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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 8, 2021, Vol. 22, No. 217

                           Headlines



I R E L A N D

STRANDHILL RMBS: Moody's Hikes Rating on EUR16.6MM F Notes to Ba3


I T A L Y

SAIPEM SPA: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable


L U X E M B O U R G

AI CONVOY: Moody's Affirms 'B2' CFR Following Add-on Term Loan


R U S S I A

UZBEKNEFTEGAZ JSC: S&P Rates New Senior Unsecured Notes 'BB-'


S W E D E N

DOMETIC GROUP: Moody's Withdraws (P)Ba2 Rating on Sr. EMTN Program


T U R K E Y

HSBC BANK: Moody's Hikes LT Foreign Currency Deposit Rating to B2


U N I T E D   K I N G D O M

DOORSTEPS AT THE MILL: Director Hughes Disqualified for 11 Years
ELMIRA BRIDAL: Shuts Down Due to Covid Pandemic, Theft
ENERGEAN PLC: Fitch Assigns 'B+' LT IDR, Outlook Stable
ENERGEAN PLC: S&P Assigns 'B' Issuer Credit Rating, Outlook Pos.
FINSBURY SQUARE 2021-2: Fitch Gives B(EXP) Rating to Class X2 Debt

FINSBURY SQUARE 2021-2: S&P Assigns Prelim. 'B-' Rating on X2 Notes
GFG ALLIANCE: MPs Call for Investigation Into Owners
HOWDEN GROUP: Moody's Affirms B2 CFR, Outlook Stable
OEP BUILDING: Enters Administration Amid Pandemic
UROPA SECURITIES 2007-01B: Fitch Affirms B Rating on Cl. B2a Notes

WHITMOUNT LIMITED: Director Faces Disqualification


X X X X X X X X

[*] BOND PRICING: For the Week November 1 to November 5, 2021

                           - - - - -


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I R E L A N D
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STRANDHILL RMBS: Moody's Hikes Rating on EUR16.6MM F Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five notes in
Strandhill RMBS Designated Activity Company. The rating action
reflects the increased levels of credit enhancement for the
affected notes as well as better than expected collateral
performance. Moody's affirmed the ratings of the notes that had
sufficient credit enhancement to maintain their current rating.

EUR221.30M Class A Notes, Affirmed Aaa (sf); previously on May 18,
2020 Definitive Rating Assigned Aaa (sf)

EUR33.19M Class B Notes, Upgraded to Aaa (sf); previously on May
18, 2020 Definitive Rating Assigned Aa2 (sf)

EUR22.13M Class C Notes, Upgraded to Aa2 (sf); previously on May
18, 2020 Definitive Rating Assigned A3 (sf)

EUR16.60M Class D Notes, Upgraded to A2 (sf); previously on May
18, 2020 Definitive Rating Assigned Baa3 (sf)

EUR11.07M Class E Notes, Upgraded to Baa2 (sf); previously on May
18, 2020 Definitive Rating Assigned Ba2 (sf)

EUR16.60M Class F Notes, Upgraded to Ba3 (sf); previously on May
18, 2020 Definitive Rating Assigned B3 (sf)

Strandhill RMBS Designated Activity Company is a static cash
securitisation of residential, buy-to-let, agricultural, commercial
real estate, small and medium-sized enterprise (SME) and other
mortgage loans extended to borrowers in Ireland by ACC Bank plc.

RATINGS RATIONALE

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

Increase in Available Credit Enhancement

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

Credit enhancement available to classes B, C, D, E and F increased
to 41.5%, 33.4%, 27.3%, 23.2% and 17.1% from 31.0%, 25.0%, 20.5%,
17.5% and 13.0% at closing.

Revision of Key Collateral Assumptions

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

The performance of the transaction has continued to be stable since
closing. Delinquencies have decreased in the past year, with 90
days plus arrears currently standing at 2.0% of current pool
balance. Cumulative losses currently stand at 0.03% of original
pool balance, with the pool factor of 74.1%.

The collateral portfolio consists of approximately equally-sized
RMBS and SME sub-pools.

Moody's decreased the expected loss assumption for the combined
pool to 8.5% as a percentage of the original pool balance, down
from 11.4% at closing. This corresponds to the new expected loss
for the combined pool of 11.4% as a percentage of current pool
balance. The expected loss reduction was based on better than
expected collateral performance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
of 29% for the RMBS sub-pool, the PCE assumption of 51% for the SME
sub-pool and the combined pool Aaa PCE of 40%.

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

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

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

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




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I T A L Y
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SAIPEM SPA: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Saipem S.p.A. (Saipem) to Ba3 from Ba2 and its probability of
default rating to Ba3-PD from Ba2-PD. Moody's also downgraded the
backed senior unsecured MTN program rating of Saipem's guaranteed
subsidiary Saipem Finance International B.V. to (P)Ba3 from (P)Ba2
as well as the subsidiary's backed senior unsecured rating to Ba3
from Ba2. The outlook on Saipem and Saipem Finance International
B.V. has been changed to stable from negative.

RATINGS RATIONALE

The downgrade has been primarily driven by Moody's expectation that
the restoration of Saipem's credit profile comfortably in line with
a Ba2 CFR is likely to take longer than 12-18 months. Moody's now
expects that both the company's gross and net debt will further
increase in 2022, contrary to previous expectations, because
still-weak earnings are unlikely to fully cover Saipem's capital
investments and working capital needs.

Moreover, even though oil and gas prices have shown strong momentum
for the major part of 2021, there are still no clear indications of
most of Saipem's key customers meaningfully increasing their
capital spending, notwithstanding the first signs of some pick-up
in activity in drilling. As such, the uncertainties about the
timing of projects in the backlog, including the already postponed
Mozambique LNG project, for which TotalEnergies SE (A1 stable)
called force majeure in April 2021, remain. In addition, there is
execution risk with regards to the company's announced
restructuring plan aimed to reduce fixed costs and improve
operating leverage in the business.

The downgrade also reflects the meaningful weakening of Saipem's
liquidity since the start of the pandemic. Considering the weak
earnings performance year-to-date September 2021, Moody's expects
the company to breach the maintenance net leverage covenant at the
year-end 2021 test, which is included in its revolving credit
facility and essentially all bank debt. Moody's understands that
Saipem has already approached its financing partners to request a
waiver, with only positive responses so far. In that respect the
agency considers Saipem's importance to the Italian economy as well
as its shareholder structure, with its two key shareholders having
direct and indirect ties to the Government of Italy (Baa3 stable),
as supporting factors. The Ba3 CFR incorporates Moody's assumption
that the company will be able to successfully negotiate the waiver
as well as that it will proactively manage any potential issues
with regards to the covenant compliance at the following test at
the year-end 2022, should next year's EBITDA fall short of
expectations.

Moody's also expects that Saipem will undertake steps with regards
to the proactive debt maturity management, facing EUR500 million
backed senior unsecured bond maturities in April 2022 and September
2023 each, while maintaining sizeable cushion of fully unrestricted
liquidity sources. The fully unrestricted cash stood at roughly
EUR0.7 billion at the end of September 2021, one of the lowest
levels during the past decade, further supported by an access to an
undrawn EUR1.0 billion revolving facility maturing in July 2023. As
of the end of September 2021, the company also had around EUR1.3
billion tied in projects in JVs and countries with currency
restrictions, which although not immediately available for debt
repayments, can be used to fund working capital requirements at a
subsidiary level and therefore be the funding source for at least a
part of the negative free cash flow in 2022.

Despite the currently weak credit metrics, the Ba3 CFR with stable
outlook is primarily supported by Saipem's strong backlog, which
provides some revenue visibility, notwithstanding uncertainties
with regards to the timing of the projects. The backlog amounted to
a high level of around EUR22 billion as of the end of September
2021 (excluding non-consolidated entities), around EUR1 billion
higher than at the end of 2019. Since the outset of the pandemic,
Saipem has not experienced any major project cancellations and
continued to diversify its backlog outside of the traditional oil
and gas business into various infrastructure projects and renewable
projects. While the increasing diversification is credit positive,
Saipem still needs to develop a track record of operational
excellence in managing these projects, considering recent
challenges in an offshore wind project in the North Sea, with the
ability to achieve competitive returns on its capital.

ESG CONSIDERATIONS

Corporate governance considerations were among the key drivers of
this action, reflecting Saipem's weakened liquidity profile and
increased variability in results, notwithstanding Moody's
expectation that the company will focus on deleveraging once it
returns to sustained free cash flow generation.

Environmental considerations include Saipem's carbon transition
strategy centered around its commitment to reducing its greenhouse
gas emissions (scope 1 and 2) by 50% in 2035 from the 2018 baseline
while achieving scope 2 neutrality by 2025, primarily through the
ongoing shift from oil business toward businesses related to
natural gas and renewable energy.

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

Saipem's Ba3 CFR could be further downgraded if its Moody's
adjusted gross debt/EBITDA remained sustainably above 5.0x; its
Moody's adjusted FFO/debt remained sustainably below 10%; or its
liquidity further deteriorated. The agency would tolerate leverage
somewhat above 5.0x if it were balanced by excess available cash.

Conversely, Saipem's CFR could be upgraded if the company built a
track record of its Moody's adjusted FFO/debt sustainably above 15%
and its Moody's adjusted gross debt/EBITDA sustainably below 4.0x,
while maintaining strong liquidity and a track record of good
project execution.

LIST OF AFFECTED RATINGS:

Issuer: Saipem Finance International B.V.

Downgrades:

BACKED Senior Unsecured Medium-Term Note Program, Downgraded to
(P)Ba3 from (P)Ba2

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
from Ba2

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Saipem S.p.A.

Downgrades:

LT Corporate Family Rating, Downgraded to Ba3 from Ba2

  Probability of Default Rating, Downgraded to Ba3-PD from Ba2-PD

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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



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

AI CONVOY: Moody's Affirms 'B2' CFR Following Add-on Term Loan
--------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of AI Convoy
(Luxembourg) S.a.r.l. (Cobham or the company). The rating agency
has also affirmed the B1 instrument ratings of the company's senior
secured first lien term loan B due 2027 (currently $1.4 billion
equivalent outstanding and to be upsized to $1.63 billion
equivalent) and its $350 million equivalent senior secured
multi-currency revolving credit facility (RCF) due 2025. The
outlook remains stable.

The company has signed a $225 million fully fungible add-on to its
senior secured term loan B, the proceeds of which will be applied
to finance an acquisition and to repay its RCF.

The rating action reflects:

-- The strong prospects for the company's programmes which are
well aligned with changing defence priorities

-- The company's strong track record of revenue and earnings
growth and delivering cost savings since its take private in
January 2020

-- High leverage of 7.6x on a Moody's-adjusted basis as at
September 2021, expected to reduce to around 6.5x in 2022 through
earnings growth and the run rate effect of operational and margin
improvements

RATINGS RATIONALE

The B2 corporate family rating reflects: (1) the company's
portfolio of strategic programmes with entrenched positions on key
defence and commercial platforms; (2) stable to growing global
defence budgets; (3) a portfolio well positioned to benefit from
shifting US defence priorities; and (4) strong trading results and
prospects including further benefits from the full year effect of
transformation and cost saving actions.

The ratings also reflect: (1) exposure to periodic contract
renewals and disputes, fixed price contracts and cost overruns; (2)
the company's relatively limited scale and some end customer
concentration; (3) high reliance on relationships with OEMs, which
could be adversely impacted by weak execution on major programmes;
(4) an aggressive financial policy of dividend distributions and
significant pro forma earnings adjustments, leading to high
leverage of 7.6x on a Moody's-adjusted basis as at September 2021;
and (5) uncertainties over the future profile of earnings and cash
flows following disposals and given high levels of exceptional
costs and cash outflows.

LIQUIDITY

The company's liquidity is solid, with access to an RCF of $350
million which Moody's expects to be undrawn following the new
financing. The rating agency expects the company to carry a cash
balance in excess of $100 million following the drawdown of
additional term debt, and after the conclusion of disposal-related
cash flows, including the receipt of proceeds from the sale of its
Sliprings business and payment of tax due on the sale of the
Mission Systems division. Moody's expects the company to generate
positive free cash flow from 2022 onwards as the costs of its
transformation programme reduce and disposal-related costs are not
repeated. The RCF has one springing first lien net leverage
covenant, tested when drawings exceed 40% of total commitments,
under which the company is expected to retain sufficient headroom.

STRUCTURAL CONSIDERATIONS

The facilities are guaranteed by AI Convoy (Luxembourg) S.a.r.l.
and by all its material restricted subsidiaries and secured over US
assets and floating charges in the UK, France and Singapore, with
share security provided in all other jurisdictions. The second lien
loan is contractually subordinated to the first lien facilities
through the intercreditor agreement.

The B1 ratings on the senior secured first lien term loan B and RCF
are one notch above the CFR, reflecting their seniority in the
capital structure.

The Cobham group has made an accepted bid for Ultra Electronics
Holdings plc (Ultra Electronics). On completion of the acquisition
the assets and operations of Ultra Electronics and Cobham will be
held in separate entities under ring-fenced financing
arrangements.

OUTLOOK

The stable outlook reflects Moody's expectations that Cobham will
reduce Moody's-adjusted leverage below 6.5x over the next 12-18
months. The outlook assumes a more limited programme of disposals
and distributions compared to the recent past, and a reduction in
exceptional costs in tandem with the delivery of run rate savings,
leading to substantially lower adjustments to EBITDA by the end of
2022. In addition, the stable outlook assumes increasing underlying
revenues and EBITDA, driven by a solid outlook for defence
programmes, positive free cash flow, and adequate liquidity.

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

The ratings could be upgraded if Cobham's Moody's-adjusted leverage
reduces sustainably below 5x and free cash flow to debt improves
towards 10%. An upgrade would also require meaningful like-for-like
revenue and EBITDA growth, the absence of major execution
challenges on key platforms, and adequate liquidity. An upgrade
would also take into consideration the company's financial policy
in relation to dividend distributions and leverage targets.

The ratings could be downgraded if leverage is maintained
materially above 6.5x on a Moody's-adjusted basis over the next
12-18 months, or if the company generates negative free cash flow.
A downgrade could also ensue in case of material execution issues
on key platforms, if liquidity concerns arise, or if the company's
financial policy lead to metrics being sustained in excess of the
above targets including through dividends or debt-financed
acquisitions.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.

COMPANY PROFILE

Founded in 1934, Cobham designs and manufactures a wide range of
equipment, specialised systems and components primarily for
defence, commercial aerospace and space sectors. In 2020, Cobham
reported revenues of around $2.5 billion. The company is majority
owned by funds controlled by Advent International.




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R U S S I A
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UZBEKNEFTEGAZ JSC: S&P Rates New Senior Unsecured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings has assigned its 'BB-' rating to the proposed
senior unsecured notes to be issued by Uzbekistan-based
Uzbekneftegaz JSC (BB-/Stable/--).

S&P said, "Despite significant potential structural subordination
in the capital structure (about 60% of debt is issued by
subsidiary, GTL), we aligned the rating on the notes with the
long-term issuer credit rating. This is because we believe the
government may intervene in the event of a bankruptcy process,
since we assess Uzbekneftegaz as one of the most important
state-owned corporations in Uzbekistan and closely affiliated with
the government, reflecting its role as provider of gas and liquid
hydrocarbons at relatively low tariffs to the domestic economy.

"We understand that Uzbekneftegaz will use the proceeds of the
notes mainly to refinance maturing debt and finance its sizeable
capital investments program. This relates mainly to the Shurtan Gas
Chemical Complex expansion, which envisages a production increase
of up to 400,000 metric tons (mt) of polyethylene and 100,000 mt of
polypropylene, estimated to start operating in 2024, adding as much
as $200 million of EBITDA annually."




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S W E D E N
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DOMETIC GROUP: Moody's Withdraws (P)Ba2 Rating on Sr. EMTN Program
------------------------------------------------------------------
Moody's Investors Service has withdrawn the (P)Ba2 rating of
Dometic Group AB's senior unsecured EMTN program.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.
The Ba2 LT corporate family rating, Ba2-PD probability of default
rating and the Ba2 senior unsecured Euro Medium Term Notes rating
are unaffected by rating action. The outlook remains stable.

Headquartered in Solna, Sweden, Dometic is a leading global
manufacturer of various products in the areas of Food & Beverage,
Climate, Power & Control and Other Applications.




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T U R K E Y
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HSBC BANK: Moody's Hikes LT Foreign Currency Deposit Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded HSBC Bank A.S. (Turkey)'s
(HSBC Turkey) long-term foreign currency deposit rating to B2 from
B3, long-term local currency deposit rating to B1 from B3 and
standalone Baseline Credit Assessment (BCA) to caa1 from caa2. The
outlook on the long-term deposit ratings remains negative.

RATINGS RATIONALE

BASELINE CREDIT ASSESSMENT UPGRADE DRIVEN BY STRENGTHENED SOLVENCY

The upgrade of the standalone BCA to caa1 from caa2 reflects the
successful strategic refocusing of the bank in recent years, which
has led to strengthened profitability and an improved risk
profile.

Since 2015, the bank has de-risked its loan portfolio, with a
strategic refocusing on offering the products and services of the
HSBC group -- and trade finance in particular - to large and
international companies. The bank has also focused on deposits and
wealth management with affluent retail clients. This strategic
repositioning more in line with group strategy has resulted in a
considerable reduction of cost of risk (loan loss provisions over
loans). This has allowed the bank to move to an adequate 1.5%
annualised return on assets (ROA) in the first half of 2021,
against a net loss equivalent to 1.5% of assets at end-2016.
Moody's expects the cost of risk to rise from the very low level of
38 basis points of loans in June 2021, exposing the bank's modest
cost to income ratio of 58%. As a result, profitability will likely
reduce moderately at 2021 year end and in 2022, while remaining
satisfactory.

Problem loans reduced to 2.3% of gross loans at end-June 2021, from
9.2% at end-2016 and now compare favourably to the market average
in Turkey. Moody's notes however an elevated amount of Stage 2
loans (i.e. restructured loans or loans with a significant increase
of credit risk) at 27% of loans, although this is partly driven by
the parent's group conservative approach to risk management. This
level of Stage 2 loans is amongst the highest in Turkey and,
together with significant borrower concentration (top 20 borrowers
are a multiple of equity), indicates some potential for problem
loan increase over the next 18 months, albeit to still manageable
levels given the prudent coverage with loan loss reserves, at 261%
of problem loans as at June 2021.

HSBC Turkey's funding and liquidity profile remains a strength, as
the bank is largely funded by customer deposits, is not reliant on
parent funding and has ample liquidity. However, Moody's notes a
lack of funding sources diversification -- particularly over
medium-term sources in the international market - and expects a
reduction of the excess liquidity (47% of assets at end-June 2021)
more in line with peers as the loan portfolio grows over the medium
term.

The BCA however remains constrained by modest capitalisation, with
a tangible common equity equivalent to 10.4% of assets at end-June
2021. Moody's believes that ongoing local currency depreciation
(24% against the US dollar year-to-date) - given that about 65% of
loans is foreign-currency denominated - and loan growth will hinder
any significant strengthening of capitalisation through profit
retention over the short-term. Moody's also notes, however, that
the bank's corporate lending focus makes capital less sensitive to
stress compared to peers.

DEPOSIT RATING UPGRADE DRIVEN BY BCA UPGRADE AND HIGHER AFFILIATE
SUPPORT ASSUMPTIONS

The upgrade of the long-term local currency deposit ratings to B1
from B3 reflects i) the upgrade of the BCA and ii) Moody's
assumption of a very high (previously high) probability of
extraordinary support from the ultimate parent HSBC Holdings plc
(senior unsecured A3 stable), which now results in a three-notch
uplift (previously two-notch) from the BCA. According to Moody's
the higher assumption of affiliate support reflects HSBC Turkey's
enhanced strategic fit with the group, following completion of its
strategic realignment, as well as its improved performance. The
foreign currency deposit rating is however constrained by Turkey's
sovereign rating at B2.

OUTLOOK

The outlook remains negative, driven by the negative outlook on the
Turkish Sovereign rating, which primarily reflects the significant
external vulnerabilities of the country.

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

Moody's could stabilise the outlook following a stabilisation of
Turkey's sovereign rating outlook. The rating agency could also
upgrade HSBC Turkey's standalone BCA following an improvement in
the operating environment in Turkey, leading to further improvement
in financial fundamentals.

Conversely, Moody's could downgrade the bank's BCA given further
deterioration in Turkey's operating environment or a decline in
capital ratios. Moody's could also downgrade HSBC Turkey's deposit
ratings if it believed that the bank was becoming less strategic
for the group.

LIST OF AFFECTED RATINGS

Issuer: HSBC Bank A.S. (Turkey)

Upgrades:

Long-term Counterparty Risk Rating (Local Currency), upgraded to
Ba3 from B2

NSR Long-term Counterparty Risk Rating (Local Currency), upgraded
to Aaa.tr from A2.tr

Long-term Bank Deposits (Foreign Currency), upgraded to B2 from
B3, outlook remains Negative

Long-term Bank Deposits (Local Currency), upgraded to B1 from B3,
outlook remains Negative

NSR Long-term Bank Deposits (Local Currency), upgraded to Aa2.tr
from Baa2.tr

NSR Short-term Bank Deposits (Local Currency), upgraded to TR-1
from TR-3

Long-term Counterparty Risk Assessment, upgraded to Ba3(cr) from
B2(cr)

Baseline Credit Assessment, upgraded to caa1 from caa2

Adjusted Baseline Credit Assessment, upgraded to b1 from b3

Affirmations:

Long-term Counterparty Risk Rating (Foreign Currency), affirmed
B2

Short-term Counterparty Risk Ratings (Local and Foreign Currency),
affirmed NP

NSR Short-term Counterparty Risk Rating (Local Currency), affirmed
TR-1

Short-term Bank Deposits (Local and Foreign Currency), affirmed
NP

Short-term Counterparty Risk Assessment, affirmed NP(cr)

Outlook Action:

Outlook remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




===========================
U N I T E D   K I N G D O M
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DOORSTEPS AT THE MILL: Director Hughes Disqualified for 11 Years
----------------------------------------------------------------
The Department for the Economy on Oct. 26 disclosed that Conor
Hughes (56) of Brackenhill Square, Belfast, was disqualified for
eleven years on September 30, 2021, in the High Court, Belfast in
respect of his conduct as a director of Doorsteps at the City Ltd
-- In liquidation, Doorsteps at the Mill Ltd -- In Liquidation,
Doorsteps Gourmet Sandwich Co Ltd -- In Liquidation & Jazcon
Dunmurry Ltd -- In Liquidation ("the Companies").

The Companies operated as take away food shops and mobile food
stands, and went into liquidation on September 22, 2016, with an
estimated deficiency as regards creditors of GBP688,181.  There was
a total of GBP4 owing as Share Capital, resulting in an estimated
deficiency as regards members of GBP688,185.

The matters of unfit conduct alleged by the Department in relation
to Conor Hughes in respect of his conduct as a director of the
Company and accepted by the Court were:

   -- Breaching Article 4 of the Company Directors
      Disqualification (Northern Ireland) Order 2002 by becoming
      involved in the management of each of the companies;

   -- Neglecting the Companies tax affairs and retaining monies
      payable to the Crown;

   -- Failing to maintain and/or preserve and/or deliver up
adequate
      accounting records; and

   -- Failing to fully cooperate with the Official Receiver.

The Department has accepted 19 Disqualification Undertakings and
the Court has made 4 Disqualification Orders in the financial year
commencing April 1, 2021.


ELMIRA BRIDAL: Shuts Down Due to Covid Pandemic, Theft
------------------------------------------------------
Jenni Horn at Kent Online reports that Elmira Bridal, a wedding
dress shop, closed down.

Elmira Bridal in Strood shut its doors after being hit by Covid and
a theft when a gang took dresses worth GBP9,000, Kent Online
relates.

According to Kent Online, the owner says before the business went
into liquidation last month, she contacted customers with
outstanding orders but many have been left worrying if they had
lost their deposit and would ever get the dresses they ordered.

The shop was closing and orders had been passed on to suppliers Dom
Bridals, Kent Online discloses.

Dom Bridals has been taken over by bridal house Romantica of Devon.
Romantica is now working with another shop, Alta Costura Bride in
Maidstone, so all 15 brides with outstanding orders will get their
dresses, Kent Online notes.

But customers will have to pay the full amount to get their gowns
and claim back their deposits from their credit or debit card
companies, Kent Online states.


ENERGEAN PLC: Fitch Assigns 'B+' LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned a 'B+' Long-Term Issuer Default Rating
(IDR) to Energean plc with a Stable Outlook, and an expected senior
secured rating of 'B+(EXP)' with a Recovery Rating of 'RR4' to the
proposed senior secured notes.

Energean's 'B+' Long-Term IDR reflects the company's strong
gas-weighted growth prospects in Israel supported by long-term
sales contracts providing a clear path to near-term consolidated
production of over 100 thousand barrels of oil equivalent per day
(kboe/d) by 2023 and over 200kboe/d by 2024 under Fitch's
assumptions, some additional growth potential in existing producing
assets, reserve life of over 20 years on a 2P basis, as well as
forecast moderate leverage once Israeli assets come online. A large
share of contracted sales under long-term take-or-pay agreements
will provide more visibility to the company's cash flows compared
to other oil and gas producers.

These factors are partially offset by Energean's complex group
structure with large project finance debt at its 100% opco Energean
Israel Limited (EISL), exposure to potential completion delays
related to the Karish North and to a lesser extent Karish, high
production costs at producing assets and exposure to operations in
Egypt.

Assignment of final ratings is contingent on the receipt of final
documentation conforming to the terms and conditions outlined in
documentation already received.

KEY RATING DRIVERS

Growing Mediterranean-Focused Producer: Following the acquisition
of upstream assets from Edison E&P in December 2020, Energean has a
run-rate working interest production base of around 40-45kboe/d.
Current producing assets are primarily located in Egypt, providing
around 70% of volumes, and Italy, providing around 24% of volumes.
Energean operates the majority of its portfolio, and maintains a
gas-to-oil production ratio of over 70% from its producing assets.

Growth Prospects in Israel: Energean is the sole indirect owner and
operator of the Karish, Karish North, and Tanin gas developments
off-shore Israel. The Israeli assets are the key value-driver for
Energean, contributing around 75% of current 2P reserves and
run-rate production of around 150kboe/d, bringing consolidated
production to around 200kboe/d by 2024 under Fitch's assumptions.
The aforementioned assets are low-cost, with favourable unit
economics and a primarily gas-weighted production mix which will
benefit from a constructive natural gas demand backdrop in Israel
as well as long-term, primarily take-or-pay sales contracts.

Completion Risk Manageable at Karish: Despite around one year of
anticipated delays to Karish first gas due to COVID-19, Fitch views
completion risk to be manageable, considering the 91.6% YTD
completion level of the project with construction and delivery of
the floating production, storage, and offloading (FPSO) vessel
being the key outstanding milestone. Fitch understands that
pandemic-related restrictions are easing in key jurisdictions and
construction is progressing in-line with the currently contemplated
first gas date of mid-2022. Fitch takes further comfort from the
experienced contractor, TechnipFMC, which is mandated under a
turnkey contract with limited payment requirements until first gas
is achieved.

Nonetheless, the risk of unexpected pandemic-related restriction
measures and/or operational issues remains, which could cause
further delays in development and completion activities.

Development Risk is Key: In addition to reaching first gas at
Karish, Energean will need to successfully develop and complete
Karish North and other expansion projects over the next three
years, and its key assets will need to establish production track
records in-line with expectations, in order to realise and maintain
its expected run-rate production potential of 200kboe/d. As such,
Fitch expects the company will have to meet planned development and
completion milestones over the next years and build a track record
of production from key assets to support potential future positive
rating actions.

Consolidated Profile: Energean's planned notes to be issued will be
structurally subordinated to debt located at operating companies,
mainly consisting of the USD2.5 billion project finance notes at
EISL secured by its assets. However, Fitch analyses the group on a
consolidated basis due to cross default provisions in Energean's
proposed notes documentation. Subordination issues, either due to
characteristics of the debt instruments or the location of the debt
in the group structure are reflected in Recovery Ratings as applied
to debt instrument ratings.

Clear Path to Deleveraging: Fitch expects Energean's
Fitch-calculated funds from operations (FFO) net leverage, on a
consolidated basis including OpCo-level project finance debt, will
peak in 2022 at 11.4x under Fitch's base case commodity price
assumptions and assessment of the cash flows from the Israeli
assets based on the floor price. This is expected to decline
rapidly to 3.5x in the following year, despite lower assumed
commodity prices, due to Karish contributing a full year of cash
flow and Karish North coming online, and is expected to reach
normalised levels of 1.5x-2.0x thereafter as Israeli assets ramp up
production.

Favourable Israeli Market Dynamics: Israel is currently in the
midst of a government-mandated transition away from coal-fired
energy sources by 2025. Alongside continued population growth and
economic expansion, Fitch expects that domestic natural gas demand
will increase over the medium term, enhancing the need for gas
supplies outside of the current incumbent Leviathan field.

Contracted Cash Flows: Energean has entered into 7.2 billion cubic
metres (bcm) per year of long-term contracts with a diversified
pool of customers for gas production volumes from its Israeli
assets, which provide floor pricing at around USD4/mmbtu and on
average 75% of contracted volumes are covered by take-or-pay
clauses. The contracted nature of sales supports visibility of its
cash flows compared to other oil and gas producers.

The downside protection afforded by the contracts is positive,
however, completion delays for Karish could potentially allow
customers to terminate certain contracts prematurely. As of now,
around 0.8bcm per year of contracted capacity attributable to a
single customer is facing potential early termination. However,
contracts have so far been covered by force majeure protection
related to COVID-19, and floor prices are below levels set at
competing fields, making it less likely that customers would
exercise termination options even if they become legally
permissible.

Low Re-Contracting Risk: Fitch expects Energean would be able to
replace customers in the event of a contract termination or other
unforeseen event, given the robust market dynamics in Israel,
access to international markets, and favourable cost position of
the Karish, Karish North and Tanin projects. However, customer
replacement may prove to be a lengthy process which could expose
the company's cash flows to volatile natural gas prices at least on
a temporary basis.

High-Cost Producing Assets: Energean's existing producing assets
are high-cost and lower margin in nature, with cash costs in excess
of USD15/boe, which is high for a gas-weighted producer. Although
this will meaningfully improve in 2024 and thereafter as greenfield
projects in Egypt and Greece ramp up, Fitch expects the company's
asset value and cash flow generation will continue to be
concentrated in Israel over the long term.

DERIVATION SUMMARY

Fitch rates Energean one notch above Kosmos Energy Ltd. (B/Rating
Watch Positive) due to its higher reserve life, larger production
base including initial contributions from Karish, more stable cash
flows owing to long-term contracted sales volumes, and lower
forecast leverage. These factors are partially offset by
development and completion risk in Israel and the lack of
production track record for Israeli assets.

Fitch rates Energean two notches above Seplat Petroleum Development
Company Plc (B-/Positive), due to its larger size (including
Karish), and more favourable operating environment centred around
Israel (A+/Stable) and Egypt (B+/Stable) versus Seplat's focus on
Nigeria (B/Stable). While Seplat benefits from lower leverage it is
exposed to delays in Escravos pipeline construction which will
reduce the company's over-reliance on one particular export route
that had adversely affected business in the past.

Fitch rates Energean two notches below Neptune Energy Group Midco
Limited (BB/Stable), as Neptune's larger production base has a more
robust track record, is more diversified, and is not subject to
geopolitical risk. Neptune's liquidity is also more favourable,
with significant availability under its committed RBL. This is
offset by Neptune's higher decommissioning obligations, higher
leverage, and lower reserve life.

KEY ASSUMPTIONS

-- Oil and gas prices in-line with Fitch's base case price deck;

-- Consolidated production volumes of 41kboe/d in 2021 increasing
    to over 200kboe/d in 2024 and 2025;

-- Capex averaging around USD453 million per annum between 2021
    to 2025;

-- Karish achieving first gas in mid-2022, and Karish North
    coming online in 2023;

-- Israeli gas sold at contractual floor price of USD4/mmbtu
    through 2025;

-- EISL debt maturities repaid from internal sources;

-- Dividend payments commencing in 2024.

Fitch's Key Assumptions for Recovery Analysis:

-- Fitch's recovery analysis assumes that Energean would be
    reorganised as a going-concern in bankruptcy rather than
    liquidated.

-- The going-concern EBITDA estimate reflects Fitch's view of a
    sustainable, post-reorganisation EBITDA level upon which we
    base the enterprise valuation (EV).

-- Energean's going-concern EBITDA reflects a material drop to
    production volumes due to a material delay and/or
    underperformance at Karish/Karish North followed by moderate
    recovery in cash flow generation due to corrective actions
    including cost cutting. This yields a going-concern EBITDA of
    USD695 million.

-- A 4.5x multiple is used to calculate a post-reorganisation EV,
    reflecting Energean's good growth prospects, good quality of
    Israeli assets offset by average quality of producing assets
    and exposure to potential delays regarding the development of
    the Israeli assets.

-- The proposed Energean's notes are subordinated to EISL's
    USD2.5 billion bonds and loans at the Greek opco. The notes
    will be pari passu with the USD50 million convertible notes
    issued to Kerogen Capital.

-- After deducting 10% for administrative claims, Fitch's
    waterfall analysis generated a waterfall generated recovery
    computation (WGRC) in the 'RR4' band, indicating an expected
    'B+(EXP)' instrument rating. The WGRC output percentage on
    current metrics and assumptions was 39%.

RATING SENSITIVITIES

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

-- Realising first gas from Karish by mid-2022, and ramping up
    production in-line with expectations;

-- Maintaining FFO net leverage below 2.5x on a sustained basis;

-- Continued prudent financial management at EISL, ensuring sound
    distributable cash flow generation;

-- Continued progress with transferring 2P reserves to 1P
    reserves.

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

-- Material delays to the Karish project and/or substantial
    underperformance in production expectations;

-- Significant gas sales contract terminations at EISL;

-- FFO net leverage rising above 3.5x on a sustained basis;

-- Negative post-dividend FCF on a sustained basis, due to capex
    overruns, production delays or high dividend payments.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Good Near-term Liquidity: Energean has good near-term liquidity
owing to the lack of material maturities through 2024, USD880
million of cash and cash equivalents at 2Q21, and a primarily
operated asset base, which allows for significant flexibility
around capex. However, the company has not settled on the details
of its financial policy as of yet. While dividends will be
contractually restricted until Karish reaches first gas, Fitch does
not have visibility around the timing and extent of payouts
thereafter. Fitch forecasts the company to become free cash flow
positive in 2023 and assumes commencement of dividend payments from
2024.

ISSUER PROFILE

Energean is an international independent gas-focused oil & gas
company focused on the exploration, development and production of
gas and oil assets in the Mediterranean. It is listed on the London
Stock Exchange as well as the Tel Aviv Stock Exchange.

ESG CONSIDERATIONS

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


ENERGEAN PLC: S&P Assigns 'B' Issuer Credit Rating, Outlook Pos.
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
U.K.-registered gas-focused exploration and production company
Energean PLC and its 'B' issue rating to its proposed senior
secured notes.

The positive outlook reflects S&P's expectation that Energean will
successfully launch its Karish gas field in Israel in 2022,
supporting the credit quality of the company.

Energean is a gas-focused exploration and production company that
plans to materially increase its production in Israel. The company
owns 10 licenses in offshore blocks in Israel, of which two are
under development, Karish and Tanin. The first phase, Karish Main,
is expected to start in mid-2022, followed by Karish North in 2023,
and ultimately Tanin at a later stage. Once operational, gas fields
in Israel will transform the company, as production is expected to
grow to more than 200,000 barrels of oil equivalent per day (boepd)
in the medium term, the majority of which will be in Israel,
compared to about 38,000-42,000 boepd in 2021 (no production in
Israel). S&P said, "We typically see this level of production at
peers with higher ratings. This level of production will be similar
to that of Harbour Energy (BB/Stable; 185,000-195,000 boepd in
2021) and bigger than that of Neptune Energy (BB-/Stable,
130,000-135,000 boepd in 2021). Proved and probable (2P) reserves
in Israel of close to 730 million barrels of oil equivalent (mmboe,
total 2P reserves are about 980 mmboe) will support production in
the country for more than 10 years. Energean's expected gas
production in Israel is fully contracted at predetermined prices,
providing good visibility of revenue and reducing volatility.
Although we expect that the contracted gas price will be lower than
our long-term TTF gas price assumption, leading to lower price
realization in Israel compared to peers in Europe that sell gas at
TTF or similar benchmarks, we note that assets in Israel will have
low cost, with operating expenses below $2/boe, which is very
competitive."

S&P said, "Even though the Israeli project is structured as a
project financing, we reflect it in our rating. Given the strategic
importance of the assets in Israel, we consolidate them in our
issuer credit rating. A successful launch of the project will
transform the company's business position, adding scale and
diversity, which provides strong incentives to support it
financially, should this be required. We also note that under the
proposed senior secured notes, a default at the project finance
level will lead to an acceleration of the notes at Energean PLC,
under a certain threshold. We already reflect some of the benefits
of the expected growth in our business risk assessment. That said,
we acknowledge there are still risks related to the timely start of
the production and subsequent ramp up. We therefore expect that our
business risk assessment may improve as the company starts
operations and develops a track record of growing production. We
also include the $2.5 billion ring-fenced project finance debt in
our credit metrics. Although this leads to weak and not meaningful
credit metrics until the project starts, credit metrics will
improve in 2022 and onwards.

"We believe current operations outside Israel are small, with
significant concentration in Egypt. With expected 2021 production
at about 38,000–42,000 boepd, Energean is currently one of the
smaller oil and gas companies that we rate, by production. Its
production is lower than that of EnQuest (B-/Stable;
46,000–52,000 boepd), Northern Oil and Gas (B-/Stable;
49,500–54,250 boepd), or Seplat Petroleum (B/Stable;
48,000–50,000 boepd). Energean primarily produces gas (about 70%
of total production), driven mainly by its 100% operatorship of the
offshore gas concession Abu Qir in Egypt (B/Stable/B). The company
sells gas to the national oil company for the entire life of the
field at predetermined prices linked to Brent. Although the gas
price is usually lower than oil, resulting in lower absolute EBITDA
and profitability compared to peers with higher oil exposure, the
nature of the contracts in Egypt provides good visibility on
revenues and reduces volatility. At the same time, we view Egypt as
a high-risk country, which might introduce uncertainty around
stability of operations. We reflect that in our business risk
assessment, but this is not a limiting factor for the rating."
Given this exposure to Egypt, the rating currently cannot exceed
the transfer and convertibility assessment on Egypt, which is
currently 'B'. The launch of operations in Israel should not only
increase the scale and support deleveraging, but also reduce
exposure to Egypt, eliminating the above-mentioned rating
constraint.

Energean has substantial reserves in its non-Israeli portfolio, and
expects to grow production in the next few years. Total proved and
probable (2P) reserves outside of Israel are about 250 mmboe on a
working interest basis, resulting in a comfortable reserve life of
above 10 years--even though in some countries, Egypt in particular,
the reserve life is shorter. The company plans to grow its
production in key geographical areas over the next few years. In
Egypt it is developing the North El Amriya and North Idku
concessions with the expectation of first gas in the second half of
2022. In Greece, Energean plans to grow through development of its
Prinos and Epsilon fields (to be partly funded with debt at the
subsidiary). In Italy, the production should grow on the back of
the Cassiopea development (operated by Eni), with first gas
expected in 2024.

S&P said, "Our highly leveraged financial risk assessment reflects
weak credit metrics and expectation of negative free operating cash
flow over 2021-2022. We expect both FFO-to-debt and debt-to-EBITDA
to be weak over 2021-2022, given that we consolidate the $2.5
billion project finance at Israel, while the project does not
generate EBITDA. At the same time, high capital expenditure (capex)
to fund portfolio developments will likely result in negative free
operating cash flow (FOCF). Over time, we expect the company to
reduce leverage, given the management's target to bring net
debt-to-EBITDA below 1.5x on consolidated basis, compared to about
10x expected at the end of 2021 (including the project finance
bond, which is ring-fenced). We estimate adjusted debt of about
$3.7 billion at June 30, 2021, consisting of $2.8 billion of
financial debt and $0.9 billion of adjustments, the largest of
which is the asset retirement obligations of about $0.8 billion.
The majority of decommissioning payments will occur beyond 2030 and
until 2040. Our adjusted debt is on a gross basis, but we net off
about $266 million of cash restricted for debt service. If we
excluded the project finance debt from our adjusted debt, and
instead assumed about $600 million of gross financial debt expected
outside of Israeli group, the total adjusted debt would be about
$1.8 billion, on a gross basis. Given our expectation of adjusted
EBITDA at about $175 million-$200 million in 2021, this would
result in adjusted debt-to-EBITDA of above 9x, leading to a similar
financial risk assessment. We understand that as of Sept. 30, 2021,
group cash is around $900 million, of which about $300 million is
outside of Israel, about $200 million is restricted for debt
service in Israel, and about $400 million is in Israel. Assuming
gross financial debt outside of Israel of about $600 million, this
translates into about $300 million of net debt, taking into account
cash, which is only outside of Israel.

"The positive outlook reflects our view that we may raise the
rating on Energean in the next 12 months or so if it starts
operations at the Karish field on time and without any meaningful
cost overruns.

"We expect EBITDA of about $175 million-$200 million in 2021,
improving to $450 million-$515 million in 2022, as the Karish
project starts production."

S&P may upgrade Energean after the successful start of production
in Israel, which would boost the company's adjusted EBITDA. It
would also expect the following factors for the upgrade:

-- Clear path for deleveraging with FFO-to-debt rising above 12%;

-- Adequate liquidity assessment; and

-- Energean passing our rating above the sovereign and transfer
and convertibility tests on Egypt.

S&P may revise its outlook on Energean to stable if it saw a
significant risk of further delays at Karish, potentially
translating into weakening liquidity.


FINSBURY SQUARE 2021-2: Fitch Gives B(EXP) Rating to Class X2 Debt
------------------------------------------------------------------
Fitch Ratings has assigned Finsbury Square 2021-2 plc (FSQ2021-2)
expected ratings.

DEBT             RATING
----             ------
Finsbury Square 2021-2

A     LT AAA(EXP)sf   Expected Rating
B     LT AA-(EXP)sf   Expected Rating
C     LT A-(EXP)sf    Expected Rating
D     LT BBB-(EXP)sf  Expected Rating
E     LT BB-(EXP)sf   Expected Rating
F     LT B(EXP)sf     Expected Rating
G     LT CCC(EXP)sf   Expected Rating
X1    LT BB+(EXP)sf   Expected Rating
X2    LT B(EXP)sf     Expected Rating
X3    LT CC(EXP)sf    Expected Rating
Z     LT NR(EXP)sf    Expected Rating

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

TRANSACTION SUMMARY

FSQ2021-1 is a securitisation of owner-occupied (OO) and buy-to-let
(BTL) mortgages originated by Kensington Mortgage Company Limited
and backed by properties in the UK. The loans to be securitised are
predominantly recent originations, up to and including September
2021. The transaction features a five-year revolving period and a
pre-funding component by the first interest payment date (IPD), in
a yet to be determined amount.

KEY RATING DRIVERS

Recent and More Seasoned Prime OO and BTL Originations: The pool
comprises a mix of recent and more seasoned OO and BTL loans. The
loans were mostly originated in 2021, with about 94.2% of the pool
originated between June and September 2021. This leads to a
weighted average (WA) sustainable loan-to-value ratio of 100.1%, a
WA debt-to-income ratio of 33.2% and a Fitch calculated WA interest
coverage ratio of 93.1%. These are in line with previous Finsbury
Square transactions.

Established Specialist Lender: Kensington takes a manual approach
to underwriting, focusing on borrowers who do not necessarily
qualify on the automated scorecard models of high-street lenders.
It therefore attracts a higher proportion of first-time buyers,
self-employed borrowers and borrowers with adverse credit histories
than is typical for prime UK OO lenders.

Fitch has applied an originator adjustment of 1.20x on its prime OO
assumptions for Kensington to account for this, and the performance
of Kensington's OO book data and previous Finsbury Square
transactions. Fitch also made a 1.10x originator adjustment to the
BTL loans to account for the historical performance of Kensington's
BTL book data and previous FSQ transactions.

Moderate Pool Migration Risk: The transaction will contain a
pre-funding mechanism through which further loans (initial
additional loans) may be sold to the issuer prior to the first IPD,
via proceeds from the over-issuance of notes at closing. If these
funds, standing to the credit of the pre-funding principal ledger,
are not used to purchase these loans, any amounts in excess of the
maximum principal retained amount will be used to pay down the
class A to G notes pro rata. A five-year revolving period will be
in place until the call date (December 2026), which allows new
assets to be added to the portfolio.

Additional loan conditions have been set at limits that mitigate
any material risks of potential migration of the portfolio's credit
profile. Nevertheless, there remains potential for migration from
the inclusion of the initial additional loans and during the
revolving period toward these limits. Fitch has therefore assumed
migration in the portfolio characteristics up to the limits in the
additional loan conditions outlined in the transaction
documentation.

Self-employed Borrowers: Prime lenders assessing affordability
typically require a minimum of two years of income information and
apply a two-year average or, if income is declining, the lower
figure. Kensington's underwriting practices allow underwriters'
discretion in using the latest year's income if it is increasing.
Fitch therefore applied an increase of 30% to the foreclosure
frequency (FF) for self-employed borrowers with verified income
instead of the 20% increase typically applied under its UK RMBS
Rating Criteria to the OO sub-pool only.

RATING SENSITIVITIES

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

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

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

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing credit
    enhancement and potentially upgrades. Fitch tested an
    additional rating sensitivity scenario by applying a decrease
    in the FF of 15% and an increase in the RR of 15%. The ratings
    on the subordinated notes could be upgraded by up to three
    notches.

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.

CRITERIA VARIATION

Fitch included a customisation of ResiGlobal UK to align the
sustainable price discount (SPD) with house price growth data up to
1Q20 (only for calculating the SPD) in the analysis.

As the collateral portfolio is heavily skewed towards very recent
2021 origination (loans originated in 2021 account for 94.2%), the
latest and strong house price growth (8% in 2020, reflected in the
model version 1.3.2) exaggerates the gap between home prices
(updated to YE20 in the validated model) and gross disposable
income growth extrapolation as per criteria (for years beyond 2016,
income growth is based on 1997-2016 average, then halved). These
are the key inputs to the SPD.

While the overall framework remains adequate, for unseasoned
collateral this gap results in unwarranted HPDs compared to prior
SPD and HPD updates, as the credit views are unchanged. This is due
to the fact that there is no offsetting indexation effect for
unseasoned portfolios, an effect which is present in seasoned pools
and makes the impact of the updated house price growth assumptions
on the SPD immaterial for such pools.

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

Finsbury Square 2021-2

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

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

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

ESG CONSIDERATIONS

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


FINSBURY SQUARE 2021-2: S&P Assigns Prelim. 'B-' Rating on X2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to FSQ 2021-2's
class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, G-Dfrd, X1-Dfrd,
X2-Dfrd, and X3-Dfrd notes.

FSQ 2021-2 is a revolving RMBS transaction that securitizes a
portfolio of owner occupied and BTL mortgage loans secured on
properties in the U.K. The transaction also has a prefunding
mechanism.

The loans in the pool were originated by Kensington Mortgages
Company Ltd., a non-bank specialist lender.

The collateral comprises complex income borrowers with limited
credit impairments, and there is a high exposure to self-employed,
contractors, and first-time buyers.

The transaction will benefit from a general reserve fund, and
principal can be used to pay senior fees and interest on the notes
subject to various conditions. A further liquidity reserve can be
funded via the principal waterfall subject to certain conditions.

Credit enhancement for the rated notes will comprise subordination
from the closing date and the general reserve fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average (SONIA), and the loans, which pay
fixed-rate interest before reversion.

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

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

  Ratings List

  CLASS       PRELIM. RATING    CLASS SIZE (%)
  A             AAA (sf)          83.50
  B-Dfrd        AA (sf)            8.25
  C-Dfrd        A (sf)             3.75
  D-Dfrd        BBB (sf)           2.25
  E-Dfrd        BBB- (sf)          1.25
  F-Dfrd        BB+ (sf)           0.50
  G-Dfrd        BB (sf)            0.50
  X1-Dfrd       B- (sf)            5.50
  X2-Dfrd       B- (sf)            2.50
  X3-Dfrd       CCC (sf)           2.00
  Z             NR                 1.00
  Certificates  NR                  N/A

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


GFG ALLIANCE: MPs Call for Investigation Into Owners
----------------------------------------------------
Russell Hotten at BBC News reports that MPs have called for
investigations into the owners of Liberty Steel and boss Sanjeev
Gupta in a bid to avert another crisis in the industry.

Auditors that signed off the accounts at Liberty's parent GFG
Alliance should also face questions, MPs on the business committee
say in a report, BBC relates.

The committee highlights "red flags" and "systemic risks" that
should have alerted authorities to the problems, BBC notes.

According to BBC, MPs say the steel industry is too important to
lurch from "crisis to crisis.

Mr. Gupta's GFG Alliance, one of the UK's biggest industrial
groups, was forced into an urgent financial restructuring when its
key lender, Greensill Capital, collapsed, BBC recounts.

Greensill made money through supply chain finance -- making loans
to companies that are waiting for invoices to be paid by their
customers, BBC discloses. When the invoices were paid, the cash
would be there to pay investors back, with interest, BBC states.

But the report by the Business, Energy and Industrial Strategy
Committee says the use of such finance and the way Mr Gupta
structured his businesses was questionable, according to BBC.

MPs also questioned the suitability of a small audit firm like King
& King to handle GFG's accounts, BBC relays.

According to BBC, a spokesperson for GFG said the company "takes
note of the findings of the select committee. We will review and
reflect upon its conclusions".

However, the statement said since the committee took evidence GFG
had embarked a restructuring and refinancing that included
injecting GBP50 million to restart the Rotherham and Stockbridge
operations, BBC relates.  In addition, GFG, as cited by BBC, said
the company had drawn up a strategy to help decarbonise the steel
industry.

However, the spokesperson said GFG was "disappointed that the
report fails to recognise the significant role Sanjeev Gupta and
Liberty Steel has played in saving and safeguarding thousands of UK
jobs which otherwise would have been lost", BBC notes.


HOWDEN GROUP: Moody's Affirms B2 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Howden Group Holdings (Howden) and the probability of
default rating at B2-PD. Moody's has also affirmed the B2 ratings
on the guaranteed senior secured term loans issued by Hyperion
Refinance S.a.r.l. (Hyperion Refinance) and HIG Finance 2 Limited.
Concurrently, Moody's has assigned B2 ratings to the proposed new
GBP400 million equivalent guaranteed senior secured US dollar term
loan facility being issued by Hyperion Refinance and the GBP185
million guaranteed senior secured revolving credit facility issued
by Howden being extended to December 2026. The outlooks on all
issuers are stable.

The affirmation of the ratings follows the recent announcement of
the acquisition of Aston Lark, a UK based insurance broker. Howden
expects to fund the transaction through a combination of new debt,
payment-in kind (PIK) notes, and equity. The transaction remains
subject to regulatory approval.

RATINGS RATIONALE

— CORPORATE FAMILY RATING —

The affirmation of Howden's CFR reflects its significant recent
growth in terms of revenue and EBITDA base as well as the positive
impact of Aston Lark's acquisition on the group's business profile.
Following the transaction, the group will strengthen its presence
in the UK, establishing its position as one of the leading brokers
in its domestic market, benefiting from increased scale and
diversified product offering. At the same time, Moody's expect that
the group will continue to grow its international presence. The
group's strong diversification across clients, products and
geographies remains one of its key strengths underpinning the
rating.

As part of the Aston Lark transaction, Howden is seeking to raise
GBP460 million of US dollar equivalent debt (first and second
lien). The group is also expected to issue GBP390 million PIK
notes, through a newly created intermediate holding company to part
fund the acquisition. The first and second lien debt raise
increases the group's total gross financial debt materially to
GBP2.9 billion (excluding the PIK), from GBP2.4 billion at the time
of Align's recent acquisition.

Following the conclusion of the acquisition pro forma debt is
estimated to equal around 8x EBITDA, excluding the PIK, and
adjusted for operating lease obligations, deferred considerations,
certain non-recurring costs and run-rate earnings from
acquisitions. Further adjusting for the locked account element (a
portion of which will be used to repay some of the outstanding
deferred consideration obligations), pro forma leverage is 0.7x
lower, but is still high for the group's rating level. In addition,
Moody's believes that the use of PIK notes reflects a more
aggressive financial policy and weighs negatively on Moody's
overall assessment of Howden's financial flexibility.

Moody's also notes that the acquisition of Aston Lark, being
Howden's largest transaction to date, poses some execution and
integration risks. Howden is planning to restructure its UK
operations in an effort to reinforce one brand and create synergies
from the combined business. Considering the highly complementary
nature of the recently acquired companies in the UK – notably
Aston Lark and A-Plan – as well as the management's strong track
record in integrating businesses and retaining key teams and
employees, through employee share ownership schemes, Moody's
believes that these risks will remain moderate.

— DEBT AND PROBABILITY OF DEFAULT RATINGS —

The B2 rating assigned to the group's proposed senior secured US
dollar denominated term loan, which ranks pari passu with the
group's existing senior secured term loans and the senior secured
revolving credit facility, is in line with the B2 CFR.

This reflects the proposed largely senior secured debt structure
with limited levels of deferred consideration and other debt
obligations ranking behind the senior debt

The B2-PD PDR is in line with the CFR and reflects Moody's
assumption of a 50% recovery rate, which is standard for
covenant-lite loan structures.

— OUTLOOK —

The stable outlook reflects Moody's expectation that Howden will
steadily reduce leverage by growing its EBITDA base organically as
well as through synergies related to recently acquired businesses,
new hires and via bolt-on acquisitions. Nevertheless, if Howden's
revenue and EBITDA expansion falls short of management forecasts,
for instance due to integration challenges, or if the group further
increases its gross debt, which may result in the pace of
deleveraging being slower than previously anticipated and leverage,
adjusted for the locked account, remaining elevated -above 7x- in
the next 12-18 months, negative rating pressure may arise.
Furthermore the issuance of PIK notes is likely reduce any positive
pressure on the ratings, even following a successful deleveraging.

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

Factors that could lead to a rating upgrade include: (i) a lower
level of overall leverage, including debt-to-EBITDA ratio
consistently below 5.5x; (ii) free-cash-flow-to-debt ratio
consistently exceeding 6%; and (iii) EBITDA coverage of interest
consistently exceeding 3.0x.

Factors that could lead to a rating downgrade include: (i) an
unsuccessful execution of deleveraging plans, resulting in a
sustained rise in debt-to-EBITDA above 7.0x (excluding the future
expected PIK note issuance); (ii) failure to integrate successfully
recently acquired companies, resulting in revenues and earnings
falling short of expectations; (iii) EBITDA coverage of interest
consistently below 1.5x; and/or (iv) a material deterioration in
the group's liquidity position.

LIST OF AFFECTED RATINGS

Issuer: Howden Group Holdings

Affirmations:

Long-term Corporate Family Rating, affirmed B2

Probability of Default Rating, affirmed B2-PD

Assignment:

Backed Senior Secured Revolving Credit Facility, assigned B2

Outlook Action:

Outlook remains Stable

Issuer: HIG Finance 2 Limited

Affirmation:

Backed Senior Secured Term Loan, affirmed B2

Outlook Action:

Outlook remains Stable

Issuer: Hyperion Refinance S.a.r.l.

Affirmations:

Backed Senior Secured Term Loans, affirmed B2

Assignment:

Backed Senior Secured Term Loan, assigned B2

Outlook Action:

Outlook remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.


OEP BUILDING: Enters Administration Amid Pandemic
-------------------------------------------------
Grant Prior at Construction Enquirer reports that Lancaster-based
modular construction company OEP Building Services has gone into
administration.

According to the Enquirer, administrators from Dow Schofield Watts
are now in charge of the business which specialised in bathroom
pods.

OEP Building Services was hoping to reach a turnover of GBP18
million in 2020 but was hit hard by the pandemic and the Enquirer
understands that OEP is still in adjudication with its insurance
company over a GBP250,00 business interruption claim following a
five-week Covid shutdown, the Enquirer discloses.

OEP, the Enquirer says, has also been hit by surging materials
prices on its fixed price contracts particularly steel, timber,
adhesives, plastics and M&E components which are estimated to have
cost the business GBP600,000 this year.

The company also faced the withdrawal of a major loan facility when
its peer-to-peer lender went under and lost GBP350,000 during the
collapse of contractors including CPUK, Marcus Worthington and
Cruden, the Enquirer notes.


UROPA SECURITIES 2007-01B: Fitch Affirms B Rating on Cl. B2a Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Uropa Securities plc Series 2007-01B's
notes and removed the class M1a, M1b, M2a, B1a and B1b (and
associated swap obligations) notes from Rating Watch Positive
(RWP), as follows.

        DEBT                          RATING           PRIOR
        ----                          ------           -----
Uropa Securities plc Series 2007-01B

Class A3a XS0311807753           LT AAAsf  Affirmed    AAAsf
Class A3b XS0311808561           LT AAAsf  Affirmed    AAAsf
Class A4a XS0311809452           LT AAAsf  Affirmed    AAAsf
Class A4b XS0311809882           LT AAAsf  Affirmed    AAAsf
Class B1a XS0311815855           LT BBsf   Affirmed    BBsf
Class B1b XS0311816150           LT BBsf   Affirmed    BBsf
Class B1b cross currency swap    LT BBsf   Affirmed    BBsf
Class B2a XS0311816408           LT Bsf    Affirmed    Bsf
Class M1a XS0311810385           LT AA+sf  Affirmed    AA+sf
Class M1b XS0311811193           LT AA+sf  Affirmed    AA+sf
Class M2a XS0311813058           LT A-sf   Affirmed    A-sf

TRANSACTION SUMMARY

The transaction securitises non-conforming mortgages purchased by
ABN AMRO Bank N.V.

KEY RATING DRIVERS

Foreclosure Frequency Macroeconomic Adjustments: Fitch applied
foreclosure frequency (FF) macroeconomic adjustments to the
owner-occupied non-conforming sub-pool because of the expectation
of a temporary mortgage underperformance (see Fitch Ratings to
Apply Macroeconomic Adjustments for UK Non-Conforming RMBS to
Replace Additional Stress).

With the end of the government's repossession ban, uncertainty
remains about borrowers' performance in the UK non-conforming
sector, where many borrowers have already rolled into late arrears
over recent months. Borrowers' payment ability may also be
challenged with the end of the Coronavirus Job Retention Scheme and
Self-employed Income Support Scheme. The adjustment is 1.58x at
'Bsf'. No adjustment is applied at 'AAAsf' as Fitch deems
assumptions sufficiently remote at this level.

Off RWP, Positive Outlooks: Fitch placed the class M1a, M1b, M2a,
B1a and B1b (and associated swap obligations) notes on RWP
following the retirement of its coronavirus-related additional
stress analysis scenario on the BTL sub-pool (see 'Fitch Retires UK
and European RMBS Coronavirus Additional Stress Scenario Analysis,
except for UK Non-Conforming'). The accumulated credit enhancement
(CE) due to current sequential pay and non-amortising reserve,
coupled with the relatively stable asset performance, led to the
affirmations of the collateralised notes. The Positive Outlook on
the notes signals possible upgrades if performance continues to
stabilise and CE builds up.

Increasing CE, Stable Asset Performance: The transaction closed in
2007 and is well-seasoned. As a result, CE has built up through
note amortisation. Loans that are three month or more in arrears
increased in the last collection period to 8.7% in October 2021,
from 6.5% a year ago. Early stage arrears remain stable as the
formation of new delinquencies has remained limited. Performance
has remained overall stable, contributing to the affirmations.

Strong Liquidity and Loss Support: The transaction benefits from
sizeable liquidity and loss support. It has an undrawn liquidity
facility (LF) and a partially drawn general reserve fund (GRF),
currently 26.1% and 2.3%, respectively, of the outstanding notes'
balance. The LF and GRF can no longer amortise due to irreversible
breaches in the cumulative loss performance triggers. However, at
the October 2021 payment date, sequential repayment of the bonds
was triggered by reserve fund drawings to cover for increased
senior fees. The transaction could return to pro-rata amortisation
following the replenishment of the reserve fund to its target.

Performance Volatility Risk from Interest-only Loans: Loans
advanced on an interest-only (IO) basis make up 84.5% of the
collateral. A substantial portion of these are to owner-occupied
(OO) borrowers. The high proportion of IO loans may lead to
performance volatility as the repayment date is reached and
borrowers are required to redeem the principal balance. There is
increased potential for performance volatility due to the
concentration of loan maturity dates and the reducing number of
assets remaining. To account for this risk, Fitch has floored the
performance adjustment factor for the OO sub-pool at 100% in its
analysis.

RATING SENSITIVITIES

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

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

-- Unanticipated declines in recoveries could also result in
    lower net proceeds, which may make certain notes susceptible
    to negative rating action depending on the extent of the
    decline in recoveries. Fitch conducts sensitivity analyses by
    stressing both a transaction's base-case FF and recovery rate
    (RR) assumptions, and examining the rating implications on all
    classes of issued notes. Under this scenario, Fitch assumed a
    15% increase in the weighted average (WA) FF and a 15%
    decrease in the WARR. The results indicate a up to three-notch
    downgrade for the class B1 tranches.

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE levels
    and potential upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the FF of 15%
    and an increase in the RR of 15%. The results indicate an
    upgrade of up to two categories for the class M2 and B1 notes
    and one category for the class M1and B2 notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Uropa Securities plc Series 2007-01B

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

Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's Uropa
Securities plc Series 2007-01B initial closing. The subsequent
performance of the transaction over the years is consistent with
the agency's expectations given the operating environment and Fitch
is therefore satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.

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

ESG CONSIDERATIONS

Uropa Securities plc Series 2007-01B has an ESG Relevance Score of
'4' for Customer Welfare - Fair Messaging, Privacy & Data Security
due to pool with limited affordability checks and self-certified
income, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

Uropa Securities plc Series 2007-01B has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to a material concentration of interest only loans, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


WHITMOUNT LIMITED: Director Faces Disqualification
--------------------------------------------------
The Department for the Economy (the Department) has accepted a
disqualification undertaking from the Director of a Food and Drink
Wholesale and Distribution company.

The undertaking was received for 12 years from Caolan McArdle (33)
of Coolmillish Road, Markethill, Co Armagh in respect of his
conduct as director of Whitmount Limited.

The Company acted as a Wholesale and distributor of food and drink
trading from Unit 2, Crilly Yard, Milltown Industrial Estate,
Warrenpoint and went into Liquidation on July 21, 2017, with an
estimated deficiency as regards creditors of GBP2,583,784.  There
was a total of GBP200 owing as Share Capital, resulting in an
estimated deficiency as regards members of GBP2,583,984.

The Department accepted the disqualification undertaking from
Coalan McArdle on October 6, 2021, based on the following unfit
conduct which solely for the purposes of the disqualification
procedure was not disputed:

Knowing or ought to have known from July 1, 2014 that the Company
participated in transactions connected with the fraudulent evasion
of VAT.  The Company sought to claim back the VAT charged as input
tax where output tax had not been paid, thereby causing VAT in the
amount of GBP15,072,975.92 to be owed by the Company.

The Department has accepted 20 Disqualification Undertakings in the
financial year commencing April 1, 2021.




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

[*] BOND PRICING: For the Week November 1 to November 5, 2021
-------------------------------------------------------------
Issuer                  Coupon   Maturity  Currency  Price
------                  ------   --------  --------  -----
Banca Monte dei Paschi   5.375   1/18/2028     EUR   78.140
Aggregate Holdings SA    6.875   11/09/2025    EUR   62.500
Casino Guichard Perrac   3.992                 EUR   67.644
Casino Guichard Perrac   1.257                 EUR   38.929
Mitsubishi UFJ Investo   3.951  12/15/2050     EUR   51.496
Moby SpA                 7.750   2/15/2023     EUR   59.956
Rallye SA                4.000   2/28/2030     EUR   23.118
EYEMAXX Real Estate AG   5.500   4/26/2023     EUR   10.084
Andrade Gutierrez Inte   9.500  12/30/2024     USD   51.500
EYEMAXX Real Estate AG   5.500   9/24/2024     EUR    9.950
Rallye SA                4.371   1/23/2023     EUR   23.520
Voltalia SA              1.000   1/13/2025     EUR   30.804
Maisons du Monde SA      0.125   12/06/2023    EUR   47.852
Korian SA                1.875                 EUR   43.792
Korian SA                0.875   03/06/2027    EUR   58.007
Mallinckrodt Internati   5.750   08/01/2022    USD   54.000
BAT International Fina   2.250   09/09/2052    GBP   74.654
Aggregate Holdings SA    5.500   5/17/2024     EUR   62.513
Mallinckrodt Internati   5.625  10/15/2023     USD   54.750
Intelsat Jackson Holdi   5.500   08/01/2023    USD   51.000
EYEMAXX Real Estate AG   5.500   7/22/2025     EUR    7.928
Neoen SA                 2.000   06/02/2025    EUR   53.803
Metro Bank PLC           5.500   6/26/2028     GBP   75.111
Air France-KLM           0.125   3/25/2026     EUR   16.150
PREOS Global Office Re   7.500   12/09/2024    EUR   73.000
Accor SA                 0.700   12/07/2027    EUR   53.143
Mallinckrodt Internati   5.500   4/15/2025     USD   54.875
Mallinckrodt Internati   4.750   4/15/2023     USD   35.625
Hylea Group SA           7.250   12/01/2022    EUR   13.100
Fuerstenberg Capital I   5.625                 EUR   48.509
Lehman Brothers UK Cap   5.125                 EUR    7.781
Hellenic Bank PCL       10.000                 EUR   60.675
Rallye SA                5.250   02/01/2022    EUR   19.817
Neoen SA                 1.875   10/07/2024    EUR   43.688
Intu Debenture PLC       5.562  12/31/2027     GBP   39.709
Econocom Group SA/NV     0.500   03/06/2023    EUR    7.740
Offshore Drilling Hold   8.375   9/20/2020     USD    8.000
Paragon GmbH & Co KGaA   4.500   07/05/2022    EUR   71.334
Intelsat Jackson Holdi   8.500  10/15/2024     USD   53.000
Nexity SA                0.875   4/19/2028     EUR   57.193
Quadient SA              3.375                 EUR   58.525
Rallye SA                3.250   02/08/2024    CHF   20.500
Wirecard AG              0.500   09/11/2024    EUR   12.000
Pierre Et Vacances SA    2.000   04/01/2023    EUR   28.431
PB International BV      7.625   1/26/2022     USD   42.571
O1 Properties Finance    0.500   9/27/2028     USD   12.000
Debenhams PLC            5.250   7/15/2021     GBP    0.501
FIGEAC-AERO              1.125  10/18/2022     EUR   21.970
Paragon GmbH & Co KGaA   4.000   4/23/2023     CHF   60.600
Tresu Investment Holdi   5.000   9/29/2022     EUR   28.250
Intelsat Jackson Holdi   9.750   7/15/2025     USD   50.500
Nostrum Oil & Gas Fina   8.000   7/25/2022     USD   24.292
HOCHDORF Holding AG      2.500                 CHF   59.455
Union Fenosa Preferent   1.107                 EUR   71.292
Bourbon Corp             8.305                 EUR    0.124
Rallye SA                4.000  11/23/2020     CHF   20.585
Privatbank CJSC Via UK  10.250   1/23/2018     USD   10.000
FF Group Finance Luxem   3.250   11/02/2021    CHF    7.758
Rickmers Holding AG      8.875   06/11/2018    EUR    0.591
Intelsat SA              4.500   6/15/2025     USD   15.000
Intelsat Luxembourg SA   8.125   06/01/2023    USD    0.750
Nexity SA                0.250   03/02/2025    EUR   66.711
Andrade Gutierrez Inte  11.000   8/20/2021     USD   56.204
Air Berlin PLC           8.250   4/19/2018     EUR    0.773
EDOB Abwicklungs AG      7.500   04/01/2012    EUR    2.985
Lehman Brothers UK Cap   3.875                 EUR    9.842
Turkey Government Bond  10.500   08/11/2027    TRY   72.100
Officine Maccaferri-Sp   5.750   06/01/2021    EUR   17.401
Senvion Holding GmbH     3.875  10/25/2022     EUR    0.089
Immigon Portfolioabbau   5.801                 EUR   12.350
Rallye SA                3.400   1/31/2022     EUR   22.585
Eterna Mode Holding Gm   7.750   06/03/2024    EUR   94.862
Intelsat Connect Finan   9.500   2/15/2023     USD   25.000
Koninklijke Luchtvaart   0.750                 CHF   22.750
Turkey Government Bond   8.000   03/12/2025    TRY   75.050
Nostrum Oil & Gas Fina   7.000   2/16/2025     USD   26.137
Stichting Afwikkeling    6.250  10/26/2020     EUR    5.375
Thomas Cook Group PLC    6.250   6/15/2022     EUR    0.844
Air Berlin PLC           6.750   05/09/2019    EUR    0.573
Banco Espirito Santo S   7.125  11/28/2023     EUR    0.514
Claranova SADIR          5.000   07/01/2023    EUR    1.100
Jain International Tra   7.125   02/01/2022    USD   22.617
Alitalia-Societa Aerea   5.250   7/30/2020     EUR    0.100
Yuksel Insaat AS         9.500   11/10/2015    USD    0.379
Intelsat Luxembourg SA   7.750   06/01/2021    USD    1.000
Autonomous Community o   2.965   09/08/2039    JPY   69.004
EA Partners I BV         6.875   9/28/2020     USD    0.741
Offshore Drilling Hold   8.375   9/20/2020     USD    8.000
OGX Austria GmbH         8.375   04/01/2022    USD    0.003
Norddeutsche Landesban   7.490                 EUR   63.876
Scandinavian Airlines    0.625                 CHF   20.495
Ziton A/S                7.900   10/03/2022    EUR   70.000
Dexia SA                 1.227                 EUR    2.773
Galapagos Holding SA     7.000   6/15/2022     EUR    0.010
EA Partners II BV        6.750   06/01/2021    USD    1.281
Stichting Afwikkeling   11.250                 EUR    0.416
Avangardco Investments  10.000  10/29/2018     USD    0.656
Mitsubishi UFJ Investo   3.699  12/30/2099     EUR    5.000
Dexia Credit Local SA    1.180                 EUR    3.239
Yell Bondco PLC          8.500   05/02/2023    GBP   70.224
DOF Subsea AS            9.500   3/14/2022     USD   29.000
Genfit                   3.500  10/16/2025     EUR   17.904
Travelex Financing PLC   8.000   5/15/2022     EUR    1.427
Fuerstenberg Capital E   1.020                 EUR   47.990
Virgolino de Oliveira   11.750   02/09/2022    USD    1.003
Havila Shipping ASA      5.050   01/02/2025    NOK   21.419
KTG Agrar SE             7.125   06/06/2017    EUR    2.098
Stichting Afwikkeling    6.625   5/14/2018     EUR    5.375
Joh Friedrich Behrens    7.750   11/11/2020    EUR   50.590
Thomas Cook Finance 2    3.875   7/15/2023     EUR    0.965
Orient Express Bank PJ   2.000                 USD   31.160
Hema Bondco II BV        8.500   1/15/2023     EUR    0.112
Hellenic Republic Gove   2.085   7/25/2057     EUR   46.991
UkrLandFarming PLC      10.875   3/26/2018     USD    2.150
FF Group Finance Luxem   1.750   07/03/2019    EUR    5.442
DOF Subsea AS            8.410  11/27/2023     NOK   28.001
Air Berlin PLC           5.625   05/09/2019    CHF    0.631
Andrade Gutierrez Inte   9.500  12/30/2024     USD   53.248
KPNQwest NV             10.000   3/15/2012     EUR    0.453
OGX Austria GmbH         8.500   06/01/2018    USD    0.003
International Industri   9.000   07/06/2011    EUR    0.051
Cirio Holding Luxembou   6.250   2/16/2004     EUR    0.723
REM Saltire Holding AS   7.000  12/31/2024     NOK   52.443
Espirito Santo Financi   6.875  10/21/2019     EUR    0.244
Alno AG                  8.500   5/14/2018     EUR   15.323
EFG International AG     0.551                 EUR   82.770
Espirito Santo Financi   9.750  12/19/2025     EUR    0.061
Privatbank CJSC Via UK  11.000   02/09/2021    USD    1.523
Norwegian Air Shuttle    5.000   02/07/2023    SEK   44.813
Virgolino de Oliveira   10.500   1/28/2018     USD    0.766
Mallinckrodt Internati   5.500   4/15/2025     USD   48.500
Lehman Brothers UK Cap   6.900                 USD    3.986
Senivita Social Estate   4.000   05/12/2025    EUR    7.160
Agrokor dd               9.875   05/01/2019    EUR   15.000
Lehman Brothers UK Cap   5.750                 EUR    7.000
Joh Friedrich Behrens    6.250   6/18/2024     EUR   49.500
Norske Skogindustrier    2.000  12/30/2115     EUR    0.113
Elli Investments Ltd    12.250   6/15/2020     GBP   52.250
Praktiker AG             5.875   02/10/2016    EUR    0.069
Deutsche Bank AG/Londo   1.067   3/15/2033     USD   69.732
EOS Imaging SA           6.000   5/31/2023     EUR    6.959
Allied Irish Banks PLC  12.500   6/25/2035     GBP   60.921
Bulgaria Steel Finance  12.000   05/04/2013    EUR    0.216
Windreich GmbH           6.500   03/01/2015    EUR    4.475
Lloyds Bank PLC          0.352   4/26/2033     USD   74.722
Privatbank CJSC Via UK  10.875   2/28/2018     USD    7.223
Bilt Paper BV           10.360                 USD    1.193
Hellas Telecommunicati   6.054   1/15/2015     USD    0.001
Tennor Finance BV        5.750   6/17/2024     EUR   75.000
Banca Popolare di Vice   2.821  12/20/2017     EUR    0.100
Phosphorus Holdco PLC   10.000   04/01/2019    GBP    0.974
Rallye SA                1.000   10/02/2020    EUR   20.502
International Industri  11.000   2/19/2013     USD    0.051
UniCredit Bank AG        0.107  11/19/2029     EUR   68.716
Banca Popolare di Vice   9.500   9/29/2025     EUR    0.049
Bank Otkritie Financia  10.000   4/26/2019     USD    9.563
Deutsche Bank AG/Londo   4.200   6/30/2034     USD   74.821
New World Resources NV   4.000   10/07/2020    EUR    0.231
New World Resources NV   8.000   04/07/2020    EUR    0.506
Russian Federal Bond -   0.250   7/20/2044     RUB   20.000
Nexity SA                0.125   01/01/2023    EUR   63.715
Alpha Services and Hol   3.250                 EUR   68.131
Andrade Gutierrez Inte  11.000   8/20/2021     USD   56.204
German Pellets GmbH      7.250  11/27/2019     EUR    1.393
Civitas Properties Fin   4.000  11/24/2022     EUR   65.000
Banco Espirito Santo S   6.875   7/15/2016     EUR   24.250
Commerzbank AG           0.077  11/19/2029     EUR   64.916
ESFIL-Espirito Santo F   5.250   06/12/2015    EUR    0.111
OGX Austria GmbH         8.375   04/01/2022    USD    0.003
KPNQwest NV              8.875   02/01/2008    EUR    0.453
Norske Skogindustrier    7.000  12/30/2026     EUR    0.596
Ghelamco Invest          4.500   5/23/2022     EUR   40.010
KPNQwest NV              7.125   06/01/2009    EUR    0.453
Pentracor GmbH           8.500   5/29/2025     EUR   61.000
SAS AB                   4.377                 SEK   25.754
LBI ehf                  6.100   8/25/2011     USD    9.375
Portugal Telecom Inter   6.250   7/26/2016     EUR    0.271
BNG Bank NV             10.010   6/17/2025     TRY   73.200
Phones4u Finance PLC     9.500   04/01/2018    GBP   71.750
Alpine Holding GmbH      5.250   07/01/2015    EUR    3.084
Cirio Finanziaria SpA    8.000  12/21/2005     EUR    1.838
Verimatrix SA            6.000   6/29/2022     EUR    3.836
Banco Espirito Santo S   2.083                 EUR    0.128
Saleza AS                9.000   07/12/2021    EUR    0.203
Cirio Finance Luxembou   7.500   11/03/2002    EUR    1.769
Windreich GmbH           6.500   7/15/2016     EUR    4.475
Island Offshore Shipho   3.030   6/30/2022     NOK    4.765
Fuerstenberg Capital D   1.609                 EUR   55.000
Societe Centrale des B   2.500   5/15/2023     EUR    6.880
Hamon & CIE SA           3.300   1/31/2035     EUR   45.974
Vneshprombank Ltd Via    9.000  11/14/2016     USD    0.078
Nostrum Oil & Gas Fina   8.000   7/25/2022     USD   27.448
Cirio Del Monte NV       7.750   3/14/2005     EUR    0.614
Virgolino de Oliveira   11.750   02/09/2022    USD    1.003
Virgolino de Oliveira   10.500   1/28/2018     USD    0.750
WD Invest Sarl           1.900   10/02/2024    EUR   11.177
Veneto Banca SpA         9.878   12/01/2025    EUR    0.571
Depfa Funding II LP      6.500                 EUR   60.782
Mallinckrodt Internati   5.750   08/01/2022    USD   46.125
Cooperatieve Rabobank    0.500  10/30/2043     MXN   15.932
Espirito Santo Financi   3.125   12/02/2018    EUR    0.459
UBS AG/London           13.250   05/04/2022    USD   57.150
Sberbank of Russia PJS   8.500  11/14/2031     RUB   60.190
Kommunekredit            0.500   7/30/2027     TRY   32.851
Waste Italia SpA        10.500  11/15/2019     EUR    0.550
Mallinckrodt Internati   5.625  10/15/2023     USD   53.375
Deutsche Bank AG         0.756   6/28/2033     USD   78.500
Virgolino de Oliveira   10.875   1/13/2020     USD   36.000
Corporate Commercial B   8.250   08/08/2014    USD    0.308
Cooperatieve Rabobank    0.500   7/30/2043     MXN   16.247
Agrokor dd               8.875   02/01/2020    USD   15.000
Banco Espirito Santo S   6.900   6/28/2024     EUR   24.301
Sairgroup Finance BV     4.375   06/08/2006    EUR    1.568
Bank Nadra Via NDR Fin   8.250   7/31/2018     USD    0.208
Alpine Holding GmbH      6.000   5/22/2017     EUR    3.084
Sidetur Finance BV      10.000   4/20/2016     USD    0.770
Stichting Afwikkeling    2.203                 EUR    0.416
JP Morgan Structured P  12.000   01/04/2027    ZMW   65.093
Activa Resources AG      0.500  11/15/2021     EUR    0.300
Hellas Telecommunicati   8.500  10/15/2013     EUR    0.540
Bulgaria Steel Finance  12.000   05/04/2013    EUR    0.216
JP Morgan Structured P  13.000  12/22/2027     ZMW   68.291
Del Monte Finance Luxe   6.625   5/24/2006     EUR    4.558
Turkey Government Bond  11.700  11/13/2030     TRY   70.700
CRC Breeze Finance SA    6.110   05/08/2026    EUR   30.236
Deutsche Bank AG/Londo   4.120   3/27/2035     USD   74.667
SiC Processing GmbH      7.125   03/01/2016    EUR    2.406
Moby SpA                 7.750   2/15/2023     EUR   59.956
Turkey Government Bond   1.500   10/09/2024    TRY  525.000
Aralco Finance SA       10.125   05/07/2020    USD    0.934
SAG Solarstrom AG        6.250  12/14/2015     EUR   31.000
Credit Agricole Corpor  10.500   2/16/2027     TRY   69.695
KTG Agrar SE             7.250  10/15/2019     EUR    2.098
Depfa Funding III LP     0.235                 EUR   57.279
Banco Espirito Santo S   2.263                 EUR    0.236
Grupo Isolux Corsan SA   1.000  12/30/2021     EUR    0.077
Norwegian Air Shuttle    6.375  11/15/2024     USD   48.206
German Pellets GmbH      7.250   04/01/2016    EUR    1.393
Air Berlin Finance BV    8.500   03/06/2019    EUR    0.336
Ahtium PLC               9.750   04/04/2017    EUR    0.726
WPE International Coop  10.375   9/30/2020     USD    5.000
Intelsat Jackson Holdi   8.500  10/15/2024     USD   52.740
Intelsat Jackson Holdi   9.750   7/15/2025     USD   51.534
Deutsche Bank AG         0.687   10/11/2049    EUR   70.647
Intelsat Connect Finan   9.500   2/15/2023     USD   24.116
Grupo Isolux Corsan SA   6.000  12/30/2021     EUR    0.194
O1 Properties Finance    8.250   9/27/2021     USD   11.329
Intelsat Jackson Holdi   9.750   7/15/2025     USD   51.534
Agrokor dd               9.125   02/01/2020    EUR   15.000
Deutsche Agrar Holding   7.250   9/28/2018     EUR    0.704
Peine GmbH               2.000   07/05/2023    EUR   44.500
Rena GmbH                7.000  12/15/2015     EUR    2.096
DZ Bank AG Deutsche Ze   0.487   03/11/2031    EUR   69.475
Norske Skog Holding AS   8.000   2/24/2021     EUR    0.006
Steilmann SE             7.000   9/23/2018     EUR    1.429
Finmek International S   7.000   12/03/2004    EUR    2.193
Solon SE                 1.375   12/06/2012    EUR    0.745
A-TEC Industries AG      8.750  10/27/2014     EUR    0.100
OGX Austria GmbH         8.500   06/01/2018    USD    0.003
Agrokor dd               9.875   05/01/2019    EUR   15.000
CBo Territoria           3.750   07/01/2024    EUR    4.730
Kardan NV                6.325   2/21/2021     ILS   11.020
Deutsche Bank AG/Londo   4.872  12/23/2035     USD   72.437
Intelsat Luxembourg SA  12.500  11/15/2024     USD   65.750
Natixis SA               0.300   6/25/2048     USD   53.035
Norske Skogindustrier    7.125  10/15/2033     USD    0.596
Instabank ASA            7.530                 NOK   38.457
SG Issuer SA             2.700  11/28/2034     ZAR   45.912
BOA Offshore AS          0.409   7/17/2047     NOK    7.283
Golden Gate AG           6.500   10/11/2014    EUR   37.600
Virgolino de Oliveira   10.875   1/13/2020     USD   36.000
A-TEC Industries AG      2.750   05/10/2014    EUR    0.100
Cooperatieve Rabobank    0.500   1/31/2033     MXN   38.777
Raiffeisen Schweiz Gen  11.000   6/29/2022     CHF   71.600
Lehman Brothers Treasu   5.220   03/01/2024    EUR    0.100
Erotik-Abwicklungsgese   7.750   07/09/2019    EUR    0.779
Steilmann SE             6.750   6/27/2017     EUR    2.184
JP Morgan Structured P  12.000   8/28/2026     ZMW   70.513
Mox Telecom AG           7.250   11/02/2017    EUR    2.247
ECM Real Estate Invest   5.000   10/09/2011    EUR   15.375
Cooperatieve Rabobank    0.500  10/29/2027     MXN   62.421
Barclays Bank PLC        0.500   10/01/2031    TRY   17.773
Agrokor dd Via Aquariu   4.921   08/08/2017    EUR   14.625
Havila Shipping ASA      4.300   01/02/2025    NOK   51.605
Banco Espirito Santo S  10.000   12/06/2021    EUR    0.514
Veneto Banca SpA         6.944   5/15/2025     EUR    0.571
Cattles Ltd              8.125   07/05/2017    GBP    0.027
Caixa Economica Montep   5.000                 EUR   50.020
Alno AG                  8.000   3/21/2019     EUR   16.000
Credit Suisse AG/Londo  20.000  11/29/2024     USD   14.280
Lloyds Bank PLC          0.500   7/26/2028     MXN   59.162
Yell Bondco PLC          8.500   05/02/2023    GBP   70.224
Finance and Credit Ban   9.250   1/25/2019     USD    0.181
La Veggia Finance SA     7.125  11/14/2004     EUR    0.287
Bank2 ASA                5.690                 NOK   57.739
Instabank ASA            9.500                 NOK   49.916
BRAbank ASA/NO           7.510                 NOK   53.882
Credit Suisse AG/Londo  11.600   12/08/2021    EUR    9.470
Golfino AG               8.000  11/18/2023     EUR    0.020
Instabank ASA            5.530   3/28/2028     NOK   63.695
Elli Investments Ltd    12.250   6/15/2020     GBP   52.250
Getin Noble Bank SA      6.870   4/29/2024     PLN   49.863
UkrLandFarming PLC      10.875   3/26/2018     USD    2.150
Banco Santander SA       1.857                 EUR    1.685
Veneto Banca SpA         6.411                 EUR    0.345
Getin Noble Bank SA      5.310   04/04/2024    PLN   57.984
Centrosolar Group AG     7.000   2/15/2016     EUR    2.505
Air Berlin Finance BV    6.000   03/06/2019    EUR    0.336
MOL Hungarian Oil & Ga   1.900   04/12/2031    HUF   73.300
German Pellets GmbH      7.250   07/09/2018    EUR    1.393
Instabank ASA            8.290   02/04/2030    NOK   68.017
Senvion Holding GmbH     3.875  10/25/2022     EUR    0.089
UBS AG/London           21.250   2/18/2022     USD   63.900
EFG International Fina   9.700   9/26/2022     CHF    8.930
Pongs & Zahn AG          8.500   11/01/2014    EUR    0.002
Portugal Telecom Inter   5.242   11/06/2017    EUR    0.694
Veneto Banca SpA         6.950   2/25/2025     EUR    0.571
MS Deutschland Beteili   6.875  12/18/2017     EUR    0.602
SALVATOR Vermoegensver   9.500  12/31/2021     EUR    8.600
Agrokor dd               8.875   02/01/2020    USD   15.000
getgoods.de AG           7.750   10/02/2017    EUR    0.527
Getin Noble Bank SA      5.250  12/21/2023     PLN   56.875
SAG Solarstrom AG        7.500   07/10/2017    EUR   31.000
Hellas Telecommunicati   6.054   1/15/2015     USD    0.001
WEB Windenergie AG       6.250                 EUR    0.010
Credit Suisse AG/Londo   6.250  10/31/2025     USD   11.360
Cooperatieve Rabobank    0.500  11/30/2027     MXN   61.558
AKB Peresvet ZAO         0.510   2/14/2032     RUB   13.010
Sairgroup Finance BV     6.625   10/06/2010    EUR    1.568
Norske Skog Holding AS   8.000   2/24/2023     USD    0.006
SFO Akkord Finans       10.000   02/12/2024    RUB   67.060
Santander Consumer Ban   5.530                 NOK   46.493
Bibby Offshore Service   7.500   6/15/2021     GBP   11.625
Resa SA/Belgium          1.950   7/22/2036     EUR   50.010
Rena GmbH                8.250   07/11/2018    EUR    2.096
Credit Suisse AG         0.500  12/16/2025     BRL   60.025
NTRP Via Interpipe Ltd  10.250   08/02/2017    USD   28.938
Deutsche Bank AG/Londo  13.750   6/20/2026     TRY   74.167
Getin Noble Bank SA      4.250   8/30/2024     PLN   69.176
SAir Group               0.125   07/07/2005    CHF   12.625
Nostrum Oil & Gas Fina   7.000   2/16/2025     USD   27.515
A-TEC Industries AG      5.750   11/02/2010    EUR    0.100
SALVATOR Vermoegensver   9.500                 EUR   10.100
New World Resources NV   8.000   04/07/2020    EUR    0.506
Ahtium PLC               4.000  12/16/2015     EUR    0.586
Barclays Bank PLC        5.000   11/01/2029    BRL   59.972
COFIDUR SA               0.100  12/31/2024     EUR   24.050
Cooperatieve Rabobank    0.500   8/21/2028     MXN   57.051
Credit Agricole Corpor   9.450   03/08/2027    TRY   66.034
Kreditanstalt fuer Wie   0.250   10/06/2036    CAD   51.345
Credit Suisse AG/Londo   8.100   8/23/2022     CHF   67.000
Raiffeisen Schweiz Gen  10.000  12/31/2024     CHF   69.780
Pescanova SA             5.125   4/20/2017     EUR    0.319
Rio Forte Investments    4.000   7/22/2014     EUR    5.001
KPNQwest NV              8.125   06/01/2009    USD    0.453
Pervyi Konteinernyi Te   0.010   02/06/2026    RUB   67.540
Getin Noble Bank SA      5.250   1/31/2024     PLN   67.875
HSBC Bank PLC            0.500  12/22/2025     BRL   59.604
Otkritie Holding JSC     0.010   10/03/2036    RUB    0.010
RENE LEZARD Mode GmbH    7.250  11/25/2017     EUR    0.200
HSBC Bank PLC            0.500  11/25/2025     BRL   60.151
Ukraine Government Bon   6.000   1/22/2031     UAH   62.548
Gebr Sanders GmbH & Co   8.750  10/22/2018     EUR    9.375
UBS AG/London            9.500   2/28/2022     CHF   62.750
Credito Padano Banca d   3.100                 EUR   33.682
Steilmann SE             7.000   03/09/2017    EUR    1.429
DekaBank Deutsche Giro   3.300   04/08/2022    EUR   48.290
SAir Group               5.125   03/01/2003    CHF   12.750
Getin Noble Bank SA      5.250  11/30/2023     PLN   62.875
KPNQwest NV              7.125   06/01/2009    EUR    0.453
Pescanova SA             8.750   2/17/2019     EUR    0.319
Espirito Santo Financi   5.050  11/15/2025     EUR    0.330
TransKomplektHolding O   9.500   11/02/2028    RUB   70.000
Credit Suisse AG/Londo   4.500   3/21/2022     USD    9.780
Alteo Nyrt               2.450   10/08/2031    HUF   72.500
Dr Wiesent Sozial gGmb   7.000                 EUR    0.010
Stichting Afwikkeling    8.450   8/20/2018     USD    5.375
Agrokor dd               9.125   02/01/2020    EUR   15.000
Norske Skogindustrier    7.125  10/15/2033     USD    0.596
Getin Noble Bank SA      5.250   8/31/2023     PLN   64.875
UniCredit Bank AG        6.600   7/20/2028     EUR   39.040
Leonteq Securities AG   28.840  11/16/2021     CHF   62.480
Leonteq Securities AG   29.220  11/26/2021     CHF   58.060
Bank Julius Baer & Co    7.200   1/26/2022     CHF   66.100
Espirito Santo Financi   5.050  11/15/2025     EUR    0.547
Credit Suisse AG/Londo   5.000   4/19/2022     USD    9.994
Mifa Mitteldeutsche Fa   7.500   08/12/2018    EUR    2.100
HPI AG                   3.500                 EUR    3.011
Cooperatieve Rabobank    0.500  12/29/2027     MXN   61.101
Getin Noble Bank SA      4.250   7/26/2024     PLN   57.575
Thomas Cook Group PLC    6.250   6/15/2022     EUR    0.844
Alpine Holding GmbH      5.250   06/10/2016    EUR    3.084
SAir Group               4.250   02/02/2007    CHF   12.625
Getin Noble Bank SA      5.250   7/28/2023     PLN   67.875
Banca Popolare di Vice   9.500   10/02/2025    EUR    0.049
Decipher Production Lt  12.500   9/27/2019     USD    1.500
EDOB Abwicklungs AG      7.500   04/01/2012    EUR    2.985
Sequa Petroleum NV       5.000   4/29/2020     USD   30.500
Getin Noble Bank SA      4.750   5/31/2024     PLN   63.870
Bank Julius Baer & Co   11.700   4/26/2022     CHF   43.250
Turkiye Ihracat Kredi   12.540   9/14/2028     TRY   70.074
Hema Bondco II BV        8.500   1/15/2023     EUR    0.112
International Bank of    8.250   10/09/2024    USD   60.375
Aralco Finance SA       10.125   05/07/2020    USD    0.934
Heta Asset Resolution    0.212  12/31/2023     EUR    1.558
Ukraine Government Bon   8.220   05/10/2035    UAH   69.493
Ukraine Government Bon   8.120   11/10/2035    UAH   68.442
Ukraine Government Bon   6.000   12/11/2030    UAH   62.797
Lehman Brothers Treasu   6.650   8/24/2011     AUD    0.100
Credit Suisse AG/Londo   6.500   3/28/2022     USD    4.330
Barclays Bank PLC        4.000   7/19/2022     USD    9.897
Vontobel Financial Pro   9.000  12/24/2021     EUR   70.250
Gold-Zack AG             7.000  12/14/2005     EUR    1.100
Skandinaviska Enskilda   6.400   1/15/2025     SEK   74.350
Nizhniy Novgorod Regio   6.100   5/27/2026     RUB   94.050
Credit Agricole Corpor  10.320   7/22/2026     TRY   71.480
Luminis SA               1.800   09/02/2059    EUR   68.681
Nordea Bank Abp          4.100   7/20/2023     SEK   51.500
DZ Bank AG Deutsche Ze  19.400   3/25/2022     EUR   53.830
UBS AG/London           13.500   4/14/2022     CHF   58.100
RUSAL Bratsk OJSC        0.010   04/07/2026    RUB   70.090
Rio Forte Investments    4.750   11/10/2015    EUR    5.000
SG Issuer SA             3.300   9/26/2034     ZAR   50.662
Espirito Santo Financi   5.125   5/30/2016     EUR    0.528
Intelsat Luxembourg SA  12.500  11/15/2024     USD   65.750
Santander Consumer Ban   5.530                 NOK   46.493
Landesbank Baden-Wuert   5.400   2/25/2022     EUR   70.320
DekaBank Deutsche Giro   2.800   05/02/2022    EUR   52.810
Credit Suisse AG/Londo  15.000   6/27/2022     USD   68.620
Credito Padano Banca d   3.100                 EUR   33.922
Credit Agricole Corpor  10.800   3/24/2026     TRY   71.422
BNP Paribas SA           1.000   1/23/2040     MXN   24.250
Purple Protected Asset   2.100   4/15/2060     EUR   69.136
Teksid Aluminum Luxemb  12.375   7/15/2011     EUR    0.122
Officine Maccaferri-Sp   5.750   06/01/2021    EUR   18.179
Barclays Bank PLC        0.500   1/28/2033     MXN   40.570
Nizhniy Novgorod Regio   6.750   6/14/2025     RUB   98.930
SAir Group               2.125   11/04/2004    CHF   12.625
Purple Protected Asset   2.085  10/27/2060     EUR   76.185
Lehman Brothers Treasu   1.000   10/05/2035    EUR    0.100
Otkritie Holding JSC    10.000   4/20/2028     RUB    6.440
Leonteq Securities AG/  22.620  12/23/2021     CHF   37.120
Landesbank Baden-Wuert   5.650   5/27/2022     EUR   53.120
BNP Paribas Emissions-   5.000   3/24/2022     EUR   75.010
Muehl Product & Servic   6.750   03/10/2005    DEM    0.102
SAir Group               6.250  10/27/2002     CHF   12.625
Tonon Luxembourg SA      9.250   1/24/2020     USD    0.500
Tonon Luxembourg SA     12.500   5/14/2024     USD    0.399
Dolphin Drilling ASA     4.490   8/28/2019     NOK    0.644
International Finance    0.500   6/29/2027     ZAR   64.429
City of Novosibirsk Ru   7.300   10/08/2026    RUB   99.800
Norske Skog Holding AS   8.000   2/24/2021     EUR    0.006
Astana Finance BV        7.875   06/08/2010    EUR   16.000
DekaBank Deutsche Giro   4.250   05/03/2022    EUR   71.560
UniCredit Bank AG        4.350  11/21/2021     EUR   50.110
Credit Suisse AG/Londo   4.250  12/28/2022     USD    9.970
Societe Generale SA     20.000   02/02/2023    USD   67.000
Societe Generale SA     21.000  12/23/2022     USD   71.640
Leonteq Securities AG/   2.750   9/15/2022     CHF   22.140
Aranynektar Termekgyar   3.500   04/03/2030    HUF   72.661
State of Saxony-Anhalt   0.109   07/03/2028    EUR   60.000
Lehman Brothers Treasu   6.250   09/05/2011    EUR    0.100
Irish Bank Resolution    6.750  11/30/2013     BGN   33.250
HSBC Bank PLC            0.500   6/23/2027     MXN   63.902
Espirito Santo Financi   0.338  10/27/2024     EUR    0.297
Minicentrales Dos SA     0.010   06/06/2047    EUR   59.327
Region of Saratov Russ   8.100  11/20/2024     RUB   73.080
Deutsche Bank AG/Londo   0.500   04/05/2038    MXN   26.136
Cerruti Finance SA       6.500   7/26/2004     EUR    2.058
Promsvyazbank PJSC       2.500   9/29/2029     RUB   63.420
AKB Peresvet ZAO         0.510   08/04/2034    RUB   31.320
Northland Resources AB   4.000  10/15/2020     USD    0.271
Thomas Cook Finance 2    3.875   7/15/2023     EUR    0.965
Norske Skog Holding AS   8.000   2/24/2023     USD    0.006
LBI ehf                  7.431                 USD    0.001
Getin Noble Bank SA      5.870   6/28/2024     PLN   57.675
SG Issuer SA             7.500   1/20/2025     SEK   68.650
UBS AG/London           15.000   06/03/2022    USD   64.400
Landesbank Baden-Wuert   3.250   2/24/2023     EUR   65.690
Landesbank Baden-Wuert   5.250  11/26/2021     EUR   70.700
Lehman Brothers Treasu   0.500  12/20/2017     AUD    0.100
Region of Stavropol Ru   6.200  12/14/2027     RUB   65.340
AKB Peresvet ZAO        13.000   10/07/2017    RUB   32.625
Lehman Brothers Treasu   2.000   3/16/2035     EUR    0.100
Norske Skogindustrier    7.000  12/30/2026     EUR    0.596
Waste Italia SpA        10.500  11/15/2019     EUR    0.550
Northland Resources AB  15.000   7/15/2019     USD    2.621
Santander Consumer Ban   5.530                 NOK   46.493
Privatbank CJSC Via UK  10.875   2/28/2018     USD    7.223
Bank Otkritie Financia   0.010   9/24/2025     RUB   67.060
Bank Otkritie Financia   0.010   7/16/2025     RUB   70.430
BNP Paribas Issuance B   4.490   06/10/2025    BRL   74.716
Kuntarahoitus Oyj        0.250   6/28/2040     CAD   40.327
Windreich GmbH           6.750   03/01/2015    EUR    4.475
EFG International Fina  12.750   1/31/2022     USD   61.690
UBS AG/London           13.500   07/07/2022    CHF   64.250
UBS AG/London           14.500  10/17/2022     USD   66.300
Raiffeisen Schweiz Gen   3.000   9/21/2029     CHF   69.640
Araratbank OJSC          5.500   9/19/2023     USD   25.578
Bayerische Landesbank    1.550   2/23/2024     EUR   75.670
Bayerische Landesbank    3.500   1/26/2024     EUR   70.990
Tonon Luxembourg SA      9.250   1/24/2020     USD    0.500
Lehman Brothers Treasu   6.300  12/21/2018     USD    0.100
Mostotrest PJSC          0.010   7/29/2026     RUB   61.520
Lehman Brothers Treasu  23.300   9/16/2008     USD    0.100
Rosbank PJSC             0.040   4/30/2024     RUB   65.000
Lehman Brothers Treasu   7.750   01/03/2012    AUD    0.100
KPNQwest NV              8.875   02/01/2008    EUR    0.453
Phones4u Finance PLC     9.500   04/01/2018    GBP   71.750
Solarwatt GmbH           7.000   11/01/2015    EUR   15.500
DANY COLL LLC            0.100   7/19/2022     RUB    1.300
SAir Group               6.250   04/12/2005    CHF   12.625
Ukraine Government Bon   6.000   8/28/2030     UAH   63.414
Credit Agricole Corpor   5.220  11/28/2025     BRL   74.490
Leonteq Securities AG/   4.000   08/10/2022    CHF   60.000
Leonteq Securities AG    5.400   7/25/2022     CHF   57.830
Societe Generale SA      9.000   7/22/2022     USD   57.300
UBS AG/London           11.250   07/01/2022    CHF   68.350
Credit Suisse AG/Londo   9.250  12/28/2021     CHF   61.760
Raiffeisen Centrobank   10.000   3/24/2023     EUR    1.000
BrokerCreditService St   8.000   1/30/2024     USD   64.660
Danske Bank A/S         10.300   07/09/2023    SEK   11.500
UBS AG/London           13.250   4/29/2022     CHF   66.750
DZ Bank AG Deutsche Ze  22.700   6/24/2022     EUR   76.370
Leonteq Securities AG   23.030   4/22/2022     CHF   73.740
WEB Windenergie AG       6.500                 EUR    0.010
City of Predeal Romani   2.985   5/15/2026     RON   69.000
Landesbank Baden-Wuert   5.750  11/26/2021     EUR   72.280
Bank Julius Baer & Co   15.000   11/12/2021    USD   55.550
Rosbank PJSC             0.010   4/30/2024     RUB   65.000
Lehman Brothers Treasu   3.600   3/19/2018     JPY    0.100
Rio Forte Investments    3.900   07/10/2014    USD    5.000
Northland Resources AB  15.000   7/15/2019     USD    2.621
SAir Group               2.750   7/30/2004     CHF   12.625
Minicentrales Dos SA     0.010   06/06/2047    EUR   66.811
Barclays Bank PLC        2.000   05/07/2036    MXN   33.601
Lehman Brothers Treasu   8.000  12/27/2032     JPY    0.100
Bilt Paper BV           10.360                 USD    1.193
Sidetur Finance BV      10.000   4/20/2016     USD    0.770
Heta Asset Resolution    4.350  12/31/2023     EUR    1.558
LBI ehf                  6.100   8/25/2011     USD    9.375
Ukraine Government Bon   6.000   1/28/2032     UAH   60.549
Ukraine Government Bon   8.750   2/16/2033     UAH   75.606
Ukraine Government Bon   6.000   09/10/2031    UAH   61.281
Lehman Brothers Treasu   0.143   11/02/2035    EUR    0.100
Ukraine Government Bon   6.000   9/13/2028     UAH   68.261
Lehman Brothers Treasu  13.500  11/28/2008     USD    0.100
Lehman Brothers Treasu   5.000   05/02/2022    EUR    0.100
ECM Real Estate Invest   5.000   10/09/2011    EUR   15.375
Purple Protected Asset   1.480  11/30/2060     EUR   69.978
Societe Generale SA      6.000   06/06/2022    USD    2.340
Credit Suisse AG/Londo   8.250   05/05/2022    USD   69.780
Societe Generale SA      6.000   05/09/2022    USD   13.030
SG Issuer SA             0.800  10/28/2030     EUR   20.150
Luzerner Kantonalbank   25.000   03/09/2022    CHF   51.480
Leonteq Securities AG    4.000  12/18/2026     CHF   72.660
UBS AG/London           12.000  12/13/2021     CHF   65.950
Rosbank PJSC             0.030   4/30/2024     RUB   65.000
DeloPorts LLC            0.010  11/14/2025     RUB   70.020
Russian Post FGUP        2.750   12/06/2023    RUB   70.000
BNP Paribas Issuance B   5.000   11/05/2024    EUR   26.780
Lehman Brothers Treasu   7.000   2/15/2010     CHF    0.100
Lehman Brothers Treasu   0.500  12/20/2017     AUD    0.100
Lehman Brothers Treasu  15.000   06/04/2009    CHF    0.100
City of Novosibirsk Ru   7.850  11/27/2027     RUB   73.670
New World Resources NV   4.000   10/07/2020    EUR    0.231
MTS-Bank PAO             9.500  10/28/2029     RUB   51.370
Tonon Luxembourg SA     12.500   5/14/2024     USD    0.399
Credit Agricole Corpor  10.200   08/06/2026    TRY   71.035
Getin Noble Bank SA      5.250   5/31/2023     PLN   69.875
Astana Finance BV        9.000  11/16/2011     USD   15.250
Lehman Brothers Treasu   7.500  10/24/2008     USD    0.100
MIK OAO                 15.000   2/19/2020     RUB   13.875
Raiffeisen Switzerland   4.000   8/30/2022     CHF   45.180
Vontobel Financial Pro   9.400   5/13/2022     EUR   51.850
Credit Suisse AG/Londo  11.750  11/15/2021     USD   70.900
Lehman Brothers Treasu  16.000  10/28/2008     USD    0.100
Lehman Brothers Treasu  11.000  12/20/2017     AUD    0.100
Lehman Brothers Treasu   5.375   02/04/2014    USD    0.100
Lehman Brothers Treasu   8.000  12/31/2010     USD    0.100
Rosbank PJSC             0.020   4/30/2024     RUB   65.000
Irish Bank Resolution    4.000   4/23/2018     EUR   33.250
Turkey Government Bond  11.000   2/24/2027     TRY   75.100
RGS Nedvizhimost OOO    12.000  10/18/2017     RUB    0.335
Lehman Brothers Treasu   5.120   4/30/2027     EUR    0.100
Lehman Brothers Treasu   2.875   3/14/2013     CHF    0.100
Lehman Brothers Treasu   4.050   9/16/2008     EUR    0.100
Ukraine Government Bon   6.000   10/11/2028    UAH   68.059
OOO SPV Structural Inv   0.010   09/01/2023    RUB   66.740
Ukraine Government Bon   6.000   9/18/2030     UAH   63.293
Leonteq Securities AG    7.000   03/09/2022    CHF   71.630
DekaBank Deutsche Giro   4.250   4/14/2022     EUR   38.870
UniCredit Bank AG        3.250   3/29/2022     EUR   26.400
Vontobel Financial Pro   6.700   03/07/2022    EUR   56.570
UniCredit Bank AG        3.750   3/26/2022     EUR   56.520
Landesbank Baden-Wuert   2.300   7/22/2022     EUR   60.240
Araratbank OJSC          5.250   09/11/2022    USD   25.438
Leonteq Securities AG    5.600   5/16/2022     CHF   58.420
Landesbank Baden-Wuert   2.750  11/26/2021     EUR   59.570
UniCredit Bank AG        3.500   8/24/2022     EUR   68.240
UniCredit Bank AG        4.200   8/24/2022     EUR   74.000
Bayerische Landesbank    2.300  11/26/2021     EUR   58.240
Raiffeisen Schweiz Gen   7.200   03/02/2022    CHF   68.880
Landesbank Baden-Wuert   3.000   9/23/2022     EUR   54.250
Societe Generale Effek   5.600   09/04/2023    EUR   42.400
WEB Windenergie AG       2.250   9/25/2028     EUR    0.010
UniCredit Bank AG        3.700   6/25/2022     EUR   61.630
UniCredit Bank AG        4.250   6/28/2022     EUR   46.460
UniCredit Bank AG        3.800   6/28/2022     EUR   55.880
Leonteq Securities AG/   3.750   2/20/2023     CHF   56.130
UniCredit Bank AG        3.350   6/14/2022     EUR   51.330
UniCredit Bank AG        3.700   06/04/2022    EUR   66.240
SG Issuer SA             9.180   1/20/2025     SEK   73.240
Landesbank Baden-Wuert   3.800   1/28/2022     EUR   45.820
DekaBank Deutsche Giro   3.100   12/03/2021    EUR   45.060
Landesbank Baden-Wuert   3.400  11/25/2022     EUR   57.880
SG Issuer SA             0.263   2/20/2025     EUR   19.600
EFG International Fina   7.000   2/28/2022     CHF   69.250
Landesbank Baden-Wuert   5.000   2/25/2022     EUR   74.230
Landesbank Baden-Wuert   1.200   2/25/2022     EUR   72.740
Landesbank Baden-Wuert   3.700   2/25/2022     EUR   62.970
Landesbank Baden-Wuert   4.000   3/25/2022     EUR   73.630
Landesbank Baden-Wuert   4.800   3/25/2022     EUR   70.350
Landesbank Baden-Wuert   3.250  12/23/2022     EUR   62.820
Bayerische Landesbank    2.500   12/03/2021    EUR   57.720
Landesbank Baden-Wuert   6.400   2/25/2022     EUR   69.610
Landesbank Baden-Wuert   3.900   2/25/2022     EUR   79.460
Landesbank Baden-Wuert   4.900   2/25/2022     EUR   70.000
Landesbank Baden-Wuert   2.600   2/25/2022     EUR   66.590
Societe Generale Effek   3.000   7/22/2022     USD    5.500
Raiffeisen Switzerland  10.500   07/11/2024    USD   19.330
Societe Generale SA      8.600   7/29/2022     USD   61.400
Erste Group Bank AG      5.550   8/30/2022     EUR   46.950
UniCredit Bank AG        3.200   09/10/2022    EUR   50.330
SecurAsset SA            5.250   6/30/2022     EUR   44.450
UniCredit Bank AG        9.000  12/27/2021     EUR   73.300
Landesbank Baden-Wuert   4.700   3/25/2022     EUR   42.070
Landesbank Baden-Wuert   3.300   3/25/2022     EUR   53.560
UniCredit Bank AG        7.000   3/29/2022     EUR   59.010
UniCredit Bank AG        5.450   3/15/2022     EUR   45.740
EFG International Fina  10.500   02/07/2022    EUR   65.730
Societe Generale SA      1.580   9/16/2024     USD    3.180
UniCredit Bank AG        3.500   10/08/2022    EUR   45.940
DekaBank Deutsche Giro   3.900   4/25/2022     EUR   39.690
UniCredit Bank AG        3.750   4/19/2022     EUR   69.790
UniCredit Bank AG        8.000  12/24/2021     EUR   80.660
UniCredit Bank AG        5.800  12/24/2021     EUR   66.070
UniCredit Bank AG       10.200  12/24/2021     EUR   49.170
UniCredit Bank AG        8.500  12/24/2021     EUR   54.610
UniCredit Bank AG        5.600  12/24/2021     EUR   57.970
UniCredit Bank AG       12.300  12/24/2021     EUR   58.680
UniCredit Bank AG        7.700  12/24/2021     EUR   57.860
UniCredit Bank AG        6.800  12/24/2021     EUR   61.550
UniCredit Bank AG        8.600  12/24/2021     EUR   70.870
UniCredit Bank AG        9.400  12/24/2021     EUR   63.240
UniCredit Bank AG        7.100  12/24/2021     EUR   76.710
UniCredit Bank AG        8.100  12/24/2021     EUR   59.110
UniCredit Bank AG        6.600  12/24/2021     EUR   63.650
UniCredit Bank AG        6.400  12/24/2021     EUR   54.260
UniCredit Bank AG       13.700  12/24/2021     EUR   63.920
UniCredit Bank AG       10.500  12/24/2021     EUR   65.140
UniCredit Bank AG       12.200  12/24/2021     EUR   72.040
UniCredit Bank AG        7.300  12/24/2021     EUR   51.030
UniCredit Bank AG        6.900  12/24/2021     EUR   62.370
UniCredit Bank AG        6.000  12/24/2021     EUR   65.790
UniCredit Bank AG        5.500   8/14/2023     EUR   82.880
UniCredit Bank AG        7.700  12/24/2021     EUR   77.970
UniCredit Bank AG        9.500  12/24/2021     EUR   68.950
UniCredit Bank AG       11.400  12/24/2021     EUR   61.730
UniCredit Bank AG        7.900  12/24/2021     EUR   73.650
UniCredit Bank AG        8.600  12/24/2021     EUR   73.200
UniCredit Bank AG        8.100  12/24/2021     EUR   48.180
UniCredit Bank AG       10.300  12/24/2021     EUR   72.070
UniCredit Bank AG       13.000  12/24/2021     EUR   67.730
UniCredit Bank AG        4.600   9/14/2022     EUR   73.530
Landesbank Baden-Wuert   4.000  12/27/2021     EUR   48.500
UniCredit Bank AG        5.150   01/02/2023    EUR   59.630
Leonteq Securities AG/   4.000   03/08/2022    EUR   53.250
Landesbank Baden-Wuert   3.400   1/27/2023     EUR   62.340
SG Issuer SA             5.000   5/23/2024     EUR   59.310
SG Issuer SA             5.000   04/02/2024    EUR   58.430
SG Issuer SA             8.700   1/20/2025     SEK   71.910
Credit Suisse AG/Londo  12.450   12/08/2021    USD   15.810
Bank Julius Baer & Co   12.500   12/10/2021    USD   60.350
Vontobel Financial Pro  13.250  12/24/2021     EUR   62.153
Leonteq Securities AG   13.000   03/11/2022    CHF   67.710
Societe Generale Effek   8.000  12/16/2021     EUR   42.210
Landesbank Baden-Wuert   3.950  12/27/2021     EUR   58.020
Landesbank Baden-Wuert   6.900  12/27/2021     EUR   51.220
EFG International Fina   6.200  12/18/2023     USD   56.890
UBS AG/London           11.750   6/16/2022     CHF   71.650
Credit Suisse AG/Londo  12.500  12/16/2021     USD   60.840
EFG International Fina   6.200   08/05/2022    EUR   61.130
SG Issuer SA            11.170   7/20/2025     SEK   62.420
UniCredit Bank AG        3.650   7/23/2022     EUR   62.330
Landesbank Baden-Wuert   3.050   9/23/2022     EUR   58.500
Bayerische Landesbank    2.000   2/18/2022     EUR   61.780
UniCredit Bank AG        4.200   12/08/2021    EUR   33.000
Societe Generale Effek   7.550   8/23/2024     EUR   76.800
Landesbank Baden-Wuert   3.000   9/23/2022     EUR   59.750
UniCredit Bank AG        5.800  12/24/2021     EUR   74.480
UniCredit Bank AG        8.000  12/24/2021     EUR   65.040
UniCredit Bank AG       10.200  12/24/2021     EUR   57.790
UniCredit Bank AG        8.300  12/24/2021     EUR   72.720
UniCredit Bank AG        9.600  12/24/2021     EUR   67.640
Finca Uco Cjsc           6.000   2/25/2022     USD   25.556
Landesbank Baden-Wuert   2.300   6/24/2022     EUR   54.440
UniCredit Bank AG        4.500   1/18/2022     EUR   46.560
Goldman Sachs & Co Wer  10.000  12/22/2021     EUR   72.140
Goldman Sachs & Co Wer  14.000  12/22/2021     EUR   63.760
Landesbank Baden-Wuert   2.800  12/23/2022     EUR   72.130
UniCredit Bank AG        3.500   2/13/2023     EUR   41.990
Danske Bank A/S          5.300   7/15/2023     SEK   43.660
Landesbank Baden-Wuert   2.300   2/25/2022     EUR   60.330
Landesbank Baden-Wuert   2.650   1/27/2023     EUR   70.890
DZ Bank AG Deutsche Ze  15.000  12/24/2021     EUR   45.990
BNP Paribas Emissions-  13.000  12/23/2021     EUR   45.500
BNP Paribas Emissions-  15.000  12/23/2021     EUR   43.070
BNP Paribas Emissions-  17.000  12/23/2021     EUR   41.700
BNP Paribas Emissions-   7.500  12/23/2021     EUR   52.640
BNP Paribas Emissions-   7.000  12/23/2021     EUR   51.310
BNP Paribas Emissions-   8.000  12/23/2021     EUR   51.420
BNP Paribas Emissions-   9.000  12/23/2021     EUR   51.540
Credit Suisse AG/Londo  10.750   12/08/2021    USD   60.320
Credit Suisse AG/Londo  10.500  12/28/2021     USD   61.790
DZ Bank AG Deutsche Ze  17.100  12/24/2021     EUR   72.560
EFG International Fina   7.000  12/29/2022     USD   49.600
UBS AG/London           12.000   1/17/2022     CHF   70.450
DZ Bank AG Deutsche Ze  13.100  12/24/2021     EUR   48.400
Credit Suisse AG/Londo   2.500  12/21/2021     EUR   61.840
BNP Paribas Emissions-  11.000  12/23/2021     EUR   47.240
BNP Paribas Emissions-  12.000  12/23/2021     EUR   46.350
BNP Paribas Emissions-  11.000  12/23/2021     EUR   45.270
BNP Paribas Emissions-  16.000  12/23/2021     EUR   42.370
BNP Paribas Emissions-   6.500  12/23/2021     EUR   52.520
BNP Paribas Emissions-   8.500  12/23/2021     EUR   52.750
BNP Paribas Emissions-   7.500  12/23/2021     EUR   50.150
BNP Paribas Emissions-   8.500  12/23/2021     EUR   50.270
BNP Paribas Emissions-   9.500  12/23/2021     EUR   50.380
BNP Paribas Emissions-   9.500  12/23/2021     EUR   47.070
Goldman Sachs & Co Wer  10.000   3/23/2022     EUR   75.150
Goldman Sachs & Co Wer  13.000   6/22/2022     EUR   68.780
UBS AG/London           10.000   1/18/2022     USD   62.700
Raiffeisen Schweiz Gen   5.000  12/29/2021     CHF   62.450
UniCredit Bank AG        4.300   7/26/2022     EUR   74.630
UniCredit Bank AG        4.200   7/26/2022     EUR   31.160
UniCredit Bank AG        4.450   7/23/2022     EUR   66.990
UniCredit Bank AG        4.150   7/26/2022     EUR   49.990
Bayerische Landesbank    2.000   1/28/2022     EUR   62.920
EFG International Fina   7.000   2/21/2022     CHF   65.500
Landesbank Baden-Wuert   2.550  12/27/2021     EUR   53.440
Landesbank Baden-Wuert   2.500  12/27/2021     EUR   51.020
UniCredit Bank AG        4.250  11/21/2021     EUR   33.960
Landesbank Baden-Wuert   2.550  11/26/2021     EUR   64.000
Landesbank Baden-Wuert   3.000  12/23/2022     EUR   57.880
DekaBank Deutsche Giro   2.500  10/24/2023     EUR   64.220
UniCredit Bank AG        3.600   10/05/2022    EUR   71.180
UniCredit Bank AG        3.850   10/05/2023    EUR   71.840
AKB Metallurgical Inve   6.500   09/04/2023    RUB   89.020
Landesbank Baden-Wuert   2.800   4/25/2022     EUR   60.830
Erste Group Bank AG      4.350   2/28/2022     EUR   42.800
UniCredit Bank AG        4.200  11/21/2021     EUR   51.580
Landesbank Baden-Wuert   2.500   1/28/2022     EUR   57.890
Landesbank Baden-Wuert   2.500   6/24/2022     EUR   61.630
Landesbank Baden-Wuert   3.400   2/24/2023     EUR   64.960
SG Issuer SA             7.600   1/20/2025     SEK   70.190
Societe Generale SA      4.500  12/29/2022     USD    6.250
UniCredit Bank AG        4.200   9/21/2022     EUR   47.490
UniCredit Bank AG        9.100  12/24/2021     EUR   61.180
UniCredit Bank AG        6.900  12/24/2021     EUR   69.440
UniCredit Bank AG        8.900  12/24/2021     EUR   70.090
UniCredit Bank AG        3.750   9/14/2022     EUR   70.630
UniCredit Bank AG        4.800  12/24/2021     EUR   80.280
Goldman Sachs & Co Wer  14.000   3/23/2022     EUR   67.880
Bank Julius Baer & Co    8.500   2/18/2022     EUR   63.550
DZ Bank AG Deutsche Ze   3.650  12/24/2021     EUR   49.250
Bank Julius Baer & Co   21.450   1/28/2022     EUR   75.200
Bank Vontobel AG        10.508   8/19/2022     CHF   68.690
Bank Vontobel AG        10.507   8/19/2022     CHF   68.690
Vontobel Financial Pro  23.000   3/25/2022     EUR   81.830
Vontobel Financial Pro  21.500   3/25/2022     EUR   83.920
Societe Generale Effek  26.500  11/26/2021     EUR   76.620
Corner Banca SA         13.000   1/19/2022     CHF   51.300
Leonteq Securities AG/  15.000   1/19/2022     USD   66.960
Zurcher Kantonalbank F   7.000   7/25/2022     CHF   73.550
Credit Suisse AG/Londo  12.000   4/15/2022     USD   71.280
Credit Suisse AG/Londo  11.000   4/19/2022     CHF   71.280
Zurcher Kantonalbank F  11.000   1/27/2022     USD   65.180
Zurcher Kantonalbank F  10.200   1/27/2022     CHF   69.900
SG Issuer SA             1.400  12/28/2032     EUR   29.510
SG Issuer SA             2.100   01/06/2033    EUR   30.320
SG Issuer SA             1.500  12/30/2032     EUR   49.410
SG Issuer SA             0.021   6/14/2033     EUR   27.840
Bank Julius Baer & Co   14.500   1/13/2023     USD   74.300
Zurcher Kantonalbank F  15.000   7/20/2022     CHF   73.750
Vontobel Financial Pro  12.500   9/23/2022     EUR   72.050
Vontobel Financial Pro  13.500   6/24/2022     EUR   70.890
Vontobel Financial Pro  19.000   3/25/2022     EUR   74.705
Leonteq Securities AG/  21.050   05/04/2022    CHF   63.390
Zurcher Kantonalbank F  11.000   6/24/2022     CHF   71.480
Vontobel Financial Pro  11.750   3/25/2022     EUR   39.691
Bank Julius Baer & Co   12.650   4/26/2022     USD   43.500
Vontobel Financial Pro  12.500   6/24/2022     EUR   71.050
Landesbank Baden-Wuert   3.300   1/27/2023     EUR   66.240
Landesbank Baden-Wuert   7.200   1/27/2023     EUR   60.910
Vontobel Financial Pro  14.000   4/26/2022     CHF   53.439
Landesbank Baden-Wuert   5.150   1/27/2023     EUR   63.330
DZ Bank AG Deutsche Ze  10.500   4/22/2022     EUR   61.820
Vontobel Financial Pro   6.400   2/28/2022     EUR   48.900
DZ Bank AG Deutsche Ze   4.000  12/24/2021     EUR   51.080
Vontobel Financial Pro  17.000   3/25/2022     EUR   70.220
Vontobel Financial Pro  19.500   3/25/2022     EUR   67.830
Vontobel Financial Pro  22.550   3/29/2022     EUR   69.940
Leonteq Securities AG/   7.000   11/07/2022    CHF   71.210
Leonteq Securities AG/  20.760   6/17/2022     CHF   58.810
Vontobel Financial Pro  15.000   6/24/2022     EUR   74.540
Vontobel Financial Pro  17.500   6/24/2022     EUR   72.510
Vontobel Financial Pro  20.000   3/25/2022     EUR   42.343
Bank Julius Baer & Co   11.800   4/26/2022     EUR   43.300
Vontobel Financial Pro  15.500   6/24/2022     EUR   68.590
SG Issuer SA             2.100   5/16/2033     EUR   29.880
Leonteq Securities AG   10.000   7/20/2022     CHF   50.550
Raiffeisen Schweiz Gen  10.000   6/29/2022     CHF   72.760
Vontobel Financial Pro  13.500   6/24/2022     EUR   73.210
Vontobel Financial Pro  12.900   4/26/2022     EUR   41.605
Leonteq Securities AG   24.530   4/22/2022     CHF   75.760
Leonteq Securities AG/  16.000   06/01/2022    USD   54.070
Luzerner Kantonalbank    7.500   6/15/2022     CHF   65.820
Vontobel Financial Pro  24.380   12/08/2021    USD   36.042
Credit Suisse AG/Londo   6.100   09/08/2022    USD    9.800
DekaBank Deutsche Giro   4.000   07/07/2022    EUR   57.260
Vontobel Financial Pro  18.650   06/09/2022    EUR   50.280
Bank Vontobel AG         6.504   12/05/2022    CHF   67.800
Bank Vontobel AG         6.504   12/05/2022    CHF   68.000
Landesbank Baden-Wuert   5.000   6/24/2022     EUR   70.450
Landesbank Baden-Wuert   4.000   5/27/2022     EUR   43.500
Landesbank Baden-Wuert   3.300   5/27/2022     EUR   54.730
Bayerische Landesbank    3.700   7/15/2022     EUR   77.350
Landesbank Baden-Wuert   2.850  12/27/2021     EUR   81.140
UniCredit Bank AG        5.550   7/19/2022     EUR   72.970
Vontobel Financial Pro   8.700   04/04/2022    CHF   67.557
Leonteq Securities AG/  21.520   07/01/2022    CHF   58.260
Leonteq Securities AG/  25.460   07/01/2022    CHF   62.990
Leonteq Securities AG/  12.000   6/28/2022     CHF   57.580
Vontobel Financial Pro  15.500   6/24/2022     EUR   74.860
Vontobel Financial Pro  13.000   6/24/2022     EUR   69.130
Vontobel Financial Pro  16.000   6/24/2022     EUR   66.910
Vontobel Financial Pro  10.500   6/24/2022     EUR   72.150
BNP Paribas Emissions-  11.000   6/23/2022     EUR   65.080
BNP Paribas Emissions-  14.000   3/24/2022     EUR   62.450
BNP Paribas Emissions-   8.000   6/23/2022     EUR   70.040
BNP Paribas Emissions-  14.000  12/23/2021     EUR   59.200
BNP Paribas Emissions-  19.000  12/23/2021     EUR   53.970
BNP Paribas Emissions-  13.000   6/23/2022     EUR   63.340
BNP Paribas Emissions-   8.000   3/24/2022     EUR   69.050
BNP Paribas Emissions-  10.000   3/24/2022     EUR   65.110
BNP Paribas Emissions-   8.500   6/23/2022     EUR   68.530
BNP Paribas Emissions-   9.000   6/23/2022     EUR   66.260
BNP Paribas Emissions-   8.000  12/23/2021     EUR   67.810
BNP Paribas Emissions-  10.000  12/23/2021     EUR   68.040
BNP Paribas Emissions-  15.000  12/23/2021     EUR   57.750
BNP Paribas Emissions-  22.000  12/23/2021     EUR   53.050
Leonteq Securities AG/  12.000   06/08/2022    CHF   42.770
Zurcher Kantonalbank F   6.500   6/14/2022     CHF   66.850
Landesbank Baden-Wuert   7.900  11/25/2022     EUR   69.950
UBS AG/London            8.750   6/23/2022     CHF   64.550
UBS AG/London           13.000   6/23/2022     CHF   66.800
EFG International Fina   6.000  12/22/2023     USD   61.230
Credit Suisse AG/Londo   6.190   9/14/2022     USD    9.840
Zurcher Kantonalbank F  12.000   6/21/2022     CHF   68.970
Leonteq Securities AG   10.000  12/14/2022     CHF   71.420
Leonteq Securities AG/  23.690   06/03/2022    CHF   52.630
EFG International Fina  24.000   06/07/2022    USD   55.850
Landesbank Baden-Wuert   4.350  11/25/2022     EUR   59.040
Landesbank Baden-Wuert   6.600  11/25/2022     EUR   56.160
Raiffeisen Schweiz Gen  10.500   6/21/2022     CHF   79.000
Leonteq Securities AG   17.000   11/10/2021    CHF   60.840
Zurcher Kantonalbank F   8.000   2/23/2022     CHF   75.550
Landesbank Baden-Wuert   3.000  10/25/2024     EUR   56.290
Vontobel Financial Pro   7.500  12/24/2021     EUR   54.110
Landesbank Baden-Wuert   2.500   6/24/2022     EUR   61.610
DZ Bank AG Deutsche Ze  24.600   6/24/2022     EUR   73.510
Bank Julius Baer & Co    8.550   5/13/2022     USD   73.150
BrokerCreditService St   3.000   2/28/2023     USD   63.000
BrokerCreditService St   3.500   4/30/2024     USD   65.050
UBS AG/London            8.000   06/09/2023    CHF   72.650
Leonteq Securities AG/  21.880   06/10/2022    CHF   75.270
Leonteq Securities AG/  24.870   6/14/2022     CHF   50.870
Landesbank Baden-Wuert   4.700   4/25/2022     EUR   52.320
Landesbank Baden-Wuert   7.050   4/25/2022     EUR   47.910
Landesbank Baden-Wuert   2.700   4/25/2022     EUR   58.300
Bank Vontobel AG        11.500   4/25/2022     USD   56.530
BNP Paribas Emissions-  14.000  12/23/2021     EUR   44.240
BNP Paribas Emissions-  15.000  12/23/2021     EUR   41.470
BNP Paribas Emissions-   9.000  12/23/2021     EUR   48.610
BNP Paribas Emissions-  10.000  12/23/2021     EUR   48.720
UBS AG/London            6.500   12/09/2021    USD   60.600
UBS AG/London           12.250   06/09/2022    CHF   66.550
EFG International Fina  11.000   06/10/2022    USD   72.240
Credit Suisse AG/Londo  10.000   12/01/2021    USD   58.870
Credit Suisse AG/Londo  12.450   12/08/2021    USD   16.900
Credit Suisse AG/Londo  11.150   12/08/2021    CHF    8.570
Landesbank Baden-Wuert   3.000  12/23/2022     EUR   63.590
Raiffeisen Schweiz Gen   5.000   04/05/2022    CHF   71.730
UniCredit Bank AG        4.000  11/21/2022     EUR   64.580
Landesbank Baden-Wuert   3.500   1/28/2022     EUR   49.450
Landesbank Baden-Wuert   4.800   2/25/2022     EUR   42.410
UBS AG/London           14.000   02/10/2022    CHF   60.800
Vontobel Financial Pro  24.500   3/25/2022     EUR   61.910
Leonteq Securities AG/  10.000   4/29/2022     USD   57.700
Corner Banca SA         15.000   05/02/2022    USD   60.010
Landesbank Baden-Wuert   3.000   1/28/2022     EUR   54.310
Zurcher Kantonalbank F   7.500   4/29/2022     CHF   72.050
Landesbank Baden-Wuert   2.750   3/25/2022     EUR   58.060
UniCredit Bank AG        4.450  12/29/2022     EUR   35.870
UniCredit Bank AG        4.300  12/19/2021     EUR   50.370
EFG International Fina   7.000   5/23/2022     EUR   42.730
DZ Bank AG Deutsche Ze   9.000  11/24/2021     EUR   50.110
Landesbank Baden-Wuert   2.750  11/25/2022     EUR   73.720
DZ Bank AG Deutsche Ze  15.000  12/24/2021     EUR   41.770
UniCredit Bank AG        3.800  12/29/2022     EUR   61.970
DekaBank Deutsche Giro   3.000  12/29/2022     EUR   68.560
UBS AG/London           13.250   05/12/2022    USD   59.650
Leonteq Securities AG/   4.000   4/19/2022     EUR   60.170
Citigroup Global Marke   8.200   3/21/2024     SEK   57.450
SG Issuer SA             1.400   03/07/2033    EUR   29.050
SG Issuer SA             2.100   04/05/2033    EUR   30.060
DZ Bank AG Deutsche Ze   9.000   2/23/2022     EUR   46.300
Goldman Sachs & Co Wer  16.000  12/22/2021     EUR   61.570
UniCredit Bank AG        6.000   7/28/2023     EUR   42.180
Landesbank Baden-Wuert   3.500   1/28/2022     EUR   51.070
UBS AG/London           10.250   08/03/2022    CHF   73.200
Landesbank Baden-Wuert   4.750   2/25/2022     EUR   42.810
Landesbank Baden-Wuert   3.400   2/25/2022     EUR   54.810
Raiffeisen Switzerland   9.000   7/29/2022     CHF   67.640
UBS AG/London           19.750   02/03/2022    USD   56.200
UniCredit Bank AG        5.350   2/27/2023     EUR   53.920
Leonteq Securities AG   13.000   05/09/2022    CHF   58.650
Corner Banca SA         14.000   05/09/2022    CHF   59.100
Raiffeisen Switzerland   4.800  11/23/2023     CHF   51.690
UniCredit Bank AG        4.700  12/19/2021     EUR   32.380
UBS AG/London           10.000   07/08/2022    CHF   72.550
Landesbank Baden-Wuert   5.700   1/28/2022     EUR   43.610
UniCredit Bank AG       17.000  11/15/2021     NOK   73.950
Vontobel Financial Pro  12.500  12/24/2021     EUR   43.090
Vontobel Financial Pro  16.500  12/24/2021     EUR   40.390
Vontobel Financial Pro  17.500  12/24/2021     EUR   39.790
Vontobel Financial Pro  19.500  12/24/2021     EUR   75.892
Vontobel Financial Pro  18.000   3/25/2022     EUR   60.050
Vontobel Financial Pro  13.500   3/25/2022     EUR   66.320
Vontobel Financial Pro  11.000  12/24/2021     EUR   70.500
Vontobel Financial Pro  18.500  12/24/2021     EUR   71.160
Vontobel Financial Pro  17.000   3/25/2022     EUR   61.480
Vontobel Financial Pro  12.000   3/25/2022     EUR   68.100
Vontobel Financial Pro  17.500   3/25/2022     EUR   41.290
Vontobel Financial Pro  16.000   3/25/2022     EUR   42.290
EFG International Fina  15.000   02/10/2022    EUR   58.260
UBS AG/London            7.750   08/10/2022    CHF   77.250
Vontobel Financial Pro  16.000   3/25/2022     EUR   74.090
Vontobel Financial Pro  22.500  12/24/2021     EUR   77.280
DekaBank Deutsche Giro   2.600  10/24/2023     EUR   64.420
Landesbank Baden-Wuert   2.500  12/27/2021     EUR   59.410
UniCredit Bank AG        4.150   10/12/2022    EUR   76.050
Landesbank Baden-Wuert   5.100  11/25/2022     EUR   57.930
Raiffeisen Switzerland  10.500   02/08/2022    CHF   69.800
Vontobel Financial Pro  23.500  12/24/2021     EUR   82.500
Leonteq Securities AG   12.000   02/09/2022    CHF   56.280
Vontobel Financial Pro  15.500  12/24/2021     EUR   41.020
Vontobel Financial Pro  14.500  12/24/2021     EUR   41.680
Vontobel Financial Pro  20.000  12/24/2021     EUR   38.090
Vontobel Financial Pro  19.000   3/25/2022     EUR   69.310
Vontobel Financial Pro  14.500   3/25/2022     EUR   64.510
Vontobel Financial Pro  15.500   3/25/2022     EUR   62.840
Vontobel Financial Pro  20.000  12/24/2021     EUR   57.460
Vontobel Financial Pro  12.000   3/25/2022     EUR   44.390
Vontobel Financial Pro  12.000  12/24/2021     EUR   43.920
Vontobel Financial Pro  11.000   3/25/2022     EUR   70.210
Vontobel Financial Pro  16.000  12/24/2021     EUR   85.204
Landesbank Baden-Wuert   3.500   8/26/2022     EUR   52.560
Leonteq Securities AG   12.400   05/12/2022    CHF   63.720
Landesbank Baden-Wuert   5.450   8/26/2022     EUR   46.540
Leonteq Securities AG/  15.000   05/12/2022    USD   72.420
UniCredit Bank AG        9.600  12/27/2021     EUR   67.290
EFG International Fina  15.000   02/03/2022    USD   61.720
UBS AG/London           11.250   02/03/2023    CHF   73.850
DZ Bank AG Deutsche Ze  19.300  12/24/2021     EUR   37.220
UBS AG/London           13.500   05/12/2022    USD   59.700
UniCredit Bank AG        5.250   12/01/2023    EUR   45.750
Vontobel Financial Pro  14.000  12/24/2021     EUR   72.960
Vontobel Financial Pro  20.000  12/24/2021     EUR   61.400
DZ Bank AG Deutsche Ze  12.250   2/23/2022     EUR   64.710
Landesbank Baden-Wuert   4.050   8/26/2022     EUR   53.110
Vontobel Financial Pro  15.000  12/24/2021     EUR   56.830
Vontobel Financial Pro   8.500  12/24/2021     EUR   67.370
Leonteq Securities AG   15.000   1/25/2022     CHF   65.220
Vontobel Financial Pro  10.000   3/25/2022     EUR   48.020
Vontobel Financial Pro  13.000   3/25/2022     EUR   44.770
Vontobel Financial Pro  16.500  12/24/2021     EUR   65.750
UniCredit Bank AG        4.450   09/11/2023    EUR   46.750
Vontobel Financial Pro  16.000   3/25/2022     EUR   77.240
Vontobel Financial Pro  17.500   3/25/2022     EUR   75.350
Vontobel Financial Pro  14.000  12/24/2021     EUR   50.050
Vontobel Financial Pro   8.000  12/24/2021     EUR   60.010
Vontobel Financial Pro  10.000  12/24/2021     EUR   56.200
Vontobel Financial Pro  11.500  12/24/2021     EUR   52.850
Landesbank Baden-Wuert   5.550   1/28/2022     EUR   48.570
Zurcher Kantonalbank F   8.000   4/29/2022     USD   72.200
Vontobel Financial Pro  10.500  12/24/2021     EUR   46.630
Vontobel Financial Pro  11.000  12/24/2021     EUR   45.680
Vontobel Financial Pro   7.000   3/25/2022     EUR   52.320
Vontobel Financial Pro  11.500   3/25/2022     EUR   46.290
Bank Julius Baer & Co   18.300   2/18/2022     USD   70.550
Vontobel Financial Pro   9.500  12/24/2021     EUR   47.560
Vontobel Financial Pro   7.500  12/24/2021     EUR   50.790
Vontobel Financial Pro  21.500  12/24/2021     EUR   71.890
Vontobel Financial Pro   9.000  12/24/2021     EUR   48.600
Vontobel Financial Pro  12.000  12/24/2021     EUR   44.840
Vontobel Financial Pro   8.000   3/25/2022     EUR   49.830
Vontobel Financial Pro  14.000   3/25/2022     EUR   68.860
Vontobel Financial Pro   8.000  12/24/2021     EUR   49.630
Landesbank Baden-Wuert   3.200  11/25/2022     EUR   62.890
Vontobel Financial Pro  13.500  12/24/2021     EUR   42.370
Vontobel Financial Pro  19.000  12/24/2021     EUR   38.610
Vontobel Financial Pro  18.000  12/24/2021     EUR   39.160
Vontobel Financial Pro  14.000   3/25/2022     EUR   43.260
Vontobel Financial Pro  25.000  12/24/2021     EUR   82.690
Vontobel Financial Pro  23.000   3/25/2022     EUR   81.830
Vontobel Financial Pro  21.500   3/25/2022     EUR   83.920
Societe Generale SA      4.500  12/29/2022     USD    0.460
Erste Group Bank AG      4.350   2/20/2022     EUR   43.050
Zurcher Kantonalbank F  15.500   01/06/2022    CHF   74.680
Leonteq Securities AG   12.000   06/08/2022    CHF   66.060
Societe Generale SA      3.900   3/23/2022     USD    0.400
Vontobel Financial Pro  18.500  12/24/2021     EUR   40.280
Vontobel Financial Pro  11.000  12/24/2021     EUR   48.290
Vontobel Financial Pro  14.500  12/24/2021     EUR   43.780
Goldman Sachs & Co Wer  22.000  11/24/2021     EUR   73.770
Landesbank Baden-Wuert   3.300  12/27/2021     EUR   62.330
Landesbank Baden-Wuert   5.150  12/27/2021     EUR   54.340
Vontobel Financial Pro  17.000  12/24/2021     EUR   76.560
Vontobel Financial Pro   8.000  12/24/2021     EUR   38.644
Vontobel Financial Pro   9.000  12/24/2021     EUR   38.763
Leonteq Securities AG/  17.000  11/30/2021     USD   61.770
Bank Julius Baer & Co   16.000   05/11/2022    EUR   65.650
Leonteq Securities AG/  21.530   5/17/2022     CHF   66.210
Leonteq Securities AG/  21.420   05/11/2022    CHF   56.920
DZ Bank AG Deutsche Ze  24.700  12/24/2021     EUR   66.250
DZ Bank AG Deutsche Ze  20.200   3/25/2022     EUR   70.150
DZ Bank AG Deutsche Ze  24.100   3/25/2022     EUR   65.680
DZ Bank AG Deutsche Ze  18.800   5/27/2022     EUR   72.540
DZ Bank AG Deutsche Ze  21.200   6/24/2022     EUR   69.680
DZ Bank AG Deutsche Ze  19.000   9/23/2022     EUR   72.940
Vontobel Financial Pro  13.750  12/24/2021     EUR   70.976
DZ Bank AG Deutsche Ze  17.800  12/24/2021     EUR   33.080
UBS AG/London           14.000   07/07/2022    USD   69.850
UBS AG/London           16.300   01/08/2024    EUR   42.050
DZ Bank AG Deutsche Ze  10.250   3/23/2022     EUR   55.330
Landesbank Baden-Wuert   4.050   3/24/2023     EUR   60.940
Vontobel Financial Pro  16.450   03/03/2023    EUR   76.649
DZ Bank AG Deutsche Ze  24.200  12/24/2021     EUR   30.710
DZ Bank AG Deutsche Ze  16.300   3/25/2022     EUR   36.980
Bank Julius Baer & Co   10.200   5/30/2023     EUR   15.750
Societe Generale Effek  20.500  12/24/2021     EUR   82.190
Societe Generale Effek  22.500  11/26/2021     EUR   73.220
Societe Generale Effek  20.250   3/25/2022     EUR   76.520
Societe Generale Effek  23.250  12/24/2021     EUR   72.180
Vontobel Financial Pro  18.000  12/24/2021     EUR   78.584
BNP Paribas Emissions-   9.500  12/23/2021     EUR   76.070
BNP Paribas Emissions-  23.000  12/23/2021     EUR    2.870
Landesbank Baden-Wuert  13.180   1/28/2022     EUR   71.380
Vontobel Financial Pro  10.000  12/24/2021     EUR   52.380
Vontobel Financial Pro   9.000   3/25/2022     EUR   53.080
Vontobel Financial Pro  15.000   3/25/2022     EUR   47.610
Vontobel Financial Pro   7.500   3/25/2022     EUR   55.730
Vontobel Financial Pro  16.500   3/25/2022     EUR   72.200
Vontobel Financial Pro  19.500   3/25/2022     EUR   67.710
Vontobel Financial Pro  20.500   3/25/2022     EUR   66.400
Vontobel Financial Pro  17.500   3/25/2022     EUR   70.610
Vontobel Financial Pro  21.000   3/25/2022     EUR   64.970
Vontobel Financial Pro  22.000   3/25/2022     EUR   63.810
Vontobel Financial Pro  23.000   3/25/2022     EUR   62.730
Vontobel Financial Pro  24.000   3/25/2022     EUR   61.720
Vontobel Financial Pro  20.500  12/24/2021     EUR   67.080
Vontobel Financial Pro  23.000  12/24/2021     EUR   63.540
Vontobel Financial Pro  22.000  12/24/2021     EUR   65.290
Bank Vontobel AG         6.507   8/17/2022     CHF   66.400
Vontobel Financial Pro  17.000  12/24/2021     EUR   79.002
DZ Bank AG Deutsche Ze  12.600   3/25/2022     EUR   39.540
DZ Bank AG Deutsche Ze  20.200   3/25/2022     EUR   35.280
Societe Generale Effek  28.500  11/26/2021     EUR   76.510
Zurcher Kantonalbank F  16.250   05/04/2022    EUR   60.590
Landesbank Baden-Wuert   5.250   4/28/2023     EUR   66.290
Landesbank Baden-Wuert   3.150   4/28/2023     EUR   70.790
Landesbank Baden-Wuert   5.700   4/28/2023     EUR   48.040
Landesbank Baden-Wuert   4.350   4/28/2023     EUR   49.560
Landesbank Baden-Wuert   3.000   4/28/2023     EUR   51.870
Vontobel Financial Pro  20.500   6/24/2022     EUR   73.090
DZ Bank AG Deutsche Ze  16.000  12/24/2021     EUR   58.900
DZ Bank AG Deutsche Ze  14.400   3/25/2022     EUR   61.850
DZ Bank AG Deutsche Ze  16.700   3/25/2022     EUR   59.080
UniCredit Bank AG        8.000   3/25/2022     EUR   67.210
EFG International Fina  15.000   9/26/2022     CHF   77.280
Vontobel Financial Pro  22.500  12/24/2021     EUR   45.230
Vontobel Financial Pro  23.500   3/25/2022     EUR   77.080
Vontobel Financial Pro  16.000   3/25/2022     EUR   50.300
Vontobel Financial Pro  22.000  12/24/2021     EUR   66.450
Vontobel Financial Pro  24.000  12/24/2021     EUR   69.620
EFG International Fina   7.000   3/23/2023     USD   48.990
Vontobel Financial Pro  24.500  12/24/2021     EUR   63.450
Vontobel Financial Pro  19.500   3/25/2022     EUR   70.259
Landesbank Baden-Wuert   2.200   1/27/2023     EUR   49.760
Societe Generale Effek  22.000   3/25/2022     EUR   74.240
Vontobel Financial Pro   9.000  12/24/2021     EUR   78.520
Vontobel Financial Pro  17.750   3/25/2022     EUR   43.479
Vontobel Financial Pro  12.000  12/24/2021     EUR   62.760
Vontobel Financial Pro  17.500  12/24/2021     EUR   64.720
Vontobel Financial Pro  12.500  12/24/2021     EUR   72.000
Vontobel Financial Pro  11.500  12/24/2021     EUR   73.170
Vontobel Financial Pro  14.000  12/24/2021     EUR   69.740
Vontobel Financial Pro  16.000  12/24/2021     EUR   66.610
Vontobel Financial Pro  17.000  12/24/2021     EUR   65.680
Societe Generale Effek  19.750  11/26/2021     EUR   78.910
Leonteq Securities AG/  15.000   4/13/2022     CHF   67.340
Landesbank Baden-Wuert   6.500   5/27/2022     EUR   60.460
DZ Bank AG Deutsche Ze  25.000  12/24/2021     EUR   76.550
DZ Bank AG Deutsche Ze  20.700   3/25/2022     EUR   80.670
UBS AG/London           16.000   9/19/2022     CHF   68.600
Landesbank Baden-Wuert   4.050  10/28/2022     EUR   47.630
Landesbank Baden-Wuert   6.350  10/28/2022     EUR   44.080
Landesbank Baden-Wuert   3.500  10/28/2022     EUR   69.860
Vontobel Financial Pro  23.500   3/25/2022     EUR   74.380
DZ Bank AG Deutsche Ze  17.100   3/25/2022     EUR   46.290
Vontobel Financial Pro  20.000  12/24/2021     EUR   66.111
Bank Vontobel AG         6.007   9/26/2022     CHF   64.610
Bank Vontobel AG         4.255   6/27/2022     CHF   62.310
Bank Vontobel AG        14.006   9/26/2022     CHF   50.250
UBS AG/London           15.250   2/24/2022     USD   58.400
UBS AG/London            6.500   8/24/2022     CHF   71.850
Credit Suisse AG/Londo  11.000   2/23/2022     USD   61.220
Vontobel Financial Pro  23.000  12/24/2021     EUR   72.920
EFG International Fina  16.000   2/24/2022     CHF   60.020
Vontobel Financial Pro   9.000  12/24/2021     EUR   53.600
Vontobel Financial Pro  16.350   3/14/2022     EUR   82.901
Leonteq Securities AG/  17.600   03/08/2022    USD   57.150
Vontobel Financial Pro  20.500  12/24/2021     EUR   66.250
Leonteq Securities AG/   8.130   2/21/2022     EUR   68.020
Leonteq Securities AG/   6.100   2/21/2022     CHF   65.960
Vontobel Financial Pro  11.000   3/25/2022     EUR   72.870
Bank Vontobel AG        14.004   09/02/2022    CHF   65.300
Societe Generale Effek  17.500  11/26/2021     EUR   83.140
Societe Generale Effek  24.500  11/26/2021     EUR   70.520
Societe Generale Effek  20.500  11/26/2021     EUR   76.330
Societe Generale Effek  21.250  12/24/2021     EUR   75.240
Vontobel Financial Pro  16.000  12/24/2021     EUR   54.815
Leonteq Securities AG   17.000   2/23/2022     CHF   66.870
Landesbank Baden-Wuert   5.750  10/28/2022     EUR   65.450
Zurcher Kantonalbank F  10.000   4/13/2022     CHF   76.270
Bank Vontobel AG         6.007   9/26/2022     CHF   64.800
Vontobel Financial Pro  24.500  12/24/2021     EUR   71.330
Vontobel Financial Pro  25.000  12/24/2021     EUR   76.080
UniCredit Bank AG        5.050   01/11/2022    EUR   47.560
Leonteq Securities AG/   6.000   2/20/2023     CHF   68.080
Vontobel Financial Pro  12.500  12/24/2021     EUR   70.690
Vontobel Financial Pro  20.500   3/25/2022     EUR   61.000
DekaBank Deutsche Giro   2.150   1/21/2022     EUR   71.220
Landesbank Baden-Wuert   4.100   1/28/2022     EUR   46.880
Vontobel Financial Pro   6.500  12/24/2021     EUR   64.500
Vontobel Financial Pro  10.500   3/25/2022     EUR   40.049
UniCredit Bank AG        8.200   2/16/2022     EUR   59.960
SG Issuer SA             0.500  10/29/2030     EUR   52.050
UniCredit Bank AG        9.400  12/24/2021     EUR   75.500
Zurcher Kantonalbank F   8.000   2/25/2022     CHF   71.110
SG Issuer SA             2.100   2/14/2033     EUR   29.760
Leonteq Securities AG/  20.000   06/01/2022    EUR   77.230
Societe Generale Effek  25.000  12/24/2021     EUR   69.980
Vontobel Financial Pro  11.000  12/24/2021     EUR   39.013
Landesbank Baden-Wuert   6.400   5/27/2022     EUR   52.830
Landesbank Baden-Wuert   6.700   5/27/2022     EUR   69.020
Vontobel Financial Pro  17.500   6/24/2022     EUR   74.290
UBS AG/London           12.250   3/24/2022     CHF   59.750
Vontobel Financial Pro   9.200   3/23/2022     EUR   64.630
Vontobel Financial Pro  17.500  12/24/2021     EUR   69.680
Vontobel Financial Pro  21.000  12/24/2021     EUR   66.370
Bank Julius Baer & Co   10.000   3/28/2022     USD   69.250
Vontobel Financial Pro  15.500  12/24/2021     EUR   61.914
Landesbank Baden-Wuert   3.050   3/25/2022     EUR   58.400
Landesbank Baden-Wuert   7.300   3/25/2022     EUR   50.070
Vontobel Financial Pro  14.750   6/24/2022     EUR   74.027
Vontobel Financial Pro   5.550   5/18/2022     EUR   58.030
Leonteq Securities AG/   8.500  11/14/2022     EUR   75.300
Leonteq Securities AG    8.500  11/17/2022     CHF   74.930
Landesbank Baden-Wuert   4.550   5/27/2022     EUR   55.350
Landesbank Baden-Wuert   8.500   5/27/2022     EUR   50.840
EFG International Fina  14.000  11/21/2022     CHF   59.500
BNP Paribas Emissions-  15.000   6/23/2022     EUR   60.600
BNP Paribas Emissions-   8.500   3/24/2022     EUR   67.290
BNP Paribas Emissions-  13.000   3/24/2022     EUR   63.670
BNP Paribas Emissions-  15.000   3/24/2022     EUR   61.300
BNP Paribas Emissions-  17.000   3/24/2022     EUR   57.910
BNP Paribas Emissions-   9.500  12/23/2021     EUR   65.900
BNP Paribas Emissions-  10.000  12/23/2021     EUR   63.060
BNP Paribas Emissions-  13.000  12/23/2021     EUR   60.740
BNP Paribas Emissions-  18.000  12/23/2021     EUR   55.890
DZ Bank AG Deutsche Ze  17.200   6/24/2022     EUR   56.880
Corner Banca SA         20.000   04/06/2022    USD   78.570
Leonteq Securities AG/   9.000   02/01/2023    CHF   70.590
Landesbank Baden-Wuert   5.000   3/25/2022     EUR   53.730
Vontobel Financial Pro  21.000  12/24/2021     EUR   65.250
Vontobel Financial Pro  19.500   3/25/2022     EUR   77.960
Vontobel Financial Pro  21.500  12/24/2021     EUR   76.300
Vontobel Financial Pro  17.000  12/24/2021     EUR   73.400
Vontobel Financial Pro  23.000  12/24/2021     EUR   68.344
Landesbank Baden-Wuert   3.400   8/23/2024     EUR   51.680
Vontobel Financial Pro  19.500  12/24/2021     EUR   52.250
Vontobel Financial Pro  18.500  12/24/2021     EUR   63.850
Vontobel Financial Pro   9.500  12/24/2021     EUR   77.090
Vontobel Financial Pro  10.500  12/24/2021     EUR   75.780
Vontobel Financial Pro  11.000  12/24/2021     EUR   74.450
Vontobel Financial Pro  13.000  12/24/2021     EUR   70.820
Vontobel Financial Pro  14.500  12/24/2021     EUR   68.630
Vontobel Financial Pro  15.500  12/24/2021     EUR   67.630
Corner Banca SA         14.600  11/23/2021     USD   64.730
Vontobel Financial Pro   4.050   7/15/2022     EUR   34.580
Vontobel Financial Pro  12.500  12/24/2021     EUR   52.690
Vontobel Financial Pro  20.000  12/24/2021     EUR   46.810
Vontobel Financial Pro  25.000  12/24/2021     EUR   76.740
Vontobel Financial Pro  13.500   3/25/2022     EUR   51.920
Vontobel Financial Pro  11.500   3/25/2022     EUR   54.030
Vontobel Financial Pro   7.500   3/25/2022     EUR   59.340
Vontobel Financial Pro  10.500  12/24/2021     EUR   55.200
Vontobel Financial Pro  23.000  12/24/2021     EUR   66.490
Vontobel Financial Pro  25.000  12/24/2021     EUR   70.348
Vontobel Financial Pro  16.500  12/24/2021     EUR   69.140
Vontobel Financial Pro  21.000   3/25/2022     EUR   76.140
Vontobel Financial Pro  18.000   3/25/2022     EUR   79.910
Vontobel Financial Pro  16.000  12/24/2021     EUR   84.810
Vontobel Financial Pro  18.000  12/24/2021     EUR   81.810
Vontobel Financial Pro  20.000  12/24/2021     EUR   78.990
Landesbank Baden-Wuert   3.100  11/26/2021     EUR   62.090
Vontobel Financial Pro  14.000  12/24/2021     EUR   65.453
Zurcher Kantonalbank F  14.550  11/18/2021     USD   67.390
Bank Julius Baer & Co    7.300   2/22/2022     EUR   61.600
UBS AG/London            9.500   04/11/2022    CHF   72.850
Leonteq Securities AG/   2.700   04/01/2026    EUR   46.590
Vontobel Financial Pro  16.500   6/24/2022     EUR   68.790
Vontobel Financial Pro  15.000   6/24/2022     EUR   74.270
Vontobel Financial Pro  16.000   3/25/2022     EUR   73.900
UBS AG/London            7.000   2/21/2022     EUR   71.900
UBS AG/London           10.000   03/03/2022    CHF   66.100
Vontobel Financial Pro   9.750   3/25/2022     EUR   40.827
Vontobel Financial Pro  17.000   3/25/2022     EUR   68.990
Vontobel Financial Pro  15.000   3/25/2022     EUR   84.230
Vontobel Financial Pro  22.500   3/25/2022     EUR   74.460
Societe Generale Effek  21.500  11/26/2021     EUR   78.000
Societe Generale Effek  17.000   3/25/2022     EUR   82.460
Societe Generale Effek  26.250  11/26/2021     EUR   68.180
Vontobel Financial Pro   7.500   3/25/2022     EUR   40.638
Leonteq Securities AG/   4.000   2/21/2022     EUR   65.840
Vontobel Financial Pro   7.000   3/25/2022     EUR   42.343
Vontobel Financial Pro  16.500   3/25/2022     EUR   82.010
Vontobel Financial Pro  23.500   3/25/2022     EUR   72.710
Landesbank Baden-Wuert   5.600  11/26/2021     EUR   53.940
Leonteq Securities AG   13.000   6/21/2022     CHF   69.310
Landesbank Baden-Wuert   3.150   6/24/2022     EUR   51.940
Landesbank Baden-Wuert   4.850   6/24/2022     EUR   45.320
Vontobel Financial Pro   8.000  12/24/2021     EUR   32.751
Vontobel Financial Pro  20.000  12/24/2021     EUR   58.240
Leonteq Securities AG   28.630  12/15/2021     CHF   38.450
Vontobel Financial Pro  14.500   6/24/2022     EUR   69.540
Raiffeisen Schweiz Gen  10.000  12/14/2022     CHF   72.000
Leonteq Securities AG/  23.180   4/29/2022     USD   59.330
Leonteq Securities AG   15.000   6/15/2022     CHF   56.280
Vontobel Financial Pro   3.750   01/03/2023    EUR   46.090
Vontobel Financial Pro  11.500   6/24/2022     EUR   79.032
Landesbank Baden-Wuert   8.600   6/24/2022     EUR   68.580
Vontobel Financial Pro  16.750   3/25/2022     EUR   71.435
Landesbank Baden-Wuert   7.150   6/24/2022     EUR   54.550
DZ Bank AG Deutsche Ze  24.800  12/24/2021     EUR   72.610
DZ Bank AG Deutsche Ze  23.700   6/24/2022     EUR   69.590
Vontobel Financial Pro  12.400   3/16/2022     EUR   61.645
DZ Bank AG Deutsche Ze  17.600   6/24/2022     EUR   66.890
Landesbank Baden-Wuert  10.500   6/24/2022     EUR   51.980
Landesbank Baden-Wuert   4.200   6/24/2022     EUR   58.320
Citigroup Global Marke   9.000   8/18/2022     USD    0.882
Leonteq Securities AG/  11.000   05/05/2022    CHF   66.630
Zurcher Kantonalbank F  15.000   02/04/2022    USD   57.450
UniCredit Bank AG        5.250   09/11/2023    EUR   84.050
Landesbank Baden-Wuert   4.450   4/25/2022     EUR   59.200
Landesbank Baden-Wuert   6.700   4/25/2022     EUR   54.280
Landesbank Baden-Wuert  10.000   4/25/2022     EUR   50.160
Leonteq Securities AG   22.340   4/14/2022     CHF   61.970
EFG International Fina  18.000   4/14/2022     CHF   69.440
Landesbank Baden-Wuert   3.000   5/27/2022     EUR   44.390
Landesbank Baden-Wuert   7.750   5/27/2022     EUR   38.740
Landesbank Baden-Wuert   3.500   5/27/2022     EUR   67.250
DZ Bank AG Deutsche Ze  21.000  12/24/2021     EUR   82.120
DZ Bank AG Deutsche Ze  23.900  12/24/2021     EUR   73.570
Leonteq Securities AG   23.390   4/19/2022     CHF   71.430
Bank Julius Baer & Co    7.400   7/13/2022     CHF   79.750
Landesbank Baden-Wuert   7.200   4/25/2022     EUR   66.760
UniCredit Bank AG        6.200   4/13/2022     EUR   66.870
Landesbank Baden-Wuert   5.200   5/27/2022     EUR   41.030
DZ Bank AG Deutsche Ze   8.750  12/22/2021     EUR   73.390
DZ Bank AG Deutsche Ze  17.900   6/24/2022     EUR   83.300
Zurcher Kantonalbank F  11.500   3/25/2022     CHF   60.020
UBS AG/London           12.500   6/23/2022     USD   67.050
Leonteq Securities AG   18.000   04/12/2022    CHF   68.150
Raiffeisen Switzerland  10.800   04/12/2022    CHF   77.560
Vontobel Financial Pro  13.250  12/24/2021     EUR   62.073
Raiffeisen Switzerland  12.000   1/25/2022     CHF   68.480
Leonteq Securities AG/  10.000   4/26/2022     EUR   61.450
DZ Bank AG Deutsche Ze  20.200  12/24/2021     EUR   67.410
DZ Bank AG Deutsche Ze  21.800  12/24/2021     EUR   73.090
DZ Bank AG Deutsche Ze  14.900  12/24/2021     EUR   65.160
Bank Julius Baer & Co   12.050   3/18/2022     USD   62.450
Societe Generale Effek  16.465   04/06/2022    EUR   68.640
DZ Bank AG Deutsche Ze  18.500  12/24/2021     EUR   59.250
DZ Bank AG Deutsche Ze  22.400  12/24/2021     EUR   54.510
DZ Bank AG Deutsche Ze  17.100  12/24/2021     EUR   74.080
Landesbank Baden-Wuert   5.400  11/25/2022     EUR   57.240
DZ Bank AG Deutsche Ze  12.750  10/26/2022     EUR   75.650
DZ Bank AG Deutsche Ze  22.900   9/23/2022     EUR   75.040
DZ Bank AG Deutsche Ze  16.800   9/23/2022     EUR   60.750
Vontobel Financial Pro  12.500  12/24/2021     EUR   76.290
Vontobel Financial Pro  13.500  12/24/2021     EUR   74.650
Zurcher Kantonalbank F  25.000   9/20/2022     CHF   59.930
Credit Suisse AG/Londo  12.500   7/14/2022     USD   66.970
Leonteq Securities AG/   3.400   3/20/2024     CHF   46.810
Zurcher Kantonalbank F  11.250  10/20/2022     USD   61.660
Credit Suisse AG/Londo   9.500   9/27/2024     USD    9.750
Bank Vontobel AG         7.500   01/03/2023    EUR   47.900
Leonteq Securities AG/  10.000   07/12/2023    CHF   72.280
Zurcher Kantonalbank F  20.500   08/09/2022    CHF   77.230
Leonteq Securities AG/  12.000   7/29/2022     CHF   73.370
Vontobel Financial Pro  14.750   6/24/2022     EUR   66.819
Leonteq Securities AG/  12.000   4/22/2022     USD   61.270
Leonteq Securities AG/  21.100   4/21/2022     CHF   71.070
DZ Bank AG Deutsche Ze  22.700   3/25/2022     EUR   65.300
DZ Bank AG Deutsche Ze  24.600   3/25/2022     EUR   70.620
Zuercher Kantonalbank    8.624   4/25/2022     CHF    0.280
Vontobel Financial Pro  12.500   3/25/2022     EUR   39.711
Vontobel Financial Pro  14.500   6/24/2022     EUR   74.177
UBS AG/London            7.000   4/21/2023     USD   71.400
Bank Vontobel AG         7.000  12/27/2022     CHF   66.200
Zurcher Kantonalbank F  10.400   07/08/2022    CHF   73.300
Landesbank Baden-Wuert   4.150   6/23/2023     EUR   56.670
Landesbank Baden-Wuert   2.800   6/23/2023     EUR   58.720
Landesbank Baden-Wuert   3.100   2/25/2022     EUR   67.530
Zurcher Kantonalbank F  10.750   7/15/2022     EUR   70.080
Leonteq Securities AG/  17.000   08/02/2022    USD   71.240
Zurcher Kantonalbank F  27.000   9/13/2022     USD   70.120
Zurcher Kantonalbank F  26.000   9/13/2022     CHF   70.130
Landesbank Baden-Wuert   9.000  10/28/2022     EUR   72.250
Landesbank Baden-Wuert   6.500  10/28/2022     EUR   74.790
Bank Vontobel AG        13.002   9/19/2022     CHF   50.100
Bank Vontobel AG         7.000   9/19/2022     CHF   68.190
Credit Suisse AG/Londo   8.000  10/28/2022     CHF   70.360
Credit Suisse AG/Londo  12.500   7/29/2022     USD   72.490
Landesbank Baden-Wuert   4.800   8/25/2023     EUR   68.330
Landesbank Baden-Wuert   6.100   8/25/2023     EUR   66.760
Credit Suisse AG/Londo  15.750   8/30/2024     USD    9.180
Landesbank Baden-Wuert   4.000  10/28/2022     EUR   77.770
Corner Banca SA         12.000   6/21/2022     CHF   46.690
Zurcher Kantonalbank F  15.000   8/24/2022     CHF   60.930
Landesbank Baden-Wuert   3.650   3/24/2023     EUR   71.620
DZ Bank AG Deutsche Ze  12.250   8/24/2022     EUR   66.590
Landesbank Baden-Wuert   2.850   9/23/2022     EUR   66.440
Landesbank Baden-Wuert   4.700   9/23/2022     EUR   63.440
Landesbank Baden-Wuert   6.800   9/23/2022     EUR   61.140
Leonteq Securities AG   15.000   08/02/2022    CHF   63.430
Bank Julius Baer & Co    5.250   08/10/2022    CHF   69.300
Vontobel Financial Pro  12.250   6/24/2022     EUR   62.840
Zurcher Kantonalbank F  11.250   07/06/2022    EUR   51.440
Leonteq Securities AG/  22.520   07/06/2022    CHF   54.240
Leonteq Securities AG/  22.130   07/08/2022    CHF   61.600
Leonteq Securities AG/  22.310   08/10/2022    USD   57.260
Credit Suisse AG/Londo  15.000   07/07/2022    USD   65.580
UBS AG/London           14.500   6/30/2022     CHF   71.900
Credit Suisse AG/Londo  13.500   8/17/2022     CHF   73.440
UniCredit Bank AG        7.300  12/24/2021     EUR   70.860
UniCredit Bank AG        9.000  12/24/2021     EUR   66.360
UniCredit Bank AG       14.600  12/24/2021     EUR   67.350
UniCredit Bank AG        6.900  12/24/2021     EUR   71.280
UniCredit Bank AG       12.500  12/24/2021     EUR   31.260
Skandinaviska Enskilda   6.000   1/15/2025     SEK   73.190
Zurcher Kantonalbank F   4.000   02/11/2022    CHF   62.940
UBS AG/London           19.750   4/21/2022     USD   59.600
UBS AG/London            7.000  12/20/2021     CHF   61.600
Skandinaviska Enskilda   4.400   7/15/2022     SEK   73.120
UniCredit Bank AG        8.300  12/24/2021     EUR   56.340
UniCredit Bank AG       12.500  12/24/2021     EUR   73.790
UniCredit Bank AG        8.000  12/24/2021     EUR   68.600
UniCredit Bank AG        5.800  12/24/2021     EUR   75.840
Raiffeisen Schweiz Gen   8.000   1/31/2022     CHF   67.230
UBS AG/London           12.000  12/20/2021     CHF   55.450
Credit Suisse AG/Londo   6.200  11/30/2022     USD    9.900
Vontobel Financial Pro  23.950   06/03/2022    EUR   46.201
Leonteq Securities AG   13.200  10/19/2022     CHF   76.130
Leonteq Securities AG/  14.200  10/19/2022     USD   75.860
DekaBank Deutsche Giro   4.000   8/18/2022     EUR   62.530
DZ Bank AG Deutsche Ze  10.750   8/24/2022     EUR   61.230
Vontobel Financial Pro  10.000   6/24/2022     EUR   73.489
Vontobel Financial Pro   9.750   6/24/2022     EUR   64.965
DZ Bank AG Deutsche Ze  24.700  12/24/2021     EUR   66.790
DZ Bank AG Deutsche Ze  20.800   3/25/2022     EUR   71.070
DZ Bank AG Deutsche Ze  24.300   3/25/2022     EUR   67.610
DZ Bank AG Deutsche Ze  23.000   6/24/2022     EUR   68.520
DZ Bank AG Deutsche Ze  21.000  12/24/2021     EUR   68.930
Vontobel Financial Pro   9.500   6/24/2022     EUR   54.087
Landesbank Baden-Wuert   3.150   7/22/2022     EUR   60.920
Landesbank Baden-Wuert   4.500   7/22/2022     EUR   58.710
Landesbank Baden-Wuert   7.200   7/22/2022     EUR   55.930
Landesbank Baden-Wuert   9.250   7/22/2022     EUR   54.890
Leonteq Securities AG/  28.010   4/19/2022     CHF   32.370
Bank Vontobel AG        10.500   1/16/2023     CHF   74.500
Bank Vontobel AG        10.500   1/16/2023     CHF   74.500
Leonteq Securities AG/  10.000   1/19/2023     USD   68.630
Leonteq Securities AG/  10.000   7/19/2022     CHF   47.240
Zurcher Kantonalbank F   8.000   07/01/2022    CHF   70.100
Vontobel Financial Pro   9.500   6/24/2022     EUR   51.435
Landesbank Baden-Wuert   6.200   3/24/2023     EUR   68.120
Zurcher Kantonalbank F  12.500   08/03/2022    CHF   74.300
Leonteq Securities AG   16.000   5/25/2022     CHF   45.560
Leonteq Securities AG/  25.030   2/25/2022     USD   67.080
Raiffeisen Schweiz Gen  10.000   1/16/2023     CHF   73.240
Leonteq Securities AG/  27.290   4/26/2022     CHF   72.910
UBS AG/London           11.000  12/27/2021     CHF   63.500
UBS AG/London           10.000  12/27/2021     CHF   70.050
EFG International Fina  13.000  12/27/2021     CHF    6.040
Raiffeisen Schweiz Gen   7.500   02/10/2022    CHF   70.210
EFG International Fina  11.120  12/27/2024     EUR   60.240
Zurcher Kantonalbank F   6.250  12/30/2021     EUR   71.520
Araratbank OJSC          5.500   1/29/2024     USD   25.490
DekaBank Deutsche Giro   2.800   1/13/2023     EUR   75.720
DekaBank Deutsche Giro   4.000   1/14/2022     EUR   61.430
Raiffeisen Schweiz Gen   3.400   3/21/2025     CHF   59.940
Leonteq Securities AG    3.900  12/20/2024     CHF   57.290
Raiffeisen Schweiz Gen   3.200  12/18/2026     CHF   70.250
Raiffeisen Schweiz Gen   7.750   1/27/2022     CHF   66.510
Corner Banca SA          9.000   1/21/2022     CHF   67.910
Leonteq Securities AG    3.600   9/22/2026     CHF   59.790
Raiffeisen Schweiz Gen   2.700   9/22/2026     CHF   56.740
DekaBank Deutsche Giro   2.000   02/10/2023    EUR   75.430
Leonteq Securities AG    8.600   1/24/2023     CHF   72.670
Leonteq Securities AG/   7.600   1/23/2023     CHF   73.420
Danske Bank A/S          6.860   07/09/2022    SEK   25.880
Bank Julius Baer & Co    8.350   1/30/2023     CHF   74.850
UBS AG/London           13.000   02/07/2022    CHF   63.700
UBS AG/London            8.000   1/24/2022     CHF   66.300
UBS AG/London           11.250   1/24/2022     CHF   58.700
UBS AG/London            7.250   1/24/2022     CHF   73.350
Vontobel Financial Pro   9.200   1/24/2022     EUR   57.240
Vontobel Financial Pro   9.500  12/24/2021     EUR   58.100
Vontobel Financial Pro  15.500  12/24/2021     EUR   48.820
Vontobel Financial Pro   6.000  12/24/2021     EUR   67.050
Vontobel Financial Pro  11.500  12/24/2021     EUR   54.560
Vontobel Financial Pro   7.500  12/24/2021     EUR   62.200
Vontobel Financial Pro  13.500  12/24/2021     EUR   51.500
Raiffeisen Schweiz Gen   8.500  12/13/2021     CHF   57.260
Leonteq Securities AG/   7.500  12/20/2021     EUR   57.940
Zurcher Kantonalbank F   6.300  12/16/2022     CHF   61.520
Bayerische Landesbank    1.450   1/26/2024     EUR   60.530
Zurcher Kantonalbank F   8.150  12/27/2021     CHF   77.660
Leonteq Securities AG/   9.400   02/04/2022    CHF   71.380
UBS AG/London           14.000  12/20/2021     CHF   60.250
UBS AG/London           10.250  12/20/2021     CHF   71.450
Leonteq Securities AG    7.200   1/31/2022     CHF   66.970
Otkritie Holding JSC     0.010   9/30/2027     RUB    3.400
UniCredit Bank AG        5.650   11/06/2023    EUR   78.230
Bayerische Landesbank    1.350  12/23/2022     EUR   57.600
Raiffeisen Schweiz Gen   6.600   3/23/2022     CHF   63.110
Leonteq Securities AG/   8.000  11/25/2021     EUR   99.320
Leonteq Securities AG   10.000   12/06/2021    CHF   69.240
Barclays Bank PLC        2.730   9/27/2024     EUR   64.180
DekaBank Deutsche Giro   3.700  12/17/2021     EUR   63.600
DekaBank Deutsche Giro   3.200   11/04/2022    EUR   72.970
Credit Suisse AG/Londo  10.800   12/07/2021    USD   58.400
BNP Paribas Issuance B   7.150   11/07/2024    SEK   64.010
UniCredit Bank AG        3.200   01/02/2023    EUR   81.010
Landesbank Baden-Wuert   3.600   6/23/2023     EUR   57.880
UBS AG/London            7.500  11/22/2021     CHF   74.500
UBS AG/London            8.000   12/06/2021    CHF   70.650
UBS AG/London            8.500  11/22/2021     EUR   67.150
Bayerische Landesbank    3.600  10/28/2022     EUR   74.730
SG Issuer SA             0.350  11/15/2023     EUR   24.550
Leonteq Securities AG/   7.420  11/22/2021     EUR   56.480
Leonteq Securities AG/   8.000   12/06/2021    EUR   74.030
UBS AG/London            7.000  11/29/2021     EUR   72.450
Raiffeisen Schweiz Gen   7.800  11/22/2021     CHF   68.750
EFG International Fina  12.000  11/29/2024     USD   87.280
BNP Paribas Emissions-  10.000   3/24/2022     EUR    3.860
BNP Paribas Emissions-   7.000  12/23/2021     EUR   54.680
DekaBank Deutsche Giro   3.250  11/25/2022     EUR   67.740
Bank Julius Baer & Co    7.650   01/10/2022    USD   55.950
Otkritie Holding JSC     0.010   08/05/2025    RUB    3.000
Zurcher Kantonalbank F   7.000   2/21/2022     CHF   65.900
Leonteq Securities AG/   6.600   01/09/2023    CHF   74.120
UBS AG/London            7.850   01/02/2025    USD   10.310
Bayerische Landesbank    2.500   7/22/2022     EUR   64.640
Raiffeisen Schweiz Gen  18.000   8/23/2022     CHF   63.680
Leonteq Securities AG   15.000   6/21/2022     CHF   54.730
UBS AG/London            9.750  12/23/2022     CHF   73.300
Vontobel Financial Pro  19.500   6/24/2022     EUR   69.092
UniCredit Bank AG        6.900  12/24/2021     EUR   73.490
EFG International Fina   9.400   12/12/2022    CHF   68.830
Leonteq Securities AG    8.000  12/13/2022     CHF   63.340
Landesbank Baden-Wuert   4.400   9/23/2022     EUR   46.020
Landesbank Baden-Wuert   2.350   9/23/2022     EUR   51.750
UniCredit Bank AG        9.200  12/24/2021     EUR   63.750
UniCredit Bank AG        5.900  12/24/2021     EUR   77.410
Leonteq Securities AG/   6.800  11/29/2021     CHF   77.520
Bayerische Landesbank    2.650   2/25/2022     EUR   78.700
BNP Paribas Emissions-   5.000  12/23/2021     EUR   74.340
BNP Paribas Emissions-   7.000   3/24/2022     EUR   56.290
Leonteq Securities AG/   9.000  11/29/2021     EUR   75.540
UBS AG/London           10.500  11/15/2021     CHF   68.300
UBS AG/London           10.250  11/15/2021     CHF   74.250
UBS AG/London           10.000   1/17/2022     CHF   66.850
Leonteq Securities AG/   7.750   1/17/2022     CHF   70.600
Vontobel Financial Pro   4.000  12/14/2021     EUR   72.570
DZ Bank AG Deutsche Ze  11.000   9/21/2022     EUR   62.180
DeltaCredit Bank JSC     1.000  10/20/2025     RUB   72.060
Bank Julius Baer & Co   13.950   03/01/2022    USD   59.550
Leonteq Securities AG/   6.000  11/23/2021     CHF   53.910
WEB Windenergie AG       4.000  12/17/2025     EUR    0.010
DekaBank Deutsche Giro   2.400   6/17/2022     EUR   68.820
UBS AG/London           13.500   1/17/2022     CHF   64.500
Landesbank Baden-Wuert   2.650   3/25/2022     EUR   54.510
Landesbank Baden-Wuert   5.300   3/25/2022     EUR   46.680
Bank Julius Baer & Co    7.250   06/02/2022    CHF   73.250
Raiffeisen Schweiz Gen   5.000   9/13/2022     CHF   72.330
DekaBank Deutsche Giro   4.150   07/01/2022    EUR   69.350
Raiffeisen Schweiz Gen   5.500   5/24/2022     CHF   73.430
Otkritie Holding JSC     0.010   9/17/2027     RUB    4.200
UBS AG/London            9.250  10/21/2022     CHF   62.300
Zurcher Kantonalbank F   8.125   02/11/2022    EUR   62.360
Zurcher Kantonalbank F   9.750   02/11/2022    USD   62.980
UniCredit Bank AG        9.300  12/24/2021     EUR   63.220
Bank Julius Baer & Co   10.300   1/31/2022     USD   67.600
UniCredit Bank AG        8.100  12/24/2021     EUR   68.400
UniCredit Bank AG       10.100  12/24/2021     EUR   61.450
DekaBank Deutsche Giro   3.500   2/24/2023     EUR   72.720
UniCredit Bank AG        6.500  12/24/2021     EUR   73.260
UniCredit Bank AG       10.400  12/24/2021     EUR   52.520
UniCredit Bank AG       12.000  12/24/2021     EUR   75.620
UniCredit Bank AG       13.000  12/24/2021     EUR   72.050
UniCredit Bank AG       14.100  12/24/2021     EUR   68.840
UniCredit Bank AG       10.800  12/24/2021     EUR   33.440
UniCredit Bank AG        5.800  12/24/2021     EUR   74.190
UniCredit Bank AG       13.600  12/24/2021     EUR   70.410
UniCredit Bank AG       10.000  12/24/2021     EUR   34.680
UniCredit Bank AG       11.700  12/24/2021     EUR   32.310
UBS AG/London           13.000   2/14/2022     CHF   57.550
Leonteq Securities AG   11.000   01/03/2022    CHF   58.710
UniCredit Bank AG        8.100  12/24/2021     EUR   66.020
UniCredit Bank AG       10.300  12/24/2021     EUR   59.700
Leonteq Securities AG/  15.180  12/27/2021     EUR    3.890
Zurcher Kantonalbank F   8.000   5/16/2022     CHF   62.290
UniCredit Bank AG        6.600   9/13/2023     EUR   72.100
Otkritie Holding JSC     0.010   12/08/2027    RUB    2.690
Zurcher Kantonalbank F  10.750   1/21/2022     CHF   58.600
Vontobel Financial Pro  10.000  11/22/2021     EUR   70.189
UniCredit Bank AG        4.800  12/24/2021     EUR   83.590
UniCredit Bank AG        9.200  12/24/2021     EUR   76.910
UniCredit Bank AG        6.100  12/24/2021     EUR   77.380
UniCredit Bank AG       10.500  12/24/2021     EUR   63.300
UniCredit Bank AG       10.300  12/24/2021     EUR   55.550
UniCredit Bank AG       11.300  12/24/2021     EUR   53.090
DekaBank Deutsche Giro   3.200   02/03/2023    EUR   83.370
Leonteq Securities AG   11.800  12/20/2021     CHF   65.090
Leonteq Securities AG   11.000  12/20/2021     CHF   72.450
Bayerische Landesbank    3.000   2/25/2022     EUR   73.910
Leonteq Securities AG/  12.200   02/07/2022    USD   71.980
BNP Paribas Emissions-   6.000   3/24/2022     EUR   70.510
BNP Paribas Emissions-   5.000   3/24/2022     EUR   38.820
Pongs & Zahn AG          8.500                 EUR    0.003
Leonteq Securities AG   18.000  11/24/2021     CHF   69.800
Landesbank Baden-Wuert   2.900  11/26/2021     EUR   76.280
Landesbank Baden-Wuert   4.000  11/26/2021     EUR   70.830
Landesbank Baden-Wuert   2.000  11/26/2021     EUR   67.270
Landesbank Baden-Wuert   3.000  11/26/2021     EUR   62.830
Landesbank Baden-Wuert   4.000  11/26/2021     EUR   59.890
Landesbank Baden-Wuert   3.500  11/26/2021     EUR   79.800
Landesbank Baden-Wuert   3.250  11/26/2021     EUR   72.800
Landesbank Baden-Wuert   4.000  11/26/2021     EUR   70.240
DekaBank Deutsche Giro   3.700  11/25/2022     EUR   61.410
EFG International Fina  13.400  10/31/2022     CHF   68.510
UniCredit Bank AG       10.900  12/24/2021     EUR   63.250
UniCredit Bank AG        8.900  12/24/2021     EUR   72.030
UniCredit Bank AG        5.700  12/24/2021     EUR   53.500
UniCredit Bank AG        9.300  12/24/2021     EUR   43.350
UniCredit Bank AG        7.800  12/24/2021     EUR   46.850
UniCredit Bank AG        6.400  12/24/2021     EUR   66.610
UniCredit Bank AG        8.100  12/24/2021     EUR   46.490
UniCredit Bank AG        8.300  12/24/2021     EUR   61.150
UniCredit Bank AG        6.300  12/24/2021     EUR   71.870
UniCredit Bank AG        9.900  12/24/2021     EUR   59.460
UniCredit Bank AG        7.500  12/24/2021     EUR   67.170
UniCredit Bank AG        9.100  12/24/2021     EUR   41.210
UniCredit Bank AG        6.600  12/24/2021     EUR   72.860
UniCredit Bank AG        9.900  12/24/2021     EUR   48.410
UniCredit Bank AG        9.700  12/24/2021     EUR   42.550
UniCredit Bank AG        8.900  12/24/2021     EUR   44.420
UniCredit Bank AG       11.200  12/24/2021     EUR   39.280
UniCredit Bank AG        9.700  12/24/2021     EUR   69.690
UniCredit Bank AG       10.500  12/24/2021     EUR   67.510
UniCredit Bank AG       11.100  12/24/2021     EUR   56.290
UniCredit Bank AG       10.900  12/24/2021     EUR   37.780
UniCredit Bank AG       11.400  12/24/2021     EUR   44.820
UniCredit Bank AG       12.900  12/24/2021     EUR   41.790
UniCredit Bank AG       10.000  12/24/2021     EUR   41.810
UniCredit Bank AG        9.100  12/24/2021     EUR   50.450
UniCredit Bank AG        4.200   12/06/2022    EUR   68.920
EFG International Fina  13.000   11/08/2021    EUR   50.660
UBS AG/London            8.000   11/08/2021    CHF   70.550
UBS AG/London            8.250   11/08/2021    CHF   72.700
Bayerische Landesbank    3.000  11/26/2021     EUR   67.670
Leonteq Securities AG    7.500   11/08/2022    CHF   68.740
Leonteq Securities AG/  12.000   11/08/2021    EUR   71.780
DekaBank Deutsche Giro   3.400   02/04/2022    EUR   80.490
SG Issuer SA             0.850  10/16/2024     EUR   12.710
BNP Paribas Issuance B   7.200  12/17/2024     SEK   69.390
Bank Julius Baer & Co   17.100   11/10/2021    USD   61.550
DekaBank Deutsche Giro   2.300   11/12/2021    EUR   56.190
Vontobel Financial Pro   7.000   6/24/2022     EUR   70.750
Vontobel Financial Pro   7.500   9/23/2022     EUR   72.810
Vontobel Financial Pro   6.500   9/23/2022     EUR   74.100
Vontobel Financial Pro  10.000   11/11/2021    EUR   69.850
Vontobel Financial Pro   9.100   2/21/2022     EUR   65.962
Lehman Brothers Treasu   7.250   07/08/2014    EUR    0.100
Lehman Brothers Treasu   5.500   07/08/2013    EUR    0.100
Lehman Brothers Treasu   6.000   08/07/2013    EUR    0.100
PSN Pm OOO               9.500   09/10/2026    RUB   21.625
Lehman Brothers Treasu  14.100   11/12/2008    USD    0.100
Lehman Brothers Treasu  16.800   8/21/2009     USD    0.100
Lehman Brothers Treasu   6.000   03/04/2015    USD    0.100
Lehman Brothers Treasu   3.500   6/20/2011     EUR    0.100
Lehman Brothers Treasu   5.500   4/23/2014     EUR    0.100
Deutsche Bank AG/Londo   2.000  10/25/2023     TRY   68.993
Laurel GmbH              7.125  11/16/2017     EUR    7.750
Lehman Brothers Treasu  10.000  10/23/2008     USD    0.100
Lehman Brothers Treasu   6.600   5/23/2012     AUD    0.100
Lehman Brothers Treasu   3.450   5/23/2013     USD    0.100
Lehman Brothers Treasu  17.000   06/02/2009    USD    0.100
Lehman Brothers Treasu  16.000   10/08/2008    CHF    0.100
Lehman Brothers Treasu  11.000   2/16/2009     CHF    0.100
Lehman Brothers Treasu   3.000   06/03/2010    EUR    0.100
Lehman Brothers Treasu  12.400   06/12/2009    USD    0.100
Lehman Brothers Treasu   7.600   5/21/2013     USD    0.100
Lehman Brothers Treasu   2.000   6/28/2011     EUR    0.100
BNP Paribas SA           0.500  11/16/2032     MXN   32.765
Lehman Brothers Treasu   7.150   3/21/2013     USD    0.100
Lehman Brothers Treasu  16.200   5/14/2009     USD    0.100
Lehman Brothers Treasu   1.000   05/09/2012    EUR    0.100
Lehman Brothers Treasu  10.600   4/22/2014     MXN    0.100
Lehman Brothers Treasu   7.000   4/24/2009     USD    0.100
Lehman Brothers Treasu  16.000   11/09/2008    USD    0.100
Lehman Brothers Treasu  11.000  12/20/2017     AUD    0.100
Lehman Brothers Treasu  11.000  12/20/2017     AUD    0.100
Lehman Brothers Treasu  13.000   2/16/2009     CHF    0.100
Lehman Brothers Treasu   0.500  12/20/2017     USD    0.100
Lehman Brothers Treasu   0.500  12/20/2017     USD    0.100
Lehman Brothers Treasu  10.000   2/16/2009     CHF    0.100
Lehman Brothers Treasu   8.800  12/27/2009     EUR    0.100
Lehman Brothers Treasu   9.300  12/21/2010     EUR    0.100
Lehman Brothers Treasu   0.500  12/20/2017     AUD    0.100
Lehman Brothers Treasu   0.500  12/20/2017     AUD    0.100
Lehman Brothers Treasu   4.000   01/04/2011    USD    0.100
Lehman Brothers Treasu   0.500  12/20/2017     AUD    0.100
Lehman Brothers Treasu   0.500  12/20/2017     USD    0.100
Lehman Brothers Treasu   0.500  12/20/2017     USD    0.100
Lehman Brothers Treasu   8.000   3/21/2018     USD    0.100
Lehman Brothers Treasu  11.750   03/01/2010    EUR    0.100
Lehman Brothers Treasu   6.000   3/18/2015     USD    0.100
Lehman Brothers Treasu   1.000   2/26/2010     USD    0.100
Lehman Brothers Treasu   4.000   03/10/2011    EUR    0.100
Lehman Brothers Treasu   4.600   08/01/2013    EUR    0.100
Lehman Brothers Treasu  10.000   5/22/2009     USD    0.100
Lehman Brothers Treasu   8.000   5/22/2009     USD    0.100
Lehman Brothers Treasu  10.442  11/22/2008     CHF    0.100
Lehman Brothers Treasu  13.500   06/02/2009    USD    0.100
Lehman Brothers Treasu   7.600   03/04/2010    NZD    0.100
Lehman Brothers Treasu   9.000   05/06/2011    CHF    0.100
Lehman Brothers Treasu   5.000  11/22/2012     EUR    0.100
Lehman Brothers Treasu   5.550   03/12/2015    EUR    0.100
Lehman Brothers Treasu   7.500   2/14/2010     AUD    0.100
Lehman Brothers Treasu   7.600   1/31/2013     AUD    0.100
Polski Bank Spoldzielc   3.780   9/14/2027     PLN   69.800
Lehman Brothers Treasu   8.000   3/19/2012     USD    0.100
Lehman Brothers Treasu   6.450   2/20/2010     AUD    0.100
Lehman Brothers Treasu   5.500   6/22/2010     USD    0.100
Lehman Brothers Treasu  10.000  10/22/2008     USD    0.100
Lehman Brothers Treasu  12.000   07/04/2011    EUR    0.100
Lehman Brothers Treasu  11.000   07/04/2011    CHF    0.100
Lehman Brothers Treasu  10.000   6/17/2009     USD    0.100
Lehman Brothers Treasu   2.500   8/15/2012     CHF    0.100
Lehman Brothers Treasu  13.150  10/30/2008     USD    0.100
Lehman Brothers Treasu   0.500   08/01/2020    EUR    0.100
Lehman Brothers Treasu   0.500   06/02/2020    EUR    0.100
Lehman Brothers Treasu  11.000   07/04/2011    USD    0.100
Lehman Brothers Treasu  16.000  12/26/2008     USD    0.100
Lehman Brothers Treasu  13.432   01/08/2009    ILS    0.100
Lehman Brothers Treasu   0.500   07/02/2020    EUR    0.100
Lehman Brothers Treasu   3.100   06/04/2010    USD    0.100
SAir Group               5.500   7/23/2003     CHF   12.625
Lehman Brothers Treasu  14.900  11/16/2010     EUR    0.100
Lehman Brothers Treasu   3.000   9/13/2010     JPY    0.100
Lehman Brothers Treasu   2.370   7/15/2013     USD    0.100
Espirito Santo Financi   5.625   7/28/2017     EUR    0.528
Credit Suisse AG/Londo   0.500   01/08/2026    BRL   59.660
Lehman Brothers Treasu   4.870   10/08/2013    USD    0.100
Lehman Brothers Treasu   1.950   11/04/2013    EUR    0.100
DeltaCredit Bank JSC     1.000   5/18/2026     RUB   67.960
Heta Asset Resolution    5.730  12/31/2023     EUR    1.558
Lehman Brothers Treasu   7.320   7/31/2013     GBP    0.100
Lehman Brothers Treasu   8.875   1/28/2011     HKD    0.100
BLT Finance BV          12.000   02/10/2015    USD   10.500
KPNQwest NV              8.875   02/01/2008    EUR    0.453
Lehman Brothers Treasu   8.050  12/20/2010     HKD    0.100
Lehman Brothers Treasu   7.625   7/22/2011     HKD    0.100
Lehman Brothers Treasu   6.600   02/09/2009    EUR    0.100
Lehman Brothers Treasu   6.720  12/29/2008     EUR    0.100
Lehman Brothers Treasu   3.630   03/02/2012    EUR    0.100
IT Holding Finance SA    9.875  11/15/2012     EUR    0.030
IT Holding Finance SA    9.875  11/15/2012     EUR    0.030
Lehman Brothers Treasu   5.250  11/21/2009     USD    0.100
Credit Agricole Corpor   5.400   1/31/2028     BRL   69.021
Norske Skogindustrier    2.000  12/30/2115     EUR    0.113
Eiendomskreditt AS       2.350   9/17/2029     NOK   69.958
Lehman Brothers Treasu   2.300   6/27/2013     USD    0.100
Lehman Brothers Treasu   3.820  10/20/2009     USD    0.100
Heta Asset Resolution    5.270  12/31/2023     EUR    1.566
Mriya Agro Holding PLC  10.950   3/30/2016     USD    4.667
SAir Group               2.750   7/30/2004     CHF   12.625
AlphaNotes ETP Dac       0.010   09/09/2029    USD   71.810
Mriya Agro Holding PLC  10.950   3/30/2016     USD    4.667
SG Issuer SA             3.000   10/10/2034    ZAR   48.435
Nota-Bank OJSC          13.500   04/01/2016    RUB   31.500
KPNQwest NV              7.125   06/01/2009    EUR    0.453
DeltaCredit Bank JSC     1.000   7/28/2025     RUB   73.000
Grupo Isolux Corsan SA   1.000  12/30/2021     USD    0.077
Grupo Isolux Corsan SA   0.250  12/30/2018     EUR    0.077
Pescanova SA             6.750   03/05/2015    EUR    0.319
Grupo Isolux Corsan SA   6.000  12/30/2021     USD    0.229
Lehman Brothers Treasu   8.280   7/31/2013     GBP    0.100
Lehman Brothers Treasu   7.500   7/31/2013     GBP    0.100
Lehman Brothers Treasu   8.600   7/31/2013     GBP    0.100
Heta Asset Resolution    5.920  12/31/2023     EUR    1.558
Lehman Brothers Treasu   7.060  12/29/2008     EUR    0.100
Heta Asset Resolution    0.128  12/31/2023     EUR    1.558
Lehman Brothers Treasu   4.000   12/02/2012    EUR    0.100
Lehman Brothers Treasu   1.280   11/06/2010    JPY    0.100
Lehman Brothers Treasu   9.250   6/20/2012     USD    0.100
BNP Paribas Issuance B   3.880   08/05/2025    BRL   72.146
LBI ehf                  5.080   03/01/2013    ISK    9.375
LBI ehf                  8.650   05/01/2011    ISK    9.375
WPE International Coop  10.375   9/30/2020     USD    5.000
Mriya Agro Holding PLC   9.450   4/19/2018     USD    4.667
Credit Agricole Corpor  10.800   3/24/2026     TRY   74.337
Lehman Brothers Treasu   3.000   09/12/2036    JPY    0.100
Lehman Brothers Treasu   6.700   4/21/2011     USD    0.100
Lehman Brothers Treasu   2.300   06/06/2013    USD    0.100
Lehman Brothers Treasu   7.500   5/30/2010     AUD    0.100
Lehman Brothers Treasu   4.300   06/04/2012    USD    0.100
Lehman Brothers Treasu   1.460   2/19/2012     JPY    0.100
Lehman Brothers Treasu   4.000   06/05/2011    USD    0.100
Lehman Brothers Treasu   4.680   12/12/2045    EUR    0.100
Lehman Brothers Treasu   4.820  12/18/2036     EUR    0.100
VTB Bank PJSC            0.010   6/17/2025     RUB  102.680
Heta Asset Resolution    7.500  12/31/2023     ATS    1.558
Lehman Brothers Treasu   4.100   8/23/2010     USD    0.100
Bibby Offshore Service   7.500   6/15/2021     GBP   11.625
Getin Noble Bank SA      6.700   11/09/2023    PLN   60.536
Lehman Brothers Treasu   1.500   02/08/2012    CHF    0.100
Lehman Brothers Treasu   7.750   2/21/2016     EUR    0.100
Lehman Brothers Treasu   0.010   9/20/2011     USD    0.100
Dyadya Doner OOO        13.500   4/25/2023     RUB   28.800
Lehman Brothers Treasu  11.250  12/31/2008     USD    0.100
Barclays Bank PLC        1.450   9/24/2038     MXN   37.084
Lehman Brothers Treasu  10.000   06/11/2038    JPY    0.100
Lehman Brothers Treasu  12.000   7/13/2037     JPY    0.100
Mriya Agro Holding PLC   9.450   4/19/2018     USD    4.667
Lehman Brothers Treasu   2.000   6/21/2011     EUR    0.100
Northland Resources AB  12.250   3/26/2016     USD    2.621
Lehman Brothers Treasu   5.250   04/01/2023    EUR    0.100
Lehman Brothers Treasu  13.000  12/14/2012     USD    0.100
Lehman Brothers Treasu   6.000   6/21/2011     EUR    0.100
Getin Noble Bank SA      5.930   4/28/2023     PLN   76.111
Lehman Brothers Treasu   7.000   07/11/2010    EUR    0.100
Lehman Brothers Treasu   6.000   7/28/2010     EUR    0.100
Lehman Brothers Treasu   6.000   7/28/2010     EUR    0.100
Lehman Brothers Treasu   5.200   3/19/2018     EUR    0.100
Lehman Brothers Treasu   3.500  10/31/2011     USD    0.100
Lehman Brothers Treasu   3.500  10/24/2011     USD    0.100
Credit Agricole Corpor  10.200  12/13/2027     TRY   65.865
Lehman Brothers Treasu   7.000   2/15/2012     EUR    0.100
Lehman Brothers Treasu   1.750   02/07/2010    EUR    0.100
Lehman Brothers Treasu   8.280   3/26/2009     USD    0.100
Lehman Brothers Treasu   6.850  12/22/2008     EUR    0.100
Lehman Brothers Treasu   6.000   2/14/2012     EUR    0.100
Lehman Brothers Treasu  15.000   3/30/2011     EUR    0.100
Lehman Brothers Treasu   4.690   2/19/2017     EUR    0.100
Lehman Brothers Treasu  14.900   9/15/2008     EUR    0.100
Credit Agricole Corpor   6.000   2/26/2027     BRL   72.125
Lehman Brothers Treasu   7.600   3/26/2009     EUR    0.100
Lehman Brothers Treasu   7.550  12/29/2008     USD    0.100
Sberbank CIB JSC         0.010   01/04/2030    RUB   51.212
Lehman Brothers Treasu   6.600   2/22/2012     EUR    0.100
Petromena ASA            9.750   5/24/2016     NOK    0.607
Lehman Brothers Treasu   6.000   3/17/2011     EUR    0.100
Windreich GmbH           6.250   03/01/2015    EUR    4.475
Lehman Brothers Treasu   8.000   4/20/2009     EUR    0.100
AKB Peresvet ZAO         0.510   6/23/2021     RUB   32.010
Lehman Brothers Treasu   8.500   07/06/2009    CHF    0.100
Lehman Brothers Treasu   7.500   9/13/2009     CHF    0.100
Lehman Brothers Treasu   5.103   6/22/2046     EUR    0.100
Lehman Brothers Treasu   3.700   06/06/2009    EUR    0.100
Heta Asset Resolution    5.030  12/31/2023     EUR    1.558
Heta Asset Resolution    4.875  12/31/2023     EUR    1.558
Lehman Brothers Treasu   4.000   2/28/2010     EUR    0.100
Barclays Bank PLC       10.200   2/14/2025     TRY   75.505
Lehman Brothers Treasu   4.100   5/20/2009     USD    0.100
Lehman Brothers Treasu   2.000   5/17/2010     EUR    0.100
Ukraine Government Bon   8.310   11/10/2034    UAH   70.481
Ukraine Government Bon   8.520   11/10/2033    UAH   72.677
Lehman Brothers Treasu  11.000   6/29/2009     EUR    0.100
Lehman Brothers Treasu   2.000  10/28/2010     EUR    0.100
Ukraine Government Bon   8.420   05/10/2034    UAH   71.610
Lehman Brothers Treasu   8.000   08/03/2009    USD    0.100
Bank Otkritie Financia  10.000   4/26/2019     USD    9.563
Ukraine Government Bon   8.630   05/10/2033    UAH   73.817
Ukraine Government Bon   8.750   11/10/2032    UAH   75.013
Lehman Brothers Treasu   5.500   6/15/2009     CHF    0.100
Lehman Brothers Treasu   1.500  10/25/2011     EUR    0.100
Lehman Brothers Treasu  11.000  12/19/2011     USD    0.100
Ukraine Government Bon   6.000   9/19/2029     UAH   65.603
Ukraine Government Bon   6.000  11/28/2029     UAH   65.140
Ukraine Government Bon   6.000  12/23/2026     UAH   73.833
Ukraine Government Bon   6.000   1/27/2027     UAH   73.476
Ukraine Government Bon   6.000  11/22/2028     UAH   67.742
Ukraine Government Bon   6.000   03/12/2031    UAH   62.276
Ukraine Government Bon   6.000   4/23/2031     UAH   62.056
Ukraine Government Bon   6.000   5/16/2029     UAH   66.474
Ukraine Government Bon   6.000   06/12/2030    UAH   63.884
Lehman Brothers Treasu   9.000   6/13/2009     USD    0.100
Lehman Brothers Treasu   8.000   5/22/2009     USD    0.100
Lehman Brothers Treasu   4.500   03/07/2015    EUR    0.100
Lehman Brothers Treasu   6.000   12/06/2016    USD    0.100
Lehman Brothers Treasu   4.150   8/25/2020     EUR    0.100
Lehman Brothers Treasu   4.250   3/13/2021     EUR    0.100
Lehman Brothers Treasu   0.500   2/16/2009     EUR    0.100
Northland Resources AB   4.000  10/15/2020     NOK    0.271
LBI ehf                  2.250   2/14/2011     CHF    9.375
Ukraine Government Bon   6.000  10/15/2031     UAH   61.110
Lehman Brothers Treasu   4.000  11/24/2016     EUR    0.100
Purple Protected Asset   1.580   5/25/2060     EUR   66.639
DeltaCredit Bank JSC     1.000  10/30/2025     RUB   70.000
Lehman Brothers Treasu   0.750   3/29/2012     EUR    0.100
Lehman Brothers Treasu   3.025   1/31/2015     EUR    0.100
Deutsche Bank AG/Londo   0.500  10/18/2038     MXN   20.617
Phosphorus Holdco PLC   10.000   04/01/2019    GBP    0.974
Lehman Brothers Treasu   4.500  12/30/2010     USD    0.100
PA Resources AB         13.500   03/03/2016    SEK    0.124
Hellas Telecommunicati   8.500  10/15/2013     EUR    0.540
Lehman Brothers Treasu   3.000   08/08/2017    EUR    0.100
Lehman Brothers Treasu   4.500   03/06/2013    CHF    0.100
Lehman Brothers Treasu   5.750   6/15/2009     CHF    0.100
Lehman Brothers Treasu   5.000  10/24/2008     CHF    0.100
Lehman Brothers Treasu   7.750   1/30/2009     EUR    0.100
Ukraine Government Bon   8.750   4/20/2033     UAH   74.586
Lehman Brothers Treasu   2.400   6/20/2011     JPY    0.100
Ukraine Government Bon   6.000   06/04/2031    UAH   61.809
Lehman Brothers Treasu   2.500  12/15/2011     GBP    0.100
Lehman Brothers Treasu   7.585  11/22/2009     MXN    0.100
Ukraine Government Bon   5.000   2/20/2032     UAH   54.862
Lehman Brothers Treasu   4.350   08/08/2016    SGD    0.100
Lehman Brothers Treasu   4.000   4/13/2011     CHF    0.100
Lehman Brothers Treasu  10.000   3/27/2009     USD    0.100
Lehman Brothers Treasu   7.000   4/14/2009     EUR    0.100
Lehman Brothers Treasu   6.000  10/24/2008     EUR    0.100
Lehman Brothers Treasu   0.250   7/21/2014     EUR    0.100
Lehman Brothers Treasu   9.000   3/17/2009     GBP    0.100
Lehman Brothers Treasu   4.000   4/24/2009     USD    0.100
Lehman Brothers Treasu   3.850   4/24/2009     USD    0.100
Lehman Brothers Treasu  10.500   08/09/2010    EUR    0.100
Lehman Brothers Treasu   1.600   6/21/2010     JPY    0.100
Lehman Brothers Treasu   3.860   9/21/2011     SGD    0.100
Lehman Brothers Treasu   7.375   9/20/2008     EUR    0.100
Lehman Brothers Treasu   7.250   10/06/2008    EUR    0.100
Lehman Brothers Treasu   7.000  11/28/2008     CHF    0.100
Lehman Brothers Treasu   4.500   08/02/2009    USD    0.100
Lehman Brothers Treasu   4.000   5/17/2010     USD    0.100
Lehman Brothers Treasu   2.480   05/12/2009    USD    0.100
Lehman Brothers Treasu   4.000   5/30/2010     USD    0.100
Lehman Brothers Treasu   0.250  10/19/2012     CHF    0.100
AKB Peresvet ZAO        13.250   4/25/2018     RUB   32.625
Lehman Brothers Treasu   1.680   03/05/2015    EUR    0.100
Lehman Brothers Treasu   6.750   04/05/2012    EUR    0.100
Lehman Brothers Treasu   3.350  10/13/2016     EUR    0.100
Lehman Brothers Treasu   0.800  12/30/2016     EUR    0.100
Lehman Brothers Treasu   5.000   4/24/2017     EUR    0.100
Lehman Brothers Treasu   5.100   05/08/2017    HKD    0.100
Nutritek International   8.750   12/11/2008    USD    2.089
Credit Agricole Corpor  11.190   03/12/2027    TRY   74.306
Lehman Brothers Treasu   6.000   5/23/2018     CZK    0.100
Lehman Brothers Treasu   2.250   05/12/2009    USD    0.100
Lehman Brothers Treasu  18.250   10/02/2008    USD    0.100
Lehman Brothers Treasu   7.000  10/22/2010     EUR    0.100
LBI ehf                  7.431                 USD    0.001
Lehman Brothers Treasu   3.400   9/21/2009     HKD    0.100
Lehman Brothers Treasu   4.000   10/12/2010    USD    0.100
Lehman Brothers Treasu   4.200   12/03/2008    HKD    0.100
Lehman Brothers Treasu   1.500   10/12/2010    EUR    0.100
Petromena ASA           10.850  11/19/2018     USD    0.622
Lehman Brothers Treasu   8.000  10/23/2008     USD    0.100
Lehman Brothers Treasu   2.500   8/23/2012     GBP    0.100
Lehman Brothers Treasu   3.000   8/13/2011     EUR    0.100
Lehman Brothers Treasu   6.000   9/20/2011     EUR    0.100
Lehman Brothers Treasu  13.000   7/25/2012     EUR    0.100
Lehman Brothers Treasu   4.100   06/10/2014    SGD    0.100
Lehman Brothers Treasu   3.500  12/20/2027     USD    0.100
Lehman Brothers Treasu   5.200   11/09/2011    EUR    0.100
Lehman Brothers Treasu   4.800  11/16/2012     HKD    0.100
Lehman Brothers Treasu   4.600   10/11/2017    ILS    0.100
Barclays Bank PLC        2.000   06/12/2029    TRY   28.627



                           *********


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 * * *