/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/210920.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, September 20, 2021, Vol. 22, No. 182 Headlines B U L G A R I A MUNICIPAL BANK: Moody's Lowers LongTerm Deposit Ratings to B1 C R O A T I A 3 MAJ: To Acquire Bulk Cargo Ship Under Construction DALEKOVOD: Financial Regulator to Launch Infringement Procedure I R E L A N D BBAM EUROPEAN II: Moody's Assigns (P)B3 Rating to EUR12MM F Notes CONTEGO CLO II: Moody's Hikes Rating on Class F-R Notes to Ba3 CVC CORDATUS IX: Moody's Assigns B3 Rating to EUR11.5MM F-R Notes CVC CORDATUS IX: S&P Assigns B- Rating on Class F-R Notes CVC CORDATUS XV: Moody's Affirms B3 Rating on EUR9MM Class F Notes K A Z A K H S T A N BANK RBK: Moody's Withdraws Ba3 LongTerm Bank Deposit Rating N E T H E R L A N D S CENTRIENT HOLDING: Moody's Cuts CFR & First Lien Term Loan to B3 FAB CBO 2003-1: Moody's Affirms 'Ca' Rating on 2 Tranches R U S S I A ENERGOMASHBANK: Bank of Russia Ends Provisional Administration PLATINA LTD: Bank of Russia Appoints Provisional Administration S W E D E N POLYSTORM BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable U K R A I N E KERNEL HOLDING: Fitch Alters Outlook on 'BB-' LT IDRs to Positive U N I T E D K I N G D O M BRITISH AMERICAN TOBACCO: Moody's Rates New Jr. Hybrid Notes 'Ba1' BUPA FINANCE: Moody's Rates Tier 1 Convertible Notes 'Ba1(hyb)' DERBY COUNTY: To Enter Administration, Faces Points Deduction EVRAZ PLC: Moody's Ups Unsecured Notes to Ba1 & Withdraws Ba1 CFR MORTIMER BTL 2019-1: Moody's Hikes Class E Notes Rating to Ba3 PEOPLE'S ENERGY: Ofgen to Appoint New Suppliers After Collapse SANITY MARKETING: Goes Into Administration X X X X X X X X [*] BOND PRICING: For the Week September 13 to September 17, 2021 - - - - - =============== B U L G A R I A =============== MUNICIPAL BANK: Moody's Lowers LongTerm Deposit Ratings to B1 ------------------------------------------------------------- Moody's Investors Service has downgraded Municipal Bank AD's long-term deposit ratings to B1 from Ba3 and changed the outlook on these ratings to stable from negative. Further, the rating agency also downgraded Municipal's Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b2, its long-term Counterparty Risk Ratings (CRRs) to Ba3 from Ba2 and and its long-term Counterparty Risk (CR) Assessment to Ba3(cr) from Ba2(cr). At the same time, Moody's affirmed the bank's short-term deposit ratings and CRRs at Not Prime and its short-term CR Assessment at Not Prime(cr). RATINGS RATIONALE RATINGS DOWNGRADE The ratings downgrade reflects Moody's view that Municipal continues to face significant challenges in achieving significantly higher and sustainable profitability, which in turn would support a stronger capacity to absorb potential losses and higher internal capital generation through earnings. The rating agency, however, also notes the bank's adequate capital adequacy and deposit based funding profile, as well as progress made in recent years in reducing non-performing loans. According to data from the Bulgarian National Bank (BNB), as of June 2021, Municipal was the twelfth-largest bank by assets in Bulgaria with a market share of 1.8% and total assets of BGN2.3 billion (around EUR1.2 billion). Municipal is focusing on expanding its retail and small and medium-sized enterprises lending business where returns are higher, growing fees and commissions and has adjusted its tariff schedule, reducing the interest expense from the deposits it receives from Bulgarian municipalities, leveraging its liquidity more profitably and on containing its high cost base. Ongoing operating and administrative expenses remain high for the bank's limited scale and the cost-to-income ratio was 87% in 2020 and 114% in 2019. If achieved, without significantly increasing Municipal's risk appetite, this strategy would in time place the bank on a more sustainable footing. However, the rating agency sees significant executions risks for Municipal in achieving materially improved sustainable profitability because of fierce competition from significantly larger commercial banks in Bulgaria that are subsidiaries of large European banking groups, which benefit from economies of scale and can leverage their parent's sophisticated systems and practices. These competitive pressures make it difficult for Municipal to carve out a defendable universal banking franchise and to gain new creditworthy retail and business clients. Moody's considers that it will also be difficult for Municipal to grow its retail business significantly, considering its small existing footprint in the segment and, to this date, limited digital product offering compared to domestic peers. Further, the very low interest rate environment will continue to pressure lending margins and the need for investments in systems and technology will drive some operating expenses inflation. The bank's profitability has been low and volatile in recent years and supported by one-off transactions. In 2020, Municipal reported an after tax profit of BGN4.9 million with a net income to tangible assets ratio of 0.24%, up from 0.08% in 2019. The 2020 profits were buoyed by BGN26 million in profit from the sale of nonperforming loans. Core earnings, such as net interest income together with fee and commission income, were not however sufficient to fully offset operating and administrative expenses in the year, and this remained the case in the first half of 2021 according to reporting by the BNB whereby the bank was loss making. Moody's also takes into account the limited operating history of the bank under the new business model following a change in shareholding and strategy at the beginning of 2018 and its risk appetite and underwriting practices remain unproven. Furthermore, the new shareholder has limited experience in operating a bank and the bank's concentrated private ownership structure, the main shareholder held 95.5% of the bank's capital as of end-2020, may lead to more rapid changes in strategy and in such cases of concentrated ownership the supervisory board's decisions could potentially be more strongly influenced by the interests of the main shareholder. Moody's regards the above mentioned factors as governance considerations that recognise the still early stage in the implementation of Municipal's new strategy with significant execution risks along with the lack of implementation track record and the bank's concentrated shareholding structure. As a mitigating factor, Moody's noted that Municipal's risk-weighted capital ratios are adequate and substantially higher than regulatory requirements supported by capital retention and recent capital injections. As at the end of 2020, the bank's Common Equity Tier 1 (CET1) capital ratio was 24.5%. Municipal is also almost exclusively funded by customer deposits and liquidity is high. Liquid assets (excluding encumbered assets) were around 30% of total assets as of the end of 2020. Moody's recognises the now low level of problem loans (stage 3 loans under IFRS 9), which declined to 1.8% of gross loans as of end 2020 from 26.4% a year earlier following a large nonperforming loan sale in 2020. Despite this improvement the rating agency also considers the bank's historically high and volatile credit losses, the fact that its lending portfolio will take time to season as it grows from a low base and the significant amount of real estate on the balance-sheet resulting from foreclosures. Municipal's B1 long-term deposit ratings continue to benefit from two notches of rating uplift from the bank's b3 Adjusted BCA from the application of Moody's Advanced Loss Given Failure (LGF) analysis. This analysis indicates that Municipal's deposits are likely to face a very low loss-given-failure, driven by the significant amount of junior deposits that would be available to share losses. RATING OUTLOOK The stable outlook on the bank's long-term deposit ratings balances the bank's weak profitability and the challenges it faces to deliver a more sustainable business model against its currently adequate capitalisation and the low level of problem loans it reports. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Municipal's ratings could be upgraded following a sustained significant improvement in ongoing profitability and competitiveness, which would ensure sustainable internal capital generation through earnings, along with a longer history of operating under the new business model and seasoning of the loan portfolio with contained losses, combined with strong capital and lower non-lending asset risk. Changes in the bank's liability structure that would significantly increase loss absorbing buffers and reduce losses for senior creditors may result in a higher notching for deposit ratings from the application of Moody's Advanced LGF analysis. Municipal's ratings could be downgraded following a deterioration in the bank's solvency, such as from the formation of significant amounts of new problem loans or if the bank posts losses and capital declines materially, or following an increase in risk appetite resulting from changes in the bank's strategy. Ratings could also face negative pressure following any delay or failure to enhance technical, operational and risk systems and practices as the bank grows and expands. Changes in the bank's liability structure, mainly a material reduction in the volume of junior deposits or an increase in the bank's reliance on interbank or secured funding, may reduce the uplift provided by Moody's Advanced LGF analysis and result in a downgrade of the bank's ratings. LIST OF AFFECTED RATINGS Issuer: Municipal Bank AD Downgrades: Long-term Counterparty Risk Ratings, downgraded to Ba3 from Ba2 Long-term Bank Deposits, downgraded to B1 from Ba3, outlook changed to Stable from Negative Long-term Counterparty Risk Assessment, downgraded to Ba3(cr) from Ba2(cr) Baseline Credit Assessment, downgraded to b3 from b2 Adjusted Baseline Credit Assessment, downgraded to b3 from b2 Affirmations: Short-term Counterparty Risk Ratings, affirmed NP Short-term Bank Deposits, affirmed NP Short-term Counterparty Risk Assessment, affirmed NP(cr) Outlook Action: Outlook changed to Stable from Negative PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. ============= C R O A T I A ============= 3 MAJ: To Acquire Bulk Cargo Ship Under Construction ---------------------------------------------------- Annie Tsoneva at SeeNews reports that Croatian shipyard 3. Maj said it is buying a bulk cargo ship under construction, Uljanik 527, for a token price of one kuna. The shipyard said in a filing to the Zageb bourse on Sept. 13 the overall length of the ship is 225.55 metres, its moulded depth is 13.58 metres and its widest part is 23.77 metres, SeeNews notes. The ship was part of the assets of bankrupt shipyard Uljanik, SeeNew relays, citing earlier media reports. Shipyard 3. Maj avoided the launch of bankruptcy proceedings in September 2019 after the government decided to issue guarantees for a HRK150 million loan from state-owned development bank HBOR in favour of the shipyard, SeeNew recounts. DALEKOVOD: Financial Regulator to Launch Infringement Procedure --------------------------------------------------------------- Annie Tsoneva at SeeNews reports that Croatia's financial services supervisory agency Hanfa said it decided to launch an infringement procedure against local power transmission equipment manufacturer Dalekovod over a failure to disclose inside information. According to SeeNews, the financial supervision authority said in a statement on Sept. 9 Dalekovod has failed to make public information that the company had received expressions of interest for participation in its financial restructuring and had decided to hold negotiations with one of the tenderers in the process, in which the largest creditor of the company could have participated. Hanfa also said that it indirectly supervised Dalekovod's practice from February 4 to May 21, 2021 and concluded that the mentioned information about the company's financial restructuring is inside information that investors could have probably used when making decisions for investments in its shares, SeeNews relates. Hanfa said Dalekovod can appeal the decision before the Administrative court in Zagreb within 30 days, SeeNews notes. On June 30, the shareholders of Dalekovod approved a proposal for its financial restructuring made in May by local electrical equipment manufacturer Koncar Elektroindustrija and Maltese company Construction Line Ltd., SeeNews recounts. The proposal envisaged to cut Dalekovod's share capital to HRK2.5 million (US$395,000/EUR334,000) from HRK247.2 million to cover earlier losses, only to further increase it to up to HRK412.5 million in order to raise funding to cover the company's debt to creditors under a pre-bankruptcy settlement agreement concluded in January 2014, SeeNews discloses. ============= I R E L A N D ============= BBAM EUROPEAN II: Moody's Assigns (P)B3 Rating to EUR12MM F Notes ----------------------------------------------------------------- Moody's Investors Service announced that it has assigned the following provisional ratings to notes to be issued by BBAM European CLO II Designated Activity Company (the "Issuer"): EUR246,000,000 Class A Senior Secured Floating Rate Notes due 2034, Assigned (P)Aaa (sf) EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Assigned (P)Aa2 (sf) EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Assigned (P)Aa2 (sf) EUR28,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Assigned (P)A2 (sf) EUR25,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Assigned (P)Baa3 (sf) EUR20,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Assigned (P)Ba3 (sf) EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Assigned (P)B3 (sf) RATINGS RATIONALE The rationale for the rating is based on a consideration of the risks associated with the CLO's portfolio and structure as described in Moody's methodology. The Issuer is a managed cash flow CLO. At least 90% of the portfolio must consist of senior secured obligations and up to 10% of the portfolio may consist of senior unsecured obligations, second-lien loans, mezzanine obligations and high yield bonds. The portfolio is expected to be 90% ramped up as of the closing date and to comprise of predominantly corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the six month ramp-up period in compliance with the portfolio guidelines. BlueBay Asset Management LLP ("BlueBay") will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four and half year reinvestment period. Thereafter, subject to certain restrictions, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk obligations or credit improved obligations. In addition to the seven classes of notes rated by Moody's, the Issuer will issue EUR33,600,000 of Subordinated Notes which are not rated. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Methodology underlying the rating action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2020. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in December 2020. Moody's used the following base-case modeling assumptions: Par Amount: EUR400,000,000 Diversity Score: 48 Weighted Average Rating Factor (WARF): 2925 Weighted Average Spread (WAS): 3.65% Weighted Average Coupon (WAC): 4.00% Weighted Average Recovery Rate (WARR): 43.50% Weighted Average Life (WAL): 8.5 years CONTEGO CLO II: Moody's Hikes Rating on Class F-R Notes to Ba3 -------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Contego CLO II B.V.: EUR24,250,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2026, Upgraded to Aaa (sf); previously on Jan 29, 2021 Upgraded to Aa3 (sf) EUR16,250,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2026, Upgraded to Aa2 (sf); previously on Jan 29, 2021 Upgraded to A3 (sf) EUR23,400,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2026, Upgraded to Baa3 (sf); previously on Jan 29, 2021 Affirmed Ba1 (sf) EUR10,800,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2026, Upgraded to Ba3 (sf); previously on Jan 29, 2021 Affirmed B1 (sf) Moody's has also affirmed the ratings on the following notes: EUR209,500,000 (current outstanding amount EUR63.6M) Class A-R Senior Secured Floating Rate Notes due 2026, Affirmed Aaa (sf); previously on Jan 29, 2021 Affirmed Aaa (sf) EUR37,600,000 Class B-R Senior Secured Floating Rate Notes due 2026, Affirmed Aaa (sf); previously on Jan 29, 2021 Upgraded to Aaa (sf) Contego CLO II B.V., issued in November 2014, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European and US loans. The portfolio is managed by Five Arrows Managers LLP. The transaction's reinvestment period ended in November 2018. RATINGS RATIONALE The rating upgrades on the Class C-R, D-R, E-R and F-R notes are primarily a result of the significant deleveraging of the Class A-R notes following amortisation of the underlying portfolio since the last rating action in January 2021. Pre-payments account for a significant proportion of the amortisation. The Class A-R notes have paid down by approximately EUR 65.0 million (31.0%) on the last payment date in August 2021 and EUR141.4 million (69.0%) since the last rating action in January 2021. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated August 31, 2021 [1], the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 196.9%, 158.9%, 140.7%, 120.7% and 113.3% compared to December 2020 [2] levels, on which the last rating action was based, of 141.2%, 128.4%, 121.0%, 111.8% and 108.0%, respectively. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR198.0 million Defaulted Securities: EUR3.4 million Diversity Score: 28 Weighted Average Rating Factor (WARF): 2971 Weighted Average Life (WAL): 3.18 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.43% Weighted Average Coupon (WAC): 4.00% Weighted Average Recovery Rate (WARR): 46.4% Par haircut in OC tests and interest diversion test: None The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Moody's notes that the August 31, 2021 trustee report was published at the time it was completing its analysis of the August 4, 2021 data. Key portfolio metrics such as WARF, diversity score, weighted average spread and life exhibit little or no change between these dates. 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. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank and swap provider, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in May 2021. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the rating: This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the note, in light of uncertainty about credit conditions in the general economy. In particular, the length and severity of the economic and credit shock precipitated by the global coronavirus pandemic will have a significant impact on the performance of the securities. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behaviour and 2) divergence in the legal interpretation of CDO documentation by different transactional parties because of embedded ambiguities. Additional uncertainty about performance is due to the following: Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. CVC CORDATUS IX: Moody's Assigns B3 Rating to EUR11.5MM F-R Notes ----------------------------------------------------------------- Moody's Investors Service announced that it has assigned the following definitive ratings to refinancing notes issued by CVC Cordatus Loan Fund IX Designated Activity Company (the "Issuer"): EUR3,700,000 Class X Senior Secured Floating Rate Notes due 2034, Definitive Rating Assigned Aaa (sf) EUR263,500,000 Class A-R Senior Secured Floating Rate Notes due 2034, Definitive Rating Assigned Aaa (sf) EUR33,750,000 Class B-1-R Senior Secured Floating Rate Notes due 2034, Definitive Rating Assigned Aa2 (sf) EUR5,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2034, Definitive Rating Assigned Aa2 (sf) EUR26,500,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Definitive Rating Assigned A2 (sf) EUR32,400,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Definitive Rating Assigned Baa3 (sf) EUR21,250,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Definitive Rating Assigned Ba3 (sf) EUR11,500,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2034, Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The rationale for the ratings is based on a consideration of the risks associated with the CLO's portfolio and structure as described in Moody's methodology. Interest and principal amortisation amounts due to the Class X Notes are paid pro rata with payments to the Class A Notes. The class X Notes amortise by 10% or EUR370,000 over 10 payment dates, starting on the 2nd payment date. On the Original Closing Date, the Issuer also issued EUR42.9 million of M-1 Subordinated Notes and EUR1.0 million M-2 Subordinated Notes, which will remain outstanding. In addition, the Issuer has issued EUR11.3 million of additional M-1 Subordinated Notes on the refinancing date. The terms and conditions of the existing subordinated notes have been amended in accordance with the refinancing notes' conditions. The Class M-2 Subordinated Notes accrue interest in an amount equivalent to a certain proportion of the senior and subordinated management fees and its notes' payment is pari passu with the payment of the senior and subordinated management fee. As part of this reset, the Issuer has increased the target par amount by EUR25 million to EUR425 million. 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. This CLO does not incorporate an effective date mechanism despite the increase of the target par amount which will require the acquisition of additional collateral. The underlying portfolio is approximately 92.5% ramped as of the closing date and the remaining assets - the majority of which has already been identified by the manager - are expected to be purchased shortly after the closing date. According to information provided to Moody's by the parties involved, following the refinancing of the transaction, the CLO will have sufficient principal proceeds to purchase the remaining assets. Moody's has also checked that the characteristics of the identified assets are consistent with Moody's below modeling assumptions. CVC Credit Partners European CLO Management 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 4.6-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. 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. This CLO has also access to a liquidity facility of EUR1.5 million that an external party provides for four years (subject to renewal by one or two years). Drawings under the liquidity facility are allowed to pay interest in the waterfall and are reimbursed at a super-senior level. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2020. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in December 2020. Moody's used the following base-case modeling assumptions: Target Par Amount: EUR425,000,000 Diversity Score: 43 Weighted Average Rating Factor (WARF): 2972 Weighted Average Spread (WAS): 3.50% Weighted Average Coupon (WAC): 5.00% Weighted Average Recovery Rate (WARR): 44.80% Weighted Average Life (WAL): 8.5 years CVC CORDATUS IX: S&P Assigns B- Rating on Class F-R Notes --------------------------------------------------------- S&P Global Ratings assigned credit ratings to CVC Cordatus Loan Fund IX DAC's class X, A-R, B-1, B-2, C-R, D-R, E-R, and F-R notes. At closing, the issuer also issued unrated 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 is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. -- Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the rated loan and notes will permanently switch to semiannual payment. The portfolio's reinvestment period will end approximately 4.4 years after closing, and the portfolio's maximum average maturity date will be eight and a half years after closing. This transaction has a EUR1.5 million liquidity facility provided by The Bank of New York Mellon for a maximum of four years with the drawn margin of 2.50%. For the purpose of our cash flows, S&P has added this amount to the class A notes' balance, since the liquidity facility payment amounts rank senior to the interest payments on the rated notes. Portfolio Benchmarks CURRENT S&P Global Ratings weighted-average rating factor 2,834.08 Default rate dispersion 674.52 Weighted-average life (years) 4.56 Obligor diversity measure 105.78 Industry diversity measure 19.90 Regional diversity measure 1.22 Transaction Key Metrics CURRENT Total par amount (mil. EUR) 425.0 Defaulted assets (mil. EUR) 0 Number of performing obligors 149 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 6.74 'AAA' weighted-average recovery (covenanted) (%) 36.82 Covenanted weighted-average spread (%) 3.50 Reference weighted-average coupon (%) 5.00 Workout loan mechanics Under the transaction documents, the issuer can purchase workout loans, which are bonds or loans the issuer acquired in connection with a restructuring of a related defaulted obligation or credit impaired obligation, to improve its recovery value. The purchase of workout loans is not subject to the reinvestment criteria or the eligibility criteria. It receives no credit in the principal balance definition or in the par coverage tests, except where the workout loan meets the eligibility criteria with certain exclusions and is either (1) acquired using principal proceeds or (2) designated a declared principal proceeds workout loan, in which case it is accorded defaulted treatment. The cumulative exposure to loss mitigation loans purchased using interest or principal proceeds is limited to 10.0% of target par. The issuer may purchase workout loans using either interest proceeds, principal proceeds, or amounts in the collateral enhancement account. The use of interest proceeds to purchase workout loans are subject to (i) all the interest and par coverage tests passing following the purchase, and (ii) the manager determining there are sufficient interest proceeds to pay interest on all the rated notes on the upcoming payment date. The use of principal proceeds is subject to passing par coverage tests, and the manager having built sufficient excess par in the transaction so that the aggregate collateral amount is equal to or exceeding the portfolio's reinvestment target par balance after the acquisition. To protect the transaction from par erosion, any distributions received from workout loans purchased with principal proceeds will form part of the issuer's principal account proceeds. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR425 million target par amount, the covenanted weighted-average spread (3.50%), the reference weighted-average coupon (5.00%), and the covenanted weighted-average recovery rates. 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." Principal transfer test This transaction features a principal transfer test. Following the expiry of the non-call period, and following the payment of deferred interest on the class F notes, interest proceeds above 101% of the class F interest coverage amount can be paid into the principal account. As this is at the discretion of the collateral manager S&P has considered scenarios in its cash flow analysis where such amounts are not made. S&P said, "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "We consider that the transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "We consider 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, A-R, B-1, B-2, C-R, D-R, and E-R notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1 to E-R notes could withstand stresses commensurate with higher rating levels than those we have assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes. "The class F-R notes' current break-even default rate (BDR) cushion is negative at the 'B-' rating level. Based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates, we believe this class is able to sustain a steady-state scenario, in accordance with our criteria." S&P's analysis further reflects several factors, including: -- The class F-R notes' available credit enhancement is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- S&P's BDR at the 'B-' rating level is 25.15% versus a portfolio default rate of 14.14% if it was to consider a long-term sustainable default rate of 3.1% for a portfolio with a weighted-average life of 4.56 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance for this note to default. -- If S&P envisions this tranche to default in the next 12-18 months. -- Following this analysis, S&P considers that the available credit enhancement for the class F-R notes is commensurate with a 'B- (sf)' rating. -- The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds, and it is managed by CVC Credit Partners European CLO Management LLP. 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 E-R notes to five of the 10 hypothetical scenarios we looked at in our publication, "How Credit Distress Due To COVID-19 Could Affect European CLO Ratings," published on April 2, 2020. The results shown in the chart below are based on the actual weighted-average spread, coupon, and recoveries. "For the class E-R and F-R notes, 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." 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 or limit assets from being related to the following industries: marijuana, tobacco, the manufacturing or marketing of weapons, thermal coal production, predatory payday lending activities, pornography, prostitution, and endangered or protected wildlife trades. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings List CLASS RATING AMOUNT INTEREST RATE CREDIT (MIL. EUR) ENHANCEMENT (%) X AAA (sf) 3.70 Three/six-month EURIBOR N/A plus 0.65% A-R AAA (sf) 263.50 Three/six-month EURIBOR 38.00 plus 1.04% B-1 AA (sf) 33.75 Three/six-month EURIBOR 28.88 plus 1.70% B-2 AA (sf) 5.00 2.05% 28.88 C-R A (sf) 26.50 Three/six-month EURIBOR 22.65 plus 2.15% D-R BBB (sf) 32.40 Three/six-month EURIBOR 15.02 plus 3.25% E-R BB- (sf) 21.25 Three/six-month EURIBOR 10.02 plus 6.06% F-R B- (sf) 11.50 Three/six-month EURIBOR 7.32 plus 8.89% Sub Notes NR 55.20 N/A N/A EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. CVC CORDATUS XV: Moody's Affirms B3 Rating on EUR9MM Class F Notes ------------------------------------------------------------------ Moody's Investors Service announced that it has assigned the following definitive ratings to refinancing notes issued by CVC Cordatus Loan Fund XV Designated Activity Company (the "Issuer"): EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due 2032, Definitive Rating Assigned Aaa (sf) EUR28,500,000 Class B-1-R Senior Secured Floating Rate Notes due 2032, Definitive Rating Assigned Aa2 (sf) EUR12,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2032, Definitive Rating Assigned Aa2 (sf) EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2032, Definitive Rating Assigned A2 (sf) EUR27,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2032, Definitive Rating Assigned Baa3 (sf) At the same time, Moody's affirmed the outstanding notes which have not been refinanced: EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Sep 25, 2020 Affirmed Aaa (sf) EUR22,500,000 Class E Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed Ba3 (sf); previously on Sep 25, 2020 Confirmed at Ba3 (sf) EUR9,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed B3 (sf); previously on Sep 25, 2020 Confirmed at 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. Moody's rating affirmation of the Class X Notes, Class E Notes and Class F Notes are a result of the refinancing, which has no impact on the ratings of the notes. As part of this refinancing, the Issuer has extend the weighted average life by 9 months to December 2028. It will amend certain definitions including the definition of "Adjusted Weighted Average Rating Factor" and minor 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 and senior secured bonds and up to 10% of unsecured senior loans, second-lien loans, high yield bonds and mezzanine loans. CVC Credit Partners European CLO Management 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 remaining reinvestment period which will end in February 2024. 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. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the Notes in order of seniority. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2020. Factors that would lead to an upgrade or downgrade of the ratings: The rated Notes' performance is subject to uncertainty. The Notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the Notes' performance. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in December 2020. Moody's used the following base-case modeling assumptions: Performing par and principal proceeds balance: EUR396.14 million Diversity Score: 46 Weighted Average Rating Factor (WARF): 2980 Weighted Average Spread (WAS): 3.55% Weighted Average Recovery Rate (WARR): 43.25% Weighted Average Life (WAL): 7.27 years =================== K A Z A K H S T A N =================== BANK RBK: Moody's Withdraws Ba3 LongTerm Bank Deposit Rating ------------------------------------------------------------ Moody's Investors Service has withdrawn all National Scale Ratings (NSRs) of Bank RBK JSC. At the time of the withdrawal, NSRs carried no rating outlook. Withdrawals: NSR Long-term Bank Deposit Rating, previously rated Ba3.kz NSR Long-term Counterparty Risk Rating, previously rated Ba1.kz RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. Headquartered in Almaty, Kazakhstan, Bank RBK is a medium-sized privately owned bank that ranked 9th out of 23 banks in Kazakhstan in terms of assets as of August 1, 2021. The bank had a 3.5% share of the total Kazakh banking system's assets as of the same date. The bank's strategy is to develop as a universal bank, focusing on servicing corporate and retail clients. ===================== N E T H E R L A N D S ===================== CENTRIENT HOLDING: Moody's Cuts CFR & First Lien Term Loan to B3 ---------------------------------------------------------------- Moody's Investors Service has downgraded Centrient Holding B.V.'s corporate family rating to B3 and its probability of default rating to B3-PD from B2 and B2-PD respectively. Concurrently, Moody's has downgraded Centrient's senior secured revolving credit facility and senior secured 1st lien term loan B to B3 from B2. The outlook on the ratings remains negative. RATINGS RATIONALE The rating action reflects the steep increase in Centrient's leverage due to its weak performance in H1-21 and Moody's expectation of a slow recovery as well as a weakening of the company's liquidity profile. On the back of weak results in H1-21, Moody's expects that Centrient's Moody's-adjusted gross leverage (pro forma of the Astral SteriTech pvt. Ltd. (Astral) acquisition, which has closed on August 31, 2021 and excluding cash pooling liabilities) will be close to 10x in 2021. This view already incorporates a moderate recovery in revenue and earnings in H2-21. Centrient's results in H1-21 were below Moody's expectations. The group's operating performance has been negatively impacted by lower demand mainly for SSP & FDF, which was still affected by destocking, but more importantly by lower end customer demand as social distancing and mask mandates resulted in lower communal infections. In addition to lower volumes, Centrient's gross margin was negatively impacted by higher raw material prices, adverse foreign exchange movements and an unfavorable geographic mix, not entirely offset by price increases and favorable shifts in product mix. Centrient's EBITDA and cash generation was furthermore negatively impacted by charges the company classifies as non-recurring, but which Moody's considers in its EBITDA definition. At this junction it remains uncertain if and when the company will be able to restore the gross margin of its existing business to the levels of H1-20 and how this will impact the company's deleveraging trajectory over the next 12-18 months. Social distancing and mask mandates might persist over the foreseeable future, resulting in sustained lower communal infections than pre-pandemic. This uncertainty is reflected in the negative outlook on the ratings. Albeit Centrient's liquidity still being adequate, today's rating action also reflects the fact that the company's liquidity has sharply deteriorated during Q2-21, now being substantially weaker than previously factored into Moody's rating. The company used close to EUR50 million of cash driven by weak EBITDA performance and a working capital buildup of EUR35 million. However, Centrient's liquidity still remains adequate, also supported by higher than expected cash overfunding of the Astral acquisition. Centrient's weak standalone performance comes at a time, when the company just closed the all debt financed acquisition of Astral. Albeit a strong strategic rationale for the acquisition, the all debt financing of the acquisition and the additional earn-out construct to finance the acquisition are reflective of a high tolerance for financial risk of the management team and its sponsor Bain Capital, a constraining factor to the rating. Other constraining factors to the rating include the group's small scale; execution risks associated with an ambitious expansion strategy, especially in the finished dosage form (FDF) and statins segments; and industry challenges, such as intense pricing pressure because of current overcapacities, potentially tightening regulations and high compliance costs. The rating is supported by the group's position in the antibiotics market with the largest market shares in both semi-synthetic penicillins (SSP) and semi-synthetic cephalosporins (SSC); and longer-term demand growth supported by a continued trend towards outsourcing at pharmaceutical companies. LIQUIDITY PROFILE Albeit having weakened, the company's liquidity profile is adequate. As of June 21 the company's liquidity sources consisted of EUR14 million of cash on balance sheet and around EUR30 million of availability under its EUR85 million revolving credit facility. In addition the company had availabilities of around EUR6 million under local facilities. Moody's also understands that the company's cash on balance sheet benefitted from a material cash overfunding of the Astral acquisition. In combination with FFO generation forecasted to be around 15-20 million in the next 12 months, these sources should be sufficient to accommodate capital expenditures of around EUR25 million and swings in working capital. Any shortfall relative to these expectations can result in a further weakening of Centrient's liquidity profile. STRUCTURAL CONSIDERATIONS The group's first-lien senior secured bank credit facilities, including the EUR85 million RCF and the EUR515 million senior secured term loan B, are rated B3. These instruments benefit from a security package, including share pledges, intercompany receivables and bank accounts. The facilities also benefit from the protective layer of loss absorption provided by the EUR75 million equivalent second-lien loan in an event of default. However, the second-lien loan is of small size relative to first lien senior secured term loan B and revolving credit facility and does not provide enough loss absorption cushion for the first-lien facilities to be rated above the company's corporate family rating. RATING OUTLOOK The negative outlook on Centrient's rating reflects the risk of a downgrade of the rating in case the group's liquidity profile further deteriorates or its leverage would not decline towards 7.5x in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although currently unlikely Moody's could upgrade Centrient's rating if its leverage would decline towards 5.5x on a sustainable basis and the company would consistently generate positive FCF and improve its liquidity profile. Moody's could downgrade Centrient's rating if Centrient's liquidity profile would further deteriorate, or its leverage would not decline to 7.5x. Negative pressure on the rating could also build up if competition intensifies, resulting in a deterioration in the operating performance of the core products (SSP and SSC). PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemical Industry published in March 2019. COMPANY PROFILE Headquartered in the Netherlands, Centrient is a leading manufacturer and business-to-business supplier of active pharmaceutical ingredients (API) and FDFs to pharmaceutical companies. Proforma the Astral acquisition the company generated revenues of around EUR500 million and company defined adjusted EBITDA of EUR111 million in 2020. Since 2018 the company is owned by private equity firm Bain Capital. FAB CBO 2003-1: Moody's Affirms 'Ca' Rating on 2 Tranches --------------------------------------------------------- Moody's Investors Service has upgraded the ratings of the following classes of notes issued by FAB CBO 2003-1 B.V.: EUR14.5M (Current Outstanding Balance EUR3,081,426.91) Class A-3E Floating Rate Notes, Upgraded to A1 (sf); previously on Apr 9, 2019 Upgraded to Baa3 (sf) EUR8M (Current Outstanding Balance EUR1,700,097.61) Class A-3F Fixed Rate Notes, Upgraded to A1 (sf); previously on Apr 9, 2019 Upgraded to Baa3 (sf) Moody's has also affirmed the ratings on the following Notes: EUR8M (Current Outstanding Balance EUR9,340,338.88) Class BE Floating Rate Notes, Affirmed Ca (sf); previously on Apr 9, 2019 Affirmed Ca (sf) EUR7M (Current Outstanding Balance EUR10,793,979.65) Class BF Fixed Rate Notes, Affirmed Ca (sf); previously on Apr 9, 2019 Affirmed Ca (sf) This transaction is a structured finance collateralized debt obligation ("SF CDO") backed by a portfolio of European SF assets composed primarily of RMBS. RATINGS RATIONALE The upgrade action on the notes is primarily a result of the deleveraging of the transaction, following amortisation of the underlying portfolio. Earlier than expected repayments and asset sales account for a significant proportion of the amortisation. The Class A-3E and Class A-3F notes have paid down by approximately EUR4.2M and EUR2.3M respectively in the last 12 months. As a result, Class A3 Notes over-collateralisation (OC) ratio has increased to 260.8% as per August 2021 trustee report [1], compared to 194.1%, as per the August 2020 report [2]. Moody's notes that the August 2021 principal payments are not reflected in the reported OC ratio. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating SF CDOs" published in June 2021. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in May 2021. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the notes, in light of uncertainty about credit conditions in the general economy. In particular, the length and severity of the economic and credit shock precipitated by the global coronavirus pandemic will have a significant impact on the performance of the securities. Additional uncertainty about performance is due to the following: Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. =========== R U S S I A =========== ENERGOMASHBANK: Bank of Russia Ends Provisional Administration -------------------------------------------------------------- The Bank of Russia, on Sept. 17, 2021, terminated the activity of the provisional administration appointed to manage the credit institution ENERGOMASHBANK Plc (hereinafter, the Bank). According to the assessment of the provisional administration, the value of the Bank's assets is insufficient to fulfil its obligations to creditors. On September 3, 2020, the Arbitration Court of St Petersburg and the Leningrad Region recognized the Bank as insolvent (bankrupt) and initiated a bankruptcy proceeding against it. The State Corporation Deposit Insurance Agency was appointed as receiver. Further information on the results of the activity of the provisional administration is available on the Bank of Russia website. Settlements with the Bank's creditors will be made in the course of the bankruptcy proceeding as the Bank's assets are sold (enforced). The quality of these assets is the responsibility of the Bank's former management and owners. The provisional administration was appointed by virtue of Bank of Russia Order No. OD-1113, dated June 9, 2021, following the revocation of the Bank' banking license. PLATINA LTD: Bank of Russia Appoints Provisional Administration --------------------------------------------------------------- The Bank of Russia, by virtue of its Order No. OD-1938, dated September 17, 2021, revoked the banking license of Moscow-based Commercial Bank PLATINA LTD (Registration No. 2347; hereinafter, the Bank). The Bank ranked 246th by assets in the Russian banking system. The Bank of Russia made this decision in accordance with Clauses 6 and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and Banking Activities", based on the facts that the Bank: -- violated federal banking laws and Bank of Russia regulations, making the regulator repeatedly apply supervisory measures over the last 12 months; and -- committed violations of the anti-money laundering and counter-terrorist financing laws and Bank of Russia regulations. The Bank conducted large-scale non-transparent transactions to enable payments between individuals and illegal online casinos and bookmakers. The Bank of Russia appointed a provisional administration to the Bank for a period until the appointment of a receiver or a liquidator. In accordance with federal laws, the powers of the credit institution's executive bodies were suspended. Information for depositors: Commercial Bank PLATINA LTD is a participant in the deposit insurance system; therefore, its depositors will be compensated for their deposits in the amount of 100% of the balance of funds, but no more than a total of RUR1.4 million per depositor (including interest accrued), taking into account the conditions stipulated by Chapter 2.1 of the Federal Law ‘On the Insurance of Deposits with Russian Banks'. Deposits are to be repaid by the State Corporation Deposit Insurance Agency (hereinafter, the Agency). Depositors may obtain detailed information regarding the repayment procedure 24/7 at the Agency's hotline (8 800 200-08-05) and on its website (https://www.asv.org.ru/) in the Deposit Insurance / Insurance Events section. =========== S W E D E N =========== POLYSTORM BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable --------------------------------------------------------- Moody's Investors Service has assigned a B2 corporate family rating and a B2-PD probability of default rating to Polystorm Bidco AB (Polygon or the company), the top entity of the new restricted group of Polygon. Concurrently, Moody's has assigned B1 ratings to the senior secured EUR430 million first-lien term loan B1 and EUR55 million delayed draw first-lien term loan B2, both with 7 years tenor, and to the senior secured EUR90 million revolving credit facility with 6.5 years tenor, all to be borrowed by the company. The outlook on all ratings is stable. At the same time, Moody's has withdrawn the B1 CFR and B1-PD PDR on Polygon AB, the former parent of Polygon. The existing B1 rating and stable outlook on the senior secured notes will be withdrawn upon the completion of the transaction. The proceeds from the new senior debt facilities will be used alongside a new second-lien term loan (unrated) and equity financing to fund the proposed acquisition of Polygon by AEA Investors LP (AEA), cover related transaction costs and provide pre-funding for future earn-out payments. The delayed draw first-lien term loan is available for 18 months for potential future acquisitions. AEA, who will own around 62% of shares post transaction, is acquiring the company alongside co-investors and Polygon's management. The transaction is expected to close in the later part of H2 2021, subject to customary regulatory approvals. The B2 CFR balances the high Moody's-adjusted leverage expected to be around 6.4x, pro-forma LTM June 2021, against a strong business profile, underpinned by its leading position in its key markets, track record of growth and business resilience. The rating also reflects Moody's expectation that the company will delever to around 6.0x over the next 12-18 months supported by steady recurring claims and favourable industry dynamics. RATINGS RATIONALE The B2 rating reflects the company's leading market position in the fragmented European property damage restoration (PDR) market; broad service offering with advanced technical and digital capabilities and high operational flexibility; long-standing customer relationships and high share of sales under framework agreements; positive market dynamics and fragmented PDR market, providing further growth opportunities; relatively low cyclicality of its business model also reflected by the resilient operating performance in 2020, which continued in H1 2021; and flexible cost base, that provides some margin stability. At the same time, Polygon's credit quality is constrained by the high opening leverage estimated at around 6.4x on a Moody's adjusted basis; ongoing margin pressure from the competitive PDR market and wage inflation; reliance on the quality and speed of its service offering to maintain its competitiveness; some revenue volatility from activities driven by extreme weather events or other one-off projects; and its growth-oriented business strategy, implying the risks of further debt-funded acquisitions, that could slow the deleveraging pace. Governance risks mainly relate to the company's private-equity ownership, which tends to tolerate a higher leverage, a greater propensity to favour shareholders over creditors as well as a greater appetite for M&A to maximise growth and their return on investment. STRUCTURAL CONSIDERATIONS Upon completion of the transaction, Polygon's new capital structure will consists of a EUR430 million senior secured first lien term loan B1 and a EUR55 million delayed draw first lien term loan B2, both ranking pari passu with a new EUR90 million senior secured RCF. These facilities are rated one notch above the CFR reflecting their seniority in the capital structure, given the presence of a EUR120 million second lien financing (not rated). The instruments share the same security package and are guaranteed by a group of companies representing at least 80% of the consolidated group's EBITDA. The security package is relatively weak, consisting of shares, bank accounts and intercompany loans. The B2-PD is at the same level as the CFR, reflecting the use of a standard 50% recovery rate as is customary for capital structures with first and second lien bank loans and a covenant-lite documentation. Part of the new equity contribution will enter the restricted group in the form of a shareholder loan, which meets Moody's criteria for equity treatment. LIQUIDITY Moody's views Polygon's liquidity as adequate. Post transaction, the company will have EUR25 million of cash on balance sheet and EUR90 million of undrawn RCF. Moody's expects these sources of liquidity, in addition to the expected positive FCF, to provide sufficient headroom to cover working capital and capital spending needs over the next 12-18 months. The debt structure is covenant-lite, with one springing maintenance covenant set at 7.8x senior secured net leverage tested only when the RCF is drawn more than 40%. The company is expected to maintain ample headroom under this covenant over the next 12-18 months. The company will not have any major debt maturity until 2028. RATING OUTLOOK The stable outlook reflects Moody's expectation that the company will continue to grow in scale while maintaining stable margins, supporting a deleveraging to around 6.0x over the next 12-18 months. The outlook also assumes that the company will continue its external growth strategy in a prudent manner and that it will maintain an adequate liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating could develop if Moody's adjusted debt/EBITDA falls towards 4.5x on a sustainable basis while sustaining its current margins; Moody's adjusted FCF/debt moves above 5% on a sustained basis and improves its liquidity profile to good. An upgrade will also require a commitment to a conservative financial policy, including the absence of any excessive profit distributions to shareholders or large debt-funded acquisitions. Downward pressure on the ratings could arise if Moody's adjusted debt/EBITDA remains above 6.0x on a sustained basis, if Moody's adjusted EBIT margin falls below 5%, Moody's adjusted FCF turns negative on a sustained basis or the liquidity position deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Environmental Services and Waste Management Companies published in April 2018. COMPANY PROFILE Headquartered in Stockholm, Sweden, Polygon provides property restoration services for water and fire damage, major and complex claims, temporary climate solutions and leak detection services. The group is present in 16 countries in Western and Northern Europe, North America and Singapore, and employs more than 5,500 people across more than 350 depots. ============= U K R A I N E ============= KERNEL HOLDING: Fitch Alters Outlook on 'BB-' LT IDRs to Positive ----------------------------------------------------------------- Fitch Ratings has revised Ukrainian commodity processor Kernel Holding S.A.'s Outlook to Positive from Stable. Its Long-Term Foreign- (FC) and Local-Currency (LC) Long-Term Issuer Default Ratings (IDR) have been affirmed at 'BB-'. The Outlook revision reflects Fitch's expectations that Kernel will maintain its conservative capital structure after completion of its expansion programme in FY22 (ending June 2022). This, together with increasing scale, improved product diversification and a record of financial discipline, points to a strengthening credit profile. Kernel's FC IDR continues to benefit from a two-notch uplift from the Ukrainian Country Ceiling of 'B', due to strong hard-currency debt service ratios. The Positive Outlook for the FC IDR also captures an improving operating environment in Ukraine (B/Positive). The IDRs of Kernel balance its concentration of commodities sourcing in one region and moderate scale against its heavy-asset business structure with vertical integration into commodities sourcing and logistic infrastructure, resulting in stronger profitability than international peers', and its low leverage. KEY RATING DRIVERS Record Profits to Normalise: Fitch expects Kernel to post a second year of record EBITDA in FY21 of around USD690 million (FY20: USD436 million as adjusted by Fitch). Fitch assumes profit growth will be mainly driven by strong results in the trading, infrastructure and farming segments, while the core oil processing segment has seen material contraction in profitability to USD19 EBITDA/tonne in 3QFY21 versus historical levels of USD50-USD80/tonne. Fitch expects normalisation of profits in trading in FY22-FY24, which together with a recovery of margin in the oil division should result in sustainable annual EBITDA at around USD400 million. Global Commodity Seller: Kernel's LC IDR is rated above Ukraine's 'B' LC IDR. This reflects Fitch's view that the group's increasing commodities export operations to global markets, facilitated by its Swiss-based Avere trading unit, justifies a higher assessment of the overall operating environment applied to Kernel's credit profile compared with that of Ukraine, where the majority of the group's assets are located. Rating Above Country Ceiling: Kernel's FC IDR is rated two notches above Ukraine's Country Ceiling of 'B' and at the same level as the company's LC IDR. The uplift reflects Fitch's expectation that the group will maintain substantial offshore cash balances and a comfortable schedule of repayments for its FC-denominated debt, refinance any upcoming material debt maturities well in advance, and ensure a hard-currency debt service ratio above 1.5x over FY22-FY23 with sufficient headroom (FYE21E: 2.6x). Conservative Capital Structure: Anticipated strong EBITDA in FY21 will translate into positive free cash flow (FCF) in the year, despite high capex relative to the past of up to USD190 million. This will allow Kernel to avoid a temporary hike in its leverage in FY21 and smooth the impact of remaining expansionary spending planned for FY22 on its leverage profile over the next two years. Assuming EBITDA normalisation to USD400 million and capex of around USD260 million, Fitch estimates readily marketable inventories (RMI) funds from operations (FFO) net leverage to increase to only 2.1x in FY22, a financial structure that, if maintained, would be commensurate with a higher rating. Improving Diversification: Kernel continues to reduce its reliance on a single commodity, sunflower oil, with growing grain-trading operations (primarily corn, wheat and barley). Fitch estimates that the oilseed processing segment contributed less than 5% to group EBITDA in FY21 (based on preliminary reported figures; before unallocated costs) due to material contraction in crushing margin; this was more than compensated by record profits in the trading and farming segments. Fitch estimates that the share of sunflower oil in the group's EBITDA will remain below 35% over FY22-FY24. Continued Growth in Scale: Current expansionary projects, including a new export terminal in the Black Sea and renewable energy plants, should support further growth of Kernel's scale and business diversification, contributing to a stronger credit profile in the medium term. Given Kernel's strong record in green field projects, Fitch assesses execution risks related to the projects as limited. Revenue and profit growth should be supported by its Avere's growing operations, but Fitch conservatively assumes only modest contribution to group profits given the high profit volatility under this segment. Concentrated Commodities Sourcing: Kernel remains largely reliant on Ukraine for sourcing commodities it sells to global markets. This exposes it to a contraction in the Ukrainian harvest. However, despite a weakening in farmers' access to external financing over the past few years, this has not dented Kernel sourcing volumes. Even in FY21, despite the sharp harvest decline, Kernel was able to ensure a minimum 85% capacity utilisation at its crushing plants. Fitch also believes it would be able to manage such risks in future due to its leading market position, ownership of two port-terminal facilities and other infrastructure assets, and better access to external liquidity than many of its Ukrainian competitors. Asset-Heavy Business Model: Kernel has a stronger FFO margin (FY21, based on preliminary reported figures: 11%) than global agricultural commodity processors and traders. This is due to its asset-heavy business model with substantial processing operations (relative to trading) and infrastructure assets, and integration into farming. This also allows the group to retain leading market positions in sunflower oil and grain exports, and is positive for its credit profile. Challenging Sunflower Oil Market: The Ukrainian sunflower oil market is characterised by excess of crushing capacity over seeds supply, which creates a challenging environment to procure seeds, increases costs and compresses margin for sunflower oil producers, particularly in years of low harvest. Although the gap between demand and supply of seeds is reducing due to an anticipated increase in harvest, Fitch expects this to remain a source of moderate volatility in Kernel's profitability over the medium term. Margins are also exposed to volatile international sunflower oil prices, which have recovered in FY20-FY21 from their FY19 lows. Based on current market prices Fitch assumes further growth in FY22, followed by normalisation toward the historical five-year average. DERIVATION SUMMARY Kernel is rated above Aragvi Holding International Limited's (Trans-Oil; B/Stable), Moldova's sunflower oil producer and commodity trader. Both companies operate under vertically integrated models, which include sizeable logistics and infrastructure assets. The two-notch differential between the companies' ratings is explained by Kernel's greater business scale, ownership of farming operations, which limits sourcing and procurement risk, as well as lower leverage. Kernel's 'BB-' IDR is in line with the France-based sugar trader of comparable scale, Tereos SCA (BB-/Stable). Compared with Tereos, Kernel has a stronger financial profile, but this is balanced by dependence on a single sourcing region, Ukraine, compared with Tereos's ability to source from two regions, Europe and Brazil. Kernel's rating is one notch below of Andre Maggi Participacoes S.A. (Amaggi; BB/Stable), a Brazilian commodity trader of comparable scale. Both companies are exposed to risks related to sourcing commodities from one region, as well as to supply-and-demand imbalances and stiff competition. Kernel's profile benefits from expected lower leverage metrics, which is balanced by higher operating environment and systemic governance risks in Ukraine compared with Brazil's. Kernel's rating is higher than Ukrainian poultry producer MHP (B+/Stable), which is more exposed to the domestic market than Kernel, although it operates in a less volatile sector. Kernel's IDR is multiple notches below that of global diversified traders, such as Cargill Incorporated (A/Stable), Archer Daniels Midland Company (A/Stable), Bunge Limited (BBB-/Stable), and Viterra Limited (BBB-/Stable), mainly due to smaller scale and lower diversification both in commodity sourcing region and type of commodities traded. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Revenue increasing to USD5.2 billion in FY21 (FY20: USD4.1 billion), mainly driven by a significant increase in trading operations and the new infrastructures Kernel is building in Ukraine; -- Continued revenue growth in FY22 toward USD6.4 billion, driven by the launch of new oil processing capacities, and continued growth in trading operations. Flat to low-single digit decline in revenue over FY23-FY24, mainly due to assumed commodity price correction after high levels in FY21-FY22. -- EBITDA margin of 13.2% in FY21 (10.6% in FY20), supported by solid results of trading and infrastructure operations, which together with strong profitability in the farming division will have more than compensated an anticipated profit decline in its core oil processing segment. Fitch expects EBITDA margins would reduce toward 6%-7% in FY22-FY24, assuming normalized profitability in trading and farming operations, only partly offset by margin recovery in oil processing. -- Capex at around USD250 million in FY22, which includes investments in the completion of an oilseed processing plant in western Ukraine and for cogeneration heat and power plants. Capex at around USD80 million per year in FY23-FY24. -- Dividends at around USD35 million per year in FY21-FY24. -- Share buyback programme of USD250 million conducted over FY22 FY24. -- No material M&A to FY24. RATING SENSITIVITIES Developments that may, individually or collectively, lead to positive rating action/upgrade: -- Improved scale and diversification, reflected in EBITDA trending towards USD500 million and increasing EBITDA contribution from commodities/services not related to sunflower oil; -- Adherence to conservative risk-and-corporate governance management principles, including in Avere's operations; -- RMI-adjusted FFO net leverage at 2.5x to 3.0x on a sustained basis; -- RMI-adjusted FFO interest cover above 5.0x on a sustained basis; and -- Neutral to positive FCF margin. For FC IDR only Upgrade of the LC IDR in conjunction with: -- Upgrade of the Ukrainian Country Ceiling while maintaining the minimum hard-currency debt service ratio at 1.5x for a sustained period, as per Fitch's methodology Rating Non Financial Corporates Above the Country Ceiling. Developments that may, individually or collectively, lead to a revision in Outlook to Stable -- Change in the financial policy or material increase in shareholder distributions leading to RMI-adjusted FFO net leverage increasing to above 3.0x on a sustained basis may result in Outlook revision to Stable. For FC IDR only -- Ukraine's Country Ceiling being maintained at current level Developments that may, individually or collectively, lead to downgrade: -- RMI-adjusted FFO net leverage above 3.5x on a sustained basis; -- Internal liquidity score below 0.8x due to operating underperformance or shift in debt structure towards short-term debt or inability to procure sufficient working-capital facilities to cover operational activity; and -- RMI-adjusted FFO interest cover below 4.0x on a sustained basis. For FC IDR only -- Hard-currency debt service ratio falling below 1.5x over 18 months as calculated in accordance with Fitch's methodology Rating Non-Financial Corporates Above the Country Ceiling. This would remove the ability to be rated above Ukraine's Country Ceiling by two notches; and -- Downgrade of Ukraine's Country Ceiling to 'B-'. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Satisfactory Liquidity: Fitch estimates Kernel to have had over USD450 million of Fitch-defined readily available cash as of end-June 2021, which was more than sufficient to cover short-term financial liabilities of USD237 million, including outstanding USD213 million bonds maturing in January 2022. Fitch expects the Fitch liquidity ratio to remain healthy at 1.4x at FYE21 compared with 2x as of FYE20. Kernel will also use its liquidity to finance USD260 million capex and working-capital investments for FY22. In addition, Kernel has access to an USD300 million of sunflower oil pre-export credit facility and a grain pre-export facility of USD200 million. For commodity processors and traders, Fitch assesses internal liquidity using a liquidity score defined as unrestricted cash and cash equivalents balances, third-parties account receivables, and RMI (discounted by 30% for Kernel), divided by all current liabilities, including trade payables and financial debt maturing over the next 12 months. Fitch considers 40% of cash at Avere as largely restricted from debt servicing at Kernel's level, as it is used for Avere's own purposes, and Kernel should only have access to it through dividends or service or management fees. ISSUER PROFILE Kernel is the world's largest sunflower oil producer and exporter responsible for nearly 16% of global sunflower oil traded volumes in 2020. It benefits from ownership of infrastructure assets (silos and sea terminals) and vertical integration into crop growing, being one of the biggest crop producers and exporters in Ukraine with about 500,000 hectares of farmed land. 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. =========================== U N I T E D K I N G D O M =========================== BRITISH AMERICAN TOBACCO: Moody's Rates New Jr. Hybrid Notes 'Ba1' ------------------------------------------------------------------ Moody's Investors Service has assigned a Ba1 long-term rating to the proposed perpetual junior subordinated ("hybrid") notes to be issued by British American Tobacco p.l.c. (BAT or the company). The outlook on the rating is stable. The assigned rating assumes there will be no material variations to the draft legal documentation and the size of the hybrid issuance remains subject to market conditions. BAT's Baa2 long-term issuer rating and stable outlook are unaffected by the new rating assigned. "The Ba1 rating assigned to the hybrid bonds is two notches below BAT' long-term issuer rating of Baa2, primarily because the bonds are deeply subordinated and ranking senior only to common equity in the company's capital structure," says Roberto Pozzi, a Moody's Senior Vice President and lead analyst for BAT. The proceeds will be used for general corporate purposes including repayment of debt. RATINGS RATIONALE ASSIGNMENT OF Ba1 RATING TO THE BONDS The Ba1 rating assigned to the hybrid notes is two notches below BAT's long-term issuer rating of Baa2. The two-notch rating differential reflects the deeply subordinated nature of the hybrid debt. The hybrid instrument (1) is perpetual; (2) deeply subordinated ranking senior only to common equity, and pari passu with preference shares; (3) has no events of default; (4) provides the company with the option to defer coupons on a cumulative basis; and (5) has no step-up in interest rate prior to year 10 and only 25 bps 5 years after the first reset date (year 10.25) and 75 bps 20 years (year 25.25) after the first reset date. In Moody's view, the notes have equity-like features to allow them to receive basket "C" treatment, i.e. 50% equity and 50% debt for financial leverage. BAT's long-term issuer rating is supported by its position as the world's largest tobacco company in terms of revenue, with strong market positions in multiple countries and a brand portfolio that includes five of the 10 best-selling cigarette brands globally. The tobacco industry remains challenged by regulatory pressure and declining sales volume of traditional cigarettes. However, BAT, as well as other tobacco companies, continues to display strong pricing power, thereby more than offsetting the lower shipments. Although litigation remains a latent risk, the industry has a track record of reaching settlements out of court and limiting the damages paid to manageable levels. Leverage, measured in terms of Moody's-adjusted gross debt to EBITDA, was 4.0x as of June 30, 2021, up from 3.8x as of December 31, 2020. The increase in leverage mainly reflects higher gross debt as a result of commercial paper issuance during the period. Moody's adjusted gross debt amounted to GBP46.33 billion in June compared with GBP45.29 billion in December. Moody's understands that BAT intends to review its capital allocation in due course, but remains committed to maintaining leverage at least in line with the current rating requirements. Any rating upside is currently constrained by the company's limited progress in developing its potentially reduced-risk products portfolio, comprising heat-not-burn, e-vapour and modern oral tobacco products. These products represented a modest 6% of BAT's net revenues in 2020, although the company's portfolio is well diversified and should be well placed to meet still evolving consumer demand and regulatory requirements. LIQUIDITY BAT's liquidity is adequate, reflecting robust and reliable free cash flow generation and available cash balances, but also significant debt maturities and the need to extend available credit facilities. As at June 30, 2021 BAT had cash and cash equivalents of GBP1.7 billion (excluding around GBP1.3 billion of restricted cash) and Moody's estimate sustained positive free cash flow generation of over GBP2 billion per annum in 2021-22. BAT has access to a GBP5.85 billion backed senior unsecured revolving credit facility, split between a GBP2.85 billion 364-day facility with a one year extension option remaining and a one year term out option, and a GBP3 billion facility available until 2025, after which it will reduce to GBP2.85 billion until 2026 with a one year extension option remaining. These facilities were undrawn as of June 30, 2021 and bear no financial covenants. STRUCTURAL CONSIDERATIONS The proposed hybrid notes will be issued by British American Tobacco p.l.c, which is the parent company of the BAT group. The Ba1 rating assigned to these notes is two notches below BAT's long-term issuer rating of Baa2, primarily because the bonds are deeply subordinated to ranking, senior only to common equity in the company's capital structure. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Moody's regards the coronavirus pandemic as a social risk under its ESG framework, given the substantial implications for public health and safety. Moody's believes the company's governance culture is good and recognises that it has stated that it intends to maintain credit metrics in line with current levels. In 2016, the Institute of Directors' 2016 Good Governance Report named BAT as the best among UK-listed FTSE 100 companies in terms of corporate governance performance. The global tobacco sector is subject to high social risks related to the association of the use of its traditional combustible products to health issues such as cancer. Claims by tobacco manufacturing companies that a new generation of tobacco products, including heated tobacco and e-vapour, have reduced risk effects in human health are yet to be recognised by regulators. Although litigation remains a latent risk, there has been only one major litigation case that has resulted in substantial cash settlements, namely the Master Settlement Agreement and the related state settlement agreements with the US states of Mississippi, Florida, Texas and Minnesota, signed in 1998. As a group, BAT is subject to substantial annual payment obligations under these agreements and made cash payments totaling $2.8 billion in 2020. OUTLOOK The stable outlook reflects Moody's expectation that leverage, measured in terms of Moody's adjusted gross debt to EBITDA, will further improve over the next 12-18 months, so that BAT will be more comfortably positioned in the current rating category. The stable outlook also assumes that the contribution of reduced-risk products to group revenues will gradually increase over the next two years. The stable outlook does not factor in any meaningful payment related to ongoing and potential future litigations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure is unlikely to develop without a substantially greater proportion of revenue from the new product categories, which are viewed as more sustainable in the long run compared to combustibles. Quantitatively, an upgrade would also require leverage, measured in terms of Moody's adjusted gross debt to EBITDA, to be maintained sustainably below 3.5x. An upgrade would also require broadly unchanged trends in terms of net revenue from combustibles, a broadly stable regulatory albeit regulatory environment and the absence of major litigation risks in the near to medium term. Negative pressure could result from a combination of leverage not being maintained below 4x, a fundamental erosion of the company's market position resulting in a decline in operating profit or cash outflows related to ongoing or future litigation. Unexpected regulatory changes, particularly in relation to menthol cigarettes, or failure to meaningfully expand the reduced-risk portfolio over the next few years could also exert negative rating pressure on the rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods Methodology published in February 2020. BUPA FINANCE: Moody's Rates Tier 1 Convertible Notes 'Ba1(hyb)' --------------------------------------------------------------- Moody's Investors Service has assigned a Ba1(hyb) rating to the fixed rate reset perpetual restricted Tier 1 contingent convertible notes to be issued by Bupa Finance Plc ("the issuer", A3, outlook negative) the intermediate holding company of the Bupa Group ("Bupa" or "the Group"). The rating is based on the expectation that there will be no material difference between current and final documentation in relation to the notes. The "high trigger" contingent capital securities will convert into ordinary shares if the Group's Solvency II coverage ratio breaches certain triggers. RATINGS RATIONALE The Ba1(hyb) rating of the notes reflects their deeply subordinated status (the notes rank junior to the issuer's senior creditors including instruments that qualify as Tier 2 capital and senior to ordinary shares), and the risk of coupon cancellation on a non-cumulative basis (coupons can be cancelled at any time at the issuer's option and are mandatorily cancelled in certain circumstances, including if the Group's Solvency II ratio falls below 100%). The notes will be converted in full into ordinary shares if the Group's Own funds fall to or below 75% of the Group's Solvency capital requirements (SCR), or if the Group's Own funds fall below 100% of SCR for more than three months. The notes will also be converted in full to ordinary shares if the Group's Own funds fall to or below the Group's minimum capital requirement. Moody's assesses the probability of a conversion trigger breach using an approach that is model-based. The model takes into account the Group's creditworthiness as captured by the A1 insurance financial strength rating ("IFSR") of Bupa Insurance Ltd ("BINS", A1, outlook negative), the main UK private medical insurance business of the wider Bupa Group, and Moody's expectation of the Group Solvency II ratio. The Ba1(hyb) rating assigned to the notes is resilient given the Group's latest published Solvency II ratio (End June, 2021: 163% which is towards the upper end of the Group's target working range of 140%-170%), its disclosed ratio sensitivities and good capital generation. The Ba1(hyb) rating is below the notional rating that would apply to the issuer's preferred stock absent equity conversion or principal write-down features. According to the terms and conditions of the notes, the issuer may substitute or vary the terms of the notes under certain circumstances, although Moody's believes that the terms cannot be changed in a way that is materially adverse to the investor. The notes -- whose proceeds are to be used for general corporate purposes including without limitation the redemption of some of the outstanding GBP500,000,000 5.000% Fixed Rate Subordinated Notes due 2023 -- are intended to qualify as restricted Tier 1 capital under Solvency II. Their hybrid features will result in some equity credit under Moody's debt equity continuum based on the notes' maturity, interest deferral features, and subordination. Moody's expects the issuance in itself to slightly decrease Bupa's adjusted financial leverage (H1 21: 31.1%) given the high equity characteristics and leverage would be further decreased by any redemption of the subordinated notes due 2023. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The key drivers of the notes' rating are the level of the Group's Solvency II ratio and the A1 IFSR. The notes could be upgraded if the Group's Solvency II ratio is consistently above the top end of its current target working range of 140%-170% and/or if the A1 IFSR of BINS is upgraded. Conversely, the notes could be downgraded if the Group's Solvency II ratio is consistently below the bottom end of its current target working range and/or if the A1 IFSR of BINS is downgraded. LIST OF AFFECTED RATINGS Issuer: Bupa Finance Plc Assignment: Preferred Stock Non-Cumulative, assigned Ba1(hyb) PRINCIPAL METHODOLOGY The principal methodology used in this rating was Property and Casualty Insurers Methodology published in November 2019. DERBY COUNTY: To Enter Administration, Faces Points Deduction ------------------------------------------------------------- Simon Collings at Evening Standard reports that championship club Derby County have applied to enter administration. The Rams, who are coached by former England captain Wayne Rooney, announced the decision on Sept. 17, Evening Standard relates. According to Evening Standard, the club say they "had no choice but to make the tough decision" to file notice to appoint administrators. Derby added the move was due to "a number of developments", including a failure to identify new owners and the continuing impact of Covid-19 on revenue streams, Evening Standard discloses. The club, who are 16th in the Championship, are set to face a mandatory points deduction as a result of the move, Evening Standard notes. The club are already facing separate points penalties for prior breaches of Financial Fair Play rules, Evening Standard states. EVRAZ PLC: Moody's Ups Unsecured Notes to Ba1 & Withdraws Ba1 CFR ----------------------------------------------------------------- Moody's Investors Service has upgraded the senior unsecured notes issued by EVRAZ plc to Ba1 from Ba2. At the same time, Moody's has withdrawn the company's Ba1 corporate family rating and Ba1-PD probability of default rating, as per the rating agency's practice for corporates transitioning to investment grade. The outlook remains stable. "The upgrade reflects the stronger credit profile of the EVRAZ group overall, which we now view as comparable in aggregate to Baa3 peers. However, the Ba1 senior unsecured instrument rating at the EVRAZ plc holdco level is still positioned a notch lower reflecting continued structural subordination of this instrument to senior unsecured debt raised at operating company level. The upgrade also reflects our expectation that the company will maintain strong credit metrics and conservative financial policy post coal assets demerger under various steel, coal and iron ore price scenarios" says Denis Perevezentsev, a Vice President-Senior Credit Officer at Moody's. RATINGS RATIONALE The upgrade of EVRAZ plc' senior unsecured ratings is a function of a stronger credit quality of EVRAZ group overall, reflected in the company's strong operational and credit metrics, on par with Baa3 peers. Its strong business profile reflects its status as the fourth largest crude steel producer by volume in Russia and the largest manufacturer of long products for the construction and railway industries in Russia and the CIS, as well as its strong positions in large diameter and OCTG pipes and rails in the North American markets. EVRAZ also holds a leading position as an individual supplier of vanadium with around 14% global market share (in terms of vanadium oxide) owing to vanadium rich ores extracted at its iron ore deposit in Russia. The company benefits from its vertically integrated business model as iron ore and coking coal production covers over 70% and 230% of the steel segment's requirements in these commodities, respectively, contributing to sustainability of results through the cycle. At the same time, the Ba1 rating on the notes takes into account the structurally subordinated nature of these notes to the more senior obligations of the EVRAZ group, including unsecured borrowings at the level of the group's operating companies, including its two core steelmaking plants, EVRAZ NTMK and EVRAZ ZSMK, which make up substantial portion of EVRAZ' overall liabilities. Even if potential demerger of the coal assets is approved and completed, the preponderance of group liabilities is expected to remain at the operating company level. EVRAZ' leverage, as measured by Moody's adjusted debt/EBITDA declined to 1.5x as of June 30, 2021 from 2.3x as of year-end 2020. The deleveraging was achieved by a combination of Moody's adjusted EBITDA expansion to $3.2 billion in the last twelve months ending June 30, 2021 (2020: $2.2 billion) supported largely by higher steel, vanadium and coal prices as well as debt reduction with Moody's adjusted debt declining to $4.8 billion as of June 30, 2021 from $5.1 billion as of year-end 2020. Moody's expects steel prices in EVRAZ' key markets, including Russia, Europe, North America and Asia are likely to remain at the level above the historic averages over the next 6-12 months, supported by very strong demand and low level of steel exports from China, which should support strong credit metrics. EVRAZ currently has a significant coking coal business, with annual coal concentrate and raw coal production of around 18-20 million tonnes per year. Of total coking coal sales of around 19 million tonnes in 2020, it sold around 36% to its steel segment for further use in blast furnaces and the remainder to external customers, largely in Asia and Russia. On April 15, EVRAZ announced that its board of directors had given approval for the company to move forward with preparations for the potential demerger of its coal business. The potential demerger, which Moody's expects to be executed by year-end 2021, would reduce EVRAZ's consolidated revenue by around 10%-15% and its EBITDA by around 20%-25%. It would also reduce the diversification benefits, as EVRAZ currently has self-sufficiency in coking coal at over 200%. However, these factors would be offset by an improving environmental footprint following the demerger, as well as by debt repayment, which would further contribute to EVRAZ's strong credit profile being sustained. The company will continue to enjoy diversification benefits from high steel prices in key markets such as Russia, North America (where its operating facilities are located) and Asia, with a low slab cash cost of $213 per tonne in 2020, supported by rouble depreciation, providing a degree of buffer if the market environment for steel or iron ore products deteriorates. Moody's estimates the company to maintain gross leverage, as measured by Moody's adjusted debt/EBITDA of below 2.0x in 2021-23 irrespectively of whether coal assets remain within EVRAZ or the coal assets demerger is executed as planned. Moody's estimates that the leverage would be 0.2x-0.4x higher as of December 31, 2022 under the scenario of coal assets demerger on December 31, 2021 compared with the scenario of coal assets remaining within EVRAZ as the loss of coal business' EBITDA from 2022 would not be fully offset by lower debt. As of June 30, 2021, EVRAZ had strong liquidity. The company had $1.4 billion in cash and cash equivalents and about $2.7 billion in operating cash flow, which Moody's expects the company to generate over the next 12 months if coal assets demerger is not executed, or $2.4 billion if coal assets demerger is executed as of December 31, 2021. EVRAZ' liquidity was also supported by available credit facilities of around $1.3 billion, some of which were committed long-term credit facilities. This liquidity is sufficient to comfortably cover the company's scheduled debt maturities of $21 million in 2021 and $570 million in 2022, as well as capital spending of up to $1.1 billion over the same 12-month period. EVRAZ's largest debt maturities beyond 2021 are represented by senior unsecured notes of $460 million due 2022, $750 million due 2023 and $700 million due 2024. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Steel is among the 11 sectors with high credit exposure to environmental risks, based on Moody's environmental risk heat map. The global steel sector continues to face pressure to reduce carbon dioxide emissions and air pollution, and will likely incur costs to further reduce these emissions, which could weigh on profitability. Additionally, the move to lighter-weight materials could lead to lower levels of steel usage. EVRAZ produces steel mostly through the blast furnace/basic oxygen furnace route, which has a much higher carbon footprint than the alternative electric arc furnace route. As a global mining and steel company, EVRAZ recognises that continuous growth in its production creates significant environmental obligations. In 2020, EVRAZ updated its environmental strategy to meet expectations of the investment community and broader society and set ambitious goals to reduce the negative impact of the company's activities on the environment by 2030. The concentrated ownership structure creates the risk of rapid changes in the company's strategy and development plans, revisions to its financial policy and an increase in shareholder payouts, which could weaken the company's credit quality. Corporate governance risks are mitigated by the fact that EVRAZ is a listed company, which demonstrates a good level of public information disclosure. The risk that the company might favour shareholders' interests over debt providers' amid substantial dividend distributions is mitigated by the company's commitment to a conservative financial policy, with a total debt and leverage cap. Corporate governance is exercised through the oversight of independent members, who have seven out of the eleven seats on the board of directors, and through the relevant board committees chaired by independent directors. RATIONALE FOR THE STABLE OUTLOOK The stable outlook on EVRAZ plc' rating reflects Moody's expectation that the company will adhere to balanced financial policies, maintain moderate leverage, continue to generate positive post-dividend free cash flow and exhibit healthy liquidity, while Moody's does not expect any near-term changes in the capital structure of EVRAZ with debt at operational companies likely to continue making up substantial share of overall liabilities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade EVRAZ plc's senior unsecured rating if the company's credit profile strengthens, continuing to build a track record of adhering to balanced financial and dividend policies, reducing absolute amount of debt, and generating sustained positive post-dividend FCF post coal assets demerger, while continuing to pursue conservative liquidity management. Even if broad credit quality does not improve, the senior unsecured rating could be upgraded to Baa3 if the balance of liabilities within the group shifts more towards the holding company level, reducing structural subordination pressures. Moody's could downgrade the rating if EVRAZ group's credit quality deteriorates as such that (1) its Moody's-adjusted total debt/EBITDA rises above 2.5x on a sustained basis; or (2) liquidity and liquidity management deteriorate significantly. A downgrade of Government of Russia's (Baa3 stable) sovereign rating could also lead to a downgrade of EVRAZ' ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Steel Industry published in September 2017. LIST OF AFFECTED RATINGS Issuer: EVRAZ plc Upgrades: Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 from Ba2 Outlook Actions: Outlook, Remains Stable Withdrawals: Probability of Default Rating, Withdrawn , previously rated Ba1-PD LT Corporate Family Rating, Withdrawn , previously rated Ba1 EVRAZ is one of the largest vertically integrated steel, mining and vanadium companies in Russia. The company's main assets are its steel plants and rolling mills (in Russia, North America, Europe and Kazakhstan), mining facilities, and trading assets. In the last twelve months ending June 30, 2021, EVRAZ generated revenue of $11.0 billion and Moody's-adjusted EBITDA of $3.2 billion. The company's principal shareholders are Roman Abramovich (28.64%), Alexander Abramov (19.32%) and Alexander Frolov (9.65%). MORTIMER BTL 2019-1: Moody's Hikes Class E Notes Rating to Ba3 -------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of four notes in Mortimer BTL 2019-1 PLC. The rating action reflects better than expected collateral performance and the increased levels of credit enhancement for the affected notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain the current ratings. GBP215.12M Class A Notes, Affirmed Aaa (sf); previously on Jun 21, 2019 Definitive Rating Assigned Aaa (sf) GBP14.255M Class B Notes, Upgraded to Aaa (sf); previously on Jun 21, 2019 Definitive Rating Assigned Aa1 (sf) GBP12.959M Class C Notes, Upgraded to Aa2 (sf); previously on Jun 21, 2019 Definitive Rating Assigned A1 (sf) GBP9.071M Class D Notes, Upgraded to A2 (sf); previously on Jun 21, 2019 Definitive Rating Assigned Baa2 (sf) GBP7.776M Class E Notes, Upgraded to Ba3 (sf); previously on Jun 21, 2019 Definitive Rating Assigned Caa1 (sf) GBP5.184M Class X Notes, Affirmed B2 (sf); previously on Jun 21, 2019 Definitive Rating Assigned B2 (sf) RATINGS RATIONALE The rating action is prompted by better than expected collateral performance and the increased levels of credit enhancement for the affected notes. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio reflecting the collateral performance to date and the performance of similar pools in the UK. The performance of the transaction has been better than initially expected at closing. 90 days plus arrears as a percentage of current balance are currently standing at 0.5% with a pool factor of 86.3%. The transaction has no losses since closing. In addition Moody's considered the performance of more seasoned transactions with similar collateral characteristics in the UK during its review. Moody's assumed the expected loss as a percentage of current pool balance of 1.5%, due to the better than expected collateral performance and benchmarking against similar pools. This corresponds to expected loss assumption as a percentage of the original pool balance of 1.3%. Moody's has also assessed loan-by-loan information as a part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has decreased the MILAN CE to 13% from 16%. Increase in Available Credit Enhancement Sequential amortization and non-amortizing reserve funds led to the increase in the credit enhancement available in this transaction. The credit enhancement for the most senior tranche affected by today's rating action, class B notes, increased to 15.6% from 13.5% since closing. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in December 2020. The analysis undertaken by Moody's at the initial assignment of ratings for an RMBS security may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. PEOPLE'S ENERGY: Ofgen to Appoint New Suppliers After Collapse -------------------------------------------------------------- Kevin Quinn at Midlothian Advertiser reports that Ofgem are currently working to help customers and will appoint new suppliers to take on the households and companies served by People's Energy Company. The Shawfair-based company has announced it is to cease trading, affecting around 350,000 homes, 1,000 businesses and putting 450 jobs at risk, Midlothian Advertiser relates. According to Midlothian Advertiser, commenting, local MSP Colin Beattie (SNP) said: "I am disappointed to hear it is entering administration and fully understand the impact this will have on local jobs and customers. "I have written urgently to the Scottish Government seeking reassurances and assistance for both the employees and customers. If any of my constituents are affected by this issue, please do not hesitate to contact me." If you are an employee affected by this and facing redundancy, call PACE for assistance on 0800 917 8000 or visit https://careers.myworldofwork.co.uk/career-advice/facing-redundancy. SANITY MARKETING: Goes Into Administration ------------------------------------------ Jemma Bufton at Malvern Gazette reports that Malvern-based Sanity Marketing has officially gone into administration after deferring payments to "several key staff" in July and then shutting their doors in August. The company, which operated from Chequers Close, signed the notice to place the company into voluntary liquidation on Aug. 31, Malvern Gazette relates. According to Malvern Gazette, some employees are still waiting for unpaid wages and director Jordan Baker admitted they "deferred payments to several key staff" following "cash flow issues." Purnells has been named as the administrator, a spokesman for the company, as cited by Malvern Gazette, said: "Notices were signed on the August 31, 2021, to place the Company into Creditors Voluntary Liquidation on the September 23, 2021. "Once the Company is in Liquidation, Purnells Insolvency Practitioners will be submitting the employee claims to the Redundancy Payments Service, who will then process and pay all valid employee claims". =============== X X X X X X X X =============== [*] BOND PRICING: For the Week September 13 to September 17, 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 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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 * * *