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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 25, 2021, Vol. 22, No. 207

                           Headlines



G E R M A N Y

LSF11 FOLIO: Moody's Assigns First Time B3 Corporate Family Rating
LSF11 FOLIO: S&P Assigns Preliminary 'B' ICR, Outlook Stable
TUI AG: S&P Upgrades ICR to 'B-' on EUR1.1 Billion Equity Raise


I R E L A N D

ALBACORE EURO III: Moody's Assigns (P)B3 Rating to EUR12MM F Notes
ALBACORE EURO III: S&P Assigns Prelim. B- Rating on F Notes
AQUEDUCT EUROPEAN 5-2020: S&P Assigns B- Rating on F-R Notes
ARES EURO XII: Fitch Assigns Final B- Rating on Class F Notes
ARES EUROPEAN XII: Moody's Affirms B3 Rating on EUR11.25MM F Notes

AVOCA CLO XXV: Moody's Assigns (P)B3 Rating to EUR12MM Cl. F Notes
GROSVENOR PLACE 2015-1: Fitch Raises Class E-RR Debt to 'B+'
MAN GLG II: Fitch Raises Class F Debt to 'B+'
ROCKFORD TOWER 2019-1: Fitch Affirms B- Rating on Class F Notes
TIKEHAU CLO II: Fitch Assigns Final B- Rating on Class F-R Debt

TIKEHAU CLO II: Moody's Assigns B3 Rating to Class F-R Notes


I T A L Y

ALMAVIVA SPA: Fitch Assigns 'BB-' LT IDR, Outlook Stable
MONTE DEI PASCHI: Italian Gov't, UniCredit Sale Negotiations Fail
PAGANINI BIDCO: Moody's Assigns First Time B2 Corp. Family Rating


L U X E M B O U R G

AEA HOLDINGS: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
VENGA HOLDING: Moody's Assigns First Time B2 Corp. Family Rating


N E T H E R L A N D S

STEINHOFF: Says South African Court Can't Hear Liquidation Bid


S P A I N

EUSKALTEL SA: Moody's Withdraws B1 CFR Amid Masmovil Transaction
TDA CAM 7: Fitch Raises Class B Debt to 'BB'


S W I T Z E R L A N D

EUROCHEM GROUP: Fitch Alters Outlook on 'BB' LT IDR to Positive


T U R K E Y

TURKIYE PATROL: Fitch Alters Outlook on 'B+' LT IDR to Stable


U N I T E D   K I N G D O M

ALBA PLC 2007-1: Moody's Hikes Rating on GBP20.4MM F Notes to Ba2
BURY FOOTBALL CLUB: Group of Fans Acquires Gigg Lane Stadium
FORTHPLUS PENSIONS: Enters Administration Amid Complaints
INTERSERVE PLC: End of Administration Process Remains Uncertain
IVC ACQUISITION: Fitch Affirms B+ Rating on Secured Term Loan

JAGUAR LAND ROVER: S&P Raises ICR to 'B+', Outlook Stable
NMCN: Grant Thornton Says Brand Practically Worthless
POLARIS PLC 2020-1: Moody's Hikes Class F Notes Rating to Ba3
SAGE AR 2021: S&P Assigns Prelim. BB- (sf) Rating on Cl. R Notes
TOWD POINT 2018: Moody's Hikes Rating on GBP9.23MM E Notes to Ba1

TOWD POINT 2019-GRANITE4: S&P Assigns 'BB-' Rating on Cl. G Notes
TOWD POINT 2019: Fitch Assigns B+ Rating on Class G Notes
TULLOW OIL: Moody's Hikes CFR to B3 & Alters Outlook to Stable
VICTORIA PLC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week October 18 to October 22, 2021

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LSF11 FOLIO: Moody's Assigns First Time B3 Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
B3-PD probability of default rating to LSF11 Folio Bidco GmbH
(XSYS). Moody's also assigned a B2 instrument rating to XSYS'
EUR435 million senior secured first lien term loan B and its EUR80
million senior secured first lien revolving credit facility (RCF)
and a Caa2 rating to the EUR80 million senior secured second lien
term loan. The outlook is positive.

This is the first time Moody's has assigned ratings to XSYS.
Proceeds from the debt issuance and an equity contribution will be
used to finance the acquisition of XSYS from ColourOZ MidCo (Flint,
Caa1 ratings under review) and related fees as well as funding cash
on XSYS' balance sheet. The assigned ratings assume that all equity
contributions will enter the restricted group in the form of common
equity and there will be no other indebtedness or instruments
containing debt like features outside the restricted group.

RATINGS RATIONALE

The B3 rating assigned to XSYS' balances the company's high
leverage (approximately 7 times debt-to-EBITDA including pension
liabilities), narrow business profile in terms of concentration on
flexographic printing and customers and small scale compared to
other rated companies, against its exposure to the relatively
resilient packaging end market, a concentrated market structure
supporting high profitability, expectation of positive free cash
flow, and good liquidity.

The rating reflects the company's leading positions in the
consolidated market for flexographic printing plates, sleeves and
equipment. XSYS holds a strong number two position in the global
market for flexographic plates, as well as in the EMEA and LATAM
regions. Its market positions in North America and APAC are however
more limited. In combination with the high technological content
and mission critical nature of XSYS products the consolidated
market structure supports high profit margins, with XSYS' company
defined EBITA margins fluctuating between 45% and 38% over the last
ten years.

However, XSYS' rating is constrained by its small scale with
revenues of only EUR213 million in 2020 and substantial revenue
concentration with its ten largest customers accounting for 38.9%
of revenues in 2020 as well as more than 50% of its revenues
generated in the EMEA region. These risk factors leave the
company's cash and EBITDA generation vulnerable to event risk such
as loss of key customers or an unfavorable economic environment in
one of its key end-markets. For example, in 2019 XSYS' revenues
declined by around 5% as a result of temporary weaker demand from
one customer and a weak macro environment in Russia and Turkey.
Notwithstanding this potential event risk, revenue patterns are
generally relatively predictable due to the consumable nature of
print plates and its exposure to the packaging sector. Moody's also
has taken into account that XSYS' revenues and EBITDA have proven
to be relatively stable in 2020. In addition, average revenue
attrition (based on volumes) has been less than 1% over the last
four years.

Moody's considers XSYS well positioned to capture the underlying
growth of the flexographic print plate market which should continue
to be supported by a technological shift from gravure to
flexographic printing technology. Expected EBITDA growth will be
the main driver of deleveraging, which is predicated on the company
gaining further market share and restoring company defined EBITA
margins from the low levels of 2020, when company defined EBITA
margin was 38% compared to 41% average margin over the last 10
years. XSYS profitability exhibited an improving trend in the first
half of 2021.

XSYS' Moody's adjusted gross leverage is expected to be above 7x in
2021 and Moody's forecasts that the company will decrease leverage
to below 7x in 2022 and to below 6.5x in 2023. A deleveraging
trajectory, that in combination with solid Moody's adjusted FCF
generation, could support an upgrade of the ratings in the next
18-24 month. Pension liabilities add approximately 0.8x to Moody's
adjusted leverage and represent a modest use of cash over the next
several years.

LIQUIDITY PROFILE

XSYS has a good liquidity profile. The company is expected to have
a starting cash balance of EUR30 million following the closing of
the acquisition, in addition the company will have access to the
EUR80 million senior secured first lien revolving credit facility.
In combination with expected FFO generation of around EUR40 million
these sources should comfortably cover swings in working capital
and capital expenditure forecasted to be around EUR6 million in
2022.

STRUCTURAL CONSIDERATIONS

The B2 instrument rating on the proposed EUR435 million senior
secured first lien term loan B and EUR80 million senior secured
first lien RCF is one notch above the corporate family rating
(CFR). The instrument ratings reflect the ranking of the Senior
Secured Term Loan pari passu with trade payables and the RCF but
ahead of the proposed EUR80 million senior secured second lien term
loan, which was assigned a Caa2 instrument rating.

ESG CONSIDERATIONS

XSYS will be owned by funds managed by private equity company Lone
Star. The private equity business model typically involves an
aggressive financial policy and a highly leveraged capital
structure to extract value. Private equity owned companies tend to
be less transparent when it comes to disclosure of financial and
business performance related information. Private equity owned
companies also tend to have less independent board representation.
XSYS' high starting leverage indicates a higher tolerance for
financial risk, and dividend recapitalizations and debt funded
mergers and acquisitions represent a risk related to XSYS'
ownership by Lone Star.

Moody's understands that the proposed loans will include an ESG
margin ratchet tied to the company achieving its environmental
targets.

RATING OUTLOOK

The positive outlook on the rating reflects Moody's expectation
that the company's leverage will decrease to below 6.5x by 2023 and
that the company will generate solid FCF and maintains a good
liquidity profile.

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

Moody's could upgrade XSYS' ratings if the company reduces its
leverage to below 6.5x and demonstrates its ability to generate
FCF/Debt in excess of 5% and to maintain a good liquidity profile.
Furthermore, an upgrade will require that XSYS' Moody's adjusted
EBITDA margin expands to close to 40%. An upgrade will also require
evidence of a financial policy aimed at achieving and maintaining a
higher rating.

Moody's could downgrade XSYS' ratings if its liquidity profile
weakens as a result of negative FCF generation or an aggressive
financial policy. A marked weakening of the company's EBITDA margin
would also be negative for the ratings as this could indicate a
loss of the company's strong position in its core market.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Headquartered in Stuttgart, Germany XSYS produces flexographic
printing plates and sleeves. In September 2021 private equity group
Lone Star announced that it will acquire XSYS from current owner
Flint. In 2020 XSYS generated revenues of EUR213 million and
company adjusted EBITDA of EUR87.6 million, equivalent to a company
defined EBITDA margin of around 40.5%.


LSF11 FOLIO: S&P Assigns Preliminary 'B' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating and issue rating to Germany-based LSF11 Folio Bidco
GmbH (XSYS) and its proposed first-lien term loan B, and its
preliminary 'CCC+' issue rating to XSYS' second-lien term loan.

S&P said, "The stable outlook reflects our view that XSYS will
maintain adjusted debt to EBITDA of below 7.0x and funds from
operations (FFO) cash interest of above 2.5x in 2022. We expect
that the company will maintain a steady operating and financial
performance with profitability of above 35%. In addition, we expect
that the group will generate a positive free operating cash flow
(FOCF)."

LSF11 Folio BidCo GmbH (XSYS), leading player in the flexographic
market globally, was acquired by Lone Star Funds as a part of a
carveout deal from Flint Group GmbH. S&P expects the transaction to
be completed in the first quarter of 2022. The contemplated
financing comprises:

-- A EUR435 million first-lien senior secured term loan B;

-- An EUR80 million second-lien secured term loan; and

-- An EUR80 million equivalent revolving credit facility (RCF;
expected to be undrawn at closing).

S&P said, "We do not incorporate any shareholder loans or other
instruments into our assumptions. We estimate that as of closing
(or "day 1" following the transaction), XSYS will have EUR30
million of cash on its balance sheet. All the remaining debt will
be refinanced by the new capital structure. The preliminary ratings
reflect the highly leveraged financial risk profile at transaction
close. We forecast S&P Global Ratings-adjusted debt to EBITDA will
be about 6.9x and 6.4x in 2022 and 2023, respectively. We expect
FFO cash interest cover to be very comfortable, at about 2.8x and
2.9x, over the same period."

XSYS holds good market positions in a niche industry that has
modest growth prospects. In particular, the company has a
well-established position in the flexographic printing materials
market as No. 2 after DuPont. XSYS operates in a small niche
segment representing approximately 10% of the total printing market
(including publication and commercial printing). S&P said, "We
expect this market to demonstrate modest expansion over the coming
years, with about 3% growth per year from 2021 to 2024, supported
by growth in package printing and transition from gravure to
flexographic printing technology. In our view, XSYS has a strong
product offering across the flexographic printing value chain,
including plate, sleeves, and pre-press equipment." This provides
it with a competitive advantage as a one-stop sales point to its
customers. The company has a good track record of innovation, and
the ability to adjust to changing technological trends. This has
been demonstrated by its timely launch of thermal-printing
technology solutions, allowing XSYS to protect and expand its
market share.

XSYS' small scale and limited business diversity are constraints,
but it has the potential to diversify and grow in scale through
acquisitions. The business risk profile is constrained by the small
size and scale of the group with projected sales of about EUR224
million and adjusted EBITDA of EUR83 million in 2022. In terms of
regional coverage, XSYS is mostly exposed to Europe, with more than
50% of sales stemming from this market. S&P said, "XSYS' intention
is to continue expanding its business geographically, towards the
U.S. and Asia, and we do not exclude the possibility that the
company will expand its operations through acquisitions. In the
Asia-Pacific region, we expect XSYS to gain market share due to its
logistical advantage over the North American competitors, and to
show good growth due to the increasing penetration of flexographic
solutions." XSYS has some customer concentration, with the top 20
customers accounting for about 40% of revenue in 2020.

S&P said, "We expect the company to maintain above-average
assertive margins for the next two years.The main strength of XSYS
in terms of the group's credit profile is its ability to generate
high operating margins, which we view as significantly above
average compared with typical capital goods sector players. In our
analysis, we assume that XSYS is able to generate an adjusted
EBITDA margin of 37%-38% throughout the forecast horizon. Our
analysis encompasses carveout costs in line with management
assumptions of EUR7.1 million in 2022 and EUR7.2 million in 2023.
We expect separation costs overall to remain modest, as the
business is already operating largely on a stand-alone basis, only
sharing certain IT, operational, and admin functions with Flint
Group."

The pandemic demonstrated the relative stability of XSYS' earnings,
which is further supported by the company's business model. XSYS
has historically shown high earnings stability, even amid the
COVID-19 pandemic. This can be attributed to the fact that about
95% of XSYS' products are consumables and represent a minor portion
of the overall customer cost (below 5%) while playing a critical
role in the production process. While technological barriers to
entry are solid and protected by patents and product knowhow, in
S&P's view, the market for flexographic plates and sleeves is
concentrated, and market participants have shown good pricing
discipline in the past.

S&P said, "Looking ahead, we expect the company to generate cash,
but we do not exclude acquisitions.We recognize XSYS' low capital
intensity and working capital requirements leading to a high cash
conversion. Capital expenditure (capex) is expected to be about
EUR7.5 million and EUR5.9 million in 2022 and 2023, being in the
range of 2.5%-3% of sales. Therefore, we expect the company to
generate positive FOCF in 2022 and 2023, of EUR35 million and EUR40
million, respectively. We do not expect any shareholder-friendly
actions in the next two years. However, we do not exclude the
company taking advantage of nonorganic opportunities to enlarge its
business scope.

"The final ratings will depend on our receipt and satisfactory
review of all transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final documentation
within a reasonable time frame, or if final documentation departs
from materials reviewed, we reserve the right to withdraw or revise
our ratings. Potential changes include, but are not limited to,
utilization of loan proceeds, maturity, size, and conditions of the
term loan, financial and other covenants, security, and ranking.

Environmental, social, and governance (ESG) credit factors should
not have impact on XSYS' performance at this point. S&P said, "We
acknowledge that the packaging industry is evolving under the
influence of certain environmental and social considerations. For
instance, plastics usage is undergoing a lot of scrutiny because of
recyclability issues. We understand from the company that XSYS'
management is committed to maintaining a good ESG footprint and
actively monitors these trends. In addition, we do not expect the
shift toward more environmentally friendly materials and packaging
to have a material impact on XSYS, because its technology enables
the end-customers to print on any material. Therefore, as of now,
we do not see any ESG factors that may threaten the future earnings
trajectory. We view XSYS' management and governance as fair,
reflecting new ownership by a private-equity sponsor."

S&P said, "The stable outlook reflects our view that XSYS will
maintain adjusted debt to EBITDA of below 7.0x and FFO cash
interest of above 2.5x in 2022. We also expect that the company
will maintain a steady operating and financial performance, with
profitability of above 35%. We further expect that the group will
generate positive FOCF.

"We could lower the rating if XSYS were to underperform our base
case, translating into debt to EBITDA rising above 7.5x and FFO
cash interest coverage falling below 2.5x. We could further lower
the rating if XSYS failed to generate positive FOCF or we observed
a more aggressive financial policy increasing leverage. In
addition, we would consider lowering the rating if the company
incurred higher-than-anticipated carveout and restructuring costs,
leading to lower profitability or higher leverage. Any large
debt-financed acquisition could also trigger a downgrade.

"We could raise the rating if the group further reduced leverage,
namely to below 5.0x, and FFO cash interest increased beyond 3.0x.
Currently we see only limited ratings upside, reflecting the
financial sponsor ownership."


TUI AG: S&P Upgrades ICR to 'B-' on EUR1.1 Billion Equity Raise
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit and issue ratings on
TUI AG and its debt to 'B-' from 'CCC+'.

The outlook is stable because S&P expects TUI will report EUR1.3
billion-EUR1.5 billion EBITDA and EUR250 million-EUR300 million
free operating cash flow (FOCF) after lease payments in 2022, which
will help the group maintain adequate liquidity and reduce its
adjusted debt to EBITDA toward 5.0x-6.0x.

With its EUR1.1 billion equity raise, TUI is bolstering its
liquidity ahead of the winter tourist season and taking steps to
address its highly leveraged capital structure.

On Oct. 6, TUI launched a fully underwritten capital increase to
raise gross proceeds of EUR1.1 billion, which it will use to repay
part of its revolving credit facilities (RCFs) from KfW, German
state-owned development bank. S&P understands that TUI might not
immediately cancel the respective commitments, because its priority
is to strengthen liquidity ahead of the winter season, when the
group's working capital requirements typically consume cash.
Earlier this year, TUI extended the maturity of its EUR4.8 billion
RCFs to 2024, thus reducing refinancing risk and increasing its
liquidity buffer. It had also raised EUR590 million of convertible
bonds and disposed of the real estate property of its RIU hotels,
with proceeds of about EUR540 million (excluding earn-outs in later
years). Together with positive FOCF in the third and fourth
quarters of fiscal 2021 (ended Sept. 30), these proceeds allowed
the group to reduce RCF drawings by EUR1.3 billion in the fourth
quarter of FY2021.

TUI is also considering a capital markets transaction, including a
senior unsecured bond issuance, to extend its debt maturity
profile. S&P views these as positive steps toward a more
sustainable capital structure. As of June 30, 2021, TUI had about
EUR5.9 billion of interest-bearing debt, including EUR3.2 billion
of drawn RCF, EUR590 million of convertible bonds (pro forma the
EUR190 million tap in July), EUR1.1 billion of silent cash pay
participation facilities that S&P views as akin to debt, and EUR1.0
billion of asset financing and other financial debt. Adding lease
and pension debt, total S&P Global Ratings-adjusted debt was nearly
EUR10 billion. Pro forma the above-mentioned transaction, S&P
Global Ratings-adjusted debt would reduce to EUR7.5 billion (EUR3.5
billion of cash-pay financial debt and EUR4 billion of lease and
pension liabilities).

S&P said, "We expect bookings will continue to ramp up, supported
by pent-up consumer demand and the effects of the vaccine
campaigns. TUI's bookings for the summer season (June to October)
reached 5.2 million by early October, showing a strong uptick in
the last few weeks. Yet capacity remains 50%-60% of FY2019
capacity, hampered in particular by the U.K. government's traffic
light system that limited U.K. departures. For the winter season,
although bookings are above 1.0 million, these are still 46% lower
than FY2019 bookings, with TUI expecting to operate at 60%-80%
capacity versus FY2019 levels. Long-haul destinations or
destination countries with lower vaccination rates, such as Turkey,
are expected to recover more slowly because of travel restrictions
or lower demand. Volumes will likely not approach pre-pandemic
levels before the second half of April-September 2022, and could be
further depressed by renewed or prolonged travel restrictions.

"Although we estimate TUIwill report EBITDA and cash flows that are
meaningfully negative in FY2021, short-term bookings led to a
gradual increase in revenue and subsequent working capital inflow
in the second half of the year. In our base case, we expect that
trend to continue, such that TUI reports positive EBITDA and FOCF
after lease payments in FY2022, albeit displaying standard cash
flow seasonality within the year. We believe the leisure travel
sector is showing signs of recovery and has potentially reached an
inflection point. Yet, we still expect that the leisure hospitality
industry will not fully normalize and recover to pre-pandemic
credit metrics before 2023.

"We believe TUI has sufficient liquidity over the next 12 months,
even if recovery is slower than we currently expect.TUI had about
EUR3.4 billion of liquidity on Oct. 4, 2021, including cash on
balance sheet (net of restricted cash) and available RCFs. The
equity raise will further enhance liquidity, until the group
cancels the undrawn RCF commitments. To put this number into
context, when TUI's operations were completely suspended, total
cash burn was about EUR400 million per month. The group's liquidity
typically reaches a low point in December after settling supplier
payments, then progressively increases as summer holiday bookings
are cashed in. In FY2022, we expect working capital requirements to
be lower in the first quarter than what they were before the
pandemic, because of lower volumes. In our base case, we anticipate
a liquidity requirement of EUR1.0 billion-EUR1.5 billion in the
first quarter of FY2022 (ending Dec. 31, 2021), which is mainly
covered by the rights issue proceeds."

TUI has historically received booking pre-payments about three to
six months prior to paying hotels, as travelers book their holidays
well in advance. Over the last few years, this business model has
led to material cash inflows in the second half of the fiscal year,
followed by cash outflows during the first half. S&P said, "We note
the risk of a potential change in customer booking behavior, should
travelers decide to book closer to the travel date out of
uncertainty regarding COVID-19 mobility restrictions. Currently,
across the industry, customers this summer were booking 10-14 days
in advance with short-term changes of travel advice, versus the
three-to-six months before the pandemic. We believe this could
exacerbate TUI's working capital needs if this trend remains."

Government aid has supported the issuer credit rating. The German
government has given TUI three bail-out packages totaling EUR4.3
billion to date. The German government's extraordinary and timely
support provided so far has enhanced TUI's liquidity and broadly
explains our issuer credit rating on the company. S&P said, "We
also now view TUI as a government-related entity (GRE). However, we
see a low likelihood that, beyond the existing stabilization
packages, TUI would receive further extraordinary support from the
German government under a future stress scenario. Despite the
government support over the past few months, we consider that TUI's
role for and its link with the German government remains limited."

S&P said, "The stable outlook reflects our expectation that pent-up
demand for leisure travel and recovery in international travel, at
least within Europe, will translate into positive EBITDA of EUR1.3
billion-EUR1.5 billion and FOCF after lease payments of EUR250
million-EUR300 million for TUI in FY2022. This will help the group
maintain adequate liquidity and reduce its S&P Global
Ratings-adjusted debt to EBITDA toward 5.0x-6.0x.

"The stable outlook also incorporates our view that the German
government and KfW would have a constructive approach toward TUI's
capital structure in case the sector's recovery was delayed.

"We could lower the rating within the next 12 months if the booking
pattern falls below our base-case expectations because of renewed
or prolonged travel restrictions, such that TUI's earnings remain
depressed compared with pre-pandemic levels and its FOCF after
lease payments does not turn positive. This could weaken its
liquidity position and lead us to consider its capital structure as
unsustainable.

"We see an upgrade as unlikely in the next 12 months because of
TUI's high debt burden and the meaningful intrayear working capital
swings inherent to its business model. We could upgrade TUI if the
company demonstrates a sustainable recovery in revenue and a track
record of positive FOCF, such that it deleverages comfortably below
5x with meaningful FOCF to debt consistently well above 10%."




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ALBACORE EURO III: Moody's Assigns (P)B3 Rating to EUR12MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by AlbaCore
Euro CLO III Designated Activity Company (the "Issuer"):

EUR238,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR24,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR30,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR20,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, high yield bonds and
mezzanine obligations. The underlying portfolio is expected to be
around 95% ramped as of the closing date and to comprise of
predominantly corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during the
6 month ramp-up period in compliance with the portfolio
guidelines.

AlbaCore Capital LLP ("AlbaCore") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four and a half
year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR31,700,000 Subordinated Notes due 2034 which
are not rated.

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

Methodology Underlying the Rating Action:

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

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

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

Par Amount: EUR400.0m

Diversity Score: 44*

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.70%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.5 years


ALBACORE EURO III: S&P Assigns Prelim. B- Rating on F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
AlbaCore EURO CLO III DAC's class A, B-1, B-2, C, D, E, and F
notes. At closing, the issuer will issue EUR31.70 million of
unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately four and
a half years after closing, and the portfolio's maximum average
maturity date will be eight and a half years after closing.

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

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

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

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor       2862.22
  Default rate dispersion                                  437.10
  Weighted-average life (years)                              5.55
  Obligor diversity measure                                114.16
  Industry diversity measure                                19.04
  Regional diversity measure                                 1.13

  Transaction Key Metrics
                                                          CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                            1.75
  Covenanted 'AAA' weighted-average recovery (%)            34.87
  Covenanted weighted-average spread (%)                     3.70
  Covenanted weighted-average coupon (%)                     4.50

S&P said, "Our preliminary ratings reflect our assessment of the
collateral portfolio's credit quality, which has a weighted-average
rating of 'B'. We consider that the portfolio will be
well-diversified on the effective date, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread of 3.70%, the
covenanted weighted-average coupon of 4.50%, and the portfolio's
weighted-average recovery rates for all the other rating levels.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

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

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

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A, B-1, B-2, C, D, E, and F notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class B-1, B-2, C, and D notes could withstand stresses
commensurate with higher preliminary ratings than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our preliminary ratings
assigned to the notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC' rating. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and the class F notes' credit
enhancement, this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis further reflects
several factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&P has rated and that has recently
been issued in Europe.

-- S&P's model-generated portfolio default risk at the 'B-' rating
level is 27.50% (for a portfolio with a weighted-average life of
5.55 years) versus 17.21% if it was to consider a long-term
sustainable default rate of 3.1% for 5.55 years.

-- Whether the tranche is vulnerable to nonpayment in the near
future

-- If there is a one-in-two chance for this note to default.

-- If we envision this tranche to default in the next 12-18
months.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
our publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

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

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: development,
production, maintenance, trade or stock-piling of weapons of mass
destruction, or the production or trade of illegal drugs, illegal
narcotics or recreational marijuana, the speculative extraction of
oil and gas, thermal coal mining, marijuana-related businesses,
production or trade in controversial weapons, hazardous chemicals,
pesticides and wastes, ozone depleting substances, endangered or
protected wildlife of which the production or trade is banned by
applicable global conventions and agreements, pornographic
materials or content, prostitution-related activities, tobacco or
tobacco-related products, gambling, subprime lending or payday
lending activities, weapons or firearms, and opioids. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List
  
  CLASS   PRELIM.    PRELIM.    CREDIT        INTEREST RATE*
          RATING     AMOUNT     ENHANCEMENT
                   (MIL. EUR)    (%)
  A       AAA (sf)    238.00      40.50   Three/six-month EURIBOR
                                           plus 0.99%
  B-1     AA (sf)      24.00      29.50   Three/six-month EURIBOR
                                           plus 1.78%
  B-2     AA (sf)      20.00      29.50   2.10%
  C       A (sf)       30.00      22.00   Three/six-month EURIBOR
                                           plus 2.35%
  D       BBB- (sf)    28.00      15.00   Three/six-month EURIBOR
                                           plus 3.20%
  E       BB- (sf)     20.00      10.00   Three/six-month EURIBOR
                                           plus 6.09%
  F       B- (sf)      12.00       7.00   Three/six-month EURIBOR
                                           plus 9.15%
  Subordinated NR      31.70        N/A   N/A

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

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


AQUEDUCT EUROPEAN 5-2020: S&P Assigns B- Rating on F-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Aqueduct European
CLO 5-2020 DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes. At closing, the issuer did not issue additional unrated
subordinated notes in addition to the EUR36.1 million of existing
unrated subordinated notes.

The transaction is a reset of an existing Aqueduct European CLO
5-2020 transaction, which originally closed in September 2020. The
issuance proceeds of the refinancing notes are used to redeem the
refinanced notes pay fees and expenses incurred in connection with
the reissue.

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

The portfolio's reinvestment period will end approximately four and
a half years after closing, and the portfolio's maximum average
maturity date will be eight and a half years after closing.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor     2717.46
  Default rate dispersion                                 85.33
  Weighted-average life (years)                            5.06
  Obligor diversity measure                              123.04
  Industry diversity measure                              19.74
  Regional diversity measure                               1.34

  Transaction Key Metrics
                                                        CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                          0.50
  Covenanted 'AAA' weighted-average recovery (%)          36.43
  Covenanted weighted-average spread (%)                   3.61
  Covenanted weighted-average coupon (%)                   4.00

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio will be well-diversified on the
effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow collateralized debt
obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread of 3.61%, the covenanted
weighted-average coupon of 4.00%, and the actual weighted-average
recovery rate for all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

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

"We consider the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. Our credit and
cash flow analysis indicates that the available credit enhancement
for the class B-1-R, B-2-R, C-R, D-R, and E-R notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes.

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

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

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: development,
production and manufacture of weapons of mass destruction, illegal
drugs or narcotics, pornographic material or prostitution-related
activities, payday lending, trade in, production or marketing of
hazardous chemicals, trades in endangered or protected wildlife,
tobacco or tobacco products, and opioids. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS   RATING    AMOUNT    CREDIT       INTEREST RATE*
                  (MIL. EUR)  ENHANCEMENT
                                (%)
  A-R     AAA (sf)   248.00    38.00   Three/six-month EURIBOR
                                        plus 1.03%
  B-1-R   AA (sf)     26.00    28.50   Three/six-month EURIBOR
                                        plus 1.70%
  B-2-R   AA (sf)     12.00    28.50   1.95%
  C-R     A (sf)      29.00    21.25   Three/six-month EURIBOR
                                        plus 2.00%
  D-R     BBB- (sf)   27.00    14.50   Three/six-month EURIBOR
                                        plus 3.00%
  E-R     BB- (sf)    20.00     9.50   Three/six-month EURIBOR
                                        plus 5.91%
  F-R     B- (sf)     11.00     6.75   Three/six-month EURIBOR
                                        plus 8.45%
  Sub     NR          36.10      N/A   N/A

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

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


ARES EURO XII: Fitch Assigns Final B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XII DAC refinancing
notes final ratings and affirmed the existing class E and F notes,
as detailed below. The class E and F notes have been removed from
Under Criteria Observation (UCO). The Rating Outlook for all
tranches is Stable.

    DEBT                    RATING               PRIOR
    ----                    ------               -----
ARES European CLO XII DAC

A XS2034050497        LT PIFsf   Paid In Full    AAAsf
A-R XS2391578155      LT AAAsf   New Rating      AAA(EXP)sf
B-1 XS2034051032      LT PIFsf   Paid In Full    AAsf
B-1-R XS2391578742    LT AAsf    New Rating      AA(EXP)sf
B-2 XS2034051461      LT PIFsf   Paid In Full    AAsf
B-2-R XS2391579559    LT AAsf    New Rating      AA(EXP)sf
C XS2034051974        LT PIFsf   Paid In Full    Asf
C-R XS2391580052      LT Asf     New Rating      A(EXP)sf
D XS2034052436        LT PIFsf   Paid In Full    BBB-sf
D-R XS2391580649      LT BBB-sf  New Rating      BBB-(EXP)sf
E XS2034052865        LT BB-sf   Affirmed        BB-sf
F XS2034054135        LT B-sf    Affirmed        B-sf

TRANSACTION SUMMARY

Ares European CLO XII DAC is a cash flow collateralised loan
obligation (CLO) actively managed by Ares European Loan Management
LLP. The reinvestment period is scheduled to end in April 2024. At
closing of the refinance, the class A-R to D-R notes were issued
and the proceeds used to refinance the existing notes. The class E,
F and the subordinated notes have not been refinanced.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the current
portfolio is 25.37.

High Recovery Expectations (Positive): Over 90% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the portfolio is 62.2%.

Diversified Portfolio (Positive): The top 10-obligor and maximum
fixed-rate asset limits for this analysis are 23% and 10%,
respectively. The portfolio is more diversified with 160 issuers
than in the transaction's modelled stressed portfolio of 104
issuers . The transaction also includes various concentration
limits, including the maximum exposure to the three-largest
Fitch-defined industries in the portfolio at 40%. These covenants
ensure that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction has a 2.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. The weighted average life
covenant has been extended by 12 months to 7.4 years and the matrix
was updated concurrently at closing. Fitch's analysis is based on a
stressed portfolio with the aim of testing the robustness of the
transaction's structure against its covenants and portfolio
guidelines.

Cash Flow Analysis (Neutral): The weighted-average life (WAL) used
for the transaction's stressed portfolio and matrices analysis is
12 months less than the WAL covenant, to account for structural and
reinvestment conditions post-reinvestment period, including the
over-collateralisation (OC) tests and Fitch 'CCC' limitation test
passing post-reinvestment, among others. This ultimately reduces
the maximum possible risk horizon of the portfolio when combined
with loan pre-payment expectations.

Affirmation of Existing Notes: The class E and F notes have been
affirmed at their current ratings and removed from UCO. The
affirmation reflects the stable performance of the transaction
since the last rating action (excluding the UCO action) on 24 March
2021. In addition, the class E notes are at the model-implied
rating based on the updated matrix. The class F notes' 'B-sf'
rating reflects a 'limited margin of safety', in line with Fitch's
definition of the rating, and under the actual portfolio analysis
also passes the rating default rate (RDR) at 'Bsf', ensuring a
minimum cushion at the 'B-sf' rating.

RATING SENSITIVITIES

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

-- A 25% increase of the mean RDR across all ratings and a 25%
    decrease of the recovery rate (RRR) across all ratings would
    result in downgrades of up to five notches cross the
    structure.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high levels of defaults and portfolio
    deterioration.

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

-- A 25% reduction of the mean RDR across all ratings and a 25%
    increase in the RRR across all ratings would result in an
    upgrade of no more than three notches across the structure,
    apart from the class A-R notes, which are already at the
    highest rating on Fitch's scale and cannot be upgraded.

-- After the end of the reinvestment period, upgrades may occur
    on better-than-expected portfolio credit quality and deal
    performance, leading to higher credit enhancement and excess
    spread available to cover losses in the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


ARES EUROPEAN XII: Moody's Affirms B3 Rating on EUR11.25MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Ares
European CLO XII DAC (the "Issuer"):

EUR279,000,000 Class A Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR29,250,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR11,250,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR29,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR29,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

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

EUR27,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba3 (sf); previously on Sep 12, 2019
Definitive Rating Assigned Ba3 (sf)

EUR11,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Sep 12, 2019
Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

Moody's rating affirmation of the Class E Notes and Class F Notes
is a result of the refinancing, which has no impact on the ratings
of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life test date by 12 months to March 12, 2029. It has also
amended certain definitions and minor features, and has amended the
base matrix and modifiers that Moody's has taken into account for
the assignment of the definitive ratings.

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

Ares European Loan Management LLP will continue to manage the CLO.
It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period which ends in April 2024. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations and credit improved
obligations.

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

Methodology Underlying the Rating Action:

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

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

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

Performing par and principal proceeds balance: EUR 445.6 million

Defaulted Par: EUR4.3 million

Diversity Score: 52

Weighted Average Rating Factor (WARF): 3215

Weighted Average Spread (WAS): 3.7%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL) test date: March 12, 2029.


AVOCA CLO XXV: Moody's Assigns (P)B3 Rating to EUR12MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Avoca CLO
XXV Designated Activity Company (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR30,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR24,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2034, Assigned (P)A2 (sf)

EUR29,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2034, Assigned (P)Baa3 (sf)

EUR20,000,000 Class E Deferrable Junior Floating Rate Notes due
2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6-month ramp-up period in compliance with the portfolio
guidelines.

KKR Credit Advisors (Ireland) Unlimited Company will manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.4-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR35.6 million of Subordinated Notes which are
not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2986

Weighted Average Spread (WAS): 3.73%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.53%

Weighted Average Life (WAL): 8.5 years

GROSVENOR PLACE 2015-1: Fitch Raises Class E-RR Debt to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded the class A-2A-RR, A-2B-RR, B-RR, C-RR,
D-RR and E-RR notes and affirmed two tranches of Grosvenor Place
CLO 2015-1 B.V. Fitch also removed the class A-2A-RR, A-2B-RR,
B-RR, C-RR, D-RR and E-RR notes from Under Criteria Observation.
The Rating Outlooks for class A-2A-RR, A-2B-RR and B-RR notes are
revised to Stable from Positive. The Rating Outlook remains Stable
for all other classes.

      DEBT                RATING             PRIOR
      ----                ------             -----
Grosvenor Place CLO 2015-1 B.V.

A-1A-RR 39927WBU0    LT AAAsf   Affirmed     AAAsf
A-1B-RR 39927WBW6    LT AAAsf   Affirmed     AAAsf
A-2A-RR 39927WBY2    LT AA+sf   Upgrade      AAsf
A-2B-RR 39927WCA3    LT AA+sf   Upgrade      AAsf
B-RR 39927WCC9       LT A+sf    Upgrade      Asf
C-RR 39927WCE5       LT BBB+sf  Upgrade      BBBsf
D-RR 39927WCG0       LT BB+sf   Upgrade      BBsf
E-RR 39927WCJ4       LT B+sf    Upgrade      B-sf

TRANSACTION SUMMARY

The transaction is a cash-flow collateralized loan obligation (CLO)
backed by a portfolio of mainly European leveraged loans and bonds.
The transaction exited its reinvestment period in April 2020, but
the manager can reinvest subject to the reinvestment criteria after
the reinvestment period.

KEY RATING DRIVERS

The analysis was based on the current portfolio and evaluated the
combined impact of amortization and performance since the last
review in February 2021 and the recently updated Fitch CLOs and
Corporate CDOs Rating Criteria, which included a change in the
underlying default assumptions. In addition, Fitch performed a
scenario that assumes a one-notch downgrade on the Fitch Issuer
Default Rating (IDR) Equivalency Rating for assets with a Negative
Outlook on the driving rating of the obligor.

Transaction Deleveraging

The upgrade of the class A-2A-RR, A-2B-RR, B-RR, C-RR, D-RR and
E-RR notes reflects the modest deleveraging of the transaction
since the last review in February 2021. Class A-1 notes have paid
down by EUR25.6 million during the review period. Overall credit
enhancement (CE) has improved across all rated notes.

Deviation from Model-implied Rating

The upgrade of the class C-RR notes to 'BBB+sf' is a deviation from
Fitch's model-implied rating of 'A-sf'. The deviation by negative
one notch reflects that the model-implied rating would not be
resilient based upon a scenario that assumes a one-notch downgrade
on the Fitch IDR Equivalency Rating for assets with a Negative
Outlook on the driving rating of the obligor. The deviation is
motivated by the limited default rate cushion when considering this
scenario in the analysis.

Portfolio Performance

As per the issuer's report dated Aug. 31, 2021, the transaction is
passing all the coverage tests, but the Fitch weighted average
rating factor (WARF) test and weighted average life (WAL) test are
failing. The manager has been reinvesting sales proceeds or
prepayments subject to a maintained/improved basis for both the
failed tests. 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. Assets with a
Fitch-derived rating of 'CCC+' and below make up 6.6% of the
portfolio if excluding two unrated assets at 2.9% of the collateral
balance, which is below the 7.5% test limit. No defaulted asset is
currently reported.

Asset Credit Quality

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category for the transaction. The
Fitch WARF reported by the trustee was 34.14 in the Aug. 31, 2021
monthly report, above the maximum covenant of 34.00. The Fitch
calculated WARF under the updated Fitch CLOs and Corporate CDOs
Rating Criteria is 25.97 as of Oct. 9, 2021.

Asset Security

Senior secured obligations make up 93.54% of the portfolio. Fitch
views the recovery prospects for these assets as more favorable
than for second-lien, unsecured and mezzanine assets. Fitch WARR of
the current portfolio is 61.40% as per the most recent report,
exceeding the test limit of 59.67%.

Portfolio Concentration

The portfolio is reasonably diversified with the top 10 obligors
and the largest obligor, as well as the industry exposure all
within the limits of the portfolio profile tests.

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 rating
    (RRR) by 25% at all rating levels will result in downgrades of
    no more than two notches depending on the notes.

-- Downgrades may occur if the build-up of credit enhancement
    following amortization does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly 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 of the RRR by 25% at all rating levels
    would result in an upgrade of up to five notches depending on
    the notes. Except for the class A-1A-RR and A-1B-RR notes,
    which are already at the highest 'AAAsf' rating, upgrades may
    occur in case of better than expected portfolio credit quality
    and deal performance, leading to higher credit enhancement and
    excess spread available to cover for losses on the remaining
    portfolio.

-- If asset prepayment is faster than expected and outweighs the
    negative pressure of the portfolio migration, this could
    increase credit enhancement and put upgrade pressure on the
    non-'AAAsf' rated notes.

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

Grosvenor Place CLO 2015-1 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.

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.


MAN GLG II: Fitch Raises Class F Debt to 'B+'
---------------------------------------------
Fitch Ratings has upgraded five tranches of Man GLG Euro CLO II DAC
that were previously placed Under Criteria Observation (UCO). Fitch
also affirmed two other 'AAA' rated class A-1-R and A-2 tranches
not placed UCO. Fitch has revised the Rating Outlooks on the
classes B, C-R, D, E and F notes to Positive from Stable.

     DEBT                  RATING            PRIOR
     ----                  ------            -----
Man GLG Euro CLO II DAC

A-1-R XS2034711064    LT AAAsf   Affirmed    AAAsf
A-2 XS1516363576      LT AAAsf   Affirmed    AAAsf
B XS1516362685        LT AA+sf   Upgrade     AAsf
C-R XS2034711734      LT A+sf    Upgrade     Asf
D XS1516363733        LT BBB+sf  Upgrade     BBB-sf
E XS1516363063        LT BB+sf   Upgrade     BB-sf
F XS1516363147        LT B+sf    Upgrade     B-sf

TRANSACTION SUMMARY

Man GLG Euro CLO II DAC is a cash flow collateralized loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by GLG Partners LP. The
deal exited its reinvestment period in January 2021.

KEY RATING DRIVERS

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

Transaction Deleveraging: The class A-1-R note has amortized by
approximatively EUR16 million since its reinvestment period ended
in January 2021, increasing credit enhancement to 38.6% from
37.8%.

The upgrade also reflects constraints on reinvestments from sale
proceeds of credit risk obligations, credit-improved obligations
and from unscheduled principal proceeds as the current weighted
average life (WAL) test has been breached since May 2021. As of the
September 2021 investor report the WAL of the portfolio is 4.41
versus the maximum covenanted WAL of 4.27.

Stable Asset Performance: The transaction metrics are broadly
similar to those at the last review as of Feb 2021. The Fitch CCC
was failing at 7.66% and is still failing at 7.91% . The Fitch WARR
was failing at 65.00% and is now failing at 64.50%. The WAL was
passing at the last review and is now failing ay 4.41 years. The
Fitch WARF was failing at 34.80 and is now failing at 34.89.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category for the transaction. The WARF
calculated by the trustee was 34.89, above the maximum covenant of
34.53. The Fitch-calculated WARF under the updated Fitch CLOs and
Corporate CDOs Rating Criteria was 26.16 as of Sept. 25, 2021.

High Recovery Expectations: Senior secured obligations comprise
99.05% of the portfolio. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets.

Portfolio Well Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 16.65%, and no obligor represents more than 1.88%
of the portfolio balance.

RATING SENSITIVITIES

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

-- An increase of the RDR (recovery default rate) at all rating
    levels by 25% of the mean RDR, and a decrease of the recovery
    rate (RRR) by 25% at all rating levels to the Outlook Negative
    scenario, would result in downgrades of up to one rating
    category 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 to
    the Outlook Negative scenario, 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 credit enhancement 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

Man GLG Euro CLO II DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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.


ROCKFORD TOWER 2019-1: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has removed Rockford Tower Europe CLO 2019-1 DAC from
Under Criteria Observation (UCO) and placed them on Rating Watch
Positive (RWP), except for the class A notes. The class A tranche
has been affirmed at 'AAA' with Stable Outlook.

     DEBT                RATING                   PRIOR
     ----                ------                   -----
Rockford Tower Europe CLO 2019-1 DAC

A XS2064431542      LT AAAsf   Affirmed           AAAsf
B-1 XS2064432359    LT AAsf    Rating Watch On    AAsf
B-2 XS2064432862    LT AAsf    Rating Watch On    AAsf
C XS2064433837      LT Asf     Rating Watch On    Asf
D XS2064434488      LT BBB-sf  Rating Watch On    BBB-sf
E XS2064435022      LT BB-sf   Rating Watch On    BB-sf
F XS2064435295      LT B-sf    Rating Watch On    B-sf

TRANSACTION SUMMARY

Rockford Tower Europe CLO 2019-1 DAC is a cash flow CLO comprising
mostly senior secured obligations. The transaction is currently in
its reinvestment period, and is being actively managed by Rockford
Tower Capital Management, L.L.C.

KEY RATING DRIVERS

CLO Criteria Update: The rating action mainly reflects 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 both current and
stressed portfolios.

Our stressed portfolio analysis is based on the matrix within the
transaction documentation, and this supports a model-implied rating
of approximately one to two notches above the current ratings. The
rationale for the deviation from the model-implied ratings is that
the manager has informed Fitch that they expect to reset or
refinance the transaction, subject to market conditions after the
expiry of the non-call period.

The class B to F notes have been placed on RWP, and if there is no
refinancing or reset of this transaction, Fitch expects to upgrade
the ratings in line with the model-implied ratings, all else being
kept equal, when the RWP is resolved within six months.

Stable Asset Performance: The transaction's metrics indicate a
stable asset performance. The transaction is currently 0.45% above
par. It is passing all weighted average rating factor (WARF) and
recovery rate (WARR), and weighted average life (WAL) portfolio
profile and coverage tests. Exposure to assets with a Fitch-derived
rating (FDR) of 'CCC+' and below is 6.24%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B' category. The WARF
as calculated by the trustee was 33.61, which is below the maximum
covenant of 34.2. The WARF as calculated by Fitch under the latest
criteria is 25.09.

High Recovery Expectations: Senior secured obligations comprise
97.63% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top- 10 obligor
concentration is 17.99%, and no obligor represents more than 2.69%
of the portfolio balance.

Cash Flow Modelling: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

RATING SENSITIVITIES

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

-- An increase of the default rate (RDR) across all ratings by
    25% of the mean RDR and a 25% decrease of the recovery rate
    (RRR) by 25% across all ratings will result in downgrades of
    no more than five notches, depending on the notes.

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of defaults and portfolio deterioration.

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels
    would result in an upgrade of no more than three notches
    across the structure, except for the class A notes, which are
    already at the highest rating on Fitch's scale and cannot be
    upgraded.

-- After the end of the reinvestment period, upgrades may occur
    on better-than-initially expected portfolio credit quality and
    deal performance, leading to higher credit enhancement and
    excess spread available to cover losses in the remaining
    portfolio.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


TIKEHAU CLO II: Fitch Assigns Final B- Rating on Class F-R Debt
---------------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO II DAC final ratings.

     DEBT                   RATING               PRIOR
     ----                   ------               -----
Tikehau CLO II DAC

A-R XS2011002917      LT PIFsf   Paid In Full    AAAsf
A-RR XS2393252973     LT AAAsf   New Rating      AAA(EXP)sf
B XS1505669678        LT PIFsf   Paid In Full    AA+sf
B-1-R XS2393254755    LT AAsf    New Rating      AA(EXP)sf
B-2-R XS2393255307    LT AAsf    New Rating      AA(EXP)sf
C-R XS2011004616      LT PIFsf   Paid In Full    A+sf
C-RR XS2393256701     LT Asf     New Rating      A(EXP)sf
D-R XS2011005266      LT PIFsf   Paid In Full    BBB+sf
D-RR XS2393256024     LT BBB-sf  New Rating      BBB-(EXP)sf
E XS1505671062        LT PIFsf   Paid In Full    BBsf
E-R XS2393256370      LT BB-sf   New Rating      BB-(EXP)sf
F XS1505671732        LT PIFsf   Paid In Full    B-sf
F-R XS2393255729      LT B-sf    New Rating      B-(EXP)sf

TRANSACTION SUMMARY

Tikehau CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to redeem the existing notes and buy additional assets
to fund a portfolio with a target par of EUR400 million. The
portfolio will be actively managed by Tikehau Capital Europe
Limited. The collateralised loan obligation (CLO) has a 4.63-year
reinvestment period and an 8.63-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch Ratings places
the average credit quality of obligors in the 'B'/'B-' category.
The Fitch weighted average rating factor of the identified
portfolio is 25.52.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.29%.

Diversified Asset Portfolio (Positive): The transaction includes
two Fitch matrices: one effective at closing corresponding to
top-10 obligor concentration limit at 22%, fixed-rate asset limit
to 10% and 8.63-year WAL; and one that can be selected by the
manager at any time from one year after closing as long as the
portfolio balance (including defaulted obligations at their Fitch
collateral value) is above target par and corresponding to the same
limits of the previous matrix apart from a 7.63-year WAL.

Portfolio Management (Neutral): The transaction has a 4.63-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Reduced Risk Horizon (Neutral): Fitch's analysis of the matrix is
based on a stressed-case portfolio with a 7.63-year WAL. Under the
agency's CLOs and Corporate CDOs Rating Criteria, the WAL used for
the transaction stress portfolio was 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period, including the OC tests and Fitch
'CCC' limitation passing after reinvestment.

RATING SENSITIVITIES

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

-- An increase of the rating default rate (RDR) at all rating
    levels by 25% of the mean RDR and a 25% decrease of the
    recovery rate at all rating levels would lead to a downgrade
    of up to seven notches for the rated notes.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement (CE) following amortisation does not compensate
    for a larger loss expectation than initially assumed due to
    unexpectedly high levels of defaults and portfolio
    deterioration.

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and a 25% increase of the recovery rate at all rating
    levels, would lead to an upgrade of up to four notches for the
    rated notes, except the class A notes, which are already the
    highest rating on Fitch's scale and cannot be upgraded.

-- After the end of the reinvestment period, upgrades may occur
    in case of a better-than-initially expected portfolio credit
    quality and deal performance, leading to higher CE and excess
    spread available to cover for losses in the remaining
    portfolio.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Tikehau CLO II DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


TIKEHAU CLO II: Moody's Assigns B3 Rating to Class F-R Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Tikehau
CLO II DAC (the "Issuer"):

EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR23,900,000 Class B-1R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR12,500,000 Class B-2R Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR24,600,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR29,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR22,400,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR11,600,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

As part of this refinancing, the Issuer has extended the
reinvestment period by 4.6 years and the weighted average life by
4.5 years to 8.5 years. It has also amended certain concentration
limits, definitions including the definition of "Adjusted Weighted
Average Rating Factor" and minor features. The issuer has included
the ability to hold workout obligations. In addition, the Issuer
has amended the base matrix and modifiers that Moody's has taken
into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is approximately 81.92% ramped as
of the closing date.

Tikehau Capital Europe Limited ("Tikehau") will continue to manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.6-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and credit improved obligations.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3097

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 3.5%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8.63 years




=========
I T A L Y
=========

ALMAVIVA SPA: Fitch Assigns 'BB-' LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has assigned AlmavivA S.p.A. (Almaviva) a Long-Term
Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook. Fitch
has also assigned an expected 'BB(EXP)'/'RR3' instrument rating to
the company's proposed secured debt facilities. Final ratings will
depend on instrument documentation conforming to information
already received by Fitch.

Almaviva's ratings reflect its entrenched positions as a leading
Italian IT services company with a good growth outlook, strong free
cash flow, and moderate and improving leverage. Ongoing discussion
about the renewal of its contract with its largest customer,
Ferrovie dello Stato Italiane S.p.A (BBB-/Stable), is a key risk to
expected EBITDA growth and deleveraging.

KEY RATING DRIVERS

IT Driven Credit Profile: Almaviva's credit profile is primarily
shaped by its IT services segment - the company is one of the
leading Italian providers of IT services - while its legacy
customer relationship management (CRM) segment makes a lower
contribution to its credit profile. Fitch expects the growth of IT
services to significantly outpace any expansion in CRM, which would
further reduce CRM's contribution to the business mix. In 1H21 the
IT segment (including Almawave) generated 74% of group EBITDA.

Strong Domestic IT Positions: Fitch views Almaviva as well
entrenched in the Italian IT market primarily catering for a large
private and public sector entities such as large corporates and
public administration bodies. It is the fourth largest IT services
company by revenues in Italy in 2020, and has successfully competed
against international IT giants in the domestic market. It has
wider presence in the transport and public administration segments,
which are its areas of strength - Almaviva's participated contract
win rate was close to 80% in public administration in 2020.

Stable Customer Relationships: Almaviva benefits from typically
stable and long-lasting customer relationships in its IT segment,
with close to 80% of its 1H21 IT services revenue coming from
customers with contractual relationships of more than 10 years.
Over 40% of Almaviva's IT revenues are recurring, which is broadly
comparable to IT peers.

Largest IT Customer Uncertainty: Fitch expects Almaviva to maintain
a significant amount of business with its largest IT customer,
Ferrovie dello Stato, the Italian railway company, with the
relationship dating back to 1997. A failure to maintain long-term
contractual relationships with this customer would lead to
significantly higher execution risks around the company's growth
strategy and weaken its deleveraging capacity.

Almaviva's current interim contract with Ferrovie expires at the
end of 2021. Almaviva is bidding for a higher share than it
currently has in the ongoing tender process for two seven-year
contracts. Bridge contracts are likely until the contract award
process is complete. With IT services mission-critical for the
efficient provision of railway services and infrastructure
management, Fitch sees an abrupt switch of IT services provider as
unlikely given the complexity such a change would entail.

Positive IT Growth Outlook: Almaviva has a good IT growth outlook
supported by a rising digitalization trend and more than EUR200
billion Italian Recovery and Resilience Plan (PNPR) funding, of
which close to EUR10 billion is earmarked for digitalization and IT
modernisation in public administration. Overall, Fitch expects the
Italian IT services market to demonstrate mid-to-high single-digit
yoy growth until 2024.

Almaviva has been able to expand significantly ahead of the market,
with its growth resilient to the negative effects of the Covid-19
pandemic. Revenue visibility is supported by the company's IT
services backlog of EUR1,370 million at end-1H21, equivalent to
2.3x years of last-12-months (LTM) IT revenues.

Domestic CRM Break-Even: Fitch expects the domestic CRM segment to
be less of a drag on the company's operations. Almaviva has largely
completed the targeted reduction of its domestic CRM segment,
achieving a close to break-even EBITDA generation in 1H21. The
domestic CRM market is heavily exposed to lower-priced offshore
competition with Italian-speaking neighbouring countries such as
Albania. This will limit growth and margin improvement in this
segment.

Healthy International CRM: Fitch considers Almaviva' s
international CRM operations to have brighter prospects. The
company has grown to be the second largest CRM operator in Brazil,
where offshoring risk is low due to the lack of any
Portuguese-speaking neighbouring alternatives. Fitch believes
growing outside Brazil may be more complicated in the ubiquitous
Spanish-speaking environment elsewhere in the region. Fitch views
the CRM segment as intrinsically more volatile than IT services,
with more intense pricing competition and lower service
differentiation.

Moderate FX Risk: International CRM operations also expose Almaviva
to moderate FX risk, with this segment's cash flows predominantly
in Brazilian reals while all of the company's debt is in euros.
International CRM accounted for 25% of the group's EBITDA in 1H21.

Significant Customer Concentration: Almaviva remains exposed to
significant customer concentration with over 30% of IT services and
over 20% of international CRM revenues coming from a single
customer in the respective segments, although this share has
reduced during 2016-2021. The company is aiming to further reduce
its reliance on its largest customers, but Fitch believes
significant change may only be achieved in the long term.

Moderate, Improving Leverage: Fitch projects Almaviva's FFO gross
leverage at 4.6x at end-2021, declining to 4.1x at end-2022 and
3.6x at end-2023. Deleveraging on a gross debt basis is primarily
driven by EBITDA growth, with a capacity to de-lever by around 0.5x
a year. Failure to increase EBITDA in line with Fitch's
expectations over the next 18 months could lead to FFO gross
leverage above Fitch's leverage downgrade threshold.

In the absence of any ring-fencing or clear shareholder
distributions policy, Fitch primarily relies on metrics based on
gross debt. Almaviva's net leverage metrics are much more
comfortable: Fitch expects FFO net leverage at close to 2x at
end-2021.

Strong Cash Flow: Deleveraging capacity is supported by strong cash
flow generation over the next few years. Fitch projects CFO less
capex/total debt to be comfortably in double digits in 2021-2024 on
average, which is ahead of most similarly rated peers. Fitch
expects pre-dividend FCF margins in high single digits in
2022-2024. Fitch treats capitalised R&D as a cash expense reducing
EBITDA/FFO and increasing leverage, but free cash flow-based
metrics are not sensitive to this adjustment.

Large Cash Position: Fitch estimates the company will accumulate up
to EUR200 million of cash available for acquisitions and
shareholder pay-outs by end-2021. If some of that cash is spent on
acquisitions, it may be accretive for faster reduction in gross
leverage, assuming acquisitions positively contribute to EBITDA and
FFO. Almaviva's majority family shareholding means Fitch believes
large shareholder payouts are less likely, as suggested by a track
record of minimal dividends during periods of higher leverage.

DERIVATION SUMMARY

Almaviva's closest domestic peer is Ingegneria Informatica S.p.A.
(Engineering), a leading Italian software developer and provider of
IT services to large Italian companies (Fitch rates Centurion Bidco
S.p.A, the acquisition vehicle for this company, at B+/Stable).
Engineering has a greater absolute size, wider industrial scope,
faces lower FX risks and does not have any lower credit quality
non-IT segments (such as CRM for Almaviva). This leads to more
conservative leverage thresholds for Almaviva than for Engineering.
Almaviva is rated higher than Engineering due to its lower
leverage.

Almaviva's range of offered services has some overlap with large
multi-country multi-segment IT services companies, such as DXC
Technology Company (BBB/Stable) and Accenture plc (A+/Stable), but
on a significantly smaller scale, with a focus on a single country
and fewer segments.

Almaviva is rated higher than Enterprise Resource Planning
(ERP)-software providers with higher leverage such as Italian-based
TeamSystem Holding S.p.A. (B/Stable), a leading Italian accounting
and ERP software company with over 75% of recurring revenue, and
Cedacri MergeCo S.p.A. (B/Stable), a leading Italian provider of
software solutions, infrastructure and outsourcing services for the
financial sector in Italy.

KEY ASSUMPTIONS

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

-- IT services revenue growing by mid-single percentage yoy in
    2021-2024 on average, including the renewal of the Ferrovie
    dello Stato contract;

-- Modestly improving EBITDA margin with domestic CRM no longer a
    drag;

-- Capex at slightly above 1% of revenues in 2021-2024 (excluding
    R&D capitalised capex, which Fitch treated as a cash expense);

-- Acquisitions of EUR50 million a year in 2022-2024, at an
    enterprise value/EBITDA multiple of 10x;

-- Negative EUR20 million working-capital changes in 2021
    followed by very limited movements in 2022-2023;

-- A significant increase in cash taxes on expiration of some
    tax-loss carry-forwards;

-- Modestly growing dividends from the 2021 level.

RATING SENSITIVITIES

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

-- FFO gross leverage sustainably below 3x;

-- A significant increase of recurring revenues in the revenue
    mix and lower customer concentration.

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

-- FFO gross leverage persistently above 4x, with slow
    deleveraging progress likely driven by key customer contracts
    loss or downsizing;

-- Weaker cash flow generation with pre-dividend FCF margin
    declining to below 4% through the cycle.

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

Comfortable Liquidity: Fitch views Almaviva's liquidity as
comfortable. The company will have above EUR140 million of cash on
the balance sheet after issuing EUR350 million of [five- to
seven]-year senior secured notes and repaying most of its existing
debt. Liquidity is supported by EUR70 million equivalent of
untapped super-senior RCF and strong cash flow generation. The
company's senior secured debt is rated 'BB'/'RR3' under a generic
approach but reflecting caps for Italy under Fitch's
country-specific treatment recovery ratings rating criteria.

ISSUER PROFILE

Almaviva is a leading Italian IT services company with strong
positions in the transport and public administration sectors. It
also has significant domestic and international CRM operations, and
holds a majority ownership in Almawave, its fast-growing
speech-recognition and artificial intelligence subsidiary.

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.


MONTE DEI PASCHI: Italian Gov't, UniCredit Sale Negotiations Fail
-----------------------------------------------------------------
Davide Ghiglione at The Financial Times reports that the Italian
government and UniCredit are expected to call off negotiations for
the acquisition of troubled lender Monte dei Paschi di Siena (MPS),
after attempts to reach a deal over a costly recapitalization fell
through.

According to the FT, people involved in the negotiations on both
sides said the Italian minister of finance and UniCredit failed to
reach a deal over the acquisition of the Tuscan lender.  The
decision is expected to be announced officially over the next few
days, the FT states.

One of the major stumbling blocks during the last round of
negotiations was over how much capital the government would be
required to inject into MPS, the FT relays, citing people involved
in the talks.

"The operation was seen as too costly by the Italian government.
The capital injection required by UniCredit would have been too
much of a stretch," the FT quotes an Italian official as saying.

The Italian Treasury, which bailed out MPS in 2017, is required to
sell off its stake in the world's oldest bank by Dec. 31 under
conditions set by the European Commission, the FT notes.

"It's evident that the chances of a deal are now close to zero,"
the FT quotes another person involved in the negotiations as
saying.

Earlier last week, the Treasury indicated it was unwilling to
provide much more capital than its initial projection of EUR2
billion to EUR2.5 billion, which would be raised, the FT recounts.

First reported by Reuters and confirmed by people involved in the
negotiations, Milan-based UniCredit would require up to EUR7
billion, an unfeasible option for the Italian government, according
to the FT.

UniCredit, the FT says, plans to present a new business strategy in
the fourth quarter of the year and told the Treasury that any deal
over MPS will need to be agreed by the end of October as the
protracted negotiations have held up its investor day.


PAGANINI BIDCO: Moody's Assigns First Time B2 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating and a B2-PD probability of default rating to Paganini
BidCo S.p.A., the top holding company of Multiversity S.r.l.
("Multiversity" or "the group"), a leading private higher education
online provider in Italy. Concurrently, Moody's has assigned a B2
rating to the proposed EUR765 million floating rate senior secured
notes (FRNs) due 2028 to be issued by Paganini BidCo. The outlook
on all ratings is stable.

Funds managed by CVC Capital Partners Ltd ("CVC") have recently
announced a definitive agreement to acquire the remaining 50% in
Multiversity that they do not already own from the company's
founder, Danilo Iervolino in a transaction valuing the company at
c. EUR1.5 billion or 11x EV/EBITDA (on an LTM June 2021 basis).

CVC will contribute EUR42 million of equity, which together with
proceeds from the FRNs and EUR37 million from the super senior
revolving credit facility ("SSRCF"), will be used to (1) fund the
equity value of EUR800 million; and (2) pay transaction fees of
around EUR37 million. At closing, a EUR222 million short term
Bridge to Cash Facility borrowed by Paganini will fund the purchase
of existing cash held by Multiversity S.p.A. Such EUR222 million
cash will be available to repay the Bridge to Cash Facility after
the merger is completed.

"Multiversity's B2 rating reflects its leading position in the
online higher education segment in Italy, its good operational
track record since inception, and the supportive industry dynamics
from increasing demand for online education, as well as its strong
free cash flow generation owing to high margins and low capex,"
says Agustin Alberti, a Moody's Vice President Senior Analyst and
lead analyst for Multiversity.

"The rating also reflects its small scale, earnings concentration
in the niche education online segment in Italy, its exposure to
regulatory risk as well as its high initial leverage, with Moody's
gross adjusted leverage estimated at 5.8x by year end 2021," adds
Mr. Alberti.

RATINGS RATIONALE

Multiversity's B2 CFR reflects its (1) well established market
position in the niche segment of the online higher education market
in Italy; (2) good revenue visibility from committed student
enrolments and supportive underlying demand growth for online
education; (3) good track record of organic revenue growth
throughout the economic cycle; (4) good liquidity position due to
high cash on balance sheet of around EUR191 million; and (5) very
high profitability because of its lean cost structure, with EBITDA
margins above 50% and low capex requirements, resulting in strong
annual FCF generation.

The rating is constrained by the company's (1) limited scale of
operations; (2) high earnings concentration in Italy (c.100% of
revenues) and in social sciences disciplines; (3) high initial
Moody's-adjusted gross leverage, although with solid deleveraging
prospects due to EBITDA growth; (4) M&A and/or shareholder
distributions risks, mitigated by the company's high cash on
balance sheet and robust FCF generation; (5) limited track record
operating under CVC's full ownership and as a reporting entity; and
(6) exposure to potential changes in regulation that could lead to
higher competition or loss of licenses, mitigated by the fact that
Multiversity has been able to operate in a stable regulatory
environment with no new entrants in the last 15 years.

Multiversity is the owner of two online universities, Universita
Telematica Pegaso and Mercatorum (66.6% ownership while the
remaining 33.3% owned by the Italian Chamber of Commerce), with c.
130,000 enrolled students in the academic year 2020/21.

Moody's forecasts that the company will grow revenues by c. 35% in
2021 to around EUR250 million mainly driven by increasing
enrolments in undergraduate courses. The rating agency expects
Multiversity to grow revenues by 10% in 2022 in light of the good
industry growth dynamics for online education in Italy.

Multiversity reports high profitability levels, with a 51.4% EBITDA
margin (as adjusted by Moody's) in 2020, well above margins of
traditional universities. The group benefits from a very lean and
flexible cost structure due to its online business model, with more
than 50% of variable and discretionary costs (related to marketing
and orientation activities for new students). Moody's forecasts
that the company will be able to slightly improve its EBITDA margin
towards 55% benefitting from its scalable business model.

Similar to other online universities, Multiversity has an
asset-light business model. Capital spending needs are low at
around 2% of sales, mainly dedicated to IT platform development and
cyber security. This results in strong FCF generation estimated at
around EUR75 million in 2022, translating into a FCF/debt ratio of
around 10%.

The company's Moody's adjusted leverage (measured as gross
debt/EBITDA) is initially high at around 5.8x by year end 2021.
However, the rating agency estimates that leverage will decrease
towards 5.0x in 2022 on the back of strong EBITDA growth. Net
leverage levels are significantly lower as the company will benefit
of high cash on balance sheet and generates robust FCF.
Multiversity's net debt/EBITDA is estimated to decrease from around
4.5x in 2021 to 3.5x in 2022, in the absence of dividends and
acquisitions. On a proportionate basis (excluding the 33.3% of
Mercatorum not owned) leverage is roughly 0.3x higher.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's has factored into its assessment the following social and
governance considerations.

Social considerations are related to demographic and societal
trends, specifically to the favorable industry dynamics supported
by the rising demand for higher education, with online providers
benefitting from better user experience, flexibility and
convenience for students and increasing digitalization trends.
However, universities are also subject to reputation risk and
regulatory risk, as the education industry is heavily regulated.
Online universities, given the nature of their activities, are also
exposed to cybersecurity risks, mitigated by the fact that the
company has no history of cyber-attacks or similar issues since its
inception.

From a corporate governance perspective, the company is controlled
by funds managed by CVC. As is often the case in highly levered,
private equity sponsored deals, owners have a high tolerance for
leverage/risk and governance is comparatively less transparent.

LIQUIDITY

Moody's considers Multiversity's liquidity profile to be good,
supported by its robust free cash flow generation and high cash on
balance sheet. Pro forma for the transaction, the company will have
cash of around EUR191 million and access to a EUR100 million SSRCF
due 2028, with no financial covenants. The company will not have
any material debt maturities until 2028, when the SSRCF and the
proposed EUR765 million FRNs mature.

STRUCTURAL CONSIDERATIONS

Paganini BidCo S.p.A. is the issuer of the notes and the borrower
under the company's unrated EUR100 million SSRCF.

Multiversity S.r.l. is the reporting entity for the consolidated
group. Paganini BidCo and Multiversity will merge post transaction
along with two other intermediate holding companies. Following the
merger, Multiversity will assume the rights and obligations of
Paganini BidCo under the FRNs and the SSRCF. Multiversity will be
the top entity of the restricted group.

Paganini's BidCo's probability of default rating is B2-PD based on
an expected family recovery rate of 50%.

The B2 rated bonds and the unrated SSRCF benefit from the same
security and guarantee structure. The notes will not be initially
guaranteed, but after the merger is completed, Moody's expects that
the notes will be secured against share pledges of key operating
subsidiaries, and will benefit from guarantees from operating
entities accounting for at least 80% of group EBITDA. The unrated
SSRCF ranks ahead of the notes in an enforcement scenario. Given
the relatively small size of the SSRCF ranking ahead of the senior
secured notes, the notes are rated B2, at the same level as the
CFR.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Multiversity
will continue to grow organically and to generate robust free cash
flow generation, with gross leverage within the boundaries set for
the B2 rating. It also assumes a good liquidity profile at all
times.

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

Upgrade pressure on the ratings could arise if the company develops
a track record operating under the new ownership and as a reporting
entity, while improving its business risk profile, which is
currently seen as somewhat weaker relative to other education
peers. Upward pressure could develop if the company's
Moody's-adjusted gross leverage decreases towards 4.0x, while its
robust free cash flow generation and solid liquidity are
maintained.

Downward pressure on the ratings could arise if the company's
operating performance weakens or it engages in debt financed
acquisitions such that Multiversity's gross adjusted leverage does
not reduce to well below 5.5x on a sustained basis. The ratings
could also be downgraded if liquidity deteriorates significantly;
or changes in the accreditation and/or regulatory landscape
materially weaken the company's business prospects.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Paganini BidCo S.p.A.

LT Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured Regular Bond/Debenture, Assigned B2

Outlook Actions:

Issuer: Paganini BidCo S.p.A.

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Paganini Bidco S.p.A ("Paganini BidCo") is the top holding company
of Multiversity S.r.l. ("Multiversity" or "the group").
Multiversity is the leading private higher education online
provider in Italy with c.130k enrolled students, owner of
Università Telematica Pegaso (89% of total group's revenue)
founded in 2006, and majority shareholder of Universitas Mercatorum
(67% ownership and 9% of total revenues). Pegaso and Mercatorum are
among the 11 online universities recognized by the Italian Ministry
of Education with their degrees having the same legal value as
traditional ones. The group reported EUR189 million revenues and
EBITDA of EUR92 million in 2020.




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

AEA HOLDINGS: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit rating
to AEA Holdings (Luxembourg) S.a.r.l. (known as ISOS) and AEA
International Holdings (Luxembourg) S.a.r.l. S&P also assigned its
'BB' issue rating to the senior secured TLB. The recovery rating on
the senior secured facility is '3', indicating its expectation of
meaningful recovery (rounded estimate: 65%) in the event of a
payment default.
The stable outlook reflects S&P's expectation of S&P Global
Ratings-adjusted leverage of about 3.8x and funds from operations
(FFO) to debt of about 18% for the financial year (FY) ending June
30, 2022, in addition to strong positive free operating cash flow
(FOCF).

The final ratings are in line with the preliminary ratings S&P
assigned on July 22, 2021, following completion of the transaction
and review of the final documentation.

ISOS has a strong market position in a niche market, long-term
contracts, and high customer retention rates, leading to high
recurring revenue. It benefits from stable demand for its medical
services (about 72% of sales). Contracts in this segment typically
last between two and eight years and provide high revenue
visibility. However, contracts in the assistance services segment
(28% of sales) are renewed annually and are somewhat linked to
discretionary spending, staff levels, and the economic cycles of
corporates. Having said that, ISOS benefits from high customer
retention rates of more than 90% across its business segments.
Additionally, ISOS has a diversified customer base, in which the
Top 5 customers (about 18% of sales) are largely linked to
government bodies within the medical services segment. Demand for
ISOS' services stems largely from the growing need for digital
solutions, as well as employers' and governments' spending on
compliance, regulations, and social care, which has accelerated
amid the COVID-19 pandemic. Although ISOS is a niche integrated
player with diversified product offerings, it continues to compete
with large, nonintegrated specific services providers.

ISOS' relatively small size and profitability constrains the
overall rating, with one-off pandemic-related tailwinds and cost
benefits fueling the higher margins in FY2021. S&P expects S&P
Global Ratings-adjusted EBITDA margins of about 11.8%-12.0% from
FY2022, compared with about 14% in FY2021. Margins in FY2021 were
higher due to one-time pandemic-related tailwinds in the medical
services business (about 72% of sales), and were partly offset by
lower subscription sales in the assistance services business (about
28% of sales). In addition, EBITDA margins in FY2021 were supported
by significant cost savings from restructuring initiatives executed
in FY2020. Subscription sales declined in FY2021, primarily because
of the slowdown in international business travel caused by
lockdowns. Although ISOS has no direct rated peers, S&P views its
profitability as below average compared with other professional
business services providers.

S&P said, "Our assessment of the group's financial risk profile
reflects our expectation of adjusted debt to EBITDA of about 3.8x
and FFO to debt of 20% at end-FY2022, following the refinancing
transaction.Thereafter, we expect gradual improvement in credit
measures, with adjusted leverage approaching 3.5x and FFO to debt
of about 20% on the back of strong organic growth, and S&P Global
Ratings' EBITDA margins of about 12%. The group's adjusted gross
debt will comprise the $700 million senior secured TLB, about $30
million of factoring debt, and lease liabilities of about EUR52
million. ISOS' financial policy to maintain a medium-term leverage
target of about 3x, which translates into adjusted leverage of
about 3.5x, also supports our assessment. Our forecasts assume
shareholder distributions of about $30 million. Although we do not
include mergers and acquisitions in our base case, we anticipate
that ISOS could continue to pursue bolt-on acquisitions.

"The stable outlook reflects our expectation that ISOS will
generate strong positive FOCF and EBITDA margins of about 12%,
supported by growth in medical services and long-standing customer
relationships. We expect leverage of about 3.8x and FFO to debt of
about 18% in FY2022, improving gradually thereafter.

"We could lower the rating if ISOS' operating performance
deteriorates; if the company adopts a more aggressive financial
policy, such that adjusted debt to EBITDA rises above 4x; or if FFO
to debt remains significantly below 20% for a prolonged period.

"An upgrade is unlikely within the next year, but we could raise
the rating in the longer term if the company reduces leverage to
below 3x on a sustained basis and demonstrates that it is committed
to a tighter financial policy than currently presented, including
potential future subordinated debt at the shareholder level."


VENGA HOLDING: Moody's Assigns First Time B2 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B2-PD probability of default rating to Venga Holding S.a.r.l.
("Venga Holding" or "the company"), the top entity of the
restricted group for Marlink (a leading global satellite
communication solutions services provider focused on the maritime
and enterprise end-markets) as defined under its senior facilities
agreement. Concurrently, Moody's has assigned B2 ratings to the
proposed $815 million senior secured term loan, also to the
proposed $150 million senior secured multi-currency revolving
credit facility (RCF) both to be issued by Venga Finance S.a.r.l.
(a 100% owned direct subsidiary of Venga Holding) and co-borrowed
by Venga Finance LLC. The outlook on all ratings is stable.

On August 3, 2021, Providence Equity Partners ("Providence")
together with Ardian as a co-investor signed a definitive agreement
with Apax Partners SAS ("Apax") to acquire a majority stake in
Marlink group. The transaction is expected to close by the first
quarter of 2022, subject to customary and regulatory approvals.
Post this transaction, Apax will continue holding a significant
minority stake in the group alongside management.

The transaction financing package consists of an $815 million
senior secured term loan and a $150 million RCF (undrawn at
closing) together with $506 million of equity. The total purchase
price for Marlink is therefore approximately $1.4 billion implying
an EV/ EBITDA multiple of c.9x based on July 2021 last twelve
months Pro Forma Adjusted EBITDA (as calculated and adjusted by
Providence and Marlink) of $162 million.

"While Moody's adjusted leverage at transaction closing will be
high, the B2 CFR reflects Marlink's future de-leveraging prospects
supported by its strong market position amongst providers of
satellite connectivity focused on Maritime and Enterprise end
markets, a recurring revenue base with high renewal rates and
secular growth in demand for satellite-based connectivity", says
Gunjan Dixit, Vice President -- Senior Credit Officer and lead
analyst on Venga Holding.

"The B2 CFR assumes that Venga Holding will refrain from making
sizeable debt-financed acquisitions over the next 12-24 months and
focus on de-leveraging while successfully completing the
integration of the recent acquisitions of ITC Global and certain
Global Eagle Entertainment enterprise contracts", adds Ms. Dixit.

RATINGS RATIONALE

The B2 CFR for Venga Holding takes into consideration (1) Marlink's
position as one of the leading providers of satellite
communications solutions for the maritime and enterprise sector;
(2) the stability and the recurrence of its revenue, underpinned by
contracted revenue backlog and three-year to five-year customer
contracts with high renewal rates and low churn rates; (3) the
company's good revenue and customer diversification together with
the expectation of increasing demand for satellite communication
solutions in the coming years; and (4) good de-leveraging prospects
over the next 12-18 months in the absence of further debt-financed
acquisitions.

The rating also considers (1) the group's high starting Moody's
adjusted leverage of around 6.5x expected at the end of 2021
(pro-forma for the transaction), although rapid de-leveraging is
likely in 2022; (2) Marlink's reliance on satellite operators to
provide its products and services to the end customers; (3) the
competition in the industry and some risk of disintermediation by
satellite network operators; (4) the moderate exposure to
cyclicality in some of Marlink's main end markets, such as cruises;
and (5) the company reports its results in US Dollars and faces
foreign exchange translation risk but it nevertheless uses
appropriate hedging to reduce structural foreign exchange
exposure.

Since its acquisition by Apax Partners in 2016, Marlink has grown
through a series of acquisitions to become a leading diversified
global provider of satellite communication solutions to Maritime
and Enterprise end markets through its proprietary hybrid network
rather than being a pure reseller of mobile satellite services
(MSS) in the maritime sector. Its market share in the direct
maritime satellite communications solutions market has grown from
16% in 2016 to 24% in 2020, proforma for the ITC and Global Eagle
Entertainment acquisitions. The company's installed base of VSAT
vessels has grown from 2,530 to 6,350 while its VSAT land sites
have increased from 400 to 970 over the same period. Its revenue
base has become more predictable with VSAT revenues growing from
48% of total revenues in 2016 to 67% of total revenues in 2020.
Company's direct sales have also grown from 63% of total to 83% of
total over the same period. Indirect sales are mostly related to
lower value-added technologies (MSS) or in sectors that are very
fragmented or relatively new users of satellite communications
(fishing).

Marlink has significant exposure to the maritime sector, which
represented 83% of its reported revenue and 86% of gross profit in
2020. Within the maritime sector, it is nevertheless diversified
into various sub-segments (such as -- shipping, passenger,
yachting, offshore and fishing), which have different levels of
satellite communication penetration, driven by different industry
dynamics. The average VSAT penetration for all classes of maritime
vessels is relatively low at slightly below 40% of all SatCom
equipped vessels (i.e., c.12% of all vessels). As a result, Moody's
expects the volume demanded of VSAT services to rise and more than
compensate the decline in per-unit data costs and prices.

In 2020, Marlink's revenues declined by 2% mainly driven by the
Covid-19 related business disruptions that hit its cruise business.
Nevertheless, the weak performance in the cruise business was in
large part offset by the performance in other verticals. The
company saw only limited cancellations/ lay ups and its VSAT
revenues (67% of total revenue) actually grew by 3%. Despite
Covid-19, the company was able to successfully improve its adjusted
ongoing EBITDA (post IFRS) by 9% helped by good cost control and
continued improvement in the product mix.

Moody's industry outlook for the global shipping sector has turned
positive in June 2021, driven by strong demand for goods and
commodities after a challenging 2020. This outlook supports Moody's
expectation of Marlink's annual organic revenue growth to be around
4.5%-5.5% per annum over 2022-2023, after a strong recovery of
around 20% (on a reported basis including acquisitions and foreign
exchange movements) expected in 2021 following the Covid-19
disruptions in 2020. Future revenue growth is expected to be driven
primarily by the company's commercial push toward migrating
customers from lower margin and lower capex narrowband MSS services
as well as adding new customers to its higher margin VSAT services,
both in the maritime and enterprise segments.

While Marlink's management team is confident of achieving its
business plan, Moody's takes into consideration the following risks
-- (1) impact from any future Covid-19 driven disruptions on
clients and on physical installation capabilities (in case of
lockdowns); (2) integration risks associated with the recently
completed acquisitions of ITC Global and Global Eagle Entertainment
and the timely realization of planned synergies; and (3) the
significant investment in scaling up the IT/ Digital business some
of which is in nascent markets (eg. IOT) and different from
Marlink's core business. While assessing these risks Moody's takes
comfort from the company's past strong operating performance as
well as its good track record of integrating acquisitions.

The company also has a significant backlog of new customer
contracts as a result of its strong efforts to capture new clients,
further accelerated by Covid-19 crisis postponing new
installations. As of the end of 2020, the company's VSAT maritime
backlog revenue was $468 million, equivalent to more than 1.7x
years of Marlink's 2020 VSAT reported maritime revenues. Similarly,
for the Enterprise segment, VSAT revenue backlog was $143 million,
equivalent to more than 3.0x years of Marlink's 2020 VSAT reported
enterprise revenues. This revenue backlog should support the
company's revenue growth over 2021-2022. Marlink's customer
concentration is considered low, with top 25 customers of Marlink
representing 26% of its total revenues compared to 37% in 2014.The
customer base is also diversified across geographies and
subsectors.

Pro-forma for the transaction, the group will have a high Moody's
adjusted gross leverage of around 6.5x at the end of 2021. Moody's
expects the company's leverage (Moody's adjusted) to fall visibly
below 6.0x by the end of 2022, provided the company's performs in
line with its business plan and refrains from making further
sizeable acquisitions. Moody's expects the company to be free cash
flow positive (after capex and dividends) from 2022 onwards.

ESG CONSIDERATIONS

Marlink has low exposure to environmental and social risks.

From a corporate governance perspective, Moody's factors in the
potential risk usually associated with private equity ownership,
which might lead to a more aggressive financial policy and lower
oversight compared with publicly traded companies.

Meanwhile, Moody's considers the company's good track record of
being led by an experienced management team in the satellite
communications industry. After the acquisition of a majority stake
by Providence and Ardian, the group's supervisory board will remain
well-balanced composed of 3 members of the Providence team, 2
members from Apax, Erik Ceuppens (Group CEO) and potentially up to
2 independent members. Given Apax will continue to hold a
significant minority stake in the group, it will benefit from some
minority protection rights.

LIQUIDITY

Moody's views Venga Holding's liquidity profile as adequate.
Moody's estimates the company's cash on the balance sheet at
transaction closing will be nil and will have access to a $150
million committed, undrawn RCF as of closing of the transaction.
This should be sufficient to cover the company's needs and the
company will have no near-term significant maturities following the
transaction. The RCF will benefit from a springing financial
covenant under which the company will maintain adequate headroom.

STRUCTURAL CONSIDERATIONS

The PDR is aligned with the CFR, reflective of a 50% recovery
assumption. Company's debt will be guaranteed by operating
subsidiaries accounting for 80% of the Consolidated EBITDA. It will
be secured by share pledges, intercompany receivables and bank
accounts of foreign subsidiary guarantors as well as an English Law
floating charge or a New York law security agreement over certain
assets for guarantors in England & Wales and the US. Moody's has,
therefore, ranked all of the company's debt highest in the priority
of claims, together with the company's trade claims, lease
rejection claims and pension deficit. As a result, the B2 ratings
on the senior secured term loan and RCF is in line with the CFR.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to perform in line with its business plan over the
next 12-18 months. The outlook also reflects Moody's expectation
that liquidity will remain adequate and that there will not be
material debt-financed acquisitions.

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

Upward rating pressure could develop over time should: (1) the
company establish a track record of meeting its business plan
translating into strong organic revenue and EBITDA growth; and (2)
its Moody's-adjusted gross leverage falls sustainably below 5.0x;
and (3) Marlink generates healthy free cash flow (after capex) on a
sustained basis.

Negative rating momentum may develop should: (1) Moody's-adjusted
gross leverage fail to decline below 6.0x over the next 12-18
months; (2) the company's business profile weakens materially; or
(3) liquidity deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Marlink is a leading global satellite communication solutions
services provider primarily focused on the maritime industry.
Marlink was acquired by Apax, a French private equity firm, in 2016
from Astrium (a subsidiary of Airbus SE [Airbus, A2 negative]).
Under the ownership of Apax, Marlink's revenue grew at a CAGR of 8%
over 2016-20 and the company's Adjusted EBITDA margin expanded from
21% to 27% on a post-IFRS16 basis. In 2020, the group reported
revenues of $480 million and Adjusted ongoing EBITDA of $132
million.




=====================
N E T H E R L A N D S
=====================

STEINHOFF: Says South African Court Can't Hear Liquidation Bid
--------------------------------------------------------------
Jan Cronje at fin24 reports that lawyers for Steinhoff have again
argued that South African courts cannot hear a liquidation bid
against the retailer as it is not a local company under SA Company
Law.

Steinhoff is seeking leave to appeal an earlier ruling of the
Western Cape High Court that found it has jurisdiction to hear a
winding-up application brought by the former owners of Tekkie Town,
fin24 relates.  

The one-time owners of the shoe retailer have accused Steinhoff's
former CEO Markus Jooste of "duping" them into swapping their
Tekkie Town shares for stock in Steinhoff, which has fallen
precipitously in value since late 2017, fin24 discloses.

Steinhoff International Holdings NV's registered office is located
in Amsterdam, Netherlands.




=========
S P A I N
=========

EUSKALTEL SA: Moody's Withdraws B1 CFR Amid Masmovil Transaction
----------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 corporate family
rating and the B1-PD probability of default rating of Euskaltel
S.A., a cable operator in Spain.

At the time of withdrawal, the company had no rated debt
outstanding.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because Euskaltel's
debt previously rated by Moody's has been fully repaid in August
2021 following the company's acquisition by Masmovil, rated at
Lorca Holdco Limited (B2 stable).

LIST OF AFFECTED RATINGS:

Withdrawals:

LT Corporate Family Rating, previously rated B1 and placed on
review for downgrade

Probability of Default Rating, previously rated B1-PD and placed
on review for downgrade

Outlook Actions:

Outlook, Changed To Rating Withdrawn From Rating Under Review

COMPANY PROFILE

Euskaltel, S.A., headquartered in Derio (Vizcaya, Spain), is the
dominant cable operator in the regions of the Basque Country,
Galicia and Asturias. In 2020, Euskaltel reported revenue of EUR697
million and adjusted EBITDA of around EUR343 million.


TDA CAM 7: Fitch Raises Class B Debt to 'BB'
--------------------------------------------
Fitch Ratings has upgraded three tranches of three TDA CAM RMBS
transactions, and removed these three tranches from Rating Watch
Positive (RWP). Fitch affirmed the other tranches. All tranches now
have a Stable Outlook.

       DEBT                   RATING            PRIOR
       ----                   ------            -----
TDA CAM 6, FTA

Class A3 ES0377993029    LT A+sf   Affirmed     A+sf
Class B ES0377993037     LT BB+sf  Upgrade      Bsf

TDA CAM 7, FTA

Class A2 ES0377994019    LT A+sf   Affirmed     A+sf
Class A3 ES0377994027    LT A+sf   Affirmed     A+sf
Class B ES0377994035     LT BBsf   Upgrade      B+sf

TDA CAM 5, FTA

Class A ES0377992005     LT AAAsf  Affirmed     AAAsf
Class B ES0377992013     LT A-sf   Upgrade      BBBsf

TRANSACTION SUMMARY

The transactions comprise residential mortgages serviced by Banco
de Sabadell, S.A. (BBB-/Stable/F3).

KEY RATING DRIVERS

Performance Outlook and Removal of Additional Stresses

The upgrades and the resolution of the RWP mainly reflect the
removal of the additional stresses in relation to the coronavirus
pandemic and legal developments in Catalonia, as announced on 22
July 2021 (see "Fitch Retires EMEA RMBS Coronavirus Additional
Stress Scenario Analysis, Except UK Non-Conforming", "Fitch Retires
Additional Stress Scenario Analysis for Spanish RMBS Linked to
Catalonia Decree Law", and "Correction: Fitch Places or Maintains
121 EMEA RMBS Ratings on RWP on Additional Stress Scenario
Retirement", both available at www.fitchratings.com).

All rating actions are based on the broadly stable asset
performance outlook. This is driven by the low share of loans in
arrears over 90 days (ranging between 0.2% and 0.3% of the current
portfolio balance) and the improved macro-economic outlook for
Spain, as described in Fitch's latest Global Economic Outlook,
dated 16 September 2021.

Counterparty Risks Cap Ratings

Fitch views the payment interruption risk for TDA CAM 6 and TDA CAM
7 as being insufficiently mitigated by the available reserve fund
(RF), which may be depleted in case of performance deterioration
and whose amount has proved to be volatile in the past. Moreover,
for TDA CAM 6's RF if the conditions are met for the RF to
amortise, it will do it to its absolute floor. The RF floor amount
could be insufficient to cover senior fees, net swap payments and
senior notes' interest in the event of a servicer disruption. As
collection are transferred to the issuer account within two days
and the servicer is a regulated bank, the notes' maximum achievable
ratings are commensurate with the 'Asf' category, in line with
Fitch's Structured Finance and Covered Bonds Counterparty Rating
Criteria.

Fitch considers payment interruption risk to be sufficiently
mitigated for TDA CAM 5 as the available amount in the reserve fund
has proven to be more resilient in the past and is expected to
provide sufficient coverage over the medium to long term.

Credit Enhancement Trends

The rating actions reflect Fitch's view that the notes are
sufficiently protected by credit enhancement (CE) to absorb the
projected losses commensurate with prevailing or higher rating
scenarios when capped due to counterparty risk.

Fitch expects CE for TDA CAM 5 to increase due to the strictly
sequential amortisation of the notes. The gross cumulative defaults
level in TDA CAM 7 at around 13% is well above the 4% trigger
allowing for the pro-rata amortisation of the notes. The sequential
redemption contributes to the transactions' CE build-up in the
short-term. Moreover, the trigger breach is non-reversible and
implies that classes A2 and A3 of TDA CAM 7 amortise pro-rata among
themselves. CE ratios for the senior and junior notes of TDA CAM 6
could reduce in the medium term if transaction performance allows
the RF to amortise to its absolute floor, subject to contractual
conditions.

Portfolio Risky Attributes

The securitised portfolios are exposed to geographical
concentration in the regions of Valencia, Murcia and the Balearic
Islands. In line with Fitch´s European RMBS rating criteria,
higher-rating multiples are applied to the base foreclosure
frequency (FF) assumption to the portion of the portfolio that
exceeds two and a half times the population within these regions.
Additionally, a share of these portfolios of around 12% is linked
to second homes, which are considered riskier than owner-occupied
loans, and are subject to an FF adjustment factor of 150%.

ESG Considerations

TDA CAM 6 and TDA CAM 7 each have an Environmental, Social and
Governance (ESG) Relevance Score of '5' for Transaction &
Collateral Structure due to payment interruption risk not being
mitigated by the available RF, which may be depleted due to weak
asset performance.

RATING SENSITIVITIES

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

-- For TDA CAM 5 class A notes, a downgrade to Spain's Long-Term
    Issuer Default Rating (IDR) could decrease the maximum
    achievable rating for Spanish structured finance transactions.
    This is because the class A notes are capped at the 'AAAsf'
    maximum achievable rating in Spain, six notches above the
    sovereign IDR.

-- Long-term asset performance deterioration, such as increased
    delinquencies or larger defaults, which could be driven by
    changes to macroeconomic conditions, interest rate increases
    or borrower behaviour, could lead to negative rating action.

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

-- TDA CAM 5 class A notes are rated at the highest level on
    Fitch's scale and cannot be upgraded.

-- TDA CAM 6 and TDA CAM 7 class A notes' ratings could be
    upgraded if improved liquidity protection fully mitigates PIR.
    This is because the ratings are capped at 'A+sf' due to
    unmitigated PIR.

-- For the junior notes of all transactions, CE ratios increase
    as the transactions deleverage, and are able to fully
    compensate the credit losses and cash flow stresses
    commensurate with higher rating scenarios, all else being
    equal.

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

TDA CAM 5, FTA, TDA CAM 6, FTA, TDA CAM 7, FTA

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

TDA CAM 6 and TDA CAM 7 has each an ESG Relevance Score of '5' for
Transaction & Collateral Structure due to unmitigated payment
interruption risk, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in a
downward adjustment to the ratings by at least one notch.

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 I T Z E R L A N D
=====================

EUROCHEM GROUP: Fitch Alters Outlook on 'BB' LT IDR to Positive
---------------------------------------------------------------
Fitch Ratings has revised EuroChem Group AG's Outlook to Positive
from Stable and affirmed its Long-Term Issuer Default Rating (IDR)
at 'BB'.

The Outlook revision captures the group's enhanced operational
profile following full ramp-up of the ammonia and Usolskiy potash
project, resilient existing operations and improved market
conditions in the medium term, translating into solid forecast
credit metrics. Fitch forecasts leverage in the next four years to
be below Fitch's positive threshold of funds from operations (FFO)
net leverage of 3.5x, mainly driven by EBITDA growth due to market
recovery and implementation of the expansion projects.

Absolute debt reduction and a clearly defined financial policy
would contribute to the sustainability of the improvement in the
company's credit metrics and add to its resilience on a
through-the-cycle basis and would be positive for the rating.

The rating is underpinned by EuroChem's diversification into all
three nutrients (nitrogen, phosphate and potash), vertical
integration and strong cost position.

KEY RATING DRIVERS

Improved Business Profile: EuroChem's Northwest ammonia project in
Kingisepp (ENW1) and Usolskiy and VolgaKaliy potash mines
contributed USD280 million to EBITDA in 1H21. Usolskiy produced
more than 1 million tonnes (mt) of potash in 1H21 and is expected
to operate at its designed capacity of 2.3mt by end-2021, with a
possible further expansion to 2.7mt in 2023.

Second Ammonia and Urea Plant: Construction of the 1mt ammonia and
1.4mt urea production facilities in Kingisepp - EuroChem North West
2 (ENW2) is expected to be completed by end-2023. The urea plant
can use ammonia from ENW2 and ENW1. Total investment in the project
amounts to USD1.4 billion, mostly funded by a USD1.1 billion
project-finance loan with internal cash flow generation financing
the rest of the capex. Fitch consolidates the group's
project-finance debt because of the strategic importance of the
investments and the inclusion of a cross-default clause in the
financing agreements.

Increased Capex to Reduce FCF: Fitch expects EuroChem will spend
around USD3 billion in the next three years, particularly in potash
projects, in the ENW2 plant, the modernisation of apatite and iron
ore mines and the new phosphate mine in Brazil. Despite the
company's high capex, Fitch expects free cash flow generation to
remain neutral to positive, supported by EBITDA growth due to new
projects. Fitch now expects the group's FFO net leverage to
decrease to around 2x at end-2021 and to remain at around 3x in
2022-2024.

Resilient Operations: Fertilisers were one of the industries less
affected by the Covid-19 pandemic and all of EuroChem's plants,
distribution and logistics capabilities operated as normal. The
group recorded an 8% yoy increase in fertiliser sales in 1H21, due
largely to new potash sales. Increase in volumes, higher
profitability of potash than other fertilisers, and vertical
integration in ammonia and potash allowed EuroChem to increase its
EBITDA and EBITDA margin in 1H21.

VolgaKaliy Potash Slow Ramp-Up: VolgaKaliy is one of the four
largest deposits of potash ore in Russia with a total capacity of
4.3mt. EuroChem is ramping up this mine gradually due to its
complex geology and limited ore recovery level, with one shaft
currently operational, and is developing the phase 1 of the
project. Fitch now expects production to increase to 1.5mt by 2024
and 2.3mt by 2026 from 0.2mt in 2021 (vs. initial Phase 1: 2.3mt in
2023; Phase 2: 2mt by 2026). The mine has favourable logistics and
mine life of over 80 years, but complicated by a deep potash layer
(1,000+ meters) with three water layers above.

Strong Business Fundamentals: EuroChem is a global exporter, with a
strong presence in the Russian and European fertiliser markets (41%
of 2020 sales) and exposure to iron ore. It is the third-largest
fertiliser company by total capacity in EMEA and is one of only two
companies in the world with production of all three primary
nutrients. In 2021, EuroChem expanded in the growing Brazilian
market, with the acquisition of Salitre phosphate ore mine from
Yara, with production to be sold domestically directly or through
its distributor Fertilizantes Tocantins.

Rating-Neutral Fertilisers Import Duties: EuroChem's phosphate
sales are subject to recently introduced countervailing (CVD)
duties in the US, and certain anti-dumping duties for nitrogen
products (UAN) in the EU. The company appealed the US authorities'
decision to introduce CVD against phosphate fertiliser imports,
which also hit other Russian and Moroccan producers. There is no
impact on EBITDA as EuroChem's extensive worldwide distribution
network absorbed volumes from affected markets.

Decarbonisation Strategy: The Group is working on its sustainable
strategy and decarbonisation targets to present to the market.
Fitch views this as an important milestone for a carbon-intensive
ammonia producer, as an introduction by the EU of a carbon border
adjustment mechanism may affect Eurochem's medium-term
profitability.

DERIVATION SUMMARY

EuroChem's scale is on a par with that of large fertiliser peers,
such as CF Industries Holdings, Inc. (BBB-/Stable), ICL Group Ltd.
(BBB-/Stable) and OCP S.A. (BB+/Stable). The group's level of
diversification across complex fertilisers is similar to that of
PJSC PhosAgro (BBB-/Stable), ICL and PJSC Acron (BB-/Stable).

EuroChem also has some exposure outside the fertiliser market (iron
ore) but it remains limited compared with ICL's bromine-based
specialty chemicals and OCI N.V.'s (BB/Stable) industrial
chemicals. EuroChem ranks behind OCP and PhosAgro in leadership in
the phosphates market, and behind Uralkali PJSC (BB-/Negative) in
the more concentrated potash segment; however, in terms of total
fertiliser capacity it ranks behind OCP only.

EuroChem's partial vertical integration underpins a cost position
on the lower part of the global urea and diammonium phosphate (DAP)
cost curves, but substantial trading operations dilute the group's
EBITDA margins (29% in 2020). This is below that of other cost
leaders, such as CF Industries (37%) or PhosAgro (32%), but
comparable with Acron (29%), and higher than OCI (21%).

KEY ASSUMPTIONS

-- Fertiliser prices for 2021-2024 in line with Fitch's price
    deck;

-- Potash (Usolskiy) volume of 2.3mt in 2021 to reach 2.7mt by
    2023; VolgaKaliy to slowly rise to 1.5mt in 2024 from 0.2mt in
    2021;

-- RUB/USD at 74.1 in 2021, 72.5 in 2022 and 72 in 2023-2024;

-- Capex (including capitalised costs) at around USD1.5 billion
    in 2021, USD1.7 billion in 2022 and decreasing to around USD1
    billion in 2023;

-- No distribution of general dividends to shareholders for the
    next three years;

-- Headroom for a shareholder loan repayment of USD850 million in
    2021;

-- Acquisition of Salitre project in Brazil for USD410 million in
    2022;

-- Proceeds from the sale of ports to JSC SUEK for USD280 million
    in 2022.

RATING SENSITIVITIES

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

-- Establishing and adhering to a clearly defined financial
    policy;

-- Positive FCF and reduction in absolute debt amount leading to
    FFO net leverage sustainably below 3.5x

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

-- The rating is on Positive Outlook so Fitch does not anticipate
    a negative rating action at least in the short term. However,
    absence of the established financial policy or demonstrated
    record of use of strong cash flow under favourable market
    conditions for debt repayment or inability to maintain FFO net
    leverage below 3.5x would lead to Outlook stabilization;

-- Continued aggressive capex or shareholder distributions
    translating into FFO net leverage sustainably above 4x would
    be negative for the rating.

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

Manageable Liquidity: At end-1H21, EuroChem had USD1.3 billion
available cash and a USD150 million undrawn portion under its USD1
billion shareholder loan versus USD0.8 billion of short-term debt.
Fitch believes that EuroChem's liquidity remains manageable and is
supported by a combination of USD0.2 billion committed and USD1.6
billion uncommitted revolving facilities at end-1H21, and by the
group's proven and continued access to international and domestic
funding.

ISSUER PROFILE

EuroChem is a nitrogen, phosphates, potash and complex fertiliser
producer, with key production facilities in Russia and Europe.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- USD49 million of leases were excluded from the debt amount;

-- EBITDA was reduced by USD13 million of right-of-use asset
    depreciation and USD4 million of interest linked to leases;

-- USD116 million of trade receivables sold in 2020 were added
    back to end-2020 current assets and to liabilities as debt;

-- USD92 million of net derivate financial liabilities as of end-
    2020 were added to the debt amount;

-- USD47m interest payable was added to the debt amount;

-- Fitch reclassified USD27 million restricted cash to
    unrestricted cash and available for the debt repayment.

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.




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

TURKIYE PATROL: Fitch Alters Outlook on 'B+' LT IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised Turkiye Petrol Rafinerileri A.S.'s
(Tupras) Outlook to Stable from Negative, while affirming the oil
refinery's Long-Term Issuer Default Rating (IDR) at 'B+'.

The revision of the Outlook reflects improved refining margins amid
rising demand for oil products after the lifting of the Covid-19
related mobility restrictions. However, the refining sector's
performance remains vulnerable to potential pandemic setbacks and
market imbalances due to planned additions to refining capacity.

Tupras's rating is supported by the company's leadership in the
Turkish refined product market, operation of some of the most
complex set of refineries in EMEA and an ability to access and
process cheaper, heavier and sour crudes from a number of
suppliers. Tupras ratings are constrained by volatile refining
margins and the company's focus on fuels production with limited
business integration. Similar to other Turkish corporates, Tupras
is reliant on uninterrupted access to local bank funding to support
its liquidity.

KEY RATING DRIVERS

Improved Results Expected: Temporary closure by Tupras of its key
refining assets in 2020 amid lockdowns and a decrease in fuel
demand heavily weighed on cash flow generation and drove funds from
operations (FFO) net leverage higher to 14.3x. Fitch expects that
the normalisation of refining margins in 2021 will allow Tupras to
deleverage swiftly and forecast FFO net leverage of 2.4x in 2021
and an average of 2.7x in 2022-2024. While forecast levels of net
leverage are in line with Fitch's positive rating sensitivity, the
dynamics of refining margins remain uncertain and a longer record
of normalised refining-margin environment would be key to support a
sustainable recovery in Tupras's credit metrics.

Recovering Demand: Tupras's capacity utilisation increased to 91%
in 2Q21 from 65% in 1Q21 and with an average utilisation of 82% in
2020 (98% in 2019). Demand for diesel, gasoline and jet fuel in
Turkey in 7M21 was only 2% below 2019 levels, with diesel and
gasoline demand already exceeding pre-pandemic levels (by 5% and
11%, respectively), and weighed down by lacklustre demand for jet
fuel, which was 40% below 2019's. Improving demand for fuels in
Turkey will push capacity utilisation up, resulting in a further
boost to refining margins for Tupras and translating into better
cash flow generation in 2021.

Improved Refining Margins: Relaxation of lockdown measures has
spurred demand for oil products in Europe, lifting refining margins
from the lows seen during the pandemic, although many crack spreads
remain below their five-year averages. Diesel and jet fuel cracks
were hit particularly hard during the downturn due to a dramatic
reduction in air travel. This caused some refineries to reduce jet
fuel production and raise the share of diesel in their output,
increasing volumes of this distillate in the market. The inventory
build up during the lockdowns also weighed on refining-product
prices. However, inventories levels declined gradually during the
summer of 2021, alleviating pressures on margins.

Medium-Term Market Dynamics Uncertain: The recovery in the European
refining market remains vulnerable to possible pressures from
pandemic setbacks, including the spread of more infectious
variants, the reintroduction of lockdown measures and a
slower-than-expected recovery in international and domestic travel.
Furthermore, a reduction in available refining capacity during the
downturn that has contributed to the margin rebound could be
reversed in 2022-2023, due to planned refinery additions, mainly in
Asia and the Middle East. This could squeeze refining margins if an
increase in output volumes is not matched by growing demand.

Increase in Energy Prices: Energy costs (mainly natural gas)
account for 3% of Tupras's operating costs. While increase in
natural gas tariffs cannot be ruled out for Tupras in 2022, some
refining products are substitutes for natural gas and can push
demand higher with a positive impact on Tupras's product crack
spreads. The markets for natural gas and oil products remain highly
volatile, but Fitch assumes that the negative implications for
Tupras are limited with upside possible in the short term. If
higher oil prices remain in place for longer, this can have an
adverse impact on demand.

Low Capex, High Dividends: Tupras has fairly low maintenance capex
of around USD200 million annually. Historically, Tupras has paid
90% of net profit in dividends, but dividends in 2020 and 6M21 were
suspended, due to the weak cash flow generation. Fitch expects
dividend payouts will return to normal levels from 2022.

High Complexity, Low Integration: Tupras maintains a leading
position in the Turkish oil refining market and operates some of
the most complex set of refineries in EMEA. It remains focused on
refining and has little integration across the value chain compared
with MOL Hungarian Oil and Gas Company (MOL) and Polski Koncern
Naftowy ORLEN S.A. (PKN ORLEN), which are diversified into
upstream, petrochemicals and retail. Tupras's 40% stake in Opet,
Turkey's second-largest fuel retailer, only partly mitigates this
lack of integration, which increases Tupras's earnings volatility
through the cycle.

DERIVATION SUMMARY

Tupras's closest EMEA peers are PKN ORLEN (BBB-/Rating Watch
Positive) and MOL (BBB-/Stable). PKN's 689 kbbl/d downstream
capacity exceeds Tupras's 585 kbbl/d. Moreover, PKN ORLEN benefits
from an integrated petrochemical segment, a large retail network
and some exposure to upstream. MOL's downstream capacity (417
kbbl/d) is smaller than Tupras's, but the company's credit profile
is stronger due to an integrated business profile with a 100 kbbl/d
of upstream production that provides counter-cyclical cash flows.

Unlike MOL and PKN ORLEN, Tupras operates in a deficit fuel market,
while the coastal location of its two principal refineries allows
it to actively manage crude feedstock supplies. Tupras's leverage
is much higher than that of MOL and PKN, but the company has lower
capital intensity than its peers, as well as a lack of
diversification.

KEY ASSUMPTIONS

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

-- Oil prices as per Fitch's price deck: USD63/bbl in 2021,
    USD55/bbl in 2022, USD53/bbl in 2023 and 2024;

-- Improving refining margins in 2021-2024;

-- Capex in line with the company's guidance to 2024;

-- Dividends in line with Tupras's dividend policy.

KEY RECOVERY ANALYSIS ASSUMPTIONS

Our recovery analysis is based on a liquidation value approach,
which yields a higher value than a going- concern approach. It
assumes Tupras will be liquidated in a bankruptcy rather than
reorganised.

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
conducted during a bankruptcy or insolvency proceedings and
distributed to creditors.

-- Fitch has applied a 100% discount to cash held;

-- Fitch has applied a 25% discount to account receivables based
    on the analysis of Tupras's receivables portfolio and peer
    analysis;

-- Fitch has applied a 25% discount to inventory, lower than the
    usual 50% discount as Fitch considers commodities to be more
    readily marketable;

-- Fitch has applied a 50% discount to net property, plant and
    equipment based on the quality of the company's assets and
    peer analysis;

-- All loans and bonds are unsecured and rank pari passu.

After deduction of 10% for administrative claims, Fitch's analysis
resulted in a waterfall generated recovery computation (WGRC) in
the 'RR4' band, indicating a 'B+' instrument rating. The WGRC
output percentage on current metrics and assumptions was 41%.

RATING SENSITIVITIES

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

-- Improved outlook for refining margins in the medium term;

-- FFO net leverage consistently below 4.0x.

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

-- FFO net leverage consistently above 5.0x;

-- Worsening liquidity;

-- Consistently negative FCF.

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

Liquidity Subject to Bank Funding: As of end-June 2021 reported
cash and cash equivalents of TRY16.8 billion (net of restricted
cash) covered short-term debt of TRY15.8 billion, adjusted for
factoring and payable securitisation of TRY3.5 billion. Combined
with Tupras's debt maturity profile over the next 24 months, the
company's liquidity is therefore contingent on continued access to
domestic banks. This is not uncommon among Turkish corporates but
exposes the company to systemic liquidity risk.

Tupras also keeps large deposits at a related-party bank Yapi ve
Kredi Bankasi (B+/Negative), which amounted to TRY6.3 billion at
end-June 2021. Tupras has a long record of cooperation with Yapi ve
Kredi Bankasi, and transactions among wider group of companies with
a common majority owner are not uncommon in Turkey. Fitch believes
Tupras has not faced any difficulties in accessing its liquidity
buffer held in the bank in the past.

ISSUER PROFILE

Tupras is the largest Turkish refiner with a capacity of 585kbbl/d
across its four plants in the country (in Izmit, Izmir, Kirikkale
and Batman). Its largest Izmit refinery has Nelson complexity index
of 14.5, making it one of the most complex assets in Europe and the
Middle East. Tupras is 51% owned by Koc Holding, an investment
holding of Koc family. Tupras also holds a 40% stake in Opet, which
is the second-largest petroleum products distribution company in
Turkey.

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
===========================

ALBA PLC 2007-1: Moody's Hikes Rating on GBP20.4MM F Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of one note in
Alba 2005-1 plc and one note in Alba 2007-1 plc. The rating action
reflects the increased levels of credit enhancement for the
affected notes, and better than expected collateral performance.

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

Issuer: Alba 2005-1 plc

GBP105M Class A3 Notes, Affirmed A1 (sf); previously on Jul 27,
2017 Upgraded to A1 (sf)

Underlying Rating: Affirmed A1 (sf); previously on Jul 27, 2017
Upgraded to A1 (sf)

GBP21.65M Class B Notes, Affirmed A1 (sf); previously on Jul 27,
2017 Upgraded to A1 (sf)

GBP13.25M Class C Notes, Affirmed A1 (sf); previously on Jul 27,
2017 Upgraded to A1 (sf)

GBP6.8M Class D Notes, Affirmed Baa2 (sf); previously on Oct 14,
2015 Upgraded to Baa2 (sf)

GBP4.05M Class E Notes, Upgraded to Ba1 (sf); previously on Oct
14, 2015 Upgraded to B2 (sf)

Issuer: Alba 2007-1 plc

GBP269M Class A3 Notes, Affirmed A1 (sf); previously on Jul 27,
2017 Upgraded to A1 (sf)

GBP105.8M Class B Notes, Affirmed A1 (sf); previously on Jul 27,
2017 Upgraded to A1 (sf)

GBP20.4M Class F Notes, Upgraded to Ba2 (sf); previously on Oct
14, 2015 Upgraded to B2 (sf)

Moody's does not rate the Class C, Class D or Class E Notes of Alba
2007-1 plc.

The two transactions are static cash securitisations of
non-conforming residential mortgages extended to obligors located
in the UK, prior to 2008, with a high exposure to interest only
loans. In both transactions the principal payments waterfall can
switch between pro-rata and sequential amortization subject to
pre-defined conditions being met and in both transactions the notes
are currently amortising pro-rata.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches, as well as decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) in both
transactions and, in Alba 2007-1 plc, the decreased MILAN CE due to
better than expected collateral performance. The ratings of the
affirmed notes are constrained by financial disruption risk.

Increase in Available Credit Enhancement

The notes' amortisation combined with fully funded non amortising
reserve funds led to the increase in the credit enhancement
available in both transactions.

The credit enhancement for Class E in Alba 2005-1 plc upgraded in
the rating action increased to 5.8% from 3.4% since the last rating
action in October 2015.

The credit enhancement for Class F in Alba 2007-1 plc increased to
3.5% from 2.0% since the last rating action in October 2015.

Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of both transactions has been better than expected.
Arrears greater than 90 days as a percentage of current pool
balance are currently standing at 3.22% and 4.91%, with a pool
factor at 14.9% and 28.9% respectively in Alba 2005-1 plc and Alba
2007-1 plc.

Cumulative losses in Alba 2005-1 plc stand at 2.46% as a proportion
of original pool balance, whereas they stand at 3.3% in Alba 2007-1
plc. Furthermore, the phasing out of coronavirus-related
forbearance measures has not translated into materially worsened
collateral performance in either transaction. The weighted average
pool indexed loan to values in both transactions are furthermore
moderate at 44.4% in Alba 2005-1 plc and 53.0% in Alba 2007-1 plc.

Moody's assumed an expected loss of 2.58% and 2.84% on current
balance for Alba 2005-1 plc and Alba 2007-1 plc respectively, due
to better than expected collateral performance. This corresponds to
an expected loss assumption as a percentage of the original pool
balance of 2.84% and 4.14% for Alba 2005-1 plc and Alba 2007-1 plc
respectively, down from the previous assumptions of 3.10% and
5.25%.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. Based on the assessment of the current composition of the
pools backing the two transactions, Moody's has maintained the
MILAN CE assumption for Alba 2005-1 plc at 17% and reduced the
MILAN CE in Alba 2007-1 plc to 24% from 27% respectively.

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; (iii) improvements in the credit quality of the
transaction counterparties; and (iv) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.


BURY FOOTBALL CLUB: Group of Fans Acquires Gigg Lane Stadium
------------------------------------------------------------
Freddie Keighley at Mirror.co.uk reports that Bury FC and their
historic stadium have been purchased by a group of fans in a
transaction which will save the club.

The two-time FA Cup winners were placed into administration in
November 2020 having been expelled from the English Football League
in August 2019 due to crippling debts totalling several millions of
pounds, Mirror.co.uk recounts.

Former owner Steve Dale pushed for Bury to enter the National
League for the 2020/21 season, but his attempts were blocked by the
Football Association, Mirror.co.uk notes.

Gigg Lane, Bury's home since their establishment in 1885, was put
up for sale by administrators in May this year and there were a
number of parties interested in buying the dormant club and the
12,500-seater ground, Mirror.co.uk relates.

In news which will delight supporters, a fan group known as Est
1885 has been successful in buying Bury FC's intellectual property,
trading name, history and assets, Mirror.co.uk discloses.

The club's administrators, Inquesta Corporate Recovery &
Insolvency, have confirmed heads of terms are agreed with buyers in
a move to rescue the Shakers, Mirror.co.uk relates.


FORTHPLUS PENSIONS: Enters Administration Amid Complaints
---------------------------------------------------------
Mark Battersby at International Investment reports that the
directors of FCA-regulated Forthplus Pensions Limited (Forthplus)
appointed Andrew Poxon, Alex Cadwallader and Barry Stewart of
Leonard Curtis Business Solutions Group as joint administrators on
October 19, 2021.

According to International Investment, in a statement issued on
Oct. 20, the Financial Conduct Authority said Forthplus "was unable
to meet its regulatory capital adequacy requirements and the Board
recognised it was no longer able to operate".

This was compounded by a large number of complaints at the
Financial Ombudsman Service related to their due diligence before
taking on pension savers, International Investment notes.

The FCA further said it published Final Guidance to SIPP Operators
in 2013 on the due diligence it expected them to conduct,
International Investment relates.

"The ombudsman service has issued several representative
provisional assessments which found that Forthplus had not
undertaken adequate due diligence and therefore had not treated its
customers fairly and reasonably.

As Forthplus did not agree with those provisional assessments, the
ombudsman service was preparing to issue final decisions.  Had the
complaints been upheld and final decisions issued, further claims
against Forthplus were expected", International Investment quotes
the FCA as saying.

Following advice from Leonard Curtis the directors made the
decision to place the firm into administration, International
Investment states.


INTERSERVE PLC: End of Administration Process Remains Uncertain
---------------------------------------------------------------
Ian Weinfass at Construction News reports that the end of
Interserve plc's administration process remains uncertain amid
ongoing delays of the disposal of shares in a Qatari subsidiary.

According to Construction News, a new administrators' progress
report from EY Parthenon about the former listed construction giant
released last week states that its work will not be completed by
its next deadline, which had already been extended because of the
same issue.

It also revealed that unsecured creditors have until the end of
this month to submit claims ahead of a dividend payment relating to
the administration, Construction News discloses.

The disposal delaying the rest of the process relates to
Interserve's stake in Qatari-based Al Binaa Contracting Company,
which Interserve valued at GBP2.7 million in 2018, Construction
News states.  The shares were to be transferred to the new
Interserve Group, however ongoing delays in obtaining tax clearance
from the government of Qatar have held up the move, Construction
News notes.

It had previously been stated that after the disposal is completed,
EY will be able to calculate how much the collapsed plc owed HMRC,
according to Construction News.

In the latest report, EY administrators said they do not expect the
Qatari shares to be moved before their March 2022 deadline for
completing the administration, Construction News relates.  The
company is weighing up whether to seek a further extension to the
administration or to move to compulsory liquidation instead,
Construction News discloses.  It said creditors will be told which
course it will follow before the end of 2021, Construction News
notes.

Interserve plc went into administration on March 15, 2019, after
shareholders voted down a deleveraging plan, resulting in its
subsidiary companies being sold to the group's lenders in a
pre-pack administration, Construction News recounts.  This led to
debt of GBP815 million and other liabilities of more than GBP200
million being effectively wiped out by stakeholders in exchange for
equity in the new parent company, Interserve Group Limited,
according to Construction News.

EY, as cited by Construction News, said that secured creditors of
Interserve plc, who are owed around GBP65.2 million, are not
expected to receive any payout from the administration.

It said it is still receiving claims from unsecured creditors of
the firm and it remains unable to give an accurate estimate of how
much is being claimed, Construction News relays.


IVC ACQUISITION: Fitch Affirms B+ Rating on Secured Term Loan
-------------------------------------------------------------
Fitch Ratings has affirmed IVC Acquisition Ltd.'s senior secured
term loan (TLB) at 'B+' with a Recovery Rating of 'RR3'. This
follows an announced GBP600 million (euro equivalent) increase in
the TLB loan size and a concurrent increase of its revolving credit
facility (RCF) to around GBP450 million from GBP347.5 million.
Fitch has also affirmed IVC Acquisition Pikco Limited's (IVCE)
Long-Term Issuer Default Rating (IDR) at 'B' with Stable Outlook.

The debt proceeds will be used to support IVCE's ambitious
acquisition strategy and will refinance RCF drawdowns.

The ratings of IVCE are constrained by its high leverage driven by
a 'buy-and-build' strategy to create an integrated pan-European and
veterinary care business, accelerating its diversification outside
the UK and Nordics. They also reflect moderate execution risks as
the group continues to integrate acquired businesses and targets
more bolt-on acquisitions for growth.

The ratings are supported by IVCE's leading market position in its
core markets, resilient performance during the pandemic, improving
operating margins, and strong sector fundamentals offering organic
growth and consolidation opportunities, which is reflected in the
Stable Outlook.

Fitch's rating case does not include contributions from IVCE's
proposed merger with Canadian peer VetStrategy (VS) as this merger
still requires regulatory approvals. Also, a final capital
structure post-merger has not yet been defined. FFO-based gross
leverage above 8.0x would adversely affect the IDR.

KEY RATING DRIVERS

Strong Post-Pandemic Growth, Improving Profitability: IVCE
outperformed Fitch's organic growth assumptions in FY20 and FY21
(year ending September) with limited disruption to its services
during the pandemic and steady growth in activity. Demand for pet
care continued to increase during lockdowns, leading to a
significantly improved EBITDA margin (including Fitch-defined
reversal of IFRS16 lease adjustments) of 18% in FY21. Fitch's
rating case expects continued strong organic like-for-like (LfL)
sales growth to ease from the pandemic peak of above 16% to
mid-to-high single-digits over Fitch's rating horizon to FY24, with
IFRS16-adjusted EBITDA margins in the mid-teens.

Improving FCF Generation: Accelerating organic growth and improving
profitability have led Fitch to project an increasing FCF margin
towards 5% to FY24. This should result in a gradual reduction of
funds from operations (FFO)-adjusted gross leverage to below 7.0x
and increase rating headroom, despite Fitch's assumptions of a
continuation of the buy-and-build strategy with additional
acquisitions close to GBP1 billion over Fitch's four-year rating
case (assumed at an average acquisition multiple of 10x).

Moderate Execution Risks: Fitch's deleveraging assumptions reflect
a balanced approach by IVCE to productivity enhancements alongside
its ambitious external growth strategy. IVCE is developing its
platform for its veterinary-care business at the pan-European
level, which translates into moderate execution risks as it
continues to integrate acquired businesses and targets more bolt-on
acquisitions for future growth. However, this is mitigated by
IVCE's careful planning and M&A framework. In addition,
acquisitions remain discretionary and can be paused (as they have
been at some stages during the pandemic), which enables the company
to support deleveraging capacity ahead of key debt refinancing
before 2026.

Canadian Merger not Factored In: Fitch's rating case does not
include contributions from IVCE's proposed merger with Canadian
peer VetStrategy (VS) announced in September 2021 as this merger
still requires regulatory approvals, and will - at least initially
- be separately funded, with no recourse by IVCE's lenders to the
Canadian assets and/or cash flows. While Fitch believes that it is
IVCE's intention to combine assets with VS and refinance debt at
the target, details such as a business plan, debt structure, and
assessment of earnings quality on audited accounts are still
uncertain.

VS to Boost Business Profile: Fitch sees sound strategic rationale
in the proposed Canadian merger as it will add a strong platform
for IVCE outside its current European focus, in a market with
similar growth characteristics and consolidation opportunities,
therefore accelerating synergies, diversification, and scale.
Although not formally incorporated in the rating case at this early
stage of the merger process, Fitch's initial assessment indicates
that the proposed VS integration could be absorbed within IVCE's
'B' IDR, subject to the final debt structure and business plan.

Merger to Broaden Shareholder Group: The proposed VS merger will
also broaden IVCE's shareholder structure by introducing VS's
current owner Berkshire Partners and management to IVCE's enlarging
group of shareholders, following the earlier introduction of
strategic investors Nestle and Silver Lake.

Diversified Customer-Centric Operations: IVCE has leading market
positions in its established core markets and is rapidly developing
into a pan-European veterinary-care business, with a strong medical
and customer focus. It plans to focus on growing economies of
scale, consolidating the fragmented animal healthcare market and
creating regional leading veterinary chains across western Europe.
These regional operations are supported by common head office
functions realising scale benefits. Strong market positions in the
UK and Nordics and scalable operations should allow IVCE to
diversify its business internationally, improving underlying
profitability and optimising its service offerings.

DERIVATION SUMMARY

Fitch assesses IVCE under its Generic Navigator framework, taking
into consideration underlying animal care and consumer-service
characteristics, which drive its business profile. IVCE's strategy
of consolidating a fragmented care market and generating benefits
from scale and standardised management structures is similar to
strategies currently implemented by other Fitch-rated healthcare
operations such as laboratory services and dental/optical chains.
The key difference is that the animal care market is not as
regulated as human healthcare, which allows for greater operational
flexibility, but also introduces a higher discretionary
characteristic to an otherwise defensive spending profile.

IVCE is firmly positioned against other 'B' credits, with
FFO-adjusted gross leverage trending towards 7x - 7.5x from FY21 on
an IFRS16 pro-forma basis. Its financial profile is underpinned by
pro-forma EBITDA margin improvement towards the mid-to-high teens
in FY21, translating into gradually improving FCF generation.

High-yield peers active in industry consolidation such as Finnish
private healthcare operator Mehilainen Yhtyma Oy (B/Stable),
Laboratory testing company Inovie Group (B/Stable), Laboratoire
Eimer Selas (B/Stable) exhibit a similar financial risk profiles to
IVCE's. This reflects their 'buy-and-build' growth strategies,
albeit in more regulated healthcare sectors, which have also
benefitted from the pandemic.

KEY ASSUMPTIONS

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

-- Organic revenue CAGR of 8% and CAGR of 24%, including
    acquisitions for FY21-FY24;

-- Fitch-calculated EBITDA margin decreasing to 16% by FY22 from
    18% in FY21, following post-pandemic activity normalization;

-- Working-capital cash inflow at 0.5% of sales in FY21-FY24;

-- Limited capital intensity, with total capex representing just
    under 4% of revenue over the rating horizon;

-- Cumulative bolt-on acquisitions (excluding contingency
    payments) of around GBP 1 billion to FY24), resulting in
    additional debt issuance over Fitch's rating horizon to FY24;

-- No dividends to FY24;

-- The VS merger is not incorporated into Fitch's rating case as
    The merger has not completed and VS will - at least initially
    – be run on a non-recourse basis to IVCE's lenders;

-- Exceptional items to adjust the impact of intra-year
    acquisitions.

Recovery Assumptions:

Fitch would expect IVCE in a default to be restructured and to
continue operating as a going concern as Fitch believes that this
approach will maximise recoveries over a liquidation of its
assets.

In this distressed recovery analysis, Fitch estimates the
distressed enterprise value (EV) of GBP1.7 billion, based on a
post-restructuring EBITDA of GBP277 million, a 6x distressed
EV/EBITDA valuation and 10% administrative claim.

Fitch assumes the newly increased RCF of around GBP450 million to
be fully drawn and ranking pari passu to the TLB. Fitch expects the
resulting recovery for the increased senior secured TLB of around
GBP2.2 billion to be within the 51%-70% range, corresponding to a
'RR3' and translating into 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:

-- Successful integration of acquired operations;

-- Increasing scale and profitability leading to FFO- adjusted
    gross leverage to below 6.5x, EBITDA margin above 17%, and FCF
    margin in high single digits on a sustained basis;

-- Satisfactory financial flexibility with FFO fixed charge cover
    above 2.5x on a sustained basis;

-- Demonstration of a maturing business model, characterised by
    enhanced diversification and greater scale with revenue
    trending toward GBP2 billion.

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

-- Erosion of profitability from failure to integrate and to
    develop acquired operations, leading to EBITDA margin falling
    below 12%;

-- Negative FCF margin, potentially as a result of an
    unsuccessful acquisition strategy driving weaker credit
    metrics such as FFO-adjusted gross leverage sustained above
    8.0x (adjusted for acquisitions);

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity post-Debt Issue: Fitch views IVCE's
liquidity as satisfactory as following the refinancing of RCF
drawings the group will have up to GBP627 million available
liquidity, comprising GBP177 million cash on balance sheet and
around GPB450 million undrawn RCF to support its buy-and-build
strategy. Fitch considers the debt maturity profile as undemanding
as no debt falls due within its four-year rating horizon to 2025.

ISSUER PROFILE

IVCE is the largest veterinary practice group in Europe, with a
growing presence in the veterinary practice market across Europe.

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.


JAGUAR LAND ROVER: S&P Raises ICR to 'B+', Outlook Stable
---------------------------------------------------------
S&P Global Ratings upgraded the following Tata Group entities to
reflect its reassessment of ongoing influence as well as the
potential for extraordinary financial support from the parent, Tata
Sons Pte. Ltd. (unrated):

-- Tata Steel Ltd. and its 100%-owned financing subsidiary ABJA
Investment Co. Pte. Ltd. to 'BBB- from 'BB'. The outlook is
stable.

-- Tata Motors Ltd. and its 100% subsidiary TML Holdings Pte. Ltd.
to 'BB-' from 'B'. The outlook is stable.

-- Jaguar Land Rover Automotive PLC (JLR) to 'B+' from 'B'. The
outlook is stable.

The ratings have been removed from CreditWatch, where they were
placed with positive implications.

S&P said, "The upgrades reflect our view the credit profiles of the
various Tata Group entities are strengthened by their importance to
Tata Sons, with potential for financial support, if required. We
also expect Tata Sons to have a positive influence on the long-term
strategy, financial policies and funding access of its group
entities. We regard the credit quality of Tata Sons to be strongly
investment grade.

"The incorporation of group support into the ratings follows a
revision to our approach to treating Tata Sons as a conglomerate
rather than as an investment holding company. We have observed that
Tata Sons and its subsidiaries and associates have become a more
cohesive group in recent years."

S&P believes the various Tata Group entities will benefit from
extraordinary support, if needed, with their importance to Tata
Sons underpinned by factors including:

-- Tata Sons' increased ownership in group entities over the last
few years.

-- A greater influence of Tata Sons on the strategy and financial
policies of the group companies, although the Tata Group entities
operate independently with professional directors and management
For example, group companies have prioritized debt reduction, in
line with Tata Sons' policy.

-- Key Tata Group companies enjoy a legacy status within the Tata
Group and account for a sizable share of the group's EBITDA and
assets. They are also closely linked to Tata Sons' reputation and
risk management.

The extent of the rating uplift is, however, constrained by Tata
Sons' minority ownership in the rated entities, relatively small
share in the cash flow and portfolio value at the Tata Sons level,
and the limited operational and financial integration between
entities, compared with other conglomerates.

Further, Tata Sons has demonstrated financial support mainly during
periods of financial stress as opposed to regular co-investments or
capitalization to maintain credit strength, as seen in
conglomerates with a stronger group linkage. The absence of ongoing
capital support to prevent deterioration in credit profile implies
that the final rating on group entities cannot be too detached from
their respective stand-alone credit profiles.

A greater demonstration of ongoing support and operational linkages
within the group could lead to a stronger assessment in the
future.


NMCN: Grant Thornton Says Brand Practically Worthless
-----------------------------------------------------
The Construction Index reports that a year of trawling through the
books of NMCN has led Grant Thornton to the conclusion that the
brand was practically worthless.

The official report filed by NMCN's administrators reveals that
accountancy firm Grant Thornton has been embedded in the
construction contractor for more than a year now, initially as
consultant and now as administrators, winding down the business
into eventual liquidation, The Construction Index relates.

Grant Thornton was first introduced to NMCN on October 5, 2020, by
Lloyds Bank shortly after the departure of John Homer as chief
executive, The Construction Index recounts.  It was first engaged
by NMCN and Lloyds Bank on October 19 and then on December 14 to
review short term cash flow forecasts, The Construction Index
states.

Grant Thornton was then engaged by NMCN and Lloyds Bank on February
23 to undertake an independent business review --  "including
assessing the group's historical and forecast financial results,
preparing an estimated outcome statement, comparing possible
outcomes of various solvent and insolvent options, and completion
of an options review and contingency planning report, in support of
the group's refinancing exercises", The Construction Index
discloses.

Grant Thornton was then tasked with further analysis, including
another cash flow review, on Aug. 16, when the refinancing was
delayed, The Construction Index notes.

By this stage, Grant Thornton had accrued fees totalling GBP275,967
plus VAT. This sum has been paid by NMCN, the report confirms.

On October 1, Grant Thronton was engaged by NMVN (sic) to assist
the directors in taking steps to place the companies into
administration, The Construction Index relays. Fees for this were
GBP115,000. As of October 13, this had not yet been paid and
requires the approval of creditors, The Construction Index states.

Administrators were appointed on October 6, The Construction Index
recounts.  The cause of the collapse was described baldly as
"significant cash flow challenges during 2020, mainly caused by
ongoing trading losses and the impact of the Covid-19 pandemic on
operations", according to The Construction Index.

Following a review carried out by Grant Thornton's solicitors,
Pinsent Masons, it was determined that NMCN "did not own any
significant intangible assets", The Construction Index notes.
Assets such as the NMCN brand name, legacy brands like Nomenca or
North Midland Construction, or acquired brands such as Lintott,
were deemed to have "negligible" value and were excluded from sale,
according to The Construction Index.

It is anticipated that secured creditors and ordinary preferred
creditors will be paid in full, The Construction Index states.
Secondary creditors will also get a retuned "however, the quantum
cannot yet be determined with any reasonable accuracy", The
Construction Index says.

Unsecured creditors, who are collectively owed GBP60 million
(GBP60,528,421 to be precise), are not expected to get anything,
due to lack of funds, according to The Construction Index.

Since its October 6 appointment as administrators, Grant Thornton
has incurred costs and expenses of more than GBP300,000, The
Construction Index discloses.


POLARIS PLC 2020-1: Moody's Hikes Class F Notes Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four notes in
Polaris 2019-1 plc and six notes in Polaris 2020-1 plc. The rating
action reflects the increased levels of credit enhancement for the
affected notes, and better than expected collateral performance.

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

Issuer: Polaris 2019-1 plc

GBP218.86M Class A Notes, Affirmed Aaa (sf); previously on Jul 27,
2020 Affirmed Aaa (sf)

GBP11.87M Class B Notes, Affirmed Aa2 (sf); previously on Jul 27,
2020 Affirmed Aa2 (sf)

GBP11.87M Class C Notes, Upgraded to Aa2 (sf); previously on Jul
27, 2020 Affirmed A1 (sf)

GBP6.59M Class D Notes, Upgraded to Aa3 (sf); previously on Jul
27, 2020 Affirmed A3 (sf)

GBP5.27M Class E Notes, Upgraded to Baa1 (sf); previously on Jul
27, 2020 Downgraded to Ba1 (sf)

GBP2.64M Class F Notes, Upgraded to Ba3 (sf); previously on Jul
27, 2020 Downgraded to B2 (sf)

Issuer: Polaris 2020-1 plc

GBP294.55M Class A Notes, Affirmed Aaa (sf); previously on Aug 6,
2020 Definitive Rating Assigned Aaa (sf)

GBP21.16M Class B Notes, Upgraded to Aa2 (sf); previously on Aug
6, 2020 Definitive Rating Assigned Aa3 (sf)

GBP12.35M Class C Notes, Upgraded to Aa3 (sf); previously on Aug
6, 2020 Definitive Rating Assigned A2 (sf)

GBP7.05M Class D Notes, Upgraded to Baa2 (sf); previously on Aug
6, 2020 Definitive Rating Assigned Baa3 (sf)

GBP5.29M Class E Notes, Upgraded to Ba2 (sf); previously on Aug 6,
2020 Definitive Rating Assigned Ba3 (sf)

GBP3.53M Class F Notes, Upgraded to B2 (sf); previously on Aug 6,
2020 Definitive Rating Assigned B3 (sf)

GBP9.7M Class X Notes, Upgraded to Ba1 (sf); previously on Aug 6,
2020 Definitive Rating Assigned Caa3 (sf)

The two transactions are static cash securitisations of
non-conforming owner-occupied and buy-to-let mortgage loans
extended to obligors living in the UK having a relatively high
exposure to self-employed borrowers, and to borrowers having some
adverse credit characteristics at the time of origination. Both
transactions have a sequential structure, and significant levels of
excess spread but do not have any credit reserve fund.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches, as well as decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) in both
transactions and, in Polaris 2020-1 plc, the MILAN CE assumption
due to better than expected collateral performance.

Increase in Available Credit Enhancement

Sequential amortisation led to the increase in the credit
enhancement available in both transactions.

The credit enhancement for Classes B, C, D, E and F in Polaris
2019-1 plc increased to 23.1%, 14.8%, 10.2%, 6.5% and 4.6% from
14.9%, 9.5%, 6.6%, 4.2% and 3.0%, respectively since the last
rating action in July 2020.

The credit enhancement for Classes B, C, D, E and F in Polaris
2020-1 plc increased to 11.7%, 7.8%, 5.6%, 3.9% and 2.8% from
10.5%, 7.0%, 5.0%, 3.5% and 2.5%, respectively since closing in
August 2020.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of Polaris 2019-1 plc and Polaris 2020-1 plc has
been better than expected. Arrears greater than 90 days as a
percentage of current balance are currently standing at 2.4% and
1.2% respectively, with a pool factor at 54.1% and 90.1%
respectively. Cumulative losses in both transactions stand at 0%.
Furthermore, the phasing out of coronavirus-related forbearance
measures has not translated into materially worsened collateral
performance in both transactions. Both transactions have moderate
weighted average current loan-to-indexed-values of 60.0% and 64.7%
in Polaris 2019-1 plc and Polaris 2020-1 plc, respectively, which
will support future performance.

Moody's assumed an expected loss of 3.48% and 3.84% on current pool
balance for Polaris 2019-1 plc and Polaris 2020-1 plc,
respectively, due to better than expected collateral performance.
This corresponds to an expected loss assumption as a percentage of
the original pool balance of 1.88% and 3.60% for Polaris 2019-1 plc
and Polaris 2020-1 plc, respectively, down from the previous
assumptions of 3.50% and 4.00%.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. Based on the assessment of the current composition of the
pool Moody's has decreased the MILAN CE assumption for Polaris
2020-1 plc to 15% from 16%. The MILAN CE assumption for Polaris
2019-1 plc remained unchanged at 15%.

Moody's also considered how the liquidity available in the
transactions supports the ratings of the notes. Both transactions
benefit from amortising liquidity reserve funds, which provide
liquidity for the Class A notes of each deal only. Additionally in
Polaris 2020-1 plc, there is an amortising payment holiday reserve
which serves to enhance the revenue receipts of that transaction.
The released amounts of the reserves form part of each issuer's
available revenue funds. Apart from the aforementioned released
amounts, the junior notes of both transactions do not benefit from
any credit reserve and rely on the principal to pay interest
mechanism, which is in itself limited in certain circumstances, to
support timely payments of interest. As such, Moody's has applied a
financial disruption risk cap to the Class B and Class C Notes in
Polaris 2019-1 plc and to the Class B Notes in Polaris 2020-1 plc
at Aa2 (sf).

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.


SAGE AR 2021: S&P Assigns Prelim. BB- (sf) Rating on Cl. R Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Sage AR
Funding 2021 PLC's class A, B, C, D, and E notes. At closing, Sage
AR Funding 2021 PLC will also issue unrated class R notes.

Sage AR Funding 2021 PLC is a CMBS transaction backed by a loan on
a portfolio of 1,712 social housing units located throughout the
U.K.

The issuer will on-lend the note proceeds to the borrower (Sage
Borrower AR2 Ltd.) through an issuer/borrower loan. A portion of
the class A notes, equal to GBP5.6 million, will be used to fund
the issuer liquidity reserve.

The borrower will then on-lend the proceeds of the loan to Sage
Rented Ltd. (SRL), the parent registered provider (RP), through a
parent RP facility agreement. The parent RP will use the proceeds
of this loan to directly or indirectly finance or refinance the
acquisition of properties by the parent RP.

Payments due under the issuer/borrower loan primarily fund the
issuer's interest and principal payments due under the notes. The
loan is secured on a portfolio of 1,712 social housing units
located throughout the U.K.

The borrower is a wholly owned subsidiary of the parent RP, which
is a for-profit RP of social housing ultimately owned by Blackstone
Inc. alongside the Regis Group PLC.

To satisfy E.U., U.K., and U.S. risk-retention requirements, an
additional amount of unrated class R notes, will be issued and
retained by the originator, SRL. In the case of EU and U.K. risk
retention requirements, this is 5% of the nominal value of the
securitized loan, and in the case of the U.S. risk retention
requirements, this is 5% of the fair value of all the notes issued
by the issuer at closing (determined using a fair value measurement
framework under U.S. generally accepted accounting principles).

The issuer/borrower loan provides for cash trap mechanisms set at a
rated loan-to-value (LTV) ratio greater than 78%, or a debt yield
less than 3.56%. The loan has an initial term of five years with 20
one-year extension options available, subject to satisfying certain
conditions. There is no amortization in the initial five years,
but, if extended, the loan amortizes by 1.0% of principal on the
initial repayment date and cash sweep starting in year six.

The portfolio's current market value based on the market value
subject to tenancies (MV-STT) is GBP377 million, which equates to
an LTV ratio of 68.0% (based on the rated notes) and 72.9% for the
full loan (including the class R retention piece).

S&P said, "Our preliminary ratings address the issuer's ability to
meet timely interest payments and principal repayment no later than
the legal final maturity in November 2051. Our preliminary ratings
on the notes reflect our assessment of the underlying loan's
credit, cash flow, and legal characteristics, and an analysis of
the transaction's counterparty and operational risks."

  Ratings List

  CLASS     PRELIMINARY     PRELIMINARY AMOUNT
               RATING           (MIL. GBP)
   A          AAA (sf)            159.7
   B          AA- (sf)             32.8
   C          A- (sf)              26.3
   D          BBB- (sf)            22.2
   E          BB- (sf)             21.0
   R          NR                   18.5

  NR--Not rated.


TOWD POINT 2018: Moody's Hikes Rating on GBP9.23MM E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four notes in
Towd Point Mortgage Funding 2018 - Auburn 12 PLC, a UK buy-to-let
RMBS transaction. The rating action reflects better than expected
collateral performance and the increased levels of credit
enhancement for the affected notes.

Moody's affirmed the ratings of the Class A Notes that had
sufficient credit enhancement to maintain their current ratings.

GBP319.75M Class A Notes, Affirmed Aaa (sf); previously on Aug 15,
2018 Definitive Rating Assigned Aaa (sf)

GBP25.40M Class B Notes, Upgraded to Aa2 (sf); previously on Aug
15, 2018 Definitive Rating Assigned Aa3 (sf)

GBP10.77M Class C Notes, Upgraded to Aa3 (sf); previously on Aug
15, 2018 Definitive Rating Assigned A2 (sf)

GBP9.62M Class D Notes, Upgraded to A2 (sf); previously on Aug 15,
2018 Definitive Rating Assigned Baa3 (sf)

GBP9.23M Class E Notes, Upgraded to Ba1 (sf); previously on Aug
15, 2018 Definitive Rating Assigned B2 (sf)

The transaction is a static cash securitisation of residential
buy-to-let (BTL) mortgage loans extended by Capital Home Loans
Limited (NR) to borrowers located in the United Kingdom.

RATINGS RATIONALE

The rating action is prompted by the decreased key collateral
assumption, namely the portfolio Expected Loss (EL) assumption due
to better than expected collateral performance, as well as an
increase in credit enhancement for the affected tranches.

Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transaction has been better than expected.
90 days plus arrears as a percentage of current balance are
currently standing at 1.1%, with the pool factor at 70.4%. The
portfolio has incurred 0.18% losses since closing.

Moody's assumed the expected loss of 1.5% as a percentage of
current pool balance, due to better than expected collateral
performance. This corresponds to an expected loss assumption of
1.2% as a percentage of the original pool balance, down from the
previous assumption of 2.2%.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
at 13.5%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

The credit enhancement for Classes B, C, D and E Notes increased to
14.5%, 10.6%, 7.0%, and 3.7% from 10.3%, 7.5%, 5.0% and 2.6% since
closing.

Interest on the Class B, Class C, Class D and Class E Notes is
subject to a Net Weighted Average Coupon (Net WAC) Cap. Net WAC
additional amounts are paid junior in the revenue waterfall being
the difference between the Class B, C, D and E coupon and the Net
WAC Cap.

The Liquidity Reserve Fund, which will be funded at the step-up
date, and the Liquidity Facility can only be used to pay senior
fees and interest on the Class A notes. The Excess Reserve Fund can
be used to pay interest on Classes B, C, D and E Notes (other than
Net WAC additional amounts) after using revenue and principal
proceeds. The Excess Reserve Fund, which is being built up by
excess revenue proceeds currently, will be potentially applied to
fund the Liquidity Reserve Fund up to the Liquidity Reserve Target,
and may not be available as a source of liquidity for Classes B, C,
D, E and F Notes in high loss scenarios with little or negative
excess spread. Moody's have taken this into account in Moody's
analysis of the rating of Class B Notes.

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


TOWD POINT 2019-GRANITE4: S&P Assigns 'BB-' Rating on Cl. G Notes
-----------------------------------------------------------------
S&P Global Ratings assigned ratings to Towd Point Mortgage Funding
2019-Granite4 PLC's (Towd Point) class A2 to G-Dfrd U.K. RMBS
notes, and affirmed its rating on outstanding class A1 notes. The
issuer also issued unrated class Z, XA1, XA2, and XA3 notes. The
existing class A1 notes and unrated XB certificates remain
unchanged.

Towd Point is a static RMBS transaction that closed in 2019. As
part of this reissuance, the issuer exercised its subordinated
redemption option and reissued the class B-Dfrd to F-Dfrd, Z, XA1,
and XA2 notes. Towd Point also issued rated class A2 and G-Dfrd
notes, and unrated class XA3 notes.

The transaction securitizes a portfolio of owner-occupied mortgage
loans secured on properties in the U.K. The pool is unchanged from
the pool backing the original issuance, although it has amortized
to GBP2.557 billion as of the June 2021 portfolio reference date,
down from GBP3.769 at closing in 2019.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to self-certified borrowers and borrowers with
adverse credit history, such as prior county court judgments
(CCJs), an individual voluntary arrangement, or a bankruptcy order.

The pool is well seasoned with almost all the loans being more than
10 years seasoned.

There is high exposure to interest-only loans in the pool at
61.8%.

Of the pool, 9.4% of the mortgage loans are currently in arrears
greater than (or equal to) one month, and 1.4% of the loans are
outstanding past their maturity. We have considered the latter to
be defaulted and have modelled the transaction undercollateralized.
S&P has applied its standard recovery assumptions to the loans that
are past maturity.

S&P said, "Our ratings reflect our assessment of the transaction's
payment structure, cash flow mechanics, and the results of our cash
flow analysis to assess whether the notes would be repaid under
stress test scenarios. Subordination and excess spread provide
credit enhancement to the class A to G-Dfrd notes, which are senior
to the unrated notes and certificates. The class A1 and A2 notes
benefit from dedicated liquidity facilities and liquidity reserves.
The class B-Dfrd notes benefits from a liquidity reserve. Principal
can be used to pay senior fees and interest on the notes subject to
various conditions. Our cash flow analysis and related assumptions
also consider the sensitivity of the transaction to the
repercussions of the COVID-19 outbreak. Namely, we have modelled a
potential increase in default rates and an extension in recovery
timing as part of our cash flow analysis. Our ratings therefore
reflect the results of our sensitivity analysis rather than our
standard assumptions.

"There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote."

  Ratings

  CLASS     RATING*    AMOUNT (MIL.GBP)

  RATINGS ASSIGNED

  A2        AAA (sf)     301.08
  B-Dfrd    AA+ (sf)      76.70
  C-Dfrd    AA- (sf)     113.78
  D-Dfrd    A (sf)        38.35
  E-Dfrd    BBB (sf)      48.58
  F-Dfrd    BB (sf)       33.24
  G-Dfrd    BB- (sf)      15.34
  Z         NR            37.07
  XA1       NR            95.88
  XA2       NR             8.95
  XA3       NR            51.14
  XB certs  NR              N/A

  RATING AFFIRMED

  A1        AAA (sf)   1,892.62

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal for the class A1 and A2 notes, and the
ultimate payment of interest and principal on the other rated
notes.
NR--Not rated.
N/A--Not applicable.


TOWD POINT 2019: Fitch Assigns B+ Rating on Class G Notes
---------------------------------------------------------
Fitch Ratings has assigned new ratings to the refinancing notes
listed below, which have been issued from the existing Towd Point
Mortgage Funding 2019 - Granite 4 (TPMF Granite 4) transaction.
This occurred on the subordinated optional redemption date (20
October 2021), at which time the previously outstanding class B, C,
D, E, F and Z notes were replaced by the refinancing notes. The
original class A1 notes could not be called and remain outstanding;
their rating has been affirmed.

       DEBT                       RATING               PRIOR
       ----                       ------               -----
Towd Point Mortgage Funding 2019 - Granite 4 plc

Class A1 XS1968576568        LT AAAsf  Affirmed        AAAsf
Class A2 - R XS2395599132    LT AAAsf  New Rating      AAA(EXP)sf
Class B - R XS2395707636     LT AA+sf  New Rating      AA+(EXP)sf
Class B XS1968576642         LT PIFsf  Paid In Full    AAAsf
Class C - R XS2395708014     LT A+sf   New Rating      A+(EXP)sf
Class C XS1968576998         LT PIFsf  Paid In Full    A+sf
Class D - R XS2395709848     LT Asf    New Rating      A(EXP)sf
Class D XS1968577293         LT PIFsf  Paid In Full    A+sf
Class E - R XS2395712396     LT BBBsf  New Rating      BBB(EXP)sf
Class E XS1968577376         LT PIFsf  Paid In Full    BBB+sf
Class F - R XS2395714681     LT BBsf   New Rating      BB(EXP)sf
Class F XS1968577459         LT PIFsf  Paid In Full    BB+sf
Class G - R XS2395715738     LT B+sf   New Rating      B+(EXP)sf
Class Z - R XS2395716546     LT NRsf   New Rating      NR(EXP)sf

TRANSACTION SUMMARY

This transaction is a securitisation of prime UK owner-occupied
(OO) mortgages originated by Northern Rock plc prior to the 2008
global financial crisis.

KEY RATING DRIVERS

Seasoned Loans: The portfolio consists of seasoned prime OO loans
predominantly originated between 2003 and 2007 (93.7%). The pool
has benefitted from considerable indexation, with a weighted
average (WA) indexed current loan-to-value (CLTV) of 50.7% leading
to a WA sustainable LTV of 70%. The pool also contains a fairly
high share of interest-only (IO) loans, with a material proportion
of the loans that may have been originated as fast-track loans.

Worse-than-Average Performance: Arrears levels, both current and
historical, are above those typical of prime UK pools. Fitch
considered the historical performance and the average annualised
constant default rate (CDR) of the pool in setting the lender
adjustment of 1.4x under its prime criteria assumptions.

Class A2 Liquidity Facility Created: The issuance of new class A2
notes led to the creation of a dedicated liquidity facility (LF)
for the A2 notes. This will eventually convert into a liquidity
reserve fund (LRF), which will begin funding on the liquidity
facility replacement date (October 2026).

The class A2 notes are subordinated to the class A1 notes and
payments to the A2LF and A2LRF are also subordinated to payments of
interest and principal for the class A1 notes. The A2LRF will be
funded via interest at a junior position and principal receipts at
a senior position. Use of principal receipts will create a
principal deficiency debit to be applied reverse sequentially to
the notes, with excess amounts released into the revenue
waterfall.

Borrowers' Refinancing Challenges Remain: The WA debt-to-income of
32.7% suggests strong borrower affordability, but the proportion of
borrowers in the pool still on the standard variable rate (SVR;
92.8% including a small number of fixed-rate loans that are yet to
revert to the SVR) means refinancing is still an issue for many of
the borrowers, especially given the number of cheaper products
available on the market. Many would not meet the affordability
criteria of lenders after the 2014 Financial Conduct Authority
Mortgage Market Review. The SVR loans will also remain unhedged,
leading to basis risk, although the level of excess spread to date
for the transaction has been very robust.

RATING SENSITIVITIES

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

-- The transaction's performance may be affected by changes in
    market conditions and the economic environment. Weakening
    asset performance is strongly correlated to increasing levels
    of delinquencies and defaults that could reduce credit
    enhancement available to the notes.

-- Additionally, unanticipated declines in recoveries could also
    result in lower net proceeds, which may make certain note
    ratings susceptible to negative rating actions, depending on
    the extent of the decline in recoveries. Fitch conducts
    sensitivity analyses by stressing both a transaction's base-
    case foreclosure frequency (FF) and recovery rate (RR)
    assumptions, and examining the rating implications on all
    classes of issued notes. A 15% increase in weighted average FF
    (WAFF) and a 15% decrease in WARR indicate downgrades of up to
    two categories across the capital structure.

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

-- Stable to improved asset performance, driven by stable
    delinquencies and defaults, would lead to increasing credit
    enhancement and, potentially, upgrades. A decrease in WAFF of
    15% and an increase in WARR of 15% indicate upgrades of up to
    four notches across the capital structure.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on the validation of loan-level data provided
in the loan-level data file for the pool compared with the original
loan files. Fitch considered this information in its analysis,
which did not have an effect on its analysis or conclusions.

DATA ADEQUACY

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Towd Point Mortgage Funding 2019 - Granite 4 plc has an ESG
Relevance Score of '4' for Customer Welfare - Fair Messaging,
Privacy & Data Security due to a high proportion of interest-only
loans in legacy OO mortgages, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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


TULLOW OIL: Moody's Hikes CFR to B3 & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded Tullow Oil plc's corporate
family rating to B3 from Caa1 rating under review for upgrade, its
probability of default rating (PD) to B3-PD from Caa1-PD rating
under review for upgrade and the rating of the $1,800 million
guaranteed senior secured notes due in 2026 to B2 from B3 rating
under review for upgrade. Concurrently, Moody's affirmed the Caa2
rating on the $800 million guaranteed senior unsecured notes due
2025. The outlook on all ratings has changed to stable from ratings
under review.

This concludes the review for upgrade initiated by Moody's on April
29, 2021.

RATINGS RATIONALE

The rating upgrade reflects the successful completion of Tullow
Oil's debt refinancing transaction, concluded in May 2021 in line
with the previously announced terms, as well as Moody's expectation
that the company will meet the oil price hedging condition under
the new super senior revolving credit facility (RCF) by the end of
2021. The refinancing significantly reduced the company's
refinancing risk and also reduced its gross debt level as some of
the available cash has been used to repay debt.

The company issued $1.8 billion 5-year guaranteed senior secured
first lien notes maturing in 2026. In addition to the first lien
notes, the company has secured a $600 million super senior
revolving credit facility, maturing in December 2024, consisting of
a $500 million cash tranche and $100 million dedicated to a Letters
of Credit Facility. The cash tranche of the RCF is currently
undrawn and Moody's expects it to be largely undrawn in the
foreseeable future. With the proceeds of the issuance and $630
million of available cash, the company repaid its previous drawings
under the RBL of $1.43 billion, $300 million of convertible notes
maturing in July 2021 and the $650 million guaranteed senior
unsecured notes maturing in April 2022. Moody's understands that
Tullow Oil is close to fulfilling the requirement of hedging 75% of
the oil production for the first two years and 50% of the third
year at a floor price of $55/barrel of oil (bbl) with more than 80%
of the required hedging volume already secured. The rating agency
believes that given the current high oil price level, the risk that
the company will not be able to successfully execute the remaining
hedges by the end of 2021 is very low.

Although Tullow Oil's leverage measured in terms of E&P debt to
average daily production remained very high at around $61,000 at
the end of June 2021, Moody's expects further deleveraging to occur
over the next 12-18 months on the back of stable production,
favourable hydrocarbon pricing environment as well as the company's
continued commitment to its conservative financial policy that
prioritises debt reduction.

Under Moody's base case with a Brent oil price of $65/bbl in 2022
and $60/bbl in 2023, the company should generate Moody's-adjusted
EBITDA of approximately $1.0 billion per year, notably above the
$824 million generated in 2020 and $925 million, which the rating
agency forecast for 2021. Moody's positively notes that the average
floor of the hedging book is well within the rating agency's medium
term price guidance of $50-$70/barrel of oil (bbl), which should
maintain the company's EBITDA at around $800 million even under a
more conservative oil price scenario of $50/bbl.

Despite the expected gradual improvement in Tullow Oil's financial
profile, the B3 rating remains constrained by the company's small
scale and high degree of asset and geographic concentration, as
approximately 75% of production is derived from two operated
fields, Jubilee and TEN, both located in Ghana (Government of
Ghana, B3 negative). The rating is also constrained by the
company's decommissioning liabilities, which amounted to $648
million as at June 30, 2021. Although asset retirement obligations
represent relatively moderate 10% of total reported liabilities,
the associated annual cash expenditure of around $100 million
annually in 2021 and 2022 is high, therefore constraining cash flow
generation. However, decommissioning expenditures are expected to
be lower from 2023 onwards.

LIQUIDITY

Tullow Oil's liquidity position is adequate. Besides the materially
reduced refinancing risk following the debt refinancing, Moody's
assessment takes into consideration the company's (i) projected
largely neutral Free Cash Flow (FCF) generation under the rating
agency's base case at $65-60/bbl Brent price scenario in 2022-2023,
(ii) retention of average unrestricted cash balances of around $150
- $250 million on balance sheet, as well as (iii) access to a
committed $500 million cash tranche of the Revolving Credit
Facility (RCF), which is currently undrawn. Moody's expects
internally generated cash flows and available cash to sufficiently
cover all of Tullow Oil's funding needs over the next 12-18 months,
including the annual $100 million amortization of the senior
secured notes due in May each year, starting in 2022.

STRUCTURAL CONSIDERATIONS

Tullow Oil's capital structure includes a $500 million cash tranche
of the RCF due December 2024 and $1,800 million guaranteed senior
secured notes due 2026 rated B2, one notch above the B3 CFR. Both
instruments benefit from guarantees by, and share pledges over, all
material subsidiaries of Tullow Oil and are therefore essentially
secured by all the reserves of the group. While they rank pari
passu, in an enforcement scenario the RCF ranks ahead of the
guaranteed senior secured notes.

The Caa2 rating on the $800 million guaranteed senior unsecured
notes is two notches below the B3 CFR, reflecting the high amount
of secured debt ranking ahead of the guaranteed senior unsecured
notes following the refinancing.

RATINGS OUTLOOK

The stable outlook reflects Moody's expectation that Tullow Oil
will continue to conservatively manage its balance sheet, securing
a substantial part of its production with commodity hedges and
keeping its leverage comfortably within the boundaries of the B3
rating guidance.

Moody's also expects the company to apply its free cash flow
generation primarily to debt reduction, while maintaining a healthy
liquidity profile.

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

While an upgrade is unlikely in the medium term, positive rating
pressure could result from rising operating profitability and
improving FCF generation accompanied by a stronger liquidity
profile. For an upgrade Moody's requires substantial deleveraging,
such that E&P debt to average daily production falls below $30,000
and retained cash flow to gross debt improves to at least 15%. In
addition, the rating upgrade potential is constrained by the
company's significant exposure to Ghana (Government of Ghana, B3
negative) as Tullow Oil's rating would not exceed Ghana's rating by
more than one notch.

Conversely, Tullow Oil's ratings could come under negative pressure
if the company's adjusted indebtedness remains high, with E&P debt
to total average daily production above $60,000 or if retained cash
flow to debt falls below 10%. Weakening liquidity including a
failure to address the 2025 maturities at least 12 months in
advance could also lead to a downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Tullow Oil plc

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

LT Corporate Family Rating, Upgraded to B3 from Caa1

Senior Secured Regular Bond/Debenture, Upgraded to B2 from B3

Affirmations:

Issuer: Tullow Oil plc

Senior Unsecured Regular Bond/Debenture, Affirmed Caa2

Withdrawals:

Issuer: Tullow Oil plc

Senior Unsecured Regular Bond/Debenture, Withdrawn , previously
rated Caa2

Outlook Actions:

Issuer: Tullow Oil plc

Outlook, Changed To Stable From Rating Under Review

CORPORATE PROFILE

Headquartered in London (UK), Tullow Oil plc is an independent
exploration and production oil and gas company, with assets located
in West Africa (Ghana, Gabon, Côte d'Ivoire) as well as contingent
resources in Kenya and Guyana. The company holds 40licenses across
11 countries. In 2021, Moody's expects an average production (on a
working interest basis) of approximately 60 thousand barrels of oil
equivalent. Tullow Oil is listed on the London, Irish and Ghana
Stock Exchanges.


VICTORIA PLC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Victoria plc's Long-Term Issuer Default
Rating (IDR) at 'BB-' with a Stable Outlook. Fitch has also
affirmed Victoria's senior secured notes at 'BB+' with a Recovery
Rating of 'RR2'.

The rating of Victoria reflects its high leverage that is
counterbalanced by sound performance during the pandemic. Fitch
views continued M&A activity of around GBP200 million in financial
year to March 2022 to further improve its geographical and product
diversification, which will benefit the rating.

Free cash flow (FCF) generation and further margin improvement
should help reduce net leverage to below 3.5x from FY22, the level
that is commensurate with the 'BB' rating category, in Fitch's
view.

KEY RATING DRIVERS

Improving Leverage: Victoria has performed well during the
pandemic, increasing revenue without any major M&A activity in FY21
and increasing its EBITDA margin to 17.3%. This, together with
sound working-capital (WC) management, has led funds from
operations (FFO) net leverage to decrease to 3.7x at FYE21 from
4.2x at FYE20. Fitch forecasts net leverage to decrease even
further to below 3.0x by FYE25, supported by improved EBITDA as a
result of growth in Victoria's ceramics business and bolt-on
acquisitions.

M&A Activity Picked Up: Victoria plans to continue its
acquisition-led strategy over the next four years, driven by
available opportunities in its fragmented core markets, following
muted activity during the pandemic. The strategy entails moderate
execution risks, as integration and synergy realisation from M&A
transactions can be challenged in a sharp market downturn. However,
Fitch views the management team as experienced and disciplined,
with a history of successful integrations and reasonable
acquisition valuation multiples. Fitch forecasts total M&A spend at
at around GBP200 million in FY22, slowing to around GBP70 million
on average over 2023-2025.

Improving Diversification: Recent acquisitions and, in particular,
that of the US-based Cali bamboo by Victoria, have further
increased its both geographical and product diversification, which
is a credit positive. Synergies from the US-based company are yet
to be seen. Victoria has diversified its products by increasing the
share of luxury vinyl tile (LVT) and broadening its presence in the
artificial grass market. The diversification should help limit the
company's cyclicality during market downturns.

Low Customer Concentration, Strong Brand: Victoria's customer base
is diversified, largely composed of small independent retailers and
no exposure to third-party distributors. This limits customer
concentration, with the top 10 representing less than 20% of sales
in FY21 and providing Victoria with some pricing power. Victoria
has built a strong brand proposition/loyalty leading to long-term
relationship with its customers. Its operational integration and
manufacturing flexibility enable it to swiftly customise products,
limiting the need to maintain high stock levels for retailers and
WC.

Flexible Cash Flow: Victoria has shown its resilience during the
pandemic by undertaking costs savings such as the temporary
shut-down of its purchases in Italy and Spain and the use of the
government payroll schemes in each of the countries it operates in.
Victoria has over the past few years sought to establish a more
variable cost base and has undertaken various initiatives to
rationalise its cost base and logistics as well as selectively
outsourcing manufacturing in specific areas. As a result, more than
45% of its costs that are fully variable with revenue (raw
materials, direct labour and overhead costs) and capex intensity is
lower than peers', generating a stronger FCF margin (around 5%-6%
from FY23).

DERIVATION SUMMARY

Victoria is 10x smaller than Mohawk Industries Inc. (BBB+/Stable),
the world's leading flooring manufacturer, as well as less
diversified geographically and has higher leverage metrics. In
Fitch's view, Victoria's business profile is consistent with the
'BB' category. Its profitability is particularly strong at the 'bb'
mid-points of Fitch's Rating Navigator for Building Products, due
to its high-margin ceramic business it has acquired over the last
three years.

However, Victoria's end-market is concentrated on residential and
less diversified than such global peers as Mohawk or other large
building-product companies as Compagnie de Saint-Gobain
(BBB/Stable). This is, however, common among small to medium-sized
companies such as Hestiafloor 2 (Gerflor; B+/Negative) or Tarket
Participation (BB-/Stable), which are mostly exposed to the
commercial sector. Although both companies are larger than
Victoria, their margins are weaker and have a higher leverage,
resulting in the ratings being at the same level or a notch lower
than Victoria's.

Fitch views that FFO gross leverage of below 4.0x and FFO net
leverage below 3.5x as consistent with the 'BB' category. Fitch
forecasts Victoria's FFO net leverage to improve to 3.0x in FY23,
from an estimated 3.5x in FY22.

KEY ASSUMPTIONS

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

-- Revenue growth of above 5% over 2023-2025, due to bolt-on
    acquisitions and low single-digit like-for-like growth;

-- EBITDA margin of above 17% over 2022-2025;

-- M&As on average at GBP70 million over 2023-2025;

-- No dividend payments to 2025.

RATING SENSITIVITIES

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

-- Continued increase in scale and product/geographical
    diversification and successful integration;

-- FFO net leverage below 2.0x;

-- EBITDA margin increasing towards 19%.

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

-- Material drop in EBITDA margin towards 15%;

-- Breach of stated financial policy leading to FFO net leverage
    above 3.5x for a sustained period;

-- FCF margin consistently below 2%.

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

Adequate Liquidity: Victoria has no significant short-term
maturities, with its EUR500 million and EUR250 million bonds
maturing only in 2026-2028. Fitch forecasts continuing FCF
generation, which, together with a revolving credit facility of
GBP75 million, should be sufficient to cover WC or other needs.

ISSUER PROFILE

Victoria is a UK-based company designing, manufacturing and
distributing flooring products including carpet, ceramic tiles,
underlay, LVT, artificial grass and flooring accessories. Operating
in the UK, continental western Europe and Australia, Victoria has a
diverse brand portfolio that focuses on the mid-to-upper end of the
market.




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

[*] BOND PRICING: For the Week October 18 to October 22, 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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