/raid1/www/Hosts/bankrupt/TCREUR_Public/210816.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, August 16, 2021, Vol. 22, No. 157
Headlines
C Z E C H R E P U B L I C
ENERGO-PRO AS: Fitch Affirms 'BB-' LT IDR, Outlook Negative
F R A N C E
SPIE: S&P Affirms 'BB' Rating on Recovering Operations, Outlook Neg
G E O R G I A
PROCREDIT BANK: Fitch Affirms 'BB+' IDRs, Alters Outlook to Stable
G E R M A N Y
A-BEST 21: Fitch Assigns Final BB Rating on Class E Tranche
A-BEST 21: Moody's Rates EUR12.7MM E Notes 'Ba1'
WIRECARD AG: MPs Lose Bid to Publish Dynamite Report on EY Audits
WIRECARD AG: Union Investment Seeks Damages Over Collapse
R U S S I A
HAMKORBANK JSCB: S&P Alters Outlook to Pos., Affirms 'B+/B' ICRs
S P A I N
AYT GENOVA VIII: Moody's Upgrades Rating on EUR21MM C Notes to Ba2
U N I T E D K I N G D O M
CINEWORD: Mulls US Listing, Warns of Going Concern Uncertainty
EUROSAIL-UK 07-4: Fitch Affirms CC Rating on Class E1c Notes
GATWICK AIRPORT: In Talks with Lenders to Ease Loan Terms
GLENBURN HOTEL: Enters Administration, Put Up for Sale
SIMTOM FOOD: Goes Into Administration, Interpath Seeks Offers
SYON SECURITIES 2019: Fitch Raises Class D Notes to 'B+'
VIRGIN MEDIA INC: Fitch Affirms Then Withdraws 'BB-' IDRs
X X X X X X X X
[*] BOND PRICING: For the Week August 9 to August 13, 2021
- - - - -
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C Z E C H R E P U B L I C
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ENERGO-PRO AS: Fitch Affirms 'BB-' LT IDR, Outlook Negative
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Fitch Ratings has affirmed ENERGO-PRO a.s.'s (EPas) Long-Term
Issuer Default Rating (IDR) at 'BB-' with a Negative Outlook.
The ratings reflect EPas's small size relative to other rated
European utilities, cash-flow volatility, FX exposure, risks
associated with the operating environment and key-person risk from
ultimate ownership by one individual. They also incorporate
increased distribution tariffs in Georgia, the supportive
regulatory regime for utilities networks in Bulgaria, and
geographic diversification.
The Negative Outlook reflects Fitch's expectation that leverage
will remain elevated above Fitch's negative guideline in 2021
despite an expected recovery in EBITDA to about the 2018-2019
level. Leverage increased substantially in 2020 due to weaker
operating cash flows, on the back of low hydro generation across
all regions, high electricity costs in Georgia, lower distribution
volumes, and high shareholder distribution under the permitted
investment clause in Eurobond documentation, which had not
previously been utilised. The funds were mainly used for funding
development projects of EPas's parent in Turkey.
KEY RATING DRIVERS
Elevated Credit Metrics: Fitch expects 2021 funds from operations
(FFO) net leverage (adjusted for connection fees and guarantees) to
remain above Fitch's negative trigger and to be only slightly below
it from 2022. Fitch forecasts FFO interest coverage (adjusted for
connection fees and guarantees) at over 3x in 2021-2024. Fitch's
calculations also include guarantees as off-balance sheet
obligations. At end-2020, guarantees amounted to EUR45 million.
Guarantees and higher than expected shareholder distributions have
a material negative impact on credit ratios and therefore EPas has
an ESG Relevance Score of '5' for Group Structure.
EBITDA Volatility: EPas's Fitch-calculated EBITDA ranged between
EUR96 million and EUR164 million in 2016-2020 due to variable hydro
generation and tariff changes. In 2020, Fitch-calculated EBITDA was
EUR105 million due to hydro generation being below the long-term
average in all three countries of operations, high purchased
electricity costs, the liberalisation of high-voltage customers
from May 2019 in Georgia and a sharp contraction of the economies
depressing distribution volumes.
Expected EBITDA Improvement: Fitch expects 2021 EBITDA to improve
to about the 2018-2019 level and slightly increase from 2022,
assuming 2021 hydro generation based on annualised 1H21 generation
volumes, which increased 3% yoy to about or slightly below the
nine-year averages from 2022. The improvement will also be driven
by a significant increase in the distribution tariff in Georgia in
2021. However, the sale of electricity generated in Turkey at
market prices, previously mainly sold at FiT, will weigh on
profitability, as market prices were significantly below FiT in
1H21. Substantially lower than expected hydro generation would
pressure EBITDA and may result in a downgrade.
Shareholder Distribution: The company distributed EUR40 million to
shareholders in 2020 under the cumulative EUR10 million annual
permitted investment clause in Eurobond documentation, which had
not previously been utilised. The funds were mainly used for
funding development projects of its parent in Turkey. The company
expects to distribute EUR10 million in 2021 under this clause.
Fitch's rating case includes distributions of EUR10 million in
2021, 2022, 2024 and EUR60 million in 2023. EPas expects its
dividend policy to remain flexible and subject to business needs.
HPP Liberalisation in Georgia: In 2020 Georgia adopted the
electricity market model, meaning that electricity producers with
installed capacity below 120MW will gradually be relieved of
public-service obligation as they transition to market-based
principles. EPas's hydro power plants (HPPs) will gradually be
deregulated in 2021-2027. Fitch expects this to have a positive
effect as market prices are materially higher than regulated ones.
Regulated, Quasi-Regulated EBITDA Shares to Decline: EPas's EBITDA
is dominated by regulated and quasi-regulated activities (73% in
2020, down from 89% in 2017, based on company estimates). However,
Fitch expects this share to decrease as the business mix shifts
towards market-based activities, following cessation of FiT
eligibility for its assets in Turkey from end-2020, expected
gradual HPP liberalisation in Georgia, and the expiry of reference
price plus premium mechanism in Bulgaria over 2024-2025. These
developments will have a mixed financial effect. Fitch may tighten
Fitch's rating sensitivities if Fitch believes cash flow
predictability decreases.
FX Risks Remain: EPas remains subject to FX fluctuations, as its
debt at end-2020, which consisted mainly of Eurobonds, was
euro-denominated. This is in contrast to its local-currency
denominated revenue, although the Bulgarian leva is pegged to the
euro. EPas does not use hedging instruments, other than holding
some cash in foreign currencies.
Key Person Risk: EPas has higher key person risk than the majority
of its rated peers, as the company is ultimately owned by one
individual. It is part of the larger DK Holding group. EPas is the
major cash-generating subsidiary within DK Holding group. EPas has
an ESG relevance score of '5' for Group Structure and '4' for
Governance Structure reflecting distributions to shareholder for
funding construction of assets within larger DK Holding group and
providing guarantees for sister company's debt. These factors are
negative for the rating.
Turkish Projects Outside Rating Case: EPas plans to consolidate
Turkish projects (Karakurt HPP and Alpaslan 2 HPP) once they will
not worsen its leverage metrics. These projects were constructed by
EPas's sister companies within the bigger DK Holding group and
commissioned in 4Q20-1Q21. The projects benefit from electricity
sales under FiT of USD73/MWh and a local bonus component of
USD13-23/MWh. In Fitch's view, consolidation of these projects
would improve the company's credit metrics and could result in a
revision of the Outlook to Stable. Consolidation of these projects
is not part of Fitch's rating case at present. Fitch will include
them in Fitch's rating case once the transaction is at a more
advanced stage.
EPas has an ESG Relevance Score of '5' for Group Structure as the
company has issued guarantees in favour of its sister companies
within the DK Holding group, and higher than expected distributions
have a material impact on its credit ratios. These factors have a
negative impact on the credit profile, and are highly relevant to
the rating, resulting in a revision of Outlook to Negative from
Stable in December 2020.
EPas has an ESG Relevance Score of '4' for Governance Structure due
to the company being part of the larger DK Holding, which is
ultimately owned by one individual. Key person risk from this
dominant shareholder has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.
DERIVATION SUMMARY
EPas is smaller than other rated European utilities such as Energa
S.A. (BBB-/Rating Watch Positive) or Bulgarian Energy Holding EAD
(BB/Positive), although it is one of the largest utilities in
Georgia and Bulgaria. The company is focused on hydro generation
with a close-to-zero carbon footprint. Its EBITDA was more volatile
over 2013-2020 than that of many peers, but it benefits from mostly
neutral-to-positive free cash flow (FCF) generation and a large
portion of regulated and quasi-regulated income. EPas's leverage is
higher than Energa's.
EPas has greater geographic diversification and benefits from more
stable regulation and integration into networks than DTEK
Renewables B.V. (B-/Stable), one of the largest renewable (wind and
solar) energy producers in Ukraine that operates under FiT, and
Uzbekhydroenergo JSC (B+/Stable), a hydroenergy producer with a
monopoly position in Uzbekistan rated one notch lower than the
Republic of Uzbekistan (BB-/Stable), reflecting the assessment of
links with the state, its ultimate shareholder.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Bulgarian, Georgian and Turkish GDP to increase 3.8%-4.8%,
4.3%-5.8%, 3.7%-6.3% in 2021-2024;
-- Bulgarian, Georgian, and Turkish CPI on average at 2.1%, 3.7%,
12.7% respectively over 2021-2024;
-- Electricity generation at about 2.3 TWh in 2021 and to
increase to about 2.6 TWh annually in 2022-2024;
-- Capex of about EUR61 million annually on average over 2021-
2024;
-- Distributions of EUR10 million in 2021 and in 2022, EUR60
million in 2023, and EUR10 million in 2024;
-- EUR/USD1.21- EUR/USD1.22, USD/TRY8.13-TRY9.6 and EUR/GEL3.51-
GEL4.11 over 2021-2024;
-- EUR45 million guarantees included as off-balance sheet
obligations in 2021-2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch does not anticipate an upgrade as reflected in the
Negative Outlook. Nevertheless, improved FFO net leverage
(excluding connection fees and including group guarantees) to
below 4.5x and FFO interest coverage consistently above 4x
would be positive for the rating;
-- The Outlook could be revised to Stable if the negative
sensitivities below are not breached.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Higher distributions to shareholder and lower profitability
and cash generation leading to FFO net leverage (excluding
connection fees and including group guarantees) above 5.5x and
FFO interest coverage below 3x on a sustained basis;
-- Continued low hydro generation;
-- Significant weakening of the business profile with lower
predictability of cash flows may lead to a tighter leverage
sensitivity or a downgrade.
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
Manageable Liquidity: At end-2020 EPas had EUR18 million of
unrestricted cash and equivalents and a EUR12 million available
under a revolving credit facility (EUR31 million at end-1H21),
against short-term financial liabilities of EUR38 million. The
company expects to repay or prolong loans upon maturity. Fitch
expects FCF to be slightly negative in 2021, which will add to
funding requirements. The next substantial debt maturity is in
December 2022, when Eurobonds of EUR370 million are due. Fitch
expects the company to refinance Eurobonds well ahead of maturity.
ISSUER PROFILE
EPas is a utility company headquartered in Czech Republic with
operating companies in Bulgaria, Georgia and Turkey. The company's
core activities are power distribution for over two million
customers and electricity generation at hydro power plants with
total installed capacity of 747 MW and a gas-fired plant of 110MW.
SUMMARY OF FINANCIAL ADJUSTMENTS
-- Surplus from inventory and property, plant and equipment (PPE)
counts, income from penalties and fines, income from insurance
claims, gains less losses on disposal of PPE and intangible
assets, changes in inventory of products and in work in
progress were excluded from EBITDA.
-- Fitch has included guarantees of EUR45 million at end-2020
issued by EPas under loan agreements of its sister companies
as off-balance sheet obligations in the adjusted debt
calculations.
-- For the purpose of FFO net leverage (excluding connection
fees) and FFO interest cover (excluding connection fees)
calculations Fitch reduced FFO by the amount of customer
connection fees received as they are set off against capex.
ESG CONSIDERATIONS
EPas has an ESG Relevance Score of '5' for Group Structure due to
issuance of guarantees in favour of its sister companies within the
DK Holding group, and higher than expected distributions have a
material impact on its credit ratios, which has a negative impact
on the credit profile, and is highly relevant to the rating,
resulting in the revision of Outlook to Negative from Stable in
December 2020.
EPas has an ESG Relevance Score of '4' for Governance Structure due
to the company being part of the larger DK Holding, which is
ultimately owned by one individual. Key person risk from this
dominant shareholder, 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.
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F R A N C E
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SPIE: S&P Affirms 'BB' Rating on Recovering Operations, Outlook Neg
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S&P Global Ratings affirmed its 'BB' ratings on French support
services provider Spie and its senior debt, with the recovery
rating on the debt remaining at '3'(50%).
The negative outlook reflects S&P's view that, despite Spie's
operational performance recovery in 2021 driving deleveraging
toward 4.5x and FFO to debt above 15%, COVID-19-related uncertainty
in end markets and Spie's historical underperformance in terms of
revenue growth and margins versus our previous expectations for
2017-2020 cloud our current forecasts.
Operational performance has significantly recovered since the
beginning of the second half of 2020. Spie suffered from important
business losses during the first wave of COVID-19 in March-May
2020, mostly in France where the economic activity was severely hit
by the strict lockdown and several of its customers had to
temporarily close their facilities or postpone their projects.
Nevertheless, activity has gradually but firmly recovered since
June 2020 and the first half sales of 2021 in France were slightly
above those reported in first-half 2019, despite some lasting
impact from clients in the aerospace industry. Meanwhile, activity
has continued to be strong in other European countries,
particularly in Germany. On the margin side, despite some
persistent minor losses of productivity (for example, the company's
employees having to respect social distancing at working sites),
profitability is globally back to pre-crisis levels thanks to some
extra costs, such as the purchase of sanitation equipment, having
been passed through to the clients.
S&P said, "We therefore expect 2021 sales and EBITDA to be back to
2019 levels, also fueled by an accretive midsize acquisitions
strategy.We forecast sales will grow by 3%-4% organically in 2021,
and that acquisitions will bring an additional 2%-3%. The solid
trend of the first half of the year should continue in the second
half. As of July 31, 2021, Spie's revenue was almost €200 million
on a pro forma basis, which is above its usual level of €200
million for a full year. This can be explained Spie halting
numerous acquisition processes in 2020 due to the impact of the
pandemic, which temporarily suspended negotiations. Spie has a
particular focus on Germany where the market is especially
fragmented and market space to grow is greater than in other
regions. Although financed by internal cash flows, targets acquired
are not dilutive in terms of margin which limits the impact on
leverage. Combined with a recovery in margins particularly marked
in France, we expect S&P Global adjusted EBITDA margins will reach
7.1% in 2021.
"The negative outlook reflects tight headroom within the rating. We
forecast leverage will decrease to around 4.0x-4.5x by year-end
2021, from 5.1x at year-end 2020, and that FFO to debt will rise to
about 15%-18%, from 14.1% in 2020. Deleveraging will be helped by
tight working capital management, which we expect to be only
slightly negative, at around €10 million-€30 million, despite
the repayment of €140 million of state deferred taxes from 2020.
That being said, since the SAG acquisition early in 2017, which
pushed leverage to 5.5x by year-end 2017, Spie underperformed our
expectations in terms of revenue growth and EBITDA margins in
2017-2020, which has resulted in weaker credits metrics and tight
headroom within the 'BB' rating. Combined with uncertain market
conditions, such underperformance could result in credit metrics
remaining above our triggers at year-end 2021.
"The negative outlook reflects our expectation that Spie's sales
will grow by 6%-8% in 2021 and S&P Global Ratings-adjusted EBITDA
margins will expand to 7.0%-7.2% in the favorable macroeconomic
environment compared with 2020. This is expected to drive
deleveraging to around 4.0x-4.5x and FFO to debt to 15%-18%.
However, there remains uncertainty in our forecasts, given the
COVID-19-related uncertainty in end markets, and Spie's historical
underperformance in terms of revenue growth and margins versus our
previous expectations for 2017-2020."
S&P could take a negative rating action if Spie's debt to EBITDA
remains above 4.5x or FFO to debt below 15% on a sustained basis.
This could happen if:
-- The company prioritizes debt-funded acquisitions or shareholder
returns over deleveraging to below these levels.
-- Operating headwinds impact Spie's ability to deliver on its
contracts and negatively affect EBITDA generation.
S&P could consider revising the outlook to stable if Spie confirms
its focuses on reducing its leverage while its operating
performance continues to improve such that, on a sustained basis,
debt to EBITDA improves below 4.5x and FFO to debt increases to
comfortably above 15%.
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G E O R G I A
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PROCREDIT BANK: Fitch Affirms 'BB+' IDRs, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on ProCredit Bank Georgia's
(PCBG) and JSC Halyk Bank Georgia's (HBG) Long-Term Issuer Default
Ratings (IDRs) to Stable from Negative and affirmed the IDRs at
'BB+'.
The revision of the Outlooks to Stable follows the revision of the
Outlook on Georgia's sovereign rating to Stable from Negative. The
banks' Viability Ratings are unaffected by this rating action.
KEY RATING DRIVERS
The affirmation of PCBG's and HBG's IDRs at 'BB+' and Support
Ratings at '3' reflects Fitch's view that the banks will likely be
supported by their respective parents, ProCredit Holding AG & Co.
KGaA (PCH, BBB/Stable) and JSC Halyk Bank (HBK, BBB-/Stable), in
case of need.
Fitch believes that PCH and HBK have a high propensity to support
their Georgian subsidiaries, given full ownership, common branding,
strong integration, a record of capital and liquidity support, and
reputational risks in case of the subsidiaries default. The
subsidiaries' small size relative to their parents (especially in
case of HBG) supports Fitch's view that the cost of potential
support would be manageable for the parent groups.
Fitch caps PCBG's ratings at one notch above the 'BB' Georgian
sovereign rating to reflect the country risks that domestic banks
are exposed to. In Fitch's view, in case of extreme macroeconomic
and sovereign stress there is a material risk of government
intervention in the banking sector. Such intervention could limit
the ability of PCBG to service its obligations or the parent's
propensity to continue providing support, or both.
The one-notch difference between the IDRs of HBG and HBK reflects
the cross-border nature of the parent-subsidiary relationship and
the limited role of the Georgian subsidiary in the group and its
modest contribution to the group's performance.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- PCBG's support-driven IDRs could be upgraded if Georgia's
sovereign rating was upgraded. An upgrade of HBG's IDR would
require both an upgrade of Georgia's sovereign rating and an
upgrade of HBK.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- PCBG's and HBG's IDRs could be downgraded if Georgian country
risks materially increase or if Fitch revises down the support
assessment from the parent banks. A downgrade of HBG's IDR
would also be triggered by a downgrade of the parent bank.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
PCBG's and HBG's IDRs are linked to the ratings of their parents.
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
entities, either due to their nature or the way in which they are
being managed by the entities.
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G E R M A N Y
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A-BEST 21: Fitch Assigns Final BB Rating on Class E Tranche
-----------------------------------------------------------
Fitch Ratings has assigned Asset-Backed European Securitisation
Transaction Twenty-One B.V. (A-BEST 21) final ratings.
DEBT RATING
---- ------
A-Best 21
A XS2367164493 LT AAAsf New Rating
B XS2368146457 LT AAsf New Rating
C XS2368150210 LT Asf New Rating
D XS2368152695 LT BBBsf New Rating
E XS2368153156 LT BBsf New Rating
M XS2368153586 LT NRsf New Rating
TRANSACTION SUMMARY
A-BEST 21 is a two-year revolving securitisation of auto loan and
lease receivables granted to German private and commercial obligors
and serviced by FCA Bank Deutschland GmbH (FCAD). Leases were not
part of the predecessor transaction (A-BEST 19). FCAD is fully
owned by FCA Bank S.p.A., which itself is a joint venture between
FCA Italy S.p.A. and Credit Agricole Consumer Finance S.A.
KEY RATING DRIVERS
Asset Type Drives Default Risk: Fitch has derived individual
default assumptions for loans and leases. Fitch assumes the share
of leases increases to 81% during the revolving period and assigned
3.5% and 3.7% default base cases and 5.5x and 5.25x default
multiples to loans and leases, respectively.
Default Assumptions Reflect Receding Coronavirus: Despite slightly
rising infections, Fitch's economic outlook for Germany has
improved since the end of 2020. Fitch does not expect further
material economic impacts from the pandemic and thus set Fitch's
base case default assumptions close to the better performing
mid-2010s vintages for loans and leases.
Lease Recoveries Only Unsecured: Only unsecured recoveries are
available for leases, which causes Fitch's recovery base case to be
very low at 7.5%. Nevertheless, it also reflects Fitch's
expectation that the pandemic no longer poses a substantial risk
for lessees' incomes, i.e. the source of recovery. For loans, the
recovery base case of 55% indicates Fitch's view that used car
prices have not been and are unlikely to be materially affected by
the pandemic over the medium term.
Excess Spread not Fully Used: Every asset is purchased on a present
value basis with a discount rate that is the higher of 5% and the
asset's interest rate. This provides for excess spread initially
and also gains from the difference between nominal and discounted
notional that is realised if a receivable prepays. The transaction
does not fully benefit from excess spread, due to the late
provisioning after eight months only. Additionally, high default
assumptions reduce excess spread quickly in stressed scenarios.
Servicer- and Counterparty-Related Risks: Fitch deems servicer
discontinuity risk to be reduced, even though there is no back-up
servicer in place at closing. The assets are standard, which allow
for a simple transfer to a different servicer and the amortising
liquidity reserve provides at least four months of interest
coverage for the class A to E notes. Other counterparty risks are
adequately reduced in line with Fitch's Structured Finance and
Covered Bonds Counterparty Rating Criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Increase in credit enhancement ratios as the transaction
deleverages after the revolving period;
-- Smaller-than-assumed losses due to, for example, default rates
being 10% lower than Fitch's base case, which could lead to an
upgrade of one notch on all notes rated below 'AAAsf'.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be
driven by changes in portfolio characteristics, macroeconomic
conditions, business practices or the legislative landscape;
-- A longer-than-expected coronavirus crisis that erodes
macroeconomic fundamentals and the auto market in Germany
beyond Fitch's base case. For example, if default rates are
25% higher than Fitch's base case, the ratings could be
downgraded by two 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
Asset-Backed European Securitisation Transaction Twenty One B.V.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
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.
A-BEST 21: Moody's Rates EUR12.7MM E Notes 'Ba1'
------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Asset-Backed European Securitisation
Transaction Twenty-One B.V.:
EUR400,000,000 Class A Asset-Backed Floating Rate Notes due
September 2031, Assigned Aaa (sf)
EUR20,700,000 Class B Asset-Backed Fixed Rate Notes due September
2031, Assigned Aa1 (sf)
EUR20,200,000 Class C Asset-Backed Fixed Rate Notes due September
2031, Assigned Aa3 (sf)
EUR15,500,000 Class D Asset-Backed Fixed Rate Notes due September
2031, Assigned A3 (sf)
EUR12,700,000 Class E Asset-Backed Fixed Rate Notes due September
2031, Assigned Ba1 (sf)
Moody's has not assigned a rating to the subordinated EUR17,500,000
Class M Asset-Backed Fixed Rate Notes due September 2031.
RATINGS RATIONALE
The Notes are backed by a 2-year revolving pool of German auto loan
and lease instalments (residual value cash flows are not
securitized) originated by FCA Bank Deutschland GmbH, (NR). FCA
Bank Deutschland GmbH is a fully owned subsidiary of FCA Bank
S.p.A. (Baa1/P-2/Baa2(cr)/P-2(cr)). The portfolio consists of auto
loans and auto leases extended to private and commercial obligors
in Germany. The originator will also act as the servicer of the
portfolio and swap counterparty during the life of the transaction.
This is the fourth public auto ABS securitisation transaction in
Germany rated by Moody's originated by FCA Bank Deutschland GmbH
since 2002.
The securitised assets are made up of monthly paying auto loans and
auto leases that FCA Bank Deutschland GmbH granted to private and
commercial customers resident in Germany with a total outstanding
discounted principal balance of approximately EUR484,195,487 as of
July 23, 2021 pool cut-off date. The Reserve Fund will be funded to
0.50% of the total rated Notes balance at closing and the total
credit enhancement for the Class A Notes will be 17.88%.
The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.
According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio, a simple transaction
structure, and the positive performance of previous issuances.
Additionally, the Class A, B, C, D and E Notes benefit from an
amortising liquidity reserve sized at 0.50% of the rated Notes
balance at closing with a floor of EUR 250,000. This reserve is
fully funded at closing and will provide liquidity during the life
of the transaction to pay senior expenses and coupons on Class A,
B, C, D and E Notes in the event of a cash flow disruption. In
addition, the contractual documents include the obligation of the
calculation agent to estimate amounts due in the event that a
servicer report is not available. This reduces the risk of any
technical non-payment of interest on the Notes.
However, Moody's notes that the transaction features some credit
weaknesses such as: (i) the 2 year revolving period which could
create volatility of pool performance; (ii) the relatively high
proportion of balloon loans and (iii) following the default of any
lease receivables, the issuer will not benefit from the proceeds
arising from the sale of the vehicle leading to lower recoveries.
The portfolio of underlying assets was distributed through dealers
to private individuals (39.95%) and self-employed/commercial
borrowers (60.05%) to finance the purchase of new (87.76%) and used
(12.24%) cars. As of July 23, 2021 the portfolio consists of 43,886
auto finance contracts to 40,781 borrowers and lessees with a
weighted average seasoning of 17.0 months. The contracts are either
equal instalment lease payments (60.9% of the portfolio as of the
cut-off date) or equal instalment loan payments during the life of
the contract and a larger balloon payment at maturity (39.1% of the
portfolio as of the cutoff date). On average, the balloon
instalment portion accounts for 56.80% of the total principal of
loan payments. The residual value component of the leases has not
been securitized.
During the revolving period of two years used car loans are limited
to 40.0% of the pool. Used car leases are not allowed in the
portfolio. Given that Moody's have no specific limit on the
contract type, to determine Moody's portfolio assumption, Moody's
tested different portfolio mixes of loan and lease contracts.
Moody's determined the portfolio lifetime expected loss of 2.50%,
and Aaa portfolio credit enhancement ("PCE") of 13.0% related to
borrower receivables. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the cash flow model to rate Auto ABS.
Portfolio expected loss of 2.50% is in line with the EMEA Auto ABS
average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historic
performance of the book of the originator; (ii) benchmark
transactions; and (iii) other qualitative considerations, such as
the low recoveries on the lease component of the portfolio.
PCE of 13.0% is slightly higher than the EMEA Auto ABS average and
is based on Moody's assessment of the pool which is mainly driven
by: (i) the exposure to balloon payments despite considering the
strength of the originator; (ii) no recovery cash flows from the
sale of the car for defaulted lease contracts; (iii) the relative
ranking to originator peers in the EMEA market; and (iv) the
weighted average current loan-to-value of 67.80% which is in line
with the sector average. The PCE level of 13% results in an implied
coefficient of variation ("CoV") of approximately 45%.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be better than expected performance of
the underlying collateral.
Factors or circumstances that could lead to a downgrade of the
ratings would be: (i) worse than expected performance of the
underlying collateral; (ii) deterioration in the credit quality of
FCA Bank S.p.A.; or (iii) an increase in Germany's sovereign risk.
WIRECARD AG: MPs Lose Bid to Publish Dynamite Report on EY Audits
-----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that EY has won a
victory in a battle over the publication of a report into its
audits of Wirecard, after Germany's top court dismissed a lawsuit
from MPs who had investigated one of the country's biggest
corporate scandals.
According to the FT, the parliamentary committee that examined the
failure of Wirecard had asked the Federal High Court of Justice to
decide whether an unredacted version of a report it had
commissioned into EY's audits could be published.
The full report, which was written by Martin Wambach, a partner at
accounting firm Roedl & Partner, cited more than 150 internal EY
documents that were submitted to the committee but were deemed
classified under German law, the FT relates.
MPs argued that publishing the full report was important for
shareholders trying to sue EY for damages over Wirecard, the FT
discloses. EY had said that the release of the full report and
cache of documents would jeopardize its business secrets as well as
infringe the rights of its employees, the FT relays.
The court rejected the attempts by MPs on formal grounds, arguing
that the parliamentary committee can no longer pursue lawsuits
since it had dissolved itself, said people familiar with the
matter, the FT notes.
The ruling by the court in Karlsruhe is a reprieve for EY, which
gave Wirecard unqualified audits for a decade before the once
high-flying payments group collapsed last year in one of Europe's
biggest frauds, the FT states.
The explosive report found serious shortcomings in EY's work, the
FT recounts. The report found the firm failed to spot fraud risk
indicators, did not fully implement professional guidelines and, on
key questions, relied on verbal assurances from executives, the FT
discloses.
WIRECARD AG: Union Investment Seeks Damages Over Collapse
---------------------------------------------------------
Olaf Storbeck at The Financial Times reports that a former top
Wirecard shareholder is seeking damages over the collapse of the
payments group in a landmark lawsuit that threatens the
compensation bondholders and banks are also seeking.
According to the FT, Union Investment, Germany's third-largest
asset manager, has filed a lawsuit in Munich against Wirecard's
administrator, which over the past year has been selling the
remaining assets of the failed payments group.
The asset manager said it suffered EUR243 million in losses when
Wirecard filed for insolvency in June 2020, the FT relates.
The lawsuit cites more than 70 releases and company statements
Wirecard made between 2014 and 2020 that Union says are misleading
and fraudulent, the FT notes.
"Our client [Union] was induced to buy the securities by fraudulent
and misleading statements by Wirecard," the FT quotes Nadine
Herrmann, a lawyer at Quinn Emanuel, as saying, adding that the
claims of shareholders should be treated in the same way as other
creditors in insolvency proceedings.
The claims of equity holders in an insolvency procedure are
typically last in line under German law, settled only after other
creditors have been paid.
If successful, the lawsuit would be a blow to the banks and
bondholders who lent Wirecard more than EUR3 billion and would be
forced to share any payout from the administrator, the FT
discloses.
According to a report seen by the FT, creditors, shareholders and
other aggrieved parties have filed more EUR14 billion of claims
with the administrator Michael Jaffe.
Mr. Jaffe and his team have so far generated about EUR600 million
selling Wirecard's assets, including its European core business to
Spanish lender Santander and Wirecard North America to US payments
firm Syncapay, the FT discloses.
In addition to those proceeds, EUR300 million in cash is held at
Wirecard Bank, the FT states. The administrator is also evaluating
whether to make a claim against former Wirecard board members under
their director and officer liability insurance as well as against
EY, the payment group's former auditor, according to the FT.
Wirecard's other creditors have dismissed the claim from Union,
filing two legal opinions to the administrator laying out their
case, the FT relates.
===========
R U S S I A
===========
HAMKORBANK JSCB: S&P Alters Outlook to Pos., Affirms 'B+/B' ICRs
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Uzbekistan-based
Hamkorbank JSCB to positive from negative and affirmed its 'B+/B'
long and short-term issuer credit ratings.
S&P said, "We anticipate that Hamkorbank's creditworthiness may
strengthen thanks to continuing improvement of its capital position
with our forecast risk-adjusted capital (RAC) ratio sustainably
higher than 10%.In 2020, the bank's capital adequacy measured by
our RAC ratio improved to 10% from 9.2% on the back of sustainably
strong financial performance and conservative capital management.
Last year, Hamkorbank outperformed our previous expectations,
demonstrating better profitability and only modest asset quality
deterioration." In particular, the bank's return on average equity
was close to 27.5% thanks to the increase of its net interest
margin (NIM) close to 10%, coupled with improved operating
efficiency and despite increased cost-of-risk (COR) to 147 basis
points (bps) from 24bps a year earlier. At the same time, the
bank's nonperforming assets increased to 7.0%, which was worse than
the system average of 3.0%-4.0%, but much better than our earlier
expectations of 13.0%-15.0%.
Although the bank's RAC ratio might fall below 10% in 2021-2022 due
to high lending growth, a reduced NIM, and growing operating
expenditure, we see a chance that the bank's RAC ratio may instead
strengthen further. We note, in particular, that higher risk
weights the central bank applies to retail and corporate loans with
high interest rates might require the bank to keep more capital for
such loans to maintain its capital adequacy ratio (CAR) at a
comfortable level. We expect Hamkorbank's management will maintain
its CAR at around 15% through 2021 against the 13% regulatory
minimum. We believe that stricter regulation might slow the bank's
annual lending growth to below 30%, supporting the RAC ratio. We
also think that the bank might be successful in counterbalancing
potential pressure on lending rates by repricing its funding and
protecting its NIM and profitability. Sustainably strong
profitability in previous years with annual return on average
equity (ROAE) at 25% or greater since 2013 and no expected common
dividends distribution, support potential favorable dynamics of the
bank's capital buffer in coming years.
S&P said, "We expect that the bank's asset quality will likely
stabilize with stage 3 loans reducing to 4.7% in 2021 and 4.3% in
2022, which is close to our systemwide expectations. We note that
in first-half 2021 the bank's ratio of nonperforming loans (NPLs)
under local standards reduced to 2.4% from 3.5% as of year-end
2020, versus NPL growth in the system to 5.6% on June 30, 2021,
from 2.1% at year-end 2020. We also note that most of the customers
in the restructured portfolio, representing about 23% of the total
loans as of mid-year 2021, service their debt well according to the
new schedule. We do not expect a new significant influx of problem
loans from the restructured portfolio and believe that the COR will
gradually reduce to 1.0%-1.2% over 2021-2022. As of year-end 2020,
the bank's provisioning coverage ratio was about 31% versus 70%-80%
average for other banks in the system. That said, we think that a
very low provisioning coverage ratio is a weakness of the bank's
risk profile and may lead to higher provisioning needs and
profitability pressure in the future.
"In our view, the bank's sound and stable franchise in small and
midsize enterprises and retail lending, sizable customer base, and
diverse lending mix will support its business position. We view
that the presence of international financial institutions among
shareholders underpins the bank's relatively good corporate
governance and transparency, which we consider to be generally
better than for other Uzbek banks.
"The positive outlook on Hamkorbank reflects our view that the
bank's creditworthiness may strengthen in the next 12-18 months
thanks to potentially stronger capital adequacy with forecast RAC
ratio being sustainably above 10%. The positive outlook also
reflects our expectations that the bank will continue to actively
grow its business with a focus on retail and micro lending and
demonstrate solid profitability with ROAE sustainably exceeding
20%. Finally, we believe that the bank's asset quality will
gradually improve with a reducing share of problem assets and the
COR remaining under 1.2%.
"We could raise our rating on Hamkorbank if its RAC ratio exceeds
and remains sustainably above 10% in the next 12-18 months,
supported by the bank's solid profitability and capital generation
capacity, and if its capital adequacy ratio remains at least 100bps
above the regulatory threshold. An upgrade would be possible only
if we saw further improvement of the bank's asset quality with a
share of problem assets closer to our system average assumptions
and new loan loss provisions not exceeding those of domestic
peers.
"We could revise the outlook to stable if the bank's forecast
capital buffer came under pressure from high asset growth and lower
profitability jeopardized by higher than expected credit losses.
Significant deterioration of capital adequacy ratios with a buffer
of lower than 100bps above the regulatory threshold might prompt us
to consider a negative rating action."
=========
S P A I N
=========
AYT GENOVA VIII: Moody's Upgrades Rating on EUR21MM C Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven notes
and affirmed the ratings of three notes in AyT GENOVA HIPOTECARIO
VI, FTH, AyT GENOVA HIPOTECARIO VII, FTH and AyT GENOVA HIPOTECARIO
VIII, FTH. The rating action reflects better than expected
collateral performance for AyT GENOVA HIPOTECARIO VI, FTH and AyT
GENOVA HIPOTECARIO VII, FTH and, for all three transactions, the
increased levels of credit enhancement available for the affected
notes.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain the current rating on the affected
notes.
Issuer: AyT GENOVA HIPOTECARIO VI, FTH
EUR524M Class A2 Notes, Affirmed Aa1 (sf); previously on Nov 10,
2020 Affirmed Aa1 (sf)
EUR7M Class B Notes, Upgraded to Aa3 (sf); previously on Nov 10,
2020 Affirmed A2 (sf)
EUR7.7M Class C Notes, Upgraded to A2 (sf); previously on Nov 10,
2020 Upgraded to Baa1 (sf)
EUR7.3M Class D Notes, Upgraded to Baa1 (sf); previously on Nov
10, 2020 Upgraded to Baa3 (sf)
Issuer: AyT GENOVA HIPOTECARIO VII, FTH
EUR1048.45M Class A2 Notes, Affirmed Aa1 (sf); previously on Jun
29, 2018 Affirmed Aa1 (sf)
EUR22.4M Class B Notes, Upgraded to A3 (sf); previously on Jun 29,
2018 Upgraded to Baa1 (sf)
EUR21.15M Class C Notes, Affirmed Ba1 (sf); previously on Jun 29,
2018 Affirmed Ba1 (sf)
Issuer: AyT GENOVA HIPOTECARIO VIII , FTH
EUR1575M Class A2 Notes, Upgraded to Aa2 (sf); previously on Jun
29, 2018 Upgraded to Aa3 (sf)
EUR21M Class B Notes, Upgraded to Baa1 (sf); previously on Jun 29,
2018 Upgraded to Baa2 (sf)
EUR21M Class C Notes, Upgraded to Ba2 (sf); previously on Jun 29,
2018 Confirmed at Ba3 (sf)
Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.
RATINGS RATIONALE
The rating action is prompted by:
decreased key collateral assumptions, namely the portfolio
Expected Loss (EL) assumptions, for AyT GENOVA HIPOTECARIO VI, FTH
and AyT GENOVA HIPOTECARIO VII, FTH due to better than expected
collateral performance
an increase in credit enhancement for the affected tranches in all
three transactions
Revision of Key Collateral Assumptions
As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.
The performance of AyT GENOVA HIPOTECARIO VI, FTH and AyT GENOVA
HIPOTECARIO VII, FTH has continued to improve since the last
respective rating actions. Total delinquencies have increased only
marginally in the past year for AyT GENOVA HIPOTECARIO VI, FTH and
they have decreased for AyT GENOVA HIPOTECARIO VII, FTH; 90 days
plus arrears currently stand at 0.00% and 0.13% of the respective
current pool balances. Cumulative defaults currently stand at,
respectively, 0.44% and 0.75% of the original pool balances for AyT
GENOVA HIPOTECARIO VI, FTH and AyT GENOVA HIPOTECARIO VII, FTH,
unchanged from a year earlier.
Moody's decreased the expected loss assumption to 0.17% as a
percentage of original pool balance from 0.20% due to the improving
performance for AyT GENOVA HIPOTECARIO VI, FTH. Moody's also
decreased the expected loss assumption for AyT GENOVA HIPOTECARIO
VII, FTH to 0.38% as a percentage of original pool balance from
0.40% due to the improving performance.
Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE
assumptions for all three transactions at their current level of
6.00%.
Increase in Available Credit Enhancement
Sequential amortization and non-amortizing reserve funds led to the
increase in the credit enhancement available in the three
transactions.
For instance, the credit enhancement for Class B notes in AyT
GENOVA HIPOTECARIO VI, FTH increased to 10.35% from 9.21% since the
last rating action. The credit enhancement for Class B notes in AyT
GENOVA HIPOTECARIO VII, FTH increased to 6.62% from 5.51% since the
last rating action. Finally, the credit enhancement for Class A2
notes in AyT GENOVA HIPOTECARIO VIII, FTH increased to 9.18% from
7.94% since the last rating action.
Counterparty Exposure
The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.
Moody's assessed the exposure to Banco Santander S.A. (Spain)
acting as swap counterparty in AyT GENOVA HIPOTECARIO VI, FTH.
Moody's analysis considered the risks of additional losses on the
notes if they were to become unhedged following a swap counterparty
default by using the CR assessment as reference point for swap
counterparties. Moody's concluded that the ratings of the Class C
notes in AyT GENOVA HIPOTECARIO VI, FTH are constrained by the swap
agreement entered between the issuer and Banco Santander S.A.
(Spain).
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.
The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; (iii) improvements in the credit quality of the
transaction counterparties; and (iv) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.
===========================
U N I T E D K I N G D O M
===========================
CINEWORD: Mulls US Listing, Warns of Going Concern Uncertainty
--------------------------------------------------------------
Alice Hancock at The Financial Times reports that UK-based
Cineworld is considering listing all or part of its business in the
US as it warned that there could be "no certainty" over its
recovery from the pandemic.
According to the FT, the world's second-largest cinema group by
number of screens said on Aug. 12 that it was considering ways to
capture some of the liquidity in US markets, through either a
listing of the overall Cineworld group or a partial listing of
Regal, its US cinema network.
Mooky Greidinger, Cineworld's chief executive, said the plans were
embryonic and that the FTSE 250 company could consider a dual
listing of its business in the US and UK, choose to raise further
capital in the UK or issue more shares, the FT relates.
The share price of Cineworld's rival, US-listed AMC, has surged
after it became a popular "meme stock" for retail investors, the FT
recounts. AMC's share price is up more than 1,460 per cent since
the start of the year, the FT notes.
Mr. Greidinger, as cited by the FT, said that Cineworld's decision
to consider a US listing had "nothing to do" with AMC's recent
stock performance.
A potential dual listing for Cineworld comes as cinemas begin to
make a slow recovery from the pandemic hit to business, with the
majority of blockbuster film releases delayed until the fourth
quarter of the year, the FT states.
Admissions in the six months to the end of June were 14.1m, 70%
lower than in the same period last year, the FT discloses.
Cineworld only began to reopen its cinemas in April, the FT
recounts.
Its directors warned of "material uncertainty" over Cineworld's
ability to continue as a going concern, saying further lockdowns or
a disruption to cinema attendance as a result of outbreaks of new
variants of coronavirus would cause it to breach covenants on its
term loans in June 2022, the FT relates.
Cineworld came close to financial collapse in November and has
faced a court battle with one of its landlords and a shareholder
revolt over a GBP65 million bonus package for its top two
executives, the FT relays.
The group could also be liable to pay US$260 million to Regal
shareholders in a dispute over its takeover of the US cinema
company in 2018, according to the FT. Cineworld said it was
"engaging with the dissenting shareholders to reach a constructive
resolution", the FT notes.
Total revenues in the first half of the year plunged 59% to
US$292.8 million, compared with the same period in 2020, the FT
discloses. The company narrowed its losses, however, reporting a
pre-tax loss of US$576.4 million compared with a US$1.6 billion
loss in the first six months of last year, the FT notes.
EUROSAIL-UK 07-4: Fitch Affirms CC Rating on Class E1c Notes
------------------------------------------------------------
Fitch Ratings has upgraded Eurosail-UK 07-4 BL Plc's (ES07-4) class
B1a notes and affirmed the others. Fitch has also affirmed
Eurosail-UK 07-3 BL Plc's (ES07-3) notes and revised the Outlook on
ES07-3's class D1a notes to Stable from Negative.
DEBT RATING PRIOR
---- ------ -----
Eurosail-UK 07-3 BL Plc
Class A3a XS0308666493 LT AAAsf Affirmed AAAsf
Class A3c XS0308710143 LT AAAsf Affirmed AAAsf
Class B1a XS0308672384 LT AA+sf Affirmed AA+sf
Class B1c XS0308716421 LT AA+sf Affirmed AA+sf
Class C1a XS0308673192 LT A-sf Affirmed A-sf
Class C1c XS0308718047 LT A-sf Affirmed A-sf
Class D1a XS0308673945 LT Bsf Affirmed Bsf
Class E1c XS0308725844 LT CCCsf Affirmed CCCsf
Eurosail-UK 07-4 BL Plc
Class A3 XS1150797600 LT AAAsf Affirmed AAAsf
Class A4 XS1150799481 LT AAAsf Affirmed AAAsf
Class A5 XS1150799721 LT AAAsf Affirmed AAAsf
Class B1a XS0311705759 LT A+sf Upgrade Asf
Class C1a XS0311708696 LT Bsf Affirmed Bsf
Class D1a XS0311713001 LT B-sf Affirmed B-sf
Class E1c XS0311717416 LT CCsf Affirmed CCsf
TRANSACTION SUMMARY
The transactions comprise UK non-conforming mortgage loans
originated by Southern Pacific Mortgage Limited, Preferred
Mortgages Limited (both formerly wholly-owned subsidiaries of
Lehman Brothers), London Mortgage Company and Alliance and
Leicester Plc.
KEY RATING DRIVERS
Arrears Remain Elevated: Payment holidays across both transactions
have declined substantially, reaching 1.6% and 0.9% of ES07-3's and
ES07-4's respective collateral balance as at June 2021. This
decline is in line with the trend seen in the UK mortgage market.
There is a risk that borrowers coming off payment holidays may
still face financial difficulties, causing them to fall into
arrears. However, the recent removal of many Covid-19 restrictions
in the UK and continued government support schemes that are in
place until September 2021 should allow most borrowers to resume
making full payments.
Total arrears in both transactions have been trending down from the
highs reached during the pandemic, with total arrears at 22.9% for
ES07-3 and 22.1% for ES07-4 in June 2021. Both transactions have
reported a moderate accumulation of late stage arrears during the
pandemic, with loans in arrears by more than three months
representing 16.3% and 17% of the mortgage pools for ES07-3 and
ES07-4, respectively.
The rise in late state arrears is due to the moratorium on
possessions implemented during the pandemic. The moratorium
hampered servicers' ability to proceed with possession orders,
leading to increased late stage arrears, which would ordinarily be
foreclosed upon the borrower reaching more than three months in
arrears. Fitch expects the level of late stage arrears to gradually
decline now that the moratorium on possessions has been lifted and
servicers are able to take necessary actions to mitigate the risk
of borrowers defaulting. This is reflected in the Stable Outlooks
on the notes.
Credit Enhancement Increasing: Credit enhancement (CE) continues to
increase in ES07-3 as the transaction amortises sequentially. CE on
the senior notes has increased to 47.0% compared with 41.7% at
Fitch's previous review in August 2020.
In contrast, ES07-4's notes are amortising pro-rata and CE is
increasing at a slower pace than ES07-3, until the pro rata
triggers are breached and note payment switches to sequential. The
build-up in CE for the class B1a notes of ES07-4 has still been
sufficient for the notes to withstand higher rating stresses,
leading Fitch to upgrade the notes.
Payment Interruption Risk Mitigated: ES07-4 has an amortising
liquidity reserve dedicated to cover interest shortfalls on the
class A3 notes, but ES07-3 does not include any dedicated liquidity
facilities. Both transactions have reserve funds available to cover
for credit losses, and there may not be sufficient funds to cover
for payment interruption if it is previously depleted due to weak
asset performance. Nevertheless, given the transactions' extensive
performance history Fitch does not expect the reserve funds to be
drawn to cover for losses in the short to medium term. Fitch
considers the reserve funds and the dedicated liquidity reserve for
ES07-4 adequate to provide coverage for payment interruption risk.
Coronavirus-related Alternative Assumptions: Fitch applied
alternative coronavirus assumptions to the non-conforming portion
of the two pools. The combined application of revised 'Bsf'
representative pool weighted average foreclosure frequency (WAFF)
and revised rating multiples resulted in multiples to the current
foreclosure frequency assumptions of 1.2x at 'Bsf' and 1.0x at
'AAAsf' for both transactions. The alternative coronavirus
assumptions are more modest for higher rating levels as the
corresponding rating assumptions are already meant to withstand
more severe macroeconomic shocks.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Sustained improvement in asset performance manifested in
declines in arrears and defaults could lead to reductions in
expected FF and increased CE. This would provide the potential
for upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the FF of 15% and an
increase in the recovery rate (RR) of 15%, which could result
in upgrades of up to four notches in both transactions.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Further deterioration in the performance of the mortgage pools
could be caused by declines in economic activity and a
withdrawal of government support schemes. Additionally, the
current ratings may be sensitive to the resolution of the
Libor-rate exposure on both the underlying mortgages and the
notes.
-- For example, if material basis risk is introduced or if the
net asset yield is materially lower, ratings may be negatively
affected. A 15% increase in the WAFF and a 15% decrease in the
WARR would result in downgrades of up to five 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
Eurosail-UK 07-3 BL Plc, Eurosail-UK 07-4 BL Plc
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.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's Eurosail-UK
07-3 BL Plc, Eurosail-UK 07-4 BL Plc initial closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
ES07-3 and ES07-4 have an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the pools
exhibiting an interest-only maturity concentration of legacy
non-conforming owner-occupied loans of greater than 20%, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
ES07-3 and ES07-4 have an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant proportion of the pools containing owner-occupied loans
advanced with limited affordability checks, 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.
GATWICK AIRPORT: In Talks with Lenders to Ease Loan Terms
---------------------------------------------------------
Philip Georgiadis and Oliver Ralph at The Financial Times report
that Gatwick airport is in talks with its lenders to ease the terms
of its loans after losses mounted in the first half of the year
disrupted by the pandemic.
According to the FT, the UK's second-busiest airport has been badly
hit by restrictions on international travel, and on Aug. 13
reported a net loss of GBP245 million in the six months to the end
of June as passenger numbers collapsed to 569,000.
The airport's executives expect passenger numbers to rise to 9m by
the end of the year as demand for flying gradually increases, but
that would be below the 10m people who used the airport last year,
the FT states. In a normal year, Gatwick would expect about 40m
passengers, the FT discloses.
"In common with just about everybody else in the sector, we didn't
anticipate having passenger volumes in 2021 that would end up being
lower than we saw in 2020," the FT quotes Gatwick's chief executive
Stewart Wingate as saying.
As a result of the losses and continuing weak demand for travel,
Gatwick has asked lenders to agree to short-term waivers on its
loans to avoid it defaulting., the FT relates. The airport and its
lenders agreed to similar waivers last year, as has larger rival
Heathrow, the FT recounts.
Gatwick, located about 25 miles south of central London, is
currently only using one of its two terminals, the FT notes.
According to the FT, Gatwick had GBP779 million of liquidity at the
end of June, which it said was enough to last it for the next 12
months, and Mr. Wingate promised no staff would lose their jobs
after the UK's furlough scheme winds down at the end of next month.
The airport employs 1,750 staff, down from 3,300 before the
pandemic, the FT discloses.
GLENBURN HOTEL: Enters Administration, Put Up for Sale
------------------------------------------------------
Gary Flockhart at The Scotsman reports that The Glenburn Hotel on
the Isle of Bute has filed for administration.
The Glenburn Hotel has been closed since November 2020, with staff
initially being placed on furlough, The Scotsman relates.
However, it was confirmed on Aug. 13 all staff will be made
redundant with immediate effect, The Scotsman discloses.
The hotel had traded briefly since the start of the first lockdown
in early 2020, The Scotsman notes.
According to The Scotsman, the administration has been caused by
significant operating costs, coupled with the fall in revenue due
to the Covid pandemic while still having to meet significant
maintenance and running costs.
All remaining staff will be made redundant with immediate effect
and joint administrators Stuart Robb and Chad Griffin from FRP
Advisory will begin the process of marketing the hotel for sale and
are urging any interested parties to contact FRP Advisory as soon
as possible, The Scotsman states.
Situated on the Isle of Bute, The Glenburn Hotel became Scotland's
first "hydropathic" hotel, with affluent guests coming for its
health spas and stunning surroundings. It features around 121
guest rooms, ballroom, restaurants, bars, terrace, conference
facilities and extensive terraced gardens.
SIMTOM FOOD: Goes Into Administration, Interpath Seeks Offers
-------------------------------------------------------------
Business Sale reports that administrators from Interpath Advisory
are seeking offers for the business and assets of
Leicestershire-based world foods manufacturer Simtom Food Products,
which has fallen into administration.
The company, which was founded in 1977 and known for its Indian
food products including sauces, pickles and chutneys, collapsed as
a result of the Covid-19 pandemic. Previously, the business had
been investing heavily in expanding its operations, but these plans
were derailed by the onset of coronavirus and, more recently, it
was impacted by labour shortages, Business Sale relates.
According to Business Sale, prior to the appointment of joint
administrators Tim Bateson and Howard Smith of Interpath, the
company had made the majority of its approximately 60-strong
workforce redundant.
In its most recently available results, for the year ending March
31 2020, Simtom reported gross profits of close to GBP3.5 million
on turnover of GBP18 million, Business Sale discloses, Business
Sale notes. While turnover and gross profits were both up from
GBP10.2 million and GBP2.4 million respectively the year prior, the
company slid from a post-tax profit of close to GBP35,000 to a
post-tax loss of GBP568,067, Business Sale states.
At the time, the company's fixed assets were valued at GBP7.7
million and its current assets at close to GBP5.1 million,
according to Business Sale. The company owed around GBP8.6 million
to creditors within one year and around GBP2.9 million to creditors
falling after one year, leaving it with net assets of approximately
GBP1 million, Business Sale discloses.
SYON SECURITIES 2019: Fitch Raises Class D Notes to 'B+'
--------------------------------------------------------
Fitch Ratings has upgraded Syon Securities 2019 DAC (Syon 2019) and
Syon Securities 2020 DAC (Syon 2020) and removed Syon 2019's class
B notes from Rating Watch Positive (RWP).
DEBT RATING PRIOR
---- ------ -----
Syon Securities 2020 DAC
Class A XS2113685940 LT Asf Upgrade A-sf
Class B XS2113686088 LT BBBsf Upgrade BBB-sf
Class C XS2113686245 LT BBsf Upgrade BB-sf
Syon Securities 2019 DAC
Class A XS2025580031 LT A+sf Upgrade A-sf
Class B XS2025581195 LT BBB+sf Upgrade BBB-sf
Class C XS2025587804 LT BBsf Upgrade BB-sf
Class D XS2025587986 LT B+sf Upgrade Bsf
TRANSACTION SUMMARY
Syon 2019 and Syon 2020 are the first two synthetic securitisations
of owner-occupied residential mortgage loans originated by Bank of
Scotland Plc (BoS) under the Halifax brand and secured over
properties located in England, Wales and Scotland. The transactions
are for risk-transfer purposes and include loans selected with
loan-to-values (LTV) higher than 90% and a high proportion of
first-time buyers (FTB).
KEY RATING DRIVERS
Off RWP: Fitch placed Syon 2019's class B notes on RWP following
the retirement of its coronavirus-related additional stress
analysis scenario (see 'Fitch Retires UK and European RMBS
Coronavirus Additional Stress Scenario Analysis, except for UK
Non-Conforming'). Fitch has retired its additional stress scenario
analysis applied in conjunction with its UK RMBS Rating Criteria
for UK prime pools, resulting in improved asset levels. Together
with the stable asset performance in the pool, this has contributed
to the upgrades.
Reduction in Allocated Defaults: As of April 2021 for Syon 2019 and
May 2021 for Syon 2020, 20 and 15 months have elapsed since
closing. In a variation from its criteria, defaults distributed
beyond the end of protection have not been allocated in Fitch's
cash flow modelling. The reduction in the allocated defaults over
the remaining life of the transaction contributes to the upgrades.
High LTV Lending: The pools consist of loans originated with a LTV
above 90%, in 2018-2020. As a result, the weighted average current
LTV of the pool is higher than usual for Fitch-rated RMBS at 91.1%
(Syon 2019) and 92.0% (Syon 2020). Fitch's weighted average
sustainable LTV for the pools is also high at 117.5% (Syon 2019)
and 120.8% (Syon 2020), resulting in a higher foreclosure frequency
(FF) and lower recovery rate (RR) for the pools compared with
transactions with lower LTV metrics.
High Concentration of FTB: FTBs make up 79.4% (Syon 2019) and 77.2%
(Syon 2020) of borrowers in the pools, a high concentration
compared with other RMBS transactions. Fitch considers that FTBs
are more likely to suffer foreclosure than other borrowers and due
to the high prevalence in this pool, considers the concentration
analytically significant. In a variation to its criteria, Fitch has
applied an upward adjustment of 1.3x to each loan where the
borrower is a FTB.
Given the impact on the FF, accessibility to affordable housing for
FTBs is a factor affecting Fitch's ESG scores.
Accrued Interest Covered by Issuer: Under the financial guarantee,
the issuer provides BoS with protection from losses of accrued
interest as well as principal losses. As a result, rising interest
rates will place a stress on the issuer as interest payments from
borrowers accrue at a faster rate. In a variation to its criteria,
Fitch has not applied a reduction to the currently observed margin
earned from standard variable rate loans in any of its rating
scenarios.
Counterparty Exposure: The transactions are exposed to BoS as
account bank provider and counterparty to the financial guarantee.
In the event of a default of BoS, the transaction would end due to
the termination of the guarantee with the potential for funds held
to redeem the notes at the account bank being lost. Fitch has
capped the rating of the notes at that of BoS as a result of this
counterparty dependency.
The transaction has an ESG Relevance Score of '5' for Transaction
Parties & Operational Risk due to the exposure to BoS as account
provider whose default would terminate the guarantee with the
potential for redemptions funds to be lost. As a result, Fitch has
capped the rating of the notes at that of BoS.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/ downgrade:
-- The transactions' performance may be affected by changes in
market conditions and economic environment. Weakening asset
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce credit
enhancement (CE) available to the notes. Additionally,
unanticipated declines in recoveries could also result in
lower net proceeds, which may make certain note ratings
susceptible to potential negative rating action depending on
the extent of the decline in recoveries.
-- Fitch assumed a 15% increase in the weighted average (WA) FF
and a 15% decrease in the WARR. The results indicate a
downgrade of up to one notch for the class A, C and D notes in
Syon 2019 and up to two notches for all other tranches.
-- The transactions are particularly sensitive to rising interest
rates, which will place a stress on the issuer's ability to
meet unpaid interest on the loans as interest payments from
borrowers accrues at a faster rate.
-- The pro-rata conditions are linked to levels of three-month
plus arrears, which are breached in Fitch's stress scenarios.
Pro-rata amortisation throughout the protection period could
have a negative rating impact. However, this is associated
with rather unlikely scenarios (material asset
underperformance, but not sufficient to switch the principal
allocation to sequential). Material increases in recovery
timing may also result in negative rating action on the notes
as larger interest accruals would increase the issuer exposure
to credit events.
Factor that could, individually or collectively, lead to rating
positive action/ upgrade:
-- Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the RR
of 15%. The results indicate a indicate up to a one-notch
upgrade for the class A and B in Syon 2020, a two-notch
upgrade for the class B and D notes in Syon 2019 and the class
C notes in Syon 2020 and a three-notch upgrade for the class C
notes in Syon 2019.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
CRITERIA VARIATION
Fitch considers that FTBs are more likely to suffer foreclosure
than other borrowers and has considered their high concentration in
these pools analytically significant. Fitch has therefore applied
an upward adjustment of 1.3x to each loan where the borrower is a
FTB instead of 1.1x, as per its criteria.
In these transactions, a reduced loan margin is beneficial as the
issuer is required to compensate BoS for accrued interest on
defaulted loans. As a result, no margin compression has been
applied and instead the current margin above SONIA has been applied
in all scenarios.
Fitch has modified the even-and back-loaded defaults distribution
provided by its criteria so that the defaults that would otherwise
have occurred beyond the seven-year protection period have been
spread evenly across the original term of the transactions.
Defaults distributed beyond the end of protection have not been
allocated in Fitch's cash flow modelling.
The impact of the criteria variations is a negative movement of one
notch for the class B, C and D notes in Syon 2019 and all class of
notes in Syon 2020.
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.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
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
The transactions have an ESG Relevance Score of '5' for Transaction
Parties & Operational Risk due to the exposure to BoS as account
provider whose default would terminate the guarantee with the
potential for redemptions funds to be lost. As a result, Fitch
capped the rating of the notes at that of BoS.
The transactions have an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to the
significant concentration of FTBs which are characterised by higher
credit profile compared other borrowers and may impact the credit
risk of the transaction.
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.
VIRGIN MEDIA INC: Fitch Affirms Then Withdraws 'BB-' IDRs
---------------------------------------------------------
Fitch Ratings has affirmed Virgin Media Inc's (VMI) Long- and
Short-Term Issuer Default Ratings (IDR) at 'BB-' with Stable
Outlook and 'B', respectively. The agency has also withdrawn the
IDRs following the completion of VMI's joint venture with Liberty
Global plc - VMED O2 Limited (VMED O2; BB-/Stable), which
effectively constitutes a corporate reorganisation and makes VMI's
IDRs obsolete.
Fitch has confirmed with Liberty Global plc management that an
equivalent guarantor and security structure exist for all of VMED
O2 group debt, including VMI's legacy debt. Recoveries and
instrument notching of the legacy debt are now driven by VMED O2's
IDR; which at 'BB-' implies no change to the underlying debt
ratings.
Following the withdrawal Fitch will no longer provide ratings or
analytical coverage of VMI.
The ratings have been withdrawn for commercial purposes.
KEY RATING DRIVERS
Strong Business Profile: The IDR of VMED O2 reflects its enhanced
business profile, as the merger makes it the UK's second-largest
telecoms carrier after the incumbent BT Group plc (BBB/Stable). The
merger roughly doubles its revenue and provides it with a strong
convergent position at a time when the UK is at a more nascent
stage in fixed-mobile development than some European markets. The
combination brings together the solid brand positions of VMI and O2
UK in fixed and mobile services, respectively, which should help
drive revenue opportunities over time.
Synergies and Financial Policy: The near- to-medium term potential
to deliver targeted cost synergies is expected to underpin solid
cash-flow generation. A financial policy to manage net debt/EBITDA
towards the upper end of a 4x-5x range, combined with visible cash
flow, anchors the rating at 'BB-'. The consistency with which
leverage at other Liberty Global plc ventures is managed and a
tendency to upstream available free cash flow (FCF) by way of
shareholder distributions provide clarity over anticipated
capitalisation.
DERIVATION SUMMARY
VMI has a larger absolute scale than peer cable operators with
strong mobile franchise such as VodafoneZiggo Group B.V.
(B+/Stable) in the Netherlands or Telenet Group Holding N.V.
(BB-/Stable) in Belgium. The merger between Sunrise Communications
Group AG (WD) and UPC Holding BV (BB-/Negative) has created a
strong challenger in Switzerland with an established mobile
business and fixed cable network and improved competitive position
but with higher leverage that is now in line with VMI's.
However, the UK market is more structurally challenging than most
European markets, with four facilities-based mobile operators, a
number of strong broadband players offering convergent offers and
content, and in particular with sports being a strong driver of
consumer preferences.
The merger with TEF UK has made VMI a stronger competitor for BT
plc (BBB/Stable), but the latter benefits from wider broadband
coverage and a stronger B2B market.
KEY ASSUMPTIONS
-- Pro-forma 2021 revenue base of GBP10.7 billion to grow at flat
to low single digits until 2024;
-- Pro-forma 2021 EBITDA margin of 32% to expand to 36% by 2024
as cost synergies are delivered;
-- Capex to reduce progressively to 18% of sales by 2024 from 22%
- 23% in 2021;
-- JV capitalisation/equalisation payment of GBP5.5 billion paid
in 2021; excess FCF paid in shareholder dividends thereafter
subject to a target maximum leverage of 5.0x.
RATING SENSITIVITIES
Rating sensitivities are no longer relevant given the rating
withdrawal.
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
Sufficient Liquidity: In Fitch's view VMI's liquidity profile is
sufficient based on expected positive FCF during 2021-2024, full
availability under a GBP1 billion revolving credit facility as of
end-1Q21 and unrestricted cash and cash equivalents at end-1Q21 of
GBP6 million.
Liberty Global plc manages liquidity across its portfolio on a
flexible basis and would be expected to provide support to or
reduce shareholder payments from VMI if necessary.
Reported short-term maturities at end-1Q21 included approximately
GBP2 billion of vendor financing- related debt. Nonetheless
liquidity is managed more tightly than at other Liberty Global
portfolio businesses.
ISSUER PROFILE
VMI, a cable operator based in the UK, is a wholly-owned subsidiary
of Liberty Global plc. It provides broadband internet, video,
fixed-line telephony and broadcasting services in the U.K. and
Ireland. It also has a comprehensive MVNO allowing the provision of
triple/quad-play offers.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week August 9 to August 13, 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.
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contact Peter Chapman at 215-945-7000.
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