/raid1/www/Hosts/bankrupt/TCREUR_Public/211213.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 13, 2021, Vol. 22, No. 242
Headlines
B U L G A R I A
BULGARIA: Water Utilities Face Bankruptcy Over Electricity Prices
D E N M A R K
NORDIC AVIATION: Plans to File for Chapter 11
F R A N C E
BOOST BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
FAURECIA SE: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR
OBOL FRANCE 2: Moody's Affirms B3 CFR, Outlook Remains Stable
ODYSSEE INVESTMENT: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
G E O R G I A
TBC LEASING: Fitch Affirms 'BB-' LT IDR, Outlook Stable
G E R M A N Y
SAFARI BETEILIGUNGS: S&P Downgrades ICR to 'CC', Outlook Negative
THYSSENKRUPP AG: Moody's Affirms B1 CFR, Alters Outlook to Positive
[*] Oliver Otto Joins Rimon PC's Frankfurt Office as Partner
I R E L A N D
ALME LOAN III: Fitch Raises Class E-RR Notes to 'BB+'
ALME LOAN IV: Fitch Raises Class F-R Notes to 'B+'
OAK HILL IV: Fitch Raises Class F-R Notes to 'B+'
OAK HILL VI: Fitch Raises Class F Notes to 'B+'
SOUND POINT II: Fitch Rates Class F Notes 'B-', On Watch Positive
L U X E M B O U R G
ARMORICA LUX: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
KLEOPATRA HOLDINGS 2: Moody's Affirms B3 CFR, Alters Outlook to Neg
MILLICOM INTERNATIONAL: Egan-Jones Keeps B- Sr. Unsecured Ratings
TRAVIATA II: Moody's Assigns First Time B3 Corporate Family Rating
N E T H E R L A N D S
INTERTRUST NV: S&P Places 'BB' Sr. Sec. Notes Rating on Watch Dev.
NXP SEMICONDUCTORS: Egan-Jones Keeps BB- Senior Unsecured Ratings
SYNCREON GROUP: Moody's Withdraws B2 CFR on DP World Transaction
S P A I N
EUROPEAN RESIDENTIAL 2021-NPL1: S&P Assigns BB Rating to C Notes
U N I T E D K I N G D O M
ALEXANDER INGLIS: GrainCo Writes Off GBP4.5MM for Grain Stored
CO-OPERATIVE BANK: Moody's Hikes Long Term Deposit Rating to B1
INTERFACE CONTRACTS: Blames Lack of Investment for Collapse
MICRO FOCUS: Moody's Affirms B1 CFR, Alters Outlook to Negative
NEPTUNE ENERGY: S&P Alters Outlook to Positive, Affirms BB- Rating
VITAL INFRASTRUCTURE: Owes Over GBP18 Million to Creditors
X X X X X X X X
[*] BOND PRICING: For the Week December 6 to December 10, 2021
- - - - -
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B U L G A R I A
===============
BULGARIA: Water Utilities Face Bankruptcy Over Electricity Prices
------------------------------------------------------------------
Vladimir Spasic at Balkan Green Energy News reports that
state-owned water and sewerage utilities in Bulgaria are facing
bankruptcy due to high electricity prices caused by the energy
crisis.
According to Balkan Green Energy News, the government and
regulatory authorities are trying to find the solution, but for now
they have different views on the issue.
Electricity prices on power exchange IBEX in Bulgaria have risen
fivefold since January, from EUR45 per MWh to about EUR220, Balkan
Green Energy News discloses.
In total, 23 water and sewage companies under the Bulgarian Water
Supply and Sewerage Holding pay EUR150 per MWh while the price in
their business plans is EUR40 per MWh, Balkan Green Energy News
relays, citing the state-owned holding. Business plans serve as a
basis for setting their service prices which are both approved by
the Energy and Water Regulatory Commission (EWRC), Balkan Green
Energy News notes.
Electricity suppliers are warning the companies under the Bulgarian
Water Supply and Sewerage Holding, which serve about four million
people out of seven million in Bulgaria, they would be cut off over
unpaid bills, Balkan Green Energy News states.
According to Balkan Green Energy News, the holding said on its
website a few days ago, the holding managed to postpone the
termination of supply for one of its companies, ViK Vidin, which
was announced by the supplier Energo-Pro.
Representatives of the holding, the Ministry of Regional
Development and Public Works, and the Energy and Water Regulatory
Commission have held meetings but no solutions have been found yet,
Balkan Green Energy News notes.
The ministry and the holding are blaming the EWRC, Balkan Green
Energy News says. They say it has been refusing to take action for
several months to protect its operators, despite existing legal
provisions, according to Balkan Green Energy News.
Deputy Minister Valentin Gramatikov stressed water and sewerage
companies soon won't be able to perform their services, Balkan
Green Energy News notes.
He said there is no possibility that the new business plans with
new prices would be approved by the commission and come into force
on Jan. 1, so these companies must have new prices now, Balkan
Green Energy News relates.
According to Balkan Green Energy News, Executive Director of the
Bulgarian Water and Sewerage Holding Kancho Kanchev underlined the
current electricity prices do not correspond to the ones in the
companies' business plans.
Due to the huge difference, the debt to suppliers is EUR9 million
and almost all the firms have officially announced electricity
would be cut off, said Mr. Kanchev, adding that if nothing is done
the debt is set to reach EUR 70 million, Balkan Green Energy News
notes.
The ministry sees three solutions: a price revision by the
commission due to unforeseen and unavoidable events in line with
the law on water supply and sewerage services, speeding up the
procedure for adopting business plans, and to change the rule for
setting the prices of services, Balkan Green Energy News
discloses.
The Energy and Water Regulatory Commission has said it cannot save
water and sewerage utilities from bankruptcy, arguing it is not
responsible for the matter, Balkan Green Energy News recounts.
=============
D E N M A R K
=============
NORDIC AVIATION: Plans to File for Chapter 11
----------------------------------------------
Rachel Butt at Bloomberg News reports that Nordic Aviation Capital
AS is planning to file for Chapter 11 bankruptcy this month to
carry out its restructuring plan, according to people with
knowledge of the matter.
The aircraft lessor has shored up support from its largest
creditors to implement the plan, said one of the people, who asked
not to be identified because the discussions are private, Bloomberg
relates.
The people said major creditors have also agreed to provide
financing to help fund Nordic Aviation's operations through
bankruptcy, Bloomberg notes.
Under a previous agreement with its biggest creditor groups, Nordic
Aviation said it would convert "a substantial amount" of the
group's debt into equity and raise a US$300 million equity rights
offering and a US$200 million revolver, Bloomberg discloses. Debt
holders led by Silver Point Capital and Sculptor Capital Management
are set to take control of the aircraft lessor, Bloomberg states.
According to Bloomberg, one of the people said the company remains
on track to raise US$500 million of new money. Chapter 11 allows a
firm to continue operating while it works out a plan to repay its
debts, Bloomberg notes.
Nordic Aviation Capital is an aircraft leasing company based in
Billund, Denmark. NAC owns the world's largest fleet of smaller
regional aircraft.
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F R A N C E
===========
BOOST BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to French online office equipment distributor Boost Holdings
(Bruneau) and its 'B' issue rating to the company's EUR305 million
term loan B (TLB), due 2028.
S&P said, "The stable outlook reflects our expectations that
Bruneau will display modest revenue growth and stable profitability
metrics over the next year by maintaining its niche market
position, supported by continuous efforts to contain costs and a
focus on marketing.
"We are finalizing our ratings because the company completed the
refinancing in a timely fashion and as per our expectations. The
rating reflects Boost's successful refinancing in November, in line
with our expectations, as well as the company's ownership by
private-equity shareholders (Towerbrook and Equistone), with
management holding about 18% of its shares. The company's capital
structure is straightforward, with gross debt of about EUR400
million (excluding leases). This comprises a EUR305 million TLB and
a EUR93 million shareholder loan--even if we recognize there are
some equity-like features in it, which we treat as debt, while the
cash position remains minimal.
"The stable outlook reflects our expectations that Bruneau will
display modest revenue growth and stable profitability metrics over
the next year by maintaining its niche market position, supported
by continuous efforts to contain costs and a focus on marketing.
"We anticipate the group will post annual S&P Global
Ratings-adjusted EBITDA of about EUR80 million and materially
positive free operating cash flow (FOCF) of more than EUR35
million, resulting in adjusted leverage of about 5.5x (including
the shareholder loan), while maintaining a comfortable liquidity
position.
"We could lower our ratings on Bruneau if the group's operating
performance is meaningfully below our expectations, leading
adjusted leverage to increase to 8x or more including the
shareholder loan and 7x or more excluding the loan. This could stem
from rapid deterioration of market share, or massive operating
disruptions. We estimate that annual EBITDA of EUR50 million,
together with a deterioration of the group's FOCF toward zero
without prospects of rapid improvement, could lead to rating
pressure.
"We note the existing instruments restrict additional debt,
acquisitions, and dividend distributions, which limits the risk of
higher leverage in the coming years.
"We see the possibility of a higher rating as remote in the next
year. However, an upgrade could be supported over time by much
lower leverage of well below 5x on an adjusted basis (including the
shareholder loan) and a clear commitment from shareholders to
maintain this level over time, alongside at least adequate
liquidity and material positive FOCF. This could also be supported
by much higher EBITDA, enhanced market positions, and more
geographical diversity in its operations."
FAURECIA SE: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from positive and
affirmed its 'BB' long-term issuer credit and issue ratings on
global auto supplier Faurecia SE.
The stable outlook reflects S&P's expectation that Faurecia will
maintain FFO to debt above 15% and FOCF to debt above 5% in 2022
and 2023 as it integrates Hella, supported by progressively
recovering auto production and the group's initiatives to limit its
indebtedness.
Prolonged market weakness and operating challenges will hamper
Faurecia's credit metric improvement in 2021. Global automotive
production is set to only modestly recover by 1%-3% in 2021 from
last year's volume trough as a result of the industry's chip
shortage and other related supply chain bottlenecks. S&P said, "We
anticipate this will limit Faurecia's revenue growth to 3%-5% in
2021, amplified by its exposure to more volume-driven original
equipment manufacturers (OEMs) and to the more affected European
market (48% of 2020 sales). This is much weaker compared with our
August 2021 base case of 12.5%-14.5% and will also affect the
group's EBITDA margins due to operating leverage. We estimate that
production disruptions created by volatile OEMs orders as well as
ramp-up issues on a new seating program at the Highland Park
facility (negative earnings impact of about EUR80 million) will
further cap Faurecia's adjusted EBITDA margins at 8%-9% this year
compared with 9%-10% in our previous forecast. We also project
lower earnings will translate into more modest FOCF generation of
about EUR300 million in 2021 and ultimately weaker leverage
metrics. We notably anticipate FFO to debt and FOCF to debt to now
remain below our respective 20% and 10% upside thresholds which we
expected the company to reach in 2021 before integrating Hella."
Operating headwinds could persist until at least mid-2022 and will
further delay deleveraging after the Hella acquisition. S&P said,
"We believe that component shortages and supply chain bottlenecks
will carry through into 2022, limiting the visibility on a marked
and steady recovery for automotive production. Semi-conductor
scarcity is particularly affecting the soon-to-be consolidated
electronics division of Hella (about 42% of sales) and Faurecia's
Clarion segment because they are highly reliant on chips and other
electronical components. Our new 10%-12% organic revenue growth
assumption for the combined group in 2022 assumes a strong volume
rebound in the second part of the year on the back of more stable
auto production and components availability, with still limited
visibility in first half of 2022. Higher raw material,
transportation, and labor costs are other challenges that could
somewhat limit the improvement in adjusted pro forma EBITDA margins
to 9%-10% next year. While Faurecia has a track record of passing
through about 80% of raw material cost increases to OEMs, higher
distribution and labor expenses are typically more difficult to
compensate. We also anticipate the earnings impact from the
Highland Park ramp-up issues to come down below EUR30 million next
year but view the general tightness in the U.S. labor market as a
downside risk to our margin assumption. Overall, and assuming about
EUR4 billion of higher adjusted debt to fund the Hella transaction,
we project FFO to debt of 15%-20% in 2022 and only increasing above
20% in 2023. While we anticipate EBITDA growth will translate into
higher FOCF of EUR500 million-EUR600 million in 2022, we estimate a
broadly neutral contribution from Hella as volatile industry
conditions complicate efficient inventory management and
investments remain high. We forecast that this will translate into
pro forma FOCF to debt remaining at 6%-8% in the next two years,
only approaching our upside threshold of 10% beyond 2023. Moreover,
given the multitude of supply-side bottlenecks and an often-unclear
path to their resolution, the degree of uncertainty inherent in our
forecast and our projected improvement in credit metrics is now
higher than previously, which is also indicated by the outlook
change."
Faurecia's financial policy commitments provide comfortable rating
headroom at the 'BB' rating level. The group's reiterated decision
to fund the EUR5.3 billion purchase of 79.5% of Hella's capital
with equity, as well as the intention to explore smaller asset
disposals for up to EUR1 billion in the next two years will help
keep FFO to debt and FOCF to debt well within the 15%-20% and
5%-10% bandwidths that we view as commensurate with the rating. The
EUR1.3 billion equity component breaks down into about EUR570
million out of the EUR4.0 billion for the initial purchase of the
60% stake held by the Hella family payable in shares, and a planned
subsequent rights issue of about EUR700 million. The lower
immediate cash requirements to close the transaction than in a 100%
tender offer acceptance rate scenario also provides some
flexibility for Faurecia's financial policy. S&P said, "We estimate
this will lead to a lower adjusted debt build up to close to EUR9
billion in 2022 compared with over EUR10 billion in our previous
forecast. While we anticipate that Faurecia will target a higher
ownership of Hella beyond 2022, we believe that the ultimate amount
of minority interest purchases is not clear at this stage and
execution could take time. Furthermore, management remains
committed to reduce reported net debt to EBITDA to no more than
1.5x by 2023, which would be below the 1.6x-1.8x that we forecast
for full-year 2021 on a stand-alone basis. This leads us to believe
that the company will modulate its shareholder returns in line with
operating performance to achieve this target, and that management
will refrain from making further material debt-funded acquisitions
during this period."
S&P said, "The stable outlook reflects our expectation that
Faurecia will maintain FFO to debt and FOCF to debt above 15% and
5% in 2022 and 2023 as it integrates Hella, supported by
progressively recovering auto production and the group's
initiatives to limit its indebtedness. We anticipate pro forma
adjusted EBITDA margins will progressively increase above 10% over
this period, supported by annual pro forma revenue growth of
10%-12%, ramp-up of synergies, and continued cost efficiencies in
Faurecia's and Hella's stand-alone operations.
"We could raise our rating on Faurecia in the next 18-24 months if
it deleverages faster than currently expected after the acquisition
of Hella, with FFO to debt recovering above 20% and FOCF to debt
showing a clear trajectory toward 10%. To achieve these ratios, we
estimate Faurecia would need to improve its pro forma adjusted
EBITDA margin and annual FOCF above 11% and EUR800 million,
respectively.
"We could lower our rating on Faurecia if we anticipate FFO to debt
and FOCF to debt declining to below 15% and 5% with no prospects
for a quick recovery. This scenario could stem from prolonged auto
production weakness, operating setbacks or challenges with
integrating Hella, leading to weaker-than-expected EBITDA margins
and FOCF, possibly compounded by unsuccessful attempts to curb
leverage through measures such as asset disposals."
OBOL FRANCE 2: Moody's Affirms B3 CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Obol France 2 SAS (a holding company owner of French
funeral operator OGF), and its B3-PD probability of default rating
following the proposed amend and extend exercise of its term loan
and revolving credit facility. Concurrently, Moody's has assigned a
B3 rating to the EUR816 million senior secured Term Loan B and the
EUR60 million senior secured revolving credit facility (RCF) due
2025, both borrowed by Obol France 3 SAS, a fully owned subsidiary
of Obol France 2 SAS. The outlook remains stable.
RATINGS RATIONALE
OGF plans to amend its existing EUR941 million term loan and EUR60
million revolving credit facilities to (1) extend their maturity by
more than two and a half years to September and December 2025,
respectively, (2) reprice the existing facilities, and (3) repay
EUR125 million of its TLB with proceeds from the issuance of a
payment-in-kind (PIK) instrument raised by Obol France 1 SAS, a
vehicle sitting outside of the restricted group.
The proposed amendment will result in a 125 bps increase in the TLB
margin as well as a 100 bps increase in the revolving facility
margin to 475 bps and 450 bps, respectively. The company will pay a
0.5% consent fee amounting to c. EUR4 million.
Moody's expects the transaction will result in a reduction of
around 1.0x in the company's leverage, to around 6.7x, from
previously expected 7.7x by financial year ending March 31, 2022.
The maturity extension of its facilities is positive from a
liquidity and refinancing risk perspective. However, even after the
partial repayment of the TLB, leverage remains above the 6.0x
threshold for an upgrade to B2. In addition, the EUR125 million PIK
raised outside the restricted group creates structural complexity
and increases the risk that the instrument may be refinanced within
the restricted group in the future once sufficient financial
flexibility develops.
Moody's expects the company to continue to generate positive FCF of
around EUR20 million annually. The interest savings resulting from
the partial repayment of the term loan will be compensated by the
increase in margin following the amend and extend exercise.
The B3 rating continues to reflect the company's relatively small
size and geographical concentration in France; the expected lower
mortality in coming years after the sharp increase resulting from
the coronavirus pandemic; the expected increase in costs as a
result of rising inflation; the fragmented and competitive French
funeral services industry, which has led to a gradual erosion of
OGF's market share and makes the company reliant on expansionary
capital spending and acquisitions to achieve growth; and the
execution risk related to the company's initiatives aimed at
defending its market share and restoring organic earnings growth.
OGF's rating is supported by its leading market position in France
with a nationwide presence and a solid asset base; the defensive
growth of the funeral industry in the long term because of an
ageing population; its solid profitability, underpinned by an
integrated business model, a positive track record in upselling and
implementing price increases; its good liquidity and free cash flow
generation capacity; and the potential for the revised strategy to
restore organic topline growth and improve cost efficiencies.
LIQUIDITY
OGF's liquidity is adequate. As of July 2021, the company had a
sizeable cash buffer of EUR34 million and access to a fully undrawn
EUR60 million committed revolving credit facility (RCF). The RCF
contains a springing covenant of net leverage not exceeding 9.45x,
tested when the facility is more than 35% utilised. Moody's expects
OGF to maintain a comfortable buffer against this threshold.
These sources of liquidity, together with annual operating cash
flow of EUR90 million- EUR100 million, will be more than sufficient
to cover the company's cash needs, primarily capital spending of
around EUR40 million and lease payments of around EUR35 million.
Following the amend and extend exercise, the company will not have
debt maturities until December 2025, when the TLB is due.
STRUCTURAL CONSIDERATIONS
Following the amend and extend transaction, the group's capital
structure will comprise a EUR816 million senior secured term loan B
due in December 2025 and a EUR60 million senior secured RCF due in
September 2025. The B3 ratings of the term loan B and the RCF are
in line with the CFR, reflecting the fact that these two facilities
rank pari passu and represent substantially all of the company's
financial debt. Both instruments are secured by first-priority
ranking pledges over shares, intercompany receivables and bank
accounts, and are guaranteed by the group's operating subsidiaries
representing not less than 80% of its consolidated EBITDA.
OGF's B3-PD probability of default rating reflects Moody's
assumption of a 50% family recovery rate, in line with first-lien
covenant-lite structures.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectation that OGF will
stabilize its earnings by maintaining its market share and pricing
power, as well as via cost-cutting initiatives, with its
Moody's-adjusted gross debt/EBITDA trending towards 6.0x over
2022-2023. Moody's also expects that the company will maintain a
cautious approach towards acquisitions, while it will continue to
keep a good liquidity and positive FCF generation.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the rating could develop in case of higher than
anticipated earnings growth, leading to a reduction in leverage
such that the company's Moody's-adjusted gross debt to EBITDA ratio
improves sustainably below 6.0x. A positive rating action would
also require the company to maintain positive free cash flow
generation and adequate liquidity. Given the presence of the PIK
instrument outside of the restricted group, an upgrade would also
require visibility on the refinancing of this instrument, which
represents around 1.0x of the company's EBITDA.
Downward pressure could materialize if OGF's leverage increases on
a sustainable basis, as a result of weaker operating performance or
debt-financed acquisitions. The ratings could also be downgraded if
OGF's free cash flow turns negative or if its liquidity
deteriorates significantly, in case of a material shareholder
distribution or more aggressive acquisition spending.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: Obol France 3 SAS
Senior Secured Revolving Credit Facility, Assigned B3
Senior Secured Term Loan B2, Assigned B3
Affirmations:
Issuer: Obol France 2 SAS
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Outlook Actions:
Issuer: Obol France 2 SAS
Issuer: Obol France 3 SAS
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Obol France 2 SAS (OGF) is the leading funeral services company in
France. In financial year 2021, OGF generated revenue of EUR637
million and company-reported EBITDA of EUR134 million, excluding
IFRS16. Since 2017, Ontario Teachers' Pension Plan is the
controlling shareholder of OGF, holding around 97% in 2021, with
the remaining shares owned by the company's management and
employees.
ODYSSEE INVESTMENT: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned French telecom network services provider
Odyssee Investment Bidco's (Odyssee) a final Long-Term Issuer
Default Rating (IDR) of 'B+'. The Outlook is Stable. Fitch has also
assigned Odyssee's EUR1,625 million senior secured term loan B
(TLB) a final rating of 'BB-'. The ratings take into account
Odyssee's proposed fungible add-on totalling EUR200 million and the
revolving credit facility (RCF) that will be used to finance two
new M&A transactions.
The ratings reflect high funds from operations (FFO) gross leverage
(adjusted for acquisitions) of 7x at closing of the new
acquisitions, despite expected strong free cash flow (FCF)
generation supported by Odyssee's above-average profitability.
However, Fitch expects Odyssee to deleverage towards a 'B' rating
category median of 5.5x over Fitch's four-year forecast period.
Rating weaknesses are offset by a business profile in a 'BB' rating
category, with leading market shares in select geographies, and
improving diversification following expansion into the US market.
Odyssee's EBITDA and size have continued to grow with inorganic
investments but new geographies could present execution risks.
KEY RATING DRIVERS
High Pro-Forma Leverage: Fitch expects pro-forma FFO gross leverage
for Odyssee to be above 7x, which is not commensurate with a 'B'
rating category median of 5.5x. The debt-financed investments
improve Odyssee's business profile, and Fitch's expectations of
deleveraging are improved by additional equity. Fitch believes that
Odyssee has the ability to deleverage rapidly to below 6x in the
medium term on the back of an expected strong FCF margin of 4%-5%,
reflecting a flexible cost base. Its FCF generation is commensurate
with a 'BB' rating category, which partially mitigates its high
leverage metrics.
Strong Profitability: Fitch expects Odyssee's profitability and
cash generation to remain strong for the rating with forecast EBIT
and FFO margins of about 11% and 9%, respectively, over 2021-2024.
This is despite Fitch's lower profitability assumptions for the US
business. Odyssee's profitability is strong compared with that of
peers such as Spie and Whistler, and in line with investment-grade
medians in Fitch's diversified services navigator. Odyssee benefits
from a competitive business model based on a variable cost base in
a lean and flexible organisation, well-managed recourse to
sub-contractors and solid project management. Additionally, it has
low capex requirements compared with other business services
groups.
Ambitious Organic Growth Expectations: Odyssee is expected to
benefit from low penetration rates and strong growth prospects in
the new geographies it has entered, such as Germany and Benelux.
Fitch expects Odyssee's organic growth to be in line with
historical averages, around 4%-5% of revenue in Fitch's forecast
period, which is lower than management's projections. Despite
recent large acquisitions, Fitch does not expect Odyssee to make
sizeable acquisitions or aggressive shareholder-friendly policies
that will drive leverage higher. Deviation from these expectations
could hinder deleveraging and increase pressure on the current
ratings.
Modest Business Profile: Market-leading positions, strong contract
execution and a reputation for expertise and quality continue to
support Odyssee's business profile. Its scale and diversification
are commensurate with a 'BB' rating. Fitch expects EBITDA to be
close to EUR440 million post acquisitions by the end of 2022.
Dependence on the French telecom infrastructure and on Orange has
declined further following recent acquisitions. Services
diversification is also satisfactory as Odyssee moves up the value
chain and increases its added-value per contract. Nonetheless,
customer, geographic and end-market concentration remains. Its
contracted income structure is expected to remain in line with a
'B' rating category.
Acquisitions to Improve Market Penetration: Odyssee has entered
Benelux and consolidated its presence in Germany, the UK, and Spain
with acquisitions, and will broaden its global footprint in the
US.. Further expansion into the US lowers single-market exposure to
France. Odyssee continues to expand its customer base, which
translate into greater penetration of existing non-French clients.
The acquisitive strategy, however, presents moderate execution
risks.
Leading Market Position: Leading market positions in its core
service fields in France, Ireland and the UK, Germany, and Benelux
with its Circet and KN brands, are a strong positive credit factor.
Odyssee has effectively used its expertise in telecom
infrastructure services to secure out-sourcing contracts with
several major European telecom operators, such as Orange, SFR,
Deutsche Telekom, and BT/Openreach. Fitch believes that the group
is the only market operator able to work on all technologies while
being involved in the design, roll-out, activation and maintenance
of their client's network.
Small U.S. Contribution Likely: In the less profitable US market,
Odyssee is expected to remain a small operator in the medium term,
but with good growth prospects, driven by low penetration rates in
the states it operates in. Although Odyssee has entered this market
with a JV partner, which shares its expertise and minimises
execution risks, expansion into the US market on a large scale is
challenging and not expected to be a major contributor to the
business profile.
Manageable Earning Risks: Moderate diversification and a
significant exposure to build contracts create meaningful, but
manageable, earning risks, notably through contract renewal risk.
Its operations remain concentrated in France (42% pro-forma for
recent acquisitions), but Fitch expects this share to decrease. Its
two largest customers still account for around 24% of revenue and
its services offering is focused on the telecommunication
infrastructure market. Longer technology cycles and high fiber
coverage in the long term could weigh on the availability of build
contracts. The telecom industry's low cyclicality, growing
maintenance and subscriber connection capabilities, good retention
rate and the trend toward out-sourcing are mitigating factors.
DERIVATION SUMMARY
Odyssee's business profile solidly maps to the 'BB' rating
category. Its ratings are supported by leading market positions,
strong contract execution, adequate scale and services
diversification within the TMT sector, and exposure to high-profile
customers. However, diversification and customer concentration
remain weak features of the business profile. Odyssee is stronger
than smaller similarly-rated peers that are more focussed on one
service offering and one country. It also compares well with peers
that offer a wider range of services to broader end-markets, such
as Spie, Morrison or Telent.
As with most Fitch-rated medium-sized business services companies,
Odyssee benefits from a leading position on a specific end-market.
Sales also tend to be concentrated on a limited number of customers
in a small number of countries. However, this is a characteristic
of the TMT sector composed of few operators, often a leader in
their own country. Fitch believes that Odyssee's resilience through
the cycle is likely to be greater than services peers' as the group
is exposed to the telecom industry with low cyclicality.
Odyssee's lean and flexible cost structure supports operating and
cash profitability that is both significantly higher than peers'
and strong for the current rating. Pro-forma FFO gross leverage of
7x is high for the rating, and is above Fitch's 'B' rating median
of 5.5x. However, Fitch expects Odyssee to deleverage rapidly to
below 6x within the next 24 months on the back of strong FCF
generation, which is more commensurate with the current rating.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Organic revenue to grow 3%-5% p.a. to 2024;
-- Revenue in 2021 and 2022 driven by acquisitions;
-- Group EBIT margin at 10%-11%, with some dilution effect from
M&As for 2021-2024;
-- Capital expenditure around 1.5% of revenue in 2021-2024;
-- Small bolt-on acquisitions capped at EUR50 million per year in
2023 and 2024 and all cash-funded;
-- Change in working capital around 2%-3% of revenue p.a. to
2024.
Going-Concern (GC) Approach
A GC EBITDA of EUR260 million, compared with 2022 pro forma
post-acquisition EBITDA of EUR400 million is assumed, implying a
discount rate of about 33% (previously 31%). A financial distress
is likely to occur if Odyssee loses one or two customers that
account for 10%-20% revenue, coupled with erosion in EBITDA margin
toward the industry average (approx. 10%) from the current double
digits. Fitch's cash flow calculation shows, with the assumed GC
EBITDA, Odyssee is still able to remain cash flow-neutral as a GC.
An enterprise value (EV) multiple of 5.0x is used to calculate a
post-reorganisation valuation, which reflects Odyssee's absolute
small size (though sizable relative to peers') and a business model
that is exposed to regulations, TMT development and concentration
in customers.
RCF, TLB, and small amount of local bank lines comprise Odyssee's
debt quantum. The RCF carries a springing covenant (net senior
secured debt leverage of under 9.0x) when utilisation exceeds 40%.
Fitch does not expect any breach of covenant with Fitch's GC EBITDA
assumption. Therefore, the RCF is assumed to be fully drawn at
EUR300 million. Fitch also considered the factoring utilisation of
EUR160 million in the recovery analysis.
Our analysis results in an instrument rating of 'BB-' with a
Recovery Rating of 'RR3' and 52% recoveries.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO gross leverage sustainably below 5.5x;
-- FCF margin sustainably above 5%;
-- Increasing share of life-of-contract revenue and improving
contract length.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failing to deliver an FFO gross leverage below 6.5x before
end-2022;
-- FCF margin below 2.5%;
-- Loss of contracts with key customers.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Fitch expects Odyssee to have approx. EUR40
million cash at end-2021 and close to EUR100 million at end-2022,
after Fitch's adjustment for restricted cash. Fitch deems
internally generated cash more than sufficient to accommodate
working-capital swings. The liquidity position is additionally
supported by the untapped portion of RCF worth EUR113 million post
its US company acquisition. On the back of solid cash generation,
Fitch anticipates gradual cash build-up in the coming years to more
than EUR400 million by 2023, which will grant the group some
deleveraging capacity.
ISSUER PROFILE
France-based Odyssee is the number one provider of telecom
infrastructure services for telecom operators in France and now has
leading positions in several other European countries.
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.
=============
G E O R G I A
=============
TBC LEASING: Fitch Affirms 'BB-' LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed JSC TBC Leasing's (TBCL) Long-Term
Issuer Default Rating (IDR) at 'BB-', with a Stable Outlook.
TBCL operates solely in Georgia, its domestic market, and is the
market leader in leasing. The company mainly provides financial
leasing to the corporate clients of TBC Bank (BB-/Stable/bb-) as
well as to SMEs, microbusinesses and individuals.
KEY RATING DRIVERS
TBCL's IDRs are driven by expectations of support from TBC Bank.
The Stable Outlook mirrors that on the parent. Fitch's view of a
high probability of support is based on the high reputational risk
from a subsidiary default for TBC Bank, as this would significantly
damage its reputation with its key wholesale lenders.
Fitch's view is also underpinned by full ownership, close
integration with and a record of capital and funding support from
TBC Bank. To support TBCL's growth, the parent has injected new
equity on several occasions (most recently in December 2019) and
has already approved additional available capital of GEL2.5
million, to be disbursed based on TBCL's needs. TBC Bank provides
TBCL with subordinated and senior loans as well as letters of
support to enable third-party borrowing. It also facilitates TBCL's
bond placements.
TBCL operates solely in Georgia, and is the market leader in
leasing. TBCL's clients are often higher-risk than those of TBC
Bank (the impaired exposures ratio, including both leases and other
financial assets, slightly decreased in 9M21 from a peak of 24% at
end-2020), but this is partly mitigated by access to liquid
collateral and from the adequate pricing of risk. TBCL aligns its
strategy and risk policies with those of the parent, although
TBCL's management is independent in its operational decisions.
TBCL's standalone credit profile does not drive the IDR as it is
constrained by a monoline business model, weak asset quality, high
risk appetite, and tolerance for high leverage (gross debt to
tangible equity of 7.2x at end-3Q21). Positively, TBCL's
profitability is a strength (pre-tax income to average assets of
annualised 2.8% in 9M21), being above TBC Bank's target and
highlighting TBCL's positive contribution to the parent's
performance.
TBCL's senior secured debt rating is equalised with the company's
Long-Term IDR, notwithstanding the bond's secured nature and an
outstanding buffer of contractually subordinated debt. This
reflects high uncertainty on asset recoveries in the event of both
TBCL and TBC Bank being in default, a scenario that would likely be
accompanied by considerable macroeconomic stress in the country.
RATING SENSITIVITIES
Developments that may collectively or individually lead to positive
rating action/upgrade:
-- An upgrade of TBC Bank's Long-Term IDR by one notch would lead
to an upgrade of TBCL's IDR and senior secured bond rating;
-- An upgrade of TBCL's Long-Term IDR would be mirrored in an
upgrade of the company's senior secured bond rating.
Developments that may collectively or individually lead to negative
rating action/downgrade:
-- A downgrade of TBC Bank's Long-Term IDR would lead to a
downgrade of TBCL's IDR, because the two IDRs are equalized;
-- A material weakening of TBC Bank's propensity or ability to
support TBCL could result in the subsidiary's rating being
notched down from the parent's IDR. This could be driven, for
example, by greater regulatory restrictions on support or
diminishing of TBCL's strategic importance;
-- A downgrade of TBCL's Long-Term IDR would be mirrored in a
downgrade of the company's senior secured bond rating.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
TBCL's IDRs are driven by support from TBC Bank.
ESG CONSIDERATIONS
As support-driven issuers have strong linkages to their support
providers, the ESG Relevance Score assigned to the 'supported'
subsidiaries often mirror those of their corporate and FI parents.
This reflects Fitch's opinion that many of the ESG elements at the
parent level are credit-relevant for the subsidiary.
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.
=============
G E R M A N Y
=============
SAFARI BETEILIGUNGS: S&P Downgrades ICR to 'CC', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Safari Beteiligungs GmbH (Safari) and its EUR350 million
senior secured notes to 'CC' from 'CCC'.
The negative outlook indicates that S&P would lower its ratings on
Safari and its debt to 'SD' (selective default) and 'D' (default),
respectively, if the proposed debt restructuring is undertaken.
The downgrade stems from Safari's announcement of a
debt-restructuring plan.On Dec. 2, 2021, Safari announced an ad-hoc
group of noteholders had reached an agreement for the terms of a
proposed refinancing transaction. Subject to requisite consents and
approvals needed to complete the transaction, it will include the
following terms:
-- The exchange of EUR130 million senior secured notes into
payment-in-kind (PIK) notes at the holding company level, with a
maturity in September 2026. These notes will be unsecured and
subordinated to the debt outstanding at Safari Holding Verwaltungs
GmbH, and mandatorily convertible into preferred equity if they are
not repaid at maturity.
-- Amendments to the remaining EUR220 million of senior secured
notes outstanding that will see the maturity extended by three
years to December 2025, from November 2022, and variations to note
interest payable, from an all-cash interest structure to a
pay-if-you-can cash and PIK interest structure for the first 18
months.
-- Provision of an additional EUR30 million of senior secured
notes with the same terms as the amended senior secured notes. The
proceeds from these notes will be used together with cash on
balance sheet to repay the outstanding EUR40 million revolving
credit facility (RCF). These new notes will not be issued if Safari
can raise a EUR30 million super senior RCF prior to the effective
date.
-- At the effective date, the existing senior secured note holders
will become majority shareholders of Safari.
Implementation of the proposed transaction will be subject to the
level of consent achieved in the lock-up agreement. If a minimum of
90% of each series of existing noteholders consent, the transaction
will be implemented without need for a scheme of arrangement. If
75%-90% of the note value representing noteholders consent, an
English scheme of arrangement will be launched. S&P understands
that more than 75% of noteholders have provided nonbonding
indications of support for the transaction. Therefore, S&P believes
there is a high probability of the group completing the
restructuring.
S&P said, "We view the proposed transaction as distressed and
therefore, upon implementation, we will view it as a tantamount to
a default.In our view, the transaction will result in investors
receiving less than originally promised on the original securities,
comprising the EUR350 million senior secured notes due November
2022. We view the current capital structure as unsustainable,
including a high level of debt and servicing costs, rendering a
debt restructuring highly likely even if there was a deviation from
the proposed terms. We believe the effects of regulatory measures
and--in more recent times--continued near term impacts from
pandemic-related restrictions, will continue to weigh on the
group's performance and credit metrics, also increasing the
refinancing risk associated with its upcoming maturities. We
therefore consider the proposed transaction distressed rather than
opportunistic. As a result, upon the proposed transaction becoming
effective, we expect to lower our long-term issuer credit rating on
Safari to 'SD'.
"We believe the group has near-term operational liquidity.Safari's
liquidity has been supported by nearly EUR80 million of state aid
received in April, May, and November 2021. With EUR73 million of
cash on the balance sheet at June 30, 2021, Safari has sufficient
liquidity to pay about EUR19 million of interest due in the next 12
months and does not face imminent liquidity stress. We understand
the company intends to pay its next interest coupon due
mid-December. However, this is subject to the evolution of the
pandemic in Germany and potential further restrictions that could
hamper the group's capacity to operate and deteriorate its
liquidity position."
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 the 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 can expect a
precautionary stance in markets, as well as 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 negative outlook indicates that we would lower the
ratings on Safari and its debt to 'SD' (selective default) and 'D'
(default), respectively, if the proposed debt restructuring is
undertaken. Although not our base case, we could also lower the
ratings if the group misses an interest payment or otherwise
defaults prior to the implementation of the proposed restructuring.
Subsequently, we will review the company's entire capital
structure, financial plan, and liquidity.
"We would lower our long-term issuer credit rating on Safari to
'SD' and our issue rating on the debt instruments to 'D' upon
completion of the restructuring. We could also lower the ratings if
the group misses an interest payment, or otherwise defaults prior
to the restructuring.
"As the group progresses toward implementation of a restructuring,
we currently view upside as remote until execution and
implementation has occurred, after which we would assess the new
capital structure. We could raise the issuer credit rating if the
transaction is not executed and we no longer view default as a
virtual certainty, for instance, if the group receives material
extraordinary liquidity and equity capital support from its
shareholders or the government."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
THYSSENKRUPP AG: Moody's Affirms B1 CFR, Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and the B1-PD probability of default rating of German steel
and diversified industrial company thyssenkrupp AG ("tk" or
"group"). Moody's also affirmed the B1 ratings on the group's
senior unsecured debt instruments, including the (P)B1 euro debt
issuance programme rating and the NP/(P)NP short-term ratings. The
outlook on all ratings has been changed to positive from stable.
"The outlook change to positive recognizes tk's strengthened
operating performance in the financial year ended September 2021
(2020/21), the strong recovery in earnings and significantly
reduced cash burn compared with the prior year", says Goetz
Grossmann, a Moody's Vice President and lead analyst for tk. "While
some credit metrics remain stretched for the B1 rating at present,
we expect them to continue improving and free cash flow to near
break-even in 2021/22, primarily driven by the group's currently
strongly performing steel business. The affirmed B1 rating benefits
from a good financial flexibility following the group's disposal of
the elevator business last year, which provides headroom for
ongoing performance improvement measures, but doesn't take into
account the implications of possible ongoing portfolio adjustments
on its business and financial profile."
RATINGS RATIONALE
Supporting factors of the outlook change to positive mainly
comprise tk's improved profitability and cash flow generation in
2020/21, which Moody's forecasts to further strengthen over the
next two years. Performance improvements are driven by a cyclical
recovery and the ongoing implementation of efficiency improvement
measures. Expecting tk's Moody's-adjusted EBITA margin to clearly
widen towards 4% in 2021/22 from 1.5% in 2020/21, such a level will
be just in line with Moody's guidance for a Ba3 rating. Key driver
of the improvement will be an expected substantial earnings
recovery in the group's Steel Europe segment, thanks to the spike
in steel prices and spreads during the first half of 2021, which
will translate into higher profits with a delay after recent
contract renewals with many key customers. Although steel prices
will likely reverse and earnings return to more normal levels over
the next 12-18 months, Moody's expects tk's profitability to
continue benefitting from sustained cost savings related to ongoing
extensive restructuring efforts. Implemented measures already
yielded significant cost and efficiency improvements in recent
quarters, while additional actions currently underway should bring
further benefits over the next two years. At the same time, most of
associated implementation costs have already been incurred (e.g.
around EUR300 million spent in 2020/21) and weighed on tk's
Moody's-adjusted margins in previous years. Moody's also
acknowledges the group's progress with its loss-making "Multi
Tracks" (MT) businesses, some of which it could sell or close
during 2020/21 and which will yield additional margins and cash
flow benefits going forward.
Although uncertainty remains around the still weakly performing MT
businesses and ongoing restructuring, which still require cash
payments in the low 3-digit million euro range over the next two
years, Moody's recognizes the group's recent achievements and
continuing focus on structurally enhancing its profitability.
As announced at its capital markets day (CMD) on December 2, 2021,
tk aims at a 4%-6% company-adjusted EBIT margin range in the medium
term (versus 2.3% in 2020/21). It further targets reported FCF
before M&A to turn sustainably positive after its EUR1.3 billion
negative FCF in 2020/21 and around break-even FCF guided for
2021/22. Moody's expects minor negative Moody's-adjusted FCF for
2021/22 and a slightly positive figure for 2022/23. In these
forecasts Moody's does not assume tk to resume dividend payments,
although the group stated at its CMD that reliable dividends are a
"clear target". That said, the rating agency expects tk to maintain
its conservative financial policy that it has demonstrated so far,
including the use of its sizeable cash position principally for
debt repayments at least until FCF turns sustainably positive.
While earnings have started to recover in 2020/21, tk's gross
leverage remains high with a 9.0x Moody's-adjusted debt/EBITDA
ratio as of September 30, 2021, which Moody's expects to noticeably
reduce to below 5x in both 2021/22 and 2022/23. These forecasts
assume regular debt repayments along the contractual maturities and
significantly improving EBITDA towards EUR2.5 billion in 2021/22.
Moody's forecasts for tk continue to include the Steel Europe
segment, for which the group currently evaluates stand-alone
options, but excludes acquisitions or possible additional asset
disposals besides those recently signed in the MT segment (e.g.
stainless steel business AST, Infrastructure, Mining). Additional
disposals in the MT segment, however, would help further strengthen
tk's profitability and cash generation as the segment remains still
loss-making and cash burning, more than offsetting the resulting
reduction in scale and business diversification.
LIQUIDITY
Tk's liquidity is very strong, supported by its sizeable cash
position of over EUR9 billion and available committed credit lines
of around EUR1.5 billion as of September 30, 2021. Further cash
sources include Moody's forecast of tk's annual funds from
operations to exceed EUR1.5 billion over the next 12-18 months,
almost sufficient to cover expected capital spending of around
EUR1.6 billion and moderate working capital spending. The
assessment does not assume tk to initiate dividend payments or
pursue larger acquisitions, but to use its available cash to repay
its upcoming debt maturities amounting to around EUR2.5 billion
over the next 6 quarters (from October 1, 2021).
Proceeds from recently signed asset disposals provide a further
cash source while additional disposals in the group's Multi-Tracks
segment appear likely over the coming months or quarters. However,
such disposals are only qualitatively considered as far as no
binding offers have been received. Moody's liquidity assessment
also includes as alternative liquidity tk's around 19% stake in TK
Elevator Holdco GmbH.
RATIONALE FOR THE POSITIVE OUTLOOK
The positive outlook indicates a possible upgrade of tk's ratings
over the next 12-18 months if its (1) credit metrics materially
strengthened during 2021/22 as Moody's currently predicts, and if
levels in line with a Ba3 rating could be visibly maintained
thereafter, and (2) negative FCF progressively reduced towards
break-even during 2021/22. For an upgrade Moody's would further
require tk to maintain strong liquidity and a prudent financial
policy focused on de-leveraging, also in the context of possible
additional portfolio adjustments.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings could be warranted, if tk's (1)
profitability improved towards a 4% Moody's-adjusted EBITA margin,
(2) leverage declined towards 5x Moody's-adjusted gross
debt/EBITDA, (3) FCF turned positive, (4) liquidity remained
strong; all on a sustainable basis. For a positive rating action,
Moody's would also evaluate the implications of possible ongoing
portfolio adjustments for tk's business and financial profile.
Moody's could downgrade the ratings, if tk's (1) Moody's-adjusted
EBITA margin reduced sustainably below 1.5%, (2) net leverage
exceeded 4x Moody's-adjusted net debt/EBITDA, (3) negative FCF
could not be reduced towards break-even from 2021/22, (4) currently
very strong liquidity materially weakened. Negative rating pressure
could also build from a possible shift towards a more
shareholder-oriented financial policy.
LIST OF AFFECTED RATINGS:
Issuer: thyssenkrupp AG
Affirmations:
LT Corporate Family Rating, Affirmed B1
Probability of Default Rating, Affirmed B1-PD
Commercial Paper, Affirmed NP
Other Short Term, Affirmed (P)NP
Senior Unsecured Medium-Term Note Program, Affirmed (P)B1
Senior Unsecured Regular Bond/Debenture, Affirmed B1
Outlook Actions:
Outlook, Changed To Positive From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Manufacturing
published in September 2021.
COMPANY PROFILE
Headquartered in Essen, Germany, thyssenkrupp AG is a diversified
industrial conglomerate operating in about 56 countries. In the
financial year ended September 30, 2021, tk reported revenue of 34
billion and company-adjusted EBIT of EUR796 million with around
101,000 employees (as of September 30, 2021). The group is active
in capital goods manufacturing through its Marine Systems (MS),
Automotive Technology (AT) and Industrial Components (IC) segments,
as well as steel manufacturing and steel related services through
Steel Europe (SE) and Materials Services (MX). In 2019/20, the
group segmented certain business units as "Multi-Tracks" for sale,
closure, restructuring or continuation in partnerships.
[*] Oliver Otto Joins Rimon PC's Frankfurt Office as Partner
------------------------------------------------------------
Global law firm Rimon PC is pleased to welcome Oliver Otto as a
bankruptcy, restructuring and insolvency Partner in the firm's
recently opened Frankfurt office in Germany.
Mr. Otto joins Rimon from DLA Piper.
Mr. Otto specializes in bankruptcy and restructuring with a focus
on the finance, technology, energy, and manufacturing sectors. He
represents creditors in insolvency proceedings as well as in
fraudulent insolvencies. He also provides counsel to corporate
entities and executives in near-insolvency scenarios.
He has advised large corporate groups on tailoring and implementing
financial restructuring measures. Mr. Otto also regularly advises
on the insolvency remote structuring of a variety of financial
tools, including leasing products. Clients from the banking and
investment sectors regularly approach
Mr. Otto for assistance in the structuring and implementation of
NPL portfolio solutions, both sell-side and buy-side.
Mr. Otto's recent work includes advising a state fund on the
recovery of its investment in a German-African solar project and
advising a private fund on its exit from an investment in the
German health sector.
"I am excited to join the Rimon team and to offer a full set of
finance and restructuring services for creditors and debtors," said
Mr. Otto on joining Rimon. "Rimon's flexible and agile structure
will add significant value for my clients.
I am very much looking forward to working closely with the other
well-respected teams at Rimon to provide comprehensive and
integrated high end legal services."
Rimon has been rapidly expanding its European and global presence,
opening its Frankfurt office in September 2021. Its European
footprint covers offices in Berlin, Frankfurt, London, Paris,
Warsaw, and Moscow. With a revenue increase of more than 50% in
2020, Rimon is one of the most dynamically growing law firms
worldwide. 
"We are very excited to continue to grow the German arm of Rimon,"
said Michael Moradzadeh, CEO and Founding Partner of Rimon. "We
have seen high demand in Europe for our model of legal services and
we are pleased to add talented attorneys like Oliver to our team.
We have grown our European presence significantly in the last year
-- we now have offices in London, Paris, Warsaw and Moscow as well
as Frankfurt and Berlin in Germany. We are anticipating future
expansion in Germany and Europe generally."
Frankfurt Partner Bernd Geier said, "Oliver Otto is a well-known
expert in restructuring and core finance. We are delighted to
welcome him strengthening our banking and restructuring practice.
He will seamlessly advise clients together with our tax and
regulatory team." Frankfurt Partner, Stephan Krampe also
commented: "Oliver is a key player in our full-service approach and
underscores our ambition to grow our German operations with further
lateral partner hires."
Mr. Otto received his legal education at Johann Wolfgang
Goethe-University Frankfurt am Main and the higher regional court
at Frankfurt am Main.
Rimon has 45 offices across five continents. The firm is
widely known as being at the vanguard of legal innovation. The
firm has been repeatedly recognized by the Financial Times as
one of North America's most innovative law firms. The firm's
Managing Partners were both named "Legal Rebels" by the American
Bar Association's ABA Journal and have spoken on innovations in the
practice of law at Harvard and Stanford Law Schools. Rimon and
its lawyers have also received numerous awards for excellence,
including from Best Lawyers and Chambers.
=============
I R E L A N D
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ALME LOAN III: Fitch Raises Class E-RR Notes to 'BB+'
-----------------------------------------------------
Fitch Ratings has upgraded ALME Loan Funding III DAC's class
B-1-RR, B-2-RR, C-RR, D-RR and E-RR notes and removed them from
Under Criteria Observation (UCO). The class A-RR notes were
affirmed. The Rating Outlook remains Stable on all notes.
DEBT RATING PRIOR
---- ------ -----
ALME Loan Funding III DAC
A-RR XS2114310324 LT AAAsf Affirmed AAAsf
B-1-RR XS2114311058 LT AA+sf Upgrade AAsf
B-2-RR XS2114336048 LT AA+sf Upgrade AAsf
C-RR XS2114311561 LT A+sf Upgrade Asf
D-RR XS2114312379 LT BBB+sf Upgrade BBB-sf
E-RR XS2114313005 LT BB+sf Upgrade BB-sf
TRANSACTION SUMMARY
The transaction is a cash flow collateralized loan obligation
backed by a portfolio of mainly European leveraged loans and bonds.
The transaction is currently in its reinvestment period until April
of 2022.
KEY RATING DRIVERS
CLO Criteria Update and Cash Flow Modelling: The rating actions
mainly reflect the impact of the recently updated Fitch CLOs and
Corporate CDOs Rating Criteria, a shorter risk horizon incorporated
into Fitch's stressed portfolio analysis and stable performance of
the transaction. The analysis considered modelling results for the
current and stressed portfolios. The stressed portfolio is based on
a Fitch collateral quality matrix specified in the transaction
documentation and underpins model implied ratings in this review.
All ratings assigned are in line with the model implied ratings.
While the transaction has four Fitch collateral quality matrices,
Fitch's analysis was based on the matrix that the agency considered
is most relevant when considering current and historical portfolios
for this CLO; specifically, the matrix with a top 10 obligors limit
of 17.0% and fixed rate collateral debt obligations limit of 5.0%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The largest issuer and largest
10 issuers in Fitch's current portfolio analysis represent 1.6% and
14.4% of the portfolio, respectively.
Stable Asset Performance: The portfolio has a net target par gain
of 0.2%. The transaction is passing all collateral quality,
portfolio profile and coverage tests. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is reported by the trustee
as of the October 2021 investor report at 2.3% compared with the
7.5% limit.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be at the 'B'/'B-' rating level. The trustee
calculated Fitch weighted-average rating factor (WARF) was 33.09 as
of the October 2021 investor report, under the covenant maximum
limit of 34.00. The Fitch calculated WARF is 24.62 after applying
the recently updated Fitch CLOs and Corporate CDOs Rating
Criteria.
High Recovery Expectations: 99.6% of the portfolio comprises senior
secured obligations. Fitch views the recovery prospects for these
assets as being more favorable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted-average recovery rate (WARR)
of the current portfolio is reported by the trustee at 66.10%,
compared with the covenant minimum of 61.90%.
As the WARR calculation in transaction documentation is based on an
earlier version of Fitch's CLO Rating Criteria, assets without a
Fitch recovery estimate or recovery rate can map to a higher
recovery rate than is possible in Fitch's current criteria. To
factor in this difference, in the stressed portfolio analysis,
Fitch applied a 1.5% haircut on the WARR, which is in line with the
average impact of Fitch's current rating criteria on the WARR
across EMEA CLOs.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the default rate (RDR) at all rating levels by
25% of the mean RDR and a decrease of the recovery rate (RRR)
by 25% at all rating levels would result in downgrades of up
to three notches, depending on the notes;
-- Downgrades may occur if the build-up of the notes' credit
enhancement (CE) following amortization does not compensate
for a higher loss expectation than initially assumed due to
unexpected high level of default and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels
would result in upgrades of up to three notches, depending on
the notes;
-- Except for the tranches already at the highest 'AAAsf' rating,
upgrades may occur in case of better-than-expected portfolio
credit quality and deal performance, leading to higher CE
available to cover for losses on 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.
ALME LOAN IV: Fitch Raises Class F-R Notes to 'B+'
--------------------------------------------------
Fitch Ratings has upgraded ALME Loan Funding IV DAC's class B-R,
C-R, D-R, E-R and F-R notes and affirmed the class A-R notes. The
class B-R through F-R notes have been removed from Under Criteria
Observation (UCO) and all notes maintain a Stable Rating Outlook.
DEBT RATING PRIOR
---- ------ -----
ALME Loan Funding IV DAC
A-R XS1724884124 LT AAAsf Affirmed AAAsf
B-R XS1724884983 LT AA+sf Upgrade AAsf
C-R XS1724885527 LT A+sf Upgrade Asf
D-R XS1724886418 LT BBB+sf Upgrade BBBsf
E-R XS1724886764 LT BB+sf Upgrade BBsf
F-R XS1724887143 LT B+sf Upgrade B-sf
TRANSACTION SUMMARY
ALME Loan Funding IV DAC is a cash flow CLO comprised of mostly
senior secured obligations. The transaction is actively managed by
Apollo Management International LLP and will exit its reinvestment
period in January 2022.
KEY RATING DRIVERS
CLO Criteria Update: The rating actions mainly reflect the impact
of the recently updated Fitch CLOs and Corporate CDOs Rating
Criteria and the shorter risk horizon incorporated in Fitch's
stressed portfolio analysis. The analysis was based on both current
and stressed portfolios.
Stressed Portfolio Analysis: The rating actions are in line with
the model implied ratings produced from Fitch's updated stressed
portfolio analysis, which applied the agency's collateral quality
matrix specified in the transaction documentation. The transaction
has two matrices but Fitch analysed the matrix specifying the
top-10 obligor limit of 20% as the deal currently has a top-10
obligor exposure of 14.0%, which is unlikely to increase beyond 20%
during the remaining reinvestment period. Fitch also applied a
haircut of 1.5% to the weighted average recovery rate (WARR) as the
calculation of the WARR in transaction documentation reflects an
earlier version of Fitch's CLO criteria.
Stable Asset Performance: The transaction metrics indicate stable
asset performance. The transaction is passing all coverage tests,
collateral quality tests, and portfolio profile tests. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below is
2.1% excluding non-rated assets as calculated by Fitch.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B'/'B-' category. The
weighted average rating factor (WARF) as calculated by the trustee
was 32.65, which is below the maximum covenant of 34. The WARF, as
calculated by Fitch under the updated Fitch CLOs and Corporate
CDOs' Rating Criteria, is 24.2.
High Recovery Expectations: Senior secured obligations comprise
99.4% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.0%, and no obligor represents more than 1.6% of
the portfolio balance.
Cash Flow Modelling: Fitch used a customized proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the rating default rate (RDR) at all rating
levels by 25% of the mean RDR and a decrease of the rating
recovery rate (RRR) by 25% at all rating levels will result in
downgrades of up to three notches, depending on the notes;
-- Downgrades may occur if the build-up of the notes' credit
enhancement (CE) does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels
would result in an upgrade of up to three notches, depending
on the notes;
-- Except for the tranche already at the highest 'AAAsf' rating,
upgrades may occur in the case of better than expected
portfolio credit quality and deal performance that leads to
higher CE 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
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.
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.
OAK HILL IV: Fitch Raises Class F-R Notes to 'B+'
-------------------------------------------------
Fitch Ratings has upgraded Oak Hill European Credit Partners IV
Designated Activity Company's class B-1-R, B-2-R, C-R, D-R, E-R and
F-R notes, removed them from Under Criteria Observation. The Class
A-1-R and A-2-R notes were affirmed. All notes remain on a Stable
Rating Outlook.
DEBT RATING PRIOR
---- ------ -----
Oak Hill European Credit Partners IV DAC
A-1-R XS1736667640 LT AAAsf Affirmed AAAsf
A-2-R XS1736668457 LT AAAsf Affirmed AAAsf
B-1-R XS1736668960 LT AA+sf Upgrade AAsf
B-2-R XS1736669778 LT AA+sf Upgrade AAsf
C-R XS1736670602 LT A+sf Upgrade Asf
D-R XS1736671162 LT BBB+sf Upgrade BBBsf
E-R XS1736671592 LT BB+sf Upgrade BBsf
F-R XS1736671915 LT B+sf Upgrade B-sf
TRANSACTION SUMMARY
Oak Hill European Credit Partners IV Designated Activity Company is
a cash flow CLO mostly comprising senior secured obligations. The
transaction is actively managed by Oak Hill Advisors, LLP and will
exit its reinvestment period in January 2022.
KEY RATING DRIVERS
CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios. The stressed portfolio
analysis is based on Fitch's collateral quality matrix specified in
the transaction documentation and underpins the model-implied
ratings in this review.
Fitch's analysis was based on the matrix that the agency considered
most relevant when considering current and historical portfolios
for this CLO, specifically the matrix with the lowest top 10
obligors' limit of 18.50% and fixed rate collateral debt
obligations at 12.50%. When analyzing the matrix, Fitch applied a
haircut of 1.5% to the weighted average recovery rate as the
calculation in the transaction documentation is not in line with
the latest criteria. This analysis supports model-implied ratings
of approximately one to two notches above the current ratings under
the updated criteria.
As a result, the class A-1R and A-2R notes have been affirmed, and
the class B-R to F-R notes have been upgraded in line with the
model-implied ratings.
Stable Asset Performance: The transaction's metrics indicate stable
asset performance. As of the Nov. 8. 2021 trustee report, the
collateral quality tests, coverage tests and portfolio profile
tests are in compliance, except for the marginal failure of the
weighted average life test (WAL). Exposure to assets with a
Fitch-derived rating of 'CCC+' and below (excluding non-rated
assets) is 5.73 as calculated by Fitch.
B'/'B-' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors at the 'B'/'B-' level. The
weighted average rating factor (WARF) as calculated by the trustee
was 34.06, which is below the maximum covenant of 35.00. Fitch
calculates the WARF as 24.97 under the updated criteria.
High Recovery Expectations: Senior secured obligations comprise
99.04% of the portfolio. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.22%, and no obligor represents more than 1.61%
of the portfolio balance as calculated by Fitch.
Cash Flow Modelling: Fitch used a customized proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the default rate (RDR) at all rating levels by
25% of the mean RDR and a decrease of the recovery rate (RRR)
by 25% at all rating levels in the stressed portfolio would
result in downgrades of up to five notches, depending on the
notes;
-- Downgrades may occur if the build-up of the notes' credit
enhancement (CE) following amortization does not compensate
for a larger loss expectation than initially assumed, due to
unexpectedly high levels of defaults and portfolio
deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels in
the stressed portfolio would result in upgrades of up to four
notches, depending on the notes;
-- Except for the tranches already at the highest 'AAAsf' rating,
upgrades may occur in case of better-than- expected portfolio
credit quality and deal performance, and continued
amortization that leads to higher CE and excess spread
available to cover losses in the remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
SUMMARY OF FINANCIAL ADJUSTMENTS
no financial statement data has been received
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
Oak Hill European Credit Partners 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.
OAK HILL VI: Fitch Raises Class F Notes to 'B+'
-----------------------------------------------
Fitch Ratings has upgraded Oak Hill European Credit Partners VI
Designated Activity Company's class B-1 to F notes, removed them
from Under Criteria Observation (UCO) and affirmed the class A
notes, as detailed below. All notes are on Stable Outlook.
DEBT RATING PRIOR
---- ------ -----
Oak Hill European Credit Partners VI DAC
A-1 XS1720167664 LT AAAsf Affirmed AAAsf
A-2 XS1720609434 LT AAAsf Affirmed AAAsf
B-1 XS1720168043 LT AA+sf Upgrade AAsf
B-2 XS1720168399 LT AA+sf Upgrade AAsf
C XS1720168712 LT A+sf Upgrade Asf
D XS1720169017 LT A-sf Upgrade BBBsf
E XS1720169520 LT BB+sf Upgrade BB-sf
F XS1720169876 LT B+sf Upgrade B-sf
TRANSACTION SUMMARY
Oak Hill European Credit Partners VI DAC is a cash flow CLO mostly
comprising senior secured obligations. The transaction is actively
managed by Oak Hill Advisors (Europe), LLP and will exit its
reinvestment period in January 2022.
KEY RATING DRIVERS
CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios. The stressed portfolio
analysis is based on Fitch's collateral quality matrix specified in
the transaction documentation and underpins the model-implied
ratings in this review.
While the transaction has four Fitch collateral quality matrices,
Fitch's analysis was based on the matrix that Fitch deemed most
relevant when considering the current and historical portfolios for
this CLO, specifically the matrix with the lowest top-10 obligor
limit of 18.5% and fixed-rate collateral debt obligations at 12.5%.
It is also the matrix the manager could move to currently. When
analysing the matrix, Fitch applied a haircut of 1.5% to the
weighted average recovery rate (WARR) as the calculation in the
transaction documentation is not in line with the latest criteria.
This analysis supports model-implied ratings of approximately one
to two notches above the current ratings under the updated criteria
for all but the class A notes.
As a result, the class B-1 to F notes have been upgraded and the
class A-1 and A-2 notes have been affirmed in line with the
model-implied ratings.
Stable Asset Performance: The transaction's metrics indicate stable
asset performance. As of the 8 November 2021 trustee report, the
aggregate portfolio amount when adjusted for trustee-reported
recoveries on defaulted assets, was 1.19% under the original target
par amount. It is passing all collateral quality, coverage and
portfolio profile tests. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below (excluding non-rated assets) is 5.98% as
calculated by Fitch.
B'/'B-' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors at the 'B'/'B-' level. The
weighted average rating factor (WARF) as calculated by the trustee
was 34.32, which is below the maximum covenant of 35. Fitch
calculated the WARF at 24.97 under the updated criteria.
High Recovery Expectations: Senior secured obligations comprise
98.94% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top- 10 obligor
concentration is 14.2%, and no obligor represents more than 1.64%
of the portfolio balance as calculated by Fitch.
Cash Flow Modelling: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the default rate (RDR) at all rating levels by
25% of the mean RDR and a decrease of the recovery rate (RRR)
by 25% at all rating levels in the stressed portfolio would
result in downgrades of up to three notches, depending on the
notes.
-- Downgrades may occur if the build-up of the notes' credit
enhancement (CE) following amortisation does not compensate
for a larger loss expectation than initially assumed, due to
unexpectedly high levels of defaults and portfolio
deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels in
the stressed portfolio would result in upgrades of up to three
notches, depending on the notes.
-- Except for the tranches already at the highest 'AAAsf' rating,
upgrades may occur in case of better-than- expected portfolio
credit quality and deal performance, and continued
amortisation that leads to higher CE 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
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
recognised statistical rating organisations and/or European
securities and markets authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
SOUND POINT II: Fitch Rates Class F Notes 'B-', On Watch Positive
-----------------------------------------------------------------
Fitch Ratings has placed Sound Point Euro CLO II Funding DAC's
class B-1, B-2, D, E, and F notes on Rating Watch Positive (RWP)
and removed them from Under Criteria Observation (UCO). Fitch has
affirmed the class A and C note with Stable Outlook, as detailed
below. The transaction in the process of a reset. If the reset is
not executed, Fitch expects to upgrade the ratings placed on RWP
within six months.
DEBT RATING PRIOR
---- ------ -----
Sound Point Euro CLO II Funding DAC
A XS2032700978 LT AAAsf Affirmed AAAsf
B-1 XS2032701513 LT AAsf Rating Watch On AAsf
B-2 XS2032701943 LT AAsf Rating Watch On AAsf
C XS2032702248 LT A+sf Affirmed A+sf
D XS2032702677 LT BBB-sf Rating Watch On BBB-sf
E XS2032702917 LT BB-sf Rating Watch On BB-sf
F XS2032702594 LT B-sf Rating Watch On B-sf
TRANSACTION SUMMARY
Sound Point Euro CLO II Funding DAC is a cash flow CLO mostly
comprising senior secured obligations. The transaction is actively
managed by Sound Point CLO C-MOA, LLC and will exit its
reinvestment period in April 2024.
KEY RATING DRIVERS
Stress Portfolio Analysis: The rating actions mainly reflect the
impact of Fitch's recently updated CLOs and Corporate CDOs Rating
Criteria. The stressed portfolio analysis is based on Fitch's
collateral quality matrix specified in the transaction
documentation and underpins the model-implied ratings in this
review. When analysing the matrix, Fitch applied a haircut of 1.5%
to the weighted average recovery rate (WARR) as the calculation of
the WARR in transaction documentation reflects a previous version
of the CLO criteria. This analysis supports a model-implied rating
of approximately one to two notches above the current ratings under
the updated criteria for all but class A and C notes.
Stable Asset Performance: The transaction metrics indicate a stable
asset performance. As of the October 2021 trustee report, all
collateral quality, portfolio profile and coverage tests are in
compliance. Exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below (excluding non-rated assets) is 1.24% as
calculated by Fitch.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B/B-' level. The
Fitch weighted average rating facto (WARF) as calculated by the
Trustee was 32.42, which is below the maximum covenant of 33.60.
The WARF as calculated by Fitch under the updated criteria is
24.40.
High Recovery Expectations: The portfolio consists of 100% senior
secured obligations, as reported by the trustee. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 10.06%, and no obligor represents more than 1.45%
of the portfolio balance, as calculated by Fitch.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the default rate (RDR) across all ratings by
25% of the mean RDR and a 25% decrease of the recovery rate
(RRR) by 25% across all ratings will result in downgrades of
no more than three notches, depending on the notes.
-- Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels
would result in an upgrade of no more than five notches across
the structure.
-- After the end of the reinvestment period, upgrades may occur
on better-than-initially expected portfolio credit quality and
deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Sound Point Euro CLO II Funding 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.
===================
L U X E M B O U R G
===================
ARMORICA LUX: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Luxembourg-based landscaping services group Armorica Lux
S.a.r.l. (idverde) and its 'B' issue rating to the EUR335 million
senior secured term loan B. The recovery rating on the senior
secured facilities is '3', indicating its expectation of meaningful
recovery (rounded estimate: 55%) in the event of a payment
default.
The ratings are in line with S&P's preliminary ratings assigned on
July 1st, 2021.
The stable outlook reflects our view that Armorica Lux S.a.r.l.
will continue to increase its revenue and EBITDA base via the
integration of tuck-in acquisitions and organic growth, and will be
able to generate positive free operating cash flow (FOCF) after
2021, as a result of EBITDA margin expansion through operating
efficiencies.
idverde is a leading landscaping services provider in Europe with a
recurring revenue base and good customer diversification. In S&P's
view, idverde's business is supported by its leadership position in
the European business-to-business (B2B) landscaping market, with a
focus on private and public sector clients. The company is more
than three times the size of its closest competitor and is the No.1
player for B2B landscaping services in France, the U.K., and
Denmark, and the No.2 in the Netherlands. Across the five countries
that it serves--the group entered Germany in 2021 through an
acquisition--the group benefits from stable demand for its services
and recurring revenue that on the one hand is derived from its
contracts, which are typically signed for a long-term duration of
three to 10 years or often automatically renewed, and on the other
hand from its solid customer retention rates. S&P said, "These
range from 90% in the creation segment to 95% in the maintenance
segment, both of which we consider as high retention rates for a
business services company. This supports our view that the group
has a very predictable revenue and earnings base. Additionally, we
also note the diversified customer base, with the company serving
more than 14,000 private and public sector clients, with no
reliance on a single customer."
The relatively small size and product scope, highly fragmented and
competitive nature of the landscaping market, and concentration on
France and the U.K. all constrain the rating. S&P said, "We
consider the business as constrained by its relatively small size,
with just EUR671 million in revenue in 2020, particularly compared
with peers in the facility management industry. There is also a
lack of service differentiation, with all activities focused on the
provision of landscaping services, pertaining either to the
creation or maintenance of green spaces. We view the outsourced
landscaping market as highly fragmented and competitive, which
means that idverde competes with thousands of regional and local
landscaping service providers, with limited pricing power. For
instance, in France alone there are more than 30,000 landscaping
companies, although many of them target individual clients, unlike
idverde. Moreover, we also consider the company to have limited
geographic diversification, with more than 80% of revenue emanating
from just two countries, France and the U.K., which makes the group
vulnerable to macroeconomic developments in these specific
markets."
Profitability is below average compared with other outsourced
specialty landscaping facilities services providers, but is
expected to improve. S&P said, "We compare the company with peers
such as BrightView Landscapes LLC and Outdoor Home Service Holdings
LLC. With S&P Global Ratings-adjusted margins well below 10%,
idverde's profitability reflects the large share of labor in costs,
relatively low value-added activities with limited pricing upside,
and the highly competitive environment. But EBITDA margins have
also been constrained by high exceptional costs, in particular
those associated with integrating bolt-on acquisitions. Since we
expect that idverde will continue to make small acquisitions every
year, we also forecast that the group will incur integration costs
on a recurring basis every year, which will continue to burden the
group's profitability." This will be partially offset by expected
cost savings and operating efficiency improvements, such as
procurement savings and an improved sales mix toward
higher-value-added services.
S&P said, "idverde's operating performance remained resilient
during the pandemic in 2020, which supports our view of the
resilience of the business.Despite a loss of revenue estimated at
about EUR51 million (around 8% of revenue) due to reduced activity
during the first lockdown in March to May 2020, the company's
revenue expanded by 8.5% to EUR671 million in 2020, supported both
by organic growth and solid contribution from acquisitions. Due to
the nature of the services it provides, idverde benefited from a
catch-up effect during the second half of the year as green spaces
have to be maintained, irrespective of prevailing economic
conditions. Thanks to the group's largely flexible cost base, with
a high share of labor costs directly linked to the level of
activity, idverde's EBITDA margins also remained resilient with a
limited decline in S&P Global Ratings-adjusted EBITDA margins to
6.9% from 7.7% in 2019.
"We consider idverde's capital structure as highly leveraged.Our
assessment of the group's financial risk profile reflects the
private equity ownership and our expectation that S&P Global
Ratings-adjusted debt to EBITDA will amount to about 7.5x at
year-end 2021, following the refinancing transaction. We expect
adjusted leverage will decline to about 6.2x-6.5x in 2022, driven
by solid revenue and EBITDA, growth both on an organic and
inorganic basis, and run-off of transaction costs. The group's
adjusted debt of about EUR490 million at the end of 2021 will
comprise the EUR335 million senior secured term loan B, about EUR52
million of factoring debt, expected lease liabilities of about
EUR95 million, EUR6 million in local debt, and our adjustment of
EUR7 million associated with the group's pension obligations. Due
to the financial sponsor ownership, we only incorporate gross debt
in our leverage calculation. We note that Core Equity Holdings
(CEH) provided equity in the form of convertible bonds at the time
it acquired idverde in 2018. We have excluded this financing from
our financial analysis because we believe the common-equity
financing and the non-common-equity financing are sufficiently
aligned.
"The group is likely to maintain a strong interest coverage ratio
and to generate positive FOCF, which supports our view that the
capital structure is sustainable despite initial high leverage. We
view positively the group's improving profitability, relatively low
capital expenditure (capex) at about 2.5% of revenue, and moderate
working capital requirements, which will support FOCF generation
from 2022. In 2021, the company was affected by transaction costs
and exceptional working capital outflows due to repayments of
value-added tax (VAT) and social security payment deferrals granted
in the Netherlands and the U.K. as part of those governments'
COVID-19-related support plans. We forecast S&P Global
Ratings-adjusted FOCF will improve to EUR25 million-EUR40 million
in 2022 and 2023, from marginally negative in 2021.
"The stable outlook reflects our view that idverde will continue to
increase its revenue and EBITDA base via the integration of tuck-in
acquisitions and organic growth, and will be able to generate
positive FOCF after 2021, as a result of EBITDA margin expansion
through operating efficiencies."
S&P could lower its rating if idverde experienced a material
deterioration in profitability due to unexpected operational issues
or high exceptional costs associated with integrating bolt-on
acquisitions, resulting in:
-- Sustained negative FOCF;
-- Funds from operations (FFO) cash interest coverage declining
below 2x on a sustained basis; or
-- Liquidity issues or tight covenant headroom.
Alternatively, financial policy decisions, including large
debt-funded acquisitions or dividends, which resulted in S&P Global
Ratings-adjusted debt to EBITDA remaining above 7x on a sustained
basis, could result in a downgrade.
S&P said, "We consider an upgrade unlikely in the coming 12 months.
However, we could raise the rating if the revenue and EBITDA base
increased faster than we project and if shareholders committed to
demonstrating and sustaining a prudent financial policy, with S&P
Global Ratings-adjusted debt to EBITDA of less than 5x."
KLEOPATRA HOLDINGS 2: Moody's Affirms B3 CFR, Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
Kleopatra Holdings 2 S.C.A ("Klockner Pentaplast" or "KP") at B3
along with a B2 instrument rating of the senior secured 1st lien
revolving credit facility and senior secured 1st lien term loan B,
as well as guaranteed senior secured notes due 2026 issued by
Kleopatra Finco S.a r.l. The agency also affirmed the Caa2
instrument rating of the guaranteed senior notes due 2026 issued by
Kleopatra Holdings 2 S.C.A. The rating outlook on all ratings was
changed to negative from stable.
RATINGS RATIONALE
The rating action reflects material deterioration in profitability
over the course of the first three quarters of 2021 as measured by
the EBITDA margin declining to 13.7% for the twelve months ending
September 2021 from 15.5% in 2020 (as adjusted by Moody's). This
reduction in EBITDA resulted from lags in passing through
escalating costs of raw materials and other variable expenses such
as energy, transportation, labour and packaging. Despite the
majority (approximately 60%) of KP's contracts not being based on
an index for pass-through purposes, the company experienced
significant margin compression in the first nine months of 2021. As
a result, KP's leverage measured as debt/EBITDA rose sharply to
9.2x for the twelve months ending September 2021 from 7.9x pro
forma for the refinancing in January 2021 (as adjusted by Moody's).
The agency expects KP's leverage to exceed 10.0x in 2021 before
reducing gradually in 2022.
The rating action also considered an expectation of gradual
turnaround in margin erosion and deleveraging over several quarters
as price increases are implemented and raw material prices
stabilise. However, at present there is no sufficient evidence that
costs will stabilize and supply chain issues will abate.
Demand for some of KP's pharma products has waned in 2021 following
fewer non-coronavirus related infections in 2020 and resulting high
inventory levels remaining throughout the distribution channel to
the final consumer. At the same time, demand for its protein
packaging products has also been negatively affected in 2021 by
supply chain disruptions in the meat packing industry particularly
as a result of labour shortages in Europe.
KP's CFR continues to reflect (i) ongoing challenge of achieving
timely pass-throughs of input cost increases to customers as raw
material prices vary; (ii) high leverage after refinancing in
January 2021 exacerbated by recent expense pass-through challenges;
(iii) shift towards greater sustainability in a competitive
environment. More positively, the rating also takes into account
KP's (i) large and globally diversified business albeit with some
concentration in Europe; (ii) focus on less cyclical food and
pharma end-markets; (iii) good liquidity bolstered by expectation
of positive free cash flow after 2021; (iv) experienced management
team that demonstrated execution of stronger performance in 2020.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Environmental considerations for KP include consumer- and
regulation-driven trends towards reducing the negative
environmental effects of plastic waste and plastic packaging,
particularly in the EU and UK. KP is very focused on the
sustainability trends, has developed new and more sustainable
products and has a clear innovation focus on sustainability. The
company also engages in industry initiatives and set clear targets
around using recycled materials.
Social considerations include health and safety given that KP is a
manufacturer with 31 sites and almost 6,000 employees.
Governance considerations include the aggressive financial policy
reflected in the company's high leverage and track record of
shareholder dividends.
LIQUIDITY
The company's liquidity position is good and supported by the fully
undrawn and committed EUR150 million revolving facility due 2025,
ca. EUR70 million on cash as of September 2021 and limited
seasonality in cash flows. KP will not have any larger debt
maturities until 2025/26. There is a one financial maintenance
covenant related to the RCF, which is only tested if the RCF is
drawn by more than 40% (net of cash), however Moody's does not
expect the company to utilize its RCF in the near term.
STRUCTURAL CONSIDERATIONS
KP's capital structure includes senior secured term loans and
revolving credit facility (RCF), senior secured notes and senior
notes. The RCF, term loans and secured notes rank pari passu, while
the senior notes are subordinated to them in terms of ranking which
is reflected in the B2 instrument ratings for the around EUR1.2
billion of senior secured term loans and EUR400 million of senior
secured notes, one notch above the CFR of B3. The senior notes
rating at Caa2 reflects the notes' subordination to a substantial
amount of secured debt.
RATING OUTLOOK
The negative rating outlook reflects the company's weakening
profitability and rising leverage in the wake of the increase in
input costs.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
While unlikely in the near term, the rating could be upgraded if
the company manages to reduce its Moody's-adjusted debt/EBITDA
sustainably below 6.5x (including factoring), combined with
Moody's-adjusted free cash flow/debt at least in the mid-single
digits in percentage terms.
The rating outlook is likely to be stabilised if KP's profitability
strengthens and it leverage is reduced to below 8.0x while
maintaining a positive free cash flow.
The rating is likely to be downgraded if KP fails to stem its
margin erosion and reduce its leverage over the next few quarters.
Negative free cash flow and any liquidity challenges could also
lead to a downgrade.
LIST OF AFFECTED RATINGS
Affirmations:
Issuer: Kleopatra Holdings 2 S.C.A
LT Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Unsecured Regular Bond/Debenture, Affirmed Caa2
Issuer: Kleopatra Finco S.a r.l.
Senior Secured Bank Credit Facility, Affirmed B2
Senior Secured Regular Bond/Debenture, Affirmed B2
Issuer: Klockner Pentaplast of America, Inc.
BACKED Senior Secured Bank Credit Facility, Affirmed B2
Outlook Actions:
Issuer: Kleopatra Finco S.a r.l.
Outlook, Changed To Negative From Stable
Issuer: Kleopatra Holdings 2 S.C.A
Outlook, Changed To Negative From Stable
Issuer: Klockner Pentaplast of America, Inc.
Outlook, Changed To Negative From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.
COMPANY PROFILE
Kleopatra Holdings 2 S.C.A is a plastic packaging manufacturing
firm that specialises in the manufacturing of flexible plastic
films and rigid plastic trays for use across a wide range of end
markets. Total revenue on a YTD September 2021 basis was EUR1.4
billion. The majority of revenue (circa 60%) was generated in
Europe, but also around a quarter in North America and the rest
across the world including South America and the Asia Pacific
region. Strategic Value Partners (SVP) has been the majority
shareholder of the group following a financial restructuring and
subsequent recapitalisation in June 2012.
MILLICOM INTERNATIONAL: Egan-Jones Keeps B- Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on November 24, 2021, maintained its
'B-' local currency senior unsecured ratings on debt issued by
Millicom International Cellular S.A. EJR also maintained its 'B'
rating on commercial paper issued by the Company.
Headquartered in Luxembourg, Luxembourg, Millicom International
Cellular S.A. is a dedicated emerging markets telecom provider with
mobile operations in numerous countries in Central America, South
America, and Africa.
TRAVIATA II: Moody's Assigns First Time B3 Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B3 Corporate
Family Rating and a B3-PD Probability of Default rating to Traviata
II S.a r.l. ("Traviata"), the top entity of the restricted group
that owns a 48.5% equity stake in Axel Springer SE ( "Axel
Springer"), a leading European news media and classifieds company.
Concurrently, Moody's has assigned B3 ratings to the outstanding
EUR637 million guaranteed senior secured Term Loan B (TLB) and to
the EUR125 million guaranteed senior secured revolving credit
facility both due in 2026 and issued by Traviata B.V., a 100% owned
subsidiary of Traviata. The outlook on both entities is stable.
"The B3 rating factors in the strong credit profile of Axel
Springer, which is more than offset by Traviata's very high initial
proportionate leverage of around 6.5x, its reliance on the dividend
flow from Axel Springer to service its debt obligations, and the
structurally subordinated position of Traviata's creditors relative
to those at Axel Springer level," says Agustin Alberti, a Moody's
Vice President - Senior Analyst, and lead analyst for Traviata.
RATINGS RATIONALE
Traviata's B3 rating reflects (1) the strong credit profile of Axel
Springer, a leading European media company with positive growth
prospects for its digital businesses, stable margins and solid free
cash flow generation; (2) the large equity stake of 48.5% in Axel
Springer and the coordination of action, including the uniform
exercise of voting rights with the principal shareholders according
to the shareholder agreements; (3) its good dividend coverage of
interests, as the dividends received from Axel Springer cover
around 2.0x its debt service obligations, (4) its strong liquidity,
mainly supported by access to a EUR125 million undrawn RCF; and (5)
the solid asset coverage with a Loan to Value ratio estimated at
around 20%-30%.
The rating also reflects (1) the credit challenges affecting Axel
Springer mainly related to the secular decline of the legacy print
business and the need to compensate this decline with investments
in growth businesses, and to the exposure of some of its segments
to the cyclicality of the advertising markets; (2) Traviata's high
initial proportionate leverage of around 6.5x, although it is
expected to decline over the next 2 years; (3) the reliance on Axel
Springer's' dividends to service its debt as well as the lack of a
minimum dividend policy in the shareholder agreement; and the (4)
the structural subordination of its debt to the debt at Axel
Springer level.
Axel Springer is one of the largest European media companies with
leading positions and strong brands across its main segments (News
Media and Classifieds Media, generate more than 90% of the adj.
EBITDA). The company has successfully transitioned from print to
digital activities, which currently account for approximately 80%
of total revenues compared to 14% in 2008.
Moody's expects that the company's topline growth will mainly come
from its digital segments. The group has been active in corporate
acquisitions and disposals looking to strengthen its business
profile through the expansion into growth businesses and the
diversification outside its core market. Germany still represents
around 60% of its revenues, but the US has become its second
largest market (17% of total revenues) following the recent
acquisition of Politico, a political journalism company.
Revenue and profit growth at Axel Springer will progressively
improve its free cash flow (FCF) generation and will allow to
reduce leverage due to a mix of EBITDA growth and debt repayments.
Traviata's proportionate adjusted debt/EBITDA ratio will be high in
2021 at around 6.5x, although Moody's projects a reduction to 6.0x
by 2022 owing to deleveraging efforts at Axel Springer level and
Traviata's voluntary debt repayments.
Axel Springer has a long track record of distributing recurring and
growing annual dividends. Since Traviata became shareholder in
2019, the dividend was cut in half, setting a new level of
recurring annual distributions at EUR125 million, corresponding to
an average of 50% EPS pay-out, and providing some cushion for
dividend payment in case of operating underperformance. Traviata
will therefore receive around EUR60 million of annual recurring
dividends from Axel Springer, allowing the company to pay interests
of around EUR30- EUR35 million, translating into a c. 2.0x
coverage. In 2021, Axel Springer distributed an extraordinary
dividend of EUR400 million with the proceeds from the sale of
Classifieds business La Centrale. Traviata used the dividends
received mainly to repay debt.
In Moody's view, Traviata has strong influence in the decision
making process, owing to the shareholder agreement with Axel
Springer's other key shareholders, Friede Springer and Mathias
Döpfner, who own 45.5% of the company. While there is a risk that
the controlling shareholders may not agree on the dividend policy,
this is mitigated by the proven track record of dividend
distributions even in times of economic downcycles, and the fact
that the EUR125 million RCF could cover more than 3 years of annual
interests.
Moody's views Traviata's asset coverage as strong and therefore a
positive consideration for the rating. The rating agency estimates
a low Loan to Value ratio of around 20%-30%, which should
facilitate access to liquidity if needed and provides good recovery
expectations in case of default.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
The secular rise of consumer digital consumption and the related
fragmentation of audiences represents a key risk for Axel
Springer's legacy print media segments while at the same time an
opportunity for its more digital businesses. These are social
considerations associated with changes in demographic and societal
trends.
Governance considerations which Moody's takes into account in
assessing Traviata's credit quality, relate to Axel Springer
management's proven track record in successfully transitioning the
company from print to digital and expanding outside of Germany.
Traviata is controlled by funds managed by KKR & Co. Inc. ("KKR")
and co-investors. As it is often the case in highly levered,
private equity sponsored deals, owners have a high tolerance for
leverage/risk and governance is comparatively less transparent.
LIQUIDITY
Moody's considers Traviata's liquidity as strong, supported by the
c. EUR60 annual dividend flow from Axel Springer, cash and cash
equivalents of around EUR20 million and a EUR125 million revolving
credit facility due 2026, fully undrawn.
The company will not have any material maturities until 2026, when
the outstanding EUR637 million TLB and the RCF mature. The RCF
contains one leverage incurrence covenant set at 8.75x (net
proportional leverage, tested when the RCF is at least 40% drawn on
a quarterly basis).
STRUCTURAL CONSIDERATIONS
Traviata's probability of default rating is B3-PD, based on an
expected family recovery rate of 50%, in line with covenant-lite
first-lien capital structures. The company's capital structure
comprises an outstanding EUR637 million TLB and a EUR125 million
RCF both due 2026.
The B3 rated debt facilities rank pari passu and benefit from the
same security and guarantee structure. Traviata B.V.'s facilities
are secured against company's and Axel Springer share pledges, bank
accounts and intercompany receivables.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects the expected growth, solid FCF
generation and potential for deleveraging at Axel Springer, given
that the credit quality of the operating company is a key driver
for the assigned ratings at Traviata.
However, it also incorporates Moody's expectation that Traviata
will continue to exert strong influence on Axel Springer; annual
dividends from Axel Springer will be able to more than cover its
debt obligations and that leverage and liquidity levels will be
kept at levels commensurate with its rating category.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward as well as downward pressure on the ratings will primarily
be driven by movements in the credit profile of Axel Springer, the
underlying operating asset that drives the credit quality of
Traviata. However, any upward pressure resulting from fundamental
improvements will have to be viewed in the context of risks
inherent in the structure, such as the structural subordination of
holdco liabilities and the joint control over strategic and
financial decisions taken by Axel Springer's management team.
In addition, upward pressure could develop if Traviata's
proportionate leverage levels trend towards 5.5x and dividend
coverage of interests remains at or above 2.0x on a sustained
basis.
Downward rating pressure could be exerted if proportionate
Moody's-adjusted debt/EBITDA remains above 6.5x and dividend
coverage of interests falls below 1.2x on a sustained basis. A
weakening of the company's liquidity could also lead to downward
pressure on its rating.
LIST OF AFFECTED RATINGS:
Issuer: Traviata B.V.
Assignments:
BACKED Senior Secured Bank Credit Facility, Assigned B3
Outlook Actions:
Outlook, Assigned Stable
Issuer: Traviata II S.a r.l.
Assignments:
LT Corporate Family Rating, Assigned B3
Probability of Default Rating, Assigned B3-PD
Outlook Actions:
Outlook, Assigned Stable
PRINCIPAL METHODOLOGIES
The methodologies used in these ratings were Media published in
June 2021.
COMPANY PROFILE
Traviata II S.a r.l. is a holding company, which sole activity
consists of owning, through its subsidiary Traviata B.V., a 48.5%
stake in Axel Springer SE, a leading European media company. The
company is controlled by KKR & Co. Inc. and co-investors.
=====================
N E T H E R L A N D S
=====================
INTERTRUST NV: S&P Places 'BB' Sr. Sec. Notes Rating on Watch Dev.
------------------------------------------------------------------
S&P Global Ratings placed its 'BB' ratings on Dutch admin services
provider Intertrust N.V. and its senior secured notes on
CreditWatch with developing implications. The recovery rating
remains '3', indicating its estimate of about 60% (rounded figure)
recovery in the event of a default.
The developing implications indicate that S&P could affirm, raise,
or lower its ratings on Intertrust depending on its assessment of
the combined company's operations and capital structure if the
transaction is completed.
The CreditWatch placement follows Intertrust's announcement that
the group has reached a conditional agreement with unrated CSC on a
recommended all-cash public offer for all of Intertrust's issued
and outstanding share capital for EUR20 per share, representing
total equity value of about EUR1.8 billion. CSC has publicly stated
that it plans to finance the acquisition through committed
financing, including a combination of debt and available cash
resources. CSC has also indicated it will ensure that Intertrust
remains prudently financed with financial leverage at a sustainable
level.
The proposed transaction is subject to regulatory and customary
competition authorities' approvals, and is expected to close in the
second half of 2022.
S&P expects to resolve the CreditWatch placement upon the close of
the transaction.
NXP SEMICONDUCTORS: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on November 29, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by NXP Semiconductors N.V.
Headquartered in Eindhoven, Netherlands, NXP Semiconductors N.V. is
an American, Dutch domiciled multinational semiconductor
manufacturer with headquarters in Eindhoven, Netherlands that
focuses in the automotive industry.
SYNCREON GROUP: Moody's Withdraws B2 CFR on DP World Transaction
----------------------------------------------------------------
Moody's Investors Service has withdrawn all debt ratings of
syncreon Group B.V. after the company was acquired by DP World
Limited (Baa3 Stable), a multinational logistics company that
specializes in cargo logistics, port terminal operations, maritime
services and free trade zones.
Moody's took the following actions on syncreon Group B.V.:
Corporate Family Rating - Withdrawn, previously B2
Probability of Default Rating - Withdrawn, previously B2-PD
Gtd Senior Secured First Lien First Out Term Loan, Withdrawn,
previously Ba3 (LGD2)
Gtd Senior Secured First Lien Second Out Term Loan, Withdrawn,
previously B3 (LGD4)
Outlook Actions:
Issuer: syncreon Group B.V.
Outlook, Changed To Rating Withdrawn From Stable
RATINGS RATIONALE
Pursuant to the terms of the transaction, all rated debt at
syncreon was repaid at closing (December 1, 2021).
syncreon Group B.V. designs and implements integrated, customized
and flexible logistics solutions that include e-commerce,
fulfillment, manufacturing support, assembly and export packing for
automotive and technology customers that outsource supply chain
activities. Revenue for the latest twelve months ended September
30, 2021 was nearly $1.3 billion.
=========
S P A I N
=========
EUROPEAN RESIDENTIAL 2021-NPL1: S&P Assigns BB Rating to C Notes
----------------------------------------------------------------
S&P Global Ratings has assigned its credit ratings to European
Residential Loan Securitisation 2021-NPL1 (ERLS 2021-NPL1)'s class
A1, A2, B-Dfrd, and C-Dfrd notes, issued by LSF11 Boson Investments
s.a.r.l. acting on behalf of its Compartment 2 (LSF11–Comp2). At
closing, the issuer also issued unrated class P and D notes.
ERLS 2021-NPL1 is a Spanish NPL and REO properties transaction that
securitizes a portfolio totaling approximately EUR627 million in
current balance (with a valuation amount of approximately EUR565
million), of which the REO portfolio represents a total valuation
of approximately EUR31 million. The collateral comprises
residential properties (including annexes), commercial properties,
and land (93.8%, 4.3%, and 1.6%, respectively).
LSF11 Boson Investments acting on behalf of its Compartment 1
(LSF11-Comp1) acquired the portfolio from Banco de Sabadell S.A. in
December 2020, and the acquisition closed in July 2021. LSF11-Comp1
owns the loans, while a Spanish property company (REOCo) owns the
REO assets. The portfolio also includes some sub-participation
loans. The REOs are properties that the REOCo has acquired through
auctions after the foreclosure process or through amicable
solutions, and which will be sold in the open market. S&P has
analyzed both the loans and REO assets using its global framework
for assessing securitizations of nonperforming loans and its rating
to principles criteria.
On the closing date, LSF11-Comp1 (as the transferor) transferred
its contractual position under the various transaction
documents--including the REOCo loan and the REOCo shares--to
LSF11-Comp2 (the issuer). LSF11-Comp2 used the notes proceeds to
pay this transfer and the interest rate cap fees, and to fund the
class A, B-Dfrd, and C-Dfrd notes reserve funds, the issuer general
account, the issuer operating expenses (opex) account, and the REO
general account, among other fees.
The portfolio is serviced by Servihabitat Servicios Inmobiliarios
S.L.U., a Spanish servicer. It has over 30 years of experience in
the market and a good track record in both amicable solutions and
judicial process. Servihabitat is responsible for the day-to-day
servicing and implementation of the business plan that it devised
in conjunction with Hudson Advisors Spain S.L.U., the asset manager
in the transaction. The servicer and the asset manager are both
affiliates of Lone Star Capital Investment S.a.r.l., the retention
holder. Following S&P's review of the servicing process, we believe
that Servihabitat can perform its functions in the transaction.
S&P's ratings on the class A1 and A2 notes address the timely
payment of interest and the ultimate payment of principal. The
timely payment of interest on these notes is supported by the
amortizing class A reserve fund, which was fully funded at closing
to its required level of 5% of the class A1 and A2 notes' balance.
The ratings on the class B-Dfrd and C-Dfrd notes address the
ultimate payment of interest and principal. A nonpayment of
interest, even when they are the most senior outstanding notes,
will not trigger an event of default under the transaction
documents. The class B-Dfrd and C-Dfrd notes also benefit from two
liquidity nonamortizing reserve funds. Once the class B-Dfrd and
C-Dfrd notes become the most senior notes, the reserves will be
released and will be part of the available funds. Therefore, these
amounts also provide credit enhancement to the notes.
The issuer is a Luxemburg entity, which we consider bankruptcy
remote under our legal criteria. At closing, it created security
over the transaction documents, the receivables, the issuer's bank
accounts, and the REOCo shares in the security trustee's favor. The
REOCo also created security over the transaction documents and the
REOCo's bank account. In S&P's view, the structure mitigates legal
risks commensurate with the ratings assigned.
Under S&P's operational risk criteria, it has considered the
servicer and the asset manager as performance key transaction
parties. The transaction is capped at 'A' under this framework,
driven by the junior position of the asset manager fee in the
waterfall, which makes it less likely to incentivize a replacement
if required.
The Spanish bank account provider commits to replace itself upon
losing the 'BBB' issuer credit rating. Under S&P's counterparty
criteria, the transaction is therefore capped at 'A' in its
analysis.
Ratings Assigned
CLASS RATING CLASS BALANCE (MIL. EUR)
A1 A (sf) 200.0
A2 A (sf) 20.0
B-Dfrd BBB (sf) 12.0
C-Dfrd BB (sf) 16.0
P NR 2.0
D NR 376.8
S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A1 and A2 notes, while its
ratings on the class B-Dfrd and C-Dfrd notes address the ultimate
payment of interest and principal no later than the legal final
maturity date.
NR--Not rated.
===========================
U N I T E D K I N G D O M
===========================
ALEXANDER INGLIS: GrainCo Writes Off GBP4.5MM for Grain Stored
--------------------------------------------------------------
Suzie Horne at Farmers Weekly reports that Farmer-owned trader
GrainCo has written off GBP4.5 million in its latest accounts for
grain stored on its behalf by failed merchant Alexander Inglis &
Son.
Despite this, the business, which is in turn owned by storage and
marketing group Tynegrain, reported a pre-tax profit of GBP385,457
for the year ended June 30, 2021, Farmers Weekly discloses. This
compares with a pre-tax sum of GBP2.087 million the previous year,
Farmers Weekly notes.
Turnover at GrainCo rose to almost GBP181.9 million in the latest
year, from GBP174.7 million in the 2020 accounts, Farmers Weekly
states.
Without the write off, the business would have made a GBP4.9
million pre-tax profit, according to Farmers Weekly.
Managing director Gary Bright pointed out that the company has a
strong balance sheet, with net assets of GBP20.6 million, Farmers
Weekly relates.
"We benefit from being a business with diverse income streams and
significant revenue, which allowed this loss to be absorbed and
still make a profit ," Farmers Weekly quotes Mr. Bright as saying.
"We have a full recovery stock insurance policy so I'm confident
that the loss [of the stored grain value] will be recovered."
According to Farmers Weekly, a note to the accounts states: "During
the year, Alexander Inglis & Son, a company that provided storage
facilities to the company entered administration. Stock owned by
GrainCo and stored by Alexander Inglis & Son on the company's
behalf was included in GrainCo's stock at a value of over
GBP4,530,006. The directors have written off this stock in full in
the financial statements to June 30, 2021, as the administrators
report would indicate that it is unlikely that this grain will be
recovered."
The Inglis business went into administration in May 2021, with the
administrators' report subsequently showing a likely deficit of
GBP70 million, although trade estimates put it higher than this,
Farmers Weekly recounts.
Farmers accounted for more than one-third of the 166 unsecured
creditors listed in a report issued by the administrators in July
and were owed more than GBP6 million by the Inglis business,
Farmers Weekly states. This sum is separate to that claimed for
crops stored on behalf of growers and merchants, Farmers Weekly
notes.
The administrators have subsequently confirmed that there is
expected to be no funds available to pay unsecured creditors,
according to Farmers Weekly.
CO-OPERATIVE BANK: Moody's Hikes Long Term Deposit Rating to B1
---------------------------------------------------------------
Moody's Investors Service upgraded the long-term deposit ratings of
The Co-operative Bank plc (The Co-operative Bank) to Ba3 from B2,
and the senior unsecured debt rating of The Co-operative Bank
Finance p.l.c. (The Co-operative Bank Finance), the holding company
of The Co-operative Bank, to B1 from B3. Moody's also upgraded the
standalone Baseline Credit Assessment (BCA) of The Co-operative
Bank to b1 from b2.
The outlook on the senior unsecured debt rating of The Co-operative
Bank Finance and on the long-term deposit ratings of The
Co-operative Bank remains positive.
RATINGS RATIONALE
Moody's said the two notch upgrade of The Co-operative Bank's
long-term deposit ratings to Ba3 from B2 and the upgrade of The
Co-operative Bank Finance's senior unsecured debt rating to B1 from
B3 reflect several factors, namely (1) the bank's continued
progress towards a more sustainable business model particularly in
relation to improvements int its profitability, as indicated by the
upgrade of The Co-operative Bank's BCA to b1 from b2, and (2) lower
loss-given-failure, resulting in an additional notch of uplift
under Moody's advanced Loss Given Failure analysis.
Moody's believes that the risk that The Co-operative Bank will
remain loss making has lowered, resulting in the one-notch BCA
upgrade. The rating agency believes that, following the
restructuring over the last several years, charges for exceptional
items will reduce going forward and moderate loan growth and
potentially higher base rates in the UK will support the bank's
revenue.
At the same time, Moody's believes that The Co-operative Bank's
profitability will remain very weak and achieving returns in excess
of its cost of capital is highly unlikely in the next 12-18 months
(excluding exceptional items). Furthermore, the operating
environment in the UK is still uncertain; the demand for credit
might remain low for longer, and a rate rise might be delayed. The
Co-operative Bank's cost of funding will also increase as a result
of the need to issue additional capital instruments to meet with
its minimum requirements for own funds and eligible liabilities
(MREL). As such, despite the improvements, the rating agency
continues to believe that The Co-operative Bank still lacks a
sustainable business model, which continues to be a key governance
consideration and a key rating constraint.
The Co-operative Bank indicated that it will need to issue
MREL-compliant debt by the end of 2022 to comply with its
requirements; this additional debt, coupled with Moody's
expectation that the bank's balance sheet will only moderately
grow, provides additional protection to The Co-operative Bank's
junior depositors and to The Co-operative Bank Finance's senior
unsecured bondholders. This results in an additional notch of
upgrade to the bank's long-term deposit rating and to the holding
company's senior unsecured debt rating.
OUTLOOK
The outlook on The Co-operative Bank Finance's senior unsecured
debt rating and The Co-operative Bank's long-term deposit ratings
remains positive. The outlooks reflect further potential
improvements in The Co-operative Bank's profitability, which will
make the bank's capital less susceptible to a stress.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The Co-operative Bank's BCA could be upgraded following a
continuous improvement in profitability, leading to durable and
sustainable internal capital generation through earnings. An
upgrade of the BCA would lead to an upgrade of the long-term
deposit ratings of The Co-operative Bank and the senior unsecured
debt rating for The Co-operative Bank Finance.
The Co-operative Bank Finance's senior unsecured debt rating and
The Co-operative Bank's long-term deposit ratings could also be
upgraded following a material increase in the stock of bail-in-able
liabilities issued by The Co-operative Bank Finance or by The
Co-operative Bank.
The Co-operative Bank's BCA could be downgraded following evidence
that the bank will not be able to return to a sustainable level of
net profitability beyond 2021. A downgrade of The Co-operative
Bank's BCA would lead to a downgrade of all long-term ratings of
The Co-operative Bank and The Co-operative Bank Finance.
The Co-operative Bank Finance's senior unsecured debt rating and
The Co-operative Bank's long-term deposit ratings could also be
downgraded if the bank fails to issue additional loss-absorbing
debt.
LIST OF AFFECTED RATINGS
Issuer: The Co-operative Bank Finance p.l.c.
Upgrades:
Long-term Issuer Ratings, upgraded to B1 from B3, outlook remains
Positive
Senior Unsecured Regular Bond/Debenture, upgraded to B1 from B3,
outlook remains Positive
Affirmations:
Short-term Issuer Ratings, affirmed NP
Outlook Action:
Outlook remains Positive
Issuer: The Co-operative Bank plc
Upgrades:
Long-term Counterparty Risk Ratings, upgraded to Ba2 from B1
Long-term Bank Deposits, upgraded to Ba3 from B2, outlook remains
Positive
Long-term Counterparty Risk Assessment, upgraded to Ba1(cr) from
Ba3(cr)
Baseline Credit Assessment, upgraded to b1 from b2
Adjusted Baseline Credit Assessment, upgraded to b1 from b2
Affirmations:
Short-term Counterparty Risk Ratings, affirmed NP
Short-term Bank Deposits, affirmed NP
Short-term Counterparty Risk Assessment, affirmed NP(cr)
Outlook Action:
Outlook remains Positive
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
INTERFACE CONTRACTS: Blames Lack of Investment for Collapse
-----------------------------------------------------------
Joshua Stein at Construction News reports that a lack of investment
by major water companies was to blame for an M&E specialist's
collapse, according to the company's administrators.
Interface Contracts Limited entered administration in early
November, Construction News recounts. According to Construction
News, a new report from the firm's administrators Quantuma Advisory
said Interface's turnover had been "severely impacted" when water
companies scaled back investing as the AMP6 spending period ended
in 2019.
The problem was compounded as investment in the AMP7 period got off
to a slow start and the COVID-19 pandemic disrupted works,
Construction News discloses.
The administrators said the events had a "significant and
detrimental impact on the company's turnover", which was around
GBP1 million per month lower than expected in the nine months
following the start of the pandemic, Construction News relates.
It recorded turnover in the year to March 31, 2020 of GBP6.6
million in comparison to GBP10 million in 2019, with a net loss of
GBP830,000, Construction News states. Revenue for 2019 had also
been significantly lower than the GBP19 million it recorded in
2018, Construction News notes.
In the latest full financial year, ending March 31, 2021, Interface
made a GBP110,000 net profit but owed GBP1 million to HMRC in
VAT/PAYE and NIC, Construction News discloses. The contractor
built up an order book worth GBP7 million before it collapsed but
the administrators said many of its high value contracts had been
delayed due to the pandemic and the company's losses mounted as it
waited for work to start, according to Construction News.
At the start of the current financial year the company appointed a
new managing director Kevin Duffy, but he left four months later in
August, Construction News relays. There had been an attempt to
sell the business as a going concern but this collapsed in
September, Construction News notes.
The company had 51 employees in 2019 and also used around 100 other
operatives who were not direct employees.
MICRO FOCUS: Moody's Affirms B1 CFR, Alters Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed Micro Focus International
plc's (Micro Focus or the company) B1 corporate family rating and
B1-PD probability of default rating, as well as the B1 ratings on
the senior secured bank credit facilities borrowed at subsidiaries
MA FinanceCo., LLC and Seattle Spinco, Inc. The outlook on all
ratings has changed to negative from stable.
"The change in outlook to negative from stable largely reflects our
expectation of weaker than expected free cash flow generation over
the next 12-18 months on the back of continued high levels of
exceptional items and reduced EBITDA" says Luigi Bucci, Moody's
lead analyst for Micro Focus.
"Risks to maintaining its B1 rating have increased for Micro Focus
with leverage likely to remain high at around 4.5x-5.5x over the
next 12-18 months. The recently announced cost savings will start
supporting deleveraging only from fiscal 2023 when EBITDA is
expected to start growing again" adds Mr Bucci.
RATINGS RATIONALE
Micro Focus B1 CFR reflects: (1) its strong position in the
enterprise software market, supported by its global footprint and a
wide product range; (2) the company's continued commitment to
deleveraging; (3) Moody's expectation that revenues will stabilize
in fiscal 2024, ending October, on the back of sales execution and
product development enhancements; and (4) its good liquidity,
supported by solid, although weakened, free cash flow (FCF)
generation.
These strengths are offset by the company's: (1) product portfolio
of mainly mature software applications; (2) uncertainties related
to the trajectory of maintenance revenues; (3) sustained levels of
exceptional charges over the next two years, at best, which will
drag FCF over the same time-frame; and (4) continued high leverage
until fiscal 2023.
The change in outlook to negative from stable reflects Moody's
anticipation that Micro Focus' FCF generation will be weaker than
previously expected over fiscals 2022-23 with Moody's-adjusted
leverage remaining outside of the levels required for a B1 rating.
While previous estimates were anticipating a material improvement
in FCF in fiscal 2022, the rating agency now expects the overall
recovery to be slower and more gradual because of the restructuring
charges from a new round of cost savings initiatives together with
a continued decline in EBITDA over the year, as cost reductions
will not offset the impact of top-line decline. Moody's believes
that the restructuring programme carries execution risk as the
overall charges to achieve the targeted savings might exceed
current expectations.
Moody's expects Micro Focus' revenues to decline organically (i.e.
excluding the impact from the recent disposal of its Archiving and
Risk Management Business, Digital Safe) by 3%-4% and 1%-2% over
fiscal 2022 and 2023, respectively (fiscal 2021: around 5%). The
rating agency also forecasts company-adjusted EBITDA,
pre-restructuring costs, to decline towards $930-$940 million in
fiscal 2022 before recovering to approximately $1 billion in fiscal
2023 (fiscal 2021: around $1 billion), supported by cost cutting.
The rating agency forecasts Moody's-adjusted leverage to stand at
around 5.4x in fiscal 2022 (fiscal 2021: 5.0x) as lower EBITDA will
offset the positive impact from debt repayments to be funded
through the disposal of Digital Safe and excess cash flows.
Leverage should then start to reduce in fiscal 2023 through EBITDA
growth and an expectation of continued debt repayments through
excess cash flows, ending the fiscal year at around 4.8x. The
rating agency notes that it will treat restructuring charges as
costs for its adjusted metrics, although they are considered as
exceptional items by the company.
Moody's estimates Moody's-adjusted FCF, post dividends and leases,
to stand at around $120-130 million and $210-220 million over
fiscal 2022 and 2023, respectively. Moody's expects annual cash
exceptional charges to amount to approximately $100 million over
the same timeframe, driven by restructuring. The rating agency also
anticipates a step-up in capex largely driven by higher capitalized
product development costs. This is likely to translate into a
Moody's-adjusted FCF/debt of around 3% and 5% in 2021 and 2022,
respectively.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
In terms of governance, the company's financial policy has been
historically aggressive, with most of its excess liquidity
distributed to shareholders, as demonstrated by the distribution of
the SUSE S.A. (B1 stable) disposal proceeds. However, Moody's views
positively the actions implemented from 2020 onwards to protect the
company's credit quality from ongoing operational underperformance.
These include the recent announcement to use the net proceeds from
the disposal of Digital Safe for debt repayments or the suspension
of the dividend payout in 2020 with a subsequent reinstatement in
2021 under more conservative terms.
The company remains also committed to its stated net leverage
target of 2.7x, a level which, in Moody's view, will not be likely
achieved in the mid-term because of the ongoing operating
performance challenges that Micro Focus is facing.
LIQUIDITY
Micro Focus has a good liquidity, based on the company's underlying
cash flow, available cash resources of $560 million as of October
2021 and a $350 million committed senior secured revolving credit
facility (RCF) due 2024, currently undrawn. Moody's notes that
Micro Focus has no significant debt maturity until 2024 when a
portion of its term loans will come due.
STRUCTURAL CONSIDERATIONS
The instrument rating on the senior secured term loans due
2024-2025 and the RCF due 2024 are in line with the CFR, reflecting
the pari passu nature of the instruments. The rated debt benefits
from cross guarantees from the US and UK borrowers and guarantors,
and comprehensive asset security.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook reflects Moody's view that FCF generation over
the next 12-18 months will be weaker than previously anticipated
because of sustained levels of exceptional charges and reduced
EBITDA. The negative outlook also takes into account the challenge
for the company to reduce leverage from current high levels.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Whilst unlikely in light of the recent change in outlook, a rating
upgrade would depend on evidence of a successful execution of the
company's strategy to stabilise its revenue base and improve
EBITDA. Upward pressure on Micro Focus' rating could arise if: (1)
its Moody's-adjusted FCF/debt was to improve towards the mid-teens
percentages on a sustained basis; and (2) its Moody's-adjusted
debt/EBITDA fell below 3.5x.
Moody's would consider a rating downgrade if Micro Focus is not
able to demonstrate evidence of debt reduction and to reduce
significantly the rate of revenue or EBITDA decline. The rating
would face downward pressure if: (1) the company's Moody's-adjusted
FCF/debt failed to recover back to the mid-single digit percentages
after the lows noted in fiscal 2021; (2) its Moody's-adjusted
leverage was greater than 4x, particularly if it is not
sufficiently balanced by cash on balance sheet, with no expectation
of improvement; (3) its liquidity weakened; and (4) there was any
large debt-funded acquisition.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Software
Industry published in August 2018.
LIST OF AFFECTED RATINGS
Affirmations:
Issuer: Micro Focus International plc
Probability of Default Rating, Affirmed B1-PD
LT Corporate Family Rating, Affirmed B1
Issuer: MA FinanceCo., LLC
Senior Secured Bank Credit Facility, Affirmed B1
Issuer: Seattle Spinco, Inc.
Senior Secured Bank Credit Facility, Affirmed B1
Outlook Actions:
Issuer: Micro Focus International plc
Outlook, Changed To Negative From Stable
Issuer: MA FinanceCo., LLC
Outlook, Changed To Negative From Stable
Issuer: Seattle Spinco, Inc.
Outlook, Changed To Negative From Stable
COMPANY PROFILE
Headquartered in Newbury, the UK, Micro Focus International plc
(Micro Focus) is a global provider of enterprise software
solutions, operating under five business segments. Micro Focus is
listed both on the London Stock Exchange and the New York Stock
Exchange. In fiscal 2021, Micro Focus generated $2.9 billion in
revenue and around $1 billion in company-adjusted EBITDA.
NEPTUNE ENERGY: S&P Alters Outlook to Positive, Affirms BB- Rating
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Neptune Energy Group
Midco Ltd. to positive from stable and affirmed its 'BB-' rating.
S&P said, "We expect that Neptune Energy Group Midco Ltd. will post
strong credit metrics in 2021, supported by high oil and gas
prices, and will maintain funds from operations (FFO) to debt above
30% for the next few years.
"The investments that oil and gas exploration and production
company Neptune is making in its business could help increase
production over time, while keeping costs and reserves under
control.
"We therefore revised our outlook on Neptune to positive from
stable."
The positive outlook indicates that S&P may upgrade Neptune in the
next 12-18 months, if the company successfully improves its
business, while keeping FFO to debt above 30%.
Given the high oil and gas prices, S&P Global Ratings expects
Neptune to post exceptionally strong financial results in 2021.
Results will likely remain healthy in 2022-2023. After a weak 2020,
oil and gas prices rebounded very strongly in 2021. The economic
recovery in many countries across the world boosted demand. Coupled
with the oil supply limitations imposed by OPEC+, this supported
Brent oil prices during 2021. Neptune is most exposed to European
gas prices, which benefited from strong demand combined with low
inventory levels. As a result, the Title Transfer Facility (TTF)
benchmark recorded multiyear records.
S&P said, "We expect Neptune's adjusted EBITDA to double in 2021 to
about $1.95 billion–$2.05 billion, from about $0.91 billion in
2020. This will likely translate into FFO to debt of 50%-54% in
2021, well above our 20% threshold for the current rating. Although
we expect commodity prices will gradually decline in 2022, we
anticipate that the price environment will remain supportive."
Neptune is forecast to maintain EBITDA of around $1.9 billion-$2.1
billion and FFO to debt above 30% in 2022. The company enjoyed a
short-term Norwegian tax refund in 2020-2021, and will resume tax
payments from 2022 onward, which will depress FFO. The company's
capital allocation and financial policy decisions will also be
important in maintaining FFO to debt above 30%.
Any potential upgrade depends on our expectation that Neptune
improves its business within the next 12-18 months. Neptune is on
target to increase production to close to 200,000 barrels of oil
equivalent per day (boepd) by 2023, bringing it in line with its
higher rated peers. The company's expected average production for
2021, excluding insurance income, is 130,000-135,000 boepd, or
about 150,000-155,000 boepd at year-end. This makes it smaller than
peers such as:
-- Harbour Energy (BB/Stable/--; 185,000-195,000 boepd, pro forma
the merger with Premier Oil);
-- Lundin Energy (BBB-/Stable/--; 180,000-195,000 boepd); or
-- Aker BP (BBB-/Positive/--; 210,000-220,000 boepd).
For a potential upgrade, the company would need to demonstrate a
record of improving production, while at least maintaining its
reserves and keeping costs under control. In 2020, the company's
proved and probable (2P) reserves declined somewhat to 601 million
barrels of oil equivalent (boe) from 633 million boe in 2019. In
S&P's view, it is vital that the company limit and potentially
reverse this decline in future years. Neptune expects its operating
costs per barrel will be about $11.5 per boe in 2021, and we
anticipate that this metric will remain broadly stable in 2022. It
could improve in later years, as the company continues to expand
production and enhance efficiency of operations.
S&P said, "We anticipate that Neptune will strengthen the business
through organic development, but acquisitions are also possible.
Average production in 2021 will be around 130,000-135,000 boepd
(excluding volumes reimbursed by insurance), which is somewhat
lower than the 142,400 boepd in 2020. We attribute this to the
deferral of maintenance during 2020, as well as prolonged outages
at the company's Touat joint venture and the Hammerfest LNG
facility operated by Equinor. These facilities are insured and so
the losses from these outages will be reimbursed. Average
production in 2021 including insurance income will be about
145,000-155,000 boepd. Production in the fourth quarter of 2021 has
already risen to about 150,000-155,000 boepd. The maintenance at
Hammerfest LNG is expected to be completed in March 2022 and should
help Neptune's production recover by about 10,000-15,000 boepd. At
the same time, Neptune continues to invest in exploration and
develop its project pipeline. The company expects its new assets
(Fenja and Njord in Norway, and Seagull in the U.K.) will add about
50,000 boepd in late 2022-2023. Acquisitions could also be used to
boost production. We expect Neptune may acquire smaller assets in
its existing areas--focusing on assets that have good value
creation opportunities in monetary terms and also from an
environmental, social, and governance (ESG) perspective."
A supportive financial policy will be important to future rating
actions. Ownership by financial sponsors restricts our financial
risk assessment but does not cap the rating. The company's aim is
to maintain its net debt-to-EBITDAX (earnings before interest,
taxes, depreciation, amortization, and exploration expense; as
defined by the company) below 1.5x. It intends that any increase
above 1.5x would only be temporary. S&P said, "Our expectation that
FFO to debt be above 30% for a higher rating means that Neptune
would need to maintain comfortable headroom under this ratio of
closer to 1x. There is no strict dividend policy, so the
shareholders will need to find the right balance between investing
in the business and making dividend payments. Getting this right is
crucial for a potential upgrade because a lack of investment
(organic or inorganic) may limit strengthening of the business,
which is required for a higher rating. In our base case, we assume
that shareholder distributions will depend on cash flow generation
and may be increased when commodity prices are supportive or cut
when prices are low."
S&P said, "The positive outlook indicates that we may upgrade
Neptune in the next 12-18 months if the company continues to
strengthen its business, while maintaining a FFO-to-debt ratio
above 30%. Based on our oil and gas price assumptions, we expect
Neptune to post adjusted EBITDA of $1.95 billion–$2.05 billion in
2021, and $1.9 billion-$2.1 billion in 2022, compared with about
$0.91 billion in 2020. This should translate into FFO to debt of
50%-54% in 2021, and 30%-34% in 2022, compared with 21% in 2020."
S&P could raise the rating if the company demonstrates the
following:
-- Stronger business through a combination of organic projects and
merger and acquisition (M&A) activity, leading to higher production
of close to 200,000 boepd, while maintaining the size of the
reserves and continuing to reduce costs;
-- FFO to debt above 30%; and
-- Adherence to the financial policy, with net debt-to-EBITDAX (as
defined by the company) comfortably below the stated target of
1.5x.
S&P may revise the outlook back to stable if Neptune is no longer
on track to strengthen its business, or if it does so at the
expense of its leverage so that FFO to debt falls well below 30%.
VITAL INFRASTRUCTURE: Owes Over GBP18 Million to Creditors
----------------------------------------------------------
Tom Duffy at Liverpool Echo reports that Vital Infrastructure Asset
Management, a company that was one of Liverpool City Council's main
highways contractors now owes over GBP18 million to creditors.
VIAM collapsed into administration earlier this year following cash
flow problems, Liverpool Echo recounts.
VIAM, previously known as King Construction, had been working on a
number of major road projects in the city.
Now administrators TENEO have revealed that VIAM owes a total of
GBP18,870,730.97 to creditors, Liverpool Echo discloses.
The largest sum is GBP7074,358.23 owed to Angel Bidco, which was a
parent company, Liverpool Echo states.
A total of GBP6,359,054.79 is owed to HMRC, and GBP526,853.11 is
owed to CEMEX UK Materials Ltd., Liverpool Echo notes.
Large sums of cash are also owed to two companies linked to Mark
Doyle, who previously owned King Construction, according to
Liverpool Echo.
A report by the administrators also explains some of the background
to the company's collapse into administration, Liverpool Echo
relays.
It explains that VIAM originally traded as King Construction, a
specialist highways, construction and maintenance company.
It explains that in early 2020 VIAM began to run out of money
because it was owed GBP3 million from a customer following a number
of "contractual disputes", Liverpool Echo recounts.
The "liquidity problems" prevented VIAM from paying a number of
contractors on time, according to Liverpool Echo.
In response to these problems the company's directors sought
another GBP2 million of funding from NVM and placed some staff on
furlough, Liverpool Echo notes.
The Covid 19 pandemic exacerbated the company's many problems,
Liverpool Echo states. In May this year creditors took plant
machinery from sites in Bootle and Skelmersdale without permission,
Liverpool Echo recounts.
VIAM's directors then decided to appoint administrators due to a
lack of funding and other problems, Liverpool Echo discloses.
According to Liverpool Echo, the report reveals that NVM Private
Equity invested GBP18,593,594 in VIAM. ESF granted loans of
GBP4,903,142 on December 4, 2019, Liverpool Echo states. TC Loans
granted GBP2,894,453 on November 13, 2020. Liverpool Echo notes.
The report states that administrators do no expect there to be
sufficient funds to fully repay NVM, ESF and TC Loans, who are all
secured creditors, Liverpool Echo discloses.
The report states that VIAM owes GBP12.4 million in total to
unsecured creditors (creditors with no security), Liverpool Echo
relays. The administrators do not expect there to be sufficient
funds to pay money to the unsecured creditors, Liverpool Echo
notes.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week December 6 to December 10, 2021
--------------------------------------------------------------
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------ ------ -------- -------- -----
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Aggregate Holdings SA 6.875 11/09/2025 EUR 62.500
Casino Guichard Perrac 3.992 EUR 67.644
Casino Guichard Perrac 1.257 EUR 38.929
Mitsubishi UFJ Investo 3.951 12/15/2050 EUR 51.496
Moby SpA 7.750 2/15/2023 EUR 59.956
Rallye SA 4.000 2/28/2030 EUR 23.118
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 10.084
Andrade Gutierrez Inte 9.500 12/30/2024 USD 51.500
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 9.950
Rallye SA 4.371 1/23/2023 EUR 23.520
Voltalia SA 1.000 1/13/2025 EUR 30.804
Maisons du Monde SA 0.125 12/06/2023 EUR 47.852
Korian SA 1.875 EUR 43.792
Korian SA 0.875 03/06/2027 EUR 58.007
Mallinckrodt Internati 5.750 08/01/2022 USD 54.000
BAT International Fina 2.250 09/09/2052 GBP 74.654
Aggregate Holdings SA 5.500 5/17/2024 EUR 62.513
Mallinckrodt Internati 5.625 10/15/2023 USD 54.750
Intelsat Jackson Holdi 5.500 08/01/2023 USD 51.000
EYEMAXX Real Estate AG 5.500 7/22/2025 EUR 7.928
Neoen SA 2.000 06/02/2025 EUR 53.803
Metro Bank PLC 5.500 6/26/2028 GBP 75.111
Air France-KLM 0.125 3/25/2026 EUR 16.150
PREOS Global Office Re 7.500 12/09/2024 EUR 73.000
Accor SA 0.700 12/07/2027 EUR 53.143
Mallinckrodt Internati 5.500 4/15/2025 USD 54.875
Mallinckrodt Internati 4.750 4/15/2023 USD 35.625
Hylea Group SA 7.250 12/01/2022 EUR 13.100
Fuerstenberg Capital I 5.625 EUR 48.509
Lehman Brothers UK Cap 5.125 EUR 7.781
Hellenic Bank PCL 10.000 EUR 60.675
Rallye SA 5.250 02/01/2022 EUR 19.817
Neoen SA 1.875 10/07/2024 EUR 43.688
Intu Debenture PLC 5.562 12/31/2027 GBP 39.709
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.740
Offshore Drilling Hold 8.375 9/20/2020 USD 8.000
Paragon GmbH & Co KGaA 4.500 07/05/2022 EUR 71.334
Intelsat Jackson Holdi 8.500 10/15/2024 USD 53.000
Nexity SA 0.875 4/19/2028 EUR 57.193
Quadient SA 3.375 EUR 58.525
Rallye SA 3.250 02/08/2024 CHF 20.500
Wirecard AG 0.500 09/11/2024 EUR 12.000
Pierre Et Vacances SA 2.000 04/01/2023 EUR 28.431
PB International BV 7.625 1/26/2022 USD 42.571
O1 Properties Finance 0.500 9/27/2028 USD 12.000
Debenhams PLC 5.250 7/15/2021 GBP 0.501
FIGEAC-AERO 1.125 10/18/2022 EUR 21.970
Paragon GmbH & Co KGaA 4.000 4/23/2023 CHF 60.600
Tresu Investment Holdi 5.000 9/29/2022 EUR 28.250
Intelsat Jackson Holdi 9.750 7/15/2025 USD 50.500
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 24.292
HOCHDORF Holding AG 2.500 CHF 59.455
Union Fenosa Preferent 1.107 EUR 71.292
Bourbon Corp 8.305 EUR 0.124
Rallye SA 4.000 11/23/2020 CHF 20.585
Privatbank CJSC Via UK 10.250 1/23/2018 USD 10.000
FF Group Finance Luxem 3.250 11/02/2021 CHF 7.758
Rickmers Holding AG 8.875 06/11/2018 EUR 0.591
Intelsat SA 4.500 6/15/2025 USD 15.000
Intelsat Luxembourg SA 8.125 06/01/2023 USD 0.750
Nexity SA 0.250 03/02/2025 EUR 66.711
Andrade Gutierrez Inte 11.000 8/20/2021 USD 56.204
Air Berlin PLC 8.250 4/19/2018 EUR 0.773
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.985
Lehman Brothers UK Cap 3.875 EUR 9.842
Turkey Government Bond 10.500 08/11/2027 TRY 72.100
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 17.401
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.089
Immigon Portfolioabbau 5.801 EUR 12.350
Rallye SA 3.400 1/31/2022 EUR 22.585
Eterna Mode Holding Gm 7.750 06/03/2024 EUR 94.862
Intelsat Connect Finan 9.500 2/15/2023 USD 25.000
Koninklijke Luchtvaart 0.750 CHF 22.750
Turkey Government Bond 8.000 03/12/2025 TRY 75.050
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 26.137
Stichting Afwikkeling 6.250 10/26/2020 EUR 5.375
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.844
Air Berlin PLC 6.750 05/09/2019 EUR 0.573
Banco Espirito Santo S 7.125 11/28/2023 EUR 0.514
Claranova SADIR 5.000 07/01/2023 EUR 1.100
Jain International Tra 7.125 02/01/2022 USD 22.617
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 0.100
Yuksel Insaat AS 9.500 11/10/2015 USD 0.379
Intelsat Luxembourg SA 7.750 06/01/2021 USD 1.000
Autonomous Community o 2.965 09/08/2039 JPY 69.004
EA Partners I BV 6.875 9/28/2020 USD 0.741
Offshore Drilling Hold 8.375 9/20/2020 USD 8.000
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
Norddeutsche Landesban 7.490 EUR 63.876
Scandinavian Airlines 0.625 CHF 20.495
Ziton A/S 7.900 10/03/2022 EUR 70.000
Dexia SA 1.227 EUR 2.773
Galapagos Holding SA 7.000 6/15/2022 EUR 0.010
EA Partners II BV 6.750 06/01/2021 USD 1.281
Stichting Afwikkeling 11.250 EUR 0.416
Avangardco Investments 10.000 10/29/2018 USD 0.656
Mitsubishi UFJ Investo 3.699 12/30/2099 EUR 5.000
Dexia Credit Local SA 1.180 EUR 3.239
Yell Bondco PLC 8.500 05/02/2023 GBP 70.224
DOF Subsea AS 9.500 3/14/2022 USD 29.000
Genfit 3.500 10/16/2025 EUR 17.904
Travelex Financing PLC 8.000 5/15/2022 EUR 1.427
Fuerstenberg Capital E 1.020 EUR 47.990
Virgolino de Oliveira 11.750 02/09/2022 USD 1.003
Havila Shipping ASA 5.050 01/02/2025 NOK 21.419
KTG Agrar SE 7.125 06/06/2017 EUR 2.098
Stichting Afwikkeling 6.625 5/14/2018 EUR 5.375
Joh Friedrich Behrens 7.750 11/11/2020 EUR 50.590
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.965
Orient Express Bank PJ 2.000 USD 31.160
Hema Bondco II BV 8.500 1/15/2023 EUR 0.112
Hellenic Republic Gove 2.085 7/25/2057 EUR 46.991
UkrLandFarming PLC 10.875 3/26/2018 USD 2.150
FF Group Finance Luxem 1.750 07/03/2019 EUR 5.442
DOF Subsea AS 8.410 11/27/2023 NOK 28.001
Air Berlin PLC 5.625 05/09/2019 CHF 0.631
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.248
KPNQwest NV 10.000 3/15/2012 EUR 0.453
OGX Austria GmbH 8.500 06/01/2018 USD 0.003
International Industri 9.000 07/06/2011 EUR 0.051
Cirio Holding Luxembou 6.250 2/16/2004 EUR 0.723
REM Saltire Holding AS 7.000 12/31/2024 NOK 52.443
Espirito Santo Financi 6.875 10/21/2019 EUR 0.244
Alno AG 8.500 5/14/2018 EUR 15.323
EFG International AG 0.551 EUR 82.770
Espirito Santo Financi 9.750 12/19/2025 EUR 0.061
Privatbank CJSC Via UK 11.000 02/09/2021 USD 1.523
Norwegian Air Shuttle 5.000 02/07/2023 SEK 44.813
Virgolino de Oliveira 10.500 1/28/2018 USD 0.766
Mallinckrodt Internati 5.500 4/15/2025 USD 48.500
Lehman Brothers UK Cap 6.900 USD 3.986
Senivita Social Estate 4.000 05/12/2025 EUR 7.160
Agrokor dd 9.875 05/01/2019 EUR 15.000
Lehman Brothers UK Cap 5.750 EUR 7.000
Joh Friedrich Behrens 6.250 6/18/2024 EUR 49.500
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Praktiker AG 5.875 02/10/2016 EUR 0.069
Deutsche Bank AG/Londo 1.067 3/15/2033 USD 69.732
EOS Imaging SA 6.000 5/31/2023 EUR 6.959
Allied Irish Banks PLC 12.500 6/25/2035 GBP 60.921
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Lloyds Bank PLC 0.352 4/26/2033 USD 74.722
Privatbank CJSC Via UK 10.875 2/28/2018 USD 7.223
Bilt Paper BV 10.360 USD 1.193
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Banca Popolare di Vice 2.821 12/20/2017 EUR 0.100
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Rallye SA 1.000 10/02/2020 EUR 20.502
International Industri 11.000 2/19/2013 USD 0.051
UniCredit Bank AG 0.107 11/19/2029 EUR 68.716
Banca Popolare di Vice 9.500 9/29/2025 EUR 0.049
Bank Otkritie Financia 10.000 4/26/2019 USD 9.563
Deutsche Bank AG/Londo 4.200 6/30/2034 USD 74.821
New World Resources NV 4.000 10/07/2020 EUR 0.231
New World Resources NV 8.000 04/07/2020 EUR 0.506
Russian Federal Bond - 0.250 7/20/2044 RUB 20.000
Nexity SA 0.125 01/01/2023 EUR 63.715
Alpha Services and Hol 3.250 EUR 68.131
Andrade Gutierrez Inte 11.000 8/20/2021 USD 56.204
German Pellets GmbH 7.250 11/27/2019 EUR 1.393
Civitas Properties Fin 4.000 11/24/2022 EUR 65.000
Banco Espirito Santo S 6.875 7/15/2016 EUR 24.250
Commerzbank AG 0.077 11/19/2029 EUR 64.916
ESFIL-Espirito Santo F 5.250 06/12/2015 EUR 0.111
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Norske Skogindustrier 7.000 12/30/2026 EUR 0.596
Ghelamco Invest 4.500 5/23/2022 EUR 40.010
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Pentracor GmbH 8.500 5/29/2025 EUR 61.000
SAS AB 4.377 SEK 25.754
LBI ehf 6.100 8/25/2011 USD 9.375
Portugal Telecom Inter 6.250 7/26/2016 EUR 0.271
BNG Bank NV 10.010 6/17/2025 TRY 73.200
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Alpine Holding GmbH 5.250 07/01/2015 EUR 3.084
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 1.838
Verimatrix SA 6.000 6/29/2022 EUR 3.836
Banco Espirito Santo S 2.083 EUR 0.128
Saleza AS 9.000 07/12/2021 EUR 0.203
Cirio Finance Luxembou 7.500 11/03/2002 EUR 1.769
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Island Offshore Shipho 3.030 6/30/2022 NOK 4.765
Fuerstenberg Capital D 1.609 EUR 55.000
Societe Centrale des B 2.500 5/15/2023 EUR 6.880
Hamon & CIE SA 3.300 1/31/2035 EUR 45.974
Vneshprombank Ltd Via 9.000 11/14/2016 USD 0.078
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 27.448
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.614
Virgolino de Oliveira 11.750 02/09/2022 USD 1.003
Virgolino de Oliveira 10.500 1/28/2018 USD 0.750
WD Invest Sarl 1.900 10/02/2024 EUR 11.177
Veneto Banca SpA 9.878 12/01/2025 EUR 0.571
Depfa Funding II LP 6.500 EUR 60.782
Mallinckrodt Internati 5.750 08/01/2022 USD 46.125
Cooperatieve Rabobank 0.500 10/30/2043 MXN 15.932
Espirito Santo Financi 3.125 12/02/2018 EUR 0.459
UBS AG/London 13.250 05/04/2022 USD 57.150
Sberbank of Russia PJS 8.500 11/14/2031 RUB 60.190
Kommunekredit 0.500 7/30/2027 TRY 32.851
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Mallinckrodt Internati 5.625 10/15/2023 USD 53.375
Deutsche Bank AG 0.756 6/28/2033 USD 78.500
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Corporate Commercial B 8.250 08/08/2014 USD 0.308
Cooperatieve Rabobank 0.500 7/30/2043 MXN 16.247
Agrokor dd 8.875 02/01/2020 USD 15.000
Banco Espirito Santo S 6.900 6/28/2024 EUR 24.301
Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568
Bank Nadra Via NDR Fin 8.250 7/31/2018 USD 0.208
Alpine Holding GmbH 6.000 5/22/2017 EUR 3.084
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Stichting Afwikkeling 2.203 EUR 0.416
JP Morgan Structured P 12.000 01/04/2027 ZMW 65.093
Activa Resources AG 0.500 11/15/2021 EUR 0.300
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
JP Morgan Structured P 13.000 12/22/2027 ZMW 68.291
Del Monte Finance Luxe 6.625 5/24/2006 EUR 4.558
Turkey Government Bond 11.700 11/13/2030 TRY 70.700
CRC Breeze Finance SA 6.110 05/08/2026 EUR 30.236
Deutsche Bank AG/Londo 4.120 3/27/2035 USD 74.667
SiC Processing GmbH 7.125 03/01/2016 EUR 2.406
Moby SpA 7.750 2/15/2023 EUR 59.956
Turkey Government Bond 1.500 10/09/2024 TRY 525.000
Aralco Finance SA 10.125 05/07/2020 USD 0.934
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Credit Agricole Corpor 10.500 2/16/2027 TRY 69.695
KTG Agrar SE 7.250 10/15/2019 EUR 2.098
Depfa Funding III LP 0.235 EUR 57.279
Banco Espirito Santo S 2.263 EUR 0.236
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.077
Norwegian Air Shuttle 6.375 11/15/2024 USD 48.206
German Pellets GmbH 7.250 04/01/2016 EUR 1.393
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.336
Ahtium PLC 9.750 04/04/2017 EUR 0.726
WPE International Coop 10.375 9/30/2020 USD 5.000
Intelsat Jackson Holdi 8.500 10/15/2024 USD 52.740
Intelsat Jackson Holdi 9.750 7/15/2025 USD 51.534
Deutsche Bank AG 0.687 10/11/2049 EUR 70.647
Intelsat Connect Finan 9.500 2/15/2023 USD 24.116
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.194
O1 Properties Finance 8.250 9/27/2021 USD 11.329
Intelsat Jackson Holdi 9.750 7/15/2025 USD 51.534
Agrokor dd 9.125 02/01/2020 EUR 15.000
Deutsche Agrar Holding 7.250 9/28/2018 EUR 0.704
Peine GmbH 2.000 07/05/2023 EUR 44.500
Rena GmbH 7.000 12/15/2015 EUR 2.096
DZ Bank AG Deutsche Ze 0.487 03/11/2031 EUR 69.475
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Steilmann SE 7.000 9/23/2018 EUR 1.429
Finmek International S 7.000 12/03/2004 EUR 2.193
Solon SE 1.375 12/06/2012 EUR 0.745
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
OGX Austria GmbH 8.500 06/01/2018 USD 0.003
Agrokor dd 9.875 05/01/2019 EUR 15.000
CBo Territoria 3.750 07/01/2024 EUR 4.730
Kardan NV 6.325 2/21/2021 ILS 11.020
Deutsche Bank AG/Londo 4.872 12/23/2035 USD 72.437
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Natixis SA 0.300 6/25/2048 USD 53.035
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Instabank ASA 7.530 NOK 38.457
SG Issuer SA 2.700 11/28/2034 ZAR 45.912
BOA Offshore AS 0.409 7/17/2047 NOK 7.283
Golden Gate AG 6.500 10/11/2014 EUR 37.600
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
Cooperatieve Rabobank 0.500 1/31/2033 MXN 38.777
Raiffeisen Schweiz Gen 11.000 6/29/2022 CHF 71.600
Lehman Brothers Treasu 5.220 03/01/2024 EUR 0.100
Erotik-Abwicklungsgese 7.750 07/09/2019 EUR 0.779
Steilmann SE 6.750 6/27/2017 EUR 2.184
JP Morgan Structured P 12.000 8/28/2026 ZMW 70.513
Mox Telecom AG 7.250 11/02/2017 EUR 2.247
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Cooperatieve Rabobank 0.500 10/29/2027 MXN 62.421
Barclays Bank PLC 0.500 10/01/2031 TRY 17.773
Agrokor dd Via Aquariu 4.921 08/08/2017 EUR 14.625
Havila Shipping ASA 4.300 01/02/2025 NOK 51.605
Banco Espirito Santo S 10.000 12/06/2021 EUR 0.514
Veneto Banca SpA 6.944 5/15/2025 EUR 0.571
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Caixa Economica Montep 5.000 EUR 50.020
Alno AG 8.000 3/21/2019 EUR 16.000
Credit Suisse AG/Londo 20.000 11/29/2024 USD 14.280
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.162
Yell Bondco PLC 8.500 05/02/2023 GBP 70.224
Finance and Credit Ban 9.250 1/25/2019 USD 0.181
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
Bank2 ASA 5.690 NOK 57.739
Instabank ASA 9.500 NOK 49.916
BRAbank ASA/NO 7.510 NOK 53.882
Credit Suisse AG/Londo 11.600 12/08/2021 EUR 9.470
Golfino AG 8.000 11/18/2023 EUR 0.020
Instabank ASA 5.530 3/28/2028 NOK 63.695
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Getin Noble Bank SA 6.870 4/29/2024 PLN 49.863
UkrLandFarming PLC 10.875 3/26/2018 USD 2.150
Banco Santander SA 1.857 EUR 1.685
Veneto Banca SpA 6.411 EUR 0.345
Getin Noble Bank SA 5.310 04/04/2024 PLN 57.984
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.336
MOL Hungarian Oil & Ga 1.900 04/12/2031 HUF 73.300
German Pellets GmbH 7.250 07/09/2018 EUR 1.393
Instabank ASA 8.290 02/04/2030 NOK 68.017
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.089
UBS AG/London 21.250 2/18/2022 USD 63.900
EFG International Fina 9.700 9/26/2022 CHF 8.930
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.002
Portugal Telecom Inter 5.242 11/06/2017 EUR 0.694
Veneto Banca SpA 6.950 2/25/2025 EUR 0.571
MS Deutschland Beteili 6.875 12/18/2017 EUR 0.602
SALVATOR Vermoegensver 9.500 12/31/2021 EUR 8.600
Agrokor dd 8.875 02/01/2020 USD 15.000
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Getin Noble Bank SA 5.250 12/21/2023 PLN 56.875
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
WEB Windenergie AG 6.250 EUR 0.010
Credit Suisse AG/Londo 6.250 10/31/2025 USD 11.360
Cooperatieve Rabobank 0.500 11/30/2027 MXN 61.558
AKB Peresvet ZAO 0.510 2/14/2032 RUB 13.010
Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
SFO Akkord Finans 10.000 02/12/2024 RUB 67.060
Santander Consumer Ban 5.530 NOK 46.493
Bibby Offshore Service 7.500 6/15/2021 GBP 11.625
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Rena GmbH 8.250 07/11/2018 EUR 2.096
Credit Suisse AG 0.500 12/16/2025 BRL 60.025
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 28.938
Deutsche Bank AG/Londo 13.750 6/20/2026 TRY 74.167
Getin Noble Bank SA 4.250 8/30/2024 PLN 69.176
SAir Group 0.125 07/07/2005 CHF 12.625
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 27.515
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
SALVATOR Vermoegensver 9.500 EUR 10.100
New World Resources NV 8.000 04/07/2020 EUR 0.506
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Barclays Bank PLC 5.000 11/01/2029 BRL 59.972
COFIDUR SA 0.100 12/31/2024 EUR 24.050
Cooperatieve Rabobank 0.500 8/21/2028 MXN 57.051
Credit Agricole Corpor 9.450 03/08/2027 TRY 66.034
Kreditanstalt fuer Wie 0.250 10/06/2036 CAD 51.345
Credit Suisse AG/Londo 8.100 8/23/2022 CHF 67.000
Raiffeisen Schweiz Gen 10.000 12/31/2024 CHF 69.780
Pescanova SA 5.125 4/20/2017 EUR 0.319
Rio Forte Investments 4.000 7/22/2014 EUR 5.001
KPNQwest NV 8.125 06/01/2009 USD 0.453
Pervyi Konteinernyi Te 0.010 02/06/2026 RUB 67.540
Getin Noble Bank SA 5.250 1/31/2024 PLN 67.875
HSBC Bank PLC 0.500 12/22/2025 BRL 59.604
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 0.200
HSBC Bank PLC 0.500 11/25/2025 BRL 60.151
Ukraine Government Bon 6.000 1/22/2031 UAH 62.548
Gebr Sanders GmbH & Co 8.750 10/22/2018 EUR 9.375
UBS AG/London 9.500 2/28/2022 CHF 62.750
Credito Padano Banca d 3.100 EUR 33.682
Steilmann SE 7.000 03/09/2017 EUR 1.429
DekaBank Deutsche Giro 3.300 04/08/2022 EUR 48.290
SAir Group 5.125 03/01/2003 CHF 12.750
Getin Noble Bank SA 5.250 11/30/2023 PLN 62.875
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Pescanova SA 8.750 2/17/2019 EUR 0.319
Espirito Santo Financi 5.050 11/15/2025 EUR 0.330
TransKomplektHolding O 9.500 11/02/2028 RUB 70.000
Credit Suisse AG/Londo 4.500 3/21/2022 USD 9.780
Alteo Nyrt 2.450 10/08/2031 HUF 72.500
Dr Wiesent Sozial gGmb 7.000 EUR 0.010
Stichting Afwikkeling 8.450 8/20/2018 USD 5.375
Agrokor dd 9.125 02/01/2020 EUR 15.000
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Getin Noble Bank SA 5.250 8/31/2023 PLN 64.875
UniCredit Bank AG 6.600 7/20/2028 EUR 39.040
Leonteq Securities AG 28.840 11/16/2021 CHF 62.480
Leonteq Securities AG 29.220 11/26/2021 CHF 58.060
Bank Julius Baer & Co 7.200 1/26/2022 CHF 66.100
Espirito Santo Financi 5.050 11/15/2025 EUR 0.547
Credit Suisse AG/Londo 5.000 4/19/2022 USD 9.994
Mifa Mitteldeutsche Fa 7.500 08/12/2018 EUR 2.100
HPI AG 3.500 EUR 3.011
Cooperatieve Rabobank 0.500 12/29/2027 MXN 61.101
Getin Noble Bank SA 4.250 7/26/2024 PLN 57.575
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.844
Alpine Holding GmbH 5.250 06/10/2016 EUR 3.084
SAir Group 4.250 02/02/2007 CHF 12.625
Getin Noble Bank SA 5.250 7/28/2023 PLN 67.875
Banca Popolare di Vice 9.500 10/02/2025 EUR 0.049
Decipher Production Lt 12.500 9/27/2019 USD 1.500
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.985
Sequa Petroleum NV 5.000 4/29/2020 USD 30.500
Getin Noble Bank SA 4.750 5/31/2024 PLN 63.870
Bank Julius Baer & Co 11.700 4/26/2022 CHF 43.250
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 70.074
Hema Bondco II BV 8.500 1/15/2023 EUR 0.112
International Bank of 8.250 10/09/2024 USD 60.375
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Heta Asset Resolution 0.212 12/31/2023 EUR 1.558
Ukraine Government Bon 8.220 05/10/2035 UAH 69.493
Ukraine Government Bon 8.120 11/10/2035 UAH 68.442
Ukraine Government Bon 6.000 12/11/2030 UAH 62.797
Lehman Brothers Treasu 6.650 8/24/2011 AUD 0.100
Credit Suisse AG/Londo 6.500 3/28/2022 USD 4.330
Barclays Bank PLC 4.000 7/19/2022 USD 9.897
Vontobel Financial Pro 9.000 12/24/2021 EUR 70.250
Gold-Zack AG 7.000 12/14/2005 EUR 1.100
Skandinaviska Enskilda 6.400 1/15/2025 SEK 74.350
Nizhniy Novgorod Regio 6.100 5/27/2026 RUB 94.050
Credit Agricole Corpor 10.320 7/22/2026 TRY 71.480
Luminis SA 1.800 09/02/2059 EUR 68.681
Nordea Bank Abp 4.100 7/20/2023 SEK 51.500
DZ Bank AG Deutsche Ze 19.400 3/25/2022 EUR 53.830
UBS AG/London 13.500 4/14/2022 CHF 58.100
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 70.090
Rio Forte Investments 4.750 11/10/2015 EUR 5.000
SG Issuer SA 3.300 9/26/2034 ZAR 50.662
Espirito Santo Financi 5.125 5/30/2016 EUR 0.528
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Santander Consumer Ban 5.530 NOK 46.493
Landesbank Baden-Wuert 5.400 2/25/2022 EUR 70.320
DekaBank Deutsche Giro 2.800 05/02/2022 EUR 52.810
Credit Suisse AG/Londo 15.000 6/27/2022 USD 68.620
Credito Padano Banca d 3.100 EUR 33.922
Credit Agricole Corpor 10.800 3/24/2026 TRY 71.422
BNP Paribas SA 1.000 1/23/2040 MXN 24.250
Purple Protected Asset 2.100 4/15/2060 EUR 69.136
Teksid Aluminum Luxemb 12.375 7/15/2011 EUR 0.122
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 18.179
Barclays Bank PLC 0.500 1/28/2033 MXN 40.570
Nizhniy Novgorod Regio 6.750 6/14/2025 RUB 98.930
SAir Group 2.125 11/04/2004 CHF 12.625
Purple Protected Asset 2.085 10/27/2060 EUR 76.185
Lehman Brothers Treasu 1.000 10/05/2035 EUR 0.100
Otkritie Holding JSC 10.000 4/20/2028 RUB 6.440
Leonteq Securities AG/ 22.620 12/23/2021 CHF 37.120
Landesbank Baden-Wuert 5.650 5/27/2022 EUR 53.120
BNP Paribas Emissions- 5.000 3/24/2022 EUR 75.010
Muehl Product & Servic 6.750 03/10/2005 DEM 0.102
SAir Group 6.250 10/27/2002 CHF 12.625
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
International Finance 0.500 6/29/2027 ZAR 64.429
City of Novosibirsk Ru 7.300 10/08/2026 RUB 99.800
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Astana Finance BV 7.875 06/08/2010 EUR 16.000
DekaBank Deutsche Giro 4.250 05/03/2022 EUR 71.560
UniCredit Bank AG 4.350 11/21/2021 EUR 50.110
Credit Suisse AG/Londo 4.250 12/28/2022 USD 9.970
Societe Generale SA 20.000 02/02/2023 USD 67.000
Societe Generale SA 21.000 12/23/2022 USD 71.640
Leonteq Securities AG/ 2.750 9/15/2022 CHF 22.140
Aranynektar Termekgyar 3.500 04/03/2030 HUF 72.661
State of Saxony-Anhalt 0.109 07/03/2028 EUR 60.000
Lehman Brothers Treasu 6.250 09/05/2011 EUR 0.100
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
HSBC Bank PLC 0.500 6/23/2027 MXN 63.902
Espirito Santo Financi 0.338 10/27/2024 EUR 0.297
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.327
Region of Saratov Russ 8.100 11/20/2024 RUB 73.080
Deutsche Bank AG/Londo 0.500 04/05/2038 MXN 26.136
Cerruti Finance SA 6.500 7/26/2004 EUR 2.058
Promsvyazbank PJSC 2.500 9/29/2029 RUB 63.420
AKB Peresvet ZAO 0.510 08/04/2034 RUB 31.320
Northland Resources AB 4.000 10/15/2020 USD 0.271
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.965
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
LBI ehf 7.431 USD 0.001
Getin Noble Bank SA 5.870 6/28/2024 PLN 57.675
SG Issuer SA 7.500 1/20/2025 SEK 68.650
UBS AG/London 15.000 06/03/2022 USD 64.400
Landesbank Baden-Wuert 3.250 2/24/2023 EUR 65.690
Landesbank Baden-Wuert 5.250 11/26/2021 EUR 70.700
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Region of Stavropol Ru 6.200 12/14/2027 RUB 65.340
AKB Peresvet ZAO 13.000 10/07/2017 RUB 32.625
Lehman Brothers Treasu 2.000 3/16/2035 EUR 0.100
Norske Skogindustrier 7.000 12/30/2026 EUR 0.596
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Northland Resources AB 15.000 7/15/2019 USD 2.621
Santander Consumer Ban 5.530 NOK 46.493
Privatbank CJSC Via UK 10.875 2/28/2018 USD 7.223
Bank Otkritie Financia 0.010 9/24/2025 RUB 67.060
Bank Otkritie Financia 0.010 7/16/2025 RUB 70.430
BNP Paribas Issuance B 4.490 06/10/2025 BRL 74.716
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 40.327
Windreich GmbH 6.750 03/01/2015 EUR 4.475
EFG International Fina 12.750 1/31/2022 USD 61.690
UBS AG/London 13.500 07/07/2022 CHF 64.250
UBS AG/London 14.500 10/17/2022 USD 66.300
Raiffeisen Schweiz Gen 3.000 9/21/2029 CHF 69.640
Araratbank OJSC 5.500 9/19/2023 USD 25.578
Bayerische Landesbank 1.550 2/23/2024 EUR 75.670
Bayerische Landesbank 3.500 1/26/2024 EUR 70.990
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Lehman Brothers Treasu 6.300 12/21/2018 USD 0.100
Mostotrest PJSC 0.010 7/29/2026 RUB 61.520
Lehman Brothers Treasu 23.300 9/16/2008 USD 0.100
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
Lehman Brothers Treasu 7.750 01/03/2012 AUD 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
DANY COLL LLC 0.100 7/19/2022 RUB 1.300
SAir Group 6.250 04/12/2005 CHF 12.625
Ukraine Government Bon 6.000 8/28/2030 UAH 63.414
Credit Agricole Corpor 5.220 11/28/2025 BRL 74.490
Leonteq Securities AG/ 4.000 08/10/2022 CHF 60.000
Leonteq Securities AG 5.400 7/25/2022 CHF 57.830
Societe Generale SA 9.000 7/22/2022 USD 57.300
UBS AG/London 11.250 07/01/2022 CHF 68.350
Credit Suisse AG/Londo 9.250 12/28/2021 CHF 61.760
Raiffeisen Centrobank 10.000 3/24/2023 EUR 1.000
BrokerCreditService St 8.000 1/30/2024 USD 64.660
Danske Bank A/S 10.300 07/09/2023 SEK 11.500
UBS AG/London 13.250 4/29/2022 CHF 66.750
DZ Bank AG Deutsche Ze 22.700 6/24/2022 EUR 76.370
Leonteq Securities AG 23.030 4/22/2022 CHF 73.740
WEB Windenergie AG 6.500 EUR 0.010
City of Predeal Romani 2.985 5/15/2026 RON 69.000
Landesbank Baden-Wuert 5.750 11/26/2021 EUR 72.280
Bank Julius Baer & Co 15.000 11/12/2021 USD 55.550
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Lehman Brothers Treasu 3.600 3/19/2018 JPY 0.100
Rio Forte Investments 3.900 07/10/2014 USD 5.000
Northland Resources AB 15.000 7/15/2019 USD 2.621
SAir Group 2.750 7/30/2004 CHF 12.625
Minicentrales Dos SA 0.010 06/06/2047 EUR 66.811
Barclays Bank PLC 2.000 05/07/2036 MXN 33.601
Lehman Brothers Treasu 8.000 12/27/2032 JPY 0.100
Bilt Paper BV 10.360 USD 1.193
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Heta Asset Resolution 4.350 12/31/2023 EUR 1.558
LBI ehf 6.100 8/25/2011 USD 9.375
Ukraine Government Bon 6.000 1/28/2032 UAH 60.549
Ukraine Government Bon 8.750 2/16/2033 UAH 75.606
Ukraine Government Bon 6.000 09/10/2031 UAH 61.281
Lehman Brothers Treasu 0.143 11/02/2035 EUR 0.100
Ukraine Government Bon 6.000 9/13/2028 UAH 68.261
Lehman Brothers Treasu 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasu 5.000 05/02/2022 EUR 0.100
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Purple Protected Asset 1.480 11/30/2060 EUR 69.978
Societe Generale SA 6.000 06/06/2022 USD 2.340
Credit Suisse AG/Londo 8.250 05/05/2022 USD 69.780
Societe Generale SA 6.000 05/09/2022 USD 13.030
SG Issuer SA 0.800 10/28/2030 EUR 20.150
Luzerner Kantonalbank 25.000 03/09/2022 CHF 51.480
Leonteq Securities AG 4.000 12/18/2026 CHF 72.660
UBS AG/London 12.000 12/13/2021 CHF 65.950
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
DeloPorts LLC 0.010 11/14/2025 RUB 70.020
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
BNP Paribas Issuance B 5.000 11/05/2024 EUR 26.780
Lehman Brothers Treasu 7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 15.000 06/04/2009 CHF 0.100
City of Novosibirsk Ru 7.850 11/27/2027 RUB 73.670
New World Resources NV 4.000 10/07/2020 EUR 0.231
MTS-Bank PAO 9.500 10/28/2029 RUB 51.370
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Credit Agricole Corpor 10.200 08/06/2026 TRY 71.035
Getin Noble Bank SA 5.250 5/31/2023 PLN 69.875
Astana Finance BV 9.000 11/16/2011 USD 15.250
Lehman Brothers Treasu 7.500 10/24/2008 USD 0.100
MIK OAO 15.000 2/19/2020 RUB 13.875
Raiffeisen Switzerland 4.000 8/30/2022 CHF 45.180
Vontobel Financial Pro 9.400 5/13/2022 EUR 51.850
Credit Suisse AG/Londo 11.750 11/15/2021 USD 70.900
Lehman Brothers Treasu 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasu 8.000 12/31/2010 USD 0.100
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Irish Bank Resolution 4.000 4/23/2018 EUR 33.250
Turkey Government Bond 11.000 2/24/2027 TRY 75.100
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasu 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasu 2.875 3/14/2013 CHF 0.100
Lehman Brothers Treasu 4.050 9/16/2008 EUR 0.100
Ukraine Government Bon 6.000 10/11/2028 UAH 68.059
OOO SPV Structural Inv 0.010 09/01/2023 RUB 66.740
Ukraine Government Bon 6.000 9/18/2030 UAH 63.293
Leonteq Securities AG 7.000 03/09/2022 CHF 71.630
DekaBank Deutsche Giro 4.250 4/14/2022 EUR 38.870
UniCredit Bank AG 3.250 3/29/2022 EUR 26.400
Vontobel Financial Pro 6.700 03/07/2022 EUR 56.570
UniCredit Bank AG 3.750 3/26/2022 EUR 56.520
Landesbank Baden-Wuert 2.300 7/22/2022 EUR 60.240
Araratbank OJSC 5.250 09/11/2022 USD 25.438
Leonteq Securities AG 5.600 5/16/2022 CHF 58.420
Landesbank Baden-Wuert 2.750 11/26/2021 EUR 59.570
UniCredit Bank AG 3.500 8/24/2022 EUR 68.240
UniCredit Bank AG 4.200 8/24/2022 EUR 74.000
Bayerische Landesbank 2.300 11/26/2021 EUR 58.240
Raiffeisen Schweiz Gen 7.200 03/02/2022 CHF 68.880
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 54.250
Societe Generale Effek 5.600 09/04/2023 EUR 42.400
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
UniCredit Bank AG 3.700 6/25/2022 EUR 61.630
UniCredit Bank AG 4.250 6/28/2022 EUR 46.460
UniCredit Bank AG 3.800 6/28/2022 EUR 55.880
Leonteq Securities AG/ 3.750 2/20/2023 CHF 56.130
UniCredit Bank AG 3.350 6/14/2022 EUR 51.330
UniCredit Bank AG 3.700 06/04/2022 EUR 66.240
SG Issuer SA 9.180 1/20/2025 SEK 73.240
Landesbank Baden-Wuert 3.800 1/28/2022 EUR 45.820
DekaBank Deutsche Giro 3.100 12/03/2021 EUR 45.060
Landesbank Baden-Wuert 3.400 11/25/2022 EUR 57.880
SG Issuer SA 0.263 2/20/2025 EUR 19.600
EFG International Fina 7.000 2/28/2022 CHF 69.250
Landesbank Baden-Wuert 5.000 2/25/2022 EUR 74.230
Landesbank Baden-Wuert 1.200 2/25/2022 EUR 72.740
Landesbank Baden-Wuert 3.700 2/25/2022 EUR 62.970
Landesbank Baden-Wuert 4.000 3/25/2022 EUR 73.630
Landesbank Baden-Wuert 4.800 3/25/2022 EUR 70.350
Landesbank Baden-Wuert 3.250 12/23/2022 EUR 62.820
Bayerische Landesbank 2.500 12/03/2021 EUR 57.720
Landesbank Baden-Wuert 6.400 2/25/2022 EUR 69.610
Landesbank Baden-Wuert 3.900 2/25/2022 EUR 79.460
Landesbank Baden-Wuert 4.900 2/25/2022 EUR 70.000
Landesbank Baden-Wuert 2.600 2/25/2022 EUR 66.590
Societe Generale Effek 3.000 7/22/2022 USD 5.500
Raiffeisen Switzerland 10.500 07/11/2024 USD 19.330
Societe Generale SA 8.600 7/29/2022 USD 61.400
Erste Group Bank AG 5.550 8/30/2022 EUR 46.950
UniCredit Bank AG 3.200 09/10/2022 EUR 50.330
SecurAsset SA 5.250 6/30/2022 EUR 44.450
UniCredit Bank AG 9.000 12/27/2021 EUR 73.300
Landesbank Baden-Wuert 4.700 3/25/2022 EUR 42.070
Landesbank Baden-Wuert 3.300 3/25/2022 EUR 53.560
UniCredit Bank AG 7.000 3/29/2022 EUR 59.010
UniCredit Bank AG 5.450 3/15/2022 EUR 45.740
EFG International Fina 10.500 02/07/2022 EUR 65.730
Societe Generale SA 1.580 9/16/2024 USD 3.180
UniCredit Bank AG 3.500 10/08/2022 EUR 45.940
DekaBank Deutsche Giro 3.900 4/25/2022 EUR 39.690
UniCredit Bank AG 3.750 4/19/2022 EUR 69.790
UniCredit Bank AG 8.000 12/24/2021 EUR 80.660
UniCredit Bank AG 5.800 12/24/2021 EUR 66.070
UniCredit Bank AG 10.200 12/24/2021 EUR 49.170
UniCredit Bank AG 8.500 12/24/2021 EUR 54.610
UniCredit Bank AG 5.600 12/24/2021 EUR 57.970
UniCredit Bank AG 12.300 12/24/2021 EUR 58.680
UniCredit Bank AG 7.700 12/24/2021 EUR 57.860
UniCredit Bank AG 6.800 12/24/2021 EUR 61.550
UniCredit Bank AG 8.600 12/24/2021 EUR 70.870
UniCredit Bank AG 9.400 12/24/2021 EUR 63.240
UniCredit Bank AG 7.100 12/24/2021 EUR 76.710
UniCredit Bank AG 8.100 12/24/2021 EUR 59.110
UniCredit Bank AG 6.600 12/24/2021 EUR 63.650
UniCredit Bank AG 6.400 12/24/2021 EUR 54.260
UniCredit Bank AG 13.700 12/24/2021 EUR 63.920
UniCredit Bank AG 10.500 12/24/2021 EUR 65.140
UniCredit Bank AG 12.200 12/24/2021 EUR 72.040
UniCredit Bank AG 7.300 12/24/2021 EUR 51.030
UniCredit Bank AG 6.900 12/24/2021 EUR 62.370
UniCredit Bank AG 6.000 12/24/2021 EUR 65.790
UniCredit Bank AG 5.500 8/14/2023 EUR 82.880
UniCredit Bank AG 7.700 12/24/2021 EUR 77.970
UniCredit Bank AG 9.500 12/24/2021 EUR 68.950
UniCredit Bank AG 11.400 12/24/2021 EUR 61.730
UniCredit Bank AG 7.900 12/24/2021 EUR 73.650
UniCredit Bank AG 8.600 12/24/2021 EUR 73.200
UniCredit Bank AG 8.100 12/24/2021 EUR 48.180
UniCredit Bank AG 10.300 12/24/2021 EUR 72.070
UniCredit Bank AG 13.000 12/24/2021 EUR 67.730
UniCredit Bank AG 4.600 9/14/2022 EUR 73.530
Landesbank Baden-Wuert 4.000 12/27/2021 EUR 48.500
UniCredit Bank AG 5.150 01/02/2023 EUR 59.630
Leonteq Securities AG/ 4.000 03/08/2022 EUR 53.250
Landesbank Baden-Wuert 3.400 1/27/2023 EUR 62.340
SG Issuer SA 5.000 5/23/2024 EUR 59.310
SG Issuer SA 5.000 04/02/2024 EUR 58.430
SG Issuer SA 8.700 1/20/2025 SEK 71.910
Credit Suisse AG/Londo 12.450 12/08/2021 USD 15.810
Bank Julius Baer & Co 12.500 12/10/2021 USD 60.350
Vontobel Financial Pro 13.250 12/24/2021 EUR 62.153
Leonteq Securities AG 13.000 03/11/2022 CHF 67.710
Societe Generale Effek 8.000 12/16/2021 EUR 42.210
Landesbank Baden-Wuert 3.950 12/27/2021 EUR 58.020
Landesbank Baden-Wuert 6.900 12/27/2021 EUR 51.220
EFG International Fina 6.200 12/18/2023 USD 56.890
UBS AG/London 11.750 6/16/2022 CHF 71.650
Credit Suisse AG/Londo 12.500 12/16/2021 USD 60.840
EFG International Fina 6.200 08/05/2022 EUR 61.130
SG Issuer SA 11.170 7/20/2025 SEK 62.420
UniCredit Bank AG 3.650 7/23/2022 EUR 62.330
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 58.500
Bayerische Landesbank 2.000 2/18/2022 EUR 61.780
UniCredit Bank AG 4.200 12/08/2021 EUR 33.000
Societe Generale Effek 7.550 8/23/2024 EUR 76.800
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 59.750
UniCredit Bank AG 5.800 12/24/2021 EUR 74.480
UniCredit Bank AG 8.000 12/24/2021 EUR 65.040
UniCredit Bank AG 10.200 12/24/2021 EUR 57.790
UniCredit Bank AG 8.300 12/24/2021 EUR 72.720
UniCredit Bank AG 9.600 12/24/2021 EUR 67.640
Finca Uco Cjsc 6.000 2/25/2022 USD 25.556
Landesbank Baden-Wuert 2.300 6/24/2022 EUR 54.440
UniCredit Bank AG 4.500 1/18/2022 EUR 46.560
Goldman Sachs & Co Wer 10.000 12/22/2021 EUR 72.140
Goldman Sachs & Co Wer 14.000 12/22/2021 EUR 63.760
Landesbank Baden-Wuert 2.800 12/23/2022 EUR 72.130
UniCredit Bank AG 3.500 2/13/2023 EUR 41.990
Danske Bank A/S 5.300 7/15/2023 SEK 43.660
Landesbank Baden-Wuert 2.300 2/25/2022 EUR 60.330
Landesbank Baden-Wuert 2.650 1/27/2023 EUR 70.890
DZ Bank AG Deutsche Ze 15.000 12/24/2021 EUR 45.990
BNP Paribas Emissions- 13.000 12/23/2021 EUR 45.500
BNP Paribas Emissions- 15.000 12/23/2021 EUR 43.070
BNP Paribas Emissions- 17.000 12/23/2021 EUR 41.700
BNP Paribas Emissions- 7.500 12/23/2021 EUR 52.640
BNP Paribas Emissions- 7.000 12/23/2021 EUR 51.310
BNP Paribas Emissions- 8.000 12/23/2021 EUR 51.420
BNP Paribas Emissions- 9.000 12/23/2021 EUR 51.540
Credit Suisse AG/Londo 10.750 12/08/2021 USD 60.320
Credit Suisse AG/Londo 10.500 12/28/2021 USD 61.790
DZ Bank AG Deutsche Ze 17.100 12/24/2021 EUR 72.560
EFG International Fina 7.000 12/29/2022 USD 49.600
UBS AG/London 12.000 1/17/2022 CHF 70.450
DZ Bank AG Deutsche Ze 13.100 12/24/2021 EUR 48.400
Credit Suisse AG/Londo 2.500 12/21/2021 EUR 61.840
BNP Paribas Emissions- 11.000 12/23/2021 EUR 47.240
BNP Paribas Emissions- 12.000 12/23/2021 EUR 46.350
BNP Paribas Emissions- 11.000 12/23/2021 EUR 45.270
BNP Paribas Emissions- 16.000 12/23/2021 EUR 42.370
BNP Paribas Emissions- 6.500 12/23/2021 EUR 52.520
BNP Paribas Emissions- 8.500 12/23/2021 EUR 52.750
BNP Paribas Emissions- 7.500 12/23/2021 EUR 50.150
BNP Paribas Emissions- 8.500 12/23/2021 EUR 50.270
BNP Paribas Emissions- 9.500 12/23/2021 EUR 50.380
BNP Paribas Emissions- 9.500 12/23/2021 EUR 47.070
Goldman Sachs & Co Wer 10.000 3/23/2022 EUR 75.150
Goldman Sachs & Co Wer 13.000 6/22/2022 EUR 68.780
UBS AG/London 10.000 1/18/2022 USD 62.700
Raiffeisen Schweiz Gen 5.000 12/29/2021 CHF 62.450
UniCredit Bank AG 4.300 7/26/2022 EUR 74.630
UniCredit Bank AG 4.200 7/26/2022 EUR 31.160
UniCredit Bank AG 4.450 7/23/2022 EUR 66.990
UniCredit Bank AG 4.150 7/26/2022 EUR 49.990
Bayerische Landesbank 2.000 1/28/2022 EUR 62.920
EFG International Fina 7.000 2/21/2022 CHF 65.500
Landesbank Baden-Wuert 2.550 12/27/2021 EUR 53.440
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 51.020
UniCredit Bank AG 4.250 11/21/2021 EUR 33.960
Landesbank Baden-Wuert 2.550 11/26/2021 EUR 64.000
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 57.880
DekaBank Deutsche Giro 2.500 10/24/2023 EUR 64.220
UniCredit Bank AG 3.600 10/05/2022 EUR 71.180
UniCredit Bank AG 3.850 10/05/2023 EUR 71.840
AKB Metallurgical Inve 6.500 09/04/2023 RUB 89.020
Landesbank Baden-Wuert 2.800 4/25/2022 EUR 60.830
Erste Group Bank AG 4.350 2/28/2022 EUR 42.800
UniCredit Bank AG 4.200 11/21/2021 EUR 51.580
Landesbank Baden-Wuert 2.500 1/28/2022 EUR 57.890
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 61.630
Landesbank Baden-Wuert 3.400 2/24/2023 EUR 64.960
SG Issuer SA 7.600 1/20/2025 SEK 70.190
Societe Generale SA 4.500 12/29/2022 USD 6.250
UniCredit Bank AG 4.200 9/21/2022 EUR 47.490
UniCredit Bank AG 9.100 12/24/2021 EUR 61.180
UniCredit Bank AG 6.900 12/24/2021 EUR 69.440
UniCredit Bank AG 8.900 12/24/2021 EUR 70.090
UniCredit Bank AG 3.750 9/14/2022 EUR 70.630
UniCredit Bank AG 4.800 12/24/2021 EUR 80.280
Goldman Sachs & Co Wer 14.000 3/23/2022 EUR 67.880
Bank Julius Baer & Co 8.500 2/18/2022 EUR 63.550
DZ Bank AG Deutsche Ze 3.650 12/24/2021 EUR 49.250
Bank Julius Baer & Co 21.450 1/28/2022 EUR 75.200
Bank Vontobel AG 10.508 8/19/2022 CHF 68.690
Bank Vontobel AG 10.507 8/19/2022 CHF 68.690
Vontobel Financial Pro 23.000 3/25/2022 EUR 81.830
Vontobel Financial Pro 21.500 3/25/2022 EUR 83.920
Societe Generale Effek 26.500 11/26/2021 EUR 76.620
Corner Banca SA 13.000 1/19/2022 CHF 51.300
Leonteq Securities AG/ 15.000 1/19/2022 USD 66.960
Zurcher Kantonalbank F 7.000 7/25/2022 CHF 73.550
Credit Suisse AG/Londo 12.000 4/15/2022 USD 71.280
Credit Suisse AG/Londo 11.000 4/19/2022 CHF 71.280
Zurcher Kantonalbank F 11.000 1/27/2022 USD 65.180
Zurcher Kantonalbank F 10.200 1/27/2022 CHF 69.900
SG Issuer SA 1.400 12/28/2032 EUR 29.510
SG Issuer SA 2.100 01/06/2033 EUR 30.320
SG Issuer SA 1.500 12/30/2032 EUR 49.410
SG Issuer SA 0.021 6/14/2033 EUR 27.840
Bank Julius Baer & Co 14.500 1/13/2023 USD 74.300
Zurcher Kantonalbank F 15.000 7/20/2022 CHF 73.750
Vontobel Financial Pro 12.500 9/23/2022 EUR 72.050
Vontobel Financial Pro 13.500 6/24/2022 EUR 70.890
Vontobel Financial Pro 19.000 3/25/2022 EUR 74.705
Leonteq Securities AG/ 21.050 05/04/2022 CHF 63.390
Zurcher Kantonalbank F 11.000 6/24/2022 CHF 71.480
Vontobel Financial Pro 11.750 3/25/2022 EUR 39.691
Bank Julius Baer & Co 12.650 4/26/2022 USD 43.500
Vontobel Financial Pro 12.500 6/24/2022 EUR 71.050
Landesbank Baden-Wuert 3.300 1/27/2023 EUR 66.240
Landesbank Baden-Wuert 7.200 1/27/2023 EUR 60.910
Vontobel Financial Pro 14.000 4/26/2022 CHF 53.439
Landesbank Baden-Wuert 5.150 1/27/2023 EUR 63.330
DZ Bank AG Deutsche Ze 10.500 4/22/2022 EUR 61.820
Vontobel Financial Pro 6.400 2/28/2022 EUR 48.900
DZ Bank AG Deutsche Ze 4.000 12/24/2021 EUR 51.080
Vontobel Financial Pro 17.000 3/25/2022 EUR 70.220
Vontobel Financial Pro 19.500 3/25/2022 EUR 67.830
Vontobel Financial Pro 22.550 3/29/2022 EUR 69.940
Leonteq Securities AG/ 7.000 11/07/2022 CHF 71.210
Leonteq Securities AG/ 20.760 6/17/2022 CHF 58.810
Vontobel Financial Pro 15.000 6/24/2022 EUR 74.540
Vontobel Financial Pro 17.500 6/24/2022 EUR 72.510
Vontobel Financial Pro 20.000 3/25/2022 EUR 42.343
Bank Julius Baer & Co 11.800 4/26/2022 EUR 43.300
Vontobel Financial Pro 15.500 6/24/2022 EUR 68.590
SG Issuer SA 2.100 5/16/2033 EUR 29.880
Leonteq Securities AG 10.000 7/20/2022 CHF 50.550
Raiffeisen Schweiz Gen 10.000 6/29/2022 CHF 72.760
Vontobel Financial Pro 13.500 6/24/2022 EUR 73.210
Vontobel Financial Pro 12.900 4/26/2022 EUR 41.605
Leonteq Securities AG 24.530 4/22/2022 CHF 75.760
Leonteq Securities AG/ 16.000 06/01/2022 USD 54.070
Luzerner Kantonalbank 7.500 6/15/2022 CHF 65.820
Vontobel Financial Pro 24.380 12/08/2021 USD 36.042
Credit Suisse AG/Londo 6.100 09/08/2022 USD 9.800
DekaBank Deutsche Giro 4.000 07/07/2022 EUR 57.260
Vontobel Financial Pro 18.650 06/09/2022 EUR 50.280
Bank Vontobel AG 6.504 12/05/2022 CHF 67.800
Bank Vontobel AG 6.504 12/05/2022 CHF 68.000
Landesbank Baden-Wuert 5.000 6/24/2022 EUR 70.450
Landesbank Baden-Wuert 4.000 5/27/2022 EUR 43.500
Landesbank Baden-Wuert 3.300 5/27/2022 EUR 54.730
Bayerische Landesbank 3.700 7/15/2022 EUR 77.350
Landesbank Baden-Wuert 2.850 12/27/2021 EUR 81.140
UniCredit Bank AG 5.550 7/19/2022 EUR 72.970
Vontobel Financial Pro 8.700 04/04/2022 CHF 67.557
Leonteq Securities AG/ 21.520 07/01/2022 CHF 58.260
Leonteq Securities AG/ 25.460 07/01/2022 CHF 62.990
Leonteq Securities AG/ 12.000 6/28/2022 CHF 57.580
Vontobel Financial Pro 15.500 6/24/2022 EUR 74.860
Vontobel Financial Pro 13.000 6/24/2022 EUR 69.130
Vontobel Financial Pro 16.000 6/24/2022 EUR 66.910
Vontobel Financial Pro 10.500 6/24/2022 EUR 72.150
BNP Paribas Emissions- 11.000 6/23/2022 EUR 65.080
BNP Paribas Emissions- 14.000 3/24/2022 EUR 62.450
BNP Paribas Emissions- 8.000 6/23/2022 EUR 70.040
BNP Paribas Emissions- 14.000 12/23/2021 EUR 59.200
BNP Paribas Emissions- 19.000 12/23/2021 EUR 53.970
BNP Paribas Emissions- 13.000 6/23/2022 EUR 63.340
BNP Paribas Emissions- 8.000 3/24/2022 EUR 69.050
BNP Paribas Emissions- 10.000 3/24/2022 EUR 65.110
BNP Paribas Emissions- 8.500 6/23/2022 EUR 68.530
BNP Paribas Emissions- 9.000 6/23/2022 EUR 66.260
BNP Paribas Emissions- 8.000 12/23/2021 EUR 67.810
BNP Paribas Emissions- 10.000 12/23/2021 EUR 68.040
BNP Paribas Emissions- 15.000 12/23/2021 EUR 57.750
BNP Paribas Emissions- 22.000 12/23/2021 EUR 53.050
Leonteq Securities AG/ 12.000 06/08/2022 CHF 42.770
Zurcher Kantonalbank F 6.500 6/14/2022 CHF 66.850
Landesbank Baden-Wuert 7.900 11/25/2022 EUR 69.950
UBS AG/London 8.750 6/23/2022 CHF 64.550
UBS AG/London 13.000 6/23/2022 CHF 66.800
EFG International Fina 6.000 12/22/2023 USD 61.230
Credit Suisse AG/Londo 6.190 9/14/2022 USD 9.840
Zurcher Kantonalbank F 12.000 6/21/2022 CHF 68.970
Leonteq Securities AG 10.000 12/14/2022 CHF 71.420
Leonteq Securities AG/ 23.690 06/03/2022 CHF 52.630
EFG International Fina 24.000 06/07/2022 USD 55.850
Landesbank Baden-Wuert 4.350 11/25/2022 EUR 59.040
Landesbank Baden-Wuert 6.600 11/25/2022 EUR 56.160
Raiffeisen Schweiz Gen 10.500 6/21/2022 CHF 79.000
Leonteq Securities AG 17.000 11/10/2021 CHF 60.840
Zurcher Kantonalbank F 8.000 2/23/2022 CHF 75.550
Landesbank Baden-Wuert 3.000 10/25/2024 EUR 56.290
Vontobel Financial Pro 7.500 12/24/2021 EUR 54.110
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 61.610
DZ Bank AG Deutsche Ze 24.600 6/24/2022 EUR 73.510
Bank Julius Baer & Co 8.550 5/13/2022 USD 73.150
BrokerCreditService St 3.000 2/28/2023 USD 63.000
BrokerCreditService St 3.500 4/30/2024 USD 65.050
UBS AG/London 8.000 06/09/2023 CHF 72.650
Leonteq Securities AG/ 21.880 06/10/2022 CHF 75.270
Leonteq Securities AG/ 24.870 6/14/2022 CHF 50.870
Landesbank Baden-Wuert 4.700 4/25/2022 EUR 52.320
Landesbank Baden-Wuert 7.050 4/25/2022 EUR 47.910
Landesbank Baden-Wuert 2.700 4/25/2022 EUR 58.300
Bank Vontobel AG 11.500 4/25/2022 USD 56.530
BNP Paribas Emissions- 14.000 12/23/2021 EUR 44.240
BNP Paribas Emissions- 15.000 12/23/2021 EUR 41.470
BNP Paribas Emissions- 9.000 12/23/2021 EUR 48.610
BNP Paribas Emissions- 10.000 12/23/2021 EUR 48.720
UBS AG/London 6.500 12/09/2021 USD 60.600
UBS AG/London 12.250 06/09/2022 CHF 66.550
EFG International Fina 11.000 06/10/2022 USD 72.240
Credit Suisse AG/Londo 10.000 12/01/2021 USD 58.870
Credit Suisse AG/Londo 12.450 12/08/2021 USD 16.900
Credit Suisse AG/Londo 11.150 12/08/2021 CHF 8.570
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 63.590
Raiffeisen Schweiz Gen 5.000 04/05/2022 CHF 71.730
UniCredit Bank AG 4.000 11/21/2022 EUR 64.580
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 49.450
Landesbank Baden-Wuert 4.800 2/25/2022 EUR 42.410
UBS AG/London 14.000 02/10/2022 CHF 60.800
Vontobel Financial Pro 24.500 3/25/2022 EUR 61.910
Leonteq Securities AG/ 10.000 4/29/2022 USD 57.700
Corner Banca SA 15.000 05/02/2022 USD 60.010
Landesbank Baden-Wuert 3.000 1/28/2022 EUR 54.310
Zurcher Kantonalbank F 7.500 4/29/2022 CHF 72.050
Landesbank Baden-Wuert 2.750 3/25/2022 EUR 58.060
UniCredit Bank AG 4.450 12/29/2022 EUR 35.870
UniCredit Bank AG 4.300 12/19/2021 EUR 50.370
EFG International Fina 7.000 5/23/2022 EUR 42.730
DZ Bank AG Deutsche Ze 9.000 11/24/2021 EUR 50.110
Landesbank Baden-Wuert 2.750 11/25/2022 EUR 73.720
DZ Bank AG Deutsche Ze 15.000 12/24/2021 EUR 41.770
UniCredit Bank AG 3.800 12/29/2022 EUR 61.970
DekaBank Deutsche Giro 3.000 12/29/2022 EUR 68.560
UBS AG/London 13.250 05/12/2022 USD 59.650
Leonteq Securities AG/ 4.000 4/19/2022 EUR 60.170
Citigroup Global Marke 8.200 3/21/2024 SEK 57.450
SG Issuer SA 1.400 03/07/2033 EUR 29.050
SG Issuer SA 2.100 04/05/2033 EUR 30.060
DZ Bank AG Deutsche Ze 9.000 2/23/2022 EUR 46.300
Goldman Sachs & Co Wer 16.000 12/22/2021 EUR 61.570
UniCredit Bank AG 6.000 7/28/2023 EUR 42.180
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 51.070
UBS AG/London 10.250 08/03/2022 CHF 73.200
Landesbank Baden-Wuert 4.750 2/25/2022 EUR 42.810
Landesbank Baden-Wuert 3.400 2/25/2022 EUR 54.810
Raiffeisen Switzerland 9.000 7/29/2022 CHF 67.640
UBS AG/London 19.750 02/03/2022 USD 56.200
UniCredit Bank AG 5.350 2/27/2023 EUR 53.920
Leonteq Securities AG 13.000 05/09/2022 CHF 58.650
Corner Banca SA 14.000 05/09/2022 CHF 59.100
Raiffeisen Switzerland 4.800 11/23/2023 CHF 51.690
UniCredit Bank AG 4.700 12/19/2021 EUR 32.380
UBS AG/London 10.000 07/08/2022 CHF 72.550
Landesbank Baden-Wuert 5.700 1/28/2022 EUR 43.610
UniCredit Bank AG 17.000 11/15/2021 NOK 73.950
Vontobel Financial Pro 12.500 12/24/2021 EUR 43.090
Vontobel Financial Pro 16.500 12/24/2021 EUR 40.390
Vontobel Financial Pro 17.500 12/24/2021 EUR 39.790
Vontobel Financial Pro 19.500 12/24/2021 EUR 75.892
Vontobel Financial Pro 18.000 3/25/2022 EUR 60.050
Vontobel Financial Pro 13.500 3/25/2022 EUR 66.320
Vontobel Financial Pro 11.000 12/24/2021 EUR 70.500
Vontobel Financial Pro 18.500 12/24/2021 EUR 71.160
Vontobel Financial Pro 17.000 3/25/2022 EUR 61.480
Vontobel Financial Pro 12.000 3/25/2022 EUR 68.100
Vontobel Financial Pro 17.500 3/25/2022 EUR 41.290
Vontobel Financial Pro 16.000 3/25/2022 EUR 42.290
EFG International Fina 15.000 02/10/2022 EUR 58.260
UBS AG/London 7.750 08/10/2022 CHF 77.250
Vontobel Financial Pro 16.000 3/25/2022 EUR 74.090
Vontobel Financial Pro 22.500 12/24/2021 EUR 77.280
DekaBank Deutsche Giro 2.600 10/24/2023 EUR 64.420
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 59.410
UniCredit Bank AG 4.150 10/12/2022 EUR 76.050
Landesbank Baden-Wuert 5.100 11/25/2022 EUR 57.930
Raiffeisen Switzerland 10.500 02/08/2022 CHF 69.800
Vontobel Financial Pro 23.500 12/24/2021 EUR 82.500
Leonteq Securities AG 12.000 02/09/2022 CHF 56.280
Vontobel Financial Pro 15.500 12/24/2021 EUR 41.020
Vontobel Financial Pro 14.500 12/24/2021 EUR 41.680
Vontobel Financial Pro 20.000 12/24/2021 EUR 38.090
Vontobel Financial Pro 19.000 3/25/2022 EUR 69.310
Vontobel Financial Pro 14.500 3/25/2022 EUR 64.510
Vontobel Financial Pro 15.500 3/25/2022 EUR 62.840
Vontobel Financial Pro 20.000 12/24/2021 EUR 57.460
Vontobel Financial Pro 12.000 3/25/2022 EUR 44.390
Vontobel Financial Pro 12.000 12/24/2021 EUR 43.920
Vontobel Financial Pro 11.000 3/25/2022 EUR 70.210
Vontobel Financial Pro 16.000 12/24/2021 EUR 85.204
Landesbank Baden-Wuert 3.500 8/26/2022 EUR 52.560
Leonteq Securities AG 12.400 05/12/2022 CHF 63.720
Landesbank Baden-Wuert 5.450 8/26/2022 EUR 46.540
Leonteq Securities AG/ 15.000 05/12/2022 USD 72.420
UniCredit Bank AG 9.600 12/27/2021 EUR 67.290
EFG International Fina 15.000 02/03/2022 USD 61.720
UBS AG/London 11.250 02/03/2023 CHF 73.850
DZ Bank AG Deutsche Ze 19.300 12/24/2021 EUR 37.220
UBS AG/London 13.500 05/12/2022 USD 59.700
UniCredit Bank AG 5.250 12/01/2023 EUR 45.750
Vontobel Financial Pro 14.000 12/24/2021 EUR 72.960
Vontobel Financial Pro 20.000 12/24/2021 EUR 61.400
DZ Bank AG Deutsche Ze 12.250 2/23/2022 EUR 64.710
Landesbank Baden-Wuert 4.050 8/26/2022 EUR 53.110
Vontobel Financial Pro 15.000 12/24/2021 EUR 56.830
Vontobel Financial Pro 8.500 12/24/2021 EUR 67.370
Leonteq Securities AG 15.000 1/25/2022 CHF 65.220
Vontobel Financial Pro 10.000 3/25/2022 EUR 48.020
Vontobel Financial Pro 13.000 3/25/2022 EUR 44.770
Vontobel Financial Pro 16.500 12/24/2021 EUR 65.750
UniCredit Bank AG 4.450 09/11/2023 EUR 46.750
Vontobel Financial Pro 16.000 3/25/2022 EUR 77.240
Vontobel Financial Pro 17.500 3/25/2022 EUR 75.350
Vontobel Financial Pro 14.000 12/24/2021 EUR 50.050
Vontobel Financial Pro 8.000 12/24/2021 EUR 60.010
Vontobel Financial Pro 10.000 12/24/2021 EUR 56.200
Vontobel Financial Pro 11.500 12/24/2021 EUR 52.850
Landesbank Baden-Wuert 5.550 1/28/2022 EUR 48.570
Zurcher Kantonalbank F 8.000 4/29/2022 USD 72.200
Vontobel Financial Pro 10.500 12/24/2021 EUR 46.630
Vontobel Financial Pro 11.000 12/24/2021 EUR 45.680
Vontobel Financial Pro 7.000 3/25/2022 EUR 52.320
Vontobel Financial Pro 11.500 3/25/2022 EUR 46.290
Bank Julius Baer & Co 18.300 2/18/2022 USD 70.550
Vontobel Financial Pro 9.500 12/24/2021 EUR 47.560
Vontobel Financial Pro 7.500 12/24/2021 EUR 50.790
Vontobel Financial Pro 21.500 12/24/2021 EUR 71.890
Vontobel Financial Pro 9.000 12/24/2021 EUR 48.600
Vontobel Financial Pro 12.000 12/24/2021 EUR 44.840
Vontobel Financial Pro 8.000 3/25/2022 EUR 49.830
Vontobel Financial Pro 14.000 3/25/2022 EUR 68.860
Vontobel Financial Pro 8.000 12/24/2021 EUR 49.630
Landesbank Baden-Wuert 3.200 11/25/2022 EUR 62.890
Vontobel Financial Pro 13.500 12/24/2021 EUR 42.370
Vontobel Financial Pro 19.000 12/24/2021 EUR 38.610
Vontobel Financial Pro 18.000 12/24/2021 EUR 39.160
Vontobel Financial Pro 14.000 3/25/2022 EUR 43.260
Vontobel Financial Pro 25.000 12/24/2021 EUR 82.690
Vontobel Financial Pro 23.000 3/25/2022 EUR 81.830
Vontobel Financial Pro 21.500 3/25/2022 EUR 83.920
Societe Generale SA 4.500 12/29/2022 USD 0.460
Erste Group Bank AG 4.350 2/20/2022 EUR 43.050
Zurcher Kantonalbank F 15.500 01/06/2022 CHF 74.680
Leonteq Securities AG 12.000 06/08/2022 CHF 66.060
Societe Generale SA 3.900 3/23/2022 USD 0.400
Vontobel Financial Pro 18.500 12/24/2021 EUR 40.280
Vontobel Financial Pro 11.000 12/24/2021 EUR 48.290
Vontobel Financial Pro 14.500 12/24/2021 EUR 43.780
Goldman Sachs & Co Wer 22.000 11/24/2021 EUR 73.770
Landesbank Baden-Wuert 3.300 12/27/2021 EUR 62.330
Landesbank Baden-Wuert 5.150 12/27/2021 EUR 54.340
Vontobel Financial Pro 17.000 12/24/2021 EUR 76.560
Vontobel Financial Pro 8.000 12/24/2021 EUR 38.644
Vontobel Financial Pro 9.000 12/24/2021 EUR 38.763
Leonteq Securities AG/ 17.000 11/30/2021 USD 61.770
Bank Julius Baer & Co 16.000 05/11/2022 EUR 65.650
Leonteq Securities AG/ 21.530 5/17/2022 CHF 66.210
Leonteq Securities AG/ 21.420 05/11/2022 CHF 56.920
DZ Bank AG Deutsche Ze 24.700 12/24/2021 EUR 66.250
DZ Bank AG Deutsche Ze 20.200 3/25/2022 EUR 70.150
DZ Bank AG Deutsche Ze 24.100 3/25/2022 EUR 65.680
DZ Bank AG Deutsche Ze 18.800 5/27/2022 EUR 72.540
DZ Bank AG Deutsche Ze 21.200 6/24/2022 EUR 69.680
DZ Bank AG Deutsche Ze 19.000 9/23/2022 EUR 72.940
Vontobel Financial Pro 13.750 12/24/2021 EUR 70.976
DZ Bank AG Deutsche Ze 17.800 12/24/2021 EUR 33.080
UBS AG/London 14.000 07/07/2022 USD 69.850
UBS AG/London 16.300 01/08/2024 EUR 42.050
DZ Bank AG Deutsche Ze 10.250 3/23/2022 EUR 55.330
Landesbank Baden-Wuert 4.050 3/24/2023 EUR 60.940
Vontobel Financial Pro 16.450 03/03/2023 EUR 76.649
DZ Bank AG Deutsche Ze 24.200 12/24/2021 EUR 30.710
DZ Bank AG Deutsche Ze 16.300 3/25/2022 EUR 36.980
Bank Julius Baer & Co 10.200 5/30/2023 EUR 15.750
Societe Generale Effek 20.500 12/24/2021 EUR 82.190
Societe Generale Effek 22.500 11/26/2021 EUR 73.220
Societe Generale Effek 20.250 3/25/2022 EUR 76.520
Societe Generale Effek 23.250 12/24/2021 EUR 72.180
Vontobel Financial Pro 18.000 12/24/2021 EUR 78.584
BNP Paribas Emissions- 9.500 12/23/2021 EUR 76.070
BNP Paribas Emissions- 23.000 12/23/2021 EUR 2.870
Landesbank Baden-Wuert 13.180 1/28/2022 EUR 71.380
Vontobel Financial Pro 10.000 12/24/2021 EUR 52.380
Vontobel Financial Pro 9.000 3/25/2022 EUR 53.080
Vontobel Financial Pro 15.000 3/25/2022 EUR 47.610
Vontobel Financial Pro 7.500 3/25/2022 EUR 55.730
Vontobel Financial Pro 16.500 3/25/2022 EUR 72.200
Vontobel Financial Pro 19.500 3/25/2022 EUR 67.710
Vontobel Financial Pro 20.500 3/25/2022 EUR 66.400
Vontobel Financial Pro 17.500 3/25/2022 EUR 70.610
Vontobel Financial Pro 21.000 3/25/2022 EUR 64.970
Vontobel Financial Pro 22.000 3/25/2022 EUR 63.810
Vontobel Financial Pro 23.000 3/25/2022 EUR 62.730
Vontobel Financial Pro 24.000 3/25/2022 EUR 61.720
Vontobel Financial Pro 20.500 12/24/2021 EUR 67.080
Vontobel Financial Pro 23.000 12/24/2021 EUR 63.540
Vontobel Financial Pro 22.000 12/24/2021 EUR 65.290
Bank Vontobel AG 6.507 8/17/2022 CHF 66.400
Vontobel Financial Pro 17.000 12/24/2021 EUR 79.002
DZ Bank AG Deutsche Ze 12.600 3/25/2022 EUR 39.540
DZ Bank AG Deutsche Ze 20.200 3/25/2022 EUR 35.280
Societe Generale Effek 28.500 11/26/2021 EUR 76.510
Zurcher Kantonalbank F 16.250 05/04/2022 EUR 60.590
Landesbank Baden-Wuert 5.250 4/28/2023 EUR 66.290
Landesbank Baden-Wuert 3.150 4/28/2023 EUR 70.790
Landesbank Baden-Wuert 5.700 4/28/2023 EUR 48.040
Landesbank Baden-Wuert 4.350 4/28/2023 EUR 49.560
Landesbank Baden-Wuert 3.000 4/28/2023 EUR 51.870
Vontobel Financial Pro 20.500 6/24/2022 EUR 73.090
DZ Bank AG Deutsche Ze 16.000 12/24/2021 EUR 58.900
DZ Bank AG Deutsche Ze 14.400 3/25/2022 EUR 61.850
DZ Bank AG Deutsche Ze 16.700 3/25/2022 EUR 59.080
UniCredit Bank AG 8.000 3/25/2022 EUR 67.210
EFG International Fina 15.000 9/26/2022 CHF 77.280
Vontobel Financial Pro 22.500 12/24/2021 EUR 45.230
Vontobel Financial Pro 23.500 3/25/2022 EUR 77.080
Vontobel Financial Pro 16.000 3/25/2022 EUR 50.300
Vontobel Financial Pro 22.000 12/24/2021 EUR 66.450
Vontobel Financial Pro 24.000 12/24/2021 EUR 69.620
EFG International Fina 7.000 3/23/2023 USD 48.990
Vontobel Financial Pro 24.500 12/24/2021 EUR 63.450
Vontobel Financial Pro 19.500 3/25/2022 EUR 70.259
Landesbank Baden-Wuert 2.200 1/27/2023 EUR 49.760
Societe Generale Effek 22.000 3/25/2022 EUR 74.240
Vontobel Financial Pro 9.000 12/24/2021 EUR 78.520
Vontobel Financial Pro 17.750 3/25/2022 EUR 43.479
Vontobel Financial Pro 12.000 12/24/2021 EUR 62.760
Vontobel Financial Pro 17.500 12/24/2021 EUR 64.720
Vontobel Financial Pro 12.500 12/24/2021 EUR 72.000
Vontobel Financial Pro 11.500 12/24/2021 EUR 73.170
Vontobel Financial Pro 14.000 12/24/2021 EUR 69.740
Vontobel Financial Pro 16.000 12/24/2021 EUR 66.610
Vontobel Financial Pro 17.000 12/24/2021 EUR 65.680
Societe Generale Effek 19.750 11/26/2021 EUR 78.910
Leonteq Securities AG/ 15.000 4/13/2022 CHF 67.340
Landesbank Baden-Wuert 6.500 5/27/2022 EUR 60.460
DZ Bank AG Deutsche Ze 25.000 12/24/2021 EUR 76.550
DZ Bank AG Deutsche Ze 20.700 3/25/2022 EUR 80.670
UBS AG/London 16.000 9/19/2022 CHF 68.600
Landesbank Baden-Wuert 4.050 10/28/2022 EUR 47.630
Landesbank Baden-Wuert 6.350 10/28/2022 EUR 44.080
Landesbank Baden-Wuert 3.500 10/28/2022 EUR 69.860
Vontobel Financial Pro 23.500 3/25/2022 EUR 74.380
DZ Bank AG Deutsche Ze 17.100 3/25/2022 EUR 46.290
Vontobel Financial Pro 20.000 12/24/2021 EUR 66.111
Bank Vontobel AG 6.007 9/26/2022 CHF 64.610
Bank Vontobel AG 4.255 6/27/2022 CHF 62.310
Bank Vontobel AG 14.006 9/26/2022 CHF 50.250
UBS AG/London 15.250 2/24/2022 USD 58.400
UBS AG/London 6.500 8/24/2022 CHF 71.850
Credit Suisse AG/Londo 11.000 2/23/2022 USD 61.220
Vontobel Financial Pro 23.000 12/24/2021 EUR 72.920
EFG International Fina 16.000 2/24/2022 CHF 60.020
Vontobel Financial Pro 9.000 12/24/2021 EUR 53.600
Vontobel Financial Pro 16.350 3/14/2022 EUR 82.901
Leonteq Securities AG/ 17.600 03/08/2022 USD 57.150
Vontobel Financial Pro 20.500 12/24/2021 EUR 66.250
Leonteq Securities AG/ 8.130 2/21/2022 EUR 68.020
Leonteq Securities AG/ 6.100 2/21/2022 CHF 65.960
Vontobel Financial Pro 11.000 3/25/2022 EUR 72.870
Bank Vontobel AG 14.004 09/02/2022 CHF 65.300
Societe Generale Effek 17.500 11/26/2021 EUR 83.140
Societe Generale Effek 24.500 11/26/2021 EUR 70.520
Societe Generale Effek 20.500 11/26/2021 EUR 76.330
Societe Generale Effek 21.250 12/24/2021 EUR 75.240
Vontobel Financial Pro 16.000 12/24/2021 EUR 54.815
Leonteq Securities AG 17.000 2/23/2022 CHF 66.870
Landesbank Baden-Wuert 5.750 10/28/2022 EUR 65.450
Zurcher Kantonalbank F 10.000 4/13/2022 CHF 76.270
Bank Vontobel AG 6.007 9/26/2022 CHF 64.800
Vontobel Financial Pro 24.500 12/24/2021 EUR 71.330
Vontobel Financial Pro 25.000 12/24/2021 EUR 76.080
UniCredit Bank AG 5.050 01/11/2022 EUR 47.560
Leonteq Securities AG/ 6.000 2/20/2023 CHF 68.080
Vontobel Financial Pro 12.500 12/24/2021 EUR 70.690
Vontobel Financial Pro 20.500 3/25/2022 EUR 61.000
DekaBank Deutsche Giro 2.150 1/21/2022 EUR 71.220
Landesbank Baden-Wuert 4.100 1/28/2022 EUR 46.880
Vontobel Financial Pro 6.500 12/24/2021 EUR 64.500
Vontobel Financial Pro 10.500 3/25/2022 EUR 40.049
UniCredit Bank AG 8.200 2/16/2022 EUR 59.960
SG Issuer SA 0.500 10/29/2030 EUR 52.050
UniCredit Bank AG 9.400 12/24/2021 EUR 75.500
Zurcher Kantonalbank F 8.000 2/25/2022 CHF 71.110
SG Issuer SA 2.100 2/14/2033 EUR 29.760
Leonteq Securities AG/ 20.000 06/01/2022 EUR 77.230
Societe Generale Effek 25.000 12/24/2021 EUR 69.980
Vontobel Financial Pro 11.000 12/24/2021 EUR 39.013
Landesbank Baden-Wuert 6.400 5/27/2022 EUR 52.830
Landesbank Baden-Wuert 6.700 5/27/2022 EUR 69.020
Vontobel Financial Pro 17.500 6/24/2022 EUR 74.290
UBS AG/London 12.250 3/24/2022 CHF 59.750
Vontobel Financial Pro 9.200 3/23/2022 EUR 64.630
Vontobel Financial Pro 17.500 12/24/2021 EUR 69.680
Vontobel Financial Pro 21.000 12/24/2021 EUR 66.370
Bank Julius Baer & Co 10.000 3/28/2022 USD 69.250
Vontobel Financial Pro 15.500 12/24/2021 EUR 61.914
Landesbank Baden-Wuert 3.050 3/25/2022 EUR 58.400
Landesbank Baden-Wuert 7.300 3/25/2022 EUR 50.070
Vontobel Financial Pro 14.750 6/24/2022 EUR 74.027
Vontobel Financial Pro 5.550 5/18/2022 EUR 58.030
Leonteq Securities AG/ 8.500 11/14/2022 EUR 75.300
Leonteq Securities AG 8.500 11/17/2022 CHF 74.930
Landesbank Baden-Wuert 4.550 5/27/2022 EUR 55.350
Landesbank Baden-Wuert 8.500 5/27/2022 EUR 50.840
EFG International Fina 14.000 11/21/2022 CHF 59.500
BNP Paribas Emissions- 15.000 6/23/2022 EUR 60.600
BNP Paribas Emissions- 8.500 3/24/2022 EUR 67.290
BNP Paribas Emissions- 13.000 3/24/2022 EUR 63.670
BNP Paribas Emissions- 15.000 3/24/2022 EUR 61.300
BNP Paribas Emissions- 17.000 3/24/2022 EUR 57.910
BNP Paribas Emissions- 9.500 12/23/2021 EUR 65.900
BNP Paribas Emissions- 10.000 12/23/2021 EUR 63.060
BNP Paribas Emissions- 13.000 12/23/2021 EUR 60.740
BNP Paribas Emissions- 18.000 12/23/2021 EUR 55.890
DZ Bank AG Deutsche Ze 17.200 6/24/2022 EUR 56.880
Corner Banca SA 20.000 04/06/2022 USD 78.570
Leonteq Securities AG/ 9.000 02/01/2023 CHF 70.590
Landesbank Baden-Wuert 5.000 3/25/2022 EUR 53.730
Vontobel Financial Pro 21.000 12/24/2021 EUR 65.250
Vontobel Financial Pro 19.500 3/25/2022 EUR 77.960
Vontobel Financial Pro 21.500 12/24/2021 EUR 76.300
Vontobel Financial Pro 17.000 12/24/2021 EUR 73.400
Vontobel Financial Pro 23.000 12/24/2021 EUR 68.344
Landesbank Baden-Wuert 3.400 8/23/2024 EUR 51.680
Vontobel Financial Pro 19.500 12/24/2021 EUR 52.250
Vontobel Financial Pro 18.500 12/24/2021 EUR 63.850
Vontobel Financial Pro 9.500 12/24/2021 EUR 77.090
Vontobel Financial Pro 10.500 12/24/2021 EUR 75.780
Vontobel Financial Pro 11.000 12/24/2021 EUR 74.450
Vontobel Financial Pro 13.000 12/24/2021 EUR 70.820
Vontobel Financial Pro 14.500 12/24/2021 EUR 68.630
Vontobel Financial Pro 15.500 12/24/2021 EUR 67.630
Corner Banca SA 14.600 11/23/2021 USD 64.730
Vontobel Financial Pro 4.050 7/15/2022 EUR 34.580
Vontobel Financial Pro 12.500 12/24/2021 EUR 52.690
Vontobel Financial Pro 20.000 12/24/2021 EUR 46.810
Vontobel Financial Pro 25.000 12/24/2021 EUR 76.740
Vontobel Financial Pro 13.500 3/25/2022 EUR 51.920
Vontobel Financial Pro 11.500 3/25/2022 EUR 54.030
Vontobel Financial Pro 7.500 3/25/2022 EUR 59.340
Vontobel Financial Pro 10.500 12/24/2021 EUR 55.200
Vontobel Financial Pro 23.000 12/24/2021 EUR 66.490
Vontobel Financial Pro 25.000 12/24/2021 EUR 70.348
Vontobel Financial Pro 16.500 12/24/2021 EUR 69.140
Vontobel Financial Pro 21.000 3/25/2022 EUR 76.140
Vontobel Financial Pro 18.000 3/25/2022 EUR 79.910
Vontobel Financial Pro 16.000 12/24/2021 EUR 84.810
Vontobel Financial Pro 18.000 12/24/2021 EUR 81.810
Vontobel Financial Pro 20.000 12/24/2021 EUR 78.990
Landesbank Baden-Wuert 3.100 11/26/2021 EUR 62.090
Vontobel Financial Pro 14.000 12/24/2021 EUR 65.453
Zurcher Kantonalbank F 14.550 11/18/2021 USD 67.390
Bank Julius Baer & Co 7.300 2/22/2022 EUR 61.600
UBS AG/London 9.500 04/11/2022 CHF 72.850
Leonteq Securities AG/ 2.700 04/01/2026 EUR 46.590
Vontobel Financial Pro 16.500 6/24/2022 EUR 68.790
Vontobel Financial Pro 15.000 6/24/2022 EUR 74.270
Vontobel Financial Pro 16.000 3/25/2022 EUR 73.900
UBS AG/London 7.000 2/21/2022 EUR 71.900
UBS AG/London 10.000 03/03/2022 CHF 66.100
Vontobel Financial Pro 9.750 3/25/2022 EUR 40.827
Vontobel Financial Pro 17.000 3/25/2022 EUR 68.990
Vontobel Financial Pro 15.000 3/25/2022 EUR 84.230
Vontobel Financial Pro 22.500 3/25/2022 EUR 74.460
Societe Generale Effek 21.500 11/26/2021 EUR 78.000
Societe Generale Effek 17.000 3/25/2022 EUR 82.460
Societe Generale Effek 26.250 11/26/2021 EUR 68.180
Vontobel Financial Pro 7.500 3/25/2022 EUR 40.638
Leonteq Securities AG/ 4.000 2/21/2022 EUR 65.840
Vontobel Financial Pro 7.000 3/25/2022 EUR 42.343
Vontobel Financial Pro 16.500 3/25/2022 EUR 82.010
Vontobel Financial Pro 23.500 3/25/2022 EUR 72.710
Landesbank Baden-Wuert 5.600 11/26/2021 EUR 53.940
Leonteq Securities AG 13.000 6/21/2022 CHF 69.310
Landesbank Baden-Wuert 3.150 6/24/2022 EUR 51.940
Landesbank Baden-Wuert 4.850 6/24/2022 EUR 45.320
Vontobel Financial Pro 8.000 12/24/2021 EUR 32.751
Vontobel Financial Pro 20.000 12/24/2021 EUR 58.240
Leonteq Securities AG 28.630 12/15/2021 CHF 38.450
Vontobel Financial Pro 14.500 6/24/2022 EUR 69.540
Raiffeisen Schweiz Gen 10.000 12/14/2022 CHF 72.000
Leonteq Securities AG/ 23.180 4/29/2022 USD 59.330
Leonteq Securities AG 15.000 6/15/2022 CHF 56.280
Vontobel Financial Pro 3.750 01/03/2023 EUR 46.090
Vontobel Financial Pro 11.500 6/24/2022 EUR 79.032
Landesbank Baden-Wuert 8.600 6/24/2022 EUR 68.580
Vontobel Financial Pro 16.750 3/25/2022 EUR 71.435
Landesbank Baden-Wuert 7.150 6/24/2022 EUR 54.550
DZ Bank AG Deutsche Ze 24.800 12/24/2021 EUR 72.610
DZ Bank AG Deutsche Ze 23.700 6/24/2022 EUR 69.590
Vontobel Financial Pro 12.400 3/16/2022 EUR 61.645
DZ Bank AG Deutsche Ze 17.600 6/24/2022 EUR 66.890
Landesbank Baden-Wuert 10.500 6/24/2022 EUR 51.980
Landesbank Baden-Wuert 4.200 6/24/2022 EUR 58.320
Citigroup Global Marke 9.000 8/18/2022 USD 0.882
Leonteq Securities AG/ 11.000 05/05/2022 CHF 66.630
Zurcher Kantonalbank F 15.000 02/04/2022 USD 57.450
UniCredit Bank AG 5.250 09/11/2023 EUR 84.050
Landesbank Baden-Wuert 4.450 4/25/2022 EUR 59.200
Landesbank Baden-Wuert 6.700 4/25/2022 EUR 54.280
Landesbank Baden-Wuert 10.000 4/25/2022 EUR 50.160
Leonteq Securities AG 22.340 4/14/2022 CHF 61.970
EFG International Fina 18.000 4/14/2022 CHF 69.440
Landesbank Baden-Wuert 3.000 5/27/2022 EUR 44.390
Landesbank Baden-Wuert 7.750 5/27/2022 EUR 38.740
Landesbank Baden-Wuert 3.500 5/27/2022 EUR 67.250
DZ Bank AG Deutsche Ze 21.000 12/24/2021 EUR 82.120
DZ Bank AG Deutsche Ze 23.900 12/24/2021 EUR 73.570
Leonteq Securities AG 23.390 4/19/2022 CHF 71.430
Bank Julius Baer & Co 7.400 7/13/2022 CHF 79.750
Landesbank Baden-Wuert 7.200 4/25/2022 EUR 66.760
UniCredit Bank AG 6.200 4/13/2022 EUR 66.870
Landesbank Baden-Wuert 5.200 5/27/2022 EUR 41.030
DZ Bank AG Deutsche Ze 8.750 12/22/2021 EUR 73.390
DZ Bank AG Deutsche Ze 17.900 6/24/2022 EUR 83.300
Zurcher Kantonalbank F 11.500 3/25/2022 CHF 60.020
UBS AG/London 12.500 6/23/2022 USD 67.050
Leonteq Securities AG 18.000 04/12/2022 CHF 68.150
Raiffeisen Switzerland 10.800 04/12/2022 CHF 77.560
Vontobel Financial Pro 13.250 12/24/2021 EUR 62.073
Raiffeisen Switzerland 12.000 1/25/2022 CHF 68.480
Leonteq Securities AG/ 10.000 4/26/2022 EUR 61.450
DZ Bank AG Deutsche Ze 20.200 12/24/2021 EUR 67.410
DZ Bank AG Deutsche Ze 21.800 12/24/2021 EUR 73.090
DZ Bank AG Deutsche Ze 14.900 12/24/2021 EUR 65.160
Bank Julius Baer & Co 12.050 3/18/2022 USD 62.450
Societe Generale Effek 16.465 04/06/2022 EUR 68.640
DZ Bank AG Deutsche Ze 18.500 12/24/2021 EUR 59.250
DZ Bank AG Deutsche Ze 22.400 12/24/2021 EUR 54.510
DZ Bank AG Deutsche Ze 17.100 12/24/2021 EUR 74.080
Landesbank Baden-Wuert 5.400 11/25/2022 EUR 57.240
DZ Bank AG Deutsche Ze 12.750 10/26/2022 EUR 75.650
DZ Bank AG Deutsche Ze 22.900 9/23/2022 EUR 75.040
DZ Bank AG Deutsche Ze 16.800 9/23/2022 EUR 60.750
Vontobel Financial Pro 12.500 12/24/2021 EUR 76.290
Vontobel Financial Pro 13.500 12/24/2021 EUR 74.650
Zurcher Kantonalbank F 25.000 9/20/2022 CHF 59.930
Credit Suisse AG/Londo 12.500 7/14/2022 USD 66.970
Leonteq Securities AG/ 3.400 3/20/2024 CHF 46.810
Zurcher Kantonalbank F 11.250 10/20/2022 USD 61.660
Credit Suisse AG/Londo 9.500 9/27/2024 USD 9.750
Bank Vontobel AG 7.500 01/03/2023 EUR 47.900
Leonteq Securities AG/ 10.000 07/12/2023 CHF 72.280
Zurcher Kantonalbank F 20.500 08/09/2022 CHF 77.230
Leonteq Securities AG/ 12.000 7/29/2022 CHF 73.370
Vontobel Financial Pro 14.750 6/24/2022 EUR 66.819
Leonteq Securities AG/ 12.000 4/22/2022 USD 61.270
Leonteq Securities AG/ 21.100 4/21/2022 CHF 71.070
DZ Bank AG Deutsche Ze 22.700 3/25/2022 EUR 65.300
DZ Bank AG Deutsche Ze 24.600 3/25/2022 EUR 70.620
Zuercher Kantonalbank 8.624 4/25/2022 CHF 0.280
Vontobel Financial Pro 12.500 3/25/2022 EUR 39.711
Vontobel Financial Pro 14.500 6/24/2022 EUR 74.177
UBS AG/London 7.000 4/21/2023 USD 71.400
Bank Vontobel AG 7.000 12/27/2022 CHF 66.200
Zurcher Kantonalbank F 10.400 07/08/2022 CHF 73.300
Landesbank Baden-Wuert 4.150 6/23/2023 EUR 56.670
Landesbank Baden-Wuert 2.800 6/23/2023 EUR 58.720
Landesbank Baden-Wuert 3.100 2/25/2022 EUR 67.530
Zurcher Kantonalbank F 10.750 7/15/2022 EUR 70.080
Leonteq Securities AG/ 17.000 08/02/2022 USD 71.240
Zurcher Kantonalbank F 27.000 9/13/2022 USD 70.120
Zurcher Kantonalbank F 26.000 9/13/2022 CHF 70.130
Landesbank Baden-Wuert 9.000 10/28/2022 EUR 72.250
Landesbank Baden-Wuert 6.500 10/28/2022 EUR 74.790
Bank Vontobel AG 13.002 9/19/2022 CHF 50.100
Bank Vontobel AG 7.000 9/19/2022 CHF 68.190
Credit Suisse AG/Londo 8.000 10/28/2022 CHF 70.360
Credit Suisse AG/Londo 12.500 7/29/2022 USD 72.490
Landesbank Baden-Wuert 4.800 8/25/2023 EUR 68.330
Landesbank Baden-Wuert 6.100 8/25/2023 EUR 66.760
Credit Suisse AG/Londo 15.750 8/30/2024 USD 9.180
Landesbank Baden-Wuert 4.000 10/28/2022 EUR 77.770
Corner Banca SA 12.000 6/21/2022 CHF 46.690
Zurcher Kantonalbank F 15.000 8/24/2022 CHF 60.930
Landesbank Baden-Wuert 3.650 3/24/2023 EUR 71.620
DZ Bank AG Deutsche Ze 12.250 8/24/2022 EUR 66.590
Landesbank Baden-Wuert 2.850 9/23/2022 EUR 66.440
Landesbank Baden-Wuert 4.700 9/23/2022 EUR 63.440
Landesbank Baden-Wuert 6.800 9/23/2022 EUR 61.140
Leonteq Securities AG 15.000 08/02/2022 CHF 63.430
Bank Julius Baer & Co 5.250 08/10/2022 CHF 69.300
Vontobel Financial Pro 12.250 6/24/2022 EUR 62.840
Zurcher Kantonalbank F 11.250 07/06/2022 EUR 51.440
Leonteq Securities AG/ 22.520 07/06/2022 CHF 54.240
Leonteq Securities AG/ 22.130 07/08/2022 CHF 61.600
Leonteq Securities AG/ 22.310 08/10/2022 USD 57.260
Credit Suisse AG/Londo 15.000 07/07/2022 USD 65.580
UBS AG/London 14.500 6/30/2022 CHF 71.900
Credit Suisse AG/Londo 13.500 8/17/2022 CHF 73.440
UniCredit Bank AG 7.300 12/24/2021 EUR 70.860
UniCredit Bank AG 9.000 12/24/2021 EUR 66.360
UniCredit Bank AG 14.600 12/24/2021 EUR 67.350
UniCredit Bank AG 6.900 12/24/2021 EUR 71.280
UniCredit Bank AG 12.500 12/24/2021 EUR 31.260
Skandinaviska Enskilda 6.000 1/15/2025 SEK 73.190
Zurcher Kantonalbank F 4.000 02/11/2022 CHF 62.940
UBS AG/London 19.750 4/21/2022 USD 59.600
UBS AG/London 7.000 12/20/2021 CHF 61.600
Skandinaviska Enskilda 4.400 7/15/2022 SEK 73.120
UniCredit Bank AG 8.300 12/24/2021 EUR 56.340
UniCredit Bank AG 12.500 12/24/2021 EUR 73.790
UniCredit Bank AG 8.000 12/24/2021 EUR 68.600
UniCredit Bank AG 5.800 12/24/2021 EUR 75.840
Raiffeisen Schweiz Gen 8.000 1/31/2022 CHF 67.230
UBS AG/London 12.000 12/20/2021 CHF 55.450
Credit Suisse AG/Londo 6.200 11/30/2022 USD 9.900
Vontobel Financial Pro 23.950 06/03/2022 EUR 46.201
Leonteq Securities AG 13.200 10/19/2022 CHF 76.130
Leonteq Securities AG/ 14.200 10/19/2022 USD 75.860
DekaBank Deutsche Giro 4.000 8/18/2022 EUR 62.530
DZ Bank AG Deutsche Ze 10.750 8/24/2022 EUR 61.230
Vontobel Financial Pro 10.000 6/24/2022 EUR 73.489
Vontobel Financial Pro 9.750 6/24/2022 EUR 64.965
DZ Bank AG Deutsche Ze 24.700 12/24/2021 EUR 66.790
DZ Bank AG Deutsche Ze 20.800 3/25/2022 EUR 71.070
DZ Bank AG Deutsche Ze 24.300 3/25/2022 EUR 67.610
DZ Bank AG Deutsche Ze 23.000 6/24/2022 EUR 68.520
DZ Bank AG Deutsche Ze 21.000 12/24/2021 EUR 68.930
Vontobel Financial Pro 9.500 6/24/2022 EUR 54.087
Landesbank Baden-Wuert 3.150 7/22/2022 EUR 60.920
Landesbank Baden-Wuert 4.500 7/22/2022 EUR 58.710
Landesbank Baden-Wuert 7.200 7/22/2022 EUR 55.930
Landesbank Baden-Wuert 9.250 7/22/2022 EUR 54.890
Leonteq Securities AG/ 28.010 4/19/2022 CHF 32.370
Bank Vontobel AG 10.500 1/16/2023 CHF 74.500
Bank Vontobel AG 10.500 1/16/2023 CHF 74.500
Leonteq Securities AG/ 10.000 1/19/2023 USD 68.630
Leonteq Securities AG/ 10.000 7/19/2022 CHF 47.240
Zurcher Kantonalbank F 8.000 07/01/2022 CHF 70.100
Vontobel Financial Pro 9.500 6/24/2022 EUR 51.435
Landesbank Baden-Wuert 6.200 3/24/2023 EUR 68.120
Zurcher Kantonalbank F 12.500 08/03/2022 CHF 74.300
Leonteq Securities AG 16.000 5/25/2022 CHF 45.560
Leonteq Securities AG/ 25.030 2/25/2022 USD 67.080
Raiffeisen Schweiz Gen 10.000 1/16/2023 CHF 73.240
Leonteq Securities AG/ 27.290 4/26/2022 CHF 72.910
UBS AG/London 11.000 12/27/2021 CHF 63.500
UBS AG/London 10.000 12/27/2021 CHF 70.050
EFG International Fina 13.000 12/27/2021 CHF 6.040
Raiffeisen Schweiz Gen 7.500 02/10/2022 CHF 70.210
EFG International Fina 11.120 12/27/2024 EUR 60.240
Zurcher Kantonalbank F 6.250 12/30/2021 EUR 71.520
Araratbank OJSC 5.500 1/29/2024 USD 25.490
DekaBank Deutsche Giro 2.800 1/13/2023 EUR 75.720
DekaBank Deutsche Giro 4.000 1/14/2022 EUR 61.430
Raiffeisen Schweiz Gen 3.400 3/21/2025 CHF 59.940
Leonteq Securities AG 3.900 12/20/2024 CHF 57.290
Raiffeisen Schweiz Gen 3.200 12/18/2026 CHF 70.250
Raiffeisen Schweiz Gen 7.750 1/27/2022 CHF 66.510
Corner Banca SA 9.000 1/21/2022 CHF 67.910
Leonteq Securities AG 3.600 9/22/2026 CHF 59.790
Raiffeisen Schweiz Gen 2.700 9/22/2026 CHF 56.740
DekaBank Deutsche Giro 2.000 02/10/2023 EUR 75.430
Leonteq Securities AG 8.600 1/24/2023 CHF 72.670
Leonteq Securities AG/ 7.600 1/23/2023 CHF 73.420
Danske Bank A/S 6.860 07/09/2022 SEK 25.880
Bank Julius Baer & Co 8.350 1/30/2023 CHF 74.850
UBS AG/London 13.000 02/07/2022 CHF 63.700
UBS AG/London 8.000 1/24/2022 CHF 66.300
UBS AG/London 11.250 1/24/2022 CHF 58.700
UBS AG/London 7.250 1/24/2022 CHF 73.350
Vontobel Financial Pro 9.200 1/24/2022 EUR 57.240
Vontobel Financial Pro 9.500 12/24/2021 EUR 58.100
Vontobel Financial Pro 15.500 12/24/2021 EUR 48.820
Vontobel Financial Pro 6.000 12/24/2021 EUR 67.050
Vontobel Financial Pro 11.500 12/24/2021 EUR 54.560
Vontobel Financial Pro 7.500 12/24/2021 EUR 62.200
Vontobel Financial Pro 13.500 12/24/2021 EUR 51.500
Raiffeisen Schweiz Gen 8.500 12/13/2021 CHF 57.260
Leonteq Securities AG/ 7.500 12/20/2021 EUR 57.940
Zurcher Kantonalbank F 6.300 12/16/2022 CHF 61.520
Bayerische Landesbank 1.450 1/26/2024 EUR 60.530
Zurcher Kantonalbank F 8.150 12/27/2021 CHF 77.660
Leonteq Securities AG/ 9.400 02/04/2022 CHF 71.380
UBS AG/London 14.000 12/20/2021 CHF 60.250
UBS AG/London 10.250 12/20/2021 CHF 71.450
Leonteq Securities AG 7.200 1/31/2022 CHF 66.970
Otkritie Holding JSC 0.010 9/30/2027 RUB 3.400
UniCredit Bank AG 5.650 11/06/2023 EUR 78.230
Bayerische Landesbank 1.350 12/23/2022 EUR 57.600
Raiffeisen Schweiz Gen 6.600 3/23/2022 CHF 63.110
Leonteq Securities AG/ 8.000 11/25/2021 EUR 99.320
Leonteq Securities AG 10.000 12/06/2021 CHF 69.240
Barclays Bank PLC 2.730 9/27/2024 EUR 64.180
DekaBank Deutsche Giro 3.700 12/17/2021 EUR 63.600
DekaBank Deutsche Giro 3.200 11/04/2022 EUR 72.970
Credit Suisse AG/Londo 10.800 12/07/2021 USD 58.400
BNP Paribas Issuance B 7.150 11/07/2024 SEK 64.010
UniCredit Bank AG 3.200 01/02/2023 EUR 81.010
Landesbank Baden-Wuert 3.600 6/23/2023 EUR 57.880
UBS AG/London 7.500 11/22/2021 CHF 74.500
UBS AG/London 8.000 12/06/2021 CHF 70.650
UBS AG/London 8.500 11/22/2021 EUR 67.150
Bayerische Landesbank 3.600 10/28/2022 EUR 74.730
SG Issuer SA 0.350 11/15/2023 EUR 24.550
Leonteq Securities AG/ 7.420 11/22/2021 EUR 56.480
Leonteq Securities AG/ 8.000 12/06/2021 EUR 74.030
UBS AG/London 7.000 11/29/2021 EUR 72.450
Raiffeisen Schweiz Gen 7.800 11/22/2021 CHF 68.750
EFG International Fina 12.000 11/29/2024 USD 87.280
BNP Paribas Emissions- 10.000 3/24/2022 EUR 3.860
BNP Paribas Emissions- 7.000 12/23/2021 EUR 54.680
DekaBank Deutsche Giro 3.250 11/25/2022 EUR 67.740
Bank Julius Baer & Co 7.650 01/10/2022 USD 55.950
Otkritie Holding JSC 0.010 08/05/2025 RUB 3.000
Zurcher Kantonalbank F 7.000 2/21/2022 CHF 65.900
Leonteq Securities AG/ 6.600 01/09/2023 CHF 74.120
UBS AG/London 7.850 01/02/2025 USD 10.310
Bayerische Landesbank 2.500 7/22/2022 EUR 64.640
Raiffeisen Schweiz Gen 18.000 8/23/2022 CHF 63.680
Leonteq Securities AG 15.000 6/21/2022 CHF 54.730
UBS AG/London 9.750 12/23/2022 CHF 73.300
Vontobel Financial Pro 19.500 6/24/2022 EUR 69.092
UniCredit Bank AG 6.900 12/24/2021 EUR 73.490
EFG International Fina 9.400 12/12/2022 CHF 68.830
Leonteq Securities AG 8.000 12/13/2022 CHF 63.340
Landesbank Baden-Wuert 4.400 9/23/2022 EUR 46.020
Landesbank Baden-Wuert 2.350 9/23/2022 EUR 51.750
UniCredit Bank AG 9.200 12/24/2021 EUR 63.750
UniCredit Bank AG 5.900 12/24/2021 EUR 77.410
Leonteq Securities AG/ 6.800 11/29/2021 CHF 77.520
Bayerische Landesbank 2.650 2/25/2022 EUR 78.700
BNP Paribas Emissions- 5.000 12/23/2021 EUR 74.340
BNP Paribas Emissions- 7.000 3/24/2022 EUR 56.290
Leonteq Securities AG/ 9.000 11/29/2021 EUR 75.540
UBS AG/London 10.500 11/15/2021 CHF 68.300
UBS AG/London 10.250 11/15/2021 CHF 74.250
UBS AG/London 10.000 1/17/2022 CHF 66.850
Leonteq Securities AG/ 7.750 1/17/2022 CHF 70.600
Vontobel Financial Pro 4.000 12/14/2021 EUR 72.570
DZ Bank AG Deutsche Ze 11.000 9/21/2022 EUR 62.180
DeltaCredit Bank JSC 1.000 10/20/2025 RUB 72.060
Bank Julius Baer & Co 13.950 03/01/2022 USD 59.550
Leonteq Securities AG/ 6.000 11/23/2021 CHF 53.910
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
DekaBank Deutsche Giro 2.400 6/17/2022 EUR 68.820
UBS AG/London 13.500 1/17/2022 CHF 64.500
Landesbank Baden-Wuert 2.650 3/25/2022 EUR 54.510
Landesbank Baden-Wuert 5.300 3/25/2022 EUR 46.680
Bank Julius Baer & Co 7.250 06/02/2022 CHF 73.250
Raiffeisen Schweiz Gen 5.000 9/13/2022 CHF 72.330
DekaBank Deutsche Giro 4.150 07/01/2022 EUR 69.350
Raiffeisen Schweiz Gen 5.500 5/24/2022 CHF 73.430
Otkritie Holding JSC 0.010 9/17/2027 RUB 4.200
UBS AG/London 9.250 10/21/2022 CHF 62.300
Zurcher Kantonalbank F 8.125 02/11/2022 EUR 62.360
Zurcher Kantonalbank F 9.750 02/11/2022 USD 62.980
UniCredit Bank AG 9.300 12/24/2021 EUR 63.220
Bank Julius Baer & Co 10.300 1/31/2022 USD 67.600
UniCredit Bank AG 8.100 12/24/2021 EUR 68.400
UniCredit Bank AG 10.100 12/24/2021 EUR 61.450
DekaBank Deutsche Giro 3.500 2/24/2023 EUR 72.720
UniCredit Bank AG 6.500 12/24/2021 EUR 73.260
UniCredit Bank AG 10.400 12/24/2021 EUR 52.520
UniCredit Bank AG 12.000 12/24/2021 EUR 75.620
UniCredit Bank AG 13.000 12/24/2021 EUR 72.050
UniCredit Bank AG 14.100 12/24/2021 EUR 68.840
UniCredit Bank AG 10.800 12/24/2021 EUR 33.440
UniCredit Bank AG 5.800 12/24/2021 EUR 74.190
UniCredit Bank AG 13.600 12/24/2021 EUR 70.410
UniCredit Bank AG 10.000 12/24/2021 EUR 34.680
UniCredit Bank AG 11.700 12/24/2021 EUR 32.310
UBS AG/London 13.000 2/14/2022 CHF 57.550
Leonteq Securities AG 11.000 01/03/2022 CHF 58.710
UniCredit Bank AG 8.100 12/24/2021 EUR 66.020
UniCredit Bank AG 10.300 12/24/2021 EUR 59.700
Leonteq Securities AG/ 15.180 12/27/2021 EUR 3.890
Zurcher Kantonalbank F 8.000 5/16/2022 CHF 62.290
UniCredit Bank AG 6.600 9/13/2023 EUR 72.100
Otkritie Holding JSC 0.010 12/08/2027 RUB 2.690
Zurcher Kantonalbank F 10.750 1/21/2022 CHF 58.600
Vontobel Financial Pro 10.000 11/22/2021 EUR 70.189
UniCredit Bank AG 4.800 12/24/2021 EUR 83.590
UniCredit Bank AG 9.200 12/24/2021 EUR 76.910
UniCredit Bank AG 6.100 12/24/2021 EUR 77.380
UniCredit Bank AG 10.500 12/24/2021 EUR 63.300
UniCredit Bank AG 10.300 12/24/2021 EUR 55.550
UniCredit Bank AG 11.300 12/24/2021 EUR 53.090
DekaBank Deutsche Giro 3.200 02/03/2023 EUR 83.370
Leonteq Securities AG 11.800 12/20/2021 CHF 65.090
Leonteq Securities AG 11.000 12/20/2021 CHF 72.450
Bayerische Landesbank 3.000 2/25/2022 EUR 73.910
Leonteq Securities AG/ 12.200 02/07/2022 USD 71.980
BNP Paribas Emissions- 6.000 3/24/2022 EUR 70.510
BNP Paribas Emissions- 5.000 3/24/2022 EUR 38.820
Pongs & Zahn AG 8.500 EUR 0.003
Leonteq Securities AG 18.000 11/24/2021 CHF 69.800
Landesbank Baden-Wuert 2.900 11/26/2021 EUR 76.280
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 70.830
Landesbank Baden-Wuert 2.000 11/26/2021 EUR 67.270
Landesbank Baden-Wuert 3.000 11/26/2021 EUR 62.830
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 59.890
Landesbank Baden-Wuert 3.500 11/26/2021 EUR 79.800
Landesbank Baden-Wuert 3.250 11/26/2021 EUR 72.800
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 70.240
DekaBank Deutsche Giro 3.700 11/25/2022 EUR 61.410
EFG International Fina 13.400 10/31/2022 CHF 68.510
UniCredit Bank AG 10.900 12/24/2021 EUR 63.250
UniCredit Bank AG 8.900 12/24/2021 EUR 72.030
UniCredit Bank AG 5.700 12/24/2021 EUR 53.500
UniCredit Bank AG 9.300 12/24/2021 EUR 43.350
UniCredit Bank AG 7.800 12/24/2021 EUR 46.850
UniCredit Bank AG 6.400 12/24/2021 EUR 66.610
UniCredit Bank AG 8.100 12/24/2021 EUR 46.490
UniCredit Bank AG 8.300 12/24/2021 EUR 61.150
UniCredit Bank AG 6.300 12/24/2021 EUR 71.870
UniCredit Bank AG 9.900 12/24/2021 EUR 59.460
UniCredit Bank AG 7.500 12/24/2021 EUR 67.170
UniCredit Bank AG 9.100 12/24/2021 EUR 41.210
UniCredit Bank AG 6.600 12/24/2021 EUR 72.860
UniCredit Bank AG 9.900 12/24/2021 EUR 48.410
UniCredit Bank AG 9.700 12/24/2021 EUR 42.550
UniCredit Bank AG 8.900 12/24/2021 EUR 44.420
UniCredit Bank AG 11.200 12/24/2021 EUR 39.280
UniCredit Bank AG 9.700 12/24/2021 EUR 69.690
UniCredit Bank AG 10.500 12/24/2021 EUR 67.510
UniCredit Bank AG 11.100 12/24/2021 EUR 56.290
UniCredit Bank AG 10.900 12/24/2021 EUR 37.780
UniCredit Bank AG 11.400 12/24/2021 EUR 44.820
UniCredit Bank AG 12.900 12/24/2021 EUR 41.790
UniCredit Bank AG 10.000 12/24/2021 EUR 41.810
UniCredit Bank AG 9.100 12/24/2021 EUR 50.450
UniCredit Bank AG 4.200 12/06/2022 EUR 68.920
EFG International Fina 13.000 11/08/2021 EUR 50.660
UBS AG/London 8.000 11/08/2021 CHF 70.550
UBS AG/London 8.250 11/08/2021 CHF 72.700
Bayerische Landesbank 3.000 11/26/2021 EUR 67.670
Leonteq Securities AG 7.500 11/08/2022 CHF 68.740
Leonteq Securities AG/ 12.000 11/08/2021 EUR 71.780
DekaBank Deutsche Giro 3.400 02/04/2022 EUR 80.490
SG Issuer SA 0.850 10/16/2024 EUR 12.710
BNP Paribas Issuance B 7.200 12/17/2024 SEK 69.390
Bank Julius Baer & Co 17.100 11/10/2021 USD 61.550
DekaBank Deutsche Giro 2.300 11/12/2021 EUR 56.190
Vontobel Financial Pro 7.000 6/24/2022 EUR 70.750
Vontobel Financial Pro 7.500 9/23/2022 EUR 72.810
Vontobel Financial Pro 6.500 9/23/2022 EUR 74.100
Vontobel Financial Pro 10.000 11/11/2021 EUR 69.850
Vontobel Financial Pro 9.100 2/21/2022 EUR 65.962
Lehman Brothers Treasu 7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasu 5.500 07/08/2013 EUR 0.100
Lehman Brothers Treasu 6.000 08/07/2013 EUR 0.100
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Lehman Brothers Treasu 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasu 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasu 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasu 5.500 4/23/2014 EUR 0.100
Deutsche Bank AG/Londo 2.000 10/25/2023 TRY 68.993
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Lehman Brothers Treasu 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasu 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasu 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasu 16.000 10/08/2008 CHF 0.100
Lehman Brothers Treasu 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasu 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasu 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasu 2.000 6/28/2011 EUR 0.100
BNP Paribas SA 0.500 11/16/2032 MXN 32.765
Lehman Brothers Treasu 7.150 3/21/2013 USD 0.100
Lehman Brothers Treasu 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu 1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasu 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 8.800 12/27/2009 EUR 0.100
Lehman Brothers Treasu 9.300 12/21/2010 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasu 11.750 03/01/2010 EUR 0.100
Lehman Brothers Treasu 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasu 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasu 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasu 4.600 08/01/2013 EUR 0.100
Lehman Brothers Treasu 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasu 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasu 7.600 03/04/2010 NZD 0.100
Lehman Brothers Treasu 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasu 5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasu 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasu 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasu 7.600 1/31/2013 AUD 0.100
Polski Bank Spoldzielc 3.780 9/14/2027 PLN 69.800
Lehman Brothers Treasu 8.000 3/19/2012 USD 0.100
Lehman Brothers Treasu 6.450 2/20/2010 AUD 0.100
Lehman Brothers Treasu 5.500 6/22/2010 USD 0.100
Lehman Brothers Treasu 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasu 12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasu 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasu 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu 2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasu 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasu 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasu 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasu 16.000 12/26/2008 USD 0.100
Lehman Brothers Treasu 13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasu 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasu 3.100 06/04/2010 USD 0.100
SAir Group 5.500 7/23/2003 CHF 12.625
Lehman Brothers Treasu 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasu 3.000 9/13/2010 JPY 0.100
Lehman Brothers Treasu 2.370 7/15/2013 USD 0.100
Espirito Santo Financi 5.625 7/28/2017 EUR 0.528
Credit Suisse AG/Londo 0.500 01/08/2026 BRL 59.660
Lehman Brothers Treasu 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasu 1.950 11/04/2013 EUR 0.100
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 67.960
Heta Asset Resolution 5.730 12/31/2023 EUR 1.558
Lehman Brothers Treasu 7.320 7/31/2013 GBP 0.100
Lehman Brothers Treasu 8.875 1/28/2011 HKD 0.100
BLT Finance BV 12.000 02/10/2015 USD 10.500
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Lehman Brothers Treasu 8.050 12/20/2010 HKD 0.100
Lehman Brothers Treasu 7.625 7/22/2011 HKD 0.100
Lehman Brothers Treasu 6.600 02/09/2009 EUR 0.100
Lehman Brothers Treasu 6.720 12/29/2008 EUR 0.100
Lehman Brothers Treasu 3.630 03/02/2012 EUR 0.100
IT Holding Finance SA 9.875 11/15/2012 EUR 0.030
IT Holding Finance SA 9.875 11/15/2012 EUR 0.030
Lehman Brothers Treasu 5.250 11/21/2009 USD 0.100
Credit Agricole Corpor 5.400 1/31/2028 BRL 69.021
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Eiendomskreditt AS 2.350 9/17/2029 NOK 69.958
Lehman Brothers Treasu 2.300 6/27/2013 USD 0.100
Lehman Brothers Treasu 3.820 10/20/2009 USD 0.100
Heta Asset Resolution 5.270 12/31/2023 EUR 1.566
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
SAir Group 2.750 7/30/2004 CHF 12.625
AlphaNotes ETP Dac 0.010 09/09/2029 USD 71.810
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
SG Issuer SA 3.000 10/10/2034 ZAR 48.435
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
KPNQwest NV 7.125 06/01/2009 EUR 0.453
DeltaCredit Bank JSC 1.000 7/28/2025 RUB 73.000
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.077
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.077
Pescanova SA 6.750 03/05/2015 EUR 0.319
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.229
Lehman Brothers Treasu 8.280 7/31/2013 GBP 0.100
Lehman Brothers Treasu 7.500 7/31/2013 GBP 0.100
Lehman Brothers Treasu 8.600 7/31/2013 GBP 0.100
Heta Asset Resolution 5.920 12/31/2023 EUR 1.558
Lehman Brothers Treasu 7.060 12/29/2008 EUR 0.100
Heta Asset Resolution 0.128 12/31/2023 EUR 1.558
Lehman Brothers Treasu 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasu 1.280 11/06/2010 JPY 0.100
Lehman Brothers Treasu 9.250 6/20/2012 USD 0.100
BNP Paribas Issuance B 3.880 08/05/2025 BRL 72.146
LBI ehf 5.080 03/01/2013 ISK 9.375
LBI ehf 8.650 05/01/2011 ISK 9.375
WPE International Coop 10.375 9/30/2020 USD 5.000
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Credit Agricole Corpor 10.800 3/24/2026 TRY 74.337
Lehman Brothers Treasu 3.000 09/12/2036 JPY 0.100
Lehman Brothers Treasu 6.700 4/21/2011 USD 0.100
Lehman Brothers Treasu 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasu 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasu 4.300 06/04/2012 USD 0.100
Lehman Brothers Treasu 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasu 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasu 4.680 12/12/2045 EUR 0.100
Lehman Brothers Treasu 4.820 12/18/2036 EUR 0.100
VTB Bank PJSC 0.010 6/17/2025 RUB 102.680
Heta Asset Resolution 7.500 12/31/2023 ATS 1.558
Lehman Brothers Treasu 4.100 8/23/2010 USD 0.100
Bibby Offshore Service 7.500 6/15/2021 GBP 11.625
Getin Noble Bank SA 6.700 11/09/2023 PLN 60.536
Lehman Brothers Treasu 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasu 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasu 0.010 9/20/2011 USD 0.100
Dyadya Doner OOO 13.500 4/25/2023 RUB 28.800
Lehman Brothers Treasu 11.250 12/31/2008 USD 0.100
Barclays Bank PLC 1.450 9/24/2038 MXN 37.084
Lehman Brothers Treasu 10.000 06/11/2038 JPY 0.100
Lehman Brothers Treasu 12.000 7/13/2037 JPY 0.100
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Lehman Brothers Treasu 2.000 6/21/2011 EUR 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Lehman Brothers Treasu 5.250 04/01/2023 EUR 0.100
Lehman Brothers Treasu 13.000 12/14/2012 USD 0.100
Lehman Brothers Treasu 6.000 6/21/2011 EUR 0.100
Getin Noble Bank SA 5.930 4/28/2023 PLN 76.111
Lehman Brothers Treasu 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasu 3.500 10/31/2011 USD 0.100
Lehman Brothers Treasu 3.500 10/24/2011 USD 0.100
Credit Agricole Corpor 10.200 12/13/2027 TRY 65.865
Lehman Brothers Treasu 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasu 1.750 02/07/2010 EUR 0.100
Lehman Brothers Treasu 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasu 6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasu 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasu 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasu 14.900 9/15/2008 EUR 0.100
Credit Agricole Corpor 6.000 2/26/2027 BRL 72.125
Lehman Brothers Treasu 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasu 7.550 12/29/2008 USD 0.100
Sberbank CIB JSC 0.010 01/04/2030 RUB 51.212
Lehman Brothers Treasu 6.600 2/22/2012 EUR 0.100
Petromena ASA 9.750 5/24/2016 NOK 0.607
Lehman Brothers Treasu 6.000 3/17/2011 EUR 0.100
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Lehman Brothers Treasu 8.000 4/20/2009 EUR 0.100
AKB Peresvet ZAO 0.510 6/23/2021 RUB 32.010
Lehman Brothers Treasu 8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasu 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasu 5.103 6/22/2046 EUR 0.100
Lehman Brothers Treasu 3.700 06/06/2009 EUR 0.100
Heta Asset Resolution 5.030 12/31/2023 EUR 1.558
Heta Asset Resolution 4.875 12/31/2023 EUR 1.558
Lehman Brothers Treasu 4.000 2/28/2010 EUR 0.100
Barclays Bank PLC 10.200 2/14/2025 TRY 75.505
Lehman Brothers Treasu 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasu 2.000 5/17/2010 EUR 0.100
Ukraine Government Bon 8.310 11/10/2034 UAH 70.481
Ukraine Government Bon 8.520 11/10/2033 UAH 72.677
Lehman Brothers Treasu 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu 2.000 10/28/2010 EUR 0.100
Ukraine Government Bon 8.420 05/10/2034 UAH 71.610
Lehman Brothers Treasu 8.000 08/03/2009 USD 0.100
Bank Otkritie Financia 10.000 4/26/2019 USD 9.563
Ukraine Government Bon 8.630 05/10/2033 UAH 73.817
Ukraine Government Bon 8.750 11/10/2032 UAH 75.013
Lehman Brothers Treasu 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasu 1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasu 11.000 12/19/2011 USD 0.100
Ukraine Government Bon 6.000 9/19/2029 UAH 65.603
Ukraine Government Bon 6.000 11/28/2029 UAH 65.140
Ukraine Government Bon 6.000 12/23/2026 UAH 73.833
Ukraine Government Bon 6.000 1/27/2027 UAH 73.476
Ukraine Government Bon 6.000 11/22/2028 UAH 67.742
Ukraine Government Bon 6.000 03/12/2031 UAH 62.276
Ukraine Government Bon 6.000 4/23/2031 UAH 62.056
Ukraine Government Bon 6.000 5/16/2029 UAH 66.474
Ukraine Government Bon 6.000 06/12/2030 UAH 63.884
Lehman Brothers Treasu 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 4.500 03/07/2015 EUR 0.100
Lehman Brothers Treasu 6.000 12/06/2016 USD 0.100
Lehman Brothers Treasu 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasu 4.250 3/13/2021 EUR 0.100
Lehman Brothers Treasu 0.500 2/16/2009 EUR 0.100
Northland Resources AB 4.000 10/15/2020 NOK 0.271
LBI ehf 2.250 2/14/2011 CHF 9.375
Ukraine Government Bon 6.000 10/15/2031 UAH 61.110
Lehman Brothers Treasu 4.000 11/24/2016 EUR 0.100
Purple Protected Asset 1.580 5/25/2060 EUR 66.639
DeltaCredit Bank JSC 1.000 10/30/2025 RUB 70.000
Lehman Brothers Treasu 0.750 3/29/2012 EUR 0.100
Lehman Brothers Treasu 3.025 1/31/2015 EUR 0.100
Deutsche Bank AG/Londo 0.500 10/18/2038 MXN 20.617
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Lehman Brothers Treasu 4.500 12/30/2010 USD 0.100
PA Resources AB 13.500 03/03/2016 SEK 0.124
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Lehman Brothers Treasu 3.000 08/08/2017 EUR 0.100
Lehman Brothers Treasu 4.500 03/06/2013 CHF 0.100
Lehman Brothers Treasu 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasu 5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasu 7.750 1/30/2009 EUR 0.100
Ukraine Government Bon 8.750 4/20/2033 UAH 74.586
Lehman Brothers Treasu 2.400 6/20/2011 JPY 0.100
Ukraine Government Bon 6.000 06/04/2031 UAH 61.809
Lehman Brothers Treasu 2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasu 7.585 11/22/2009 MXN 0.100
Ukraine Government Bon 5.000 2/20/2032 UAH 54.862
Lehman Brothers Treasu 4.350 08/08/2016 SGD 0.100
Lehman Brothers Treasu 4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasu 10.000 3/27/2009 USD 0.100
Lehman Brothers Treasu 7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasu 6.000 10/24/2008 EUR 0.100
Lehman Brothers Treasu 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasu 9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasu 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 3.850 4/24/2009 USD 0.100
Lehman Brothers Treasu 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasu 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasu 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasu 7.375 9/20/2008 EUR 0.100
Lehman Brothers Treasu 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasu 7.000 11/28/2008 CHF 0.100
Lehman Brothers Treasu 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasu 4.000 5/17/2010 USD 0.100
Lehman Brothers Treasu 2.480 05/12/2009 USD 0.100
Lehman Brothers Treasu 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasu 0.250 10/19/2012 CHF 0.100
AKB Peresvet ZAO 13.250 4/25/2018 RUB 32.625
Lehman Brothers Treasu 1.680 03/05/2015 EUR 0.100
Lehman Brothers Treasu 6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasu 3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasu 0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasu 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasu 5.100 05/08/2017 HKD 0.100
Nutritek International 8.750 12/11/2008 USD 2.089
Credit Agricole Corpor 11.190 03/12/2027 TRY 74.306
Lehman Brothers Treasu 6.000 5/23/2018 CZK 0.100
Lehman Brothers Treasu 2.250 05/12/2009 USD 0.100
Lehman Brothers Treasu 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasu 7.000 10/22/2010 EUR 0.100
LBI ehf 7.431 USD 0.001
Lehman Brothers Treasu 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasu 4.000 10/12/2010 USD 0.100
Lehman Brothers Treasu 4.200 12/03/2008 HKD 0.100
Lehman Brothers Treasu 1.500 10/12/2010 EUR 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
Lehman Brothers Treasu 8.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasu 3.000 8/13/2011 EUR 0.100
Lehman Brothers Treasu 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasu 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasu 4.100 06/10/2014 SGD 0.100
Lehman Brothers Treasu 3.500 12/20/2027 USD 0.100
Lehman Brothers Treasu 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasu 4.800 11/16/2012 HKD 0.100
Lehman Brothers Treasu 4.600 10/11/2017 ILS 0.100
Barclays Bank PLC 2.000 06/12/2029 TRY 28.627
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *