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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, September 27, 2021, Vol. 22, No. 187

                           Headlines



G E R M A N Y

MEDIAN BV: Fitch Assigns First Time 'B(EXP)' LT IDR, Outlook Stable
MEDIAN BV: Moody's Assigns B3 CFR on Priority Group Planned Merger


G R E E C E

ORANGE2FLY: Files for Bankruptcy Following EUR9.5-Mil. Losses


I R E L A N D

BARINGS EURO 2021-2: Moody's Assigns B3 Rating to Class F Notes
CAPITAL FOUR III: Moody's Gives (P)B3 Rating to EUR11.25MM F Notes
NORDIC AVIATION: Examinership Among Restructuring Options
OCP EURO 2020-4: Moody's Assigns B3 Rating to EUR13MM Cl. F Notes
ST. PAUL'S XI: Moody's Ups Rating on EUR9.8MM Class F Notes to B1

TOP DRAWER: High Court Appoints Interim Examiner


P O R T U G A L

SILK FINANCE 5: Moody's Affirms Ba3 Rating on EUR55MM Cl. C Notes


R O M A N I A

CITY INSURANCE: Damages Expected to Reach RON2.5 Billion


R U S S I A

TAVERN TARAS: FAS Files Bankruptcy Application Against Owner


S W E D E N

STENA AB: S&P Alters Outlook to Stable & Affirms 'B+' ICR


U N I T E D   K I N G D O M

AVRO ENERGY: Octopus Energy to Take On 580,000 Customers
LANEBROOK MORTGAGE 2021-1: Moody's Gives B2 Rating to Cl. X1 Notes
POLO FUNDING 2021-1: S&P Assigns Prelim. BB Rating on C Notes
RRE 9 LOAN: S&P Assigns Preliminary BB- Rating on Class D Notes
TOGETHER ASSET 2021-1ST1: Moody's Gives Ba1 Rating to Cl. X Notes



X X X X X X X X

[*] Ankura Consulting Launches European Restructuring Practice
[*] BOND PRICING: For the Week September 20 to 24, 2021

                           - - - - -


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G E R M A N Y
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MEDIAN BV: Fitch Assigns First Time 'B(EXP)' LT IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Median B.V. an expected first-time
Long-Term Issuer Default Rating (IDR) of 'B(EXP)'. The Outlook is
Stable. Fitch has also assigned an expected senior secured debt
rating of 'B+(EXP)'/RR3/70% to the prospective term loan B (TLB) to
be issued by Median.

The assignment of final ratings is subject to transaction
completion being materially in line with the current terms.

Median's 'B(EXP)' IDR is supported by the company's leading market
positions in the non-cyclical fragmented medical and mental care
rehabilitation healthcare markets in Germany and the UK, embedded
in an overall balanced regulatory environment in both countries.
The rating is negatively influenced by modest operating cash flow
and free cash flow (FCF) margins, with limited ability to
materially improve profitability, despite a meaningful increase in
scale due to high personnel and rental expenses combined with
reimbursement pressure.

The Stable Outlook reflects Fitch's view of the management's
ability to integrate the transformational acquisition of the Priory
Group, manage costs and continue to grow through bolt-on
acquisitions. This should translate into resilient operating
profitability and stable credit metrics, with funds from operations
(FFO) lease-adjusted leverage staying at or below 7.0x, which is
high, but in line with the rating for the sector.

KEY RATING DRIVERS

Pan-European Player, Diversified Service Offering: The merger of
German rehabilitation specialist Median with UK-based behavioural
healthcare service provider Priory creates a pan-European
healthcare platform to address a growing demand for rehabilitation
and mental care in Europe, which has been exacerbated by the
pandemic. Unlike most Fitch-rated EMEA healthcare service
providers, Median will benefit from geographic diversification
across Europe's larger economies with a high share of healthcare
spending. Fitch also notes leading national market positions,
albeit in narrowly defined areas, with a reasonably diverse range
of services, contributing to greater operating resilience at the
combined entity.

High Execution Risks: In Fitch's view, the acquisition of Priory
has high execution risks. It will entail a transformational
cultural change at Priory as Median is introducing its best
corporate practices by giving more responsibility to individual
hospital managers, which requires carefully selected personnel at
each facility and a well-functioning matrix of central vs local
competencies. At the same time, this change follows industrial and
regulatory logic, as competition takes place locally delegating
more responsibilities from NHS to local commissioners.

In contrast, Fitch views the conservatively planned and low-scale
synergies, which will be achieved by centralising or streamlining
certain corporate functions, as low risk and achievable.

Constructive Regulatory Frameworks: Median benefits from stable and
well-funded state-backed healthcare systems in Germany and the UK,
with constructive pricing policies allowing private operators to
pass through most inflationary cost increases. The German state
promotes rehabilitation care over disability pension to reduce the
longer-term burden on the social care system by reintegrating
patients into work life and social life after an acute medical
treatment.

In the UK, under the NHS long-term plan set out in 2019, the
government upheld its funding pledge for adult mental health to
receive a growing share of the NHS's budget of at least GP2.3
billion a year by 2023/2024, which provides a supportive framework
for independent operators such as Median.

High Operating Leverage: The 'B(EXP)' IDR reflects Median's high
operating leverage due to a large proportion of fixed costs,
particularly with regards to personnel and rental costs, which
Fitch estimates at around 60% and 10% of revenue, respectively.
This requires careful revenue and cost management as any larger
than expected adverse movement in occupancy, reimbursement or
personnel costs may materially impact the company's core
profitability. Median's cost base is subject to long-term
underlying trends in the healthcare services sector such as lack of
qualified staff, which could intensify in the UK due to Brexit, and
increasing supervision and care standards.

Deleveraging Limited: Fitch projects FFO lease-adjusted leverage at
or slightly below 7.0x until 2024, which is less aggressive than
European sector peers such as Mehilainen Yhtyma Oy. Fitch considers
that organic deleveraging potential is limited, given modest
operating and cash flow margins, and that the group will offset
organic deleveraging with investments in bolt-on acquisitions.

Strengthening Medium-term FCF: The rating path is contingent on
Median's ability to achieve positive FCF on a sustained basis,
which together with leverage is a decisive factor differentiating
'B' from 'B-' rated sector credits. Fitch projects a change in the
FCF trajectory from the historical neutral-to-negative standalone
FCF for Median to low-single digit positive FCF for the combined
group, assuming a stable EBITDA margin at around 10%.

Fitch views this profitability as achievable in the sector context,
subject to the business regaining pre-pandemic occupancy rates from
2022. Fitch also considers that margins could benefit from further
increases in occupancy rate, improved patient mix and higher acuity
level in the UK as well as reimbursement rate increases in Germany,
marginally offset by lower-rate service and payor mix.

Tight Coverage Metrics: Following the merger, Fitch projects that
Median's FFO fixed charge cover will stay at 1.5x, which Fitch
deems low for the rating. Rental costs account for around 10% of
revenue in Fitch's forecasts, making up for a considerable part of
debt-like service costs. A reduction of the FFO fixed charge cover
to below 1.5x combined with increased leverage levels would signal
a weakening financial risk profile and could put the ratings under
negative pressure.

Latent M&A Risk: Median's intention to make further significant
acquisitions in Germany and internationally poses event risk,
albeit presumably from 2022, once the integration of Priory has
sufficiently advanced. Fitch factors in bolt-on acquisitions of up
to EUR100 million a year funded with a mix of internal cash flows
and incremental debt. Fitch notes the group's record of lowering
acquisition multiples by obtaining proceeds from sale & leaseback
transactions of the property of acquisition targets, and Fitch
acknowledges the deleveraging potential derived from this
approach.

Fitch considers the rating impact of larger acquisitions as event
risk, subject to their business risk and integration complexity, as
well as acquisition economics and funding mix.

DERIVATION SUMMARY

Fitch rates Median in the framework of the ratings navigator for
healthcare providers. Global sector peers tend to cluster in
'B'/'BB' range, driven by the traits of their respective regulatory
frameworks influencing the quality of funding and government
healthcare policies, as well companies' operating profiles,
including scale, degree of service and geographic diversification,
and payor and indication mix. Many sector constituents pursue
dynamic debt-funded M&A strategies given the importance of scale
and limited room for organic return maximisation.

Median's 'B(EXP)' IDR reflects its pan-European operations embedded
in generally balanced regulatory frameworks, albeit with limited
scope for profitability improvement given sector-specific high
operating leverage. Median's credit risk profile is in line with
Mehilainen Yhtyma Oy (B/Stable), whereby Median's lower operating
and cash flow margins are offset by its larger scale and broader
geographic diversification. Fitch tolerates higher FFO adjusted
leverage of 8.0x for Mehilainen vs 7.5x for Median given the
former's record of mid-single digit FCF generation compared with
Median's negative standalone FCF profile, which is projected to
turn sustained positive from 2022, subject to meaningful execution
risks.

Median is rated at the same level as the French hospital operator
Almaviva Developpement SAS (B/Stable) and a number of privately
rated EMEA-based hospital groups, all of which have similar
operating characteristics around stable patient demand with
regulated but limited ability to enforce price increases above
inflation, and the necessity of driving operating efficiencies
while maintaining well-invested clinics networks to safeguard
competitive sustainability.

The ratings of EMEA sector peers tend to be constrained by weak
credit metrics, expressed in highly levered balance sheets as a
result of continuing national and cross-border market consolidation
with FFO adjusted leverage ranging between 7.0x-8.0x and tight FFO
fixed-charge cover ratios of between 1.5x-2.0x.

KEY ASSUMPTIONS

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

-- Organic revenue growth at low-single digits in 2021, mid
    single digits in 2022 and low-single digits in 2023 and 2024;

-- Annual acquisitions of EUR100 million over 2022-2024, boosting
    revenue growth to high-single digits;

-- EBITDAR margin fluctuating around 20.5% over 2021-2024;

-- Rent expense slightly below 11% over 2021-2024, leading to
    EBITDA margin slightly below 10% over 2021-2024;

-- Capex intensity progressively moderating from 4.4% of revenue
    in 2021 to 4% in 2024;

-- No dividends or share buybacks.

Key Recovery Assumptions:

In the recovery analysis Fitch assumes that Median would be
reorganised as a going-concern (GC) in bankruptcy rather than
liquidated given the company's main strong market position across
selected services lines in Germany and the UK rather liquidated
given higher share of rented estate.

Fitch has assumed a 10% administrative claim.

Fitch estimates Median's GC EBITDA assumption at around EUR120
million, reflecting potential integration challenges, adverse
regulatory changes leading to declining occupancy rates,
unfavourable shift in payor/indication mix, or rising costs,
especially given the personnel-intensive business nature plagued by
staff shortages.

An EV/EBITDA multiple of 6.0x is applied to the GC EBITDA to
calculate a post-reorganisation enterprise value.

The choice of this multiple considered the following factors:

-- Social infrastructure asset nature supported by long-term
    demand and high barriers to entry;

-- Geographic diversification with national market relevance and
    constructive regulatory frameworks in both geographies;

-- Trading and acquisition multiples of listed sector peers
    averaging at 10.0x-12.0x.

The multiple is 0.5x below that of Mehilainen, whose business
benefits from a wide diversification across healthcare and social
care, leading market position in Finland, now also growing abroad,
with higher cost variability and lower capital intensity, given
exposure to occupational health and outpatient care. At the same
time, Median's GC multiple is in line other national hospital
operators, such as Almaviva Developpement, as well as several
privately rated EMEA sector peers.

After deducting 10% for administrative claims, Fitch's waterfall
analysis generates a ranked recovery for the senior secured TLB in
the 'RR3' category, leading to a 'B+(EXP)' senior secured rating,
which includes the pari passu ranking revolving credit facility of
EUR120 million that Fitch assumes will be fully drawn prior to
distress. The above results in a waterfall generated recovery
computation output percentage of 70% based on current metrics and
assumptions.

RATING SENSITIVITIES

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

-- Successful merger of Median and Priory and achievement of
    synergies leading to sustained top line growth and EBITDA
    margins improving towards 12%;

-- Improvement in FCF margin to mid-single digit levels;

-- FFO adjusted leverage below 6.0x on a sustained basis;

-- FFO fixed charge cover above 2.0x on a sustained basis.

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

-- Risk to the business model resulting from adverse regulatory
    changes to public and private funding in Germany and the UK or
    challenges in executing the Median-Priory merger leading to
    erosion of EBITDA margin to below 9%;

-- Inability to enhance FCF margins from neutral to mildly
    positive levels;

-- FFO adjusted leverage above 7.5x on a sustained basis;

-- FFO fixed charge cover below 1.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Post the planned refinancing, Fitch expects
Median to have a satisfactory liquidity thanks to full availability
under its EUR120 million undrawn revolving credit facility maturing
in March 2027 in addition to modest cash on balance of around EUR25
million (excluding Fitch-defined minimum operating cash of EUR25
million deemed unavailable for debt service). Moreover, Median's
liquidity will benefit from the lack of debt repayments until
September 2027.

ISSUER PROFILE

Median B.V. is the result of the private equity sponsor-led merger
of Median (Germany) and Priory (UK), the providers of medical
rehabilitation and mental care services.

ESG CONSIDERATIONS

Median has an ESG Relevance Score of '4' for Exposure to Social
Impact due to it operating in a healthcare market, which is subject
to sector regulation, as well as budgetary and pricing policies
adopted in Germany and the UK. Rising healthcare costs expose
private hospital operators to high risks of adverse regulatory
changes, which could constrain the companies' ability to maintain
operating profitability and cash flows. This has a negative impact
on the credit profile and is relevant to the rating in conjunction
with other factors.

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


MEDIAN BV: Moody's Assigns B3 CFR on Priority Group Planned Merger
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Median B.V. the top
entity of MEDIAN's new restricted group, following the planned
merger with Priory Group. At the same time, Moody's has assigned a
B3 instrument rating to the new EUR800 million-equivalent senior
secured cov-lite term loan B1 and B2 (TLB) and the EUR120 million
senior secured multi-currency revolving credit facility (RCF) made
available to Median B.V. The outlook assigned is positive.

RATINGS RATIONALE

The B3 rating reflects MEDIAN's improved business profile following
the merger with Priory Group in the UK, transforming the company
into a leading European provider of specialist care with leading
positions in mental and addiction rehabilitation in Germany and the
UK; the positive social demographic factors supporting long-term
demand and volume growth in both markets; the relative high
barriers of entry because of regulatory requirements; and adequate
liquidity including the agency's expectations of positive Moody's
adjusted free cash flow (FCF) over the next 12 to 18 months and
access to its EUR120 million RCF.

Conversely, the rating is constrained by MEDIAN's high Moody's
adjusted gross leverage, which the agency expects will close at
8.0x at end 2021 pro forma the combined group and new debt
structure. The high financial leverage also includes Moody's
adjustment of EUR1.9 billion for operating leases which is driven
by the company's strategy to sell & leaseback the real estate of
the clinics it operates. Because the company typically acquires new
clinics and finances these acquisitions through its sale and
leaseback strategy, potential future M&A could keep leverage high,
because these operating leases are typically entered into with very
long-term commitments with fixed annual rent increases and no
breaking clauses.

Deleveraging prospects will depend on the company adequately
integrating Priory, including delivering on the company's projected
cost efficiencies and the ability to optimize agency costs at
Priory which historically have been high. The rating considers some
execution risks around the integration of Priory into MEDIAN.
Moody's also expects earnings quality to improve at MEDIAN as
historically there has been significant restructuring, as well as
optimisation and transaction costs that have weighed on Moody's
adjusted EBITDA.

Moreover, the rating considers MEDIAN's large fixed cost base with
high operating lease commitments that include annual increases, and
staff costs which include minimum wage increases; and its high
exposure to publicly-funded payers, which could impact pricing
power in the long-term, although the company has a good track
record of achieving price increases in both Germany and the UK over
the recent past.

Over the next 12 to 18 months, Moody's expects MEDIAN top line
growth to be in the mid-single digits in percentage terms thanks to
an anticipated rebound in occupancy rates in both markets from the
coronavirus pandemic, and an increase in effective rates in the low
single digits in percentage terms. The development of digital care
for post rehabilitation services will also support earnings in the
medium term because it displays significantly higher profitability
margins that traditional rehabilitation care.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that MEDIAN's
operating performance will remain strong over the next 12 to 18
months, including an adequate integration of Priory, allowing
earnings growth, positive FCF generation and Moody's adjusted gross
debt that will improve below 7x. The outlook assumes that the
company will not undertake any major debt-funded acquisitions or
shareholder distributions.

LIQUIDITY PROFILE

Moody's expects MEDIAN to have adequate liquidity over the next 12
to 18 months, supported by expected cash balances of EUR40 million
pro forma the Priory merger, access to its RCF of EUR120 million
which Moody's expects to be undrawn at closing, the agency's
expectations of positive Moody's adjusted FCF over the next 12 to
18 months, and no debt maturities until 2027.

The RCF includes a springing financial covenant set at a net
leverage of 7.0x as defined in the documentation, tested only when
the RCF is drawn by more than 40%. Moody's anticipates the company
will have significant capacity against this threshold if tested.

STRUCTURAL CONSIDERATIONS

The B3-PD PDR, in line with the CFR, reflects Moody's assumption of
a 50% family recovery rate, typical for covenant lite secured loan
structures. The B3 rating assigned to the EUR800 million-equivalent
senior secured term loan B1 and B2 and RCF of EUR120 million
reflects their pari passu ranking, with upstream guarantees from
material subsidiaries of the MEDIAN group that account for at least
80% of consolidated EBITDA. The security package consists of share
pledges, intragroup receivables and material bank accounts.

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

Upward pressure could develop if MEDIAN's operating performance
strengthens allowing its Moody's adjusted gross leverage to reduce
below 7x on a sustained basis, and if its Moody's adjusted FCF to
debt ratio increases towards 5% on a sustained basis.

Negative pressure on the rating could occur if operating
performance were to deteriorate, or if its leverage, as measured by
Moody's adjusted debt/EBITDA, increases above 8.0x, or if its
Moody's adjusted FCF generation deteriorates and liquidity profile
weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

MEDIAN is a European leading private provider of post-acute and
rehabilitation services with leading positions in Germany and UK,
following the planned merger with Priory. Pro forma the combined
group, MEDIAN generated revenues and company adjusted EBITDA (post
rental expense) of EUR1.7 billion and EUR167 million in 2020,
respectively. The group comprises around 441 facilities and about
22,244 beds with over 30,000 employees and treats around 260,000
patients per year.




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G R E E C E
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ORANGE2FLY: Files for Bankruptcy Following EUR9.5-Mil. Losses
-------------------------------------------------------------
Dimitris Delevengos at Ekathimerini-com reports that Orange2Fly
charter flight airline has filed for bankruptcy.

According to Ekathimerini-com, the carrier that was set up in
September 2015 with share capital of EUR200,000 has a fleet of four
Airbus A320 aircraft, but in those six years of operation, it has
failed to strengthen its financial report.

In 2020, it had a negative net position of EUR7.8 million, with
accumulated losses of EUR9.5 million and total obligations of
EUR11.6 million, Ekathimerini-com discloses.

The airline employed 200 people, and in 2019, it had carried
250,000 passengers, Ekathimerini-com states.

Early in 2021, the carrier had applied for an EUR8-million loan
from a systemic bank, but it was rejected as the company was
considered to be unsustainable by the lender to be unsustainable,
Ekathimerini-com recounts.




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I R E L A N D
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BARINGS EURO 2021-2: Moody's Assigns B3 Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to debt issued by Barings Euro CLO
2021-2 Designated Activity Company (the "Issuer"):

EUR188,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR60,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Definitive Rating Assigned Aaa (sf)

EUR15,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR27,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR19,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned 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 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
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.

Barings (U.K.) Limited ("Barings ") 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 eight classes of debt rated by Moody's, the
Issuer has issued 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 debt in order of seniority.

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3112

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 44.20%

Weighted Average Life (WAL): 8.5 years


CAPITAL FOUR III: Moody's Gives (P)B3 Rating to EUR11.25MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Capital Four
CLO III Designated Activity Company (the "Issuer"):

EUR228,750,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR33,750,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

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

EUR18,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR11,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be around 85% ramped as of the closing
date and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the 4.6 months ramp-up period in compliance with
the portfolio guidelines.

Capital Four CLO Management K/S ("Capital Four Management") 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 approximately 4.5 years reinvestment period.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations or
credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR29,100,000 Subordinated Notes due 2034 which
are not rated.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR375,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2925

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years


NORDIC AVIATION: Examinership Among Restructuring Options
---------------------------------------------------------
John Mulligan at Independent.ie reports that Limerick-based
aircraft lessor Nordic Aviation Capital is understood to be keeping
all potential restructuring avenues open -- including a possible
examinership -- until it finalizes a US$6 billion (EUR5 billion)
debt restructuring plan unveiled on Sept. 24.

According to Independent.ie, that proposal will see lenders swap
most of that debt for equity, while the leasing firm will also
raise US$500 million (EUR426 million) in capital, with US$300
million of that coming from an equity raise.  The US$200 million
balance will come from a revolving credit facility, Independent.ie
discloses.

It's believed that a Chapter 11 bankruptcy option for some of its
units in the United States also remains on the table,
Independent.ie states.


OCP EURO 2020-4: Moody's Assigns B3 Rating to EUR13MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by OCP
Euro CLO 2020-4 Designated Activity Company (the "Issuer"):

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

EUR22,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR22,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR29,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba2 (sf)

EUR13,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer has issued the notes in connection with the refinancing
of the following classes of notes (the "Original Notes"): Class A
Notes, Class B-1 Notes, B-2 Notes, Class C Notes, Class D Notes,
Class E Notes and Class F Notes, due 2033 previously issued on June
24, 2020 (the "Original Closing Date"). The Original Notes were not
rated by Moody's.

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 around 90% ramped as of the closing
date and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the 6-month ramp-up period in compliance with the
portfolio guidelines.

Onex Credit Partners, LLC will manage the CLO with Onex Credit
Partners Europe LLP acting as sub manager (together 'Onex'). Onex
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
2.3-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, on the
Original Closing Date the Issuer issued EUR31,000,000 Subordinated
Notes due 2033 which are not rated. The terms and conditions of the
existing subordinated notes will be amended in accordance with the
refinancing notes' conditions.

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

Methodology underlying the rating action:

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

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: 55

Weighted Average Rating Factor (WARF): 3,183

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 3.85%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 7.1 years


ST. PAUL'S XI: Moody's Ups Rating on EUR9.8MM Class F Notes to B1
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by St.
Paul's CLO XI DAC (the "Issuer"):

EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR14,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR10,000,000 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR18,000,000 Class C-2-R Senior Secured Deferrable Fixed Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR26,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

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

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba2 (sf); previously on Jul 16, 2019
Definitive Rating Assigned Ba3 (sf)

EUR9,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Upgraded to B1 (sf); previously on Jul 16, 2019
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.

Moody's upgrades of the Class E and Class F Notes are a result of
the refinancing, which increases excess spread available as credit
enhancement to the rated notes.

As part of this refinancing, the Issuer has extended the weighted
average life by 12 months to January 2029. In addition, the Issuer
has also amended the base matrix and modifiers that Moody's took
into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans and senior secured
bonds and up to 10% of unsecured senior loans, second-lien loans,
high yield bonds and mezzanine loans.

Intermediate Capital Managers Limited will continue to manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period which will end in January 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: EUR400 million

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3046

Weighted Average Spread (WAS): 3.76%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL) test date: January 16, 2029


TOP DRAWER: High Court Appoints Interim Examiner
------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court has
appointed an interim examiner to Top Drawer Developments Ltd., a
company that is building 16 social housing units in Co Limerick.

At the High Court on Sept. 23, Mr. Justice Mark Heslin said he was
satisfied to appoint experienced insolvency practitioner Joseph
Walsh of JW Accountants as interim examiner to the company, The
Irish Times relates.

According to The Irish Times, the judge said the company, with a
registered address in Newcastlewest, Co Limerick, was insolvent and
unable to pay its debts as they fall due.

However, he was granting the company protection from its creditors
on the basis that an independent expert had stated the firm has a
reasonable prospect of survival if certain steps are taken, The
Irish Times states.

The steps include the appointment of an examiner, obtaining court
approval for a scheme of arrangement with the company's creditors,
and obtaining fresh investment, The Irish Times notes.

The company, represented by Ross Gorman BL, instructed by solicitor
Graham Kenny, sought to have the firm placed into examinership, The
Irish Times recounts.  It is currently building 16 social housing
units in Pallaskenry, Co Limerick for the local authority.

Counsel said that the company had got into difficulties due to the
disruption to the project caused by the Covid-19 pandemic, The
Irish Times relays.

This had delayed construction for a considerable time between 2020
and 2021, The Irish Times notes.  Counsel said that as well as the
pandemic, the impact of Brexit had seen an additional increase in
the cost of building materials, according to The Irish Times.

Counsel said that the company had borrowed EUR2.4 million to
complete the project from a company called PBRidge 1 DAC, for a
period of 14 months, according to The Irish Times.

Arising out of the considerable delay caused by Covid-19, the
company had to pay an interest surcharge on top of what it was
already repaying to its lender, The Irish Times states.

Counsel said the lender had issued a letter of demand and had
threatened to appoint a receiver over the company's assets, The
Irish Times recounts.  As a result of that it was decided to seek
to place the company in examinership, The Irish Times notes.

Counsel said that the company was confident of obtaining fresh
financing as well as obtaining work in the future, The Irish Times
discloses.

An independent expert had assessed the company and deemed that it
was profitable, and it has a good prospect of survival, The Irish
Times relates.

After appointing Mr. Walsh on an interim basis, Mr. Justice Heslin
agreed to adjourn the case, and remit it back to Limerick Circuit
Court.




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

SILK FINANCE 5: Moody's Affirms Ba3 Rating on EUR55MM Cl. C Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded five ratings of three
Portuguese auto ABS transactions. The rating action reflects the
decrease in country risk as reflected by the raise of the related
Government of Portugal's local currency country ceiling to Aa2 on
September 17, 2021.

Moody's affirmed three ratings of the notes that had sufficient
credit enhancement to maintain the current rating.

Issuer: Aqua Finance No. 4

EUR140.0M Class A Notes, Upgraded to Aa2 (sf); previously on Jul
15, 2021 Affirmed Aa3 (sf)

EUR15.0M Class B Notes, Affirmed A1 (sf); previously on Jul 15,
2021 Upgraded to A1 (sf)

Issuer: Silk Finance No.5

EUR466.1M Class A Notes, Upgraded to Aa2 (sf); previously on Jul
23, 2020 Assigned Aa3 (sf)

EUR65.9M Class B Notes, Affirmed Baa1 (sf); previously on Jul 23,
2020 Assigned Baa1 (sf)

EUR55.0M Class C Notes, Affirmed Ba3 (sf); previously on Jul 23,
2020 Assigned Ba3 (sf)

Issuer: Ulisses Finance No. 1

EUR120.1M Class A Notes, Upgraded to Aa2 (sf); previously on Oct
13, 2020 Affirmed Aa3 (sf)

EUR7.0M Class B Notes, Upgraded to Aa2 (sf); previously on Oct 13,
2020 Upgraded to Aa3 (sf)

EUR7.1M Class C Notes, Upgraded to A1 (sf); previously on Oct 13,
2020 Upgraded to A3 (sf)

RATINGS RATIONALE

The rating actions is prompted by:

the raise in the Portuguese local-currency country ceiling to Aa2
from Aa3.

The rating action on three Portuguese auto ABS transactions follows
Moody's raise of the Government of Portugal's ("Portugal")
local-currency bond ceiling to Aa2 from Aa3. This local-currency
bond ceiling upgrade followed the upgrade of the Government of
Portugal's issuer and bond ratings to Baa2 with a stable outlook
from Baa3.

Portugal's country ceiling, and therefore the maximum rating that
Moody's can assign to a domestic Portuguese issuer under its
methodologies, including structured finance transactions backed by
Portuguese receivables, is Aa2 (sf). The decrease in sovereign risk
is reflected in Moody's quantitative analysis for the affected
tranches.

Upgrade on Class C in Ulisses is also driven by increase in credit
enhancement, to 22.5% from 14.6% as of the latest rating action.

Moody's has left all assumptions in these three transactions
unchanged.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

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.




=============
R O M A N I A
=============

CITY INSURANCE: Damages Expected to Reach RON2.5 Billion
--------------------------------------------------------
Iulian Ernst at Romania-Insider.com reports that based on similar
cases in the past, Ziarul Financiar daily estimates that the
damages left by bankrupt insurer City Insurance will reach RON2.5
billion (EUR500 million).

Based on existing regulations, the mutual guarantee funds for the
insurance industry (FGA) are supposed to cover the bankrupt
insurer's liabilities, using its reserves set aside for such
situations, Romania-Insider.com discloses.

The Government, on Sept. 22, passed an emergency ordinance to allow
FGA to disburse money faster, before the final bankruptcy of the
insurer (as stipulated under existing regulations),
Romania-Insider.com recounts.

However, prime minister Florin Citu called for thorough
investigations in this case and pointed to the insurer's audit
firms, to the market regulator ASF and to the tax collection agency
ANAF as starting points, Romania-Insider.com relates.

Separately, the acting finance minister Dan Vilceanu is the first
government official to use the term "fraud" in connection to the
case, Romania-Insider.com notes.

The EUR500 million bill FGA will pay on City's behalf is double the
cost paid by the fund in the two previous major bankruptcies that
took place in 2015-2016, Romania-Insider.com states.

Assuming that the ratio will be similar in the case of City
Insurance, ZF estimates that FGA will have to pay for City
Insurance about 80%-90% of the gross premiums collected by the
company in the last year of operation, according to
Romania-Insider.com.  Between September 2020 and September 2021,
City Insurance collected insurance premiums of some RON2.7 billion,
Romania-Insider.com discloses.




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

TAVERN TARAS: FAS Files Bankruptcy Application Against Owner
------------------------------------------------------------
RAPSI reports that a Moscow inspection of the Federal Antimonopoly
Service (FAS) filed a bankruptcy application against the owner of
Tavern Taras Bulba restaurant chain Yury Beloivan, who had been put
on the international wanted list in a tax evasion case, according
to the Moscow Commercial Court's records.

Earlier, the court scheduled Beloivan's claim for his own
bankruptcy for Nov. 8, RAPSI relates.

In March 2021, the Moscow City Court upheld the issuance of an
arrest warrant against Beloivan, who stands charged with evading
RUR57 million in taxes (over US$780,000 at the current exchange
rate), RAPSI recounts.  The ruling was issued by the Presnensky
District Court of Moscow in late February, RAPSI discloses.
According to it, the defendant was to be placed in detention for
two months after his actual arrest, RAPSI notes.

A case over concealing financial assets determined to be the source
of payment of tax arrears was opened against him in February 2020,
RAPSI relays.  Following that, the defendant repeatedly failed to
respond to calls for questioning, RAPSI  states.  In July 2020,
Russia's Investigative Committee put Beloivan on the federal wanted
list, according to RAPSI.

Investigators believe that in 2014 through 2015, probes into
Zolotoy Rassvet company managing Mr. Beloivan's restaurants, among
them Tavern Taras Bulba chain, conducted by a tax authority,
revealed tax arrears amounting to RUR57 million; in order to avoid
this payment the defendant liquidated the said managing company
transferring respective operations to a new company Lider K.




===========
S W E D E N
===========

STENA AB: S&P Alters Outlook to Stable & Affirms 'B+' ICR
---------------------------------------------------------
S&P Global Ratings revised its outlook on Stena AB to stable from
negative and affirmed the 'B+' long-term issuer credit rating. The
issue ratings on the $350 million and EUR315 million senior senior
secured debt issuances are unchanged at 'BB-', with a recovery
rating of '2' (expected recovery estimate: 75%), and the issue
ratings on the $600 million senior unsecured notes were affirmed at
'B+', with a recovery rating of '4' (expected recovery estimate:
45%), reflecting the unsecured obligations of the group.

The stable outlook reflects S&P's expectation that credit ratios
will gradually improve over 2021 and 2022, with S&P Global
Ratings-adjusted debt to EBITDA stabilizing below 7x in 2022.

S&P said, "We expect that Stena's operating performance will
gradually improve in 2021 and 2022 and consider the major
uncertainty around the recovery of the ferry and drilling
businesses is alleviating. Passenger volumes in Stena Line's
network continue to recover. Notably, passenger volumes in Stena's
ferry network have started to improve. Compared with first-half
2020, when volumes were only heavily affected by the COVID-19
pandemic in the second quarter, passenger volumes in first-half
2021 were down 13%, implying an improvement toward the second
quarter. We anticipate that volumes will continue to increase in
the third quarter, as vaccination rates improve. We also view
positively the resilience of freight operations through the
pandemic, with a solid 15% increase in volumes in the first half,
which supported earnings. Moreover, management has used the
pandemic to improve its operating cost position by closing less
profitable lines, such as Oslo–Fredrikshamn and
Trelleborg–Sassnitz, and lowering overheads. Overall, costs are
down about SEK1 billion, which should sustainably improve margins
for ferry operations. Already in second-quarter 2021, reported
EBITDA margin was about 22%, despite lower volumes, compared with
23% in 2018 and 24% in 2019. We therefore anticipate that ferry
operations will reach about pre-COVID-19 earnings in 2022, with
EBITDA of SEK3.1 billion-SEK3.5 billion, compared with SEK1.5
billion in 2020, followed by SEK3.3 billion-3.9 billion in 2023,
assuming no further lock downs or virus waves.

"We don't expect rig operations to meaningfully contribute to
Stena's EBITDA mix over 2021-2023, after a negative contribution in
2018-2020, meaning the group's earnings base is less diversified
than previously.Although we view positively that Stena has signed
contracts for four of its drilling units, which implies that most
available days in 2021 and 2022 are secured, the earnings
contribution will remain low for now. Market charter rates for
Stena's rig type are about $235,000 per day, up from
$150,000-$175,000 per day about a year ago. This is still well
below the more than $500,000 peak a few years ago. The contracts
Stena has signed are short term and there is limited visibility
beyond 2022. We still expect the business unit to post negative
EBITDA in the SEK hundreds of millions in 2021, compared with
negative SEK950 million in 2020. We then anticipate positive
SEK0-500 million in 2022. This means that Stena's diversification,
as measured by the EBITDA contribution of its largest businesses,
will remain below historical levels at least until 2023. In the
past, four distinct business segments usually contributed at least
10% of EBITDA to the group. We have therefore removed the
diversification modifier that lifted our rating on Stena by one
notch previously."

Tanker shipping rates remain sluggish in 2021. Depressed tanker
rates will burden the shipping division's profits. Medium range
product tanker average spot earnings were about $6,000 per day in
the year-to-date as of August 2021, compared with an average rate
of about $15,000 per day in 2020, according to Clarkson Research.
S&P anticipates a gradual improvement in the tanker business in
2022 and EBITDA generation of about SEK1.5 billion-SEK2.0 billion,
as oil demand rebounds and new ship deliveries slow. This also
takes into account a higher contribution from roll-on-roll-off
(RORO) vessel deliveries, for which long-term charter rates have
been secured already.

S&P said, "We believe Stena's increased focus on RORO and real
estate should support cash flow stability. Stena's real estate
operations have continued to deliver stable operating results
throughout the pandemic, with SEK1.4 billion-SEK1.5 billion in
EBITDA last year. We anticipate no changes in 2021 or 2022. In
addition, Stena recently took delivery of one RORO passenger ship,
with eight other RORO ships on order--including one to be delivered
in 2021 and the remainder up until 2025." The RORO segment is
generally more stable than other shipping operations, and Stena has
signed long-term, 10-year charter contracts for five of the
vessels. This implies a higher contribution from the RORO segment,
and we anticipate EBITDA will increase to about SEK650 million by
2023.

S&P said, "Continued high investments will be offset by asset sales
in 2021. The RORO vessel orders, maintenance capital expenditure
(capex), and real estate investment lead us to expect about SEK9
billion in capex this year, which is significantly up from SEK6
billion last year. However, these investments have already been
offset by asset sales and compensation for a cancelled rig
contract, totaling about SEK10 billion. Therefore, we expect debt
to moderately decrease over 2021, despite the massive investments,
supporting an adjusted debt to EBTDA decline to 7.0x-7.5x in 2021.
We don't assume any further assets sales in 2022 and, since capex
is expected to remain relatively high at about SEK7 billion-SEK7.5
billion, debt is likely to increase somewhat over the next few
years. In our view, it is positive that capex has been directed to
Stena's less-risky operations, real estate, and the RORO segment,
which could strengthen the business risk profile over 2023-2025. We
also think the investments should ultimately underpin the stability
of Stena's cash flow streams. This is why we removed the negative
comparable rating analysis, which depressed the rating by one notch
previously.

"The stable outlook reflects our expectation that the group's
EBITDA will increase from 2021, factoring in the improving
passenger traffic, boosted earnings of the ferry business, and
continued solid performance of the real estate division. We also
forecast that financial leverage will remain high but decrease to
rating-commensurate levels of 7.0x-7.5x in 2021, before dropping
further to 6.5x-7.0x in 2022. Furthermore, we take into account
Stena's strong liquidity position, which provides a necessary
cushion against its volatile drilling and shipping businesses.

"We view a downgrade as unlikely over the next 12 months because
the group's earnings should improve, for example, thanks to its
drilling business becoming less of a burden to EBITDA.

However, we could still consider a negative rating action if
pressure returns in the drilling segment, or if the ferry business
fails to recover in line with our base case, for example, on the
back of reemerged travel restrictions. As such, we could lower the
rating if we forecast adjusted debt to EBITDA will increase to
above 7.5x for an extended period.

"We could also consider a downgrade if Stena's liquidity
deteriorates, and this is not offset by improved credit metrics.
This could be the case if the company cannot secure new financing
well in advance of debt maturities, and instead uses available
liquidity to make the payments. We note, however, that liquidity
headroom is currently ample.

"We could raise the ratings on Stena by one notch over time if we
see a stronger-than-expected improvement in drilling, with other
segments performing as anticipated. We consider debt to EBITDA
consistently below 6x as commensurate with a higher 'BB-' rating.
If we deem the business risk profile has materially strengthened
because of a higher share of stable EBITDA from real estate and
RORO vessels, this could also lead to an upgrade."




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

AVRO ENERGY: Octopus Energy to Take On 580,000 Customers
--------------------------------------------------------
Nathalie Thomas and David Sheppard at The Financial Times report
that Octopus Energy will take on 580,000 customers of Avro Energy,
the biggest supplier yet to have gone bust in the crisis-hit
British retail energy market.

The regulator announced on Sept. 27 Octopus has agreed to take on
Avro's customers via Ofgem's "supplier of last resort process", the
FT relates.

According to the FT, the move will allow Octopus to recoup all
costs incurred, including buying energy for customers of the failed
supplier via an industry levy that ultimately falls on consumer
bills.

Currently, there is a difference of more than GBP500 between how
much Octopus would be allowed to charge under the UK's annual price
cap, which rises to GBP1,277 from October, and the near GBP1,800
cost of buying energy for new customers at present wholesale
prices, the FT discloses.

Any customers that had been on cheaper fixed price deals could see
their bills rise by hundreds of pounds, the FT states.

Ofgem insisted on Sept. 27 that Octopus has been appointed to
rescue Avro's domestic customers following a "competitive
process  .  .  . to get the best deal possible for
customers", the FT recounts.

Others, however, have argued that the number of suppliers with
balance sheets strong enough to take on large numbers of lossmaking
customers via the supplier of last resort process is diminishing,
the FT relays.


LANEBROOK MORTGAGE 2021-1: Moody's Gives B2 Rating to Cl. X1 Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Lanebrook Mortgage Transaction 2021-1 plc:

GBP301.840M Class A Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned Aaa (sf)

GBP15.435M Class B Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned Aa2 (sf)

GBP13.720M Class C Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned Aa3 (sf)

GBP8.575M Class D Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned A3 (sf)

GBP3.430M Class E Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned Ba1 (sf)

GBP10.290M Class X1 Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned B2 (sf)

Moody's has not assigned a rating to the subordinated GBP5.145M
Class X2 Mortgage Backed Floating Rate Notes due July 2058.

RATINGS RATIONALE

The Notes are backed by a static pool of United Kingdom buy-to-let
("BTL") mortgage loans originated by The Mortgage Lender ("TML") a
subsidiary of Shawbrook Bank Limited ("Shawbrook"). This represents
the second securitization from Shawbrook under the Lanebrook
series.

The portfolio of assets amount to approximately GBP 343 million as
of August 31, 2021 pool cut-off date. There are two Reserve Funds,
a Liquidity Reserve Fund and a General Reserve Fund. The amortising
Liquidity Reserve Fund is sized at 1.5% of the Class A & B Notes
balance. Whilst the amortising General Reserve Fund is sized at
1.5% of the Class A to E Notes balance, less any amounts in the
Liquidity Reserve Fund. The total credit enhancement for the Class
A Notes will be 13.5%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising Liquidity
Reserve Fund sized at 1.5% of Class A and B Notes balance. However,
Moody's notes that the transaction features some credit weaknesses
such as an unrated servicer (TML) and originator (Shawbrook). In
order to mitigate the operational risk, Shawbrook (NR) acts as the
replacement servicer. The transaction benefits from a back-up
servicer facilitator (Intertrust Management Limited (NR)). To
ensure payment continuity over the transaction's lifetime, the
transaction documents incorporate estimation language whereby the
cash manager Citibank, N.A., London Branch (Aa3(cr)/P-1(cr)) can
use the three most recent servicer reports to determine the cash
allocation in case no servicer report is available. The transaction
also benefits from a clean pool containing no loans in arrears and
no adverse loan credit history at the pool cut-off date.

Moody's determined the portfolio lifetime expected loss of 1.4% and
Aaa MILAN credit enhancement ("MILAN CE") of 13% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected loss and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 1.4%: This is in line with the United
Kingdom BTL RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
collateral performance of TML originated loans to date, as provided
by the originator and observed in previously securitised
portfolios; (ii) limited track record of TML, with this being only
the second securitisation and third by Shawbrook; (iii) limited
seasoning of loans in the pool; (iv) the current macroeconomic
environment in the United Kingdom; and (v) benchmarking with
comparable transactions in the UK market.

MILAN CE of 13%: This is in line with the United Kingdom buy-to-let
RMBS sector average and follows Moody's assessment of the
loan-by-loan information taking into account the following key
drivers: (i) the collateral performance of TML originated loans to
date as described above; (ii) the weighted average current
loan-to-value ratio of 72.0% which is in line with the sector
average; and (iii) no borrowers with adverse credit history or
prior CCJs in the pool at the cut-off date.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; or (ii) a
deleveraging of the capital structure.

Factors that would lead to a downgrade of the ratings include: (i)
an increase in the level of arrears resulting in a higher level of
losses than forecast; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.


POLO FUNDING 2021-1: S&P Assigns Prelim. BB Rating on C Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Polo Funding
2021-1 PLC's class A, B-Dfrd, and C-Dfrd notes. At closing, Polo
Funding 2021-1 will also issue unrated class D-Dfrd, E-Dfrd, and
X-Dfrd notes, and RC1 and RC2 certificates.

Polo Funding 2021-1 is a static RMBS transaction that securitizes a
portfolio of GBP199.8 million second-and-subsequent-ranking
consumer secured loans originated by Oplo HL Ltd.

The assets backing the notes are U.K. second- and
subsequent-ranking consumer secured loans with an average interest
rate of 12.5%.

The transaction benefits from liquidity provided by a liquidity
reserve fund, and principal can be used to pay senior fees and
interest on the class A and B-Dfrd notes (subject to conditions).

Credit enhancement for the rated notes will consist of
subordination and excess spread.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the consumer secured loans from the
seller. The issuer grants security over all of its assets in favor
of the security trustee.

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

S&P's credit and cash flow analysis and related assumptions
consider the transaction's ability to withstand the potential
repercussions of the COVID-19 outbreak, namely, higher defaults.
Considering these factors, S&P believes that the available credit
enhancement is commensurate with the assigned preliminary ratings.

  Preliminary Ratings

  CLASS    PRELIM. RATING*    CLASS SIZE (%)
  A          A+ (sf)            60.0
  B–Dfrd     A- (sf)            14.0
  C-Dfrd     BB (sf)            13.0
  D-Dfrd     NR                  8.0
  E-Dfrd     NR                  5.0
  X-Dfrd     NR                  7.5
  RC1        NR                  N/A
  RC2        NR                  N/A

*S&P Global Ratings' ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on all other rated
notes. Its ratings also address timely interest on the rated notes
when the class B notes become most senior outstanding. Any deferred
interest is due at maturity.

N/A--Not applicable.
NR--Not rated.


RRE 9 LOAN: S&P Assigns Preliminary BB- Rating on Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to RRE 9
Loan Management DAC's class A-1 to D notes. At closing, the issuer
will also issue unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction will be managed by Redding Ridge Asset Management
(UK) LLP.

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

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

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

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

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

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

-- The portfolio's reinvestment period will end approximately 4.5
years after closing, and the portfolio's maximum average maturity
date is nine years after closing.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,838.33
  Default rate dispersion                                513.45
  Weighted-average life (years)                            5.24
  Obligor diversity measure                               38.94
  Industry diversity measure                              21.28
  Regional diversity measure                               1.20

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                               400
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             168
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                          3.99
  'AAA' covenanted weighted-average recovery (%)          36.80
  Covenanted weighted-average spread (%)                   3.55
  Reference weighted-average coupon (%)                    5.00

Workout obligations

Under the transaction documents, the issuer may purchase debt and
non-debt assets of an existing borrower offered in connection with
a workout, restructuring, or bankruptcy (workout obligations), to
maximize the overall recovery prospects on the borrower's
obligations held by the issuer.

The transaction documents limit the CLO's exposure to workout
obligations quarterly, and on a cumulative basis, may not exceed
10% of target par if purchased with principal proceeds.

The issuer may only purchase workout obligations provided the
following are satisfied:

Using principal proceeds or amounts designated as principal
proceeds, provided that:

-- The obligation is a debt obligation;

-- It is pari passu or senior to the obligation already held by
the issuer;

-- Its maturity date falls before the rated notes' maturity date;
It is not purchased at a premium; and

-- The class A-1, A-2, B, and C par value tests are satisfied
after the acquisition or the performing portfolio balance exceeds
the reinvestment target par balance.

Using interest proceeds, provided that:

-- The class C interest coverage test is satisfied after the
acquisition; and

-- The manager believes there will be enough interest proceeds on
the following payment date to pay interest on all the rated notes.

-- The issuer may also purchase workout obligations using amounts
standing to the credit of the supplemental reserve account.

In all instances where principal proceeds or amounts designated as
principal proceeds are used to purchase workout obligations:

-- A zero carrying value is assigned to the workout obligations
until they fully satisfy the eligibility criteria (following which
the obligation will be subject to the same treatment as other
obligations held by the issuer); and

-- All and any distributions received from a workout obligation
will be retained as principal and may not be transferred into any
other account.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction."

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.55%),
the reference weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates at 'AAA' level as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category. Our credit and cash flow analysis indicates that the
available credit enhancement for the class A-2 to B notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our preliminary
ratings assigned to the notes.

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

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020. The results
shown in the chart below are based on covenanted weighted-average
spread, coupon, and recoveries.

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

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons, nuclear weapons, thermal coal, oil and gas,
pornography or prostitution, opioid manufacturing or distribution,
and hazardous chemicals. 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 Assigned

  CLASS    PRELIM.   PRELIM.    SUB (%)    INTEREST RATE*        
           RATING    AMOUNT
                    (MIL. EUR)

  A-1      AAA (sf)   242.00    39.50   Three/six-month EURIBOR
                                          plus 1.02%
  A-2      AA (sf)     34.00    31.00   Three/six-month EURIBOR
                                          plus 1.70%
  B        A (sf)      42.00    20.50   Three/six-month EURIBOR
                                          plus 2.05%
  C        BBB- (sf)   26.00    14.00   Three/six-month EURIBOR
                                          plus 3.00%
  D        BB- (sf)    18.00     9.50   Three/six-month EURIBOR
                                          plus 6.15%
  Sub notes   NR       46.45      N/A   N/A

*The preliminary ratings assigned to the class A-1 and A-2 notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class B, C, and D notes address
ultimate interest and principal payments.

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


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


TOGETHER ASSET 2021-1ST1: Moody's Gives Ba1 Rating to Cl. X Notes
-----------------------------------------------------------------
Moody's Investors Service assigns definitive ratings to Notes
issued by Together Asset Backed Securitisation 2021-1ST1 PLC:

GBP283.03M Class A Mortgage Backed Floating Rate Notes due July
2063, Definitive Rating Assigned Aaa (sf)

GBP7.95M Class B Mortgage Backed Floating Rate Notes due July
2063, Definitive Rating Assigned Aa2 (sf)

GBP11.13M Class C Mortgage Backed Floating Rate Notes due July
2063, Definitive Rating Assigned A1 (sf)

GBP11.13M Class X Floating Rate Notes due July 2063, Definitive
Rating Assigned Ba1 (sf)

The rating action takes into account the final Notes' spreads which
are meaningfully lower than assumed at the initial provisional
rating date. This had a positive impact on the rating of the Class
C Notes.

The Class X Notes are excess spread notes and are not
collateralised.

Moody's has not assigned ratings to the GBP15.90M Class Z Mortgage
Backed Fixed Rate Notes due July 2063 and the Residual
Certificates.

The portfolio backing this transaction consists of first lien UK
non-conforming residential loans originated by Together Personal
Finance Limited ("TPFL", NR) , Together Commercial Finance Limited
("TCFL", NR), Blemain Finance Limited ("BFL", NR) and Harpmanor
Finance Limited ("HARP", NR).

On the closing date TPFL, TCFL, BFL and HARP will sell the
portfolio to Together Asset Backed Securitisation 2021-1ST1 PLC.

RATINGS RATIONALE

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement (CE) and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of 4.5% and the MILAN CE of 16% serve as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution.

The portfolio expected loss is 4.5% and is based on Moody's
assessment of the lifetime loss expectation taking into account:
(i) 48.0% of the loans in the pool are secured by non-owner
occupied properties; (ii) 52.3% of the loans are interest-only
mortgages; (iii) the current macroeconomic environment and Moody's
view of the future macroeconomic environment in the UK; and (iv)
benchmarking with similar transactions in the UK non-conforming
sector.

The MILAN CE for this pool is 16% and follows Moody's assessment of
the loan-by-loan information taking into account the historical
performance and the following key drivers: (i) the relatively low
weighted-average current LTV of 56.3%; (ii) the presence of 42.7%
loans where the borrower is self-employed; (iii) borrowers with
adverse credit history with 14.5% of the pool containing borrowers
with CCJ's; (iv) the presence of 52.3% of interest-only loans in
the pool; and (v) the low weighted-average seasoning of the pool of
2.3 years.

At closing, the mortgage pool balance consists of GBP318.0 million
of loans. At closing a non-amortising general reserve fund will be
funded with the proceeds of the Class Z notes. The general reserve
fund will be equal to 2.50% of the initial balances of Classes A to
C notes (2.375% of the total collateral balance). The general
reserve fund will be split into two components, a credit component
and a liquidity component. The latter will form the amortising
Liquidity Reserve Fund, equal to 1.5% of the principal outstanding
of Class A Notes and will be floored at 1.0%. Any release amount
from the Liquidity Reserve Fund will form part of the credit
component of the General Reserve Fund. The Liquidity Reserve Fund
will stop amortising if cumulative defaults are higher than 5.0% or
if the Notes are not called on the step-up date falling in October
2025. The credit component of the General Reserve Fund will be used
to cover shortfalls on PDLs and also interest shortfalls and other
senior fees. The liquidity component of the Reserve Fund is
replenished after interest on Class A Notes while the General
Reserve Fund will be replenished junior to the PDL of Class C
Notes.

Operational Risk Analysis: TPFL, TCFL, BFL and HARP are acting as
servicers and are not rated by Moody's. In order to mitigate the
operational risk, the transaction has a back-up servicer. CSC
Capital Markets UK Limited (NR) will be acting as back-up cash
manager facilitator and will find a replacement cash manager in
case the cash manager, Together Financial Services Limited (NR),
stops performing its duties under this role. To ensure payment
continuity over the transaction's lifetime the transaction
documents incorporate estimation language whereby the cash manager
can use the most recent servicer reports to determine the cash
allocation in case no servicer report is available. At closing
Class A Notes benefit from approximately 10 months of liquidity.
Also, the most senior Notes outstaning benefit from a principal to
pay interest mechanism.

Interest Rate Risk Analysis: At closing, 51.0% of the loans in the
pool are fixed rate loans reverting to monthly BBR. The Notes are
floating rate securities with reference to compounded daily SONIA.
To mitigate the fixed-floating mismatch between the fixed-rate
asset and floating liabilities, there will be a scheduled notional
fixed-floating interest rate swap provided by Lloyds Bank Corporate
Markets plc (A1(cr)/P-1(cr)).

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that may lead to a downgrade of the Notes include,
significantly higher losses compared to Moody's expectations at
closing, due to either, performance factors related to the
originator and servicer, or a significant, unexpected deterioration
of the housing market and the economy.




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

[*] Ankura Consulting Launches European Restructuring Practice
--------------------------------------------------------------
Ankura Consulting, a leading global advisory firm, on Sept. 24
announced the launch of its European restructuring practice that
works with businesses across various industries facing complex
challenges as the advisory market continues its evolution and the
economy looks to rebound from the Covid-19 pandemic.

The launch is the latest step in Ankura's international expansion
following the recent opening of its first office in Germany in
early June.  The European Turnaround & Restructuring ("T&R")
practice aligns with Ankura's strategy of supporting clients with
local, highly qualified teams with deep experience, providing
businesses with access to independent experts and advisory
services.

The European practice will be led by Senior Managing Directors,
Donald Featherstone, Scott Millar, and Mark Hawken, who bring an
excess of 60 years of combined experience, having worked on some of
the most high-profile cases in recent years.

The initial tranche of Senior Managing Directors will be supported
by a team of eight experienced restructuring professionals, who
bring a blend of operating and financial expertise from leading
consultancies and organizations. Its new practitioners include
Managing Directors, Craig Bowen, Mark Smith, and Mark Menon; Senior
Directors, Mark Christiansen, Barry Hopkins, and Nick Edwards; and
Directors, Gyusub Chung and Joshua Edwards.

The European T&R team boasts multiple decades of experience,
including the restructuring of over GBP100 billion in debt, as well
as having worked on some of Europe's most high-profile turnaround
and restructuring cases including: Lehman Brothers, Eastman Kodak,
Cooperative Group, Worldpay, MFI Furniture, Interserve, Swinton
Insurance, Fitness First, Hibu, Stemcor, Slater & Gordon, Vion
Foods, Albemarle and Bond, and Bluewater Energy Services. Ankura is
currently serving as restructuring advisor to Global Brands Group.


Donald Featherstone, Senior Managing Director, said: "The economy
is at a pivotal moment.  Over the past 18 months, businesses have
experienced significant upheaval, but now they are beginning to
look ahead and will require a different kind of turnaround and
restructuring support.  We believe this represents a significant
gap in the advisory market that Ankura's practice has been built to
provide.  This is already one of the most impressive groups of
senior restructuring professionals in the market. Our team has
strategic, commercial, and operational expertise with experience of
delivering sustainable solutions.  We will build it out further,
announcing other exceptional senior hires in the coming months,
which will complete our interim management, company, and
creditor-side capabilities."

Scott Millar, Senior Managing Director, commented: "We are
fortunate to not only attract the best senior level professionals,
but also the next generation of leaders in the profession.  The
growth of our practice over the coming years will be driven as much
by the development of our team as it is by external recruiting."

Philip Gund, Ankura's Global Head of Turnaround & Restructuring
noted: "We are excited to welcome our colleagues in Europe as we
continue to expand our global footprint.  Our US team has been
involved in a number of high-profile engagements since our
inception in 2016, including SunEdison, Exide Technologies, Brooks
Brothers, Intelsat and Puerto Rico's Fiscal Agency and Financial
Advisory Authority and Electric Power Authority.  We look forward
to collaborating in bringing solutions to our internationally based
clients and other cross-border opportunities as well as further
building on our Global T&R capabilities."

Simon Michaels, Ankura Chairman EMEA and APAC, added: "The
distressed advisory market is ripe for disruption.  It's clear that
companies across a multitude of sectors require a level of support
that extends beyond pure financial restructuring.  This launch is
also an important part of Ankura's international expansion.  This
growth and development are crucial to ensure we can continue to
protect, create, and restore value for our clients."

Since its founding in 2014 in the US, Ankura, has achieved
significant annual growth and currently employs more than 1,500
professionals across 35 locations worldwide advising corporates on
complex business challenges across multiple industries.  This
advice ranges from performance issues to acute crises and legal
disputes.  One of the key drivers for Ankura's growth is the
structural change in the audit and advisory market with regulatory
pressure on established firms worldwide creating space for a new,
significant independent player.

                           About Ankura

Ankura Consulting Group, LLC -- http://www.ankura.com-- is an
independent global expert services and advisory firm that delivers
services and end-to-end solutions to help clients at critical
inflection points related to change, risk, disputes, finance,
performance, distress and transformation. The Ankura team consists
of more than 1,500 professionals in more than 35 offices globally
who are leaders in their respective fields and areas of expertise.
Collaborative lateral thinking, hard-earned experience, expertise
and multidisciplinary capabilities drive results and Ankura is
unrivalled in its ability to assist clients to Protect, Create, and
Recover Value.


[*] BOND PRICING: For the Week September 20 to 24, 2021
-------------------------------------------------------
Issuer                     Coupon   Maturity  Currency  Price
------                     ------   --------  --------  -----
Casino Guichard Perracho     3.992               EUR    72.328
Casino Guichard Perracho     1.004               EUR    42.435
Intralot Capital Luxembo     5.250   9/15/2024   EUR    59.971
PB International BV          7.625   1/26/2022   USD    41.387
Mitsubishi UFJ Investor      3.957  12/15/2050   EUR    50.393
Paragon GmbH & Co KGaA       4.000   4/23/2023   CHF    65.550
Accor SA                     0.700   12/07/2027  EUR    51.066
Moby SpA                     7.750   2/15/2023   EUR    36.037
Mallinckrodt Internation     4.750   4/15/2023   USD    27.750
Rallye SA                    4.000   2/28/2030   EUR    28.711
Hurricane Energy PLC         7.500   7/24/2022   USD    64.385
Hylea Group SA               7.250   12/01/2022  EUR    12.200
Air France-KLM               0.125   3/25/2026   EUR    15.848
Nostrum Oil & Gas Financ     8.000   7/25/2022   USD    27.458
Mallinckrodt Internation     5.750   08/01/2022  USD    63.500
Wirecard AG                  0.500   09/11/2024  EUR    11.000
Intelsat Jackson Holding     5.500   08/01/2023  USD    55.000
Yell Bondco PLC              8.500   05/02/2023  GBP    60.219
Intelsat Luxembourg SA       8.125   06/01/2023  USD     1.625
Fuerstenberg Capital II      5.625               EUR    48.931
Rallye SA                    4.371   1/23/2023   EUR    28.500
Korian SA                    0.875   03/06/2027  EUR    57.139
Intu Debenture PLC           5.562  12/31/2027   GBP    39.293
Metro Bank PLC               5.500   6/26/2028   GBP    65.128
Intelsat Jackson Holding     8.500  10/15/2024   USD    55.000
Maisons du Monde SA          0.125   12/06/2023  EUR    47.243
Naviera Armas SA             6.500   7/31/2023   EUR    74.735
FIGEAC-AERO                  1.125  10/18/2022   EUR    21.919
Mallinckrodt Internation     5.625  10/15/2023   USD    64.500
Voltalia SA                  1.000   1/13/2025   EUR    31.883
Quadient SA                  3.375               EUR    57.738
Privatbank CJSC Via UK S    10.250   1/23/2018   USD    10.000
Offshore Drilling Holdin     8.375   9/20/2020   USD    10.561
Nexity SA                    0.250   03/02/2025  EUR    68.137
HOCHDORF Holding AG          2.500               CHF    57.191
Nostrum Oil & Gas Financ     7.000   2/16/2025   USD    27.458
Econocom Group SA/NV         0.500   03/06/2023  EUR     7.652
Korian SA                    2.500               EUR    41.990
EA Partners II BV            6.750   06/01/2021  USD     1.501
Pierre Et Vacances SA        2.000   04/01/2023  EUR    29.176
Mallinckrodt Internation     5.500   4/15/2025   USD    65.250
Rallye SA                    3.250   02/08/2024  CHF    29.016
EYEMAXX Real Estate AG       5.500   4/26/2023   EUR    69.571
Travelex Financing PLC       8.000   5/15/2022   EUR     1.313
Debenhams PLC                5.250   7/15/2021   GBP     1.001
Intelsat Connect Finance     9.500   2/15/2023   USD    32.898
Thomas Cook Group PLC        6.250   6/15/2022   EUR     0.909
Immigon Portfolioabbau A     5.801               EUR    12.479
Neoen SA                     1.875   10/07/2024  EUR    42.504
Intelsat Jackson Holding     9.750   7/15/2025   USD    55.000
Officine Maccaferri-SpA      5.750   06/01/2021  EUR    20.490
Ziton A/S                    7.900   10/03/2022  EUR    70.744
EYEMAXX Real Estate AG       5.500   9/24/2024   EUR    66.197
O1 Properties Finance PL     0.500   9/27/2028   USD    10.000
Rickmers Holding AG          8.875   06/11/2018  EUR     0.512
Neoen SA                     2.000   06/02/2025  EUR    52.088
Eramet SA                    4.000               EUR    66.017
Intelsat SA                  4.500   6/15/2025   USD    34.039
OGX Austria GmbH             8.375   04/01/2022  USD     0.002
Union Fenosa Preferentes     1.107               EUR    71.100
Rallye SA                    3.400   1/31/2022   EUR    30.700
PREOS Global Office Real     7.500   12/09/2024  EUR    69.900
Rallye SA                    4.000  11/23/2020   CHF    29.000
Bourbon Corp                 8.061               EUR    17.905
Intelsat Luxembourg SA       7.750   06/01/2021  USD     2.500
Deutsche Bank AG             1.268   6/28/2033   USD    72.446
Senvion Holding GmbH         3.875  10/25/2022   EUR     0.358
EOS Imaging SA               6.000   5/31/2023   EUR     6.964
Rallye SA                    5.250   02/01/2022  EUR    30.988
Bilt Paper BV               10.360               USD     1.253
Abengoa Abenewco 2 Bis S     1.500   4/26/2024   EUR     1.183
Air Berlin PLC               8.250   4/19/2018   EUR     0.268
Jain International Tradi     7.125   02/01/2022  USD    21.750
Hellenic Bank PCL           10.000               EUR    49.019
Scandinavian Airlines Sy     0.625               CHF    22.189
Thomas Cook Finance 2 PL     3.875   7/15/2023   EUR     1.778
Galapagos Holding SA         7.000   6/15/2022   EUR     1.500
Mitsubishi UFJ Investor      3.704  12/30/2099   EUR     5.083
Fuerstenberg Capital Ers     1.020               EUR    48.360
EA Partners I BV             6.875   9/28/2020   USD     1.000
Naviera Armas SA             4.250  11/15/2024   EUR    76.299
FF Group Finance Luxembo     3.250   11/02/2021  CHF     8.599
Air Berlin PLC               6.750   05/09/2019  EUR     0.325
Banco Espirito Santo SA      7.125  11/28/2023   EUR     0.139
DOF Subsea AS                8.260  11/27/2023   NOK    27.000
Nexity SA                    0.875   4/19/2028   EUR    59.195
Agrokor dd                   9.875   05/01/2019  EUR    15.000
Breeze Finance SA            6.708   4/19/2027   EUR    31.000
Dexia Credit Local SA        1.180               EUR     3.184
Orient Express Bank PJSC     2.000               USD    30.174
KTG Agrar SE                 7.125   06/06/2017  EUR     2.804
Norddeutsche Landesbank-     7.490               EUR    68.292
OGX Austria GmbH             8.500   06/01/2018  USD     0.002
Avangardco Investments P    10.000  10/29/2018   USD     0.646
Stichting Afwikkeling On     6.250  10/26/2020   EUR     5.375
Genfit                       3.500  10/16/2025   EUR    18.597
Dexia SA                     1.236               EUR     1.674
Nexity SA                    0.125   01/01/2023  EUR    64.769
UkrLandFarming PLC          10.875   3/26/2018   USD     1.879
EDOB Abwicklungs AG          7.500   04/01/2012  EUR     0.642
Koninklijke Luchtvaart M     0.750               CHF    26.250
Norske Skogindustrier AS     7.000  12/30/2026   EUR     0.001
EFG International AG         0.321               EUR    71.748
Air Berlin PLC               5.625   05/09/2019  CHF     0.406
Turkey Government Bond       8.000   03/12/2025  TRY    75.350
Privatbank CJSC Via UK S    10.875   2/28/2018   USD    10.000
Stichting Afwikkeling On    11.250               EUR     1.248
German Pellets GmbH          7.250  11/27/2019   EUR     1.000
Praktiker AG                 5.875   02/10/2016  EUR     0.069
Gamalife - Cia de Seguro     2.957               EUR    72.999
Verimatrix SA                6.000   6/29/2022   EUR     3.790
Senivita Social Estate A     4.000   05/12/2025  EUR     8.010
Tresu Investment Holding     5.000   9/29/2022   EUR    28.250
WD Invest Sarl               1.900   10/02/2024  EUR    10.329
Banco Espirito Santo SA      6.875   7/15/2016   EUR    25.125
Privatbank CJSC Via UK S    11.000   02/09/2021  USD     4.285
Lehman Brothers UK Capit     6.900               USD     3.986
Deutsche Bank AG/London      2.218   3/15/2033   USD    73.092
REM Saltire Holding AS       7.000  12/31/2024   NOK    52.838
International Industrial     9.000   07/06/2011  EUR     0.007
BNG Bank NV                 10.010   6/17/2025   TRY    74.760
Bank Otkritie Financial     10.000   4/26/2019   USD    10.010
Espirito Santo Financial     6.875  10/21/2019   EUR     0.244
FF Group Finance Luxembo     1.750   07/03/2019  EUR     5.442
Joh Friedrich Behrens AG     6.250   6/18/2024   EUR    46.031
Hellenic Republic Govern     2.085   7/25/2057   EUR    48.553
Norske Skogindustrier AS     2.000  12/30/2115   EUR     0.113
Havila Shipping ASA          4.700   01/02/2025  NOK    25.037
Yuksel Insaat AS             9.500   11/10/2015  USD     1.008
International Industrial    11.000   2/19/2013   USD     0.008
DOF Subsea AS                9.500   3/14/2022   USD    27.140
KPNQwest NV                 10.000   3/15/2012   EUR     0.453
Ghelamco Invest              4.500   5/23/2022   EUR    40.000
Claranova SADIR              5.000   07/01/2023  EUR     1.110
Virgolino de Oliveira Fi    10.500   1/28/2018   USD     0.897
Lehman Brothers UK Capit     3.875               EUR     7.069
Windreich GmbH               6.500   03/01/2015  EUR     4.475
OGX Austria GmbH             8.375   04/01/2022  USD     0.002
Hellas Telecommunication     6.054   1/15/2015   USD     0.001
Komplett Bank ASA            8.190               NOK    74.073
Autonomous Community of      2.965   09/08/2039  JPY    69.089
Banca Popolare di Vicenz     2.821  12/20/2017   EUR     0.100
Allied Irish Banks PLC      12.500   6/25/2035   GBP    61.205
LBI ehf                      6.100   8/25/2011   USD     9.842
Banca Popolare di Vicenz     9.500   9/29/2025   EUR     0.049
Alitalia-Societa Aerea I     5.250   7/30/2020   EUR     0.209
Lehman Brothers UK Capit     5.125               EUR     7.127
Saleza AS                    9.000   07/12/2021  EUR     0.203
Grupo Isolux Corsan SA       1.000  12/30/2021   EUR     0.182
New World Resources NV       8.000   04/07/2020  EUR     0.101
Alno AG                      8.500   5/14/2018   EUR    16.325
Cirio Holding Luxembourg     6.250   2/16/2004   EUR     0.723
Offshore Drilling Holdin     8.375   9/20/2020   USD    10.561
Banco Espirito Santo SA      2.102               EUR     0.160
Pentracor GmbH               8.500   5/29/2025   EUR    66.300
Virgolino de Oliveira Fi    11.750   02/09/2022  USD     1.047
Alpine Holding GmbH          6.000   5/22/2017   EUR     2.233
Fuerstenberg Capital Dri     1.609               EUR    55.000
Intralot Capital Luxembo     5.250   9/15/2024   EUR    59.740
UBS AG/London               13.250   05/04/2022  USD    60.150
Norwegian Air Shuttle AS     5.000   02/07/2023  SEK    44.592
ESFIL-Espirito Santo Fin     5.250   06/12/2015  EUR     0.111
Mallinckrodt Internation     5.625  10/15/2023   USD    69.750
Sairgroup Finance BV         4.375   06/08/2006  EUR     1.568
Joh Friedrich Behrens AG     7.750   11/11/2020  EUR    44.000
Hema Bondco II BV            8.500   1/15/2023   EUR     0.780
Mallinckrodt Internation     5.750   08/01/2022  USD    63.646
SAG Solarstrom AG            6.250  12/14/2015   EUR    31.000
Veneto Banca SpA             9.878   12/01/2025  EUR     0.473
Lehman Brothers UK Capit     5.750               EUR     3.962
Sberbank of Russia PJSC      0.010   08/06/2026  RUB    80.100
Portugal Telecom Interna     6.250   7/26/2016   EUR     0.175
Norske Skog Holding AS       8.000   2/24/2021   EUR     0.006
Windreich GmbH               6.500   7/15/2016   EUR     4.475
Finmek International SA      7.000   12/03/2004  EUR     2.193
UniCredit Bank AG            0.107  11/19/2029   EUR    67.373
Cooperatieve Rabobank UA     0.500   7/30/2043   MXN    15.756
Hellas Telecommunication     8.500  10/15/2013   EUR     0.540
Waste Italia SpA            10.500  11/15/2019   EUR     0.753
Intelsat Luxembourg SA      12.500  11/15/2024   USD    65.750
Cooperatieve Rabobank UA     0.500  10/30/2043   MXN    15.015
Societe Centrale des Boi     2.500   5/15/2023   EUR     6.880
Corporate Commercial Ban     8.250   08/08/2014  USD     0.308
Agrokor dd                   9.125   02/01/2020  EUR    15.000
Elli Investments Ltd        12.250   6/15/2020   GBP    52.250
Grupo Isolux Corsan SA       6.000  12/30/2021   EUR     0.177
Credit Suisse AG/London      8.750   08/02/2024  USD     9.750
Cirio Finanziaria SpA        8.000  12/21/2005   EUR     1.682
Sberbank of Russia PJSC      0.010   02/06/2023  RUB    80.100
KPNQwest NV                  8.875   02/01/2008  EUR     0.453
Sberbank of Russia PJSC      0.010   08/03/2028  RUB    80.100
Commerzbank AG               0.077  11/19/2029   EUR    62.729
Mallinckrodt Internation     5.500   4/15/2025   USD    69.250
MS Deutschland Beteiligu     6.875  12/18/2017   EUR     0.620
Aralco Finance SA           10.125   05/07/2020  USD     0.934
Yell Bondco PLC              8.500   05/02/2023  GBP    60.219
SAS AB                       4.410               SEK    25.301
Cirio Del Monte NV           7.750   3/14/2005   EUR     0.614
New World Resources NV       4.000   10/07/2020  EUR     0.231
Bulgaria Steel Finance B    12.000   05/04/2013  EUR     0.216
Banco Espirito Santo SA      2.282               EUR     0.237
Espirito Santo Financial     3.125   12/02/2018  EUR     1.093
Cooperatieve Rabobank UA     0.500   1/31/2033   MXN    36.317
Rallye SA                    1.000   10/02/2020  EUR    27.353
JP Morgan Structured Pro     0.379   9/30/2021   EUR     1.000
Bank Nadra Via NDR Finan     8.250   7/31/2018   USD     0.208
JP Morgan Structured Pro     0.379   9/30/2021   EUR     1.000
CBo Territoria               3.750   07/01/2024  EUR     4.720
Krakowski Bank Spoldziel     3.550   9/20/2023   PLN    70.000
Banco Espirito Santo SA      6.900   6/28/2024   EUR    25.159
Intelsat Jackson Holding     9.750   7/15/2025   USD    54.422
Sidetur Finance BV          10.000   4/20/2016   USD     1.809
Alno AG                      8.000   3/21/2019   EUR    16.200
Nostrum Oil & Gas Financ     8.000   7/25/2022   USD    27.606
International Finance Fa     0.500   6/29/2027   ZAR    65.878
JP Morgan Structured Pro     0.379   9/30/2021   EUR     1.000
Cirio Finance Luxembourg     7.500   11/03/2002  EUR     2.657
Kardan NV                    6.325   2/21/2021   ILS    14.100
Lehman Brothers Treasury     5.220   03/01/2024  EUR     0.100
Kommunekredit                0.500   7/30/2027   TRY    35.633
SpareBank 1 SR-Bank ASA      1.212  12/21/2030   EUR    73.674
Veneto Banca SpA             6.944   5/15/2025   EUR     0.473
Alpine Holding GmbH          5.250   07/01/2015  EUR     2.233
OGX Austria GmbH             8.500   06/01/2018  USD     0.002
Sberbank of Russia PJSC      0.010   8/21/2028   RUB    80.100
Lloyds Bank PLC              0.500   7/26/2028   MXN    59.418
Phones4u Finance PLC         9.500   04/01/2018  GBP    71.750
Uppfinnaren 1 AB            11.000               SEK    40.000
KPNQwest NV                  7.125   06/01/2009  EUR     0.453
Rena GmbH                    8.250   07/11/2018  EUR     2.096
CRC Breeze Finance SA        6.110   05/08/2026  EUR    30.226
Intelsat Luxembourg SA      12.500  11/15/2024   USD    65.750
Phosphorus Holdco PLC       10.000   04/01/2019  GBP     0.974
Erotik-Abwicklungsgesell     7.750   07/09/2019  EUR     0.779
Sberbank of Russia PJSC      0.010   8/24/2026   RUB    80.100
Finance and Credit Bank      9.250   1/25/2019   USD     0.257
Hamon & CIE SA               3.300   1/31/2035   EUR    45.361
Virgolino de Oliveira Fi    10.500   1/28/2018   USD     0.897
Steilmann SE                 7.000   03/09/2017  EUR     1.429
Agrokor dd                   8.875   02/01/2020  USD    15.000
Naviera Armas SA             4.250  11/15/2024   EUR    74.901
Erste Group Bank AG          5.550   8/30/2022   EUR    44.300
Moby SpA                     7.750   2/15/2023   EUR    35.413
Bilt Paper BV               10.360               USD     1.253
Norwegian Air Shuttle AS     6.375  11/15/2024   USD    49.841
Cattles Ltd                  8.125   07/05/2017  GBP     0.027
Getin Noble Bank SA          5.250  12/21/2023   PLN    66.875
Depfa Funding III LP         0.235               EUR    57.439
Island Offshore Shiphold     2.790   6/30/2022   NOK     4.806
Erste Group Bank AG          4.350   2/20/2022   EUR    35.550
Banco Santander SA           1.858               EUR     1.569
O1 Properties Finance PL     8.250   9/27/2021   USD    11.969
Del Monte Finance Luxemb     6.625   5/24/2006   EUR     2.806
Depfa Funding II LP          6.500               EUR    60.536
Peine GmbH                   2.000   07/05/2023  EUR    44.500
Espirito Santo Financial     9.750  12/19/2025   EUR     0.384
Steilmann SE                 7.000   9/23/2018   EUR     1.429
Portugal Telecom Interna     5.242   11/06/2017  EUR     0.694
Intelsat Jackson Holding     8.500  10/15/2024   USD    54.159
Espirito Santo Financial     5.050  11/15/2025   EUR     1.015
Nostrum Oil & Gas Financ     7.000   2/16/2025   USD    27.943
Ahtium PLC                   4.000  12/16/2015   EUR     0.586
Agrokor dd                   8.875   02/01/2020  USD    15.000
SiC Processing GmbH          7.125   03/01/2016  EUR     2.410
Credit Suisse AG/London     12.450   12/08/2021  USD    15.140
La Veggia Finance SA         7.125  11/14/2004   EUR     0.287
KTG Agrar SE                 7.250  10/15/2019   EUR     2.804
Phones4u Finance PLC         9.500   04/01/2018  GBP    71.750
DZ Bank AG Deutsche Zent     0.488   03/11/2031  EUR    60.539
ECM Real Estate Investme     5.000   10/09/2011  EUR    15.375
Norske Skog Holding AS       8.000   2/24/2023   USD     0.006
Pescanova SA                 5.125   4/20/2017   EUR     0.319
Alpine Holding GmbH          5.250   06/10/2016  EUR     2.233
Rena GmbH                    7.000  12/15/2015   EUR     2.096
Caixa Economica Montepio     5.000               EUR    50.060
Credit Suisse AG/London      7.500  10/25/2021   USD    74.240
Mox Telecom AG               7.250   11/02/2017  EUR     2.255
A-TEC Industries AG          2.750   05/10/2014  EUR     0.100
Tonon Luxembourg SA          9.250   1/24/2020   USD     1.000
WPE International Cooper    10.375   9/30/2020   USD     5.000
SAG Solarstrom AG            7.500   07/10/2017  EUR    31.000
Orange SA                    3.000   6/15/2022   EUR    10.000
Veneto Banca SpA             6.411               EUR     0.336
New World Resources NV       8.000   04/07/2020  EUR     0.101
Rio Forte Investments SA     4.000   7/22/2014   EUR     5.772
Veneto Banca SpA             6.950   2/25/2025   EUR     0.473
Solon SE                     1.375   12/06/2012  EUR     0.745
Vneshprombank Ltd Via VP     9.000  11/14/2016   USD     0.078
Stichting Afwikkeling On     6.625   5/14/2018   EUR     5.375
NTRP Via Interpipe Ltd      10.250   08/02/2017  USD    30.500
SFO Akkord Finans           10.000   02/12/2024  RUB    69.370
Intelsat Connect Finance     9.500   2/15/2023   USD    32.898
Norske Skogindustrier AS     7.125  10/15/2033   USD     0.001
Agrokor dd Via Aquarius      4.921   08/08/2017  EUR    14.625
Leonteq Securities AG        8.000   9/14/2021   CHF    53.410
Steilmann SE                 6.750   6/27/2017   EUR     2.184
Cooperatieve Rabobank UA     0.500  10/29/2027   MXN    62.381
Agrokor dd                   9.125   02/01/2020  EUR    15.000
KPNQwest NV                  8.125   06/01/2009  USD     0.453
Thomas Cook Group PLC        6.250   6/15/2022   EUR     0.909
Bulgaria Steel Finance B    12.000   05/04/2013  EUR     0.216
BRAbank ASA/NO               7.210               NOK    52.294
A-TEC Industries AG          8.750  10/27/2014   EUR     0.100
Intelsat Jackson Holding     9.750   7/15/2025   USD    54.422
Stichting Afwikkeling On     2.207               EUR     1.248
Virgolino de Oliveira Fi    10.875   1/13/2020   USD    34.000
Mifa Mitteldeutsche Fahr     7.500   08/12/2018  EUR     2.000
Ahtium PLC                   9.750   04/04/2017  EUR     0.726
Air Berlin Finance BV        8.500   03/06/2019  EUR     0.357
KPNQwest NV                  7.125   06/01/2009  EUR     0.453
Air Berlin Finance BV        6.000   03/06/2019  EUR     0.357
Havila Shipping ASA          3.950   01/02/2025  NOK    51.707
TransKomplektHolding OOO     9.500   11/02/2028  RUB    70.000
Resa SA/Belgium              1.950   7/22/2036   EUR    50.000
Credit Suisse AG/London     20.000   12/07/2021  USD    67.800
COFIDUR SA                   0.100  12/31/2024   EUR    24.050
Senvion Holding GmbH         3.875  10/25/2022   EUR     0.358
Sairgroup Finance BV         6.625   10/06/2010  EUR     1.568
Gebr Sanders GmbH & Co K     8.750  10/22/2018   EUR     9.375
getgoods.de AG               7.750   10/02/2017  EUR     0.404
SG Issuer SA                 5.000   04/02/2024  EUR    58.920
Pongs & Zahn AG              8.500   11/01/2014  EUR     0.002
Credit Suisse AG/London     11.150   12/08/2021  CHF    14.060
UBS AG/London               11.250   02/03/2023  CHF    67.450
Cooperatieve Rabobank UA     0.500  11/30/2027   MXN    61.932
Sequa Petroleum NV           5.000   4/29/2020   USD    30.500
German Pellets GmbH          7.250   04/01/2016  EUR     1.000
Pescanova SA                 6.750   03/05/2015  EUR     0.319
Lehman Brothers Treasury     1.000   10/05/2035  EUR     0.100
BOA Offshore AS              0.409   7/17/2047   NOK     8.805
Derzhava-Garant OOO          9.500   06/12/2030  RUB     6.890
Dyadya Doner OOO            13.500   4/25/2023   RUB    15.600
Tonon Luxembourg SA         12.500   5/14/2024   USD     0.399
Banco Espirito Santo SA     10.000   12/06/2021  EUR     0.139
Cooperatieve Rabobank UA     0.500   8/21/2028   MXN    58.146
Credit Suisse AG/London     14.500   08/02/2024  USD     9.750
Barclays Bank PLC            5.000   11/01/2029  BRL    62.107
Pescanova SA                 8.750   2/17/2019   EUR     0.319
WEB Windenergie AG           4.000  12/17/2025   EUR     0.010
SALVATOR Vermoegensverwa     9.500               EUR     9.000
HPI AG                       3.500               EUR     3.011
Center-Invest Commercial     6.000   03/03/2022  RUB    66.000
KPNQwest NV                  7.125   06/01/2009  EUR     0.453
Credito Padano Banca di      3.100               EUR    33.690
Credito Padano Banca di      3.100               EUR    33.917
Hellas Telecommunication     8.500  10/15/2013   EUR     0.540
Komplett Bank ASA            5.240   03/03/2031  NOK    74.087
SAir Group                   0.125   07/07/2005  CHF    12.625
Eiendomskreditt AS           2.050   9/17/2029   NOK    68.640
UkrLandFarming PLC          10.875   3/26/2018   USD     1.879
Golden Gate AG               6.500   10/11/2014  EUR    37.300
Landesbank Baden-Wuertte     6.000   8/27/2021   EUR    71.920
Russian Post FGUP            2.750   12/06/2023  RUB    70.000
Landesbank Baden-Wuertte     7.000  11/26/2021   EUR    72.210
Phosphorus Holdco PLC       10.000   04/01/2019  GBP     0.974
Hema Bondco II BV            8.500   1/15/2023   EUR     0.780
German Pellets GmbH          7.250   07/09/2018  EUR     1.000
Credit Suisse AG/London     11.600   12/08/2021  EUR    15.630
Erste Group Bank AG          8.000   7/31/2024   EUR    69.500
Deutsche Bank AG/London     13.750   6/20/2026   TRY    72.972
WEB Windenergie AG           2.500   9/26/2021   EUR     0.010
Golfino AG                   8.000  11/18/2023   EUR     0.020
Bayerische Landesbank        1.450   1/26/2024   EUR    56.060
Credit Suisse AG/London     20.000  11/29/2024   USD    13.440
Landesbank Baden-Wuertte     4.000  11/26/2021   EUR    68.600
Otkritie Holding JSC        10.000   4/20/2028   RUB     3.080
Dr Wiesent Sozial gGmbH      7.000               EUR     0.012
Bank ZENIT PJSC              0.100   3/27/2025   RUB    92.000
Landesbank Baden-Wuertte     4.100  10/22/2021   EUR    71.770
Landesbank Baden-Wuertte     5.250  11/26/2021   EUR    66.610
SG Issuer SA                 2.100   5/16/2033   EUR    29.580
Credit Suisse AG/London  #N/A N/A    8/18/2022   USD     9.010
Muehl Product & Service      6.750   03/10/2005  DEM     0.102
Agrokor dd                   9.875   05/01/2019  EUR    15.000
KPNQwest NV                  8.875   02/01/2008  EUR     0.453
Cooperatieve Rabobank UA     0.500  12/29/2027   MXN    61.586
Virgolino de Oliveira Fi    11.750   02/09/2022  USD     1.047
Deutsche Agrar Holding G     7.250   9/28/2018   EUR     1.254
Privatbank CJSC Via UK S    10.875   2/28/2018   USD    10.000
Leonteq Securities AG        5.400   7/25/2022   CHF    57.920
Windreich GmbH               6.250   03/01/2015  EUR     4.475
Credit Suisse AG             0.500  12/16/2025   BRL    63.025
Russian Bank for Small &     8.500   12/03/2030  RUB    65.030
Norske Skog Holding AS       8.000   2/24/2023   USD     0.006
AlphaNotes ETP Dac           0.010   09/09/2029  USD    69.815
HSBC Bank PLC                0.500   6/23/2027   MXN    64.059
SG Issuer SA                 3.000   09/02/2021  EUR    30.870
RENE LEZARD Mode GmbH        7.250  11/25/2017   EUR     0.200
Landesbank Baden-Wuertte     3.250  11/26/2021   EUR    75.240
Northland Resources AB       4.000  10/15/2020   NOK     0.271
Mriya Agro Holding PLC       9.450   4/19/2018   USD     4.667
Ukraine Government Bond      6.000  12/23/2026   UAH    72.458
Ukraine Government Bond      8.120   11/10/2035  UAH    67.330
Irish Bank Resolution Co     6.750  11/30/2013   BGN    33.250
Petromena ASA                9.750   5/24/2016   NOK     0.607
A-TEC Industries AG          5.750   11/02/2010  EUR     0.100
Barclays Bank PLC            5.090   06/08/2022  USD     9.930
DeltaCredit Bank JSC         1.000  10/20/2025   RUB    70.020
SG Issuer SA                 8.700   1/20/2025   SEK    68.370
Hellas Telecommunication     6.054   1/15/2015   USD     0.001
Heta Asset Resolution AG     5.730  12/31/2023   EUR     1.440
Decipher Production Ltd     12.500   9/27/2019   USD     1.500
Thomas Cook Finance 2 PL     3.875   7/15/2023   EUR     1.778
Virgolino de Oliveira Fi    10.875   1/13/2020   USD    34.000
Rio Forte Investments SA     3.900   07/10/2014  USD     5.750
Societe Generale SA          8.500   9/30/2021   USD    43.100
Leonteq Securities AG       10.000   7/20/2022   CHF    51.490
Leonteq Securities AG       18.000  11/24/2021   CHF    60.120
BrokerCreditService Stru     3.000   2/28/2023   USD    71.000
Lehman Brothers Treasury     2.875   3/14/2013   CHF     0.100
Ukraine Government Bond      8.880   05/10/2032  UAH    75.129
EDOB Abwicklungs AG          7.500   04/01/2012  EUR     0.642
Instabank ASA                5.190   3/28/2028   NOK    60.798
Dolphin Drilling ASA         4.490   8/28/2019   NOK     0.644
Natixis SA                   0.300   6/25/2048   USD    52.118
Getin Noble Bank SA          5.250   7/28/2023   PLN    72.875
UBS AG/London               16.300   01/08/2024  EUR    42.050
UniCredit Bank AG            4.250  11/21/2021   EUR    30.180
SALVATOR Vermoegensverwa     9.500  12/31/2021   EUR     8.800
Landesbank Baden-Wuertte     5.000   8/27/2021   EUR    61.260
Credit Suisse AG/London      5.800   07/12/2023  USD     9.720
Santander Consumer Bank      5.110               NOK    44.368
AKB Peresvet ZAO            13.250   4/25/2018   RUB    27.750
Norske Skogindustrier AS     7.125  10/15/2033   USD     0.001
Banca Popolare di Vicenz     9.500   10/02/2025  EUR     0.049
Gold-Zack AG                 7.000  12/14/2005   EUR     5.000
Bank Julius Baer & Co Lt    11.700   4/26/2022   CHF    52.150
EFG International Financ     9.800   9/21/2021   EUR    76.310
Vontobel Financial Produ    24.380   12/08/2021  USD    65.962
Getin Noble Bank SA          5.250   5/31/2023   PLN    67.075
Windreich GmbH               6.750   03/01/2015  EUR     4.475
Espirito Santo Financial     5.125   5/30/2016   EUR     0.528
BNP Paribas SA               0.500  11/16/2032   MXN    29.332
Lehman Brothers Treasury     4.800  11/16/2012   HKD     0.100
KPNQwest NV                  8.875   02/01/2008  EUR     0.453
Stichting Afwikkeling On     8.450   8/20/2018   USD     5.375
Bank Otkritie Financial      0.010   9/24/2025   RUB    72.010
Santander Consumer Bank      5.110               NOK    44.368
Espirito Santo Financial     5.050  11/15/2025   EUR     0.874
Lehman Brothers Treasury     4.250   3/13/2021   EUR     0.100
MIK OAO                     15.000   2/19/2020   RUB    13.875
Lehman Brothers Treasury     2.000   3/16/2035   EUR     0.100
Teksid Aluminum Luxembou    12.375   7/15/2011   EUR     0.122
Solarwatt GmbH               7.000   11/01/2015  EUR    15.500
BLT Finance BV              12.000   02/10/2015  USD    10.500
UniCredit Bank AG            3.600   8/23/2021   EUR    34.220
Raiffeisen Switzerland B     4.000   8/30/2022   CHF    39.950
Banque Cantonale Vaudois    10.875   11/05/2021  EUR    70.700
UniCredit Bank AG            6.600   7/20/2028   EUR    50.170
Leonteq Securities AG/Gu     2.750   9/15/2022   CHF    15.800
DeloPorts LLC                0.010  11/14/2025   RUB    70.010
Leonteq Securities AG/Gu    15.000  10/20/2021   USD    54.290
Leonteq Securities AG/Gu    20.000   11/04/2021  CHF    55.340
BrokerCreditService Stru     3.000   04/03/2022  USD    54.100
UBS AG/London               13.500   4/14/2022   CHF    61.700
BrokerCreditService Stru     8.000   1/30/2024   USD    56.000
UniCredit Bank AG            6.600   9/13/2023   EUR    71.970
Lehman Brothers Treasury     1.750   02/07/2010  EUR     0.100
Heta Asset Resolution AG     0.211  12/31/2023   EUR     1.440
Lehman Brothers Treasury     6.000  10/24/2008   EUR     0.100
Norske Skogindustrier AS     7.000  12/30/2026   EUR     0.001
Ukraine Government Bond      6.000   1/22/2031   UAH    61.368
Credit Agricole Corporat    10.200   08/06/2026  TRY    74.710
LBI ehf                      6.100   8/25/2011   USD     9.842
Nutritek International C     8.750   12/11/2008  USD     2.089
Lehman Brothers Treasury     4.600   08/01/2013  EUR     0.100
Waste Italia SpA            10.500  11/15/2019   EUR     0.753
New World Resources NV       4.000   10/07/2020  EUR     0.231
Santander Consumer Bank      5.110               NOK    44.368
Mriya Agro Holding PLC      10.950   3/30/2016   USD     4.667
Minicentrales Dos SA         0.010   06/06/2047  EUR    59.375
Landesbank Baden-Wuertte     5.400   2/25/2022   EUR    68.340
Rosseti South PJSC           9.240   07/01/2022  RUB    70.020
UBS AG/London               15.000   06/03/2022  USD    66.550
OOO SPV Structural Inves     0.010   09/01/2023  RUB    66.740
Rio Forte Investments SA     4.750   11/10/2015  EUR     5.750
Credit Agricole Corporat    10.800   3/24/2026   TRY    74.527
PA Resources AB             13.500   03/03/2016  SEK     0.124
Lehman Brothers Treasury     4.000   4/13/2011   CHF     0.100
Heta Asset Resolution AG     4.350  12/31/2023   EUR     1.440
International Bank of Az     8.250   10/09/2024  USD    60.375
Centrosolar Group AG         7.000   2/15/2016   EUR     2.505
UBS AG/London               15.000   8/26/2021   CHF    65.900
Landesbank Baden-Wuertte     3.700   2/25/2022   EUR    72.120
Leonteq Securities AG/Gu     4.000   08/10/2022  CHF    58.780
SG Issuer SA                 0.263   2/20/2025   EUR    18.870
WEB Windenergie AG           4.500               EUR     0.010
Credit Suisse AG/London      5.200   8/17/2022   USD     9.829
EFG International Financ    12.750   1/31/2022   USD    62.570
Leonteq Securities AG/Gu     4.890  11/26/2021   USD    71.130
Activa Resources AG          0.500  11/15/2021   EUR     0.500
Landesbank Baden-Wuertte     4.000  11/26/2021   EUR    72.770
Landesbank Baden-Wuertte     4.750   8/27/2021   EUR    73.520
Landesbank Baden-Wuertte     2.750   8/27/2021   EUR    68.570
Landesbank Baden-Wuertte     3.500   8/27/2021   EUR    65.940
Credit Suisse AG/London     12.450   12/08/2021  USD    15.810
Leonteq Securities AG       28.630  12/15/2021   CHF    68.720
Credit Suisse AG/London      5.880   6/28/2023   USD    10.000
Leonteq Securities AG       15.000   6/21/2022   CHF    68.450
Credit Suisse AG/London     27.250   07/03/2024  USD     9.700
Bank Julius Baer & Co Lt     8.200  10/15/2021   EUR    65.600
Credit Suisse AG/London      4.600   11/09/2022  USD     9.900
EFG International Financ     9.700   9/26/2022   CHF    11.400
Credit Suisse AG/London     10.000   02/02/2023  USD    10.000
Landesbank Baden-Wuertte     3.000  11/26/2021   EUR    71.710
SAir Group                   2.750   7/30/2004   CHF    12.625
Northland Resources AB       4.000  10/15/2020   USD     0.271
Ukraine Government Bond      6.000   9/18/2030   UAH    62.084
Ukraine Government Bond      6.000   06/12/2030  UAH    62.663
Ukraine Government Bond      6.000   4/23/2031   UAH    60.850
Bank Otkritie Financial     10.000   4/26/2019   USD    10.010
Minicentrales Dos SA         0.010   06/06/2047  EUR    67.500
City of Novosibirsk Russ     7.300   10/08/2026  RUB    69.470
Russian Federal Bond - O     0.250   7/20/2044   RUB    17.800
Norske Skogindustrier AS     2.000  12/30/2115   EUR     0.113
Lehman Brothers Treasury     6.450   2/20/2010   AUD     0.100
DANY COLL LLC                0.100   7/19/2022   RUB     1.160
Barclays Bank PLC            0.500   1/28/2033   MXN    35.019
Bibby Offshore Services      7.500   6/15/2021   GBP    11.625
Mriya Agro Holding PLC       9.450   4/19/2018   USD     4.667
Vontobel Financial Produ    23.950   06/03/2022  EUR    71.944
BNP Paribas Emissions- u    29.000   9/23/2021   EUR    61.210
SG Issuer SA                 5.000   5/23/2024   EUR    59.840
Leonteq Securities AG       11.000   01/03/2022  CHF    56.000
Landesbank Baden-Wuertte     4.500   8/27/2021   EUR    55.310
Societe Generale SA          6.000   06/06/2022  USD     0.470
Societe Generale SA          6.000   05/09/2022  USD     4.780
Danske Bank A/S              6.860   07/09/2022  SEK    25.870
Leonteq Securities AG        4.000  12/18/2026   CHF    66.160
Barclays Bank PLC            2.730   9/27/2024   EUR    60.620
Ukraine Government Bond      6.000  10/15/2031   UAH    59.927
Ukraine Government Bond      8.420   05/10/2034  UAH    70.484
Credit Agricole Corporat    10.500   2/16/2027   TRY    74.572
SAir Group                   4.250   02/02/2007  CHF    12.625
Credit Agricole Corporat     9.450   03/08/2027  TRY    70.559
LBI ehf                      7.431               USD     0.001
AKB Peresvet ZAO             0.510   2/14/2032   RUB    12.700
Rosbank PJSC                 0.040   4/30/2024   RUB    65.000
SAir Group                   6.250  10/27/2002   CHF    12.625
Astana Finance BV            7.875   06/08/2010  EUR    16.000
Credit Agricole Corporat    10.320   7/22/2026   TRY    75.088
AKB Peresvet ZAO             0.510   6/23/2021   RUB    27.180
Lehman Brothers Treasury     3.700   06/06/2009  EUR     0.100
SAir Group                   5.500   7/23/2003   CHF    12.625
Instabank ASA                7.190               NOK    36.850
Heta Asset Resolution AG     4.875  12/31/2023   EUR     1.440
IT Holding Finance SA        9.875  11/15/2012   EUR     0.031
Credit Agricole Corporat    10.200  12/13/2027   TRY    71.635
SAir Group                   2.125   11/04/2004  CHF    12.625
DZ Bank AG Deutsche Zent     7.930   9/24/2021   EUR    62.850
SG Issuer SA                 0.850   7/29/2024   EUR    15.370
WEB Windenergie AG           5.250   04/08/2023  EUR     0.010
Landesbank Baden-Wuertte     6.250   8/27/2021   EUR    70.910
Landesbank Baden-Wuertte    13.180   1/28/2022   EUR    68.260
SAir Group                   5.125   03/01/2003  CHF    12.750
Bank Julius Baer & Co Lt    13.800   11/01/2021  USD    54.700
Bank2 ASA                    5.270               NOK    57.898
Petromena ASA               10.850  11/19/2018   USD     0.622
LBI ehf                      2.250   2/14/2011   CHF     9.250
SAir Group                   2.750   7/30/2004   CHF    12.625
Sberbank CIB JSC             0.010   01/04/2030  RUB    54.296
Norske Skog Holding AS       8.000   2/24/2021   EUR     0.006
Lehman Brothers Treasury     8.000   4/20/2009   EUR     0.100
Heta Asset Resolution AG     7.500  12/31/2023   ATS     1.440
Bibby Offshore Services      7.500   6/15/2021   GBP    11.625
SAir Group                   6.250   04/12/2005  CHF    12.625
UBS AG/London                7.000   9/23/2021   EUR    68.320
UBS AG/London               12.250   8/26/2021   CHF    68.650
UBS AG/London               10.750   8/26/2021   CHF    68.550
UBS AG/London               10.250   8/26/2021   CHF    70.550
UBS AG/London               10.000   8/26/2021   EUR    61.800
Raiffeisen Schweiz Genos     6.500   09/02/2021  CHF    71.180
Landesbank Baden-Wuertte     4.000   2/25/2022   EUR    72.400
Landesbank Baden-Wuertte     6.400   2/25/2022   EUR    63.600
Landesbank Baden-Wuertte     3.900   2/25/2022   EUR    71.880
Landesbank Baden-Wuertte     5.000   2/25/2022   EUR    67.380
Landesbank Baden-Wuertte     4.900   2/25/2022   EUR    70.650
Landesbank Baden-Wuertte     3.400   2/25/2022   EUR    74.180
Landesbank Baden-Wuertte     4.800   3/25/2022   EUR    70.920
UBS AG/London               11.000   09/06/2021  CHF    72.800
UBS AG/London               12.500   09/06/2021  CHF    69.700
UBS AG/London                8.000   03/04/2022  EUR    68.300
UBS AG/London                7.500   09/06/2021  CHF    72.400
UBS AG/London                8.500   09/06/2021  CHF    68.950
UniCredit Bank AG            5.450   3/15/2022   EUR    41.050
UniCredit Bank AG            4.100   8/24/2022   EUR    65.820
UniCredit Bank AG            4.000   2/28/2022   EUR    61.280
Landesbank Baden-Wuertte     4.000  10/22/2021   EUR    36.970
Landesbank Baden-Wuertte     2.600   9/23/2022   EUR    70.960
EFG International Financ    12.000  10/19/2021   USD    60.140
DekaBank Deutsche Giroze     2.300   11/12/2021  EUR    53.090
Leonteq Securities AG/Gu     6.200  10/18/2021   CHF    71.240
Leonteq Securities AG/Gu     7.000  10/19/2021   CHF    70.940
Leonteq Securities AG/Gu     6.100   2/21/2022   CHF    73.020
Landesbank Baden-Wuertte     3.050   9/23/2022   EUR    53.100
Bayerische Landesbank        2.000   2/18/2022   EUR    59.360
Landesbank Baden-Wuertte     2.800   4/25/2022   EUR    58.720
Danske Bank A/S             10.300   07/09/2023  SEK    11.200
Raiffeisen Schweiz Genos     5.800   9/28/2021   CHF    63.920
EFG International Financ    10.500   02/07/2022  EUR    64.300
Landesbank Baden-Wuertte     3.050   9/23/2022   EUR    71.000
Leonteq Securities AG/Gu     8.130   2/21/2022   EUR    60.400
Leonteq Securities AG/Gu     4.000   2/21/2022   EUR    62.800
UBS AG/London               10.750   8/19/2021   CHF    70.950
Landesbank Baden-Wuertte     4.700   3/25/2022   EUR    40.070
Landesbank Baden-Wuertte     3.300   3/25/2022   EUR    48.520
UBS AG/London               11.500   8/19/2021   CHF    70.900
UniCredit Bank AG            4.200   03/01/2023  EUR    67.080
EFG International Financ    14.800   8/19/2021   CHF    41.060
Bayerische Landesbank        2.500   12/03/2021  EUR    52.790
DekaBank Deutsche Giroze     3.100   12/03/2021  EUR    40.280
Zurcher Kantonalbank Fin     8.000   2/25/2022   CHF    71.450
UBS AG/London                6.500   8/19/2021   CHF    60.950
UBS AG/London                5.500   8/19/2021   EUR    60.900
UBS AG/London               10.000   8/19/2021   CHF    68.000
UBS AG/London                7.000   2/21/2022   EUR    61.950
UBS AG/London                5.750   8/20/2021   EUR    72.750
UniCredit Bank AG            9.000  12/27/2021   EUR    68.780
Landesbank Baden-Wuertte     2.500   3/25/2022   EUR    71.310
UniCredit Bank AG            4.300  12/19/2021   EUR    52.940
EFG International Financ     7.000   5/23/2022   EUR    38.140
Landesbank Baden-Wuertte     2.750   3/25/2022   EUR    56.060
UniCredit Bank AG            4.450  12/29/2022   EUR    32.780
Raiffeisen Switzerland B     4.800  11/23/2023   CHF    43.200
UniCredit Bank AG            5.050   01/11/2022  EUR    65.510
DekaBank Deutsche Giroze     2.150   1/21/2022   EUR    65.960
Vontobel Financial Produ     9.500   9/24/2021   EUR    72.660
Vontobel Financial Produ    11.500   9/24/2021   EUR    68.720
Vontobel Financial Produ    10.500   9/24/2021   EUR    70.630
Vontobel Financial Produ    12.500   9/24/2021   EUR    66.920
Landesbank Baden-Wuertte     3.500   1/28/2022   EUR    58.230
Landesbank Baden-Wuertte     5.700   1/28/2022   EUR    50.500
DZ Bank AG Deutsche Zent     5.750   9/22/2021   EUR    66.590
DZ Bank AG Deutsche Zent     7.000   9/20/2021   EUR    71.400
Vontobel Financial Produ    17.500   9/24/2021   EUR    55.910
Landesbank Baden-Wuertte     5.100  11/25/2022   EUR    64.320
Vontobel Financial Produ    16.000   9/24/2021   EUR    57.720
Vontobel Financial Produ    19.500   9/24/2021   EUR    54.280
Vontobel Financial Produ    21.500   9/24/2021   EUR    52.740
Landesbank Baden-Wuertte     3.200  11/25/2022   EUR    68.660
Societe Generale Effekte     3.000   7/22/2022   USD     5.250
Raiffeisen Switzerland B    10.500   07/11/2024  USD    19.760
UniCredit Bank AG            4.300  10/18/2021   EUR    33.640
UniCredit Bank AG            3.800  10/24/2021   EUR    54.090
UniCredit Bank AG            4.050  10/24/2021   EUR    56.160
DekaBank Deutsche Giroze     1.000   11/02/2021  EUR    48.960
Landesbank Baden-Wuertte     2.550  12/27/2021   EUR    51.560
Landesbank Baden-Wuertte     2.500  12/27/2021   EUR    58.670
Vontobel Financial Produ     9.500  12/24/2021   EUR    56.030
Vontobel Financial Produ    11.000  12/24/2021   EUR    54.230
Vontobel Financial Produ    10.000   3/25/2022   EUR    55.940
Vontobel Financial Produ    11.500   3/25/2022   EUR    54.410
Vontobel Financial Produ     9.000  12/24/2021   EUR    57.080
Vontobel Financial Produ     8.000   3/25/2022   EUR    57.510
Vontobel Financial Produ    13.000   3/25/2022   EUR    53.010
Vontobel Financial Produ    16.500  12/24/2021   EUR    68.410
UniCredit Bank AG            4.200   9/21/2022   EUR    42.730
Societe Generale SA          9.000   7/22/2022   USD    57.500
UniCredit Bank AG            3.800  12/29/2022   EUR    66.630
Societe Generale Effekte     5.600   09/04/2023  EUR    36.260
Leonteq Securities AG/Gu     5.600   8/24/2021   CHF    44.410
EFG International Financ     6.500   8/30/2021   CHF    63.160
Zurcher Kantonalbank Fin     8.500   8/24/2021   CHF    65.880
Raiffeisen Schweiz Genos     5.250   8/24/2021   CHF    67.570
Landesbank Baden-Wuertte     3.000   9/23/2022   EUR    49.230
Landesbank Baden-Wuertte     2.500   9/23/2022   EUR    70.800
WEB Windenergie AG           2.250   9/25/2028   EUR     0.010
UniCredit Bank AG            4.600   9/14/2022   EUR    62.380
DekaBank Deutsche Giroze     6.300   10/01/2021  EUR    44.270
UBS AG/London               14.000   02/10/2022  CHF    57.400
EFG International Financ     6.200   08/05/2022  EUR    58.130
Leonteq Securities AG        7.200   09/08/2021  CHF    55.790
DekaBank Deutsche Giroze     3.300   04/08/2022  EUR    43.030
Leonteq Securities AG/Gu     4.000   03/08/2022  EUR    45.770
Leonteq Securities AG/Gu    11.400   9/20/2021   CHF     2.690
Landesbank Baden-Wuertte     3.700   9/24/2021   EUR    51.380
Landesbank Baden-Wuertte     2.500   6/24/2022   EUR    55.650
DZ Bank AG Deutsche Zent    19.900   9/24/2021   EUR    70.470
Credit Suisse AG/London      4.250   03/07/2022  USD     9.900
Vontobel Financial Produ     8.500  12/24/2021   EUR    68.220
Vontobel Financial Produ    14.500   9/24/2021   EUR    73.870
Leonteq Securities AG       12.400   05/12/2022  CHF    68.540
UBS AG/London               21.250   2/18/2022   USD    46.100
Leonteq Securities AG/Gu     5.000   9/13/2021   CHF    67.770
Leonteq Securities AG        6.000   9/14/2021   CHF    66.380
DekaBank Deutsche Giroze     2.300   9/24/2021   EUR    45.970
DZ Bank AG Deutsche Zent    21.800  12/24/2021   EUR    72.470
DZ Bank AG Deutsche Zent    22.000   9/24/2021   EUR    68.100
DZ Bank AG Deutsche Zent    18.500  12/24/2021   EUR    71.990
Corner Banca SA              6.400   09/07/2021  CHF    63.740
Vontobel Financial Produ    23.000   9/24/2021   EUR    68.820
Vontobel Financial Produ    15.500   9/24/2021   EUR    59.770
Vontobel Financial Produ    14.000   9/24/2021   EUR    61.870
Vontobel Financial Produ    12.000   9/24/2021   EUR    64.120
Landesbank Baden-Wuertte     3.950  12/27/2021   EUR    65.960
Landesbank Baden-Wuertte     6.900  12/27/2021   EUR    59.310
Credit Suisse AG/Nassau     13.000  11/26/2021   USD    59.900
Landesbank Baden-Wuertte     7.750   5/27/2022   EUR    70.980
Landesbank Baden-Wuertte     6.500   5/27/2022   EUR    68.040
UBS AG/London               16.000   9/19/2022   CHF    65.550
Vontobel Financial Produ    21.000  12/24/2021   EUR    72.360
Leonteq Securities AG       24.530   4/22/2022   CHF    59.910
Vontobel Financial Produ    12.500   3/25/2022   EUR    73.967
Vontobel Financial Produ    19.500   3/25/2022   EUR    73.360
DZ Bank AG Deutsche Zent    10.500   4/22/2022   EUR    70.160
Leonteq Securities AG/Gu    21.100   4/21/2022   CHF    69.500
Zuercher Kantonalbank        8.624   4/25/2022   CHF     0.044
Societe Generale SA          3.900   3/23/2022   USD     0.090
Bank Julius Baer & Co Lt    18.300   2/18/2022   USD    64.600
Skandinaviska Enskilda B     6.300   7/15/2022   SEK    73.110
UniCredit Bank AG            5.550   7/19/2022   EUR    64.390
Societe Generale Effekte     5.250  10/22/2021   EUR    64.680
Societe Generale Effekte     7.250  10/22/2021   EUR    59.000
Societe Generale Effekte     9.250  10/22/2021   EUR    54.950
Societe Generale Effekte    13.250  10/22/2021   EUR    49.320
Citigroup Global Markets     9.000   8/18/2022   USD     0.689
Landesbank Baden-Wuertte     4.000   5/27/2022   EUR    41.110
Landesbank Baden-Wuertte     3.300   5/27/2022   EUR    49.480
Bayerische Landesbank        3.700   7/15/2022   EUR    72.030
UniCredit Bank AG            4.450   09/11/2023  EUR    52.380
Landesbank Baden-Wuertte     5.250   4/28/2023   EUR    72.530
Barclays Bank PLC            4.000   7/19/2022   USD     9.970
Leonteq Securities AG       22.340   4/14/2022   CHF    54.280
EFG International Financ    18.000   4/14/2022   CHF    57.770
BNP Paribas Emissions- u     6.500   9/23/2021   EUR    59.470
BNP Paribas Emissions- u     7.500   9/23/2021   EUR    59.540
BNP Paribas Emissions- u     8.500   9/23/2021   EUR    59.620
BNP Paribas Emissions- u     7.000   9/23/2021   EUR    58.040
BNP Paribas Emissions- u     8.000   9/23/2021   EUR    58.120
BNP Paribas Emissions- u     9.000   9/23/2021   EUR    58.200
BNP Paribas Emissions- u     7.500   9/23/2021   EUR    56.690
BNP Paribas Emissions- u     8.500   9/23/2021   EUR    56.770
BNP Paribas Emissions- u     9.500   9/23/2021   EUR    56.850
BNP Paribas Emissions- u     9.000   9/23/2021   EUR    54.850
BNP Paribas Emissions- u    11.000  12/23/2021   EUR    55.740
BNP Paribas Emissions- u    12.000  12/23/2021   EUR    54.940
BNP Paribas Emissions- u    11.000  12/23/2021   EUR    53.530
BNP Paribas Emissions- u    13.000  12/23/2021   EUR    54.190
BNP Paribas Emissions- u    14.000  12/23/2021   EUR    52.980
BNP Paribas Emissions- u    15.000  12/23/2021   EUR    51.860
BNP Paribas Emissions- u    16.000  12/23/2021   EUR    51.270
BNP Paribas Emissions- u    15.000  12/23/2021   EUR    50.060
BNP Paribas Emissions- u    17.000  12/23/2021   EUR    50.720
BNP Paribas Emissions- u    10.000   9/23/2021   EUR    54.920
BNP Paribas Emissions- u    11.000   9/23/2021   EUR    53.170
BNP Paribas Emissions- u    13.000   9/23/2021   EUR    53.330
BNP Paribas Emissions- u    12.000   9/23/2021   EUR    52.100
BNP Paribas Emissions- u    14.000   9/23/2021   EUR    52.250
BNP Paribas Emissions- u    13.000   9/23/2021   EUR    51.070
BNP Paribas Emissions- u    15.000   9/23/2021   EUR    51.230
BNP Paribas Emissions- u    14.000   9/23/2021   EUR    49.580
BNP Paribas Emissions- u    16.000   9/23/2021   EUR    49.740
BNP Paribas Emissions- u    17.000   9/23/2021   EUR    48.340
BNP Paribas Emissions- u    18.000   9/23/2021   EUR    47.490
BNP Paribas Emissions- u    19.000   9/23/2021   EUR    46.670
BNP Paribas Emissions- u     6.500  12/23/2021   EUR    60.680
BNP Paribas Emissions- u     7.500  12/23/2021   EUR    61.010
BNP Paribas Emissions- u     8.500  12/23/2021   EUR    61.340
BNP Paribas Emissions- u     7.000  12/23/2021   EUR    59.440
BNP Paribas Emissions- u     8.000  12/23/2021   EUR    59.770
BNP Paribas Emissions- u     9.000  12/23/2021   EUR    60.100
BNP Paribas Emissions- u     7.500  12/23/2021   EUR    58.270
BNP Paribas Emissions- u     8.500  12/23/2021   EUR    58.600
BNP Paribas Emissions- u     9.500  12/23/2021   EUR    58.930
BNP Paribas Emissions- u     9.000  12/23/2021   EUR    56.860
BNP Paribas Emissions- u    10.000  12/23/2021   EUR    57.190
BNP Paribas Emissions- u     9.500  12/23/2021   EUR    55.240
DZ Bank AG Deutsche Zent    17.800  12/24/2021   EUR    66.160
UBS AG/London               14.000   07/07/2022  USD    67.650
BNP Paribas Issuance BV      5.450   1/14/2022   EUR    72.070
DZ Bank AG Deutsche Zent    10.250   3/23/2022   EUR    63.320
Landesbank Baden-Wuertte     4.050   3/24/2023   EUR    67.000
DZ Bank AG Deutsche Zent    24.200  12/24/2021   EUR    62.320
Leonteq Securities AG/Gu    15.000   4/13/2022   CHF    49.850
BNP Paribas Emissions- u    19.000  12/23/2021   EUR    64.780
BNP Paribas Emissions- u    15.000   9/23/2021   EUR    68.680
BNP Paribas Emissions- u    25.000   9/23/2021   EUR    60.900
Leonteq Securities AG       18.000   04/12/2022  CHF    52.510
Bank Vontobel AG            14.004   09/02/2022  CHF    62.500
Landesbank Baden-Wuertte     3.000   9/23/2022   EUR    54.250
Bank Julius Baer & Co Lt    12.500   12/10/2021  USD    63.800
Vontobel Financial Produ    17.750  12/24/2021   EUR    71.226
Vontobel Financial Produ    18.000   9/24/2021   EUR    73.560
Vontobel Financial Produ    10.500   9/24/2021   EUR    66.590
Leonteq Securities AG/Gu     4.000   4/19/2022   EUR    50.590
Citigroup Global Markets     8.200   3/21/2024   SEK    59.800
Leonteq Securities AG        7.200   9/22/2021   CHF    45.800
SG Issuer SA                11.170   7/20/2025   SEK    61.300
Vontobel Financial Produ    21.000  12/24/2021   EUR    69.410
UniCredit Bank AG            4.300   7/26/2022   EUR    59.510
UniCredit Bank AG            4.200   7/26/2022   EUR    31.920
Bank Julius Baer & Co Lt    15.000   11/12/2021  USD    57.750
DZ Bank AG Deutsche Zent    19.300  12/24/2021   EUR    74.020
UBS AG/London               13.500   05/12/2022  USD    62.050
UniCredit Bank AG            4.250   6/28/2022   EUR    41.520
Societe Generale Effekte    22.750   9/24/2021   EUR    70.810
SecurAsset SA                5.250   6/30/2022   EUR    40.800
SG Issuer SA                 4.000   6/22/2026   EUR    71.970
Landesbank Baden-Wuertte     2.650   9/23/2022   EUR    68.500
Vontobel Financial Produ    16.000  12/24/2021   EUR    50.578
Vontobel Financial Produ    17.000   3/25/2022   EUR    72.340
Vontobel Financial Produ    22.500   3/25/2022   EUR    71.100
Vontobel Financial Produ    23.500   3/25/2022   EUR    69.800
UniCredit Bank AG            4.150   7/26/2022   EUR    44.920
Vontobel Financial Produ     9.200   3/23/2022   EUR    72.310
UniCredit Bank AG            4.300   6/28/2022   EUR    70.890
UniCredit Bank AG            3.800   6/28/2022   EUR    57.820
Vontobel Financial Produ    13.250  12/24/2021   EUR    64.486
UBS AG/London               12.250   3/24/2022   CHF    55.850
UBS AG/London               21.250   3/24/2022   USD    68.550
Landesbank Baden-Wuertte     4.850   6/24/2022   EUR    51.790
Vontobel Financial Produ    13.250  12/24/2021   EUR    64.496
Bank Julius Baer & Co Lt    16.000   05/11/2022  EUR    70.900
DZ Bank AG Deutsche Zent    13.100  12/24/2021   EUR    57.500
DZ Bank AG Deutsche Zent    15.000  12/24/2021   EUR    55.210
Vontobel Financial Produ    15.000  12/24/2021   EUR    59.480
Vontobel Financial Produ    20.000  12/24/2021   EUR    57.210
Vontobel Financial Produ    16.000   3/25/2022   EUR    59.490
UniCredit Bank AG            4.200   12/08/2021  EUR    29.880
Landesbank Baden-Wuertte     3.400  11/25/2022   EUR    52.790
Landesbank Baden-Wuertte     3.400   1/27/2023   EUR    57.050
UniCredit Bank AG            5.150   01/02/2023  EUR    53.330
Landesbank Baden-Wuertte     4.000  12/27/2021   EUR    47.810
Landesbank Baden-Wuertte     3.400   2/24/2023   EUR    59.510
Raiffeisen Schweiz Genos     5.000   04/05/2022  CHF    70.830
Corner Banca SA              8.600   10/12/2021  CHF    67.380
UniCredit Bank AG            4.000  11/21/2022   EUR    60.280
Raiffeisen Schweiz Genos     5.700   10/12/2021  CHF    70.120
Landesbank Baden-Wuertte     3.500   1/28/2022   EUR    48.680
UniCredit Bank AG            4.500   1/18/2022   EUR    50.250
UniCredit Bank AG            3.500   2/13/2023   EUR    38.550
Landesbank Baden-Wuertte     2.300   2/25/2022   EUR    58.090
Danske Bank A/S              5.300   7/15/2023   SEK    43.640
Societe Generale SA          4.500  12/29/2022   USD     0.460
Societe Generale SA          4.500  12/29/2022   USD     9.100
Landesbank Baden-Wuertte     2.300   7/22/2022   EUR    58.040
Bayerische Landesbank        2.300  11/26/2021   EUR    55.990
Citigroup Global Markets     7.200   5/24/2023   SEK    49.900
UniCredit Bank AG            3.350   6/14/2022   EUR    49.780
UniCredit Bank AG            4.000   06/07/2022  EUR    70.960
Leonteq Securities AG        5.600   5/16/2022   CHF    57.200
UniCredit Bank AG            7.100  12/24/2021   EUR    73.340
UniCredit Bank AG            9.500  12/24/2021   EUR    71.250
UniCredit Bank AG           11.400  12/24/2021   EUR    64.710
UniCredit Bank AG            6.600  12/24/2021   EUR    64.070
UniCredit Bank AG            7.900  12/24/2021   EUR    70.660
UniCredit Bank AG           10.200  12/24/2021   EUR    42.670
UniCredit Bank AG            8.100  12/24/2021   EUR    56.030
UniCredit Bank AG            7.300  12/24/2021   EUR    59.010
UniCredit Bank AG           10.300  12/24/2021   EUR    68.800
UniCredit Bank AG            6.800  12/24/2021   EUR    51.960
UniCredit Bank AG            6.000  12/24/2021   EUR    55.230
UniCredit Bank AG            6.900  12/24/2021   EUR    62.560
UniCredit Bank AG            8.900  12/24/2021   EUR    67.990
UniCredit Bank AG            7.700  12/24/2021   EUR    72.670
UniCredit Bank AG            5.800  12/24/2021   EUR    66.690
UniCredit Bank AG            8.000  12/24/2021   EUR    58.890
UniCredit Bank AG            8.300  12/24/2021   EUR    70.200
UniCredit Bank AG            6.600  12/24/2021   EUR    71.920
UniCredit Bank AG            5.350   2/27/2023   EUR    49.040
UniCredit Bank AG            5.000   2/22/2022   EUR    71.610
Landesbank Baden-Wuertte     4.800   2/25/2022   EUR    40.390
UniCredit Bank AG            8.600  12/24/2021   EUR    68.190
UniCredit Bank AG            8.000  12/24/2021   EUR    69.190
UniCredit Bank AG            8.100  12/24/2021   EUR    59.350
UniCredit Bank AG            5.800  12/24/2021   EUR    65.630
UniCredit Bank AG            9.400  12/24/2021   EUR    72.250
UniCredit Bank AG            6.400  12/24/2021   EUR    62.310
UniCredit Bank AG           10.500  12/24/2021   EUR    67.820
UniCredit Bank AG            8.500  12/24/2021   EUR    46.700
UniCredit Bank AG            5.600  12/24/2021   EUR    66.130
UniCredit Bank AG           12.300  12/24/2021   EUR    61.900
UniCredit Bank AG            6.900  12/24/2021   EUR    62.270
UniCredit Bank AG            7.700  12/24/2021   EUR    49.170
UniCredit Bank AG            9.100  12/24/2021   EUR    55.810
UniCredit Bank AG            4.800  12/24/2021   EUR    71.630
UniCredit Bank AG            7.500  12/24/2021   EUR    68.340
UniCredit Bank AG            7.900  12/24/2021   EUR    70.930
UniCredit Bank AG           10.200  12/24/2021   EUR    53.080
UniCredit Bank AG            9.600  12/24/2021   EUR    65.890
Landesbank Baden-Wuertte     3.000  12/23/2022   EUR    58.020
Landesbank Baden-Wuertte     3.200  12/23/2022   EUR    67.750
Corner Banca SA              6.200   10/05/2021  CHF    67.270
Landesbank Baden-Wuertte     3.400   2/25/2022   EUR    49.620
Societe Generale SA          1.580   9/16/2024   USD     3.350
Landesbank Baden-Wuertte     4.750   2/25/2022   EUR    40.750
Landesbank Baden-Wuertte     2.850   9/23/2022   EUR    67.940
Erste Group Bank AG          4.350   2/28/2022   EUR    35.400
Leonteq Securities AG/Gu     3.750   2/20/2023   CHF    44.960
Leonteq Securities AG        7.200   9/24/2021   CHF    66.150
UniCredit Bank AG            4.150   10/12/2022  EUR    61.650
DekaBank Deutsche Giroze     2.500  10/22/2021   EUR    62.570
Leonteq Securities AG        7.400   9/28/2021   CHF    66.600
UniCredit Bank AG            4.200  11/21/2021   EUR    53.810
Landesbank Baden-Wuertte     2.500   1/28/2022   EUR    55.820
UniCredit Bank AG            5.350   8/24/2021   EUR    38.520
Landesbank Baden-Wuertte     2.650  12/23/2022   EUR    71.720
EFG International Financ     7.000  10/25/2021   EUR    64.390
UniCredit Bank AG            4.350  10/26/2021   EUR    66.010
Leonteq Securities AG/Gu     4.750   11/01/2021  CHF     8.530
UniCredit Bank AG            4.350  11/21/2021   EUR    53.870
Leonteq Securities AG/Gu     6.400   11/03/2021  CHF    43.980
Landesbank Baden-Wuertte     3.250  12/23/2022   EUR    57.370
EFG International Financ     6.500  10/25/2021   CHF    72.680
Landesbank Baden-Wuertte     3.800   1/28/2022   EUR    44.920
Leonteq Securities AG/Gu     7.200  10/27/2021   CHF    59.880
EFG International Financ     7.000   2/21/2022   CHF    65.190
SG Issuer SA                 7.600   1/20/2025   SEK    66.520
DekaBank Deutsche Giroze     3.000   8/27/2021   EUR    70.020
Corner Banca SA             14.200   8/24/2021   USD     3.710
UniCredit Bank AG            7.000   3/29/2022   EUR    65.150
UBS AG/London                9.500   9/13/2021   CHF    70.200
UBS AG/London                8.500   9/13/2021   CHF    70.050
UniCredit Bank AG            4.000   3/13/2022   EUR    71.560
UniCredit Bank AG            9.600  12/27/2021   EUR    71.980
UniCredit Bank AG            4.700  12/19/2021   EUR    29.140
Landesbank Baden-Wuertte     4.100   1/28/2022   EUR    46.100
Landesbank Baden-Wuertte     3.250   2/24/2023   EUR    60.160
Landesbank Baden-Wuertte     3.250   7/28/2023   EUR    66.800
Zurcher Kantonalbank Fin     8.000   5/16/2022   CHF    54.460
DekaBank Deutsche Giroze     5.500   12/03/2021  EUR    74.870
Vontobel Financial Produ     8.750   9/24/2021   EUR    55.383
UniCredit Bank AG            3.200   01/02/2023  EUR    69.700
UBS AG/London                8.500  11/22/2021   EUR    66.050
SG Issuer SA                 0.350  11/15/2023   EUR    21.100
Bayerische Landesbank        1.350  12/23/2022   EUR    53.140
Leonteq Securities AG/Gu     7.420  11/22/2021   EUR    49.830
DekaBank Deutsche Giroze     3.700  12/17/2021   EUR    57.450
UBS AG/London                7.250   1/24/2022   CHF    72.300
UBS AG/London                8.000   1/24/2022   CHF    65.050
UBS AG/London               11.250   1/24/2022   CHF    69.000
UBS AG/London                7.000   8/23/2021   EUR    58.700
UBS AG/London                5.500   8/23/2021   CHF    61.500
UBS AG/London                9.000   8/23/2021   EUR    73.500
Landesbank Baden-Wuertte     2.650   3/25/2022   EUR    61.340
Landesbank Baden-Wuertte     5.300   3/25/2022   EUR    53.540
Vontobel Financial Produ    10.500   9/24/2021   EUR    46.530
Vontobel Financial Produ     8.000   9/24/2021   EUR    51.410
Vontobel Financial Produ    18.500   9/24/2021   EUR    57.470
Leonteq Securities AG        3.600   9/22/2026   CHF    54.920
Raiffeisen Schweiz Genos     3.000   9/21/2029   CHF    67.780
DekaBank Deutsche Giroze     3.400   02/04/2022  EUR    67.660
BNP Paribas Issuance BV      7.200  12/17/2024   SEK    71.770
Leonteq Securities AG        9.400   1/13/2022   CHF    70.730
UBS AG/London                7.000   8/30/2021   CHF    58.350
Leonteq Securities AG       11.000   8/30/2021   EUR    73.500
Leonteq Securities AG/Gu     8.150   09/02/2021  CHF    33.810
Landesbank Baden-Wuertte     5.050  10/22/2021   EUR    68.970
Pongs & Zahn AG              8.500               EUR     0.002
Credit Suisse AG/London      6.250  11/28/2025   USD    11.570
UBS AG/London                7.250   09/06/2021  CHF    56.900
EFG International Financ    16.000   10/11/2021  CHF    66.130
UniCredit Bank AG            6.250   11/04/2021  EUR    56.710
DekaBank Deutsche Giroze     4.000   11/05/2021  EUR    54.990
Landesbank Baden-Wuertte     3.600   6/23/2023   EUR    53.110
Leonteq Securities AG        6.600   10/12/2021  CHF    46.730
Landesbank Baden-Wuertte     3.250   8/27/2021   EUR    48.310
Bayerische Landesbank        2.500   7/22/2022   EUR    60.100
Vontobel Financial Produ    16.500   9/24/2021   EUR    36.480
Vontobel Financial Produ    23.000   9/24/2021   EUR    70.830
Vontobel Financial Produ     7.500   9/24/2021   EUR    63.730
Vontobel Financial Produ     9.000   9/24/2021   EUR    61.450
Vontobel Financial Produ     6.500   9/24/2021   EUR    66.260
Vontobel Financial Produ    11.500   9/24/2021   EUR    57.350
Vontobel Financial Produ    10.000   9/24/2021   EUR    59.310
DekaBank Deutsche Giroze     4.150   07/01/2022  EUR    58.620
Societe Generale Effekte     4.500   07/03/2023  EUR    69.510
Zurcher Kantonalbank Fin     6.000   1/28/2022   CHF    72.930
UniCredit Bank AG            8.200  11/26/2021   EUR    70.390
Vontobel Financial Produ     9.200   1/24/2022   EUR    61.550
EFG International Financ    10.400  10/15/2021   EUR    62.150
UBS AG/London                7.000   10/11/2021  CHF    58.350
UBS AG/London               10.000  12/27/2021   CHF    69.050
Leonteq Securities AG/Gu    15.180  12/27/2021   EUR     7.730
City of Predeal Romania      2.985   5/15/2026   RON    61.000
EFG International Financ    13.000  12/27/2021   CHF     6.060
EFG International Financ    11.120  12/27/2024   EUR    55.310
Leonteq Securities AG       11.000  12/20/2021   CHF    71.930
Leonteq Securities AG       11.800  12/20/2021   CHF    72.000
EFG International Financ    12.000  12/31/2021   USD    71.310
Leonteq Securities AG        8.000  12/13/2022   CHF    58.440
Landesbank Baden-Wuertte     5.750  11/26/2021   EUR    70.230
DekaBank Deutsche Giroze     3.600   07/01/2022  EUR    71.990
Leonteq Securities AG/Gu     6.000  11/23/2021   CHF    60.800
Raiffeisen Schweiz Genos     5.500   5/24/2022   CHF    71.210
Rosbank PJSC                 0.030   4/30/2024   RUB    65.000
DekaBank Deutsche Giroze     2.400   6/17/2022   EUR    61.330
UBS AG/London                7.750  10/25/2021   EUR    59.250
UBS AG/London               14.250  10/25/2021   CHF    58.800
UBS AG/London                9.250  10/25/2021   CHF    72.050
UBS AG/London               10.000  10/25/2021   CHF    55.400
Landesbank Baden-Wuertte     4.000  11/26/2021   EUR    71.350
Landesbank Baden-Wuertte     2.350   9/23/2022   EUR    57.820
EFG International Financ     5.350  10/24/2022   USD    69.150
DekaBank Deutsche Giroze     3.250  11/25/2022   EUR    60.900
Vontobel Financial Produ    19.500  12/24/2021   EUR    71.904
Vontobel Financial Produ    15.500  12/24/2021   EUR    64.745
DZ Bank AG Deutsche Zent    19.000  12/24/2021   EUR    74.520
Landesbank Baden-Wuertte     2.100   8/27/2021   EUR    46.780
Landesbank Baden-Wuertte     2.150   8/27/2021   EUR    62.260
Landesbank Baden-Wuertte     3.500   8/27/2021   EUR    47.930
Landesbank Baden-Wuertte     3.000   8/27/2021   EUR    66.820
Landesbank Baden-Wuertte     6.250   8/27/2021   EUR    55.080
Landesbank Baden-Wuertte     9.000   8/27/2021   EUR    49.340
DZ Bank AG Deutsche Zent    18.200   9/24/2021   EUR    65.700
DZ Bank AG Deutsche Zent    23.000   9/24/2021   EUR    61.930
DZ Bank AG Deutsche Zent    19.100  12/24/2021   EUR    65.930
DZ Bank AG Deutsche Zent    22.400  12/24/2021   EUR    63.530
DZ Bank AG Deutsche Zent    19.000   3/25/2022   EUR    66.470
Landesbank Baden-Wuertte     3.950   8/27/2021   EUR    52.360
Landesbank Baden-Wuertte     3.500   8/27/2021   EUR    53.190
Landesbank Baden-Wuertte     4.000   8/27/2021   EUR    74.610
Landesbank Baden-Wuertte     5.250   8/27/2021   EUR    68.890
Landesbank Baden-Wuertte     6.500   8/27/2021   EUR    64.000
Landesbank Baden-Wuertte     8.000   8/27/2021   EUR    59.770
Landesbank Baden-Wuertte     2.500   8/27/2021   EUR    73.500
Landesbank Baden-Wuertte     3.750   8/27/2021   EUR    68.570
Landesbank Baden-Wuertte     3.500   8/27/2021   EUR    73.920
UniCredit Bank AG            9.300  10/22/2021   EUR    72.840
Goldman Sachs & Co Wertp    10.000   9/22/2021   EUR    73.080
Goldman Sachs & Co Wertp    10.000  12/22/2021   EUR    71.050
Goldman Sachs & Co Wertp    14.000   9/22/2021   EUR    63.560
Goldman Sachs & Co Wertp    14.000  12/22/2021   EUR    63.970
Goldman Sachs & Co Wertp    16.000  12/22/2021   EUR    61.350
Goldman Sachs & Co Wertp    18.000   9/22/2021   EUR    57.470
Vontobel Financial Produ    10.500  12/24/2021   EUR    55.190
Vontobel Financial Produ     7.000   3/25/2022   EUR    60.060
Vontobel Financial Produ     7.500  12/24/2021   EUR    59.190
Vontobel Financial Produ    12.000  12/24/2021   EUR    53.490
Vontobel Financial Produ     8.000  12/24/2021   EUR    58.030
Vontobel Financial Produ     8.000   3/25/2022   EUR    50.420
Vontobel Financial Produ     7.000   3/25/2022   EUR    49.232
UniCredit Bank AG            6.300  10/16/2021   EUR    33.700
DekaBank Deutsche Giroze     3.900   4/25/2022   EUR    35.620
Vontobel Financial Produ     9.750   9/24/2021   EUR    73.828
Leonteq Securities AG       13.000   05/09/2022  CHF    62.590
UniCredit Bank AG           16.840   03/01/2022  NOK    71.100
Vontobel Financial Produ     9.000  12/24/2021   EUR    62.550
Vontobel Financial Produ    10.000  12/24/2021   EUR    61.430
Vontobel Financial Produ     9.000   3/25/2022   EUR    61.130
Vontobel Financial Produ    15.000   3/25/2022   EUR    56.480
Vontobel Financial Produ     7.500   3/25/2022   EUR    63.710
Leonteq Securities AG/Gu    17.600   03/08/2022  USD    62.990
DZ Bank AG Deutsche Zent     9.000  11/24/2021   EUR    58.760
Corner Banca SA             14.000   05/09/2022  CHF    63.250
UBS AG/London               15.250   2/24/2022   USD    53.200
UBS AG/London                6.500   8/24/2022   CHF    71.650
Vontobel Financial Produ    14.500   9/24/2021   EUR    72.901
DZ Bank AG Deutsche Zent    20.200   9/24/2021   EUR    51.990
SG Issuer SA                 7.500   1/20/2025   SEK    64.960
Vontobel Financial Produ     6.700   03/07/2022  EUR    54.200
UniCredit Bank AG            3.250   3/29/2022   EUR    31.680
UniCredit Bank AG            3.600   3/29/2022   EUR    72.560
UniCredit Bank AG            3.750   3/26/2022   EUR    54.830
DekaBank Deutsche Giroze     4.250   4/14/2022   EUR    35.140
Vontobel Financial Produ    12.500   9/24/2021   EUR    56.740
Vontobel Financial Produ    14.000   9/24/2021   EUR    54.270
Vontobel Financial Produ    16.000   9/24/2021   EUR    52.080
Vontobel Financial Produ    18.500   9/24/2021   EUR    50.120
Vontobel Financial Produ    20.500   9/24/2021   EUR    48.310
Vontobel Financial Produ     9.000  12/24/2021   EUR    46.171
UniCredit Bank AG            3.200   09/10/2022  EUR    48.240
Landesbank Baden-Wuertte     2.600   9/24/2021   EUR    56.120
SG Issuer SA                 1.400  12/28/2032   EUR    28.820
SG Issuer SA                 2.100   01/06/2033  EUR    29.680
SG Issuer SA                 1.500  12/30/2032   EUR    48.580
UniCredit Bank AG           10.900   2/16/2022   EUR    68.500
Landesbank Baden-Wuertte     3.000   1/28/2022   EUR    61.610
Landesbank Baden-Wuertte     5.550   1/28/2022   EUR    55.970
Vontobel Financial Produ     9.500   9/24/2021   EUR    60.880
Vontobel Financial Produ    18.500  12/24/2021   EUR    49.620
Vontobel Financial Produ     8.000  12/24/2021   EUR    45.842
DZ Bank AG Deutsche Zent    20.200   3/25/2022   EUR    65.810
Landesbank Baden-Wuertte     5.600  11/26/2021   EUR    62.260
DZ Bank AG Deutsche Zent    12.600   3/25/2022   EUR    74.160
DZ Bank AG Deutsche Zent    16.300   3/25/2022   EUR    69.340
SG Issuer SA                 2.100   2/14/2033   EUR    30.770
Societe Generale Effekte    30.000   9/24/2021   EUR    72.460
Societe Generale Effekte    24.750   9/24/2021   EUR    70.340
Bank Julius Baer & Co Lt     7.300   2/22/2022   EUR    73.250
Vontobel Financial Produ     7.500   3/25/2022   EUR    47.417
Landesbank Baden-Wuertte     2.200   1/27/2023   EUR    55.360
Vontobel Financial Produ    19.500  12/24/2021   EUR    55.950
Vontobel Financial Produ    11.000   9/24/2021   EUR    66.620
Vontobel Financial Produ    20.500   9/24/2021   EUR    54.360
Vontobel Financial Produ    22.500   9/24/2021   EUR    52.830
Vontobel Financial Produ    17.500  12/24/2021   EUR    66.570
Vontobel Financial Produ    15.000   9/24/2021   EUR    70.390
Vontobel Financial Produ    16.000   9/24/2021   EUR    69.240
Vontobel Financial Produ    18.000   9/24/2021   EUR    67.070
Vontobel Financial Produ    20.000   9/24/2021   EUR    65.050
Vontobel Financial Produ    22.000   9/24/2021   EUR    63.170
Vontobel Financial Produ    13.000  12/24/2021   EUR    71.430
Vontobel Financial Produ    16.000  12/24/2021   EUR    68.060
Nordea Bank Abp              4.100   7/20/2023   SEK    51.630
Vontobel Financial Produ    21.000   9/24/2021   EUR    72.090
DZ Bank AG Deutsche Zent    10.250   8/25/2021   EUR    44.730
BNP Paribas Emissions- u     0.170   9/23/2021   EUR     0.380
Vontobel Financial Produ     9.500   9/24/2021   EUR    59.270
Vontobel Financial Produ    11.000   9/24/2021   EUR    64.030
Vontobel Financial Produ     9.500   9/24/2021   EUR    66.500
Landesbank Baden-Wuertte     3.100  11/26/2021   EUR    70.420
Vontobel Financial Produ    13.750   9/24/2021   EUR    60.710
Vontobel Financial Produ    11.000  12/24/2021   EUR    46.839
Vontobel Financial Produ    20.500   3/25/2022   EUR    64.760
Landesbank Baden-Wuertte     3.400   8/23/2024   EUR    57.310
Vontobel Financial Produ    17.000   9/24/2021   EUR    68.130
Vontobel Financial Produ    12.000  12/24/2021   EUR    64.590
Vontobel Financial Produ    19.000   9/24/2021   EUR    56.030
Vontobel Financial Produ    17.000   9/24/2021   EUR    57.810
Vontobel Financial Produ    12.500   9/24/2021   EUR    64.150
Vontobel Financial Produ    18.500  12/24/2021   EUR    65.960
Vontobel Financial Produ    13.000   9/24/2021   EUR    72.820
Vontobel Financial Produ    14.000   9/24/2021   EUR    71.580
Vontobel Financial Produ    19.000   9/24/2021   EUR    66.040
Vontobel Financial Produ    21.000   9/24/2021   EUR    64.100
Vontobel Financial Produ    23.000   9/24/2021   EUR    62.280
Vontobel Financial Produ    12.500  12/24/2021   EUR    72.450
Vontobel Financial Produ    11.500  12/24/2021   EUR    73.330
Vontobel Financial Produ    14.000  12/24/2021   EUR    70.620
Vontobel Financial Produ    14.500  12/24/2021   EUR    69.680
Vontobel Financial Produ    15.500  12/24/2021   EUR    68.940
Vontobel Financial Produ    17.000  12/24/2021   EUR    67.390
Vontobel Financial Produ    12.250   9/24/2021   EUR    60.548
Vontobel Financial Produ    11.000  12/24/2021   EUR    57.140
Vontobel Financial Produ    14.500  12/24/2021   EUR    52.790
Vontobel Financial Produ     7.500  12/24/2021   EUR    62.800
Vontobel Financial Produ     8.000   9/24/2021   EUR    43.679
Societe Generale Effekte     7.750  10/22/2021   EUR    65.970
Societe Generale Effekte    11.750  10/22/2021   EUR    58.070
Leonteq Securities AG/Gu    25.000   8/26/2021   USD     6.560
Bank Julius Baer & Co Lt    10.200   5/30/2023   EUR    18.100
Societe Generale SA          4.890   2/16/2023   USD #N/A N/A
SG Issuer SA                 9.180   1/20/2025   SEK    69.740
Vontobel Financial Produ    20.000  12/24/2021   EUR    47.420
Vontobel Financial Produ    19.000  12/24/2021   EUR    47.820
Vontobel Financial Produ    18.000  12/24/2021   EUR    48.250
Vontobel Financial Produ    15.500   3/25/2022   EUR    65.430
Vontobel Financial Produ    20.000  12/24/2021   EUR    61.150
Vontobel Financial Produ    12.000  12/24/2021   EUR    52.450
Vontobel Financial Produ    14.500   3/25/2022   EUR    66.830
Vontobel Financial Produ    12.000   3/25/2022   EUR    52.420
Vontobel Financial Produ    16.000   3/25/2022   EUR    50.780
Leonteq Securities AG       12.000   02/09/2022  CHF    57.090
Vontobel Financial Produ    12.500  12/24/2021   EUR    51.630
Vontobel Financial Produ    15.500  12/24/2021   EUR    49.870
Vontobel Financial Produ    13.500  12/24/2021   EUR    51.010
Vontobel Financial Produ    14.500  12/24/2021   EUR    50.420
Vontobel Financial Produ    16.500  12/24/2021   EUR    49.360
Vontobel Financial Produ    17.500  12/24/2021   EUR    48.870
Vontobel Financial Produ    14.000   3/25/2022   EUR    51.510
Vontobel Financial Produ    18.000   3/25/2022   EUR    63.290
Vontobel Financial Produ    13.500   3/25/2022   EUR    68.360
Vontobel Financial Produ    17.000   3/25/2022   EUR    64.450
Vontobel Financial Produ    17.500   3/25/2022   EUR    49.910
UBS AG/London                8.750   6/23/2022   CHF    68.400
UniCredit Bank AG            3.500   10/08/2022  EUR    41.420
EFG International Financ     7.600   10/11/2021  CHF    64.250
Bayerische Landesbank        3.100   8/27/2021   EUR    71.820
Vontobel Financial Produ    11.500   9/24/2021   EUR    58.050
Vontobel Financial Produ    10.500   9/24/2021   EUR    59.430
Vontobel Financial Produ    13.000   9/24/2021   EUR    55.450
Vontobel Financial Produ    15.000   9/24/2021   EUR    53.150
Vontobel Financial Produ    17.500   9/24/2021   EUR    51.100
Vontobel Financial Produ    19.500   9/24/2021   EUR    49.190
Vontobel Financial Produ    21.500   9/24/2021   EUR    47.460
DZ Bank AG Deutsche Zent    14.600   9/24/2021   EUR    42.240
Leonteq Securities AG/Gu     3.000   9/20/2022   CHF    73.300
EFG International Financ     7.000  12/29/2022   USD    48.470
UniCredit Bank AG            4.300   8/24/2021   EUR    44.900
UniCredit Bank AG            3.500   9/19/2021   EUR    32.900
UniCredit Bank AG            3.850   9/19/2021   EUR    55.250
Leonteq Securities AG/Gu     8.000   09/01/2021  CHF    66.700
DZ Bank AG Deutsche Zent    16.000  12/24/2021   EUR    69.280
DZ Bank AG Deutsche Zent    14.400   3/25/2022   EUR    71.210
DZ Bank AG Deutsche Zent    16.700   3/25/2022   EUR    68.840
Societe Generale Effekte     8.500   9/24/2021   EUR    59.960
Societe Generale Effekte    10.500   9/24/2021   EUR    56.010
Societe Generale Effekte    14.500   9/24/2021   EUR    50.260
UBS AG/London                9.250  10/21/2022   CHF    73.900
UBS AG/London               17.250  10/21/2021   CHF    63.650
UBS AG/London               12.000  10/21/2021   CHF    66.700
Zurcher Kantonalbank Fin     6.300  12/16/2022   CHF    55.670
Raiffeisen Schweiz Genos     8.500  12/13/2021   CHF    51.640
UBS AG/London               12.000  12/20/2021   CHF    50.300
UBS AG/London               14.000  12/20/2021   CHF    62.600
UBS AG/London               10.250  12/20/2021   CHF    70.450
UBS AG/London                7.000  12/20/2021   CHF    61.600
Leonteq Securities AG/Gu     7.500  12/20/2021   EUR    67.090
Zurcher Kantonalbank Fin     6.250  12/30/2021   EUR    70.650
Bayerische Landesbank        3.500   1/26/2024   EUR    66.780
DekaBank Deutsche Giroze     2.800   1/13/2023   EUR    68.180
DekaBank Deutsche Giroze     4.000   1/14/2022   EUR    56.040
Vontobel Financial Produ    16.500   3/25/2022   EUR    70.560
Vontobel Financial Produ    19.500   3/25/2022   EUR    70.279
Vontobel Financial Produ    11.750   3/25/2022   EUR    73.967
Bank Julius Baer & Co Lt    11.800   4/26/2022   EUR    52.250
Bank Julius Baer & Co Lt    12.650   4/26/2022   USD    52.450
Bank Julius Baer & Co Lt    12.850   4/26/2022   USD    69.850
Leonteq Securities AG/Gu    22.620  12/23/2021   CHF    43.500
Corner Banca SA             17.200   4/26/2022   CHF    64.710
Societe Generale Effekte     5.750  10/22/2021   EUR    72.040
Societe Generale Effekte     9.750  10/22/2021   EUR    61.520
Societe Generale Effekte    13.750  10/22/2021   EUR    55.250
Vontobel Financial Produ    20.000  12/24/2021   EUR    66.590
Bayerische Landesbank        2.000   1/28/2022   EUR    60.420
Vontobel Financial Produ    16.500  12/24/2021   EUR    72.310
Raiffeisen Schweiz Genos     5.000  12/29/2021   CHF    61.910
UniCredit Bank AG            4.450   7/23/2022   EUR    69.360
BNP Paribas Emissions- u    23.000  12/23/2021   EUR     7.860
UBS AG/London               10.500   06/09/2022  CHF    74.350
UBS AG/London               12.250   06/09/2022  CHF    67.750
Landesbank Baden-Wuertte     3.150   6/24/2022   EUR    58.580
BNP Paribas Emissions- u    13.000   9/23/2021   EUR    73.040
BNP Paribas Emissions- u    13.000   6/23/2022   EUR    72.180
BNP Paribas Emissions- u    15.000   6/23/2022   EUR    69.730
BNP Paribas Emissions- u    10.000  12/23/2021   EUR    72.620
BNP Paribas Emissions- u    13.000  12/23/2021   EUR    70.840
BNP Paribas Emissions- u    14.000  12/23/2021   EUR    69.410
BNP Paribas Emissions- u    18.000  12/23/2021   EUR    66.670
BNP Paribas Emissions- u    12.000   9/23/2021   EUR    71.500
BNP Paribas Emissions- u    20.000   9/23/2021   EUR    67.170
BNP Paribas Emissions- u    21.000   9/23/2021   EUR    65.440
BNP Paribas Emissions- u    24.000   9/23/2021   EUR    63.150
BNP Paribas Emissions- u    13.000   3/24/2022   EUR    72.710
BNP Paribas Emissions- u    14.000   3/24/2022   EUR    71.680
BNP Paribas Emissions- u    15.000   3/24/2022   EUR    70.710
BNP Paribas Emissions- u    17.000   3/24/2022   EUR    67.550
BNP Paribas Emissions- u    15.000  12/23/2021   EUR    68.070
BNP Paribas Emissions- u    22.000  12/23/2021   EUR    64.360
BNP Paribas Emissions- u    16.000   9/23/2021   EUR    66.860
Landesbank Baden-Wuertte     2.300   6/24/2022   EUR    49.110
DekaBank Deutsche Giroze     2.800   05/02/2022  EUR    47.050
UBS AG/London               13.250   05/12/2022  USD    63.000
Corner Banca SA             13.000   1/19/2022   CHF    66.460
Leonteq Securities AG/Gu    15.000   1/19/2022   USD    62.510
Leonteq Securities AG/Gu    20.960   1/19/2022   USD    76.890
Vontobel Financial Produ    23.000   9/24/2021   EUR    72.900
Vontobel Financial Produ    12.000   9/24/2021   EUR    61.710
Vontobel Financial Produ    10.000   9/24/2021   EUR    72.083
Societe Generale Effekte    11.250  10/22/2021   EUR    51.840
Vontobel Financial Produ     6.500  12/24/2021   EUR    65.070
Vontobel Financial Produ     8.000  12/24/2021   EUR    61.080
Vontobel Financial Produ    10.000  12/24/2021   EUR    57.810
Vontobel Financial Produ    11.500  12/24/2021   EUR    54.860
Vontobel Financial Produ    14.000  12/24/2021   EUR    52.630
Vontobel Financial Produ     9.000   9/24/2021   EUR    59.220
Vontobel Financial Produ    14.000   9/24/2021   EUR    52.110
Vontobel Financial Produ    11.500   9/24/2021   EUR    55.410
Raiffeisen Centrobank AG    10.000   3/24/2023   EUR     1.000
Corner Banca SA             19.000   5/23/2022   USD    78.040
Landesbank Baden-Wuertte     7.300   3/25/2022   EUR    57.630
Bank Julius Baer & Co Lt     8.500   2/18/2022   EUR    71.500
Landesbank Baden-Wuertte     3.050   3/25/2022   EUR    65.440
Landesbank Baden-Wuertte     5.000   3/25/2022   EUR    61.060
Landesbank Baden-Wuertte     3.500   8/26/2022   EUR    58.990
EFG International Financ     6.200  12/18/2023   USD    55.330
Leonteq Securities AG/Gu    17.000  11/30/2021   USD    71.190
Landesbank Baden-Wuertte     5.450   8/26/2022   EUR    52.970
Credit Suisse AG/London      4.500   3/21/2022   USD #N/A N/A
Landesbank Baden-Wuertte     3.000  10/25/2024   EUR    61.180
Vontobel Financial Produ     8.000  12/24/2021   EUR    64.606
EFG International Financ     6.000  12/22/2023   USD    51.470
Leonteq Securities AG       15.000   1/25/2022   CHF    61.740
Vontobel Financial Produ    10.500   3/25/2022   EUR    47.248
UniCredit Bank AG            8.200   2/16/2022   EUR    72.260
Leonteq Securities AG       17.000   11/10/2021  CHF    52.360
EFG International Financ     7.000   3/23/2023   USD    45.420
UBS AG/London                7.500   4/19/2022   EUR     0.030
Vontobel Financial Produ    24.500  12/24/2021   EUR    70.050
Vontobel Financial Produ    12.500  12/24/2021   EUR    62.210
Vontobel Financial Produ    22.500  12/24/2021   EUR    55.930
Vontobel Financial Produ    11.500   3/25/2022   EUR    62.600
Vontobel Financial Produ    23.000  12/24/2021   EUR    67.597
Vontobel Financial Produ    22.000  12/24/2021   EUR    63.260
Vontobel Financial Produ    10.500  12/24/2021   EUR    64.520
Bank Julius Baer & Co Lt     8.800  10/19/2021   CHF    23.464
Vontobel Financial Produ    13.500   3/25/2022   EUR    60.760
Vontobel Financial Produ     7.500   3/25/2022   EUR    67.250
UniCredit Bank AG           17.000  11/15/2021   NOK    55.980
Bank Julius Baer & Co Lt    10.850  10/27/2021   USD    54.300
Leonteq Securities AG/Gu    10.000   4/26/2022   CHF    76.520
Bank Julius Baer & Co Lt     9.000  10/28/2021   USD    54.200
Zurcher Kantonalbank Fin    12.500   11/04/2021  USD    55.240
Corner Banca SA             11.400  10/28/2021   USD    60.920
Landesbank Baden-Wuertte     4.700   4/25/2022   EUR    59.370
Landesbank Baden-Wuertte     7.050   4/25/2022   EUR    55.090
Landesbank Baden-Wuertte     2.700   4/25/2022   EUR    65.110
UBS AG/London               18.250  10/28/2021   CHF    67.800
Bank Vontobel AG            11.500   4/25/2022   USD    65.700
EFG International Financ     6.500  10/29/2021   USD    63.770
Leonteq Securities AG/Gu    10.000   4/29/2022   USD    60.900
Corner Banca SA             15.000   05/02/2022  USD    62.910
Leonteq Securities AG/Gu    28.010   4/19/2022   CHF    43.560
Landesbank Baden-Wuertte     5.750  10/28/2022   EUR    72.000
SG Issuer SA                 1.400   03/07/2033  EUR    30.640
SG Issuer SA                 2.100   04/05/2033  EUR    30.860
Leonteq Securities AG/Gu    22.520   07/06/2022  CHF    67.050
DZ Bank AG Deutsche Zent    12.900   9/24/2021   EUR    73.830
Credit Suisse AG/London      4.530   07/12/2023  USD     9.630
DZ Bank AG Deutsche Zent    22.400  12/24/2021   EUR    67.450
Landesbank Baden-Wuertte     3.000  12/23/2022   EUR    52.780
DZ Bank AG Deutsche Zent    24.700  12/24/2021   EUR    74.290
DZ Bank AG Deutsche Zent    24.100   3/25/2022   EUR    72.980
UniCredit Bank AG            3.850   10/05/2023  EUR    68.700
DZ Bank AG Deutsche Zent    20.200   9/24/2021   EUR    73.570
DZ Bank AG Deutsche Zent    20.200  12/24/2021   EUR    73.310
DekaBank Deutsche Giroze     2.500  10/24/2023   EUR    56.630
Leonteq Securities AG/Gu     9.200   9/21/2021   EUR    69.160
Leonteq Securities AG/Gu    20.760   6/17/2022   CHF    69.070
DekaBank Deutsche Giroze     2.600  10/24/2023   EUR    56.850
Leonteq Securities AG/Gu    23.690   06/03/2022  CHF    67.050
Corner Banca SA             12.000   6/21/2022   CHF    74.550
Leonteq Securities AG/Gu    12.000   06/08/2022  CHF    69.540
Leonteq Securities AG       16.000   5/25/2022   CHF    69.630
Bank Vontobel AG            13.002   9/19/2022   CHF    73.700
Landesbank Baden-Wuertte     5.000   6/24/2022   EUR    67.360
Credit Suisse AG/London      4.180   9/14/2022   USD     9.800
Credit Suisse AG/London      6.190   9/14/2022   USD    10.000
Leonteq Securities AG/Gu    16.000   06/01/2022  USD    70.790
Leonteq Securities AG/Gu    12.000   6/28/2022   CHF    69.790
Vontobel Financial Produ     9.750   6/24/2022   EUR    72.781
Landesbank Baden-Wuertte     3.300  12/27/2021   EUR    70.160
Landesbank Baden-Wuertte     5.150  12/27/2021   EUR    62.300
Bayerische Landesbank        3.000   2/25/2022   EUR    67.450
Bayerische Landesbank        1.550   2/23/2024   EUR    71.240
Leonteq Securities AG/Gu    12.200   02/07/2022  USD    71.790
UBS AG/London               13.000   2/14/2022   CHF    68.450
UniCredit Bank AG           10.300  12/24/2021   EUR    59.290
BNP Paribas Emissions- u    10.000   9/23/2021   EUR     1.010
Zurcher Kantonalbank Fin     7.000   2/21/2022   CHF    72.760
BNP Paribas Issuance BV      5.000   11/05/2024  EUR    33.520
Raiffeisen Schweiz Genos     7.800  11/22/2021   CHF    57.180
UBS AG/London                7.000  11/29/2021   EUR    60.800
EFG International Financ     9.000  11/29/2021   EUR    72.670
UniCredit Bank AG            6.100  12/24/2021   EUR    69.320
UniCredit Bank AG           11.300  12/24/2021   EUR    56.100
UniCredit Bank AG            9.300  12/24/2021   EUR    62.450
UniCredit Bank AG           10.100  12/24/2021   EUR    60.930
UniCredit Bank AG            6.500  12/24/2021   EUR    72.220
UniCredit Bank AG            7.300  12/24/2021   EUR    70.120
UniCredit Bank AG            8.100  12/24/2021   EUR    68.160
UniCredit Bank AG           10.400  12/24/2021   EUR    53.940
UniCredit Bank AG           10.000  12/24/2021   EUR    41.310
UniCredit Bank AG           10.800  12/24/2021   EUR    40.100
Skandinaviska Enskilda B     6.000   1/15/2025   SEK    72.830
Zurcher Kantonalbank Fin     4.000   02/11/2022  CHF    54.880
Zurcher Kantonalbank Fin     8.125   02/11/2022  EUR    56.040
Zurcher Kantonalbank Fin     9.750   02/11/2022  USD    56.880
Leonteq Securities AG/Gu     9.400   02/04/2022  CHF    65.570
UBS AG/London               13.000   02/07/2022  CHF    67.400
UBS AG/London               10.500  10/18/2021   CHF    59.150
DekaBank Deutsche Giroze     3.200   11/04/2022  EUR    65.540
Societe Generale Effekte     6.500   9/24/2021   EUR    53.120
Societe Generale Effekte    12.500   9/24/2021   EUR    43.340
Societe Generale Effekte     4.500   9/24/2021   EUR    59.520
Raiffeisen Centrobank AG     6.000   10/07/2021  EUR    65.560
UBS AG/London                8.250   9/20/2021   CHF    71.750
Zurcher Kantonalbank Fin     7.750   09/09/2021  EUR    67.610
UBS AG/London                7.000   9/13/2021   CHF    59.300
UBS AG/London                7.750   9/13/2021   EUR    56.000
UBS AG/London                8.500   9/13/2021   EUR    65.300
Landesbank Baden-Wuertte     2.100  10/27/2023   EUR    63.710
Societe Generale SA         13.010   02/02/2023  USD    74.450
EFG International Financ     7.800   1/17/2022   CHF    71.760
Vontobel Financial Produ     9.100   2/21/2022   EUR    64.765
UBS AG/London               10.000   1/17/2022   CHF    76.300
BNP Paribas Emissions- u     5.000   3/24/2022   EUR    67.460
BNP Paribas Emissions- u     4.000   3/24/2022   EUR    72.660
BNP Paribas Emissions- u    10.000   3/24/2022   EUR     6.100
BNP Paribas Emissions- u     7.000  12/23/2021   EUR    57.400
Landesbank Baden-Wuertte     3.500   3/24/2023   EUR    70.560
Zurcher Kantonalbank Fin    10.750   1/21/2022   CHF    53.360
Landesbank Baden-Wuertte     3.250  10/22/2021   EUR    65.860
Landesbank Baden-Wuertte     6.500  10/22/2021   EUR    56.900
DZ Bank AG Deutsche Zent    16.200   9/24/2021   EUR    69.380
DZ Bank AG Deutsche Zent    20.700   9/24/2021   EUR    62.140
Zurcher Kantonalbank Fin    11.250  10/20/2022   USD    64.420
Zurcher Kantonalbank Fin    15.000  10/21/2021   USD    60.940
Societe Generale Effekte     3.750   9/24/2021   EUR    69.410
Vontobel Financial Produ     6.000  12/24/2021   EUR    67.380
Vontobel Financial Produ    11.500  12/24/2021   EUR    56.530
Vontobel Financial Produ    13.500  12/24/2021   EUR    53.940
Societe Generale Effekte     6.500   9/24/2021   EUR    65.280
Societe Generale Effekte    12.500   9/24/2021   EUR    52.860
UniCredit Bank AG            7.000  12/24/2021   EUR    72.640
UniCredit Bank AG           10.000  12/24/2021   EUR    50.620
UniCredit Bank AG            9.100  12/24/2021   EUR    52.970
EFG International Financ    13.000   11/08/2021  EUR    57.280
UBS AG/London                8.250   11/08/2021  CHF    71.050
Bayerische Landesbank        3.000  11/26/2021   EUR    61.650
Leonteq Securities AG        7.500   11/08/2022  CHF    62.530
Vontobel Financial Produ    11.000   9/24/2021   EUR    55.360
Vontobel Financial Produ    13.500   9/24/2021   EUR    52.070
Leonteq Securities AG/Gu    17.450   09/01/2021  EUR    67.810
Leonteq Securities AG/Gu    19.470   09/01/2021  EUR    67.790
Vontobel Financial Produ    10.250   9/24/2021   EUR    42.024
UBS AG/London               10.500  11/15/2021   CHF    67.300
Raiffeisen Schweiz Genos     4.000  11/15/2022   CHF    73.340
Societe Generale Effekte    13.479  12/24/2021   EUR    66.880
UBS AG/London                8.750   9/27/2021   CHF    71.300
UniCredit Bank AG            5.650   11/06/2023  EUR    70.240
Vontobel Financial Produ    12.500   9/24/2021   EUR    53.680
Vontobel Financial Produ    15.000   9/24/2021   EUR    37.318
Vontobel Financial Produ    10.000   9/24/2021   EUR    63.888
Landesbank Baden-Wuertte     3.900  10/22/2021   EUR    55.990
Bayerische Landesbank        3.600  10/28/2022   EUR    69.670
Vontobel Financial Produ    14.000   9/24/2021   EUR    42.670
Vontobel Financial Produ     9.000   9/24/2021   EUR    71.160
Vontobel Financial Produ    11.500   9/24/2021   EUR    66.520
Vontobel Financial Produ    13.000   9/24/2021   EUR    64.470
Vontobel Financial Produ    16.000   9/24/2021   EUR    60.760
Vontobel Financial Produ    17.000   9/24/2021   EUR    59.040
Vontobel Financial Produ    20.000   9/24/2021   EUR    55.990
Leonteq Securities AG/Gu     3.400   3/20/2024   CHF    38.740
Leonteq Securities AG        3.900   9/21/2029   CHF    72.630
Raiffeisen Schweiz Genos     2.700   9/22/2026   CHF    52.140
Leonteq Securities AG        3.900  12/20/2024   CHF    47.760
Leonteq Securities AG/Gu    10.000   7/19/2022   CHF    59.640
UniCredit Bank AG           10.900  12/24/2021   EUR    62.080
UniCredit Bank AG            8.900  12/24/2021   EUR    70.760
UniCredit Bank AG            5.700  12/24/2021   EUR    63.400
UniCredit Bank AG            9.300  12/24/2021   EUR    52.280
UniCredit Bank AG            7.800  12/24/2021   EUR    56.060
UniCredit Bank AG            6.400  12/24/2021   EUR    66.940
UniCredit Bank AG            8.100  12/24/2021   EUR    39.970
UniCredit Bank AG            8.300  12/24/2021   EUR    61.980
UniCredit Bank AG            6.300  12/24/2021   EUR    64.500
UniCredit Bank AG            9.900  12/24/2021   EUR    54.430
UniCredit Bank AG            7.500  12/24/2021   EUR    60.700
UniCredit Bank AG            9.100  12/24/2021   EUR    48.470
UniCredit Bank AG            6.600  12/24/2021   EUR    71.030
UniCredit Bank AG            9.900  12/24/2021   EUR    51.070
UniCredit Bank AG            9.700  12/24/2021   EUR    37.130
UniCredit Bank AG            8.900  12/24/2021   EUR    38.470
UniCredit Bank AG           11.200  12/24/2021   EUR    34.820
UniCredit Bank AG            9.700  12/24/2021   EUR    65.160
UniCredit Bank AG            9.700  12/24/2021   EUR    68.680
UniCredit Bank AG           10.500  12/24/2021   EUR    66.810
UniCredit Bank AG           11.100  12/24/2021   EUR    51.970
UniCredit Bank AG           10.900  12/24/2021   EUR    45.040
UniCredit Bank AG           11.400  12/24/2021   EUR    47.760
UniCredit Bank AG           12.900  12/24/2021   EUR    45.000
UniCredit Bank AG            4.200   12/06/2022  EUR    68.770
UBS AG/London                8.000   11/08/2021  CHF    57.850
Bank Julius Baer & Co Lt    12.000   10/12/2021  USD    58.150
Leonteq Securities AG/Gu    21.000  10/13/2021   USD    65.650
Bank Julius Baer & Co Lt    12.000  10/13/2021   USD    58.100
Societe Generale Effekte     8.500   9/24/2021   EUR    48.880
Societe Generale Effekte    10.500   9/24/2021   EUR    45.780
Vontobel Financial Produ    21.500   9/24/2021   EUR    72.130
Landesbank Baden-Wuertte     3.690  12/23/2022   EUR    71.790
DekaBank Deutsche Giroze     2.000   02/10/2023  EUR    67.670
Raiffeisen Schweiz Genos     7.750   1/27/2022   CHF    75.810
Leonteq Securities AG        8.600   1/24/2023   CHF    72.330
UniCredit Bank AG           10.500  12/24/2021   EUR    57.990
UniCredit Bank AG           10.300  12/24/2021   EUR    58.350
DekaBank Deutsche Giroze     3.500   2/24/2023   EUR    64.540
UniCredit Bank AG            9.000  12/24/2021   EUR    66.380
UniCredit Bank AG           14.600  12/24/2021   EUR    71.700
UniCredit Bank AG            8.300  12/24/2021   EUR    57.250
UniCredit Bank AG           12.500  12/24/2021   EUR    37.990
UniCredit Bank AG           11.700  12/24/2021   EUR    39.010
Leonteq Securities AG        7.200   1/31/2022   CHF    76.000
Bank Julius Baer & Co Lt    10.300   1/31/2022   USD    66.500
Landesbank Baden-Wuertte     4.400   9/23/2022   EUR    52.150
Vontobel Financial Produ    10.500   9/24/2021   EUR    63.990
Leonteq Securities AG/Gu    12.000   11/08/2021  EUR    66.460
Vontobel Financial Produ    11.500   9/24/2021   EUR    61.660
Vontobel Financial Produ    13.000   9/24/2021   EUR    59.560
Vontobel Financial Produ     9.000   9/24/2021   EUR    66.460
Vontobel Financial Produ    14.500   9/24/2021   EUR    57.610
UBS AG/London                8.000   12/06/2021  CHF    69.050
EFG International Financ     9.000   9/20/2021   EUR    60.690
UBS AG/London                7.500   9/20/2021   CHF    55.750
Skandinaviska Enskilda B     4.400   7/15/2022   SEK    71.755
Bayerische Landesbank        3.050   8/27/2021   EUR    74.020
BNP Paribas Emissions- u     9.000   9/23/2021   EUR     1.000
Raiffeisen Schweiz Genos     3.400   3/21/2025   CHF    52.160
EFG International Financ    10.800  12/13/2021   EUR    73.590
UBS AG/London               12.000   12/06/2021  USD    71.050
Leonteq Securities AG/Gu     8.000   12/06/2021  EUR    72.640
Leonteq Securities AG/Gu     7.750   1/17/2022   CHF    71.550
Bayerische Landesbank        2.650   2/25/2022   EUR    71.620
BNP Paribas Emissions- u     6.000   3/24/2022   EUR    63.660
BNP Paribas Emissions- u     5.000  12/23/2021   EUR    66.680
BNP Paribas Emissions- u     7.000   3/24/2022   EUR    58.150
EFG International Financ    15.000   02/03/2022  USD    58.220
UBS AG/London               19.750   02/03/2022  USD    67.650
BNP Paribas Emissions- u     5.000   3/24/2022   EUR    44.570
Raiffeisen Schweiz Genos     3.200  12/18/2026   CHF    64.090
Raiffeisen Schweiz Genos    10.000  12/31/2024   CHF    72.370
Raiffeisen Schweiz Genos     6.600   3/23/2022   CHF    63.030
Vontobel Financial Produ    17.500   9/24/2021   EUR    39.500
Vontobel Financial Produ     8.000   9/24/2021   EUR    73.780
Vontobel Financial Produ    10.500   9/24/2021   EUR    68.780
Vontobel Financial Produ    14.500   9/24/2021   EUR    62.550
Vontobel Financial Produ    13.000   9/24/2021   EUR    53.720
Vontobel Financial Produ     9.500  12/24/2021   EUR    59.550
Vontobel Financial Produ    15.500  12/24/2021   EUR    51.720
UBS AG/London                7.250   10/04/2021  CHF    59.300
DekaBank Deutsche Giroze     3.250  10/15/2021   EUR    68.300
UniCredit Bank AG            7.940   10/04/2021  USD    55.210
Landesbank Baden-Wuertte     7.250   9/24/2021   EUR    51.500
Landesbank Baden-Wuertte     4.500   9/24/2021   EUR    57.640
Vontobel Financial Produ     7.500  12/24/2021   EUR    63.080
Vontobel Financial Produ     8.500   9/24/2021   EUR    61.410
Vontobel Financial Produ    10.500   9/24/2021   EUR    57.260
Vontobel Financial Produ    16.000   9/24/2021   EUR    50.690
Landesbank Baden-Wuertte     2.200   9/24/2021   EUR    65.620
DZ Bank AG Deutsche Zent     9.500   9/22/2021   EUR    49.370
SG Issuer SA                 0.850  10/16/2024   EUR    11.950
Vontobel Financial Produ    10.000   11/11/2021  EUR    67.736
DekaBank Deutsche Giroze     3.700  11/25/2022   EUR    55.420
Leonteq Securities AG/Gu     2.290  10/29/2021   EUR    58.990
Landesbank Baden-Wuertte     4.050   8/26/2022   EUR    59.710
Leonteq Securities AG       12.000  10/18/2021   CHF    62.800
Raiffeisen Schweiz Genos     4.400  10/21/2021   CHF    59.100
Vontobel Financial Produ    10.000  11/22/2021   EUR    68.783
DZ Bank AG Deutsche Zent     9.000   2/23/2022   EUR    53.860
Zurcher Kantonalbank Fin     8.000  10/22/2021   EUR    64.510
Bank Julius Baer & Co Lt     9.500   8/26/2021   CHF    54.650
Bank Julius Baer & Co Lt    12.050   3/18/2022   USD    58.300
Bank Julius Baer & Co Lt    17.100   11/10/2021  USD    62.950
Vontobel Financial Produ    28.350   8/26/2021   EUR    59.601
Goldman Sachs & Co Wertp    10.000   3/23/2022   EUR    72.960
Goldman Sachs & Co Wertp    14.000   3/23/2022   EUR    67.070
Goldman Sachs & Co Wertp    10.000   6/22/2022   EUR    73.100
Goldman Sachs & Co Wertp    13.000   6/22/2022   EUR    67.770
Lehman Brothers Treasury     7.000   2/15/2012   EUR     0.100
Lehman Brothers Treasury     0.250  10/19/2012   CHF     0.100
Lehman Brothers Treasury    14.900   9/15/2008   EUR     0.100
Grupo Isolux Corsan SA       1.000  12/30/2021   USD     0.181
Grupo Isolux Corsan SA       6.000  12/30/2021   USD     0.177
Lehman Brothers Treasury    15.000   3/30/2011   EUR     0.100
Lehman Brothers Treasury     4.690   2/19/2017   EUR     0.100
Lehman Brothers Treasury     6.000   2/14/2012   EUR     0.100
Lehman Brothers Treasury     5.200   3/19/2018   EUR     0.100
Lehman Brothers Treasury     6.600   2/22/2012   EUR     0.100
Grupo Isolux Corsan SA       0.250  12/30/2018   EUR     0.181
Lehman Brothers Treasury     7.750   1/30/2009   EUR     0.100
Lehman Brothers Treasury     0.250   7/21/2014   EUR     0.100
Lehman Brothers Treasury     5.750   6/15/2009   CHF     0.100
Lehman Brothers Treasury    10.000   3/27/2009   USD     0.100
Lehman Brothers Treasury     5.000  10/24/2008   CHF     0.100
Lehman Brothers Treasury     7.500  10/24/2008   USD     0.100
Lehman Brothers Treasury     2.000  10/28/2010   EUR     0.100
Lehman Brothers Treasury     3.860   9/21/2011   SGD     0.100
Lehman Brothers Treasury     4.000   4/24/2009   USD     0.100
Lehman Brothers Treasury     9.000   3/17/2009   GBP     0.100
Lehman Brothers Treasury     7.000  11/28/2008   CHF     0.100
SG Issuer SA                 2.700  11/28/2034   ZAR    45.052
SG Issuer SA                 3.000   10/10/2034  ZAR    47.582
SG Issuer SA                 3.300   9/26/2034   ZAR    49.820
Northland Resources AB      15.000   7/15/2019   USD     2.621
Northland Resources AB      15.000   7/15/2019   USD     2.621
AKB Peresvet ZAO            13.000   10/07/2017  RUB    27.750
Ukraine Government Bond      6.000   06/04/2031  UAH    60.625
Ukraine Government Bond      6.000   12/11/2030  UAH    61.593
Ukraine Government Bond      6.000   03/12/2031  UAH    61.089
Ukraine Government Bond      6.000   8/28/2030   UAH    62.216
Lehman Brothers Treasury     6.720  12/29/2008   EUR     0.100
Lehman Brothers Treasury     7.060  12/29/2008   EUR     0.100
Lehman Brothers Treasury     8.000  12/27/2032   JPY     0.100
Lehman Brothers Treasury     1.500   02/08/2012  CHF     0.100
Lehman Brothers Treasury     0.010   9/20/2011   USD     0.100
Northland Resources AB      12.250   3/26/2016   USD     2.621
Heta Asset Resolution AG     5.920  12/31/2023   EUR     1.440
Rosbank PJSC                 0.010   4/30/2024   RUB    65.000
Otkritie Holding JSC         0.010   10/03/2036  RUB     0.010
Ukraine Government Bond      8.630   05/10/2033  UAH    72.681
Ukraine Government Bond      6.000   1/27/2027   UAH    72.113
Ukraine Government Bond      8.310   11/10/2034  UAH    69.361
Ukraine Government Bond      6.000  11/22/2028   UAH    66.442
Tonon Luxembourg SA         12.500   5/14/2024   USD     0.399
Ukraine Government Bond      8.520   11/10/2033  UAH    71.545
Ukraine Government Bond      8.220   05/10/2035  UAH    68.375
LBI ehf                      5.080   03/01/2013  ISK     9.250
Heta Asset Resolution AG     0.131  12/31/2023   EUR     1.440
Ukraine Government Bond      6.000   9/19/2029   UAH    64.353
Ukraine Government Bond      6.000   9/13/2028   UAH    66.973
Ukraine Government Bond      8.750   11/10/2032  UAH    73.872
Ukraine Government Bond      6.000   10/11/2028  UAH    66.755
Ukraine Government Bond      6.000   5/16/2029   UAH    65.196
Lehman Brothers Treasury     3.500  10/31/2011   USD     0.100
Lehman Brothers Treasury     3.500  10/24/2011   USD     0.100
Lehman Brothers Treasury     6.000   9/20/2011   EUR     0.100
Lehman Brothers Treasury     6.000   5/23/2018   CZK     0.100
Getin Noble Bank SA          5.250   1/31/2024   PLN    63.985
Deutsche Bank AG/London      2.000  10/25/2023   TRY    68.246
MTS-Bank PAO                 9.500  10/28/2029   RUB    51.650
Promsvyazbank PJSC           2.500   9/29/2029   RUB    66.680
Lehman Brothers Treasury     3.000   8/13/2011   EUR     0.100
Lehman Brothers Treasury    13.000   7/25/2012   EUR     0.100
Lehman Brothers Treasury     2.500   8/23/2012   GBP     0.100
Lehman Brothers Treasury     3.000   09/12/2036  JPY     0.100
HSBC Bank PLC                0.500  12/22/2025   BRL    63.005
Barclays Bank PLC            1.450   9/24/2038   MXN    30.435
Lehman Brothers Treasury     8.000  10/23/2008   USD     0.100
Lehman Brothers Treasury    14.900  11/16/2010   EUR     0.100
Lehman Brothers Treasury    16.000   10/08/2008  CHF     0.100
Lehman Brothers Treasury     4.600   10/11/2017  ILS     0.100
Elli Investments Ltd        12.250   6/15/2020   GBP    52.250
Lehman Brothers Treasury     3.500  12/20/2027   USD     0.100
Lehman Brothers Treasury     8.050  12/20/2010   HKD     0.100
Lehman Brothers Treasury     5.120   4/30/2027   EUR     0.100
Lehman Brothers Treasury     4.100   8/23/2010   USD     0.100
Lehman Brothers Treasury    12.000   7/13/2037   JPY     0.100
Lehman Brothers Treasury    10.000   06/11/2038  JPY     0.100
BRAbank ASA                  7.410               NOK    50.255
Lehman Brothers Treasury     6.600   02/09/2009  EUR     0.100
Lehman Brothers Treasury     6.000   08/07/2013  EUR     0.100
Barclays Bank PLC            2.000   05/07/2036  MXN    36.802
Lehman Brothers Treasury    11.250  12/31/2008   USD     0.100
Lehman Brothers Treasury    14.100   11/12/2008  USD     0.100
HSBC Bank PLC                0.500  11/25/2025   BRL    63.573
Lehman Brothers Treasury     7.625   7/22/2011   HKD     0.100
Cerruti Finance SA           6.500   7/26/2004   EUR     2.058
Lehman Brothers Treasury     7.750   2/21/2016   EUR     0.100
Lehman Brothers Treasury     4.680   12/12/2045  EUR     0.100
Lehman Brothers Treasury     5.250   04/01/2023  EUR     0.100
Lehman Brothers Treasury    13.000  12/14/2012   USD     0.100
Lehman Brothers Treasury     4.820  12/18/2036   EUR     0.100
Lehman Brothers Treasury     6.700   4/21/2011   USD     0.100
Laurel GmbH                  7.125  11/16/2017   EUR     7.750
LBI ehf                      8.650   05/01/2011  ISK     9.250
Lehman Brothers Treasury     8.875   1/28/2011   HKD     0.100
Rosbank PJSC                 0.020   4/30/2024   RUB    65.000
Heta Asset Resolution AG     5.270  12/31/2023   EUR     1.440
Getin Noble Bank SA          4.750   5/31/2024   PLN    62.895
Getin Noble Bank SA          4.250   6/28/2024   PLN    73.675
Lehman Brothers Treasury     6.000   7/28/2010   EUR     0.100
Lehman Brothers Treasury     3.000   08/08/2017  EUR     0.100
Lehman Brothers Treasury     4.150   8/25/2020   EUR     0.100
Lehman Brothers Treasury     6.000   12/06/2016  USD     0.100
Getin Noble Bank SA          5.250  11/30/2023   PLN    69.675
Lehman Brothers Treasury     1.500  10/25/2011   EUR     0.100
Lehman Brothers Treasury     9.000   6/13/2009   USD     0.100
Lehman Brothers Treasury     7.375   9/20/2008   EUR     0.100
Lehman Brothers Treasury     3.850   4/24/2009   USD     0.100
Lehman Brothers Treasury     7.250   10/06/2008  EUR     0.100
Lehman Brothers Treasury    10.500   08/09/2010  EUR     0.100
Lehman Brothers Treasury     8.000   5/22/2009   USD     0.100
Lehman Brothers Treasury     4.500   03/06/2013  CHF     0.100
Instabank ASA                9.200               NOK    48.605
Lehman Brothers Treasury     5.500   6/15/2009   CHF     0.100
Lehman Brothers Treasury     8.000   08/03/2009  USD     0.100
Lehman Brothers Treasury    11.000   6/29/2009   EUR     0.100
Lehman Brothers Treasury     3.025   1/31/2015   EUR     0.100
Lehman Brothers Treasury     0.750   3/29/2012   EUR     0.100
Lehman Brothers Treasury     0.128   11/02/2035  EUR     0.100
Lehman Brothers Treasury     4.500   03/07/2015  EUR     0.100
Espirito Santo Financial     5.625   7/28/2017   EUR     0.528
Lehman Brothers Treasury     2.500  12/15/2011   GBP     0.100
Lehman Brothers Treasury     4.000  11/24/2016   EUR     0.100
Lehman Brothers Treasury     7.585  11/22/2009   MXN     0.100
Lehman Brothers Treasury    11.000  12/19/2011   USD     0.100
Lehman Brothers Treasury     8.500   07/06/2009  CHF     0.100
Lehman Brothers Treasury     4.350   08/08/2016  SGD     0.100
Lehman Brothers Treasury     4.500   08/02/2009  USD     0.100
Lehman Brothers Treasury     7.500   9/13/2009   CHF     0.100
Lehman Brothers Treasury     5.103   6/22/2046   EUR     0.100
Astana Finance BV            9.000  11/16/2011   USD    15.250
Lehman Brothers Treasury     7.000   4/14/2009   EUR     0.100
Lehman Brothers Treasury     6.650   8/24/2011   AUD     0.100
Lehman Brothers Treasury     7.600   03/04/2010  NZD     0.100
Instabank ASA                7.830   02/04/2030  NOK    65.513
Lehman Brothers Treasury     2.000   6/28/2011   EUR     0.100
Lehman Brothers Treasury     0.500   08/01/2020  EUR     0.100
Lehman Brothers Treasury     7.600   5/21/2013   USD     0.100
Lehman Brothers Treasury    10.000   6/17/2009   USD     0.100
Lehman Brothers Treasury     0.500   07/02/2020  EUR     0.100
Lehman Brothers Treasury     7.750   01/03/2012  AUD     0.100
Lehman Brothers Treasury     3.100   06/04/2010  USD     0.100
Lehman Brothers Treasury     5.500   07/08/2013  EUR     0.100
Lehman Brothers Treasury    16.000  12/26/2008   USD     0.100
Lehman Brothers Treasury     0.500   06/02/2020  EUR     0.100
Lehman Brothers Treasury    11.000   07/04/2011  CHF     0.100
Lehman Brothers Treasury    11.000   07/04/2011  USD     0.100
Lehman Brothers Treasury    13.150  10/30/2008   USD     0.100
Lehman Brothers Treasury    13.432   01/08/2009  ILS     0.100
Lehman Brothers Treasury    12.000   07/04/2011  EUR     0.100
Lehman Brothers Treasury    16.800   8/21/2009   USD     0.100
Lehman Brothers Treasury     6.250   09/05/2011  EUR     0.100
BNP Paribas SA               1.000   1/23/2040   MXN    21.884
Lehman Brothers Treasury     5.000   05/02/2022  EUR     0.100
Lehman Brothers Treasury     5.000   4/24/2017   EUR     0.100
Lehman Brothers Treasury     2.480   05/12/2009  USD     0.100
Lehman Brothers Treasury     1.600   6/21/2010   JPY     0.100
Lehman Brothers Treasury     2.400   6/20/2011   JPY     0.100
Lehman Brothers Treasury     2.250   05/12/2009  USD     0.100
Lehman Brothers Treasury     4.000   5/30/2010   USD     0.100
Lehman Brothers Treasury     4.000   5/17/2010   USD     0.100
Lehman Brothers Treasury     3.350  10/13/2016   EUR     0.100
Lehman Brothers Treasury     5.100   05/08/2017  HKD     0.100
Lehman Brothers Treasury     0.800  12/30/2016   EUR     0.100
Lehman Brothers Treasury     7.550  12/29/2008   USD     0.100
Lehman Brothers Treasury     8.800  12/27/2009   EUR     0.100
Lehman Brothers Treasury     6.850  12/22/2008   EUR     0.100
Lehman Brothers Treasury     0.500  12/20/2017   AUD     0.100
Lehman Brothers Treasury     9.300  12/21/2010   EUR     0.100
Lehman Brothers Treasury     1.000   2/26/2010   USD     0.100
Lehman Brothers Treasury     8.000   3/21/2018   USD     0.100
Lehman Brothers Treasury     5.375   02/04/2014  USD     0.100
Lehman Brothers Treasury    10.000   2/16/2009   CHF     0.100
Lehman Brothers Treasury     7.000   2/15/2010   CHF     0.100
Lehman Brothers Treasury     0.500  12/20/2017   AUD     0.100
Lehman Brothers Treasury     6.300  12/21/2018   USD     0.100
Lehman Brothers Treasury    13.000   2/16/2009   CHF     0.100
Lehman Brothers Treasury    11.000   2/16/2009   CHF     0.100
Lehman Brothers Treasury     3.500   6/20/2011   EUR     0.100
Lehman Brothers Treasury    10.000  10/22/2008   USD     0.100
Lehman Brothers Treasury     5.500   6/22/2010   USD     0.100
Lehman Brothers Treasury    10.000  10/23/2008   USD     0.100
Lehman Brothers Treasury     4.200   12/03/2008  HKD     0.100
Getin Noble Bank SA          5.250   04/04/2024  PLN    67.616
Lehman Brothers Treasury     7.500   2/14/2010   AUD     0.100
Lehman Brothers Treasury    13.500   06/02/2009  USD     0.100
Lehman Brothers Treasury    23.300   9/16/2008   USD     0.100
Lehman Brothers Treasury     3.000   06/03/2010  EUR     0.100
Lehman Brothers Treasury    12.400   06/12/2009  USD     0.100
Lehman Brothers Treasury    17.000   06/02/2009  USD     0.100
Lehman Brothers Treasury    10.442  11/22/2008   CHF     0.100
Lehman Brothers Treasury     5.550   03/12/2015  EUR     0.100
Lehman Brothers Treasury     5.000  11/22/2012   EUR     0.100
Lehman Brothers Treasury     8.000   5/22/2009   USD     0.100
Lehman Brothers Treasury     1.000   05/09/2012  EUR     0.100
Lehman Brothers Treasury    16.200   5/14/2009   USD     0.100
Lehman Brothers Treasury    10.600   4/22/2014   MXN     0.100
Lehman Brothers Treasury     5.500   4/23/2014   EUR     0.100
Lehman Brothers Treasury     6.000   3/18/2015   USD     0.100
Lehman Brothers Treasury    11.750   03/01/2010  EUR     0.100
Deutsche Bank AG/London      0.500   04/05/2038  MXN    24.223
Lehman Brothers Treasury    16.000  10/28/2008   USD     0.100
Lehman Brothers Treasury     7.600   1/31/2013   AUD     0.100
Lehman Brothers Treasury     6.600   5/23/2012   AUD     0.100
Lehman Brothers Treasury     3.450   5/23/2013   USD     0.100
Lehman Brothers Treasury     8.000   3/19/2012   USD     0.100
Lehman Brothers Treasury     4.000   03/10/2011  EUR     0.100
Lehman Brothers Treasury    11.000  12/20/2017   AUD     0.100
Lehman Brothers Treasury    11.000  12/20/2017   AUD     0.100
Lehman Brothers Treasury     4.000   01/04/2011  USD     0.100
Lehman Brothers Treasury     0.500  12/20/2017   AUD     0.100
LBI ehf                      7.431               USD     0.001
ECM Real Estate Investme     5.000   10/09/2011  EUR    15.375
Lehman Brothers Treasury     1.500   10/12/2010  EUR     0.100
Lehman Brothers Treasury     7.000  10/22/2010   EUR     0.100
Lehman Brothers Treasury     3.400   9/21/2009   HKD     0.100
Lehman Brothers Treasury     4.100   06/10/2014  SGD     0.100
Lehman Brothers Treasury    18.250   10/02/2008  USD     0.100
Lehman Brothers Treasury     4.000   10/12/2010  USD     0.100
Lehman Brothers Treasury     5.200   11/09/2011  EUR     0.100
Lehman Brothers Treasury     1.680   03/05/2015  EUR     0.100
Lehman Brothers Treasury    13.500  11/28/2008   USD     0.100
Lehman Brothers Treasury     6.750   04/05/2012  EUR     0.100
Landesbank Hessen-Thueri     0.650   10/01/2031  EUR    10.074
Lehman Brothers Treasury    16.000   11/09/2008  USD     0.100
Lehman Brothers Treasury     7.000   4/24/2009   USD     0.100
Lehman Brothers Treasury     9.000   05/06/2011  CHF     0.100
Lehman Brothers Treasury    10.000   5/22/2009   USD     0.100
Lehman Brothers Treasury    15.000   06/04/2009  CHF     0.100
Lehman Brothers Treasury     2.500   8/15/2012   CHF     0.100
Lehman Brothers Treasury     2.300   06/06/2013  USD     0.100
Lehman Brothers Treasury     7.500   5/30/2010   AUD     0.100
Lehman Brothers Treasury     7.250   07/08/2014  EUR     0.100
Deutsche Bank AG/London      0.500  10/18/2038   MXN    17.854
Lehman Brothers Treasury     4.000   06/05/2011  USD     0.100
Lehman Brothers Treasury     1.460   2/19/2012   JPY     0.100
Lehman Brothers Treasury     4.300   06/04/2012  USD     0.100
Getin Noble Bank SA          4.250   7/26/2024   PLN    68.715
Sidetur Finance BV          10.000   4/20/2016   USD     1.809
Credit Suisse AG/London      0.500   01/08/2026  BRL    62.179
Getin Noble Bank SA          4.250   8/30/2024   PLN    68.755
Lehman Brothers Treasury     6.000   3/17/2011   EUR     0.100
Lehman Brothers Treasury     4.050   9/16/2008   EUR     0.100
Societe Generale Effekte     6.750   8/27/2021   EUR    66.760
Societe Generale Effekte    12.750   8/27/2021   EUR    54.410
Societe Generale Effekte     6.500   8/27/2021   EUR    60.660
Societe Generale Effekte    14.500   8/27/2021   EUR    46.390
Kuntarahoitus Oyj            0.250   6/28/2040   CAD    40.408
Lehman Brothers Treasury     0.500   2/16/2009   EUR     0.100
Bank Otkritie Financial      0.010   7/16/2025   RUB    73.120
Kreditanstalt fuer Wiede     0.250   10/06/2036  CAD    49.113
RGS Nedvizhimost OOO        12.000  10/18/2017   RUB     0.335
Lehman Brothers Treasury     7.000   07/11/2010  EUR     0.100
Lehman Brothers Treasury     6.000   7/28/2010   EUR     0.100
Lehman Brothers Treasury     4.500  12/30/2010   USD     0.100
Lehman Brothers Treasury    11.000  12/20/2017   AUD     0.100
Lehman Brothers Treasury     0.500  12/20/2017   USD     0.100
Lehman Brothers Treasury     7.600   3/26/2009   EUR     0.100
Lehman Brothers Treasury     8.280   3/26/2009   USD     0.100
Lehman Brothers Treasury     6.000   03/04/2015  USD     0.100
Lehman Brothers Treasury     0.500  12/20/2017   USD     0.100
Lehman Brothers Treasury     0.500  12/20/2017   AUD     0.100
Lehman Brothers Treasury     0.500  12/20/2017   AUD     0.100
Lehman Brothers Treasury     0.500  12/20/2017   USD     0.100
Lehman Brothers Treasury     0.500  12/20/2017   USD     0.100
Lehman Brothers Treasury     8.000  12/31/2010   USD     0.100
Lehman Brothers Treasury     7.150   3/21/2013   USD     0.100
Ukraine Government Bond      8.750   2/16/2033   UAH    74.473
Lehman Brothers Treasury     6.000   6/21/2011   EUR     0.100
Tonon Luxembourg SA          9.250   1/24/2020   USD     1.000
Lehman Brothers Treasury     3.630   03/02/2012  EUR     0.100
Lehman Brothers Treasury     2.000   6/21/2011   EUR     0.100
Ukraine Government Bond      6.000  11/28/2029   UAH    63.887
Ukraine Government Bond      6.000   1/28/2032   UAH    59.415
Ukraine Government Bond      6.000   09/10/2031  UAH    60.116
Lehman Brothers Treasury     4.870   10/08/2013  USD     0.100
Lehman Brothers Treasury     1.950   11/04/2013  EUR     0.100
Lehman Brothers Treasury     2.370   7/15/2013   USD     0.100
Getin Noble Bank SA          5.240   4/29/2024   PLN    63.130
Ukraine Government Bond      8.750   4/20/2033   UAH    73.439
Ukraine Government Bond      5.000   2/20/2032   UAH    53.712
WPE International Cooper    10.375   9/30/2020   USD     5.000
Lehman Brothers Treasury     3.600   3/19/2018   JPY     0.100
Heta Asset Resolution AG     5.030  12/31/2023   EUR     1.440
Irish Bank Resolution Co     4.000   4/23/2018   EUR    33.250
Lehman Brothers Treasury     4.100   5/20/2009   USD     0.100
Lehman Brothers Treasury     2.000   5/17/2010   EUR     0.100
Lehman Brothers Treasury     1.280   11/06/2010  JPY     0.100
Espirito Santo Financial     0.346  10/27/2024   EUR     0.297
Lehman Brothers Treasury     8.600   7/31/2013   GBP     0.100
Lehman Brothers Treasury     4.000   2/28/2010   EUR     0.100
PSN Pm OOO                   9.500   09/10/2026  RUB    21.625
Credit Agricole Corporat     5.400   1/31/2028   BRL    70.526
Lehman Brothers Treasury     2.300   6/27/2013   USD     0.100
Aralco Finance SA           10.125   05/07/2020  USD     0.934
Getin Noble Bank SA          5.240   11/09/2023  PLN    74.035
Lehman Brothers Treasury     5.250  11/21/2009   USD     0.100
Officine Maccaferri-SpA      5.750   06/01/2021  EUR    20.490
Mriya Agro Holding PLC      10.950   3/30/2016   USD     4.667
Lehman Brothers Treasury     3.000   9/13/2010   JPY     0.100
Getin Noble Bank SA          5.250   8/31/2023   PLN    73.375
IT Holding Finance SA        9.875  11/15/2012   EUR     0.031
Nota-Bank OJSC              13.500   04/01/2016  RUB    31.500
Lehman Brothers Treasury     8.280   7/31/2013   GBP     0.100
Lehman Brothers Treasury     7.500   7/31/2013   GBP     0.100
Lehman Brothers Treasury     7.320   7/31/2013   GBP     0.100
Lehman Brothers Treasury     3.820  10/20/2009   USD     0.100
Lehman Brothers Treasury     4.000   12/02/2012  EUR     0.100
Lehman Brothers Treasury     9.250   6/20/2012   USD     0.100
Barclays Bank PLC            2.000   06/12/2029  TRY    34.368
AKB Peresvet ZAO             0.510   08/04/2034  RUB    30.200



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

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

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

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

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

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


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