/raid1/www/Hosts/bankrupt/TCREUR_Public/211206.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, December 6, 2021, Vol. 22, No. 237
Headlines
F R A N C E
IQERA GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Positive
MARANATHA: CEO Ordered to Pay EUR4 Million to Liquidators
H U N G A R Y
ARTEMIS MIDCO: Moody's Lowers CFR to B3 & Alters Outlook to Stable
I R E L A N D
BARINGS EURO 2021-3: Moody's Assigns (P)B3 Rating to Class F Notes
HAYFIN EMERALD VIII: Moody's Assigns (P)B3 Rating to Class F Notes
VOYA EURO IV: Fitch Assigns Final B- Rating to Class F-R Tranche
VOYA EURO IV: S&P Assigns B- (sf) Rating to Class F-R Notes
L U X E M B O U R G
PARTICLE LUXEMBOURG: Fitch Raises LT IDR to 'B+', Outlook Stable
N E T H E R L A N D S
ANODE ENERGY: Plans to File for Bankruptcy
N O R W A Y
SEADRILL LTD: New Board to Assume Leadership After Ch.11 Exit
R O M A N I A
COS TARGOVISTE: Beltrame to Buy Business for EUR38.3 Million
T U R K E Y
TURK HAVA: S&P Alters Outlook to Stable, Affirms 'B' ICR
TURKEY: Fitch Affirms 'BB-' LT IDRs, Alters Outlook to Negative
U K R A I N E
[*] UKRAINE: To Undertake Measures Against Owners of Failed Banks
U N I T E D K I N G D O M
ACACIUM GROUP: S&P Affirms 'B' ICR, Outlook Stable
BULB: Had Total Net Liabilities of GBP325MM, Ofgem Documents Show
CANTERBURY FINANCE 4: Fitch Affirms BB+ Rating on 2 Tranches
ENERGEAN PLC: Fitch Assigns B+ Rating to USD450MM Sr. Sec. Notes
X X X X X X X X
[*] BOND PRICING: For the Week November 29 to December 3, 2021
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F R A N C E
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IQERA GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Positive
---------------------------------------------------------------
Moody's Investors Service has affirmed iQera Group SAS' B2
Corporate Family Rating and backed senior secured debt rating. The
issuer outlook remains positive.
RATINGS RATIONALE
The affirmation of iQera Group's CFR takes into account the
company's long-standing experience and track record, its leadership
in the French debt purchasing market and its successful increase in
earnings and geographic diversification achieved over the last few
years through expanding in debt servicing business and establishing
of a meaningful footprint in Italy. iQera Group's B2 CFR also takes
into account the company's ambitious organic growth strategy, its
significant supplier as well as not yet recovered credit metrics
after the drop in collections in 2020. The B2 CFR reflects improved
but still weak credit metrics, particularly interest coverage and
leverage. Albeit reduced to 4.9x in the first half of 2021 from
above 5.6x based on Moody's adjusted gross debt to EBITDA as of
year-end 2020, leverage remains elevated. The recovery in 2021,
particularly of iQera's profitability and interest coverage, albeit
trending in a positive direction, remains below the rating agency's
previous expectations.
The affirmation of the B2 rating of iQera Group's senior secured
notes reflects the results from Moody's methodology titled Loss
Given Default for Speculative-Grade Companies, published in
December 2015, taking into account their position within the
company's funding structure, and the amount outstanding relative to
total debt.
The positive outlook reflects Moody's view that the agency
continues to see some upside potential for the B2 CFR over the
outlook period if iQera Group continues to recover its
profitability as indicated by stronger Q3 2021 financials, while
further lowering leverage to a range commensurate with the B1
level.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of iQera Group's CFR could be warranted if the firm
realises the expected cost synergies and optimizations, resulting
in improved profitability and a further reduction in leverage over
the outlook horizon of 12 to 18 months. An upgrade of the CFR would
likely lead to a corresponding change in iQera Group's senior
secured debt rating.
Although unlikely given the positive issuer outlook, iQera Group's
CFR could be downgraded if leverage increases sustainably above 5x
and if the company fails to reach its cost and profitability
targets over the outlook horizon. A downgrade of the CFR would
likely lead to a corresponding change in iQera Group's senior
secured debt rating. Furthermore, Moody's could downgrade iQera
Group's senior secured debt rating if the company increases
drawings under its revolving credit facility, which is senior to
the senior secured liabilities.
LIST OF AFFECTED RATINGS
Issuer: iQera Group SAS
Affirmations:
Long-term Corporate Family Rating, Affirmed B2
Backed Senior Secured Regular Bond/Debenture, Affirmed B2
Outlook Action:
Outlook, Remains Positive
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
MARANATHA: CEO Ordered to Pay EUR4 Million to Liquidators
---------------------------------------------------------
The Connexion reports that Maranatha hotel group CEO Olivier Carvin
has been ordered to pay EUR4 million to liquidators and been
declared bankrupt for 15 years.
This followed the latest court case in the long-running saga of the
Marseille-based group, in which an estimated 6,000 small investors
lost around EUR648 million, The Connexion notes.
Most of the investors had been advised to channel their money into
the group by personal financial advisers, The Connexion discloses.
Regulator the Autorite des Marches Financiers (AMF) fined three of
them after finding them guilty of not telling clients of the risk
they were taking, or of the commissions the advisers were
receiving, The Connexion recounts.
Another five financial advisers agreed to pay fines without
admitting guilt, under a relatively new procedure in French law,
The Connexion relays.
Documents published by AMF showed financial advisers were promising
clients returns of 7% on investments, The Connexion states.
Six "palaces" in the hotel group, based in Paris and Nice and
bought in 2015 under the name Hotels du Roy, were sold in 2018
after a year in liquidation to an American hedge fund, Colony
Capital, The Connexion discloses. It was backed by a deal with
France's Accor group, the largest hotel group in Europe, The
Connexion notes.
According to The Connexion, under the deal, the Hotels du Roy
should be sold in 2023 for at least EUR220 million, most of which
will go to the original founders of the group. They will get
around 60% of their capital back, if all goes well. Meanwhile,
investors who bought later, including those advised by the personal
financial advisers, will only get smaller amounts -- or nothing at
all, The Connexion says.
A group of investors who challenged the deal in the courts lost,
and have been landed with additional bills of tens of thousands of
euros each, The Connexion relays.
Mr. Carvin, as cited by The Connexion, said he accepts the latest
court ruling, which was given in September, and will not appeal
against it.
He claims the only reason the group failed was the downturn in
tourist numbers after the terror attacks in November 2015, which
occurred just after the purchase of Hotels du Roy, according to The
Connexion.
However, the court found he continued operating when he should have
gone into administration and used investment funds to pay interest,
The Connexion notes.
It also found he did not put strict management principles on the
SCA company structure, bought Hotels du Roy when the group did not
have the means to handle the operation, and, in 2016, submitted
accounts which did not explain the precarious situation of the
group, The Connexion states.
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H U N G A R Y
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ARTEMIS MIDCO: Moody's Lowers CFR to B3 & Alters Outlook to Stable
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Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and to B3-PD from B2-PD the probability of
default rating of Artemis Midco (UK) Limited, the parent company of
Partner in Pet Food (PPF or the company), a Hungary-based
manufacturer of pet food. Concurrently, Moody's has downgraded to
B3 from B2 the ratings of the EUR400 million backed senior secured
term loan B and the EUR62 million backed senior secured revolving
credit facility (RCF) borrowed by Artemis Acquisitions (UK)
Limited. The outlook on all ratings has been changed to stable from
negative.
"The downgrade of PPF's ratings reflects the ongoing pressure on
its profitability from the sharp rise in costs of key ingredients
and packaging, which will be challenging to fully pass through to
customers in 2022, as well as a more aggressive approach to
acquisitions, with two sizeable debt-financed transactions already
completed and another two earmarked for Q1 2022," says Igor
Kartavov, a Moody's lead analyst for PPF.
"Although PPF has been able to increase its scale and strengthen
its business profile in 2020-21 both organically and via
acquisitions, we expect its leverage to remain above 6.0x through
at least 2022, while the high number of acquisitions reduces the
visibility on longer-term deleveraging trajectory because of
potential increases in debt and integration risks," adds Mr.
Kartavov.
RATINGS RATIONALE
The rating action factors in a combination of (1) a weakening in
PPF's profitability and cash flow generation in recent months on
the back of cost inflation, with uncertain recovery prospects in
2022; and (2) the group's recent and anticipated debt-financed
acquisitions, which result in higher leverage and integration costs
and risks. As a result, Moody's expects PPF's gross debt/EBITDA to
exceed 7.0x in 2021 and to decline only towards 6.5x in 2022,
excluding exceptional costs as reported by the company, remaining
higher than the rating agency's guidance of below 6.0x for the B2
rating category. Moody's believes that both continued acquisitions
and the current exposure to the rising costs of raw materials will
impede any deleveraging potential over the medium term. Moody's
also believes that the company's appetite for acquisitions remains
high, given the fragmented nature of the pet food market in Europe,
which creates significant uncertainty regarding its future
deleveraging potential.
PPF continued to demonstrate strong organic topline growth in 2021,
with revenues 11% higher year-on-year in the first nine months of
2021 on a comparable basis (excluding acquisitions) and 9% pro
forma for acquisitions, supported by favourable market dynamics,
new customers, price increases and a positive mix effect. However,
the company's profitability came under pressure because of a sharp
rise in the costs of its key raw materials, including wheat, corn,
meat and animal fats, and tin cans, which the company could not
immediately pass through to its customers. As a result, in the
first nine months of 2021, PPF's EBITDA margin declined by around
200 basis points, driving a 5% EBITDA decline year-on-year despite
a strong first quarter. Moody's believes that this pressure will
persist in Q4 2021, weighing on the group's full-year results. In
addition, although PPF aims to implement significant price
increases starting from Q1 2022, its ability to fully pass through
higher costs remains uncertain, given its position as a primarily
private-label manufacturer.
In addition, PPF's cash flow generation in 2021 is strained by the
significant net working capital absorption (over EUR10 million in
the first nine months, driven by working capital management issues
at the acquired entities) and exceptional costs (EUR8 million in
the first nine months) related to acquisitions and restructuring
initiatives. As a result, Moody's expects PPF to generate negative
free cash flow of around EUR15 million in 2021.
The rating action factors in governance considerations. PPF's
appetite for bolt-on acquisitions has increased since 2020, with
Swedish pet food manufacturer Doggy acquired in September 2020 and
an Italian pet food manufacturer Landini Giuntini in January 2021.
Although both acquisitions enhanced the group's business profile by
strengthening its geographic, product and channel diversification,
they were mostly debt-financed, pushing the company's leverage up
by a total of 0.8x (excluding synergies). Moody's also notes the
mixed track record of integrating the acquired entities: while
Doggy demonstrated double-digit sales and EBITDA growth in 2021 so
far, Landini Giuntini has been underperforming, with 40% EBITDA
decline year-on-year in the first nine months of 2021.
In addition, PPF has announced two more acquisitions in Poland,
Mispol and Werblinski, to be completed in Q1 2022. Depending on the
funding mix, these acquisitions could increase the group's leverage
by 0.3x-0.5x, while their benefit for the business profile will be
more limited.
PPF's rating continues to be supported by the favorable underlying
market trends; a track record of organic sales growth; solid market
positioning, particularly in Central European markets; its improved
geographical, product and channel diversification following the
acquisitions of Doggy and Landini Giuntini; and its
well-established relations with major clients.
PPF's credit profile remains constrained by the group's high
product concentration and some degree of geographical
concentration; its exposure mainly to private-label category; its
small scale relative to large branded pet food peers and major
retailers; exposure to foreign-currency and raw material price
fluctuations; and high leverage.
LIQUIDITY
Moody's expects PPF to maintain adequate liquidity in the next
12-18 months, supported by EUR24 million in cash as of September
2021 and EUR57 million available under the EUR62 million backed
senior secured RCF due in 2024. Although the company will likely
generate negative free cash flow in 2021 on the back of subdued
EBITDA, significant exceptional costs and net working capital
absorption, Moody's expects PPF's free cash flow to become positive
in 2022. Moody's expects the company's funds from operations of
around EUR50 million (pro forma for acquisitions) to be sufficient
to cover its capital spending of around EUR35 million, lease
payments of around EUR7 million and moderate working capital
absorption on the back of sales growth. The consideration for the
agreed acquisitions in Q1 2022 will amount to around EUR88 million.
Moody's assessment of PPF's liquidity assumes that the company will
obtain the necessary funding in due course.
The company does not face any significant debt maturities until
2025 when its EUR400 million backed senior secured term loan B is
due. The company's RCF is due in 2024 and contains a springing
covenant of net leverage not exceeding 9.0x, tested if more than
50% of the facility is drawn. Moody's expects PPF to maintain ample
headroom against this threshold.
STRUCTURAL CONSIDERATIONS
The B3 ratings of the EUR400 million backed senior secured term
loan B and the EUR62 million backed senior secured RCF are in line
with the CFR, reflecting the fact that these two instruments rank
pari passu and represent most of the company's financial debt. The
term loan and the RCF are secured against shares of the obligors,
bank accounts and intragroup receivables and are guaranteed by the
group's operating subsidiaries representing at least 80% of the
consolidated EBITDA. In 2021, the company also borrowed a EUR15
million second-lien facility.
The group's capital structure also includes a number of shareholder
loans borrowed by the parent company of the restricted group,
Artemis Midco (UK) Limited, which are eligible for a full equity
treatment under Moody's criteria and are not, therefore, included
in adjusted debt calculation.
The B3-PD PDR reflects Moody's assumption of a 50% family recovery
rate given the covenant-lite debt structure.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's view that PPF will be able to
continue demonstrating organic sales growth and to reverse the
decline in its profitability in the next 12-18 months by partly
passing through the higher costs of raw materials to its customers,
so that its Moody's-adjusted gross debt/EBITDA declines towards
6.5x. The stable outlook also factors in Moody's expectation that
the company will generate positive, albeit limited, free cash
flow.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
PPF's ratings could be upgraded if it (1) demonstrates a track
record of organically growing sales volumes and revenue and
restores profit margins; (2) reduces its Moody's-adjusted gross
debt/EBITDA below 6.0x on a sustainable basis; (3) returns to
positive free cash flow generation; and (4) maintains adequate
liquidity.
The ratings could be downgraded if (1) the company's leverage
remains well above 7.0x; (2) the company engages in further
significant debt-financed acquisitions; (3) the company's free cash
flow remains negative on a sustained basis; or (4) liquidity
deteriorates.
LIST OF AFFECTED RATINGS
Downgrades:
Issuer: Artemis Acquisitions (UK) Limited
BACKED Senior Secured Bank Credit Facility, Downgraded to B3 from
B2
Issuer: Artemis Midco (UK) Limited
Probability of Default Rating, Downgraded to B3-PD from B2-PD
LT Corporate Family Rating, Downgraded to B3 from B2
Outlook Actions:
Issuer: Artemis Acquisitions (UK) Limited
Outlook, Changed To Stable From Negative
Issuer: Artemis Midco (UK) Limited
Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.
COMPANY PROFILE
Headquartered in Hungary, PPF is a manufacturer of cat and dog
food, selling its products in more than 40 countries across Europe.
The company primarily manufactures private-label products,
complemented with a growing portfolio of own brands, servicing
customers across different distribution channels, including
traditional retailers, discounters, specialty pet retailers and
online. The company operates eleven manufacturing facilities across
Europe and employs nearly 2,000 people. In the first nine months of
2021, PPF reported revenue of EUR361 million and EBITDA of EUR47
million. PPF is majority owned by funds managed by private equity
firm Cinven.
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I R E L A N D
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BARINGS EURO 2021-3: Moody's Assigns (P)B3 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to debt to be issued by Barings Euro
CLO 2021-3 Designated Activity Company (the "Issuer"):
EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR24,500,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)
EUR24,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)
EUR28,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)
EUR20,950,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)
EUR11,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.
Barings (U.K.) Limited ("Barings ") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four and half year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.
In addition to the seven classes of debt rated by Moody's, the
Issuer will issue EUR34,650,000 of Subordinated Notes which are not
rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated debt's performance is subject to uncertainty. The debt's
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debt's
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR400,000,000
Diversity Score: 50
Weighted Average Rating Factor (WARF): 3025
Weighted Average Spread (WAS): 3.60%
Weighted Average Coupon (WAC): 3.75%
Weighted Average Recovery Rate (WARR): 43.50%
Weighted Average Life (WAL): 8.5 years
HAYFIN EMERALD VIII: Moody's Assigns (P)B3 Rating to Class F Notes
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Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Hayfin
Emerald CLO VIII DAC (the "Issuer"):
EUR218,500,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)
EUR25,500,000 Class A-2 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)
EUR44,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aa2 (sf)
EUR25,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)
EUR27,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)
EUR21,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)
EUR10,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be aproximately 80% ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the six-month ramp-up period in
compliance with the portfolio guidelines.
Hayfin Emerald Management LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's five-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR30,900,000 Subordinated Notes due 2035 which
are not rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR400,000,000
Diversity Score: 48
Weighted Average Rating Factor (WARF): 2900
Weighted Average Spread (WAS): 3.70%
Weighted Average Coupon (WAC): 3.00%
Weighted Average Recovery Rate (WARR): 43.0%
Weighted Average Life (WAL): 9 years
VOYA EURO IV: Fitch Assigns Final B- Rating to Class F-R Tranche
----------------------------------------------------------------
Fitch Ratings has assigned Voya Euro CLO IV DAC reset final
ratings.
DEBT RATING PRIOR
---- ------ -----
Voya Euro CLO IV DAC
A XS2249877908 LT PIFsf Paid In Full AAAsf
A-R LT AAAsf New Rating AAA(EXP)sf
B1 XS2249878112 LT PIFsf Paid In Full AAsf
B1-R LT AAsf New Rating AA(EXP)sf
B2 XS2249878468 LT PIFsf Paid In Full AAsf
B2-R LT AAsf New Rating AA(EXP)sf
C XS2249878542 LT PIFsf Paid In Full Asf
C-R LT Asf New Rating A(EXP)sf
D XS2249878898 LT PIFsf Paid In Full BBB-sf
D-R LT BBB-sf New Rating BBB-(EXP)sf
E XS2249879193 LT PIFsf Paid In Full BB-sf
E-R LT BB-sf New Rating BB-(EXP)sf
F XS2249879359 LT PIFsf Paid In Full B-sf
F-R LT B-sf New Rating B-(EXP)sf
X XS2249877734 LT PIFsf Paid In Full AAAsf
TRANSACTION SUMMARY
Voya Euro CLO IV DAC is a securitisation of mainly senior secured
obligations (at least 92.5%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Net proceeds from the issuance of the notes have
been used to redeem existing notes (excluding the subordinated
notes) at the reset date and to fund additional collateral debt
obligations as the deal has been upsized to a target par amount of
EUR375 million. The portfolio is actively managed by Voya
Alternative Asset Management LLC. The transaction has a 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.33.
High Recovery Expectations (Positive): At least 92.5% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the portfolio is 64.15%.
Diversified Portfolio (Positive): The transaction includes two
Fitch matrices: one effective at closing corresponding to a top 10
obligor concentration limit at 26.5%, fixed-rate asset limit at 5%
and an 8.5-year WAL; and one that can be selected by the manager at
any time from one year after closing as long as the portfolio
balance (including defaulted obligations at their Fitch collateral
value) is above target par and corresponding to the same limits as
the previous matrix apart from a 7.5-year WAL.
The transaction also includes various concentration limits,
including a maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
after the reinvestment period, including the OC tests and Fitch
'CCC' limit test and WARF test passing after reinvestment. Combined
with loan pre-payment expectations this ultimately reduces the
maximum possible risk horizon of the portfolio.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A 25% increase of the mean default rate (RDR) across all
ratings and a 25% decrease of the recovery rate (RRR) across
all ratings would result in downgrades of up to five notches
across the structure.
-- Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a
larger loss expectation than initially assumed due to
unexpectedly high levels of defaults and portfolio
deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in
upgrades of no more than five notches across the structure,
apart from the class A-R notes, which are already at the
highest rating on Fitch's scale and cannot be upgraded.
-- After the end of the reinvestment period, upgrades may occur
on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Voya Euro CLO IV DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
VOYA EURO IV: S&P Assigns B- (sf) Rating to Class F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Voya Euro CLO IV
DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. At
closing, the issuer also issued EUR10.90 million unrated
subordinated notes in addition to the EUR20.80 million of existing
unrated subordinated notes.
The transaction is a reset of an existing transaction, which closed
in December 2020.
The proceeds from the issuance were used to redeem the existing
rated notes. The issuer used the remaining funds to cover fees and
expenses incurred in connection with the reset. The portfolio's
reinvestment period is scheduled to end on the payment date in July
2026.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which is in line our
counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,821.64
Default rate dispersion 419.66
Weighted-average life (years) 5.37
Obligor diversity measure 156.62
Industry diversity measure 19.51
Regional diversity measure 1.25
Transaction Key Metrics
CURRENT
Total par amount (mil. EUR) 375
Defaulted assets (mil. EUR) 0
Number of performing obligors 197
Portfolio weighted-average rating
derived from S&P’s CDO evaluator 'B'
'CCC' category rated assets (%) 1.25
Covenanted 'AAA' weighted-average recovery (%) 35.00
Covenanted weighted-average spread (%) 3.60
Covenanted weighted-average coupon (%) 4.00
Under the transaction documents, the refinanced notes pay quarterly
interest unless there is a frequency switch event.
The manager may purchase loss mitigation obligations in connection
with the default of an existing asset to enhance the global
recovery on the assets held by that obligor. The manager may also
exchange defaulted obligations for other defaulted obligations from
a different obligor with a better likelihood of recovery.
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality. Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow collateralized debt obligations.
"In our cash flow analysis, we used the EUR375 million target par
amount, the covenanted weighted-average spread (3.60%), the
reference weighted-average coupon (4.00%), and the covenant
weighted-average recovery rates for all rating categories as
indicated by the collateral manager.
"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.
"Following our analysis of the reset notes, we believe our ratings
are commensurate with the available credit enhancement for the
class A-R to E-R reset notes. Our credit and cash flow analysis
also indicates that the available credit enhancement for the class
B-1-R, B-2-R, C-R, and D-R notes could withstand stresses
commensurate with higher ratings than those we have assigned.
However, as the CLO will be in its reinvestment phase, during which
the transaction's credit risk profile could deteriorate, we have
capped our assigned ratings on the notes.
"For the class F-R notes, our credit and cash flow analysis
indicate that the available credit enhancement could withstand
stresses that are commensurate with a 'CCC+' rating. However,
following the application of our 'CCC' ratings criteria, we have
assigned a 'B-' rating to this class of notes."
The one notch of ratings uplift (to 'B-') from the model generated
results (of 'CCC+'), reflects several key factors, including:
-- The available credit enhancement for this class of notes, which
is in the same range as other CLOs that S&P rates, and that have
recently been issued in Europe.
-- The portfolio's average credit quality, which is similar to
other recent CLOs.
-- S&P's model generated breakeven default rate at the 'B-' rating
level, which is 26.77% (for a portfolio with a weighted-average
life of 5.37 years) versus if it was to consider a long-term
sustainable default rate of 3.10% for 5.37 years, which would
result in a target default rate of 16.64%.
-- The actual portfolio generating higher spreads and recoveries
versus the covenanted thresholds that we have modelled in its cash
flow analysis.
-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chances for this
note to default, and (iii) if it envisions this tranche to default
in the next 12-18 months.
-- Following this analysis, S&P considers that the available
credit enhancement for the class F-R notes is commensurate with the
'B- (sf)' rating assigned.
Elavon Financial Services DAC is the bank account provider and
custodian. The documented replacement provisions are in line with
S&P's counterparty criteria for liabilities rated up to 'AAA'.
Under S&P's structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned rating levels.
The issuer is bankruptcy remote, in accordance with S&P's legal
criteria.
The CLO is managed by Voya Alternative Asset Management LLC. Under
S&P's "Global Framework For Assessing Operational Risk In
Structured Finance Transactions," published on Oct. 9, 2014, the
maximum potential rating on the liabilities is 'AAA'.
S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class
A-R to E-R notes to five of the 10 hypothetical scenarios we looked
at in our publication "How Credit Distress Due To COVID-19 Could
Affect European CLO Ratings," published on April 2, 2020.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes."
Environmental, social, and governance (ESG) factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries
(non-exhaustive list): tobacco, controversial weapons, and thermal
coal and fossil fuels from unconventional sources. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."
Ratings List
CLASS RATING* AMOUNT INTEREST RATE§ CREDIT
(MIL. EUR) ENHANCEMENT(%)
A-R AAA (sf) 232.50 Three-month EURIBOR 38.00
plus 0.97%
B-1-R AA (sf) 31.30 Three-month EURIBOR 27.79
plus 1.75%
B-2-R AA (sf) 7.00 2.00% 27.79
C-R A (sf) 25.50 Three-month EURIBOR 20.99
plus 2.20%
D-R BBB (sf) 23.60 Three-month EURIBOR 14.69
plus 3.10%
E-R BB- (sf) 18.80 Three-month EURIBOR 9.68
plus 6.16%
F-R B- (sf) 10.90 Three-month EURIBOR 6.77
plus 8.75%
Subordinated NR 31.70 N/A N/A
*The ratings assigned to the class A-R, B-1-R, and B-2-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, and F-R notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
===================
L U X E M B O U R G
===================
PARTICLE LUXEMBOURG: Fitch Raises LT IDR to 'B+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Particle Luxembourg S.A R.L.'s (WebPros)
Long-Term Issuer Default Rating (IDR) to 'B+' from 'B' with a
Stable Outlook. Fitch has also upgraded WebPros' first-lien senior
secured term loan to 'BB'/'RR2' from 'B+'/'RR3'.
The upgrade is driven by a stronger-than-expected performance in
2021 combined with the repayment of USD36.1 million of first-lien
secured debt leading to a sharp reduction in gross leverage. The
company was able to successfully execute on its price adjustment
strategy, which, in combination with healthy organic market growth,
led to double-digits revenue and EBITDA increase yoy.
KEY RATING DRIVERS
Rapid Deleveraging: Fitch expects WebPros to reduce its gross
leverage to 5.9x in 2021 from 7.1x in 2020 driven primarily by the
successful implementation of price adjustments on its products.
Fitch believes that the company retains a capacity for further
price adjustments as the cost of a web-hosting control panel
license is a small part of total hosting expenses for website
administrators.
The largely neutral reaction of customers to the latest price
changes implies little demand elasticity to the product price.
Fitch projects the company to maintain double-digit percentage
annual revenue growth in 2022-2024, which, combined with stable
margins, should lead to further EBITDA expansion and deleveraging
in 2022-2024.
Strong FCF: With strong EBITDA generation and immaterial capex, the
company shows robust free cash flow (FCF) margin exceeding 30% in
2022-2024, which should lead to rapid cash accumulation, in the
absence of material M&A deals. Fitch does not have visibility on
the usage of excess cash; however, debt prepayments or dividend
payments are the most likely directions of spending, while a risk
of large acquisitions is limited, in Fitch's view. In 9M21, Webpros
repaid USD36.1 million of first-lien debt. Further voluntary debt
prepayments may accelerate the deleveraging and put positive
pressure on the ratings.
M&A Risk Is Limited: Fitch believes that with strong deleveraging
and robust FCF generation Webpros has significant financial
resources for M&A; however, the range of acquisition targets that
may be synergetic for the company is limited. Being a market
leader, Webpros develops a substantial part of new functionalities
in-house, while small bolt-on acquisitions can be the way to adopt
a new technology or functionality faster.
Instrument Rating Upgrade: Fitch has upgraded the rating of the
senior secured term loan by two notches reflecting the combination
of the one-notch IDR upgrade and a transition of the instrument's
recovery rating to 'RR2' band, which implies two-notch uplift to
the IDR compared with a one-notch for the 'RR3' band previously.
Higher recovery projection is driven by the repayment of USD36.1
million of the term loan in 2021 as well as by increased
Fitch-defined going-concern (GC) EBITDA, which incorporates the
stronger-than-expected performance in 2020 and 2021 as well as
Fitch's reassessment of business model sustainability.
Market Leadership: WebPros is a leader in web-hosting control panel
(WHCP) software for individuals and the SME business segment with
its flagship products cPanel and Plesk, both of which are favoured
by the majority of web professionals involved in website and
hosting administration. Both products have been on the market for
more than 20 years and are recommended as industry standards,
reflecting strong brand recognition and large user communities.
Webpros continues to invest into R&D to further expand the
functionality of its products, which helps it to keep its churn
rates low and protect the market share.
Strong Demand Fundamentals: WHCP is an essential part of the
web-hosting ecosystem, and the choice of web-hosting service
providers is often determined by having either cPanel or Plesk
included as a part of the overall service package. WebPros' WHCPs
can be used on all web-hosting infrastructure. Fitch believes that
the substitution risk for these two products is low and, therefore,
expect stable volume growth in line with the market.
Favourable Competitive Environment: WebPros' products enjoy modest
competition with most competing software for the SMB segment
provided by small companies that lack R&D budgets or are developed
in-house by hosting providers that are not portable. WebPros' large
developer teams can update their products swiftly in response to
hosting-software changes. Additionally, WebPros offers a high level
of customer support that smaller vendors often cannot afford to
have.
DERIVATION SUMMARY
The ratings of WebPros are supported by its leading position in its
niche of web-hosting software for the SMB segment. The company has
a highly diversified customer base, established partner
relationships with web-hosting companies and its products have
strong reputations. These strengths are offset by its high leverage
and small scale, resulting in a 'B+' rating.
WebPros' peer group includes Fitch-rated ERP-focused software
companies such as TeamSystem Holding S.p.A. (B/Stable), Bock
Capital Bidco B.V. (Unit4; B/Stable) and healthcare software
providers such as MedAssets Software Intermediate Holdings, Inc.
(nThrive TSG; B-/Stable), Waystar Technologies, Inc. (B-/Stable),
athenahealth, Inc (B+/Rating Watch Negative) and Dedalus SpA
(B/Stable). Similar to Webpros, these companies benefit from solid
market positions, high customer retention and good exposure to
secular growth trends. However, Webpros shows significantly higher
margins, stronger FCF generation, has more pronounced market
leadership in its niche and is less exposed to market consolidation
risks. The other peer group includes software peers Gigamon Inc.
(B/Stable) and MeridianLink, Inc. (BB-/Stable) and cybersecurity
firms such as Imperva Inc. (B-/Stable) and Surf Intermediate I
Limited (Sophos; B/Stable).
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Low-to-mid-double digit percentage revenue growth per year in
2022-2024;
-- Fitch-defined EBITDA margin stable at 60% in 2022-2024;
-- USD3 million of non-recurring costs in 2021;
-- Working capital outflow of about USD3 million annually;
-- Capex at 0.6-0.7% of revenue 2022-2024; and
-- No further M&A activity.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that WebPros would be reorganised as
a GC in bankruptcy rather than liquidated.
Fitch estimates that the post-restructuring EBITDA would be about
USD85 million. Fitch would expect a default to come from a secular
decline or a drop in revenue and EBITDA following reputational
damage, an unlikely emergence of a disruptive technology or
intensified competition. The USD85 million GC EBITDA is 30% lower
than Fitch-defined 2021 EBITDA forecast of USD122 million.
An enterprise value (EV) multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The multiple is
higher than the median Telecom Media Technology EV multiple, but is
in line with that of other similar software companies that exhibit
strong pre-dividend FCF generation. Historical bankruptcy's exit
multiples for peer companies range from 2.6x to 10.8x, with a
median of 5.1x. However, software companies had higher multiples
(4.6x-10.8x). In the recent transaction, WebPros was valued at
about 16x pro-forma run-rate adjusted EBITDA. Fitch believes that
the high acquisition multiple also supports Fitch's recovery
multiple assumption.
10% of administrative claims taken off the EV to account for
bankruptcy and associated costs and the revolving credit facility
(RCF) of USD60 million, pari pasu with the USD501 million
first-lien term loan, is assumed to be fully drawn. This gives the
senior secured debt a recovery percentage of 82%, and a 'RR2'
instrument rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO gross leverage expected at below 4.5x on a sustained
basis;
-- FFO interest coverage sustainably above 4.0x; and
-- Continued strong market leadership and strong FCF generation.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage expected at above 6.0x on a sustained
basis;
-- FFO interest coverage sustainably below 2.0x; and
-- A weakening market position as evidenced by slowing revenue
growth and/or increasing customers churn.
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
Strong liquidity: Fitch expects liquidity to remain strong over the
next four years, supported by positive FCF generation, a prudent
approach to the amount of cash on the balance sheet and a USD60
million RCF. First- and second-lien loans are due in 2027 and 2028
years, respectively.
ISSUER PROFILE
WebPros is a global leader in web hosting automation, created
through the combination of Plesk (May 2017) and cPanel (Oct 2018).
The company offers a suite of tools that automate and simplify the
management and administration of web servers.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
=====================
N E T H E R L A N D S
=====================
ANODE ENERGY: Plans to File for Bankruptcy
------------------------------------------
Toby Sterling at Reuters reports that Dutch energy company Anode
Energy plans to file for bankruptcy, the company said on Dec. 1,
the third in the Netherlands this year to become insolvent due to
high energy prices.
According to Reuters, Director Eric van Teeffelen said that the
company, which supplies around 14,000 retail customers, had been
forced to make the decision after its energy supplier could no
longer meet its obligations.
"We were forced to purchase on the spot market -- hedged prices are
no longer available -- and the current prices are much higher, we
can't endure it," Reuters quotes Mr. van Teeffelen as saying.
===========
N O R W A Y
===========
SEADRILL LTD: New Board to Assume Leadership After Ch.11 Exit
-------------------------------------------------------------
Seadrill Limited or ("the Company") on Nov. 18 disclosed that a
new, independent, seven-member Board of Directors ("Board") will
assume leadership of the new parent company of the Seadrill group
upon emergence from Chapter 11. Seadrill received confirmation of
its Plan of Reorganization on October 26, 2021, and is targeting
emergence early in 2022.
The Board will be comprised of the following individuals, who
collectively bring extensive industry and leadership experience:
Julie Johnson Robertson, Chair of the Board
Ms. Robertson is one of the most respected leaders in the offshore
drilling business, and she also was one of the highest ranking
female chief executives in the energy sector. Her career at Noble
and its predecessor companies spanned more than 40 years and many
roles, including Executive Chairman, President, and CEO. She
currently sits on the Board of Directors for EOG Resources and
Superior Energy Services. She is a resident of Houston, Texas.
Mark McCollum, Chair of Audit Committee
Mr. McCollum has extensive global OFSE experience and is an NYSE
financial expert who has chaired three different public-company
Audit Committees. He is a 17-year veteran of the oil and gas
industry, having most recently served as President and CEO of
Weatherford International. He also held several roles of
prominence at Halliburton, including EVP and CFO. He currently sits
on the Board of Directors for Westlake Chemical Corporation. He is
a resident of Houston, Texas.
Karen Dyrskjot Boesen
Ms. Boesen brings more than 20 years' experience from finance and
commercial roles, and more recently general management roles,
within the Oil & Gas industry. She currently serves as the Group
Chief Financial Officer at Sonnedix Group. She has previously held
various CFO roles at TotalEnergies and A.P. Moller-Maersk. She is a
resident of London, England.
Jean Cahuzac
Mr. Cahuzac is a highly regarded senior executive in the offshore
energy service industry. Until recently the CEO of Subsea 7, he
brings over 41 years in the industry having previously worked for
Transocean and Schlumberger in operational and management roles. He
currently sits on the Audit Committee at Subsea 7 and is a member
of the Board at Bourbon Maritime. He is a resident of Paris,
France.
Jan Kjaervik
Mr Kjaervik is an accomplished financial executive who brings over
35 years of experience in financial roles across the banking,
energy and maritime sectors. He was most recently Head of Treasury
& Risk for A.P. Moller-Maersk and prior to that held similar role
at Aker Kvaerner/Solutions. He currently sits on the Board of
Directors for Hoegh Autoliners. Previous directorships includes
Maersk Supply Service, Maersk Insurance, Danish Ship Finance and
Britannia PI. He is a resident of Oslo, Norway.
Andrew Schultz
Mr. Schultz is an experienced turnaround investor and executive, as
well as a seasoned director with extensive experience in stressed
and distressed situations. As a lawyer and investor, his career
has spanned many industries. He is very familiar with both the
offshore drilling sector and the E&P sector, serving as Board Chair
for Pacific Drilling and a Director for Vanguard Natural Resources.
Currently a professional non-executive director advisor, he sits
on a total of seven Boards. He is a resident of New Canaan,
Connecticut.
Paul Smith
Mr. Smith is a highly analytical and energetic financial leader who
brings depth and expertise in capital allocation, capital
structure, capital markets, and restructurings with a global track
record across various industries, including mining & metals, oil &
gas, and steel. Currently, he is Founder and Principal of
Collingwood Capital Partners which manages public and private
investments focused on resources, energy transformation, and
technology sectors. He had a nine-year career with Glencore,
culminating as CFO for Katanga Mining. He currently sits on the
Board for Trident Royalties. He is a resident of Zug,
Switzerland.
Commenting on the new board, Seadrill Chief Executive Officer
Stuart Jackson said: "We look forward to welcoming this new Board
of Directors to help grow the Seadrill brand and execute on our
strategic priorities. The new Seadrill will start 2022 in a
position of strength and, together with our new Board, we will be
ready to focus on the reshaping of the industry."
About Seadrill Ltd.
Seadrill Limited (OSE: SDRL, OTCQX: SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.
On September 12, 2017, Seadrill Limited sought Chapter 11
protection after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.
Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.
In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.
Seadrill Partners LLC, a limited liability company formed by
deepwater drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
December 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.
On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection. Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.
Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).
Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.
In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May as co
corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk
LLC is the claims agent.
On April 9, 2021, the board of directors of Debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board. Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA
CapitalPartners, LLC as a financial advisor at the sole direction
of independent directors.
=============
R O M A N I A
=============
COS TARGOVISTE: Beltrame to Buy Business for EUR38.3 Million
------------------------------------------------------------
Andrei Chirileasa at Romania-Insider.com, citing Profit.ro, reports
that Italian group Beltrame won the tender and will buy for EUR38.3
million plus VAT the core assets of bankrupt Romanian steel plant
COS Targoviste, which operates an integrated rebar production
cycle.
The creditors, of which the biggest one is the Romanian state,
approved the deal, Romania-Insider.com relates. Another creditor,
Austrian company Linde, will receive some of the assets related to
its activity, Romania-Insider.com states.
COS Targoviste was owned by the Russian group Mechel who passed it
to the Cyprus-based offshore Mazur Investments Ltd., with over 86%
of the shares.
===========
T U R K E Y
===========
TURK HAVA: S&P Alters Outlook to Stable, Affirms 'B' ICR
--------------------------------------------------------
S&P Global Ratings revised its outlook on Turk Hava Yollari A.O.
(Turkish Airlines) to stable from negative and at the same time
affirmed the 'B' long-term issuer credit rating on Turkish Airlines
and the 'B(sf)' issue rating on the group's 2015-1 equipment trust
certificates.
The stable outlook reflects that the recovery in air passenger
traffic will partly compensate the anticipated cost increases and
reduced cargo revenue, resulting in lower EBITDA in 2022 compared
with the strong 2021 level, but allowing Turkish Airlines to
maintain its credit ratios commensurate with the current rating.
Recovery of air traffic should continue in 2022 if there are no
new, prolonged travel restrictions beyond those currently in place.
In Europe, air passenger traffic in 2021, as measured by revenue
passenger kilometers (RPK), will reach just about 35% of 2019
levels, constrained by the sluggish first half. In S&P's base case
for 2022, traffic in Europe will recover to 60%-75% of pre-pandemic
levels and traffic from Europe to North America will rebound to
50%-65% of the 2019 level, while traffic from Europe to Asia and
from North America to Asia will continue lagging other regions, at
20%-25% of pre-crisis levels.
Demand for Turkish Airlines' flights is outpacing the European
industry average in 2021. In the first nine months of 2021 Turkish
Airlines reported RPK of 51% of the pre-pandemic level versus 32%
across the European sector. Similar to other European airlines,
Turkish Airlines' demand accelerated in the summer season, boosted
by leisure travel and visits to family and friends (VFF), after
Turkey ended the lockdown in May and travelling
conditions--especially for vaccinated Europeans--became more
favorable. Additionally, summer demand was fueled by flights from
North America, with Turkey one of the few summer leisure
destinations in Europe to benefit from loosened U.S. travel
warnings in June. S&P said, "After RPK reached 70% of the 2019 base
in October, we expect the full-year demand to come in at about 55%
of the pre-pandemic level. In 2022, we expect demand to increase to
70%-80% of 2019 levels, largely thanks to both leisure and VFF
travel, as well as further reopening of long-haul destinations.
That said, we anticipate a delayed and sluggish recovery in
passenger traffic from Europe to Asia."
Turkish Airlines' strong EBITDA in 2021 is strongly supported by
the record-high cargo performance and tight cost controls. In the
first nine months of 2021 Turkish Airlines reported $7.4 billion in
revenue versus $9.9 billion in the same period of 2019, constrained
by the pandemic-related effects on air passenger traffic. That
said, the reported EBITDA margin for the period increased to about
28% from about 17% before, while the reported EBITDA in
January-September 2021 reached 87% of its 2019 full year level. The
losses in passenger revenue were more than offset by the buoyant
cargo business, while Turkish Airlines continued keeping its costs
significantly below pre-pandemic levels. At $2.7 billion, cargo
revenue more than doubled in January-September 2021 compared with
the same period in 2019, against the backdrop of strong volume
expansion and record-high unit revenue, driven by robust consumer
demand for tangible goods, still-scarce (but slowly increasing)
airline belly capacity, and continuous supply chain bottle necks in
maritime transportation and land-based logistics. S&P expects the
cargo business performance in the seasonally strongest fourth
quarter to support our forecast of the group's S&P Global
Ratings-adjusted EBITDA in 2021 of about $2.6 billion.
S&P said, "We expect positive free operating cash flow (FOCF) after
leases in 2021.In the first nine months of 2021 Turkish Airlines
reported $2.4 billion positive operating cash flow versus negative
$57 million in the same period of 2020. With manageable net capital
expenditure (capex) at $580 million in January–September 2021, we
expect positive FOCF in the current year. This will translate into
adjusted debt somewhat below the 2020 level versus our August
forecast of $16 billion–$17 billion and adjusted FFO to debt of
14%-15% versus 7%-9% previously.
"We do not expect Turkish Airlines' strong EBITDA this year to
persist into 2022.We expect the current extraordinarily high cargo
unit revenue will likely start moderating later in 2022 as the
pandemic-related effects on the global supply chain ease. Hence, in
2022 we anticipate lower cargo revenue, though still above the
pre-pandemic level, supported by a positive development in volumes
fueled by strong e-commerce. Moreover, we anticipate fuel and
non-fuel cost inflation (including planned personnel cost
increases). This should offset the gains from the anticipated
recovery of demand in air passenger traffic. We also factor in
uncertainties around the passenger yield trajectory from potential
competitive pressures as air traffic recovery progresses. That
said, we still expect Turkish Airlines to achieve EBITDA in 2022
close to the pre-pandemic level, helped by the lower, but still
strong, contribution from cargo operations.
"We view Turkish Airlines' credit metrics at the higher end of the
highly leveraged financial risk profile.In 2022, we expect Turkish
Airlines' gross capex to increase to about $3.3 billion, $1.1
billion above the level we forecast for 2021. If this is not fully
offset by the anticipated operating cash flow, it will increase
Turkish Airlines' adjusted debt close to its 2020 level. We expect
adjusted FFO to debt to fall to 10%-12% in 2022. With our ratio
guideline of at least 6%, Turkish Airlines will retain ample
flexibility under the current rating for unforeseen operational
setbacks."
S&P Global Ratings believes the new omicron variant is a stark
reminder that the COVID-19 pandemic is far from over. Although
already declared a variant of concern by the World Health
Organization, uncertainty still surrounds its transmissibility,
severity, and the effectiveness of existing vaccines against it.
Early evidence points toward faster transmissibility, which has led
many countries to close their borders with Southern Africa or
reimpose international travel restrictions. Over coming weeks, we
expect additional evidence and testing will show the extent of the
danger it poses to enable us to make a more informed assessment of
the risks to credit. S&P said, "Meanwhile, we expect the markets to
take a precautionary stance and governments to put into place
short-term containment measures. Nevertheless, we believe this
shows that, once again, more coordinated, and decisive efforts are
needed to vaccinate the world's population to prevent the emergence
of new, more dangerous variants."
S&P said, "The issuer credit rating does not benefit from uplift
owing to the airline's status as a government-related entity (GRE).
We consider Turkish Airlines is a GRE because it is 49.12% owned by
Turkey Wealth Fund, with one C Class share owned by Turkey's
Ministry of Treasury and Finance Privatization Administration. The
remaining 50.88% shares are publicly traded. In our view, Turkish
Airlines plays an important role for the Turkish economy and has a
strong link with the Turkish government. Therefore, we see the
likelihood of extraordinary government support for Turkish Airlines
in a distressed scenario as moderately high. However, this has no
bearing on our rating on Turkish Airlines, owing to the level of
the sovereign rating and the airline's stand-alone credit profile
(SACP).
"The stable outlook reflects that the recovery in air passenger
traffic will partly compensate the anticipated cost increases and
reduced cargo revenue, resulting in lower EBITDA in 2022 versus the
strong 2021 level, but still allowing Turkish Airlines to maintain
its credit ratios commensurate with the current rating, with
adjusted FFO to debt of at least 6%. Furthermore, we consider a
sustained solid liquidity position as a critical and stabilizing
rating factor.
"We could raise the rating if adjusted FFO to debt stays above 12%
once cargo revenue moderates, fueled by the stronger-than-expected
recovery in air passenger traffic translating into higher EBITDA
than we currently assume in our base case. An upgrade would hinge
also on our liquidity assessment remaining adequate, with the ratio
of liquidity sources to uses of at least 1.2x over the next 12
months.
"We could lower the rating if we expect credit ratios to
deteriorate materially, with adjusted FFO to debt falling below 6%
on a sustainable basis. This could occur if there is a major
resurgence of the pandemic, prompting a renewal of prolonged travel
restrictions and border closures, and depressing consumer
confidence. We could also lower the rating if Turkish Airlines
unexpectedly loses access to state-owned bank funding to roll over
short-term debt and fails to raise funds elsewhere, such that
liquidity sources were insufficient to cover uses in the upcoming
12 months."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
TURKEY: Fitch Affirms 'BB-' LT IDRs, Alters Outlook to Negative
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Turkey's Long-Term Issuer
Default Ratings (IDRs) to Negative from Stable and affirmed the
IDRs at 'BB-'.
EU CALENDAR DEVIATION DISCLOSURE
Under EU credit rating agency (CRA) regulation, the publication of
sovereign reviews is subject to restrictions and must take place
according to a published schedule, except where it is necessary for
CRAs to deviate from this in order to comply with their legal
obligations. Fitch interprets this provision as allowing us to
publish a rating review in situations where there is a material
change in the creditworthiness of the issuer that Fitch believes
makes it inappropriate for us to wait until the next scheduled
review date to update the rating or Outlook/Watch status. The next
expected review date would have been six months from Turkey's
previous review completed on 13 August 2021, but Fitch believes
that developments in the country warrant such a deviation from the
calendar and Fitch's rationale for this is set out in the first
part (High weight factors) of the Key Rating Drivers section
below.
KEY RATING DRIVERS
The revision of the Outlook on Turkey's IDRs reflects the following
key rating drivers and their relative weights:
HIGH
The central bank's premature monetary policy easing cycle and the
prospect of further rate cuts or additional economic stimulus ahead
of the 2023 presidential election have led to a deterioration in
domestic confidence, reflected in a sharp depreciation of the
Turkish lira, including unprecedented intra-day volatility, and
rising inflation. These developments create risks to macroeconomic
and financial stability and could potentially re-ignite external
financing pressures.
After the 2018 and 2020 crises, Turkey enters this new period of
stress from a vulnerable position, with a high degree of
uncertainty regarding the economic authorities' policy reaction
function, high external financing requirements, deteriorating
inflation dynamics and weakened external buffers.
The central bank lowered its main policy rate to 15% in November
(cutting by a total of 400bp since September) despite rising
inflation (19.9% yoy in October) and the tightening of external
financing conditions. As a result, real rates ex-post have fallen
deep into negative territory (-4.9%) from 2.75% in March, weakening
domestic confidence and increasing demand for FX. The central bank
has repeatedly changed its policy guidance in recent months from a
commitment to maintaining positive real rates to focusing on core
inflation dynamics, and more recently on narrowing the current
account deficit. Fitch considers that the recently announced
central bank intervention in the FX market, if sustained, will not
by itself address the main causes behind the depreciation pressures
and risks further undermining the already weak central bank
international reserves' composition.
The lira has depreciated by 46% against the US dollar since the
beginning of the year and 38% since September, including days of
large intra-day volatility. Negative real rates, the absence of
policy guidance, statements by government officials arguing for a
weaker lira as part of an economic development strategy and rising
inflation and inflation expectations will maintain pressure on the
currency.
Fitch forecasts inflation to reach 25% by end-2021 and remain one
of the highest among rated sovereigns, averaging 20% in 2022-2023.
A weaker lira, high international commodity prices and rising
inflation expectations create upside risks to Fitch's inflation
projections. According to the central bank's latest survey, median
12-month inflation expectations have increased by 350pp to 16%
since August and 540bp since the beginning of the year.
There is a high degree of uncertainty regarding the timing and type
of policy response due to the public statements of government
authorities, including the president, in favour of low rates and a
weaker lira, and the increased visibility of political interference
in the central bank decisions and management. Maintaining a deeply
negative real policy rate could further undermine domestic
confidence, increasing risks for financial stability, for example
if depositor confidence is shaken, and potentially jeopardise the
until now resilient access of banks and corporates to external
financing.
Moreover, the focus of the government on supporting faster
commercial credit growth, a key rationale behind the easing cycle
in Fitch's view, and the prospect of significant real wage
increases for 2022 could reverse the improvement in the current
account (forecast to halve to 2.5% of GDP in 2021) and increase
external financing pressures. External debt maturing over the next
12 months amounts to USD168 billion (end-September), with the
majority related to banks and corporates. Mitigating factors
include a record of continued access to external financing through
periods of stress and reduced private sector external leverage.
MEDIUM
The proximity of the 2023 electoral cycle will have an impact on
policy direction and expectations of economic actors, in Fitch's
view. The president has re-emphasised his opposition to high
interest rates despite the fall in the lira and his influence on
monetary policy has become more visible. Additional monetary easing
or economic stimulus may risk exacerbating macroeconomic
instability, which seems to have damaged government support in
2020, and creating risks to social stability and increased
political polarisation.
Fitch forecasts general government debt to increase significantly
to 47% of GDP in 2021, driven mostly by the lira depreciation, up
from Fitch's August forecast of 39% but still below the forecast
58% of GDP 'BB' median. The fiscal deficit is likely to outperform
peers and the government's 2021 revised fiscal target of 3.5% of
GDP, and Fitch forecasts that the deficit will remain below rating
peers in 2022-2023. Debt dynamics will remain vulnerable to
increased currency risks, as 60% of central government debt was
foreign currency linked or denominated in October 2021, up from 39%
in 2017. Government debt amortisations are manageable, averaging
2.5% of GDP in 2022-2023 and the sovereign has a record of access
to external bond markets despite repeated periods of stress in
recent years.
Although GDP growth is strong relative to peers, including 1.8% of
GDP in 2020 and Fitch's forecast of 10.5% in 2021, GDP per capita
in US dollar terms has deteriorated since 2013, falling by almost
USD4,000 to a forecast USD8,500 in 2021, due to the multi-year
weakening of the currency, putting additional downward pressure on
Turkey's credit profile. There is a is high degree of uncertainty
regarding Fitch's 3.5% growth projection for 2022. Stimulus from
the recent monetary policy easing and additional credit support
measures announced will be balanced by the reduced impact of
monetary policy on local financing costs, deterioration in consumer
and investor sentiment, and the negative impact of a weaker
exchange rate, including reduced consumer purchasing power.
Turkey's 'BB-' IDRs also reflect the following key rating
drivers:-
Turkey's ratings reflect weak monetary policy credibility, high
inflation, low external liquidity in the context of high financing
requirements and geopolitical risks. These credit weaknesses are
set against low government deficits and debt and a record of strong
growth performance and structural indicators, such as GDP per
capita and Human Development, relative to rating peers.
External financing pressures eased in 2021 due to a narrowing
current account deficit, moderately higher international reserves,
and banks and corporates' uninterrupted access to sufficient
external finance to roll-over large debt payments.
International reserves have recovered due to strong export
revenues, net external borrowing and the increase of the FX swap
with China and a new one with South Korea, as well as USD6.4
billion IMF SDR allocation. Fitch forecasts reserves to reach
USD119 billion at end-2021, but decline in 2022-2023 to USD111
billion, given continued current account deficits and financial
dollarisation, and the limited upside for portfolio inflows, in
Fitch's view.
Turkey's reserve buffers, at 4.8 months of current external
payments in 2021, are low compared with 6.6 months for the 'BB'
median, and relative to the country's large external financing
requirement, high deposit dollarisation and the risk of changing
investor sentiment. In addition, the underlying position of
international reserves remains weak. Net reserves (net of FX
claims, mainly from Turkish bank placements) reached USD25 billion
in mid-November (still considerably below the USD41.1 billion at
end-2019), and reserves net of FX swaps with local banks remain
negative.
The banking system has demonstrated resilience to financial market
stress, most recently in March, although risks to banks' Standalone
Credit Profiles remain significant. The relative stickiness of
deposits during periods of stress in recent years is a supportive
factor for the rating. In addition, the banking sector's available
foreign-currency liquidity is sufficient to meet its short-term
foreign currency debt, in particular when adjusting the latter for
more stable sources of funding such as intra-group facilities and
parent funding.
Nevertheless, the banking sector remains vulnerable to
exchange-rate volatility due to the impact on capitalisation, asset
quality, refinancing risk (given short-term foreign-currency
financing) and high deposit dollarisation (56% including precious
metals). The banking sector has increased its exposure to the
sovereign both through government debt holdings (71% of domestic
debt) and FX swaps with the central bank.
Geopolitical risks will remain elevated, but existing sanctions
have so far had a limited impact on the economy. In addition to the
tensions created by Turkey's purchase of Russian-made S-400
missiles, and US cooperation with Kurdish forces in Syria, the
relationship with the US has several potential flash points.
Similarly, relations with the EU remain complex, including issues
related to Cyprus, and operations in northern Syria, Libya and the
sale of arms to Ukraine could represent additional sources of
tension with Russia.
ESG - Governance: Turkey has an ESG Relevance Score (RS) of '5' for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the World Bank
Governance Indicators (WBGI) have in Fitch's proprietary Sovereign
Rating Model. Turkey has a medium WBGI ranking at 37, reflecting a
recent track record of peaceful political transitions, a moderate
level of rights for participation in the political process,
moderate but deteriorating institutional capacity due to increased
centralisation of power in the office of the president and weakened
checks and balances, uneven application of the rule of law and a
moderate level of corruption.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Macro: A policy response that fails to ease or exacerbates
macroeconomic and financial stability risks such as an
inflation-exchange rate depreciation spiral or weaker
depositor confidence.
-- External Finances: Re-intensification of balance of payments
pressures, including a sustained reduction in international
reserves, deterioration of the current account balance or
reduced access to external financing, for example due to
further loss of investor confidence in light of economic
policy measures
-- Structural features: A serious deterioration in the domestic
political or security situation or international relations
that severely affects the economy and external finances.
-- Public finances: A marked worsening in the government debt/to
GDP ratio or broader public sector balance sheet.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Macro: A credible and consistent policy response that
stabilises confidence and reduces macroeconomic and financial
stability risks, for example by reigning in inflationary
pressures.
-- External Finances: A reduction in external vulnerabilities,
for example evident in a sustained improvement in the current
account balance, stronger external liquidity position and
reduced dollarisation.
-- Structural: A reduction in geopolitical risks for example from
the conflict in Syria, and from US sanctions, which would
cause the removal of the -1 QO notch on Structural Features.
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Turkey a score equivalent to a
rating of 'BB+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.
Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:
-- Structural: -1 notch, to reflect the risk of developments in
geopolitics and foreign relations, including sanctions, that
could impact economic stability as well as downside risks in
the banking sector due to significant reliance on foreign
financing and high financial dollarisation.
-- External Finances: -1 notch, to reflect a very high gross
external financing requirement, low international liquidity
ratio, and risks of renewed balance of payments pressure in
the event of changes in investor sentiment.
-- Macro: Fitch has removed '-1 notch' for macro, as Fitch
considers that the lack of independence and weak policy
credibility leading to a track record of premature policy
easing and delayed policy response to macroeconomic and
balance of payments pressures are being reflected in a lower
model implied rating compared with Fitch's last review. A rise
in inflation relative to peers and sharp lira depreciation
have weakened credit metrics such as GDP per capita and size
of the economy, and negatively impacted the government debt
ratio.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Turkey has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Turkey has a
percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.
Turkey has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Turkey has a percentile rank
below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.
Turkey has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Turkey has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.
Turkey has an ESG Relevance Score of '4[+]' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Turkey, as for all sovereigns. As Turkey has
track record of 20+ years without a restructuring of public debt
and captured in Fitch's SRM variable, this has a positive impact on
the credit profile.
Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.
=============
U K R A I N E
=============
[*] UKRAINE: To Undertake Measures Against Owners of Failed Banks
-----------------------------------------------------------------
Interfax-Ukraine reports that Ukraine intends to prohibit former
owners of failed banks from participating in public procurement and
privatization until they take measures to pay off their debts to
the Deposit Guarantee Fund, according to a memorandum signed
between Ukraine and the International Monetary Fund (IMF).
"We will specifically enumerate measures that can be taken to end
the state's business-as-usual with former owners of failed banks
until the latter have taken actions to satisfy their debts to the
Deposit Guarantee Fund, for example, by prohibiting former bank
owners of resolved banks, their related parties, and entities
controlled by them, with legally ascertained debts to the Deposit
Guarantee Fund, from participating in public procurement and
privatization processes," Interfax-Ukraine quotes the document as
saying.
According to it, Ukraine is stepping up its efforts to boost asset
recovery from the former owners and related parties of failed banks
to reduce the cost of bank failures to Ukrainian taxpayers,
Interfax-Ukraine notes.
In addition, it undertakes to ensure the impossibility of
interfering with the work on the return of PrivatBank's assets,
Interfax-Ukraine states.
The new structural benchmark is to prepare a comprehensive asset
recovery strategy paper and action plan, which will be adopted and
published by the Cabinet of Ministers by end-February 2022,
Interfax-Ukraine discloses.
===========================
U N I T E D K I N G D O M
===========================
ACACIUM GROUP: S&P Affirms 'B' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
U.K.-based health care solutions and life sciences staffing
provider Acacium Group Ltd. and its 'B' issue rating and '3'
recovery rating on its senior secured term loan.
At the same time, S&P is assigning its 'B' issuer credit rating to
financing subsidiary ICS US Holdings Ltd. and our 'B' issue rating
and '3' recovery rating to the proposed $140 million senior secured
term loan, which is to be issued to fund the acquisition.
The stable outlook reflects S&P's expectation that, although
leverage is increasing, the group will maintain debt to EBITDA
below 6.5x over the next two years while generating positive free
operating cash flow.
U.K.-based health care solutions and life sciences staffing
provider Acacium is to undertake a significant acquisition of a
U.S.-based health care staffing provider. The acquisition
significantly increases Acacium's presence in the U.S. market,
providing it with a physical presence in a large number of states
with similar provision to the group's core U.K. business. The group
believes that the acquisition provides it with a foothold in the
U.S., where it can leverage technology capabilities to drive growth
and further diversify its geographic footprint. That said, the
acquiree is relatively small, with revenue from its core service
offering being around one-quarter that of Acacium. S&P therefore
would not consider it to be transformational for the group, which
will still generate close to 80% of its revenue in the U.K
post-acquisition.
S&P said, "The acquisition will increase leverage in the short term
in our view, but we expect credit metrics to remain commensurate
with the current rating level. The group intends to fund the
purchase through the issuance of a new $140 million senior secured
term loan, with the balance to be funded by a combination of
existing balance sheet cash and a combination of ordinary and
preferred equity. We anticipate that the acquisition is unlikely to
increase S&P Global Ratings-adjusted EBITDA by more than £5
million in 2022 (after deducting fees), resulting in a debt
multiple for the acquisition that is materially higher than our
previous forecast of adjusted debt-to-EBITDA of about 5x for the
Acacium group in 2022 prior to the announcement of the acquisition.
That said, we do expect that adjusted debt to EBITDA in 2022 will
be less than 6.5x, and is likely to fall further thereafter, absent
material acquisitions or shareholder distributions.
"Financial policy remains a key rating constraint. With the
acquisition increasing the group's adjusted debt-to-EBITDA above
6x, we expect the group's financial policy to limit upside
potential for the rating. The group's financial sponsor owners have
demonstrated an appetite to maintain adjusted debt-to-EBITDA above
5x to support acquisitive growth. We would likely require the group
to achieve and sustain adjusted debt-to-EBITDA of less than 5x
before raising the ratings.
"The stable outlook reflects our expectation that, although the
acquisition will increase leverage, the group's debt-to-EBITDA will
remain below 6.5x and it will continue to generate positive free
operating cash flow over the next 2 years."
S&P could take a negative action on the ratings if:
-- Adjusted debt to EBITDA rose above 7x on a sustained basis;
FOCF turned negative; or
-- FFO cash interest coverage decreased below 2x.
S&P could raise its ratings if adjusted leverage remains below 5x
on a sustained basis, with a firm commitment from the sponsor to
remain at that level, and if there were a longer track record of
deleveraging.
BULB: Had Total Net Liabilities of GBP325MM, Ofgem Documents Show
-----------------------------------------------------------------
Jane Croft, Sylvia Pfeifer and Kaye Wiggins at The Financial Times
report that Bulb, the collapsed energy supplier, could have been
rescued at a much lower cost to UK taxpayers than the GBP1.7
billion deal chosen by the government, newly unveiled court papers
show.
According to the FT, the documents filed on behalf of Britain's
energy regulator Ofgem reveal that allowing Bulb to be rescued by a
so-called supplier of last resort, through which households are
quickly transferred to another provider, would have cost GBP1.28
billion.
Bulb, Britain's seventh-biggest supplier with 1.6m customers, was
placed into "special administration" after admitting it could no
longer cope with the soaring wholesale gas and electricity prices
that have sparked the biggest crisis in the sector for 20 years
-- and will lead household energy bills to rise significantly, the
FT recounts.
Under the scheme, which has not been used before, the government
said it would put up GBP1.7 billion in working capital to allow
Bulb to continue trading while it is managed by the administrators,
the FT notes.
Ofgem claimed in its written arguments that it had opted against
the cheaper process because of uncertainty about whether another
provider would be able to manage the transfer of Bulb's 1.6m
customers and fears this could ultimately precipitate a much larger
energy supplier failure in the future, the FT discloses.
The Ofgem documents also show that Bulb had total net liabilities
of GBP325 million by the end of October and had anticipated a total
loss of GBP782 million between October and March 2022, the FT
relates. It forecast a total peak cash requirement of GBP893.8
million in April 2022, the FT states.
According to the FT, officials have insisted that the GBP1.7
billion set aside is a loan to be drawn down as and when needed,
and that if wholesale gas prices were to fall then the taxpayer
outlay would be lower.
Ofgem argued in its written statement that this route "would be
funded by government, which has the ability to control how and when
that funding is repaid and if and when it is passed on to other
energy market participants", the FT recounts.
The supplier of last resort mechanism has been used for the 24
other energy providers that have collapsed since the beginning of
August, the FT notes.
But the government said that "the special administration regime was
the only viable option for Bulb to ensure 1.7m customers received
continued supply. The government will seek to recoup costs at a
later date, ensuring that we get the best outcome for Bulb's
customers and the British taxpayer", the FT relates.
One government official, as cited by the FT, said the supplier of
last resort process "only works if there are companies willing to
take on customers. There were no companies willing to take on 1.7m
customers."
"The big six" suppliers "told Ofgem no . . . nothing got over the
line in the end," the official added.
Companies that rescue customers as a supplier of last resort
process can recoup their costs through an industry levy that is
funded by bills, according to the FT.
CANTERBURY FINANCE 4: Fitch Affirms BB+ Rating on 2 Tranches
------------------------------------------------------------
Fitch Ratings has upgraded Canterbury Finance No 4 PLC's (CF4)
class E notes and removed them from Rating Watch Positive (RWP).
Fitch has affirmed the other tranches.
DEBT RATING PRIOR
---- ------ -----
Canterbury Finance No. 4 PLC
A1 XS2347610995 LT AAAsf Affirmed AAAsf
A2 XS2347611704 LT AAAsf Affirmed AAAsf
B XS2347611969 LT AAsf Affirmed AAsf
C XS2347612009 LT Asf Affirmed Asf
D XS2347613155 LT BBB+sf Affirmed BBB+sf
E XS2347615010 LT BBB-sf Upgrade BB+sf
F XS2347615101 LT BB+sf Affirmed BB+sf
X XS2347615283 LT BB+sf Affirmed BB+sf
TRANSACTION SUMMARY
CF4 is a static securitisation of buy-to-let (BTL) mortgages
originated after 2017 by OneSavings Bank PLC (OSB), trading under
its Kent Reliance brand, in England and Wales. The loans are
serviced by OSB via is UK-based staff and offshore team. This
transaction is OSB's fourth securitisation of its Kent Reliance
originations.
KEY RATING DRIVERS
Class E Upgraded and Off RWP: Fitch placed the class E notes on RWP
on 27 July 2021 following the retirement of its coronavirus-related
additional stress scenario analysis (see 'Fitch Retires UK and
European RMBS Coronavirus Additional Stress Scenario Analysis,
except for UK Non-Conforming'). Fitch has now reviewed CF4 without
the additional stress assumptions, which resulted in an upgrade of
the class E notes.
Asset Performance within Expectations: The pool consists of UK BTL
mortgage loans advanced to borrowers with no adverse credit
history. The pool is performing in line with expectations, with
total arrears at about 0.8%, up from 0.1% at closing.
Loans selected for the Canterbury series have proven to outperform
OSB's wider book, which has contributed towards Fitch assigning an
originator adjustment of 1.1x, lower than the 1.2x adjustment it
applied to the initial analysis of previous Canterbury
transactions.
Adequate Credit and Liquidity Support: Credit enhancement for the
class A notes has increased to 18.3% from 17.75% at closing less
than one year ago. This is a result of the sequential note pay-down
and the general reserve fund established at closing at 1.5% of the
initial collateralised notes balance, which provides liquidity and
credit support to the class A1 to F notes.
Additionally, an amortising liquidity reserve will be set up at
1.5% of the outstanding balance of the class A1 to B notes if the
general reserve fund (GRF) falls below its target amount. The GRF
can amortise until the optional redemption date and is subject to
performance triggers.
The increased credit support and adequate liquidity protection
available to the notes contributed to the affirmations and the
upgrade.
Strong Excess Spread: The portfolio can generate substantial excess
spread as the assets generate significantly higher yields than the
notes' interest and transaction senior costs. Prior to the step-up
date the excess spread class X notes receive principal via
available excess spread in the revenue priority of payments. On and
after the step-up date the available excess spread is diverted to
the principal waterfall and can be used to amortise the notes.
Fitch caps excess spread notes' ratings, and therefore has affirmed
the class X notes at 'BB+sf'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The transaction's performance may be affected by changes in
market conditions and economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce credit
enhancement available to the notes.
-- In addition, unanticipated declines in recoveries could result
in lower net proceeds, which may make certain notes' ratings
susceptible to potential negative rating action depending on
the extent of the decline in recoveries. Fitch conducts
sensitivity analyses by stressing both a transaction's base
case foreclosure frequency (FF) and recovery rate (RR)
assumptions. For example, a 15% weighted average (WA) FF
increase and 15% WARR decrease would result in a model-implied
downgrade of the class A notes of up to one categry.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Stable to improved asset performance driven by stable
delinquencies and defaults would lead to increasing credit
enhancement levels and potential upgrades. Fitch tested an
additional rating sensitivity scenario by applying a decrease
in the WAFF of 15% and an increase in the WARR of 15%,
implying upgrades of up to one rating category.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Canterbury Finance No. 4 PLC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
ENERGEAN PLC: Fitch Assigns B+ Rating to USD450MM Sr. Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Energean Plc's (B+/Stable) new 6.5%
USD450 million senior secured notes due in 2027 a final senior
secured rating of 'B+' with a Recovery Rating of 'RR4'.
The notes are structurally subordinated to operating subsidiary
Energean Israel Limited's (EISL) USD2.5 billion bonds and will
likewise be structurally subordinated to the EUR100 million of
Greek operating subsidiary loans currently being put in place. The
notes rank pari passu with the USD50 million convertible notes
issued by Kerogen Capital. Proceeds from the notes are being used
to repay Energean's Egyptian and Greek reserve-based loan (RBL)
facilities.
Energean's 'B+' Long-Term Issuer Default Rating reflects the
company's strong gas-weighted growth prospects in Israel, supported
by long-term sales contracts providing a clear path to near-term
consolidated production of over 100 thousand barrels of oil
equivalent per day (kboe/d) by 2023 and over 200kboe/d by 2024
under Fitch's assumptions, some additional growth potential in
existing producing assets, reserve life of over 20 years on a 2P
basis, as well as forecast moderate leverage once Israeli assets
come online. A large share of contracted sales under long-term
take-or-pay agreements will provide more visibility to the
company's cash flows compared to other oil and gas producers.
These factors are partially offset by Energean's complex group
structure with large project finance debt at its 100% opco EISL,
exposure to potential completion delays related to the Karish North
and to a lesser extent Karish, high production costs at producing
assets and exposure to operations in Egypt.
KEY RATING DRIVERS
Growing Mediterranean-Focused Producer: Following the acquisition
of upstream assets from Edison E&P in December 2020, Energean has a
run-rate working interest production base of around 40-45kboe/d.
Current producing assets are primarily located in Egypt and Italy,
providing around 70% and 24% of volumes, respectively. Energean
operates the majority of its portfolio, and maintains a gas-to-oil
production ratio of over 70% from its producing assets.
Growth Prospects in Israel: Energean is the sole indirect owner and
operator of the offshore Karish, Karish North, and Tanin gas
developments in Israel. The Israeli assets are Energean's key
value-driver, contributing around 75% of current 2P reserves and
run-rate production of around 150kboe/d, bringing consolidated
production to around 200kboe/d by 2024 under Fitch's assumptions.
Those assets are low-cost, with favourable unit economics and a
primarily gas-weighted production mix that will benefit from
favourable natural gas demand in Israel as well as long-term,
primarily take-or-pay sale contracts.
Completion Risk Manageable at Karish: Despite around one year of
anticipated delays to Karish first gas due to Covid-19, Fitch views
completion risk as manageable, given the 91.6% YTD completion of
the project, with construction and delivery of the floating
production, storage, and offloading vessel being the key milestone.
Fitch believes pandemic-related restrictions are easing in key
jurisdictions and construction is progressing in line with the
currently contemplated first gas date of mid-2022. The project is
further supported by the experienced contractor, TechnipFMC, which
is mandated under a turnkey contract with payment requirements
subject to satisfaction of certain specific milestones such as
sailaway, first gas and completion.
Nonetheless, the risk of unexpected pandemic-related restriction
measures and/or operational issues remains, which could cause
further delays in development and completion activities.
Development Risk is Key: In addition to reaching first gas at
Karish, Energean will need to successfully develop and complete
Karish North and other expansion projects over the next three
years, and its key assets will need to establish production records
in line with expectations, to realise and maintain its expected
run-rate production potential of 200kboe/d. As such, Fitch expects
the company will have to meet planned development and completion
milestones over the medium term and build a record of production
from key assets before Fitch considers positive rating actions.
Consolidated Profile: Energean's latest notes are structurally
subordinated to debt located at operating companies, mainly
consisting of the USD2.5 billion project-finance notes at EISL
secured by its assets. However, Fitch analyses Energean on a
consolidated basis, due to cross-default provisions in its notes
documentation. Subordination issues, either due to characteristics
of the debt instruments or the location of the debt in the group
structure, are reflected in the Recovery Ratings of debt instrument
ratings.
Clear Path to Deleveraging: Fitch expects Energean's
Fitch-calculated funds from operations (FFO) net leverage, on a
consolidated basis including opco-level project-finance debt, to
peak in 2022 at 11.4x under Fitch's base-case commodity-price
assumptions and assessment of cash flows from the Israeli assets
based on the floor price. This is expected to decline rapidly to
3.5x in the following year, despite lower assumed commodity prices,
due to Karish contributing a full year of cash flow and Karish
North coming online. Fitch expects the leverage metric to normalise
to 1.5x-2.0x thereafter as Israeli assets ramp up production.
Favourable Israeli Market Dynamics: Israel is currently in the
midst of a government-mandated transition away from coal-fired
energy sources by 2025. Alongside continued population growth and
economic expansion, Fitch expects domestic natural gas demand to
increase over the medium term, enhancing the need for gas supplies
outside of the current incumbent Leviathan field.
Contracted Cash Flows: Energean has entered into 7.2 billion cubic
metres (bcm) per year of long-term contracts with a diversified
pool of customers for gas production volumes from its Israeli
assets, which provide floor pricing at around USD4/mmbtu, and on
average 75% of contracted volumes are covered by take-or-pay
clauses. The contracted nature of sales supports visibility of its
cash flows compared with other oil and gas producers'.
Termination Risk for Contracts: Contracts offer protection against
downside but completion delays for Karish could allow customers to
terminate certain contracts prematurely. As of now, around 0.8bcm
per year of contracted capacity attributable to a single customer
is facing potential early termination. However, contracts have so
far been covered by force-majeure protection related to Covid-19,
and floor prices are below levels set at competing fields, making
it less likely that customers would exercise termination options
even if they become legally permissible.
Low Re-Contracting Risk: Fitch expects Energean would be able to
replace customers in the event of a contract termination or other
unforeseen event, given robust market dynamics in Israel, access to
international markets, and the favourable cost position of the
Karish, Karish North and Tanin projects. However, customer
replacement may prove to be a lengthy process, which could expose
the company's cash flows to volatile natural gas prices at least on
a temporary basis.
High-Cost Producing Assets: Energean's existing producing assets
are high-cost and lower margin than peers', with cash costs in
excess of USD15/boe, which is high for a gas-weighted producer.
Although this will meaningfully improve in 2024 and thereafter as
greenfield projects in Egypt and Greece ramp up, Fitch expects the
company's asset value and cash flow generation will continue to be
concentrated in Israel over the long term.
DERIVATION SUMMARY
Fitch rates Energean one notch above Kosmos Energy Ltd. (B/Rating
Watch Positive), due to its higher reserve life, larger production
base including initial contributions from Karish, more stable cash
flows owing to long-term contracted sales volumes, and lower
forecast leverage. These factors are partially offset by
development and completion risk in Israel and the lack of
production record for Israeli assets.
Fitch rates Energean one notch above Seplat Petroleum Development
Company Plc (B/Stable), due to its larger size (including Karish),
and more favourable operating environment centred around Israel
(A+/Stable) and Egypt (B+/Stable) versus Seplat's focus on Nigeria
(B/Stable). Seplat benefits from lower leverage and is building the
Escravos pipeline, which will reduce its over-reliance on one
particular export route; however, it is exposed to delays in its
construction.
Fitch rates Energean two notches below Neptune Energy Group Midco
Limited (BB/Stable), as Neptune's larger production base has a more
robust record, is more diversified, and is not subject to
geopolitical risk. Neptune's liquidity is also more favourable,
with significant availability under its committed RBL. This is
offset by Neptune's higher decommissioning obligations, higher
leverage, and lower reserve life.
KEY ASSUMPTIONS
-- Oil and gas prices to 2025 in line with Fitch's base case
price deck;
-- Consolidated production volumes of 41kboe/d in 2021,
increasing to over 200kboe/d in 2024 and 2025;
-- Capex averaging around USD453 million per annum between 2021
and 2025;
-- Karish achieving first gas in mid-2022, and Karish North
coming online in 2023;
-- Israeli gas sold at contractual floor price of USD4/mmbtu
through 2025;
-- EISL debt maturities repaid from internal sources;
-- Dividend payments commencing in 2024.
Fitch's Key Assumptions for Recovery Analysis:
Our recovery analysis assumes that Energean would be reorganised as
a going-concern in bankruptcy rather than liquidated.
The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation (EV).
Energean's going-concern EBITDA reflects a material drop in
production volumes, due to a material delay and/or underperformance
at Karish/Karish North followed by moderate recovery in cash flow
generation, due to corrective actions including cost cutting. This
yields a going-concern EBITDA of USD695 million.
A 4.5x multiple is used to calculate a post-reorganisation EV,
reflecting Energean's healthy growth prospects, good quality of
Israeli assets that is offset by the average quality of producing
assets, and exposure to potential delays regarding the development
of the Israeli assets.
After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) in
the 'RR4' band, indicating a final 'B+' instrument rating. The WGRC
output percentage on current metrics and assumptions was 39%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Realising first gas from Karish by mid-2022, and ramping up
production in line with expectations;
-- Maintaining FFO net leverage below 2.5x on a sustained basis;
-- Continued prudent financial management at EISL, ensuring sound
distributable cash flow generation;
-- Continued progress with transferring 2P reserves to 1P
Reserves.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Material delays to the Karish project and/or substantial
underperformance in production expectations;
-- Significant gas sales contract terminations at EISL;
-- FFO net leverage rising above 3.5x on a sustained basis;
-- Negative post-dividend FCF on a sustained basis, due to capex
overruns, production delays or high dividend payments.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Good Near-term Liquidity: Energean has good near-term liquidity,
owing to the lack of material maturities through 2024, USD880
million of cash and cash equivalents at end-2Q21, and a primarily
operated asset base, which allows for significant flexibility
around capex. However, Energean has not yet finalised its financial
policy. While dividends will be contractually restricted until
Karish reaches first gas, Fitch does not have visibility around the
timing and extent of pay-outs thereafter. Fitch forecasts the
company to become free cash flow-positive in 2023 and assumes
commencement of dividend payments from 2024.
ISSUER PROFILE
Energean is an international independent gas-focused oil & gas
company focused on the exploration, development and production of
gas and oil assets in the Mediterranean. It is listed on the London
Stock Exchange as well as the Tel Aviv Stock Exchange.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===============
X X X X X X X X
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[*] BOND PRICING: For the Week November 29 to December 3, 2021
--------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Banca Monte dei Paschi 5.375 1/18/2028 EUR 78.140
Aggregate Holdings SA 6.875 11/09/2025 EUR 62.500
Casino Guichard Perrac 3.992 EUR 67.644
Casino Guichard Perrac 1.257 EUR 38.929
Mitsubishi UFJ Investo 3.951 12/15/2050 EUR 51.496
Moby SpA 7.750 2/15/2023 EUR 59.956
Rallye SA 4.000 2/28/2030 EUR 23.118
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 10.084
Andrade Gutierrez Inte 9.500 12/30/2024 USD 51.500
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 9.950
Rallye SA 4.371 1/23/2023 EUR 23.520
Voltalia SA 1.000 1/13/2025 EUR 30.804
Maisons du Monde SA 0.125 12/06/2023 EUR 47.852
Korian SA 1.875 EUR 43.792
Korian SA 0.875 03/06/2027 EUR 58.007
Mallinckrodt Internati 5.750 08/01/2022 USD 54.000
BAT International Fina 2.250 09/09/2052 GBP 74.654
Aggregate Holdings SA 5.500 5/17/2024 EUR 62.513
Mallinckrodt Internati 5.625 10/15/2023 USD 54.750
Intelsat Jackson Holdi 5.500 08/01/2023 USD 51.000
EYEMAXX Real Estate AG 5.500 7/22/2025 EUR 7.928
Neoen SA 2.000 06/02/2025 EUR 53.803
Metro Bank PLC 5.500 6/26/2028 GBP 75.111
Air France-KLM 0.125 3/25/2026 EUR 16.150
PREOS Global Office Re 7.500 12/09/2024 EUR 73.000
Accor SA 0.700 12/07/2027 EUR 53.143
Mallinckrodt Internati 5.500 4/15/2025 USD 54.875
Mallinckrodt Internati 4.750 4/15/2023 USD 35.625
Hylea Group SA 7.250 12/01/2022 EUR 13.100
Fuerstenberg Capital I 5.625 EUR 48.509
Lehman Brothers UK Cap 5.125 EUR 7.781
Hellenic Bank PCL 10.000 EUR 60.675
Rallye SA 5.250 02/01/2022 EUR 19.817
Neoen SA 1.875 10/07/2024 EUR 43.688
Intu Debenture PLC 5.562 12/31/2027 GBP 39.709
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.740
Offshore Drilling Hold 8.375 9/20/2020 USD 8.000
Paragon GmbH & Co KGaA 4.500 07/05/2022 EUR 71.334
Intelsat Jackson Holdi 8.500 10/15/2024 USD 53.000
Nexity SA 0.875 4/19/2028 EUR 57.193
Quadient SA 3.375 EUR 58.525
Rallye SA 3.250 02/08/2024 CHF 20.500
Wirecard AG 0.500 09/11/2024 EUR 12.000
Pierre Et Vacances SA 2.000 04/01/2023 EUR 28.431
PB International BV 7.625 1/26/2022 USD 42.571
O1 Properties Finance 0.500 9/27/2028 USD 12.000
Debenhams PLC 5.250 7/15/2021 GBP 0.501
FIGEAC-AERO 1.125 10/18/2022 EUR 21.970
Paragon GmbH & Co KGaA 4.000 4/23/2023 CHF 60.600
Tresu Investment Holdi 5.000 9/29/2022 EUR 28.250
Intelsat Jackson Holdi 9.750 7/15/2025 USD 50.500
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 24.292
HOCHDORF Holding AG 2.500 CHF 59.455
Union Fenosa Preferent 1.107 EUR 71.292
Bourbon Corp 8.305 EUR 0.124
Rallye SA 4.000 11/23/2020 CHF 20.585
Privatbank CJSC Via UK 10.250 1/23/2018 USD 10.000
FF Group Finance Luxem 3.250 11/02/2021 CHF 7.758
Rickmers Holding AG 8.875 06/11/2018 EUR 0.591
Intelsat SA 4.500 6/15/2025 USD 15.000
Intelsat Luxembourg SA 8.125 06/01/2023 USD 0.750
Nexity SA 0.250 03/02/2025 EUR 66.711
Andrade Gutierrez Inte 11.000 8/20/2021 USD 56.204
Air Berlin PLC 8.250 4/19/2018 EUR 0.773
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.985
Lehman Brothers UK Cap 3.875 EUR 9.842
Turkey Government Bond 10.500 08/11/2027 TRY 72.100
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 17.401
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.089
Immigon Portfolioabbau 5.801 EUR 12.350
Rallye SA 3.400 1/31/2022 EUR 22.585
Eterna Mode Holding Gm 7.750 06/03/2024 EUR 94.862
Intelsat Connect Finan 9.500 2/15/2023 USD 25.000
Koninklijke Luchtvaart 0.750 CHF 22.750
Turkey Government Bond 8.000 03/12/2025 TRY 75.050
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 26.137
Stichting Afwikkeling 6.250 10/26/2020 EUR 5.375
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.844
Air Berlin PLC 6.750 05/09/2019 EUR 0.573
Banco Espirito Santo S 7.125 11/28/2023 EUR 0.514
Claranova SADIR 5.000 07/01/2023 EUR 1.100
Jain International Tra 7.125 02/01/2022 USD 22.617
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 0.100
Yuksel Insaat AS 9.500 11/10/2015 USD 0.379
Intelsat Luxembourg SA 7.750 06/01/2021 USD 1.000
Autonomous Community o 2.965 09/08/2039 JPY 69.004
EA Partners I BV 6.875 9/28/2020 USD 0.741
Offshore Drilling Hold 8.375 9/20/2020 USD 8.000
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
Norddeutsche Landesban 7.490 EUR 63.876
Scandinavian Airlines 0.625 CHF 20.495
Ziton A/S 7.900 10/03/2022 EUR 70.000
Dexia SA 1.227 EUR 2.773
Galapagos Holding SA 7.000 6/15/2022 EUR 0.010
EA Partners II BV 6.750 06/01/2021 USD 1.281
Stichting Afwikkeling 11.250 EUR 0.416
Avangardco Investments 10.000 10/29/2018 USD 0.656
Mitsubishi UFJ Investo 3.699 12/30/2099 EUR 5.000
Dexia Credit Local SA 1.180 EUR 3.239
Yell Bondco PLC 8.500 05/02/2023 GBP 70.224
DOF Subsea AS 9.500 3/14/2022 USD 29.000
Genfit 3.500 10/16/2025 EUR 17.904
Travelex Financing PLC 8.000 5/15/2022 EUR 1.427
Fuerstenberg Capital E 1.020 EUR 47.990
Virgolino de Oliveira 11.750 02/09/2022 USD 1.003
Havila Shipping ASA 5.050 01/02/2025 NOK 21.419
KTG Agrar SE 7.125 06/06/2017 EUR 2.098
Stichting Afwikkeling 6.625 5/14/2018 EUR 5.375
Joh Friedrich Behrens 7.750 11/11/2020 EUR 50.590
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.965
Orient Express Bank PJ 2.000 USD 31.160
Hema Bondco II BV 8.500 1/15/2023 EUR 0.112
Hellenic Republic Gove 2.085 7/25/2057 EUR 46.991
UkrLandFarming PLC 10.875 3/26/2018 USD 2.150
FF Group Finance Luxem 1.750 07/03/2019 EUR 5.442
DOF Subsea AS 8.410 11/27/2023 NOK 28.001
Air Berlin PLC 5.625 05/09/2019 CHF 0.631
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.248
KPNQwest NV 10.000 3/15/2012 EUR 0.453
OGX Austria GmbH 8.500 06/01/2018 USD 0.003
International Industri 9.000 07/06/2011 EUR 0.051
Cirio Holding Luxembou 6.250 2/16/2004 EUR 0.723
REM Saltire Holding AS 7.000 12/31/2024 NOK 52.443
Espirito Santo Financi 6.875 10/21/2019 EUR 0.244
Alno AG 8.500 5/14/2018 EUR 15.323
EFG International AG 0.551 EUR 82.770
Espirito Santo Financi 9.750 12/19/2025 EUR 0.061
Privatbank CJSC Via UK 11.000 02/09/2021 USD 1.523
Norwegian Air Shuttle 5.000 02/07/2023 SEK 44.813
Virgolino de Oliveira 10.500 1/28/2018 USD 0.766
Mallinckrodt Internati 5.500 4/15/2025 USD 48.500
Lehman Brothers UK Cap 6.900 USD 3.986
Senivita Social Estate 4.000 05/12/2025 EUR 7.160
Agrokor dd 9.875 05/01/2019 EUR 15.000
Lehman Brothers UK Cap 5.750 EUR 7.000
Joh Friedrich Behrens 6.250 6/18/2024 EUR 49.500
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Praktiker AG 5.875 02/10/2016 EUR 0.069
Deutsche Bank AG/Londo 1.067 3/15/2033 USD 69.732
EOS Imaging SA 6.000 5/31/2023 EUR 6.959
Allied Irish Banks PLC 12.500 6/25/2035 GBP 60.921
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Lloyds Bank PLC 0.352 4/26/2033 USD 74.722
Privatbank CJSC Via UK 10.875 2/28/2018 USD 7.223
Bilt Paper BV 10.360 USD 1.193
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Banca Popolare di Vice 2.821 12/20/2017 EUR 0.100
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Rallye SA 1.000 10/02/2020 EUR 20.502
International Industri 11.000 2/19/2013 USD 0.051
UniCredit Bank AG 0.107 11/19/2029 EUR 68.716
Banca Popolare di Vice 9.500 9/29/2025 EUR 0.049
Bank Otkritie Financia 10.000 4/26/2019 USD 9.563
Deutsche Bank AG/Londo 4.200 6/30/2034 USD 74.821
New World Resources NV 4.000 10/07/2020 EUR 0.231
New World Resources NV 8.000 04/07/2020 EUR 0.506
Russian Federal Bond - 0.250 7/20/2044 RUB 20.000
Nexity SA 0.125 01/01/2023 EUR 63.715
Alpha Services and Hol 3.250 EUR 68.131
Andrade Gutierrez Inte 11.000 8/20/2021 USD 56.204
German Pellets GmbH 7.250 11/27/2019 EUR 1.393
Civitas Properties Fin 4.000 11/24/2022 EUR 65.000
Banco Espirito Santo S 6.875 7/15/2016 EUR 24.250
Commerzbank AG 0.077 11/19/2029 EUR 64.916
ESFIL-Espirito Santo F 5.250 06/12/2015 EUR 0.111
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Norske Skogindustrier 7.000 12/30/2026 EUR 0.596
Ghelamco Invest 4.500 5/23/2022 EUR 40.010
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Pentracor GmbH 8.500 5/29/2025 EUR 61.000
SAS AB 4.377 SEK 25.754
LBI ehf 6.100 8/25/2011 USD 9.375
Portugal Telecom Inter 6.250 7/26/2016 EUR 0.271
BNG Bank NV 10.010 6/17/2025 TRY 73.200
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Alpine Holding GmbH 5.250 07/01/2015 EUR 3.084
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 1.838
Verimatrix SA 6.000 6/29/2022 EUR 3.836
Banco Espirito Santo S 2.083 EUR 0.128
Saleza AS 9.000 07/12/2021 EUR 0.203
Cirio Finance Luxembou 7.500 11/03/2002 EUR 1.769
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Island Offshore Shipho 3.030 6/30/2022 NOK 4.765
Fuerstenberg Capital D 1.609 EUR 55.000
Societe Centrale des B 2.500 5/15/2023 EUR 6.880
Hamon & CIE SA 3.300 1/31/2035 EUR 45.974
Vneshprombank Ltd Via 9.000 11/14/2016 USD 0.078
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 27.448
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.614
Virgolino de Oliveira 11.750 02/09/2022 USD 1.003
Virgolino de Oliveira 10.500 1/28/2018 USD 0.750
WD Invest Sarl 1.900 10/02/2024 EUR 11.177
Veneto Banca SpA 9.878 12/01/2025 EUR 0.571
Depfa Funding II LP 6.500 EUR 60.782
Mallinckrodt Internati 5.750 08/01/2022 USD 46.125
Cooperatieve Rabobank 0.500 10/30/2043 MXN 15.932
Espirito Santo Financi 3.125 12/02/2018 EUR 0.459
UBS AG/London 13.250 05/04/2022 USD 57.150
Sberbank of Russia PJS 8.500 11/14/2031 RUB 60.190
Kommunekredit 0.500 7/30/2027 TRY 32.851
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Mallinckrodt Internati 5.625 10/15/2023 USD 53.375
Deutsche Bank AG 0.756 6/28/2033 USD 78.500
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Corporate Commercial B 8.250 08/08/2014 USD 0.308
Cooperatieve Rabobank 0.500 7/30/2043 MXN 16.247
Agrokor dd 8.875 02/01/2020 USD 15.000
Banco Espirito Santo S 6.900 6/28/2024 EUR 24.301
Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568
Bank Nadra Via NDR Fin 8.250 7/31/2018 USD 0.208
Alpine Holding GmbH 6.000 5/22/2017 EUR 3.084
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Stichting Afwikkeling 2.203 EUR 0.416
JP Morgan Structured P 12.000 01/04/2027 ZMW 65.093
Activa Resources AG 0.500 11/15/2021 EUR 0.300
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
JP Morgan Structured P 13.000 12/22/2027 ZMW 68.291
Del Monte Finance Luxe 6.625 5/24/2006 EUR 4.558
Turkey Government Bond 11.700 11/13/2030 TRY 70.700
CRC Breeze Finance SA 6.110 05/08/2026 EUR 30.236
Deutsche Bank AG/Londo 4.120 3/27/2035 USD 74.667
SiC Processing GmbH 7.125 03/01/2016 EUR 2.406
Moby SpA 7.750 2/15/2023 EUR 59.956
Turkey Government Bond 1.500 10/09/2024 TRY 525.000
Aralco Finance SA 10.125 05/07/2020 USD 0.934
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Credit Agricole Corpor 10.500 2/16/2027 TRY 69.695
KTG Agrar SE 7.250 10/15/2019 EUR 2.098
Depfa Funding III LP 0.235 EUR 57.279
Banco Espirito Santo S 2.263 EUR 0.236
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.077
Norwegian Air Shuttle 6.375 11/15/2024 USD 48.206
German Pellets GmbH 7.250 04/01/2016 EUR 1.393
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.336
Ahtium PLC 9.750 04/04/2017 EUR 0.726
WPE International Coop 10.375 9/30/2020 USD 5.000
Intelsat Jackson Holdi 8.500 10/15/2024 USD 52.740
Intelsat Jackson Holdi 9.750 7/15/2025 USD 51.534
Deutsche Bank AG 0.687 10/11/2049 EUR 70.647
Intelsat Connect Finan 9.500 2/15/2023 USD 24.116
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.194
O1 Properties Finance 8.250 9/27/2021 USD 11.329
Intelsat Jackson Holdi 9.750 7/15/2025 USD 51.534
Agrokor dd 9.125 02/01/2020 EUR 15.000
Deutsche Agrar Holding 7.250 9/28/2018 EUR 0.704
Peine GmbH 2.000 07/05/2023 EUR 44.500
Rena GmbH 7.000 12/15/2015 EUR 2.096
DZ Bank AG Deutsche Ze 0.487 03/11/2031 EUR 69.475
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Steilmann SE 7.000 9/23/2018 EUR 1.429
Finmek International S 7.000 12/03/2004 EUR 2.193
Solon SE 1.375 12/06/2012 EUR 0.745
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
OGX Austria GmbH 8.500 06/01/2018 USD 0.003
Agrokor dd 9.875 05/01/2019 EUR 15.000
CBo Territoria 3.750 07/01/2024 EUR 4.730
Kardan NV 6.325 2/21/2021 ILS 11.020
Deutsche Bank AG/Londo 4.872 12/23/2035 USD 72.437
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Natixis SA 0.300 6/25/2048 USD 53.035
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Instabank ASA 7.530 NOK 38.457
SG Issuer SA 2.700 11/28/2034 ZAR 45.912
BOA Offshore AS 0.409 7/17/2047 NOK 7.283
Golden Gate AG 6.500 10/11/2014 EUR 37.600
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
Cooperatieve Rabobank 0.500 1/31/2033 MXN 38.777
Raiffeisen Schweiz Gen 11.000 6/29/2022 CHF 71.600
Lehman Brothers Treasu 5.220 03/01/2024 EUR 0.100
Erotik-Abwicklungsgese 7.750 07/09/2019 EUR 0.779
Steilmann SE 6.750 6/27/2017 EUR 2.184
JP Morgan Structured P 12.000 8/28/2026 ZMW 70.513
Mox Telecom AG 7.250 11/02/2017 EUR 2.247
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Cooperatieve Rabobank 0.500 10/29/2027 MXN 62.421
Barclays Bank PLC 0.500 10/01/2031 TRY 17.773
Agrokor dd Via Aquariu 4.921 08/08/2017 EUR 14.625
Havila Shipping ASA 4.300 01/02/2025 NOK 51.605
Banco Espirito Santo S 10.000 12/06/2021 EUR 0.514
Veneto Banca SpA 6.944 5/15/2025 EUR 0.571
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Caixa Economica Montep 5.000 EUR 50.020
Alno AG 8.000 3/21/2019 EUR 16.000
Credit Suisse AG/Londo 20.000 11/29/2024 USD 14.280
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.162
Yell Bondco PLC 8.500 05/02/2023 GBP 70.224
Finance and Credit Ban 9.250 1/25/2019 USD 0.181
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
Bank2 ASA 5.690 NOK 57.739
Instabank ASA 9.500 NOK 49.916
BRAbank ASA/NO 7.510 NOK 53.882
Credit Suisse AG/Londo 11.600 12/08/2021 EUR 9.470
Golfino AG 8.000 11/18/2023 EUR 0.020
Instabank ASA 5.530 3/28/2028 NOK 63.695
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Getin Noble Bank SA 6.870 4/29/2024 PLN 49.863
UkrLandFarming PLC 10.875 3/26/2018 USD 2.150
Banco Santander SA 1.857 EUR 1.685
Veneto Banca SpA 6.411 EUR 0.345
Getin Noble Bank SA 5.310 04/04/2024 PLN 57.984
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.336
MOL Hungarian Oil & Ga 1.900 04/12/2031 HUF 73.300
German Pellets GmbH 7.250 07/09/2018 EUR 1.393
Instabank ASA 8.290 02/04/2030 NOK 68.017
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.089
UBS AG/London 21.250 2/18/2022 USD 63.900
EFG International Fina 9.700 9/26/2022 CHF 8.930
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.002
Portugal Telecom Inter 5.242 11/06/2017 EUR 0.694
Veneto Banca SpA 6.950 2/25/2025 EUR 0.571
MS Deutschland Beteili 6.875 12/18/2017 EUR 0.602
SALVATOR Vermoegensver 9.500 12/31/2021 EUR 8.600
Agrokor dd 8.875 02/01/2020 USD 15.000
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Getin Noble Bank SA 5.250 12/21/2023 PLN 56.875
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
WEB Windenergie AG 6.250 EUR 0.010
Credit Suisse AG/Londo 6.250 10/31/2025 USD 11.360
Cooperatieve Rabobank 0.500 11/30/2027 MXN 61.558
AKB Peresvet ZAO 0.510 2/14/2032 RUB 13.010
Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
SFO Akkord Finans 10.000 02/12/2024 RUB 67.060
Santander Consumer Ban 5.530 NOK 46.493
Bibby Offshore Service 7.500 6/15/2021 GBP 11.625
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Rena GmbH 8.250 07/11/2018 EUR 2.096
Credit Suisse AG 0.500 12/16/2025 BRL 60.025
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 28.938
Deutsche Bank AG/Londo 13.750 6/20/2026 TRY 74.167
Getin Noble Bank SA 4.250 8/30/2024 PLN 69.176
SAir Group 0.125 07/07/2005 CHF 12.625
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 27.515
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
SALVATOR Vermoegensver 9.500 EUR 10.100
New World Resources NV 8.000 04/07/2020 EUR 0.506
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Barclays Bank PLC 5.000 11/01/2029 BRL 59.972
COFIDUR SA 0.100 12/31/2024 EUR 24.050
Cooperatieve Rabobank 0.500 8/21/2028 MXN 57.051
Credit Agricole Corpor 9.450 03/08/2027 TRY 66.034
Kreditanstalt fuer Wie 0.250 10/06/2036 CAD 51.345
Credit Suisse AG/Londo 8.100 8/23/2022 CHF 67.000
Raiffeisen Schweiz Gen 10.000 12/31/2024 CHF 69.780
Pescanova SA 5.125 4/20/2017 EUR 0.319
Rio Forte Investments 4.000 7/22/2014 EUR 5.001
KPNQwest NV 8.125 06/01/2009 USD 0.453
Pervyi Konteinernyi Te 0.010 02/06/2026 RUB 67.540
Getin Noble Bank SA 5.250 1/31/2024 PLN 67.875
HSBC Bank PLC 0.500 12/22/2025 BRL 59.604
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 0.200
HSBC Bank PLC 0.500 11/25/2025 BRL 60.151
Ukraine Government Bon 6.000 1/22/2031 UAH 62.548
Gebr Sanders GmbH & Co 8.750 10/22/2018 EUR 9.375
UBS AG/London 9.500 2/28/2022 CHF 62.750
Credito Padano Banca d 3.100 EUR 33.682
Steilmann SE 7.000 03/09/2017 EUR 1.429
DekaBank Deutsche Giro 3.300 04/08/2022 EUR 48.290
SAir Group 5.125 03/01/2003 CHF 12.750
Getin Noble Bank SA 5.250 11/30/2023 PLN 62.875
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Pescanova SA 8.750 2/17/2019 EUR 0.319
Espirito Santo Financi 5.050 11/15/2025 EUR 0.330
TransKomplektHolding O 9.500 11/02/2028 RUB 70.000
Credit Suisse AG/Londo 4.500 3/21/2022 USD 9.780
Alteo Nyrt 2.450 10/08/2031 HUF 72.500
Dr Wiesent Sozial gGmb 7.000 EUR 0.010
Stichting Afwikkeling 8.450 8/20/2018 USD 5.375
Agrokor dd 9.125 02/01/2020 EUR 15.000
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Getin Noble Bank SA 5.250 8/31/2023 PLN 64.875
UniCredit Bank AG 6.600 7/20/2028 EUR 39.040
Leonteq Securities AG 28.840 11/16/2021 CHF 62.480
Leonteq Securities AG 29.220 11/26/2021 CHF 58.060
Bank Julius Baer & Co 7.200 1/26/2022 CHF 66.100
Espirito Santo Financi 5.050 11/15/2025 EUR 0.547
Credit Suisse AG/Londo 5.000 4/19/2022 USD 9.994
Mifa Mitteldeutsche Fa 7.500 08/12/2018 EUR 2.100
HPI AG 3.500 EUR 3.011
Cooperatieve Rabobank 0.500 12/29/2027 MXN 61.101
Getin Noble Bank SA 4.250 7/26/2024 PLN 57.575
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.844
Alpine Holding GmbH 5.250 06/10/2016 EUR 3.084
SAir Group 4.250 02/02/2007 CHF 12.625
Getin Noble Bank SA 5.250 7/28/2023 PLN 67.875
Banca Popolare di Vice 9.500 10/02/2025 EUR 0.049
Decipher Production Lt 12.500 9/27/2019 USD 1.500
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.985
Sequa Petroleum NV 5.000 4/29/2020 USD 30.500
Getin Noble Bank SA 4.750 5/31/2024 PLN 63.870
Bank Julius Baer & Co 11.700 4/26/2022 CHF 43.250
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 70.074
Hema Bondco II BV 8.500 1/15/2023 EUR 0.112
International Bank of 8.250 10/09/2024 USD 60.375
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Heta Asset Resolution 0.212 12/31/2023 EUR 1.558
Ukraine Government Bon 8.220 05/10/2035 UAH 69.493
Ukraine Government Bon 8.120 11/10/2035 UAH 68.442
Ukraine Government Bon 6.000 12/11/2030 UAH 62.797
Lehman Brothers Treasu 6.650 8/24/2011 AUD 0.100
Credit Suisse AG/Londo 6.500 3/28/2022 USD 4.330
Barclays Bank PLC 4.000 7/19/2022 USD 9.897
Vontobel Financial Pro 9.000 12/24/2021 EUR 70.250
Gold-Zack AG 7.000 12/14/2005 EUR 1.100
Skandinaviska Enskilda 6.400 1/15/2025 SEK 74.350
Nizhniy Novgorod Regio 6.100 5/27/2026 RUB 94.050
Credit Agricole Corpor 10.320 7/22/2026 TRY 71.480
Luminis SA 1.800 09/02/2059 EUR 68.681
Nordea Bank Abp 4.100 7/20/2023 SEK 51.500
DZ Bank AG Deutsche Ze 19.400 3/25/2022 EUR 53.830
UBS AG/London 13.500 4/14/2022 CHF 58.100
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 70.090
Rio Forte Investments 4.750 11/10/2015 EUR 5.000
SG Issuer SA 3.300 9/26/2034 ZAR 50.662
Espirito Santo Financi 5.125 5/30/2016 EUR 0.528
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Santander Consumer Ban 5.530 NOK 46.493
Landesbank Baden-Wuert 5.400 2/25/2022 EUR 70.320
DekaBank Deutsche Giro 2.800 05/02/2022 EUR 52.810
Credit Suisse AG/Londo 15.000 6/27/2022 USD 68.620
Credito Padano Banca d 3.100 EUR 33.922
Credit Agricole Corpor 10.800 3/24/2026 TRY 71.422
BNP Paribas SA 1.000 1/23/2040 MXN 24.250
Purple Protected Asset 2.100 4/15/2060 EUR 69.136
Teksid Aluminum Luxemb 12.375 7/15/2011 EUR 0.122
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 18.179
Barclays Bank PLC 0.500 1/28/2033 MXN 40.570
Nizhniy Novgorod Regio 6.750 6/14/2025 RUB 98.930
SAir Group 2.125 11/04/2004 CHF 12.625
Purple Protected Asset 2.085 10/27/2060 EUR 76.185
Lehman Brothers Treasu 1.000 10/05/2035 EUR 0.100
Otkritie Holding JSC 10.000 4/20/2028 RUB 6.440
Leonteq Securities AG/ 22.620 12/23/2021 CHF 37.120
Landesbank Baden-Wuert 5.650 5/27/2022 EUR 53.120
BNP Paribas Emissions- 5.000 3/24/2022 EUR 75.010
Muehl Product & Servic 6.750 03/10/2005 DEM 0.102
SAir Group 6.250 10/27/2002 CHF 12.625
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
International Finance 0.500 6/29/2027 ZAR 64.429
City of Novosibirsk Ru 7.300 10/08/2026 RUB 99.800
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Astana Finance BV 7.875 06/08/2010 EUR 16.000
DekaBank Deutsche Giro 4.250 05/03/2022 EUR 71.560
UniCredit Bank AG 4.350 11/21/2021 EUR 50.110
Credit Suisse AG/Londo 4.250 12/28/2022 USD 9.970
Societe Generale SA 20.000 02/02/2023 USD 67.000
Societe Generale SA 21.000 12/23/2022 USD 71.640
Leonteq Securities AG/ 2.750 9/15/2022 CHF 22.140
Aranynektar Termekgyar 3.500 04/03/2030 HUF 72.661
State of Saxony-Anhalt 0.109 07/03/2028 EUR 60.000
Lehman Brothers Treasu 6.250 09/05/2011 EUR 0.100
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
HSBC Bank PLC 0.500 6/23/2027 MXN 63.902
Espirito Santo Financi 0.338 10/27/2024 EUR 0.297
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.327
Region of Saratov Russ 8.100 11/20/2024 RUB 73.080
Deutsche Bank AG/Londo 0.500 04/05/2038 MXN 26.136
Cerruti Finance SA 6.500 7/26/2004 EUR 2.058
Promsvyazbank PJSC 2.500 9/29/2029 RUB 63.420
AKB Peresvet ZAO 0.510 08/04/2034 RUB 31.320
Northland Resources AB 4.000 10/15/2020 USD 0.271
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.965
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
LBI ehf 7.431 USD 0.001
Getin Noble Bank SA 5.870 6/28/2024 PLN 57.675
SG Issuer SA 7.500 1/20/2025 SEK 68.650
UBS AG/London 15.000 06/03/2022 USD 64.400
Landesbank Baden-Wuert 3.250 2/24/2023 EUR 65.690
Landesbank Baden-Wuert 5.250 11/26/2021 EUR 70.700
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Region of Stavropol Ru 6.200 12/14/2027 RUB 65.340
AKB Peresvet ZAO 13.000 10/07/2017 RUB 32.625
Lehman Brothers Treasu 2.000 3/16/2035 EUR 0.100
Norske Skogindustrier 7.000 12/30/2026 EUR 0.596
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Northland Resources AB 15.000 7/15/2019 USD 2.621
Santander Consumer Ban 5.530 NOK 46.493
Privatbank CJSC Via UK 10.875 2/28/2018 USD 7.223
Bank Otkritie Financia 0.010 9/24/2025 RUB 67.060
Bank Otkritie Financia 0.010 7/16/2025 RUB 70.430
BNP Paribas Issuance B 4.490 06/10/2025 BRL 74.716
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 40.327
Windreich GmbH 6.750 03/01/2015 EUR 4.475
EFG International Fina 12.750 1/31/2022 USD 61.690
UBS AG/London 13.500 07/07/2022 CHF 64.250
UBS AG/London 14.500 10/17/2022 USD 66.300
Raiffeisen Schweiz Gen 3.000 9/21/2029 CHF 69.640
Araratbank OJSC 5.500 9/19/2023 USD 25.578
Bayerische Landesbank 1.550 2/23/2024 EUR 75.670
Bayerische Landesbank 3.500 1/26/2024 EUR 70.990
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Lehman Brothers Treasu 6.300 12/21/2018 USD 0.100
Mostotrest PJSC 0.010 7/29/2026 RUB 61.520
Lehman Brothers Treasu 23.300 9/16/2008 USD 0.100
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
Lehman Brothers Treasu 7.750 01/03/2012 AUD 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
DANY COLL LLC 0.100 7/19/2022 RUB 1.300
SAir Group 6.250 04/12/2005 CHF 12.625
Ukraine Government Bon 6.000 8/28/2030 UAH 63.414
Credit Agricole Corpor 5.220 11/28/2025 BRL 74.490
Leonteq Securities AG/ 4.000 08/10/2022 CHF 60.000
Leonteq Securities AG 5.400 7/25/2022 CHF 57.830
Societe Generale SA 9.000 7/22/2022 USD 57.300
UBS AG/London 11.250 07/01/2022 CHF 68.350
Credit Suisse AG/Londo 9.250 12/28/2021 CHF 61.760
Raiffeisen Centrobank 10.000 3/24/2023 EUR 1.000
BrokerCreditService St 8.000 1/30/2024 USD 64.660
Danske Bank A/S 10.300 07/09/2023 SEK 11.500
UBS AG/London 13.250 4/29/2022 CHF 66.750
DZ Bank AG Deutsche Ze 22.700 6/24/2022 EUR 76.370
Leonteq Securities AG 23.030 4/22/2022 CHF 73.740
WEB Windenergie AG 6.500 EUR 0.010
City of Predeal Romani 2.985 5/15/2026 RON 69.000
Landesbank Baden-Wuert 5.750 11/26/2021 EUR 72.280
Bank Julius Baer & Co 15.000 11/12/2021 USD 55.550
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Lehman Brothers Treasu 3.600 3/19/2018 JPY 0.100
Rio Forte Investments 3.900 07/10/2014 USD 5.000
Northland Resources AB 15.000 7/15/2019 USD 2.621
SAir Group 2.750 7/30/2004 CHF 12.625
Minicentrales Dos SA 0.010 06/06/2047 EUR 66.811
Barclays Bank PLC 2.000 05/07/2036 MXN 33.601
Lehman Brothers Treasu 8.000 12/27/2032 JPY 0.100
Bilt Paper BV 10.360 USD 1.193
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Heta Asset Resolution 4.350 12/31/2023 EUR 1.558
LBI ehf 6.100 8/25/2011 USD 9.375
Ukraine Government Bon 6.000 1/28/2032 UAH 60.549
Ukraine Government Bon 8.750 2/16/2033 UAH 75.606
Ukraine Government Bon 6.000 09/10/2031 UAH 61.281
Lehman Brothers Treasu 0.143 11/02/2035 EUR 0.100
Ukraine Government Bon 6.000 9/13/2028 UAH 68.261
Lehman Brothers Treasu 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasu 5.000 05/02/2022 EUR 0.100
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Purple Protected Asset 1.480 11/30/2060 EUR 69.978
Societe Generale SA 6.000 06/06/2022 USD 2.340
Credit Suisse AG/Londo 8.250 05/05/2022 USD 69.780
Societe Generale SA 6.000 05/09/2022 USD 13.030
SG Issuer SA 0.800 10/28/2030 EUR 20.150
Luzerner Kantonalbank 25.000 03/09/2022 CHF 51.480
Leonteq Securities AG 4.000 12/18/2026 CHF 72.660
UBS AG/London 12.000 12/13/2021 CHF 65.950
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
DeloPorts LLC 0.010 11/14/2025 RUB 70.020
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
BNP Paribas Issuance B 5.000 11/05/2024 EUR 26.780
Lehman Brothers Treasu 7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 15.000 06/04/2009 CHF 0.100
City of Novosibirsk Ru 7.850 11/27/2027 RUB 73.670
New World Resources NV 4.000 10/07/2020 EUR 0.231
MTS-Bank PAO 9.500 10/28/2029 RUB 51.370
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Credit Agricole Corpor 10.200 08/06/2026 TRY 71.035
Getin Noble Bank SA 5.250 5/31/2023 PLN 69.875
Astana Finance BV 9.000 11/16/2011 USD 15.250
Lehman Brothers Treasu 7.500 10/24/2008 USD 0.100
MIK OAO 15.000 2/19/2020 RUB 13.875
Raiffeisen Switzerland 4.000 8/30/2022 CHF 45.180
Vontobel Financial Pro 9.400 5/13/2022 EUR 51.850
Credit Suisse AG/Londo 11.750 11/15/2021 USD 70.900
Lehman Brothers Treasu 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasu 8.000 12/31/2010 USD 0.100
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Irish Bank Resolution 4.000 4/23/2018 EUR 33.250
Turkey Government Bond 11.000 2/24/2027 TRY 75.100
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasu 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasu 2.875 3/14/2013 CHF 0.100
Lehman Brothers Treasu 4.050 9/16/2008 EUR 0.100
Ukraine Government Bon 6.000 10/11/2028 UAH 68.059
OOO SPV Structural Inv 0.010 09/01/2023 RUB 66.740
Ukraine Government Bon 6.000 9/18/2030 UAH 63.293
Leonteq Securities AG 7.000 03/09/2022 CHF 71.630
DekaBank Deutsche Giro 4.250 4/14/2022 EUR 38.870
UniCredit Bank AG 3.250 3/29/2022 EUR 26.400
Vontobel Financial Pro 6.700 03/07/2022 EUR 56.570
UniCredit Bank AG 3.750 3/26/2022 EUR 56.520
Landesbank Baden-Wuert 2.300 7/22/2022 EUR 60.240
Araratbank OJSC 5.250 09/11/2022 USD 25.438
Leonteq Securities AG 5.600 5/16/2022 CHF 58.420
Landesbank Baden-Wuert 2.750 11/26/2021 EUR 59.570
UniCredit Bank AG 3.500 8/24/2022 EUR 68.240
UniCredit Bank AG 4.200 8/24/2022 EUR 74.000
Bayerische Landesbank 2.300 11/26/2021 EUR 58.240
Raiffeisen Schweiz Gen 7.200 03/02/2022 CHF 68.880
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 54.250
Societe Generale Effek 5.600 09/04/2023 EUR 42.400
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
UniCredit Bank AG 3.700 6/25/2022 EUR 61.630
UniCredit Bank AG 4.250 6/28/2022 EUR 46.460
UniCredit Bank AG 3.800 6/28/2022 EUR 55.880
Leonteq Securities AG/ 3.750 2/20/2023 CHF 56.130
UniCredit Bank AG 3.350 6/14/2022 EUR 51.330
UniCredit Bank AG 3.700 06/04/2022 EUR 66.240
SG Issuer SA 9.180 1/20/2025 SEK 73.240
Landesbank Baden-Wuert 3.800 1/28/2022 EUR 45.820
DekaBank Deutsche Giro 3.100 12/03/2021 EUR 45.060
Landesbank Baden-Wuert 3.400 11/25/2022 EUR 57.880
SG Issuer SA 0.263 2/20/2025 EUR 19.600
EFG International Fina 7.000 2/28/2022 CHF 69.250
Landesbank Baden-Wuert 5.000 2/25/2022 EUR 74.230
Landesbank Baden-Wuert 1.200 2/25/2022 EUR 72.740
Landesbank Baden-Wuert 3.700 2/25/2022 EUR 62.970
Landesbank Baden-Wuert 4.000 3/25/2022 EUR 73.630
Landesbank Baden-Wuert 4.800 3/25/2022 EUR 70.350
Landesbank Baden-Wuert 3.250 12/23/2022 EUR 62.820
Bayerische Landesbank 2.500 12/03/2021 EUR 57.720
Landesbank Baden-Wuert 6.400 2/25/2022 EUR 69.610
Landesbank Baden-Wuert 3.900 2/25/2022 EUR 79.460
Landesbank Baden-Wuert 4.900 2/25/2022 EUR 70.000
Landesbank Baden-Wuert 2.600 2/25/2022 EUR 66.590
Societe Generale Effek 3.000 7/22/2022 USD 5.500
Raiffeisen Switzerland 10.500 07/11/2024 USD 19.330
Societe Generale SA 8.600 7/29/2022 USD 61.400
Erste Group Bank AG 5.550 8/30/2022 EUR 46.950
UniCredit Bank AG 3.200 09/10/2022 EUR 50.330
SecurAsset SA 5.250 6/30/2022 EUR 44.450
UniCredit Bank AG 9.000 12/27/2021 EUR 73.300
Landesbank Baden-Wuert 4.700 3/25/2022 EUR 42.070
Landesbank Baden-Wuert 3.300 3/25/2022 EUR 53.560
UniCredit Bank AG 7.000 3/29/2022 EUR 59.010
UniCredit Bank AG 5.450 3/15/2022 EUR 45.740
EFG International Fina 10.500 02/07/2022 EUR 65.730
Societe Generale SA 1.580 9/16/2024 USD 3.180
UniCredit Bank AG 3.500 10/08/2022 EUR 45.940
DekaBank Deutsche Giro 3.900 4/25/2022 EUR 39.690
UniCredit Bank AG 3.750 4/19/2022 EUR 69.790
UniCredit Bank AG 8.000 12/24/2021 EUR 80.660
UniCredit Bank AG 5.800 12/24/2021 EUR 66.070
UniCredit Bank AG 10.200 12/24/2021 EUR 49.170
UniCredit Bank AG 8.500 12/24/2021 EUR 54.610
UniCredit Bank AG 5.600 12/24/2021 EUR 57.970
UniCredit Bank AG 12.300 12/24/2021 EUR 58.680
UniCredit Bank AG 7.700 12/24/2021 EUR 57.860
UniCredit Bank AG 6.800 12/24/2021 EUR 61.550
UniCredit Bank AG 8.600 12/24/2021 EUR 70.870
UniCredit Bank AG 9.400 12/24/2021 EUR 63.240
UniCredit Bank AG 7.100 12/24/2021 EUR 76.710
UniCredit Bank AG 8.100 12/24/2021 EUR 59.110
UniCredit Bank AG 6.600 12/24/2021 EUR 63.650
UniCredit Bank AG 6.400 12/24/2021 EUR 54.260
UniCredit Bank AG 13.700 12/24/2021 EUR 63.920
UniCredit Bank AG 10.500 12/24/2021 EUR 65.140
UniCredit Bank AG 12.200 12/24/2021 EUR 72.040
UniCredit Bank AG 7.300 12/24/2021 EUR 51.030
UniCredit Bank AG 6.900 12/24/2021 EUR 62.370
UniCredit Bank AG 6.000 12/24/2021 EUR 65.790
UniCredit Bank AG 5.500 8/14/2023 EUR 82.880
UniCredit Bank AG 7.700 12/24/2021 EUR 77.970
UniCredit Bank AG 9.500 12/24/2021 EUR 68.950
UniCredit Bank AG 11.400 12/24/2021 EUR 61.730
UniCredit Bank AG 7.900 12/24/2021 EUR 73.650
UniCredit Bank AG 8.600 12/24/2021 EUR 73.200
UniCredit Bank AG 8.100 12/24/2021 EUR 48.180
UniCredit Bank AG 10.300 12/24/2021 EUR 72.070
UniCredit Bank AG 13.000 12/24/2021 EUR 67.730
UniCredit Bank AG 4.600 9/14/2022 EUR 73.530
Landesbank Baden-Wuert 4.000 12/27/2021 EUR 48.500
UniCredit Bank AG 5.150 01/02/2023 EUR 59.630
Leonteq Securities AG/ 4.000 03/08/2022 EUR 53.250
Landesbank Baden-Wuert 3.400 1/27/2023 EUR 62.340
SG Issuer SA 5.000 5/23/2024 EUR 59.310
SG Issuer SA 5.000 04/02/2024 EUR 58.430
SG Issuer SA 8.700 1/20/2025 SEK 71.910
Credit Suisse AG/Londo 12.450 12/08/2021 USD 15.810
Bank Julius Baer & Co 12.500 12/10/2021 USD 60.350
Vontobel Financial Pro 13.250 12/24/2021 EUR 62.153
Leonteq Securities AG 13.000 03/11/2022 CHF 67.710
Societe Generale Effek 8.000 12/16/2021 EUR 42.210
Landesbank Baden-Wuert 3.950 12/27/2021 EUR 58.020
Landesbank Baden-Wuert 6.900 12/27/2021 EUR 51.220
EFG International Fina 6.200 12/18/2023 USD 56.890
UBS AG/London 11.750 6/16/2022 CHF 71.650
Credit Suisse AG/Londo 12.500 12/16/2021 USD 60.840
EFG International Fina 6.200 08/05/2022 EUR 61.130
SG Issuer SA 11.170 7/20/2025 SEK 62.420
UniCredit Bank AG 3.650 7/23/2022 EUR 62.330
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 58.500
Bayerische Landesbank 2.000 2/18/2022 EUR 61.780
UniCredit Bank AG 4.200 12/08/2021 EUR 33.000
Societe Generale Effek 7.550 8/23/2024 EUR 76.800
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 59.750
UniCredit Bank AG 5.800 12/24/2021 EUR 74.480
UniCredit Bank AG 8.000 12/24/2021 EUR 65.040
UniCredit Bank AG 10.200 12/24/2021 EUR 57.790
UniCredit Bank AG 8.300 12/24/2021 EUR 72.720
UniCredit Bank AG 9.600 12/24/2021 EUR 67.640
Finca Uco Cjsc 6.000 2/25/2022 USD 25.556
Landesbank Baden-Wuert 2.300 6/24/2022 EUR 54.440
UniCredit Bank AG 4.500 1/18/2022 EUR 46.560
Goldman Sachs & Co Wer 10.000 12/22/2021 EUR 72.140
Goldman Sachs & Co Wer 14.000 12/22/2021 EUR 63.760
Landesbank Baden-Wuert 2.800 12/23/2022 EUR 72.130
UniCredit Bank AG 3.500 2/13/2023 EUR 41.990
Danske Bank A/S 5.300 7/15/2023 SEK 43.660
Landesbank Baden-Wuert 2.300 2/25/2022 EUR 60.330
Landesbank Baden-Wuert 2.650 1/27/2023 EUR 70.890
DZ Bank AG Deutsche Ze 15.000 12/24/2021 EUR 45.990
BNP Paribas Emissions- 13.000 12/23/2021 EUR 45.500
BNP Paribas Emissions- 15.000 12/23/2021 EUR 43.070
BNP Paribas Emissions- 17.000 12/23/2021 EUR 41.700
BNP Paribas Emissions- 7.500 12/23/2021 EUR 52.640
BNP Paribas Emissions- 7.000 12/23/2021 EUR 51.310
BNP Paribas Emissions- 8.000 12/23/2021 EUR 51.420
BNP Paribas Emissions- 9.000 12/23/2021 EUR 51.540
Credit Suisse AG/Londo 10.750 12/08/2021 USD 60.320
Credit Suisse AG/Londo 10.500 12/28/2021 USD 61.790
DZ Bank AG Deutsche Ze 17.100 12/24/2021 EUR 72.560
EFG International Fina 7.000 12/29/2022 USD 49.600
UBS AG/London 12.000 1/17/2022 CHF 70.450
DZ Bank AG Deutsche Ze 13.100 12/24/2021 EUR 48.400
Credit Suisse AG/Londo 2.500 12/21/2021 EUR 61.840
BNP Paribas Emissions- 11.000 12/23/2021 EUR 47.240
BNP Paribas Emissions- 12.000 12/23/2021 EUR 46.350
BNP Paribas Emissions- 11.000 12/23/2021 EUR 45.270
BNP Paribas Emissions- 16.000 12/23/2021 EUR 42.370
BNP Paribas Emissions- 6.500 12/23/2021 EUR 52.520
BNP Paribas Emissions- 8.500 12/23/2021 EUR 52.750
BNP Paribas Emissions- 7.500 12/23/2021 EUR 50.150
BNP Paribas Emissions- 8.500 12/23/2021 EUR 50.270
BNP Paribas Emissions- 9.500 12/23/2021 EUR 50.380
BNP Paribas Emissions- 9.500 12/23/2021 EUR 47.070
Goldman Sachs & Co Wer 10.000 3/23/2022 EUR 75.150
Goldman Sachs & Co Wer 13.000 6/22/2022 EUR 68.780
UBS AG/London 10.000 1/18/2022 USD 62.700
Raiffeisen Schweiz Gen 5.000 12/29/2021 CHF 62.450
UniCredit Bank AG 4.300 7/26/2022 EUR 74.630
UniCredit Bank AG 4.200 7/26/2022 EUR 31.160
UniCredit Bank AG 4.450 7/23/2022 EUR 66.990
UniCredit Bank AG 4.150 7/26/2022 EUR 49.990
Bayerische Landesbank 2.000 1/28/2022 EUR 62.920
EFG International Fina 7.000 2/21/2022 CHF 65.500
Landesbank Baden-Wuert 2.550 12/27/2021 EUR 53.440
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 51.020
UniCredit Bank AG 4.250 11/21/2021 EUR 33.960
Landesbank Baden-Wuert 2.550 11/26/2021 EUR 64.000
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 57.880
DekaBank Deutsche Giro 2.500 10/24/2023 EUR 64.220
UniCredit Bank AG 3.600 10/05/2022 EUR 71.180
UniCredit Bank AG 3.850 10/05/2023 EUR 71.840
AKB Metallurgical Inve 6.500 09/04/2023 RUB 89.020
Landesbank Baden-Wuert 2.800 4/25/2022 EUR 60.830
Erste Group Bank AG 4.350 2/28/2022 EUR 42.800
UniCredit Bank AG 4.200 11/21/2021 EUR 51.580
Landesbank Baden-Wuert 2.500 1/28/2022 EUR 57.890
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 61.630
Landesbank Baden-Wuert 3.400 2/24/2023 EUR 64.960
SG Issuer SA 7.600 1/20/2025 SEK 70.190
Societe Generale SA 4.500 12/29/2022 USD 6.250
UniCredit Bank AG 4.200 9/21/2022 EUR 47.490
UniCredit Bank AG 9.100 12/24/2021 EUR 61.180
UniCredit Bank AG 6.900 12/24/2021 EUR 69.440
UniCredit Bank AG 8.900 12/24/2021 EUR 70.090
UniCredit Bank AG 3.750 9/14/2022 EUR 70.630
UniCredit Bank AG 4.800 12/24/2021 EUR 80.280
Goldman Sachs & Co Wer 14.000 3/23/2022 EUR 67.880
Bank Julius Baer & Co 8.500 2/18/2022 EUR 63.550
DZ Bank AG Deutsche Ze 3.650 12/24/2021 EUR 49.250
Bank Julius Baer & Co 21.450 1/28/2022 EUR 75.200
Bank Vontobel AG 10.508 8/19/2022 CHF 68.690
Bank Vontobel AG 10.507 8/19/2022 CHF 68.690
Vontobel Financial Pro 23.000 3/25/2022 EUR 81.830
Vontobel Financial Pro 21.500 3/25/2022 EUR 83.920
Societe Generale Effek 26.500 11/26/2021 EUR 76.620
Corner Banca SA 13.000 1/19/2022 CHF 51.300
Leonteq Securities AG/ 15.000 1/19/2022 USD 66.960
Zurcher Kantonalbank F 7.000 7/25/2022 CHF 73.550
Credit Suisse AG/Londo 12.000 4/15/2022 USD 71.280
Credit Suisse AG/Londo 11.000 4/19/2022 CHF 71.280
Zurcher Kantonalbank F 11.000 1/27/2022 USD 65.180
Zurcher Kantonalbank F 10.200 1/27/2022 CHF 69.900
SG Issuer SA 1.400 12/28/2032 EUR 29.510
SG Issuer SA 2.100 01/06/2033 EUR 30.320
SG Issuer SA 1.500 12/30/2032 EUR 49.410
SG Issuer SA 0.021 6/14/2033 EUR 27.840
Bank Julius Baer & Co 14.500 1/13/2023 USD 74.300
Zurcher Kantonalbank F 15.000 7/20/2022 CHF 73.750
Vontobel Financial Pro 12.500 9/23/2022 EUR 72.050
Vontobel Financial Pro 13.500 6/24/2022 EUR 70.890
Vontobel Financial Pro 19.000 3/25/2022 EUR 74.705
Leonteq Securities AG/ 21.050 05/04/2022 CHF 63.390
Zurcher Kantonalbank F 11.000 6/24/2022 CHF 71.480
Vontobel Financial Pro 11.750 3/25/2022 EUR 39.691
Bank Julius Baer & Co 12.650 4/26/2022 USD 43.500
Vontobel Financial Pro 12.500 6/24/2022 EUR 71.050
Landesbank Baden-Wuert 3.300 1/27/2023 EUR 66.240
Landesbank Baden-Wuert 7.200 1/27/2023 EUR 60.910
Vontobel Financial Pro 14.000 4/26/2022 CHF 53.439
Landesbank Baden-Wuert 5.150 1/27/2023 EUR 63.330
DZ Bank AG Deutsche Ze 10.500 4/22/2022 EUR 61.820
Vontobel Financial Pro 6.400 2/28/2022 EUR 48.900
DZ Bank AG Deutsche Ze 4.000 12/24/2021 EUR 51.080
Vontobel Financial Pro 17.000 3/25/2022 EUR 70.220
Vontobel Financial Pro 19.500 3/25/2022 EUR 67.830
Vontobel Financial Pro 22.550 3/29/2022 EUR 69.940
Leonteq Securities AG/ 7.000 11/07/2022 CHF 71.210
Leonteq Securities AG/ 20.760 6/17/2022 CHF 58.810
Vontobel Financial Pro 15.000 6/24/2022 EUR 74.540
Vontobel Financial Pro 17.500 6/24/2022 EUR 72.510
Vontobel Financial Pro 20.000 3/25/2022 EUR 42.343
Bank Julius Baer & Co 11.800 4/26/2022 EUR 43.300
Vontobel Financial Pro 15.500 6/24/2022 EUR 68.590
SG Issuer SA 2.100 5/16/2033 EUR 29.880
Leonteq Securities AG 10.000 7/20/2022 CHF 50.550
Raiffeisen Schweiz Gen 10.000 6/29/2022 CHF 72.760
Vontobel Financial Pro 13.500 6/24/2022 EUR 73.210
Vontobel Financial Pro 12.900 4/26/2022 EUR 41.605
Leonteq Securities AG 24.530 4/22/2022 CHF 75.760
Leonteq Securities AG/ 16.000 06/01/2022 USD 54.070
Luzerner Kantonalbank 7.500 6/15/2022 CHF 65.820
Vontobel Financial Pro 24.380 12/08/2021 USD 36.042
Credit Suisse AG/Londo 6.100 09/08/2022 USD 9.800
DekaBank Deutsche Giro 4.000 07/07/2022 EUR 57.260
Vontobel Financial Pro 18.650 06/09/2022 EUR 50.280
Bank Vontobel AG 6.504 12/05/2022 CHF 67.800
Bank Vontobel AG 6.504 12/05/2022 CHF 68.000
Landesbank Baden-Wuert 5.000 6/24/2022 EUR 70.450
Landesbank Baden-Wuert 4.000 5/27/2022 EUR 43.500
Landesbank Baden-Wuert 3.300 5/27/2022 EUR 54.730
Bayerische Landesbank 3.700 7/15/2022 EUR 77.350
Landesbank Baden-Wuert 2.850 12/27/2021 EUR 81.140
UniCredit Bank AG 5.550 7/19/2022 EUR 72.970
Vontobel Financial Pro 8.700 04/04/2022 CHF 67.557
Leonteq Securities AG/ 21.520 07/01/2022 CHF 58.260
Leonteq Securities AG/ 25.460 07/01/2022 CHF 62.990
Leonteq Securities AG/ 12.000 6/28/2022 CHF 57.580
Vontobel Financial Pro 15.500 6/24/2022 EUR 74.860
Vontobel Financial Pro 13.000 6/24/2022 EUR 69.130
Vontobel Financial Pro 16.000 6/24/2022 EUR 66.910
Vontobel Financial Pro 10.500 6/24/2022 EUR 72.150
BNP Paribas Emissions- 11.000 6/23/2022 EUR 65.080
BNP Paribas Emissions- 14.000 3/24/2022 EUR 62.450
BNP Paribas Emissions- 8.000 6/23/2022 EUR 70.040
BNP Paribas Emissions- 14.000 12/23/2021 EUR 59.200
BNP Paribas Emissions- 19.000 12/23/2021 EUR 53.970
BNP Paribas Emissions- 13.000 6/23/2022 EUR 63.340
BNP Paribas Emissions- 8.000 3/24/2022 EUR 69.050
BNP Paribas Emissions- 10.000 3/24/2022 EUR 65.110
BNP Paribas Emissions- 8.500 6/23/2022 EUR 68.530
BNP Paribas Emissions- 9.000 6/23/2022 EUR 66.260
BNP Paribas Emissions- 8.000 12/23/2021 EUR 67.810
BNP Paribas Emissions- 10.000 12/23/2021 EUR 68.040
BNP Paribas Emissions- 15.000 12/23/2021 EUR 57.750
BNP Paribas Emissions- 22.000 12/23/2021 EUR 53.050
Leonteq Securities AG/ 12.000 06/08/2022 CHF 42.770
Zurcher Kantonalbank F 6.500 6/14/2022 CHF 66.850
Landesbank Baden-Wuert 7.900 11/25/2022 EUR 69.950
UBS AG/London 8.750 6/23/2022 CHF 64.550
UBS AG/London 13.000 6/23/2022 CHF 66.800
EFG International Fina 6.000 12/22/2023 USD 61.230
Credit Suisse AG/Londo 6.190 9/14/2022 USD 9.840
Zurcher Kantonalbank F 12.000 6/21/2022 CHF 68.970
Leonteq Securities AG 10.000 12/14/2022 CHF 71.420
Leonteq Securities AG/ 23.690 06/03/2022 CHF 52.630
EFG International Fina 24.000 06/07/2022 USD 55.850
Landesbank Baden-Wuert 4.350 11/25/2022 EUR 59.040
Landesbank Baden-Wuert 6.600 11/25/2022 EUR 56.160
Raiffeisen Schweiz Gen 10.500 6/21/2022 CHF 79.000
Leonteq Securities AG 17.000 11/10/2021 CHF 60.840
Zurcher Kantonalbank F 8.000 2/23/2022 CHF 75.550
Landesbank Baden-Wuert 3.000 10/25/2024 EUR 56.290
Vontobel Financial Pro 7.500 12/24/2021 EUR 54.110
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 61.610
DZ Bank AG Deutsche Ze 24.600 6/24/2022 EUR 73.510
Bank Julius Baer & Co 8.550 5/13/2022 USD 73.150
BrokerCreditService St 3.000 2/28/2023 USD 63.000
BrokerCreditService St 3.500 4/30/2024 USD 65.050
UBS AG/London 8.000 06/09/2023 CHF 72.650
Leonteq Securities AG/ 21.880 06/10/2022 CHF 75.270
Leonteq Securities AG/ 24.870 6/14/2022 CHF 50.870
Landesbank Baden-Wuert 4.700 4/25/2022 EUR 52.320
Landesbank Baden-Wuert 7.050 4/25/2022 EUR 47.910
Landesbank Baden-Wuert 2.700 4/25/2022 EUR 58.300
Bank Vontobel AG 11.500 4/25/2022 USD 56.530
BNP Paribas Emissions- 14.000 12/23/2021 EUR 44.240
BNP Paribas Emissions- 15.000 12/23/2021 EUR 41.470
BNP Paribas Emissions- 9.000 12/23/2021 EUR 48.610
BNP Paribas Emissions- 10.000 12/23/2021 EUR 48.720
UBS AG/London 6.500 12/09/2021 USD 60.600
UBS AG/London 12.250 06/09/2022 CHF 66.550
EFG International Fina 11.000 06/10/2022 USD 72.240
Credit Suisse AG/Londo 10.000 12/01/2021 USD 58.870
Credit Suisse AG/Londo 12.450 12/08/2021 USD 16.900
Credit Suisse AG/Londo 11.150 12/08/2021 CHF 8.570
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 63.590
Raiffeisen Schweiz Gen 5.000 04/05/2022 CHF 71.730
UniCredit Bank AG 4.000 11/21/2022 EUR 64.580
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 49.450
Landesbank Baden-Wuert 4.800 2/25/2022 EUR 42.410
UBS AG/London 14.000 02/10/2022 CHF 60.800
Vontobel Financial Pro 24.500 3/25/2022 EUR 61.910
Leonteq Securities AG/ 10.000 4/29/2022 USD 57.700
Corner Banca SA 15.000 05/02/2022 USD 60.010
Landesbank Baden-Wuert 3.000 1/28/2022 EUR 54.310
Zurcher Kantonalbank F 7.500 4/29/2022 CHF 72.050
Landesbank Baden-Wuert 2.750 3/25/2022 EUR 58.060
UniCredit Bank AG 4.450 12/29/2022 EUR 35.870
UniCredit Bank AG 4.300 12/19/2021 EUR 50.370
EFG International Fina 7.000 5/23/2022 EUR 42.730
DZ Bank AG Deutsche Ze 9.000 11/24/2021 EUR 50.110
Landesbank Baden-Wuert 2.750 11/25/2022 EUR 73.720
DZ Bank AG Deutsche Ze 15.000 12/24/2021 EUR 41.770
UniCredit Bank AG 3.800 12/29/2022 EUR 61.970
DekaBank Deutsche Giro 3.000 12/29/2022 EUR 68.560
UBS AG/London 13.250 05/12/2022 USD 59.650
Leonteq Securities AG/ 4.000 4/19/2022 EUR 60.170
Citigroup Global Marke 8.200 3/21/2024 SEK 57.450
SG Issuer SA 1.400 03/07/2033 EUR 29.050
SG Issuer SA 2.100 04/05/2033 EUR 30.060
DZ Bank AG Deutsche Ze 9.000 2/23/2022 EUR 46.300
Goldman Sachs & Co Wer 16.000 12/22/2021 EUR 61.570
UniCredit Bank AG 6.000 7/28/2023 EUR 42.180
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 51.070
UBS AG/London 10.250 08/03/2022 CHF 73.200
Landesbank Baden-Wuert 4.750 2/25/2022 EUR 42.810
Landesbank Baden-Wuert 3.400 2/25/2022 EUR 54.810
Raiffeisen Switzerland 9.000 7/29/2022 CHF 67.640
UBS AG/London 19.750 02/03/2022 USD 56.200
UniCredit Bank AG 5.350 2/27/2023 EUR 53.920
Leonteq Securities AG 13.000 05/09/2022 CHF 58.650
Corner Banca SA 14.000 05/09/2022 CHF 59.100
Raiffeisen Switzerland 4.800 11/23/2023 CHF 51.690
UniCredit Bank AG 4.700 12/19/2021 EUR 32.380
UBS AG/London 10.000 07/08/2022 CHF 72.550
Landesbank Baden-Wuert 5.700 1/28/2022 EUR 43.610
UniCredit Bank AG 17.000 11/15/2021 NOK 73.950
Vontobel Financial Pro 12.500 12/24/2021 EUR 43.090
Vontobel Financial Pro 16.500 12/24/2021 EUR 40.390
Vontobel Financial Pro 17.500 12/24/2021 EUR 39.790
Vontobel Financial Pro 19.500 12/24/2021 EUR 75.892
Vontobel Financial Pro 18.000 3/25/2022 EUR 60.050
Vontobel Financial Pro 13.500 3/25/2022 EUR 66.320
Vontobel Financial Pro 11.000 12/24/2021 EUR 70.500
Vontobel Financial Pro 18.500 12/24/2021 EUR 71.160
Vontobel Financial Pro 17.000 3/25/2022 EUR 61.480
Vontobel Financial Pro 12.000 3/25/2022 EUR 68.100
Vontobel Financial Pro 17.500 3/25/2022 EUR 41.290
Vontobel Financial Pro 16.000 3/25/2022 EUR 42.290
EFG International Fina 15.000 02/10/2022 EUR 58.260
UBS AG/London 7.750 08/10/2022 CHF 77.250
Vontobel Financial Pro 16.000 3/25/2022 EUR 74.090
Vontobel Financial Pro 22.500 12/24/2021 EUR 77.280
DekaBank Deutsche Giro 2.600 10/24/2023 EUR 64.420
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 59.410
UniCredit Bank AG 4.150 10/12/2022 EUR 76.050
Landesbank Baden-Wuert 5.100 11/25/2022 EUR 57.930
Raiffeisen Switzerland 10.500 02/08/2022 CHF 69.800
Vontobel Financial Pro 23.500 12/24/2021 EUR 82.500
Leonteq Securities AG 12.000 02/09/2022 CHF 56.280
Vontobel Financial Pro 15.500 12/24/2021 EUR 41.020
Vontobel Financial Pro 14.500 12/24/2021 EUR 41.680
Vontobel Financial Pro 20.000 12/24/2021 EUR 38.090
Vontobel Financial Pro 19.000 3/25/2022 EUR 69.310
Vontobel Financial Pro 14.500 3/25/2022 EUR 64.510
Vontobel Financial Pro 15.500 3/25/2022 EUR 62.840
Vontobel Financial Pro 20.000 12/24/2021 EUR 57.460
Vontobel Financial Pro 12.000 3/25/2022 EUR 44.390
Vontobel Financial Pro 12.000 12/24/2021 EUR 43.920
Vontobel Financial Pro 11.000 3/25/2022 EUR 70.210
Vontobel Financial Pro 16.000 12/24/2021 EUR 85.204
Landesbank Baden-Wuert 3.500 8/26/2022 EUR 52.560
Leonteq Securities AG 12.400 05/12/2022 CHF 63.720
Landesbank Baden-Wuert 5.450 8/26/2022 EUR 46.540
Leonteq Securities AG/ 15.000 05/12/2022 USD 72.420
UniCredit Bank AG 9.600 12/27/2021 EUR 67.290
EFG International Fina 15.000 02/03/2022 USD 61.720
UBS AG/London 11.250 02/03/2023 CHF 73.850
DZ Bank AG Deutsche Ze 19.300 12/24/2021 EUR 37.220
UBS AG/London 13.500 05/12/2022 USD 59.700
UniCredit Bank AG 5.250 12/01/2023 EUR 45.750
Vontobel Financial Pro 14.000 12/24/2021 EUR 72.960
Vontobel Financial Pro 20.000 12/24/2021 EUR 61.400
DZ Bank AG Deutsche Ze 12.250 2/23/2022 EUR 64.710
Landesbank Baden-Wuert 4.050 8/26/2022 EUR 53.110
Vontobel Financial Pro 15.000 12/24/2021 EUR 56.830
Vontobel Financial Pro 8.500 12/24/2021 EUR 67.370
Leonteq Securities AG 15.000 1/25/2022 CHF 65.220
Vontobel Financial Pro 10.000 3/25/2022 EUR 48.020
Vontobel Financial Pro 13.000 3/25/2022 EUR 44.770
Vontobel Financial Pro 16.500 12/24/2021 EUR 65.750
UniCredit Bank AG 4.450 09/11/2023 EUR 46.750
Vontobel Financial Pro 16.000 3/25/2022 EUR 77.240
Vontobel Financial Pro 17.500 3/25/2022 EUR 75.350
Vontobel Financial Pro 14.000 12/24/2021 EUR 50.050
Vontobel Financial Pro 8.000 12/24/2021 EUR 60.010
Vontobel Financial Pro 10.000 12/24/2021 EUR 56.200
Vontobel Financial Pro 11.500 12/24/2021 EUR 52.850
Landesbank Baden-Wuert 5.550 1/28/2022 EUR 48.570
Zurcher Kantonalbank F 8.000 4/29/2022 USD 72.200
Vontobel Financial Pro 10.500 12/24/2021 EUR 46.630
Vontobel Financial Pro 11.000 12/24/2021 EUR 45.680
Vontobel Financial Pro 7.000 3/25/2022 EUR 52.320
Vontobel Financial Pro 11.500 3/25/2022 EUR 46.290
Bank Julius Baer & Co 18.300 2/18/2022 USD 70.550
Vontobel Financial Pro 9.500 12/24/2021 EUR 47.560
Vontobel Financial Pro 7.500 12/24/2021 EUR 50.790
Vontobel Financial Pro 21.500 12/24/2021 EUR 71.890
Vontobel Financial Pro 9.000 12/24/2021 EUR 48.600
Vontobel Financial Pro 12.000 12/24/2021 EUR 44.840
Vontobel Financial Pro 8.000 3/25/2022 EUR 49.830
Vontobel Financial Pro 14.000 3/25/2022 EUR 68.860
Vontobel Financial Pro 8.000 12/24/2021 EUR 49.630
Landesbank Baden-Wuert 3.200 11/25/2022 EUR 62.890
Vontobel Financial Pro 13.500 12/24/2021 EUR 42.370
Vontobel Financial Pro 19.000 12/24/2021 EUR 38.610
Vontobel Financial Pro 18.000 12/24/2021 EUR 39.160
Vontobel Financial Pro 14.000 3/25/2022 EUR 43.260
Vontobel Financial Pro 25.000 12/24/2021 EUR 82.690
Vontobel Financial Pro 23.000 3/25/2022 EUR 81.830
Vontobel Financial Pro 21.500 3/25/2022 EUR 83.920
Societe Generale SA 4.500 12/29/2022 USD 0.460
Erste Group Bank AG 4.350 2/20/2022 EUR 43.050
Zurcher Kantonalbank F 15.500 01/06/2022 CHF 74.680
Leonteq Securities AG 12.000 06/08/2022 CHF 66.060
Societe Generale SA 3.900 3/23/2022 USD 0.400
Vontobel Financial Pro 18.500 12/24/2021 EUR 40.280
Vontobel Financial Pro 11.000 12/24/2021 EUR 48.290
Vontobel Financial Pro 14.500 12/24/2021 EUR 43.780
Goldman Sachs & Co Wer 22.000 11/24/2021 EUR 73.770
Landesbank Baden-Wuert 3.300 12/27/2021 EUR 62.330
Landesbank Baden-Wuert 5.150 12/27/2021 EUR 54.340
Vontobel Financial Pro 17.000 12/24/2021 EUR 76.560
Vontobel Financial Pro 8.000 12/24/2021 EUR 38.644
Vontobel Financial Pro 9.000 12/24/2021 EUR 38.763
Leonteq Securities AG/ 17.000 11/30/2021 USD 61.770
Bank Julius Baer & Co 16.000 05/11/2022 EUR 65.650
Leonteq Securities AG/ 21.530 5/17/2022 CHF 66.210
Leonteq Securities AG/ 21.420 05/11/2022 CHF 56.920
DZ Bank AG Deutsche Ze 24.700 12/24/2021 EUR 66.250
DZ Bank AG Deutsche Ze 20.200 3/25/2022 EUR 70.150
DZ Bank AG Deutsche Ze 24.100 3/25/2022 EUR 65.680
DZ Bank AG Deutsche Ze 18.800 5/27/2022 EUR 72.540
DZ Bank AG Deutsche Ze 21.200 6/24/2022 EUR 69.680
DZ Bank AG Deutsche Ze 19.000 9/23/2022 EUR 72.940
Vontobel Financial Pro 13.750 12/24/2021 EUR 70.976
DZ Bank AG Deutsche Ze 17.800 12/24/2021 EUR 33.080
UBS AG/London 14.000 07/07/2022 USD 69.850
UBS AG/London 16.300 01/08/2024 EUR 42.050
DZ Bank AG Deutsche Ze 10.250 3/23/2022 EUR 55.330
Landesbank Baden-Wuert 4.050 3/24/2023 EUR 60.940
Vontobel Financial Pro 16.450 03/03/2023 EUR 76.649
DZ Bank AG Deutsche Ze 24.200 12/24/2021 EUR 30.710
DZ Bank AG Deutsche Ze 16.300 3/25/2022 EUR 36.980
Bank Julius Baer & Co 10.200 5/30/2023 EUR 15.750
Societe Generale Effek 20.500 12/24/2021 EUR 82.190
Societe Generale Effek 22.500 11/26/2021 EUR 73.220
Societe Generale Effek 20.250 3/25/2022 EUR 76.520
Societe Generale Effek 23.250 12/24/2021 EUR 72.180
Vontobel Financial Pro 18.000 12/24/2021 EUR 78.584
BNP Paribas Emissions- 9.500 12/23/2021 EUR 76.070
BNP Paribas Emissions- 23.000 12/23/2021 EUR 2.870
Landesbank Baden-Wuert 13.180 1/28/2022 EUR 71.380
Vontobel Financial Pro 10.000 12/24/2021 EUR 52.380
Vontobel Financial Pro 9.000 3/25/2022 EUR 53.080
Vontobel Financial Pro 15.000 3/25/2022 EUR 47.610
Vontobel Financial Pro 7.500 3/25/2022 EUR 55.730
Vontobel Financial Pro 16.500 3/25/2022 EUR 72.200
Vontobel Financial Pro 19.500 3/25/2022 EUR 67.710
Vontobel Financial Pro 20.500 3/25/2022 EUR 66.400
Vontobel Financial Pro 17.500 3/25/2022 EUR 70.610
Vontobel Financial Pro 21.000 3/25/2022 EUR 64.970
Vontobel Financial Pro 22.000 3/25/2022 EUR 63.810
Vontobel Financial Pro 23.000 3/25/2022 EUR 62.730
Vontobel Financial Pro 24.000 3/25/2022 EUR 61.720
Vontobel Financial Pro 20.500 12/24/2021 EUR 67.080
Vontobel Financial Pro 23.000 12/24/2021 EUR 63.540
Vontobel Financial Pro 22.000 12/24/2021 EUR 65.290
Bank Vontobel AG 6.507 8/17/2022 CHF 66.400
Vontobel Financial Pro 17.000 12/24/2021 EUR 79.002
DZ Bank AG Deutsche Ze 12.600 3/25/2022 EUR 39.540
DZ Bank AG Deutsche Ze 20.200 3/25/2022 EUR 35.280
Societe Generale Effek 28.500 11/26/2021 EUR 76.510
Zurcher Kantonalbank F 16.250 05/04/2022 EUR 60.590
Landesbank Baden-Wuert 5.250 4/28/2023 EUR 66.290
Landesbank Baden-Wuert 3.150 4/28/2023 EUR 70.790
Landesbank Baden-Wuert 5.700 4/28/2023 EUR 48.040
Landesbank Baden-Wuert 4.350 4/28/2023 EUR 49.560
Landesbank Baden-Wuert 3.000 4/28/2023 EUR 51.870
Vontobel Financial Pro 20.500 6/24/2022 EUR 73.090
DZ Bank AG Deutsche Ze 16.000 12/24/2021 EUR 58.900
DZ Bank AG Deutsche Ze 14.400 3/25/2022 EUR 61.850
DZ Bank AG Deutsche Ze 16.700 3/25/2022 EUR 59.080
UniCredit Bank AG 8.000 3/25/2022 EUR 67.210
EFG International Fina 15.000 9/26/2022 CHF 77.280
Vontobel Financial Pro 22.500 12/24/2021 EUR 45.230
Vontobel Financial Pro 23.500 3/25/2022 EUR 77.080
Vontobel Financial Pro 16.000 3/25/2022 EUR 50.300
Vontobel Financial Pro 22.000 12/24/2021 EUR 66.450
Vontobel Financial Pro 24.000 12/24/2021 EUR 69.620
EFG International Fina 7.000 3/23/2023 USD 48.990
Vontobel Financial Pro 24.500 12/24/2021 EUR 63.450
Vontobel Financial Pro 19.500 3/25/2022 EUR 70.259
Landesbank Baden-Wuert 2.200 1/27/2023 EUR 49.760
Societe Generale Effek 22.000 3/25/2022 EUR 74.240
Vontobel Financial Pro 9.000 12/24/2021 EUR 78.520
Vontobel Financial Pro 17.750 3/25/2022 EUR 43.479
Vontobel Financial Pro 12.000 12/24/2021 EUR 62.760
Vontobel Financial Pro 17.500 12/24/2021 EUR 64.720
Vontobel Financial Pro 12.500 12/24/2021 EUR 72.000
Vontobel Financial Pro 11.500 12/24/2021 EUR 73.170
Vontobel Financial Pro 14.000 12/24/2021 EUR 69.740
Vontobel Financial Pro 16.000 12/24/2021 EUR 66.610
Vontobel Financial Pro 17.000 12/24/2021 EUR 65.680
Societe Generale Effek 19.750 11/26/2021 EUR 78.910
Leonteq Securities AG/ 15.000 4/13/2022 CHF 67.340
Landesbank Baden-Wuert 6.500 5/27/2022 EUR 60.460
DZ Bank AG Deutsche Ze 25.000 12/24/2021 EUR 76.550
DZ Bank AG Deutsche Ze 20.700 3/25/2022 EUR 80.670
UBS AG/London 16.000 9/19/2022 CHF 68.600
Landesbank Baden-Wuert 4.050 10/28/2022 EUR 47.630
Landesbank Baden-Wuert 6.350 10/28/2022 EUR 44.080
Landesbank Baden-Wuert 3.500 10/28/2022 EUR 69.860
Vontobel Financial Pro 23.500 3/25/2022 EUR 74.380
DZ Bank AG Deutsche Ze 17.100 3/25/2022 EUR 46.290
Vontobel Financial Pro 20.000 12/24/2021 EUR 66.111
Bank Vontobel AG 6.007 9/26/2022 CHF 64.610
Bank Vontobel AG 4.255 6/27/2022 CHF 62.310
Bank Vontobel AG 14.006 9/26/2022 CHF 50.250
UBS AG/London 15.250 2/24/2022 USD 58.400
UBS AG/London 6.500 8/24/2022 CHF 71.850
Credit Suisse AG/Londo 11.000 2/23/2022 USD 61.220
Vontobel Financial Pro 23.000 12/24/2021 EUR 72.920
EFG International Fina 16.000 2/24/2022 CHF 60.020
Vontobel Financial Pro 9.000 12/24/2021 EUR 53.600
Vontobel Financial Pro 16.350 3/14/2022 EUR 82.901
Leonteq Securities AG/ 17.600 03/08/2022 USD 57.150
Vontobel Financial Pro 20.500 12/24/2021 EUR 66.250
Leonteq Securities AG/ 8.130 2/21/2022 EUR 68.020
Leonteq Securities AG/ 6.100 2/21/2022 CHF 65.960
Vontobel Financial Pro 11.000 3/25/2022 EUR 72.870
Bank Vontobel AG 14.004 09/02/2022 CHF 65.300
Societe Generale Effek 17.500 11/26/2021 EUR 83.140
Societe Generale Effek 24.500 11/26/2021 EUR 70.520
Societe Generale Effek 20.500 11/26/2021 EUR 76.330
Societe Generale Effek 21.250 12/24/2021 EUR 75.240
Vontobel Financial Pro 16.000 12/24/2021 EUR 54.815
Leonteq Securities AG 17.000 2/23/2022 CHF 66.870
Landesbank Baden-Wuert 5.750 10/28/2022 EUR 65.450
Zurcher Kantonalbank F 10.000 4/13/2022 CHF 76.270
Bank Vontobel AG 6.007 9/26/2022 CHF 64.800
Vontobel Financial Pro 24.500 12/24/2021 EUR 71.330
Vontobel Financial Pro 25.000 12/24/2021 EUR 76.080
UniCredit Bank AG 5.050 01/11/2022 EUR 47.560
Leonteq Securities AG/ 6.000 2/20/2023 CHF 68.080
Vontobel Financial Pro 12.500 12/24/2021 EUR 70.690
Vontobel Financial Pro 20.500 3/25/2022 EUR 61.000
DekaBank Deutsche Giro 2.150 1/21/2022 EUR 71.220
Landesbank Baden-Wuert 4.100 1/28/2022 EUR 46.880
Vontobel Financial Pro 6.500 12/24/2021 EUR 64.500
Vontobel Financial Pro 10.500 3/25/2022 EUR 40.049
UniCredit Bank AG 8.200 2/16/2022 EUR 59.960
SG Issuer SA 0.500 10/29/2030 EUR 52.050
UniCredit Bank AG 9.400 12/24/2021 EUR 75.500
Zurcher Kantonalbank F 8.000 2/25/2022 CHF 71.110
SG Issuer SA 2.100 2/14/2033 EUR 29.760
Leonteq Securities AG/ 20.000 06/01/2022 EUR 77.230
Societe Generale Effek 25.000 12/24/2021 EUR 69.980
Vontobel Financial Pro 11.000 12/24/2021 EUR 39.013
Landesbank Baden-Wuert 6.400 5/27/2022 EUR 52.830
Landesbank Baden-Wuert 6.700 5/27/2022 EUR 69.020
Vontobel Financial Pro 17.500 6/24/2022 EUR 74.290
UBS AG/London 12.250 3/24/2022 CHF 59.750
Vontobel Financial Pro 9.200 3/23/2022 EUR 64.630
Vontobel Financial Pro 17.500 12/24/2021 EUR 69.680
Vontobel Financial Pro 21.000 12/24/2021 EUR 66.370
Bank Julius Baer & Co 10.000 3/28/2022 USD 69.250
Vontobel Financial Pro 15.500 12/24/2021 EUR 61.914
Landesbank Baden-Wuert 3.050 3/25/2022 EUR 58.400
Landesbank Baden-Wuert 7.300 3/25/2022 EUR 50.070
Vontobel Financial Pro 14.750 6/24/2022 EUR 74.027
Vontobel Financial Pro 5.550 5/18/2022 EUR 58.030
Leonteq Securities AG/ 8.500 11/14/2022 EUR 75.300
Leonteq Securities AG 8.500 11/17/2022 CHF 74.930
Landesbank Baden-Wuert 4.550 5/27/2022 EUR 55.350
Landesbank Baden-Wuert 8.500 5/27/2022 EUR 50.840
EFG International Fina 14.000 11/21/2022 CHF 59.500
BNP Paribas Emissions- 15.000 6/23/2022 EUR 60.600
BNP Paribas Emissions- 8.500 3/24/2022 EUR 67.290
BNP Paribas Emissions- 13.000 3/24/2022 EUR 63.670
BNP Paribas Emissions- 15.000 3/24/2022 EUR 61.300
BNP Paribas Emissions- 17.000 3/24/2022 EUR 57.910
BNP Paribas Emissions- 9.500 12/23/2021 EUR 65.900
BNP Paribas Emissions- 10.000 12/23/2021 EUR 63.060
BNP Paribas Emissions- 13.000 12/23/2021 EUR 60.740
BNP Paribas Emissions- 18.000 12/23/2021 EUR 55.890
DZ Bank AG Deutsche Ze 17.200 6/24/2022 EUR 56.880
Corner Banca SA 20.000 04/06/2022 USD 78.570
Leonteq Securities AG/ 9.000 02/01/2023 CHF 70.590
Landesbank Baden-Wuert 5.000 3/25/2022 EUR 53.730
Vontobel Financial Pro 21.000 12/24/2021 EUR 65.250
Vontobel Financial Pro 19.500 3/25/2022 EUR 77.960
Vontobel Financial Pro 21.500 12/24/2021 EUR 76.300
Vontobel Financial Pro 17.000 12/24/2021 EUR 73.400
Vontobel Financial Pro 23.000 12/24/2021 EUR 68.344
Landesbank Baden-Wuert 3.400 8/23/2024 EUR 51.680
Vontobel Financial Pro 19.500 12/24/2021 EUR 52.250
Vontobel Financial Pro 18.500 12/24/2021 EUR 63.850
Vontobel Financial Pro 9.500 12/24/2021 EUR 77.090
Vontobel Financial Pro 10.500 12/24/2021 EUR 75.780
Vontobel Financial Pro 11.000 12/24/2021 EUR 74.450
Vontobel Financial Pro 13.000 12/24/2021 EUR 70.820
Vontobel Financial Pro 14.500 12/24/2021 EUR 68.630
Vontobel Financial Pro 15.500 12/24/2021 EUR 67.630
Corner Banca SA 14.600 11/23/2021 USD 64.730
Vontobel Financial Pro 4.050 7/15/2022 EUR 34.580
Vontobel Financial Pro 12.500 12/24/2021 EUR 52.690
Vontobel Financial Pro 20.000 12/24/2021 EUR 46.810
Vontobel Financial Pro 25.000 12/24/2021 EUR 76.740
Vontobel Financial Pro 13.500 3/25/2022 EUR 51.920
Vontobel Financial Pro 11.500 3/25/2022 EUR 54.030
Vontobel Financial Pro 7.500 3/25/2022 EUR 59.340
Vontobel Financial Pro 10.500 12/24/2021 EUR 55.200
Vontobel Financial Pro 23.000 12/24/2021 EUR 66.490
Vontobel Financial Pro 25.000 12/24/2021 EUR 70.348
Vontobel Financial Pro 16.500 12/24/2021 EUR 69.140
Vontobel Financial Pro 21.000 3/25/2022 EUR 76.140
Vontobel Financial Pro 18.000 3/25/2022 EUR 79.910
Vontobel Financial Pro 16.000 12/24/2021 EUR 84.810
Vontobel Financial Pro 18.000 12/24/2021 EUR 81.810
Vontobel Financial Pro 20.000 12/24/2021 EUR 78.990
Landesbank Baden-Wuert 3.100 11/26/2021 EUR 62.090
Vontobel Financial Pro 14.000 12/24/2021 EUR 65.453
Zurcher Kantonalbank F 14.550 11/18/2021 USD 67.390
Bank Julius Baer & Co 7.300 2/22/2022 EUR 61.600
UBS AG/London 9.500 04/11/2022 CHF 72.850
Leonteq Securities AG/ 2.700 04/01/2026 EUR 46.590
Vontobel Financial Pro 16.500 6/24/2022 EUR 68.790
Vontobel Financial Pro 15.000 6/24/2022 EUR 74.270
Vontobel Financial Pro 16.000 3/25/2022 EUR 73.900
UBS AG/London 7.000 2/21/2022 EUR 71.900
UBS AG/London 10.000 03/03/2022 CHF 66.100
Vontobel Financial Pro 9.750 3/25/2022 EUR 40.827
Vontobel Financial Pro 17.000 3/25/2022 EUR 68.990
Vontobel Financial Pro 15.000 3/25/2022 EUR 84.230
Vontobel Financial Pro 22.500 3/25/2022 EUR 74.460
Societe Generale Effek 21.500 11/26/2021 EUR 78.000
Societe Generale Effek 17.000 3/25/2022 EUR 82.460
Societe Generale Effek 26.250 11/26/2021 EUR 68.180
Vontobel Financial Pro 7.500 3/25/2022 EUR 40.638
Leonteq Securities AG/ 4.000 2/21/2022 EUR 65.840
Vontobel Financial Pro 7.000 3/25/2022 EUR 42.343
Vontobel Financial Pro 16.500 3/25/2022 EUR 82.010
Vontobel Financial Pro 23.500 3/25/2022 EUR 72.710
Landesbank Baden-Wuert 5.600 11/26/2021 EUR 53.940
Leonteq Securities AG 13.000 6/21/2022 CHF 69.310
Landesbank Baden-Wuert 3.150 6/24/2022 EUR 51.940
Landesbank Baden-Wuert 4.850 6/24/2022 EUR 45.320
Vontobel Financial Pro 8.000 12/24/2021 EUR 32.751
Vontobel Financial Pro 20.000 12/24/2021 EUR 58.240
Leonteq Securities AG 28.630 12/15/2021 CHF 38.450
Vontobel Financial Pro 14.500 6/24/2022 EUR 69.540
Raiffeisen Schweiz Gen 10.000 12/14/2022 CHF 72.000
Leonteq Securities AG/ 23.180 4/29/2022 USD 59.330
Leonteq Securities AG 15.000 6/15/2022 CHF 56.280
Vontobel Financial Pro 3.750 01/03/2023 EUR 46.090
Vontobel Financial Pro 11.500 6/24/2022 EUR 79.032
Landesbank Baden-Wuert 8.600 6/24/2022 EUR 68.580
Vontobel Financial Pro 16.750 3/25/2022 EUR 71.435
Landesbank Baden-Wuert 7.150 6/24/2022 EUR 54.550
DZ Bank AG Deutsche Ze 24.800 12/24/2021 EUR 72.610
DZ Bank AG Deutsche Ze 23.700 6/24/2022 EUR 69.590
Vontobel Financial Pro 12.400 3/16/2022 EUR 61.645
DZ Bank AG Deutsche Ze 17.600 6/24/2022 EUR 66.890
Landesbank Baden-Wuert 10.500 6/24/2022 EUR 51.980
Landesbank Baden-Wuert 4.200 6/24/2022 EUR 58.320
Citigroup Global Marke 9.000 8/18/2022 USD 0.882
Leonteq Securities AG/ 11.000 05/05/2022 CHF 66.630
Zurcher Kantonalbank F 15.000 02/04/2022 USD 57.450
UniCredit Bank AG 5.250 09/11/2023 EUR 84.050
Landesbank Baden-Wuert 4.450 4/25/2022 EUR 59.200
Landesbank Baden-Wuert 6.700 4/25/2022 EUR 54.280
Landesbank Baden-Wuert 10.000 4/25/2022 EUR 50.160
Leonteq Securities AG 22.340 4/14/2022 CHF 61.970
EFG International Fina 18.000 4/14/2022 CHF 69.440
Landesbank Baden-Wuert 3.000 5/27/2022 EUR 44.390
Landesbank Baden-Wuert 7.750 5/27/2022 EUR 38.740
Landesbank Baden-Wuert 3.500 5/27/2022 EUR 67.250
DZ Bank AG Deutsche Ze 21.000 12/24/2021 EUR 82.120
DZ Bank AG Deutsche Ze 23.900 12/24/2021 EUR 73.570
Leonteq Securities AG 23.390 4/19/2022 CHF 71.430
Bank Julius Baer & Co 7.400 7/13/2022 CHF 79.750
Landesbank Baden-Wuert 7.200 4/25/2022 EUR 66.760
UniCredit Bank AG 6.200 4/13/2022 EUR 66.870
Landesbank Baden-Wuert 5.200 5/27/2022 EUR 41.030
DZ Bank AG Deutsche Ze 8.750 12/22/2021 EUR 73.390
DZ Bank AG Deutsche Ze 17.900 6/24/2022 EUR 83.300
Zurcher Kantonalbank F 11.500 3/25/2022 CHF 60.020
UBS AG/London 12.500 6/23/2022 USD 67.050
Leonteq Securities AG 18.000 04/12/2022 CHF 68.150
Raiffeisen Switzerland 10.800 04/12/2022 CHF 77.560
Vontobel Financial Pro 13.250 12/24/2021 EUR 62.073
Raiffeisen Switzerland 12.000 1/25/2022 CHF 68.480
Leonteq Securities AG/ 10.000 4/26/2022 EUR 61.450
DZ Bank AG Deutsche Ze 20.200 12/24/2021 EUR 67.410
DZ Bank AG Deutsche Ze 21.800 12/24/2021 EUR 73.090
DZ Bank AG Deutsche Ze 14.900 12/24/2021 EUR 65.160
Bank Julius Baer & Co 12.050 3/18/2022 USD 62.450
Societe Generale Effek 16.465 04/06/2022 EUR 68.640
DZ Bank AG Deutsche Ze 18.500 12/24/2021 EUR 59.250
DZ Bank AG Deutsche Ze 22.400 12/24/2021 EUR 54.510
DZ Bank AG Deutsche Ze 17.100 12/24/2021 EUR 74.080
Landesbank Baden-Wuert 5.400 11/25/2022 EUR 57.240
DZ Bank AG Deutsche Ze 12.750 10/26/2022 EUR 75.650
DZ Bank AG Deutsche Ze 22.900 9/23/2022 EUR 75.040
DZ Bank AG Deutsche Ze 16.800 9/23/2022 EUR 60.750
Vontobel Financial Pro 12.500 12/24/2021 EUR 76.290
Vontobel Financial Pro 13.500 12/24/2021 EUR 74.650
Zurcher Kantonalbank F 25.000 9/20/2022 CHF 59.930
Credit Suisse AG/Londo 12.500 7/14/2022 USD 66.970
Leonteq Securities AG/ 3.400 3/20/2024 CHF 46.810
Zurcher Kantonalbank F 11.250 10/20/2022 USD 61.660
Credit Suisse AG/Londo 9.500 9/27/2024 USD 9.750
Bank Vontobel AG 7.500 01/03/2023 EUR 47.900
Leonteq Securities AG/ 10.000 07/12/2023 CHF 72.280
Zurcher Kantonalbank F 20.500 08/09/2022 CHF 77.230
Leonteq Securities AG/ 12.000 7/29/2022 CHF 73.370
Vontobel Financial Pro 14.750 6/24/2022 EUR 66.819
Leonteq Securities AG/ 12.000 4/22/2022 USD 61.270
Leonteq Securities AG/ 21.100 4/21/2022 CHF 71.070
DZ Bank AG Deutsche Ze 22.700 3/25/2022 EUR 65.300
DZ Bank AG Deutsche Ze 24.600 3/25/2022 EUR 70.620
Zuercher Kantonalbank 8.624 4/25/2022 CHF 0.280
Vontobel Financial Pro 12.500 3/25/2022 EUR 39.711
Vontobel Financial Pro 14.500 6/24/2022 EUR 74.177
UBS AG/London 7.000 4/21/2023 USD 71.400
Bank Vontobel AG 7.000 12/27/2022 CHF 66.200
Zurcher Kantonalbank F 10.400 07/08/2022 CHF 73.300
Landesbank Baden-Wuert 4.150 6/23/2023 EUR 56.670
Landesbank Baden-Wuert 2.800 6/23/2023 EUR 58.720
Landesbank Baden-Wuert 3.100 2/25/2022 EUR 67.530
Zurcher Kantonalbank F 10.750 7/15/2022 EUR 70.080
Leonteq Securities AG/ 17.000 08/02/2022 USD 71.240
Zurcher Kantonalbank F 27.000 9/13/2022 USD 70.120
Zurcher Kantonalbank F 26.000 9/13/2022 CHF 70.130
Landesbank Baden-Wuert 9.000 10/28/2022 EUR 72.250
Landesbank Baden-Wuert 6.500 10/28/2022 EUR 74.790
Bank Vontobel AG 13.002 9/19/2022 CHF 50.100
Bank Vontobel AG 7.000 9/19/2022 CHF 68.190
Credit Suisse AG/Londo 8.000 10/28/2022 CHF 70.360
Credit Suisse AG/Londo 12.500 7/29/2022 USD 72.490
Landesbank Baden-Wuert 4.800 8/25/2023 EUR 68.330
Landesbank Baden-Wuert 6.100 8/25/2023 EUR 66.760
Credit Suisse AG/Londo 15.750 8/30/2024 USD 9.180
Landesbank Baden-Wuert 4.000 10/28/2022 EUR 77.770
Corner Banca SA 12.000 6/21/2022 CHF 46.690
Zurcher Kantonalbank F 15.000 8/24/2022 CHF 60.930
Landesbank Baden-Wuert 3.650 3/24/2023 EUR 71.620
DZ Bank AG Deutsche Ze 12.250 8/24/2022 EUR 66.590
Landesbank Baden-Wuert 2.850 9/23/2022 EUR 66.440
Landesbank Baden-Wuert 4.700 9/23/2022 EUR 63.440
Landesbank Baden-Wuert 6.800 9/23/2022 EUR 61.140
Leonteq Securities AG 15.000 08/02/2022 CHF 63.430
Bank Julius Baer & Co 5.250 08/10/2022 CHF 69.300
Vontobel Financial Pro 12.250 6/24/2022 EUR 62.840
Zurcher Kantonalbank F 11.250 07/06/2022 EUR 51.440
Leonteq Securities AG/ 22.520 07/06/2022 CHF 54.240
Leonteq Securities AG/ 22.130 07/08/2022 CHF 61.600
Leonteq Securities AG/ 22.310 08/10/2022 USD 57.260
Credit Suisse AG/Londo 15.000 07/07/2022 USD 65.580
UBS AG/London 14.500 6/30/2022 CHF 71.900
Credit Suisse AG/Londo 13.500 8/17/2022 CHF 73.440
UniCredit Bank AG 7.300 12/24/2021 EUR 70.860
UniCredit Bank AG 9.000 12/24/2021 EUR 66.360
UniCredit Bank AG 14.600 12/24/2021 EUR 67.350
UniCredit Bank AG 6.900 12/24/2021 EUR 71.280
UniCredit Bank AG 12.500 12/24/2021 EUR 31.260
Skandinaviska Enskilda 6.000 1/15/2025 SEK 73.190
Zurcher Kantonalbank F 4.000 02/11/2022 CHF 62.940
UBS AG/London 19.750 4/21/2022 USD 59.600
UBS AG/London 7.000 12/20/2021 CHF 61.600
Skandinaviska Enskilda 4.400 7/15/2022 SEK 73.120
UniCredit Bank AG 8.300 12/24/2021 EUR 56.340
UniCredit Bank AG 12.500 12/24/2021 EUR 73.790
UniCredit Bank AG 8.000 12/24/2021 EUR 68.600
UniCredit Bank AG 5.800 12/24/2021 EUR 75.840
Raiffeisen Schweiz Gen 8.000 1/31/2022 CHF 67.230
UBS AG/London 12.000 12/20/2021 CHF 55.450
Credit Suisse AG/Londo 6.200 11/30/2022 USD 9.900
Vontobel Financial Pro 23.950 06/03/2022 EUR 46.201
Leonteq Securities AG 13.200 10/19/2022 CHF 76.130
Leonteq Securities AG/ 14.200 10/19/2022 USD 75.860
DekaBank Deutsche Giro 4.000 8/18/2022 EUR 62.530
DZ Bank AG Deutsche Ze 10.750 8/24/2022 EUR 61.230
Vontobel Financial Pro 10.000 6/24/2022 EUR 73.489
Vontobel Financial Pro 9.750 6/24/2022 EUR 64.965
DZ Bank AG Deutsche Ze 24.700 12/24/2021 EUR 66.790
DZ Bank AG Deutsche Ze 20.800 3/25/2022 EUR 71.070
DZ Bank AG Deutsche Ze 24.300 3/25/2022 EUR 67.610
DZ Bank AG Deutsche Ze 23.000 6/24/2022 EUR 68.520
DZ Bank AG Deutsche Ze 21.000 12/24/2021 EUR 68.930
Vontobel Financial Pro 9.500 6/24/2022 EUR 54.087
Landesbank Baden-Wuert 3.150 7/22/2022 EUR 60.920
Landesbank Baden-Wuert 4.500 7/22/2022 EUR 58.710
Landesbank Baden-Wuert 7.200 7/22/2022 EUR 55.930
Landesbank Baden-Wuert 9.250 7/22/2022 EUR 54.890
Leonteq Securities AG/ 28.010 4/19/2022 CHF 32.370
Bank Vontobel AG 10.500 1/16/2023 CHF 74.500
Bank Vontobel AG 10.500 1/16/2023 CHF 74.500
Leonteq Securities AG/ 10.000 1/19/2023 USD 68.630
Leonteq Securities AG/ 10.000 7/19/2022 CHF 47.240
Zurcher Kantonalbank F 8.000 07/01/2022 CHF 70.100
Vontobel Financial Pro 9.500 6/24/2022 EUR 51.435
Landesbank Baden-Wuert 6.200 3/24/2023 EUR 68.120
Zurcher Kantonalbank F 12.500 08/03/2022 CHF 74.300
Leonteq Securities AG 16.000 5/25/2022 CHF 45.560
Leonteq Securities AG/ 25.030 2/25/2022 USD 67.080
Raiffeisen Schweiz Gen 10.000 1/16/2023 CHF 73.240
Leonteq Securities AG/ 27.290 4/26/2022 CHF 72.910
UBS AG/London 11.000 12/27/2021 CHF 63.500
UBS AG/London 10.000 12/27/2021 CHF 70.050
EFG International Fina 13.000 12/27/2021 CHF 6.040
Raiffeisen Schweiz Gen 7.500 02/10/2022 CHF 70.210
EFG International Fina 11.120 12/27/2024 EUR 60.240
Zurcher Kantonalbank F 6.250 12/30/2021 EUR 71.520
Araratbank OJSC 5.500 1/29/2024 USD 25.490
DekaBank Deutsche Giro 2.800 1/13/2023 EUR 75.720
DekaBank Deutsche Giro 4.000 1/14/2022 EUR 61.430
Raiffeisen Schweiz Gen 3.400 3/21/2025 CHF 59.940
Leonteq Securities AG 3.900 12/20/2024 CHF 57.290
Raiffeisen Schweiz Gen 3.200 12/18/2026 CHF 70.250
Raiffeisen Schweiz Gen 7.750 1/27/2022 CHF 66.510
Corner Banca SA 9.000 1/21/2022 CHF 67.910
Leonteq Securities AG 3.600 9/22/2026 CHF 59.790
Raiffeisen Schweiz Gen 2.700 9/22/2026 CHF 56.740
DekaBank Deutsche Giro 2.000 02/10/2023 EUR 75.430
Leonteq Securities AG 8.600 1/24/2023 CHF 72.670
Leonteq Securities AG/ 7.600 1/23/2023 CHF 73.420
Danske Bank A/S 6.860 07/09/2022 SEK 25.880
Bank Julius Baer & Co 8.350 1/30/2023 CHF 74.850
UBS AG/London 13.000 02/07/2022 CHF 63.700
UBS AG/London 8.000 1/24/2022 CHF 66.300
UBS AG/London 11.250 1/24/2022 CHF 58.700
UBS AG/London 7.250 1/24/2022 CHF 73.350
Vontobel Financial Pro 9.200 1/24/2022 EUR 57.240
Vontobel Financial Pro 9.500 12/24/2021 EUR 58.100
Vontobel Financial Pro 15.500 12/24/2021 EUR 48.820
Vontobel Financial Pro 6.000 12/24/2021 EUR 67.050
Vontobel Financial Pro 11.500 12/24/2021 EUR 54.560
Vontobel Financial Pro 7.500 12/24/2021 EUR 62.200
Vontobel Financial Pro 13.500 12/24/2021 EUR 51.500
Raiffeisen Schweiz Gen 8.500 12/13/2021 CHF 57.260
Leonteq Securities AG/ 7.500 12/20/2021 EUR 57.940
Zurcher Kantonalbank F 6.300 12/16/2022 CHF 61.520
Bayerische Landesbank 1.450 1/26/2024 EUR 60.530
Zurcher Kantonalbank F 8.150 12/27/2021 CHF 77.660
Leonteq Securities AG/ 9.400 02/04/2022 CHF 71.380
UBS AG/London 14.000 12/20/2021 CHF 60.250
UBS AG/London 10.250 12/20/2021 CHF 71.450
Leonteq Securities AG 7.200 1/31/2022 CHF 66.970
Otkritie Holding JSC 0.010 9/30/2027 RUB 3.400
UniCredit Bank AG 5.650 11/06/2023 EUR 78.230
Bayerische Landesbank 1.350 12/23/2022 EUR 57.600
Raiffeisen Schweiz Gen 6.600 3/23/2022 CHF 63.110
Leonteq Securities AG/ 8.000 11/25/2021 EUR 99.320
Leonteq Securities AG 10.000 12/06/2021 CHF 69.240
Barclays Bank PLC 2.730 9/27/2024 EUR 64.180
DekaBank Deutsche Giro 3.700 12/17/2021 EUR 63.600
DekaBank Deutsche Giro 3.200 11/04/2022 EUR 72.970
Credit Suisse AG/Londo 10.800 12/07/2021 USD 58.400
BNP Paribas Issuance B 7.150 11/07/2024 SEK 64.010
UniCredit Bank AG 3.200 01/02/2023 EUR 81.010
Landesbank Baden-Wuert 3.600 6/23/2023 EUR 57.880
UBS AG/London 7.500 11/22/2021 CHF 74.500
UBS AG/London 8.000 12/06/2021 CHF 70.650
UBS AG/London 8.500 11/22/2021 EUR 67.150
Bayerische Landesbank 3.600 10/28/2022 EUR 74.730
SG Issuer SA 0.350 11/15/2023 EUR 24.550
Leonteq Securities AG/ 7.420 11/22/2021 EUR 56.480
Leonteq Securities AG/ 8.000 12/06/2021 EUR 74.030
UBS AG/London 7.000 11/29/2021 EUR 72.450
Raiffeisen Schweiz Gen 7.800 11/22/2021 CHF 68.750
EFG International Fina 12.000 11/29/2024 USD 87.280
BNP Paribas Emissions- 10.000 3/24/2022 EUR 3.860
BNP Paribas Emissions- 7.000 12/23/2021 EUR 54.680
DekaBank Deutsche Giro 3.250 11/25/2022 EUR 67.740
Bank Julius Baer & Co 7.650 01/10/2022 USD 55.950
Otkritie Holding JSC 0.010 08/05/2025 RUB 3.000
Zurcher Kantonalbank F 7.000 2/21/2022 CHF 65.900
Leonteq Securities AG/ 6.600 01/09/2023 CHF 74.120
UBS AG/London 7.850 01/02/2025 USD 10.310
Bayerische Landesbank 2.500 7/22/2022 EUR 64.640
Raiffeisen Schweiz Gen 18.000 8/23/2022 CHF 63.680
Leonteq Securities AG 15.000 6/21/2022 CHF 54.730
UBS AG/London 9.750 12/23/2022 CHF 73.300
Vontobel Financial Pro 19.500 6/24/2022 EUR 69.092
UniCredit Bank AG 6.900 12/24/2021 EUR 73.490
EFG International Fina 9.400 12/12/2022 CHF 68.830
Leonteq Securities AG 8.000 12/13/2022 CHF 63.340
Landesbank Baden-Wuert 4.400 9/23/2022 EUR 46.020
Landesbank Baden-Wuert 2.350 9/23/2022 EUR 51.750
UniCredit Bank AG 9.200 12/24/2021 EUR 63.750
UniCredit Bank AG 5.900 12/24/2021 EUR 77.410
Leonteq Securities AG/ 6.800 11/29/2021 CHF 77.520
Bayerische Landesbank 2.650 2/25/2022 EUR 78.700
BNP Paribas Emissions- 5.000 12/23/2021 EUR 74.340
BNP Paribas Emissions- 7.000 3/24/2022 EUR 56.290
Leonteq Securities AG/ 9.000 11/29/2021 EUR 75.540
UBS AG/London 10.500 11/15/2021 CHF 68.300
UBS AG/London 10.250 11/15/2021 CHF 74.250
UBS AG/London 10.000 1/17/2022 CHF 66.850
Leonteq Securities AG/ 7.750 1/17/2022 CHF 70.600
Vontobel Financial Pro 4.000 12/14/2021 EUR 72.570
DZ Bank AG Deutsche Ze 11.000 9/21/2022 EUR 62.180
DeltaCredit Bank JSC 1.000 10/20/2025 RUB 72.060
Bank Julius Baer & Co 13.950 03/01/2022 USD 59.550
Leonteq Securities AG/ 6.000 11/23/2021 CHF 53.910
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
DekaBank Deutsche Giro 2.400 6/17/2022 EUR 68.820
UBS AG/London 13.500 1/17/2022 CHF 64.500
Landesbank Baden-Wuert 2.650 3/25/2022 EUR 54.510
Landesbank Baden-Wuert 5.300 3/25/2022 EUR 46.680
Bank Julius Baer & Co 7.250 06/02/2022 CHF 73.250
Raiffeisen Schweiz Gen 5.000 9/13/2022 CHF 72.330
DekaBank Deutsche Giro 4.150 07/01/2022 EUR 69.350
Raiffeisen Schweiz Gen 5.500 5/24/2022 CHF 73.430
Otkritie Holding JSC 0.010 9/17/2027 RUB 4.200
UBS AG/London 9.250 10/21/2022 CHF 62.300
Zurcher Kantonalbank F 8.125 02/11/2022 EUR 62.360
Zurcher Kantonalbank F 9.750 02/11/2022 USD 62.980
UniCredit Bank AG 9.300 12/24/2021 EUR 63.220
Bank Julius Baer & Co 10.300 1/31/2022 USD 67.600
UniCredit Bank AG 8.100 12/24/2021 EUR 68.400
UniCredit Bank AG 10.100 12/24/2021 EUR 61.450
DekaBank Deutsche Giro 3.500 2/24/2023 EUR 72.720
UniCredit Bank AG 6.500 12/24/2021 EUR 73.260
UniCredit Bank AG 10.400 12/24/2021 EUR 52.520
UniCredit Bank AG 12.000 12/24/2021 EUR 75.620
UniCredit Bank AG 13.000 12/24/2021 EUR 72.050
UniCredit Bank AG 14.100 12/24/2021 EUR 68.840
UniCredit Bank AG 10.800 12/24/2021 EUR 33.440
UniCredit Bank AG 5.800 12/24/2021 EUR 74.190
UniCredit Bank AG 13.600 12/24/2021 EUR 70.410
UniCredit Bank AG 10.000 12/24/2021 EUR 34.680
UniCredit Bank AG 11.700 12/24/2021 EUR 32.310
UBS AG/London 13.000 2/14/2022 CHF 57.550
Leonteq Securities AG 11.000 01/03/2022 CHF 58.710
UniCredit Bank AG 8.100 12/24/2021 EUR 66.020
UniCredit Bank AG 10.300 12/24/2021 EUR 59.700
Leonteq Securities AG/ 15.180 12/27/2021 EUR 3.890
Zurcher Kantonalbank F 8.000 5/16/2022 CHF 62.290
UniCredit Bank AG 6.600 9/13/2023 EUR 72.100
Otkritie Holding JSC 0.010 12/08/2027 RUB 2.690
Zurcher Kantonalbank F 10.750 1/21/2022 CHF 58.600
Vontobel Financial Pro 10.000 11/22/2021 EUR 70.189
UniCredit Bank AG 4.800 12/24/2021 EUR 83.590
UniCredit Bank AG 9.200 12/24/2021 EUR 76.910
UniCredit Bank AG 6.100 12/24/2021 EUR 77.380
UniCredit Bank AG 10.500 12/24/2021 EUR 63.300
UniCredit Bank AG 10.300 12/24/2021 EUR 55.550
UniCredit Bank AG 11.300 12/24/2021 EUR 53.090
DekaBank Deutsche Giro 3.200 02/03/2023 EUR 83.370
Leonteq Securities AG 11.800 12/20/2021 CHF 65.090
Leonteq Securities AG 11.000 12/20/2021 CHF 72.450
Bayerische Landesbank 3.000 2/25/2022 EUR 73.910
Leonteq Securities AG/ 12.200 02/07/2022 USD 71.980
BNP Paribas Emissions- 6.000 3/24/2022 EUR 70.510
BNP Paribas Emissions- 5.000 3/24/2022 EUR 38.820
Pongs & Zahn AG 8.500 EUR 0.003
Leonteq Securities AG 18.000 11/24/2021 CHF 69.800
Landesbank Baden-Wuert 2.900 11/26/2021 EUR 76.280
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 70.830
Landesbank Baden-Wuert 2.000 11/26/2021 EUR 67.270
Landesbank Baden-Wuert 3.000 11/26/2021 EUR 62.830
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 59.890
Landesbank Baden-Wuert 3.500 11/26/2021 EUR 79.800
Landesbank Baden-Wuert 3.250 11/26/2021 EUR 72.800
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 70.240
DekaBank Deutsche Giro 3.700 11/25/2022 EUR 61.410
EFG International Fina 13.400 10/31/2022 CHF 68.510
UniCredit Bank AG 10.900 12/24/2021 EUR 63.250
UniCredit Bank AG 8.900 12/24/2021 EUR 72.030
UniCredit Bank AG 5.700 12/24/2021 EUR 53.500
UniCredit Bank AG 9.300 12/24/2021 EUR 43.350
UniCredit Bank AG 7.800 12/24/2021 EUR 46.850
UniCredit Bank AG 6.400 12/24/2021 EUR 66.610
UniCredit Bank AG 8.100 12/24/2021 EUR 46.490
UniCredit Bank AG 8.300 12/24/2021 EUR 61.150
UniCredit Bank AG 6.300 12/24/2021 EUR 71.870
UniCredit Bank AG 9.900 12/24/2021 EUR 59.460
UniCredit Bank AG 7.500 12/24/2021 EUR 67.170
UniCredit Bank AG 9.100 12/24/2021 EUR 41.210
UniCredit Bank AG 6.600 12/24/2021 EUR 72.860
UniCredit Bank AG 9.900 12/24/2021 EUR 48.410
UniCredit Bank AG 9.700 12/24/2021 EUR 42.550
UniCredit Bank AG 8.900 12/24/2021 EUR 44.420
UniCredit Bank AG 11.200 12/24/2021 EUR 39.280
UniCredit Bank AG 9.700 12/24/2021 EUR 69.690
UniCredit Bank AG 10.500 12/24/2021 EUR 67.510
UniCredit Bank AG 11.100 12/24/2021 EUR 56.290
UniCredit Bank AG 10.900 12/24/2021 EUR 37.780
UniCredit Bank AG 11.400 12/24/2021 EUR 44.820
UniCredit Bank AG 12.900 12/24/2021 EUR 41.790
UniCredit Bank AG 10.000 12/24/2021 EUR 41.810
UniCredit Bank AG 9.100 12/24/2021 EUR 50.450
UniCredit Bank AG 4.200 12/06/2022 EUR 68.920
EFG International Fina 13.000 11/08/2021 EUR 50.660
UBS AG/London 8.000 11/08/2021 CHF 70.550
UBS AG/London 8.250 11/08/2021 CHF 72.700
Bayerische Landesbank 3.000 11/26/2021 EUR 67.670
Leonteq Securities AG 7.500 11/08/2022 CHF 68.740
Leonteq Securities AG/ 12.000 11/08/2021 EUR 71.780
DekaBank Deutsche Giro 3.400 02/04/2022 EUR 80.490
SG Issuer SA 0.850 10/16/2024 EUR 12.710
BNP Paribas Issuance B 7.200 12/17/2024 SEK 69.390
Bank Julius Baer & Co 17.100 11/10/2021 USD 61.550
DekaBank Deutsche Giro 2.300 11/12/2021 EUR 56.190
Vontobel Financial Pro 7.000 6/24/2022 EUR 70.750
Vontobel Financial Pro 7.500 9/23/2022 EUR 72.810
Vontobel Financial Pro 6.500 9/23/2022 EUR 74.100
Vontobel Financial Pro 10.000 11/11/2021 EUR 69.850
Vontobel Financial Pro 9.100 2/21/2022 EUR 65.962
Lehman Brothers Treasu 7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasu 5.500 07/08/2013 EUR 0.100
Lehman Brothers Treasu 6.000 08/07/2013 EUR 0.100
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Lehman Brothers Treasu 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasu 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasu 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasu 5.500 4/23/2014 EUR 0.100
Deutsche Bank AG/Londo 2.000 10/25/2023 TRY 68.993
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Lehman Brothers Treasu 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasu 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasu 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasu 16.000 10/08/2008 CHF 0.100
Lehman Brothers Treasu 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasu 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasu 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasu 2.000 6/28/2011 EUR 0.100
BNP Paribas SA 0.500 11/16/2032 MXN 32.765
Lehman Brothers Treasu 7.150 3/21/2013 USD 0.100
Lehman Brothers Treasu 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu 1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasu 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 8.800 12/27/2009 EUR 0.100
Lehman Brothers Treasu 9.300 12/21/2010 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasu 11.750 03/01/2010 EUR 0.100
Lehman Brothers Treasu 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasu 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasu 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasu 4.600 08/01/2013 EUR 0.100
Lehman Brothers Treasu 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasu 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasu 7.600 03/04/2010 NZD 0.100
Lehman Brothers Treasu 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasu 5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasu 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasu 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasu 7.600 1/31/2013 AUD 0.100
Polski Bank Spoldzielc 3.780 9/14/2027 PLN 69.800
Lehman Brothers Treasu 8.000 3/19/2012 USD 0.100
Lehman Brothers Treasu 6.450 2/20/2010 AUD 0.100
Lehman Brothers Treasu 5.500 6/22/2010 USD 0.100
Lehman Brothers Treasu 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasu 12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasu 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasu 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu 2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasu 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasu 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasu 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasu 16.000 12/26/2008 USD 0.100
Lehman Brothers Treasu 13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasu 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasu 3.100 06/04/2010 USD 0.100
SAir Group 5.500 7/23/2003 CHF 12.625
Lehman Brothers Treasu 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasu 3.000 9/13/2010 JPY 0.100
Lehman Brothers Treasu 2.370 7/15/2013 USD 0.100
Espirito Santo Financi 5.625 7/28/2017 EUR 0.528
Credit Suisse AG/Londo 0.500 01/08/2026 BRL 59.660
Lehman Brothers Treasu 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasu 1.950 11/04/2013 EUR 0.100
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 67.960
Heta Asset Resolution 5.730 12/31/2023 EUR 1.558
Lehman Brothers Treasu 7.320 7/31/2013 GBP 0.100
Lehman Brothers Treasu 8.875 1/28/2011 HKD 0.100
BLT Finance BV 12.000 02/10/2015 USD 10.500
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Lehman Brothers Treasu 8.050 12/20/2010 HKD 0.100
Lehman Brothers Treasu 7.625 7/22/2011 HKD 0.100
Lehman Brothers Treasu 6.600 02/09/2009 EUR 0.100
Lehman Brothers Treasu 6.720 12/29/2008 EUR 0.100
Lehman Brothers Treasu 3.630 03/02/2012 EUR 0.100
IT Holding Finance SA 9.875 11/15/2012 EUR 0.030
IT Holding Finance SA 9.875 11/15/2012 EUR 0.030
Lehman Brothers Treasu 5.250 11/21/2009 USD 0.100
Credit Agricole Corpor 5.400 1/31/2028 BRL 69.021
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Eiendomskreditt AS 2.350 9/17/2029 NOK 69.958
Lehman Brothers Treasu 2.300 6/27/2013 USD 0.100
Lehman Brothers Treasu 3.820 10/20/2009 USD 0.100
Heta Asset Resolution 5.270 12/31/2023 EUR 1.566
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
SAir Group 2.750 7/30/2004 CHF 12.625
AlphaNotes ETP Dac 0.010 09/09/2029 USD 71.810
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
SG Issuer SA 3.000 10/10/2034 ZAR 48.435
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
KPNQwest NV 7.125 06/01/2009 EUR 0.453
DeltaCredit Bank JSC 1.000 7/28/2025 RUB 73.000
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.077
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.077
Pescanova SA 6.750 03/05/2015 EUR 0.319
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.229
Lehman Brothers Treasu 8.280 7/31/2013 GBP 0.100
Lehman Brothers Treasu 7.500 7/31/2013 GBP 0.100
Lehman Brothers Treasu 8.600 7/31/2013 GBP 0.100
Heta Asset Resolution 5.920 12/31/2023 EUR 1.558
Lehman Brothers Treasu 7.060 12/29/2008 EUR 0.100
Heta Asset Resolution 0.128 12/31/2023 EUR 1.558
Lehman Brothers Treasu 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasu 1.280 11/06/2010 JPY 0.100
Lehman Brothers Treasu 9.250 6/20/2012 USD 0.100
BNP Paribas Issuance B 3.880 08/05/2025 BRL 72.146
LBI ehf 5.080 03/01/2013 ISK 9.375
LBI ehf 8.650 05/01/2011 ISK 9.375
WPE International Coop 10.375 9/30/2020 USD 5.000
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Credit Agricole Corpor 10.800 3/24/2026 TRY 74.337
Lehman Brothers Treasu 3.000 09/12/2036 JPY 0.100
Lehman Brothers Treasu 6.700 4/21/2011 USD 0.100
Lehman Brothers Treasu 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasu 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasu 4.300 06/04/2012 USD 0.100
Lehman Brothers Treasu 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasu 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasu 4.680 12/12/2045 EUR 0.100
Lehman Brothers Treasu 4.820 12/18/2036 EUR 0.100
VTB Bank PJSC 0.010 6/17/2025 RUB 102.680
Heta Asset Resolution 7.500 12/31/2023 ATS 1.558
Lehman Brothers Treasu 4.100 8/23/2010 USD 0.100
Bibby Offshore Service 7.500 6/15/2021 GBP 11.625
Getin Noble Bank SA 6.700 11/09/2023 PLN 60.536
Lehman Brothers Treasu 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasu 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasu 0.010 9/20/2011 USD 0.100
Dyadya Doner OOO 13.500 4/25/2023 RUB 28.800
Lehman Brothers Treasu 11.250 12/31/2008 USD 0.100
Barclays Bank PLC 1.450 9/24/2038 MXN 37.084
Lehman Brothers Treasu 10.000 06/11/2038 JPY 0.100
Lehman Brothers Treasu 12.000 7/13/2037 JPY 0.100
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Lehman Brothers Treasu 2.000 6/21/2011 EUR 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Lehman Brothers Treasu 5.250 04/01/2023 EUR 0.100
Lehman Brothers Treasu 13.000 12/14/2012 USD 0.100
Lehman Brothers Treasu 6.000 6/21/2011 EUR 0.100
Getin Noble Bank SA 5.930 4/28/2023 PLN 76.111
Lehman Brothers Treasu 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasu 3.500 10/31/2011 USD 0.100
Lehman Brothers Treasu 3.500 10/24/2011 USD 0.100
Credit Agricole Corpor 10.200 12/13/2027 TRY 65.865
Lehman Brothers Treasu 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasu 1.750 02/07/2010 EUR 0.100
Lehman Brothers Treasu 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasu 6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasu 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasu 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasu 14.900 9/15/2008 EUR 0.100
Credit Agricole Corpor 6.000 2/26/2027 BRL 72.125
Lehman Brothers Treasu 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasu 7.550 12/29/2008 USD 0.100
Sberbank CIB JSC 0.010 01/04/2030 RUB 51.212
Lehman Brothers Treasu 6.600 2/22/2012 EUR 0.100
Petromena ASA 9.750 5/24/2016 NOK 0.607
Lehman Brothers Treasu 6.000 3/17/2011 EUR 0.100
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Lehman Brothers Treasu 8.000 4/20/2009 EUR 0.100
AKB Peresvet ZAO 0.510 6/23/2021 RUB 32.010
Lehman Brothers Treasu 8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasu 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasu 5.103 6/22/2046 EUR 0.100
Lehman Brothers Treasu 3.700 06/06/2009 EUR 0.100
Heta Asset Resolution 5.030 12/31/2023 EUR 1.558
Heta Asset Resolution 4.875 12/31/2023 EUR 1.558
Lehman Brothers Treasu 4.000 2/28/2010 EUR 0.100
Barclays Bank PLC 10.200 2/14/2025 TRY 75.505
Lehman Brothers Treasu 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasu 2.000 5/17/2010 EUR 0.100
Ukraine Government Bon 8.310 11/10/2034 UAH 70.481
Ukraine Government Bon 8.520 11/10/2033 UAH 72.677
Lehman Brothers Treasu 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu 2.000 10/28/2010 EUR 0.100
Ukraine Government Bon 8.420 05/10/2034 UAH 71.610
Lehman Brothers Treasu 8.000 08/03/2009 USD 0.100
Bank Otkritie Financia 10.000 4/26/2019 USD 9.563
Ukraine Government Bon 8.630 05/10/2033 UAH 73.817
Ukraine Government Bon 8.750 11/10/2032 UAH 75.013
Lehman Brothers Treasu 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasu 1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasu 11.000 12/19/2011 USD 0.100
Ukraine Government Bon 6.000 9/19/2029 UAH 65.603
Ukraine Government Bon 6.000 11/28/2029 UAH 65.140
Ukraine Government Bon 6.000 12/23/2026 UAH 73.833
Ukraine Government Bon 6.000 1/27/2027 UAH 73.476
Ukraine Government Bon 6.000 11/22/2028 UAH 67.742
Ukraine Government Bon 6.000 03/12/2031 UAH 62.276
Ukraine Government Bon 6.000 4/23/2031 UAH 62.056
Ukraine Government Bon 6.000 5/16/2029 UAH 66.474
Ukraine Government Bon 6.000 06/12/2030 UAH 63.884
Lehman Brothers Treasu 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 4.500 03/07/2015 EUR 0.100
Lehman Brothers Treasu 6.000 12/06/2016 USD 0.100
Lehman Brothers Treasu 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasu 4.250 3/13/2021 EUR 0.100
Lehman Brothers Treasu 0.500 2/16/2009 EUR 0.100
Northland Resources AB 4.000 10/15/2020 NOK 0.271
LBI ehf 2.250 2/14/2011 CHF 9.375
Ukraine Government Bon 6.000 10/15/2031 UAH 61.110
Lehman Brothers Treasu 4.000 11/24/2016 EUR 0.100
Purple Protected Asset 1.580 5/25/2060 EUR 66.639
DeltaCredit Bank JSC 1.000 10/30/2025 RUB 70.000
Lehman Brothers Treasu 0.750 3/29/2012 EUR 0.100
Lehman Brothers Treasu 3.025 1/31/2015 EUR 0.100
Deutsche Bank AG/Londo 0.500 10/18/2038 MXN 20.617
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Lehman Brothers Treasu 4.500 12/30/2010 USD 0.100
PA Resources AB 13.500 03/03/2016 SEK 0.124
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Lehman Brothers Treasu 3.000 08/08/2017 EUR 0.100
Lehman Brothers Treasu 4.500 03/06/2013 CHF 0.100
Lehman Brothers Treasu 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasu 5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasu 7.750 1/30/2009 EUR 0.100
Ukraine Government Bon 8.750 4/20/2033 UAH 74.586
Lehman Brothers Treasu 2.400 6/20/2011 JPY 0.100
Ukraine Government Bon 6.000 06/04/2031 UAH 61.809
Lehman Brothers Treasu 2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasu 7.585 11/22/2009 MXN 0.100
Ukraine Government Bon 5.000 2/20/2032 UAH 54.862
Lehman Brothers Treasu 4.350 08/08/2016 SGD 0.100
Lehman Brothers Treasu 4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasu 10.000 3/27/2009 USD 0.100
Lehman Brothers Treasu 7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasu 6.000 10/24/2008 EUR 0.100
Lehman Brothers Treasu 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasu 9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasu 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 3.850 4/24/2009 USD 0.100
Lehman Brothers Treasu 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasu 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasu 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasu 7.375 9/20/2008 EUR 0.100
Lehman Brothers Treasu 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasu 7.000 11/28/2008 CHF 0.100
Lehman Brothers Treasu 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasu 4.000 5/17/2010 USD 0.100
Lehman Brothers Treasu 2.480 05/12/2009 USD 0.100
Lehman Brothers Treasu 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasu 0.250 10/19/2012 CHF 0.100
AKB Peresvet ZAO 13.250 4/25/2018 RUB 32.625
Lehman Brothers Treasu 1.680 03/05/2015 EUR 0.100
Lehman Brothers Treasu 6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasu 3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasu 0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasu 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasu 5.100 05/08/2017 HKD 0.100
Nutritek International 8.750 12/11/2008 USD 2.089
Credit Agricole Corpor 11.190 03/12/2027 TRY 74.306
Lehman Brothers Treasu 6.000 5/23/2018 CZK 0.100
Lehman Brothers Treasu 2.250 05/12/2009 USD 0.100
Lehman Brothers Treasu 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasu 7.000 10/22/2010 EUR 0.100
LBI ehf 7.431 USD 0.001
Lehman Brothers Treasu 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasu 4.000 10/12/2010 USD 0.100
Lehman Brothers Treasu 4.200 12/03/2008 HKD 0.100
Lehman Brothers Treasu 1.500 10/12/2010 EUR 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
Lehman Brothers Treasu 8.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasu 3.000 8/13/2011 EUR 0.100
Lehman Brothers Treasu 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasu 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasu 4.100 06/10/2014 SGD 0.100
Lehman Brothers Treasu 3.500 12/20/2027 USD 0.100
Lehman Brothers Treasu 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasu 4.800 11/16/2012 HKD 0.100
Lehman Brothers Treasu 4.600 10/11/2017 ILS 0.100
Barclays Bank PLC 2.000 06/12/2029 TRY 28.627
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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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.
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