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

                          E U R O P E

          Monday, October 18, 2021, Vol. 22, No. 202

                           Headlines



A R M E N I A

AMERIABANK: S&P Alters Outlook to Positive & Affirms 'B+/B' ICR


C R O A T I A

VRAZAP: Court Launches Preliminary Bankruptcy Proceedings


G E R M A N Y

HORNBACH BAUMARKT: S&P Hikes ICR to 'BB+' on Improved Performance


I R E L A N D

CAIRN CLO VII: Fitch Raises Class F Notes Rating to 'B+'
STARZ MORTGAGE 2021-1: S&P Assigns Prelim. B-(sf) Rating on F Notes


I T A L Y

ALITALIA SPA: New National Airline ITA Takes First Flight


L U X E M B O U R G

ELEVING GROUP: Fitch Gives Final 'B-' to EUR150MM Secured Bonds


R U S S I A

[*] S&P Takes Actions on 14 Russian Banks & Related Entities


S L O V A K I A

365 BANK: Fitch Publishes 'BB-' LongTerm IDR, Outlook Stable


S W E D E N

HEIMSTADEN AB: Fitch Gives Final BB- Rating to EUR300MM Securities


T U R K E Y

EMLAK KONUT: Fitch Affirms 'BB-' LT IDRs, Outlook Stable


U K R A I N E

CB PRIVATBANK: Fitch Affirms 'B' LT IDRs, Outlook Positive
OSCHADBANK: Fitch Affirms 'B' LongTerm IDRs, Outlook Positive
UKREXIM: Fitch Affirms 'B' LongTerm IDR, Outlook Positive
UKRGASBANK: Fitch Affirms 'B' LT IDRs, Outlook Positive


U N I T E D   K I N G D O M

ACHIEVEMENT FOR ALL: Enters Administration Amid GBP1MM Deficit
BOTL WINE: Directors Agree to Disqualification Undertakings
GREENSILL CAPITAL: Grant Thornton Expects to Charge GBP21MM Fees
SPORTRADAR MANAGEMENT: Fitch Alters Outlook on 'B' IDR to Positive
[*] UK: Insolvencies in England and Wales Up 7.2% in September



X X X X X X X X

[*] BOND PRICING: For the Week Oct. 11 to Oct. 15, 2021

                           - - - - -


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A R M E N I A
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AMERIABANK: S&P Alters Outlook to Positive & Affirms 'B+/B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Ameriabank to positive
from stable and affirmed its 'B+/B' long- and short-term issuer
credit ratings on the bank.

The revision of the outlook on Ameriabank to positive from stable
follows robust recovery of the Armenian economy in the first half
of 2021, after the pandemic and war-induced shocks last year. This
recovery has created a favorable operating environment for Armenian
banks.

S&P said, "We have revised upward our real GDP growth forecast for
Armenia to 6.3% in 2021 and an average of 4.3% in 2022-2023
following a 7.4% contraction in 2020. The severe contraction was a
result of the COVID-19 pandemic, exacerbated by the conflict
related to Nagorno-Karabakh. However, Armenia demonstrated
macroeconomic resilience and preserved stability despite these twin
shocks. We expect that in 2021-2022 the Armenian banking system's
economic and industry risks will remain at their current elevated
levels. We think that nominal loan growth in the Armenian banking
system will moderate to about 5% in 2021 and pick up to about 10%
in 2022. We anticipate that nonperforming loans (NPLs; loans more
than one day overdue) in the banking system could increase up to
7%-8% in 2021-2022, while the cost of risk will decline to about 2%
compared with about 3% in 2020. NPLs reduced to 6.1% as of mid-2021
from the peak of 7.5% as of end-February 2021.

"We consider Ameriabank is well positioned to retain its leading
market positions in Armenia. This will be supported by good
macroeconomic growth prospects and the bank's strong domestic
brand, professional management team, advanced digitalization
strategy, wealthy and supportive controlling shareholder, and
adequate corporate governance, supported by minority
shareholders--European Bank for Reconstruction and Development
(EBRD) and Asia Development Bank (ADB).

"We expect that Ameriabank's capitalization, as measured by our RAC
ratio, could improve to above 7% in 2021-2022 if the bank moderates
growth of new lending and receives a capital injection from a
strategic investor in 2022. We believe that the bank's conservative
and well-developed risk management practices and sound business
strategy will enable it to weather an increase in credit losses and
asset quality deterioration due to COVID-19. We also expect
Ameriabank will continue demonstrating stronger asset quality
metrics than the domestic system average. We think the bank's NPLs
could increase to up to 5% of total loans in 2021-2022, from 3.7%
reported as of mid-2021, and cost of risk will likely remain at
about 1%-2% in 2021-2022, in line with 1.2% in the first half
2021.

"We expect Ameriabank will maintain its well diversified funding
profile compared with domestic and international peers. The deposit
base of resident and nonresident depositors should also remain
stable.

"The rating is constrained by the long-term foreign currency rating
on Armenia (B+/Positive/B). This is why the 'B+' long-term rating
on Ameriabank is one notch lower than its 'bb-' stand-alone credit
profile (SACP). We do not rate Armenian banks above the sovereign
because the banks' exposures are predominantly in Armenia, with
strong links to the domestic economy from a business, funding, and
lending point of view.

"The positive outlook reflects our expectation that the improved
operating and macroeconomic environment in the Armenian banking
system will be favorable for Ameriabank's business and financial
profile over the next 12 months and could support further growth of
its new business and strong financial performance.

"A positive rating action could follow over the next 12 months if
Armenia sustains its strong economic performance with no major
external headwinds clouding its medium-term growth prospects, which
would translate into a less risky environment for Armenian banks,
supporting further sustainable growth of Ameriabank's business.

"We could revise the outlook to stable if GDP growth underperforms
our current expectations, or if the external deleveraging trend
reverses, thus potentially increasing the risks for the banking
system in Armenia."




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C R O A T I A
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VRAZAP: Court Launches Preliminary Bankruptcy Proceedings
---------------------------------------------------------
Annie Tsoneva at SeeNews reports that Croatian food producer
Cakovecki Mlinovi said that its subsidiary Vrazap, a chain of
bakery stores, is going to enter a bankruptcy procedure.

According to SeeNews, Cakovecki Mlinovi said in a filing to the
Zagreb bourse on Oct. 14 that at the request of Vrazap, the
Commercial Court in Zadar decided to initiate preliminary
proceedings to establish whether conditions exist to launch a
bankruptcy procedure.

Zadar-based Vrazap was established in 1998.  It became part of
Cakovecki Mlinovi in 2007.

According to media reports, in its best years the company used to
have some 80 employees and its products were available in 210 sales
outlets, SeeNews notes.

Vrazap's net loss widened to HRK2.79 million US$431,000/EUR371,000)
in 2020, following a net loss of HRK1.06 million in 2019, SeeNews
relays, citing Poslovni Dnevnik business daily.




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G E R M A N Y
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HORNBACH BAUMARKT: S&P Hikes ICR to 'BB+' on Improved Performance
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Germany-based do-it-yourself (DIY) and home improvement operator
Hornbach Baumarkt (Hornbach) and its senior unsecured debt to 'BB+'
from 'BB'.

Hornbach exhibited strong earnings growth in the past 18 months
through market share gains, e-commerce expansion, and overall
increased demand. Despite the disruption caused by
government-ordered closures owing to the COVID-19 pandemic, the
group has capitalized on high customer demand for DIY and
construction and gardening products. Superior execution and product
mix were behind Hornbach gaining share in all its markets and
across all distribution channels. For instance, the group gained
200 basis points of market share in Germany in a year, reaching
15.6% as of June 30, 2021. In fiscal 2021, Hornbach achieved strong
like-for-like sales growth of about 15% and more than doubled its
e-commerce sales to EUR900 million--corresponding to 17% of total
annual sales. This share increased further to 20% in first-half
fiscal 2022 (ended June 2021), far above that of Hornbach's DIY and
home improvement retail peers. The increase in volumes, the
favorable evolution of the product mix, and the group's flexible
supply chain and tight cost management led to superior
profitability. In fiscal 2021, Hornbach posted adjusted EBITDA
margin of 9.8%, the highest level since 2015, which we consider
exceptionally high and unlikely to continue.

Normalization in the DIY and construction market will negatively
affect earnings in fiscal 2023. S&P said, "We forecast that demand
for DIY and home improvement products will eventually turn flat or
even decrease since widespread vaccination should lead to a gradual
uplift in out-of-home activity as restrictions loosen and leisure
activities reopen. Moreover, near-term accelerating inflation and
elevated unemployment followed by pent-up demand for leisure and
travel consuming a larger share of discretionary income will likely
curb discretionary spending on home improvement in 2022-2023. We
anticipate these will constrain Hornbach's earnings growth in
second-half fiscal 2022 and fiscal 2023. We expect the group to
report a decline in annual revenue of 2%-4% in fiscal 2023, then
stabilize at a normalized 1%-2% growth annually thereafter once
demand steadies. We also expect margins to erode in the next three
years as a direct impact of input price inflation and change in
product mix post-COVID-19 to more typical consumption patterns the
group has witnessed historically. As a consequence, we expect
EBITDA margin to decrease to 9.4%-9.8% in fiscal 2022 and 9.0%-9.5%
in fiscal years 2023 and 2024, returning to pre-pandemic levels."

Network expansion and supportive market evolution will boost
earnings and strengthen Hornbach's business positioning.
Notwithstanding the above economic trends, a structural change in
the demand for DIY and construction products is possible, driven by
the positive momentum set by the increasing share of population
sustainably working from home full- or part-time; an aging
population in countries where the group operates, raising spending
on improvements to accessibility and other health and safety
features; and increasingly complex building regulations requiring
renovation to meet new ecological and technical standards that more
likely involve professional help in home improvement projects. S&P
said, "In our view, Hornbach's increasing sales to business
customers; agility in running its distribution via stores, online,
and combined channels; versatile product mix; and improved
operating efficiency in recent years will help the group
consolidate its competitive standing and advance in the ambition to
lead the sector over the medium term. The group plans to continue
expanding its store network, mainly outside of Germany, with five
openings planned already in fiscal 2022. We expect further network
expansion, but to a lesser extent, with four yearly openings. We
believe that this initiative will be the main growth factor for the
next three years resulting in revenue growth averaging 1%-2% in
fiscal 2024 and onward. We expect online sales to decrease in
absolute terms and as a percentage of total revenue compared with
levels in second-half fiscal 2021 and first-half fiscal 2022,
driven by the normalization of customer behavior postlockdowns.
Nevertheless, we expect e-commerce to range from 13%-16% of total
sales, considerably above prepandemic levels."


Overall exceptional operating performance, debt reduction, and
steady earnings expectations translate into lower leverage. The
group posted S&P Global Ratings-adjusted EBITDA of about EUR500
million (9.8% margin) in fiscal 2021, a 22% increase from EUR410
million (9.3% ) in fiscal 2020, and reduced adjusted debt to EBITDA
to 3.1x from 3.9x. S&P said, "Notwithstanding our expectation of
EBITDA margins normalizing at lower levels postpandemic, we
forecast that earnings and cash flows will remain largely stable in
fiscal years 2022-2024. Despite improved operating cash flow over
the period compared with that in fiscal 2020, we forecast only a
slight decline in net debt due to continued reinvestment in store
openings, renovation, and real estate developments along with
gradually increasing shareholder remuneration in line with the
existing dividend policy. We therefore expect leverage to increase
over the next three years, reaching 3.4x-3.8x adjusted debt to
EBITDA by fiscal 2024, while keeping a comfortable headroom under
4.0x."

Material unencumbered store ownership in the wider group supports
credit quality. S&P said, "Our ratings on Hornbach continue to
reflect our view of the credit profile of the combined group at its
parent--Hornbach Holding--level. This is because we consider
Hornbach an integral part of the group. It generates the vast
majority of Hornbach Holding's earnings and is the main source of
the parent company's cash flow and liquidity. Hornbach also
benefits from shared functions and executive management team, which
includes the same individuals. Therefore, our rating on Hornbach is
based on Hornbach Holding's consolidated group accounts, which,
among other factors, allow us to capture the benefit of a
relatively moderate share of rented stores in the overall group. If
Hornbach Holding were to reduce its 75.1% share in Hornbach, or
pursue changes in the group's or Hornbach's strategy and financial
policy implying less interdependent relationship, we could revise
our view of Hornbach's role in the group and on the group's impact
in rating Hornbach. This, however, is not part of our base-case
scenario. As of June 30, 2021, our adjusted debt calculation at
Hornbach includes EUR500 million lease liability on account of
leasing part of its stores from Hornbach Holding and its
subsidiary, Hornbach Immobilien, that own them outright." As a
result, Hornbach Holding's credit metrics and cash flows are
stronger that those of Hornbach stand-alone, with adjusted debt to
EBITDA at 2.0x-2.4x in each of fiscal years 2022 and 2023.

Financial policy and capital allocation at the group level will
remain key to shaping Hornbach's credit metrics. With cash on the
balance sheet of over EUR450 million, the group's capital
allocation decisions will be the main factor influencing its credit
metrics over the next 12-24 months. The group has an ambitious
investment program, more than doubling its capital expenditures in
fiscal years 2022 and 2023 compared with fiscal 2020, and will
gradually raise its dividend distributions until it reaches its
publicly stated target medium-term payout ratio of 30%. S&P said,
"At the same time, we understand that the group intends to sustain
the recent stronger credit metrics and would use some of its
surplus cash for debt reduction. Accordingly, we expect management
will follow a prudent financial policy with respect to shareholder
distributions, such that S&P Global Ratings-adjusted debt to EBITDA
will remain below 2.2x at the Hornbach Holding level, while
adjusted FFO to debt will comfortably exceed 30% over the next
three years."

S&P said, "The stable outlook reflects our expectation that,
although consumer demand for DIY and construction products will
normalize in the next few quarters, Hornbach will stay integral for
Hornbach Holding group and maintain earnings above prepandemic
levels while generating positive reported free operating cash flow
(FOCF) after leases. Backed by a prudent financial policy, this
should enable the company to maintain adjusted debt to EBITDA below
4.0x and FFO to debt comfortably above 20% at Hornbach level and
adjusted debt to EBITDA below 2.5x and FFO to debt above 35% at
Hornbach Holding level over the next 24 months."

S&P could downgrade Hornbach over the next 12-24 months if:

-- Reported FOCF after all lease-related payments turns negative
at the Hornbach level, for example following higher-than-expected
investment in working capital or real estate;

-- Earnings fall short of our base-case expectation due to
intensifying pressure in the competitive home improvement market,
resulting in adjusted EBITDA margin falling below 9%; and

-- The adjusted FFO-to-debt ratio falls below 20% at Hornbach or
below 30% at Hornbach Holding level.

Although not likely over the outlook horizon, a negative rating
action could take place if we saw a change in the group's strategy
or funding and financial policy, leading us to reassess Hornbach's
role in the group.

Although less likely over the next 24 months in light of our
forecast of normalized demand, we could upgrade Hornbach if:

-- The group stays on top of the consumer trends such that it can
expand profitably in its target markets, achieving margins
comparable with its larger peers', and sizable FOCF sufficient to
cover its full lease and dividend payments and manage its debt in
line with its financial policy targets; or

-- The group achieves and sustains stronger credit metrics, such
that FFO to debt exceeds 45% at Hornbach Holding level and 30% at
Hornbach, and meaningful positive FOCF after leases.

Any upgrade would depend on Hornbach remaining a core part of the
Hornbach group and on financial policy maintaining stronger credit
metrics.




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I R E L A N D
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CAIRN CLO VII: Fitch Raises Class F Notes Rating to 'B+'
--------------------------------------------------------
Fitch Ratings has upgraded Cairn CLO VII B.V.'s class B, C-R, D, E
and F notes and removed them from Under Criteria Observation (UCO).
The class A-1R and A-2 notes were affirmed.

     DEBT                 RATING            PRIOR
     ----                 ------            -----
Cairn CLO VII B.V.

A-1R XS2066880928    LT AAAsf   Affirmed    AAAsf
A-2 XS1538266682     LT AAAsf   Affirmed    AAAsf
B XS1538266849       LT AA+sf   Upgrade     AAsf
C-R XS2066883195     LT A+sf    Upgrade     Asf
D XS1538267490       LT BBB+sf  Upgrade     BBBsf
E XS1538267227       LT BB+sf   Upgrade     BBsf
F XS1538268381       LT B+sf    Upgrade     B-sf

TRANSACTION SUMMARY

The transaction is a cash-flow collateralized loan obligation
backed by a portfolio of mainly European leveraged loans. The
transaction is out of its reinvestment period.

KEY RATING DRIVERS

CLO Criteria Update: The upgrades mainly reflect the impact of the
recently updated Fitch CLOs and Corporate CDOs Rating Criteria
(including, among others, a change in the underlying default
assumptions). The analysis was based on a scenario that assumes a
one-notch downgrade on the Fitch Issuer Default Rating Equivalency
Rating for assets with a Negative Outlook on the driving rating of
the obligor.

Limited Amortization: The transaction has only amortized
marginally, with just a 0.4% paydown of the A-1-R and A-2 notes'
original balances. The transaction's reinvestment period ended in
January of 2021. Credit enhancement (CE) is marginally lower for
each note across the capital structure; change in CE ranges from
-0.3% for the pari passu class A-1-R and A-2 notes to -0.6% for the
class F notes.

Portfolio Concentration: The portfolio remains diversified but is
expected to become more concentrated as the pace of amortization
increases. The largest issuer and largest 10 issuers represent 2.6%
and 18.85% of the portfolio, respectively.

Broadly Stable Asset Performance: The portfolio has net par losses
of 1.3% as of the latest available investor report. All coverage
tests are passing. Exposure to assets with a Fitch-derived rating
of 'CCC+' and below is 6.5% compared with the 7.5% limit.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be in the 'B'/'B-' category. The trustee calculated
weighted-average rating factor (WARF) was 33.70 as of the latest
available investor report, below the maximum covenant of 35. The
Fitch calculated WARF was 24.77 as of Oct. 2, 2021 after applying
the recently updated Fitch CLOs and Corporate CDOs Rating
Criteria.

The manager has loose terms for reinvesting following end of the
reinvestment period when compared to the majority of similar CLOs,
as the weighted-average life (WAL) test remains flat at 4.8 years
in the post-reinvestment period. In the process of reinvesting, the
portfolio's quality may deteriorate towards the covenant maximum
WARF and minimum weighted average spread (WAS) and weighted-average
recovery factor (WARR). In Fitch's view, the breakeven default rate
cushion at the upgraded ratings is sufficient to mitigate the risk
of portfolio deterioration due to trading activity. Therefore, the
Outlook on the notes remain Stable.

High Recovery Expectations: 100% of the portfolio comprises senior
secured obligations. Fitch views the recovery prospects for these
assets as more favorable than for second-lien, unsecured and
mezzanine assets. The Fitch WARR of the current portfolio is
reported by the trustee at 63.80% as of Sep. 15, 2021 compared with
a minimum of 63.10%.

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 up to
    four notches, depending on the notes;

-- Downgrades may occur if the build-up of the notes' CE
    following amortization 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 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 three 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

Cairn CLO VII B.V.

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.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

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.


STARZ MORTGAGE 2021-1: S&P Assigns Prelim. B-(sf) Rating on F Notes
-------------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to Starz
Mortgage Securities 2021-1 DAC's class A1, B1, C1, D1, E, and F
British pound sterling (GBP) notes and A2, B2, C2, and D2 euro
(EUR) notes under its European CMBS criteria. At closing, Starz
Mortgage Securities 2021-1 will also issue unrated subordinated GBP
notes.

Payments due on the notes will primarily be made from receipts from
the loan interests that correspond to the relevant currency of the
notes. The GBP notes are primarily backed by six loans and the EUR
notes are primarily backed by three loans. However, both GBP and
EUR receipts can be used to pay the other currencies note
liabilities, if they are available after the payment of their own
note liabilities. In S&P's analysis, it did not give credit to this
as this is subject to currency risk.

Starz Mortgage Capital originated these nine loans between 2018 and
2020. These loans backing this true sale transaction total £219.8
million and are secured by 17 properties located in the U.K.,
Netherlands, Ireland, and Spain.

Starz Mortgage Capital Ltd. and Starz ICAV (on behalf of Starz
European Loan Fund I), will acquire and retain, an eligible
horizontal residual interest in the form of 100% of the
subordinated notes to satisfy EU and U.S. risk retention
requirements.

The current weighted-average loan-to-value (LTV) ratio of the loans
is 65.1%, with the individual LTV ratios ranging from 48.8% (the
Bakker loan) to 75.4% (the Node loan). FAH, the largest loan,
accounts for 17.4% of the total loan pool balance and is secured
against a portfolio of four properties within the social/affordable
housing sector in the U.K.

Of the nine loans, one loan, the Maxim loan (11.1% of the total
loan pool), has a two-year extension option until July 2024, with
the last maturing loan in April 2025. Seven (82.0% of the total
loan pool) of the nine loans are interest-only while the other two
loans feature an element of scheduled amortization.

S&P said, "Our preliminary ratings on the class A1/A2, B1/B2,
C1/C2, and D1/D2 notes address the issuer's ability to meet timely
interest payments and principal repayments no later than the legal
final maturity in November 2038. The ratings on the class E and F
notes address the ultimate payment of principal and interest by the
legal final maturity date. Should there be insufficient funds on
any note payment date to make timely interest payments on the class
E and F notes, the interest will be added to the note principal and
will accrue interest at the same rate as the respective class of
notes.

"Our preliminary ratings on the notes reflect our assessment of the
underlying loans' credit, cash flow, and legal characteristics, and
an analysis of the transaction's counterparty and operational
risks."

  Preliminary Ratings

  CLASS       PRELIMINARY RATING   

  Offered notes
  A1/A2       AAA (sf)/AAA (sf)
  B1/B2       AA- (sf)/AA+ (sf)
  C1/C2       A- (sf)/AA (sf)
  D1/D2       BBB- (sf)/A (sf)
  E           BB (sf)

  Non-offered notes
  F           B- (sf)

  Subordinated notes   NR

  NR--Not rated.




=========
I T A L Y
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ALITALIA SPA: New National Airline ITA Takes First Flight
---------------------------------------------------------
Davide Ghiglione at The Financial Times reports that Italy's new
national airline took to the skies for the first time on Oct. 15,
putting an end to the 75-year-old bankrupt Alitalia.

An early morning flight that touched down in the southern city of
Bari signalled the handover from Alitalia to Italia Trasporto Aereo
(ITA) after years of financial troubles and attempted rescues that
cost the Italian government billions, the FT relates.

ITA took over the Alitalia brand -- and the right to use its green,
white and red livery -- for just EUR90 million, far less than the
original EUR290 million asking price, the FT recounts.  The name
Alitalia, however, is to be abandoned, the FT notes.

According to the FT, under a deal with the European Commission, ITA
will be economically independent and will not be liable for any
illegal state aid received by Alitalia in recent years.

The new carrier will also have to be profitable by the end of its
2021-25 business plan and, according to chair Alfredo Altavilla,
will be on the hunt for a deal with a larger airline before the end
of 2022 because it is too small to stand alone, the FT states.

"ITA will start holding talks to reach a deal [with another player]
from this week, aiming to complete it by 2022," the FT quotes Mr.
Altavilla as saying on Oct. 15.

Earlier this month, US airline Delta's chief executive Ed Bastian
said he was in discussions with ITA about possible joint ventures,
the FT notes.

As part of the agreement between Italy and Brussels to allow the
new company to operate, state-owned ITA will start with 52 jets and
2,800 employees, compared with the 110 aircraft and about 10,000
employees of Alitalia, the FT states.

ITA will initially serve 44 destinations, set to rise to 75 by
2025.  In addition to European central airport hubs such as London
Heathrow and Paris Charles De Gaulle, the carrier will also serve a
dozen Italian cities, the FT says.  The airline has also begun
selling tickets for transatlantic destinations in the US, according
to the FT.

Alitalia has faced financial difficulties for decades and has not
posted an annual net profit since the start of the millennium, the
FT notes.

After attempts to find a private buyer failed, Rome took full
control of the airline during the coronavirus pandemic, when
aviation was hit by strict curbs on travel to control the spread of
the virus. It then decided to create ITA from its ashes.

Some of Alitalia's former employees have been taken on by the new
national airline, the FT discloses.




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L U X E M B O U R G
===================

ELEVING GROUP: Fitch Gives Final 'B-' to EUR150MM Secured Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Eleving Group S.A.'s (Eleving) EUR150
million senior secured bonds due October 2026 (ISIN: XS2393240887)
a final rating of 'B-' with a Recovery Rating of 'RR4'.

The final rating of the senior secured bonds follows a review of
the final terms and conditions conforming to information already
received when Fitch assigned the expected rating.

The net proceeds are being used to fully prepay Eleving's
outstanding EUR100 million bonds (ISIN XS1831877755) on 20 October
2021 and to partly refinance Eleving's funding from Mintos, a
peer-to-peer (P2P) lending platform (EUR25.6 million out of about
EUR80 million at end-1H21). The net increase in debt is contained
to EUR15 million.

KEY RATING DRIVERS

The bonds' rating is equalised with Eleving's Long-Term Issuer
Default Rating (LT IDR) of 'B-', reflecting Fitch's expectation of
average recoveries. While the bonds are secured, they are
structurally subordinated to debt at operating entities. This leads
to only average recoveries, as reflected in a 'RR4' Recovery
Rating. The bonds are rated at the same level as Eleving's
outstanding bonds, which they will now replace.

The IDRs of Eleving are driven by its nominal franchise in a
competitive niche, exposure to potentially volatile markets, as
well as a high risk appetite and leverage. They also reflect the
largely secured nature of its lending, strong profitability and
adequate experience of its management team.

RATING SENSITIVITIES

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

-- An upgrade of Eleving's Long-Term IDR would likely be mirrored
    in the senior secured bond rating.

-- Higher recovery assumptions due to, for instance, operating
    entity debt falling in importance compared with the rated
    senior secured debt, could lead to above-average recoveries
    and Fitch to notch up the debt rating from Eleving's Long-Term
    IDR.

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

-- A downgrade of Eleving's Long-Term IDR would likely be
    mirrored in the senior secured bond rating.

-- Lower recovery assumptions, due, for instance, to operating
    entity debt increasing in importance relative to rated senior
    secured debt or worse-than-expected asset-quality trends
    (which could lead to steeper asset haircuts), could lead to
    below-average recoveries and Fitch to notch down the debt
    rating from Eleving's Long-Term IDR.

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.

ESG CONSIDERATIONS

Eleving has an ESG Relevance Score of '4' for both Governance
Structure and Group Structure. Governance Structure reflects its
related-party transactions and concentration of decision-making.
Group Structure reflects Fitch's view about the appropriateness of
Eleving's organisational structure relative to the company's
business model, intra-group dynamics and, as a result, risks to
creditors. All this has a moderately negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

Eleving has a ESG Relevance Score of '4' for Customer Welfare,
reflecting Fitch's view that its entry to the high-cost credit
sector means that its business model is sensitive to potential
regulatory changes (such as lending caps) and conduct-related
risks. These issues have a moderately negative impact on the credit
profile and are relevant to the rating in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance for Eleving 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.




===========
R U S S I A
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[*] S&P Takes Actions on 14 Russian Banks & Related Entities
------------------------------------------------------------
S&P Global Ratings, on Oct. 14, 2021, took various actions on
Russian banks:

-- S&P raised its long-term issuer credit ratings (ICR) on Bank
Soyuz to 'BB-' from 'B+'. The outlook is stable;

-- Raised S&P's long- and short-term ICRs on Gazprombank JSC and
its two core subsidiaries, Gazprombank (Switzerland) Ltd., and Bank
GPB International S.A., to 'BBB-/A-3' from 'BB+/B'. The outlooks
remain stable;

-- Raised S&P long- and short-term ICRs on Alfa-Bank to 'BBB-/A-3'
from 'BB+/B'. S&P raised its long-term ICRs on its holding company,
ABH Financial Ltd., to 'BB+' from 'BB-' and affirmed its 'B'
short-term ICR on the bank. The outlooks are stable;

-- Raised S&P long-term ICR on Rossium to 'B+' from 'B', and
affirmed long- and short-term IRCs on Credit Bank of Moscow (MKB)
at 'BB/B'. The outlooks are stable;

-- Raised S&P's long-term ICR on CentroCredit Bank to 'B+' from
'B' and affirmed its 'B' short-term rating on the bank. The outlook
is stable;

-- Raised S&P's long-term ICR on Ural Bank for Reconstruction and
Development (UBRD) to 'B' from 'B-' and affirmed its 'B' short-term
rating on the bank. The outlook is stable;

-- Revised S&P's outlook to positive from stable and affirmed its
'B+/B' long- and short-term ICRs on CB Renaissance Credit LLC;

-- Revised S&P's outlook to positive from stable and affirmed
itsB/B' long- and short-term ICRs on Russian Standard Bank;

-- Revised outlook to positive from stable and affirmed S&P's
'BB/B' long- and short-term ICRs on Promsvyazbank;

-- Affirmed S&P's 'BBB-/A-3' long- and short-term ICRs on VTB
Bank. The outlook remains stable. It raised S&P's issue rating on
the bank's subordinated debt to 'B' from 'B-';

-- Affirmed S&P's 'BB/B' long- and short-term ICRs on Sovcombank.
The outlook remains positive;

-- Affirmed S&P's 'BBB-/A-3' long- and short-term ICRs on
Raiffeisenbank AO. The outlook is stable;

-- Affirmed S&P's 'BBB-/A-3' long- and short-term ICRs on
UniCredit Bank AO. The outlook is stable; and

-- Affirmed S&P's 'BB+/B' long- and short-term ICRs on RN Bank JSC
at. The outlook is stable.

S&P said, "Our revised view of lower economic risks faced by the
Russian banking industry reflect in part the stronger recovery and
more selective pandemic-related restrictions, with limited use of
nationwide lockdowns. Our view is also supported by the structure
of the Russian economy, which has a large public sector and a
relatively modest exposure to sectors with a difficult postpandemic
outlook such as services and tourism. These factors have supported
relatively rapid credit growth including long-term lending demand
from corporate segments.

"We believe that the prolonged correction phase's impact on Russian
banks has substantially moderated, with banks now benefiting from
the recovery. We have recently raised our 2021 GDP growth forecast
to 4.0% from 3.7%, mostly because of stronger exports. We expect
growth to soften to 2.6% in 2022 as domestic demand moderates amid
a tighter monetary policy. Geopolitical uncertainty and the
subsequent risk of potential tighter sanctions continue to be the
main constraining risks for Russia.

"We now forecast the banking sector's average net income for 2021
could reach Russian ruble (RUB) 2.0 trillion-RUB2.2 trillion (about
$30 billion) if there are no material economic or geopolitical
shocks, which is about 30% higher than our earlier expectations.
These projections reflect frontloaded monetary policy normalization
in 2021 coupled with faster credit growth, supported by economic
recovery. Over the past 18 months, corporate credit growth in
Russia has accelerated, resulting in 23% growth in corporate loan
books by September 2021. We project total average annual credit
growth to outpace economic growth, and could reach about 10% in
2021-2022. We expect retail loan growth, especially in
uncollateralized consumer loans, to moderate to 15%-20% by end-2021
due to less favorable interest rates, corrective measures from the
central bank in July and October 2021, and potential further
tightening. We anticipate that the overall nonperforming loan (NPL)
ratio in the retail lending segment could stabilize at 4.3%-4.5% in
2021-2022."

Due to strong growth, mortgage loans are likely to become Russian
banks' main retail product. What's more, they will remain the most
resilient segment in terms of growth and asset quality, helping
banks balance credit costs and margins. Historically in Russia,
mortgage lending has been characterized by prudent underwriting.
With average approval rates of about 60%, we don't see that
underwriting standards are about to be relaxed, despite
fast-growing dynamics before.

S&P said, "Despite the growth in the mortgage market in the past
four years, at an average of 20% a year, we currently don't see the
formation of an asset bubble. Total mortgage debt as a share of
Russia's GDP is moderate at about 10%, on par with that of Turkey
(5%), but much lower than for other middle-income countries like
Poland (23%) and South Africa (25%). Indeed, this moderate share
and the profile of Russia's mortgage debt indicate potential for
further growth in mortgage volumes, while mortgage NPL levels
remain below 1%.

"We assume that NPLs (measured as Stage 3 loans under IFRS) are
likely to stabilize at about 7.0% in 2021, compared with 7.5%
reported Stage 3 loans for the largest banks as of end-2019. The 14
largest Russian banks in our sample together account for about 80%
of system assets and therefore provide a good indication of the
major trends in the whole banking sector. As of mid-2021, Stage 3
loans for these banks constituted about 6.7%, while the Stage 2
bucket stood at 8.1%, compared with 7.3% and 9.7% at end-2020,
respectively. At the same time, provision coverage of Stage 3 loans
increased somewhat, to 67% (weighted by the amortized loan books of
the 14 largest banks).

"In our base-case scenario, we anticipate that Russian banks could
recognize credit costs of up to 1.0% of their average amortized
loan books in 2021, and 0.6%-0.8% afterward. In first-half 2021,
the 14 largest Russian banks reported credit costs of about 59
basis points (bps; annualized, weighted by average amortized loan
books) under IFRS. We positively note that most largest Russian
banks frontloaded provisions in first-quarter 2020."

Banking regulation in Russia has been steadily improving and is now
viewed as broadly in line with international standards. S&P also
now believes that Russian regulator has made significant progress
in enhancing transparency in the system.

VTB Bank JSC
Primary analyst: Dmitry Nazarov

S&P said, "We affirmed our 'BBB-/A-3' ratings on VTB Bank JSC. At
the same time, we revised VTB's stand-alone credit profile (SACP)
to 'bb' from 'bb-' and raised our issue rating on its subordinated
debt to 'B' from 'B-'.

"We think that VTB benefits from the improving economic risks in
Russia, and, in particular, from the economic recovery we observe
in 2021, which supports better profitability and successful
strategy implementation. Despite the improving risk-adjusted
capital ratio (RAC), we view the bank's capital position as weak
due to high share of hybrids in its capital and its high
sensitivity to valuation of its noncore assets and investment
activity. Although VTB demonstrates slightly worse asset quality
compared with that of other Russian large banks, with Stage 3 at
8.0% as of mid-2021, we expect that it will gradually converge to
the system average with cost-or-risk around 100 bps over the next
two years."

Outlook

The stable outlook reflects S&P Global Ratings' view that, over the
next 18-24 months, VTB will broadly maintain its credit profile,
supported by improving earning capacity and asset quality, and
benefiting from strong ties with the Russian government.

Upside scenario: A positive rating action is unlikely in the next
18-24 months and would be contingent on a positive rating action on
Russia.

Downside scenario: A negative rating action appears unlikely
because it would require a multiple-notch deterioration in the
bank's stand-alone creditworthiness or downgrade to Russia.

Bank Soyuz
Primary analyst: Ekaterina Marushkevich

S&P said, "We raised our long-term ICR on Bank Soyuz to 'BB-' from
'B+' and revised our SACP on it to 'b+' from 'b' indicating our
expectation that the bank will benefit from the improved operating
environment, which will lead to improved earnings with lower cost
of risk from gradually improving asset quality and a higher net
interest margin. We revised our capital and earnings assessment on
the bank to adequate because we now expect that Bank Soyuz will
sustain its comfortable capital buffers despite moderate pressure
from the expected growth of risk-weighted assets as the bank
proceeds with its business expansion strategy in cooperation with
parent Ingosstrakh, one of the leaders in Russian P/C insurance. We
also expect the parent's support to continue."

Outlook

The stable outlook reflects S&P's expectation that Bank Soyuz will
maintain its market position in the next 12 months while gradually
proceeding with its updated business development strategy in
cooperation with Ingosstrakh.

Upside scenario: S&P considers a positive rating action on the bank
unlikely in the next 12 months. However, it could happen beyond
then if the bank's importance for the group strengthened; or its
asset-quality indicators improved materially.

Downside scenario: S&P could lower the rating in the next 12 months
in case it observed one of the following:

-- The bank's asset quality weakened and credit costs increased
materially; or

-- A weaker link between the bank and its parent company results
in decreasing ongoing and lower chance of potential extraordinary
support.

Sovcombank
Primary analyst: Roman Rybalkin

S&P said, "The affirmation reflects our view that the bank's
stand-alone creditworthiness has improved owing to a more stable
economy. We revised our SACP on the bank to 'bb' from 'bb-'. While
Sovcombank is expanding its lending activities faster than most its
peers in the country, we believe that this growth is well managed.
The retail portfolio remains well-priced relative to risk, and
corporate book growth has mostly focused on government-related
entities and market leaders. Our ratings on Sovcombank no longer
reflect any notching for support from the state. This is because
the gap between the bank's intrinsic creditworthiness and that of
the government is now too narrow to assign any notches of
support."

Outlook

The positive outlook indicates S&P views that Sovcombank can
strengthen its business position and outperform peers in the 'BB'
category should it further expand its buy-now-pay-later card
business and maintain higher-than-average earnings capacity backed
by robust asset quality.

Upside scenario: S&P may raise the ratings if Sovcombank
diversifies and improves revenue stability by expanding its retail
business, including its new flagship brand Halva, while maintaining
a low cost of risk in its established corporate business and stable
capitalization.

Downside scenario: S&P could revise the outlook to stable if
Sovcombank fails to maintain better-than-average earnings capacity
or its strategic initiatives do not strengthen its business
profile, for example due to intense competition or unfavorable
market conditions.

Gazprombank JSC (GPB)
Primary analyst: Natalia Yalovskaya

S&P said, "We raised our ICRs on the bank to 'BBB-/A-3' on the
upward SACP revision to 'bb'. We base this on our assessment of
improved economic risks for banks operating in Russia as well as
GPB's well-established positions and strong franchise in corporate
business, resulting in very strong asset quality performance of its
loan book despite pandemic-related stress. We expect that the
bank's efforts to expand its retail business to complement its
corporate franchise will continue supporting its margin and
financial results over the next two years. At the same time, we
consider that high corporate loan book concentration will continue
being a risk in case of an unfavorable economic shock, and the
bank's capitalization continues to be a rating weakness. We
continue to view the bank as a government-related entity (GRE) and
incorporate two notches of uplift into our long-term rating to
reflect the high likelihood of government support.

"We continue to classify Gazprombank (Switzerland) Ltd. and Bank
GPB International S.A. as core subsidiaries, so we equalize our
ratings on these entities with those on GPB. The core status
reflects the subsidiaries' close integration with the parent,
Gazprombank's full ownership, and our expectation that the parent
will provide ongoing and extraordinary support when needed."

Outlook

The stable outlook reflects S&P Global Ratings' view that GPB's
financial risk profile will likely be broadly stable in the next
18-24 months, in light of a more positive economy supportive to new
business and asset quality recovery in the Russian banking sector.

Downside scenario: S&P said, "We would consider lowering the
ratings over the next 18-24 months if the bank's earnings
generation worsens substantially more than we expect, resulting in
our RAC ratio falling below 3%. We could also lower the ratings if
the bank's asset quality indicators deteriorated significantly.
This could happen if GPB's credit losses increase materially and
provisions are higher than what we expect for the sector. Also, a
negative action on the sovereign will result in a similar rating
action on GPB."

Upside scenario: An upgrade would require both an upgrade to the
sovereign and upward revision to the SACP on the bank, for instance
because its capital buffer improved substantially.

The outlooks on Gazprombank (Switzerland) Ltd. and Bank GPB
International S.A. mirror that on GPB because we expect our ratings
on those entities to move in tandem with those on the parent.

Raiffeisenbank AO
Primary analyst: Sergey Voronenko

S&P said, "We affirmed our 'BBB-' ratings and revised our SACP on
Raiffeisenbank to 'bbb' from 'bbb-', reflecting our view that the
bank is more resilient than domestic peers to the volatile market
environment through the economic cycle in Russia. Raiffeisenbank
has a well-balanced and diversified business model, cautious
business growth strategy, and stronger risk management than
domestic peers. Although not immune to systemwide risk in Russia,
the bank has one of strongest financial risk profiles in Russia, in
our view. We reflect this in our SACP of 'bbb', three notches
higher than the average level in the system. The economic and
industry risks of operating in a given country are incorporated
into our anchor and SACP, except for a sovereign default scenario,
which is only incorporated into the issuer credit ratings.
Therefore, the ratings on Raiffeisenbank do not exceed those on
Russia."

Outlook
The stable outlook mirrors the outlook on Russia and reflects S&P
Global Ratings' expectation that Raiffeisenbank's business risk and
financial risk profiles will likely be stable in the next 18-24
months.

Upside scenario: A positive rating action on the sovereign could
prompt changes to S&P's ratings on Raiffeisenbank. Under its
criteria, S&P typically does not rate banks higher than the foreign
currency sovereign rating.

Downside scenario: S&P views a downgrade as a remote scenario
during its outlook horizon. However, if S&P downgraded the
sovereign, it would trigger a similar rating action on
Raiffeisenbank.

Credit Bank of Moscow (MKB) And Holding Company Rossium
Primary analyst: Sergey Voronenko

S&P said, "The affirmation reflects our view that MKB's SACP has
improved to 'bb' from 'bb-' owing to a more stable economy. Our
ratings no longer reflect any notching of support from the state.
This is because the gap between the bank's intrinsic
creditworthiness and the state's creditworthiness is now too narrow
to assign any notches of support.

"We raised our ratings on MKB's non-operating holding company
(NOHC) Rossium to 'B+' from 'B', driven by the MKB's SACP revision.
There is a two-notch difference between our long-term rating on
Rossium and our 'bb' assessment of the consolidated group SACP,
which is on par with MKB's SACP. This reflects our view of
structural subordination for NOHCs."

Outlook

S&P said, "The stable outlook on MKB reflects our view that the
bank will maintain adequate capitalization with asset quality
metrics in line with the sector average over the next 12-18
months.

"The stable outlook on Rossium mirrors that on MKB, and we do not
factor any material potential changes to the group's structure or
investment profile in our assessment. We expect the rating will
likely move in tandem with MKB's SACP, assuming double leverage
does not increase substantially and MKB's dividend policy maintains
adequate capitalization."

Downside scenario: A negative rating action appears unlikely
because it would require a multiple-notch change in the bank's
stand-alone creditworthiness.

Upside scenario: A positive rating action on MKB is unlikely in the
next 12 months due to the risks stemming from the still-high
concentration of loans on the bank's balance sheet, and its
concentrated funding profile. S&P said, "We might consider a
positive rating action if we upgraded Russia, resulting in wider
gap between the bank and the sovereign creditworthiness and
therefore an additional notch of potential government support for
this systemically important bank."

Alfa-Bank And Holding Company ABH Financial Ltd.
Primary analyst: Irina Velieva

S&P said, "We have raised our ratings on Alfa-Bank to 'BBB-/A-3',
and revised the SACP on it to 'bbb-' from 'bb+'. This reflects the
bank's consistently good operating performance, stable asset
quality metrics, and solid track record of navigating through
turbulence. In first-half 2021, the bank's annualized return on
assets reached 2.8% with a cost-to-income ratio of 37%, which
compares favorably with those of the bank's Russian and
international peers. We raised our ratings on ABH Financial Ltd.
(ABHF) to 'BB+/B'."

Outlook

The stable outlook on ABHF and Alfa-Bank reflects S&P Global
Ratings' expectation that Alfa-Bank will maintain its profitability
and capitalization levels, and that the bank's creditworthiness
will not change materially over the next 18-24 months.

Upside scenario: A positive rating action on Alfa-Bank is unlikely
because it would require a positive rating action on the sovereign
and an improved SACP.

Downside scenario: S&P may take a negative rating action in the
next 18-24 months in case of a negative rating action on Russia, or
if the bank's asset quality or capitalization metrics deteriorate
materially due to unexpected high provisioning needs. Also, a
negative rating action on ABHF could follow if the bank's ability
to upstream the dividends at the level of the Cyprus-based holding
deteriorates.

UniCredit Bank AO
Primary analyst: Irina Velieva

S&P said, "We affirmed our 'BBB-/A-3' ratings on UniCredit Bank AO
(UniCredit Bank) and revised our SACP on the bank to 'bbb-' from
'bb+'. UniCredit Bank has a well-established market position in
Russia, especially in the corporate lending segment, and
sustainable earnings capacity. The bank plans to maintain its
market position, with no aggressive business expansion in the next
12-18 months. We anticipate that its NPL ratio and credit costs
will be below the system average. UniCredit Bank's funding
concentrations are broadly in line with the system and balanced by
sound liquidity management."

Outlook

S&P said, "The stable outlook on UniCredit Bank mirrors that on its
parent UniCredit SpA, and reflects our view that the bank's SACP
and importance to the parent will continue over the next 18-24
months. Even if UniCredit Bank's stand-alone creditworthiness
deteriorates, we don't expect the rating to change due to potential
notches of uplift stemming from group support."

Downside scenario: A negative rating action on UniCredit Bank could
follow those on the bank's parent or Russia.

Upside scenario: A positive rating action is unlikely over the next
18-24 months, because it would depend on positive rating actions on
both Russia and the parent.

CB Renaissance Credit LLC
Primary analyst: Roman Rybalkin

S&P said, "We revised our outlook to positive from stable and
affirmed our 'B+/B' ratings on CB Renaissance Credit. The outlook
revision balances our more-benign view on Russia's economy and
challenges the bank is facing. Our SACP on the bank is 'bb-', up
from 'b+', but we apply a negative peer adjustment notch. A
possible further revision from regulatory risk weights on loans to
retail clients, along with a more conservative regulatory debt
service ratio calculation, could create pressure for Renaissance
Credit, which is still in the early stages of its shift toward
better-quality customers and low-margin, low-risk business."

Outlook

The positive outlook reflects S&P's view that Renaissance Credit
will gradually transform toward a more digital business model with
a focus on more creditworthy clients over the next 12-18 months,
while maintaining strong capitalization and stable asset quality.

Upside scenario: A positive rating action could follow if
Renaissance Credit successfully implements its strategy and moves
toward digital channels, the settlement business, and customers
with stronger creditworthiness and away from its traditional
point-of-sale-driven model. Strong capitalization, as measured by
our RAC ratio comfortably above 10%, and stable asset quality would
be prerequisites for an upgrade.

Downside scenario: S&P said, "We could revise the outlook to stable
if rapid lending growth or relaxation of the risk-management
practices led to significant deterioration of the bank's key asset
quality metrics with credit losses rising beyond our expectations
and beyond those of peers. Similarly, we could revise the outlook
to stable should regulatory initiatives hamper Renaissance Credit's
business model or should the bank fail to transform toward a
more-digital model. Finally, a deterioration of the capital
assessment, with our RAC ratio below 10%, could result in a
negative rating action, although this appears to be less plausible
given our more benign view on the Russian economy."

Promsvyazbank
Primary analyst: Roman Rybalkin

S&P said, "We revised our outlook to positive from stable and
affirmed our 'BB/B' ratings on Promsvyazbank. We have also revised
our SACP on the bank to 'b+' from 'b' because we believe that
better economic prospects supports its performance. The outlook
revision reflects our view that the bank has achieved material
progress with respect to the turnaround of its business model and
has succeeded in its strategy of combining military-related and
civilian activities. It has been steadily capturing market share
(2.9% in mid-2021 by assets) and so far kept cost of risk under
control despite pronounced growth."

Outlook

The positive outlook on Promsvyazbank reflects our expectation that
its rapid loan book expansion (both organic and non-organic) will
not create additional risks to its business model's
sustainability.

Upside scenario: S&P may raise the ratings over the next 12-18
months if it sees the bank building its business in both military
and civilian segments while keeping cost of risk on the new
business (adjusted for recoveries of legacy problem assets) under
control. A positive rating action would require stable capital
adequacy with risk-adjusted capital ratio of above 5%.

Downside scenario: A negative rating action appears unlikely
because it would require a multiple-notch downward change in the
bank's SACP.

RN Bank JSC
Primary analyst: Sergey Voronenko

S&P said, "We affirmed our 'BB+/B' ratings on RN Bank and revised
our SACP on the bank to 'bb-' from 'b+', considering RN Bank's risk
profile as balancing the low-risk nature of its exposure with its
high concentration on car financing. Although strong profitability
and solid capital buffer provide a significant cushion to absorb
losses, we believe the bank's risk profile is more concentrated
comparing with that of many peers with similar assessment of
economic risks. Geographic concentration solely on Russia makes the
performance sensitive to the economic fundamentals and operating
environment of one country, which jeopardizes the potential impact
on the bank's credit profile in case of material stress. Therefore,
we have revised our assessment of RN Bank's risk position to
moderate from adequate. At the same time, we revised our capital
and earnings assessment on the bank to very strong from strong."

Outlook

S&P said, "The stable outlook reflects our view that RN Bank can
maintain a robust financial profile in the next 12-18 months. We
believe the bank will continue benefiting from ongoing financial
and management support from its shareholders. We also expect
capitalization to remain solid at least in the next two years,
supported by sound earnings, a modest risk appetite, and good loan
portfolio quality."

Upside scenario: S&P said, "Although RN maintains solid capital
cushion, we see that the upside scenario for RN Bank in the next
12-18 months will require substantial improvement in one of
shareholders' creditworthiness. We do not consider it very likely,
given our ratings on the key shareholders (RCI Banque
[BBB-/Stable/A-3] and Nissan Motor Co. Ltd. [BBB-/Negative/A-3])."

Downside scenario: A negative rating action appears unlikely
because it would require a multiple-notch downward change in the
bank's SACP. S&P could downgrade RN Bank if the shareholders'
ability to provide support weakens.

Ural Bank for Reconstruction and Development (UBRD)
Primary analyst: Sergey Voronenko

S&P said, "We raised our long-term ICR on UBRD to 'B' from 'B-' and
revised our SACP on the bank to 'b' from 'b-' because we believe
better economic prospects could support UBRD's performance. We
still believe that the bank's business model remains unsustainable,
because UBRD cannot support its capital growth through earnings
amid intensifying pressure on the net interest margin and overall
competition among large state-owned players. Therefore, we revised
our view on the bank's business position to weak from moderate. At
the same time, we see UBRD's capitalization is gradually improving
with our RAC ratio likely staying at 3.8%-4.0% over the next 12
months, reflecting a recent capital injection and stabilizing
earnings capacity, being supported by economic recovery. Therefore,
we have revised our assessment of the bank's capital and earnings
to weak from very weak."

Outlook

The stable outlook on UBRD reflects S&P Global Ratings' view that,
over at least the next 12 months, the bank will maintain its
established market share and customer base in the Ural region, and
a stable funding and liquidity profile, while asset quality metrics
would not be worse than system-wide average.

Downside scenario: S&P could lower the ratings over the next 12
months if UBRD's asset quality unexpectedly deteriorates, leading
to significant credit losses and putting its regulatory capital
adequacy ratios at risk. Excessive funding volatility that
threatens the bank's liquidity position could also prompt us to
lower our ratings.

Upside scenario: S&P said, "If we believed that if UBRD's
capitalization strengthens further, with our forecast RAC ratio
sustainably above 5.25%, we could consider upside potential.
Material improvement in the bank's earnings capacity and geographic
diversification may also support a positive rating action, although
we do not expect the latter over our one-year outlook horizon."

Russian Standard Bank
Primary analyst: Dmitry Nazarov

S&P said, "We revised our outlook to positive from stable and
affirmed our 'B/B' ratings on Russian Standard. The outlook
revision reflects our view that the bank's credit profile might
strengthen on improving economic risks in case Russian Standard
substantially reduces its exposure to related parties. Therefore,
we assess the bank's SACP at 'b+', but apply a negative peer
adjustment notch to reflect a relatively high exposure to related
parties in the form of loans and investments in associate
companies, which together exceeded 0.6x of the bank's equity as of
midyear 2021. Despite significant reduction over the past three
years, we think that these exposures still represent a risk for the
bank and differentiates the bank from higher-rated consumer finance
banks."

Outlook

S&P said, "The positive outlook reflects our view that, over the
next 12-18 months, Russian Standard's creditworthiness might
improve if the bank materially reduces its related parties'
exposure, bringing its risk profile closer to other consumer
finance peers and potentially leading to a stronger capital
position. We also expect that the bank will maintain stable asset
quality, benefiting from improving economic risks in Russia, with
credit losses and delinquency rates staying at least on par with
those of other retail banks in Russia over that period."

Upside scenario: S&P could consider a positive rating action if
Russian Standard materially reduces risks associated with loans to
and investments in related parties, making us improve our holistic
view on the bank's credit profile. A positive rating action might
also follow an improvement in Russian Standard's capital position,
with our forecast RAC ratio sustainably above 10%.

Downside scenario: S&P said, "We could revise outlook to stable if
the bank does not demonstrate further progress with reducing its
related parties' exposure. We could also take a negative rating
action if accelerated consumer finance lending growth leads to
higher credit losses than we expect, putting pressure on Russian
Standard's profitability and capital position. An unexpected
increase in exposure to related parties, or aggressive asset growth
with our forecast RAC ratio falling below 5.0%, could also lead to
a negative rating action."

CentroCredit Bank
Primary analyst: Annette Ess

S&P said, "We raised our long-term ratings on CentroCredit Bank to
'B+' from 'B' and revised our SACP on the bank to 'b+' from 'b',
reflecting our expectation that CentroCredit will benefit from the
economic recovery in Russia, which will lead to good growth
prospects for clients and higher earnings for the bank. We believe
that CentroCredit will maintain its solid capital buffer over the
next 12 months. This largely mitigates the risks related to the
high exposure to market risk associated with the bank's large
security portfolio and high single-name concentration in the
lending book. CentroCredit maintains a large share of its assets in
securities, mainly Russian government bonds and equities of Russian
blue-chip companies with high dividend yields. We believe that good
economic growth prospects and recovered Russian capital markets
will support CentroCredit's earnings, which are largely influenced
by the revaluation of its securities portfolio."

Outlook

S&P said, "The stable outlook reflects our view that the bank will
maintain strong capitalization and a sufficient regulatory capital
adequacy ratio, with the RAC ratio sustainably above 10%; and that
its NPLs will not increase materially in the next 12 months. We
also expect that its funding and liquidity position will remain
stable, reflecting the recovery in debt and equity in the Russian
and global capital markets, which should be favorable for
CentroCredit's collateralized funding."

Downside scenario: S&P said, "We could take a negative rating
action over the next 12 months if the bank's capitalization
weakens, with the forecast RAC ratio falling below 10% due to a
material rise in market risk from increasing investments in
equities or high revaluation losses from the bank's securities
portfolio. A material increase in NPLs or a material decrease in
provisioning levels could also lead to a negative rating action. We
could also view weakening funding and liquidity metrics negatively.
This is not in our base-case scenario, however."

Upside scenario: S&P considers a positive rating action unlikely
over the next 12 months because it would require a significant
strengthening of the bank's business position, or a material change
in its risk profile and risk appetite as well as stable economic
conditions.

  BICRA Score Snapshot

  Russia

                                    TO             FROM
  BICRA group                        7              8
  Bank anchor                       bb              bb-
  Economic risk                      7              8
  Economic resilience         Very high risk   Very high risk
  Economic imbalances          Intermediate       High risk
  Credit risk in the economy  Very high risk   Very high risk
  Trend                           Stable           Stable
  Industry risk                      7                7
  Institutional framework       High risk      Very high risk
  Competitive dynamics          High risk        High risk
  Systemwide funding            High risk        High risk
  Trend                           Stable           Stable

*Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).

  Ratings List

  ABH FINANCIAL LTD.

  UPGRADED  
                            TO     FROM
  ALFA-BANK JSC

  Commercial Paper          A-3      B

  ABH FINANCIAL LTD.

  Senior Unsecured          BB+      BB-

  ALFA HOLDING ISSUANCE PLC

  Senior Unsecured          BB+      BB-

  UPGRADED; OUTLOOK ACTION  
                                 TO               FROM
  ALFA-BANK JSC

  Issuer Credit Rating     BBB-/Stable/A-3   BB+/Positive/B

  UPGRADED; OUTLOOK ACTION; RATINGS AFFIRMED  

                                 TO               FROM

  ABH FINANCIAL LTD.

  Issuer Credit Rating       BB+/Stable/B      BB-/Positive/B


  CB RENAISSANCE CREDIT LLC

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                 TO               FROM

  CB RENAISSANCE CREDIT LLC

  Issuer Credit Rating       B+/Positive/B     B+/Stable/B


  CENTROCREDIT BANK JSC

  UPGRADED; RATINGS AFFIRMED  
                                 TO               FROM
  CENTROCREDIT BANK JSC

  Issuer Credit Rating       B+/Stable/B       B/Stable/B


  CONCERN ROSSIUM LLC
  
  RATINGS AFFIRMED  

  CREDIT BANK OF MOSCOW

  Issuer Credit Rating       BB/Stable/B

  CBOM FINANCE PLC

  Senior Unsecured           BB

  UPGRADED; RATINGS AFFIRMED  
                                 TO               FROM
  CONCERN ROSSIUM LLC

  Issuer Credit Rating      B+/Stable/B        B/Stable/B


  GAZPROMBANK JSC
  
  UPGRADED  
                                 TO               FROM
  GAZPROMBANK JSC
  GAZPROMBANK (SWITZERLAND) LTD.
  BANK GPB INTERNATIONAL S.A.

  Issuer Credit Rating      BBB-/Stable/A-3    BB+/Stable/B

  GAZPROMBANK JSC

  Senior Unsecured          BBB-               BB+

  GPB FINANCE PLC

  Commercial Paper          A-3                B

  BANK SOYUZ

  UPGRADED; RATINGS AFFIRMED  
                                 TO               FROM
  BANK SOYUZ

  Issuer Credit Rating      BB-/Stable/B       B+/Stable/B


  PROMSVYAZBANK PJSC

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                 TO               FROM
  PROMSVYAZBANK PJSC

  Issuer Credit Rating      BB/Positive/B      BB/Stable/B

  RN BANK JSC

  RATINGS AFFIRMED  

  RN BANK JSC

  Issuer Credit Rating      BB+/Stable/B

  RAIFFEISEN BANK INTERNATIONAL AG

   RATINGS AFFIRMED  

  RAIFFEISENBANK AO

  Issuer Credit Rating      BBB-/Stable/A-3

  RUSSIAN STANDARD BANK JSC

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                 TO               FROM
  RUSSIAN STANDARD BANK JSC

  Issuer Credit Rating      B/Positive/B       B/Stable/B

  SOVCOMBANK PJSC

  RATINGS AFFIRMED  

  SOVCOMBANK PJSC
  
  Issuer Credit Rating      BB/Positive/B


  UNICREDIT SPA

  RATINGS AFFIRMED  

  UNICREDIT BANK AO

  Issuer Credit Rating      BBB-/Stable/A-3


  URAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

  UPGRADED; RATINGS AFFIRMED  
                                 TO               FROM
  URAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

  Issuer Credit Rating       B/Stable/B       B-/Stable/B


  VTB BANK JSC

  RATINGS AFFIRMED  

  VTB BANK JSC

  Issuer Credit Rating      BBB-/Stable/A-3

  VTB BANK JSC

  Senior Unsecured         BBB-

  VTB CAPITAL S.A.

  Senior Unsecured         BBB-

  UPGRADED
                                 TO               FROM
  VTB BANK JSC
  VTB CAPITAL S.A.

  Subordinated                   B                 B-




===============
S L O V A K I A
===============

365 BANK: Fitch Publishes 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has published 365.bank, a.s.'s (formerly known as
Postova Banka, a.s) Long-Term Issuer Default Rating (IDR) of 'BB-'
with a Stable Outlook and Viability Rating (VR) of 'bb-'.

KEY RATING DRIVERS

IDRS AND VR

365.bank's IDRs are driven by its standalone creditworthiness, as
expressed by its VR of 'bb-'. 365.bank's VR primarily reflects its
small size and moderate franchise in the Slovakian banking sector
(where it had about 5% of sector assets at end-2020), above-average
risk appetite and asset quality that is weaker than the sector
average. The VR also reflects the bank's adequate capitalisation
and funding and liquidity profiles.

The Stable Outlook on 365.bank's Long-Term IDR primarily reflects
sufficient rating headroom to absorb pressures on performance and
asset quality, particularly given its reasonable capital and
liquidity buffers.

365.bank's business model has historically been supported by its
exclusive contract of serving customers via post offices across
Slovakia. However, although the bank's post office presence will
continue, the bank is transforming into a digital-centric bank
under its new name of "365.bank". The new bank will look to grow
365.bank's existing customer base, penetrate urban areas and
increase its retail banking franchise (particularly in residential
mortgages). At end-2020, 365.bank's loan book was split 50/50
between corporate and retail borrowers, although the latter is
likely to materially grow under the bank's new digital strategy.

Fitch considers 365.bank's risk appetite to be weaker than the
industry average, given the high credit concentrations (the top 25
group exposures amounted to 2.1x common equity Tier 1 (CET1) at
end-2020), a sizeable proportion of lending to what Fitch would
consider related party (estimated at about 10%-15% of loans at
end-2020), and a high share of corporate loans with bullet
repayment structures. In Fitch's view, these features indicate
increased risk appetite and weaknesses in 365.bank's governance
structure relative to peers. Although not a key rating driver,
combined with other factors, governance risk has a moderate
influence on 365.bank's overall VR and drives the ESG relevance
score of '4' for Governance Structure.

In addition, 365.bank's exposures to risky sectors such as
construction and real estate (29% of loans) and energy (13%) are
high, albeit these are expected to reduce over time. Retail lending
is primarily made up of unsecured exposures (64% of retail loans at
end-2020), and increases the risk of asset quality deterioration,
given their sensitivity to rises in unemployment. Loan-to-value
ratios in 365.bank's mortgage lending are reasonable, although may
increase as the bank expands its market share.

365.bank's impaired loans ratio deteriorated slightly to 6.4% at
end-1H21 from 6.0% at end-2020, which is higher than the average in
the sector (2.5%), reflecting the high proportion of unsecured
retail lending on its books. The bank's Stage 2 loans rose
materially to 17.4% at end-1H21, from 7.4% at end-2019, and could
lead to an increase in impaired loans. The higher share of Stage 2
loans reflects increased risks to corporate exposures amid the
pandemic and due to loans under moratorium.

At end-2020, a moderate 7% of 365.bank's loans had been deferred
due to the pandemic, of which 70% was classified as Stage 2. Fitch
expects impaired loans to rise in absolute terms as moratorium
loans mature, the full impact of the pandemic feeds through asset
quality in the loan book, and loans season. Although dipping
slightly in the first six months of 2021, loan loss allowances
increased in recent years and covered 115% of impaired loans at
end-1H21 (end-2018: 96%). Specific coverage of Stage 3 loans was a
solid 82% at end-1H21.

365.bank's operating profit/risk-weighted assets ratio fell
slightly to 1.3% in 2020, from 1.6% for 2019, as loan impairment
charges (LICs) absorbed a high 49% of pre-impairment operating
profit. Fitch expects profitability to remain under pressure in the
short-term due to high LICs, despite some improvement in 1H21,
given continued provisioning against pandemic-related risks, and
also from margin pressure from price competition in retail lending.
Cost efficiency (cost/assets: 2.7%) is weak, reflecting a wide
sales network, but management expects it to improve as a result of
its digitalisation efforts.

Fitch considers capitalisation to be adequate, given 365.bank's
generally high capital ratios that are moderately over regulatory
minimums, high reserve coverage of impaired loans, and moderate
profitability. The CET1 ratio of 18.1% at end-1H21 was broadly in
line with the sector average and compares well with Fitch-rated
regional peers. Fitch's assessment of capitalisation also factors
in the bank's risk appetite, high credit concentrations, and a
dividend policy that assumes high pay-out ratios. Pre-impairment
operating profitability was equivalent to 4.0% of average loans in
1H21 (annualised), also providing a moderate buffer to absorb
unexpected credit losses through the income statement.

365.bank's funding and liquidity profile is a relative rating
strength, given it is almost entirely funded by granular customer
deposits (98% of total funding at end-1H21) and predominantly
sourced from retail customers. Deposits are generally contractually
short term, with about 90% maturing within three months at
end-2020, but have been stable to date. Wholesale funding is
expected to increase over time as the bank looks to diversify
funding sources and build up Minimum Requirement for own funds and
Eligible Liabilities (MREL) buffers. This is expected to increase
funding costs, although this should be manageable, in Fitch's
view.

Fitch expects the gross loans-to-deposits ratio (85% at end-1H21)
to increase over the medium-term as a result of higher wholesale
funding. However, liquidity is adequate with high quality liquid
assets, primarily made up of central bank balances and highly-rated
securities, amounting to 19% of total assets at end-2020 and the
liquidity coverage ratio a high 215%.

365.bank's Short-Term IDR of 'B' corresponds to its Long-Term IDR
of 'BB-'.

SUPPORT RATING AND SUPPORT RATING FLOOR

The '5' Support Rating and 'No Floor' Support Rating Floor reflect
Fitch's view that support from the authorities cannot be relied on,
given that Slovakia has adopted resolution legislation that
requires senior creditors to participate in losses. In Fitch's
view, although support from 365.bank's majority shareholder J&T
Finance Group is possible, it cannot be reliably assessed or relied
upon.

RATING SENSITIVITIES

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

IDRS AND VR

-- 365.bank's ratings could be downgraded if capital reduces to
    levels below those Fitch considers to be necessary given its
    risk profile, or if asset quality metrics deteriorate more
    than expected, or if there was a sustained erosion of
    operating profitability. In addition, a significantly
    increased risk appetite or rapid loan growth would be negative
    for the VR.

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

IDRS AND VR

-- The bank's ratings are currently in line with Fitch's
    assessment of its company profile and an upgrade would require
    evidence of a profitable and successful transition to its new
    business model and a material strengthening of its franchise,
    a sustained reduction in credit concentrations and related
    party lending could lead Fitch to revise its assessment of the
    bank's risk appetite and asset quality, which could bring
    upside potential to the VR and IDRs.

SUPPORT RATING AND SUPPORT RATING FLOOR

-- An upgrade of the SRs and an upward revision of the SRFs would
    require a higher propensity of sovereign support. While not
    impossible, this is highly unlikely in Fitch's view.

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.

ESG CONSIDERATIONS

365.bank, a.s. has an ESG Relevance Score of '4' for Governance
Structure due to the presence of related party lending 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.




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

HEIMSTADEN AB: Fitch Gives Final BB- Rating to EUR300MM Securities
------------------------------------------------------------------
Fitch Ratings has assigned Heimstaden AB's EUR300 million perpetual
capital securities a final rating of 'BB-'. The hybrid securities
qualify for 50% equity credit.

The capital securities are subordinated to their senior unsecured
debt and have no formal maturity date. The securities were issued
with a final amount of EUR300 million and a fixed 6.75% coupon,
which resets at its first reset date in January 2027.

Heimstaden AB is using the hybrid proceeds to finance some of its
capital contribution to subsidiary company Heimstaden Bostad AB
(BBB/Stable) for its funding of the acquisition of a large
portfolio of residential properties from Akelius Residential
Property AB (BBB/Stable).

The final rating is in line with the expected rating that Fitch
assigned to the hybrids on 4 October 2021.

KEY RATING DRIVERS

SECURITIES

Hybrid Notched Off IDR: The perpetual hybrid is rated two notches
below Heimstaden AB's Long-Term Issuer Default Rating (IDR) of
'BB+'. This reflects the hybrid's deeply subordinated status,
ranking behind senior creditors and senior only to equity (ordinary
and preference shares), with coupon payments deferrable at the
discretion of the issuer and no formal maturity date. It also
reflects the hybrid's greater expected loss severity and higher
risk of non-performance relative to senior obligations'.

Equity Treatment: Under Fitch's hybrid criteria, the hybrid
securities qualify for 50% equity credit due to deep subordination,
a remaining effective maturity of at least five years, full
discretion to defer coupons for at least five years and limited
events of default. Equity credit is limited to 50% because of a
cumulative interest coupon, a feature that is more debt-like in
nature.

Effective Maturity Date: Although the hybrids are perpetual, Fitch
deems their effective maturity to be five years after their first
reset date (in January 2032) in accordance with Fitch's Corporate
Hybrids Treatment and Notching Criteria. From this date, the issuer
will no longer be subject to replacement language, which discloses
the intent to redeem the instrument at its reset date with the
proceeds with either a similar instrument or equity. The
instrument's equity credit would change to 0% five years before the
effective maturity date. The coupon step-up remains within Fitch's
aggregate threshold rate of 100bp.

ISSUER

Holding Company Function: At end-1H21 Heimstaden AB owned 45.7% of
the shareholder capital in Heimstaden Bostad, a large
residential-for-rent property company, as well as 50.3% of the
voting rights (post-Akelius pro forma: 45.3% and 50.1%,
respectively). The other shareholders are long-term Nordic
institutional investors owning various percentages of stapled
preference shares and equity, and all bound by a shareholder
agreement defining operational, governance, financial and strategic
parameters. Heimstaden AB itself is 70%-owned (96% of votes) by
Fredensborg AS, which is almost exclusively owned by Ivar
Tollefsen.

Asset Manager Function: Heimstaden AB also has a property
management agreement with Heimstaden Bostad, remunerating its costs
for managing the existing SEK186 billion residential-for-rent
portfolio (post-Akelius pro forma: SEK274.8 billion) alongside its
own small SEK4.5 billion real-estate portfolio located primarily in
Iceland.

Main Income Streams: Most of the income streams of Heimstaden AB
are directly from Heimstaden Bostad and include (i) rental income
from its own small real estate portfolio; (ii) Heimstaden Bostad
remuneration for property management, which includes an above-cost
profit component; (iii) an asset management fee of 0.2% of gross
asset value (GAV) in Heimstaden Bostad, and (iv) dividends from
class A preferred shares in Heimstaden Bostad. The class A shares
are at the top of the equity capital remuneration waterfall.

Heimstaden AB's Incremental Leverage: Incremental gross leverage on
a proportionally consolidated basis is less than 3x higher than
Heimstaden Bostad's proportionally consolidated gross leverage.
Fitch includes the subsidiary's hybrid bonds, which lose their
equity credit as they rank ahead of Heimstaden AB's own bank and
bond debt, and hybrids. This incremental leverage at end-2020
totalled SEK9.5 billion gross debt relative to Heimstaden Bostad's
equity-credit-adjusted end-2020 net debt of SEK69.3 billion. Fitch
has applied 50% equity credit to Heimstaden AB's own hybrid bonds
and preferred shares.

Rating Positioning: Various factors drive the 'BB+' IDR for
Heimstaden AB. Firstly, Heimstaden AB is a holding company reliant
on recurring, largely unsubordinated, income streams. Secondly, the
subordinated dividends from Heimstaden Bostad, retained after
discretionary re-investment, are paid after Heimstaden Bostad's
subordinated debt (its hybrids). Thirdly, the incremental debt's
effect on Heimstaden AB's proportionally consolidated gross
debt/EBITDA is below 3x. Fourthly, the residential-for-rent asset
class generates stable income streams, particularly given high
geographic diversification.

Income Stream Quality Determines Rating: Reliance on income streams
(i) to (iii), which do not cover Heimstaden AB's core interest
expense, drives the non-investment grade rating. While the
additional subordinated dividend income can help cover debt
service, this larger amount of cashflow than other income streams
is paid after servicing junior subordinated debt at Heimstaden
Bostad, which is rated 'BB+'. At the same time incremental leverage
at Heimstaden AB is not high enough to warrant further IDR notching
from the subsidiary's.

ESG CONSIDERATIONS

Heimstaden AB has an ESG Relevance Score of '4' for Governance
Structure due to its 70.8% ownership (96% of votes) by Fredensborg
SA, itself owned by family interests, 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.

DERIVATION SUMMARY

There are no relevant publicly rated real estate holding company
peers to compare Heimstaden AB with.

KEY ASSUMPTIONS

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

-- Core property management fee, which includes an above-cost
    profit component, and asset management agreement fee (a
    percentage of its GAV), both paid by Heimstaden Bostad,
    covering Heimstaden AB's administration expenses;

-- Increased rental income after acquisition of the Icelandic
    residential portfolio in 1H21;

-- Heimstaden AB's board chooses to re-invest virtually all of
    Heimstaden Bostad's dividends in the subsidiary's equity.

RATING SENSITIVITIES

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

-- Upgrade of Heimstaden Bostad's IDR;

-- Heimstaden AB's standalone EBITDA/interest expense coverage
    above 1.5x;

-- Liquidity score above 1.0x.

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

-- Downgrade of Heimstaden Bostad's IDR;

-- Heimstaden AB's standalone EBITDA/interest expense coverage
    below 1.0x;

-- Heimstaden AB's proportionally consolidated gross debt/EBITDA
    more than 3x higher than Heimstaden Bostad's proportionally
    consolidated gross debt/EBITDA;

-- Liquidity score below 1.0x.

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

Recent New RCF Capacity: At end-3Q21, Heimstaden AB had SEK6.5
billion of cash and, after end-2020, two undrawn revolving credit
facilities (RCFs) totalling SEK1 billion. Secured debt and
unsecured debt after acquiring the Icelandic residential-for-rent
portfolio during 1H21 were SEK2.3 billion and SEK11.7 billion,
respectively.

Heimstaden AB's portion of Heimstaden Bostad's Akelius
acquisition-related equity increase is SEK8.5 billion, funded from
existing cash and a SEK7 billion bridge facility.

ISSUER PROFILE

Heimstaden AB has 45.3% of the capital and minimum 50% of the votes
in Heimstaden Bostad (taking into account the latter's acquisition
of the Akelius portfolio). Heimstaden AB manages its subsidiary's
residential-for-rent pan-European portfolio and owns a small
residential portfolio, mainly in Iceland.




===========
T U R K E Y
===========

EMLAK KONUT: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Turkish residential developer Emlak
Konut Gayrimenkul Yatirim Ortakligi A.S.'s (Emlak Konut) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'.
The Outlooks are Stable.

The ratings reflect the company's unique revenue-sharing model
(RSM), which generates guaranteed revenue and upside gains, while
passing nearly all development risk to developers. Rating
weaknesses are exposure to volatile housing demand and price risk
as well as regulatory and political risks.

The RSM accounted for 86% of EBITDA in 2020. Emlak Konut holds a
priority agreement with Turkey's Housing Development Administration
(TOKI), under which it can voluntarily purchase land at
independently appraised values without a tendering process, a clear
competitive advantage.

Emlak Konut mainly operates in Istanbul, Turkey's largest city with
over 15 million residents and growing.

KEY RATING DRIVERS

Challenging Operating Environment: Economic uncertainty remains in
Turkey as inflation increases and the lira continues to depreciate,
falling more than 15% in 2021. Political and geopolitical risk
remains high. The central bank's independence remains in doubt
after the dismissal of the central bank governor in March 2021 (the
third since July 2019). On 23 September 2021, despite inflation
surpassing 19%, the central bank cut the key interest rate to 18%
from 19%, making real borrowing costs negative.

Sales Dependent on Interest Rates: Housing sales in Turkey are
correlated to interest rates. Despite the pandemic, multiple
interest-rate cuts in 2020 caused housing sales to grow nationally
more than 11%. Mortgage sales grew more than 70% as banks extended
loans on favourable terms. Emlak Konut's sales nearly tripled. In
October 2020, interest rates were raised and, consequently,
national residential property sales fell 11.5% yoy. Emlak Konut
maintained healthy sales through promotional programmes using its
strong brand name and quality assets in good locations. The
interest-rate cuts in September 2021 may stimulate sales due to a
significant supply deficit of quality housing in Turkey.

RSM Removes Most Development Risks: The RSM generates most of the
company's EBITDA, provides revenue visibility and eliminates most
risks faced by housing developers. Under the RSM, the contractor
takes on almost all development risks, including design, build,
finance, sales and marketing, while guaranteeing Emlak Konut a
minimum revenue that at least covers the cost of land. The
contractor shares upside gains with Emlak Konut in pre-agreed
percentages. Returns have historically exceeded minimum revenue
amounts by more than 2.5 times. The RSM is expected to drive
business over the medium term.

Overseer of all Projects: Emlak Konut oversees the building process
and collects and distributes project cash flows, including
contractor revenue, which is shared at defined milestones. This
control provides flexibility to alter projects if demand dynamics
change. In 2019, when sales slowed under high interest rates, Emlak
Konut delayed the latter stages of three projects. It can cancel
projects for any reason, including if bids fall short.

TOKI Relationship Mutually Beneficial: Its exclusive priority
agreement with TOKI allows Emlak Konut to buy land from TOKI at
independently appraised values with no tendering process. This
ability to acquire large plots in good locations, mainly in and
around Istanbul, is a significant competitive advantage. TOKI,
which holds more than 200 million sqm of land, is mandated to
provide social housing across Turkey, but does not receive
government funding. Emlak Konut's dividends and land payments are a
key funding source for TOKI. These mutual benefits reduce the
termination risk of the exclusive relationship. Were it to end,
Emlak Konut's business would be weakened, but it could operate
under a turnkey model, like other home builders.

Large, Growing Land Bank: The company's land bank exceeds 3.8
million sqm with a value of almost TRY7 billion. This land, which
most other contractors would not have access to and in most cases
could not afford, is critical to the RSM as the company can attract
financially strong contractors to tender bids. Emlak Konut retains
the option to buy land from TOKI, but is under no obligation and
can return unwanted land to TOKI for any reason at an updated
independent value.

Exposure to Contractor Performance: Contractor failure is a risk,
but is partly mitigated by the bidding process. Contractors must
first meet financial and technical requirements and, if successful,
must propose estimated project values and revenue-sharing. If all
requirements are met, the highest bidder wins. The preferred bidder
must provide a down-payment equal to 10% of the minimum revenue, as
well as a guarantee of about 6% of the total estimated project
revenue. If Emlak Konut is concerned that a contractor may be
unable to complete a project, it can step in and complete the
project. No projects have failed to date and the company has only
stepped in once, completing the project successfully.

Improved Debt Profile: Emlak Konut took advantage of banks offering
low interest rates in 2020 to lower its average cost of debt to
10.9% at end-2020 (end-2019: 17.7%). In addition, it extended its
debt profile to around three years. It has 56% of debt on five-year
maturities, which is long for the Turkish market. Liquidity is a
risk due to large working-capital swings, the short-term nature of
its debt, and dividend payments, which were TRY74 million in 2020.
Fitch expects FFO leverage to remain high at 5.9x (gross) and 4.2x
(net) on average for 2021 and 2022.

DERIVATION SUMMARY

Emlak Konut does not have a direct peer. While its turnkey model is
similar to home builders', the RSM, which generates most revenue
and EBITDA, is unique. Under this model, the company only
contributes land to the project. It receives a minimum guaranteed
revenue amount that will cover the cost of the land, and will
receive a share of any upside gains, while passing nearly all
development risks to private contractors. In addition, the priority
agreement with TOKI -- unique among rated home builders - provides
access to significant and desirable parcels of land that other
developers do not have. This also exposes Emlak Konut to potential
political or regulatory risks that do not affect peers.

The operating and regulation environments differ across EMEA,
making a direct comparison difficult, especially given Emlak
Konut's distinct business model. Emlak Konut is of similar size to
UK-based Miller Homes (BB-/Positive) and Keepmoat's Maison Bidco
Limited (BB-/Stable) - both offering predominantly standardised
single-family homes - but smaller than Russia's PJSC LSR Group
(B+/Stable) and PJSC PIK Group (BB-/Stable). Emlak Konut operates
with much higher FFO margins that have historically exceeded 50%,
while most other rated peers' tends to be less than 20%.

Emlak Konut historically had FFO leverage of under 1.0x, but debt
has been increasing, particularly in 2020, owing to low interest
rates. Projected FFO gross leverage is 5.8x (4.2x net) to 2022. FFO
gross leverage is therefore forecast to average 3.3x between 2020
and 2023.

Emlak Konut is in a much more volatile operating environment than
rated peers. While Turkey has a significant housing deficit and a
growing population, the economy remains highly volatile.

KEY ASSUMPTIONS

-- Sustainable EBITDA margin above 20% as EBITDA generation
    increases from 2021 onwards;

-- Working-capital outflow totalling about TRY800 million in
    2021-2023;

-- Stable dividend policy averaging 50% of net income;

-- Relationship with TOKI unchanged during 2021-2024.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade (provided that Turkey's Country Ceiling is
also upgraded to 'BB'):

-- Reduced volatility of profits derived from the Turkish housing
    market;

-- Consistently strong GDP growth, along with political
    stabilization;

-- FFO gross leverage below 2.5x.

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

-- Deterioration of the operating environment and downgrade of
    the Country Ceiling;

-- FFO adjusted gross and net leverage above 5x and 4.5x,
    respectively;

-- Material change in the relationship with TOKI, causing
    deterioration in Emlak Konut's financial profile and financial
    flexibility;

-- Deterioration in liquidity profile over a sustained period.

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

Lumpy Debt Profile: Liquidity improved in 2020 with readily
available cash of TRY1.2 billion and in 1H21 with TRY1.45 billion.
Fitch expects liquidity to remain sufficient in 2021 despite
short-term debt amortisation of TRY1.16 billion in 2022 and 2023.
The average interest rate increased slightly to 11.43% in 1H21 from
10.9% in 2020 after a significant drop from 2019 levels of 17.7%.

Its debt maturity profile remains short relative to peers', at
three years on average, due to limited long-term funding in the
Turkish market, increasing the company's liquidity risk. Emlak
Konut is expected to use readily available cash to expand its land
bank and meet short-term liquidity needs in 2022. All debt is
lira-denominated.

ISSUER PROFILE

Emlak Konut is the largest real estate investment company in Turkey
and focuses on developing residential projects, mainly in Istanbul,
the country's largest city. Although registered as a REIT, Emlak
Konut operates largely as a home builder as it holds negligible
rent-generating assets. TOKI is Emlak Konut's largest shareholder,
holding 49.4% and all A shares.

ESG CONSIDERATIONS

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




=============
U K R A I N E
=============

CB PRIVATBANK: Fitch Affirms 'B' LT IDRs, Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed JSC CB PrivatBank's (Privat) Long-Term
Issuer Default Ratings (IDRs) at 'B' with a Positive Outlook, while
also affirming the bank's Viability Rating (VR) at 'b'.

KEY RATING DRIVERS

IDRS, NATIONAL RATING, SUPPORT RATING AND SUPPORT RATING FLOOR

The affirmations of Privat's IDRs, Support Rating and Support
Rating Floor reflects Fitch's view of potential support the bank
could receive from the Ukrainian authorities, if needed. This
considers the full ownership of Privat by the state, its systemic
importance given its strong retail franchise, and
post-nationalisation equity support. However, the ability of the
authorities to provide support is limited, particularly in foreign
currency, as indicated by Ukraine's 'B' IDR.

Fitch views Privat's state ownership as non-strategic as it
resulted from a state-led rescue, rather than policy objectives,
and the authorities plan to dispose of a controlling stake in the
bank, potentially via an IPO, in the medium term. Nevertheless,
even when the bank is partly privatised, Privat's high systemic
importance would still result in a strong incentive for the
authorities to provide support, in Fitch's view.

The Positive Outlook on Privat's IDRs mirrors that on the sovereign
rating.

The affirmation of National Rating at 'AA(ukr)' with Stable Outlook
reflects Privat's unchanged creditworthiness relative to peers'
within Ukraine.

VR

Privat's VR captures the bank's leading domestic franchise, strong
performance metrics to date and reduced pressures on the bank's
standalone profile from the pandemic. The VR also continues to
reflect the bank's sensitivity to the cyclical Ukrainian
environment and high linkage to the sovereign's credit profile due
to sizeable holdings of state debt (53% of assets).

Assets are dominated by cash, interbank placements and sovereign
bonds, while net loans made up a small 17% at end-1H21. The share
of impaired loans (Stage 3 and purchased or originated
credit-impaired loans, (POCI)) amounted to a high 74%, largely
represented by legacy loans and almost fully covered by total loan
loss allowances. Privat's loan book originated post-nationalisation
is of decent quality. The impaired loans origination ratio in its
credit cards portfolio (defined as the difference between impaired
loans plus write-offs, divided by average performing loans)
amounted to a low 1% in 1H21.

Robust profitability is the bank's rating strength, underpinned by
a wide net interest margin of 9%, strong fee income and low cost of
risk. Despite a UAH4 billion loss on foreign currency and
securities revaluation, the bank's annualised return on average
equity (ROAE) was a strong 47% in 1H21.

Privat's regulatory core capital adequacy ratio (CAR) and total CAR
were at 13.9% and 27.8%, at end-8M21, respectively, comfortably
above regulatory minimums of 7% and 10%. Prudential capital metrics
could decline in 2022, on the back of planned introduction of an
operational risk component to risk- weighted assets and an increase
of risk weights (150% for consumer loans and 50% for
foreign-currency government bonds). Fitch estimates that the effect
on core CAR will be manageable at about 4pp. Materialisation of
legal risks linked to the bail-in of bank's depositors in 2016 and
continued sizeable dividend payouts (80% for 2020) could put
additional pressure on the bank's capital position.

Privat's funding profile has remained stable, despite the pandemic.
Privat is mainly funded by customer accounts (95% of end-1H21
liabilities), which are granular and the mostly from individuals.
Its liquidity position is healthy. High liquid assets (cash,
short-term National Bank of Ukraine (NBU) and interbank placements,
excluding obligatory reserves) at end-7M21 covered 28% of customer
accounts. Additional liquidity in local currency could be sourced
from pledging sovereign bonds with NBU, but the volumes of such
deals may be limited.

RATING SENSITIVITIES

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

-- Privat's IDRs could be upgraded in case of an upgrade of the
    sovereign IDRs.

-- An upgrade of the VR would require both an upgrade of the
    sovereign and an extended record of the bank's strong
    performance through the cycle.

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

-- A downgrade of the sovereign could result in a downgrade of
    Privat's IDRs.

-- The bank's VR could come under pressure from material
    deterioration of earnings, leading to a loss-making
    performance for several consecutive periods. Material erosion
    of capital levels from, for example, a materialisation of
    legal risks, could be also credit-negative.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The IDRs of Privat are linked to Ukraine's sovereign ratings.

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.


OSCHADBANK: Fitch Affirms 'B' LongTerm IDRs, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed JSC State Savings Bank of Ukraine's
(Oschadbank) Long-Term Issuer Default Ratings (IDRs) at 'B' with a
Positive Outlook, and the bank's Viability Rating (VR) at 'b-'.

KEY RATING DRIVERS

IDRS, NATIONAL RATING, SUPPORT RATING AND SUPPORT RATING FLOOR

The affirmation of Oschad's IDRs, Support Rating and Support Rating
Floor reflects Fitch's view of support the bank could receive from
the Ukrainian authorities, if needed. This factors in Oschad's full
ownership by the state, high systemic importance and a record of
capital support provided under different governments. However, the
ability of the authorities to provide support is limited,
particularly in foreign currency, as indicated by Ukraine's rating
of 'B'. The Positive Outlook on the bank's IDRs mirrors the Outlook
on the sovereign rating.

The affirmation of National Rating at 'AA(ukr)' with Stable Outlook
reflects Oschad's unchanged creditworthiness relative to peers'
within Ukraine.

VR

Oschad's VR captures a still significant stock of problem loans,
material lending dollarisation, high capital encumbrance, as
impaired loans might require additional provisioning in an adverse
scenario, and sensitivity to Ukraine's cyclical operating
environment. The VR also reflects bank's healthy domestic franchise
(10% and 14% market shares in sector net loans and deposits),
limited impact of the pandemic on Oschad's credit profile and
recent improvement in the bank's core profitability.

Net loans made up 28% of assets at end-1H21, with the rest being
sovereign bonds, cash and interbank placements. The share of
impaired loans (Stage 3 and purchased or originated credit-impaired
loans) remained high at 39% at end-1H21, albeit down from 59% at
end-2019, helped by sizeable write-offs in 2020-1H21. Impaired
loans were 66% covered by total loan loss allowances, reflecting
the bank's expectations of recoveries.

Core profitability has improved recently, on the back of a steep
decline of funding costs, improved margins and recovering credit
growth. Core pre-impairment profits (net of securities and currency
revaluation) amounted to a strong 8% of average gross loans in 1H21
(annualised), which Fitch believes is a reasonable buffer to absorb
a potential increase in loan impairment charges (LICs) from higher
growth in the retail and SME segments. However, core revenues in
1H21 were almost completely wiped out by losses on securities
revaluation due to the Ukrainian hryvnia appreciation over the
period and an increase in market interest rates. As a result,
Oschad's reported ratio of operating profits to risk weighted
assets (RWAs) was a modest 0.8%.

The bank's Fitch Core Capital (FCC) ratio amounted to 14% at
end-1H21. However, Fitch views Oschad's capitalisation as modest
due to high capital encumbrance, as the share of unreserved
impaired loans was a sizeable 0.6x FCC. Its regulatory core capital
adequacy ratio (CAR) was at 14.3% at end-8M21, but it is likely to
come under pressure from the planned introduction of the
operational risk component to RWAs and an increase of risk weight
(150% for consumer loans and 50% for foreign-currency government
bonds). The bank's estimates the effect on core CAR will be about
2pp.

Oschad's funding profile is a rating strength. The bank is mainly
funded by customer deposits (89% of end-1H21 liabilities), which
have been broadly stable despite the pandemic. The share of current
accounts has been gradually rising, helping to reduce funding
costs. Foreign funding amounted to a low 6% of liabilities, mainly
represented by outstanding Eurobonds. Oschad has about USD175
million of maturing debt till end-2022, which Fitch believes is
manageable given its reasonable liquidity position and upcoming
sovereign bond redemptions. Highly liquid assets (excluding
sovereign bonds and mandatory reserves) covered 28% of customer
accounts at end-1H21.

SENIOR DEBT

Senior unsecured debt rating, issued by UK-registered SSB No.1 PLC,
is aligned with the bank's Long-Term IDR. The Recovery Rating on
the senior debt is 'RR4', denoting average recovery expectations.

RATING SENSITIVITIES

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

-- Oschad's IDRs could be upgraded in case of an upgrade of the
    sovereign's IDRs.

-- An upgrade of the VR would require a reduction of capital
    encumbrance (below 0.3x FCC) and an extended record of healthy
    core profitability, and a lack of sizeable market risk-driven
    losses.

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

-- A downgrade of the sovereign could result in a downgrade of
    bank's IDRs.

-- Fitch could downgrade the VR if its FCC ratio drops below 10%
    without a material reduction in unreserved loans, or if the
    bank becomes structurally loss-making on a pre-impairment
    basis.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The IDRs of Oschad are linked to Ukraine's sovereign ratings.

ESG CONSIDERATIONS

Oschad has an ESG Relevance Score of '4' for Governance Structure,
due to the high influence of the government over the bank's
business operations and strategic development. This has a
moderately negative impact on the bank's credit profile due to
potential governance risks and involvement in directed financing,
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.


UKREXIM: Fitch Affirms 'B' LongTerm IDR, Outlook Positive
---------------------------------------------------------
Fitch Ratings has upgraded JSC The State Export-Import Bank of
Ukraine's (Ukrexim) Viability Rating (VR) to 'b-' from 'ccc+'. The
bank's Long-Term Issuer Default Ratings (IDRs) have also been
affirmed at 'B' with a Positive Outlook.

KEY RATING DRIVERS

IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND NATIONAL RATING

The affirmation of Ukrexim's IDRs, Support Rating and Support
Rating Floor reflects Fitch's view of support the bank could
receive from the government of Ukraine (B/Positive), if needed. The
Positive Outlook on the IDRs mirrors that on the sovereign.

The propensity of the Ukrainian authorities to provide support to
Ukrexim remains high, in Fitch's view, taking into account the
bank's 100% state ownership, its systemic importance (a moderate 9%
of sector net loans at end-August 2021) and record of capital
support, most recently an equity injection into Ukrexim in 3Q20
(equal to a sizeable 10% of the bank's risk-weighted assets
(RWAs)). Fitch believes extraordinary capital support to the bank
is possible, if needed, while the ability of the authorities to
provide support at all times, particularly in foreign currency, is
limited as indicated by the level of Ukraine's rating of 'B'.

The affirmation of National Ratings at 'AA(ukr)' with a Stable
Outlook reflects the bank's unchanged creditworthiness relative to
that of peers within Ukraine.

VR

The VR upgrade reflects moderately reduced pressure on Ukrexim's
vulnerable capital position. This is driven by a combination of
factors, namely (i) material improvement of internal capital
generation, which provides the bank with some flexibility in loss
absorption through profits rather than directly through capital;
(ii) lower, albeit still significant, encumbrance of the bank's
equity by net impaired loans; and (iii) slightly reduced exposure
to market risk.

Our assessment of asset quality considers Ukrexim's large holdings
of Ukrainian sovereign and quasi-sovereign bonds (35% of assets at
end-2Q21), and liquidity placed with investment-grade foreign banks
and the National Bank of Ukraine (together, another 36%). Credit
risk primarily stems from the bank's corporate-focused loan book
(26%).

At end-2Q21, Ukrexim's impaired loans (Stage 3 and purchased or
originated credit-impaired) made up a large 50% of gross loans.
These were moderately covered at 78% by total loan loss allowances
(LLAs). Impaired loans, net of LLAs, made up a high 0.9x Fitch Core
Capital (FCC) at end-2Q21, which was a moderate reduction from 1.2x
at end-2020, due to profit retention and some recovery of legacy
problem assets.

Ukrexim's profitability markedly improved in 1H21, due to lower
funding costs, improved margins and recovering credit growth.
Recurring pre-impairment profit (net of securities and currency
effects) strengthened to a moderate 3% of average gross loans in
1H21, from break-even levels in 2020. However, this is still rather
modest relative to potential provisioning needs. Return on average
equity was a decent 21% in 1H21, on the back of low impairment
charges (0.4% of average gross loans).

At end-2Q21, the bank's FCC ratio was a moderate 13.2%. Fitch
believes that Ukrexim's core capital position remains vulnerable to
adverse market movements (higher interest rates coupled with
local-currency depreciation). Positively, its exposure to market
risks has somewhat reduced through a moderate shrinkage of its
on-balance short foreign-currency position (to a still high 1.8x
FCC in mid-September 2021 from 2.5x at end-3Q20), where hedging
instruments (US dollar-indexed government bonds) show lower
efficiency at times of sharp interest-rate increases.

The bank's regulatory core capital ratio was 12.6% at end-August
2021 and it is likely to come under pressure from the upcoming
introduction of operational risk component and a phase-in of
increased risk-weights for foreign-currency government bonds. Fitch
estimates the negative effect on the regulatory core ratio at
1pp-2pp over the course of 2022, which would leave the bank with a
reasonable buffer above the 7% mandatory minimum.

Customer accounts made up 70% of liabilities at end-2Q21, while
long-term foreign wholesale debt added a notable 17% (amounting to
USD1.3 billion). Highly liquid assets (cash and due from banks),
mostly in foreign currency, covered a healthy 38% of liabilities.
Large additional holdings of Ukrainian sovereign bonds (29% of
assets) are likely to be held to maturity, but could be pledged
under repo to raise local-currency liquidity, if needed. Its
wholesale debt repayment schedule is comfortable.

SENIOR AND SUBORDINATED DEBT

The ratings of Ukrexim's senior unsecured debt, issued by
UK-registered BIZ Finance PLC, are affirmed at the level of the
bank's 'B' Long-Term IDRs.

The subordinated loan participation notes due in 2023, issued by
Biz Finance PLC, are upgraded to 'CCC' from 'CCC-', two notches
below the bank's 'b-' VR. The notching reflects moderate
incremental non-performance risk and likely below-average
recoveries in case of default as a result of subordination to
senior unsecured obligations. The incremental non-performance risk
stems, in particular, from the contractual option of Ukrexim to
defer coupons or the NBU to oblige the bank to do so in certain
circumstances, including if the bank has been loss-making in a
prior three-month period. However, any deferred coupons would be
accumulated and paid out once the bank returns to profit or if
other circumstances resulting in the coupon deferral cease to
exist.

The notching takes into account the bank's extended record of
timely and full servicing of coupon obligations despite multiple
instances of quarterly losses since the original bond issue in
2006, in particular in 2015-2016.

RATING SENSITIVITIES

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

-- The IDRs are primarily sensitive to changes in the sovereign
    ratings. The bank's IDRs could be upgraded in case of an
    upgrade of the sovereign IDRs.

-- The VR upgrade would require a material reduction of net
    impaired loans to FCC to below 0.3x and an extended record of
    healthy core profitability, while the FCC ratio is maintained
    at above 15%.

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

-- The bank's ratings are likely to be downgraded if Ukraine's
    sovereign IDRs are downgraded. Significant weakening of the
    state's propensity to support the bank will also result in a
    negative rating action, although this is not expected by
    Fitch.

-- Fitch could downgrade Ukrexim's VR if the amount of the net
    impaired loans rises to around 1.5x FCC ratio, or if the bank
    becomes structurally loss-making on a pre-impairment basis.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ukrexim's IDRs are linked to Ukraine's sovereign ratings.

ESG CONSIDERATIONS

Ukrexim has an ESG Relevance Score of '4' for Governance Structure,
which reflects the high influence of the government over the bank's
business operations and strategy development. This has a moderately
negative impact on the credit profile, due to governance risks and
potential involvement in directed financing, in Fitch's view, 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.


UKRGASBANK: Fitch Affirms 'B' LT IDRs, Outlook Positive
-------------------------------------------------------
Fitch Ratings has affirmed JSB Ukrgasbank's (Ukrgas) Long-Term
Issuer Default Ratings (IDRs) at 'B' with a Positive Outlook and
Viability Rating (VR) at 'b-'.

KEY RATING DRIVERS

IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND NATIONAL RATING

The affirmation of Ukrgas's IDRs, Support Rating and Support Rating
Floor reflects Fitch's view of support the bank could receive from
the government of Ukraine (B/Positive), if needed. The Positive
Outlook on the IDRs mirrors that on the sovereign.

The propensity of the Ukrainian authorities to provide support to
Ukrgas remains high, in Fitch's view. This takes into account its
majority (95%) state ownership, its systemic importance (a moderate
7% of sector net loans and 4% of retail customer accounts at
end-August 2021), the small cost of potential support, given the
bank's well-provisioned legacy problems, and a record of capital
support provided to Ukraine's state-owned banks. Fitch believes
extraordinary capital support to the bank is possible, if needed,
while the ability of the authorities to provide support at all
times, particularly in foreign currency, is limited as indicated by
Ukraine's rating of 'B'.

The affirmation of National Ratings at 'AA(ukr)' with a Stable
Outlook reflects the bank's unchanged creditworthiness relative to
that of peers within Ukraine.

VR

Ukrgas's VR of 'b-' captures the bank's sensitivity to Ukraine's
cyclical operating environment and high loan concentrations. The
risks are balanced by a moderate loss-absorption capacity through
profits and capital as well as high provisioning rates on legacy
assets. The VR also considers the bank's material exposure to
sovereign risk (around 50% of Ukrgas' assets), which is typical of
Ukraine's state-owned banks.

Credit risk primarily stems from the bank's predominantly corporate
loan book (37% of total assets at end-1H21). Impaired loans (Stage
3 and purchased or originated credit-impaired) made up a rather
high 13% of gross loans, but were fully covered by total loan loss
allowances. Stage 2 exposures added another 26% of gross loans at
end-1H21. These are largely to renewable energy producers and some
state-owned entities. Fitch's review of the largest Stage 2 loans
shows that these are mainly of moderate risk, except for exposures
to real estate and construction (together equal to a limited 0.1x
FCC).

Ukrgas's loan book is concentrated on the renewable energy sector
(21% of gross loans, or 1.2x FCC at end-1H21). Loans to renewable
energy producers were restructured due to delayed payments in
1Q20-3Q20 from a state-owned electricity company. Despite
significantly improved monthly settlements by the state company
since August 2020, overdue receivables remain outstanding and
delays to contractual payments in the medium term cannot be ruled
out. This may result in additional provisioning, which Fitch
believes would be manageable for the bank given its decent
loss-absorption capacity.

Ukrgas saw a significant widening of its net interest margin to 5%
in 1H21 from 3.3% in 2020, on lower cost of funding amid a monetary
easing cycle in 2020. This boosted the bank's pre-impairment
profitability in 1H21 to a strong annualised 7.6% of average gross
loans (2020: 3.9%). Ukrgas utilised its robust pre-provision
earnings to build up provisioning (a high annualised 4% of average
gross loans in 1H21) against existing vulnerabilities and still
reported a reasonable 17% return on average equity.

The bank's FCC ratio was a reasonable 13% at end-1H21. Its
regulatory total capital ratio was a higher 17% at end-August 2021
but it is likely to come under pressure from the upcoming
introduction of the operational risk component to risk-weighted
assets and a phase-in of increased risk-weights for
foreign-currency government bonds. Fitch estimates the negative
effect on the regulatory total capital ratio could be 3pp-4pp over
the course of 2022, which would still leave the bank with a
reasonable buffer above the 10% mandatory minimum.

Ukrgas's deposit base (93% of liabilities at end-1H21) is highly
concentrated, with the largest customer accounting for 16% of total
deposits. Risks are mitigated by the bank's large buffer of liquid
assets (amounting to 58% of assets). This includes Ukrainian
sovereign bonds (28% of assets), which are likely to be held until
maturity, but could be pledged under repo to raise local-currency
liquidity, if needed.

RATING SENSITIVITIES

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

-- The IDRs are primarily sensitive to changes in the sovereign
    ratings. The bank's IDRs could be upgraded in case of an
    upgrade of the sovereign IDRs.

-- Upside for Ukrgas's VR may result from an increase in the FCC
    ratio to comfortably above 15%, continuing strong
    profitability metrics, and reduced loan-book concentrations.

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

-- The bank's ratings are likely to be downgraded if Ukraine's
    sovereign IDRs are downgraded. Significant weakening of the
    state's propensity to support the bank will also result in a
    negative rating action, although this is not expected by
    Fitch.

-- A VR downgrade may follow asset-quality deterioration,
    including substantially increased credit risks in the bank's
    exposure to the renewable energy segment weighing directly on
    capitalisation. Material erosion in regulatory capital ratios
    to levels close to regulatory minimum requirements could be
    also credit-negative.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ukrgas's IDRs are linked to Ukraine's sovereign ratings.

ESG CONSIDERATIONS

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




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

ACHIEVEMENT FOR ALL: Enters Administration Amid GBP1MM Deficit
--------------------------------------------------------------
Freddie Whittaker at Schools Week reports that the school
improvement charity Achievement For All has gone into
administration amid a GBP1 million deficit and issues over "double
counted" revenue.

Dr. Kulvarn Atwal, chair of the organisation, wrote to staff last
week to announce the move, blaming the "double impact of the
pandemic and current pressures on school budgets", Schools Week
relates.

According to the charity's latest accounts, it delivered programmes
to 30,000 children in 1,879 schools across England and Wales in the
12 months to March last year, Schools Week discloses.

It comes after a damning two-year Education Endowment Foundation
study last year concluded that the Achievement For All programme at
key stage 2 had a "detrimental effect on learning", Schools Week
notes.

The trial, which cost over GBP900,000, took place between 2016 and
2018 and found children in schools that had the intervention made
two months' less progress in key stage 2 reading and maths,
compared with children in control schools, Schools Week discloses.

According to Schools Week, in an email to colleagues, Dr. Atwal
said following "financial advice" the board had taken the "very
difficult decision to cease trading with immediate effect and enter
formal administration.

Accounts for Achievement For All (3As) Ltd for the financial year
ending March 2020 show the charity was facing financial
difficulties even before the Covid-19 pandemic, Schools Week
states.

It recorded a deficit for the year of GBP1.04 million and had net
liabilities of around GBP1.18 million, Schools Week relays.

The charity's operating loss in the year to March 2020 included an
"unfavourable variance" of GBP756,000, which was "largely
attributable to a major technical issue with revenue recognition
from April to December 2019", according to Schools Week.


BOTL WINE: Directors Agree to Disqualification Undertakings
-----------------------------------------------------------
The Department for the Economy (the Department) has accepted
disqualification undertakings from the directors of a company
involved in the sale of food, beverages and tobacco.

The undertakings were received for twelve years from James Michael
O'Neill (80) of Harberton Drive, Belfast and Conor O'Neill (49) of
Malone Hill Park, Belfast, in respect of their conduct as directors
of Botl Wine & Spirit Merchants Ltd.

The Company operated in the sale of food, beverages and tobacco
trading from Unit 11, Building 10 Central Park, Mallusk, Belfast.
The Company went into Administration on July 4, 2018 with an
estimated deficiency as regards creditors of GBP3,908,170. There
was a total of GBP300,000 owing as Share Capital, resulting in an
estimated deficiency as regards members of GBP4,208,170.  

The Department accepted the disqualification undertakings from
James Michael O'Neill and Conor O'Neill on September 22, 2021 based
on the following unfit conduct which solely for the purposes of the
disqualification procedure was not disputed:

   -- Misusing the invoice discounting facility by inflating the
Company's sales ledger, debtor receipts and the debtors ledger in
order to draw down money from Close Invoice Finance Limited causing
a loss to Close Invoice Finance Limited of £2,511,722;

   -- Causing the Company to continue to trade whilst insolvent
from at least 30 April 2017 until the date of administration, to
the detriment of both the secured and unsecured creditors;

   -- Failing to maintain and / or preserve and / or deliver up to
an adequate level, the accounting records of the Company, in
accordance with Article 386 of the Companies Act 2006, which were
sufficient to show and explain the Company's transactions and as
such to disclose with reasonable accuracy, at any time, the
financial position of the Company;

   -- Failing to file the annual returns / confirmation statements
for the period ended 14 August 2015, 14 August 2016 and 14 August
2017 within the prescribed periods.

  -- Failing to file annual accounts for the years ended 30
September 2016 and 30 September 2017 and annual accounts for the
year ended 30 September 2014 and 30 September 2015 were not filed
within the prescribed period;

The Department has accepted 19 Disqualification Undertakings in the
financial year commencing April 1, 2021.


GREENSILL CAPITAL: Grant Thornton Expects to Charge GBP21MM Fees
----------------------------------------------------------------
Michael O'Dwyer, Robert Smith and Owen Walker at The Financial
Times report that Grant Thornton has told creditors of Greensill
Capital it expects to charge almost GBP21 million in its first year
as administrator of the collapsed lender's UK operations.

According to the FT, the fee forecast, filed in a report at
Companies House last week, has risen by almost a third from a
previous estimate and now represents close to 5% of the
accountant's entire UK annual revenues.

Grant Thornton, which was appointed in March as Greensill's demise
sparked a British political scandal, said it also expected to rack
up almost GBP7 million in other expenses, including GBP6 million in
legal fees, the FT relates.

The fees underline the complexity of unwinding the affairs of the
company founded by Australian financier Lex Greensill and advised
by former prime minister David Cameron, the FT discloses.

The estimate includes GBP12.1 million in fees for more than 22,000
hours of work in the first six months of the administration of
Greensill Capital UK, an average of £545 per hour, the FT states.

Law firm Allen & Overy, which worked on Greensill's "pre-IPO"
funding round months before the finance company's collapse, was
paid GBP856,000 for work before Greensill formally entered
administration and has since incurred another GBP3.9 million in
fees, the FT relays, citing the report.

According to the FT, lawyers from Herbert Smith Freehills, Kingsley
Napley, Simmons & Simmons and DLA Piper have also been called in to
advise.

The report did not estimate Grant Thornton's fees and expenses
beyond March 2022 but administrators expect their work to continue
for at least another year after that as they try to recover money
owed to creditors such as Credit Suisse, which included Greensill's
loans in funds it sold to investors, the FT states.

Administrators are normally paid out of the funds of the stricken
company.  But to keep Greensill running in administration Credit
Suisse has been paying a special fee and other investors in the
supply-chain finance firm's investment products are paying fees
directly to Grant Thornton, according to the FT.

Grant Thornton's appointment as administrator raised eyebrows in
the financial industry as the firm was an adviser to GFG Alliance,
the family-owned business empire of industrialist Sanjeev Gupta,
whose default on $5bn of debt hastened Greensill's demise, the FT
notes.

The administrator's report reveals that GFG owes US$590 million to
Greensill Capital, according to the FT.  While some of this is
comprised of unpaid advisory fees, Greensill Capital also held debt
from GFG on its own balance sheet, even though the entity was
supposed to primarily act as a middleman between borrowers and
lenders, the FT says.

The report also offers insight into some of the debts being pursued
by administrators, including advances of US$494,000 to three
Greensill employees and a US$1.1 million loan to an employee which
is outstanding, the FT discloses.

Executives at Credit Suisse have been frustrated by Grant
Thornton's progress in recovering debts and processing insurance
claims, the FT relays, citing people with knowledge of the
discussions.

They also have concerns over whether Grant Thornton is conflicted
due to its historic ties to GFG and Greensill, the FT states.


SPORTRADAR MANAGEMENT: Fitch Alters Outlook on 'B' IDR to Positive
------------------------------------------------------------------
Fitch Ratings has revised Sportradar Management Ltd's (SRAD)
Outlook to Positive from Stable. Fitch has affirmed the Long-Term
Issuer Default Rating (IDR) at 'B'. Fitch has also affirmed
Sportradar Capital S.a r.l.'s EUR420 million senior secured term
loan at 'B+' with a Recovery Rating of 'RR3'.

The Positive Outlook reflects Fitch's improved view of revenue and
EBITDA growth in light of a stronger recovery in 1H21 than
initially expected, and growth from acquired companies. Fitch also
believes funds from operations (FFO) gross leverage could fall
below Fitch's 5.5x upgrade threshold by end-2023. The scale of
SRAD's free cash flow (FCF) is increasing and should grow towards
EUR50 million per year over the same period. The rating is
supported by the company's market leading position, good growth
dynamics and high levels of recurring revenue.

KEY RATING DRIVERS

IPO Funds More M&A: SRAD successfully completed its IPO launch on
Nasdaq in September 2021, raising over USD600 million in proceeds.
The IPO proceeds greatly increase SRAD's funds available for
acquisitions. Fitch expects the company to acquire high-growth
businesses targeting new products, technologies or content rights.
It can then accelerate growth in these businesses by cross-selling
new capabilities to more than 1,600 customers. Fitch expects SRAD
to spend around EUR1 billion on M&A in 2021-2024, driving revenue
growth of around 80% over the same period.

High Leverage Post-IPO: Fitch's leverage thresholds for an upgrade
are based on Fitch-defined FFO gross leverage, which Fitch believes
will remain high in both 2021 and 2022 before reducing to below
5.5x in 2023. EBITDA contribution from its Fresh8, Synergy and
Interact deals is assumed to be negative before gradually becoming
EBITDA-accretive, starting in 2023. Fitch believes SRAD will
continue to target high-growth, low-margin companies, which could
slow the pace of deleveraging, in turn keeping FFO gross leverage
above Fitch's 5.5x upgrade sensitivity over the next two years.

Supportive US Regulation: Less than 10% of 2020 revenues came from
the US but the country's gradual legalisation of sports betting is
a significant supportive revenue development for SRAD. Currently 28
of the country's 50 states have legalised live sports-betting
markets. A further four states have legalised but are not yet
operational and Fitch expects more states to legalise in future.
SRAD's recently signed exclusive National Hockey League (NHL)
rights deal, official data rights for the National Basketball
League (NBA) and Synergy Sports acquisition will firmly position
the company to capture future US market growth.

Interact Strengthens Cricket Capabilities: SRAD's acquisition of
Interact in Australia brings new digital capabilities in cricket.
This will bring opportunities for growth in existing markets but,
potentially, also India where cricket is the most watched sport. In
India, online sports betting is still mostly illegal across the
country except in three states. If India were to follow the trend
in the US and announce more favourable legislation on online sports
betting nationally, Fitch would expect this acquisition to be a
major future growth driver.

Exclusive Rights Increase Pricing Power: The NHL rights deal grants
exclusive rights to SRAD for selling official live match data to
sportsbooks globally. This data will be particularly valuable for
live-odds products where high-quality, low-latency data feeds are
essential in pricing odds. As the exclusive data rights holder SRAD
is in a strong competitive position when negotiating prices for
data access. Fitch expects competitors will continue to collect and
monetise data on NHL but the poorer-quality feed will see them take
a much smaller market share than SRAD.

Competition Inflates Rights Costs: Selling data rights on an
exclusive basis increases the value of the rights acquired. This
raises the risk of inflation in prices paid as seen in sports TV
rights across Europe and the US. Fitch believes SRAD is unwilling
to exceed the reported USD120 million per year paid by Genius
Sports over six years to secure the NFL exclusive rights. This
decision should benefit SRAD's margin profile in the short term but
may see its competitor becoming the dominant data provider to US
sportsbooks where NFL is currently the most watched sport.

Key Man Risk Remains: Carsten Koerl is SRAD's founder and CEO. He
has extensive industry experience and connections. If he were to
exit his investment and leave the company this could negatively
affect its growth potential. Becoming a publicly listed company
means greater regulatory oversight and more stringent reporting
requirements for SRAD, which reduces corporate-governance risk. The
ultimate controlling shareholder remains unchanged after the IPO,
with the CEO retaining sole control of the company with 81.8% of
the voting rights.

DERIVATION SUMMARY

SRAD's EBITDA of below EUR100 million is smaller than that of
publicly rated data analytics peers such as Dun & Bradstreet
Corporation (BB-/Stable). It has strong geographic diversification
but weaker product diversification than higher rated peers such as
IHS Markit (BBB/RWP), with its overwhelming exposure to the betting
industry through its data and odds products. Leverage is also
higher than higher rated peers', with FFO gross leverage at 6.8x in
2020. These factors are offset by a strong market leadership and
unparalleled breadth of data coverage, which enhances its value
proposition to customers. SRAD is the leader in a rapidly growing
market, with revenue growth far higher than its mature investment
grade-rated peers'.

SRAD has some exposure to betting risk as part of its managed
trading services (12% of 2020 revenue), where it typically takes a
share of trading profits or losses. In Fitch's view, its business
model compares favourably with traditional bookmakers'. It has no
physical retail stores, is a clear market leader in a market with
only four main competitors, is not as directly exposed to betting
volumes or regulatory pressures and is highly geographically
diversified.

KEY ASSUMPTIONS

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

-- Strong organic revenue growth of around 35% in 2021, broadly
    supported by all segments except virtual gaming and e-sports
    (that declined in importance as most sporting events resumed
    their normal course in 2021), and particular strong growth in
    the US as regulatory developments open up the market;

-- Organic revenue growth to remain strong from 2022 onwards,
    supported by continued growth in betting and audio visual
    revenue and strong growth in the US, as betting becomes
    increasingly available in bigger states;

-- Modest revenue contribution from acquisitions during 2021,
    estimated at around 5% of total revenue on a pro-forma basis,
    growing at double digits in the next three years;

-- EUR200 million-EUR300 million of acquisitions per annum in the
    next three years; M&A revenue & EBITDA contribution in line
    with that of acquisitions in 2021;

-- EBITDA margin to decline in 2021, as a result of investments
    made in newly acquired companies. Low or negative EBITDA
    contribution from future M&A to weigh on EBITDA margin in the
    near term;

-- Capex trending towards 2% of revenue to 2024;

-- Stable working capital to 2024; and

-- No dividends.

Key Recovery Assumptions

Fitch uses a going-concern approach for SRAD in Fitch's recovery
analysis, assuming that the company would be considered a
going-concern in the event of a bankruptcy rather than be
liquidated.

-- A 10% administrative claim

-- Post-restructuring going-concern EBITDA estimated at EUR65
    million, which is 21% below Fitch's assumed 2021 Fitch-defined
    EBITDA estimate.

-- Fitch uses an EV multiple of 6x to calculate a post-
    restructuring valuation

-- These assumptions, with senior secured debt of EUR420 million
    and assuming a fully drawn pari-passu revolving credit
    facility of EUR110 million, result in a recovery percentage of
    66% which is within the 'RR3' range. This results in an
    instrument rating of 'B+', one-notch higher than the IDR.

RATING SENSITIVITIES

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

-- FFO gross leverage below 5.5x on a sustained basis;

-- Higher EBITDA with post-dividend FCF consistently above EUR50
    million per year; and

-- Reduced exposure to loss-making sports rights, leading to an
    increase in EBITDA margin to above 20%.

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

-- FFO gross leverage sustainably above 6.5x;

-- EBITDA margin falling below 15%;

-- FCF margin falling towards zero or below; and

-- Cash flow from operations net of capex at below 5% of total
    debt.

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

SRAD has a strong liquidity profile as a result of its cash
reserves, available facilities and FCF generation. At end-1H21 it
had cash and cash equivalents of EUR191 million. Net proceeds from
the September IPO of USD644 million and an EUR110 million revolving
credit facility provide sufficient funds to pursue M&A and security
for short-term funding requirements. Finally, Fitch expects SRAD to
generate FCF over the next three years.

ESG CONSIDERATIONS

Sportradar has an ESG Relevance Score of '4' for customer welfare -
fair messaging, privacy & data security due to increasing
regulatory scrutiny on the sector, greater awareness around social
implications of gaming addiction and an increasing focus on
responsible gaming, which is prevalent in the UK but also making
inroads in other markets where SRAD is present. This factor has a
negative impact on the credit profile, as already reflected in the
rating, and is relevant to the rating in conjunction with other
factors.

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

ISSUER PROFILE

SRAD is a leading service provider of end-to-end sports data
analytics solutions to both betting and media industries, as well
as to sport federations and authorities. The company covers the
entire value chain of collecting, processing, marketing and
monitoring of sports-related live data with multiple-use cases.


[*] UK: Insolvencies in England and Wales Up 7.2% in September
--------------------------------------------------------------
Phillip Inman at The Guardian reports that the number of businesses
going bust in England and Wales jumped last month to its highest
level since the start of the pandemic, as experts predicted that
the end of government support for indebted firms would lead to a
surge in insolvencies next year.

Some of the energy industry's newest suppliers were among the 1,446
companies to go under in September -- a 7.2% increase on the
previous month, The Guardian notes.

The Insolvency Service said the increase in September meant the
number of insolvencies was up 56% compared with September 2020's
figure of 928, The Guardian relates.

Most government measures that protected firms from creditors were
lifted in September, fuelling concerns that many companies that
were forced to borrow heavily to survive during the pandemic will
collapse next year, The Guardian recounts.

According to The Guardian, a recent Bank of England report found
that a third of UK's small businesses were classified as highly
indebted with debt levels of more than 10 times their cash
balances, compared with 14% before Covid-19.

Euler Hermes, a leading trade credit insurer, said it expected this
year's 17,100 likely insolvency total to rise above 20,000 next
year in the UK, representing a 32% increase, The Guardian relays.
That compares with predictions of a 68% increase in Italy, 23% in
France, and 4% in Germany, The Guardian states.

"Numerous factors will set the tone for the path ahead. These
include the momentum of the global economic rebound, the pace of
withdrawal of state support, and the many fragile companies still
at high risk of default -- notably the pre-Covid-19 'zombies' kept
afloat by emergency measures -- and the companies weakened by extra
indebtedness from the crisis," The Guardian quotes Maxime Lemerle,
the firm's head of insolvency research, as saying.

Claire Burden, partner in the consulting team at Smith &
Williamson, said the energy crisis and the rising cost of transport
was likely to reverberate through other sectors, causing firms in
manufacturing to call in the receivers, adding that the end of
commercial tenant protections in March 2022 will cause another
spike, The Guardian relates.

According to The Guardian, Nicky Fisher, the deputy vice-president
of the insolvency trade body R3, said the economic situation was
becoming more difficult for many industries.

"Consumers are now increasingly cautious about the state of the
economy, their personal finances and the increased cost of living
and are more wary about spending their money.

"And with widespread supply chain disruption and significant
wholesale energy price increases building up between September and
October, there is likely to be little slack in the system for
businesses and individuals who have yet to get back on their feet
following the impact of Covid."




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

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



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

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

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

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

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

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


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