/raid1/www/Hosts/bankrupt/TCREUR_Public/211011.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, October 11, 2021, Vol. 22, No. 197
Headlines
F R A N C E
SIRONA HOLDCO: Moody's Assigns 'B2' CFR, Outlook Stable
G E R M A N Y
FORTUNA CONSUMER 2021: Fitch Gives Final 'BB' to 2 Note Tranches
I R E L A N D
ARBOUR CLO VIII: Fitch Assigns B-(EXP) Rating on Class F-R Notes
BAIN CAPITAL 2021-2: Moody's Assigns (P)B3 Rating to Class F Notes
CARLYLE GLOBAL 2015-2: Fitch Raises Class E Debt Rating to 'B+'
LANSDOWNE MORTGAGE 1: Fitch Affirms CC Rating on 3 Tranches
N E T H E R L A N D S
TRIODOS BANK: Fitch Gives BB+(EXP) Rating to Planned Sub. T2 Notes
U N I T E D K I N G D O M
BRITISH AIRWAYS: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative
ESSAR OIL: Deloitte Faces ICAEW Probe Over Audit
GREENSILL CAPITAL: Credit Suisse to Front Costs to Recover Cash
NMCN: Galliford Try Acquires Water Business
NMCN: Subsidiaries Expected to Be Sold Off for Fraction of Value
NMCN: Svella Acquires Business Units, 680 Jobs Secured
RANGERS FC: BDO Awarded GBP3.4MM Plus Interest by Lord Tyre
SOUTHERN PACIFIC 06-1: Fitch Affirms CCC Rating on Cl. FTc Debt
TOWD POINT 2019: Fitch Assigns B+(EXP) Rating on Class G Notes
X X X X X X X X
[*] BOND PRICING: For the Week October 4 to October 10, 2021
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F R A N C E
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SIRONA HOLDCO: Moody's Assigns 'B2' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a probability of default rating of B2-PD to Sirona HoldCo
(Seqens). Moody's also assigned a B2 instrument rating to the
EUR830 million senior secured term loan B due in 2028 and EUR130
million senior secured revolving credit facility (RCF) due 2028
issued by Sirona BidCo France. The outlook on all ratings for both
entities is stable.
Moody's expects to withdraw all ratings and the outlook on Seqens
Group Holding and its subsidiaries once its equivalent EUR647
million senior secured term loans B due 2023 and the EUR90 million
senior secured revolving credit facility (RCF) due in June 2022
raised by Seqens Group Bidco have been repaid.
"The assignment of the B2 rating to Seqens reflects its improved
business mix by focusing on the relatively resilient pharma end
market, by carving out its Mineral Specialties business and the
combination with Wavelength Pharmaceutical (Wavelength), a medium
sized API developer and manufacturer" said Janko Lukac, Moody's
Vice President and Senior Analyst. "Furthermore, the adequate
liquidity provides a buffer for the next 2 -- 3 years when free
cash flow generation will be very limited due to high growth
capex."
RATINGS RATIONALE
Seqens' B2 CFR is weakly positioned and reflects Moody's
expectation of the company's leverage remaining broadly flat at
around 6.0x Moody's adjusted debt/EBITDA from the closing of the
transaction expected by end of 2021 until end of 2023. For 2021 and
2022 leverage has been normalized by Moody's for extraordinary high
profits in the Consumer Health API business division due to a
temporary closure of a competitor's production. Over the next years
Moody's estimates the company's to generate very limited free cash
flows at about EUR15 - EUR20 million in 2022 and about EUR5 million
in 2023 including subsidies of the French government as the company
is heavily investing in new API production capacity in France.
Adequate liquidity after closing of the successful transaction will
provide a buffer for potential operating underperformance, delays
and difficulties in the integration of Wavelength and set-up of new
production units.
The combination of Seqens with Wavelength that is expected to
generate revenue and EBITDA of around EUR94 million and EUR17.1
million in 2021, respectively, will increase Seqens' portfolio of
APIs and extend its client base. It will help diversify the
company's portfolio of APIs, enable some moderate cost savings as
well as cross selling opportunities and increase its R&D
capabilities. Following the closure of the transaction, more than
70% of normalized revenues and 75% of normalized EBITDA of Seqens
will be generated in the relatively resilient and growing
pharmaceutical end market. The remaining sales and EBITDA will be
generated in the Specialty Ingredients business unit focused on
electronics, cosmetics, lubricants and additives and its Upstream
Platform business unit focused on phenol and acetone.
In 2021 Seqens results have been positively impacted from the
temporary closure of its main Chinese competitor Bengbu Bayi
Pharmaceuticals (Bayi) in the paracetamol chain, and pharma
companies building safety stock due the Covid 19 crisis and hence
being less focused on pricing / procurement savings. Moody's
expects Bayi to start production in its new plant in early 2022
which should lead to a gradual normalization of pricing in the
paracetamol chain and expects pharma companies to become more price
sensitive once the Covid 19 situation normalizes. Consequently,
Seqens' high adj. EBITDA margins of about 18% expected for 2021 in
Moody's view are likely to normalize towards the mid-teens in 2022/
2023.
LIQUIDITY
Seqens' liquidity is adequate with EUR40 million cash on balance
and a fully available EUR130 million senior secured RCF maturing in
April 2028. For 2022 the rating agency expects Seqens to generate
funds from operations of around EUR100 - EUR110 million, which will
comfortably cover all cash outflows related to an expected moderate
increase in working capital and net capital spending of around
EUR70 million as a part of Seqens growth investments. Part of
Seqens' growth investments are also funded by subsidies from the
French government. Absent dividend payments in 2022, the company is
likely to generate moderate positive free cash flow (FCF) at around
EUR15 - EUR20 million. For 2023 Moody's expects FCF to be only
slightly positive when taking into account subsidies due to high
CAPEX spending and a normalization of operating performance.
Upon the completion of the transaction, the company will have only
relatively small maturities of EUR12.6 million in 2022 and EUR8.3
million in 2023 and low single digit millions afterwards. The
EUR830 million senior secured Term Loan B comes due in October
2028. Under Moody's base case scenario, the company will maintain
comfortable headroom under its 6.4x springing net debt / EBITDA
maintenance covenant set on its RCF, if it would be tested (only
tested if more than 40% of the RCF are drawn).
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectations that Seqens'
leverage will not increase meaningfully above 6x debt/EBITDA over
the next 12-24 months despite an expected decline of revenue and
EBITDA margins due to a normalization of the supply demand balance
in the paracetamol chain. Furthermore, it takes into account
Seqens' main exposure to the relatively stable pharma end market
and its adequate liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upward revision of the rating would likely result from (1)
adjusted EBITDA margins remaining at high-teens; (2)
Moody's-adjusted leverage ratio declining below 5.0x on a sustained
basis (3) material positive cash flow generation as evidenced by
FCF/debt exceeding mid-single digits % on a sustained basis; and
(4) maintaining adequate liquidity.
Downward pressure on the rating may built if (1) adjusted EBITDA
margins decline towards low teens; (2) Moody's-adjusted debt/EBITDA
ratio exceeds 6.0x on a sustained basis; (3) operational production
issues re-emerge and materially affect the company's performance;
and (4) negative free cash flow generation and / or a material
deterioration of the company's liquidity.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Governance and social considerations for Seqens were a driver of
the rating action. Generally, private equity sponsors tend to have
aggressive financial policies favoring very high leverage,
shareholder-friendly policies such as dividend recapitalization and
the pursuit of acquisitive growth. In the case of Seqens Moody's
does not expect its PE owner SK Capital to extract dividends or
pursue major acquisitions until normalized leverage has been
reduced to well below 6.0x and rather focus on growing revenue and
EBITDA through capex investments.
Social considerations include risks related to the company being
highly exposed to regulation in its API production for
pharmaceuticals. Seqens needs to maintain the highest standards in
its production and is exposed to potential quality issues, which
can have severe consequences on operating performance. Seqens
experienced production issues in one of its API CDMO facilities in
2018/2019, which were successfully mitigated but had a meaningful
negative impact on the company's results. On the positive side
Seqens is benefiting from meaningful subsidies to re-shore API
production to Europe.
Environmental considerations consider environmental risks for API
producers such as soil and water pollution regulations or potential
related litigation, which have been managed well by Seqens in the
past.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
COMPANY PROFILE
Headquartered in Ecully, France, Seqens is an integrated global
leader in Pharmaceutical (about 80% of 2021's company reported
EBITDA pro forma for Wavelength) Solutions and Specialty
Ingredients serving end markets such as cosmetics, electronics,
food and feed, homecare and environment. Following a successful
closure of the transaction the company will be owned by funds
advised from SK Capital a US private equity sponsor focusing on the
chemical and pharmaceutical industries.
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G E R M A N Y
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FORTUNA CONSUMER 2021: Fitch Gives Final 'BB' to 2 Note Tranches
----------------------------------------------------------------
Fitch Ratings has assigned Fortuna Consumer Loan ABS 2021 DAC's
(Fortuna 2021) notes final ratings.
DEBT RATING PRIOR
---- ------ -----
Fortuna Consumer Loan ABS 2021 DAC
A LT AAAsf New Rating AAA(EXP)sf
B LT AAsf New Rating AA(EXP)sf
C LT Asf New Rating A(EXP)sf
D LT BBBsf New Rating BBB(EXP)sf
E LT BBsf New Rating BB(EXP)sf
F LT NRsf New Rating NR(EXP)sf
X LT BBsf New Rating BB(EXP)sf
TRANSACTION SUMMARY
Fortuna 2021 is a true-sale securitisation of a static pool of
unsecured consumer loans sold by auxmoney Investments Limited. The
securitised consumer loan receivables are derived from loan
agreements entered into between Süd-West-Kreditbank Finanzierung
GmbH (SWK) and individuals located in Germany and brokered by
auxmoney GmbH via its online lending platform.
KEY RATING DRIVERS
Operational Risks: auxmoney operate a data- and tech-driven lending
platform that connects borrowers and investors on a
fully-digitalised basis. Fitch conducted an operational review
during which auxmoney showed a robust corporate governance and risk
approach. A warehouse facility with BNP Paribas S.A. is in place,
of which auxmoney holds the junior tranche.
Assets for the transaction are selected from this warehouse
facility according to the transaction's eligibility criteria,
ensuring that auxmoney retains sufficient risk on its own book.
Large Loss Expectations: auxmoney also targets higher-risk
borrowers compared with traditional lenders of German unsecured
consumer loans. Fitch determined the score calculated by auxmoney
as the key asset performance driver. Fitch assumes a weighted
average (WA) default base case of 12.8% based on the score
distribution in the preliminary pool and a recovery base case of
35%. Fitch applied a low WA default multiple of 3.8x and a high
recovery haircut of 60% at 'AAAsf'.
The resulting loss rates are the highest among Fitch-rated German
unsecured loans transactions.
Adequate Historical Performance Data Availability: Fitch's asset
assumptions are based on historical performance data since 2016,
which just covers Fitch's minimum requirement of five years of data
history and also covers the usual lifetime of the loans. The data
includes some visibility on performance during economic stress
(i.e. during the coronavirus pandemic in 2020).
Rapid Volume Growth; Stable Portfolio: Borrower characteristics
have remained largely stable, despite rapid origination volume
growth until 2020. There does not appear to be any evidence
suggesting an increasing risk appetite. The transaction is static,
which further limits the risk horizon in this regard.
Servicing Continuity Risk Addressed: CreditConnect GmbH (not
rated), a subsidiary of auxmoney, is the servicer. Loancos GmbH
acts as back-up servicer from closing, reducing the risk of
servicing discontinuity. The back-up servicing agreement covers two
scenarios, (i) where CreditConnect is replaced; and (ii) both
CreditConnect and SWK no longer perform their contractual duties.
The risk of payment interruption is also reduced by a liquidity
reserve, which covers more than three months of senior expenses,
swap payments and interest on the class A and B notes.
The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be
driven by changes in portfolio characteristics, macro-economic
conditions, business practices or legislation.
Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/X):
-- Increase default rate by 10%: 'AAAsf'/'AA-sf'/'A-
sf'/'BBBsf'/'BBsf'/'BBsf'
-- Increase default rate by 25%: 'AA+sf'/'A+sf'/'BBB+sf'/'BBB-
sf'/'B-sf'/'B-sf'
-- Increase default rate by 50%: 'AAsf'/'Asf'/'BBB-
sf'/'BBsf'/'NRsf'/'NRsf'
Expected impact on the notes' ratings of decreased recoveries
(class A/B/C/D/E/X):
-- Reduce recovery rates by 10%:
'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'BBsf'
-- Reduce recovery rates by 25%: 'AAAsf'/'AAsf'/'A-
sf'/'BBBsf'/'BBsf'/'BBsf'
-- Reduce recovery rates by 50%: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-
sf'/'B+sf'/'B+sf'
Expected impact on the notes' ratings of increased defaults and
decreased recoveries (class A/B/C/D/E/X):
-- Increase default rates by 10% and decrease recovery rates by
10%: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'BB-sf'
-- Increase default rates by 25% and decrease recovery rates by
25%: 'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'/'NRsf'/'NRsf'
-- Increase default rates by 50% and decrease recovery rates by
50%: 'AA-sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'NRsf'/'NRsf'
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Increase in credit enhancement ratios as the transaction
deleverages; or
-- Losses are smaller than assumed.
Expected impact on the notes' ratings of decreased defaults (class
A/B/C/D/E/X):
-- Decrease default rate by 10%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBsf'/'BBsf'
-- Decrease default rate by 25%: 'AAAsf'/'AAAsf'/'AA-
sf'/'Asf'/'BB+sf'/'BB+sf'
-- Decrease default rate by 50%:
'AAAsf'/'AAAsf'/'AAAsf'/'AAsf'/'A-sf'/'BB+sf'
Expected impact on the notes' ratings of increased recoveries
(class A/B/C/D/E/X):
-- Increase recovery rate by 10%:
'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'BBsf'
-- Increase recovery rate by 25%:
'AAAsf'/'AA+sf'/'Asf'/'BBB+sf'/'BBsf'/'BBsf'
-- Increase recovery rate by 50%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB+sf'
Expected impact on the notes' ratings of decreased defaults and
increased recoveries (class A/B/C/D/E/X):
-- Decrease default rates by 10% and increase recovery rates by
10%: 'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB+sf'
-- Decrease default rates by 25% and increase recovery rates by
25%: 'AAAsf'/'AAAsf'/'AA-sf'/'Asf'/'BBB-sf'/'BB+sf'
-- Decrease default rates by 50% and increase recovery rates by
50%: 'AAAsf'/'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'BB+sf'
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
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I R E L A N D
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ARBOUR CLO VIII: Fitch Assigns B-(EXP) Rating on Class F-R Notes
----------------------------------------------------------------
Fitch Ratings has assigned Arbour CLO VIII DAC's refinancing notes
expected ratings.
The assignment of final ratings is contingent on the final
documents conforming to information already received.
DEBT RATING
---- ------
Arbour CLO VIII DAC
A-R LT AAA(EXP)sf Expected Rating
B-1-R LT AA(EXP)sf Expected Rating
B-2-R LT AA(EXP)sf Expected Rating
C-R LT A(EXP)sf Expected Rating
D-R LT BBB-(EXP)sf Expected Rating
E-R LT BB-(EXP)sf Expected Rating
F-R LT B-(EXP)sf Expected Rating
X-R LT AAA(EXP)sf Expected Rating
TRANSACTION SUMMARY
Arbour CLO VIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of corporate rescue
loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Net proceeds from the expected note issuance will
be used to redeem existing notes and buy additional assets at the
reset date. The portfolio is managed by Oaktree Capital Management
(Europe) LLP. The collateralised loan obligation (CLO) envisages a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.37.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.97%.
Diversified Portfolio (Positive): The indicative maximum exposure
of the 10 largest obligors for assigning the expected ratings is
21% of the portfolio balance and maximum fixed rated obligations
are limited at 15% of the portfolio. The transaction also includes
various concentration limits, including the maximum exposure to the
three largest (Fitch-defined) industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.
Portfolio Management (Positive): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
post-reinvestment period, including the overcollateralisation tests
and Fitch 'CCC' limitation passing post reinvestment, among others.
Combined with loan pre-payment expectations this ultimately reduces
the maximum possible risk horizon of the portfolio.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the default rate (RDR) at all rating levels by
25% of the mean RDR and a decrease of the recovery rate (RRR)
by 25% at all rating levels will result in downgrades of no
more than four notches, depending on the notes.
-- Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels
would result in an upgrade of up to five notches depending on
the notes, except for the class A notes, which are already at
the highest rating on Fitch's scale and cannot be upgraded.
-- At closing, Fitch used a standardised stressed portfolio
(Fitch's stressed portfolio) that is customised to the
portfolio limits as specified in the transaction documents.
Even if the actual portfolio shows lower defaults and smaller
losses (at all rating levels) than the Fitch's stressed
portfolio assumed at closing, an upgrade of the notes during
the reinvestment period is unlikely, given the portfolio
credit quality may still deteriorate, not only by natural
credit migration, but also by reinvestments, and also because
the manager has the possibility to update the Fitch collateral
quality tests.
-- After the end of the reinvestment period, upgrades may occur
on better-than-initially expected portfolio credit quality and
deal performance, leading to higher credit enhancement and
excess spread available to cover for losses in the remaining
portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
BAIN CAPITAL 2021-2: Moody's Assigns (P)B3 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Bain Capital
Euro CLO 2021-2 Designated Activity Company (the "Issuer"):
EUR228,800,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR25,900,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR13,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)
EUR26,300,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)
EUR25,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)
EUR19,900,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)
EUR9,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be in the range of 80% to 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 five month ramp-up period in
compliance with the portfolio guidelines.
Bain Capital Credit U.S. CLO Manager, LLC ("Bain Capital Credit")
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 year reinvestment period.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations or
credit improved obligations.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR36,000,000 of Class M-1 Notes due 2034 and
EUR500,000 of Class M-2 due 2034 (together the subordinated notes)
which are not rated. The Class M-2 Notes accrue interest in an
amount equivalent to a certain proportion of the senior and
subordinated management fees and are paid pari passu with the
payment of the senior and subordinated management fee
respectively.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR375,000,000
Diversity Score: 48
Weighted Average Rating Factor (WARF): 2950
Weighted Average Spread (WAS): 3.75%
Weighted Average Coupon (WAC): 4%
Weighted Average Recovery Rate (WARR): 43.7%
Weighted Average Life (WAL): 8.5 years
CARLYLE GLOBAL 2015-2: Fitch Raises Class E Debt Rating to 'B+'
---------------------------------------------------------------
Fitch Ratings has upgraded four tranches of Carlyle Global Market
Strategies Euro CLO 2015-2 DAC and removed the tranches from Under
Criteria Observation (UCO). Fitch also affirmed four other tranches
not placed in UCO. The Rating Outlook remains Stable for all
tranches.
DEBT RATING PRIOR
---- ------ -----
Carlyle Global Market Strategies Euro CLO 2015-2 DAC
A-1A-R XS1665115421 LT AAAsf Affirmed AAAsf
A-1B-R XS1665115777 LT AAAsf Affirmed AAAsf
A-2A-R XS1665115934 LT AAAsf Affirmed AAAsf
A-2B-R XS1665116155 LT AAAsf Affirmed AAAsf
B-R XS1665116239 LT AAAsf Upgrade A+sf
C-R XS1665116312 LT A+sf Upgrade BBB+sf
D-R XS1665116742 LT BB+sf Upgrade BBsf
E XS1257961331 LT B+sf Upgrade B-sf
TRANSACTION SUMMARY
Carlyle Global Market Strategies Euro CLO 2015-2 DAC is a cash flow
collateralised loan obligation (CLO). The underlying portfolio of
assets mainly consists of leveraged loans and is managed by CELF
Advisors LLP. The deal exited its reinvestment period in September
2019.
KEY RATING DRIVERS
The analysis was based on the current portfolio and evaluated the
combined impact of deleveraging and performance since the last
review in April 2021 and the recently updated Fitch CLOs and
Corporate CDOs Rating Criteria (including, among others, a change
in the underlying default assumptions). In addition, Fitch
performed a scenario which assumes a one-notch downgrade on the
Fitch Issuer Default Rating (IDR) Equivalency Rating for assets
with a Negative Outlook on the driving rating of the obligor.
Transaction Amortisation
The transaction continues to amortise, with the most senior notes
having paid-down EUR69.7 million since the rating action in April
2021. The CLO is currently prohibited to reinvest the sale proceeds
of credit risk obligations, credit-improved obligations and from
unscheduled principal proceeds due to certain test failures.
Deviation from Model-implied Rating
Class D-R has been upgraded to 'BB+sf' which is a deviation from
the model implied rating of 'BBB-sf' while Class E has been
upgraded to 'B+sf' which is a deviation from the model implied
rating of 'BB-sf'. The deviation for each class by negative one
notch reflects that the model-implied rating would not be as
resilient based upon a scenario that assumes a one-notch downgrade
on the Fitch IDR Equivalency Rating for assets with a Negative
Outlook on the driving rating of the obligor. The deviation is
motivated by the limited default rate cushion when considering this
scenario in the analysis.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be in the 'B'/'B-' category. The Fitch weighted
average rating factor (WARF) was reported as 36.67 against a
maximum of 36.00 in the Sept. 9, 2021 monthly report. The Fitch
calculated WARF under the updated Fitch CLOs and Corporate CDOs
Rating Criteria is 27.62 as of Sept. 25, 2021.
Portfolio Concentration: The portfolio has become more concentrated
as it continues to amortise. There are 88 obligors remaining with a
top 10 obligor concentration of 17.5%; Although the concentration
risk is increasing, this may be offset by pay down of the assets
and increased credit enhancement. The largest obligor represents
approximately 2.0% of the portfolio balance. The largest Fitch
industry represents as calculated by Fitch represents 11.7% and
three largest Fitch industries are 27.6%; both within their
respective limits of 17.5% and 40%.
Broadly Stable Asset Performance: The transaction has not been
reinvesting since 2020 as it does not satisfy certain post
reinvestment period criteria. It is below target par as of the
latest investor report available. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is 7.8% compared to the
7.5% limit. The exposure to one defaulted asset was reported at
EUR1.9 million.
High Recovery Expectations: 99.4% of the portfolio comprises senior
secured obligations. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted average recovery rate of the
current portfolio is reported by the trustee at 61.0% as of Sept.
9, 2021 compared to a minimum of 60.7%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the reduction of the default rate (RDR) at all
rating levels by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels would result
in downgrades of up to four notches depending on the notes.
-- Downgrades may occur if the built up of the notes CE following
amortisation does not compensate for a higher loss expectation
than initially assumed due to unexpected high level of default
and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A RDR at all rating levels by 25% of the mean RDR and an
increase in the RRR by 25% at all rating levels would result
in an upgrade of two to four notches depending on the notes.
-- Except for the tranches already at the highest 'AAAsf' rating,
upgrades may occur in case of better than expected portfolio
credit quality and deal performance, and continued
amortization that leads to higher CE and excess spread
available to cover for losses on the remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Carlyle Global Market Strategies Euro CLO 2015-2 DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
LANSDOWNE MORTGAGE 1: Fitch Affirms CC Rating on 3 Tranches
-----------------------------------------------------------
Fitch Ratings has affirmed Lansdowne Mortgage Securities No. 1 Plc
(LMS1) and Lansdowne Mortgage Securities No. 2 Plc (LMS2), as
follows:
DEBT RATING PRIOR
---- ------ -----
Lansdowne Mortgage Securities No. 1 Plc
Class A2 XS0250832614 LT B+sf Affirmed B+sf
Class M1 XS0250833695 LT Bsf Affirmed Bsf
Class M2 XS0250834073 LT CCsf Affirmed CCsf
Class B1 XS0250834404 LT CCsf Affirmed CCsf
Class B2 XS0250835120 LT CCsf Affirmed CCsf
Lansdowne Mortgage Securities No. 2 Plc
Class A2 XS0277482286 LT Bsf Affirmed Bsf
Class M1 XS0277482526 LT B-sf Affirmed B-sf
Class M2 XS0277482955 LT CCsf Affirmed CCsf
Class B XS0277483417 LT CCsf Affirmed CCsf
TRANSACTION SUMMARY
The transactions are securitisations of Irish non-conforming
residential mortgage loans originated by Start Mortgages Ltd.
KEY RATING DRIVERS
High Arrears, Delayed Foreclosures: In LMS1, 37% of the portfolio
is in arrears over 90 days and in LMS2 35% was at the June 2021
payment date. The majority of borrowers in arrears have been
subject to restructuring measures. The provisioning mechanism is
defined on losses rather than defaults. As foreclosure timing in
Ireland is often long, crystallisation of losses and subsequent
provisioning in the revenue waterfall is being delayed. This leads
to the transactions' high sensitivity to a longer foreclosure
timing and is particularly relevant for LMS1's class M1 notes and
LMS2's class A2 and M1 notes.
Fitch applied an increased floor of 100% for the Performance
Adjustment Factor (PAF), as per Fitch's European RMBS Rating
Criteria, as Fitch considers the reported levels of defaults
understated by late default definition in transaction documents (as
loans are rather restructured than repossessed).
Payment Interruption Risk Constrains Ratings: The transactions'
reserve funds may be drawn to cover losses. If the high arrears
translate into foreclosures and then losses within a short period,
reserves could be depleted imminently. As a result, in Fitch's
view, payment interruption risk is not adequately addressed and the
ratings are capped at 'B+sf', which limits the rating for LMS1's
class A2 notes.
The transaction documents allow for interest to be deferred on
subordinated notes until they become the most senior. Some of the
subordinated notes in both transactions (class B1 and B2 in LMS1
and class M2 and B in LMS2) are expected to experience interest
deferral in the expected case scenario. Fitch considers this
adequately reflected in the notes' 'CCsf' rating.
CE Build-up Supports Senior Notes: The sequential amortisation of
the notes has led to an increase in credit enhancement (CE),
particularly for the senior notes. As arrears remain elevated, the
transactions will continue paying sequentially, due to the arrears
trigger breach. CE may continue to increase further as long as
losses continue to be limited. However, the rating of the notes
remains constrained.
Limited Impact from Updated Criteria Assumptions: The analysis is
based on Fitch's updated European RMBS Rating Criteria. During the
latest criteria review, Fitch revised its assumptions for Ireland,
including its house price decline assumptions for Irish properties,
which led to higher weighted average recovery rates (WARR) and
resultant lower loss assumptions for the transactions. The analysis
also reflects Fitch's removal of the additional stresses in
relation to the coronavirus outbreak.
The updated assumptions had a limited impact on the notes' ratings,
as they remain constrained.
Elevated ESG Score: LMS1 and LMS2 have an ESG Relevance Score of
'5' for Governance (Rule of Law, Institutional and Regulatory
Quality) due to exposure to jurisdictional legal risks; regulatory
effectiveness; supervisory oversight; foreclosure laws; government
support and intervention, which has a negative impact on the credit
profile, and is highly relevant to the rating. The current
foreclosure practice is negatively affecting the ratings.
The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- The majority of the loans in the portfolios have been subject
to restructuring arrangements as opposed to foreclosures
taking place. Increased foreclosure frequency, lower recovery
proceeds combined with longer foreclosure timing could result
in downgrades.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- If the transactions continue to make timely payments while
withstanding negative carry and losses from delinquencies and
foreclosures, leading to a decrease in late stage arrears,
Fitch may reduce its foreclosure frequency assumptions and
perceive the risk of delayed foreclosures as reduced. This
could result in upgrades.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Lansdowne Mortgage Securities No. 1 Plc, Lansdowne Mortgage
Securities No. 2 Plc
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Both transactions have an ESG Relevance Score of '5' for Rule of
Law, Institutional and Regulatory Quality due to exposure to
jurisdictional legal risks; regulatory effectiveness; supervisory
oversight; foreclosure laws; government support and intervention,
which has a negative impact on the credit profile, and is highly
relevant to the rating. The current foreclosure practice is
negatively affecting the ratings.
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.
=====================
N E T H E R L A N D S
=====================
TRIODOS BANK: Fitch Gives BB+(EXP) Rating to Planned Sub. T2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Triodos Bank N.V.'s planned subordinated
Tier 2 issue an expected long-term rating of 'BB+(EXP)'. The
assignment of a final rating is contingent on the receipt of final
documents consistent with the information already received.
KEY RATING DRIVERS
The expected rating of the proposed subordinated notes is two
notches below Triodos Bank's 'bbb' Viability Rating. The notching
considers the loss severity risk arising from the likely poor
recovery prospects for the notes due to subordination in a
non-viability event.
Fitch does not apply further notches for non-performance risk
because the terms of the notes do not provide for loss absorption
on a "going concern" basis.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- The notes could be downgraded if Triodos Bank's VR is
downgraded to maintain the two-notch differential with the VR.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The notes could be upgraded if Triodos Bank's VR is upgraded.
-- The notes' rating is also sensitive to a change in notching
should Fitch change its assessment of loss severity or
relative non-performance risk.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity, either due to their nature or
to the way in which they are being managed by the entity.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
===========================
U N I T E D K I N G D O M
===========================
BRITISH AIRWAYS: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed British Airways Plc's (BA) Long-Term
Issuer Default Rating (IDR) at 'BB'. The Outlook is Negative.
The rating affirmation reflects Fitch's expectation for easing
travel restrictions to allow a meaningful recovery in BA's
operations after being hit particularly hard by the pandemic.
Subdued recovery has been mitigated by its rebased cost base as
well as by the balance-sheet repair undertaken at BA's parent,
International Consolidated Airlines Group, S.A. (IAG).
The Negative Outlook reflects continued volatility in demand with
risks from new virus variants and resulting travel restrictions as
well as uncertainty around the future of premium demand to which BA
has a large exposure. Fitch expects fiercer competition, with
yields under pressure from aggressive expansion and pricing
strategies from ultra low-cost carriers on intra-European routes,
and slower recoveries of corporate demand and long-haul traffic.
However, Fitch may revise the Outlook to Stable once Fitch sees
evidence of extended forward bookings and revenue recovery.
KEY RATING DRIVERS
Weaker Standalone Credit Profile: In Fitch's view, BA's Standalone
Credit Profile (SCP) has weakened to be in line with IAG's
consolidated credit profile at 'bb', which means the latter no
longer acts as a rating constraint for BA. Fitch expects BA's funds
from operation (FFO) adjusted net leverage to improve to within
Fitch's negative sensitivity by 2023 - a year later than Fitch's
prior expectations - driven by another year of lacklustre operation
that Fitch had not anticipated last year. BA's results have so far
lagged European peers' due to stricter travel restrictions in the
UK. Fitch's rating case continues to assume tangible support from
IAG in equity-like form.
Moderate Parent-Subsidiary Ties: Fitch assesses BA's legal and
operational ties with IAG as 'Weak' and 'Moderate', respectively,
leading to Fitch's overall 'Moderate' assessment. While IAG
continues to allow its operating entities to be run independently,
IAG has provided financial support to BA in times of need. IAG
raised EUR2.74 billion in an equity issuance in September 2020, of
which EUR1.6 billion was on-lent to BA as a term loan. BA is the
key contributor to the consolidated credit profile, generating
about 60% of IAG's 2019 EBITDA. IAG has effective parental control
of BA's board.
Steady Recovery After Weaker Performance: Despite a rapid vaccine
rollout, UK's stricter travel restrictions have led BA's operation
in 1H21 to be 14% of its available seat kilometres (ASK) in 1H19.
Ramp-up has been much slower relative to that of most major
airlines, including network and low-cost carriers. Fitch expects
travel recovery to be steadier and less volatile than in the past
15 months, given successful vaccine rollouts, improved testing
regimes and better coordination of travel restrictions globally.
Fitch forecasts BA's 2021 revenue to be slightly lower than 2020's
but FFO (Fitch-adjusted, after lease) to improve to around -GBP1.7
billion (2020: -GBP3 billion), on a reduced cost base and smaller
exceptional loss from restructuring or fuel over-hedging.
Restructuring Mitigates Margin Pressure: Fitch expects BA's
substantial cost-saving measures taken on fleet and workforce to
mitigate pressure on profitability arising from stiffer
competition, increased fuel prices and an expected shift in the
customer base away from corporates in the medium term. Fitch does
not expect yields to recover to 2019 levels at least until 2024. BA
has retired early its 32 Boeing 747 aircraft, which are less
fuel-efficient and more focused on first/business classes than the
replacement fleet such as A350 and B787. Over 20% of staff have
left BA and management envisage that staff unit cost will be as
much as 10% lower than pre-pandemic levels once its capacity
returns to 2019 levels.
Competitive Position in EMEA: Fitch expects BA's cost-cutting
measures will help the company emerge from the crisis and remain a
highly competitive carrier in various markets. Fitch forecasts BA's
cost per ASK to improve to around USD0.08 by 2023 - similar to its
2019 levels - on the back of improved operational efficiency,
labour-and-supplier cost optimisation, fleet efficiencies and
technological advancement. BA's cost position is stronger than
western European and US network carriers' but weaker than that of
fast- growing ultra-low-cost carriers with whom BA also competes,
particularly on intra-European routes.
UK/US Relaxations Help Recovery: The recent relaxation of travel
restrictions by both the UK and US governments will boost BA's
operational performance in time for the Christmas season. BA's
recovery was directly derailed by a more restrictive UK travel
policy in light of Covid-19 than other neighbouring countries'. BA
is the European leader in the transatlantic market and, according
to OAG, has generated 37% of revenue from Europe-north America
routes in 2019. Despite some airlines having exited, Fitch expects
overcapacity in the transatlantic market in the near term as other
intercontinental routes remain subdued.
Capex-driven Negative FCF: Fitch forecasts negative free cash flow
(FCF) during 2021-2024, despite expected steady improvements. Fitch
expects capex in 2022-2024 to be significantly higher than its
historical average in 2016-2019 as BA commits to fleet renewal and
resumption of non-mandatory investments that were deferred during
the crisis. BA has made no cancellation on aircraft orders but
pushed them out to later years to replace older aircraft. Early
retirement of the 747 fleet requires replenishment of its widebody
fleet if BA were to ramp up its capacity to pre-pandemic levels.
Planned fleet renewal will enable BA to better adapt to a shifting
customer base and improve cost efficiency.
DERIVATION SUMMARY
BA's exposure to the pandemic is similar to other major European
network carriers'. The company's liquidity buffer is fairly strong
and comparable to Ryanair Holdings plc's (BBB/Negative) and Wizz
Air Holdings plc's (BBB-/Negative). BA's recovery has lagged behind
many of its competitors', due to stricter travel restrictions in
the UK and a reliance on international traffic and corporate
demand, both of which are set to recover at a slower pace. Delay in
recovery, however, has not changed Fitch's view on the company's
business risk as BA remains competitive in the broader aviation
market through the cycle while its weaker financial profile is the
key driver of its current rating and Outlook.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Annual capacity to fall 70% in 2021 (2020: 66%), compared with
2019; 25% in 2022 and 10% in 2023 before it fully recovers in
2024;
-- Deterioration in load factor to 65% in 2021 (2019: 83.6%) and
a gradual recovery to around 77%-80% by 2024;
-- Low single-digit decline in yields for the next three years,
reflecting an expected more competitive market environment;
-- Oil price of USD63/bbl in 2021, USD55/bbl in 2022, USD53/bbl
in 2023 and 2024;
-- Capex of about GBP5.8 billion during 2021-2024;
-- No dividends during 2021-2024;
-- Sixty per cent of IAG's EUR2.74 billion capital increase in
September 2020 to be distributed to BA.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch does not anticipate an upgrade, as reflected in the
Negative Outlook unless a quicker-than-assumed recovery
follows the re-opening of transatlantic routes, supporting a
sustained recovery in forward bookings, revenues and credit
metrics to levels stronger than those outlined in the negative
sensitivities below that would allow us to revise the Outlook
to Stable.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failure to adapt to changing market conditions with mitigation
measures, prolonged economic crisis and air travel
restrictions, weaker-than-expected yields or more aggressive
capex or dividend payments;
-- FFO adjusted gross leverage and total adjusted gross
debt/EBITDAR above 4.7x;
-- FFO adjusted net leverage above 3.7x;
-- Weakening consolidated credit profile of IAG while maintaining
stronger links with the parent.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: As of June 2021, BA had cash and cash
equivalent of GBP1.7 billion and committed and undrawn general and
aircraft facilities available of GBP1.4 billion. This, along with
USD785 million EETC issued in July 2021, is sufficient against
GBP951 million of short-term debt and Fitch-expected FCF of GBP1.2
billion until 1H22. Fitch expects further parent support and other
capital-market debt by BA, if needed.
ISSUER PROFILE
BA is the fourth-largest European airline based on pre-pandemic
passenger-revenue-kilometres and the largest UK international
airline. It benefits from an extensively diversified route
structure, a strong position at the Heathrow hub and on the
transatlantic market - one of the most profitable routes in the
world.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
ESSAR OIL: Deloitte Faces ICAEW Probe Over Audit
------------------------------------------------
James Booth at Financial News reports that Deloitte is reportedly
being investigated in connection with its auditing of refinery
company Essar Oil UK.
Deloitte resigned as the company's auditor in October 2020, raising
governance concerns around Essar Oil UK's audit strategy, Financial
News recounts. It did not raise such concerns when it signed off
the company's accounts for the 18 months to September 2019,
Financial News notes.
The Institute of Chartered Accountants in England and Wales has
opened an investigation into whether the Big Four firm should have
raised its concerns about Essar's governance earlier than it did,
the Financial Times reported, citing documents it had seen,
Financial News relays.
According to Financial News, an ICAEW case manager wrote in the
documents cited by the FT that "given the contents and timing of
the resignation statement [relative] to the audit report issued I
do have some potential concerns regarding the audit report
issued".
An Essar Oil UK spokesperson, as cited by Financial News, said in a
statement: "Deloitte gave EOUK a clean audit opinion in July 2020,
as did a separate independent auditor in 2021. EOUK has taken
extensive action to address the governance concerns raised by
Deloitte more than a year earlier, including the appointment of an
additional independent director and a commitment to the Wates
Corporate Governance Principles."
"Our disciplinary byelaws preclude us from commenting on whether
any matter may or may not be the subject of consideration by our
professional conduct department. Where such consideration results
in disciplinary action being taken then a public announcement will
be made," Financial News quotes an ICAEW spokesperson as saying.
The report said ICAEW is also examining whether Deloitte missed a
deadline for filing the reasons for its resignation at Companies
House, Financial News relates. It is also reportedly examining how
Deloitte dated documents when it did file them almost six months
after its resignation, Financial News discloses.
Auditors that resign over governance concerns are required to file
a statement of reasons at Companies House within 28 days. Deloitte
filed a statement in November 2020, but it was deemed unacceptable
and returned, Financial News relays, citing a Companies House
response to a freedom of information request, seen by the FT.
The second statement was not sent to Companies House until April
2021, almost six months on from Deloitte's resignation, Financial
News states.
Deloitte was fined GBP15 million last year plus more than GBP5
million in costs for its conduct during its audit of software
company Autonomy, according to Financial News.
As reported by the Troubled Company Reporter-Europe on April 13,
2021, Place North West related that Essar Oil UK said it's fully
committed to its operations at the Ellesmere Port oil refinery,
including plans to decarbonize its activities and produce
sustainable fuel there, despite reports that the company is nearing
collapse. Sky News reported on April 9 that Essar, which bought
the 2,000-acre Stanlow Oil Refinery at the Cheshire enterprise zone
from Shell in 2011, had been in urgent discussions over efforts to
stabilize its finances, Place North West related. Whitehall
officials had reportedly been warned of the company's declining
financial position amid fears it might be close to collapse, Place
North West noted.
GREENSILL CAPITAL: Credit Suisse to Front Costs to Recover Cash
---------------------------------------------------------------
Lucca De Paoli and Marion Halftermeyer at Bloomberg News report
that Credit Suisse Group AG said it will front "as much as
possible" of the legal and advisory costs to recover cash for
investors in supply-chain finance funds it ran with the now-defunct
Greensill Capital.
According to Bloomberg, Credit Suisse said in a statement published
on Oct. 6 the majority of expenses incurred in recovering the money
has not been passed onto investors. It estimates it will spend
around US$145 million for the process in 2021.
Credit Suisse's asset management arm "is fronting as much of this
expense as possible and will seek to recoup the amount which has
been incurred when appropriate," it said, Bloomberg notes. Part of
the recovery work is being done by the bank's own teams and those
costs will be absorbed by the bank, Bloomberg states.
The Swiss bank ran a suite of funds that invested in notes issued
by Greensill Capital, a specialty lender that went into
administration in March, Bloomberg recounts. It said expenses
incurred include advisory fees, money to continue operating
Greensill infrastructure and ongoing fund costs, Bloomberg relates.
Credit Suisse, Bloomberg says, is still trying to recover US$2.7
billion in overdue loan payments. The majority -- US$2.3 billion
-- lies with problem borrowers Katerra Inc., Sanjeev Gupta's GFG
Alliance Ltd., and Bluestone Resources Inc., Bloomberg discloses.
All three are undergoing restructuring processes and the bank has
said it needs more time to assess how much of investors' money it
will get back, according to Bloomberg.
Refinancing and restructuring discussions are ongoing with respect
to GFG Alliance's assets in the US, the U.K., and Australia.
Katerra is in a U.S. Chapter 11 process and a liquidator has been
appointed, Bloomberg relates. The bank said it began conversations
with Bluestone and its shareholders to find an agreement on
payments, which is unlikely to happen before the fourth quarter,
Bloomberg notes. The company is offering US$300 million and half
of the value of its business to repay the loans made by Greensill
Capital that ended up in the Credit Suisse funds, Bloomberg
reported.
The remaining US$400 million is due to late payments from debtors
who are at risk of insolvency or unable to refinance, according to
Bloomberg. The bank, as cited by Bloomberg, said it can expect a
recovery of more than 90% but less than 100% of the aggregate value
of those loans.
NMCN: Galliford Try Acquires Water Business
-------------------------------------------
Sam Steers at Construction Global reports that UK construction firm
Galliford Try has announced that it has acquired NMCN's water
business including the specialist water process and control
businesses Nomenca and Lintott in a GBP1 million transaction.
The news comes after NMCN announced that it had gone into
administration, Construction Global notes.
According to Construction Global, in addition to the GBP1.0 million
purchase price, Galliford Try claims that it will have to fund
specific contractual liabilities incurred prior to the completion
date of the Transaction which will be necessary to provide
operational stability to the Water Business.
For the year ended December 31, 2019, being the last year for which
NMCN has published audited results, NMCN's water business generated
an operating profit of GBP7.6 million on turnover of GBP282.6
million, Construction Global discloses. The gross assets of NMCN's
water segment were GBP70 million as of December 31, 2019,
Construction Global states.
NMCN: Subsidiaries Expected to Be Sold Off for Fraction of Value
----------------------------------------------------------------
Rob Hakimian at New Civil Engineer reports that NMCN group's
subsidiaries will be sold off for a fraction of their value,
according to a leading construction market analyst.
On Oct. 4, it was revealed that the firm had entered into
administration after a planned refinancing of the business
collapsed, NCE relates.
When announcing its administration, a NMCN spokesperson confirmed
that subsidiary companies would be sold off as part of the
administrative process, NCE notes.
Subsidiaries owned by NMCN include Nomenca, NMCN Developments, and
electrical equipment manufacturer Lintott Control Systems, NCE
discloses.
According to NCE, sections of the core business are also expected
to be sold off including the firm's Infrastructure, Plant Transport
& Accommodation, Telecoms and Water divisions.
However, DRS Bond Management managing director Chris Davies expects
any sales to be completed at a cut price, NCE states.
"It's now a fire sale," Mr. Davies told NCE. "My suspicion is that
there will undoubtedly be divisions that are very well run, perhaps
by region rather than by business itself, that will be carve-outs
that can be sold.
"But the prices that they will be expecting to get for those
businesses will not be realised.
"My conclusion is that there will be a modest recovery, but it
really will be pennies on the pound," he added. "What typically
happens with construction businesses and civil engineering groups
is that if one part goes, the lot goes.
"A lot of that has to do with cross-securitisation of debt, where
one part of the group may have borrowed but the whole group is on
the hook if there is a default on that debt."
Mr. Davies compared the situation to that of construction giant
Kier, which had to sell off parts of the company earlier this year
to make ground on its significant debt, but said NMCN's position is
"a hundred times worse", NCE relates.
According to NCE, Mr. Davies described NMCN's collapse as a "tale
of woe" and believes it should never have come to this.
"Given the potential pipeline of infrastructure work that should be
coming through over the next 10 to 15 years -- whether you want to
use the 'build back better' slogan or 'levelling up' -- there's no
way that this business should have gone unless it had been in
catastrophic difficulties for some time," NCE quotes Mr. Davies as
saying.
"My suspicion is that these losses have accumulated over a period
of years, being hidden in work in progress on the balance sheet."
NMCN: Svella Acquires Business Units, 680 Jobs Secured
------------------------------------------------------
Tiya Thomas-Alexander at Construction News reports that NMCN's
telecoms, plant, transport and accommodation business units have
been acquired by Svella, the investor that was leading a GBP24
million re-financing of the contractor.
According to Construction News, Svella said that its acquisition of
the operations had secured 680 jobs and would provide assurance to
suppliers. The assets acquired include plant and machinery, mobile
offices and welfare units, Construction News discloses. The
investor, as cited by Construction News, said that the acquisition
would avoid disruption of NMCNs telecoms division by continuing to
service telecoms infrastructure services for BT, Virgin Media and
CityFibre, while preserving the supply chain.
The new owner said it was "best placed" to ensure other parts of
the collapsed contractor -- which operate in the water, highways
and building markets -- could use its assets, Construction News
relates. It added that the other divisions could be bought out of
administration by different buyers, Construction News notes.
On October 4, 2021, NMCN appointed Grant Thornton UK as
administrators after a GBP24 million refinancing deal fell through
because NMCN could not sign off its 2020 accounts, Construction
News recounts.
According to Construction News, Svella said talks had been ongoing
between the two parties about a solution.
NMCN was a utilities-focused contractor with a GBP400 million
turnover business when it went into administration. It was
expected to report a pre-tax loss of around GBP43 million for 2020,
according to Construction News.
Svella was a secured creditor of NMCN, Construction News notes.
The Cumbria-based investor targets distressed and underperforming
businesses, particularly in civil engineering, construction,
energy, infrastructure, logistics and transport.
RANGERS FC: BDO Awarded GBP3.4MM Plus Interest by Lord Tyre
-----------------------------------------------------------
Scottish Legal News reports that BDO has been awarded GBP3.4
million plus interest by Lord Tyre in the Outer House in a case
over Rangers Football Club (FC).
According to Scottish Legal News, administrators Paul Clark and
David Whitehouse were allegedly guilty of breaches of duties to the
company. The firm consequently suffered loss, injury and damage,
and the interests of creditors were not served, Scottish Legal News
discloses.
Administrators Paul Clark and David Whitehouse should have thought
about selling the club's training ground and other options in order
to satisfy creditors, Scottish Legal News states.
The case was lodged in 2017 but evidence was only heard earlier
this year, Scottish Legal News recounts. Rangers went into
administration in 2012 after it failed to pay national insurance
and VAT, Scottish Legal News relates.
It was owned by Craig Whyte at the time, Scottish Legal News notes.
He had paid a token GBP1 for the club to Sir David Murray the
previous year and said he would wipe its GBP18 million debt,
according to Scottish Legal News.
Messrs Clark and Whitehouse had aimed to sell the business,
Scottish Legal News relays. HMRC, however, voted against a company
voluntary arrangement, which would have given the club more time to
pay its debts, Scottish Legal News recounts. It was bought by a
consortium led by businessman Charles Green, Scottish Legal News
states.
BDO then took over as liquidator, Scottish Legal News discloses.
Lord Tyre, awarded GBP750,000 for failing to take the opportunity
to look into selling Ibrox and leasing it back to the club along
with GBP850,000 for their reluctance to explore a sale of the
club's training ground, which was then known as Murray Park,
according to Scottish Legal News.
SOUTHERN PACIFIC 06-1: Fitch Affirms CCC Rating on Cl. FTc Debt
---------------------------------------------------------------
Fitch Ratings has taken rating actions on Southern Pacific
Financing 05-B Plc (SPF 05-B), Southern Pacific Financing 06-A Plc
(SPF 06-A) and Southern Pacific Securities 06-1 plc (SPS 06-1).
DEBT RATING PRIOR
---- ------ -----
Southern Pacific Financing 06-A Plc
Class A XS0241080075 LT AAAsf Affirmed AAAsf
Class B XS0241082287 LT AAAsf Affirmed AAAsf
Class C XS0241083764 LT AAAsf Upgrade AA+sf
Class D1 XS0241084572 LT AAsf Upgrade A+sf
Class E XS0241085033 LT BBB+sf Affirmed BBB+sf
Southern Pacific Financing 05-B Plc
Class B XS0221840324 LT AAAsf Affirmed AAAsf
Class C XS0221840910 LT AAAsf Affirmed AAAsf
Class D XS0221841561 LT AA+sf Upgrade AAsf
Class E XS0221842023 LT A+sf Upgrade Asf
Southern Pacific Securities 06-1 plc
Class B1c XS0240950880 LT AAAsf Affirmed AAAsf
Class C1a XS0240951185 LT AAAsf Upgrade AAsf
Class C1c XS0240952076 LT AAAsf Upgrade AAsf
Class D1a XS0240952316 LT Asf Upgrade BBB+sf
Class D1c XS0240953470 LT Asf Upgrade BBB+sf
Class E1c 84359LAS3 LT B-sf Downgrade Bsf
Class FTc 84359LAU8 LT CCCsf Affirmed CCCsf
TRANSACTION SUMMARY
The transactions comprise non-conforming UK mortgage loans
originated by wholly owned subsidiaries of Lehman Brothers. They
closed between 2005 and 2006.
KEY RATING DRIVERS
Adequate Asset Performance; Credit Enhancement Build-up: Asset
performance has evolved in line with Fitch's expectations. Total
arrears for the transactions have fallen from the highs reached in
mid-2020. Late stage arrears have also started to stabilise, albeit
at a slower pace after a number of accounts have rolled into
longer-dated arrears since March 2020.
Credit enhancement (CE) has continued to build up, in line with the
amortisation of the notes. This has led to upgrades of SPF 05-B's
class D and E notes, SPF 06-A's class C and D notes and SPS 06-1's
class C1a, Cc, D1a and D1c notes. Stable performance and reduced
risks of significant collateral underperformance versus Fitch's
expectations are also reflected in the Stable Outlooks on the class
E notes of SPF 05-B and SPF 06-A.
New UK RMBS Criteria Drives Downgrade: SPS 06-1's class E1 notes
have been downgraded to 'B-sf' as a result of a change in Fitch's
UK RMBS Criteria. This change determined that any note with a
model-implied rating (MIR) lower than 'B-sf' must have a rating in
the range of 'Csf' to 'B-sf' instead of up to 'B+sf' previously.
The notes have also been removed from Rating Watch Negative.
Excessive Counterparty Exposure: Fitch has identified excessive
dependency on a transaction counterparty for SP 05-B's class D and
E notes. In a "jump to default" scenario for the transaction's
account bank (Barclays Bank plc, A+), these two classes could be
downgraded by 10 notches or more. Consequently, Fitch restricted
the upgrade of the class D to 'AA+sf', as the notes' counterparty
exposure to the account bank would not be material at this rating.
The class E notes have been upgraded to 'A+sf'. This is equal to
the rating of the transaction's account bank and is not currently
constrained by excessive counterpary risk analysis.
Foreclosure Frequency Macroeconomic Adjustments: Fitch applied
foreclosure frequency (FF) macroeconomic adjustments to SPF 05-B
and SPS 06-1's total asset pools, and to SPF 06-A's UK
non-conforming sub-pool because of the expectation of a temporary
mortgage underperformance (see Fitch Ratings to Apply Macroeconomic
Adjustments for UK Non-Conforming RMBS to Replace Additional
Stress).
With the end of the government's repossession ban, there is still
uncertainty regarding borrowers' performance in the UK
non-conforming sector where many borrowers have already rolled into
late arrears over recent months. Borrowers' payment ability may
also be challenged with the end of the furlough schemes. The
adjustment is of 1.58x at 'Bsf' while no adjustment is applied at
'AAAsf' as assumptions are deemed sufficiently remote at this
level.
Interest-only Concentration Risks: The transactions have a
significant proportion of owner-occupied interest-only loans (SPF
05-B: 72.2%, SPF 06-A: 69%, SPS 06-1: 63.2%), which represents an
elevated back-loaded risk profile for the portfolios. Due to the
material concentration of interest-only loans in all transactions,
Fitch floored the performance adjustment factor (PAF) to 100% in
line with its UK RMBS Rating Criteria. Fitch will monitor the
performance of these loans as they approach their maturity dates.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Performance for the Southern Pacific series may be affected by
negative developments in the UK's economic performance. A
decrease in economic output for the country could affect asset
performance, increasing arrears and default levels for all
transactions.
-- In order to capture the possible impact of an economic
deterioration, Fitch conducts a sensitivity analysis by
testing a scenario in which there is a 15% increase in FF and
a 15% decrease in recovery rate (RR) beyond Fitch's base case
assumption. The application of this stress indicated
downgrades of up to seven, 10 and five notches for SPF 05-0B,
SPF 06-A and SPS 06-1, respectively.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Stable to improved asset performance driven by stable
delinquencies and defaults would lead to increasing credit
enhancement and potential upgrades. Fitch tested an additional
rating sensitivity scenario by applying a decrease in the FF
of 15% and an increase in the RR of 15%, implying upgrades of
up to three, five and 11 notches for SPF 05-B, SPF 06-A and
SPS 06-1, respectively.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Southern Pacific Financing 05-B Plc, Southern Pacific Financing
06-A Plc, Southern Pacific Securities 06-1 plc
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
SPF 05-B, SPF 06-A and SPS 06-1 have an ESG Relevance Score of '4'
for "Customer Welfare - Fair Messaging, Privacy & Data Security"
due to the pools exhibiting an interest-only maturity concentration
of legacy non-conforming owner-occupied loans, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.
SPF 05-B, SPF 06-A and SPS 06-1 have an ESG Relevance Score of '4'
for "Human Rights, Community Relations, Access & Affordability" due
to a significant proportion of the pools containing owner-occupied
loans advanced with limited affordability checks, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
TOWD POINT 2019: Fitch Assigns B+(EXP) Rating on Class G Notes
--------------------------------------------------------------
Fitch Ratings has assigned Towd Point Mortgage Funding 2019 -
Granite 4 plc's (Granite 4) refinancing notes expected ratings.
The notes listed are refinancing notes to be issued from the
existing Towd Point Mortgage Funding 2019 - Granite 4 (TPMF Granite
4) transaction. This will occur on the subordinated optional
redemption date (20 October 2021), at which time the outstanding
class B, C, D, E, F and Z notes will be replaced by the refinancing
notes. The current class A1 notes cannot be called and will remain
outstanding and their current rating is expected to be affirmed by
Fitch at closing date.
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.
DEBT RATING
---- ------
Towd Point Mortgage Funding 2019 - Granite 4 plc
Class A2 - R LT AAA(EXP)sf Expected Rating
Class B - R LT AA+(EXP)sf Expected Rating
Class C - R LT A+(EXP)sf Expected Rating
Class D - R LT A(EXP)sf Expected Rating
Class E - R LT BBB(EXP)sf Expected Rating
Class F - R LT BB(EXP)sf Expected Rating
Class G - R LT B+(EXP)sf Expected Rating
Class Z - R LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
This transaction is a securitisation of prime UK owner-occupied
(OO) mortgages originated by Northern Rock plc prior to the global
financial crisis.
KEY RATING DRIVERS
Seasoned Loans: The portfolio consists of seasoned prime OO loans
predominantly originated between 2003 and 2007 (93.7%). The pool
has benefitted from considerable indexation, with a weighted
average (WA) indexed current loan-to-value (CLTV) of 50.7% leading
to a WA sustainable LTV of 70%. The pool also contains a fairly
high share of interest-only (IO) loans, with a material proportion
of the loans that may have been originated as fast-track loans.
Worse-than-Average Performance: Arrears levels, both current and
historical, are above those typical of prime UK pools. Fitch
considered the historical performance and the average annualised
constant default rate (CDR) of the pool in setting the lender
adjustment of 1.4x under its prime criteria assumptions.
Class A2 Liquidity Facility Created: The issuance of new class A2
notes will lead to the creation of a dedicated liquidity facility
(LF) for the A2 notes. This will eventually convert into a
liquidity reserve fund (LRF), which will begin funding on the
liquidity facility redemption date (October 2026).
The class A2 notes will be subordinated to the class A1 notes and
payments to the A2LF and A2LRF will also be subordinated to
payments of interest and principal for the class A1 notes. The
A2LRF will be funded via interest at a junior position and
principal receipts at a senior position. Use of principal receipts
will create a principal deficiency debit to be applied reverse
sequentially to the notes, with excess amounts released into the
revenue waterfall.
Borrowers' Refinancing Challenges Remain: The WA debt-to-income of
32.7% suggests strong borrower affordability, but the proportion of
borrowers in the pool still on the standard variable rate (SVR,
92.8% including small number of fixed-rate loans that are yet
revert to SVR) means refinancing is still an issue for many of the
borrowers, especially given the number of cheaper products
currently available on the market. Many would not meet the
affordability criteria of lenders after the 2014 Financial Conduct
Authority Mortgage Market Review. The SVR loans will also remain
unhedged, leading to basis risk, although the level of excess
spread to date for the transaction has been very robust.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The transaction's performance may be affected by changes in
market conditions and economic environment. Weakening asset
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce credit
enhancement available to the notes.
-- Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain note
ratings susceptible to negative rating actions, depending on
the extent of the decline in recoveries. Fitch conducts
sensitivity analyses by stressing both a transaction's base
case foreclosure frequency (FF) and recovery rate (RR)
assumptions, and examining the rating implications on all
classes of issued notes. A 15% increase in weighted average FF
(WAFF) and a 15% decrease in WARR indicate downgrades of up to
six notches across the capital structure.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Stable to improved asset performance, driven by stable
delinquencies and defaults, would lead to increasing credit
enhancement and, potentially, upgrades. A decrease in WAFF of
15% and an increase in WARR of 15% indicate upgrades of up to
three notches across the capital structure.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on the validation of loan-level data provided
in the loan-level data file for the pool compared with the original
loan files. Fitch considered this information in its analysis,
which did not have an effect on its analysis or conclusions.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information and concluded that there were no
findings that affected the rating analysis.
Overall, Fitch's assessment of the asset pool information relied on
for the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
ESG CONSIDERATIONS
Towd Point Mortgage Funding 2019 - Granite 4 plc has an ESG
Relevance Score of '4' for Customer Welfare - Fair Messaging,
Privacy & Data Security due to a high proportion of interest-only
loans in legacy OO mortgages, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week October 4 to October 10, 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
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contact Peter Chapman at 215-945-7000.
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