/raid1/www/Hosts/bankrupt/TCREUR_Public/211129.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, November 29, 2021, Vol. 22, No. 232

                           Headlines



G E R M A N Y

RETAIL AUTOMOTIVE: DBRS Assigns BB Rating to Class F Notes


I R E L A N D

DILOSK 5: DBRS Finalizes BB(high) Rating on Class E Notes
RATHLIN RESIDENTIAL 2021-1: DBRS Rates Class C Notes 'B(sf)'
USIL EUROPEAN 36: DBRS Confirms B(high) Rating on Class F Notes


I T A L Y

SUNRISE SPV 93: DBRS Finalizes BB(high) Rating on Class E Notes


L U X E M B O U R G

CULLINAN HOLDCO: Fitch Assigns 'BB-' Final LT IDR
NORTHPOLE NEWCO: S&P Downgrades ICR to 'CCC+', Outlook Negative


N E T H E R L A N D S

OCI NV: Moody's Upgrades CFR to Ba1, Outlook Remains Stable


S P A I N

MEDIAPRO: Shareholders Agree on Recapitalization Plan


U N I T E D   K I N G D O M

BLK SPORT: Goes Bust with GBP3-Million Debt
BULB ENERGY: Two Energy Suppliers Pitched Alternative Plans
CASTELL 2021-1: DBRS Gives Prov. B Rating to Class F Notes
COUNTESSWELLS DEVELOPMENT: Goes Into Administration
DERBY COUNTY FC: In Talks With City Council Over GBP100,000+ Owed

GFG ALLIANCE: Scraps Plan to Build GBP15MM Hotel in Lanarkshire
SAGE AR 1: DBRS Confirms B Rating on Class F Notes
SAGE AR 2021: DBRS Gives Prov. BB(high) Rating on Class E Notes
ZEPHYR MIDCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week November 22 to November 26, 2021

                           - - - - -


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G E R M A N Y
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RETAIL AUTOMOTIVE: DBRS Assigns BB Rating to Class F Notes
----------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the following classes of
notes (the Rated Notes) issued by Retail Automotive CP Germany 2021
UG (Haftungsbeschrankt) (the Issuer):

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

DBRS Morningstar did not assign ratings to the Class G Notes
(together with the Rated Notes, the Notes) issued in this
transaction.

The ratings of the Class A Notes, Class B Notes, and Class C Notes
address the timely payment of scheduled interest and ultimate
repayment of principal by the legal maturity date. The ratings of
the Class D Notes, Class E Notes, and Class F Notes address the
ultimate payment of interest and the ultimate repayment of
principal by the legal maturity date while junior to other
outstanding classes of notes, but the timely payment of interest
when they are the senior-most tranche, in accordance with the
Issuer's default definition provided in the transaction documents.

The Notes are backed by a pool of retail auto loan receivables
associated with a portfolio of new and used vehicle loans granted
by CreditPlus Bank AG (CreditPlus, the Seller and Servicer) to
private individual borrowers residing in Germany.

The transaction includes a 21-month revolving period, during which
time the Seller may offer additional receivables that the Issuer
may purchase, provided that eligibility criteria and concentration
limits set out in the transaction documents are satisfied. The
revolving period may end earlier than scheduled if certain events
occur, such as a breach of performance triggers, an insolvency of
the Seller, or default of the Servicer.

DBRS Morningstar based its ratings on the following analytical
considerations:

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

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

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

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

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

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

-- The sovereign rating on the Federal Republic of Germany,
currently rated AAA with a Stable trend by DBRS Morningstar.

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

TRANSACTION STRUCTURE

During the revolving period, and prior to the fulfillment of the
enforcement conditions or an optional redemption event, the Issuer
applies the available funds in accordance with two separate
principal and interest priority of payments. Prior to a sequential
redemption event, principal is allocated to the Notes on a pro rata
basis. Following a sequential redemption event, principal is
allocated on a sequential basis. Once the amortization becomes
sequential it cannot be switched to pro rata.

The transaction benefits from liquidity support provided by a
liquidity reserve, funded to an amount equal to 0.7% of the initial
principal amount of the Class A Notes, Class B Notes, and Class C
Notes. The liquidity reserve is available to the Issuer only in a
restricted scenario where the principal collections are not
sufficient to cover the shortfalls in senior costs (servicer fees
and operating expenses), interests on the liquidity reserve itself,
swap payments, and interest on the Class A Notes, the Class B
Notes, and Class C Notes. The liquidity reserve required amount is
equal to 0.7% of the outstanding principal balance of the Class A
Notes, Class B Notes, and Class C Notes. Any excess amounts above
the target level will be returned directly to the Seller outside of
the priority of payments.

COUNTERPARTIES

The Bank of New York Mellon, Frankfurt branch (BNYM) is the account
bank for the transaction. DBRS Morningstar has a private rating on
BNYM, which meets DBRS Morningstar's criteria to act in such
capacity. The transaction documents contain downgrade provisions
consistent with DBRS Morningstar's criteria with respect to BNYM's
role as account bank.

The transaction is exposed to interest rate risk because of the
mismatch between the fixed-rate assets and the floating-rate
liabilities. The risk is mitigated by two different interest rate
swap agreements for the Class A Notes and the Class B to F Notes.
CreditPlus is the swap counterparty for the transaction. Its
obligations under the swap agreements are guaranteed by Credit
Agricole Consumer Finance, S.A. (CACF). DBRS Morningstar has a
private rating on CACF and the hedging documents include downgrade
provisions consistent with DBRS Morningstar's criteria.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

CORONAVIRUS DISEASE (COVID-19) CONSIDERATIONS

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

Notes: All figures are in euros unless otherwise noted.





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I R E L A N D
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DILOSK 5: DBRS Finalizes BB(high) Rating on Class E Notes
---------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
residential mortgage-backed floating-rate notes issued by Dilosk
RMBS No. 5 DAC (the Issuer):

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

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

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

RATING RATIONALE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: All figures are in euros unless otherwise noted.


RATHLIN RESIDENTIAL 2021-1: DBRS Rates Class C Notes 'B(sf)'
-------------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the following classes of
notes issued by Rathlin Residential 2021-1 DAC (the Issuer):

-- Class A Notes at A (low) (sf)
-- Class B Notes at BB (sf)
-- Class C Notes at B (sf)

All trends are Negative.

DBRS Morningstar does not rate the Class Z1 or Class Z2 Notes
(together with Class A, Class B, and Class C Notes, the Notes) also
issued in the transaction.

The rating on the Class A Notes addresses the timely payment of
interest and ultimate repayment of principal by the final legal
maturity date. The ratings on the Class B and Class C Notes address
the ultimate payment of interest and principal by the final legal
maturity date. DBRS Morningstar's ratings do not address payments
of Additional Note Payments (as defined in the transaction
documents).

The transaction benefits from an amortizing Class A reserve fund
and Non-amortizing Class B and Class C reserve funds that provide
liquidity support to the Class A, Class B, and Class C Notes,
respectively, as well as principal support at maturity, if
available.

Proceeds from the issuance of the Notes will be used to purchase a
first-charge portfolio composed of nonperforming, semiperforming,
and reperforming Irish residential mortgage loans originated by
Ulster Bank Ireland DAC with a total outstanding balance of EUR
645.7 million as of July 31, 2021 (the Portfolio). The servicing
and administration of the Portfolio is currently conducted by
Pepper Finance Corporation (the Administrator), which is also
expected to continue as Administrator of the assets for the
transaction.

The final maturity date of the transaction is September 2075.

RATING RATIONALE

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

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

-- The credit quality of the mortgage loan portfolio and the
ability of the Administrator to perform collections and resolution
activities. DBRS Morningstar estimated the expected collections
from the mortgage loans based on the proposed business plan
strategies and used them as an input into the cash flow analysis.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the rated Notes according to the terms of the
transaction documents.

-- The sovereign rating of the Republic of Ireland, which DBRS
Morningstar rates at A (high) with a Positive trend and R-1
(middle) with a Stable trend as of the date of this press release.

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

DBRS Morningstar analyzed the transaction cash flow structure using
Intex DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that negative
effects may continue in the coming months for many nonperforming
loan (NPL) transactions. In particular, the deterioration of
macroeconomic conditions could negatively affect recoveries from
NPLs and the related real estate collaterals. The ratings are based
on additional analysis to expected performance as a result of the
global efforts to contain the spread of the coronavirus. For this
transaction, the Negative trend reflects the ongoing uncertainty
amid the coronavirus pandemic. DBRS Morningstar gives partial
credit to house price increases from 2023 onward in
non-investment-grade scenarios.

Notes: All figures are in euros unless otherwise noted.


USIL EUROPEAN 36: DBRS Confirms B(high) Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the following classes of
notes issued by Usil European Loan Conduit No. 36 DAC (Usil ELoC
No. 36 DAC or the Issuer):

-- Class RFN Notes at AAA (sf)
-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)
-- Class F Notes at B (high) (sf)

The trend on all ratings remains Stable.

The rating confirmations follow the transaction's stable
performance over the last 12 months, with no significant change in
rental performance from the last review in spite of the disruptions
to rental income brought on by the Coronavirus Disease (COVID-19)
pandemic and fire damage in one of the assets.

Usil Eloc No. 36 DAC is the securitization of a EUR 723.3 million
(EUR 723.9 million at issuance), floating-rate senior commercial
real estate loan (the senior loan) advanced by both Morgan Stanley
Principal Funding, Inc. and Morgan Stanley Bank, N.A. to borrowers
sponsored by Blackstone Group L.P. (Blackstone, or the Sponsor).
The senior loan is backed by a portfolio of 99 assets (100 at
inception) located throughout Germany. The assets are predominantly
light-industrial and warehouse properties and are part of the
Mileway logistics platform. The loan refinanced the original
acquisition loan and funded a progressive capex programme. In
addition to the senior loan, the transaction includes a EUR 105.6
million mezzanine loan, which is structurally and contractually
subordinated to the securitized senior loan.

The transaction includes a EUR 44.8 million capex facility as part
of the securitized senior loan and a further EUR 6.9 million from
the mezzanine loan to support Blackstone's EUR 66 million capex
budget over the life of the loan. As part of its business plan, the
Sponsor intended to increase both occupancy and rental rates
through the implementation of the capex project. As of August 2021,
EUR 27.5 million of the capex facility has been drawn.

The portfolio has been performing steadily since the last review
with contracted gross rent remaining above EUR 62.0 million over
the last 12 months. The weighted-average unexpired lease term
stands at 2.89 years as of Q3 2021 compared with 3.07 years in Q3
2020. Certain deferrals, rent-free periods, or lease re-gears took
place, as some tenants have asked for rental relief following the
onset of the COVID-19 pandemic. Per the August 2021 investor
report, EUR 2.2 million worth of rent-free periods have been
granted year-to-date across the portfolio.

Meanwhile, the vacancy has increased from 13.9% at last review to
18.0% in Q3 2021. This is largely driven by leases elapsing in the
first quarter of the year in the Louis-Krages-Straße 30 property
in Bremen, Germany, the second-largest property by annual rent in
the portfolio. There was a fire at the property in April 2020, with
a total of 30,000 m2 destroyed as a result. The asset is now in
line for substantial redevelopment, with the sponsor allowing
leases to elapse in order for the works to go ahead.

The increase in vacancy, however, did not have a negative impact on
the contracted rent, which on the contrary increased to EUR 64.1
million in Q3 2021 from EUR 63.0 million in Q3 2020. This is due to
the increase in the rental rates for some of the remaining tenants,
notably between Q1 2021 and Q2 2021.

DBRS Morningstar has also noted a stronger performance in net
rental income, which increased to EUR 58.9 million from EUR 56.9
million since the last review. This can be partially explained by
the decrease in rental arrears from EUR 4.0 million in Q3 2020 to
EUR 2.7 million in the latest quarter.

As a result, no changes were made to DBRS Morningstar's
underwriting assumptions with the DBRS Morningstar Net Cash Flow
and stressed value remaining at EUR 49.1 million and EUR 744.4
million, respectively.

DBRS Morningstar notes that the underlying loan's initial maturity
date is February 15, 2022, with three one-year extension options
available. As of the date of this rating action, it was unclear if
the extension option will be exercised; as per the Senior Facility
Agreement, the extension request should be submitted during the
period commencing the date falling 90 days prior to the Initial
Repayment Date (17 November 2021) and ending on the date falling 30
days prior to the Initial Repayment Date (16 January 2022).

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many tenants and borrowers. DBRS Morningstar anticipates that
vacancy rate increases and cash flow reductions may arise for many
commercial mortgage-backed security (CMBS) borrowers, some
meaningfully. In addition, commercial real estate values will be
negatively affected, at least in the short term, affecting
refinancing prospects for maturing loans and expected recoveries
for defaulted loans. The ratings are based on additional analysis
to expected performance as a result of the global efforts to
contain the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.




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I T A L Y
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SUNRISE SPV 93: DBRS Finalizes BB(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of notes (collectively, the Rated Notes) issued
by Sunrise SPV 93 S.r.l. - Sunrise 2021-2 (the Issuer):

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

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

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

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

DBRS Morningstar based its ratings on the following analytical
considerations:

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

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

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

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

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

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

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

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

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

TRANSACTION STRUCTURE

The proceeds of the Class M Notes at closing also funded the cash
reserve, payment interruption risk reserve and expenses, in
addition to the purchase of receivables.

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

The transaction allocates collections in separate interest and
principal priorities of payments and benefits from a non-amortizing
EUR 4,220,257 payment interruption risk reserve and an amortizing
cash reserve starting at EUR 4,220,257, which would be subsequently
replenished through the transaction interest waterfalls to the
target amount of 2.5% of non-defaulted loan balances, subject to a
floor of EUR 4,220,257. Both reserves were initially funded with
the proceeds of the Class M Notes and can be used to cover senior
expenses, swap costs, and interest payments on the Rated Notes. The
cash reserve can be further used to replenish the payment
interruption risk reserve and offset defaulted receivables.
Principal funds can also be re-allocated to cover senior expenses,
swap costs, and interest payments on the Rated Notes if the
interest collections and the above reserves are not sufficient.

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

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

COUNTERPARTIES

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

PORTFOLIO ASSUMPTIONS, COVID-19 CONSIDERATIONS, AND KEY DRIVERS

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

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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

Notes: All figures are in euros unless otherwise noted.




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

CULLINAN HOLDCO: Fitch Assigns 'BB-' Final LT IDR
-------------------------------------------------
Fitch Ratings has assigned Cullinan Holdco SCSp (Graanul) a final
Long-Term Issuer Default Rating (IDR) of 'BB-' and its senior
secured notes a final senior secured rating of 'BB+' with a
Recovery Rating of 'RR2'.

The IDR reflects predictable cash flows underpinned by medium-term
take-or-pay contracts with investment-grade or high
sub-investment-grade utilities and pass-through or fixed-price
escalation provisions. The rating also incorporates Fitch's
expectations that the company will balance M&A activities and
dividend pay-out with maintaining its credit profile.

The rating is constrained by Graanul's small size relative to that
of other issuers in the 'BB' rating category, customer
concentration and exposure to environmental and renewable-energy
regulations.

The Stable Outlook reflects Fitch's expectations of successful
contract renewals and a continuation of favourable industry trends
in the medium term.

KEY RATING DRIVERS

Small Scale, Growth Potential: Graanul's scale is small with an
end-2020 EBITDA of EUR120 million, despite a leading position in
wood-pellet markets in Europe. Fitch forecasts EBITDA to grow to
around EUR170 million by 2024, based on investments in capacity
expansion and bolt-on acquisitions. Potential growth can be higher
if the company channels all funds available within the scope of its
financial policy to M&A rather than to dividend distributions.

Concentrated Customer Base: Graanul has a concentrated customer
base with the three-largest European off-takers, Drax Group
Holdings Limited (BB+/Stable), RWE AG (BBB+/Stable), and Orsted A/S
(BBB+/Stable), which currently account for around 90% of contracted
volumes. Customer concentration is not uncommon among pellet
producers who bid for large contracts that often result in a
significant share by a single customer in the total revenue mix.
Graanul is currently bidding for contracts with new customers and
diversification is likely to increase jointly with growth in
produced volumes in the medium term.

Some De-Leveraging Expected: The transaction related to the change
in the ownership structure drives an increase in funds from
operations (FFO) net leverage to 4.5x at end-2021 from 1.3x at
end-2020. Based on Fitch's growth assumptions and expected capex
Fitch forecasts pre-dividends free cash flow (FCF) generation of
EUR70 million-EUR80 million per annum. Despite high organically
generated FCF Fitch assumes only moderate deleveraging to around
4.2x over the next four years, due to expected bolt-on M&As and
dividend payments. Graanul, however, has low maintenance capex and
large flexibility in FCF deployment, which provides a buffer for
unforeseen business interruptions.

Medium-Term Revenue Visibility: Approximately on average 80% of
Graanul's revenue is contracted on a take-or-pay basis with the
balance sold on the spot market. Graanul targets take-or-pay
contracts with a duration of four to five years in contrast to
peers such as Enviva Partners, LP (BB-/Stable), which has a
weighted average contract duration of 13.2 years. Shorter contracts
allow for more frequent pricing renegotiation, but, at the same
time, may reduce long-term earnings visibility.

Supply-Chain Risk Moderating: A majority of supplies will continue
to be sourced locally from the EU member countries and Fitch
expects that the share of raw materials sourced from Belarus will
reduce to below mid-single digits in 2022. Furthermore, Fitch
expects the company to be able to increase deliveries from its
existing EU suppliers, if necessary.

Strong Renewal Rate: Renewal rates have historically been very
strong and Graanul has a long-lasting relationship of more than 10
years with its top-three customers. It is the largest European
wood-pellet supplier located in close proximity to its customers,
with an ability to provide sustainable bulk deliveries of
good-quality product, which supports future renewals.

Resilient Margins: Approximately 85% of take-or-pay contracts
include either shipping and a raw-material cost pass-through
mechanism or have fixed-price escalation clauses. Graanul also has
lower shipping costs than suppliers from North America, and has
modest benefits from its six own combined heat and power (CHP)
plants that provide energy and heat needed in pellets production.
Its large share of variable costs - estimated at 90% - partially
offsets the impact on margins from a volume decline.

Supportive Regulation: Currently renewable subsidies schemes for
renewable biomass in the UK, accounting for around 40% of Graanul's
market, run until 2027. The EU, which represents the other half of
Graanul's orders, is increasingly moving towards renewables. In the
recent EU 'Fit for 55' climate and energy laws package, the EU
increased its target share of renewable energy to 40% of total by
2030, from 32% currently.

Regulatory Risk: In its revised Renewable Energy Directive II, the
EU is proposing stricter regulation on the sources of wood that can
be used for pellet production. At present, the changes are not
expected to materially affect certified pellet producers, such as
Graanul and larger biomass utilities. However, regulatory
developments remain a risk as the stability of sources of supply
and treatment of biomass as renewable energy is critical for
Graanul's long-term business prospects.

Notching for Notes: Fitch rates the senior secured notes using a
generic approach for 'BB' category issuers, which reflects the
relative instrument ranking in the capital structure, in accordance
with Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria. The notes are secured by a share pledge of guarantors
comprising 85% of Graanul's EBITDA as of June 2021 and security
over assets in the US. The Recovery Rating is 'RR2'. This results
in the senior secured rating being notched up twice from the IDR.

DERIVATION SUMMARY

Graanul is the largest wood-pellet producer in the European markets
and competes directly with the largest global pellet producer
Enviva. Graanul is smaller in scale with an expected 2021 EBITDA of
around USD150 million-equivalent, compared with Enviva's forecast
USD260 million. Post-transaction Graanul's FFO net leverage of 4.5x
is comparable to Enviva's 2021 forecast. Both companies use
take-or-pay contracts but Graanul prefers shorter-term duration
(four to five years) versus Enviva's weighted average 13.2 years.
Shorter duration of contracts and proximity to European customers
result in Graanul's expected stronger EBITDA margins of over 28% in
2021, versus Enviva's 22%.

Sunoco LP (BB/Positive) is the largest fuel distributor in the US
distributing around 8 billion gallons per annum. In addition to
distributing motor fuel, Sunoco also distributes other petroleum
products such as propane and lubricating oil, and around 25% of its
volumes is sold under long-term contracts. Sunoco is larger than
both Enviva and Graanul but has comparable expected leverage of
4.0x-4.3x in 2021.

KEY ASSUMPTIONS

-- EBITDA CAGR of 6.7%, including M&A contribution, over 2020-
    2024;

-- EBITDA margin of above 28% in 2021 and around 27% in 2022-
    2024;

-- M&A of EUR60 million per annum in 2022-2024;

-- Capex on average EUR33 million per annum 2022-2024;

-- Dividends of EUR60 million per annum in 2023-2024;

-- Volume CAGR of 7.4%, including M&A contribution, over 2020-
    2024.

RATING SENSITIVITIES

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

-- FFO net leverage consistently below 3.5x;

-- Improvement in the business profile including scale, customer
    diversification and contract duration.

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

-- EBITDA margin below 23%;

-- Adverse developments in regulation related to biomass energy;

-- Loss of contracts and/or material reduction in share of
    contracted revenue;

-- FFO net leverage consistently above 4.3x.

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

Adequate Liquidity Post-Transaction: Following the bond issuance
all existing debt will be repaid. Graanul will maintain sufficient
liquidity with a new EUR100 million super senior revolving credit
facility due in 2025. Following the issuance of EUR630 million
notes, liquidity is also supported by a forecast cash balance of
around EUR60 million and FCF generation.

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.

ISSUER PROFILE

Graanul is the largest European wood pellet manufacturer and
second-largest globally, but due to a fragmented market, it
accounts for around 6% of global pellet production capacity and 8%
of global production. Its manufacturing plants, with a total output
of 2.9m/t, are located mainly in Europe with 83% of production
derived from assets in Estonia (36%), Latvia (44%) and Lithuania.
The sole non-European production facility accounting for 17% of
Graanul's capacity is located in the US (Woodville).

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified leases as other liabilities, effectively
reducing balance-sheet debt by EUR5.1 million at end-2020.
Furthermore, Fitch has reclassified EUR1.8 million of depreciation
of right- of-use assets and EUR0.1 million of interest on lease
liabilities as lease expenses, reducing Fitch EBITDA by EUR1.9
million in 2020.

Fitch added back EUR1.6 million of non-recurring transaction costs
to 2020 EBITDA.

NORTHPOLE NEWCO: S&P Downgrades ICR to 'CCC+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
cybersecurity software provider Northpole Newco S.a.r.l. (NSO), as
well as its issue ratings on the company's debt, to 'CCC+' from
'B-'.

The negative outlook indicates that S&P could lower the ratings
over the next 12 months if it sees a high likelihood of an imminent
debt restructuring.

NSO's operating prospects are uncertain following the recent U.S.
trade blacklisting and negative publicity. S&P said, "The U.S.
government recently added NSO to its "entity list," which we
understand NSO will appeal. This restricts exports of U.S. hardware
and software to the company. The most material potential risk for
NSO from the blacklisting could be a slowdown in new license sales,
for example to government agencies allied to the U.S. To a lesser
extent, there is also a risk of a reduced renewal rate from
existing customers, although we view the Pegasus product as a
relatively mission-critical tool for its existing client base. In
Q3 2021, news outlets and Amnesty International alleged that NSO's
clients had misused its Pegasus product to target human rights
activists, journalists, and lawyers. This hampered the company's
ability to close deals, and we foresee potential further challenges
for NSO's operating prospects in Q4 2021 and in 2022."

Loss of access to U.S. software could be disruptive for NSO's
operations, but potentially not critical, since NSO is able to turn
to alternative solutions outside the U.S. NSO is not dependent on
U.S. hardware, and the blacklisting does not restrict sales of NSO
software to U.S. customers, although this only comprises a very
small percentage of its total revenue.

A formal challenge over whether a change of control took place
could potentially lead to a debt restructuring. In August 2021,
Berkeley Research Group replaced Novalpina Capital as the manager
of the fund that owns NSO. S&P understands that NSO does not
consider this to have triggered a change in control. However, if
lenders successfully challenge this conclusion, this could
potentially lead to a debt restructuring. A change of control would
trigger an acceleration of the term loan.

S&P said, "We also foresee a risk of a covenant breach in Q4
2021--when the first-lien net leverage covenant steps down to 4.00x
from 4.25x--as well as in subsequent quarters.We understand NSO has
some flexibility to reduce its cost base to reduce the risk of a
covenant breach, if needed. In addition, in the event of a breach,
NSO could remedy it through EBITDA equity cures. For example, it
can convert the $14 million shareholder loan that it received in
2020 into equity, and we understand NSO has additional options to
provide equity cures. Nevertheless, these may not be sufficient if
Q4 2021 license sales, which tend to be seasonally higher than
other quarters, significantly underperform, resulting in a sharp
decline in EBITDA. Securing a covenant waiver would be another
possibility for NSO, provided lenders agree to it.

"The negative outlook indicates that we could lower the ratings
over the next 12 months if we see a high likelihood of an imminent
debt restructuring.

"We could lower the ratings if we conclude that a potential debt
restructuring is likely within 12 months, through an uncured
covenant breach, weaker liquidity, or a potential acceleration of
the term loan if lenders successfully challenge NSO's conclusion
that no change of control was triggered."

A downgrade would likely coincide with a deterioration in operating
performance due to the trade blacklisting and negative publicity.

S&P said, "We could revise the outlook to stable if we think the
risk of a potential debt restructuring has receded. We would
require NSO's operating uncertainty to subside and for the company
to increase its covenant headroom toward 10%."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Social capital.




=====================
N E T H E R L A N D S
=====================

OCI NV: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
-----------------------------------------------------------
Moody's Investors Service upgraded OCI N.V.'s corporate family
rating and probability of default rating to Ba1 and Ba1-PD from Ba2
and Ba2-PD respectively. Concurrently Moody's upgraded the
instrument rating of OCI's backed senior secured notes to Ba1 from
Ba3. The outlook remains stable.

RATINGS RATIONALE

The upgrade of OCI's rating to Ba1 reflects the significant gross
debt reduction during 2021 and Moody's expectation that the
company, on the back of expected strong cash generation, will
further reduce gross debt in 2022. Lower gross debt enables OCI to
maintain credit metrics commensurate with a Ba1 rating through
cycles of the volatile fertilizer and methanol markets.

The upgrade of the backed senior secured notes by two notches,
aligning it with the level of the CFR, reflects Moody's view that a
material difference between expected loss rates in an event of
default for debt issued at the Fertiglobe levels and at the OCI
level is not sufficiently likely to warrant notching at this time.

OCI's Moody's adjusted gross debt declined to $4.22 billion as of
Q3-2021 from $4.86 billion as of December 2020. Based on already
announced bond redemptions, Moody's expects OCI's adjusted gross
debt to further decrease to around $4 billion by the end of the
year. The company has used a combination of its FCF generation and
proceeds from the IPO of its majority owned subsidiary Fertiglobe
plc (Fertiglobe) to repay debt. Throughout 2021, OCI benefitted
from increasing prices and solid sales volumes for nitrogen
fertilizers and methanol, and Moody's expects the pricing
environment for OCI's products to remain favorable in 2022,
although prices will likely normalize as 2022 progresses. However,
even under a more normalized pricing environment and given the
company's intention to start paying semi-annual dividends at the
OCI N.V. level, Moody's expects OCI to allocate a substantial part
of its cash generation and cash on balance sheet to reduce gross
debt during 2022. This view also considers OCI's publicly stated
intention to reach an investment grade capital structure.

Moody's expects the favorable pricing environment to contribute to
strong consolidated credit metrics in 2021, with Moody's adjusted
gross debt/EBITDA around 1.7x. In light of the expected further
debt reduction, Moody's expects that consolidated Moody's adjusted
gross debt /EBITDA will not exceed 2.5x in a scenario where prices
return to five year averages. The lower absolute debt level
provides OCI with more flexibility to manage inherent cyclicality.

The Ba1 rating also incorporates OCI group's complex capital
structure which might constrain its ability to apply FCF to debt
reduction. Cash flow generated within the Fertiglobe perimeter (50%
majority owned and accounts for around 50%-60% of OCI's
consolidated EBITDA) is not directly available to service debt at
the OCI N.V. level or at other operating subsidiaries. Cash from
the Fertiglobe perimeter can only be upstreamed to the OCI N.V.
level via dividend payments, which results in cash leakage to
minority shareholders.

OCI's diversification across nitrogen fertilizers and methanol and
its geographically diversified production and sales footprint
support the credit profile. OCI's asset base is strategically
located to serve the high demand regions in the Americas and
Europe, but also the relevant markets east of the Suez Canal. The
company furthermore benefits from access to low cost natural gas in
the US, North Africa and the UAE, which results in a favorable
positioning on the global cost curve. However, the short track
record of solid operating performance with its current production
footprint constrains OCI's rating. Furthermore, the focus of the
company's capital allocation following an extensive investment
program has been debt reduction, but OCI intends to introduce a
dividend, and the lack of track record and clarity on parameters
the company will consider when determining dividend levels also
constrains the Ba1 rating. At the same time, Moody's recognizes the
significant debt reduction since 2019 and favorably considers the
company's intention to maintain an investment grade capital
structure and to maintain its net leverage (company definition) at
around 2x through the cycle.

STRUCTURAL CONSIDERATIONS

The Ba1 rating of the backed senior secured notes in line with the
CFR reflects Moody's view that debt issued across the group will
have largely comparable recovery prospects and that the company
will take further steps to simplify its capital structure that are
unlikely to result in a meaningfully worse position for OCI
creditors relative to Fertiglobe creditors.

LIQUIDITY PROFILE

OCI's liquidity profile is good. As of September 2021 the company
had around $750 million cash on balance sheet and over $900 million
of combined availability under its revolving credit facilities at
OCI, Fertiglobe and IFCO. Moody's expects that taking into account
the Fertiglobe IPO proceeds and already announced debt repayments,
OCI's cash balance at year end will be in excess of $950 million.
These liquidity sources in combination with expected FFO generation
in the range of $1.6 to $1.7 billion in the next 12 months are
sufficient to accommodate expected dividend payments (including
minority dividends and common dividends), swings in working
capital, scheduled debt repayments and expected capital
expenditures.

ESG CONSIDERATIONS

Moody's views the chemical industry as being exposed to very high
environmental risks. OCI's Dutch operations are subject to the EU
CO2 emission trading scheme and the Dutch government's Climate
Accord, published in June 2019, which could result in more
stringent limitations on the emissions of greenhouse gases. In the
US, the company's plants are currently only subject to greenhouse
gas emission reporting standards. However, more stringent
regulation on greenhouse gas emissions in the Netherlands or the US
could have a significant impact on OCI either directly through
capital improvements at its plants and limitations to the output or
indirectly by resulting in competitive disadvantages vis-à-vis
competitors not subject to the same or similar regulations. OCI is
aiming at reducing its emissions compared with 2019 by 20% by 2030
and aims to be carbon neutral by 2050. In addition, the European
green deal aims at reducing fertilizer use by at least 20% by 2030,
which will challenge nitrogen fertilizer producers such as OCI.

OCI is the largest producer of bio-methanol and has taken several
initiatives to position itself to benefit from the transition to a
low carbon economy. While the company is involved in several
projects, the near-term credit impact is likely to be limited.

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

Moody's would consider upgrading OCI's rating if the company
continues to clearly commit towards achieving and sustaining an
investment grade rating, backed by demonstration of balanced
capital allocation through industry and capex cycles at the OCI
N.V. level. An upgrade would be supported by the company's
consolidated leverage remaining around 2x through the cycle with
RCF/Debt in the mid 20s and FCF/Debt around 10%. Furthermore, we
would consider a track record of dividend payments from Fertiglobe
to OCI that did not impair Fertiglobe's credit profile a supporting
factor.

OCI's ratings could be downgraded if OCI's Moody's adjusted gross
leverage would exceed 3x on a sustainable basis and FCF/Debt would
approach the mid single digits. Any evidence of capital allocation
decisions prioritizing shareholder returns will also be negative
for the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.



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

MEDIAPRO: Shareholders Agree on Recapitalization Plan
-----------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that shareholders of
Mediapro, producer of broadcasts for Spain's LaLiga soccer league,
agreed on a recapitalization plan to help its balance sheet recover
from the ravages of the pandemic.

Mediapro said in an emailed statement on Nov. 26 the deal includes
an injection of EUR150 million (US$170 million) to provide
liquidity and a capital increase of EUR470 million that will be
fully subscribed by shareholders related to Orient Hontai Capital,
the company's largest investor, Bloomberg relates.

Other owners, including advertising giant WPP Plc and founders
Jaume Roures and Tatxo Benet will see their stake diluted, although
Roures and Benet will continue to manage the group, Bloomberg
discloses.  The statement said the agreement, expected to close in
the coming days, will reduce the company's leverage to three times
its earnings before interest, taxes, depreciation and amortization,
Bloomberg notes.  

Barcelona-based Mediapro had been in talks with lenders since March
after a EUR50 million capital increase and a EUR110 million loan in
2020 proved insufficient to compensate for a drop in revenue caused
by Covid-19, Bloomberg recounts.  Creditors Searchlight Capital
Partners LP and Invesco Ltd., which provided a EUR60-million
bridging loan earlier this year, had also proposed a restructuring
that would have given them control of the business, Bloomberg
states.  

Revenue for the producer of soccer-match coverage, films and shows
for broadcasters fell 38% to EUR1.12 billion last year, Bloomberg
discloses.

Mediapro expects to close the year with revenue above EUR1.2
billion, and upgraded its Ebitda outlook to EUR160 million from
EUR124 million, Bloomberg relays, citing the Nov. 26 statement.




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

BLK SPORT: Goes Bust with GBP3-Million Debt
-------------------------------------------
Robert Watts at The Sunday Times reports that a sportswear business
launched by a high-profile Tory mayor and ally of Boris Johnson has
collapsed owing GBP3 million to the taxman and other creditors.

Ben Houchen, 34, founded BLK Sport in 2016 and still mentions
starting the business in his profile on the website of the Tees
Valley Combined Authority he runs, The Sunday Times notes.

However, BLK, which sold a range of club-branded tops and other
sports clothing, in fact collapsed with seven-figure debts in early
2018, The Sunday Times relates.

According to The Sunday Times, the liquidator's report states that
there were insufficient funds to repay creditors, which included
sports clubs, small businesses and HM Revenue & Customs.

The governing body for rugby league was owed more than GBP124,000
by BLK, The Sunday Times discloses.



BULB ENERGY: Two Energy Suppliers Pitched Alternative Plans
-----------------------------------------------------------
Nathalie Thomas at The Financial Times reports that at least two
energy suppliers pitched plans that would have allowed the
customers of the collapsed group Bulb to be transferred to
alternative providers at less cost to consumers and taxpayers,
according to people familiar with the plans.

Bulb has been bailed out by UK taxpayers to the tune of GBP1.7
billion after Britain's seventh biggest energy supplier admitted on
Nov. 22 that it would no longer be able to withstand the high
wholesale gas and electricity prices that have triggered the worst
crisis in the sector for 20 years, the FT relates.

The failed energy supplier, which was founded by former Bain
management consultant Hayden Wood and ex-Barclays trader Amit Gudka
in 2015, represents the biggest taxpayer bailout since the rescue
of Royal Bank of Scotland and HBOS in 2008, the FT notes.

Senior industry executives told the FT that several suppliers had
approached the regulator Ofgem with plans that would have allowed
Bulb's customers to be dealt with via the usual safety net for
failed energy companies rather than a "special administration".

Bulb was placed into special administration on Nov. 24, marking the
first time the mechanism, effectively a quasi-nationalisation, has
been used for an energy company, the FT relays.

Processing Bulb's 1.6 million customers via this route would have
cost considerably less than a special administration, according to
several people familiar with the process, the FT states.

One senior industry executive told the FT it was a "fundamental
lie" that it was "impossible" for any other supplier to take on
Bulb's customers.

UK business secretary Kwasi Kwarteng told the House of Commons on
Nov. 24 that Ofgem had advised him that using the supplier of last
resort mechanism was "not viable . . . because of the size of its
customer book", the FT recounts.

In a letter to Mr. Kwarteng justifying the decision to pursue a
special administration for Bulb, published on Nov. 24, Ofgem's
chief executive Jonathan Brearley said the supplier of last resort
mechanism was already "under considerable" strain from managing the
failure of 20-plus other energy companies in recent months, the FT
relates.

According to the FT, Mr. Brearley also warned that some customers
who pay for their electricity via prepayment meters, who are often
from low income households, risked losing the "ability to top up"
their meter via a supplier of last resort process.


CASTELL 2021-1: DBRS Gives Prov. B Rating to Class F Notes
----------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by Castell 2021-1 plc (Castell 2021
or the Issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AA (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (sf)
-- Class E notes at BB (low) (sf)
-- Class F notes at B (sf)
-- Class X1 notes at AA (low) (sf)

The provisional ratings on the Class A and Class X1 notes address
the timely payment of interest and the ultimate repayment of
principal on or before the legal final maturity date. The
provisional ratings on the Class B, Class C, Class D, Class E, and
Class F notes address the timely payment of interest once most
senior and the ultimate repayment of principal on or before the
final maturity date. DBRS Morningstar does not rate the Class X2
notes.

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

Castell 2021 is a bankruptcy-remote special-purpose vehicle
incorporated in the United Kingdom. The notes will be used to fund
the purchase of UK second-lien mortgage loans originated by Optimum
Credit Limited (Optimum Credit). Pepper UK Limited (Pepper) will be
the primary and special servicer of the portfolio. Optimum Credit,
established in November 2013, is a specialist provider of
second-lien mortgages based in Cardiff, Wales. Both Optimum Credit
and Pepper are part of the Pepper Group Limited, a worldwide
consumer finance business, third-party loan servicer, and asset
manager, which has been operating successfully in Australia since
2001. CSC Capital Markets UK Limited will be appointed as the
backup servicer facilitator.

Unlike the previous Castell transaction, Castell 2021 will include
a prefunding period that allows the Issuer to purchase newly
originated mortgages prior to the first interest payment date (IPD)
falling in December 2021 with the proceeds of a prefunding
principal reserve. A deterioration in credit quality is mitigated
by prefunding portfolio conditions. Any funds remaining in the
prefunding principal reserve on the first payment date will repay
the principal-backed notes pro rata. There will also be a
prefunding revenue reserve established to mitigate the effect of
negative carry during the first payment period.

DBRS Morningstar was provided with information on a provisional
mortgage portfolio as of September 30, 2021. The portfolio consists
of 6,976 mortgage loans with an aggregate principal balance of GBP
307.9 million. The average loan per borrower is GBP 44,141.

All of the mortgage loans in the provisional portfolio are owner
occupied and almost all loans are repaying on a capital and
interest basis. Within the portfolio, 87.6% of the loans are
fixed-rate loans that switch to floating rate upon completion of
the initial fixed-rate period whereas 9.1% are floating-rate loans
for life and the remaining 3.3% are fixed-rate loans for life.
Interest rate risk is expected to be hedged through a
fixed-floating interest rate swap with NatWest Markets Plc (NWM) to
mitigate the fixed interest rate risk from the mortgage loans and
Sonia payable on the notes. The Issuer will pay the swap
counterparty an amount equal to the swap notional amount multiplied
by the swap rate and, in turn, the Issuer will receive the swap
notional amount multiplied by Sonia. NWM currently has a DBRS
Morningstar Long Term Critical Obligations Rating of A (high) and a
Long-Term Issuer Rating of A (low), both with Stable trends.
Following a review of the provisions outlined in the swap
agreement, DBRS Morningstar concludes that NWM meets DBRS
Morningstar's criteria to act in such capacity. The transaction
documents contain downgrade and collateral posting provisions with
respect to NWM's role as hedging counterparty, consistent with DBRS
Morningstar criteria.

On the first IPD, the Issuer will enter into an additional hedging
agreement with a swap counterparty or increase the notional amount
under the existing swap agreement with NWM to hedge the exposure of
additional fixed-rate loans acquired during the prefunding period.
The transaction documentation will include a maximum fixed swap
rate that cannot be exceeded.

Furthermore, approximately 2.8% of the portfolio by loan balance
comprises loans originated to borrowers with a prior County Court
Judgement, 0.3% of the borrowers are in arrears, and 11.4% of the
loans were granted to self-employed borrowers, unemployed
borrowers, or pensioners (referring to the primary borrower's
employment status only). The weighted-average (WA) seasoning of the
portfolio is relatively low at five months and the WA remaining
term is approximately 15 years. The WA current loan-to-value ratio,
including any prior-ranking balances of the portfolio, is 63.5%.

Credit enhancement for the Class A notes is expected to be 27.0% at
closing and is to be provided by the subordination of the Class B
to Class G notes (excluding the uncollateralized Class X1 and X2
notes). The Class A notes benefit from further liquidity support
provided by an amortizing liquidity reserve, which can support the
payment of senior fees and interest on the Class A notes. The
liquidity reserve fund (LRF) will be unfunded at closing, with the
required amount of 1.0% of the outstanding balance of the Class A
notes. Initially, the LRF will be funded through principal
receipts. Any subsequent use of the LRF will be replenished from
revenue receipts. The excess amounts following amortization of the
Class A notes will form part of available principal.

The structure includes a principal deficiency ledger (PDL)
comprising seven subledgers (Class A PDL to Class G PDL) that
provision for realized losses as well as the use of any principal
receipts applied to meet any shortfall in payment of senior fees
and interest. The losses will be allocated starting from the Class
G PDL and then to the subledgers of each class of notes in
reverse-sequential order.

Available principal funds can be used to provide liquidity support
to the transaction. Following the application of the available
revenue funds and liquidity reserve, available principal funds can
be used to pay senior fees, swap payments, and interest shortfalls
on the Class A to Class F notes. In more detail, principal is
available to provide liquidity support to the Class B to Class F
notes provided the respective PDL balance is less than 10% of the
outstanding balance of the respective class of notes. There is no
condition for principal used to provide liquidity support for the
Class A notes, given that available revenue funds and the LRF have
been applied first. Any use will be recorded as a debit in the
PDL.

The coupon on the notes will step up on the interest payment date
falling in February 2026, which is also the first optional
redemption date. The notes can be redeemed in full, at the
outstanding balance plus accrued interest, on any subsequent
payment date. DBRS Morningstar considered the increased interest
payable on the notes on the step-up date in its cash flow
analysis.

The Issuer account bank is Citibank N.A., London Branch. Based on
DBRS Morningstar's private rating on the account bank, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

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

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

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio, which DBRS Morningstar used as inputs into the cash flow
tool. DBRS Morningstar analyzed the mortgage portfolio in
accordance with DBRS Morningstar's "European RMBS Insight: UK
Addendum".

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X1 notes according to the terms of the
transaction documents. DBRS Morningstar analyzed the transaction
structure using Intex DealMaker.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents.

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland at AA (high) with a Stable trend
as of the date of this press release.

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

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many RMBS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus. For this transaction, DBRS
Morningstar conducted additional analysis to determine the
transaction benefits from sufficient liquidity support in case of
high level of payment moratoria in the portfolio.

Notes: All figures are in British pound sterling unless otherwise
noted.


COUNTESSWELLS DEVELOPMENT: Goes Into Administration
---------------------------------------------------
BBC News reports that Countesswells Development Ltd, the company
behind the development of a new 3,000-home community on the
outskirts of Aberdeen, has gone into administration.

CDL -- owned by Stewart Milne Group -- was managing the emerging
community, which got planning permission in 2014.

CDL blamed the oil and gas downturn and coronavirus pandemic for
the administration move, but said it firmly believed in the future
of the project, BBC relates.

A UK government guarantee for private sector lending for the
project was previously made, BBC notes.

According to BBC, the Treasury said it regretted the administration
but would "stand behind the guarantee that supported the
development".

Administrators FRP Advisory said the "immediate priority" was to
finalise current construction, including the completion of
affordable housing projects, BBC relays.


DERBY COUNTY FC: In Talks With City Council Over GBP100,000+ Owed
-----------------------------------------------------------------
Nigel Slater at DerbyshireLive reports that Derby City Council has
confirmed talks are ongoing with Derby County after it was revealed
the club owed the authority more than GBP100,000.

According to DerbyshireLive, a "statement of affairs" report
reveals a long list of creditors to which The Derby County Football
Club Limited, the club's company name, owes money.

The report was published after the Rams were placed into
administration in September -- the consequences of which saw Derby
deducted 12 league points, DerbyshireLive relates.

Administrators Quantuma are now handling the club's financial
affairs while trying to find a new owner for the football club and
have filed the report as part of the administration process,
DerbyshireLive discloses.

It shows that more than GBP26 million is owed to HMRC and GBP20
million to MSD Holdings, DerbyshireLive notes.

There are also creditors locally.  It also says the club owes Derby
City Council a total of GBP116,138, DerbyshireLive relays.

The report files this as three separate payments to Derby City
Council, Derby City Council (BACS payments) and Derby City Council
(Direct Debit Payments) -- making up the combined six-figure total,
according to DerbyshireLive.

Derby City Council says the payments were for "business rates and
rental of south car park for matchdays", DerbyshireLive notes.

It also said in a statement that the club's auditors "have a duty"
to deal with the debt owed, DerbyshireLive recounts.

Throughout the past few months, administrators Andrew Hosking and
Carl Jackson have spoken positively about being able to secure the
club's future, DerbyshireLive discloses.

According to DerbyshireLive, recently they have told local media
that they hope a new buyer for the club can be found and a purchase
deal agreed in the New Year.


GFG ALLIANCE: Scraps Plan to Build GBP15MM Hotel in Lanarkshire
---------------------------------------------------------------
Michael Glackin at The Sunday Times reports that Sanjeev Gupta's
troubled GFG Alliance has scrapped plans to build a 100-room hotel
in Lanarkshire adjacent to the Clydebridge steelworks he purchased
in 2016.

The GBP15 million hotel was to be the first of a series of
developments on land near the group's industrial plants, The Sunday
Times states.

The decision is the latest setback for Gupta since the near
implosion of his industrial empire after the collapse of GFG's main
financier, Greensill Capital, in March, The Sunday Times notes.
That left Mr. Gupta's firms being pursued by creditors and has
forced him to seek fresh financing and embark on a series of asset
sales, The Sunday Times discloses.

According to The Sunday Times, the Serious Fraud Office is also
investigating "suspected fraud, fraudulent trading and money
laundering" in relation to GFG and Greensill.


SAGE AR 1: DBRS Confirms B Rating on Class F Notes
--------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the following classes
of Commercial Mortgage-Backed Floating Rate Notes due November 2030
issued by Sage AR Funding No. 1 Plc (the Issuer):

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

All trends are Stable.

The rating confirmations follow the transaction's stable
performance over the last 12 months, with no material deviation
from issuance and in spite of the Coronavirus Disease (COVID-19)
pandemic.

The transaction is a securitization of a GBP 220 million
floating-rate senior social housing backed loan (the Senior Loan)
advanced by the Issuer to a single borrower, Sage Borrower AR1
Limited (the Borrower). The Senior Loan is on-lent by the Borrower
to its parent, Sage Rented Limited (SRL), a for-profit registered
provider of social housing, and was used to finance SRL's
acquisition of properties as well as associated costs and expenses.
The Senior Loan is backed by 1,609 residential units comprising
mostly houses or apartments located across England. The loan term
was five years with an expected final repayment date on November
15, 2025.

Sage Housing Limited (Sage) was established in May 2017 and is
majority-owned by Blackstone Inc. The portfolio is a mixture of
new-build houses and flats in new purpose-built schemes dating from
2017. Each scheme is generally in a good residential location close
to transport links and amenities. Approximately 60% of the
portfolio is in London, the South East, and the South West. SRL has
appointed Places for People (PFP) for the day-to-day management of
the units.

The Senior Loan interest comprises two parts: (1) Sonia (subject to
zero floor) plus a margin that is a function of the weighted
average (WA) of the aggregate interest amounts payable on the rated
notes; and (2) the lower of excess cash flow and 9% fixed interest
on the retention tranche (Class R).

To hedge against increases in the interest payable under the loan
resulting from fluctuations in Sonia, the Borrower entered into an
interest cap agreement with Merrill Lynch International (the
Hedging Counterparty), with a purchased cap strike rate of 0.5%,
for the full notional amount of the rated notes. As at the current
review date, the Hedging Counterparty has a rating which is
commensurate with that of DBRS Morningstar's ratings criteria. The
hedge will initially be in place for two years only; however, it
must be renewed annually for the remaining term of the loan. If the
hedge is not extended as described, there will be a loan event of
default and sequential payment trigger event on the notes.

The Senior Loan has a rated loan-to-value (LTV) ratio of 67.76%,
calculated on Savills market value subject to tenancy (MVSTT) of
GBP 308.4 million dated September 18, 2020. There is no scheduled
loan amortization. Subject to partial prepayments of the loan, the
Borrower shall repay the loan in full on the termination date. The
final legal maturity of the notes is expected to be on November 17,
2030, five years after the Senior Loan maturity on November 15,
2025.

There have been no asset sales since issuance and the Senior Loan
is performing in line with its covenants. In particular, the rated
debt yield (DY) of 4.24% has remained consistently above the cash
trap level of 3.75% while the rated LTV is well below the cash trap
level of 78.0%. Vacancy across the portfolio dropped to 2.52% as at
the August 2021 interest payment date compared with 9.0% at
issuance, as Sage has continued to proactively lease up any
vacancies across the schemes.

DBRS Morningstar maintained its net cash flow (NCF) assumption
constant at GBP 8.5 million as at underwriting. In addition, DBRS
Morningstar maintained its cap rate at 4.25% as at underwriting,
which translates to a DBRS Morningstar value of GBP 200.2 million,
representing a 35.1% haircut to MVSTT.

The transaction benefits from a liquidity reserve facility of GBP
6.5 million, which is provided by Deutsche Bank AG London Branch.
The liquidity reserve facility may be used to cover shortfalls on
the payment of interest due by the issuer to the holders of the
Class A to Class C notes. No drawings have been made under the
liquidity reserve facility since issuance.

The loan structure does not include any default financial covenants
prior to a permitted change of control (CoC). The default covenants
of the loan only occur after a permitted CoC takes place and when
the rated LTV is higher than 85%. Additionally, the new obligors
must ensure that, after the CoC date, the rated DY is not less than
85% of the rated DY on the date of the permitted CoC.

To comply with risk retention requirements, an entity within the
Sage Group has retained a residual interest consisting of no less
than 5% of the nominal and fair market value of the overall capital
structure by subscribing to the unrated and junior-ranking GBP 11
million Class R notes. This retention note ranks junior in relation
to interest and principal payments to all rated notes in the
transaction.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many tenants and borrowers. DBRS Morningstar anticipates that
vacancy rate increases and cash flow reductions may continue to
arise for many CMBS borrowers. In addition, commercial real estate
values could be negatively affected, at least in the short term,
affecting refinancing prospects for maturing loans and expected
recoveries for defaulted loans.

Notes: All figures are in British pound sterling unless otherwise
noted.


SAGE AR 2021: DBRS Gives Prov. BB(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by SAGE AR Funding 2021 PLC (the
Issuer):

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

The trends on all ratings are Stable.

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

The transaction is a securitization of a GBP 274.9 million
floating-rate social housing-backed loan advanced by the Issuer to
a single borrower, Sage Borrower AR2 Limited. The loan is then
on-lent by the borrower to its parent, Sage Rented Limited (Parent
RP or SRL), a for-profit registered provider of social housing, and
is used to directly or indirectly finance or refinance the Parent
RP's acquisition of the properties as well as cover the associated
costs and expenses. The loan is backed by 1,712 residential units
comprising mostly houses or apartments located across England.

Sage Housing Group (the Sponsor or Sage) was established in May
2017 and is majority owned by Blackstone. Sage's core business is
the provision of new affordable homes rented at a discount to the
prevailing open market rate and let only to people on local
authority housing waiting lists who are in need of housing. The
transaction represents the second securitization by the Sponsor
following Sage AR Funding No. 1 Plc, which was issued in October
2020 and rated by DBRS Morningstar.

The portfolio securing the loan consists of 1,712 recently
completed social housing units across 134 development sites in
England, totaling 3,482 beds. Based on market value subject to
tenancy (MVSTT), the vast majority of the properties are located in
the South East and the East of England at 41.7% and 30.3% of the
portfolio, respectively. Most of the rented units are on a "starter
lease" and then transferred to a periodic assured shorthold tenancy
after an initial probationary period of 12 months, which is
extendable to 18 months. Tenants in social housing typically occupy
the units for more than five years beyond the probationary period.

SRL has appointed Places for People (PFP) for the day-to-day
management of the units. PFP is a leading, nationwide-registered
provider with a property portfolio of more than 200k units under
management in diverse markets. It has a core social housing
business with a G1/V1 rating from the regulator and more than 50
years of experience managing properties and tenants.

The facility represents a loan-to-value (LTV) ratio of 72.9% (68.0%
based on the rated notes) calculated on the Savills MVSTT valuation
of GBP 376.9 million dated 14 October 2021. Based on a borrower pro
forma net operating income of GBP 10.9 million, the debt yield (DY)
at the 30 September 2021 cut-off date was 4.25% for the rated notes
and 3.97% for the whole loan, including the subordinated Class R
amount.

DBRS Morningstar's value of GBP 239.0 million represents a DBRS
Morningstar LTV of 115.0% for the whole loan and equates to a
haircut of 36.6% to the Savills valuation. DBRS Morningstar based
its valuation on an underwritten net cash flow (NCF) of
approximately GBP 10.0 million and by applying a cap rate of 4.20%.
The DBRS Morningstar DY at the cut-off date was 3.93% for the rated
notes and 3.67% for the whole loan.

Although the outbreak of the Coronavirus Disease (COVID-19) has
negatively affected all commercial real estate sectors, the
portfolio of affordable rented housing has experienced a relatively
limited impact compared with other asset types. Sage's affordable
rents business has an arrears level of 2.3% (in respect of tenants
in occupancy for over eight weeks) and 3.1% (in respect of tenants
who have been in occupancy for over 18 months). DBRS Morningstar
notes that such levels of arrears are in line with the sector's
benchmarks.

The proceeds of the notes will be advanced to a wholly owned, newly
incorporated subsidiary of SRL and then on-lent to SRL. SRL will in
turn grant third-party security by way of mortgages over the
properties and a share pledge over the shares in the borrower in
order to secure the borrower's obligations under the facility
agreement. SRL will also grant security to the borrower by way of a
fixed charge over its segregated account into which rent is paid
and over its right to receive rental income under the occupational
leases. The borrower will maintain full signing rights and full
discretion over SRL's segregated account.

The loan carries a floating rate of Sterling Overnight Index
Average (Sonia) floored at 0% with a loan margin. There is no
interest payable on the portion corresponding to the Class R notes.
The loan is interest only (with no scheduled amortization) until
the expected loan repayment date on 15 November 2026. Following the
initial five-year term, the loan may be extended on an annual basis
until 15 November 2046, with a loan margin step-up, provided that
no loan default for non-payment is continuing and satisfactory
hedging is in place up to the relevant extended termination date.
However, failure to repay the loan at the expected loan maturity is
a cash sweep event and also triggers a minimum annual amortization
of 1.0% on the loan balance on the date of the initial extension
request. A cash sweep event means that any excess funds available
following the payment of interest and amortization (together with
the payment of certain senior costs including, inter alia, agent
fees, corporate costs, asset management fees, and repair and
maintenance costs) are used to repay the loan. If the loan is
extended, there will also be a step-up in the margin payable on the
rated notes, on and from the first expected note maturity date on
17 November 2026.

The transaction does not have financial default covenants prior to
a permitted change of control; however, there are cash trap
covenants set at a rated LTV of 78.00% and rated DY of 3.56%.

To hedge against increases in the interest payable under the loan
resulting from fluctuations in Sonia, the borrower will purchase an
interest rate cap agreement from a hedge provider with a rating, as
at the cut-off date, commensurate with that of DBRS Morningstar's
rating criteria. The interest rate cap agreement is expected to
provide for an interest rate cap with a strike rate of 0.75% and
cover the full notional amount of the rated notes. The hedge will
initially be in place for two years; however, it must be renewed
annually for the remaining term of the loan. DBRS Morningstar
anticipates that the hedge will be extended for the full duration
of the loan term. If the hedge is not extended as described, there
will be a loan event of default and sequential payment trigger
event on the notes.

The interest rate cap agreements, prior to the expected loan
maturity date, are required to have a cap strike equal to the
higher of 1.00% and the rate that provides a hedged interest
coverage ratio of 1.5 times (x). Following the expected maturity
date, the interest rate cap agreements are expected to have a cap
strike of the higher of 0.75% and the rate that provides an
interest coverage ratio of 1.5x. This would result in 24 months of
interest coverage on the notes.

On the closing date, GBP 5.6 million of the proceeds from the
issuance of the Class A notes will be used to fund the Issuer
Liquidity Reserve. The Issuer Liquidity Reserve can be used to
cover interest shortfalls on the Class A, Class B, Class C, and
Class D notes.

According to DBRS Morningstar's analysis, the Issuer Liquidity
Reserve amount, as at closing, could cover interest payments on the
covered notes up to 12 months or 5 months based on the interest
rate cap strike rate of 0.75% or the Sonia cap of 4.00%,
respectively.

The legal final maturity of the notes is expected to be in November
2051, five years after the final loan termination date. DBRS
Morningstar believes that this provides sufficient time to enforce
the loan collateral and repay the bondholders, given the security
structure and jurisdiction of the underlying loan.

To satisfy risk retention requirements, an entity within the Sage
Group will retain a residual interest consisting of no less than 5%
of the nominal and fair market value of the overall capital
structure by subscribing to the unrated and junior-ranking GBP 18.5
million Class R notes. This retention note ranks junior in relation
to interest and principal payments on all rated notes in the
transaction.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many tenants and borrowers. DBRS Morningstar anticipates that
vacancy rate increases and cash flow reductions may continue to
arise for many commercial mortgage-backed security (CMBS)
borrowers, some meaningfully. In addition, commercial real estate
values will be negatively affected, at least in the short term,
affecting refinancing prospects for maturing loans and expected
recoveries for defaulted loans.

Notes: All figures are in British pound sterling unless otherwise
noted.


ZEPHYR MIDCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Zephyr Midco 2 Ltd. (Zephyr) and its 'B-' issue rating on the
group's debt.

S&P said, "The stable outlook reflects our view that Zephyr will
maintain funds from operations (FFO) cash interest coverage of at
least 2x and reduce adjusted debt to EBITDA toward 8.0x over the
next 12 months.

"We expect Zephyr's credit metrics to stabilize in 2022 thanks to
the full-year contribution from Penguin Portals and the easing of
energy market headwinds.We expect Zephyr's operating performance
will improve in 2021 compared with 2020, when the COVID-19 pandemic
adversely affected operations. However, due to higher marketing and
staff costs, headwinds in the energy comparison segment, and the
acquisition of Penguin Portals that Zephyr partly funded with debt,
the group's adjusted leverage will remain very high. We forecast
adjusted debt to EBITDA will be above 10x pro forma the
acquisition, reducing toward 8x in 2022 from 9.4x in the fiscal
year ended in Sept. 30, 2020 (FY2020) thanks to revenue and EBITDA
growth, reduction in outstanding earn-out liabilities, and good
execution in integrating the acquired businesses. We forecast that
Zephyr will generate adjusted EBITDA of GBP100 million-GBP105
million in 2021 and GBP145 million-GBP155 million in 2022, with
FOCF of GBP40 million-GBP45 million in 2021 and GBP55 million-GBP60
million in 2022. We understand the group plans to reduce leverage
in the short term and does not plan to start paying dividends to
its controlling owners during this period. That said, we think the
relatively small scale and scope of the business and high quantum
of debt will limit leverage reduction prospects--we estimate that
the group will have about GBP1.2 billion of financial debt on
balance sheet at the end of 2021.

"Recovery in the property division will support an improvement in
Zephyr's financial metrics. We expect Zephyr's subscription-based
property revenue to grow by 10%-20% per year in 2021-2022 after a
tough 2020, with successful sales efforts and marketing campaigns
resulting in consistent growth in a number of Zephyr's U.K.-based
real estate partners. Revenue growth will stem from recovery in
discretionary spend and agents committing to long-term contracts
after the expiry of rebates offered at the beginning of the
pandemic. We forecast revenue in the marketing sub-segment will
return to pre-pandemic levels by the end of 2022. We also expect
revenue growth will stem from new business wins--including the
acquired mortgage lending solution business--in the data
sub-segment, and strong sales and price rises in the software
sub-segment. We note that continuing investment in marketing,
staff, and technology to drive medium-term revenue, as well as by
some normalization of costs after pandemic-related savings in 2020,
will partly offset the improvement in the property segment's
profitability.

"We anticipate the current pressures in the energy market will
weigh on profitability in 2021.The sharp increase in wholesale
energy prices and low switching in the Money business have hampered
Zephyr's comparisons business in 2021. High energy prices and
regulated price caps are making it uneconomical for suppliers to
offer attractive tariffs to consumers, leading to negligible energy
switching. We project revenue in the uSwitch segment to be about
30% down year-on-year in 2021 compared with 2020. Low switching has
also hindered Zephyr's Money platform, which comprises revenue
generated from financial product switching services, because
consumers are using up savings accumulated during lockdowns in
2020-2021. We expect the headwinds from high wholesale energy
prices to ease by the end of first half of 2022, but we do not
expect revenue in the comparisons business segment to fully recover
to FY2020 levels until the end of 2022.

"We think the acquisition of Admiral Group's price comparison
division, Penguin Portals, has strengthened Zephyr's competitive
position and increased its addressable market.In our view, the
acquisition, completed in April 2021, complements Zephyr's
expertise in the household service comparison segments and
increases its total addressable market to GBP1.5 billion from
GBP600 million. It gives Zephyr a greater presence in the car and
home insurance markets, two of the largest markets in the U.K. for
price comparison websites and markets in which it did not have a
meaningful presence previously. We forecast the combined group's
revenue will reach about GBP520 million-GBP540 million in 2022,
supported by organic growth through cross-selling opportunities.
That said, we note that the acquired insurance-focused price
comparison websites have lower profitability compared with Zephyr's
existing portfolio due to structural factors including higher
marketing spend. We therefore forecast that, following the
acquisition and incorporating some cost synergies from efficiency
improvements, market share gain, and headcount rationalization,
Zephyr's adjusted EBITDA margin will somewhat reduce to about
25%-30% in 2021-2022 compared with 36% in FY2020.

"The stable outlook reflects our view that Zephyr's organic revenue
growth, gradually alleviating challenges in the comparisons
business segment, and integration of the acquired businesses will
support its adjusted EBITDA growth and positive FOCF generation
over the next 12 months. The outlook also reflects our assumption
that Zephyr will maintain an FFO cash interest coverage ratio of at
least 2x and adequate liquidity, with adjusted debt to EBITDA
dropping toward 8.0x in 2022.

"We could lower the rating if the group experienced operating
setbacks that it could not fully offset with lower costs, resulting
in lower EBITDA, an inability to generate positive reported FOCF,
and constrained liquidity position, such that the group's capital
structure would become unsustainable in the medium term.

"We are unlikely to upgrade Zephyr over the next 12 months owing to
its very high leverage and the headwinds it is facing in the energy
comparison market. Over the longer term, we could raise the ratings
if the group's operating performance exceeded our base-case
expectations, such that it reduced adjusted debt to EBITDA toward
7.5x and maintained FOCF to debt sustainably above 5%. An upgrade
would also be contingent on our view of the group's financial
policy remaining supportive of such credit metrics."



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

[*] BOND PRICING: For the Week November 22 to November 26, 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 * * *