/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
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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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I R E L A N D
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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
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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
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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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