2023  USD     9.630
Credit Suisse AG6.960     8/24/2022   USD     9.900
BRAbank ASA/NO  7.210                 NOK     51.443
Windreich GmbH  6.750     03/01/2015  EUR     4.475
Windreich GmbH  6.250     03/01/2015  EUR     4.475
Pescanova SA    8.750     2/17/2019   EUR     0.319
Grupo Isolux Cor6.000     12/30/2021  USD     0.229
SAir Group      5.500     7/23/2003   CHF     12.625
OOO SPV Structur0.010     09/01/2023  RUB     66.740
Lehman Brothers 2.875     3/14/2013   CHF     0.100
Norske Skogindus7.125     10/15/2033  USD     0.001
Espirito Santo F5.625     7/28/2017   EUR     0.544
Agrokor dd Via A4.921     08/08/2017  EUR     14.625
UBS AG/London   25.250    08/10/2021  CHF     72.200
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Eiendomskreditt 2.050     9/17/2029   NOK     68.924
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
New World Resour8.000     04/07/2020  EUR     0.110
IT Holding Finan9.875     11/15/2012  EUR     0.238
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
Landesbank Hesse3.000     08/06/2021  EUR     35.300
BNP Paribas Issu5.000     11/05/2024  EUR     28.820
UBS AG/London   17.250    10/21/2021  CHF     69.550
Norske Skog Hold8.000     2/24/2021   EUR     0.006
SAir Group      4.250     02/02/2007  CHF     12.625
Espirito Santo F5.125     5/30/2016   EUR     0.546
Deutsche Bank AG0.500     10/18/2038  MXN     17.639
Pescanova SA    6.750     03/05/2015  EUR     0.319
Solarwatt GmbH  7.000     11/01/2015  EUR     15.500
Bank2 ASA       5.270                 NOK     59.547
Getin Noble Bank5.240     4/29/2024   PLN     61.349
Bayerische Lande2.000     1/28/2022   EUR     65.240
Credit Suisse AG11.600    12/08/2021  EUR     39.000
Corner Banca SA 12.000    6/21/2022   CHF     64.050
Danske Bank A/S 6.860     07/09/2022  SEK     25.860
Gold-Zack AG    7.000     12/14/2005  EUR     5.000
Citigroup Global9.000     8/18/2022   USD     0.752
Landesbank Baden7.000     11/26/2021  EUR     69.840
Bank Otkritie Fi0.010     7/16/2025   RUB     72.880
Norske Skog Hold8.000     2/24/2023   USD     0.006
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Lehman Brothers 5.120     4/30/2027   EUR     0.100
Deutsche Agrar H7.250     9/28/2018   EUR     1.254
Astana Finance B9.000     11/16/2011  USD     15.250
SAir Group      6.250     04/12/2005  CHF     12.625
Ukraine Governme6.000     11/22/2028  UAH     67.642
Ukraine Governme6.000     11/28/2029  UAH     65.169
Espirito Santo F0.355     10/27/2024  EUR     0.297
Lehman Brothers 10.000    06/11/2038  JPY     0.100
Agrokor dd      8.875     02/01/2020  USD     15.000
Rosbank PJSC    0.010     4/30/2024   RUB     65.000
HSBC Bank PLC   0.500     12/22/2025  BRL     65.600
Lehman Brothers 2.000     3/16/2035   EUR     0.100
Cooperatieve Rab0.500     8/21/2028   MXN     57.717
UniCredit Bank A6.600     7/20/2028   EUR     46.520
Citigroup Global12.379    11/13/2023  SEK     72.470
Landesbank Hesse5.500     5/25/2023   EUR     30.050
Landesbank Hesse6.250     12/22/2022  EUR     58.300
Credit Suisse AG18.000    8/17/2021   USD     68.970
UBS AG/London   7.000     8/16/2021   CHF     55.400
Societe Generale13.010    02/02/2023  USD     74.450
Lehman Brothers 4.100     06/10/2014  SGD     0.100
Petromena ASA   10.850    11/19/2018  USD     0.622
DeloPorts LLC   0.010     11/14/2025  RUB     70.020
Vontobel Financi10.000    11/22/2021  EUR     74.685
Hellas Telecommu6.054     1/15/2015   USD     0.001
Northland Resour4.000     10/15/2020  NOK     0.271
Elli Investments12.250    6/15/2020   GBP     52.250
Rio Forte Invest4.750     11/10/2015  EUR     5.750
Lehman Brothers 7.750     01/03/2012  AUD     0.100
Credit Agricole 5.400     1/31/2028   BRL     75.005
Laurel GmbH     7.125     11/16/2017  EUR     7.750
Norske Skogindus7.125     10/15/2033  USD     0.001
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Heta Asset Resol5.920     12/31/2023  EUR     1.438
WEB Windenergie 2.250     9/25/2028   EUR     0.010
Banque Cantonale5.800     08/09/2021  CHF     56.340
Societe Generale6.000     05/09/2022  USD     8.680
UniCredit Bank A4.050     10/24/2021  EUR     61.320
Societe Generale6.000     06/06/2022  USD     1.460
Credit Suisse AG10.000    02/02/2023  USD     10.000
Leonteq Securiti2.750     9/15/2022   CHF     18.630
Leonteq Securiti28.630    12/15/2021  CHF     59.310
UBS AG/London   9.300     08/12/2021  CHF     63.000
Lehman Brothers 5.103     6/22/2046   EUR     0.100
LBI ehf         6.100     8/25/2011   USD     9.883
Lehman Brothers 3.860     9/21/2011   SGD     0.100
Sberbank CIB JSC0.010     01/04/2030  RUB     52.462
Instabank ASA   7.190                 NOK     36.881
Instabank ASA   5.190     3/28/2028   NOK     60.261
Lehman Brothers 4.200     12/03/2008  HKD     0.100
Deutsche Bank AG2.000     10/25/2023  TRY     67.623
Cooperatieve Rab0.500     12/29/2027  MXN     61.416
Lehman Brothers 7.500     10/24/2008  USD     0.100
Agrokor dd      9.125     02/01/2020  EUR     15.000
Phones4u Finance9.500     04/01/2018  GBP     71.750
Ukraine Governme6.000     1/27/2027   UAH     72.953
Leonteq Securiti4.290     7/30/2021   USD     52.560
Leonteq Securiti2.630     7/30/2021   USD     35.630
Bayerische Lande2.300     11/26/2021  EUR     60.560
Landesbank Baden2.300     7/22/2022   EUR     62.880
Credit Suisse AG6.190     9/14/2022   USD     10.000
Getin Noble Bank5.250     1/31/2024   PLN     72.727
Turkey Governmen8.000     03/12/2025  TRY     #N/A N/A
DeltaCredit Bank1.000     7/28/2025   RUB     73.000
Lehman Brothers 2.500     12/15/2011  GBP     0.100
Getin Noble Bank4.750     5/31/2024   PLN     71.875
Rosbank PJSC    0.030     4/30/2024   RUB     65.000
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Getin Noble Bank5.250     04/04/2024  PLN     64.780
Lehman Brothers 16.000    12/26/2008  USD     0.100
Rosbank PJSC    0.020     4/30/2024   RUB     65.000
Credito Padano B3.100                 EUR     34.091
Ukraine Governme6.000     9/18/2030   UAH     63.407
Ukraine Governme6.000     9/13/2028   UAH     68.143
Ukraine Governme6.000     4/23/2031   UAH     62.215
Ukraine Governme5.000     2/20/2032   UAH     55.004
Intelsat SA     4.500     6/15/2025   USD     34.200
Ukraine Governme6.000     06/04/2031  UAH     62.003
Ukraine Governme6.000     09/10/2031  UAH     61.494
Ukraine Governme6.000     10/11/2028  UAH     67.938
Ukraine Governme8.420     05/10/2034  UAH     72.297
Ukraine Governme8.310     11/10/2034  UAH     71.183
Ukraine Governme8.630     05/10/2033  UAH     74.465
Ukraine Governme8.220     05/10/2035  UAH     70.205
Ukraine Governme6.000     03/12/2031  UAH     62.440
Ukraine Governme6.000     8/28/2030   UAH     63.532
Ukraine Governme6.000     1/28/2032   UAH     60.816
Ukraine Governme6.000     12/11/2030  UAH     62.944
Ukraine Governme6.000     5/16/2029   UAH     66.437
Aralco Finance S10.125    05/07/2020  USD     0.934
KPNQwest NV     7.125     06/01/2009  EUR     0.484
LBI ehf         5.080     03/01/2013  ISK     9.500
Nota-Bank OJSC  13.500    04/01/2016  RUB     31.500
Ukraine Governme6.000     10/15/2031  UAH     61.316
Ukraine Governme8.520     11/10/2033  UAH     73.346
Ukraine Governme6.000     12/23/2026  UAH     73.269
Barclays Bank PL2.000     05/07/2036  MXN     39.634
Getin Noble Bank5.250     8/31/2023   PLN     73.348
SAir Group      2.125     11/04/2004  CHF     12.625
Getin Noble Bank5.240     11/09/2023  PLN     74.792
UBS AG/London   9.750     9/13/2021   CHF     73.900
Landesbank Hesse3.600     08/12/2021  EUR     49.900
Landesbank Hesse5.200     01/11/2024  EUR     73.020
UniCredit Bank A4.150     10/12/2022  EUR     60.430
Landesbank Baden4.000     10/22/2021  EUR     42.820
Landesbank Baden3.250     10/22/2021  EUR     68.760
Landesbank Baden2.150     8/27/2021   EUR     66.730
Landesbank Baden3.500     8/27/2021   EUR     52.490
Skandinaviska En8.300     7/17/2023   SEK     74.840
UniCredit Bank A3.800     6/28/2022   EUR     61.770
Leonteq Securiti4.000     08/10/2022  CHF     74.090
Raiffeisen Schwe5.800     9/28/2021   CHF     68.420
Landesbank Baden3.000     12/23/2022  EUR     65.630
Landesbank Baden3.200     12/23/2022  EUR     67.690
Zurcher Kantonal6.000     8/24/2021   EUR     73.970
Leonteq Securiti8.130     2/21/2022   EUR     70.160
Leonteq Securiti4.000     2/21/2022   EUR     68.620
Raiffeisen Schwe4.500     2/21/2023   CHF     74.060
Landesbank Baden3.050     9/23/2022   EUR     69.680
Leonteq Securiti10.000    08/09/2021  CHF     57.750
Landesbank Hesse6.300     8/31/2023   EUR     55.070
Landesbank Hesse4.000     6/22/2022   EUR     38.630
UniCredit Bank A3.350     6/14/2022   EUR     54.650
Leonteq Securiti5.600     5/16/2022   CHF     68.730
Landesbank Baden2.100     8/27/2021   EUR     50.230
Landesbank Hesse5.350     9/22/2023   EUR     31.210
Landesbank Baden3.050     9/23/2022   EUR     60.050
Landesbank Baden2.850     9/23/2022   EUR     67.030
Societe Generale6.100     04/03/2023  EUR     75.330
UniCredit Bank A4.100     8/24/2022   EUR     64.290
Leonteq Securiti5.400     7/25/2022   CHF     68.140
Leonteq Securiti6.200     7/27/2021   CHF     66.540
UniCredit Bank A5.350     8/24/2021   EUR     42.230
Landesbank Baden3.150     12/27/2021  EUR     72.620
Danske Bank A/S 10.300    07/09/2023  SEK     11.200
UniCredit Bank A4.000     2/28/2022   EUR     60.250
Landesbank Hesse8.900     3/16/2023   EUR     66.220
Landesbank Baden2.800     4/25/2022   EUR     63.560
Leonteq Securiti3.750     2/20/2023   CHF     50.700
Societe Generale3.900     3/23/2022   USD     0.030
Landesbank Hesse5.650     10/28/2022  EUR     60.410
DekaBank Deutsch3.900     4/25/2022   EUR     41.730
Landesbank Baden3.000     9/23/2022   EUR     61.280
UBS AG/London   10.250    8/26/2021   CHF     70.050
UBS AG/London   10.000    8/26/2021   EUR     67.550
Bank Julius Baer9.500     8/26/2021   CHF     56.900
Credit Suisse AG6.000     8/24/2022   CHF     72.480
Societe Generale4.890     2/16/2023   USD     #N/A N/A
SG Issuer SA    9.180     1/20/2025   SEK     69.850
Bayerische Lande2.000     2/18/2022   EUR     64.070
Landesbank Hesse3.500     8/17/2022   EUR     77.070
Leonteq Securiti7.200     9/24/2021   CHF     65.730
Raiffeisen Schwe6.500     09/02/2021  CHF     70.730
Landesbank Baden3.700     2/25/2022   EUR     64.030
Landesbank Baden4.000     3/25/2022   EUR     71.030
Landesbank Baden4.800     3/25/2022   EUR     68.240
UBS AG/London   12.500    09/06/2021  CHF     69.050
UBS AG/London   8.000     03/04/2022  EUR     67.150
UBS AG/London   7.500     09/06/2021  CHF     72.400
UBS AG/London   8.500     09/06/2021  CHF     72.650
Erste Group Bank4.350     2/28/2022   EUR     43.650
UBS AG/London   7.000     9/23/2021   EUR     74.370
Landesbank Hesse4.000     3/23/2022   EUR     42.810
Landesbank Hesse3.500     03/09/2022  EUR     41.270
Landesbank Baden6.400     2/25/2022   EUR     72.000
Landesbank Baden3.300     2/25/2022   EUR     74.030
Landesbank Baden1.200     2/25/2022   EUR     72.970
Landesbank Hesse6.400     03/09/2023  EUR     65.730
Raiffeisen Schwe7.200     03/02/2022  CHF     74.620
UniCredit Bank A4.000     3/13/2022   EUR     65.690
Landesbank Hesse5.900     03/09/2023  EUR     69.400
Landesbank Baden4.900     2/25/2022   EUR     67.970
Landesbank Baden2.600     2/25/2022   EUR     67.310
UBS AG/London   12.250    8/26/2021   CHF     68.450
UBS AG/London   10.750    8/26/2021   CHF     68.300
SG Issuer SA    0.263     2/20/2025   EUR     19.120
SG Issuer SA    7.600     1/20/2025   SEK     65.890
DekaBank Deutsch3.000     8/27/2021   EUR     66.920
Landesbank Hesse5.150     6/14/2022   EUR     63.170
Skandinaviska En9.020     7/17/2023   SEK     73.340
UniCredit Bank A4.450     7/23/2022   EUR     71.610
Landesbank Hesse4.000     8/18/2021   EUR     51.200
Landesbank Hesse3.600     7/27/2022   EUR     67.560
SecurAsset SA   5.250     6/30/2022   EUR     35.850
SG Issuer SA    11.170    7/20/2025   SEK     60.840
SG Issuer SA    4.000     6/22/2026   EUR     68.140
Landesbank Hesse2.000     3/29/2022   EUR     43.260
EFG Internationa7.600     10/11/2021  CHF     63.840
Leonteq Securiti5.600     8/24/2021   CHF     44.200
DekaBank Deutsch2.500     09/10/2021  EUR     71.270
Landesbank Baden2.500     9/23/2022   EUR     69.820
Rosseti South PJ9.240     07/01/2022  RUB     72.460
Raiffeisen Schwe5.250     8/24/2021   CHF     73.360
Zurcher Kantonal8.500     8/24/2021   CHF     64.970
Raiffeisen Switz4.000     8/30/2022   CHF     41.400
EFG Internationa6.500     8/30/2021   CHF     74.830
Societe Generale9.000     7/22/2022   USD     57.500
Landesbank Baden3.000     9/23/2022   EUR     55.830
Societe Generale5.600     09/04/2023  EUR     43.850
Landesbank Hesse5.800     9/24/2024   EUR     57.090
Landesbank Baden2.650     9/23/2022   EUR     67.560
UniCredit Bank A6.300     10/16/2021  EUR     33.960
UniCredit Bank A4.200     7/26/2022   EUR     33.610
UniCredit Bank A4.150     7/26/2022   EUR     53.350
UniCredit Bank A4.300     7/26/2022   EUR     58.600
Landesbank Hesse6.700     10/13/2023  EUR     61.390
Leonteq Securiti6.000     8/17/2021   CHF     40.170
Landesbank Baden3.400     11/26/2021  EUR     70.630
Landesbank Baden2.750     11/26/2021  EUR     73.830
Raiffeisen Schwe5.000     12/29/2021  CHF     69.900
Landesbank Hesse3.000     08/11/2022  EUR     66.920
Landesbank Hesse7.500     11/03/2023  EUR     56.310
Landesbank Hesse6.200     6/17/2022   EUR     50.790
EFG Internationa14.800    8/19/2021   CHF     48.420
Raiffeisen Schwe5.000     8/24/2022   CHF     73.600
Raiffeisen Schwe6.000     8/24/2022   CHF     75.220
Landesbank Hesse7.250     06/08/2023  EUR     69.690
Landesbank Hesse5.500     06/08/2023  EUR     73.660
UniCredit Bank A4.300     6/28/2022   EUR     67.800
UniCredit Bank A4.250     6/28/2022   EUR     49.310
Landesbank Hesse3.500     07/06/2022  EUR     35.120
Landesbank Hesse2.000     6/13/2022   EUR     52.020
Landesbank Hesse6.000     03/10/2023  EUR     65.470
Araratbank OJSC 5.250     09/11/2022  USD     25.155
Landesbank Hesse4.000     8/31/2022   EUR     49.230
EFG Internationa6.400     08/09/2021  CHF     69.570
Landesbank Baden3.500     1/28/2022   EUR     56.480
Landesbank Hesse6.350     11/19/2024  EUR     62.510
Credit Suisse AG6.000     8/22/2022   CHF     72.100
Leonteq Securiti6.100     2/21/2022   CHF     71.380
Vontobel Financi6.700     03/07/2022  EUR     63.400
UniCredit Bank A3.250     3/29/2022   EUR     27.710
UniCredit Bank A3.750     3/26/2022   EUR     60.740
Landesbank Baden2.600     9/23/2022   EUR     69.990
Leonteq Securiti7.200     08/06/2021  CHF     68.030
UBS AG/London   5.500     8/19/2021   EUR     65.250
UBS AG/London   6.500     8/19/2021   CHF     65.300
UniCredit Bank A4.000     11/21/2022  EUR     58.770
Corner Banca SA 14.200    8/24/2021   USD     3.210
Credit Suisse AG7.500     8/13/2021   CHF     74.060
Zurcher Kantonal8.000     2/25/2022   CHF     70.100
UBS AG/London   10.000    8/19/2021   CHF     66.900
UBS AG/London   5.750     8/20/2021   EUR     66.550
Raiffeisen Schwe4.600     2/20/2023   CHF     75.320
Zurcher Kantonal9.750     8/26/2021   USD     72.910
Zurcher Kantonal7.250     09/02/2021  CHF     74.510
UBS AG/London   10.750    8/19/2021   CHF     69.200
Corner Banca SA 8.600     10/12/2021  CHF     67.600
UBS AG/London   7.000     2/21/2022   EUR     60.850
UBS AG/London   11.500    8/19/2021   CHF     69.200
DekaBank Deutsch4.250     4/14/2022   EUR     40.620
Raiffeisen Switz10.500    07/11/2024  USD     19.800
Landesbank Hesse4.000     08/03/2022  EUR     57.980
Societe Generale3.000     7/22/2022   USD     5.800
Landesbank Hesse3.350     9/21/2022   EUR     61.830
UniCredit Bank A3.600     8/23/2021   EUR     32.430
UniCredit Bank A4.600     9/14/2022   EUR     61.370
SG Issuer SA    3.000     09/02/2021  EUR     47.730
Landesbank Hesse5.000     11/25/2022  EUR     54.890
UniCredit Bank A4.200     9/21/2022   EUR     50.270
UniCredit Bank A9.900     12/24/2021  EUR     74.170
DekaBank Deutsch2.500     10/22/2021  EUR     73.100
EFG Internationa6.000     8/13/2021   CHF     71.960
EFG Internationa6.200     8/16/2021   CHF     62.110
DekaBank Deutsch2.150     1/21/2022   EUR     64.050
UniCredit Bank A4.200     03/01/2023  EUR     65.590
Landesbank Baden4.700     3/25/2022   EUR     46.160
Landesbank Hesse6.600     02/01/2024  EUR     68.190
Landesbank Baden3.300     3/25/2022   EUR     55.300
EFG Internationa10.500    02/07/2022  EUR     67.630
UniCredit Bank A9.000     12/27/2021  EUR     66.960
Leonteq Securiti11.400    9/20/2021   CHF     2.770
Landesbank Baden3.250     2/24/2023   EUR     67.030
Landesbank Baden4.100     1/28/2022   EUR     53.100
Landesbank Hesse6.150     8/25/2022   EUR     61.870
DZ Bank AG Deuts20.200    9/24/2021   EUR     63.370
Landesbank Hesse4.000     05/11/2022  EUR     50.480
Leonteq Securiti7.000     7/30/2021   CHF     58.900
Landesbank Hesse5.900     8/25/2023   EUR     62.540
Landesbank Hesse4.000     06/08/2022  EUR     47.830
DekaBank Deutsch2.300     11/12/2021  EUR     60.980
Landesbank Baden3.250     12/23/2022  EUR     64.630
Landesbank Baden2.650     12/23/2022  EUR     71.230
EFG Internationa6.500     10/25/2021  CHF     72.260
EFG Internationa7.000     10/25/2021  EUR     69.280
UniCredit Bank A4.350     10/26/2021  EUR     52.280
Bayerische Lande2.500     12/03/2021  EUR     60.070
Landesbank Baden3.800     1/28/2022   EUR     51.560
DekaBank Deutsch3.100     12/03/2021  EUR     46.780
Leonteq Securiti4.750     11/01/2021  CHF     15.860
Landesbank Hesse4.000     11/10/2021  EUR     37.350
Landesbank Hesse5.450     11/17/2022  EUR     64.630
UniCredit Bank A4.350     11/21/2021  EUR     58.290
Leonteq Securiti7.200     10/27/2021  CHF     59.990
Leonteq Securiti6.200     10/18/2021  CHF     71.160
Leonteq Securiti7.000     10/19/2021  CHF     70.850
Nordea Bank Abp 4.100     7/20/2023   SEK     51.630
Landesbank Hesse6.500     05/11/2023  EUR     66.470
Landesbank Hesse3.500     05/11/2022  EUR     56.280
SG Issuer SA    8.700     1/20/2025   SEK     67.700
Raiffeisen Schwe4.700     10/20/2021  CHF     72.160
UniCredit Bank A7.000     3/29/2022   EUR     62.550
Raiffeisen Switz4.800     11/23/2023  CHF     47.920
UniCredit Bank A4.450     12/29/2022  EUR     37.380
UniCredit Bank A4.700     12/19/2021  EUR     33.680
SG Issuer SA    7.500     1/20/2025   SEK     64.310
Landesbank Hesse3.500     01/05/2022  EUR     56.190
Landesbank Hesse4.000     01/05/2022  EUR     35.180
UniCredit Bank A3.800     12/29/2022  EUR     72.850
Landesbank Hesse3.500     01/05/2022  EUR     53.520
Landesbank Hesse5.400     04/05/2023  EUR     46.040
Landesbank Hesse7.800     12/15/2022  EUR     57.810
Landesbank Baden2.750     3/25/2022   EUR     60.730
Landesbank Baden2.500     3/25/2022   EUR     70.050
Landesbank Baden3.400     1/27/2023   EUR     63.900
Landesbank Baden3.400     11/25/2022  EUR     59.540
Landesbank Hesse4.000     12/21/2022  EUR     69.280
Landesbank Baden3.250     8/27/2021   EUR     52.890
Landesbank Hesse4.000     10/12/2022  EUR     62.750
DekaBank Deutsch2.500     10/24/2023  EUR     64.080
Landesbank Hesse6.000     9/21/2023   EUR     48.590
DekaBank Deutsch2.300     9/24/2021   EUR     52.930
Leonteq Securiti6.000     9/14/2021   CHF     65.900
Landesbank Baden3.000     12/23/2022  EUR     60.080
Center-Invest Co6.000     03/03/2022  RUB     65.200
UniCredit Bank A3.850     10/05/2023  EUR     74.530
Landesbank Hesse6.700     5/17/2022   EUR     52.730
Landesbank Hesse4.350     2/24/2023   EUR     59.310
Landesbank Hesse5.100     2/17/2023   EUR     40.720
UniCredit Bank A4.250     11/21/2021  EUR     35.040
UniCredit Bank A4.200     11/21/2021  EUR     60.270
Vontobel Financi11.500    9/24/2021   EUR     74.810
Vontobel Financi12.500    9/24/2021   EUR     72.940
Landesbank Baden3.500     8/26/2022   EUR     67.970
Landesbank Baden5.450     8/26/2022   EUR     61.620
Corner Banca SA 6.400     09/07/2021  CHF     75.750
Landesbank Hesse5.000     9/21/2023   EUR     57.790
Landesbank Baden3.250     11/26/2021  EUR     72.890
TransKomplektHol9.500     11/02/2028  RUB     70.000
SG Issuer SA    5.000     5/23/2024   EUR     59.670
Landesbank Baden4.000     12/27/2021  EUR     55.710
Landesbank Baden3.400     2/24/2023   EUR     66.390
Landesbank Baden3.950     8/27/2021   EUR     57.350
UniCredit Bank A5.150     01/02/2023  EUR     61.470
Leonteq Securiti10.600    7/26/2021   USD     69.870
Raiffeisen Schwe7.000     7/26/2021   AUD     68.100
UniCredit Bank A9.600     12/27/2021  EUR     70.530
Landesbank Baden3.400     2/25/2022   EUR     56.640
UBS AG/London   6.500     08/02/2021  CHF     66.250
Landesbank Baden4.750     2/25/2022   EUR     47.080
EFG Internationa6.200     08/05/2022  EUR     61.680
EFG Internationa11.500    08/02/2021  USD     37.680
Landesbank Hesse4.000     03/01/2023  EUR     57.720
Landesbank Hesse6.600     2/17/2023   EUR     66.110
Skandinaviska En8.600     7/17/2023   SEK     75.340
DekaBank Deutsch2.600     10/24/2023  EUR     64.280
Vontobel Financi11.500    9/24/2021   EUR     75.104
Landesbank Baden3.500     1/28/2022   EUR     68.180
Landesbank Baden5.700     1/28/2022   EUR     59.800
DZ Bank AG Deuts5.750     9/22/2021   EUR     72.120
Landesbank Hesse4.700     2/24/2023   EUR     53.400
Leonteq Securiti6.400     11/03/2021  CHF     49.050
UniCredit Bank A4.200     12/08/2021  EUR     34.580
DekaBank Deutsch2.750     3/18/2022   EUR     72.580
Landesbank Baden2.100     7/28/2023   EUR     72.040
UniCredit Bank A5.450     3/15/2022   EUR     47.700
UniCredit Bank A5.050     01/11/2022  EUR     53.480
UBS AG/London   6.250     7/26/2021   CHF     70.750
UniCredit Bank A8.900     12/27/2021  EUR     72.680
Zurcher Kantonal9.000     7/30/2021   EUR     71.120
UBS AG/London   13.750    7/26/2021   USD     66.950
DekaBank Deutsch3.450     8/13/2021   EUR     76.450
UBS AG/London   7.000     7/26/2021   EUR     51.750
EFG Internationa10.000    7/26/2021   EUR     42.820
Raiffeisen Switz5.500     7/26/2021   EUR     50.160
EFG Internationa11.500    08/02/2021  USD     41.490
BNP Paribas Emis23.000    12/23/2021  EUR     9.660
Landesbank Baden3.150     6/24/2022   EUR     67.850
Landesbank Baden4.850     6/24/2022   EUR     60.630
Leonteq Securiti8.000     08/05/2021  CHF     56.660
UniCredit Bank A5.350     2/27/2023   EUR     56.070
BNP Paribas Issu18.000    8/13/2029   EUR     68.390
EFG Internationa12.750    1/31/2022   USD     66.700
UniCredit Bank A5.000     2/22/2022   EUR     68.720
Landesbank Baden3.700     9/24/2021   EUR     59.010
Landesbank Hesse4.000     04/12/2023  EUR     58.950
Leonteq Securiti7.200     09/08/2021  CHF     54.480
DekaBank Deutsch3.300     04/08/2022  EUR     49.790
Leonteq Securiti4.000     03/08/2022  EUR     57.870
SG Issuer SA    1.400     03/07/2033  EUR     30.800
UniCredit Bank A17.000    11/15/2021  NOK     69.780
DZ Bank AG Deuts9.000     2/23/2022   EUR     63.720
Leonteq Securiti4.000     4/19/2022   EUR     62.680
Leonteq Securiti12.000    02/09/2022  CHF     62.960
Vontobel Financi17.500    12/24/2021  EUR     75.104
Vontobel Financi19.000    12/24/2021  EUR     75.722
Vontobel Financi15.500    12/24/2021  EUR     59.740
Vontobel Financi14.500    12/24/2021  EUR     60.360
Vontobel Financi20.000    12/24/2021  EUR     56.930
Vontobel Financi17.500    12/24/2021  EUR     58.600
Vontobel Financi19.000    12/24/2021  EUR     57.390
Vontobel Financi18.000    12/24/2021  EUR     57.880
Landesbank Baden2.300     6/24/2022   EUR     55.890
Landesbank Baden4.050     8/26/2022   EUR     68.790
Landesbank Baden4.700     4/25/2022   EUR     69.020
UniCredit Bank A7.500     12/24/2021  EUR     73.370
UniCredit Bank A8.900     12/24/2021  EUR     65.890
UniCredit Bank A7.700     12/24/2021  EUR     70.210
UniCredit Bank A10.200    12/24/2021  EUR     61.020
UniCredit Bank A7.100     12/24/2021  EUR     72.790
UniCredit Bank A6.600     12/24/2021  EUR     76.890
UniCredit Bank A6.900     12/24/2021  EUR     73.180
EFG Internationa6.130     6/20/2024   EUR     2.990
Leonteq Securiti17.000    11/10/2021  CHF     72.740
UniCredit Bank A8.600     12/24/2021  EUR     67.960
UniCredit Bank A11.400    12/24/2021  EUR     67.960
UniCredit Bank A5.800     12/24/2021  EUR     74.330
UniCredit Bank A9.400     12/24/2021  EUR     71.380
UniCredit Bank A10.200    12/24/2021  EUR     44.170
UniCredit Bank A8.500     12/24/2021  EUR     48.150
UniCredit Bank A7.300     12/24/2021  EUR     69.740
UniCredit Bank A6.900     12/24/2021  EUR     70.600
UniCredit Bank A7.700     12/24/2021  EUR     50.600
UniCredit Bank A6.000     12/24/2021  EUR     56.610
UniCredit Bank A9.100     12/24/2021  EUR     64.060
UniCredit Bank A6.900     12/24/2021  EUR     71.440
UniCredit Bank A7.900     12/24/2021  EUR     70.280
UniCredit Bank A8.000     12/24/2021  EUR     67.520
UniCredit Bank A8.300     12/24/2021  EUR     67.890
UniCredit Bank A9.600     12/24/2021  EUR     64.000
Zurcher Kantonal8.000     2/23/2022   CHF     73.910
Landesbank Hesse4.400     12/22/2022  EUR     51.490
UniCredit Bank A4.300     8/24/2021   EUR     48.210
UniCredit Bank A3.500     9/19/2021   EUR     31.790
Landesbank Hesse5.000     9/29/2022   EUR     62.580
Landesbank Baden4.500     8/27/2021   EUR     71.970
Landesbank Baden2.750     8/27/2021   EUR     60.240
Landesbank Baden3.000     10/25/2024  EUR     68.340
DZ Bank AG Deuts14.600    9/24/2021   EUR     51.450
UniCredit Bank A3.850     9/19/2021   EUR     65.680
EFG Internationa9.800     9/21/2021   EUR     52.200
UniCredit Bank A4.300     12/19/2021  EUR     58.080
Landesbank Hesse4.400     01/05/2023  EUR     45.190
EFG Internationa7.000     5/23/2022   EUR     38.590
DekaBank Deutsch1.000     11/02/2021  EUR     56.230
Landesbank Baden2.550     12/27/2021  EUR     56.230
Landesbank Baden2.500     12/27/2021  EUR     52.250
DekaBank Deutsch6.300     10/01/2021  EUR     51.190
Landesbank Baden2.500     6/24/2022   EUR     63.030
UniCredit Bank A4.300     10/18/2021  EUR     39.060
UniCredit Bank A3.800     10/24/2021  EUR     59.810
DZ Bank AG Deuts12.800    9/24/2021   EUR     74.860
Landesbank Baden3.500     8/27/2021   EUR     58.230
Landesbank Baden4.800     2/25/2022   EUR     46.630
Landesbank Hesse6.150     03/11/2025  EUR     56.460
Landesbank Baden7.050     4/25/2022   EUR     64.530
Landesbank Baden2.700     4/25/2022   EUR     74.570
Erste Group Bank5.550     8/30/2022   EUR     50.300
Vontobel Financi14.000    9/24/2021   EUR     68.790
Landesbank Baden5.550     1/28/2022   EUR     65.910
Goldman Sachs & 18.000    9/22/2021   EUR     63.570
Landesbank Hesse3.000     10/20/2022  EUR     65.690
UniCredit Bank A3.200     09/10/2022  EUR     55.090
Landesbank Baden2.600     9/24/2021   EUR     60.930
Citigroup Global8.050     1/24/2023   EUR     62.920
Landesbank Hesse6.500     2/16/2023   EUR     67.840
Societe Generale4.500     12/29/2022  USD     8.840
Landesbank Baden6.250     8/27/2021   EUR     64.840
Landesbank Baden9.000     8/27/2021   EUR     58.320
UniCredit Bank A4.450     09/11/2023  EUR     60.020
Danske Bank A/S 5.300     7/15/2023   SEK     43.410
UniCredit Bank A4.130     2/13/2022   EUR     70.030
Societe Generale4.500     12/29/2022  USD     0.040
Societe Generale4.500     12/30/2024  USD     77.490
UniCredit Bank A3.500     2/13/2023   EUR     44.240
Vontobel Financi8.500     12/24/2021  EUR     54.160
Finca Uco Cjsc  6.000     2/25/2022   USD     25.612
Leonteq Securiti7.200     9/22/2021   CHF     47.410
Vontobel Financi12.500    12/24/2021  EUR     61.710
Vontobel Financi13.500    12/24/2021  EUR     61.020
Vontobel Financi16.500    12/24/2021  EUR     59.150
Vontobel Financi14.000    3/25/2022   EUR     60.920
Vontobel Financi12.000    3/25/2022   EUR     61.990
Vontobel Financi17.500    3/25/2022   EUR     58.980
Vontobel Financi12.000    12/24/2021  EUR     62.660
Landesbank Hesse6.000     10/06/2022  EUR     47.050
Landesbank Hesse4.000     08/09/2023  EUR     61.910
UniCredit Bank A7.100     12/24/2021  EUR     72.870
UniCredit Bank A8.000     12/24/2021  EUR     74.130
UniCredit Bank A8.100     12/24/2021  EUR     67.360
UniCredit Bank A6.600     12/24/2021  EUR     62.190
UniCredit Bank A6.400     12/24/2021  EUR     73.240
UniCredit Bank A7.900     12/24/2021  EUR     70.340
UniCredit Bank A10.500    12/24/2021  EUR     71.040
UniCredit Bank A13.700    12/24/2021  EUR     74.770
UniCredit Bank A8.100     12/24/2021  EUR     66.490
UniCredit Bank A10.300    12/24/2021  EUR     71.330
UniCredit Bank A12.300    12/24/2021  EUR     65.170
UniCredit Bank A6.800     12/24/2021  EUR     53.360
Vontobel Financi10.000    3/25/2022   EUR     65.940
Goldman Sachs & 14.000    12/22/2021  EUR     69.700
Leonteq Securiti8.000     09/01/2021  CHF     66.340
Landesbank Hesse3.500     9/29/2021   EUR     43.580
Landesbank Baden4.750     8/27/2021   EUR     72.430
Landesbank Baden3.750     8/27/2021   EUR     74.660
Landesbank Baden5.000     8/27/2021   EUR     53.990
Societe Generale1.580     9/16/2024   USD     3.880
Vontobel Financi9.500     12/24/2021  EUR     66.650
Vontobel Financi10.500    12/24/2021  EUR     65.740
Vontobel Financi11.500    3/25/2022   EUR     64.270
Goldman Sachs & 14.000    9/22/2021   EUR     69.590
Goldman Sachs & 16.000    12/22/2021  EUR     67.290
Landesbank Baden3.500     8/27/2021   EUR     57.990
UniCredit Bank A3.500     10/08/2022  EUR     48.490
Landesbank Hesse5.700     11/24/2022  EUR     60.780
Landesbank Baden2.500     1/28/2022   EUR     60.520
Goldman Sachs & 13.000    6/22/2022   EUR     73.610
Goldman Sachs & 14.000    3/23/2022   EUR     73.020
UniCredit Bank A4.400     12/10/2022  EUR     73.090
Landesbank Baden4.500     8/27/2021   EUR     66.160
Landesbank Hesse5.200     9/30/2022   EUR     43.990
Credit Suisse AG12.450    12/08/2021  USD     42.560
Credit Suisse AG11.200    12/08/2021  CHF     40.250
Societe Generale8.000     5/28/2027   USD     53.400
DZ Bank AG Deuts16.300    3/25/2022   EUR     74.230
DZ Bank AG Deuts20.200    3/25/2022   EUR     70.770
DZ Bank AG Deuts24.200    12/24/2021  EUR     67.760
DZ Bank AG Deuts10.250    3/23/2022   EUR     74.390
Landesbank Hesse5.600     02/11/2025  EUR     66.020
SG Issuer SA    2.100     2/14/2033   EUR     30.430
Vontobel Financi8.000     3/25/2022   EUR     62.280
Vontobel Financi7.500     12/24/2021  EUR     66.300
DZ Bank AG Deuts9.000     11/24/2021  EUR     69.330
BNP Paribas Emis0.170     9/23/2021   EUR     0.430
Vontobel Financi7.000     3/25/2022   EUR     63.600
Vontobel Financi8.500     12/24/2021  EUR     63.290
UniCredit Bank A5.000     04/08/2022  PLN     0.100
Vontobel Financi21.000    9/24/2021   EUR     71.090
Vontobel Financi8.000     12/24/2021  EUR     68.962
Leonteq Securiti25.000    8/26/2021   USD     6.600
Credit Suisse AG4.500     3/21/2022   USD     9.719
Leonteq Securiti24.530    4/22/2022   CHF     67.100
Leonteq Securiti15.000    4/13/2022   CHF     55.120
Vontobel Financi19.000    3/25/2022   EUR     73.200
Bank Julius Baer8.800     10/19/2021  CHF     27.636
UBS AG/London   7.500     4/19/2022   EUR     0.068
Leonteq Securiti16.000    5/25/2022   CHF     62.810
Vontobel Financi11.500    3/25/2022   EUR     73.260
Vontobel Financi16.000    3/25/2022   EUR     69.950
Vontobel Financi12.500    12/24/2021  EUR     73.510
Vontobel Financi20.000    12/24/2021  EUR     68.290
Vontobel Financi22.500    12/24/2021  EUR     66.900
Vontobel Financi13.500    3/25/2022   EUR     71.320
Vontobel Financi23.000    12/24/2021  EUR     67.078
EFG Internationa7.000     3/23/2023   USD     63.710
Vontobel Financi28.350    8/26/2021   EUR     50.069
Vontobel Financi24.500    12/24/2021  EUR     69.850
Credit Suisse AG6.100     09/08/2022  USD     10.000
Landesbank Baden5.000     6/24/2022   EUR     65.800
EFG Internationa24.000    06/07/2022  USD     69.400
Vontobel Financi24.380    12/08/2021  USD     57.427
Vontobel Financi23.950    06/03/2022  EUR     65.034
Leonteq Securiti12.000    06/08/2022  CHF     59.030
Bank Vontobel AG13.002    9/19/2022   CHF     66.600
Vontobel Financi18.000    9/24/2021   EUR     73.960
Vontobel Financi23.000    9/24/2021   EUR     69.690
Vontobel Financi8.000     9/24/2021   EUR     54.340
Vontobel Financi7.500     12/24/2021  EUR     55.990
Vontobel Financi6.500     9/24/2021   EUR     54.060
Raiffeisen Schwe17.000    9/14/2021   CHF     75.720
Landesbank Baden6.900     12/27/2021  EUR     69.770
Zuercher Kantona8.624     4/25/2022   CHF     0.096
Vontobel Financi6.500     3/25/2022   EUR     56.960
Vontobel Financi7.000     3/25/2022   EUR     57.300
Vontobel Financi10.500    3/25/2022   EUR     55.772
DZ Bank AG Deuts18.800    9/24/2021   EUR     75.110
DZ Bank AG Deuts13.100    12/24/2021  EUR     68.180
Vontobel Financi23.500    9/24/2021   EUR     75.510
Vontobel Financi17.000    12/24/2021  EUR     73.429
Vontobel Financi6.500     12/24/2021  EUR     55.560
Vontobel Financi7.000     12/24/2021  EUR     55.780
Vontobel Financi10.500    3/25/2022   EUR     73.260
Vontobel Financi15.500    12/24/2021  EUR     72.821
Leonteq Securiti22.620    12/23/2021  CHF     45.850
Leonteq Securiti24.870    6/14/2022   CHF     69.910
Credit Suisse AG7.110     8/17/2022   USD     9.730
Vontobel Financi18.650    06/09/2022  EUR     72.900
Leonteq Securiti22.340    4/14/2022   CHF     59.810
Bank Julius Baer10.200    5/30/2023   EUR     18.900
EFG Internationa18.000    4/14/2022   CHF     62.800
Zurcher Kantonal5.000     8/18/2021   CHF     56.190
Vontobel Financi12.500    9/24/2021   EUR     70.770
Vontobel Financi15.000    9/24/2021   EUR     45.782
Erste Group Bank8.000     7/31/2024   EUR     68.850
Corner Banca SA 17.200    4/26/2022   CHF     72.610
Vontobel Financi19.500    3/25/2022   EUR     69.601
Bank Julius Baer11.700    4/26/2022   CHF     70.250
Bank Julius Baer11.800    4/26/2022   EUR     70.350
UniCredit Bank A5.550     7/19/2022   EUR     73.550
Landesbank Baden4.750     8/27/2021   EUR     73.610
Landesbank Baden2.500     8/27/2021   EUR     67.330
Landesbank Baden3.750     8/27/2021   EUR     62.910
Landesbank Baden6.500     8/27/2021   EUR     70.200
Landesbank Baden6.250     8/27/2021   EUR     68.310
Landesbank Baden8.000     8/27/2021   EUR     65.690
Landesbank Baden3.500     8/27/2021   EUR     73.060
Credit Suisse AG13.000    11/26/2021  USD     64.150
Vontobel Financi10.000    3/25/2022   EUR     61.740
Vontobel Financi11.000    12/24/2021  EUR     55.922
Vontobel Financi7.500     3/25/2022   EUR     55.982
Vontobel Financi9.000     3/25/2022   EUR     61.060
Vontobel Financi10.000    12/24/2021  EUR     59.540
EFG Internationa15.000    02/03/2022  USD     68.310
UBS AG/London   19.750    02/03/2022  USD     73.200
Vontobel Financi22.500    9/24/2021   EUR     70.150
Vontobel Financi18.500    12/24/2021  EUR     71.880
Vontobel Financi20.000    9/24/2021   EUR     71.330
Vontobel Financi22.000    9/24/2021   EUR     69.460
Vontobel Financi17.000    12/24/2021  EUR     73.300
Vontobel Financi22.500    9/24/2021   EUR     74.670
DZ Bank AG Deuts20.200    9/24/2021   EUR     72.680
DZ Bank AG Deuts20.200    12/24/2021  EUR     72.610
Leonteq Securiti5.700     7/27/2022   CHF     1.110
Corner Banca SA 13.000    1/19/2022   CHF     63.440
DZ Bank AG Deuts10.250    8/25/2021   EUR     55.650
Citigroup Global8.200     3/21/2024   SEK     63.440
Vontobel Financi16.000    3/25/2022   EUR     60.040
Landesbank Hesse5.250     5/15/2025   EUR     71.680
DekaBank Deutsch2.800     05/02/2022  EUR     53.800
Landesbank Baden3.400     8/23/2024   EUR     65.670
Vontobel Financi19.500    12/24/2021  EUR     72.420
Vontobel Financi20.500    9/24/2021   EUR     72.040
Vontobel Financi17.500    12/24/2021  EUR     72.470
Luzerner Kantona25.000    03/09/2022  CHF     74.410
Vontobel Financi18.000    9/24/2021   EUR     73.350
Vontobel Financi19.000    9/24/2021   EUR     72.320
Vontobel Financi21.000    9/24/2021   EUR     70.380
Vontobel Financi23.000    9/24/2021   EUR     68.580
Vontobel Financi16.000    12/24/2021  EUR     73.950
DZ Bank AG Deuts22.000    9/24/2021   EUR     71.360
DZ Bank AG Deuts22.400    12/24/2021  EUR     70.350
DZ Bank AG Deuts21.300    9/24/2021   EUR     71.630
DZ Bank AG Deuts17.100    12/24/2021  EUR     75.210
Landesbank Baden5.600     11/26/2021  EUR     73.040
Raiffeisen Centr10.000    3/24/2023   EUR     1.000
Vontobel Financi17.000    3/25/2022   EUR     72.780
Vontobel Financi16.500    12/24/2021  EUR     72.650
Vontobel Financi11.000    12/24/2021  EUR     67.940
Vontobel Financi14.500    12/24/2021  EUR     63.110
Landesbank Baden4.000     5/27/2022   EUR     48.040
Landesbank Baden3.300     5/27/2022   EUR     56.340
Leonteq Securiti17.600    03/08/2022  USD     70.670
Landesbank Baden2.200     1/27/2023   EUR     63.620
BNP Paribas Emis25.000    9/23/2021   EUR     73.820
BNP Paribas Emis6.500     9/23/2021   EUR     70.960
BNP Paribas Emis7.000     9/23/2021   EUR     69.380
BNP Paribas Emis9.500     9/23/2021   EUR     68.160
BNP Paribas Emis11.000    12/23/2021  EUR     63.540
BNP Paribas Emis13.000    12/23/2021  EUR     64.350
BNP Paribas Emis14.000    12/23/2021  EUR     62.990
BNP Paribas Emis16.000    12/23/2021  EUR     61.070
BNP Paribas Emis15.000    12/23/2021  EUR     59.640
BNP Paribas Emis17.000    12/23/2021  EUR     60.450
BNP Paribas Emis10.000    9/23/2021   EUR     65.970
BNP Paribas Emis12.000    9/23/2021   EUR     62.790
BNP Paribas Emis14.000    9/23/2021   EUR     63.100
BNP Paribas Emis13.000    9/23/2021   EUR     61.650
BNP Paribas Emis17.000    9/23/2021   EUR     58.680
BNP Paribas Emis8.500     12/23/2021  EUR     72.070
BNP Paribas Emis9.000     12/23/2021  EUR     70.770
BNP Paribas Emis8.500     12/23/2021  EUR     69.110
BNP Paribas Emis9.500     12/23/2021  EUR     69.520
BNP Paribas Emis10.000    12/23/2021  EUR     67.620
BNP Paribas Emis9.500     12/23/2021  EUR     65.430
BNP Paribas Emis7.500     9/23/2021   EUR     71.120
BNP Paribas Emis7.500     9/23/2021   EUR     67.860
BNP Paribas Emis8.500     9/23/2021   EUR     68.010
BNP Paribas Emis11.000    12/23/2021  EUR     66.040
BNP Paribas Emis15.000    12/23/2021  EUR     61.730
BNP Paribas Emis13.000    9/23/2021   EUR     64.300
BNP Paribas Emis16.000    9/23/2021   EUR     60.270
BNP Paribas Emis18.000    9/23/2021   EUR     57.730
BNP Paribas Emis6.500     12/23/2021  EUR     71.260
BNP Paribas Emis7.000     12/23/2021  EUR     69.960
BNP Paribas Emis7.500     12/23/2021  EUR     68.710
BNP Paribas Emis8.500     9/23/2021   EUR     71.270
BNP Paribas Emis8.000     9/23/2021   EUR     69.530
BNP Paribas Emis9.000     9/23/2021   EUR     69.680
BNP Paribas Emis9.000     9/23/2021   EUR     65.810
BNP Paribas Emis12.000    12/23/2021  EUR     65.170
BNP Paribas Emis11.000    9/23/2021   EUR     63.990
BNP Paribas Emis15.000    9/23/2021   EUR     61.960
BNP Paribas Emis14.000    9/23/2021   EUR     59.960
BNP Paribas Emis19.000    9/23/2021   EUR     56.830
BNP Paribas Emis7.500     12/23/2021  EUR     71.660
BNP Paribas Emis8.000     12/23/2021  EUR     70.370
BNP Paribas Emis9.000     12/23/2021  EUR     67.220
DZ Bank AG Deuts17.800    12/24/2021  EUR     71.340
UBS AG/London   16.300    01/08/2024  EUR     42.050
BNP Paribas Issu5.450     1/14/2022   EUR     68.060
Vontobel Financi9.000     12/24/2021  EUR     73.730
Corner Banca SA 15.200    08/11/2021  CHF     4.110
Vontobel Financi21.000    12/24/2021  EUR     70.150
Landesbank Baden7.300     3/25/2022   EUR     67.470
Landesbank Baden5.150     12/27/2021  EUR     72.730
Vontobel Financi20.000    12/24/2021  EUR     75.004
Raiffeisen Switz6.800     05/06/2022  EUR     0.010
Vontobel Financi15.000    3/25/2022   EUR     66.610
Vontobel Financi21.000    12/24/2021  EUR     71.800
Vontobel Financi19.500    3/25/2022   EUR     72.820
Vontobel Financi10.000    12/24/2021  EUR     72.600
Vontobel Financi9.000     3/25/2022   EUR     71.590
Vontobel Financi7.500     3/25/2022   EUR     74.350
Vontobel Financi11.000    12/24/2021  EUR     64.670
Vontobel Financi7.000     3/25/2022   EUR     70.450
Vontobel Financi7.500     12/24/2021  EUR     70.060
Vontobel Financi14.000    3/25/2022   EUR     75.070
Vontobel Financi9.000     12/24/2021  EUR     67.810
Vontobel Financi13.000    3/25/2022   EUR     62.670
Landesbank Hesse7.000     10/20/2022  EUR     56.700
SG Issuer SA    2.100     01/06/2033  EUR     28.820
Landesbank Baden3.000     1/28/2022   EUR     71.690
Vontobel Financi12.000    12/24/2021  EUR     63.850
Vontobel Financi8.000     3/25/2022   EUR     67.640
Vontobel Financi8.000     12/24/2021  EUR     68.810
Erste Group Bank4.350     2/20/2022   EUR     44.050
Vontobel Financi8.000     9/24/2021   EUR     52.971
Vontobel Financi10.500    9/24/2021   EUR     57.320
Vontobel Financi10.500    9/24/2021   EUR     71.430
Vontobel Financi15.000    9/24/2021   EUR     64.450
Vontobel Financi17.500    9/24/2021   EUR     62.180
Vontobel Financi18.500    9/24/2021   EUR     61.090
Vontobel Financi20.500    9/24/2021   EUR     59.050
SG Issuer SA    1.400     12/28/2032  EUR     27.810
SG Issuer SA    1.500     12/30/2032  EUR     48.100
Vontobel Financi11.500    12/24/2021  EUR     71.150
Vontobel Financi14.000    12/24/2021  EUR     68.270
Vontobel Financi13.500    3/25/2022   EUR     74.740
Vontobel Financi20.000    12/24/2021  EUR     65.852
Vontobel Financi23.500    3/25/2022   EUR     74.250
Landesbank Baden5.100     11/25/2022  EUR     73.150
UBS AG/London   15.250    2/24/2022   USD     56.000
UBS AG/London   6.500     8/24/2022   CHF     74.400
Banque Cantonale10.875    11/05/2021  EUR     69.460
UBS AG/London   21.250    2/18/2022   USD     51.600
Landesbank Baden5.000     3/25/2022   EUR     70.960
Vontobel Financi9.500     9/24/2021   EUR     73.000
Vontobel Financi18.500    12/24/2021  EUR     59.500
Landesbank Baden2.300     2/25/2022   EUR     62.930
Vontobel Financi8.000     12/24/2021  EUR     54.695
Vontobel Financi11.500    9/24/2021   EUR     69.920
Vontobel Financi12.500    9/24/2021   EUR     68.480
Vontobel Financi19.500    9/24/2021   EUR     60.050
Vontobel Financi21.500    9/24/2021   EUR     58.100
Vontobel Financi9.000     12/24/2021  EUR     55.104
Landesbank Hesse5.700     6/16/2022   EUR     65.430
Landesbank Hesse4.000     6/16/2022   EUR     55.110
Vontobel Financi10.000    12/24/2021  EUR     59.540
Vontobel Financi13.000    9/24/2021   EUR     67.020
Vontobel Financi14.000    9/24/2021   EUR     65.710
Vontobel Financi16.000    9/24/2021   EUR     63.250
Landesbank Hesse5.300     9/23/2022   EUR     43.750
Vontobel Financi7.500     12/24/2021  EUR     73.910
Vontobel Financi17.000    9/24/2021   EUR     75.882
UniCredit Bank A4.500     1/18/2022   EUR     53.130
Zurcher Kantonal8.125     02/11/2022  EUR     61.530
UBS AG/London   8.750     9/27/2021   CHF     73.550
UniCredit Bank A10.300    12/24/2021  EUR     61.420
BNP Paribas Emis5.000     12/23/2021  EUR     55.740
BNP Paribas Emis7.000     3/24/2022   EUR     60.660
Leonteq Securiti10.000    12/06/2021  CHF     75.720
Zurcher Kantonal6.750     02/11/2022  CHF     72.470
Bank Julius Baer7.400     1/25/2022   EUR     73.700
Zurcher Kantonal9.750     02/11/2022  USD     62.490
UBS AG/London   5.750     8/16/2021   CHF     71.550
UBS AG/London   12.000    12/06/2021  USD     74.550
Raiffeisen Schwe7.750     1/27/2022   CHF     72.370
BNP Paribas Emis4.000     3/24/2022   EUR     71.750
BNP Paribas Emis10.000    3/24/2022   EUR     6.900
UniCredit Bank A11.300    12/24/2021  EUR     59.180
UniCredit Bank A9.300     12/24/2021  EUR     67.730
UniCredit Bank A10.100    12/24/2021  EUR     66.160
BNP Paribas Emis10.000    12/23/2021  EUR     4.350
DekaBank Deutsch2.000     02/10/2023  EUR     74.360
EFG Internationa9.700     9/26/2022   CHF     11.420
Leonteq Securiti7.750     1/17/2022   CHF     71.160
BNP Paribas Emis6.000     3/24/2022   EUR     72.060
BNP Paribas Emis6.000     9/23/2021   EUR     51.860
Zurcher Kantonal5.350     7/29/2021   CHF     54.740
Credit Suisse AG10.750    7/26/2021   USD     61.020
UBS AG/London   13.000    02/07/2022  CHF     66.800
UBS AG/London   11.000    08/05/2021  CHF     71.900
UBS AG/London   11.250    1/24/2022   CHF     71.200
Bank Julius Baer10.300    1/31/2022   USD     72.100
Leonteq Securiti12.400    08/03/2021  CHF     75.310
Raiffeisen Schwe3.200     12/18/2026  CHF     66.980
Bank ZENIT PJSC 0.100     3/27/2025   RUB     70.020
Leonteq Securiti3.900     9/21/2029   CHF     74.650
Raiffeisen Schwe3.400     3/21/2025   CHF     55.470
Raiffeisen Schwe3.000     9/21/2029   CHF     69.640
Raiffeisen Schwe2.700     9/22/2026   CHF     54.960
Leonteq Securiti3.900     12/20/2024  CHF     51.670
Leonteq Securiti4.000     12/18/2026  CHF     69.250
Leonteq Securiti3.600     9/22/2026   CHF     57.950
Pongs & Zahn AG 8.500                 EUR     0.002
UniCredit Bank A9.300     12/24/2021  EUR     50.880
UniCredit Bank A6.400     12/24/2021  EUR     64.930
UniCredit Bank A9.900     12/24/2021  EUR     62.590
UniCredit Bank A9.100     12/24/2021  EUR     57.970
UniCredit Bank A11.200    12/24/2021  EUR     36.270
UniCredit Bank A10.500    12/24/2021  EUR     72.470
UniCredit Bank A10.900    12/24/2021  EUR     60.600
UBS AG/London   6.750     5/16/2022   CHF     74.650
UniCredit Bank A9.100     12/24/2021  EUR     55.820
Landesbank Hesse6.000     03/06/2025  EUR     56.660
UniCredit Bank A9.700     12/24/2021  EUR     64.970
UniCredit Bank A11.400    12/24/2021  EUR     50.580
UniCredit Bank A12.900    12/24/2021  EUR     47.820
UniCredit Bank A7.800     12/24/2021  EUR     54.360
UniCredit Bank A8.100     12/24/2021  EUR     41.280
UniCredit Bank A8.300     12/24/2021  EUR     60.340
UniCredit Bank A6.300     12/24/2021  EUR     73.540
UniCredit Bank A7.500     12/24/2021  EUR     69.440
UniCredit Bank A6.600     12/24/2021  EUR     71.130
UniCredit Bank A9.900     12/24/2021  EUR     53.920
UniCredit Bank A9.700     12/24/2021  EUR     38.500
UniCredit Bank A10.900    12/24/2021  EUR     53.970
UniCredit Bank A7.000     12/24/2021  EUR     72.440
UBS AG/London   7.000     10/04/2021  CHF     73.800
UBS AG/London   7.250     10/04/2021  CHF     67.550
UniCredit Bank A8.200     11/26/2021  EUR     69.780
UBS AG/London   10.750    7/29/2021   CHF     68.750
Credit Suisse AG6.200     7/29/2022   CHF     75.470
Barclays Bank PL2.730     9/27/2024   EUR     65.480
Leonteq Securiti7.200     1/31/2022   CHF     74.350
Gmina Miasta San1.400     11/25/2032  PLN     0.010
Bayerische Lande3.500     1/26/2024   EUR     73.990
Raiffeisen Schwe6.600     3/23/2022   CHF     70.870
Skandinaviska En6.000     1/15/2025   SEK     75.470
Vontobel Financi9.200     1/24/2022   EUR     67.410
Raiffeisen Schwe5.300     9/20/2022   CHF     75.360
Landesbank Baden2.650     10/27/2023  EUR     74.530
Raiffeisen Schwe7.000     08/03/2021  CHF     71.800
UBS AG/London   8.000     1/24/2022   CHF     70.550
SG Issuer SA    0.850     7/29/2024   EUR     15.370
DekaBank Deutsch3.200     11/04/2022  EUR     72.790
Raiffeisen Schwe8.000     1/31/2022   CHF     75.190
Corner Banca SA 9.000     1/21/2022   CHF     74.040
Raiffeisen Schwe8.600     12/13/2021  CHF     74.480
Leonteq Securiti8.000     12/13/2022  CHF     59.780
Zurcher Kantonal4.000     02/11/2022  CHF     56.730
UniCredit Bank A5.700     12/24/2021  EUR     61.170
UniCredit Bank A8.900     12/24/2021  EUR     39.810
UniCredit Bank A9.700     12/24/2021  EUR     74.430
UniCredit Bank A10.000    12/24/2021  EUR     49.360
BNP Paribas Emis3.000     12/23/2021  EUR     71.300
Leonteq Securiti3.400     3/20/2024   CHF     43.330
UniCredit Bank A10.400    12/24/2021  EUR     52.810
UniCredit Bank A10.000    12/24/2021  EUR     49.560
UniCredit Bank A12.500    12/24/2021  EUR     45.610
BNP Paribas Emis9.000     9/23/2021   EUR     1.730
BNP Paribas Emis4.000     3/24/2022   EUR     57.080
BNP Paribas Emis7.000     12/23/2021  EUR     59.980
UniCredit Bank A7.300     12/24/2021  EUR     74.380
UniCredit Bank A8.100     12/24/2021  EUR     72.390
UniCredit Bank A9.000     12/24/2021  EUR     70.570
UniCredit Bank A14.600    12/24/2021  EUR     75.030
UniCredit Bank A8.300     12/24/2021  EUR     55.800
UniCredit Bank A10.800    12/24/2021  EUR     48.100
UniCredit Bank A11.700    12/24/2021  EUR     46.790
DekaBank Deutsch2.800     1/13/2023   EUR     75.050
DekaBank Deutsch4.000     1/14/2022   EUR     65.960
EFG Internationa7.800     1/17/2022   CHF     71.000
Leonteq Securiti11.800    12/20/2021  CHF     73.130
UBS AG/London   10.000    1/17/2022   CHF     73.700
Zurcher Kantonal6.000     1/28/2022   CHF     73.710
UBS AG/London   10.000    7/29/2021   CHF     68.700
UBS AG/London   11.750    7/29/2021   CHF     66.550
Leonteq Securiti10.000    12/23/2021  CHF     74.340
Vontobel Financi21.500    9/24/2021   EUR     71.160
Leonteq Securiti7.000     10/25/2021  EUR     75.590
DekaBank Deutsch3.250     11/25/2022  EUR     68.180
Landesbank Baden4.000     11/26/2021  EUR     68.510
Landesbank Baden5.750     11/26/2021  EUR     70.840
Landesbank Baden4.250     11/26/2021  EUR     74.540
Landesbank Baden3.000     11/26/2021  EUR     63.520
Landesbank Baden3.250     11/26/2021  EUR     73.110
Landesbank Baden4.000     11/26/2021  EUR     70.800
EFG Internationa13.400    10/31/2022  CHF     74.490
Raiffeisen Schwe4.000     11/15/2022  CHF     71.230
Zurcher Kantonal5.750     11/26/2021  CHF     73.890
UBS AG/London   8.500     11/22/2021  EUR     62.250
SG Issuer SA    0.350     11/15/2023  EUR     20.620
Bayerische Lande1.350     12/23/2022  EUR     60.570
Leonteq Securiti7.420     11/22/2021  EUR     58.430
DekaBank Deutsch3.700     12/17/2021  EUR     65.810
Landesbank Baden3.690     12/23/2022  EUR     71.050
Raiffeisen Schwe7.800     11/22/2021  CHF     57.630
Zurcher Kantonal6.000     12/06/2021  CHF     74.060
UBS AG/London   7.000     11/29/2021  EUR     59.750
Landesbank Baden2.600     1/26/2024   EUR     73.880
Bank Julius Baer8.200     10/15/2021  EUR     71.650
Vontobel Financi6.500     9/24/2021   EUR     49.640
Vontobel Financi13.000    9/24/2021   EUR     70.840
Vontobel Financi15.500    12/24/2021  EUR     67.090
Vontobel Financi13.500    12/24/2021  EUR     69.970
Vontobel Financi16.000    9/24/2021   EUR     67.050
UBS AG/London   10.000    12/27/2021  CHF     74.900
UBS AG/London   5.750     12/27/2021  CHF     73.050
EFG Internationa12.000    12/31/2021  USD     73.990
EFG Internationa13.000    12/27/2021  CHF     6.060
EFG Internationa11.120    12/27/2024  EUR     57.720
Leonteq Securiti15.180    12/27/2021  EUR     7.740
Leonteq Securiti11.000    01/03/2022  CHF     55.500
Leonteq Securiti8.600     01/07/2022  CHF     74.770
UniCredit Bank A11.100    12/24/2021  EUR     59.780
WEB Windenergie 5.250     04/08/2023  EUR     0.010
Landesbank Hesse7.700     8/20/2021   EUR     50.900
Landesbank Hesse5.750     11/21/2022  EUR     73.700
Leonteq Securiti7.500     11/08/2022  CHF     65.670
Leonteq Securiti12.000    11/08/2021  EUR     67.170
UniCredit Bank A4.200     12/06/2022  EUR     66.320
Bayerische Lande3.000     11/26/2021  EUR     69.990
UBS AG/London   8.000     11/08/2021  CHF     56.750
EFG Internationa13.000    11/08/2021  EUR     55.110
BNP Paribas Emis3.000     9/23/2021   EUR     70.170
Leonteq Securiti9.400     1/13/2022   CHF     70.860
Zurcher Kantonal7.500     7/28/2021   CHF     54.720
Landesbank Baden3.500     3/24/2023   EUR     69.660
EFG Internationa0.600     09/06/2022  EUR     75.130
Raiffeisen Centr6.000     10/07/2021  EUR     73.590
UBS AG/London   7.000     9/13/2021   CHF     67.550
UBS AG/London   7.750     9/13/2021   EUR     55.100
UBS AG/London   8.500     9/13/2021   EUR     65.300
Raiffeisen Schwe5.000     9/13/2022   CHF     74.310
Landesbank Baden2.100     10/27/2023  EUR     63.110
EFG Internationa9.000     9/20/2021   EUR     59.160
UBS AG/London   7.500     9/20/2021   CHF     54.750
UBS AG/London   8.250     9/20/2021   CHF     71.700
UBS AG/London   7.250     09/06/2021  CHF     55.850
EFG Internationa7.000     09/06/2021  EUR     75.530
Zurcher Kantonal8.000     1/14/2022   CHF     74.720
Zurcher Kantonal13.000    1/14/2022   EUR     71.930
EFG Internationa0.600     9/20/2022   EUR     70.510
Vontobel Financi14.500    9/24/2021   EUR     68.790
Vontobel Financi11.500    9/24/2021   EUR     72.010
UBS AG/London   10.000    11/15/2021  CHF     73.500
Zurcher Kantonal5.750     11/19/2021  CHF     75.040
UBS AG/London   10.500    11/15/2021  CHF     73.300
Landesbank Baden6.500     10/22/2021  EUR     67.710
DZ Bank AG Deuts16.200    9/24/2021   EUR     75.090
DZ Bank AG Deuts20.700    9/24/2021   EUR     67.860
Landesbank Baden3.900     10/22/2021  EUR     66.540
Landesbank Baden2.650     3/25/2022   EUR     71.020
Zurcher Kantonal6.300     12/16/2022  CHF     56.240
Landesbank Baden5.300     3/25/2022   EUR     62.930
Raiffeisen Schwe8.500     12/13/2021  CHF     53.270
UBS AG/London   12.000    12/20/2021  CHF     52.900
UBS AG/London   14.000    12/20/2021  CHF     62.900
UBS AG/London   7.000     12/20/2021  CHF     61.600
Leonteq Securiti7.500     12/20/2021  EUR     59.760
Bayerische Lande1.450     1/26/2024   EUR     63.700
Zurcher Kantonal10.750    1/21/2022   CHF     54.900
Landesbank Baden4.500     9/24/2021   EUR     68.760
Landesbank Baden7.250     9/24/2021   EUR     61.860
DZ Bank AG Deuts9.500     9/22/2021   EUR     59.730
UBS AG/London   7.000     08/12/2021  CHF     69.750
Vontobel Financi10.250    9/24/2021   EUR     51.126
Leonteq Securiti5.910     09/02/2021  EUR     73.440
Leonteq Securiti1.430     09/02/2021  EUR     64.420
Leonteq Securiti6.330     09/02/2021  EUR     64.870
Leonteq Securiti11.390    09/02/2021  EUR     73.960
Leonteq Securiti7.590     09/02/2021  EUR     68.390
Leonteq Securiti9.220     09/02/2021  EUR     65.140
UBS AG/London   9.000     08/12/2021  CHF     73.050
Citigroup Global6.500     2/21/2030   EUR     73.530
UniCredit Bank A6.900     12/24/2021  EUR     71.650
Leonteq Securiti4.500     09/02/2021  EUR     73.300
Leonteq Securiti7.290     09/02/2021  EUR     74.570
Leonteq Securiti8.590     09/02/2021  EUR     73.700
Leonteq Securiti2.470     09/02/2021  EUR     64.490
Leonteq Securiti3.650     09/02/2021  EUR     64.610
Zurcher Kantonal7.000     8/18/2021   CHF     60.880
BNP Paribas Emis5.000     9/23/2021   EUR     59.000
BNP Paribas Emis6.000     9/23/2021   EUR     54.920
BNP Paribas Emis6.000     12/23/2021  EUR     56.150
BNP Paribas Emis10.000    9/23/2021   EUR     1.800
BNP Paribas Emis5.000     3/24/2022   EUR     58.480
BNP Paribas Emis6.000     9/23/2021   EUR     73.650
BNP Paribas Emis5.000     12/23/2021  EUR     75.040
BNP Paribas Emis6.000     12/23/2021  EUR     73.050
Zurcher Kantonal7.000     2/21/2022   CHF     71.210
Credit Suisse AG6.100     8/15/2022   CHF     74.240
Leonteq Securiti10.000    8/17/2021   CHF     70.470
Vontobel Financi13.500    9/24/2021   EUR     68.720
UniCredit Bank A10.300    12/24/2021  EUR     64.440
UniCredit Bank A5.900     12/24/2021  EUR     75.000
Leonteq Securiti9.660     09/02/2021  EUR     73.810
Leonteq Securiti5.020     09/02/2021  EUR     64.770
Leonteq Securiti6.070     09/02/2021  EUR     71.950
Bank Julius Baer14.750    8/16/2021   EUR     0.800
Leonteq Securiti10.600    8/13/2021   CHF     57.300
Vontobel Financi10.000    9/24/2021   EUR     70.009
Araratbank OJSC 5.500     1/29/2024   USD     25.118
Vontobel Financi10.500    9/24/2021   EUR     56.350
Vontobel Financi11.500    9/24/2021   EUR     72.310
Vontobel Financi14.500    9/24/2021   EUR     68.270
Vontobel Financi16.000    9/24/2021   EUR     66.450
Vontobel Financi8.000     9/24/2021   EUR     61.980
Vontobel Financi17.000    9/24/2021   EUR     64.680
Vontobel Financi18.500    9/24/2021   EUR     63.100
Credit Suisse AG7.500     08/05/2021  CHF     74.510
Zurcher Kantonal10.200    08/06/2021  CHF     69.920
UniCredit Bank A6.600     9/13/2023   EUR     73.470
Leonteq Securiti11.200    08/04/2021  CHF     73.430
UBS AG/London   10.750    08/05/2021  CHF     71.800
UBS AG/London   10.500    10/18/2021  CHF     61.950
Zurcher Kantonal8.000     10/22/2021  EUR     62.740
Landesbank Hesse4.000     6/14/2023   EUR     69.600
Zurcher Kantonal8.000     5/16/2022   CHF     58.030
Bayerische Lande2.500     7/22/2022   EUR     67.620
UBS AG/London   12.000    08/05/2021  CHF     69.550
UBS AG/London   11.500    08/05/2021  CHF     69.550
EFG Internationa5.600     07/11/2024  EUR     25.820
Landesbank Baden3.250     7/28/2023   EUR     66.220
Societe Generale13.479    12/24/2021  EUR     66.020
UniCredit Bank A10.500    12/24/2021  EUR     66.550
UBS AG/London   7.000     9/27/2021   CHF     72.450
UBS AG/London   8.250     9/27/2021   CHF     73.400
BNP Paribas Emis5.000     9/23/2021   EUR     54.600
BNP Paribas Emis5.000     3/24/2022   EUR     52.810
Zurcher Kantonal8.000     7/30/2021   CHF     69.050
DekaBank Deutsch3.500     2/24/2023   EUR     72.280
Vontobel Financi4.000     12/14/2021  EUR     70.180
UniCredit Bank A4.900     5/22/2023   EUR     73.930
DekaBank Deutsch4.150     07/01/2022  EUR     58.040
Vontobel Financi16.500    9/24/2021   EUR     44.690
Araratbank OJSC 5.500     9/19/2023   USD     25.391
Leonteq Securiti7.000     8/16/2021   CHF     57.560
DekaBank Deutsch3.400     09/09/2022  EUR     72.140
UBS AG/London   7.000     8/23/2021   EUR     55.650
UBS AG/London   5.500     8/23/2021   CHF     68.300
Skandinaviska En4.400     7/15/2022   SEK     70.355
Leonteq Securiti6.600     10/12/2021  CHF     48.330
DekaBank Deutsch4.000     11/05/2021  EUR     65.360
Landesbank Baden4.400     9/23/2022   EUR     60.640
Otkritie Holding0.010     12/08/2027  RUB     2.010
Landesbank Baden3.600     6/23/2023   EUR     59.440
Erste Group Bank5.800     10/31/2024  EUR     69.350
DekaBank Deutsch2.400     6/17/2022   EUR     69.020
EFG Internationa16.000    10/11/2021  CHF     63.680
UBS AG/London   7.000     10/11/2021  CHF     57.150
UniCredit Bank A6.250     11/04/2021  EUR     70.600
EFG Internationa10.400    10/15/2021  EUR     61.750
Leonteq Securiti6.000     11/23/2021  CHF     55.390
Derzhava-Garant 8.500     06/12/2030  RUB     5.280
Vontobel Financi21.500    9/24/2021   EUR     69.980
Vontobel Financi19.500    9/24/2021   EUR     71.880
DZ Bank AG Deuts15.000    12/24/2021  EUR     65.710
Leonteq Securiti18.000    04/12/2022  CHF     57.620
Raiffeisen Schwe4.400     10/21/2021  CHF     66.870
Vontobel Financi10.000    11/11/2021  EUR     73.599
UBS AG/London   7.750     10/25/2021  EUR     58.100
EFG Internationa5.350     10/24/2022  USD     72.990
Landesbank Baden2.900     11/26/2021  EUR     73.330
Landesbank Baden2.000     11/26/2021  EUR     67.650
Landesbank Baden4.000     11/26/2021  EUR     60.880
DekaBank Deutsch3.700     11/25/2022  EUR     63.690
Leonteq Securiti2.290     10/29/2021  EUR     52.700
DekaBank Deutsch2.550     7/30/2021   EUR     51.570
Societe Generale10.000    8/27/2021   EUR     75.150
Societe Generale12.750    8/27/2021   EUR     64.610
Societe Generale14.750    8/27/2021   EUR     61.760
Vontobel Financi9.500     9/24/2021   EUR     54.410
Societe Generale13.750    10/22/2021  EUR     66.530
Societe Generale7.250     10/22/2021  EUR     70.460
Vontobel Financi10.000    12/24/2021  EUR     73.800
Vontobel Financi5.500     9/24/2021   EUR     51.320
Societe Generale10.750    8/27/2021   EUR     68.130
Societe Generale9.750     10/22/2021  EUR     73.420
Vontobel Financi7.500     12/24/2021  EUR     55.690
Societe Generale11.750    10/22/2021  EUR     69.660
Vontobel Financi11.500    9/24/2021   EUR     54.750
Societe Generale8.750     8/27/2021   EUR     72.520
Vontobel Financi5.500     12/24/2021  EUR     52.510
Vontobel Financi11.500    12/24/2021  EUR     68.640
Vontobel Financi5.500     3/25/2022   EUR     53.640
Societe Generale13.250    10/22/2021  EUR     59.550
Societe Generale11.250    10/22/2021  EUR     62.430
Vontobel Financi17.500    3/25/2022   EUR     67.740
Societe Generale10.500    9/24/2021   EUR     55.480
Societe Generale12.500    9/24/2021   EUR     52.690
Societe Generale8.500     9/24/2021   EUR     59.060
Vontobel Financi9.000     12/24/2021  EUR     56.320
Vontobel Financi8.000     3/25/2022   EUR     57.590
Vontobel Financi8.000     12/24/2021  EUR     55.900
Societe Generale6.500     9/24/2021   EUR     63.970
Societe Generale4.500     9/24/2021   EUR     71.310
Societe Generale10.500    9/24/2021   EUR     67.620
Vontobel Financi21.000    9/24/2021   EUR     62.512
Societe Generale14.500    9/24/2021   EUR     61.070
Societe Generale12.500    9/24/2021   EUR     64.040
Societe Generale8.500     9/24/2021   EUR     72.090
Vontobel Financi6.000     12/24/2021  EUR     48.600
Societe Generale6.500     8/27/2021   EUR     71.390
Societe Generale10.500    8/27/2021   EUR     61.450
Societe Generale14.500    8/27/2021   EUR     55.390
Societe Generale8.500     8/27/2021   EUR     65.670
Societe Generale12.500    8/27/2021   EUR     58.130
Russian Bank for8.500     12/03/2030  RUB     67.080
Lehman Brothers 8.500     07/06/2009  CHF     0.100
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Lehman Brothers 7.500     9/13/2009   CHF     0.100
Lehman Brothers 4.500     08/02/2009  USD     0.100
Lehman Brothers 4.350     08/08/2016  SGD     0.100
Lehman Brothers 6.650     8/24/2011   AUD     0.100
Lehman Brothers 7.250     10/06/2008  EUR     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 9.000     3/17/2009   GBP     0.100
Lehman Brothers 3.850     4/24/2009   USD     0.100
Lehman Brothers 4.000     4/24/2009   USD     0.100
Lehman Brothers 9.000     6/13/2009   USD     0.100
Lehman Brothers 7.375     9/20/2008   EUR     0.100
Lehman Brothers 10.500    08/09/2010  EUR     0.100
Lehman Brothers 7.000     11/28/2008  CHF     0.100
Lehman Brothers 4.500     03/06/2013  CHF     0.100
Lehman Brothers 4.600     10/11/2017  ILS     0.100
Lehman Brothers 3.500     12/20/2027  USD     0.100
Lehman Brothers 6.850     12/22/2008  EUR     0.100
MIK OAO         15.000    2/19/2020   RUB     13.875
Lehman Brothers 16.000    10/08/2008  CHF     0.100
Lehman Brothers 8.280     3/26/2009   USD     0.100
Lehman Brothers 7.600     3/26/2009   EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Dolphin Drilling4.490     8/28/2019   NOK     0.644
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 8.800     12/27/2009  EUR     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 4.000     01/04/2011  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 8.000     12/31/2010  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
AKB Peresvet ZAO0.510     6/23/2021   RUB     32.680
Lehman Brothers 9.300     12/21/2010  EUR     0.100
Lehman Brothers 2.400     6/20/2011   JPY     0.100
Lehman Brothers 1.600     6/21/2010   JPY     0.100
Lehman Brothers 6.000     5/23/2018   CZK     0.100
Lehman Brothers 4.000     5/30/2010   USD     0.100
Lehman Brothers 4.000     5/17/2010   USD     0.100
Lehman Brothers 2.250     05/12/2009  USD     0.100
Lehman Brothers 7.150     3/21/2013   USD     0.100
Lehman Brothers 3.500     6/20/2011   EUR     0.100
Lehman Brothers 5.500     6/22/2010   USD     0.100
Lehman Brothers 7.500     2/14/2010   AUD     0.100
Lehman Brothers 7.600     1/31/2013   AUD     0.100
Lehman Brothers 3.450     5/23/2013   USD     0.100
Lehman Brothers 6.450     2/20/2010   AUD     0.100
Lehman Brothers 10.000    10/22/2008  USD     0.100
Lehman Brothers 10.000    10/23/2008  USD     0.100
Lehman Brothers 4.800     11/16/2012  HKD     0.100
Lehman Brothers 5.200     11/09/2011  EUR     0.100
Lehman Brothers 14.900    11/16/2010  EUR     0.100
Irish Bank Resol6.750     11/30/2013  BGN     33.250
Lehman Brothers 13.000    2/16/2009   CHF     0.100
Lehman Brothers 6.300     12/21/2018  USD     0.100
Lehman Brothers 5.375     02/04/2014  USD     0.100
Lehman Brothers 8.000     3/21/2018   USD     0.100
AlphaNotes ETP D0.010     09/09/2029  USD     68.640
Lehman Brothers 5.500     4/23/2014   EUR     0.100
Lehman Brothers 16.000    10/28/2008  USD     0.100
Lehman Brothers 6.600     5/23/2012   AUD     0.100
Lehman Brothers 9.000     05/06/2011  CHF     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 10.000    5/22/2009   USD     0.100
Lehman Brothers 16.000    11/09/2008  USD     0.100
Lehman Brothers 8.000     3/19/2012   USD     0.100
SG Issuer SA    0.850     10/16/2024  EUR     11.980
Leonteq Securiti12.000    10/18/2021  CHF     60.100
UBS AG/London   14.250    10/25/2021  CHF     58.650
UBS AG/London   10.000    10/25/2021  CHF     58.050
Nutritek Interna8.750     12/11/2008  USD     2.089
Lehman Brothers 1.680     03/05/2015  EUR     0.100
Lehman Brothers 13.500    11/28/2008  USD     0.100
Lehman Brothers 6.750     04/05/2012  EUR     0.100
Lehman Brothers 2.480     05/12/2009  USD     0.100
Lehman Brothers 13.000    7/25/2012   EUR     0.100
SG Issuer SA    3.000     10/10/2034  ZAR     46.990
Credit Suisse AG0.500     01/08/2026  BRL     64.812
Instabank ASA   9.200                 NOK     48.825
Northland Resour4.000     10/15/2020  USD     0.271
SG Issuer SA    2.700     11/28/2034  ZAR     44.480
SG Issuer SA    3.300     9/26/2034   ZAR     49.217
Lehman Brothers 4.690     2/19/2017   EUR     0.100
Lehman Brothers 6.000     2/14/2012   EUR     0.100
Lehman Brothers 7.000     2/15/2012   EUR     0.100
Heta Asset Resol0.211     12/31/2023  EUR     1.438
Lehman Brothers 4.000     11/24/2016  EUR     0.100
Lehman Brothers 1.500     10/25/2011  EUR     0.100
Lehman Brothers 5.500     6/15/2009   CHF     0.100
Bank Otkritie Fi0.010     9/24/2025   RUB     72.470
Lehman Brothers 7.585     11/22/2009  MXN     0.100
Lehman Brothers 6.000     9/20/2011   EUR     0.100
Lehman Brothers 3.400     9/21/2009   HKD     0.100
Lehman Brothers 8.000     10/23/2008  USD     0.100
Grupo Isolux Cor1.000     12/30/2021  USD     0.182
Grupo Isolux Cor0.250     12/30/2018  EUR     0.182
Lehman Brothers 18.250    10/02/2008  USD     0.100
Lehman Brothers 7.000     10/22/2010  EUR     0.100
Lehman Brothers 1.500     10/12/2010  EUR     0.100
ECM Real Estate 5.000     10/09/2011  EUR     15.375
Getin Noble Bank4.250     6/28/2024   PLN     64.715
HSBC Bank PLC   0.500     6/23/2027   MXN     63.874
Lehman Brothers 3.000     8/13/2011   EUR     0.100
Lehman Brothers 2.500     8/23/2012   GBP     0.100
Lehman Brothers 4.000     10/12/2010  USD     0.100
Vontobel Financi17.500    9/24/2021   EUR     48.360
Vontobel Financi14.000    9/24/2021   EUR     51.940
Vontobel Financi13.000    9/24/2021   EUR     70.220
Vontobel Financi20.000    9/24/2021   EUR     61.620
Leonteq Securiti8.150     09/02/2021  CHF     37.710
Landesbank Baden5.050     10/22/2021  EUR     67.710
Landesbank Baden3.050     10/22/2021  EUR     74.050
Landesbank Baden2.950     10/22/2021  EUR     75.720
Corner Banca SA 8.620     8/30/2021   CHF     75.330
Landesbank Hesse7.000     4/29/2022   EUR     73.790
UBS AG/London   7.000     8/30/2021   CHF     66.550
Landesbank Baden2.350     9/23/2022   EUR     66.610
Landesbank Baden4.100     10/22/2021  EUR     70.360
Societe Generale9.250     10/22/2021  EUR     65.950
DekaBank Deutsch3.600     07/01/2022  EUR     69.820
Lehman Brothers 0.010     9/20/2011   USD     0.100
Northland Resour12.250    3/26/2016   USD     2.621
Lehman Brothers 8.050     12/20/2010  HKD     0.100
Minicentrales Do0.010     06/06/2047  EUR     67.500
Instabank ASA   7.800     02/04/2030  NOK     65.337
Lehman Brothers 7.750     2/21/2016   EUR     0.100
Promsvyazbank PJ2.500     9/29/2029   RUB     65.950
Lehman Brothers 4.100     8/23/2010   USD     0.100
Lehman Brothers 7.500     5/30/2010   AUD     0.100
Lehman Brothers 2.300     06/06/2013  USD     0.100
Lehman Brothers 4.300     06/04/2012  USD     0.100
Barclays Bank PL1.450     9/24/2038   MXN     31.418
Lehman Brothers 15.000    06/04/2009  CHF     0.100
Lehman Brothers 4.600     08/01/2013  EUR     0.100
Lehman Brothers 5.000     11/22/2012  EUR     0.100
Lehman Brothers 5.550     03/12/2015  EUR     0.100
Lehman Brothers 13.500    06/02/2009  USD     0.100
Lehman Brothers 10.442    11/22/2008  CHF     0.100
Deutsche Bank AG0.500     04/05/2038  MXN     24.715
Lehman Brothers 5.250     04/01/2023  EUR     0.100
AKB Peresvet ZAO13.250    4/25/2018   RUB     31.375
Lehman Brothers 16.800    8/21/2009   USD     0.100
Lehman Brothers 14.100    11/12/2008  USD     0.100
Lehman Brothers 13.432    01/08/2009  ILS     0.100
Lehman Brothers 0.500     07/02/2020  EUR     0.100
Lehman Brothers 3.100     06/04/2010  USD     0.100
Lehman Brothers 2.500     8/15/2012   CHF     0.100
Lehman Brothers 13.150    10/30/2008  USD     0.100
Lehman Brothers 0.500     08/01/2020  EUR     0.100
Lehman Brothers 6.000     08/07/2013  EUR     0.100
Lehman Brothers 6.250     09/05/2011  EUR     0.100
Lehman Brothers 11.750    03/01/2010  EUR     0.100
Lehman Brothers 4.000     03/10/2011  EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 6.000     3/18/2015   USD     0.100
Lehman Brothers 1.000     2/26/2010   USD     0.100
Lehman Brothers 7.550     12/29/2008  USD     0.100
Lehman Brothers 7.000     4/24/2009   USD     0.100
Lehman Brothers 16.200    5/14/2009   USD     0.100
Lehman Brothers 5.100     05/08/2017  HKD     0.100
Lehman Brothers 3.350     10/13/2016  EUR     0.100
Credito Padano B3.100                 EUR     33.866
Lehman Brothers 5.000     4/24/2017   EUR     0.100
Lehman Brothers 5.000     05/02/2022  EUR     0.100
Lehman Brothers 4.000     4/13/2011   CHF     0.100
Lehman Brothers 7.000     4/14/2009   EUR     0.100
Lehman Brothers 6.000     10/24/2008  EUR     0.100
Heta Asset Resol4.350     12/31/2023  EUR     1.438
Lehman Brothers 5.750     6/15/2009   CHF     0.100
Lehman Brothers 0.250     7/21/2014   EUR     0.100
Lehman Brothers 2.000     10/28/2010  EUR     0.100
Lehman Brothers 11.000    6/29/2009   EUR     0.100
Lehman Brothers 8.000     08/03/2009  USD     0.100
Lehman Brothers 11.000    12/19/2011  USD     0.100
Norske Skogindus7.000     12/30/2026  EUR     0.001
Lehman Brothers 3.500     10/24/2011  USD     0.100
Lehman Brothers 3.500     10/31/2011  USD     0.100
Lehman Brothers 0.250     10/19/2012  CHF     0.100
Lehman Brothers 5.200     3/19/2018   EUR     0.100
Norske Skogindus2.000     12/30/2115  EUR     0.113
Lehman Brothers 14.900    9/15/2008   EUR     0.100
Lehman Brothers 1.750     02/07/2010  EUR     0.100
Lehman Brothers 15.000    3/30/2011   EUR     0.100
Lehman Brothers 6.600     2/22/2012   EUR     0.100
Lehman Brothers 10.000    3/27/2009   USD     0.100
Lehman Brothers 5.000     10/24/2008  CHF     0.100
Lehman Brothers 7.750     1/30/2009   EUR     0.100
Sidetur Finance 10.000    4/20/2016   USD     2.082
Petromena ASA   9.750     5/24/2016   NOK     0.607
Espirito Santo F5.050     11/15/2025  EUR     0.983
Lehman Brothers 3.700     06/06/2009  EUR     0.100
Lehman Brothers 0.800     12/30/2016  EUR     0.100
AKB Peresvet ZAO13.000    10/07/2017  RUB     31.375
Lehman Brothers 10.000    2/16/2009   CHF     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 11.000    2/16/2009   CHF     0.100
Lehman Brothers 7.000     2/15/2010   CHF     0.100
Lehman Brothers 4.000     06/05/2011  USD     0.100
Lehman Brothers 1.460     2/19/2012   JPY     0.100
Lehman Brothers 11.250    12/31/2008  USD     0.100
SAir Group      2.750     7/30/2004   CHF     12.625
SAir Group      2.750     7/30/2004   CHF     12.625
Lehman Brothers 3.000     09/12/2036  JPY     0.100
Lehman Brothers 11.000    07/04/2011  USD     0.100
Lehman Brothers 12.000    07/04/2011  EUR     0.100
Lehman Brothers 5.500     07/08/2013  EUR     0.100
Landesbank Hesse0.650     10/01/2031  EUR     10.127
Lehman Brothers 11.000    07/04/2011  CHF     0.100
Lehman Brothers 0.500     06/02/2020  EUR     0.100
Lehman Brothers 7.250     07/08/2014  EUR     0.100
Lehman Brothers 3.000     9/13/2010   JPY     0.100
Lehman Brothers 9.250     6/20/2012   USD     0.100
Lehman Brothers 3.820     10/20/2009  USD     0.100
IT Holding Finan9.875     11/15/2012  EUR     0.238
Lehman Brothers 4.100     5/20/2009   USD     0.100
Lehman Brothers 2.000     5/17/2010   EUR     0.100
Ukraine Governme6.000     9/19/2029   UAH     65.610
Lehman Brothers 4.500     03/07/2015  EUR     0.100
Northland Resour15.000    7/15/2019   USD     2.621
Ukraine Governme6.000     06/12/2030  UAH     63.983
Lehman Brothers 2.300     6/27/2013   USD     0.100
City of Novosibi7.300     10/08/2026  RUB     69.700
Credit Suisse AG0.500     12/16/2025  BRL     66.175
Lehman Brothers 6.720     12/29/2008  EUR     0.100
Lehman Brothers 7.625     7/22/2011   HKD     0.100
Lehman Brothers 12.000    7/13/2037   JPY     0.100
Lehman Brothers 7.060     12/29/2008  EUR     0.100
Heta Asset Resol5.730     12/31/2023  EUR     1.438
Lehman Brothers 6.000     6/21/2011   EUR     0.100
Lehman Brothers 6.600     02/09/2009  EUR     0.100
Lehman Brothers 2.000     6/21/2011   EUR     0.100
WPE Internationa10.375    9/30/2020   USD     5.000
BLT Finance BV  12.000    02/10/2015  USD     10.500
Lehman Brothers 4.870     10/08/2013  USD     0.100
Lehman Brothers 4.000     12/02/2012  EUR     0.100
Teksid Aluminum 12.375    7/15/2011   EUR     0.122
Irish Bank Resol4.000     4/23/2018   EUR     33.250
Lehman Brothers 8.280     7/31/2013   GBP     0.100
Lehman Brothers 8.600     7/31/2013   GBP     0.100
Lehman Brothers 3.600     3/19/2018   JPY     0.100
Lehman Brothers 2.370     7/15/2013   USD     0.100
Lehman Brothers 6.000     03/04/2015  USD     0.100
Lehman Brothers 10.600    4/22/2014   MXN     0.100
Lehman Brothers 1.000     05/09/2012  EUR     0.100
Lehman Brothers 23.300    9/16/2008   USD     0.100
Lehman Brothers 3.000     06/03/2010  EUR     0.100
Lehman Brothers 12.400    06/12/2009  USD     0.100
Lehman Brothers 2.000     6/28/2011   EUR     0.100
Lehman Brothers 7.600     03/04/2010  NZD     0.100
Lehman Brothers 17.000    06/02/2009  USD     0.100
Lehman Brothers 10.000    6/17/2009   USD     0.100
Lehman Brothers 7.600     5/21/2013   USD     0.100
Lehman Brothers 6.000     3/17/2011   EUR     0.100
PSN Pm OOO      9.500     09/10/2026  RUB     21.625
Credit Agricole 0.390     12/16/2032  EUR     73.283
BNP Paribas SA  0.500     11/16/2032  MXN     28.981
Lehman Brothers 6.700     4/21/2011   USD     0.100
Lehman Brothers 4.820     12/18/2036  EUR     0.100
Lehman Brothers 13.000    12/14/2012  USD     0.100
Lehman Brothers 4.680     12/12/2045  EUR     0.100
Otkritie Holding10.000    4/20/2028   RUB     3.490
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Lehman Brothers 1.280     11/06/2010  JPY     0.100
Lehman Brothers 1.950     11/04/2013  EUR     0.100
Lehman Brothers 4.000     2/28/2010   EUR     0.100
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Lehman Brothers 8.000     12/27/2032  JPY     0.100
Lehman Brothers 1.500     02/08/2012  CHF     0.100
Heta Asset Resol0.131     12/31/2023  EUR     1.438
Lehman Brothers 8.875     1/28/2011   HKD     0.100
Cerruti Finance 6.500     7/26/2004   EUR     2.058
HSBC Bank PLC   0.500     11/25/2025  BRL     66.128
LBI ehf         8.650     05/01/2011  ISK     9.500
Heta Asset Resol5.270     12/31/2023  EUR     1.439
Lehman Brothers 7.500     7/31/2013   GBP     0.100
Lehman Brothers 7.320     7/31/2013   GBP     0.100
Heta Asset Resol4.875     12/31/2023  EUR     1.438
Minicentrales Do0.010     06/06/2047  EUR     59.375
Lehman Brothers 3.025     1/31/2015   EUR     0.100
Lehman Brothers 0.750     3/29/2012   EUR     0.100
Lehman Brothers 5.250     11/21/2009  USD     0.100
Kuntarahoitus Oy0.250     6/28/2040   CAD     40.421
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 4.500     12/30/2010  USD     0.100
Lehman Brothers 3.630     03/02/2012  EUR     0.100
Kreditanstalt fu0.250     10/06/2036  CAD     49.119
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 7.000     07/11/2010  EUR     0.100
Lehman Brothers 3.000     08/08/2017  EUR     0.100
Lehman Brothers 4.150     8/25/2020   EUR     0.100
Lehman Brothers 6.000     12/06/2016  USD     0.100
Lehman Brothers 0.129     11/02/2035  EUR     0.100
Lehman Brothers 0.500     2/16/2009   EUR     0.100
LBI ehf         2.250     2/14/2011   CHF     9.500
Lehman Brothers 4.250     3/13/2021   EUR     0.100
Lehman Brothers 8.000     4/20/2009   EUR     0.100
AKB Peresvet ZAO0.510     08/04/2034  RUB     30.120
Lehman Brothers 4.050     9/16/2008   EUR     0.100
RGS Nedvizhimost12.000    10/18/2017  RUB     0.335
Leonteq Securiti4.560     7/30/2021   USD     71.240
Leonteq Securiti3.770     7/30/2021   USD     66.900



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

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

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

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

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

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


                * * * End of Transmission * * *