/raid1/www/Hosts/bankrupt/TCREUR_Public/211115.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, November 15, 2021, Vol. 22, No. 222

                           Headlines



G E R M A N Y

PLATIN 2025: S&P Assigns Preliminary 'B' ICR, Outlook Stable
PLATIN2025 ACQUISITION: Moody's Assigns First Time 'B2' CFR


I R E L A N D

ARES EUROPEAN XV: Fitch Rates Class F Tranche 'B-(EXP)'
BAIN CAPITAL 2021-2: Moody's Assigns B3 Rating to EUR9.8MM F Notes
BARINGS EURO 2014-2: Moody's Affirms B2 Rating on Class F Notes
FIDELITY GRAND 2021-1: Moody's Assigns (P)B3 Rating to Cl. F Notes
ROCKFORD TOWER 2021-2: S&P Assigns Prelim B- Rating on Cl. F Notes

SHAW ACADEMY: To Exit Examinership for Second Time in Three Years
VOYA EURO IV: Fitch Puts B- Class F Notes Rating on Watch Evolving


R U S S I A

SOVCOMBANK PJSC: Moody's Rates Loan Participation Notes 'B2(hyb)'


U N I T E D   K I N G D O M

ANGLIAN WATER: Moody's Withdraws Ba1 Rating on Senior Secured Debt
BURGER KING: Taps Two Banks to Work on London Flotation
LLANGOLLEN RAILWAY: Back to Healthy Financial State, Board Says
LONDON WALL 2021-02: Moody's Assigns (P)B2 Rating to Class X Notes
LONDON WALL 2021-02: S&P Assigns Prelim BB (sf) Rating to E Notes

R&W RAIL: Goes Into Liquidation, Halts Operations
SAGE AR 2021: S&P Assigns BB-(sf) Rating to GBP21MM Cl. E Notes
TRINITY HOMES: Judge Appoints Accountants as Joint Examiners


X X X X X X X X

[*] BOND PRICING: For the Week November 8 to November 12, 2021

                           - - - - -


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G E R M A N Y
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PLATIN 2025: S&P Assigns Preliminary 'B' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit and issue ratings to Germany-Based Platin 2025 Investments
(Syntegon) and its proposed EUR1.03 billion secured senior term
loan B (TLB). The preliminary recovery rating on the loan is '3'.

The stable outlook reflects S&P's expectation that Syntegon will
increase revenue, gradually improve profitability, report adjusted
EBITDA margins exceeding 11% in 2022 and at above 12% by 2023,
maintain funds from operations (FFO) cash interest coverage at 2.5x
or higher, and reduce adjusted debt to EBITDA toward 6x over the
next 18 months.

Private-equity firm CVC acquired Germany-based Syntegon in January
2020 for an undisclosed amount and Syntegon, via its holding
company Platin 2025 Investments, is looking to refinance its
capital structure.

Syntegon holds a leading market position in providing packaging and
process machinery for the pharmaceutical and food industries. S&P
considers Syntegon is well established in the packaging machinery
market and its targeted pharmaceutical and food market niches. The
company holds a 20%-25% market share among the top three players in
pharma packaging and a 10%-15% share among the top five food
packagers. Longstanding customer relationships and the requirement
for high standard quality in the pharma packaging market are
barriers to entry and customer churn is relatively rare. This is
somewhat offset by the food industry, in which customers switch
packaging manufacturers more frequently. Moreover, the service
sector in the food industry is very fragmented, and Syntegon faces
strong competition from a variety of different players, including
original equipment manufacturers, independent service providers,
and low-cost product suppliers. Competition in the service sector
for the pharma industry is rather low and barriers to entry are
higher due to the higher focus on quality and safety.

S&P said, "We believe services transformation and restructuring
costs will continue to weigh on profitability in 2022 and 2023. We
estimate restructuring costs at about EUR50 million over the next
24 months will weigh on our adjusted EBITDA margin. We forecast an
EBITDA margin of about 11.3% for 2022, increasing to 12.5%-13.0% in
2023 thanks to management's measures implemented. Furthermore, we
consider inflationary raw material costs have a limited impact on
profitability, given the company's long-term contracts with
suppliers and the ability to pass costs through to customers. In
total, services (excluding modernizations) generates about 30% of
revenue, so Syntegon's exposure is below that of competitors.
However, we anticipate the group will improve this business,
increasing market share by expanding its service offering and
increasing its penetration rate as a part of its transformation
plan. We believe this is a key factor of future EBITDA growth,
given that after-sales services are more profitable and resilient
than the sale of new equipment, and lead to regular income streams.
We expect new machinery sales to drive growth, while the growth of
the addressable service market is expected to slow, as machines in
the installed base reach the ends of their lifetime, usually after
about 30 years. With a penetration rate of about 20%-25%, Syntegon
lags the industry average of about 35%.

"The pharma and food businesses showed resilient demand during the
pandemic, and Syntegon's exposure to these businesses is credit
positive. The packaging machinery market is divided into several
sector-specific subsegments, with Syntegon focusing on the food and
pharmaceutical industries (EUR13 billion market volume). We believe
growth will come from the increasing demand for sterile vials for
vaccines as a result of the pandemic. Rising health and safety
standards and the increasing attention to sustainability, implying
the development of new machinery requirements, will support growth
in the food sector. We forecast the pharma packaging machinery
market will grow at a compound annual growth rate (CAGR) of 5.6% in
2020-2025, with Asia-Pacific as the regional growth driver (about
52% of pharma business in 2020). Meanwhile, we estimate the food
packaging machinery market will grow at a CAGR of 6.3% in
2020-2025. We understand that revenue and order intake during the
pandemic remained relatively resilient, despite the economic
slowdown, thanks to its exposure to stable food and pharma end
markets. We further understand that revenue levels have already
reached pre-pandemic levels and the last-12-months' order intake of
EUR1.473 billion is at a record high and up from about EUR1.28
billion in 2019 and 2020.

"The proposed refinancing will result in a highly leveraged capital
structure.Syntegon will issue a new EUR1.03 billion TLB; a new
EUR150 million revolving credit facility (RCF; pari passu to the
TLB); and a new EUR175 million pari passu guarantee facility. We
estimate that, on day 1 following the transaction's close, Syntegon
will have about EUR65 million of cash on its balance sheet. The
EUR150 million RCF will be undrawn on the same date. We forecast
S&P Global Ratings-adjusted debt to EBITDA will be about 7x in
2022, declining to about 6x in 2023. We forecast FFO cash interest
coverage of more than 2.5x over the same horizon.

"Our rating on Syntegon is constrained by the group's high leverage
and private-equity ownership. We forecast Syntegon's adjusted
leverage at around 7x in 2022. We also factor into our assessment
the group's 100% ownership by private-equity firm CVC and CVC's
potentially aggressive strategy of using debt instruments to
maximize shareholder returns or undertake acquisitions. In our
adjusted debt calculation, we add to the new debt facilities about
EUR12 million of operating leases and about EUR50 million of
pension-related obligations. We do not net cash held, reflecting
the private-equity ownership.

"We expect the company to generate positive free operating cash
flow (FOCF) as it progresses in improving profitability and its
asset-light business model. We recognize Syntegon's moderate
capital intensity and working capital requirements leading to a
high cash conversion. Capital expenditure (capex) is expected to be
about EUR40 million annually in 2022 and 2023, at 2%-3% of sales.
Therefore, we expect the company to generate positive FOCF of EUR40
million in 2022 and EUR78 million in 2023. We do not expect any
shareholder-friendly actions in the next two years. However, we do
not exclude Syntegon taking advantage of bolt-on acquisitions
financed from cash holdings to enlarge its business scope."

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

S&P said, "The stable outlook reflects our expectation that
Syntegon will continue to deliver on its business strategy,
increasing its revenue and gradually improving profitability. We
expect that Syntegon will maintain adjusted EBITDA margins of 11%
in 2022, improving to above 12% in 2023. At the same time, we
expect adjusted debt to EBITDA to decline toward 6x over the next
18 months. We expect Syntegon will exhibit positive FOCF and FFO
cash interest coverage of more than 2.5x over the next 18 months,
as well.

"We could lower the rating if FFO cash interest coverage decreases
below 2.5x because of operational setbacks or a debt-financed
financial policy or acquisitions. We could also take a negative
rating action if Syntegon were unable to reduce leverage as
expected toward 6x or adjusted FOCF were materially weaker. Such a
development could occur if the company was unable to improve its
profitability and reach an EBITDA margin of more than 12% by 2023.

"We consider a positive rating action as unlikely over the next
12-18 months, but we could raise the rating if Syntegon were to
improve debt to EBITDA sustainably to around 5x, supported by
meaningful FOCF generation, a more conservative financial policy,
positive industry trends, and robust operating performance."


PLATIN2025 ACQUISITION: Moody's Assigns First Time 'B2' CFR
-----------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating and
B2-PD probability of default rating to Platin2025 Acquisition S.a
r.l., an indirect holding company of Germany-based processing and
packaging machinery manufacturer Syntegon Holding GmbH ("Syntegon"
or "group"). Moody's also assigned B2 instrument ratings to a
proposed EUR1,030 million guaranteed senior secured first lien term
loan B (TLB), a EUR150 million guaranteed senior secured revolving
credit facility (RCF), maturing 2028, and a EUR175 million
guaranteed senior secured guarantee facility, maturing in 2028, to
be issued by Platin2025 Acquisition S.a r.l. The outlook on the
ratings is stable. This is the first time that Moody's has rated
Syntegon.

Proceeds from the proposed TLB together with available cash on the
balance sheet will be used to refinance existing PIK notes and fund
a dividend to private-equity firm CVC Capital Partners (CVC), who
acquired Syntegon from Robert Bosch GmbH (unrated) in 2020, as well
as expected transaction fees and expenses.

RATINGS RATIONALE

The B2 CFR is supported by Syntegon's (1) leading positions in the
various product areas of the processing and packaging machinery
market for the pharmaceuticals and food industry, (2) good
geographical and customer diversification, with customers ranging
from large well-capitalized multinational companies (Pfizer Inc.
(A2, stable), Nestle S.A. (Aa3, stable)) to small local companies,
(3) exposure to the pharmaceuticals and food industries, which have
attractive underlying growth fundamentals and are generally
resilient to economic cycles, (4) sizable profitable aftermarket
business (30% of revenues) with potential for further expansion,
given a large installed base of equipment, (5) a meaningful
evidence of profitability improvements in 2020 and year-to-date
August 2021, due to the implementation of the cost savings from a
value creation plan (VCP), and (6) low capital intensity due to the
assembly business model, which supports Free Cash Flow (FCF)
generation.

The rating is initially weakly positioned given Syntegon's highly
leveraged balance sheet following the proposed refinancing, as
shown by an expected Moody's-adjusted debt/EBITDA ratio of around
7.0x in 2021 (on a pro forma basis and based on EBITDA that
includes one-off expenses). The rating is further constrained by
(1) a short history of available audited financial statements (only
available for 2020), (2) profitability which lagged peers
historically, but has shown meaningful, albeit short, evidence of
improvement following change in ownership in 2020 and
implementation of the VCP, (3) expectations for slow de-leveraging
over the next 12 months amid lack of topline growth in 2022 due to
lower demand from pharmaceuticals customers, which was boosted by
significant extra orders related to COVID vaccines this year,
although partly offset by profitability improvements thanks to the
VCP, (4) execution risk associated with the VCP, which Syntegon
expects to deliver EUR237 million of total net savings over
2020-2025, (5) the recent surge in raw material prices, which the
group might find difficult to pass on to customers in a timely
manner, and (6) event risk related to debt-funded shareholder
distributions and acquisitions given its private equity ownership.

LIQUIDITY

Syntegon's liquidity is adequate comprising around EUR65 million in
unrestricted cash, pro-forma for the transaction and a fully
available EUR150 million guaranteed senior secured revolving credit
facility (RCF) maturing in 2028. Moody's expects the company to
generate positive FCF supported by good EBITDA cash conversion, and
low capital intensity with capital spending of no more than 2% of
revenue. In addition, the company's liquidity will benefit from a
long-term maturity of its term loan, due in 2028.

The RCF is subject to a springing first lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%. The
covenant is set with substantial headroom and Moody's expects
Syntegon to ensure consistent compliance with this covenant at all
times.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.

Moody's governance assessment for Syntegon takes into account its
highly leveraged capital structure, reflecting high risk tolerance
of its private equity owner. The private equity business model
typically involves an aggressive financial policy and a highly
leveraged capital structure to extract value. The limited history
of audited financial statements is also a relevant governance
consideration.

STRUCTURAL CONSIDERATIONS

The proposed EUR1,030 million guaranteed senior secured TLB, the
EUR150 million guaranteed senior secured RCF and the EUR175 million
guaranteed senior secured guarantee facility (bonding facility)
will be guaranteed by subsidiaries accounting for a minimum 80% of
total consolidated EBITDA and will be secured mainly by share
pledges and certain intercompany receivables.

Trade payables, short-term lease commitments and pension
obligations are ranked at the same level as the senior secured
facilities.

Applying the 50% standard recovery rate, the proposed TLB, RCF and
the senior secured guarantee facility are rated B2 in line with the
CFR.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook is predicated on Moody's expectation that
Syntegon will continue to successfully execute its profitability
improvement program, enabling its Moody's-adjusted EBITA margin to
progressively widen towards 12% by 2023 at the latest. Forecast
earnings growth thanks to low to mid-single-digit topline growth
and the realization of considerable efficiency gains should support
Syntegon to reduce its leverage towards 6.0x debt/EBITDA over the
next 18-24 months.

The stable outlook further assumes that Syntegon's FCF will be
sustainably positive and its liquidity profile remain at least
adequate. The forward view does not incorporate any debt-funded
acquisitions or shareholder distributions.

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

Positive pressure on the ratings would build, if Syntegon's (1)
Moody's-adjusted EBITA margin improved towards 14%, (2) leverage
declined to 5.0x Moody's-adjusted debt/EBITDA, (3) Moody's-adjusted
FCF/debt metrics in the high-single-digit percentages could be
achieved, (4) liquidity position strengthened to a strong level.

Negative pressure on the ratings would arise, if (1) Syntegon
failed to expand its Moody's-adjusted EBITA margin to well above
10% in 2023, (2) its leverage remained above 6.0x Moody's-adjusted
debt/EBITDA through 2023, (3) FCF turned negative or its liquidity
started to contract.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Waiblingen Germany, Syntegon is a global leader in
the development and production of high-quality processing and
packaging machinery for the pharmaceuticals (41% of 2020 group
sales) and food industries (29%). In addition, the group provides
recurring after-sales services (30%), including spare parts,
modernization and field services.

Syntegon operates 21 production sites across EMEA (38% of 2020
group sales), the Americas (32%) and APAC (29%) and is present in
30 locations with over 5,700 employees worldwide.

In the last 12 months that ended August 2021, Syntegon reported
total sales of EUR1.4 billion and company-adjusted EBITDA of EUR187
million (13.9% margin).




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ARES EUROPEAN XV: Fitch Rates Class F Tranche 'B-(EXP)'
-------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XV DAC expected
ratings.

The assignment of final ratings is contingent on final documents
conforming to the information used for the analysis.

Ares European CLO XV DAC

DEBT      RATING
----      ------
A           LT AAA(EXP)sf   Expected Rating
B-1         LT AA(EXP)sf    Expected Rating
B-2         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
Subordinated
Notes        LT NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Ares European CLO XV DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds will be used to fund a portfolio with a target par of
EUR500 million. The portfolio will be actively managed by Ares
Management Limited. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period and an 8.5-year weighted average life
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.7.

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

Diversified Asset Portfolio (Positive): The transaction will have a
Fitch test matrix based on a top 10 obligor limit of 16% and
fixed-rate obligation limit of 10%. The transaction will also have
various concentration limits, including the maximum exposure to the
three largest (Fitch-defined) industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): Fitch's analysis is based on a
stressed-case portfolio with a 7.5 year WAL, which is one year
shorter than the 8.5 year maximum WAL test covenant at closing.
Fitch views the tight reinvestment conditions after the
reinvestment period, such as the satisfaction of Fitch 'CCC'
obligations limit, coverage tests, and a linear step-down of the
WAL test, effective in restricting reinvestment should the
transaction deteriorate. This justifies a one-year WAL reduction in
Fitch's analysis.

RATING SENSITIVITIES

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

-- An increase of the default rate (RDR) at all rating levels by
    25% of the mean RDR and a decrease of the recovery rate (RRR)
    by 25% at all rating levels would result in downgrades of no
    more than four notches, depending on the notes.

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels
    would result in upgrades of up to five notches depending on
    the notes, except for the class A notes, which are already at
    the highest rating on Fitch's scale and cannot be upgraded.

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Ares European CLO XV DAC

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

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

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

BAIN CAPITAL 2021-2: Moody's Assigns B3 Rating to EUR9.8MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Bain Capital Euro
CLO 2021-2 Designated Activity Company (the "Issuer"):

EUR228,800,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR25,900,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR13,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR26,300,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR25,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR19,900,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR9,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 85% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the five month ramp-up period in compliance with the
portfolio guidelines.

Bain Capital Credit U.S. CLO Manager, LLC ("Bain Capital Credit")
will manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's approximately 4.7 year reinvestment period.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations or
credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR36,000,000 of Class M-1 Notes due 2034 and
EUR500,000 of Class M-2 due 2034 (together the subordinated notes)
which are not rated. The Class M-2 Notes accrue interest in an
amount equivalent to a certain proportion of the senior and
subordinated management fees and are paid pari passu with the
payment of the senior and subordinated management fee
respectively.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR375,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4%

Weighted Average Recovery Rate (WARR): 43.7%

Weighted Average Life (WAL): 8.5 years


BARINGS EURO 2014-2: Moody's Affirms B2 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Barings Euro CLO 2014-2 Designated Activity
Company:

EUR37,900,000 Class B-1 Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Jun 9, 2020 Affirmed Aa2
(sf)

EUR21,100,000 Class B-2 Senior Secured Fixed Rate Notes due 2029,
Upgraded to Aaa (sf); previously on Jun 9, 2020 Affirmed Aa2 (sf)

EUR35,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa2 (sf); previously on Jun 9, 2020
Affirmed A2 (sf)

EUR28,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A3 (sf); previously on Jun 9, 2020
Confirmed at Baa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR297,400,000 (current outstanding amount EUR 276.5M) Class A-1
Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jun 9, 2020 Affirmed Aaa (sf)

EUR31,600,000 (current outstanding amount EUR 29.4M) Class A-2
Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jun 9, 2020 Affirmed Aaa (sf)

EUR38,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba2 (sf); previously on Jun 9, 2020
Confirmed at Ba2 (sf)

EUR16,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B2 (sf); previously on Jun 9, 2020
Confirmed at B2 (sf)

Barings Euro CLO 2014-2 Designated Activity Company, issued in
November 2014 and reset in May 2017, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Barings (U.K.)
Limited. The transaction's reinvestment period ended in May 2021.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C and Class
D notes are primarily a result of the benefit of the transaction
having reached the end of the reinvestment period in May 2021, and
the deleveraging of the senior notes following amortisation of the
underlying portfolio since the end of the reinvestment period.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in June 2020.

The senior notes have paid down by approximately EUR22.7 million
(6.9%) since the end of the reinvestment period. As a result of the
deleveraging, over-collateralisation (OC) has increased. According
to the trustee report dated September 2021 [1] the Class A/B and
Class C OC ratios are reported at 141.3% and 128.9% compared to
March 2021 [2] levels of 138.6% and 127.1%, respectively.

Key model inputs:

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR515,303,459

Defaulted Securities: EUR10,602,313

Diversity Score: 53

Weighted Average Rating Factor (WARF): 3024

Weighted Average Life (WAL): 4.4 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 4.49%

Weighted Average Recovery Rate (WARR): 44.98%

Par haircut in OC tests and interest diversion test: 0.78%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by: (1) the manager's investment strategy and behaviour;
and (2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

FIDELITY GRAND 2021-1: Moody's Assigns (P)B3 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the Notes to be issued by Fidelity
Grand Harbour CLO 2021-1 DAC (the "Issuer"):

EUR244,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR34,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

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

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

RATINGS RATIONALE

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

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

FIL Investments International ("FIL") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In addition to the seven classes of Notes rated by Moody's, the
Issuer will issue EUR31,750,000 Subordinated Notes due 2034 which
are not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000.00

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.50%

Weighted Average Life (WAL): 8.5 years


ROCKFORD TOWER 2021-2: S&P Assigns Prelim B- Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Rockford Tower Europe CLO 2021-2 DAC's class X, A, B, C, D, E, and
F notes. At closing, the issuer will issue unrated subordinated
notes.

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

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

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

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

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

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

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

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor     2728.35
  Default rate dispersion                                572.38
  Weighted-average life (years)                            5.66
  Obligor diversity measure                              113.33
  Industry diversity measure                              20.45
  Regional diversity measure                               1.30

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                            400.00
  Defaulted assets (mil. EUR)                              0.00
  Number of performing obligors                             136
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                           0.5
  Covenanted 'AAA' weighted-average recovery (%)          35.93
  Covenanted weighted-average spread (%)                   3.73
  Covenanted weighted-average coupon (%)                   4.50

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread of 3.73%, the
covenanted weighted-average coupon of 4.50%, and the covenanted
weighted-average recovery rates of 35.93%. We applied various cash
flow stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our counterparty criteria.

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

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C, D, and E notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"For the class F notes, our credit and cash flow analysis indicates
a negative cushion at the assigned preliminary rating.
Nevertheless, based on the portfolio's actual characteristics and
additional overlaying factors, including our long-term corporate
default rates and recent economic outlook, we believe this class is
able to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 28.31%
(for a portfolio with a weighted-average life of 5.66 years),
versus a generated BDR at 17.55% if it was to consider a long-term
sustainable default rate of 3.1% for 5.66 years.

-- The actual portfolio is generating higher spreads and
recoveries at the 'AAA' rating compared with the covenanted
thresholds that S&P has modelled in its cash flow analysis.

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

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

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
assigned preliminary 'B- (sf)' rating.

-- Following S&P's analysis of the credit, cash flow,
counterparty, operational, and legal risks, it believes that its
preliminary ratings are commensurate with the available credit
enhancement for the class X, A, B, C, D, E, and F notes.

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

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

Rockford Tower Europe CLO 2021-2 is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by sub-investment
grade borrowers. Rockford Tower Capital Management LLC will manage
the transaction.

Environmental, social, and governance (ESG) factors

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

  Ratings List

  CLASS    PRELIMINARY    PRELIMINARY
             RATING     AMOUNT (MIL. EUR)
   X         AAA (sf)         2.00
   A         AAA (sf)       248.00
   B         AA (sf)         40.40
   C         A (sf)          29.60
   D         BBB (sf)        24.00
   E         BB- (sf)        20.00
   F         B- (sf)         12.00
   Sub       NR              33.20

   NR--Not rated.


SHAW ACADEMY: To Exit Examinership for Second Time in Three Years
-----------------------------------------------------------------
Mark Paul at The Irish Times reports that online learning company
Shaw Academy says it has agreed a deal to exit examinership for the
second time in three years.

The Dublin-headquartered company, which provides online courses
globally, issued a statement to say a EUR3.2 million rescue deal
has been approved by the High Court, The Irish Times relates.  It
named a new five-person board, which does not include the company's
founder James Egan, who has been on leave from Shaw since it
re-entered financial difficulty this year, The Irish Times
discloses.

Shaw has been damaged by a deluge of customer complaints during the
pandemic, and now says it plans to rebrand in the next few months,
promising to "ensure continuity" for students, The Irish Times
recounts.

The company named a heavy-hitting consortium of investors,
including many who backed it in a EUR7 million package in its last
examinership in 2019, The Irish Times notes.

The examiner is Colin Gaynor of Resolute Advisory, according to The
Irish Times.



VOYA EURO IV: Fitch Puts B- Class F Notes Rating on Watch Evolving
------------------------------------------------------------------
Fitch Ratings has removed Voya Euro CLO IV DAC from Under Criteria
Observation (UCO), placed the class B to F notes on Rating Watch
Evolving (RWE) and affirmed the class X and A notes with Stable
Outlooks.

     DEBT                    RATING                PRIOR
     ----                    ------                -----
Voya Euro CLO IV DAC

A XS2249877908     LT AAAsf     Affirmed           AAAsf
B1 XS2249878112    LT AAsf      Rating Watch On    AAsf
B2 XS2249878468    LT AAsf      Rating Watch On    AAsf
C XS2249878542     LT Asf       Rating Watch On    Asf
D XS2249878898     LT BBB-sf    Rating Watch On    BBB-sf
E XS2249879193     LT BB-sf     Rating Watch On    BB-sf
F XS2249879359     LT B-sf      Rating Watch On    B-sf
X XS2249877734     LT AAAsf     Affirmed           AAAsf

TRANSACTION SUMMARY

Voya Euro CLO IV DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is currently in its
reinvestment period, and is being actively managed by Voya
Alternative Asset Management. The transaction is being reset. On
the reset closing date, new notes will be issued and the proceeds
will be used to redeem the existing rated notes.

KEY RATING DRIVERS

Transaction Under Reset: The class B to F notes have been placed on
RWE as the reset of the transaction is scheduled to close on 2
December 2021. If the transaction reset is executed, the existing
rated notes will be paid in full. Otherwise Fitch may upgrade the
ratings due to the impact of its recently updated CLOs and
Corporate CDOs Rating Criteria when the RWE is resolved within six
months.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. As per the trustee report dated 04 October 2021,
the transaction is 0.43% above target par and is passing all
Fitch-related collateral quality tests, coverage tests and
portfolio profile tests.

'B' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors in the 'B' category. The weighted
average rating factor (WARF) as calculated by the trustee was
32.36, which is below the maximum covenant of 34. The WARF as
calculated by Fitch under the latest criteria is 24.15.

High Recovery Expectations: Senior secured obligations comprise
99.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 12.73%, and no obligor represents more than 1.58%
of the portfolio balance.

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

RATING SENSITIVITIES

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

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

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

-- If the reset is closed, the existing rated notes will be
    marked PIF, otherwise the class B to F notes may be upgraded
    when the RWE is resolved within six months.

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Voya Euro CLO IV DAC

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

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

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

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



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

SOVCOMBANK PJSC: Moody's Rates Loan Participation Notes 'B2(hyb)'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2(hyb) rating to
Sovcombank PJSC's proposed perpetual callable loan participation
notes (LPN) denominated in US dollars.

The notes are to be issued on a limited recourse basis by SovCom
Capital D.A.C., a special purpose vehicle incorporated under the
laws of Ireland, for the sole purpose of financing a subordinated
loan to Sovcombank. The size and the pricing of the notes are
subject to prevailing market conditions during the placement.

The notes are classified as Additional Tier 1 capital under Russian
regulation.

RATINGS RATIONALE

The B2(hyb) rating assigned to the notes is based on Sovcombank's
standalone creditworthiness and is positioned three notches below
the bank's ba2 Adjusted Baseline Credit Assessment (BCA). According
to Moody's framework for rating non-viability securities under its
bank rating methodology, the agency typically positions the rating
of Additional Tier 1 securities three notches below the bank's
Adjusted BCA. One notch reflects the high loss-given-failure that
these securities are likely to face in a resolution scenario, due
to their subordination and limited protection from residual equity.
Moody's also incorporates two additional notches to reflect the
higher risk associated with the non-cumulative coupon skip
mechanism, which could precede the bank reaching the point of
non-viability.

The notes are perpetual, rank at least pari passu with the claims
of all other unsecured subordinated creditors, and senior to
ordinary shares. They have a non-cumulative optional coupon-skip
mechanism. A full or partial write down event is triggered if the
bank's statutory Common Equity Tier 1 (N1.1) ratio falls below
5.125% for six or more operational days in aggregate during any
consecutive period of 30 operational days, which Moody's views as
close to the point of non-viability, or the Central Bank of Russia
(CBR) approves a plan for the participation of the Deposit
Insurance Agency or the CBR in bankruptcy prevention measures in
respect of the bank. As of October 1, 2021, Sovcombank's statutory
Common Equity Tier 1 ratio stood at 9.6%.

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

Any changes in the ba2 Adjusted BCA of the bank would result in
changes to the B2(hyb) rating assigned to these securities.

Upward pressure on Sovcombank's BCA could be driven by a successful
integration of the recently acquired businesses and further
strengthening of the bank's own solvency profile with a reduction
in market risk and higher capital adequacy. A downward pressure on
Sovcombank's BCA could arise from a significant deterioration of
the bank's solvency profile, though this is not Moody's base case
scenario at the moment.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in July 2021.




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

ANGLIAN WATER: Moody's Withdraws Ba1 Rating on Senior Secured Debt
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 backed senior
secured debt ratings of Anglian Water (Osprey) Financing plc. The
outlook at the time of the withdrawal was stable.

RATINGS RATIONALE

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

COMPANY PROFILE

Anglian Water (Osprey) Financing plc is the financing subsidiary of
Osprey Acquisitions Limited, an intermediate holding company in the
Anglian Water Group.


BURGER KING: Taps Two Banks to Work on London Flotation
-------------------------------------------------------
Mark Kleinman at Sky News reports that the owner of Burger King's
British operations has picked two banks to serve up a whopper of a
London float next year.

Sky News has learnt that Bridgepoint has hired Bank of America and
Investec to spearhead the fast-food giant's initial public offering
during the first half of 2022.

The precise timing and size of the deal have yet to be finalized,
but City sources suggested that a flotation was now a likelier
outcome than a sale to another private equity firm, Sky News
notes.

A sale remains possible depending on public market conditions at
the time, Sky News states.

Floating will represent a bet for Burger King's management team and
stock market investors on a sustained recovery for the UK's
pandemic-hit restaurant industry, Sky News discloses.

Its chief executive, Alasdair Murdoch, warned early in the COVID-19
crisis of substantial job losses and restaurant closures, with many
prominent chains such as Carluccio's and Prezzo collapsing into
administration, Sky News relates.

Burger King UK itself weighed a company voluntary arrangement (CVA)
mechanism for one of its subsidiaries as it sought to close a small
number of its 530 sites, Sky News recounts.


LLANGOLLEN RAILWAY: Back to Healthy Financial State, Board Says
---------------------------------------------------------------
Nation Cymru reports that a heritage railway which went into
administration is now in a healthy financial state, according to
its new trust board.

Llangollen Railway has issued a statement about its annual general
meeting, the first since the PLC trading arm was placed into
administration, Nation Cymru relates.

Llangollen Railway PLC announced in March that it was not legally
able to continue to trade with the company insolvent to the extent
of GBP350,000, Nation Cymru recounts.

This left hundreds of heritage railway customers out of pocket
after lawyers said administrators could not ringfence a special
fund following the collapse of the operating company, Nation Cymru
notes.

The separate Llangollen Railway Trust announced in April, Nation
Cymru relays.  It has completed a deal with the administrators to
purchase certain assets belonging to the railway along with the
right to use the railway line, according to Nation Cymru.
Administrators Cowgills have been instructed by the board to try
and find a buyer, Nation Cymru relates.

According to a statement, which was reported by Llanblogger, about
it the December 31, 2020, accounts show a "small loss" of GBP7,252
after write offs of GBP220,000, Nation Cymru discloses.  It says no
"further write-offs" will be needed and that the trust has a
"positive bank balance" with "no debt and minimal creditors",
according to Nation Cymru.

Llangollen Railway is a Heritage Railway Line with traction
provided by Steam and Heritage diesel locos and Heritage Railcars
(DMU's).


LONDON WALL 2021-02: Moody's Assigns (P)B2 Rating to Class X Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by London Wall Mortgage Capital plc: Series Fleet
2021-02:

GBP [ ]M Class A Mortgage Backed Floating Rate Notes due May 2052,
Assigned (P)Aaa (sf)

GBP [ ]M Class B Mortgage Backed Floating Rate Notes due May 2052,
Assigned (P)Aa2 (sf)

GBP [ ]M Class C Mortgage Backed Floating Rate Notes due May 2052,
Assigned (P)Aa3 (sf)

GBP [ ]M Class D Mortgage Backed Floating Rate Notes due May 2052,
Assigned (P)A1 (sf)

GBP [ ]M Class E Mortgage Backed Floating Rate Notes due May 2052,
Assigned (P)A2 (sf)

GBP [ ]M Class X Mortgage Backed Floating Rate Notes due May 2052,
Assigned (P)B2 (sf)

Moody's has not assigned ratings to the GBP [ ]M Class Z Fixed Rate
Notes due May 2052 and GBP [ ]M Class S Fixed Rate Notes due May
2052.

RATINGS RATIONALE

The Notes are backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by Fleet Mortgages Limited ("Fleet", NR).

The portfolio of assets amount to approximately GBP257 million as
of September 30, 2021 pool cut off date. The amortising Reserve
Fund is funded at closing to 1% of the pool balance at closing.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio, an amortising reserve fund
sized at 1% of the pool balance and relatively high portfolio
yield. However, Moody's notes that the transaction features some
credit weaknesses such as an unrated servicer and some vintages
concentration. Various mitigants have been included in the
transaction structure such as a back-up servicer facilitator, as
well as a principal to pay interest mechanism available to the most
senior class of notes outstanding.

Moody's determined the portfolio lifetime expected loss of 1.25%
and Aaa MILAN credit enhancement ("MILAN CE") of 12.0% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 1.25%: This is lower than the recent UK
BTL RMBS sector average and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
collateral performance of Fleet originated loans to date, with
cumulative losses of 0% during the past 5 years; (ii) the
performance of previously securitised portfolios, with cumulative
losses of 0% to date; (iii) the current macroeconomic environment
in the UK and the impact of future interest rate rises on the
performance of the mortgage loans; and (iv) benchmarking with other
UK BTL transactions.

MILAN CE for this pool is 12.0%, which is in line with other UK BTL
RMBS transactions, owing to: (i) the WA current LTV for the pool of
70.3%; (ii) top 20 borrowers constituting 6.6% of the pool; (iii)
static nature of the pool; (iv) the fact that 95.2% of the pool are
interest-only loans; (v) the share of self-employed borrowers of
42.6%, and legal entities of 42.5%; (vi) the presence of 19.8% of
HMO and MUB loans in the pool; and (vii) benchmarking with similar
UK BTL transactions.

Operational Risk Analysis: Fleet is the servicer in the transaction
whilst Citibank N.A., London Branch, is acting as the cash manager.
In order to mitigate the operational risk, Law Debenture Corporate
Services Limited (NR) acts as back-up servicer facilitator. To
ensure payment continuity over the transaction's lifetime, the
transaction documentation incorporates estimation language whereby
the cash manager can use the three most recent servicer reports
available to determine the cash allocation in case no servicer
report is available. The transaction also benefits from approx. 4
months of liquidity for Class A based on Moody's calculations and
the availability of the reserve fund since closing, however the
junior notes do not benefit from it. There is principal to pay
interest as an additional source of liquidity for the Classes A to
E (if the relevant tranche is the most senior class of notes
outstanding). Ratings of the Class B Notes is constrained at
closing by operational risk at the Aa2 (sf) level.

Interest Rate Risk Analysis: 70.34% of the loans in the pool are
fixed rate loans reverting to three month LIBOR with the remaining
portion linked to BoE. The Notes are floating rate securities with
reference to daily SONIA. To mitigate the fixed-floating mismatch
between fixed-rate assets and floating liabilities, there is a
scheduled notional fixed-floating interest rate swap provided by
BNP Paribas (Aa3(cr)/P-1(cr)).

PRINCIPAL METHODOLOGY

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:

Significantly different actual losses compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.


LONDON WALL 2021-02: S&P Assigns Prelim BB (sf) Rating to E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to London Wall Mortgage
Capital PLC's Series Fleet 2021-02 notes.

London Wall Mortgage Capital PLC - Series Fleet 2021-02 is an RMBS
transaction that securitizes a portfolio of BTL mortgage loans
secured on properties in England and Wales.

This transaction is the fifth securitization under the London Wall
Mortgage Capital PLC program.

The loans in the pool were originated between 2015 and 2021 by
Fleet Mortgages Ltd., a nonbank specialist BTL lender.

Fleet Mortgages has recently been acquired by Starling Bank Ltd.
and the business will now be regulated and adhere to Prudential
Regulatory Authority (PRA) standards.

The transaction includes a portion of loans that were originally
securitized in the Series Fleet 2016-01 transaction.

S&P considers the collateral to be prime based on the overall
historical performance of Fleet Mortgages' BTL mortgage book, the
conservative underwriting criteria, and the absence of loans in
arrears in the securitized pool.

Of the pool, none of the mortgages have an active payment holiday
due to the COVID-19 pandemic, and less than 0.5% by current balance
have had a historical payment holiday that has expired.

The provisional pool has limited seasoning, and there is a
relatively high exposure to Greater London (52.7%).

Principal can be used to pay senior fees and interest on the class
A notes subject to various conditions.

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 Rate (SONIA), and certain 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 entered into a security deed with the security trustee
at the time of program establishment and granted security over all
of its assets in favor of the security trustee.

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.
S&P also considers each series within the program to be
segregated.

Fleet Mortgages is the servicer in this transaction.

S&P has tested the sensitivity of the ratings to stressed spread
compression assuming a higher prepayment rate, potentially
compressing the excess spread available. The assigned preliminary
ratings can withstand these stresses.

S&P has previously analyzed assets originated by Fleet Mortgages
under the following transactions: Canada Square Funding 2019-1 PLC,
Canada Square Funding 2020-1 PLC, Canada Square Funding 2020-2 PLC,
Canada Square Funding 2021-1 PLC, Canada Square Funding 2021-2 PLC,
and London Wall Mortgage Capital PLC - Series Fleet 2021-01.

  Preliminary Ratings

  CLASS     PRELIMINARY RATING*   CLASS SIZE (%)
   A            AAA (sf)             87.50
   B-Dfrd       AA- (sf)              6.75
   C-Dfrd       A- (sf)               3.25
   D-Dfrd       BBB (sf)              1.50
   E-Dfrd       BB (sf)               1.00
   Z            NR                    1.00
   X-Dfrd       B-                    5.00
   S            NR                    1.00

*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class   
  A notes, and the ultimate payment of interest and principal on
the other rated notes.
NR--Not rated.
TBD--To be determined.


R&W RAIL: Goes Into Liquidation, Halts Operations
-------------------------------------------------
Tiya Thomas-Alexander at Construction News reports that R&W Rail
Ltd, a specialist that carried out renewal works for Network Rail,
has been shut down by its directors.

According to Construction News, a statement from the company -- a
specialist arm of the wider R&W Group -- said the business had
become unviable.

The company was too small to publish full accounts at Companies
House, but its latest filing, for the year ending 31 March 2020,
stated that it owed creditors GBP3.3 million, Construction News
discloses.  Its average number of monthly employees, including
directors, was stated as 15, Construction News notes.

Paul Davies and Sandra Mundy of James Cowper Kreston were appointed
as joint administrators, Construction News relates.



SAGE AR 2021: S&P Assigns BB-(sf) Rating to GBP21MM Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Sage AR Funding 2021
PLC's class A, B, C, D, and E notes. At closing, Sage AR Funding
2021 PLC also issued unrated class R notes.

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

The issuer will on-lend the note proceeds to the borrower (Sage
Borrower AR2 Ltd.) through an issuer/borrower loan. A portion of
the class A notes, equal to GBP5.7 million, will be used to fund
the issuer liquidity reserve.

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

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

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

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

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

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

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

  Ratings List

  CLASS     RATING     AMOUNT (MIL. GBP)
   A        AAA (sf)      159.8
   B        A- (sf)        31.8
   C        A- (sf)        25.8
   D        BBB- (sf)      23.7
   E        BB- (sf)       21.0
   R        NR             18.5

  NR--Not rated.


TRINITY HOMES: Judge Appoints Accountants as Joint Examiners
------------------------------------------------------------
Ray Managh at The Irish Times reports that two accountants,
appointed to find a way forward through examinership for two
insolvent building firms, are to investigate a number of matters of
concern, a judge ruled on Nov. 12.

Judge John O'Connor noted, after appointing chartered accountants
Joe Walsh and John Healy as joint examiners to Trinity Homes
Limited and a related company, Yeronga Ltd, that they would review
a dividend payment of almost EUR1 million by Trinity Homes to a
former director, The Irish Times relates.

He also directed the experienced insolvency practitioners to
investigate whether significant sums of investors' money were
unaccounted for and had been diverted to fund the development of
private rather than social housing, The Irish Times discloses.

The two firms were established in 2014 but are now unable to pay
their debts, difficulties caused by an increase in the cost of
building materials, an inability to meet scheduled loan repayments
and an arrangement to buy the shares of a former Trinity Homes
director on which more than EUR900,000 had already been paid out,
The Irish Times relays.

The problems of both companies have already been aired in the High
Court, The Irish Times recounts.  According to The Irish Times,
several judges have been told that their main source of funding was
through the Immigrant Investment Programme, under which non-EEA
citizens who invest EUR1 million in Ireland can obtain residency.
The companies have borrowed more than EUR11 million through the
programme, The Irish Times notes.

John O'Donnell SC, who appeared with Ross Gorman and Graham Kenny
Solicitors, for Trinity Homes and Yeronga told the Circuit Civil
Court on Nov. 12 that a draft consent order by the court had been
prepared, The Irish Times relates.

According to The Irish Times, he said that, in talks with John
Kennedy SC and Sally O'Neill for Project Trinity Homes and Project
Trinity Homes 2, representing foreign investors in the companies,
the parties had reached a consensus on what was to happen going
forward in the examinership.

Mr. Kennedy had earlier told the court his clients were owed EUR9
million and had concerns about the running of the two building
firms now in examinership and wanted an investigation carried out,
The Irish Times notes.




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

[*] BOND PRICING: For the Week November 8 to November 12, 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



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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