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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, November 22, 2021, Vol. 22, No. 227

                           Headlines



B E L G I U M

CASPR SARL: Fitch Affirms BB+ Rating on Class D Notes


C Y P R U S

BANK OF CYPRUS: S&P Alters Outlook to Positive, Affirms B+/B ICRs


F R A N C E

CASINO GUICHARD-PERRACHON: Loan Add-on No Impact on Moody's B3 CFR
PANZANI: S&P Assigns Preliminary 'B' ICR, Outlook Stable
PIMENTE INVESTISSEMENT: Moody's Assigns First Time 'B2' CFR


G E O R G I A

HALYK BANK: Fitch Affirms 'BB+' LT IDR, Outlook Stable


I R E L A N D

ANCHORAGE CAPITAL 5: Fitch Rates Class F Tranche Final 'B-'
ANCHORAGE CAPITAL 5: Moody's Gives B3 Rating to EUR12.4MM F Notes
RRE 10 LOAN: Moody's Assigns Ba3 Rating to EUR22.5MM Class D Notes
RRE 10: S&P Assigns BB- (sf) Rating to EUR22.5MM Class D Notes
SCULPTOR EUROPEAN V: Fitch Affirms Final B- Rating on Class F Notes

SCULPTOR EUROPEAN V: Moody's Affirms B2 Rating on EUR12MM F Notes


I T A L Y

ALMAVIVA SPA: Fitch Puts Final 'BB' Rating to Sec. Debt Facilities


S P A I N

UNICAJA BANCO: Fitch Puts Final 'B+' Rating to EUR500MM AT1 Notes


U N I T E D   K I N G D O M

CONSORT HEALTHCARE: S&P Cuts Rating to 'B-', On CreditWatch Neg.
DERBY COUNTY FOOTBALL: Owes HMRC GBP29MM, Administrator Reveals
DERBY COUNTY FOOTBALL: Owes Thousands to East Midlands Ambulance
LIBERTY STEEL: Evtec Acquires Two LAT Sites, 175 Jobs Saved
MCCLURE: Jones Whyte Denies Trying to Benefit from Ex-Clients

ROBINSON STRUCTURES: Owes Creditors GBP9.3 Million
SMALL BUSINESS 2019-3: Moody's Ups Rating on Class D Notes to Ba1


X X X X X X X X

[*] BOND PRICING: For the Week November 15 to November 19, 2021

                           - - - - -


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B E L G I U M
=============

CASPR SARL: Fitch Affirms BB+ Rating on Class D Notes
-----------------------------------------------------
Fitch Ratings has upgraded CASPR S.a.r.l. Compartment CASPR-1's
class B notes and affirmed the class A, C and D notes. The class B
and C notes have been removed from Rating Watch Positive (RWP).

    DEBT                RATING            PRIOR
    ----                ------            -----
CASPR S.a.r.l. Compartment CASPR-1

A XS2265971742    LT AAsf     Affirmed    AAsf
B XS2265972559    LT A+sf     Upgrade     Asf
C XS2265972807    LT BBB+sf   Affirmed    BBB+sf
D XS2265973011    LT BB+sf    Affirmed    BB+sf

TRANSACTION SUMMARY

The transaction is a synthetic securitisation of a residential
loans portfolio originated by AXA Bank Belgium (ABB). The issuer
used the proceeds to fund a credit default swap (CDS) that protects
the originator from the losses of the reference portfolio. The
reference portfolio consists of mortgage loans secured by
residential properties in Belgium. The transaction is designed for
risk transfer and capital relief purposes.

KEY RATING DRIVERS

Lower Rating Scenario Losses: Cumulative defaults observed in the
transaction at 0.9% are in line with expected defaults modelled at
closing. The update in the Belgian assumptions as per the European
RMBS rating criteria published 19 July 2021 significantly reduced
the level of losses modelled in the transaction. The reduction in
the house price decline assumptions and the full credit to mandate
inscriptions has increased the recoveries in all ratings
scenarios.

The removal of the coronavirus additional stresses has also reduced
the weighted average foreclosure frequency (WAFF). However, the
notes' ratings are particularly vulnerable to observed recoveries
being lower than modelled recoveries. Given the limited observation
period since closing and to ensure rating stability, Fitch has
limited the upgrade of class B notes to one notch and affirmed the
class C notes.

Excessive Counterparty Exposure: The proceeds used to fund the CDS
were deposited in the deposit account held by Bank of New York
Mellon S.A./N.V., Luxembourg Branch (BoNY, AA/Stable/F1+). These
funds will be used for the payments under the CDS and to amortise
the notes. If the funds were totally or partially lost due to
deposit account bank default the notes could not be reimbursed. As
a result, the notes' ratings is limited to BoNY, Luxembourg
Branch's rating.

Resilience of Investment-grade Notes: Fitch considered in its
analysis the transaction's resilience to unforeseen events that
could increase the number of defaulted reference obligations
without leading to a final loss. These events could translate into
an important "temporary write-off" of the notes, leading to a
reduction on the interest paid to noteholders. Investment-grade
notes have sufficient credit enhancement (CE) not to be written off
if 25% of the portfolio is in default and the expected losses are
calculated using ABB's current IFRS provisioning percentage. This
test currently limits the class D notes' rating to non-investment
grade.

Exposure to ABB: Under the CDS, the issuer bears the risk of losses
from the reference portfolio. Following the default of a loan, the
issuer will pay the expected loss to ABB. At the end of the
recovery process, the final loss will be known giving rise to an
adjustment payment. If the expected loss is higher than the final
loss, ABB will pay the difference to the issuer. If ABB defaults on
the adjustment payment, it may result in a loss for the notes.
Fitch has limited the notes' ratings to a stress scenario where the
available CE offsets the exposure to ABB.

Higher-risk Portfolio: The reference portfolio has been selected
from the riskier loans in ABB's book and have a riskier credit
profile than is typical for Belgian RMBS transactions. The pool
consists of loans originated with original LTVs of close to 90% and
a debt-to-income distribution skewed toward highest buckets. The
pool also includes a material portion of loans with one missed
payment by less than 30 days past due.

Governance Impact Rating Relevant: The transaction has an ESG
Relevance Score of '5' for Transaction Parties & Operational Risk
due to the exposure to BoNY as deposit account provider whose
default would result in redemption funds to be lost. As a result,
Fitch capped and linked the rating of the notes at that of BoNY.

RATING SENSITIVITIES

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

-- Increasing defaults by 25% and reducing recoveries by 25%
    would result in the class A notes being downgraded by three
    notches to 'Asf', class B notes by three notches to 'BBB+sf',
    class C by five notches to 'BB-sf' and class D notes by two
    notches to 'BB-sf'.

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

-- The class A notes' rating is capped by the rating of the
    account bank. If BoNY was upgraded, the class A notes will
    also be upgraded.

-- Decreasing defaults by 15% and increasing recoveries by 15%
    would result in the class B and C notes being upgraded to
    'AAsf'. The ratings of the class D notes would be unchanged
    due to rating limitations.

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

CASPR S.a.r.l. Compartment CASPR-1

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.

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

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

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Notes' ratings are limited by the excessive exposure to by Bank of
New York Mellon S.A./N.V., Luxembourg Branch.

ESG CONSIDERATIONS

CASPR S.a.r.l. Compartment CASPR-1 has an ESG Relevance Score of
'5' for Transaction Parties & Operational Risk due to the exposure
to BoNY as deposit account provider whose default would result in
redemption funds to be lost. As a result, Fitch capped and linked
the rating of the notes at that of BoNY.

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



===========
C Y P R U S
===========

BANK OF CYPRUS: S&P Alters Outlook to Positive, Affirms B+/B ICRs
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Bank of Cyprus Public Co.
Ltd. (BoC) to positive from stable and affirmed its 'B+/B' long-
and short-term issuer credit ratings on the bank.

At the same time, we revised the outlook on its nonoperating
holding company, Bank of Cyprus Holdings PLC, to positive from
stable and affirmed the 'B-/B' ratings.

On Nov. 15, 2021, Bank of Cyprus Public Co. Ltd. (BoC) announced
the sale of EUR577 million nonperforming exposures (NPEs) and
EUR121 million of foreclosed assets.

S&P said, "We expect the bank's NPE ratio will be about 9%
following the transaction, materially below 25% as of year-end
2020, showing that BoC is close to completing its balance-sheet
clean up from the previous financial crisis.

"The outlook revision primarily reflects our view that BoC's risk
profile should materially improve as a result of the announced sale
of problem assets. The bank's efforts to reduce its tail risks from
the 2008 credit crisis and reduce the asset quality gap with
higher-rated international peers should result in an NPE ratio of
about 9% on a pro forma basis following the transaction, compared
with 25% at end-2020. At this level, BoC will be better positioned
to cope with potential increases in NPEs stemming from the COVID-19
pandemic, in our view. Our base case reflects our expectation that
the pressure on asset quality would be moderate, with its NPE ratio
only growing to about 11%-13%.

"We expect BoC's capitalization to hold up well over the next 12-18
months based on the announced terms. We estimate that the agreed
transaction should have a positive effect of 25-30 basis points on
our risk-adjusted capital (RAC) ratio, partly offsetting our
expectation of muted internal capital generation stemming from
pressure on net interest income, business turnaround costs, and an
above-normalized level of provisions. As such, we now forecast our
RAC ratio will hover at about 6.6%-7.0% over the next 12-18 months,
compared with 7.1% at end-2020 and our previous expectation of
6.3%-6.8%."

BoC's low profitability prospects remain a rating weakness.
Although its multi-year restructuring and digitalization plan
should continue supporting some cost reduction, the bank's ability
to sustainably improve its efficiency and bottom-line profitability
to levels closer to higher-rated peers' will likely remain under
pressure. S&P expects the bank's cost-to-income ratio will hover at
about 68% in the next 12-18 months, compared with our expectation
of 50% for its peers.

S&P said, "The positive outlooks on BoC and its nonoperating
holding company, Bank of Cyprus Holdings, reflect our view that we
could raise the long-term issuer credit rating over the next 12
months if the improvement in BoC's risk profile is sustainable.
This could happen if the impact of knock-on effects of the pandemic
remains manageable, and the overall NPE ratio remains broadly in
line with the bank's international peers'. An upgrade would also
depend on the bank's ability to improve its underlying
profitability prospects.

"We could revise the outlooks back to stable if we anticipated that
the credit quality deterioration at BoC could be much higher than
what we currently envisage, jeopardizing BoC's path to complete its
balance-sheet clean-up from the previous recession."



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F R A N C E
===========

CASINO GUICHARD-PERRACHON: Loan Add-on No Impact on Moody's B3 CFR
------------------------------------------------------------------
Moody's Investors Service said French grocer Casino
Guichard-Perrachon SA's B3 Corporate Family Rating, B3-PD
Probability of Default Rating and existing instrument ratings,
including the B2 rating to the existing senior secured Term Loan B,
remain unchanged following the announcement that it plans to issue
a EUR400 million add-on to the senior secured Term Loan B due 2025.
The outlook remains stable.

Casino will use some of the proceeds to repay up to EUR280 million
of its outstanding senior unsecured bonds. Proceeds in excess of
this amount will be added to the company's escrow account dedicated
to secured debt repayment. The proposed transaction has no impact
on the company's leverage and is expected to reduce Casino's
interest expense by around EUR3 million per year.

RATINGS RATIONALE

Casino Guichard-Perrachon SA's (Casino) B3 corporate family rating
(CFR) factors in the company's high leverage, with Moody's-adjusted
(gross) debt/EBITDA at 6.8x as of year-end 2020 at the group level,
excluding tax credit in Brazil, (6.5x net of escrow cash) ; its
weak, but improving, free cash flow (FCF) in France; Casino's
ownership by a series of leveraged holdings, including Rallye which
emerged from a debt restructuring in February 2020; the fierce
competition in the French retail market; and the potential earnings
volatility stemming from its sizeable exposure to Latin America.

However, Casino's rating also incorporates the company's product
offering primarily comprising food products, which have
historically been more stable during economic downturns than
nonfood products; co-leading position in the Brazilian food market
alongside Carrefour S.A. (Carrefour, Baa1 stable) and ownership of
fast-growing renewable energy provider Greenyellow which provides
geographical diversification and good earnings growth potential;
large portfolio of French stores, mostly focused on proximity and
premium; ownership of Cdiscount, the second-largest online retailer
in France after Amazon.com, Inc. (Amazon, A1 stable); ongoing asset
disposal programme, which has been executed successfully so far,
despite some delays to a large extent caused by the coronavirus
pandemic.

Casino has an adequate liquidity over the next 12-18 months. Casino
France had EUR528 million of cash and cash equivalents as of June
30, 2021. Following the extension of its main credit facility
announced on July 19, 2021, Casino France has EUR2.2 billion of
available credit facilities. Negative FCF continues to constrain
Casino's liquidity. Seasonal variations in working capital are
substantial, with large cash outflow in the first half of a year,
whereas the trend reverses during the second half. Moreover,
Moody's expect Casino France to post negative FCF in 2021.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's view that Casino's
Moody's-adjusted (gross) debt/EBITDA will gradually trend towards
6x over the next 12-18 months on the back of debt repayments and
moderate earnings growth. The outlook also takes into consideration
Moody's assumptions that Casino will successfully pursue its asset
disposal programme and continue to improve its earnings in France.

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

The rating agency could consider a negative rating action if Casino
fails to keep its Moody's-adjusted debt/EBITDA below 7x at the
group level or if it is unable to maintain adequate covenant
headroom. Negative pressure on the ratings could also materialise
if Casino France's free cash flows after dividends and before asset
disposals deteriorate.

Moody's could consider a positive rating action over time if Casino
demonstrates an ability to reduce substantially and sustainably the
gross debt of its French operations, leading to a Moody's-adjusted
debt/EBITDA below 6x. An upgrade would also require positive free
cash-flows in France as well as adequate liquidity, with
satisfactory covenant headroom, and predictable financial
communication.

COMPANY PROFILE

With EUR32 billion of reported revenue in 2020, France-based Casino
is one of the largest food retailers in Europe. Its primary
shareholder is the French holding Rallye. Casino's chief executive
officer Jean-Charles Naouri controls Rallye through a cascade of
holdings.

PANZANI: S&P Assigns Preliminary 'B' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Panzani, and its preliminary 'B' issue and '3'
recovery ratings to the proposed senior secured term loan B (TLB).

In July 2021, funds advised by private equity firm CVC Capital
Partners entered into exclusive discussions to acquire Panzani, the
dry pasta, sauces, couscous, and semolina business, from the
Spanish listed consumer foods group Ebro Foods (Ebro; not rated).

Pimente Investissement SAS (Panzani; the holding parent company) is
planning to issue a EUR340 million senior secured term loan B (TLB)
to support the acquisition.

S&P said, "The stable outlook reflects our view that Panzani will
retain its leadership position in France in dry pasta and
elaborated sauces. Its ability to raise prices thanks to strong
brand recognition should allow Panzani to maintain positive FOCF
and adjusted debt to EBITDA of about 6.0x over the next 12 months.

"The rating reflects the highly levered capital structure, but we
believe that Panzani will be able to maintain positive FOCF. Under
the proposed new capital structure, the group will operate with a
EUR60 million long-term revolving credit facility (RCF) undrawn at
closing, and a EUR340 million long-term TLB. We forecast that over
the next two years, Panzani will maintain S&P Global
Ratings-adjusted debt to EBITDA of about 6.0x, EBITDA cash interest
coverage of over 4.0x, and positive FOCF despite elevated capital
expenditure (capex) needs. FOCF in 2022 will be at a low point of
EUR5 million-EUR10 million because of planned operational
investments in IT infrastructure to complete the de-linkage from
Ebro, and high capex of EUR20 million-EUR23 million, elevated by
capacity improvements and productivity initiatives. We anticipate
that FOCF will improve to above EUR10 million from 2023, despite
still-elevated capex of EUR26 million-EUR28 million, as a result of
the acceleration of investments.

"Our adjusted debt calculation comprises the proposed EUR340
million term loan facility and about EUR9.6 million of pension
liabilities that will likely remain within Panzani's perimeter post
carveout of the rice and Lustucru & Taureau Ailé cereals business,
which will remain with Ebro post transaction closure. We assume
that the RCF will remain undrawn over at least the next 12 months.
We do not net cash against debt, because we assume that management
and owners will prioritize investment needs, as opposed to debt
repayments. We exclude the shareholder bond from our credit metrics
because it meets the definition of noncommon equity under our
criteria.

"Panzani's limited size and concentration in mature staples food
categories in France constrains its business position. Overall, we
value the strong market share in a noncyclical and nonseasonal
staple food category in France, and the well-known Panzani brand,
which should enable it to pass on price increases. That said,
Panzani's position is constrained by the small size of operations
and EBITDA within the packaged food industry, the low-volume growth
prospects for dry pasta (47% of 2020 sales), the relatively narrow
range of complementary food products, and the high geographical
concentration to France (about 90% of 2020 sales). In fiscal year
(FY) ending Dec. 31, 2020, Panzani reported revenue and
company-adjusted EBITDA of about EUR470 million and EUR59 million,
respectively. For 2022, we forecast revenue of about EUR480
million-EUR490 million and adjusted EBITDA of EUR55 million-EUR60
million.

"The company's main products--dry pasta, sauces (24%), and couscous
(9%)--are stable, mature products that saw high demand in 2020 and
first-half 2021 amid the COVID-19 pandemic and the rise in home
cooking. That said, we anticipate that growth rates in dry pasta
will normalize to pre-pandemic levels of about 1% per year, and
about 2%-3% in sauces, alongside the lifting of pandemic-related
restrictions. In France, the dry pasta and pasta sauces markets
also have relatively high penetration rates of 97% and 78%,
respectively, which necessitate product innovation to drive volume
and value growth.

"Panzani has a strong local market position, which has remained
stable in recent years. A solid leader in the stable but low growth
dry pasta market in France, Panzani has about 30% market share.
Together with its main local competitor, the large Italian pasta
maker Barilla (not rated), the two groups combined have solid
market share in dry pasta and sauces. That said, Panzani also
competes against private labels. In both categories, Panzani is
focused on multiplying price points around the medium price range,
but it is an iconic brand with very high consumer recognition, and
a clear market leader. Despite the apparent de-prioritization by
Ebro in recent years and the presence of private labels, before the
pandemic (according to Euromonitor International data) Panzani
broadly maintained stable market shares, with 28%-29% in dry pasta
since 2016. We also view positively the continuity of the senior
management to ensure the stability of the business in this period
of high commodity inflation and related negotiations with
retailers. In addition, we foresee potential disruptions from
Panzani's separation from its former owner as relatively low,
thanks to limited operational complexities.

"The strong local brand and large market share should help offset
commodity cost pressures in the next 12-18 months. We forecast
potential revenue growth of up to 7% in 2022, normalizing to about
2% in 2023, with a broadly stable adjusted EBITDA margin of close
to 12% over the same period. Our assumption for 2022 incorporates
very low volume growth, with most revenue growth coming from higher
price adjustments to partly offset high input costs, particularly
from durum wheat (which has increased 20% year-on-year since April
2020), which is the key ingredient for the semolina flour used to
make dry pasta and couscous. French durum wheat prices increased
sharply in 2021, reflecting the global market price trend amid
weaker supplies from key export markets, such as Canada. Our
assumption for 2023 is of a commodity price normalization,
reflected in lower revenue growth of 2%.

"Given the branded nature of Panzani's product portfolio (82% of
total sales), we think that the company should benefit from strong
pricing power and the ability to offset short-term raw materials
inflation, thanks to its leadership position in France in a sizable
staple foods category, its strong brand,and the low average selling
price per unit. In addition, there are hardship clauses in
contracts with key retailers for durum wheat costs. That said, we
expect continued price pressure from French retailers. We also
assume a time lag of a few months before the EBITDA margin fully
recovers, given that in France new retail price lists typically
become effective from the beginning of March every year, while cost
inflation will be carried over the full 12-month period. On a more
positive note, we do not anticipate logistical costs to be an area
of pressure, because Panzani sources durum wheat exclusively in
France, with well over 50% of purchases made under three-year
agreements with cooperatives.

"There are pockets of organic growth opportunities that management
can unlock through investment. We understand that the Panzani will
prioritize stepping up investments to reinvigorate the brand and
increase the company's operating efficiency in the core low-growth
dry pasta and pasta sauce segments. Panzani intends to optimize
existing unit distributions and price points to boost value growth
with key retailers. For dry pasta, Panzani also wants to benefit
from vertical integration with internal semolina production, with
fully sourced durum wheat in France, as a key differentiator from
competition. It also intends to invest in the digital channel
(click-and-collect with mass retailers), where it has been
struggling recently.

"In the semolina product segments--dry pasta and couscous--we see
scope to increase volume growth by increasing penetration among the
sizable French ethnic market as well as the Middle East and North
Africa. This aim would require efforts to multiply price points and
promotional efforts, in our view. In the French ethnic market,
cereals, pasta, and Halal are categories that are growing much
faster (over 5% per year) than mainstream dry pasta, while sauces
could present future value accretive growth opportunities. However,
we think there is high price sensitivity from customers in this
market.

"We see acquisitions as unlikely in the next 12-18 months, but are
plausible beyond that to boost growth prospects. In our base case,
we do not incorporate debt-financed acquisitions for the first
12-18 months post transaction closure. We think that during this
period, management and owners will focus on the operational
improvement of the business--by lowering operating costs through
renegotiating raw material supply contracts, logistics and
distribution costs, and improving the net working capital dynamics.
Beyond that, we think that acquisitions in growing adjacent
categories such as fresh pasta and sauces are plausible to boost
volume growth prospects for the group. We think Panzani is more
likely to use debt-financed acquisitions than boost expansion
capex, since this would require different expertise and production
techniques, which we think could take time and resources to develop
internally. Therefore, in our base case, we forecast that adjusted
debt to EBITDA would remain about 6.0x instead of declining to or
below 5.0x. This is also consistent with the financial policy
observed in most private-equity-owned firms.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of final ratings. If we do not receive final
documentation within a reasonable time, or if the final
documentation and final terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise the ratings. Potential changes include, but are not limited
to, utilization of the proceeds; maturity, size and conditions of
the facilities; financial and other covenants; security; and
ranking.

"The stable outlook reflects our view that Panzani should be able
to preserve a stable operating performance in 2022 thanks to its
strong market share, well-known brand, and affordable average
selling price within the noncyclical dry pasta market in France,
despite low volume growth prospects for its large dry pasta
segment.

"Under our base case, we forecast that Panzani will maintain stable
adjusted EBITDA margins of about 12% in 2022, positive FOCF
generation of close to EUR10 million annually, and adjusted debt to
EBITDA of about 6.0x. Our base case assumes that the group will be
able to raise prices to offset much higher raw material and energy
costs while exercising control over working capital and capex. We
see debt-financed acquisitions as unlikely before mid-2023, because
the company's focus is on improving operating efficiency and the
full separation from Ebro.

"We could lower the rating on Panzani if, contrary to our base
case, it fails to generate positive FOCF over the next 12 months
due to underperformance on its main dry pasta or sauces operations,
or an inability to control working capital movements or cut
expansion capex. This will likely occur, in our view, if it faces
fierce competition from branded and private label competitors in
France, loses a key retail customer in France, or demonstrates an
inability to offset input costs with price increases,
which--combined with productivity investments--could weigh on the
cash generation.

"We could also lower our ratings on the company if it immediately
pursues an aggressive debt-financed acquisition strategy while
still investing in the business, such that adjusted debt to EBITDA
deviates from our current base case to above 7.0x on a sustained
basis.

"We could take a positive rating action if Panzani's revenue and
EBITDA base grow significantly higher than our current assumptions,
such that our adjusted debt to EBITDA would fall sustainably below
5.0x. This could occur due to sustained solid organic growth, owing
to a reinvigoration of prospects in the mature dry pasta market and
organic expansion into adjacent ethnic food categories. A rating
upgrade would also depend on a firm commitment from the financial
sponsors to sustain such a low level of leverage."


PIMENTE INVESTISSEMENT: Moody's Assigns First Time 'B2' CFR
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating and a B2-PD probability of default rating to Pimente
Investissement S.A.S. ("Pimente"), the new parent company of
Panzani Group ("Panzani" or the company), a French vertically
integrated manufacturer of dry pasta, sauces, couscous and
semolina. Concurrently, Moody's has assigned B2 ratings to the
EUR340 million senior secured term loan B due in November 2028 and
to the EUR60 million senior secured multicurrency revolving credit
facility, due in May 2028, both borrowed by Pimente Investissement
S.A.S. The outlook on all ratings is stable.

Pimente is a French incorporated entity recently created for the
acquisition by funds managed by CVC Capital Partners Ltd of the
majority of Panzani's activities from Ebro Foods for a total
consideration of EUR534 million. The transaction will be financed
through a EUR340 million Term Loan B and EUR240 million of equity.
Pro-forma for the transaction, net total leverage under the
company's definition is expected to be around 5.5x based on
structuring EBITDA of EUR57.7 million as of LTM July 2021.

"The B2 rating reflects Panzani's leading market position in the
stable dry pasta and sauces segments in France, its established
portfolio of well-known brands, the benefits associated with its
vertically integrated production model, and the potential for
positive free cash flow beyond 2021" says Paolo Leschiutta, a
Moody's Senior Vice President and lead analyst for Panzani.

"These strengths mitigate the mostly mature nature of the product
portfolio, the company's narrow geographic diversification and the
concentration of raw material purchases and production facilities,
its exposure to raw material price volatility and some execution
risks associated with the carveout process and the implementation
of a new growth strategy," adds Mr. Leschiutta.

RATINGS RATIONALE

The B2 CFR assigned to Pimente reflects Panzani's leading position
in value terms in the French dry pasta market as well as its good
track record of stable single-digit revenue growth, and its
portfolio of well recognised brands. The rating is also supported
by the company's vertically integrated production model, which
allows Panzani to exert some degree of control on part of the value
chain, and its mainly variable cost structure, which offers
downside protection in case of unexpected demand volatility.

These strengths are mitigated by the mature nature of most of
Panzani's product portfolio; the geographical concentration in one
country, France, which already displays high household penetration
in the core dry pasta category; some exposure to raw material
volatility, which may temporarily erode margins as price increases
will only be passed through to customers with a time lag; and a
degree of customer concentration amongst French retailers. The
rating is also constrained by the reliance of durum wheat purchases
in France, the largest component of the company's cost structure,
and the degree of concentration of production facilities in one
country.

The initial financial leverage, expected at 6.7x at end 2021 on a
Moody's-adjusted gross debt to EBITDA basis, is high for the rating
category. However, Moody's assumes some deleveraging over the next
18 to 24 months, on the back of higher turnover and improving
profitability, which should lead to a leverage below 6.5x by 2023.
In addition, Moody's also expects relatively good interest coverage
ratios which partially compensate for the high leverage.

During 2020, Panzani benefitted from higher-than-usual at-home
consumption which led to higher volumes and average selling prices.
Normalization in consumption patterns during 2021 and 2022 will
result in lower turnover but better margins, as some extra one-off
costs sustained during the pandemic will disappear. Given the
stable nature of Panzani's product offering, growth in the coming
years will come from higher marketing and advertising investments
to reinforce brand awareness and gain market share, as well as
optimization measures aimed at increasing manufacturing
productivity which should lead to better profitability. Panzani
also plans to enter new product categories, particularly in the
fresh segment, which offer higher-growth prospective and should
allow the company to increase its exposure to premium products and
to improve operating margins which somewhat lag those of some of
its competitors.

Over the next 18 to 24 months, however, the company will have to
undertake productivity investments to achieve these initiatives,
which will weigh on cash generation and partly on profitability. As
a result, Moody's expects Panzani to generate break-even free cash
flow in 2021 and positive free cash flow only thereafter.
Expectations for positive free cash flow starting from 2022
somewhat mitigate the high starting leverage and the moderate
execution risk associated with the carve-out from Ebro Foods and
the implementation of the business plan initiatives.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's has factored into its decision to assign a B2 rating to
Panzani the governance considerations associated with the company's
financial strategy and risk management, as well as its concentrated
ownership. Panzani is owned by CVC Capital Partners Ltd, and in
line with companies with private equity ownership, Moody's expects
Panzani to have a high level of tolerance for leverage, as well as
appetite for small debt-funded acquisitions, should the opportunity
arise in order to grow the company's product portfolio. Moody's
also notes that the availability of financial information provided
on past activity is substandard, due to the carve-out process and
the exclusion of some activities from the previous perimeter.

In line with other food manufacturers, Panzani has modest
environmental and social risks. The former is mainly related to the
sustainability of procurement of certain raw materials, such as
durum wheat, in light of potential adverse climate conditions which
might hamper the harvest and create price volatility. Moreover,
Panzani is currently investing to adapt its manufacturing plants to
switch to recyclable plastic for dry pasta packaging, with the aim
to achieve the "100% recyclable packaging" goal by 2025. Moody's
expects these risks to remain manageable for Panzani.

In addition, Panzani may be positively affected by several social
and macro trends such as the search for more natural products, and
vegan and vegetarian diets. The recent pandemic resulted in
increasing consumption of pasta through more frequent at-home
cooking, and the search for affordable everyday ingredients.
Although some of these consumption shifts will partly wear off with
time, they are expected to keep on supporting ongoing low-single
digit growth of average pasta consumption per capita.

LIQUIDITY

Panzani's liquidity is good, supported by its ability to generate
positive free cash flow beyond 2021, by modest business and working
capital seasonality during the year and by an initial cash balance
of around EUR20 million. Moody's expects the company's cash
generated from operations to cover its extraordinary capital
expenditure investments including some one-off IT costs linked to
the separation from Ebro Foods to be incurred in the next 12 to 18
months.

Liquidity is supported by full availability under the new EUR60
million revolving credit facility (RCF) maturing in 2028, six
months inside the maturity of the term loan B. The RCF includes one
maintenance financial covenant defined as net debt/EBITDA below
9.5x, to be tested only when drawings exceed more than 40% of the
size of the facility, against which the company is expected to have
ample flexibility.

STRUCTURAL CONSIDERATIONS

Moody's has assigned the B2 CFR to Pimente Investissement SAS, as
it will be the top entity of the restricted banking group, which
will provide consolidated audited financial statements on an
ongoing basis.

The B2 ratings on the new EUR340 million senior secured term loan B
and the EUR60 million senior secured revolving credit facility, in
line with the CFR, reflect the fact that the two instruments are
part of the same facility, rank pari passu with each other, and
benefit from the same guarantee and security package.

Moody's has assumed a 50% family recovery rate, as it is standard
for capital structures that include covenant-lite bank debt, as the
RCF contains only one springing financial covenant. Both the term
loan and the RCF are secured by share pledges and are guaranteed by
subsidiaries, representing at least 80% of the group's EBITDA.

The structure also includes a EUR120 million shareholder loan
entering the restricted group and being lent to Pimente
Investissement S.A.S., maturing six months after the SFA's latest
maturity, which has received 100% Hybrid Equity Credit under
Moody's methodologies.

RATIONALE FOR STABLE OUTLOOK

Panzani is initially weakly positioned in the rating category due
to the high starting gross leverage. The stable outlook reflects
Moody's expectation that Panzani's metrics will improve over the
next 12 to 18 months, with Moody's adjusted debt/EBITDA reducing
below 6.5x after YE 2022, in light of good underlying operating
performance and organic growth, and that the company will
successfully manage the progressive normalisation of market demand
in the post-pandemic period, with turnover and profitability
benefitting from the company's growth strategy.

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

Given that the company is initially weakly positioned in the B2
category, upward pressure on the rating is limited. Before
considering upward pressure on the ratings, the company has to
build up a track record of (1) reporting as a standalone entity
under the new perimeter, (2) and growth and successful execution of
business plan initiatives, leading to a Moody's-adjusted gross
debt/EBITDA trending towards 5.0x. An upgrade would also require
continued positive free cash flow generation, and sound liquidity.

Negative pressure on the rating could materialise if Panzani's
liquidity profile or credit metrics deteriorate as a result of a
change in financial policy or in case of a weaker operating
performance. This might be the result, for example, of failure to
pass through higher raw material prices to end customers, or to
execute its growth and profitability improvement strategy; or a
material debt-funded acquisition. Quantitatively, Moody's could
consider downgrading Panzani's rating if its Moody's-adjusted gross
debt/EBITDA remains above 6.5x after 2022 or if free cash flow
generation became sustainably negative.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Pimente Investissement S.A.S.

Probability of Default Rating, Assigned B2-PD

LT Corporate Family Rating, Assigned B2

Senior Secured Bank Credit Facility, Assigned B2

Outlook Actions:

Issuer: Pimente Investissement S.A.S.

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

COMPANY PROFILE

Pimente Investissement S.A.S. ("Pimente") is the new parent company
of Panzani Group ("Panzani"), a leading French based food producer
focused on dry pasta, cooking and pasta sauces, couscous, semolina
and ready meals. Panzani Group was founded in the 1940s and
originally focused on the production and sale of dry pastas. Since
then, it has expanded its operations in other food segments. Its
industrial operations are set in France, with three mills, three
industrial plants and three distribution centres and it employs
around 800 people. Panzani sells its products primarily to the
French market. Pro-forma for the carve-out, in fiscal year ending
December 2020, it reported EUR470 million of net revenue and EUR58
million of Moody's-adjusted EBITDA.

The group was acquired by CVC Capital Partners Ltd's led funds from
Ebro Foods in late 2021, excluding a carve-out of some commercial
activities which will remain part of Ebro Foods group.



=============
G E O R G I A
=============

HALYK BANK: Fitch Affirms 'BB+' LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed JSC Halyk Bank Georgia's (HBG) Long-Term
Issuer Default Rating (IDR) at 'BB+' with Stable Outlook and
Viability Rating (VR) at 'b+'.

Fitch has withdrawn HBG's Support Rating of '3' as it is no longer
relevant to the agency's coverage following the publication of the
updated Bank Rating Criteria on 12 November 2021. In line with the
updated criteria, Fitch has assigned HBG a Shareholder Support
Rating (SSR) of 'bb+'.

KEY RATING DRIVERS

IDR AND SSR

The affirmation of HBG's IDR at 'BB+' and assigned SSR at 'bb+'
reflects Fitch's view that the bank will likely be supported by its
parent, Kazakhstan's JSC Halyk Bank (HBK, BBB-/Stable), in case of
need. Fitch believes HBK has a high propensity to support its
subsidiary, given full ownership, common branding, a record of
capital and liquidity support, and reputational risks in case of
the subsidiary's default. HBG's small size relative to the parent
supports Fitch's view that the cost of support would be manageable
for HBK.

The one-notch difference between the IDRs of HBG and HBK reflects
the cross-border nature of the parent-subsidiary relationship and
the limited role of the Georgian subsidiary in the group and its
modest contribution to the group's performance.

VR

HBG's standalone creditworthiness is reflected by its 'b+' VR,
which considers the bank's moderate market share of 1.5% of sector
loans in the concentrated banking sector, significant
foreign-currency lending (72% of gross loans at end-9M21) and a
moderate pandemic-driven deterioration of asset quality and
capitalisation.

The affirmation of the VR also captures Fitch's revision of the
outlook on Georgia's 'bb-' operating environment score to stable
from negative, given reduced pressures from the pandemic on local
banks' asset quality and performance. Fitch forecasts a 7.8% GDP
growth in 2021 (2020: negative 6.2%), which should support credit
growth and banks' revenue generation capacity. Fitch believes that
residual asset quality pressures will be manageable and should be
absorbed by banks' healthy pre-impairment profits.

HBG's impaired loans (Stage 3 under IFRS, based on management
accounts) moderated to 15% at end-9M21 from 16% at end-2020
(end-2019: 10%). Regulatory problems loans (based on the three
riskiest categories) improved to 10% at end-9M21 from 12% at
end-2020, supported by resumed lending growth (19% in 9M21, not
annualised). Asset quality risks also stem from sizeable Stage 2
loans (36% of gross loans at end-9M21) reflecting bank's
conservative classification of loans from vulnerable industries
(e.g. real estate, tourism).

The coverage of impaired loans by loan loss allowances (LLAs)
remains weak (9% by specific and 19% by total LLAs) due to the
bank's reliance on collateral. In regulatory accounts, problem
loans were more conservatively provisioned at 61% by total LLAs at
end-9M21, owing to stricter provisioning requirements compared with
IFRS.

Fitch Core Capital (FCC) declined to 16% of regulatory
risk-weighted assets (RWA) at end-9M21 from 19% at end-2020
following balance sheet expansion. Capitalisation is undermined by
an elevated amount of unreserved impaired loans, amounting to a
high 58% of FCC at end-9M21. The regulatory Tier 1 ratio was a
lower 12.5% at end-9M21 due to more conservative provisioning
approach under the local standards. However, this was well above
the capital requirement of 8.3% (with buffers), relaxed in 1Q20 due
to the pandemic. Fitch expects capitalisation to moderately
strengthen in the medium term as the bank has to become compliant
with post-pandemic requirements (estimated at 13% for the Tier 1
ratio) by end-2023.

Profitability recovered in 9M21 with operating profit at 2% of RWA
in 9M21 (annualised; according to IFRS management accounts); up
from 0.5% in 2020 when it was pressured by high loan impairments.
The bank released provisions in 9M21 (0.4% of average gross loans)
after large impairments at 2.4% in 2020. Pre-impairment profit
remains adequate at 2.7% of average loans in 9M21, although
slightly down from 3.2% in 2019-2020 due to a moderate decline in
margins. At the same time, margins remain relatively strong, at 5%
in 9M21, supported by reliance on cheap funding from the parent
bank.

HBG is primarily funded by HBK (59% of liabilities at end-9M21),
followed by customer deposits (39%), mostly from corporates and
state-related entities. The bank's cushion of liquid assets (cash,
placements with the National Bank of Georgia net of obligatory
reserves, short-term interbank, and securities and loans eligible
for repo) was sufficient to cover 42% of customer accounts at
end-9M21. Unused credit lines from the parent bank could
additionally cover 14% of customer funding at the same date. Fitch
believes, ordinary support from the parent would be available, if
needed.

RATING SENSITIVITIES

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

-- HBG's IDRs could be downgraded if Georgian country risks
    materially increase or if Fitch revises down the support
    assessment from the parent bank. HBG's VR could be downgraded
    if the bank's capitalisation metrics decline as a result of
    asset quality deterioration or rapid credit growth, if not
    timely addressed by the shareholder. The trigger for a
    downgrade would be if regulatory capital ratios maintained
    with a narrow margin above the capital requirements or if
    capital encumbrance from unreserved impaired loans would not
    reduce from the current high level of 0.6x FCC.

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

-- An upgrade of HBG's IDR would require both an upgrade of
    Georgia's sovereign rating and an upgrade of HBK. Upside for
    the bank's VR would require a material improvement in the
    bank's franchise, coupled with the moderation of asset quality
    risks.

VR ADJUSTMENTS

The Operating Environment score of 'bb-' has been assigned above
the 'b' category implied score due the following adjustment reason:
Sovereign Rating (positive), Regulatory and Legal Framework
(positive).

The Earnings and Profitability score of 'b+' has been assigned
below the 'bb' category implied score due to the following
adjustment reason: Revenue diversification (negative).

The Capitalisation and Leverage score of 'b+' has been assigned
below the 'bb' category implied score due to the following
adjustment reason: Reserve coverage and asset valuation
(negative).

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HBG's IDR is linked to HBK's IDR.

ESG CONSIDERATIONS

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



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

ANCHORAGE CAPITAL 5: Fitch Rates Class F Tranche Final 'B-'
-----------------------------------------------------------
Fitch Ratings has assigned Anchorage Capital Europe CLO 5 DAC final
ratings.

    DEBT                   RATING               PRIOR
    ----                   ------               -----
Anchorage Capital Europe CLO 5 DAC

A XS2390685373       LT AAAsf    New Rating    AAA(EXP)sf
B-1 XS2390689011     LT AAsf     New Rating    AA(EXP)sf
B-2 XS2390689797     LT AAsf     New Rating    AA(EXP)sf
C XS2390690530       LT Asf      New Rating    A(EXP)sf
D XS2390691264       LT BBB-sf   New Rating    BBB-(EXP)sf
E XS2390691777       LT BB-sf    New Rating    BB-(EXP)sf
F XS2390691934       LT B-sf     New Rating    B-(EXP)sf
Subordinated Notes   LT NRsf     New Rating    NR(EXP)sf
XS2390692155

TRANSACTION SUMMARY

Anchorage Capital Europe CLO 5 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 are being used to fund a portfolio with a
target par of EUR430 million. The portfolio is actively managed by
Anchoarge CLO ECM LLC. The collateralised loan obligation (CLO) has
a 4.7-year reinvestment period and an 8.7-year weighted average
life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 25.97.

Strong Recovery Expectation (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
62.12%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices: (i) one effective at closing corresponding to the
top-10 obligor concentration limit at 23%, a fixed-rate asset limit
to 15% and an 8.7-year WAL and (ii) another one that can be
selected by the manager at any time one year after closing as long
as the portfolio balance (including defaulted obligations at
Fitch's collateral value) is above target par and corresponding to
the same limits of the previous matrix, apart from a 7.7-year WAL.
The transaction also includes various concentration limits,
including a maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 42.5%. These covenants ensure that
the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction has a 4.7-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 (Neutral): The WAL used for the transaction's
stressed-case portfolio is 12 months less than the WAL covenant, to
account for strict reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limit tests, together with a linearly decreasing WAL
covenant. When combined with loan pre-payment expectations this
ultimately reduces the maximum possible risk horizon of the
portfolio.

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 five 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 three notches, depending on
    the notes, except for the class A notes, which are already at
    the highest rating on Fitch's scale and therefore cannot be
    upgraded.

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

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

No published financial statements were used in the rating
analysis.

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

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

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

ANCHORAGE CAPITAL 5: Moody's Gives B3 Rating to EUR12.4MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Anchorage Capital
Europe CLO 5 DAC (the "Issuer"):

EUR266,600,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR25,800,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR13,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR26,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR32,300,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR23,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR12,400,000 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 c.a. 5 month ramp-up period in compliance with the
portfolio guidelines.

Anchorage CLO ECM, L.L.C ("Anchorage") 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 4.7 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 will issue EUR37,500,000 Subordinated Notes due 2034 which
are not rated.

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

Methodology Underlying the Rating Action:

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


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

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

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

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

Par Amount: EUR430,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3060

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.7 years

RRE 10 LOAN: Moody's Assigns Ba3 Rating to EUR22.5MM Class D Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by RRE 10 Loan
Management Designated Activity Company (the "Issuer"):

EUR307,500,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR37,500,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR22,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be almost 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 4 months ramp-up period in
compliance with the portfolio guidelines. The effective date
determination requirements of this transaction are weaker than
those for other European CLOs because full par value is given to
defaulted obligations when assessing if the transaction has reached
the expected target par amount as of the effective date. Moody's
believes that such treatment of defaulted obligations can introduce
additional credit risk to noteholders since the potential par loss
stemming from recoveries being lower than a defaulted obligation's
par amount will not be taken into account. Hence the CLO notes'
outstanding ratings could be negatively affected around the
effective date, despite satisfaction of the transaction's effective
date determination requirements.

Redding Ridge Asset Management (UK) LLP ("Redding Ridge") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 4.5 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 three classes of notes rated by Moody's, the
Issuer will issue two classes of notes, performance notes,
preferred return notes and subordinated notes due 2121, which are
not rated.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Par Amount: EUR500,000,000

Diversity Score(1): 44

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.67 years

RRE 10: S&P Assigns BB- (sf) Rating to EUR22.5MM Class D Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 10 Loan
Management DAC's class A-1 to D notes. At closing the issuer also
issued unrated subordinated notes.

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

The ratings assigned 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 is bankruptcy remote.

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

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

-- The portfolio's reinvestment period will end approximately 4.5
years after closing, and the portfolio's maximum average maturity
date is eight and a half years after closing.

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,758.02
  Default rate dispersion                                  456.13
  Weighted-average life (years)                              5.34
  Obligor diversity measure                                130.59
  Industry diversity measure                                18.67
  Regional diversity measure                                 1.23

  Transaction Key Metrics
                                                          CURRENT
  Total par amount (mil. EUR)                                 500
  Defaulted assets (mil. EUR)                                   0
  Number of performing obligors                               171
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                            1.03
  'AAA' covenanted weighted-average recovery (%)            36.89
  Covenanted weighted-average spread (%)                     3.55
  Reference weighted-average coupon (%)                      3.50

Workout obligations

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

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

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

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

-- The obligation is a debt obligation;

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

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

-- It is not purchased at a premium; and

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

Using interest proceeds, provided that:

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

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

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

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

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

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

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

"In our cash flow analysis, we used the EUR500 million target par
amount, the covenanted weighted-average spread (3.55%), the
reference weighted-average coupon (3.50%), and the actual
weighted-average recovery rates at all rating levels as indicated
by the collateral manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category. Our credit and cash flow analysis indicates that
the available credit enhancement for the class A-2 and D notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

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

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

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-2, B, C, and D notes.

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

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

Environmental, social, and governance (ESG) factors

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

  Ratings Assigned

  CLASS    RATING*    AMOUNT     SUB (%)   INTEREST RATE§
                    (MIL. EUR)  
  A-1      AAA (sf)    307.50    38.50    Three/six-month EURIBOR
                                          plus 1.00%

  A-2      AA (sf)      37.50    31.00    Three/six-month EURIBOR
                                          plus 1.70%

  B        A (sf)       52.50    20.50    Three/six-month EURIBOR
                                          plus 2.05%

  C        BBB- (sf)    32.50    14.00    Three/six-month EURIBOR
                                          plus 3.05%

  D        BB- (sf)     22.50     9.50    Three/six-month EURIBOR
                                          plus 6.15%

  Sub notes†    NR      56.30      N/A    N/A

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

†Sub notes balance includes the balance of performance notes and
preferred return notes.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


SCULPTOR EUROPEAN V: Fitch Affirms Final B- Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Sculptor European CLO V DAC refinancing
notes final ratings. It has also affirmed the class B-1, E and F
notes and removed them from Under Criteria Observation (UCO).

     DEBT                   RATING                PRIOR
     ----                   ------                -----
Sculptor European CLO V DAC

A XS1904641724        LT PIFsf    Paid In Full    AAAsf
A-R XS2405128583      LT AAAsf    New Rating      AAA(EXP)sf
B-1 XS1904642292      LT AAsf     Affirmed        AAsf
B-2 XS1904642532      LT PIFsf    Paid In Full    AAsf
B-2-R XS2405129391    LT AAsf     New Rating      AA(EXP)sf
C XS1904642888        LT PIFsf    Paid In Full    Asf
C-R XS2405129987      LT Asf      New Rating      A(EXP)sf
D XS1904643183        LT PIFsf    Paid In Full    BBB-sf
D-R XS2405130563      LT BBB-sf   New Rating      BBB-(EXP)sf
E XS1904643423        LT BB-sf    Affirmed        BB-sf
F XS1904643340        LT B-sf     Affirmed        B-sf

TRANSACTION SUMMARY

Sculptor European CLO V DAC is a cash flow collateralised loan
obligation (CLO) actively managed by Sculptor Europe Loan
Management Limited. The reinvestment period is scheduled to end in
July 2023. At closing of the refinance, the class A-R, B-2-R, C-R
and D-R notes have been issued and the proceeds used to refinance
the existing notes. The class B-1, E, F and the subordinated notes
have not been refinanced.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the current
portfolio is 25.20.

High Recovery Expectations (Positive): Over 92.5% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the portfolio is 63.07%.

Diversified Portfolio (Positive): The top 10 obligors and maximum
fixed rate asset limit for this analysis is 20.0% and 10%,
respectively. The portfolio is more diversified with 176 issuers
versus 110 issuers modelled in the transaction's stressed
portfolio. The transaction also includes various concentration
limits, including the maximum exposure to the three largest
(Fitch-defined) industries in the portfolio at 40%. These covenants
ensure that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction has a 1.7-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. The weighted average life
(WAL) covenant has been extended by 12 months to 6.6 years and the
matrix was updated concurrently at closing. Fitch's analysis is
based on a stressed-case portfolio with the aim of testing the
robustness of the transaction's structure against its covenants and
portfolio guidelines.

Cash Flow Analysis (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is six months less than the
WAL covenant, to account for structural and reinvestment conditions
post-reinvestment period, including the OC tests and Fitch 'CCC'
limitation passing post reinvestment, among others. Combined with
loan pre-payment expectations, this ultimately reduces the maximum
possible risk horizon of the portfolio.

Affirmation of Existing Notes: The class B-1 and E notes are at the
model-implied ratings based on the updated matrix. The class F
notes 'B-sf' rating reflects a limited margin of safety in line
with Fitch's definition of the rating and under the actual
portfolio analysis the tranche also passes the rating default rate
(RDR) at 'Bsf', ensuring a minimum cushion at the assigned 'B-sf'
rating. The class B-1, E and F notes have been removed from UCO.

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Sculptor European CLO V 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.

SCULPTOR EUROPEAN V: Moody's Affirms B2 Rating on EUR12MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
Sculptor European CLO V DAC (the "Issuer") formerly known as OZLME
V DAC:

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR20,000,000 Class B-2 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

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

EUR19,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on Sep 28, 2020 Affirmed Aa2
(sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Sep 28, 2020
Confirmed at Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Sep 28, 2020
Confirmed at B2 (sf)

RATINGS RATIONALE


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

Moody's rating affirmation of the Class B-1, Class E and Class F
Notes is a result of the refinancing, which has no impact on the
ratings of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life test date by 12 months to June 11, 2028. It has also
amended certain definitions including the definition of "Adjusted
Weighted Average Rating Factor" and minor features. In addition,
the Issuer has amended the base matrix and modifiers that Moody's
has taken into account for the assignment of the definitive
ratings.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans.

Sculptor Europe Loan Management Limited will continue to manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period which ends in July 2023. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par and principal proceeds balance: EUR398.02 million

Defaulted Par: EUR1.07 million as of October 01, 2021

Diversity Score: 57

Weighted Average Rating Factor (WARF): 3154

Weighted Average Spread (WAS): 3.55%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL) test date: June 11, 2028



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

ALMAVIVA SPA: Fitch Puts Final 'BB' Rating to Sec. Debt Facilities
-------------------------------------------------------------------
Fitch Ratings has assigned a final 'BB'/'RR3' instrument rating to
AlmavivA S.p.A.'s (BB-/Stable) secured debt facilities on receipt
of final documentation conforming to information already received
by Fitch. The proceeds from the EUR350 million issue were used to
refinance EUR250 million of secured debt and revolving credit
facility (RCF), with the rest intended for general corporate
purposes. Key rating drivers remain largely unchanged.

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

KEY RATING DRIVERS

IT Driven Credit Profile: Almaviva's credit profile is primarily
shaped by its IT services segment - the company is one of the
leading Italian providers of IT services - while its legacy
customer relationship management (CRM) segment makes a lower
contribution to its credit profile. Fitch expects growth of IT
services to significantly outpace any expansion in CRM, which would
further reduce CRM's contribution to the business mix. In 9M21 the
IT segment (including Almawave) generated 73% of group EBITDA.

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

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

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

With IT services mission- critical for the efficient provision of
railway services and infrastructure management, Fitch sees an
abrupt switch of IT services provider as unlikely given the
complexity such a change would entail.

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

Almaviva has been able to expand significantly ahead of the market,
with its growth resilient to the negative effects of the Covid-19
pandemic. Revenue visibility is supported by the company's IT
services backlog of EUR1,401 million at end-3Q21, equivalent to
2.3x years of last-12-months IT revenues.

Domestic CRM Break-Even: Fitch expects the domestic CRM segment to
be less of a drag on the company's operations. Almaviva has largely
completed the targeted reduction of its domestic CRM segment,
achieving a close to break-even EBITDA generation in 3M21. The
domestic CRM market is heavily exposed to lower-priced offshore
competition with neighbouring countries where Italian is widely
spoken, such as Albania. This will limit growth and margin
improvement in this segment.

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

Moderate FX Risk: International CRM operations also expose Almaviva
to moderate FX risk, with this segment's cash flows predominantly
in Brazilian reals, while all the company's debt is in euros.
International CRM accounted for 28% of the group's EBITDA in 9M21.

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

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

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

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

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

DERIVATION SUMMARY

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

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

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

KEY ASSUMPTIONS

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

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

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

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

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

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

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

-- Modestly growing dividends from the 2021 level.

RATING SENSITIVITIES

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

-- FFO gross leverage sustainably below 3x;

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

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

ISSUER PROFILE

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

ESG CONSIDERATIONS

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



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

UNICAJA BANCO: Fitch Puts Final 'B+' Rating to EUR500MM AT1 Notes
------------------------------------------------------------------
Fitch Ratings has assigned Unicaja Banco S.A's (Unicaja,
BBB-/Negative) EUR500 million additional Tier 1 (AT1) issue (ISIN
ES0880907003) a final 'B+' rating.

The rating is in line with the expected rating assigned on 8
November 2021 and follows the receipt of the final terms. The bonds
are perpetual with the first optional redemption date on 18
November 2026 and carry an annual fixed coupon of 4.875% until the
first reset date.

The updated 'Bank Rating Criteria' published on November 12, 2021
has no impact on the final rating assigned to Unicaja's AT1 issue,
given the final criteria are substantively in line with the
Exposure Draft used to assign the expected rating to the issue.

KEY RATING DRIVERS

The notes are perpetual, deeply subordinated, fixed-rate resettable
AT1 debt securities, with fully discretionary, non-cumulative
coupons. They are subject to partial or full write-down if
Unicaja's consolidated common equity Tier 1 (CET1) ratio falls
below 5.125%.

The rating is four notches below Unicaja 's 'bbb-' Viability Rating
(VR), which is the baseline notching for this type of debt under
Fitch's criteria. This notching reflects poor recoveries, due to
the notes' deep subordination (two notches) as well as incremental
non-performance risk relative to the VR (two notches), given fully
discretionary coupon payments and the write-down trigger. The notes
also have mandatory coupon-restriction features, including where
prohibited by the regulator or where a coupon would exceed
distributable items.

Unicaja maintains sound buffers above its regulatory capital
requirements. At end-September 2021, Unicaja's 14.9% consolidated
CET1 ratio was well above the bank's 8.2% CET1 regulatory
requirement.

RATING SENSITIVITIES

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

-- The AT1 notes' rating would be downgraded if Unicaja's VR is
    downgraded. The rating is also sensitive to adverse changes in
    its notching from Unicaja's VR, which could arise if Fitch
    changes its assessment of the probability of the notes' non-
    performance relative to the risk captured in the VR. This may
    reflect a change in capital management in the group or an
    unexpected shift in regulatory capital requirements, for
    example.

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

-- The AT1 notes' rating is primarily sensitive to changes in
    Unicaja's VR. The rating would be upgraded if Unicaja's VR was
    upgraded.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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



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

CONSORT HEALTHCARE: S&P Cuts Rating to 'B-', On CreditWatch Neg.
----------------------------------------------------------------
S&P Global Ratings lowered the ratings on the Consort Healthcare
(Tameside) PLC (ProjectCo) to 'B-' from 'BB+' and revised the
recovery rating to '4' from '3'. The ratings remain on CreditWatch
negative.

The CreditWatch negative placement indicates that S&P's could lower
the ratings further, potentially by multiple notches, if the
upcoming Trust's board meeting votes unfavorably, leading to the
Trust exercising its rights to deductions from the November invoice
or deciding to terminate the project agreement.

The ProjectCo is a limited-purpose vehicle which used the bond
proceeds to finance the design, construction, and operation of the
project for the Trust under a 34-year project agreement, as part of
the U.K. government's private finance initiative (PFI) program. The
project comprises an 86-bed acute diagnostic and treatment center,
a mental health facility, and a surface car park.

The ProjectCo's ability to service its debt may be materially
compromised if the Trust exercises its rights to levy deductions or
terminate the project agreement. Without a standstill or settlement
agreement, the ProjectCo is exposed to future deductions on the
fire defects from unitary charges payable from Nov. 26, 2021, which
if levied may rapidly deteriorate the ProjectCo's finances and lead
to non-payment of unitary charges, resulting in a shortfall of the
ProjectCo's cash to cover operational costs, exposing the project
to heightened insolvency risk. The ProjectCo's operational cash
shortfall and utilization of reserves to service the debt in March
2022 would diminish its capacity to make debt service payments
thereafter.

Following the Trust withholding significant deductions of GBP2.8
million and deferring deductions of GBP2.02 million from January to
June 2021 in relation to fire defects, a standstill agreement
between the Trust and ProjectCo provided temporary relief from
further deductions. Additionally, during the standstill period, the
ProjectCo and Trust were negotiating a settlement agreement that
would resolve the underlying issue and prevent any future
deductions. At the end of September 2021, the Trust agreed to
return GBP1.2 million of the previously withheld GBP2.8 million to
support the ProjectCo's debt service without relying on reserves.
That amount, although conditional on a successful settlement
agreement, signified progress toward consensus, in its view.
Nevertheless, the Trust retained the right to withhold all of the
returned amount if there was a failure or delays on consensus
beyond the standstill period.

However, at the standstill agreement's expiration on Nov. 3, 2021,
the Trust did not accept the ProjectCo's proposed heads of terms
(HoT) towards the settlement agreement. Without either of the
agreements, the Trust can resume applying deductions in addition to
those historically deferred from January to June 2021 and the
amount returned in September 2021.

The negotiations on the settlement agreement reaching a deadlock,
and the Trust's refusal to extend the standstill agreement, signify
a breakdown of relationships. In addition to the significant
deductions, the Trust also levied significant service failures
points (SFPs), the levels of which breached the event of default
threshold under the project agreement and the collateral deed. The
breaches confer Project termination rights upon the Trust, and debt
acceleration rights on the controlling creditors respectively. The
deadlock in negotiations between the ProjectCo and the Trust
indicates a greater risk of the Trust terminating the project.
Although S&P has observed long drawn-out discussions around
settlement agreements for other rated peers, they were protected by
a period of standstill in the interim, ensuring no further
financial deterioration and indicating collaboration among the
parties involved. Hence, it's more likely that the Trust may
exercise the project termination rights in this case, compared with
peers and its own past, in its opinion.

The outcome at the Trust board meeting on Nov. 25, 2021, even if
favorable to the ProjectCo, could hurt the ProjectCo's finances and
the risk from failed working relationships would continue to
prevail. While negotiations between the Trust and the ProjectCo are
in a deadlock, signifying a material deterioration of working
relationships, we understand the Trust's board meeting on Nov. 25,
2021, will discuss the ProjectCo's proposed HoT on the settlement
agreement that the Trust previously rejected. In the scenario the
board makes a decision favorable to the ProjectCo, the risk of the
ProjectCo's financial deterioration and termination continue to
prevail, given the direr working relationship between the Trust and
the ProjectCo, in our opinion. Additionally, a positive board
decision could harm the ProjectCo's finances, in case of a
financial settlement from the ProjectCo.

The CreditWatch negative placement reflects the possibility of
further downgrades, potentially by multiple notches, if the Trust's
board refuses to agree on a settlement or extend the standstill
agreement. Following this, the Trust could withhold part or all of
the unitary charge due on Nov. 26, 2021, and there would be
increased risk of project termination.

Unitary charge: In line with the contractual terms of the project
agreement and subject to indexation based on our macroeconomic
assumptions less deductions

-- Deductions: Twice the historical deductions over the past five
years of operations

-- One-time deduction: Deductions deferred by the trust in March
2022

-- Operating costs: In line with the terms of the facilities
management contract and subject to retail price index (RPI)
indexation + additional 10% stress

-- Project management costs: In line with the ProjectCo forecast +
additional 5% stress

-- Lifecycle costs: In line with the ProjectCo's budget and
subject to RPI + additional 10% stress

-- Lifecycle timing: 35% of the two largest semiannual payments
moved two years forward

-- RPI: 2021 4.5%; 2022 4.6%; 2023 3.7%; 2024 3.9%; 2025: 4.3%;
2026-29 3.2%; 2030-34 2.0%; thereafter 2.0%

-- Interest income: None

The project under the simulated downside conditions, especially
given the uncertainty around the deductions does not withstand
beyond the first three years.

Therefore, S&P assesses the downside scenario as 'b-' for the
operations phase business assessment of 3.


DERBY COUNTY FOOTBALL: Owes HMRC GBP29MM, Administrator Reveals
---------------------------------------------------------------
Steve Nicholson at DerbyshireLive reports that Derby County's joint
administrator Carl Jackson has discussed the extent of the club's
financial crisis after alarming figures emerged on Nov. 20.

According to DerbyshireLive, the publication of the club's
statement of affairs showed the Rams owe HMRC GBP29 million, while
an outstanding loan of GBP20 million MSD Holdings still exists.  A
further GBP15 million is owed to additional creditors,
DerbyshireLive notes.

Speaking to DerbyshireLive and BBC Radio Derby in an in-depth
interview ahead of the Rams 3-2 victory over Bournemouth, Jackson
detailed how the administrators are attempting to keep the club
going while searching for a buyer, DerbyshireLive relates.

"That is the reason we are here. The reason the company has gone
into administration, sadly, was because the company was insolvent
and the liabilities owed were significantly in excess of the
assets," DerbyshireLive quotes Mr. Jackson as saying.  "We have
known about the numbers basically right from the get go, there has
been some reconciling going on, but the company owes a huge amount
of money.  That is why we are here to effectively restructure
that."


DERBY COUNTY FOOTBALL: Owes Thousands to East Midlands Ambulance
----------------------------------------------------------------
Callum Parke at DerbyshireLive reports that Derby County Football
Club owed thousands of pounds to East Midlands Ambulance Service
and St John Ambulance Service when the club ran out of money and
went into administration.

According to DerbyshireLive, the club also owes Derby City Council
GBP115,000 and Erewash Borough Council GBP46,000.

The councils and ambulance services are classed as unsecured
creditors and so are unlikely to be able to recover much, if any,
of what they are owed, DerbyshireLive discloses.

Dozens of local businesses are also on the unsecured creditors list
which has been released and can be seen on Companies House in the
Rams' Statement of Affairs published on Friday, Nov. 19,
DerbyshireLive notes.

The bulk of the club's debt is to the UK taxpayer with Her
Majesty's Revenue and Customs owed more than GBP26 million and
finance firm MSD Holdings is owed GBP20 million, DerbyshireLive
states.

Organisations including other football teams are also owed millions
by the club, DerbyshireLive says.

The 10-page Statement of Affairs document shows the true scale of
the club's financial woes, which had not been truly revealed after
it was plunged into administration in late September,
DerbyshireLive discloses

It reveals that as well as owing money to former owner Mel Morris,
the Rams owe GBP8.37 million in player registration fees, just over
GBP500,000 in agent fees, and a combined GBP15 million to other
companies including the London-based Wassermann agency, which is
owed over GBP1 million alone, according to DerbyshireLive.

The administrators Quantuma are tasked with getting best deal for
the creditors by selling the club and money they raise through a
sale will be distributed to preferential creditors such as
employees, employee pension contributions and HMRC, DerbyshireLive
states.

The administration led to a 12-point deduction in September,
DerbyshireLive recounts.  A further 9 points were deducted after
the club admitted breaches of Profitability and Sustainability
rules laid down by the English Football League, DerbyshireLive
notes.

A total deduction of 21 points means relegation to League One at
the end of the current campaign is almost certain, according to
DerbyshireLive.


LIBERTY STEEL: Evtec Acquires Two LAT Sites, 175 Jobs Saved
-----------------------------------------------------------
BBC News reports that about 175 jobs have been saved after two
aluminium parts factories were bought by an automotive supplier.

The Liberty Aluminium Technologies (LAT) sites in Coventry and
Kidderminster have been sold to Evtec Aluminium after intervention
from Jaguar Land Rover, BBC discloses.

The factories -- part of Sanjeev Gupta's metals empire -- were put
up for sale as an attempt to refinance his GFG group, BBC notes.

Another LAT site in Witham, Essex will close, resulting in 64 job
losses, BBC states.

Mr. Gupta's empire has been in dire financial straits since the
demise of the group's main financial backer Greensill Capital went
bust in early March, BBC relays.

GFG Alliance employs 35,000 people at companies stretching from
Wales to Australia.  Its Liberty Steel arm in the UK has about
3,000 staff.

According to BBC, in a statement, LAT said it had been under
"significant commercial pressure" as a result of structural changes
to the automotive sector and that after a "strategic review of
options" it had decided to sell to Evtec, securing the sites.

David Roberts, Evtec's chairman, said the factories in Coventry and
Kidderminster were "essential" as far as Jaguar Land Rover were
concerned "so that drove us to look at it very closely when it came
up for sale", BBC relays.


MCCLURE: Jones Whyte Denies Trying to Benefit from Ex-Clients
-------------------------------------------------------------
Nan Spowart at The National reports that a Glasgow firm of
solicitors has denied trying to benefit from former clients of a
business that went bust.

According to The National, Jones Whyte took over McClure Solicitors
after it went into administration earlier this year and has now
told people with Family Protection Trusts they will have to pay
GBP300 plus VAT if they want to make sure the trusts were set up
properly.

In an email to one client, seen by the Sunday National, Jones Whyte
said it had been inundated with calls and emails from former
clients of McClure's, The National notes.

It added that, in reviewing some of the trusts, it had found that
assets such as homes were not protected properly, The National
relates.

The email also states that McClure had not conducted important
annual reviews of most trusts to make sure assets were safeguarded
or made regulatory returns to HMRC, according to The National.

The email then says that Jones Whyte would have to charge GBP300
plus VAT to review any trusts to make sure they are in order, The
National relays.

However, Greg Whyte, of Jones Whyte, said the firm had not taken
over any funds from McClure when it went bust and would have to
charge for any work needing done as a result, The National
recounts.


ROBINSON STRUCTURES: Owes Creditors GBP9.3 Million
--------------------------------------------------
Joshua Stein at Construction News reports that Robinson Structures
Limited, which collapsed into administration earlier this month,
owed creditors GBP9.3 million, it has emerged.

The contractor, which specialised in structural steelwork,
appointed administrators on Nov. 5 as it struggled to cope with a
range of problems, including rising material costs, Construction
News relates.

Trade creditors, which include subcontractors and suppliers, were
owed GBP2.6 million by the firm, and were included in the list of
unsecured creditors, Construction News discloses.  In total,
unsecured creditors, which included director pay, employees' wages,
and employees' redundancy packages, were owed a total of GBP5.9
million, Construction News notes.

On top of that, Robinson Structures owed secured creditors GBP3.4
billion, Construction News states.  The company owed GBP1.2 million
to Barclays Bank, and around GBP1.7 million to HM Revenue and
Customs in VAT, PAYE and CIS, Construction News relays, citing a
statement of affairs produced by the directors.

Employees were also owed wages worth GBP8,800, arrears and holiday
pay totalling GBP120,300, according to Construction News.

The company's debt soared in the space of 18 months, Construction
News notes.  At the end of March 2020, the company owed creditors
around GBP5.5 million, Construction News says, citing its most
recent accounts.  Robinson Structures' turnover also suffered that
year, when it came in at GBP13.5 million, less than half what it
was the year prior, Construction News discloses.

Its profit before tax was GBP33,194, in comparison to a loss of
GBP1.4 million the year prior.

Some of the company's assets were successfully sold in a pre-pack
administration deal to Bowmer & Kirkland, which saved around 70
jobs, Construction News relates.


SMALL BUSINESS 2019-3: Moody's Ups Rating on Class D Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of multiple
notes in Small Business Origination Loan Trust 2019-1 DAC ("SBOLT
2019-1"), Small Business Origination Loan Trust 2019-2 DAC ("SBOLT
2019-2") and in Small Business Origination Loan Trust 2019-3 DAC
("SBOLT 2019-3"). The transactions are backed by loans originated
by marketplace lender Funding Circle Ltd ("Funding Circle") and
granted to small- and medium- sized enterprises (SMEs). The rating
action reflects increased levels of credit enhancement for the
affected notes.

Issuer: Small Business Origination Loan Trust 2019-1 DAC

GBP12.61M (Current Outstanding Balance GBP3.3M) Class C Notes,
Upgraded to Aaa (sf); previously on Feb 16, 2021 Upgraded to A2
(sf)

GBP18.92M (Current Outstanding Balance GBP11.4M) Class D Notes,
Upgraded to Aa2 (sf); previously on Feb 16, 2021 Affirmed B2 (sf)

Issuer: Small Business Origination Loan Trust 2019-2 DAC

GBP3.479M (Current Outstanding Balance GBP0.9M) Class B Notes,
Upgraded to Aaa (sf); previously on Feb 16, 2021 Upgraded to Aa2
(sf)

GBP19.716M (Current Outstanding Balance GBP11.9M) Class C Notes,
Upgraded to Aaa (sf); previously on Feb 16, 2021 Upgraded to Baa1
(sf)

GBP22.036M (Current Outstanding Balance GBP13.3M) Class D Notes,
Upgraded to A1 (sf); previously on Feb 16, 2021 Affirmed B1 (sf)

Issuer: Small Business Origination Loan Trust 2019-3 DAC

GBP165.006M (Current Outstanding Balance GBP15.6M) Class A Notes,
Upgraded to Aaa (sf); previously on Feb 16, 2021 Upgraded to Aa2
(sf)

GBP7.5M (Current Outstanding Balance GBP5.0M) Class B Notes,
Upgraded to Aaa (sf); previously on Feb 16, 2021 Upgraded to A1
(sf)

GBP22.501M (Current Outstanding Balance GBP15.0M) Class C Notes,
Upgraded to Aa1 (sf); previously on Feb 16, 2021 Affirmed Baa3
(sf)

GBP26.251M (Current Outstanding Balance GBP17.5M) Class D Notes,
Upgraded to Ba1 (sf); previously on Feb 16, 2021 Affirmed B2 (sf)

RATINGS RATIONALE

The upgrades are primarily prompted by a significant increase in
credit enhancement for the affected tranches following large
amortisation of the portfolios through unscheduled principal
payments, as well as the contribution from excess spread partially
offsetting increased defaults. The significant amortisation of the
underlying portfolios through unscheduled principal payments
coincides with borrowers availing of COVID loan schemes promoted by
the UK government. Effective credit enhancement for the Class A
Notes has increased to 77.2% in October 2021 from 43.0% in January
2021 for SBOLT 2019-3; for the Class B Notes to 95.2% and 70.3%,
from 50.5% and 38.8% over the same period for SBOLT 2019-2 and
SBOLT 2019-3; for the Class C Notes to 82.8%, 70.6% and 49.5%, from
39.3%, 36.4% and 26.2% over the same period for the three
transactions respectively; and for the Class D Notes to 44.5%,
43.1%% and 25.2%, from 18.3%, 20.7% and 11.6%, over the same period
for the three transactions respectively.

The performance of the transactions has stabilized in the past 9
months. Total delinquencies have decreased, in October 2021
standing at 18.6%, 16.7% and 18.6% of current pool balances,
compared to 26.7%, 28.6% and 26.5% in January 2021, for the three
transactions respectively. Cumulative defaults (as measured by the
transactions' default definitions) have marginally increased, in
October 2021 standing at 14.8%, 13.5% and 12.2% of original pool
balances, compared to 13.1%, 11.1% and 9.6% in January 2021, for
the three transactions respectively. Moody's notes that these
percentages have not been adjusted for borrowers who have exited
payment holiday plans introduced by Funding Circle and have resumed
original scheduled monthly payments. Details of such adjustments
can be found in the transactions' investor reports.

Moody's has maintained its base case default probability
assumptions at 17%, 19% and 17.5% for the three transactions
respectively. Moody's has maintained its fixed recovery rate
assumption at 20% and the portfolio credit enhancement assumptions
at 45%, 48% and 44.5% for the three transactions respectively.

Moody's also considered a number of sensitivity scenarios
including: (i) assumed elevated cumulative gross default rates on
the underlying portfolios to reflect the deterioration in the
portfolios' performance; (ii) defaults of a portion of the pools
currently classified as delinquent; and (iii) lower overall
recovery rates for future defaults.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2021.

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

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

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

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



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

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



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *