/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/220124.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, January 24, 2022, Vol. 23, No. 11 Headlines C R O A T I A DALEKOVOD: Raises Equity Capital by HRK410 Million G E O R G I A GEORGIAN AIRWAYS: Put Up for Sale Following Insolvency G R E E C E PIRAEUS BANK: DBRS Assigns 'B' LongTerm Issuer Rating I R E L A N D BAIN CAPITAL 2018-1: Fitch Raises Class F Notes Rating to 'B' BILBAO CLO I: Fitch Raises Class E Notes Rating to 'B+' BLUEMOUNTAIN FUJI III: Fitch Raises Class F Notes to 'B+' BNPP AM EURO 2018: Fitch Raises Class F Notes Rating to 'B' CARLYLE EURO 2018-2: Fitch Raises Class E Notes Rating to 'B-' CARLYLE GLOBAL 2014-3: Fitch Raises Class E-R Notes Rating to 'B+' ECOXPRESS: Placed Into Creditor's Voluntary Liquidation ENDO INTERNATIONAL: Egan-Jones Hikes Sr. Unsecured Ratings to B- FINANCE IRELAND 4: DBRS Gives Prov. B Rating on 2 Tranches GOLDENTREE LOAN 1: Fitch Affirms B- Rating to Class F Notes MADISON PARK V: Fitch Raises Class F Notes Rating to 'B+' MADISON PARK VII: Fitch Affirms B- Rating on Class F Notes PENTA CLO 4: Fitch Raises Class F Notes Rating to 'B+' RYE HARBOUR: Fitch Raises Class F-R Notes Rating to 'B+' SEGOVIA EUROPEAN 5-2018: Fitch Raises Class F Notes to 'B+' L U X E M B O U R G LUNE HOLDINGS: Fitch Assigns Final 'B' LT IDR, Outlook Stable PALLADIUM SECURITIES: DBRS Confirms BB(high) Rating on 2024 Notes M O N T E N E G R O MONTENEGRO AIRLINES: Montenegro to Acquire Embraer 195 Aircraft N O R W A Y SEADRILL LTD: Exits Chapter 11 Bankruptcy Protection S P A I N IM ANDBANK 1: DBRS Gives Prov. BB(high) Rating on Class C Notes S W I T Z E R L A N D TRANSOCEAN LIMITED: Egan-Jones Keeps CCC- Senior Unsecured Ratings U N I T E D K I N G D O M YOU ARE HOME: Enters Liquidation, Up to 25 Jobs Affected X X X X X X X X [*] BOND PRICING: For the Week January 17 to January 21, 2022 - - - - - ============= C R O A T I A ============= DALEKOVOD: Raises Equity Capital by HRK410 Million -------------------------------------------------- Annie Tsoneva at SeeNews reports that Croatian power transmission equipment manufacturer Dalekovod said on Jan. 21 it raised its equity capital by HRK410 million (US$62 million/EUR54 million) via a new share issue of 41 million shares, successfully completing a pre-bankruptcy settlement. Napredna Energetska Resenja subscribed and paid for 31,000,000 new ordinary shares, worth HRK310 million, and institutional investors subscribed and paid for 10,000,000 new ordinary shares, worth HRK100 million, it said in a filing to the Zagreb bourse, SeeNews relates. Following the increase, Dalekovod's share capital amounts to 412.472 million kuna and is divided in 41,247,193 ordinary shares with a par value of 10 kuna each, SeeNews discloses. The new shares will be listed on the Zagreb bourse, SeeNews notes. According to SeeNews, in a separate statement, Dalekovod said that Napredna Energetska Rjesenja, pension funds, and institutional investors carried out the capital increase entirely by payment in cash. "With this capital increase, Dalekovod will become one of the few companies in Croatia that will successfully complete the pre-bankruptcy settlement by settling all credits after an exhaustive business transformation without additional debts," Dalekovod, as cited by SeeNews, said in the statement adding, that the restructuring will end its pre-bankruptcy settlement nine years ahead of the initial deadline. On Jan. 20, Koncar said that following the capital increase, Napredna Energetska Rjesenja will own more than 75% of Dalekovod's capital, SeeNews relays. On June 30, the shareholders of Dalekovod approved a proposal for the company's financial restructuring made by Koncar and Construction Line, SeeNews notes. The proposal envisaged cutting Dalekovod's share capital to HRK2.5 million from HRK247.2 million to cover earlier losses, to then further increase it to up to HRK412.5 million in order to raise funding to cover the company's debt to creditors under a pre-bankruptcy settlement agreement concluded in January 2014, SeeNews discloses. Croatia's financial services supervisory agency launched last year an infringement procedure against Dalekovod over a failure to disclose information related to its restructuring, SeeNews recounts. ============= G E O R G I A ============= GEORGIAN AIRWAYS: Put Up for Sale Following Insolvency ------------------------------------------------------ Giorgi Lomsadze at eurasianet reports that Georgia's national airline, Georgian Airways, has been put on the block after the carrier filed for insolvency. According to eurasianet, listed for an asking price of US$150 million, the 28-year-old airline said that the pandemic-induced collapse of air travel forced the company to the verge of bankruptcy. Since 1993, "we have proudly flown under the Georgian flag. We have not stopped flying even in the hardest periods for Georgia," eurasianet quotes the company as saying in a Jan. 18 statement. "But the air travel industry has been hit hard by the sudden drop in flights and, unfortunately, Georgian Airways was no exception." Owing upwards of US$57 million in debts to more than 70 corporate partners and 16,000 passengers, the company went into debt proceedings on Jan. 11, eurasianet discloses. A court approved the carrier's insolvency management plan late last year, and the company has been listed for sale on a broker's website, eurasianet relates. Georgian Airways continues to carry out flights even as it goes into debt proceedings. Georgian Airways also had the second-largest share of passenger load in and out of Georgia that year, behind only the global giant Turkish Airlines, eurasianet notes. But the company suffered a major blow that year, when Moscow banned direct flights to Georgia in response to anti-Russia protests in Tbilisi, eurasianet relays. The airline reportedly sustained US$30 million in losses because of the Russian embargo, according to eurasianet. Separately, it faced growing competition from budget airlines and feuded with TAV Urban Georgia, a Turkish corporation operating the two main airports in Georgia, over airport fees, eurasianet states. The coup de grace came the following year, when the COVID pandemic grounded planes around the world, eurasianet recounts. The airline's sales listing reported that in 2019 it carried about 500,000 passengers, about 10% of the passengers who travelled in and out of Georgia, eurasianet states. By 2021, according to the Georgian Civil Aviation Agency, it carried under 73,000 passengers, about three percent of the country's total, according to eurasianet. The government should purchase Georgian Airways if the company is to keep its status as a Georgian airline, said the company's former general director Roman Bokeria, eurasianet relates. =========== G R E E C E =========== PIRAEUS BANK: DBRS Assigns 'B' LongTerm Issuer Rating ----------------------------------------------------- DBRS Ratings GmbH assigned first-time public ratings to Piraeus Bank S.A., including a Long-Term Issuer Rating of "B" and a Short-Term Issuer Rating of "R-4". The Bank's Long Term Critical Obligations Rating is BB (low), two notches above the "B" Intrinsic Assessment (IA). The trend on all ratings is Stable. The Support Assessment is SA3. KEY RATING CONSIDERATIONS Piraeus Bank S.A. (the Bank) is the main operating entity of the Piraeus Financial Holdings Group (Piraeus or the Group), which is one of the four systemic banking groups in Greece. Following the corporate transformation completed on December 30, 2020, the Bank is a 100% subsidiary of Piraeus Financial Holdings S.A., a financial holding company listed on the Athens Stock Exchange. The Bank's "B" IA reflects the Group's robust domestic franchise in retail and corporate banking, and the significant progress the Group has made in reducing the level of non-performing exposures (NPEs). However, the IA also incorporates the still high level of NPEs which remains material when compared to the European average, the subdued credit demand and moderate business diversification. Furthermore, although the Group has improved underlying profitability, the high cost of risk continues to weigh materially on the Group's earnings power and will likely remain elevated in the near term as the Group continues to de-risk. DBRS deems the Group's funding and liquidity position to be sound, although it does potentially remain vulnerable to shocks, should Piraeus struggle to restore profitability and improve its risk profile further. The Stable trend reflects that the Group's risks are broadly balanced at the B rating level. DBRS said, "We expect that the Group will continue to reduce NPEs through the de-risking process, and therefore it should be able to manage deterioration in asset quality due to COVID-19. This view incorporates the moderate level of new NPE inflows experienced so far from expired moratoria, the modest amount of loans still subject to debt moratorium, and the additional government and bank-specific measures which we expect to support regular debt repayment from customers. Capital ratios are currently comfortably above regulatory minima, and should be able to withstand the negative impact from additional de-risking and new NPE inflows, although we note the sizeable deferred tax assets which we view as a weaker form of capital." The Critical Obligations Rating (COR) addresses the risk of default of particular obligations/exposures at certain banks that have a higher probability of being excluded from bail-in and remaining in a continuing bank in the event of the resolution of a troubled bank than other senior unsecured obligations. The BB (low) Long-Term COR reflects the Bank's importance in the Greek banking environment, as demonstrated by being one of only four major banks. RATING DRIVERS An upgrade would require a further improvement in underlying profitability and continued progress in the reduction of NPEs, while maintaining sufficient capital buffers. A downgrade would be driven by a material formation of new NPEs, potentially resulting from the end of current support measures, or if Piraeus were unable to further improve underlying profitability. A downgrade would also occur in the event of a deterioration in capitalization. RATING RATIONALE Franchise Combined Building Block (BB) Assessment: Weak / Very Weak Piraeus is one of the four systemic banking groups in Greece with total assets of EUR 75.4 billion at end-September 2021 and a leading domestic market position. After a prolonged restructuring process following the global financial crisis and the Greek sovereign debt crisis, the Group aims to enhance its revenue sources and operational efficiency, improve its asset quality, strengthen capital buffers, and increase lending volumes to support the country's economic recovery from the pandemic. DBRS Morningstar notes that Piraeus has made significant progress in de-risking in the current operating environment affected by the COVID-19 global pandemic with a substantial reduction in the level of NPEs, however, in DBRS' view, the Group's franchise strength remains constrained by the still high level of NPEs, the subdued credit demand and moderate business diversification. Following the capital increase of around EUR 1.4 billion completed in April 2021, the Hellenic Financial Stability Fund (HFSF) remains the Group's main shareholder with an equity stake of 27%, significantly down from 61.3% as of January 2021, when the ECB's missed authorization to pay the coupon on the EUR 2.04 billion Contingent Convertible instruments (CoCos) resulted in the conversion of the CoCos to ordinary shares. Earnings Combined Building Block (BB) Assessment: Very Weak In recent years Piraeus was making progress towards restoring profitability, however the higher cost of risk due to COVID-19 in 2020 and the accelerated de-risking in 9M 2021 resulted in the Group reporting further losses. In 9M 2021 the Group reported a pre-tax statutory loss of EUR 2.9 billion, significantly up from a pre-tax statutory loss of EUR 133 million in 9M 2020. However, DBRS notes that core banking income was up 2% YoY in 9M 2021, driven by the rebound in net fees which were affected by the lockdowns in 9M 2020. The Group's cost-to-income ratio was 38% in 9M 2021, down from 48% in 9M 2020, supported by higher revenues which, however, included sizeable non-recurring trading gains. On an underlying basis, the cost-to-income ratio was 45% in 9M 2021. Loan impairment charges totalled EUR 4.1 billion in 9M 2021, significantly up from EUR 726 million in 9M 2020, mostly due to the accelerated de-risking. DBRS expects the Group's core profitability to progressively improve, supported by the recovery in the economy which should entail higher lending demand, as well as by higher contributions from fee income, a key element of the strategy. However, in DBRS' view, the Group's net profitability remains vulnerable to high credit costs which might be required from continued de-risking, as well as restructuring costs. Risk Combined Building Block (BB) Assessment: Very Weak Piraeus's asset quality indicators have improved substantially in 9M 2021, primarily due to the sale and/or securitization of NPEs, however by international standards they remain very weak. As of end-September 2021, gross NPEs totalled EUR 5.9 billion, down 74% compared to end-2020 and down 84% from the peak level reported in Q3 2015. However, this translates to a still material gross NPE ratio of 16% (or 15% incorporating the already agreed sale of a shipping NPE portfolio for EUR 0.4 billion), down from 45% at end-2020. The majority of debt moratoriums have expired, with only around EUR 400 million still active as of end-September 2021, representing approximately 1.3% of total net loans. Deterioration from expired moratoria has been less than the Group's initial estimate of around EUR 1 billion of new gross NPE inflows. The remainder of expired moratoria have returned to regular debt repayment or are continuing to benefit from either the government-subsidized "Bridge" programme on retail and corporate mortgage repayment ("Gefyra 1" and "Gefyra 2") or bank-specific step-up solutions. In DBRS' view, these support measures should continue to prevent a sizeable build-up of new NPEs, considering the incentive for borrowers to meet the debt repayment. DBRS believes that the extension of the Hellenic Asset Protection Scheme (HAPS) until October 2022 will also help the Group to achieve its gross NPE ratio target of around 9% by early 2022. Funding and Liquidity Combined Building Block (BB) Assessment: Moderate / Weak DBRS Morningstar considers that the Group's funding profile has improved recently, driven by the increase in customer deposits during the pandemic (up 11% YoY as of end-September 2021), as well as continued recourse to ECB sources, and enhanced access to capital markets with the first green senior preferred bond issuance in October 2021. Customer deposits remain the main source of funding for Piraeus, accounting for 77% of total funding as of end-September 2021, followed by ECB funding at 20% and debt securities at 2%. As a result of the increase in deposits, and the reduction in the loan portfolio as a result of the asset sales, the net loan-to-deposit ratio reduced to 64% at end-September 2021. Regulatory ratios remain sound, with a Liquidity Coverage Ratio (LCR) of 199% and a Net Stable Funding Ratio (NSFR) of 123% as of end-September 2021, and the Group's debt maturities in 2022, mainly covered bonds, are manageable. Nonetheless, DBRS considers the funding and liquidity profile to remain potentially vulnerable to shocks should the Group struggle to restore profitability and improve risk profile further. Capitalization Combined Building Block (BB) Assessment: Very Weak Despite the issuance of Tier 2 and Additional Tier 1 instruments, and the capital increase, which were required to support the Group's accelerated de-risking, DBRS Morningstar views the capital position of the Group as very weak. As of end-September 2021, and pro-forma for the Risk-Weighted Asset (RWA) relief that will arise from the Sunrise 2 NPE securitization and the cards merchant acquiring business carve-out and sale, Piraeus reported phased-in CET1 and Total Capital ratios of 11.3% and 15.9% respectively, down from 14.1% and 16.1% one year earlier. As a result, the current capital buffers were 197 bps and 165 bps respectively over the SREP minimum requirements for CET1 and Total Capital ratios, excluding the ECB's relaxation of minimum requirements until end-2022. DBRS said, "We expect that the planned capital enhancement actions should be able to absorb the negative impact from upcoming NPE securitizations and sales, however considering the current high encumbrance of unreserved NPEs on the Group's capital, we would see potential risk of deterioration in capitalization if Piraeus failed to improve its ability to absorb credit losses arising from any additional de-risking. Moreover, the Group's capital structure remains weak due to sizeable deferred tax credits accounting for 99% of pro-forma CET1 Capital as of end-September 2021." Notes: All figures are in EUR unless otherwise noted. ============= I R E L A N D ============= BAIN CAPITAL 2018-1: Fitch Raises Class F Notes Rating to 'B' ------------------------------------------------------------- Fitch Ratings has upgraded Bain Capital Euro CLO 2018-1 DAC's class B-1, B-2, C, D, E and F notes and removed the classes from Under Criteria Observation (UCO). Fitch also affirmed the class A notes. The Rating Outlooks for the upgraded classes were revised to Positive from Stable, and the Outlook on the 'AAAsf' rated class remains Stable. DEBT RATING PRIOR ---- ------ ----- Bain Capital Euro CLO 2018-1 A XS1713469598 LT AAAsf Affirmed AAAsf B-1 XS1713468780 LT AA+sf Upgrade AAsf B-2 XS1713465257 LT AA+sf Upgrade AAsf C XS1713468194 LT A+sf Upgrade Asf D XS1713467469 LT BBB+sf Upgrade BBBsf E XS1713467030 LT BB+sf Upgrade BB-sf F XS1713466909 LT Bsf Upgrade B-sf TRANSACTION SUMMARY Bain Capital Euro CLO 2018-1 is a cash flow collateralized loan obligation (CLO) backed by a portfolio of mainly European leveraged loans and bonds. The transaction is actively managed by Bain Capital Credit, Ltd. and will exit its reinvestment period in April 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 into Fitch's updated stressed portfolio analysis. The analysis considered cash flow modelling results for the stressed portfolio based on the most recent investor report and a Fitch collateral quality matrix specified in the transaction's documentation. The rating actions are in line with the model-implied ratings produced from Fitch's updated stressed portfolio analysis for all classes. The transaction has two Fitch collateral quality matrices based on 18% and 26.5% top 10 obligor concentration limits. Fitch's analysis was based on the matrix specifying the 18% top 10 obligor concentration limit as the agency considered this as the most relevant, based on current and historical portfolios for this CLO. Fitch also applied a 1.5% haircut on the weighted average recovery rate (WARR) as the calculation of the WARR in transaction documentation is not in line with the latest CLO criteria. The Positive Outlooks reflect that the transaction will exit its reinvestment period in April 2022 and is expected to begin deleveraging thereafter. The Stable Outlook on the class A notes reflects Fitch's expectation that the class has sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the class's rating. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The largest single issuer and largest 10 issuers in the portfolio represent 1.5% and 11.6% of the portfolio, respectively, as reported by the trustee. Stable Asset Performance: The transaction is passing all collateral quality portfolio profile and coverage tests as of December 2021. Exposure to assets with a Fitch-derived rating of 'CCC+' and below is reported by the trustee at 7.2%, 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 Fitch weighted-average rating factor (WARF) is at 33.81, below the covenant maximum limit of 37.25, based on trustee reporting. The Fitch calculated WARF is at 24.9 after applying the updated Fitch CLOs and Corporate CDOs Rating Criteria. High Recovery Expectations: 99.4% 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 WARR of the current portfolio is reported by the trustee at 65.50%, compared with the covenant minimum of 63.42%. 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 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 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, 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. 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. BILBAO CLO I: Fitch Raises Class E Notes Rating to 'B+' ------------------------------------------------------- Fitch Ratings has upgraded Bilbao CLO I DAC's class A-2 to E notes, and removed them from Under Criteria Observation (UCO). The Outlooks on the class A-2 to E notes are Positive. DEBT RATING PRIOR ---- ------ ----- Bilbao CLO I DAC A-1A XS1804146733 LT AAAsf Affirmed AAAsf A-1B XS1804147038 LT AAAsf Affirmed AAAsf A-2A XS1804147384 LT AA+sf Upgrade AAsf A-2B XS1804147624 LT AA+sf Upgrade AAsf A1-C XS1804148358 LT AAAsf Affirmed AAAsf B XS1804148192 LT A+sf Upgrade Asf C XS1804148432 LT BBB+sf Upgrade BBB-sf D XS1804148788 LT BB+sf Upgrade BBsf E XS1804148861 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Bilbao CLO I DAC is a cash flow CLO comprising mostly senior secured obligations. The transaction is actively managed by Guggenheim Partners Europe Limited and will exit its reinvestment period in September 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 latest stressed portfolio analysis. The analysis considered cash flow-modelling results for the current and stressed portfolios based on the 6 December 2021 trustee report. The rating actions are in line with the model-implied ratings (MIR) produced from Fitch's updated stressed portfolio analysis, which applied the agency's collateral quality matrix specified in the transaction documentation. The transaction has one matrix based on a 10% maximum fixed-rate concentration limit and a 20% top 10 obligor concentration limit. Fitch analysed the matrix by applying a 4% haircut to the weighted average recovery rate (WARR) to reflect the inflated WARR, due to the old recovery-rate definition, which is not in line with Fitch's latest criteria. Further, the WARR is calculated using the lower of the reinvestment target par and the aggregate principal balance, which inflates the WARR due to a negative cash balance. The Stable Outlooks on the class A-1 notes reflect Fitch's expectation of sufficient credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the rating. The Positive Outlooks on the class A-2 through E notes reflect expected deleveraging once the transaction exits its reinvestment period within the next one year. Stable Asset Performance: The transaction's metrics indicate stable asset performance. The transaction is passing all coverage, collateral-quality, and portfolio-profile tests. Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and below is 1.5%, excluding non-rated assets, as calculated by Fitch. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors at 'B'/'B-'. The weighted average rating factor (WARF) as calculated by the trustee was 32.9, which is below the maximum covenant of 36. The WARF, as calculated by Fitch under the updated criteria, was 24.6. High Recovery Expectations: Senior secured obligations comprise about 98% of the portfolio as calculated by the trustee. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) reported by the trustee was 67.6%, against the minimum covenant at 64%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is about 16%, while the largest obligor represents about 2% of the portfolio balance, as reported by the trustee. 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 in the stressed portfolio 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 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 tranche already at the highest 'AAAsf' rating, upgrades may occur in case of better-than- expected portfolio credit quality and deal performance that leads 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 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. BLUEMOUNTAIN FUJI III: Fitch Raises Class F Notes to 'B+' --------------------------------------------------------- Fitch Ratings has upgraded BlueMountain Fuji Euro CLO III DAC's class B-R, C-R, D-R, E, and F notes and removed them from Under Criteria Observation (UCO). Fitch also affirmed the class A-1 R and A-2 R notes. Fitch has assigned the upgraded classes Positive Outlooks, and the Rating Outlooks on the 'AAAsf' rated classes remain Stable. DEBT RATING PRIOR ---- ------ ----- BlueMountain Fuji Euro CLO III A-1 R XS2341633027 LT AAAsf Affirmed AAAsf A-2 R XS2341633704 LT AAAsf Affirmed AAAsf B-R XS2341634348 LT AA+sf Upgrade AAsf C-R XS2341634934 LT A+sf Upgrade Asf D-R XS2341635667 LT BBB+sf Upgrade BBBsf E XS1861114863 LT BB+sf Upgrade BBsf F XS1861116991 LT B+sf Upgrade B-sf TRANSACTION SUMMARY BlueMountain Fuji Euro CLO III DAC is a cash flow collateralized loan obligation (CLO) backed by a portfolio of mostly senior secured obligations. The transaction is actively managed by BlueMountain Fuji Management, LLC and will exit its reinvestment period in July 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 updated stressed portfolio analysis. The analysis considered cash flow modelling results for the stressed portfolio based on the Dec. 10, 2021 trustee report and Fitch collateral quality matrices specified in the transaction's documentation. The rating actions are in line with the model implied ratings (MIRs) produced from Fitch's updated stressed portfolio analysis for all classes. The transaction has four matrices, based on 0% and 7.5% fixed rate concentration limits, and 15% and 27.5% top 10 obligor concentration limits. Fitch analyzed the matrices specifying the 0% and 7.5% fixed rate concentration limits with 15% top 10 obligor concentration limit as the agency viewed these as the most relevant. Fitch also applied a haircut of 1.5% to the weighted average recovery rate (WARR) as the calculation of the WARR in transaction documentation is not in line with the latest CLO criteria. The Positive Outlooks on the class B-R through F notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. The Stable Outlooks on the class A-1 R and A-2 R notes reflect Fitch's expectation that these classes have sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the classes' ratings. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 13.4%, and no obligor represents more than 1.7% of the portfolio balance, as reported by the trustee. 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 4.4% as calculated by the trustee. '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 34.0, which is below the maximum covenant of 35.0. The Fitch calculated WARF was 25.1 after applying the updated CLO criteria. High Recovery Expectations: Senior secured obligations comprise 98.7% of the portfolio. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured and mezzanine assets. The Fitch WARR reported by the trustee was 66.2%, against the covenant of 65.6%. 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 in the stressed portfolio 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 in the stressed portfolio 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. BNPP AM EURO 2018: Fitch Raises Class F Notes Rating to 'B' ----------------------------------------------------------- Fitch Ratings has upgraded BNPP AM Euro CLO 2018 DAC's class B-R, C-R, D-R, E and F notes and removed them from Under Criteria Observation. Fitch also affirmed the class A-R notes. The upgraded classes were assigned Positive Rating Outlook, while the Outlook on the class A-R notes remains Stable. DEBT RATING PRIOR ---- ------ ----- BNPP AM Euro CLO 2018 DAC A-R XS2306989299 LT AAAsf Affirmed AAAsf B-R XS2306989539 LT AA+sf Upgrade AAsf C-R XS2306989885 LT A+sf Upgrade Asf D-R XS2306990206 LT BBB+sf Upgrade BBB-sf E XS1857679499 LT BB+sf Upgrade BB-sf F XS1857679655 LT Bsf Upgrade B-sf TRANSACTION SUMMARY BNPP AM Euro CLO 2018 DAC is a cash flow collateralized loan obligation (CLO) comprised mostly of senior secured obligations. The transaction is actively managed by BNP Paribas Asset Management France and will exit its reinvestment period in October 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 updated stressed portfolio analysis. The analysis considered cash flow modelling results for the stressed portfolio based on the Nov. 30, 2021 trustee report. The rating actions are in line with the model implied ratings produced from Fitch's updated stressed portfolio analysis for all classes. Fitch's analysis applied the agency's collateral quality matrix specified in the transaction documentation. The transaction has six matrices, based on 15%, 17% and 24% top 10 obligor concentration limits, and 0% and 5% fixed-rate concentration limits. Fitch analyzed the matrix specifying the 15% top 10 obligor limit and 5% fixed-rate concentration limit as the agency viewed this as the most relevant, and not materially different from the matrix specifying the 0% fixed-rate concentration limit. The Positive Outlooks on the class B-R through F notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. The class A-R notes remain on Stable Outlook, as the class has sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the class's ratings. 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 of 'CCC+' and below is 2.7% 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 34.6, which is below the maximum covenant of 36.0. The WARF, as calculated by Fitch under the updated criteria, was 25.7. High Recovery Expectations: Senior secured obligations comprise 100% 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. The Fitch WARR reported by the trustee was 63.1%, against the covenant of 59.9%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 13.2%, and no obligor represents more than 1.9% of the portfolio balance, as reported by the trustee. 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 in the stressed portfolio will result in downgrades of up to four 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 in the stressed portfolio would result in an upgrade of up to four 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. CARLYLE EURO 2018-2: Fitch Raises Class E Notes Rating to 'B-' -------------------------------------------------------------- Fitch Ratings has upgraded Carlyle Euro CLO 2018-2 DAC's class A-2A, A-2B, A-2C, B-1, B-2, C and D notes and affirmed the class A-1A, A-1B and E notes. The class A-2A through E notes have been removed from Under Criteria Observation and their Rating Outlooks were revised to Positive from Stable. DEBT RATING PRIOR ---- ------ ----- Carlyle Euro CLO 2018-2 DAC A-1A XS1852487559 LT AAAsf Affirmed AAAsf A-1B XS1852487807 LT AAAsf Affirmed AAAsf A-2A XS1852488102 LT AA+sf Upgrade AAsf A-2B XS1852488441 LT AA+sf Upgrade AAsf A-2C XS1856085813 LT AA+sf Upgrade AAsf B-1 XS1852488870 LT A+sf Upgrade Asf B-2 XS1856094997 LT A+sf Upgrade Asf C XS1852489092 LT BBB+sf Upgrade BBBsf D XS1852486742 LT BB+sf Upgrade BBsf E XS1852486312 LT B-sf Affirmed B-sf TRANSACTION SUMMARY Carlyle Euro CLO 2018-2 DAC is a cash flow collateralized loan obligation (CLO) comprised of mostly senior secured obligations. The transaction is actively managed by CELF Advisors LLP and will exit its reinvestment period in November 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 updated stressed portfolio analysis. The analysis considered cash flow modelling results for the stressed portfolios based on the Dec. 15, 2021 trustee report. 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, based on 0% and 10% fixed-rate concentration limits and Fitch analyzed both in its updated stress analysis. 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. The Positive Outlooks on the class A-2A through E notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. The Stable Outlooks on the class A-1A and A-1B notes reflect Fitch's expectation that the classes have sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with such class's rating. Stable Asset Performance: The transaction metrics indicate stable asset performance. The transaction is passing all coverage tests, collateral quality tests, and portfolio profile tests, except for the Moody's Maximum Weighted Average Rating Factor (WARF) Test. Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and below is 5.1% 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 WARF, as calculated by the trustee, was 35.6, which is below the maximum covenant of 36.0. The WARF, as calculated by Fitch under the updated criteria, was 25.9. High Recovery Expectations: Senior secured obligations comprise 99.7% 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. The Fitch WARR reported by the trustee was 66.4%, against the covenant at 64.2%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 13.0%, and no obligor represents more than 1.5% of the portfolio balance, as reported by the trustee. 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 in the stressed portfolio will 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) 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 an upgrade of up to five notches, depending on the notes; -- Except for the tranches 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. CARLYLE GLOBAL 2014-3: Fitch Raises Class E-R Notes Rating to 'B+' ------------------------------------------------------------------ Fitch Ratings has upgraded Carlyle Global Market Strategies Euro CLO 2014-3 DAC's class A-2A-R, A-2B-R, B-R, C-R, D-R, and E-R notes and affirmed the class A-1A-R and A-1B-R notes. The class A-2A-R through E-R notes have been removed from Under Criteria Observation (UCO) and assigned Positive Rating Outlooks. DEBT RATING PRIOR ---- ------ ----- Carlyle Global Market Strategies Euro CLO 2014-3 DAC A-1A-R XS1751482305 LT AAAsf Affirmed AAAsf A-1B-R XS1751482644 LT AAAsf Affirmed AAAsf A-2A-R XS1751483022 LT AA+sf Upgrade AAsf A-2B-R XS1751483451 LT AA+sf Upgrade AAsf B-R XS1751483709 LT A+sf Upgrade Asf C-R XS1751484004 LT A-sf Upgrade BBBsf D-R XS1751484699 LT BB+sf Upgrade BBsf E-R XS1751484343 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Carlyle Global Market Strategies Euro CLO 2014-3 DAC is a cash flow collateralized loan obligation (CLO) comprised of mostly senior secured obligations. The transaction is actively managed by CELF Advisors LLP and will exit its reinvestment period in July 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 updated stressed portfolio analysis. The analysis considered cash flow modelling results for the stressed portfolios based on the Dec. 6, 2021 trustee report. The rating actions are in line with the model implied ratings (MIR) produced from Fitch's updated stressed portfolio analysis for all classes of notes except for the class A-2A-R, A-2B-R, and C-R notes. The assigned ratings on these notes are one notch below the respective MIRs, reflecting the small breakeven default rate cushions at the MIRs which could erode if portfolio performance deteriorates. Fitch's updated analysis applied the agency's collateral quality matrix specified in the transaction documentation. The transaction has two matrices, based on 18% and 26.5% top 10 obligor concentration limits. Fitch analyzed the matrix specifying the 18% top 10 obligor limit as the agency viewed this as the most relevant. 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. The Positive Outlooks on the class A-2A-R through E-R notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. The Stable Outlooks on the class A-1A-R and A-1B-R notes reflect Fitch's expectation that the classes have sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with such class's rating. 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 4.6% 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 35.4, which is below the maximum covenant of 36.0. The WARF, as calculated by Fitch under the updated criteria, was 26.2. High Recovery Expectations: Senior secured obligations comprise 99.5% 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. The Fitch WARR reported by the trustee was 66.0%, against the covenant at 63.6%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 11.9%, and no obligor represents more than 1.4% of the portfolio balance, as reported by the trustee. 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 in the stressed portfolio 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 in the stressed portfolio would result in an upgrade of up to three notches, depending on the notes; -- Except for the tranches 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. ECOXPRESS: Placed Into Creditor's Voluntary Liquidation ------------------------------------------------------- Justin Kelly at Limerick Leader reports that some parcel deliveries in Ireland may be delayed after a major courier service went into voluntary liquidation. ecoXpress is a zero-emissions delivery service, which enabled businesses and shoppers to send, collect and return small parcels through a national network of ecoAgents. According to Limerick Leader, some small businesses are now scrambling to find alternative courier services, potentially delaying the delivery of some products to customers. Businesses are contacting customers about the issue if it applies to their orders, Limerick Leader notes. ecoXpress has issued a statement confirming their liquidation, Limerick Leader relates. "We regret to inform you that the Board of EcoXpress Operations Limited met on January 5, 2022 and decided to place the company into a creditor's voluntary liquidation, as it can no longer pay its debts as they fall due and does not have a reasonable prospect of survival." ENDO INTERNATIONAL: Egan-Jones Hikes Sr. Unsecured Ratings to B- ---------------------------------------------------------------- Egan-Jones Ratings Company, on December 23, 2021, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Endo International PLC to B- from CCC+. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Dublin, Ireland, Endo International Public Limited Company provides specialty healthcare solutions. FINANCE IRELAND 4: DBRS Gives Prov. B Rating on 2 Tranches ---------------------------------------------------------- DBRS Ratings GmbH assigned provisional ratings to the following residential mortgage-backed floating-rate notes to be issued by Finance Ireland RMBS No.4 DAC. (the Issuer): -- Class A rated AAA (sf) -- Class B rated AA (sf) -- Class C rated A (sf) -- Class D rated BBB (sf) -- Class E rated BB (sf) -- Class F rated B (sf) -- Class X rated B (sf) DBRS Morningstar does not rate the Class Y and Class Z notes also expected to be issued in the transaction. The provisional rating on the Class A notes addresses the timely payment of interest and the ultimate payment of principal. The provisional ratings on the Class B, Class C, and Class D notes address the timely payment of interest once most senior and the ultimate repayment of principal on or before the final maturity date. The provisional ratings on the Class E, Class F, and Class X notes address the ultimate payment of interest and principal. The Issuer is a bankruptcy-remote special-purpose vehicle incorporated in Ireland. The issued notes will be used to fund the purchase of Irish residential mortgage loans originated by Finance Ireland Credit Solutions DAC (Finance Ireland) and Pepper Finance Corporation DAC (Pepper). Since 2018, Finance Ireland has been offering residential mortgage loans within the Irish market distributed by regulated intermediaries. Finance Ireland's residential mortgages are available exclusively through appointed mortgage brokers. Pepper began originating mortgage loans in 2016 and, in December 2018, it sold its mortgage business to Finance Ireland. All mortgages have been originated post-crisis and in accordance with the new mortgage code of conduct. As of 31 December 2021, the mortgage portfolio aggregated to EUR 339.3 million. All loans were originated between 2016 and 2021, but 98% of the pool was originated in the past eight months (i.e., from May 2021 to December 2021). The beneficial interest of the mortgage loans will be transferred to the Issuer whereas the legal titles of the mortgage loans will remain with Finance Ireland. Pepper will also service the mortgage portfolio, with Intertrust Management Ireland Limited acting as the backup servicer facilitator. Pepper's servicing capabilities are appropriate to monitor and manage the performance of its mortgage book and securitized mortgage portfolios. In DBRS Morningstar's view, this setup can mitigate a potential servicer termination and therefore remedy potential interest shortfalls arising from operational issues. The Class A notes will benefit from an amortizing liquidity reserve fund (ALRF) providing liquidity support for items senior in the waterfall to payments of interest on the Class A notes. The liquidity reserve will have a target amount equal to 0.75% of the outstanding Class A notes balance, down to a floor of EUR 1 million. While the amortized amounts are released through the revenue waterfall, the final release of the floor occurs through the principal waterfall when the sum of principal available funds and the ALRF floor is enough to fully redeem the Class A notes. The general reserve fund (GRF) provides credit support to the rated notes. The GRF will have a target amount equal to 0.75% of the outstanding balance of the Class B to Class F notes. Classes B to F are locked out of support if there is an outstanding principal deficiency ledger (PDL) balance on the respective class ledger. However, when they are the most-senior classes outstanding, the support will be available regardless of PDL debiting. The GRF can only be used after the ALRF, but in priority to principal to cover the interest shortfalls and debited PDLs. While the amortized amounts are released through the revenue waterfall, the final release of the floor occurs through the principal waterfall when the sum of principal available funds and available reserve fund is enough to fully redeem the Class F notes. Credit enhancement for the Class A notes is calculated at 17.2% and is provided by the subordination of the Class B to Class Z notes and the reserve funds. Credit enhancement for the Class B notes is calculated at 11.0% and is provided by the subordination of the Class C to Class Z notes and the reserve funds. Credit enhancement for the Class C notes is calculated at 7.7% and is provided by the subordination of the Class D to Class Z notes and the reserve funds. Credit enhancement for the Class D notes is calculated at 4.7% and is provided by the subordination of the Class E to Class Z notes and the reserve funds. Credit enhancement for the Class E notes is calculated at 3.0% and is provided by the subordination of the Class Z notes and the reserve funds. Credit enhancement for the Class F notes is calculated at 2.0% and is provided by the subordination of the Class Z notes and the reserve funds. A key structural feature is the provisioning mechanism in the transaction that is linked to the arrears status of a loan besides the usual provisioning based on losses. The degree of provisioning increases in line with increases in the number of months in a loan's arrears status. This is positive for the transaction as provisioning based on the arrears status traps any excess spread much earlier for a loan that may ultimately end up in foreclosure. The Issuer will enter into a fixed-to-floating balance guaranteed swap agreement with BNP Paribas SA (rated AA (low) with a Stable trend by DBRS Morningstar) which, in combination with the fixed-rate floor of 200 basis points (bps) over the then-prevailing mid-swap rate for loans that reset or switch to fixed-rate loans, will lock in a post-swap margin of at least 186 bps for all loans that reset to a new fixed rate or switch to a fixed rate before the step-up date. To hedge the floating-rate portion of the portfolio, the loans that are currently paying a standard variable rate (SVR) rate, revert to SVR, or switch to SVR are subject to a minimum rate of one-month Euribor (floored at zero) plus 240 bps. Borrower collections are held with The Governor and Company of the Bank of Ireland (rated A (low) with a Negative trend by DBRS Morningstar) and The Allied Irish Banks, p.l.c. (rated A (low) with a Negative trend by DBRS Morningstar) and are deposited on the next business day into the Issuer transaction account held with Elavon Financial Services DAC, UK Branch. DBRS Morningstar's private rating on the Issuer Account Bank is consistent with the threshold for the account bank outlined in its "Legal Criteria for European Structured Finance Transactions" methodology, given the ratings assigned to the notes. DBRS Morningstar based its ratings on a review of the following analytical considerations: -- The transaction capital structure and form and sufficiency of available credit enhancement. -- The credit quality of the mortgage portfolio and the ability of the servicer to perform collection and resolution activities. DBRS Morningstar calculated probability of default (PD), loss given default (LGD), and expected loss (EL) outputs on the mortgage portfolio. The PD, LGD, and EL are used as inputs into DBRS Morningstar's cash flow tool. DBRS Morningstar analyzed the mortgage portfolio in accordance with its "Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda". -- The ability of the transaction to withstand stressed cash flow assumptions and repay the Class A, Class B, Class C, Class D, Class E, Class F, and Class X notes according to the terms of the transaction documents. DBRS Morningstar analyzed the transaction structure using Intex DealMaker. -- The DBRS Morningstar sovereign rating of A (high)/R-1 (middle) with Stable trends (as of the date of this press release) on the Republic of Ireland. -- The consistency of the legal structure with DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology and the presence of legal opinions addressing the assignment of the assets to the Issuer. The Coronavirus Disease (COVID-19) and the resulting isolation measures have caused an immediate economic contraction, leading in some cases to sharp increases in unemployment rates and income reductions for many borrowers. DBRS Morningstar anticipates that delinquencies may arise in the coming months for many residential mortgage-backed security (RMBS) transactions, some meaningfully. The ratings are based on additional analysis to expected performance as a result of the global efforts to contain the spread of the coronavirus. For this transaction, DBRS Morningstar incorporated an increase in default probability of self-employed borrowers in its analysis and conducted additional analysis to determine the transaction benefits from sufficient liquidity support in case of high level of payment moratoriums in the portfolio. Notes: All figures are in euros unless otherwise noted. GOLDENTREE LOAN 1: Fitch Affirms B- Rating to Class F Notes ----------------------------------------------------------- Fitch Ratings has upgraded GoldenTree Loan Management EUR CLO 1 DAC's class B-1A to E notes, and removed class B-1A to F from Under Criteria Observation (UCO). The Outlooks on the class B-1A to F notes are Positive. DEBT RATING PRIOR ---- ------ ----- GoldenTree Loan Management EUR CLO 1 DAC A-1A XS1772820657 LT AAAsf Affirmed AAAsf A-1B XS1784284389 LT AAAsf Affirmed AAAsf A-2 XS1772820905 LT AAAsf Affirmed AAAsf B-1A XS1772821119 LT AA+sf Upgrade AAsf B-1B XS1772821549 LT AA+sf Upgrade AAsf C-1A XS1772821978 LT A+sf Upgrade Asf C-1B XS1772822273 LT A+sf Upgrade Asf D XS1772822513 LT BBB+sf Upgrade BBB-sf E XS1772822869 LT BBsf Upgrade BB-sf F XS1772823248 LT B-sf Affirmed B-sf TRANSACTION SUMMARY GoldenTree Loan Management EUR CLO 1 DAC is a cash flow CLO mostly comprising senior secured obligations. The transaction is actively managed by GoldenTree Loan Management, LP and will exit its reinvestment period on 20 April 2022. KEY RATING DRIVERS CLO Criteria Update and Cash Flow Modelling: 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 based on the 15 December 2021 trustee report. The rating actions for all notes except the class E notes are in line with the model-implied ratings (MIR) from Fitch's updated stressed portfolio analysis, which applied the agency's collateral quality matrix specified in the transaction documentation. The rating for the class E notes is one notch lower than the MIR to reflect the small break-even default-rate cushion at the MIR, which could erode if the portfolio's performance deteriorates. The transaction has two matrices, based on a 10% fixed-rate obligation limit and top-10 obligor concentration limits of 15% and 26.5%. Fitch analysed the matrix specifying the 15% top 10 obligor concentration limit, as the deal currently has a 14.85% concentration. Fitch applied a haircut of 1.5% to the weighted average recovery rate (WARR) as the calculation in the transaction documentation reflects an earlier version of Fitch's CLO criteria. The Stable Outlook on the class A1-A to A-2 notes reflects Fitch's expectation of sufficient credit protection to withstand deterioration in the credit quality of the portfolio in stress scenarios commensurate with their ratings. The Positive Outlooks on the class B-1A through F notes reflect expected deleveraging once the transaction exits its reinvestment period within a year. Stable Asset Performance: The transaction's metrics indicate stable asset performance. As of the 15 December 2021 trustee report, the aggregate portfolio amount was 2.32% under the original target par amount. The transaction passed 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 5.3% as calculated by the trustee. '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 33.9, which is below the maximum covenant of 35. Fitch calculates the WARF at 24.85 under the updated criteria. High Recovery Expectations: Senior secured obligations comprise 96% 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 14.85%, and no obligor represents more than 2% 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) 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 four 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 five notches, depending on the notes. -- Except for the tranches rated at the highest 'AAAsf', upgrades may occur in case of better-than- expected portfolio credit quality and deal performance, and continued amortisation that leads 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 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. MADISON PARK V: Fitch Raises Class F Notes Rating to 'B+' --------------------------------------------------------- Fitch Ratings has upgraded the ratings on class B1 through F notes issued by Madison Park Euro Funding V DAC and removed them from Under Criteria Observation. Fitch also affirmed the class A-R notes. The upgraded classes were assigned a Positive Rating Outlook while the Outlook on the class A-R notes remains Stable. DEBT RATING PRIOR ---- ------ ----- Madison Park Euro Funding V DAC Class A-R XS2339509809 LT AAAsf Affirmed AAAsf Class B1 XS1578108398 LT AA+sf Upgrade AAsf Class B2-R XS2339510484 LT AA+sf Upgrade AAsf Class C XS1578108638 LT A+sf Upgrade Asf Class D-R XS2339511292 LT BBB+sf Upgrade BBBsf Class E XS1578109362 LT BB+sf Upgrade BBsf Class F XS1578109289 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Madison Park Euro Funding V DAC is a cash flow collateralized loan obligation (CLO) composed mostly of senior secured obligations. The portfolio is actively managed by Credit Suisse Asset Management and the CLO will exit its reinvestment period in May 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 updated stressed portfolio analysis. The analysis was based on cash flow modelling results for the stressed portfolios based on the November 2021 trustee report. 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 matrices specified in the transaction documentation. The transaction has two matrices, based on 0% and 15% fixed-rate concentration limits and a 20% top 10 obligor concentration limit for each matrix. Fitch analyzed both matrices in its stress analysis. The Positive Outlooks on the class B1 to F notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. The Stable Outlook on the class A-R notes reflects Fitch's expectation that the class has sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the notes' rating. 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 of 'CCC+' and below is 4.8%, 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 WARF as calculated by the trustee was 34.2, which is below the maximum covenant of 35. The WARF, as calculated by Fitch under the updated CLO criteria, was 25.1. High Recovery Expectations: Senior secured obligations comprised 97.5% of the portfolio, based on the November 2021 report. 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 14.1%, and no obligor represents more than 1.8% of the portfolio balance. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A 25% increase of the mean rating default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings would result in downgrades of up to three notches, depending on the notes; -- Downgrades may occur if 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 25% reduction of the RDR across all ratings and a 25% increase in the RRR across all ratings 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 Madison Park Euro Funding V DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. MADISON PARK VII: Fitch Affirms B- Rating on Class F Notes ---------------------------------------------------------- Fitch Ratings has upgraded Madison Park Euro Funding VII DAC's class B-1 to E notes, removed the class B1 to F notes from Under Criteria Observation (UCO) and affirmed the class A and F notes. The Outlook on the class A notes is Stable and the Outlooks on the class B-1 to F notes are Positive. DEBT RATING PRIOR ---- ------ ----- Madison Park Euro Funding VII DAC A XS1822369341 LT AAAsf Affirmed AAAsf B-1 XS1822370273 LT AA+sf Upgrade AAsf B-2 XS1823155756 LT AA+sf Upgrade AAsf B-3 XS1823157299 LT AA+sf Upgrade AAsf C-1 XS1822370869 LT A+sf Upgrade Asf C-2 XS1823158180 LT A+sf Upgrade Asf D XS1822371594 LT BBB+sf Upgrade BBBsf E XS1822372139 LT BB+sf Upgrade BBsf F XS1822372568 LT B-sf Affirmed B-sf TRANSACTION SUMMARY Madison Park Euro Funding VII DAC is a cash flow CLO comprised of mostly senior secured obligations. The transaction is actively managed by Credit Suisse Asset Management Limited and will exit its reinvestment period in August 2022. KEY RATING DRIVERS CLO Criteria Update and Cash Flow Modelling: 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 the updated stressed portfolio analysis. The analysis considered cash flow modelling results for the current and stressed portfolios based on the 12 October 2021 trustee report. The rating actions are in line with the model-implied ratings 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, based on a 12.5% fixed-rate obligation limit and top 10 obligor concentration limit of 16% and 20%. Fitch analysed the matrix specifying the 16% top 10 obligor concentration limit, as the deal currently has a 12.35% concentration, and applied a haircut of 1.50% to the weighted average recovery rate (WARR), to reflect the inflated WARR due to the old recovery rate definition. The Stable Outlook on the class A notes reflects Fitch's expectation that they have sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the ratings. The Positive Outlooks on the class B-1 through F notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. Stable Asset Performance: The transaction metrics indicate stable asset performance. According to the trustee report as of 12 October 2021, the transaction is approximately 1.5% below par and is passing all coverage tests, collateral quality tests and portfolio profile tests, except for the Fitch 'CCC', which that is 3bp above the 7.50% test limit. As per Fitch's calculations as of 8 January 2022, exposure to assets with a Fitch-derived rating of 'CCC+' and below is 6.18% excluding non-rated assets. '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 34.12, which is below the maximum covenant of 35. The WARF, as calculated by Fitch under the updated criteria, was 25.10. High Recovery Expectations: Senior secured obligations comprise 99.11% of the portfolio as calculated by the trustee. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch WARR reported by the trustee was 64.9%, against the covenant at 61.85%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 12.35%, and no obligor represents more than 1.75% of the portfolio balance, as reported by the trustee. 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 in the stressed portfolio will result in downgrades of up to four 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 in the stressed portfolio would result in upgrades of up to five 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 Madison Park Euro Funding VII 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. PENTA CLO 4: Fitch Raises Class F Notes Rating to 'B+' ------------------------------------------------------ Fitch Ratings has upgraded Penta CLO 4 DAC's class B-1 to F notes, removed them from Under Criteria Observation (UCO), and affirmed the class A notes. The Outlooks on the class B-1 to F notes are Positive. DEBT RATING PRIOR ---- ------ ----- Penta CLO 4 DAC A XS1814398829 LT AAAsf Affirmed AAAsf B-1 XS1814399637 LT AA+sf Upgrade AAsf B-2 XS1814400237 LT AA+sf Upgrade AAsf C XS1814400823 LT A+sf Upgrade Asf D XS1814401631 LT BBB+sf Upgrade BBBsf E XS1814402100 LT BB+sf Upgrade BBsf F XS1814402365 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Penta CLO 4 DAC is a cash flow CLO mostly comprising senior secured obligations. The transaction is actively managed by Partners Group (UK) Management Ltd. and will exit its reinvestment period on 17 June 2022. KEY RATING DRIVERS CLO Criteria Update and Cash Flow Modelling: 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 based on the 7 December 2021 trustee report. The rating actions are in line with the model-implied ratings 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, and for this review Fitch analysed both matrices specifying a 0% and 10% fixed rate concentration limit and 20% top 10 obligors limit. When analysing the matrices, Fitch applied a haircut of 1.5% to the weighted average recovery rate (WARR) as the calculation in the transaction documentation reflects an earlier version of Fitch's CLO criteria. The Stable Outlook on the class A notes reflects Fitch's expectation that they have sufficient credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the rating. The Positive Outlooks on the class B-1 through F notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. Stable Asset Performance: The transaction's metrics indicate stable asset performance. As of the 7 December 2021 trustee report, the aggregate portfolio amount adjusted for trustee-reported recoveries on defaulted assets was 0.66%, under the original target par amount. The transaction passed 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 4.90% 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 34.15, which is below the maximum covenant of 36. Fitch calculates the WARF at 26.1 under its updated criteria. High Recovery Expectations: Senior secured obligations comprise 99.5% 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 11.28%, and no obligor represents more than 1.25% 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) 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 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 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 Penta CLO 4 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. RYE HARBOUR: Fitch Raises Class F-R Notes Rating to 'B+' -------------------------------------------------------- Fitch Ratings has upgraded Rye Harbour CLO DAC's class B-1-R, B-2-R, C-1-R, C-2-R, D-R, E-R, and F-R notes and affirmed the class A-1-R and A-2-R notes. The class B-1-R through F-R notes have been removed from Under Criteria Observation (UCO). The Outlooks on the class B-1-R to F-R notes are Positive. DEBT RATING PRIOR ---- ------ ----- Rye Harbour CLO DAC A-1-R XS1596795432 LT AAAsf Affirmed AAAsf A-2-R XS1596796679 LT AAAsf Affirmed AAAsf B-1-R XS1596796836 LT AA+sf Upgrade AAsf B-2-R XS1596797487 LT AA+sf Upgrade AAsf C-1-R XS1596798295 LT A+sf Upgrade Asf C-2-R XS1596798881 LT A+sf Upgrade Asf D-R XS1596799699 LT BBB+sf Upgrade BBBsf E-R XS1596800372 LT BB+sf Upgrade BB-sf F-R XS1596800299 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Rye Harbour CLO DAC is a cash flow CLO comprised of mostly senior secured obligations. The transaction is actively managed by Bain Capital Credit, Ltd. and will exit its reinvestment period in April 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 and the shorter risk horizon incorporated in Fitch's updated stressed portfolio analysis. The analysis considered cash flow modelling results for the current and stressed portfolios based on the 6 December 2021 trustee report. The rating actions are in line with the model-implied ratings (MIR) from Fitch's updated stressed portfolio analysis for all notes except the class B-1-R, B-2-R and D-R notes. The ratings on these notes are one notch below its respective MIR, reflecting the small breakeven default rate cushions at the MIR, which could erode if portfolio performance deteriorates. Fitch's updated analysis applied the agency's collateral quality matrix specified in the transaction documentation. The transaction has one matrix based on 10% fixed rate concentration limit that was analysed. The Stable Outlook on the class A-1-R and A-2-R notes reflects Fitch's expectation that the notes have sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the ratings. The Positive Outlooks on the class B-1-R through F-R notes reflect that the transaction will exit its reinvestment period within a year and is expected to begin deleveraging thereafter. 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 of 'CCC+' and below is 4.3% 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' category. The weighted average rating factor (WARF) as calculated by the trustee was 32.6, which is below the maximum covenant of 32.8. The WARF calculated by Fitch under the updated criteria was 24.3. High Recovery Expectations: Senior secured obligations comprise 99% of the portfolio as calculated by the trustee. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch WARR reported by the trustee was 64.3%, against the covenant at 63.3%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 13.9%, and no obligor represents more than 1.6% of the portfolio balance, as reported by the trustee. 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 Rye Harbour CLO 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. SEGOVIA EUROPEAN 5-2018: Fitch Raises Class F Notes to 'B+' ----------------------------------------------------------- Fitch Ratings has upgraded Segovia European CLO 5-2018 DAC's class B-1 to F notes and removed them from Under Criteria Observation (UCO). The Outlook is Positive. DEBT RATING PRIOR ---- ------ ----- Segovia European CLO 5-2018 DAC A-1 XS1840846437 LT AAAsf Affirmed AAAsf A-2 XS1840846783 LT AAAsf Affirmed AAAsf B-1 XS1840846940 LT AA+sf Upgrade AAsf B-2 XS1840847161 LT AA+sf Upgrade AAsf C XS1840847328 LT A+sf Upgrade Asf D XS1840847674 LT BBB+sf Upgrade BBB-sf E XS1840848565 LT BB+sf Upgrade BB-sf F XS1840847914 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Segovia European CLO 5-2018 DAC is a cash flow CLO mostly comprising senior secured obligations. The transaction is actively managed by Segovia Loan Advisors (UK) LLP and will exit its reinvestment period in August 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 (MIRs) in this review. The transaction has two matrices, based on a 10% fixed-rate obligation limit and top 10 obligor concentration limits of 18% and 26.5%. Fitch analysed the matrix using the 18% top 10 obligor concentration limit, as the deal currently has a 12.5% concentration. 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 its latest CLO criteria. The class B-1 to F notes have been upgraded and the class A-1 and A-2 notes affirmed, in line with their MIRs. The Stable Outlook on the class A-1 and A-2 notes reflects Fitch's expectation that the class has sufficient levels of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with the class's rating. The Positive Outlooks for the class B-1 to F notes reflect expected deleveraging after the transaction exits its reinvestment period within the next one year. Stable Asset Performance: The transaction's metrics indicate stable asset performance. The transaction is currently 0.55% below par. It is passing all collateral-quality and coverage tests and most portfolio-profile tests except for exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and below, which is 9.13% according to the latest trustee report, versus a limit of 7.5%. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors at 'B'/ 'B-'. The weighted average rating factor (WARF) as calculated by the trustee was 35.2, which is below the maximum covenant of 37. The WARF, as calculated by Fitch under its updated criteria, was 25.78. High Recovery Expectations: Senior secured obligations comprise 99.63% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 12.5%, and no obligor represents more than 1.55% of the portfolio balance. 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 in the stressed portfolio will result in downgrades of no more than two notches, depending on the notes. -- Downgrades may occur if build-up of the notes' credit enhancement following amortisation does not compensate for a larger loss expectation than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels in the stressed portfolio would result in upgrades of no more than three notches across the structures, except for the class A-1 and A-2 notes, which are already at the highest rating on Fitch's scale and cannot be upgraded. -- Except for tranches already at the highest 'AAAsf' rating, upgrades may occur in the event of better-than-expected portfolio credit quality and deal performance, leading to higher credit enhancement and excess spread available to cover 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. =================== L U X E M B O U R G =================== LUNE HOLDINGS: Fitch Assigns Final 'B' LT IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned Lune Holdings S.a.r.l. (Kem One) a final Long-Term Issuer Default Rating (IDR) of 'B' with a Stable Outlook. The agency has also assigned a final senior secured rating of 'B' with a Recovery Rating of 'RR4' to its EUR450 million seven-year senior secured notes. The IDR of Kem One reflects its concentrated business profile as a regional integrated producer of polyvinyl chloride (PVC) with a significant exposure to the construction sector and raw material-price volatility, its vulnerability to production issues and moderate scale. It also reflects its position as the second-largest manufacturer in western Europe, reduced supplier dependency with the construction of its ethylene import terminal and conservative financial leverage as part of its acquisition by a private-equity sponsor in December 2021. Fitch expects funds from operations (FFO) gross leverage to remain below 4x in the next four years, after increasing above 3.5x by 2023, from an estimated 2.2x at end-2021 when the transaction took place. KEY RATING DRIVERS Regional PVC Producer: Kem One is the second-largest PVC producer in western Europe behind Inovyn (part of Ineos Quattro Holdings Limited; BB/Stable), albeit with a moderate scale. However, its direct access to the Mediterranean Sea provides a competitive advantage as it can access fast-growing export markets in the Middle East, Africa and southeast Asia. Although exports only account for about 16% of revenues, they support a tighter supply in southern Europe, where Kem One has the strongest position. Exposure to Construction Sector: Kem One is exposed to the cyclicality of the construction sector as its key end-market, although current demand and growth expectations are fairly robust, especially in emerging markets. Its limited regional diversification also exacerbates its exposure to a downturn of the construction sector in western Europe, its main geography of operations. Caustic Soda Mitigates Cyclical Impact: As caustic soda is a co-product of chlorine production, a diverging demand pattern in caustic soda's end markets can offset the dynamics of PVC operations, due to counter-cyclicality of caustic soda and PVC pricing benefitting Kem One as an integrated producer. European chlor-alkali capacity has been rationalised since the ban of mercury cells in 2017, which has supported regional caustic soda prices. Concentrated Assets: Concentrated manufacturing around two chlor-alkali plants exposes Kem One to cash-flow volatility during unforeseen production disruptions, as seen in the past. It is also exposed to the price volatility of ethylene, a main raw material, and to supplier concentration although Fitch expects this to reduce with more diversification. Fitch expects the completion of a new ethylene import terminal to mitigate supply-disruption risk, which was the main reason for a significantly lower utilisation rate than peers'. However, further operational improvements will be needed to reduce unplanned outages and raise the utilisation rate to be in line with the industry average. Scheduled turnarounds every six years are mitigated by vinyl chloride monomer inventory build-up. Moderate Capex Execution Risk: In Fitch's view the conversion of the Fos-sur-Mer cells to a bi-polar membrane has limited execution risk as this is an established technology already deployed at the Lavera site in 2017. Expected savings from the project will be material from 2025, comparable to the benefits of the conversion of the Lavera plant, and mainly consisting of reduced electricity and steam consumption per unit of chlorine, as well as reduced annual maintenance and better-quality caustic soda. The capital structure will provide Kem One with sufficient financial flexibility to carry out this third large investment, which will improve its competitiveness. Tight PVC Market: Fitch expects Kem One to have generated record EBITDA of EUR232 million in 2021 under Fitch's rating case, more than twice the average EBITDA of the past four years. Strong demand and tight supply have driven the chlorovinyl spread (a profitability benchmark of integrated PVC producers) to unprecedented levels. Although Fitch expects a progressive moderation of prices, Fitch believes that medium-term prices are likely to continue to be supported by demand growth outpacing supply increases. Moderate Mid-Cycle Leverage: Fitch forecasts FFO gross leverage to increase to 3.8x by 2023 from 2.2x in 2021, as the current year represents an outlier, in Fitch's view. Kem One's higher production levels from more reliable supply, better margins from negotiated ethylene discounts and further upside from operational improvements or potential import of US ethylene will mitigate potential market weakness. In Fitch's view, its leverage post debt issue reflects a more conservative financial profile than typically seen in the acquisition of chemical assets by private-equity sponsors. DERIVATION SUMMARY Kem One has similar asset concentration and commodity focus as Petkim Petrokimya Holdings A.S. (B+/Stable), but is smaller, has a weaker end-market diversification, more volatile cash flows and is expected to be more leveraged through the cycle. Nobian Holding 2 B.V. (B+/Stable) operates within the same chlor-alkali value chain but is not integrated into PVC production. Nobian's margins are significantly higher, and the company benefits from strong barriers to entry as it is the leading European merchant of high-purity salt and supplies chlorine by pipeline to a captive clientele of large chemical manufacturers. Although its leverage is higher, it has better earnings visibility, due to long-term contracts with take-or-pay clauses, backward integration and much larger scale. Root Bidco S.a.r.l. (B/Stable) is a manufacturer of crop protection, bio-nutrition and bio-control products. It is significantly more leveraged than Kem One, but generates more stable cash flows, higher margins, benefits from a more diversified portfolio of products and raw materials, and operates in fast- growing markets serving the resilient agriculture industry. Roehm Holding GmbH (B-/Stable) is a partly integrated producer of methyl methacrylates (MMA). It is larger, more geographically diversified and more profitable than Kem One. However, it is also exposed to cyclical end-markets and to volatility in raw material and MMA prices, and is significantly more leveraged. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Total annual volumes sold on average at 1.4 million tons in 2021-2024; -- EBITDA margin at 18% in 2021, before decreasing to 13% on average in 2022-2024; -- Average annual capex of EUR104 million to 2024; -- No dividend or M&A. Key Recovery Analysis Assumptions The recovery analysis assumes that Kem One would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA of EUR85 million reflects prolonged oversupply negatively affecting margins, and corrective measures, such as cost-cutting efforts or asset rationalisation, to offset the adverse conditions. An EV multiple of 4x is applied to the GC EBITDA to calculate a post-reorganisation enterprise value, in line with commodity chemicals peers with concentrated assets, and in line with the transaction valuation. Fitch assumes the EUR100 million RCF to be fully drawn, ranking super senior and the EUR30 million factoring contract to be substituted by an equivalent super senior facility, in line with Fitch's criteria. After deduction of 10% for administrative claims, Fitch's waterfall analysis generated a waterfall-generated recovery computation (WGRC) in the 'RR4' band, indicating a final 'B' rating for the senior secured notes. The WGRC output percentage on current metrics and assumptions is 39%. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- FFO gross leverage below 3.0x on a sustained basis; -- Total debt with equity credit/operating EBITDA below 2.8x on a sustained basis; -- A record of stable production with increased utilization rates; -- EBITDA margin above 12% on a sustained basis; -- Positive FCF on a sustained basis. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- FFO gross leverage above 4.5x on a sustained basis; -- Total debt with equity credit/operating EBITDA above 4.3x on a sustained basis; -- Negative FCF on a sustained basis; -- Recurring production disruption preventing a sustainable improvement of profitability. 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: Upon completion of the acquisition, Kem One's liquidity was about EUR200 million, evenly split between cash on balance sheet and a fully undrawn revolving credit facility. This provides a comfortable cash buffer to carry out its investment programme, which includes the conversion of the electrolysis unit at its Fos-sur-Mer facility by end-2024. Financial debt is expected to be mainly composed of the seven-year EUR450 million senior secured notes. Fitch expects Kem One to generate slightly negative FCF in the next three years but to maintain liquidity above EUR150 million, meaning that the company would have sufficient financial flexibility to engage in other projects. ISSUER PROFILE Kem One is an integrated producer of PVC based in France with production capacity of 1.6 million tonnes (52% PVC, 40% caustic soda, 7% chloromethanes). Its assets are concentrated in the south-east of France, which provides access to the Mediterranean Sea. 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. PALLADIUM SECURITIES: DBRS Confirms BB(high) Rating on 2024 Notes ----------------------------------------------------------------- DBRS Ratings GmbH confirmed its BB (high) (sf) rating on the Series 147 Fixed to Floating Rate Instruments due 2024 (the Notes) issued by Palladium Securities 1 S.A. acting in relation to Compartment 147-2014-22 (the Issuer). The confirmation follows an annual review of the transaction. The Issuer is a public limited liability company (societe anonyme) incorporated under the laws of the Grand Duchy of Luxembourg. The transaction is a credit-linked note of two corporate fixed-rate bonds (the Collateral). The Collateral comprises EUR 28.3 million euro-denominated bonds issued by Assicurazioni Generali S.p.A. (5.125% bonds due 16 September 2024; ISIN: XS0452314536) and GBP 22.15 million British pound-denominated bonds issued by ENEL Finance International NV (5.625% bonds due 14 August 2024; ISIN: XS0452188054), which together represent the full issue amount of the Palladium Series 147 Notes, i.e., EUR 56.6 million. The noteholders and other transaction counterparties have recourse only to the assets in Compartment 147-2014-22, in accordance with Luxembourg law. The transaction uses an asset swap to transform the payout profile of the collateral security. The noteholders are effectively exposed to the risk that either of the two bonds that constitute the Collateral or the Hedging Counterparty defaults. The transaction documents contain no downgrade provisions with respect to the Hedging Counterparty. As such, DBRS Morningstar considers the Notes to be also exposed to the risk of default of the Hedging Counterparty. Deutsche Bank AG, London Branch acts as the Hedging Counterparty. Under the asset swap: -- The Hedging Counterparty sold the par amount of EUR 56.6 million of the Collateral (EUR 28.3 million euro-denominated bonds issued by Assicurazioni Generali S.p.A. and GBP 22.15 million British pounds-denominated bonds issued by ENEL Finance International NV) to the Issuer and received a payment on 10 February 2015 (the Trade Date). -- The Issuer passes the interest payments received from the Collateral to the Hedging Counterparty as and when they occur. -- The Hedging Counterparty makes the interest payments as specified in the asset swap agreement to the Issuer. The Notes pay interest annually on 10 February, beginning in 2016 and ending in 2024. -- The Hedging Counterparty pays a fixed rate of 2.3% per annum for the first two years of the transaction. The subsequent payments on the Notes are a fixed 0.5% of interest plus a floating bonus interest subject to a bonus threshold. The bonus interest is equal to the five-year EUR constant maturity swap (CMS) less 0.5% as calculated each year, with a maximum rate of 3.75% and a minimum rate of 0.50% per annum. The bonus threshold, in respect of each interest rate period, is determined by the EUR-USD exchange rate being below or equal to EUR 1.40. The fixed-rate and floating bonus interest rate in aggregate are equal to an interest rate of five-year EUR CMS (subject to a minimum of 1.00% and a maximum of 4.25%). -- At the scheduled maturity, the Hedging Counterparty will receive the Collateral from the Issuer and will pay EUR 56.6 million. The significant counterparties to the Issuer are listed below. DBRS Morningstar maintains private ratings on these counterparties, which it does not publish, except on European Depository Bank S.A., not rated by DBRS Morningstar. -- Deutsche Bank AG, London Branch acts as the Hedging Counterparty, initial purchaser of the Notes, calculation agent, paying agent, selling agent, and arranger, and pays the fees and expenses of the Issuer. -- Deutsche Bank Luxembourg S.A., a wholly owned subsidiary of Deutsche Bank AG, acts as the Luxembourg paying agent. -- European Depository Bank S.A. acts as the Custodian and Servicer since 30 October 2019 when it replaced Deutsche Bank Luxembourg S.A. in such capacities. -- Deutsche Trustee Company Limited acts as the Trustee. DBRS Morningstar maintains internal assessments on the ratings of the corporate fixed-rate bonds that make up the Collateral to evaluate the credit risk of the Collateral and monitor its credit risk on an ongoing basis. As per DBRS Morningstar criteria, an internal assessment is an opinion regarding its creditworthiness based primarily upon public ratings. Internal assessments are not ratings and DBRS Morningstar does not publish them. In addition to the credit profiles of the Collateral and the Hedging Counterparty, the rating of the Notes is based on DBRS Morningstar's review of the following items: -- The transaction structure. -- The transaction documents. -- The legal opinions addressing, but not limited to, true sale of the Collateral, bankruptcy remoteness of the Issuer, the asset segregation of the compartment, enforceability of the contracts and agreements, and no tax to be withheld at the Issuer level. DBRS Morningstar did not address the following: -- The pricing of the asset swap; that is, whether there will be sufficient cash flows from the Collateral to fully compensate the Hedging Counterparty for its obligations. As the Hedging Counterparty is contractually obliged to make the payments as specified under the asset swap agreement, the risk that it defaults is addressed by the DBRS Morningstar private rating. -- Cash flow analysis to assess the returns due to the noteholders, as the returns are reliant on the swap counterparty. The transaction can terminate early on the occurrence of an event of default, mandatory cancellation, or cancellation for taxation and other reasons. Events of default occur under, but are not limited to, the following scenarios: -- Failure to pay any amount due on the Notes beyond the grace period. -- The Issuer fails to perform its obligations under the series instrument. -- Any competent court ordering the dissolution of the Issuer or the company for whatever reason that includes, but is not limited to, bankruptcy, fraudulent conveyance, and merger. Mandatory cancellation includes: -- The Collateral becomes repayable other than by the discretion of the relevant Collateral obligor in accordance with the terms of the Collateral. -- The Collateral becomes, for whatever reason, capable of being declared due and payable prior to its stated maturity. -- The Collateral defaults. Similarly, cancellation for taxation, etc., includes: -- The Issuer becomes required to withhold tax on the next payment date. -- Termination of the Hedging Agreement. Under the series instrument, the amount payable to the noteholders is determined as the market value of the Collateral minus the early termination unwind costs. The early termination unwind costs are determined as the sum of: (1) The amount of (a) all costs, taxes, fees, expenses (including loss of funding), etc., incurred by the Hedging Counterparty (positive amount) or (b) the gain realized by the Hedging Counterparty (negative amount) as a result of the cancellation of the asset swap; and (2) Legal and other costs incurred by the Issuer, trustee, custodian, and Hedging Counterparty. It should be noted that the DBRS Morningstar rating assigned to this security does not address changes in law or changes in the interpretation of existing laws. Such changes in law or their interpretation could result in the early termination of the transaction and the noteholders could be subjected to a loss on the Notes. The Coronavirus Disease (COVID-19) and the resulting isolation measures have caused an immediate economic contraction, leading in some cases to increases in unemployment rates and income reductions for many borrowers. DBRS Morningstar anticipates that delinquencies may continue to increase in the coming months for many Structured Credit transactions. The ratings are based on additional analysis to expected performance as a result of the global efforts to contain the spread of the coronavirus. Notes: All figures are in euros unless otherwise noted. =================== M O N T E N E G R O =================== MONTENEGRO AIRLINES: Montenegro to Acquire Embraer 195 Aircraft --------------------------------------------------------------- Radomir Ralev at SeeNews reports that Montenegro's capital investment ministry has decided to acquire an Embraer 195 aircraft for the needs of flag carrier Air Montenegro from Brazilian development bank BNDS, local media reported on Jan. 21. "The purchase of that plane should be a joint activity of capital investment ministry and the finance ministry, whose representatives have already held talks with BNDS, which is the actual owner of the aircraft," the Vijesti daily quoted sources from the ministry as saying. The aircraft was leased by BNDS to insolvent flag carrier Montenegro Airlines but has remained grounded at Podgorica airport since December when the company was declared bankrupt, SeeNews discloses. The government established a new national air carrier named Air Montenegro in January to replace troubled Montenegro Airlines which will be liquidated, SeeNews recounts. The government said in December 2020 the liquidation procedure would cost about EUR50 million (US$61 million) but it is inevitable, as the country's competition authority has ruled that the law for public investment in the flag carrier adopted in 2019 was illegal, SeeNews notes. =========== N O R W A Y =========== SEADRILL LTD: Exits Chapter 11 Bankruptcy Protection ---------------------------------------------------- Seadrill Limited ("Seadrill" or the "Company") and Seadrill New Finance Limited (to be renamed Paratus Energy Services Ltd.) (the "Issuer") has emerged from chapter 11 after successfully completing its pre-packaged restructuring pursuant to its chapter 11 plan of reorganization (the "Plan"). As previously announced, the Plan was confirmed by the United States Bankruptcy Court for the Southern District of Texas on January 12, 2022. All conditions precedent to the restructuring contemplated by the Plan have been satisfied or otherwise waived. Seadrill New Finance Limited will shortly be renamed Paratus Energy Services Ltd. In accordance with the Plan, post emergence the board of directors of the Issuer shall consist of between three and five members, up to four of which shall be appointed by the Issuer's noteholders, with the remaining director to be appointed by Seadrill. As such, a newly constituted board of directors of the Issuer was appointed today, consisting of Mei Mei Chow, Jim LaChance, Matt Lyne, and James Ayers. Sergio Delgado will initially act as an observer. The Plan, which received support from an overwhelming majority of existing stakeholders, provides the Issuer with financial and strategic flexibility and stability. Benefitting from both the new ownership structure and the continuity provided by the Seadrill group, the Issuer expects to continue to focus on maximizing value for all stakeholders from its portfolio of investments including the Seabras Sapura JV and the SeaMex group. As noted in previous announcements, the key terms of the Plan included: -- the release by the holders of the Issuer's pre-existing 12.0% Senior Secured Notes due 2025 (the "Noteholders" and the "Notes", respectively) of all existing guarantees and security and claims (if any) with respect to Seadrill and its subsidiaries (excluding the Issuer and certain of its subsidiaries) https://newsweb.oslobors.no/message/551734 About Seadrill Ltd. Seadrill Limited (OSE: SDRL, OTCQX: SDRLF) --http://www.seapdrill.com/-- is a deepwater drilling contractor providing drilling services to the oil and gas industry. As of March 31, 2018, it had a fleet of over 35 offshore drilling units that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up rigs. On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection after reaching terms of a reorganization plan that would restructure $8 billion of funded debt. It emerged from bankruptcy in July 2018. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional overcapacity among companies serving the industry. In June 2020, Seadrill wrote down the value of its rigs by $1.2 billion and said it planned to scrap 10 rigs. Seadrill said it is in talks with lenders on a restructuring of its $5.7 billion bank debt. Seadrill Partners LLC, a limited liability company formed by deepwater drilling contractor Seadrill Ltd. to own, operate and acquire offshore drilling rigs, along with its affiliates, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020, after its parent company swept one of its bank accounts to pay disputed management fees. Mohsin Y. Meghji, authorized signatory, signed the petitions. On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; Jackson Walker LLP as co-bankruptcy counsel; Slaughter and May as co corporate counsel; Advokatfirmaet Thommessen AS as Norwegian counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk LLC is the claims agent. On April 9, 2021, the board of directors of Debtor Seadrill North Atlantic Holdings Limited unanimously adopted resolutions appointing Steven G. Panagos and Jeffrey S. Stein as independent directors to the board. Seadrill North Atlantic Holdings Limited tapped Katten Muchin Rosenman LLP as counsel and AMA CapitalPartners, LLC, as a financial advisor at the sole direction of independent directors. ========= S P A I N ========= IM ANDBANK 1: DBRS Gives Prov. BB(high) Rating on Class C Notes --------------------------------------------------------------- DBRS Ratings GmbH assigned provisional ratings to the following classes of notes to be issued by IM Andbank RMBS 1, Fondo de Titulizacion (Andbank RMBS 1 or the Issuer): -- Class A Notes at AA (high) (sf) -- Class B Notes at A (high) (sf) -- Class C Notes at BB (high) (sf) The provisional rating on the Class A Notes addresses the timely payment of interest and the ultimate payment of principal on or before the final maturity date. The provisional ratings on the Class B and Class C Notes (together with the Class A Notes, the Rated Notes) address the ultimate payment of interest and the ultimate repayment of principal on or before the final maturity dates. DBRS Morningstar does not rate the Class Z Notes (together with the Rated Notes, the Notes) that are also expected to be issued in this transaction. DBRS Morningstar previously rated this transaction in June 2021 and subsequently discontinued and withdrew its provisional ratings in October 2021. The provisional ratings are based on information provided to DBRS Morningstar by the Issuer and its agents as of the date of this press release. These ratings will be finalized upon review of the final version of the transaction documents and of the relevant opinions. If the information therein were substantially different, DBRS Morningstar may assign different final ratings to the Rated Notes. Andbank RMBS 1 is expected to issue three rated tranches of collateralized mortgage-backed securities—Class A, Class B, and Class C—to finance the purchase of a portfolio of first-lien residential mortgage loans originated by Andbank España, S.A.U. (Andbank). The mortgage loans are secured over residential properties in Spain. Additionally, Andbank RMBS 1 is expected to issue one class of uncollateralized notes, the Class Z Notes, which will be used to fund the reserve fund amount from the closing date. Andbank originated and services the mortgage loans. Intermoney Titulizacion S.G.F.T., S.A. (Intermoney or the Management Company) manages the transaction. The transaction has a one-year revolving period, during which the Issuer may acquire further mortgage loans if certain conditions are met. DBRS Morningstar analyzed the portfolio assessing the portfolio characteristics in line with the portfolio concentration limits in accordance with the eligibility criteria. To purchase additional mortgage loans, the Issuer will use its available funds and will also be entitled to increase the outstanding balance of the Notes during the first 12 months. The outstanding balance of the Rated Notes will not exceed EUR 300 million and the outstanding balance of the Notes will not exceed EUR 313.5 million. The Issuer will be able to issue additional Rated Notes as long as the rating on each of the notes is not downgraded. After the end of the revolving period or if there is a revolving period early termination event, the Notes will start amortizing. Credit enhancement for the Class A Notes is calculated at 12.0% and is provided by the subordination of the Class B, Class C, and Class Z Notes. Credit enhancement for the Class B Notes is calculated at 8.0% and is provided by the subordination of the Class C and Class Z Notes. Credit enhancement for the Class C Notes is calculated at 4.5% and is provided by the Class Z Notes. The reserve fund will be established and fully funded at closing with the proceeds from the issuance of the Class Z Notes, providing liquidity and credit support to the Rated Notes in the priority of payments. The initial balance will be EUR 6.75 million, equal to 4.5% of the initial balance of the Rated Notes at closing. The target amount will be lower of (1) 4.5% of the initial balance of the Notes and (2) 9.0% of the outstanding balance of the Notes with a floor of 2.25% of the initial balance of the Notes. The reserve fund will not amortize during the first year of the revolving period or if the reserve fund is not at its target. The Rated Notes will repay principal on a pro rata basis; however, if there is a Class C subordination event, then the Class A and B Notes will continue to amortize on a prorated basis, whereas principal on the Class C Notes will not be paid until the Class A and B Notes have been redeemed in full. If there is a Class B subordination event, then the repayment of the Rated Notes will switch to sequential amortization, where principal on the Class B Notes will not be paid until the Class A Notes have been redeemed in full and principal on the Class C Notes will not be paid until the Class B Notes have been redeemed in full. The subordination events on the Class B and Class C Notes include both reversible triggers and nonreversible triggers. The reversible triggers are linked to the default rates on the mortgage loans observed over the past 12 months and to certain amortization deficiency conditions. The nonreversible triggers are also linked to amortization deficiency conditions as well as the default rates observed at one point in time. Principal amortization includes a provision mechanism through the use of excess spread in the priority of payments for defaulted loans (i.e., loans more than or equal to 12 months in arrears). DBRS Morningstar was provided with a provisional portfolio equal to EUR 161.0 million as of 14 December 2021 (the cut-off date), which consisted of 977 loans extended to 952 borrowers. The weighted-average (WA) original loan-to-value (LTV) ratio stands at 56.9% whereas the WA current indexed LTV is 50.2%. The mortgage loan portfolio is distributed among the Spanish regions of Madrid (47.2% by current balance), Catalonia (25.6%), and Andalusia (8.0%). The mortgage loans in the asset portfolio are owner occupied (80.1%), with 17.3% classified as second homes and 2.6% classified as buy to let. All the loans in the pool pay on a repayment basis. There are almost no loans granted to self-employed borrowers in the pool. As of the cut-off date, none of the mortgage loans were more than 31 days in arrears. The WA coupon of the mortgages is 0.73% and the WA seasoning of the portfolio is low at 17.7 months, as the majority of the loans were originated about two years ago. Of the portfolio balance, 38.3% are mortgages that allow for margin or interest rate reduction due to cross-selling of other Andbank products. The portfolio consists of floating-rate loans with a one-year fixed-rate period from origination indexed to 12-month Euribor. About two-thirds of the loans (68.8% of the portfolio balance) have already switched to floating rate with a WA margin of 0.85% whereas the remaining 31.2% are still in the fixed-rate period for about 3.4 months on a WA basis. After the application of the margin reductions, the WA interest rate of the loans will reduce to 0.81%. DBRS Morningstar assumed the margin of the portfolio to be the minimum allowed per the loan agreement. In addition, the servicer can grant loan modifications without the Management Company's consent, including (1) maturity extensions, (2) 12-month grace periods for 2% of the portfolio, and (3) margin or interest rate reductions. These loan modifications are limited to 7.5% of the portfolio. DBRS Morningstar also factored this into its analysis. The Notes are floating rate and linked to one-month Euribor whereas the mortgage loans are linked to 12-month Euribor. The basis risk mismatch will be unhedged; however, DBRS Morningstar also factored this into its analysis. The transaction's account bank agreement and replacement trigger require Banco Santander SA (Banco Santander), acting as the treasury account bank, to find (1) a replacement account bank or (2) an account bank guarantor upon loss of an applicable "A" account bank rating. DBRS Morningstar's Long Term Critical Obligations Rating (COR), Long-Term Issuer Rating and Senior Debt rating, and Long-Term Deposits rating on Banco Santander are AA (low), A (high), and A (high), respectively, as of the date of this press release. The applicable account bank rating is the higher of one notch below the COR, Long-Term Senior Debt rating, and Long-Term Deposits rating on Banco Santander. DBRS Morningstar based its provisional ratings on the following analytical considerations: -- The transaction capital structure and form and sufficiency of available credit enhancement. -- The credit quality of the portfolio and DBRS Morningstar's qualitative assessment of Andbank's capabilities with regard to originations, underwriting, and servicing. -- DBRS Morningstar was provided with a loan-level data for the mortgage portfolio. DBRS Morningstar calculated probability of default (PD), loss given default (LGD), and expected loss levels on the mortgage portfolio, which DBRS Morningstar used as inputs in the cash flow tool. DBRS Morningstar analyzed the mortgage portfolio in accordance with its "European RMBS Insight Methodology" and "European RMBS Insight: Spanish Addendum". -- The transaction's ability to withstand stressed cash flow assumptions and repay the noteholders according to the terms and conditions in the transaction documents. DBRS Morningstar analyzed the transaction structure using Intex DealMaker. DBRS Morningstar considered additional sensitivity scenarios of 0% conditional repayment rate stress. -- The transaction parties' financial strength to fulfil their respective roles. -- The transaction's legal structure and its expected consistency with DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology as well as the presence of the appropriate legal opinions that address the assignment of the assets to the Issuer. -- DBRS Morningstar's sovereign rating on the Kingdom of Spain of "A" with a Stable trend as of the date of this press release. The Coronavirus Disease (COVID-19) and the resulting isolation measures have caused an immediate economic contraction, leading in some cases to increases in unemployment rates and income reductions for borrowers. DBRS Morningstar anticipates that delinquencies may continue to increase in the coming months for many RMBS transactions. The ratings are based on additional analysis to expected performance as a result of the global efforts to contain the spread of the coronavirus. For this transaction, DBRS Morningstar incorporated an increase in default probability of self-employed borrowers in its analysis and conducted additional analysis to determine the transaction benefits from sufficient liquidity support in case of high level of payment moratoriums in the portfolio. In addition, DBRS Morningstar assumed a moderate decline in residential property prices. Notes: All figures are in euros unless otherwise noted. ===================== S W I T Z E R L A N D ===================== TRANSOCEAN LIMITED: Egan-Jones Keeps CCC- Senior Unsecured Ratings ------------------------------------------------------------------ Egan-Jones Ratings Company, on December 20, 2021, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Limited. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Vernier, Switzerland, Transocean Ltd. is an offshore drilling contractor. =========================== U N I T E D K I N G D O M =========================== YOU ARE HOME: Enters Liquidation, Up to 25 Jobs Affected -------------------------------------------------------- Jon Robinson at BusinessLive reports that the managing director of a luxury serviced apartments company has revealed why the business was forced to close, with the loss of up to 25 jobs. David Cahill confirmed that You Are Home has now shut its doors and went into liquidation on Friday, Jan. 14, BusinessLive relates. The company, which had four sites in Manchester, Liverpool and MediaCity, provided accommodation to production crews for TV shows such as Coronation Street and The Circle as well as for BBC Sport. Speaking to BusinessLive, Mr. Cahill said all of the company's employees have been made redundant. He added that the firm, which also provided accommodation for business travellers, said the market "did not return" in 2021 as much as it needed to for the company to continue. Mr. Cahill, as cited by BusinessLive, said that while it was "slowly but surely" improving towards the end of the year, it had not returned enough by December. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week January 17 to January 21, 2022 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Mitsubishi UFJ Investo3.928 12/15/2050 EUR 55.558 Ozon Holdings PLC 1.875 2/24/2026 USD 81.500 Casino Guichard Perrac3.992 EUR 63.073 Moby SpA 7.750 2/15/2023 EUR 73.023 Aggregate Holdings SA 6.875 11/09/2025 EUR 63.459 Paragon GmbH & Co KGaA4.500 07/05/2022 EUR 64.282 Casino Guichard Perrac1.413 EUR 35.083 Voltalia SA 1.000 1/13/2025 EUR 29.026 Air France-KLM 0.125 3/25/2026 EUR 16.194 Accor SA 0.700 12/07/2027 EUR 53.158 Fuerstenberg Capital I5.625 EUR 49.948 Paragon GmbH & Co KGaA4.000 4/23/2023 CHF 39.434 Nostrum Oil & Gas Fina7.000 2/16/2025 USD 19.917 Nostrum Oil & Gas Fina8.000 7/25/2022 USD 27.167 Mallinckrodt Internati5.750 08/01/2022 USD 56.250 Korian SA 0.875 03/06/2027 EUR 57.108 BAT International Fina2.250 09/09/2052 GBP 66.566 Intelsat Jackson Holdi5.500 08/01/2023 USD 44.250 Rallye SA 4.000 2/28/2030 EUR 22.013 PB International BV 7.625 1/26/2022 USD 47.783 Maisons du Monde SA 0.125 12/06/2023 EUR 47.512 Andrade Gutierrez Inte9.500 12/30/2024 USD 58.500 Cidron Aida Finco Sarl5.000 04/01/2028 EUR 5.215 Pierre Et Vacances SA 2.000 04/01/2023 EUR 29.043 Econocom Group SA/NV 0.500 03/06/2023 EUR 7.768 Ekosem-Agrar AG 7.500 08/01/2024 EUR 68.483 Korian SA 1.875 EUR 42.872 Wirecard AG 0.500 09/11/2024 EUR 11.500 Turkey Government Bond10.600 02/11/2026 TRY 72.100 Mallinckrodt Internati5.625 10/15/2023 USD 57.000 Rallye SA 4.371 1/23/2023 EUR 21.909 Mallinckrodt Internati4.750 4/15/2023 USD 37.750 Metro Bank PLC 5.500 6/26/2028 GBP 66.189 Deutsche Lichtmiete AG5.250 09/01/2025 EUR 4.791 Quadient SA 3.375 EUR 57.820 Intelsat Jackson Holdi8.500 10/15/2024 USD 46.250 Deutsche Lichtmiete AG5.750 12/01/2023 EUR 20.212 Neoen SA 1.875 10/07/2024 EUR 40.723 Union Fenosa Preferent1.067 EUR 70.625 Neoen SA 2.000 06/02/2025 EUR 51.060 HOCHDORF Holding AG 2.500 CHF 57.040 Intu Debenture PLC 5.562 12/31/2027 GBP 40.916 FIGEAC-AERO 1.125 10/18/2022 EUR 22.307 Senvion Holding GmbH 3.875 10/25/2022 EUR 1.258 Aggregate Holdings SA 5.500 5/17/2024 EUR 67.076 Intelsat Jackson Holdi9.750 7/15/2025 USD 45.500 Nexity SA 0.250 03/02/2025 EUR 65.490 Mallinckrodt Internati5.500 4/15/2025 USD 58.500 Hellenic Bank PCL 10.000 EUR 58.886 Debenhams PLC 5.250 7/15/2021 GBP 0.031 EYEMAXX Real Estate AG5.500 4/26/2023 EUR 4.903 Koninklijke Luchtvaart0.750 CHF 20.600 Turkey Government Bond10.500 08/11/2027 TRY 64.450 Offshore Drilling Hold8.375 9/20/2020 USD 8.000 Air Berlin PLC 8.250 4/19/2018 EUR 0.880 Genfit 3.500 10/16/2025 EUR 23.858 Nexity SA 0.875 4/19/2028 EUR 55.404 Air Berlin PLC 6.750 05/09/2019 EUR 0.504 Rallye SA 5.250 02/01/2022 EUR 20.279 Andrade Gutierrez Inte11.000 8/20/2021 USD 60.199 EYEMAXX Real Estate AG5.500 9/24/2024 EUR 4.925 Rickmers Holding AG 8.875 06/11/2018 EUR 0.828 Turkey Government Bond8.000 03/12/2025 TRY 70.400 Rallye SA 3.250 02/08/2024 CHF 20.259 Ziton A/S 7.900 10/03/2022 EUR 70.000 Travelex Financing PLC8.000 5/15/2022 EUR 1.829 Privatbank CJSC Via UK10.250 1/23/2018 USD 4.766 Hylea Group SA 7.250 12/01/2022 EUR 4.500 Scandinavian Airlines 0.625 CHF 19.200 Officine Maccaferri-Sp5.750 06/01/2021 EUR 18.160 Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.511 Intelsat SA 4.500 6/15/2025 USD 15.186 Deutsche Lichtmiete Fi5.750 01/01/2023 EUR 7.500 Intelsat Luxembourg SA8.125 06/01/2023 USD 0.875 Banco Espirito Santo S7.125 11/28/2023 EUR 0.565 Bourbon Corp 8.305 EUR 0.607 Rallye SA 4.000 11/23/2020 CHF 16.010 Tresu Investment Holdi5.000 02/02/2025 EUR 48.255 Yell Bondco PLC 8.500 05/02/2023 GBP 70.028 Claranova SE 5.000 07/01/2023 EUR 1.090 Intelsat Connect Finan9.500 2/15/2023 USD 15.500 EYEMAXX Real Estate AG5.500 7/22/2025 EUR 75.000 FF Group Finance Luxem3.250 11/02/2021 CHF 8.252 Lehman Brothers UK Cap5.125 EUR 35.000 Fuerstenberg Capital E1.020 EUR 54.420 Allied Irish Banks PLC12.500 6/25/2035 GBP 61.337 Transcapitalbank JSC V10.000 USD 61.750 Intelsat Luxembourg SA7.750 06/01/2021 USD 0.375 Pentracor GmbH 8.500 5/29/2025 EUR 28.375 Virgolino de Oliveira 11.750 02/09/2022 USD 0.010 O1 Properties Finance 0.500 9/27/2028 USD 11.765 Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.559 Rallye SA 3.400 1/31/2022 EUR 22.109 EA Partners II BV 6.750 06/01/2021 USD 0.834 Galapagos Holding SA 7.000 6/15/2022 EUR 0.010 Norddeutsche Landesban7.490 EUR 60.577 Hamon & CIE SA 3.300 1/31/2035 EUR 46.000 Bank Gospodarstwa Kraj2.375 11/27/2040 PLN 69.038 Privatbank CJSC Via UK11.000 02/09/2021 USD 1.000 Barclays Bank PLC 12.000 9/24/2025 TRY 60.101 Avangardco Investments10.000 10/29/2018 USD 0.707 Yuksel Insaat AS 9.500 11/10/2015 USD 0.108 UkrLandFarming PLC 10.875 3/26/2018 USD 1.646 Immigon Portfolioabbau5.772 EUR 12.030 PREOS Global Office Re7.500 12/09/2024 EUR 71.000 Cooperatieve Rabobank 0.500 7/30/2043 MXN 14.638 Fuerstenberg Capital D1.609 EUR 58.241 Bank Otkritie Financia10.000 4/26/2019 USD 9.196 Mitsubishi UFJ Investo3.687 12/30/2099 EUR 5.000 Espirito Santo Financi6.875 10/21/2019 EUR 0.244 EA Partners I BV 6.875 9/28/2020 USD 0.589 FF Group Finance Luxem1.750 07/03/2019 EUR 5.000 OGX Austria GmbH 8.375 04/01/2022 USD 0.002 BNP Paribas SA 0.196 4/30/2033 USD 74.000 KTG Agrar SE 7.125 06/06/2017 EUR 1.869 Solarworld AG 9.691 2/24/2019 EUR 30.000 Stichting Afwikkeling 6.250 10/26/2020 EUR 5.375 Virgolino de Oliveira 10.500 1/28/2018 USD 0.191 Lehman Brothers UK Cap3.875 EUR 35.000 Corporate Commercial B8.250 08/08/2014 USD 0.308 International Industri9.000 07/06/2011 EUR 0.052 Societe Centrale des B2.500 5/15/2023 EUR 6.880 DOF Subsea AS 8.810 11/27/2023 NOK 29.000 DOF Subsea AS 9.500 3/14/2022 USD 29.135 Elli Finance UK PLC 8.750 6/15/2019 GBP 64.155 Dexia Credit Local SA 1.172 EUR 3.301 Verimatrix SA 6.000 6/29/2022 EUR 3.773 Havila Shipping ASA 5.460 01/02/2025 NOK 25.182 OGX Austria GmbH 8.500 06/01/2018 USD 0.002 Norwegian Air Shuttle 5.000 02/07/2023 SEK 41.124 Hellenic Republic Gove2.085 7/25/2057 EUR 44.353 Senivita Social Estate4.000 05/12/2025 EUR 7.010 Stichting Afwikkeling 11.250 EUR 0.416 Dexia SA 1.227 EUR 3.118 New World Resources NV4.000 10/07/2020 EUR 0.573 Joh Friedrich Behrens 6.250 6/18/2024 EUR 28.760 Mallinckrodt Internati5.500 4/15/2025 USD 57.750 Barclays Bank PLC 1.268 3/28/2034 USD 80.900 Jain International Tra7.125 02/01/2022 USD 20.350 Andrade Gutierrez Inte9.500 12/30/2024 USD 63.925 Itas Istituto Trentino5.000 12/17/2031 EUR 93.249 Alitalia-Societa Aerea5.250 7/30/2020 EUR 0.100 Lloyds Bank PLC 0.211 1/31/2033 USD 69.564 JP Morgan Structured P11.000 12/30/2026 ZMW 67.712 Cirio Finanziaria SpA 8.000 12/21/2005 EUR 0.832 WD Invest Sarl 1.900 10/02/2024 EUR 11.258 Agrokor dd 9.875 05/01/2019 EUR 15.000 ESFIL-Espirito Santo F5.250 06/12/2015 EUR 0.111 Jain International Tra7.125 3/31/2026 USD 28.000 Banca Popolare di Vice9.500 9/29/2025 EUR 0.049 LBI ehf 6.100 8/25/2011 USD 9.897 M Objekt Real Estate H6.000 7/22/2024 EUR 69.762 International Industri11.000 2/19/2013 USD 0.052 Bilt Paper BV 10.360 USD 1.309 Alno AG 8.500 5/14/2018 EUR 16.636 Intelsat Connect Finan9.500 2/15/2023 USD 17.000 Phosphorus Holdco PLC 10.000 04/01/2019 GBP 2.002 Air Berlin PLC 5.625 05/09/2019 CHF 0.628 Espirito Santo Financi3.125 12/02/2018 EUR 0.751 EOS Imaging SA 6.000 5/31/2023 EUR 7.250 Norske Skogindustrier 7.000 12/30/2026 EUR 0.596 Lloyds Bank PLC 2.380 11/27/2033 USD 75.437 Autonomous Community o2.965 09/08/2039 JPY 68.552 Cirio Finance Luxembou7.500 11/03/2002 EUR 1.618 EFG International AG 0.551 EUR 70.546 Veragold Mining Co Gmb5.000 12/31/2022 EUR 70.000 REM Saltire Holding AS7.000 12/31/2024 NOK 53.827 Havila Shipping ASA 4.710 01/02/2025 NOK 40.000 Offshore Drilling Hold8.375 9/20/2020 USD 8.000 Banca Popolare di Vice2.821 12/20/2017 EUR 0.100 Veneto Banca SpA 9.878 12/01/2025 EUR 0.571 Cirio Holding Luxembou6.250 2/16/2004 EUR 0.723 Ghelamco Invest 4.500 5/23/2022 EUR 40.010 CRC Breeze Finance SA 6.110 05/08/2026 EUR 31.541 EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.295 Andrade Gutierrez Inte11.000 8/20/2021 USD 60.199 Lloyds Bank PLC 0.352 4/26/2033 USD 66.531 Intelsat Jackson Holdi8.500 10/15/2024 USD 45.986 Praktiker AG 5.875 02/10/2016 EUR 0.069 German Pellets GmbH 7.250 07/09/2018 EUR 1.376 Societe Generale SA 8.600 7/29/2022 USD 56.800 Banco Espirito Santo S2.098 EUR 0.094 Mallinckrodt Internati5.625 10/15/2023 USD 57.280 Banco Espirito Santo S6.875 7/15/2016 EUR 24.500 Orient Express Bank PJ2.000 USD 54.836 Tennor Finance BV 5.750 6/17/2024 EUR 75.000 Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568 Moby SpA 7.750 2/15/2023 EUR 73.023 Hellas Telecommunicati8.500 10/15/2013 EUR 0.834 Cirio Del Monte NV 7.750 3/14/2005 EUR 0.352 New World Resources NV8.000 04/07/2020 EUR 0.506 Civitas Properties Fin4.000 11/24/2022 EUR 65.000 Windreich GmbH 6.500 03/01/2015 EUR 4.475 Enertronica Santerno S7.000 12/31/2022 EUR 65.870 Deutsche Bank AG/Londo1.796 6/30/2034 USD 69.649 Hellas Telecommunicati6.054 1/15/2015 USD 0.001 Depfa Funding III LP 0.235 EUR 57.277 Cooperatieve Rabobank 0.500 10/30/2043 MXN 14.191 SiC Processing GmbH 7.125 03/01/2016 EUR 2.426 Bulgaria Steel Finance12.000 05/04/2013 EUR 0.216 Hema Bondco II BV 8.500 1/15/2023 EUR 0.112 Rallye SA 1.000 10/02/2020 EUR 21.738 Lehman Brothers UK Cap5.750 EUR 7.000 Finmek International S7.000 12/03/2004 EUR 2.193 Banco Espirito Santo S6.900 6/28/2024 EUR 24.496 Irish Bank Resolution 0.566 6/21/2016 EUR 0.500 German Pellets GmbH 7.250 11/27/2019 EUR 1.376 Rena GmbH 7.000 12/15/2015 EUR 2.096 Erste Group Bank AG 4.350 2/20/2022 EUR 41.650 Nostrum Oil & Gas Fina8.000 7/25/2022 USD 27.189 Waste Italia SpA 10.500 11/15/2019 EUR 0.550 Grupo Isolux Corsan SA6.000 12/30/2021 EUR 0.192 Single Platform Invest1.548 10/31/2050 EUR 62.894 Saleza AS 9.000 07/12/2021 EUR 0.203 Kommunekredit 0.500 7/30/2027 TRY 17.982 Island Offshore Shipho3.030 6/30/2022 NOK 4.773 Espirito Santo Financi9.750 12/19/2025 EUR 0.761 Steilmann SE 7.000 9/23/2018 EUR 1.429 Russian Federal Bond -0.250 7/20/2044 RUB 15.000 Portugal Telecom Inter6.250 7/26/2016 EUR 0.285 Norske Skogindustrier 2.000 12/30/2115 EUR 0.113 Del Monte Finance Luxe6.625 5/24/2006 EUR 4.342 Virgolino de Oliveira 10.875 1/13/2020 USD 36.000 SAS AB 4.377 SEK 26.854 Mallinckrodt Internati5.750 08/01/2022 USD 56.063 CBo Territoria 3.750 07/01/2024 EUR 4.710 Barclays Bank PLC 0.652 4/19/2033 USD 69.016 Elli Investments Ltd 12.250 6/15/2020 GBP 52.250 Alpine Holding GmbH 6.000 5/22/2017 EUR 3.084 Joh Friedrich Behrens 7.750 11/11/2020 EUR 27.000 Bank Nadra Via NDR Fin8.250 7/31/2018 USD 0.208 Sidetur Finance BV 10.000 4/20/2016 USD 0.770 Intelsat Luxembourg SA12.500 11/15/2024 USD 65.750 Lehman Brothers UK Cap6.900 USD 3.986 A-TEC Industries AG 8.750 10/27/2014 EUR 0.100 MS Deutschland Beteili6.875 12/18/2017 EUR 0.620 Virgolino de Oliveira 10.500 1/28/2018 USD 0.191 Grupo Isolux Corsan SA1.000 12/30/2021 EUR 0.083 Deutsche Bank AG/Londo3.902 10/31/2034 USD 71.886 Intelsat Jackson Holdi9.750 7/15/2025 USD 45.501 Instabank ASA 5.970 3/28/2028 NOK 62.779 Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568 Deutsche Bank AG/Londo1.780 8/28/2034 USD 69.125 Banco Espirito Santo S2.278 EUR 0.236 UBS AG/London 13.250 05/04/2022 USD 43.600 Sberbank of Russia PJS0.010 1/15/2027 RUB 90.000 OR PJSC 11.500 7/28/2024 RUB 39.540 Norwegian Air Shuttle 6.375 11/15/2024 USD 46.529 Raiffeisen Centrobank 10.500 9/22/2022 EUR 53.410 Stichting Afwikkeling 6.625 5/14/2018 EUR 5.375 KTG Agrar SE 7.250 10/15/2019 EUR 1.869 Alpine Holding GmbH 5.250 06/10/2016 EUR 3.084 SG Issuer SA 10.000 6/29/2022 CHF 74.000 Windreich GmbH 6.500 7/15/2016 EUR 4.475 Stichting Afwikkeling 2.197 EUR 0.416 BNP Paribas SA 29.000 3/28/2022 USD 64.370 Aralco Finance SA 10.125 05/07/2020 USD 0.934 Banco Santander SA 1.815 EUR 1.657 German Pellets GmbH 7.250 04/01/2016 EUR 1.376 Turkey Government Inte4.875 4/16/2043 USD 74.388 Solon SE 1.375 12/06/2012 EUR 0.745 Steilmann SE 7.000 03/09/2017 EUR 1.429 Privatbank CJSC Via UK10.875 2/28/2018 USD 7.214 Bank Vontobel AG 15.000 11/07/2022 EUR 59.200 Depfa Funding II LP 6.500 EUR 59.419 WEB Windenergie AG 2.250 9/25/2028 EUR 0.010 Agrokor dd 9.125 02/01/2020 EUR 15.000 UBS AG/London 9.000 11/10/2022 USD 6.710 Ukraine Government Bon8.750 2/16/2033 UAH 66.292 Sequa Petroleum NV 5.000 4/29/2020 USD 30.500 Yell Bondco PLC 8.500 05/02/2023 GBP 70.166 Erotik-Abwicklungsgese7.750 07/09/2019 EUR 0.779 Vneshprombank Ltd Via 9.000 11/14/2016 USD 0.078 Peine GmbH 2.000 07/05/2023 EUR 44.500 Finance and Credit Ban9.250 1/25/2019 USD 0.131 BNG Bank NV 10.010 6/17/2025 TRY 56.846 Bank Julius Baer & Co 13.250 01/05/2023 USD 52.750 International Finance 0.500 6/29/2027 ZAR 65.305 MOL Hungarian Oil & Ga1.900 04/12/2031 HUF 69.100 Societe Generale SA 16.000 07/03/2024 USD 49.266 Erste Group Bank AG 5.550 8/30/2022 EUR 49.250 Golden Gate AG 6.500 10/11/2014 EUR 36.000 Mox Telecom AG 7.250 11/02/2017 EUR 2.270 Senvion Holding GmbH 3.875 10/25/2022 EUR 1.258 Credit Suisse AG/Londo20.500 7/20/2022 USD 65.250 Turkey Government Bond11.700 11/13/2030 TRY 62.000 Premium Green PLC 0.600 10/31/2046 EUR 53.238 Steilmann SE 6.750 6/27/2017 EUR 2.184 Veneto Banca SpA 6.411 EUR 0.345 Portugal Telecom Inter5.242 11/06/2017 EUR 0.694 Nostrum Oil & Gas Fina7.000 2/16/2025 USD 25.059 Lloyds Bank PLC 0.500 7/26/2028 MXN 59.368 Turkey Government Bond1.500 10/09/2024 TRY 60.151 Commerzbank AG 0.060 11/19/2029 EUR 67.353 Barclays Bank PLC 0.500 1/28/2033 MXN 40.856 Intelsat Jackson Holdi9.750 7/15/2025 USD 45.501 Gebr Sanders GmbH & Co8.750 10/22/2018 EUR 9.375 Leonteq Securities AG/8.510 5/27/2022 USD 37.050 BOA Offshore AS 0.409 7/17/2047 NOK 5.255 Credit Suisse AG/Londo4.450 6/28/2023 USD 9.350 Sberbank of Russia PJS0.010 1/17/2025 RUB 80.100 Deutsche Bank AG 0.687 10/11/2049 EUR 65.375 Agrokor dd 8.875 02/01/2020 USD 15.000 Pescanova SA 5.125 4/20/2017 EUR 0.319 Alteo Nyrt 3.150 10/28/2029 HUF 74.300 Barclays Bank PLC 0.956 3/28/2033 USD 73.630 Barclays Bank PLC 0.438 11/08/2023 USD 9.677 A-TEC Industries AG 5.750 11/02/2010 EUR 0.100 Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644 OGX Austria GmbH 8.500 06/01/2018 USD 0.002 BRAbank ASA 7.810 NOK 74.340 Mriya Agro Holding PLC9.450 4/19/2018 USD 4.667 Virgolino de Oliveira 11.750 02/09/2022 USD 0.191 Norske Skog Holding AS8.000 2/24/2021 EUR 0.006 Credit Suisse AG/Londo14.000 6/16/2022 USD 67.210 Sibur Holding PAO 1.500 10/01/2032 USD 69.190 OR PJSC 12.000 9/22/2022 RUB 55.070 Credito Padano Banca d3.100 EUR 34.119 Luminis SA 1.800 09/02/2059 EUR 65.068 Rio Forte Investments 4.000 7/22/2014 EUR 4.423 Cattles Ltd 8.125 07/05/2017 GBP 0.027 Rena GmbH 8.250 07/11/2018 EUR 2.096 SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000 OGX Austria GmbH 8.375 04/01/2022 USD 0.002 Tonon Luxembourg SA 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Securities AG 12.000 05/03/2022 CHF 68.220 Landesbank Baden-Wuert6.000 8/26/2022 EUR 72.890 Landesbank Baden-Wuert4.050 8/26/2022 EUR 38.120 EFG International Fina15.000 02/03/2022 USD 37.110 UBS AG/London 11.250 02/03/2023 CHF 62.100 UBS AG/London 19.750 02/03/2022 USD 59.000 Leonteq Securities AG 23.460 02/04/2022 CHF 42.280 Zurcher Kantonalbank F15.000 02/04/2022 USD 64.310 UniCredit Bank AG 3.600 10/05/2022 EUR 61.560 UniCredit Bank AG 3.850 10/05/2023 EUR 73.330 DekaBank Deutsche Giro2.600 10/24/2023 EUR 62.360 Danske Bank A/S 10.300 07/09/2023 SEK 11.600 DekaBank Deutsche Giro2.500 10/24/2023 EUR 62.190 Leonteq Securities AG/11.000 05/05/2022 CHF 53.960 UniCredit Bank AG 3.450 04/02/2024 EUR 64.780 DZ Bank AG Deutsche Ze10.250 3/23/2022 EUR 37.520 DZ Bank AG Deutsche Ze12.500 3/23/2022 EUR 69.750 Zurcher Kantonalbank F12.250 03/11/2022 CHF 65.160 Leonteq Securities AG/17.600 06/08/2022 USD 46.590 Leonteq Securities AG/16.400 06/02/2022 CHF 46.290 Landesbank Baden-Wuert4.050 3/24/2023 EUR 45.020 Landesbank Baden-Wuert3.150 3/24/2023 EUR 73.450 DZ Bank AG Deutsche Ze17.700 3/25/2022 EUR 66.680 DZ Bank AG Deutsche Ze16.700 3/25/2022 EUR 37.440 DZ Bank AG Deutsche Ze7.900 3/25/2022 EUR 65.740 DZ Bank AG Deutsche Ze12.600 3/25/2022 EUR 38.010 DZ Bank AG Deutsche Ze16.300 3/25/2022 EUR 34.530 DZ Bank AG Deutsche Ze20.200 3/25/2022 EUR 31.900 DZ Bank AG Deutsche Ze19.400 3/25/2022 EUR 71.690 UBS AG/London 10.000 03/03/2022 CHF 50.600 SG Issuer SA 2.100 2/14/2033 EUR 28.130 Landesbank Baden-Wuert4.750 2/25/2022 EUR 44.180 DekaBank Deutsche Giro4.250 05/03/2022 EUR 64.900 Nordea Bank Abp 4.100 7/20/2023 SEK 51.500 SG Issuer SA 8.700 1/20/2025 SEK 69.590 Leonteq Securities AG 5.400 7/25/2022 CHF 63.020 UniCredit Bank AG 3.500 8/24/2022 EUR 58.520 UniCredit Bank AG 3.650 7/23/2022 EUR 53.410 Societe Generale SA 3.900 3/23/2022 USD 0.100 SG Issuer SA 1.400 03/07/2033 EUR 27.640 Bank Vontobel AG 13.259 7/29/2022 CHF 52.100 DZ Bank AG Deutsche Ze9.000 2/23/2022 EUR 30.990 DZ Bank AG Deutsche Ze12.250 2/23/2022 EUR 61.710 Landesbank Baden-Wuert8.100 8/26/2022 EUR 66.920 UniCredit Bank AG 4.450 7/23/2022 EUR 66.380 UniCredit Bank AG 4.150 7/26/2022 EUR 50.950 EFG International Fina6.200 08/05/2022 EUR 46.940 UniCredit Bank AG 5.910 1/25/2022 USD 64.970 UniCredit Bank AG 4.200 7/26/2022 EUR 30.850 Landesbank Baden-Wuert3.400 2/24/2023 EUR 64.410 Landesbank Baden-Wuert4.100 1/28/2022 EUR 48.960 Landesbank Baden-Wuert3.400 11/25/2022 EUR 57.830 Landesbank Baden-Wuert3.400 1/27/2023 EUR 62.030 Landesbank Baden-Wuert3.250 2/24/2023 EUR 65.090 SG Issuer SA 5.000 04/02/2024 EUR 58.210 UniCredit Bank AG 5.150 01/02/2023 EUR 59.150 Landesbank Baden-Wuert9.000 10/28/2022 EUR 67.220 Landesbank Baden-Wuert4.000 10/28/2022 EUR 73.540 Landesbank Baden-Wuert6.500 10/28/2022 EUR 70.140 Raiffeisen Schweiz Gen18.000 8/30/2022 CHF 51.070 Credit Suisse AG/Londo10.500 10/26/2022 CHF 58.570 Credit Suisse AG/Londo9.000 11/03/2022 CHF 68.860 Societe Generale Effek18.750 3/25/2022 EUR 64.100 Credit Suisse AG/Londo14.000 11/02/2022 CHF 50.830 Vontobel Financial Pro20.250 05/09/2022 USD 67.950 Credit Suisse AG/Londo15.000 11/02/2022 USD 50.380 Leonteq Securities AG/21.600 11/08/2022 CHF 59.720 Barclays Bank PLC 0.333 11/08/2023 USD 9.490 Societe Generale Effek8.750 6/24/2022 EUR 71.650 Leonteq Securities AG 14.000 12/20/2022 CHF 59.110 Leonteq Securities AG 22.220 9/16/2022 CHF 51.460 Leonteq Securities AG 17.200 9/20/2022 CHF 47.500 Zurcher Kantonalbank F26.500 9/13/2022 USD 58.570 UBS AG/London 9.750 3/15/2023 CHF 63.300 Leonteq Securities AG/10.000 12/20/2022 CHF 60.100 Zurcher Kantonalbank F25.500 9/13/2022 CHF 57.930 VTB Bank PJSC 0.010 07/06/2024 RUB 75.600 DekaBank Deutsche Giro2.800 05/02/2022 EUR 52.160 Landesbank Baden-Wuert2.300 6/24/2022 EUR 54.920 Landesbank Baden-Wuert2.750 3/25/2022 EUR 59.860 Corner Banca SA 14.000 05/09/2022 CHF 48.150 Leonteq Securities AG 13.000 05/09/2022 CHF 47.710 UBS AG/London 13.250 05/12/2022 USD 45.700 UBS AG/London 13.500 05/12/2022 USD 45.750 Bank Vontobel AG 8.000 7/18/2022 CHF 54.600 Societe Generale Effek20.500 3/25/2022 EUR 59.880 Societe Generale Effek15.250 8/26/2022 EUR 64.860 Vontobel Financial Pro17.000 9/23/2022 EUR 67.010 Corner Banca SA 13.000 10/19/2022 CHF 56.320 Vontobel Financial Pro9.500 9/23/2022 EUR 72.890 Vontobel Financial Pro12.000 6/24/2022 EUR 71.650 Corner Banca SA 11.200 7/19/2022 CHF 72.350 Leonteq Securities AG 10.000 10/19/2022 CHF 64.340 Vontobel Financial Pro18.500 9/23/2022 EUR 68.020 Vontobel Financial Pro19.500 6/24/2022 EUR 64.850 Corner Banca SA 20.000 9/13/2022 CHF 59.120 Leonteq Securities AG/13.000 11/30/2022 USD 57.990 Vontobel Financial Pro20.000 9/23/2022 EUR 69.010 Vontobel Financial Pro15.500 9/23/2022 EUR 66.020 Vontobel Financial Pro22.000 9/23/2022 EUR 70.340 EFG International Fina9.430 7/19/2022 USD 71.780 Leonteq Securities AG/10.000 07/12/2023 CHF 70.820 Vontobel Financial Pro12.500 6/24/2022 EUR 58.000 Vontobel Financial Pro10.500 6/24/2022 EUR 60.440 Vontobel Financial Pro15.000 6/24/2022 EUR 56.090 Vontobel Financial Pro9.500 6/24/2022 EUR 71.180 Vontobel Financial Pro11.000 6/24/2022 EUR 69.260 EFG International Fina14.000 8/25/2022 USD 53.100 EFG International Fina12.000 03/01/2023 CHF 63.800 Vontobel Financial Pro8.000 6/24/2022 EUR 63.060 Vontobel Financial Pro13.000 6/24/2022 EUR 67.720 Vontobel Financial Pro17.500 6/24/2022 EUR 54.490 Vontobel Financial Pro20.000 6/24/2022 EUR 53.130 Vontobel Financial Pro14.500 6/24/2022 EUR 66.120 EFG International Fina13.000 8/25/2022 CHF 62.260 Vontobel Financial Pro12.000 9/27/2022 EUR 49.610 Leonteq Securities AG/22.130 07/08/2022 CHF 36.820 EFG International Fina8.700 7/13/2023 EUR 66.770 UBS AG/London 12.000 11/30/2022 EUR 69.700 UBS AG/London 11.000 11/30/2022 CHF 62.600 Leonteq Securities AG/22.870 06/09/2022 CHF 58.590 Raiffeisen Schweiz Gen14.000 07/12/2022 CHF 62.410 Vontobel Financial Pro8.500 9/23/2022 EUR 63.350 Vontobel Financial Pro15.000 9/23/2022 EUR 65.070 Zurcher Kantonalbank F19.000 7/22/2022 CHF 60.030 EFG International Fina12.000 03/08/2023 CHF 62.410 Luzerner Kantonalbank 15.500 09/07/2022 CHF 53.070 Leonteq Securities AG 26.040 9/20/2022 CHF 48.710 UBS AG/London 11.250 12/09/2022 CHF 67.550 Vontobel Financial Pro18.000 9/23/2022 EUR 69.630 Zurcher Kantonalbank F8.100 12/14/2022 USD 69.720 Raiffeisen Schweiz Gen5.500 06/07/2023 CHF 72.940 UBS AG/London 10.500 06/09/2023 CHF 69.400 Vontobel Financial Pro10.500 6/24/2022 EUR 63.090 Vontobel Financial Pro20.000 6/24/2022 EUR 69.690 Leonteq Securities AG 16.000 6/28/2022 CHF 50.120 Leonteq Securities AG 17.000 6/28/2022 CHF 41.110 Leonteq Securities AG 14.000 12/28/2022 CHF 62.880 Leonteq Securities AG/12.000 6/28/2022 CHF 31.440 Leonteq Securities AG/22.560 6/24/2022 CHF 33.480 Leonteq Securities AG/17.000 6/28/2022 USD 58.470 Leonteq Securities AG/26.030 6/24/2022 CHF 41.400 Credit Suisse AG/Londo18.000 12/05/2023 USD 9.750 Leonteq Securities AG 23.200 09/07/2022 CHF 48.840 Leonteq Securities AG/11.000 09/07/2022 CHF 46.420 DZ Bank AG Deutsche Ze22.900 3/25/2022 EUR 61.450 DZ Bank AG Deutsche Ze15.800 9/23/2022 EUR 67.660 DZ Bank AG Deutsche Ze15.500 12/21/2022 EUR 72.830 DZ Bank AG Deutsche Ze14.500 9/21/2022 EUR 69.740 UniCredit Bank AG 6.650 9/28/2022 EUR 68.440 Raiffeisen Schweiz Gen13.000 09/06/2022 CHF 61.780 Raiffeisen Schweiz Gen17.000 09/07/2022 USD 49.210 Raiffeisen Schweiz Gen18.000 06/03/2022 CHF 50.800 Leonteq Securities AG/25.000 09/07/2022 CHF 51.110 DZ Bank AG Deutsche Ze21.300 9/23/2022 EUR 72.570 DZ Bank AG Deutsche Ze23.200 9/23/2022 EUR 71.130 DZ Bank AG Deutsche Ze22.500 9/23/2022 EUR 69.560 DZ Bank AG Deutsche Ze21.900 6/24/2022 EUR 70.110 DZ Bank AG Deutsche Ze23.500 3/25/2022 EUR 65.500 DZ Bank AG Deutsche Ze22.000 6/24/2022 EUR 66.590 DZ Bank AG Deutsche Ze24.100 9/23/2022 EUR 65.390 DZ Bank AG Deutsche Ze23.100 6/24/2022 EUR 66.550 DZ Bank AG Deutsche Ze22.200 9/23/2022 EUR 67.940 Luzerner Kantonalbank 10.120 12/23/2022 CHF 58.850 EFG International Fina17.000 6/23/2022 CHF 59.110 UBS AG/London 9.750 12/23/2022 CHF 65.300 UBS AG/London 8.250 6/23/2022 CHF 54.550 UBS AG/London 16.750 12/23/2022 CHF 58.300 Basler Kantonalbank 12.000 9/29/2022 CHF 56.640 EFG International Fina12.000 3/29/2023 USD 51.540 Leonteq Securities AG/22.200 10/04/2022 CHF 52.260 Societe Generale Effek17.750 7/22/2022 EUR 71.360 Credit Suisse AG/Londo25.000 10/20/2026 USD 9.456 Leonteq Securities AG/22.800 10/05/2022 CHF 63.230 Vontobel Financial Pro15.250 9/23/2022 EUR 62.380 EFG International Fina15.000 10/06/2022 USD 66.880 Vontobel Financial Pro13.950 05/05/2022 CHF 62.240 Vontobel Financial Pro19.250 05/05/2022 USD 68.550 Bank Julius Baer & Co 17.200 02/06/2023 USD 62.050 Vontobel Financial Pro13.000 12/23/2022 EUR 69.460 Vontobel Financial Pro15.500 12/23/2022 EUR 62.160 Vontobel Financial Pro18.500 12/23/2022 EUR 66.030 Leonteq Securities AG 24.000 11/04/2022 CHF 63.430 Bank Vontobel AG 16.500 01/03/2023 EUR 48.800 Bank Vontobel AG 8.500 11/03/2023 CHF 59.000 Bank Vontobel AG 14.250 11/07/2022 CHF 70.600 Leonteq Securities AG 15.000 11/08/2022 CHF 67.500 Leonteq Securities AG/14.000 02/08/2023 USD 65.170 Leonteq Securities AG/13.000 11/08/2022 CHF 60.180 Leonteq Securities AG 10.000 01/04/2023 CHF 61.700 Leonteq Securities AG 15.000 01/04/2023 CHF 61.490 Zurcher Kantonalbank F15.000 8/24/2022 CHF 53.230 UBS AG/London 17.250 11/24/2022 EUR 71.300 Leonteq Securities AG/22.820 11/25/2022 CHF 69.180 Societe Generale Effek10.750 11/25/2022 EUR 71.580 Societe Generale Effek12.750 11/25/2022 EUR 69.130 Societe Generale Effek14.750 11/25/2022 EUR 67.460 Societe Generale Effek18.000 7/22/2022 EUR 64.970 Societe Generale Effek16.000 9/23/2022 EUR 66.260 Bank Julius Baer & Co 8.550 8/19/2022 USD 70.350 Bank Julius Baer & Co 8.450 8/19/2022 USD 69.600 Leonteq Securities AG/10.000 11/25/2022 CHF 68.690 Leonteq Securities AG 11.000 01/11/2023 CHF 63.710 Leonteq Securities AG/18.000 10/12/2022 USD 55.740 Leonteq Securities AG/24.600 10/07/2022 CHF 55.400 Leonteq Securities AG/12.000 10/11/2022 CHF 53.320 Credit Suisse AG/Londo13.500 11/28/2022 CHF 62.740 Credit Suisse AG/Londo15.000 11/29/2022 USD 63.260 Bank Vontobel AG 12.250 11/28/2022 CHF 59.400 Raiffeisen Switzerland19.000 12/06/2022 CHF 60.640 Landesbank Baden-Wuert6.200 1/28/2022 EUR 54.250 Zurcher Kantonalbank F8.000 07/01/2022 CHF 68.360 Vontobel Financial Pro9.500 6/24/2022 EUR 51.180 Vontobel Financial Pro12.000 6/24/2022 EUR 74.090 Bank Julius Baer & Co 11.000 6/27/2022 CHF 56.800 Vontobel Financial Pro14.000 6/24/2022 EUR 59.570 Vontobel Financial Pro18.500 6/24/2022 EUR 57.200 Vontobel Financial Pro7.000 6/24/2022 EUR 67.470 Landesbank Baden-Wuert3.100 6/24/2022 EUR 69.360 Landesbank Baden-Wuert4.350 6/24/2022 EUR 66.870 Landesbank Baden-Wuert4.550 5/27/2022 EUR 50.670 Landesbank Baden-Wuert6.400 5/27/2022 EUR 47.940 Landesbank Baden-Wuert8.500 5/27/2022 EUR 45.700 Landesbank Baden-Wuert2.050 6/24/2022 EUR 72.190 Landesbank Baden-Wuert3.300 5/27/2022 EUR 57.870 Landesbank Baden-Wuert6.700 5/27/2022 EUR 49.820 EFG International Fina14.000 11/21/2022 CHF 33.600 Leonteq Securities AG 16.000 5/25/2022 CHF 24.900 Leonteq Securities AG/25.030 2/25/2022 USD 35.570 Vontobel Financial Pro8.500 5/25/2022 USD 69.180 Vontobel Financial Pro12.500 6/24/2022 EUR 47.990 Leonteq Securities AG/12.000 6/21/2022 CHF 61.010 Vontobel Financial Pro23.500 3/25/2022 EUR 72.300 Vontobel Financial Pro13.500 3/25/2022 EUR 35.240 Vontobel Financial Pro11.500 3/25/2022 EUR 36.980 Vontobel Financial Pro7.500 3/25/2022 EUR 41.320 Vontobel Financial Pro16.000 3/25/2022 EUR 33.820 Vontobel Financial Pro12.000 3/25/2022 EUR 52.850 Vontobel Financial Pro22.000 3/25/2022 EUR 70.670 EFG International Fina7.000 3/23/2023 USD 39.070 DZ Bank AG Deutsche Ze14.400 3/25/2022 EUR 41.880 DZ Bank AG Deutsche Ze16.700 3/25/2022 EUR 39.570 DZ Bank AG Deutsche Ze14.800 3/25/2022 EUR 72.720 DZ Bank AG Deutsche Ze21.700 3/25/2022 EUR 65.500 DZ Bank AG Deutsche Ze23.500 3/25/2022 EUR 62.330 DZ Bank AG Deutsche Ze21.600 3/25/2022 EUR 66.280 DZ Bank AG Deutsche Ze18.600 3/25/2022 EUR 71.820 DZ Bank AG Deutsche Ze16.600 3/25/2022 EUR 73.880 DZ Bank AG Deutsche Ze19.800 3/25/2022 EUR 69.320 Bank Julius Baer & Co 7.450 9/26/2022 USD 65.400 Zurcher Kantonalbank F18.000 07/01/2022 USD 68.160 Leonteq Securities AG/20.760 6/17/2022 CHF 38.050 Vontobel Financial Pro17.000 6/24/2022 EUR 72.420 Vontobel Financial Pro7.500 6/24/2022 EUR 52.680 Vontobel Financial Pro15.000 6/24/2022 EUR 46.260 Vontobel Financial Pro10.000 6/24/2022 EUR 50.090 Vontobel Financial Pro17.500 6/24/2022 EUR 44.870 Bank Julius Baer & Co 10.800 5/25/2022 USD 59.600 Leonteq Securities AG 13.000 12/21/2022 CHF 65.660 Leonteq Securities AG 15.000 6/21/2022 CHF 35.720 Zurcher Kantonalbank F10.500 06/02/2022 CHF 69.480 Raiffeisen Schweiz Gen10.500 6/21/2022 CHF 62.000 Corner Banca SA 12.000 12/21/2022 CHF 52.450 Vontobel Financial Pro7.000 6/24/2022 EUR 70.890 Vontobel Financial Pro19.500 6/24/2022 EUR 66.570 Vontobel Financial Pro16.500 6/24/2022 EUR 65.320 Vontobel Financial Pro11.000 6/24/2022 EUR 69.240 Vontobel Financial Pro16.000 6/24/2022 EUR 58.200 Vontobel Financial Pro12.000 6/24/2022 EUR 61.120 Leonteq Securities AG/10.000 7/19/2022 CHF 22.990 Vontobel Financial Pro10.000 9/23/2022 EUR 68.030 Vontobel Financial Pro11.500 6/24/2022 EUR 66.300 Zurcher Kantonalbank F24.000 6/17/2022 CHF 61.480 Vontobel Financial Pro11.000 6/24/2022 EUR 72.050 Zurcher Kantonalbank F12.000 6/21/2022 CHF 65.190 Vontobel Financial Pro19.500 6/24/2022 EUR 44.070 Leonteq Securities AG 13.200 10/19/2022 CHF 53.380 Zurcher Kantonalbank F18.000 6/30/2022 CHF 52.710 Bank Vontobel AG 14.000 12/19/2022 CHF 36.100 Bank Vontobel AG 12.500 9/19/2022 CHF 66.200 Bank Vontobel AG 7.000 9/19/2022 CHF 64.300 Leonteq Securities AG/14.200 10/19/2022 USD 53.190 UBS AG/London 14.750 4/14/2023 USD 65.800 UBS AG/London 13.250 4/14/2023 USD 68.950 UBS AG/London 13.000 10/06/2022 CHF 52.800 UBS AG/London 21.250 2/20/2023 CHF 56.750 UBS AG/London 9.250 2/27/2023 CHF 65.400 UBS AG/London 15.750 2/27/2023 CHF 56.750 Credit Suisse AG/Londo12.250 7/28/2022 CHF 72.530 Credit Suisse AG/Londo8.000 10/28/2022 CHF 66.860 Credit Suisse AG/Londo9.500 08/03/2022 CHF 61.610 UBS AG/London 10.250 02/06/2023 CHF 64.150 Bank Vontobel AG 15.000 8/29/2022 USD 51.800 Raiffeisen Schweiz Gen4.000 03/03/2023 CHF 73.430 Leonteq Securities AG/20.000 09/07/2022 USD 56.340 Societe Generale Effek17.000 5/27/2022 EUR 66.870 Leonteq Securities AG/26.200 09/07/2022 CHF 54.200 EFG International Fina11.000 1/23/2023 CHF 65.470 Raiffeisen Schweiz Gen10.000 1/16/2023 CHF 68.420 Leonteq Securities AG 23.400 11/02/2022 CHF 69.960 Banque Internationale 18.000 11/02/2022 EUR 59.430 DZ Bank AG Deutsche Ze20.700 9/23/2022 EUR 64.000 DZ Bank AG Deutsche Ze18.000 6/24/2022 EUR 64.960 Leonteq Securities AG 22.440 10/11/2022 CHF 53.860 DZ Bank AG Deutsche Ze22.900 9/23/2022 EUR 71.360 DZ Bank AG Deutsche Ze12.300 9/23/2022 EUR 76.320 Raiffeisen Schweiz Gen12.000 01/04/2023 CHF 63.220 Raiffeisen Switzerland17.500 11/08/2022 USD 59.320 Vontobel Financial Pro7.500 9/23/2022 EUR 60.120 Vontobel Financial Pro19.000 6/24/2022 EUR 53.840 Vontobel Financial Pro8.500 6/24/2022 EUR 59.680 Vontobel Financial Pro14.500 6/24/2022 EUR 55.600 Vontobel Financial Pro13.000 9/23/2022 EUR 70.880 Vontobel Financial Pro15.500 9/23/2022 EUR 68.130 Vontobel Financial Pro12.500 6/24/2022 EUR 71.100 Vontobel Financial Pro21.500 9/23/2022 EUR 64.670 Vontobel Financial Pro21.500 6/24/2022 EUR 63.350 Societe Generale Effek12.500 10/28/2022 EUR 70.500 Vontobel Financial Pro9.250 12/23/2022 EUR 55.170 Raiffeisen Schweiz Gen18.000 10/04/2022 CHF 48.860 UniCredit Bank AG 9.950 9/14/2022 EUR 61.020 Bank Julius Baer & Co 14.000 11/23/2022 CHF 69.700 DZ Bank AG Deutsche Ze18.500 11/25/2022 EUR 70.450 DZ Bank AG Deutsche Ze17.700 3/24/2023 EUR 71.470 Leonteq Securities AG 24.240 9/30/2022 CHF 61.540 Zurcher Kantonalbank F11.750 8/25/2022 CHF 69.540 Leonteq Securities AG/19.430 10/04/2022 CHF 49.590 Leonteq Securities AG/22.160 8/17/2022 CHF 49.070 Bank Vontobel AG 20.000 11/21/2022 CHF 63.300 Raiffeisen Schweiz Gen15.000 11/16/2022 CHF 71.000 Landesbank Baden-Wuert3.650 3/24/2023 EUR 65.990 Landesbank Baden-Wuert6.200 3/24/2023 EUR 62.710 Vontobel Financial Pro15.000 9/23/2022 EUR 67.440 DZ Bank AG Deutsche Ze9.500 9/21/2022 EUR 62.350 Vontobel Financial Pro16.750 9/23/2022 EUR 57.030 DZ Bank AG Deutsche Ze17.700 12/23/2022 EUR 70.940 DZ Bank AG Deutsche Ze20.400 12/23/2022 EUR 69.870 Leonteq Securities AG/19.330 10/04/2022 CHF 52.710 Vontobel Financial Pro17.000 9/23/2022 EUR 55.020 Vontobel Financial Pro6.000 9/23/2022 EUR 61.540 Bank Julius Baer & Co 7.900 2/13/2023 EUR 72.300 Zurcher Kantonalbank F20.500 9/13/2022 CHF 66.480 Leonteq Securities AG/24.440 09/02/2022 CHF 52.070 Vontobel Financial Pro5.500 12/23/2022 EUR 72.340 Vontobel Financial Pro15.000 12/23/2022 EUR 65.680 Raiffeisen Schweiz Gen16.000 9/20/2022 CHF 45.740 Raiffeisen Schweiz Gen16.000 9/20/2022 CHF 61.380 Leonteq Securities AG 25.680 9/23/2022 CHF 58.600 Leonteq Securities AG 20.880 9/23/2022 CHF 48.820 Vontobel Financial Pro15.000 9/23/2022 EUR 72.660 Vontobel Financial Pro17.000 9/23/2022 EUR 67.100 Vontobel Financial Pro20.000 9/23/2022 EUR 65.370 Vontobel Financial Pro18.500 9/23/2022 EUR 66.180 Vontobel Financial Pro17.500 6/24/2022 EUR 65.850 Vontobel Financial Pro19.500 6/24/2022 EUR 64.530 Vontobel Financial Pro24.000 6/24/2022 EUR 62.500 Vontobel Financial Pro18.250 9/23/2022 EUR 45.880 Zurcher Kantonalbank F13.000 09/08/2022 CHF 62.110 Zurcher Kantonalbank F26.000 09/09/2022 USD 52.360 DZ Bank AG Deutsche Ze9.400 12/23/2022 EUR 76.030 DZ Bank AG Deutsche Ze15.600 12/23/2022 EUR 72.890 DZ Bank AG Deutsche Ze15.100 9/23/2022 EUR 73.030 DZ Bank AG Deutsche Ze9.600 12/23/2022 EUR 58.970 DZ Bank AG Deutsche Ze17.100 12/23/2022 EUR 69.980 DZ Bank AG Deutsche Ze18.800 9/23/2022 EUR 71.630 Zurcher Kantonalbank F19.000 9/13/2022 USD 67.500 Zurcher Kantonalbank F18.000 9/13/2022 CHF 67.470 Zurcher Kantonalbank F27.000 9/13/2022 USD 51.670 Zurcher Kantonalbank F26.000 9/13/2022 CHF 51.210 Vontobel Financial Pro14.000 9/23/2022 EUR 56.320 Vontobel Financial Pro10.500 6/24/2022 EUR 58.150 Vontobel Financial Pro14.000 9/23/2022 EUR 52.940 Vontobel Financial Pro14.000 9/23/2022 EUR 46.580 Leonteq Securities AG 24.480 9/21/2022 CHF 55.120 Vontobel Financial Pro12.500 9/23/2022 EUR 54.820 Zurcher Kantonalbank F24.750 09/09/2022 CHF 51.940 Landesbank Baden-Wuert6.100 8/25/2023 EUR 61.460 DZ Bank AG Deutsche Ze14.700 12/23/2022 EUR 57.230 Vontobel Financial Pro15.250 9/23/2022 EUR 66.950 Bank Julius Baer & Co 7.600 09/02/2022 USD 54.250 Vontobel Financial Pro10.500 9/23/2022 EUR 57.760 Leonteq Securities AG/24.190 8/30/2022 CHF 46.590 Leonteq Securities AG/18.000 8/31/2022 CHF 63.330 EFG International Fina21.000 09/02/2022 USD 51.730 Banque Internationale 11.000 11/09/2022 CHF 68.960 Leonteq Securities AG/21.600 11/09/2022 CHF 61.760 Leonteq Securities AG/25.200 11/09/2022 CHF 66.440 Landesbank Baden-Wuert4.800 8/25/2023 EUR 62.990 Vontobel Financial Pro11.700 1/24/2023 USD 63.820 Zurcher Kantonalbank F20.000 10/26/2022 USD 58.210 DZ Bank AG Deutsche Ze17.000 6/24/2022 EUR 70.810 Leonteq Securities AG/11.000 1/19/2023 CHF 68.050 Vontobel Financial Pro16.500 9/23/2022 EUR 62.660 Vontobel Financial Pro15.500 6/24/2022 EUR 62.570 Bank Julius Baer & Co 13.000 6/22/2022 CHF 55.800 Bank Vontobel AG 13.750 03/06/2023 EUR 69.300 DZ Bank AG Deutsche Ze12.500 8/24/2022 EUR 55.160 Bank Vontobel AG 15.000 05/02/2023 CHF 61.600 DZ Bank AG Deutsche Ze23.000 6/24/2022 EUR 72.720 DZ Bank AG Deutsche Ze22.400 6/24/2022 EUR 65.450 Leonteq Securities AG 20.400 11/01/2022 CHF 72.230 Corner Banca SA 20.000 11/01/2022 USD 62.070 EFG International Fina12.000 7/21/2022 CHF 67.660 Raiffeisen Schweiz Gen12.250 05/02/2023 CHF 59.340 Zurcher Kantonalbank F6.750 7/27/2022 USD 62.660 Zurcher Kantonalbank F17.000 7/27/2022 CHF 58.150 Zurcher Kantonalbank F16.000 7/26/2022 CHF 64.340 Zurcher Kantonalbank F19.000 6/30/2022 USD 53.020 UBS AG/London 13.750 10/06/2023 USD 64.400 Credit Suisse AG/Londo12.500 7/29/2022 USD 36.330 Credit Suisse AG/Londo10.000 08/03/2022 EUR 60.700 UBS AG/London 13.000 04/06/2023 USD 54.850 Bank Julius Baer & Co 4.850 7/20/2022 CHF 68.950 UBS AG/London 12.000 02/06/2023 USD 69.400 DekaBank Deutsche Giro4.000 8/18/2022 EUR 64.410 DZ Bank AG Deutsche Ze10.750 8/24/2022 EUR 59.730 DZ Bank AG Deutsche Ze24.400 3/25/2022 EUR 72.510 Vontobel Financial Pro8.500 6/24/2022 EUR 73.180 Leonteq Securities AG 23.320 09/07/2022 CHF 55.960 Leonteq Securities AG/9.000 03/07/2023 USD 62.990 Vontobel Financial Pro13.500 9/23/2022 EUR 65.160 UniCredit Bank AG 7.650 7/18/2022 EUR 68.790 Leonteq Securities AG/22.790 6/22/2022 CHF 49.830 Vontobel Financial Pro10.500 6/24/2022 EUR 74.070 Vontobel Financial Pro13.000 6/24/2022 EUR 67.250 Vontobel Financial Pro5.500 6/24/2022 EUR 70.130 Vontobel Financial Pro8.500 6/24/2022 EUR 65.060 Credit Suisse AG/Londo9.500 6/21/2022 USD 44.880 Leonteq Securities AG/10.000 1/19/2023 USD 37.000 DZ Bank AG Deutsche Ze11.250 7/20/2022 EUR 52.250 Credit Suisse AG/Londo9.500 10/18/2022 CHF 59.640 Credit Suisse AG/Londo12.250 10/24/2022 CHF 52.550 Credit Suisse AG/Londo13.500 10/24/2022 USD 52.740 Bank Vontobel AG 16.500 10/31/2022 CHF 58.100 DZ Bank AG Deutsche Ze19.200 3/25/2022 EUR 67.980 DZ Bank AG Deutsche Ze18.300 6/24/2022 EUR 61.260 DZ Bank AG Deutsche Ze20.000 6/24/2022 EUR 60.060 DZ Bank AG Deutsche Ze16.400 9/23/2022 EUR 61.770 EFG International Fina14.000 10/13/2022 CHF 57.180 Vontobel Financial Pro11.500 9/23/2022 EUR 65.340 Vontobel Financial Pro16.500 9/23/2022 EUR 62.290 Vontobel Financial Pro14.000 9/23/2022 EUR 63.670 Vontobel Financial Pro19.500 9/23/2022 EUR 61.570 Vontobel Financial Pro9.000 9/23/2022 EUR 67.350 Luzerner Kantonalbank 7.500 08/09/2023 CHF 69.570 Bank Vontobel AG 14.000 9/19/2022 CHF 48.300 Bank Vontobel AG 13.002 9/19/2022 CHF 26.900 UBS AG/London 9.750 04/06/2023 USD 61.050 Credit Suisse AG/Londo18.250 08/08/2022 USD 47.200 Zurcher Kantonalbank F23.000 10/20/2022 CHF 66.090 Zurcher Kantonalbank F14.500 10/24/2022 USD 40.980 UBS AG/London 10.000 12/30/2022 CHF 68.550 Bank Vontobel AG 10.000 1/23/2023 CHF 60.800 UBS AG/London 18.750 02/06/2023 CHF 61.650 Leonteq Securities AG/10.600 7/19/2022 USD 37.800 Leonteq Securities AG/13.000 7/19/2022 USD 43.250 Leonteq Securities AG/27.800 4/22/2022 CHF #N/A N/A Leonteq Securities AG/20.000 7/20/2022 CHF 67.860 Vontobel Financial Pro10.500 9/23/2022 EUR 45.080 Zurcher Kantonalbank F16.000 7/28/2022 CHF 61.310 Vontobel Financial Pro27.900 05/09/2022 EUR 69.170 Raiffeisen Schweiz Gen15.000 06/07/2022 CHF 69.660 Leonteq Securities AG/24.870 6/14/2022 CHF 28.710 Bank Julius Baer & Co 16.000 9/23/2022 CHF 56.450 UniCredit Bank AG 7.400 12/07/2022 EUR 65.570 VTB Bank PJSC 0.010 10/14/2026 RUB 65.930 Credit Suisse AG/Londo17.000 11/10/2022 USD 52.060 Credit Suisse AG/Londo9.250 11/10/2022 CHF 62.630 UniCredit Bank AG 11.700 12/15/2022 EUR 69.600 Zurcher Kantonalbank F16.000 02/09/2022 CHF 67.400 Societe Generale Effek17.000 3/25/2022 EUR 59.530 EFG International Fina22.900 6/15/2022 CHF 47.530 Zurcher Kantonalbank F20.500 08/09/2022 CHF 54.970 Landesbank Baden-Wuert3.150 6/24/2022 EUR 37.020 Vontobel Financial Pro11.100 1/31/2022 EUR 57.170 Landesbank Baden-Wuert4.700 9/23/2022 EUR 60.740 Landesbank Baden-Wuert9.000 9/23/2022 EUR 70.160 Vontobel Financial Pro17.750 6/24/2022 EUR 39.540 Landesbank Baden-Wuert2.850 9/23/2022 EUR 64.080 Societe Generale Effek18.250 6/24/2022 EUR 70.170 Leonteq Securities AG/22.450 7/29/2022 CHF 50.150 Vontobel Financial Pro14.750 6/24/2022 EUR 35.700 Vontobel Financial Pro17.000 9/23/2022 EUR 58.070 Landesbank Baden-Wuert4.850 6/24/2022 EUR 32.100 Vontobel Financial Pro12.000 6/24/2022 EUR 63.370 Leonteq Securities AG/20.000 7/29/2022 CHF 67.010 Societe Generale Effek18.000 5/27/2022 EUR 61.080 Landesbank Baden-Wuert11.000 3/25/2022 EUR 68.120 Vontobel Financial Pro19.000 9/23/2022 EUR 47.710 UniCredit Bank AG 12.000 8/18/2022 EUR 53.920 Bank Vontobel AG 11.000 08/01/2022 EUR 70.800 Vontobel Financial Pro11.750 6/24/2022 EUR 47.500 UBS AG/London 12.250 06/09/2022 CHF 54.250 EFG International Fina11.000 06/10/2022 USD 53.300 Bank Vontobel AG 7.504 6/13/2022 CHF 49.900 Leonteq Securities AG 12.000 6/15/2022 CHF 48.910 EFG International Fina6.200 12/18/2023 USD 47.070 Vontobel Financial Pro4.050 7/15/2022 EUR 34.790 Leonteq Securities AG 13.000 6/21/2022 CHF 54.040 Leonteq Securities AG/16.000 6/21/2022 USD 52.250 EFG International Fina6.000 12/22/2023 USD 51.700 Corner Banca SA 14.000 11/02/2022 CHF 61.290 Leonteq Securities AG 15.000 08/02/2022 CHF 41.780 Leonteq Securities AG/17.000 08/02/2022 USD 47.780 Leonteq Securities AG/10.000 1/30/2023 USD 64.960 Leonteq Securities AG/20.000 08/03/2022 CHF 54.890 Corner Banca SA 20.000 8/30/2022 USD 59.120 Leonteq Securities AG 10.000 03/10/2023 CHF 61.040 EFG International Fina9.000 1/16/2023 CHF 65.190 Leonteq Securities AG/22.770 8/30/2022 CHF 55.620 Leonteq Securities AG 15.000 9/13/2022 CHF 48.320 Corner Banca SA 17.000 12/13/2022 USD 58.550 Leonteq Securities AG/18.000 9/13/2022 USD 58.650 Leonteq Securities AG/10.000 12/13/2022 USD 60.950 Vontobel Financial Pro13.750 6/24/2022 EUR 71.980 Vontobel Financial Pro10.750 6/24/2022 EUR 68.960 Societe Generale Effek16.750 6/24/2022 EUR 63.040 Leonteq Securities AG/20.000 7/13/2022 CHF 67.540 Vontobel Financial Pro14.000 9/23/2022 EUR 72.910 Bank Julius Baer & Co 14.500 1/13/2023 USD 47.750 UniCredit Bank AG 10.300 9/27/2024 EUR 70.400 Societe Generale Effek16.000 7/22/2022 EUR 63.750 Leonteq Securities AG/24.610 7/15/2022 CHF 60.960 Raiffeisen Schweiz Gen18.520 7/13/2022 CHF 48.880 Zurcher Kantonalbank F15.000 7/20/2022 CHF 65.030 Leonteq Securities AG/22.000 09/09/2022 CHF 49.970 Vontobel Financial Pro17.850 03/10/2022 USD 67.670 Vontobel Financial Pro17.750 6/24/2022 EUR 53.690 Leonteq Securities AG/28.010 4/19/2022 CHF 23.340 Leonteq Securities AG/23.000 09/09/2022 CHF 60.680 Bank Julius Baer & Co 14.580 09/09/2022 USD 45.750 Bank Vontobel AG 6.504 12/05/2022 CHF 62.300 Bank Vontobel AG 6.504 12/05/2022 CHF 62.300 UniCredit Bank AG 10.500 9/23/2024 EUR 72.090 Leonteq Securities AG/16.000 8/30/2022 CHF 45.300 Vontobel Financial Pro18.650 06/09/2022 EUR 24.060 SG Issuer SA 0.021 6/14/2033 EUR 25.730 Bank Julius Baer & Co 9.500 10/13/2022 CHF 71.700 Vontobel Financial Pro14.000 6/24/2022 EUR 54.090 Raiffeisen Centrobank 7.500 09/01/2023 EUR #N/A N/A Credit Suisse AG/Londo11.000 4/15/2022 USD 47.840 Vontobel Financial Pro11.500 6/24/2022 EUR 73.220 Vontobel Financial Pro14.000 6/24/2022 EUR 71.290 Vontobel Financial Pro19.000 6/24/2022 EUR 73.250 Vontobel Financial Pro19.500 6/24/2022 EUR 72.320 Vontobel Financial Pro20.500 3/25/2022 EUR 73.510 Vontobel Financial Pro13.000 3/25/2022 EUR 71.850 Societe Generale Effek15.000 2/25/2022 EUR 64.590 UniCredit Bank AG 3.600 09/02/2024 EUR 70.790 EFG International Fina22.000 9/15/2022 CHF 52.340 Vontobel Financial Pro16.000 6/24/2022 EUR 61.040 Vontobel Financial Pro19.500 6/24/2022 EUR 59.370 Vontobel Financial Pro17.000 6/24/2022 EUR 70.540 Vontobel Financial Pro18.000 6/24/2022 EUR 69.790 Leonteq Securities AG 18.000 10/06/2022 CHF 62.140 Corner Banca SA 16.000 07/06/2022 CHF 69.940 Zurcher Kantonalbank F15.000 7/13/2022 CHF 54.140 Leonteq Securities AG/10.000 10/05/2022 CHF 56.680 Vontobel Financial Pro7.350 6/15/2022 USD 63.910 Vontobel Financial Pro8.700 04/04/2022 CHF 63.390 Vontobel Financial Pro15.500 6/24/2022 EUR 69.360 Zurcher Kantonalbank F11.250 07/06/2022 EUR 48.260 Zurcher Kantonalbank F15.250 07/06/2022 CHF 60.380 Vontobel Financial Pro20.000 6/24/2022 EUR 62.220 Leonteq Securities AG/22.520 07/06/2022 CHF 29.730 Leonteq Securities AG/20.000 07/06/2022 CHF 61.800 Vontobel Financial Pro8.000 6/24/2022 EUR 67.590 Vontobel Financial Pro12.500 6/24/2022 EUR 69.460 Vontobel Financial Pro5.000 6/24/2022 EUR 73.310 Vontobel Financial Pro16.450 6/24/2022 EUR 69.290 Vontobel Financial Pro16.250 6/24/2022 EUR 69.540 Societe Generale Effek18.750 2/25/2022 EUR 61.790 DZ Bank AG Deutsche Ze15.750 2/23/2022 EUR 65.040 UniCredit Bank AG 5.250 12/01/2023 EUR 42.850 Vontobel Financial Pro13.000 6/24/2022 EUR 63.240 Vontobel Financial Pro18.000 6/24/2022 EUR 60.280 Vontobel Financial Pro19.500 6/24/2022 EUR 69.290 Vontobel Financial Pro16.000 6/24/2022 EUR 71.340 EFG International Fina17.000 9/15/2022 EUR 58.480 Zurcher Kantonalbank F12.000 7/14/2022 CHF 63.640 Bank Vontobel AG 7.500 01/03/2023 EUR 48.700 Bank Vontobel AG 17.500 07/04/2022 CHF 46.900 Bank Vontobel AG 9.250 01/04/2023 CHF 47.700 Vontobel Financial Pro8.500 6/24/2022 EUR 63.250 EFG International Fina17.000 07/08/2022 USD 48.300 Zurcher Kantonalbank F10.750 7/15/2022 EUR 49.530 Societe Generale SA 11.000 7/14/2026 USD 52.750 DZ Bank AG Deutsche Ze10.000 12/23/2022 EUR 70.740 DZ Bank AG Deutsche Ze10.000 6/24/2022 EUR 71.860 Leonteq Securities AG 22.340 4/14/2022 CHF 39.500 Leonteq Securities AG 26.140 4/14/2022 CHF 49.040 EFG International Fina18.000 4/14/2022 CHF 41.920 Zurcher Kantonalbank F15.000 4/26/2022 USD 52.830 Zurcher Kantonalbank F15.000 4/22/2022 CHF 60.480 UBS AG/London 11.250 4/14/2023 CHF 71.250 UBS AG/London 11.750 10/14/2022 CHF 63.250 Leonteq Securities AG 23.390 4/19/2022 CHF 43.760 Vontobel Financial Pro21.500 3/25/2022 EUR 72.390 Bank Julius Baer & Co 13.000 4/20/2022 USD 65.500 Vontobel Financial Pro10.000 9/23/2022 EUR 55.470 Vontobel Financial Pro15.000 6/24/2022 EUR 52.170 Vontobel Financial Pro18.000 6/24/2022 EUR 50.280 UBS AG/London 12.000 1/16/2023 CHF 68.550 Vontobel Financial Pro16.750 6/24/2022 EUR 68.730 Vontobel Financial Pro12.000 6/24/2022 EUR 63.710 Vontobel Financial Pro11.200 7/26/2022 EUR 69.330 Zurcher Kantonalbank F27.500 08/02/2022 CHF 67.660 Bank Vontobel AG 12.500 1/24/2023 CHF 63.800 Leonteq Securities AG 20.410 9/14/2022 CHF 45.450 DZ Bank AG Deutsche Ze17.100 6/24/2022 EUR 70.530 DZ Bank AG Deutsche Ze21.100 9/23/2022 EUR 68.380 DZ Bank AG Deutsche Ze16.500 6/24/2022 EUR 73.060 Vontobel Financial Pro8.500 6/24/2022 EUR 59.610 Vontobel Financial Pro13.500 6/24/2022 EUR 55.470 Vontobel Financial Pro12.000 6/24/2022 EUR 72.220 SG Issuer SA 2.100 5/16/2033 EUR 28.080 Zurcher Kantonalbank F6.500 6/14/2022 CHF 65.130 Leonteq Securities AG/12.000 06/08/2022 CHF 23.110 Credit Suisse AG/Londo10.250 06/02/2022 USD 50.300 Vontobel Financial Pro6.000 9/23/2022 EUR 71.040 Credit Suisse AG/Londo11.500 06/01/2022 EUR 71.450 UniCredit Bank AG 10.400 08/11/2022 EUR 66.510 SG Issuer SA 0.021 07/07/2033 EUR 24.630 Vontobel Financial Pro16.000 6/24/2022 EUR 45.510 Vontobel Financial Pro12.750 6/24/2022 EUR 74.020 Vontobel Financial Pro10.000 6/24/2022 EUR 58.120 Leonteq Securities AG/10.000 07/06/2022 EUR 34.340 Societe Generale Effek20.750 2/25/2022 EUR 64.650 Leonteq Securities AG/9.000 09/07/2022 CHF 69.630 Leonteq Securities AG/8.000 12/07/2022 CHF 55.310 Zurcher Kantonalbank F14.000 6/14/2022 CHF 70.300 Vontobel Financial Pro9.750 6/24/2022 EUR 46.020 Leonteq Securities AG/4.000 4/19/2022 EUR 60.730 Leonteq Securities AG 12.000 4/21/2022 CHF 57.210 Landesbank Baden-Wuert3.100 1/28/2022 EUR 75.000 Landesbank Baden-Wuert3.000 1/28/2022 EUR 38.710 Landesbank Baden-Wuert5.550 1/28/2022 EUR 34.210 Zurcher Kantonalbank F7.500 4/29/2022 CHF 63.880 Zurcher Kantonalbank F8.000 4/29/2022 USD 63.920 UniCredit Bank AG 10.700 02/03/2025 EUR 72.670 UniCredit Bank AG 10.700 2/17/2025 EUR 73.080 Vontobel Financial Pro12.000 3/25/2022 EUR 57.290 Vontobel Financial Pro12.000 3/25/2022 EUR 71.680 Vontobel Financial Pro15.000 3/25/2022 EUR 65.590 Vontobel Financial Pro7.000 3/25/2022 EUR 36.230 Vontobel Financial Pro10.000 3/25/2022 EUR 32.800 Vontobel Financial Pro11.500 3/25/2022 EUR 31.420 Vontobel Financial Pro14.000 3/25/2022 EUR 65.280 Vontobel Financial Pro8.000 3/25/2022 EUR 62.970 Vontobel Financial Pro8.000 3/25/2022 EUR 34.330 Vontobel Financial Pro13.000 3/25/2022 EUR 30.190 Vontobel Financial Pro14.000 3/25/2022 EUR 51.700 Vontobel Financial Pro11.000 3/25/2022 EUR 59.610 Vontobel Financial Pro9.500 3/25/2022 EUR 62.070 Vontobel Financial Pro11.000 3/25/2022 EUR 69.600 Vontobel Financial Pro13.500 3/25/2022 EUR 68.480 Vontobel Financial Pro18.000 3/25/2022 EUR 60.610 Vontobel Financial Pro16.500 3/25/2022 EUR 62.980 Leonteq Securities AG/10.000 07/06/2022 EUR 56.920 Zurcher Kantonalbank F17.250 09/02/2022 CHF 39.730 Vontobel Financial Pro19.750 9/23/2022 EUR 56.280 Landesbank Baden-Wuert3.150 7/22/2022 EUR 56.800 Landesbank Baden-Wuert9.250 7/22/2022 EUR 51.680 DZ Bank AG Deutsche Ze20.200 6/24/2022 EUR 64.090 DZ Bank AG Deutsche Ze17.800 3/25/2022 EUR 49.140 Vontobel Financial Pro18.350 9/23/2022 EUR 52.220 Vontobel Financial Pro13.750 6/24/2022 EUR 41.990 DekaBank Deutsche Giro4.000 07/07/2022 EUR 55.430 DZ Bank AG Deutsche Ze23.500 6/24/2022 EUR 71.060 Societe Generale Effek12.750 6/24/2022 EUR 68.790 Societe Generale Effek14.750 6/24/2022 EUR 66.170 Vontobel Financial Pro9.500 6/24/2022 EUR 53.960 Landesbank Baden-Wuert4.500 7/22/2022 EUR 54.420 Landesbank Baden-Wuert7.200 7/22/2022 EUR 53.140 Citigroup Global Marke8.200 3/21/2024 SEK 63.420 Bank Julius Baer & Co 10.150 4/25/2022 USD 54.100 Vontobel Financial Pro17.500 3/25/2022 EUR 71.680 Vontobel Financial Pro10.500 3/25/2022 EUR 26.510 UniCredit Bank AG 8.200 2/16/2022 EUR 62.110 Leonteq Securities AG 15.000 1/25/2022 CHF 57.100 Leonteq Securities AG/13.000 7/25/2022 USD 50.070 Landesbank Baden-Wuert3.100 7/22/2022 EUR 66.420 Landesbank Baden-Wuert8.750 7/22/2022 EUR 54.130 Credit Suisse AG/Londo10.000 06/07/2022 CHF 62.170 EFG International Fina8.260 8/26/2022 USD 59.000 Bank Vontobel AG 10.000 07/12/2022 CHF 68.200 EFG International Fina24.360 5/27/2022 CHF 37.970 Leonteq Securities AG/24.600 8/26/2022 USD 53.230 Vontobel Financial Pro9.000 06/08/2022 EUR 61.950 SG Issuer SA 0.021 8/15/2033 EUR 21.970 Landesbank Baden-Wuert5.850 7/22/2022 EUR 58.690 DZ Bank AG Deutsche Ze24.400 3/25/2022 EUR 70.490 Zurcher Kantonalbank F20.000 6/15/2022 USD 59.780 Zurcher Kantonalbank F19.250 6/15/2022 CHF 59.530 Leonteq Securities AG/7.000 07/06/2022 EUR 38.070 Vontobel Financial Pro13.400 8/29/2022 EUR 64.760 Societe Generale Effek12.250 7/22/2022 EUR 69.390 Societe Generale Effek14.250 7/22/2022 EUR 66.700 DZ Bank AG Deutsche Ze24.000 6/24/2022 EUR 69.000 Credit Suisse AG/Londo11.000 06/08/2022 CHF 67.130 Societe Generale Effek13.750 9/23/2022 EUR 70.940 Societe Generale Effek14.250 9/23/2022 EUR 64.990 Vontobel Financial Pro11.500 9/23/2022 EUR 67.600 Zurcher Kantonalbank F20.000 7/22/2022 USD 50.110 Corner Banca SA 13.200 12/07/2022 CHF 53.050 Leonteq Securities AG/9.500 12/08/2022 EUR 63.010 Vontobel Financial Pro8.500 9/23/2022 EUR 71.280 Vontobel Financial Pro13.000 9/23/2022 EUR 58.570 Vontobel Financial Pro18.000 9/23/2022 EUR 55.830 Vontobel Financial Pro16.250 9/23/2022 EUR 69.350 DZ Bank AG Deutsche Ze16.800 9/23/2022 EUR 58.290 DZ Bank AG Deutsche Ze17.600 9/23/2022 EUR 73.280 DZ Bank AG Deutsche Ze15.500 6/24/2022 EUR 73.820 DZ Bank AG Deutsche Ze17.600 6/24/2022 EUR 72.500 DZ Bank AG Deutsche Ze18.700 6/24/2022 EUR 71.750 DZ Bank AG Deutsche Ze19.800 6/24/2022 EUR 71.170 DZ Bank AG Deutsche Ze21.000 6/24/2022 EUR 70.620 Vontobel Financial Pro11.000 6/24/2022 EUR 57.370 Vontobel Financial Pro16.000 6/24/2022 EUR 53.860 DZ Bank AG Deutsche Ze14.400 9/23/2022 EUR 71.830 Societe Generale SA 11.180 9/14/2023 USD 72.333 Leonteq Securities AG/22.810 08/09/2022 CHF 46.090 Vontobel Financial Pro14.500 6/24/2022 EUR 62.080 Vontobel Financial Pro14.500 6/24/2022 EUR 71.960 Vontobel Financial Pro11.500 6/24/2022 EUR 64.510 EFG International Fina15.000 9/15/2022 USD 62.730 DZ Bank AG Deutsche Ze16.700 9/23/2022 EUR 73.670 Vontobel Financial Pro13.000 9/23/2022 EUR 71.330 Vontobel Financial Pro18.500 6/24/2022 EUR 52.510 DZ Bank AG Deutsche Ze18.600 9/23/2022 EUR 67.620 Bank Julius Baer & Co 7.300 2/22/2022 EUR 66.250 UBS AG/London 13.500 5/18/2022 CHF 40.700 Landesbank Baden-Wuert2.200 1/27/2023 EUR 36.000 Landesbank Baden-Wuert3.400 8/23/2024 EUR 37.030 Vontobel Financial Pro14.000 9/23/2022 EUR 53.020 Vontobel Financial Pro12.500 9/23/2022 EUR 53.610 Vontobel Financial Pro11.500 9/23/2022 EUR 54.650 Vontobel Financial Pro12.000 6/24/2022 EUR 54.560 Vontobel Financial Pro15.000 9/23/2022 EUR 52.210 Vontobel Financial Pro13.500 6/24/2022 EUR 53.300 Vontobel Financial Pro16.500 6/24/2022 EUR 51.170 Vontobel Financial Pro17.250 6/24/2022 EUR 49.930 Societe Generale Effek13.500 8/26/2022 EUR 66.500 Credit Suisse AG/Londo4.460 7/26/2023 USD 9.600 Societe Generale Effek11.500 8/26/2022 EUR 69.200 Leonteq Securities AG/11.000 1/26/2023 USD 64.410 Vontobel Financial Pro10.500 9/23/2022 EUR 65.670 Vontobel Financial Pro7.500 9/23/2022 EUR 69.240 Leonteq Securities AG/8.500 11/14/2022 EUR 75.620 Raiffeisen Schweiz Gen13.200 08/02/2022 USD 47.880 Raiffeisen Schweiz Gen12.500 08/02/2022 CHF 67.180 Zurcher Kantonalbank F29.250 08/09/2022 CHF 56.050 Leonteq Securities AG/18.000 5/17/2022 USD 60.820 Leonteq Securities AG/13.200 5/13/2022 USD 65.400 Leonteq Securities AG/10.000 8/17/2022 CHF 61.470 Vontobel Financial Pro18.500 6/24/2022 EUR 61.270 Raiffeisen Schweiz Gen16.200 9/14/2022 CHF 48.200 Raiffeisen Switzerland10.000 03/10/2023 EUR 67.290 DZ Bank AG Deutsche Ze15.750 9/21/2022 EUR 72.660 Bank Julius Baer & Co 13.500 9/14/2022 CHF 60.250 Leonteq Securities AG/28.120 08/04/2022 CHF 46.710 DekaBank Deutsche Giro3.000 12/29/2022 EUR 72.940 UniCredit Bank AG 5.550 7/19/2022 EUR 71.660 EFG International Fina7.000 5/23/2022 EUR 36.590 SG Issuer SA 7.500 1/20/2025 SEK 66.580 Landesbank Baden-Wuert3.300 5/27/2022 EUR 54.990 Raiffeisen Switzerland4.800 11/23/2023 CHF 54.880 UniCredit Bank AG 4.450 12/29/2022 EUR 35.780 Leonteq Securities AG/10.000 11/17/2022 USD 75.980 Leonteq Securities AG 8.500 11/17/2022 CHF 75.220 Vontobel Financial Pro21.000 6/24/2022 EUR 73.030 Vontobel Financial Pro5.550 5/18/2022 EUR 58.990 Vontobel Financial Pro11.300 5/17/2022 USD 68.890 Leonteq Securities AG/4.000 03/08/2022 EUR 52.520 EFG International Fina13.000 11/14/2022 CHF 63.220 Societe Generale Effek15.250 5/27/2022 EUR 68.890 Bank Julius Baer & Co 11.200 5/18/2022 CHF 74.250 DekaBank Deutsche Giro3.100 04/08/2022 EUR 69.200 DekaBank Deutsche Giro3.300 04/08/2022 EUR 47.610 Landesbank Baden-Wuert2.500 6/24/2022 EUR 62.100 Zurcher Kantonalbank F28.500 08/02/2022 USD 68.100 Leonteq Securities AG 10.000 10/26/2022 CHF 65.860 Leonteq Securities AG 12.000 1/26/2023 CHF 60.630 EFG International Fina7.500 7/26/2022 USD 70.830 Raiffeisen Schweiz Gen12.500 7/26/2022 CHF 67.770 Raiffeisen Schweiz Gen14.000 7/26/2022 CHF 65.060 Raiffeisen Schweiz Gen9.500 1/26/2023 CHF 69.690 Leonteq Securities AG/21.420 7/27/2022 CHF 51.740 Landesbank Baden-Wuert3.300 1/27/2023 EUR 58.170 UniCredit Bank AG 12.400 8/17/2022 EUR 52.630 UniCredit Bank AG 5.750 8/17/2022 EUR 63.680 Landesbank Baden-Wuert5.150 1/27/2023 EUR 55.290 Landesbank Baden-Wuert7.200 1/27/2023 EUR 53.010 Landesbank Baden-Wuert4.200 1/27/2023 EUR 72.690 Landesbank Baden-Wuert6.600 1/27/2023 EUR 66.240 Leonteq Securities AG/10.750 10/28/2022 EUR 65.650 Bank Julius Baer & Co 10.200 5/30/2023 EUR 13.450 Landesbank Baden-Wuert8.750 1/27/2023 EUR 62.860 Bank Julius Baer & Co 9.600 7/29/2022 USD 63.000 Vontobel Financial Pro14.000 4/26/2022 CHF 51.740 Vontobel Financial Pro16.520 1/30/2023 EUR 71.790 Leonteq Securities AG/11.000 03/01/2023 CHF 61.960 Landesbank Baden-Wuert3.050 9/23/2022 EUR 58.590 Bayerische Landesbank 2.000 2/18/2022 EUR 63.890 Corner Banca SA 15.000 05/02/2022 USD 50.090 Leonteq Securities AG/10.000 4/29/2022 USD 46.820 Leonteq Securities AG/21.880 06/10/2022 CHF 71.540 Leonteq Securities AG/21.760 06/10/2022 CHF 49.490 Vontobel Financial Pro15.000 6/24/2022 EUR 68.430 Vontobel Financial Pro18.000 6/24/2022 EUR 46.110 Vontobel Financial Pro19.500 6/24/2022 EUR 66.450 Vontobel Financial Pro9.250 6/24/2022 EUR 69.240 Leonteq Securities AG 10.000 12/14/2022 CHF 67.550 BNP Paribas Issuance B6.240 3/28/2022 JPY 58.570 Leonteq Securities AG/10.000 3/22/2022 CHF 45.870 Leonteq Securities AG/18.000 3/22/2022 USD 47.770 Landesbank Baden-Wuert4.800 2/25/2022 EUR 43.740 EFG International Fina10.500 02/07/2022 EUR 51.210 UniCredit Bank AG 12.700 2/25/2022 EUR 62.130 DZ Bank AG Deutsche Ze16.700 3/25/2022 EUR 61.040 Raiffeisen Switzerland9.000 03/08/2022 CHF 69.600 Leonteq Securities AG/1.200 03/05/2026 EUR 51.360 Zurcher Kantonalbank F18.500 3/18/2022 CHF 54.670 Societe Generale Effek22.000 3/25/2022 EUR 72.550 Vontobel Financial Pro17.750 3/25/2022 EUR 39.250 Goldman Sachs & Co Wer22.000 3/23/2022 EUR 74.470 Goldman Sachs & Co Wer23.000 1/26/2022 EUR 72.420 Goldman Sachs & Co Wer21.000 2/23/2022 EUR 73.920 Goldman Sachs & Co Wer20.000 3/23/2022 EUR 73.350 Vontobel Financial Pro15.000 3/25/2022 EUR 46.240 Vontobel Financial Pro19.000 3/25/2022 EUR 41.510 Vontobel Financial Pro16.500 3/25/2022 EUR 65.840 Vontobel Financial Pro18.000 3/25/2022 EUR 44.170 Vontobel Financial Pro13.500 3/25/2022 EUR 49.710 Vontobel Financial Pro14.500 3/25/2022 EUR 48.120 Vontobel Financial Pro15.500 3/25/2022 EUR 46.660 Vontobel Financial Pro17.000 3/25/2022 EUR 45.390 Vontobel Financial Pro12.000 3/25/2022 EUR 51.360 Vontobel Financial Pro22.000 3/25/2022 EUR 57.320 Vontobel Financial Pro16.500 3/25/2022 EUR 65.990 Vontobel Financial Pro12.000 3/25/2022 EUR 30.020 Vontobel Financial Pro17.500 3/25/2022 EUR 27.280 Vontobel Financial Pro16.000 3/25/2022 EUR 28.130 Vontobel Financial Pro11.000 3/25/2022 EUR 53.250 Bank Vontobel AG 25.003 1/27/2022 CHF 55.700 EFG International Fina15.000 02/10/2022 EUR 54.230 UBS AG/London 14.000 02/10/2022 CHF 47.550 UBS AG/London 7.750 08/10/2022 CHF 47.650 Vontobel Financial Pro17.500 3/25/2022 EUR 71.540 Vontobel Financial Pro16.000 3/25/2022 EUR 44.920 Vontobel Financial Pro24.500 3/25/2022 EUR 36.400 Zurcher Kantonalbank F15.000 2/23/2022 CHF 70.690 DZ Bank AG Deutsche Ze3.000 12/23/2022 EUR 63.320 DZ Bank AG Deutsche Ze5.000 12/23/2022 EUR 56.220 DZ Bank AG Deutsche Ze7.000 12/23/2022 EUR 52.380 Leonteq Securities AG/15.740 08/10/2022 USD 48.520 Bank Vontobel AG 21.502 05/12/2022 CHF 58.800 Bank Vontobel AG 16.000 05/12/2022 CHF 43.500 Leonteq Securities AG/12.000 2/16/2022 CHF 39.790 Leonteq Securities AG 12.400 05/12/2022 CHF 66.900 Corner Banca SA 15.000 05/12/2022 CHF 55.840 Bank Julius Baer & Co 14.500 02/10/2023 CHF 54.600 Leonteq Securities AG/20.000 08/10/2022 CHF 71.460 Raiffeisen Schweiz Gen10.000 6/29/2022 CHF 66.730 Raiffeisen Schweiz Gen20.000 6/29/2022 CHF 59.190 Raiffeisen Schweiz Gen11.000 6/29/2022 CHF 65.830 Vontobel Financial Pro9.400 12/30/2022 CHF 46.620 Erste Group Bank AG 4.500 08/02/2025 EUR 72.450 Erste Group Bank AG 5.500 08/02/2025 EUR 67.600 Leonteq Securities AG/20.000 6/29/2022 CHF 61.190 Leonteq Securities AG/24.020 6/29/2022 CHF 58.670 UniCredit Bank AG 9.800 7/27/2022 EUR 55.740 UniCredit Bank AG 9.250 7/27/2022 EUR 72.860 Zurcher Kantonalbank F15.750 07/08/2022 USD 63.100 Bank Vontobel AG 7.000 12/27/2022 CHF 59.800 Zurcher Kantonalbank F10.400 07/08/2022 CHF 67.420 Landesbank Baden-Wuert4.150 6/23/2023 EUR 51.220 Landesbank Baden-Wuert2.800 6/23/2023 EUR 53.100 Landesbank Baden-Wuert3.800 6/23/2023 EUR 58.080 Landesbank Baden-Wuert2.600 6/23/2023 EUR 60.920 Landesbank Baden-Wuert4.500 6/23/2023 EUR 72.060 Landesbank Baden-Wuert5.000 6/23/2023 EUR 55.850 EFG International Fina17.000 6/30/2022 CHF 56.950 EFG International Fina10.010 6/30/2022 EUR 66.890 Leonteq Securities AG/21.520 07/01/2022 CHF 68.140 Leonteq Securities AG/25.460 07/01/2022 CHF 33.560 Bank Julius Baer & Co 9.000 07/01/2022 USD 60.150 Vontobel Financial Pro7.700 08/02/2022 CHF 51.460 Vontobel Financial Pro3.750 01/03/2023 EUR 46.510 Leonteq Securities AG 15.000 6/15/2022 CHF 36.510 Leonteq Securities AG 11.000 9/15/2022 CHF 66.000 Vontobel Financial Pro16.000 6/24/2022 EUR 70.180 Vontobel Financial Pro20.500 6/24/2022 EUR 68.780 Vontobel Financial Pro5.500 6/24/2022 EUR 70.270 Vontobel Financial Pro18.000 6/24/2022 EUR 71.020 Credit Suisse AG/Londo11.000 6/15/2022 CHF 62.750 Raiffeisen Schweiz Gen10.000 12/14/2022 CHF 67.680 Vontobel Financial Pro20.500 6/24/2022 EUR 72.820 Vontobel Financial Pro12.400 3/16/2022 EUR 42.040 Bank Vontobel AG 15.001 9/13/2022 CHF 53.800 Landesbank Baden-Wuert8.600 6/24/2022 EUR 49.590 Landesbank Baden-Wuert5.100 6/24/2022 EUR 56.140 DZ Bank AG Deutsche Ze24.400 6/24/2022 EUR 66.430 DZ Bank AG Deutsche Ze20.000 6/24/2022 EUR 68.370 DZ Bank AG Deutsche Ze17.600 6/24/2022 EUR 46.750 DZ Bank AG Deutsche Ze18.900 3/25/2022 EUR 64.480 DZ Bank AG Deutsche Ze21.700 6/24/2022 EUR 71.170 Landesbank Baden-Wuert3.250 6/24/2022 EUR 71.030 DZ Bank AG Deutsche Ze15.800 3/25/2022 EUR 71.460 DZ Bank AG Deutsche Ze15.800 6/24/2022 EUR 71.750 DZ Bank AG Deutsche Ze22.500 3/25/2022 EUR 70.100 DZ Bank AG Deutsche Ze24.500 6/24/2022 EUR 70.590 Landesbank Baden-Wuert10.500 6/24/2022 EUR 46.460 Landesbank Baden-Wuert2.500 6/24/2022 EUR 57.020 Landesbank Baden-Wuert4.200 6/24/2022 EUR 53.530 Landesbank Baden-Wuert7.150 6/24/2022 EUR 49.430 Vontobel Financial Pro3.500 07/03/2023 EUR 70.200 EFG International Fina18.000 6/16/2022 CHF 46.990 EFG International Fina10.000 12/16/2022 CHF 73.980 Zurcher Kantonalbank F9.800 6/17/2022 USD 63.050 Credit Suisse AG/Londo13.000 6/16/2022 CHF 67.790 Credit Suisse AG/Londo10.000 6/16/2022 USD 66.480 UBS AG/London 12.500 12/16/2022 CHF 64.450 UBS AG/London 9.000 6/16/2022 CHF 48.750 UBS AG/London 10.250 6/16/2022 CHF 60.250 Vontobel Financial Pro13.500 6/24/2022 EUR 63.450 Vontobel Financial Pro10.500 6/24/2022 EUR 67.120 Vontobel Financial Pro20.000 6/24/2022 EUR 58.180 Vontobel Financial Pro17.000 6/24/2022 EUR 60.650 Vontobel Financial Pro15.000 6/24/2022 EUR 72.180 Vontobel Financial Pro17.000 6/24/2022 EUR 69.960 Vontobel Financial Pro19.500 6/24/2022 EUR 68.200 Vontobel Financial Pro18.000 6/24/2022 EUR 72.930 Zurcher Kantonalbank F11.000 6/24/2022 CHF 70.270 Landesbank Baden-Wuert4.000 7/25/2025 EUR 58.590 Bank Julius Baer & Co 8.200 9/19/2022 USD 63.200 UniCredit Bank AG 3.500 10/08/2022 EUR 46.640 Societe Generale SA 1.580 9/16/2024 USD 3.450 EFG International Fina6.500 4/20/2022 CHF 59.390 Leonteq Securities AG/8.410 4/21/2022 EUR 62.300 EFG International Fina5.500 4/20/2022 USD 66.880 Societe Generale Effek13.000 2/25/2022 EUR 68.220 Societe Generale Effek17.000 2/25/2022 EUR 61.590 Vontobel Financial Pro13.000 6/24/2022 EUR 67.840 UBS AG/London 15.000 06/03/2022 USD 49.700 SG Issuer SA 1.050 11/20/2025 EUR 18.680 EFG International Fina9.350 01/12/2023 CHF 63.670 Zurcher Kantonalbank F8.250 7/20/2022 EUR 70.520 Leonteq Securities AG/15.000 6/16/2022 USD 62.550 Zurcher Kantonalbank F11.500 3/25/2022 CHF 53.510 UniCredit Bank AG 6.200 4/13/2022 EUR 47.030 Landesbank Baden-Wuert3.500 5/27/2022 EUR 48.750 Landesbank Baden-Wuert6.500 5/27/2022 EUR 43.020 EFG International Fina23.000 3/17/2022 CHF 58.670 EFG International Fina17.000 3/17/2022 USD 51.610 Vontobel Financial Pro15.000 3/25/2022 EUR 66.670 UBS AG/London 16.000 9/19/2022 CHF 60.850 UBS AG/London 9.750 3/17/2023 CHF 64.050 Credit Suisse AG/Londo10.000 3/17/2022 USD 54.360 Bank Vontobel AG 6.002 08/12/2022 EUR 63.800 Bank Julius Baer & Co 12.050 3/18/2022 USD 60.600 DekaBank Deutsche Giro1.000 1/20/2025 EUR 69.670 UBS AG/London 12.500 6/23/2022 USD 52.300 UBS AG/London 13.000 6/23/2022 CHF 52.800 UBS AG/London 8.750 6/23/2022 CHF 53.200 Vontobel Financial Pro14.500 3/25/2022 EUR 72.150 Vontobel Financial Pro20.500 3/25/2022 EUR 44.590 Bank Julius Baer & Co 8.350 03/04/2022 USD 53.250 Societe Generale SA 7.280 05/06/2024 USD 61.300 Leonteq Securities AG/18.000 08/09/2022 USD 61.240 Vontobel Financial Pro8.750 9/23/2022 EUR 67.920 Vontobel Financial Pro12.000 6/24/2022 EUR 69.550 Bank Vontobel AG 11.000 02/06/2023 EUR 66.900 Bank Vontobel AG 12.000 02/06/2023 EUR 54.400 Bank Julius Baer & Co 13.150 08/10/2022 CHF 70.550 Leonteq Securities AG/26.460 08/09/2022 CHF 42.230 DZ Bank AG Deutsche Ze15.000 8/24/2022 EUR 66.960 DZ Bank AG Deutsche Ze10.250 8/24/2022 EUR 69.620 Vontobel Financial Pro18.500 9/23/2022 EUR 63.560 Vontobel Financial Pro24.000 6/24/2022 EUR 62.070 Raiffeisen Schweiz Gen12.000 11/09/2022 CHF 44.740 Bank Julius Baer & Co 5.250 08/10/2022 CHF 64.900 Zurcher Kantonalbank F30.000 8/17/2022 USD 54.230 Zurcher Kantonalbank F29.000 8/17/2022 CHF 53.670 Leonteq Securities AG/22.310 08/10/2022 USD 32.530 DZ Bank AG Deutsche Ze17.600 3/25/2022 EUR 72.000 DZ Bank AG Deutsche Ze24.600 6/24/2022 EUR 67.540 DZ Bank AG Deutsche Ze18.600 9/23/2022 EUR 72.950 DZ Bank AG Deutsche Ze21.100 9/23/2022 EUR 70.890 DZ Bank AG Deutsche Ze20.700 6/24/2022 EUR 72.410 DZ Bank AG Deutsche Ze22.900 6/24/2022 EUR 69.840 DZ Bank AG Deutsche Ze19.600 9/23/2022 EUR 72.280 DZ Bank AG Deutsche Ze21.300 9/23/2022 EUR 70.790 DZ Bank AG Deutsche Ze23.000 9/23/2022 EUR 69.460 DZ Bank AG Deutsche Ze21.400 3/25/2022 EUR 72.500 DZ Bank AG Deutsche Ze24.300 3/25/2022 EUR 69.130 Vontobel Financial Pro12.250 6/24/2022 EUR 62.220 Vontobel Financial Pro12.500 6/24/2022 EUR 71.130 UniCredit Bank AG 9.650 09/07/2022 EUR 61.730 DZ Bank AG Deutsche Ze20.100 9/23/2022 EUR 46.630 DZ Bank AG Deutsche Ze15.400 9/23/2022 EUR 65.450 DZ Bank AG Deutsche Ze18.000 9/23/2022 EUR 63.440 DZ Bank AG Deutsche Ze24.800 3/25/2022 EUR 55.870 DZ Bank AG Deutsche Ze20.200 6/24/2022 EUR 60.170 DZ Bank AG Deutsche Ze12.900 9/23/2022 EUR 67.980 Vontobel Financial Pro22.500 3/25/2022 EUR 69.860 Vontobel Financial Pro23.500 3/25/2022 EUR 67.870 Leonteq Securities AG 16.000 06/10/2022 CHF 52.480 UniCredit Bank AG 5.450 3/15/2022 EUR 44.430 Leonteq Securities AG 14.000 06/08/2022 CHF 59.570 Leonteq Securities AG/17.000 06/08/2022 USD 49.630 VTB Bank PJSC 0.010 12/02/2025 RUB 74.870 VTB Bank PJSC 0.010 12/09/2025 RUB 73.540 Bank Vontobel AG 15.004 8/26/2022 CHF 48.500 Bank Vontobel AG 15.004 8/26/2022 CHF 48.500 Landesbank Baden-Wuert3.300 3/25/2022 EUR 53.830 Vontobel Financial Pro17.000 3/25/2022 EUR 61.600 Vontobel Financial Pro21.000 3/25/2022 EUR 71.880 UniCredit Bank AG 7.000 3/29/2022 EUR 32.650 Societe Generale Effek5.600 09/04/2023 EUR 44.160 UniCredit Bank AG 3.750 9/14/2022 EUR 60.800 Vontobel Financial Pro6.000 3/25/2022 EUR 69.360 BNP Paribas Emissions-11.000 6/23/2022 EUR 46.070 BNP Paribas Emissions-13.000 6/23/2022 EUR 44.640 BNP Paribas Emissions-8.500 3/24/2022 EUR 46.950 BNP Paribas Emissions-10.000 3/24/2022 EUR 45.120 BNP Paribas Emissions-14.000 3/24/2022 EUR 42.660 BNP Paribas Emissions-17.000 3/24/2022 EUR 39.020 BNP Paribas Emissions-8.500 6/23/2022 EUR 48.960 BNP Paribas Emissions-9.000 6/23/2022 EUR 47.120 BNP Paribas Emissions-11.000 6/23/2022 EUR 73.810 BNP Paribas Emissions-12.000 3/24/2022 EUR 73.320 Landesbank Baden-Wuert3.800 1/28/2022 EUR 47.950 Landesbank Baden-Wuert2.600 1/28/2022 EUR 73.850 Bank Julius Baer & Co 11.700 4/26/2022 CHF 34.250 Corner Banca SA 17.200 4/26/2022 CHF 53.600 Zurcher Kantonalbank F8.500 06/10/2022 EUR 71.760 Leonteq Securities AG 20.000 3/15/2022 CHF 59.740 Leonteq Securities AG 12.000 3/15/2022 CHF 71.410 Leonteq Securities AG 16.000 3/15/2022 CHF 48.030 Leonteq Securities AG/18.000 3/15/2022 USD 50.120 Leonteq Securities AG/17.600 03/08/2022 USD 25.130 Bank Vontobel AG 25.008 3/14/2022 CHF 49.800 Zurcher Kantonalbank F15.000 3/24/2022 USD 59.590 Vontobel Financial Pro8.000 3/25/2022 EUR 66.170 Landesbank Baden-Wuert3.200 11/25/2022 EUR 46.160 Landesbank Baden-Wuert5.100 11/25/2022 EUR 42.200 Vontobel Financial Pro9.750 3/25/2022 EUR 40.090 Bank Julius Baer & Co 13.200 3/16/2022 CHF 52.150 Vontobel Financial Pro7.000 3/25/2022 EUR 28.490 Vontobel Financial Pro11.500 3/25/2022 EUR 69.680 Vontobel Financial Pro11.100 3/16/2022 EUR 63.320 Landesbank Baden-Wuert3.000 5/27/2022 EUR 40.570 Landesbank Baden-Wuert5.200 5/27/2022 EUR 37.080 Landesbank Baden-Wuert7.750 5/27/2022 EUR 34.530 Landesbank Baden-Wuert5.300 6/24/2022 EUR 71.870 Corner Banca SA 15.000 03/07/2022 USD 47.100 Leonteq Securities AG 14.000 2/13/2023 CHF 60.410 Bank Julius Baer & Co 19.600 5/16/2022 CHF 67.950 Zurcher Kantonalbank F21.500 8/23/2022 USD 57.380 Leonteq Securities AG/26.150 8/16/2022 CHF 46.140 Bank Julius Baer & Co 16.000 05/11/2022 EUR 35.000 Leonteq Securities AG/21.530 5/17/2022 CHF 39.090 Leonteq Securities AG/21.420 05/11/2022 CHF 35.640 UniCredit Bank AG 6.500 9/15/2022 EUR 53.480 Bank Julius Baer & Co 8.550 5/13/2022 USD 58.000 Vontobel Financial Pro16.000 6/24/2022 EUR 73.340 Leonteq Securities AG 11.200 02/06/2023 CHF 63.380 Vontobel Financial Pro21.000 6/24/2022 EUR 44.870 Bank Vontobel AG 10.000 02/06/2023 CHF 58.500 Bank Vontobel AG 10.000 08/08/2022 CHF 50.400 DZ Bank AG Deutsche Ze15.500 8/24/2022 EUR 63.110 Raiffeisen Schweiz Gen10.000 02/06/2023 EUR 69.330 UBS AG/London 14.750 5/25/2022 CHF 49.700 Corner Banca SA 12.000 06/01/2022 CHF 54.650 Bank Julius Baer & Co 11.200 05/12/2022 CHF 70.450 EFG International Fina14.000 05/12/2022 USD 62.110 Vontobel Financial Pro7.000 3/25/2022 EUR 67.700 Credit Suisse AG/Londo10.000 5/13/2022 USD 57.320 Vontobel Financial Pro7.500 3/25/2022 EUR 27.230 Vontobel Financial Pro7.500 3/25/2022 EUR 62.890 EFG International Fina7.000 12/29/2022 USD 39.630 EFG International Fina12.000 03/03/2022 CHF 72.350 Bank Vontobel AG 7.250 06/03/2022 CHF 69.100 Bank Vontobel AG 14.004 09/02/2022 CHF 72.500 VTB Bank PJSC 0.010 11/25/2025 RUB 75.060 UBS AG/London 14.000 07/07/2022 USD 57.100 UBS AG/London 10.750 07/07/2022 EUR 70.550 UBS AG/London 16.300 01/08/2024 EUR 42.050 Bank Vontobel AG 25.504 5/24/2022 CHF 60.200 Landesbank Baden-Wuert4.700 3/25/2022 EUR 43.500 Societe Generale SA 18.000 05/02/2024 USD 55.600 Zurcher Kantonalbank F15.000 4/20/2022 CHF 68.200 Vontobel Financial Pro5.500 6/17/2022 USD 55.390 Bank Vontobel AG 13.005 10/03/2022 CHF 54.900 Bank Julius Baer & Co 14.650 07/07/2022 USD 53.100 Leonteq Securities AG/2.700 04/01/2026 EUR 44.860 Leonteq Securities AG/2.400 04/01/2026 EUR 44.810 Leonteq Securities AG/2.200 04/01/2026 EUR 50.490 Leonteq Securities AG/19.000 04/08/2022 USD 53.960 Leonteq Securities AG 18.000 04/08/2022 CHF 53.870 Leonteq Securities AG/2.800 04/01/2026 EUR 43.790 UBS AG/London 14.250 10/07/2022 USD 56.250 UBS AG/London 15.500 04/07/2022 USD 65.800 UBS AG/London 9.500 04/11/2022 CHF 56.800 Leonteq Securities AG/4.000 08/10/2022 CHF 67.290 Landesbank Baden-Wuert3.000 9/23/2022 EUR 54.390 Corner Banca SA 16.000 04/06/2022 CHF 54.060 BNP Paribas Emissions-15.000 6/23/2022 EUR 42.480 BNP Paribas Emissions-8.000 3/24/2022 EUR 48.380 BNP Paribas Emissions-13.000 3/24/2022 EUR 43.680 BNP Paribas Emissions-15.000 3/24/2022 EUR 41.710 BNP Paribas Emissions-8.000 6/23/2022 EUR 50.220 BNP Paribas Emissions-14.000 3/24/2022 EUR 68.900 UniCredit Bank AG 4.200 9/21/2022 EUR 48.140 Corner Banca SA 20.000 04/06/2022 USD 54.010 UniCredit Bank AG 5.350 2/27/2023 EUR 53.630 Vontobel Financial Pro19.000 6/24/2022 EUR 71.440 Vontobel Financial Pro24.000 3/25/2022 EUR 67.740 Leonteq Securities AG 23.030 4/22/2022 CHF 46.830 DZ Bank AG Deutsche Ze20.800 3/25/2022 EUR 59.360 DZ Bank AG Deutsche Ze22.700 3/25/2022 EUR 60.130 Vontobel Financial Pro12.500 3/25/2022 EUR 38.280 Vontobel Financial Pro10.000 3/25/2022 EUR 57.880 Vontobel Financial Pro13.000 6/24/2022 EUR 53.030 Vontobel Financial Pro8.500 3/25/2022 EUR 57.490 Societe Generale Effek10.750 5/27/2022 EUR 69.290 Societe Generale Effek12.750 5/27/2022 EUR 65.160 Vontobel Financial Pro20.000 3/25/2022 EUR 38.090 Bank Julius Baer & Co 11.800 4/26/2022 EUR 34.300 Bank Julius Baer & Co 16.000 4/26/2022 EUR 64.600 Bank Julius Baer & Co 12.650 4/26/2022 USD 34.450 Corner Banca SA 10.000 2/13/2023 EUR 71.740 Vontobel Financial Pro6.000 6/24/2022 EUR 56.280 Vontobel Financial Pro13.000 6/24/2022 EUR 48.190 Vontobel Financial Pro9.500 3/25/2022 EUR 52.430 Vontobel Financial Pro8.500 6/24/2022 EUR 53.100 Vontobel Financial Pro8.000 6/24/2022 EUR 59.460 Vontobel Financial Pro16.000 6/24/2022 EUR 50.890 Societe Generale Effek14.750 5/27/2022 EUR 61.880 Bank Julius Baer & Co 12.000 4/26/2022 CHF 64.500 BNP Paribas Emissions-5.000 6/23/2022 EUR 73.200 Zurcher Kantonalbank F11.000 1/27/2022 USD 55.340 Zurcher Kantonalbank F10.200 1/27/2022 CHF 60.040 BNP Paribas Emissions-8.000 6/23/2022 EUR 69.750 BNP Paribas Emissions-10.000 6/23/2022 EUR 65.660 BNP Paribas Emissions-8.000 9/22/2022 EUR 71.380 BNP Paribas Emissions-8.000 12/22/2022 EUR 67.840 BNP Paribas Emissions-12.000 12/22/2022 EUR 63.570 UniCredit Bank AG 10.900 2/16/2022 EUR 60.410 Credit Suisse AG/Londo10.000 5/30/2022 CHF 63.890 DZ Bank AG Deutsche Ze18.400 6/24/2022 EUR 46.670 DZ Bank AG Deutsche Ze10.300 3/25/2022 EUR 66.110 BNP Paribas Emissions-6.000 3/24/2022 EUR 68.400 BNP Paribas Emissions-14.000 3/24/2022 EUR 59.350 BNP Paribas Emissions-10.000 6/23/2022 EUR 66.450 Societe Generale Effek19.250 3/25/2022 EUR 67.240 BNP Paribas Emissions-8.000 6/23/2022 EUR 70.100 DZ Bank AG Deutsche Ze16.100 3/25/2022 EUR 47.440 DZ Bank AG Deutsche Ze16.200 3/25/2022 EUR 60.560 DZ Bank AG Deutsche Ze8.900 6/24/2022 EUR 66.600 DZ Bank AG Deutsche Ze13.300 6/24/2022 EUR 62.260 UBS AG/London 11.750 11/28/2022 CHF 67.300 Goldman Sachs & Co Wer14.000 3/23/2022 EUR 67.020 UBS AG/London 10.250 5/30/2023 CHF 69.400 UBS AG/London 8.250 5/27/2022 CHF 69.200 Credit Suisse AG/Londo11.000 4/19/2022 CHF 55.160 BNP Paribas Emissions-10.000 3/24/2022 EUR 63.470 BNP Paribas Emissions-4.000 3/24/2022 EUR 72.080 BNP Paribas Emissions-8.000 3/24/2022 EUR 67.970 BNP Paribas Emissions-14.000 6/23/2022 EUR 64.430 BNP Paribas Emissions-5.000 9/22/2022 EUR 74.300 BNP Paribas Emissions-10.000 9/22/2022 EUR 68.980 BNP Paribas Emissions-12.000 9/22/2022 EUR 66.680 BNP Paribas Emissions-8.000 12/22/2022 EUR 73.530 BNP Paribas Emissions-12.000 9/22/2022 EUR 64.710 BNP Paribas Emissions-14.000 9/22/2022 EUR 62.130 BNP Paribas Emissions-10.000 12/22/2022 EUR 65.490 Bank Julius Baer & Co 9.600 08/12/2022 USD 49.950 SG Issuer SA 1.400 12/28/2032 EUR 28.030 SG Issuer SA 2.100 01/06/2033 EUR 29.800 SG Issuer SA 1.500 12/30/2032 EUR 48.590 Landesbank Baden-Wuert2.000 2/25/2022 EUR 69.610 DZ Bank AG Deutsche Ze17.200 6/24/2022 EUR 54.810 DZ Bank AG Deutsche Ze23.200 6/24/2022 EUR 69.290 DZ Bank AG Deutsche Ze14.800 6/24/2022 EUR 74.720 Leonteq Securities AG/6.000 11/27/2023 CHF 74.020 Credit Suisse AG/Londo12.000 4/15/2022 USD 55.720 BNP Paribas Emissions-14.000 3/24/2022 EUR 71.930 BNP Paribas Emissions-12.000 3/24/2022 EUR 64.440 BNP Paribas Emissions-15.000 6/23/2022 EUR 71.250 BNP Paribas Emissions-14.000 12/22/2022 EUR 71.790 BNP Paribas Emissions-8.000 9/22/2022 EUR 71.720 BNP Paribas Emissions-12.000 6/23/2022 EUR 61.870 BNP Paribas Emissions-10.000 9/22/2022 EUR 67.780 Societe Generale Effek16.500 2/25/2022 EUR 55.320 Leonteq Securities AG/17.680 05/06/2022 CHF 60.300 UniCredit Bank AG 6.000 7/28/2023 EUR 39.740 UBS AG/London 10.000 07/08/2022 CHF 69.800 Landesbank Baden-Wuert6.550 1/28/2022 EUR 75.000 Landesbank Baden-Wuert3.500 1/28/2022 EUR 36.260 Landesbank Baden-Wuert5.700 1/28/2022 EUR 30.590 Societe Generale Effek8.250 2/25/2022 EUR 69.820 Societe Generale Effek14.250 2/25/2022 EUR 58.130 UBS AG/London 12.750 11/07/2022 USD 54.750 Vontobel Financial Pro10.250 3/25/2022 EUR 62.340 Vontobel Financial Pro8.500 3/25/2022 EUR 62.070 Goldman Sachs & Co Wer23.000 5/25/2022 EUR 71.320 Goldman Sachs & Co Wer22.000 6/22/2022 EUR 72.340 Leonteq Securities AG 18.000 04/12/2022 CHF 36.470 Vontobel Financial Pro16.750 3/25/2022 EUR 71.000 Vontobel Financial Pro19.000 6/24/2022 EUR 72.200 Vontobel Financial Pro17.000 3/25/2022 EUR 69.930 Vontobel Financial Pro23.500 3/25/2022 EUR 71.020 Vontobel Financial Pro19.000 6/24/2022 EUR 70.060 Vontobel Financial Pro23.000 3/25/2022 EUR 67.570 Societe Generale Effek10.250 2/25/2022 EUR 64.950 Societe Generale Effek12.250 2/25/2022 EUR 61.180 Bank Vontobel AG 9.006 10/31/2022 CHF 53.400 UBS AG/London 13.000 05/06/2024 USD 58.970 Leonteq Securities AG/6.700 11/04/2022 USD 73.200 Vontobel Financial Pro17.750 3/25/2022 EUR 59.590 Vontobel Financial Pro15.750 08/03/2022 EUR 63.980 Vontobel Financial Pro16.500 6/24/2022 EUR 71.530 Vontobel Financial Pro22.000 3/25/2022 EUR 67.400 Vontobel Financial Pro19.000 3/25/2022 EUR 73.490 Landesbank Baden-Wuert3.100 2/25/2022 EUR 63.370 Vontobel Financial Pro20.000 6/24/2022 EUR 46.210 Corner Banca SA 13.000 8/16/2022 CHF 67.060 Zurcher Kantonalbank F20.500 8/23/2022 CHF 57.970 DZ Bank AG Deutsche Ze20.200 3/25/2022 EUR 69.150 DZ Bank AG Deutsche Ze24.100 3/25/2022 EUR 63.470 DZ Bank AG Deutsche Ze18.800 5/27/2022 EUR 71.450 DZ Bank AG Deutsche Ze21.200 6/24/2022 EUR 67.770 DZ Bank AG Deutsche Ze19.000 9/23/2022 EUR 71.140 EFG International Fina22.000 05/12/2022 CHF 61.940 UBS AG/London 14.750 11/14/2022 CHF 73.700 UBS AG/London 10.500 11/14/2022 CHF 73.200 UBS AG/London 11.750 11/14/2022 CHF 71.800 Corner Banca SA 15.000 5/25/2022 CHF 66.660 Leonteq Securities AG/13.000 11/21/2022 USD 53.540 Bank Julius Baer & Co 18.300 2/18/2022 USD 73.400 Landesbank Baden-Wuert4.700 4/25/2022 EUR 36.900 Landesbank Baden-Wuert7.050 4/25/2022 EUR 33.510 Landesbank Baden-Wuert2.700 4/25/2022 EUR 41.500 UBS AG/London 11.250 07/01/2022 CHF 70.300 Landesbank Baden-Wuert3.500 8/26/2022 EUR 37.740 Landesbank Baden-Wuert5.450 8/26/2022 EUR 33.280 Societe Generale SA 20.000 8/31/2023 USD 61.250 Landesbank Baden-Wuert3.000 10/25/2024 EUR 41.960 Bank Vontobel AG 15.000 02/07/2022 USD 63.700 Leonteq Securities AG/6.000 12/01/2023 CHF 73.900 Bank Julius Baer & Co 7.250 06/02/2022 CHF 69.550 Vontobel Financial Pro18.750 6/24/2022 EUR 32.240 Vontobel Financial Pro18.250 6/24/2022 EUR 62.750 Vontobel Financial Pro14.750 6/24/2022 EUR 65.730 Vontobel Financial Pro17.000 6/24/2022 EUR 62.090 Vontobel Financial Pro14.500 6/24/2022 EUR 30.530 Leonteq Securities AG/7.400 12/01/2023 USD 73.830 Vontobel Financial Pro23.950 06/03/2022 EUR 23.990 Vontobel Financial Pro26.800 06/03/2022 EUR 61.830 Landesbank Baden-Wuert5.100 11/25/2022 EUR 56.190 Landesbank Baden-Wuert7.900 11/25/2022 EUR 51.830 Landesbank Baden-Wuert3.800 11/25/2022 EUR 70.550 Landesbank Baden-Wuert4.350 11/25/2022 EUR 54.010 Landesbank Baden-Wuert5.400 11/25/2022 EUR 52.240 Landesbank Baden-Wuert6.600 11/25/2022 EUR 51.050 EFG International Fina24.000 06/07/2022 USD 28.080 Zurcher Kantonalbank F22.750 06/10/2022 USD 56.070 Zurcher Kantonalbank F21.750 06/10/2022 CHF 66.460 Zurcher Kantonalbank F13.000 06/10/2022 CHF 73.640 Raiffeisen Schweiz Gen12.000 06/01/2022 CHF 65.600 Vontobel Financial Pro26.350 06/06/2022 EUR 60.270 Vontobel Financial Pro20.000 6/24/2022 EUR 59.080 Vontobel Financial Pro16.500 6/24/2022 EUR 31.310 Landesbank Baden-Wuert7.000 1/28/2022 EUR 53.630 Leonteq Securities AG/23.690 06/03/2022 CHF 35.890 Leonteq Securities AG/2.600 5/27/2026 EUR 48.730 Societe Generale Effek16.750 2/25/2022 EUR 68.240 Leonteq Securities AG/10.000 10/26/2022 USD 51.530 Vontobel Financial Pro7.000 6/24/2022 EUR 61.630 Vontobel Financial Pro12.500 6/24/2022 EUR 54.710 Vontobel Financial Pro7.500 3/25/2022 EUR 59.980 Vontobel Financial Pro15.500 6/24/2022 EUR 52.320 Vontobel Financial Pro9.500 6/24/2022 EUR 57.700 Raiffeisen Centrobank 10.000 3/24/2023 EUR 70.690 Bank Vontobel AG 10.507 8/19/2022 CHF 54.000 Bank Vontobel AG 12.008 8/19/2022 CHF 66.000 Leonteq Securities AG 15.000 5/19/2022 CHF 42.370 Landesbank Baden-Wuert2.300 2/25/2022 EUR 62.310 Danske Bank A/S 5.300 7/15/2023 SEK 41.160 Societe Generale SA 4.500 12/29/2022 USD 4.510 Zurcher Kantonalbank F8.000 2/23/2022 CHF 47.870 UBS AG 15.000 8/15/2023 USD 65.350 UniCredit Bank AG 9.100 3/16/2022 EUR 69.980 UniCredit Bank AG 13.200 3/16/2022 EUR 59.060 Societe Generale SA 4.500 12/29/2022 USD #N/A N/A UBS AG/London 14.750 2/17/2023 CHF 50.150 UBS AG/London 8.500 2/17/2022 CHF 64.550 Bank Julius Baer & Co 8.500 2/18/2022 EUR 68.150 Landesbank Baden-Wuert3.050 3/25/2022 EUR 41.330 Landesbank Baden-Wuert5.000 3/25/2022 EUR 37.690 Landesbank Baden-Wuert7.300 3/25/2022 EUR 34.810 Landesbank Baden-Wuert3.500 3/25/2022 EUR 72.970 Bank Vontobel AG 10.508 8/19/2022 CHF 54.000 Leonteq Securities AG 15.000 8/19/2022 CHF 65.780 Corner Banca SA 19.000 5/23/2022 USD 43.930 DZ Bank AG Deutsche Ze8.000 6/24/2022 EUR 71.720 Zurcher Kantonalbank F17.250 4/14/2022 CHF 63.760 BNP Paribas Emissions-16.000 3/24/2022 EUR 69.950 BNP Paribas Emissions-18.000 3/24/2022 EUR 67.370 Zurcher Kantonalbank F16.250 05/04/2022 EUR 60.830 Landesbank Baden-Wuert5.250 4/28/2023 EUR 49.620 Landesbank Baden-Wuert3.150 4/28/2023 EUR 53.710 Landesbank Baden-Wuert2.300 4/28/2023 EUR 69.610 Landesbank Baden-Wuert5.700 4/28/2023 EUR 45.270 Landesbank Baden-Wuert4.350 4/28/2023 EUR 46.910 Landesbank Baden-Wuert3.000 4/28/2023 EUR 49.230 DZ Bank AG Deutsche Ze22.600 3/25/2022 EUR 62.920 DZ Bank AG Deutsche Ze24.600 3/25/2022 EUR 67.880 Vontobel Financial Pro16.500 6/24/2022 EUR 64.820 Vontobel Financial Pro20.000 3/25/2022 EUR 61.260 Vontobel Financial Pro16.500 3/25/2022 EUR 64.410 Vontobel Financial Pro20.500 6/24/2022 EUR 46.740 Zurcher Kantonalbank F12.250 05/05/2022 CHF 57.100 UBS AG/London 13.500 4/29/2024 USD 62.170 UBS AG/London 12.750 10/28/2022 CHF 55.600 Landesbank Baden-Wuert2.300 7/22/2022 EUR 62.210 Zurcher Kantonalbank F23.000 2/25/2022 USD 55.230 Vontobel Financial Pro18.500 3/25/2022 EUR 49.590 Landesbank Baden-Wuert2.800 4/25/2022 EUR 62.750 Erste Group Bank AG 4.350 2/28/2022 EUR 41.650 Leonteq Securities AG/3.750 2/20/2023 CHF 62.000 UniCredit Bank AG 16.840 03/01/2022 NOK 65.510 Vontobel Financial Pro15.000 3/25/2022 EUR 32.020 Vontobel Financial Pro16.500 3/25/2022 EUR 43.620 Vontobel Financial Pro20.500 3/25/2022 EUR 39.510 Vontobel Financial Pro21.000 3/25/2022 EUR 38.570 Vontobel Financial Pro22.000 3/25/2022 EUR 37.770 Vontobel Financial Pro23.000 3/25/2022 EUR 37.020 Landesbank Baden-Wuert6.350 10/28/2022 EUR 41.660 Landesbank Baden-Wuert3.500 10/28/2022 EUR 52.000 DZ Bank AG Deutsche Ze20.300 3/25/2022 EUR 72.580 DZ Bank AG Deutsche Ze22.700 3/25/2022 EUR 72.040 Bank Vontobel AG 6.007 9/26/2022 CHF 59.600 Bank Vontobel AG 14.006 9/26/2022 CHF 43.600 Bank Vontobel AG 15.009 6/27/2022 CHF 51.500 UBS AG/London 16.000 9/30/2022 CHF 49.950 BNP Paribas Emissions-15.000 3/24/2022 EUR 71.020 BNP Paribas Emissions-15.000 6/23/2022 EUR 72.000 DekaBank Deutsche Giro3.900 4/25/2022 EUR 38.870 UniCredit Bank AG 3.750 4/19/2022 EUR 58.060 Leonteq Securities AG/16.000 06/01/2022 USD 32.460 Luzerner Kantonalbank 7.500 6/15/2022 CHF 65.390 Leonteq Securities AG/7.000 11/07/2022 CHF 73.470 Zurcher Kantonalbank F7.000 08/10/2022 USD 64.030 Credit Suisse AG/Londo13.250 05/04/2022 USD 51.650 Raiffeisen Switzerland12.500 05/10/2022 EUR 62.270 DZ Bank AG Deutsche Ze10.500 4/22/2022 EUR 42.660 UniCredit Bank AG 9.250 4/27/2022 EUR 67.530 Societe Generale Effek3.000 7/22/2022 USD 7.350 Landesbank Baden-Wuert4.050 10/28/2022 EUR 45.470 Landesbank Baden-Wuert5.750 10/28/2022 EUR 48.020 Raiffeisen Switzerland10.500 07/11/2024 USD 18.190 DZ Bank AG Deutsche Ze17.100 3/25/2022 EUR 43.980 Bank Vontobel AG 6.007 9/26/2022 CHF 59.600 Bank Vontobel AG 4.255 6/27/2022 CHF 57.600 Bank Vontobel AG 12.751 6/27/2022 CHF 52.400 Societe Generale Effek13.500 2/25/2022 EUR 65.220 UBS AG/London 16.750 3/31/2022 CHF 59.150 UniCredit Bank AG 3.200 09/10/2022 EUR 52.400 Leonteq Securities AG/22.080 05/06/2022 CHF 47.670 Leonteq Securities AG/11.000 08/10/2022 USD 57.990 Leonteq Securities AG/8.130 2/21/2022 EUR 65.880 UniCredit Bank AG 3.700 06/04/2022 EUR 55.970 Landesbank Baden-Wuert2.250 3/25/2022 EUR 71.890 Landesbank Baden-Wuert2.500 1/28/2022 EUR 60.480 Bank Vontobel AG 6.507 8/17/2022 CHF 61.100 Leonteq Securities AG/14.000 8/26/2022 USD 49.200 Societe Generale Effek14.500 3/25/2022 EUR 70.250 Societe Generale Effek16.500 3/25/2022 EUR 65.960 Leonteq Securities AG 12.000 06/01/2022 CHF 42.550 Landesbank Baden-Wuert3.400 2/25/2022 EUR 55.110 Landesbank Baden-Wuert7.200 4/25/2022 EUR 47.500 Landesbank Baden-Wuert4.450 4/25/2022 EUR 53.000 Landesbank Baden-Wuert2.000 4/25/2022 EUR 71.960 Landesbank Baden-Wuert3.750 4/25/2022 EUR 67.580 Landesbank Baden-Wuert4.450 4/25/2022 EUR 55.070 Landesbank Baden-Wuert6.700 4/25/2022 EUR 49.870 Landesbank Baden-Wuert10.000 4/25/2022 EUR 45.370 UniCredit Bank AG 4.450 09/11/2023 EUR 33.240 Leonteq Securities AG/15.000 4/13/2022 CHF 35.120 UBS AG/London 13.250 4/29/2022 CHF 69.050 Leonteq Securities AG 22.860 04/12/2022 CHF 28.950 Vontobel Financial Pro24.000 3/25/2022 EUR 71.860 Vontobel Financial Pro18.000 6/24/2022 EUR 69.640 Vontobel Financial Pro20.000 3/25/2022 EUR 70.440 Vontobel Financial Pro17.000 6/24/2022 EUR 70.690 DZ Bank AG Deutsche Ze8.000 6/22/2022 EUR 70.560 Credit Suisse AG/Londo12.000 4/29/2022 USD 28.390 Vontobel Financial Pro17.000 3/25/2022 EUR 70.410 Vontobel Financial Pro19.500 3/25/2022 EUR 68.190 Vontobel Financial Pro11.000 3/25/2022 EUR 61.860 Vontobel Financial Pro17.000 6/24/2022 EUR 69.970 Vontobel Financial Pro18.000 6/24/2022 EUR 54.080 Vontobel Financial Pro16.000 3/25/2022 EUR 71.630 Vontobel Financial Pro16.000 3/25/2022 EUR 55.500 Vontobel Financial Pro8.500 6/24/2022 EUR 66.270 Vontobel Financial Pro14.500 3/25/2022 EUR 56.890 Vontobel Financial Pro19.500 3/25/2022 EUR 51.710 Vontobel Financial Pro13.000 6/24/2022 EUR 59.000 Vontobel Financial Pro12.000 3/25/2022 EUR 60.060 Vontobel Financial Pro15.000 6/24/2022 EUR 47.600 Vontobel Financial Pro10.000 6/24/2022 EUR 51.840 Vontobel Financial Pro17.500 6/24/2022 EUR 46.050 Vontobel Financial Pro7.500 6/24/2022 EUR 54.710 Vontobel Financial Pro12.500 6/24/2022 EUR 49.500 Vontobel Financial Pro9.000 3/25/2022 EUR 54.470 Vontobel Financial Pro12.000 3/25/2022 EUR 50.880 Vontobel Financial Pro15.000 3/25/2022 EUR 47.830 Leonteq Securities AG/24.350 4/29/2022 CHF 63.560 Leonteq Securities AG/23.180 4/29/2022 USD 32.600 Leonteq Securities AG/11.000 10/31/2022 USD 65.260 UniCredit Bank AG 3.800 12/29/2022 EUR 57.700 Landesbank Baden-Wuert4.000 5/27/2022 EUR 45.590 Leonteq Securities AG/4.000 2/21/2022 EUR 67.410 SG Issuer SA 0.263 2/20/2025 EUR 20.780 Landesbank Baden-Wuert4.900 2/25/2022 EUR 69.600 Landesbank Baden-Wuert2.600 2/25/2022 EUR 72.630 Landesbank Baden-Wuert3.700 2/25/2022 EUR 68.380 Landesbank Baden-Wuert4.800 3/25/2022 EUR 69.970 Vontobel Financial Pro10.500 3/25/2022 EUR 69.520 Vontobel Financial Pro13.500 3/25/2022 EUR 65.200 Raiffeisen Switzerland8.200 11/03/2022 CHF 62.320 EFG International Fina6.080 05/05/2022 USD 64.550 Leonteq Securities AG/21.050 05/04/2022 CHF 60.300 Vontobel Financial Pro20.000 3/25/2022 EUR 57.660 Credit Suisse AG/Londo8.250 05/05/2022 USD 54.640 Zurcher Kantonalbank F20.750 05/12/2022 CHF 67.600 SG Issuer SA 7.600 1/20/2025 SEK 68.110 Leonteq Securities AG/9.300 8/24/2022 USD 65.430 UBS AG/London 15.250 2/24/2022 USD 31.800 Zurcher Kantonalbank F19.800 2/25/2022 CHF 54.500 Credit Suisse AG/Londo8.100 8/23/2022 CHF 64.090 Credit Suisse AG/Londo11.000 2/23/2022 USD 46.550 Vontobel Financial Pro16.000 3/25/2022 EUR 52.500 Vontobel Financial Pro21.000 3/25/2022 EUR 47.100 UBS AG/London 6.500 8/24/2022 CHF 43.800 Zurcher Kantonalbank F20.500 2/25/2022 USD 54.610 Vontobel Financial Pro13.500 3/25/2022 EUR 55.890 Landesbank Baden-Wuert13.180 1/28/2022 EUR 67.430 EFG International Fina16.000 2/24/2022 CHF 57.350 EFG International Fina8.200 03/01/2023 USD 69.240 EFG International Fina7.000 2/21/2022 CHF 68.630 Bank Vontobel AG 15.004 03/01/2022 EUR 32.300 Vontobel Financial Pro9.000 3/25/2022 EUR 36.540 Vontobel Financial Pro7.500 3/25/2022 EUR 38.640 Vontobel Financial Pro19.500 3/25/2022 EUR 40.440 Vontobel Financial Pro17.500 3/25/2022 EUR 42.480 Vontobel Financial Pro24.000 3/25/2022 EUR 36.320 Landesbank Baden-Wuert6.400 2/25/2022 EUR 69.770 Leonteq Securities AG 17.000 2/23/2022 CHF 40.230 Vontobel Financial Pro13.000 3/25/2022 EUR 72.820 Bank Vontobel AG 20.004 08/10/2022 CHF 72.400 UniCredit Bank AG 4.000 11/21/2022 EUR 68.680 Vontobel Financial Pro12.900 4/26/2022 EUR 40.110 Landesbank Baden-Wuert3.500 1/28/2022 EUR 51.510 Vontobel Financial Pro14.500 6/24/2022 EUR 66.790 UBS AG/London 11.500 4/21/2022 CHF 57.550 Vontobel Financial Pro13.500 3/25/2022 EUR 53.530 Vontobel Financial Pro17.500 6/24/2022 EUR 50.980 Vontobel Financial Pro15.500 6/24/2022 EUR 72.390 Landesbank Baden-Wuert3.250 12/23/2022 EUR 62.600 UniCredit Bank AG 3.500 2/13/2023 EUR 42.800 Leonteq Securities AG 24.530 4/22/2022 CHF 42.740 UBS AG/London 10.500 4/21/2023 CHF 65.400 Vontobel Financial Pro13.000 6/24/2022 EUR 55.260 Vontobel Financial Pro8.500 6/24/2022 EUR 61.390 Vontobel Financial Pro17.000 3/25/2022 EUR 49.970 Vontobel Financial Pro20.500 3/25/2022 EUR 47.020 EFG International Fina5.800 4/26/2023 EUR 67.790 Vontobel Financial Pro11.000 6/24/2022 EUR 50.510 Vontobel Financial Pro15.500 6/24/2022 EUR 46.470 Vontobel Financial Pro12.500 3/25/2022 EUR 49.120 Vontobel Financial Pro5.500 6/24/2022 EUR 63.810 Vontobel Financial Pro10.500 6/24/2022 EUR 55.920 Bank Julius Baer & Co 16.250 4/22/2022 USD 48.800 Leonteq Securities AG/12.000 4/22/2022 USD 38.490 DZ Bank AG Deutsche Ze17.600 3/25/2022 EUR 63.520 DZ Bank AG Deutsche Ze23.500 3/25/2022 EUR 59.210 Vontobel Financial Pro10.000 6/24/2022 EUR 42.380 UniCredit Bank AG 3.750 3/26/2022 EUR 57.130 Bank Vontobel AG 10.000 5/16/2022 CHF 49.900 DekaBank Deutsche Giro4.250 4/14/2022 EUR 37.930 SG Issuer SA 9.180 1/20/2025 SEK 70.800 UniCredit Bank AG 3.350 6/14/2022 EUR 52.280 Leonteq Securities AG 7.000 03/09/2022 CHF 71.110 Leonteq Securities AG 5.600 5/16/2022 CHF 63.610 Vontobel Financial Pro6.700 03/07/2022 EUR 51.020 UniCredit Bank AG 3.250 3/29/2022 EUR 17.190 Landesbank Baden-Wuert3.000 12/23/2022 EUR 63.380 Vontobel Financial Pro20.000 6/24/2022 EUR 70.480 Vontobel Financial Pro22.500 3/25/2022 EUR 67.480 Vontobel Financial Pro11.000 9/23/2022 EUR 56.140 Vontobel Financial Pro17.000 9/23/2022 EUR 53.540 Vontobel Financial Pro14.000 9/23/2022 EUR 54.610 Vontobel Financial Pro11.500 6/24/2022 EUR 56.380 Vontobel Financial Pro15.000 6/24/2022 EUR 53.920 Vontobel Financial Pro19.000 6/24/2022 EUR 52.210 Leonteq Securities AG 11.000 2/23/2023 CHF 56.190 Leonteq Securities AG 15.000 11/23/2022 CHF 59.680 Leonteq Securities AG/20.000 8/23/2022 USD 41.990 Leonteq Securities AG/13.000 8/23/2022 CHF 60.050 Leonteq Securities AG/8.000 8/23/2023 CHF 65.880 Bank Vontobel AG 15.000 2/20/2023 CHF 56.400 Vontobel Financial Pro19.000 6/24/2022 EUR 63.910 Vontobel Financial Pro18.500 6/24/2022 EUR 49.870 Vontobel Financial Pro14.750 6/24/2022 EUR 58.540 Leonteq Securities AG/25.020 8/23/2022 CHF 53.670 Bank Julius Baer & Co 10.500 2/24/2023 USD 70.800 Vontobel Financial Pro9.500 9/23/2022 EUR 72.130 Vontobel Financial Pro20.500 9/23/2022 EUR 57.090 Vontobel Financial Pro8.000 9/23/2022 EUR 71.130 Raiffeisen Schweiz Gen8.500 2/20/2023 CHF 69.730 Raiffeisen Schweiz Gen12.000 8/23/2022 CHF 62.540 Raiffeisen Schweiz Gen18.000 8/23/2022 CHF 39.410 Zurcher Kantonalbank F13.750 09/01/2022 CHF 47.600 Vontobel Financial Pro8.500 12/23/2022 EUR 69.390 Vontobel Financial Pro11.500 12/23/2022 EUR 66.990 EFG International Fina19.000 11/10/2022 CHF 70.520 Leonteq Securities AG/5.710 9/23/2022 USD 71.600 Leonteq Securities AG/26.400 11/15/2022 USD 72.050 Leonteq Securities AG/22.800 11/11/2022 CHF 47.450 Vontobel Financial Pro17.500 9/23/2022 EUR 71.600 Vontobel Financial Pro11.500 9/23/2022 EUR 72.280 Vontobel Financial Pro14.000 9/23/2022 EUR 69.280 Vontobel Financial Pro16.000 6/24/2022 EUR 67.520 Vontobel Financial Pro14.000 6/24/2022 EUR 69.130 Societe Generale Effek14.500 10/28/2022 EUR 67.980 Leonteq Securities AG 18.000 11/15/2022 CHF 69.120 Bank Vontobel AG 25.000 12/27/2022 CHF 66.300 Zurcher Kantonalbank F28.750 6/27/2022 CHF 65.040 Leonteq Securities AG/24.120 12/28/2022 CHF 67.300 Vontobel Financial Pro6.400 2/28/2022 EUR 49.300 Bank Julius Baer & Co 9.850 11/16/2022 CHF 66.000 Vontobel Financial Pro14.500 3/25/2022 EUR 58.640 Vontobel Financial Pro12.000 3/25/2022 EUR 61.730 Credit Suisse AG/Londo11.500 8/25/2022 USD 50.210 Credit Suisse AG/Londo10.000 11/30/2022 CHF 62.570 Bank Vontobel AG 20.000 12/19/2022 CHF 50.900 Bank Vontobel AG 13.000 10/17/2022 CHF 68.500 Bank Vontobel AG 10.000 2/27/2023 EUR 70.800 Bank Vontobel AG 7.500 2/28/2023 CHF 67.900 Credit Suisse AG/Londo15.250 9/19/2022 EUR 58.350 Credit Suisse AG/Londo13.000 6/30/2022 USD 44.130 Credit Suisse AG/Londo11.500 07/04/2022 CHF 56.870 Credit Suisse AG/Londo11.500 8/23/2022 CHF 58.310 Credit Suisse AG/Londo8.000 8/24/2022 USD 60.500 UBS AG/London 14.250 10/20/2022 CHF 60.650 UBS AG/London 10.000 2/20/2023 EUR 59.200 UBS AG/London 13.500 07/07/2022 CHF 42.400 UBS AG/London 12.250 07/08/2022 USD 64.150 Zurcher Kantonalbank F19.500 9/15/2022 USD 52.490 Societe Generale Effek21.250 6/24/2022 EUR 69.960 Credit Suisse AG/Londo15.000 10/14/2022 USD 49.010 Credit Suisse AG/Londo11.100 10/13/2022 CHF 62.370 Bank Vontobel AG 20.000 9/26/2022 CHF 47.100 UBS AG/London 9.250 03/01/2023 CHF 59.250 UBS AG/London 11.250 03/01/2023 CHF 63.050 UBS AG/London 9.750 03/01/2023 CHF 62.750 UBS AG/London 6.250 09/01/2023 EUR 76.050 Credit Suisse AG/Londo10.000 12/28/2022 USD 56.240 Credit Suisse AG/Londo11.500 9/29/2022 CHF 56.800 Credit Suisse AG/Londo14.500 9/30/2022 USD 40.820 Credit Suisse AG/Londo13.700 9/25/2023 USD 65.530 Zurcher Kantonalbank F8.250 9/23/2022 CHF 70.900 UBS AG/London 15.000 09/09/2022 USD 49.150 Bank Vontobel AG 17.000 09/05/2022 CHF 47.200 Bank Vontobel AG 19.500 09/05/2022 CHF 36.600 Credit Suisse AG/Londo11.500 7/13/2022 CHF 63.200 UBS AG/London 15.250 9/15/2023 USD 61.600 UBS AG/London 8.500 9/22/2022 CHF 55.200 Zurcher Kantonalbank F19.500 10/12/2022 CHF 58.700 UBS AG/London 15.500 07/07/2022 CHF 70.050 UBS AG/London 21.250 7/14/2022 CHF 68.050 Credit Suisse AG/Londo10.000 7/22/2022 CHF 40.880 Credit Suisse AG/Londo10.000 7/19/2022 EUR 63.180 Credit Suisse AG/Londo16.000 7/22/2022 USD 30.730 Bank Vontobel AG 12.000 09/06/2022 USD 53.000 Bank Vontobel AG 13.000 11/28/2022 CHF 53.400 Bank Vontobel AG 8.500 1/23/2023 CHF 60.100 Bank Vontobel AG 18.000 2/28/2023 CHF 56.000 UBS AG/London 8.500 1/30/2023 CHF 69.050 Credit Suisse AG/Londo10.250 11/09/2022 USD 47.360 Credit Suisse AG/Londo9.250 08/11/2022 CHF 64.570 BNP Paribas Emissions-18.000 6/23/2022 EUR 71.430 BNP Paribas Emissions-20.000 6/23/2022 EUR 69.700 BNP Paribas Emissions-18.000 3/24/2022 EUR 70.250 Vontobel Financial Pro18.750 12/23/2022 EUR 67.450 Vontobel Financial Pro13.000 12/23/2022 EUR 66.590 Vontobel Financial Pro18.750 12/23/2022 EUR 61.290 Leonteq Securities AG/16.400 12/02/2022 CHF 73.470 Vontobel Financial Pro16.000 12/23/2022 EUR 72.520 Leonteq Securities AG 23.400 10/25/2022 CHF 66.660 Bank Vontobel AG 10.500 04/12/2023 CHF 64.500 Bank Vontobel AG 16.250 04/12/2023 CHF 60.400 UBS AG/London 9.250 2/13/2023 CHF 70.800 UBS AG/London 9.250 2/20/2023 CHF 62.600 Vontobel Financial Pro14.500 12/23/2022 EUR 68.750 Bank Vontobel AG 8.750 4/18/2023 CHF 62.200 Zurcher Kantonalbank F25.000 9/20/2022 CHF 45.700 Credit Suisse AG/Londo7.500 10/20/2022 USD 75.190 UBS AG/London 12.250 4/13/2023 CHF 67.200 UBS AG/London 18.250 3/15/2023 CHF 53.900 UBS AG/London 12.000 3/22/2023 CHF 63.150 Zurcher Kantonalbank F20.000 10/12/2022 USD 54.280 UBS AG/London 10.250 07/07/2022 EUR 70.550 UBS AG/London 10.250 1/17/2023 USD 65.450 Zurcher Kantonalbank F19.500 09/08/2022 CHF 50.470 Bank Vontobel AG 16.250 11/28/2022 CHF 56.900 Bank Vontobel AG 5.250 01/04/2023 CHF 74.900 Bank Vontobel AG 15.000 10/24/2022 CHF 54.600 Leonteq Securities AG/10.000 02/01/2023 CHF 42.410 Bank Vontobel AG 16.500 8/29/2022 CHF 67.600 UBS AG/London 9.250 1/30/2023 USD 61.000 UBS AG/London 20.250 7/28/2022 USD 41.900 UBS AG/London 28.500 7/28/2022 USD 47.850 Zurcher Kantonalbank F21.750 10/21/2022 CHF 55.230 Credit Suisse AG/Londo11.250 8/15/2022 EUR 71.460 BNP Paribas Emissions-20.000 6/23/2022 EUR 72.240 BNP Paribas Emissions-20.000 3/24/2022 EUR 70.560 BNP Paribas Emissions-20.000 3/24/2022 EUR 67.670 BNP Paribas Emissions-20.000 9/22/2022 EUR 71.910 Leonteq Securities AG/15.000 10/26/2022 USD 69.840 Leonteq Securities AG 20.400 10/26/2022 CHF 66.170 Raiffeisen Schweiz Gen18.000 10/25/2022 CHF 61.060 EFG International Fina16.000 10/27/2022 CHF 57.950 Credit Suisse AG/Londo20.000 12/21/2022 USD 67.040 Raiffeisen Schweiz Gen17.500 12/27/2022 CHF 64.650 Leonteq Securities AG/20.000 12/27/2022 USD 57.530 Leonteq Securities AG 30.000 9/30/2022 CHF 59.410 Leonteq Securities AG 27.000 9/30/2022 CHF 57.930 Vontobel Financial Pro17.000 3/25/2022 EUR 55.930 Leonteq Securities AG/30.000 11/15/2022 CHF 68.410 Corner Banca SA 14.000 9/26/2022 USD 61.700 Leonteq Securities AG 18.000 3/29/2022 CHF 45.540 Credit Suisse AG/Londo19.250 12/08/2022 CHF 54.890 Barclays Bank PLC 0.600 3/14/2023 USD 9.917 Raiffeisen Schweiz Gen19.710 12/14/2022 CHF 67.380 Raiffeisen Switzerland18.000 12/13/2022 CHF 60.920 Credit Suisse AG/Londo10.000 12/12/2022 CHF 64.870 Credit Suisse AG/Londo19.500 12/12/2022 USD 53.810 Leonteq Securities AG/24.800 11/29/2022 CHF 57.390 DZ Bank AG Deutsche Ze19.300 9/23/2022 EUR 72.570 DZ Bank AG Deutsche Ze16.700 12/23/2022 EUR 73.790 Bank Julius Baer & Co 9.250 10/07/2022 USD 67.800 Leonteq Securities AG/26.400 10/07/2022 CHF 56.680 Leonteq Securities AG/12.000 2/22/2023 CHF 71.340 Leonteq Securities AG/17.000 11/22/2022 USD 65.690 Raiffeisen Schweiz Gen18.000 10/12/2022 CHF 58.760 Corner Banca SA 11.600 12/27/2022 USD 68.610 Leonteq Securities AG/12.000 9/27/2022 CHF 52.400 Leonteq Securities AG/12.000 12/28/2022 USD 62.270 Societe Generale Effek19.500 5/27/2022 EUR 67.020 Societe Generale Effek18.500 6/24/2022 EUR 67.990 Raiffeisen Schweiz Gen11.000 12/27/2022 CHF 62.520 Raiffeisen Schweiz Gen11.500 9/27/2022 CHF 55.280 Raiffeisen Schweiz Gen15.000 9/27/2022 CHF 40.730 Raiffeisen Schweiz Gen8.500 3/24/2023 USD 69.020 Raiffeisen Schweiz Gen18.500 9/27/2022 USD 50.470 Leonteq Securities AG 23.400 9/28/2022 CHF 48.680 Leonteq Securities AG 24.000 9/28/2022 CHF 55.920 Leonteq Securities AG 12.000 1/18/2023 CHF 64.220 Credit Suisse AG/Londo5.000 1/19/2023 USD 9.500 Leonteq Securities AG 21.600 10/18/2022 CHF 68.810 Leonteq Securities AG 3.600 9/22/2026 CHF 61.250 Raiffeisen Schweiz Gen3.000 9/21/2029 CHF 70.160 Raiffeisen Schweiz Gen2.700 9/22/2026 CHF 58.880 Leonteq Securities AG 3.900 12/20/2024 CHF 62.480 Raiffeisen Schweiz Gen10.000 12/31/2024 CHF 70.920 Leonteq Securities AG/24.420 11/22/2022 CHF 63.530 Leonteq Securities AG/27.300 11/22/2022 USD 67.010 Zurcher Kantonalbank F20.000 11/15/2022 USD 65.930 Zurcher Kantonalbank F19.000 11/15/2022 CHF 68.740 UBS AG/London 16.250 05/03/2023 USD 58.400 Credit Suisse AG/Londo13.000 12/05/2022 EUR 70.560 Corner Banca SA 15.000 03/10/2023 CHF 61.350 Credit Suisse AG/Londo19.250 12/06/2022 USD 49.890 UBS AG/London 25.750 12/22/2022 USD 69.050 Vontobel Financial Pro26.150 4/26/2022 EUR 63.690 Leonteq Securities AG/11.000 11/22/2022 CHF 68.500 Societe Generale Effek21.250 5/27/2022 EUR 68.120 Vontobel Financial Pro8.500 9/23/2022 EUR 58.530 Raiffeisen Schweiz Gen14.000 2/20/2023 CHF 57.350 UniCredit Bank AG 8.000 3/25/2022 EUR 46.600 UBS AG/London 21.250 3/24/2022 USD 57.900 Leonteq Securities AG/11.000 10/18/2022 CHF 63.410 DZ Bank AG Deutsche Ze10.000 12/23/2022 EUR 63.970 Raiffeisen Schweiz Gen18.000 10/19/2022 CHF 60.780 Raiffeisen Schweiz Gen13.000 10/18/2022 CHF 65.070 Raiffeisen Schweiz Gen20.000 10/19/2022 CHF 69.660 Leonteq Securities AG 24.240 10/19/2022 CHF 59.200 Bank Vontobel AG 13.750 05/08/2023 CHF 58.700 Bank Vontobel AG 18.750 11/14/2022 CHF 59.900 Vontobel Financial Pro19.500 3/25/2022 EUR 53.550 Leonteq Securities AG/20.400 11/16/2022 CHF 72.440 Leonteq Securities AG/22.800 11/16/2022 CHF 62.550 Bank Julius Baer & Co 10.000 3/28/2022 USD 54.000 UBS AG/London 12.250 3/24/2022 CHF 53.850 UBS AG/London 15.500 3/24/2022 CHF 47.300 Vontobel Financial Pro9.200 3/23/2022 EUR 45.240 Vontobel Financial Pro18.250 9/23/2022 EUR 51.320 Zurcher Kantonalbank F7.000 11/22/2022 CHF 64.100 Zurcher Kantonalbank F18.250 11/22/2022 CHF 71.520 Landesbank Baden-Wuert7.250 11/25/2022 EUR 62.550 Vontobel Financial Pro21.250 9/23/2022 EUR 63.890 DZ Bank AG Deutsche Ze12.750 10/26/2022 EUR 73.320 EFG International Fina15.000 9/26/2022 CHF 60.720 UBS AG/London 26.250 9/26/2022 USD 57.600 DZ Bank AG Deutsche Ze10.500 5/25/2022 EUR 71.220 UBS AG/London 10.500 1/23/2023 CHF #N/A N/A Credit Suisse AG/Londo8.500 6/30/2022 CHF 43.770 Credit Suisse AG/Londo8.500 6/24/2022 CHF 54.920 Credit Suisse AG/Londo15.000 6/27/2022 USD 44.570 Credit Suisse AG/Londo10.500 09/12/2022 CHF 54.740 Credit Suisse AG/Londo15.000 9/15/2022 USD 42.800 UBS AG/London 14.500 6/30/2022 CHF 63.550 Bank Vontobel AG 15.500 12/19/2022 EUR 62.400 UBS AG/London 12.500 2/13/2023 CHF 72.200 Credit Suisse AG/Londo12.000 6/30/2022 CHF 43.980 Credit Suisse AG/Londo15.000 07/07/2022 USD 42.480 Credit Suisse AG/Londo13.500 8/17/2022 CHF 38.220 Credit Suisse AG/Londo10.350 2/27/2023 CHF 63.430 Zurcher Kantonalbank F8.000 12/27/2022 CHF 67.950 Zurcher Kantonalbank F21.000 10/04/2022 CHF 48.670 Luzerner Kantonalbank 12.400 8/30/2022 USD 66.340 UBS AG/London 14.000 08/04/2022 USD 51.800 Credit Suisse AG/Londo9.000 10/07/2022 CHF 57.410 UBS AG/London 10.250 09/01/2022 EUR 74.800 UBS AG/London 20.250 03/01/2023 CHF 57.100 Credit Suisse AG/Londo10.000 10/05/2022 USD 61.800 UBS AG/London 10.250 03/09/2023 USD 67.300 UBS AG/London 15.750 03/09/2023 USD 60.450 UBS AG/London 8.000 01/09/2023 CHF 74.650 Zurcher Kantonalbank F15.000 9/23/2022 CHF 47.210 Zurcher Kantonalbank F14.000 9/27/2022 USD 70.790 Bank Vontobel AG 14.000 11/28/2022 CHF 67.200 Bank Vontobel AG 10.000 11/28/2022 CHF 55.100 Bank Vontobel AG 19.000 12/05/2022 CHF 52.600 Bank Vontobel AG 12.000 12/12/2022 CHF 54.900 Credit Suisse AG/Londo12.500 7/14/2022 USD 34.500 Zurcher Kantonalbank F16.000 10/14/2022 CHF 53.840 Zurcher Kantonalbank F8.000 10/18/2022 CHF 61.310 UBS AG/London 14.750 3/15/2023 EUR 65.250 Credit Suisse AG/Londo12.750 7/20/2022 CHF 63.630 Bank Vontobel AG 13.500 3/31/2023 CHF 58.400 Bank Vontobel AG 14.750 1/16/2023 CHF 57.800 Bank Vontobel AG 17.000 1/24/2023 CHF 53.200 Leonteq Securities AG 12.000 1/25/2023 CHF 64.170 Bank Julius Baer & Co 10.400 1/24/2023 USD 68.150 Vontobel Financial Pro6.000 12/23/2022 EUR 67.060 Vontobel Financial Pro12.000 12/23/2022 EUR 62.900 Vontobel Financial Pro9.000 12/23/2022 EUR 64.660 Leonteq Securities AG 25.200 10/21/2022 CHF 55.770 Leonteq Securities AG/17.000 10/25/2022 USD 61.130 Leonteq Securities AG/13.000 10/25/2022 USD 61.530 EFG International Fina18.000 10/20/2022 CHF 65.310 Vontobel Financial Pro10.500 12/23/2022 EUR 66.870 Vontobel Financial Pro15.500 12/23/2022 EUR 64.000 Raiffeisen Schweiz Gen12.500 12/20/2022 CHF 72.800 Bank Vontobel AG 9.000 12/18/2023 CHF 70.300 Bank Vontobel AG 10.250 12/19/2022 CHF 69.300 Leonteq Securities AG/12.000 12/13/2022 CHF 54.350 Leonteq Securities AG/22.800 12/21/2022 CHF 69.090 Credit Suisse AG/Londo13.500 12/14/2022 CHF 68.990 UBS AG/London 13.000 3/29/2023 USD 64.950 UBS AG/London 14.250 4/20/2023 USD 63.450 UBS AG/London 8.250 7/21/2022 USD 54.200 UBS AG/London 11.750 7/21/2022 CHF 66.550 Credit Suisse AG/Londo15.000 6/29/2022 USD 28.160 UBS AG/London 19.000 2/17/2022 CHF 56.300 Credit Suisse AG/Londo11.750 09/08/2022 USD 52.630 Credit Suisse AG/Londo8.500 9/13/2022 CHF 56.630 Bank Vontobel AG 10.500 12/27/2022 CHF 50.100 UBS AG/London 11.000 6/30/2022 CHF 57.500 Credit Suisse AG/Londo11.000 12/20/2022 CHF 57.450 Credit Suisse AG/Londo10.250 9/21/2022 CHF 53.770 UBS AG/London 11.000 7/21/2023 USD 55.950 UBS AG/London 9.250 2/20/2023 CHF 62.250 Zurcher Kantonalbank F15.200 9/21/2022 USD 49.270 UBS AG/London 14.750 3/22/2023 USD 59.400 UBS AG/London 10.500 3/22/2023 USD 68.650 Societe Generale Effek19.750 7/22/2022 EUR 70.580 UniCredit Bank AG 7.400 12/09/2024 EUR 70.300 Raiffeisen Schweiz Gen16.000 11/29/2022 CHF 65.050 Leonteq Securities AG 18.500 11/29/2022 CHF 66.370 Leonteq Securities AG/10.000 11/29/2023 EUR 70.710 Corner Banca SA 12.000 11/29/2022 USD 66.480 Bank Vontobel AG 6.500 2/20/2023 CHF 63.400 Bank Vontobel AG 9.000 11/20/2023 CHF 69.000 Bank Vontobel AG 21.750 5/26/2023 CHF 70.600 Bank Vontobel AG 12.500 2/27/2023 CHF 67.500 Bank Vontobel AG 18.250 5/26/2023 EUR 69.700 BNP Paribas Issuance B7.150 11/07/2024 SEK 70.980 Leonteq Securities AG/5.600 5/25/2022 CHF 71.940 Bayerische Landesbank 1.350 12/23/2022 EUR 58.880 Vontobel Financial Pro18.500 12/23/2022 EUR 71.950 Vontobel Financial Pro20.500 9/23/2022 EUR 71.450 Vontobel Financial Pro17.000 12/23/2022 EUR 55.230 Vontobel Financial Pro9.500 12/23/2022 EUR 64.160 Vontobel Financial Pro18.500 9/23/2022 EUR 72.270 Vontobel Financial Pro22.250 12/23/2022 EUR 54.998 Vontobel Financial Pro17.000 12/23/2022 EUR 72.500 Zurcher Kantonalbank F8.000 5/16/2022 CHF 54.390 DeltaCredit Bank JSC 1.000 10/20/2025 RUB 65.010 WEB Windenergie AG 6.500 EUR 0.010 DeloPorts LLC 0.010 11/14/2025 RUB 70.160 Landesbank Baden-Wuert3.600 6/23/2023 EUR 57.490 Societe Generale SA 20.000 02/02/2023 USD 65.450 Societe Generale SA 21.000 12/23/2022 USD 63.850 Skandinaviska Enskilda6.400 1/15/2025 SEK 70.780 Leonteq Securities AG/6.600 01/09/2023 CHF 71.260 BNP Paribas Issuance B7.200 12/17/2024 SEK 69.040 Leonteq Securities AG/20.400 12/09/2022 CHF 57.750 Bank Vontobel AG 10.000 06/12/2023 CHF 67.900 Bank Julius Baer & Co 21.800 6/23/2022 CHF 72.000 Zurcher Kantonalbank F22.500 12/20/2022 USD 71.120 Pongs & Zahn AG 8.500 EUR 0.031 Bayerische Landesbank 1.550 2/23/2024 EUR 73.350 Leonteq Securities AG/9.400 02/04/2022 CHF 71.160 Societe Generale SA 20.000 12/30/2022 USD 72.000 Societe Generale SA 10.000 12/30/2022 USD #N/A N/A Bayerische Landesbank 2.500 7/22/2022 EUR 65.640 Societe Generale SA 8.000 5/19/2022 USD 61.000 UBS AG/London 6.750 5/16/2022 CHF 69.050 Bank Julius Baer & Co 8.350 1/30/2023 CHF 70.450 Bank Julius Baer 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37.230 Landesbank Baden-Wuert4.400 9/23/2022 EUR 33.000 Societe Generale SA 22.000 11/03/2022 USD 63.450 Bayerische Landesbank 3.600 10/28/2022 EUR 74.390 Leonteq Securities AG 8.000 12/13/2022 CHF 56.500 UBS AG/London 19.750 4/21/2022 USD 34.000 Zurcher Kantonalbank F6.300 12/16/2022 CHF 55.100 Landesbank Baden-Wuert5.300 3/25/2022 EUR 32.620 Bayerische Landesbank 3.500 1/26/2024 EUR 69.560 EFG International Fina9.800 12/27/2022 CHF 72.670 Rosbank PJSC 0.030 4/30/2024 RUB 65.000 Raiffeisen Schweiz Gen6.600 3/23/2022 CHF 67.900 DekaBank Deutsche Giro2.400 6/17/2022 EUR 67.890 BNP Paribas Emissions-7.000 3/24/2022 EUR 57.370 Zurcher Kantonalbank F6.000 1/28/2022 CHF 68.230 DekaBank Deutsche Giro3.700 11/25/2022 EUR 61.360 EFG International Fina13.400 10/31/2022 CHF 62.740 BNP Paribas Emissions-6.000 3/24/2022 EUR 69.630 BNP Paribas Emissions-5.000 3/24/2022 EUR 26.710 Bayerische Landesbank 1.450 1/26/2024 EUR 60.350 DekaBank Deutsche Giro2.800 1/13/2023 EUR 73.590 WEB Windenergie AG 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UBS AG/London 14.500 10/17/2022 USD 41.450 Bank Julius Baer & Co 21.450 1/28/2022 EUR 73.900 Bank Julius Baer & Co 7.950 09/02/2022 USD 74.850 DekaBank Deutsche Giro2.000 02/10/2023 EUR 73.300 Leonteq Securities AG/7.600 1/23/2023 CHF 70.590 Sberbank of Russia PJS0.010 1/19/2026 RUB 71.400 Sberbank of Russia PJS0.010 1/19/2026 RUB 73.100 Sberbank of Russia PJS0.010 3/27/2028 RUB 70.200 Sberbank of Russia PJS0.010 1/19/2026 RUB 72.700 HSBC Bank PLC 10.300 12/20/2024 TRY 64.606 Bank Julius Baer & Co 9.900 10/21/2022 USD 55.300 Goldman Sachs & Co Wer25.000 1/26/2022 EUR 71.430 Societe Generale Effek14.250 1/28/2022 EUR 73.790 Societe Generale Effek16.000 1/28/2022 EUR 66.110 Societe Generale Effek11.000 1/28/2022 EUR 66.130 Sberbank of Russia PJS0.010 7/24/2025 RUB 44.600 Sberbank of Russia PJS0.010 12/05/2025 RUB 67.200 Lehman Brothers Treasu7.320 7/31/2013 GBP 0.100 EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.295 Lehman Brothers Treasu3.025 1/31/2015 EUR 0.100 Lehman Brothers Treasu0.750 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68.561 Ukraine Government Bon8.420 05/10/2034 UAH 62.357 Lehman Brothers Treasu5.500 6/22/2010 USD 0.100 Lehman Brothers Treasu10.000 10/22/2008 USD 0.100 Lehman Brothers Treasu6.600 5/23/2012 AUD 0.100 Lehman Brothers Treasu16.000 10/28/2008 USD 0.100 Lehman Brothers Treasu9.000 05/06/2011 CHF 0.100 Sberbank of Russia PJS0.010 11/11/2025 RUB 74.600 Lehman Brothers Treasu7.150 3/21/2013 USD 0.100 Lehman Brothers Treasu7.600 1/31/2013 AUD 0.100 Lehman Brothers Treasu5.500 4/23/2014 EUR 0.100 Ukraine Government Bon8.220 05/10/2035 UAH 60.232 Ukraine Government Bon8.520 11/10/2033 UAH 63.451 Ukraine Government Bon8.880 05/10/2032 UAH 67.212 Ukraine Government Bon8.310 11/10/2034 UAH 61.224 Lehman Brothers Treasu8.000 12/31/2010 USD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu9.300 12/21/2010 EUR 0.100 Lehman Brothers Treasu13.000 2/16/2009 CHF 0.100 Lehman Brothers Treasu6.000 08/07/2013 EUR 0.100 Lehman Brothers Treasu6.250 09/05/2011 EUR 0.100 KPNQwest NV 7.125 06/01/2009 EUR 0.453 KPNQwest NV 7.125 06/01/2009 EUR 0.453 Lehman Brothers Treasu3.000 09/12/2036 JPY 0.100 Lehman Brothers Treasu6.700 4/21/2011 USD 0.100 Lehman Brothers Treasu4.680 12/12/2045 EUR 0.100 Lehman Brothers Treasu4.820 12/18/2036 EUR 0.100 Lehman Brothers Treasu13.000 12/14/2012 USD 0.100 Lehman Brothers Treasu5.250 04/01/2023 EUR 0.100 SAir Group 2.750 7/30/2004 CHF 12.625 Credit Agricole Corpor10.150 02/05/2025 TRY 63.107 LBI ehf 8.650 05/01/2011 ISK 9.750 LBI ehf 5.080 03/01/2013 ISK 9.750 Heta Asset Resolution 0.128 12/31/2023 EUR 1.169 Heta Asset Resolution 5.730 12/31/2023 EUR 1.169 Lehman Brothers Treasu2.000 6/21/2011 EUR 0.100 Rio Forte Investments 3.900 07/10/2014 USD 4.599 Northland Resources AB15.000 7/15/2019 USD 2.621 Norske Skogindustrier 7.000 12/30/2026 EUR 0.596 Lehman Brothers Treasu12.000 7/13/2037 JPY 0.100 Lehman Brothers Treasu10.000 06/11/2038 JPY 0.100 Credit Suisse AG/Londo0.500 01/08/2026 BRL 63.674 Northland Resources AB15.000 7/15/2019 USD 2.621 Norske Skogindustrier 2.000 12/30/2115 EUR 0.113 Lehman Brothers Treasu7.060 12/29/2008 EUR 0.100 Cerruti Finance SA 6.500 7/26/2004 EUR 2.058 KPNQwest NV 8.875 02/01/2008 EUR 0.453 KPNQwest NV 8.875 02/01/2008 EUR 0.453 Lehman Brothers Treasu6.600 02/09/2009 EUR 0.100 Lehman Brothers Treasu6.000 6/21/2011 EUR 0.100 Sberbank of Russia PJS0.010 12/02/2025 RUB 66.500 Sberbank of Russia PJS0.010 12/08/2025 RUB 69.200 Lehman Brothers Treasu6.720 12/29/2008 EUR 0.100 Lehman Brothers Treasu7.625 7/22/2011 HKD 0.100 AKB Peresvet ZAO 13.000 10/07/2017 RUB 13.000 BNP Paribas SA 1.000 1/23/2040 MXN 22.217 Lehman Brothers Treasu2.370 7/15/2013 USD 0.100 Lehman Brothers Treasu2.300 6/27/2013 USD 0.100 RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335 Heta Asset Resolution 5.270 12/31/2023 EUR 1.165 Sberbank of Russia PJS0.946 2/17/2025 RUB 74.700 Lehman Brothers Treasu4.870 10/08/2013 USD 0.100 Lehman Brothers Treasu1.950 11/04/2013 EUR 0.100 Sberbank of Russia PJS0.010 10/05/2028 RUB 74.600 WPE International Coop10.375 9/30/2020 USD 5.000 Sberbank of Russia PJS0.010 09/04/2025 RUB 74.210 Sberbank of Russia PJS0.010 09/05/2025 RUB 71.600 Irish Bank Resolution 4.000 4/23/2018 EUR 33.250 Heta Asset Resolution 4.875 12/31/2023 EUR 1.169 Lehman Brothers Treasu5.220 03/01/2024 EUR 0.100 Lehman Brothers Treasu8.600 7/31/2013 GBP 0.100 Lehman Brothers Treasu7.500 7/31/2013 GBP 0.100 Teksid Aluminum Luxemb12.375 7/15/2011 EUR 0.122 Espirito Santo Financi5.625 7/28/2017 EUR 0.528 Lehman Brothers Treasu3.600 3/19/2018 JPY 0.100 Credit Agricole Corpor10.500 2/16/2027 TRY 52.595 Heta Asset Resolution 5.030 12/31/2023 EUR 1.169 Lehman Brothers Treasu1.280 11/06/2010 JPY 0.100 Lehman Brothers Treasu4.000 12/02/2012 EUR 0.100 Sberbank of Russia PJS0.010 12/17/2025 RUB 72.500 Lehman Brothers Treasu4.100 5/20/2009 USD 0.100 Specialized Financial 14.274 2/15/2031 RUB 90.000 Credit Agricole Corpor10.800 3/24/2026 TRY 57.985 Lehman Brothers Treasu4.050 9/16/2008 EUR 0.100 Lehman Brothers Treasu8.280 7/31/2013 GBP 0.100 Lehman Brothers Treasu4.000 2/28/2010 EUR 0.100 Lehman Brothers Treasu3.630 03/02/2012 EUR 0.100 OOO SPV Structural Inv0.010 09/01/2023 RUB 66.740 Mriya Agro Holding PLC10.950 3/30/2016 USD 4.667 Sberbank of Russia PJS0.010 12/17/2025 RUB 72.900 Lehman Brothers Treasu3.820 10/20/2009 USD 0.100 Sberbank of Russia PJS0.010 5/28/2026 RUB 72.500 Credit Agricole Corpor10.320 7/22/2026 TRY 54.989 Lehman Brothers Treasu3.000 9/13/2010 JPY 0.100 Sberbank of Russia PJS0.010 09/09/2025 RUB 72.400 Lehman Brothers Treasu9.250 6/20/2012 USD 0.100 Lehman Brothers Treasu2.000 5/17/2010 EUR 0.100 Lehman Brothers Treasu5.250 11/21/2009 USD 0.100 Credit Agricole Corpor12.000 11/17/2025 TRY 62.880 Credit Agricole Corpor10.200 12/13/2027 TRY 48.581 Sberbank of Russia PJS0.010 9/17/2025 RUB 73.800 DeltaCredit Bank JSC 1.000 10/30/2025 RUB 70.000 Barclays Bank PLC 2.000 06/12/2029 TRY 18.319 Promsvyazbank PJSC 2.500 9/29/2029 RUB 60.440 Sberbank of Russia PJS0.010 9/22/2025 RUB 74.300 Credit Agricole Corpor9.450 03/08/2027 TRY 49.520 ********* 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 2022. 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 * * *