/raid1/www/Hosts/bankrupt/TCREUR_Public/220131.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 31, 2022, Vol. 23, No. 16
Headlines
F R A N C E
AIR FRANCE-KLM: Egan-Jones Retains CCC Senior Unsecured Ratings
PIMENTE INVESTISSEMENT: S&P Assigns 'B' LT ICR, Outlook Stable
I R E L A N D
AVOCA CLO XXI: Fitch Affirms B- Rating on Class F Notes
BARINGS EURO 2014-1: Fitch Raises Class F-RR Notes to 'B+'
BARINGS EURO 2018-2: Fitch Raises Class F Notes to 'B+'
BLACKROCK EURO VII: Fitch Raises Class F Notes to 'B'
ST. PAUL CLO XII: Fitch Raises Class F Notes to 'B'
K A Z A K H S T A N
NURBANK JSC: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable
N E T H E R L A N D S
HOUSE OF HR: S&P Alters Outlook to Stable, Affirms 'B' ICR
SIGNATURE FOODS: Moody's Assigns B2 CFR Amid Corp. Reorganisation
P O L A N D
CYFROWY POLSAT: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
R U S S I A
JSC INVESTGEOSERVIS: Fitch Withdraws Ratings
[*] S&P Affirms Ratings on 14 Russian Banks & Others
S W E D E N
ARISE AB: Egan-Jones Hikes Senior Unsecured Ratings to B+
U K R A I N E
JSC ALFA-BANK: Fitch Raises LT IDRs to 'B', Outlook Stable
PROCREDIT BANK: Fitch Affirms 'B' Foreign Currency IDR
U N I T E D K I N G D O M
ARCHANT: Put Up for Sale Following Private Equity Buyout
ENERGY GENERATOR: Enters Administration
FERGUSON MARINE: Loses Addt'l GBP8 Mil. Building Other Vessels
LIBERTY GLOBAL: Egan-Jones Retains B+ Senior Unsecured Ratings
M&A PHARMACHEM: Enters Administration After Sale Attempt Fails
ORBIT PRIVATE I: S&P Assigns 'B' ICR, Outlook Stable
POUNDSTRETCHER: Begins Converting Stores to JTF
TOGETHER FINANCIAL: S&P Alters Outlook to Pos., Affirms 'BB-' ICR
[*] UK: Creditors' Voluntary Liquidations Up in Late 2021
X X X X X X X X
[*] BOND PRICING: For the Week January 24 to January 28, 2022
- - - - -
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F R A N C E
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AIR FRANCE-KLM: Egan-Jones Retains CCC Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on January 3, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Air France-KLM. EJR also maintained its 'C' rating
on commercial paper issued by the Company.
Headquartered in Tremblay-en-France, Air France-KLM offers air
transportation services.
PIMENTE INVESTISSEMENT: S&P Assigns 'B' LT ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Pimente Investissement SAS (Panzani; the holding parent
company), and its 'B' issue rating to EUR340 million senior secured
term loan B (TLB) due 2028.
The stable outlook reflects S&P's view that Panzani will retain its
leadership position in France in dry pasta and elaborated sauces.
Its ability to raise prices thanks to strong brand recognition
should allow Panzani to maintain positive FOCF and adjusted debt to
EBITDA of about 6.0x over the next 12 months.
In July 2021, funds advised by private equity firm CVC Capital
Partners entered into discussions to acquire Panzani, the dry
pasta, sauces, couscous, and semolina business, from the Spanish
listed consumer foods group Ebro Foods (Ebro; not rated). Pimente
Investissement SAS (Panzani; the holding parent company) has raised
a EUR340 million senior secured TLB to support the acquisition.
These ratings are in line with the preliminary ratings S&P assigned
on Nov. 18, 2021. There are no material changes to its forecasts or
to the financial documentation since our original review.
S&P said, "The ratings reflect Panzani's highly levered capital
structure, but we believe that it will be able to maintain positive
FOCF. We forecast that over the next two years Panzani will
maintain S&P Global Ratings-adjusted debt to EBITDA of about 6.0x,
EBITDA cash interest coverage of over 4.0x, and positive FOCF
despite elevated capital expenditure (capex) needs. FOCF in 2022
will be at a low point of EUR5 million-EUR10 million because of
planned operational investments in IT infrastructure to complete
the de-linkage from Ebro, and high capex of EUR20 million-EUR23
million, elevated by capacity improvements and productivity
initiatives. We anticipate that FOCF will improve to above EUR10
million from 2023, despite still-elevated capex of EUR26
million-EUR28 million, as a result of the acceleration of
investments. Our adjusted debt calculation comprises the EUR340
million term loan facility and about EUR9.6 million of pension
liabilities that will likely remain within Panzani's perimeter post
carveout of the rice and Lustucru & Taureau Ailé cereals business,
which will remain with Ebro post transaction closure. We assume
that the revolving credit facility (RCF) will remain undrawn over
at least the next 12 months. We do not net cash against debt,
because we assume that management and owners will prioritize
investment needs, as opposed to debt repayments. We exclude the
shareholder bond from our credit metrics because it meets the
conditions for equity treatment under our noncommon equity
criteria."
The rating also reflects Panzani's limited size and concentration
in mature staples food categories in France. Panzani is exposed to
low-volume growth prospects for dry pasta (47% of 2020 sales), has
a relatively narrow range of complementary food products, and has a
high geographical concentration to the mature French market (about
90% of 2020 sales). In fiscal year (FY) ending Dec. 31, 2020,
Panzani reported revenue and company-adjusted EBITDA of about
EUR470 million and EUR59 million, respectively. This is somewhat
offset by the strong market share in a noncyclical and nonseasonal
staple food category in France, and the well-known Panzani brand,
which should enable it to pass on price increases. For 2022, S&P
forecasts overall revenue of about EUR480 million-EUR490 million
and adjusted EBITDA of EUR55 million-EUR60 million.
The strong local brand and large market share should help offset
commodity cost pressures in the next 12 months. S&P said, "We
forecast potential revenue growth of up to 7% in 2022, normalizing
to about 2% in 2023, with a broadly stable adjusted EBITDA margin
of close to 12% over the same period. Our assumption for 2022
incorporates very low volume growth, with most growth coming from
higher price adjustments to partly offset high input costs,
particularly from durum wheat (which has increased 20% year-on-year
since April 2020), which is the key ingredient for the semolina
flour used to make dry pasta and couscous. French durum wheat
prices increased sharply in 2021, reflecting the global market
price trend amid weaker supplies from key export markets, such as
Canada. Our assumption for 2023 is of a commodity price
normalization, reflected in lower revenue growth of 2%."
S&P said, "The recent rapid spread of the omicron variant
highlights the inherent uncertainties of the pandemic as well as
the importance and benefits of vaccines. While the risk of new,
more severe variants displacing omicron and evading existing
immunity cannot be ruled out, our current base case assumes that
existing vaccines can continue to provide significant protection
against severe illness. Furthermore, many governments, businesses,
and households around the world are tailoring policies to limit the
adverse economic impact of recurring COVID-19 waves. Consequently,
we do not expect a repeat of the sharp global economic contraction
of second-quarter 2020. Meanwhile, we continue to assess how well
each issuer adapts to new waves in its geography or industry.
"The stable outlook reflects our view that Panzani should be able
to preserve a stable operating performance in 2022 thanks to its
strong market share, well-known brand, and affordable average
selling price within the noncyclical dry pasta market in France,
despite low volume growth prospects for its large dry pasta
segment.
"Under our base case, we forecast that Panzani will maintain stable
adjusted EBITDA margins of about 12% in 2022, positive FOCF
generation of close to EUR10 million annually, and adjusted debt to
EBITDA of about 6.0x. Our base case assumes that the group will be
able to raise prices to offset much higher raw material and energy
costs while exercising control over working capital and capex. We
see debt-financed acquisitions as unlikely before mid-2023, because
the company's focus is on improving operating efficiency and the
full separation from Ebro.
"We could lower the rating on Panzani if, contrary to our base
case, it fails to generate positive FOCF over the next 12 months
due to underperformance on its main dry pasta or sauces operations,
or an inability to control working capital movements or cut
expansion capex. This will likely occur, in our view, if it faces
fierce competition from branded and private label competitors in
France, loses a key retail customer in France, or demonstrates an
inability to offset input costs with price increases,
which--combined with productivity investments--could weigh on the
cash generation.
"We could also lower our ratings on the company if it immediately
pursues an aggressive debt-financed acquisition strategy while
still investing in the business, such that adjusted debt to EBITDA
deviates from our current base case to above 7.0x on a sustained
basis.
"We could take a positive rating action if Panzani's revenue and
EBITDA base grew significantly higher than our current assumptions,
such that our adjusted debt to EBITDA would fall sustainably below
5.0x. This could occur due to sustained solid organic growth, owing
to a reinvigoration of prospects in the mature dry pasta market and
organic expansion into adjacent ethnic food categories. A rating
upgrade would also depend on a firm commitment from the financial
sponsors to sustain such a low level of leverage."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Panzani, as is the
case for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns.
Environmental and social factors are an overall neutral
consideration in our credit rating analysis. According to company
information, all of Panzani's dry pastas have the highest
nutritional score (A), while 86% of its sauces have highest or
second highest (B). The company plans to center its advertising
strategy for pasta and couscous around its 100% responsibly sourced
French durum wheat, to appeal to customers in the core French
market. This supports the company's carbon footprint and
illustrates its importance for supporting local communities. Among
key environmental priorities, we note the company's 100% recyclable
packaging objective by 2025."
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I R E L A N D
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AVOCA CLO XXI: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------
Fitch Ratings has upgraded Avoca CLO XXI DAC's class D and E notes
and affirmed the class X, A-1, A-2, B-1, B-2, C, and F notes. The
class B-1 through F notes have been removed from Under Criteria
Observation (UCO). The Rating Outlook remains Stable for all
notes.
DEBT RATING PRIOR
---- ------ -----
Avoca CLO XXI DAC
A-1 XS2126166722 LT AAAsf Affirmed AAAsf
A-2 XS2126167027 LT AAAsf Affirmed AAAsf
B-1 XS2126167373 LT AAsf Affirmed AAsf
B-2 XS2126167530 LT AAsf Affirmed AAsf
C XS2126167886 LT Asf Affirmed Asf
D XS2126167969 LT BBBsf Upgrade BBB-sf
E XS2126168009 LT BBsf Upgrade BB-sf
F XS2126168421 LT B-sf Affirmed B-sf
X XS2126166565 LT AAAsf Affirmed AAAsf
TRANSACTION SUMMARY
Avoca CLO XXI DAC is a cash flow CLO comprised of mostly senior
secured obligations. The transaction is actively managed by KKR
Credit Advisors (Ireland) and will exit its reinvestment period in
October 2024.
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
Nov. 30, 2021 trustee report.
The rating actions are in line with the model implied ratings (MIR)
produced from Fitch's updated stressed portfolio analysis for the
class X, A-1, and A-2 notes, while the rating actions for the class
B-1, B-2, C, D, E, and F notes are one notch below the respective
MIRs, reflecting the remaining long reinvestment period until
October 2024 during which the portfolio can change significantly
due to reinvestment or negative portfolio migration.
Fitch's updated analysis applied the agency's collateral quality
matrix specified in the transaction documentation. The transaction
has four matrices, based on 15% and 23% top 10 obligor
concentration limits and 0% and 10% fixed rate assets. Fitch
analyzed the matrix specifying the 15% top 10 obligor limit and 10%
fixed rate assets as the agency viewed this as the most rating
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 Stable Outlooks on all classes 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
2.8% 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 34.6, which is below the
maximum covenant of 35.0. The WARF, as calculated by Fitch under
the updated criteria, was 25.7.
High Recovery Expectations: Senior secured obligations comprise
98.9% 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 64.8%, against the covenant at 63.3%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 12.2%, 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 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
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.
BARINGS EURO 2014-1: Fitch Raises Class F-RR Notes to 'B+'
----------------------------------------------------------
Fitch Ratings has upgraded Barings Euro CLO 2014-1 DAC's class
B-1-RR, B-2-RR, C-RR, D-RR, E-RR and F-RR notes and removed them
from Under Criteria Observation (UCO). Fitch also affirmed the
class A-RR notes. The Rating Outlooks for the upgraded classes are
Positive, and the Outlook on the 'AAAsf'-rated class A-RR notes
remains Stable.
DEBT RATING PRIOR
---- ------ -----
Barings Euro CLO 2014-1 DAC
A-RR XS1713462239 LT AAAsf Affirmed AAAsf
B-1-RR XS1713461421 LT AA+sf Upgrade AAsf
B-2-RR XS1713460704 LT AA+sf Upgrade AAsf
C-RR XS1713460027 LT A+sf Upgrade Asf
D-RR XS1713459441 LT BBB+sf Upgrade BBBsf
E-RR XS1713458807 LT BB+sf Upgrade BBsf
F-RR XS1713458633 LT B+sf Upgrade B-sf
TRANSACTION SUMMARY
Barings Euro CLO 2014-1 DAC 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 Barings
(U.K.) Limited 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 into Fitch's updated
stressed portfolio analysis. The analysis considered cash flow
modelling results for the stressed portfolio based on a Fitch
collateral quality matrix specified in the transaction's
documentation.
The transaction has two Fitch collateral quality matrices based on
18.0% and 26.5% top 10 obligor concentration limits. Fitch's
analysis was based on the matrix specifying the 18.0% top 10
obligor concentration limit as the agency considered this as the
most rating 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 July 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.
Deviation from Model-Implied Rating: The rating for the class D-RR
notes is one notch lower than its model-implied rating (MIR); this
deviation reflects the small breakeven default rate cushion at the
MIR, which could erode if the portfolio's performance deteriorates.
All other classes were assigned ratings in line with their
respective MIRs.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The largest single issuer and
largest 10 issuers in the portfolio represent 1.9% and 14.5% of the
portfolio, respectively.
Stable Asset Performance: The transaction is failing the Fitch CCC
and Moody's Caa concentration tests as of November 2021. It is
passing all other collateral quality, portfolio profile and
coverage tests. Exposure to assets with a Fitch-derived rating of
'CCC+' and below is reported by the trustee at 8.5%, an improvement
from 13.7% as of the last review in April 2021.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be at the 'B'/'B-' rating level. The trustee
calculated Fitch weighted-average rating factor (WARF) is at 34.6,
below the covenant maximum limit of 37.0, based on trustee
reporting. The Fitch calculated WARF is at 25.4 after applying the
updated Fitch CLOs and Corporate CDOs Rating Criteria.
High Recovery Expectations: 96.3% 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 65.7%, compared with the covenant
minimum of 61.7%.
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 would result in downgrades of up to three
notches, depending on the notes;
-- Downgrades may occur if the build-up of the notes' credit
enhancement (CE) following amortization does not compensate
for a higher loss expectation than initially assumed due to
unexpected high level of default and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels 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, 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.
BARINGS EURO 2018-2: Fitch Raises Class F Notes to 'B+'
-------------------------------------------------------
Fitch Ratings has upgraded Barings Euro CLO 2018-2 DAC's class B-1
A, B-1 B, B-2, C-1, C-2, D, E and F notes, and removed them from
Under Criteria Observation (UCO). Fitch also affirmed the class A-1
A, A-1 B and A-2 notes. The upgraded classes were assigned Positive
Rating Outlooks, while the Outlook on the class A notes remains
Stable.
DEBT RATING PRIOR
---- ------ -----
Barings Euro CLO 2018-2 DAC
A-1 A XS1857759762 LT AAAsf Affirmed AAAsf
A-1 B XS1859510221 LT AAAsf Affirmed AAAsf
A-2 XS1857760265 LT AAAsf Affirmed AAAsf
B-1 A XS1857761073 LT AA+sf Upgrade AAsf
B-1 B XS1860319034 LT AA+sf Upgrade AAsf
B-2 XS1857761586 LT AA+sf Upgrade AAsf
C-1 XS1857762394 LT A+sf Upgrade Asf
C-2 XS1860319620 LT A+sf Upgrade Asf
D XS1857763012 LT BBB+sf Upgrade BBBsf
E XS1857763525 LT BB+sf Upgrade BBsf
F XS1857763871 LT B+sf Upgrade B-sf
TRANSACTION SUMMARY
Barings Euro CLO 2018-2 DAC is a cash flow CLO comprised of mostly
senior secured obligations. The transaction is actively managed by
Barings (U.K.) Limited 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 current and stressed portfolios
based on the Dec. 31, 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 B and D 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.
The transaction has two matrices, based on 16% and 26.5% top 10
obligor concentration limits and 15% fixed rate assets. Fitch
analyzed the matrix specifying the 16% top 10 obligor limit and 15%
fixed rate assets, as the agency viewed this as the most rating
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 B through F notes reflect that
the transaction will exit its reinvestment period within a year and
is expected to begin deleveraging thereafter. The Outlook for the
class A notes remain Stable, 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, but failed
the 'CCC' obligations test and Moody's WARF test. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below is
8.9% 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 34.7, which is below the
maximum covenant of 35.0. The WARF, as calculated by Fitch under
the updated criteria, was 25.8.
High Recovery Expectations: Senior secured obligations comprise
97.7% 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 66.8%, against the covenant at 63.5%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 13.6%, 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 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
Barings Euro CLO 2018-2 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.
BLACKROCK EURO VII: Fitch Raises Class F Notes to 'B'
-----------------------------------------------------
Fitch Ratings has upgraded BlackRock European CLO VII DAC's class
D-R and F notes and affirmed the class A-R, B-1-R, B-2-R, C-1-R,
C-2-R and E notes. The class B-1-R through F notes have been
removed from Under Criteria Observation. The Rating Outlooks for
all classes remain Stable.
DEBT RATING PRIOR
---- ------ -----
BlackRock European CLO VII DAC
A-R XS2304369247 LT AAAsf Affirmed AAAsf
B-1-R XS2304370096 LT AAsf Affirmed AAsf
B-2-R XS2304370682 LT AAsf Affirmed AAsf
C-1-R XS2304371227 LT Asf Affirmed Asf
C-2-R XS2304371904 LT Asf Affirmed Asf
D-R XS2304372548 LT BBBsf Upgrade BBB-sf
E XS1904675110 LT BBsf Affirmed BBsf
F XS1904675383 LT Bsf Upgrade B-sf
TRANSACTION SUMMARY
BlackRock European CLO VII DAC is a cash flow CLO comprised of
mostly senior secured obligations. The transaction is actively
managed by BlackRock Investment Management (UK) Limited and will
exit its reinvestment period in July 2023.
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 Dec.
20, 2021 trustee report.
The rating actions for all notes, except for the class A-R notes,
are one notch lower than the model-implied ratings produced from
Fitch's updated stressed portfolio analysis for all classes of
notes. The deviation reflects the remaining long reinvestment
period until July 2023, during which the portfolio can change
significantly due to reinvestment or negative portfolio migration.
The transaction has two matrices, based on a 16% and 23% top 10
obligor concentration limit. Fitch's updated stressed portfolio
analysis applied the agency's collateral quality matrix specifying
the 16% top 10 obligor limit as the agency viewed this as the most
rating relevant. Additionally, Fitch also reduced the weighted
average spread (WAS) by 40 basis points at each point on the matrix
to account for the WAS definition in the transaction documents.
The Stable Outlooks on each class of 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 of 'CCC+' and below is 3.9%
excluding non-rated assets, as calculated by Fitch.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B'/'B-' category. The
weighted average rating factor (WARF) as calculated by the trustee
was 32.6, which is below the maximum covenant of 35.0. The WARF, as
calculated by Fitch under the updated criteria, was 24.3.
High Recovery Expectations: Senior secured obligations comprise
95.6% 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 63.5%, against the covenant at 61.2%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 11.3%, and no obligor represents more than 1.3% 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 two
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.
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
BlackRock European CLO 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.
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.
ST. PAUL CLO XII: Fitch Raises Class F Notes to 'B'
---------------------------------------------------
Fitch Ratings has upgraded St. Paul's CLO XII DAC's class D, E and
F notes and affirmed the class X, A, B-1, B-2, C-1 and C-2 notes.
The class B-1 through F notes have been removed from Under Criteria
Observation (UCO), and the Rating Outlook remains Stable for all of
the notes.
DEBT RATING PRIOR
---- ------ -----
St. Paul's CLO XII DAC
A XS2120080101 LT AAAsf Affirmed AAAsf
B-1 XS2120081091 LT AAsf Affirmed AAsf
B-2 XS2120081760 LT AAsf Affirmed AAsf
C-1 XS2120082495 LT Asf Affirmed Asf
C-2 XS2120083030 LT Asf Affirmed Asf
D XS2120083626 LT BBBsf Upgrade BBB-sf
E XS2120083543 LT BBsf Upgrade BB-sf
F XS2120084350 LT Bsf Upgrade B-sf
X XS2120079863 LT AAAsf Affirmed AAAsf
TRANSACTION SUMMARY
St. Paul's CLO XII DAC is a cash flow collateralized loan
obligation (CLO) comprised of mostly senior secured obligations.
The transaction is actively managed by Intermediate Capital
Managers Limited and will exit its reinvestment period in October
2024.
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 current and stressed portfolios
based on the Dec. 7, 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, for the class X and A notes. The ratings
for the class B-1, B-2, C-1, C-2, D, E and F notes are one notch
below the model implied rating. This deviation reflects the
remaining long reinvestment period, until October 2024, during
which the portfolio can change significantly due to reinvestment or
negative portfolio migration.
There are four matrices for this transaction, based on a 0% and 20%
fixed rate and 15% and 23% top 10 largest obligors concentration
limits, Fitch analyzed the 15% top 10 largest obligors and 0% and
20% fixed rate assets cases as the agency viewed this as the most
rating 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 Stable Outlooks on the class X through F 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
1.6% 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 32.9, which is below the maximum covenant of 34.5. The WARF, as
calculated by Fitch under the updated criteria, was 24.76.
High Recovery Expectations: Senior secured obligations comprise
97.2% 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 65.1%, against the covenant at 64.3%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.5%, and no obligor represents more than 1.8% 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 two
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 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.
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.
===================
K A Z A K H S T A N
===================
NURBANK JSC: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its issuer and issue credit ratings on
eight Kazakhstani banks and related entities following a revision
to our criteria for rating banks and nonbank financial institutions
and for determining a Banking Industry Country Risk Assessment.
The affirmations include:
-- Halyk Savings Bank of Kazakhstan (BB+/Stable/B) and 'kzAA';
-- Kaspi Bank JSC (BB-/Positive/B) and 'kzA';
-- ForteBank JSC (B+/Positive/B) and 'kzBBB+';
-- Bank CenterCredit JSC (B/Stable/B) and 'kzBBB-';
-- VTB Bank (Kazakhstan) (BB+/Stable/B) and 'kzAA';
-- SB Alfa-Bank JSC (BB/Stable/B) and 'kzA+';
-- Bank Freedom Finance Kazakhstan JSC (B/Stable/B) and 'kzBB+';
and
-- Nurbank JSC (B-/Stable/B) and 'kzBB-'.
The outlooks on the banks are unchanged.
S&P said, "Kazakhstan's banks have made significant progress in
reducing nonperforming loans (NPLs) in recent years, but we see
reduced potential for improvements in the next few months. Recent
social unrest in the country may disrupt borrowers' payment
discipline and create additional provisioning needs for banks.
However, since economic fundamentals remain supportive for
long-term economic growth, we consider that asset-quality
deterioration (which is likely to follow after the events in
January) may be only temporary. Therefore, we still expect
systemwide credit costs at 1.5%-2.0% in 2022, although we may see a
rise in provisioning needs in first-half 2022. We also expect that
the worsening payment capacity of many small and midsize enterprise
(SME) and retail borrowers will be partly offset by government
support programs. However, uncertainty remains high, and the
long-term consequences for asset-quality indicators are yet to be
seen. We now see the economic risk trend for Kazakhstan's banking
sector as stable from positive previously. We also maintained our
economic risk score at '8'.
"We believe the new political situation may have increased the risk
of changes in the banking sector's competitive landscape, since
many banks remain reliant on the business and political connections
of their owners.Over the past few years, the number of banks in the
sector has significantly reduced, and further license withdrawals
are unlikely, in our view. However, potential event risks are
starting to loom for many banks, since the share of government
ownership remains below 10%--significantly lower than in other
major industries for the economy--and the sustainability of
existing political connections is now uncertain. Since the risks of
potential changes in the competitive landscape remain elevated at
this stage, we have also revised our industry risk trend to stable
from positive. The ultimate impact of January's events on the
banking sector's funding position, especially deposit stability, is
yet to be seen. We note that corporate deposits in Kazakhstan may
be volatile and confidence sensitive in periods of market turmoil.
"The recent rapid spread of the omicron variant highlights the
inherent uncertainties of the pandemic but also the importance and
benefits of vaccines. Although the risk of new, more severe
variants displacing omicron and evading existing immunity cannot be
ruled out, our current base case assumes that existing vaccines can
continue to provide significant protection against severe illness.
Furthermore, many governments, businesses, and households around
the world are tailoring policies to limit the adverse economic
impact of recurring COVID-19 waves. Consequently, we do not expect
a repeat of the sharp global economic contraction of second-quarter
2020. Meanwhile, we continue to assess how well individual issuers
adapt to new waves in their geography or industry."
Halyk Savings Bank of Kazakhstan
Primary analyst: Irina Velieva
S&P said, "We affirmed our 'BB+/B' issuer credit and 'kzAA'
national scale ratings on Halyk Savings Bank of Kazakhstan (Halyk).
Our ratings on Halyk reflect its leading market position and high
systemic importance in the Kazakhstani banking sector, experienced
management, and track record of sustainable performance over the
economic cycle. We believe the bank will continue its prudent
underwriting policies. This will allow it to maintain the progress
in asset-quality improvement achieved in recent years. The bank's
capitalization ratio could come under pressure due to its rapid
loan book expansion and share buy-back in 2021, but, in our view,
the deterioration is likely to be partly offset by its good
earnings capacity. Halyk has an ample liquidity cushion, which we
expect it to maintain in the next 12-18 months. All these
characteristics support the bank's intrinsic creditworthiness (that
we assess at 'bb+')."
Outlook
The stable outlook on Halyk reflects S&P's expectation that the
bank will retain its market position and continue to demonstrate
strong earnings capacity in the next 12-18 months.
Downside scenario: A negative rating action could follow if S&P
sees the bank incur credit losses above the system average, or
experience a sharp and sustainable decline in profitability or
capitalization metrics.
Upside scenario: A positive rating action is remote at this stage,
since it would require further substantial improvement in both the
operating environment and the bank's capitalization ratios, with
the risk-adjusted capital (RAC) ratio increasing sustainably above
10%.
Ratings Score Snapshot
Issuer credit rating: BB+/Stable/B
Stand-alone credit profile: bb+
Anchor: b+
Business position: Strong (+1)
Capital and earnings: Adequate (+1)
Risk position: Adequate (0)
Funding and liquidity: Strong and Strong (+1)
Comparable ratings analysis: 0
Support: 0
Additional loss-absorbing capacity (ALAC) support: 0
Government-related entity (GRE) support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG credit indicators: E-2, S-1, G-3
Kaspi Bank JSC
Primary analyst: Dmitriy Nazarov
S&P said, "We have affirmed our 'BB-/B' issuer credit and 'kzA NS'
national scale ratings on Kaspi Bank. The group's credit profile
will continue to benefit from sustainably strong earnings
generation, underpinned by a solid franchise across all platforms
where it operates. The long-term rating on Kaspi Bank is one notch
higher than the stand-alone credit profile (SACP), reflecting our
view of the bank's moderate systemic importance in Kazakhstan. We
therefore consider there to be a moderate likelihood that Kaspi
Bank would receive extraordinary government support if needed.
"We note that the impact of the recent social unrest on Kaspi Bank
has been very limited. We also think that the bank is somewhat
better protected from potential turbulence in the banking sector in
the coming months than some peers in the country, reflecting its
granular loan portfolio, no reliance on deposits from corporate
customer and government-related entities (GREs), and its leadership
in consumer finance and payment business.
"We also expect that potential restructurings for borrowers hit by
the unrest will be limited and not materially impact the bank's
credit losses and asset quality. The bank's asset-quality
indicators continued to improve with cost of risk (CoR) reducing to
1.6% at Sept. 30, 2021, from 1.9% at year-end 2020 and the share of
problem assets (Stage 3 loans under International Financial
Reporting Standards [IFRS]) reducing to 5.8% from 10.1% over the
same period. We, nevertheless, view the bank's rapid lending growth
in 2021, which could reach 70% based on our estimates, as a trend
to observe. This may prevent us from improving our view on the
bank's creditworthiness, if it translates into weaker asset-quality
indicators over 2022.
"We expect that the bank's capital position will gradually
strengthen thanks to solid profitability, with our RAC ratio
improving to about 6.0%-6.4% at year-end 2023 from 4.4% at year-end
2020. We think that Kaspi Bank's strong domestic franchise in
retail deposits and diversified funding structure will continue to
support the resilience of its funding profile. We expect the bank
will keep its ample liquidity buffers as it has no large wholesale
debt repayments due in the next two years. At Sept. 30, 2021, broad
liquid assets covered customer deposits by about 35%."
Outlook
The positive outlook on Kaspi Bank reflects the possibility that
improvements to the bank's asset-quality metrics are sustainable,
including lower credit losses than domestic peers. S&P said, "We
think asset quality is likely to be supported by the bank's ongoing
shift toward buy-now-pay-later loans, and away from general purpose
unsecured retail loans. The bank's increasing importance for the
financial system, especially payments and retail, makes us expect
stronger incentives for support from the government in the
future."
Downside scenario: S&P said, "We could revise the outlook back to
stable if recent improvements in asset-quality metrics prove
unsustainable, with rising credit losses and nonperforming assets
following very high lending growth in 2021. A negative rating
action may also follow if we see materialization of nonfinancial
risks, bringing financial losses or damaging Kaspi Bank's business
franchise on the domestic market. Although unlikely, significant
dividend distributions, leading to deterioration of the bank's
capital position, may also prompt a negative rating action."
Upside scenario: S&P could upgrade the bank in the next 12-18
months if it maintains sustainably good asset-quality indicators,
with credit losses and nonperforming assets sustainably lower than
Kazakhstani peers, and it continues to expand its franchise as
planned, maintaining high market share in consumer finance business
and payments. This is expected to lead to an increasing chance of
extraordinary government support.
Ratings Score Snapshot
Issuer credit rating: BB-/Positive/B
Stand-alone credit profile: b+
Anchor: b+
Business position: Adequate (0)
Capital and earnings: Moderate (0)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and Adequate (0)
Comparable ratings analysis: +1
Support: +1
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: +1
Additional factors: 0
ESG credit indicators: E-2, S-2, G-3
ForteBank JSC
Primary analyst: Irina Velieva
S&P said, "We affirmed our 'B+/B' issuer credit and 'kzBBB+'
national scale ratings on ForteBank since we believe that the total
distortive impact from social unrest on the bank's financial
profile is likely to be limited. In the next 12-18 months, we
expect the bank to move forward with reducing the share of Stage 3
and purchased or originated credit impaired (POCI) loans to about
14%-16% of total loans. We also think that ForteBank's business
position will remain sustainable, reflecting that it has the
fifth-largest customer franchise in Kazakhstan as well as good
earnings capacity. The bank's capital and earnings are neutral for
the ratings, in our view. Our base-case expectation is that
ForteBank will maintain its stable and diversified funding profile
over the outlook horizon. The ratings also benefit from our view on
the bank's moderate systemic importance in Kazakhstan's banking
sector."
Outlook
The positive outlook reflects S&P's assumption that ForteBank's
capitalization may be further supported by consistent operational
efficiency, stabilizing credit costs, and potentially lower
dividend payouts.
Downside scenario: S&P could revise the outlook back to stable if
the bank experiences deterioration in asset quality, or if it
believes that rapid business expansion and aggressive dividend
policy leave no room for capitalization improvements.
Upside scenario: S&P could raise the ratings if it believes
ForteBank's capital position has sustainably strengthened, due to
consistently high earnings and lower dividend pay outs, with the
RAC ratio improving to above 7%.
Ratings Score Snapshot
Issuer credit rating: B+/Positive/B
Stand-alone credit profile: b
Anchor: b+
Business position: Adequate (0)
Capital and earnings: Moderate (0)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and Adequate (0)
Comparable ratings analysis: 0
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: +1
Additional factors: 0
ESG credit indicators: E-2, S-2, G-4
Bank CenterCredit JSC
Primary analyst: Ekaterina Tolstova
S&P said, "We affirmed our 'B/B' issuer credit and 'kzBBB-'
national scale ratings on Bank CenterCredit (BCC). The ratings on
BCC incorporate one notch of uplift for potential government
support if needed, reflecting the bank's sizable share in key
business segments, including retail, as well as its well-known
brand. BCC's business position balances the bank's decent market
share (about 6% of the system's retail deposits and about 7% of
system loans at Dec. 1, 2021), and diversified business portfolio.
We consider that the bank will likely demonstrate more stable asset
quality, with the share of Stage 3 and POCI loans sustained below
12%-14% in the next 12-18 months. We also think that BCC will show
further recovery in profitability metrics. We expect that this
recovery will support capital metrics, although they will remain a
relative weakness to the rating, with the projected RAC ratio at
about 4.3%-4.4% in the next 12-18 months. We consider BCC's funding
to be comparable with that of other Kazakhstani banks, reflecting
funding from retail and corporate customer deposits complemented by
local senior unsecured bonds and subordinated debt. BCC's liquidity
position reflects its satisfactory share of broad liquid assets,
covering wholesale debt maturing in the next 12 months by 14Ń… as
of Oct. 1, 2021."
Outlook
The stable outlook reflects S&P's view that BCC's asset quality is
gradually stabilizing on the back of the portfolio clean-up, as
well as support measures from shareholders and the government that
are easing pressure on capital adequacy and asset quality through
the creation of additional provisions.
Downside scenario: S&P said, "We could take a negative rating
action in the next 12 months if, contrary to our expectations,
BCC's capitalization significantly declines, with its RAC ratio
dropping below 3%. This could happen if we see significant
deterioration in asset-quality indicators. Moreover, we could take
a negative rating action if we consider that the government no
longer regards BCC as important for the stability of Kazakhstan's
banking sector."
Upside scenario: A positive rating action appears remote in the
next 12 months. It would depend on further steps to improve BCC's
asset quality and capital position, with the RAC ratio moving
sustainably above 7%.
Ratings Score Snapshot
Issuer credit rating: B/Stable/B
Stand-alone credit profile: b-
Anchor: b+
Business position: Moderate (-1)
Capital and earnings: Constrained (0)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and Adequate (0)
Comparable ratings analysis: 0
Support: +1
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: +1
Additional factors: 0
ESG credit indicators: E-2, S-2, G-4
VTB Bank (Kazakhstan)
Primary analyst: Ekaterina Tolstova
S&P said, "We affirmed the 'BB+/B' issuer credit and 'kzAA'
national scale ratings on VTB Bank (Kazakhstan) because we expect
that the parent, VTB Bank JSC, will support its subsidiary under
almost all foreseeable circumstances due to its highly strategic
group status. Based on this, we rate VTB Bank (Kazakhstan) one
notch below the rating on VTB Bank, with five notches of group
support. We believe the Kazakhstani market is a very important part
of the group's international expansion strategy and VTB Bank
(Kazakhstan)'s operations are closely linked to those of the group.
We believe the bank will continue to follow its strategy and
develop its core business operations by focusing on retail clients
and SMEs, with the aim for the latter two business segments to
account for a combined 70% of the loan book by year-end 2022. We
incorporate high lending growth of close to 15%-25% and credit
costs of 2.3% of total loans in 2021-2022 while the net interest
margin will remain high at about 6.8%-7.0% during the same period.
We acknowledge the bank's risk-management procedures are under the
parent's close supervision, which supports its more conservative
underwriting standards. As such, we anticipate the bank's Stage 3
loans will decline marginally to about 10.4% of total loans over
the next two years, which will be comparable to market-average
indicators. In line with our expectations, Russia-based parent VTB
Bank JSC (BBB-/Stable/A-3) retained 100% of net profits in 2020 to
support future growth prospects, which also speaks in favor of the
shareholder's commitment of support. At the same time, we do not
exclude VTB Bank (Kazakhstan) starting to pay dividends from 2022,
as the macroeconomic environment stabilizes. However, in our view,
this will not impede the bank's growth or its capital position. We
now forecast our RAC ratio will be 5.8%-6.0% in 2021-2022 on the
back of lower economic risk and a stabilizing industry structure.
We expect that VTB Bank (Kazakhstan) will maintain a rather
diversified funding base and sufficient liquidity cushion, which
are in line with those of its domestic peers."
Outlook
S&P's stable outlook on VTB Bank (Kazakhstan) mirrors that on
parent VTB Bank JSC. The rating on VTB Bank (Kazakhstan) will
likely move in tandem with that on VTB Bank JSC, reflecting its
view of group support over the next 12 months.
Downside scenario: S&P would lower its rating on VTB Bank
(Kazakhstan) if it lowers its rating on VTB Bank JSC.
Upside scenario: If S&P takes a positive rating action on the
parent, it would likely take a similar rating action on VTB Bank
(Kazakhstan), so long as it continues to consider it as a highly
strategic subsidiary.
Ratings Score Snapshot
Issuer credit rating: BB+/Stable/B
Stand-alone credit profile: b-
Anchor: b+
Business position: Moderate (-1)
Capital and earnings: Moderate (0)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and Adequate (0)
Comparable ratings analysis: 0
Support: +5
ALAC support: 0
GRE support: 0
Group support: +5
Sovereign support: 0
Additional Factors: 0
ESG credit indicators: E-2, S-2, G-4
SB Alfa-Bank JSC
Primary analyst: Elena Polyakova
S&P said, "We affirmed our 'BB/B' issuer credit and 'kzA+' national
scale ratings on SB Alfa-Bank JSC (ABK). The SACP of 'b' reflects
the bank's relatively narrow yet expanding franchise and
geographical concentration, moderate capitalization with an
expected RAC ratio of 6.3%-6.6%, and better than system average
asset quality, with Stage 3 loans representing about 3% of total
loans at year-end 2021. However, we still observe potential risks
stemming from the bank's rapid loan book growth. We expect that the
impact from social unrest on the bank's financial profile will be
manageable. We view positively ABK's good underwriting standards
compared with the system average and knowledge transfer from Alfa
Banking Group. The bank's annualized return on equity was 33% for
the first nine months of 2021, which should support capital buffers
amid loan book growth, depending on dividend pay outs. We expect
that ABK will maintain a rather diversified funding base and
sufficient liquidity cushion, which are in line with those of its
domestic peers.
"The long-term issuer credit rating factors three notches of uplift
above the SACP to reflect our view of ABK's strategic importance to
the Alfa Banking Group, and our associated expectation of
extraordinary support from ABK's immediate Russian parent,
Alfa-Bank JSC, or any other group member in case of need."
Outlook
The stable outlook reflects S&P's expectation that over the next
12-18 months ABK will sustain its better-than-system-average
asset-quality metrics and good operating performance.
Downside scenario: S&P might consider a negative rating action over
the next 12-18 months if, contrary to its expectations, S&P
observes that ABK's relatively aggressive loan book growth and, in
particular, fast expansion in unsecured consumer lending, have
caused a significant deterioration of its asset quality and a surge
in credit losses.
S&P could also consider a negative rating action if it believes
that ABK's status within the Alfa Banking Group has weakened, and
the chances of the bank benefitting from extraordinary group
support are lower. This is not S&P's base-case scenario though.
Upside scenario: A positive rating action would require substantial
improvement in the operating environment and/or in the bank's
capitalization, with the RAC ratio increasing sustainably above 7%.
At the same time, S&P would also expect to see the bank's expansion
pace moderate, while it maintains stable asset quality.
Ratings Score Snapshot
Issuer credit rating: BB/Stable/B
Stand-alone credit profile: b
Anchor: b+
Business position: Moderate (-1)
Capital and earnings: Moderate (0)
Risk position: Adequate (0)
Funding and liquidity: Adequate and Adequate (0)
Comparable ratings analysis: 0
Support: +3
ALAC support: 0
GRE support: 0
Group support: +3
Sovereign support: 0
Additional Factors: 0
ESG credit indicators: E-2, S-2, G-3
Bank Freedom Finance Kazakhstan
Primary analyst: Roman Rybalkin
S&P said, "We affirmed our 'B/B' issuer credit and 'kzBB+' national
scale ratings on Bank Freedom Finance Kazakhstan. The SACP of 'b-'
reflects the group's narrow yet rapidly developing franchise,
reasonable levels of capitalization, with an expected RAC ratio of
6.5%-7.0%, and good quality of exposures--mostly securities issued
by Kazakhstani GREs, notably the Financial Stability Fund. The bank
uses these bonds as collateral for money market funding. Although
the scope of these operations negatively differentiates the bank
from peers, we believe the risks are currently contained owing to
preferential treatment of these bonds by central counterparties and
recent liquidity injections from the National Bank of Kazakhstan to
support the market.
"Our ratings benefit from one notch of group support since we
consider the bank core to the operations of Freedom Holding Corp.
in Kazakhstan."
Outlook
S&P said, "The stable outlook on Bank Freedom Finance reflects our
expectation that the ratings will move in line with our view of the
creditworthiness of the broader Freedom group. Of note, we expect
that, over the next 12-18 months, the group will retain its strong
earnings capacity and at least moderate capitalization while
continuing to onboard clients in onshore jurisdictions."
Downside scenario: S&P said, "We could lower the ratings if we
believe the wider group might not maintain at least moderate
capitalization. This could be due to further acquisitions, build-up
of a proprietary position in bonds or equities, or
faster-than-expected expansion of clients' operations on the
group's balance sheet. A negative rating action could also follow
if the transfer of customers to domestic jurisdictions stops or is
reversed, or we see rising compliance risks from related-party
transactions. In addition, we could lower the ratings on the bank
if it becomes materially less important to the group strategy, or
we are less confident that it would receive group support."
Upside scenario: A positive rating action would arise only from S&P
taking a more positive view of the group's creditworthiness, which
is unlikely in the near term. This may come if the group
successfully transfers its clients under the umbrella of Freedom
Holding and successfully integrates target companies in the U.S.
and Kazakhstan, widening its geographical footprint and sources of
revenue.
Ratings Score Snapshot
Issuer credit rating: B/Stable/B
Stand-alone credit profile: b-
Anchor: b+
Business position: Constrained (-2)
Capital and earnings: Moderate (0)
Risk position: Adequate (0)
Funding and liquidity: Adequate and Adequate (0)
Comparable ratings analysis: 0
Support: +1
ALAC support: 0
GRE support: 0
Group support: +1
Sovereign support: 0
Additional Factors: 0
ESG credit indicators: E-2, S-2, G-4
Nurbank JSC
Primary analyst: Ekaterina Tolstova
S&P said, "We affirmed our 'B-/B' issuer credit and 'kzBB-'
national scale ratings on Nurbank. The ratings reflect Nurbank's
small franchise in the Kazakhstani banking sector. In our view,
Nurbank will remain susceptible to high competition and the
still-challenging operating environment for small and midsize banks
in Kazakhstan, since it lacks scale compared with the largest
domestic market players. We believe the bank has sharpened its
business strategy, which still requires time to be fully
implemented and tested. The amount of Stage 3 loans still weighs on
asset quality despite improvements following support from the state
and Nurbank's majority shareholder in 2020. The prolonged period
for creating provisions also reflects that the bank's earnings
generation capacity might be limited if all provisions were created
at once. As such, we expect Stage 3 loans will gradually decline to
25%-27% in 2021-2022. We anticipate the bank's RAC ratio will be
about 5.6%-5.8% in the next 12-18 months. In our forecast, we
envisage no need for additional capital injections in 2022, loan
book growth of about 5%-7%, and new provisioning expenses
equivalent to 3% of average total loans in the next two years. We
understand that the controlling shareholder will remain committed
to supporting the bank in case of need, particularly if additional
provisions are required above our forecast. We view the bank's
funding and liquidity profile as in line with domestic peers' and
neutral to the ratings. Under our base case, we do not expect any
massive deposit outflows over the outlook horizon."
Outlook
S&P said, "The stable outlook on Nurbank reflects our expectation
that it will continue to gradually improve its asset quality and
maintain the capital adequacy buffers commensurate with its planned
business growth. We expect that the bank will also maintain a
stable funding profile and sufficient liquidity buffers."
Downside scenario: S&P could take a negative rating action in the
next 12 months if it sees high risks to the viability of Nurbank's
business, evidenced in:
-- A significant decline in Nurbank's capitalization, with RAC
falling below 3% or regulatory ratios falling below minimum
required levels;
-- A material weakening in its asset-quality indicators; or
-- Pronounced pressure on its funding and liquidity metrics.
Upside scenario: An upgrade appears unlikely in the next 12 months,
since it would require significant improvements in the group's
capitalization (with RAC sustainably in S&P's strong category),
alongside further strengthening of loan portfolio quality, and
increasing profitability. An upgrade would also depend on Nurbank
demonstrating continued stability in overall customer deposit
volumes.
Ratings Score Snapshot
Issuer credit rating: B-/Stable/B
ESG credit indicators: E-2, S-2, G-4
RATING LIST
BANK CENTERCREDIT JSC
RATINGS AFFIRMED
BANK CENTERCREDIT JSC
Issuer Credit Rating B/Stable/B
Kazakhstan National Scale kzBBB-/--/--
BANK FREEDOM FINANCE KAZAKHSTAN JSC
RATINGS AFFIRMED
BANK FREEDOM FINANCE KAZAKHSTAN JSC
Issuer Credit Rating B/Stable/B
Kazakhstan National Scale kzBB+/--/--
FORTEBANK JSC
RATINGS AFFIRMED
FORTEBANK JSC
Issuer Credit Rating B+/Positive/B
Kazakhstan National Scale kzBBB+/--/--
FORTEBANK JSC
Senior Unsecured B+
Senior Unsecured kzBBB+
Subordinated kzBBB-
HALYK SAVINGS BANK OF KAZAKHSTAN
RATINGS AFFIRMED
HALYK SAVINGS BANK OF KAZAKHSTAN
Issuer Credit Rating BB+/Stable/B
Kazakhstan National Scale kzAA/--/--
HALYK SAVINGS BANK OF KAZAKHSTAN
Senior Unsecured BB+
KASPI BANK JSC
RATINGS AFFIRMED
KASPI BANK JSC
Issuer Credit Rating BB-/Positive/B
Kazakhstan National Scale kzA/--/--
KASPI BANK JSC
Senior Unsecured BB-
Senior Unsecured kzA
NURBANK JSC
RATINGS AFFIRMED
NURBANK JSC
Issuer Credit Rating B-/Stable/B
Kazakhstan National Scale kzBB-/--/--
NURBANK JSC
Senior Unsecured B-
Senior Unsecured kzBB-
SB ALFA-BANK JSC
RATINGS AFFIRMED
SB ALFA-BANK JSC
Issuer Credit Rating BB/Stable/B
Kazakhstan National Scale kzA+/--/--
VTB BANK (KAZAKHSTAN)
RATINGS AFFIRMED
VTB BANK (KAZAKHSTAN)
Issuer Credit Rating BB+/Stable/B
Kazakhstan National Scale kzAA/--/--
=====================
N E T H E R L A N D S
=====================
HOUSE OF HR: S&P Alters Outlook to Stable, Affirms 'B' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'B' ratings on House of HR N.V.
S&P said, "The stable outlook reflects the better-than-anticipated
operating performance in 2021, which we expect will continue in
2022, resulting in debt to EBITDA to decrease toward 5.0x by the
end of 2022, supported by continuing sales growth and relatively
stable margins.
"The faster-than-anticipated rebound in operating performance in
2021 was supported by better market conditions across the
end-markets. We now expect about 28% of sales growth year-over-year
in 2021, of which about two-thirds are contributed organically and
the remainder linked to the several acquisitions House of HR
undertook in the year. After having experienced a significant
negative impact from COVID-19 in 2020, with sales contracting 9.3%
year-over-year on volume declines and social distance measures,
2021 revenue growth is expected to have been strong across almost
all of the company's end-markets due to higher demand for IT and
engineering staff and better market conditions. In 2022 and 2023,
we forecast further sales growth of about 25% and 7%-8%,
respectively, driven by the recent acquisitions alongside organic
growth.
"Besides solid sales growth, we forecast a margin expansion in 2021
of 130 basis points (bps) with 11.2% S&P Global Ratings-adjusted
EBITDA margin by year-end 2021.Improved profitability is driven by
better staff usage, scale effect, and operating efficiency
improvements, partially offset by some acquisition-related costs.
We would expect some further margin expansion, albeit to a lesser
degree, because we view the scarcity of candidates in the sector as
a key risk to wage inflation as the company is forced to pay higher
salaries to meet its customers' needs and retain and attract new
talent.
"In our view, the planned acquisitions of SOLCOM and a leading
Dutch provider of health care staff are consistent with the
company's strategy and contribute to diversifying the group's
service offering and geographic footprint. Germany-based SOLCOM, a
contracting services company primarily focusing on IT and
engineering professionals, will strengthen the group's existing
consulting service offering and expand its geographical footprint
into the German-speaking markets. With the increased demand for IT
professionals because of the digital transition, we would expect
further growth opportunities in this market, while SOLCOM can be
well used as a platform for IT- and engineering-related
acquisitions. The other acquisition target is a leading Dutch
provider of health care staff, which we view as strategically in
line to expand the group's service offering toward higher growth
segments as the pandemic has proven the increased need for health
care professionals. This company can also serve as a platform
acquisition for further small bolt-on acquisitions in a large and
fragmented health care market.
"In light of the company's actions since we first rated it, we
continue to view the financial policy as aggressive. Since we
assigned the ratings in 2018, House of HR's growth strategy has
been strongly driven by bolt-on acquisitions, which the group
partially funded with additional debt. The group has undertaken
three further debt issuances and a refinancing, plus a EUR287
million shareholder return in October 2019, and now proposes a
EUR150 million debt issuance to fund the two proposed acquisitions.
Although the two targeted acquisitions will be partially financed
with cash on balance sheet and a EUR25 million equity contribution
from shareholders, the transaction reflects continued tolerance for
higher leverage than we initially expected. In our view, this
demonstrates shareholders' willingness to continue to apply an
aggressive financial policy.
"Nevertheless, while S&P Global Ratings-adjusted leverage increased
to above 8x in 2020, we now expect the company's solid operating
performance will support deleveraging.While we initially projected
S&P Global Ratings-adjusted leverage to remain elevated at above
7.0x in 2021, as we anticipated a slower rebound on market
uncertainty associated with the pandemic, we now expect adjusted
debt to EBITDA below 6.0x at year-end 2021. For 2022, we forecast
the company will deleverage toward 5.0x, supported by the group's
increasing EBITDA base, fueled by organic and inorganic growth.
Further supporting the rating is House of HR's low capital
expenditure (capex) intensity resulting in solid free cash flow. We
expect free operating cash flow of EUR80 million-EUR90 million over
the next 12 months, and believe the company will continue to use
most of its free cash flow to drive growth.
"The stable outlook reflects the better-than-anticipated operating
performance in 2021, which we expect will continue in 2022,
resulting in debt to EBITDA to decrease toward 5.0x by the end of
2022, supported by continuing organic and inorganic sales growth
and relatively stable margins.
"We could lower the rating if the group materially underperformed
our forecast, financial policy decisions suggested that leverage
would deteriorate, or pressure on liquidity would increase."
Specifically, S&P could lower the rating if:
-- A prolonged economic downturn caused free operating cash flow
to turn negative.
-- The group's financial policy decisions, combined with weak
operating performance, resulted in significant leverage
deterioration.
-- FFO cash interest coverage declined to below 2.0x.
S&P could take a positive rating action if:
-- Revenue and EBITDA improved more than expected such that debt
to EBITDA fell and remained sustainably below 5.0x.
-- House of HR's shareholders committed to maintaining leverage at
or below that level.
ESG credit indicators: E-2 S-2 G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit analysis of House of HR. Our assessment
of the company's financial risk profile as highly leveraged
reflects corporate decision-making that prioritizes the interests
of the controlling owners, in line with our view of the majority of
rated entities owned by private-equity sponsors. Our assessment
also reflects generally finite holding periods and a focus on
maximizing shareholder returns."
SIGNATURE FOODS: Moody's Assigns B2 CFR Amid Corp. Reorganisation
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B2-PD probability of default rating to Signature Foods B.V.,
a leading producer of chilled convenience food in the Benelux
region. The outlook is stable.
At the same time, Moody's has withdrawn the existing B2 CFR, the
B2-PD PDR and the stable outlook of PHM SF Dutch Bidco B.V. The
withdrawal of the ratings and outlook of PHM SF Dutch Bidco B.V and
assignment of the ratings and outlook to Signature Foods B.V.
follows a corporate reorganisation whereby Signature Foods B.V.
assumed all obligations in respect of the senior secured bank
credit facilities. Signature Foods B.V. is the new top entity of
the restricted group.
RATINGS RATIONALE
Moody's has withdrawn the CFR, PDR and outlook of PHM SF Dutch
Bidco B.V. and assigned those ratings and outlook to Signature
Foods B.V. because of the corporate reorganisation whereby PHM SF
Dutch Bidco B.V., which was the issuer of the EUR341 million senior
secured term loan B due 2028 and the EUR62 million senior secured
revolving credit facility (RCF) due 2027, was merged into Signature
Foods B.V..
As a result of the merger, PHM SF Dutch Bidco B.V. ceased to exist,
while the surviving entity Signature Foods B.V. assumed all
obligations of PHM SF Dutch Bidco B.V. in respect of the facilities
agreement, the intercreditor agreement and any relevant security
documents. Moody's understands that this transaction did not have
an impact on the underlying terms and conditions of the two debt
instruments.
The B2 rating assigned to Signature Foods B.V. continues to reflect
(1) the company's leading market positions in niche product
categories across the Benelux region and Poland; (2) its strong
portfolio of locally recognised brands and superior product
development capabilities, which allow it to set premium prices and
gradually gain market share; (3) the supportive market
fundamentals, with a track record of growth across the key product
categories; (4) a track record of positive free cash flow
generation, supporting adequate liquidity; and (5) its resilience
to the coronavirus pandemic owing to its focus on the food retail
channel, as well as its well-recognised brands in the Benelux
region.
The rating is, however, constrained by the company's (1) modest
scale and focus on niche product categories; (2) very limited
geographical diversification beyond the Benelux region, with around
64% of sales generated in the Netherlands and 26% in Belgium; (3)
increasingly maturing product categories; (4) the current raw
material price inflation, which could temporarily erode margins in
case of delay in passing higher costs to customers; (5) its high
leverage of around 6.0x, which is expected to decline towards 5x in
the next 12-18 months; and (6) its appetite for acquisitions, which
entails integration risks and a potentially slower deleveraging
trajectory.
Moody's estimates that Signature Foods' Moody's-adjusted gross/debt
EBITDA as of March 2022 will remain slightly above 6.0x, at the
higher end of the rating agency's expectation for the B2 CFR. This
is above the expectations at the time of original rating assignment
in January 2021, mainly owing to two acquisitions which were funded
through drawings under the RCF.
However, Moody's expects that the company will be able to reduce
its leverage towards 5x in the next 12-18 months supported by
continued improvement in operating performance, the achievement of
synergies from the integration of the acquired companies, and its
positive free cash flow generation.
Signature Foods' appetite for bolt-on acquisitions remains high,
reducing visibility on its deleveraging trajectory.
LIQUIDITY
Signature Foods has adequate liquidity, supported by EUR18 million
of cash on balance sheet as of December 2021. In addition, the
company has access to a EUR62 million RCF, which has been partially
drawn by EUR35 million to fund two acquisitions. There is ample
headroom under the springing covenant of senior secured net
leverage not exceeding 9.5x, tested when the facility is more than
40% drawn.
Although available liquidity has reduced following the two debt
funded acquisition, Moody's expects Signature Foods to generate
positive Moody's-adjusted free cash flow of around EUR8 million in
financial year 2022 despite higher capital spending, and at least
EUR25 million per year thereafter. Assuming no RCF utilisation, the
company will have no material debt maturities until 2028, when its
term loan is due.
STRUCTURAL CONSIDERATIONS
The B2 ratings on the EUR341 million senior secured term loan B and
the EUR62 million senior secured RCF, both borrowed by Signature
Foods B.V., are in line with the CFR, reflecting the fact that
these two instruments rank pari passu and represent substantially
all of the company's financial debt. The senior secured term loan B
and the senior secured RCF benefit from pledges over the shares of
the borrower and guarantors as well as bank accounts and intragroup
receivables and are guaranteed by the group's operating
subsidiaries representing at least 80% of the consolidated EBITDA.
Moody's considers the security package to be weak, in line with the
rating agency's approach for shares-only pledges.
The capital structure includes a EUR87 million PIK facility due in
2029 and borrowed by PHM SF Dutch Holdco B.V., an entity outside of
the restricted group. All interest on the PIK facility is
capitalised, so there is no cash leakage from the restricted group.
This instrument was downstreamed into the restricted group as
equity, and therefore, Moody's does not include this instrument in
its leverage calculations.
The B2-PD PDR assigned to Signature Foods reflects Moody's
assumption of a 50% family recovery rate, given the weak security
package and the limited set of financial covenants comprising only
a springing covenant on the senior secured RCF, tested only when
its utilisation is above 40%.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's view that Signature Foods will
be able to gradually increase its sales at a mid-single-digit rate
while maintaining or improving its healthy margins, with
Moody's-adjusted gross debt/EBITDA moderately declining towards 5x
in the next 12-18 months, and to continue generating positive free
cash flow on a sustainable basis.
The stable outlook also factors in Moody's expectation that the
company will maintain a prudent approach to acquisitions, so that
any potential future transactions will not lead to a material
increase in its leverage on a pro forma basis or further stain its
liquidity profile.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Signature Foods' ratings could be upgraded if it (1) increases its
scale and enhances its business profile, including more diversified
product range and geographical presence; (2) reduces its
Moody's-adjusted gross debt/EBITDA below 4.5x on a sustainable
basis; (3) continues to generate solid positive free cash flow; and
(4) maintains adequate liquidity. Given the presence of the PIK
instrument outside of the restricted group, there is a risk that it
could be refinanced inside the restricted group once sufficient
financial flexibility develops, limiting upward pressure on the
rating.
The ratings could be downgraded if (1) the company fails to reduce
and maintain its Moody's-adjusted gross/debt EBITDA below 6.0x as a
result of softer sales, erosion of profit margins or significant
debt-financed acquisitions; (2) the company's free cash flow turns
negative on a sustained basis; or (3) liquidity deteriorates.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: Signature Foods B.V.
Probability of Default Rating, Assigned B2-PD
LT Corporate Family Rating, Assigned B2
Withdrawals:
Issuer: PHM SF Dutch Bidco B.V.
Probability of Default Rating, Withdrawn, previously rated B2-PD
LT Corporate Family Rating, Withdrawn, previously rated B2
Outlook Actions:
Issuer: Signature Foods B.V.
Outlook, Assigned Stable
Issuer: PHM SF Dutch Bidco B.V.
Outlook, Changed To Rating Withdrawn From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.
COMPANY PROFILE
Signature Foods, domiciled in the Netherlands, is the leading
producer of chilled convenience food in the Benelux region, with
sales concentrated in the Netherlands (over 60% of revenue) and
Belgium (around 26%). The company produces primarily spreads and
dips (65% of revenue), a range of meal solutions, such as salads,
bread snacks and pasta sauces (22% of revenue) and bites, including
tapas and savoury snacks (14% of revenue). The company operates
seven production facilities, including one in Belgium and one in
Poland, and employs approximately 600 people. In the year ended
March 2021, Signature Foods sold 73 thousand tonnes of food
products and reported net sales of EUR305 million and
management-adjusted EBITDA of EUR59 million.
===========
P O L A N D
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CYFROWY POLSAT: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
-----------------------------------------------------------------
S&P Global Ratings revises its outlook on Polish telecom Cyfrowy
Polsat to negative from positive while affirming its 'BB+'
ratings.
The negative outlook indicates that S&P could lower the ratings if
Cyfrowy's adjusted debt to EBITDA further deteriorates to 3.5x or
lower, or if FOCF to debt reduces below 5%.
S&P expects Cyfrowy's adjusted leverage and FOCF generation will
deteriorate to about 3.4x and less than 10% respectively. The
deviation from our previous base case comes from Cyfrowy's plan
to:
-- Invest Polish zloty (PLN) 5.5 billion (about EUR1.2 billion) to
build its green energy business. S&P said, "We currently assume
that about 50% of this amount will be spent in 2022 and 2023. This
will weigh on Cyfrowy's FOCF generation and we now project the
ratio of EBITDA after capital expenditure (capex) and lease
payments to sales at about 10%, compared with slightly more than
20% before the green energy and hydrogen project. We are also
mindful that spending could be more frontloaded, which could
further pressure Cyfrowy's credit metrics and our rating;" and
-- Pay about PLN1.9 billion to acquire 67% of ZEPAK's green assets
and 67% of Port Praski in 2022.
Blurred financial policy and execution risks weigh on the company's
creditworthiness. S&P said, "Management's intention to persuade
shareholders to revise the company's current net leverage target of
2.0x after 2024 raises questions about the group's willingness to
deleverage further, contrary to our previous expectation. This
comes after Cyfrowy reinvested only a portion of the net proceeds
from the sale of Polkomtel Infrastruktura into the business, mainly
to fund additional capex to build the energy segment. From the
PLN6.2 billion of net proceeds and free cash flow of the telecom
and media business, Cyfrowy paid a PLN1.2 billion dividend in 2021
and plans to buy back shares totaling PLN2.9 billion. Furthermore,
we see some execution risks related to Cyfrowy's strategy to invest
in green energy and hydrogen, implying that the company's
performance could deviate from our current base case. First,
Cyfrowy is diversifying into a new activity in which its current
management has limited experience, although we acknowledge a team
of experts will join after the acquisition of green assets and
support the group's operations and strategy. Although Cyfrowy has
publicly communicated its plan for green energy and hydrogen
investments, we believe there is, at this stage, little evidence of
detailed financial objectives relating, for instance, to revenue,
profitability, or synergy opportunities from this new venture."
Second, execution will be key in the coming years, in particular,
management's ability to convert strategic decisions into
constructive actions and show a track record of achieving its
operational and financial goals.
S&P said, "We believe Cyfrowy is prioritizing the interest of its
controlling shareholder. Cyfrowy--whose main shareholder is Mr.
Zygmunt Solorz with 60.59% of the shares and 69.22% of the voting
rights--will buy, with its own cash, an asset that is also
indirectly owned by Mr. Solorz, since he indirectly owns 65.96% of
ZEPAK, the parent company of the green assets Cyfrowy is planning
to buy. At the same time, Cyfrowy will use part of its cash to
remunerate its shareholders through dividends and a PLN2.9 billion
share buy-back program. We believe that this, combined with the
potential revision of Cyfrowy's deleveraging target and lack of
public operational and financial guidance, raises governance
questions. We have therefore revised our assessment of Cyfrowy's
management and governance to fair from satisfactory.
"Cyfrowy's new 2023+ strategy does not materially affect our
assessment of its business profile at this stage. Planned
acquisitions will bring business diversity, although we acknowledge
the contribution of the energy business line will likely remain
modest in the initial years, generating less than 10% of the
group's revenue and EBITDA. Management has highlighted the
potential for cross-selling and synergy opportunities, but these
are difficult to assess absent a clear objective and detailed plan.
We are mindful that our judgement might evolve over time as we gain
visibility on Cyfrowy's plans and achievements in this new business
line. In particular, sustainably weakening cash flow generation and
more distant return from investments could lead us to have a more
negative view on Cyfrowy's business profile.
"Cyfrowy's sound telecom and media performance and positioning
continue to support its business profile. After Cyfrowy sold
Polkomtel Infrastruktura, it relinquished control over its passive
and active mobile infrastructure, creating a steady stream of cash
outflows to a third party, also in exchange for that party being
responsible for financing further rollout. We however still believe
that Cyfrowy's key competitive advantage rests on its convergent
offering, vertical integration into media production also including
the group's own content, and strategic communication infrastructure
and assets, such as its portfolio of frequencies and core fiber
network. Sound telecom and media performance also supports our view
of Cyfrowy's business profile. As of Sept. 30, 2021, revenue was up
by about 5%, supported by Cyfrowy's bundling and upselling strategy
translating into higher average revenue per user, as well as by
continued recovery of advertising revenue, which offset lower
wholesale revenue and equipment sales. In addition, the cash flow
of Cyfrowy's telecom business remains sound because it remains less
capex intensive than for most of its European peers (capex to sales
ratio of 7%-9% compared with an average ratio of about 18%), due to
its exposure to broadcasting business and the sale of its
well-invested mobile network infrastructure to Cellnex Telecom.
"The negative outlook indicates that we could downgrade Cyfrowy by
one notch should its metrics deviate from our base case, as a
result of accelerated material investments in green energy and
hydrogen or weaker-than-planned profitability, which would hamper
the group's cash flow and lead to an increase in leverage beyond
our current forecasts."
Downside scenario
S&P could lower the rating if leverage stays at 3.5x or higher, or
FOCF to debt deteriorates and stays lower than 5%. This could stem
from higher capex than currently planned to build Cyfrowy's green
energy activities or weaker profitability following subdued organic
revenue growth or higher network-access costs.
Upside scenario
S&P could revise the outlook to stable if Cyfrowy demonstrates that
it can keep its adjusted debt to EBITDA below 3.5x and FOCF to debt
higher than 5%.
Environmental, Social, And Governance
ESG credit indicators: To E-2, S-2, G-3; From E-2, S-2, G-2
S&P said, "Governance factors are a moderately negative
consideration in our credit analysis of Cyfrowy. This reflects the
risk of corporate decision-making that prioritizes the interests of
controlling owner Mr. Zygmunt Solorz, who has a 60.59% stake in
Cyfrowy (69.22% voting rights), over broader stakeholders. While
the governance structure is not new, we believe the recent track
record has more concretely demonstrated governance risk. For
example, Cyfrowy has announced the acquisition of assets at ZEPAK,
an energy company that is also majority owned by Mr. Solorz. The
purchase represents a relatively abrupt change in strategy, and
Cyfrowy lacks detailed and publicly disclosed short- and
medium-term financial objectives for the new business line, making
it difficult to gauge achievements over the rating horizon,
especially when it comes to the pace of investments. Shareholder
returns have also been prioritized as illustrated by Cyfrowy's
PLN2.9 billion share buy-back program and continued dividend
distribution, while the group is also planning to relax its binding
net leverage target. Environmental and social factors remain
neutral for the rating. While we acknowledge Cyfrowy's willingness
to directly invest in and expand green energy and hydrogen sources
in Poland, it does not yet have a positive impact on our rating,
since we forecast materially higher capex, weaker cash flow
generation, and higher leverage over the short and medium term."
===========
R U S S I A
===========
JSC INVESTGEOSERVIS: Fitch Withdraws Ratings
--------------------------------------------
Fitch Ratings has withdrawn JSC Investgeoservis' (IGS) 'B-'
Long-Term Issuer Default Ratings (IDR) with Stable Outlook, due to
lack of information as the company has chosen to stop participating
in the rating process. IGS is a privately-owned oilfield services
provider, operating predominantly in the Yamal region of Russia and
focused on wells rich in natural gas.
The ratings have been withdrawn due to lack of information.
KEY RATING DRIVERS
Not applicable
RATING SENSITIVITIES
Not applicable
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.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
[*] S&P Affirms Ratings on 14 Russian Banks & Others
----------------------------------------------------
S&P Global Ratings has affirmed its issuer credit and issue ratings
on 14 Russian banks and related entities. Additionally, the
outlooks remain unchanged. This follows a revision to our criteria
for rating banks and nonbank financial institutions and for
determining a Banking Industry Country Risk Assessment (BICRA).
The affirmations include:
-- Alfa-Bank JSC (BBB-/Stable/A-3) and its holding company ABH
Financial Ltd. (BB+/Stable/B);
-- CB Renaissance Credit LLC (B+/Positive/B);
-- CentroCredit Bank JSC (B+/Stable/B);
-- Credit Bank of Moscow (BB/Stable/B) and its holding company
-- Concern Rossium LLC (B+/Stable/B);
-- Gazprombank JSC (BBB-/Stable/A-3) and its subsidiaries
Gazprombank (Switzerland) Ltd. (BBB-/Stable/A-3), and Bank GPB
International S.A. (BBB-/Stable/A-3);
-- Bank Soyuz (BB-/Stable/B);
-- Promsvyazbank PJSC (BB/Positive/B);
-- RN Bank JSC (BB+/Stable/B);
-- Raiffeisenbank AO (BBB-/Stable/A-3);
-- Russian Standard Bank JSC (B/Positive/B);
-- Sovcombank PJSC (BB/Positive/B);
-- UniCredit Bank AO (BBB-/Stable/A-3);
-- Ural Bank for Reconstruction and Development (B/Stable/B); and
-- VTB Bank JSC (BBB-/Stable/A-3) and its subsidiary VTB Capital
PLC (BB+/Stable/B).
S&P said, "Our assessments of economic risk and industry risk in
Russia are at '7' and '7', respectively. These scores determine the
BICRA and the anchor, or starting point, for our ratings on
financial institutions that operate primarily in that country. The
trends we see for both economic and industry risks as stable.
"Our base-case scenario remains that the Russian economy and
financial system could absorb shocks associated with some moderate
tightening of sanctions, for example, against selected corporates
and nonsystemic financial institutions. One of the main arguments
in favor of this scenario is Russia's tested commitment to prudent
macroeconomic management and its exceptionally strong external and
public balance sheets. The shape, likelihood, and timing of
additional restrictions are uncertain, since they stem from
Russia's foreign policy actions and developments in the U.S.
political landscape, both of which are difficult to predict. The
Russian banking sector has accumulated capital buffers, which we
view as sufficient to withstand moderate volatility on the markets
and absorb associated losses.
"The recent rapid spread of the omicron variant highlights the
inherent uncertainties of the pandemic but also the importance and
benefits of vaccines. While the risk of new, more severe variants
displacing omicron and evading existing immunity cannot be ruled
out, our current base-case assumes that existing vaccines can
continue to provide significant protection against severe illness.
Furthermore, many governments, businesses and households around the
world are tailoring policies to limit the adverse economic impact
of recurring COVID-19 waves. Consequently, we do not expect a
repeat of the sharp global economic contraction seen in
second-quarter 2020. Meanwhile, we continue to assess how well
individual issuers adapt to new waves in their geography or
industry."
Alfa-Bank And Holding Company ABH Financial Holdings Ltd.
Primary analyst: Irina Velieva
S&P said, "We affirmed the ratings on Alfa-Bank at 'BBB-/A-3' and
the ratings on its parent nonoperating holding company ABH
Financial Holdings Ltd. (ABHF) at 'BB+/B'. The affirmation reflects
the bank's consistently good operating performance, stable asset
quality metrics, and solid track record of navigating through
turbulence. The bank's return on assets and cost-to-income metrics
continue to compare favorably with those of the bank's Russian and
international peers. The ratings on Alfa-Bank incorporate our view
of the bank's longstanding leading competitive position among
private-sector banks in Russia. We view positively Alfa-Bank's
efficient risk-management framework as well as its very swift
reaction to collateral foreclosure, which support asset-quality
management, even in downturns.
"Alfa-Bank benefits from a stable funding base and sufficient
liquidity coverage and has better access to capital markets than
local peers. We consider the bank to have high systemic importance
in Russia and believe there is a moderately high likelihood that
the Russian government would provide extraordinary support to
Alfa-Bank if needed. We assess the bank's stand-alone credit
profile (SACP) at 'bbb-'."
Outlook
The stable outlooks on ABHF and Alfa-Bank reflect S&P's expectation
that Alfa-Bank will maintain its profitability and capitalization
levels, and that the bank's creditworthiness will not change
materially over the next 18-24 months.
Downside scenario: S&P may take a negative rating action in the
next 18-24 months in case of a negative rating action on Russia
(foreign currency BBB-/Stable/A-3), or if the bank's asset quality
or capitalization metrics deteriorate materially due to unexpected
high provisioning needs. Also, a negative rating action on ABHF
could follow if the bank's ability to upstream dividends at the
level of the Cyprus-based holding deteriorates.
Upside scenario: A positive rating action on Alfa-Bank is unlikely
because it would require a positive rating action on the sovereign
and an improved SACP.
Ratings Score Snapshot
Issuer credit rating: BBB-/Stable/A-3
Bank holding company rating: BB+/Stable/B
Stand-alone credit profile: bbb-
Anchor: bb
Business position: Strong (+1)
Capital and earnings: Adequate (0)
Risk position: Strong (+1)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: 0
Additional loss-absorbing capacity (ALAC) support: 0
Government-related entity (GRE) support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-2
CB Renaissance Credit LLC
Primary analyst: Roman Rybalkin
S&P said, "We affirmed our 'B+/B' ratings on Renaissance Credit,
while we revised downward our assessment of the bank's SACP to 'b+'
from 'bb-' through a comparative ratings adjustment, which was
previously captured solely at the level of the issuer credit
rating. The adjustment reflects our view that a possible further
revision of regulatory risk weights on loans to retail clients,
along with a more conservative regulatory debt service ratio
calculation, could create pressure for Renaissance Credit, which is
still in the early stages of its shift toward better-quality
customers and a lower-margin, lower-risk business. This might be a
constraining factor for our rating on the bank. Positively, we
continue to expect that the bank's capital adequacy will remain
strong, with a risk-adjusted capital (RAC) ratio over 10%.
Renaissance Credit remains retail-funded with most funds covered by
deposit insurance scheme adding stability."
Outlook
S&P said, "The positive outlook reflects our view that Renaissance
Credit will gradually adopt a more digital business model with a
focus on more creditworthy clients over the next 12-18 months. We
believe it will do so while maintaining strong capitalization, with
a RAC ratio of above 10% and stable asset quality, which would be a
prerequisite for an upgrade."
Downside scenario: S&P said, "We could revise the outlook to stable
if rapid lending growth or relaxation of the risk-management
practices led to significant deterioration of the bank's key asset
quality metrics with credit losses rising beyond our expectations
and beyond those of peers. Similarly, we could revise the outlook
to stable should regulatory initiatives hamper Renaissance Credit's
business model or if the bank fails to adopt a more digital model.
Finally, deterioration of the capital assessment, with our RAC
ratio below 10%, could result in a negative rating action."
Upside scenario: A positive rating action could follow if
Renaissance Credit successfully implements its strategy and moves
toward digital channels, the settlement business, and customers
with stronger creditworthiness and away from its traditional
point-of-sale-driven model.
Ratings Score Snapshot
Issuer credit rating: B+/Positive/B
Stand-alone credit profile: b+
Anchor: bb
Business position: Moderate (-1)
Capital and earnings: Strong (+1)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: -1
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
CentroCredit Bank JSC
Primary analyst: Annette Ess
S&P said, "We affirmed our 'B+/B' ratings on CentroCredit Bank. In
our view, CentroCredit will maintain its solid capital buffers over
the next 12 months. This, to a large extent, mitigates the risks
related to the high exposure to market risk associated with the
bank's large security portfolio and high single-name concentrations
in the lending book. We expect CentroCredit will continue to report
high earnings volatility, largely influenced by the revaluation of
its securities portfolio. This reflects the focus of its business
model on substantial investment in securities; thus, the bank's
performance is more volatile than the average Russian bank's.
Conservative coverage by provisions and capital buffers mitigate
high single-name lending concentrations. We expect the bank will
maintain sufficient liquidity buffers in view of possible volatile
capital markets and its collateralized funding."
Outlook
S&P said, "The stable outlook reflects our view that the bank will
maintain strong capitalization and a sufficient regulatory capital
adequacy ratio, with the RAC ratio sustainably above 10%; and that
its nonperforming loans (NPLs) will not increase materially in the
next 12 months. We also expect that its funding and liquidity will
remain stable, despite possible increased volatility in the Russian
capital markets, in view of its collateralized funding."
Downside scenario: S&P could take a negative rating action on
CentroCredit over the next 12 months if the bank's capitalization
weakens, with the forecast RAC ratio falling below 10% due to high
revaluation losses from the bank's securities portfolio. A material
increase in NPLs or a material decrease in provisioning levels
could also lead to a negative rating action.
Upside scenario: S&P considers a positive rating action unlikely
over the next 12 months because it would require higher
diversification of its business model, or a material change in its
risk profile and risk appetite as well as stable economic
conditions.
Ratings Score Snapshot
Issuer credit rating: B+/Stable/B
Stand-alone credit profile: b+
Anchor: bb
Business position: Constrained (-2)
Capital and earnings: Strong (+1)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
Credit Bank of Moscow (MKB) And Holding Company Rossium
Primary analyst: Sergey Voronenko
S&P said, "We affirmed our 'BB/B' ratings on Credit Bank of Moscow
(MKB). The ratings reflect our assessment of MKB's SACP at 'bb'.
This is underpinned by its sizable market share in lending and
deposits, resulting in a moderate likelihood of extraordinary
support from the Russian government in case of need. Our
stand-alone assessment factors in the bank's especially strong
brand recognition and established franchise in the Moscow region.
Our ratings also reflect the bank's ability to raise money via
capital markets and the ability of its major shareholder to provide
support in case of need. Our assessment also balances good asset
quality with risks stemming from the single-name concentration of
its loan portfolio. We believe the bank has a solid corporate
deposit franchise and large deposits have been relatively stable.
Our ratings on MKB don't reflect any notches of uplift for support
from the state. This is because the gap between the bank's
intrinsic creditworthiness and the state's creditworthiness is now
too narrow.
"There is a two-notch difference between our long-term rating on
nonoperating holding company (NOHC) Rossium and our 'bb' assessment
of the consolidated group SACP, which is on par with MKB's SACP.
This reflects our view of structural subordination for NOHCs."
Outlook
The stable outlook on MKB reflects S&P's view that the bank will
maintain adequate capitalization with asset quality metrics in line
with the sector average over the next 12-18 months.
S&P said, "The stable outlook on Rossium mirrors that on MKB, and
we do not factor any material potential changes to the group's
structure or investment profile in our assessment. We expect the
rating will likely move in tandem with MKB's SACP, assuming double
leverage does not increase substantially and MKB's dividend policy
supports adequate capitalization."
Downside scenario: A negative rating action appears unlikely.
Upside scenario: A positive rating action on MKB is unlikely in the
next 12 months due to the risks stemming from the still-high
concentration of loans on the bank's balance sheet, and its
concentrated funding profile. S&P said, "We might consider a
positive rating action if we upgraded Russia, resulting in wider
gap in creditworthiness between the bank and the sovereign. In this
scenario, we could incorporate an additional notch of uplift for
potential government support for this systemically important
bank."
Ratings Score Snapshot
Issuer credit rating: BB/Stable/B
Bank holding company rating: B+/Stable/B
Stand-alone credit profile: bb
Anchor: bb
Business position: Adequate (0)
Capital and earnings: Adequate (0)
Risk position: Adequate (0)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
Gazprombank JSC And Core Subsidiaries
Primary analyst: Natalia Yalovskaya
S&P said, "We affirmed our issuer credit ratings on the bank at
'BBB-/A-3'. This reflects GPB's well-established positions and
strong franchise in corporate business, resulting in very strong
asset quality performance of its loan book despite pandemic-related
stress. The bank also has a diverse and stable funding base, which
is supported by its established franchise with cash-rich corporate
businesses and wealthy individuals. We expect that the bank's
efforts to expand its retail business to complement its corporate
franchise will continue supporting its margin and financial results
over the next two years. At the same time, we consider that high
corporate loan book concentration will continue being a risk in
case of an unfavorable economic shock, and the bank's
capitalization continues to be a rating weakness. We continue to
view the bank as a government-related entity and incorporate two
notches of uplift into our long-term rating to reflect the high
likelihood of government support.
"We continue to classify Gazprombank (Switzerland) Ltd. and Bank
GPB International S.A. as core subsidiaries GPB, so we equalize our
ratings on these entities with those on GPB. The core status
reflects the subsidiaries' close integration with the parent,
Gazprombank's full ownership, and our expectation that the parent
will provide ongoing and extraordinary support when needed."
Outlook
S&P said, "The stable outlook on GPB reflects our view that GPB's
financial risk profile will likely be broadly stable in the next
18-24 months, in light of a more positive economy that is
supportive of new business and asset quality recovery in the
Russian banking sector.
"The outlooks on Gazprombank (Switzerland) Ltd. and Bank GPB
International S.A. mirror that on GPB because we expect our ratings
on those entities to move in tandem with that on the parent."
Downside scenario: S&P said, "We would consider lowering the
ratings over the next 18-24 months if the bank's earnings
generation worsens substantially more than we expect, resulting in
our RAC ratio falling below 3%. We could also lower the ratings if
the bank's asset quality indicators deteriorated significantly.
This could happen if GPB's credit losses increase materially and
provisions are higher than what we expect for the sector."
Upside scenario: An upgrade would require both an upgrade of the
sovereign and an upward revision of the bank's SACP, for instance
if its capital buffer improved substantially.
Ratings Score Snapshot
Issuer credit rating (ICR) on Gazprombank JSC: BBB-/Stable/A-3
ICR on Gazprombank (Switzerland) Ltd.: BBB-/Stable/A-3
ICR on Bank GPB International S.A.: BBB-/Stable/A-3
Stand-alone credit profile: bb
Anchor: bb
Business position: Strong (+1)
Capital and earnings: Constrained (-1)
Risk position: Adequate (0)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: +2
ALAC support: 0
GRE support: +2
Group support: 0
Sovereign support: 0
Additional Factors: 0
ESG Credit Indicators: E-2, S-2, G-3
Bank Soyuz
Primary analyst: Ekaterina Marushkevich
S&P said, "We affirmed our 'BB-/B' ratings on Bank Soyuz. The
ratings reflect our assessment of the bank's SACP at 'b+' and one
notch of uplift due to the probability of extraordinary support
from the strong shareholder Ingosstrakh Insurance Co.
(BBB/Stable/--), one of the largest players on the
property/casualty insurance market in Russia. We consider that Bank
Soyuz has a moderately strategic group status for Ingosstrakh. We
take into account the relatively small size of Bank Soyuz in the
highly competitive Russian banking sector, on the one hand, and
reasonable business development strategy supported by Ingosstrakh,
on the other hand. The bank benefits from a sizable capital buffer,
which has been supported by several capital injections from
Ingosstrakh over the past few years. "Although the bank has
significantly cleaned up its loan book, its asset quality is still
somewhat weaker than the local banking sector average. The bank's
funding base is concentrated on single names but we expect it to
remain stable due to well-established relationships with key
depositors. We believe that Bank Soyuz's liquidity will be
sufficient to cover its obligations in case of stress."
Outlook
The stable outlook reflects S&P's expectation that Bank Soyuz will
maintain its market position in the next 12 months while gradually
proceeding with its updated business development strategy in
cooperation with Ingosstrakh.
Downside scenario: S&P could lower the rating in the next 12 months
if it observed one of the following:
-- The bank's asset quality weakened and credit costs increased
materially; or
-- A weaker link between the bank and its parent company results
in decreasing ongoing support and lower chance of potential
extraordinary support.
Upside scenario: S&P could take a positive rating action on Bank
Soyuz in the next 12 months if its importance for the group
strengthened or its asset quality indicators improved materially.
Ratings Score Snapshot
Issuer credit rating: BB-/Stable/B
Stand-alone credit profile: b+
Anchor: bb
Business position: Moderate (-1)
Capital and earnings: Adequate (0)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: +1
ALAC support: 0
GRE support: 0
Group support: +1
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
Promsvyazbank PJSC
Primary analyst: Roman Rybalkin
S&P said, "We affirmed our 'BB/B' ratings on Promsvyazbank. We
believe that the bank has achieved material progress with respect
to the turnaround of its business model and has succeeded in its
strategy of combining military-related and civilian activities. It
has been steadily capturing market share (3.2% on Sept. 30, 2021,
by assets) and so far kept cost of risk under control despite
pronounced growth. Also capital injections from the government
balance the bank's high growth rates, and we expect its RAC ratio
will stay above 6% over the next 12-18 months. Promsvyazbank's
funding profile remains concentrated on the government and GREs; we
consider these funds to be stable.
"Our ratings on Promsvyazbank benefit from two notches of GRE
support owing to the bank's policy role as the key institution for
the state defense sector."
Outlook
The positive outlook on Promsvyazbank reflects S&P's expectation
that its rapid loan book expansion (both organic and non-organic)
will not create additional risks to its business model's
sustainability.
Downside scenario: A negative rating action appears unlikely
because it would require a multiple-notch downward revision of the
bank's SACP. However, S&P may revise the outlook to stable should
capital adequacy deteriorate, with the RAC ratio below 5%, or
should it sees the bank's rapid growth result in a deterioration of
asset quality.
Upside scenario: S&P may raise the ratings over the next 12-18
months if it sees the bank building its business in both military
and civilian segments while keeping cost of risk on the new
business (adjusted for recoveries of legacy problem assets) under
control. A positive rating action would require stable capital
adequacy with a RAC ratio of above 5%.
Ratings Score Snapshot
Issuer credit rating: BB/Positive/B
Stand-alone credit profile: b+
Anchor: bb
Business position: Moderate (-1)
Capital and earnings: Moderate (0)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: +2
ALAC support: 0
GRE support: +2
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
RN Bank JSC
Primary analyst: Sergey Voronenko
S&P said, "We affirmed our 'BB+/B' ratings on RN Bank and
maintained our assessment of its SACP at 'bb-', given our view that
RN Bank's risk profile balances its high concentration in car
financing with the low-risk nature of its exposures compare with
peers'. Although strong profitability and a solid capital buffer
provide a significant cushion to absorb losses, we believe the
bank's risk profile is more concentrated than many peers' with
similar assessments of economic risk. RN Bank's predominantly
wholesale-funded profile is a weakness, in our view. This is in
line with that of most monoliners we rate. Therefore, we have
revised our assessment of RN Bank's funding profile to moderate
from adequate. At the same time, we still believe that RN Bank's
risk profile compares well relative to those of its peers,
therefore we believe the bank's SACP remains unchanged. We continue
consider RN Bank a strategically important subsidiary for RCI
Banque and Nissan Motor Co., because RN Bank functions as a
financing vehicle, supporting the sales of the
Renault-Nissan-Mitsubishi Alliance's production in Russia and thus
supporting customers' loyalty to these brands. Therefore, our
ratings on RN Bank incorporate two notches of parental support
above the SACP."
Outlook
S&P said, "The stable outlook reflects our view that RN Bank can
maintain a robust financial profile in the next 12-18 months. We
believe the bank will continue benefiting from ongoing financial
and management support from its shareholders. We also expect
capitalization to remain solid at least in the next two years,
supported by sound earnings, a modest risk appetite, and good loan
portfolio quality."
Downside scenario: S&P could downgrade RN Bank if its shareholders'
ability to provide support weakens.
Upside scenario: S&P said, "Although RN Bank maintains a solid
capital cushion, we believe that the upside scenario for RN Bank in
the next 12-18 months will require substantial improvement in at
least one of its shareholders' creditworthiness. We do not consider
it very likely, given our ratings on the key shareholders (RCI
Banque S.A. [BBB-/Stable/A-3] and Nissan Motor Co. Ltd.
[BBB-/Negative/A-3])."
Ratings Score Snapshot
Issuer credit rating: BB+/Stable/B
Stand-alone credit profile: bb-
Anchor: bb
Business position: Constrained (-2)
Capital and earnings: Very Strong (+2)
Risk position: Moderate (-1)
Funding and liquidity: Moderate and adequate (-1)
Comparable ratings analysis: +1
Support: +2
ALAC support: 0
GRE support: 0
Group support: +2
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-2
Raiffeisenbank AO
Primary analyst: Sergey Voronenko
S&P said, "We affirmed our 'BBB-/A-3' ratings on Raiffeisenbank AO.
We consider Raiffeisenbank has a well-balanced and diversified
business model, cautious business growth strategy, and stronger
risk management than domestic peers. Although not immune to
systemwide risk in Russia, the bank has one of strongest financial
risk profiles in Russia, in our view. We reflect this in our SACP
of 'bbb', three notches higher than the average level in the
system. We note positively the bank's ability to generate
sustainable income and maintain good capital buffers. In our view,
Raiffeisenbank AO possesses a strong and stable retail deposit
franchise in Russia. We consider Raiffeisenbank AO's financial
flexibility and funding profile are above the market average,
thanks to its established and solid customer franchise,
conservative asset-liability management, and adequate balance-sheet
liquidity. The economic and industry risks of operating in Russia
are incorporated into our anchor and SACP, except for a sovereign
default scenario, which is only incorporated into the issuer credit
ratings. Under our criteria, we typically do not rate banks higher
than the foreign currency sovereign rating. Therefore, the ratings
on Raiffeisenbank do not exceed those on Russia."
Outlook
The stable outlook mirrors the outlook on Russia and reflects S&P's
expectation that Raiffeisenbank's business risk and financial risk
profiles will likely be stable in the next 18-24 months.
Downside scenario: If S&P downgraded the sovereign, it would
trigger a similar rating action on Raiffeisenbank.
Upside scenario: A positive rating action on the sovereign could
prompt changes to S&P's ratings on Raiffeisenbank.
Ratings Score Snapshot
Issuer credit rating: BBB-/Stable/A-3
Stand-alone credit profile: bbb
Anchor: bb
Business position: Strong (+1)
Capital and earnings: Adequate (0)
Risk position: Strong (+1)
Funding and liquidity: Strong and strong (+1)
Comparable ratings analysis: 0
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: -1
ESG Credit Indicators: E-2, S-2, G-2
Russian Standard Bank JSC
Primary analyst: Dmitry Nazarov
S&P said, "We have affirmed 'B/'B' ratings on Russian Standard Bank
JSC. At the same time, we revised downward the bank's SACP to 'b'
from 'b+', because we now incorporate risks stemming from the
bank's relatively high exposure to related parties in the form of
loans and investments in associate companies into our assessment of
its stand-alone creditworthiness. Previously it was captured solely
at the level of the issuer credit rating. As of Sept. 30, 2021, the
net exposure to related parties represented about 0.6x of the
bank's equity. We think that these exposures still represent a risk
for the bank and differentiate the bank from higher-rated consumer
finance banks.
"Although, the bank benefits from its wide branch network across
Russia and good brand recognition, we think that the bank's
performance and business volume are more vulnerable to downcycles
than universal banks, because of its exclusive focus on unsecured
retail lending. We expect that the bank's capital position will
continue to gradually strengthen with our forecast RAC ratio coming
closer to 10% by mid-2023. In our view, the bank's exclusive focus
on unsecured retail lending weakens its risk position and leads to
elevated credit losses through the economic cycle compared with
universal banks with sizable mortgage portfolios. Russian Standard
Bank's funding profile is in line with its peers' and is primarily
dominated by stable and granular retail deposits, which comprised
about 69% of total liabilities as of Sept. 30, 2021. RSB
demonstrates prudent liquidity management with a liquidity cushion
of about RUB18.3 billion (or about 9% of its total liabilities) as
of Sept. 30, 2021, in the form of cash and cash equivalents and
interbank placements."
Outlook
S&P said, "The positive outlook reflects our view that, over the
next 12-18 months, Russian Standard Bank's creditworthiness might
improve if the bank materially reduces its related parties'
exposure, bringing its risk profile closer to that of other
consumer finance peers and potentially leading to a stronger
capital position. We also expect that the bank will maintain stable
asset quality, with credit losses and delinquency rates staying at
least on par with those of other retail banks in Russia over that
period."
Downside scenario: S&P said, "We could revise outlook to stable if
the bank does not demonstrate further progress with reducing its
related parties' exposure. We could also take a negative rating
action if accelerated consumer finance lending growth leads to
higher credit losses than we expect, putting pressure on Russian
Standard Bank's profitability and capital position. An unexpected
increase in exposure to related parties, or aggressive asset growth
with our forecast RAC ratio falling below 5.0%, could also lead to
a negative rating action."
Upside scenario: S&P said, "We could consider a positive rating
action if Russian Standard Bank materially reduces risks associated
with loans to and investments in related parties, making us improve
our holistic view on the bank's credit profile. A positive rating
action might also follow an improvement in the bank's capital
position, with our forecast RAC ratio sustainably above 10%."
Ratings Score Snapshot
Issuer credit rating: B/Positive/B
Stand-alone credit profile: b
Anchor: bb
Business position: Moderate (-1)
Capital and earnings: Adequate (0)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: -1
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-4
Sovcombank PJSC
Primary analyst: Roman Rybalkin
S&P said, "We affirmed our 'BB/B' ratings on Sovcombank. While
Sovcombank is expanding its lending activities faster than most its
peers in the country, we believe that this growth is well managed.
The retail portfolio remains well-priced relative to risk, and
corporate book growth has mostly focused on government-related
entities and market leaders. The bank's capital buffers are modest
given rapid growth, with projected RAC ratios of 5.0%-5.5%,
although this is offset by strong earnings capacity with a return
on assets of over 3%. The funding and liquidity profile of
Sovcombank benefit from its designation as systemically important
bank by the Russian central bank. The perceived safety helps the
bank to further diversify its funding base, while tighter liquidity
requirements necessitate wider buffers. Its net broad liquid assets
covered over 30% short-term customer deposits as of Sept. 30, 2021,
and the stable funding ratio stays above 110%. Sovcombank is one of
the few Russian banks with healthy access to international capital
markets.
"While we consider Sovcombank to be a systemically important
institution in a domestic context, the ratings reflect only the
bank's own strength due to a narrow gap between sovereign
creditworthiness and that of the bank."
Outlook
The positive outlook indicates S&P's view that Sovcombank can
outperform peers in the 'BB' category should it further expand its
operations and maintain higher-than-average earnings capacity
backed by robust asset quality.
Downside scenario: S&P could revise the outlook to stable if
Sovcombank fails to maintain better-than-average earnings capacity
or its strategic initiatives do not strengthen its business
profile, for example due to intense competition or unfavourable
market conditions.
Upside scenario: S&P may raise the ratings if Sovcombank
diversifies and improves revenue stability by expanding its retail
business while maintaining a low cost of risk in its established
corporate business and stable capitalization. Successful
integration of acquired entities is a prerequisite for an upgrade.
Ratings Score Snapshot
Issuer credit rating: BB/Positive/B
Stand-alone credit profile: bb
Anchor: bb
Business position: Adequate (0)
Capital and earnings: Moderate (0)
Risk position: Adequate (0)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
UniCredit Bank AO
Primary analyst: Irina Velieva
S&P said, "We affirmed our 'BBB-/A-3' ratings on Unicredit Bank AO.
Our ratings reflect the bank's high strategic importance to its
parent, Italy-based UniCredit SpA. We believe that the group, which
owns 100% of UniCredit Bank AO, is committed to maintaining a
presence in the Russian market and would provide financial support
to the subsidiary if needed. UniCredit Bank AO has a
well-established market position in Russia and sustainable earnings
generation capacity. The bank is adequately capitalized, and we
expect it to retain its capital adequacy levels on the back of
moderate organic expansion in the next 12-18 months. Due to its
superior asset quality metrics, we forecast its NPLs and credit
costs will be below the system average. UniCredit Bank's funding
concentrations are broadly in line with the system. We assess
UniCredit Bank's SACP at 'bbb-'."
Outlook
S&P said, "The stable outlook on UniCredit Bank mirrors that on its
parent UniCredit SpA, and reflects our view that the bank's
importance to the parent will not change over the next 18-24
months. Even if UniCredit Bank's stand-alone creditworthiness
deteriorates, we don't expect the rating to change due to potential
notches of uplift stemming from group support."
Downside scenario: A negative rating action on UniCredit Bank could
follow those on the bank's parent or Russia.
Upside scenario: A positive rating action is unlikely over the next
18-24 months, because it would depend on positive rating actions on
both Russia and the parent.
Ratings Score Snapshot
Issuer credit rating: BBB-/Stable/A-3
Stand-alone credit profile: bbb-
Anchor: bb
Business position: Strong (+1)
Capital and earnings: Adequate (0)
Risk position: Strong (+1)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-2
Ural Bank for Reconstruction and Development
Primary analyst: Sergey Voronenko
S&P said, "We affirmed our 'B/B' ratings on Ural Bank for
Reconstruction and Development (UBRD) and continue to assess its
SACP at 'b'. We still believe that the bank's ability to withstand
competition from larger market players remains questionable during
challenging operating conditions, because UBRD cannot support its
capital growth through earnings amid intensifying pressure on the
net interest margin and overall competition among large state-owned
players. At the same time, we see that UBRD's capitalization is
gradually improving, with our RAC ratio likely staying at about
3.8% over the next 12 months, reflecting a recent capital injection
and stabilizing earnings capacity, which is supported by economic
recovery. In our risk position assessment, we take into account the
bank's good credit quality metrics in its loan portfolio, modest
appetite for lending growth, and the gradual improvement of
single-name concentrations. In our view, UBRD has a large share of
relatively stable and long-term sources of funding in its funding
mix, as well as good liquidity buffers that are sufficient to cover
all liquidity needs in the next 12-18 months."
Outlook
The stable outlook on UBRD reflects S&P's view that, over at least
the next 12 months, the bank will maintain its established market
share and customer base in the Ural region, and a stable funding
and liquidity profile, while asset quality metrics would not be
worse than the system-wide average.
Downside scenario: S&P could lower the ratings over the next 12
months if UBRD's asset quality deteriorates, leading to significant
credit losses and putting its regulatory capital adequacy ratios at
risk. Excessive funding volatility that threatens the bank's
liquidity position could also prompt them to lower its ratings.
Upside scenario: If UBRD's capitalization strengthens further, with
S&P's forecast RAC ratio sustainably above 5.25%, it could consider
upside potential. Material improvement in the bank's earnings
capacity and geographic diversification may also support a positive
rating action, although S&P does not expect the latter over our
one-year outlook horizon.
Ratings Score Snapshot
Issuer credit rating: B/Stable/B
Stand-alone credit profile: b
Anchor: bb
Business position: Constrained (-2)
Capital and earnings: Constrained (-1)
Risk position: Adequate (0)
Funding and liquidity: Adequate and adequate (0)
Comparable rating analysis: 0
Support: 0
ALAC support: 0
GRE support: 0
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
VTB Bank JSC And VTB Capital PLC
Primary analyst: Dmitry Nazarov
S&P said, "We affirmed our 'BBB-/A-3' ratings on VTB Bank JSC (VTB)
and its subsidiary VTB Capital PLC at 'BB+/B'. We think that VTB
benefited from the economic recovery we observed in Russia in 2021,
which supported the bank's profitability and successful strategy
implementation. Despite its improving RAC ratio, we view the bank's
capital position as weak due to a high share of hybrids in its
capital and its high sensitivity to valuation of its noncore assets
and investment activity. Although VTB demonstrates slightly worse
asset quality than that of other Russian large banks, with Stage 3
at 7.4% as of Sept. 30, 2021, we expect that it will gradually
converge to the system average with cost-of-risk at about 90-100
basis points over the next two years. In our view, the group's
funding benefits from its strong and stable retail deposit
franchise in Russia. Customer funds continue to dominate the bank's
funding profile, representing about 82% of total liabilities, with
close to 60% of customer funds coming from corporate clients as of
Nov. 30, 2021. In our view, the bank demonstrates prudent liquidity
management with broad liquid assets covering about 26% of total
customer deposits and by 1.9x exceeding short-term wholesale
funding. Our long-term rating on VTB is two notches higher than its
SACP, to reflect a very high likelihood of receiving extraordinary
government support if needed. This, in turn, reflects the bank's
very strong link with the Russian government and very important
role for the Russian economy.
"We continue to view VTB Capital PLC as a Highly Strategic
important subsidiary for VTB operating in capital markets
predominantly, with close links to group business operations,
brand, reputation and management. We expect that the parent will
provide extraordinary support to the subsidiary in almost all
circumstances."
Outlook
The stable outlook on VTB reflects S&P's view that, over the next
18-24 months, VTB will broadly maintain its credit profile,
supported by improving earning capacity and asset quality, and
benefiting from strong ties with the Russian government.
The stable outlook on VTB Capital reflects S&P's view that it will
remain an integral part of the group.
Downside scenario: S&P would take a negative rating action on VTB
if it downgrades Russia.
Upside scenario: A positive rating action is contingent on a
positive rating action on Russia.
Ratings Score Snapshot
Issuer credit rating (ICR) on VTB Bank JSC: BBB-/Stable/A-3
ICR on VTB Capital PLC: BB+/Stable/B
Stand-alone credit profile: bb
Anchor: bb
Business position: Strong (+1)
Capital and earnings: Constrained (-1)
Risk position: Adequate (0)
Funding and liquidity: Adequate and adequate (0)
Comparable ratings analysis: 0
Support: +2
ALAC support: 0
GRE support: +2
Group support: 0
Sovereign support: 0
Additional factors: 0
ESG Credit Indicators: E-2, S-2, G-3
Ratings List
RATINGS AFFIRMED
ALFA-BANK JSC
Issuer Credit Rating BBB-/Stable/A-3
ABH FINANCIAL LTD.
Issuer Credit Rating BB+/Stable/B
RATINGS AFFIRMED
CB RENAISSANCE CREDIT LLC
Issuer Credit Rating B+/Positive/B
RATINGS AFFIRMED
CENTROCREDIT BANK JSC
Issuer Credit Rating B+/Stable/B
RATINGS AFFIRMED
CONCERN ROSSIUM LLC
Issuer Credit Rating B+/Stable/B
CREDIT BANK OF MOSCOW
Issuer Credit Rating BB/Stable/B
RATINGS AFFIRMED
GAZPROMBANK JSC
GAZPROMBANK (SWITZERLAND) LTD.
BANK GPB INTERNATIONAL S.A.
Issuer Credit Rating BBB-/Stable/A-3
RATINGS AFFIRMED
BANK SOYUZ
Issuer Credit Rating BB-/Stable/B
RATINGS AFFIRMED
PROMSVYAZBANK PJSC
Issuer Credit Rating BB/Positive/B
RATINGS AFFIRMED
RN BANK JSC
Issuer Credit Rating BB+/Stable/B
RATINGS AFFIRMED
RAIFFEISENBANK AO
Issuer Credit Rating BBB-/Stable/A-3
RATINGS AFFIRMED
RUSSIAN STANDARD BANK JSC
Issuer Credit Rating B/Positive/B
RATINGS AFFIRMED
SOVCOMBANK PJSC
Issuer Credit Rating BB/Positive/B
RATINGS AFFIRMED
UNICREDIT BANK AO
Issuer Credit Rating BBB-/Stable/A-3
RATINGS AFFIRMED
URAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
Issuer Credit Rating B/Stable/B
RATINGS AFFIRMED
VTB BANK JSC
Issuer Credit Rating BBB-/Stable/A-3
VTB CAPITAL PLC
Issuer Credit Rating BB+/Stable/B
===========
S W E D E N
===========
ARISE AB: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------
Egan-Jones Ratings Company on January 3, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Arise AB to B+ from B.
Headquartered in Sweden, Arise AB is an alternative energy
company.
=============
U K R A I N E
=============
JSC ALFA-BANK: Fitch Raises LT IDRs to 'B', Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded Ukraine-based JSC Alfa-Bank's (ABU)
Long-Term Foreign- and Local-Currency IDRs to 'B' from 'B-'. Fitch
has also upgraded ABU's National Long-Term Rating to 'A(ukr)' from
'BBB+(ukr)'. The Outlooks are Stable.
Fitch has withdrawn ABU's Support Rating of '5' as it is no longer
relevant to the agency's coverage following the publication of
Fitch's updated Bank Rating Criteria on 12 November 2021. In line
with the updated criteria, Fitch has assigned ABU a Shareholder
Support Rating (SSR) of 'b-'.
KEY RATING DRIVERS
IDRs, VR, NATIONAL RATING
ABU's IDRs are driven by its Viability Rating (VR). The upgrade of
the VR to 'b' from 'b-' reflects ABU's improved credit profile
since end-3Q20, specifically its low capital encumbrance following
a significant reduction in the amount of the bank's unreserved
impaired exposures and extended record of healthy internal capital
generation. Operating conditions have stabilised in line with the
easing of pandemic-related pressures, but significant uncertainty
remains as a result of current tensions between Ukraine and
Russia.
The bank's impaired loans fell to a still high 18% of gross loans
at end-3Q21 from 37% at end-3Q20. This was mainly due to write-offs
of legacy loans and some recoveries. Positively, its impaired
exposures were significantly provisioned at 86% at end-3Q21.
ABU's profitability is boosted by its high-yielding but potentially
cyclical consumer business. The bank's robust pre-impairment profit
(8% of average gross loans in 9M21, annualised) was sufficient to
comfortably absorb elevated loan impairment charges (2.7% of
average gross loans in 9M21) and deliver healthy operating profit
of 4% of risk-weighted assets (RWAs) in 9M21. ABU has consistently
reported a good return on average equity (ROAE), of around 15%-30%
in 2017-9M21.
The bank's Fitch Core Capital (FCC) of IFRS-based RWAs was a
moderate 13.3% at end-3Q21. The capital encumbrance by risky
exposures has declined to tolerable levels, with net impaired loans
representing 16% of FCC at end-3Q21 from 43% of FCC at end-3Q20,
reflecting recoveries, increased provisioning and capital
build-up.
The regulatory core Tier 1 capital ratio was a much lower 9% as of
1 January 2022. This declined by 2pp at year-end due to a
significant 18% increase in regulatory RWAs following new capital
requirements set by the National Bank of Ukraine. The regulatory
core Tier 1 capital ratio is still moderately above the 7% minimum,
and would be materially higher if adjusted for unaudited net profit
earned in 2021 (equal to 3.1% of regulatory RWAs).
ABU's funding/liquidity profile benefits from a granular deposit
base and a strong liquidity position. Liquid assets covered
customer accounts by a comfortable 50% at end-November 2021.
SSR
ABU's 'b-' SSR reflects Fitch's view of potential support from the
bank's controlling shareholder, Luxembourg-based ABH Holdings S.A.
(ABHH), and the wider group if ever required. ABHH is a holding
company for several other banking subsidiaries, mostly in the CIS,
including Russia-based Joint Stock Company Alfa-Bank
(BBB-/Stable).
NATIONAL LONG-TERM RATING
Fitch has upgraded ABU's National Long-Term Rating of ABU to
'A(ukr)', reflecting the bank's improving creditworthiness relative
to peers in Ukraine.
DEBT RATINGS
ABU's senior unsecured debt ratings are aligned with its Long-Term
Local-Currency IDR and National Rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- ABU's ratings are likely to be downgraded if Ukraine's
sovereign ratings are downgraded.
-- The downgrade of ABU's VR may also be triggered by a sharp
deterioration of the bank's asset quality, which would lead to
a sustained increase in net impaired loans to above 0.5x FCC
and material erosion of regulatory capital ratios to levels
close to the minimum requirements.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Apart from an upgrade of Ukraine's sovereign ratings, as well
as notable improvements in the operating environment, positive
rating action on the bank would require the bank's FCC ratio
to rise significantly above 15% and cost of risk to decline
materially, while maintaining low levels of net impaired
loans.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
ABU's SSR reflects Fitch's view of potential support from the
bank's controlling shareholder, ABHH, and the wider group.
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.
PROCREDIT BANK: Fitch Affirms 'B' Foreign Currency IDR
------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank (Ukraine)'s (PCBU)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
at 'B' and 'B+', respectively. The Outlooks are Positive.
Fitch has withdrawn PCBU's Support Rating as it is no longer
relevant to the agency's coverage following the publication of its
updated Bank Rating Criteria on 12 November 2021. In line with
Fitch's updated criteria, Fitch has assigned a Shareholder Support
Rating (SSR) of 'b'.
KEY RATING DRIVERS
IDRS, SSR, NATIONAL RATING
PCBU's Long-Term Foreign-Currency IDR of 'B' and SSR of 'b' reflect
the limited extent to which shareholder support from the bank's
foreign parent, ProCredit Holding AG & Co. KGaA (PCH, BBB/Stable)
can be factored into the ratings, as captured by Ukraine's Country
Ceiling of 'B'. The Country Ceiling reflects Fitch's view of
transfer and convertibility risks in Ukraine. The Long-Term
Foreign-Currency IDR is also underpinned by the bank's standalone
profile, as captured by a Viability Rating (VR) of 'b'.
The 'B+' Long-Term Local-Currency IDR, one notch above the bank's
Long-Term Foreign-Currency IDR and the sovereign IDRs of 'B',
considers the likely lower potential impact of Ukrainian country
risks on the bank's ability to service senior unsecured obligations
in the local currency, hryvnia, than in foreign currency.
The Positive Outlook on the IDRs mirrors that on the Ukrainian
sovereign.
PCBU's National Long-Term Rating of 'AAA(ukr)' reflects the bank's
superior creditworthiness relative to that of peers in Ukraine.
VR
The VR of PCBU is constrained by the high-risk Ukrainian operating
environment, as evident in the small local economy, opaque lending
growth, significant dollarisation, material concentration levels,
generally heightened leverage of local corporate borrowers and, in
some cases, relaxed underwriting and risk controls.
Operating conditions have stabilised in line with the easing of
pandemic-related pressures, but significant uncertainty remains as
a result of current tensions between Ukraine and Russia. At the
same time, the VR captures PCBU's stable through-the-cycle
financial performance, including reasonable asset- quality and
profitability metrics, a comfortable capital buffer, a stable
funding profile and healthy liquidity.
Asset quality is a rating strength. The share of impaired loans
(Stage 3 and purchased or originated credit-impaired under IFRS 9)
was equal to 2.3% of gross loans at end-2020 (latest publicly
available IFRS disclosures) and remained close to 2% at end-3Q21,
according to management. Coverage of impaired loans by specific
loan loss allowances (LLAs) was good at 40%, considering the
available collateral with prudent loan-to-value ratios. Stage 2
loans stood at 4.7% of gross loans, down from 11% at end-3Q20, due
to recoveries and migration to Stage 1, supporting the bank's cost
of risk. Fitch believes that only marginal coronavirus-related
asset-quality deterioration is yet possible, although it should be
comfortably absorbed by the bank's pre-impairment profitability.
PCBU's performance has been healthy through the cycle, although
narrowing net interest income/ average earning assets (6.8% in
9M21, annualised), tougher competition and a low share of
non-interest income (14% of revenues in 9M21) resulted in
pre-impairment profit/average loans remaining below the
pre-pandemic levels (4.4% in 9M21, annualised). At the same time,
net profit was helped by reversal of provisions that were booked
upfront in 2020, with loan impairment charges/average gross loans
staying at 0.1% in 9M21 (annualised, 2020:1.3%). As a result,
operating profit/regulatory risk-weighted assets (RWAs) stood at 4%
in 9M21 (annualised), up from 3.1% in 2020.
Fitch views PCBU's capital buffer as comfortable, as reflected in
Fitch Core Capital (FCC)/regulatory RWAs of 16.2% at end-3Q21.
Incremental provisioning risks are modest, as reflected in an
unreserved impaired loans/FCC of 8%. Capitalisation is supported by
good profitability and moderate credit growth, which should allow
PCBU to distribute dividends.
The bank's funding profile benefits from stable deposit franchises:
customer accounts made up 76% of total liabilities at end-3Q21.
Wholesale-funding sources included credit lines from international
financial institutions (16% of liabilities) and funding from the
parent (a further 6%) with comfortable repayment schedules. PCBU's
liquid assets (cash, short-term placements with National Bank of
Ukraine, deposit certificates and placements with other banks) net
of short-term repayments of wholesale debt, covered 23% of customer
deposits at end-3Q21.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The IDRs of PCBU could be downgraded if Ukraine's sovereign
ratings are downgraded and the Country Ceiling revised
downwards. Significant reduction in PCH's propensity to
support PCBU could also lead to a downgrade, although this is
not expected by Fitch.
-- The downgrade of PCBU's VR would require a marked weakening of
asset-quality metrics, deterioration of profitability and
capital to an extent where the bank's regulatory capital
ratios are only marginally above the minimum requirements.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The IDRs of PCBU could be upgraded if Ukraine's sovereign
ratings are upgraded and the Country Ceiling revised upwards.
-- An upgrade of PCBU's VR would require both an upgrade of the
sovereign and improvement in the operating environment, as
well as easing of pandemic-related pressures on loan quality,
while maintaining good performance through the cycle.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===========================
U N I T E D K I N G D O M
===========================
ARCHANT: Put Up for Sale Following Private Equity Buyout
--------------------------------------------------------
Mark Sweney at The Guardian reports that Archant, the publisher of
dozens of titles including the Eastern Daily Press, London's Ham &
High Express and the former owner of the anti-Brexit weekly the New
European, is up for sale only 18 months after being sold to a
private equity group.
The Norwich-based newspaper group, one of Britain's oldest
publishers -- co-founded in 1845 by the mustard magnates the Colman
family -- was sold to the investment group Rcapital in August 2020
in a deal that promised a "bright future" for the company as the
pandemic accelerated the decline in its already strained finances.
Rcapital, which during its short period of ownership sold the New
European to a consortium including the former New York Times chief
and BBC director general Mark Thompson and the ex-Financial Times
editor Lionel Barber, has put out an information memorandum to
prospective buyers and is understood to have appointed Ulmus
Advisory to oversee the process.
It is understood that interest has been expressed by several groups
including National World -- the owner of more than 100 local and
regional titles including the Scotsman and Yorkshire Post -- which
lost out to Rcapital when Archant was sold.
Newsquest, the UK's second biggest regional player, with 200
titles, including the Argus in Brighton, the Northern Echo in
Darlington and the Glasgow Times, has also expressed interest.
Reach, the owner of the Mirror, Star and Express national papers
and almost 200 regional print and digital titles, including the
Manchester Evening News and Liverpool Echo, is another potential
suitor.
Like other regional publishers, Archant has been hit by the growing
shift of readers and advertisers to digital platforms. The company
makes about GBP50 million in annual revenues, down from almost
GBP100 million in 2017, and is barely profitable. It is expected
to be sold for about GBP5 million to GBP10 million, the same price
range as National World paid for JPI Media in December 2020, a
business that was sold for GBP160 million by the Barclay brothers
in 2005.
When Rcapital announced its takeover of Archant it described the
deal as a "one-of-a-kind" investment. The private equity group
owns 90% of Archant, with 10% owned by the Pension Protection Fund,
as part of a company voluntary arrangement to unburden Archant from
its pension and life assurance scheme.
ENERGY GENERATOR: Enters Administration
---------------------------------------
James Lowson at The Bucks Herald reports that a business which was
run from a farm near Aylesbury was put in administration on Jan.
19.
According to The Bucks Herald, a spokesman for Energy Generator
Hire Limited announced the business had been handed over to
administrators.
Michael Pallott, Adam Harris and Natasha Brodie have been appointed
as the administrators tasked with overseeing affairs at the defunct
company, The Bucks Herald relates.
The first signs of trouble emerged last March when councillors
ruled that the business could no longer operate from Kimblewick
Farm, The Bucks Herald recounts. After resident complaints
regarding noise and the use of large HGV vehicles in a rural part
of the county, had caused concern, The Bucks Herald discloses.
FERGUSON MARINE: Loses Addt'l GBP8 Mil. Building Other Vessels
--------------------------------------------------------------
John Glover at Insider.co.uk reports that has lost nearly an
additional GBP8 million building three vessels, on top of the two
delayed and over budget CalMac ferries, according to its annual
accounts.
The Port of Glasgow yard was tasked with the construction of an oil
barge and two fish farm work boats, which started before it was
nationalised by the Scottish Government in 2019, Insider.co.uk
discloses.
The government committed to completing the building of five vessels
when it acquired the yard.
According to Insider.co.uk, Ferguson Marine's annual accounts
revealed that this caused losses of GBP7.8 million, with
construction completing in 2021 for the two work boats, Helen Rice
and Kallista Helen, for Inverlussa Marine Services in Mull.
The third was an air cushion barge, the Caspian Sea, completed last
year for CMI Offshore, Insider.co.uk states.
The total funding committed to Ferguson Marine by the Scottish
Government for the accounting period from April 2020 to March 2021
was GBP21.8 million, according to Insider.co.uk.
Total financial liabilities were GBP29.5 million for the year,
while the loss from contracts in progress was GBP23.8 million in
March 2021 compared with GBP962,065 in March 2020, Insider.co.uk
relays.
However, the GBP23.8 million cash advance will be returned to the
Scottish Government, with the balance being repaid from the regular
contact payments submitted in April 2021, according to
Insider.co.uk.
Unused tax losses for the group were GBP13.5 million, compared to
GBP5.4 million August 2019 to March 2020, which can be offset
against future profits, Insider.co.uk discloses. The net trading
loss was GBP1.2m in March 2021, according to Insider.co.uk.
The accounts also revealed that the Scottish Government and
Ferguson Marine drew up a new contract that enabled the group to
release the previous contract loss provisions for Caledonian
MacBrayne ferry hulls 801 and 802, for GBP90.7 million,
Insider.co.uk relates.
It states that the "new build contracts put in place with Scottish
Ministers, given that those contracts contain pricing that fully
cover the projected costs to completion".
According to Insider.co.uk, the statement conceded that impact from
the pandemic offset the contracts' loss provisions being released,
and as a result, Ferguson Marine made a net income of GBP82.2
million, compared to previous period, when it made a loss of GBP100
million.
This is a part of the "revised funding mechanism" in the two new
shipbuilding contracts, Insider.co.uk states.
Tim Hair, Ferguson Marine's turnaround director, who is leaving in
February, said in his final accounts that the business was on
course, despite delays to deliver the ferries at the new pricings
of GBP110 to GBP114 million, Insider.co.uk relates.
But the overall cost of the vessels, since construction started
five years ago, has doubled to more than GBP200 million,
Insider.co.uk discloses. The two ferries for CalMac were supposed
to have been completed by 2018 in a GBP97 million contract,
according to Insider.co.uk.
LIBERTY GLOBAL: Egan-Jones Retains B+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on January 6, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Liberty Global PLC.
Headquartered in London, United Kingdom, Liberty Global plc owns
interests in broadband, distribution, and content companies
operating outside the continental United States, principally in
Europe.
M&A PHARMACHEM: Enters Administration After Sale Attempt Fails
--------------------------------------------------------------
Business Sale reports that Bolton-based pharmaceutical firm M&A
Pharmachem has fallen into administration after an attempt to sell
the business failed.
According to Business Sale, following their appointment as joint
administrators, David Acland and Anthony Collier of FRP Advisory
are now seeking buyers for M&A Pharmachem's assets, which include
stock, property and intellectual property.
The business, which was founded 44 years ago, specialised in the
manufacture and sale of paracetamol, opiate medicines and medical
devices for use in the global healthcare sector. It was initially
marketed for sale by its directors as they sought urgent investment
to enable the firm to carry on trading as a going concern, Business
Sale notes.
However, a sale could not be completed and, combined with the
financial challenges that the company faced, this led to the
appointment of FRP Advisory as administrators and the ceasing of
operations, Business Sale states.
In its most recent accounts at Companies House, for the year ending
January 31 2021, M&A Pharmachem reported a fall in turnover from
GBP15.5 million the previous year to GBP3 million, while the firm's
pre-tax losses grew from GBP3 million to GBP6 million over the same
period, Business Sale discloses.
At the time, the business' fixed assets were valued at GBP10.6
million, with GBP4.7 million in current assets, according to
Business Sale. Creditors within one year were owed GBP10.8
million, with the company's total assets less current liabilities
standing at GBP4.4 million, according to Business Sale.
ORBIT PRIVATE I: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer ratings to U.K.-based
Orbit Private Holdings I Ltd. (Orbit) and its financing
subsidiaries Armor Holdco Inc. and Earth Private Holdings. S&P is
also assigning its 'B+' issue ratings and '2' recovery rating to
the group's senior secured facilities and its 'CCC+' issue ratings
and '6' recovery rating to the group's senior unsecured notes.
The stable outlook reflects its expectation that the combined group
will benefit from a recovery in corporate actions, interest rates,
and project work in its pensions division, which should underpin
organic growth in 2022 onward and enable consistent free operating
cash generation.
Orbit is the parent of the combination of professional services
providers, Equiniti and AST.
The assigned ratings are in line with S&P's preliminary ratings,
which it assigned on Oct. 19, 2021. There were no material changes
to its base case or the financial documentation compared with its
original review.
The combined businesses, of which Orbit is the parent, create a
leading niche shareholder services provider under the ownership of
financial sponsor, Siris LLC. On Dec. 10, 2021, Siris completed the
combination of U.K.-based shareholder and pensions services
provider Equiniti PLC, and U.S.-based AST (formerly American Stock
Transfer & Trust Co.) under parent company, Orbit Private Holdings
Ltd. The acquisitions and business combination were funded and
supported by the issuance of a $900 million senior secured
first-lien term loan and a $175 million senior secured RCF by
financing subsidiaries Armor Holdco. Inc. (Armor) and Earth Private
Holdings Ltd (Earth), alongside $350 million of senior unsecured
notes by Armor. The combined group will be one of the leading
providers of administration services relating to shareholder-issuer
relations and pension administration services for companies and
government agencies in the U.S. and U.K.
S&P said, "We consider the group's core service offering--which
consists of managing shareholder registers, administrative
communications between shareholder and issuer (such as setting up
and communicating annual and extraordinary general meetings),
administering corporate actions, and pensions administration--to be
recurring in nature, which should result in a high degree of
revenue predictability in ordinary times. The group did, however,
experience a meaningful decline in revenue amid a widespread
decline in corporate actions in 2020 following the onset of the
pandemic, as clients sought to conserve liquidity. The combined
businesses experienced revenue decline of about 15% (excluding
interest) in 2020, which compares unfavorably with comparably sized
trust and corporate services providers such as Intertrust and TMF.
The three companies have different service offerings, and are
therefore not directly comparable competitors. That said, we
consider Orbit's core offering to be more discretionary in the
short term because corporate actions can be postponed, while the
maintenance of corporate structures cannot. This could lead to
lower capacity utilization in economic downturns, in our view.
"We expect Orbit to benefit from a well-diversified earnings stream
comprising relatively non-discretionary price-inelastic services
over the medium term.Orbit has a well-diversified client base, with
no single customer accounting for more than 5% of total revenues.
The company offers multiple revenue-generating services within the
niche in which it operates. While individual decisions about the
payment of dividends, M&A, pension contributions, and customer
relationship management systems can be delayed, we consider these
to be nondiscretionary over the longer term, with customer churn
likely to be driven by service quality issues rather than pricing.
Orbit's near 99% retention rates and long average customer
relationship tenors indicate that it has a good reputation for
service quality in its markets. That said, the group is relatively
small and concentrated in the U.S. and U.K. markets compared with
some of the larger professional service providers we rate. It also
has greater reinvestment needs and smaller margins, with annual
capital expenditure (capex) of about 5% of revenues and adjusted
EBITDA margins of about 20%.
"We expect leverage to remain higher over the next two years as the
business recovers from lower corporate activity levels, with
financial policy likely to be a ratings constraint over the medium
term. We expect the business' shareholder division to have
recovered to pre-pandemic levels in 2021, with the pension division
likely to remain below 2019 levels until the new My CSP contract is
operational in 2022. The group's remediation businesses will remain
smaller as payment protection insurance remediation activity winds
down. While we anticipate that the new owners will enact cost
efficiencies, we expect the cost of achieving these efficiencies
will largely offset the benefits until 2023. Since the merger was
funded through the issuance of about GBP900 million of new debt, we
expect debt to EBITDA to exceed 7x in 2022 and 2023, with healthy
free operating cash flow generation from 2023 onward. Since Orbit
is controlled by financial sponsor, Siris, we expect the group to
maintain relatively high leverage as cost synergies take hold given
that it is likely that the group will take part in industry
consolidation over the medium term.
"The stable outlook reflects our expectation that the combined
group will benefit from a recovery in corporate actions, interest
rates, and project work in its pensions division. This should
underpin organic growth in 2022 onward and enable deleveraging
coupled with consistent FOCF generation.
"We could take a negative rating action if revenue growth was
subdued or the group failed to achieve the cost savings and
resulting improved margins that we currently forecast, leading to
weaker cash generation and sustained higher leverage."
Specifically, S&P could take a negative rating if:
-- S&P expected negative FOCF generation on a sustained basis,
or;
-- S&P expected FFO cash interest coverage to be sustained at less
than 2x; or
-- The group's acquisition or shareholder policies lead S&P to
re-evaluate management's leverage tolerance; or
-- The group faced liquidity constraints.
S&P sees limited upside potential for the ratings in the short term
given current leverage levels. That said, S&P could consider
raising the rating if:
-- The group outperformed our forecasts, resulting in a
significant reduction in adjusted debt to EBITDA toward 5x; and
-- S&P considered the group's leverage tolerance to be consistent
with maintaining debt to EBITDA at or around these levels.
ESG credit indicators: E-2 S-2 G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Orbit. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, in line with our view of the
majority of rated entities owned by private-equity sponsors. Our
assessment also reflects generally finite holding periods and focus
on maximizing shareholder returns."
POUNDSTRETCHER: Begins Converting Stores to JTF
-----------------------------------------------
Steve Farrell at The Grocer reports that Poundstretcher has begun
converting stores to JTF, after rescuing the collapsed discount
chain from administrators in September.
A Poundstretcher and Pet Hut in Margate, one of the variety
discounter's larger stores, is among the first to be rebranded, The
Grocer notes.
The conversion is not Poundstretcher's first attempt to revitalise
stores with a new banner. Since 2018, a number have traded as
Bargain Buys, the Poundstretcher subsidiary that last year bought
JTF Mega Discount Warehouse from administrators, The Grocer
states.
The deal gave Poundstretcher's owners JTF's intellectual property
rights along with licence to operate nine of the chain's 12 stores,
which began reopening within weeks, The Grocer discloses.
It followed the closure of all 12, located in retail parks across
the Midlands and north of England, last summer, as exclusively
revealed by The Grocer at the time.
It is not clear whether or how many other Poundstretcher staff are
affected by redundancy.
Poundstretcher is in an ongoing 'company voluntary arrangement'
restructuring process designed to turn around the business by
cutting costs, The Grocer relates.
According to The Grocer, Sky News reported earlier this month that
Poundstretcher's controlling shareholder Aziz Tayub was exploring a
sale of the business following the success of the CVA, which was
launched in June 2020.
Interpath Advisory, Poundstretcher's restructuring advisor,
confirmed the CVA was ongoing and said it was not aware of recent
redundancies as part of the process, The Grocer notes.
TOGETHER FINANCIAL: S&P Alters Outlook to Pos., Affirms 'BB-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K. specialist lender
Together Financial Services Ltd. (Together) and its nonoperating
holding company Bracken MidCo1 PLC (Bracken) to positive from
stable.
At the same time, S&P affirmed the 'BB-' long-term issuer credit
rating on Together and the 'B+' long-term issuer credit rating on
Bracken. S&P also affirmed its issue ratings on the senior secured
notes (SSNs) issued by Jerrold Finco PLC, a subsidiary of Together,
and the payment-in-kind (PIK) toggle notes issued by Bracken.
Together exits the pandemic in a solid position. Together continued
to operate with robust profitability and stable asset quality
throughout the pandemic. S&P said, "This translated into solid
capital retention with the group's risk-adjusted capital ratio
reaching 11.6% as of June 2021, slightly higher than our
expectation of 11.25%. As the group returns to rapid loan growth,
we expect it to consume a significant portion of this capital and
bring its capital ratio back toward 9.5%-10.0%. At the same time,
its funding profile remains well diversified, with a range of
public securitizations and private warehousing facilities, and
significant senior secured funding through Jerrold and Bracken.
Taken together, we believe this solid credit profile could be
commensurate with a higher rating over the next 12 months."
Together's earnings have remained resilient in an uneven
macroeconomic environment. Despite a challenging economic
environment, Together has reported robust results throughout the
pandemic. In the 12 months to June 2021, the group reported a
stable top line of GBP371.6 million and net income of GBP92.2
million at the Redhill Famco level. While there is downward
pressure on net interest margins as the group diversifies its
lending profile in a still competitive and low-yield U.K. mortgage
market, Together has mitigated some of this pressure by reducing
its operating expenses and lowering the funding costs on its
facilities. At the same time, its loan book was broadly flat in the
past 12 months, returning to monthly growth in June and July of
2021, and accelerating rapidly through the final three months of
2021. While the ratio of nonperforming loans (NPLs) as a percentage
of average loans was high at 11.78% in June 2021, net charge-offs
as a percentage of loans remain low, indicating Together's ability
to manage credit costs and maintain profitability.
After a year of flat loan book development, S&P forecasts a return
to rapid growth for the group in the year to June 2022. S&P
forecasts stable net income for the group, despite compressed net
interest margins.
S&P's base-case assumptions for Redhill Famco are as follows:
-- Loan book growth of about 30% in FY2022;
-- Lower net interest margins;
-- Modest impairment charges as a percentage of average loans at
roughly 40 basis points for 2022;
-- Comprehensive net income of GBP94 million by 2022; and
-- Risk-adjusted capital above 11.0% in 2022, a solid level for
the rating, declining in the next two years to closer to 10.0% or
below as brisk loan growth continues.
Together has continued to diversify and stabilize its funding base.
Together has issued over GBP3.0 billion in more than 10
transactions through its various facilities from June 1, 2020 to
date. Of particular note, Together issued its first and second
commercial mortgage-backed securities for GBP200 million and GBP242
million in March 2021 and June 2021, respectively. Since then,
Together has:
-- Launched Brooks Asset Backed Securitization 1 Ltd. for NPLs in
July 2021;
-- Refinanced GBP525 million of Highfield Asset Backed
Securitization 1 Ltd., a small-balance commercial real estate
warehouse facility;
-- Priced its fifth residential mortgage-backed security (RMBS)
for GBP318 million in September 2021, raising its external funding
for RMBS to GBP660 million;
-- Completed the refinancing of the PIK toggle notes at the
BrackenMidCo1 level, reissuing them at a higher amount of GBP380
million versus the previous GBP360 million;
-- Issued another GBP120 million of its 2026 SSNs in November
2021. Senior secured loans now total GBP1.1 billion; and
-- Upsized its Delta Asset Backed Securitization 2 Ltd., an
unregulated bridge lending facility, from GBP200 million to GBP400
million.
S&P said, "The group's growing presence in the private markets and
public securitization market is an important evolution of its
funding profile. We view the group as well-funded to meet its
growth ambitions. As of June 30, 2021, its stable funding sources,
such as total equity net of intangibles and long-term debt, divided
by its funding needs, such as net customer loans and restricted
cash, stood at 92%. We expect Together to maintain this stable
funding ratio above 90% over the next 12 months.
"Beyond our assessment of Together's funding and liquidity position
and capital and earnings profile, our 'BB-' rating also considers
the group's niche role in the U.K. mortgage market and its
consistent underwriting standards.
"We rate three issuances within the consolidated group, the two
sets of SSNs issued by Jerrold Finco, and the PIK toggle notes
issued by Bracken.We equalize the rating on the SSNs with the
broader group credit profile of 'bb-'. This captures the joint
guarantee from Together and Jerrold Finco. Since our issuer credit
rating on Together is speculative grade, we also perform asset
coverage tests to derive the issue rating on the SSNs. We equalize
the issue rating on the PIK notes with the issuer credit rating on
Bracken because we see no further subordination of the notes beyond
that captured in our assessment of Bracken. The 'B+' issuer credit
rating on Bracken sits one notch below the issuer credit rating on
Together due to Bracken's structural cash flow subordination.
"The positive outlook reflects our view that Together's resilient
balance sheet, solid funding franchise, and strong asset quality
and operating profitability could support a higher rating over our
12-month outlook horizon.
"We could revise our outlook to stable if Together's asset quality
deteriorates materially, or if the group's revenue and earnings
generation weakens materially.
"We could raise the ratings if Together is able to realize
profitable, rapid growth in line with our base case, while
demonstrating resilient asset quality, relatively stable
risk-adjusted capitalization in the upper range of 7%-10%, and a
stable funding ratio above 90%."
[*] UK: Creditors' Voluntary Liquidations Up in Late 2021
---------------------------------------------------------
David Milliken at Reuters reports that a record number of companies
in England and Wales agreed with their creditors to cease trading
during the final quarter of 2021, after COVID support for
businesses and protection against court insolvency proceedings was
phased out.
According to Reuters, the total number of corporate insolvencies in
England and Wales rose to its highest since the third quarter of
2012 at 4,627 on a seasonally adjusted basis, after sinking to the
lowest since 1989 earlier in the pandemic at around 2,400.
Creditors' voluntary liquidations (CVLs) -- the most common type of
insolvency, and one which was on an upward trend before the
pandemic -- increased to 4,175, Reuters discloses.
This was the highest quarterly total since records began in 1960,
while the annual number was the highest since 2009, Reuters relays,
citing The Insolvency Service, the government agency which
publishes the data.
Britain's government gave GBP79 billion (US$106 billion) in COVID
support loans to businesses as well as footing GBP70 billion of
wage bills, Reuters notes. But this support has ended and
temporary measures stopping creditors taking action against
businesses began to be phased out in October, Reuters states.
Many businesses -- especially in the hospitality sector -- will
also have suffered unexpected losses from the wave of
Omicron-related COVID-19 cases in December and early January, for
which the government offered less support than before, according to
Reuters.
"While insolvencies still haven't reached pre-pandemic levels, this
is unlikely to remain the case for long," Reuters quotes Mr. Haig
as saying.
Overall corporate insolvencies remain well below their peak during
the 2008-09 financial crisis, when there were more than 6,000 a
quarter and more widespread court winding-up orders, Reuters
discloses.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week January 24 to January 28, 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 12.500 5/14/2024 USD 0.399
Cultura Sparebank 6.810 NOK 51.447
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Veneto Banca SpA 6.944 5/15/2025 EUR 0.571
New World Resources NV8.000 04/07/2020 EUR 0.506
Alpine Holding GmbH 5.250 07/01/2015 EUR 3.084
JP Morgan Structured P12.000 01/04/2027 ZMW #N/A N/A
Agrokor dd 9.875 05/01/2019 EUR 15.000
UBS AG/London 0.120 5/25/2040 MXN 15.852
German Real Estate Cap3.000 EUR 74.000
Credit Suisse AG/Londo5.200 8/17/2022 USD 9.860
Credito Padano Banca d3.100 EUR 33.887
Officine Maccaferri-Sp5.750 06/01/2021 EUR 18.160
DZ Bank AG Deutsche Ze19.400 3/25/2022 EUR 51.330
Caixa Economica Montep5.000 EUR 50.020
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Ukraine Government Bon6.000 1/28/2032 UAH 53.070
Sibur Holding PAO 1.500 10/02/2031 USD 72.240
WPE International Coop10.375 9/30/2020 USD 5.000
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
BBI Development SA 8.000 2/22/2023 PLN 7.770
Kardan NV 6.325 2/21/2021 ILS 12.310
Espirito Santo Financi5.050 11/15/2025 EUR 0.761
Deutsche Bank AG/Londo2.952 11/26/2034 USD 80.500
Bank Julius Baer & Co 29.500 6/27/2022 CHF 45.700
Cooperatieve Rabobank 0.500 1/31/2033 MXN 38.744
Banca Popolare di Vice9.500 10/02/2025 EUR 0.049
SAir Group 0.125 07/07/2005 CHF 12.625
Sberbank of Russia PJS0.010 12/17/2025 RUB 71.800
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
UBS AG/London 17.750 08/04/2022 CHF 51.200
State of Saxony-Anhalt0.293 07/03/2028 EUR 60.000
Gold-Zack AG 7.000 12/14/2005 EUR 1.510
OR PJSC 12.000 11/14/2024 RUB 42.210
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Vontobel Financial Pro8.500 3/25/2022 EUR 60.150
Getin Noble Bank SA 7.640 12/21/2023 PLN 69.676
Ukraine Government Bon8.120 11/10/2035 UAH 59.199
Sberbank of Russia PJS0.016 3/15/2032 RUB 63.900
Pescanova SA 8.750 2/17/2019 EUR 0.319
Nordic Corporate Bank 6.430 NOK 69.715
Axial Javito Kereskede2.000 9/23/2030 HUF 73.289
Ukraine Government Bon6.000 1/22/2031 UAH 55.311
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Region de Bruxelles-Ca0.444 3/19/2057 EUR 73.929
Ukraine Government Bon6.000 06/12/2030 UAH 56.824
Sberbank of Russia PJS0.010 7/23/2026 RUB 74.600
Sibur Holding PAO 1.500 10/02/2030 USD 75.280
BNP Paribas SA 21.800 05/01/2023 USD 70.500
Zurcher Kantonalbank F26.500 8/31/2022 CHF 54.360
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Credit Agricole Corpor11.340 02/12/2026 TRY 60.542
Instabank ASA 7.970 NOK 38.288
Otkritie Holding JSC 10.000 4/20/2028 RUB 0.010
Deutsche Agrar Holding7.250 9/28/2018 EUR 0.706
Bank Otkritie Financia10.000 4/26/2019 USD 9.196
Natixis SA 0.300 6/25/2048 USD 47.469
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.271
DekaBank Deutsche Giro7.650 03/10/2023 EUR 71.810
Alno AG 8.000 3/21/2019 EUR 16.000
Astana Finance BV 9.000 11/16/2011 USD 15.250
TMK PJSC 7.350 2/28/2025 RUB 70.000
Bibby Offshore Service7.500 6/15/2021 GBP 11.625
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.228
Cooperatieve Rabobank 0.500 11/30/2027 MXN 61.489
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.228
Barclays Bank PLC 0.500 10/01/2031 TRY 9.074
Lehman Brothers Treasu2.000 3/16/2035 EUR 0.100
Norske Skog Holding AS8.000 2/24/2023 USD 0.006
Bank Vontobel AG 18.000 8/29/2022 USD 54.700
DZ Bank AG Deutsche Ze9.410 8/26/2022 EUR 48.210
UBS AG/London 7.000 8/18/2022 USD 66.500
Credit Suisse AG/Londo14.250 07/04/2022 CHF 68.650
SAir Group 5.500 7/23/2003 CHF 12.625
Ukraine Government Bon8.750 4/20/2033 UAH 65.329
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
Banco Espirito Santo S10.000 12/06/2021 EUR 0.563
Credit Suisse AG/Londo16.000 08/05/2022 USD 41.080
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 65.780
Intelsat Luxembourg SA12.500 11/15/2024 USD 65.750
SAir Group 2.125 11/04/2004 CHF 12.625
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Elli Finance UK PLC 8.750 6/15/2019 GBP 64.155
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Credit Suisse AG/Londo9.000 10/18/2024 USD 9.920
UkrLandFarming PLC 10.875 3/26/2018 USD 1.646
Lehman Brothers Treasu1.000 10/05/2035 EUR 0.100
Luzerner Kantonalbank 23.000 06/07/2022 CHF 33.540
Corner Banca SA 20.000 03/08/2022 CHF 51.230
Zurcher Kantonalbank F6.000 4/14/2022 CHF 101.990
Societe Generale SA 9.000 7/22/2022 USD 47.000
UBS AG/London 7.000 4/21/2023 USD 59.150
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.003
Mifa Mitteldeutsche Fa7.500 08/12/2018 EUR 2.120
O1 Properties Finance 8.250 9/27/2021 USD 11.765
Agrokor dd 9.125 02/01/2020 EUR 15.000
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Eiendomskreditt AS 2.600 9/17/2029 NOK 69.650
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
Credit Suisse AG/Londo10.500 07/08/2022 EUR 57.220
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 0.200
UBS AG/London 0.472 11/23/2025 EUR 73.250
Cooperatieve Rabobank 0.500 10/29/2027 MXN 62.135
Sberbank CIB JSC 0.010 01/04/2030 RUB 50.689
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 2.002
Decipher Production Lt12.500 9/27/2019 USD 1.500
New World Resources NV4.000 10/07/2020 EUR 0.573
BLT Finance BV 12.000 02/10/2015 USD 10.500
Societe Generale SA 17.604 8/24/2023 USD 66.400
Muehl Product & Servic6.750 03/10/2005 DEM 0.104
SAir Group 6.250 10/27/2002 CHF 12.625
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Stichting Afwikkeling 8.450 8/20/2018 USD 5.375
Ukraine Government Bon9.700 12/08/2032 UAH 70.764
AKB Peresvet ZAO 0.510 6/23/2021 RUB 26.910
Sberbank of Russia PJS0.010 8/25/2025 RUB 74.310
Bank Otkritie Financia0.010 7/16/2025 RUB 68.010
DZ Bank AG Deutsche Ze9.270 6/24/2022 EUR 56.690
Zurcher Kantonalbank F12.900 8/17/2022 CHF 62.920
Societe Generale SA 8.000 5/28/2027 USD 48.100
UBS AG/London 16.250 07/07/2022 CHF #N/A N/A
BNP Paribas SA 20.200 5/31/2022 USD 72.500
Landesbank Baden-Wuert5.400 2/25/2022 EUR 72.140
UBS AG/London 9.500 2/28/2022 CHF 47.800
Hell Energy Magyarorsz2.700 12/18/2029 HUF 73.500
Minicentrales Dos SA 0.010 06/06/2047 EUR 66.788
Ukraine Government Bon6.000 1/27/2027 UAH 68.262
BRAbank ASA/NO 7.780 NOK 53.941
Nizhniy Novgorod Regio6.100 5/27/2026 RUB 89.850
Veneto Banca SpA 6.950 2/25/2025 EUR 0.571
Krakowski Bank Spoldzi3.580 9/20/2023 PLN 72.000
SG Issuer SA 11.170 7/20/2025 SEK 59.340
Bank Julius Baer & Co 21.150 08/09/2022 CHF 65.300
Vontobel Financial Pro11.000 3/25/2022 EUR 55.480
Vontobel Financial Pro9.400 5/13/2022 EUR 51.590
Wingholding Zrt 3.000 9/22/2031 HUF #N/A N/A
Zurcher Kantonalbank F29.000 9/29/2022 CHF 60.640
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.559
Ukraine Government Bon6.000 9/18/2030 UAH 56.131
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.511
Pervyi Konteinernyi Te0.010 02/06/2026 RUB 67.130
SFO Akkord Finans 10.000 02/12/2024 RUB 66.740
SG Issuer SA 5.000 5/23/2024 EUR 59.060
Credit Suisse AG/Londo4.550 2/23/2023 USD 9.750
JP Morgan Structured P12.000 8/28/2026 ZMW 71.835
Barclays Bank PLC 14.250 3/20/2023 USD 59.350
Raiffeisen Switzerland4.000 8/30/2022 CHF 39.840
Golfino AG 8.000 11/18/2023 EUR 0.020
Societe Generale SA 15.000 07/03/2024 USD 48.150
Bank Vontobel AG 20.000 9/26/2022 EUR 64.500
Derzhava-Garant OOO 11.500 06/12/2030 RUB 6.140
Credit Suisse AG/Londo7.020 12/05/2024 USD 9.530
Dr Wiesent Sozial gGmb7.000 EUR 0.010
Bank2 ASA 6.120 NOK 59.747
AKB Peresvet ZAO 0.510 2/14/2032 RUB 12.500
Purple Protected Asset1.580 5/25/2060 EUR 67.367
Espirito Santo Financi5.050 11/15/2025 EUR 0.761
LBI ehf 6.100 8/25/2011 USD 9.897
Bank Julius Baer & Co 11.950 2/25/2022 USD 52.850
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Deutsche Bank AG/Londo0.500 10/18/2038 MXN 19.862
Sberbank of Russia PJS0.010 8/25/2025 RUB 73.910
Sberbank of Russia PJS0.010 12/16/2025 RUB 74.200
Credit Agricole Corpor15.000 7/14/2026 TRY 68.964
Norske Skog Holding AS8.000 2/24/2021 EUR 0.006
BrokerCreditService St8.000 1/30/2024 USD 47.000
Vontobel Financial Pro18.500 6/24/2022 EUR 50.100
Societe Generale SA 20.000 03/02/2022 USD 59.875
Leonteq Securities AG 12.000 06/08/2022 CHF 51.320
SAir Group 5.125 03/01/2003 CHF 12.750
VTB Bank PJSC 0.010 11/25/2026 RUB 73.220
Credit Suisse AG/Londo9.240 12/05/2024 USD 9.670
Bulgaria Steel Finance12.000 05/04/2013 EUR 0.216
Grupo Isolux Corsan SA0.250 12/30/2018 EUR 0.083
Rosselkhozbank JSC 10.100 RUB 90.000
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
Credit Agricole Corpor11.640 3/24/2027 TRY 56.752
Ukraine Government Bon8.750 11/10/2032 UAH 65.880
Ukraine Government Bon6.000 09/10/2031 UAH 53.860
LBI ehf 7.431 USD 0.001
Sberbank of Russia PJS0.010 3/25/2026 RUB 72.800
Sberbank of Russia PJS0.010 4/22/2026 RUB 70.900
Ukraine Government Bon9.150 05/10/2031 UAH 69.988
HSBC Bank PLC 0.500 6/23/2027 MXN 64.044
Pescanova SA 6.750 03/05/2015 EUR 0.319
Espirito Santo Financi0.352 10/27/2024 EUR 0.297
PA Resources AB 13.500 03/03/2016 SEK 0.124
SecurAsset SA 5.250 6/30/2022 EUR 42.050
UBS AG/London 8.000 06/09/2023 CHF 67.400
Credit Suisse AG/Londo6.190 9/14/2022 USD 9.690
UBS AG/London 15.250 7/21/2022 USD 61.100
Zurcher Kantonalbank F21.500 05/12/2022 USD 57.220
Corner Banca SA 11.000 11/29/2022 CHF 66.040
EFG International Fina11.120 12/27/2024 EUR 44.550
Deutsche Bank AG/Londo13.750 6/20/2026 TRY 70.364
Agrokor dd 8.875 02/01/2020 USD 15.000
NTRP Via Interpipe Ltd10.250 08/02/2017 USD 29.500
Barclays Bank PLC 2.730 9/27/2024 EUR 60.430
Hema Bondco II BV 8.500 1/15/2023 EUR 0.112
Bank Otkritie Financia0.010 9/24/2025 RUB 68.800
Ukraine Government Bon8.630 05/10/2033 UAH 64.631
Espirito Santo Financi5.125 5/30/2016 EUR 0.528
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
IT Holding Finance SA 9.875 11/15/2012 EUR 0.015
Barclays Bank PLC 5.000 11/01/2029 BRL 64.033
Credit Suisse AG/Londo6.500 3/28/2022 USD 3.840
SG Issuer SA 2.100 04/05/2033 EUR 29.450
Corner Banca SA 10.000 10/12/2022 CHF 62.340
BrokerCreditService St3.000 2/28/2023 USD 60.000
Zurcher Kantonalbank F30.000 08/09/2022 USD 56.720
Corner Banca SA 10.400 12/14/2022 CHF 70.390
Raiffeisen Centrobank 11.750 08/04/2023 EUR 55.390
Credit Suisse AG/Londo16.300 12/26/2023 USD 66.350
Luzerner Kantonalbank 5.000 05/11/2022 USD 63.900
Luzerner Kantonalbank 22.620 6/20/2022 CHF 68.510
SALVATOR Vermoegensver9.500 EUR 8.100
Alteo Nyrt 2.450 10/08/2031 HUF 68.300
Purple Protected Asset2.100 4/15/2060 EUR 70.038
Lehman Brothers Treasu1.500 10/12/2010 EUR 0.100
Sberbank of Russia PJS0.010 10/22/2025 RUB 72.600
KPNQwest NV 7.125 06/01/2009 EUR 0.453
ECM Real Estate Invest5.000 10/09/2011 EUR 15.375
Lehman Brothers Treasu3.700 06/06/2009 EUR 0.100
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 50.573
Getin Noble Bank SA 4.250 8/30/2024 PLN 67.875
Lehman Brothers Treasu2.875 3/14/2013 CHF 0.100
AKB Peresvet ZAO 0.510 08/04/2034 RUB 27.620
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Sberbank of Russia PJS0.010 09/04/2025 RUB 69.000
Mriya Agro Holding PLC10.950 3/30/2016 USD 4.667
Cooperatieve Rabobank 0.500 8/21/2028 MXN 57.923
Northland Resources AB4.000 10/15/2020 NOK 0.271
City of Novosibirsk Ru7.300 10/08/2026 RUB 99.800
Credit Suisse AG/Londo5.880 6/28/2023 USD 9.450
Societe Generale SA 4.000 5/28/2031 USD 72.909
Leonteq Securities AG 15.000 3/30/2022 CHF 60.340
UBS AG/London 14.500 11/07/2022 CHF 56.150
UBS AG/London 19.500 08/11/2022 CHF 42.850
Leonteq Securities AG/2.750 9/15/2022 CHF 26.370
VTB Bank PJSC 3.630 EUR #N/A N/A
Nutritek International8.750 12/11/2008 USD 2.089
Sberbank of Russia PJS0.010 03/04/2026 RUB 70.100
ECM Real Estate Invest5.000 10/09/2011 EUR 15.375
Instabank ASA 9.830 NOK 48.990
SG Issuer SA 3.300 9/26/2034 ZAR 51.995
BRAbank ASA 7.210 NOK 72.102
LBI ehf 7.431 USD 0.001
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Kreditanstalt fuer Wie0.250 10/06/2036 CAD 51.221
Ukraine Government Bon6.000 1/14/2026 UAH 73.316
Region of Saratov Russ8.100 11/20/2024 RUB 74.380
Rio Forte Investments 4.750 11/10/2015 EUR 4.730
Credit Agricole Corpor15.000 6/18/2026 TRY 69.223
Purple Protected Asset1.480 11/30/2060 EUR 70.546
Nizhniy Novgorod Regio6.750 6/14/2025 RUB 73.390
Credit Agricole Corpor10.200 08/06/2026 TRY 54.532
Zurcher Kantonalbank F19.000 10/26/2022 CHF 58.110
Leonteq Securities AG/27.290 4/26/2022 CHF 33.730
UBS AG/London 14.000 1/18/2024 USD 51.260
Leonteq Securities AG 24.360 9/13/2022 CHF 48.050
Bank Julius Baer & Co 15.000 08/04/2022 CHF 69.600
EFG International Fina12.750 1/31/2022 USD 59.740
Bank Vontobel AG 8.758 06/02/2022 CHF 56.300
UBS AG/London 14.000 05/05/2022 CHF 55.050
Leonteq Securities AG 14.000 5/19/2022 CHF 51.470
Landesbank Baden-Wuert5.650 5/27/2022 EUR 50.870
Leonteq Securities AG/21.100 4/21/2022 CHF 56.080
Credit Suisse AG/Londo16.000 12/29/2022 CHF 70.290
UBS AG/London 17.500 7/28/2022 CHF 71.550
Leonteq Securities AG 29.500 9/27/2022 CHF 58.150
Landesbank Baden-Wuert6.750 11/25/2022 EUR 70.100
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
Credit Suisse AG 0.500 12/16/2025 BRL 63.989
OR PJSC 11.000 12/29/2024 RUB 34.800
Heta Asset Resolution 4.350 12/31/2023 EUR 1.169
Barclays Bank PLC 1.032 3/21/2033 USD 74.022
Cooperatieve Rabobank 0.500 12/29/2027 MXN 60.944
SAir Group 4.250 02/02/2007 CHF 12.625
Bank Julius Baer & Co 10.050 7/29/2022 USD 56.650
Getin Noble Bank SA 8.230 11/30/2023 PLN 68.213
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 40.248
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Barclays Bank PLC 13.810 4/16/2024 TRY 74.957
Sberbank of Russia PJS0.950 06/11/2025 RUB 73.200
Region of Stavropol Ru6.200 12/14/2027 RUB 62.050
TransKomplektHolding O9.500 11/02/2028 RUB 70.000
Leonteq Securities AG 20.360 9/20/2022 CHF 50.450
UBS AG/London 8.000 6/23/2022 USD 57.050
Corner Banca SA 12.000 6/21/2022 CHF 25.000
Landesbank Baden-Wuert6.800 9/23/2022 EUR 58.070
Societe Generale SA 18.000 01/03/2024 USD 45.000
Bank Vontobel AG 12.500 1/24/2023 CHF 61.500
Bank Julius Baer & Co 16.800 1/25/2022 USD 53.600
Leonteq Securities AG/20.000 6/15/2022 CHF 64.860
Societe Generale SA 6.000 05/09/2022 USD 17.460
Goldman Sachs & Co Wer13.000 6/22/2022 EUR 68.190
DVM Construction Foval3.000 7/29/2030 HUF 73.100
UBS AG/London 21.250 2/18/2022 USD 34.600
VTB Bank PJSC 3.630 EUR 60.000
Societe Generale SA 8.000 08/09/2022 USD 50.000
Corner Banca SA 14.000 3/27/2023 CHF 69.130
Raiffeisen Schweiz Gen3.400 3/21/2025 CHF 63.740
UBS AG/London 10.750 3/15/2023 CHF 62.950
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
EFG International Fina15.400 12/23/2022 USD 52.970
City of Predeal Romani4.050 5/15/2026 RON 69.000
Aranynektar Termekgyar3.500 04/03/2030 HUF 68.608
Grupo Isolux Corsan SA6.000 12/30/2021 USD 0.192
RosDorBank PJSC 9.500 12/12/2024 RUB 69.990
Ukraine Government Bon6.000 9/19/2029 UAH 58.811
Privatbank CJSC Via UK10.875 2/28/2018 USD 7.214
AlphaNotes ETP Dac 0.010 09/09/2029 USD 69.315
Ukraine Government Bon5.000 2/20/2032 UAH 47.868
SG Issuer SA 2.700 11/28/2034 ZAR 47.260
SG Issuer SA 3.000 10/10/2034 ZAR 49.767
WEB Windenergie AG 6.500 EUR 0.010
UBS AG/London 13.500 4/14/2022 CHF 43.750
HSBC Bank PLC 10.300 12/10/2024 TRY 64.783
Barclays Bank PLC 10.200 2/14/2025 TRY 61.239
Instabank ASA 8.290 02/04/2030 NOK 66.768
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Heta Asset Resolution 7.500 12/31/2023 ATS 1.169
Credit Agricole Corpor15.700 10/07/2026 TRY 69.022
International Bank of 8.250 10/09/2024 USD 60.375
Credit Agricole Corpor11.400 10/28/2025 TRY 62.334
Sberbank of Russia PJS0.010 9/17/2025 RUB 73.100
Norske Skog Holding AS8.000 2/24/2023 USD 0.006
MIK OAO 15.000 2/19/2020 RUB 13.875
Bayerische Landesbank 2.000 1/28/2022 EUR 65.540
Leonteq Securities AG/16.600 6/17/2022 USD 49.980
Leonteq Securities AG/24.800 09/07/2022 CHF 58.400
Leonteq Securities AG/16.000 6/21/2022 USD 51.680
Credit Suisse AG/Londo15.750 11/10/2022 CHF 51.760
UBS AG/London 14.250 02/10/2022 USD 63.100
Societe Generale SA 6.000 06/06/2022 USD 3.350
Bank Julius Baer & Co 11.150 4/22/2022 CHF 59.200
EFG International Fina7.000 4/20/2022 USD 59.440
Credit Suisse AG/Londo11.750 2/18/2022 USD 35.570
Leonteq Securities AG 10.000 7/20/2022 CHF 40.860
Bank Vontobel AG 12.500 11/28/2022 CHF 57.000
Leonteq Securities AG/20.600 12/02/2022 CHF 70.880
HPI AG 3.500 EUR 3.011
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Lehman Brothers Treasu3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasu7.375 9/20/2008 EUR 0.100
Hellas Telecommunicati6.054 1/15/2015 USD 0.001
Credit Agricole Corpor11.190 03/12/2027 TRY 55.061
Deutsche Bank AG/Londo0.500 04/05/2038 MXN 24.128
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Sberbank of Russia PJS0.010 10/31/2025 RUB 69.510
Credit Agricole Corpor15.000 6/18/2026 TRY 70.406
Getin Noble Bank SA 8.230 4/29/2024 PLN 64.874
Santander Consumer Ban5.530 NOK 49.646
HSBC Bank PLC 0.500 12/22/2025 BRL 63.719
OR PJSC 12.600 9/28/2025 RUB 33.210
Deutsche Bank AG/Londo2.000 10/25/2023 TRY 58.813
Turkey Government Bond12.400 03/08/2028 TRY 69.000
SAir Group 6.250 04/12/2005 CHF 12.625
Sberbank of Russia PJS0.950 4/23/2025 RUB 75.000
Credit Agricole Corpor14.280 11/05/2026 TRY 68.039
Credit Agricole Corpor11.190 1/15/2026 TRY 59.984
Lehman Brothers Treasu8.875 1/28/2011 HKD 0.100
Credit Agricole Corpor11.550 1/28/2026 TRY 59.126
Bilt Paper BV 10.360 USD 1.309
Dyadya Doner OOO 13.500 4/25/2023 RUB 27.120
AKB Metallurgical Inve6.500 09/04/2023 RUB 70.000
BrokerCreditService St3.500 4/30/2024 USD 48.500
Landesbank Baden-Wuert10.550 1/28/2022 EUR 69.450
BrokerCreditService St3.750 08/12/2022 USD 51.790
Luzerner Kantonalbank 25.000 03/09/2022 CHF 25.080
Leonteq Securities AG/9.450 5/13/2022 USD 41.510
UBS AG/London 16.500 6/30/2022 USD 45.800
Bank Vontobel AG 11.500 4/25/2022 USD 42.500
Credit Suisse AG/Londo11.000 3/28/2022 USD 48.080
UniCredit Bank AG 6.600 7/20/2028 EUR 61.200
UBS AG/London 9.250 2/13/2023 USD 46.500
Credit Suisse AG/Londo12.500 8/18/2022 CHF 59.710
Credit Suisse AG/Londo12.400 9/25/2023 EUR 66.870
Bank Vontobel AG 25.000 8/25/2022 CHF 57.700
Lehman Brothers Treasu6.450 2/20/2010 AUD 0.100
Ukraine Government Bon9.700 06/02/2032 UAH 71.340
Turkey Government Bond11.000 2/24/2027 TRY 67.000
Getin Noble Bank SA 5.250 1/31/2024 PLN 70.375
Windreich GmbH 6.750 03/01/2015 EUR 4.475
Lehman Brothers Treasu3.500 12/20/2027 USD 0.100
Heta Asset Resolution 5.920 12/31/2023 EUR 1.169
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
IT Holding Finance SA 9.875 11/15/2012 EUR 0.015
Northland Resources AB4.000 10/15/2020 USD 0.271
UniCredit Bank AG 3.800 6/28/2022 EUR 47.210
UniCredit Bank AG 4.250 6/28/2022 EUR 46.200
UniCredit Bank AG 3.700 6/25/2022 EUR 52.890
Landesbank Baden-Wuert3.000 9/23/2022 EUR 59.850
Landesbank Baden-Wuert3.000 12/23/2022 EUR 57.880
Vontobel Financial Pro18.500 3/25/2022 EUR 68.410
Vontobel Financial Pro16.000 3/25/2022 EUR 73.230
Vontobel Financial Pro21.500 3/25/2022 EUR 64.630
Raiffeisen Switzerland11.000 08/05/2022 EUR 55.910
Societe Generale Effek13.250 3/25/2022 EUR 62.730
Societe Generale Effek15.250 3/25/2022 EUR 58.690
Societe Generale Effek11.250 3/25/2022 EUR 67.860
Leonteq Securities AG 12.000 02/09/2022 CHF 30.150
Vontobel Financial Pro14.000 3/25/2022 EUR 29.010
Societe Generale Effek16.465 04/06/2022 EUR 68.500
Raiffeisen Switzerland12.000 1/25/2022 CHF 56.370
Zurcher Kantonalbank F8.000 2/25/2022 CHF 64.050
Bank Julius Baer & Co 7.200 1/26/2022 CHF 74.050
Leonteq Securities AG/10.000 4/26/2022 EUR 61.990
Leonteq 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 & Co 10.300 1/31/2022 USD 68.650
Leonteq Securities AG/11.210 06/06/2023 CHF 71.430
Leonteq Securities AG 17.100 12/06/2022 CHF 59.960
Leonteq Securities AG/12.000 12/06/2022 CHF 52.570
Bank Vontobel AG 11.500 06/05/2023 CHF 67.100
Bank Vontobel AG 15.000 12/05/2022 CHF 56.200
Skandinaviska Enskilda6.000 1/15/2025 SEK 69.740
Zurcher Kantonalbank F4.000 02/11/2022 CHF 55.330
Zurcher Kantonalbank F8.500 02/11/2022 USD 56.910
Zurcher Kantonalbank F8.125 02/11/2022 EUR 60.570
Zurcher Kantonalbank F9.750 02/11/2022 USD 60.900
Bank Vontobel AG 14.001 04/01/2022 CHF 42.200
Leonteq Securities AG 8.600 1/24/2023 CHF 73.450
DekaBank Deutsche Giro3.500 2/24/2023 EUR 70.400
BNP Paribas Issuance B5.000 11/05/2024 EUR 30.700
Raiffeisen Schweiz Gen5.000 9/13/2022 CHF 70.970
Bank Vontobel AG 13.000 03/07/2022 CHF 49.300
DekaBank Deutsche Giro3.250 11/25/2022 EUR 66.330
Landesbank Baden-Wuert2.650 3/25/2022 EUR 38.540
UBS AG/London 9.250 10/21/2022 CHF 66.250
Landesbank Baden-Wuert2.350 9/23/2022 EUR 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 5.500 04/08/2023 EUR 0.010
Societe Generale SA 21.000 02/02/2023 USD 71.000
BNP Paribas Emissions-10.000 3/24/2022 EUR 1.620
UniCredit Bank AG 4.200 12/06/2022 EUR 69.070
Leonteq Securities AG 18.000 2/22/2023 CHF 70.500
Leonteq Securities AG/12.200 02/07/2022 USD 67.480
Bank Julius Baer & Co 13.950 03/01/2022 USD 45.100
SG Issuer SA 0.350 11/15/2023 EUR 24.960
Judetul Timis 3.340 04/07/2028 RON 10.000
Leonteq Securities AG 7.200 4/25/2022 CHF 70.380
Zurcher Kantonalbank F27.500 8/31/2022 USD 54.220
Zurcher Kantonalbank F14.500 11/11/2022 CHF 65.450
Corner Banca SA 9.000 06/02/2022 CHF 71.170
Vontobel Financial Pro9.100 2/21/2022 EUR 66.090
SG Issuer SA 0.850 10/16/2024 EUR 14.750
UBS AG/London 8.000 1/24/2022 CHF 69.150
UBS AG/London 11.250 1/24/2022 CHF 64.750
Danske Bank A/S 6.860 07/09/2022 SEK 25.880
UBS AG/London 13.000 2/14/2022 CHF 64.050
UBS AG/London 13.000 02/07/2022 CHF 54.850
Credit Suisse AG/Londo20.000 11/29/2024 USD 14.164
Vontobel Financial Pro9.200 1/24/2022 EUR 56.210
Leonteq Securities AG 7.500 11/08/2022 CHF 63.020
Lehman Brothers Treasu3.500 10/24/2011 USD 0.100
Lehman Brothers Treasu0.250 10/19/2012 CHF 0.100
Lehman Brothers Treasu13.500 11/28/2008 USD 0.100
Lehman Brothers Treasu6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasu5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasu2.250 05/12/2009 USD 0.100
Lehman Brothers Treasu2.480 05/12/2009 USD 0.100
Sberbank of Russia PJS0.010 8/21/2025 RUB 74.300
Lehman Brothers Treasu4.000 5/17/2010 USD 0.100
Lehman Brothers Treasu4.000 5/30/2010 USD 0.100
Astana Finance BV 7.875 06/08/2010 EUR 16.000
Credit Agricole Corpor5.400 1/31/2028 BRL 72.480
DekaBank Deutsche Giro3.200 11/04/2022 EUR 71.260
Grupo Isolux Corsan SA1.000 12/30/2021 USD 0.083
Sberbank of Russia PJS0.010 1/19/2026 RUB 69.700
Lehman Brothers Treasu0.500 2/16/2009 EUR 0.100
Lehman Brothers Treasu8.280 3/26/2009 USD 0.100
Lehman Brothers Treasu6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasu7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasu7.550 12/29/2008 USD 0.100
Lehman Brothers Treasu3.850 4/24/2009 USD 0.100
Lehman Brothers Treasu8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu4.500 03/06/2013 CHF 0.100
Lehman Brothers Treasu7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasu10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasu9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasu9.000 6/13/2009 USD 0.100
Lehman Brothers Treasu4.000 4/24/2009 USD 0.100
Lehman Brothers Treasu7.000 11/28/2008 CHF 0.100
Sberbank of Russia PJS0.010 7/23/2025 RUB 72.530
Lehman Brothers Treasu2.400 6/20/2011 JPY 0.100
Lehman Brothers Treasu1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasu4.250 3/13/2021 EUR 0.100
Barclays Bank PLC 1.450 9/24/2038 MXN 36.241
AKB Peresvet ZAO 13.250 4/25/2018 RUB 13.000
Lehman Brothers Treasu14.900 9/15/2008 EUR 0.100
Lehman Brothers Treasu3.500 10/31/2011 USD 0.100
Lehman Brothers Treasu7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasu1.750 02/07/2010 EUR 0.100
Lehman Brothers Treasu4.200 12/03/2008 HKD 0.100
Heta Asset Resolution 0.207 12/31/2023 EUR 1.169
Lehman Brothers Treasu0.250 7/21/2014 EUR 0.100
Sberbank of Russia PJS0.010 08/12/2025 RUB 72.300
Lehman Brothers Treasu1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasu11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu8.000 08/03/2009 USD 0.100
Lehman Brothers Treasu5.100 05/08/2017 HKD 0.100
Lehman Brothers Treasu3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasu0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasu13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasu6.000 5/23/2018 CZK 0.100
Sberbank of Russia PJS0.010 6/22/2028 RUB 73.400
Lehman Brothers Treasu4.100 06/10/2014 SGD 0.100
Lehman Brothers Treasu1.680 03/05/2015 EUR 0.100
Lehman Brothers Treasu5.000 05/02/2022 EUR 0.100
Sberbank of Russia PJS0.010 11/25/2025 RUB 73.400
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 67.410
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
Agrokor dd Via Aquariu4.921 08/08/2017 EUR 14.625
Sberbank of Russia PJS0.010 8/20/2025 RUB 73.200
Sberbank of Russia PJS0.010 8/20/2025 RUB 73.300
Lehman Brothers Treasu7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasu8.000 12/27/2032 JPY 0.100
Sberbank of Russia PJS0.010 11/27/2025 RUB 74.600
Sberbank of Russia PJS0.010 11/26/2025 RUB 72.400
Lehman Brothers Treasu0.010 9/20/2011 USD 0.100
Sberbank of Russia PJS0.010 03/05/2026 RUB 74.800
Sberbank of Russia PJS0.010 03/06/2028 RUB 73.800
Lehman Brothers Treasu8.050 12/20/2010 HKD 0.100
Sberbank of Russia PJS0.010 05/10/2028 RUB 74.300
Mostotrest PJSC 0.010 7/29/2026 RUB 60.410
Lehman Brothers Treasu16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasu7.600 5/21/2013 USD 0.100
Ukraine Government Bon6.000 12/23/2026 UAH 68.694
Ukraine Government Bon6.000 9/13/2028 UAH 61.980
Ukraine Government Bon6.000 10/11/2028 UAH 61.722
Lehman Brothers Treasu8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu2.000 6/28/2011 EUR 0.100
Ukraine Government Bon6.000 03/12/2031 UAH 54.977
Lehman Brothers Treasu13.500 06/02/2009 USD 0.100
Ukraine Government Bon9.700 10/13/2032 UAH 70.910
Lehman Brothers Treasu7.600 03/04/2010 NZD 0.100
Sberbank of Russia PJS0.010 11/12/2025 RUB 72.800
Lehman Brothers Treasu1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasu7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasu4.300 06/04/2012 USD 0.100
Sberbank of Russia PJS0.010 11/24/2025 RUB 73.210
Lehman Brothers Treasu14.100 11/12/2008 USD 0.100
Sberbank of Russia PJS0.010 9/21/2028 RUB 72.800
Sberbank of Russia PJS0.010 10/22/2025 RUB 73.900
Sberbank of Russia PJS0.010 11/20/2025 RUB 72.470
Lehman Brothers Treasu13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasu2.300 06/06/2013 USD 0.100
Lehman Brothers Treasu4.000 06/05/2011 USD 0.100
Lehman Brothers Treasu7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasu2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasu3.000 8/13/2011 EUR 0.100
Lehman Brothers Treasu8.000 10/23/2008 USD 0.100
Lehman Brothers Treasu8.800 12/27/2009 EUR 0.100
Sberbank of Russia PJS0.010 10/06/2025 RUB 73.100
Lehman Brothers Treasu16.000 10/08/2008 CHF 0.100
Lehman Brothers Treasu4.600 10/11/2017 ILS 0.100
Lehman Brothers Treasu0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasu2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasu23.300 9/16/2008 USD 0.100
Lehman Brothers Treasu12.400 06/12/2009 USD 0.100
Lehman Brothers Treasu16.000 12/26/2008 USD 0.100
Lehman Brothers Treasu0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasu11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasu11.000 07/04/2011 USD 0.100
Lehman Brothers Treasu12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasu5.500 07/08/2013 EUR 0.100
Lehman Brothers Treasu10.000 5/22/2009 USD 0.100
Lehman Brothers Treasu4.600 08/01/2013 EUR 0.100
Ukraine Government Bon6.000 11/22/2028 UAH 61.348
Ukraine Government Bon6.000 11/28/2029 UAH 58.270
Lehman Brothers Treasu15.000 06/04/2009 CHF 0.100
Lehman Brothers Treasu10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasu16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasu3.100 06/04/2010 USD 0.100
Lehman Brothers Treasu7.750 01/03/2012 AUD 0.100
Bibby Offshore Service7.500 6/15/2021 GBP 11.625
Lehman Brothers Treasu7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasu10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu3.450 5/23/2013 USD 0.100
SAir Group 2.750 7/30/2004 CHF 12.625
Lehman Brothers Treasu11.250 12/31/2008 USD 0.100
Sberbank of Russia PJS0.010 10/23/2025 RUB 74.100
City of Novosibirsk Ru7.850 11/27/2027 RUB 74.629
Sberbank of Russia PJS0.010 10/07/2025 RUB 74.600
Sberbank of Russia PJS0.010 07/03/2026 RUB 74.800
Sberbank of Russia PJS0.010 11/05/2025 RUB 72.800
Sberbank of Russia PJS0.010 10/07/2025 RUB 72.600
Lehman Brothers Treasu11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasu5.375 02/04/2014 USD 0.100
Lehman Brothers Treasu11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu0.500 12/20/2017 USD 0.100
Northland Resources AB12.250 3/26/2016 USD 2.621
Lehman Brothers Treasu0.500 12/20/2017 USD 0.100
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu0.500 12/20/2017 USD 0.100
Ukraine Government Bon6.000 12/24/2025 UAH 73.606
Barclays Bank PLC 2.000 05/07/2036 MXN 35.874
Ukraine Government Bon9.730 9/24/2031 UAH 72.322
Ukraine Government Bon9.710 11/19/2031 UAH 72.035
Lehman Brothers Treasu5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasu10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasu4.000 03/10/2011 EUR 0.100
Ukraine Government Bon6.000 8/28/2030 UAH 56.280
Ukraine Government Bon6.000 12/11/2030 UAH 55.577
Ukraine Government Bon9.790 5/14/2031 UAH 73.100
Lehman Brothers Treasu17.000 06/02/2009 USD 0.100
Ukraine Government Bon6.000 10/15/2031 UAH 53.652
Ukraine Government Bon9.700 8/25/2032 UAH 71.070
Ukraine Government Bon9.760 7/23/2031 UAH 72.726
Ukraine Government Bon9.700 03/10/2032 UAH 71.602
Lehman Brothers Treasu10.442 11/22/2008 CHF 0.100
Ukraine Government Bon9.000 7/17/2030 UAH 70.616
Ukraine Government Bon6.000 4/23/2031 UAH 54.710
Ukraine Government Bon6.000 06/04/2031 UAH 54.459
Lehman Brothers Treasu3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasu16.000 11/09/2008 USD 0.100
Ukraine Government Bon6.000 5/16/2029 UAH 59.836
Lehman Brothers Treasu6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasu18.250 10/02/2008 USD 0.100
Lehman Brothers Treasu4.100 8/23/2010 USD 0.100
Getin Noble Bank SA 7.230 6/28/2024 PLN 65.673
Getin Noble Bank SA 7.730 5/31/2024 PLN 73.874
Lehman Brothers Treasu1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasu5.120 4/30/2027 EUR 0.100
Mriya Agro Holding PLC9.450 4/19/2018 USD 4.667
Petromena ASA 10.850 11/19/2018 USD 0.622
Lehman Brothers Treasu4.800 11/16/2012 HKD 0.100
Lehman Brothers Treasu4.000 10/12/2010 USD 0.100
Sberbank of Russia PJS0.010 10/22/2025 RUB 74.400
Lehman Brothers Treasu3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasu5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasu7.000 10/22/2010 EUR 0.100
BNP Paribas SA 0.500 11/16/2032 MXN 34.228
Leonteq Securities AG/3.400 3/20/2024 CHF 50.120
Santander Consumer Ban5.530 NOK 49.646
Sberbank of Russia PJS0.010 04/06/2026 RUB 73.800
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Lehman Brothers Treasu5.103 6/22/2046 EUR 0.100
Lehman Brothers Treasu7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasu4.350 08/08/2016 SGD 0.100
Lehman Brothers Treasu7.585 11/22/2009 MXN 0.100
Lehman Brothers Treasu11.000 12/19/2011 USD 0.100
Sberbank of Russia PJS0.010 08/12/2025 RUB 70.010
Lehman Brothers Treasu2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasu4.000 11/24/2016 EUR 0.100
Lehman Brothers Treasu6.000 3/17/2011 EUR 0.100
MTS-Bank PAO 9.500 10/28/2029 RUB 46.490
Santander Consumer Ban5.530 NOK 49.646
Sberbank of Russia PJS0.010 08/07/2025 RUB 75.300
Lehman Brothers Treasu8.000 4/20/2009 EUR 0.100
Lehman Brothers Treasu7.500 10/24/2008 USD 0.100
Lehman Brothers Treasu7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasu6.000 10/24/2008 EUR 0.100
Lehman Brothers Treasu7.750 1/30/2009 EUR 0.100
Lehman Brothers Treasu5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasu4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasu5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasu10.000 3/27/2009 USD 0.100
Lehman Brothers Treasu2.000 10/28/2010 EUR 0.100
Lehman Brothers Treasu5.500 6/15/2009 CHF 0.100
Getin Noble Bank SA 5.310 04/04/2024 PLN 66.775
Lehman Brothers Treasu6.650 8/24/2011 AUD 0.100
HSBC Bank PLC 0.500 11/25/2025 BRL 64.240
Lehman Brothers Treasu8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasu4.500 08/02/2009 USD 0.100
Petromena ASA 9.750 5/24/2016 NOK 0.607
LBI ehf 2.250 2/14/2011 CHF 9.750
Bank Julius Baer & Co 8.000 10/07/2022 USD 63.800
Leonteq Securities AG/12.000 4/13/2022 USD 40.620
Zurcher Kantonalbank F11.250 10/20/2022 USD 48.650
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 3/29/2012 EUR 0.100
Lehman Brothers Treasu6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasu4.500 12/30/2010 USD 0.100
Credit Agricole Corpor10.800 3/24/2026 TRY 54.621
Lehman Brothers Treasu0.258 11/02/2035 EUR 0.100
Lehman Brothers Treasu3.000 08/08/2017 EUR 0.100
Hellas Telecommunicati8.500 10/15/2013 EUR 0.834
Region of Kaliningrad 6.100 6/16/2027 RUB 73.740
Lehman Brothers Treasu6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasu6.000 12/06/2016 USD 0.100
Lehman Brothers Treasu4.500 03/07/2015 EUR 0.100
Lehman Brothers Treasu8.000 3/21/2018 USD 0.100
Ukraine Government Bon6.000 11/12/2025 UAH 74.201
Lehman Brothers Treasu11.750 03/01/2010 EUR 0.100
Getin Noble Bank SA 6.700 11/09/2023 PLN 72.875
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
Lehman Brothers Treasu14.900 11/16/2010 EUR 0.100
Sberbank of Russia PJS0.010 10/06/2025 RUB 68.200
Polski Bank Spoldzielc3.780 9/14/2027 PLN 59.905
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Lehman Brothers Treasu6.300 12/21/2018 USD 0.100
Lehman Brothers Treasu8.000 3/19/2012 USD 0.100
Lehman Brothers Treasu6.000 03/04/2015 USD 0.100
Ukraine Government Bon6.000 11/26/2025 UAH 73.999
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
Lehman Brothers Treasu11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu4.000 01/04/2011 USD 0.100
Lehman Brothers Treasu6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasu15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu6.600 2/22/2012 EUR 0.100
Lehman Brothers Treasu5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasu4.690 2/19/2017 EUR 0.100
Sberbank of Russia PJS0.010 01/05/2026 RUB 74.600
DeltaCredit Bank JSC 1.000 7/28/2025 RUB 73.000
Sberbank of Russia PJS0.010 11/05/2025 RUB 74.700
Lehman Brothers Treasu1.000 2/26/2010 USD 0.100
Lehman Brothers Treasu6.000 3/18/2015 USD 0.100
Lehman Brothers Treasu7.000 4/24/2009 USD 0.100
Ukraine Government Bon9.010 11/10/2031 UAH 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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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