/raid1/www/Hosts/bankrupt/TCREUR_Public/210823.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 23, 2021, Vol. 22, No. 162
Headlines
A U S T R I A
AUTOBANK AG: FMA Files Insolvency Petition in Vienna Court
C Z E C H R E P U B L I C
AVAST HOLDING: Moody's Puts Ba1 CFR Under Review for Downgrade
G R E E C E
INTRALOT SA: Moody's Puts 'Ca' CFR Under Review for Upgrade
I R E L A N D
CIFC EUROPEAN IV: Fitch Assigns Final B- Rating to Class F Tranche
SEGOVIA EUROPEAN 1-2014: Moody's Gives B3 Rating to Cl. F-R Notes
TYMON PARK CLO: Moody's Assigns B3 Rating to EUR11.2MM Cl. E Notes
TYMON PARK: S&P Assigns B- (sf) Rating to EUR11.2MM Class E Notes
N O R W A Y
SEADRILL LTD: Transocean, Dolphin Drilling Make New Bid
R U S S I A
INTERPROMBANK: Bank of Russia Provides Update on Administration
NATIONAL FACTORING: Fitch Ups LT IDR to BB, Keeps Rating Watch Pos.
S P A I N
TDA CAM 8: S&P Raises Class B Notes Rating to 'CCC+ (sf)'
S W E D E N
OBOYA HORTICULTURE: Declared Bankrupt; Shares Delisted
PERSTORP HOLDING: Moody's Affirms B3 CFR, Alters Outlook to Stable
S W I T Z E R L A N D
HERENS MIDCO: S&P Assigns 'B' Sr. Sec. Debt Rating, Outlook Stable
U K R A I N E
VF UKRAINE: Fitch Affirms 'B' LT IDR, Alters Outlook to Positive
U N I T E D K I N G D O M
DURHAM MORTGAGES B: S&P Assigns CCC (sf) Rating to Class X Notes
GREENSILL CAPITAL: Chapter 15 Case Summary
GREENSILL CAPITAL: Files Chapter 15 to Stop U.S. Suits
HIBER ENERGY: Enters Administration, Business Put Up for Sale
TAURUS 2021-4 UK: Fitch Assigns Final B+ Rating on Class F Notes
X X X X X X X X
[*] BOND PRICING: For the Week August 16 to August 20, 2021
- - - - -
=============
A U S T R I A
=============
AUTOBANK AG: FMA Files Insolvency Petition in Vienna Court
----------------------------------------------------------
The Austrian Financial Market Authority (FMA) on Aug. 17 filed for
the initiation of insolvency proceedings against the assets of
"Autobank AG" with its registered office at
Gertrude-Froehlich-Sandner-Strasse 3, 1100 Vienna at the Commercial
Court in Vienna (Handelsgericht Wien).
On July 30, 2021, the FMA issued an administrative decision to
Autobank AG pursuant to Article 7 para. 2 no. 4 of the Austrian
Banking Act (BWG; Bankwesengesetz) prohibiting the continuation of
all business operations with immediate effect and appointing Ms.
Dorotea-E. Rebmann as expert supervisor pursuant to Article 70
para. 2 no. 2 lit. b BWG (government commissioner).
On August 12, 2021 Autobank notified the FMA pursuant to Article 73
para. 1 no. 6 BWG that it is unable to pay, as Einlagensicherung
Austria GmbH has called for repayment of claims amounting to
approximately EUR72.9 million. The bank stated that it currently
has available liquid funds amounting to approximately EUR44.8
million, which are insufficient for settling the due obligation,
and that it will also not be possible for the bank to do so within
a foreseeable period of time.
In addition Einlagensicherung Austria GmbH's claim may increase
depending on their utilization to around EUR107 million, since
there are covered deposits for this amount.
The existing liquidity gap exceeds the amount that is tolerated
under law, and therefore the FMA was required by law to file an
application to initiate insolvency proceedings against the assets
of Autobank at the competent court.
===========================
C Z E C H R E P U B L I C
===========================
AVAST HOLDING: Moody's Puts Ba1 CFR Under Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba1 corporate family rating and the Ba1-PD probability of default
rating of Avast Holding B.V., the top-entity of Avast's restricted
group. Concurrently, Moody's has placed on review for downgrade the
Ba1 instrument ratings on the $837 million equivalent senior
secured term loan B maturing 2028 as well as the $40 million senior
secured revolving credit facility maturing 2026. The outlook has
been changed to ratings under review from stable.
The rating action reflects the announcement of a recommended offer
by Nortonlifelock Inc. (Ba2 RUR DG) for the entire share capital of
Avast. The review reflects the impact of the transaction on Avast's
business, financial and liquidity profile.
A full list of affected ratings can be found at the end of this
press release.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
On August 10 it was announced that the boards of directors of each
company have approved the merger of Avast with Nortonlifelock. The
transaction is valuing Avast at an enterprise value of around
17-19x based on Moody's adjusted EBITDA as per year-end 2020,
depending on the election of Avast's shareholders for one of the
two offer options with a different mix of cash and shares in
Nortonlifelock.
The closing of the transaction is expected mid-year 2022. The
founders of Avast and management, together representing 37% of
Avast's outstanding shares, have already irrevocably committed to
support the transaction. This commitment will most likely trigger
the change of control clause under Avast's recent debt
documentation.
Accordingly, the review will be focusing on the financial
arrangements following the transaction as well as successful
closing including necessary regulatory approvals.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Corporate governance at Avast is centred around a well-established
governance structure and consists of an audit committee, a
compensation committee and a nominations committee, supplemented by
a series of codes of conducts and policies covering a number of
areas relating to operational and managerial practices. Avast's
governance also balances its financial policies of moderate
leverage and strong liquidity.
LIST OF AFFECTED RATINGS
Issuer: Avast Holding B.V.
On Review for Downgrade:
Probability of Default Rating, Placed on Review for Downgrade,
currently Ba1-PD
LT Corporate Family Rating, Placed on Review for Downgrade,
currently Ba1
Issuer: Avast Software B.V.
On Review for Downgrade:
Senior Secured Bank Credit Facility Placed on Review for
Downgrade, currently Ba1
Issuer: SYBIL SOFTWARE LLC
On Review for Downgrade:
Senior Secured Bank Credit Facility Placed on Review for
Downgrade, currently Ba1
Outlook Actions:
Issuer: Avast Holding B.V.
Outlook, Changed To Rating Under Review From Stable
Issuer: Avast Software B.V.
Outlook, Changed To Rating Under Review From Stable
Issuer: SYBIL SOFTWARE LLC
Outlook, Changed To Rating Under Review From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Software
Industry published in August 2018.
COMPANY PROFILE
Avast was founded in 1988 in the Czech Republic, and has grown to
become a global provider of security software and related solutions
primarily focused on the consumer market (including mobile), with
small business clients as well. The company is one of the world's
largest online service companies in terms of installed user base,
with more than 435 million users worldwide.
In the last twelve months ended in June 2021 Avast reported revenue
of $931 million.
The founders of Avast own 35% in the company with the remainder
being free float.
===========
G R E E C E
===========
INTRALOT SA: Moody's Puts 'Ca' CFR Under Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service placed the ratings of Intralot S.A. under
review for upgrade, including the company's Ca corporate family
rating, Ca-PD probability of default and the Ca instrument rating
of its guaranteed senior unsecured notes, issued by Intralot
Capital Luxembourg S.A. Moody's also appended a limited default
(/LD) designation to Intralot's PDR to Ca-PD/LD to reflect a
limited default resulting from the completion of the exchange
offers related to the EUR250 million guaranteed senior unsecured
notes due 2021 and the EUR500 million guaranteed senior unsecured
notes due 2024. The /LD will be removed after three business days.
On August 5, 2021, Intralot announced the issuance of $242 million
new senior secured PIK toggle notes due 2025 in exchange for the
EUR250 million existing guaranteed senior unsecured notes due 2021.
In parallel, the company announced the transfer of 34.27% shares of
the indirect parent of Intralot Inc to holders of the existing
senior unsecured notes due 2024 who participated in the exchange.
RATINGS RATIONALE
The review will focus on assessing (1) the sustainability of the
new capital structure following the completion of the debt
restructuring (2) the improvement in liquidity resulting from the
maturity extension and reduced cash interest, which has resulted
because of a lower debt quantum and the PIK interest on the $242
million notes, as well as (3) the trajectory of Intralot's earnings
on a run-rate basis.
Moody's believes that a recovery in Intralot's profitability will
be constrained by the prolonged period of coronavirus-related
disruptions and the tenuous macroeconomic recovery that Moody's
forecasts for 2021. Furthermore, Intralot has become highly reliant
on its US division where the outlook and EBITDA recovery remain
uncertain.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A downgrade is unlikely in the near term given the recent debt
restructuring and improvement in the capital structure, but could
occur if there is evidence, that in spite of this, a further debt
restructuring is required.
Upward pressure on the ratings could arise if there is greater
certainty that the company's profitability will improve, in
particular that there is an improvement in the profitability of its
United States operations, and if covid-related disruptions reduce.
A positive action would also require a significant improvement in
free cash flow generation in the next 12 to 18 months such that
this supports strengthening liquidity.
COMPANY PROFILE
Headquartered in Athens, Intralot is a global supplier of
integrated gaming systems and services. The company designs,
develops, operates and supports customized software and hardware
for the gaming industry and provides technology and services to
state and state licensed lottery and gaming organizations
worldwide. It operates a diversified portfolio across 41
jurisdictions and is listed on the Athens stock exchange.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Gaming
published in June 2021.
=============
I R E L A N D
=============
CIFC EUROPEAN IV: Fitch Assigns Final B- Rating to Class F Tranche
------------------------------------------------------------------
Fitch Ratings has assigned CIFC European Funding CLO IV DAC final
ratings.
DEBT RATING PRIOR
---- ------ -----
CIFC European Funding CLO IV DAC
Class A XS2354686979 LT AAAsf New Rating AAA(EXP)sf
Class B-1 XS2354687605 LT AAsf New Rating AA(EXP)sf
Class B-2 XS2354688322 LT AAsf New Rating AA(EXP)sf
Class C XS2354689056 LT Asf New Rating A(EXP)sf
Class D XS2354689643 LT BBB-sf New Rating BBB-(EXP)sf
Class E XS2354690492 LT BB-sf New Rating BB-(EXP)sf
Class F XS2354689999 LT B-sf New Rating B-(EXP)sf
Class Y XS2357106504 LT NRsf New Rating NR(EXP)sf
Subordinated Note XS2354690575 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
CIFC European Funding CLO IV DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to fund a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
CIFC Asset Management Europe Ltd. The transaction has a 4.9-year
reinvestment period and a 9.2-year weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio,
based on Fitch's Exposure Draft: CLOs and Corporate CDOs Rating
Criteria, is 24.8.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 64.9%.
Diversified Portfolio (Positive): The transaction has four matrices
corresponding to two top-10 obligor limits at 15% and 21% and two
maximum fixed-rate asset limits at 0% and 10%, respectively. The
transaction also includes various concentration limits, including a
maximum exposure to the three- largest Fitch-defined industries in
the portfolio at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.9-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash flow Modelling (Neutral): Fitch's analysis of the matrices is
based on a stressed-case portfolio with a 9.2-year WAL. The
transaction does not qualify for an analysis with a one-year
reduction in the WAL since the transaction's post-reinvestment
criteria do not have strict conditions such as the satisfaction of
either the 'CCC' test or Fitch WARF test.
RATING SENSITIVITIES
The Rating Sensitivity provides insight into the model-implied
sensitivities the transaction faces when one assumption is
stressed, while holding others equal. The modelling process uses
the stress of these variables to reflect asset performance in a
stressed environment. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the default rate (RDR) at all rating levels by
25% of the mean RDR and an increase in the recovery rate (RRR)
by 25% at all rating levels would result in an upgrade of up
to five notches depending on the notes, except for the class A
notes, which are already at the highest rating on Fitch's
scale and cannot be upgraded.
-- At closing, Fitch used a standardised stressed portfolio
(Fitch's stressed portfolio) that was customised to the
portfolio limits as specified in the transaction documents.
Even if the actual portfolio shows lower defaults and smaller
losses at all rating levels than Fitch's stressed portfolio
assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely. This is because the portfolio
credit quality may still deteriorate, not only by natural
credit migration, but also by reinvestments, and also because
the manager can update the Fitch collateral quality test.
-- After the end of the reinvestment period, upgrades may occur
on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the RDR at all rating levels by 25% of the mean
RDR and a decrease of the RRR by 25% at all rating levels
would result in downgrades of no more than four notches,
depending on the notes.
-- Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a
larger loss expectation than initially assumed due to
unexpectedly high levels of defaults and portfolio
deterioration.
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
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
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.
SEGOVIA EUROPEAN 1-2014: Moody's Gives B3 Rating to Cl. F-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Segovia
European CLO 1-2014 Designated Activity Company (the "Issuer"):
EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2035, Assigned Aaa (sf)
EUR40,000,000 Class B-R Senior Secured Floating Rate Notes due
2035, Assigned Aa2 (sf)
EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned A2 (sf)
EUR28,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned Baa3 (sf)
EUR21,200,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned Ba3 (sf)
EUR11,400,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
As part of this reset, the Issuer extended the reinvestment period
to around 4.66 years and the weighted average life to 8.66 years.
It amended certain concentration limits, definitions and minor
features. In addition, the Issuer amended the base matrix and
modifiers that Moody's took into account for the assignment of the
definitive ratings.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and at least
70% of the portfolio must consist of senior secured loans.
Therefore, up to 10% of the portfolio may consist of senior
unsecured obligations, mezzanine obligations and high yield bonds.
The portfolio is expected to be almost 69% ramped as of the closing
date.
Segovia Loan Advisors (UK) LLP will continue to manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.
In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR7,700,000 of additional Subordinated Notes
which are not rated. The EUR31,000,000 Subordinated Notes which
were issued on December 17, 2014 and are not rated remained
outstanding (Existing Subordinated notes). The Existing
Subordinated Notes and the additional subordinated notes have the
same terms and conditions.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debts'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Target Par Amount: EUR400,000,000
Diversity Score: 54
Weighted Average Rating Factor (WARF): 3089
Weighted Average Spread (WAS): 3.65%
Weighted Average Coupon (WAC): 4.25%
Weighted Average Recovery Rate (WARR): 44.0%
Weighted Average Life (WAL): 8.66 years
TYMON PARK CLO: Moody's Assigns B3 Rating to EUR11.2MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Tymon
Park CLO DAC (the "Issuer"):
EUR1,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)
EUR248,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)
EUR28,800,000 Class A-2A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)
EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)
EUR23,200,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)
EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)
EUR20,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)
EUR11,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR125,000 over eight payment dates
starting on the second payment date.
As part of this full refinancing, the Issuer has renewed the
reinvestment period at 4 years and extended the weighted average
life to 8.5 years. It has also amended certain concentration
limits, definitions and other features. In addition, the Issuer has
amended the base matrix and modifiers that Moody's has taken into
account for the assignment of the definitive ratings.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be fully ramped as
of the closing date.
Blackstone Ireland Limited will continue to manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4-year reinvestment
period. Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved obligations. Additionally, the issuer has the
ability to purchase loss mitigation loans using principal proceeds
subject to a set of conditions including satisfaction of the par
coverage tests.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt in order of seniority.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated debt' performance is subject to uncertainty. The debt'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debt'
performance.
Moody's modelled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modelling assumptions:
Target Par Amount: EUR400,000,000
Diversity Score: 50
Weighted Average Rating Factor (WARF): 3080
Weighted Average Spread (WAS): 3.50%
Weighted Average Coupon (WAC): 3.80%
Weighted Average Recovery Rate (WARR): 44.5%
Weighted Average Life (WAL): 8.5 years
TYMON PARK: S&P Assigns B- (sf) Rating to EUR11.2MM Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Tymon Park CLO
DAC's class X, A1, A2A, A2B, B, C, D, and E notes. At closing, the
issuer also issued subordinated notes.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which S&P is bankruptcy
remote.
-- The transaction's counterparty risks, which S&P is in line with
its counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,827.87
Default rate dispersion 634.09
Weighted-average life (years) 4.22
Obligor diversity measure 139.17
Industry diversity measure 19.02
Regional diversity measure 1.26
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 7.30
Covenanted 'AAA' weighted-average recovery (%) 35.41
Covenanted weighted-average spread (%) 3.50
Covenanted weighted-average coupon (%) 3.80
Loss mitigation loans
Under the transaction documents, the issuer can purchase loss
mitigation loans, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of the obligation, to improve
the related collateral obligation's recovery value.
Loss mitigation loans allow the issuer to participate in potential
new financing initiatives by the borrower in default. This feature
aims to mitigate the risk of other market participants taking
advantage of CLO restrictions, which typically do not allow the CLO
to participate in a defaulted entity's new financing request.
Hence, this feature increases the chance of a higher recovery for
the CLO. While the objective is positive, it can also lead to par
erosion, as additional funds will be placed with an entity that is
under distress or in default. This may cause greater volatility in
our ratings if the positive effect of the obligations does not
materialize. In S&P's view, the presence of a bucket for loss
mitigation loans, the restrictions on the use of interest and
principal proceeds to purchase those assets, and the limitations in
reclassifying proceeds received from those assets from principal to
interest help to mitigate the risk.
The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase loss mitigation loans using interest proceeds, principal
proceeds, or amounts in the supplemental reserve account. The use
of interest proceeds to purchase loss mitigation loans is subject
to:
-- The manager determining that there are sufficient interest
proceeds to pay interest on all the rated notes on the upcoming
payment date; and
-- Following the purchase of a loss mitigation loan, all coverage
tests and the reinvestment par value test must be satisfied.
The use of principal proceeds is subject to:
-- Passing par value tests;
-- The manager having built sufficient excess par in the
transaction so that the aggregate collateral principal amount is
equal to or exceeds the portfolio's reinvestment target par balance
after the reinvestment;
-- The loss mitigation loan being a debt obligation, ranking
senior or pari passu with the related collateral obligation, having
a par value greater than or equal to its purchase price and not
having a maturity date exceeding the maturity date of the rated
note.
Loss mitigation loans that are debt obligations and have limited
deviation from the eligibility criteria will receive collateral
value credit for overcollateralization carrying value purposes. To
protect the transaction from par erosion, amounts received from
loss mitigation loans originally purchased with principal proceeds
or loss mitigation loans that have been given a carrying value will
form part of the principal account proceeds, whereas for all other
loss mitigation loans, any amounts can be characterized as interest
at the manager's discretion. Loss mitigation loans that do not meet
this version of the eligibility criteria will receive zero credit.
The cumulative exposure to loss mitigation loans purchased with
principal is limited to 5% of the target par amount. The cumulative
exposure to loss mitigation loans purchased with principal and
interest is limited to 10% of the target par amount.
Rating rationale
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.0 years after
closing.
S&P said, "We consider that the portfolio is well-diversified on
the effective date, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we used the EUR393.50 million
amortizing target par amount, the covenanted weighted-average
spread (3.50%), the reference weighted-average coupon (3.80%), and
the actual weighted-average recovery rates at each rating, except
for the 'AAA' rating, where covenanted rates were used. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"Until the end of the reinvestment period on Aug. 19, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"We consider that the transaction's legal structure and framework
is bankruptcy remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class X,
A1, and D notes. Our credit and cash flow analysis indicates that
the available credit enhancement for the class A2A, A2B, B, and C
notes could withstand stresses commensurate with higher ratings
than those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.
"For the class E notes and only under the amortizing target par
scenario, our credit and cash flow analysis indicates that the
break-even default rate cushion is negative. Nevertheless, based on
the portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and recent
economic outlook, we believe this class is able to sustain a
steady-state scenario, in accordance with our criteria." S&P's
analysis further reflects several factors, including:
-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that have recently
been issued in Europe.
-- The portfolio's average credit quality is similar to other
recent CLOs.
-- S&P's model generated break-even default rate at the 'B-'
rating of 24.04% (for a portfolio with a weighted-average life of
4.22 years), versus if it was to consider a long-term sustainable
default rate of 3.1% for 4.22 years, which would result in a target
default rate of 13.08%.
-- The actual portfolio is generating higher spreads versus the
covenanted threshold that S&P has modelled in its cash flow
analysis.
-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chances for this
note to default, and (iii) if S&P envisions this tranche to default
in the next 12-18 months.
-- Following this analysis, S&P considers that the available
credit enhancement for the class E notes is commensurate with the
'B- (sf)' rating assigned.
-- Taking the above factors into account and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, S&P believes that its ratings are commensurate with
the available credit enhancement for all the rated classes of
notes.
S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class X
to D notes to five of the 10 hypothetical scenarios we looked at in
our publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class E notes."
S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P uses these assumptions about vaccine timing
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, S&P will update our
assumptions and estimates accordingly.
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Blackstone Ireland
Ltd.
Environmental, social, and governance (ESG) credit factors
S^P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to activities that are
identified as not compliant with international treaties on
controversial weapons or to activities which evidence severe
weaknesses in business conduct and governance in relation to the
United Nations Global Compact Principles. Moreover, assets that
relate to tobacco, pornography and/or prostitution, gambling, and
thermal coal are excluded. Since the exclusion of assets related to
these activities does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."
Ratings List
CLASS RATING AMOUNT INTEREST RATE (%) CREDIT
(MIL. EUR) ENHANCEMENT (%)
X AAA (sf) 1.00 3mE + 0.55 N/A
A1 AAA (sf) 248.00 3mE + 0.95 37.89
A2A AA (sf) 28.80 3mE + 1.65 28.18
A2B AA (sf) 10.00 2.10 28.18
B A (sf) 23.20 3mE + 2.10 22.37
C BBB (sf) 28.00 3mE + 3.20 15.36
D BB- (sf) 20.80 3mE + 6.16 10.15
E B- (sf) 11.20 3mE + 8.63 7.34
Sub NR 44.50 N/A N/A
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
===========
N O R W A Y
===========
SEADRILL LTD: Transocean, Dolphin Drilling Make New Bid
-------------------------------------------------------
Nerijus Adomaitis at Reuters reports that Offshore drilling rig
contractors Transocean Ltd and Dolphin Drilling have made a new
offer to buy the assets of stricken rival Seadrill Ltd, Dolphin's
chief executive said on Aug. 20.
Oslo-listed Seadrill, founded by Norwegian-born tycoon John
Fredriksen, is seeking to emerge from U.S. Chapter 11 bankruptcy
proceedings under an alternative financial plan filed in court last
month, Reuters notes.
"I can confirm that Dolphin and Transocean submitted an updated bid
[Fri]day," Dolphin Chief Executive Bjoernar Iversen told Reuters.
Norwegian business daily Finansavisen, which was first to report
the new offer, said the bid valued Seadrill's assets at US$1.7
billion, Reuters relates.
Mr. Iversen declined to comment on details of the new proposal,
Reuters states.
For the bid by the two rivals to succeed, they would have to
persuade Seadrill's creditors that their offer is superior to the
company's own restructuring plan, according to Reuters.
Seadrill said it remained focused on its plan, Reuters relays.
"This has the support of almost two-thirds of our creditors, who
not only support our plan but (also) our long-term business
strategy and plans to emerge, with expediency, from Chapter 11,"
Reuters quotes Seadrill spokesperson Iain Cracknell as saying.
Seadrill is seeking to restructure more than US$7 billion of debt
in exchange for handing control of the company to its creditors,
Reuters discloses.
About Seadrill Ltd.
Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.
On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.
Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.
In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.
Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.
On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection. Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.
Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).
Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.
In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May 2021 as
co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime
Clerk LLC is the claims agent.
On April 9, 2021, the board of directors of Debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board. Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA Capital
Partners, LLC as financial advisor at the sole direction of
independent directors.
===========
R U S S I A
===========
INTERPROMBANK: Bank of Russia Provides Update on Administration
---------------------------------------------------------------
The provisional administration to manage Joint Stock Commercial
Bank Interprombank (hereinafter, the Bank), in the course of the
inspection established that the activities of the Bank's former
management and owners had signs of actions to withdraw liquid
assets through making a receivables assignment agreement with a
legal entity incapable of settling its obligations when due under
the said agreement, according to the Bank of Russia's Press
Service.
The Bank of Russia submitted the information on the financial
transactions that had been conducted by the Bank's officials to the
Prosecutor General's Office of the Russian Federation and the
Investigative Committee of the Ministry of Internal Affairs of the
Russian Federation for consideration and procedural
decision-making.
The provisional administration to manage the credit institution was
appointed by virtue of Bank of Russia Order No. OD-619, dated April
16, 2021, from April 16, 2021.
NATIONAL FACTORING: Fitch Ups LT IDR to BB, Keeps Rating Watch Pos.
-------------------------------------------------------------------
Fitch Ratings has upgraded National Factoring Company (Joint-Stock
Company)'s (NFC) Long-Term Issuer Default Ratings (IDR) to 'BB'
from 'B+' and has maintained them on Rating Watch Positive (RWP).
Fitch has also assigned a Support Rating of '3' to NFC.
KEY RATING DRIVERS
The rating actions, including the assignment of a Support Rating,
reflect Fitch's assessment of the ability and propensity of NFC's
new shareholder, PJSC Sovcombank (SCB, BB+/Stable/bb+), to provide
support to the company. SCB acquired 100% of NFC and the wider NFC
Group in July 2021.
The RWP reflects Fitch's expectation that NFC will be ultimately
merged into SCB as well as increased integration and brand
alignment with the parent bank.
NFC's ratings are driven by a moderate probability of support from
SCB reflecting (i) SCB's full ownership and control, (ii) NFC's
activities being a future core unit for the parent bank's factoring
business, and (iii) full reliance on parent for funding. Fitch
notches NFC's ratings once off the parent's to reflect the
currently limited operational integration between NFC and the
parent bank and different branding.
NFC operates under a limited banking license (not allowed to
attract retail deposits) and is regulated by the Central Bank of
Russia. It is part of the NFC Group that also includes an
unregulated factoring entity, NFC-Premium. Management indicates
that NFC-Premium will form part of SCB's consolidated factoring
entity - Sovcombank Factoring.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The RWP on the NFC will be resolved once the restructure of
SCB's factoring entities is completed;
-- NFC's support-driven ratings could be upgraded as a result of
significantly greater management-and- operational integration
of the company into SCB; and
-- NFC's support-driven ratings could also be upgraded, if the
company is merged into SCB.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A weakening of SCB's propensity to support NFC, triggered, for
example, by reduction of its stake in the company or a
weakening commitment to integrate NFC into SCB's business
strategy; and
-- A downgrade of SCB's ratings would result in a corresponding
downgrade of NFC's ratings.
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
NFC's IDRs and Support Rating are driven by SCB's IDRs.
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.
=========
S P A I N
=========
TDA CAM 8: S&P Raises Class B Notes Rating to 'CCC+ (sf)'
---------------------------------------------------------
S&P Global Ratings raised its credit rating to 'CCC+ (sf)' from
'CCC (sf)' on TDA CAM 8, Fondo de Titulizacion de Activos' class B
notes. At the same time, S&P raised to 'CCC (sf)' from 'CC (sf)'
its rating on the class C notes and affirmed its ratings on the
class A and D notes.
S&P said, "The rating actions follow the application of our
relevant criteria and our full analysis of the most recent
transaction information that we have received, and reflect the
transactions' current structural features.
"Our weighted-average foreclosure frequency (WAFF) assumptions have
decreased primarily due to the calculation of the effective
loan-to-value (LTV) ratio, which is based on 80% of the original
LTV (OLTV) and 20% of the current LTV (CLTV). In addition, our
weighted-average loss severity (WALS) assumptions have decreased,
due to the lower CLTV and lower market value declines. The
reduction in our WALS is partially offset by the increase in our
foreclosure cost assumptions."
WAFF And WALS Levels
RATING LEVEL WAFF (%) WALS (%) CC (%)
AAA 14.48 4.30 0.62
AA 9.94 3.03 0.30
A 7.66 2.00 0.15
BBB 5.85 2.00 0.12
BB 3.94 2.00 0.08
B 2.61 2.00 0.05
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Loan-level arrears currently stand at 0.8%, and they have started
stabilizing after increasing in April 2020. Overall delinquencies
remain well below S&P's Spanish RMBS index. The transaction has a
high number of loans that defaulted during the financial crisis,
and a portion of these still need to be worked out.
The transaction is amortizing on a pro rata basis given the stable
recent credit performance, with a fully funded reserve fund and low
level of total arrears.
The class A, B, C, and D notes' credit enhancement has increased to
19.1%, 7.3%, and 2.6% respectively, from 18.8%, 7.0%, and 2.2%
since S&P's previous review. The class D notes are not asset-backed
as they were used at closing to fund the reserve fund.
S&P's operational, sovereign, and legal risk analysis remains
unchanged since S&P's last review, and those rating pillars do not
constrain the ratings on the notes. There are no rating caps due to
counterparty risk.
Banco de Sabadell S.A. is the servicer in this transaction and JP
Morgan Securities PLC is the swap counterparty. The hedge agreement
mitigates basis risk arising from the different indexes between the
securitized assets and the notes. In addition, JP Morgan Securities
pays a margin of 65 basis points.
The application of S&P's criteria and related credit and cash flow
analysis indicates that the available credit enhancement for the
class A notes is still commensurate with a 'AAA (sf)' rating. S&P
has therefore affirmed its rating on the class A notes.
The class B and C notes experienced interest shortfalls following
their interest deferral trigger breaches. Consequently, interest
payments on the class B and C notes became subordinated in the
priority of payments and defaulted between the May 2013 and the
August 2017 and November 2017 payment dates, respectively. Due to
recoveries and the negative interest rate environment, interest
amounts due on these classes of notes have since fully repaid.
Since then, interest payments on these classes of notes have
continued, and will continue to be subordinated in the priority of
payments until the amortization of their respective senior notes,
but will remain senior to the reserve fund, which has been fully
topped up.
Due to the negative three-month Euro Interbank Offered Rate
(EURIBOR; the index to which the notes are referenced), no interest
was due for the class B and C notes. S&P said, "Given the
transaction's stable performance, with incoming recoveries that
have repaid all due amounts on the class B and C notes since the
May 2013 payment date, and a replenishment of the reserve fund we
do not expect these tranches to default again in the short term.
Since our last review, the reserve fund has continued its
replenishment and now it is at its floor value, providing liquidity
for the class A to C notes, which given the negative interest rate
environment, are not accruing any interest." The current reserve
fund covers more than five years of senior fees in the deal, which
are considerably higher than other Spanish transactions given the
high level of defaults experienced historically.
S&P said, "The upgrades of the class B and C notes to 'CCC+ (sf)'
and 'CCC (sf)' consider the abovementioned factors and reflects the
application of our relevant criteria for this scenario. Following
the application of our criteria for assigning 'CCC' category
ratings, we believe that payments on this class of notes depend on
favorable financial and economic conditions as these tranches rely
only on the reserve fund to pay timely payment of interest."
Increased defaults may result in reserve fund draws exposing
classes B and C to liquidity risks.
The class C notes are subordinated to the class B notes and S&P's
ratings reflect the effect that a slowdown in recoveries and
subsequent potential reserve fund depletion could have on these
classes of notes.
The issuer used the class D notes at closing to fund the reserve
fund. All the previous unpaid interest has been repaid. However, in
line with S&P's principles of credit rating criteria, it believes
the class E notes are highly likely to miss timely interest
payments as they fully depend on excess spread and do not benefit
from a reserve fund.
TDA CAM 8 is a Spanish RMBS transaction, which closed in June 2007.
Caja de Ahorros del Mediterráneo (CAM), now merged with Banco de
Sabadell, originated the pool, which comprises loans granted to
borrowers secured over vacation homes and owner-occupied
residential properties in CAM's home market of Valencia.
===========
S W E D E N
===========
OBOYA HORTICULTURE: Declared Bankrupt; Shares Delisted
------------------------------------------------------
Oboya Horticulture Industries AB on Aug. 16 published a press
release with information that the board had decided to submit an
application for bankruptcy for the company to the district court.
On August 17, 2021, Oboya Horticulture published a press release
with information that the Gothenburg District Court has declared
the company bankrupt.
According to item 6.2.2 (a) of the Nasdaq First North Growth Market
Rulebook, the exchange may decide to delist the financial
instruments of an issuer if the issuer is subject of insolvency.
With reference to the above, Nasdaq Stockholm Aktiebolag has
decided to delist the Company's shares from Nasdaq First North
Growth Market with immediate effect.
The trading in the shares is halted and will not be resumed.
PERSTORP HOLDING: Moody's Affirms B3 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Perstorp
Holding AB rating to stable from previously negative. Concurrently
Moody's has affirmed Perstorp's B3 corporate family rating and
B3-PD probability of default rating. Moody's also affirmed the B3
ratings of Perstorp's $386.2 million senior secured term loan B,
EUR510 million senior secured term loan B and EUR100 million senior
secured revolving credit facility.
RATINGS RATIONALE
The rating action reflects improvements in Perstorp's leverage
reflecting currently strong EBITDA performance and improvements in
the company's liquidity profile. As many chemical companies,
Perstorp's sales and earnings have been on an improving trend since
its trough in Q3-20, with a particular strength in H1-21. During
H1-21, Perstorp's sales increased by 28% compared to H1-20, the
company's reported EBITDA also increased steeply to SEK1080 million
from SEK658 million. The company benefitted from strong end user
demand, favorable product mix and strong pricing across its
end-markets, but also from tight supply.
Strong H1-21 performance led to a deleveraging to 7.2x as at June
2021 compared to 9.8x (including EUR100 million of factoring) by
the end of 2020. Expected continued strong momentum in the second
half of 2021 will support EBITDA generation of close to SEK2
billion. The corresponding leverage of around 5x by year end 2021
positions the company strongly in the B3 rating category. However,
at this stage the rating remains constrained by a lack of track
record of consistently generating EBITDA of around SEK1.8 billion,
a level which under the current capital structure will result in
leverage remaining sustainably at around 5.5x, which is needed for
a higher rating. In addition, Perstorp's rating remains constrained
by the expectation that Moody's adjusted FCF will be burdened by
cash outflows related to the company's capacity expansion plans. In
Moody's view, this will result in moderately negative FCF in 2022,
an additional factor currently constraining Perstorp's rating.
The rating positively takes into account Perstorp's strong position
as an established independent player in the niche chemical markets
for polyols and oxo intermediates, and Perstorp's adequate
liquidity profile. Perstorp's liquidity profile has improved since
Q2-20 as the company has secured access to an additional EKN backed
facility of SEK600 million and generated positive FCF. In addition,
Moody´s expects covenant headroom under its senior secured
revolving credit facility to remain comfortable over the next 12-18
month.
LIQUIDITY PROFILE
Perstorp's liquidity profile is adequate. As of June 2021, the
company reported SEK987 million of cash and cash equivalents and
had access to an undrawn SEK600 million EKN backed facility as well
as to its largely undrawn EUR100 million senior secured revolving
credit facility. In combination with forecasted FFO generation of
SEK1.3 billion in 2021 and around SEK900 million in 2022 these
sources will be sufficient to accommodate capital expenditure of
around SEK850 million in 2021 and SEK1.1 billion in 2022 as well as
day to day cash needs and unexpected swings in working capital.
STRUCTURAL CONSIDERATIONS
Perstorp's probability of default rating is in line with its CFR,
implying a recovery rate of 50%. The senior secured term loan B and
the senior secured EUR100 million RCF are borrowed by Perstorp. The
B3 rating on both facilities reflects their pari passu ranking and
the fact that they share the same security package and benefit from
the same guarantor group.
RATING OUTLOOK
The stable outlook on Perstorp's rating reflects Moody's
expectation that the company will achieve credit metrics in line
with the B3 rating in the next 18-24 month. In addition, the stable
outlook is predicated on Moody's assumption that the company's
ambitious capital spending plan can be accommodated without
incurring additional material indebtedness.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could consider upgrading Perstorp's rating if the company's
Moody's adjusted debt/EBITDA would fall to around 5.5x on a
sustainable basis and the company maintains a solid liquidity
profile supported by positive FCF. Evidence that the company can
maintain its EBITDA margins in the mid teen percentages through the
cycle would also support an upgrade.
Moody's could consider downgrading Perstorp's rating if Perstorp's
Moody's adjusted debt to EBITDA would remain above 8x for a
prolonged period of time or if the company would face sustainable
EBITDA margin pressure indicative of a loss of market share or
product substitution. A downgrade also would be likely if the
company's EBIT/Interest Expense would be below 1x.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
=====================
S W I T Z E R L A N D
=====================
HERENS MIDCO: S&P Assigns 'B' Sr. Sec. Debt Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to Herens Midco
Sarl's (Lonza Specialty Ingredients) senior secured debt, and its
'CCC+' issue rating on the EUR460 million senior unsecured notes.
The final documentation and structure are in line with the initial
terms anticipated when S&P assigned preliminary ratings in April.
Private equity firms Bain Capital and Cinven have completed the
acquisition of Lonza Specialty Ingredients (LSI) from Swiss
pharmaceuticals company Lonza Group Ltd. for an enterprise value of
Swiss franc (CHF) 4.2 billion.
The stable outlook indicates that S&P expects LSI to generate
positive free operating cash flow (FOCF) of CHF115 million-CHF135
million in 2022, notwithstanding elevated S&P Global
Ratings-adjusted debt to EBITDA of 7.3x-7.5x in 2022, a decrease
from about 8.0x-8.2x in 2021.
Lonza Specialty Ingredients' (LSI's) credit quality reflects the
company's strong position, broad portfolio of formulations, and
exposure to diverse consumer and industrial end markets. LSI has
leading market positions and a wide range of products within the
microbial control solutions segment, which represent 65% of 2020
revenue on a stand-alone basis. This segment focuses on products in
the areas of hygiene, home and personal care, paints and coatings,
and wood protection globally. The specialty chemical services
segment (35% of 2020 revenue) has strong positions in several
areas, providing composite materials and processing additives for
high-performance industries, chemicals, and intermediates, as well
as custom development and manufacturing. However, LSI has a
moderate revenue base, with sales of CHF1.7 billion in 2020 and a
narrow focus on selected product applications. This is in
comparison with larger specialty chemical players such as Nouryon
Holding B.V., Lanxess AG, Clariant AG, or Akzo Nobel N.V., which
have integration in different value chains.
S&P said, "We believe that LSI will continue to demonstrate a
strong operating performance, thanks to the sound organic growth
prospects of microbial control solutions, and product innovations
that will allow the company to gain market share.LSI showed a
resilient operating performance in 2020, with revenue up 4.0% from
2019 on a constant currency basis. The company improved its leading
positions in certain areas, notably hygiene, paints and coatings,
and wood protection. We forecast revenue growth of 4.0%-4.5% per
year over the next two years, because we anticipate continued
strong demand for LSI's products across all its business lines.
This is supported by solid organic growth prospects, exposure to a
wide array of end markets, and LSI's strong technical and
regulatory expertise. These strengths partly offset what, in our
view, is the potential cyclicality of certain commoditized
products, particularly in performance intermediates and chemicals
such as vitamin B3 and acetic anhydride."
LSI has a diversified geographical presence, slightly offset by a
degree of customer concentration and reliance on its Visp site in
Switzerland. Sales are well diversified geographically, with about
39% of 2020 revenue generated in Europe, India, the Middle East,
and Africa; 40% in the Americas (including the U.S.); and 21% in
the Asia-Pacific region. Despite the company having 18
manufacturing facilities globally, we believe that concentration by
production site constrains diversity, with the Visp site in
Switzerland generating about 30% of LSI's total sales. LSI also has
a degree of customer concentration, with the three largest
customers representing 22% of revenue in 2019. However, this is
mitigated by a track record of multi-decade relationships with the
more than 5,300 clients LSI serves and long-term supply
agreements.
S&P said, "We expect LSI's S&P Global Ratings-adjusted EBITDA
margin to trend toward 23% by 2023 from 19% as of 2020. This
reflects our estimate of adjusted EBITDA of CHF320 million in 2020,
before the implementation of the new stand-alone operating model.
We forecast a large uplift to profitability from 2021, as LSI aims
to increase the share of specialty products in the sales mix
through a strategic shift toward higher-margin microbial control
solutions and the exploitation of attractive niche areas in
specialty chemical services. Our base-case adjusted EBITDA margin
and related credit metrics also incorporate a gradual realization
of the proposed cost-saving that will result from LSI operating as
a stand-alone entity.
"In our view, the sponsors' previous experience with similar
investments supports sizable opportunities for margin expansion.The
management team will focus on the continuation of ongoing programs
aimed at simplifying internal processes, improving procurement
terms, and optimizing manufacturing. Management anticipates that
improvements in productivity will contribute to meaningful EBITDA
margin increase in the next years. Notwithstanding the execution
risks related to the carve-out, we view a significant portion of
these initiatives as being within management's control and likely
to be achieved within the first 24 months. Additionally, we believe
that the two private equity sponsors have a track record of
managing carve-outs, optimizing operations, and streamlining
working capital.
"LSI's high debt underpins our highly leveraged financial risk
assessment, but we anticipate that the company will generate strong
positive FOCF.The carve-out and acquisition of LSI was financed
with CHF2.7 billion of debt raised in April 2021. Pro forma the
proposed transaction, LSI's adjusted debt will be about CHF2.8
billion, leading to elevated adjusted debt to EBITDA of about
8.0x-8.2x in 2021. We expect leverage to decrease to 7.3x-7.5x in
2022, alongside FOCF of CHF115 million-CHF135 million.
"The stable outlook indicates that we expect LSI to generate
positive FOCF of CHF115 million-CHF135 million in 2022,
notwithstanding elevated adjusted debt to EBITDA of 7.3x-7.5x in
2022, a decrease from about 8.0x-8.2x in 2021.
"We could lower the rating if LSI failed to achieve adjusted EBITDA
of about CHF345 million–CHF355 million in 2021 and CHF375
million–CHF385 million in 2022, for example due to
slower-than-expected realization of cost and working-capital
efficiencies, higher carve-out costs, or pressure from raw material
prices and softer demand. This could result in LSI generating FOCF
of less than CHF50 million and sustaining higher adjusted leverage
than the 7.0x-7.5x that we consider commensurate with the rating.
Rating pressure could also stem from the private equity sponsors'
adoption of an aggressive financial policy, resulting, for example,
in debt-funded acquisitions or shareholder distributions."
Rating upside is remote because of LSI's leverage and the lack of a
strong and explicit commitment from the private equity sponsors to
maintain adjusted debt to EBITDA below 5.0x.
=============
U K R A I N E
=============
VF UKRAINE: Fitch Affirms 'B' LT IDR, Alters Outlook to Positive
----------------------------------------------------------------
Fitch Ratings has revised Private Joint Stock Company VF Ukraine's
Outlook to Positive from Stable and affirmed all ratings, including
the 'B' Long-Term Issuer Default Rating (IDR).
KEY RATING DRIVERS
The rating actions follow the revision of the Outlook on Ukraine's
sovereign rating to Positive from Stable on 6 August 2021.
VF Ukraine's ratings are constrained by Ukraine's Country Ceiling
due to the telecoms company's strong exposure to the Ukraine's
economy. The revision of the Outlook reflects the likely
correlation of rating actions with further changes of the sovereign
rating, assuming the Country Ceiling moves in line with the
sovereign IDR. Fitch's assessment of the fundamental
issuer-specific credit considerations is unchanged.
DERIVATION SUMMARY
VF Ukraine's peer group includes emerging market telecoms operators
Kcell JSC (BB+/Stable), Silknet JSC (B/Stable), PJSC Megafon
(BB+/Stable), PJSC Mobile TeleSystems (BB+/Positive), Turkcell
Iletisim Hizmetleri A.S. (BB-/Stable) and Turk Telekomunikasyon
A.S. (BB-/Stable).
VF Ukraine's operating profile compares well with that of Kcell and
Silknet by size, market position, competitive environment and
profitability. However, Kcell does not have significant
foreign-exchange (FX) risks or corporate-governance weaknesses,
while Silknet is better diversified with a presence in the
fixed-line/broadband segment.
The Russian and Turkish peers are significantly larger and, except
for Megafon, benefit from product diversification. Like Turkcell's
and Turk Telecomunikasyon's, VF Ukraine's IDR is restricted by the
relevant Country Ceiling. FX risk also results in tighter leverage
thresholds for any given rating level for all three compared with
other rated companies in the sector.
RATING SENSITIVITIES
VF Ukraine
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Upgrade of the Ukraine Country Ceiling (currently in line with
the sovereign rating), together with funds from operations
(FFO) net leverage below 3.0x on a sustained basis, without
any significant deterioration in the competitive and
regulatory environment.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Downgrade of the Ukraine Country Ceiling;
-- FFO net leverage trending above 3.5x on a sustained basis in
the presence of significant FX risks;
-- Competitive weaknesses and market-share erosion, leading to
significant deterioration in pre-dividend free cash flow
generation.
Ukraine
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Macro and External Finances: Increased external financing
pressures, sharp decline in international reserves or
increased macroeconomic instability, for example, stemming
from IMF programme disengagement due to deterioration in the
consistency of the policy mix and/or reform reversals.
-- Public Finances: Persistent increase in general government
debt/GDP, for example, due to fiscal loosening, weak GDP
growth, or currency depreciation.
-- Structural: Political/geopolitical shocks that weaken
macroeconomic stability, growth prospects and Ukraine's fiscal
and external position.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- External Finances: Reduction in external financial
vulnerabilities, for example, due to a sustained increase in
international reserves, strengthened external balance sheet,
greater financing flexibility, or greater confidence in the
ability to maintain IMF programme engagement and market
access.
-- Public Finances: Sustained fiscal consolidation that places
general government debt/GDP on a firm downward path over the
medium term.
-- Macro and Structural: Increased confidence that progress in
reforms will lead to improvement in governance standards and
higher growth prospects while preserving improvements in
macroeconomic stability.
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: Fitch views VF Ukraine's liquidity as
adequate. The company had around UAH3.5 billion of cash and cash
equivalents at end-2020 and no debt maturing in the next two
years.
ESG CONSIDERATIONS
VF Ukraine has an ESG relevance score of '4' for Governance
Structure, reflecting the dominant majority shareholder's influence
over the company, absence of independent members on the board and
lack of transparency within its wider group. Although this does not
restrict the rating at the current rating level, it 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 to the way in which they are being
managed by the entity.
===========================
U N I T E D K I N G D O M
===========================
DURHAM MORTGAGES B: S&P Assigns CCC (sf) Rating to Class X Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Durham Mortgages B
PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd
U.K. RMBS notes. At closing, Durham Mortgages B also issued unrated
class Z and R notes.
The transaction is a refinancing of the Durham Mortgages B PLC
transaction, which closed in May 2018 (the original transaction).
S&P said, "We have based our credit analysis on the pool, which
totals GBP1.75 billion. The pool comprises first-lien U.K.
residential mortgage loans that Bradford & Bingley PLC (B&B), Close
Brothers Ltd., GMAC-RFC Ltd., Kensington Mortgage Company Ltd.
(KMC), and Mortgage Express PLC (MX) originated. The loans are
secured on properties in England, Wales, Scotland, and Northern
Ireland and were originated between 1998 and 2008. The underlying
loans in the securitized portfolio are serviced by Topaz Finance
Ltd. Topaz Finance is a subsidiary of Computershare Mortgage
Services Ltd. (CMS). We reviewed CMS's servicing and default
management processes and are satisfied that it is capable of
performing its functions in the transaction."
The pool comprises buy-to-let (BTL) properties. The collateral
performance has historically been better than S&P's legacy BTL
index.
S&P said, "Our rating on the class A notes addresses the timely
payment of interest and the ultimate payment of principal. Our
ratings on the class B-Dfrd to F-Dfrd notes and X-Dfrd notes
reflect the ultimate payment of interest and principal. Our rating
definitions are in line with the notes' terms and conditions."
The timely payment of interest on the class A notes is supported by
the principal borrowing mechanism, the general reserve, and the
liquidity reserve. These reserve funds are funded at closing.
S&P's ratings reflect its assessment of the transaction's payment
structure, cash flow mechanics, and the results of its cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios. Subordination, excess spread, the general reserve
fund and the liquidity reserve fund provide credit enhancement to
the rated notes.
S&P said, "Our cash flow analysis indicates that the available
credit enhancement for the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
and F-Dfrd notes is commensurate with higher ratings than those
currently assigned. The ratings on these notes reflect their
ability to withstand the potential repercussions of the COVID-19
outbreak, including extended recovery timings and higher default
sensitivities. We have also considered their relative positions in
the capital structure, and potential increased exposure to tail-end
risk. In our analysis, the class X-Dfrd notes are unable to
withstand the stresses we apply at our 'B' rating level. We
consider that meeting the obligations of this class of notes is
reliant on favorable business, financial, and economic conditions.
Consequently, we have assigned a 'CCC (sf)' rating to the notes in
line with our criteria.
"There are no rating constraints in the transaction under our
counterparty, legal, operational risk, or structured finance
sovereign risk criteria. We consider the issuer to be bankruptcy
remote.
"Our credit and cash flow analysis and related assumptions consider
the ability of the transaction to withstand the potential
repercussions of the coronavirus outbreak, namely, higher defaults,
liquidity stresses, and longer recovery timing stresses.
Considering these factors, we believe that the available credit
enhancement is commensurate with the ratings assigned."
Ratings List
CLASS RATING* AMOUNT (MIL. GBP)
A AAA (sf) 1,495.993
B-Dfrd AA+ (sf) 69.988
C-Dfrd AA (sf) 58.614
D-Dfrd A (sf) 52.491
E-Dfrd BBB (sf) 38.493
F-Dfrd BB- (sf) 23.620
Z NR 10.498
R NR 29.351
X-Dfrd CCC (sf) 26.245
X certs NR N/A
Y certs NR N/A
NR--Not rated.
N/A--Not applicable.
GREENSILL CAPITAL: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor: Greensill Capital (UK) Limited
(In Administration)
4 Hardman Square, Spinningfields
Manchester, M3 3EB
United Kingdom
Foreign Proceeding: Administration before English High Court
of Justice, CR-2021-000435
Type of Business: Greensill Capital is an independent financial
services firm.
Chapter 15 Petition Date: August 18, 2021
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 21-11473
Judge: Hon. Michael E. Wiles
Foreign Representatives: Christine Mary Laverty
Trevor Patrick O'Sullivan
William George Edward Stagg
30 Finsbury Square
London, EC2A 1AG
United Kingdom
Foreign
Representative's
Counsel: Laura R. Hall, Esq.
ALLEN & OVERY LLP
1221 Avenue of the Americas
New York, NY 10020
Tel: (212) 756-1171
E-mail: laura.hall@allenovery.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/3GM66ZY/Greensill_Capital_UK_Limited_in__nysbke-21-11473__0001.0.pdf?mcid=tGE4TAMA
GREENSILL CAPITAL: Files Chapter 15 to Stop U.S. Suits
------------------------------------------------------
Greensill Capital (UK) Limited filed a Chapter 15 bankruptcy
petition in New York (Bankr. S.D.N.Y. Case No. 21-11473) on Aug.
18, 2021, to seek U.S. recognition of its insolvency proceedings in
the United Kingdom.
GCUK was the main trading entity for the Greensill group, a global
financial services firm consisting of Greensill Capital Pty Limited
(Greensill Pty) and its various subsidiaries (the Group). GCUK was
principally in the business of arranging supply chain and other
working capital financing solutions for its customers by acquiring
receivables, with related rights, and onselling such assets to
investors either directly or in the form of receivables-backed
notes issued by bankruptcy remote special purpose vehicles. These
transactions were largely automated through the use of bespoke
technology platforms developed by GCUK, either by itself or in
partnership with third parties, that enabled high daily transaction
volume and the completion of transactions within periods as brief
as 24 hours. GCUK also served as the treasury company for, and
provided financial support, management, and a range of other
services to, the wider Group.
Greensill Capital Management Company (UK) Limited (GCMC), GCUK's
sister company in the UK, provided certain management services for
GCUK and employed the vast majority of the employees involved in
GCUK's business. GCMC is also the principal intermediate holding
company within the Group and the parent company for twelve
subsidiaries incorporated in the UK and elsewhere. The subsidiaries
include special purpose vehicles set up to originate transactions
for GCUK, as well as certain operating companies in the UK and the
US.
The Group began experiencing liquidity pressure in 2020 and,
towards the end of that year and continuing through early 2021,
explored various recapitalization options in order to avoid the
need for formal insolvency processes. These included, among other
things, seeking to implement a restructuring and refinancing plan;
mandating investment banks in relation to an equity raise; seeking
bridge financing and/or equity injections from existing
shareholders; engaging an investment bank in relation to a
structured finance facility backed by insured supply chain
receivables; and exploring a sale of all or part of GCUK's
business. These efforts were unsuccessful due to a number of
factors, including, most significantly, the failure to renew
insurance coverage critical to GCUK's origination of new working
capital finance business, ultimately leading to the Group's
insolvency and the commencement of formal insolvency proceedings
for Group entities in multiple jurisdictions.
In the UK, the directors of GCUK and GCMC applied to the English
Court for the appointment of administrators in early March 2021,
and the Foreign Representatives were appointed as joint
administrators of both companies on March 8, 2021.
The Foreign Representatives seek chapter 15 recognition of the
English Proceeding as to GCUK in order to protect GCUK's assets and
operations in the United States and stay the commencement or
continuation of US litigation against GCUK while the Foreign
Representatives continue to manage the affairs, business, and
property of the company and devote their efforts to determining the
best course for the administration. The Foreign Representatives
have determined that it is not necessary at this juncture to seek
such relief for GCMC.
Litigation in the United States
On March 15, 2021, Bluestone Resources Inc. and certain of its
affiliates and principals filed a complaint in the United States
District Court for the Southern District of New York against GCUK
and two of GCUK's former officers, Alexander David Greensill and
Roland Hartley-Urquhart. The case is pending before Judge Furman
and is captioned Bluestone Resources Inc. et al v. Greensill
Capital (UK) Limited et al, 1:21-cv-02253-JMF (S.D.N.Y. 2021).
The Bluestone Plaintiffs are Obligors in relation to working
capital financing provided by GCUK to various entities in the
Bluestone group, and the complaint alleges claims for breach of
contract, fraud, various breaches of fiduciary duties, and related
issues arising out of GCUK's business relationship with the
Bluestone Plaintiffs. The defendants' answer to the complaint is
currently due on September 13, 2021, but the Foreign
Representatives seek to have the Chapter 15 Petition heard before
that date.
About Greensill Capital
Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia. It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.
Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.
Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.
Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.
Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.
In the Chapter 11 case, the Debtor tapped Segal & Segal LLP as
bankruptcy counsel, Mayer Brown LLP as special counsel, and GLC
Advisors & Co., LLC and GLCA Securities, LLC as investment bankers
and financial advisors. Matthew Tocks is the chief restructuring
officer of the Debtor. The official committee of unsecured
creditors is represented by Arent Fox LLP.
Greensill Capital (UK) Limited filed a Chapter 15 petition (Bankr.
S.D.N.Y. Case No. 21-11473) to seek U.S. recognition of its UK
proceedings on Aug. 18, 2021. ALLEN & OVERY LLP, led by Laura R.
Hall, is the Debtor's counsel in the Chapter 15 case.
HIBER ENERGY: Enters Administration, Business Put Up for Sale
-------------------------------------------------------------
Business Sale reports that administrators from business advisory
firm ReSolve have been appointed to B2B gas installation platform
Hiber Energy and are now marketing the company and some of its
assets for sale.
Hiber Energy is a Software-as-a-Service (SaaS) enabled B2B firm
designed to streamline the business of gas engineers and enable
them to run their entire operation through the platform, which is
available as an Apple or Android app.
According to Business Sale, the company had been registering solid
performance prior to the Covid-19 pandemic, with 30 per cent
month-on-month installations growth. However, the onset of the
pandemic negatively impacted the business, causing it to enter
administration, Business Sale states.
In its last available accounts at Companies House, the firm had
around GBP3.4 million in total assets, with GBP7.2 million in net
liabilities, Business Sale discloses.
TAURUS 2021-4 UK: Fitch Assigns Final B+ Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Taurus 2021-4 UK DAC's notes final
ratings.
DEBT RATING PRIOR
---- ------ -----
Taurus 2021-4
A XS2368096413 LT AAAsf New Rating AAA(EXP)sf
B XS2368099276 LT AA-sf New Rating AA-(EXP)sf
C XS2368104613 LT A-sf New Rating A-(EXP)sf
D XS2368113440 LT BBB-sf New Rating BBB-(EXP)sf
E XS2368114760 LT BB-sf New Rating BB-(EXP)sf
F XS2368115908 LT B+sf New Rating B+(EXP)sf
X XS2368118753 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Taurus 2021-4 UK DAC finances two commercial mortgage term loans
(Fulham and United VI) totalling GBP848.4 million and advanced by
Bank of America Europe Designated Activity Company (the originator)
to entities related to Blackstone Real Estate Partners. The loans
finance a portfolio of mostly UK industrial properties. The
originator is retaining at least 5% of the securitised debt in the
form of an issuer loan pari passu with the notes.
KEY RATING DRIVERS
Resilient Industrial Portfolio: The portfolio comprises 325 UK
properties accommodating more than 2,700 tenants operating in
last-mile logistics (68% by gross rental income in Fulham, 91% in
United VI), light industrial or as trade counters - a reasonable
cross-section of UK economic activity. New leases signed in 2021 in
Fulham (which refinances Taurus 2020-2) paid on average 28% more
than estimated rental value (ERV) in 2020. ERV has since grown by
8.5%, reflecting increased demand for UK industrial assets from
e-commerce. Fitch gives credit to full ERV.
Reverse Sequential Complexity: Net rent debt yields vary from
United VI's 7.5% to Fulham's 9.0%. Voluntary repayments pay reverse
sequentially for the class F, E and D notes, capped according to
the loan's specific note notional amounts (NNA) for these three
classes (subsequently recalculated). This structural complexity
aligns subordination with Fitch's view of the remaining loan(s).
Following reverse sequential pay, subsequent sequential pay is
capped by the loans' NNA.
Complex Release Pricing: The loans' property release amounts rise
from 105% to 110% once they exceed 10%. However, any modest
de-levering is undercut because whenever a property is sold, future
release premiums rebase down in proportion to their cumulative
effect (subject to a 102.5% floor). For each loan, release amounts
up to a cumulative 35% are allocated first pro rata (weighted
either by note balances or, following a voluntary repayment under
that loan distributed reverse sequentially, by NNA) and thereafter
sequentially.
Diversity Supports Credit: 50% of Fulham redemption principal will
repay sequentially, with the balance paying pro rata (following
same logic as release amounts). The high weight of sequential pay
underpins credit given to the combined property granularity within
the portfolios. In Fitch's constraining rating scenarios, Fulham's
collateral is largely intact, reducing idiosyncratic risk that the
agency would otherwise represent with lower property scores.
No Impact from Mezzanine: The mezzanine lender's senior loan
purchase option covers potential costs and expires upon mortgage
enforcement (if pursued by the issuer in a timely fashion). Given
this and that the mezzanine loan is structurally and contractually
subordinated to the securitised loan, Fitch has not made any
negative rating adjustment.
RATING SENSITIVITIES
-- Current ratings: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBB-sf' / 'BB-
sf' / 'B+sf'
The change in model output that would apply with 0.8x cap rates is
as follows:
-- 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BB+sf'
The change in model output that would apply with 1.25x rental value
declines is as follows:
-- 'AA+sf' / 'A+sf' / 'BBB+sf' / 'BB+sf' / 'BB+sf' / 'CCCsf'
Factor that could, individually or collectively, lead to positive
rating actions/upgrade:
-- Letting vacant space or increasing rental income could lead to
positive rating action.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase in vacant space or worsening performance could
lead to negative rating action.
KEY PROPERTY ASSUMPTIONS (all by market value)
-- 'Bsf' weighted average (WA) cap rate: 6.6%
-- 'Bsf' WA structural vacancy: 19.3%
-- 'Bsf' WA rental value decline: 2.7%
-- 'BBsf' WA cap rate: 7.2%
-- 'BBsf' WA structural vacancy: 21.4%
-- 'BBsf' WA rental value decline: 5.3%
-- 'BBBsf' WA cap rate: 7.8%
-- 'BBBsf' WA structural vacancy: 23.8%
-- 'BBBsf' WA rental value decline: 9.2%
-- 'Asf' WA cap rate: 8.5%
-- 'Asf' WA structural vacancy: 26.1%
-- 'Asf' WA rental value decline: 13.6%
-- 'AAsf' WA cap rate: 9.2%
-- 'AAsf' WA structural vacancy: 28.3%
-- 'AAsf' WA rental value decline: 18.5%
-- 'AAAsf' WA cap rate: 10.1%
-- 'AAAsf' WA structural vacancy: 33.1%
-- 'AAAsf' WA rental value decline: 23.3%
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
Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by KPMG LLP. The third-party due diligence described in
Form 15E focused on certain characteristics with respect to a
sample of the properties in the portfolio. Fitch considered this
information in its analysis and it did not have an effect on
Fitch's analysis or conclusions.
DATA ADEQUACY
Taurus 2021-4
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.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week August 16 to August 20, 2021
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Casino Guichard Perracho 3.992 EUR 72.328
Casino Guichard Perracho 1.004 EUR 42.435
Intralot Capital Luxembo 5.250 9/15/2024 EUR 59.971
PB International BV 7.625 1/26/2022 USD 41.387
Mitsubishi UFJ Investor 3.957 12/15/2050 EUR 50.393
Paragon GmbH & Co KGaA 4.000 4/23/2023 CHF 65.550
Accor SA 0.700 12/07/2027 EUR 51.066
Moby SpA 7.750 2/15/2023 EUR 36.037
Mallinckrodt Internation 4.750 4/15/2023 USD 27.750
Rallye SA 4.000 2/28/2030 EUR 28.711
Hurricane Energy PLC 7.500 7/24/2022 USD 64.385
Hylea Group SA 7.250 12/01/2022 EUR 12.200
Air France-KLM 0.125 3/25/2026 EUR 15.848
Nostrum Oil & Gas Financ 8.000 7/25/2022 USD 27.458
Mallinckrodt Internation 5.750 08/01/2022 USD 63.500
Wirecard AG 0.500 09/11/2024 EUR 11.000
Intelsat Jackson Holding 5.500 08/01/2023 USD 55.000
Yell Bondco PLC 8.500 05/02/2023 GBP 60.219
Intelsat Luxembourg SA 8.125 06/01/2023 USD 1.625
Fuerstenberg Capital II 5.625 EUR 48.931
Rallye SA 4.371 1/23/2023 EUR 28.500
Korian SA 0.875 03/06/2027 EUR 57.139
Intu Debenture PLC 5.562 12/31/2027 GBP 39.293
Metro Bank PLC 5.500 6/26/2028 GBP 65.128
Intelsat Jackson Holding 8.500 10/15/2024 USD 55.000
Maisons du Monde SA 0.125 12/06/2023 EUR 47.243
Naviera Armas SA 6.500 7/31/2023 EUR 74.735
FIGEAC-AERO 1.125 10/18/2022 EUR 21.919
Mallinckrodt Internation 5.625 10/15/2023 USD 64.500
Voltalia SA 1.000 1/13/2025 EUR 31.883
Quadient SA 3.375 EUR 57.738
Privatbank CJSC Via UK S 10.250 1/23/2018 USD 10.000
Offshore Drilling Holdin 8.375 9/20/2020 USD 10.561
Nexity SA 0.250 03/02/2025 EUR 68.137
HOCHDORF Holding AG 2.500 CHF 57.191
Nostrum Oil & Gas Financ 7.000 2/16/2025 USD 27.458
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.652
Korian SA 2.500 EUR 41.990
EA Partners II BV 6.750 06/01/2021 USD 1.501
Pierre Et Vacances SA 2.000 04/01/2023 EUR 29.176
Mallinckrodt Internation 5.500 4/15/2025 USD 65.250
Rallye SA 3.250 02/08/2024 CHF 29.016
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 69.571
Travelex Financing PLC 8.000 5/15/2022 EUR 1.313
Debenhams PLC 5.250 7/15/2021 GBP 1.001
Intelsat Connect Finance 9.500 2/15/2023 USD 32.898
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.909
Immigon Portfolioabbau A 5.801 EUR 12.479
Neoen SA 1.875 10/07/2024 EUR 42.504
Intelsat Jackson Holding 9.750 7/15/2025 USD 55.000
Officine Maccaferri-SpA 5.750 06/01/2021 EUR 20.490
Ziton A/S 7.900 10/03/2022 EUR 70.744
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 66.197
O1 Properties Finance PL 0.500 9/27/2028 USD 10.000
Rickmers Holding AG 8.875 06/11/2018 EUR 0.512
Neoen SA 2.000 06/02/2025 EUR 52.088
Eramet SA 4.000 EUR 66.017
Intelsat SA 4.500 6/15/2025 USD 34.039
OGX Austria GmbH 8.375 04/01/2022 USD 0.002
Union Fenosa Preferentes 1.107 EUR 71.100
Rallye SA 3.400 1/31/2022 EUR 30.700
PREOS Global Office Real 7.500 12/09/2024 EUR 69.900
Rallye SA 4.000 11/23/2020 CHF 29.000
Bourbon Corp 8.061 EUR 17.905
Intelsat Luxembourg SA 7.750 06/01/2021 USD 2.500
Deutsche Bank AG 1.268 6/28/2033 USD 72.446
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.358
EOS Imaging SA 6.000 5/31/2023 EUR 6.964
Rallye SA 5.250 02/01/2022 EUR 30.988
Bilt Paper BV 10.360 USD 1.253
Abengoa Abenewco 2 Bis S 1.500 4/26/2024 EUR 1.183
Air Berlin PLC 8.250 4/19/2018 EUR 0.268
Jain International Tradi 7.125 02/01/2022 USD 21.750
Hellenic Bank PCL 10.000 EUR 49.019
Scandinavian Airlines Sy 0.625 CHF 22.189
Thomas Cook Finance 2 PL 3.875 7/15/2023 EUR 1.778
Galapagos Holding SA 7.000 6/15/2022 EUR 1.500
Mitsubishi UFJ Investor 3.704 12/30/2099 EUR 5.083
Fuerstenberg Capital Ers 1.020 EUR 48.360
EA Partners I BV 6.875 9/28/2020 USD 1.000
Naviera Armas SA 4.250 11/15/2024 EUR 76.299
FF Group Finance Luxembo 3.250 11/02/2021 CHF 8.599
Air Berlin PLC 6.750 05/09/2019 EUR 0.325
Banco Espirito Santo SA 7.125 11/28/2023 EUR 0.139
DOF Subsea AS 8.260 11/27/2023 NOK 27.000
Nexity SA 0.875 4/19/2028 EUR 59.195
Agrokor dd 9.875 05/01/2019 EUR 15.000
Breeze Finance SA 6.708 4/19/2027 EUR 31.000
Dexia Credit Local SA 1.180 EUR 3.184
Orient Express Bank PJSC 2.000 USD 30.174
KTG Agrar SE 7.125 06/06/2017 EUR 2.804
Norddeutsche Landesbank- 7.490 EUR 68.292
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
Avangardco Investments P 10.000 10/29/2018 USD 0.646
Stichting Afwikkeling On 6.250 10/26/2020 EUR 5.375
Genfit 3.500 10/16/2025 EUR 18.597
Dexia SA 1.236 EUR 1.674
Nexity SA 0.125 01/01/2023 EUR 64.769
UkrLandFarming PLC 10.875 3/26/2018 USD 1.879
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 0.642
Koninklijke Luchtvaart M 0.750 CHF 26.250
Norske Skogindustrier AS 7.000 12/30/2026 EUR 0.001
EFG International AG 0.321 EUR 71.748
Air Berlin PLC 5.625 05/09/2019 CHF 0.406
Turkey Government Bond 8.000 03/12/2025 TRY 75.350
Privatbank CJSC Via UK S 10.875 2/28/2018 USD 10.000
Stichting Afwikkeling On 11.250 EUR 1.248
German Pellets GmbH 7.250 11/27/2019 EUR 1.000
Praktiker AG 5.875 02/10/2016 EUR 0.069
Gamalife - Cia de Seguro 2.957 EUR 72.999
Verimatrix SA 6.000 6/29/2022 EUR 3.790
Senivita Social Estate A 4.000 05/12/2025 EUR 8.010
Tresu Investment Holding 5.000 9/29/2022 EUR 28.250
WD Invest Sarl 1.900 10/02/2024 EUR 10.329
Banco Espirito Santo SA 6.875 7/15/2016 EUR 25.125
Privatbank CJSC Via UK S 11.000 02/09/2021 USD 4.285
Lehman Brothers UK Capit 6.900 USD 3.986
Deutsche Bank AG/London 2.218 3/15/2033 USD 73.092
REM Saltire Holding AS 7.000 12/31/2024 NOK 52.838
International Industrial 9.000 07/06/2011 EUR 0.007
BNG Bank NV 10.010 6/17/2025 TRY 74.760
Bank Otkritie Financial 10.000 4/26/2019 USD 10.010
Espirito Santo Financial 6.875 10/21/2019 EUR 0.244
FF Group Finance Luxembo 1.750 07/03/2019 EUR 5.442
Joh Friedrich Behrens AG 6.250 6/18/2024 EUR 46.031
Hellenic Republic Govern 2.085 7/25/2057 EUR 48.553
Norske Skogindustrier AS 2.000 12/30/2115 EUR 0.113
Havila Shipping ASA 4.700 01/02/2025 NOK 25.037
Yuksel Insaat AS 9.500 11/10/2015 USD 1.008
International Industrial 11.000 2/19/2013 USD 0.008
DOF Subsea AS 9.500 3/14/2022 USD 27.140
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Ghelamco Invest 4.500 5/23/2022 EUR 40.000
Claranova SADIR 5.000 07/01/2023 EUR 1.110
Virgolino de Oliveira Fi 10.500 1/28/2018 USD 0.897
Lehman Brothers UK Capit 3.875 EUR 7.069
Windreich GmbH 6.500 03/01/2015 EUR 4.475
OGX Austria GmbH 8.375 04/01/2022 USD 0.002
Hellas Telecommunication 6.054 1/15/2015 USD 0.001
Komplett Bank ASA 8.190 NOK 74.073
Autonomous Community of 2.965 09/08/2039 JPY 69.089
Banca Popolare di Vicenz 2.821 12/20/2017 EUR 0.100
Allied Irish Banks PLC 12.500 6/25/2035 GBP 61.205
LBI ehf 6.100 8/25/2011 USD 9.842
Banca Popolare di Vicenz 9.500 9/29/2025 EUR 0.049
Alitalia-Societa Aerea I 5.250 7/30/2020 EUR 0.209
Lehman Brothers UK Capit 5.125 EUR 7.127
Saleza AS 9.000 07/12/2021 EUR 0.203
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.182
New World Resources NV 8.000 04/07/2020 EUR 0.101
Alno AG 8.500 5/14/2018 EUR 16.325
Cirio Holding Luxembourg 6.250 2/16/2004 EUR 0.723
Offshore Drilling Holdin 8.375 9/20/2020 USD 10.561
Banco Espirito Santo SA 2.102 EUR 0.160
Pentracor GmbH 8.500 5/29/2025 EUR 66.300
Virgolino de Oliveira Fi 11.750 02/09/2022 USD 1.047
Alpine Holding GmbH 6.000 5/22/2017 EUR 2.233
Fuerstenberg Capital Dri 1.609 EUR 55.000
Intralot Capital Luxembo 5.250 9/15/2024 EUR 59.740
UBS AG/London 13.250 05/04/2022 USD 60.150
Norwegian Air Shuttle AS 5.000 02/07/2023 SEK 44.592
ESFIL-Espirito Santo Fin 5.250 06/12/2015 EUR 0.111
Mallinckrodt Internation 5.625 10/15/2023 USD 69.750
Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568
Joh Friedrich Behrens AG 7.750 11/11/2020 EUR 44.000
Hema Bondco II BV 8.500 1/15/2023 EUR 0.780
Mallinckrodt Internation 5.750 08/01/2022 USD 63.646
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Veneto Banca SpA 9.878 12/01/2025 EUR 0.473
Lehman Brothers UK Capit 5.750 EUR 3.962
Sberbank of Russia PJSC 0.010 08/06/2026 RUB 80.100
Portugal Telecom Interna 6.250 7/26/2016 EUR 0.175
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Finmek International SA 7.000 12/03/2004 EUR 2.193
UniCredit Bank AG 0.107 11/19/2029 EUR 67.373
Cooperatieve Rabobank UA 0.500 7/30/2043 MXN 15.756
Hellas Telecommunication 8.500 10/15/2013 EUR 0.540
Waste Italia SpA 10.500 11/15/2019 EUR 0.753
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Cooperatieve Rabobank UA 0.500 10/30/2043 MXN 15.015
Societe Centrale des Boi 2.500 5/15/2023 EUR 6.880
Corporate Commercial Ban 8.250 08/08/2014 USD 0.308
Agrokor dd 9.125 02/01/2020 EUR 15.000
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.177
Credit Suisse AG/London 8.750 08/02/2024 USD 9.750
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 1.682
Sberbank of Russia PJSC 0.010 02/06/2023 RUB 80.100
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Sberbank of Russia PJSC 0.010 08/03/2028 RUB 80.100
Commerzbank AG 0.077 11/19/2029 EUR 62.729
Mallinckrodt Internation 5.500 4/15/2025 USD 69.250
MS Deutschland Beteiligu 6.875 12/18/2017 EUR 0.620
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Yell Bondco PLC 8.500 05/02/2023 GBP 60.219
SAS AB 4.410 SEK 25.301
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.614
New World Resources NV 4.000 10/07/2020 EUR 0.231
Bulgaria Steel Finance B 12.000 05/04/2013 EUR 0.216
Banco Espirito Santo SA 2.282 EUR 0.237
Espirito Santo Financial 3.125 12/02/2018 EUR 1.093
Cooperatieve Rabobank UA 0.500 1/31/2033 MXN 36.317
Rallye SA 1.000 10/02/2020 EUR 27.353
JP Morgan Structured Pro 0.379 9/30/2021 EUR 1.000
Bank Nadra Via NDR Finan 8.250 7/31/2018 USD 0.208
JP Morgan Structured Pro 0.379 9/30/2021 EUR 1.000
CBo Territoria 3.750 07/01/2024 EUR 4.720
Krakowski Bank Spoldziel 3.550 9/20/2023 PLN 70.000
Banco Espirito Santo SA 6.900 6/28/2024 EUR 25.159
Intelsat Jackson Holding 9.750 7/15/2025 USD 54.422
Sidetur Finance BV 10.000 4/20/2016 USD 1.809
Alno AG 8.000 3/21/2019 EUR 16.200
Nostrum Oil & Gas Financ 8.000 7/25/2022 USD 27.606
International Finance Fa 0.500 6/29/2027 ZAR 65.878
JP Morgan Structured Pro 0.379 9/30/2021 EUR 1.000
Cirio Finance Luxembourg 7.500 11/03/2002 EUR 2.657
Kardan NV 6.325 2/21/2021 ILS 14.100
Lehman Brothers Treasury 5.220 03/01/2024 EUR 0.100
Kommunekredit 0.500 7/30/2027 TRY 35.633
SpareBank 1 SR-Bank ASA 1.212 12/21/2030 EUR 73.674
Veneto Banca SpA 6.944 5/15/2025 EUR 0.473
Alpine Holding GmbH 5.250 07/01/2015 EUR 2.233
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
Sberbank of Russia PJSC 0.010 8/21/2028 RUB 80.100
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.418
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Uppfinnaren 1 AB 11.000 SEK 40.000
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Rena GmbH 8.250 07/11/2018 EUR 2.096
CRC Breeze Finance SA 6.110 05/08/2026 EUR 30.226
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Erotik-Abwicklungsgesell 7.750 07/09/2019 EUR 0.779
Sberbank of Russia PJSC 0.010 8/24/2026 RUB 80.100
Finance and Credit Bank 9.250 1/25/2019 USD 0.257
Hamon & CIE SA 3.300 1/31/2035 EUR 45.361
Virgolino de Oliveira Fi 10.500 1/28/2018 USD 0.897
Steilmann SE 7.000 03/09/2017 EUR 1.429
Agrokor dd 8.875 02/01/2020 USD 15.000
Naviera Armas SA 4.250 11/15/2024 EUR 74.901
Erste Group Bank AG 5.550 8/30/2022 EUR 44.300
Moby SpA 7.750 2/15/2023 EUR 35.413
Bilt Paper BV 10.360 USD 1.253
Norwegian Air Shuttle AS 6.375 11/15/2024 USD 49.841
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Getin Noble Bank SA 5.250 12/21/2023 PLN 66.875
Depfa Funding III LP 0.235 EUR 57.439
Island Offshore Shiphold 2.790 6/30/2022 NOK 4.806
Erste Group Bank AG 4.350 2/20/2022 EUR 35.550
Banco Santander SA 1.858 EUR 1.569
O1 Properties Finance PL 8.250 9/27/2021 USD 11.969
Del Monte Finance Luxemb 6.625 5/24/2006 EUR 2.806
Depfa Funding II LP 6.500 EUR 60.536
Peine GmbH 2.000 07/05/2023 EUR 44.500
Espirito Santo Financial 9.750 12/19/2025 EUR 0.384
Steilmann SE 7.000 9/23/2018 EUR 1.429
Portugal Telecom Interna 5.242 11/06/2017 EUR 0.694
Intelsat Jackson Holding 8.500 10/15/2024 USD 54.159
Espirito Santo Financial 5.050 11/15/2025 EUR 1.015
Nostrum Oil & Gas Financ 7.000 2/16/2025 USD 27.943
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Agrokor dd 8.875 02/01/2020 USD 15.000
SiC Processing GmbH 7.125 03/01/2016 EUR 2.410
Credit Suisse AG/London 12.450 12/08/2021 USD 15.140
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
KTG Agrar SE 7.250 10/15/2019 EUR 2.804
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
DZ Bank AG Deutsche Zent 0.488 03/11/2031 EUR 60.539
ECM Real Estate Investme 5.000 10/09/2011 EUR 15.375
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Pescanova SA 5.125 4/20/2017 EUR 0.319
Alpine Holding GmbH 5.250 06/10/2016 EUR 2.233
Rena GmbH 7.000 12/15/2015 EUR 2.096
Caixa Economica Montepio 5.000 EUR 50.060
Credit Suisse AG/London 7.500 10/25/2021 USD 74.240
Mox Telecom AG 7.250 11/02/2017 EUR 2.255
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
WPE International Cooper 10.375 9/30/2020 USD 5.000
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Orange SA 3.000 6/15/2022 EUR 10.000
Veneto Banca SpA 6.411 EUR 0.336
New World Resources NV 8.000 04/07/2020 EUR 0.101
Rio Forte Investments SA 4.000 7/22/2014 EUR 5.772
Veneto Banca SpA 6.950 2/25/2025 EUR 0.473
Solon SE 1.375 12/06/2012 EUR 0.745
Vneshprombank Ltd Via VP 9.000 11/14/2016 USD 0.078
Stichting Afwikkeling On 6.625 5/14/2018 EUR 5.375
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 30.500
SFO Akkord Finans 10.000 02/12/2024 RUB 69.370
Intelsat Connect Finance 9.500 2/15/2023 USD 32.898
Norske Skogindustrier AS 7.125 10/15/2033 USD 0.001
Agrokor dd Via Aquarius 4.921 08/08/2017 EUR 14.625
Leonteq Securities AG 8.000 9/14/2021 CHF 53.410
Steilmann SE 6.750 6/27/2017 EUR 2.184
Cooperatieve Rabobank UA 0.500 10/29/2027 MXN 62.381
Agrokor dd 9.125 02/01/2020 EUR 15.000
KPNQwest NV 8.125 06/01/2009 USD 0.453
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.909
Bulgaria Steel Finance B 12.000 05/04/2013 EUR 0.216
BRAbank ASA/NO 7.210 NOK 52.294
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
Intelsat Jackson Holding 9.750 7/15/2025 USD 54.422
Stichting Afwikkeling On 2.207 EUR 1.248
Virgolino de Oliveira Fi 10.875 1/13/2020 USD 34.000
Mifa Mitteldeutsche Fahr 7.500 08/12/2018 EUR 2.000
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.357
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.357
Havila Shipping ASA 3.950 01/02/2025 NOK 51.707
TransKomplektHolding OOO 9.500 11/02/2028 RUB 70.000
Resa SA/Belgium 1.950 7/22/2036 EUR 50.000
Credit Suisse AG/London 20.000 12/07/2021 USD 67.800
COFIDUR SA 0.100 12/31/2024 EUR 24.050
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.358
Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568
Gebr Sanders GmbH & Co K 8.750 10/22/2018 EUR 9.375
getgoods.de AG 7.750 10/02/2017 EUR 0.404
SG Issuer SA 5.000 04/02/2024 EUR 58.920
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.002
Credit Suisse AG/London 11.150 12/08/2021 CHF 14.060
UBS AG/London 11.250 02/03/2023 CHF 67.450
Cooperatieve Rabobank UA 0.500 11/30/2027 MXN 61.932
Sequa Petroleum NV 5.000 4/29/2020 USD 30.500
German Pellets GmbH 7.250 04/01/2016 EUR 1.000
Pescanova SA 6.750 03/05/2015 EUR 0.319
Lehman Brothers Treasury 1.000 10/05/2035 EUR 0.100
BOA Offshore AS 0.409 7/17/2047 NOK 8.805
Derzhava-Garant OOO 9.500 06/12/2030 RUB 6.890
Dyadya Doner OOO 13.500 4/25/2023 RUB 15.600
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Banco Espirito Santo SA 10.000 12/06/2021 EUR 0.139
Cooperatieve Rabobank UA 0.500 8/21/2028 MXN 58.146
Credit Suisse AG/London 14.500 08/02/2024 USD 9.750
Barclays Bank PLC 5.000 11/01/2029 BRL 62.107
Pescanova SA 8.750 2/17/2019 EUR 0.319
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
SALVATOR Vermoegensverwa 9.500 EUR 9.000
HPI AG 3.500 EUR 3.011
Center-Invest Commercial 6.000 03/03/2022 RUB 66.000
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Credito Padano Banca di 3.100 EUR 33.690
Credito Padano Banca di 3.100 EUR 33.917
Hellas Telecommunication 8.500 10/15/2013 EUR 0.540
Komplett Bank ASA 5.240 03/03/2031 NOK 74.087
SAir Group 0.125 07/07/2005 CHF 12.625
Eiendomskreditt AS 2.050 9/17/2029 NOK 68.640
UkrLandFarming PLC 10.875 3/26/2018 USD 1.879
Golden Gate AG 6.500 10/11/2014 EUR 37.300
Landesbank Baden-Wuertte 6.000 8/27/2021 EUR 71.920
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
Landesbank Baden-Wuertte 7.000 11/26/2021 EUR 72.210
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Hema Bondco II BV 8.500 1/15/2023 EUR 0.780
German Pellets GmbH 7.250 07/09/2018 EUR 1.000
Credit Suisse AG/London 11.600 12/08/2021 EUR 15.630
Erste Group Bank AG 8.000 7/31/2024 EUR 69.500
Deutsche Bank AG/London 13.750 6/20/2026 TRY 72.972
WEB Windenergie AG 2.500 9/26/2021 EUR 0.010
Golfino AG 8.000 11/18/2023 EUR 0.020
Bayerische Landesbank 1.450 1/26/2024 EUR 56.060
Credit Suisse AG/London 20.000 11/29/2024 USD 13.440
Landesbank Baden-Wuertte 4.000 11/26/2021 EUR 68.600
Otkritie Holding JSC 10.000 4/20/2028 RUB 3.080
Dr Wiesent Sozial gGmbH 7.000 EUR 0.012
Bank ZENIT PJSC 0.100 3/27/2025 RUB 92.000
Landesbank Baden-Wuertte 4.100 10/22/2021 EUR 71.770
Landesbank Baden-Wuertte 5.250 11/26/2021 EUR 66.610
SG Issuer SA 2.100 5/16/2033 EUR 29.580
Credit Suisse AG/London #N/A N/A 8/18/2022 USD 9.010
Muehl Product & Service 6.750 03/10/2005 DEM 0.102
Agrokor dd 9.875 05/01/2019 EUR 15.000
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Cooperatieve Rabobank UA 0.500 12/29/2027 MXN 61.586
Virgolino de Oliveira Fi 11.750 02/09/2022 USD 1.047
Deutsche Agrar Holding G 7.250 9/28/2018 EUR 1.254
Privatbank CJSC Via UK S 10.875 2/28/2018 USD 10.000
Leonteq Securities AG 5.400 7/25/2022 CHF 57.920
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Credit Suisse AG 0.500 12/16/2025 BRL 63.025
Russian Bank for Small & 8.500 12/03/2030 RUB 65.030
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
AlphaNotes ETP Dac 0.010 09/09/2029 USD 69.815
HSBC Bank PLC 0.500 6/23/2027 MXN 64.059
SG Issuer SA 3.000 09/02/2021 EUR 30.870
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 0.200
Landesbank Baden-Wuertte 3.250 11/26/2021 EUR 75.240
Northland Resources AB 4.000 10/15/2020 NOK 0.271
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Ukraine Government Bond 6.000 12/23/2026 UAH 72.458
Ukraine Government Bond 8.120 11/10/2035 UAH 67.330
Irish Bank Resolution Co 6.750 11/30/2013 BGN 33.250
Petromena ASA 9.750 5/24/2016 NOK 0.607
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Barclays Bank PLC 5.090 06/08/2022 USD 9.930
DeltaCredit Bank JSC 1.000 10/20/2025 RUB 70.020
SG Issuer SA 8.700 1/20/2025 SEK 68.370
Hellas Telecommunication 6.054 1/15/2015 USD 0.001
Heta Asset Resolution AG 5.730 12/31/2023 EUR 1.440
Decipher Production Ltd 12.500 9/27/2019 USD 1.500
Thomas Cook Finance 2 PL 3.875 7/15/2023 EUR 1.778
Virgolino de Oliveira Fi 10.875 1/13/2020 USD 34.000
Rio Forte Investments SA 3.900 07/10/2014 USD 5.750
Societe Generale SA 8.500 9/30/2021 USD 43.100
Leonteq Securities AG 10.000 7/20/2022 CHF 51.490
Leonteq Securities AG 18.000 11/24/2021 CHF 60.120
BrokerCreditService Stru 3.000 2/28/2023 USD 71.000
Lehman Brothers Treasury 2.875 3/14/2013 CHF 0.100
Ukraine Government Bond 8.880 05/10/2032 UAH 75.129
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 0.642
Instabank ASA 5.190 3/28/2028 NOK 60.798
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Natixis SA 0.300 6/25/2048 USD 52.118
Getin Noble Bank SA 5.250 7/28/2023 PLN 72.875
UBS AG/London 16.300 01/08/2024 EUR 42.050
UniCredit Bank AG 4.250 11/21/2021 EUR 30.180
SALVATOR Vermoegensverwa 9.500 12/31/2021 EUR 8.800
Landesbank Baden-Wuertte 5.000 8/27/2021 EUR 61.260
Credit Suisse AG/London 5.800 07/12/2023 USD 9.720
Santander Consumer Bank 5.110 NOK 44.368
AKB Peresvet ZAO 13.250 4/25/2018 RUB 27.750
Norske Skogindustrier AS 7.125 10/15/2033 USD 0.001
Banca Popolare di Vicenz 9.500 10/02/2025 EUR 0.049
Gold-Zack AG 7.000 12/14/2005 EUR 5.000
Bank Julius Baer & Co Lt 11.700 4/26/2022 CHF 52.150
EFG International Financ 9.800 9/21/2021 EUR 76.310
Vontobel Financial Produ 24.380 12/08/2021 USD 65.962
Getin Noble Bank SA 5.250 5/31/2023 PLN 67.075
Windreich GmbH 6.750 03/01/2015 EUR 4.475
Espirito Santo Financial 5.125 5/30/2016 EUR 0.528
BNP Paribas SA 0.500 11/16/2032 MXN 29.332
Lehman Brothers Treasury 4.800 11/16/2012 HKD 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Stichting Afwikkeling On 8.450 8/20/2018 USD 5.375
Bank Otkritie Financial 0.010 9/24/2025 RUB 72.010
Santander Consumer Bank 5.110 NOK 44.368
Espirito Santo Financial 5.050 11/15/2025 EUR 0.874
Lehman Brothers Treasury 4.250 3/13/2021 EUR 0.100
MIK OAO 15.000 2/19/2020 RUB 13.875
Lehman Brothers Treasury 2.000 3/16/2035 EUR 0.100
Teksid Aluminum Luxembou 12.375 7/15/2011 EUR 0.122
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
BLT Finance BV 12.000 02/10/2015 USD 10.500
UniCredit Bank AG 3.600 8/23/2021 EUR 34.220
Raiffeisen Switzerland B 4.000 8/30/2022 CHF 39.950
Banque Cantonale Vaudois 10.875 11/05/2021 EUR 70.700
UniCredit Bank AG 6.600 7/20/2028 EUR 50.170
Leonteq Securities AG/Gu 2.750 9/15/2022 CHF 15.800
DeloPorts LLC 0.010 11/14/2025 RUB 70.010
Leonteq Securities AG/Gu 15.000 10/20/2021 USD 54.290
Leonteq Securities AG/Gu 20.000 11/04/2021 CHF 55.340
BrokerCreditService Stru 3.000 04/03/2022 USD 54.100
UBS AG/London 13.500 4/14/2022 CHF 61.700
BrokerCreditService Stru 8.000 1/30/2024 USD 56.000
UniCredit Bank AG 6.600 9/13/2023 EUR 71.970
Lehman Brothers Treasury 1.750 02/07/2010 EUR 0.100
Heta Asset Resolution AG 0.211 12/31/2023 EUR 1.440
Lehman Brothers Treasury 6.000 10/24/2008 EUR 0.100
Norske Skogindustrier AS 7.000 12/30/2026 EUR 0.001
Ukraine Government Bond 6.000 1/22/2031 UAH 61.368
Credit Agricole Corporat 10.200 08/06/2026 TRY 74.710
LBI ehf 6.100 8/25/2011 USD 9.842
Nutritek International C 8.750 12/11/2008 USD 2.089
Lehman Brothers Treasury 4.600 08/01/2013 EUR 0.100
Waste Italia SpA 10.500 11/15/2019 EUR 0.753
New World Resources NV 4.000 10/07/2020 EUR 0.231
Santander Consumer Bank 5.110 NOK 44.368
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.375
Landesbank Baden-Wuertte 5.400 2/25/2022 EUR 68.340
Rosseti South PJSC 9.240 07/01/2022 RUB 70.020
UBS AG/London 15.000 06/03/2022 USD 66.550
OOO SPV Structural Inves 0.010 09/01/2023 RUB 66.740
Rio Forte Investments SA 4.750 11/10/2015 EUR 5.750
Credit Agricole Corporat 10.800 3/24/2026 TRY 74.527
PA Resources AB 13.500 03/03/2016 SEK 0.124
Lehman Brothers Treasury 4.000 4/13/2011 CHF 0.100
Heta Asset Resolution AG 4.350 12/31/2023 EUR 1.440
International Bank of Az 8.250 10/09/2024 USD 60.375
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
UBS AG/London 15.000 8/26/2021 CHF 65.900
Landesbank Baden-Wuertte 3.700 2/25/2022 EUR 72.120
Leonteq Securities AG/Gu 4.000 08/10/2022 CHF 58.780
SG Issuer SA 0.263 2/20/2025 EUR 18.870
WEB Windenergie AG 4.500 EUR 0.010
Credit Suisse AG/London 5.200 8/17/2022 USD 9.829
EFG International Financ 12.750 1/31/2022 USD 62.570
Leonteq Securities AG/Gu 4.890 11/26/2021 USD 71.130
Activa Resources AG 0.500 11/15/2021 EUR 0.500
Landesbank Baden-Wuertte 4.000 11/26/2021 EUR 72.770
Landesbank Baden-Wuertte 4.750 8/27/2021 EUR 73.520
Landesbank Baden-Wuertte 2.750 8/27/2021 EUR 68.570
Landesbank Baden-Wuertte 3.500 8/27/2021 EUR 65.940
Credit Suisse AG/London 12.450 12/08/2021 USD 15.810
Leonteq Securities AG 28.630 12/15/2021 CHF 68.720
Credit Suisse AG/London 5.880 6/28/2023 USD 10.000
Leonteq Securities AG 15.000 6/21/2022 CHF 68.450
Credit Suisse AG/London 27.250 07/03/2024 USD 9.700
Bank Julius Baer & Co Lt 8.200 10/15/2021 EUR 65.600
Credit Suisse AG/London 4.600 11/09/2022 USD 9.900
EFG International Financ 9.700 9/26/2022 CHF 11.400
Credit Suisse AG/London 10.000 02/02/2023 USD 10.000
Landesbank Baden-Wuertte 3.000 11/26/2021 EUR 71.710
SAir Group 2.750 7/30/2004 CHF 12.625
Northland Resources AB 4.000 10/15/2020 USD 0.271
Ukraine Government Bond 6.000 9/18/2030 UAH 62.084
Ukraine Government Bond 6.000 06/12/2030 UAH 62.663
Ukraine Government Bond 6.000 4/23/2031 UAH 60.850
Bank Otkritie Financial 10.000 4/26/2019 USD 10.010
Minicentrales Dos SA 0.010 06/06/2047 EUR 67.500
City of Novosibirsk Russ 7.300 10/08/2026 RUB 69.470
Russian Federal Bond - O 0.250 7/20/2044 RUB 17.800
Norske Skogindustrier AS 2.000 12/30/2115 EUR 0.113
Lehman Brothers Treasury 6.450 2/20/2010 AUD 0.100
DANY COLL LLC 0.100 7/19/2022 RUB 1.160
Barclays Bank PLC 0.500 1/28/2033 MXN 35.019
Bibby Offshore Services 7.500 6/15/2021 GBP 11.625
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Vontobel Financial Produ 23.950 06/03/2022 EUR 71.944
BNP Paribas Emissions- u 29.000 9/23/2021 EUR 61.210
SG Issuer SA 5.000 5/23/2024 EUR 59.840
Leonteq Securities AG 11.000 01/03/2022 CHF 56.000
Landesbank Baden-Wuertte 4.500 8/27/2021 EUR 55.310
Societe Generale SA 6.000 06/06/2022 USD 0.470
Societe Generale SA 6.000 05/09/2022 USD 4.780
Danske Bank A/S 6.860 07/09/2022 SEK 25.870
Leonteq Securities AG 4.000 12/18/2026 CHF 66.160
Barclays Bank PLC 2.730 9/27/2024 EUR 60.620
Ukraine Government Bond 6.000 10/15/2031 UAH 59.927
Ukraine Government Bond 8.420 05/10/2034 UAH 70.484
Credit Agricole Corporat 10.500 2/16/2027 TRY 74.572
SAir Group 4.250 02/02/2007 CHF 12.625
Credit Agricole Corporat 9.450 03/08/2027 TRY 70.559
LBI ehf 7.431 USD 0.001
AKB Peresvet ZAO 0.510 2/14/2032 RUB 12.700
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
SAir Group 6.250 10/27/2002 CHF 12.625
Astana Finance BV 7.875 06/08/2010 EUR 16.000
Credit Agricole Corporat 10.320 7/22/2026 TRY 75.088
AKB Peresvet ZAO 0.510 6/23/2021 RUB 27.180
Lehman Brothers Treasury 3.700 06/06/2009 EUR 0.100
SAir Group 5.500 7/23/2003 CHF 12.625
Instabank ASA 7.190 NOK 36.850
Heta Asset Resolution AG 4.875 12/31/2023 EUR 1.440
IT Holding Finance SA 9.875 11/15/2012 EUR 0.031
Credit Agricole Corporat 10.200 12/13/2027 TRY 71.635
SAir Group 2.125 11/04/2004 CHF 12.625
DZ Bank AG Deutsche Zent 7.930 9/24/2021 EUR 62.850
SG Issuer SA 0.850 7/29/2024 EUR 15.370
WEB Windenergie AG 5.250 04/08/2023 EUR 0.010
Landesbank Baden-Wuertte 6.250 8/27/2021 EUR 70.910
Landesbank Baden-Wuertte 13.180 1/28/2022 EUR 68.260
SAir Group 5.125 03/01/2003 CHF 12.750
Bank Julius Baer & Co Lt 13.800 11/01/2021 USD 54.700
Bank2 ASA 5.270 NOK 57.898
Petromena ASA 10.850 11/19/2018 USD 0.622
LBI ehf 2.250 2/14/2011 CHF 9.250
SAir Group 2.750 7/30/2004 CHF 12.625
Sberbank CIB JSC 0.010 01/04/2030 RUB 54.296
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Lehman Brothers Treasury 8.000 4/20/2009 EUR 0.100
Heta Asset Resolution AG 7.500 12/31/2023 ATS 1.440
Bibby Offshore Services 7.500 6/15/2021 GBP 11.625
SAir Group 6.250 04/12/2005 CHF 12.625
UBS AG/London 7.000 9/23/2021 EUR 68.320
UBS AG/London 12.250 8/26/2021 CHF 68.650
UBS AG/London 10.750 8/26/2021 CHF 68.550
UBS AG/London 10.250 8/26/2021 CHF 70.550
UBS AG/London 10.000 8/26/2021 EUR 61.800
Raiffeisen Schweiz Genos 6.500 09/02/2021 CHF 71.180
Landesbank Baden-Wuertte 4.000 2/25/2022 EUR 72.400
Landesbank Baden-Wuertte 6.400 2/25/2022 EUR 63.600
Landesbank Baden-Wuertte 3.900 2/25/2022 EUR 71.880
Landesbank Baden-Wuertte 5.000 2/25/2022 EUR 67.380
Landesbank Baden-Wuertte 4.900 2/25/2022 EUR 70.650
Landesbank Baden-Wuertte 3.400 2/25/2022 EUR 74.180
Landesbank Baden-Wuertte 4.800 3/25/2022 EUR 70.920
UBS AG/London 11.000 09/06/2021 CHF 72.800
UBS AG/London 12.500 09/06/2021 CHF 69.700
UBS AG/London 8.000 03/04/2022 EUR 68.300
UBS AG/London 7.500 09/06/2021 CHF 72.400
UBS AG/London 8.500 09/06/2021 CHF 68.950
UniCredit Bank AG 5.450 3/15/2022 EUR 41.050
UniCredit Bank AG 4.100 8/24/2022 EUR 65.820
UniCredit Bank AG 4.000 2/28/2022 EUR 61.280
Landesbank Baden-Wuertte 4.000 10/22/2021 EUR 36.970
Landesbank Baden-Wuertte 2.600 9/23/2022 EUR 70.960
EFG International Financ 12.000 10/19/2021 USD 60.140
DekaBank Deutsche Giroze 2.300 11/12/2021 EUR 53.090
Leonteq Securities AG/Gu 6.200 10/18/2021 CHF 71.240
Leonteq Securities AG/Gu 7.000 10/19/2021 CHF 70.940
Leonteq Securities AG/Gu 6.100 2/21/2022 CHF 73.020
Landesbank Baden-Wuertte 3.050 9/23/2022 EUR 53.100
Bayerische Landesbank 2.000 2/18/2022 EUR 59.360
Landesbank Baden-Wuertte 2.800 4/25/2022 EUR 58.720
Danske Bank A/S 10.300 07/09/2023 SEK 11.200
Raiffeisen Schweiz Genos 5.800 9/28/2021 CHF 63.920
EFG International Financ 10.500 02/07/2022 EUR 64.300
Landesbank Baden-Wuertte 3.050 9/23/2022 EUR 71.000
Leonteq Securities AG/Gu 8.130 2/21/2022 EUR 60.400
Leonteq Securities AG/Gu 4.000 2/21/2022 EUR 62.800
UBS AG/London 10.750 8/19/2021 CHF 70.950
Landesbank Baden-Wuertte 4.700 3/25/2022 EUR 40.070
Landesbank Baden-Wuertte 3.300 3/25/2022 EUR 48.520
UBS AG/London 11.500 8/19/2021 CHF 70.900
UniCredit Bank AG 4.200 03/01/2023 EUR 67.080
EFG International Financ 14.800 8/19/2021 CHF 41.060
Bayerische Landesbank 2.500 12/03/2021 EUR 52.790
DekaBank Deutsche Giroze 3.100 12/03/2021 EUR 40.280
Zurcher Kantonalbank Fin 8.000 2/25/2022 CHF 71.450
UBS AG/London 6.500 8/19/2021 CHF 60.950
UBS AG/London 5.500 8/19/2021 EUR 60.900
UBS AG/London 10.000 8/19/2021 CHF 68.000
UBS AG/London 7.000 2/21/2022 EUR 61.950
UBS AG/London 5.750 8/20/2021 EUR 72.750
UniCredit Bank AG 9.000 12/27/2021 EUR 68.780
Landesbank Baden-Wuertte 2.500 3/25/2022 EUR 71.310
UniCredit Bank AG 4.300 12/19/2021 EUR 52.940
EFG International Financ 7.000 5/23/2022 EUR 38.140
Landesbank Baden-Wuertte 2.750 3/25/2022 EUR 56.060
UniCredit Bank AG 4.450 12/29/2022 EUR 32.780
Raiffeisen Switzerland B 4.800 11/23/2023 CHF 43.200
UniCredit Bank AG 5.050 01/11/2022 EUR 65.510
DekaBank Deutsche Giroze 2.150 1/21/2022 EUR 65.960
Vontobel Financial Produ 9.500 9/24/2021 EUR 72.660
Vontobel Financial Produ 11.500 9/24/2021 EUR 68.720
Vontobel Financial Produ 10.500 9/24/2021 EUR 70.630
Vontobel Financial Produ 12.500 9/24/2021 EUR 66.920
Landesbank Baden-Wuertte 3.500 1/28/2022 EUR 58.230
Landesbank Baden-Wuertte 5.700 1/28/2022 EUR 50.500
DZ Bank AG Deutsche Zent 5.750 9/22/2021 EUR 66.590
DZ Bank AG Deutsche Zent 7.000 9/20/2021 EUR 71.400
Vontobel Financial Produ 17.500 9/24/2021 EUR 55.910
Landesbank Baden-Wuertte 5.100 11/25/2022 EUR 64.320
Vontobel Financial Produ 16.000 9/24/2021 EUR 57.720
Vontobel Financial Produ 19.500 9/24/2021 EUR 54.280
Vontobel Financial Produ 21.500 9/24/2021 EUR 52.740
Landesbank Baden-Wuertte 3.200 11/25/2022 EUR 68.660
Societe Generale Effekte 3.000 7/22/2022 USD 5.250
Raiffeisen Switzerland B 10.500 07/11/2024 USD 19.760
UniCredit Bank AG 4.300 10/18/2021 EUR 33.640
UniCredit Bank AG 3.800 10/24/2021 EUR 54.090
UniCredit Bank AG 4.050 10/24/2021 EUR 56.160
DekaBank Deutsche Giroze 1.000 11/02/2021 EUR 48.960
Landesbank Baden-Wuertte 2.550 12/27/2021 EUR 51.560
Landesbank Baden-Wuertte 2.500 12/27/2021 EUR 58.670
Vontobel Financial Produ 9.500 12/24/2021 EUR 56.030
Vontobel Financial Produ 11.000 12/24/2021 EUR 54.230
Vontobel Financial Produ 10.000 3/25/2022 EUR 55.940
Vontobel Financial Produ 11.500 3/25/2022 EUR 54.410
Vontobel Financial Produ 9.000 12/24/2021 EUR 57.080
Vontobel Financial Produ 8.000 3/25/2022 EUR 57.510
Vontobel Financial Produ 13.000 3/25/2022 EUR 53.010
Vontobel Financial Produ 16.500 12/24/2021 EUR 68.410
UniCredit Bank AG 4.200 9/21/2022 EUR 42.730
Societe Generale SA 9.000 7/22/2022 USD 57.500
UniCredit Bank AG 3.800 12/29/2022 EUR 66.630
Societe Generale Effekte 5.600 09/04/2023 EUR 36.260
Leonteq Securities AG/Gu 5.600 8/24/2021 CHF 44.410
EFG International Financ 6.500 8/30/2021 CHF 63.160
Zurcher Kantonalbank Fin 8.500 8/24/2021 CHF 65.880
Raiffeisen Schweiz Genos 5.250 8/24/2021 CHF 67.570
Landesbank Baden-Wuertte 3.000 9/23/2022 EUR 49.230
Landesbank Baden-Wuertte 2.500 9/23/2022 EUR 70.800
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
UniCredit Bank AG 4.600 9/14/2022 EUR 62.380
DekaBank Deutsche Giroze 6.300 10/01/2021 EUR 44.270
UBS AG/London 14.000 02/10/2022 CHF 57.400
EFG International Financ 6.200 08/05/2022 EUR 58.130
Leonteq Securities AG 7.200 09/08/2021 CHF 55.790
DekaBank Deutsche Giroze 3.300 04/08/2022 EUR 43.030
Leonteq Securities AG/Gu 4.000 03/08/2022 EUR 45.770
Leonteq Securities AG/Gu 11.400 9/20/2021 CHF 2.690
Landesbank Baden-Wuertte 3.700 9/24/2021 EUR 51.380
Landesbank Baden-Wuertte 2.500 6/24/2022 EUR 55.650
DZ Bank AG Deutsche Zent 19.900 9/24/2021 EUR 70.470
Credit Suisse AG/London 4.250 03/07/2022 USD 9.900
Vontobel Financial Produ 8.500 12/24/2021 EUR 68.220
Vontobel Financial Produ 14.500 9/24/2021 EUR 73.870
Leonteq Securities AG 12.400 05/12/2022 CHF 68.540
UBS AG/London 21.250 2/18/2022 USD 46.100
Leonteq Securities AG/Gu 5.000 9/13/2021 CHF 67.770
Leonteq Securities AG 6.000 9/14/2021 CHF 66.380
DekaBank Deutsche Giroze 2.300 9/24/2021 EUR 45.970
DZ Bank AG Deutsche Zent 21.800 12/24/2021 EUR 72.470
DZ Bank AG Deutsche Zent 22.000 9/24/2021 EUR 68.100
DZ Bank AG Deutsche Zent 18.500 12/24/2021 EUR 71.990
Corner Banca SA 6.400 09/07/2021 CHF 63.740
Vontobel Financial Produ 23.000 9/24/2021 EUR 68.820
Vontobel Financial Produ 15.500 9/24/2021 EUR 59.770
Vontobel Financial Produ 14.000 9/24/2021 EUR 61.870
Vontobel Financial Produ 12.000 9/24/2021 EUR 64.120
Landesbank Baden-Wuertte 3.950 12/27/2021 EUR 65.960
Landesbank Baden-Wuertte 6.900 12/27/2021 EUR 59.310
Credit Suisse AG/Nassau 13.000 11/26/2021 USD 59.900
Landesbank Baden-Wuertte 7.750 5/27/2022 EUR 70.980
Landesbank Baden-Wuertte 6.500 5/27/2022 EUR 68.040
UBS AG/London 16.000 9/19/2022 CHF 65.550
Vontobel Financial Produ 21.000 12/24/2021 EUR 72.360
Leonteq Securities AG 24.530 4/22/2022 CHF 59.910
Vontobel Financial Produ 12.500 3/25/2022 EUR 73.967
Vontobel Financial Produ 19.500 3/25/2022 EUR 73.360
DZ Bank AG Deutsche Zent 10.500 4/22/2022 EUR 70.160
Leonteq Securities AG/Gu 21.100 4/21/2022 CHF 69.500
Zuercher Kantonalbank 8.624 4/25/2022 CHF 0.044
Societe Generale SA 3.900 3/23/2022 USD 0.090
Bank Julius Baer & Co Lt 18.300 2/18/2022 USD 64.600
Skandinaviska Enskilda B 6.300 7/15/2022 SEK 73.110
UniCredit Bank AG 5.550 7/19/2022 EUR 64.390
Societe Generale Effekte 5.250 10/22/2021 EUR 64.680
Societe Generale Effekte 7.250 10/22/2021 EUR 59.000
Societe Generale Effekte 9.250 10/22/2021 EUR 54.950
Societe Generale Effekte 13.250 10/22/2021 EUR 49.320
Citigroup Global Markets 9.000 8/18/2022 USD 0.689
Landesbank Baden-Wuertte 4.000 5/27/2022 EUR 41.110
Landesbank Baden-Wuertte 3.300 5/27/2022 EUR 49.480
Bayerische Landesbank 3.700 7/15/2022 EUR 72.030
UniCredit Bank AG 4.450 09/11/2023 EUR 52.380
Landesbank Baden-Wuertte 5.250 4/28/2023 EUR 72.530
Barclays Bank PLC 4.000 7/19/2022 USD 9.970
Leonteq Securities AG 22.340 4/14/2022 CHF 54.280
EFG International Financ 18.000 4/14/2022 CHF 57.770
BNP Paribas Emissions- u 6.500 9/23/2021 EUR 59.470
BNP Paribas Emissions- u 7.500 9/23/2021 EUR 59.540
BNP Paribas Emissions- u 8.500 9/23/2021 EUR 59.620
BNP Paribas Emissions- u 7.000 9/23/2021 EUR 58.040
BNP Paribas Emissions- u 8.000 9/23/2021 EUR 58.120
BNP Paribas Emissions- u 9.000 9/23/2021 EUR 58.200
BNP Paribas Emissions- u 7.500 9/23/2021 EUR 56.690
BNP Paribas Emissions- u 8.500 9/23/2021 EUR 56.770
BNP Paribas Emissions- u 9.500 9/23/2021 EUR 56.850
BNP Paribas Emissions- u 9.000 9/23/2021 EUR 54.850
BNP Paribas Emissions- u 11.000 12/23/2021 EUR 55.740
BNP Paribas Emissions- u 12.000 12/23/2021 EUR 54.940
BNP Paribas Emissions- u 11.000 12/23/2021 EUR 53.530
BNP Paribas Emissions- u 13.000 12/23/2021 EUR 54.190
BNP Paribas Emissions- u 14.000 12/23/2021 EUR 52.980
BNP Paribas Emissions- u 15.000 12/23/2021 EUR 51.860
BNP Paribas Emissions- u 16.000 12/23/2021 EUR 51.270
BNP Paribas Emissions- u 15.000 12/23/2021 EUR 50.060
BNP Paribas Emissions- u 17.000 12/23/2021 EUR 50.720
BNP Paribas Emissions- u 10.000 9/23/2021 EUR 54.920
BNP Paribas Emissions- u 11.000 9/23/2021 EUR 53.170
BNP Paribas Emissions- u 13.000 9/23/2021 EUR 53.330
BNP Paribas Emissions- u 12.000 9/23/2021 EUR 52.100
BNP Paribas Emissions- u 14.000 9/23/2021 EUR 52.250
BNP Paribas Emissions- u 13.000 9/23/2021 EUR 51.070
BNP Paribas Emissions- u 15.000 9/23/2021 EUR 51.230
BNP Paribas Emissions- u 14.000 9/23/2021 EUR 49.580
BNP Paribas Emissions- u 16.000 9/23/2021 EUR 49.740
BNP Paribas Emissions- u 17.000 9/23/2021 EUR 48.340
BNP Paribas Emissions- u 18.000 9/23/2021 EUR 47.490
BNP Paribas Emissions- u 19.000 9/23/2021 EUR 46.670
BNP Paribas Emissions- u 6.500 12/23/2021 EUR 60.680
BNP Paribas Emissions- u 7.500 12/23/2021 EUR 61.010
BNP Paribas Emissions- u 8.500 12/23/2021 EUR 61.340
BNP Paribas Emissions- u 7.000 12/23/2021 EUR 59.440
BNP Paribas Emissions- u 8.000 12/23/2021 EUR 59.770
BNP Paribas Emissions- u 9.000 12/23/2021 EUR 60.100
BNP Paribas Emissions- u 7.500 12/23/2021 EUR 58.270
BNP Paribas Emissions- u 8.500 12/23/2021 EUR 58.600
BNP Paribas Emissions- u 9.500 12/23/2021 EUR 58.930
BNP Paribas Emissions- u 9.000 12/23/2021 EUR 56.860
BNP Paribas Emissions- u 10.000 12/23/2021 EUR 57.190
BNP Paribas Emissions- u 9.500 12/23/2021 EUR 55.240
DZ Bank AG Deutsche Zent 17.800 12/24/2021 EUR 66.160
UBS AG/London 14.000 07/07/2022 USD 67.650
BNP Paribas Issuance BV 5.450 1/14/2022 EUR 72.070
DZ Bank AG Deutsche Zent 10.250 3/23/2022 EUR 63.320
Landesbank Baden-Wuertte 4.050 3/24/2023 EUR 67.000
DZ Bank AG Deutsche Zent 24.200 12/24/2021 EUR 62.320
Leonteq Securities AG/Gu 15.000 4/13/2022 CHF 49.850
BNP Paribas Emissions- u 19.000 12/23/2021 EUR 64.780
BNP Paribas Emissions- u 15.000 9/23/2021 EUR 68.680
BNP Paribas Emissions- u 25.000 9/23/2021 EUR 60.900
Leonteq Securities AG 18.000 04/12/2022 CHF 52.510
Bank Vontobel AG 14.004 09/02/2022 CHF 62.500
Landesbank Baden-Wuertte 3.000 9/23/2022 EUR 54.250
Bank Julius Baer & Co Lt 12.500 12/10/2021 USD 63.800
Vontobel Financial Produ 17.750 12/24/2021 EUR 71.226
Vontobel Financial Produ 18.000 9/24/2021 EUR 73.560
Vontobel Financial Produ 10.500 9/24/2021 EUR 66.590
Leonteq Securities AG/Gu 4.000 4/19/2022 EUR 50.590
Citigroup Global Markets 8.200 3/21/2024 SEK 59.800
Leonteq Securities AG 7.200 9/22/2021 CHF 45.800
SG Issuer SA 11.170 7/20/2025 SEK 61.300
Vontobel Financial Produ 21.000 12/24/2021 EUR 69.410
UniCredit Bank AG 4.300 7/26/2022 EUR 59.510
UniCredit Bank AG 4.200 7/26/2022 EUR 31.920
Bank Julius Baer & Co Lt 15.000 11/12/2021 USD 57.750
DZ Bank AG Deutsche Zent 19.300 12/24/2021 EUR 74.020
UBS AG/London 13.500 05/12/2022 USD 62.050
UniCredit Bank AG 4.250 6/28/2022 EUR 41.520
Societe Generale Effekte 22.750 9/24/2021 EUR 70.810
SecurAsset SA 5.250 6/30/2022 EUR 40.800
SG Issuer SA 4.000 6/22/2026 EUR 71.970
Landesbank Baden-Wuertte 2.650 9/23/2022 EUR 68.500
Vontobel Financial Produ 16.000 12/24/2021 EUR 50.578
Vontobel Financial Produ 17.000 3/25/2022 EUR 72.340
Vontobel Financial Produ 22.500 3/25/2022 EUR 71.100
Vontobel Financial Produ 23.500 3/25/2022 EUR 69.800
UniCredit Bank AG 4.150 7/26/2022 EUR 44.920
Vontobel Financial Produ 9.200 3/23/2022 EUR 72.310
UniCredit Bank AG 4.300 6/28/2022 EUR 70.890
UniCredit Bank AG 3.800 6/28/2022 EUR 57.820
Vontobel Financial Produ 13.250 12/24/2021 EUR 64.486
UBS AG/London 12.250 3/24/2022 CHF 55.850
UBS AG/London 21.250 3/24/2022 USD 68.550
Landesbank Baden-Wuertte 4.850 6/24/2022 EUR 51.790
Vontobel Financial Produ 13.250 12/24/2021 EUR 64.496
Bank Julius Baer & Co Lt 16.000 05/11/2022 EUR 70.900
DZ Bank AG Deutsche Zent 13.100 12/24/2021 EUR 57.500
DZ Bank AG Deutsche Zent 15.000 12/24/2021 EUR 55.210
Vontobel Financial Produ 15.000 12/24/2021 EUR 59.480
Vontobel Financial Produ 20.000 12/24/2021 EUR 57.210
Vontobel Financial Produ 16.000 3/25/2022 EUR 59.490
UniCredit Bank AG 4.200 12/08/2021 EUR 29.880
Landesbank Baden-Wuertte 3.400 11/25/2022 EUR 52.790
Landesbank Baden-Wuertte 3.400 1/27/2023 EUR 57.050
UniCredit Bank AG 5.150 01/02/2023 EUR 53.330
Landesbank Baden-Wuertte 4.000 12/27/2021 EUR 47.810
Landesbank Baden-Wuertte 3.400 2/24/2023 EUR 59.510
Raiffeisen Schweiz Genos 5.000 04/05/2022 CHF 70.830
Corner Banca SA 8.600 10/12/2021 CHF 67.380
UniCredit Bank AG 4.000 11/21/2022 EUR 60.280
Raiffeisen Schweiz Genos 5.700 10/12/2021 CHF 70.120
Landesbank Baden-Wuertte 3.500 1/28/2022 EUR 48.680
UniCredit Bank AG 4.500 1/18/2022 EUR 50.250
UniCredit Bank AG 3.500 2/13/2023 EUR 38.550
Landesbank Baden-Wuertte 2.300 2/25/2022 EUR 58.090
Danske Bank A/S 5.300 7/15/2023 SEK 43.640
Societe Generale SA 4.500 12/29/2022 USD 0.460
Societe Generale SA 4.500 12/29/2022 USD 9.100
Landesbank Baden-Wuertte 2.300 7/22/2022 EUR 58.040
Bayerische Landesbank 2.300 11/26/2021 EUR 55.990
Citigroup Global Markets 7.200 5/24/2023 SEK 49.900
UniCredit Bank AG 3.350 6/14/2022 EUR 49.780
UniCredit Bank AG 4.000 06/07/2022 EUR 70.960
Leonteq Securities AG 5.600 5/16/2022 CHF 57.200
UniCredit Bank AG 7.100 12/24/2021 EUR 73.340
UniCredit Bank AG 9.500 12/24/2021 EUR 71.250
UniCredit Bank AG 11.400 12/24/2021 EUR 64.710
UniCredit Bank AG 6.600 12/24/2021 EUR 64.070
UniCredit Bank AG 7.900 12/24/2021 EUR 70.660
UniCredit Bank AG 10.200 12/24/2021 EUR 42.670
UniCredit Bank AG 8.100 12/24/2021 EUR 56.030
UniCredit Bank AG 7.300 12/24/2021 EUR 59.010
UniCredit Bank AG 10.300 12/24/2021 EUR 68.800
UniCredit Bank AG 6.800 12/24/2021 EUR 51.960
UniCredit Bank AG 6.000 12/24/2021 EUR 55.230
UniCredit Bank AG 6.900 12/24/2021 EUR 62.560
UniCredit Bank AG 8.900 12/24/2021 EUR 67.990
UniCredit Bank AG 7.700 12/24/2021 EUR 72.670
UniCredit Bank AG 5.800 12/24/2021 EUR 66.690
UniCredit Bank AG 8.000 12/24/2021 EUR 58.890
UniCredit Bank AG 8.300 12/24/2021 EUR 70.200
UniCredit Bank AG 6.600 12/24/2021 EUR 71.920
UniCredit Bank AG 5.350 2/27/2023 EUR 49.040
UniCredit Bank AG 5.000 2/22/2022 EUR 71.610
Landesbank Baden-Wuertte 4.800 2/25/2022 EUR 40.390
UniCredit Bank AG 8.600 12/24/2021 EUR 68.190
UniCredit Bank AG 8.000 12/24/2021 EUR 69.190
UniCredit Bank AG 8.100 12/24/2021 EUR 59.350
UniCredit Bank AG 5.800 12/24/2021 EUR 65.630
UniCredit Bank AG 9.400 12/24/2021 EUR 72.250
UniCredit Bank AG 6.400 12/24/2021 EUR 62.310
UniCredit Bank AG 10.500 12/24/2021 EUR 67.820
UniCredit Bank AG 8.500 12/24/2021 EUR 46.700
UniCredit Bank AG 5.600 12/24/2021 EUR 66.130
UniCredit Bank AG 12.300 12/24/2021 EUR 61.900
UniCredit Bank AG 6.900 12/24/2021 EUR 62.270
UniCredit Bank AG 7.700 12/24/2021 EUR 49.170
UniCredit Bank AG 9.100 12/24/2021 EUR 55.810
UniCredit Bank AG 4.800 12/24/2021 EUR 71.630
UniCredit Bank AG 7.500 12/24/2021 EUR 68.340
UniCredit Bank AG 7.900 12/24/2021 EUR 70.930
UniCredit Bank AG 10.200 12/24/2021 EUR 53.080
UniCredit Bank AG 9.600 12/24/2021 EUR 65.890
Landesbank Baden-Wuertte 3.000 12/23/2022 EUR 58.020
Landesbank Baden-Wuertte 3.200 12/23/2022 EUR 67.750
Corner Banca SA 6.200 10/05/2021 CHF 67.270
Landesbank Baden-Wuertte 3.400 2/25/2022 EUR 49.620
Societe Generale SA 1.580 9/16/2024 USD 3.350
Landesbank Baden-Wuertte 4.750 2/25/2022 EUR 40.750
Landesbank Baden-Wuertte 2.850 9/23/2022 EUR 67.940
Erste Group Bank AG 4.350 2/28/2022 EUR 35.400
Leonteq Securities AG/Gu 3.750 2/20/2023 CHF 44.960
Leonteq Securities AG 7.200 9/24/2021 CHF 66.150
UniCredit Bank AG 4.150 10/12/2022 EUR 61.650
DekaBank Deutsche Giroze 2.500 10/22/2021 EUR 62.570
Leonteq Securities AG 7.400 9/28/2021 CHF 66.600
UniCredit Bank AG 4.200 11/21/2021 EUR 53.810
Landesbank Baden-Wuertte 2.500 1/28/2022 EUR 55.820
UniCredit Bank AG 5.350 8/24/2021 EUR 38.520
Landesbank Baden-Wuertte 2.650 12/23/2022 EUR 71.720
EFG International Financ 7.000 10/25/2021 EUR 64.390
UniCredit Bank AG 4.350 10/26/2021 EUR 66.010
Leonteq Securities AG/Gu 4.750 11/01/2021 CHF 8.530
UniCredit Bank AG 4.350 11/21/2021 EUR 53.870
Leonteq Securities AG/Gu 6.400 11/03/2021 CHF 43.980
Landesbank Baden-Wuertte 3.250 12/23/2022 EUR 57.370
EFG International Financ 6.500 10/25/2021 CHF 72.680
Landesbank Baden-Wuertte 3.800 1/28/2022 EUR 44.920
Leonteq Securities AG/Gu 7.200 10/27/2021 CHF 59.880
EFG International Financ 7.000 2/21/2022 CHF 65.190
SG Issuer SA 7.600 1/20/2025 SEK 66.520
DekaBank Deutsche Giroze 3.000 8/27/2021 EUR 70.020
Corner Banca SA 14.200 8/24/2021 USD 3.710
UniCredit Bank AG 7.000 3/29/2022 EUR 65.150
UBS AG/London 9.500 9/13/2021 CHF 70.200
UBS AG/London 8.500 9/13/2021 CHF 70.050
UniCredit Bank AG 4.000 3/13/2022 EUR 71.560
UniCredit Bank AG 9.600 12/27/2021 EUR 71.980
UniCredit Bank AG 4.700 12/19/2021 EUR 29.140
Landesbank Baden-Wuertte 4.100 1/28/2022 EUR 46.100
Landesbank Baden-Wuertte 3.250 2/24/2023 EUR 60.160
Landesbank Baden-Wuertte 3.250 7/28/2023 EUR 66.800
Zurcher Kantonalbank Fin 8.000 5/16/2022 CHF 54.460
DekaBank Deutsche Giroze 5.500 12/03/2021 EUR 74.870
Vontobel Financial Produ 8.750 9/24/2021 EUR 55.383
UniCredit Bank AG 3.200 01/02/2023 EUR 69.700
UBS AG/London 8.500 11/22/2021 EUR 66.050
SG Issuer SA 0.350 11/15/2023 EUR 21.100
Bayerische Landesbank 1.350 12/23/2022 EUR 53.140
Leonteq Securities AG/Gu 7.420 11/22/2021 EUR 49.830
DekaBank Deutsche Giroze 3.700 12/17/2021 EUR 57.450
UBS AG/London 7.250 1/24/2022 CHF 72.300
UBS AG/London 8.000 1/24/2022 CHF 65.050
UBS AG/London 11.250 1/24/2022 CHF 69.000
UBS AG/London 7.000 8/23/2021 EUR 58.700
UBS AG/London 5.500 8/23/2021 CHF 61.500
UBS AG/London 9.000 8/23/2021 EUR 73.500
Landesbank Baden-Wuertte 2.650 3/25/2022 EUR 61.340
Landesbank Baden-Wuertte 5.300 3/25/2022 EUR 53.540
Vontobel Financial Produ 10.500 9/24/2021 EUR 46.530
Vontobel Financial Produ 8.000 9/24/2021 EUR 51.410
Vontobel Financial Produ 18.500 9/24/2021 EUR 57.470
Leonteq Securities AG 3.600 9/22/2026 CHF 54.920
Raiffeisen Schweiz Genos 3.000 9/21/2029 CHF 67.780
DekaBank Deutsche Giroze 3.400 02/04/2022 EUR 67.660
BNP Paribas Issuance BV 7.200 12/17/2024 SEK 71.770
Leonteq Securities AG 9.400 1/13/2022 CHF 70.730
UBS AG/London 7.000 8/30/2021 CHF 58.350
Leonteq Securities AG 11.000 8/30/2021 EUR 73.500
Leonteq Securities AG/Gu 8.150 09/02/2021 CHF 33.810
Landesbank Baden-Wuertte 5.050 10/22/2021 EUR 68.970
Pongs & Zahn AG 8.500 EUR 0.002
Credit Suisse AG/London 6.250 11/28/2025 USD 11.570
UBS AG/London 7.250 09/06/2021 CHF 56.900
EFG International Financ 16.000 10/11/2021 CHF 66.130
UniCredit Bank AG 6.250 11/04/2021 EUR 56.710
DekaBank Deutsche Giroze 4.000 11/05/2021 EUR 54.990
Landesbank Baden-Wuertte 3.600 6/23/2023 EUR 53.110
Leonteq Securities AG 6.600 10/12/2021 CHF 46.730
Landesbank Baden-Wuertte 3.250 8/27/2021 EUR 48.310
Bayerische Landesbank 2.500 7/22/2022 EUR 60.100
Vontobel Financial Produ 16.500 9/24/2021 EUR 36.480
Vontobel Financial Produ 23.000 9/24/2021 EUR 70.830
Vontobel Financial Produ 7.500 9/24/2021 EUR 63.730
Vontobel Financial Produ 9.000 9/24/2021 EUR 61.450
Vontobel Financial Produ 6.500 9/24/2021 EUR 66.260
Vontobel Financial Produ 11.500 9/24/2021 EUR 57.350
Vontobel Financial Produ 10.000 9/24/2021 EUR 59.310
DekaBank Deutsche Giroze 4.150 07/01/2022 EUR 58.620
Societe Generale Effekte 4.500 07/03/2023 EUR 69.510
Zurcher Kantonalbank Fin 6.000 1/28/2022 CHF 72.930
UniCredit Bank AG 8.200 11/26/2021 EUR 70.390
Vontobel Financial Produ 9.200 1/24/2022 EUR 61.550
EFG International Financ 10.400 10/15/2021 EUR 62.150
UBS AG/London 7.000 10/11/2021 CHF 58.350
UBS AG/London 10.000 12/27/2021 CHF 69.050
Leonteq Securities AG/Gu 15.180 12/27/2021 EUR 7.730
City of Predeal Romania 2.985 5/15/2026 RON 61.000
EFG International Financ 13.000 12/27/2021 CHF 6.060
EFG International Financ 11.120 12/27/2024 EUR 55.310
Leonteq Securities AG 11.000 12/20/2021 CHF 71.930
Leonteq Securities AG 11.800 12/20/2021 CHF 72.000
EFG International Financ 12.000 12/31/2021 USD 71.310
Leonteq Securities AG 8.000 12/13/2022 CHF 58.440
Landesbank Baden-Wuertte 5.750 11/26/2021 EUR 70.230
DekaBank Deutsche Giroze 3.600 07/01/2022 EUR 71.990
Leonteq Securities AG/Gu 6.000 11/23/2021 CHF 60.800
Raiffeisen Schweiz Genos 5.500 5/24/2022 CHF 71.210
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
DekaBank Deutsche Giroze 2.400 6/17/2022 EUR 61.330
UBS AG/London 7.750 10/25/2021 EUR 59.250
UBS AG/London 14.250 10/25/2021 CHF 58.800
UBS AG/London 9.250 10/25/2021 CHF 72.050
UBS AG/London 10.000 10/25/2021 CHF 55.400
Landesbank Baden-Wuertte 4.000 11/26/2021 EUR 71.350
Landesbank Baden-Wuertte 2.350 9/23/2022 EUR 57.820
EFG International Financ 5.350 10/24/2022 USD 69.150
DekaBank Deutsche Giroze 3.250 11/25/2022 EUR 60.900
Vontobel Financial Produ 19.500 12/24/2021 EUR 71.904
Vontobel Financial Produ 15.500 12/24/2021 EUR 64.745
DZ Bank AG Deutsche Zent 19.000 12/24/2021 EUR 74.520
Landesbank Baden-Wuertte 2.100 8/27/2021 EUR 46.780
Landesbank Baden-Wuertte 2.150 8/27/2021 EUR 62.260
Landesbank Baden-Wuertte 3.500 8/27/2021 EUR 47.930
Landesbank Baden-Wuertte 3.000 8/27/2021 EUR 66.820
Landesbank Baden-Wuertte 6.250 8/27/2021 EUR 55.080
Landesbank Baden-Wuertte 9.000 8/27/2021 EUR 49.340
DZ Bank AG Deutsche Zent 18.200 9/24/2021 EUR 65.700
DZ Bank AG Deutsche Zent 23.000 9/24/2021 EUR 61.930
DZ Bank AG Deutsche Zent 19.100 12/24/2021 EUR 65.930
DZ Bank AG Deutsche Zent 22.400 12/24/2021 EUR 63.530
DZ Bank AG Deutsche Zent 19.000 3/25/2022 EUR 66.470
Landesbank Baden-Wuertte 3.950 8/27/2021 EUR 52.360
Landesbank Baden-Wuertte 3.500 8/27/2021 EUR 53.190
Landesbank Baden-Wuertte 4.000 8/27/2021 EUR 74.610
Landesbank Baden-Wuertte 5.250 8/27/2021 EUR 68.890
Landesbank Baden-Wuertte 6.500 8/27/2021 EUR 64.000
Landesbank Baden-Wuertte 8.000 8/27/2021 EUR 59.770
Landesbank Baden-Wuertte 2.500 8/27/2021 EUR 73.500
Landesbank Baden-Wuertte 3.750 8/27/2021 EUR 68.570
Landesbank Baden-Wuertte 3.500 8/27/2021 EUR 73.920
UniCredit Bank AG 9.300 10/22/2021 EUR 72.840
Goldman Sachs & Co Wertp 10.000 9/22/2021 EUR 73.080
Goldman Sachs & Co Wertp 10.000 12/22/2021 EUR 71.050
Goldman Sachs & Co Wertp 14.000 9/22/2021 EUR 63.560
Goldman Sachs & Co Wertp 14.000 12/22/2021 EUR 63.970
Goldman Sachs & Co Wertp 16.000 12/22/2021 EUR 61.350
Goldman Sachs & Co Wertp 18.000 9/22/2021 EUR 57.470
Vontobel Financial Produ 10.500 12/24/2021 EUR 55.190
Vontobel Financial Produ 7.000 3/25/2022 EUR 60.060
Vontobel Financial Produ 7.500 12/24/2021 EUR 59.190
Vontobel Financial Produ 12.000 12/24/2021 EUR 53.490
Vontobel Financial Produ 8.000 12/24/2021 EUR 58.030
Vontobel Financial Produ 8.000 3/25/2022 EUR 50.420
Vontobel Financial Produ 7.000 3/25/2022 EUR 49.232
UniCredit Bank AG 6.300 10/16/2021 EUR 33.700
DekaBank Deutsche Giroze 3.900 4/25/2022 EUR 35.620
Vontobel Financial Produ 9.750 9/24/2021 EUR 73.828
Leonteq Securities AG 13.000 05/09/2022 CHF 62.590
UniCredit Bank AG 16.840 03/01/2022 NOK 71.100
Vontobel Financial Produ 9.000 12/24/2021 EUR 62.550
Vontobel Financial Produ 10.000 12/24/2021 EUR 61.430
Vontobel Financial Produ 9.000 3/25/2022 EUR 61.130
Vontobel Financial Produ 15.000 3/25/2022 EUR 56.480
Vontobel Financial Produ 7.500 3/25/2022 EUR 63.710
Leonteq Securities AG/Gu 17.600 03/08/2022 USD 62.990
DZ Bank AG Deutsche Zent 9.000 11/24/2021 EUR 58.760
Corner Banca SA 14.000 05/09/2022 CHF 63.250
UBS AG/London 15.250 2/24/2022 USD 53.200
UBS AG/London 6.500 8/24/2022 CHF 71.650
Vontobel Financial Produ 14.500 9/24/2021 EUR 72.901
DZ Bank AG Deutsche Zent 20.200 9/24/2021 EUR 51.990
SG Issuer SA 7.500 1/20/2025 SEK 64.960
Vontobel Financial Produ 6.700 03/07/2022 EUR 54.200
UniCredit Bank AG 3.250 3/29/2022 EUR 31.680
UniCredit Bank AG 3.600 3/29/2022 EUR 72.560
UniCredit Bank AG 3.750 3/26/2022 EUR 54.830
DekaBank Deutsche Giroze 4.250 4/14/2022 EUR 35.140
Vontobel Financial Produ 12.500 9/24/2021 EUR 56.740
Vontobel Financial Produ 14.000 9/24/2021 EUR 54.270
Vontobel Financial Produ 16.000 9/24/2021 EUR 52.080
Vontobel Financial Produ 18.500 9/24/2021 EUR 50.120
Vontobel Financial Produ 20.500 9/24/2021 EUR 48.310
Vontobel Financial Produ 9.000 12/24/2021 EUR 46.171
UniCredit Bank AG 3.200 09/10/2022 EUR 48.240
Landesbank Baden-Wuertte 2.600 9/24/2021 EUR 56.120
SG Issuer SA 1.400 12/28/2032 EUR 28.820
SG Issuer SA 2.100 01/06/2033 EUR 29.680
SG Issuer SA 1.500 12/30/2032 EUR 48.580
UniCredit Bank AG 10.900 2/16/2022 EUR 68.500
Landesbank Baden-Wuertte 3.000 1/28/2022 EUR 61.610
Landesbank Baden-Wuertte 5.550 1/28/2022 EUR 55.970
Vontobel Financial Produ 9.500 9/24/2021 EUR 60.880
Vontobel Financial Produ 18.500 12/24/2021 EUR 49.620
Vontobel Financial Produ 8.000 12/24/2021 EUR 45.842
DZ Bank AG Deutsche Zent 20.200 3/25/2022 EUR 65.810
Landesbank Baden-Wuertte 5.600 11/26/2021 EUR 62.260
DZ Bank AG Deutsche Zent 12.600 3/25/2022 EUR 74.160
DZ Bank AG Deutsche Zent 16.300 3/25/2022 EUR 69.340
SG Issuer SA 2.100 2/14/2033 EUR 30.770
Societe Generale Effekte 30.000 9/24/2021 EUR 72.460
Societe Generale Effekte 24.750 9/24/2021 EUR 70.340
Bank Julius Baer & Co Lt 7.300 2/22/2022 EUR 73.250
Vontobel Financial Produ 7.500 3/25/2022 EUR 47.417
Landesbank Baden-Wuertte 2.200 1/27/2023 EUR 55.360
Vontobel Financial Produ 19.500 12/24/2021 EUR 55.950
Vontobel Financial Produ 11.000 9/24/2021 EUR 66.620
Vontobel Financial Produ 20.500 9/24/2021 EUR 54.360
Vontobel Financial Produ 22.500 9/24/2021 EUR 52.830
Vontobel Financial Produ 17.500 12/24/2021 EUR 66.570
Vontobel Financial Produ 15.000 9/24/2021 EUR 70.390
Vontobel Financial Produ 16.000 9/24/2021 EUR 69.240
Vontobel Financial Produ 18.000 9/24/2021 EUR 67.070
Vontobel Financial Produ 20.000 9/24/2021 EUR 65.050
Vontobel Financial Produ 22.000 9/24/2021 EUR 63.170
Vontobel Financial Produ 13.000 12/24/2021 EUR 71.430
Vontobel Financial Produ 16.000 12/24/2021 EUR 68.060
Nordea Bank Abp 4.100 7/20/2023 SEK 51.630
Vontobel Financial Produ 21.000 9/24/2021 EUR 72.090
DZ Bank AG Deutsche Zent 10.250 8/25/2021 EUR 44.730
BNP Paribas Emissions- u 0.170 9/23/2021 EUR 0.380
Vontobel Financial Produ 9.500 9/24/2021 EUR 59.270
Vontobel Financial Produ 11.000 9/24/2021 EUR 64.030
Vontobel Financial Produ 9.500 9/24/2021 EUR 66.500
Landesbank Baden-Wuertte 3.100 11/26/2021 EUR 70.420
Vontobel Financial Produ 13.750 9/24/2021 EUR 60.710
Vontobel Financial Produ 11.000 12/24/2021 EUR 46.839
Vontobel Financial Produ 20.500 3/25/2022 EUR 64.760
Landesbank Baden-Wuertte 3.400 8/23/2024 EUR 57.310
Vontobel Financial Produ 17.000 9/24/2021 EUR 68.130
Vontobel Financial Produ 12.000 12/24/2021 EUR 64.590
Vontobel Financial Produ 19.000 9/24/2021 EUR 56.030
Vontobel Financial Produ 17.000 9/24/2021 EUR 57.810
Vontobel Financial Produ 12.500 9/24/2021 EUR 64.150
Vontobel Financial Produ 18.500 12/24/2021 EUR 65.960
Vontobel Financial Produ 13.000 9/24/2021 EUR 72.820
Vontobel Financial Produ 14.000 9/24/2021 EUR 71.580
Vontobel Financial Produ 19.000 9/24/2021 EUR 66.040
Vontobel Financial Produ 21.000 9/24/2021 EUR 64.100
Vontobel Financial Produ 23.000 9/24/2021 EUR 62.280
Vontobel Financial Produ 12.500 12/24/2021 EUR 72.450
Vontobel Financial Produ 11.500 12/24/2021 EUR 73.330
Vontobel Financial Produ 14.000 12/24/2021 EUR 70.620
Vontobel Financial Produ 14.500 12/24/2021 EUR 69.680
Vontobel Financial Produ 15.500 12/24/2021 EUR 68.940
Vontobel Financial Produ 17.000 12/24/2021 EUR 67.390
Vontobel Financial Produ 12.250 9/24/2021 EUR 60.548
Vontobel Financial Produ 11.000 12/24/2021 EUR 57.140
Vontobel Financial Produ 14.500 12/24/2021 EUR 52.790
Vontobel Financial Produ 7.500 12/24/2021 EUR 62.800
Vontobel Financial Produ 8.000 9/24/2021 EUR 43.679
Societe Generale Effekte 7.750 10/22/2021 EUR 65.970
Societe Generale Effekte 11.750 10/22/2021 EUR 58.070
Leonteq Securities AG/Gu 25.000 8/26/2021 USD 6.560
Bank Julius Baer & Co Lt 10.200 5/30/2023 EUR 18.100
Societe Generale SA 4.890 2/16/2023 USD #N/A N/A
SG Issuer SA 9.180 1/20/2025 SEK 69.740
Vontobel Financial Produ 20.000 12/24/2021 EUR 47.420
Vontobel Financial Produ 19.000 12/24/2021 EUR 47.820
Vontobel Financial Produ 18.000 12/24/2021 EUR 48.250
Vontobel Financial Produ 15.500 3/25/2022 EUR 65.430
Vontobel Financial Produ 20.000 12/24/2021 EUR 61.150
Vontobel Financial Produ 12.000 12/24/2021 EUR 52.450
Vontobel Financial Produ 14.500 3/25/2022 EUR 66.830
Vontobel Financial Produ 12.000 3/25/2022 EUR 52.420
Vontobel Financial Produ 16.000 3/25/2022 EUR 50.780
Leonteq Securities AG 12.000 02/09/2022 CHF 57.090
Vontobel Financial Produ 12.500 12/24/2021 EUR 51.630
Vontobel Financial Produ 15.500 12/24/2021 EUR 49.870
Vontobel Financial Produ 13.500 12/24/2021 EUR 51.010
Vontobel Financial Produ 14.500 12/24/2021 EUR 50.420
Vontobel Financial Produ 16.500 12/24/2021 EUR 49.360
Vontobel Financial Produ 17.500 12/24/2021 EUR 48.870
Vontobel Financial Produ 14.000 3/25/2022 EUR 51.510
Vontobel Financial Produ 18.000 3/25/2022 EUR 63.290
Vontobel Financial Produ 13.500 3/25/2022 EUR 68.360
Vontobel Financial Produ 17.000 3/25/2022 EUR 64.450
Vontobel Financial Produ 17.500 3/25/2022 EUR 49.910
UBS AG/London 8.750 6/23/2022 CHF 68.400
UniCredit Bank AG 3.500 10/08/2022 EUR 41.420
EFG International Financ 7.600 10/11/2021 CHF 64.250
Bayerische Landesbank 3.100 8/27/2021 EUR 71.820
Vontobel Financial Produ 11.500 9/24/2021 EUR 58.050
Vontobel Financial Produ 10.500 9/24/2021 EUR 59.430
Vontobel Financial Produ 13.000 9/24/2021 EUR 55.450
Vontobel Financial Produ 15.000 9/24/2021 EUR 53.150
Vontobel Financial Produ 17.500 9/24/2021 EUR 51.100
Vontobel Financial Produ 19.500 9/24/2021 EUR 49.190
Vontobel Financial Produ 21.500 9/24/2021 EUR 47.460
DZ Bank AG Deutsche Zent 14.600 9/24/2021 EUR 42.240
Leonteq Securities AG/Gu 3.000 9/20/2022 CHF 73.300
EFG International Financ 7.000 12/29/2022 USD 48.470
UniCredit Bank AG 4.300 8/24/2021 EUR 44.900
UniCredit Bank AG 3.500 9/19/2021 EUR 32.900
UniCredit Bank AG 3.850 9/19/2021 EUR 55.250
Leonteq Securities AG/Gu 8.000 09/01/2021 CHF 66.700
DZ Bank AG Deutsche Zent 16.000 12/24/2021 EUR 69.280
DZ Bank AG Deutsche Zent 14.400 3/25/2022 EUR 71.210
DZ Bank AG Deutsche Zent 16.700 3/25/2022 EUR 68.840
Societe Generale Effekte 8.500 9/24/2021 EUR 59.960
Societe Generale Effekte 10.500 9/24/2021 EUR 56.010
Societe Generale Effekte 14.500 9/24/2021 EUR 50.260
UBS AG/London 9.250 10/21/2022 CHF 73.900
UBS AG/London 17.250 10/21/2021 CHF 63.650
UBS AG/London 12.000 10/21/2021 CHF 66.700
Zurcher Kantonalbank Fin 6.300 12/16/2022 CHF 55.670
Raiffeisen Schweiz Genos 8.500 12/13/2021 CHF 51.640
UBS AG/London 12.000 12/20/2021 CHF 50.300
UBS AG/London 14.000 12/20/2021 CHF 62.600
UBS AG/London 10.250 12/20/2021 CHF 70.450
UBS AG/London 7.000 12/20/2021 CHF 61.600
Leonteq Securities AG/Gu 7.500 12/20/2021 EUR 67.090
Zurcher Kantonalbank Fin 6.250 12/30/2021 EUR 70.650
Bayerische Landesbank 3.500 1/26/2024 EUR 66.780
DekaBank Deutsche Giroze 2.800 1/13/2023 EUR 68.180
DekaBank Deutsche Giroze 4.000 1/14/2022 EUR 56.040
Vontobel Financial Produ 16.500 3/25/2022 EUR 70.560
Vontobel Financial Produ 19.500 3/25/2022 EUR 70.279
Vontobel Financial Produ 11.750 3/25/2022 EUR 73.967
Bank Julius Baer & Co Lt 11.800 4/26/2022 EUR 52.250
Bank Julius Baer & Co Lt 12.650 4/26/2022 USD 52.450
Bank Julius Baer & Co Lt 12.850 4/26/2022 USD 69.850
Leonteq Securities AG/Gu 22.620 12/23/2021 CHF 43.500
Corner Banca SA 17.200 4/26/2022 CHF 64.710
Societe Generale Effekte 5.750 10/22/2021 EUR 72.040
Societe Generale Effekte 9.750 10/22/2021 EUR 61.520
Societe Generale Effekte 13.750 10/22/2021 EUR 55.250
Vontobel Financial Produ 20.000 12/24/2021 EUR 66.590
Bayerische Landesbank 2.000 1/28/2022 EUR 60.420
Vontobel Financial Produ 16.500 12/24/2021 EUR 72.310
Raiffeisen Schweiz Genos 5.000 12/29/2021 CHF 61.910
UniCredit Bank AG 4.450 7/23/2022 EUR 69.360
BNP Paribas Emissions- u 23.000 12/23/2021 EUR 7.860
UBS AG/London 10.500 06/09/2022 CHF 74.350
UBS AG/London 12.250 06/09/2022 CHF 67.750
Landesbank Baden-Wuertte 3.150 6/24/2022 EUR 58.580
BNP Paribas Emissions- u 13.000 9/23/2021 EUR 73.040
BNP Paribas Emissions- u 13.000 6/23/2022 EUR 72.180
BNP Paribas Emissions- u 15.000 6/23/2022 EUR 69.730
BNP Paribas Emissions- u 10.000 12/23/2021 EUR 72.620
BNP Paribas Emissions- u 13.000 12/23/2021 EUR 70.840
BNP Paribas Emissions- u 14.000 12/23/2021 EUR 69.410
BNP Paribas Emissions- u 18.000 12/23/2021 EUR 66.670
BNP Paribas Emissions- u 12.000 9/23/2021 EUR 71.500
BNP Paribas Emissions- u 20.000 9/23/2021 EUR 67.170
BNP Paribas Emissions- u 21.000 9/23/2021 EUR 65.440
BNP Paribas Emissions- u 24.000 9/23/2021 EUR 63.150
BNP Paribas Emissions- u 13.000 3/24/2022 EUR 72.710
BNP Paribas Emissions- u 14.000 3/24/2022 EUR 71.680
BNP Paribas Emissions- u 15.000 3/24/2022 EUR 70.710
BNP Paribas Emissions- u 17.000 3/24/2022 EUR 67.550
BNP Paribas Emissions- u 15.000 12/23/2021 EUR 68.070
BNP Paribas Emissions- u 22.000 12/23/2021 EUR 64.360
BNP Paribas Emissions- u 16.000 9/23/2021 EUR 66.860
Landesbank Baden-Wuertte 2.300 6/24/2022 EUR 49.110
DekaBank Deutsche Giroze 2.800 05/02/2022 EUR 47.050
UBS AG/London 13.250 05/12/2022 USD 63.000
Corner Banca SA 13.000 1/19/2022 CHF 66.460
Leonteq Securities AG/Gu 15.000 1/19/2022 USD 62.510
Leonteq Securities AG/Gu 20.960 1/19/2022 USD 76.890
Vontobel Financial Produ 23.000 9/24/2021 EUR 72.900
Vontobel Financial Produ 12.000 9/24/2021 EUR 61.710
Vontobel Financial Produ 10.000 9/24/2021 EUR 72.083
Societe Generale Effekte 11.250 10/22/2021 EUR 51.840
Vontobel Financial Produ 6.500 12/24/2021 EUR 65.070
Vontobel Financial Produ 8.000 12/24/2021 EUR 61.080
Vontobel Financial Produ 10.000 12/24/2021 EUR 57.810
Vontobel Financial Produ 11.500 12/24/2021 EUR 54.860
Vontobel Financial Produ 14.000 12/24/2021 EUR 52.630
Vontobel Financial Produ 9.000 9/24/2021 EUR 59.220
Vontobel Financial Produ 14.000 9/24/2021 EUR 52.110
Vontobel Financial Produ 11.500 9/24/2021 EUR 55.410
Raiffeisen Centrobank AG 10.000 3/24/2023 EUR 1.000
Corner Banca SA 19.000 5/23/2022 USD 78.040
Landesbank Baden-Wuertte 7.300 3/25/2022 EUR 57.630
Bank Julius Baer & Co Lt 8.500 2/18/2022 EUR 71.500
Landesbank Baden-Wuertte 3.050 3/25/2022 EUR 65.440
Landesbank Baden-Wuertte 5.000 3/25/2022 EUR 61.060
Landesbank Baden-Wuertte 3.500 8/26/2022 EUR 58.990
EFG International Financ 6.200 12/18/2023 USD 55.330
Leonteq Securities AG/Gu 17.000 11/30/2021 USD 71.190
Landesbank Baden-Wuertte 5.450 8/26/2022 EUR 52.970
Credit Suisse AG/London 4.500 3/21/2022 USD #N/A N/A
Landesbank Baden-Wuertte 3.000 10/25/2024 EUR 61.180
Vontobel Financial Produ 8.000 12/24/2021 EUR 64.606
EFG International Financ 6.000 12/22/2023 USD 51.470
Leonteq Securities AG 15.000 1/25/2022 CHF 61.740
Vontobel Financial Produ 10.500 3/25/2022 EUR 47.248
UniCredit Bank AG 8.200 2/16/2022 EUR 72.260
Leonteq Securities AG 17.000 11/10/2021 CHF 52.360
EFG International Financ 7.000 3/23/2023 USD 45.420
UBS AG/London 7.500 4/19/2022 EUR 0.030
Vontobel Financial Produ 24.500 12/24/2021 EUR 70.050
Vontobel Financial Produ 12.500 12/24/2021 EUR 62.210
Vontobel Financial Produ 22.500 12/24/2021 EUR 55.930
Vontobel Financial Produ 11.500 3/25/2022 EUR 62.600
Vontobel Financial Produ 23.000 12/24/2021 EUR 67.597
Vontobel Financial Produ 22.000 12/24/2021 EUR 63.260
Vontobel Financial Produ 10.500 12/24/2021 EUR 64.520
Bank Julius Baer & Co Lt 8.800 10/19/2021 CHF 23.464
Vontobel Financial Produ 13.500 3/25/2022 EUR 60.760
Vontobel Financial Produ 7.500 3/25/2022 EUR 67.250
UniCredit Bank AG 17.000 11/15/2021 NOK 55.980
Bank Julius Baer & Co Lt 10.850 10/27/2021 USD 54.300
Leonteq Securities AG/Gu 10.000 4/26/2022 CHF 76.520
Bank Julius Baer & Co Lt 9.000 10/28/2021 USD 54.200
Zurcher Kantonalbank Fin 12.500 11/04/2021 USD 55.240
Corner Banca SA 11.400 10/28/2021 USD 60.920
Landesbank Baden-Wuertte 4.700 4/25/2022 EUR 59.370
Landesbank Baden-Wuertte 7.050 4/25/2022 EUR 55.090
Landesbank Baden-Wuertte 2.700 4/25/2022 EUR 65.110
UBS AG/London 18.250 10/28/2021 CHF 67.800
Bank Vontobel AG 11.500 4/25/2022 USD 65.700
EFG International Financ 6.500 10/29/2021 USD 63.770
Leonteq Securities AG/Gu 10.000 4/29/2022 USD 60.900
Corner Banca SA 15.000 05/02/2022 USD 62.910
Leonteq Securities AG/Gu 28.010 4/19/2022 CHF 43.560
Landesbank Baden-Wuertte 5.750 10/28/2022 EUR 72.000
SG Issuer SA 1.400 03/07/2033 EUR 30.640
SG Issuer SA 2.100 04/05/2033 EUR 30.860
Leonteq Securities AG/Gu 22.520 07/06/2022 CHF 67.050
DZ Bank AG Deutsche Zent 12.900 9/24/2021 EUR 73.830
Credit Suisse AG/London 4.530 07/12/2023 USD 9.630
DZ Bank AG Deutsche Zent 22.400 12/24/2021 EUR 67.450
Landesbank Baden-Wuertte 3.000 12/23/2022 EUR 52.780
DZ Bank AG Deutsche Zent 24.700 12/24/2021 EUR 74.290
DZ Bank AG Deutsche Zent 24.100 3/25/2022 EUR 72.980
UniCredit Bank AG 3.850 10/05/2023 EUR 68.700
DZ Bank AG Deutsche Zent 20.200 9/24/2021 EUR 73.570
DZ Bank AG Deutsche Zent 20.200 12/24/2021 EUR 73.310
DekaBank Deutsche Giroze 2.500 10/24/2023 EUR 56.630
Leonteq Securities AG/Gu 9.200 9/21/2021 EUR 69.160
Leonteq Securities AG/Gu 20.760 6/17/2022 CHF 69.070
DekaBank Deutsche Giroze 2.600 10/24/2023 EUR 56.850
Leonteq Securities AG/Gu 23.690 06/03/2022 CHF 67.050
Corner Banca SA 12.000 6/21/2022 CHF 74.550
Leonteq Securities AG/Gu 12.000 06/08/2022 CHF 69.540
Leonteq Securities AG 16.000 5/25/2022 CHF 69.630
Bank Vontobel AG 13.002 9/19/2022 CHF 73.700
Landesbank Baden-Wuertte 5.000 6/24/2022 EUR 67.360
Credit Suisse AG/London 4.180 9/14/2022 USD 9.800
Credit Suisse AG/London 6.190 9/14/2022 USD 10.000
Leonteq Securities AG/Gu 16.000 06/01/2022 USD 70.790
Leonteq Securities AG/Gu 12.000 6/28/2022 CHF 69.790
Vontobel Financial Produ 9.750 6/24/2022 EUR 72.781
Landesbank Baden-Wuertte 3.300 12/27/2021 EUR 70.160
Landesbank Baden-Wuertte 5.150 12/27/2021 EUR 62.300
Bayerische Landesbank 3.000 2/25/2022 EUR 67.450
Bayerische Landesbank 1.550 2/23/2024 EUR 71.240
Leonteq Securities AG/Gu 12.200 02/07/2022 USD 71.790
UBS AG/London 13.000 2/14/2022 CHF 68.450
UniCredit Bank AG 10.300 12/24/2021 EUR 59.290
BNP Paribas Emissions- u 10.000 9/23/2021 EUR 1.010
Zurcher Kantonalbank Fin 7.000 2/21/2022 CHF 72.760
BNP Paribas Issuance BV 5.000 11/05/2024 EUR 33.520
Raiffeisen Schweiz Genos 7.800 11/22/2021 CHF 57.180
UBS AG/London 7.000 11/29/2021 EUR 60.800
EFG International Financ 9.000 11/29/2021 EUR 72.670
UniCredit Bank AG 6.100 12/24/2021 EUR 69.320
UniCredit Bank AG 11.300 12/24/2021 EUR 56.100
UniCredit Bank AG 9.300 12/24/2021 EUR 62.450
UniCredit Bank AG 10.100 12/24/2021 EUR 60.930
UniCredit Bank AG 6.500 12/24/2021 EUR 72.220
UniCredit Bank AG 7.300 12/24/2021 EUR 70.120
UniCredit Bank AG 8.100 12/24/2021 EUR 68.160
UniCredit Bank AG 10.400 12/24/2021 EUR 53.940
UniCredit Bank AG 10.000 12/24/2021 EUR 41.310
UniCredit Bank AG 10.800 12/24/2021 EUR 40.100
Skandinaviska Enskilda B 6.000 1/15/2025 SEK 72.830
Zurcher Kantonalbank Fin 4.000 02/11/2022 CHF 54.880
Zurcher Kantonalbank Fin 8.125 02/11/2022 EUR 56.040
Zurcher Kantonalbank Fin 9.750 02/11/2022 USD 56.880
Leonteq Securities AG/Gu 9.400 02/04/2022 CHF 65.570
UBS AG/London 13.000 02/07/2022 CHF 67.400
UBS AG/London 10.500 10/18/2021 CHF 59.150
DekaBank Deutsche Giroze 3.200 11/04/2022 EUR 65.540
Societe Generale Effekte 6.500 9/24/2021 EUR 53.120
Societe Generale Effekte 12.500 9/24/2021 EUR 43.340
Societe Generale Effekte 4.500 9/24/2021 EUR 59.520
Raiffeisen Centrobank AG 6.000 10/07/2021 EUR 65.560
UBS AG/London 8.250 9/20/2021 CHF 71.750
Zurcher Kantonalbank Fin 7.750 09/09/2021 EUR 67.610
UBS AG/London 7.000 9/13/2021 CHF 59.300
UBS AG/London 7.750 9/13/2021 EUR 56.000
UBS AG/London 8.500 9/13/2021 EUR 65.300
Landesbank Baden-Wuertte 2.100 10/27/2023 EUR 63.710
Societe Generale SA 13.010 02/02/2023 USD 74.450
EFG International Financ 7.800 1/17/2022 CHF 71.760
Vontobel Financial Produ 9.100 2/21/2022 EUR 64.765
UBS AG/London 10.000 1/17/2022 CHF 76.300
BNP Paribas Emissions- u 5.000 3/24/2022 EUR 67.460
BNP Paribas Emissions- u 4.000 3/24/2022 EUR 72.660
BNP Paribas Emissions- u 10.000 3/24/2022 EUR 6.100
BNP Paribas Emissions- u 7.000 12/23/2021 EUR 57.400
Landesbank Baden-Wuertte 3.500 3/24/2023 EUR 70.560
Zurcher Kantonalbank Fin 10.750 1/21/2022 CHF 53.360
Landesbank Baden-Wuertte 3.250 10/22/2021 EUR 65.860
Landesbank Baden-Wuertte 6.500 10/22/2021 EUR 56.900
DZ Bank AG Deutsche Zent 16.200 9/24/2021 EUR 69.380
DZ Bank AG Deutsche Zent 20.700 9/24/2021 EUR 62.140
Zurcher Kantonalbank Fin 11.250 10/20/2022 USD 64.420
Zurcher Kantonalbank Fin 15.000 10/21/2021 USD 60.940
Societe Generale Effekte 3.750 9/24/2021 EUR 69.410
Vontobel Financial Produ 6.000 12/24/2021 EUR 67.380
Vontobel Financial Produ 11.500 12/24/2021 EUR 56.530
Vontobel Financial Produ 13.500 12/24/2021 EUR 53.940
Societe Generale Effekte 6.500 9/24/2021 EUR 65.280
Societe Generale Effekte 12.500 9/24/2021 EUR 52.860
UniCredit Bank AG 7.000 12/24/2021 EUR 72.640
UniCredit Bank AG 10.000 12/24/2021 EUR 50.620
UniCredit Bank AG 9.100 12/24/2021 EUR 52.970
EFG International Financ 13.000 11/08/2021 EUR 57.280
UBS AG/London 8.250 11/08/2021 CHF 71.050
Bayerische Landesbank 3.000 11/26/2021 EUR 61.650
Leonteq Securities AG 7.500 11/08/2022 CHF 62.530
Vontobel Financial Produ 11.000 9/24/2021 EUR 55.360
Vontobel Financial Produ 13.500 9/24/2021 EUR 52.070
Leonteq Securities AG/Gu 17.450 09/01/2021 EUR 67.810
Leonteq Securities AG/Gu 19.470 09/01/2021 EUR 67.790
Vontobel Financial Produ 10.250 9/24/2021 EUR 42.024
UBS AG/London 10.500 11/15/2021 CHF 67.300
Raiffeisen Schweiz Genos 4.000 11/15/2022 CHF 73.340
Societe Generale Effekte 13.479 12/24/2021 EUR 66.880
UBS AG/London 8.750 9/27/2021 CHF 71.300
UniCredit Bank AG 5.650 11/06/2023 EUR 70.240
Vontobel Financial Produ 12.500 9/24/2021 EUR 53.680
Vontobel Financial Produ 15.000 9/24/2021 EUR 37.318
Vontobel Financial Produ 10.000 9/24/2021 EUR 63.888
Landesbank Baden-Wuertte 3.900 10/22/2021 EUR 55.990
Bayerische Landesbank 3.600 10/28/2022 EUR 69.670
Vontobel Financial Produ 14.000 9/24/2021 EUR 42.670
Vontobel Financial Produ 9.000 9/24/2021 EUR 71.160
Vontobel Financial Produ 11.500 9/24/2021 EUR 66.520
Vontobel Financial Produ 13.000 9/24/2021 EUR 64.470
Vontobel Financial Produ 16.000 9/24/2021 EUR 60.760
Vontobel Financial Produ 17.000 9/24/2021 EUR 59.040
Vontobel Financial Produ 20.000 9/24/2021 EUR 55.990
Leonteq Securities AG/Gu 3.400 3/20/2024 CHF 38.740
Leonteq Securities AG 3.900 9/21/2029 CHF 72.630
Raiffeisen Schweiz Genos 2.700 9/22/2026 CHF 52.140
Leonteq Securities AG 3.900 12/20/2024 CHF 47.760
Leonteq Securities AG/Gu 10.000 7/19/2022 CHF 59.640
UniCredit Bank AG 10.900 12/24/2021 EUR 62.080
UniCredit Bank AG 8.900 12/24/2021 EUR 70.760
UniCredit Bank AG 5.700 12/24/2021 EUR 63.400
UniCredit Bank AG 9.300 12/24/2021 EUR 52.280
UniCredit Bank AG 7.800 12/24/2021 EUR 56.060
UniCredit Bank AG 6.400 12/24/2021 EUR 66.940
UniCredit Bank AG 8.100 12/24/2021 EUR 39.970
UniCredit Bank AG 8.300 12/24/2021 EUR 61.980
UniCredit Bank AG 6.300 12/24/2021 EUR 64.500
UniCredit Bank AG 9.900 12/24/2021 EUR 54.430
UniCredit Bank AG 7.500 12/24/2021 EUR 60.700
UniCredit Bank AG 9.100 12/24/2021 EUR 48.470
UniCredit Bank AG 6.600 12/24/2021 EUR 71.030
UniCredit Bank AG 9.900 12/24/2021 EUR 51.070
UniCredit Bank AG 9.700 12/24/2021 EUR 37.130
UniCredit Bank AG 8.900 12/24/2021 EUR 38.470
UniCredit Bank AG 11.200 12/24/2021 EUR 34.820
UniCredit Bank AG 9.700 12/24/2021 EUR 65.160
UniCredit Bank AG 9.700 12/24/2021 EUR 68.680
UniCredit Bank AG 10.500 12/24/2021 EUR 66.810
UniCredit Bank AG 11.100 12/24/2021 EUR 51.970
UniCredit Bank AG 10.900 12/24/2021 EUR 45.040
UniCredit Bank AG 11.400 12/24/2021 EUR 47.760
UniCredit Bank AG 12.900 12/24/2021 EUR 45.000
UniCredit Bank AG 4.200 12/06/2022 EUR 68.770
UBS AG/London 8.000 11/08/2021 CHF 57.850
Bank Julius Baer & Co Lt 12.000 10/12/2021 USD 58.150
Leonteq Securities AG/Gu 21.000 10/13/2021 USD 65.650
Bank Julius Baer & Co Lt 12.000 10/13/2021 USD 58.100
Societe Generale Effekte 8.500 9/24/2021 EUR 48.880
Societe Generale Effekte 10.500 9/24/2021 EUR 45.780
Vontobel Financial Produ 21.500 9/24/2021 EUR 72.130
Landesbank Baden-Wuertte 3.690 12/23/2022 EUR 71.790
DekaBank Deutsche Giroze 2.000 02/10/2023 EUR 67.670
Raiffeisen Schweiz Genos 7.750 1/27/2022 CHF 75.810
Leonteq Securities AG 8.600 1/24/2023 CHF 72.330
UniCredit Bank AG 10.500 12/24/2021 EUR 57.990
UniCredit Bank AG 10.300 12/24/2021 EUR 58.350
DekaBank Deutsche Giroze 3.500 2/24/2023 EUR 64.540
UniCredit Bank AG 9.000 12/24/2021 EUR 66.380
UniCredit Bank AG 14.600 12/24/2021 EUR 71.700
UniCredit Bank AG 8.300 12/24/2021 EUR 57.250
UniCredit Bank AG 12.500 12/24/2021 EUR 37.990
UniCredit Bank AG 11.700 12/24/2021 EUR 39.010
Leonteq Securities AG 7.200 1/31/2022 CHF 76.000
Bank Julius Baer & Co Lt 10.300 1/31/2022 USD 66.500
Landesbank Baden-Wuertte 4.400 9/23/2022 EUR 52.150
Vontobel Financial Produ 10.500 9/24/2021 EUR 63.990
Leonteq Securities AG/Gu 12.000 11/08/2021 EUR 66.460
Vontobel Financial Produ 11.500 9/24/2021 EUR 61.660
Vontobel Financial Produ 13.000 9/24/2021 EUR 59.560
Vontobel Financial Produ 9.000 9/24/2021 EUR 66.460
Vontobel Financial Produ 14.500 9/24/2021 EUR 57.610
UBS AG/London 8.000 12/06/2021 CHF 69.050
EFG International Financ 9.000 9/20/2021 EUR 60.690
UBS AG/London 7.500 9/20/2021 CHF 55.750
Skandinaviska Enskilda B 4.400 7/15/2022 SEK 71.755
Bayerische Landesbank 3.050 8/27/2021 EUR 74.020
BNP Paribas Emissions- u 9.000 9/23/2021 EUR 1.000
Raiffeisen Schweiz Genos 3.400 3/21/2025 CHF 52.160
EFG International Financ 10.800 12/13/2021 EUR 73.590
UBS AG/London 12.000 12/06/2021 USD 71.050
Leonteq Securities AG/Gu 8.000 12/06/2021 EUR 72.640
Leonteq Securities AG/Gu 7.750 1/17/2022 CHF 71.550
Bayerische Landesbank 2.650 2/25/2022 EUR 71.620
BNP Paribas Emissions- u 6.000 3/24/2022 EUR 63.660
BNP Paribas Emissions- u 5.000 12/23/2021 EUR 66.680
BNP Paribas Emissions- u 7.000 3/24/2022 EUR 58.150
EFG International Financ 15.000 02/03/2022 USD 58.220
UBS AG/London 19.750 02/03/2022 USD 67.650
BNP Paribas Emissions- u 5.000 3/24/2022 EUR 44.570
Raiffeisen Schweiz Genos 3.200 12/18/2026 CHF 64.090
Raiffeisen Schweiz Genos 10.000 12/31/2024 CHF 72.370
Raiffeisen Schweiz Genos 6.600 3/23/2022 CHF 63.030
Vontobel Financial Produ 17.500 9/24/2021 EUR 39.500
Vontobel Financial Produ 8.000 9/24/2021 EUR 73.780
Vontobel Financial Produ 10.500 9/24/2021 EUR 68.780
Vontobel Financial Produ 14.500 9/24/2021 EUR 62.550
Vontobel Financial Produ 13.000 9/24/2021 EUR 53.720
Vontobel Financial Produ 9.500 12/24/2021 EUR 59.550
Vontobel Financial Produ 15.500 12/24/2021 EUR 51.720
UBS AG/London 7.250 10/04/2021 CHF 59.300
DekaBank Deutsche Giroze 3.250 10/15/2021 EUR 68.300
UniCredit Bank AG 7.940 10/04/2021 USD 55.210
Landesbank Baden-Wuertte 7.250 9/24/2021 EUR 51.500
Landesbank Baden-Wuertte 4.500 9/24/2021 EUR 57.640
Vontobel Financial Produ 7.500 12/24/2021 EUR 63.080
Vontobel Financial Produ 8.500 9/24/2021 EUR 61.410
Vontobel Financial Produ 10.500 9/24/2021 EUR 57.260
Vontobel Financial Produ 16.000 9/24/2021 EUR 50.690
Landesbank Baden-Wuertte 2.200 9/24/2021 EUR 65.620
DZ Bank AG Deutsche Zent 9.500 9/22/2021 EUR 49.370
SG Issuer SA 0.850 10/16/2024 EUR 11.950
Vontobel Financial Produ 10.000 11/11/2021 EUR 67.736
DekaBank Deutsche Giroze 3.700 11/25/2022 EUR 55.420
Leonteq Securities AG/Gu 2.290 10/29/2021 EUR 58.990
Landesbank Baden-Wuertte 4.050 8/26/2022 EUR 59.710
Leonteq Securities AG 12.000 10/18/2021 CHF 62.800
Raiffeisen Schweiz Genos 4.400 10/21/2021 CHF 59.100
Vontobel Financial Produ 10.000 11/22/2021 EUR 68.783
DZ Bank AG Deutsche Zent 9.000 2/23/2022 EUR 53.860
Zurcher Kantonalbank Fin 8.000 10/22/2021 EUR 64.510
Bank Julius Baer & Co Lt 9.500 8/26/2021 CHF 54.650
Bank Julius Baer & Co Lt 12.050 3/18/2022 USD 58.300
Bank Julius Baer & Co Lt 17.100 11/10/2021 USD 62.950
Vontobel Financial Produ 28.350 8/26/2021 EUR 59.601
Goldman Sachs & Co Wertp 10.000 3/23/2022 EUR 72.960
Goldman Sachs & Co Wertp 14.000 3/23/2022 EUR 67.070
Goldman Sachs & Co Wertp 10.000 6/22/2022 EUR 73.100
Goldman Sachs & Co Wertp 13.000 6/22/2022 EUR 67.770
Lehman Brothers Treasury 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasury 0.250 10/19/2012 CHF 0.100
Lehman Brothers Treasury 14.900 9/15/2008 EUR 0.100
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.181
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.177
Lehman Brothers Treasury 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasury 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasury 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasury 5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasury 6.600 2/22/2012 EUR 0.100
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.181
Lehman Brothers Treasury 7.750 1/30/2009 EUR 0.100
Lehman Brothers Treasury 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasury 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasury 10.000 3/27/2009 USD 0.100
Lehman Brothers Treasury 5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasury 7.500 10/24/2008 USD 0.100
Lehman Brothers Treasury 2.000 10/28/2010 EUR 0.100
Lehman Brothers Treasury 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasury 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasury 9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasury 7.000 11/28/2008 CHF 0.100
SG Issuer SA 2.700 11/28/2034 ZAR 45.052
SG Issuer SA 3.000 10/10/2034 ZAR 47.582
SG Issuer SA 3.300 9/26/2034 ZAR 49.820
Northland Resources AB 15.000 7/15/2019 USD 2.621
Northland Resources AB 15.000 7/15/2019 USD 2.621
AKB Peresvet ZAO 13.000 10/07/2017 RUB 27.750
Ukraine Government Bond 6.000 06/04/2031 UAH 60.625
Ukraine Government Bond 6.000 12/11/2030 UAH 61.593
Ukraine Government Bond 6.000 03/12/2031 UAH 61.089
Ukraine Government Bond 6.000 8/28/2030 UAH 62.216
Lehman Brothers Treasury 6.720 12/29/2008 EUR 0.100
Lehman Brothers Treasury 7.060 12/29/2008 EUR 0.100
Lehman Brothers Treasury 8.000 12/27/2032 JPY 0.100
Lehman Brothers Treasury 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasury 0.010 9/20/2011 USD 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Heta Asset Resolution AG 5.920 12/31/2023 EUR 1.440
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
Ukraine Government Bond 8.630 05/10/2033 UAH 72.681
Ukraine Government Bond 6.000 1/27/2027 UAH 72.113
Ukraine Government Bond 8.310 11/10/2034 UAH 69.361
Ukraine Government Bond 6.000 11/22/2028 UAH 66.442
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Ukraine Government Bond 8.520 11/10/2033 UAH 71.545
Ukraine Government Bond 8.220 05/10/2035 UAH 68.375
LBI ehf 5.080 03/01/2013 ISK 9.250
Heta Asset Resolution AG 0.131 12/31/2023 EUR 1.440
Ukraine Government Bond 6.000 9/19/2029 UAH 64.353
Ukraine Government Bond 6.000 9/13/2028 UAH 66.973
Ukraine Government Bond 8.750 11/10/2032 UAH 73.872
Ukraine Government Bond 6.000 10/11/2028 UAH 66.755
Ukraine Government Bond 6.000 5/16/2029 UAH 65.196
Lehman Brothers Treasury 3.500 10/31/2011 USD 0.100
Lehman Brothers Treasury 3.500 10/24/2011 USD 0.100
Lehman Brothers Treasury 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasury 6.000 5/23/2018 CZK 0.100
Getin Noble Bank SA 5.250 1/31/2024 PLN 63.985
Deutsche Bank AG/London 2.000 10/25/2023 TRY 68.246
MTS-Bank PAO 9.500 10/28/2029 RUB 51.650
Promsvyazbank PJSC 2.500 9/29/2029 RUB 66.680
Lehman Brothers Treasury 3.000 8/13/2011 EUR 0.100
Lehman Brothers Treasury 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasury 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasury 3.000 09/12/2036 JPY 0.100
HSBC Bank PLC 0.500 12/22/2025 BRL 63.005
Barclays Bank PLC 1.450 9/24/2038 MXN 30.435
Lehman Brothers Treasury 8.000 10/23/2008 USD 0.100
Lehman Brothers Treasury 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasury 16.000 10/08/2008 CHF 0.100
Lehman Brothers Treasury 4.600 10/11/2017 ILS 0.100
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Lehman Brothers Treasury 3.500 12/20/2027 USD 0.100
Lehman Brothers Treasury 8.050 12/20/2010 HKD 0.100
Lehman Brothers Treasury 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasury 4.100 8/23/2010 USD 0.100
Lehman Brothers Treasury 12.000 7/13/2037 JPY 0.100
Lehman Brothers Treasury 10.000 06/11/2038 JPY 0.100
BRAbank ASA 7.410 NOK 50.255
Lehman Brothers Treasury 6.600 02/09/2009 EUR 0.100
Lehman Brothers Treasury 6.000 08/07/2013 EUR 0.100
Barclays Bank PLC 2.000 05/07/2036 MXN 36.802
Lehman Brothers Treasury 11.250 12/31/2008 USD 0.100
Lehman Brothers Treasury 14.100 11/12/2008 USD 0.100
HSBC Bank PLC 0.500 11/25/2025 BRL 63.573
Lehman Brothers Treasury 7.625 7/22/2011 HKD 0.100
Cerruti Finance SA 6.500 7/26/2004 EUR 2.058
Lehman Brothers Treasury 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasury 4.680 12/12/2045 EUR 0.100
Lehman Brothers Treasury 5.250 04/01/2023 EUR 0.100
Lehman Brothers Treasury 13.000 12/14/2012 USD 0.100
Lehman Brothers Treasury 4.820 12/18/2036 EUR 0.100
Lehman Brothers Treasury 6.700 4/21/2011 USD 0.100
Laurel GmbH 7.125 11/16/2017 EUR 7.750
LBI ehf 8.650 05/01/2011 ISK 9.250
Lehman Brothers Treasury 8.875 1/28/2011 HKD 0.100
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Heta Asset Resolution AG 5.270 12/31/2023 EUR 1.440
Getin Noble Bank SA 4.750 5/31/2024 PLN 62.895
Getin Noble Bank SA 4.250 6/28/2024 PLN 73.675
Lehman Brothers Treasury 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasury 3.000 08/08/2017 EUR 0.100
Lehman Brothers Treasury 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasury 6.000 12/06/2016 USD 0.100
Getin Noble Bank SA 5.250 11/30/2023 PLN 69.675
Lehman Brothers Treasury 1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasury 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasury 7.375 9/20/2008 EUR 0.100
Lehman Brothers Treasury 3.850 4/24/2009 USD 0.100
Lehman Brothers Treasury 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasury 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasury 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasury 4.500 03/06/2013 CHF 0.100
Instabank ASA 9.200 NOK 48.605
Lehman Brothers Treasury 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasury 8.000 08/03/2009 USD 0.100
Lehman Brothers Treasury 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasury 3.025 1/31/2015 EUR 0.100
Lehman Brothers Treasury 0.750 3/29/2012 EUR 0.100
Lehman Brothers Treasury 0.128 11/02/2035 EUR 0.100
Lehman Brothers Treasury 4.500 03/07/2015 EUR 0.100
Espirito Santo Financial 5.625 7/28/2017 EUR 0.528
Lehman Brothers Treasury 2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasury 4.000 11/24/2016 EUR 0.100
Lehman Brothers Treasury 7.585 11/22/2009 MXN 0.100
Lehman Brothers Treasury 11.000 12/19/2011 USD 0.100
Lehman Brothers Treasury 8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasury 4.350 08/08/2016 SGD 0.100
Lehman Brothers Treasury 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasury 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasury 5.103 6/22/2046 EUR 0.100
Astana Finance BV 9.000 11/16/2011 USD 15.250
Lehman Brothers Treasury 7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasury 6.650 8/24/2011 AUD 0.100
Lehman Brothers Treasury 7.600 03/04/2010 NZD 0.100
Instabank ASA 7.830 02/04/2030 NOK 65.513
Lehman Brothers Treasury 2.000 6/28/2011 EUR 0.100
Lehman Brothers Treasury 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasury 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasury 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasury 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasury 7.750 01/03/2012 AUD 0.100
Lehman Brothers Treasury 3.100 06/04/2010 USD 0.100
Lehman Brothers Treasury 5.500 07/08/2013 EUR 0.100
Lehman Brothers Treasury 16.000 12/26/2008 USD 0.100
Lehman Brothers Treasury 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasury 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasury 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasury 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasury 13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasury 12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasury 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasury 6.250 09/05/2011 EUR 0.100
BNP Paribas SA 1.000 1/23/2040 MXN 21.884
Lehman Brothers Treasury 5.000 05/02/2022 EUR 0.100
Lehman Brothers Treasury 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasury 2.480 05/12/2009 USD 0.100
Lehman Brothers Treasury 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasury 2.400 6/20/2011 JPY 0.100
Lehman Brothers Treasury 2.250 05/12/2009 USD 0.100
Lehman Brothers Treasury 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasury 4.000 5/17/2010 USD 0.100
Lehman Brothers Treasury 3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasury 5.100 05/08/2017 HKD 0.100
Lehman Brothers Treasury 0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasury 7.550 12/29/2008 USD 0.100
Lehman Brothers Treasury 8.800 12/27/2009 EUR 0.100
Lehman Brothers Treasury 6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasury 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasury 9.300 12/21/2010 EUR 0.100
Lehman Brothers Treasury 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasury 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasury 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasury 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury 7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasury 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasury 6.300 12/21/2018 USD 0.100
Lehman Brothers Treasury 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasury 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasury 5.500 6/22/2010 USD 0.100
Lehman Brothers Treasury 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasury 4.200 12/03/2008 HKD 0.100
Getin Noble Bank SA 5.250 04/04/2024 PLN 67.616
Lehman Brothers Treasury 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasury 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasury 23.300 9/16/2008 USD 0.100
Lehman Brothers Treasury 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasury 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasury 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasury 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasury 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasury 5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasury 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasury 1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasury 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasury 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasury 5.500 4/23/2014 EUR 0.100
Lehman Brothers Treasury 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasury 11.750 03/01/2010 EUR 0.100
Deutsche Bank AG/London 0.500 04/05/2038 MXN 24.223
Lehman Brothers Treasury 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasury 7.600 1/31/2013 AUD 0.100
Lehman Brothers Treasury 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasury 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasury 8.000 3/19/2012 USD 0.100
Lehman Brothers Treasury 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasury 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasury 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasury 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasury 0.500 12/20/2017 AUD 0.100
LBI ehf 7.431 USD 0.001
ECM Real Estate Investme 5.000 10/09/2011 EUR 15.375
Lehman Brothers Treasury 1.500 10/12/2010 EUR 0.100
Lehman Brothers Treasury 7.000 10/22/2010 EUR 0.100
Lehman Brothers Treasury 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasury 4.100 06/10/2014 SGD 0.100
Lehman Brothers Treasury 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasury 4.000 10/12/2010 USD 0.100
Lehman Brothers Treasury 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasury 1.680 03/05/2015 EUR 0.100
Lehman Brothers Treasury 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasury 6.750 04/05/2012 EUR 0.100
Landesbank Hessen-Thueri 0.650 10/01/2031 EUR 10.074
Lehman Brothers Treasury 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasury 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasury 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasury 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasury 15.000 06/04/2009 CHF 0.100
Lehman Brothers Treasury 2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasury 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasury 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasury 7.250 07/08/2014 EUR 0.100
Deutsche Bank AG/London 0.500 10/18/2038 MXN 17.854
Lehman Brothers Treasury 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasury 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasury 4.300 06/04/2012 USD 0.100
Getin Noble Bank SA 4.250 7/26/2024 PLN 68.715
Sidetur Finance BV 10.000 4/20/2016 USD 1.809
Credit Suisse AG/London 0.500 01/08/2026 BRL 62.179
Getin Noble Bank SA 4.250 8/30/2024 PLN 68.755
Lehman Brothers Treasury 6.000 3/17/2011 EUR 0.100
Lehman Brothers Treasury 4.050 9/16/2008 EUR 0.100
Societe Generale Effekte 6.750 8/27/2021 EUR 66.760
Societe Generale Effekte 12.750 8/27/2021 EUR 54.410
Societe Generale Effekte 6.500 8/27/2021 EUR 60.660
Societe Generale Effekte 14.500 8/27/2021 EUR 46.390
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 40.408
Lehman Brothers Treasury 0.500 2/16/2009 EUR 0.100
Bank Otkritie Financial 0.010 7/16/2025 RUB 73.120
Kreditanstalt fuer Wiede 0.250 10/06/2036 CAD 49.113
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasury 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasury 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasury 4.500 12/30/2010 USD 0.100
Lehman Brothers Treasury 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasury 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasury 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasury 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasury 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasury 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasury 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasury 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasury 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasury 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasury 8.000 12/31/2010 USD 0.100
Lehman Brothers Treasury 7.150 3/21/2013 USD 0.100
Ukraine Government Bond 8.750 2/16/2033 UAH 74.473
Lehman Brothers Treasury 6.000 6/21/2011 EUR 0.100
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
Lehman Brothers Treasury 3.630 03/02/2012 EUR 0.100
Lehman Brothers Treasury 2.000 6/21/2011 EUR 0.100
Ukraine Government Bond 6.000 11/28/2029 UAH 63.887
Ukraine Government Bond 6.000 1/28/2032 UAH 59.415
Ukraine Government Bond 6.000 09/10/2031 UAH 60.116
Lehman Brothers Treasury 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasury 1.950 11/04/2013 EUR 0.100
Lehman Brothers Treasury 2.370 7/15/2013 USD 0.100
Getin Noble Bank SA 5.240 4/29/2024 PLN 63.130
Ukraine Government Bond 8.750 4/20/2033 UAH 73.439
Ukraine Government Bond 5.000 2/20/2032 UAH 53.712
WPE International Cooper 10.375 9/30/2020 USD 5.000
Lehman Brothers Treasury 3.600 3/19/2018 JPY 0.100
Heta Asset Resolution AG 5.030 12/31/2023 EUR 1.440
Irish Bank Resolution Co 4.000 4/23/2018 EUR 33.250
Lehman Brothers Treasury 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasury 2.000 5/17/2010 EUR 0.100
Lehman Brothers Treasury 1.280 11/06/2010 JPY 0.100
Espirito Santo Financial 0.346 10/27/2024 EUR 0.297
Lehman Brothers Treasury 8.600 7/31/2013 GBP 0.100
Lehman Brothers Treasury 4.000 2/28/2010 EUR 0.100
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Credit Agricole Corporat 5.400 1/31/2028 BRL 70.526
Lehman Brothers Treasury 2.300 6/27/2013 USD 0.100
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Getin Noble Bank SA 5.240 11/09/2023 PLN 74.035
Lehman Brothers Treasury 5.250 11/21/2009 USD 0.100
Officine Maccaferri-SpA 5.750 06/01/2021 EUR 20.490
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
Lehman Brothers Treasury 3.000 9/13/2010 JPY 0.100
Getin Noble Bank SA 5.250 8/31/2023 PLN 73.375
IT Holding Finance SA 9.875 11/15/2012 EUR 0.031
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
Lehman Brothers Treasury 8.280 7/31/2013 GBP 0.100
Lehman Brothers Treasury 7.500 7/31/2013 GBP 0.100
Lehman Brothers Treasury 7.320 7/31/2013 GBP 0.100
Lehman Brothers Treasury 3.820 10/20/2009 USD 0.100
Lehman Brothers Treasury 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasury 9.250 6/20/2012 USD 0.100
Barclays Bank PLC 2.000 06/12/2029 TRY 34.368
AKB Peresvet ZAO 0.510 08/04/2034 RUB 30.200
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *