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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, November 1, 2021, Vol. 22, No. 212

                           Headlines



G E R M A N Y

FORTUNA CONSUMER: DBRS Finalizes 'B' Rating on Class X Notes


I R E L A N D

CARLYLE EURO 2021-2: Moody's Gives B3 Rating to Class E Notes
DILOSK RMBS 5: DBRS Gives Prov. BB(high) Rating on Class E Notes
DRYDEN 69 EURO: Moody's Assigns (P)B3 Rating to Class F-R Notes
HARVEST CLO XXVII: Moody's Assigns (P)B3 Rating to EUR11MM F Notes
HAYFIN EMERALD III: Moody's Assigns (P)B3 Rating to Class F Notes

PENTA CLO 2021-2: Moody's Assigns B3 Rating to Class F Notes
RRE 9 LOAN: Moody's Assigns Ba3 Rating to EUR18MM Class D Notes
RRE 9 LOAN: S&P Assigns BB- Rating on EUR18MM Class D Notes


I T A L Y

SUNRISE SPV 93: DBRS Gives Prov. BB(high) Rating on Class E Notes


R U S S I A

ENEL RUSSIA: Moody's Withdraws 'Ba3' Corporate Family Rating


S P A I N

AUTO ABS 2020-1: DBRS Confirms B(high) Rating on Series E Notes


U K R A I N E

UKRENERGO: Moody's Rates USD Unsecured Notes Due 2026 'B3'


U N I T E D   K I N G D O M

CNG ENERGY: On Brink of Collapse Amid Rising Gas Prices
DEKANIA EUROPE III: Fitch Affirms C Rating on 2 Tranches
DOWSON PLC 2021-2: Moody's Gives Caa2 Rating to Class X Notes
GREENSILL CAPITAL: Finance Scheme Had No Benefit to Taxpayers
O'KEEFE GROUP: Wins GBP8MM New Contracts Following CVA

[*] UK: EFL Mulls Tougher Punishments for Clubs in Administration
[*] UK: England & Wales Co Voluntary Liquidations Hit Record High


X X X X X X X X

[*] BOND PRICING: For the Week October 25 to October 29, 2021
[*] EUROPE: EU Officials Wants State-Aid Taps Retained for Now

                           - - - - -


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G E R M A N Y
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FORTUNA CONSUMER: DBRS Finalizes 'B' Rating on Class X Notes
------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings of AAA (sf), AA
(low) (sf), A (low) (sf), BBB (sf), B (high) (sf), and B (sf) on
the Class A, Class B, Class C, Class D, Class E, and Class X Notes
(together, the Rated Notes) issued by Fortuna Consumer Loan ABS
2021 Designated Activity Company (the Issuer).

DBRS Morningstar did not assign a provisional rating to the Class F
Notes also issued in this transaction.

The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal final maturity date. The ratings on the Class B Notes, Class
C Notes, Class D Notes, and Class E Notes address the ultimate
repayment of interest (timely when most senior) and the ultimate
repayment of principal by the legal final maturity date. The rating
on the Class X Notes addresses the ultimate repayment of interest
and the ultimate repayment of principal by the legal final maturity
date.

The Notes are backed by a portfolio of unsecured consumer loans
brokered through auxmoney GmbH (auxmoney) in co-operation with
Süd-West-Kreditbank Finanzierung GmbH (SWK), and granted to
individuals domiciled in Germany.

The ratings are based on the following analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement;

-- Relevant credit enhancement in the form of subordination, a
cash reserve, and excess spread;

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected cumulative net loss assumptions under
various stressed cash flow assumptions for the Rated Notes;

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested;

-- SWK and auxmoney's capabilities with regard to originations and
underwriting;

-- CreditConnect GmbH's capabilities with regard to servicing;

-- The transaction parties' financial strength with regard to
their respective roles;

-- The credit quality of the collateral and historical and
projected performance of the seller's portfolio;

-- DBRS Morningstar's sovereign rating on the Republic of Germany,
currently at AAA with a Stable trend; and

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
address the true sale of the assets to the Issuer.

TRANSACTION STRUCTURE

The transaction is static and the Class A Notes will begin to
amortize on the first interest payment date. The transaction
allocates payments on separate interest and principal priorities
and benefits from an amortizing liquidity reserve funded on the
issue date through the proceeds of a sub-loan granted by the
seller. The seller will sell and transfer the portfolio to the
Issuer in two tranches, the first on October 29, 2021 and the
second on November 30, 2021.

The notes repay sequentially and benefit from a PDL mechanism to
capture excess spread to cure principal deficiencies. Principal is
used to cover certain interest shortfall. The transaction structure
also incorporates interest deferral triggers, conditioned on PDL
debit amount and seniority of the notes, to defer interest payments
on the notes.

The interest rate risk arising from the mismatch between the
floating-rate notes and the fixed-rate contracts in the portfolio
is expected to be hedged through an interest rate swap, which is
expected to be consistent with DBRS Morningstar's criteria.

COUNTERPARTIES

Elavon Financial Services DAC is the account bank for the
transactions. Based on DBRS Morningstar's private rating of Elavon
Financial Services DAC and the downgrade provisions outlined in the
transaction documents, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be commensurate with the
ratings assigned.

BNP Paribas SA is the swap counterparty for the interest rate Swap.
DBRS Morningstar has a Long-Term Issuer Debt rating of AA (low) on
BNP Paribas SA, which meets its criteria to act in such capacity.
The swap documentation is expected to contain downgrade provisions
consistent with DBRS Morningstar's criteria.

COVID-19 CONSIDERATIONS

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading in some cases
to increases in unemployment rates and adverse financial impact on
many borrowers. DBRS Morningstar anticipates that delinquencies
could continue to rise. The ratings are based on additional
analysis to expected performance as a result of the global efforts
to contain the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.




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I R E L A N D
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CARLYLE EURO 2021-2: Moody's Gives B3 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Carlyle Euro CLO
2021-2 DAC (the "Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)

EUR285,200,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR29,000,000 Class A-2A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR17,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR31,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A3 (sf)

EUR28,750,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR24,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR13,500,000 Class E 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.

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 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
five month ramp-up period in compliance with the portfolio
guidelines.

CELF Advisors LLP ("CM Acronym") 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 4.45 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.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR333,333 over six payment dates
starting on the 2nd payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR35.4 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 modelled 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 modelling assumptions:

Par Amount: EUR460,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3018

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 9 years


DILOSK RMBS 5: DBRS Gives Prov. BB(high) Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings GmbH assigned the following provisional ratings to the
residential mortgage-backed floating-rate notes to be issued by
Dilosk RMBS No. 5 DAC (the Issuer):

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (sf)
-- Class E at BB (high) (sf)
-- Class F at BB (low) (sf)

DBRS Morningstar does not rate the Class X1, X2, Z1, and Z2 notes
also expected to be issued in this transaction.

The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal. The ratings on the
Class B, Class C, Class D, Class E, and Class F notes address the
timely payment of interest once most senior and the ultimate
repayment of principal on or before the final maturity date.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. These ratings will be finalized upon review of the
final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the notes.

RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Republic of Ireland. The proceeds of the notes
will be used to fund the purchase of prime and performing Irish
owner-occupied (OO) and buy-to-let (BTL) mortgage loans secured
over properties located in Ireland. The mortgage loans were
originated by Dilosk DAC (Dilosk; the originator and the seller)
between 2020 and 2021.

This is the fifth securitization from Dilosk, following Dilosk RMBS
No. 4, which closed in February 2021. The initial mortgage
portfolio consists of EUR 258 million of first-lien mortgage loans
collateralized by OO and BTL residential properties in Ireland. The
mortgages – all originated by Dilosk – have mostly been granted
between 2020 and 2021. The transaction will also envisage a
prefunding period lasting from closing to the first payment date in
March 2022.

The mortgage loans will be serviced by BCMGlobal, trading as Link
Asset Services, which was also the delegate servicer in previous
Dilosk transactions. Underwriting guidelines are in accordance with
market practices observed in Ireland and are subject to the Central
Bank of Ireland's macroprudential mortgage regulations, which
specify restrictions on certain lending criteria.

Liquidity in the transaction is provided by the general reserve
fund (GRF), which can be used to pay senior costs and interest on
the rated notes (but also to clear principal deficiency ledger
balances). Liquidity for the Class A notes will be further
supported by a liquidity reserve fund (LRF), fully funded at
closing and then amortizing in line with the Class A notes.
Principal receipts from loans can be used to support liquidity for
the Class A notes and, after the Class A notes have been redeemed
in full, to support the liquidity for the most senior class of
notes outstanding (but only after shortfalls are first met from the
GRF and the LRF for Class A interest).

Credit enhancement for the Class A notes is calculated at 17.75%
and is provided by the subordination of the Class B to Class Z1
notes and the reserve funds. Credit enhancement for the Class B
notes is calculated at 9.50% and is provided by the subordination
of the Class C to Class Z1 notes and the reserve funds. Credit
enhancement for the Class C notes is calculated at 6.0% and is
provided by the subordination of the Class D to Class Z1 notes and
the reserve funds. Credit enhancement for the Class D notes is
calculated at 3.75% and is provided by the subordination of the
Class E to Class Z1 notes and the reserve funds. Credit enhancement
for the Class E notes is calculated at 2.25% and is provided by the
subordination of the Class F and Class Z1 notes and the reserve
funds. Credit enhancement for the Class F notes is calculated at
1.50% and is provided by the subordination of the Class Z1 notes
and the reserve funds.

A key structural feature is the provisioning mechanism in the
transaction that is linked to the arrears status of a loan besides
the usual provisioning based on losses. The degree of provisioning
increases with the increase in number of months in arrears status
of a loan. This is positive for the transaction, as provisioning
based on the arrears status traps any excess spread much earlier
for a loan that may ultimately end up in foreclosure.

The Issuer entered into a fixed-to-floating swap agreement with
Natixis that hedges the interest mismatch between the floating rate
paid by the notes and the fixed rate paid by part of the portfolio.
Moreover, to mitigate basis risk on the variable interest portion
of the portfolio, the servicer is contractually obliged to maintain
the standard variable rate rate on the loans at a minimum of the
three-month Euribor plus 3.25% for BTL loans and a minimum of
three-month Euribor plus 2.40% for OO loans, subject to such
variable interest not being less than zero.

Payments will be made directly by the borrowers via direct debit
into a collection account held at the BNP Paribas, Dublin Branch.
The amounts in the collections account will be transferred to the
Issuer account on the following business day. DBRS Morningstar's
private rating on BNP Paribas, Dublin branch in its role as Account
Bank is consistent with the threshold for the account bank as
outlined in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology, given the ratings
assigned to the notes.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio. DBRS Morningstar uses the PD, LGD, and ELs as inputs
into the cash flow tool. DBRS Morningstar analyzed the mortgage
portfolio in accordance with DBRS Morningstar's "Master European
Residential Mortgage-Backed Securities Rating Methodology and
Jurisdictional Addenda."

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, and Class F notes according to the terms of the transaction
documents. DBRS Morningstar analyzed the transaction structure
using Intex DealMaker.

-- The sovereign rating of A (high) with a Positive trend (as of
the date of this press release) on the Republic of Ireland.

-- The consistency of the legal structure with DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology and the presence of legal opinions addressing the
assignment of the assets to the Issuer.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many RMBS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.



DRYDEN 69 EURO: Moody's Assigns (P)B3 Rating to Class F-R Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Dryden 69 Euro CLO 2018 DAC (the "Issuer"):

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

EUR14,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR18,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR12,000,000 Class C-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Assigned (P)A2 (sf)

EUR14,000,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2034, Assigned (P)A2 (sf)

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

EUR25,000,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F-R Mezzanine 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.

As part of this reset, the Issuer will extend the reinvestment
period to 4.7 years and the weighted average life to 9 years. It
will also amend certain concentration limits, definitions including
the definition of "Adjusted Weighted Average Rating Factor" and
minor features. The issuer will include the ability to hold loss
mitigation obligations. In addition, the Issuer will amend the base
matrix and modifiers that Moody's will take 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 expected to be fully ramped as
of the closing date.

PGIM Loan Originator Manager Limited ("PGIM") 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 4.7 years reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations 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.

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: 52

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 41.50%

Weighted Average Life (WAL): 9 years


HARVEST CLO XXVII: Moody's Assigns (P)B3 Rating to EUR11MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Harvest CLO
XXVII Designated Activity Company (the "Issuer"):

EUR246,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR28,100,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR12,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR26,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR11,000,000 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 loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be 80% ramped up as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 7 months ramp-up period in
compliance with the portfolio guidelines.

Investcorp Credit Management EU Limited ("Investcorp") 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 and credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR250,000 of Class Z Notes due 2034 and
EUR36,050,000 of Subordinated Notes due 2034 which are not rated.
The Class Z Notes accrue interest in an amount equivalent to a
certain proportion of the subordinated management fees and its
notes' payment is pari passu with the payment of the subordinated
management fee.

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): 3050

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years


HAYFIN EMERALD III: Moody's Assigns (P)B3 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Hayfin Emerald CLO III DAC (the "Issuer"):

EUR310,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR36,300,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR31,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR35,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR14,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, 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.

As part of this reset, the Issuer will increase the target par
amount by EUR100 million to EUR500 million. In addition, the Issuer
will amend the base matrix and modifiers that Moody's will take
into account for the assignment of the definitive ratings.

On the original closing date, the Issuer also issued EUR1.0 million
of Class M Notes and EUR 37.8 million of Subordinated Notes, which
will remain outstanding. The terms and conditions of the Class M
Notes and Subordinated Notes will be amended in accordance with the
refinancing notes' conditions. The Class M Notes accrue interest in
an amount equivalent to the senior and subordinated management fees
and its notes' payments rank senior to payment of interest and
principal on the rated notes with regards to the senior management
fee component and junior to the payment of interest and principal
on the rated notes with regards to the subordinated management fee
component.

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 expected to be approximately 80%
ramped as of the closing date.

Hayfin Emerald 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
five-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: EUR500,000,000

Defaulted Par: EUR0 as of October 04, 2021

Diversity Score(*): 52

Weighted Average Rating Factor (WARF): 2975

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 9 years


PENTA CLO 2021-2: Moody's Assigns B3 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Penta CLO 2021-2
Designated Activity Company (the "Issuer"):

EUR217,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR23,400,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

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

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR23,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

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

EUR12,700,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and at least
70% of the portfolio must consist of senior secured loans.
Therefore, up to 10% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is almost fully ramped as of the
closing date.

Partners Group (UK) Management Ltd ("Partners Group") 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-year and a half 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 had issued EUR27,900,000 Subordinated Notes due 2034, which
are not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR350,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3049

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.8%

Weighted Average Life (WAL): 8.5 years


RRE 9 LOAN: Moody's Assigns Ba3 Rating to EUR18MM Class D Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by RRE 9 Loan
Management Designated Activity Company (the "Issuer"):

EUR242,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned Ba3 (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 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is 80% ramped as of the closing date and to
comprise of predominantly corporate loans to obligors domiciled in
Western Europe. The remainder of the portfolio will be acquired
during the 4 months ramp-up period in compliance with the portfolio
guidelines.

Redding Ridge Asset Management (UK) LLP ("Redding Ridge") 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 4.6 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 or credit improved obligations.

In addition to the three classes of notes rated by Moody's, the
Issuer had issued three classes of notes due 2036 and Performance
Notes, Preferred Return Notes and Subordinated Notes due 2121,
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(1): 44

Weighted Average Rating Factor (WARF): 3298

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 2.75%

Weighted Average Recovery Rate (WARR): 45.8%

Weighted Average Life (WAL): 9.21 years


RRE 9 LOAN: S&P Assigns BB- Rating on EUR18MM Class D Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 9 Loan
Management DAC's class A-1 to D notes. At closing, the issuer also
issued unrated subordinated notes.

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

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

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,818.20
  Default rate dispersion                                 444.22
  Weighted-average life (years)                             5.15
  Obligor diversity measure                               107.33
  Industry diversity measure                               19.46
  Regional diversity measure                                1.33

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              140
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B

  'CCC' category rated assets (%)                           1.56
  'AAA' covenanted weighted-average recovery (%)           36.80
  Covenanted weighted-average spread (%)                    3.55
  Reference weighted-average coupon (%)                     2.75

Workout obligations

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

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

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

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

-- The obligation is a debt obligation;

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

-- Its maturity date falls before the rated notes' maturity date;

-- It is not purchased at a premium; and

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

Using interest proceeds, provided that:

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

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

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

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

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

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

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.55%),
the reference weighted-average coupon (2.75%), and the covenanted
weighted-average recovery rates at 'AAA' level as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category. Our credit and cash flow analysis indicates that the
available credit enhancement for the class A-2 to D notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our ratings assigned
to the notes.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our 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 ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"We consider the transaction's legal structure 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 that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-2, B, C, and D notes.

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

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

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons, nuclear weapons, thermal coal, oil and gas,
pornography or prostitution, opioid manufacturing or distribution,
and hazardous chemicals. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings Assigned

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

  A-1      AAA (sf)   242.00    39.50   Three/six-month EURIBOR
                                        plus 1.02%

  A-2      AA (sf)     34.00    31.00   Three/six-month EURIBOR
                                        plus 1.70%

  B        A (sf)      42.00    20.50   Three/six-month EURIBOR
                                        plus 2.05%

  C        BBB- (sf)   26.00    14.00   Three/six-month EURIBOR
                                        plus 3.00%

  D        BB- (sf)    18.00     9.50   Three/six-month EURIBOR
                                        plus 6.15%

  Sub notes    NR      46.45      N/A   N/A

*The ratings assigned to the class A-1 and A-2 notes address timely
interest and ultimate principal payments. The ratings assigned to
the class B, C, and D notes address ultimate interest and principal
payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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




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

SUNRISE SPV 93: DBRS Gives Prov. BB(high) Rating on Class E Notes
-----------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
classes of notes (collectively, the Rated Notes and, together with
the unrated Class M Notes, the Notes) to be issued by Sunrise SPV
93 S.r.l. - Sunrise 2021-2 (the Issuer):

-- Class A Notes at AA (high) (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at BBB (high) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)

DBRS Morningstar does not rate the Class M Notes to be issued in
the transaction.

The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal on or
before the legal final maturity date. The ratings on the Class B,
Class C, Class D, and Class E Notes address the ultimate payment of
interest but the timely payment of scheduled interest when they
become the senior-most tranche and the ultimate repayment of
principal on or before the legal final maturity date.

The provisional ratings are based on the information provided to
DBRS Morningstar by the Issuer and its agents as at the date of
this press release. The ratings will be finalized upon review of
the final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the Rated
Notes.

The transaction is a securitization of fixed-rate consumer, auto
and other purpose loans granted by Agos Ducato S.p.A. (the
originator and servicer) to private individuals residing in Italy.

DBRS Morningstar based its ratings on the following analytical
considerations:

-- The transaction capital structure, including form and
sufficiency of available credit enhancement.

-- Credit enhancement levels sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes.

-- The originator's financial strength and capabilities with
respect to originations, underwriting, and servicing.

-- DBRS Morningstar's operational risk review of the originator,
which is deemed to be an acceptable servicer.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the originator's
portfolio.

-- DBRS Morningstar's sovereign rating on the Republic of Italy,
currently at BBB (high) with a Negative trend.

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.

TRANSACTION STRUCTURE

The proceeds of the Class M Notes also fund the cash reserve,
payment interruption risk reserve, and closing expenses.

The transaction includes a 12-month revolving period. During the
revolving period, the originator may offer additional receivables
that the Issuer will purchase, provided that the eligibility
criteria and concentration limits set out in the transaction
documents are satisfied. The revolving period may end earlier than
scheduled if certain events occur, such as the breach of
performance triggers, insolvency of the originator, or replacement
of the servicer.

The transaction allocates collections in separate interest and
principal priorities of payments and benefits from an amortizing
EUR 4,220,257 cash reserve and a nonamortizing EUR 4,220,257
payment interruption risk reserve, both funded with the proceeds of
the Class M Notes. Both reserves can be used to cover senior
expenses, swap costs, and interest payments on the Rated Notes. The
cash reserve can also be used to offset defaulted receivables.
Principal funds can be reallocated to cover senior expenses, swap
costs, and interest payments on the Rated Notes.

The transaction further benefits from a nonamortizing rata
posticipata reserve to supplement interest amounts not made by
borrowers during the payment holiday. This reserve will be funded
through the transaction interest waterfalls if specific thresholds
are breached, and will be released when the threshold breach is
cured.

At the end of revolving period, the Notes will be repaid on a fully
sequential basis.

COUNTERPARTIES

Crédit Agricole Corporate and Investment Bank, Milan Branch
(CA-CIB) acts as both the account bank and swap counterparty for
the transaction. Based on DBRS Morningstar's private rating on
CA-CIB, the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structure, DBRS Morningstar considers the risk arising from the
exposure to the account bank and the swap provider to be consistent
with the ratings assigned to the Rated Notes.

PORTFOLIO ASSUMPTIONS, COVID-19 CONSIDERATIONS, AND KEY DRIVERS

As the originator has a long operating history of consumer and auto
loan lending in Italy, the performance data is considered
meaningful for detailed vintage analysis. DBRS Morningstar elected
to revise its assumption of lifetime expected gross default to
6.69%, reflecting the long and improving historical data and the
proposed concentration limit during the revolving period.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many asset-backed
security (ABS) transactions. The ratings are based on additional
analysis to expected performance as a result of the global efforts
to contain the spread of the coronavirus. For this transaction,
DBRS Morningstar assumed a moderate decline in the expected
recovery rate.

Notes: All figures are in euros unless otherwise noted.




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

ENEL RUSSIA: Moody's Withdraws 'Ba3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and Ba3-PD probability of default rating of Enel Russia,
PJSC. The outlook at the time of the withdrawal was stable. The
company currently has no rated debt.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.
COMPANY PROFILE

Enel Russia, PJSC is a power generation company in Russia with
total gross electrical capacity of 5.7 gigawatt (GW). ENEL S.p.A.
(Enel group, Baa1 stable)'s share in the company's authorised
capital is 56.4%, PFR Partners Fund I Limited's share is 7.4%, and
other minority shareholders' share is 36.2%. In the 12 months ended
June 30, 2021, the company reported consolidated revenue of RUB44.7
billion and Moody's-adjusted EBITDA of RUB7.3 billion.




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

AUTO ABS 2020-1: DBRS Confirms B(high) Rating on Series E Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on the following series of
notes issued by Auto ABS Spanish Loans 2020-1 FT (the Issuer):

-- Series A Notes at AA (high) (sf)
-- Series B Notes at A (high) (sf)
-- Series C Notes at A (low) (sf)
-- Series D Notes at BB (sf)
-- Series E Notes at B (high) (sf)

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in June 2031. The ratings on the Series B Notes,
Series C Notes, Series D Notes, and Series E Notes (together with
the Series A Notes, the Notes) address the ultimate payment of
interest and the ultimate repayment of principal by the legal final
maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies and defaults,
as of the September 2021 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the receivables;

-- Current available credit enhancement to the rated notes to
cover the expected losses and residual value (RV) losses assumed at
their respective rating levels;

-- No replenishment period termination event; and

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The transaction represents the issuance of the Notes backed by a
portfolio of approximately EUR 600 million of fixed-rate
receivables related to standard and balloon auto loans granted by
PSA Financial Services (the originator) to private individuals
residing in Spain for the acquisition of new or used vehicles. The
originator also services the portfolio. The unrated Series F Notes
funded the cash reserve.

The transaction has exposure to RV risk that arises from the
balloon loans, which have equal payment instalments before maturity
and a final large balloon instalment on the last payment date. The
borrower has the option to return the vehicle instead of paying the
final balloon instalment. The borrower must comply with certain
requirements to fulfil its obligations (including but not limited
to giving consent to the sale of the vehicle and to the application
of the proceeds of sale of the vehicle toward repayment of the loan
up to its full repayment), the vehicle must be returned in adequate
conditions and meet certain requirement in terms of maintenance and
mileage. If the proceeds of sale were not sufficient to repay the
loan in full, the borrower would be free from any further repayment
obligation, hence exposing the Issuer to RV risk.

In this transaction, the RV risk is mitigated by the undertaking of
the PSA Group (the manufacturer) to repurchase the vehicle at a
price equal to the balloon amount. DBRS Morningstar believes that
the undertaking mitigates but does not remove the Issuer's RV risk,
and benefits are limited to the manufacturer's credit standing and
financial strength. The manufacturer's undertaking is considered to
be validly transferred to the Issuer.

The transaction includes a 13-month revolving period scheduled to
end in December 2021. During the revolving period, the originator
may offer additional receivables that the Issuer purchases provided
that eligibility criteria and concentration limits set out in the
transaction documents are satisfied. The revolving period may end
earlier than scheduled if certain events occur, such as the breach
of performance triggers, the originator's insolvency, or the
servicer's replacement. No revolving period termination event has
occurred to date.

The repayment of the Notes will start after the end of the
revolving period on the first principal payment date in January
2022 on a pro rata basis unless certain events, such as the breach
of performance triggers, the servicer's insolvency, or the
servicer's termination, occur (subordination events). Under these
circumstances, the principal repayment of the Notes will become
fully sequential and the switch is not reversible. No subordination
event has occurred to date.

PORTFOLIO PERFORMANCE

As of the September 2021 payment date, loans that were one to two
months and two to three months delinquent represented 0.32% and
0.02% of the portfolio balance, respectively. There are no loans
more than 90 days in arrears. Gross cumulative defaults amounted to
0.11% of the aggregate original and subsequent portfolios, 35.89%
of which have been recovered.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case PD and LGD assumptions at
2.2% and 60.0%, respectively. DBRS Morningstar used the following
for RV loss: 11.98%, 10.12%, 8.97%, 5.72%, and 4.25% for the AA
(high) (sf), A (high) (sf), A (low) (sf), BB (sf), and B (high)
(sf)) scenarios, respectively.

CREDIT ENHANCEMENT

The subordination of the junior notes and the cash reserve provide
credit enhancement. As of the September 2021 payment date, credit
enhancement to the Series A, Series B, Series C, Series D, and
Series E Notes was 20.18%, 12.65%, 6.40%, 2.30%, and 0.85%,
respectively, unchanged from closing given that the transaction is
still in the revolving period.

The transaction benefits from an amortizing EUR 5.1 million cash
reserve funded through the subscription proceeds of the Series F
Notes. The cash reserve can be used to cover senior costs and
interest on the Notes.

Banco Santander SA (Santander) acts as the account bank for the
transaction. Based on the Santander's reference rating of A (high),
which is one notch below its DBRS Morningstar's Long Term Critical
Obligations Rating (COR) of AA (low), the downgrade provisions
outlined in the transaction documents, and structural mitigants
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to Santander to be consistent
with the ratings assigned to the notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

Santander also acts as the interest rate CAP agreement counterparty
for the transaction. DBRS Morningstar's COR of Santander at AA
(low) is above the First Rating Threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many ABS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.

For this transaction, DBRS Morningstar conducted additional
sensitivity analysis to determine that the transaction benefits
from sufficient liquidity support to withstand potentially high
payment holiday levels in the portfolio. As per the eligibility
criteria, there are no loans under coronavirus moratoriums in the
portfolio.

Notes: All figures are in euros unless otherwise noted.




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

UKRENERGO: Moody's Rates USD Unsecured Notes Due 2026 'B3'
----------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating on
USD denominated (up to EUR750 million equivalent) guaranteed senior
unsecured notes to be issued by National Power Company Ukrenergo
("Ukrenergo"), due 2026. Concurrently, Moody's has assigned a
stable outlook to Ukrenergo.

The assigned B3 rating is based solely upon the unconditional and
irrevocable guarantee of all amounts payable to be provided by the
Minister of Finance of Ukraine, on behalf of the Cabinet of
Ministers of Ukraine.

Ukrenergo is the electricity transmission network operator and
system operator in Ukraine. The Government of Ukraine owns the
plant, property and equipment of the electricity network, but has
granted Ukrenergo rights over operating and economic management.
Ukrenergo is a private joint stock company, with 100% of shares
owned by the Ministry of Energy of Ukraine.

Ukrenergo will use the proceeds of the issuance to repay amounts
owed to State Enterprise Guaranteed Buyer ("Guaranteed Buyer").
Guaranteed Buyer pays renewable generators a premium over wholesale
market prices for the electricity they produce, and receives all
its funding from Ukrenergo, who in turn recovers the monies through
regulated tariffs.

RATINGS RATIONALE

The B3 rating on the notes is in-line with the Ukraine's government
bond rating and reflects Moody's belief that the terms of the
Guarantee provided by the Minister of Finance are sufficient for
credit substitution. The outlook reflects the outlook on the rating
of Ukraine.

In particular, the Guarantee: (1) contains an irrevocable and
unconditional obligation on the guarantor to pay all amounts
payable after receiving a demand notice from any noteholder; (2)
remains in force until all obligations have been finally and
irrevocably paid; (3) ensures payments are received within the
non-payment event of default grace period of the notes; and (4)
prevents the Minister of Finance from relying on defences to
payment that would ordinarily be available to it as a guarantor
under English law.

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

The rating of the guaranteed notes is fundamentally linked to that
of the Government of Ukraine, and any change of that rating would
be expected to translate into a rating change on the notes.

The principal methodology used in this rating was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in May 2017.




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

CNG ENERGY: On Brink of Collapse Amid Rising Gas Prices
-------------------------------------------------------
Mark Kleinman at Sky News reports that an energy supplier to tens
of thousands of small businesses is on the brink of becoming the
14th provider to collapse in the last three months, further
underlining the scale of the crisis gripping the sector.

Sky News has learnt that CNG Energy's retail arm -- which only
supplies commercial customers -- is close to falling into the
Supplier of Last Resort (SOLR) system operated by Ofgem, the
industry regulator.

That outcome has become inevitable after CNG and its advisers at
Interpath, a restructuring firm, did not receive any viable bids
for the retail arm in a process which commenced several weeks ago,
Sky News relays, citing insiders.

According to Sky News, one source said the transition of CNG's
45,000 customers, which include schools, hairdressers, hotels and
restaurants, into SOLR could take place within a matter of days.

The fate of the company's retail arm is separate to that of its
wholesale shipping business, which provides gas to other energy
suppliers operating in the UK market, Sky News states.

CNG remains in talks with industry stakeholders including Glencore
to try to ensure an orderly outcome for its wholesale clients,
which are said to include Opal, Zebra, Entice and Osso, Sky News
notes.


DEKANIA EUROPE III: Fitch Affirms C Rating on 2 Tranches
--------------------------------------------------------
Fitch has upgraded the Class C notes in Dekania II and affirmed the
ratings on the rest of the notes in Dekania II and in Dekania III.

       DEBT                   RATING           PRIOR
       ----                   ------           -----
Dekania Europe CDO II Plc

Class C XS0265871409     LT BB+sf  Upgrade     BBsf
Class D1 XS0265875145    LT CCCsf  Affirmed    CCCsf
Class D2 XS0266479913    LT CCCsf  Affirmed    CCCsf
Class E XS0265883164     LT CCsf   Affirmed    CCsf

Dekania Europe CDO III Plc

Class B XS0298467159     LT BBsf   Affirmed    BBsf
Class C XS0298467407     LT CCCsf  Affirmed    CCCsf
Class D XS0298468637     LT CCsf   Affirmed    CCsf
Class E XS0298469361     LT Csf    Affirmed    Csf
Class F XS0298469874     LT Csf    Affirmed    Csf

TRANSACTION SUMMARY

Dekania Europe CDO II and III are cash flow CDO transactions
managed by Dekania Capital Management, LLC, an affiliate of Cohen
Brothers LLC. The notes are backed primarily by euro-denominated
hybrid capital securities and subordinated bonds issued
predominantly by small and mid-sized European insurance companies
and, to a lesser extent, banks.

KEY RATING DRIVERS

Increase in Credit Enhancement

The upgrades and affirmations reflect the increase in credit
enhancement (CE) for all rated notes. Due to the pay-off of one
EUR12 million asset in Dekania II, the class B notes have been paid
off and the class C note paid down by EUR2.6 million since the last
rating action on 2 November 2020. The CE on the class C note is now
55.2% and on the class D notes it is 26.3%; this is 9.8% and 4.9%
higher than at the last review, respectively.

In Dekania III, the class B note has been paid down by EUR1.5
million since the last rating action. The class B notes now have a
CE of 65.4%, class C notes have a CE of 32.0%, and class D notes
have a CE of 7.8%, about 2% higher for each than at the last
review.

High Obligor Concentration

The obligor concentration is high for both transactions. In Dekania
II, one asset paid off in the past year increasing the
concentration. The performing portfolio comprises seven assets from
six obligors for Dekania II and seven assets from seven obligors
for Dekania III.

Risk from Perpetual Assets / Long Maturities

The high proportion of assets maturing on or after 2035, including
the perpetual assets, contribute to the tail risk that may affect
the notes. These assets will be more exposed to a potential
downward rating migration. Assets maturing on or after 2035
comprise 60% of the Dekania II and 98% of the Dekania III
performing portfolios. Perpetual assets comprise around 15% of the
Dekania II and 76% of the Dekania III performing portfolios.
Perpetual securities were treated as long-dated assets as described
in Fitch's CLOs and Corporate CDOs Rating Criteria, available at
www.fitchratings.com, whereby they are assumed to be sold and
receive the expected recovery value at the maturity of the CDO
notes.

Improved Credit Quality

Both portfolios' credit quality have improved due to some upgrades
of the underlying assets. In addition, the default rate assumptions
have been lowered, reflecting the latest CLOs and Corporate CDOs
Rating Criteria.

One issuer is under a compulsory winding up order. The issuer has
contributed one asset of EUR12 million in each of the two
portfolios. These assets have been excluded from the performing
assets used in the analysis.

Low Excess Spread

As the majority of the portfolios mature on or after 2035, the
transactions rely on excess spread and interest proceeds to pay
down the notes. The class E par value test for Dekania II, and the
class D and E/F par value tests for Dekania III are failing,
redirecting interest to pay down the class B notes. In addition,
interest from the perpetual assets, which consists of one of the
assets in Dekania II and four of the assets in Dekania III, are
recharacterised as principal according to the transaction
documents. The excess spread has been low in the past year due to
senior notes having been paid down and cost of funding having
increased. None of the notes rated 'B' and higher has accumulated
further deferred interest over the past 12 months.

RATING SENSITIVITIES

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

-- An increase of the default rate (RDR) at all rating levels by
    25% of the mean RDR and a decrease of the recovery rate (RRR)
    by 25% at all rating levels will result in no downgrades of
    the most senior note;

-- Downgrades may occur if the build-up of the notes' credit
    enhancement (CE) following amortisation does not compensate
    for a higher loss expectation than initially assumed due to an
    unexpected high level of default and portfolio deterioration.

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels
    would result in an upgrade of up to one notch for the most
    senior note;

-- Except for the tranches already at the highest 'AAAsf' rating,
    upgrades may occur should there be better-than-expected
    portfolio credit quality and deal performance, and continued
    amortisation that leads to higher CE and excess spread
    available to cover for losses on the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Dekania Europe CDO II Plc, Dekania Europe CDO III Plc

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's Dekania
Europe CDO II Plc, Dekania Europe CDO III Plc 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.


DOWSON PLC 2021-2: Moody's Gives Caa2 Rating to Class X Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Dowson 2021-2 Plc:

GBP281.2M Floating Rate Class A Notes due October 2028, Definitive
Rating Assigned Aaa (sf)

GBP41.4M Floating Rate Class B Notes due October 2028, Definitive
Rating Assigned Aa1 (sf)

GBP33.1M Floating Rate Class C Notes due October 2028 Definitive
Rating Assigned A2 (sf)

GBP22.7M Floating Rate Class D Notes due October 2028, Definitive
Rating Assigned Baa3 (sf)

GBP18.6M Floating Rate Class E Notes due October 2028, Definitive
Rating Assigned Ba3 (sf)

GBP16.5M Floating Rate Class F Notes due October 2028, Definitive
Rating Assigned Caa1 (sf)

GBP41.4M Floating Rate Class X Notes due October 2028, Definitive
Rating Assigned Caa2 (sf)

RATINGS RATIONALE

The Notes are backed by a static pool of United Kingdom auto
finance contracts originated by Oodle Financial Services Limited
("Oodle", NR). This represents the fourth issuance sponsored by
Oodle. The originator will also act as the servicer of the
portfolio during the life of the transaction.

The portfolio of auto finance contracts backing the Notes consists
of Hire Purchase ("HP") agreements granted to individuals resident
in the United Kingdom. Hire Purchase agreements are a form of
secured financing without the option to hand the car back at
maturity. Therefore, there is no explicit residual value risk in
the transaction. Under the terms of the HP agreements, the
originator retains legal title to the vehicles until the borrower
has made all scheduled payments required under the contract.

The portfolio of assets amounts to approximately GBP413.5 million
as of the 4 October 2021 pool cut-off date. The portfolio consists
of 52,420 agreements originated over the past 5 years and is
predominantly made of used vehicles (99.3%) distributed through
national and regional dealers as well as brokers. It has a weighted
average seasoning of 12.0 months.

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

The transaction's main credit strengths are the significant excess
spread, the static and granular nature of the portfolio, and
counterparty support through the back-up servicer (Equiniti Gateway
Limited (NR)), interest rate hedge provider (BNP Paribas (Aa3(cr)/
P-1(cr)) and independent cash manager (Citibank N.A., London Branch
(Aa3(cr)/ P-1(cr)). The structure contains specific cash reserves
for each asset-backed tranche which cumulatively equal 1.17% of the
pool and will amortise in line with the notes. Each tranche reserve
will be purely available to cover liquidity shortfalls related to
the relevant Note throughout the life of the transaction and can
serve as credit enhancement following the tranche's repayment. The
Class A reserve provides approximately 7 months of liquidity at the
beginning of the transaction. The portfolio has an initial yield of
16.9% (excluding fees). Available excess spread can be trapped to
cover defaults and losses, as well as to replenish the tranche
reserves to their target level through the waterfall mechanism
present in the structure.

Moody's determined the portfolio lifetime expected defaults of 14%,
expected recoveries of 30% and portfolio credit enhancement ("PCE")
of 37.5% related to borrower receivables. The expected defaults and
recoveries capture Moody's expectations of performance considering
the current economic outlook, while the PCE captures the loss we
expect the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model.

Portfolio expected defaults of 14% is higher than the average for
UK auto transactions and is based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i) the
higher average risk of the borrowers, (ii) historic performance of
the book of the originator, (iii) benchmark transactions, and (iv)
other qualitative considerations.

Portfolio expected recoveries of 30% is in line with the UK auto
transaction average and is based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

PCE of 37.5% is higher than the EMEA Auto ABS average and is based
on Moody's assessment of the pool which is mainly driven by: (i)
the relative ranking to originator peers in the UK market and (ii)
the weighted average original loan-to-value of 98.1% which is worse
than the sector average. The PCE level of 37.5% results in an
implied coefficient of variation ("CoV") of 32.9%.

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

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

Factors that would lead to an upgrade of the ratings of Class C - X
Notes include significantly better than expected performance of the
pool together with an increase in credit enhancement of Notes. The
Class B Note is constrained to Aa1 (sf) due to Moody's operational
risk assessment.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased linkage due to a downgrade of the hedge provider's
rating; and (ii) economic conditions being worse than forecast
resulting in higher arrears and losses.


GREENSILL CAPITAL: Finance Scheme Had No Benefit to Taxpayers
-------------------------------------------------------------
Robert Smith at The Financial Times reports that the UK's
government spending watchdog said there was no evidence that
Greensill Capital's supply-chain finance scheme for NHS England
provided any benefit to taxpayers, undercutting claims from the
collapsed lender's founder that it saved the government GBP100
million a year.

According to the FT, the findings were part of a National Audit
Office report published on Friday following an investigation that
focused on a lending scheme for pharmacies in England that Lex
Greensill helped establish during his stint as a government adviser
and was later administered by the company he founded.

Greensill Capital, which once claimed to be the UK's most valuable
financial technology company, went into administration in March,
prompting scrutiny of the extraordinary access its founder had to
the British government, the FT recounts.  Its demise also dragged
former prime minister David Cameron into the biggest Westminster
lobbying scandal for a generation, the FT notes.

The NAO report said the UK health department was "unable to provide
evidence of realised benefits" stemming from the scheme, in
contrast to projections in its 2012 business case that it could
deliver GBP100 million of annual savings for the NHS, the FT
relates.

According to the FT, the report notes this estimate was based on
"advice provided by Lex Greensill".  The now-disgraced financier
made the same claim during an appearance before the Treasury select
committee in May, telling MPs that the scheme "saved the taxpayer
over GBP100 million a year", the FT discloses.

The scheme was initially awarded to Greensill's former employer
Citigroup in 2013, under an existing contract the US bank had with
the UK government, the FT notes.  It was then awarded to US
technology company Taulia in 2018, with Greensill Capital acting as
a "subcontractor" providing the underlying financing to pharmacies,
after the two groups submitted a joint bid in a tender process, the
FT relays.

According to the FT, while Greensill had completed a five-year
stint as a government adviser on supply-chain finance only months
before this bid was submitted, the NAO did not find evidence that
there was "any discussion of a potential conflict of interest".


O'KEEFE GROUP: Wins GBP8MM New Contracts Following CVA
------------------------------------------------------
Grant Prior at Construction Enquirer reports that civils contractor
O'Keefe group has won two new contracts worth more than GBP8
million after suppliers overwhelmingly voted in favour of a
proposed Company Voluntary Arrangement.

More than 90% of creditors backed the CVA last month, Construction
Enquirer relates.

And the firm is now winning work regularly with the latest Hadlow
College project for Willmott Dixon worth GBP600,000 and The Brooks
contract for Elkins Construction worth GBP7.5 million, Construction
Enquirer discloses.


[*] UK: EFL Mulls Tougher Punishments for Clubs in Administration
-----------------------------------------------------------------
Ricky Charlesworth at Mirror reports that the English Football
League are said to be exploring changes with regards to how they
punish clubs who fall into administration.

According to Mirror, a report in The Sun on Sunday claims that the
league are looking at proposals that would discourage attempts by
clubs to appeal the automatic 12-point deduction.

Such an instance occurred with Championship side Derby County
earlier this season, Mirror discloses.  The Rams were placed into
administration and were immediately docked 12 points but have since
appealed the decision, Mirror recounts.

It is reported that one of the options the EFL is considering is to
make the administrators personally responsible for the legal fees
that are required to make an appeal, Mirror states.

That would mean them paying a fee of around GBP300,000 directly,
rather than the amount coming from club funds, Mirror notes.

In addition, it is reported that the league are also considering
handing out extra points deductions, on top of the 12-point
docking, for spurious claims, Mirror discloses.

That would perhaps make teams think twice before trying their luck,
according to Mirror.  The report adds that adding a further six
points for such instances "has a lot of backing within the ranks of
chairmen and executives", according to Mirror.


[*] UK: England & Wales Co Voluntary Liquidations Hit Record High
-----------------------------------------------------------------
David Milliken at Reuters reports that England and Wales have seen
a surge in company directors winding up businesses that are unable
to pay their debts, taking so-called voluntary liquidations to
their highest level since 2009 in the depths of the global
financial crisis.

According to Reuters, government data showed on Oct. 26 total
company insolvencies in England and Wales jumped in the three
months to the end of September to their highest since the start of
the COVID-19 pandemic at 3,765, up 43% on a year earlier.

Forced liquidations of companies remained near an all-time low, due
to legal restrictions on creditors' ability to act against
businesses during the pandemic, as well as a GBP79 billion (US$109
billion) programme of government loan guarantees, Reuters
discloses.

But creditors' voluntary liquidations -- which in normal times
account for two thirds of insolvencies -- rose to their highest
total since the three months to the end of June 2009 in the latest
quarter at 3,471, more than 90% of the total, Reuters states.

"Relative calm waters -- largely due to the unprecedented
government economic support over the last 18 months -- may be
giving way to stormier seas," Reuters quotes Richard Tett, head of
the insolvency practice at law firm Freshfields, as saying.

Mr. Tett added businesses were likely to come under further
pressure in the coming months due to a surge in energy prices and
the removal of legal restrictions on forced insolvencies.




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

[*] BOND PRICING: For the Week October 25 to October 29, 2021
-------------------------------------------------------------
Issuer         Coupon  Maturity     Currency  Price
------         ------  --------     --------  -----
Casino Guichard 1.004                 EUR     43.323
Casino Guichard 3.992                 EUR     72.701
Hurricane Energy7.500     7/24/2022   USD     63.333
Mitsubishi UFJ I3.957     12/15/2050  EUR     50.127
Intralot Capital5.250     9/15/2024   EUR     59.981
Accor SA        0.700     12/07/2027  EUR     51.846
Fuerstenberg Cap5.625                 EUR     49.275
Rallye SA       4.000     2/28/2030   EUR     30.875
Air France-KLM  0.125     3/25/2026   EUR     15.866
EYEMAXX Real Est5.500     4/26/2023   EUR     61.991
Metro Bank PLC  5.500     6/26/2028   GBP     65.325
EA Partners II B6.750     06/01/2021  USD     42.125
Econocom Group S0.500     03/06/2023  EUR     7.649
Voltalia SA     1.000     1/13/2025   EUR     31.131
Korian SA       0.875     03/06/2027  EUR     57.107
Mallinckrodt Int5.750     08/01/2022  USD     66.500
EYEMAXX Real Est5.500     9/24/2024   EUR     44.473
PB International7.625     1/26/2022   USD     30.833
FIGEAC-AERO     1.125     10/18/2022  EUR     22.338
Pierre Et Vacanc2.000     04/01/2023  EUR     29.904
Rallye SA       4.371     1/23/2023   EUR     31.699
Korian SA       2.500                 EUR     42.099
Wirecard AG     0.500     09/11/2024  EUR     10.990
HOCHDORF Holding2.500                 CHF     57.502
Nexity SA       0.250     03/02/2025  EUR     67.729
Mallinckrodt Int4.750     4/15/2023   USD     24.500
Hylea Group SA  7.250     12/01/2022  EUR     35.500
Maisons du Monde0.125     12/06/2023  EUR     46.355
Naviera Armas SA6.500     7/31/2023   EUR     69.864
Quadient SA     3.375                 EUR     58.213
Moby SpA        7.750     2/15/2023   EUR     31.524
Nostrum Oil & Ga8.000     7/25/2022   USD     27.458
Intu Debenture P5.562     12/31/2027  GBP     39.500
Intelsat Luxembo8.125     06/01/2023  USD     3.316
Mallinckrodt Int5.625     10/15/2023  USD     68.250
Privatbank CJSC 10.250    1/23/2018   USD     10.000
Air Berlin PLC  6.750     05/09/2019  EUR     0.325
Mallinckrodt Int5.500     4/15/2025   USD     69.250
Bourbon Corp    8.061                 EUR     15.770
Intelsat Jackson5.500     08/01/2023  USD     58.500
Officine Maccafe5.750     06/01/2021  EUR     19.906
O1 Properties Fi0.500     9/27/2028   USD     10.000
Air Berlin PLC  8.250     4/19/2018   EUR     0.268
Intelsat Jackson8.500     10/15/2024  USD     58.000
Abengoa Abenewco1.500     4/26/2024   EUR     1.183
EYEMAXX Real Est5.500     7/22/2025   EUR     73.981
Orient Express B2.000                 USD     30.190
Debenhams PLC   5.250     7/15/2021   GBP     1.001
PREOS Global Off7.500     12/09/2024  EUR     64.500
Rallye SA       3.400     1/31/2022   EUR     34.132
Rallye SA       3.250     02/08/2024  CHF     32.435
Offshore Drillin8.375     9/20/2020   USD     6.967
Union Fenosa Pre1.107                 EUR     70.420
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Lloyds Bank PLC 2.661     2/22/2033   USD     77.178
Nostrum Oil & Ga7.000     2/16/2025   USD     27.458
Hellenic Bank PC10.000                EUR     57.440
Senvion Holding 3.875     10/25/2022  EUR     0.504
Neoen SA        1.875     10/07/2024  EUR     43.572
Rallye SA       5.250     02/01/2022  EUR     32.887
Genfit          3.500     10/16/2025  EUR     18.669
Intelsat Connect9.500     2/15/2023   USD     33.397
Immigon Portfoli5.801                 EUR     12.226
Ziton A/S       7.900     10/03/2022  EUR     65.000
Neoen SA        2.000     06/02/2025  EUR     52.947
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Turkey Governmen10.500    08/11/2027  TRY     74.950
Lloyds Bank PLC 2.308     4/26/2033   USD     80.836
Naviera Armas SA4.250     11/15/2024  EUR     68.360
Travelex Financi8.000     5/15/2022   EUR     1.333
Rickmers Holding8.875     06/11/2018  EUR     0.565
Koninklijke Luch0.750                 CHF     25.250
DOF Subsea AS   8.260     11/27/2023  NOK     27.250
EA Partners I BV6.875     9/28/2020   USD     0.503
Galapagos Holdin7.000     6/15/2022   EUR     1.500
Jain Internation7.125     02/01/2022  USD     21.750
Stichting Afwikk6.250     10/26/2020  EUR     5.263
Intelsat Luxembo7.750     06/01/2021  USD     2.500
Mitsubishi UFJ I3.704     12/30/2099  EUR     5.333
Nexity SA       0.125     01/01/2023  EUR     64.819
Air Berlin PLC  5.625     05/09/2019  CHF     0.510
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Avangardco Inves10.000    10/29/2018  USD     0.396
Intelsat Jackson9.750     7/15/2025   USD     58.750
Nexity SA       0.875     4/19/2028   EUR     59.001
Dexia Credit Loc1.181                 EUR     3.391
Barclays Bank PL2.852     3/28/2033   USD     71.793
Banco Espirito S7.125     11/28/2023  EUR     0.139
Rallye SA       4.000     11/23/2020  CHF     28.000
Bilt Paper BV   9.640                 USD     1.699
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Deutsche Bank AG2.218     3/15/2033   USD     72.300
Norddeutsche Lan7.490                 EUR     67.891
OGX Austria GmbH8.500     06/01/2018  USD     0.022
FF Group Finance3.250     11/02/2021  CHF     8.422
Scandinavian Air0.625                 CHF     23.000
Senivita Social 4.000     05/12/2025  EUR     8.010
UkrLandFarming P10.875    3/26/2018   USD     1.885
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Yuksel Insaat AS9.500     11/10/2015  USD     1.007
Alitalia-Societa5.250     7/30/2020   EUR     0.100
Privatbank CJSC 10.875    2/28/2018   USD     29.354
Privatbank CJSC 11.000    02/09/2021  USD     3.772
Hamon & CIE SA  3.300     1/31/2035   EUR     45.890
JP Morgan Struct0.379     9/30/2021   EUR     1.000
REM Saltire Hold7.000     12/31/2024  NOK     51.777
Grupo Isolux Cor1.000     12/30/2021  EUR     0.182
Hellenic Republi2.085     7/25/2057   EUR     47.720
Gamalife - Cia d2.957                 EUR     72.991
Alno AG         8.500     5/14/2018   EUR     16.226
FF Group Finance1.750     07/03/2019  EUR     5.442
Eramet SA       4.000                 EUR     66.173
Fuerstenberg Cap1.020                 EUR     48.138
Joh Friedrich Be7.750     11/11/2020  EUR     45.000
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
JZ Capital Partn6.000     7/30/2021   GBP     9.600
Claranova SADIR 5.000     07/01/2023  EUR     1.110
EOS Imaging SA  6.000     5/31/2023   EUR     6.857
Lehman Brothers 5.125                 EUR     8.008
Espirito Santo F6.875     10/21/2019  EUR     0.244
Stichting Afwikk11.250                EUR     1.258
Banco Espirito S6.875     7/15/2016   EUR     25.250
Norske Skogindus7.000     12/30/2026  EUR     0.001
DOF Subsea AS   9.500     3/14/2022   USD     27.194
WD Invest Sarl  1.900     10/02/2024  EUR     10.051
Lehman Brothers 6.900                 USD     3.986
Tresu Investment5.000     9/29/2022   EUR     28.250
Hema Bondco II B8.500     1/15/2023   EUR     0.780
EFG Internationa0.321                 EUR     66.617
Saleza AS       9.000     07/12/2021  EUR     0.203
Verimatrix SA   6.000     6/29/2022   EUR     3.801
Banco Espirito S2.106                 EUR     0.124
Dexia SA        1.244                 EUR     1.402
Pentracor GmbH  8.500     5/29/2025   EUR     71.175
Deutsche Bank AG1.268     6/28/2033   USD     71.650
KTG Agrar SE    7.125     06/06/2017  EUR     2.885
Lehman Brothers 3.875                 EUR     8.000
International In9.000     07/06/2011  EUR     0.176
KPNQwest NV     10.000    3/15/2012   EUR     0.474
JP Morgan Struct0.379     9/30/2021   EUR     1.000
Virgolino de Oli10.500    1/28/2018   USD     0.882
Praktiker AG    5.875     02/10/2016  EUR     0.069
JP Morgan Struct0.379     9/30/2021   EUR     1.000
ESFIL-Espirito S5.250     06/12/2015  EUR     0.112
New World Resour4.000     10/07/2020  EUR     0.231
Solon SE        1.375     12/06/2012  EUR     0.745
Banca Popolare d2.821     12/20/2017  EUR     0.159
Joh Friedrich Be6.250     6/18/2024   EUR     45.500
BNP Paribas SA  7.625                 USD     50.000
Finance and Cred9.250     1/25/2019   USD     0.257
Agrokor dd      9.875     05/01/2019  EUR     15.000
Banca Popolare d9.500     9/29/2025   EUR     0.049
Norske Skogindus2.000     12/30/2115  EUR     0.113
Cirio Holding Lu6.250     2/16/2004   EUR     0.728
LBI ehf         6.100     8/25/2011   USD     9.883
Norwegian Air Sh5.000     02/07/2023  SEK     44.592
Lehman Brothers 5.750                 EUR     3.962
Hellas Telecommu6.054     1/15/2015   USD     0.001
Breeze Finance S6.708     4/19/2027   EUR     31.000
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intralot Capital5.250     9/15/2024   EUR     60.035
Corporate Commer8.250     08/08/2014  USD     0.308
Nostrum Oil & Ga8.000     7/25/2022   USD     27.865
Allied Irish Ban12.500    6/25/2035   GBP     61.150
Windreich GmbH  6.500     03/01/2015  EUR     4.475
Tennor Finance B5.750     6/17/2024   EUR     75.000
Mallinckrodt Int5.625     10/15/2023  USD     68.183
Finmek Internati7.000     12/03/2004  EUR     2.193
Portugal Telecom6.250     7/26/2016   EUR     0.175
Cirio Finanziari8.000     12/21/2005  EUR     1.295
Mallinckrodt Int5.750     08/01/2022  USD     66.300
New World Resour8.000     04/07/2020  EUR     0.110
UniCredit Bank A0.107     11/19/2029  EUR     67.979
Norwegian Air Sh6.375     11/15/2024  USD     49.542
Alpine Holding G6.000     5/22/2017   EUR     2.233
Alno AG         8.000     3/21/2019   EUR     16.200
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Veneto Banca SpA9.878     12/01/2025  EUR     0.448
SAG Solarstrom A6.250     12/14/2015  EUR     31.000
Societe Centrale2.500     5/15/2023   EUR     6.880
Dr Wiesent Sozia7.000                 EUR     0.011
Agrokor dd      9.125     02/01/2020  EUR     15.000
Mallinckrodt Int5.500     4/15/2025   USD     62.500
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Cooperatieve Rab0.500     10/30/2043  MXN     15.182
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Cirio Finance Lu7.500     11/03/2002  EUR     2.665
Civitas Properti4.000     11/24/2022  EUR     47.000
Ghelamco Invest 4.500     5/23/2022   EUR     40.000
Orange SA       3.000     6/15/2022   EUR     10.000
Cooperatieve Rab0.500     7/30/2043   MXN     15.987
Sairgroup Financ4.375     06/08/2006  EUR     1.525
Banco Espirito S6.900     6/28/2024   EUR     25.296
International In11.000    2/19/2013   USD     0.276
CBo Territoria  3.750     07/01/2024  EUR     4.700
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Depfa Funding II0.235                 EUR     57.237
Santander Consum5.110                 NOK     44.846
Virgolino de Oli10.500    1/28/2018   USD     0.882
Lloyds Bank PLC 0.500     7/26/2028   MXN     59.625
OGX Austria GmbH8.500     06/01/2018  USD     0.022
Stichting Afwikk6.625     5/14/2018   EUR     5.250
Santander Consum5.110                 NOK     44.846
Alpine Holding G5.250     07/01/2015  EUR     2.233
Offshore Drillin8.375     9/20/2020   USD     6.967
Rallye SA       1.000     10/02/2020  EUR     27.309
Bank Nadra Via N8.250     7/31/2018   USD     0.208
Sidetur Finance 10.000    4/20/2016   USD     2.082
KPNQwest NV     8.125     06/01/2009  USD     0.474
Nostrum Oil & Ga7.000     2/16/2025   USD     27.592
Cirio Del Monte 7.750     3/14/2005   EUR     0.590
Agrokor dd      8.875     02/01/2020  USD     15.000
Island Offshore 2.790     6/30/2022   NOK     4.777
Virgolino de Oli10.875    1/13/2020   USD     34.000
Banco Espirito S2.286                 EUR     0.237
WPE Internationa10.375    9/30/2020   USD     5.000
Grupo Isolux Cor6.000     12/30/2021  EUR     0.229
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Espirito Santo F9.750     12/19/2025  EUR     0.389
Intelsat Connect9.500     2/15/2023   USD     33.397
Alpine Holding G5.250     06/10/2016  EUR     2.233
SpareBank 1 SR-B1.212     12/21/2030  EUR     73.522
SAS AB          4.410                 SEK     26.464
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Peine GmbH      2.000     07/05/2023  EUR     44.500
Windreich GmbH  6.500     7/15/2016   EUR     4.475
Sberbank of Russ0.010     7/24/2028   RUB     80.100
German Pellets G7.250     04/01/2016  EUR     1.000
German Pellets G7.250     11/27/2019  EUR     1.000
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
Espirito Santo F3.125     12/02/2018  EUR     1.485
A-TEC Industries2.750     05/10/2014  EUR     0.100
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Norske Skog Hold8.000     2/24/2021   EUR     0.006
Cattles Ltd     8.125     07/05/2017  GBP     0.027
SiC Processing G7.125     03/01/2016  EUR     2.381
Erotik-Abwicklun7.750     07/09/2019  EUR     0.779
Elli Investments12.250    6/15/2020   GBP     52.250
Del Monte Financ6.625     5/24/2006   EUR     4.413
Sberbank of Russ0.010     7/23/2026   RUB     80.100
SAG Solarstrom A7.500     07/10/2017  EUR     31.000
Credit Suisse AG5.880     6/28/2023   USD     10.000
Havila Shipping 4.700     01/02/2025  NOK     24.195
Vneshprombank Lt9.000     11/14/2016  USD     0.078
O1 Properties Fi8.250     9/27/2021   USD     10.440
KTG Agrar SE    7.250     10/15/2019  EUR     2.885
Havila Shipping 3.950     01/02/2025  NOK     51.646
Lehman Brothers 5.220     03/01/2024  EUR     0.100
Hema Bondco II B8.500     1/15/2023   EUR     0.780
Virgolino de Oli10.875    1/13/2020   USD     34.000
Deutsche Bank AG13.750    6/20/2026   TRY     72.069
Golfino AG      8.000     11/18/2023  EUR     0.020
Intelsat Jackson9.750     7/15/2025   USD     58.500
Pescanova SA    5.125     4/20/2017   EUR     0.319
Senvion Holding 3.875     10/25/2022  EUR     0.504
Kommunekredit   0.500     7/30/2027   TRY     33.770
CRC Breeze Finan6.110     05/08/2026  EUR     30.273
Intelsat Jackson8.500     10/15/2024  USD     58.500
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Naviera Armas SA4.250     11/15/2024  EUR     68.990
Norske Skog Hold8.000     2/24/2023   USD     0.006
Agrokor dd      9.875     05/01/2019  EUR     15.000
Pongs & Zahn AG 8.500     11/01/2014  EUR     0.002
Commerzbank AG  0.077     11/19/2029  EUR     63.129
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intelsat Luxembo12.500    11/15/2024  USD     65.750
Stichting Afwikk2.207                 EUR     1.258
Credit Suisse AG12.450    12/08/2021  USD     40.590
Credit Suisse AG4.250     03/07/2022  USD     9.900
Veneto Banca SpA6.950     2/25/2025   EUR     0.449
Aralco Finance S10.125    05/07/2020  USD     0.934
Officine Maccafe5.750     06/01/2021  EUR     19.906
Ahtium PLC      4.000     12/16/2015  EUR     0.586
Air Berlin Finan6.000     03/06/2019  EUR     0.357
Cooperatieve Rab0.500     10/29/2027  MXN     62.118
SALVATOR Vermoeg9.500                 EUR     9.900
Gebr Sanders Gmb8.750     10/22/2018  EUR     9.375
International Fi0.500     6/29/2027   ZAR     65.586
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Cooperatieve Rab0.500     11/30/2027  MXN     61.836
Depfa Funding II6.500                 EUR     60.509
NTRP Via Interpi10.250    08/02/2017  USD     30.500
AKB Peresvet ZAO0.510     2/14/2032   RUB     12.250
Getin Noble Bank5.250     7/28/2023   PLN     73.398
SALVATOR Vermoeg9.500     12/31/2021  EUR     8.800
Decipher Product12.500    9/27/2019   USD     1.500
Turkiye Ihracat 12.540    9/14/2028   TRY     73.991
Espirito Santo F5.050     11/15/2025  EUR     1.097
BNG Bank NV     10.010    6/17/2025   TRY     73.373
Caixa Economica 5.000                 EUR     50.040
Sberbank of Russ0.010     7/29/2024   RUB     80.100
Steilmann SE    6.750     6/27/2017   EUR     2.184
Landesbank Hesse6.800     7/18/2024   EUR     70.970
Golden Gate AG  6.500     10/11/2014  EUR     37.500
Sequa Petroleum 5.000     4/29/2020   USD     30.718
A-TEC Industries8.750     10/27/2014  EUR     0.100
HPI AG          3.500                 EUR     3.011
getgoods.de AG  7.750     10/02/2017  EUR     0.367
Portugal Telecom5.242     11/06/2017  EUR     0.694
MS Deutschland B6.875     12/18/2017  EUR     1.810
Veneto Banca SpA6.411                 EUR     0.342
BOA Offshore AS 0.409     7/17/2047   NOK     8.777
Barclays Bank PL4.000     7/19/2022   USD     9.970
Barclays Bank PL5.090     06/08/2022  USD     9.940
DZ Bank AG Deuts0.488     03/11/2031  EUR     57.129
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Air Berlin Finan8.500     03/06/2019  EUR     0.357
Privatbank CJSC 10.875    2/28/2018   USD     29.354
German Pellets G7.250     07/09/2018  EUR     1.000
La Veggia Financ7.125     11/14/2004  EUR     0.287
Mox Telecom AG  7.250     11/02/2017  EUR     2.272
Steilmann SE    7.000     9/23/2018   EUR     1.429
Credit Suisse AG20.000    11/29/2024  USD     13.340
Muehl Product & 6.750     03/10/2005  DEM     0.102
SAir Group      0.125     07/07/2005  CHF     12.625
Russian Federal 0.250     7/20/2044   RUB     20.000
SFO Akkord Finan10.000    02/12/2024  RUB     67.810
Ahtium PLC      9.750     04/04/2017  EUR     0.717
Uppfinnaren 1 AB11.000                SEK     40.000
Santander Consum5.110                 NOK     45.107
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Credit Suisse AG27.250    07/03/2024  USD     9.700
Ukraine Governme8.120     11/10/2035  UAH     69.163
Steilmann SE    7.000     03/09/2017  EUR     1.429
Getin Noble Bank4.250     8/30/2024   PLN     60.039
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Barclays Bank PL0.500     1/28/2033   MXN     37.304
Rena GmbH       7.000     12/15/2015  EUR     2.096
WEB Windenergie 4.000     12/17/2025  EUR     0.010
Barclays Bank PL5.000     11/01/2029  BRL     66.961
Banco Santander 1.858                 EUR     1.565
Phones4u Finance9.500     04/01/2018  GBP     71.750
EFG Internationa12.000    10/19/2021  USD     66.110
Moby SpA        7.750     2/15/2023   EUR     33.382
Stichting Afwikk8.450     8/20/2018   USD     5.250
Dyadya Doner OOO13.500    4/25/2023   RUB     16.510
Rio Forte Invest4.000     7/22/2014   EUR     5.814
COFIDUR SA      0.100     12/31/2024  EUR     24.050
International Ba8.250     10/09/2024  USD     60.375
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Ukraine Governme6.000     1/22/2031   UAH     62.721
New World Resour4.000     10/07/2020  EUR     0.231
Metalloinvest Ho0.010     03/07/2022  RUB     70.000
Sairgroup Financ6.625     10/06/2010  EUR     1.509
A-TEC Industries5.750     11/02/2010  EUR     0.100
UkrLandFarming P10.875    3/26/2018   USD     1.885
Activa Resources0.500     11/15/2021  EUR     0.500
Banco Espirito S10.000    12/06/2021  EUR     0.139
Cooperatieve Rab0.500     1/31/2033   MXN     36.400
Centrosolar Grou7.000     2/15/2016   EUR     2.505
SG Issuer SA    5.000     04/02/2024  EUR     58.780
SG Issuer SA    2.100     04/05/2033  EUR     31.130
Getin Noble Bank4.250     7/26/2024   PLN     65.837
BRAbank ASA     7.260                 NOK     50.193
MTS-Bank PAO    9.500     10/28/2029  RUB     51.860
Lehman Brothers 1.000     10/05/2035  EUR     0.100
WEB Windenergie 4.500                 EUR     0.010
LBI ehf         7.431                 USD     0.001
Credit Suisse AG6.250     11/28/2025  USD     11.570
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Natixis SA      0.300     6/25/2048   USD     51.061
Northland Resour15.000    7/15/2019   USD     2.621
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Rena GmbH       8.250     07/11/2018  EUR     2.096
Credit Suisse AG5.200     8/17/2022   USD     9.829
City of Predeal 2.985     5/15/2026   RON     61.000
RENE LEZARD Mode7.250     11/25/2017  EUR     0.500
SAir Group      6.250     10/27/2002  CHF     12.625
SAir Group      5.125     03/01/2003  CHF     12.750
Credit Suisse AG11.150    12/08/2021  CHF     42.210
Credit Suisse AG16.500    05/10/2024  USD     10.290
Mifa Mitteldeuts7.500     08/12/2018  EUR     2.000
Getin Noble Bank5.250     11/30/2023  PLN     65.269
Rio Forte Invest3.900     07/10/2014  USD     5.750
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Intelsat Jackson9.750     7/15/2025   USD     56.936
Bilt Paper BV   9.640                 USD     1.699
Credit Suisse AG4.180     9/14/2022   USD     9.800
Vontobel Financi9.100     2/21/2022   EUR     70.169
Kardan NV       6.325     2/21/2021   ILS     14.140
Getin Noble Bank5.250     12/21/2023  PLN     74.676
Russian Post FGU2.750     12/06/2023  RUB     70.000
Resa SA/Belgium 1.950     7/22/2036   EUR     50.000
Veneto Banca SpA6.944     5/15/2025   EUR     0.449
Banca Popolare d9.500     10/02/2025  EUR     0.049
Rosbank PJSC    0.040     4/30/2024   RUB     65.000
Heta Asset Resol5.030     12/31/2023  EUR     1.438
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Landesbank Baden5.400     2/25/2022   EUR     73.950
Credit Suisse AG11.500    12/08/2021  EUR     42.290
Otkritie Holding0.010     9/17/2027   RUB     3.500
Archer Finance O9.250     3/29/2022   RUB     0.120
BNP Paribas SA  1.000     1/23/2040   MXN     21.986
Astana Finance B7.875     06/08/2010  EUR     16.000
DANY COLL LLC   0.100     7/19/2022   RUB     1.970
PA Resources AB 13.500    03/03/2016  SEK     0.124
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Intelsat Luxembo12.500    11/15/2024  USD     65.750
ECM Real Estate 5.000     10/09/2011  EUR     15.375
LBI ehf         7.431                 USD     0.001
Heta Asset Resol7.500     12/31/2023  ATS     1.438
Otkritie Holding0.010     10/03/2036  RUB     0.010
Credit Suisse AG4.530     07/12/2023  USD     9.630
Credit Suisse AG6.960     8/24/2022   USD     9.900
BRAbank ASA/NO  7.210                 NOK     51.443
Windreich GmbH  6.750     03/01/2015  EUR     4.475
Windreich GmbH  6.250     03/01/2015  EUR     4.475
Pescanova SA    8.750     2/17/2019   EUR     0.319
Grupo Isolux Cor6.000     12/30/2021  USD     0.229
SAir Group      5.500     7/23/2003   CHF     12.625
OOO SPV Structur0.010     09/01/2023  RUB     66.740
Lehman Brothers 2.875     3/14/2013   CHF     0.100
Norske Skogindus7.125     10/15/2033  USD     0.001
Espirito Santo F5.625     7/28/2017   EUR     0.544
Agrokor dd Via A4.921     08/08/2017  EUR     14.625
UBS AG/London   25.250    08/10/2021  CHF     72.200
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Eiendomskreditt 2.050     9/17/2029   NOK     68.924
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
New World Resour8.000     04/07/2020  EUR     0.110
IT Holding Finan9.875     11/15/2012  EUR     0.238
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
Landesbank Hesse3.000     08/06/2021  EUR     35.300
BNP Paribas Issu5.000     11/05/2024  EUR     28.820
UBS AG/London   17.250    10/21/2021  CHF     69.550
Norske Skog Hold8.000     2/24/2021   EUR     0.006
SAir Group      4.250     02/02/2007  CHF     12.625
Espirito Santo F5.125     5/30/2016   EUR     0.546
Deutsche Bank AG0.500     10/18/2038  MXN     17.639
Pescanova SA    6.750     03/05/2015  EUR     0.319
Solarwatt GmbH  7.000     11/01/2015  EUR     15.500
Bank2 ASA       5.270                 NOK     59.547
Getin Noble Bank5.240     4/29/2024   PLN     61.349
Bayerische Lande2.000     1/28/2022   EUR     65.240
Credit Suisse AG11.600    12/08/2021  EUR     39.000
Corner Banca SA 12.000    6/21/2022   CHF     64.050
Danske Bank A/S 6.860     07/09/2022  SEK     25.860
Gold-Zack AG    7.000     12/14/2005  EUR     5.000
Citigroup Global9.000     8/18/2022   USD     0.752
Landesbank Baden7.000     11/26/2021  EUR     69.840
Bank Otkritie Fi0.010     7/16/2025   RUB     72.880
Norske Skog Hold8.000     2/24/2023   USD     0.006
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Lehman Brothers 5.120     4/30/2027   EUR     0.100
Deutsche Agrar H7.250     9/28/2018   EUR     1.254
Astana Finance B9.000     11/16/2011  USD     15.250
SAir Group      6.250     04/12/2005  CHF     12.625
Ukraine Governme6.000     11/22/2028  UAH     67.642
Ukraine Governme6.000     11/28/2029  UAH     65.169
Espirito Santo F0.355     10/27/2024  EUR     0.297
Lehman Brothers 10.000    06/11/2038  JPY     0.100
Agrokor dd      8.875     02/01/2020  USD     15.000
Rosbank PJSC    0.010     4/30/2024   RUB     65.000
HSBC Bank PLC   0.500     12/22/2025  BRL     65.600
Lehman Brothers 2.000     3/16/2035   EUR     0.100
Cooperatieve Rab0.500     8/21/2028   MXN     57.717
UniCredit Bank A6.600     7/20/2028   EUR     46.520
Citigroup Global12.379    11/13/2023  SEK     72.470
Landesbank Hesse5.500     5/25/2023   EUR     30.050
Landesbank Hesse6.250     12/22/2022  EUR     58.300
Credit Suisse AG18.000    8/17/2021   USD     68.970
UBS AG/London   7.000     8/16/2021   CHF     55.400
Societe Generale13.010    02/02/2023  USD     74.450
Lehman Brothers 4.100     06/10/2014  SGD     0.100
Petromena ASA   10.850    11/19/2018  USD     0.622
DeloPorts LLC   0.010     11/14/2025  RUB     70.020
Vontobel Financi10.000    11/22/2021  EUR     74.685
Hellas Telecommu6.054     1/15/2015   USD     0.001
Northland Resour4.000     10/15/2020  NOK     0.271
Elli Investments12.250    6/15/2020   GBP     52.250
Rio Forte Invest4.750     11/10/2015  EUR     5.750
Lehman Brothers 7.750     01/03/2012  AUD     0.100
Credit Agricole 5.400     1/31/2028   BRL     75.005
Laurel GmbH     7.125     11/16/2017  EUR     7.750
Norske Skogindus7.125     10/15/2033  USD     0.001
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Heta Asset Resol5.920     12/31/2023  EUR     1.438
WEB Windenergie 2.250     9/25/2028   EUR     0.010
Banque Cantonale5.800     08/09/2021  CHF     56.340
Societe Generale6.000     05/09/2022  USD     8.680
UniCredit Bank A4.050     10/24/2021  EUR     61.320
Societe Generale6.000     06/06/2022  USD     1.460
Credit Suisse AG10.000    02/02/2023  USD     10.000
Leonteq Securiti2.750     9/15/2022   CHF     18.630
Leonteq Securiti28.630    12/15/2021  CHF     59.310
UBS AG/London   9.300     08/12/2021  CHF     63.000
Lehman Brothers 5.103     6/22/2046   EUR     0.100
LBI ehf         6.100     8/25/2011   USD     9.883
Lehman Brothers 3.860     9/21/2011   SGD     0.100
Sberbank CIB JSC0.010     01/04/2030  RUB     52.462
Instabank ASA   7.190                 NOK     36.881
Instabank ASA   5.190     3/28/2028   NOK     60.261
Lehman Brothers 4.200     12/03/2008  HKD     0.100
Deutsche Bank AG2.000     10/25/2023  TRY     67.623
Cooperatieve Rab0.500     12/29/2027  MXN     61.416
Lehman Brothers 7.500     10/24/2008  USD     0.100
Agrokor dd      9.125     02/01/2020  EUR     15.000
Phones4u Finance9.500     04/01/2018  GBP     71.750
Ukraine Governme6.000     1/27/2027   UAH     72.953
Leonteq Securiti4.290     7/30/2021   USD     52.560
Leonteq Securiti2.630     7/30/2021   USD     35.630
Bayerische Lande2.300     11/26/2021  EUR     60.560
Landesbank Baden2.300     7/22/2022   EUR     62.880
Credit Suisse AG6.190     9/14/2022   USD     10.000
Getin Noble Bank5.250     1/31/2024   PLN     72.727
Turkey Governmen8.000     03/12/2025  TRY     #N/A N/A
DeltaCredit Bank1.000     7/28/2025   RUB     73.000
Lehman Brothers 2.500     12/15/2011  GBP     0.100
Getin Noble Bank4.750     5/31/2024   PLN     71.875
Rosbank PJSC    0.030     4/30/2024   RUB     65.000
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Getin Noble Bank5.250     04/04/2024  PLN     64.780
Lehman Brothers 16.000    12/26/2008  USD     0.100
Rosbank PJSC    0.020     4/30/2024   RUB     65.000
Credito Padano B3.100                 EUR     34.091
Ukraine Governme6.000     9/18/2030   UAH     63.407
Ukraine Governme6.000     9/13/2028   UAH     68.143
Ukraine Governme6.000     4/23/2031   UAH     62.215
Ukraine Governme5.000     2/20/2032   UAH     55.004
Intelsat SA     4.500     6/15/2025   USD     34.200
Ukraine Governme6.000     06/04/2031  UAH     62.003
Ukraine Governme6.000     09/10/2031  UAH     61.494
Ukraine Governme6.000     10/11/2028  UAH     67.938
Ukraine Governme8.420     05/10/2034  UAH     72.297
Ukraine Governme8.310     11/10/2034  UAH     71.183
Ukraine Governme8.630     05/10/2033  UAH     74.465
Ukraine Governme8.220     05/10/2035  UAH     70.205
Ukraine Governme6.000     03/12/2031  UAH     62.440
Ukraine Governme6.000     8/28/2030   UAH     63.532
Ukraine Governme6.000     1/28/2032   UAH     60.816
Ukraine Governme6.000     12/11/2030  UAH     62.944
Ukraine Governme6.000     5/16/2029   UAH     66.437
Aralco Finance S10.125    05/07/2020  USD     0.934
KPNQwest NV     7.125     06/01/2009  EUR     0.484
LBI ehf         5.080     03/01/2013  ISK     9.500
Nota-Bank OJSC  13.500    04/01/2016  RUB     31.500
Ukraine Governme6.000     10/15/2031  UAH     61.316
Ukraine Governme8.520     11/10/2033  UAH     73.346
Ukraine Governme6.000     12/23/2026  UAH     73.269
Barclays Bank PL2.000     05/07/2036  MXN     39.634
Getin Noble Bank5.250     8/31/2023   PLN     73.348
SAir Group      2.125     11/04/2004  CHF     12.625
Getin Noble Bank5.240     11/09/2023  PLN     74.792
UBS AG/London   9.750     9/13/2021   CHF     73.900
Landesbank Hesse3.600     08/12/2021  EUR     49.900
Landesbank Hesse5.200     01/11/2024  EUR     73.020
UniCredit Bank A4.150     10/12/2022  EUR     60.430
Landesbank Baden4.000     10/22/2021  EUR     42.820
Landesbank Baden3.250     10/22/2021  EUR     68.760
Landesbank Baden2.150     8/27/2021   EUR     66.730
Landesbank Baden3.500     8/27/2021   EUR     52.490
Skandinaviska En8.300     7/17/2023   SEK     74.840
UniCredit Bank A3.800     6/28/2022   EUR     61.770
Leonteq Securiti4.000     08/10/2022  CHF     74.090
Raiffeisen Schwe5.800     9/28/2021   CHF     68.420
Landesbank Baden3.000     12/23/2022  EUR     65.630
Landesbank Baden3.200     12/23/2022  EUR     67.690
Zurcher Kantonal6.000     8/24/2021   EUR     73.970
Leonteq Securiti8.130     2/21/2022   EUR     70.160
Leonteq Securiti4.000     2/21/2022   EUR     68.620
Raiffeisen Schwe4.500     2/21/2023   CHF     74.060
Landesbank Baden3.050     9/23/2022   EUR     69.680
Leonteq Securiti10.000    08/09/2021  CHF     57.750
Landesbank Hesse6.300     8/31/2023   EUR     55.070
Landesbank Hesse4.000     6/22/2022   EUR     38.630
UniCredit Bank A3.350     6/14/2022   EUR     54.650
Leonteq Securiti5.600     5/16/2022   CHF     68.730
Landesbank Baden2.100     8/27/2021   EUR     50.230
Landesbank Hesse5.350     9/22/2023   EUR     31.210
Landesbank Baden3.050     9/23/2022   EUR     60.050
Landesbank Baden2.850     9/23/2022   EUR     67.030
Societe Generale6.100     04/03/2023  EUR     75.330
UniCredit Bank A4.100     8/24/2022   EUR     64.290
Leonteq Securiti5.400     7/25/2022   CHF     68.140
Leonteq Securiti6.200     7/27/2021   CHF     66.540
UniCredit Bank A5.350     8/24/2021   EUR     42.230
Landesbank Baden3.150     12/27/2021  EUR     72.620
Danske Bank A/S 10.300    07/09/2023  SEK     11.200
UniCredit Bank A4.000     2/28/2022   EUR     60.250
Landesbank Hesse8.900     3/16/2023   EUR     66.220
Landesbank Baden2.800     4/25/2022   EUR     63.560
Leonteq Securiti3.750     2/20/2023   CHF     50.700
Societe Generale3.900     3/23/2022   USD     0.030
Landesbank Hesse5.650     10/28/2022  EUR     60.410
DekaBank Deutsch3.900     4/25/2022   EUR     41.730
Landesbank Baden3.000     9/23/2022   EUR     61.280
UBS AG/London   10.250    8/26/2021   CHF     70.050
UBS AG/London   10.000    8/26/2021   EUR     67.550
Bank Julius Baer9.500     8/26/2021   CHF     56.900
Credit Suisse AG6.000     8/24/2022   CHF     72.480
Societe Generale4.890     2/16/2023   USD     #N/A N/A
SG Issuer SA    9.180     1/20/2025   SEK     69.850
Bayerische Lande2.000     2/18/2022   EUR     64.070
Landesbank Hesse3.500     8/17/2022   EUR     77.070
Leonteq Securiti7.200     9/24/2021   CHF     65.730
Raiffeisen Schwe6.500     09/02/2021  CHF     70.730
Landesbank Baden3.700     2/25/2022   EUR     64.030
Landesbank Baden4.000     3/25/2022   EUR     71.030
Landesbank Baden4.800     3/25/2022   EUR     68.240
UBS AG/London   12.500    09/06/2021  CHF     69.050
UBS AG/London   8.000     03/04/2022  EUR     67.150
UBS AG/London   7.500     09/06/2021  CHF     72.400
UBS AG/London   8.500     09/06/2021  CHF     72.650
Erste Group Bank4.350     2/28/2022   EUR     43.650
UBS AG/London   7.000     9/23/2021   EUR     74.370
Landesbank Hesse4.000     3/23/2022   EUR     42.810
Landesbank Hesse3.500     03/09/2022  EUR     41.270
Landesbank Baden6.400     2/25/2022   EUR     72.000
Landesbank Baden3.300     2/25/2022   EUR     74.030
Landesbank Baden1.200     2/25/2022   EUR     72.970
Landesbank Hesse6.400     03/09/2023  EUR     65.730
Raiffeisen Schwe7.200     03/02/2022  CHF     74.620
UniCredit Bank A4.000     3/13/2022   EUR     65.690
Landesbank Hesse5.900     03/09/2023  EUR     69.400
Landesbank Baden4.900     2/25/2022   EUR     67.970
Landesbank Baden2.600     2/25/2022   EUR     67.310
UBS AG/London   12.250    8/26/2021   CHF     68.450
UBS AG/London   10.750    8/26/2021   CHF     68.300
SG Issuer SA    0.263     2/20/2025   EUR     19.120
SG Issuer SA    7.600     1/20/2025   SEK     65.890
DekaBank Deutsch3.000     8/27/2021   EUR     66.920
Landesbank Hesse5.150     6/14/2022   EUR     63.170
Skandinaviska En9.020     7/17/2023   SEK     73.340
UniCredit Bank A4.450     7/23/2022   EUR     71.610
Landesbank Hesse4.000     8/18/2021   EUR     51.200
Landesbank Hesse3.600     7/27/2022   EUR     67.560
SecurAsset SA   5.250     6/30/2022   EUR     35.850
SG Issuer SA    11.170    7/20/2025   SEK     60.840
SG Issuer SA    4.000     6/22/2026   EUR     68.140
Landesbank Hesse2.000     3/29/2022   EUR     43.260
EFG Internationa7.600     10/11/2021  CHF     63.840
Leonteq Securiti5.600     8/24/2021   CHF     44.200
DekaBank Deutsch2.500     09/10/2021  EUR     71.270
Landesbank Baden2.500     9/23/2022   EUR     69.820
Rosseti South PJ9.240     07/01/2022  RUB     72.460
Raiffeisen Schwe5.250     8/24/2021   CHF     73.360
Zurcher Kantonal8.500     8/24/2021   CHF     64.970
Raiffeisen Switz4.000     8/30/2022   CHF     41.400
EFG Internationa6.500     8/30/2021   CHF     74.830
Societe Generale9.000     7/22/2022   USD     57.500
Landesbank Baden3.000     9/23/2022   EUR     55.830
Societe Generale5.600     09/04/2023  EUR     43.850
Landesbank Hesse5.800     9/24/2024   EUR     57.090
Landesbank Baden2.650     9/23/2022   EUR     67.560
UniCredit Bank A6.300     10/16/2021  EUR     33.960
UniCredit Bank A4.200     7/26/2022   EUR     33.610
UniCredit Bank A4.150     7/26/2022   EUR     53.350
UniCredit Bank A4.300     7/26/2022   EUR     58.600
Landesbank Hesse6.700     10/13/2023  EUR     61.390
Leonteq Securiti6.000     8/17/2021   CHF     40.170
Landesbank Baden3.400     11/26/2021  EUR     70.630
Landesbank Baden2.750     11/26/2021  EUR     73.830
Raiffeisen Schwe5.000     12/29/2021  CHF     69.900
Landesbank Hesse3.000     08/11/2022  EUR     66.920
Landesbank Hesse7.500     11/03/2023  EUR     56.310
Landesbank Hesse6.200     6/17/2022   EUR     50.790
EFG Internationa14.800    8/19/2021   CHF     48.420
Raiffeisen Schwe5.000     8/24/2022   CHF     73.600
Raiffeisen Schwe6.000     8/24/2022   CHF     75.220
Landesbank Hesse7.250     06/08/2023  EUR     69.690
Landesbank Hesse5.500     06/08/2023  EUR     73.660
UniCredit Bank A4.300     6/28/2022   EUR     67.800
UniCredit Bank A4.250     6/28/2022   EUR     49.310
Landesbank Hesse3.500     07/06/2022  EUR     35.120
Landesbank Hesse2.000     6/13/2022   EUR     52.020
Landesbank Hesse6.000     03/10/2023  EUR     65.470
Araratbank OJSC 5.250     09/11/2022  USD     25.155
Landesbank Hesse4.000     8/31/2022   EUR     49.230
EFG Internationa6.400     08/09/2021  CHF     69.570
Landesbank Baden3.500     1/28/2022   EUR     56.480
Landesbank Hesse6.350     11/19/2024  EUR     62.510
Credit Suisse AG6.000     8/22/2022   CHF     72.100
Leonteq Securiti6.100     2/21/2022   CHF     71.380
Vontobel Financi6.700     03/07/2022  EUR     63.400
UniCredit Bank A3.250     3/29/2022   EUR     27.710
UniCredit Bank A3.750     3/26/2022   EUR     60.740
Landesbank Baden2.600     9/23/2022   EUR     69.990
Leonteq Securiti7.200     08/06/2021  CHF     68.030
UBS AG/London   5.500     8/19/2021   EUR     65.250
UBS AG/London   6.500     8/19/2021   CHF     65.300
UniCredit Bank A4.000     11/21/2022  EUR     58.770
Corner Banca SA 14.200    8/24/2021   USD     3.210
Credit Suisse AG7.500     8/13/2021   CHF     74.060
Zurcher Kantonal8.000     2/25/2022   CHF     70.100
UBS AG/London   10.000    8/19/2021   CHF     66.900
UBS AG/London   5.750     8/20/2021   EUR     66.550
Raiffeisen Schwe4.600     2/20/2023   CHF     75.320
Zurcher Kantonal9.750     8/26/2021   USD     72.910
Zurcher Kantonal7.250     09/02/2021  CHF     74.510
UBS AG/London   10.750    8/19/2021   CHF     69.200
Corner Banca SA 8.600     10/12/2021  CHF     67.600
UBS AG/London   7.000     2/21/2022   EUR     60.850
UBS AG/London   11.500    8/19/2021   CHF     69.200
DekaBank Deutsch4.250     4/14/2022   EUR     40.620
Raiffeisen Switz10.500    07/11/2024  USD     19.800
Landesbank Hesse4.000     08/03/2022  EUR     57.980
Societe Generale3.000     7/22/2022   USD     5.800
Landesbank Hesse3.350     9/21/2022   EUR     61.830
UniCredit Bank A3.600     8/23/2021   EUR     32.430
UniCredit Bank A4.600     9/14/2022   EUR     61.370
SG Issuer SA    3.000     09/02/2021  EUR     47.730
Landesbank Hesse5.000     11/25/2022  EUR     54.890
UniCredit Bank A4.200     9/21/2022   EUR     50.270
UniCredit Bank A9.900     12/24/2021  EUR     74.170
DekaBank Deutsch2.500     10/22/2021  EUR     73.100
EFG Internationa6.000     8/13/2021   CHF     71.960
EFG Internationa6.200     8/16/2021   CHF     62.110
DekaBank Deutsch2.150     1/21/2022   EUR     64.050
UniCredit Bank A4.200     03/01/2023  EUR     65.590
Landesbank Baden4.700     3/25/2022   EUR     46.160
Landesbank Hesse6.600     02/01/2024  EUR     68.190
Landesbank Baden3.300     3/25/2022   EUR     55.300
EFG Internationa10.500    02/07/2022  EUR     67.630
UniCredit Bank A9.000     12/27/2021  EUR     66.960
Leonteq Securiti11.400    9/20/2021   CHF     2.770
Landesbank Baden3.250     2/24/2023   EUR     67.030
Landesbank Baden4.100     1/28/2022   EUR     53.100
Landesbank Hesse6.150     8/25/2022   EUR     61.870
DZ Bank AG Deuts20.200    9/24/2021   EUR     63.370
Landesbank Hesse4.000     05/11/2022  EUR     50.480
Leonteq Securiti7.000     7/30/2021   CHF     58.900
Landesbank Hesse5.900     8/25/2023   EUR     62.540
Landesbank Hesse4.000     06/08/2022  EUR     47.830
DekaBank Deutsch2.300     11/12/2021  EUR     60.980
Landesbank Baden3.250     12/23/2022  EUR     64.630
Landesbank Baden2.650     12/23/2022  EUR     71.230
EFG Internationa6.500     10/25/2021  CHF     72.260
EFG Internationa7.000     10/25/2021  EUR     69.280
UniCredit Bank A4.350     10/26/2021  EUR     52.280
Bayerische Lande2.500     12/03/2021  EUR     60.070
Landesbank Baden3.800     1/28/2022   EUR     51.560
DekaBank Deutsch3.100     12/03/2021  EUR     46.780
Leonteq Securiti4.750     11/01/2021  CHF     15.860
Landesbank Hesse4.000     11/10/2021  EUR     37.350
Landesbank Hesse5.450     11/17/2022  EUR     64.630
UniCredit Bank A4.350     11/21/2021  EUR     58.290
Leonteq Securiti7.200     10/27/2021  CHF     59.990
Leonteq Securiti6.200     10/18/2021  CHF     71.160
Leonteq Securiti7.000     10/19/2021  CHF     70.850
Nordea Bank Abp 4.100     7/20/2023   SEK     51.630
Landesbank Hesse6.500     05/11/2023  EUR     66.470
Landesbank Hesse3.500     05/11/2022  EUR     56.280
SG Issuer SA    8.700     1/20/2025   SEK     67.700
Raiffeisen Schwe4.700     10/20/2021  CHF     72.160
UniCredit Bank A7.000     3/29/2022   EUR     62.550
Raiffeisen Switz4.800     11/23/2023  CHF     47.920
UniCredit Bank A4.450     12/29/2022  EUR     37.380
UniCredit Bank A4.700     12/19/2021  EUR     33.680
SG Issuer SA    7.500     1/20/2025   SEK     64.310
Landesbank Hesse3.500     01/05/2022  EUR     56.190
Landesbank Hesse4.000     01/05/2022  EUR     35.180
UniCredit Bank A3.800     12/29/2022  EUR     72.850
Landesbank Hesse3.500     01/05/2022  EUR     53.520
Landesbank Hesse5.400     04/05/2023  EUR     46.040
Landesbank Hesse7.800     12/15/2022  EUR     57.810
Landesbank Baden2.750     3/25/2022   EUR     60.730
Landesbank Baden2.500     3/25/2022   EUR     70.050
Landesbank Baden3.400     1/27/2023   EUR     63.900
Landesbank Baden3.400     11/25/2022  EUR     59.540
Landesbank Hesse4.000     12/21/2022  EUR     69.280
Landesbank Baden3.250     8/27/2021   EUR     52.890
Landesbank Hesse4.000     10/12/2022  EUR     62.750
DekaBank Deutsch2.500     10/24/2023  EUR     64.080
Landesbank Hesse6.000     9/21/2023   EUR     48.590
DekaBank Deutsch2.300     9/24/2021   EUR     52.930
Leonteq Securiti6.000     9/14/2021   CHF     65.900
Landesbank Baden3.000     12/23/2022  EUR     60.080
Center-Invest Co6.000     03/03/2022  RUB     65.200
UniCredit Bank A3.850     10/05/2023  EUR     74.530
Landesbank Hesse6.700     5/17/2022   EUR     52.730
Landesbank Hesse4.350     2/24/2023   EUR     59.310
Landesbank Hesse5.100     2/17/2023   EUR     40.720
UniCredit Bank A4.250     11/21/2021  EUR     35.040
UniCredit Bank A4.200     11/21/2021  EUR     60.270
Vontobel Financi11.500    9/24/2021   EUR     74.810
Vontobel Financi12.500    9/24/2021   EUR     72.940
Landesbank Baden3.500     8/26/2022   EUR     67.970
Landesbank Baden5.450     8/26/2022   EUR     61.620
Corner Banca SA 6.400     09/07/2021  CHF     75.750
Landesbank Hesse5.000     9/21/2023   EUR     57.790
Landesbank Baden3.250     11/26/2021  EUR     72.890
TransKomplektHol9.500     11/02/2028  RUB     70.000
SG Issuer SA    5.000     5/23/2024   EUR     59.670
Landesbank Baden4.000     12/27/2021  EUR     55.710
Landesbank Baden3.400     2/24/2023   EUR     66.390
Landesbank Baden3.950     8/27/2021   EUR     57.350
UniCredit Bank A5.150     01/02/2023  EUR     61.470
Leonteq Securiti10.600    7/26/2021   USD     69.870
Raiffeisen Schwe7.000     7/26/2021   AUD     68.100
UniCredit Bank A9.600     12/27/2021  EUR     70.530
Landesbank Baden3.400     2/25/2022   EUR     56.640
UBS AG/London   6.500     08/02/2021  CHF     66.250
Landesbank Baden4.750     2/25/2022   EUR     47.080
EFG Internationa6.200     08/05/2022  EUR     61.680
EFG Internationa11.500    08/02/2021  USD     37.680
Landesbank Hesse4.000     03/01/2023  EUR     57.720
Landesbank Hesse6.600     2/17/2023   EUR     66.110
Skandinaviska En8.600     7/17/2023   SEK     75.340
DekaBank Deutsch2.600     10/24/2023  EUR     64.280
Vontobel Financi11.500    9/24/2021   EUR     75.104
Landesbank Baden3.500     1/28/2022   EUR     68.180
Landesbank Baden5.700     1/28/2022   EUR     59.800
DZ Bank AG Deuts5.750     9/22/2021   EUR     72.120
Landesbank Hesse4.700     2/24/2023   EUR     53.400
Leonteq Securiti6.400     11/03/2021  CHF     49.050
UniCredit Bank A4.200     12/08/2021  EUR     34.580
DekaBank Deutsch2.750     3/18/2022   EUR     72.580
Landesbank Baden2.100     7/28/2023   EUR     72.040
UniCredit Bank A5.450     3/15/2022   EUR     47.700
UniCredit Bank A5.050     01/11/2022  EUR     53.480
UBS AG/London   6.250     7/26/2021   CHF     70.750
UniCredit Bank A8.900     12/27/2021  EUR     72.680
Zurcher Kantonal9.000     7/30/2021   EUR     71.120
UBS AG/London   13.750    7/26/2021   USD     66.950
DekaBank Deutsch3.450     8/13/2021   EUR     76.450
UBS AG/London   7.000     7/26/2021   EUR     51.750
EFG Internationa10.000    7/26/2021   EUR     42.820
Raiffeisen Switz5.500     7/26/2021   EUR     50.160
EFG Internationa11.500    08/02/2021  USD     41.490
BNP Paribas Emis23.000    12/23/2021  EUR     9.660
Landesbank Baden3.150     6/24/2022   EUR     67.850
Landesbank Baden4.850     6/24/2022   EUR     60.630
Leonteq Securiti8.000     08/05/2021  CHF     56.660
UniCredit Bank A5.350     2/27/2023   EUR     56.070
BNP Paribas Issu18.000    8/13/2029   EUR     68.390
EFG Internationa12.750    1/31/2022   USD     66.700
UniCredit Bank A5.000     2/22/2022   EUR     68.720
Landesbank Baden3.700     9/24/2021   EUR     59.010
Landesbank Hesse4.000     04/12/2023  EUR     58.950
Leonteq Securiti7.200     09/08/2021  CHF     54.480
DekaBank Deutsch3.300     04/08/2022  EUR     49.790
Leonteq Securiti4.000     03/08/2022  EUR     57.870
SG Issuer SA    1.400     03/07/2033  EUR     30.800
UniCredit Bank A17.000    11/15/2021  NOK     69.780
DZ Bank AG Deuts9.000     2/23/2022   EUR     63.720
Leonteq Securiti4.000     4/19/2022   EUR     62.680
Leonteq Securiti12.000    02/09/2022  CHF     62.960
Vontobel Financi17.500    12/24/2021  EUR     75.104
Vontobel Financi19.000    12/24/2021  EUR     75.722
Vontobel Financi15.500    12/24/2021  EUR     59.740
Vontobel Financi14.500    12/24/2021  EUR     60.360
Vontobel Financi20.000    12/24/2021  EUR     56.930
Vontobel Financi17.500    12/24/2021  EUR     58.600
Vontobel Financi19.000    12/24/2021  EUR     57.390
Vontobel Financi18.000    12/24/2021  EUR     57.880
Landesbank Baden2.300     6/24/2022   EUR     55.890
Landesbank Baden4.050     8/26/2022   EUR     68.790
Landesbank Baden4.700     4/25/2022   EUR     69.020
UniCredit Bank A7.500     12/24/2021  EUR     73.370
UniCredit Bank A8.900     12/24/2021  EUR     65.890
UniCredit Bank A7.700     12/24/2021  EUR     70.210
UniCredit Bank A10.200    12/24/2021  EUR     61.020
UniCredit Bank A7.100     12/24/2021  EUR     72.790
UniCredit Bank A6.600     12/24/2021  EUR     76.890
UniCredit Bank A6.900     12/24/2021  EUR     73.180
EFG Internationa6.130     6/20/2024   EUR     2.990
Leonteq Securiti17.000    11/10/2021  CHF     72.740
UniCredit Bank A8.600     12/24/2021  EUR     67.960
UniCredit Bank A11.400    12/24/2021  EUR     67.960
UniCredit Bank A5.800     12/24/2021  EUR     74.330
UniCredit Bank A9.400     12/24/2021  EUR     71.380
UniCredit Bank A10.200    12/24/2021  EUR     44.170
UniCredit Bank A8.500     12/24/2021  EUR     48.150
UniCredit Bank A7.300     12/24/2021  EUR     69.740
UniCredit Bank A6.900     12/24/2021  EUR     70.600
UniCredit Bank A7.700     12/24/2021  EUR     50.600
UniCredit Bank A6.000     12/24/2021  EUR     56.610
UniCredit Bank A9.100     12/24/2021  EUR     64.060
UniCredit Bank A6.900     12/24/2021  EUR     71.440
UniCredit Bank A7.900     12/24/2021  EUR     70.280
UniCredit Bank A8.000     12/24/2021  EUR     67.520
UniCredit Bank A8.300     12/24/2021  EUR     67.890
UniCredit Bank A9.600     12/24/2021  EUR     64.000
Zurcher Kantonal8.000     2/23/2022   CHF     73.910
Landesbank Hesse4.400     12/22/2022  EUR     51.490
UniCredit Bank A4.300     8/24/2021   EUR     48.210
UniCredit Bank A3.500     9/19/2021   EUR     31.790
Landesbank Hesse5.000     9/29/2022   EUR     62.580
Landesbank Baden4.500     8/27/2021   EUR     71.970
Landesbank Baden2.750     8/27/2021   EUR     60.240
Landesbank Baden3.000     10/25/2024  EUR     68.340
DZ Bank AG Deuts14.600    9/24/2021   EUR     51.450
UniCredit Bank A3.850     9/19/2021   EUR     65.680
EFG Internationa9.800     9/21/2021   EUR     52.200
UniCredit Bank A4.300     12/19/2021  EUR     58.080
Landesbank Hesse4.400     01/05/2023  EUR     45.190
EFG Internationa7.000     5/23/2022   EUR     38.590
DekaBank Deutsch1.000     11/02/2021  EUR     56.230
Landesbank Baden2.550     12/27/2021  EUR     56.230
Landesbank Baden2.500     12/27/2021  EUR     52.250
DekaBank Deutsch6.300     10/01/2021  EUR     51.190
Landesbank Baden2.500     6/24/2022   EUR     63.030
UniCredit Bank A4.300     10/18/2021  EUR     39.060
UniCredit Bank A3.800     10/24/2021  EUR     59.810
DZ Bank AG Deuts12.800    9/24/2021   EUR     74.860
Landesbank Baden3.500     8/27/2021   EUR     58.230
Landesbank Baden4.800     2/25/2022   EUR     46.630
Landesbank Hesse6.150     03/11/2025  EUR     56.460
Landesbank Baden7.050     4/25/2022   EUR     64.530
Landesbank Baden2.700     4/25/2022   EUR     74.570
Erste Group Bank5.550     8/30/2022   EUR     50.300
Vontobel Financi14.000    9/24/2021   EUR     68.790
Landesbank Baden5.550     1/28/2022   EUR     65.910
Goldman Sachs & 18.000    9/22/2021   EUR     63.570
Landesbank Hesse3.000     10/20/2022  EUR     65.690
UniCredit Bank A3.200     09/10/2022  EUR     55.090
Landesbank Baden2.600     9/24/2021   EUR     60.930
Citigroup Global8.050     1/24/2023   EUR     62.920
Landesbank Hesse6.500     2/16/2023   EUR     67.840
Societe Generale4.500     12/29/2022  USD     8.840
Landesbank Baden6.250     8/27/2021   EUR     64.840
Landesbank Baden9.000     8/27/2021   EUR     58.320
UniCredit Bank A4.450     09/11/2023  EUR     60.020
Danske Bank A/S 5.300     7/15/2023   SEK     43.410
UniCredit Bank A4.130     2/13/2022   EUR     70.030
Societe Generale4.500     12/29/2022  USD     0.040
Societe Generale4.500     12/30/2024  USD     77.490
UniCredit Bank A3.500     2/13/2023   EUR     44.240
Vontobel Financi8.500     12/24/2021  EUR     54.160
Finca Uco Cjsc  6.000     2/25/2022   USD     25.612
Leonteq Securiti7.200     9/22/2021   CHF     47.410
Vontobel Financi12.500    12/24/2021  EUR     61.710
Vontobel Financi13.500    12/24/2021  EUR     61.020
Vontobel Financi16.500    12/24/2021  EUR     59.150
Vontobel Financi14.000    3/25/2022   EUR     60.920
Vontobel Financi12.000    3/25/2022   EUR     61.990
Vontobel Financi17.500    3/25/2022   EUR     58.980
Vontobel Financi12.000    12/24/2021  EUR     62.660
Landesbank Hesse6.000     10/06/2022  EUR     47.050
Landesbank Hesse4.000     08/09/2023  EUR     61.910
UniCredit Bank A7.100     12/24/2021  EUR     72.870
UniCredit Bank A8.000     12/24/2021  EUR     74.130
UniCredit Bank A8.100     12/24/2021  EUR     67.360
UniCredit Bank A6.600     12/24/2021  EUR     62.190
UniCredit Bank A6.400     12/24/2021  EUR     73.240
UniCredit Bank A7.900     12/24/2021  EUR     70.340
UniCredit Bank A10.500    12/24/2021  EUR     71.040
UniCredit Bank A13.700    12/24/2021  EUR     74.770
UniCredit Bank A8.100     12/24/2021  EUR     66.490
UniCredit Bank A10.300    12/24/2021  EUR     71.330
UniCredit Bank A12.300    12/24/2021  EUR     65.170
UniCredit Bank A6.800     12/24/2021  EUR     53.360
Vontobel Financi10.000    3/25/2022   EUR     65.940
Goldman Sachs & 14.000    12/22/2021  EUR     69.700
Leonteq Securiti8.000     09/01/2021  CHF     66.340
Landesbank Hesse3.500     9/29/2021   EUR     43.580
Landesbank Baden4.750     8/27/2021   EUR     72.430
Landesbank Baden3.750     8/27/2021   EUR     74.660
Landesbank Baden5.000     8/27/2021   EUR     53.990
Societe Generale1.580     9/16/2024   USD     3.880
Vontobel Financi9.500     12/24/2021  EUR     66.650
Vontobel Financi10.500    12/24/2021  EUR     65.740
Vontobel Financi11.500    3/25/2022   EUR     64.270
Goldman Sachs & 14.000    9/22/2021   EUR     69.590
Goldman Sachs & 16.000    12/22/2021  EUR     67.290
Landesbank Baden3.500     8/27/2021   EUR     57.990
UniCredit Bank A3.500     10/08/2022  EUR     48.490
Landesbank Hesse5.700     11/24/2022  EUR     60.780
Landesbank Baden2.500     1/28/2022   EUR     60.520
Goldman Sachs & 13.000    6/22/2022   EUR     73.610
Goldman Sachs & 14.000    3/23/2022   EUR     73.020
UniCredit Bank A4.400     12/10/2022  EUR     73.090
Landesbank Baden4.500     8/27/2021   EUR     66.160
Landesbank Hesse5.200     9/30/2022   EUR     43.990
Credit Suisse AG12.450    12/08/2021  USD     42.560
Credit Suisse AG11.200    12/08/2021  CHF     40.250
Societe Generale8.000     5/28/2027   USD     53.400
DZ Bank AG Deuts16.300    3/25/2022   EUR     74.230
DZ Bank AG Deuts20.200    3/25/2022   EUR     70.770
DZ Bank AG Deuts24.200    12/24/2021  EUR     67.760
DZ Bank AG Deuts10.250    3/23/2022   EUR     74.390
Landesbank Hesse5.600     02/11/2025  EUR     66.020
SG Issuer SA    2.100     2/14/2033   EUR     30.430
Vontobel Financi8.000     3/25/2022   EUR     62.280
Vontobel Financi7.500     12/24/2021  EUR     66.300
DZ Bank AG Deuts9.000     11/24/2021  EUR     69.330
BNP Paribas Emis0.170     9/23/2021   EUR     0.430
Vontobel Financi7.000     3/25/2022   EUR     63.600
Vontobel Financi8.500     12/24/2021  EUR     63.290
UniCredit Bank A5.000     04/08/2022  PLN     0.100
Vontobel Financi21.000    9/24/2021   EUR     71.090
Vontobel Financi8.000     12/24/2021  EUR     68.962
Leonteq Securiti25.000    8/26/2021   USD     6.600
Credit Suisse AG4.500     3/21/2022   USD     9.719
Leonteq Securiti24.530    4/22/2022   CHF     67.100
Leonteq Securiti15.000    4/13/2022   CHF     55.120
Vontobel Financi19.000    3/25/2022   EUR     73.200
Bank Julius Baer8.800     10/19/2021  CHF     27.636
UBS AG/London   7.500     4/19/2022   EUR     0.068
Leonteq Securiti16.000    5/25/2022   CHF     62.810
Vontobel Financi11.500    3/25/2022   EUR     73.260
Vontobel Financi16.000    3/25/2022   EUR     69.950
Vontobel Financi12.500    12/24/2021  EUR     73.510
Vontobel Financi20.000    12/24/2021  EUR     68.290
Vontobel Financi22.500    12/24/2021  EUR     66.900
Vontobel Financi13.500    3/25/2022   EUR     71.320
Vontobel Financi23.000    12/24/2021  EUR     67.078
EFG Internationa7.000     3/23/2023   USD     63.710
Vontobel Financi28.350    8/26/2021   EUR     50.069
Vontobel Financi24.500    12/24/2021  EUR     69.850
Credit Suisse AG6.100     09/08/2022  USD     10.000
Landesbank Baden5.000     6/24/2022   EUR     65.800
EFG Internationa24.000    06/07/2022  USD     69.400
Vontobel Financi24.380    12/08/2021  USD     57.427
Vontobel Financi23.950    06/03/2022  EUR     65.034
Leonteq Securiti12.000    06/08/2022  CHF     59.030
Bank Vontobel AG13.002    9/19/2022   CHF     66.600
Vontobel Financi18.000    9/24/2021   EUR     73.960
Vontobel Financi23.000    9/24/2021   EUR     69.690
Vontobel Financi8.000     9/24/2021   EUR     54.340
Vontobel Financi7.500     12/24/2021  EUR     55.990
Vontobel Financi6.500     9/24/2021   EUR     54.060
Raiffeisen Schwe17.000    9/14/2021   CHF     75.720
Landesbank Baden6.900     12/27/2021  EUR     69.770
Zuercher Kantona8.624     4/25/2022   CHF     0.096
Vontobel Financi6.500     3/25/2022   EUR     56.960
Vontobel Financi7.000     3/25/2022   EUR     57.300
Vontobel Financi10.500    3/25/2022   EUR     55.772
DZ Bank AG Deuts18.800    9/24/2021   EUR     75.110
DZ Bank AG Deuts13.100    12/24/2021  EUR     68.180
Vontobel Financi23.500    9/24/2021   EUR     75.510
Vontobel Financi17.000    12/24/2021  EUR     73.429
Vontobel Financi6.500     12/24/2021  EUR     55.560
Vontobel Financi7.000     12/24/2021  EUR     55.780
Vontobel Financi10.500    3/25/2022   EUR     73.260
Vontobel Financi15.500    12/24/2021  EUR     72.821
Leonteq Securiti22.620    12/23/2021  CHF     45.850
Leonteq Securiti24.870    6/14/2022   CHF     69.910
Credit Suisse AG7.110     8/17/2022   USD     9.730
Vontobel Financi18.650    06/09/2022  EUR     72.900
Leonteq Securiti22.340    4/14/2022   CHF     59.810
Bank Julius Baer10.200    5/30/2023   EUR     18.900
EFG Internationa18.000    4/14/2022   CHF     62.800
Zurcher Kantonal5.000     8/18/2021   CHF     56.190
Vontobel Financi12.500    9/24/2021   EUR     70.770
Vontobel Financi15.000    9/24/2021   EUR     45.782
Erste Group Bank8.000     7/31/2024   EUR     68.850
Corner Banca SA 17.200    4/26/2022   CHF     72.610
Vontobel Financi19.500    3/25/2022   EUR     69.601
Bank Julius Baer11.700    4/26/2022   CHF     70.250
Bank Julius Baer11.800    4/26/2022   EUR     70.350
UniCredit Bank A5.550     7/19/2022   EUR     73.550
Landesbank Baden4.750     8/27/2021   EUR     73.610
Landesbank Baden2.500     8/27/2021   EUR     67.330
Landesbank Baden3.750     8/27/2021   EUR     62.910
Landesbank Baden6.500     8/27/2021   EUR     70.200
Landesbank Baden6.250     8/27/2021   EUR     68.310
Landesbank Baden8.000     8/27/2021   EUR     65.690
Landesbank Baden3.500     8/27/2021   EUR     73.060
Credit Suisse AG13.000    11/26/2021  USD     64.150
Vontobel Financi10.000    3/25/2022   EUR     61.740
Vontobel Financi11.000    12/24/2021  EUR     55.922
Vontobel Financi7.500     3/25/2022   EUR     55.982
Vontobel Financi9.000     3/25/2022   EUR     61.060
Vontobel Financi10.000    12/24/2021  EUR     59.540
EFG Internationa15.000    02/03/2022  USD     68.310
UBS AG/London   19.750    02/03/2022  USD     73.200
Vontobel Financi22.500    9/24/2021   EUR     70.150
Vontobel Financi18.500    12/24/2021  EUR     71.880
Vontobel Financi20.000    9/24/2021   EUR     71.330
Vontobel Financi22.000    9/24/2021   EUR     69.460
Vontobel Financi17.000    12/24/2021  EUR     73.300
Vontobel Financi22.500    9/24/2021   EUR     74.670
DZ Bank AG Deuts20.200    9/24/2021   EUR     72.680
DZ Bank AG Deuts20.200    12/24/2021  EUR     72.610
Leonteq Securiti5.700     7/27/2022   CHF     1.110
Corner Banca SA 13.000    1/19/2022   CHF     63.440
DZ Bank AG Deuts10.250    8/25/2021   EUR     55.650
Citigroup Global8.200     3/21/2024   SEK     63.440
Vontobel Financi16.000    3/25/2022   EUR     60.040
Landesbank Hesse5.250     5/15/2025   EUR     71.680
DekaBank Deutsch2.800     05/02/2022  EUR     53.800
Landesbank Baden3.400     8/23/2024   EUR     65.670
Vontobel Financi19.500    12/24/2021  EUR     72.420
Vontobel Financi20.500    9/24/2021   EUR     72.040
Vontobel Financi17.500    12/24/2021  EUR     72.470
Luzerner Kantona25.000    03/09/2022  CHF     74.410
Vontobel Financi18.000    9/24/2021   EUR     73.350
Vontobel Financi19.000    9/24/2021   EUR     72.320
Vontobel Financi21.000    9/24/2021   EUR     70.380
Vontobel Financi23.000    9/24/2021   EUR     68.580
Vontobel Financi16.000    12/24/2021  EUR     73.950
DZ Bank AG Deuts22.000    9/24/2021   EUR     71.360
DZ Bank AG Deuts22.400    12/24/2021  EUR     70.350
DZ Bank AG Deuts21.300    9/24/2021   EUR     71.630
DZ Bank AG Deuts17.100    12/24/2021  EUR     75.210
Landesbank Baden5.600     11/26/2021  EUR     73.040
Raiffeisen Centr10.000    3/24/2023   EUR     1.000
Vontobel Financi17.000    3/25/2022   EUR     72.780
Vontobel Financi16.500    12/24/2021  EUR     72.650
Vontobel Financi11.000    12/24/2021  EUR     67.940
Vontobel Financi14.500    12/24/2021  EUR     63.110
Landesbank Baden4.000     5/27/2022   EUR     48.040
Landesbank Baden3.300     5/27/2022   EUR     56.340
Leonteq Securiti17.600    03/08/2022  USD     70.670
Landesbank Baden2.200     1/27/2023   EUR     63.620
BNP Paribas Emis25.000    9/23/2021   EUR     73.820
BNP Paribas Emis6.500     9/23/2021   EUR     70.960
BNP Paribas Emis7.000     9/23/2021   EUR     69.380
BNP Paribas Emis9.500     9/23/2021   EUR     68.160
BNP Paribas Emis11.000    12/23/2021  EUR     63.540
BNP Paribas Emis13.000    12/23/2021  EUR     64.350
BNP Paribas Emis14.000    12/23/2021  EUR     62.990
BNP Paribas Emis16.000    12/23/2021  EUR     61.070
BNP Paribas Emis15.000    12/23/2021  EUR     59.640
BNP Paribas Emis17.000    12/23/2021  EUR     60.450
BNP Paribas Emis10.000    9/23/2021   EUR     65.970
BNP Paribas Emis12.000    9/23/2021   EUR     62.790
BNP Paribas Emis14.000    9/23/2021   EUR     63.100
BNP Paribas Emis13.000    9/23/2021   EUR     61.650
BNP Paribas Emis17.000    9/23/2021   EUR     58.680
BNP Paribas Emis8.500     12/23/2021  EUR     72.070
BNP Paribas Emis9.000     12/23/2021  EUR     70.770
BNP Paribas Emis8.500     12/23/2021  EUR     69.110
BNP Paribas Emis9.500     12/23/2021  EUR     69.520
BNP Paribas Emis10.000    12/23/2021  EUR     67.620
BNP Paribas Emis9.500     12/23/2021  EUR     65.430
BNP Paribas Emis7.500     9/23/2021   EUR     71.120
BNP Paribas Emis7.500     9/23/2021   EUR     67.860
BNP Paribas Emis8.500     9/23/2021   EUR     68.010
BNP Paribas Emis11.000    12/23/2021  EUR     66.040
BNP Paribas Emis15.000    12/23/2021  EUR     61.730
BNP Paribas Emis13.000    9/23/2021   EUR     64.300
BNP Paribas Emis16.000    9/23/2021   EUR     60.270
BNP Paribas Emis18.000    9/23/2021   EUR     57.730
BNP Paribas Emis6.500     12/23/2021  EUR     71.260
BNP Paribas Emis7.000     12/23/2021  EUR     69.960
BNP Paribas Emis7.500     12/23/2021  EUR     68.710
BNP Paribas Emis8.500     9/23/2021   EUR     71.270
BNP Paribas Emis8.000     9/23/2021   EUR     69.530
BNP Paribas Emis9.000     9/23/2021   EUR     69.680
BNP Paribas Emis9.000     9/23/2021   EUR     65.810
BNP Paribas Emis12.000    12/23/2021  EUR     65.170
BNP Paribas Emis11.000    9/23/2021   EUR     63.990
BNP Paribas Emis15.000    9/23/2021   EUR     61.960
BNP Paribas Emis14.000    9/23/2021   EUR     59.960
BNP Paribas Emis19.000    9/23/2021   EUR     56.830
BNP Paribas Emis7.500     12/23/2021  EUR     71.660
BNP Paribas Emis8.000     12/23/2021  EUR     70.370
BNP Paribas Emis9.000     12/23/2021  EUR     67.220
DZ Bank AG Deuts17.800    12/24/2021  EUR     71.340
UBS AG/London   16.300    01/08/2024  EUR     42.050
BNP Paribas Issu5.450     1/14/2022   EUR     68.060
Vontobel Financi9.000     12/24/2021  EUR     73.730
Corner Banca SA 15.200    08/11/2021  CHF     4.110
Vontobel Financi21.000    12/24/2021  EUR     70.150
Landesbank Baden7.300     3/25/2022   EUR     67.470
Landesbank Baden5.150     12/27/2021  EUR     72.730
Vontobel Financi20.000    12/24/2021  EUR     75.004
Raiffeisen Switz6.800     05/06/2022  EUR     0.010
Vontobel Financi15.000    3/25/2022   EUR     66.610
Vontobel Financi21.000    12/24/2021  EUR     71.800
Vontobel Financi19.500    3/25/2022   EUR     72.820
Vontobel Financi10.000    12/24/2021  EUR     72.600
Vontobel Financi9.000     3/25/2022   EUR     71.590
Vontobel Financi7.500     3/25/2022   EUR     74.350
Vontobel Financi11.000    12/24/2021  EUR     64.670
Vontobel Financi7.000     3/25/2022   EUR     70.450
Vontobel Financi7.500     12/24/2021  EUR     70.060
Vontobel Financi14.000    3/25/2022   EUR     75.070
Vontobel Financi9.000     12/24/2021  EUR     67.810
Vontobel Financi13.000    3/25/2022   EUR     62.670
Landesbank Hesse7.000     10/20/2022  EUR     56.700
SG Issuer SA    2.100     01/06/2033  EUR     28.820
Landesbank Baden3.000     1/28/2022   EUR     71.690
Vontobel Financi12.000    12/24/2021  EUR     63.850
Vontobel Financi8.000     3/25/2022   EUR     67.640
Vontobel Financi8.000     12/24/2021  EUR     68.810
Erste Group Bank4.350     2/20/2022   EUR     44.050
Vontobel Financi8.000     9/24/2021   EUR     52.971
Vontobel Financi10.500    9/24/2021   EUR     57.320
Vontobel Financi10.500    9/24/2021   EUR     71.430
Vontobel Financi15.000    9/24/2021   EUR     64.450
Vontobel Financi17.500    9/24/2021   EUR     62.180
Vontobel Financi18.500    9/24/2021   EUR     61.090
Vontobel Financi20.500    9/24/2021   EUR     59.050
SG Issuer SA    1.400     12/28/2032  EUR     27.810
SG Issuer SA    1.500     12/30/2032  EUR     48.100
Vontobel Financi11.500    12/24/2021  EUR     71.150
Vontobel Financi14.000    12/24/2021  EUR     68.270
Vontobel Financi13.500    3/25/2022   EUR     74.740
Vontobel Financi20.000    12/24/2021  EUR     65.852
Vontobel Financi23.500    3/25/2022   EUR     74.250
Landesbank Baden5.100     11/25/2022  EUR     73.150
UBS AG/London   15.250    2/24/2022   USD     56.000
UBS AG/London   6.500     8/24/2022   CHF     74.400
Banque Cantonale10.875    11/05/2021  EUR     69.460
UBS AG/London   21.250    2/18/2022   USD     51.600
Landesbank Baden5.000     3/25/2022   EUR     70.960
Vontobel Financi9.500     9/24/2021   EUR     73.000
Vontobel Financi18.500    12/24/2021  EUR     59.500
Landesbank Baden2.300     2/25/2022   EUR     62.930
Vontobel Financi8.000     12/24/2021  EUR     54.695
Vontobel Financi11.500    9/24/2021   EUR     69.920
Vontobel Financi12.500    9/24/2021   EUR     68.480
Vontobel Financi19.500    9/24/2021   EUR     60.050
Vontobel Financi21.500    9/24/2021   EUR     58.100
Vontobel Financi9.000     12/24/2021  EUR     55.104
Landesbank Hesse5.700     6/16/2022   EUR     65.430
Landesbank Hesse4.000     6/16/2022   EUR     55.110
Vontobel Financi10.000    12/24/2021  EUR     59.540
Vontobel Financi13.000    9/24/2021   EUR     67.020
Vontobel Financi14.000    9/24/2021   EUR     65.710
Vontobel Financi16.000    9/24/2021   EUR     63.250
Landesbank Hesse5.300     9/23/2022   EUR     43.750
Vontobel Financi7.500     12/24/2021  EUR     73.910
Vontobel Financi17.000    9/24/2021   EUR     75.882
UniCredit Bank A4.500     1/18/2022   EUR     53.130
Zurcher Kantonal8.125     02/11/2022  EUR     61.530
UBS AG/London   8.750     9/27/2021   CHF     73.550
UniCredit Bank A10.300    12/24/2021  EUR     61.420
BNP Paribas Emis5.000     12/23/2021  EUR     55.740
BNP Paribas Emis7.000     3/24/2022   EUR     60.660
Leonteq Securiti10.000    12/06/2021  CHF     75.720
Zurcher Kantonal6.750     02/11/2022  CHF     72.470
Bank Julius Baer7.400     1/25/2022   EUR     73.700
Zurcher Kantonal9.750     02/11/2022  USD     62.490
UBS AG/London   5.750     8/16/2021   CHF     71.550
UBS AG/London   12.000    12/06/2021  USD     74.550
Raiffeisen Schwe7.750     1/27/2022   CHF     72.370
BNP Paribas Emis4.000     3/24/2022   EUR     71.750
BNP Paribas Emis10.000    3/24/2022   EUR     6.900
UniCredit Bank A11.300    12/24/2021  EUR     59.180
UniCredit Bank A9.300     12/24/2021  EUR     67.730
UniCredit Bank A10.100    12/24/2021  EUR     66.160
BNP Paribas Emis10.000    12/23/2021  EUR     4.350
DekaBank Deutsch2.000     02/10/2023  EUR     74.360
EFG Internationa9.700     9/26/2022   CHF     11.420
Leonteq Securiti7.750     1/17/2022   CHF     71.160
BNP Paribas Emis6.000     3/24/2022   EUR     72.060
BNP Paribas Emis6.000     9/23/2021   EUR     51.860
Zurcher Kantonal5.350     7/29/2021   CHF     54.740
Credit Suisse AG10.750    7/26/2021   USD     61.020
UBS AG/London   13.000    02/07/2022  CHF     66.800
UBS AG/London   11.000    08/05/2021  CHF     71.900
UBS AG/London   11.250    1/24/2022   CHF     71.200
Bank Julius Baer10.300    1/31/2022   USD     72.100
Leonteq Securiti12.400    08/03/2021  CHF     75.310
Raiffeisen Schwe3.200     12/18/2026  CHF     66.980
Bank ZENIT PJSC 0.100     3/27/2025   RUB     70.020
Leonteq Securiti3.900     9/21/2029   CHF     74.650
Raiffeisen Schwe3.400     3/21/2025   CHF     55.470
Raiffeisen Schwe3.000     9/21/2029   CHF     69.640
Raiffeisen Schwe2.700     9/22/2026   CHF     54.960
Leonteq Securiti3.900     12/20/2024  CHF     51.670
Leonteq Securiti4.000     12/18/2026  CHF     69.250
Leonteq Securiti3.600     9/22/2026   CHF     57.950
Pongs & Zahn AG 8.500                 EUR     0.002
UniCredit Bank A9.300     12/24/2021  EUR     50.880
UniCredit Bank A6.400     12/24/2021  EUR     64.930
UniCredit Bank A9.900     12/24/2021  EUR     62.590
UniCredit Bank A9.100     12/24/2021  EUR     57.970
UniCredit Bank A11.200    12/24/2021  EUR     36.270
UniCredit Bank A10.500    12/24/2021  EUR     72.470
UniCredit Bank A10.900    12/24/2021  EUR     60.600
UBS AG/London   6.750     5/16/2022   CHF     74.650
UniCredit Bank A9.100     12/24/2021  EUR     55.820
Landesbank Hesse6.000     03/06/2025  EUR     56.660
UniCredit Bank A9.700     12/24/2021  EUR     64.970
UniCredit Bank A11.400    12/24/2021  EUR     50.580
UniCredit Bank A12.900    12/24/2021  EUR     47.820
UniCredit Bank A7.800     12/24/2021  EUR     54.360
UniCredit Bank A8.100     12/24/2021  EUR     41.280
UniCredit Bank A8.300     12/24/2021  EUR     60.340
UniCredit Bank A6.300     12/24/2021  EUR     73.540
UniCredit Bank A7.500     12/24/2021  EUR     69.440
UniCredit Bank A6.600     12/24/2021  EUR     71.130
UniCredit Bank A9.900     12/24/2021  EUR     53.920
UniCredit Bank A9.700     12/24/2021  EUR     38.500
UniCredit Bank A10.900    12/24/2021  EUR     53.970
UniCredit Bank A7.000     12/24/2021  EUR     72.440
UBS AG/London   7.000     10/04/2021  CHF     73.800
UBS AG/London   7.250     10/04/2021  CHF     67.550
UniCredit Bank A8.200     11/26/2021  EUR     69.780
UBS AG/London   10.750    7/29/2021   CHF     68.750
Credit Suisse AG6.200     7/29/2022   CHF     75.470
Barclays Bank PL2.730     9/27/2024   EUR     65.480
Leonteq Securiti7.200     1/31/2022   CHF     74.350
Gmina Miasta San1.400     11/25/2032  PLN     0.010
Bayerische Lande3.500     1/26/2024   EUR     73.990
Raiffeisen Schwe6.600     3/23/2022   CHF     70.870
Skandinaviska En6.000     1/15/2025   SEK     75.470
Vontobel Financi9.200     1/24/2022   EUR     67.410
Raiffeisen Schwe5.300     9/20/2022   CHF     75.360
Landesbank Baden2.650     10/27/2023  EUR     74.530
Raiffeisen Schwe7.000     08/03/2021  CHF     71.800
UBS AG/London   8.000     1/24/2022   CHF     70.550
SG Issuer SA    0.850     7/29/2024   EUR     15.370
DekaBank Deutsch3.200     11/04/2022  EUR     72.790
Raiffeisen Schwe8.000     1/31/2022   CHF     75.190
Corner Banca SA 9.000     1/21/2022   CHF     74.040
Raiffeisen Schwe8.600     12/13/2021  CHF     74.480
Leonteq Securiti8.000     12/13/2022  CHF     59.780
Zurcher Kantonal4.000     02/11/2022  CHF     56.730
UniCredit Bank A5.700     12/24/2021  EUR     61.170
UniCredit Bank A8.900     12/24/2021  EUR     39.810
UniCredit Bank A9.700     12/24/2021  EUR     74.430
UniCredit Bank A10.000    12/24/2021  EUR     49.360
BNP Paribas Emis3.000     12/23/2021  EUR     71.300
Leonteq Securiti3.400     3/20/2024   CHF     43.330
UniCredit Bank A10.400    12/24/2021  EUR     52.810
UniCredit Bank A10.000    12/24/2021  EUR     49.560
UniCredit Bank A12.500    12/24/2021  EUR     45.610
BNP Paribas Emis9.000     9/23/2021   EUR     1.730
BNP Paribas Emis4.000     3/24/2022   EUR     57.080
BNP Paribas Emis7.000     12/23/2021  EUR     59.980
UniCredit Bank A7.300     12/24/2021  EUR     74.380
UniCredit Bank A8.100     12/24/2021  EUR     72.390
UniCredit Bank A9.000     12/24/2021  EUR     70.570
UniCredit Bank A14.600    12/24/2021  EUR     75.030
UniCredit Bank A8.300     12/24/2021  EUR     55.800
UniCredit Bank A10.800    12/24/2021  EUR     48.100
UniCredit Bank A11.700    12/24/2021  EUR     46.790
DekaBank Deutsch2.800     1/13/2023   EUR     75.050
DekaBank Deutsch4.000     1/14/2022   EUR     65.960
EFG Internationa7.800     1/17/2022   CHF     71.000
Leonteq Securiti11.800    12/20/2021  CHF     73.130
UBS AG/London   10.000    1/17/2022   CHF     73.700
Zurcher Kantonal6.000     1/28/2022   CHF     73.710
UBS AG/London   10.000    7/29/2021   CHF     68.700
UBS AG/London   11.750    7/29/2021   CHF     66.550
Leonteq Securiti10.000    12/23/2021  CHF     74.340
Vontobel Financi21.500    9/24/2021   EUR     71.160
Leonteq Securiti7.000     10/25/2021  EUR     75.590
DekaBank Deutsch3.250     11/25/2022  EUR     68.180
Landesbank Baden4.000     11/26/2021  EUR     68.510
Landesbank Baden5.750     11/26/2021  EUR     70.840
Landesbank Baden4.250     11/26/2021  EUR     74.540
Landesbank Baden3.000     11/26/2021  EUR     63.520
Landesbank Baden3.250     11/26/2021  EUR     73.110
Landesbank Baden4.000     11/26/2021  EUR     70.800
EFG Internationa13.400    10/31/2022  CHF     74.490
Raiffeisen Schwe4.000     11/15/2022  CHF     71.230
Zurcher Kantonal5.750     11/26/2021  CHF     73.890
UBS AG/London   8.500     11/22/2021  EUR     62.250
SG Issuer SA    0.350     11/15/2023  EUR     20.620
Bayerische Lande1.350     12/23/2022  EUR     60.570
Leonteq Securiti7.420     11/22/2021  EUR     58.430
DekaBank Deutsch3.700     12/17/2021  EUR     65.810
Landesbank Baden3.690     12/23/2022  EUR     71.050
Raiffeisen Schwe7.800     11/22/2021  CHF     57.630
Zurcher Kantonal6.000     12/06/2021  CHF     74.060
UBS AG/London   7.000     11/29/2021  EUR     59.750
Landesbank Baden2.600     1/26/2024   EUR     73.880
Bank Julius Baer8.200     10/15/2021  EUR     71.650
Vontobel Financi6.500     9/24/2021   EUR     49.640
Vontobel Financi13.000    9/24/2021   EUR     70.840
Vontobel Financi15.500    12/24/2021  EUR     67.090
Vontobel Financi13.500    12/24/2021  EUR     69.970
Vontobel Financi16.000    9/24/2021   EUR     67.050
UBS AG/London   10.000    12/27/2021  CHF     74.900
UBS AG/London   5.750     12/27/2021  CHF     73.050
EFG Internationa12.000    12/31/2021  USD     73.990
EFG Internationa13.000    12/27/2021  CHF     6.060
EFG Internationa11.120    12/27/2024  EUR     57.720
Leonteq Securiti15.180    12/27/2021  EUR     7.740
Leonteq Securiti11.000    01/03/2022  CHF     55.500
Leonteq Securiti8.600     01/07/2022  CHF     74.770
UniCredit Bank A11.100    12/24/2021  EUR     59.780
WEB Windenergie 5.250     04/08/2023  EUR     0.010
Landesbank Hesse7.700     8/20/2021   EUR     50.900
Landesbank Hesse5.750     11/21/2022  EUR     73.700
Leonteq Securiti7.500     11/08/2022  CHF     65.670
Leonteq Securiti12.000    11/08/2021  EUR     67.170
UniCredit Bank A4.200     12/06/2022  EUR     66.320
Bayerische Lande3.000     11/26/2021  EUR     69.990
UBS AG/London   8.000     11/08/2021  CHF     56.750
EFG Internationa13.000    11/08/2021  EUR     55.110
BNP Paribas Emis3.000     9/23/2021   EUR     70.170
Leonteq Securiti9.400     1/13/2022   CHF     70.860
Zurcher Kantonal7.500     7/28/2021   CHF     54.720
Landesbank Baden3.500     3/24/2023   EUR     69.660
EFG Internationa0.600     09/06/2022  EUR     75.130
Raiffeisen Centr6.000     10/07/2021  EUR     73.590
UBS AG/London   7.000     9/13/2021   CHF     67.550
UBS AG/London   7.750     9/13/2021   EUR     55.100
UBS AG/London   8.500     9/13/2021   EUR     65.300
Raiffeisen Schwe5.000     9/13/2022   CHF     74.310
Landesbank Baden2.100     10/27/2023  EUR     63.110
EFG Internationa9.000     9/20/2021   EUR     59.160
UBS AG/London   7.500     9/20/2021   CHF     54.750
UBS AG/London   8.250     9/20/2021   CHF     71.700
UBS AG/London   7.250     09/06/2021  CHF     55.850
EFG Internationa7.000     09/06/2021  EUR     75.530
Zurcher Kantonal8.000     1/14/2022   CHF     74.720
Zurcher Kantonal13.000    1/14/2022   EUR     71.930
EFG Internationa0.600     9/20/2022   EUR     70.510
Vontobel Financi14.500    9/24/2021   EUR     68.790
Vontobel Financi11.500    9/24/2021   EUR     72.010
UBS AG/London   10.000    11/15/2021  CHF     73.500
Zurcher Kantonal5.750     11/19/2021  CHF     75.040
UBS AG/London   10.500    11/15/2021  CHF     73.300
Landesbank Baden6.500     10/22/2021  EUR     67.710
DZ Bank AG Deuts16.200    9/24/2021   EUR     75.090
DZ Bank AG Deuts20.700    9/24/2021   EUR     67.860
Landesbank Baden3.900     10/22/2021  EUR     66.540
Landesbank Baden2.650     3/25/2022   EUR     71.020
Zurcher Kantonal6.300     12/16/2022  CHF     56.240
Landesbank Baden5.300     3/25/2022   EUR     62.930
Raiffeisen Schwe8.500     12/13/2021  CHF     53.270
UBS AG/London   12.000    12/20/2021  CHF     52.900
UBS AG/London   14.000    12/20/2021  CHF     62.900
UBS AG/London   7.000     12/20/2021  CHF     61.600
Leonteq Securiti7.500     12/20/2021  EUR     59.760
Bayerische Lande1.450     1/26/2024   EUR     63.700
Zurcher Kantonal10.750    1/21/2022   CHF     54.900
Landesbank Baden4.500     9/24/2021   EUR     68.760
Landesbank Baden7.250     9/24/2021   EUR     61.860
DZ Bank AG Deuts9.500     9/22/2021   EUR     59.730
UBS AG/London   7.000     08/12/2021  CHF     69.750
Vontobel Financi10.250    9/24/2021   EUR     51.126
Leonteq Securiti5.910     09/02/2021  EUR     73.440
Leonteq Securiti1.430     09/02/2021  EUR     64.420
Leonteq Securiti6.330     09/02/2021  EUR     64.870
Leonteq Securiti11.390    09/02/2021  EUR     73.960
Leonteq Securiti7.590     09/02/2021  EUR     68.390
Leonteq Securiti9.220     09/02/2021  EUR     65.140
UBS AG/London   9.000     08/12/2021  CHF     73.050
Citigroup Global6.500     2/21/2030   EUR     73.530
UniCredit Bank A6.900     12/24/2021  EUR     71.650
Leonteq Securiti4.500     09/02/2021  EUR     73.300
Leonteq Securiti7.290     09/02/2021  EUR     74.570
Leonteq Securiti8.590     09/02/2021  EUR     73.700
Leonteq Securiti2.470     09/02/2021  EUR     64.490
Leonteq Securiti3.650     09/02/2021  EUR     64.610
Zurcher Kantonal7.000     8/18/2021   CHF     60.880
BNP Paribas Emis5.000     9/23/2021   EUR     59.000
BNP Paribas Emis6.000     9/23/2021   EUR     54.920
BNP Paribas Emis6.000     12/23/2021  EUR     56.150
BNP Paribas Emis10.000    9/23/2021   EUR     1.800
BNP Paribas Emis5.000     3/24/2022   EUR     58.480
BNP Paribas Emis6.000     9/23/2021   EUR     73.650
BNP Paribas Emis5.000     12/23/2021  EUR     75.040
BNP Paribas Emis6.000     12/23/2021  EUR     73.050
Zurcher Kantonal7.000     2/21/2022   CHF     71.210
Credit Suisse AG6.100     8/15/2022   CHF     74.240
Leonteq Securiti10.000    8/17/2021   CHF     70.470
Vontobel Financi13.500    9/24/2021   EUR     68.720
UniCredit Bank A10.300    12/24/2021  EUR     64.440
UniCredit Bank A5.900     12/24/2021  EUR     75.000
Leonteq Securiti9.660     09/02/2021  EUR     73.810
Leonteq Securiti5.020     09/02/2021  EUR     64.770
Leonteq Securiti6.070     09/02/2021  EUR     71.950
Bank Julius Baer14.750    8/16/2021   EUR     0.800
Leonteq Securiti10.600    8/13/2021   CHF     57.300
Vontobel Financi10.000    9/24/2021   EUR     70.009
Araratbank OJSC 5.500     1/29/2024   USD     25.118
Vontobel Financi10.500    9/24/2021   EUR     56.350
Vontobel Financi11.500    9/24/2021   EUR     72.310
Vontobel Financi14.500    9/24/2021   EUR     68.270
Vontobel Financi16.000    9/24/2021   EUR     66.450
Vontobel Financi8.000     9/24/2021   EUR     61.980
Vontobel Financi17.000    9/24/2021   EUR     64.680
Vontobel Financi18.500    9/24/2021   EUR     63.100
Credit Suisse AG7.500     08/05/2021  CHF     74.510
Zurcher Kantonal10.200    08/06/2021  CHF     69.920
UniCredit Bank A6.600     9/13/2023   EUR     73.470
Leonteq Securiti11.200    08/04/2021  CHF     73.430
UBS AG/London   10.750    08/05/2021  CHF     71.800
UBS AG/London   10.500    10/18/2021  CHF     61.950
Zurcher Kantonal8.000     10/22/2021  EUR     62.740
Landesbank Hesse4.000     6/14/2023   EUR     69.600
Zurcher Kantonal8.000     5/16/2022   CHF     58.030
Bayerische Lande2.500     7/22/2022   EUR     67.620
UBS AG/London   12.000    08/05/2021  CHF     69.550
UBS AG/London   11.500    08/05/2021  CHF     69.550
EFG Internationa5.600     07/11/2024  EUR     25.820
Landesbank Baden3.250     7/28/2023   EUR     66.220
Societe Generale13.479    12/24/2021  EUR     66.020
UniCredit Bank A10.500    12/24/2021  EUR     66.550
UBS AG/London   7.000     9/27/2021   CHF     72.450
UBS AG/London   8.250     9/27/2021   CHF     73.400
BNP Paribas Emis5.000     9/23/2021   EUR     54.600
BNP Paribas Emis5.000     3/24/2022   EUR     52.810
Zurcher Kantonal8.000     7/30/2021   CHF     69.050
DekaBank Deutsch3.500     2/24/2023   EUR     72.280
Vontobel Financi4.000     12/14/2021  EUR     70.180
UniCredit Bank A4.900     5/22/2023   EUR     73.930
DekaBank Deutsch4.150     07/01/2022  EUR     58.040
Vontobel Financi16.500    9/24/2021   EUR     44.690
Araratbank OJSC 5.500     9/19/2023   USD     25.391
Leonteq Securiti7.000     8/16/2021   CHF     57.560
DekaBank Deutsch3.400     09/09/2022  EUR     72.140
UBS AG/London   7.000     8/23/2021   EUR     55.650
UBS AG/London   5.500     8/23/2021   CHF     68.300
Skandinaviska En4.400     7/15/2022   SEK     70.355
Leonteq Securiti6.600     10/12/2021  CHF     48.330
DekaBank Deutsch4.000     11/05/2021  EUR     65.360
Landesbank Baden4.400     9/23/2022   EUR     60.640
Otkritie Holding0.010     12/08/2027  RUB     2.010
Landesbank Baden3.600     6/23/2023   EUR     59.440
Erste Group Bank5.800     10/31/2024  EUR     69.350
DekaBank Deutsch2.400     6/17/2022   EUR     69.020
EFG Internationa16.000    10/11/2021  CHF     63.680
UBS AG/London   7.000     10/11/2021  CHF     57.150
UniCredit Bank A6.250     11/04/2021  EUR     70.600
EFG Internationa10.400    10/15/2021  EUR     61.750
Leonteq Securiti6.000     11/23/2021  CHF     55.390
Derzhava-Garant 8.500     06/12/2030  RUB     5.280
Vontobel Financi21.500    9/24/2021   EUR     69.980
Vontobel Financi19.500    9/24/2021   EUR     71.880
DZ Bank AG Deuts15.000    12/24/2021  EUR     65.710
Leonteq Securiti18.000    04/12/2022  CHF     57.620
Raiffeisen Schwe4.400     10/21/2021  CHF     66.870
Vontobel Financi10.000    11/11/2021  EUR     73.599
UBS AG/London   7.750     10/25/2021  EUR     58.100
EFG Internationa5.350     10/24/2022  USD     72.990
Landesbank Baden2.900     11/26/2021  EUR     73.330
Landesbank Baden2.000     11/26/2021  EUR     67.650
Landesbank Baden4.000     11/26/2021  EUR     60.880
DekaBank Deutsch3.700     11/25/2022  EUR     63.690
Leonteq Securiti2.290     10/29/2021  EUR     52.700
DekaBank Deutsch2.550     7/30/2021   EUR     51.570
Societe Generale10.000    8/27/2021   EUR     75.150
Societe Generale12.750    8/27/2021   EUR     64.610
Societe Generale14.750    8/27/2021   EUR     61.760
Vontobel Financi9.500     9/24/2021   EUR     54.410
Societe Generale13.750    10/22/2021  EUR     66.530
Societe Generale7.250     10/22/2021  EUR     70.460
Vontobel Financi10.000    12/24/2021  EUR     73.800
Vontobel Financi5.500     9/24/2021   EUR     51.320
Societe Generale10.750    8/27/2021   EUR     68.130
Societe Generale9.750     10/22/2021  EUR     73.420
Vontobel Financi7.500     12/24/2021  EUR     55.690
Societe Generale11.750    10/22/2021  EUR     69.660
Vontobel Financi11.500    9/24/2021   EUR     54.750
Societe Generale8.750     8/27/2021   EUR     72.520
Vontobel Financi5.500     12/24/2021  EUR     52.510
Vontobel Financi11.500    12/24/2021  EUR     68.640
Vontobel Financi5.500     3/25/2022   EUR     53.640
Societe Generale13.250    10/22/2021  EUR     59.550
Societe Generale11.250    10/22/2021  EUR     62.430
Vontobel Financi17.500    3/25/2022   EUR     67.740
Societe Generale10.500    9/24/2021   EUR     55.480
Societe Generale12.500    9/24/2021   EUR     52.690
Societe Generale8.500     9/24/2021   EUR     59.060
Vontobel Financi9.000     12/24/2021  EUR     56.320
Vontobel Financi8.000     3/25/2022   EUR     57.590
Vontobel Financi8.000     12/24/2021  EUR     55.900
Societe Generale6.500     9/24/2021   EUR     63.970
Societe Generale4.500     9/24/2021   EUR     71.310
Societe Generale10.500    9/24/2021   EUR     67.620
Vontobel Financi21.000    9/24/2021   EUR     62.512
Societe Generale14.500    9/24/2021   EUR     61.070
Societe Generale12.500    9/24/2021   EUR     64.040
Societe Generale8.500     9/24/2021   EUR     72.090
Vontobel Financi6.000     12/24/2021  EUR     48.600
Societe Generale6.500     8/27/2021   EUR     71.390
Societe Generale10.500    8/27/2021   EUR     61.450
Societe Generale14.500    8/27/2021   EUR     55.390
Societe Generale8.500     8/27/2021   EUR     65.670
Societe Generale12.500    8/27/2021   EUR     58.130
Russian Bank for8.500     12/03/2030  RUB     67.080
Lehman Brothers 8.500     07/06/2009  CHF     0.100
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Lehman Brothers 7.500     9/13/2009   CHF     0.100
Lehman Brothers 4.500     08/02/2009  USD     0.100
Lehman Brothers 4.350     08/08/2016  SGD     0.100
Lehman Brothers 6.650     8/24/2011   AUD     0.100
Lehman Brothers 7.250     10/06/2008  EUR     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 9.000     3/17/2009   GBP     0.100
Lehman Brothers 3.850     4/24/2009   USD     0.100
Lehman Brothers 4.000     4/24/2009   USD     0.100
Lehman Brothers 9.000     6/13/2009   USD     0.100
Lehman Brothers 7.375     9/20/2008   EUR     0.100
Lehman Brothers 10.500    08/09/2010  EUR     0.100
Lehman Brothers 7.000     11/28/2008  CHF     0.100
Lehman Brothers 4.500     03/06/2013  CHF     0.100
Lehman Brothers 4.600     10/11/2017  ILS     0.100
Lehman Brothers 3.500     12/20/2027  USD     0.100
Lehman Brothers 6.850     12/22/2008  EUR     0.100
MIK OAO         15.000    2/19/2020   RUB     13.875
Lehman Brothers 16.000    10/08/2008  CHF     0.100
Lehman Brothers 8.280     3/26/2009   USD     0.100
Lehman Brothers 7.600     3/26/2009   EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Dolphin Drilling4.490     8/28/2019   NOK     0.644
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 8.800     12/27/2009  EUR     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 4.000     01/04/2011  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 8.000     12/31/2010  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
AKB Peresvet ZAO0.510     6/23/2021   RUB     32.680
Lehman Brothers 9.300     12/21/2010  EUR     0.100
Lehman Brothers 2.400     6/20/2011   JPY     0.100
Lehman Brothers 1.600     6/21/2010   JPY     0.100
Lehman Brothers 6.000     5/23/2018   CZK     0.100
Lehman Brothers 4.000     5/30/2010   USD     0.100
Lehman Brothers 4.000     5/17/2010   USD     0.100
Lehman Brothers 2.250     05/12/2009  USD     0.100
Lehman Brothers 7.150     3/21/2013   USD     0.100
Lehman Brothers 3.500     6/20/2011   EUR     0.100
Lehman Brothers 5.500     6/22/2010   USD     0.100
Lehman Brothers 7.500     2/14/2010   AUD     0.100
Lehman Brothers 7.600     1/31/2013   AUD     0.100
Lehman Brothers 3.450     5/23/2013   USD     0.100
Lehman Brothers 6.450     2/20/2010   AUD     0.100
Lehman Brothers 10.000    10/22/2008  USD     0.100
Lehman Brothers 10.000    10/23/2008  USD     0.100
Lehman Brothers 4.800     11/16/2012  HKD     0.100
Lehman Brothers 5.200     11/09/2011  EUR     0.100
Lehman Brothers 14.900    11/16/2010  EUR     0.100
Irish Bank Resol6.750     11/30/2013  BGN     33.250
Lehman Brothers 13.000    2/16/2009   CHF     0.100
Lehman Brothers 6.300     12/21/2018  USD     0.100
Lehman Brothers 5.375     02/04/2014  USD     0.100
Lehman Brothers 8.000     3/21/2018   USD     0.100
AlphaNotes ETP D0.010     09/09/2029  USD     68.640
Lehman Brothers 5.500     4/23/2014   EUR     0.100
Lehman Brothers 16.000    10/28/2008  USD     0.100
Lehman Brothers 6.600     5/23/2012   AUD     0.100
Lehman Brothers 9.000     05/06/2011  CHF     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 10.000    5/22/2009   USD     0.100
Lehman Brothers 16.000    11/09/2008  USD     0.100
Lehman Brothers 8.000     3/19/2012   USD     0.100
SG Issuer SA    0.850     10/16/2024  EUR     11.980
Leonteq Securiti12.000    10/18/2021  CHF     60.100
UBS AG/London   14.250    10/25/2021  CHF     58.650
UBS AG/London   10.000    10/25/2021  CHF     58.050
Nutritek Interna8.750     12/11/2008  USD     2.089
Lehman Brothers 1.680     03/05/2015  EUR     0.100
Lehman Brothers 13.500    11/28/2008  USD     0.100
Lehman Brothers 6.750     04/05/2012  EUR     0.100
Lehman Brothers 2.480     05/12/2009  USD     0.100
Lehman Brothers 13.000    7/25/2012   EUR     0.100
SG Issuer SA    3.000     10/10/2034  ZAR     46.990
Credit Suisse AG0.500     01/08/2026  BRL     64.812
Instabank ASA   9.200                 NOK     48.825
Northland Resour4.000     10/15/2020  USD     0.271
SG Issuer SA    2.700     11/28/2034  ZAR     44.480
SG Issuer SA    3.300     9/26/2034   ZAR     49.217
Lehman Brothers 4.690     2/19/2017   EUR     0.100
Lehman Brothers 6.000     2/14/2012   EUR     0.100
Lehman Brothers 7.000     2/15/2012   EUR     0.100
Heta Asset Resol0.211     12/31/2023  EUR     1.438
Lehman Brothers 4.000     11/24/2016  EUR     0.100
Lehman Brothers 1.500     10/25/2011  EUR     0.100
Lehman Brothers 5.500     6/15/2009   CHF     0.100
Bank Otkritie Fi0.010     9/24/2025   RUB     72.470
Lehman Brothers 7.585     11/22/2009  MXN     0.100
Lehman Brothers 6.000     9/20/2011   EUR     0.100
Lehman Brothers 3.400     9/21/2009   HKD     0.100
Lehman Brothers 8.000     10/23/2008  USD     0.100
Grupo Isolux Cor1.000     12/30/2021  USD     0.182
Grupo Isolux Cor0.250     12/30/2018  EUR     0.182
Lehman Brothers 18.250    10/02/2008  USD     0.100
Lehman Brothers 7.000     10/22/2010  EUR     0.100
Lehman Brothers 1.500     10/12/2010  EUR     0.100
ECM Real Estate 5.000     10/09/2011  EUR     15.375
Getin Noble Bank4.250     6/28/2024   PLN     64.715
HSBC Bank PLC   0.500     6/23/2027   MXN     63.874
Lehman Brothers 3.000     8/13/2011   EUR     0.100
Lehman Brothers 2.500     8/23/2012   GBP     0.100
Lehman Brothers 4.000     10/12/2010  USD     0.100
Vontobel Financi17.500    9/24/2021   EUR     48.360
Vontobel Financi14.000    9/24/2021   EUR     51.940
Vontobel Financi13.000    9/24/2021   EUR     70.220
Vontobel Financi20.000    9/24/2021   EUR     61.620
Leonteq Securiti8.150     09/02/2021  CHF     37.710
Landesbank Baden5.050     10/22/2021  EUR     67.710
Landesbank Baden3.050     10/22/2021  EUR     74.050
Landesbank Baden2.950     10/22/2021  EUR     75.720
Corner Banca SA 8.620     8/30/2021   CHF     75.330
Landesbank Hesse7.000     4/29/2022   EUR     73.790
UBS AG/London   7.000     8/30/2021   CHF     66.550
Landesbank Baden2.350     9/23/2022   EUR     66.610
Landesbank Baden4.100     10/22/2021  EUR     70.360
Societe Generale9.250     10/22/2021  EUR     65.950
DekaBank Deutsch3.600     07/01/2022  EUR     69.820
Lehman Brothers 0.010     9/20/2011   USD     0.100
Northland Resour12.250    3/26/2016   USD     2.621
Lehman Brothers 8.050     12/20/2010  HKD     0.100
Minicentrales Do0.010     06/06/2047  EUR     67.500
Instabank ASA   7.800     02/04/2030  NOK     65.337
Lehman Brothers 7.750     2/21/2016   EUR     0.100
Promsvyazbank PJ2.500     9/29/2029   RUB     65.950
Lehman Brothers 4.100     8/23/2010   USD     0.100
Lehman Brothers 7.500     5/30/2010   AUD     0.100
Lehman Brothers 2.300     06/06/2013  USD     0.100
Lehman Brothers 4.300     06/04/2012  USD     0.100
Barclays Bank PL1.450     9/24/2038   MXN     31.418
Lehman Brothers 15.000    06/04/2009  CHF     0.100
Lehman Brothers 4.600     08/01/2013  EUR     0.100
Lehman Brothers 5.000     11/22/2012  EUR     0.100
Lehman Brothers 5.550     03/12/2015  EUR     0.100
Lehman Brothers 13.500    06/02/2009  USD     0.100
Lehman Brothers 10.442    11/22/2008  CHF     0.100
Deutsche Bank AG0.500     04/05/2038  MXN     24.715
Lehman Brothers 5.250     04/01/2023  EUR     0.100
AKB Peresvet ZAO13.250    4/25/2018   RUB     31.375
Lehman Brothers 16.800    8/21/2009   USD     0.100
Lehman Brothers 14.100    11/12/2008  USD     0.100
Lehman Brothers 13.432    01/08/2009  ILS     0.100
Lehman Brothers 0.500     07/02/2020  EUR     0.100
Lehman Brothers 3.100     06/04/2010  USD     0.100
Lehman Brothers 2.500     8/15/2012   CHF     0.100
Lehman Brothers 13.150    10/30/2008  USD     0.100
Lehman Brothers 0.500     08/01/2020  EUR     0.100
Lehman Brothers 6.000     08/07/2013  EUR     0.100
Lehman Brothers 6.250     09/05/2011  EUR     0.100
Lehman Brothers 11.750    03/01/2010  EUR     0.100
Lehman Brothers 4.000     03/10/2011  EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 6.000     3/18/2015   USD     0.100
Lehman Brothers 1.000     2/26/2010   USD     0.100
Lehman Brothers 7.550     12/29/2008  USD     0.100
Lehman Brothers 7.000     4/24/2009   USD     0.100
Lehman Brothers 16.200    5/14/2009   USD     0.100
Lehman Brothers 5.100     05/08/2017  HKD     0.100
Lehman Brothers 3.350     10/13/2016  EUR     0.100
Credito Padano B3.100                 EUR     33.866
Lehman Brothers 5.000     4/24/2017   EUR     0.100
Lehman Brothers 5.000     05/02/2022  EUR     0.100
Lehman Brothers 4.000     4/13/2011   CHF     0.100
Lehman Brothers 7.000     4/14/2009   EUR     0.100
Lehman Brothers 6.000     10/24/2008  EUR     0.100
Heta Asset Resol4.350     12/31/2023  EUR     1.438
Lehman Brothers 5.750     6/15/2009   CHF     0.100
Lehman Brothers 0.250     7/21/2014   EUR     0.100
Lehman Brothers 2.000     10/28/2010  EUR     0.100
Lehman Brothers 11.000    6/29/2009   EUR     0.100
Lehman Brothers 8.000     08/03/2009  USD     0.100
Lehman Brothers 11.000    12/19/2011  USD     0.100
Norske Skogindus7.000     12/30/2026  EUR     0.001
Lehman Brothers 3.500     10/24/2011  USD     0.100
Lehman Brothers 3.500     10/31/2011  USD     0.100
Lehman Brothers 0.250     10/19/2012  CHF     0.100
Lehman Brothers 5.200     3/19/2018   EUR     0.100
Norske Skogindus2.000     12/30/2115  EUR     0.113
Lehman Brothers 14.900    9/15/2008   EUR     0.100
Lehman Brothers 1.750     02/07/2010  EUR     0.100
Lehman Brothers 15.000    3/30/2011   EUR     0.100
Lehman Brothers 6.600     2/22/2012   EUR     0.100
Lehman Brothers 10.000    3/27/2009   USD     0.100
Lehman Brothers 5.000     10/24/2008  CHF     0.100
Lehman Brothers 7.750     1/30/2009   EUR     0.100
Sidetur Finance 10.000    4/20/2016   USD     2.082
Petromena ASA   9.750     5/24/2016   NOK     0.607
Espirito Santo F5.050     11/15/2025  EUR     0.983
Lehman Brothers 3.700     06/06/2009  EUR     0.100
Lehman Brothers 0.800     12/30/2016  EUR     0.100
AKB Peresvet ZAO13.000    10/07/2017  RUB     31.375
Lehman Brothers 10.000    2/16/2009   CHF     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 11.000    2/16/2009   CHF     0.100
Lehman Brothers 7.000     2/15/2010   CHF     0.100
Lehman Brothers 4.000     06/05/2011  USD     0.100
Lehman Brothers 1.460     2/19/2012   JPY     0.100
Lehman Brothers 11.250    12/31/2008  USD     0.100
SAir Group      2.750     7/30/2004   CHF     12.625
SAir Group      2.750     7/30/2004   CHF     12.625
Lehman Brothers 3.000     09/12/2036  JPY     0.100
Lehman Brothers 11.000    07/04/2011  USD     0.100
Lehman Brothers 12.000    07/04/2011  EUR     0.100
Lehman Brothers 5.500     07/08/2013  EUR     0.100
Landesbank Hesse0.650     10/01/2031  EUR     10.127
Lehman Brothers 11.000    07/04/2011  CHF     0.100
Lehman Brothers 0.500     06/02/2020  EUR     0.100
Lehman Brothers 7.250     07/08/2014  EUR     0.100
Lehman Brothers 3.000     9/13/2010   JPY     0.100
Lehman Brothers 9.250     6/20/2012   USD     0.100
Lehman Brothers 3.820     10/20/2009  USD     0.100
IT Holding Finan9.875     11/15/2012  EUR     0.238
Lehman Brothers 4.100     5/20/2009   USD     0.100
Lehman Brothers 2.000     5/17/2010   EUR     0.100
Ukraine Governme6.000     9/19/2029   UAH     65.610
Lehman Brothers 4.500     03/07/2015  EUR     0.100
Northland Resour15.000    7/15/2019   USD     2.621
Ukraine Governme6.000     06/12/2030  UAH     63.983
Lehman Brothers 2.300     6/27/2013   USD     0.100
City of Novosibi7.300     10/08/2026  RUB     69.700
Credit Suisse AG0.500     12/16/2025  BRL     66.175
Lehman Brothers 6.720     12/29/2008  EUR     0.100
Lehman Brothers 7.625     7/22/2011   HKD     0.100
Lehman Brothers 12.000    7/13/2037   JPY     0.100
Lehman Brothers 7.060     12/29/2008  EUR     0.100
Heta Asset Resol5.730     12/31/2023  EUR     1.438
Lehman Brothers 6.000     6/21/2011   EUR     0.100
Lehman Brothers 6.600     02/09/2009  EUR     0.100
Lehman Brothers 2.000     6/21/2011   EUR     0.100
WPE Internationa10.375    9/30/2020   USD     5.000
BLT Finance BV  12.000    02/10/2015  USD     10.500
Lehman Brothers 4.870     10/08/2013  USD     0.100
Lehman Brothers 4.000     12/02/2012  EUR     0.100
Teksid Aluminum 12.375    7/15/2011   EUR     0.122
Irish Bank Resol4.000     4/23/2018   EUR     33.250
Lehman Brothers 8.280     7/31/2013   GBP     0.100
Lehman Brothers 8.600     7/31/2013   GBP     0.100
Lehman Brothers 3.600     3/19/2018   JPY     0.100
Lehman Brothers 2.370     7/15/2013   USD     0.100
Lehman Brothers 6.000     03/04/2015  USD     0.100
Lehman Brothers 10.600    4/22/2014   MXN     0.100
Lehman Brothers 1.000     05/09/2012  EUR     0.100
Lehman Brothers 23.300    9/16/2008   USD     0.100
Lehman Brothers 3.000     06/03/2010  EUR     0.100
Lehman Brothers 12.400    06/12/2009  USD     0.100
Lehman Brothers 2.000     6/28/2011   EUR     0.100
Lehman Brothers 7.600     03/04/2010  NZD     0.100
Lehman Brothers 17.000    06/02/2009  USD     0.100
Lehman Brothers 10.000    6/17/2009   USD     0.100
Lehman Brothers 7.600     5/21/2013   USD     0.100
Lehman Brothers 6.000     3/17/2011   EUR     0.100
PSN Pm OOO      9.500     09/10/2026  RUB     21.625
Credit Agricole 0.390     12/16/2032  EUR     73.283
BNP Paribas SA  0.500     11/16/2032  MXN     28.981
Lehman Brothers 6.700     4/21/2011   USD     0.100
Lehman Brothers 4.820     12/18/2036  EUR     0.100
Lehman Brothers 13.000    12/14/2012  USD     0.100
Lehman Brothers 4.680     12/12/2045  EUR     0.100
Otkritie Holding10.000    4/20/2028   RUB     3.490
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Lehman Brothers 1.280     11/06/2010  JPY     0.100
Lehman Brothers 1.950     11/04/2013  EUR     0.100
Lehman Brothers 4.000     2/28/2010   EUR     0.100
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Lehman Brothers 8.000     12/27/2032  JPY     0.100
Lehman Brothers 1.500     02/08/2012  CHF     0.100
Heta Asset Resol0.131     12/31/2023  EUR     1.438
Lehman Brothers 8.875     1/28/2011   HKD     0.100
Cerruti Finance 6.500     7/26/2004   EUR     2.058
HSBC Bank PLC   0.500     11/25/2025  BRL     66.128
LBI ehf         8.650     05/01/2011  ISK     9.500
Heta Asset Resol5.270     12/31/2023  EUR     1.439
Lehman Brothers 7.500     7/31/2013   GBP     0.100
Lehman Brothers 7.320     7/31/2013   GBP     0.100
Heta Asset Resol4.875     12/31/2023  EUR     1.438
Minicentrales Do0.010     06/06/2047  EUR     59.375
Lehman Brothers 3.025     1/31/2015   EUR     0.100
Lehman Brothers 0.750     3/29/2012   EUR     0.100
Lehman Brothers 5.250     11/21/2009  USD     0.100
Kuntarahoitus Oy0.250     6/28/2040   CAD     40.421
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 4.500     12/30/2010  USD     0.100
Lehman Brothers 3.630     03/02/2012  EUR     0.100
Kreditanstalt fu0.250     10/06/2036  CAD     49.119
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 7.000     07/11/2010  EUR     0.100
Lehman Brothers 3.000     08/08/2017  EUR     0.100
Lehman Brothers 4.150     8/25/2020   EUR     0.100
Lehman Brothers 6.000     12/06/2016  USD     0.100
Lehman Brothers 0.129     11/02/2035  EUR     0.100
Lehman Brothers 0.500     2/16/2009   EUR     0.100
LBI ehf         2.250     2/14/2011   CHF     9.500
Lehman Brothers 4.250     3/13/2021   EUR     0.100
Lehman Brothers 8.000     4/20/2009   EUR     0.100
AKB Peresvet ZAO0.510     08/04/2034  RUB     30.120
Lehman Brothers 4.050     9/16/2008   EUR     0.100
RGS Nedvizhimost12.000    10/18/2017  RUB     0.335
Leonteq Securiti4.560     7/30/2021   USD     71.240
Leonteq Securiti3.770     7/30/2021   USD     66.900


[*] EUROPE: EU Officials Wants State-Aid Taps Retained for Now
--------------------------------------------------------------
Aoife White at Bloomberg News reports that Europe would do more
harm than good if it turns off its state-aid taps too soon in the
wake of the coronavirus pandemic, the region's top subsidy enforcer
warned.

Olivier Guersent, the head of the European Commission's competition
service, said that even firms that have weathered the storm without
needing state handouts could still be dragged down if the rules are
tightened before the crisis has abated, Bloomberg relates.

"It would be a mistake" to cut off the aid before it's clear how
well European countries are managing the spread of the virus or if
a vaccine-resistant strain emerges, Mr. Guersent, as cited by
Bloomberg, said in an interview.  "We all hoped that by this time
we would know" where it ends "but we're not out of the woods yet."

The European Union will soon decide on extending special state-aid
measures beyond a Dec. 31 deadline, which allowed more government
support than its tough rulebook would normally allow, Bloomberg
discloses.  So far governments have pledged EUR3 trillion (US$3.5
trillion) in subsidies to help economies weather the biggest
economic storm since the great depression, Bloomberg notes.

Regulators have suggested a progressive phase out to end many
support programs by June next year, Bloomberg states.  But
officials are weighing government responses before publishing the
new rules in the near future, Bloomberg relays.

According to Bloomberg, Mr. Guersent said while the EU will have to
stop emergency liquidity and solvency support at some time, it
could potentially allow governments more leeway to grant investment
aid to spur health or other innovations.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *