/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/220214.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, February 14, 2022, Vol. 23, No. 26 Headlines I R E L A N D AVOCA CLO XIII: Fitch Affirms B- Rating on Class F-RR Notes DRYDEN 39 2015: Moody's Assigns (P)B3 Rating to Class F-R-R Notes I T A L Y FINO 1: Moody's Ups EUR40MM Class C Notes Rating to Ba3 GRUPPO BANCARIO: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos. R U S S I A BANK CCB: Bank of Russia Revokes Banking License NCO ERP: Bank of Russia Revokes Banking License S P A I N PLACIN SARL: Moody's Affirms B2 CFR & Alters Outlook to Stable U K R A I N E KERNEL HOLDING: Fitch Affirms 'BB-' FC IDR, Outlook Now Stable NAFTOGAZ: Fitch Affirms 'B' LT FC IDR, Alters Outlook to Stable VF UKRAINE: Fitch Affirms 'B' IDR, Alters Outlook to Stable U N I T E D K I N G D O M CORBIN & KING: Knighthead Tables New Offer for Business DERBY COUNTY FOOTBALL: Nears Deal with Ex-Owner on Legal Dispute GFG ALLIANCE: Disputes Court Documents on Unpaid Tax Bill RIPON MORTGAGES: Fitch Assigns B(EXP) Rating to Class X Tranche RIPON MORTGAGES: S&P Assigns Prelim B- (sf) Rating to Cl. X Notes SVEN CHRISTIANSEN: Set to Appoint Administrators, 150 Jobs Axed TRITON UK: Fitch Affirms 'B-' LT IDR, Outlook Remains Stable TULLOW OIL: Moody's Affirms B3 CFR & B2 Rating on First Lien Notes X X X X X X X X [*] BOND PRICING: For the Week February 7 to February 11, 2022 - - - - - ============= I R E L A N D ============= AVOCA CLO XIII: Fitch Affirms B- Rating on Class F-RR Notes ----------------------------------------------------------- Fitch Ratings has upgraded Avoca CLO XIII DAC's class D-RR and E-RR notes and affirmed the rest. The class B-1-RR to F-RR notes have been removed from Under Criteria Observation (UCO). DEBT RATING PRIOR ---- ------ ----- Avoca CLO XIII DAC A-RR XS2326454746 LT AAAsf Affirmed AAAsf B-1-RR XS2326455396 LT AAsf Affirmed AAsf B-2-RR XS2326455636 LT AAsf Affirmed AAsf C-RR XS2326455552 LT Asf Affirmed Asf D-RR XS2326456014 LT BBBsf Upgrade BBB-sf E-RR XS2326456287 LT BBsf Upgrade BB-sf F-RR XS2326456105 LT B-sf Affirmed B-sf X-RR XS2326454829 LT AAAsf Affirmed AAAsf TRANSACTION SUMMARY Avoca CLO XIII Limited is an arbitrage cash flow collateralised loan obligation (CLO). The portfolio is managed by KKR Credit Advisors (Ireland) and the transaction will exit its reinvestment period in July 2025. KEY RATING DRIVERS CLO Criteria Update: The rating actions mainly reflect the impact of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria and the shorter risk horizon incorporated in Fitch's stressed portfolio analysis. The analysis considered modelling results for the current and stressed portfolios based on the 31 December 2021 trustee report. The rating actions are based on Fitch's updated stressed portfolio analysis, which applied the agency's collateral quality matrix specified in the transaction documentation. The transaction has four Fitch collateral quality matrices based on 15% and 25% top-10 obligor concentration limits, and 0% and 10% fixed-rate obligation limits. Fitch's analysis was based on the two matrices specifying the 15% top-10 obligor concentration limit as the agency considered these as the most relevant, based on current and historical portfolios for this CLO. The weighted average life (WAL) used for the transaction's stressed portfolio and matrices analysis is seven years, post a 12-month reduction from the WAL covenant. This is to account for structural and reinvestment conditions after the reinvestment period, including the satisfaction of the coverage and Fitch 'CCC' limit tests, together with a progressively decreasing WAL covenant. These conditions, in the agency's opinion, reduces the effective risk horizon of the portfolio during stress periods. The Stable Outlook on the class X-RR to F-RR notes reflects Fitch's expectation of sufficient credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with their ratings. Deviation from Model-Implied Ratings: The ratings of all notes, except the class X-RR, A-RR and F-RR notes, are one notch below their respective model-implied ratings. The deviations reflect the long remaining reinvestment period till July 2025, during which the portfolio can change significantly due to reinvestment or negative portfolio migration. Stable Asset Performance: The transaction's metrics indicate stable asset performance. As of the 31 December 2021 trustee report, the transaction was above par and was passing all coverage, collateral-quality and portfolio-profile tests. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors at the 'B'/'B-' level. The weighted average rating factor (WARF) as calculated by the trustee was 34.1, which is below the maximum covenant of 35. Fitch calculates the WARF at 25.27 under its updated criteria. High Recovery Expectations: Senior secured obligations comprise 98.6% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top- 10 obligor concentration is 12.77%, and no obligor represents more than 1.74% of the portfolio balance as calculated by Fitch. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the default rate (RDR) at all rating levels by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all rating levels in the stressed portfolio would result in downgrades of up to two notches, depending on the notes. -- Downgrades may occur if the build-up of the notes' credit enhancement (CE) following amortisation does not compensate for a larger loss expectation than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels in the stressed portfolio would result in upgrades of up to five notches, depending on the notes. -- Except for the tranches rated at the highest 'AAAsf', upgrades may occur in case of better-than- expected portfolio credit quality and deal performance, and continued amortisation that leads to higher 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. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognised statistical rating organisations and/or European securities and markets authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. DRYDEN 39 2015: Moody's Assigns (P)B3 Rating to Class F-R-R Notes ----------------------------------------------------------------- Moody's Investors Service announced that it has assigned the following provisional ratings to refinancing notes to be issued by Dryden 39 Euro CLO 2015 DAC (the "Issuer"): EUR2,000,000 Class X-R Senior Secured Floating Rate Notes due 2035, Assigned (P)Aaa (sf) EUR306,300,000 Class A-R-R Senior Secured Floating Rate Notes due 2035, Assigned (P)Aaa (sf) EUR23,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due 2035, Assigned (P)Aa2 (sf) EUR20,000,000 Class B-2-R-R Senior Secured Fixed Rate Notes due 2035, Assigned (P)Aa2 (sf) EUR32,000,000 Class C-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2035, Assigned (P)A2 (sf) EUR36,000,000 Class D-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2035, Assigned (P)Baa3 (sf) EUR29,200,000 Class E-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2035, Assigned (P)Ba3 (sf) EUR17,300,000 Class F-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2035, Assigned (P)B3 (sf) RATINGS RATIONALE The rationale for the rating(s) is based on a consideration of the risks associated with the CLO's portfolio and structure as described in Moody's methodology. Interest and principal amortisation amounts due to the Class X-R Notes are paid pro rata with payments to the Class A-R-R Notes. The class X-R Notes amortise by 12.5% or EUR250,000 over the first 8 payment dates, starting on the 1st payment date. Class F-R-R notes are amortised partially through the interest waterfall. 25% of all remaining interest proceeds available for distribution to subordinated noteholders will be used to redeem the Class F-R-R notes. As part of this refinancing, the Issuer will extend the reinvestment period to four and half years and the weighted average life by to 8.5 years. It will also amend certain concentration limits, definitions including the definition of "Adjusted Weighted Average Rating Factor" and minor features. The Issuer will include the ability to hold workout obligations/loss mitigation obligations. In addition, the Issuer will amend the base matrix and modifiers that Moody's will take into account for the assignment of the definitive ratings. The Issuer is a managed cash flow CLO. At least 90% of the portfolio must consist of secured senior loans or senior secured bonds and up to 10% of the portfolio may consist of unsecured senior loans, second-lien loans, high yield bonds and mezzanine loans. The underlying portfolio is expected to be fully ramped as of the closing date and to comprise of predominantly corporate loans to obligors domiciled in Western Europe. PGIM Loan Originator Manager Limited ("PGIM") will continue to manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four and half-year reinvestment period. Thereafter, subject to certain restrictions, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk obligations and credit improved obligations. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. In addition to the eight classes of notes rated by Moody's, the Issuer has originally issued EUR42,500,000 of Subordinated Notes which remain outstanding and are not rated. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2021. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes performance is subject to uncertainty. The notes performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes performance. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in December 2021. Moody's used the following base-case modeling assumptions: Target Par Amount: EUR500,000,000 Diversity Score: 57 Weighted Average Rating Factor (WARF): 3140 Weighted Average Spread (WAS): 3.90% Weighted Average Coupon (WAC): 4.00% Weighted Average Recovery Rate (WARR): 40.50% Weighted Average Life (WAL)(*): 7.5 years ========= I T A L Y ========= FINO 1: Moody's Ups EUR40MM Class C Notes Rating to Ba3 ------------------------------------------------------- Moody's Investors Service has upgraded the ratings of three notes in Fino 1 Securitisation S.r.l. ("Fino"). The rating action reflects better than expected collateral performance which translates into an increased credit enhancement for the Notes. EUR650,000,000 Class A Asset-Backed Floating Rate Notes due October 2045, Upgraded to A1 (sf); previously on Nov 23, 2017 Assigned A2 (sf) EUR29,640,000 Class B Asset-Backed Floating Rate Notes due October 2045, Upgraded to Ba1 (sf); previously on Nov 23, 2017 Assigned Ba3 (sf) EUR40,000,000 Class C Asset-Backed Floating Rate Notes due October 2045, Upgraded to Ba3 (sf); previously on Nov 23, 2017 Assigned B1 (sf) Maximum achievable rating is Aa3 (sf) for structured finance transactions in Italy, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by better than expected collateral performance. Better than expected collateral performance: Although Fino transaction is slightly underperforming its original business plan, Moody's expectations at closing of the transaction were lower than the original business plan and the transaction is performing above Moody's initial expectations. Cumulative Collection Ratio (computed as the ratio between collections net of non-core and core Recovery Expenses and collections net of legal fees expected in the original business plan) stands at 89.58% as of the most recent IPD. Same ratio looking at gross collections stood at 91.76%, broadly stable compared to 93.39% one year ago. The Servicer has updated its original projections with a soft reduction from the original business plan compared to other Italian NPL transactions. The pace of collection which went slightly down during the height of the coronavirus pandemic has increased after June 2020 with gross collections consistently above EUR30mm per quarter. Gross collections up to December 2021 as a percentage of the original Gross Book Value ("GBV") stood at 16.36%. In term of underlying portfolio, the reported GBV, which Moody's understand includes GBV at cut-off date for positions still being worked on by the servicer, stood at EUR4.74 billion as of December 2021 down from EUR5.37 billion at closing, with 41.5% of pool in the north. Moody's can see evolution in terms of closed foreclosure and bankruptcy. The ReoCo was activated as of October 2020. Moody's notes that Class B and C deferral triggers have not been hit up to date. NPL transactions' cash flows depend on the timing and amount of collections. Due to the current economic environment, Moody's has considered additional stresses in its analysis, including a 6 to 12-month delay in the recovery timing. Moody's has taken into account the potential cost of the GACS Guarantee within its cash flow modelling, while any potential benefit from the guarantee for the senior Noteholders has not been considered in its analysis. Increase in Available Credit Enhancement: The advance rate on Class A Notes, the ratio between Class A Notes' balance and the outstanding GBV at cut-off date for positions still being worked on by the servicer, decreased to 2.06% as of the December 2021 interest payment date from 12.10% at closing. Similarly advance rates for Class B and C Notes stood at 2.68% and 3.53% as of the same date down from 12.65% and 13.39% at closing. A lower advance rate translates into higher protection against credit losses for the Notes. Indeed when Moody's compare servicer's net expected collections from January 2022 onwards to the balance of the Notes, the ratio is over 6x for class A notes. Net collections are applied according to the transaction's priority of payments with costs and interests ranking senior to class A notes, but this is a strong coverage compared to other transactions. Class A balance is now at 15% of the balance when Moody's rated the transaction. Class B and C notes do not benefit from the cash reserve in the transaction. Moody's notes that the unpaid interests on B and C notes are deferrable without accruing interest on interests and has factored this in the rating of these notes. Counterparty Exposure: The rating action took into consideration the Notes' exposure to relevant counterparties, such as servicer, or account banks. Moody's considered how the liquidity available in the transaction and other mitigants support continuity of Note payments in case of servicer default. The ratings of the class A Notes are constrained by operational risk. The transaction does not include a back-up servicer nor a back-up servicer facilitator, however the portfolio monitor agent monitors the performance of the special servicer against the business plan and some predefined key performance indicators by portfolio clusters. In the event of under-performance with respect to the business plan a benchmark process may be initiated by the SPV supported by the portfolio monitor agent which might also help to find a replacement in case the special servicing agreement with the servicer is terminated or help to find a sub-servicer for a portion of the portfolio. If the servicer report is not available at any payment date, the calculation agent may prepare the payment report based on estimates and a simplified waterfall. Moody's considers that the liquidity support provided to the rated Notes via the liquidity reserve may be used in case of underperformance of the special servicer, given the nature of the assets. This, in conjunction with the lack of a back-up servicer, means that continuity of Note payments could be affected in case of servicer disruption. The cash proceeds may be invested in eligible investments rated at least Baa2. The principal methodology used in these ratings was "Non-Performing and Re-Performing Loan Securitizations Methodology" published in April 2020. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include: (i) the recovery process of the non-performing loans producing significantly higher cash-flows in a shorter time frame than expected; (ii) improvements in the credit quality of the transaction counterparties; and (iii) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include: (i) significantly lower or slower cash-flows generated from the recovery process on the non-performing loans; (ii) deterioration in the credit quality of the transaction counterparties; and (iii) increase in sovereign risk. GRUPPO BANCARIO: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos. ---------------------------------------------------------------- Fitch Ratings has revised the Outlook on Gruppo Bancario Cooperativo Iccrea's (GBCI) Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'BB-' and Viability Rating (VR) at 'bb-'. Fitch has also revised the Outlook on central bank Iccrea Banca S.p.A.'s (IB) Long-Term IDR to Positive from Stable and affirmed the IDR at 'BB-'. GBCI is not a legal entity, but a cooperative banking group. Its 128 mutual banks and IB at end-2021, which acts as the group central bank and sole issuing entity on institutional markets, are bound by a mutual support mechanism, under which members have a cross-support mechanism for capital and liquidity. Fitch assigns group ratings to GBCI and therefore the same IDRs for GBCI and IB. The revision of the Outlook to Positive reflects Fitch's expectation that GBCI volume of impaired loans will continue to decline at a reasonable pace, improving the group's overall risk profile. It also reflects that the group's operating profitability will gradually improve, but remain low, owing to good progress on the rationalisation of the group's structure and the initiatives to strengthen the revenue base and improve diversification. The Outlook revision is also in the context of Italy's sovereign upgrade to 'BBB' from 'BBB-' (see " Fitch Upgrades Italy to 'BBB'; Outlook Stable) in December 2021 and its stronger than expected economic performance and prospects, which led to the revision of the operating environment for Italian banks to 'bbb' from 'bbb-'. Fitch expects these dynamics to be supportive of GBCI's business and risk profile. Fitch has withdrawn GBCI's and IB's Support Rating of '5' and Support Rating Floor of 'No Floor' as they are no longer relevant to the agency's coverage following the publication of its updated Bank Rating Criteria on 12 November 2021. In line with the updated criteria, Fitch has assigned a Government Support Rating (GSR) of 'No Support' (ns). Fitch has revised the Outlook on Iccrea BancaImpresa's (IBI) Long-Term IDR to Positive from Stable and affirmed the IDR at 'BB-'. At the same time, Fitch has withdrawn IBI's issuer and debt ratings for commercial reasons. KEY RATING DRIVERS IDRS, VR AND SENIOR DEBT GBCI's ratings reflect its sound national franchise in Italy as the fourth-largest banking group, which results in a stable and granular customer deposit base, and adequate capitalisation. The ratings also factor in GBCI's weaker operating profitability and asset quality compared with domestic peers, despite the significant progress in reducing the stock of impaired loans. GBCI's VR is one notch below the 'bb' implied rating, driven by a weakest link adjustment relative to the asset quality, which Fitch assesses at 'bb-'. This reflects the group's weak asset quality profile, which still lags the domestic average, despite the significant de-risking over the past two years. In 2021 and 2020, GBCI's operating profitability was affected by extraordinary loan impairment charges (LICs) incorporating the impact of the ECB's asset quality review. No further impact is expected. Fitch estimates 2021 total LICs at around EUR1.2 billion, equivalent to about 130bp LICs/average gross loans. In Fitch's view, the group's operating profit should stabilise to levels below 1% of risk-weighted assets (RWAs) in the medium term, benefiting from the rationalisation projects underway and the implementation of new initiatives (e.g. in wealth management, insurance, consumer finance, payment services) throughout all the mutual banks to improve revenue diversification. During 2021, the sale of EUR1.5 billion of impaired loans, following EUR1.6 billion sold in 2020, led to a reduction in the impaired loans ratio to 7.3% (9.3% at end-2020), according to Fitch's estimates, which is about 1pp lower than the original bank's target. Despite this improvement, the bank's ratio is still above the domestic average of around 5% at end-September 2021. Fitch expects the group to continue exploring impaired loan portfolio sales to continue with its asset quality clean up and offset likely new impaired loan inflows due to the pandemic, supporting the positive trend in Fitch's asset quality assessment. Fitch also views positively the gradual improvement in the group's overall risk profile as the risk management framework implemented at the inception of the new group is proving increasingly effective and systems are becoming more integrated. Our assessment of capitalisation reflects Fitch's expectation that the bank will maintain sound capital buffers above regulatory requirements. Fitch estimates the common equity Tier 1 (CET1) ratio at end-2021 of above 17%, which is adequate, and an improvement relative to 2020, due to internal capital generation and reduction in RWAs. GBCI's capital encumbrance by impaired loans is still relatively significant by international standards, at about 26% at end-2021 (our estimate), but Fitch expects it to improve in the coming years as the bank delivers its impaired loan deleveraging strategy. Our assessment of the bank's capitalisation also considers concentration risks from a high exposure to sovereign risk since Italian government bonds represent high multiples of CET1 capital. Given the usage of these securities for TLTRO purpose, Fitch expects this exposure to reduce to some extent over the medium term as ECB facilities start to expire. Funding benefits come from a stable and large base of retail deposits, despite it being less diversified towards wholesale channels than larger domestic banks. However, the bank increased recourse to wholesale issuances during 2021 and Fitch expects the diversification towards institutional sources to increase over the medium term as the bank reaches compliance with its minimum requirement for own funds and eligible liabilities (MREL). Liquidity is adequate, with comfortable availability of unencumbered eligible assets and sound regulatory ratios. IB's senior preferred notes are rated in line with the bank's Long-Term IDR as Fitch expected these to be part of the bank's resolution buffers and Fitch does not expect more junior debt buffers to exceed 10% of RWAs on a sustained basis. RATING SENSITIVITIES Factor that could, individually or collectively, lead to negative rating action/downgrade: -- GBCI's ratings are vulnerable to a deterioration of asset quality and earnings, due for example to a significant weakening of the operating environment in Italy. The bank's ratings could be downgraded if the impaired loans ratio grows above 10% without the prospect of recovery in the short term and the operating profit / RWAs falls below 0.25%. Factor that could, individually or collectively, lead to positive rating action/upgrade: -- An upgrade of GBCI's ratings would require further improvement in asset quality metrics so that the bank's impaired loans ratio is sustainably below 6% and operating profit / RWAs structurally improves towards the 1% threshold without an increase in risk profile. This is provided current capital levels remain stable. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS DEPOSIT RATINGS IB's long-term deposit rating is one notch above the Long-Term IDR to reflect full depositor preference in Italy and the likely protection provided by more junior bank resolution debt and equity buffers. This is because Fitch expects the bank will comply with MREL. The 'B' Short-Term Deposit Rating of IB is mapped to the 'BB' Long-Term Deposit Rating. SUBORDINATED DEBT GBCI's subordinated debt is notched down twice from the VR for loss severity to reflect poor recovery prospects relative to senior unsecured debt, given its subordination status. GSR The GSR of 'ns' reflects Fitch's view that although external extraordinary sovereign support is possible, it cannot be relied upon. Senior creditors can no longer expect to receive full extraordinary support from the sovereign in the event that the bank becomes non-viable. The EU's Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism (SRM) for eurozone banks provide a framework for resolving banks that requires senior creditors participating in losses, if necessary, instead of or ahead of a bank receiving sovereign support. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- GBCI's Long- and Short-Term senior debt, deposit ratings and subordinated debt would be downgraded if the Long-Term IDR and VR were downgraded. -- The deposit ratings could be downgraded by one notch, and be aligned with the IDRs, in the event of a reduction in the size of the senior and junior debt buffers that would result in a lower protection to deposits so that these would no longer have a lower probability of default relative to the IDRs; Fitch views this unlikely in light of current and future MREL requirements. -- GBCI's subordinated debt's rating is also sensitive to a change in the notes' notching, which could arise if Fitch changes its assessment of its non-performance relative to the risk captured in the VR or its expected loss severity. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- GBCI's Long- and Short-Term senior debt, deposit ratings and subordinated debt would be upgraded if the Long-Term IDR and VR were upgraded. -- GBCI's senior debt ratings could also be upgraded if the bank is expected to meet the resolution buffer requirements of the consolidated entity exclusively with SNP and more junior instruments, or if Fitch expects resolution buffers represented by SNP and more junior instruments to be at least 10% of RWAs on a sustained basis, neither which is currently the case. -- An upward revision of the GSR would be contingent on a positive change in the sovereign's propensity to support the bank. In Fitch's view, this is highly unlikely, although not impossible. VR ADJUSTMENTS The Business Profile score of 'bb+' has been assigned below the 'bbb' category implied score due to the following adjustment reason: Business Model (negative). The Asset Quality score of 'bb-' has been assigned above the 'b' category implied score due to the following adjustment reasons: Historical and future metrics (positive). The Capitalisation and Leverage score of 'bb+' has been assigned below the 'bbb' category implied score due to the following adjustment reasons: Internal Capital Generation and Growth (negative). 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. =========== R U S S I A =========== BANK CCB: Bank of Russia Revokes Banking License ------------------------------------------------ The Bank of Russia, by virtue its Order No. OD-283, dated February 11, 2022, revoked the banking licence of the Astrakhan-based Joint Stock Company 'Conservative commercial bank' (Reg. No. 1087; hereinafter, JSC Bank CCB). The credit institution ranked 164th by assets in the Russian banking system. The Bank of Russia made this decision in accordance with Clauses 6 and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and Banking Activities", based on the facts that JSC Bank CCB: -- violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied supervisory measures against it over the last 12 months, including restrictions on a number of banking operations; and -- failed to comply with the anti-money laundering and counter-terrorist financing laws. JSC Bank CCB actually did not carry out traditional banking activity and specialised in e-commerce services. JSC Bank CCB took no measures to explore the economic purpose of its clients' transactions, whereas the sources of funds used in them lacked transparency. The credit institution's operations were characterised by increased risks of its involvement in servicing unlawful gambling business and illegal financial market participants. The Bank of Russia, by its Order No. OD-284, dated February 11, 2022, appointed the State Corporation Deposit Insurance Agency (hereinafter, the Agency) as a provisional administration to manage JSC Bank CCB. The provisional administration will carry out its activity until the appointment of a receiver or a liquidator. In accordance with federal laws, the powers of the credit institution's executive bodies were suspended. Information for depositors: JSC Bank CCB is a participant in the deposit insurance system; therefore, its depositors will be compensated for their deposits in the amount of 100% of the balance of funds, but no more than a total of RUR1.4 million per depositor (including interest accrued), taking into account the conditions stipulated by Chapter 2.1 of the Federal Law ‘On the Insurance of Deposits with Russian Banks'. Deposits are to be repaid by the Agency. Depositors may obtain detailed information regarding the repayment procedure 24/7 at the Agency's hotline (8 800 200-08-05) and on its website (https://www.asv.org.ru/). NCO ERP: Bank of Russia Revokes Banking License ----------------------------------------------- The Bank of Russia, by virtue of its Order No. OD-285, dated February 11, 2022, revoked the banking licence from the Sergiev Posad-based Non-bank credit organization United Settlement Chamber (Limited Liability Company), or NCO ERP (LLC) (Registration No. 384-К, Sergiev Posad of the Moscow Region, hereinafter, NCO ERP). The credit institution ranked 337th by assets in the Russian banking system. NCO ERP is not a member of the deposit insurance system. The Bank of Russia made this decision in accordance with Clause 6 of Part 1 of Article 20 of the Federal Law "On Banks and Banking Activities", based on the facts that NCO ERP: -- violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied supervisory measures against it over the last 12 months, including restrictions on a number of operations. -- Activities of NCO ERP were mostly focused on the provision of e-commerce services. The credit institution carried out non-transparent operations, including to transfer funds abroad. The Bank of Russia appointed a provisional administration to NCO ERP for the period until the appointment of a receiver4 or a liquidator. In accordance with federal laws, the powers of the credit institution's executive bodies were suspended. ========= S P A I N ========= PLACIN SARL: Moody's Affirms B2 CFR & Alters Outlook to Stable -------------------------------------------------------------- Moody's Investors Service has changed to stable from negative the outlook on the ratings of Placin S.a.r.l. ("Planasa" or "the company"), the owner of Planasa, a leading berry breeding and nursery company, domiciled in Spain. Concurrently, Moody's has affirmed Planasa's B2 corporate family rating, its B2-PD probability of default rating and the B2 ratings on the EUR220 million backed senior secured term loan B due 2025 (including the EUR25 million fungible add-on) and the EUR40 million backed senior secured revolving credit facility (RCF) due 2024 borrowed by Planasa. "The outlook change to stable reflects the improvement in the company's underlying profitability and cash generation as well Moody's expectation that its leverage will decline towards 5x over the next 12 months," says Valentino Balletta, Moody's lead analyst for Planasa. "The company has returned to the growth trajectory that was temporarily disrupted by the coronavirus pandemic," adds Mr Balletta. RATINGS RATIONALE The outlook change to stable from negative reflects the improvement in Planasa's operating performance over the course of fiscal year 2022, owing to strong demand for its products and to the company's efforts to focus on high margin business lines such as breeding. Planasa's business proved to be fairly resilient to the coronavirus pandemic, facing a relatively limited disruption in the financial year ended in March 2021, with only a 2% revenue decline and a 4% decline in Moody's-adjusted EBITDA. In 2021, the company had limited order cancellations and it did not face any major headcount availability problems. The company estimates that the direct negative impact from additional costs linked to the pandemic on its EBITDA was limited, at around EUR2 million. More negatively, phytosanitary issues in its Mexican strawberry nursery business resulted in a EUR5 million EBITDA loss. As a result, Planasa's Moody's-adjusted leverage reached 6.3x in March 2021. In 2022, Planasa topline and earnings grew by double digits, leading to better credit metrics. Topline growth has been supported by pent-up demand, as some of the customers postponed purchasing decisions during the pandemic, and further growth of the company's newly introduced plant varieties, especially blueberries, blackberries and avocado. In addition, earnings growth has been supported by the divestments and closures of loss-making activities in the fresh produce segment, lower one-off costs, as well as the business reorganization toward more margin-accretive activities, such as breeding, which benefit from royalty payments from farmers. Moody's expects Planasa's profitability to continue to improve over the next 12 to 18 months, supported by mid-to-high single digit revenue growth and further improvement in earnings allowing it to continue to generate positive free cash flow and to reduce its financial leverage towards 5.0x. In July 2021, Planasa acquired a Dutch raspberry breeding company called Advanced Berry Breeding for a total enterprise value of around EUR17 million. The acquisition was entirely financed with a EUR25 million fungible add-on to Planasa's existing backed senior secured term loan B, with no equity contribution from the private equity sponsor. The acquisition increased Planasa's net leverage by around 0.2x. Moody's believes that the company is likely to pursue further bolt-on acquisitions to complement and reinforce its strategy. The rating agency expects the company to maintain a prudent approach toward acquisitions, such that any potential future transactions will not lead to a significant increase in its leverage on a pro forma basis, although such strategy creates additional risks to Planasa's deleveraging trajectory. Planasa's B2 CFR continues to factor in (1) the company's high profitability, underpinned by its strong position in the upstream segment of the value chain; (2) its extensive expertise and know-how in the nursery business and R&D capabilities in the breeding business; (3) its presence in key geographies and high-growth markets; and (4) the supportive medium-term demand dynamics in the berries market. However, the company's rating is constrained by (1) Planasa's small scale of operations, reflecting its niche business profile; (2) its high product concentration and a degree of geographic concentration; (3) its high seasonal business and exposure to weather conditions, plant diseases and quality issues, which can significantly affect its earnings; (4) its currently high leverage, though expected to decline, and appetite for acquisitions, which entails a potentially slower deleveraging profile. LIQUIDITY Planasa has good liquidity, supported by around EUR34 million cash on balance sheet as of December 2021. Additionally, the company has access to a EUR40 million backed senior secured revolving credit facility (RCF) due in 2024. The RCF is expected to be undrawn, with ample headroom under the springing covenant of net leverage not exceeding 8.0x, tested when the facility is more than 35% drawn. Planasa's cash generation is affected by the high seasonality of its business, with around three quarters of annual EBITDA generated between June and October, partly counterbalanced by the seasonality of net working capital. Moody's expects the company's funds from operations of around EUR35-40 million per year (after around EUR12 million annual interest payments), along with its cash holdings, to comfortably cover its net working capital seasonality (with over EUR20 million net working capital swings within the year) and its capital spending, which will peak at around EUR22 million in financial year 2022 (including capitalized R&D costs) and decline towards EUR15 million per year thereafter. Therefore, Moody's expects Planasa to generate positive Moody's-adjusted FCF of around EUR6 million in financial year 2022 and more than EUR15 million per year thereafter. Assuming no RCF utilisation, Planasa will have no any material debt maturities until January 2025, when its EUR220 million backed senior secured term loan B is due. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's view that Planasa's credit metrics will remain at levels commensurate with the B2 rating, with Moody's-adjusted gross debt/EBITDA moderately declining towards 5x in the next 12-18 months, while the company will continue to generate positive FCF on a sustained 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 leverage on a pro forma basis. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on Planasa's ratings is currently limited, given the company's small size and niche business profile. A potential upgrade would depend upon the company's ability to increasing its scale and diversification. Quantitatively, positive rating pressure could develop if the company successfully executes its expansion strategy such that earnings growth leads to its Moody's-adjusted gross debt/EBITDA remaining below 4.0x on a sustainable basis, while it continues to generate positive free cash flow. Downward rating pressure could emerge if the company's operating and financial performance deteriorate from the current level, so that its Moody's-adjusted gross debt/EBITDA remains above 5.5x on a sustained basis or free cash flow turns negative, leading to a material deterioration in its liquidity. Significant debt-funded acquisitions could also result in downward pressure on the rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Protein and Agriculture published in November 2021. LIST OF AFFECTED RATINGS Affirmations: Issuer: Placin S.a.r.l. Probability of Default Rating, Affirmed B2-PD LT Corporate Family Rating (Local Currency), Affirmed B2 BACKED Senior Secured Bank Credit Facility, Affirmed B2 Outlook Actions: Issuer: Placin S.a.r.l. Outlook, Changed To Stable From Negative COMPANY PROFILE Headquartered in Navarra, Spain, Planasa is an international operator in the berries market with a presence in 14 countries. The company's main activities are the breeding and nursery of berries, mainly strawberry and raspberry, with a growing contribution of blueberry and blackberry, and the sale of seeds and plants to berry growers. Planasa's activities also include selling fresh produce to end-customers. In the financial year 2021, Planasa generated revenue of EUR155 million and Moody's-adjusted EBITDA of EUR35 million. Planasa is majority owned by funds advised by private equity sponsor Cinven, which acquired a 65% stake in the company in October 2017. The former CEO and owner of the company, Alexandre Darbonne, holds the remaining non-controlling share in Planasa's equity. ============= U K R A I N E ============= KERNEL HOLDING: Fitch Affirms 'BB-' FC IDR, Outlook Now Stable -------------------------------------------------------------- Fitch Ratings has revised the Outlook on Ukrainian commodity processor Kernel Holding S.A.'s Long-Term Foreign-Currency (FC) Issuer Default Rating (IDR) to Stable from Positive and affirmed the IDR at 'BB-'. The rating actions follow the revision of the Outlook on Ukraine's sovereign rating (B/Stable). At the same time, the affirmation reflects Fitch's expectations that Kernel will maintain its conservative capital structure after completion of its expansion programme in FY22 (ending June 2022). Together with increasing scale, improved product diversification and a record of financial discipline, this points to a strengthening credit profile, which is reflected in the Positive Outlook on Kernel's Long-Term Local-Currency (LC) IDR. Kernel's FC IDR continues to benefit from a two-notch uplift from the Ukrainian Country Ceiling of 'B', due to strong hard-currency debt service ratios. Kernel's IDRs balance its concentration of commodities sourcing in one region and moderate scale against its heavy-asset business structure with vertical integration into commodities sourcing and logistic infrastructure, resulting in stronger profitability than international peers, and its low leverage. KEY RATING DRIVERS Record Profits to Normalise: Fitch expects Kernel to post another year of record EBITDA in FY22 of around USD620 million (FY21: USD716 million as adjusted by Fitch). Fitch assumes profit growth will be mainly driven by strong results in the trading, infrastructure and farming segments, but also by anticipated profitability recovery in the core oil processing segment following stronger sunflower seed supply in the new season. Fitch expects normalisation of profits in trading in FY23-5, which together with a full stabilisation of margin in the oil division, should result in sustainable annual EBITDA at around USD400 million. Growing Commodity Trading Operations: Kernel's LC IDR is rated above Ukraine's 'B' LC IDR. This reflects Fitch's view that the group's increasing commodities export operations to global markets, facilitated by its Swiss-based Avere trading unit, justifies a higher assessment of the overall credit profile compared with that of Ukraine, where the majority of the group's assets are located. Rating Above Country Ceiling: Kernel's FC IDR is rated two notches above Ukraine's 'B' Country Ceiling and at the same level as the company's LC IDR. The uplift reflects Fitch's expectation that the group will maintain substantial offshore cash balances and a comfortable schedule of repayments for its FC-denominated debt, refinance any upcoming material debt maturities well in advance, and ensure a hard-currency debt service ratio above 1.5x over FY22-FY23 with sufficient headroom. Conservative Capital Structure: Strong EBITDA in FY21 translated into positive free cash flow (FCF), despite high capex of USD187 million linked to expansionary projects. This allowed Kernel to avoid a temporary hike in leverage in FY21 and smooth the impact of remaining expansionary spending planned for FY22 on its leverage profile. Assuming still high EBITDA of USD620 million in FY22 and capex of around USD260 million, Fitch estimates readily marketable inventories (RMI) funds from operations (FFO) net leverage will remain modest at 0.8x in FY22 (FY21: 0.5x), reflecting a comfortable financial structure for the ratings. Improving Diversification: Kernel continues to reduce its reliance on a single commodity, sunflower oil, with growing grain-trading operations (primarily corn, wheat and barley). The oilseed processing segment contributed less than 10% to group EBITDA in FY21 due to a material contraction in crushing margin. This was more than compensated by record profits in the trading and farming segments. Fitch estimates that the share of sunflower oil in the group's EBITDA will remain below 35% over FY22-FY24. Continued Growth in Scale: Current expansionary projects, including a new export terminal in the Black Sea and renewable energy plants, should support further growth of Kernel's scale and business diversification, contributing to a stronger credit profile in the medium term. Given Kernel's strong record in greenfield projects, Fitch assesses execution risks as limited. Revenue and profit growth should be supported by Avere's growing operations, but Fitch conservatively assumes a modest contribution to group profits, given the high profit volatility under this segment. Concentrated Commodities Sourcing: Kernel remains largely reliant on Ukraine for sourcing the commodities it sells to global markets. This exposes it to the Ukrainian harvest. However, despite a weakening in farmers' access to external financing over the past few years, this has not dented Kernel's sourcing volumes. Even in FY21, despite the sharp harvest decline, Kernel was able to ensure a minimum 87% capacity utilisation at its crushing plants. Fitch also believes it would be able to manage future risks due to its leading market position, ownership of two port-terminal facilities and other infrastructure assets, and better access to external liquidity than many of its Ukrainian competitors. Asset-Heavy Business Model: Kernel has a stronger FFO margin (FY21: 10.7%) than global agricultural commodity processors and traders. This is due to its asset-heavy business model with substantial processing operations (relative to trading) and infrastructure assets, and integration into farming. This also allows the group to retain leading market positions in sunflower oil and grain exports, and is positive for its credit profile. Challenging Sunflower Oil Market: The Ukrainian sunflower oil market is characterised by excess crushing capacity over seeds supply, which creates a challenging environment to procure seeds, increases costs and compresses margin for sunflower oil producers, particularly in years of low harvest. Although the gap between demand and supply of seeds is reducing due to an anticipated increase in harvest, Fitch expects this to remain a source of moderate volatility in Kernel's profitability over the medium term. Margins are also exposed to volatile international sunflower oil prices, which recovered in FY20-FY21 from FY19 lows. Based on current market prices Fitch assumes further growth in FY22, followed by normalisation toward the historical five-year average. DERIVATION SUMMARY Kernel is rated above Aragvi Holding International Limited (Trans-Oil; B/Stable), Moldova's sunflower oil producer and commodity trader. Both companies operate under vertically integrated models, which include sizeable logistics and infrastructure assets. The two-notch differential between the companies' ratings is due to Kernel's greater business scale, ownership of farming operations (which limits sourcing and procurement risk) and lower leverage. Kernel's 'BB-' LC IDR is in line with the France-based sugar trader of comparable scale, Tereos SCA (BB-/Stable). Compared with Tereos, Kernel has a stronger financial profile, but this is balanced by its dependence on a single sourcing region, Ukraine, compared with Tereos's ability to source from two regions, Europe and Brazil. Kernel's rating is one notch below that of Andre Maggi Participacoes S.A. (Amaggi; BB/Stable), a Brazilian commodity trader of comparable scale. Both companies are exposed to risks related to sourcing commodities from one region, as well as to supply-and-demand imbalances and stiff competition. Kernel's profile benefits from expected lower leverage metrics, which is balanced by higher operating environment and systemic governance risks in Ukraine than Brazil. Kernel's rating is higher than Ukrainian poultry producer MHP SE (B+/Stable), which is more exposed to the domestic market than Kernel, although it operates in a less volatile sector. Kernel's IDR is multiple notches below that of global diversified traders, such as Cargill Incorporated (A/Stable), Archer Daniels Midland Company (A/Stable), Bunge Limited (BBB/Stable), and Viterra Limited (BBB-/Stable), mainly due to smaller scale and lower diversification both in commodity sourcing region and type of commodities traded. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Revenue growth towards USD6.4 billion in FY22, driven by the launch of new oil-processing capacities, and continued growth in trading operations. A flat to low-single-digit decline in revenue over FY23-FY25, mainly due to assumed commodity-price correction after high levels in FY21-FY22. -- EBITDA margin at around 10% in FY22 and reducing toward 6%-7% in FY23-FY25 (FY21: 12.7%), assuming normalised profitability in trading and farming operations, only partly offset by margin recovery in oil processing. -- Capex of around USD260 million in FY22, which includes investments in the completion of an oilseed processing plant in western Ukraine and for cogeneration heat and power plants Capex of around USD85 million per year in FY23-FY25. -- Annual mid-single digit growth in dividends from USD37 million FY22 toward USD43 million by FY25. -- Share-buyback programme of USD250 million conducted over FY22- FY23. -- No material M&A up to FY25. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Improved scale and diversification, reflected in EBITDA trending towards USD500 million and increasing EBITDA contribution from commodities/services not related to sunflower oil; -- Adherence to conservative risk-and-corporate governance management principles, including in Avere's operations; -- RMI-adjusted FFO net leverage at 2.5x to 3.0x on a sustained basis; -- RMI-adjusted FFO interest cover above 5.0x on a sustained basis; and -- Neutral to positive FCF margin. For the Long-Term FC IDR only: -- Upgrade of the LC IDR in conjunction with an upgrade of the Ukrainian Country Ceiling while maintaining the minimum hard currency debt service ratio at 1.5x for a sustained period, as per Fitch's methodology Rating Non-Financial Corporates Above the Country Ceiling. -- Change in the financial policy or material increase in shareholder distributions leading to RMI-adjusted FFO net leverage increasing to above 3.0x on a sustained basis may result in a revision of the Outlook on the Long-Term LC IDR to Stable. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- RMI-adjusted FFO net leverage above 3.5x on a sustained basis; -- Internal liquidity score below 0.8x due to operating underperformance or shift in debt structure towards short-term debt or inability to procure sufficient working-capital facilities to cover operational activity; and -- RMI-adjusted FFO interest cover below 4.0x on a sustained basis. For the Long-Term FC IDR only: -- Hard-currency debt service ratio falling below 1.5x over 18 months as calculated in accordance with Fitch's methodology Rating Non-Financial Corporates Above the Country Ceiling. This would remove the ability to be rated above Ukraine's Country Ceiling by two notches; and -- Downgrade of Ukraine's Country Ceiling to 'B-'. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Satisfactory Liquidity: Kernel had USD529 million of Fitch-defined readily available cash as of end-June 2021, which was more than sufficient to cover short-term financial liabilities of USD248 million. This included the USD212 million Eurobonds, which were redeemed in December 2021. Kernel's Fitch-defined liquidity ratio remained healthy at 1.5x at end FY21 compared with 1.9x at end FY20. Kernel will also use its liquidity to finance nearly USD260 million of capex and working-capital investments for assumed for FY22. In addition, Kernel has access to an USD420 million of sunflower oil pre-export credit facility and a grain pre-export facility of USD200 million. For commodity processors and traders, Fitch assesses internal liquidity using a liquidity score defined as unrestricted cash and cash equivalents balances, third-parties' account receivables, and RMI (discounted by 30% for Kernel), divided by all current liabilities, including trade payables and financial debt maturing over the next 12 months. ISSUER PROFILE Kernel is the world's largest sunflower oil producer and exporter. It benefits from ownership of infrastructure assets (silos and sea terminals) and vertical integration into crop growing, being one of the biggest crop producers and exporters in Ukraine with about 500,000 hectares of farmed land. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch currently considers 40% of cash at Avere as largely restricted from debt servicing at Kernel's level, as it is used for Avere's own purposes, and Kernel should only have access to it through dividends or service or management fees. 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. NAFTOGAZ: Fitch Affirms 'B' LT FC IDR, Alters Outlook to Stable --------------------------------------------------------------- Fitch Ratings has revised National Joint Stock Company Naftogaz of Ukraine's Outlook to Stable from Positive, while affirming company's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'. The Outlook revision follows a recent similar action on Ukraine's sovereign rating (B/Stable) and the application of Fitch's Government-Related Entities (GRE) Rating Criteria. Fitch equalises Naftogaz's ratings with those of the sovereign, reflecting the company's strong links with the sovereign and Fitch's assessment of the company's Standalone Credit Profile (SCP) at 'b-'. The 'b-' SCP of Naftogaz reflects volatility in its operations, following a significant increase of gas prices, its ability to cover domestic consumption needs and to collect receivables in a weaker domestic economy, and foreign-exchange (FX) exposure. Fitch expects the nearest bond repayment to be covered by available sources, given no dividend payments and significantly lower capex. However, further capex pressure may arise as Naftogaz invests in its resource base to arrest a decline in natural gas production. Fitch expects leverage to remain high compared with peers' but stable as incurrence-based covenants limit indebtedness. KEY RATING DRIVERS Ratings in Line with Sovereign: Fitch views Naftogaz's status, ownership and control, and support track record as 'Strong', reflecting the state's full ownership and history of financial support. The latter comprised about UAH141 billion in direct support to Naftogaz in 2012-2015 and state-guaranteed debt of almost 30% in 2018. Naftogaz remains strategically important as Ukraine's largest natural gas production, wholesale and supply company, despite its transit-business disposal. Dividends, taxes and levies paid by Naftogaz represented almost 10.6% of Ukraine's state budget in 2021. State Compensation for Revenue Shortfall: In 2020 the state compensated Naftogaz UAH32 billion under public-service obligations (PSO) for supplying gas to customers at below-market prices. During 4Q21 it also received UAH33.5 billion compensation for shortfall in gas-transmission revenue from the gas transmission system operator of Ukraine and for earn-out from Mahistralny gasoprovody Ukrainy. Naftogaz expects to receive from the state an additional UAH18 billion in compensation in 2022, as agreed with the government. Eurobond Repayment in 2022: At end-2021, Naftogaz's cash and cash equivalents were UAH30.6 billion, which, together with available unused credit facilities of UAH3 billion, are sufficient to cover short-term maturities of UAH16.6 billion, comprising USD335 million of Eurobonds due in July 2022 and the remainder bank loans. To refinance its Eurobonds Naftogaz is also planning to issue bonds during 1H22. Naftogaz, being one of the most important Ukrainian companies, has good access to local banks. 'b-'SCP: The b-' SCP of Naftogaz captures the volatility of its business profile and its transformation after the unbundling of the transit business from 2020, and significant pressure from high gas prices, all of which may further weaken its financial profile. After the abolition of the PSO regime, the ability to collect receivables in a weaker domestic economy and liquidity strain from high capex in the upstream business are increasingly important for Naftogaz's financial profile. Fitch expects average funds from operations (FFO) gross leverage of 4.0x in 2021-2024, assuming significant working-capital outflow and high capex needs. This is despite low dividend payment Fitch assumes on average of UAH2 billion annually over 2022-2024. Negative Free Cash Flow: Fitch expects free cash flow (FCF) to remain negative, due to working-capital outflow in 2022 and intensive capex to 2024. Fitch estimates annual capex on average of UAH21 billion in 2021-2024, mostly to maintain production and, in the longer term, to meet domestic demand, which will add to funding requirements. Fitch expects Naftogaz to significantly delay its large expansion projects, which are also subject to external market funding. Historically Naftogaz planned to increase its resource base through exploration of new fields, which is crucial to maintaining and increasing production. Naftogaz accounts for about 80% of Ukraine's domestic gas production. FX Risks Remain High: Naftogaz faces FX fluctuations from the currency mismatch between its debt and revenue, as around 68% (USD1.6 billion) of its debt related to Eurobonds at end-2021 was denominated in US dollars and euros, while most of its revenue is denominated in Ukrainian hryvnia. Its cash balance at end-2021 of UAH30.7 billion was equally split between foreign and local currencies, which partially mitigates currency risk. However, this mitigation is reduced by Fitch's expectation of a declining cash balance. Strong Incentive to Support: Fitch continues to view the socio-political implications of a default by Naftogaz as 'Very Strong', as service disruption could be significant, due to its large market share, although most operations would probably continue after a default. Fitch believes that the presence of international lenders, including Eurobond holders, may adversely affect the availability and cost of financing for other GREs or the government if Naftogaz is allowed to default. Fitch therefore views the financial implications of its default as 'Strong'. Its support score of 40 under Fitch's GRE Criteria, combined with its 'b-' SCP, leads to an equalisation of its IDR with that of the sovereign. Business Profile Transformation: After the unbundling of its gas-transmission business in 2020, Naftogaz's business profile primarily reflects the company's position as a natural gas producer and wholesale and retail gas supplier. Since 2020, Naftogaz has focused on domestic gas sale and, storage, the sale of domestic petrol products and liquefied natural gas, gas production, and service legal agreements with the unbundled gas-transit company. DERIVATION SUMMARY Naftogaz's rating is equalised with that of Ukraine under Fitch's GRE Criteria. Naftogaz has much larger EBITDA, but operates in a weaker operating environment than other Fitch-rated national oil and gas companies such as JSC National Company QazaqGaz (BBB-/Stable; SCP bbb-). QazaqGaz has a more diversified business, with exposure to more profitable midstream operations. Its rating is at the same level as that of its immediate parent, state-owned JSC National Company KazMunayGas (BBB-/Stable). Naftogaz has substantially lower integration following the unbundling process and is dependent on its integrated gas segment, which is responsible for most of its EBITDA. Ukraine's volatile regulatory environment, with constant changes in regulated tariffs, makes operations volatile. The company's 'b-' SCP reflects potential cash flow volatility as Fitch's forecasts are sensitive to continued pressure on domestic gas prices in Ukraine and the company's ability to collect accounts receivables. Fitch expects Naftogaz's FCF to be negative, due to significant strategically important capex for Ukraine's energy security. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Limited revenue and EBITDA margin of around 2% from transit related fees in 2022-2024; -- Domestic gas sales volume increases in 2021, before slightly declining from 2022; -- Average annual capex of UAH21 billion in 2022-2024; -- UAH33.5 billion compensation received in 4Q21 and UAH18 billion planned for 2022 for gas- transmission revenue shortfall; -- No dividends paid in 2021, and minimum dividends of around UAH2 billion for 2022-2024. Key Recovery Rating Assumptions The recovery analysis assumes that Naftogaz would be considered a going concern (GC) in bankruptcy and that it would be reorganised rather than liquidated. Naftogaz's recovery analysis assumes post-reorganisation EBITDA at UAH25 billion. This reflects potential weakening of the financial profile in light of high gas prices, the ability to cover domestic need and a weak macroeconomic environment followed by a moderate recovery. Fitch used a distressed enterprise value (EV)/EBITDA multiple of 3.0x to calculate post-reorganisation valuation. It is below the mid-cycle multiple for EMEA oil and gas companies. It captures higher-than-average business risks in Ukraine and reflects Naftogaz's weaker business profile than peers'. Fitch treats all bank debt as senior-ranking. After the deduction of 10% for administrative claims and applying Fitch's "Country-Specific Treatment of Recovery Ratings Criteria", Fitch's waterfall analysis generated a ranked recovery in the 'RR4' band, indicating a 'B' rating for the notes issued by Kondor Finance plc. The waterfall analysis output on current metrics and assumptions was 50%. The notes are issued by Kondor Finance on a limited recourse basis for the sole purpose of funding a loan to Naftogaz. They constitute direct, unconditional senior unsecured obligations of Naftogaz and rank pari passu with all other present and future unsecured and unsubordinated obligations. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Positive rating action on Ukraine would be reflected in Naftogaz's rating, assuming Naftogaz's SCP is up to three notches below that of the sovereign and its links with the state do not weaken. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Negative rating action on Ukraine would be reflected in Naftogaz's rating. -- Significant deterioration of Naftogaz's financial profile, with the SCP falling more than three notches below that of the sovereign, would be rating-negative. -- Unremedied liquidity issues would also be negative for the rating. For the sovereign rating of Ukraine, Naftogaz's ultimate parent, Fitch outlined the following sensitivities in its rating action commentary of 4 February 2022: Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Structural: Materialisation of political/geopolitical shocks that threaten macroeconomic stability, growth prospects and Ukraine's fiscal and external position. -- Macro and External Finances: Increased external financing pressures, sharp decline in international reserves or increased macroeconomic instability, for example stemming from IMF programme disengagement due to deterioration in the consistency of the policy mix and/or reform reversals. -- Public Finances: Persistent increase in general government debt/GDP, for example due to fiscal loosening, weak GDP growth, or currency depreciation. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- External Finances: Reduction in external financial vulnerabilities, for example due to reduced geopolitical risk, sustained increase in international reserves, greater financing flexibility, or greater confidence in the ability to maintain IMF programme engagement and market access. -- Macro and Structural: Increased confidence that macroeconomic stability will not be impaired by materialisation of geopolitical risk, and that progress in reforms will lead to improvement in governance standards and higher trend GDP growth prospect. -- Public Finances: Sustained fiscal consolidation that places general government debt/GDP on a firm downward path over the medium term. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Manageable Liquidity: At end-2021, Naftogaz had short-term debt around UAH16.6 billion that was fully covered by cash balances and bank deposits of around UAH30.7 billion. The company also had undrawn credit facilities totaling UAH3 billion. Fitch assumes Naftogaz will tap the capital market to fund its FCF shortfall in 2022-2024. The company also has strong access to domestic funding as the largest borrower in the country. Cash and deposits are mainly held at domestic banks in US dollars or euros. Around UAH19 billion of its debt is bank borrowings from Ukrainian state banks such as JSC State Savings Bank of Ukraine (Oschadbank), JSB Ukrgasbank and JSC The State Export-Import Bank of Ukraine, while the remaining USD1.6 billion is senior unsecured euro- and US dollar-denominated bonds maturing in 2022-2026. ISSUER PROFILE Naftogaz is wholly state-owned and is strategically important to Ukraine as it is the country's largest natural gas production, distribution and trading company. In 2020, it produced 13.4 billion cubic meters of gas. 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. VF UKRAINE: Fitch Affirms 'B' IDR, Alters Outlook to Stable ----------------------------------------------------------- Fitch Ratings has revised the Outlook on Private Joint Stock Company VF Ukraine's Long-Term Issuer Default Rating (IDR) to Stable from Positive and affirmed the IDR at 'B'. KEY RATING DRIVERS The rating actions follow the revision of the Outlook on Ukraine's sovereign rating to Stable from Positive on 4 February 2022. VF Ukraine's ratings are constrained by Ukraine's Country Ceiling due to the telecom company's strong exposure to the Ukraine's economy. The revision of the Outlook reflects the likely correlation of rating actions with further changes of the sovereign rating, assuming the Country Ceiling moves in line with the sovereign IDR. Fitch's assessment of the fundamental issuer-specific credit considerations is unchanged. VF Ukraine's credit profile benefits from its solid market position, ownership of the company's backbone infrastructure, high profitability and a moderately competitive environment. This is counterbalanced by high foreign-exchange (FX) risks and the lack of product and geographical diversification. DERIVATION SUMMARY VF Ukraine's peers group includes emerging markets telecom operators JSC Kcell (BB+/Stable), JSC Silknet (B/Stable), PJSC Mobile TeleSystems (BB+/Positive), Turkcell Iletisim Hizmetleri A.S.'s (BB-/Negative) and Turk Telekomunikasyon A.S. (BB-/Negative). VF Ukraine's operating profile compares well with that of Kcell and Silknet by size, market position, competitive environment and profitability. However, Kcell does not have significant FX risks and corporate-governance weaknesses, while Silknet is better diversified with a presence in the fixed-line/broadband segment. The Russian and Turkish peers are significantly larger in scale and benefit from product diversification. Similar to Turkcell and Turk Telecomunikasyon, VF Ukraine's IDR is restricted by the relevant Country Ceiling. FX risk also results in tighter leverage thresholds for any given rating level for all three than for other rated companies in the sector. RATING SENSITIVITIES VF Ukraine Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Upgrade of the Ukraine's Country Ceiling, together with funds from operations (FFO) net leverage below 3.0x on a sustained basis, without significant deterioration in the competitive and regulatory environment. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Downgrade of the Ukraine's Country Ceiling; -- FFO net leverage trending above 4.0x on a sustained basis in the presence of significant FX risks; -- Competitive weaknesses and market-share erosion, leading to significant deterioration in pre-dividend FCF generation. Rating sensitivities for Ukraine, as outlined in the rating action commentary dated 4 February: Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Structural: Materialisation of political/geopolitical shocks that threaten macroeconomic stability, growth prospects and Ukraine's fiscal and external position. -- Macro and External Finances: Increased external financing pressures, sharp decline in international reserves or increased macroeconomic instability, for example stemming from IMF programme disengagement due to deterioration in the consistency of the policy mix and/or reform reversals. -- Public Finances: Persistent increase in general government debt/GDP, for example due to fiscal loosening, weak GDP growth, or currency depreciation. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- External Finances: Reduction in external financial vulnerabilities, for example due to reduced geopolitical risk, sustained increase in international reserves, greater financing flexibility, or greater confidence in the ability to maintain IMF programme engagement and market access. -- Macro and Structural: Increased confidence that macroeconomic stability will not be impaired by materialisation of geopolitical risk, and that progress in reforms will lead to improvement in governance standards and higher trend GDP growth prospect. -- Public Finances: Sustained fiscal consolidation that places general government debt/GDP on a firm downward path over the medium term. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: VF Ukraine had a comfortable liquidity position with a cash and cash equivalents balance of around UAH4 billion at end-June 2021 (excluding investments held by VF Ukraine in government bonds issued by the Ministry of Finance of Ukraine). This compares favourably with its maturity schedule with no debt maturing until 2025. ESG CONSIDERATIONS VF Ukraine has an ESG Relevance score of '4' for Governance Structure, reflecting the dominant majority shareholder's influence over the company, in the absence of independent members on the board and lack of transparency from its wider group. Although this does not restrict the rating at the current level, it has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. 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 to the way in which they are being managed by the entity. =========================== U N I T E D K I N G D O M =========================== CORBIN & KING: Knighthead Tables New Offer for Business ------------------------------------------------------- Hannah Boland at The Telegraph reports that an American investment fund has made a fresh bid for the owner of London restaurants the Wolseley and the Delaunay after it collapsed into administration amid a legal battle with its biggest shareholder. Knighthead tabled a new offer for Corbin & King last week, in which it proposed refinancing the entire restaurant group, The Telegraph relates. The offer is understood to include extra liquidity rather than simply taking on debt owed to Minor, The Telegraph notes. According to The Telegraph, sources said the latest offer would allow Corbin & King to be taken back out of administration. Knighthead, which is understood to be working with Corbin & King's co-founder Jeremy King, has already made a number of offers to administrators FRP and the restaurant group's largest shareholder, Minor International, designed to clear Corbin & King's debt, The Telegraph discloses. It initially offered GBP38 million to pay off its debt, although later was understood to have improved this, The Telegraph states. The latest offer comes as both Mr. King and Minor International await a court ruling over protections put in place over Corbin & King's individual restaurants, to stop them also being pushed into administration, The Telegraph notes. Minor is attempting to have the protections removed, The Telegraph relays. Last month, Minor pushed Corbin & King into administration in the midst of a row with Mr. King, who is also chief executive of the business, The Telegraph recounts. At the time, Minor, as cited by The Telegraph, said: "Contrary to the picture that Mr. King is trying to paint, the business is insolvent and is in strong need of further financial support." Minor said it had offered to inject more cash into the business, but had been rebuffed by Mr. King, The Telegraph relates. Mr. King has claimed this was as a result of Minor attempting to use the cash offers to push him out and that the company only needed financial support because Minor was asking for it to repay a loan, according to The Telegraph. DERBY COUNTY FOOTBALL: Nears Deal with Ex-Owner on Legal Dispute ---------------------------------------------------------------- Sky Sports reports that Derby have announced they are close to reaching an agreement between their former owner Mel Morris and Middlesbrough chairman Steve Gibson in relation to the ongoing legal case. Derby were placed into administration last September and the sale of the club to new ownership has been complicated in part by the compensation claims of Middlesbrough and Wycombe, Sky Sports recounts. The club said details of the accord -- a harmonious agreement -- between Messrs. Morris and Gibson had been shared with administrators Quantuma, Sky Sports notes. The news follows the release of a lengthy statement by Mr. Morris issued on Feb. 4 which included an invitation to Boro and Wycombe to take up their claims against him personally at the High Court, Sky Sports relays. Mr. Morris, as cited by Sky Sports, said this would allow his old club to "move on for the benefit of the fans, the city of Derby, the sport and the EFL". Details of the accord were not released, but Derby's statement said Messrs. Morris and Gibson had been keen to develop it, Sky Sports discloses. According to Sky Sports, the statement said: "However, it is important for all interested parties, including potential bidders, to be confident that the Middlesbrough claim will not be an impediment to Derby progressing its plans for a sale of the club." "We are pleased to see that an acceptable resolution has been identified which allows us to push forward with our plans for the sale of the club," Sky Sports quotes administrator Carl Jackson as saying. Boro's claim was the most significant barrier to Derby being taken over and could have potentially meant a GBP40 million liability that has now been removed, Sky Sports notes. It is understood Wycombe's legal claim is still outstanding but has not yet been filed with the courts, Sky Sports states. That claim represents a much lesser liability, Sky Sports relays. There are still significant issues for Derby to address, including GBP60 million debts the administrators are trying to negotiate down and ownership of Pride Park, which is owned by Morris and not the club, according to Sky Sports. However, the administrators and the EFL recognised the legal claim from Boro in particular as a key barrier to the three would-be buyers from progressing to formal offers to take over the club, Sky Sports relates. About Derby County Football Club Founded in 1884, Derby County Football Club is a professional association football club based in Derby, Derbyshire, England. The club competes in the English Football League Championship (EFL, the 'Championship'), the second tier of English football. The team gets its nickname, The Rams, to show tribute to its links with the First Regiment of Derby Militia, which took a ram as its mascot. Mel Morris is the owner while Wayne Rooney is the manager of the club. On Sept. 22, 2021, the club went into administration. The EFL sanctioned a 12-point deduction on the club, putting the team at the bottom of the Championship. Andrew Hosking, Carl Jackson and Andrew Andronikou, managing directors at business advisory firm Quantuma, had been appointed joint administrators to the club. GFG ALLIANCE: Disputes Court Documents on Unpaid Tax Bill --------------------------------------------------------- Sylvia Pfeifer, Kaye Wiggins and Owen Walker at The Financial Times report that Sanjeev Gupta's GFG Alliance has disputed court documents saying it offered to pay only GBP500 a month towards an unpaid GBP20 million UK tax bill, saying the true figure was GBP500,000 a month. Earlier last week, the UK tax authority filed petitions to wind up four of the industrialist's businesses over total outstanding tax payments of GBP26.4 million, a move that could force Mr. Gupta's Liberty Steel subsidiary into insolvency and put more than 2,000 jobs at risk, the FT relates. According to the FT, HM Revenue & Customs said in the court filing that in a phone call on Feb. 1, one of the entities, Speciality Steel UK, which includes plants in Rotherham and Stocksbridge in Yorkshire, offered to pay GBP500 a month until July when it would know the outcome of a restructuring. The tax authority said in the filing that given the GBP19.8 million owed by SSUK, HMRC "feels that GBP500 per month is not a reasonable offer, especially as they do not know what the outcome of the restructuring is likely to be," the FT relays. GFG insisted on Feb. 11 that its offer had been for "500k per month for six months," the FT notes. The offer, it added, had been to "reduce the old Covid relief debt, while restructuring is completed and the remaining balance could then be rescheduled as part of the overall restructuring." The government granted businesses deferrals on some tax payments to help with the impact of the pandemic, the FT discloses. GFG added that "all current tax bills are up to date." "Notwithstanding HMRC's rejection of our offer we remain in discussions to reach a resolution which would protect thousands of jobs and domestic supply chains." According to the FT, a person with knowledge of GFG's view said it would seek a correction of the figure in the court documents. Court hearings for the winding up petitions are due next month, the FT states. GFG, the FT says, has been looking to find alternative funding and repay other creditors since the collapse of its main lender, Greensill Capital, last March. Last March, US investment bank Citigroup filed a flurry of winding up petitions against some of Mr. Gupta's commodities and industrial businesses on behalf of Credit Suisse investors, whose money was frozen in a group of supply-chain finance companies that lent money to GFG, the FT recounts. Mr. Gupta was given breathing space on several occasions last year as the legal action was pushed back to allow the metals tycoon more time to pay back the debts, the FT discloses. RIPON MORTGAGES: Fitch Assigns B(EXP) Rating to Class X Tranche --------------------------------------------------------------- Fitch Ratings has assigned Ripon Mortgages PLC expected ratings. DEBT RATING ---- ------ Ripon Mortgages plc (2022 Refi) Class A XS2433693392 LT AAA(EXP)sf Expected Rating Class B XS2433703704 LT AA(EXP)sf Expected Rating Class C XS2433704850 LT A(EXP)sf Expected Rating Class D XS2433705824 LT BBB(EXP)sf Expected Rating Class E XS2433710238 LT BBB(EXP)sf Expected Rating Class F XS2433710741 LT BB(EXP)sf Expected Rating Class G XS2433711392 LT BB-(EXP)sf Expected Rating Class R XS2433716516 LT NR(EXP)sf Expected Rating Class X XS2433716862 LT B(EXP)sf Expected Rating Class Z XS2433713505 LT NR(EXP)sf Expected Rating TRANSACTION SUMMARY The transaction is a securitisation of UK buy-to-let (BTL) loans originated by Bradford and Bingley (B&B) and its wholly-owned subsidiary, Mortgage Express, mainly between 2005 and 2008. The loans were previously securitised under Ripon Mortgages plc. KEY RATING DRIVERS Seasoned Loans, Stable Performance: The portfolio consists of 16-year seasoned BTL loans originated by B&B. Fitch applied a 1.0x originator adjustment for the portfolio, taking into account the sound historical performance of Ripon Mortgages since closing in April 2017. The original Ripon Mortgages transaction benefited from positive selection through the exclusion of loans in arrears by more than one month, which resulted in lower arrears and repossessions than some other BTL legacy portfolios and a performance generally in line with Fitch's BTL performance indices. Interest-Only Concentration Drives Foreclosure Frequencies: The pool has a material concentration of interest-only (IO) loans with a three-year peak maturity concentration of 39.1% between 2031 and 2033. Fitch derives an IO concentration weighted average (WA) foreclosure frequency (FF) based on this peak concentration and applies the higher of this WAFF and the standard portfolio WAFF in its analysis for each rating level. The IO concentration WAFF is higher than the standard portfolio WAFF at the majority of rating levels. Low Margins, Moderate Affordability: All the loans track the Bank of England base rate (BBR) with a WA margin of 1.7%, which is typical of pre-crisis IO BTL originations. While the WA margin is low, affordability remains moderate compared with other BTL legacy portfolios with a WA interest coverage ratio at 122.4% due to B&B's slightly weaker lending policy. The low WA margin adds to a low realised and expected constant prepayment rate for the pool. Unhedged Basis Risk: The notes pay daily compounded SONIA, so the transaction is exposed to basis risk between BBR and SONIA. Fitch stressed the transaction cash flows for basis risk, in line with its criteria. Combined with the low asset margins, this resulted in limited excess spread in Fitch's cash flow analysis. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The transaction's performance may be affected by changes in market conditions and economic environment. Weakening economic performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce credit enhancement (CE) available to the notes. -- In addition, unanticipated declines in recoveries could result in lower net proceeds, which may make certain notes susceptible to potential negative rating action depending on the extent of the decline in recoveries. Fitch conducts sensitivity analyses by stressing both a transaction's base- case FF and RR assumptions. For example, a 15% WAFF increase and 15% WARR decrease would result in a class A model-implied downgrade of up to three notches. Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing CE levels and consideration of potential upgrades. Fitch tested an additional rating sensitivity scenario by applying a decrease in the WAFF of 15% and an increase in the WARR of 15%, implying upgrades of up to four notches. 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. DATA ADEQUACY Fitch reviewed the results of a third party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. RIPON MORTGAGES: S&P Assigns Prelim B- (sf) Rating to Cl. X Notes ----------------------------------------------------------------- S&P Global Ratings assigned preliminary credit ratings to Ripon Mortgages PLC's class A, B, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, G-Dfrd, and X-Dfrd U.K. RMBS notes. At closing, Ripon Mortgages will also issue unrated class Z and R notes and X1, X2, and Y certificates. The transaction is a refinancing of the Ripon Mortgages PLC transaction, which closed in April 2017 (the original transaction). S&P said, "We have based our credit analysis on the £6.4 billion pool. The pool comprises first-lien U.K. BTL residential mortgage loans that Bradford & Bingley PLC and Mortgage Express PLC originated. The loans are secured on properties in England and Wales, and were originated between 1996 and 2009. The underlying loans in the securitized portfolio are serviced by Topaz Finance Ltd., which is also the legal title holder. Topaz Finance is a subsidiary of Computershare Mortgage Services Ltd. (CMS). We reviewed CMS' servicing and default management processes and are satisfied that it is capable of performing its functions in the transaction." The collateral performance has historically been better than our legacy BTL index. All of the loans in the portfolio are more than 10 years seasoned. S&P said, "Our preliminary ratings on the class A and B notes addresses the timely payment of interest and the ultimate payment of principal. Our preliminary ratings on the class C-Dfrd to G-Dfrd notes and X-Dfrd notes reflect the ultimate payment of interest and principal. Our rating definitions are in line with the notes' terms and conditions." The rated notes are supported by the principal borrowing mechanism, the general reserve, and the liquidity reserve (class A and B notes). The first two are subject to a principal deficiency ledger condition for the class B to G-Dfrd notes unless they are the most senior outstanding. These reserve funds will be funded at closing. S&P said, "Our cash flow analysis indicates that the available credit enhancement for the class B, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd is commensurate with higher ratings than those currently assigned. The preliminary ratings on these notes reflect their ability to withstand joint lead managers' (JLM) indemnity claims and the higher than expected loss severity observed on the original transaction since its closing. In our analysis, the class X-Dfrd notes are unable to withstand the stresses we apply at our 'B' rating level. However, payment on this class of notes does not rely on favorable business, financial, and economic conditions. Consequently, we have assigned a preliminary 'B- (sf)' rating to the notes, in line with our criteria. "A portion of JLM indemnity claims ranks senior and are thus modelled in our cash flow analysis. They represent a potential expense (to the benefit of JLMs) if, for instance, investors sue the JLMs for a breach of representations and warranties." There is no swap counterparty to hedge the mismatch between the interest rate paid under the loans and the interest rate paid under the notes. There are no rating constraints in the transaction under S&P's counterparty, operational risk, or structured finance sovereign risk criteria. S&P considers the issuer to be bankruptcy remote. Preliminary Ratings CLASS PRELIM. RATING* CLASS SIZE (%) A AAA (sf) 93.50 B AA (sf) 2.75 C-Dfrd A+ (sf) 1.75 D-Dfrd BBB+ (sf) 1.00 E-Dfrd BBB (sf) 0.25 F-Dfrd BBB- (sf) 0.35 G-Dfrd BB+ (sf) 0.20 Z NR 0.20 R NR 1.73 X-Dfrd B- (sf) 1.00 X1 certs NR N/A X2 certs NR N/A Y certs NR N/A Note: This presale report is based on information as of Feb. 10, 2022. The ratings shown are preliminary. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. *S&P's preliminary ratings address timely receipt of interest and ultimate repayment of principal for the class A and B notes, and the ultimate payment of interest and principal on the other rated notes. §Credit enhancement comprises subordination and the general reserve fund at closing. N/A--Not applicable. NR--Not rated. SONIA--Sterling Overnight Index Average. SVEN CHRISTIANSEN: Set to Appoint Administrators, 150 Jobs Axed --------------------------------------------------------------- BBC News reports that about 150 workers at a furniture factory have been made redundant with immediate effect. Staff at Sven Christiansen in Dudley said they were "gutted" when they were told during a meeting on Feb. 4, BBC relates. According to BBC, managing director William O'Brien said the situation was "desperately sad" and that the business was facing huge debt as a result of Brexit and the pandemic. "Our problem was not lack of business, but the huge build up of debt due to Covid," BBC quotes Mr. O'Brien as saying. "While we were shut, or working at much-reduced capacity, our rent, rates and many other fixed expenses kept racking up, with no or much-reduced income." Mr. O'Brien, as cited by BBC, said he had hoped to sell the company, but when an interested party dropped out, the business was left "with no way forward". "We have filed a notice of intention to appoint administrators, and we are in the process of disposing of the assets of the business," he said, notes the report. TRITON UK: Fitch Affirms 'B-' LT IDR, Outlook Remains Stable ------------------------------------------------------------ Fitch Ratings has affirmed Triton UK Midco Limited and Synamedia Americas Holdings Inc. (collectively referred to as Synamedia) Long-Term Issuer Default Ratings (IDRs) at 'B-'. Fitch has also downgraded the senior first lien secured issue rating to 'B+'/'RR2' from 'BB-'/'RR1'. With the proposed debt recapitalization, Synamedia will issue a $390 million first lien term loan and use the proceeds to fully repay the existing $272 million first lien debt and the $100 million second lien debt. The second lien debt rating has been withdrawn and was previously 'B-'/'RR4'. The Rating Outlook remains Stable. Synamedia's rating reflects the company's strong recurring sales which were 71% for the LTM ending 2Q FY22, long-term relationships with strong customers and low leverage. The rating also considers the secular declines for pay-TV, the company's small scale and weak FFO coverage. Fitch Ratings is withdrawing Synamedia's second lien debt rating as the term loan is being cancelled. KEY RATING DRIVERS Debt Refinancing: Synamedia has proposed a $390 million first lien offering to refinance its existing debt. The refinancing would extend the tenor of its debt, reduce the overall interest expense burden and lower amortization payments for Synamedia. In addition, the recapitalization will eliminate second lien debt from the capital structure which will diminish the recovery prospects for the first lien debt. As a result of Fitch's updated recovery forecast, the first lien debt rating is downgraded one notch to 'B+'/'RR2' from 'BB-'/'RR1'. Leverage Profile: Fitch calculates leverage was low at 3.5x at the end of FY21 and was a tick lower at 3.4x for the LTM ending 2Q FY22. However, weakness was evident in 1H FY22 and following a number of contract wins, Fitch believes the company can improve results in 2H FY22. As a result, Fitch projects leverage to be in the range of 4.1x to 4.6x by the end of FY22. With debt amortization and modest EBITDA growth, Synamedia's leverage should moderately decline over time. Uncertainty over the business combined with secular declines and weak FFO fixed-charge coverage cause Fitch to rate Synamedia at the lower end of the 'B' category despite its low leverage profile. Weak FFO Fixed-Charge Coverage: In FY21, Synamedia's FFO fixed-charge coverage was 1.4x and Fitch projects it will fall modestly by the end of FY22. By the end of FY23, it should improve with a full year of operating with the proposed debt structure. Over the rating horizon, Fitch projects the FFO fixed-charge coverage to remain under 2.0x. Financial Flexibility: In FY21, Synamedia was modestly FCF positive. Fitch expects the company to be slightly FCF negative (close to neutral) at the end of FY22 and FCF positive beyond then due to reduced cash restructuring charges, although this is uncertain. The ability to weather business deterioration is a key differentiator among the 'BB' and 'B' rating categories and sharp acceleration in traditional pay-TV declines could impair Synamedia's business if its other product offerings do not fully offset pay-TV deteration. In the near-term, Fitch expects the company to have sufficient liquidity without drawing on its $50 million revolver. Pay-TV Decline: Negative secular trends in the pay-TV universe are continuing and Fitch forecasts low double-digit declines in FY22. Developing markets remain fluid with some experiencing meaningful declines to date although other regions providing an offset. Additionally, pay-TV operators in Synamedia's largest customer's markets are increasingly offering gateway set top boxes. Overall, Fitch sees ongoing smart card declines across Synamedia's largest customers. Growth in Synamedia's content protection and infrastructure for hybrid bundles may offset legacy business declines although it is uncertain given the lack of visibility beyond FY22. Customer Concentration: Synamedia's five largest customers represent about 58% of total revenue in FY21. Historically, two customers, Comcast and AT&T individually represented more than 10% of total revenue (data unavailable for FY21). Together with its limited end-market diversification, Synamedia's diversification factor is consistent with a single 'b' rating under Fitch's Ratings Navigator. Synamedia's largest customer did make a 20% equity investment and participated in the equity injection in 2019. ESG Factors - Governance: Synamedia has an ESG Relevance Score of '4' for Management Strategy due to the apparent weak implementation of the company's strategy relative to its carve-out transaction rationale, which, in combination with other factors, affects the rating. Synamedia has an ESG Relevance Score of '4' for Governance Structure due to the lack of independent directors, which, in combination with other factors, affects the rating. Synamedia has an ESG Relevance Score of '4' for Group Structure due to the complexity of its ownership structure and associated related party transactions, which, in combination with other factors, affects the rating. DERIVATION SUMMARY While Synamedia's post-carve out financial results have been challenged reflecting the secular declines in the pay-TV market, the company's cost cutting initiatives have resulted in EBITDA margin. Synamedia remains a market leader with a #1 or #2 position in its product categories. The company has limited diversification (relative to broader technology peers) with predominantly all of its business derived from video content protection in the pay-TV space. Moreover, Synamedia has meaningful customer concentration with more than half of its revenues derived from a handful of pay-TV operators. Synamedia has meaningful growth prospects particularly in its cloud products and in the shift by pay-TV operators to a hybrid/IP distribution model as well as anti-piracy and targeted advertising technology. While recently improved, Synamedia Fitch believes the company would struggle withstand a sharp acceleration in the rate of pay-TV subscriber declines without significant impairment to its credit protection metrics. Fitch established a strong linkage between Triton UK Midco Limited as holdings and Synamedia Americas Holdings Inc., the issuer of debt and primary operating entity, given legal and operational ties. No country ceiling constraint or operating influence factored into the ratings. Fitch rates the IDRs of the parent and subsidiary on a consolidated basis, using the weak parent/strong subsidiary approach and open access and control factors, based on the entities operating as a single enterprise with strong legal and operational ties. Furthermore, the IDRs are consolidated since the subsidiary cannot be notched higher than its standalone credit profile. KEY ASSUMPTIONS -- Overall revenues are down significantly in FY22, rebounding in FY23 due to new contract wins; -- Adjusted EBITDA margins remain close to 19%, fairly in line with results from FY21; -- Capex around 2% of revenues; -- No dividends, acquisitions or divestitures over the rating horizon; -- Debt reduction limited to required amortization. KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that Triton UK Midco would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). Fitch assumes Synamedia's Video Platform business declines and assumes the Video Network business is flat. Margin contraction is assumed to be one point annually. Fitch assumes this scenario represents accelerating disruption in the traditional pay-TV business and competitive pressures in its hybrid and other growth offerings. An EV multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considers the value of Synamedia's software assets offset by its legacy pay-TV card business resulting in a multiple that is near the median historical bankruptcy case study exit multiples for technology companies broadly albeit below that for pure software companies, reflecting secular pressures. Synamedia's $50 million RCF is assumed to be fully drawn upon default. This along with the $390 first lien term loan result in a recovery rating of 'RR2', down from 'RR1'. This change reflects the lack of second lien debt in the capital structure, which reduces the recovery for first lien debt. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Total debt with equity credit is expected to be sustained below 5.0x, and; -- There is an increased expectation of stabilized revenues particularly in the Video Platform segment and greater visibility into the expected contribution of next generation offerings. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Fitch's expectation that FFO Fixed-Charge Coverage is below 1.5x and Operating EBITDA/Interest Paid is below 3.0x on a sustained basis; -- Sustained revenue declines exceeding 5% annually; -- Sustained negative FCF; -- Dividends or leveraged acquisitions. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: Cash on the balance sheet has been reduced yet the company's $50 million revolver remains untapped. The company had $22 million of cash on the balance sheet as of Dec. 31, 2021. This was lower than the $43 million as of Sept. 30, 2021 and $60 million as of June 30, 2021. With the proposed transaction, the company will enhance its liquidity position by reducing interest expense and amortization payments. There would be no maturities until the revolver comes due in 2027. As things stand today, there are no maturities until 2024. Out an abundance of caution, Synamedia negotiated the foregoing of quarterly amortization payments from September 2020 until June 2021 in relation to the second lien credit agreement via an amendment executed in June of 2020 with the sole second lien lender. In FY22, second lien amortization payments returned to the original repayment profile. ESG Synamedia has an ESG Relevance Score of '4' for Management Strategy due to the weak implementation of the company's strategy relative to its privatization transaction rationale which, in combination with other factors, impacts the rating. Synamedia has an ESG Relevance Score of '4' for Governance Structure due to the lack of independent directors which, in combination with other factors, impacts the rating. Synamedia has an ESG Relevance Score of '4' for Group Structure due to the complexity of its ownership structure and associated related party transactions, which, in combination with other factors, affects the rating. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. ISSUER PROFILE Triton UK Midco Limited and Synamedia Americas Holdings Inc. (collectively referred to as Synamedia) is the leading global video technology provider to satellite, cable, telecom and over the top video distribution operators. TULLOW OIL: Moody's Affirms B3 CFR & B2 Rating on First Lien Notes ------------------------------------------------------------------ Moody's Investors Service has affirmed the B3 corporate family rating and B3-PD probability of default rating of Tullow Oil plc (Tullow Oil or the company). Concurrently, Moody's has affirmed the B2 rating of the $1,800 million guaranteed senior secured first lien notes due in 2026 and the Caa2 rating on the $800 million guaranteed senior unsecured notes due 2025. The rating outlook is stable. The rating action follows Moody's downgrade of Ghana's long-term issuer and senior unsecured debt ratings to Caa1 from B3. Moody's has lowered Ghana's local currency (LC) and foreign currency (FC) country ceiling to respectively B1 and B2 from Ba3 and B1. RATINGS RATIONALE The affirmation of Tullow Oil's ratings reflects Moody's view that the company can be rated one notch above the sovereign rating despite generating 70% of its daily production from oil fields in Ghana. Tullow Oil benefits from a degree of insulation from economic and financial disruptions potentially arising in case of sovereign distress, owing to: (i) its offshore production and direct sales of crude oil outside of the African continent, (ii) the limited exposure to foreign exchange risk supported by US dollar revenues, (iii) an established and diversified financing framework, independent of the Ghanaian domestic banking system and (iv) protection from adverse changes in tax regimes through stabilisation clauses included in the petroleum agreements. At the same time, the company's operations are concentrated in two lowly rated countries of Ghana (Caa1 stable) and Gabon (Caa1 stable) with Ghana accounting for 70% of Tullow Oil's average daily hydrocarbon production and 83% of proven and probable commercial reserves. The company does not generate any meaningful cash flows outside of these two countries therefore constraining any future rating upside to one notch above the rating of Ghana. The rating affirmation also reflects the expectation that Tullow Oil's credit metrics will continue to meet Moody's requirements for the B3 rating, supported by stable hydrocarbon volumes, maintenance of a competitive cost profile and continued adherence to a prudent financial policy framework. However, the rating action also considers the company's small scale, a financial profile characterised by high leverage and the very high negative exposure to carbon transition risk. LIQUIDITY Tullow Oil's liquidity position is good. Moody's assessment considers the company's (i) projected positive Free Cash Flow (FCF) generation under a $65-60/bbl Brent price scenario in 2022-2023, (ii) around $200 million of average cash balances, and (iii) access to a committed $500 million cash tranche of the Revolving Credit Facility (RCF), which is currently undrawn and expected to remain unutilised. Internally generated cash flows and available cash should cover all of Tullow Oil's funding needs over the next 12-18 months, including the annual $100 million amortization of the senior secured notes due in May each year, starting in 2022. STRUCTURAL CONSIDERATIONS The $1,800 million guaranteed senior secured notes due 2026 are rated B2, one notch above the B3 CFR, as they benefit from guarantees by, and share pledges over, all material subsidiaries of Tullow Oil and are therefore essentially secured by all the reserves of the group. While the notes rank pari passu with a $500 million cash tranche of the Revolving Credit Facility (RCF) due December 2024, in an enforcement scenario the RCF ranks ahead of the guaranteed senior secured notes. The Caa2 rating on the $800 million guaranteed senior unsecured notes is two notches below the B3 CFR, reflecting the high amount of secured debt ranking ahead of the guaranteed senior unsecured notes. RATINGS OUTLOOK The stable outlook reflects Moody's expectation that Tullow Oil will continue to conservatively manage its balance sheet, while securing commodity hedges on a substantial part of its production and keeping its leverage comfortably within the boundaries of the B3 rating guidance. Moody's also expect the company to maintain a good liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Tullow Oil's ratings is unlikely, given the significant exposure to Ghana (Caa1 stable) that constrains the company's CFR. Subject to an upgrade of the Ghanaian sovereign rating, positive rating pressure could result from rising operating profitability and improving FCF generation accompanied by a strong liquidity profile. For an upgrade Moody's requires substantial deleveraging, such that E&P debt to average daily production falls below $30,000 and retained cash flow to gross debt improves to at least 15%. Conversely, Tullow Oil's ratings could come under negative pressure if the company's E&P debt to total average daily production remains sustainably above $60,000 or if retained cash flow to debt falls below 10%. Weakening liquidity including a failure to address the 2025 maturities at least 12 months in advance could also lead to a downgrade. Tullow Oil's ratings would be downgraded also following a downgrade of Ghana's sovereign rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Independent Exploration and Production published in August 2021. PROFILE Headquartered in London (UK), Tullow Oil plc is an independent exploration and production oil and gas company, with assets located in West Africa (Ghana, Gabon, Cote d'Ivoire) as well as contingent resources in Kenya and Guyana. The company holds over 30 licenses across 8 countries and produced around 60 barrels of oil equivalent per day in 2021. Tullow Oil is listed on the London, Irish and Ghana Stock Exchanges. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week February 7 to February 11, 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 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68.220 Landesbank Baden-Wuert6.000 8/26/2022 EUR 72.890 Landesbank Baden-Wuert4.050 8/26/2022 EUR 38.120 EFG International Fina15.000 02/03/2022 USD 37.110 UBS AG/London 11.250 02/03/2023 CHF 62.100 UBS AG/London 19.750 02/03/2022 USD 59.000 Leonteq Securities AG 23.460 02/04/2022 CHF 42.280 Zurcher Kantonalbank F15.000 02/04/2022 USD 64.310 UniCredit Bank AG 3.600 10/05/2022 EUR 61.560 UniCredit Bank AG 3.850 10/05/2023 EUR 73.330 DekaBank Deutsche Giro2.600 10/24/2023 EUR 62.360 Danske Bank A/S 10.300 07/09/2023 SEK 11.600 DekaBank Deutsche Giro2.500 10/24/2023 EUR 62.190 Leonteq Securities AG/11.000 05/05/2022 CHF 53.960 UniCredit Bank AG 3.450 04/02/2024 EUR 64.780 DZ Bank AG Deutsche Ze10.250 3/23/2022 EUR 37.520 DZ Bank AG Deutsche Ze12.500 3/23/2022 EUR 69.750 Zurcher Kantonalbank F12.250 03/11/2022 CHF 65.160 Leonteq Securities AG/17.600 06/08/2022 USD 46.590 Leonteq Securities AG/16.400 06/02/2022 CHF 46.290 Landesbank Baden-Wuert4.050 3/24/2023 EUR 45.020 Landesbank Baden-Wuert3.150 3/24/2023 EUR 73.450 DZ Bank AG Deutsche Ze17.700 3/25/2022 EUR 66.680 DZ Bank AG Deutsche Ze16.700 3/25/2022 EUR 37.440 DZ Bank AG Deutsche Ze7.900 3/25/2022 EUR 65.740 DZ Bank AG Deutsche Ze12.600 3/25/2022 EUR 38.010 DZ Bank AG Deutsche Ze16.300 3/25/2022 EUR 34.530 DZ Bank AG Deutsche Ze20.200 3/25/2022 EUR 31.900 DZ Bank AG Deutsche Ze19.400 3/25/2022 EUR 71.690 UBS AG/London 10.000 03/03/2022 CHF 50.600 SG Issuer SA 2.100 2/14/2033 EUR 28.130 Landesbank Baden-Wuert4.750 2/25/2022 EUR 44.180 DekaBank Deutsche Giro4.250 05/03/2022 EUR 64.900 Nordea Bank Abp 4.100 7/20/2023 SEK 51.500 SG Issuer SA 8.700 1/20/2025 SEK 69.590 Leonteq Securities AG 5.400 7/25/2022 CHF 63.020 UniCredit Bank AG 3.500 8/24/2022 EUR 58.520 UniCredit Bank AG 3.650 7/23/2022 EUR 53.410 Societe Generale SA 3.900 3/23/2022 USD 0.100 SG Issuer SA 1.400 03/07/2033 EUR 27.640 Bank Vontobel AG 13.259 7/29/2022 CHF 52.100 DZ Bank AG Deutsche Ze9.000 2/23/2022 EUR 30.990 DZ Bank AG Deutsche Ze12.250 2/23/2022 EUR 61.710 Landesbank Baden-Wuert8.100 8/26/2022 EUR 66.920 UniCredit Bank AG 4.450 7/23/2022 EUR 66.380 UniCredit Bank AG 4.150 7/26/2022 EUR 50.950 EFG International Fina6.200 08/05/2022 EUR 46.940 UniCredit Bank AG 5.910 1/25/2022 USD 64.970 UniCredit Bank AG 4.200 7/26/2022 EUR 30.850 Landesbank Baden-Wuert3.400 2/24/2023 EUR 64.410 Landesbank Baden-Wuert4.100 1/28/2022 EUR 48.960 Landesbank Baden-Wuert3.400 11/25/2022 EUR 57.830 Landesbank Baden-Wuert3.400 1/27/2023 EUR 62.030 Landesbank Baden-Wuert3.250 2/24/2023 EUR 65.090 SG Issuer SA 5.000 04/02/2024 EUR 58.210 UniCredit Bank AG 5.150 01/02/2023 EUR 59.150 Landesbank Baden-Wuert9.000 10/28/2022 EUR 67.220 Landesbank Baden-Wuert4.000 10/28/2022 EUR 73.540 Landesbank Baden-Wuert6.500 10/28/2022 EUR 70.140 Raiffeisen Schweiz Gen18.000 8/30/2022 CHF 51.070 Credit Suisse AG/Londo10.500 10/26/2022 CHF 58.570 Credit Suisse AG/Londo9.000 11/03/2022 CHF 68.860 Societe Generale Effek18.750 3/25/2022 EUR 64.100 Credit Suisse AG/Londo14.000 11/02/2022 CHF 50.830 Vontobel Financial Pro20.250 05/09/2022 USD 67.950 Credit Suisse AG/Londo15.000 11/02/2022 USD 50.380 Leonteq Securities AG/21.600 11/08/2022 CHF 59.720 Barclays Bank PLC 0.333 11/08/2023 USD 9.490 Societe Generale Effek8.750 6/24/2022 EUR 71.650 Leonteq Securities AG 14.000 12/20/2022 CHF 59.110 Leonteq Securities AG 22.220 9/16/2022 CHF 51.460 Leonteq Securities AG 17.200 9/20/2022 CHF 47.500 Zurcher Kantonalbank F26.500 9/13/2022 USD 58.570 UBS AG/London 9.750 3/15/2023 CHF 63.300 Leonteq Securities AG/10.000 12/20/2022 CHF 60.100 Zurcher Kantonalbank F25.500 9/13/2022 CHF 57.930 VTB Bank PJSC 0.010 07/06/2024 RUB 75.600 DekaBank Deutsche Giro2.800 05/02/2022 EUR 52.160 Landesbank Baden-Wuert2.300 6/24/2022 EUR 54.920 Landesbank Baden-Wuert2.750 3/25/2022 EUR 59.860 Corner Banca SA 14.000 05/09/2022 CHF 48.150 Leonteq Securities AG 13.000 05/09/2022 CHF 47.710 UBS AG/London 13.250 05/12/2022 USD 45.700 UBS AG/London 13.500 05/12/2022 USD 45.750 Bank Vontobel AG 8.000 7/18/2022 CHF 54.600 Societe Generale Effek20.500 3/25/2022 EUR 59.880 Societe Generale Effek15.250 8/26/2022 EUR 64.860 Vontobel Financial Pro17.000 9/23/2022 EUR 67.010 Corner Banca SA 13.000 10/19/2022 CHF 56.320 Vontobel Financial Pro9.500 9/23/2022 EUR 72.890 Vontobel Financial Pro12.000 6/24/2022 EUR 71.650 Corner Banca SA 11.200 7/19/2022 CHF 72.350 Leonteq Securities AG 10.000 10/19/2022 CHF 64.340 Vontobel Financial Pro18.500 9/23/2022 EUR 68.020 Vontobel Financial Pro19.500 6/24/2022 EUR 64.850 Corner Banca SA 20.000 9/13/2022 CHF 59.120 Leonteq Securities AG/13.000 11/30/2022 USD 57.990 Vontobel Financial Pro20.000 9/23/2022 EUR 69.010 Vontobel Financial Pro15.500 9/23/2022 EUR 66.020 Vontobel Financial Pro22.000 9/23/2022 EUR 70.340 EFG International Fina9.430 7/19/2022 USD 71.780 Leonteq Securities AG/10.000 07/12/2023 CHF 70.820 Vontobel Financial Pro12.500 6/24/2022 EUR 58.000 Vontobel Financial Pro10.500 6/24/2022 EUR 60.440 Vontobel Financial Pro15.000 6/24/2022 EUR 56.090 Vontobel Financial Pro9.500 6/24/2022 EUR 71.180 Vontobel Financial Pro11.000 6/24/2022 EUR 69.260 EFG International Fina14.000 8/25/2022 USD 53.100 EFG International Fina12.000 03/01/2023 CHF 63.800 Vontobel Financial Pro8.000 6/24/2022 EUR 63.060 Vontobel Financial Pro13.000 6/24/2022 EUR 67.720 Vontobel Financial Pro17.500 6/24/2022 EUR 54.490 Vontobel Financial Pro20.000 6/24/2022 EUR 53.130 Vontobel Financial Pro14.500 6/24/2022 EUR 66.120 EFG International Fina13.000 8/25/2022 CHF 62.260 Vontobel Financial Pro12.000 9/27/2022 EUR 49.610 Leonteq Securities AG/22.130 07/08/2022 CHF 36.820 EFG International Fina8.700 7/13/2023 EUR 66.770 UBS AG/London 12.000 11/30/2022 EUR 69.700 UBS AG/London 11.000 11/30/2022 CHF 62.600 Leonteq Securities AG/22.870 06/09/2022 CHF 58.590 Raiffeisen Schweiz Gen14.000 07/12/2022 CHF 62.410 Vontobel Financial Pro8.500 9/23/2022 EUR 63.350 Vontobel Financial Pro15.000 9/23/2022 EUR 65.070 Zurcher Kantonalbank F19.000 7/22/2022 CHF 60.030 EFG International Fina12.000 03/08/2023 CHF 62.410 Luzerner Kantonalbank 15.500 09/07/2022 CHF 53.070 Leonteq Securities AG 26.040 9/20/2022 CHF 48.710 UBS AG/London 11.250 12/09/2022 CHF 67.550 Vontobel Financial Pro18.000 9/23/2022 EUR 69.630 Zurcher Kantonalbank F8.100 12/14/2022 USD 69.720 Raiffeisen Schweiz Gen5.500 06/07/2023 CHF 72.940 UBS AG/London 10.500 06/09/2023 CHF 69.400 Vontobel Financial Pro10.500 6/24/2022 EUR 63.090 Vontobel Financial Pro20.000 6/24/2022 EUR 69.690 Leonteq Securities AG 16.000 6/28/2022 CHF 50.120 Leonteq Securities AG 17.000 6/28/2022 CHF 41.110 Leonteq Securities AG 14.000 12/28/2022 CHF 62.880 Leonteq Securities AG/12.000 6/28/2022 CHF 31.440 Leonteq Securities AG/22.560 6/24/2022 CHF 33.480 Leonteq Securities AG/17.000 6/28/2022 USD 58.470 Leonteq Securities AG/26.030 6/24/2022 CHF 41.400 Credit Suisse AG/Londo18.000 12/05/2023 USD 9.750 Leonteq Securities AG 23.200 09/07/2022 CHF 48.840 Leonteq Securities AG/11.000 09/07/2022 CHF 46.420 DZ Bank AG Deutsche Ze22.900 3/25/2022 EUR 61.450 DZ Bank AG Deutsche Ze15.800 9/23/2022 EUR 67.660 DZ Bank AG Deutsche Ze15.500 12/21/2022 EUR 72.830 DZ Bank AG Deutsche Ze14.500 9/21/2022 EUR 69.740 UniCredit Bank AG 6.650 9/28/2022 EUR 68.440 Raiffeisen Schweiz Gen13.000 09/06/2022 CHF 61.780 Raiffeisen Schweiz Gen17.000 09/07/2022 USD 49.210 Raiffeisen Schweiz Gen18.000 06/03/2022 CHF 50.800 Leonteq Securities AG/25.000 09/07/2022 CHF 51.110 DZ Bank AG Deutsche Ze21.300 9/23/2022 EUR 72.570 DZ Bank AG Deutsche Ze23.200 9/23/2022 EUR 71.130 DZ Bank AG Deutsche Ze22.500 9/23/2022 EUR 69.560 DZ Bank AG Deutsche Ze21.900 6/24/2022 EUR 70.110 DZ Bank AG Deutsche Ze23.500 3/25/2022 EUR 65.500 DZ Bank AG Deutsche Ze22.000 6/24/2022 EUR 66.590 DZ Bank AG Deutsche Ze24.100 9/23/2022 EUR 65.390 DZ Bank AG Deutsche Ze23.100 6/24/2022 EUR 66.550 DZ Bank AG Deutsche Ze22.200 9/23/2022 EUR 67.940 Luzerner Kantonalbank 10.120 12/23/2022 CHF 58.850 EFG International Fina17.000 6/23/2022 CHF 59.110 UBS AG/London 9.750 12/23/2022 CHF 65.300 UBS AG/London 8.250 6/23/2022 CHF 54.550 UBS AG/London 16.750 12/23/2022 CHF 58.300 Basler Kantonalbank 12.000 9/29/2022 CHF 56.640 EFG International Fina12.000 3/29/2023 USD 51.540 Leonteq Securities AG/22.200 10/04/2022 CHF 52.260 Societe Generale Effek17.750 7/22/2022 EUR 71.360 Credit Suisse AG/Londo25.000 10/20/2026 USD 9.456 Leonteq Securities AG/22.800 10/05/2022 CHF 63.230 Vontobel Financial Pro15.250 9/23/2022 EUR 62.380 EFG International Fina15.000 10/06/2022 USD 66.880 Vontobel Financial Pro13.950 05/05/2022 CHF 62.240 Vontobel Financial Pro19.250 05/05/2022 USD 68.550 Bank Julius Baer & Co 17.200 02/06/2023 USD 62.050 Vontobel Financial Pro13.000 12/23/2022 EUR 69.460 Vontobel Financial Pro15.500 12/23/2022 EUR 62.160 Vontobel Financial Pro18.500 12/23/2022 EUR 66.030 Leonteq Securities AG 24.000 11/04/2022 CHF 63.430 Bank Vontobel AG 16.500 01/03/2023 EUR 48.800 Bank Vontobel AG 8.500 11/03/2023 CHF 59.000 Bank Vontobel AG 14.250 11/07/2022 CHF 70.600 Leonteq Securities AG 15.000 11/08/2022 CHF 67.500 Leonteq Securities AG/14.000 02/08/2023 USD 65.170 Leonteq Securities AG/13.000 11/08/2022 CHF 60.180 Leonteq Securities AG 10.000 01/04/2023 CHF 61.700 Leonteq Securities AG 15.000 01/04/2023 CHF 61.490 Zurcher Kantonalbank F15.000 8/24/2022 CHF 53.230 UBS AG/London 17.250 11/24/2022 EUR 71.300 Leonteq Securities AG/22.820 11/25/2022 CHF 69.180 Societe Generale Effek10.750 11/25/2022 EUR 71.580 Societe Generale Effek12.750 11/25/2022 EUR 69.130 Societe Generale Effek14.750 11/25/2022 EUR 67.460 Societe Generale Effek18.000 7/22/2022 EUR 64.970 Societe Generale Effek16.000 9/23/2022 EUR 66.260 Bank Julius Baer & Co 8.550 8/19/2022 USD 70.350 Bank Julius Baer & Co 8.450 8/19/2022 USD 69.600 Leonteq Securities AG/10.000 11/25/2022 CHF 68.690 Leonteq Securities AG 11.000 01/11/2023 CHF 63.710 Leonteq Securities AG/18.000 10/12/2022 USD 55.740 Leonteq Securities AG/24.600 10/07/2022 CHF 55.400 Leonteq Securities AG/12.000 10/11/2022 CHF 53.320 Credit Suisse AG/Londo13.500 11/28/2022 CHF 62.740 Credit Suisse AG/Londo15.000 11/29/2022 USD 63.260 Bank Vontobel AG 12.250 11/28/2022 CHF 59.400 Raiffeisen Switzerland19.000 12/06/2022 CHF 60.640 Landesbank Baden-Wuert6.200 1/28/2022 EUR 54.250 Zurcher Kantonalbank F8.000 07/01/2022 CHF 68.360 Vontobel Financial Pro9.500 6/24/2022 EUR 51.180 Vontobel Financial Pro12.000 6/24/2022 EUR 74.090 Bank Julius Baer & Co 11.000 6/27/2022 CHF 56.800 Vontobel Financial Pro14.000 6/24/2022 EUR 59.570 Vontobel Financial Pro18.500 6/24/2022 EUR 57.200 Vontobel Financial Pro7.000 6/24/2022 EUR 67.470 Landesbank Baden-Wuert3.100 6/24/2022 EUR 69.360 Landesbank Baden-Wuert4.350 6/24/2022 EUR 66.870 Landesbank Baden-Wuert4.550 5/27/2022 EUR 50.670 Landesbank Baden-Wuert6.400 5/27/2022 EUR 47.940 Landesbank Baden-Wuert8.500 5/27/2022 EUR 45.700 Landesbank Baden-Wuert2.050 6/24/2022 EUR 72.190 Landesbank Baden-Wuert3.300 5/27/2022 EUR 57.870 Landesbank Baden-Wuert6.700 5/27/2022 EUR 49.820 EFG International Fina14.000 11/21/2022 CHF 33.600 Leonteq Securities AG 16.000 5/25/2022 CHF 24.900 Leonteq Securities AG/25.030 2/25/2022 USD 35.570 Vontobel Financial Pro8.500 5/25/2022 USD 69.180 Vontobel Financial Pro12.500 6/24/2022 EUR 47.990 Leonteq Securities AG/12.000 6/21/2022 CHF 61.010 Vontobel Financial Pro23.500 3/25/2022 EUR 72.300 Vontobel Financial Pro13.500 3/25/2022 EUR 35.240 Vontobel Financial Pro11.500 3/25/2022 EUR 36.980 Vontobel Financial Pro7.500 3/25/2022 EUR 41.320 Vontobel Financial Pro16.000 3/25/2022 EUR 33.820 Vontobel Financial Pro12.000 3/25/2022 EUR 52.850 Vontobel Financial Pro22.000 3/25/2022 EUR 70.670 EFG International Fina7.000 3/23/2023 USD 39.070 DZ Bank AG Deutsche Ze14.400 3/25/2022 EUR 41.880 DZ Bank AG Deutsche Ze16.700 3/25/2022 EUR 39.570 DZ Bank AG Deutsche Ze14.800 3/25/2022 EUR 72.720 DZ Bank AG Deutsche Ze21.700 3/25/2022 EUR 65.500 DZ Bank AG Deutsche Ze23.500 3/25/2022 EUR 62.330 DZ Bank AG Deutsche Ze21.600 3/25/2022 EUR 66.280 DZ Bank AG Deutsche Ze18.600 3/25/2022 EUR 71.820 DZ Bank AG Deutsche Ze16.600 3/25/2022 EUR 73.880 DZ Bank AG Deutsche Ze19.800 3/25/2022 EUR 69.320 Bank Julius Baer & Co 7.450 9/26/2022 USD 65.400 Zurcher Kantonalbank F18.000 07/01/2022 USD 68.160 Leonteq Securities AG/20.760 6/17/2022 CHF 38.050 Vontobel Financial Pro17.000 6/24/2022 EUR 72.420 Vontobel Financial Pro7.500 6/24/2022 EUR 52.680 Vontobel Financial Pro15.000 6/24/2022 EUR 46.260 Vontobel Financial Pro10.000 6/24/2022 EUR 50.090 Vontobel Financial Pro17.500 6/24/2022 EUR 44.870 Bank Julius Baer & Co 10.800 5/25/2022 USD 59.600 Leonteq Securities AG 13.000 12/21/2022 CHF 65.660 Leonteq Securities AG 15.000 6/21/2022 CHF 35.720 Zurcher Kantonalbank F10.500 06/02/2022 CHF 69.480 Raiffeisen Schweiz Gen10.500 6/21/2022 CHF 62.000 Corner Banca SA 12.000 12/21/2022 CHF 52.450 Vontobel Financial Pro7.000 6/24/2022 EUR 70.890 Vontobel Financial Pro19.500 6/24/2022 EUR 66.570 Vontobel Financial Pro16.500 6/24/2022 EUR 65.320 Vontobel Financial Pro11.000 6/24/2022 EUR 69.240 Vontobel Financial Pro16.000 6/24/2022 EUR 58.200 Vontobel Financial Pro12.000 6/24/2022 EUR 61.120 Leonteq Securities AG/10.000 7/19/2022 CHF 22.990 Vontobel Financial Pro10.000 9/23/2022 EUR 68.030 Vontobel Financial Pro11.500 6/24/2022 EUR 66.300 Zurcher Kantonalbank F24.000 6/17/2022 CHF 61.480 Vontobel Financial Pro11.000 6/24/2022 EUR 72.050 Zurcher Kantonalbank F12.000 6/21/2022 CHF 65.190 Vontobel Financial Pro19.500 6/24/2022 EUR 44.070 Leonteq Securities AG 13.200 10/19/2022 CHF 53.380 Zurcher Kantonalbank F18.000 6/30/2022 CHF 52.710 Bank Vontobel AG 14.000 12/19/2022 CHF 36.100 Bank Vontobel AG 12.500 9/19/2022 CHF 66.200 Bank Vontobel AG 7.000 9/19/2022 CHF 64.300 Leonteq Securities AG/14.200 10/19/2022 USD 53.190 UBS AG/London 14.750 4/14/2023 USD 65.800 UBS AG/London 13.250 4/14/2023 USD 68.950 UBS AG/London 13.000 10/06/2022 CHF 52.800 UBS AG/London 21.250 2/20/2023 CHF 56.750 UBS AG/London 9.250 2/27/2023 CHF 65.400 UBS AG/London 15.750 2/27/2023 CHF 56.750 Credit Suisse AG/Londo12.250 7/28/2022 CHF 72.530 Credit Suisse AG/Londo8.000 10/28/2022 CHF 66.860 Credit Suisse AG/Londo9.500 08/03/2022 CHF 61.610 UBS AG/London 10.250 02/06/2023 CHF 64.150 Bank Vontobel AG 15.000 8/29/2022 USD 51.800 Raiffeisen Schweiz Gen4.000 03/03/2023 CHF 73.430 Leonteq Securities AG/20.000 09/07/2022 USD 56.340 Societe Generale Effek17.000 5/27/2022 EUR 66.870 Leonteq Securities AG/26.200 09/07/2022 CHF 54.200 EFG International Fina11.000 1/23/2023 CHF 65.470 Raiffeisen Schweiz Gen10.000 1/16/2023 CHF 68.420 Leonteq Securities AG 23.400 11/02/2022 CHF 69.960 Banque Internationale 18.000 11/02/2022 EUR 59.430 DZ Bank AG Deutsche Ze20.700 9/23/2022 EUR 64.000 DZ Bank AG Deutsche Ze18.000 6/24/2022 EUR 64.960 Leonteq Securities AG 22.440 10/11/2022 CHF 53.860 DZ Bank AG Deutsche Ze22.900 9/23/2022 EUR 71.360 DZ Bank AG Deutsche Ze12.300 9/23/2022 EUR 76.320 Raiffeisen Schweiz Gen12.000 01/04/2023 CHF 63.220 Raiffeisen Switzerland17.500 11/08/2022 USD 59.320 Vontobel Financial Pro7.500 9/23/2022 EUR 60.120 Vontobel Financial Pro19.000 6/24/2022 EUR 53.840 Vontobel Financial Pro8.500 6/24/2022 EUR 59.680 Vontobel Financial Pro14.500 6/24/2022 EUR 55.600 Vontobel Financial Pro13.000 9/23/2022 EUR 70.880 Vontobel Financial Pro15.500 9/23/2022 EUR 68.130 Vontobel Financial Pro12.500 6/24/2022 EUR 71.100 Vontobel Financial Pro21.500 9/23/2022 EUR 64.670 Vontobel Financial Pro21.500 6/24/2022 EUR 63.350 Societe Generale Effek12.500 10/28/2022 EUR 70.500 Vontobel Financial Pro9.250 12/23/2022 EUR 55.170 Raiffeisen Schweiz Gen18.000 10/04/2022 CHF 48.860 UniCredit Bank AG 9.950 9/14/2022 EUR 61.020 Bank Julius Baer & Co 14.000 11/23/2022 CHF 69.700 DZ Bank AG Deutsche Ze18.500 11/25/2022 EUR 70.450 DZ Bank AG Deutsche Ze17.700 3/24/2023 EUR 71.470 Leonteq Securities AG 24.240 9/30/2022 CHF 61.540 Zurcher Kantonalbank F11.750 8/25/2022 CHF 69.540 Leonteq Securities AG/19.430 10/04/2022 CHF 49.590 Leonteq Securities AG/22.160 8/17/2022 CHF 49.070 Bank Vontobel AG 20.000 11/21/2022 CHF 63.300 Raiffeisen Schweiz Gen15.000 11/16/2022 CHF 71.000 Landesbank Baden-Wuert3.650 3/24/2023 EUR 65.990 Landesbank Baden-Wuert6.200 3/24/2023 EUR 62.710 Vontobel Financial Pro15.000 9/23/2022 EUR 67.440 DZ Bank AG Deutsche Ze9.500 9/21/2022 EUR 62.350 Vontobel Financial Pro16.750 9/23/2022 EUR 57.030 DZ Bank AG Deutsche Ze17.700 12/23/2022 EUR 70.940 DZ Bank AG Deutsche Ze20.400 12/23/2022 EUR 69.870 Leonteq Securities AG/19.330 10/04/2022 CHF 52.710 Vontobel Financial Pro17.000 9/23/2022 EUR 55.020 Vontobel Financial Pro6.000 9/23/2022 EUR 61.540 Bank Julius Baer & Co 7.900 2/13/2023 EUR 72.300 Zurcher Kantonalbank F20.500 9/13/2022 CHF 66.480 Leonteq Securities AG/24.440 09/02/2022 CHF 52.070 Vontobel Financial Pro5.500 12/23/2022 EUR 72.340 Vontobel Financial Pro15.000 12/23/2022 EUR 65.680 Raiffeisen Schweiz Gen16.000 9/20/2022 CHF 45.740 Raiffeisen Schweiz Gen16.000 9/20/2022 CHF 61.380 Leonteq Securities AG 25.680 9/23/2022 CHF 58.600 Leonteq Securities AG 20.880 9/23/2022 CHF 48.820 Vontobel Financial Pro15.000 9/23/2022 EUR 72.660 Vontobel Financial Pro17.000 9/23/2022 EUR 67.100 Vontobel Financial Pro20.000 9/23/2022 EUR 65.370 Vontobel Financial Pro18.500 9/23/2022 EUR 66.180 Vontobel Financial Pro17.500 6/24/2022 EUR 65.850 Vontobel Financial Pro19.500 6/24/2022 EUR 64.530 Vontobel Financial Pro24.000 6/24/2022 EUR 62.500 Vontobel Financial Pro18.250 9/23/2022 EUR 45.880 Zurcher Kantonalbank F13.000 09/08/2022 CHF 62.110 Zurcher Kantonalbank F26.000 09/09/2022 USD 52.360 DZ Bank AG Deutsche Ze9.400 12/23/2022 EUR 76.030 DZ Bank AG Deutsche Ze15.600 12/23/2022 EUR 72.890 DZ Bank AG Deutsche Ze15.100 9/23/2022 EUR 73.030 DZ Bank AG Deutsche Ze9.600 12/23/2022 EUR 58.970 DZ Bank AG Deutsche Ze17.100 12/23/2022 EUR 69.980 DZ Bank AG Deutsche Ze18.800 9/23/2022 EUR 71.630 Zurcher Kantonalbank F19.000 9/13/2022 USD 67.500 Zurcher Kantonalbank F18.000 9/13/2022 CHF 67.470 Zurcher Kantonalbank F27.000 9/13/2022 USD 51.670 Zurcher Kantonalbank F26.000 9/13/2022 CHF 51.210 Vontobel Financial Pro14.000 9/23/2022 EUR 56.320 Vontobel Financial Pro10.500 6/24/2022 EUR 58.150 Vontobel Financial Pro14.000 9/23/2022 EUR 52.940 Vontobel Financial Pro14.000 9/23/2022 EUR 46.580 Leonteq Securities AG 24.480 9/21/2022 CHF 55.120 Vontobel Financial Pro12.500 9/23/2022 EUR 54.820 Zurcher Kantonalbank F24.750 09/09/2022 CHF 51.940 Landesbank Baden-Wuert6.100 8/25/2023 EUR 61.460 DZ Bank AG Deutsche Ze14.700 12/23/2022 EUR 57.230 Vontobel Financial Pro15.250 9/23/2022 EUR 66.950 Bank Julius Baer & Co 7.600 09/02/2022 USD 54.250 Vontobel Financial Pro10.500 9/23/2022 EUR 57.760 Leonteq Securities AG/24.190 8/30/2022 CHF 46.590 Leonteq Securities AG/18.000 8/31/2022 CHF 63.330 EFG International Fina21.000 09/02/2022 USD 51.730 Banque Internationale 11.000 11/09/2022 CHF 68.960 Leonteq Securities AG/21.600 11/09/2022 CHF 61.760 Leonteq Securities AG/25.200 11/09/2022 CHF 66.440 Landesbank Baden-Wuert4.800 8/25/2023 EUR 62.990 Vontobel Financial Pro11.700 1/24/2023 USD 63.820 Zurcher Kantonalbank F20.000 10/26/2022 USD 58.210 DZ Bank AG Deutsche Ze17.000 6/24/2022 EUR 70.810 Leonteq Securities AG/11.000 1/19/2023 CHF 68.050 Vontobel Financial Pro16.500 9/23/2022 EUR 62.660 Vontobel Financial Pro15.500 6/24/2022 EUR 62.570 Bank Julius Baer & Co 13.000 6/22/2022 CHF 55.800 Bank Vontobel AG 13.750 03/06/2023 EUR 69.300 DZ Bank AG Deutsche Ze12.500 8/24/2022 EUR 55.160 Bank Vontobel AG 15.000 05/02/2023 CHF 61.600 DZ Bank AG Deutsche Ze23.000 6/24/2022 EUR 72.720 DZ Bank AG Deutsche Ze22.400 6/24/2022 EUR 65.450 Leonteq Securities AG 20.400 11/01/2022 CHF 72.230 Corner Banca SA 20.000 11/01/2022 USD 62.070 EFG International Fina12.000 7/21/2022 CHF 67.660 Raiffeisen Schweiz Gen12.250 05/02/2023 CHF 59.340 Zurcher Kantonalbank F6.750 7/27/2022 USD 62.660 Zurcher Kantonalbank F17.000 7/27/2022 CHF 58.150 Zurcher Kantonalbank F16.000 7/26/2022 CHF 64.340 Zurcher Kantonalbank F19.000 6/30/2022 USD 53.020 UBS AG/London 13.750 10/06/2023 USD 64.400 Credit Suisse AG/Londo12.500 7/29/2022 USD 36.330 Credit Suisse AG/Londo10.000 08/03/2022 EUR 60.700 UBS AG/London 13.000 04/06/2023 USD 54.850 Bank Julius Baer & Co 4.850 7/20/2022 CHF 68.950 UBS AG/London 12.000 02/06/2023 USD 69.400 DekaBank Deutsche Giro4.000 8/18/2022 EUR 64.410 DZ Bank AG Deutsche Ze10.750 8/24/2022 EUR 59.730 DZ Bank AG Deutsche Ze24.400 3/25/2022 EUR 72.510 Vontobel Financial Pro8.500 6/24/2022 EUR 73.180 Leonteq Securities AG 23.320 09/07/2022 CHF 55.960 Leonteq Securities AG/9.000 03/07/2023 USD 62.990 Vontobel Financial Pro13.500 9/23/2022 EUR 65.160 UniCredit Bank AG 7.650 7/18/2022 EUR 68.790 Leonteq Securities AG/22.790 6/22/2022 CHF 49.830 Vontobel Financial Pro10.500 6/24/2022 EUR 74.070 Vontobel Financial Pro13.000 6/24/2022 EUR 67.250 Vontobel Financial Pro5.500 6/24/2022 EUR 70.130 Vontobel Financial Pro8.500 6/24/2022 EUR 65.060 Credit Suisse AG/Londo9.500 6/21/2022 USD 44.880 Leonteq Securities AG/10.000 1/19/2023 USD 37.000 DZ Bank AG Deutsche Ze11.250 7/20/2022 EUR 52.250 Credit Suisse AG/Londo9.500 10/18/2022 CHF 59.640 Credit Suisse AG/Londo12.250 10/24/2022 CHF 52.550 Credit Suisse AG/Londo13.500 10/24/2022 USD 52.740 Bank Vontobel AG 16.500 10/31/2022 CHF 58.100 DZ Bank AG Deutsche Ze19.200 3/25/2022 EUR 67.980 DZ Bank AG Deutsche Ze18.300 6/24/2022 EUR 61.260 DZ Bank AG Deutsche Ze20.000 6/24/2022 EUR 60.060 DZ Bank AG Deutsche Ze16.400 9/23/2022 EUR 61.770 EFG International Fina14.000 10/13/2022 CHF 57.180 Vontobel Financial Pro11.500 9/23/2022 EUR 65.340 Vontobel Financial Pro16.500 9/23/2022 EUR 62.290 Vontobel Financial Pro14.000 9/23/2022 EUR 63.670 Vontobel Financial Pro19.500 9/23/2022 EUR 61.570 Vontobel Financial Pro9.000 9/23/2022 EUR 67.350 Luzerner Kantonalbank 7.500 08/09/2023 CHF 69.570 Bank Vontobel AG 14.000 9/19/2022 CHF 48.300 Bank Vontobel AG 13.002 9/19/2022 CHF 26.900 UBS AG/London 9.750 04/06/2023 USD 61.050 Credit Suisse AG/Londo18.250 08/08/2022 USD 47.200 Zurcher Kantonalbank F23.000 10/20/2022 CHF 66.090 Zurcher Kantonalbank F14.500 10/24/2022 USD 40.980 UBS AG/London 10.000 12/30/2022 CHF 68.550 Bank Vontobel AG 10.000 1/23/2023 CHF 60.800 UBS AG/London 18.750 02/06/2023 CHF 61.650 Leonteq Securities AG/10.600 7/19/2022 USD 37.800 Leonteq Securities AG/13.000 7/19/2022 USD 43.250 Leonteq Securities AG/27.800 4/22/2022 CHF #N/A N/A Leonteq Securities AG/20.000 7/20/2022 CHF 67.860 Vontobel Financial Pro10.500 9/23/2022 EUR 45.080 Zurcher Kantonalbank F16.000 7/28/2022 CHF 61.310 Vontobel Financial Pro27.900 05/09/2022 EUR 69.170 Raiffeisen Schweiz Gen15.000 06/07/2022 CHF 69.660 Leonteq Securities AG/24.870 6/14/2022 CHF 28.710 Bank Julius Baer & Co 16.000 9/23/2022 CHF 56.450 UniCredit Bank AG 7.400 12/07/2022 EUR 65.570 VTB Bank PJSC 0.010 10/14/2026 RUB 65.930 Credit Suisse AG/Londo17.000 11/10/2022 USD 52.060 Credit Suisse AG/Londo9.250 11/10/2022 CHF 62.630 UniCredit Bank AG 11.700 12/15/2022 EUR 69.600 Zurcher Kantonalbank F16.000 02/09/2022 CHF 67.400 Societe Generale Effek17.000 3/25/2022 EUR 59.530 EFG International Fina22.900 6/15/2022 CHF 47.530 Zurcher Kantonalbank F20.500 08/09/2022 CHF 54.970 Landesbank Baden-Wuert3.150 6/24/2022 EUR 37.020 Vontobel Financial Pro11.100 1/31/2022 EUR 57.170 Landesbank Baden-Wuert4.700 9/23/2022 EUR 60.740 Landesbank Baden-Wuert9.000 9/23/2022 EUR 70.160 Vontobel Financial Pro17.750 6/24/2022 EUR 39.540 Landesbank Baden-Wuert2.850 9/23/2022 EUR 64.080 Societe Generale Effek18.250 6/24/2022 EUR 70.170 Leonteq Securities AG/22.450 7/29/2022 CHF 50.150 Vontobel Financial Pro14.750 6/24/2022 EUR 35.700 Vontobel Financial Pro17.000 9/23/2022 EUR 58.070 Landesbank Baden-Wuert4.850 6/24/2022 EUR 32.100 Vontobel Financial Pro12.000 6/24/2022 EUR 63.370 Leonteq Securities AG/20.000 7/29/2022 CHF 67.010 Societe Generale Effek18.000 5/27/2022 EUR 61.080 Landesbank Baden-Wuert11.000 3/25/2022 EUR 68.120 Vontobel Financial Pro19.000 9/23/2022 EUR 47.710 UniCredit Bank AG 12.000 8/18/2022 EUR 53.920 Bank Vontobel AG 11.000 08/01/2022 EUR 70.800 Vontobel Financial Pro11.750 6/24/2022 EUR 47.500 UBS AG/London 12.250 06/09/2022 CHF 54.250 EFG International Fina11.000 06/10/2022 USD 53.300 Bank Vontobel AG 7.504 6/13/2022 CHF 49.900 Leonteq Securities AG 12.000 6/15/2022 CHF 48.910 EFG International Fina6.200 12/18/2023 USD 47.070 Vontobel Financial Pro4.050 7/15/2022 EUR 34.790 Leonteq Securities AG 13.000 6/21/2022 CHF 54.040 Leonteq Securities AG/16.000 6/21/2022 USD 52.250 EFG International Fina6.000 12/22/2023 USD 51.700 Corner Banca SA 14.000 11/02/2022 CHF 61.290 Leonteq Securities AG 15.000 08/02/2022 CHF 41.780 Leonteq Securities AG/17.000 08/02/2022 USD 47.780 Leonteq Securities AG/10.000 1/30/2023 USD 64.960 Leonteq Securities AG/20.000 08/03/2022 CHF 54.890 Corner Banca SA 20.000 8/30/2022 USD 59.120 Leonteq Securities AG 10.000 03/10/2023 CHF 61.040 EFG International Fina9.000 1/16/2023 CHF 65.190 Leonteq Securities AG/22.770 8/30/2022 CHF 55.620 Leonteq Securities AG 15.000 9/13/2022 CHF 48.320 Corner Banca SA 17.000 12/13/2022 USD 58.550 Leonteq Securities AG/18.000 9/13/2022 USD 58.650 Leonteq Securities AG/10.000 12/13/2022 USD 60.950 Vontobel Financial Pro13.750 6/24/2022 EUR 71.980 Vontobel Financial Pro10.750 6/24/2022 EUR 68.960 Societe Generale Effek16.750 6/24/2022 EUR 63.040 Leonteq Securities AG/20.000 7/13/2022 CHF 67.540 Vontobel Financial Pro14.000 9/23/2022 EUR 72.910 Bank Julius Baer & Co 14.500 1/13/2023 USD 47.750 UniCredit Bank AG 10.300 9/27/2024 EUR 70.400 Societe Generale Effek16.000 7/22/2022 EUR 63.750 Leonteq Securities AG/24.610 7/15/2022 CHF 60.960 Raiffeisen Schweiz Gen18.520 7/13/2022 CHF 48.880 Zurcher Kantonalbank F15.000 7/20/2022 CHF 65.030 Leonteq Securities AG/22.000 09/09/2022 CHF 49.970 Vontobel Financial Pro17.850 03/10/2022 USD 67.670 Vontobel Financial Pro17.750 6/24/2022 EUR 53.690 Leonteq Securities AG/28.010 4/19/2022 CHF 23.340 Leonteq Securities AG/23.000 09/09/2022 CHF 60.680 Bank Julius Baer & Co 14.580 09/09/2022 USD 45.750 Bank Vontobel AG 6.504 12/05/2022 CHF 62.300 Bank Vontobel AG 6.504 12/05/2022 CHF 62.300 UniCredit Bank AG 10.500 9/23/2024 EUR 72.090 Leonteq Securities AG/16.000 8/30/2022 CHF 45.300 Vontobel Financial Pro18.650 06/09/2022 EUR 24.060 SG Issuer SA 0.021 6/14/2033 EUR 25.730 Bank Julius Baer & Co 9.500 10/13/2022 CHF 71.700 Vontobel Financial Pro14.000 6/24/2022 EUR 54.090 Raiffeisen Centrobank 7.500 09/01/2023 EUR #N/A N/A Credit Suisse AG/Londo11.000 4/15/2022 USD 47.840 Vontobel Financial Pro11.500 6/24/2022 EUR 73.220 Vontobel Financial Pro14.000 6/24/2022 EUR 71.290 Vontobel Financial Pro19.000 6/24/2022 EUR 73.250 Vontobel Financial Pro19.500 6/24/2022 EUR 72.320 Vontobel Financial Pro20.500 3/25/2022 EUR 73.510 Vontobel Financial Pro13.000 3/25/2022 EUR 71.850 Societe Generale Effek15.000 2/25/2022 EUR 64.590 UniCredit Bank AG 3.600 09/02/2024 EUR 70.790 EFG International Fina22.000 9/15/2022 CHF 52.340 Vontobel Financial Pro16.000 6/24/2022 EUR 61.040 Vontobel Financial Pro19.500 6/24/2022 EUR 59.370 Vontobel Financial Pro17.000 6/24/2022 EUR 70.540 Vontobel Financial Pro18.000 6/24/2022 EUR 69.790 Leonteq Securities AG 18.000 10/06/2022 CHF 62.140 Corner Banca SA 16.000 07/06/2022 CHF 69.940 Zurcher Kantonalbank F15.000 7/13/2022 CHF 54.140 Leonteq Securities AG/10.000 10/05/2022 CHF 56.680 Vontobel Financial Pro7.350 6/15/2022 USD 63.910 Vontobel Financial Pro8.700 04/04/2022 CHF 63.390 Vontobel Financial Pro15.500 6/24/2022 EUR 69.360 Zurcher Kantonalbank F11.250 07/06/2022 EUR 48.260 Zurcher Kantonalbank F15.250 07/06/2022 CHF 60.380 Vontobel Financial Pro20.000 6/24/2022 EUR 62.220 Leonteq Securities AG/22.520 07/06/2022 CHF 29.730 Leonteq Securities AG/20.000 07/06/2022 CHF 61.800 Vontobel Financial Pro8.000 6/24/2022 EUR 67.590 Vontobel Financial Pro12.500 6/24/2022 EUR 69.460 Vontobel Financial Pro5.000 6/24/2022 EUR 73.310 Vontobel Financial Pro16.450 6/24/2022 EUR 69.290 Vontobel Financial Pro16.250 6/24/2022 EUR 69.540 Societe Generale Effek18.750 2/25/2022 EUR 61.790 DZ Bank AG Deutsche Ze15.750 2/23/2022 EUR 65.040 UniCredit Bank AG 5.250 12/01/2023 EUR 42.850 Vontobel Financial Pro13.000 6/24/2022 EUR 63.240 Vontobel Financial Pro18.000 6/24/2022 EUR 60.280 Vontobel Financial Pro19.500 6/24/2022 EUR 69.290 Vontobel Financial Pro16.000 6/24/2022 EUR 71.340 EFG International Fina17.000 9/15/2022 EUR 58.480 Zurcher Kantonalbank F12.000 7/14/2022 CHF 63.640 Bank Vontobel AG 7.500 01/03/2023 EUR 48.700 Bank Vontobel AG 17.500 07/04/2022 CHF 46.900 Bank Vontobel AG 9.250 01/04/2023 CHF 47.700 Vontobel Financial Pro8.500 6/24/2022 EUR 63.250 EFG International Fina17.000 07/08/2022 USD 48.300 Zurcher Kantonalbank F10.750 7/15/2022 EUR 49.530 Societe Generale SA 11.000 7/14/2026 USD 52.750 DZ Bank AG Deutsche Ze10.000 12/23/2022 EUR 70.740 DZ Bank AG Deutsche Ze10.000 6/24/2022 EUR 71.860 Leonteq Securities AG 22.340 4/14/2022 CHF 39.500 Leonteq Securities AG 26.140 4/14/2022 CHF 49.040 EFG International Fina18.000 4/14/2022 CHF 41.920 Zurcher Kantonalbank F15.000 4/26/2022 USD 52.830 Zurcher Kantonalbank F15.000 4/22/2022 CHF 60.480 UBS AG/London 11.250 4/14/2023 CHF 71.250 UBS AG/London 11.750 10/14/2022 CHF 63.250 Leonteq Securities AG 23.390 4/19/2022 CHF 43.760 Vontobel Financial Pro21.500 3/25/2022 EUR 72.390 Bank Julius Baer & Co 13.000 4/20/2022 USD 65.500 Vontobel Financial Pro10.000 9/23/2022 EUR 55.470 Vontobel Financial Pro15.000 6/24/2022 EUR 52.170 Vontobel Financial Pro18.000 6/24/2022 EUR 50.280 UBS AG/London 12.000 1/16/2023 CHF 68.550 Vontobel Financial Pro16.750 6/24/2022 EUR 68.730 Vontobel Financial Pro12.000 6/24/2022 EUR 63.710 Vontobel Financial Pro11.200 7/26/2022 EUR 69.330 Zurcher Kantonalbank F27.500 08/02/2022 CHF 67.660 Bank Vontobel AG 12.500 1/24/2023 CHF 63.800 Leonteq Securities AG 20.410 9/14/2022 CHF 45.450 DZ Bank AG Deutsche Ze17.100 6/24/2022 EUR 70.530 DZ Bank AG Deutsche Ze21.100 9/23/2022 EUR 68.380 DZ Bank AG Deutsche Ze16.500 6/24/2022 EUR 73.060 Vontobel Financial Pro8.500 6/24/2022 EUR 59.610 Vontobel Financial Pro13.500 6/24/2022 EUR 55.470 Vontobel Financial Pro12.000 6/24/2022 EUR 72.220 SG Issuer SA 2.100 5/16/2033 EUR 28.080 Zurcher Kantonalbank F6.500 6/14/2022 CHF 65.130 Leonteq Securities AG/12.000 06/08/2022 CHF 23.110 Credit Suisse AG/Londo10.250 06/02/2022 USD 50.300 Vontobel Financial Pro6.000 9/23/2022 EUR 71.040 Credit Suisse AG/Londo11.500 06/01/2022 EUR 71.450 UniCredit Bank AG 10.400 08/11/2022 EUR 66.510 SG Issuer SA 0.021 07/07/2033 EUR 24.630 Vontobel Financial Pro16.000 6/24/2022 EUR 45.510 Vontobel Financial Pro12.750 6/24/2022 EUR 74.020 Vontobel Financial Pro10.000 6/24/2022 EUR 58.120 Leonteq Securities AG/10.000 07/06/2022 EUR 34.340 Societe Generale Effek20.750 2/25/2022 EUR 64.650 Leonteq Securities AG/9.000 09/07/2022 CHF 69.630 Leonteq Securities AG/8.000 12/07/2022 CHF 55.310 Zurcher Kantonalbank F14.000 6/14/2022 CHF 70.300 Vontobel Financial Pro9.750 6/24/2022 EUR 46.020 Leonteq Securities AG/4.000 4/19/2022 EUR 60.730 Leonteq Securities AG 12.000 4/21/2022 CHF 57.210 Landesbank Baden-Wuert3.100 1/28/2022 EUR 75.000 Landesbank Baden-Wuert3.000 1/28/2022 EUR 38.710 Landesbank Baden-Wuert5.550 1/28/2022 EUR 34.210 Zurcher Kantonalbank F7.500 4/29/2022 CHF 63.880 Zurcher Kantonalbank F8.000 4/29/2022 USD 63.920 UniCredit Bank AG 10.700 02/03/2025 EUR 72.670 UniCredit Bank AG 10.700 2/17/2025 EUR 73.080 Vontobel Financial Pro12.000 3/25/2022 EUR 57.290 Vontobel Financial Pro12.000 3/25/2022 EUR 71.680 Vontobel Financial Pro15.000 3/25/2022 EUR 65.590 Vontobel Financial Pro7.000 3/25/2022 EUR 36.230 Vontobel Financial Pro10.000 3/25/2022 EUR 32.800 Vontobel Financial Pro11.500 3/25/2022 EUR 31.420 Vontobel Financial Pro14.000 3/25/2022 EUR 65.280 Vontobel Financial Pro8.000 3/25/2022 EUR 62.970 Vontobel Financial Pro8.000 3/25/2022 EUR 34.330 Vontobel Financial Pro13.000 3/25/2022 EUR 30.190 Vontobel Financial Pro14.000 3/25/2022 EUR 51.700 Vontobel Financial Pro11.000 3/25/2022 EUR 59.610 Vontobel Financial Pro9.500 3/25/2022 EUR 62.070 Vontobel Financial Pro11.000 3/25/2022 EUR 69.600 Vontobel Financial Pro13.500 3/25/2022 EUR 68.480 Vontobel Financial Pro18.000 3/25/2022 EUR 60.610 Vontobel Financial Pro16.500 3/25/2022 EUR 62.980 Leonteq Securities AG/10.000 07/06/2022 EUR 56.920 Zurcher Kantonalbank F17.250 09/02/2022 CHF 39.730 Vontobel Financial Pro19.750 9/23/2022 EUR 56.280 Landesbank Baden-Wuert3.150 7/22/2022 EUR 56.800 Landesbank Baden-Wuert9.250 7/22/2022 EUR 51.680 DZ Bank AG Deutsche Ze20.200 6/24/2022 EUR 64.090 DZ Bank AG Deutsche Ze17.800 3/25/2022 EUR 49.140 Vontobel Financial Pro18.350 9/23/2022 EUR 52.220 Vontobel Financial Pro13.750 6/24/2022 EUR 41.990 DekaBank Deutsche Giro4.000 07/07/2022 EUR 55.430 DZ Bank AG Deutsche Ze23.500 6/24/2022 EUR 71.060 Societe Generale Effek12.750 6/24/2022 EUR 68.790 Societe Generale Effek14.750 6/24/2022 EUR 66.170 Vontobel Financial Pro9.500 6/24/2022 EUR 53.960 Landesbank Baden-Wuert4.500 7/22/2022 EUR 54.420 Landesbank Baden-Wuert7.200 7/22/2022 EUR 53.140 Citigroup Global Marke8.200 3/21/2024 SEK 63.420 Bank Julius Baer & Co 10.150 4/25/2022 USD 54.100 Vontobel Financial Pro17.500 3/25/2022 EUR 71.680 Vontobel Financial Pro10.500 3/25/2022 EUR 26.510 UniCredit Bank AG 8.200 2/16/2022 EUR 62.110 Leonteq Securities AG 15.000 1/25/2022 CHF 57.100 Leonteq Securities AG/13.000 7/25/2022 USD 50.070 Landesbank Baden-Wuert3.100 7/22/2022 EUR 66.420 Landesbank Baden-Wuert8.750 7/22/2022 EUR 54.130 Credit Suisse AG/Londo10.000 06/07/2022 CHF 62.170 EFG International Fina8.260 8/26/2022 USD 59.000 Bank Vontobel AG 10.000 07/12/2022 CHF 68.200 EFG International Fina24.360 5/27/2022 CHF 37.970 Leonteq Securities AG/24.600 8/26/2022 USD 53.230 Vontobel Financial Pro9.000 06/08/2022 EUR 61.950 SG Issuer SA 0.021 8/15/2033 EUR 21.970 Landesbank Baden-Wuert5.850 7/22/2022 EUR 58.690 DZ Bank AG Deutsche Ze24.400 3/25/2022 EUR 70.490 Zurcher Kantonalbank F20.000 6/15/2022 USD 59.780 Zurcher Kantonalbank F19.250 6/15/2022 CHF 59.530 Leonteq Securities AG/7.000 07/06/2022 EUR 38.070 Vontobel Financial Pro13.400 8/29/2022 EUR 64.760 Societe Generale Effek12.250 7/22/2022 EUR 69.390 Societe Generale Effek14.250 7/22/2022 EUR 66.700 DZ Bank AG Deutsche Ze24.000 6/24/2022 EUR 69.000 Credit Suisse AG/Londo11.000 06/08/2022 CHF 67.130 Societe Generale Effek13.750 9/23/2022 EUR 70.940 Societe Generale Effek14.250 9/23/2022 EUR 64.990 Vontobel Financial Pro11.500 9/23/2022 EUR 67.600 Zurcher Kantonalbank F20.000 7/22/2022 USD 50.110 Corner Banca SA 13.200 12/07/2022 CHF 53.050 Leonteq Securities AG/9.500 12/08/2022 EUR 63.010 Vontobel Financial Pro8.500 9/23/2022 EUR 71.280 Vontobel Financial Pro13.000 9/23/2022 EUR 58.570 Vontobel Financial Pro18.000 9/23/2022 EUR 55.830 Vontobel Financial Pro16.250 9/23/2022 EUR 69.350 DZ Bank AG Deutsche Ze16.800 9/23/2022 EUR 58.290 DZ Bank AG Deutsche Ze17.600 9/23/2022 EUR 73.280 DZ Bank AG Deutsche Ze15.500 6/24/2022 EUR 73.820 DZ Bank AG Deutsche Ze17.600 6/24/2022 EUR 72.500 DZ Bank AG Deutsche Ze18.700 6/24/2022 EUR 71.750 DZ Bank AG Deutsche Ze19.800 6/24/2022 EUR 71.170 DZ Bank AG Deutsche Ze21.000 6/24/2022 EUR 70.620 Vontobel Financial Pro11.000 6/24/2022 EUR 57.370 Vontobel Financial Pro16.000 6/24/2022 EUR 53.860 DZ Bank AG Deutsche Ze14.400 9/23/2022 EUR 71.830 Societe Generale SA 11.180 9/14/2023 USD 72.333 Leonteq Securities AG/22.810 08/09/2022 CHF 46.090 Vontobel Financial Pro14.500 6/24/2022 EUR 62.080 Vontobel Financial Pro14.500 6/24/2022 EUR 71.960 Vontobel Financial Pro11.500 6/24/2022 EUR 64.510 EFG International Fina15.000 9/15/2022 USD 62.730 DZ Bank AG Deutsche Ze16.700 9/23/2022 EUR 73.670 Vontobel Financial Pro13.000 9/23/2022 EUR 71.330 Vontobel Financial Pro18.500 6/24/2022 EUR 52.510 DZ Bank AG Deutsche Ze18.600 9/23/2022 EUR 67.620 Bank Julius Baer & Co 7.300 2/22/2022 EUR 66.250 UBS AG/London 13.500 5/18/2022 CHF 40.700 Landesbank Baden-Wuert2.200 1/27/2023 EUR 36.000 Landesbank Baden-Wuert3.400 8/23/2024 EUR 37.030 Vontobel Financial Pro14.000 9/23/2022 EUR 53.020 Vontobel Financial Pro12.500 9/23/2022 EUR 53.610 Vontobel Financial Pro11.500 9/23/2022 EUR 54.650 Vontobel Financial Pro12.000 6/24/2022 EUR 54.560 Vontobel Financial Pro15.000 9/23/2022 EUR 52.210 Vontobel Financial Pro13.500 6/24/2022 EUR 53.300 Vontobel Financial Pro16.500 6/24/2022 EUR 51.170 Vontobel Financial Pro17.250 6/24/2022 EUR 49.930 Societe Generale Effek13.500 8/26/2022 EUR 66.500 Credit Suisse AG/Londo4.460 7/26/2023 USD 9.600 Societe Generale Effek11.500 8/26/2022 EUR 69.200 Leonteq Securities AG/11.000 1/26/2023 USD 64.410 Vontobel Financial Pro10.500 9/23/2022 EUR 65.670 Vontobel Financial Pro7.500 9/23/2022 EUR 69.240 Leonteq Securities AG/8.500 11/14/2022 EUR 75.620 Raiffeisen Schweiz Gen13.200 08/02/2022 USD 47.880 Raiffeisen Schweiz Gen12.500 08/02/2022 CHF 67.180 Zurcher Kantonalbank F29.250 08/09/2022 CHF 56.050 Leonteq Securities AG/18.000 5/17/2022 USD 60.820 Leonteq Securities AG/13.200 5/13/2022 USD 65.400 Leonteq Securities AG/10.000 8/17/2022 CHF 61.470 Vontobel Financial Pro18.500 6/24/2022 EUR 61.270 Raiffeisen Schweiz Gen16.200 9/14/2022 CHF 48.200 Raiffeisen Switzerland10.000 03/10/2023 EUR 67.290 DZ Bank AG Deutsche Ze15.750 9/21/2022 EUR 72.660 Bank Julius Baer & Co 13.500 9/14/2022 CHF 60.250 Leonteq Securities AG/28.120 08/04/2022 CHF 46.710 DekaBank Deutsche Giro3.000 12/29/2022 EUR 72.940 UniCredit Bank AG 5.550 7/19/2022 EUR 71.660 EFG International Fina7.000 5/23/2022 EUR 36.590 SG Issuer SA 7.500 1/20/2025 SEK 66.580 Landesbank Baden-Wuert3.300 5/27/2022 EUR 54.990 Raiffeisen Switzerland4.800 11/23/2023 CHF 54.880 UniCredit Bank AG 4.450 12/29/2022 EUR 35.780 Leonteq Securities AG/10.000 11/17/2022 USD 75.980 Leonteq Securities AG 8.500 11/17/2022 CHF 75.220 Vontobel Financial Pro21.000 6/24/2022 EUR 73.030 Vontobel Financial Pro5.550 5/18/2022 EUR 58.990 Vontobel Financial Pro11.300 5/17/2022 USD 68.890 Leonteq Securities AG/4.000 03/08/2022 EUR 52.520 EFG International Fina13.000 11/14/2022 CHF 63.220 Societe Generale Effek15.250 5/27/2022 EUR 68.890 Bank Julius Baer & Co 11.200 5/18/2022 CHF 74.250 DekaBank Deutsche Giro3.100 04/08/2022 EUR 69.200 DekaBank Deutsche Giro3.300 04/08/2022 EUR 47.610 Landesbank Baden-Wuert2.500 6/24/2022 EUR 62.100 Zurcher Kantonalbank F28.500 08/02/2022 USD 68.100 Leonteq Securities AG 10.000 10/26/2022 CHF 65.860 Leonteq Securities AG 12.000 1/26/2023 CHF 60.630 EFG International Fina7.500 7/26/2022 USD 70.830 Raiffeisen Schweiz Gen12.500 7/26/2022 CHF 67.770 Raiffeisen Schweiz Gen14.000 7/26/2022 CHF 65.060 Raiffeisen Schweiz Gen9.500 1/26/2023 CHF 69.690 Leonteq Securities AG/21.420 7/27/2022 CHF 51.740 Landesbank Baden-Wuert3.300 1/27/2023 EUR 58.170 UniCredit Bank AG 12.400 8/17/2022 EUR 52.630 UniCredit Bank AG 5.750 8/17/2022 EUR 63.680 Landesbank Baden-Wuert5.150 1/27/2023 EUR 55.290 Landesbank Baden-Wuert7.200 1/27/2023 EUR 53.010 Landesbank Baden-Wuert4.200 1/27/2023 EUR 72.690 Landesbank Baden-Wuert6.600 1/27/2023 EUR 66.240 Leonteq Securities AG/10.750 10/28/2022 EUR 65.650 Bank Julius Baer & Co 10.200 5/30/2023 EUR 13.450 Landesbank Baden-Wuert8.750 1/27/2023 EUR 62.860 Bank Julius Baer & Co 9.600 7/29/2022 USD 63.000 Vontobel Financial Pro14.000 4/26/2022 CHF 51.740 Vontobel Financial Pro16.520 1/30/2023 EUR 71.790 Leonteq Securities AG/11.000 03/01/2023 CHF 61.960 Landesbank Baden-Wuert3.050 9/23/2022 EUR 58.590 Bayerische Landesbank 2.000 2/18/2022 EUR 63.890 Corner Banca SA 15.000 05/02/2022 USD 50.090 Leonteq Securities AG/10.000 4/29/2022 USD 46.820 Leonteq Securities AG/21.880 06/10/2022 CHF 71.540 Leonteq Securities AG/21.760 06/10/2022 CHF 49.490 Vontobel Financial Pro15.000 6/24/2022 EUR 68.430 Vontobel Financial Pro18.000 6/24/2022 EUR 46.110 Vontobel Financial Pro19.500 6/24/2022 EUR 66.450 Vontobel Financial Pro9.250 6/24/2022 EUR 69.240 Leonteq Securities AG 10.000 12/14/2022 CHF 67.550 BNP Paribas Issuance B6.240 3/28/2022 JPY 58.570 Leonteq Securities AG/10.000 3/22/2022 CHF 45.870 Leonteq Securities AG/18.000 3/22/2022 USD 47.770 Landesbank Baden-Wuert4.800 2/25/2022 EUR 43.740 EFG International Fina10.500 02/07/2022 EUR 51.210 UniCredit Bank AG 12.700 2/25/2022 EUR 62.130 DZ Bank AG Deutsche Ze16.700 3/25/2022 EUR 61.040 Raiffeisen Switzerland9.000 03/08/2022 CHF 69.600 Leonteq Securities AG/1.200 03/05/2026 EUR 51.360 Zurcher Kantonalbank F18.500 3/18/2022 CHF 54.670 Societe Generale Effek22.000 3/25/2022 EUR 72.550 Vontobel Financial Pro17.750 3/25/2022 EUR 39.250 Goldman Sachs & Co Wer22.000 3/23/2022 EUR 74.470 Goldman Sachs & Co Wer23.000 1/26/2022 EUR 72.420 Goldman Sachs & Co Wer21.000 2/23/2022 EUR 73.920 Goldman Sachs & Co Wer20.000 3/23/2022 EUR 73.350 Vontobel Financial Pro15.000 3/25/2022 EUR 46.240 Vontobel Financial Pro19.000 3/25/2022 EUR 41.510 Vontobel Financial Pro16.500 3/25/2022 EUR 65.840 Vontobel Financial Pro18.000 3/25/2022 EUR 44.170 Vontobel Financial Pro13.500 3/25/2022 EUR 49.710 Vontobel Financial Pro14.500 3/25/2022 EUR 48.120 Vontobel Financial Pro15.500 3/25/2022 EUR 46.660 Vontobel Financial Pro17.000 3/25/2022 EUR 45.390 Vontobel Financial Pro12.000 3/25/2022 EUR 51.360 Vontobel Financial Pro22.000 3/25/2022 EUR 57.320 Vontobel Financial Pro16.500 3/25/2022 EUR 65.990 Vontobel Financial Pro12.000 3/25/2022 EUR 30.020 Vontobel Financial Pro17.500 3/25/2022 EUR 27.280 Vontobel Financial Pro16.000 3/25/2022 EUR 28.130 Vontobel Financial Pro11.000 3/25/2022 EUR 53.250 Bank Vontobel AG 25.003 1/27/2022 CHF 55.700 EFG International Fina15.000 02/10/2022 EUR 54.230 UBS AG/London 14.000 02/10/2022 CHF 47.550 UBS AG/London 7.750 08/10/2022 CHF 47.650 Vontobel Financial Pro17.500 3/25/2022 EUR 71.540 Vontobel Financial Pro16.000 3/25/2022 EUR 44.920 Vontobel Financial Pro24.500 3/25/2022 EUR 36.400 Zurcher Kantonalbank F15.000 2/23/2022 CHF 70.690 DZ Bank AG Deutsche Ze3.000 12/23/2022 EUR 63.320 DZ Bank AG Deutsche Ze5.000 12/23/2022 EUR 56.220 DZ Bank AG Deutsche Ze7.000 12/23/2022 EUR 52.380 Leonteq Securities AG/15.740 08/10/2022 USD 48.520 Bank Vontobel AG 21.502 05/12/2022 CHF 58.800 Bank Vontobel AG 16.000 05/12/2022 CHF 43.500 Leonteq Securities AG/12.000 2/16/2022 CHF 39.790 Leonteq Securities AG 12.400 05/12/2022 CHF 66.900 Corner Banca SA 15.000 05/12/2022 CHF 55.840 Bank Julius Baer & Co 14.500 02/10/2023 CHF 54.600 Leonteq Securities AG/20.000 08/10/2022 CHF 71.460 Raiffeisen Schweiz Gen10.000 6/29/2022 CHF 66.730 Raiffeisen Schweiz Gen20.000 6/29/2022 CHF 59.190 Raiffeisen Schweiz Gen11.000 6/29/2022 CHF 65.830 Vontobel Financial Pro9.400 12/30/2022 CHF 46.620 Erste Group Bank AG 4.500 08/02/2025 EUR 72.450 Erste Group Bank AG 5.500 08/02/2025 EUR 67.600 Leonteq Securities AG/20.000 6/29/2022 CHF 61.190 Leonteq Securities AG/24.020 6/29/2022 CHF 58.670 UniCredit Bank AG 9.800 7/27/2022 EUR 55.740 UniCredit Bank AG 9.250 7/27/2022 EUR 72.860 Zurcher Kantonalbank F15.750 07/08/2022 USD 63.100 Bank Vontobel AG 7.000 12/27/2022 CHF 59.800 Zurcher Kantonalbank F10.400 07/08/2022 CHF 67.420 Landesbank Baden-Wuert4.150 6/23/2023 EUR 51.220 Landesbank Baden-Wuert2.800 6/23/2023 EUR 53.100 Landesbank Baden-Wuert3.800 6/23/2023 EUR 58.080 Landesbank Baden-Wuert2.600 6/23/2023 EUR 60.920 Landesbank Baden-Wuert4.500 6/23/2023 EUR 72.060 Landesbank Baden-Wuert5.000 6/23/2023 EUR 55.850 EFG International Fina17.000 6/30/2022 CHF 56.950 EFG International Fina10.010 6/30/2022 EUR 66.890 Leonteq Securities AG/21.520 07/01/2022 CHF 68.140 Leonteq Securities AG/25.460 07/01/2022 CHF 33.560 Bank Julius Baer & Co 9.000 07/01/2022 USD 60.150 Vontobel Financial Pro7.700 08/02/2022 CHF 51.460 Vontobel Financial Pro3.750 01/03/2023 EUR 46.510 Leonteq Securities AG 15.000 6/15/2022 CHF 36.510 Leonteq Securities AG 11.000 9/15/2022 CHF 66.000 Vontobel Financial Pro16.000 6/24/2022 EUR 70.180 Vontobel Financial Pro20.500 6/24/2022 EUR 68.780 Vontobel Financial Pro5.500 6/24/2022 EUR 70.270 Vontobel Financial Pro18.000 6/24/2022 EUR 71.020 Credit Suisse AG/Londo11.000 6/15/2022 CHF 62.750 Raiffeisen Schweiz Gen10.000 12/14/2022 CHF 67.680 Vontobel Financial Pro20.500 6/24/2022 EUR 72.820 Vontobel Financial Pro12.400 3/16/2022 EUR 42.040 Bank Vontobel AG 15.001 9/13/2022 CHF 53.800 Landesbank Baden-Wuert8.600 6/24/2022 EUR 49.590 Landesbank Baden-Wuert5.100 6/24/2022 EUR 56.140 DZ Bank AG Deutsche Ze24.400 6/24/2022 EUR 66.430 DZ Bank AG Deutsche Ze20.000 6/24/2022 EUR 68.370 DZ Bank AG Deutsche Ze17.600 6/24/2022 EUR 46.750 DZ Bank AG Deutsche Ze18.900 3/25/2022 EUR 64.480 DZ Bank AG Deutsche Ze21.700 6/24/2022 EUR 71.170 Landesbank Baden-Wuert3.250 6/24/2022 EUR 71.030 DZ Bank AG Deutsche Ze15.800 3/25/2022 EUR 71.460 DZ Bank AG Deutsche Ze15.800 6/24/2022 EUR 71.750 DZ Bank AG Deutsche Ze22.500 3/25/2022 EUR 70.100 DZ Bank AG Deutsche Ze24.500 6/24/2022 EUR 70.590 Landesbank Baden-Wuert10.500 6/24/2022 EUR 46.460 Landesbank Baden-Wuert2.500 6/24/2022 EUR 57.020 Landesbank Baden-Wuert4.200 6/24/2022 EUR 53.530 Landesbank Baden-Wuert7.150 6/24/2022 EUR 49.430 Vontobel Financial Pro3.500 07/03/2023 EUR 70.200 EFG International Fina18.000 6/16/2022 CHF 46.990 EFG International Fina10.000 12/16/2022 CHF 73.980 Zurcher Kantonalbank F9.800 6/17/2022 USD 63.050 Credit Suisse AG/Londo13.000 6/16/2022 CHF 67.790 Credit Suisse AG/Londo10.000 6/16/2022 USD 66.480 UBS AG/London 12.500 12/16/2022 CHF 64.450 UBS AG/London 9.000 6/16/2022 CHF 48.750 UBS AG/London 10.250 6/16/2022 CHF 60.250 Vontobel Financial Pro13.500 6/24/2022 EUR 63.450 Vontobel Financial Pro10.500 6/24/2022 EUR 67.120 Vontobel Financial Pro20.000 6/24/2022 EUR 58.180 Vontobel Financial Pro17.000 6/24/2022 EUR 60.650 Vontobel Financial Pro15.000 6/24/2022 EUR 72.180 Vontobel Financial Pro17.000 6/24/2022 EUR 69.960 Vontobel Financial Pro19.500 6/24/2022 EUR 68.200 Vontobel Financial Pro18.000 6/24/2022 EUR 72.930 Zurcher Kantonalbank F11.000 6/24/2022 CHF 70.270 Landesbank Baden-Wuert4.000 7/25/2025 EUR 58.590 Bank Julius Baer & Co 8.200 9/19/2022 USD 63.200 UniCredit Bank AG 3.500 10/08/2022 EUR 46.640 Societe Generale SA 1.580 9/16/2024 USD 3.450 EFG International Fina6.500 4/20/2022 CHF 59.390 Leonteq Securities AG/8.410 4/21/2022 EUR 62.300 EFG International Fina5.500 4/20/2022 USD 66.880 Societe Generale Effek13.000 2/25/2022 EUR 68.220 Societe Generale Effek17.000 2/25/2022 EUR 61.590 Vontobel Financial Pro13.000 6/24/2022 EUR 67.840 UBS AG/London 15.000 06/03/2022 USD 49.700 SG Issuer SA 1.050 11/20/2025 EUR 18.680 EFG International Fina9.350 01/12/2023 CHF 63.670 Zurcher Kantonalbank F8.250 7/20/2022 EUR 70.520 Leonteq Securities AG/15.000 6/16/2022 USD 62.550 Zurcher Kantonalbank F11.500 3/25/2022 CHF 53.510 UniCredit Bank AG 6.200 4/13/2022 EUR 47.030 Landesbank Baden-Wuert3.500 5/27/2022 EUR 48.750 Landesbank Baden-Wuert6.500 5/27/2022 EUR 43.020 EFG International Fina23.000 3/17/2022 CHF 58.670 EFG International Fina17.000 3/17/2022 USD 51.610 Vontobel Financial Pro15.000 3/25/2022 EUR 66.670 UBS AG/London 16.000 9/19/2022 CHF 60.850 UBS AG/London 9.750 3/17/2023 CHF 64.050 Credit Suisse AG/Londo10.000 3/17/2022 USD 54.360 Bank Vontobel AG 6.002 08/12/2022 EUR 63.800 Bank Julius Baer & Co 12.050 3/18/2022 USD 60.600 DekaBank Deutsche Giro1.000 1/20/2025 EUR 69.670 UBS AG/London 12.500 6/23/2022 USD 52.300 UBS AG/London 13.000 6/23/2022 CHF 52.800 UBS AG/London 8.750 6/23/2022 CHF 53.200 Vontobel Financial Pro14.500 3/25/2022 EUR 72.150 Vontobel Financial Pro20.500 3/25/2022 EUR 44.590 Bank Julius Baer & Co 8.350 03/04/2022 USD 53.250 Societe Generale SA 7.280 05/06/2024 USD 61.300 Leonteq Securities AG/18.000 08/09/2022 USD 61.240 Vontobel Financial Pro8.750 9/23/2022 EUR 67.920 Vontobel Financial Pro12.000 6/24/2022 EUR 69.550 Bank Vontobel AG 11.000 02/06/2023 EUR 66.900 Bank Vontobel AG 12.000 02/06/2023 EUR 54.400 Bank Julius Baer & Co 13.150 08/10/2022 CHF 70.550 Leonteq Securities AG/26.460 08/09/2022 CHF 42.230 DZ Bank AG Deutsche Ze15.000 8/24/2022 EUR 66.960 DZ Bank AG Deutsche Ze10.250 8/24/2022 EUR 69.620 Vontobel Financial Pro18.500 9/23/2022 EUR 63.560 Vontobel Financial Pro24.000 6/24/2022 EUR 62.070 Raiffeisen Schweiz Gen12.000 11/09/2022 CHF 44.740 Bank Julius Baer & Co 5.250 08/10/2022 CHF 64.900 Zurcher Kantonalbank F30.000 8/17/2022 USD 54.230 Zurcher Kantonalbank F29.000 8/17/2022 CHF 53.670 Leonteq Securities AG/22.310 08/10/2022 USD 32.530 DZ Bank AG Deutsche Ze17.600 3/25/2022 EUR 72.000 DZ Bank AG Deutsche Ze24.600 6/24/2022 EUR 67.540 DZ Bank AG Deutsche Ze18.600 9/23/2022 EUR 72.950 DZ Bank AG Deutsche Ze21.100 9/23/2022 EUR 70.890 DZ Bank AG Deutsche Ze20.700 6/24/2022 EUR 72.410 DZ Bank AG Deutsche Ze22.900 6/24/2022 EUR 69.840 DZ Bank AG Deutsche Ze19.600 9/23/2022 EUR 72.280 DZ Bank AG Deutsche Ze21.300 9/23/2022 EUR 70.790 DZ Bank AG Deutsche Ze23.000 9/23/2022 EUR 69.460 DZ Bank AG Deutsche Ze21.400 3/25/2022 EUR 72.500 DZ Bank AG Deutsche Ze24.300 3/25/2022 EUR 69.130 Vontobel Financial Pro12.250 6/24/2022 EUR 62.220 Vontobel Financial Pro12.500 6/24/2022 EUR 71.130 UniCredit Bank AG 9.650 09/07/2022 EUR 61.730 DZ Bank AG Deutsche Ze20.100 9/23/2022 EUR 46.630 DZ Bank AG Deutsche Ze15.400 9/23/2022 EUR 65.450 DZ Bank AG Deutsche Ze18.000 9/23/2022 EUR 63.440 DZ Bank AG Deutsche Ze24.800 3/25/2022 EUR 55.870 DZ Bank AG Deutsche Ze20.200 6/24/2022 EUR 60.170 DZ Bank AG Deutsche Ze12.900 9/23/2022 EUR 67.980 Vontobel Financial Pro22.500 3/25/2022 EUR 69.860 Vontobel Financial Pro23.500 3/25/2022 EUR 67.870 Leonteq Securities AG 16.000 06/10/2022 CHF 52.480 UniCredit Bank AG 5.450 3/15/2022 EUR 44.430 Leonteq Securities AG 14.000 06/08/2022 CHF 59.570 Leonteq Securities AG/17.000 06/08/2022 USD 49.630 VTB Bank PJSC 0.010 12/02/2025 RUB 74.870 VTB Bank PJSC 0.010 12/09/2025 RUB 73.540 Bank Vontobel AG 15.004 8/26/2022 CHF 48.500 Bank Vontobel AG 15.004 8/26/2022 CHF 48.500 Landesbank Baden-Wuert3.300 3/25/2022 EUR 53.830 Vontobel Financial Pro17.000 3/25/2022 EUR 61.600 Vontobel Financial Pro21.000 3/25/2022 EUR 71.880 UniCredit Bank AG 7.000 3/29/2022 EUR 32.650 Societe Generale Effek5.600 09/04/2023 EUR 44.160 UniCredit Bank AG 3.750 9/14/2022 EUR 60.800 Vontobel Financial Pro6.000 3/25/2022 EUR 69.360 BNP Paribas Emissions-11.000 6/23/2022 EUR 46.070 BNP Paribas Emissions-13.000 6/23/2022 EUR 44.640 BNP Paribas Emissions-8.500 3/24/2022 EUR 46.950 BNP Paribas Emissions-10.000 3/24/2022 EUR 45.120 BNP Paribas Emissions-14.000 3/24/2022 EUR 42.660 BNP Paribas Emissions-17.000 3/24/2022 EUR 39.020 BNP Paribas Emissions-8.500 6/23/2022 EUR 48.960 BNP Paribas Emissions-9.000 6/23/2022 EUR 47.120 BNP Paribas Emissions-11.000 6/23/2022 EUR 73.810 BNP Paribas Emissions-12.000 3/24/2022 EUR 73.320 Landesbank Baden-Wuert3.800 1/28/2022 EUR 47.950 Landesbank Baden-Wuert2.600 1/28/2022 EUR 73.850 Bank Julius Baer & Co 11.700 4/26/2022 CHF 34.250 Corner Banca SA 17.200 4/26/2022 CHF 53.600 Zurcher Kantonalbank F8.500 06/10/2022 EUR 71.760 Leonteq Securities AG 20.000 3/15/2022 CHF 59.740 Leonteq Securities AG 12.000 3/15/2022 CHF 71.410 Leonteq Securities AG 16.000 3/15/2022 CHF 48.030 Leonteq Securities AG/18.000 3/15/2022 USD 50.120 Leonteq Securities AG/17.600 03/08/2022 USD 25.130 Bank Vontobel AG 25.008 3/14/2022 CHF 49.800 Zurcher Kantonalbank F15.000 3/24/2022 USD 59.590 Vontobel Financial Pro8.000 3/25/2022 EUR 66.170 Landesbank Baden-Wuert3.200 11/25/2022 EUR 46.160 Landesbank Baden-Wuert5.100 11/25/2022 EUR 42.200 Vontobel Financial Pro9.750 3/25/2022 EUR 40.090 Bank Julius Baer & Co 13.200 3/16/2022 CHF 52.150 Vontobel Financial Pro7.000 3/25/2022 EUR 28.490 Vontobel Financial Pro11.500 3/25/2022 EUR 69.680 Vontobel Financial Pro11.100 3/16/2022 EUR 63.320 Landesbank Baden-Wuert3.000 5/27/2022 EUR 40.570 Landesbank Baden-Wuert5.200 5/27/2022 EUR 37.080 Landesbank Baden-Wuert7.750 5/27/2022 EUR 34.530 Landesbank Baden-Wuert5.300 6/24/2022 EUR 71.870 Corner Banca SA 15.000 03/07/2022 USD 47.100 Leonteq Securities AG 14.000 2/13/2023 CHF 60.410 Bank Julius Baer & Co 19.600 5/16/2022 CHF 67.950 Zurcher Kantonalbank F21.500 8/23/2022 USD 57.380 Leonteq Securities AG/26.150 8/16/2022 CHF 46.140 Bank Julius Baer & Co 16.000 05/11/2022 EUR 35.000 Leonteq Securities AG/21.530 5/17/2022 CHF 39.090 Leonteq Securities AG/21.420 05/11/2022 CHF 35.640 UniCredit Bank AG 6.500 9/15/2022 EUR 53.480 Bank Julius Baer & Co 8.550 5/13/2022 USD 58.000 Vontobel Financial Pro16.000 6/24/2022 EUR 73.340 Leonteq Securities AG 11.200 02/06/2023 CHF 63.380 Vontobel Financial Pro21.000 6/24/2022 EUR 44.870 Bank Vontobel AG 10.000 02/06/2023 CHF 58.500 Bank Vontobel AG 10.000 08/08/2022 CHF 50.400 DZ Bank AG Deutsche Ze15.500 8/24/2022 EUR 63.110 Raiffeisen Schweiz Gen10.000 02/06/2023 EUR 69.330 UBS AG/London 14.750 5/25/2022 CHF 49.700 Corner Banca SA 12.000 06/01/2022 CHF 54.650 Bank Julius Baer & Co 11.200 05/12/2022 CHF 70.450 EFG International Fina14.000 05/12/2022 USD 62.110 Vontobel Financial Pro7.000 3/25/2022 EUR 67.700 Credit Suisse AG/Londo10.000 5/13/2022 USD 57.320 Vontobel Financial Pro7.500 3/25/2022 EUR 27.230 Vontobel Financial Pro7.500 3/25/2022 EUR 62.890 EFG International Fina7.000 12/29/2022 USD 39.630 EFG International Fina12.000 03/03/2022 CHF 72.350 Bank Vontobel AG 7.250 06/03/2022 CHF 69.100 Bank Vontobel AG 14.004 09/02/2022 CHF 72.500 VTB Bank PJSC 0.010 11/25/2025 RUB 75.060 UBS AG/London 14.000 07/07/2022 USD 57.100 UBS AG/London 10.750 07/07/2022 EUR 70.550 UBS AG/London 16.300 01/08/2024 EUR 42.050 Bank Vontobel AG 25.504 5/24/2022 CHF 60.200 Landesbank Baden-Wuert4.700 3/25/2022 EUR 43.500 Societe Generale SA 18.000 05/02/2024 USD 55.600 Zurcher Kantonalbank F15.000 4/20/2022 CHF 68.200 Vontobel Financial Pro5.500 6/17/2022 USD 55.390 Bank Vontobel AG 13.005 10/03/2022 CHF 54.900 Bank Julius Baer & Co 14.650 07/07/2022 USD 53.100 Leonteq Securities AG/2.700 04/01/2026 EUR 44.860 Leonteq Securities AG/2.400 04/01/2026 EUR 44.810 Leonteq Securities AG/2.200 04/01/2026 EUR 50.490 Leonteq Securities AG/19.000 04/08/2022 USD 53.960 Leonteq Securities AG 18.000 04/08/2022 CHF 53.870 Leonteq Securities AG/2.800 04/01/2026 EUR 43.790 UBS AG/London 14.250 10/07/2022 USD 56.250 UBS AG/London 15.500 04/07/2022 USD 65.800 UBS AG/London 9.500 04/11/2022 CHF 56.800 Leonteq Securities AG/4.000 08/10/2022 CHF 67.290 Landesbank Baden-Wuert3.000 9/23/2022 EUR 54.390 Corner Banca SA 16.000 04/06/2022 CHF 54.060 BNP Paribas Emissions-15.000 6/23/2022 EUR 42.480 BNP Paribas Emissions-8.000 3/24/2022 EUR 48.380 BNP Paribas Emissions-13.000 3/24/2022 EUR 43.680 BNP Paribas Emissions-15.000 3/24/2022 EUR 41.710 BNP Paribas Emissions-8.000 6/23/2022 EUR 50.220 BNP Paribas Emissions-14.000 3/24/2022 EUR 68.900 UniCredit Bank AG 4.200 9/21/2022 EUR 48.140 Corner Banca SA 20.000 04/06/2022 USD 54.010 UniCredit Bank AG 5.350 2/27/2023 EUR 53.630 Vontobel Financial Pro19.000 6/24/2022 EUR 71.440 Vontobel Financial Pro24.000 3/25/2022 EUR 67.740 Leonteq Securities AG 23.030 4/22/2022 CHF 46.830 DZ Bank AG Deutsche Ze20.800 3/25/2022 EUR 59.360 DZ Bank AG Deutsche Ze22.700 3/25/2022 EUR 60.130 Vontobel Financial Pro12.500 3/25/2022 EUR 38.280 Vontobel Financial Pro10.000 3/25/2022 EUR 57.880 Vontobel Financial Pro13.000 6/24/2022 EUR 53.030 Vontobel Financial Pro8.500 3/25/2022 EUR 57.490 Societe Generale Effek10.750 5/27/2022 EUR 69.290 Societe Generale Effek12.750 5/27/2022 EUR 65.160 Vontobel Financial Pro20.000 3/25/2022 EUR 38.090 Bank Julius Baer & Co 11.800 4/26/2022 EUR 34.300 Bank Julius Baer & Co 16.000 4/26/2022 EUR 64.600 Bank Julius Baer & Co 12.650 4/26/2022 USD 34.450 Corner Banca SA 10.000 2/13/2023 EUR 71.740 Vontobel Financial Pro6.000 6/24/2022 EUR 56.280 Vontobel Financial Pro13.000 6/24/2022 EUR 48.190 Vontobel Financial Pro9.500 3/25/2022 EUR 52.430 Vontobel Financial Pro8.500 6/24/2022 EUR 53.100 Vontobel Financial Pro8.000 6/24/2022 EUR 59.460 Vontobel Financial Pro16.000 6/24/2022 EUR 50.890 Societe Generale Effek14.750 5/27/2022 EUR 61.880 Bank Julius Baer & Co 12.000 4/26/2022 CHF 64.500 BNP Paribas Emissions-5.000 6/23/2022 EUR 73.200 Zurcher Kantonalbank F11.000 1/27/2022 USD 55.340 Zurcher Kantonalbank F10.200 1/27/2022 CHF 60.040 BNP Paribas Emissions-8.000 6/23/2022 EUR 69.750 BNP Paribas Emissions-10.000 6/23/2022 EUR 65.660 BNP Paribas Emissions-8.000 9/22/2022 EUR 71.380 BNP Paribas Emissions-8.000 12/22/2022 EUR 67.840 BNP Paribas Emissions-12.000 12/22/2022 EUR 63.570 UniCredit Bank AG 10.900 2/16/2022 EUR 60.410 Credit Suisse AG/Londo10.000 5/30/2022 CHF 63.890 DZ Bank AG Deutsche Ze18.400 6/24/2022 EUR 46.670 DZ Bank AG Deutsche Ze10.300 3/25/2022 EUR 66.110 BNP Paribas Emissions-6.000 3/24/2022 EUR 68.400 BNP Paribas Emissions-14.000 3/24/2022 EUR 59.350 BNP Paribas Emissions-10.000 6/23/2022 EUR 66.450 Societe Generale Effek19.250 3/25/2022 EUR 67.240 BNP Paribas Emissions-8.000 6/23/2022 EUR 70.100 DZ Bank AG Deutsche Ze16.100 3/25/2022 EUR 47.440 DZ Bank AG Deutsche Ze16.200 3/25/2022 EUR 60.560 DZ Bank AG Deutsche Ze8.900 6/24/2022 EUR 66.600 DZ Bank AG Deutsche Ze13.300 6/24/2022 EUR 62.260 UBS AG/London 11.750 11/28/2022 CHF 67.300 Goldman Sachs & Co Wer14.000 3/23/2022 EUR 67.020 UBS AG/London 10.250 5/30/2023 CHF 69.400 UBS AG/London 8.250 5/27/2022 CHF 69.200 Credit Suisse AG/Londo11.000 4/19/2022 CHF 55.160 BNP Paribas Emissions-10.000 3/24/2022 EUR 63.470 BNP Paribas Emissions-4.000 3/24/2022 EUR 72.080 BNP Paribas Emissions-8.000 3/24/2022 EUR 67.970 BNP Paribas Emissions-14.000 6/23/2022 EUR 64.430 BNP Paribas Emissions-5.000 9/22/2022 EUR 74.300 BNP Paribas Emissions-10.000 9/22/2022 EUR 68.980 BNP Paribas Emissions-12.000 9/22/2022 EUR 66.680 BNP Paribas Emissions-8.000 12/22/2022 EUR 73.530 BNP Paribas Emissions-12.000 9/22/2022 EUR 64.710 BNP Paribas Emissions-14.000 9/22/2022 EUR 62.130 BNP Paribas Emissions-10.000 12/22/2022 EUR 65.490 Bank Julius Baer & Co 9.600 08/12/2022 USD 49.950 SG Issuer SA 1.400 12/28/2032 EUR 28.030 SG Issuer SA 2.100 01/06/2033 EUR 29.800 SG Issuer SA 1.500 12/30/2032 EUR 48.590 Landesbank Baden-Wuert2.000 2/25/2022 EUR 69.610 DZ Bank AG Deutsche Ze17.200 6/24/2022 EUR 54.810 DZ Bank AG Deutsche Ze23.200 6/24/2022 EUR 69.290 DZ Bank AG Deutsche Ze14.800 6/24/2022 EUR 74.720 Leonteq Securities AG/6.000 11/27/2023 CHF 74.020 Credit Suisse AG/Londo12.000 4/15/2022 USD 55.720 BNP Paribas Emissions-14.000 3/24/2022 EUR 71.930 BNP Paribas Emissions-12.000 3/24/2022 EUR 64.440 BNP Paribas Emissions-15.000 6/23/2022 EUR 71.250 BNP Paribas Emissions-14.000 12/22/2022 EUR 71.790 BNP Paribas Emissions-8.000 9/22/2022 EUR 71.720 BNP Paribas Emissions-12.000 6/23/2022 EUR 61.870 BNP Paribas Emissions-10.000 9/22/2022 EUR 67.780 Societe Generale Effek16.500 2/25/2022 EUR 55.320 Leonteq Securities AG/17.680 05/06/2022 CHF 60.300 UniCredit Bank AG 6.000 7/28/2023 EUR 39.740 UBS AG/London 10.000 07/08/2022 CHF 69.800 Landesbank Baden-Wuert6.550 1/28/2022 EUR 75.000 Landesbank Baden-Wuert3.500 1/28/2022 EUR 36.260 Landesbank Baden-Wuert5.700 1/28/2022 EUR 30.590 Societe Generale Effek8.250 2/25/2022 EUR 69.820 Societe Generale Effek14.250 2/25/2022 EUR 58.130 UBS AG/London 12.750 11/07/2022 USD 54.750 Vontobel Financial Pro10.250 3/25/2022 EUR 62.340 Vontobel Financial Pro8.500 3/25/2022 EUR 62.070 Goldman Sachs & Co Wer23.000 5/25/2022 EUR 71.320 Goldman Sachs & Co Wer22.000 6/22/2022 EUR 72.340 Leonteq Securities AG 18.000 04/12/2022 CHF 36.470 Vontobel Financial Pro16.750 3/25/2022 EUR 71.000 Vontobel Financial Pro19.000 6/24/2022 EUR 72.200 Vontobel Financial Pro17.000 3/25/2022 EUR 69.930 Vontobel Financial Pro23.500 3/25/2022 EUR 71.020 Vontobel Financial Pro19.000 6/24/2022 EUR 70.060 Vontobel Financial Pro23.000 3/25/2022 EUR 67.570 Societe Generale Effek10.250 2/25/2022 EUR 64.950 Societe Generale Effek12.250 2/25/2022 EUR 61.180 Bank Vontobel AG 9.006 10/31/2022 CHF 53.400 UBS AG/London 13.000 05/06/2024 USD 58.970 Leonteq Securities AG/6.700 11/04/2022 USD 73.200 Vontobel Financial Pro17.750 3/25/2022 EUR 59.590 Vontobel Financial Pro15.750 08/03/2022 EUR 63.980 Vontobel Financial Pro16.500 6/24/2022 EUR 71.530 Vontobel Financial Pro22.000 3/25/2022 EUR 67.400 Vontobel Financial Pro19.000 3/25/2022 EUR 73.490 Landesbank Baden-Wuert3.100 2/25/2022 EUR 63.370 Vontobel Financial Pro20.000 6/24/2022 EUR 46.210 Corner Banca SA 13.000 8/16/2022 CHF 67.060 Zurcher Kantonalbank F20.500 8/23/2022 CHF 57.970 DZ Bank AG Deutsche Ze20.200 3/25/2022 EUR 69.150 DZ Bank AG Deutsche Ze24.100 3/25/2022 EUR 63.470 DZ Bank AG Deutsche Ze18.800 5/27/2022 EUR 71.450 DZ Bank AG Deutsche Ze21.200 6/24/2022 EUR 67.770 DZ Bank AG Deutsche Ze19.000 9/23/2022 EUR 71.140 EFG International Fina22.000 05/12/2022 CHF 61.940 UBS AG/London 14.750 11/14/2022 CHF 73.700 UBS AG/London 10.500 11/14/2022 CHF 73.200 UBS AG/London 11.750 11/14/2022 CHF 71.800 Corner Banca SA 15.000 5/25/2022 CHF 66.660 Leonteq Securities AG/13.000 11/21/2022 USD 53.540 Bank Julius Baer & Co 18.300 2/18/2022 USD 73.400 Landesbank Baden-Wuert4.700 4/25/2022 EUR 36.900 Landesbank Baden-Wuert7.050 4/25/2022 EUR 33.510 Landesbank Baden-Wuert2.700 4/25/2022 EUR 41.500 UBS AG/London 11.250 07/01/2022 CHF 70.300 Landesbank Baden-Wuert3.500 8/26/2022 EUR 37.740 Landesbank Baden-Wuert5.450 8/26/2022 EUR 33.280 Societe Generale SA 20.000 8/31/2023 USD 61.250 Landesbank Baden-Wuert3.000 10/25/2024 EUR 41.960 Bank Vontobel AG 15.000 02/07/2022 USD 63.700 Leonteq Securities AG/6.000 12/01/2023 CHF 73.900 Bank Julius Baer & Co 7.250 06/02/2022 CHF 69.550 Vontobel Financial Pro18.750 6/24/2022 EUR 32.240 Vontobel Financial Pro18.250 6/24/2022 EUR 62.750 Vontobel Financial Pro14.750 6/24/2022 EUR 65.730 Vontobel Financial Pro17.000 6/24/2022 EUR 62.090 Vontobel Financial Pro14.500 6/24/2022 EUR 30.530 Leonteq Securities AG/7.400 12/01/2023 USD 73.830 Vontobel Financial Pro23.950 06/03/2022 EUR 23.990 Vontobel Financial Pro26.800 06/03/2022 EUR 61.830 Landesbank Baden-Wuert5.100 11/25/2022 EUR 56.190 Landesbank Baden-Wuert7.900 11/25/2022 EUR 51.830 Landesbank Baden-Wuert3.800 11/25/2022 EUR 70.550 Landesbank Baden-Wuert4.350 11/25/2022 EUR 54.010 Landesbank Baden-Wuert5.400 11/25/2022 EUR 52.240 Landesbank Baden-Wuert6.600 11/25/2022 EUR 51.050 EFG International Fina24.000 06/07/2022 USD 28.080 Zurcher Kantonalbank F22.750 06/10/2022 USD 56.070 Zurcher Kantonalbank F21.750 06/10/2022 CHF 66.460 Zurcher Kantonalbank F13.000 06/10/2022 CHF 73.640 Raiffeisen Schweiz Gen12.000 06/01/2022 CHF 65.600 Vontobel Financial Pro26.350 06/06/2022 EUR 60.270 Vontobel Financial Pro20.000 6/24/2022 EUR 59.080 Vontobel Financial Pro16.500 6/24/2022 EUR 31.310 Landesbank Baden-Wuert7.000 1/28/2022 EUR 53.630 Leonteq Securities AG/23.690 06/03/2022 CHF 35.890 Leonteq Securities AG/2.600 5/27/2026 EUR 48.730 Societe Generale Effek16.750 2/25/2022 EUR 68.240 Leonteq Securities AG/10.000 10/26/2022 USD 51.530 Vontobel Financial Pro7.000 6/24/2022 EUR 61.630 Vontobel Financial Pro12.500 6/24/2022 EUR 54.710 Vontobel Financial Pro7.500 3/25/2022 EUR 59.980 Vontobel Financial Pro15.500 6/24/2022 EUR 52.320 Vontobel Financial Pro9.500 6/24/2022 EUR 57.700 Raiffeisen Centrobank 10.000 3/24/2023 EUR 70.690 Bank Vontobel AG 10.507 8/19/2022 CHF 54.000 Bank Vontobel AG 12.008 8/19/2022 CHF 66.000 Leonteq Securities AG 15.000 5/19/2022 CHF 42.370 Landesbank Baden-Wuert2.300 2/25/2022 EUR 62.310 Danske Bank A/S 5.300 7/15/2023 SEK 41.160 Societe Generale SA 4.500 12/29/2022 USD 4.510 Zurcher Kantonalbank F8.000 2/23/2022 CHF 47.870 UBS AG 15.000 8/15/2023 USD 65.350 UniCredit Bank AG 9.100 3/16/2022 EUR 69.980 UniCredit Bank AG 13.200 3/16/2022 EUR 59.060 Societe Generale SA 4.500 12/29/2022 USD #N/A N/A UBS AG/London 14.750 2/17/2023 CHF 50.150 UBS AG/London 8.500 2/17/2022 CHF 64.550 Bank Julius Baer & Co 8.500 2/18/2022 EUR 68.150 Landesbank Baden-Wuert3.050 3/25/2022 EUR 41.330 Landesbank Baden-Wuert5.000 3/25/2022 EUR 37.690 Landesbank Baden-Wuert7.300 3/25/2022 EUR 34.810 Landesbank Baden-Wuert3.500 3/25/2022 EUR 72.970 Bank Vontobel AG 10.508 8/19/2022 CHF 54.000 Leonteq Securities AG 15.000 8/19/2022 CHF 65.780 Corner Banca SA 19.000 5/23/2022 USD 43.930 DZ Bank AG Deutsche Ze8.000 6/24/2022 EUR 71.720 Zurcher Kantonalbank F17.250 4/14/2022 CHF 63.760 BNP Paribas Emissions-16.000 3/24/2022 EUR 69.950 BNP Paribas Emissions-18.000 3/24/2022 EUR 67.370 Zurcher Kantonalbank F16.250 05/04/2022 EUR 60.830 Landesbank Baden-Wuert5.250 4/28/2023 EUR 49.620 Landesbank Baden-Wuert3.150 4/28/2023 EUR 53.710 Landesbank Baden-Wuert2.300 4/28/2023 EUR 69.610 Landesbank Baden-Wuert5.700 4/28/2023 EUR 45.270 Landesbank Baden-Wuert4.350 4/28/2023 EUR 46.910 Landesbank Baden-Wuert3.000 4/28/2023 EUR 49.230 DZ Bank AG Deutsche Ze22.600 3/25/2022 EUR 62.920 DZ Bank AG Deutsche Ze24.600 3/25/2022 EUR 67.880 Vontobel Financial Pro16.500 6/24/2022 EUR 64.820 Vontobel Financial Pro20.000 3/25/2022 EUR 61.260 Vontobel Financial Pro16.500 3/25/2022 EUR 64.410 Vontobel Financial Pro20.500 6/24/2022 EUR 46.740 Zurcher Kantonalbank F12.250 05/05/2022 CHF 57.100 UBS AG/London 13.500 4/29/2024 USD 62.170 UBS AG/London 12.750 10/28/2022 CHF 55.600 Landesbank Baden-Wuert2.300 7/22/2022 EUR 62.210 Zurcher Kantonalbank F23.000 2/25/2022 USD 55.230 Vontobel Financial Pro18.500 3/25/2022 EUR 49.590 Landesbank Baden-Wuert2.800 4/25/2022 EUR 62.750 Erste Group Bank AG 4.350 2/28/2022 EUR 41.650 Leonteq Securities AG/3.750 2/20/2023 CHF 62.000 UniCredit Bank AG 16.840 03/01/2022 NOK 65.510 Vontobel Financial Pro15.000 3/25/2022 EUR 32.020 Vontobel Financial Pro16.500 3/25/2022 EUR 43.620 Vontobel Financial Pro20.500 3/25/2022 EUR 39.510 Vontobel Financial Pro21.000 3/25/2022 EUR 38.570 Vontobel Financial Pro22.000 3/25/2022 EUR 37.770 Vontobel Financial Pro23.000 3/25/2022 EUR 37.020 Landesbank Baden-Wuert6.350 10/28/2022 EUR 41.660 Landesbank Baden-Wuert3.500 10/28/2022 EUR 52.000 DZ Bank AG Deutsche Ze20.300 3/25/2022 EUR 72.580 DZ Bank AG Deutsche Ze22.700 3/25/2022 EUR 72.040 Bank Vontobel AG 6.007 9/26/2022 CHF 59.600 Bank Vontobel AG 14.006 9/26/2022 CHF 43.600 Bank Vontobel AG 15.009 6/27/2022 CHF 51.500 UBS AG/London 16.000 9/30/2022 CHF 49.950 BNP Paribas Emissions-15.000 3/24/2022 EUR 71.020 BNP Paribas Emissions-15.000 6/23/2022 EUR 72.000 DekaBank Deutsche Giro3.900 4/25/2022 EUR 38.870 UniCredit Bank AG 3.750 4/19/2022 EUR 58.060 Leonteq Securities AG/16.000 06/01/2022 USD 32.460 Luzerner Kantonalbank 7.500 6/15/2022 CHF 65.390 Leonteq Securities AG/7.000 11/07/2022 CHF 73.470 Zurcher Kantonalbank F7.000 08/10/2022 USD 64.030 Credit Suisse AG/Londo13.250 05/04/2022 USD 51.650 Raiffeisen Switzerland12.500 05/10/2022 EUR 62.270 DZ Bank AG Deutsche Ze10.500 4/22/2022 EUR 42.660 UniCredit Bank AG 9.250 4/27/2022 EUR 67.530 Societe Generale Effek3.000 7/22/2022 USD 7.350 Landesbank Baden-Wuert4.050 10/28/2022 EUR 45.470 Landesbank Baden-Wuert5.750 10/28/2022 EUR 48.020 Raiffeisen Switzerland10.500 07/11/2024 USD 18.190 DZ Bank AG Deutsche Ze17.100 3/25/2022 EUR 43.980 Bank Vontobel AG 6.007 9/26/2022 CHF 59.600 Bank Vontobel AG 4.255 6/27/2022 CHF 57.600 Bank Vontobel AG 12.751 6/27/2022 CHF 52.400 Societe Generale Effek13.500 2/25/2022 EUR 65.220 UBS AG/London 16.750 3/31/2022 CHF 59.150 UniCredit Bank AG 3.200 09/10/2022 EUR 52.400 Leonteq Securities AG/22.080 05/06/2022 CHF 47.670 Leonteq Securities AG/11.000 08/10/2022 USD 57.990 Leonteq Securities AG/8.130 2/21/2022 EUR 65.880 UniCredit Bank AG 3.700 06/04/2022 EUR 55.970 Landesbank Baden-Wuert2.250 3/25/2022 EUR 71.890 Landesbank Baden-Wuert2.500 1/28/2022 EUR 60.480 Bank Vontobel AG 6.507 8/17/2022 CHF 61.100 Leonteq Securities AG/14.000 8/26/2022 USD 49.200 Societe Generale Effek14.500 3/25/2022 EUR 70.250 Societe Generale Effek16.500 3/25/2022 EUR 65.960 Leonteq Securities AG 12.000 06/01/2022 CHF 42.550 Landesbank Baden-Wuert3.400 2/25/2022 EUR 55.110 Landesbank Baden-Wuert7.200 4/25/2022 EUR 47.500 Landesbank Baden-Wuert4.450 4/25/2022 EUR 53.000 Landesbank Baden-Wuert2.000 4/25/2022 EUR 71.960 Landesbank Baden-Wuert3.750 4/25/2022 EUR 67.580 Landesbank Baden-Wuert4.450 4/25/2022 EUR 55.070 Landesbank Baden-Wuert6.700 4/25/2022 EUR 49.870 Landesbank Baden-Wuert10.000 4/25/2022 EUR 45.370 UniCredit Bank AG 4.450 09/11/2023 EUR 33.240 Leonteq Securities AG/15.000 4/13/2022 CHF 35.120 UBS AG/London 13.250 4/29/2022 CHF 69.050 Leonteq Securities AG 22.860 04/12/2022 CHF 28.950 Vontobel Financial Pro24.000 3/25/2022 EUR 71.860 Vontobel Financial Pro18.000 6/24/2022 EUR 69.640 Vontobel Financial Pro20.000 3/25/2022 EUR 70.440 Vontobel Financial Pro17.000 6/24/2022 EUR 70.690 DZ Bank AG Deutsche Ze8.000 6/22/2022 EUR 70.560 Credit Suisse AG/Londo12.000 4/29/2022 USD 28.390 Vontobel Financial Pro17.000 3/25/2022 EUR 70.410 Vontobel Financial Pro19.500 3/25/2022 EUR 68.190 Vontobel Financial Pro11.000 3/25/2022 EUR 61.860 Vontobel Financial Pro17.000 6/24/2022 EUR 69.970 Vontobel Financial Pro18.000 6/24/2022 EUR 54.080 Vontobel Financial Pro16.000 3/25/2022 EUR 71.630 Vontobel Financial Pro16.000 3/25/2022 EUR 55.500 Vontobel Financial Pro8.500 6/24/2022 EUR 66.270 Vontobel Financial Pro14.500 3/25/2022 EUR 56.890 Vontobel Financial Pro19.500 3/25/2022 EUR 51.710 Vontobel Financial Pro13.000 6/24/2022 EUR 59.000 Vontobel Financial Pro12.000 3/25/2022 EUR 60.060 Vontobel Financial Pro15.000 6/24/2022 EUR 47.600 Vontobel Financial Pro10.000 6/24/2022 EUR 51.840 Vontobel Financial Pro17.500 6/24/2022 EUR 46.050 Vontobel Financial Pro7.500 6/24/2022 EUR 54.710 Vontobel Financial Pro12.500 6/24/2022 EUR 49.500 Vontobel Financial Pro9.000 3/25/2022 EUR 54.470 Vontobel Financial Pro12.000 3/25/2022 EUR 50.880 Vontobel Financial Pro15.000 3/25/2022 EUR 47.830 Leonteq Securities AG/24.350 4/29/2022 CHF 63.560 Leonteq Securities AG/23.180 4/29/2022 USD 32.600 Leonteq Securities AG/11.000 10/31/2022 USD 65.260 UniCredit Bank AG 3.800 12/29/2022 EUR 57.700 Landesbank Baden-Wuert4.000 5/27/2022 EUR 45.590 Leonteq Securities AG/4.000 2/21/2022 EUR 67.410 SG Issuer SA 0.263 2/20/2025 EUR 20.780 Landesbank Baden-Wuert4.900 2/25/2022 EUR 69.600 Landesbank Baden-Wuert2.600 2/25/2022 EUR 72.630 Landesbank Baden-Wuert3.700 2/25/2022 EUR 68.380 Landesbank Baden-Wuert4.800 3/25/2022 EUR 69.970 Vontobel Financial Pro10.500 3/25/2022 EUR 69.520 Vontobel Financial Pro13.500 3/25/2022 EUR 65.200 Raiffeisen Switzerland8.200 11/03/2022 CHF 62.320 EFG International Fina6.080 05/05/2022 USD 64.550 Leonteq Securities AG/21.050 05/04/2022 CHF 60.300 Vontobel Financial Pro20.000 3/25/2022 EUR 57.660 Credit Suisse AG/Londo8.250 05/05/2022 USD 54.640 Zurcher Kantonalbank F20.750 05/12/2022 CHF 67.600 SG Issuer SA 7.600 1/20/2025 SEK 68.110 Leonteq Securities AG/9.300 8/24/2022 USD 65.430 UBS AG/London 15.250 2/24/2022 USD 31.800 Zurcher Kantonalbank F19.800 2/25/2022 CHF 54.500 Credit Suisse AG/Londo8.100 8/23/2022 CHF 64.090 Credit Suisse AG/Londo11.000 2/23/2022 USD 46.550 Vontobel Financial Pro16.000 3/25/2022 EUR 52.500 Vontobel Financial Pro21.000 3/25/2022 EUR 47.100 UBS AG/London 6.500 8/24/2022 CHF 43.800 Zurcher Kantonalbank F20.500 2/25/2022 USD 54.610 Vontobel Financial Pro13.500 3/25/2022 EUR 55.890 Landesbank Baden-Wuert13.180 1/28/2022 EUR 67.430 EFG International Fina16.000 2/24/2022 CHF 57.350 EFG International Fina8.200 03/01/2023 USD 69.240 EFG International Fina7.000 2/21/2022 CHF 68.630 Bank Vontobel AG 15.004 03/01/2022 EUR 32.300 Vontobel Financial Pro9.000 3/25/2022 EUR 36.540 Vontobel Financial Pro7.500 3/25/2022 EUR 38.640 Vontobel Financial Pro19.500 3/25/2022 EUR 40.440 Vontobel Financial Pro17.500 3/25/2022 EUR 42.480 Vontobel Financial Pro24.000 3/25/2022 EUR 36.320 Landesbank Baden-Wuert6.400 2/25/2022 EUR 69.770 Leonteq Securities AG 17.000 2/23/2022 CHF 40.230 Vontobel Financial Pro13.000 3/25/2022 EUR 72.820 Bank Vontobel AG 20.004 08/10/2022 CHF 72.400 UniCredit Bank AG 4.000 11/21/2022 EUR 68.680 Vontobel Financial Pro12.900 4/26/2022 EUR 40.110 Landesbank Baden-Wuert3.500 1/28/2022 EUR 51.510 Vontobel Financial Pro14.500 6/24/2022 EUR 66.790 UBS AG/London 11.500 4/21/2022 CHF 57.550 Vontobel Financial Pro13.500 3/25/2022 EUR 53.530 Vontobel Financial Pro17.500 6/24/2022 EUR 50.980 Vontobel Financial Pro15.500 6/24/2022 EUR 72.390 Landesbank Baden-Wuert3.250 12/23/2022 EUR 62.600 UniCredit Bank AG 3.500 2/13/2023 EUR 42.800 Leonteq Securities AG 24.530 4/22/2022 CHF 42.740 UBS AG/London 10.500 4/21/2023 CHF 65.400 Vontobel Financial Pro13.000 6/24/2022 EUR 55.260 Vontobel Financial Pro8.500 6/24/2022 EUR 61.390 Vontobel Financial Pro17.000 3/25/2022 EUR 49.970 Vontobel Financial Pro20.500 3/25/2022 EUR 47.020 EFG International Fina5.800 4/26/2023 EUR 67.790 Vontobel Financial Pro11.000 6/24/2022 EUR 50.510 Vontobel Financial Pro15.500 6/24/2022 EUR 46.470 Vontobel Financial Pro12.500 3/25/2022 EUR 49.120 Vontobel Financial Pro5.500 6/24/2022 EUR 63.810 Vontobel Financial Pro10.500 6/24/2022 EUR 55.920 Bank Julius Baer & Co 16.250 4/22/2022 USD 48.800 Leonteq Securities AG/12.000 4/22/2022 USD 38.490 DZ Bank AG Deutsche Ze17.600 3/25/2022 EUR 63.520 DZ Bank AG Deutsche Ze23.500 3/25/2022 EUR 59.210 Vontobel Financial Pro10.000 6/24/2022 EUR 42.380 UniCredit Bank AG 3.750 3/26/2022 EUR 57.130 Bank Vontobel AG 10.000 5/16/2022 CHF 49.900 DekaBank Deutsche Giro4.250 4/14/2022 EUR 37.930 SG Issuer SA 9.180 1/20/2025 SEK 70.800 UniCredit Bank AG 3.350 6/14/2022 EUR 52.280 Leonteq Securities AG 7.000 03/09/2022 CHF 71.110 Leonteq Securities AG 5.600 5/16/2022 CHF 63.610 Vontobel Financial Pro6.700 03/07/2022 EUR 51.020 UniCredit Bank AG 3.250 3/29/2022 EUR 17.190 Landesbank Baden-Wuert3.000 12/23/2022 EUR 63.380 Vontobel Financial Pro20.000 6/24/2022 EUR 70.480 Vontobel Financial Pro22.500 3/25/2022 EUR 67.480 Vontobel Financial Pro11.000 9/23/2022 EUR 56.140 Vontobel Financial Pro17.000 9/23/2022 EUR 53.540 Vontobel Financial Pro14.000 9/23/2022 EUR 54.610 Vontobel Financial Pro11.500 6/24/2022 EUR 56.380 Vontobel Financial Pro15.000 6/24/2022 EUR 53.920 Vontobel Financial Pro19.000 6/24/2022 EUR 52.210 Leonteq Securities AG 11.000 2/23/2023 CHF 56.190 Leonteq Securities AG 15.000 11/23/2022 CHF 59.680 Leonteq Securities AG/20.000 8/23/2022 USD 41.990 Leonteq Securities AG/13.000 8/23/2022 CHF 60.050 Leonteq Securities AG/8.000 8/23/2023 CHF 65.880 Bank Vontobel AG 15.000 2/20/2023 CHF 56.400 Vontobel Financial Pro19.000 6/24/2022 EUR 63.910 Vontobel Financial Pro18.500 6/24/2022 EUR 49.870 Vontobel Financial Pro14.750 6/24/2022 EUR 58.540 Leonteq Securities AG/25.020 8/23/2022 CHF 53.670 Bank Julius Baer & Co 10.500 2/24/2023 USD 70.800 Vontobel Financial Pro9.500 9/23/2022 EUR 72.130 Vontobel Financial Pro20.500 9/23/2022 EUR 57.090 Vontobel Financial Pro8.000 9/23/2022 EUR 71.130 Raiffeisen Schweiz Gen8.500 2/20/2023 CHF 69.730 Raiffeisen Schweiz Gen12.000 8/23/2022 CHF 62.540 Raiffeisen Schweiz Gen18.000 8/23/2022 CHF 39.410 Zurcher Kantonalbank F13.750 09/01/2022 CHF 47.600 Vontobel Financial Pro8.500 12/23/2022 EUR 69.390 Vontobel Financial Pro11.500 12/23/2022 EUR 66.990 EFG International Fina19.000 11/10/2022 CHF 70.520 Leonteq Securities AG/5.710 9/23/2022 USD 71.600 Leonteq Securities AG/26.400 11/15/2022 USD 72.050 Leonteq Securities AG/22.800 11/11/2022 CHF 47.450 Vontobel Financial Pro17.500 9/23/2022 EUR 71.600 Vontobel Financial Pro11.500 9/23/2022 EUR 72.280 Vontobel Financial Pro14.000 9/23/2022 EUR 69.280 Vontobel Financial Pro16.000 6/24/2022 EUR 67.520 Vontobel Financial Pro14.000 6/24/2022 EUR 69.130 Societe Generale Effek14.500 10/28/2022 EUR 67.980 Leonteq Securities AG 18.000 11/15/2022 CHF 69.120 Bank Vontobel AG 25.000 12/27/2022 CHF 66.300 Zurcher Kantonalbank F28.750 6/27/2022 CHF 65.040 Leonteq Securities AG/24.120 12/28/2022 CHF 67.300 Vontobel Financial Pro6.400 2/28/2022 EUR 49.300 Bank Julius Baer & Co 9.850 11/16/2022 CHF 66.000 Vontobel Financial Pro14.500 3/25/2022 EUR 58.640 Vontobel Financial Pro12.000 3/25/2022 EUR 61.730 Credit Suisse AG/Londo11.500 8/25/2022 USD 50.210 Credit Suisse AG/Londo10.000 11/30/2022 CHF 62.570 Bank Vontobel AG 20.000 12/19/2022 CHF 50.900 Bank Vontobel AG 13.000 10/17/2022 CHF 68.500 Bank Vontobel AG 10.000 2/27/2023 EUR 70.800 Bank Vontobel AG 7.500 2/28/2023 CHF 67.900 Credit Suisse AG/Londo15.250 9/19/2022 EUR 58.350 Credit Suisse AG/Londo13.000 6/30/2022 USD 44.130 Credit Suisse AG/Londo11.500 07/04/2022 CHF 56.870 Credit Suisse AG/Londo11.500 8/23/2022 CHF 58.310 Credit Suisse AG/Londo8.000 8/24/2022 USD 60.500 UBS AG/London 14.250 10/20/2022 CHF 60.650 UBS AG/London 10.000 2/20/2023 EUR 59.200 UBS AG/London 13.500 07/07/2022 CHF 42.400 UBS AG/London 12.250 07/08/2022 USD 64.150 Zurcher Kantonalbank F19.500 9/15/2022 USD 52.490 Societe Generale Effek21.250 6/24/2022 EUR 69.960 Credit Suisse AG/Londo15.000 10/14/2022 USD 49.010 Credit Suisse AG/Londo11.100 10/13/2022 CHF 62.370 Bank Vontobel AG 20.000 9/26/2022 CHF 47.100 UBS AG/London 9.250 03/01/2023 CHF 59.250 UBS AG/London 11.250 03/01/2023 CHF 63.050 UBS AG/London 9.750 03/01/2023 CHF 62.750 UBS AG/London 6.250 09/01/2023 EUR 76.050 Credit Suisse AG/Londo10.000 12/28/2022 USD 56.240 Credit Suisse AG/Londo11.500 9/29/2022 CHF 56.800 Credit Suisse AG/Londo14.500 9/30/2022 USD 40.820 Credit Suisse AG/Londo13.700 9/25/2023 USD 65.530 Zurcher Kantonalbank F8.250 9/23/2022 CHF 70.900 UBS AG/London 15.000 09/09/2022 USD 49.150 Bank Vontobel AG 17.000 09/05/2022 CHF 47.200 Bank Vontobel AG 19.500 09/05/2022 CHF 36.600 Credit Suisse AG/Londo11.500 7/13/2022 CHF 63.200 UBS AG/London 15.250 9/15/2023 USD 61.600 UBS AG/London 8.500 9/22/2022 CHF 55.200 Zurcher Kantonalbank F19.500 10/12/2022 CHF 58.700 UBS AG/London 15.500 07/07/2022 CHF 70.050 UBS AG/London 21.250 7/14/2022 CHF 68.050 Credit Suisse AG/Londo10.000 7/22/2022 CHF 40.880 Credit Suisse AG/Londo10.000 7/19/2022 EUR 63.180 Credit Suisse AG/Londo16.000 7/22/2022 USD 30.730 Bank Vontobel AG 12.000 09/06/2022 USD 53.000 Bank Vontobel AG 13.000 11/28/2022 CHF 53.400 Bank Vontobel AG 8.500 1/23/2023 CHF 60.100 Bank Vontobel AG 18.000 2/28/2023 CHF 56.000 UBS AG/London 8.500 1/30/2023 CHF 69.050 Credit Suisse AG/Londo10.250 11/09/2022 USD 47.360 Credit Suisse AG/Londo9.250 08/11/2022 CHF 64.570 BNP Paribas Emissions-18.000 6/23/2022 EUR 71.430 BNP Paribas Emissions-20.000 6/23/2022 EUR 69.700 BNP Paribas Emissions-18.000 3/24/2022 EUR 70.250 Vontobel Financial Pro18.750 12/23/2022 EUR 67.450 Vontobel Financial Pro13.000 12/23/2022 EUR 66.590 Vontobel Financial Pro18.750 12/23/2022 EUR 61.290 Leonteq Securities AG/16.400 12/02/2022 CHF 73.470 Vontobel Financial Pro16.000 12/23/2022 EUR 72.520 Leonteq Securities AG 23.400 10/25/2022 CHF 66.660 Bank Vontobel AG 10.500 04/12/2023 CHF 64.500 Bank Vontobel AG 16.250 04/12/2023 CHF 60.400 UBS AG/London 9.250 2/13/2023 CHF 70.800 UBS AG/London 9.250 2/20/2023 CHF 62.600 Vontobel Financial Pro14.500 12/23/2022 EUR 68.750 Bank Vontobel AG 8.750 4/18/2023 CHF 62.200 Zurcher Kantonalbank F25.000 9/20/2022 CHF 45.700 Credit Suisse AG/Londo7.500 10/20/2022 USD 75.190 UBS AG/London 12.250 4/13/2023 CHF 67.200 UBS AG/London 18.250 3/15/2023 CHF 53.900 UBS AG/London 12.000 3/22/2023 CHF 63.150 Zurcher Kantonalbank F20.000 10/12/2022 USD 54.280 UBS AG/London 10.250 07/07/2022 EUR 70.550 UBS AG/London 10.250 1/17/2023 USD 65.450 Zurcher Kantonalbank F19.500 09/08/2022 CHF 50.470 Bank Vontobel AG 16.250 11/28/2022 CHF 56.900 Bank Vontobel AG 5.250 01/04/2023 CHF 74.900 Bank Vontobel AG 15.000 10/24/2022 CHF 54.600 Leonteq Securities AG/10.000 02/01/2023 CHF 42.410 Bank Vontobel AG 16.500 8/29/2022 CHF 67.600 UBS AG/London 9.250 1/30/2023 USD 61.000 UBS AG/London 20.250 7/28/2022 USD 41.900 UBS AG/London 28.500 7/28/2022 USD 47.850 Zurcher Kantonalbank F21.750 10/21/2022 CHF 55.230 Credit Suisse AG/Londo11.250 8/15/2022 EUR 71.460 BNP Paribas Emissions-20.000 6/23/2022 EUR 72.240 BNP Paribas Emissions-20.000 3/24/2022 EUR 70.560 BNP Paribas Emissions-20.000 3/24/2022 EUR 67.670 BNP Paribas Emissions-20.000 9/22/2022 EUR 71.910 Leonteq Securities AG/15.000 10/26/2022 USD 69.840 Leonteq Securities AG 20.400 10/26/2022 CHF 66.170 Raiffeisen Schweiz Gen18.000 10/25/2022 CHF 61.060 EFG International Fina16.000 10/27/2022 CHF 57.950 Credit Suisse AG/Londo20.000 12/21/2022 USD 67.040 Raiffeisen Schweiz Gen17.500 12/27/2022 CHF 64.650 Leonteq Securities AG/20.000 12/27/2022 USD 57.530 Leonteq Securities AG 30.000 9/30/2022 CHF 59.410 Leonteq Securities AG 27.000 9/30/2022 CHF 57.930 Vontobel Financial Pro17.000 3/25/2022 EUR 55.930 Leonteq Securities AG/30.000 11/15/2022 CHF 68.410 Corner Banca SA 14.000 9/26/2022 USD 61.700 Leonteq Securities AG 18.000 3/29/2022 CHF 45.540 Credit Suisse AG/Londo19.250 12/08/2022 CHF 54.890 Barclays Bank PLC 0.600 3/14/2023 USD 9.917 Raiffeisen Schweiz Gen19.710 12/14/2022 CHF 67.380 Raiffeisen Switzerland18.000 12/13/2022 CHF 60.920 Credit Suisse AG/Londo10.000 12/12/2022 CHF 64.870 Credit Suisse AG/Londo19.500 12/12/2022 USD 53.810 Leonteq Securities AG/24.800 11/29/2022 CHF 57.390 DZ Bank AG Deutsche Ze19.300 9/23/2022 EUR 72.570 DZ Bank AG Deutsche Ze16.700 12/23/2022 EUR 73.790 Bank Julius Baer & Co 9.250 10/07/2022 USD 67.800 Leonteq Securities AG/26.400 10/07/2022 CHF 56.680 Leonteq Securities AG/12.000 2/22/2023 CHF 71.340 Leonteq Securities AG/17.000 11/22/2022 USD 65.690 Raiffeisen Schweiz Gen18.000 10/12/2022 CHF 58.760 Corner Banca SA 11.600 12/27/2022 USD 68.610 Leonteq Securities AG/12.000 9/27/2022 CHF 52.400 Leonteq Securities AG/12.000 12/28/2022 USD 62.270 Societe Generale Effek19.500 5/27/2022 EUR 67.020 Societe Generale Effek18.500 6/24/2022 EUR 67.990 Raiffeisen Schweiz Gen11.000 12/27/2022 CHF 62.520 Raiffeisen Schweiz Gen11.500 9/27/2022 CHF 55.280 Raiffeisen Schweiz Gen15.000 9/27/2022 CHF 40.730 Raiffeisen Schweiz Gen8.500 3/24/2023 USD 69.020 Raiffeisen Schweiz Gen18.500 9/27/2022 USD 50.470 Leonteq Securities AG 23.400 9/28/2022 CHF 48.680 Leonteq Securities AG 24.000 9/28/2022 CHF 55.920 Leonteq Securities AG 12.000 1/18/2023 CHF 64.220 Credit Suisse AG/Londo5.000 1/19/2023 USD 9.500 Leonteq Securities AG 21.600 10/18/2022 CHF 68.810 Leonteq Securities AG 3.600 9/22/2026 CHF 61.250 Raiffeisen Schweiz Gen3.000 9/21/2029 CHF 70.160 Raiffeisen Schweiz Gen2.700 9/22/2026 CHF 58.880 Leonteq Securities AG 3.900 12/20/2024 CHF 62.480 Raiffeisen Schweiz Gen10.000 12/31/2024 CHF 70.920 Leonteq Securities AG/24.420 11/22/2022 CHF 63.530 Leonteq Securities AG/27.300 11/22/2022 USD 67.010 Zurcher Kantonalbank F20.000 11/15/2022 USD 65.930 Zurcher Kantonalbank F19.000 11/15/2022 CHF 68.740 UBS AG/London 16.250 05/03/2023 USD 58.400 Credit Suisse AG/Londo13.000 12/05/2022 EUR 70.560 Corner Banca SA 15.000 03/10/2023 CHF 61.350 Credit Suisse AG/Londo19.250 12/06/2022 USD 49.890 UBS AG/London 25.750 12/22/2022 USD 69.050 Vontobel Financial Pro26.150 4/26/2022 EUR 63.690 Leonteq Securities AG/11.000 11/22/2022 CHF 68.500 Societe Generale Effek21.250 5/27/2022 EUR 68.120 Vontobel Financial Pro8.500 9/23/2022 EUR 58.530 Raiffeisen Schweiz Gen14.000 2/20/2023 CHF 57.350 UniCredit Bank AG 8.000 3/25/2022 EUR 46.600 UBS AG/London 21.250 3/24/2022 USD 57.900 Leonteq Securities AG/11.000 10/18/2022 CHF 63.410 DZ Bank AG Deutsche Ze10.000 12/23/2022 EUR 63.970 Raiffeisen Schweiz Gen18.000 10/19/2022 CHF 60.780 Raiffeisen Schweiz Gen13.000 10/18/2022 CHF 65.070 Raiffeisen Schweiz Gen20.000 10/19/2022 CHF 69.660 Leonteq Securities AG 24.240 10/19/2022 CHF 59.200 Bank Vontobel AG 13.750 05/08/2023 CHF 58.700 Bank Vontobel AG 18.750 11/14/2022 CHF 59.900 Vontobel Financial Pro19.500 3/25/2022 EUR 53.550 Leonteq Securities AG/20.400 11/16/2022 CHF 72.440 Leonteq Securities AG/22.800 11/16/2022 CHF 62.550 Bank Julius Baer & Co 10.000 3/28/2022 USD 54.000 UBS AG/London 12.250 3/24/2022 CHF 53.850 UBS AG/London 15.500 3/24/2022 CHF 47.300 Vontobel Financial Pro9.200 3/23/2022 EUR 45.240 Vontobel Financial Pro18.250 9/23/2022 EUR 51.320 Zurcher Kantonalbank F7.000 11/22/2022 CHF 64.100 Zurcher Kantonalbank F18.250 11/22/2022 CHF 71.520 Landesbank Baden-Wuert7.250 11/25/2022 EUR 62.550 Vontobel Financial Pro21.250 9/23/2022 EUR 63.890 DZ Bank AG Deutsche Ze12.750 10/26/2022 EUR 73.320 EFG International Fina15.000 9/26/2022 CHF 60.720 UBS AG/London 26.250 9/26/2022 USD 57.600 DZ Bank AG Deutsche Ze10.500 5/25/2022 EUR 71.220 UBS AG/London 10.500 1/23/2023 CHF #N/A N/A Credit Suisse AG/Londo8.500 6/30/2022 CHF 43.770 Credit Suisse AG/Londo8.500 6/24/2022 CHF 54.920 Credit Suisse AG/Londo15.000 6/27/2022 USD 44.570 Credit Suisse AG/Londo10.500 09/12/2022 CHF 54.740 Credit Suisse AG/Londo15.000 9/15/2022 USD 42.800 UBS AG/London 14.500 6/30/2022 CHF 63.550 Bank Vontobel AG 15.500 12/19/2022 EUR 62.400 UBS AG/London 12.500 2/13/2023 CHF 72.200 Credit Suisse AG/Londo12.000 6/30/2022 CHF 43.980 Credit Suisse AG/Londo15.000 07/07/2022 USD 42.480 Credit Suisse AG/Londo13.500 8/17/2022 CHF 38.220 Credit Suisse AG/Londo10.350 2/27/2023 CHF 63.430 Zurcher Kantonalbank F8.000 12/27/2022 CHF 67.950 Zurcher Kantonalbank F21.000 10/04/2022 CHF 48.670 Luzerner Kantonalbank 12.400 8/30/2022 USD 66.340 UBS AG/London 14.000 08/04/2022 USD 51.800 Credit Suisse AG/Londo9.000 10/07/2022 CHF 57.410 UBS AG/London 10.250 09/01/2022 EUR 74.800 UBS AG/London 20.250 03/01/2023 CHF 57.100 Credit Suisse AG/Londo10.000 10/05/2022 USD 61.800 UBS AG/London 10.250 03/09/2023 USD 67.300 UBS AG/London 15.750 03/09/2023 USD 60.450 UBS AG/London 8.000 01/09/2023 CHF 74.650 Zurcher Kantonalbank F15.000 9/23/2022 CHF 47.210 Zurcher Kantonalbank F14.000 9/27/2022 USD 70.790 Bank Vontobel AG 14.000 11/28/2022 CHF 67.200 Bank Vontobel AG 10.000 11/28/2022 CHF 55.100 Bank Vontobel AG 19.000 12/05/2022 CHF 52.600 Bank Vontobel AG 12.000 12/12/2022 CHF 54.900 Credit Suisse AG/Londo12.500 7/14/2022 USD 34.500 Zurcher Kantonalbank F16.000 10/14/2022 CHF 53.840 Zurcher Kantonalbank F8.000 10/18/2022 CHF 61.310 UBS AG/London 14.750 3/15/2023 EUR 65.250 Credit Suisse AG/Londo12.750 7/20/2022 CHF 63.630 Bank Vontobel AG 13.500 3/31/2023 CHF 58.400 Bank Vontobel AG 14.750 1/16/2023 CHF 57.800 Bank Vontobel AG 17.000 1/24/2023 CHF 53.200 Leonteq Securities AG 12.000 1/25/2023 CHF 64.170 Bank Julius Baer & Co 10.400 1/24/2023 USD 68.150 Vontobel Financial Pro6.000 12/23/2022 EUR 67.060 Vontobel Financial Pro12.000 12/23/2022 EUR 62.900 Vontobel Financial Pro9.000 12/23/2022 EUR 64.660 Leonteq Securities AG 25.200 10/21/2022 CHF 55.770 Leonteq Securities AG/17.000 10/25/2022 USD 61.130 Leonteq Securities AG/13.000 10/25/2022 USD 61.530 EFG International Fina18.000 10/20/2022 CHF 65.310 Vontobel Financial Pro10.500 12/23/2022 EUR 66.870 Vontobel Financial Pro15.500 12/23/2022 EUR 64.000 Raiffeisen Schweiz Gen12.500 12/20/2022 CHF 72.800 Bank Vontobel AG 9.000 12/18/2023 CHF 70.300 Bank Vontobel AG 10.250 12/19/2022 CHF 69.300 Leonteq Securities AG/12.000 12/13/2022 CHF 54.350 Leonteq Securities AG/22.800 12/21/2022 CHF 69.090 Credit Suisse AG/Londo13.500 12/14/2022 CHF 68.990 UBS AG/London 13.000 3/29/2023 USD 64.950 UBS AG/London 14.250 4/20/2023 USD 63.450 UBS AG/London 8.250 7/21/2022 USD 54.200 UBS AG/London 11.750 7/21/2022 CHF 66.550 Credit Suisse AG/Londo15.000 6/29/2022 USD 28.160 UBS AG/London 19.000 2/17/2022 CHF 56.300 Credit Suisse AG/Londo11.750 09/08/2022 USD 52.630 Credit Suisse AG/Londo8.500 9/13/2022 CHF 56.630 Bank Vontobel AG 10.500 12/27/2022 CHF 50.100 UBS AG/London 11.000 6/30/2022 CHF 57.500 Credit Suisse AG/Londo11.000 12/20/2022 CHF 57.450 Credit Suisse AG/Londo10.250 9/21/2022 CHF 53.770 UBS AG/London 11.000 7/21/2023 USD 55.950 UBS AG/London 9.250 2/20/2023 CHF 62.250 Zurcher Kantonalbank F15.200 9/21/2022 USD 49.270 UBS AG/London 14.750 3/22/2023 USD 59.400 UBS AG/London 10.500 3/22/2023 USD 68.650 Societe Generale Effek19.750 7/22/2022 EUR 70.580 UniCredit Bank AG 7.400 12/09/2024 EUR 70.300 Raiffeisen Schweiz Gen16.000 11/29/2022 CHF 65.050 Leonteq Securities AG 18.500 11/29/2022 CHF 66.370 Leonteq Securities AG/10.000 11/29/2023 EUR 70.710 Corner Banca SA 12.000 11/29/2022 USD 66.480 Bank Vontobel AG 6.500 2/20/2023 CHF 63.400 Bank Vontobel AG 9.000 11/20/2023 CHF 69.000 Bank Vontobel AG 21.750 5/26/2023 CHF 70.600 Bank Vontobel AG 12.500 2/27/2023 CHF 67.500 Bank Vontobel AG 18.250 5/26/2023 EUR 69.700 BNP Paribas Issuance B7.150 11/07/2024 SEK 70.980 Leonteq Securities AG/5.600 5/25/2022 CHF 71.940 Bayerische Landesbank 1.350 12/23/2022 EUR 58.880 Vontobel Financial Pro18.500 12/23/2022 EUR 71.950 Vontobel Financial Pro20.500 9/23/2022 EUR 71.450 Vontobel Financial Pro17.000 12/23/2022 EUR 55.230 Vontobel Financial Pro9.500 12/23/2022 EUR 64.160 Vontobel Financial Pro18.500 9/23/2022 EUR 72.270 Vontobel Financial Pro22.250 12/23/2022 EUR 54.998 Vontobel Financial Pro17.000 12/23/2022 EUR 72.500 Zurcher Kantonalbank F8.000 5/16/2022 CHF 54.390 DeltaCredit Bank JSC 1.000 10/20/2025 RUB 65.010 WEB Windenergie AG 6.500 EUR 0.010 DeloPorts LLC 0.010 11/14/2025 RUB 70.160 Landesbank Baden-Wuert3.600 6/23/2023 EUR 57.490 Societe Generale SA 20.000 02/02/2023 USD 65.450 Societe Generale SA 21.000 12/23/2022 USD 63.850 Skandinaviska Enskilda6.400 1/15/2025 SEK 70.780 Leonteq Securities AG/6.600 01/09/2023 CHF 71.260 BNP Paribas Issuance B7.200 12/17/2024 SEK 69.040 Leonteq Securities AG/20.400 12/09/2022 CHF 57.750 Bank Vontobel AG 10.000 06/12/2023 CHF 67.900 Bank Julius Baer & Co 21.800 6/23/2022 CHF 72.000 Zurcher Kantonalbank F22.500 12/20/2022 USD 71.120 Pongs & Zahn AG 8.500 EUR 0.031 Bayerische Landesbank 1.550 2/23/2024 EUR 73.350 Leonteq Securities AG/9.400 02/04/2022 CHF 71.160 Societe Generale SA 20.000 12/30/2022 USD 72.000 Societe Generale SA 10.000 12/30/2022 USD #N/A N/A Bayerische Landesbank 2.500 7/22/2022 EUR 65.640 Societe Generale SA 8.000 5/19/2022 USD 61.000 UBS AG/London 6.750 5/16/2022 CHF 69.050 Bank Julius Baer & Co 8.350 1/30/2023 CHF 70.450 Bank Julius Baer 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37.230 Landesbank Baden-Wuert4.400 9/23/2022 EUR 33.000 Societe Generale SA 22.000 11/03/2022 USD 63.450 Bayerische Landesbank 3.600 10/28/2022 EUR 74.390 Leonteq Securities AG 8.000 12/13/2022 CHF 56.500 UBS AG/London 19.750 4/21/2022 USD 34.000 Zurcher Kantonalbank F6.300 12/16/2022 CHF 55.100 Landesbank Baden-Wuert5.300 3/25/2022 EUR 32.620 Bayerische Landesbank 3.500 1/26/2024 EUR 69.560 EFG International Fina9.800 12/27/2022 CHF 72.670 Rosbank PJSC 0.030 4/30/2024 RUB 65.000 Raiffeisen Schweiz Gen6.600 3/23/2022 CHF 67.900 DekaBank Deutsche Giro2.400 6/17/2022 EUR 67.890 BNP Paribas Emissions-7.000 3/24/2022 EUR 57.370 Zurcher Kantonalbank F6.000 1/28/2022 CHF 68.230 DekaBank Deutsche Giro3.700 11/25/2022 EUR 61.360 EFG International Fina13.400 10/31/2022 CHF 62.740 BNP Paribas Emissions-6.000 3/24/2022 EUR 69.630 BNP Paribas Emissions-5.000 3/24/2022 EUR 26.710 Bayerische Landesbank 1.450 1/26/2024 EUR 60.350 DekaBank Deutsche Giro2.800 1/13/2023 EUR 73.590 WEB Windenergie AG 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UBS AG/London 14.500 10/17/2022 USD 41.450 Bank Julius Baer & Co 21.450 1/28/2022 EUR 73.900 Bank Julius Baer & Co 7.950 09/02/2022 USD 74.850 DekaBank Deutsche Giro2.000 02/10/2023 EUR 73.300 Leonteq Securities AG/7.600 1/23/2023 CHF 70.590 Sberbank of Russia PJS0.010 1/19/2026 RUB 71.400 Sberbank of Russia PJS0.010 1/19/2026 RUB 73.100 Sberbank of Russia PJS0.010 3/27/2028 RUB 70.200 Sberbank of Russia PJS0.010 1/19/2026 RUB 72.700 HSBC Bank PLC 10.300 12/20/2024 TRY 64.606 Bank Julius Baer & Co 9.900 10/21/2022 USD 55.300 Goldman Sachs & Co Wer25.000 1/26/2022 EUR 71.430 Societe Generale Effek14.250 1/28/2022 EUR 73.790 Societe Generale Effek16.000 1/28/2022 EUR 66.110 Societe Generale Effek11.000 1/28/2022 EUR 66.130 Sberbank of Russia PJS0.010 7/24/2025 RUB 44.600 Sberbank of Russia PJS0.010 12/05/2025 RUB 67.200 Lehman Brothers Treasu7.320 7/31/2013 GBP 0.100 EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.295 Lehman Brothers Treasu3.025 1/31/2015 EUR 0.100 Lehman Brothers Treasu0.750 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68.561 Ukraine Government Bon8.420 05/10/2034 UAH 62.357 Lehman Brothers Treasu5.500 6/22/2010 USD 0.100 Lehman Brothers Treasu10.000 10/22/2008 USD 0.100 Lehman Brothers Treasu6.600 5/23/2012 AUD 0.100 Lehman Brothers Treasu16.000 10/28/2008 USD 0.100 Lehman Brothers Treasu9.000 05/06/2011 CHF 0.100 Sberbank of Russia PJS0.010 11/11/2025 RUB 74.600 Lehman Brothers Treasu7.150 3/21/2013 USD 0.100 Lehman Brothers Treasu7.600 1/31/2013 AUD 0.100 Lehman Brothers Treasu5.500 4/23/2014 EUR 0.100 Ukraine Government Bon8.220 05/10/2035 UAH 60.232 Ukraine Government Bon8.520 11/10/2033 UAH 63.451 Ukraine Government Bon8.880 05/10/2032 UAH 67.212 Ukraine Government Bon8.310 11/10/2034 UAH 61.224 Lehman Brothers Treasu8.000 12/31/2010 USD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasu9.300 12/21/2010 EUR 0.100 Lehman Brothers Treasu13.000 2/16/2009 CHF 0.100 Lehman Brothers Treasu6.000 08/07/2013 EUR 0.100 Lehman Brothers Treasu6.250 09/05/2011 EUR 0.100 KPNQwest NV 7.125 06/01/2009 EUR 0.453 KPNQwest NV 7.125 06/01/2009 EUR 0.453 Lehman Brothers Treasu3.000 09/12/2036 JPY 0.100 Lehman Brothers Treasu6.700 4/21/2011 USD 0.100 Lehman Brothers Treasu4.680 12/12/2045 EUR 0.100 Lehman Brothers Treasu4.820 12/18/2036 EUR 0.100 Lehman Brothers Treasu13.000 12/14/2012 USD 0.100 Lehman Brothers Treasu5.250 04/01/2023 EUR 0.100 SAir Group 2.750 7/30/2004 CHF 12.625 Credit Agricole Corpor10.150 02/05/2025 TRY 63.107 LBI ehf 8.650 05/01/2011 ISK 9.750 LBI ehf 5.080 03/01/2013 ISK 9.750 Heta Asset Resolution 0.128 12/31/2023 EUR 1.169 Heta Asset Resolution 5.730 12/31/2023 EUR 1.169 Lehman Brothers Treasu2.000 6/21/2011 EUR 0.100 Rio Forte Investments 3.900 07/10/2014 USD 4.599 Northland Resources AB15.000 7/15/2019 USD 2.621 Norske Skogindustrier 7.000 12/30/2026 EUR 0.596 Lehman Brothers Treasu12.000 7/13/2037 JPY 0.100 Lehman Brothers Treasu10.000 06/11/2038 JPY 0.100 Credit Suisse AG/Londo0.500 01/08/2026 BRL 63.674 Northland Resources AB15.000 7/15/2019 USD 2.621 Norske Skogindustrier 2.000 12/30/2115 EUR 0.113 Lehman Brothers Treasu7.060 12/29/2008 EUR 0.100 Cerruti Finance SA 6.500 7/26/2004 EUR 2.058 KPNQwest NV 8.875 02/01/2008 EUR 0.453 KPNQwest NV 8.875 02/01/2008 EUR 0.453 Lehman Brothers Treasu6.600 02/09/2009 EUR 0.100 Lehman Brothers Treasu6.000 6/21/2011 EUR 0.100 Sberbank of Russia PJS0.010 12/02/2025 RUB 66.500 Sberbank of Russia PJS0.010 12/08/2025 RUB 69.200 Lehman Brothers Treasu6.720 12/29/2008 EUR 0.100 Lehman Brothers Treasu7.625 7/22/2011 HKD 0.100 AKB Peresvet ZAO 13.000 10/07/2017 RUB 13.000 BNP Paribas SA 1.000 1/23/2040 MXN 22.217 Lehman Brothers Treasu2.370 7/15/2013 USD 0.100 Lehman Brothers Treasu2.300 6/27/2013 USD 0.100 RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335 Heta Asset Resolution 5.270 12/31/2023 EUR 1.165 Sberbank of Russia PJS0.946 2/17/2025 RUB 74.700 Lehman Brothers Treasu4.870 10/08/2013 USD 0.100 Lehman Brothers Treasu1.950 11/04/2013 EUR 0.100 Sberbank of Russia PJS0.010 10/05/2028 RUB 74.600 WPE International Coop10.375 9/30/2020 USD 5.000 Sberbank of Russia PJS0.010 09/04/2025 RUB 74.210 Sberbank of Russia PJS0.010 09/05/2025 RUB 71.600 Irish Bank Resolution 4.000 4/23/2018 EUR 33.250 Heta Asset Resolution 4.875 12/31/2023 EUR 1.169 Lehman Brothers Treasu5.220 03/01/2024 EUR 0.100 Lehman Brothers Treasu8.600 7/31/2013 GBP 0.100 Lehman Brothers Treasu7.500 7/31/2013 GBP 0.100 Teksid Aluminum Luxemb12.375 7/15/2011 EUR 0.122 Espirito Santo Financi5.625 7/28/2017 EUR 0.528 Lehman Brothers Treasu3.600 3/19/2018 JPY 0.100 Credit Agricole Corpor10.500 2/16/2027 TRY 52.595 Heta Asset Resolution 5.030 12/31/2023 EUR 1.169 Lehman Brothers Treasu1.280 11/06/2010 JPY 0.100 Lehman Brothers Treasu4.000 12/02/2012 EUR 0.100 Sberbank of Russia PJS0.010 12/17/2025 RUB 72.500 Lehman Brothers Treasu4.100 5/20/2009 USD 0.100 Specialized Financial 14.274 2/15/2031 RUB 90.000 Credit Agricole Corpor10.800 3/24/2026 TRY 57.985 Lehman Brothers Treasu4.050 9/16/2008 EUR 0.100 Lehman Brothers Treasu8.280 7/31/2013 GBP 0.100 Lehman Brothers Treasu4.000 2/28/2010 EUR 0.100 Lehman Brothers Treasu3.630 03/02/2012 EUR 0.100 OOO SPV Structural Inv0.010 09/01/2023 RUB 66.740 Mriya Agro Holding PLC10.950 3/30/2016 USD 4.667 Sberbank of Russia PJS0.010 12/17/2025 RUB 72.900 Lehman Brothers Treasu3.820 10/20/2009 USD 0.100 Sberbank of Russia PJS0.010 5/28/2026 RUB 72.500 Credit Agricole Corpor10.320 7/22/2026 TRY 54.989 Lehman Brothers Treasu3.000 9/13/2010 JPY 0.100 Sberbank of Russia PJS0.010 09/09/2025 RUB 72.400 Lehman Brothers Treasu9.250 6/20/2012 USD 0.100 Lehman Brothers Treasu2.000 5/17/2010 EUR 0.100 Lehman Brothers Treasu5.250 11/21/2009 USD 0.100 Credit Agricole Corpor12.000 11/17/2025 TRY 62.880 Credit Agricole Corpor10.200 12/13/2027 TRY 48.581 Sberbank of Russia PJS0.010 9/17/2025 RUB 73.800 DeltaCredit Bank JSC 1.000 10/30/2025 RUB 70.000 Barclays Bank PLC 2.000 06/12/2029 TRY 18.319 Promsvyazbank PJSC 2.500 9/29/2029 RUB 60.440 Sberbank of Russia PJS0.010 9/22/2025 RUB 74.300 Credit Agricole Corpor9.450 03/08/2027 TRY 49.520 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *