/raid1/www/Hosts/bankrupt/TCREUR_Public/220404.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, April 4, 2022, Vol. 23, No. 61
Headlines
I R E L A N D
AQUEDUCT EUROPEAN 2-2017: Moody's Ups EUR12MM F Notes Rating to B1
CAIRN CLO XV: Moody's Assigns B3 Rating to EUR12MM Class F Notes
OTRANTO PARK: Fitch Gives Final B- Rating to Class F Tranche
RRE 11 LOAN: Fitch Gives Final BB- Rating to Class D Tranche
RRE 11: S&P Assigns BB- (sf) Rating to EUR23.75MM Class D Notes
SOUND POINT VIII: Fitch Gives Final B- Rating to Class F Notes
L U X E M B O U R G
SAMSONITE INT'L: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
R U S S I A
KAZANORGSINTEZ: Fitch Affirms Then Withdraws 'CC' IDR
[*] S&P Cuts ICRs on 11 Russian Banks and Their Affiliates to 'CC'
[*] S&P Takes Various Actions on 4 Russian Non-Bank Institutions
[*] S&P Withdraws Local Currency Ratings on Russian Insurers
S W E D E N
DDM DEBT: S&P Affirms 'B' ICR, Alters Outlook to Negative
UNIQUE COMPANY: S&P Assigns 'B' ICR, Outlook Stable
S W I T Z E R L A N D
DUFRY AG: S&P Affirms 'B+' Long-Term ICR, Alters Outlook to Stable
T U R K E Y
AKBANK TAS: Fitch Affirms 'B' LT Foreign Curr. IDR, Outlook Neg.
TURK TELEKOMUNIKASYON: Fitch Cuts Local Curr. IDR to 'B+'
TURKIYE GARANTI: Fitch Affirms 'B' Foreign Curr. IDR, Outlook Neg.
TURKIYE IS: Fitch Affirms 'B' LT Foreign Curr. IDR, Outlook Neg.
YAPI VE KREDI: Fitch Affirms 'B' LT Foreign Curr. IDR, Outlook Neg.
U N I T E D K I N G D O M
BESTIVAL LTD: Administrators Still Working to Clear Up Affairs
CORBIN & KING: Axa Won't Appeal Court Ruling Over GBP4.36MM Claim
CORBIN & KING: Jeremy King Loses Bid to Buy Fine Dining Group
DERBY COUNTY FOOTBALL: Prospect Buyers Put Off by Pride Park Price
DOWSON 2022-1: S&P Assigns Prelim B- (sf) Rating on Class F Notes
GAZPROM MARKETING: Gov't Prepares to Take Over British Supply Arm
HELIOS TOWERS: S&P Affirms 'B' ICR, Outlook Stable
NEWDAY FUNDING 2022-1: Fitch Gives B+(EXP) Rating to Class F Notes
NIELSEN HOLDINGS: Moody's Puts Ba3 CFR Under Review for Downgrade
P&O FERRIES: Faces Investigations Following No-Notice Sackings
SUNGARD UK: Enters Administration; MTI Implements Contingency Plans
X X X X X X X X
[*] BOND PRICING: For the Week March 28 to April 1, 2022
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I R E L A N D
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AQUEDUCT EUROPEAN 2-2017: Moody's Ups EUR12MM F Notes Rating to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Aqueduct European CLO 2-2017 Designated Activity
Company:
EUR37,800,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Dec 28, 2017 Definitive
Rating Assigned Aa2 (sf)
EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Dec 28, 2017 Definitive Rating
Assigned Aa2 (sf)
EUR21,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Dec 28, 2017
Definitive Rating Assigned A2 (sf)
EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A3 (sf); previously on Dec 28, 2017
Definitive Rating Assigned Baa2 (sf)
EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to B1 (sf); previously on Dec 28, 2017
Definitive Rating Assigned B2 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR234,000,000 Class A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Dec 28, 2017 Definitive
Rating Assigned Aaa (sf)
EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Dec 28, 2017
Definitive Rating Assigned Ba2 (sf)
Aqueduct European CLO 2-2017 Designated Activity Company, issued in
December 2017, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by HPS Investment Partners CLO (UK) LLP. The
transaction's reinvestment period ended in January 2022.
RATINGS RATIONALE
The rating upgrades on the Class B-1, Class B-2, Class C, Class D
and Class F are primarily a result of the transaction having
reached the end of the reinvestment period in January 2022.
The affirmations on the ratings on the Class A, and Class E Notes
are primarily a result of the expected losses on the notes
remaining consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization (OC) levels.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at the last rating action
in December 2017.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR 397.97 million
Diversity Score: 51
Weighted Average Rating Factor (WARF): 2890
Weighted Average Life (WAL): 4.27 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.53%
Weighted Average Coupon (WAC): 4.93%
Weighted Average Recovery Rate (WARR): 45.64%
Par haircut in OC tests and interest diversion test: 0.0%
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
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.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in May 2021. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by (1) the manager's investment strategy and behaviour
and (2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.
Additional uncertainty about performance is due to the following:
The main source of uncertainty in this transaction is the pace of
amortisation of the underlying portfolio, which can vary
significantly depending on market conditions and have a significant
impact on the notes' ratings. Amortisation could accelerate as a
consequence of high loan prepayment levels or collateral sales by
the collateral manager or be delayed by an increase in loan
amend-and-extend restructurings. Fast amortisation would usually
benefit the ratings of the notes beginning with the notes having
the highest prepayment priority.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
CAIRN CLO XV: Moody's Assigns B3 Rating to EUR12MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Cairn CLO XV
Designated Activity Company (the "Issuer"):
EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)
EUR30,500,000 Class B-1 Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aa2 (sf)
EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2036,
Definitive Rating Assigned Aa2 (sf)
EUR24,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned A2 (sf)
EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned Baa3 (sf)
EUR19,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned Ba3 (sf)
EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 85% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six-month ramp-up period in compliance with the
portfolio guidelines.
Cairn Loan Investments II LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.6-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.
In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR26,600,000 of Class M-1 Subordinated Notes due
2036 and EUR9,600,000 of Class M-2 Subordinated Notes due 2036
which are not rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in December 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:
Par Amount: EUR400,000,000
Diversity Score(*): 39
Weighted Average Rating Factor (WARF): 2932
Weighted Average Spread (WAS): 3.75%
Weighted Average Coupon (WAC): 4.50%
Weighted Average Recovery Rate (WARR): 43.0%
Weighted Average Life (WAL): 7.6 years
OTRANTO PARK: Fitch Gives Final B- Rating to Class F Tranche
------------------------------------------------------------
Fitch Ratings has assigned Otranto Park CLO DAC final ratings.
DEBT RATING PRIOR
---- ------ -----
Otranto Park CLO DAC
A XS2446378338 LT AAAsf New Rating AAA(EXP)sf
B XS2446378502 LT AAsf New Rating AA(EXP)sf
C XS2446379658 LT Asf New Rating A(EXP)sf
D XS2446378924 LT BBB-sf New Rating BBB-(EXP)sf
E XS2446379062 LT BB-sf New Rating BB-(EXP)sf
F XS2446379815 LT B-sf New Rating B-(EXP)sf
Subordinated Notes LT NRsf New Rating
XS2446379492
TRANSACTION SUMMARY
Otranto Park CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
were used to fund a portfolio with a target par of EUR440 million.
The portfolio is actively managed by Blackstone Ireland Limited.
The collateralised loan obligation (CLO) has a 4.6-year
reinvestment period and an 8.5-year weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.27.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.09%.
Diversified Portfolio (Positive): The transaction includes two
Fitch matrices: one effective at closing, corresponding to a top-10
obligor concentration limit at 20%, a fixed-rate asset limit of 10%
and an 8.5-year WAL; and another that can be selected by the
manager at any time from one year after closing as long as the
portfolio balance (including defaulted obligations at their
Fitch-calculated collateral value) is above target par and
corresponding to a top-10 obligor concentration limit at 20%, a
fixed-rate asset limit to 10% and a 7.5-year WAL.
The transaction also includes various concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction
stressed-case portfolio and matrices analysis is 12 months less
than the WAL covenant, to account for structural and reinvestment
conditions post-reinvestment period, including passing the
over-collateralisation (OC) and Fitch 'CCC' limitation tests, among
others. This ultimately reduces the maximum possible risk horizon
of the portfolio when combined with loan pre-payment expectations.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A 25% increase of the mean default rate (RDR) across all
ratings and a 25% decrease of the recovery rate (RRR) across
all ratings would result in downgrades of up to four notches
across the structure.
-- Downgrades may occur if the build-up of the notes' credit
enhancement does not compensate for a larger loss expectation
than initially assumed, due to unexpectedly high levels of
defaults and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in
upgrades of no more than three notches across the structure,
apart from the class A notes, which are already at the highest
rating on Fitch's scale and cannot be upgraded.
-- Except for the tranche already at the highest 'AAAsf' rating,
upgrades may occur on better-than-expected portfolio credit
quality and deal performance, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
DATA ADEQUACY
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.
RRE 11 LOAN: Fitch Gives Final BB- Rating to Class D Tranche
------------------------------------------------------------
Fitch Ratings has assigned RRE 11 Loan Management DAC final
ratings.
DEBT RATING PRIOR
---- ------ -----
RRE 11 Loan Management DAC
A-1 LT AAAsf New Rating AAA(EXP)sf
A-2A LT AAsf New Rating AA(EXP)sf
A-2B LT AAsf New Rating AA(EXP)sf
B LT A-sf New Rating A-(EXP)sf
C LT BBB-sf New Rating BBB-(EXP)sf
D LT BB-sf New Rating BB-(EXP)sf
Performance notes LT NRsf New Rating
Preferred Return Notes LT NRsf New Rating
Sub Notes LT NRsf New Rating
TRANSACTION SUMMARY
RRE 11 Loan Management DAC is a securitisation of mainly senior
secured obligations (at least 92.5%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds are being used to purchase a portfolio with a target par
of EUR500 million. The portfolio is actively managed by Redding
Ridge Asset Management (UK) LLP (Redding Ridge). The collateralised
loan obligation (CLO) has a five-year reinvestment period and a
nine-year weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.45.
High Recovery Expectations (Positive): At least 92.5% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.6%.
Diversified Asset Portfolio (Positive): The transaction includes
three Fitch matrices, two of which were effective at closing. These
correspond to a top 10-obligor concentration limit at 20%, two
fixed-rate asset limits of 12.5% and 15%, respectively, and an
nine-year WAL. The other one can be selected by the manager at any
time starting from one year after closing as long as the portfolio
balance (including defaulted obligations at their Fitch-calculated
collateral value) is above EUR498 million and corresponds to a top
10-obligor concentration limit at 20%, a fixed-rate asset limit of
15%, and an eight-year WAL. The transaction also includes various
concentration limits, including a maximum exposure to the three-
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.
Portfolio Management (Neutral): The transaction has a five-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): At closing, the WAL covenant
according to the transaction document is nine years but Fitch has
assumed a 9.25 years WAL covenant as the covenant only decreases by
three months during the first six-month payment period. The WAL
used for the transaction's stressed case portfolio analysis was
then reduced by 12 months. This reduction to the risk horizon
accounts for the strict reinvestment conditions envisaged after the
reinvestment period. These include passing the coverage tests, the
Fitch WARF test and the Fitch 'CCC' maximum limit and a WAL
covenant that progressively steps down over time, both before and
after the end of the reinvestment period. These conditions would in
the agency's opinion reduce the effective risk horizon of the
portfolio during the stress period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A 25% increase of the mean default rate (RDR) across all
ratings and a 25% decrease of the recovery rate (RRR) across
all ratings would result in downgrades of up to four notches
across the capital structure.
-- Downgrades may occur if the loss expectation is larger than
initially assumed, due to unexpectedly high levels of defaults
and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in
upgrades of up to two notches across the capital structure
except for 'AAAsf' rated notes, which are already at the
highest rating on Fitch's scale and cannot be upgraded.
-- Except for the tranche already at the highest 'AAAsf' rating,
upgrades may occur on better-than-expected portfolio credit
quality and deal performance, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
DATA ADEQUACY
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.
RRE 11: S&P Assigns BB- (sf) Rating to EUR23.75MM Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 11 Loan
Management DAC's class A-1 to D notes. At closing, the issuer also
issued unrated subordinated notes.
This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction is managed by Redding Ridge Asset Management (UK)
LLP.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.
-- Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will permanently switch to semiannual
payment.
-- The portfolio's reinvestment period will end approximately five
years after closing, and the portfolio's maximum average maturity
date is nine years after closing.
Portfolio Benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2915.09
Default rate dispersion 350.21
Weighted-average life (years) 5.77
Obligor diversity measure 117.33
Industry diversity measure 21.3
Regional diversity measure 1.16
Transaction Key Metrics
CURRENT
Total par amount (mil. EUR) 500
Defaulted assets (mil. EUR) 0
Number of performing obligors 151
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 2.2
'AAA' covenanted weighted-average recovery (%) 36.15
Covenanted weighted-average spread (%) 3.65
Reference weighted-average coupon (%) 4.0
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction."
S&P said, "In our cash flow analysis, we used the EUR500 million
target par amount, the covenanted weighted-average spread (3.65%),
the reference weighted-average coupon (4.00%), and the actual
weighted-average recovery rates at all rating levels as indicated
by the collateral manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category. Our credit and cash flow analysis indicates that
the available credit enhancement for the class A-2A, A-2B, B, and C
notes could withstand stresses commensurate with higher ratings
than those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes."
The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
S&P said, "Following the application of our structured finance
sovereign risk criteria, we consider the transaction's exposure to
country risk to be limited at the assigned ratings, as the exposure
to individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.
"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-2A, A-2B, B, C, and D notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020."
Environmental, social, and governance (ESG) factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons, nuclear weapons, thermal coal, oil and gas,
tobacco/tobacco related products, pornography or prostitution, a
palm oil company, a tar sands company, opioid manufacturing or
distribution, and hazardous chemicals. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."
Ratings Assigned
CLASS RATING* AMOUNT SUB (%) INTEREST RATE**
(MIL. EUR)
A-1 AAA (sf) 297.50 40.5 Three/six-month EURIBOR
plus 0.92%
A-2A AA (sf) 27.00 28.00 Three/six-month EURIBOR
plus 1.70%
A-2B AA (sf) 35.50 28.00 2.10%
B A (sf) 37.50 20.50 Three/six-month EURIBOR
plus 2.25%
C BBB- (sf) 31.25 14.25 Three/six-month EURIBOR
plus 3.30%
D BB- (sf) 23.75 9.50 Three/six-month EURIBOR
plus 6.60%
Sub notes NR 55.70 N/A N/A
*The ratings assigned to the class A-1, A-2A, and A-2B notes
address timely interest and ultimate principal payments. The
ratings assigned to the class B, C, and D notes address ultimate
interest and principal payments.
**The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.
SOUND POINT VIII: Fitch Gives Final B- Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO VIII Funding DAC's
notes final ratings.
DEBT RATING PRIOR
---- ------ -----
Sound Point Euro CLO VIII Funding DAC
A XS2444281690 LT AAAsf New Rating AAA(EXP)sf
B-1 XS2444281856 LT AAsf New Rating AA(EXP)sf
B-2 XS2444282078 LT AAsf New Rating AA(EXP)sf
C XS2444282151 LT Asf New Rating A(EXP)sf
D XS2444282581 LT BBB-sf New Rating BBB-(EXP)sf
E XS2444282664 LT BB-sf New Rating BB-(EXP)sf
F XS2444282748 LT B-sf New Rating B-(EXP)sf
Subordinated Notes LT NRsf New Rating NR(EXP)sf
XS2444283399
Z XS2444283472 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Sound Point Euro CLO VIII Funding DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
corporate-rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. Net proceeds from the issuance have
been used to fund a portfolio with a target par of EUR500 million.
The portfolio is actively managed by Sound Point CLO C-MOA LLC. The
transaction has a five-year reinvestment period and a nine-year
weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch considers the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.96.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
63.47%.
Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 23% and
fixed-rate obligations are limited to 10% of the portfolio. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest Fitch-defined industries
in the portfolio at 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 5.1-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Reduced Risk Horizon (Positive): The WAL used for the transaction's
stress portfolio analysis is 12 months less than the WAL covenant.
This reduction to the risk horizon accounts for the strict
reinvestment conditions envisaged after the reinvestment period.
These include passing both the coverage tests and the Fitch 'CCC'
limit after reinvestment and a WAL covenant that progressively
steps down, both before and after the end of the reinvestment
period. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during the stress period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A 25% increase of the mean default rate (RDR) across all
ratings and a 25% decrease of the recovery rate (RRR) across
all ratings would result in downgrades of up to six notches
across the structure.
-- Downgrades may occur if the build-up of the notes' credit
enhancement does not compensate for a larger loss expectation
than initially assumed due to unexpectedly high levels of
defaults and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in
upgrades of no more than five notches across the structure,
apart from the class A notes, which are already at the highest
rating on Fitch's scale and cannot be upgraded.
-- Except for the tranche already at the highest 'AAAsf' rating,
upgrades may occur on better-than-expected portfolio credit
quality and deal performance, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
DATA ADEQUACY
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
===================
L U X E M B O U R G
===================
SAMSONITE INT'L: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Samsonite International S.A.'s
("Samsonite") Ba2 Corporate Family Rating, Ba2-PD Probability of
Default Rating, and Ba2 secured bank credit facility rating.
Moody's also affirmed Samsonite IP Holdings S.ar.l's Ba2 secured
bank credit facility ratings and Samsonite Finco S.ar.l's B1
unsecured bond rating. Samsonite's SGL-1 Speculative Grade
Liquidity is unchanged. The outlook was changed to stable from
negative.
The affirmations of the ratings reflect Moody's view that
Samsonite's operating performance will continue to materially
improve over the next year as global air and other modes of travel
continue to recover. Moody's expects that the lifting of travel
restrictions related to the pandemic will increase consumer travel
and will lead to higher pent-up demand for travel and the need for
luggage. Strong revenue growth coupled with the recent
implementation of cost cutting initiatives will facilitate
improvement in Samsonite's margins as the company benefits from
economies of scale. Over the next 12-18 months, Moody's expects
annual revenue to increase 40% to 45% compared to 2021 levels and
Moody's-adjusted EBIT margins to recover by roughly 700 basis
points to around 12%. Moody's anticipates that the company will
continue to focus on debt reduction such that Debt to EBITDA will
decline to around 4.5x by the end of 2022 and further decline to
around 3.5x by the end of 2023, through both debt repayment and
EBITDA improvement.
Samsonites SGL-1 reflects its very good liquidity position as
highlighted by $1.3 billion of cash on hand and $177 million of
revolver availability as of December 31, 2021. Moody's believes
that the company continues to have ample flexibility to manage its
business, though some volatility may arise from coronavirus variant
outbreaks resulting in short term travel disruptions. Large cash
balances also give the company the ability to meaningfully de-lever
once stability in the sector is obtained. Moody's rating and
outlook is predicated on an expectation that Samsonite will follow
a more conservative financial policy and not return to cash
distributions until Moody's Adjusted Debt to EBITDA falls below
4.0x.
The change to a stable from negative outlook reflects Moody's
expectation that Samsonite's operating performance will continue to
improve over the next 12-18 months as recovery in airline and other
travel continues, which will allow the company to sustain good
positive free cash flow and reduce leverage. The outlook for the
airline industry remains positive as pent-up demand for air travel
will contribute to a strong recovery for Samsonite through 2023 and
beyond. Moody's expects Samsonite's credit metrics will continue to
improve over the next year as consumers return to travel and as
countries continue to loosen travel restrictions. While the spread
of new variants may periodically weigh on travel, temporarily
slowing the pace of the industry's recovery towards 2019 levels,
Moody's expects the broad availability of vaccinations will
continue to provide policymakers confidence to relax travel
restrictions more broadly.
The following ratings/assessments are affected by the action:
Ratings Affirmed:
Issuer: Samsonite International S.A.
Corporate Family Rating, Affirmed Ba2
Probability of Default Rating, Affirmed Ba2-PD
Senior Secured 1st Lien Bank Credit Facility (Revolver), Affirmed
Ba2 (LGD3)
Issuer: Samsonite Finco S.ar.l
Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD6)
Issuer: Samsonite IP Holdings S.ar.l
Senior Secured 1st Lien Bank Credit Facilities (Term Loans),
Affirmed Ba2 (LGD3)
Outlook Actions:
Issuer: Samsonite Finco S.ar.l
Outlook, Changed To Stable From Negative
Issuer: Samsonite International S.A.
Outlook, Changed To Stable From Negative
Issuer: Samsonite IP Holdings S.ar.l
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
Samsonite's credit profile (Ba2 CFR) reflects the company's good
brand strength and market position and strong geographic
diversification. Other favorable credit factors include Samsonite's
characteristically high historic gross profit margins, flexible
business model with low fixed cost base, prudent financial policy,
and very good liquidity. Moody's expects Samsonite will generate
approximately $100 million of free cash flow and debt-to-EBITDA
leverage to decline to a mid 4x range in 2022 from a still high
10.5x at the end of 2021 that was negatively affected by weak
travel in the first half of the year. The ongoing travel recovery
will lift margins in 2022 notwithstanding inflationary cost
pressures. The company's credit profile also reflects the weak
operating performance and high leverage as a result of the global
pandemic and resulting lower airline and other travel. Key credit
challenges also include the company's inherent vulnerability to the
discretionary nature of its products, which exposes it to cyclical
consumer spending and travel fluctuations.
Samsonite is moderately exposed to environmental, social and
governance risks. Environmental considerations include responsible
land, water and energy usage for manufacturing facilities and
responsible sourcing of materials. The company is focused on
developing products that are friendly to the environment.
Specifically, Samsonite has launched Proxis, the first line of
travel luggage that is recyclable at the end of its life.
Additionally, the company uses post-consumer plastic bottles in
some of its fabrics applications.
From a governance perspective, the company historically has
maintained a moderate financial policy, which is balanced among
growing its business through acquisitions, shareholder
distributions and debt repayment. The company has built a
substantial cash balance, loosened financial maintenance covenants,
and elected not to pay a shareholder distribution to provide
considerable flexibility to manage in the coronavirus downturn.
Over the near-term, Moody's expects that Samsonite will forgo cash
distributions until operating performance returns and leverage
declines to more historic levels.
The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although an economic recovery is
underway, its continuation will be closely tied to containment of
the virus. As a result, there is uncertainty around Moody's
forecasts. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. The consumer durables industry is one
of the sectors most meaningfully affected by the coronavirus
because of exposure to discretionary spending.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be downgraded if Moody's anticipates continued
prolonged weakness in the travel sector leading to Samsonite having
weaker operating performance or free cash flow sustained below $80
million as a result of lower discretionary consumer spending,
rising costs, or increased competition. A downgrade could also
occur if liquidity deteriorates or debt-to-EBITDA is sustained
above 4.0x.
A ratings upgrade is unlikely given continuing uncertainty related
to the negative impact the coronavirus is having on the travel
sector. An upgrade would require a high degree of confidence on
Moody's part that the travel sector has returned to a period of
long-term stability, and that Samsonite demonstrates a material
improvement in operating performance and free cash flow. The
company would also need to maintain good liquidity and continue to
operate with a debt/EBITDA level at 3.0x or lower.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
Samsonite is a designer, manufacturer and distributor of travel
luggage and bags worldwide. Samsonite offers luggage, business,
computer, outdoor, and casual bags and travel accessories. Major
brands include Samsonite, American Tourister and Tumi. Consolidated
net sales for the fiscal year-ended December 31, 2021 was $2.0
billion. Prior to the negative impact of the global pandemic, the
company had sales of $3.6 billion for year-ended December 31, 2019.
Samsonite is a widely held public company with listing in Hong
Kong.
===========
R U S S I A
===========
KAZANORGSINTEZ: Fitch Affirms Then Withdraws 'CC' IDR
-----------------------------------------------------
Fitch Ratings has affirmed PJSC Kazanorgsintez's (KOS) Long-Term
Issuer Default Rating (IDR) at 'CC'.
Fitch has withdrawn all of KOS's ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage of the
company. The decision to withdraw these ratings was made prior to
Fitch's announcement on 23 March 2022 that it intended to withdraw
all Russia-related ratings for sanctions-related reasons.
KEY RATING DRIVERS
Interest Payment Due in May: KOS raised a EUR147 million 15-year
loan in early 2021, which has been partially drawn since. Fitch
understands from management that the next interest payment is
scheduled for May 2022 and the company is currently not in any
payment default.
Probable Default: Fitch believes that the Presidential Decree of 5
March 2022, against the backdrop of an escalating sanctions regime,
could impose insurmountable barriers to many Russian corporates'
ability to make timely payments on foreign- and local-currency debt
to certain international creditors. While the practical
implementation of this decree remains unclear, Fitch believes that
the severely heightened risk is best reflected in its 'CC' rating
definition of "default of some kind appears probable".
Tightening Sanctions: Ongoing intensification of sanctions,
including restrictions in aviation, energy trade and imports,
increases the probability of a policy response by Russia, which
will further weaken its economy and erode the operating environment
for its corporates.
For further drivers prior to the current crisis see Rating Action
Commentary (RAC) 'Fitch Upgrades Kazanorgsintez to 'BB-' on Merger
with SIBUR' dated 12 October 2021.
DERIVATION SUMMARY
N/A
KEY ASSUMPTIONS
N/A
RATING SENSITIVITIES
N/A
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
See Key Rating Drivers section
ISSUER PROFILE
KOS is one of the leading Russian polyethylene producers. The
company is also the sole domestic producer of polycarbonates. It
operates a single integrated production site in the Republic of
Tatarstan.
SUMMARY OF FINANCIAL ADJUSTMENTS
See relevant RAC referenced above.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
N/A
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.
Following the withdrawal of ratings for KOS Fitch will no longer be
providing the associated ESG Relevance Scores.
[*] S&P Cuts ICRs on 11 Russian Banks and Their Affiliates to 'CC'
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
several Russian financial institutions, their related companies,
and their debt issues to 'CC' from 'CCC-', following its downgrade
of Russia on March 17, 2022. All ratings, including its 'C'
short-term issuer credit ratings on these entities, remained on
CreditWatch with negative implications. Subsequently, S&P Global
Ratings withdrew its ratings on these banks.
The banks affected are:
-- Alfa-Bank JSC and its holding company ABH Financial Ltd.;
-- CB Renaissance Credit LLC;
-- CentroCredit Bank JSC;
-- Credit Bank of Moscow and its holding company Concern Rossium
LLC;
-- Gazprombank JSC and its subsidiaries Gazprombank (Switzerland)
Ltd., and Bank GPB International S.A.;
-- Bank SOYUZ;
-- RN Bank JSC;
-- Raiffeisenbank AO;
-- Russian Standard Bank JSC;
-- UniCredit Bank AO;
-- Ural Bank for Reconstruction and Development.
S&P said, "The downgrade of these banks follows the lowering of our
transfer and convertibility (T&C) assessment on Russia to 'CC' from
'CCC-' concomitantly with the downgrade of the foreign and local
currency sovereign credit ratings on Russia to 'CC/C' from
'CCC-/C'; all sovereign ratings remain on CreditWatch negative.
"We capped the foreign currency ratings of these Russian banks at
the T&C level, given the numerous currency restrictions that were
imposed by the Central Bank of Russia. We also lowered our local
currency issuer credit ratings on the banks because we believe that
their capacity to service their local currency obligations may be
significantly disrupted in case of a default on foreign currency
obligations. As such, we took the same rating action on the foreign
currency and the local currency ratings on the banks. Our 'CC/C'
ratings on these Russian banks at the time of the rating withdrawal
reflect our expectation that their default is a virtual certainty,
regardless of the time to default.
"We had already suspended our ratings on several Russian financial
institutions, their related companies, and their debt issues due to
international blocking sanctions. These ratings are now also
formally withdrawn." The relevant financial institutions are:
-- VTB Bank JSC and its subsidiaries VTB Capital PLC, VTB Bank
(Georgia), and VTB Bank (Kazakhstan);
-- Promsvyazbank PJSC;
-- Sovcombank PJSC;
-- Krayinvestbank;
-- BANK ROSSIYA; and
-- VEB.RF and its subsidiaries Bank BelVEB OJSC and VEB-leasing
JSC.
The withdrawal of all these ratings follows the decision of the
European Union (EU) on March 15, 2022 to ban the provision of
credit ratings to legal persons, entities, or bodies established in
Russia and S&P's ensuing announcement that it will withdraw all its
outstanding ratings on relevant issuers before April 15, 2022, the
deadline imposed by the EU.
Ratings List
ABH FINANCIAL LTD.
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
ALFA-BANK JSC
ABH FINANCIAL LTD.
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
ABH FINANCIAL LTD.
Senior Unsecured NR CC/Watch Neg CCC-/Watch Neg
ALFA HOLDING ISSUANCE PLC
Senior Unsecured NR CC/Watch Neg CCC-/Watch Neg
CREDITWATCH UPDATE; NOT RATED ACTION
ALFA-BANK JSC
Commercial Paper NR C/Watch Neg
ALFA DEBT MARKET LTD.
Commercial Paper NR C/Watch Neg
ALFA HOLDING ISSUANCE PLC
Senior Unsecured NR CC/Watch Neg
CB RENAISSANCE CREDIT LLC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
CB RENAISSANCE CREDIT LLC
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
CENTROCREDIT BANK JSC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
CENTROCREDIT BANK JSC
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
CONCERN ROSSIUM LLC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
CREDIT BANK OF MOSCOW
CONCERN ROSSIUM LLC
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
CBOM FINANCE PLC
Senior Unsecured NR CC/Watch Neg CCC-/Watch Neg
GAZPROMBANK JSC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
GAZPROMBANK JSC
GAZPROMBANK (SWITZERLAND) LTD.
BANK GPB INTERNATIONAL S.A.
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
GAZPROMBANK JSC
Senior Unsecured NR CC/Watch Neg CCC-/Watch Neg
Commercial Paper NR C/Watch Neg
GAZINVEST FINANCE B.V.
Senior Unsecured NR CC/Watch Neg CCC-/Watch Neg
Short-Term Debt NR C/Watch Neg
GPB FINANCE PLC
Commercial Paper NR C/Watch Neg
BANK SOYUZ
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
BANK SOYUZ
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
RN BANK JSC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
RN BANK JSC
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
RAIFFEISEN BANK INTERNATIONAL AG
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
RAIFFEISENBANK AO
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
RUSSIAN STANDARD BANK JSC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
RUSSIAN STANDARD BANK JSC
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
UNICREDIT SPA
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
UNICREDIT BANK AO
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
URAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
URAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
Issuer Credit Rating NR CC/Watch Neg/C CCC-/Watch Neg/C
NR -- Not rated.
[*] S&P Takes Various Actions on 4 Russian Non-Bank Institutions
----------------------------------------------------------------
S&P Global Ratings has taken various rating actions on four Russian
non-bank financial institutions. S&P lowered the long-term foreign
currency issuer credit ratings and maintained the negative
CreditWatch placements. Subsequently, it withdrew the ratings on
the four non-bank financial institutions.
The entities affected are:
-- Investment Co. Veles Capital LLC (Veles Capital);
-- LLC IC Freedom Finance (Freedom Finance);
-- First Client Bureau NPJSC (FCB); and
-- Credit Union Payment Center.
S&P said, "The downgrade of these financial institutions follows
the lowering of our transfer and convertibility (T&C) assessment on
Russia to 'CC' from 'CCC-' at the same time as the downgrade of the
foreign and local currency sovereign credit ratings on Russia to
'CC' from 'CCC-'.
"We capped the foreign currency ratings on three of the Russian
non-bank financial institutions (Veles Capital, Freedom Finance,
and FCB) at the level of the T&C assessment on Russia given the
numerous currency restrictions that the Central Bank of Russia had
imposed.
"We believe that these entities can fulfil their Russian
ruble-denominated obligations to residents and non-residents.
Still, the local currency issuer credit ratings reflect a high
level of uncertainty regarding the entities' technical ability and
willingness to fulfil their obligations in local currency in full
and on time in the future.
"The withdrawal of all ratings on these Russian non-bank financial
institutions follows the decision of the European Union (EU) on
March 15, 2022 to ban the provision of credit ratings to legal
persons, entities, or bodies established in Russia and our ensuing
announcement that we will withdraw all our outstanding ratings on
relevant issuers before April 15, 2022, the deadline imposed by the
EU."
Credit Union Payment Center (RNKO)
RNKO provides money transfer services in about 50 counties,
predominantly in Russia and for retail clients, and is a core
subsidiary of CFT Group, domiciled in Cyprus. S&P expects the
current foreign currency restrictions would affect some of RNKO's
money transfer transaction flows from Russia. However, a
substantial portion of transaction flows is outside Russia and is
not materially affected so far. The transaction flows outside
Russia continue to generate foreign currency revenues. Neither
RNKO, nor the wider CFT Group, have debt outstanding, in line with
their long-standing financial policy, and both have a substantial
cash position in and outside Russia. Furthermore, S&P understands
that the CFT Group is ready to honor any settlement obligations
that RNKO may not be able to meet.
S&P said, "Taking into account the nature of RNKO's business model
and the mitigating factors above, we believe that--even if the
operating environment deteriorates further--it would still be able
to settle in full and on time the transactions that it has
committed to (including foreign currency-denominated ones).
However, since RNKO's transaction flows from Russia represent
slightly more than 50% of all transactions, we cap the foreign
currency issuer credit rating two notches above the T&C assessment
on Russia, i.e. at 'CCC/C'. At the same time, we revised to
CreditWatch negative from CreditWatch developing the ratings on
CUPS as we do not rule out further restrictions or deterioration of
the operating environment."
Ratings List
CREDIT UNION PAYMENT CENTER
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
CREDIT UNION PAYMENT CENTER
Issuer Credit Rating
Foreign Currency NR CCC/Watch Neg/C CCC+/Watch Dev/C
CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
CREDIT UNION PAYMENT CENTER
Issuer Credit Rating
Local Currency NR CCC+/Watch Neg/C CCC+/Watch Dev/C
FIRST CLIENT BUREAU NPJSC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
FIRST CLIENT BUREAU NPJSC
Issuer Credit Rating
Foreign Currency NR CC/Watch Neg/-- CCC-/Watch Neg/--
CREDITWATCH UPDATE; NOT RATED ACTION
FIRST CLIENT BUREAU NPJSC
Issuer Credit Rating
Local Currency NR CCC-/Watch Neg/--
FREEDOM HOLDING CORP.
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
INVESTMENT CO. FREEDOM FINANCE LLC
Issuer Credit Rating
Foreign Currency NR CC/Watch Neg/C CCC-/Watch Neg/C
CREDITWATCH UPDATE; NOT RATED ACTION
INVESTMENT CO. FREEDOM FINANCE LLC
Issuer Credit Rating
Local Currency NR CCC-/Watch Neg/C
INVESTMENT CO. VELES CAPITAL LLC
DOWNGRADED; CREDITWATCH UPDATE; NOT RATED ACTION
FINAL TO FROM
INVESTMENT CO. VELES CAPITAL LLC
Issuer Credit Rating
Foreign Currency NR CC/Watch Neg/C CCC-/Watch Neg/C
CREDITWATCH UPDATE; NOT RATED ACTION
INVESTMENT CO. VELES CAPITAL LLC
Issuer Credit Rating
Local Currency NR CCC-/Watch Neg/C
NR – Not Rated
[*] S&P Withdraws Local Currency Ratings on Russian Insurers
------------------------------------------------------------
S&P Global Ratings has withdrawn its local currency ratings on
Russian insurers. Before the withdrawal, the long-term local
currency ratings on all (excluding SCOR Perestrakhovaniye) were
'CCC+' and remained on CreditWatch developing.
At the time of the withdrawal, S&P's long-term local currency
rating on SCOR Perestrakhovaniye was 'AA-' with a negative outlook,
reflecting the qualifying guarantee from its ultimate parent.
The withdrawal of these ratings follows the EU's decision on March
15, 2022, to ban the provision of credit ratings to legal persons,
entities, or bodies established in Russia and our ensuing
announcement that we will withdraw all our outstanding ratings on
relevant issuers before April 15, 2022, the deadline imposed by the
EU.
S&P said, "Our ratings on Russia-based insurers (excluding SCOR
Perestrakhovaniye) at the time of the withdrawal reflect our
expectation that these insurers are unlikely to default on
obligations due over the next 12 months. This is despite our
lowering of our foreign and local currency sovereign credit ratings
on Russia to 'CC/C' from 'CCC-/C' on March 17, 2022. With regards
to SCOR Perestrakhovaniye, we believe the entity will continue to
benefit from its unlimited parental guarantee on insurance claims.
"We note that the Central Bank of Russia issued a decree according
to which Russian companies are prohibited from transferring risks
to reinsurance companies from a list of "unfriendly" countries. We
understand Russia-based insurers will need the approval of the
Central Bank in order to make off-shore payments. We believe that
the insurers are likely to meet their financial commitments over
the near term, considering their financial resources, including
domestic reinsurance backstop facilities as well as low financial
leverage on balance sheets (see "Russian Insurers Downgraded On
Severely Adverse Macroeconomic Climate," published March 7, 2022).
"We already suspended our ratings on SOGAZ and Rosgosstrakh due to
international blocking sanctions. These ratings are now also
formally withdrawn, as a result of the announcement mentioned
above."
Ratings List
TO FROM
ALFASTRAKHOVANIE PLC
CREDITWATCH UPDATE/NOT RATED ACTION
ALFASTRAKHOVANIE PLC
Financial Strength Rating NR CCC+/Watch Dev/--
ENERGOGARANT PJSIC
CREDITWATCH UPDATE/NOT RATED ACTION
ENERGOGARANT PJSIC
Issuer Credit Rating NR CCC+/Watch Dev/--
Financial Strength Rating NR CCC+/Watch Dev/--
INGOSSTRAKH INSURANCE CO.
CREDITWATCH UPDATE/NOT RATED ACTION
INGOSSTRAKH INSURANCE CO.
Issuer Credit Rating NR CCC+/Watch Dev/--
Financial Strength Rating NR CCC+/Watch Dev/--
LEXGARANT INSURANCE CO. LTD.
CREDITWATCH UPDATE/NOT RATED ACTION
LEXGARANT INSURANCE CO. LTD.
Issuer Credit Rating NR CCC+/Watch Dev/--
Financial Strength Rating NR CCC+/Watch Dev/--
SCOR SE
CREDITWATCH UPDATE/NOT RATED ACTION
SCOR PERESTRAKHOVANIYE
Financial Strength Rating NR AA-/Negative/--
VSK INSURANCE JSC
CREDITWATCH UPDATE/NOT RATED ACTION
VSK INSURANCE JSC
Financial Strength Rating NR CCC+/Watch Dev/--
STANPEAK LTD. LLC
CREDITWATCH UPDATE/NOT RATED ACTION
RESO-GARANTIA INSURANCE CO.
Issuer Credit Rating NR CCC+/Watch Dev/--
Financial Strength Rating NR CCC+/Watch Dev/--
STANPEAK LTD. LLC
Issuer Credit Rating NR CCC+/Watch Dev/--
NR--Not rated
===========
S W E D E N
===========
DDM DEBT: S&P Affirms 'B' ICR, Alters Outlook to Negative
---------------------------------------------------------
S&P Global Ratings revised its outlook to negative and affirmed its
'B' long-term issuer credit rating on DDM Debt AB.
S&P subsequently withdrew its 'B' ratings on DDM and its senior
secured notes at the company's request.
Rating Action Rationale
S&P said, "As a small-debt purchaser, DDM's planned acquisition of
Swiss Bankers is a deviation from its core business, in our view.
DDM is a niche player among distressed debt purchasers we rate. It
has primarily focused on investing in debt portfolios across
Central, Eastern, and Southern Europe. DDM is now in the process of
acquiring Swiss Bankers, a specialist lender that focuses on
providing prepaid cards in Swiss franc, euros, and U.S. dollars in
Switzerland, Liechtenstein, and southern Germany, which as a result
of travel restrictions during the pandemic has seen its business
suffer. Regulatory approval of the acquisition is still pending. We
understand that DDM will work to restructure the bank, which also
has an e-money license in Lichtenstein. We view the acquisition as
a shift in strategy that could weigh on DDM's creditworthiness if
the outcome is not what DDM expects. We think a material positive
impact on DDM's financials is unlikely over the medium term."
Meanwhile, DDM's investment in nonperforming portfolios was slower
than anticipated in 2021. Invested assets stood at about EUR165
million at year-end 2021, indicating investment was slower than in
previous years and our projections. S&P said, "Although the
expected rate of collection has recovered, it is still lower than
in 2019. As a result, we believe that revenue could be lower than
we projected and therefore could lead to a deterioration of
financial risk metrics. Previously, we anticipated that for 2021
debt to EBITDA including cash amortization would be 3x-4x, and debt
to statutory EBITDA at 8x-10x. However, we now expect these ratios
could be closer to 5x-6x and 20x-22x, respectively, because of less
robust revenue growth. Although DDM's recently announced
partnership with Borgosesia will likely lead to a steady stream of
distressed real estate assets in northern Italy, the transactions
will be smaller; DDM targets an investment volume of up to EUR100
million over the coming three years."
Having recently completed a refinancing, DDM is unlikely to issue
further debt in 2022. As a result of the refinancing completed last
year, DDM's portfolio now has a weighted average maturity of
approximately 4.2 years. This incorporates the group's EUR200
million senior secured notes that mature in 2026 and a privately
arranged EUR18 million senior secured note that matures in 2022 but
we believe will be rolled over. S&P said, "In our view, liquidity
will likely be adequate for the next 12 months. We expect that any
further debt financing would likely be coupled with a round of
equity investment, since bond covenants stipulate an equity ratio
of at least 20% and as of year-end 2021 equity to total assets was
21%."
Outlook
S&P said, "Our negative outlook reflects increased uncertainties
about the group's new strategic set up stemming from DDM's planned
acquisition of Swiss Bankers. While opportunistic, the potential
acquisition is a departure from DDM's core business of investing in
distressed real estate portfolios. In addition, a deterioration of
the revenue profile is likely to weigh on the group's financial
metrics, given investment volumes have been smaller than we
expected."
Downside scenario
S&P would lower the ratings if it saw that integration of the
planned Swiss Bankers acquisition did not go smoothly or the group
was unable to successfully restructure Swiss Bankers' business,
which could create an increased management burden for DDM and weigh
on its financial metrics. This could manifest in unforeseen costs
related to the transaction and, potentially, a lower return on the
investment than anticipated.
Similarly, restrained revenue from invested real estate asset
portfolios could also lead to higher-than-expected leverage and to
a downgrade.
Upside scenario
A positive rating action hinges on the improvement of financial
metrics such that the gap between DDM and other rated debt
purchasing peers narrowed, and debt to EBITDA including cash
approached 4.0x.
UNIQUE COMPANY: S&P Assigns 'B' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Swedish B2B distribution company Unique Company AB
(OptiGroup)and its 'B' issue rating to the term loan B (TLB),
including the delayed-draw facility, with a recovery rating of
'3'.
The stable outlook reflects S&P's view that OptiGroup's revenue and
EBITDA base will increase thanks to solid organic growth. In
conjunction with bolt-on acquisitions, this should support a
reduction in S&P Global Ratings-adjusted debt to EBITDA toward 5.5x
in 2023.
FSN Capital acquired OptiGroup in December 2021. As part of the
transaction, FSN Capital also acquired the Dutch B2B distribution
services firm Hygos and merged it with OptiGroup under a new
parent, Unique Company. The new entity's operating business will
use the OptiGroup name. While FSN Capital holds a majority stake in
the entity, the existing shareholders of OptiGroup and Hygos have
rolled over equity into the new parent. To finance the acquisitions
and pay related transaction costs, Unique Company issued a
seven-year EUR515 million TLB, in addition to receiving an equity
contribution from FSN Capital. The financing also includes a EUR75
million delayed-draw add-on to the TLB and a EUR60 million RCF.
OptiGroup, now including Hygos, is a leading B2B distribution
services provider in the Nordics and Netherlands, with a dense
regional footprint and a one-stop-shop offering. In S&P's view,
OptiGroup's business is supported by its leading position in its
B2B market niches. It holds the No. 1 market position in the
Nordics for the distribution of facility, safety, and foodservice,
packaging, and paper products. Similarly, it has a top-three
position in packaging and paper distribution in the Netherlands.
The group serves over 100,000 customers via a dense network of more
than 80 distribution centers. Located predominantly across the core
markets of the Nordics and Benelux, the centers give it close
proximity to customers. This is further supported by the group's
expertise in logistics and well-established sourcing networks,
which enable it to offer high-quality services with highly accurate
delivery. OptiGroup's one-stop-shop offering also supports its
value proposition, as the group carries over 175,000 stock-keeping
units across its niches of the B2B distribution market. This is
beneficial because customers can draw on OptiGroup's wide
assortment of both branded and nonbranded products for all their
procurement needs, rather than having to visit multiple
distributors. Additionally, OptiGroup's customers benefit from
lower prices, as its order quantities, customer access, and
credibility allow for better price negotiation with suppliers,
unlike other distributors that have less scale.
The business is constrained by OptiGroup's relatively small size,
narrow product scope, and geographical concentration to Europe, but
is growing significantly through mergers and acquisitions (M&A).
S&P considers OptiGroup to be small, particularly compared with its
peers in the wider European business services sector. The combined
group's 2021 pro forma revenues were approximately EUR1,400
million. OptiGroup also lacks service differentiation, with all its
activities focused on B2B distribution. Furthermore, the group has
limited geographical diversification, as it generates all its
revenue in Europe, particularly the Nordics and Netherlands, where
it generated 76% of pro forma revenue in 2020. This concentration
makes the group vulnerable to macroeconomic developments in its
specific end markets and countries. S&P said, "We note positively,
however, that OptiGroup is highly acquisitive and has developed a
clear approach to finding, purchasing, and integrating
acquisitions. Since 2016, it has conducted 37 acquisitions and
incurred only limited restructuring charges. We view OptiGroup's
M&A expertise as a strength for its operations, since it allows the
group to play a consolidating role in its fragmented end markets."
This should serve to enhance the group's scale and market position
over time. The successful track record of M&A also reduces, but
does not eliminate, integration risk relating to OptiGroup merging
with Hygos.
The transformation in OptiGroup's business mix is improving its
margins. In recent years, OptiGroup has engaged in a strategic
repositioning of its business portfolio. While the group traces its
origins to lower-margin commodity paper distribution, it has
disposed of much of this business since 2016. Instead, OptiGroup
has engaged in significant M&A to enter markets for alternative,
higher-margin, distribution services in the areas of facilities
management, packaging, and medicine. OptiGroup benefitted from this
during the COVID-19 pandemic, when, despite a drop in demand for
its paper, foodservice, and packaging distribution services, the
group's adjusted EBITDA margins remained relatively stable year on
year, declining only 30 basis points to 5.2% in 2020. This is
attributable to the strong uptick in activity in OptiGroup's other
end markets, notably hygiene and personal protective equipment,
which allowed it to capitalize on spot deals to enlarge its profit
margins in these areas. Although there was a decline in one-off
bulk purchases in 2021, the demand for paper, foodservice, and
packaging distribution services saw a strong rebound following the
easing of pandemic-related restrictions. This, in conjunction with
the completed M&A, shifted the business mix further away from
commodity paper and benefitted OptiGroup's revenue base and EBITDA
generation. S&P said, "We expect to see the group post an adjusted
EBITDA margin of 7.0%-7.5% in 2021. We anticipate a further
improvement in the group's profitability as a result of the
business mix transformation." This is because, historically, Hygos
has operated at higher margins due to its focus on more specialty
products, particularly in the medical segment, but also because the
group is undertaking operational efficiency initiatives.
S&P said, "We consider OptiGroup's capital structure to be highly
leveraged. Our assessment of OptiGroup's financial risk profile
reflects the group's private-equity ownership and our forecast that
its adjusted debt to EBITDA will amount to about 6.3x-6.5x at
year-end 2022 and following the completion of the transaction. We
expect adjusted debt to EBITDA to decline to 5.6x-5.8x in 2023,
fueled by revenue and EBITDA growth both on an organic and
inorganic basis.
"The stable outlook reflects our view that OptiGroup's revenue and
EBITDA base will increase thanks to solid organic growth. In
conjunction with bolt-on acquisitions, this should support a
reduction in adjusted debt to EBITDA toward 5.5x in 2023 and sound
adjusted free operating cash flow (FOCF) generation that same
year."
S&P could lower the ratings if:
-- OptiGroup records persistently negative FOCF, such that S&P
views its capital structure as unsustainable; or
-- S&P assesses OptiGroup's financial policy as increasingly
aggressive, with ongoing debt-funded acquisitions or shareholder
returns resulting in the maintenance of very high leverage.
S&P could raise the ratings if OptiGroup diversifies its
geographical footprint and product offering, which remain
constrained because it only covers certain niches of the B2B
distribution market. Additionally, it could raise the ratings if
adjusted debt to EBITDA was below 5x, with funds from operations
(FFO) to debt sustainably above 12%, and the financial sponsor
committed to supporting the metrics at these levels.
ESG credit indicators: E2-S2-G3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Unique Company. Our
assessment of the group's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners. This is in line with our view
for most rated entities owned by private-equity sponsors. Our
assessment also reflects the sponsors' generally finite holding
periods and focus on maximizing shareholder returns."
=====================
S W I T Z E R L A N D
=====================
DUFRY AG: S&P Affirms 'B+' Long-Term ICR, Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Switzerland-based travel retailer Dufry AG and its senior
unsecured debt.
The stable outlook indicates S&P's anticipation of a recovery in
travel retail. Despite its forecast of steep cost inflation in
2022, this recovery should support improvement in the group's
credit metrics over the next 18-24 months, namely S&P Global
Ratings-adjusted funds from operations (FFO) to debt of 10%-15% and
positive free operating cash flow (FOCF) after full concession fee
payments.
Dufry's robust performance in 2021 exceeded our expectations and
its more flexible cost structure will underpin medium-term
deleveraging prospects. Dufry's recently reported results for 2021
outperformed our base case and supported a drastic improvement in
its credit metrics. Although at Swiss franc (CHF) 3.9 billion
annual revenues fell short of our previous forecast by about CHF500
million, the company's efforts in saving costs and preserving cash
resulted in S&P Global Ratings-adjusted ratios notably exceeding
S&P's expectations. For example, adjusted FFO to debt was 14.9% and
FOCF after full concession payments was CHF229 million compared
with our previous expectation of the outflow of up to negative
CHF300 million-CHF400 million. In 2021, Dufry achieved CHF1.9
billion in cost savings comprising about CHF1.1 billion from the
reduction in its minimum annual payments (MAGs) included in the
concession contracts, CHF607.9 million in personnel costs and the
remaining CHF234 million in other costs. As a result of the
undertaken restructuring and efficiency measures, we think the
company's cost base will stay more flexible than before the
pandemic. This should allow the group to stay agile as there
remains considerable uncertainty around the pace of recovery of
global economy and travel retail. S&P therefore forecast that
Dufry's revenue will reach 2019 level by 2024, while its annual
cash generation will be positive and sufficient to cover the
concession fees in full until then.
Air passenger traffic is on the upswing but the road to full
recovery remains uneven and varied by region. Dufry's performance
relies on air travel recovery, and the company's global footprint
positions it well to benefit from the stronger momentum in domestic
and short haul holiday destinations, particularly in the Americas
and Europe, the Middle East, and Africa (EMEA). S&P said, "We think
that the disruption to air passenger traffic caused by the COVID-19
omicron variant will be short-lived, and that positive traffic
momentum will resume in the second quarter of 2022, picking up pace
in the summer season. Nevertheless, the recovery in air passenger
traffic depends heavily on general health conditions. Moreover,
rising fuel and personnel costs will make travel more expensive,
stalling the prospects of passenger traffic reaching its 2019 level
sooner than 2023-2024 globally. In Europe, we have recently revised
our forecast of airline traffic owing to the rapid spread of
omicron cases depressing passenger volumes in the first quarter of
2022. We now anticipate European airline traffic in 2022 will reach
50%-65% of the 2019 level rather than 60%-75% as of November
2021."
S&P said, "We forecast a temporary dip in Dufry's credit metrics in
2022 as the group bears the cost of keeping stores open while top
line catches up to pre-pandemic level. In our base case, we
forecast the group's top line to recover to about two-thirds of the
2019 level by end-2022. At the same time, we note the pressure on
margins and, particularly, cash flows from rapidly rising energy
and personnel costs and phasing out of the reliefs on concession
fee payments granted during the height of the pandemic disruption.
As passenger traffic gains momentum across all regions and revenue
generation evens out across the locations, we consider that Dufry
will be able to gradually raise its gross margins to the
pre-pandemic level and better absorb operating costs' inflation. We
estimate that by end-2024, Dufry will reach annual revenues of
about CHF9.0 billion and gross margins of about 60% from CHF3.9
billion and 56.5%, respectively, in 2021."
Dufry's conservative and proactive management of its capital
structure and its ample liquidity underpin the group's path to full
recovery. On the back of significant disruption to its operations
during the COVID-19 pandemic, Dufry has proactively managed its
liquidity and capital structure, which allowed the group the
breathing room to reshape operations at a time of drastic decline
in its earnings and cash flows. The latest of the transactions was
announced in February 2022, when the group confirmed that it has
prolonged the testing-free period of its maintenance covenants
until and inclusive of the second quarter of 2023. S&P said, "Under
our base case, by that time Dufry should comfortably comply with
its leverage covenant of 5x net financial debt to adjusted
operating cash flow (AOCF) and continue deleveraging in compliance
with the covenant threshold step down to 4.5x from the first
quarter 2024. In our estimate, compliance with the leverage
covenant will ensure even higher headroom under the AOCF to
interest cover test at 3x." Overall, during 2020 and 2021 the group
raised close to CHF900 million in net proceeds from share issues,
placed two convertible bonds (CHF350 million, which was converted
to equity in April 2021, and CHF500 million), issued a CHF69.5
million mandatory convertible note, and refinanced its CHF1.1
billion equivalent term loans extending debt maturities to 2024
from November 2022. As of March 8, 2022, Dufry's maturity profile
was relatively well-spread with just CHF88 million due in 2023
before EUR800 million notes and $550 million term loan come due in
October and November 2024, respectively.
The concession fee structure and accounting will affect the
historical comparability of some of Dufry's credit metrics. S&P
estimates that in 2022-2024 total concession fees will account for
about 30%-32% of Dufry's revenues, while the variable component
will take a higher share versus MAG payments compared to the
pre-pandemic split. While variable payments are included in
operating expenses, MAG payments are treated as akin to leases in
the audited accounts and under our methodology. S&P said, "Higher
share of variable fees will constrain operating profitability
margins over our forecast period of 2022-2024, making Dufry
unlikely to return to its 2019 level of 25% adjusted EBITDA margin.
In our base case, we forecast an adjusted EBITDA margin of 15%-17%
in 2022 rising to 18%-20% in 2024. At the same time, Dufry's credit
metrics will also reflect the likely lower level of lease
liabilities on its balance sheet representing capitalized MAGs. In
our forecast, we have estimated relatively stable adjusted debt of
around CHF7 billion over the 2022-2024 horizon. However, depending
on the timing of the contract wins, losses and renewals, and the
terms of the concession contracts prevailing at a time, Dufry's
lease liability position can change significantly from one year to
the next."
The air passenger traffic and travel retail path to recovery
depends on the pandemic's evolution, geopolitical developments, and
their economic effects. S&P Global Ratings acknowledges a high
degree of uncertainty about the extent, outcome, and consequences
of the military conflict between Russia and Ukraine. Irrespective
of the duration of military hostilities, sanctions and related
political risks are likely to remain in place for some time.
Potential effects could include dislocated commodities markets --
notably for oil and gas -- supply chain disruptions, inflationary
pressures, weaker growth, and capital market volatility. As the
situation evolves, S&P will update its assumptions and estimates
accordingly.
S&P said, "The stable outlook indicates that the recovery we
anticipate in travel retail should support the sustainable
improvement in the group's credit metrics over the next 12-24
months, notwithstanding the temporary spike in leverage in 2022 on
the back of the increase in costs exceeding our forecast of topline
recovery. We forecast S&P Global-adjusted FFO to debt of about 10%
in 2022 rising to 12%-15% in 2023, with sustainably positive
reported FOCF after leases."
S&P could downgrade Dufry if:
-- The adjusted FFO to debt fell to less than 10%;
-- FOCF after minimum annual guarantees (MAG) payments turned
negative;
-- The group's liquidity or covenant headroom were to weaken; or
-- Passenger spending at airports failed to recover swiftly
alongside the air traffic, thereby bringing into question the
long-term resilience of the travel retail business.
This could occur if the economic weakness related to the pandemic
or geopolitical tensions led to travel disruption extending longer
than we anticipate, cost inflation rises way ahead of revenues, or
Dufry loses a substantial number of contracts without profitable
replacement, which, combined with consumers changing their shopping
habits, would weaken the group's competitive position.
S&P could upgrade Dufry over the next 12-24 months if air passenger
traffic and travel retail recovers to the 2019 level faster than it
anticipates, while cost control and focus on cash generation allow
Dufry to build on its recent improvement in earnings and credit
metrics such that:
-- Adjusted FFO to debt trends to 20% by end of 2023;
-- Reported FOCF after full concession payments (including MAGs)
is consistently positive and sufficient to cover any shareholder
remuneration payments once resumed; and
-- Dufry is on track to restore its profitability, cash
generation, and credit metrics to historical levels over the medium
term.
Any positive rating action will be predicated on Dufry maintaining
a consistent financial policy supportive of the stronger
performance and credit ratios. Once the new CEO is in place in June
2022, S&P will follow the group's communications regarding strategy
and financial objectives.
Environmental, Social, And Governance
ESG credit indicators: To: E-2, S-3, G-2 From: E-2, S-4, G-2
S&P said, "Social factors are now a moderately negative
consideration in our credit rating analysis of Dufry. Because of
strict travel and mobility restrictions during the pandemic, the
group had extensive store closures that led to a 71% contraction of
the group revenue and 85% contraction in EBITDA in 2020, while the
FOCF turned severely negative. As of March 8, 2022, Dufry has
reopened about 80% of its stores and is on its way to restore its
earnings and cash flow to the pre-pandemic level within 24 months.
At the same time, although the extreme disruption due to the
pandemic is a likely one-off, we note that the group's higher
reliance on air passenger traffic compared with the general retail
sector increases its exposure to global or regional disease
outbreaks, terrorist attacks, and other health and safety risks."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
===========
T U R K E Y
===========
AKBANK TAS: Fitch Affirms 'B' LT Foreign Curr. IDR, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Akbank T.A.S.'s (Akbank) Long-Term
Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B' with a
Negative Outlook. Fitch has also affirmed the bank's Viability
Rating (VR) at 'b+' and removed it from Rating Watch Negative
(RWN). The bank's Long-Term Local Currency (LTLC) IDR has also been
affirmed at 'B+' with a Negative Outlook.
The affirmation of the VR, one notch above Akbank's LTFC IDR, and
the removal from RWN reflect the bank's solid FC liquidity buffer
and that transfer, convertibility and intervention risks are
captured in its LTFC IDR but not in its VR. Fitch placed Akbank's
VR on RWN in February 2022 following the Turkish sovereign
downgrade (see "Fitch Downgrades 22 Turkish Banks' Ratings;
Outlooks Negative" on www.fitchratings.com), reflecting heightened
risks to its standalone credit profile amid market volatility.
The support-driven ratings of Akbank AG have been affirmed, in line
with the LTFC IDR of its 100% shareholder, Akbank.
KEY RATING DRIVERS
LT IDRS AND SENIOR DEBT RATINGS
Akbank's LTFC IDR and senior debt rating are capped at 'B', one
notch below Turkey's LTFC IDR. This reflects Fitch's view of
government intervention risk and Fitch's assessment that weaknesses
in Turkey's external finances, amid high sector deposit
dollarisation and high short-term maturing FC debt in volatile
market conditions, make some form of intervention that would impede
the bank's ability to service its FC obligations more likely than a
sovereign default. The Negative Outlook on the LTFC IDR mirrors
that on the sovereign.
The bank's 'B+' LTLC IDR, which is driven by its VR, is one notch
above its LTFC IDR, reflecting a lower likelihood of government
intervention in local currency, in Fitch's view. The Negative
Outlook on the LTLC IDR mainly reflects risks to the bank's
standalone credit profile amid heightened operating environment
pressures, but also considers the sovereign outlook.
Akbank's senior debt ratings are aligned with its respective IDRs
and reflect average recovery prospects in case of default.
VR
The affirmation of Akbank's 'b+' VR, one notch above its LTFC IDR
and the operating environment score, reflects the bank's record of
resilient financial metrics underpinned by its solid domestic
franchise (end-2021: 8% of sector assets and deposits) and
significant FC liquidity and capital buffers.
Risks to the bank's credit profile remain significant, given its
concentration in the volatile and challenging Turkish market. Fitch
has downgraded the operating environment score for Turkish banks to
'b'/negative signalling increased risks to macroeconomic and
financial stability at the lower sovereign rating level. Turkish
banks are vulnerable to exchange-rate volatility due to refinancing
risks, given high exposure to external FC wholesale funding in a
market highly sensitive to investor sentiment, high sector FC
lending, given the impact on asset quality, and deposit
dollarisation, due to risks to FC liquidity.
Akbank is exposed to refinancing risks, given its high, but falling
share of FC wholesale funding (end-2021: 22% of total funding).
Significant deposit dollarisation also creates risks to FC
liquidity in case of outflows. Nevertheless, the bank has a record
of external market access, despite challenging market conditions.
Furthermore, available FC liquidity (USD12.6 billion) covered the
bank's maturing FC debt over 12 months (USD2.7 billion; excluding
FC repos) plus a fairly high share FC deposits at end-2021.
Nevertheless, FC liquidity could come under pressure from a
prolonged loss of market access or FC deposit instability. In
addition, as for the sector, Fitch believes FC liquidity largely
comprises FX swaps with the Central Bank of the Republic of Turkey,
access to which could become uncertain at times of systemic stress
or material FC deposit outflows.
Akbank's reported common equity Tier 1 (CET1) ratio (16.2%) was the
highest among the peer group at end-2021 and represents a solid
buffer over the regulatory minimum, including net of regulatory
forbearance (12.9%). Leverage remains reasonable - Akbank reports
the lowest ratio among large bank peers - despite a fall in the
equity/assets ratio (end-2021: 10.0%). Capitalisation is supported
by strong pre-impairment operating profitability (equal to about 6%
of average gross loans in 2021, adjusted for hedging gains),
moderate reserves coverage of non-performing loans (NPLs) and
limited free provisions (equal to about 30bp of risk-weighted
assets; RWAs) against possible losses. Nevertheless, downside risks
remain from lira depreciation (due to the inflation of FC RWAs -
albeit the risks are somewhat mitigated by regulatory forbearance)
- and asset-quality pressures.
Akbank's NPL ratio fell to 4.4% at end-2021 (end-2020: 6.1%), a
level broadly in line with private bank peers, despite operating
environment pressures, primarily reflecting nominal loan growth,
strong collections and write-offs. Fitch expects this ratio to rise
moderately in 2022, given risks to macroeconomic and financial
stability, high inflation, and credit concentrations. FC lending
also remains high (end-2021: 40% of loans; sector: 42%) despite
deleveraging efforts (FC loans reduced 27% in US dollar terms
between 2018-2021), heightening credit risks, given that not all
borrowers will be fully hedged against lira depreciation. The risks
are somewhat mitigated by exposures generally being to large,
diversified corporates and exporters with FX revenues, or project
finance loans carrying a government feed-in tariff (energy loans)
or revenue or debt assumption guarantee.
Stage 2 loans (end-2021: 9.7%; about two-thirds restructured) are
moderate and at the lower end of the private banks' peer group.
Abank's total reserve coverage of NPLs remains below peer and
sector averages, despite having increased (end-2021: 104%;
end-2020: 95%), mainly reflecting lower coverage of Stage 2 (14.0%)
and Stage 1 (0.5%) loans.
Akbank's operating profit/RWAs ratio (3.5% in 2021; 2.3% in 2020)
consistently outperforms the large Turkish banks' peer group
average, reflecting good margins and sound cost efficiency. Fitch
expects Akbank to report strong profitability metrics in 2022,
given its short-term negative repricing gap and the lira interest
rate cuts (in 4Q21), while the inflationary environment should
support loan volumes and CPI-linked securities income, although
costs will also rise. The bank is budgeting for a moderate loan
impairment charges/gross loan ratio of about 100bp in 2022
(excluding currency impacts) but the uncertain macroeconomic
outlook creates downside risks.
Akbank is primarily funded by granular, retail deposits including a
reasonable share of demand deposits, and its gross loans/deposits
ratio fell to a reasonable 94% at end-2021, partly due to currency
depreciation inflating reported FC deposits. However, the share of
FC deposits is significant (66%, consolidated basis), although
broadly in line with the sector, increasing FC liquidity risks in
case of deposit instability. Fitch expects dollarisation to remain
high, notwithstanding the recently introduced FX-protected deposit
scheme.
GOVERNMENT SUPPORT RATING (GSR)
Akbank's GSR has been affirmed at 'ns', notwithstanding its
systemic importance. This reflects Fitch's view that support from
the Turkish authorities in FC, in case of need, cannot be relied
upon given the sovereign's weak financial flexibility.
NATIONAL RATING
The affirmation of Akbank's National Rating reflects Fitch's view
that the bank's creditworthiness in local currency relative to
other Turkish issuers is unchanged. The Negative Outlook on the
National Rating reflects that on the LTLC IDR.
SUBORDINATED DEBT RATING
The bank's 'B-' subordinated debt rating has been affirmed and
removed from RWN. The notes are notched once from its LTFC IDR
anchor rating of 'B' rather than the VR, since Fitch considers this
to be the most appropriate measure of non-performance risk (given
government intervention risk), reflecting reduced loss severity
given that the main risk is to timely payment rather than
recoveries.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Akbank's LT IDRs and senior debt ratings are primarily
sensitive to a sovereign downgrade and also to any increase in
Fitch's view of government intervention risk. Akbank's LTLC
IDR would be downgraded if its VR was downgraded.
-- Akbank's VR is primarily sensitive to a sovereign downgrade.
Fitch would downgrade the VR to the level of the LTFC IDR in
case of a material erosion in the bank's capital or FC
liquidity buffers. The VR could also be downgraded due to
further marked deterioration in the operating environment,
including a prolonged funding market closure or deposit
instability that severely eroded the bank's FC liquidity
buffer.
NATIONAL RATING
The National Rating is sensitive to changes in Akbank's LTLC IDR
and its creditworthiness relative to other Turkish issuers.
SUBORDINATED DEBT
The subordinated debt rating is sensitive to a change in Akbank's
anchor rating (in case of a downgrade of the bank's VR), and is
also sensitive to a change in notching should Fitch change its
assessment of loss severity and/or relative non-performance risk.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Upgrades of the bank's LT IDRs and senior debt rating are
unlikely in the near term given the Negative Outlooks, the
Negative Outlook on Turkey's rating and Fitch's view of
government intervention risk in the banking sector. Revision
of the sovereign Outlook to Stable would reduce downward
pressure on the bank's ratings, particularly if accompanied by
a reduction in Fitch's view of government intervention risk,
and could lead to similar actions on the bank's ratings.
-- Downside pressure on the bank's VR could ease in case of
marked improvement in the operating environment, likely
characterised by a reduction in macroeconomic and financial
volatility, and potentially also a revision of the sovereign
Outlook to Stable, particularly if this reduces risks to the
bank's capital and FC liquidity.
-- An upgrade of the bank's GSR is unlikely, given the Negative
Outlook on Turkey's sovereign rating and its weak ability to
provide support in FC, as reflected in its low net FX
reserves.
NATIONAL RATING
The National Rating is sensitive to changes in Akbank's LTLC IDR
and its creditworthiness relative to other Turkish issuers.
SUBORDINATED DEBT
The subordinated debt rating is sensitive to a change in Akbank's
anchor rating (in case of a downgrade of the bank's VR), and is
also sensitive to a change in notching should Fitch change its
assessment of loss severity and/or relative non-performance risk.
SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS
AKBANK AG
Akbank AG's ratings are equalised with those of its parent,
reflecting its important role in, and integration with the Akbank
group. Akbank AG's Shareholder Support Rating (SSR) has also been
affirmed at 'b'.
Akbank AG's Deposit Ratings are in line with its support-driven
IDRs as, in Fitch's opinion, its debt buffers do not afford any
obvious incremental probability of default benefit over and above
the support benefit factored into the bank's IDRs.
SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- Akbank AG's ratings are sensitive to a change in its parent's
LTFC IDR. Negative rating action on Akbank's LTFC IDR would
lead to similar action on Akbank AG.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Positive rating action on Akbank's LTFC IDR would lead to
similar action on Akbank AG.
VR ADJUSTMENTS
The operating environment score of 'b' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reasons: Sovereign rating (negative) and macroeconomic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkey.
The business profile score of 'b+' has been assigned below the
implied 'bb' category implied score, due to the following
adjustment reason: business model (negative). This reflects the
bank's business model concentration on the high-risk Turkish
market.
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.
Criteria Variation
Fitch's view of potential intervention risk means Fitch views
default risk of the bank as higher than that of the Turkey
sovereign. As a result, Fitch has capped the LTFC IDR at 'B', one
notch below Turkey's sovereign rating. As such, Fitch has varied
its criteria to permit a VR one notch above the bank's LTFC IDR as
this is not directly capped by Turkey's Country Ceiling of 'B+',
but rather Fitch's broader view of intervention risk.
SUMMARY OF FINANCIAL ADJUSTMENTS
An adjustment has been made in Fitch's financial spreadsheets that
has affected the bank's core and complimentary metrics. Fitch has
taken a loan classified as a financial asset measured at fair value
through profit and loss in the bank's financial statements and
reclassified it under gross loans as Fitch believes this is the
most appropriate line in Fitch spreadsheets to reflect this
exposure.
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.
TURK TELEKOMUNIKASYON: Fitch Cuts Local Curr. IDR to 'B+'
---------------------------------------------------------
Fitch Ratings has downgraded Turk Telekomunikasyon A.S.'s (TT)
Long-Term Local-Currency Issuer Default Rating (IDRs) to 'B+' from
'BB-'. The Outlook is Negative. Fitch has affirmed all of TT's
other ratings.
The downgrade follows the sale of the 55% stake in TT held by LYY
Telekommunikasyon A.A. (LYY) to Turkey Wealth Fund (TWF). The stake
sale has increased the Turkish government's direct and indirect
stake in TT to 85%.
Fitch now assesses TT under its Government-Related Entities (GRE)
criteria. Due to the strong linkage with the government, TT's
ratings are constrained by Turkey's sovereign rating of
'B+'/Negative. TT's underlying credit profile is unchanged as a
result of this transaction.
TWF is fully owned by the Turkish state and acts as its strategic
long-term investment arm. TWF's strategic objectives are aligned
with the national economic objectives. The TWF portfolio includes
over 25 companies in numerous sectors, two licenses and more than
45 real estate properties. The portfolio companies operate mainly
in seven sectors including financial services, telecommunications
and technology, transportation and aviation, agriculture and food,
energy, mining and lottery
LYY Telekommunikasyon A.S. is a special purpose joint venture
company established in 2018 to undertake management of TT
KEY RATING DRIVERS
Government Linkage Assessed as Strong: TT's rating is constrained
by Turkey's sovereign rating. Following the buyout, TT is
considered to be controlled by the Turkish government. Fitch's
assessment of the overall links under the GRE methodology is Strong
with a score of 15. The state appoints the majority of the board of
directors and has a direct influence on the company's strategic
direction. Fitch assesses the Social-Political and Financial
Implications of Default as Moderate. Fitch assesses the
Support-Track Record as Weak, reflecting the government's minimal
involvement in day-to-day operations other than its representations
on the board. TT's Standalone Credit Profile is considerably higher
than the sovereign rating, which it is constrained by.
Strong Domestic Market: The ratings reflect TT's strong market
position as the country's incumbent integrated telecoms operator
with a leading converged offering across mobile and TV. Its
business model has proven resilient during the pandemic, with the
company outperforming Fitch's previous expectations. Its financial
policy continues to be prudently managed with an effective hedging
strategy that has kept net leverage low during a time of continued
lira depreciation against hard currencies.
No Material Leverage Pressure: Fitch expects Fitch-defined free
cash flow (FCF) to fall from 2021 onwards to neutral to slightly
negative, as dividends and capex consume EBITDA growth. Fitch
calculates funds from operations (FFO) net leverage before
dividends and capex and it is comfortably below the negative rating
threshold.
Long-Term Concession Uncertainty: TT's operations are exposed to
some long-term uncertainty relating to the expiry of the company's
fixed-line concession agreement with the Turkish government in
2026. Fitch believes this is less of a risk now that TT is
controlled by the government. Still the government may not
automatically extend this concession with TT but instead tender the
contract out to third parties. Fitch believes that TT's management
will continue to pursue a conservative financial policy while there
is a lack of clarity around how the fixed-line concession could be
renewed.
DERIVATION SUMMARY
TT's rating is constrained by the sovereign rating, reflecting open
legal ringfencing with porous access and control under the
parent-subsidiary linkage criteria. Links with the government are
also assessed under Fitch's GRE Rating Criteria, reflecting strong
ties between the company and its ultimate parent. Although TT's SCP
is significantly higher than the sovereign rating, it is
constrained by it.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Positive rating action on Turkey, would lead to positive
rating action on TT, provided TT's SCP is at the same level or
higher than the sovereign rating, and the links between the
government and TT remain strong.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO net leverage above 4.0x on a sustained basis;
-- Material deterioration in pre-dividend FCF margin, or in the
regulatory or operating environments;
-- Negative rating action on Turkey's Country Ceiling or Long-
Term Local-Currency IDRs could lead to negative rating action
on TT's Long-Term Foreign- or Local-Currency IDRs,
respectively;
-- Sustained increase in FX mismatch between company's net debt
and cash flows;
-- Excessive reliance on short-term funding, without adequate
liquidity over the next 12-18 months.
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.
ISSUER PROFILE
TT is the incumbent fixed line operator in Turkey with a leading
integrated telecommunications and technology services provider
offering a complete range of mobile, broadband, data, TV and fixed
voice services. It covers 81 cities in Turkey with its 366,000 km
fibre network. The fibre network covered over 30 million households
as of 4Q21 and a long term evolution (LTE) population coverage of
99% at the same date.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Following the acquisition of TT by TWF, its rating is capped by
Turkey's sovereign IDR.
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.
TURKIYE GARANTI: Fitch Affirms 'B' Foreign Curr. IDR, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Garanti Bankasi A.S.'s (Garanti
BBVA) Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR)
at 'B', and Long-Term Local Currency (LTLC) IDR at 'B+'. The
Outlooks are Negative, mirroring that on the sovereign. Fitch has
also affirmed the bank's Viability Rating (VR) at 'b+' and removed
it from Rating Watch Negative (RWN).
The affirmation of the VR, one notch above Garanti BBVA's LTFC IDR,
and the removal from RWN reflect the bank's solid FC liquidity
buffer and the fact that transfer, convertibility and intervention
risks are captured in its LTFC IDR but not in its VR. Fitch placed
Garanti BBVA's VR on RWN in February 2022 following the Turkish
sovereign downgrade (see "Fitch Downgrades 22 Turkish Banks'
Ratings; Outlooks Negative" on www.fitchratings.com), reflecting
heightened risks to its standalone credit profile amid market
volatility.
KEY RATING DRIVERS
LT IDRS, SHAREHOLDER SUPPORT RATING (SSR) AND SENIOR DEBT RATINGS
Garanti BBVA's LTFC IDR and senior debt rating are capped at 'B',
one notch below Turkey's LTFC IDR. This reflects Fitch's view of
government intervention risk and Fitch's assessment that weaknesses
in Turkey's external finances, amid high sector deposit
dollarisation and high short-term maturing FC debt in volatile
market conditions, make some form of intervention that would impede
the bank's ability to service its FC obligations more likely than a
sovereign default. The Negative Outlook on the LTFC IDR mirrors
that on the sovereign.
Similarly, Garanti BBVA's SSR is capped at 'b', reflecting
government intervention risk, despite the bank's strategic
importance to, and integration with its controlling and 49.9%
shareholder, Banco Bilbao Vizcaya Argentaria S.A. (BBVA;
BBB+/Stable).
Garanti BBVA's LTLC IDR of is one notch above its LTFC IDR,
reflecting Fitch's view of a lower likelihood of government
intervention in LC. At 'B+', this rating is driven by shareholder
support but underpinned by the bank's VR.
The Negative Outlooks on the bank's LTLC IDR mirrors that on the
sovereign.
Garanti BBVA's senior debt ratings are aligned with its respective
IDRs and reflect average recovery prospects in case of default.
VR
The affirmation of Garanti BBVA's 'b+' VR, one notch above its LTFC
IDR and the operating environment score, reflects the bank's record
of resilient financial metrics underpinned by its solid domestic
franchise (end-2021: 9-10% of sector assets and deposits) and
significant FC liquidity and reasonable capital buffers.
Risks to the bank's credit profile remain significant, given its
concentration in the volatile and challenging Turkish market. Fitch
has downgraded the operating environment score for Turkish banks to
'b'/negative' signaling increased risks to macroeconomic and
financial stability at the lower sovereign rating level. Turkish
banks are vulnerable to exchange-rate volatility due to refinancing
risks, given high exposure to external FC wholesale funding in a
market highly sensitive to investor sentiment, high sector FC
lending, given the impact on asset quality, and deposit
dollarisation, due to risks to FC liquidity.
Garanti BBVA is exposed to refinancing risks given its high, albeit
declining, FC wholesale funding (end-2021: 15% of total funding).
Significant deposit dollarisation also creates risks to FC
liquidity in case of outflows. Nevertheless, the bank has a record
of external market access, despite challenging market conditions.
Furthermore, available FC liquidity (USD13.1 billion) covered the
bank's maturing FC debt over 12 months (USD2.9 billion) plus over a
third of FC deposits at end-2021. Nevertheless, FC liquidity could
come under pressure from a prolonged loss of market access or FC
deposit instability. In addition, FC liquidity largely comprises of
FX swaps with the Central Bank of the Republic of Turkey, access to
which could become uncertain at times of systemic stress or
material FC deposit outflows.
Garanti BBVA's reported common equity Tier 1 (CET1) ratio (13.6% at
end-2021) remains at the higher end of the peer group and
represents an adequate buffer over its regulatory minimum -
including net of regulatory forbearance (11.3%), although its
equity/assets ratio has weakened (end-2021: 9.3%) and risks to
capitalisation remain from lira depreciation (given the inflation
of RWAs due to high FC loans) and asset-quality pressures (given
credit concentrations, among others). Nevertheless, the bank
generates solid pre-impairment operating profitability (2021: about
7% of average gross loans, adjusted for hedging gains), which
provides a strong buffer to absorb losses through the income
statement, high impaired loans (NPL) reserves coverage and 'free
provisions' against possible losses (end-2021: 1.3% of reported
risk-weighted assets; RWA), underpinning the strength of its
capital position.
Garanti BBVA's NPL ratio fell to 3.6% at end-2021 (end-2020: 4.4%)
- a level below private bank peers' but above the sector average -
despite operating environment pressures, primarily reflecting
nominal loan growth, strong collections and write-offs. Fitch
expects this ratio to rise moderately in 2022, given risks to
macroeconomic and financial stability and high inflation.
Stage 2 loans (17%) are the highest among large bank peers and
above the sector average, although this partly reflects its
conservative loan classification approach and the impact of lira
depreciation (given a high share is in FC). Restructured loans
(about half of Stage 2) could rise further, given macro risks.
Garanti BBVA's total reserve coverage of NPLs is the highest among
peers and increased to 161% at end-2021 (end-2020: 130%) reflecting
also higher coverage of Stage 3 (66%) and Stage 2 (17%) loans.
The bank's share of FC lending was a high 45% at end-2021 (sector:
42%) heightening risks, given that not all borrowers will be fully
hedged against lira depreciation. These risks are somewhat
mitigated since the exposures are generally to large, diversified
corporates and exporters with FX revenues, or project finance loans
carrying a government feed-in tariff (energy loans) or revenue or
debt assumption guarantee.
Garanti BBVA's operating profit/ RWAs ratio (3.1% in 2021; 2.1% in
2020) is consistently among the strongest in the peer group,
reflecting good margins underpinned by good funding cost
optimisation and cost efficiency. Fitch expects Garanti BBVA to
report solid profitability metrics in 2022, given its short-term
negative repricing gap and the lira interest rate cuts (4Q21),
while the inflationary environment should support loan volumes and
CPI-linked securities income, although costs will also rise. The
bank is budgeting for a moderate loan impairment charges/gross
loans ratio of below 150bp in 2022 (excluding currency impacts),
but the uncertain macroeconomic outlook creates downside risks.
Garanti BBVA is primarily funded by granular, retail deposits and
has a higher share of demand deposits than peers. Its gross
loans/deposits ratio has fallen, partly due to currency
depreciation inflating reported FC deposits, and was a reasonable
89% at end-2021, below peers. However, FC deposits are significant
(69% of total deposits, consolidated basis), and above the sector
average, increasing FC liquidity risks in case of deposit
instability. Fitch expects dollarisation to remain high,
notwithstanding the recently introduced FX-protected deposit
scheme.
NATIONAL RATING
The affirmation of Garanti BBVA's National Rating with a Stable
Outlook reflects Fitch's view that the bank's creditworthiness in
local currency relative to other Turkish issuers is unchanged.
SUBORDINATED DEBT RATING
The bank's subordinated debt rating of 'B-' has been affirmed. The
notching for the subordinated notes includes one notch for loss
severity and zero notches for non-performance risk relative to the
'B' LTFC IDR anchor rating. The one notch, rather than default two
notches, for loss severity reflects Fitch's view that institutional
support (as reflected in the bank's LTFC IDR) helps mitigate losses
and incorporates the fact that the bank's LTFC IDR is already
capped at 'B'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Garanti BBVA's LTIDRs, SSR and senior debt rating are
primarily sensitive to a sovereign downgrade and also to any
increase in Fitch's view of government intervention risk.
-- Garanti BBVA's SSR could be also downgraded if BBVA's ability
and propensity to provide support reduced materially, although
this is not Fitch's base case.
-- Garanti BBVA's VR is primarily sensitive to a sovereign
downgrade. Fitch would downgrade the VR to the level of the
LTFC IDR if there was material erosion in the bank's capital
and FC liquidity buffers. The VR could also be downgraded due
to further marked deterioration in the operating environment,
including a prolonged funding market closure or deposit
instability that severely eroded the bank's FC liquidity
buffer, particularly if not offset by shareholder support.
NATIONAL RATING
The National Rating is sensitive to changes in Garanti BBVA's LTLC
IDR and its creditworthiness relative to other Turkish issuers.
SUBORDINATED DEBT
The subordinated debt rating is sensitive to a change in Garanti
BBVA's LTFC IDR.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Upgrades of the bank's LT IDRs, SSR and senior debt rating are
unlikely in the near term given the Negative Outlooks, the
Negative Outlook on Turkey's rating and Fitch's view of
government intervention risk in the banking sector. Revision
of the sovereign Outlook to Stable would reduce downward
pressure on the bank's ratings, particularly if accompanied by
a reduction in Fitch's view of government intervention risk,
and could lead to similar actions on the bank's ratings.
-- Downside pressure on the bank's VR could ease in case of
marked improvement in the operating environment, likely
characterised by a reduction in macroeconomic and financial
volatility, and potentially also a revision of the sovereign
Outlook to Stable, particularly if this reduces risks to the
bank's capital and FC liquidity.
NATIONAL RATING
The National Rating is sensitive to changes in Garanti BBVA's LTLC
IDR and its creditworthiness relative to other Turkish issuers.
SUBORDINATED DEBT
The subordinated debt rating is sensitive to a change in Garanti
BBVA's LTFC IDR.
VR ADJUSTMENTS
The operating environment score of 'b' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reasons: Sovereign rating (negative) and macroeconomic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkey.
The business profile score of 'b+' has been assigned below the
implied 'bb' category implied score, due to the following
adjustment reason: business model (negative). This reflects Garanti
BBVA's business model concentration on the high-risk Turkish
market.
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.
Criteria Variation
Fitch's view of potential intervention risk means Fitch views
default risk of the bank as higher than that of the Turkey
sovereign. As a result, Fitch has capped the LTFC IDR at 'B', one
notch below Turkey's sovereign rating. As such, Fitch has varied
its criteria to permit a VR one notch above the bank's LTFC IDR as
this is not directly capped by Turkey's Country Ceiling of 'B+',
but rather Fitch's broader view of intervention risk.
SUMMARY OF FINANCIAL ADJUSTMENTS
An adjustment has been made in Fitch's financial spreadsheets for
Garanti BBVA that has affected Fitch's core and complimentary
metrics. Fitch has taken a loan classified as a financial asset
measured at fair value through profit and loss in the bank's
financial statements and reclassified it under gross loans as Fitch
believes this is the most appropriate line in Fitch spreadsheets to
reflect this exposure.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Garanti BBVA's ratings are linked to the Turkish sovereign ratings
and to those of the parent bank, BBVA.
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.
TURKIYE IS: Fitch Affirms 'B' LT Foreign Curr. IDR, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Is Bankasi's (Isbank) Long-Term
Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B' with a
Negative Outlook. Fitch has also affirmed the bank's Viability
Rating (VR) at 'b+' and removed it from Rating Watch Negative
(RWN). The bank's Long-Term Local Currency (LTLC) IDR, which is
driven by its VR, has been affirmed at 'B+' with a Negative
Outlook.
The affirmation of the VR, one notch above Isbank's LTFC IDR, and
its removal from RWN reflect the bank's solid FC liquidity buffer
and that transfer, convertibility and intervention risks are
captured in its LTFC IDR but not in its VR. Fitch placed Isbank's
VR on RWN in February 2022 following the downgrade of the Turkish
sovereign rating.
KEY RATING DRIVERS
LT IDRS, SENIOR DEBT RATING AND NATIONAL RATING
Isbank's LTFC IDR and senior debt rating are driven by the bank's
VR, but capped at 'B', one notch below Turkey's LTFC IDR. This
reflects Fitch's view of government intervention risks and Fitch's
assessment that weaknesses in Turkey's external finances, amid high
sector deposit dollarisation and short-term maturing FC debt in
volatile market conditions, make some form of intervention that
would impede the bank's ability to service its FC obligations more
likely than a sovereign default. The Negative Outlook on the LTFC
IDR mirrors that on the sovereign.
The bank's 'B+' LTLC IDR, which is also driven by its VR, is one
notch above its LTFC IDR, reflecting a lower likelihood of
government intervention in LC, in Fitch's view. The Negative
Outlook on the LTLC IDR mainly reflects risks to the bank's
standalone credit profile amid heightened operating environment
pressures, but also considers the sovereign Outlook.
The affirmation of Isbank's National Rating reflects Fitch's view
that the bank's creditworthiness in local currency relative to
other Turkish issuers is unchanged. The Negative Outlook on the
National Rating reflects that on the LTLC IDR.
VR
The affirmation of Isbank's 'b+' VR, one notch above its LTFC IDR
and the operating environment score, reflects the bank's record of
generally good financial metrics, underpinned by its solid domestic
franchise (end-2021: 10% of sector assets) and FC liquidity.
Risks to the bank's credit profile remain significant, given its
concentration in the volatile and challenging Turkish market. Fitch
has downgraded the operating environment score for Turkish banks to
'b'/negative signalling increased risks to macroeconomic and
financial stability at the lower sovereign rating level. Turkish
banks are vulnerable to exchange-rate volatility due to refinancing
risks, given high exposure to external FC wholesale funding in a
market highly sensitive to investor sentiment, high sector FC
lending, given the impact on asset quality, and deposit
dollarisation, due to risks to FC liquidity.
Isbank is exposed to refinancing risks, given its high share of FC
wholesale funding (end-2021: 24% of total funding, but declining)
amid exposure to investor sentiment in volatile market conditions.
Significant deposit dollarisation also creates risks to FC
liquidity in case of outflows. Nevertheless, the bank has a record
of external market access despite challenging market conditions.
Furthermore, available FC liquidity covered the bank's maturing FC
debt over 12 months (USD5.0 billion; excluding FC repos), plus a
fairly high share of FC deposits at end-2021.
Nevertheless, FC liquidity could come under pressure from a
prolonged loss of market access or FC deposit instability. In
addition, FC liquidity largely comprises of FX swaps with the
Central Bank of the Republic of Turkey, access to which could
become uncertain at times of systemic stress or material FC deposit
outflows.
Isbank's reported common equity Tier 1 (CET1)/risk-weighted assets
(RWA) ratio was an adequate 13.7% at end-2021 (or 10.8% net of
forbearance) representing a moderate buffer over the regulatory
minimum. The total capital ratio - including FC subordinated Tier 2
debt, which provides a partial hedge against lira depreciation -
was stronger, at 18.7%. Capitalisation is supported by solid
pre-impairment operating profitability (2021: equal to 4% of
average gross loans), moderate reserves coverage of non-performing
loans (NPLs) and fairly limited free provisions (equal to 60bp of
RWAs). Nevertheless, downside risks remain from lira depreciation
(due to the inflation of FC RWAs - although the risks are somewhat
mitigated by regulatory forbearance) - and asset-quality pressures,
given credit concentrations.
Isbank's impaired loans (NPL) ratio fell to 4.0% at end-2021
(end-2020: 5.4%), a level broadly in line with private bank peers,
despite operating environment pressures, primarily reflecting
nominal loan growth, strong collections and write-offs. Fitch
expects the NPL ratio to rise moderately in 2022, but downside
risks remain significant, given risks to macroeconomic and
financial stability, high inflation, exposure to more pressured
segments (SMEs (19%), unsecured retail (17%)) and sectors such as
energy, construction and tourism and fairly high, concentrated
Stage 2 loans (end-2021: 11%, of which two-thirds have been
restructured).
Isbank has deleveraged its FC loan book similar to the sector in
recent years, but its share remains high in gross loans (51%),
heightening credit risks, given that not all borrowers will be
fully hedged against lira depreciation. These risks are mitigated
by the fact that exposures are generally to large, diversified
corporates or exporters with FX revenues, or project finance loans
carrying a government feed-in tariff (energy loans) or revenue or
debt assumption guarantee.
Total reserve coverage of NPLs increased to 134% at end-2021
(end-2020: 112%), partly reflecting higher reserve coverage of
Stage 2 loans (19%).
Isbank's operating profit/risk-weighted assets (RWAs) ratio
increased to 2.8% in 2021 (2.0% in 2020) reflecting good margins,
fee income performance but also the impact of regulatory
forbearance on RWAs. Fitch calculates about a 60bp positive impact
on operating profit/RWAs ratio due to forbearance. Fitch expects
performance in 2022 to benefit from good margins given its
short-term negative repricing gap and the lira interest rate cuts
(4Q21), while the inflationary environment should support loan
volumes and CPI-linked securities income, with the increase in
revenues absorbing inflationary pressure on costs. The bank is
budgeting for loan impairment charges to moderate, albeit the
uncertain macro outlook creates downside risks.
Isbank is primarily funded by granular, retail deposits including a
moderate share of demand deposits. Its gross loans/deposits ratio
was 101% at end-2021, or 87% (unconsolidated basis), slightly below
peers, reflecting the consolidation of non-deposit-taking financial
subsidiaries. Its share of FC deposits is very high at 73%, and
above the sector average, increasing FC liquidity risks in case of
deposit instability. Fitch expects dollarisation to remain high
notwithstanding the recently introduced FX-protected deposit
scheme.
GOVERNMENT SUPPORT RATING (GSR)
Fitch has affirmed Isbank's GSR at 'ns', notwithstanding its
systemic importance. This reflects Fitch's view that support from
the Turkish authorities, in case of need, cannot be relied upon
given the sovereign's weak financial flexibility.
SUBORDINATED DEBT RATING
The bank's 'B-' subordinated debt rating has been affirmed and
removed from RWN. The notes are notched once from its LTFC IDR
anchor rating of 'B' rather than the VR, since Fitch considers this
to be the most appropriate measure of non-performance risk (given
government intervention risk), reflecting reduced loss severity
given that the main risk is to timely payment rather than
recoveries.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Isbank's LT IDRs and senior debt ratings are primarily
sensitive to a sovereign downgrade and also to any increase in
Fitch's view of government intervention risk. Isbank's LTLC
IDR would be downgraded if its VR was downgraded.
-- Isbank's VR is primarily sensitive to a sovereign downgrade.
Fitch would downgrade the VR to the level of the LTFC IDR if
there was to be material erosion in the bank's capital and FC
liquidity buffers. The VR could also be downgraded due to
further marked deterioration in the operating environment,
including a prolonged funding market closure or deposit
instability that severely eroded the bank's FC liquidity
buffer.
SUBORDINATED DEBT
The subordinated debt rating is sensitive to a change in Isbank's
anchor rating (in case of a downgrade of the bank's VR), and to
Fitch's assessment of the probability of the notes' non-performance
risk or of loss severity in case of non-performance.
NATIONAL RATING
The National Rating is sensitive to adverse changes in Isbank's
LTLC IDR and its creditworthiness relative to other Turkish
issuers.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Upgrades of the bank's LT IDRs and senior debt rating are
unlikely in the near term given the Negative Outlooks, the
Negative Outlook on Turkey's rating and Fitch's view of
government intervention risk in the banking sector. Revision
of the sovereign Outlook to Stable would reduce downward
pressure on the bank's ratings, particularly if accompanied by
a reduction in Fitch's view of government intervention risk,
and could lead to similar action on the bank's ratings.
-- Downside pressure on the bank's VR could ease in case of
marked improvement in the operating environment, likely
characterised by a reduction in macroeconomic and financial
volatility, and potentially also a revision of the sovereign
Outlook to Stable, particularly if this reduces risks to
banks' capital and FC liquidity.
-- An upgrade of the bank's GSR is unlikely given the Negative
Outlook on Turkey's sovereign rating and its weak ability to
provide support in FC, as reflected in its low net FX
reserves.
VR ADJUSTMENTS
The operating environment score of 'b' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reasons: Sovereign rating (negative) and macroeconomic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkey.
The business profile score of 'b+' has been assigned below the
implied 'bb' category implied score, due to the following
adjustment reason: business model (negative). This reflects the
bank's business model concentration on the high-risk Turkish
market.
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.
Criteria Variation
Fitch's view of potential intervention risk means Fitch views
default risk of the bank as higher than that of the Turkey
sovereign. As a result, Fitch has capped the LTFC IDR at 'B', one
notch below Turkey's sovereign rating. As such, Fitch has varied
its criteria to permit a VR one notch above the bank's LTFC IDR as
this is not directly capped by Turkey's Country Ceiling of 'B+',
but rather Fitch's broader view of intervention risk.
SUMMARY OF FINANCIAL ADJUSTMENTS
An adjustment has been made in Fitch's financial spreadsheets for
Isbank that has affected Fitch's core and complimentary metrics.
Fitch has taken a loan classified as a financial asset measured at
fair value through profit and loss in the bank's financial
statements and reclassified it under gross loans as Fitch believes
this is the most appropriate line in Fitch spreadsheets to reflect
this exposure.
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.
YAPI VE KREDI: Fitch Affirms 'B' LT Foreign Curr. IDR, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed Yapi ve Kredi Bankasi A.S.'s (YKB)
Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B'
with a Negative Outlook. The agency has also affirmed the bank's
Viability Rating (VR) at 'b+' and removed it from Rating Watch
Negative (RWN). The bank's Long-Term Local Currency (LTLC) IDR,
which is driven by its VR, has also been affirmed at 'B+' with a
Negative Outlook.
The affirmation of the VR, one notch above YKB's LTFC IDR, and the
removal from RWN reflect the bank's solid FC liquidity buffer and
that transfer, convertibility and intervention risks are captured
in its LTFC IDR but not in its VR.
Fitch placed YKB's VR on RWN in February 2022 following the
downgrade of the Turkish sovereign rating.
KEY RATING DRIVERS
LTFC IDR, SENIOR DEBT RATING AND NATIONAL RATING
YKB's LTFC IDR and senior debt rating are driven by the bank's VR
but capped at 'B', one notch below Turkey's LTFC IDR. This reflects
Fitch's view of government intervention risks and Fitch's
assessment that weaknesses in Turkey's external finances, amid high
sector deposit dollarisation and short-term maturing FC debt in
volatile market conditions, make some form of intervention that
would impede the bank's ability to service its FC obligations more
likely than a sovereign default. The Negative Outlook on the LTFC
IDR mirrors that on the sovereign.
The bank's 'B+' LTLC IDR, which is also driven by its standalone
creditworthiness, as expressed by its VR, is one notch above its
LTFC IDR, reflecting a lower risk of government intervention in LC.
The Negative Outlook on the LT IDRs mainly reflects risks to the
bank's standalone credit profile amid heightened operating
environment pressures, but also considers the sovereign Outlook.
The affirmation of YKB's National Rating reflects Fitch's view that
the bank's creditworthiness in LC, relative to other Turkish
issuers, is unchanged. The Negative Outlook on the National Rating
reflects that on the LTLC IDR.
VR
The affirmation of the VR, one notch above its LTFC IDR and the
operating environment score, despite heightened operating
environment pressures, reflects the bank's generally reasonable
financial metrics, underpinned by its reasonable domestic franchise
(end-2021: 8% of sector assets) and solid FC liquidity.
Risks to the bank's credit profile remain significant, given its
concentration in the volatile and challenging Turkish market. Fitch
has downgraded the operating environment score for Turkish banks to
'b'/negative signalling increased risks to macroeconomic and
financial stability at the lower sovereign rating level. Turkish
banks are vulnerable to exchange-rate volatility due to refinancing
risks, given high exposure to external FC wholesale funding in a
market highly sensitive to investor sentiment, high sector FC
lending, given the impact on asset quality, and deposit
dollarisation, due to risks to FC liquidity.
YKB is exposed to refinancing risks, given its high share of FC
wholesale funding (end-2021: 25% of total funding) amid exposure to
investor sentiment in volatile market conditions. Significant
deposit dollarisation also creates risks to FC liquidity in case of
outflows. Nevertheless, the bank has a record of external market
access, despite challenging market conditions. Furthermore,
available FC liquidity (USD10.1billion) covered the bank's maturing
FC debt over 12 months plus about a third of FC deposits at
end-2021.
FC liquidity could come under pressure from a prolonged loss of
market access or deposit instability. In addition, FC liquidity
largely comprises of FX swaps with the Central Bank of the Republic
of Turkey, access to which could become uncertain at times of
systemic stress or material FC deposit outflows.
YKB's reported common equity Tier 1 (CET1)/risk-weighted assets
(RWA) ratio was an adequate 13% at end-2021 (or 11.0% net of
forbearance), representing a moderate buffer over the regulatory
minimum. This included a 59bp uplift as a result of the initial
phase-in of IRB implementation. The total capital ratio was
stronger at 17.6% (15.0% net of forbearance), mainly reflecting
additional Tier 1 and FC subordinated Tier 2 debt, which provide a
partial hedge against lira depreciation.
Capitalisation is supported by solid pre-impairment operating
profitability (2021: equal to 5.3% of average gross loans, adjusted
for hedging gains) and solid total reserves coverage of
non-performing loans (NPLs; 151%; peer average: 137%), underpinned
by the highest total provisioning/gross loans ratio among large
privately-owned peers (6.9%; peer average: 5.6%).
Downside risks remain from lira depreciation (due to the inflation
of FC RWAs - although the risks are partly mitigated by regulatory
forbearance) - and asset-quality pressures, given credit
concentrations.
YKB's NPL ratio improved to 4.6% at end-2021 (end-2020: 6.2%) but
was above the sector average of 3.2% and at the high end of the
range for large bank peers. It improved despite operating
environment pressures, reflecting strong collections and write-offs
but also flattered by nominal loan growth. Fitch expects the NPL
ratio to rise moderately in 2022, although asset quality risks
remain significant given macro uncertainty, high, lumpy Stage 2
loans (end-2021: 15% of gross loans, 19% reserves coverage; of
which 56% restructured), exposure to the construction and real
estate (10%; including infrastructure projects) and tourism (3%)
sectors, and also unsecured retail borrowers (20%; including a high
share of salaried borrowers), given sensitivity to rising
unemployment, among others. Risks in energy sector lending (a
fairly high 13%), are partly mitigated by government feed-in
tariffs set in US dollars (renewable energy) and the current
increase in energy prices.
A material share of FC lending (41% at end-2021, despite
deleveraging), albeit broadly in line with the sector heightens
risks, given that not all borrowers will be fully hedged against
lira depreciation. Credit risk is partly mitigated by the fact that
exposures are generally to large, diversified corporates and
exporters with FX revenues, or comprise project finance loans
carrying a feed-in tariff (energy) or revenue or debt assumption
guarantee.
Total reserve coverage of NPLs increased to 151% (end-2020: 126%),
partly reflecting higher reserve coverage of Stage 2 loans (an
above peers 19%).
YKB's operating profit/RWAs ratio improved to 3.1% in 2021,
reflecting solid margins and sound cost control but also regulatory
forbearance on risk-weighted assets. YKB's performance in 2022 will
be supported by lower funding costs following the lira rate cuts,
given its short-term negative repricing gap and the inflationary
environment, which should support loan and fee volumes and CPI
linked gains. However, inflation will pressure costs, while macro
uncertainty could lead to impairment growth. LICs absorbed 43% of
pre-impairment operating profit in 2021.
YKB has a large, granular and stable, but contractually short-term,
deposit base (end-2021: 64% of total funding; 8% market share),
with a high share of demand deposits (43%), which supports its
below sector average cost of funding. Its loans/deposits ratio
(108%) slightly underperforms peers but has improved with deposit
growth (albeit partly reflecting lira depreciation). FC deposits
were a high 66% of total deposits at end-2021, although this is
broadly in line with private bank peers. Fitch expects
dollarisation to remain high, given its high base, despite the
recently introduced FX-protected deposit scheme.
GOVERNMENT SUPPORT RATING (GSR)
YKB's GSR has been affirmed at 'ns', notwithstanding its systemic
importance, reflecting Fitch's view that support from the Turkish
authorities, in case of need, cannot be relied upon given the
sovereign's weak financial flexibility.
SUBORDINATED DEBT RATING
The bank's 'B-' subordinated debt rating has been affirmed and
removed from RWN. The notes are notched once from its LTFC IDR
anchor rating of 'B' rather than the VR, since Fitch considers this
to be the most appropriate measure of non-performance risk (given
government intervention risk), reflecting reduced loss severity
given that the main risk is to timely payment rather than
recoveries.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The LTFC IDR and senior debt rating are primarily sensitive to
a sovereign downgrade and also to any increase in Fitch's view
of government intervention risk. YKB's LTLC IDR would also be
downgraded if its VR was downgraded.
-- YKB's VR is primarily sensitive to a sovereign downgrade.
Fitch would downgrade the VR to the level of the LTFC IDR if
there was material erosion in the bank's capital and FC
liquidity buffers. The VR could also be downgraded due to
further marked deterioration in the operating environment,
including a prolonged funding market closure or deposit
instability that severely eroded the bank's FC liquidity
buffer.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Upgrades of the bank's LT IDRs and senior debt rating are
unlikely in the near term given the Negative Outlooks, the
Negative Outlook on Turkey's sovereign rating and Fitch's view
of government intervention risk in the banking sector.
Revision of the sovereign Outlook to Stable would reduce
downward pressure on the bank's ratings, particularly if
accompanied by a reduction in Fitch's view of government
intervention risk, and could lead to similar action on the
bank's ratings.
-- Downside pressure on the VR could ease in case of a marked
improvement in the operating environment, likely characterized
by a reduction in macroeconomic and financial volatility, and
potentially also a revision of the sovereign Outlook to
Stable, particularly if this reduces risks to capital and FC
liquidity.
-- An upgrade of the bank's GSR is unlikely given the Negative
Outlook on the sovereign rating and Turkey's weak ability to
provide support in FC, as reflected in its low net FX
reserves.
SUBORDINATED DEBT
The subordinated debt rating is sensitive to a change in the anchor
rating (in case of a downgrade of the VR), and is also sensitive to
a change in notching should Fitch change its assessment of loss
severity and/or relative non-performance risk.
NATIONAL RATING
The National Rating is sensitive to changes in YKB's LTLC IDR and
its creditworthiness relative to other Turkish issuers.
VR ADJUSTMENTS
The operating environment score of 'b' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reasons: Sovereign rating (negative) and macroeconomic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkey.
The business profile score of 'b+' has been assigned below the
implied 'bb' category implied score, due to the following
adjustment reason: business model (negative). This reflects the
bank's business model concentration on the high-risk Turkish
market.
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.
Criteria Variation
Fitch's view of potential intervention risk means Fitch views
default risk of the bank as higher than that of the Turkey
sovereign. As a result, Fitch has capped the LTFC IDR at 'B', one
notch below Turkey's sovereign rating. As such, Fitch has varied
its criteria to permit a VR one notch above the bank's LTFC IDR as
this is not directly capped by Turkey's Country Ceiling of 'B+',
but rather Fitch's broader view of intervention risk.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===========================
U N I T E D K I N G D O M
===========================
BESTIVAL LTD: Administrators Still Working to Clear Up Affairs
--------------------------------------------------------------
Darren Slade at Daily Echo reports that creditors of two companies
which ran the Bestival and Camp Bestival music events could get a
small amount of money once administrators have cleared up confusion
over the paperwork.
Those owed money include music acts such as London Grammar and Plan
B, who played Bestival in 2018, the year it ran into trouble, Daily
Echo discloses.
Bestival Group Limited, the parent company that was behind the
events until 2018, was dissolved last year -- but administrators
are still working to clear up the affairs of Bestival Limited and
Camp Bestival Limited, Daily Echo relates.
The businesses were all put into administration in 2018 by Richmond
Group, controlled by Amigo Loans founder James Benamor, Daily Echo
recounts. It had provided them with GBP2.1 million in loans
secured against their assets, Daily Echo discloses.
Richmond Capital later bought the festivals' assets for GBP958,824
through a new business, Safe Festivals Limited, Daily Echo
recounts. It then sold the controlling stake in that company to
the festivals' founder Rob da Bank so he could bring the events
back, Daily Echo relays.
According to Daily Echo, in her latest report on Bestival Limited,
administrator Julie Palmer of Begbies Traynor said the only secured
creditor, Richmond Group Debt Capital, had been paid in full.
"We consider that there will be sufficient funds for a dividend to
be paid to unsecured creditors albeit we are in the process of
getting legal advice on the matter," Daily Echo quotes Ms. Palmer
as saying in the report.
"The timing is currently uncertain as a significant amount of time
is being taken adjudicating claims and clarifying which company
creditors are claiming against.
"There appears to have been crossover between Bestival Limited,
Camp Bestival Limited and Bestival Group Limited."
She provided a similar update on the affairs of Camp Bestival,
saying "some creditors appear to be submitting claims to the wrong
entity and/or uncertain who they are contracting with", Daily Echo
notes.
She said administrators were reviewing the creditor paperwork to
determine whether the claims were against Bestival Limited or Camp
Bestival Limited, according to Daily Echo.
Unsecured creditors were owed GBP3.73 million, including a
"significant" number of music acts who played the 2018 festival,
and the shortfall was estimated at GBP3.68 million, Daily Echo
discloses.
CORBIN & KING: Axa Won't Appeal Court Ruling Over GBP4.36MM Claim
-----------------------------------------------------------------
Louis Goss at City A.M. reports that Axa has said it will not
appeal a Supreme Court ruling ordering it to pay out GBP4.36
million to high end restaurateur Corbin & King, after the firm was
forced to close its restaurants during the pandemic.
According to City A.M., the French insurer said it would not appeal
the February decision after it initially refused to pay the
restaurant owner's multi-million-pound claim for loss of earnings
due to Covid.
The decision comes after the Supreme Court said Axa must pay
GBP4.36 million to the high end restauranter, after ruling the firm
was covered under a business interruption policy for losses it
suffered due to lockdown, City A.M. notes.
The ruling came after Corbin & King, which owns eight restaurants
across the UK including Colbert in Sloane Square and The Wolseley
in Mayfair, was plunged into administration in February after
suffering heavy losses during the pandemic, City A.M. states.
Following the ruling, Axa was granted permission to appeal certain
aspects of the Supreme Court's decision last month, City A.M.
recounts.
However, the insurer said it would not be filing an appeal, as it
said it is currently working with Corbin & King to file the claim
as quickly as possible, according to City A.M.
The insurer's decision came as hospitality giant Minor
International launched a successful takeover of Corbin & King,
through an auction organized by the firm's administrators, City
A.M. discloses.
CORBIN & KING: Jeremy King Loses Bid to Buy Fine Dining Group
-------------------------------------------------------------
Rupert Neate at The Guardian reports that Jeremy King, the famed
restaurateur behind the Wolseley and the Delaunay, has been ousted
from the fine dining group he founded in 1981.
Mr. King, who with his business partner Chris Corbin launched and
ran many of London's top restaurants including the Wolseley next to
the Ritz on Piccadilly, the Delaunay on the Strand and Brasserie
Zedel in Piccadilly, announced on April 1 he had lost a battle to
buy his venture, Corbin & King, out of administration, The Guardian
relates.
According to The Guardian, the bidding war was won by the
American-born Thai billionaire William Heinecke's Minor
International, which is understood to have paid more than GBP60
million in an auction that took place on April 1. Minor had
previously owned 74% of Corbin & King, and had forced the company
into administration, The Guardian notes.
In an email to regular diners -- including many FTSE 100 chief
executives as well as celebrities such as David and Victoria
Beckham, Joan Collins, Nigella Lawson, Keira Knightley, and Paul
Smith -- Mr. King said he had tried to buy the restaurants but lost
out to Minor, The Guardian relays.
Officially, Mr. King continues as chief executive of the company.
Mr. Corbin serves as a director.
Minor bought a 74% stake in Corbin & King for GBP58 million in 2017
and earlier this year forced the company into administration,
warning it was "unable to meet its financial obligations", The
Guardian recounts. It found itself at loggerheads with Mr. King,
who serves as Corbin & King's chief executive, claiming the founder
had repeatedly rejected "proposals to recapitalise the company",
The Guardian discloses.
About Corbin & King
Corbin & King -- http://www.corbinandking.com-- was founded by
Chris Corbin & Jeremy King, who have been partners in business for
40 years. The 90s saw the pair open various notable restaurants
across London and they continue to make a significant contribution
to the UK"s hospitality industry.
Today, the Corbin & King portfolio comprises The Wolseley on
Piccadilly, The Delaunay in Aldwych, Brasserie Zedel in Soho,
Colbert in Chelsea, Fischer's in Marylebone, Café Wolseley at
Bicester Village, Soutine in St John"s Wood and Bellanger in
Islington.
DERBY COUNTY FOOTBALL: Prospect Buyers Put Off by Pride Park Price
------------------------------------------------------------------
Leigh Curtis at DerbyshireLive reports that Derby County Football
Club fans have faced yet more claims about the sale of the
crisis-hit Rams as the battle for survival continues to rumble on.
According to reports in the Daily Mail on March 30, prospective
buyers of the club are being "put off" by the asking price for
Pride Park which is owned by former chairman Mel Morris,
DerbyshireLive relates.
It is claimed that any deal for the club including the stadium
takes the figure to more than GBP50 million which, according to the
Mail, has proved a major sticking point particularly as the Rams
look destined for League One football next season, DerbyshireLive
states.
Mr. Morris owns Pride Park after the club sold its stadium to a
company he owned during his reign which he then leased to the Rams
but has a loan of GBP20 million secured against it, DerbyshireLive
notes.
And that means any purchaser would have to do a deal with him
separate from what they would have to pay for the club itself
although it is reported that sources close to Morris say it should
not be considered a barrier to any sale, according to
DerbyshireLive.
The stadium is valued at GBP80 million but it is claimed that
would-be buyers would be able to acquire it for around GBP22
million, DerbyshireLive discloses. Even if a deal cannot be struck
for the stadium as part of any sale process, Mr. Morris would be
prepared to lease it to the new owner, according to
DerbyshireLive.
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.
DOWSON 2022-1: S&P Assigns Prelim B- (sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Dowson 2022-1 PLC's asset-backed floating-rate class A, B, C, D, E,
F-Dfrd, and X-Dfrd notes. The class X-Dfrd notes will be excess
spread notes. The proceeds from the class X-Dfrd notes will be used
to fund the initial required cash reserves, the premium portion of
the purchase price, and pay certain issuer expenses and fees.
Dowson 2022-1 is the fifth public securitization of U.K. auto loans
originated by Oodle Financial Services Ltd. S&P also rated the
first four securitizations, Dowson 2019-1 PLC, Dowson 2020-1,
Dowson 2021-1 PLC, and Dowson 2021-2 PLC, which closed in September
2019, March 2020, April 2021, and October 2021, respectively.
Oodle is an independent auto lender in the U.K., with a focus on
used car financing for prime and near-prime customers.
The underlying collateral will comprise U.K. fully amortizing
fixed-rate auto loan receivables arising under hire purchase (HP)
agreements granted to private borrowers resident in the U.K. for
the purchase of used and new vehicles. There will be no personal
contract purchase (PCP) agreements in the pool. Therefore, the
transaction will not be exposed to residual value risk.
About 5.8% of the preliminary pool are multi-part agreements that
include certain add-on components, which covers for insurance,
warranties, and refinancing of amounts owed by the obligor under
any pre-existing HP, lease, or other auto finance agreement, which
is terminated by the obligor in connection with its entry into a
new agreement. Currently, the add-on components form about 0.46% of
the preliminary pool.
Collections will be distributed monthly with separate waterfalls
for interest and principal collections, and the notes amortize
fully sequentially from day one.
A dedicated reserve ledger for each class A, B, C, D, E, and F-Dfrd
notes will be in place to pay interest shortfalls for the
respective class over the transaction's life, any senior expense
shortfalls, and once the collateral balance is zero or at legal
final maturity, to cure any principal deficiencies. The class A
dedicated reserve ledger will also be used to cure any class A
principal deficiency before the legal final maturity date. The
required reserve amount for each class will amortize in line with
the outstanding note balance.
A combination of note subordination, the class-specific cash
reserves, and any available excess spread will provide credit
enhancement for the rated notes.
Commingling risk is partially mitigated by sweeping collections to
the issuer account within two business days, and a declaration of
trust is in place over funds within the collection account.
However, due to the lack of minimum required ratings and remedies
for the collection account bank, we have assumed one week of
commingling loss in the event of the account provider's
insolvency.
Although the originator is not a deposit-taking institution, there
are eligibility criteria preventing loans to Oodle employees from
being in the securitization, and Oodle has not underwritten any
insurance policies for the borrowers. The new add-on product may
give rise to potential for setoff risk between the borrower and the
seller, which may be subject to claims under section 75 CCA for any
breach of contract or misrepresentation although Oodle would
normally have a claim against the dealer in such scenario. S&P
said, "We have received satisfactory legal comfort that the add-on
portion used to refinance any pre-existing HP agreement will not
give rise to any setoff risk. In our analysis, we have considered a
setoff loss for the add-on portion, which is used to cover for
insurance, warranties, or paint protection products, which forms
0.25% of the preliminary pool."
Oodle will remain the initial servicer of the portfolio. A moderate
severity and portability risk along with a moderate disruption risk
initially caps the maximum potential ratings on the notes at 'AA'
in the absence of a back-up servicer. However, following a servicer
termination event, including insolvency of the servicer, the
back-up servicer, Equiniti Gateway Ltd., will assume servicing
responsibility for the portfolio. S&P said, "We have therefore
incorporated a three-notch uplift, which enables the transaction to
achieve a maximum potential rating of 'AAA' under our operational
risk criteria. Therefore, our operational risk criteria do not
constrain our ratings on the notes."
The assets pay a monthly fixed interest rate, and all notes pay
compounded daily sterling overnight index average (SONIA) plus a
margin subject to a floor of zero. Consequently, these classes of
notes will benefit from an interest rate swap with a fixed
amortization profile, with an option to rebalance subject to
satisfaction of certain conditions.
Interest due on all classes of notes, other than the most senior
class of notes outstanding, is deferrable under the transaction
documents. Once a class becomes the most senior, interest is due on
a timely basis. However, although interest can be deferred, our
preliminary ratings on the class A, B, C, D, and E notes address
timely payment of interest and ultimate payment of principal. S&P's
preliminary ratings on the class F-Dfrd and X-Dfrd notes address
the ultimate payment of interest and ultimate payment of
principal.
The transaction also features a clean-up call option, whereby on
any interest payment date when the outstanding principal balance of
the assets is less than 10% of the initial principal balance, the
seller may repurchase all receivables, provided the issuer has
sufficient funds to meet all the outstanding obligations.
Furthermore, the issuer may also redeem all classes of notes at
their outstanding balance together with accrued interest on any
interest payment date on or after the optional redemption call date
in May 2025.
S&P said, "Our preliminary ratings on the transaction are not
constrained by our structured finance sovereign risk criteria. We
expect the remedy provisions at closing will adequately mitigate
counterparty risk in line with our counterparty criteria. We expect
the legal opinions to adequately address any legal risk in line
with our criteria."
Preliminary Ratings
CLASS PRELIMINARY PRELIMINARY
RATING* AMOUNT (MIL. GBP)
A AAA (sf) TBD
B AA (sf) TBD
C A (sf) TBD
D BBB (sf) TBD
E BB (sf) TBD
F-Dfrd B- (sf) TBD
X-Dfrd†CCC (sf) TBD
*S&P's preliminary ratings on the class A, B, C, D, and E notes
address the timely payment of interest and ultimate payment of
principal, while its preliminary ratings on the class F-Dfrd and
X-Dfrd notes address the ultimate payment of both interest and
principal no later than the legal final maturity date.
TBD--To be determined.
GAZPROM MARKETING: Gov't Prepares to Take Over British Supply Arm
-----------------------------------------------------------------
Mark Kleinman at Sky News reports that the government is preparing
to nationalise Gazprom's British supply arm within days amid a
stand-off between the Russian state-controlled energy firm and a
Wall Street banking giant.
Sky News has learnt that ministers are drawing up plans to take
Gazprom Marketing & Trading Retail (GM&T) into public hands if it
fails to reassure financial counterparties about the nature of an
apparent change of ownership signalled by its parent company.
The move to take control of the UK subsidiary, which could cost
taxpayers billions of pounds, may happen as soon as this week, Sky
News relays, citing one industry source.
The Gazprom division supplies roughly 30,000 customers, including
many NHS hospitals, local authorities, large retailers and
industrial users of gas.
It would be among the most significant corporate repercussions so
far in Britain arising from Russia's invasion of Ukraine and the
sanctions regime subsequently introduced by the government in an
attempt to punish Vladimir Putin, Sky News notes.
Placing Gazprom Energy into Ofgem's special administration regime
(SAR) would make Gazprom Energy -- as the division is known -- the
second utility to be absorbed by UK taxpayers, following the
insolvency late last year of Bulb Energy, the domestic supplier.
The cost to the public purse of maintaining Gazprom Energy's
existing supply contracts was estimated by Bloomberg News last
month to be about GBP4 billion, according to Sky News.
If accurate, that would make it significantly costlier than Bulb's
collapse, Sky News states.
Bloomberg also reported that Teneo Restructuring was being lined up
as special administrator, Sky News notes.
If customers' existing contracts with Gazprom Energy were not
honoured, it would force them to source gas at much higher spot
prices which have spiked in recent months and in particular since
the start of the war in Ukraine, Sky News discloses.
On April 1, Gazprom Group announced that it had "ceased its
participation" in the British arm, but without providing details of
any new owners, Sky News recounts.
GM&T posted a statement on its website saying it was "not in a
position to comment on the new ownership structure" but that it
"remains operationally independent", Sky News notes.
Gazprom Marketing & Trading Retail (GM&T) --
https://www.gazprom-energy.co.uk/ -- supplies gas, electricity and
green energy to a huge range of businesses, big and small.
HELIOS TOWERS: S&P Affirms 'B' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit ratings on Helios
Towers PLC, and its 'B' issue rating on the senior unsecured notes
issued by HTA Group Ltd.
The stable outlook on Helios Towers reflects S&P's view that the
company will maintain adjusted debt to EBITDA sustainably below
5.0x, on average, after potential acquisitions.
Recent and pending acquisitions will diversify Helios Towers'
country-risk exposure and double its site scale.The acquisition of
Free Senegal's 1,200 sites, Airtel Africa's 1,700 sites in three
African countries, and Omantel's almost 2,900 sites in Oman,
results in a considerable increase in scale, and further
diversifies Helios Towers' geographic and customer diversity. On a
pro forma basis, S&P expects sites to increase by close to 13,600
at a 1.7x-1.8x tenancy ratio in 2022. S&P expects EBITDA from
Tanzania and the Democratic Republic of Congo (DRC), which each
contributed about 40% in 2021, will both fall to about 30%, while
Oman will become the company's third-largest market with a 10%-15%
contribution.
S&P said, "We anticipate tight financial headroom within the
current rating, with debt to EBITDA expected to peak at 5.5x in
2022.At this stage, we forecast S&P Global Ratings-adjusted pro
forma leverage of about 5.5x in 2022 (4.6x in 2021), assuming that
pending acquisitions contribute for the full 12 months of 2022. On
the same basis, we expect leverage of 5.9x on a reported basis
(5.0x in 2021), falling to less than 4x by 2024 as current and
pending acquisitions are consolidated. Notably, we think that
Helios Towers will pursue partly debt-funded merger and acquisition
(M&A) opportunities as they arise, which may result in elevated
leverage persisting for longer than we currently forecast. However,
we believe the company's financial policy will remain supportive,
as Helios Towers remains committed to maintaining leverage within
its 3.5x-4.5x medium-term target range (which we expect to will be
about 4.0x-5.0x on an S&P Global Ratings-adjusted basis).
"Successful consolidation and improvements in profitability margins
in the coming quarters will be crucial to ensuring sustainable
leverage and adequate liquidity. We expect free operating cash flow
(FOCF) to remain under pressure, largely due to growth related
capital expenditure (capex) in 2022 (about $140 million of $160
million-$200 million guidance), as well as the increase in
operating and interest costs associated with its larger scale. S&P
Global Ratings-adjusted FOCF was about negative $150 million in
2021 (although included almost $50 million in one-off items
relating to acquisition deal costs and capital raisings). Helios
Towers' ability to integrate its acquisitions and improve
profitability margins in the coming quarters will be crucial to
offsetting higher capex and ensuring sustainable leverage and
adequate liquidity. We anticipate positive FOCF from 2023."
End markets remain attractive with strong organic growth.Helios
Towers benefits from long-term protective contracts (with an
average tenor of 7.6 years that is expected to rise to 8.6 years
pro forma announced acquisitions), strong local market shares
(usually No. 1 or 2 position by number of tower sites), high
barriers to entry, and steadily increasing demand from telecom
operators to expand their 3G and 4G coverage. Helios Towers
reported a 1,262 increase in organic tenancies in 2021 (an
estimated 8% increase on 2020).
Contractual escalators will protect margins and compensate Helios
Towers for inflation and rising fuel costs over time. Consumer
price inflation (CPI) and power price escalators, which are built
into contracts and based on price movements in the preceding
period, are applied on a quarterly or annual basis (annual only in
the case of CPI escalators). While Helios Towers is susceptible to
short-term inflation and power price shocks, given the extensive
use of diesel generation in providing back-up or primary power
supply to its sites in its African markets, S&P expects the impact
to be manageable. The built-in contractual price escalators and
long-term contracts with mobile network operators provide long-term
revenue and margin visibility.
S&P said, "Our rating on Helios Towers is one notch higher than our
blended foreign currency sovereign rating of 'B-' on the DRC and
Tanzania, because Helios Towers passes our hypothetical sovereign
default stress test in both countries. Among other factors, we
assume a 50% devaluation of the local operating currencies against
hard currencies and a 30% decline in organic EBITDA. Furthermore,
we note Helios Towers' available liquidity facilities and cash held
in hard currencies, primarily in Mauritius, which we think has
significantly stronger creditworthiness than the DRC and Tanzania.
This further supports the issuer credit rating's (ICR) position one
notch above the blended sovereign rating and could support the ICR
exceeding the blended sovereign rating by up to two notches.
"Our transfer and convertibility (T&C) assessment of DRC or
Tanzania does not cap our rating on Helios Towers, given the
geographic diversification of the company's exposure and available
cash and liquidity facilities held in Mauritius. The T&C assessment
reflects our view of the likelihood of a sovereign restricting
corporations' access to foreign exchange needed to satisfy their
debt service obligations, for any country. Helios Towers continues
to extract cash from its operating subsidiaries through shareholder
loans, with no major cash repatriation issues announced to date.
"The stable outlook reflects our view that Helios Towers will
maintain adjusted debt to EBITDA below 5.0x on average, reducing
below 4.0x from 2024. The outlook is supported by our understanding
that Helios Towers will focus on consolidating its acquisitions
during 2022, with new acquisitions in the next 12 months less
likely."
S&P would lower its rating on Helios Towers if:
-- S&P forecasts that adjusted debt to EBITDA will rise above 5.0x
or adjusted funds from operations (FFO) to debt falls below 12% on
a prolonged basis.
-- FOCF remains negative due to expansionary capex investments,
without commensurate growth in EBITDA, resulting in
higher-than-expected leverage or less-than-adequate liquidity.
S&P could also lower the rating if it no longer considered Helios
Towers able to pass its hypothetical sovereign default stress test
in the DRC and Tanzania, or if the company faced difficulty
accessing and repatriating cash generated in these countries.
S&P could raise the rating owing to a combination of the following
factors:
-- Better visibility around inorganic expansion and its potential
implications on the company's country diversification, margins, and
capital structure.
-- Improvement in the blended sovereign rating, which takes into
consideration Helios Towers' exposure to the DRC and Tanzania.
-- Adjusted debt to EBITDA drops comfortably below 5.0x and
adjusted FFO to debt comfortably above 12% on a sustainable basis.
-- At least adequate liquidity.
ESG credit indicators: E-3, S-2, G-3
NEWDAY FUNDING 2022-1: Fitch Gives B+(EXP) Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc -
Series 2022-1 notes expected ratings.
The assignment of final ratings is contingent on the receipt of
final documentation conforming to information already reviewed.
Fitch expects to affirm NewDay Funding's existing series when it
assigns final ratings to series 2022-1.
DEBT RATING
---- ------
NewDay Funding Master Issuer Plc
2022-1 Class A1 LT AAA(EXP)sf Expected Rating
2022-1 Class A2 LT AAA(EXP)sf Expected Rating
2022-1 Class B LT AA(EXP)sf Expected Rating
2022-1 Class C LT A(EXP)sf Expected Rating
2022-1 Class D LT BBB(EXP)sf Expected Rating
2022-1 Class E LT BB(EXP)sf Expected Rating
2022-1 Class F LT B+(EXP)sf Expected Rating
TRANSACTION SUMMARY
The series 2022-1 notes to be issued by NewDay Funding Master
Issuer Plc will be collateralised by a pool of non-prime UK credit
card receivables. NewDay is one of the largest specialist credit
card companies in the UK, where it is also active in the retail
credit card market. However, the co-brand retail card receivables
do not form part of this transaction.
The collateralised pool consists of an organic book originated by
NewDay Ltd, with continued originations of new accounts, and a
closed book consisting of two legacy pools acquired by the
originator in 2007 and 2010. The legacy pools now only account for
a small portion of the total pool. The securitised pool of assets
is beneficially held by NewDay Funding Receivables Trustee Ltd.
KEY RATING DRIVERS
Non-Prime Asset Pool: The portfolio consists of non-prime UK credit
card receivables. Fitch assumes a steady-state charge-off rate of
18%, with a stress on the low end of the spectrum (3.5x for
'AAAsf'), considering the high absolute level of the steady-state
assumption and lower historical volatility in charge-offs.
As is typical in the non-prime credit card sector, the portfolio
has low payment rates and high yield. Fitch assumed a steady-state
monthly payment rate of 10% with a 45% stress at 'AAAsf', and a
steady state yield of 30% with a 40% stress at 'AAAsf'. Fitch also
assumed a 0% purchase rate in the 'Asf' category and above,
considering that the seller is unrated and there is reduced
probability of a non-prime portfolio being taken over by a third
party in a high-stress environment.
Good Performance, Uncertainties Ahead: Delinquency and charge-off
rates are below pre-pandemic levels and the monthly payment rate
has been strong. However, significant uncertainties remain. The
global energy supply shock is increasing inflationary pressures,
impacting households' purchasing power especially those with less
financial flexibility, a key demographic of this portfolio.
Cards may be a main means of bridging temporary household finance
pressure, which in Fitch's view could store up future performance
stress. Fitch will monitor for notable shifts in historical usage
patterns but although downside risks have increased, the
portfolio's current good performance provides some headroom for
potential deterioration before reaching the long-term steady-state
level. On balance, current assumptions therefore remain adequate.
Variable Funding Notes Add Flexibility: The structure employs a
separate Originator VFN, purchased and held by NewDay Funding
Transferor Ltd (the transferor), in addition to Series VFN-F1 and
VFN-F2 providing the funding flexibility that is typical and
necessary for credit card trusts. It provides credit enhancement to
the rated notes, adds protection against dilution by way of a
separate functional transferor interest and meets the UK and US
risk retention requirements.
Key Counterparties Unrated: The NewDay Group will act in several
capacities through its various entities, most prominently as
originator, servicer and cash manager. The degree of reliance is
mitigated in this transaction by the transferability of operations,
agreements with established card service providers, a back-up cash
management agreement and a series-specific liquidity reserve.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Long-term asset performance deterioration, such as increased
charge-offs, reduced MPR or reduced portfolio yield, which
could be driven by changes in portfolio characteristics,
macroeconomic conditions, business practices, credit policy or
legislative landscape, would contribute to negative revisions
of Fitch's asset assumptions that could negatively affect the
notes' ratings.
This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.
Rating sensitivity to increased charge-off rate:
-- Increase steady state by 25% / 50% / 75%
-- Series 2022-1 A: 'AAsf' / 'AA-sf' / 'A+sf'
-- Series 2022-1 B: 'A+sf' / 'Asf' / 'A-sf'
-- Series 2022-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
-- Series 2022-1 D: 'BB+sf' / 'BBsf' / 'BB-sf'
-- Series 2022-1 E: 'B+sf' / 'Bsf' / N.A.
-- Series 2022-1 F: 'Bsf' / N.A. / N.A.
Rating sensitivity to reduced monthly payment rate (MPR):
-- Reduce steady state by 15% / 25% / 35%
-- Series 2022-1 A: 'AAsf' / 'AA-sf' / 'A+sf'
-- Series 2022-1 B: 'A+sf' / 'Asf' / 'A-sf'
-- Series 2022-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
-- Series 2022-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'
-- Series 2022-1 E: 'BB-sf' / 'BB-sf' / 'B+sf'
-- Series 2022-1 F: 'B+sf' / 'Bsf' / 'Bsf'
Rating sensitivity to reduced purchase rate:
-- Reduce steady state by 50% / 75% / 100%
-- Series 2022-1 D: 'BBB-sf' / 'BBB-sf' / 'BBB-sf'
-- Series 2022-1 E: 'BB-sf' / 'BB-sf' / 'BB-sf'
-- Series 2022-1 F: 'B+sf' / 'B+sf' / 'Bsf'
No rating sensitivities are shown for the class A to C notes, as
Fitch is already assuming a 100% purchase rate stress in these
rating scenarios.
Rating sensitivity to increased charge-off rate and reduced MPR:
-- Increase steady-state charge-offs by 25% / 50% / 75% and
reduce steady-state MPR by 15% / 25% / 35%
-- Series 2022-1 A: 'A+sf' / 'A-sf' / 'BBB-sf'
-- Series 2022-1 B: 'Asf' / 'BBBsf' / 'BB+sf'
-- Series 2022-1 C: 'BBBsf' / 'BB+sf' / 'BB-sf'
-- Series 2022-1 D: 'BBsf' / 'B+sf' / N.A.
-- Series 2022-1 E: 'B+sf' / N.A. / N.A.
-- Series 2022-1 F: N.A. / N.A. / N.A.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Long-term asset performance improvement, such as decreased
charge-offs, increased monthly payment rate or increased
portfolio yield driven by a sustainable positive change of the
underlying asset quality would contribute to positive
revisions of Fitch's asset assumptions, which could positively
affect the notes' ratings.
-- The credit card portfolio consists of several card products
that target slightly different borrower demographics. Certain
products attract better credit-quality borrowers than others
and contribute to better portfolio performance. If those
products continue to increase their sizes to levels that
materially improve the overall portfolio performance, Fitch
will expect to revise its asset assumptions, which may have a
positive impact on the notes' ratings. Fitch will continue to
monitor the evolution of portfolio compositions and will
reassess its asset assumptions when there is significant
change.
Rating sensitivity to reduced charge-off rate:
-- Reduce steady state by 25%
-- Series 2022-1 B: 'AAAsf'
-- Series 2022-1 C: 'AA-sf'
-- Series 2022-1 D: 'A-sf'
-- Series 2022-1 E: 'BBB-sf'
-- Series 2022-1 F: 'BBsf'
The class A notes cannot be upgraded given the notes are already
rated at 'AAAsf', which is the highest level on Fitch's scale.
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
NewDay Funding Master Issuer Plc
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction.
Fitch was provided with Form ABS Due Diligence-15E ("Form 15E") as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on observing and comparing specific loan level
data contained in a sample of credit card receivables. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
NIELSEN HOLDINGS: Moody's Puts Ba3 CFR Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed Nielsen Holdings plc's
("Nielsen" or the "company") Ba3 Corporate Family Rating, Ba3-PD
Probability of Default Rating and existing debt ratings on review
for downgrade following the announcement that the company has
entered into a definitive agreement to be acquired by a private
equity consortium for $28 per share in an all-cash transaction
valued at roughly $16 billion, including the assumption of
Nielsen's debt, as disclosed in the company's Form 8k filing dated
March 29, 2022 [1].
Following is a summary of the rating action:
Ratings Placed On Review For Downgrade:
Issuer: Nielsen Holdings plc
Corporate Family Rating, Placed On Review For Downgrade, currently
Ba3
Probability of Default Rating, Placed On Review For Downgrade,
currently Ba3-PD
Issuer: Nielsen Finance LLC
$1,125 Million ($742 Million outstanding) Senior Secured Term Loan
A due 2023, Placed On Review For Downgrade, currently Ba1 (LGD2)
Issuer: Nielsen Finance LLC (Co-Borrowers: TNC (US) Holdings Inc.
and Nielsen Holding and Finance B.V.)
$850 Million Senior Secured Revolving Credit Facility due 2023,
Placed On Review For Downgrade, currently Ba1 (LGD2)
$2,303 Million ($1,351 Million outstanding) Senior Secured Term
Loan B-4 due 2023, Placed On Review For Downgrade, currently Ba1
(LGD2)
Issuer: Nielsen Finance LLC (Co-Borrower: Nielsen Finance Co.)
$1,000 Million 5.625% Senior Unsecured Notes due 2028, Placed On
Review For Downgrade, currently B2 (LGD5)
$625 Million 4.500% Senior Unsecured Notes due 2029, Placed On
Review For Downgrade, currently B2 (LGD5)
$750 Million 5.875% Senior Unsecured Notes due 2030, Placed On
Review For Downgrade, currently B2 (LGD5)
$625 Million 4.750% Senior Unsecured Notes due 2031, Placed On
Review For Downgrade, currently B2 (LGD5)
Issuer: The Nielsen Company (Luxembourg) S.Ã .r.l.
$500 Million 5.000% Senior Unsecured Notes due 2025, Placed On
Review For Downgrade, currently B2 (LGD5)
Speculative Grade Liquidity Actions:
Issuer: Nielsen Holdings plc
Speculative Grade Liquidity, Remains SGL-2
Outlook Actions:
Issuer: Nielsen Holdings plc
Outlook, Changed to Ratings Under Review from Positive
Issuer: Nielsen Finance LLC
Outlook, Changed to Ratings Under Review from Positive
Issuer: The Nielsen Company (Luxembourg) S.Ã .r.l.
Outlook, Changed to Ratings Under Review from Positive
The private equity consortium will consist of Evergreen Coast
Capital Corporation, an affiliate of Elliott Investment Management
L.P. and Brookfield Business Partners L.P., together with
institutional partners (the "Consortium"). The take-private LBO is
subject to approval by Nielsen shareholders, regulatory approvals,
consultation with the works council and other customary closing
conditions, including UK court approval pursuant to a scheme of
arrangement. Under the terms of the agreement, the parties could
elect to complete the transaction pursuant to an agreed-upon tender
offer. Upon satisfaction of these requirements, Nielsen expects to
close the transaction in the second half of 2022. As a result of
the pending LBO, Nielsen has suspended its previously approved
share repurchase program.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
As the transaction nears closure and more information becomes
available, Moody's review will assess Nielsen's ongoing investments
and pace of transformation to new products that meet customers'
growing requirements to accurately capture, measure and analyze the
quickening shifts in advertising spend and consumer viewership to
digital platforms. Additionally, the review will evaluate the
company's operational plan to avoid potential reputational damage
to its position as the industry's leading independent third-party
audience measurement benchmark arising from past measurement
inaccuracies. Finally, the review will focus on Nielsen's expected
one-time cash restructuring charges, synergies and costs to achieve
future savings, capital structure and allocation strategy as well
as the company's corporate governance, future financial policy and
leverage target. Given the expected increase in gross debt and
interest expense, and as a consequence, reduced free cash flow
(FCF) generation, Moody's expects any potential downgrade of the
CFR to be multi-notch up to three notches. Moody's expects to
conclude the review at or near the timing of transaction closing,
which is anticipated to occur in H2 2022.
The transaction's financing includes a $5.7 billion equity
commitment from the Consortium and committed debt funding, which
Moody's estimates at approximately $10 billion, roughly 80% higher
that Nielsen's current gross debt balance of $5.6 billion. Pro
forma for the estimated increase in debt, Moody's expects pro forma
total debt to EBITDA will increase materially to the 7x-8x area
from 4x at year end 2021 (as calculated by Moody's, including
adjustments for operating leases, pensions and non-cancellable
contractual obligations), which is meaningfully above the current
4.5x downgrade threshold. Moody's also expects a concurrent
increase in interest expense that will substantially reduce FCF in
the first year after closing, resulting in FCF to debt in the range
of -1% to +1%, below the 3% downgrade threshold (as calculated by
Moody's).
Given that the Consortium has already secured debt financing and
Nielsen's credit agreements embed change of control provisions,
Moody's expects the $850 million revolving credit facility, $742
million outstanding term loan A and $1.35 billion outstanding term
loan B-4, which collectively mature in 2023, will be fully repaid
at closing. However, to the extent that any or all of Nielsen's
$3.5 billion of existing senior unsecured notes are not called or
tendered and remain outstanding, those instrument ratings will be
evaluated in conjunction with the expected transition of the CFR.
Upon full repayment and extinguishment of any of Nielsen's existing
debts at closing, Moody's will withdraw those instrument ratings.
The review will also focus on Nielsen's Credit Impact Score, which
is currently moderately-negative (CIS-3), reflecting moderately
negative governance risks associated with financial policies that
are currently in transition. While Nielsen's good customer
diversity and position as the industry's leading independent
third-party measurement benchmark provide some support, the
anticipated increase in financial leverage will likely pressure the
governance score, which is currently moderately-negative (G-3).
Moody's expects Nielsen will maintain at least good liquidity
(SGL-2 Speculative Grade Liquidity) until the transaction closes,
supported by the existing $850 million undrawn revolving credit
facility and ample cash balance, which totaled $380 million at
December 31, 2021. FCF totaled $235 million in 2021 and Moody's
projects FCF in 2022 on a standalone basis (i.e., non-LBO) to be in
the range of $250 - $300 million (as calculated by Moody's).
Moody's will assess Nielsen's liquidity with respect to FCF
generation given the expected higher interest expense burden from
the incremental debt.
With headquarters in Oxford, England and New York, NY, and
operations in more than 55 countries, Nielsen Holdings plc is a
global measurement and data analytics company providing audience
measurement, impact marketing solutions and Gracenote content
solutions. Revenue totaled approximately $3.5 billion for the
fiscal year ended December 31, 2021.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
P&O FERRIES: Faces Investigations Following No-Notice Sackings
--------------------------------------------------------------
BBC News reports that P&O Ferries faces a probe into the
controversial no-notice sackings of nearly 800 members of staff.
The Insolvency Service has launched criminal and civil
investigations into the circumstances around the redundancies, BBC
relates.
According to BBC, in a letter, it said it would consider "prompt
and appropriate action" if the law was broken.
Grant Shapps has also asked the service to consider disqualifying
its boss from acting as a company director, BBC notes.
The transport secretary made the announcement as part of new pay
plans for the ferry industry after P&O Ferries sacked 786 employees
without notice and replaced with them with agency workers, BBC
relays.
P&O Ferries said on April 1 that all but one of the sacked
employees had taken steps to accept the redundancy offer made by
the company, BBC recounts.
P&O Ferries' boss Peter Hebblethwaite admitted that the firm
knowingly broke the law by not consulting with unions and planning
to compensate workers instead, BBC discloses.
According to BBC, the firm said previously that staff would be
offered GBP36.5 million in total -- with about 40 getting more than
GBP100,000 each.
P&O Ferries, as cited by BBC, said some employees were set to get
91 weeks' pay and the chance of new employment, and no employee
would receive less than GBP15,000.
Mr. Hebblethwaite, BBC says, has insisted that a U-turn on the
redundancies would cause the company's total collapse, leading to a
loss of an additional 2,200 jobs.
He told MSPs that P&O had "painstakingly explored all possible
alternatives", but that it could not expect "unconditional support"
from parent company DP World for the business without a plan to
become viable after making a GBP100 million loss year-on-year, BBC
relates.
P&O Ferries is a British shipping company that operates ferries
from United Kingdom to Ireland, and to Continental Europe.
SUNGARD UK: Enters Administration; MTI Implements Contingency Plans
-------------------------------------------------------------------
Daniel Todd at ITPro reports that services and solutions provider
MTI Technology is implementing contingency plans following the news
that Sungard UK has been placed into administration.
According to ITPro, MTI said that is it is focused on insuring
"uninterrupted supply of services to all customers affected" and
revealed it is in discussions with the administrators about
continuity of service "across a variety of scenarios", in an
announcement last week.
To help prevent any further issues, the provider has also reviewed
the preparedness of the pre-agreed contingency plans, should the
supply chain fail, ITPro states. It said the focus of its plans is
to ensure "minimal impact to customers", ITPro notes.
"MTI has a number of customers that use Sungard for elements of
their infrastructure and we are taking all the necessary steps to
provide support to customers affected by this news," ITPro quotes
MTI COO Ben Cranham as saying.
"We have classed this as ‘Major Event' to ensure it has the
highest priority for our internal teams and that we quickly
establish how to achieve the best outcomes for our customers."
Pennsylvania-headquartered Sungard provides IT solutions across the
areas of business continuity, disaster recovery, cloud, consulting,
data centre and colocation services.
The UK arm of the company says it has been hit hard by the recent
increases in global power supply costs and, due to their business
model, revealed it has been unable to absorb the cost increases,
making the business "untenable in its current form", ITPro
discloses.
As a result, MTI was informed on the March 28 that Sungard UK's
directors had requested for the company to be placed into
administration, ITPro recounts.
Benjamin Dymant and Ian Wormleighton of Teneo Restructuring have
been appointed as administrators and were successful in securing
limited funding, ITPro relays. That has ensured Sungard UK can
continue business while discussions with landlords continue and a
buyer is sought, ITPro notes.
Sungard AS United Kingdom -- https://www.sungardas.com -- provides
mission-critical IT solutions for 40 years in business continuity,
disaster recovery, cloud, consulting, data centre & colocation
services.
===============
X X X X X X X X
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[*] BOND PRICING: For the Week March 28 to April 1, 2022
--------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Yandex NV 0.750 03/03/2025 USD 43.000
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 43.500
Gazprom PJSC Via Gaz 3.12511/17/2023 EUR
Lukoil Securities BV 3.875 05/06/2030 USD 56.000
Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 41.250
Gazprom PJSC Via Gaz 1.450 03/06/2023 CHF 20.002
Sberbank of Russia V 5.12510/29/2022 USD 8.000
Vnesheconombank Via 6.80011/22/2025 USD 33.500
VTB Bank PJSC Via VT 9.500 USD 16.000
VEON Holdings BV 3.37511/25/2027 USD 58.550
Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 41.000
Gazprom PJSC Via Gaz 2.25011/22/2024 EUR 35.000
Gazprom PJSC Via Gaz 4.250 04/06/2024 GBP 20.001
VTB Bank OJSC Via VT 6.95010/17/2022 USD 89.900
Lukoil Capital DAC 3.60010/26/2031 USD 55.000
Lukoil International 4.750 11/02/2026 USD 59.750
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 32.730
Russian Railways Via 4.600 03/06/2023 EUR 10.000
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 45.000
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 38.000
Aragvi Finance Inter 8.450 4/29/2026 USD 63.131
Metinvest BV 8.500 4/23/2026 USD 48.125
Russian Foreign Bond 2.875 12/04/2025 EUR 15.000
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 32.498
Vnesheconombank Via 5.94211/21/2023 USD 33.500
Gazprom PJSC via Gaz 4.599 USD 6.000
Kernel Holding SA 6.50010/17/2024 USD 47.427
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 40.000
Metinvest BV 7.75010/17/2029 USD 49.125
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 37.000
Russian Railways Via 2.100 10/02/2023 CHF 9.660
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 30.000
MHP SE 7.750 05/10/2024 USD 45.395
Lukoil Capital DAC 2.800 4/26/2027 USD 59.000
Sberbank of Russia V 5.250 5/23/2023 USD 100.475
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 39.000
VEON Holdings BV 4.000 04/09/2025 USD 60.484
Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 40.000
MHP Lux SA 6.950 04/03/2026 USD 44.426
Russian Railways Via 3.125 CHF 14.000
Gunvor Group Ltd 6.250 9/30/2026 USD 70.812
Metinvest BV 5.625 6/17/2025 EUR 44.993
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 38.000
Gazprom Neft OAO Via 4.375 9/19/2022 USD 25.958
Russian Railways Via 5.700 04/05/2022 USD 9.000
Lukoil International 6.656 06/07/2022 USD 70.000
Russian Railways Via 7.487 3/25/2031 GBP 10.004
Pro-Gest SpA 3.25012/15/2024 EUR 74.625
Evraz PLC 5.375 3/20/2023 USD 35.234
Kernel Holding SA 6.75010/27/2027 USD 47.639
VEON Holdings BV 7.250 4/26/2023 USD 65.040
Credit Bank of Mosco 3.100 1/21/2026 EUR 5.000
Ozon Holdings PLC 1.875 2/24/2026 USD 73.313
MMC Norilsk Nickel O 2.550 09/11/2025 USD 60.500
Frigoglass Finance B 6.875 02/12/2025 EUR 64.975
Tinkoff Bank JSC Via 6.000 USD 20.000
Novolipetsk Steel Vi 4.700 5/30/2026 USD 35.510
NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 25.000
MHP Lux SA 6.250 9/19/2029 USD 43.928
MMC Norilsk Nickel O 2.80010/27/2026 USD 60.500
ALROSA Finance SA 4.650 04/09/2024 USD 24.000
Vnesheconombank Via 6.025 07/05/2022 USD 42.500
Evraz PLC 5.250 04/02/2024 USD 67.500
Gtlk Europe Capital 4.349 2/27/2029 USD 15.302
Severstal OAO Via St 3.150 9/16/2024 USD 12.500
ALROSA Finance SA 3.100 6/25/2027 USD 17.375
Phosagro OAO Via Pho 3.050 1/23/2025 USD 22.750
Mitsubishi UFJ Inves 3.97112/15/2050 EUR 36.766
VF Ukraine PAT via V 6.200 02/11/2025 USD 43.576
MMC Norilsk Nickel O 4.100 04/11/2023 USD 64.000
Metinvest BV 7.650 10/01/2027 USD 49.042
Russian Railways Via 4.375 03/01/2024 USD 15.123
Polyus Finance PLC 3.25010/14/2028 USD 78.314
Russian Railways Via 0.840 03/12/2026 CHF 15.050
Dtek Renewables Fina 8.500 11/12/2024 EUR 30.326
Russian Railways Via 0.898 10/03/2025 CHF 15.500
Credit Bank of Mosco 3.875 9/21/2026 USD 10.000
Gazprom Neft OAO Via 6.00011/27/2023 USD 21.025
Phosagro OAO Via Pho 2.600 9/16/2028 USD 20.250
Banca Monte dei Pasc 5.375 1/18/2028 EUR 65.244
Metalloinvest Financ 3.37510/22/2028 USD 91.470
NAK Naftogaz Ukraine 7.625 11/08/2026 USD 24.304
Gtlk Europe Capital 4.650 03/10/2027 USD 14.500
NPC Ukrenergo 6.875 11/09/2026 USD 32.269
Eurotorg LLC Via Bon 9.00010/22/2025 USD 36.410
GTLK Europe DAC 5.125 5/31/2024 USD 9.000
Credit Bank of Mosco 5.150 2/20/2024 EUR
Novatek OAO Via Nova 4.42212/13/2022 USD 40.000
Credit Bank of Mosco 4.700 1/29/2025 USD 10.250
Credit Bank of Mosco 7.500 10/05/2027 USD 90.781
NGD Holdings BV 6.75012/31/2026 USD 26.028
Ukraine Railways Via 8.250 07/09/2024 USD 86.970
VTB Bank OJSC Via VT 4.07310/24/2024 CHF 15.000
Standard Profil Auto 6.250 4/30/2026 EUR 72.515
Boparan Finance PLC 7.62511/30/2025 GBP 69.286
Eurochem Finance DAC 5.500 3/13/2024 USD 28.750
Alfa Bank AO Via Alf 5.950 4/15/2030 USD 10.000
VEON Holdings BV 4.950 6/16/2024 USD 61.882
Metinvest BV 7.750 4/23/2023 USD 49.125
Phosagro OAO Via Pho 3.949 4/24/2023 USD 22.000
State Agency of Road 6.250 6/24/2028 USD 30.834
Gtlk Europe Capital 4.800 2/26/2028 USD 14.500
VEON Holdings BV 3.37511/25/2027 USD 59.784
VEON Holdings BV 5.950 2/13/2023 USD 59.123
NAK Naftogaz Ukraine 7.375 7/19/2022 USD 26.534
Aggregate Holdings S 6.875 11/09/2025 EUR 43.067
Severstal OAO Via St 5.90010/17/2022 USD 13.000
MMC Norilsk Nickel O 6.62510/14/2022 USD 38.500
Russian Federal Bond 7.250 05/10/2034 RUB 70.299
MMK International Ca 4.375 6/13/2024 USD 32.000
Banca Monte dei Pasc 10.500 7/23/2029 EUR 73.758
Credit Bank of Mosco 7.625 USD 75.535
Gtlk Europe Capital 5.950 4/17/2025 USD 14.500
Global Fashion Group 1.250 3/15/2028 EUR 69.140
Credit Bank of Mosco 8.875 USD 93.750
Russian Agricultural 8.50010/16/2023 USD 101.000
Russian Railways Via 1.195 04/03/2028 CHF 14.150
Gtlk Europe Capital 4.949 2/18/2026 USD 11.250
Lukoil Capital DAC 3.60010/26/2031 USD 55.000
Haya Real Estate SA 5.25011/15/2022 EUR 69.357
Credit Bank of Mosco 5.550 2/14/2023 USD 99.000
Casino Guichard Perr 3.992 EUR 47.500
Sovcombank Via SovCo 7.600 USD 5.000
Interpipe Holdings P 8.375 5/13/2026 USD 31.242
Casino Guichard Perr 1.413 EUR 27.511
Ukraine Railways Via 7.875 7/15/2026 USD 78.000
Novolipetsk Steel Vi 4.500 6/15/2023 USD 40.000
Intelsat Jackson Hol 5.500 08/01/2023 USD 42.750
PIK Securities DAC 5.62511/19/2026 USD 94.327
Polyus Finance PLC 4.699 3/28/2022 USD 41.057
Russian Foreign Bond 5.250 6/23/2047 USD 25.000
Korian SA 0.875 03/06/2027 EUR 50.327
Alfa Bank AO Via Alf 6.950 USD 101.170
Serbia International 2.050 9/23/2036 EUR 76.508
Ukreximbank Via Biz 9.750 1/22/2025 USD 94.400
Mobile Telesystems O 5.000 5/30/2023 USD 15.000
Novolipetsk Steel Vi 4.000 9/21/2024 USD 40.500
Intelsat Jackson Hol 8.50010/15/2024 USD 45.500
Lukoil Securities BV 3.875 05/06/2030 USD 58.000
ABH Financial Ltd Vi 2.700 06/11/2023 EUR 4.971
Ekosem-Agrar AG 7.500 08/01/2024 EUR 26.850
Lukoil Capital DAC 2.800 4/26/2027 USD 58.000
Sibur Securities DAC 2.950 07/08/2025 USD 20.050
Teva Pharmaceutical 4.100 10/01/2046 USD 75.694
Ekosem-Agrar AG 8.500 12/07/2022 EUR 30.921
Credit Bank of Mosco 7.121 6/25/2024 USD 99.537
Rusal Capital DAC 4.850 02/01/2023 USD 30.461
Korian SA 1.875 EUR 37.088
ABH Financial Ltd Vi 2.875 11/09/2022 CHF 27.500
Sibur Securities DAC 3.450 9/23/2024 USD 35.000
Intelsat Jackson Hol 9.750 7/15/2025 USD 44.500
Polyus Finance PLC 5.250 02/07/2023 USD 99.990
Accor SA 0.700 12/07/2027 EUR 48.382
United Kingdom Gilt 0.50010/22/2061 GBP 67.973
Russian Foreign Bond 12.750 6/24/2028 USD 30.023
VEON Holdings BV 4.000 04/09/2025 USD 60.384
Lukoil International 4.563 4/24/2023 USD 62.750
Prosus NV 3.832 02/08/2051 USD 76.590
SCF Capital Designat 5.375 6/16/2023 USD 15.329
Sovcombank Via SovCo 7.750 USD 4.609
Rusal Capital DAC 5.300 05/03/2023 USD 101.050
Ukreximbank Via Biz 9.625 4/27/2022 USD 27.979
Hungary Government B 2.250 4/20/2033 HUF 71.447
Suek Securities DAC 3.375 9/15/2026 USD 17.702
State of North Rhine 0.950 01/10/2121 EUR 65.143
Cardea Europe AG 7.250 12/08/2023 EUR 51.938
Polyus Finance PLC 4.700 1/29/2024 USD 99.305
Banca Monte dei Pasc 8.000 1/22/2030 EUR 69.049
Delivery Hero SE 2.125 03/10/2029 EUR 67.608
Russian Foreign Bond 5.875 9/16/2043 USD 39.667
Celtic Resources Hol 4.125 10/09/2024 USD 30.000
Paragon GmbH & Co KG 4.500 07/05/2027 EUR 58.834
Uralkali OJSC Via Ur 4.00010/22/2024 USD 19.000
Voltalia SA 1.000 1/13/2025 EUR 30.087
TMK OAO Via TMK Capi 4.300 02/12/2027 USD 91.875
BAT International Fi 2.250 09/09/2052 GBP 57.416
MorphoSys AG 0.62510/16/2025 EUR 74.133
Ukreximbank Via Biz 9.95011/14/2029 USD 23.244
Czech Republic Gover 1.500 4/24/2040 CZK 71.330
Russian Foreign Bond 5.625 04/04/2042 USD 39.667
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 38.000
Rallye SA 4.000 2/28/2030 EUR 16.500
Banca Monte dei Pasc 8.500 09/10/2030 EUR 69.853
Ukraine Government I 7.750 09/01/2022 USD 49.294
Quadient SA 3.375 EUR 58.023
Lithuania Government 0.750 7/15/2051 EUR 72.001
Vonovia SE 1.625 09/01/2051 EUR 74.591
Air France-KLM 0.125 3/25/2026 EUR 15.964
Metro Bank PLC 5.500 6/26/2028 GBP 63.444
Mallinckrodt Interna 5.750 08/01/2022 USD 49.250
Russian Foreign Bond 4.750 5/27/2026 USD 24.090
Neoen SA 2.000 06/02/2025 EUR 52.722
Sibur Securities DAC 4.125 10/05/2023 USD 26.208
Maisons du Monde SA 0.125 12/06/2023 EUR 47.182
Delivery Hero SE 1.500 1/15/2028 EUR 69.460
Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 100.020
Biocartis Group NV 4.000 05/09/2024 EUR 71.913
Russian Federal Bond 7.000 7/30/2036 RUB 68.490
Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 19.000
VEON Holdings BV 7.250 4/26/2023 USD 65.218
Union Fenosa Prefere 1.067 EUR 68.833
Carnival PLC 1.00010/28/2029 EUR 72.765
Rallye SA 4.371 1/23/2023 EUR 13.197
Metinvest BV 7.75010/17/2029 USD 45.000
Kernel Holding SA 6.50010/17/2024 USD 48.114
Paragon GmbH & Co KG 4.000 4/23/2023 CHF 70.200
VEON Holdings BV 5.950 2/13/2023 USD 59.418
Deutsche Bahn Financ 0.625 12/08/2050 EUR 74.705
Gazprom PJSC via Gaz 4.599 USD 100.000
Moby SpA 7.750 2/15/2023 EUR 65.566
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 132.555
Arrival SA 3.500 12/01/2026 USD 61.875
Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 23.167
MHP Lux SA 6.250 9/19/2029 USD 43.782
Wirecard AG 0.500 09/11/2024 EUR 11.114
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 39.536
DNB Bank ASA 0.954 USD 71.104
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 22.000
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 22.500
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.907
MHP SE 7.750 05/10/2024 USD 44.202
Haya Real Estate SA 5.12511/15/2022 EUR 69.696
Turkey Government Bo 12.600 10/01/2025 TRY 71.800
Kernel Holding SA 6.75010/27/2027 USD 47.632
VEON Holdings BV 4.950 6/16/2024 USD 60.970
Pierre Et Vacances S 2.000 04/01/2023 EUR 27.640
Metinvest BV 8.500 4/23/2026 USD 49.500
Metinvest BV 7.650 10/01/2027 USD 48.925
VF Ukraine PAT via V 6.200 02/11/2025 USD 39.747
MHP Lux SA 6.950 04/03/2026 USD 46.249
Ukraine Government B 9.790 5/26/2027 UAH 56.652
NPC Ukrenergo 6.875 11/09/2026 USD 32.814
Fuerstenberg Capital 5.625 EUR 54.440
HOCHDORF Holding AG 2.500 CHF 44.537
Nexity SA 0.250 03/02/2025 EUR 62.614
Odea Bank AS 7.625 08/01/2027 USD 75.961
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 26.093
Neoen SA 1.875 10/07/2024 EUR 43.112
DNB Bank ASA 0.929 USD 70.350
Metinvest BV 7.750 4/23/2023 USD 45.419
PB International BV 7.62512/31/2025 USD 52.250
Mallinckrodt Interna 5.62510/15/2023 USD 48.750
Turkey Government Bo 10.600 02/11/2026 TRY 65.200
Offshore Drilling Ho 8.375 9/20/2020 USD 5.000
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 24.625
PIK Securities DAC 5.62511/19/2026 USD 18.745
AstraZeneca PLC 2.125 08/06/2050 USD 76.034
DNB Bank ASA 0.758 USD 70.510
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 93.000
Ukraine Government I 7.750 09/01/2026 USD 37.500
Aragvi Finance Inter 8.450 4/29/2026 USD 62.873
SRV Group Oyj 4.875 3/27/2025 EUR 70.268
Ukraine Government I 7.750 09/01/2023 USD 47.500
Turkey Government Bo 8.000 03/12/2025 TRY 65.350
Gazprom PJSC Via Gaz 3.12511/17/2023 EUR
NAK Naftogaz Ukraine 7.625 11/08/2026 USD 25.120
BAT International Fi 4.00011/23/2055 GBP 74.576
Ukraine Government I 7.750 09/01/2027 USD 36.406
Intu Debenture PLC 5.56212/31/2027 GBP 40.700
Wellcome Trust Ltd/T 1.500 7/14/2071 GBP 74.375
Rallye SA 3.250 02/08/2024 CHF 13.328
Aggregate Holdings S 5.500 5/17/2024 EUR 43.476
Celtic Resources Hol 4.125 10/09/2024 USD 29.996
Scandinavian Airline 0.625 CHF 19.251
Polyus Finance PLC 3.25010/14/2028 USD 25.000
Rallye SA 5.250 02/01/2022 EUR 17.189
Senvion Holding GmbH 3.87510/25/2022 EUR 0.177
Shell International 1.750 09/10/2052 GBP 69.852
Andrade Gutierrez In 9.50012/30/2024 USD 53.000
Republic of Belarus 6.378 2/24/2031 USD 9.333
Mallinckrodt Interna 4.750 4/15/2023 USD 41.000
Northern Powergrid N 1.875 6/16/2062 GBP 75.434
Officine Maccaferri- 5.750 06/01/2021 EUR 16.395
Privatbank CJSC Via 10.250 1/23/2018 USD 4.000
State Agency of Road 6.250 6/24/2028 USD 23.070
City of Kyiv Via PBR 7.50012/15/2022 USD 30.665
Deutsche Lichtmiete 5.250 09/01/2025 EUR 11.000
Republic of Belarus 5.875 2/24/2026 USD 9.667
FIGEAC-AERO 1.12510/18/2022 EUR 22.925
Interpipe Holdings P 8.375 5/13/2026 USD 28.866
Turkey Government Bo 10.500 08/11/2027 TRY 58.000
Republic of Belarus 7.625 6/29/2027 USD 10.100
Societe Du Grand Par 1.000 2/18/2070 EUR 74.846
Metinvest BV 5.625 6/17/2025 EUR 45.000
Hungary Government B 2.250 6/22/2034 HUF 68.837
Mallinckrodt Interna 5.500 4/15/2025 USD 51.000
Slovenia Government 0.688 03/03/2081 EUR 60.903
Deutsche Lichtmiete 5.750 01/01/2023 EUR 5.000
EFG International AG 0.551 EUR 96.402
Rallye SA 3.400 1/31/2022 EUR 13.666
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.510
European Financial S 0.050 1/18/2052 EUR 73.333
Ukreximbank Via Biz 9.625 4/27/2022 USD 27.979
Prosus NV 3.832 02/08/2051 USD 76.592
PREOS Global Office 7.500 12/09/2024 EUR 58.580
Turkey Government Bo 9.000 7/24/2024 TRY 72.950
Vonovia Finance BV 1.000 1/28/2041 EUR 72.579
Debenhams PLC 5.250 7/15/2021 GBP 0.500
Deutsche Lichtmiete 5.250 02/01/2027 EUR 9.001
Societe Du Grand Par 0.70010/15/2060 EUR 71.881
BAT International Fi 2.000 3/13/2045 EUR 73.826
DOF Subsea AS 9.11011/27/2023 NOK 35.000
Avangardco Investmen 10.00010/29/2018 USD 0.348
Air Berlin PLC 8.250 4/19/2018 EUR 0.783
Eurotorg LLC Via Bon 9.00010/22/2025 USD 100.750
Ukreximbank Via Biz 7.623 02/09/2023 USD 21.265
DOF Subsea AS 9.500 4/30/2022 USD 35.145
Russian Foreign Bond 5.250 6/23/2047 USD 22.000
EYEMAXX Real Estate 5.500 4/26/2023 EUR 3.373
Deutsche Lichtmiete 5.750 12/01/2023 EUR 10.000
Air Berlin PLC 6.750 05/09/2019 EUR 0.502
Koninklijke Luchtvaa 0.750 CHF 20.500
Bank Gospodarstwa Kr 2.250 7/21/2033 PLN 71.700
Nexity SA 0.875 4/19/2028 EUR 52.580
Ukreximbank Via Biz 9.750 1/22/2025 USD 24.464
Hellenic Bank PCL 10.000 EUR 57.222
Banco Espirito Santo 7.12511/28/2023 EUR 0.391
Basque Government 1.37510/31/2070 EUR 67.676
Development Bank of 6.750 05/02/2024 USD 10.276
Yell Bondco PLC 8.500 05/02/2023 GBP 60.177
Mitsubishi UFJ Inves 3.68712/30/2099 EUR 5.000
Rallye SA 4.00011/23/2020 CHF 11.863
Travelex Financing P 8.000 5/15/2022 EUR 1.833
Flagship Finance PLC 1.875 7/14/2061 GBP 76.637
Stichting Afwikkelin 6.25010/26/2020 EUR 5.375
Ziton A/S 7.900 10/03/2022 EUR 69.750
UkrLandFarming PLC 10.875 3/26/2018 USD 1.524
Fuerstenberg Capital 1.020 EUR 54.405
EYEMAXX Real Estate 5.500 7/22/2025 EUR 75.000
Ukraine Government B 12.520 5/13/2026 UAH 67.509
EA Partners II BV 6.750 06/01/2021 USD 0.612
Russian Federal Bond 6.900 7/23/2031 RUB 72.402
Societe Nationale SN 1.000 1/19/2061 EUR 72.759
Boparan Finance PLC 7.62511/30/2025 GBP 68.500
Turkey Government In 5.750 05/11/2047 USD 72.486
Stichting Afwikkelin 11.250 EUR 0.502
M Objekt Real Estate 6.000 7/22/2024 EUR 59.123
FF Group Finance Lux 1.750 07/03/2019 EUR 3.353
Ukraine Government I 12.520 5/13/2026 UAH 67.509
Dexia Credit Local S 1.206 EUR 3.089
SAS AB 4.377 SEK 28.916
Norddeutsche Landesb 7.490 EUR 60.503
REM Saltire Holding 7.00012/31/2024 NOK 53.371
City of Bern Switzer 0.040 10/02/2070 CHF 67.495
Bank Gospodarstwa Kr 2.37511/27/2040 PLN 63.770
Russian Foreign Bond 4.750 5/27/2026 USD 22.838
Allied Irish Banks P 12.500 6/25/2035 GBP 59.599
Immigon Portfolioabb 5.772 EUR 11.630
Thomas Cook Finance 3.875 7/15/2023 EUR 0.522
Hyde Housing Associa 1.750 8/18/2055 GBP 74.456
Lehman Brothers UK C 5.125 EUR 35.000
Rickmers Holding AG 8.875 06/11/2018 EUR 0.635
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
LSF9 Balta Issuer SA 3.00012/31/2030 EUR 71.843
Virgolino de Oliveir 11.750 02/09/2022 USD 0.500
TF Bank AB 6.178 SEK 51.561
Ukraine Government I 9.790 5/26/2027 UAH 56.652
Genfit 3.50010/16/2025 EUR 25.571
Praktiker AG 5.875 02/10/2016 EUR 0.069
Haya Real Estate SA 5.25011/15/2022 EUR 70.094
Pro-Gest SpA 3.25012/15/2024 EUR 74.710
Boparan Finance PLC 7.62511/30/2025 GBP 68.179
Autonomous Community 2.965 09/08/2039 JPY 67.612
Agrokor dd 9.875 05/01/2019 EUR 15.000
Barclays Bank PLC 12.000 9/24/2025 TRY 55.976
Barclays Bank PLC 1.268 3/28/2034 USD 71.094
Galapagos Holding SA 7.000 6/15/2022 EUR 0.001
Hylea Group SA 7.250 12/01/2022 EUR 4.600
Hellenic Republic Go 2.085 7/25/2057 EUR 42.455
Pentracor GmbH 8.500 5/29/2025 EUR 17.000
National Grid Gas PL 1.625 1/14/2043 GBP 72.850
Claranova SE 5.000 07/01/2023 EUR 1.000
Privatbank CJSC Via 11.000 02/09/2021 USD 1.000
Platform HG Financin 1.625 08/10/2055 GBP 73.949
niiio finance group 4.000 5/31/2026 EUR 35.000
Standard Profil Auto 6.250 4/30/2026 EUR 72.443
FF Group Finance Lux 3.250 11/02/2021 CHF 6.141
Ukraine Government I 7.253 3/15/2033 USD 34.933
Elli Finance UK PLC 8.750 6/15/2019 GBP 65.125
EA Partners I BV 6.875 9/28/2020 USD 0.814
Rallye SA 1.000 10/02/2020 EUR 21.785
WD Invest Sarl 1.900 10/02/2024 EUR 11.205
Serbia International 2.050 9/23/2036 EUR 76.566
Dtek Renewables Fina 8.500 11/12/2024 EUR 30.326
Barclays Bank PLC 1.092 7/28/2034 USD 69.250
Credit Bank of Mosco 7.625 USD 74.883
Lloyds Bank PLC 1.376 07/05/2033 USD 66.134
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
AK BARS Bank Via AK 8.000 7/13/2022 USD 25.000
Santhera Pharmaceuti 7.500 8/17/2024 CHF 75.643
Yuksel Insaat AS 9.500 11/10/2015 USD 0.100
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Bank Nadra Via NDR F 8.250 7/31/2018 USD 0.208
Alno AG 8.500 5/14/2018 EUR 17.676
Espirito Santo Finan 6.87510/21/2019 EUR 0.244
Cirio Finance Luxemb 7.500 11/03/2002 EUR 1.920
Veneto Banca SpA 9.878 12/01/2025 EUR 0.571
Lehman Brothers UK C 3.875 EUR 35.000
Frigoglass Finance B 6.875 02/12/2025 EUR 65.792
Nordiska Kreditmarkn 8.750 SEK 74.825
Hellas Telecommunica 6.054 1/15/2015 USD 0.001
Intelsat Jackson Hol 8.50010/15/2024 USD 44.504
Cirio Holding Luxemb 6.250 2/16/2004 EUR 0.723
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Ghelamco Invest 4.500 5/23/2022 EUR 40.010
Lloyds Bank PLC 1.836 4/25/2034 USD 74.727
Ukraine Government I 12.520 5/13/2026 UAH 67.509
Del Monte Finance Lu 6.625 5/24/2006 EUR 4.337
Tresu Investment Hol 5.000 02/02/2025 EUR 48.796
Andrade Gutierrez In 11.000 8/20/2021 USD 57.167
City of Lugano Switz 0.15011/28/2070 CHF 69.952
Cooperatieve Raboban 0.50010/29/2027 MXN 61.340
State Savings Bank o 7.293 1/19/2024 USD 28.000
LBI ehf 6.100 8/25/2011 USD 10.631
Bourbon Corp 8.305 EUR 0.596
Norwegian Air Shuttl 5.000 02/07/2023 SEK 41.500
Alitalia-Societa Aer 5.250 7/30/2020 EUR 0.100
Norske Skogindustrie 7.00012/30/2026 EUR 0.010
Barclays Bank PLC 1.44410/30/2034 USD 73.618
Banco Espirito Santo 2.163 EUR 0.144
Ukraine Government I 7.375 9/25/2032 USD 34.917
Virgolino de Oliveir 10.500 1/28/2018 USD 0.455
Ukraine Government B 3.700 7/14/2022 USD 75.833
Banco Espirito Santo 6.900 6/28/2024 EUR 24.474
Swissgrid AG 0.050 6/30/2050 CHF 73.122
German Pellets GmbH 7.25011/27/2019 EUR 1.859
Air Berlin PLC 5.625 05/09/2019 CHF 0.503
Lloyds Bank PLC 0.444 7/29/2033 USD 66.543
Espirito Santo Finan 3.125 12/02/2018 EUR 0.287
Russian Foreign Bond 4.250 6/23/2027 USD 25.000
Agrokor dd 8.875 02/01/2020 USD 15.000
Verimatrix SA 6.000 6/29/2022 EUR 3.809
Phosphorus Holdco PL 10.000 04/01/2019 GBP 1.500
Bilt Paper BV 10.360 USD 1.071
Mallinckrodt Interna 5.750 08/01/2022 USD 48.875
Ukraine Government I 7.750 09/01/2026 USD 37.659
Havila Shipping ASA 5.460 01/02/2025 NOK 25.673
Orpea SA 3.00011/25/2041 EUR 73.031
Banco Santander SA 1.909 EUR 1.676
VPV Lebensversicheru 3.477 8/17/2026 EUR 69.471
Lithuania Government 0.500 7/28/2050 EUR 69.371
Russian Foreign Bond 5.100 3/28/2035 USD 16.000
Cirio Finanziaria Sp 8.00012/21/2005 EUR 0.777
City of Lausanne Swi 0.050 9/28/2054 CHF 73.350
Ukraine Government B 3.900 10/05/2023 USD 39.799
Haya Real Estate SA 5.12511/15/2022 EUR 70.023
Banco Espirito Santo 2.343 EUR 0.294
Andrade Gutierrez In 9.50012/30/2024 USD 53.250
Lloyds Bank PLC 1.197 7/26/2033 USD 72.632
ESFIL-Espirito Santo 5.250 06/12/2015 EUR 0.111
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.816
Kommunekredit 0.500 7/30/2027 TRY 20.128
Gazprom Neft PJSC 7.150 12/07/2029 RUB 71.980
Russian Foreign Bond 5.625 04/04/2042 USD 40.667
Dexia SA 1.230 EUR 2.980
Portugal Telecom Int 6.250 7/26/2016 EUR 0.285
Ukraine Government B 3.700 4/27/2023 USD 49.209
Intelsat Jackson Hol 9.750 7/15/2025 USD 43.604
Ukraine Government I 9.790 5/26/2027 UAH 56.652
Privatbank CJSC Via 10.875 2/28/2018 USD 8.000
Barclays Bank PLC 5.000 11/01/2029 BRL 61.167
Ukraine Government B 8.750 2/16/2033 UAH 47.916
Region Wallonne Belg 1.135 10/10/2069 EUR 75.056
Espirito Santo Finan 9.75012/19/2025 EUR 0.287
Jain International T 7.125 02/01/2022 USD 21.017
Bank Vontobel AG 15.000 11/07/2022 EUR 58.100
KTG Agrar SE 7.125 06/06/2017 EUR 1.860
Transports Publics D 0.45012/29/2056 CHF 74.765
EYEMAXX Real Estate 5.500 9/24/2024 EUR 3.847
Mallinckrodt Interna 5.62510/15/2023 USD 48.693
Corporate Commercial 8.250 08/08/2014 USD 0.308
Jain International T 7.125 3/31/2026 USD 28.000
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Norwegian Air Shuttl 6.37511/15/2024 USD 47.497
Solarworld AG 9.691 2/24/2019 EUR 20.875
Cooperatieve Raboban 0.500 7/30/2043 MXN 12.976
Russian Federal Bond 6.700 3/14/2029 RUB 72.999
Mallinckrodt Interna 5.500 4/15/2025 USD 49.405
Senivita Social Esta 4.000 05/12/2025 EUR 6.510
Finmek International 7.000 12/03/2004 EUR 2.193
Societe Centrale des 2.500 5/15/2023 EUR 6.880
Fuerstenberg Capital 1.609 EUR 58.241
New World Resources 8.000 04/07/2020 EUR 0.506
Ukraine Government B 3.70012/22/2022 USD 60.471
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Barclays Bank PLC 1.089 9/29/2034 USD 65.411
Banca Popolare di Vi 9.500 9/29/2025 EUR 0.049
City of Kyiv Via PBR 7.50012/15/2022 USD 30.665
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Ukraine Government B 3.890 02/02/2023 USD 56.395
Joh Friedrich Behren 6.250 6/18/2024 EUR 29.301
MS Deutschland Betei 6.87512/18/2017 EUR 0.620
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.363
Lehman Brothers UK C 5.750 EUR 7.000
International Financ 0.500 6/29/2027 ZAR 63.997
Enertronica Santerno 7.00012/31/2022 EUR 68.450
Single Platform Inve 0.363 2/15/2041 EUR 72.091
Region Wallonne Belg 1.225 09/02/2120 EUR 71.848
Finance and Credit B 9.250 1/25/2019 USD 0.141
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Lehman Brothers UK C 6.900 USD 3.986
Raiffeisen Schweiz G 4.800 04/07/2022 EUR 54.010
Island Offshore Ship 6.230 6/30/2022 NOK 4.543
CBo Territoria 3.750 07/01/2024 EUR 4.710
Landesbank Baden-Wue 4.050 3/24/2023 EUR 39.450
BBI Development SA 11.610 2/22/2023 PLN 0.010
Barclays Bank PLC 0.652 4/19/2033 USD 67.612
Offshore Drilling Ho 8.375 9/20/2020 USD 5.000
Region de Bruxelles- 0.592 12/10/2061 EUR 67.964
Banca Popolare di Vi 2.82112/20/2017 EUR 0.100
Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568
Kairos Global Soluti 1.900 07/03/2035 USD 72.236
Grupo Isolux Corsan 1.00012/30/2021 EUR 0.011
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 27.187
Basque Government 1.00010/31/2050 EUR 74.358
Irish Bank Resolutio 0.566 6/21/2016 EUR 0.500
Ukraine Government B 3.900 3/30/2023 USD 51.459
VTB Bank PJSC 7.600 04/02/2031 RUB 75.000
Green City Energy Kr 4.00012/30/2026 EUR 10.010
Cooperatieve Raboban 0.50010/30/2043 MXN 12.511
Hellas Telecommunica 8.50010/15/2013 EUR 0.834
Kingdom of Belgium G 0.459 7/23/2079 EUR 61.590
Banco Espirito Santo 6.875 7/15/2016 EUR 24.500
Mriya Agro Holding P 10.950 3/30/2016 USD 4.667
Norske Skogindustrie 2.00012/30/2115 EUR 0.113
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Saleza AS 9.000 07/12/2021 EUR 0.203
CRC Breeze Finance S 6.110 05/08/2026 EUR 31.538
Republic of Ireland 0.74011/27/2120 EUR 64.273
Erste Group Bank AG 4.50010/15/2022 EUR 63.500
Credit Suisse Intern 9.500 3/24/2026 UAH 67.720
DZ Bank AG Deutsche 16.700 3/25/2022 EUR 31.980
Ukraine Government I 7.750 09/01/2027 USD 36.777
Lloyds Bank PLC 0.352 4/26/2033 USD 67.427
Russian Foreign Bond 5.875 9/16/2043 USD 40.000
UBS AG/London 13.250 05/04/2022 USD 35.850
State Transport Leas 7.440 5/14/2035 RUB 74.810
Stichting Afwikkelin 6.625 5/14/2018 EUR 5.375
Single Platform Inve 0.815 04/01/2042 EUR 74.578
MOL Hungarian Oil & 1.900 04/12/2031 HUF 64.900
Elli Finance UK PLC 8.750 6/15/2019 GBP 65.125
KTG Agrar SE 7.25010/15/2019 EUR 1.860
Societe Generale SA 7.310 5/22/2026 USD 67.750
Ukraine Government B 8.120 11/10/2035 UAH 41.901
Havila Shipping ASA 4.710 01/02/2025 NOK 40.000
Waste Italia SpA 10.50011/15/2019 EUR 0.550
Ukreximbank Via Biz 7.623 02/09/2023 USD 21.265
Alpine Holding GmbH 6.000 5/22/2017 EUR 3.084
Republic of Belarus 7.625 6/29/2027 USD 10.000
UkrLandFarming PLC 10.875 3/26/2018 USD 1.524
Region de Bruxelles- 0.444 3/19/2057 EUR 64.015
Andrade Gutierrez In 11.000 8/20/2021 USD 57.167
Societe Nationale SN 1.280 3/27/2120 EUR 69.252
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
RUSNANO AO 6.750 12/12/2023 RUB 71.120
Danske Bank A/S 5.300 7/15/2023 SEK 40.920
DekaBank Deutsche Gi 7.650 03/10/2023 EUR 41.240
Steilmann SE 7.000 03/09/2017 EUR 1.429
Moby SpA 7.750 2/15/2023 EUR 65.566
Joh Friedrich Behren 7.750 11/11/2020 EUR 29.500
Ukraine Government B 6.000 1/28/2032 UAH 37.943
UBS AG/London 9.750 3/17/2023 CHF 45.650
Bank Otkritie Financ 0.010 7/16/2025 RUB 70.000
OGX Austria GmbH 8.375 04/01/2022 USD 0.002
Alpine Holding GmbH 5.250 07/01/2015 EUR 3.084
Ukraine Government B 9.700 03/10/2032 UAH 52.835
NTRP Via Interpipe L 10.250 08/02/2017 USD 29.500
Deutsche Bank AG 0.687 10/11/2049 EUR 55.544
Zurcher Kantonalbank 6.000 2/13/2023 CHF 70.520
Bank Otkritie Financ 0.010 9/24/2025 RUB 68.990
UBS AG/London 19.250 11/07/2022 CHF 74.350
Van Lanschot Kempen 0.843 04/04/2024 EUR 100.800
Yell Bondco PLC 8.500 05/02/2023 GBP 60.177
BASF SE 1.025 8/13/2048 JPY 74.794
Societe Generale SA 6.820 5/18/2026 USD 66.900
Kardan NV 6.325 2/21/2021 ILS 12.900
Grupo Isolux Corsan 6.00012/30/2021 EUR 0.192
City of Lausanne Swi 0.230 11/01/2060 CHF 75.825
Lloyds Bank PLC 0.256 9/29/2034 USD 73.906
New World Resources 4.000 10/07/2020 EUR 0.574
German Pellets GmbH 7.250 07/09/2018 EUR 1.859
Erste Group Bank AG 7.250 03/03/2026 EUR 54.250
Societe Generale SA 7.00011/29/2024 USD 63.100
Ministeries Van de V 0.63411/19/2060 EUR 70.445
Bulgaria Steel Finan 12.000 05/04/2013 EUR 0.216
Aralco Finance SA 10.125 05/07/2020 USD 2.910
Espirito Santo Finan 5.05011/15/2025 EUR 0.287
Kingdom of Belgium G 0.650 6/22/2071 EUR 68.377
Krakowski Bank Spold 8.020 9/20/2023 PLN 70.010
TBI Bank EAD 5.250 7/30/2031 EUR 55.916
VTB Bank PJSC 10.000 RUB 67.000
Erste Group Bank AG 4.100 4/30/2022 EUR 63.600
Turkey Government In 4.875 4/16/2043 USD 69.638
Bank Julius Baer & C 13.250 01/05/2023 USD 54.250
Golden Gate AG 6.500 10/11/2014 EUR 33.000
Norske Skogindustrie 7.12510/15/2033 USD 0.010
Mriya Agro Holding P 9.450 4/19/2018 USD 4.667
Rena GmbH 7.00012/15/2015 EUR 2.096
Russian Foreign Bond 1.85011/20/2032 EUR 15.274
Caixa Economica Mont 5.000 EUR 50.020
Agrokor dd 9.125 02/01/2020 EUR 15.000
Stichting Afwikkelin 8.450 8/20/2018 USD 5.375
Futureal Development 3.50011/16/2036 HUF 74.000
Communaute Francaise 0.886 6/22/2057 EUR 74.500
Barclays Bank PLC 0.500 1/28/2033 MXN 35.259
CB First Investment 8.000 EUR 74.830
Cattles Ltd 8.125 07/05/2017 GBP 0.027
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Alpine Holding GmbH 5.250 06/10/2016 EUR 3.084
Societe Nationale SN 1.400 5/18/2120 EUR 74.638
Region Wallonne Belg 0.850 1/26/2071 EUR 66.575
French Republic Gove 0.500 5/25/2072 EUR 64.799
Societe Generale SA 24.000 11/08/2024 USD 66.750
Zurcher Kantonalbank 21.250 10/04/2022 CHF 66.480
BNP Paribas Emission 10.00012/22/2022 EUR 72.280
Erotik-Abwicklungsge 7.750 07/09/2019 EUR 0.779
Ukraine Government I 7.750 09/01/2025 USD 37.125
Batigere Grand Est S 1.400 8/31/2050 EUR 73.383
Rio Forte Investment 4.000 7/22/2014 EUR 4.406
Steilmann SE 6.750 6/27/2017 EUR 2.184
Ukraine Government I 4.375 1/27/2030 EUR 35.695
Deutsche Bank AG 1.725 1/16/2045 EUR 72.435
Hell Energy Magyaror 2.70012/18/2029 HUF 69.200
Intelsat Jackson Hol 9.750 7/15/2025 USD 43.604
Veragold Mining Co G 5.00012/31/2022 EUR 56.000
State of Mecklenburg 0.23911/17/2070 EUR 71.823
Senvion Holding GmbH 3.87510/25/2022 EUR 0.177
International Bank o 8.250 10/09/2024 USD 60.375
Russian Federal Bond 6.100 7/18/2035 RUB 63.966
Quintet Private Bank 3.65011/13/2023 EUR
SiC Processing GmbH 7.125 03/01/2016 EUR 2.418
Turkey Government Bo 11.70011/13/2030 TRY 53.875
AlphaNotes ETP Dac 0.010 09/09/2029 USD 66.538
Hungary Government B 3.000 4/25/2041 HUF 67.790
Deutsche Bank AG/Lon 0.34811/26/2034 USD 65.899
Barclays Bank PLC 0.956 3/28/2033 USD 70.054
Green City Energy Kr 4.75012/30/2023 EUR 10.000
BNG Bank NV 10.010 6/17/2025 TRY 52.489
Specialfastigheter S 1.280 9/20/2049 SEK 75.056
Communaute Francaise 0.782 02/08/2061 EUR 69.287
EFG International Fi 9.800 06/07/2023 USD 72.990
Credit Suisse AG/Lon 5.200 8/17/2022 USD 9.860
RUSNANO AO 6.750 3/26/2024 RUB 72.300
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
Republic of Austria 0.850 6/30/2120 EUR 66.763
Ukraine Government I 9.750 11/01/2028 USD 36.622
Steilmann SE 7.000 9/23/2018 EUR 1.429
JP Morgan Structured 11.00012/30/2026 ZMW 67.712
German Pellets GmbH 7.250 04/01/2016 EUR 1.859
Republic of Belarus 6.378 2/24/2031 USD 10.000
Sberbank of Russia P 0.010 10/05/2028 RUB 70.200
Depfa Funding II LP 6.500 EUR 61.844
A-TEC Industries AG 8.75010/27/2014 EUR 0.100
Development Bank of 6.750 05/02/2024 USD 10.276
Barclays Bank PLC 0.348 5/30/2034 USD 70.956
Ahtium PLC 4.00012/16/2015 EUR 0.586
Region de Bruxelles- 0.650 2/15/2061 EUR 70.426
DekaBank Deutsche Gi 5.970 02/09/2023 EUR 72.240
Ukraine Government I 7.750 09/01/2023 USD 46.230
Virgolino de Oliveir 11.750 02/09/2022 USD 0.500
Ukraine Government B 5.000 2/20/2032 UAH 33.754
Veneto Banca SpA 6.411 EUR 0.345
Russian Foreign Bond 4.375 3/21/2029 USD 15.000
Erste Group Bank AG 6.250 8/31/2022 EUR 60.300
Lehman Brothers Trea 1.000 10/05/2035 EUR 0.100
State of Lower Austr 0.55011/13/2080 EUR 72.053
Solon SE 1.375 12/06/2012 EUR 0.745
LSF9 Balta Issuer SA 3.00012/31/2030 EUR 71.843
Corner Banca SA 8.000 06/08/2022 EUR 66.170
Deutsche Bank AG/Lon 13.750 6/20/2026 TRY 32.466
Pescanova SA 5.125 4/20/2017 EUR 0.319
Air Berlin Finance B 8.500 03/06/2019 EUR 0.377
Ukraine Government B 8.520 11/10/2033 UAH 45.596
Deutsche Bank AG/Lon 1.62510/31/2034 USD 67.597
Russian Federal Bond 7.700 3/23/2033 RUB 73.533
Credit Suisse AG/Lon 6.500 3/28/2022 USD 3.731
Russian Federal Bond 7.700 3/16/2039 RUB 70.286
Ukraine Government B 8.310 11/10/2034 UAH 43.614
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
SAir Group 4.250 02/02/2007 CHF 12.625
Republic of Belarus 6.875 2/28/2023 USD 11.000
Credito Padano Banca 3.100 EUR 33.729
Pannon Work Szemelyz 3.00010/30/2030 HUF 73.550
VEB.RF GK 7.27011/17/2026 RUB 73.430
Virgolino de Oliveir 10.500 1/28/2018 USD 0.455
Spain Government Bon 1.45010/31/2071 EUR 74.156
Stichting Afwikkelin 2.197 EUR 0.502
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Ukraine Government B 9.780 05/10/2029 UAH 59.029
Republic of Belarus 6.200 2/28/2030 USD 10.000
WPE International Co 10.375 9/30/2020 USD 5.000
Societe Generale SA 5.000 01/10/2023 USD 43.330
Credit Suisse AG/Lon 5.500 7/26/2023 USD 9.400
Credit Suisse AG/Lon 20.000 11/05/2024 USD 50.500
Credit Suisse AG/Lon 13.000 6/16/2022 CHF 67.790
BNP Paribas Emission 3.000 3/24/2022 EUR 71.300
Single Platform Inve 1.850 2/15/2041 NOK 75.686
Slovenia Government 0.48810/20/2050 EUR 72.062
Region de Bruxelles- 0.56212/23/2065 EUR 63.786
Ukraine Government B 6.000 8/28/2030 UAH 41.325
Ukraine Government B 8.750 4/20/2033 UAH 47.276
Single Platform Inve 0.559 2/15/2047 EUR 70.116
Cooperatieve Raboban 0.500 1/31/2033 MXN 37.064
Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568
Region Wallonne Belg 1.150 09/02/2120 EUR 69.500
Peine GmbH 2.000 07/05/2023 EUR 44.500
Credit Suisse AG/Lon 4.450 6/28/2023 USD 8.890
Raiffeisen Switzerla 4.000 8/30/2022 CHF 30.370
WEB Windenergie AG 4.500 EUR 0.010
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 68.520
Ukraine Government B 6.00010/23/2024 UAH 72.148
Vontobel Financial P 18.000 6/24/2022 EUR 65.750
EFG International Fi 10.600 8/23/2023 EUR 65.710
Credit Suisse AG/Lon 20.00011/29/2024 USD 12.630
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Getin Noble Bank SA 8.040 8/30/2024 PLN 68.619
Leonteq Securities A 6.770 5/27/2022 USD 45.610
Corner Banca SA 6.600 08/02/2022 CHF 23.920
GTC Magyarorszag Zrt 2.250 12/07/2030 HUF 74.390
Russian Federal Bond 5.700 5/17/2028 RUB 70.603
Vontobel Financial P 13.500 9/23/2022 EUR 67.850
Russian Federal Bond 6.000 10/06/2027 RUB 73.750
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.100
Norske Skog Holding 8.000 2/24/2023 USD 0.006
Ukraine Government B 9.980 03/06/2030 UAH 57.748
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
Ukraine Government I 6.750 6/20/2026 EUR 36.527
Premium Green PLC 0.60010/31/2046 EUR 61.898
Credit Suisse AG/Lon 8.500 09/09/2022 EUR 72.580
Luzerner Kantonalban 23.000 06/07/2022 CHF 28.920
UniCredit Bank AG 6.600 7/20/2028 EUR 47.810
Mostotrest PJSC 0.010 7/29/2026 RUB 49.400
Vontobel Financial P 9.00012/23/2022 EUR 71.670
Alrosa PJSC 5.750 05/10/2030 RUB 75.000
Pervyi Konteinernyi 5.000 12/09/2025 RUB 72.050
Leonteq Securities A 2.750 9/15/2022 CHF 57.620
Alno AG 8.000 3/21/2019 EUR 15.000
Russian Foreign Bond 4.875 9/16/2023 USD 48.905
BrokerCreditService 1.514 12/06/2031 USD 73.854
Mriya Agro Holding P 10.950 3/30/2016 USD 4.667
Windreich GmbH 6.750 03/01/2015 EUR 4.475
Region de Bruxelles- 0.55612/23/2064 EUR 64.163
Ukraine Government B 9.700 12/08/2032 UAH 51.715
Ukraine Government B 8.630 05/10/2033 UAH 46.691
Agrokor dd 8.875 02/01/2020 USD 15.000
Societe Generale SA 24.000 8/30/2024 USD 66.550
UBS AG/London 14.000 07/07/2022 USD 48.250
Vontobel Financial P 5.00012/23/2022 EUR 73.860
Banque Cantonale Vau 22.200 08/02/2022 CHF 71.260
RUSNANO AO 8.860 3/27/2028 RUB 75.000
Sberbank of Russia P 0.010 12/05/2024 RUB 60.760
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Russian Federal Bond 7.650 04/10/2030 RUB 74.337
Rosselkhozbank JSC 21.600 7/15/2025 RUB 60.360
SAir Group 5.500 7/23/2003 CHF 12.625
Credit Agricole Corp 15.700 10/07/2026 TRY 62.846
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Credit Agricole Corp 10.200 08/06/2026 TRY 51.086
Deutsche Agrar Holdi 7.250 9/28/2018 EUR 0.735
Skandinaviska Enskil 8.600 7/17/2023 SEK 67.260
EFG International Fi 18.00010/20/2022 CHF 69.410
Vontobel Financial P 7.50012/23/2022 USD 77.980
BNP Paribas Issuance 5.000 11/05/2024 EUR 32.130
Pervyi Konteinernyi 0.010 02/06/2026 RUB 51.740
Societe Generale SA 10.00011/30/2022 USD 67.400
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.816
Ukraine Government B 10.570 05/10/2027 UAH 68.328
Single Platform Inve 0.419 2/15/2040 EUR 74.064
Portugal Telecom Int 5.242 11/06/2017 EUR 0.694
Hungary Government B 3.00010/27/2038 HUF 70.426
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 27.152
Privatbank CJSC Via 10.875 2/28/2018 USD 8.000
Russian Federal Bond 6.900 5/23/2029 RUB 73.055
Agrokor dd 9.875 05/01/2019 EUR 15.000
Ukraine Government B 8.750 11/10/2032 UAH 47.876
Region Wallonne Belg 1.222 6/24/2080 EUR 73.572
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
Commerzbank AG 0.06011/19/2029 EUR 70.954
Republic of Belarus 6.875 2/28/2023 USD 7.849
Hungary Government B 4.000 4/28/2051 HUF 72.733
Norske Skogindustrie 2.00012/30/2115 EUR 0.113
DekaBank Deutsche Gi 5.600 4/25/2022 EUR 70.240
Hunland Feed Kft 2.880 7/21/2031 HUF 74.250
SG Issuer SA 8.120 7/20/2023 SEK 71.140
Leonteq Securities A 8.510 5/27/2022 USD 34.700
Landesbank Baden-Wue 6.75011/25/2022 EUR 59.270
VTB Bank PJSC 0.010 10/04/2022 RUB 70.000
UBS AG/London 7.000 1/26/2024 USD 73.800
UBS AG/London 0.120 5/25/2040 MXN 14.554
Veneto Banca SpA 6.950 2/25/2025 EUR 0.571
La Veggia Finance SA 7.12511/14/2004 EUR 0.287
Norske Skogindustrie 7.12510/15/2033 USD 0.010
Single Platform Inve 0.428 2/15/2040 EUR 75.079
Deutsche Bank AG/Lon 1.796 6/30/2034 USD 65.449
Cooperatieve Raboban 0.50012/29/2027 MXN 59.533
Republic of Austria 0.700 4/20/2071 EUR 76.895
Aralco Finance SA 10.125 05/07/2020 USD 2.910
Credito Padano Banca 3.100 EUR 33.530
Turkiye Ihracat Kred 12.540 9/14/2028 TRY 46.366
Citigroup Global Mar 12.37911/13/2023 SEK 58.860
BNP Paribas Emission 8.000 6/23/2022 EUR 49.350
Axial Javito Kereske 2.000 9/23/2030 HUF 68.377
DekaBank Deutsche Gi 7.050 4/28/2023 EUR 63.050
SALVATOR Vermoegensv 9.500 EUR 7.600
Lloyds Bank PLC 1.83610/25/2033 USD 69.269
Ukraine Government B 9.700 12/08/2027 UAH 63.346
Ukraine Government B 6.000 1/22/2031 UAH 40.245
BPCE SA 2.250 3/13/2040 AUD 71.728
Lehman Brothers Trea 2.875 3/14/2013 CHF 0.100
Pescanova SA 6.750 03/05/2015 EUR 0.319
Ukraine Government I 6.876 5/21/2029 USD 35.416
Vontobel Financial P 22.000 3/25/2022 EUR 57.330
EFG International Fi 9.000 06/07/2023 EUR 75.900
VEB.RF GK 6.590 06/10/2027 RUB 71.220
Societe Generale Eff 5.000 5/27/2022 EUR 77.300
DZ Bank AG Deutsche 11.680 8/26/2022 EUR 66.830
UniCredit Bank AG 23.50010/28/2022 EUR 77.300
Zalaco Sutoipari zrt 3.500 7/24/2030 HUF 75.563
Gold-Zack AG 7.00012/14/2005 EUR 1.521
Green City Energy Kr 5.75012/30/2033 EUR 9.000
Kingdom of Belgium G 0.558 9/24/2077 EUR 65.770
Kreditanstalt fuer W 0.250 10/06/2036 CAD 51.097
Ukraine Government B 9.990 12/10/2031 UAH 54.351
Officine Maccaferri- 5.750 06/01/2021 EUR 16.372
Region de Bruxelles- 0.731 8/25/2060 EUR 71.381
Mox Telecom AG 7.250 11/02/2017 EUR 2.270
Ville de Paris 0.760 5/25/2066 EUR 74.251
SecurAsset SA 5.250 6/30/2022 EUR 28.420
UBS AG/London 12.25011/18/2022 EUR 46.150
Rosselkhozbank JSC 9.000 RUB 73.090
UBS AG/London 8.250 07/07/2022 CHF 67.050
Credit Suisse AG/Lon 7.500 3/24/2022 CHF 66.200
Epito-Es Epuletkarba 3.000 11/11/2030 HUF 73.600
Bank J Safra Sarasin 12.750 04/06/2022 CHF 68.600
Bank Julius Baer & C 12.600 04/04/2022 EUR 66.950
EFG International Fi 8.000 06/10/2022 CHF 68.180
JP Morgan Structured 12.000 01/04/2027 ZMW
EFG International Fi 10.000 9/20/2023 USD 64.790
Zurcher Kantonalbank 9.00012/30/2022 CHF 68.780
Szinorg Universal zr 3.000 5/15/2030 HUF 72.058
Norske Skog Holding 8.000 2/24/2023 USD 0.006
Single Platform Inve 1.860 2/15/2041 NOK 76.012
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Takarek Mortgage Ban 3.00010/22/2031 HUF 73.650
HSBC Bank PLC 10.300 12/10/2024 TRY 61.726
Ville de Paris 0.65011/25/2070 EUR 65.512
Region de Bruxelles- 0.845 9/30/2059 EUR 73.324
Getin Noble Bank SA 9.770 4/29/2024 PLN 62.869
Bulgaria Steel Finan 12.000 05/04/2013 EUR 0.216
Single Platform Inve 2.050 09/01/2044 NOK 75.734
Lloyds Bank PLC 0.500 7/26/2028 MXN 57.289
Credit Suisse AG/Lon 8.000 08/05/2022 EUR 66.640
Russian Foreign Bond 4.250 6/23/2027 USD 24.828
SG Issuer SA 0.263 2/20/2025 EUR 20.150
Danske Bank A/S 10.300 07/09/2023 SEK 11.600
UniCredit Bank AG 3.600 10/05/2022 EUR 53.320
Sberbank of Russia P 0.010 11/05/2025 RUB 69.400
Zurcher Kantonalbank 12.500 11/04/2022 CHF 72.800
Societe Generale SA 18.000 5/31/2024 USD 32.323
Banque International 15.000 01/05/2023 EUR 51.220
UBS AG/London 7.000 8/18/2022 USD 56.950
Sberbank of Russia P 0.010 8/25/2025 RUB 60.000
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Societe Generale SA 1.323 1/31/2034 USD 72.643
Phosphorus Holdco PL 10.000 04/01/2019 GBP 1.500
Republic of Belarus 5.875 2/24/2026 USD 10.000
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Ukraine Government B 6.000 9/18/2030 UAH 41.166
Ukraine Government B 6.00010/15/2031 UAH 38.546
Ukraine Government B 11.580 02/02/2028 UAH 68.989
LBI ehf 6.100 8/25/2011 USD 10.631
Ukraine Government B 8.880 05/10/2032 UAH 49.173
Republic of Ireland 1.200 4/15/2120 EUR 72.697
Agrokor dd Via Aquar 4.921 08/08/2017 EUR 14.625
Rena GmbH 8.250 07/11/2018 EUR 2.096
Skandinaviska Enskil 8.300 7/17/2023 SEK 66.890
Sberbank of Russia P 0.010 2/27/2025 RUB 73.800
UBS AG/London 13.500 4/29/2024 USD 43.770
Sberbank of Russia P 0.010 3/26/2024 RUB 53.450
Banque Cantonale Vau 20.650 8/22/2022 CHF 74.110
Luzerner Kantonalban 23.100 8/15/2022 CHF 52.710
Citigroup Global Mar 13.20012/18/2023 SEK 61.630
Vontobel Financial P 15.50012/23/2022 EUR 66.880
Leonteq Securities A 14.000 02/01/2023 USD 68.940
Leonteq Securities A 27.800 4/22/2022 CHF 47.120
Bank Vontobel AG 8.758 06/02/2022 CHF 46.300
Golfino AG 8.00011/18/2023 EUR 0.020
EFG International Fi 11.12012/27/2024 EUR 29.510
Sberbank of Russia P 0.010 10/04/2024 RUB 71.410
AKB Peresvet ZAO 0.510 6/23/2021 RUB 25.000
SG Issuer SA 6.760 7/20/2024 SEK 77.800
Sberbank of Russia P 0.010 8/25/2025 RUB 73.300
PA Resources AB 13.500 03/03/2016 SEK 0.124
Deutsche Bank AG/Lon 0.500 04/05/2038 MXN 23.794
Lehman Brothers Trea 2.000 3/16/2035 EUR 0.100
United Kingdom Gilt 0.62510/22/2050 GBP 75.422
HSBC Bank PLC 0.50011/25/2025 BRL 63.423
Ukraine Government B 6.000 10/11/2028 UAH 47.608
Espirito Santo Finan 5.05011/15/2025 EUR 0.287
Ukraine Government B 9.700 06/02/2032 UAH 52.436
Ukraine Government B 9.700 8/25/2032 UAH 52.157
Ukraine Government B 9.980 04/10/2030 UAH 58.468
Ukraine Government B 8.220 05/10/2035 UAH 42.761
SAir Group 0.125 07/07/2005 CHF 12.625
New World Resources 4.000 10/07/2020 EUR 0.574
New World Resources 8.000 04/07/2020 EUR 0.506
Irish Bank Resolutio 4.000 4/23/2018 EUR 33.250
Bank Julius Baer & C 22.500 05/03/2022 CHF 58.200
Leonteq Securities A 11.000 9/15/2022 CHF 46.520
Sberbank of Russia P 0.010 12/05/2025 RUB 73.700
Bank Vontobel AG 10.009 10/03/2022 EUR 68.900
BNP Paribas Issuance 11.840 04/04/2022 EUR 70.220
Skandinaviska Enskil 7.600 1/15/2024 SEK 75.760
Zurcher Kantonalbank 21.75010/21/2022 CHF 58.530
DekaBank Deutsche Gi 11.20012/23/2022 EUR 60.880
Green City Energy Kr 5.00012/31/2036 EUR 9.000
Sberbank of Russia P 0.010 5/28/2024 RUB 61.200
Mifa Mitteldeutsche 7.500 08/12/2018 EUR 2.270
BOA Offshore AS 0.409 7/17/2047 NOK 5.248
Bilt Paper BV 10.360 USD 1.071
Pescanova SA 8.750 2/17/2019 EUR 0.319
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
SAir Group 6.250 04/12/2005 CHF 12.625
Communaute Francaise 0.749 9/16/2080 EUR 75.603
Rio Forte Investment 3.900 07/10/2014 USD 4.852
Vontobel Financial P 16.500 3/25/2022 EUR 56.040
Sberbank of Russia P 0.010 05/07/2025 RUB 74.400
ENVIEN Magyarorszag 2.500 5/18/2031 HUF 74.870
Danske Bank A/S 8.050 07/09/2023 SEK 71.260
Bank Julius Baer & C 10.150 4/25/2022 USD 45.400
Sberbank of Russia P 0.01012/21/2026 RUB 70.000
Bank Julius Baer & C 8.800 5/23/2022 CHF 59.950
Wingholding Zrt 3.000 9/22/2031 HUF 69.200
JP Morgan Structured 12.000 8/28/2026 ZMW 71.835
Leonteq Securities A 8.000 6/13/2023 USD 20.440
UBS AG/London 7.25010/21/2022 EUR 73.700
DZ Bank AG Deutsche 22.700 6/24/2022 EUR 65.870
Stelius Befektetoe Z 3.100 9/17/2030 HUF 74.500
Sberbank of Russia P 0.100 12/05/2024 RUB 64.850
DZ Bank AG Deutsche 19.400 3/25/2022 EUR 42.790
Banco Espirito Santo 10.000 12/06/2021 EUR 0.388
Ukraine Government B 12.500 4/27/2029 UAH 68.931
Lehman Brothers Trea 8.000 4/20/2009 EUR 0.100
Societe Generale SA 5.40011/17/2037 USD 74.831
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Ukraine Government B 6.000 4/23/2031 UAH 39.631
Ukraine Government B 8.420 05/10/2034 UAH 44.606
Cooperatieve Raboban 0.50011/30/2027 MXN 60.236
Lehman Brothers Trea 10.44211/22/2008 CHF 0.100
Credit Agricole Corp 9.450 03/08/2027 TRY 46.425
Kingdom of Belgium G 0.675 07/07/2080 EUR 69.658
Skandinaviska Enskil 9.500 7/17/2023 SEK 68.400
Citigroup Global Mar 12.000 2/13/2024 SEK 72.410
Leonteq Securities A 10.000 03/01/2023 USD 62.130
EFG International Fi 9.800 6/21/2023 EUR 49.930
JD Capital PLC 5.000 5/21/2028 EUR 70.000
Credit Suisse AG/Lon 16.30012/26/2023 USD 55.920
Vontobel Financial P 5.500 6/17/2022 USD 47.380
Credit Suisse AG/Lon 9.500 04/01/2022 EUR 66.560
Leonteq Securities A 8.380 7/20/2022 CHF 55.970
Danske Bank A/S 7.470 07/09/2023 SEK 77.460
Corner Banca SA 13.68010/28/2022 EUR 61.880
Leonteq Securities A 20.400 1/18/2023 CHF 76.450
Bank Vontobel AG 24.000 08/09/2022 CHF 42.800
EFG International Fi 11.000 06/10/2022 USD 46.790
Skandinaviska Enskil 8.520 1/15/2024 SEK 77.450
Societe Generale Eff 4.00011/22/2022 USD 75.210
Credit Suisse AG/Lon 14.000 6/16/2022 USD 67.650
UBS AG/London 10.250 9/19/2022 CHF 68.550
Luzerner Kantonalban 22.620 6/20/2022 CHF 39.230
State of Saxony-Anha 0.773 07/03/2028 EUR 60.000
Skandinaviska Enskil 6.500 1/15/2024 SEK 73.850
Sberbank of Russia P 0.010 11/07/2024 RUB 64.000
Sberbank of Russia P 0.010 8/20/2025 RUB 61.300
Russian Foreign Bond 12.750 6/24/2028 USD 45.207
Purple Protected Ass 1.580 5/25/2060 EUR 59.397
Lehman Brothers Trea 3.82010/20/2009 USD 0.100
Cie DU Chemin de Fer 0.28011/29/2052 CHF 62.852
Ukraine Government B 9.790 5/14/2031 UAH 54.527
Ukraine Government B 9.760 7/23/2031 UAH 54.080
Ukraine Government B 10.360 11/10/2027 UAH 65.773
ECM Real Estate Inve 5.000 10/09/2011 EUR 15.375
BPCE SA 2.250 3/13/2040 AUD 71.318
Purple Protected Ass 1.600 09/08/2056 EUR 74.639
Luminis SA 1.800 09/02/2059 EUR 58.851
Leonteq Securities A 24.360 9/13/2022 CHF 42.850
Credit Suisse AG/Lon 4.180 9/14/2022 USD 9.660
Leonteq Securities A 7.500 6/28/2022 CHF 67.450
Credit Suisse AG/Lon 10.000 3/28/2022 CHF 69.670
Credit Suisse AG/Lon 8.00010/14/2022 EUR 69.550
Sberbank of Russia P 0.010 08/07/2025 RUB 70.800
Credit Suisse AG/Lon 8.450 06/07/2023 USD 9.770
Raiffeisen Centroban 10.000 3/24/2023 EUR 56.660
Credit Suisse AG/Lon 4.600 11/09/2022 USD 9.653
Raiffeisen Schweiz G 16.000 7/19/2022 EUR 69.210
DZ Bank AG Deutsche 4.000 6/24/2022 EUR 71.360
Vontobel Financial P 7.350 6/15/2022 USD 55.660
EFG International Fi 7.000 4/20/2022 USD 53.890
Raiffeisen Schweiz G 7.000 2/20/2023 CHF 76.280
Skandinaviska Enskil 5.800 1/15/2025 SEK 68.300
Republic of Bashkort 5.900 9/24/2025 RUB 73.100
Barclays Bank PLC 2.730 9/27/2024 EUR 49.200
RENE LEZARD Mode Gmb 7.25011/25/2017 EUR 0.110
Erste Group Bank AG 6.750 5/31/2024 EUR 66.600
Raiffeisen Schweiz G 6.600 3/23/2022 CHF 63.400
Dr Wiesent Sozial gG 7.000 EUR 0.010
Societe Generale SA 5.05011/25/2036 USD 74.178
Ukraine Government I 7.375 9/25/2032 USD 34.926
Gebr Sanders GmbH & 8.75010/22/2018 EUR 9.375
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Northland Resources 4.00010/15/2020 USD 0.271
Ministeries Van de V 0.60011/19/2055 EUR 72.594
Barclays Bank PLC 13.810 4/16/2024 TRY 72.254
Single Platform Inve 0.924 2/18/2049 EUR 72.279
Lehman Brothers Trea 2.000 5/17/2010 EUR 0.100
Ukraine Government B 9.700 10/06/2027 UAH 65.594
Ukraine Government B 9.610 10/11/2029 UAH 57.467
Metropole de Lyon 0.540 12/07/2050 EUR 74.859
Credit Agricole Corp 11.340 02/12/2026 TRY 56.614
Banca Popolare di Vi 9.500 10/02/2025 EUR 0.049
Air Berlin Finance B 6.000 03/06/2019 EUR 0.402
Credit Agricole Corp 14.280 11/05/2026 TRY 62.579
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Waste Italia SpA 10.50011/15/2019 EUR 0.550
CDC Habitat SEM 0.814 2/15/2040 EUR 75.453
UniCredit Bank AG 4.150 7/26/2022 EUR 52.950
MetMax Europe Zrt 3.000 12/11/2030 HUF 73.800
Leonteq Securities A 10.00010/19/2022 CHF 79.400
Credit Suisse AG/Lon 11.000 4/19/2022 CHF 46.040
UniCredit Bank AG 3.350 6/14/2022 EUR 60.020
BNP Paribas Issuance 6.310 07/05/2023 SEK 76.230
Credit Suisse AG/Lon 11.000 3/28/2022 USD 35.320
BNP Paribas Issuance 7.980 1/20/2025 SEK 74.910
Sberbank of Russia P 0.010 3/27/2028 RUB 73.400
Sberbank of Russia P 0.010 11/05/2025 RUB 56.000
Leonteq Securities A 15.000 3/29/2022 CHF 58.140
Leonteq Securities A 4.000 08/10/2022 CHF 60.230
Credit Suisse AG/Lon 13.50012/14/2022 CHF 71.960
Societe Generale SA 3.900 3/23/2022 USD 0.350
Bank Julius Baer & C 21.150 08/09/2022 CHF 46.650
AutoWallis Nyrt 3.000 7/27/2031 HUF 72.000
Zurcher Kantonalbank 11.250 04/01/2022 CHF 64.410
Sberbank of Russia P 0.010 7/24/2028 RUB 72.700
EFG International Fi 10.600 06/01/2023 USD 72.320
Credit Suisse AG/Lon 16.000 6/27/2022 EUR 56.190
Russian Federal Bond 7.100 5/15/2041 RUB 67.972
UBS AG/London 8.25011/19/2026 EUR 61.460
EFG International Fi 9.100 9/20/2023 EUR 65.900
DekaBank Deutsche Gi 11.800 4/21/2022 EUR 74.390
Sberbank of Russia P 0.010 1/29/2025 RUB 58.220
SG Issuer SA 2.200 01/10/2025 EUR 72.690
Nordea Bank Abp 7.450 7/20/2024 SEK 77.280
SG Issuer SA 0.35011/15/2023 EUR 21.980
COFIDUR SA 0.10012/31/2024 EUR 24.050
Societe Generale SA 27.30010/20/2025 USD 33.650
Cerruti Finance SA 6.500 7/26/2004 EUR 2.058
Teksid Aluminum Luxe 12.375 7/15/2011 EUR 0.122
Ukraine Government B 9.800 04/02/2031 UAH 54.803
Ukraine Government B 11.570 03/01/2028 UAH 68.749
Single Platform Inve 0.745 2/15/2047 EUR 73.724
BPCE SA 2.285 12/03/2035 AUD 75.936
BPCE SA 2.255 03/12/2040 AUD 70.905
Heta Asset Resolutio 0.20712/31/2023 EUR 3.285
Polski Bank Spoldzie 8.270 9/14/2027 PLN 71.396
SG Issuer SA 0.100 06/11/2029 NZD 70.419
Hellas Telecommunica 8.50010/15/2013 EUR 0.834
Republic of Belarus 6.200 2/28/2030 USD 10.000
Norske Skogindustrie 7.00012/30/2026 EUR 0.010
Communaute Francaise 0.500 6/27/2046 EUR 75.356
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Gazprom PJSC Via Gaz 2.250 7/19/2022 CHF 20.693
DZ Bank AG Deutsche 9.410 8/26/2022 EUR 33.140
SG Issuer SA 0.015 11/07/2033 EUR 71.040
EFG International Fi 17.000 9/15/2022 EUR 35.620
Credit Suisse AG/Lon 4.70011/30/2022 USD 9.583
Bank Julius Baer & C 14.500 4/20/2022 EUR 62.050
Sberbank of Russia P 0.01012/17/2025 RUB 73.600
Sberbank of Russia P 0.01012/17/2025 RUB 57.300
Leonteq Securities A 20.000 08/10/2022 CHF 50.760
Sberbank of Russia P 0.01011/26/2025 RUB 72.800
Sberbank of Russia P 0.01011/27/2025 RUB 56.800
SG Issuer SA 2.270 02/04/2032 EUR 72.730
Societe Generale SA 16.000 08/01/2024 USD 35.850
Societe Generale SA 16.000 08/01/2024 USD 47.500
Rosselkhozbank JSC 9.000 RUB 74.020
Sberbank of Russia P 0.01012/22/2025 RUB 73.200
Societe Generale SA 21.00011/30/2023 USD 18.300
Landesbank Baden-Wue 5.650 5/27/2022 EUR 47.420
Corner Banca SA 12.600 10/12/2022 EUR 69.160
Bank Vontobel AG 15.010 08/08/2022 USD 70.900
Vontobel Financial P 9.400 5/13/2022 EUR 47.780
Sberbank of Russia P 0.946 04/01/2025 RUB 72.400
Zurcher Kantonalbank 7.000 08/10/2022 USD 53.180
SG Issuer SA 1.500 1/24/2034 EUR 77.330
Societe Generale Eff 18.000 9/23/2022 EUR 72.270
UBS AG/London 18.50011/25/2022 USD 78.950
UBS AG/London 9.750 04/06/2023 USD 53.350
Bank Vontobel AG 20.000 9/26/2022 EUR 45.300
Credit Suisse AG/Lon 12.000 7/14/2022 USD 66.930
Leonteq Securities A 18.00012/27/2022 CHF 75.380
UBS AG/London 13.250 04/06/2023 USD 77.550
Societe Generale SA 6.000 05/09/2022 USD 2.120
EFG International Fi 13.000 8/24/2022 CHF 81.700
Bank Vontobel AG 22.300 08/02/2022 CHF 69.900
Societe Generale SA 20.00012/18/2025 USD 73.000
BrokerCreditService 14.000 09/09/2022 USD 45.000
UBS AG/London 7.250 12/09/2022 CHF 67.750
Raiffeisen Schweiz G 14.000 7/19/2022 USD 77.420
Raiffeisen Schweiz G 12.00010/19/2022 CHF 73.610
EFG International Fi 7.500 7/26/2022 USD 62.350
SG Issuer SA 7.700 1/20/2024 SEK 77.980
Societe Generale SA 16.000 8/30/2024 USD 46.250
Corner Banca SA 13.200 12/07/2022 CHF 53.920
Credit Suisse AG/Lon 8.50012/16/2022 CHF 65.410
Credit Suisse AG/Lon 8.00012/19/2022 CHF 72.660
EFG International Fi 6.500 4/26/2023 USD 35.490
EFG International Fi 11.410 4/26/2022 EUR 78.730
Nordea Bank Abp 7.100 7/20/2024 SEK 76.100
Nordea Bank Abp 9.000 7/20/2024 SEK 75.050
Sberbank of Russia P 0.010 03/06/2028 RUB 73.200
Bank Vontobel AG 7.254 9/19/2022 CHF 63.300
Zurcher Kantonalbank 15.200 9/21/2022 USD 38.920
Bank Julius Baer & C 14.300 02/08/2023 CHF 75.450
DeltaCredit Bank JSC 1.00010/20/2025 RUB 60.000
Barclays Bank PLC 0.433 3/14/2023 USD
Skandinaviska Enskil 6.400 1/15/2025 SEK 61.730
SG Issuer SA 6.130 1/20/2024 SEK 75.750
Leonteq Securities A 9.000 6/13/2023 CHF 75.160
EFG International Fi 9.65012/23/2024 EUR 64.520
Nordea Bank Abp 5.813 7/20/2024 SEK 73.380
Muehl Product & Serv 6.750 03/10/2005 DEM 0.104
Raiffeisen Schweiz G 10.00012/31/2024 CHF 67.470
Skandinaviska Enskil 5.750 1/15/2025 SEK 68.180
Societe Generale SA 18.000 11/02/2023 USD 41.130
Sberbank of Russia P 0.010 10/06/2025 RUB 73.700
VTB Bank PJSC 0.010 8/15/2023 RUB 55.900
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Credit Agricole Corp 2.480 8/18/2050 USD 75.656
Barclays Bank PLC 1.59612/23/2033 USD 74.908
Natixis SA 0.300 6/25/2048 USD 39.222
Single Platform Inve 0.462 2/15/2040 EUR 75.552
Barclays Bank PLC 0.836 4/25/2034 USD 69.918
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.125
Purple Protected Ass 1.48011/30/2060 EUR 61.751
Single Platform Inve 0.751 11/06/2047 EUR 72.633
Credit Suisse AG 0.50012/16/2025 BRL 63.270
Ukraine Government B 9.700 12/06/2028 UAH 59.974
Region de Bruxelles- 0.453 12/07/2055 EUR 68.659
Societe Wallonne de 0.94810/23/2051 EUR 71.642
Societe Wallonne de 0.90410/23/2047 EUR 71.944
Ukraine Government B 6.000 06/12/2030 UAH 41.883
Lehman Brothers Trea 7.50010/24/2008 USD 0.100
Irish Bank Resolutio 6.75011/30/2013 BGN 33.250
LBI ehf 7.431 USD 0.001
Ukraine Government B 10.710 4/26/2028 UAH 65.362
Ukraine Government B 6.000 1/14/2026 UAH 62.534
Region de Bruxelles- 0.45012/22/2056 EUR 67.521
Thomas Cook Finance 3.875 7/15/2023 EUR 0.522
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
SAir Group 2.125 11/04/2004 CHF 12.625
BNP Paribas SA 1.000 1/23/2040 MXN 21.488
Societe Generale SA 2.696 6/30/2035 USD 71.716
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Astana Finance BV 7.875 06/08/2010 EUR 16.000
Lukoil International 4.563 4/24/2023 USD 48.492
Ukraine Government I 8.994 02/01/2024 USD 39.083
Mriya Agro Holding P 9.450 4/19/2018 USD 4.667
Communaute Francaise 1.000 10/08/2069 EUR 70.329
Northland Resources 15.000 7/15/2019 USD 2.621
Espirito Santo Finan 5.125 5/30/2016 EUR 0.528
Lehman Brothers Trea 7.320 7/31/2013 GBP 0.100
Lehman Brothers Trea 8.280 7/31/2013 GBP 0.100
Reso-Leasing OOO 7.500 06/02/2024 RUB 59.510
Leonteq Securities A 22.770 8/30/2022 CHF 46.860
Sberbank of Russia P 0.010 2/27/2024 RUB 71.600
Sberbank of Russia P 0.010 03/06/2025 RUB 71.000
Bank Vontobel AG 12.508 9/26/2022 CHF 62.000
UBS AG/London 16.750 3/31/2022 CHF 39.950
VTB Bank PJSC 0.010 3/21/2023 RUB 59.000
Sberbank of Russia P 0.01011/20/2025 RUB 73.700
Vasutvillamosito Kft 3.000 02/03/2031 HUF 73.200
UBS AG/London 10.50010/28/2022 USD 73.150
UBS AG/London 12.250 3/24/2022 CHF 41.400
Credit Suisse AG/Lon 11.20011/14/2022 CHF 64.380
Leonteq Securities A 24.020 6/29/2022 CHF 51.360
Sberbank of Russia P 0.010 7/24/2025 RUB 73.400
Sberbank of Russia P 0.010 08/12/2025 RUB 71.900
Societe Generale SA 6.000 06/06/2022 USD 0.040
DZ Bank AG Deutsche 10.750 6/22/2022 EUR 61.090
Societe Generale SA 8.600 7/29/2022 USD 49.600
Zurcher Kantonalbank 15.500 11/08/2022 USD 78.350
Zurcher Kantonalbank 20.500 9/13/2022 CHF 46.550
Russian Foreign Bond 2.650 5/27/2036 EUR 12.662
UBS AG/London 4.500 07/01/2024 CHF 72.500
Corner Banca SA 15.400 4/26/2022 CHF 62.140
Leonteq Securities A 21.100 4/21/2022 CHF 45.590
Raiffeisen Schweiz G 12.000 01/04/2023 CHF 48.790
Aranynektar Termekgy 3.500 04/03/2030 HUF 65.682
Sberbank of Russia P 1.055 4/15/2024 RUB 72.100
Sberbank of Russia P 0.010 10/06/2025 RUB 67.700
Sberbank of Russia P 0.010 10/07/2025 RUB 56.300
Credit Suisse AG/Lon 6.000 06/07/2022 CHF 74.910
OOO SPV Structural I 0.010 09/01/2023 RUB 66.740
Sberbank of Russia P 1.20312/18/2024 RUB 59.100
Pick Szeged Szalamig 2.000 12/06/2029 HUF 92.300
Sberbank of Russia P 0.010 1/27/2025 RUB 63.710
Pannonia Bio Ltd 2.400 9/18/2029 HUF 74.020
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 55.280
Credit Agricole Corp 15.000 6/18/2026 TRY 65.148
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.510
Lehman Brothers Trea 2.370 7/15/2013 USD 0.100
Credit Agricole Corp 11.640 3/24/2027 TRY 52.759
Barclays Bank PLC 1.645 06/03/2041 USD 75.170
Ukraine Government B 6.00011/20/2024 UAH 71.480
Ukraine Government B 12.500 10/12/2029 UAH 67.990
Veneto Banca SpA 6.944 5/15/2025 EUR 0.571
Credit Agricole Corp 10.800 3/24/2026 TRY 54.348
Ukraine Government I 7.750 09/01/2025 USD 37.421
Ukraine Government B 9.910 08/07/2030 UAH 56.526
Ukraine Government B 6.00011/28/2029 UAH 43.511
Ukraine Government B 9.820 02/12/2031 UAH 55.140
Credit Agricole Corp 11.190 1/15/2026 TRY 56.354
Intelsat SA 4.500 6/15/2025 USD 9.500
Societe Generale SA 4.404 3/31/2034 USD 72.303
Petromena ASA 10.85011/19/2018 USD 0.622
Hellas Telecommunica 6.054 1/15/2015 USD 0.001
Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625
Credit Agricole Corp 10.500 2/16/2027 TRY 49.316
Credit Agricole Corp 15.000 7/14/2026 TRY 64.036
Credit Agricole Corp 6.000 2/26/2027 BRL 74.229
Barclays Bank PLC 0.500 10/01/2031 TRY 8.967
Communaute Francaise 0.750 02/04/2061 EUR 69.635
Societe Generale SA 2.480 7/17/2040 USD 70.380
Deutsche Bank AG/Lon 0.50010/18/2038 MXN 15.118
Barclays Bank PLC 7.830 7/26/2038 MXN 73.572
Deutsche Bank AG/Lon 2.00010/25/2023 TRY 57.792
Ukraine Government I 9.750 11/01/2028 USD 36.659
Ukraine Government I 8.994 02/01/2024 USD 39.093
Credit Agricole Corp 12.00011/17/2025 TRY 59.160
Cie Generale de Navi 0.35012/29/2056 CHF 73.093
BLT Finance BV 12.000 02/10/2015 USD 10.500
Credit Agricole Corp 15.000 6/18/2026 TRY 64.313
Skandinaviska Enskil 10.360 7/17/2023 SEK 74.810
Sberbank of Russia P 0.010 07/02/2025 RUB 73.900
Danske Bank A/S 9.430 07/09/2024 SEK 79.260
Raiffeisen Schweiz G 12.000 07/12/2022 CHF 64.980
Agrar Mezogazdasagi 2.900 8/24/2031 HUF 74.880
Bank Julius Baer & C 15.000 6/22/2022 CHF 60.750
Basler Kantonalbank 10.00012/16/2022 CHF 70.220
VTB Bank PJSC 0.01011/15/2022 RUB 62.000
Sberbank of Russia P 0.946 03/11/2025 RUB 62.800
Sberbank of Russia P 0.010 11/05/2025 RUB 73.700
Societe Generale SA 10.800 3/31/2026 USD 64.850
Bank Vontobel AG 20.504 05/12/2022 CHF 64.000
Corner Banca SA 19.000 04/12/2022 CHF 74.930
Bank Julius Baer & C 11.000 04/07/2022 USD 66.800
EFG International Fi 7.100 04/06/2022 EUR 64.110
Credit Suisse AG/Lon 8.000 04/12/2022 EUR 63.010
Leonteq Securities A 28.960 5/17/2022 CHF 62.470
Sberbank of Russia P 0.010 3/25/2025 RUB 70.000
Russian Federal Bond 5.900 03/12/2031 RUB 65.000
Raiffeisen Switzerla 12.000 9/22/2022 CHF 52.040
UBS AG/London 9.750 9/26/2022 CHF 65.850
Bank Julius Baer & C 9.250 05/11/2022 EUR 53.400
Erste Group Bank AG 10.000 3/31/2022 EUR 71.650
Credit Suisse AG/Lon 10.500 07/08/2022 EUR 36.420
UBS AG/London 8.500 03/08/2023 CHF 68.500
UBS AG/London 28.500 7/28/2022 USD 44.650
Sberbank of Russia P 0.010 7/29/2024 RUB 64.900
UniCredit Bank AG 4.400 04/12/2023 EUR 60.280
SG Issuer SA 19.750 11/08/2022 EUR
DekaBank Deutsche Gi 7.260 5/30/2022 EUR 72.500
Russian Foreign Bond 5.100 3/28/2035 USD 16.000
Zurcher Kantonalbank 8.000 4/22/2022 EUR 68.150
Leonteq Securities A 27.290 4/26/2022 CHF 33.660
SAir Group 5.125 03/01/2003 CHF 12.750
Vontobel Financial P 11.00012/23/2022 EUR 71.710
UBS AG/London 5.00012/15/2023 EUR 70.000
Progress Etteremhalo 3.000 9/18/2030 HUF 73.500
VTB Bank PJSC 0.010 9/13/2022 RUB 60.070
Rosselkhozbank JSC 5.450 2/13/2025 RUB 72.390
Sberbank of Russia P 0.010 8/21/2025 RUB 58.800
Sberbank of Russia P 1.055 5/13/2024 RUB 71.100
Sberbank of Russia P 0.010 02/06/2023 RUB 58.850
Sberbank of Russia P 1.054 7/16/2024 RUB 64.400
Ukraine Government I 7.750 09/01/2022 USD 48.845
Ukraine Government I 7.750 09/01/2024 USD 38.083
IT Holding Finance S 9.87511/15/2012 EUR 0.015
Barclays Bank PLC 3.800 9/30/2031 USD 65.926
Turkey Government Bo 11.000 2/24/2027 TRY 60.800
Astana Finance BV 9.00011/16/2011 USD 15.250
Ukraine Government I 7.750 09/01/2024 USD 38.144
Ukraine Government B 9.990 8/27/2031 UAH 54.871
Credit Agricole Corp 11.550 1/28/2026 TRY 55.276
Credit Agricole Corp 10.800 3/24/2026 TRY 50.964
Ukraine Government B 6.00011/26/2025 UAH 63.487
Ukraine Government B 6.000 11/12/2025 UAH 63.767
Credit Agricole SA 3.000 1/19/2041 AUD 73.000
Ukraine Government I 4.375 1/27/2030 EUR 35.721
Lehman Brothers Trea 11.000 07/04/2011 USD 0.100
Ukraine Government I 7.253 3/15/2033 USD 35.077
Turkey Government Bo 12.400 03/08/2028 TRY 62.400
Barclays Bank PLC 1.450 9/24/2038 MXN 29.698
Ukraine Government I 6.750 6/20/2026 EUR 36.333
SAir Group 2.750 7/30/2004 CHF 12.625
Cooperatieve Raboban 0.500 8/21/2028 MXN 56.515
Ukraine Government I 6.876 5/21/2029 USD 35.375
Espirito Santo Finan 0.48110/27/2024 EUR 0.297
Leonteq Securities A 2.500 06/05/2024 EUR 70.420
Skandinaviska Enskil 9.020 7/17/2023 SEK 67.040
SG Issuer SA 4.000 6/22/2026 EUR 73.410
Landesbank Baden-Wue 3.000 9/23/2022 EUR 61.760
SG Issuer SA 11.170 7/20/2025 SEK 41.550
UniCredit Bank AG 4.200 7/26/2022 EUR 28.710
UniCredit Bank AG 4.450 7/23/2022 EUR 47.930
UniCredit Bank AG 3.650 7/23/2022 EUR 46.840
Landesbank Baden-Wue 2.500 8/25/2023 EUR 67.420
Landesbank Baden-Wue 2.300 9/23/2022 EUR 73.610
Landesbank Baden-Wue 3.050 9/23/2022 EUR 60.460
SG Issuer SA 8.300 7/21/2025 SEK 61.320
EFG International Fi 6.100 05/11/2023 USD 46.400
Credit Suisse AG/Lon 8.250 05/05/2022 USD 46.080
Banque Cantonale Vau 10.600 05/05/2022 CHF 67.610
Bank Vontobel AG 7.007 11/02/2022 CHF 67.400
Leonteq Securities A 22.080 05/06/2022 CHF 38.330
Vontobel Financial P 11.500 6/24/2022 EUR 69.710
Credit Suisse AG/Lon 8.000 08/03/2022 CHF 44.700
Zurcher Kantonalbank 9.000 05/11/2022 CHF 71.810
Vontobel Financial P 15.750 08/03/2022 EUR 38.210
Vontobel Financial P 19.000 6/24/2022 EUR 58.640
Vontobel Financial P 15.000 6/24/2022 EUR 63.250
Bank Julius Baer & C 8.250 05/04/2022 CHF 67.550
Vontobel Financial P 17.750 3/25/2022 EUR 43.170
Vontobel Financial P 17.000 6/24/2022 EUR 72.660
Vontobel Financial P 11.000 6/24/2022 EUR 69.120
Vontobel Financial P 15.000 6/24/2022 EUR 75.120
Bank Vontobel AG 11.00610/31/2022 CHF 76.400
Bank Vontobel AG 8.50310/31/2022 CHF 75.800
UBS AG/London 13.000 05/06/2024 USD 42.500
UBS AG/London 12.750 11/07/2022 USD 41.750
UBS AG/London 10.250 11/07/2022 CHF 70.850
UBS AG/London 19.750 05/05/2022 USD 51.500
Zurcher Kantonalbank 21.500 05/12/2022 USD 51.920
UBS AG/London 14.000 05/05/2022 CHF 32.100
Bank Vontobel AG 9.00610/31/2022 CHF 43.200
UBS AG/London 14.500 11/07/2022 CHF 55.600
EFG International Fi 6.500 4/20/2022 CHF 52.300
Vontobel Financial P 9.500 6/24/2022 EUR 67.790
EFG International Fi 5.500 4/20/2022 USD 57.870
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 61.440
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 61.700
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 71.130
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 69.440
DZ Bank AG Deutsche 13.000 3/23/2022 EUR 64.280
DZ Bank AG Deutsche 10.500 6/22/2022 EUR 65.550
DZ Bank AG Deutsche 8.750 3/23/2022 EUR 70.180
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 70.980
Vontobel Financial P 17.000 6/24/2022 EUR 69.890
Vontobel Financial P 17.000 6/24/2022 EUR 60.810
Vontobel Financial P 13.000 6/24/2022 EUR 66.010
Vontobel Financial P 14.000 6/24/2022 EUR 72.020
DekaBank Deutsche Gi 3.500 11/04/2022 EUR 54.390
AutoWallis Nyrt 3.000 4/15/2030 HUF 74.580
EFG International Fi 4.90011/24/2023 USD 65.260
Landesbank Baden-Wue 2.200 1/27/2023 EUR 31.270
DekaBank Deutsche Gi 2.80010/20/2023 EUR 63.640
Landesbank Baden-Wue 3.400 8/23/2024 EUR 32.110
EFG International Fi 4.67011/23/2022 EUR 70.610
Leonteq Securities A 8.00011/23/2022 CHF 77.250
DekaBank Deutsche Gi 3.25011/25/2022 EUR 68.220
UBS AG/London 13.250 4/29/2022 CHF 56.700
Bank Vontobel AG 11.501 05/02/2022 EUR 67.600
EFG International Fi 6.080 05/05/2022 USD 49.050
Leonteq Securities A 21.050 05/04/2022 CHF 66.630
Leonteq Securities A 6.700 11/04/2022 USD 67.120
Zurcher Kantonalbank 20.750 05/12/2022 CHF 62.100
UBS AG/London 9.500 11/07/2022 CHF 75.550
UBS AG/London 10.500 11/07/2022 CHF 75.200
Vontobel Financial P 17.000 6/24/2022 EUR 65.110
Vontobel Financial P 12.000 6/24/2022 EUR 64.680
Vontobel Financial P 15.500 6/24/2022 EUR 71.700
Vontobel Financial P 12.500 6/24/2022 EUR 63.860
Vontobel Financial P 11.000 6/24/2022 EUR 63.450
Leonteq Securities A 14.000 9/14/2022 CHF 57.570
Vontobel Financial P 19.500 6/24/2022 EUR 33.240
Vontobel Financial P 8.000 6/24/2022 EUR 64.860
Vontobel Financial P 6.500 6/24/2022 EUR 67.120
Bank Vontobel AG 12.500 6/20/2022 CHF 68.000
Bank Vontobel AG 12.500 9/19/2022 CHF 65.200
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 62.080
DZ Bank AG Deutsche 9.250 6/24/2022 EUR 67.790
Vontobel Financial P 15.000 6/24/2022 EUR 74.690
Vontobel Financial P 18.000 6/24/2022 EUR 33.770
Vontobel Financial P 6.250 6/24/2022 EUR 72.100
EFG International Fi 16.000 6/23/2022 USD 66.460
Bank Julius Baer & C 13.000 6/22/2022 CHF 50.450
Vontobel Financial P 16.000 6/24/2022 EUR 60.860
Vontobel Financial P 17.000 6/24/2022 EUR 69.780
Vontobel Financial P 9.500 6/24/2022 EUR 62.990
Leonteq Securities A 22.790 6/22/2022 CHF 40.440
Vontobel Financial P 7.500 6/24/2022 EUR 67.210
Vontobel Financial P 12.000 6/24/2022 EUR 74.010
UBS AG/London 11.250 07/01/2022 CHF 59.450
UniCredit Bank AG 6.000 7/28/2023 EUR 39.440
UBS AG/London 10.000 07/08/2022 CHF 53.050
Societe Generale SA 9.000 7/22/2022 USD 48.700
Vontobel Financial P 12.000 6/24/2022 EUR 43.330
Leonteq Securities A 2.800 7/29/2022 EUR 61.250
Leonteq Securities A 22.450 7/29/2022 CHF 42.360
Vontobel Financial P 12.500 6/24/2022 EUR 72.950
Vontobel Financial P 8.250 6/24/2022 EUR 64.730
Leonteq Securities A 10.000 11/02/2022 CHF 58.150
DZ Bank AG Deutsche 5.500 6/20/2022 EUR 73.900
DZ Bank AG Deutsche 5.100 9/19/2022 EUR 74.660
Societe Generale Eff 4.750 6/24/2022 EUR 54.180
BNP Paribas Issuance 9.000 5/18/2022 SEK 67.560
Vontobel Financial P 9.000 6/24/2022 EUR 68.010
Vontobel Financial P 14.750 6/24/2022 EUR 34.950
Zurcher Kantonalbank 12.500 08/09/2022 EUR 58.360
Bank Vontobel AG 7.550 1/30/2023 CHF 71.900
Leonteq Securities A 6.200 5/20/2022 EUR 46.220
Societe Generale Eff 15.750 5/27/2022 EUR 46.730
Vontobel Financial P 5.750 6/24/2022 EUR 72.060
Leonteq Securities A 12.000 7/29/2022 CHF 67.860
Leonteq Securities A 20.000 7/29/2022 CHF 48.170
Societe Generale Eff 3.000 7/22/2022 USD 9.920
Vontobel Financial P 7.250 6/24/2022 EUR 74.390
Vontobel Financial P 11.750 6/24/2022 EUR 50.170
Vontobel Financial P 9.750 6/24/2022 EUR 73.000
Societe Generale Eff 11.750 5/27/2022 EUR 52.350
Vontobel Financial P 12.250 6/24/2022 EUR 66.090
Vontobel Financial P 13.000 6/24/2022 EUR 72.340
Landesbank Baden-Wue 3.50012/22/2023 EUR 73.170
Vontobel Financial P 8.250 6/24/2022 EUR 56.800
Vontobel Financial P 17.750 6/24/2022 EUR 39.250
Societe Generale Eff 5.750 5/27/2022 EUR 68.930
Societe Generale Eff 13.750 5/27/2022 EUR 49.250
Leonteq Securities A 5.000 1/30/2023 USD 56.820
DZ Bank AG Deutsche 4.700 6/20/2022 EUR 75.240
DZ Bank AG Deutsche 5.600 9/19/2022 EUR 73.750
Vontobel Financial P 7.000 6/24/2022 EUR 73.990
UBS AG/London 9.75012/23/2022 CHF 62.800
UBS AG/London 9.250 6/23/2023 USD 68.300
UBS AG/London 7.750 6/23/2023 CHF 66.850
Vontobel Financial P 7.000 9/23/2022 EUR 71.710
Vontobel Financial P 10.500 9/23/2022 EUR 66.550
Vontobel Financial P 7.000 6/24/2022 EUR 71.840
Landesbank Baden-Wue 4.600 8/25/2023 EUR 74.970
Vontobel Financial P 12.000 9/23/2022 EUR 67.280
Vontobel Financial P 11.500 6/24/2022 EUR 67.900
DZ Bank AG Deutsche 4.75012/19/2022 EUR 75.240
DZ Bank AG Deutsche 9.50012/19/2022 EUR 74.540
Leonteq Securities A 24.610 7/15/2022 CHF 63.000
Leonteq Securities A 28.010 4/19/2022 CHF 16.050
Vontobel Financial P 9.000 6/24/2022 EUR 72.290
EFG International Fi 8.000 1/19/2023 CHF 68.110
DZ Bank AG Deutsche 9.000 8/26/2022 EUR 74.450
DZ Bank AG Deutsche 7.80012/23/2022 EUR 75.800
DZ Bank AG Deutsche 14.400 6/24/2022 EUR 72.800
DZ Bank AG Deutsche 11.700 8/26/2022 EUR 71.830
Leonteq Securities A 8.00012/20/2022 CHF 59.730
Goldman Sachs & Co W 7.000 5/25/2022 EUR 69.730
Goldman Sachs & Co W 7.000 6/22/2022 EUR 69.770
Leonteq Securities A 10.000 3/17/2023 CHF 69.210
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 71.590
DZ Bank AG Deutsche 9.500 6/22/2022 EUR 65.290
UniCredit Bank AG 5.350 2/27/2023 EUR 55.500
Vontobel Financial P 9.500 6/24/2022 EUR 71.480
Vontobel Financial P 11.500 6/24/2022 EUR 69.000
Vontobel Financial P 13.500 6/24/2022 EUR 70.440
Vontobel Financial P 14.000 6/24/2022 EUR 66.880
Vontobel Financial P 10.500 6/24/2022 EUR 74.120
Vontobel Financial P 7.000 6/24/2022 EUR 65.030
Vontobel Financial P 8.500 6/24/2022 EUR 62.110
Vontobel Financial P 9.000 6/24/2022 EUR 64.300
Zurcher Kantonalbank 8.000 07/01/2022 CHF 67.890
Zurcher Kantonalbank 18.000 07/01/2022 USD 74.840
Zurcher Kantonalbank 8.750 07/01/2022 CHF 68.980
Vontobel Financial P 7.500 6/24/2022 EUR 61.590
Vontobel Financial P 8.000 6/24/2022 EUR 68.660
Vontobel Financial P 20.500 6/24/2022 EUR 64.040
Vontobel Financial P 6.000 6/24/2022 EUR 67.930
Raiffeisen Schweiz G 10.00012/14/2022 CHF 64.920
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 72.130
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 73.170
DZ Bank AG Deutsche 11.750 3/23/2022 EUR 64.260
DZ Bank AG Deutsche 8.000 9/21/2022 EUR 66.700
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 68.970
Vontobel Financial P 3.750 01/03/2023 EUR 44.400
Vontobel Financial P 13.500 6/24/2022 EUR 58.060
Vontobel Financial P 7.500 6/24/2022 EUR 74.190
Vontobel Financial P 5.000 6/24/2022 EUR 57.660
Leonteq Securities A 15.000 6/15/2022 CHF 31.720
Bank Julius Baer & C 7.450 9/26/2022 USD 56.750
Vontobel Financial P 7.000 6/24/2022 EUR 65.860
Vontobel Financial P 10.000 6/24/2022 EUR 61.530
Vontobel Financial P 6.000 6/24/2022 EUR 61.380
Vontobel Financial P 6.500 6/24/2022 EUR 63.580
Vontobel Financial P 11.000 6/24/2022 EUR 69.070
Vontobel Financial P 15.500 6/24/2022 EUR 65.140
Corner Banca SA 10.40012/14/2022 CHF 49.400
Vontobel Financial P 7.000 6/24/2022 EUR 66.390
UBS AG/London 10.25012/23/2022 CHF 63.050
UBS AG/London 8.250 6/23/2022 CHF 37.950
UBS AG/London 8.000 6/23/2022 USD 59.350
Credit Suisse AG/Lon 15.000 6/14/2022 CHF 63.380
UBS AG/London 16.75012/23/2022 CHF 52.800
Credit Suisse AG/Lon 11.000 6/15/2022 CHF 43.820
Raiffeisen Schweiz G 8.000 9/14/2022 EUR 64.340
Vontobel Financial P 15.500 6/24/2022 EUR 72.400
Vontobel Financial P 13.500 6/24/2022 EUR 66.130
Vontobel Financial P 16.000 6/24/2022 EUR 63.510
Societe Generale Eff 8.500 7/22/2022 EUR 64.810
Societe Generale Eff 8.000 7/22/2022 EUR 55.420
Zurcher Kantonalbank 11.000 6/22/2022 USD 65.330
Bank Julius Baer & C 15.000 6/15/2022 USD 69.900
Vontobel Financial P 6.000 6/24/2022 EUR 57.950
Vontobel Financial P 5.000 6/24/2022 EUR 61.090
Vontobel Financial P 8.000 6/24/2022 EUR 64.010
Leonteq Securities A 20.000 6/15/2022 CHF 45.520
Vontobel Financial P 12.000 6/24/2022 EUR 72.210
UBS AG/London 6.800 6/15/2026 USD 72.450
Vontobel Financial P 7.000 6/24/2022 EUR 58.240
Vontobel Financial P 7.000 6/24/2022 EUR 63.720
Vontobel Financial P 14.500 6/24/2022 EUR 74.800
Vontobel Financial P 9.000 6/24/2022 EUR 71.970
Vontobel Financial P 16.000 6/24/2022 EUR 55.730
Vontobel Financial P 8.500 6/24/2022 EUR 72.120
Vontobel Financial P 8.000 6/24/2022 EUR 75.840
Vontobel Financial P 5.500 6/24/2022 EUR 55.750
Vontobel Financial P 18.000 6/24/2022 EUR 56.240
Vontobel Financial P 18.000 6/24/2022 EUR 71.530
Vontobel Financial P 11.000 6/24/2022 EUR 69.310
Vontobel Financial P 10.000 6/24/2022 EUR 67.590
Vontobel Financial P 14.500 6/24/2022 EUR 73.260
Vontobel Financial P 8.500 6/24/2022 EUR 72.780
Raiffeisen Schweiz G 11.00012/14/2022 CHF 69.810
Vontobel Financial P 20.500 6/24/2022 EUR 59.020
Societe Generale Eff 16.500 6/24/2022 EUR 71.500
Societe Generale Eff 12.000 7/22/2022 EUR 48.570
Societe Generale Eff 14.000 7/22/2022 EUR 46.300
Societe Generale Eff 9.000 7/22/2022 EUR 73.360
Vontobel Financial P 15.000 6/24/2022 EUR 68.790
Societe Generale Eff 9.000 7/22/2022 EUR 73.470
Raiffeisen Switzerla 8.200 11/03/2022 CHF 53.360
Raiffeisen Schweiz G 12.000 05/03/2022 USD 53.750
UniCredit Bank AG 4.200 9/21/2022 EUR 49.890
Zurcher Kantonalbank 12.750 05/11/2022 CHF 78.540
Vontobel Financial P 18.000 6/24/2022 EUR 65.370
DekaBank Deutsche Gi 2.800 05/02/2022 EUR 53.330
Landesbank Baden-Wue 2.300 6/24/2022 EUR 56.610
Landesbank Baden-Wue 3.000 7/22/2022 EUR 64.850
Raiffeisen Switzerla 6.500 11/03/2022 CHF 68.990
Landesbank Baden-Wue 3.300 5/27/2022 EUR 56.570
Landesbank Baden-Wue 4.000 5/27/2022 EUR 46.060
Societe Generale Eff 18.250 6/24/2022 EUR 61.020
Vontobel Financial P 14.500 6/24/2022 EUR 65.160
Vontobel Financial P 9.000 9/23/2022 EUR 68.360
Landesbank Baden-Wue 6.300 8/25/2023 EUR 71.470
Landesbank Baden-Wue 7.800 8/25/2023 EUR 69.280
Landesbank Baden-Wue 6.800 8/25/2023 EUR 49.820
Vontobel Financial P 7.500 9/23/2022 EUR 72.840
Vontobel Financial P 6.500 9/23/2022 EUR 74.570
Landesbank Baden-Wue 4.00010/28/2022 EUR 71.920
Leonteq Securities A 20.000 7/13/2022 CHF 47.530
Vontobel Financial P 14.500 6/24/2022 EUR 68.600
Vontobel Financial P 12.000 6/24/2022 EUR 72.190
Vontobel Financial P 13.750 6/24/2022 EUR 52.160
Vontobel Financial P 17.750 6/24/2022 EUR 55.150
Vontobel Financial P 15.250 9/23/2022 EUR 59.710
Leonteq Securities A 18.000 8/31/2022 CHF 45.680
DZ Bank AG Deutsche 14.600 6/24/2022 EUR 73.310
Goldman Sachs & Co W 7.000 9/21/2022 EUR 71.140
Goldman Sachs & Co W 6.00012/21/2022 EUR 71.900
Goldman Sachs & Co W 6.000 4/21/2022 EUR 72.940
Goldman Sachs & Co W 7.000 7/20/2022 EUR 70.210
Leonteq Securities A 22.220 9/16/2022 CHF 48.720
Leonteq Securities A 22.68010/14/2022 CHF 68.290
Vontobel Financial P 7.500 9/23/2022 EUR 70.350
Vontobel Financial P 13.500 9/23/2022 EUR 63.440
Vontobel Financial P 12.000 6/24/2022 EUR 64.490
Landesbank Baden-Wue 8.800 8/25/2023 EUR 67.500
Landesbank Baden-Wue 4.000 8/25/2023 EUR 63.350
Landesbank Baden-Wue 11.60010/28/2022 EUR 73.750
Landesbank Baden-Wue 5.200 8/25/2023 EUR 51.040
Vontobel Financial P 11.000 9/23/2022 EUR 68.570
Landesbank Baden-Wue 4.400 8/25/2023 EUR 73.970
Leonteq Securities A 12.000 7/15/2022 CHF 61.840
EFG International Fi 9.000 1/16/2023 CHF 49.830
Leonteq Securities A 26.120 8/31/2022 CHF 64.510
Vontobel Financial P 13.000 6/24/2022 EUR 67.210
Vontobel Financial P 16.000 6/24/2022 EUR 64.060
Vontobel Financial P 18.000 6/24/2022 EUR 62.780
Vontobel Financial P 16.000 6/24/2022 EUR 54.820
Vontobel Financial P 11.500 6/24/2022 EUR 68.960
Vontobel Financial P 4.000 6/24/2022 EUR 67.500
Vontobel Financial P 4.500 6/24/2022 EUR 67.630
Vontobel Financial P 11.000 9/23/2022 EUR 72.430
DZ Bank AG Deutsche 20.000 6/24/2022 EUR 67.460
DZ Bank AG Deutsche 15.800 9/23/2022 EUR 70.110
SG Issuer SA 0.021 8/15/2033 EUR 55.280
Societe Generale Eff 10.750 5/27/2022 EUR 58.100
Credit Suisse AG/Lon 6.000 8/22/2022 CHF 71.710
Societe Generale Eff 11.500 6/24/2022 EUR 57.210
Societe Generale Eff 15.500 6/24/2022 EUR 52.020
Societe Generale Eff 12.750 7/22/2022 EUR 55.680
Societe Generale Eff 14.750 7/22/2022 EUR 53.230
Societe Generale Eff 11.750 8/26/2022 EUR 57.610
Societe Generale Eff 13.750 8/26/2022 EUR 54.840
Vontobel Financial P 12.000 9/23/2022 EUR 72.970
Vontobel Financial P 10.000 6/24/2022 EUR 69.790
Vontobel Financial P 14.000 6/24/2022 EUR 70.930
Vontobel Financial P 13.500 6/24/2022 EUR 70.790
Landesbank Baden-Wue 2.700 7/22/2022 EUR 57.530
DZ Bank AG Deutsche 20.400 6/24/2022 EUR 69.450
Societe Generale Eff 11.250 6/24/2022 EUR 71.520
Societe Generale Eff 14.750 6/24/2022 EUR 41.090
Societe Generale Eff 8.250 7/22/2022 EUR 49.150
Credit Suisse AG/Lon 6.000 8/24/2022 CHF 71.170
Bank Julius Baer & C 6.750 12/01/2022 CHF 76.950
Landesbank Baden-Wue 9.300 9/23/2022 EUR 66.930
Landesbank Baden-Wue 1.750 9/23/2022 EUR 66.080
Landesbank Baden-Wue 4.000 9/23/2022 EUR 77.490
Leonteq Securities A 24.48010/14/2022 CHF 52.210
Bank Julius Baer & C 10.250 7/18/2022 CHF 50.450
Societe Generale Eff 12.500 6/24/2022 EUR 72.210
Societe Generale Eff 18.000 5/27/2022 EUR 37.290
Raiffeisen Schweiz G 18.520 7/13/2022 CHF 47.480
Basler Kantonalbank 12.00010/14/2022 CHF 69.960
Landesbank Baden-Wue 7.500 7/22/2022 EUR 74.810
Societe Generale Eff 9.500 6/24/2022 EUR 61.200
Societe Generale Eff 13.500 6/24/2022 EUR 54.260
Societe Generale Eff 19.500 6/24/2022 EUR 48.800
Societe Generale Eff 17.750 8/26/2022 EUR 51.140
Societe Generale Eff 8.00010/28/2022 EUR 65.410
Landesbank Baden-Wue 3.300 7/22/2022 EUR 73.660
DZ Bank AG Deutsche 24.000 6/24/2022 EUR 49.710
Landesbank Baden-Wue 3.150 7/22/2022 EUR 70.100
Landesbank Baden-Wue 4.700 7/22/2022 EUR 66.040
Societe Generale Eff 3.000 6/24/2022 EUR 71.010
Societe Generale Eff 6.250 7/22/2022 EUR 53.800
Landesbank Baden-Wue 9.250 7/22/2022 EUR 45.050
Raiffeisen Schweiz G 4.500 2/21/2023 CHF 73.470
Raiffeisen Schweiz G 6.000 8/24/2022 CHF 72.360
Bank Julius Baer & C 26.650 5/31/2022 USD 51.000
Leonteq Securities A 14.00011/30/2022 CHF 67.300
Corner Banca SA 8.200 8/30/2023 CHF 71.910
EFG International Fi 22.900 6/15/2022 CHF 47.200
Societe Generale Eff 9.750 8/26/2022 EUR 72.300
Bank Julius Baer & C 8.05012/16/2022 USD 61.800
Landesbank Baden-Wue 5.500 9/23/2022 EUR 74.490
Landesbank Baden-Wue 5.800 9/23/2022 EUR 45.740
Landesbank Baden-Wue 9.000 9/23/2022 EUR 41.980
Societe Generale Eff 15.000 5/27/2022 EUR 70.780
Vontobel Financial P 19.000 9/23/2022 EUR 48.630
Vontobel Financial P 17.000 9/23/2022 EUR 62.140
DZ Bank AG Deutsche 6.800 9/19/2022 EUR 71.970
DZ Bank AG Deutsche 5.00012/19/2022 EUR 74.420
Vontobel Financial P 15.000 9/23/2022 EUR 68.630
Vontobel Financial P 6.500 9/23/2022 EUR 63.470
Vontobel Financial P 15.000 9/23/2022 EUR 72.930
Vontobel Financial P 19.500 6/24/2022 EUR 69.440
Vontobel Financial P 9.500 9/23/2022 EUR 64.280
Vontobel Financial P 4.500 6/24/2022 EUR 62.610
Vontobel Financial P 5.000 9/23/2022 EUR 66.100
Vontobel Financial P 5.500 6/24/2022 EUR 66.940
Vontobel Financial P 18.500 9/23/2022 EUR 63.530
Vontobel Financial P 20.000 9/23/2022 EUR 64.280
DZ Bank AG Deutsche 8.750 3/23/2022 EUR 71.150
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 71.370
Zurcher Kantonalbank 15.000 7/20/2022 CHF 61.440
Zurcher Kantonalbank 15.000 7/19/2022 CHF 70.630
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 73.010
DZ Bank AG Deutsche 6.600 9/19/2022 EUR 74.830
Societe Generale Eff 11.000 5/27/2022 EUR 71.380
Vontobel Financial P 10.500 9/23/2022 EUR 71.200
Societe Generale Eff 9.250 9/23/2022 EUR 73.960
DZ Bank AG Deutsche 6.300 6/20/2022 EUR 75.030
DZ Bank AG Deutsche 7.200 6/20/2022 EUR 73.700
Societe Generale Eff 11.750 9/23/2022 EUR 47.500
Vontobel Financial P 6.000 9/23/2022 EUR 57.810
Vontobel Financial P 6.000 9/23/2022 EUR 68.510
Vontobel Financial P 4.500 9/23/2022 EUR 71.740
Vontobel Financial P 12.000 9/23/2022 EUR 61.630
UniCredit Bank AG 6.15010/21/2024 EUR 72.750
DZ Bank AG Deutsche 5.60012/19/2022 EUR 73.470
DZ Bank AG Deutsche 6.100 9/19/2022 EUR 72.810
Vontobel Financial P 7.500 9/23/2022 EUR 75.510
Vontobel Financial P 11.000 9/23/2022 EUR 71.580
Vontobel Financial P 11.500 9/23/2022 EUR 69.600
Vontobel Financial P 16.500 9/23/2022 EUR 64.970
Vontobel Financial P 13.000 9/23/2022 EUR 67.510
Vontobel Financial P 15.000 9/23/2022 EUR 68.580
Vontobel Financial P 20.000 9/23/2022 EUR 70.820
Vontobel Financial P 21.000 6/24/2022 EUR 68.060
Vontobel Financial P 23.000 6/24/2022 EUR 66.890
Vontobel Financial P 9.000 9/23/2022 EUR 70.980
Vontobel Financial P 18.000 9/23/2022 EUR 57.360
Vontobel Financial P 7.000 6/24/2022 EUR 61.710
Vontobel Financial P 12.500 9/23/2022 EUR 74.710
Vontobel Financial P 4.500 9/23/2022 EUR 64.880
Raiffeisen Schweiz G 10.000 10/12/2022 EUR 70.140
Landesbank Baden-Wue 8.750 7/22/2022 EUR 46.520
UniCredit Bank AG 8.130 8/26/2022 EUR 53.330
Societe Generale Eff 10.750 7/22/2022 EUR 58.960
Societe Generale Eff 16.750 7/22/2022 EUR 51.320
Societe Generale Eff 5.000 9/23/2022 EUR 75.490
Societe Generale Eff 17.000 9/23/2022 EUR 52.130
Landesbank Baden-Wue 4.300 7/22/2022 EUR 71.560
Vontobel Financial P 11.500 6/24/2022 EUR 70.210
Landesbank Baden-Wue 6.500 7/22/2022 EUR 62.540
Landesbank Baden-Wue 10.000 7/22/2022 EUR 74.340
Landesbank Baden-Wue 4.000 7/22/2022 EUR 58.230
Societe Generale Eff 12.750 6/24/2022 EUR 42.830
Leonteq Securities A 13.00011/30/2022 USD 51.530
EFG International Fi 14.00010/13/2022 CHF 58.320
DZ Bank AG Deutsche 6.20012/19/2022 EUR 72.790
Vontobel Financial P 14.000 9/23/2022 EUR 67.110
Vontobel Financial P 19.500 9/23/2022 EUR 63.410
Vontobel Financial P 9.000 9/23/2022 EUR 72.450
Vontobel Financial P 11.500 9/23/2022 EUR 66.700
Vontobel Financial P 6.000 9/23/2022 EUR 63.200
Vontobel Financial P 7.500 9/23/2022 EUR 64.000
Vontobel Financial P 19.500 9/23/2022 EUR 69.630
Leonteq Securities A 24.000 10/11/2022 CHF 76.850
Vontobel Financial P 13.000 9/23/2022 EUR 75.960
Vontobel Financial P 16.000 6/24/2022 EUR 58.020
Vontobel Financial P 14.000 6/24/2022 EUR 69.020
Vontobel Financial P 16.000 6/24/2022 EUR 67.350
Vontobel Financial P 5.000 6/24/2022 EUR 67.120
Vontobel Financial P 14.000 9/23/2022 EUR 69.520
Vontobel Financial P 9.500 9/23/2022 EUR 73.740
Vontobel Financial P 8.000 9/23/2022 EUR 75.370
Vontobel Financial P 11.000 9/23/2022 EUR 72.220
EFG International Fi 22.000 9/15/2022 CHF 43.460
Vontobel Financial P 10.500 6/24/2022 EUR 73.820
Vontobel Financial P 9.500 6/24/2022 EUR 59.880
Vontobel Financial P 13.500 6/24/2022 EUR 56.250
Vontobel Financial P 11.500 6/24/2022 EUR 57.970
Leonteq Securities A 6.000 2/20/2023 CHF 64.980
Vontobel Financial P 18.000 6/24/2022 EUR 53.420
Vontobel Financial P 19.500 6/24/2022 EUR 70.250
Vontobel Financial P 17.000 6/24/2022 EUR 69.540
Vontobel Financial P 11.500 6/24/2022 EUR 72.830
Vontobel Financial P 5.000 9/23/2022 EUR 68.370
Vontobel Financial P 4.000 6/24/2022 EUR 52.530
DZ Bank AG Deutsche 14.200 9/23/2022 EUR 66.380
Vontobel Financial P 3.500 9/23/2022 EUR 53.160
Landesbank Baden-Wue 5.850 7/22/2022 EUR 51.110
Landesbank Baden-Wue 2.300 7/22/2022 EUR 73.110
Societe Generale Eff 12.250 7/22/2022 EUR 43.720
Landesbank Baden-Wue 3.150 7/22/2022 EUR 52.480
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 39.530
DZ Bank AG Deutsche 15.400 9/23/2022 EUR 57.200
DZ Bank AG Deutsche 21.100 9/23/2022 EUR 52.920
DZ Bank AG Deutsche 16.500 6/24/2022 EUR 74.890
DZ Bank AG Deutsche 13.500 6/24/2022 EUR 75.180
DZ Bank AG Deutsche 15.500 6/24/2022 EUR 73.090
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 71.310
DZ Bank AG Deutsche 21.000 6/24/2022 EUR 68.750
DZ Bank AG Deutsche 12.900 9/23/2022 EUR 76.100
DZ Bank AG Deutsche 10.750 3/23/2022 EUR 71.840
DZ Bank AG Deutsche 8.500 7/20/2022 EUR 72.790
DZ Bank AG Deutsche 14.800 9/23/2022 EUR 72.130
DZ Bank AG Deutsche 8.500 6/20/2022 EUR 71.110
DZ Bank AG Deutsche 14.400 9/23/2022 EUR 72.670
Zurcher Kantonalbank 10.000 7/20/2022 CHF 72.220
DZ Bank AG Deutsche 16.00010/26/2022 EUR 73.200
Societe Generale Eff 5.750 9/23/2022 EUR 57.480
Societe Generale Eff 9.750 9/23/2022 EUR 49.740
EFG International Fi 8.160 2/26/2025 EUR 74.120
UniCredit Bank AG 10.400 08/11/2022 EUR 64.330
Leonteq Securities A 22.440 10/11/2022 CHF 45.160
Vontobel Financial P 16.500 6/24/2022 EUR 75.040
Vontobel Financial P 10.000 9/23/2022 EUR 63.600
Vontobel Financial P 22.000 6/24/2022 EUR 69.110
Vontobel Financial P 8.000 6/24/2022 EUR 65.460
Vontobel Financial P 10.000 6/24/2022 EUR 72.740
Vontobel Financial P 12.500 9/23/2022 EUR 70.820
Vontobel Financial P 8.500 6/24/2022 EUR 74.970
Vontobel Financial P 18.000 6/24/2022 EUR 65.830
Vontobel Financial P 15.000 9/23/2022 EUR 73.550
Vontobel Financial P 15.500 9/23/2022 EUR 68.330
Vontobel Financial P 7.000 6/24/2022 EUR 77.320
UniCredit Bank AG 11.900 11/09/2022 EUR 47.820
Vontobel Financial P 10.000 9/23/2022 EUR 66.600
Vontobel Financial P 14.500 6/24/2022 EUR 65.650
Societe Generale Eff 8.250 9/23/2022 EUR 75.200
Societe Generale Eff 3.750 9/23/2022 EUR 64.890
Societe Generale Eff 7.750 9/23/2022 EUR 52.870
Societe Generale Eff 13.750 9/23/2022 EUR 45.850
Vontobel Financial P 16.000 6/24/2022 EUR 72.400
Vontobel Financial P 15.000 9/23/2022 EUR 73.480
Vontobel Financial P 14.000 9/23/2022 EUR 73.900
SG Issuer SA 0.021 07/07/2033 EUR 66.350
EFG International Fi 6.200 2/20/2023 CHF 75.200
Raiffeisen Schweiz G 4.600 2/20/2023 CHF 73.800
Vontobel Financial P 19.000 6/24/2022 EUR 71.890
Vontobel Financial P 16.500 9/23/2022 EUR 58.750
Vontobel Financial P 13.000 6/24/2022 EUR 60.090
Vontobel Financial P 15.500 6/24/2022 EUR 73.080
Vontobel Financial P 18.500 6/24/2022 EUR 70.990
Vontobel Financial P 7.000 9/23/2022 EUR 77.350
Vontobel Financial P 21.500 6/24/2022 EUR 73.360
Vontobel Financial P 17.000 9/23/2022 EUR 67.260
Vontobel Financial P 14.500 6/24/2022 EUR 65.580
Vontobel Financial P 11.500 9/23/2022 EUR 67.390
Vontobel Financial P 13.500 9/23/2022 EUR 68.480
EFG International Fi 8.620 8/24/2022 CHF 73.560
Vontobel Financial P 10.000 6/24/2022 EUR 64.350
Vontobel Financial P 7.000 6/24/2022 EUR 63.290
Vontobel Financial P 7.500 6/24/2022 EUR 62.010
Vontobel Financial P 12.500 6/24/2022 EUR 57.080
Vontobel Financial P 19.500 6/24/2022 EUR 52.900
Leonteq Securities A 6.800 2/20/2023 CHF 70.980
Vontobel Financial P 4.500 9/23/2022 EUR 68.560
DZ Bank AG Deutsche 22.900 9/23/2022 EUR 65.280
DZ Bank AG Deutsche 16.400 9/23/2022 EUR 43.320
DZ Bank AG Deutsche 13.400 9/23/2022 EUR 78.050
Societe Generale Eff 20.750 5/27/2022 EUR 47.450
Societe Generale Eff 4.750 7/22/2022 EUR 79.100
Societe Generale Eff 15.750 8/26/2022 EUR 52.740
Societe Generale Eff 11.000 9/23/2022 EUR 59.100
Vontobel Financial P 9.500 9/23/2022 EUR 71.630
Vontobel Financial P 9.000 6/24/2022 EUR 69.500
Vontobel Financial P 10.500 6/24/2022 EUR 69.930
Vontobel Financial P 12.500 6/24/2022 EUR 70.500
DZ Bank AG Deutsche 24.400 6/24/2022 EUR 60.930
Landesbank Baden-Wue 8.550 7/22/2022 EUR 45.950
Vontobel Financial P 17.500 9/23/2022 EUR 71.610
Leonteq Securities A 24.120 10/12/2022 CHF 68.320
Vontobel Financial P 8.000 9/23/2022 EUR 65.880
Vontobel Financial P 5.500 6/24/2022 EUR 68.750
Vontobel Financial P 16.500 6/24/2022 EUR 74.890
EFG International Fi 12.000 3/15/2023 CHF 70.890
Vontobel Financial P 12.000 6/24/2022 EUR 70.790
Vontobel Financial P 17.000 6/24/2022 EUR 54.100
Vontobel Financial P 8.500 6/24/2022 EUR 60.920
Vontobel Financial P 14.500 6/24/2022 EUR 55.450
Vontobel Financial P 12.000 9/23/2022 EUR 71.280
Vontobel Financial P 14.500 6/24/2022 EUR 68.810
Vontobel Financial P 5.000 9/23/2022 EUR 68.830
Vontobel Financial P 5.000 6/24/2022 EUR 67.780
Vontobel Financial P 16.000 6/24/2022 EUR 73.550
Vontobel Financial P 3.000 6/24/2022 EUR 52.250
EFG International Fi 15.000 9/15/2022 USD 45.580
Landesbank Baden-Wue 3.100 7/22/2022 EUR 59.140
Societe Generale Eff 18.750 7/22/2022 EUR 49.810
Societe Generale Eff 9.750 8/26/2022 EUR 61.330
Societe Generale Eff 9.000 9/23/2022 EUR 63.140
Landesbank Baden-Wue 6.000 7/22/2022 EUR 49.750
Landesbank Baden-Wue 2.000 7/22/2022 EUR 64.180
Landesbank Baden-Wue 6.250 7/22/2022 EUR 54.050
Societe Generale Eff 9.000 6/24/2022 EUR 49.580
Societe Generale Eff 10.750 6/24/2022 EUR 45.020
Societe Generale Eff 4.250 7/22/2022 EUR 61.400
Societe Generale Eff 10.250 7/22/2022 EUR 46.010
Societe Generale Eff 14.250 7/22/2022 EUR 41.950
Vontobel Financial P 9.500 6/24/2022 EUR 48.980
Vontobel Financial P 15.750 6/24/2022 EUR 71.210
Landesbank Baden-Wue 4.500 7/22/2022 EUR 49.970
Landesbank Baden-Wue 7.200 7/22/2022 EUR 46.590
Raiffeisen Schweiz G 5.000 8/24/2022 CHF 71.860
DZ Bank AG Deutsche 5.300 9/19/2022 EUR 73.890
UniCredit Bank AG 10.500 9/23/2024 EUR 75.500
Vontobel Financial P 10.000 6/24/2022 EUR 62.470
Vontobel Financial P 14.000 9/23/2022 EUR 59.940
Vontobel Financial P 12.000 6/24/2022 EUR 70.800
Leonteq Securities A 16.000 8/30/2022 CHF 41.970
Vontobel Financial P 12.500 6/24/2022 EUR 75.400
UniCredit Bank AG 7.400 11/09/2022 EUR 66.500
Vontobel Financial P 19.500 6/24/2022 EUR 61.450
Vontobel Financial P 10.500 6/24/2022 EUR 58.900
Vontobel Financial P 11.500 6/24/2022 EUR 68.870
Vontobel Financial P 4.500 9/23/2022 EUR 62.970
Vontobel Financial P 3.500 9/23/2022 EUR 62.380
Vontobel Financial P 4.000 6/24/2022 EUR 61.740
Vontobel Financial P 4.000 9/23/2022 EUR 68.300
EFG International Fi 24.360 5/27/2022 CHF 35.990
Leonteq Securities A 22.260 8/26/2022 CHF 60.300
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 71.840
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 71.330
DZ Bank AG Deutsche 12.75010/26/2022 EUR 69.520
Zurcher Kantonalbank 17.250 09/02/2022 CHF 39.220
Bank Julius Baer & C 7.750 7/15/2022 USD 63.700
Vontobel Financial P 15.000 9/23/2022 EUR 79.220
Vontobel Financial P 12.000 9/23/2022 EUR 67.480
Vontobel Financial P 16.500 9/23/2022 EUR 72.640
Vontobel Financial P 18.500 9/23/2022 EUR 71.070
Landesbank Baden-Wue 4.50010/28/2022 EUR 71.590
Vontobel Financial P 13.500 9/23/2022 EUR 66.340
Vontobel Financial P 8.500 9/23/2022 EUR 71.220
Vontobel Financial P 10.000 6/24/2022 EUR 69.540
Vontobel Financial P 8.000 9/23/2022 EUR 72.020
Landesbank Baden-Wue 6.100 8/25/2023 EUR 59.600
DZ Bank AG Deutsche 7.000 9/19/2022 EUR 74.720
Leonteq Securities A 9.000 7/15/2022 CHF 74.080
Vontobel Financial P 20.000 6/24/2022 EUR 73.550
Vontobel Financial P 9.500 6/24/2022 EUR 62.980
Vontobel Financial P 9.000 6/24/2022 EUR 68.980
Vontobel Financial P 5.000 9/23/2022 EUR 63.860
Vontobel Financial P 9.500 6/24/2022 EUR 73.230
Vontobel Financial P 5.500 9/23/2022 EUR 59.820
Vontobel Financial P 3.500 9/23/2022 EUR 64.370
Vontobel Financial P 6.000 9/23/2022 EUR 71.320
Zurcher Kantonalbank 9.500 7/22/2022 CHF 72.930
Zurcher Kantonalbank 20.000 7/22/2022 USD 50.380
Vontobel Financial P 15.500 9/23/2022 EUR 62.010
Vontobel Financial P 6.500 9/23/2022 EUR 59.550
Vontobel Financial P 16.500 8/31/2022 EUR 68.510
Sberbank of Russia P 0.010 2/26/2025 RUB 63.200
EFG International Fi 10.030 7/26/2022 USD 63.360
Landesbank Baden-Wue 3.600 9/23/2022 EUR 61.380
Vontobel Financial P 9.250 6/24/2022 EUR 74.130
DZ Bank AG Deutsche 9.000 9/21/2022 EUR 68.460
DZ Bank AG Deutsche 6.000 6/20/2022 EUR 74.560
Bank Julius Baer & C 15.000 7/13/2022 USD 72.200
DZ Bank AG Deutsche 18.600 9/23/2022 EUR 67.490
Bank Julius Baer & C 14.500 1/13/2023 USD 42.250
Vontobel Financial P 13.400 8/29/2022 EUR 67.820
EFG International Fi 6.000 7/13/2022 EUR 68.580
Societe Generale Eff 13.000 5/27/2022 EUR 69.190
Societe Generale Eff 10.500 9/23/2022 EUR 70.330
Leonteq Securities A 10.000 2/27/2023 CHF 75.320
DZ Bank AG Deutsche 17.500 6/24/2022 EUR 74.520
Vontobel Financial P 11.000 6/24/2022 EUR 71.920
Vontobel Financial P 16.500 9/23/2022 EUR 71.490
Vontobel Financial P 9.500 9/23/2022 EUR 73.540
Vontobel Financial P 13.000 9/23/2022 EUR 61.630
Vontobel Financial P 11.500 9/23/2022 EUR 52.700
Vontobel Financial P 7.500 9/23/2022 EUR 58.570
Vontobel Financial P 13.000 9/23/2022 EUR 61.330
Vontobel Financial P 9.000 6/24/2022 EUR 65.020
Vontobel Financial P 22.000 9/23/2022 EUR 65.290
Raiffeisen Schweiz G 12.00010/13/2022 CHF 76.480
Vontobel Financial P 8.000 9/23/2022 EUR 65.400
DZ Bank AG Deutsche 15.900 6/24/2022 EUR 74.070
DZ Bank AG Deutsche 18.500 6/24/2022 EUR 70.020
Vontobel Financial P 17.500 6/24/2022 EUR 70.780
Vontobel Financial P 12.000 6/24/2022 EUR 71.960
Vontobel Financial P 8.500 9/23/2022 EUR 68.090
Raiffeisen Schweiz G 18.000 8/30/2022 CHF 51.210
Landesbank Baden-Wue 2.850 9/23/2022 EUR 62.170
Landesbank Baden-Wue 4.700 9/23/2022 EUR 58.440
UniCredit Bank AG 7.45011/18/2024 EUR 62.140
DZ Bank AG Deutsche 7.750 9/21/2022 EUR 60.620
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 73.560
Landesbank Baden-Wue 6.000 9/23/2022 EUR 57.730
Landesbank Baden-Wue 5.500 9/23/2022 EUR 76.440
Landesbank Baden-Wue 6.800 9/23/2022 EUR 51.590
Landesbank Baden-Wue 4.000 9/23/2022 EUR 49.280
Vontobel Financial P 17.000 9/23/2022 EUR 62.770
Vontobel Financial P 19.500 6/24/2022 EUR 60.160
Vontobel Financial P 10.000 6/24/2022 EUR 59.170
Vontobel Financial P 12.500 6/24/2022 EUR 72.490
Vontobel Financial P 14.000 6/24/2022 EUR 72.910
Vontobel Financial P 13.500 6/24/2022 EUR 72.880
Bank Vontobel AG 9.502 12/12/2022 CHF 69.000
DZ Bank AG Deutsche 15.400 6/24/2022 EUR 59.150
DZ Bank AG Deutsche 17.400 6/24/2022 EUR 56.240
DZ Bank AG Deutsche 19.500 6/24/2022 EUR 53.730
DZ Bank AG Deutsche 6.200 6/24/2022 EUR 69.750
DZ Bank AG Deutsche 8.300 6/24/2022 EUR 66.680
UBS AG/London 7.250 07/05/2022 EUR 72.120
DZ Bank AG Deutsche 16.800 6/24/2022 EUR 64.180
Vontobel Financial P 8.500 6/24/2022 EUR 69.550
Bank Vontobel AG 9.750 12/12/2022 CHF 66.300
Bank Vontobel AG 7.502 12/12/2022 CHF 66.000
Bank Vontobel AG 15.001 9/13/2022 CHF 48.100
BNP Paribas Issuance 4.36012/14/2022 EUR 81.500
Landesbank Baden-Wue 8.600 6/24/2022 EUR 42.320
DZ Bank AG Deutsche 10.800 6/24/2022 EUR 64.180
Landesbank Baden-Wue 6.500 7/22/2022 EUR 73.170
Vontobel Financial P 8.750 6/24/2022 EUR 74.230
Landesbank Baden-Wue 1.500 6/24/2022 EUR 72.600
Landesbank Baden-Wue 5.100 6/24/2022 EUR 48.670
DZ Bank AG Deutsche 24.400 6/24/2022 EUR 54.470
DZ Bank AG Deutsche 16.900 6/24/2022 EUR 44.980
DZ Bank AG Deutsche 20.000 6/24/2022 EUR 42.270
DZ Bank AG Deutsche 21.700 6/24/2022 EUR 51.560
Landesbank Baden-Wue 8.250 7/22/2022 EUR 70.620
Societe Generale Eff 6.000 7/22/2022 EUR 61.040
Societe Generale Eff 10.000 7/22/2022 EUR 51.450
Vontobel Financial P 9.500 6/24/2022 EUR 45.830
Bank Julius Baer & C 9.000 6/27/2022 CHF 61.300
Bank Julius Baer & C 11.000 6/27/2022 CHF 39.450
Vontobel Financial P 10.500 6/24/2022 EUR 54.580
Vontobel Financial P 13.500 6/24/2022 EUR 70.480
Bank Vontobel AG 9.501 12/12/2022 CHF 69.000
Bank Vontobel AG 8.500 12/12/2022 EUR 63.900
Vontobel Financial P 14.000 6/24/2022 EUR 51.060
Vontobel Financial P 8.500 6/24/2022 EUR 62.080
Vontobel Financial P 11.500 6/24/2022 EUR 70.430
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 58.980
DZ Bank AG Deutsche 19.200 6/24/2022 EUR 61.030
DZ Bank AG Deutsche 15.800 6/24/2022 EUR 55.630
Vontobel Financial P 20.000 6/24/2022 EUR 68.930
DZ Bank AG Deutsche 16.700 6/24/2022 EUR 74.490
DZ Bank AG Deutsche 10.500 3/23/2022 EUR 71.270
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 39.490
Vontobel Financial P 11.000 6/24/2022 EUR 64.030
Landesbank Baden-Wue 5.150 6/24/2022 EUR 74.430
Landesbank Baden-Wue 6.000 6/24/2022 EUR 66.620
DZ Bank AG Deutsche 14.000 6/24/2022 EUR 48.190
Landesbank Baden-Wue 3.250 6/24/2022 EUR 67.930
DZ Bank AG Deutsche 13.800 6/24/2022 EUR 69.060
Leonteq Securities A 6.600 5/25/2022 EUR 74.560
Leonteq Securities A 16.000 06/01/2022 USD 27.500
Leonteq Securities A 11.00011/28/2022 EUR 75.980
Leonteq Securities A 10.000 12/01/2022 USD 52.240
Corner Banca SA 15.000 8/31/2022 EUR 45.030
Leonteq Securities A 15.000 8/31/2022 CHF 67.790
Luzerner Kantonalban 7.500 6/15/2022 CHF 64.440
Leonteq Securities A 11.000 06/01/2022 CHF 61.630
Societe Generale Eff 11.250 6/24/2022 EUR 50.920
Societe Generale Eff 13.250 6/24/2022 EUR 47.920
Vontobel Financial P 18.750 6/24/2022 EUR 27.210
Vontobel Financial P 18.250 6/24/2022 EUR 68.530
Vontobel Financial P 14.750 6/24/2022 EUR 71.830
Societe Generale Eff 11.250 6/24/2022 EUR 64.740
Societe Generale Eff 9.500 6/24/2022 EUR 73.000
Vontobel Financial P 17.000 6/24/2022 EUR 54.490
Vontobel Financial P 14.500 6/24/2022 EUR 25.830
Societe Generale Eff 7.250 6/24/2022 EUR 60.060
Societe Generale Eff 9.250 6/24/2022 EUR 54.780
Societe Generale Eff 12.250 6/24/2022 EUR 70.330
Societe Generale Eff 7.500 6/24/2022 EUR 74.860
Societe Generale Eff 8.500 6/24/2022 EUR 72.790
DZ Bank AG Deutsche 11.750 3/23/2022 EUR 62.100
DZ Bank AG Deutsche 11.000 6/22/2022 EUR 65.650
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 71.570
Vontobel Financial P 15.500 06/02/2022 EUR 74.730
Societe Generale SA 8.510 06/06/2024 USD 74.710
Landesbank Baden-Wue 5.10011/25/2022 EUR 49.350
Landesbank Baden-Wue 7.90011/25/2022 EUR 44.990
Landesbank Baden-Wue 3.80011/25/2022 EUR 67.550
Landesbank Baden-Wue 6.10011/25/2022 EUR 74.200
Landesbank Baden-Wue 3.80011/25/2022 EUR 70.460
Landesbank Baden-Wue 7.85011/25/2022 EUR 69.620
Landesbank Baden-Wue 5.35011/25/2022 EUR 56.340
Vontobel Financial P 7.000 6/24/2022 EUR 67.060
Vontobel Financial P 5.500 3/25/2022 EUR 68.230
DekaBank Deutsche Gi 2.60010/24/2023 EUR 64.460
Danske Bank A/S 7.141 07/09/2023 SEK 73.090
Skandinaviska Enskil 6.800 1/15/2024 SEK 74.380
Landesbank Baden-Wue 2.550 6/23/2023 EUR 74.930
Landesbank Baden-Wue 2.15012/23/2022 EUR 53.030
DekaBank Deutsche Gi 2.50010/24/2023 EUR 64.310
UniCredit Bank AG 4.500 10/05/2022 EUR 58.830
Bank Julius Baer & C 8.000 09/01/2022 CHF 78.050
Bank Julius Baer & C 7.250 06/02/2022 CHF 68.100
Zurcher Kantonalbank 10.000 06/08/2022 USD 46.340
Zurcher Kantonalbank 11.600 06/02/2022 USD 76.140
UniCredit Bank AG 12.000 6/16/2022 EUR 40.360
Societe Generale Eff 15.250 6/24/2022 EUR 45.570
Vontobel Financial P 6.750 6/24/2022 EUR 64.480
Vontobel Financial P 14.250 6/24/2022 EUR 78.530
Vontobel Financial P 9.000 6/24/2022 EUR 74.040
Societe Generale Eff 9.250 6/24/2022 EUR 68.150
Societe Generale Eff 11.000 6/24/2022 EUR 72.570
Societe Generale Eff 12.000 6/24/2022 EUR 70.990
Societe Generale Eff 8.500 6/24/2022 EUR 74.570
Vontobel Financial P 12.500 6/24/2022 EUR 77.620
Societe Generale Eff 5.250 6/24/2022 EUR 67.620
Societe Generale Eff 14.250 6/24/2022 EUR 67.480
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 74.160
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 73.180
Leonteq Securities A 7.400 12/01/2023 USD 75.830
Bank Julius Baer & C 10.000 06/02/2022 CHF 52.650
DZ Bank AG Deutsche 11.000 3/23/2022 EUR 74.710
Raiffeisen Centroban 7.500 07/07/2023 EUR 65.540
Zurcher Kantonalbank 12.500 12/02/2022 EUR 73.550
Vontobel Financial P 23.950 06/03/2022 EUR 20.580
Vontobel Financial P 26.800 06/03/2022 EUR 57.860
Landesbank Baden-Wue 2.00011/25/2022 EUR 72.570
Landesbank Baden-Wue 5.75011/25/2022 EUR 73.720
Landesbank Baden-Wue 2.00011/25/2022 EUR 64.210
Landesbank Baden-Wue 8.50011/25/2022 EUR 50.820
Landesbank Baden-Wue 6.60011/25/2022 EUR 50.870
Vontobel Financial P 16.500 6/24/2022 EUR 59.530
Vontobel Financial P 14.000 3/25/2022 EUR 74.550
Vontobel Financial P 12.500 6/24/2022 EUR 65.060
Vontobel Financial P 7.500 3/25/2022 EUR 68.320
Raiffeisen Switzerla 10.800 04/12/2022 CHF 69.570
Basler Kantonalbank 7.600 4/13/2023 CHF 71.360
Bank Vontobel AG 6.008 10/07/2022 CHF 68.800
Bank Vontobel AG 6.008 04/11/2023 EUR 67.900
Landesbank Baden-Wue 4.550 4/25/2022 EUR 72.350
Landesbank Baden-Wue 7.200 4/25/2022 EUR 40.430
Landesbank Baden-Wue 3.750 4/25/2022 EUR 64.560
Landesbank Baden-Wue 6.800 4/25/2022 EUR 71.840
Landesbank Baden-Wue 5.500 4/25/2022 EUR 75.390
Landesbank Baden-Wue 3.600 4/25/2022 EUR 64.770
Landesbank Baden-Wue 6.700 4/25/2022 EUR 44.940
Landesbank Baden-Wue 10.000 4/25/2022 EUR 40.340
Leonteq Securities A 22.340 4/14/2022 CHF 37.970
Zurcher Kantonalbank 15.000 4/22/2022 CHF 64.970
UBS AG/London 5.000 4/14/2023 CHF 69.450
UBS AG/London 6.250 4/14/2023 CHF 71.300
DZ Bank AG Deutsche 9.500 6/22/2022 EUR 65.290
DZ Bank AG Deutsche 8.700 6/24/2022 EUR 69.430
DZ Bank AG Deutsche 11.800 6/24/2022 EUR 64.720
DZ Bank AG Deutsche 10.800 6/24/2022 EUR 67.350
DZ Bank AG Deutsche 12.300 6/24/2022 EUR 68.340
Leonteq Securities A 11.200 11/07/2022 CHF 68.640
Leonteq Securities A 10.000 11/07/2022 CHF 68.000
Leonteq Securities A 11.000 08/10/2022 CHF 63.890
Landesbank Baden-Wue 3.00012/23/2022 EUR 59.630
Raiffeisen Switzerla 10.000 4/16/2024 USD 69.450
Vontobel Financial P 19.500 6/24/2022 EUR 72.860
Vontobel Financial P 11.500 6/24/2022 EUR 73.260
Vontobel Financial P 14.000 6/24/2022 EUR 70.300
Vontobel Financial P 18.000 6/24/2022 EUR 66.560
LP Portfolio Vagyonk 2.80011/30/2030 HUF 70.600
UniCredit Bank AG 10.600 7/22/2022 EUR 73.890
Leonteq Securities A 9.00010/19/2022 USD 80.470
Vontobel Financial P 13.000 6/24/2022 EUR 66.140
Vontobel Financial P 12.500 6/24/2022 EUR 60.720
VTB Bank PJSC 0.010 05/01/2025 RUB 61.550
Landesbank Baden-Wue 2.75011/25/2022 EUR 60.630
Landesbank Baden-Wue 3.20011/25/2022 EUR 40.240
Landesbank Baden-Wue 5.10011/25/2022 EUR 36.540
UBS AG/London 10.000 06/02/2022 CHF 67.500
UBS AG/London 8.250 12/02/2022 CHF 67.600
Sberbank of Russia P 0.010 12/08/2025 RUB 69.200
Bank Vontobel AG 13.259 7/29/2022 CHF 41.000
Vontobel Financial P 0.212 02/03/2023 EUR 55.900
Raiffeisen Switzerla 9.000 7/29/2022 CHF 65.060
UBS AG/London 11.250 02/03/2023 CHF 62.100
UBS AG/London 8.000 02/03/2023 CHF 67.800
UBS AG/London 10.250 08/03/2022 CHF 65.450
UBS AG/London 15.000 08/03/2022 CHF 63.350
Credit Suisse AG/Lon 2.920 04/02/2022 USD 66.350
Raiffeisen Switzerla 10.100 02/08/2023 CHF 74.730
Societe Generale SA 20.000 2/29/2024 USD 17.600
Leonteq Securities A 9.000 02/08/2023 CHF 65.750
Societe Generale SA 16.000 2/29/2024 USD 24.300
Leonteq Securities A 11.000 05/05/2022 CHF 44.430
Leonteq Securities A 11.000 08/05/2022 CHF 67.520
Raiffeisen Switzerla 7.300 1/25/2023 CHF 67.000
Leonteq Securities A 10.000 4/26/2022 CHF 64.820
Leonteq Securities A 15.000 4/28/2022 CHF 67.290
Corner Banca SA 16.000 4/29/2022 CHF 68.090
Leonteq Securities A 9.000 7/29/2022 CHF 64.930
Leonteq Securities A 15.200 4/29/2022 CHF 69.310
Landesbank Baden-Wue 3.100 8/26/2022 EUR 52.320
Landesbank Baden-Wue 6.000 8/26/2022 EUR 41.920
Landesbank Baden-Wue 8.100 8/26/2022 EUR 37.960
Landesbank Baden-Wue 4.650 8/26/2022 EUR 75.940
Landesbank Baden-Wue 6.450 8/26/2022 EUR 70.480
Landesbank Baden-Wue 2.800 8/26/2022 EUR 70.970
Landesbank Baden-Wue 5.550 8/26/2022 EUR 60.330
Landesbank Baden-Wue 4.050 8/26/2022 EUR 32.840
Landesbank Baden-Wue 3.150 8/26/2022 EUR 71.440
EFG International Fi 4.900 12/04/2023 USD 62.330
Bank Vontobel AG 10.000 5/16/2022 CHF 38.900
Societe Generale Eff 16.465 04/06/2022 EUR 62.020
Leonteq Securities A 10.000 4/26/2022 EUR 71.660
EFG International Fi 4.750 1/29/2024 USD 60.020
EFG International Fi 10.000 7/27/2022 CHF 66.300
Zurcher Kantonalbank 10.000 02/03/2023 CHF 68.460
Leonteq Securities A 9.000 02/01/2023 CHF 64.610
UBS AG/London 12.750 5/18/2022 CHF 71.000
Bank Vontobel AG 7.502 5/30/2022 CHF 67.100
Landesbank Baden-Wue 5.00011/25/2022 EUR 75.540
DZ Bank AG Deutsche 9.500 3/23/2022 EUR 71.610
UBS AG/London 15.000 06/03/2022 USD 41.200
EFG International Fi 10.000 06/02/2022 CHF 57.950
Sberbank of Russia P 0.010 12/02/2025 RUB 70.000
SG Issuer SA 1.05011/20/2025 EUR 17.430
Goldman Sachs & Co W 5.000 9/21/2022 EUR 72.870
Societe Generale Eff 4.750 6/24/2022 EUR 61.190
Societe Generale Eff 6.750 6/24/2022 EUR 54.250
Leonteq Securities A 10.000 07/06/2022 EUR 46.390
Sberbank of Russia P 0.946 2/17/2025 RUB 60.300
DZ Bank AG Deutsche 12.600 6/24/2022 EUR 76.310
DZ Bank AG Deutsche 14.500 6/24/2022 EUR 74.230
DZ Bank AG Deutsche 19.800 6/24/2022 EUR 69.530
SG Issuer SA 0.021 6/14/2033 EUR 71.930
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 70.100
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 72.340
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.270
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 74.990
Vontobel Financial P 5.750 6/24/2022 EUR 72.270
Leonteq Securities A 7.000 07/06/2022 EUR 38.960
Raiffeisen Schweiz G 12.000 07/12/2022 CHF 70.760
Raiffeisen Schweiz G 14.000 07/12/2022 CHF 46.520
Leonteq Securities A 6.000 8/17/2022 CHF 74.280
DZ Bank AG Deutsche 17.100 6/24/2022 EUR 53.830
DZ Bank AG Deutsche 16.500 6/24/2022 EUR 72.100
DZ Bank AG Deutsche 18.700 6/24/2022 EUR 70.340
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 72.100
Vontobel Financial P 14.000 6/24/2022 EUR 57.170
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 75.710
Leonteq Securities A 24.600 8/26/2022 USD 49.890
Raiffeisen Schweiz G 5.400 8/17/2022 CHF 74.040
Bank Julius Baer & C 9.50010/13/2022 CHF 47.150
Bank Julius Baer & C 6.70010/13/2022 CHF 74.000
Leonteq Securities A 12.000 06/08/2022 CHF 42.100
Leonteq Securities A 11.000 06/07/2022 CHF 60.210
Vontobel Financial P 12.800 06/08/2022 USD 64.170
UniCredit Bank AG 5.800 01/12/2024 EUR 64.360
DZ Bank AG Deutsche 16.400 9/23/2022 EUR 68.750
DZ Bank AG Deutsche 23.000 9/23/2022 EUR 60.520
DZ Bank AG Deutsche 11.100 9/23/2022 EUR 62.590
Vontobel Financial P 12.500 9/23/2022 EUR 70.760
Vontobel Financial P 6.250 6/24/2022 EUR 72.260
UniCredit Bank AG 7.450 09/07/2022 EUR 49.560
DZ Bank AG Deutsche 20.100 9/23/2022 EUR 26.540
DZ Bank AG Deutsche 18.300 9/23/2022 EUR 60.760
DZ Bank AG Deutsche 20.800 9/23/2022 EUR 60.540
Leonteq Securities A 13.000 6/21/2022 CHF 43.930
DZ Bank AG Deutsche 18.000 9/23/2022 EUR 40.920
Vontobel Financial P 11.050 12/08/2022 EUR 61.980
EFG International Fi 6.00012/22/2023 USD 16.150
DZ Bank AG Deutsche 12.900 9/23/2022 EUR 43.560
EFG International Fi 17.000 08/11/2022 CHF 66.040
EFG International Fi 15.000 2/13/2023 EUR 43.920
BNP Paribas Emission 10.000 6/23/2022 EUR 70.920
BNP Paribas Emission 8.000 9/22/2022 EUR 74.140
BNP Paribas Emission 10.000 6/23/2022 EUR 70.930
BNP Paribas Emission 15.000 6/23/2022 EUR 63.070
BNP Paribas Emission 12.000 9/22/2022 EUR 67.060
BNP Paribas Emission 15.000 9/22/2022 EUR 65.980
BNP Paribas Emission 12.00012/22/2022 EUR 68.740
BNP Paribas Emission 14.00012/22/2022 EUR 64.580
BNP Paribas Emission 12.000 9/22/2022 EUR 71.070
Zurcher Kantonalbank 8.00012/14/2022 CHF 70.480
DZ Bank AG Deutsche 15.000 8/24/2022 EUR 64.020
DZ Bank AG Deutsche 11.000 3/23/2022 EUR 68.990
DZ Bank AG Deutsche 10.000 8/24/2022 EUR 71.080
DZ Bank AG Deutsche 12.250 6/22/2022 EUR 73.230
Vontobel Financial P 9.000 6/24/2022 EUR 67.410
Vontobel Financial P 11.500 6/24/2022 EUR 68.020
Vontobel Financial P 8.000 9/23/2022 EUR 73.380
Vontobel Financial P 8.000 6/24/2022 EUR 71.680
Vontobel Financial P 20.000 6/24/2022 EUR 67.800
Vontobel Financial P 24.000 6/24/2022 EUR 56.620
Vontobel Financial P 7.500 9/23/2022 EUR 56.730
Raiffeisen Schweiz G 10.000 02/06/2023 EUR 41.800
Raiffeisen Schweiz G 12.000 11/09/2022 CHF 44.530
EFG International Fi 4.90012/15/2023 USD 62.740
Bank Julius Baer & C 5.250 08/10/2022 CHF 65.900
Leonteq Securities A 12.000 6/15/2022 CHF 40.130
Zurcher Kantonalbank 29.000 8/17/2022 CHF 57.850
DZ Bank AG Deutsche 17.400 6/24/2022 EUR 78.480
DZ Bank AG Deutsche 18.000 9/23/2022 EUR 66.050
DZ Bank AG Deutsche 12.700 9/23/2022 EUR 60.390
Vontobel Financial P 15.000 6/24/2022 EUR 74.920
Vontobel Financial P 9.500 9/23/2022 EUR 69.150
Vontobel Financial P 12.250 6/24/2022 EUR 57.950
Vontobel Financial P 4.050 7/15/2022 EUR 31.860
DZ Bank AG Deutsche 6.50012/19/2022 EUR 74.010
DZ Bank AG Deutsche 8.75012/19/2022 EUR 72.260
Raiffeisen Schweiz G 15.000 9/27/2022 CHF 43.440
Raiffeisen Schweiz G 18.500 9/27/2022 USD 53.900
DZ Bank AG Deutsche 7.500 9/23/2022 EUR 66.100
Vontobel Financial P 11.500 9/23/2022 EUR 65.360
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 72.040
DZ Bank AG Deutsche 9.50012/21/2022 EUR 74.590
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 70.450
DZ Bank AG Deutsche 6.25012/21/2022 EUR 70.740
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 67.610
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 74.670
DZ Bank AG Deutsche 10.50012/21/2022 EUR 71.680
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 66.790
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 61.400
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 65.320
DZ Bank AG Deutsche 6.25012/21/2022 EUR 68.470
DZ Bank AG Deutsche 8.75012/21/2022 EUR 66.950
DZ Bank AG Deutsche 11.50012/21/2022 EUR 72.400
Societe Generale Eff 8.500 8/26/2022 EUR 55.110
Leonteq Securities A 29.500 9/27/2022 CHF 57.370
Zurcher Kantonalbank 20.250 8/16/2022 CHF 64.860
Bank Vontobel AG 9.500 02/06/2023 CHF 68.300
Bank Vontobel AG 11.000 02/06/2023 CHF 65.400
DekaBank Deutsche Gi 2.900 1/13/2023 EUR 55.010
DZ Bank AG Deutsche 6.500 9/19/2022 EUR 75.360
DZ Bank AG Deutsche 4.75012/19/2022 EUR 72.050
DZ Bank AG Deutsche 10.000 9/19/2022 EUR 73.880
Leonteq Securities A 26.460 08/09/2022 CHF 39.620
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 72.320
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.420
Vontobel Financial P 2.000 9/23/2022 EUR 59.330
Bank Vontobel AG 10.253 6/14/2022 EUR 63.300
Vontobel Financial P 6.500 6/24/2022 EUR 68.070
Vontobel Financial P 16.500 9/23/2022 EUR 70.660
Vontobel Financial P 19.000 9/23/2022 EUR 68.780
Vontobel Financial P 9.000 9/23/2022 EUR 68.300
Raiffeisen Schweiz G 10.250 02/06/2023 CHF 65.450
Vontobel Financial P 13.000 6/24/2022 EUR 74.640
Leonteq Securities A 10.000 6/15/2022 CHF 70.670
Zurcher Kantonalbank 30.000 8/17/2022 USD 43.380
Bank Julius Baer & C 14.500 02/10/2023 CHF 53.300
Leonteq Securities A 22.310 08/10/2022 USD 28.340
EFG International Fi 6.20012/18/2023 USD 15.980
UBS AG/London 22.500 6/16/2022 USD 51.000
UBS AG/London 14.500 6/16/2022 CHF 66.650
UBS AG/London 11.750 6/16/2022 CHF 66.250
Zurcher Kantonalbank 10.000 6/28/2022 CHF 73.520
Zurcher Kantonalbank 10.000 8/18/2022 CHF 53.220
DZ Bank AG Deutsche 18.500 9/23/2022 EUR 75.880
DZ Bank AG Deutsche 14.800 9/23/2022 EUR 72.280
DZ Bank AG Deutsche 9.500 9/23/2022 EUR 73.460
DZ Bank AG Deutsche 14.500 9/23/2022 EUR 58.760
Vontobel Financial P 13.500 6/24/2022 EUR 68.440
Vontobel Financial P 12.500 6/24/2022 EUR 54.940
UniCredit Bank AG 9.650 09/07/2022 EUR 50.860
DZ Bank AG Deutsche 16.300 9/23/2022 EUR 63.010
DZ Bank AG Deutsche 20.400 9/23/2022 EUR 58.880
DZ Bank AG Deutsche 11.100 9/23/2022 EUR 70.270
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 37.050
DZ Bank AG Deutsche 11.250 7/20/2022 EUR 45.400
DZ Bank AG Deutsche 14.750 7/20/2022 EUR 66.840
Erste Group Bank AG 9.000 1/31/2024 EUR 70.000
Vontobel Financial P 7.500 6/24/2022 EUR 71.400
UniCredit Bank AG 7.650 7/18/2022 EUR 44.950
Vontobel Financial P 16.500 6/24/2022 EUR 73.170
Vontobel Financial P 11.500 6/24/2022 EUR 65.760
Vontobel Financial P 6.000 6/24/2022 EUR 66.770
Vontobel Financial P 7.500 6/24/2022 EUR 62.940
Zurcher Kantonalbank 8.000 6/30/2022 CHF 68.420
Zurcher Kantonalbank 19.000 6/30/2022 USD 55.450
Zurcher Kantonalbank 18.000 6/30/2022 CHF 55.140
Bank Vontobel AG 7.000 9/19/2022 CHF 61.600
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 71.810
Bank Vontobel AG 12.500 6/20/2022 CHF 68.000
Bank Vontobel AG 14.000 9/19/2022 CHF 42.900
Zurcher Kantonalbank 8.000 6/21/2023 CHF 66.630
Zurcher Kantonalbank 12.000 6/21/2022 CHF 61.560
DZ Bank AG Deutsche 7.75012/23/2022 EUR 69.700
DZ Bank AG Deutsche 7.300 6/24/2022 EUR 75.900
Vontobel Financial P 9.350 6/24/2022 EUR 75.930
Vontobel Financial P 6.250 6/24/2022 EUR 67.910
Vontobel Financial P 9.250 6/24/2022 EUR 52.010
Luzerner Kantonalban 10.12012/23/2022 CHF 43.350
Basler Kantonalbank 9.00012/23/2022 CHF 68.040
EFG International Fi 17.000 6/23/2022 CHF 44.570
Leonteq Securities A 14.000 9/14/2022 EUR 41.450
Corner Banca SA 12.000 6/14/2022 CHF 72.720
Leonteq Securities A 10.00012/14/2022 CHF 64.430
Vontobel Financial P 7.500 6/24/2022 EUR 51.130
UniCredit Bank AG 7.650 7/18/2022 EUR 73.160
Vontobel Financial P 14.500 6/24/2022 EUR 62.010
Vontobel Financial P 12.000 6/24/2022 EUR 75.870
Vontobel Financial P 13.500 6/24/2022 EUR 73.650
Vontobel Financial P 10.500 6/24/2022 EUR 78.220
Vontobel Financial P 7.500 6/24/2022 EUR 68.980
Leonteq Securities A 21.350 6/22/2022 CHF 62.590
Vontobel Financial P 11.000 6/24/2022 EUR 68.280
Bank Vontobel AG 14.00012/19/2022 CHF 31.600
Bank Vontobel AG 6.752 9/19/2022 CHF 63.500
Zurcher Kantonalbank 11.000 6/21/2022 CHF 61.970
DZ Bank AG Deutsche 6.10012/23/2022 EUR 75.600
Societe Generale Eff 11.500 5/27/2022 EUR 58.240
Vontobel Financial P 12.750 6/24/2022 EUR 64.910
Vontobel Financial P 19.500 6/24/2022 EUR 71.800
Basler Kantonalbank 12.00012/23/2022 CHF 69.260
Leonteq Securities A 11.00012/14/2022 CHF 71.080
Vontobel Financial P 9.500 6/24/2022 EUR 67.030
Credit Suisse AG/Lon 14.500 6/23/2022 CHF 65.310
Credit Suisse AG/Lon 11.000 4/15/2022 USD 34.870
Vontobel Financial P 12.500 6/24/2022 EUR 73.470
Vontobel Financial P 15.500 6/24/2022 EUR 69.930
Vontobel Financial P 9.000 6/24/2022 EUR 72.360
Vontobel Financial P 9.000 6/24/2022 EUR 60.820
Vontobel Financial P 14.000 6/24/2022 EUR 57.000
Vontobel Financial P 14.000 6/24/2022 EUR 64.330
Vontobel Financial P 8.500 6/24/2022 EUR 72.800
Vontobel Financial P 16.500 6/24/2022 EUR 61.500
Vontobel Financial P 15.500 6/24/2022 EUR 62.940
Vontobel Financial P 16.000 6/24/2022 EUR 69.060
Vontobel Financial P 12.500 6/24/2022 EUR 71.670
Vontobel Financial P 15.500 6/24/2022 EUR 69.020
Vontobel Financial P 11.500 6/24/2022 EUR 73.240
Zurcher Kantonalbank 11.000 4/19/2022 EUR 70.900
Bank Julius Baer & C 13.000 4/20/2022 USD 43.300
Raiffeisen Schweiz G 14.000 06/01/2022 CHF 70.200
Vontobel Financial P 26.350 06/06/2022 EUR 56.130
Vontobel Financial P 20.000 6/24/2022 EUR 55.980
Vontobel Financial P 16.500 6/24/2022 EUR 26.290
UniCredit Bank AG 13.300 07/07/2022 EUR 72.690
Bank Julius Baer & C 8.800 09/05/2022 EUR 63.800
Leonteq Securities A 11.000 09/07/2022 CHF 64.860
Leonteq Securities A 23.390 4/19/2022 CHF 33.590
Zurcher Kantonalbank 8.000 4/22/2022 CHF 73.990
Zurcher Kantonalbank 9.850 4/22/2022 CHF 68.110
Raiffeisen Schweiz G 6.500 07/12/2022 CHF 71.700
Vontobel Financial P 14.500 6/24/2022 EUR 70.700
Vontobel Financial P 13.000 6/24/2022 EUR 72.470
Vontobel Financial P 12.000 6/24/2022 EUR 67.150
Vontobel Financial P 11.500 6/24/2022 EUR 58.790
Vontobel Financial P 7.000 6/24/2022 EUR 63.230
Vontobel Financial P 9.500 6/24/2022 EUR 71.480
Vontobel Financial P 11.500 6/24/2022 EUR 67.590
Vontobel Financial P 10.000 6/24/2022 EUR 70.070
Vontobel Financial P 13.500 6/24/2022 EUR 65.450
Vontobel Financial P 19.500 6/24/2022 EUR 58.190
Vontobel Financial P 10.500 6/24/2022 EUR 69.640
Vontobel Financial P 13.500 6/24/2022 EUR 64.880
Vontobel Financial P 3.500 6/24/2022 EUR 69.150
Vontobel Financial P 14.000 6/24/2022 EUR 71.640
Vontobel Financial P 16.500 6/24/2022 EUR 67.690
Corner Banca SA 12.000 06/01/2022 CHF 44.420
Landesbank Baden-Wue 5.00011/25/2022 EUR 53.240
Landesbank Baden-Wue 4.35011/25/2022 EUR 54.420
Landesbank Baden-Wue 5.40011/25/2022 EUR 52.390
Landesbank Baden-Wue 5.90011/25/2022 EUR 64.780
EFG International Fi 24.000 06/07/2022 USD 28.940
Zurcher Kantonalbank 10.500 06/10/2022 CHF 66.650
Zurcher Kantonalbank 19.000 06/10/2022 USD 60.420
Zurcher Kantonalbank 22.750 06/10/2022 USD 56.240
Zurcher Kantonalbank 21.750 06/10/2022 CHF 66.790
Zurcher Kantonalbank 13.000 06/10/2022 CHF 56.710
Raiffeisen Schweiz G 12.000 06/01/2022 CHF 54.560
Bank Julius Baer & C 8.500 06/03/2022 USD 76.950
Leonteq Securities A 23.690 06/03/2022 CHF 29.470
Leonteq Securities A 23.290 06/03/2022 CHF 67.320
Corner Banca SA 13.000 4/20/2022 CHF 72.060
Corner Banca SA 12.00010/19/2022 EUR 72.970
Vontobel Financial P 9.000 6/24/2022 EUR 65.110
Vontobel Financial P 4.000 6/24/2022 EUR 49.030
Leonteq Securities A 8.410 4/21/2022 EUR 50.080
DZ Bank AG Deutsche 9.750 6/22/2022 EUR 66.460
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 65.280
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 66.890
DZ Bank AG Deutsche 5.750 3/23/2022 EUR 74.200
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 69.120
DZ Bank AG Deutsche 9.250 3/23/2022 EUR 71.610
Zurcher Kantonalbank 10.000 06/02/2022 CHF 66.010
UBS AG/London 14.750 5/25/2022 CHF 39.650
Vontobel Financial P 18.000 6/24/2022 EUR 61.060
Vontobel Financial P 11.000 6/24/2022 EUR 69.120
Societe Generale Eff 10.250 6/24/2022 EUR 65.010
Societe Generale Eff 6.500 7/22/2022 EUR 68.880
Societe Generale Eff 10.000 7/22/2022 EUR 71.860
Societe Generale Eff 11.000 7/22/2022 EUR 70.430
Vontobel Financial P 12.250 6/24/2022 EUR 64.980
Vontobel Financial P 15.000 6/24/2022 EUR 69.310
Societe Generale Eff 8.000 7/22/2022 EUR 75.010
Vontobel Financial P 12.000 6/24/2022 EUR 71.190
Societe Generale Eff 10.500 7/22/2022 EUR 61.790
Societe Generale Eff 4.000 7/22/2022 EUR 69.320
Vontobel Financial P 12.400 3/16/2022 EUR 35.260
Vontobel Financial P 18.500 6/24/2022 EUR 48.430
Vontobel Financial P 7.000 6/24/2022 EUR 58.990
Vontobel Financial P 4.500 6/24/2022 EUR 52.680
DZ Bank AG Deutsche 12.000 6/24/2022 EUR 60.400
DZ Bank AG Deutsche 13.900 6/24/2022 EUR 57.770
Leonteq Securities A 8.000 6/28/2023 CHF 73.420
DZ Bank AG Deutsche 24.500 6/24/2022 EUR 53.560
Landesbank Baden-Wue 2.500 6/24/2022 EUR 53.370
Leonteq Securities A 18.000 9/28/2022 CHF 65.670
Leonteq Securities A 14.00012/28/2022 CHF 56.910
Leonteq Securities A 16.000 6/28/2022 CHF 42.950
Corner Banca SA 14.000 9/28/2022 CHF 68.220
Leonteq Securities A 17.000 6/28/2022 CHF 41.410
Raiffeisen Schweiz G 12.00012/28/2022 CHF 77.010
Leonteq Securities A 6.400 6/28/2023 CHF 65.810
Leonteq Securities A 12.000 6/28/2022 CHF 26.350
Leonteq Securities A 13.000 6/28/2022 EUR 73.520
Leonteq Securities A 22.560 6/24/2022 CHF 31.110
Leonteq Securities A 26.030 6/24/2022 CHF 38.530
Societe Generale Eff 3.000 6/24/2022 EUR 77.400
Landesbank Baden-Wue 4.200 6/24/2022 EUR 49.690
Landesbank Baden-Wue 7.150 6/24/2022 EUR 45.320
Landesbank Baden-Wue 9.500 6/24/2022 EUR 43.890
Vontobel Financial P 21.000 6/24/2022 EUR 69.760
Vontobel Financial P 11.500 6/24/2022 EUR 69.690
Vontobel Financial P 3.500 9/23/2022 EUR 65.130
Vontobel Financial P 3.000 6/24/2022 EUR 65.360
Vontobel Financial P 8.500 9/23/2022 EUR 55.790
Vontobel Financial P 15.000 9/23/2022 EUR 50.590
Vontobel Financial P 6.500 9/23/2022 EUR 65.890
Zurcher Kantonalbank 19.000 7/22/2022 CHF 59.430
Vontobel Financial P 7.500 9/23/2022 EUR 68.290
Raiffeisen Schweiz G 6.500 01/12/2023 CHF 70.450
Vontobel Financial P 10.000 07/06/2022 EUR 72.720
Landesbank Baden-Wue 10.500 6/24/2022 EUR 42.030
Landesbank Baden-Wue 4.000 6/24/2022 EUR 72.390
Landesbank Baden-Wue 5.500 6/24/2022 EUR 50.090
Landesbank Baden-Wue 7.250 7/22/2022 EUR 73.080
Leonteq Securities A 11.000 01/11/2023 CHF 48.690
Leonteq Securities A 12.000 01/11/2023 CHF 71.850
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 72.040
DZ Bank AG Deutsche 6.250 9/19/2022 EUR 74.470
Leonteq Securities A 17.000 01/12/2023 USD 70.750
Raiffeisen Schweiz G 18.000 10/12/2022 CHF 63.220
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 72.790
DZ Bank AG Deutsche 9.250 9/21/2022 EUR 73.670
Landesbank Baden-Wue 3.000 8/25/2023 EUR 65.550
UniCredit Bank AG 4.000 06/07/2022 EUR 71.520
UniCredit Bank AG 3.700 06/04/2022 EUR 48.810
Leonteq Securities A 7.000 7/15/2022 CHF 78.550
Zurcher Kantonalbank 7.000 7/25/2022 CHF 75.570
Zurcher Kantonalbank 8.500 7/25/2022 CHF 64.520
Credit Suisse AG/Lon 8.000 4/14/2022 CHF 59.960
Credit Suisse AG/Lon 12.000 4/15/2022 USD 46.310
Raiffeisen Switzerla 7.500 7/14/2022 CHF 63.110
Raiffeisen Switzerla 13.000 7/14/2022 CHF 67.560
Raiffeisen Schweiz G 11.000 7/14/2022 CHF 49.160
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 64.660
Leonteq Securities A 12.000 4/21/2022 CHF 60.870
EFG International Fi 6.300 5/18/2023 USD 35.290
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 65.500
DZ Bank AG Deutsche 6.250 3/23/2022 EUR 72.090
DZ Bank AG Deutsche 4.250 6/22/2022 EUR 71.040
Societe Generale Eff 3.250 5/27/2022 EUR 76.080
Societe Generale Eff 11.250 5/27/2022 EUR 47.530
Societe Generale Eff 13.250 5/27/2022 EUR 44.670
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 69.480
DZ Bank AG Deutsche 12.250 3/23/2022 EUR 71.860
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 72.660
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 73.900
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 71.600
DZ Bank AG Deutsche 12.000 3/23/2022 EUR 61.470
Societe Generale Eff 15.250 5/27/2022 EUR 42.400
Goldman Sachs & Co W 7.000 4/21/2022 EUR 65.120
Goldman Sachs & Co W 7.000 5/25/2022 EUR 64.370
Goldman Sachs & Co W 6.000 6/22/2022 EUR 64.950
Goldman Sachs & Co W 7.000 6/22/2022 EUR 64.700
Goldman Sachs & Co W 6.000 9/21/2022 EUR 65.470
Goldman Sachs & Co W 7.00012/21/2022 EUR 68.270
DZ Bank AG Deutsche 5.000 3/23/2022 EUR 61.360
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 61.390
Leonteq Securities A 20.940 5/19/2022 CHF 62.220
Corner Banca SA 6.50011/21/2022 CHF 50.850
Corner Banca SA 7.60011/18/2022 USD 50.910
Zurcher Kantonalbank 13.250 5/31/2022 CHF 55.600
Zurcher Kantonalbank 10.500 5/27/2022 USD 67.100
UBS AG/London 7.25011/21/2022 CHF 67.400
UBS AG/London 8.25011/21/2022 CHF 56.350
Technoleasing LLC 10.750 4/16/2026 RUB 68.010
Bank Vontobel AG 7.00411/14/2022 CHF 74.000
Bank Vontobel AG 9.25611/14/2022 CHF 66.700
Bank Vontobel AG 5.755 5/15/2023 CHF 66.300
EFG International Fi 13.00011/14/2022 CHF 56.620
Societe Generale Eff 7.500 5/27/2022 EUR 57.550
Raiffeisen Centroban 6.500 06/09/2023 EUR 69.130
Leonteq Securities A 5.050 06/02/2023 EUR 66.190
Landesbank Baden-Wue 6.300 6/24/2022 EUR 72.970
Landesbank Baden-Wue 3.100 6/24/2022 EUR 66.330
Landesbank Baden-Wue 4.350 6/24/2022 EUR 63.700
Landesbank Baden-Wue 8.300 5/27/2022 EUR 69.920
Landesbank Baden-Wue 4.550 5/27/2022 EUR 46.790
Landesbank Baden-Wue 6.400 5/27/2022 EUR 43.930
Landesbank Baden-Wue 8.500 5/27/2022 EUR 41.540
Landesbank Baden-Wue 3.500 5/27/2022 EUR 72.000
Landesbank Baden-Wue 5.150 5/27/2022 EUR 67.490
Landesbank Baden-Wue 7.000 5/27/2022 EUR 63.520
Landesbank Baden-Wue 4.800 5/27/2022 EUR 48.530
Landesbank Baden-Wue 7.700 5/27/2022 EUR 42.880
Landesbank Baden-Wue 3.550 6/24/2022 EUR 68.820
Landesbank Baden-Wue 2.050 6/24/2022 EUR 69.260
Landesbank Baden-Wue 3.300 5/27/2022 EUR 50.320
Landesbank Baden-Wue 6.700 5/27/2022 EUR 42.660
Landesbank Baden-Wue 13.880 5/27/2022 EUR 73.910
EFG International Fi 14.00011/21/2022 CHF 34.710
Leonteq Securities A 14.200 09/01/2022 CHF 62.680
Bank Julius Baer & C 8.800 5/19/2022 EUR 66.850
Leonteq Securities A 16.000 5/25/2022 CHF 21.810
DZ Bank AG Deutsche 12.640 5/27/2022 EUR 67.790
DZ Bank AG Deutsche 9.270 6/24/2022 EUR 49.610
Credit Suisse AG/Lon 12.500 8/22/2022 CHF 67.150
Leonteq Securities A 7.600 03/09/2023 EUR 74.350
Bank Julius Baer & C 6.300 07/06/2022 CHF 72.750
Zurcher Kantonalbank 11.250 07/06/2022 EUR 47.870
Societe Generale SA 16.000 08/01/2024 USD 39.150
Societe Generale SA 18.000 08/01/2024 USD 38.700
Societe Generale SA 15.000 08/01/2024 USD 44.300
DZ Bank AG Deutsche 7.500 7/20/2022 EUR 71.870
Vontobel Financial P 20.000 6/24/2022 EUR 68.850
DZ Bank AG Deutsche 4.750 9/21/2022 EUR 66.330
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 71.190
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 71.220
Vontobel Financial P 8.000 6/24/2022 EUR 56.890
Vontobel Financial P 4.000 6/24/2022 EUR 74.830
Vontobel Financial P 8.000 6/24/2022 EUR 49.600
Vontobel Financial P 17.000 6/24/2022 EUR 72.790
Vontobel Financial P 7.250 6/24/2022 EUR 65.230
Vontobel Financial P 16.450 6/24/2022 EUR 75.330
Zurcher Kantonalbank 12.000 7/14/2022 CHF 47.480
Bank Vontobel AG 6.000 01/04/2023 CHF 69.900
Bank Vontobel AG 8.500 01/03/2023 EUR 71.100
Bank Vontobel AG 7.500 01/03/2023 EUR 45.600
Bank Vontobel AG 9.250 01/04/2023 CHF 38.300
Basler Kantonalbank 11.000 01/09/2023 CHF 65.270
EFG International Fi 10.000 01/09/2023 USD 47.490
EFG International Fi 17.000 07/08/2022 USD 47.130
Raiffeisen Schweiz G 8.000 01/05/2023 CHF 68.580
Zurcher Kantonalbank 7.500 4/29/2022 CHF 48.020
Zurcher Kantonalbank 8.000 4/29/2022 USD 48.100
UBS AG/London 15.250 7/21/2022 USD 45.550
Bank Vontobel AG 7.506 7/15/2022 CHF 63.600
DZ Bank AG Deutsche 6.750 3/23/2022 EUR 65.510
DZ Bank AG Deutsche 5.000 3/23/2022 EUR 64.630
Vontobel Financial P 9.000 6/24/2022 EUR 69.410
Goldman Sachs & Co W 6.000 3/22/2023 EUR 72.610
Vontobel Financial P 5.500 6/24/2022 EUR 71.450
Vontobel Financial P 8.750 6/24/2022 EUR 62.640
Vontobel Financial P 11.750 6/24/2022 EUR 56.220
Vontobel Financial P 14.750 6/24/2022 EUR 66.150
Vontobel Financial P 11.750 6/24/2022 EUR 74.230
Vontobel Financial P 12.000 6/24/2022 EUR 65.710
Vontobel Financial P 14.250 6/24/2022 EUR 68.690
Vontobel Financial P 14.500 6/24/2022 EUR 66.390
Vontobel Financial P 21.000 6/24/2022 EUR 59.150
Vontobel Financial P 19.000 6/24/2022 EUR 61.320
Vontobel Financial P 15.000 6/24/2022 EUR 73.690
Vontobel Financial P 16.500 6/24/2022 EUR 74.080
Vontobel Financial P 5.550 5/18/2022 EUR 55.800
Raiffeisen Schweiz G 12.000 8/17/2022 CHF 63.270
Vontobel Financial P 15.500 6/24/2022 EUR 75.580
Vontobel Financial P 20.500 6/24/2022 EUR 70.780
EFG International Fi 5.250 5/18/2023 EUR 68.750
Bank Julius Baer & C 11.200 5/18/2022 CHF 48.550
Bank Julius Baer & C 7.300 5/18/2022 CHF 70.400
Zurcher Kantonalbank 27.000 5/27/2022 USD 72.710
DZ Bank AG Deutsche 4.250 3/23/2022 EUR 68.930
Societe Generale Eff 9.250 5/27/2022 EUR 51.330
DZ Bank AG Deutsche 11.750 6/22/2022 EUR 66.960
Goldman Sachs & Co W 6.000 4/21/2022 EUR 65.270
Goldman Sachs & Co W 6.000 5/25/2022 EUR 64.600
Goldman Sachs & Co W 7.000 9/21/2022 EUR 66.200
Goldman Sachs & Co W 6.00012/21/2022 EUR 67.380
Credit Suisse AG/Lon 10.000 5/19/2022 CHF 47.700
UBS AG/London 10.25011/21/2022 CHF 51.750
UniCredit Bank AG 3.450 04/02/2024 EUR 70.410
EFG International Fi 18.000 6/30/2022 EUR 68.520
Zurcher Kantonalbank 15.250 07/06/2022 CHF 54.410
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 69.470
DZ Bank AG Deutsche 5.750 7/20/2022 EUR 64.520
DZ Bank AG Deutsche 7.000 9/21/2022 EUR 67.460
Leonteq Securities A 22.520 07/06/2022 CHF 26.940
Leonteq Securities A 20.000 07/06/2022 CHF 43.710
Vontobel Financial P 12.500 6/24/2022 EUR 58.050
Vontobel Financial P 5.000 6/24/2022 EUR 58.280
Vontobel Financial P 8.000 6/24/2022 EUR 59.910
Vontobel Financial P 9.000 6/24/2022 EUR 55.450
DekaBank Deutsche Gi 4.250 4/14/2022 EUR 38.070
Raiffeisen Switzerla 8.500 7/14/2022 CHF 63.670
UBS AG/London 13.500 07/07/2022 CHF 68.800
UBS AG/London 8.750 01/09/2023 CHF 60.800
UBS AG/London 8.250 07/07/2022 CHF 66.900
UBS AG/London 9.750 6/30/2022 CHF 51.350
DZ Bank AG Deutsche 4.750 3/23/2022 EUR 61.350
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 61.380
EFG International Fi 9.350 01/12/2023 CHF 56.870
Zurcher Kantonalbank 8.250 7/20/2022 EUR 49.900
UniCredit Bank AG 4.50010/26/2022 EUR 71.210
Landesbank Baden-Wue 3.00012/23/2022 EUR 65.330
Raiffeisen Schweiz G 5.000 04/05/2022 CHF 73.840
UniCredit Bank AG 3.700 6/25/2022 EUR 46.210
Landesbank Baden-Wue 2.500 8/25/2023 EUR 63.400
UniCredit Bank AG 4.250 6/28/2022 EUR 47.050
UniCredit Bank AG 3.850 6/28/2022 EUR 70.320
UniCredit Bank AG 3.800 6/28/2022 EUR 34.540
Landesbank Baden-Wue 2.600 4/28/2023 EUR 67.320
UniCredit Bank AG 3.750 3/26/2022 EUR 63.360
UniCredit Bank AG 3.250 3/29/2022 EUR 17.550
SG Issuer SA 9.180 1/20/2025 SEK 53.370
UniCredit Bank AG 3.600 3/29/2022 EUR 65.020
Landesbank Baden-Wue 2.810 3/24/2023 EUR 63.370
Landesbank Baden-Wue 2.600 4/25/2022 EUR 71.240
Landesbank Baden-Wue 2.800 4/25/2022 EUR 69.910
Leonteq Securities A 5.600 5/16/2022 CHF 55.960
Landesbank Baden-Wue 2.300 7/22/2022 EUR 69.520
Landesbank Baden-Wue 2.000 7/22/2022 EUR 73.120
Citigroup Global Mar 7.200 5/24/2023 SEK 64.270
Landesbank Baden-Wue 3.000 6/23/2023 EUR 70.970
Landesbank Baden-Wue 3.25012/23/2022 EUR 64.480
DekaBank Deutsche Gi 1.000 1/20/2025 EUR 52.950
Leonteq Securities A 12.000 6/28/2022 CHF 72.090
EFG International Fi 4.90012/28/2023 USD 63.090
EFG International Fi 7.00012/29/2022 USD 8.770
Bank Vontobel AG 9.504 6/30/2022 CHF 46.600
UBS AG/London 15.500 6/30/2022 CHF 68.500
VTB Bank PJSC 0.010 12/09/2025 RUB 72.800
Leonteq Securities A 9.000 6/30/2022 CHF 74.270
Bank Vontobel AG 7.760 6/27/2022 CHF 68.800
Bank Vontobel AG 8.252 6/27/2022 CHF 69.300
UBS AG/London 12.500 6/23/2022 USD 43.700
UBS AG/London 6.25012/23/2022 CHF 53.800
DekaBank Deutsche Gi 2.500 02/02/2024 EUR 65.590
UBS AG/London 12.750 01/03/2023 CHF 73.500
UBS AG/London 7.500 6/23/2022 CHF 65.750
UBS AG/London 13.000 6/23/2022 CHF 43.950
UBS AG/London 8.750 6/23/2022 CHF 42.850
Bank Vontobel AG 6.254 6/30/2022 CHF 79.300
UBS AG/London 10.500 6/30/2022 CHF 70.750
VTB Bank PJSC 0.01011/25/2025 RUB 74.560
UBS AG/London 10.750 07/07/2022 EUR 72.700
UBS AG/London 16.250 07/07/2022 CHF 64.950
UBS AG/London 16.300 01/08/2024 EUR 6.020
UBS AG/London 16.500 6/30/2022 USD 33.600
Leonteq Securities A 15.000 3/30/2022 CHF 54.460
Landesbank Baden-Wue 5.05010/28/2022 EUR 61.080
Bank Vontobel AG 6.007 9/26/2022 CHF 61.000
Bank Vontobel AG 9.000 9/26/2022 EUR 72.900
Bank Vontobel AG 4.255 6/27/2022 CHF 59.000
Bank Vontobel AG 14.006 9/26/2022 CHF 38.500
Bank Vontobel AG 15.009 6/27/2022 CHF 40.300
Raiffeisen Switzerla 11.750 10/06/2022 CHF 69.160
Zurcher Kantonalbank 10.500 04/08/2022 CHF 68.280
UBS AG/London 10.250 9/30/2022 CHF 70.300
UBS AG/London 16.000 9/30/2022 CHF 42.300
Landesbank Baden-Wue 4.05010/28/2022 EUR 75.530
Bank Vontobel AG 6.007 9/26/2022 CHF 61.000
Bank Vontobel AG 9.009 9/26/2022 EUR 72.900
Bank Vontobel AG 12.751 6/27/2022 CHF 39.200
Bank Vontobel AG 22.008 6/27/2022 CHF 61.900
Bank Vontobel AG 28.506 3/28/2022 CHF 53.900
UniCredit Bank AG 7.850 4/21/2022 EUR 64.960
EFG International Fi 6.000 3/30/2023 USD 72.790
Leonteq Securities A 14.000 07/06/2022 CHF 67.550
Zurcher Kantonalbank 17.250 4/14/2022 CHF 55.770
UBS AG/London 9.500 9/30/2022 CHF 64.750
UBS AG/London 6.500 3/31/2023 USD 78.000
Raiffeisen Switzerla 14.000 3/29/2022 CHF 58.080
Landesbank Baden-Wue 7.85010/28/2022 EUR 54.070
Landesbank Baden-Wue 4.05010/28/2022 EUR 40.260
Landesbank Baden-Wue 7.10010/28/2022 EUR 65.300
Landesbank Baden-Wue 5.75010/28/2022 EUR 41.630
Zurcher Kantonalbank 10.000 4/13/2022 CHF 68.700
Landesbank Baden-Wue 7.40010/28/2022 EUR 66.350
Landesbank Baden-Wue 6.35010/28/2022 EUR 36.620
Landesbank Baden-Wue 3.50010/28/2022 EUR 45.480
Landesbank Baden-Wue 5.60010/28/2022 EUR 68.770
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 56.100
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 61.400
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 65.500
EFG International Fi 10.320 7/19/2022 USD 74.690
BNP Paribas Emission 10.000 6/23/2022 EUR 52.560
BNP Paribas Emission 10.000 6/23/2022 EUR 49.970
BNP Paribas Emission 14.000 6/23/2022 EUR 46.510
BNP Paribas Emission 11.000 6/23/2022 EUR 68.840
Vontobel Financial P 10.000 3/25/2022 EUR 68.420
BNP Paribas Emission 10.000 6/23/2022 EUR 73.100
BNP Paribas Emission 15.000 6/23/2022 EUR 36.120
BNP Paribas Emission 8.000 6/23/2022 EUR 71.300
Sberbank of Russia P 0.01010/31/2025 RUB 74.400
Sberbank of Russia P 0.01011/20/2025 RUB 70.200
UBS AG/London 13.500 5/18/2022 CHF 29.260
Vontobel Financial P 16.250 6/24/2022 EUR 73.520
Vontobel Financial P 11.000 6/24/2022 EUR 71.800
Zurcher Kantonalbank 11.000 7/15/2022 CHF 64.840
Bank Vontobel AG 8.250 01/04/2023 CHF 73.600
Bank Vontobel AG 17.500 07/04/2022 CHF 47.900
Vontobel Financial P 8.500 6/24/2022 EUR 53.890
Vontobel Financial P 16.500 6/24/2022 EUR 77.610
EFG International Fi 8.400 07/07/2023 CHF 74.820
Raiffeisen Schweiz G 10.000 07/05/2022 CHF 65.770
Raiffeisen Schweiz G 11.000 07/06/2022 CHF 67.520
Raiffeisen Schweiz G 13.000 07/05/2022 CHF 66.930
Zurcher Kantonalbank 10.750 7/15/2022 EUR 44.710
DZ Bank AG Deutsche 5.00012/23/2022 EUR 69.930
EFG International Fi 9.430 7/19/2022 USD 62.880
EFG International Fi 10.210 7/19/2022 USD 63.970
Leonteq Securities A 10.000 07/12/2023 CHF 67.360
Vontobel Financial P 16.500 6/24/2022 EUR 72.700
Vontobel Financial P 8.000 6/24/2022 EUR 68.070
Vontobel Financial P 12.500 6/24/2022 EUR 61.370
Vontobel Financial P 10.500 6/24/2022 EUR 64.560
Vontobel Financial P 15.000 6/24/2022 EUR 58.700
Vontobel Financial P 13.000 6/24/2022 EUR 52.140
Vontobel Financial P 17.500 6/24/2022 EUR 56.380
Vontobel Financial P 8.000 6/24/2022 EUR 57.070
Vontobel Financial P 9.500 6/24/2022 EUR 55.220
Vontobel Financial P 20.000 6/24/2022 EUR 54.360
Vontobel Financial P 11.000 6/24/2022 EUR 53.540
Vontobel Financial P 14.500 6/24/2022 EUR 50.750
Leonteq Securities A 22.130 07/08/2022 CHF 34.800
EFG International Fi 8.700 7/13/2023 EUR 46.650
Zurcher Kantonalbank 4.750 7/15/2022 CHF 66.910
Vontobel Financial P 9.250 6/24/2022 EUR 70.600
Societe Generale Eff 3.500 5/27/2022 EUR 68.080
Bank Julius Baer & C 17.000 05/09/2022 CHF 60.250
Leonteq Securities A 8.000 01/12/2023 CHF 67.170
Leonteq Securities A 12.000 10/12/2022 CHF 72.930
Leonteq Securities A 10.000 01/12/2023 CHF 75.900
Corner Banca SA 11.200 10/12/2022 EUR 56.640
Corner Banca SA 10.000 10/12/2022 CHF 46.400
Leonteq Securities A 10.000 10/12/2022 CHF 62.130
Leonteq Securities A 10.000 07/06/2022 EUR 37.950
Goldman Sachs & Co W 6.000 6/21/2023 EUR 69.600
Leonteq Securities A 12.000 01/12/2023 CHF 44.460
Goldman Sachs & Co W 7.00012/21/2022 EUR 68.190
Goldman Sachs & Co W 8.000 8/24/2022 EUR 73.200
Goldman Sachs & Co W 8.000 7/20/2022 EUR 74.010
Bank Vontobel AG 8.000 01/10/2023 CHF 70.100
Bank Vontobel AG 8.000 01/10/2023 CHF 70.100
Bank Vontobel AG 11.000 01/10/2023 CHF 70.300
Bank Vontobel AG 10.000 07/12/2022 CHF 78.300
Bank Vontobel AG 10.000 01/10/2023 EUR 67.600
DZ Bank AG Deutsche 9.500 3/23/2022 EUR 60.540
DZ Bank AG Deutsche 10.500 4/22/2022 EUR 36.370
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 61.400
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 61.420
DZ Bank AG Deutsche 11.250 3/23/2022 EUR 61.460
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 65.830
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 66.210
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 63.740
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 62.880
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 64.250
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 61.230
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 59.790
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 62.820
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 65.520
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 68.640
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 65.360
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 58.920
UniCredit Bank AG 7.950 4/27/2022 EUR 64.350
UniCredit Bank AG 9.250 4/27/2022 EUR 71.800
SG Issuer SA 1.50012/30/2032 EUR 44.360
UBS AG/London 9.750 7/20/2022 CHF 62.550
Zurcher Kantonalbank 7.500 7/28/2022 CHF 64.550
UBS AG/London 7.750 7/20/2022 CHF 62.000
UBS AG/London 7.750 7/20/2022 CHF 43.550
Bank Vontobel AG 9.004 7/15/2022 CHF 72.600
Vontobel Financial P 9.000 3/25/2022 EUR 74.350
Vontobel Financial P 10.500 3/25/2022 EUR 66.110
Vontobel Financial P 9.000 3/25/2022 EUR 63.280
Vontobel Financial P 10.000 3/25/2022 EUR 63.320
Vontobel Financial P 5.000 3/25/2022 EUR 55.260
Vontobel Financial P 6.500 3/25/2022 EUR 55.110
Vontobel Financial P 5.500 3/25/2022 EUR 55.070
Vontobel Financial P 6.000 3/25/2022 EUR 55.090
Goldman Sachs & Co W 7.000 6/22/2022 EUR 68.170
Goldman Sachs & Co W 7.000 9/21/2022 EUR 69.150
Goldman Sachs & Co W 7.00012/21/2022 EUR 70.570
Vontobel Financial P 3.500 3/25/2022 EUR 60.270
Vontobel Financial P 6.000 3/25/2022 EUR 67.730
Vontobel Financial P 8.000 3/25/2022 EUR 66.000
Vontobel Financial P 9.000 3/25/2022 EUR 66.050
Goldman Sachs & Co W 8.000 6/22/2022 EUR 68.770
Goldman Sachs & Co W 8.000 9/21/2022 EUR 69.700
Goldman Sachs & Co W 7.00012/21/2022 EUR 70.640
Vontobel Financial P 14.000 3/25/2022 EUR 65.630
Vontobel Financial P 15.000 3/25/2022 EUR 65.660
Vontobel Financial P 13.000 3/25/2022 EUR 65.580
Vontobel Financial P 16.500 3/25/2022 EUR 67.070
Vontobel Financial P 12.500 3/25/2022 EUR 65.920
Vontobel Financial P 11.500 3/25/2022 EUR 65.880
Vontobel Financial P 3.500 3/25/2022 EUR 49.030
Vontobel Financial P 9.500 3/25/2022 EUR 68.120
Leonteq Securities A 14.000 4/26/2022 CHF 37.960
Leonteq Securities A 13.000 7/25/2022 USD 42.960
Leonteq Securities A 7.450 1/25/2023 EUR 47.150
Leonteq Securities A 7.000 7/22/2022 CHF 67.540
UBS AG/London 13.250 05/12/2022 USD 37.750
Sberbank of Russia P 0.010 11/11/2025 RUB 74.900
Sberbank of Russia P 0.01011/20/2025 RUB 64.700
BNP Paribas Emission 6.500 6/23/2022 EUR 77.010
BNP Paribas Emission 12.000 6/23/2022 EUR 68.290
EFG International Fi 6.500 3/24/2023 USD 69.890
BNP Paribas Emission 9.500 6/23/2022 EUR 72.140
BNP Paribas Emission 8.500 6/23/2022 EUR 42.700
BNP Paribas Emission 9.000 6/23/2022 EUR 40.980
Vontobel Financial P 16.000 3/22/2022 USD 72.030
DZ Bank AG Deutsche 8.250 3/21/2022 EUR 74.830
EFG International Fi 16.000 3/24/2022 USD 57.270
UBS AG/London 12.750 9/26/2022 CHF 70.400
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 71.790
UniCredit Bank AG 11.550 4/21/2022 EUR 66.320
Bank Julius Baer & C 5.750 6/27/2022 EUR 68.750
Vontobel Financial P 26.400 3/28/2022 EUR 77.910
Vontobel Financial P 15.220 3/28/2022 EUR 66.880
Credit Suisse AG/Lon 8.000 6/27/2022 CHF 61.810
Zurcher Kantonalbank 8.600 04/01/2022 EUR 71.210
Vontobel Financial P 15.350 3/29/2023 EUR 69.920
Vontobel Financial P 24.950 3/29/2022 EUR 75.960
Vontobel Financial P 17.750 3/29/2023 EUR 72.560
Bank Julius Baer & C 10.000 3/28/2022 USD 45.100
EFG International Fi 7.250 02/09/2024 USD 57.180
Vontobel Financial P 17.500 3/25/2022 EUR 71.680
Raiffeisen Switzerla 7.500 02/08/2023 CHF 69.990
Raiffeisen Switzerla 11.000 08/05/2022 EUR 58.630
Vontobel Financial P 16.500 3/25/2022 EUR 65.930
Vontobel Financial P 5.500 3/25/2022 EUR 56.970
Vontobel Financial P 4.500 3/25/2022 EUR 74.790
Vontobel Financial P 5.000 3/25/2022 EUR 56.950
Vontobel Financial P 6.000 3/25/2022 EUR 56.990
Vontobel Financial P 8.000 3/25/2022 EUR 56.860
Vontobel Financial P 7.500 3/25/2022 EUR 56.840
Bank Vontobel AG 11.002 08/10/2022 CHF 70.400
UBS AG/London 7.750 08/10/2022 CHF 33.400
UBS AG/London 5.250 08/10/2022 CHF 74.600
UBS AG/London 13.750 08/10/2022 CHF 74.650
UBS AG/London 14.250 08/10/2022 USD 70.400
Vontobel Financial P 11.500 3/25/2022 EUR 59.200
Vontobel Financial P 9.000 3/25/2022 EUR 59.300
EFG International Fi 4.500 02/12/2024 USD 57.910
DZ Bank AG Deutsche 3.00012/23/2022 EUR 45.520
DZ Bank AG Deutsche 7.00012/23/2022 EUR 36.830
Leonteq Securities A 15.740 08/10/2022 USD 38.250
Bank Vontobel AG 21.502 05/12/2022 CHF 40.400
Bank Vontobel AG 16.000 05/12/2022 CHF 32.400
Leonteq Securities A 10.000 08/12/2022 CHF 72.400
Leonteq Securities A 10.000 08/12/2022 CHF 60.650
Leonteq Securities A 12.400 05/12/2022 CHF 52.660
Corner Banca SA 15.000 05/12/2022 CHF 59.120
Leonteq Securities A 18.000 05/12/2022 CHF 61.180
Raiffeisen Switzerla 8.000 08/12/2022 CHF 75.170
Raiffeisen Switzerla 10.500 05/12/2022 CHF 63.350
DZ Bank AG Deutsche 9.500 3/23/2022 EUR 73.460
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 56.150
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 55.240
Corner Banca SA 15.00011/21/2022 USD 65.380
Leonteq Securities A 13.00011/21/2022 USD 39.880
Basler Kantonalbank 11.000 05/12/2022 CHF 64.260
Leonteq Securities A 13.00011/17/2022 USD 75.830
Corner Banca SA 11.00011/17/2022 EUR 76.180
Leonteq Securities A 18.000 5/17/2022 USD 43.620
Leonteq Securities A 8.000 5/17/2023 CHF 76.910
Leonteq Securities A 13.200 5/13/2022 USD 49.220
Leonteq Securities A 9.000 8/17/2022 CHF 73.720
Leonteq Securities A 10.000 8/17/2022 CHF 61.100
Vontobel Financial P 11.300 5/17/2022 USD 48.100
Vontobel Financial P 15.350 5/17/2022 USD 73.260
Landesbank Baden-Wue 2.650 9/22/2023 EUR 70.760
Credit Suisse AG/Lon 9.000 05/05/2022 CHF 64.620
UBS AG/London 12.75010/28/2022 CHF 42.750
Bank Julius Baer & C 9.650 7/29/2022 USD 73.400
Credit Suisse AG/Lon 12.000 4/29/2022 USD 25.930
Zurcher Kantonalbank 8.000 05/10/2022 EUR 73.090
Vontobel Financial P 15.000 6/24/2022 EUR 58.450
Vontobel Financial P 16.500 6/24/2022 EUR 56.880
Vontobel Financial P 13.500 6/24/2022 EUR 60.170
Vontobel Financial P 15.500 6/24/2022 EUR 73.080
Vontobel Financial P 12.500 6/24/2022 EUR 71.790
Vontobel Financial P 16.000 6/24/2022 EUR 68.020
Vontobel Financial P 13.500 6/24/2022 EUR 70.420
Vontobel Financial P 15.000 6/24/2022 EUR 69.250
Vontobel Financial P 17.000 6/24/2022 EUR 66.850
Vontobel Financial P 16.000 6/24/2022 EUR 75.310
Vontobel Financial P 17.000 6/24/2022 EUR 73.850
Vontobel Financial P 6.000 6/24/2022 EUR 70.170
Vontobel Financial P 9.000 6/24/2022 EUR 63.090
Vontobel Financial P 17.000 6/24/2022 EUR 53.640
Vontobel Financial P 18.000 6/24/2022 EUR 55.820
Vontobel Financial P 13.000 6/24/2022 EUR 57.780
Vontobel Financial P 8.500 6/24/2022 EUR 71.620
Vontobel Financial P 13.000 6/24/2022 EUR 62.390
Vontobel Financial P 15.000 6/24/2022 EUR 38.310
Vontobel Financial P 10.000 6/24/2022 EUR 42.500
Vontobel Financial P 17.500 6/24/2022 EUR 36.730
Vontobel Financial P 7.500 6/24/2022 EUR 45.280
Vontobel Financial P 12.500 6/24/2022 EUR 40.210
Vontobel Financial P 7.500 6/24/2022 EUR 58.250
Vontobel Financial P 6.500 3/25/2022 EUR 59.420
Vontobel Financial P 6.500 6/24/2022 EUR 55.070
Vontobel Financial P 5.000 3/25/2022 EUR 55.370
Vontobel Financial P 11.000 6/24/2022 EUR 67.740
Vontobel Financial P 9.500 3/25/2022 EUR 69.080
Vontobel Financial P 12.000 3/25/2022 EUR 69.180
Vontobel Financial P 5.500 6/24/2022 EUR 60.840
Vontobel Financial P 10.500 6/24/2022 EUR 62.120
Vontobel Financial P 5.500 6/24/2022 EUR 54.780
Zurcher Kantonalbank 15.500 05/10/2022 CHF 68.090
Leonteq Securities A 11.000 7/29/2022 CHF 71.150
Leonteq Securities A 7.000 05/03/2023 CHF 68.350
Leonteq Securities A 24.350 4/29/2022 CHF 54.350
Leonteq Securities A 23.180 4/29/2022 USD 28.350
Leonteq Securities A 9.00010/31/2022 CHF 65.000
Leonteq Securities A 11.00010/31/2022 USD 55.550
Leonteq Securities A 10.00010/31/2022 USD 64.340
Leonteq Securities A 10.00010/31/2022 CHF 70.720
Zurcher Kantonalbank 18.000 05/06/2022 CHF 60.360
DZ Bank AG Deutsche 4.250 3/23/2022 EUR 70.140
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 60.880
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 61.660
Leonteq Securities A 8.000 7/26/2022 CHF 66.980
Zurcher Kantonalbank 8.000 05/04/2022 CHF 73.980
Raiffeisen Switzerla 12.00010/26/2022 CHF 57.370
Raiffeisen Switzerla 10.50010/26/2022 CHF 73.290
Landesbank Baden-Wue 5.650 4/28/2023 EUR 71.970
Landesbank Baden-Wue 7.000 4/28/2023 EUR 49.450
Landesbank Baden-Wue 5.700 4/28/2023 EUR 43.320
Vontobel Financial P 13.500 6/24/2022 EUR 71.760
Vontobel Financial P 15.000 6/24/2022 EUR 70.070
Vontobel Financial P 16.500 6/24/2022 EUR 68.490
Vontobel Financial P 6.000 6/24/2022 EUR 57.060
Vontobel Financial P 20.500 6/24/2022 EUR 35.380
Vontobel Financial P 9.000 3/25/2022 EUR 72.360
Vontobel Financial P 13.000 6/24/2022 EUR 69.900
Vontobel Financial P 12.000 6/24/2022 EUR 69.600
Vontobel Financial P 16.500 3/25/2022 EUR 67.370
Vontobel Financial P 11.500 3/25/2022 EUR 70.550
Vontobel Financial P 13.000 3/25/2022 EUR 70.820
Vontobel Financial P 14.500 3/25/2022 EUR 70.880
Vontobel Financial P 9.000 6/24/2022 EUR 65.680
Bank Vontobel AG 7.008 7/25/2022 CHF 68.300
DekaBank Deutsche Gi 4.400 5/27/2022 EUR 68.600
Landesbank Baden-Wue 5.200 4/28/2023 EUR 65.240
Landesbank Baden-Wue 3.350 4/28/2023 EUR 74.330
Landesbank Baden-Wue 4.200 4/28/2023 EUR 75.580
Landesbank Baden-Wue 3.800 4/28/2023 EUR 55.250
Landesbank Baden-Wue 3.200 4/28/2023 EUR 69.780
Landesbank Baden-Wue 5.250 4/28/2023 EUR 43.500
Landesbank Baden-Wue 3.150 4/28/2023 EUR 47.450
Landesbank Baden-Wue 2.300 4/28/2023 EUR 66.930
Landesbank Baden-Wue 4.350 4/28/2023 EUR 45.170
Landesbank Baden-Wue 3.000 4/28/2023 EUR 47.730
Vontobel Financial P 12.500 6/24/2022 EUR 73.690
Vontobel Financial P 6.500 3/25/2022 EUR 56.800
Vontobel Financial P 10.500 6/24/2022 EUR 72.010
Vontobel Financial P 13.000 3/25/2022 EUR 67.230
Vontobel Financial P 12.000 6/24/2022 EUR 72.060
Vontobel Financial P 13.500 6/24/2022 EUR 72.490
Vontobel Financial P 11.000 6/24/2022 EUR 71.770
Vontobel Financial P 4.500 3/25/2022 EUR 56.720
Zurcher Kantonalbank 12.250 05/05/2022 CHF 49.350
EFG International Fi 20.000 4/28/2022 USD 75.930
EFG International Fi 14.000 4/28/2022 CHF 69.830
EFG International Fi 9.00010/28/2022 CHF 70.740
UBS AG/London 8.75010/28/2022 CHF 75.200
UBS AG/London 12.750 4/28/2022 CHF 63.550
UBS AG/London 10.500 4/28/2023 CHF 70.050
UBS AG/London 9.50010/28/2022 CHF 68.050
UBS AG/London 8.750 4/28/2023 CHF 72.600
Zurcher Kantonalbank 6.400 11/07/2022 USD 47.140
Zurcher Kantonalbank 8.000 05/05/2022 CHF 74.420
Leonteq Securities A 15.000 4/13/2022 CHF 37.190
Zurcher Kantonalbank 5.000 4/27/2022 EUR 65.340
DZ Bank AG Deutsche 4.500 6/22/2022 EUR 71.650
DZ Bank AG Deutsche 5.500 3/23/2022 EUR 60.480
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 60.440
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 65.760
Zurcher Kantonalbank 16.250 05/04/2022 EUR 67.810
EFG International Fi 5.000 4/26/2023 USD 71.060
Raiffeisen Switzerla 6.75010/26/2022 CHF 67.970
Raiffeisen Switzerla 8.00010/26/2022 EUR 65.070
Leonteq Securities A 11.50010/27/2022 CHF 65.660
UBS AG/London 10.500 11/11/2022 CHF 74.300
UBS AG/London 13.500 05/12/2022 USD 37.800
EFG International Fi 13.000 05/11/2022 CHF 71.130
UniCredit Bank AG 5.250 12/01/2023 EUR 42.850
UniCredit Bank AG 5.55010/26/2022 EUR 70.750
UniCredit Bank AG 4.00011/21/2022 EUR 59.730
Landesbank Baden-Wue 3.000 5/26/2023 EUR 69.160
UniCredit Bank AG 3.750 4/19/2022 EUR 51.010
DekaBank Deutsche Gi 3.900 4/25/2022 EUR 38.670
Nordea Bank Abp 4.100 7/20/2023 SEK 51.130
DekaBank Deutsche Gi 4.250 05/05/2022 EUR 72.520
Raiffeisen Switzerla 14.000 04/07/2022 CHF 61.250
Leonteq Securities A 25.630 04/12/2022 CHF 70.730
Leonteq Securities A 17.000 04/12/2022 EUR 67.300
Leonteq Securities A 22.860 04/12/2022 CHF 24.620
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 57.260
Goldman Sachs & Co W 7.000 4/21/2022 EUR 71.600
Goldman Sachs & Co W 6.000 5/25/2022 EUR 71.880
Goldman Sachs & Co W 8.000 5/25/2022 EUR 72.530
Goldman Sachs & Co W 15.000 5/25/2022 EUR 64.370
Goldman Sachs & Co W 23.000 5/25/2022 EUR 56.070
Goldman Sachs & Co W 15.000 6/22/2022 EUR 65.440
Goldman Sachs & Co W 10.000 9/21/2022 EUR 73.420
Goldman Sachs & Co W 15.00012/21/2022 EUR 65.150
Goldman Sachs & Co W 7.000 6/22/2022 EUR 66.070
Goldman Sachs & Co W 7.00012/21/2022 EUR 69.140
Goldman Sachs & Co W 9.000 3/22/2023 EUR 73.680
BNP Paribas Emission 7.700 4/22/2022 EUR 69.430
Bank Julius Baer & C 19.600 04/07/2022 CHF 49.400
Leonteq Securities A 18.000 04/08/2022 CHF 45.130
Raiffeisen Switzerla 10.500 04/06/2022 EUR 61.710
Zurcher Kantonalbank 10.000 4/19/2022 CHF 58.940
Zurcher Kantonalbank 10.500 4/20/2022 CHF 68.930
Leonteq Securities A 16.000 04/12/2022 CHF 70.790
Leonteq Securities A 18.000 04/12/2022 CHF 39.190
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 74.360
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 69.000
Goldman Sachs & Co W 8.000 4/21/2022 EUR 72.560
Bank Vontobel AG 10.006 10/03/2022 EUR 68.900
Bank Vontobel AG 13.005 10/03/2022 CHF 46.800
Bank Julius Baer & C 8.300 04/07/2022 USD 74.450
Bank Julius Baer & C 14.650 07/07/2022 USD 42.400
Leonteq Securities A 20.690 04/08/2022 CHF 60.590
Raiffeisen Switzerla 10.000 04/06/2022 CHF 64.010
Vontobel Financial P 14.500 6/24/2022 EUR 71.240
Vontobel Financial P 12.500 6/24/2022 EUR 74.640
Vontobel Financial P 17.000 6/24/2022 EUR 69.310
Vontobel Financial P 6.500 3/25/2022 EUR 65.280
Vontobel Financial P 6.000 6/24/2022 EUR 63.810
Credit Suisse AG/Lon 10.000 5/13/2022 USD 59.480
Vontobel Financial P 13.500 6/24/2022 EUR 60.910
Bank Julius Baer & C 8.800 04/06/2022 CHF 41.550
Leonteq Securities A 2.700 04/01/2026 EUR 39.510
Leonteq Securities A 19.000 04/08/2022 USD 45.340
Leonteq Securities A 15.000 04/08/2022 CHF 73.200
Leonteq Securities A 10.600 10/12/2022 CHF 62.570
UBS AG/London 14.250 10/07/2022 USD 42.700
UBS AG/London 15.500 04/07/2022 USD 45.200
UBS AG/London 9.500 04/11/2022 CHF 47.450
UBS AG/London 9.000 10/10/2022 CHF 69.900
Raiffeisen Schweiz G 7.200 10/06/2022 CHF 71.170
Zurcher Kantonalbank 14.250 4/19/2022 CHF 72.510
Bank Julius Baer & C 7.700 7/13/2022 CHF 50.250
Zurcher Kantonalbank 9.500 4/26/2022 CHF 77.240
Corner Banca SA 14.000 4/26/2022 USD 56.510
Zurcher Kantonalbank 20.000 4/14/2022 EUR 73.840
Zurcher Kantonalbank 11.500 4/14/2022 CHF 72.350
Zurcher Kantonalbank 15.000 4/20/2022 CHF 62.930
Bank Vontobel AG 11.003 10/03/2022 CHF 66.700
Bank Vontobel AG 9.007 10/03/2022 CHF 76.100
Goldman Sachs & Co W 10.000 5/25/2022 EUR 73.840
Goldman Sachs & Co W 19.000 5/25/2022 EUR 60.350
Goldman Sachs & Co W 18.000 6/22/2022 EUR 61.510
Goldman Sachs & Co W 22.000 6/22/2022 EUR 57.550
Goldman Sachs & Co W 14.000 9/21/2022 EUR 66.280
Goldman Sachs & Co W 19.000 9/21/2022 EUR 61.660
Goldman Sachs & Co W 10.00012/21/2022 EUR 72.710
Goldman Sachs & Co W 16.00012/21/2022 EUR 64.050
Goldman Sachs & Co W 7.000 4/21/2022 EUR 68.550
Goldman Sachs & Co W 7.000 5/25/2022 EUR 65.880
Goldman Sachs & Co W 9.000 5/25/2022 EUR
Goldman Sachs & Co W 7.000 9/21/2022 EUR 67.750
Goldman Sachs & Co W 15.000 3/22/2023 EUR 66.820
Bank Julius Baer & C 7.400 7/13/2022 CHF 65.550
Bank Julius Baer & C 6.600 7/13/2022 CHF 67.250
UniCredit Bank AG 8.500 6/16/2022 EUR 64.840
DZ Bank AG Deutsche 10.750 3/23/2022 EUR 69.030
DZ Bank AG Deutsche 12.700 6/24/2022 EUR 74.020
DZ Bank AG Deutsche 21.200 6/24/2022 EUR 59.920
Bank Julius Baer & C 11.200 05/12/2022 CHF 68.250
DZ Bank AG Deutsche 11.200 9/23/2022 EUR 70.920
DZ Bank AG Deutsche 11.700 9/23/2022 EUR 72.770
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 65.290
DZ Bank AG Deutsche 4.750 9/19/2022 EUR 71.920
EFG International Fi 15.00011/14/2022 EUR 74.100
EFG International Fi 22.000 05/12/2022 CHF 64.190
EFG International Fi 14.000 05/12/2022 USD 54.650
UBS AG/London 14.75011/14/2022 CHF 53.350
UBS AG/London 11.50011/14/2022 EUR 71.950
UBS AG/London 10.50011/14/2022 CHF 50.550
UBS AG/London 11.25011/14/2022 CHF 71.200
UBS AG/London 11.75011/14/2022 CHF 52.300
Corner Banca SA 15.000 5/25/2022 CHF 50.200
Leonteq Securities A 9.450 5/13/2022 USD 25.210
Bank Vontobel AG 14.257 08/08/2022 CHF 71.400
DZ Bank AG Deutsche 6.250 3/23/2022 EUR 70.180
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 72.140
DZ Bank AG Deutsche 4.500 6/22/2022 EUR 74.210
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 63.620
DZ Bank AG Deutsche 18.800 5/27/2022 EUR 63.920
DZ Bank AG Deutsche 19.000 9/23/2022 EUR 63.190
DZ Bank AG Deutsche 6.750 6/20/2022 EUR 68.220
DZ Bank AG Deutsche 9.000 9/19/2022 EUR 74.600
Leonteq Securities A 9.00011/21/2022 CHF 65.480
Bank Julius Baer & C 8.550 5/13/2022 USD 49.200
Leonteq Securities A 10.00011/14/2022 CHF 69.750
Vontobel Financial P 18.500 6/24/2022 EUR 73.220
Vontobel Financial P 12.500 6/24/2022 EUR 73.830
Vontobel Financial P 18.500 6/24/2022 EUR 66.740
Vontobel Financial P 16.500 6/24/2022 EUR 68.880
Vontobel Financial P 14.000 6/24/2022 EUR 72.730
Vontobel Financial P 15.500 6/24/2022 EUR 70.960
Vontobel Financial P 16.000 6/24/2022 EUR 59.110
Vontobel Financial P 15.500 6/24/2022 EUR 73.120
Vontobel Financial P 7.500 6/24/2022 EUR 64.300
Vontobel Financial P 9.000 6/24/2022 EUR 78.050
Vontobel Financial P 18.500 6/24/2022 EUR 63.800
Vontobel Financial P 17.500 6/24/2022 EUR 56.220
Vontobel Financial P 17.000 6/24/2022 EUR 72.790
Zurcher Kantonalbank 15.750 5/20/2022 CHF 76.820
Zurcher Kantonalbank 10.000 5/20/2022 CHF 69.850
UniCredit Bank AG 6.500 9/15/2022 EUR 44.470
UniCredit Bank AG 7.300 6/14/2024 EUR 63.290
Zurcher Kantonalbank 20.500 5/19/2022 USD 68.720
Corner Banca SA 14.000 05/09/2022 CHF 39.020
EFG International Fi 4.900 11/10/2023 USD 70.170
Leonteq Securities A 13.000 05/09/2022 CHF 38.780
DZ Bank AG Deutsche 4.750 3/21/2022 EUR 74.830
Corner Banca SA 20.000 04/06/2022 USD 49.090
EFG International Fi 15.000 9/26/2022 CHF 56.260
UBS AG/London 26.250 9/26/2022 USD 53.350
Credit Suisse AG/Lon 8.500 3/24/2022 CHF 41.890
UBS AG/London 29.750 3/24/2022 CHF 39.500
Danske Bank A/S 7.500 01/09/2025 SEK 78.270
DZ Bank AG Deutsche 6.250 6/22/2022 EUR 71.710
BNP Paribas Emission 6.000 9/22/2022 EUR 72.460
BNP Paribas Emission 8.000 9/22/2022 EUR 67.680
Leonteq Securities A 10.000 6/29/2022 CHF 63.130
Leonteq Securities A 16.000 3/25/2022 CHF 70.940
Corner Banca SA 16.000 3/29/2022 EUR 65.320
Corner Banca SA 14.000 9/26/2022 USD 55.050
Leonteq Securities A 18.000 3/29/2022 CHF 39.720
DZ Bank AG Deutsche 6.250 3/23/2022 EUR 64.650
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 68.930
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 61.260
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 61.700
DZ Bank AG Deutsche 7.250 3/23/2022 EUR 60.500
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 60.520
Bank Julius Baer & C 9.600 04/01/2022 EUR 68.950
BNP Paribas Emission 9.500 6/23/2022 EUR 53.540
BNP Paribas Emission 15.000 6/23/2022 EUR 45.580
Bank Julius Baer & C 19.800 04/04/2022 CHF 51.350
Corner Banca SA 16.000 04/06/2022 CHF 41.330
Vontobel Financial P 16.000 3/25/2022 EUR 63.080
Landesbank Baden-Wue 8.140 3/18/2022 EUR 63.970
Raiffeisen Schweiz G 8.000 10/06/2022 CHF 70.770
BNP Paribas Emission 7.500 6/23/2022 EUR 74.800
BNP Paribas Emission 8.000 6/23/2022 EUR 72.590
BNP Paribas Emission 13.000 6/23/2022 EUR 65.710
BNP Paribas Emission 11.000 6/23/2022 EUR 39.790
BNP Paribas Emission 8.000 6/23/2022 EUR 75.920
Raiffeisen Switzerla 14.000 3/22/2022 CHF 66.900
BNP Paribas Emission 9.000 6/23/2022 EUR 73.970
BNP Paribas Emission 8.000 6/23/2022 EUR 43.900
BNP Paribas Emission 16.000 6/23/2022 EUR 62.920
BNP Paribas Emission 5.500 6/23/2022 EUR 68.410
BNP Paribas Emission 6.000 6/23/2022 EUR 66.430
BNP Paribas Emission 7.500 6/23/2022 EUR 64.830
BNP Paribas Emission 8.000 6/23/2022 EUR 63.710
BNP Paribas Emission 9.500 6/23/2022 EUR 62.880
BNP Paribas Emission 12.000 6/23/2022 EUR 48.130
BNP Paribas Emission 15.000 6/23/2022 EUR 64.320
BNP Paribas Emission 14.000 6/23/2022 EUR 72.640
Leonteq Securities A 15.000 04/01/2022 CHF 65.690
Zurcher Kantonalbank 8.000 7/14/2022 CHF 72.040
BNP Paribas Emission 15.000 6/23/2022 EUR 44.100
BNP Paribas Emission 11.000 6/23/2022 EUR 71.140
BNP Paribas Emission 13.000 6/23/2022 EUR 38.270
BNP Paribas Emission 10.000 6/23/2022 EUR 67.640
BNP Paribas Emission 12.000 6/23/2022 EUR 70.070
Basler Kantonalbank 11.000 4/14/2022 CHF 73.620
Credit Suisse AG/Lon 13.250 05/04/2022 USD 52.320
Credit Suisse AG/Lon 9.500 05/10/2022 CHF 46.400
Bank Julius Baer & C 16.000 05/11/2022 EUR 27.400
BNP Paribas Emission 13.000 6/23/2022 EUR 64.660
EFG International Fi 10.000 9/26/2022 CHF 74.540
UBS AG/London 14.500 3/24/2022 CHF 67.250
UBS AG/London 21.250 3/24/2022 USD 62.350
UBS AG/London 15.500 3/24/2022 CHF 39.150
UBS AG/London 15.500 3/24/2022 CHF 31.400
Vontobel Financial P 13.000 6/24/2022 EUR 70.310
Vontobel Financial P 14.000 3/25/2022 EUR 69.810
Corner Banca SA 16.000 08/10/2022 EUR 67.140
Raiffeisen Switzerla 12.500 05/10/2022 EUR 36.240
Basler Kantonalbank 9.400 05/05/2022 CHF 69.490
Zurcher Kantonalbank 19.250 5/19/2022 CHF 77.760
Luzerner Kantonalban 5.000 05/11/2022 USD 52.900
Leonteq Securities A 21.420 05/11/2022 CHF 31.000
UniCredit Bank AG 7.200 9/15/2022 EUR 78.800
Leonteq Securities A 21.530 5/17/2022 CHF 29.640
Landesbank Baden-Wue 2.600 9/22/2023 EUR 72.560
Citigroup Global Mar 8.200 3/21/2024 SEK 70.290
Vontobel Financial P 9.000 06/08/2022 EUR 48.130
Leonteq Securities A 20.40011/16/2022 CHF 52.760
DZ Bank AG Deutsche 11.250 6/22/2022 EUR 74.280
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 60.500
DZ Bank AG Deutsche 13.500 6/22/2022 EUR 71.530
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 58.060
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 60.150
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 70.720
Raiffeisen Schweiz G 15.00011/15/2022 CHF 70.990
Credit Suisse AG/Lon 10.250 06/02/2022 USD 37.230
Leonteq Securities A 9.000 09/07/2022 CHF 66.980
Leonteq Securities A 9.400 12/07/2022 EUR 75.110
Leonteq Securities A 8.000 12/07/2022 CHF 42.120
Zurcher Kantonalbank 9.500 8/26/2022 CHF 42.370
Zurcher Kantonalbank 10.000 6/14/2022 CHF 68.920
Zurcher Kantonalbank 15.000 6/14/2022 CHF 63.250
Vontobel Financial P 11.000 9/23/2022 EUR 46.220
Vontobel Financial P 9.500 6/24/2022 EUR 73.630
Vontobel Financial P 10.500 6/24/2022 EUR 72.180
Vontobel Financial P 12.750 6/24/2022 EUR 70.970
Vontobel Financial P 8.500 9/23/2022 EUR 74.760
Vontobel Financial P 10.500 9/23/2022 EUR 72.650
Vontobel Financial P 14.000 9/23/2022 EUR 68.760
Vontobel Financial P 17.000 9/23/2022 EUR 66.530
Vontobel Financial P 11.250 6/24/2022 EUR 72.280
Vontobel Financial P 5.500 6/24/2022 EUR 72.940
Vontobel Financial P 15.500 6/24/2022 EUR 67.270
Vontobel Financial P 6.000 9/23/2022 EUR 59.220
Vontobel Financial P 3.000 6/24/2022 EUR 57.020
Leonteq Securities A 20.000 8/23/2022 CHF 68.520
Leonteq Securities A 13.000 8/23/2022 CHF 45.510
Raiffeisen Schweiz G 14.000 2/20/2023 CHF 57.850
Corner Banca SA 12.000 8/23/2022 EUR 70.810
Leonteq Securities A 15.00011/23/2022 CHF 48.770
Leonteq Securities A 20.000 8/23/2022 USD 37.450
Bank Julius Baer & C 9.85011/16/2022 CHF 48.000
Leonteq Securities A 12.000 06/08/2022 CHF 20.840
SG Issuer SA 2.100 5/16/2033 EUR 81.720
Zurcher Kantonalbank 14.000 6/14/2022 CHF 68.290
Zurcher Kantonalbank 9.500 6/15/2022 EUR 67.270
Vontobel Financial P 8.500 9/23/2022 EUR 48.480
Vontobel Financial P 19.000 6/24/2022 EUR 41.870
Vontobel Financial P 11.500 6/24/2022 EUR 70.790
Vontobel Financial P 11.000 9/23/2022 EUR 71.410
Vontobel Financial P 12.000 9/23/2022 EUR 70.480
Vontobel Financial P 13.000 9/23/2022 EUR 69.590
Vontobel Financial P 15.000 9/23/2022 EUR 67.970
Vontobel Financial P 9.500 6/24/2022 EUR 72.470
Vontobel Financial P 10.000 6/24/2022 EUR 51.940
Vontobel Financial P 16.500 6/24/2022 EUR 66.130
Vontobel Financial P 8.500 9/23/2022 EUR 63.640
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 74.160
Zurcher Kantonalbank 11.600 11/10/2022 EUR 67.860
Basler Kantonalbank 9.40011/24/2022 CHF 73.790
DZ Bank AG Deutsche 5.250 3/23/2022 EUR 71.180
DZ Bank AG Deutsche 10.750 3/23/2022 EUR 71.270
Leonteq Securities A 24.00011/15/2022 CHF 73.840
DZ Bank AG Deutsche 13.000 3/23/2022 EUR 60.600
DZ Bank AG Deutsche 12.000 6/22/2022 EUR 62.210
Leonteq Securities A 30.00011/15/2022 CHF 60.560
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 68.240
Leonteq Securities A 22.80011/16/2022 CHF 58.300
Raiffeisen Schweiz G 9.00011/15/2022 CHF 77.320
Vontobel Financial P 18.650 06/09/2022 EUR 22.460
UniCredit Bank AG 8.40012/14/2022 EUR 80.120
Goldman Sachs & Co W 19.000 6/22/2022 EUR 73.870
UniCredit Bank AG 7.400 12/09/2024 EUR 73.320
Credit Suisse AG/Lon 10.500 09/05/2022 EUR 67.840
Zurcher Kantonalbank 6.500 6/14/2022 CHF 64.630
Leonteq Securities A 10.000 12/07/2022 USD 72.840
Vontobel Financial P 14.000 9/23/2022 EUR 44.720
Credit Suisse AG/Lon 11.500 06/01/2022 EUR 65.420
Vontobel Financial P 22.000 6/24/2022 EUR 74.110
Vontobel Financial P 13.000 6/24/2022 EUR 69.600
Vontobel Financial P 12.000 6/24/2022 EUR 65.330
Vontobel Financial P 9.750 6/24/2022 EUR 39.070
DZ Bank AG Deutsche 7.000 9/19/2022 EUR 72.330
DZ Bank AG Deutsche 6.800 6/20/2022 EUR 74.880
Raiffeisen Centroban 10.500 9/22/2022 EUR 57.690
Leonteq Securities A 11.000 2/23/2023 CHF 45.070
Bank Julius Baer & C 8.000 09/08/2022 CHF 68.950
Leonteq Securities A 8.000 2/23/2023 USD 62.510
Zurcher Kantonalbank 19.250 6/15/2022 CHF 55.100
Vontobel Financial P 13.750 6/24/2022 EUR 40.210
DekaBank Deutsche Gi 4.000 07/07/2022 EUR 55.720
Leonteq Securities A 21.840 06/09/2022 CHF 73.310
Bank Vontobel AG 15.004 8/26/2022 CHF 37.600
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 70.060
DZ Bank AG Deutsche 5.250 9/21/2022 EUR 67.610
DZ Bank AG Deutsche 5.75012/21/2022 EUR 67.300
Landesbank Baden-Wue 3.40011/25/2022 EUR 59.530
DZ Bank AG Deutsche 7.50012/21/2022 EUR 75.250
DZ Bank AG Deutsche 8.250 3/22/2023 EUR 67.750
DZ Bank AG Deutsche 11.250 6/22/2022 EUR 67.390
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 71.110
DZ Bank AG Deutsche 5.500 3/22/2023 EUR 72.050
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 72.020
DZ Bank AG Deutsche 9.750 9/21/2022 EUR 73.390
DZ Bank AG Deutsche 8.00012/21/2022 EUR 71.480
DZ Bank AG Deutsche 6.250 9/21/2022 EUR 71.430
DZ Bank AG Deutsche 5.25012/21/2022 EUR 67.740
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 74.200
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 73.890
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.940
Leonteq Securities A 30.000 1/18/2023 CHF 65.780
Societe Generale Eff 14.000 6/24/2022 EUR 62.710
DZ Bank AG Deutsche 18.800 9/23/2022 EUR 72.070
Societe Generale Eff 7.50010/28/2022 EUR 74.500
DZ Bank AG Deutsche 18.50011/25/2022 EUR 46.700
DZ Bank AG Deutsche 20.40012/23/2022 EUR 47.140
Landesbank Baden-Wue 3.000 9/23/2022 EUR 56.030
Vontobel Financial P 5.00012/23/2022 EUR 66.690
Vontobel Financial P 8.00012/23/2022 EUR 68.320
Vontobel Financial P 7.00012/23/2022 EUR 72.730
DZ Bank AG Deutsche 14.200 6/24/2022 EUR 62.640
DZ Bank AG Deutsche 21.600 6/24/2022 EUR 59.610
DZ Bank AG Deutsche 10.90011/25/2022 EUR 66.260
Vontobel Financial P 8.50012/23/2022 EUR 68.210
Vontobel Financial P 15.00012/23/2022 EUR 63.260
Vontobel Financial P 9.50012/23/2022 EUR 68.270
UniCredit Bank AG 6.30012/21/2022 EUR 69.380
UBS AG/London 11.250 12/09/2022 CHF 47.550
Societe Generale Eff 5.75010/28/2022 EUR 64.710
Credit Suisse AG/Lon 10.250 11/09/2022 USD 51.080
Credit Suisse AG/Lon 9.500 11/04/2022 CHF 81.060
Credit Suisse AG/Lon 15.750 11/10/2022 CHF 54.430
Leonteq Securities A 22.860 8/24/2022 CHF 64.810
Vontobel Financial P 9.000 6/24/2022 EUR 73.860
Vontobel Financial P 9.500 9/23/2022 EUR 61.090
DZ Bank AG Deutsche 12.200 9/23/2022 EUR 61.220
Leonteq Securities A 8.000 6/27/2023 USD 79.900
Vontobel Financial P 5.50012/23/2022 EUR 75.520
Vontobel Financial P 15.00012/23/2022 EUR 70.650
DZ Bank AG Deutsche 11.800 9/23/2022 EUR 64.970
Vontobel Financial P 9.50012/23/2022 EUR 67.100
Vontobel Financial P 11.50012/23/2022 EUR 71.100
Vontobel Financial P 14.50012/23/2022 EUR 73.460
Vontobel Financial P 6.00012/23/2022 EUR 62.900
Vontobel Financial P 9.50012/23/2022 EUR 68.830
Leonteq Securities A 23.40010/25/2022 CHF 62.100
UniCredit Bank AG 4.250 9/14/2022 EUR 61.190
Bank Julius Baer & C 9.000 07/01/2022 USD 50.900
Landesbank Baden-Wue 2.80012/23/2022 EUR 58.940
UniCredit Bank AG 3.500 2/13/2023 EUR 43.990
DZ Bank AG Deutsche 10.000 6/24/2022 EUR 70.950
DZ Bank AG Deutsche 10.00012/23/2022 EUR 70.200
Societe Generale Eff 25.250 7/22/2022 EUR 59.470
Leonteq Securities A 15.000 2/24/2023 USD 70.940
Leonteq Securities A 14.000 2/23/2023 CHF 69.490
DZ Bank AG Deutsche 19.100 6/24/2022 EUR 71.000
DZ Bank AG Deutsche 23.900 6/24/2022 EUR 68.740
Societe Generale Eff 13.500 9/23/2022 EUR 74.860
Societe Generale Eff 9.500 8/26/2022 EUR 72.250
Leonteq Securities A 20.00012/27/2022 USD 55.000
Societe Generale Eff 6.50010/28/2022 EUR 75.740
Societe Generale Eff 8.50010/28/2022 EUR 73.430
DZ Bank AG Deutsche 17.70012/23/2022 EUR 47.480
DZ Bank AG Deutsche 17.700 3/24/2023 EUR 49.350
Vontobel Financial P 10.00012/23/2022 EUR 64.790
Vontobel Financial P 16.00012/23/2022 EUR 68.600
Vontobel Financial P 11.00012/23/2022 EUR 68.710
Vontobel Financial P 5.50012/23/2022 EUR 72.050
Vontobel Financial P 7.50012/23/2022 EUR 69.390
DZ Bank AG Deutsche 6.700 3/24/2023 EUR 70.360
Vontobel Financial P 8.50012/23/2022 EUR 64.790
UniCredit Bank AG 4.550 9/28/2023 EUR 70.680
UniCredit Bank AG 3.750 9/14/2022 EUR 52.660
Societe Generale Eff 23.000 8/26/2022 EUR 60.610
Vontobel Financial P 4.900 7/13/2023 EUR 67.930
Societe Generale Eff 9.000 8/26/2022 EUR 75.500
Societe Generale Eff 7.500 9/23/2022 EUR 77.260
Landesbank Baden-Wue 3.85012/23/2022 EUR 72.400
Landesbank Baden-Wue 10.50012/23/2022 EUR 57.930
Vontobel Financial P 23.00012/23/2022 EUR 70.580
Landesbank Baden-Wue 3.400 2/24/2023 EUR 66.200
Vontobel Financial P 9.25012/23/2022 EUR 71.400
Vontobel Financial P 16.00012/23/2022 EUR 76.050
UniCredit Bank AG 5.150 01/02/2023 EUR 61.560
Landesbank Baden-Wue 3.400 1/27/2023 EUR 63.810
Landesbank Baden-Wue 6.70012/23/2022 EUR 72.940
SG Issuer SA 5.000 5/23/2024 EUR 58.140
Landesbank Baden-Wue 7.35012/23/2022 EUR 62.720
Landesbank Baden-Wue 10.00012/23/2022 EUR 57.100
Landesbank Baden-Wue 12.00012/23/2022 EUR 55.670
SG Issuer SA 5.000 04/02/2024 EUR 57.390
Landesbank Baden-Wue 6.00012/23/2022 EUR 63.390
Vontobel Financial P 10.50012/23/2022 EUR 74.120
Leonteq Securities A 20.400 11/01/2022 CHF 53.540
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 68.620
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 65.980
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 65.830
Vontobel Financial P 10.00012/23/2022 EUR 64.810
Vontobel Financial P 4.00012/23/2022 EUR 59.390
Vontobel Financial P 5.00012/23/2022 EUR 60.230
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 63.570
DZ Bank AG Deutsche 15.600 9/23/2022 EUR 66.260
DZ Bank AG Deutsche 19.900 6/24/2022 EUR 68.750
DZ Bank AG Deutsche 18.000 6/24/2022 EUR 33.130
DZ Bank AG Deutsche 16.200 6/24/2022 EUR 74.510
Bank Julius Baer & C 17.200 02/06/2023 USD 63.100
UniCredit Bank AG 6.250 04/07/2022 EUR 58.250
UniCredit Bank AG 7.500 04/07/2022 EUR 73.600
Vontobel Financial P 15.50012/23/2022 EUR 50.980
Vontobel Financial P 16.700 05/06/2022 USD 73.130
Leonteq Securities A 24.000 11/04/2022 CHF 58.270
Vontobel Financial P 9.750 3/25/2022 EUR 61.690
Zurcher Kantonalbank 13.500 3/25/2022 CHF 57.750
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 73.530
DZ Bank AG Deutsche 11.500 3/23/2022 EUR 49.180
Vontobel Financial P 14.000 3/25/2022 EUR 69.810
Vontobel Financial P 6.650 3/16/2022 EUR 66.290
Vontobel Financial P 11.100 3/16/2022 EUR 66.290
Vontobel Financial P 11.000 3/25/2022 EUR 73.720
UniCredit Bank AG 13.900 4/21/2022 EUR 56.170
Vontobel Financial P 9.000 4/13/2022 EUR 48.760
Leonteq Securities A 15.000 6/16/2022 EUR 66.830
Leonteq Securities A 15.000 6/16/2022 USD 46.840
Zurcher Kantonalbank 11.500 3/25/2022 CHF 45.360
UniCredit Bank AG 6.200 4/13/2022 EUR 41.350
UniCredit Bank AG 8.100 4/13/2022 EUR 66.950
Raiffeisen Switzerla 11.000 6/15/2022 CHF 68.910
Raiffeisen Switzerla 10.000 6/15/2022 CHF 72.370
Landesbank Baden-Wue 3.000 5/27/2022 EUR 37.450
Landesbank Baden-Wue 5.200 5/27/2022 EUR 33.880
Landesbank Baden-Wue 7.750 5/27/2022 EUR 31.160
Societe Generale Eff 16.25010/28/2022 EUR 73.170
Societe Generale Eff 18.25010/28/2022 EUR 71.620
Societe Generale Eff 22.25010/28/2022 EUR 69.260
Landesbank Baden-Wue 2.100 5/26/2023 EUR 74.420
Landesbank Baden-Wue 3.650 6/23/2023 EUR 72.280
Landesbank Baden-Wue 6.000 5/26/2023 EUR 72.480
Societe Generale Eff 6.50011/25/2022 EUR 75.420
Societe Generale Eff 7.50011/25/2022 EUR 74.170
Societe Generale Eff 10.750 6/24/2022 EUR 70.400
Societe Generale Eff 10.75011/25/2022 EUR 69.420
Vontobel Financial P 8.50012/23/2022 EUR 67.580
Landesbank Baden-Wue 4.000 5/26/2023 EUR 55.330
Landesbank Baden-Wue 6.200 5/26/2023 EUR 51.120
Landesbank Baden-Wue 7.850 5/26/2023 EUR 51.550
Societe Generale Eff 10.75011/25/2022 EUR 47.080
Societe Generale Eff 9.250 9/23/2022 EUR 72.070
Societe Generale Eff 16.000 9/23/2022 EUR 42.850
Societe Generale Eff 6.75011/25/2022 EUR 54.260
Credit Suisse AG/Lon 13.750 1/18/2023 CHF 77.750
Societe Generale Eff 26.250 7/22/2022 EUR 67.890
Societe Generale Eff 14.250 7/22/2022 EUR 77.650
Societe Generale Eff 16.250 7/22/2022 EUR 75.480
Societe Generale Eff 22.250 7/22/2022 EUR 70.270
Leonteq Securities A 10.00011/25/2022 CHF 49.080
Societe Generale Eff 20.25010/28/2022 EUR 70.330
Vontobel Financial P 15.000 3/24/2023 EUR 69.950
Societe Generale Eff 4.75011/25/2022 EUR 62.630
Societe Generale Eff 8.75011/25/2022 EUR 49.670
Landesbank Baden-Wue 6.50010/27/2023 EUR 54.650
Landesbank Baden-Wue 8.00010/27/2023 EUR 53.430
Societe Generale Eff 20.250 7/22/2022 EUR 71.780
Societe Generale Eff 19.00011/25/2022 EUR 70.890
Societe Generale Eff 21.00011/25/2022 EUR 69.810
Societe Generale Eff 28.250 7/22/2022 EUR 66.960
Societe Generale Eff 17.750 8/26/2022 EUR 73.120
Societe Generale Eff 21.750 8/26/2022 EUR 70.070
Societe Generale Eff 25.750 8/26/2022 EUR 67.900
Societe Generale Eff 20.000 9/23/2022 EUR 70.840
Societe Generale Eff 24.000 9/23/2022 EUR 68.560
Societe Generale Eff 18.250 7/22/2022 EUR 73.540
Leonteq Securities A 10.80011/29/2022 CHF 76.890
Landesbank Baden-Wue 5.500 5/26/2023 EUR 73.220
Vontobel Financial P 6.500 3/24/2023 EUR 58.170
Societe Generale Eff 15.00011/25/2022 EUR 73.880
Societe Generale Eff 17.00011/25/2022 EUR 72.240
Landesbank Baden-Wue 3.000 5/26/2023 EUR 72.530
Landesbank Baden-Wue 2.400 6/23/2023 EUR 74.850
Landesbank Baden-Wue 4.600 6/23/2023 EUR 70.660
Societe Generale Eff 15.750 8/26/2022 EUR 74.920
Societe Generale Eff 19.750 8/26/2022 EUR 71.480
Societe Generale Eff 23.750 8/26/2022 EUR 68.890
Societe Generale Eff 14.000 9/23/2022 EUR 75.690
Societe Generale Eff 22.000 9/23/2022 EUR 69.600
Societe Generale Eff 14.25010/28/2022 EUR 74.940
Societe Generale Eff 24.250 7/22/2022 EUR 68.980
Societe Generale Eff 13.750 8/26/2022 EUR 77.050
Societe Generale Eff 12.000 9/23/2022 EUR 77.830
Societe Generale Eff 16.000 9/23/2022 EUR 73.880
Societe Generale Eff 12.25010/28/2022 EUR 77.070
Leonteq Securities A 10.20011/25/2022 CHF 75.760
Leonteq Securities A 22.82011/25/2022 CHF 48.140
Landesbank Baden-Wue 4.35010/27/2023 EUR 76.010
Landesbank Baden-Wue 3.00010/25/2024 EUR 37.080
Vontobel Financial P 8.000 3/24/2023 EUR 67.870
Vontobel Financial P 7.50012/23/2022 EUR 65.730
Vontobel Financial P 9.50012/23/2022 EUR 67.300
Vontobel Financial P 8.50012/23/2022 EUR 66.510
Vontobel Financial P 10.00012/23/2022 EUR 67.700
Vontobel Financial P 7.500 3/24/2023 EUR 67.350
Vontobel Financial P 14.500 3/24/2023 EUR 74.160
Societe Generale Eff 7.550 8/23/2024 EUR 57.210
Nordea Bank Abp 7.150 7/20/2024 SEK 76.860
Nordea Bank Abp 6.063 7/20/2024 SEK 73.920
EFG International Fi 6.200 08/05/2022 EUR 24.970
Vontobel Financial P 9.010 08/08/2022 EUR 78.190
Bank Vontobel AG 6.500 8/28/2023 CHF 67.200
Bank Vontobel AG 5.50011/28/2022 CHF 72.600
Corner Banca SA 17.000 1/17/2023 EUR 61.580
Credit Suisse AG/Lon 9.250 08/11/2022 CHF 46.540
UBS AG/London 13.250 4/14/2023 USD 73.700
Basler Kantonalbank 12.00011/24/2022 CHF 72.030
Zurcher Kantonalbank 15.000 9/23/2022 CHF 51.370
Zurcher Kantonalbank 20.000 9/23/2022 CHF 71.140
Zurcher Kantonalbank 10.250 9/27/2022 CHF 69.630
Vontobel Financial P 7.500 3/24/2023 EUR 70.060
Vontobel Financial P 6.500 3/24/2023 EUR 71.050
Vontobel Financial P 8.50012/23/2022 EUR 69.200
Bank Vontobel AG 17.000 09/05/2022 CHF 47.000
Bank Vontobel AG 9.500 12/12/2022 CHF 75.000
Societe Generale SA 4.50012/29/2022 USD
Zurcher Kantonalbank 8.00010/18/2022 CHF 46.460
UBS AG/London 10.750 3/15/2023 CHF 52.200
UBS AG/London 10.750 3/15/2023 USD 67.200
Vontobel Financial P 11.000 3/24/2023 EUR 69.830
Vontobel Financial P 13.00012/23/2022 EUR 69.570
Vontobel Financial P 14.50012/23/2022 EUR 65.590
Vontobel Financial P 8.500 3/24/2023 EUR 69.090
Vontobel Financial P 6.000 3/24/2023 EUR 66.490
Vontobel Financial P 5.50012/23/2022 EUR 64.930
Vontobel Financial P 7.00012/23/2022 EUR 68.020
Vontobel Financial P 7.50012/23/2022 EUR 68.400
Vontobel Financial P 9.00012/23/2022 EUR 69.600
Bank Vontobel AG 19.000 12/05/2022 CHF 51.500
Zurcher Kantonalbank 13.000 9/20/2022 USD 58.930
Zurcher Kantonalbank 12.000 9/20/2022 CHF 65.100
Credit Suisse AG/Lon 11.500 7/13/2022 CHF 45.030
Zurcher Kantonalbank 16.00010/14/2022 CHF 55.090
UBS AG/London 15.250 9/15/2023 USD 56.100
Credit Suisse AG/Lon 10.000 7/19/2022 EUR 37.330
Bank Vontobel AG 12.000 09/06/2022 USD 48.100
Bank Vontobel AG 7.000 10/02/2023 CHF 69.000
Bank Vontobel AG 13.500 3/31/2023 CHF 63.500
UBS AG/London 12.000 02/06/2023 USD 60.600
UBS AG/London 10.250 02/06/2023 CHF 65.450
Vontobel Financial P 9.500 3/24/2023 EUR 71.370
Vontobel Financial P 7.00012/23/2022 EUR 67.370
UniCredit Bank AG 6.500 2/20/2023 PLN 97.700
Bank Vontobel AG 8.750 4/18/2023 CHF 47.600
Vontobel Financial P 8.000 3/24/2023 EUR 70.590
UBS AG/London 15.000 09/09/2022 USD 50.500
Bank Vontobel AG 19.500 09/05/2022 CHF 32.000
Zurcher Kantonalbank 10.000 9/15/2022 CHF 72.870
Zurcher Kantonalbank 19.500 10/12/2022 CHF 57.800
UBS AG/London 15.500 07/07/2022 CHF 80.600
UBS AG/London 10.250 1/17/2023 USD 56.900
Bank Vontobel AG 8.000 03/06/2023 USD 66.800
Bank Vontobel AG 20.000 10/03/2022 CHF 67.800
Bank Vontobel AG 17.000 1/24/2023 CHF 45.000
Credit Suisse AG/Lon 9.50010/18/2022 CHF 43.540
Credit Suisse AG/Lon 13.50010/24/2022 USD 56.020
Raiffeisen Switzerla 10.000 1/18/2023 CHF 78.490
Raiffeisen Switzerla 17.400 1/17/2023 EUR 64.170
Zurcher Kantonalbank 10.000 01/11/2023 CHF 64.110
Societe Generale SA 4.50012/30/2024 USD 75.810
UBS AG/London 10.000 3/22/2023 CHF 67.050
Credit Suisse AG/Lon 10.000 7/22/2022 CHF 30.730
Credit Suisse AG/Lon 12.750 7/20/2022 CHF 45.740
Bank Vontobel AG 16.25011/28/2022 CHF 58.200
UBS AG/London 8.000 7/28/2022 EUR 53.100
Bank Vontobel AG 6.000 09/04/2023 CHF 68.900
Bank Vontobel AG 13.750 03/06/2023 EUR 42.700
UBS AG/London 17.25011/24/2022 EUR 45.800
UBS AG/London 21.250 2/20/2023 CHF 50.850
UBS AG/London 8.750 2/27/2023 USD 65.850
Credit Suisse AG/Lon 11.500 7/28/2022 USD 76.270
Credit Suisse AG/Lon 12.500 7/29/2022 USD 29.560
Credit Suisse AG/Lon 18.250 08/08/2022 USD 50.420
UBS AG/London 13.000 04/06/2023 USD 56.500
Zurcher Kantonalbank 14.50010/24/2022 USD 40.740
Zurcher Kantonalbank 10.00010/24/2022 USD 70.770
Vontobel Financial P 8.500 3/24/2023 EUR 70.360
Vontobel Financial P 11.000 3/24/2023 EUR 72.930
Zurcher Kantonalbank 10.000 07/11/2022 CHF 64.580
Societe Generale Eff 10.250 7/22/2022 EUR 71.610
UBS AG/London 7.250 07/10/2023 USD 73.850
Bank Vontobel AG 10.500 10/10/2022 CHF 72.000
Credit Suisse AG/Lon 9.000 10/07/2022 CHF 41.700
Bank Vontobel AG 20.00012/27/2022 CHF 65.700
Bank Vontobel AG 5.00012/27/2022 CHF 77.300
UBS AG/London 11.500 03/01/2023 USD 65.350
UBS AG/London 11.250 03/01/2023 CHF 45.350
UBS AG/London 9.750 03/01/2023 CHF 44.350
UBS AG/London 6.250 09/01/2023 EUR 73.150
Zurcher Kantonalbank 7.500 01/10/2023 CHF 70.540
Credit Suisse AG/Lon 11.000 10/03/2022 CHF 68.400
Credit Suisse AG/Lon 8.250 10/04/2022 EUR 75.150
Bank Vontobel AG 13.000 01/10/2023 CHF 47.800
Bank Vontobel AG 15.000 04/12/2023 EUR 53.800
UBS AG/London 10.250 03/09/2023 USD 48.400
Vontobel Financial P 11.000 3/24/2023 EUR 70.440
Vontobel Financial P 5.000 3/24/2023 EUR 65.450
Vontobel Financial P 7.00012/23/2022 EUR 66.110
Bank Vontobel AG 9.500 12/12/2022 CHF 75.500
Bank Vontobel AG 5.750 09/11/2023 CHF 66.100
Bank Vontobel AG 12.50011/28/2022 CHF 44.200
Zurcher Kantonalbank 21.000 9/16/2022 CHF 70.420
Credit Suisse AG/Lon 9.000 10/12/2022 EUR 71.210
Credit Suisse AG/Lon 13.500 7/18/2022 CHF 67.850
Zurcher Kantonalbank 13.00010/13/2022 CHF 71.380
Societe Generale SA 4.50012/29/2022 USD 0.380
Vontobel Financial P 9.00012/23/2022 EUR 73.900
UBS AG/London 12.000 3/22/2023 CHF 43.850
UBS AG/London 8.000 01/09/2023 CHF 70.150
UBS AG/London 17.250 7/14/2022 USD 74.000
UBS AG/London 21.250 7/14/2022 CHF 50.200
Zurcher Kantonalbank 19.500 09/08/2022 CHF 41.120
UBS AG/London 19.500 08/11/2022 CHF 43.700
Vontobel Financial P 10.50012/23/2022 EUR 67.600
Vontobel Financial P 7.500 3/24/2023 EUR 68.050
Vontobel Financial P 6.00012/23/2022 EUR 65.330
Vontobel Financial P 8.00012/23/2022 EUR 66.900
Vontobel Financial P 8.500 3/24/2023 EUR 71.100
Bank Vontobel AG 14.00011/28/2022 CHF 59.600
Credit Suisse AG/Lon 10.00012/28/2022 USD 47.120
Bank Vontobel AG 16.250 04/12/2023 CHF 63.700
Vontobel Financial P 12.50012/23/2022 EUR 71.670
Zurcher Kantonalbank 8.250 9/23/2022 CHF 73.430
UBS AG/London 9.250 2/13/2023 CHF 49.650
UBS AG/London 9.250 2/13/2023 USD 35.850
UBS AG/London 9.250 2/20/2023 CHF 45.000
Bank Vontobel AG 8.00011/28/2022 CHF 49.800
Bank Vontobel AG 11.00011/28/2022 CHF 77.600
Bank Vontobel AG 10.00011/28/2022 CHF 41.000
Zurcher Kantonalbank 25.000 9/20/2022 CHF 47.110
Credit Suisse AG/Lon 12.500 7/14/2022 USD 27.020
UBS AG/London 12.250 4/13/2023 CHF 48.650
UBS AG/London 5.500 3/15/2023 EUR 55.900
UBS AG/London 18.250 3/15/2023 CHF 46.150
UBS AG/London 8.500 9/22/2022 CHF 37.600
Zurcher Kantonalbank 20.000 10/12/2022 USD 57.890
Credit Suisse AG/Lon 9.50010/21/2022 EUR 70.940
Bank Vontobel AG 18.500 09/06/2022 USD 58.800
Bank Vontobel AG 13.00011/28/2022 CHF 53.100
Bank Vontobel AG 13.500 10/03/2022 CHF 71.300
Bank Vontobel AG 5.250 01/04/2023 CHF 68.300
Vontobel Financial P 11.50012/23/2022 EUR 68.380
UBS AG/London 11.750 08/04/2023 USD 68.600
UBS AG/London 9.250 03/01/2023 CHF 41.850
UBS AG/London 10.250 09/01/2022 EUR 75.950
Zurcher Kantonalbank 7.000 01/10/2023 CHF 75.230
Credit Suisse AG/Lon 7.25012/27/2022 CHF 67.440
Credit Suisse AG/Lon 14.500 9/30/2022 USD 42.480
Credit Suisse AG/Lon 13.700 9/25/2023 USD 58.440
Bank Vontobel AG 7.000 3/31/2023 CHF 66.500
Bank Vontobel AG 10.000 01/10/2023 CHF 60.900
UBS AG/London 15.750 03/09/2023 USD 54.450
Vontobel Financial P 7.500 3/24/2023 EUR 64.870
UBS AG/London 17.750 08/04/2022 CHF 47.250
UBS AG/London 8.750 08/04/2023 CHF 55.850
Bank Vontobel AG 5.250 3/24/2023 CHF 76.500
Credit Suisse AG/Lon 10.000 10/05/2022 USD 46.360
UBS AG/London 7.250 09/08/2023 CHF 73.550
Vontobel Financial P 10.000 3/24/2023 EUR 67.470
Vontobel Financial P 11.00012/23/2022 EUR 66.430
UBS AG/London 8.250 3/22/2023 CHF 69.050
Zurcher Kantonalbank 14.000 9/27/2022 USD 67.630
Credit Suisse AG/Lon 11.500 9/29/2022 CHF 41.240
Credit Suisse AG/Lon 7.500 10/03/2022 CHF 70.480
Credit Suisse AG/Lon 12.400 9/25/2023 EUR 60.650
Bank Vontobel AG 10.500 04/12/2023 CHF 52.900
Zurcher Kantonalbank 29.000 1/17/2023 CHF 66.370
Vontobel Financial P 12.000 3/24/2023 EUR 70.870
Vontobel Financial P 6.500 3/24/2023 EUR 67.010
Vontobel Financial P 9.000 3/24/2023 EUR 69.610
Bank Vontobel AG 6.50010/17/2022 CHF 67.400
Sberbank of Russia P 0.010 08/04/2025 RUB 73.310
Vontobel Financial P 8.500 3/24/2023 EUR 68.390
Vontobel Financial P 9.500 3/24/2023 EUR 69.430
Vontobel Financial P 13.50012/23/2022 EUR 64.550
Vontobel Financial P 8.500 3/24/2023 EUR 71.860
Vontobel Financial P 9.00012/23/2022 EUR 70.400
Vontobel Financial P 7.500 3/24/2023 EUR 70.820
Vontobel Financial P 7.50012/23/2022 EUR 69.210
Skandinaviska Enskil 7.800 7/15/2024 SEK 71.050
Skandinaviska Enskil 6.500 7/15/2024 SEK 71.370
Raiffeisen Schweiz G 16.00011/29/2022 CHF 65.170
Raiffeisen Schweiz G 9.000 5/26/2023 USD 69.670
Bank Vontobel AG 9.00011/20/2023 CHF 53.200
Bank Vontobel AG 7.500 5/26/2023 CHF 75.500
Bank Vontobel AG 21.750 5/26/2023 CHF 61.700
Bank Vontobel AG 12.500 2/27/2023 CHF 49.900
Bank Vontobel AG 9.000 5/26/2023 EUR 70.900
Bank Vontobel AG 12.00011/28/2022 CHF 68.800
Zurcher Kantonalbank 16.500 1/25/2023 CHF 69.200
Landesbank Baden-Wue 3.250 2/24/2023 EUR 66.940
Sberbank of Russia P 0.946 6/18/2025 RUB 63.600
Societe Generale Eff 11.50011/25/2022 EUR 78.380
Societe Generale Eff 14.50012/23/2022 EUR 74.490
Societe Generale Eff 18.50012/23/2022 EUR 71.120
Societe Generale Eff 14.250 9/23/2022 EUR 69.280
Societe Generale Eff 20.250 9/23/2022 EUR 64.530
Societe Generale Eff 8.75012/23/2022 EUR 76.700
Societe Generale Eff 10.75012/23/2022 EUR 72.850
Societe Generale Eff 12.75012/23/2022 EUR 70.160
Societe Generale Eff 16.75012/23/2022 EUR 66.680
Societe Generale Eff 13.750 8/26/2022 EUR 70.550
Societe Generale Eff 15.750 8/26/2022 EUR 68.150
Societe Generale Eff 19.750 8/26/2022 EUR 64.880
Societe Generale Eff 12.250 9/23/2022 EUR 71.840
UBS AG/London 18.000 01/12/2023 USD 76.200
Credit Suisse AG/Lon 8.50012/15/2022 EUR 63.820
EFG International Fi 18.00012/22/2022 CHF 78.220
Societe Generale Eff 12.50012/23/2022 EUR 76.950
Societe Generale Eff 16.50012/23/2022 EUR 72.620
Societe Generale Eff 20.50012/23/2022 EUR 69.920
Landesbank Baden-Wue 8.400 7/28/2023 EUR 71.200
Landesbank Baden-Wue 5.300 7/28/2023 EUR 74.600
Landesbank Baden-Wue 6.400 7/28/2023 EUR 77.890
Sberbank of Russia P 0.010 6/25/2025 RUB 65.700
DZ Bank AG Deutsche 14.500 1/25/2023 EUR 75.700
Leonteq Securities A 24.00012/21/2022 CHF 53.620
Leonteq Securities A 22.80012/21/2022 CHF 68.460
DZ Bank AG Deutsche 16.300 3/24/2023 EUR 74.340
DZ Bank AG Deutsche 23.300 6/24/2022 EUR 55.600
DZ Bank AG Deutsche 19.300 9/23/2022 EUR 58.490
DZ Bank AG Deutsche 21.600 9/23/2022 EUR 57.280
DZ Bank AG Deutsche 17.10012/23/2022 EUR 61.170
DZ Bank AG Deutsche 18.80012/23/2022 EUR 59.980
DZ Bank AG Deutsche 15.000 3/24/2023 EUR 62.560
DZ Bank AG Deutsche 16.300 3/24/2023 EUR 61.750
DZ Bank AG Deutsche 17.700 3/24/2023 EUR 60.940
Luzerner Kantonalban 7.00012/16/2024 USD 78.040
Bank Julius Baer & C 11.000 1/25/2023 EUR 76.300
Credit Suisse AG/Lon 15.500 1/19/2023 USD 78.180
EFG International Fi 7.000 5/23/2022 EUR 29.010
Leonteq Securities A 22.800 1/25/2023 CHF 75.250
Landesbank Baden-Wue 2.75011/25/2022 EUR 60.300
DZ Bank AG Deutsche 20.200 9/23/2022 EUR 73.090
UniCredit Bank AG 4.45012/29/2022 EUR 36.120
Raiffeisen Schweiz G 18.000 1/25/2023 CHF 75.500
Vontobel Financial P 16.00012/23/2022 EUR 72.690
Landesbank Baden-Wue 2.70010/28/2022 EUR 61.290
UniCredit Bank AG 4.400 12/10/2022 EUR 71.630
Raiffeisen Switzerla 9.000 7/21/2023 USD 78.790
SG Issuer SA 7.500 1/20/2025 SEK 50.090
DZ Bank AG Deutsche 24.80012/23/2022 EUR 68.270
DZ Bank AG Deutsche 21.900 6/24/2022 EUR 72.940
Vontobel Financial P 15.500 2/20/2023 EUR 72.920
UniCredit Bank AG 3.80012/29/2022 EUR 45.840
DekaBank Deutsche Gi 3.00012/29/2022 EUR 57.960
DZ Bank AG Deutsche 15.600 3/24/2023 EUR 49.560
Vontobel Financial P 11.50012/23/2022 EUR 73.810
Vontobel Financial P 4.00012/23/2022 EUR 78.520
Vontobel Financial P 13.00012/23/2022 EUR 67.140
Vontobel Financial P 6.50012/23/2022 EUR 70.680
Societe Generale Eff 5.600 09/04/2023 EUR 46.820
DZ Bank AG Deutsche 14.10012/23/2022 EUR 64.710
Vontobel Financial P 13.00012/23/2022 EUR 64.710
DZ Bank AG Deutsche 9.100 3/24/2023 EUR 67.610
Vontobel Financial P 4.00012/23/2022 EUR 54.180
EFG International Fi 11.04010/25/2022 EUR 49.400
Raiffeisen Schweiz G 10.000 6/29/2022 CHF 66.150
Raiffeisen Schweiz G 11.000 6/29/2022 CHF 62.510
Societe Generale Eff 10.50010/28/2022 EUR 48.360
Leonteq Securities A 14.000 2/22/2023 EUR 61.260
Leonteq Securities A 14.00012/27/2022 CHF 60.940
BNP Paribas Emission 3.000 6/23/2022 EUR 69.200
Leonteq Securities A 27.30011/22/2022 USD 46.530
SG Issuer SA 7.740 7/20/2025 SEK 59.040
Leonteq Securities A 12.000 6/27/2023 CHF 70.130
BNP Paribas Emission 3.000 6/23/2022 EUR 72.070
BNP Paribas Emission 3.000 6/23/2022 EUR 67.840
BNP Paribas Emission 3.000 9/22/2022 EUR 69.580
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 70.340
Leonteq Securities A 13.00012/27/2022 USD 80.370
BNP Paribas Emission 3.000 6/23/2022 EUR 66.530
Corner Banca SA 14.000 3/27/2023 CHF 71.950
BNP Paribas Emission 3.000 9/22/2022 EUR 67.040
BNP Paribas Emission 3.00012/22/2022 EUR 70.150
BNP Paribas Emission 4.00012/22/2022 EUR 68.500
DZ Bank AG Deutsche 8.25012/21/2022 EUR 72.960
DZ Bank AG Deutsche 5.25012/21/2022 EUR 68.140
DZ Bank AG Deutsche 8.25012/21/2022 EUR 69.960
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 73.480
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 73.020
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 69.020
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 70.340
DZ Bank AG Deutsche 6.25012/21/2022 EUR 71.100
DZ Bank AG Deutsche 12.25012/21/2022 EUR 60.910
Raiffeisen Schweiz G 17.50012/27/2022 CHF 67.760
Credit Suisse AG/Lon 20.00012/21/2022 USD 63.890
Bank Vontobel AG 20.00012/27/2022 CHF 67.500
Bank Vontobel AG 9.50012/27/2023 CHF 59.600
Bank Vontobel AG 18.75012/27/2022 CHF 60.400
Bank Vontobel AG 25.00012/27/2022 CHF 71.900
Raiffeisen Switzerla 15.00012/27/2022 CHF 59.320
Raiffeisen Switzerla 9.000 6/27/2023 USD 74.310
DZ Bank AG Deutsche 4.500 9/21/2022 EUR 64.420
BNP Paribas Emission 3.000 9/22/2022 EUR 72.260
BNP Paribas Emission 3.00012/22/2022 EUR 72.670
DZ Bank AG Deutsche 8.50012/21/2022 EUR 74.090
Zurcher Kantonalbank 10.50011/16/2022 CHF 75.240
Leonteq Securities A 17.00010/25/2022 USD 63.550
Leonteq Securities A 10.000 4/25/2023 CHF 76.010
Bank Julius Baer & C 10.25012/29/2022 CHF 63.100
Vontobel Financial P 8.50012/23/2022 EUR 69.240
Credit Suisse AG/Lon 7.37012/28/2022 USD 9.730
Vontobel Financial P 10.00012/23/2022 EUR 66.670
Vontobel Financial P 9.00012/23/2022 EUR 72.850
Zurcher Kantonalbank 19.00011/15/2022 CHF 57.240
Zurcher Kantonalbank 20.00011/15/2022 USD 57.640
Vontobel Financial P 14.50012/23/2022 EUR 74.890
Vontobel Financial P 10.50012/23/2022 EUR 74.030
Vontobel Financial P 9.50012/23/2022 EUR 67.240
Zurcher Kantonalbank 6.40011/16/2022 USD 73.780
Landesbank Baden-Wue 2.700 9/22/2023 EUR 70.610
Raiffeisen Schweiz G 12.000 6/29/2022 CHF 67.110
Raiffeisen Schweiz G 13.000 6/29/2022 CHF 64.050
Raiffeisen Schweiz G 20.000 6/29/2022 CHF 42.230
EFG International Fi 11.780 07/11/2022 USD 76.430
DZ Bank AG Deutsche 10.750 9/21/2022 EUR 70.910
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 63.080
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 66.360
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 67.130
DZ Bank AG Deutsche 4.750 9/21/2022 EUR 74.130
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 62.440
DZ Bank AG Deutsche 9.000 9/21/2022 EUR 63.570
DZ Bank AG Deutsche 11.000 9/21/2022 EUR 64.570
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 64.220
DZ Bank AG Deutsche 5.750 6/22/2022 EUR 73.600
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 74.150
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 62.960
DZ Bank AG Deutsche 4.250 9/21/2022 EUR 61.780
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 75.710
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 73.580
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 69.740
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 68.810
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 68.160
DZ Bank AG Deutsche 4.250 9/21/2022 EUR 65.220
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 68.830
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 64.360
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 71.780
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 71.650
DZ Bank AG Deutsche 5.000 9/21/2022 EUR 72.140
Vontobel Financial P 4.150 7/18/2023 EUR 70.010
Vontobel Financial P 9.40012/30/2022 CHF 38.120
Erste Group Bank AG 10.750 08/02/2022 EUR 56.900
Erste Group Bank AG 4.500 08/02/2025 EUR 73.650
Leonteq Securities A 20.000 6/29/2022 CHF 42.930
Zurcher Kantonalbank 7.000 01/09/2023 CHF 71.580
UniCredit Bank AG 9.250 7/27/2022 EUR 71.510
Zurcher Kantonalbank 15.750 07/08/2022 USD 52.050
Bank Vontobel AG 6.500 6/26/2023 CHF 70.500
Bank Vontobel AG 8.00512/27/2022 CHF 73.100
Bank Vontobel AG 7.00012/27/2022 CHF 57.600
Landesbank Baden-Wue 4.150 6/23/2023 EUR 51.620
Landesbank Baden-Wue 3.800 6/23/2023 EUR 52.100
Landesbank Baden-Wue 2.600 6/23/2023 EUR 55.060
Landesbank Baden-Wue 4.500 6/23/2023 EUR 69.130
Landesbank Baden-Wue 3.350 6/23/2023 EUR 71.070
Landesbank Baden-Wue 5.350 6/23/2023 EUR 66.570
Landesbank Baden-Wue 5.000 6/23/2023 EUR 49.850
Landesbank Baden-Wue 5.600 6/23/2023 EUR 52.730
Bank Julius Baer & C 5.80010/26/2022 CHF 58.000
DZ Bank AG Deutsche 10.50012/21/2022 EUR 74.140
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 66.830
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 70.740
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 73.070
DZ Bank AG Deutsche 11.00012/21/2022 EUR 66.160
Bank Julius Baer & C 14.50010/26/2022 EUR 74.450
Leonteq Securities A 15.00010/26/2022 USD 74.850
Leonteq Securities A 20.40010/26/2022 CHF 48.480
Leonteq Securities A 22.20010/26/2022 CHF 72.730
Raiffeisen Schweiz G 18.00010/25/2022 CHF 64.920
Raiffeisen Schweiz G 8.000 7/25/2023 CHF 73.850
Raiffeisen Schweiz G 10.000 4/25/2023 CHF 63.480
Bank Julius Baer & C 22.500 4/27/2022 USD 65.100
Vontobel Financial P 9.25012/23/2022 EUR 69.980
DZ Bank AG Deutsche 12.200 6/24/2022 EUR 70.750
DZ Bank AG Deutsche 15.300 6/24/2022 EUR 68.240
DZ Bank AG Deutsche 10.500 9/23/2022 EUR 72.540
DZ Bank AG Deutsche 12.800 9/23/2022 EUR 70.600
DZ Bank AG Deutsche 12.20010/28/2022 EUR 71.900
DZ Bank AG Deutsche 11.30012/23/2022 EUR 72.200
DZ Bank AG Deutsche 16.600 9/23/2022 EUR 46.190
DZ Bank AG Deutsche 18.80010/28/2022 EUR 45.950
DZ Bank AG Deutsche 14.80012/23/2022 EUR 48.670
DZ Bank AG Deutsche 17.30012/23/2022 EUR 47.580
Vontobel Financial P 8.25012/23/2022 EUR 74.480
EFG International Fi 16.00010/27/2022 CHF 58.700
Erste Group Bank AG 5.500 08/02/2025 EUR 66.150
Zurcher Kantonalbank 8.000 07/07/2022 EUR 72.600
UniCredit Bank AG 10.100 7/27/2022 EUR 45.500
UniCredit Bank AG 9.800 7/27/2022 EUR 58.550
Zurcher Kantonalbank 8.250 07/07/2022 CHF 72.760
Bank Vontobel AG 6.502 6/26/2023 CHF 69.700
Bank Vontobel AG 8.00512/27/2022 CHF 73.600
Bank Vontobel AG 5.750 6/26/2023 CHF 72.600
Zurcher Kantonalbank 10.400 07/08/2022 CHF 67.050
Landesbank Baden-Wue 2.800 6/23/2023 EUR 53.890
Landesbank Baden-Wue 4.650 6/23/2023 EUR 67.990
Landesbank Baden-Wue 3.400 6/23/2023 EUR 71.320
Landesbank Baden-Wue 1.800 6/23/2023 EUR 77.200
EFG International Fi 17.000 6/30/2022 CHF 45.390
EFG International Fi 10.010 6/30/2022 EUR 43.040
UBS AG/London 9.900 07/01/2024 EUR 65.440
Raiffeisen Centroban 11.750 08/04/2023 EUR 57.730
Bank Vontobel AG 18.000 8/29/2022 USD 55.800
Bank Vontobel AG 15.000 8/29/2022 USD 51.200
Credit Suisse AG/Lon 12.00010/18/2022 EUR 41.520
Credit Suisse AG/Lon 8.00010/25/2022 USD 77.090
UBS AG/London 10.50010/13/2022 CHF 74.750
UBS AG/London 14.750 4/14/2023 USD 63.650
UBS AG/London 13.250 4/14/2023 USD 55.400
Leonteq Securities A 15.000 4/21/2023 CHF 73.470
Leonteq Securities A 10.000 4/18/2023 USD 70.520
Zurcher Kantonalbank 23.00010/20/2022 CHF 63.560
Zurcher Kantonalbank 10.00010/25/2022 CHF 61.190
Zurcher Kantonalbank 26.80010/25/2022 CHF 65.550
UBS AG/London 10.00012/30/2022 CHF 53.900
UBS AG/London 13.000 10/06/2022 CHF 52.650
UBS AG/London 13.250 04/06/2023 USD 72.600
UBS AG/London 15.750 2/27/2023 CHF 56.600
Credit Suisse AG/Lon 12.250 7/28/2022 CHF 46.950
Credit Suisse AG/Lon 8.00010/28/2022 CHF 65.170
UBS AG/London 9.250 3/29/2023 USD 75.750
UBS AG/London 21.50011/25/2022 USD 73.750
Bank Vontobel AG 9.000 03/06/2023 CHF 66.900
Bank Vontobel AG 12.000 09/05/2022 EUR 51.800
Credit Suisse AG/Lon 16.000 08/05/2022 USD 40.920
Leonteq Securities A 17.000 1/18/2023 CHF 57.600
UBS AG/London 15.000 4/14/2023 USD 77.600
Corner Banca SA 16.000 1/24/2023 CHF 76.710
UBS AG/London 13.750 10/06/2023 USD 60.900
UBS AG/London 9.250 2/27/2023 CHF 47.200
UBS AG/London 11.000 2/27/2023 CHF 72.800
Credit Suisse AG/Lon 10.000 08/03/2022 EUR 35.370
Credit Suisse AG/Lon 9.500 08/03/2022 CHF 43.830
UBS AG/London 15.00011/25/2022 USD 73.850
Bank Vontobel AG 10.000 1/23/2023 CHF 46.000
UBS AG/London 18.750 02/06/2023 CHF 61.000
Bank Vontobel AG 11.000 12/05/2022 CHF 67.300
Credit Suisse AG/Lon 12.25010/24/2022 CHF 56.030
Credit Suisse AG/Lon 11.10010/13/2022 CHF 60.690
Vontobel Financial P 8.000 3/24/2023 EUR 74.810
UBS AG/London 8.000 01/09/2023 CHF 74.650
Credit Suisse AG/Lon 16.000 7/22/2022 USD 28.320
Bank Vontobel AG 14.750 1/16/2023 CHF 49.900
Bank Vontobel AG 8.500 1/23/2023 CHF 44.700
Bank Vontobel AG 25.000 8/25/2022 CHF 56.100
Leonteq Securities A 8.000 05/02/2023 CHF 17.530
Leonteq Securities A 12.000 05/02/2023 USD 62.910
Vontobel Financial P 14.50012/23/2022 EUR 73.280
Credit Suisse AG/Lon 4.550 2/23/2023 USD 9.750
Bank Vontobel AG 16.500 8/29/2022 CHF 43.000
UBS AG/London 8.500 1/30/2023 CHF 48.800
UBS AG/London 8.000 7/28/2023 CHF 68.300
Vontobel Financial P 15.00012/23/2022 EUR 71.270
Bank Vontobel AG 20.50011/21/2022 CHF 57.600
Bank Vontobel AG 20.00011/21/2022 CHF 61.100
Bank Vontobel AG 8.000 5/22/2023 CHF 68.300
Bank Vontobel AG 10.00011/21/2022 CHF 55.300
Bank Vontobel AG 18.00011/21/2022 USD 59.400
Bank Vontobel AG 10.750 5/22/2023 CHF 64.600
Bank Vontobel AG 12.000 2/20/2023 CHF 73.600
Bank Vontobel AG 14.000 5/22/2023 CHF 69.200
Bank Vontobel AG 10.000 1/23/2023 EUR 75.200
Bank Vontobel AG 15.00010/24/2022 CHF 58.700
Vontobel Financial P 10.50012/23/2022 EUR 70.090
Bank Vontobel AG 6.000 8/28/2023 CHF 68.700
Bank Vontobel AG 18.000 2/28/2023 CHF 54.700
Bank Vontobel AG 5.50011/28/2022 EUR 56.400
UBS AG/London 10.250 07/07/2022 EUR 45.800
UBS AG/London 8.750 1/16/2023 CHF 61.750
UBS AG/London 17.000 1/17/2023 USD 77.150
Bank Vontobel AG 12.250 12/05/2022 USD 66.900
Credit Suisse AG/Lon 5.20011/27/2023 USD 9.380
UBS AG/London 17.500 7/28/2022 CHF 48.700
Zurcher Kantonalbank 9.50010/20/2022 CHF 62.020
Credit Suisse AG/Lon 10.250 11/09/2022 USD 35.980
Credit Suisse AG/Lon 11.250 8/15/2022 EUR 58.160
Vontobel Financial P 8.50012/23/2022 EUR 68.520
Vontobel Financial P 12.000 3/24/2023 EUR 71.480
Vontobel Financial P 17.50012/23/2022 EUR 73.230
Vontobel Financial P 14.500 3/24/2023 EUR 74.080
Vontobel Financial P 15.000 3/24/2023 EUR 74.600
UBS AG/London 20.250 7/28/2022 USD 32.600
Leonteq Securities A 10.000 02/01/2023 CHF 38.920
Vontobel Financial P 12.500 3/24/2023 EUR 74.520
UBS AG/London 9.250 1/30/2023 USD 46.450
Leonteq Securities A 25.00011/29/2022 CHF 65.260
Leonteq Securities A 10.800 5/26/2023 EUR 66.560
Leonteq Securities A 17.600 5/30/2023 USD 67.500
Leonteq Securities A 10.00011/29/2023 EUR 73.820
Leonteq Securities A 8.000 03/01/2023 CHF 75.520
Leonteq Securities A 10.00011/29/2022 CHF 69.740
Raiffeisen Schweiz G 9.000 2/28/2023 CHF 66.230
Bank Vontobel AG 6.500 2/20/2023 CHF 45.600
Bank Vontobel AG 9.00011/20/2023 EUR 73.600
Bank Vontobel AG 8.00011/27/2023 EUR 61.500
Bank Vontobel AG 7.250 2/27/2023 CHF 74.800
Bank Vontobel AG 24.00011/28/2022 CHF 60.600
Bank Vontobel AG 18.250 5/26/2023 EUR 47.400
SG Issuer SA 7.600 1/20/2025 SEK 51.360
UBS AG/London 9.750 4/27/2023 USD 66.600
UBS AG/London 11.75010/27/2022 CHF 75.800
DZ Bank AG Deutsche 5.250 3/20/2023 EUR 73.410
Zurcher Kantonalbank 19.00010/26/2022 CHF 59.910
Landesbank Baden-Wue 9.25010/27/2023 EUR 76.270
Bank Vontobel AG 19.00010/31/2022 EUR 48.900
DZ Bank AG Deutsche 6.750 6/19/2023 EUR 72.510
Vontobel Financial P 17.75012/23/2022 EUR 55.740
Societe Generale Eff 12.75011/25/2022 EUR 45.530
Societe Generale Eff 18.000 7/22/2022 EUR 40.870
Leonteq Securities A 17.00011/22/2022 USD 55.850
Leonteq Securities A 13.000 2/22/2023 CHF 54.550
Zurcher Kantonalbank 16.00011/18/2022 CHF 67.590
Leonteq Securities A 18.50011/29/2022 CHF 65.150
Leonteq Securities A 10.800 5/26/2023 CHF 71.040
Leonteq Securities A 10.800 5/26/2023 EUR 70.510
Corner Banca SA 13.20011/29/2022 CHF 70.790
Leonteq Securities A 12.80011/29/2022 CHF 57.940
Corner Banca SA 11.00011/29/2022 CHF 46.650
Corner Banca SA 12.00011/29/2022 USD 60.550
Leonteq Securities A 10.00011/29/2022 CHF 67.360
Leonteq Securities A 11.000 5/30/2023 USD 70.990
UBS AG/London 7.640 4/20/2026 SEK 69.880
EFG International Fi 18.000 1/26/2023 USD 78.380
DZ Bank AG Deutsche 5.250 3/22/2023 EUR 70.400
DZ Bank AG Deutsche 5.750 3/22/2023 EUR 69.780
DZ Bank AG Deutsche 6.50012/21/2022 EUR 74.930
DZ Bank AG Deutsche 8.000 9/21/2022 EUR 74.680
DZ Bank AG Deutsche 6.00012/21/2022 EUR 72.280
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 74.260
DZ Bank AG Deutsche 8.25012/21/2022 EUR 73.450
DZ Bank AG Deutsche 5.25012/21/2022 EUR 74.480
DZ Bank AG Deutsche 5.25012/21/2022 EUR 68.820
DZ Bank AG Deutsche 5.750 3/22/2023 EUR 72.460
DZ Bank AG Deutsche 9.250 3/22/2023 EUR 71.290
Sberbank of Russia P 0.010 7/24/2025 RUB 64.400
Landesbank Baden-Wue 3.500 8/26/2022 EUR 32.560
Landesbank Baden-Wue 5.450 8/26/2022 EUR 28.500
EFG International Fi 8.000 7/22/2022 CHF 60.900
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 71.900
DZ Bank AG Deutsche 6.00012/21/2022 EUR 68.680
DZ Bank AG Deutsche 8.50012/21/2022 EUR 73.630
DZ Bank AG Deutsche 12.250 9/21/2022 EUR 72.810
DZ Bank AG Deutsche 5.25012/21/2022 EUR 69.490
Sberbank of Russia P 0.010 7/23/2025 RUB 70.510
DVM Construction Fov 3.000 7/29/2030 HUF 69.200
Credit Suisse AG/Lon 15.250 1/20/2023 USD 70.820
DZ Bank AG Deutsche 4.25012/21/2022 EUR 73.520
Vontobel Financial P 17.50012/23/2022 EUR 76.240
Vontobel Financial P 14.50012/23/2022 EUR 72.450
Vontobel Financial P 16.50012/23/2022 EUR 71.510
Credit Suisse AG/Lon 8.500 2/14/2023 EUR 73.280
Zurcher Kantonalbank 10.000 1/20/2023 EUR 73.800
UBS AG/London 6.380 06/07/2023 USD 9.800
DekaBank Deutsche Gi 4.250 05/03/2022 EUR 41.340
Deutsche Bank AG/Lon 2.200 4/14/2023 EUR 74.970
Raiffeisen Switzerla 11.500 05/10/2022 CHF 64.640
Vontobel Financial P 18.500 3/25/2022 EUR 71.720
Vontobel Financial P 19.500 3/25/2022 EUR 71.760
Vontobel Financial P 13.500 3/25/2022 EUR 73.830
Vontobel Financial P 14.500 6/24/2022 EUR 70.760
Vontobel Financial P 16.000 3/25/2022 EUR 69.890
Vontobel Financial P 11.500 6/24/2022 EUR 69.890
SG Issuer SA 8.700 1/20/2025 SEK 52.460
UniCredit Bank AG 3.100 5/28/2023 EUR 72.820
Bank Vontobel AG 9.00012/18/2023 CHF 54.900
Bank Vontobel AG 7.500 6/19/2023 CHF 71.300
Corner Banca SA 13.000 3/17/2023 CHF 71.120
Leonteq Securities A 14.000 3/17/2023 CHF 51.880
Leonteq Securities A 22.80012/16/2022 CHF 66.710
Raiffeisen Schweiz G 12.50012/20/2022 CHF 53.100
Raiffeisen Switzerla 10.00012/20/2022 CHF 69.180
Bank Vontobel AG 11.000 6/19/2023 CHF 71.400
Bank Vontobel AG 14.00012/19/2022 CHF 71.800
Raiffeisen Switzerla 18.20012/20/2022 CHF 70.410
Bank Vontobel AG 17.25012/19/2022 CHF 72.900
Bank Vontobel AG 10.25012/19/2022 CHF 49.700
Bank Vontobel AG 13.00012/19/2022 EUR 49.300
Societe Generale Eff 16.250 9/23/2022 EUR 67.310
Societe Generale Eff 18.250 9/23/2022 EUR 65.760
Societe Generale Eff 14.75012/23/2022 EUR 68.160
Societe Generale Eff 18.75012/23/2022 EUR 65.560
Societe Generale Eff 11.750 8/26/2022 EUR 73.610
Societe Generale Eff 17.750 8/26/2022 EUR 66.310
Societe Generale Eff 10.250 9/23/2022 EUR 74.850
UBS AG/London 17.500 07/12/2023 USD 72.500
Leonteq Securities A 17.00012/20/2022 CHF 70.170
Leonteq Securities A 14.000 3/17/2023 USD 69.990
Raiffeisen Switzerla 7.800 6/20/2023 CHF 75.300
Societe Generale Eff 14.75011/25/2022 EUR 44.600
Societe Generale Eff 8.50011/25/2022 EUR 73.100
Societe Generale Eff 8.75011/25/2022 EUR 71.450
Zurcher Kantonalbank 30.000 1/18/2023 USD 65.930
Zurcher Kantonalbank 10.000 7/18/2022 CHF 70.510
Banque Cantonale Vau 21.150 8/22/2022 CHF 45.560
Societe Generale Eff 11.75010/28/2022 EUR 58.200
Skandinaviska Enskil 8.200 1/15/2024 SEK 76.830
DZ Bank AG Deutsche 6.250 3/22/2023 EUR 68.120
DZ Bank AG Deutsche 8.250 3/22/2023 EUR 71.430
DZ Bank AG Deutsche 5.250 3/22/2023 EUR 68.550
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 66.980
DZ Bank AG Deutsche 5.750 9/21/2022 EUR 66.160
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 68.610
DZ Bank AG Deutsche 8.250 3/22/2023 EUR 72.070
DZ Bank AG Deutsche 18.100 3/24/2023 EUR 68.190
Societe Generale Eff 22.250 9/23/2022 EUR 62.670
Societe Generale Eff 10.50010/28/2022 EUR 72.900
Societe Generale Eff 12.50010/28/2022 EUR 70.160
Societe Generale Eff 14.50010/28/2022 EUR 67.850
Societe Generale Eff 16.50010/28/2022 EUR 66.070
Societe Generale Eff 20.50010/28/2022 EUR 63.600
Societe Generale Eff 15.50011/25/2022 EUR 66.820
DZ Bank AG Deutsche 21.700 9/23/2022 EUR 65.500
DZ Bank AG Deutsche 24.600 9/23/2022 EUR 63.910
Leonteq Securities A 25.80012/16/2022 CHF 52.440
Bank Vontobel AG 8.000 06/12/2023 EUR 72.400
Vontobel Financial P 9.50012/23/2022 EUR 75.540
Vontobel Financial P 17.50012/23/2022 EUR 71.090
Vontobel Financial P 10.50012/23/2022 EUR 74.840
Vontobel Financial P 13.50012/23/2022 EUR 72.990
Vontobel Financial P 11.50012/23/2022 EUR 74.180
Vontobel Financial P 24.00012/23/2022 EUR 81.920
Vontobel Financial P 10.00012/23/2022 EUR 75.000
Vontobel Financial P 6.00012/23/2022 EUR 60.990
Leonteq Securities A 15.000 01/10/2023 CHF 56.120
Leonteq Securities A 20.000 01/10/2023 CHF 64.560
Societe Generale Eff 23.750 7/22/2022 EUR 53.010
Societe Generale Eff 20.500 9/23/2022 EUR 55.080
Bank Julius Baer & C 8.450 8/15/2022 USD 80.000
Vontobel Financial P 24.50012/23/2022 EUR 56.070
Vontobel Financial P 15.50012/23/2022 EUR 71.960
Vontobel Financial P 19.50012/23/2022 EUR 70.380
Vontobel Financial P 12.50012/23/2022 EUR 73.570
Vontobel Financial P 6.50012/23/2022 EUR 61.380
Sberbank of Russia P 0.010 08/12/2025 RUB 73.100
Raiffeisen Switzerla 9.000 07/06/2023 USD 72.240
Societe Generale Eff 21.750 8/26/2022 EUR 54.230
Societe Generale Eff 8.50010/28/2022 EUR 76.250
Societe Generale Eff 18.50010/28/2022 EUR 64.690
Societe Generale Eff 7.50011/25/2022 EUR 77.950
Societe Generale Eff 9.50011/25/2022 EUR 74.300
Societe Generale Eff 11.50011/25/2022 EUR 71.280
Societe Generale Eff 13.50011/25/2022 EUR 68.730
Societe Generale Eff 17.50011/25/2022 EUR 65.330
Societe Generale Eff 19.50011/25/2022 EUR 64.180
DZ Bank AG Deutsche 18.50012/23/2022 EUR 67.410
DZ Bank AG Deutsche 20.60012/23/2022 EUR 66.430
DZ Bank AG Deutsche 19.400 1/27/2023 EUR 67.010
DZ Bank AG Deutsche 21.300 1/27/2023 EUR 66.290
DZ Bank AG Deutsche 16.500 3/24/2023 EUR 68.990
Raiffeisen Switzerla 20.000 01/06/2023 CHF 76.980
Landesbank Baden-Wue 5.60010/27/2023 EUR 74.230
Landesbank Baden-Wue 5.25010/27/2023 EUR 56.790
Bank Vontobel AG 16.50010/31/2022 CHF 58.100
Bank Vontobel AG 16.00010/31/2022 CHF 73.200
UBS AG/London 11.50010/27/2022 EUR 43.750
DZ Bank AG Deutsche 7.000 3/20/2023 EUR 74.240
DZ Bank AG Deutsche 4.750 6/19/2023 EUR 74.430
UBS AG/London 9.500 4/27/2023 USD 66.800
Zurcher Kantonalbank 20.00010/26/2022 USD 59.840
DZ Bank AG Deutsche 5.500 6/19/2023 EUR 72.500
Zurcher Kantonalbank 12.00010/26/2022 USD 67.300
DekaBank Deutsche Gi 3.100 04/08/2022 EUR 48.560
DekaBank Deutsche Gi 3.300 04/08/2022 EUR 47.760
Landesbank Baden-Wue 3.150 6/24/2022 EUR 70.390
Landesbank Baden-Wue 2.500 6/24/2022 EUR 64.240
UniCredit Bank AG 5.150 4/24/2023 EUR 67.870
Landesbank Baden-Wue 2.750 9/23/2022 EUR 62.880
UniCredit Bank AG 6.900 3/16/2022 EUR 63.910
UniCredit Bank AG 9.100 3/16/2022 EUR 64.800
UniCredit Bank AG 13.200 3/16/2022 EUR 40.230
UBS AG/London 14.750 2/17/2023 CHF 39.450
Vontobel Financial P 4.800 06/01/2022 EUR 72.610
Leonteq Securities A 13.400 5/18/2022 CHF 63.810
Leonteq Securities A 14.000 5/19/2022 CHF 40.830
Bank Vontobel AG 10.506 8/19/2022 EUR 62.400
Bank Vontobel AG 7.756 8/19/2022 CHF 62.600
Bank Vontobel AG 10.508 8/19/2022 CHF 44.400
Bank Vontobel AG 10.507 8/19/2022 CHF 44.400
Bank Vontobel AG 12.008 8/19/2022 CHF 42.700
Leonteq Securities A 15.000 8/19/2022 CHF 72.260
Leonteq Securities A 15.000 5/19/2022 CHF 29.840
Leonteq Securities A 12.400 8/19/2022 EUR 66.160
Leonteq Securities A 11.400 5/19/2022 CHF 61.780
Corner Banca SA 19.000 5/23/2022 USD 30.490
Leonteq Securities A 16.000 5/19/2022 CHF 63.360
Leonteq Securities A 19.000 5/23/2022 USD 65.000
Leonteq Securities A 10.000 5/19/2022 CHF 46.040
Leonteq Securities A 5.700 8/19/2022 USD 64.030
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 70.370
DZ Bank AG Deutsche 5.250 3/23/2022 EUR 74.300
DZ Bank AG Deutsche 6.750 3/23/2022 EUR 61.390
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 67.700
DZ Bank AG Deutsche 8.750 3/23/2022 EUR 67.710
EFG International Fi 4.500 2/26/2024 USD 56.340
Vontobel Financial P 11.500 3/25/2022 EUR 73.740
Vontobel Financial P 10.000 3/25/2022 EUR 74.390
Vontobel Financial P 16.000 3/25/2022 EUR 71.620
Vontobel Financial P 17.500 3/25/2022 EUR 71.680
Vontobel Financial P 18.500 3/25/2022 EUR 71.720
Vontobel Financial P 19.000 3/25/2022 EUR 71.740
UniCredit Bank AG 10.100 3/23/2022 EUR 65.740
Vontobel Financial P 11.500 3/25/2022 EUR 62.450
Landesbank Baden-Wue 3.000 6/24/2022 EUR 67.030
Raiffeisen Switzerla 7.000 8/19/2022 CHF 63.990
Raiffeisen Switzerla 7.700 8/19/2022 CHF 69.640
Raiffeisen Switzerla 13.000 5/19/2022 CHF 63.130
BNP Paribas Emission 8.000 9/22/2022 EUR 61.730
Societe Generale Eff 4.000 7/22/2022 EUR 55.500
BNP Paribas Emission 6.000 6/23/2022 EUR 66.520
BNP Paribas Emission 6.000 9/22/2022 EUR 67.500
Bank Vontobel AG 20.004 08/10/2022 CHF 72.400
UBS AG/London 11.000 8/24/2022 CHF 45.900
Credit Suisse AG/Lon 7.250 5/18/2022 CHF 66.640
Credit Suisse AG/Lon 8.100 8/23/2022 CHF 62.860
Vontobel Financial P 14.250 6/24/2022 EUR 55.830
Vontobel Financial P 8.000 6/24/2022 EUR 65.870
Leonteq Securities A 10.000 2/13/2023 USD 75.800
Leonteq Securities A 16.00011/16/2022 CHF 64.610
Leonteq Securities A 12.00011/16/2022 CHF 48.700
Bank Vontobel AG 6.500 2/13/2023 CHF 69.900
Bank Vontobel AG 10.000 8/15/2022 CHF 68.400
Bank Vontobel AG 14.500 2/13/2023 EUR 62.000
Bank Julius Baer & C 19.600 5/16/2022 CHF 44.100
Societe Generale Eff 3.500 8/26/2022 EUR 58.240
Bank Vontobel AG 7.756 2/13/2023 CHF 74.700
Bank Vontobel AG 7.508 05/12/2022 CHF 69.700
Leonteq Securities A 9.000 8/26/2022 CHF 64.330
Zurcher Kantonalbank 21.500 8/23/2022 USD 51.600
Zurcher Kantonalbank 20.500 8/23/2022 CHF 61.930
Vontobel Financial P 10.50012/23/2022 EUR 71.450
Vontobel Financial P 8.50012/23/2022 EUR 72.870
Vontobel Financial P 11.00012/23/2022 EUR 62.280
Vontobel Financial P 5.50012/23/2022 EUR 72.320
Vontobel Financial P 7.00012/23/2022 EUR 65.250
Vontobel Financial P 11.00012/23/2022 EUR 74.890
Vontobel Financial P 8.50012/23/2022 EUR 66.010
Vontobel Financial P 4.50012/23/2022 EUR 60.360
Vontobel Financial P 5.50012/23/2022 EUR 69.170
Vontobel Financial P 7.00012/23/2022 EUR 70.300
Vontobel Financial P 13.00012/23/2022 EUR 74.830
Bank Julius Baer & C 9.90010/21/2022 USD 57.100
Vontobel Financial P 6.50012/23/2022 EUR 75.420
Vontobel Financial P 10.50012/23/2022 EUR 70.930
Vontobel Financial P 15.50012/23/2022 EUR 68.340
Vontobel Financial P 12.00012/23/2022 EUR 52.340
Vontobel Financial P 8.50012/23/2022 EUR 69.430
Vontobel Financial P 7.50012/23/2022 EUR 75.510
Vontobel Financial P 10.00012/23/2022 EUR 73.040
Vontobel Financial P 14.00012/23/2022 EUR 69.610
Vontobel Financial P 16.50012/23/2022 EUR 68.110
Vontobel Financial P 15.50012/23/2022 EUR 68.440
Leonteq Securities A 10.000 1/18/2023 USD 68.090
Leonteq Securities A 12.000 1/18/2023 CHF 66.340
Leonteq Securities A 8.000 4/19/2023 CHF 73.220
Raiffeisen Centroban 10.429 3/22/2023 EUR 67.010
Raiffeisen Centroban 11.819 3/22/2023 EUR 67.150
Raiffeisen Centroban 7.648 3/22/2023 EUR 64.330
Raiffeisen Centroban 9.038 3/22/2023 EUR 64.450
Raiffeisen Centroban 10.429 3/22/2023 EUR 64.660
Leonteq Securities A 11.00010/18/2022 CHF 46.620
Goldman Sachs & Co W 10.00011/23/2022 EUR 74.670
Leonteq Securities A 21.60010/18/2022 CHF 50.230
Leonteq Securities A 30.00010/18/2022 CHF 70.590
DZ Bank AG Deutsche 10.750 6/22/2022 EUR 67.490
DZ Bank AG Deutsche 10.750 9/21/2022 EUR 63.590
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 73.690
DZ Bank AG Deutsche 4.250 6/22/2022 EUR 74.140
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 71.430
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 73.210
DZ Bank AG Deutsche 9.250 3/23/2022 EUR 68.660
Raiffeisen Schweiz G 18.00010/19/2022 CHF 65.690
Raiffeisen Schweiz G 13.00010/18/2022 CHF 48.800
Raiffeisen Schweiz G 20.00010/19/2022 CHF 48.450
Leonteq Securities A 24.24010/19/2022 CHF 57.650
UniCredit Bank AG 9.25011/16/2022 EUR 50.630
UniCredit Bank AG 6.55011/16/2022 EUR 71.750
UniCredit Bank AG 6.80011/16/2022 EUR 62.960
UniCredit Bank AG 5.05011/16/2022 EUR 66.870
UniCredit Bank AG 7.55011/17/2022 EUR 61.720
Bank Julius Baer & C 10.400 1/24/2023 USD 67.350
Bank Julius Baer & C 10.200 5/30/2023 EUR 11.600
Vontobel Financial P 8.50012/23/2022 EUR 74.860
Vontobel Financial P 13.00012/23/2022 EUR 52.190
Vontobel Financial P 10.75012/23/2022 EUR 64.800
Vontobel Financial P 18.50012/23/2022 EUR 68.680
Vontobel Financial P 6.500 3/25/2022 EUR 53.520
Vontobel Financial P 5.500 3/25/2022 EUR 53.480
Vontobel Financial P 15.500 3/25/2022 EUR 64.320
Leonteq Securities A 27.000 11/04/2022 CHF 67.610
UBS AG/London 9.250 03/10/2023 CHF 64.750
UBS AG/London 10.750 09/12/2022 CHF 61.250
UBS AG/London 16.500 09/12/2022 CHF 65.950
Raiffeisen Switzerla 8.500 09/08/2022 CHF 60.860
Goldman Sachs & Co W 15.000 4/21/2022 EUR 73.040
Goldman Sachs & Co W 19.000 4/21/2022 EUR 68.120
Goldman Sachs & Co W 15.000 6/22/2022 EUR 72.050
Goldman Sachs & Co W 19.000 6/22/2022 EUR 68.090
Goldman Sachs & Co W 12.000 3/22/2023 EUR 72.030
Vontobel Financial P 17.750 3/25/2022 EUR 32.720
Goldman Sachs & Co W 8.000 4/21/2022 EUR 69.110
Goldman Sachs & Co W 10.000 4/21/2022 EUR 65.350
Goldman Sachs & Co W 13.00012/21/2022 EUR 70.040
Goldman Sachs & Co W 10.000 3/22/2023 EUR 75.330
Goldman Sachs & Co W 7.00012/21/2022 EUR 68.890
Goldman Sachs & Co W 8.00012/21/2022 EUR 69.920
Goldman Sachs & Co W 7.000 3/22/2023 EUR 70.350
Goldman Sachs & Co W 8.000 3/22/2023 EUR 71.530
Goldman Sachs & Co W 15.000 4/21/2022 EUR 68.100
Goldman Sachs & Co W 19.000 4/21/2022 EUR 62.780
Goldman Sachs & Co W 17.000 6/22/2022 EUR 64.700
Goldman Sachs & Co W 15.000 9/21/2022 EUR 67.920
Goldman Sachs & Co W 21.000 4/21/2022 EUR 65.920
Leonteq Securities A 8.000 3/15/2023 CHF 65.500
Zurcher Kantonalbank 8.500 06/10/2022 EUR 53.630
Landesbank Baden-Wue 9.750 3/25/2022 EUR 74.880
Corner Banca SA 11.000 9/15/2022 CHF 53.000
Zurcher Kantonalbank 19.000 3/24/2022 CHF 58.450
Zurcher Kantonalbank 10.500 3/24/2022 CHF 64.410
Zurcher Kantonalbank 15.000 3/24/2022 USD 49.220
Vontobel Financial P 10.00012/23/2022 EUR 54.520
Vontobel Financial P 17.00012/23/2022 EUR 48.910
Vontobel Financial P 6.00012/23/2022 EUR 56.300
Vontobel Financial P 9.00012/23/2022 EUR 53.980
Vontobel Financial P 6.00012/23/2022 EUR 64.020
Vontobel Financial P 10.00012/23/2022 EUR 74.800
Vontobel Financial P 11.00012/23/2022 EUR 72.480
Vontobel Financial P 15.50012/23/2022 EUR 72.430
Vontobel Financial P 12.50012/23/2022 EUR 74.280
Vontobel Financial P 8.50012/23/2022 EUR 74.780
Vontobel Financial P 9.00012/23/2022 EUR 73.700
Vontobel Financial P 10.50012/23/2022 EUR 72.050
Vontobel Financial P 11.50012/23/2022 EUR 71.470
Vontobel Financial P 13.00012/23/2022 EUR 70.060
Vontobel Financial P 14.50012/23/2022 EUR 68.820
Leonteq Securities A 9.300 8/24/2022 USD 54.120
BNP Paribas Emission 8.000 6/23/2022 EUR 63.290
BNP Paribas Emission 10.000 6/23/2022 EUR 60.450
BNP Paribas Emission 8.000 9/22/2022 EUR 64.960
UBS AG/London 10.250 8/24/2022 CHF 75.900
UBS AG/London 6.500 8/24/2022 CHF 30.700
EFG International Fi 15.000 8/24/2022 CHF 65.570
Vontobel Financial P 6.000 6/24/2022 EUR 72.400
Vontobel Financial P 6.250 6/24/2022 EUR 73.630
Vontobel Financial P 16.250 6/24/2022 EUR 69.370
Vontobel Financial P 20.000 6/24/2022 EUR 46.230
EFG International Fi 8.200 03/01/2023 USD 49.470
Corner Banca SA 10.000 2/13/2023 EUR 51.460
Corner Banca SA 13.000 8/16/2022 CHF 47.270
Leonteq Securities A 14.000 2/13/2023 CHF 59.220
Leonteq Securities A 13.00011/16/2022 USD 68.630
Bank Vontobel AG 10.000 8/15/2022 CHF 68.400
Bank Vontobel AG 9.500 2/13/2023 CHF 77.000
Bank Vontobel AG 7.500 2/13/2023 EUR 68.600
Bank Vontobel AG 6.507 8/17/2022 CHF 60.700
Bank Vontobel AG 6.505 2/27/2023 CHF 63.000
Leonteq Securities A 10.000 06/01/2022 CHF 54.490
Leonteq Securities A 20.000 8/16/2022 CHF 71.010
Leonteq Securities A 26.150 8/16/2022 CHF 43.400
Zurcher Kantonalbank 18.500 8/22/2022 USD 67.580
Zurcher Kantonalbank 17.500 8/22/2022 CHF 76.680
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 65.520
Bank Julius Baer & C 5.750 8/17/2022 CHF 70.700
Zurcher Kantonalbank 12.900 8/17/2022 CHF
Vontobel Financial P 9.000 6/24/2022 EUR 72.920
Vontobel Financial P 14.500 6/24/2022 EUR 70.530
Vontobel Financial P 12.500 6/24/2022 EUR 72.680
Vontobel Financial P 9.500 9/23/2022 EUR 63.690
Luzerner Kantonalban 7.600 8/16/2022 CHF 71.530
Zurcher Kantonalbank 15.000 8/25/2022 EUR 55.750
Zurcher Kantonalbank 11.750 8/25/2022 CHF 76.650
Leonteq Securities A 22.160 8/17/2022 CHF 39.320
UniCredit Bank AG 6.450 9/14/2022 EUR 77.900
UniCredit Bank AG 11.600 9/14/2022 EUR 72.980
UniCredit Bank AG 7.450 9/14/2022 EUR 65.620
UniCredit Bank AG 5.800 9/14/2022 EUR 62.020
UniCredit Bank AG 9.950 9/14/2022 EUR 62.700
Raiffeisen Schweiz G 11.000 2/13/2023 CHF 70.680
Raiffeisen Schweiz G 15.00011/16/2022 CHF 42.220
Raiffeisen Schweiz G 10.000 2/13/2023 CHF 67.740
Bank Vontobel AG 8.251 2/13/2023 CHF 73.100
EFG International Fi 10.000 2/20/2023 CHF 67.370
Zurcher Kantonalbank 11.250 8/26/2022 USD 62.460
Zurcher Kantonalbank 15.000 8/24/2022 CHF 46.560
Bank Julius Baer & C 10.500 8/19/2022 CHF 70.000
Vontobel Financial P 6.500 9/23/2022 EUR 75.000
Vontobel Financial P 10.500 9/23/2022 EUR 71.320
Vontobel Financial P 8.500 9/23/2022 EUR 73.070
Vontobel Financial P 12.500 6/24/2022 EUR 69.450
Vontobel Financial P 10.000 6/24/2022 EUR 71.670
Vontobel Financial P 14.500 6/24/2022 EUR 58.740
Vontobel Financial P 13.000 6/24/2022 EUR 59.540
Vontobel Financial P 15.500 6/24/2022 EUR 57.850
Vontobel Financial P 11.000 6/24/2022 EUR 61.560
Bank Julius Baer & C 8.550 8/19/2022 USD 63.250
Bank Julius Baer & C 8.450 8/19/2022 USD 59.400
Bank Julius Baer & C 8.000 8/19/2022 USD 69.800
Bank Julius Baer & C 8.250 8/19/2022 EUR 73.250
EFG International Fi 10.300 8/23/2024 USD 76.730
Leonteq Securities A 27.170 8/19/2022 EUR 46.800
Leonteq Securities A 12.60011/23/2022 CHF 66.280
Vontobel Financial P 9.500 9/23/2022 EUR 68.620
Vontobel Financial P 9.500 6/24/2022 EUR 70.690
Vontobel Financial P 12.500 9/23/2022 EUR 65.160
Vontobel Financial P 16.500 9/23/2022 EUR 62.870
Vontobel Financial P 8.500 6/24/2022 EUR 69.120
Vontobel Financial P 17.500 6/24/2022 EUR 61.190
Vontobel Financial P 13.000 6/24/2022 EUR 64.750
Vontobel Financial P 12.500 6/24/2022 EUR 72.240
Vontobel Financial P 17.000 6/24/2022 EUR 69.000
Vontobel Financial P 11.000 6/24/2022 EUR 73.440
Vontobel Financial P 15.500 6/24/2022 EUR 70.020
Vontobel Financial P 14.000 6/24/2022 EUR 71.100
Vontobel Financial P 18.000 6/24/2022 EUR 67.900
Vontobel Financial P 12.000 9/23/2022 EUR 70.510
Vontobel Financial P 10.000 6/24/2022 EUR 72.470
Vontobel Financial P 13.500 6/24/2022 EUR 69.070
Vontobel Financial P 17.000 6/24/2022 EUR 66.130
Vontobel Financial P 8.000 6/24/2022 EUR 71.190
Vontobel Financial P 9.500 6/24/2022 EUR 69.420
Vontobel Financial P 11.500 6/24/2022 EUR 67.900
Vontobel Financial P 13.000 6/24/2022 EUR 66.370
Vontobel Financial P 15.000 6/24/2022 EUR 65.080
Vontobel Financial P 7.000 9/23/2022 EUR 72.580
Vontobel Financial P 8.500 9/23/2022 EUR 71.220
Vontobel Financial P 6.000 9/23/2022 EUR 74.320
Vontobel Financial P 9.500 9/23/2022 EUR 69.710
Vontobel Financial P 11.000 9/23/2022 EUR 68.570
Vontobel Financial P 13.500 9/23/2022 EUR 66.340
Vontobel Financial P 12.000 9/23/2022 EUR 67.280
Vontobel Financial P 15.000 9/23/2022 EUR 65.480
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 73.260
UBS AG/London 14.000 11/10/2022 CHF 71.800
Vontobel Financial P 14.00012/23/2022 EUR 64.640
Vontobel Financial P 7.50012/23/2022 EUR 68.700
Vontobel Financial P 11.00012/23/2022 EUR 71.350
Raiffeisen Schweiz G 10.000 05/01/2023 USD 66.700
Bank Vontobel AG 7.000 3/31/2023 CHF 74.700
Banque International 10.000 05/04/2023 CHF 77.460
Leonteq Securities A 22.800 11/02/2022 CHF 69.730
Leonteq Securities A 23.400 11/02/2022 CHF 57.640
Banque International 18.000 11/02/2022 EUR 59.350
DZ Bank AG Deutsche 24.900 9/23/2022 EUR 70.570
DZ Bank AG Deutsche 17.000 6/24/2022 EUR 70.510
DZ Bank AG Deutsche 13.300 9/23/2022 EUR 72.080
DZ Bank AG Deutsche 15.700 9/23/2022 EUR 71.480
DZ Bank AG Deutsche 15.800 9/23/2022 EUR 36.510
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 73.600
DZ Bank AG Deutsche 13.000 6/24/2022 EUR 71.900
EFG International Fi 12.000 11/03/2022 CHF 77.760
EFG International Fi 15.000 11/03/2022 CHF 77.990
Vontobel Financial P 9.25012/23/2022 EUR 57.120
UBS AG/London 7.250 05/03/2023 EUR 72.950
UBS AG/London 7.250 11/03/2023 CHF 77.000
Vontobel Financial P 13.950 05/05/2022 CHF 42.130
Corner Banca SA 20.00011/15/2022 CHF 60.210
Leonteq Securities A 9.000 05/12/2023 CHF 57.820
Landesbank Baden-Wue 11.50011/25/2022 EUR 76.290
Societe Generale Eff 7.500 5/27/2022 EUR 63.620
Landesbank Baden-Wue 4.15011/25/2022 EUR 63.610
Landesbank Baden-Wue 8.30011/25/2022 EUR 53.460
Bank Vontobel AG 14.250 11/07/2022 CHF 37.200
Bank Vontobel AG 13.750 05/08/2023 CHF 58.400
Bank Vontobel AG 14.00011/14/2022 CHF 51.000
Bank Vontobel AG 9.000 05/12/2023 CHF 76.900
Bank Vontobel AG 14.000 05/12/2023 CHF 71.800
Bank Vontobel AG 18.75011/14/2022 CHF 55.700
Bank Vontobel AG 8.750 05/12/2023 CHF 66.500
Vontobel Financial P 10.500 9/23/2022 EUR 71.790
Vontobel Financial P 5.00012/23/2022 EUR 55.660
Vontobel Financial P 8.000 9/23/2022 EUR 72.260
Vontobel Financial P 8.00012/23/2022 EUR 70.420
Vontobel Financial P 11.50012/23/2022 EUR 73.960
Vontobel Financial P 12.000 9/23/2022 EUR 72.310
Vontobel Financial P 13.00012/23/2022 EUR 68.390
Vontobel Financial P 5.000 9/23/2022 EUR 69.130
Vontobel Financial P 14.00012/23/2022 EUR 75.680
Vontobel Financial P 14.000 9/23/2022 EUR 76.460
Vontobel Financial P 16.00012/23/2022 EUR 74.230
Vontobel Financial P 8.00012/23/2022 EUR 75.420
Vontobel Financial P 12.00012/23/2022 EUR 71.110
Vontobel Financial P 15.00012/23/2022 EUR 68.650
Vontobel Financial P 12.500 9/23/2022 EUR 69.920
Vontobel Financial P 15.500 9/23/2022 EUR 67.970
Vontobel Financial P 14.000 9/23/2022 EUR 68.900
Vontobel Financial P 6.00012/23/2022 EUR 71.360
Vontobel Financial P 10.00012/23/2022 EUR 66.590
Vontobel Financial P 9.500 9/23/2022 EUR 66.260
Vontobel Financial P 8.00012/23/2022 EUR 68.790
Vontobel Financial P 15.00012/23/2022 EUR 63.270
Vontobel Financial P 10.500 9/23/2022 EUR 64.870
Vontobel Financial P 17.000 9/23/2022 EUR 61.580
Vontobel Financial P 12.000 9/23/2022 EUR 63.860
Vontobel Financial P 15.000 9/23/2022 EUR 62.080
Vontobel Financial P 10.000 9/23/2022 EUR 71.760
Vontobel Financial P 12.00012/23/2022 EUR 73.410
Vontobel Financial P 13.00012/23/2022 EUR 74.180
Vontobel Financial P 13.50012/23/2022 EUR 74.600
Vontobel Financial P 12.500 9/23/2022 EUR 71.970
Vontobel Financial P 15.000 9/23/2022 EUR 73.310
Vontobel Financial P 17.000 9/23/2022 EUR 74.370
Vontobel Financial P 10.50012/23/2022 EUR 69.860
Vontobel Financial P 12.00012/23/2022 EUR 71.040
Vontobel Financial P 10.500 9/23/2022 EUR 67.580
Vontobel Financial P 8.50012/23/2022 EUR 70.080
Vontobel Financial P 12.000 9/23/2022 EUR 68.300
Vontobel Financial P 10.00012/23/2022 EUR 68.670
Vontobel Financial P 8.500 9/23/2022 EUR 65.800
Vontobel Financial P 10.000 9/23/2022 EUR 66.580
Vontobel Financial P 10.50012/23/2022 EUR 72.850
Vontobel Financial P 7.500 9/23/2022 EUR 69.310
Vontobel Financial P 10.500 9/23/2022 EUR 70.920
Vontobel Financial P 9.000 9/23/2022 EUR 70.120
Vontobel Financial P 11.50012/23/2022 EUR 73.530
Vontobel Financial P 9.500 9/23/2022 EUR 70.060
Vontobel Financial P 10.500 9/23/2022 EUR 70.600
Vontobel Financial P 8.000 9/23/2022 EUR 69.270
Vontobel Financial P 11.500 9/23/2022 EUR 71.130
Vontobel Financial P 12.000 9/23/2022 EUR 71.400
Vontobel Financial P 13.000 9/23/2022 EUR 71.940
DZ Bank AG Deutsche 10.500 5/25/2022 EUR 43.190
DZ Bank AG Deutsche 7.75012/21/2022 EUR 63.720
Societe Generale Eff 13.000 7/22/2022 EUR 66.320
Societe Generale Eff 12.250 8/26/2022 EUR 67.040
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 61.210
Bank Vontobel AG 11.000 10/03/2022 EUR 62.900
Bank Vontobel AG 9.500 3/31/2023 EUR 72.900
Bank Vontobel AG 16.500 01/03/2023 EUR 51.900
Bank Vontobel AG 8.500 11/03/2023 CHF 54.000
Bank Vontobel AG 14.250 11/07/2022 CHF 51.100
Bank Vontobel AG 8.000 02/06/2023 EUR 73.600
Leonteq Securities A 15.000 11/08/2022 CHF 50.820
Leonteq Securities A 17.000 02/08/2023 CHF 74.750
Leonteq Securities A 14.000 02/08/2023 USD 58.260
Vontobel Financial P 27.900 05/09/2022 EUR 42.940
Erste Group Bank AG 6.500 12/01/2026 EUR 69.850
Erste Group Bank AG 7.000 12/01/2022 EUR 84.100
Leonteq Securities A 21.600 11/08/2022 CHF 60.890
DZ Bank AG Deutsche 11.500 9/21/2022 EUR 63.960
DZ Bank AG Deutsche 6.50012/21/2022 EUR 72.640
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 66.680
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 65.000
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 66.230
DZ Bank AG Deutsche 4.75012/19/2022 EUR 72.700
DZ Bank AG Deutsche 4.750 3/20/2023 EUR 73.480
DZ Bank AG Deutsche 4.75012/19/2022 EUR 70.920
DZ Bank AG Deutsche 6.25012/19/2022 EUR 72.430
DZ Bank AG Deutsche 6.250 3/20/2023 EUR 68.160
DZ Bank AG Deutsche 4.750 3/20/2023 EUR 74.170
Banque International 11.000 11/09/2022 CHF 50.340
Leonteq Securities A 21.600 11/09/2022 CHF 42.620
Leonteq Securities A 25.200 11/09/2022 CHF 66.650
UniCredit Bank AG 8.15011/30/2022 EUR 58.340
DZ Bank AG Deutsche 20.400 9/23/2022 EUR 72.290
DZ Bank AG Deutsche 14.70012/23/2022 EUR 41.000
DZ Bank AG Deutsche 15.60012/23/2022 EUR 75.890
DZ Bank AG Deutsche 15.100 9/23/2022 EUR 68.870
DZ Bank AG Deutsche 12.50012/23/2022 EUR 70.360
DZ Bank AG Deutsche 14.50012/23/2022 EUR 76.280
DZ Bank AG Deutsche 15.20012/23/2022 EUR 75.750
DZ Bank AG Deutsche 15.90012/23/2022 EUR 75.350
DZ Bank AG Deutsche 16.60012/23/2022 EUR 74.940
DZ Bank AG Deutsche 17.30012/23/2022 EUR 74.510
DZ Bank AG Deutsche 6.60012/23/2022 EUR 75.310
DZ Bank AG Deutsche 11.20012/23/2022 EUR 70.310
DZ Bank AG Deutsche 16.000 9/23/2022 EUR 67.280
Vontobel Financial P 9.50012/23/2022 EUR 46.570
Zurcher Kantonalbank 20.500 11/04/2022 CHF 74.410
Vontobel Financial P 14.00012/23/2022 EUR 69.400
Vontobel Financial P 16.00012/23/2022 EUR 67.970
Vontobel Financial P 7.500 9/23/2022 EUR 75.390
Vontobel Financial P 10.000 9/23/2022 EUR 72.480
Vontobel Financial P 6.500 9/23/2022 EUR 77.090
Vontobel Financial P 11.000 9/23/2022 EUR 71.030
Vontobel Financial P 8.500 9/23/2022 EUR 73.760
Vontobel Financial P 17.00012/23/2022 EUR 67.350
Vontobel Financial P 18.500 9/23/2022 EUR 66.350
Vontobel Financial P 17.000 9/23/2022 EUR 67.130
Vontobel Financial P 11.50012/23/2022 EUR 65.180
Vontobel Financial P 6.000 9/23/2022 EUR 70.820
Vontobel Financial P 13.00012/23/2022 EUR 64.700
Vontobel Financial P 14.00012/23/2022 EUR 63.950
Vontobel Financial P 13.500 9/23/2022 EUR 62.920
Vontobel Financial P 7.000 9/23/2022 EUR 69.100
Vontobel Financial P 8.000 9/23/2022 EUR 67.500
Vontobel Financial P 16.50012/23/2022 EUR 63.040
Vontobel Financial P 20.000 9/23/2022 EUR 65.660
Vontobel Financial P 13.500 9/23/2022 EUR 72.510
Vontobel Financial P 16.000 9/23/2022 EUR 73.830
Vontobel Financial P 13.000 9/23/2022 EUR 68.930
Vontobel Financial P 9.500 9/23/2022 EUR 68.910
Vontobel Financial P 12.50012/23/2022 EUR 71.190
Vontobel Financial P 10.500 9/23/2022 EUR 67.560
Vontobel Financial P 13.500 9/23/2022 EUR 69.100
Vontobel Financial P 12.000 9/23/2022 EUR 67.660
Vontobel Financial P 8.00012/23/2022 EUR 70.880
Vontobel Financial P 11.50012/23/2022 EUR 73.640
Vontobel Financial P 7.000 9/23/2022 EUR 69.040
Vontobel Financial P 8.500 9/23/2022 EUR 69.850
Vontobel Financial P 10.000 9/23/2022 EUR 70.660
Vontobel Financial P 12.500 9/23/2022 EUR 72.000
Vontobel Financial P 9.00012/23/2022 EUR 71.560
Vontobel Financial P 10.00012/23/2022 EUR 72.350
Vontobel Financial P 11.500 9/23/2022 EUR 71.460
Vontobel Financial P 9.000 9/23/2022 EUR 69.790
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 74.470
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 71.510
DZ Bank AG Deutsche 8.25012/21/2022 EUR 72.960
DZ Bank AG Deutsche 13.000 6/22/2022 EUR 72.080
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 69.610
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 70.830
DZ Bank AG Deutsche 7.25012/21/2022 EUR 71.880
DZ Bank AG Deutsche 6.00012/21/2022 EUR 62.410
Societe Generale Eff 15.000 5/27/2022 EUR 64.610
DZ Bank AG Deutsche 15.750 5/25/2022 EUR 71.160
Landesbank Baden-Wue 3.000 4/25/2022 EUR 64.250
EFG International Fi 16.000 11/10/2022 USD 73.470
Vontobel Financial P 8.50012/23/2022 EUR 67.870
Vontobel Financial P 12.50012/23/2022 EUR 65.410
Bank Vontobel AG 9.000 2/21/2023 CHF 71.500
Bank Vontobel AG 12.25011/28/2022 CHF 63.900
Bank Vontobel AG 7.000 5/26/2023 EUR 72.600
Leonteq Securities A 2.380 11/10/2022 EUR 59.200
Societe Generale Eff 14.250 6/24/2022 EUR 69.560
Bank Vontobel AG 12.000 05/09/2023 EUR 67.800
Zurcher Kantonalbank 13.550 11/04/2022 CHF 70.980
Raiffeisen Switzerla 19.000 12/06/2022 CHF 58.240
Leonteq Securities A 15.00011/15/2022 CHF 72.410
Leonteq Securities A 18.00011/15/2022 CHF 61.400
Leonteq Securities A 14.000 2/15/2023 CHF 53.860
Corner Banca SA 10.000 5/15/2023 USD 68.590
Vontobel Financial P 27.900 6/24/2022 EUR 71.140
Landesbank Baden-Wue 2.70011/25/2022 EUR 74.030
Landesbank Baden-Wue 3.75011/25/2022 EUR 76.730
Landesbank Baden-Wue 5.85011/25/2022 EUR 73.560
Vontobel Financial P 9.50012/23/2022 EUR 73.350
Vontobel Financial P 8.500 9/23/2022 EUR 70.690
Vontobel Financial P 11.50012/23/2022 EUR 74.900
Vontobel Financial P 13.000 9/23/2022 EUR 73.060
Vontobel Financial P 15.500 9/23/2022 EUR 74.400
Vontobel Financial P 6.500 9/23/2022 EUR 69.590
Vontobel Financial P 7.50012/23/2022 EUR 73.510
Vontobel Financial P 11.50012/23/2022 EUR 73.060
Vontobel Financial P 7.00012/23/2022 EUR 55.880
Vontobel Financial P 7.50012/23/2022 EUR 69.250
Vontobel Financial P 10.500 9/23/2022 EUR 64.170
Vontobel Financial P 12.000 9/23/2022 EUR 64.980
Vontobel Financial P 10.50012/23/2022 EUR 66.410
Vontobel Financial P 14.000 9/23/2022 EUR 66.050
Vontobel Financial P 8.000 9/23/2022 EUR 70.380
Vontobel Financial P 16.500 9/23/2022 EUR 74.330
Vontobel Financial P 19.000 9/23/2022 EUR 72.380
Vontobel Financial P 18.00012/23/2022 EUR 72.930
Vontobel Financial P 6.00012/23/2022 EUR 77.950
Vontobel Financial P 9.50012/23/2022 EUR 72.740
Leonteq Securities A 13.000 11/08/2022 CHF 58.810
DZ Bank AG Deutsche 8.50012/21/2022 EUR 70.150
DZ Bank AG Deutsche 8.50012/21/2022 EUR 74.090
Zurcher Kantonalbank 7.750 11/03/2022 CHF 72.940
Credit Suisse AG/Lon 10.50010/26/2022 CHF 42.540
Credit Suisse AG/Lon 7.00010/31/2022 CHF 75.180
Credit Suisse AG/Lon 14.000 11/02/2022 CHF 53.470
Credit Suisse AG/Lon 15.000 11/02/2022 USD 53.120
Credit Suisse AG/Lon 9.000 11/03/2022 CHF 49.500
DZ Bank AG Deutsche 10.75012/21/2022 EUR 65.970
AKB Peresvet ZAO 0.510 2/14/2032 RUB 13.000
DZ Bank AG Deutsche 15.400 9/23/2022 EUR 42.020
Leonteq Securities A 16.000 6/21/2022 USD 40.870
Basler Kantonalbank 10.000 2/13/2023 CHF 67.700
BNP Paribas Emission 6.000 6/23/2022 EUR 73.080
BNP Paribas Emission 14.000 6/23/2022 EUR 64.890
BNP Paribas Emission 6.000 9/22/2022 EUR 74.500
BNP Paribas Emission 12.000 9/22/2022 EUR 67.490
BNP Paribas Emission 10.00012/22/2022 EUR 68.930
BNP Paribas Emission 8.000 6/23/2022 EUR 72.870
BNP Paribas Emission 8.000 9/22/2022 EUR 74.530
BNP Paribas Emission 14.000 6/23/2022 EUR 65.660
BNP Paribas Emission 14.000 6/23/2022 EUR 68.690
BNP Paribas Emission 14.000 6/23/2022 EUR 67.930
BNP Paribas Emission 8.00012/22/2022 EUR 75.630
BNP Paribas Emission 12.000 9/22/2022 EUR 65.580
BNP Paribas Emission 10.000 9/22/2022 EUR 73.490
BNP Paribas Emission 12.000 9/22/2022 EUR 70.510
BNP Paribas Emission 8.000 6/23/2022 EUR 42.950
BNP Paribas Emission 10.000 6/23/2022 EUR 40.060
BNP Paribas Emission 12.000 6/23/2022 EUR 37.690
BNP Paribas Emission 8.000 9/22/2022 EUR 44.910
BNP Paribas Emission 10.000 9/22/2022 EUR 42.580
BNP Paribas Emission 12.000 9/22/2022 EUR 40.740
BNP Paribas Emission 14.000 9/22/2022 EUR 39.300
BNP Paribas Emission 8.00012/22/2022 EUR 43.450
BNP Paribas Emission 10.00012/22/2022 EUR 42.160
BNP Paribas Emission 12.00012/22/2022 EUR 41.240
BNP Paribas Emission 10.000 6/23/2022 EUR 67.400
Bank Julius Baer & C 9.600 08/12/2022 USD 48.900
Leonteq Securities A 26.380 08/12/2022 CHF 58.060
Leonteq Securities A 17.140 08/12/2022 CHF 71.250
Leonteq Securities A 18.480 08/12/2022 CHF 71.340
Landesbank Baden-Wue 6.750 8/26/2022 EUR 44.260
Landesbank Baden-Wue 6.250 8/26/2022 EUR 76.550
Landesbank Baden-Wue 8.700 8/26/2022 EUR 71.310
Landesbank Baden-Wue 10.100 8/26/2022 EUR 67.480
Landesbank Baden-Wue 3.600 8/26/2022 EUR 77.480
Landesbank Baden-Wue 5.000 8/26/2022 EUR 72.230
Landesbank Baden-Wue 4.800 8/26/2022 EUR 47.180
Landesbank Baden-Wue 3.000 8/26/2022 EUR 74.990
Landesbank Baden-Wue 5.000 8/26/2022 EUR 71.070
BNP Paribas Emission 14.000 6/23/2022 EUR 69.880
BNP Paribas Emission 12.000 9/22/2022 EUR 72.500
BNP Paribas Emission 10.00012/22/2022 EUR 73.660
BNP Paribas Emission 10.000 6/23/2022 EUR 73.610
BNP Paribas Emission 10.000 9/22/2022 EUR 75.900
BNP Paribas Emission 6.00012/22/2022 EUR 68.200
BNP Paribas Emission 6.00012/22/2022 EUR 64.840
BNP Paribas Emission 8.00012/22/2022 EUR 63.260
Bank Julius Baer & C 9.400 09/12/2022 EUR 71.050
Bank Julius Baer & C 6.900 6/13/2022 EUR 72.700
Bank Julius Baer & C 9.150 6/13/2022 USD 72.600
Leonteq Securities A 10.00012/14/2022 CHF 72.410
Leonteq Securities A 24.870 6/14/2022 CHF 23.320
Zurcher Kantonalbank 24.000 6/17/2022 CHF 60.550
Societe Generale Eff 7.500 5/27/2022 EUR 65.440
Societe Generale Eff 9.500 5/27/2022 EUR 61.790
Societe Generale Eff 7.000 6/24/2022 EUR 72.800
Societe Generale Eff 8.000 6/24/2022 EUR 70.700
Societe Generale Eff 9.000 6/24/2022 EUR 68.870
DekaBank Deutsche Gi 3.400 7/19/2024 EUR 73.360
UniCredit Bank AG 3.000 11/12/2022 EUR 67.030
DZ Bank AG Deutsche 9.200 7/22/2022 EUR 73.740
Bank Vontobel AG 7.25511/21/2022 CHF 70.000
Zurcher Kantonalbank 8.500 08/11/2022 CHF 72.620
Sberbank of Russia P 0.010 08/03/2028 RUB 75.000
DZ Bank AG Deutsche 17.200 6/24/2022 EUR 49.910
DZ Bank AG Deutsche 19.700 6/24/2022 EUR 75.020
DZ Bank AG Deutsche 11.300 6/24/2022 EUR 73.550
DZ Bank AG Deutsche 9.300 6/24/2022 EUR 74.260
DZ Bank AG Deutsche 16.200 6/24/2022 EUR 64.050
DZ Bank AG Deutsche 14.800 6/24/2022 EUR 79.230
UBS AG/London 10.250 5/30/2023 CHF 59.800
UBS AG/London 8.500 5/27/2022 CHF 66.900
Bank Julius Baer & C 8.400 08/08/2022 EUR 74.000
UniCredit Bank AG 3.600 09/02/2024 EUR 53.940
Leonteq Securities A 22.810 08/09/2022 CHF 44.440
Vontobel Financial P 6.250 6/24/2022 EUR 74.400
Vontobel Financial P 18.500 6/24/2022 EUR 52.980
Vontobel Financial P 16.500 6/24/2022 EUR 73.140
Credit Suisse AG/Lon 10.000 5/30/2022 CHF 44.560
Leonteq Securities A 10.000 02/06/2023 CHF 43.920
Leonteq Securities A 11.000 08/09/2022 CHF 74.740
Leonteq Securities A 11.200 02/06/2023 CHF 52.260
Zurcher Kantonalbank 12.300 06/07/2022 CHF 73.760
Leonteq Securities A 13.000 02/06/2023 USD 69.350
Leonteq Securities A 16.000 08/09/2022 EUR 64.520
EFG International Fi 4.800 08/05/2022 USD 47.510
Leonteq Securities A 10.000 02/06/2023 CHF 68.000
Vontobel Financial P 21.000 6/24/2022 EUR 46.820
Vontobel Financial P 13.500 6/24/2022 EUR 73.690
Vontobel Financial P 12.500 9/23/2022 EUR 73.650
Vontobel Financial P 10.500 6/24/2022 EUR 70.140
Vontobel Financial P 12.500 6/24/2022 EUR 70.710
Vontobel Financial P 12.500 6/24/2022 EUR 73.730
Vontobel Financial P 15.500 6/24/2022 EUR 74.600
Vontobel Financial P 16.500 6/24/2022 EUR 73.660
Societe Generale Eff 13.25010/28/2022 EUR 50.550
Zurcher Kantonalbank 18.500 09/09/2022 CHF 52.210
Zurcher Kantonalbank 18.000 9/13/2022 CHF 49.270
Leonteq Securities A 26.200 09/07/2022 CHF 50.890
Leonteq Securities A 24.800 09/07/2022 CHF 58.850
Leonteq Securities A 8.500 12/07/2022 EUR 66.770
DZ Bank AG Deutsche 6.500 9/19/2022 EUR 74.630
DZ Bank AG Deutsche 5.90012/19/2022 EUR 75.190
DZ Bank AG Deutsche 15.50012/21/2022 EUR 64.420
DZ Bank AG Deutsche 9.750 9/21/2022 EUR 46.940
DZ Bank AG Deutsche 14.500 9/21/2022 EUR 43.940
DZ Bank AG Deutsche 6.250 9/19/2022 EUR 71.410
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 74.120
DZ Bank AG Deutsche 9.750 3/23/2022 EUR 73.750
DZ Bank AG Deutsche 14.000 3/23/2022 EUR 73.820
DZ Bank AG Deutsche 6.250 9/21/2022 EUR 67.080
DZ Bank AG Deutsche 5.25012/19/2022 EUR 72.520
DZ Bank AG Deutsche 9.250 9/19/2022 EUR 67.420
DZ Bank AG Deutsche 8.750 9/19/2022 EUR 72.610
Goldman Sachs & Co W 22.000 3/23/2022 EUR 69.170
Goldman Sachs & Co W 16.000 3/23/2022 EUR 74.740
Goldman Sachs & Co W 21.000 3/23/2022 EUR 71.820
Goldman Sachs & Co W 23.000 4/21/2022 EUR 63.560
Goldman Sachs & Co W 15.000 5/25/2022 EUR 69.240
Goldman Sachs & Co W 18.000 5/25/2022 EUR 66.750
Goldman Sachs & Co W 22.000 5/25/2022 EUR 64.700
Goldman Sachs & Co W 23.000 6/22/2022 EUR 64.100
Goldman Sachs & Co W 13.000 7/20/2022 EUR 70.850
Goldman Sachs & Co W 19.000 7/20/2022 EUR 67.070
Goldman Sachs & Co W 22.000 7/20/2022 EUR 65.540
Goldman Sachs & Co W 10.000 8/24/2022 EUR 74.050
Goldman Sachs & Co W 15.000 8/24/2022 EUR 69.930
Goldman Sachs & Co W 20.000 8/24/2022 EUR 66.790
Goldman Sachs & Co W 19.000 9/21/2022 EUR 67.810
Goldman Sachs & Co W 16.00012/21/2022 EUR 70.210
Goldman Sachs & Co W 10.000 6/21/2023 EUR 74.430
Goldman Sachs & Co W 12.000 6/21/2023 EUR 71.990
UniCredit Bank AG 11.450 9/28/2022 EUR 74.480
UniCredit Bank AG 6.650 9/28/2022 EUR 72.640
Leonteq Securities A 12.000 09/07/2022 EUR 59.080
Raiffeisen Schweiz G 13.000 09/06/2022 CHF 43.470
Raiffeisen Schweiz G 12.500 09/06/2022 CHF 74.840
Raiffeisen Schweiz G 17.000 09/07/2022 USD 49.600
Raiffeisen Schweiz G 8.500 03/03/2023 USD 74.410
Raiffeisen Schweiz G 18.000 06/03/2022 CHF 50.530
Leonteq Securities A 25.000 09/07/2022 CHF 46.510
UniCredit Bank AG 4.650 9/28/2022 EUR 76.240
DZ Bank AG Deutsche 19.500 9/23/2022 EUR 55.750
DZ Bank AG Deutsche 21.300 9/23/2022 EUR 54.260
DZ Bank AG Deutsche 23.200 9/23/2022 EUR 53.050
DZ Bank AG Deutsche 22.000 6/24/2022 EUR 57.430
DZ Bank AG Deutsche 24.100 9/23/2022 EUR 56.720
DZ Bank AG Deutsche 10.800 6/24/2022 EUR 63.440
DZ Bank AG Deutsche 10.200 9/23/2022 EUR 65.350
DZ Bank AG Deutsche 17.600 9/23/2022 EUR 67.410
DZ Bank AG Deutsche 19.900 9/23/2022 EUR 65.080
Leonteq Securities A 10.00010/26/2022 CHF 63.060
Leonteq Securities A 8.400 1/26/2023 CHF 74.100
Vontobel Financial P 10.500 9/23/2022 EUR 57.220
Vontobel Financial P 7.000 6/24/2022 EUR 71.270
Vontobel Financial P 4.000 9/23/2022 EUR 78.080
Vontobel Financial P 7.000 6/24/2022 EUR 64.230
Vontobel Financial P 9.500 6/24/2022 EUR 64.950
Zurcher Kantonalbank 12.500 08/03/2022 CHF 63.200
Vontobel Financial P 5.000 6/24/2022 EUR 66.480
Vontobel Financial P 11.500 9/23/2022 EUR 67.410
Vontobel Financial P 7.000 6/24/2022 EUR 67.010
Zurcher Kantonalbank 27.500 08/02/2022 CHF 66.980
Societe Generale Eff 7.750 8/26/2022 EUR 75.670
Societe Generale Eff 11.250 7/22/2022 EUR 68.790
DZ Bank AG Deutsche 6.200 6/20/2022 EUR 74.690
DZ Bank AG Deutsche 5.300 6/20/2022 EUR 76.000
DZ Bank AG Deutsche 6.500 9/19/2022 EUR 74.490
Corner Banca SA 8.200 7/26/2023 CHF 72.090
Leonteq Securities A 20.000 7/26/2022 CHF 73.300
Leonteq Securities A 10.00010/26/2022 CHF 49.280
Leonteq Securities A 12.000 1/26/2023 CHF 52.490
DZ Bank AG Deutsche 9.250 6/20/2022 EUR 71.330
DZ Bank AG Deutsche 9.500 9/19/2022 EUR 73.140
Raiffeisen Schweiz G 12.500 7/26/2022 CHF 48.440
Raiffeisen Schweiz G 14.000 7/26/2022 CHF 66.620
Bank Julius Baer & C 6.40010/27/2022 CHF 74.400
Zurcher Kantonalbank 14.000 08/02/2022 CHF 60.870
Landesbank Baden-Wue 3.000 1/27/2023 EUR 77.470
Landesbank Baden-Wue 3.300 1/27/2023 EUR 61.740
Landesbank Baden-Wue 7.200 1/27/2023 EUR 55.330
Landesbank Baden-Wue 5.400 1/27/2023 EUR 70.030
Landesbank Baden-Wue 5.400 1/27/2023 EUR 48.650
Landesbank Baden-Wue 7.250 1/27/2023 EUR 46.540
Bank Vontobel AG 9.000 06/05/2023 CHF 76.700
Bank Vontobel AG 15.000 12/05/2022 CHF 57.700
Credit Suisse AG/Lon 7.020 12/05/2024 USD 9.530
Raiffeisen Schweiz G 7.700 11/08/2023 CHF 74.590
Leonteq Securities A 11.210 06/06/2023 CHF 52.480
Corner Banca SA 12.600 12/06/2022 CHF 58.100
Leonteq Securities A 9.200 12/06/2022 CHF 74.650
Leonteq Securities A 17.100 12/06/2022 CHF 46.080
Leonteq Securities A 14.800 12/06/2022 CHF 49.920
Leonteq Securities A 19.000 12/06/2022 CHF 63.770
Leonteq Securities A 15.800 12/06/2022 USD 49.990
Leonteq Securities A 8.000 12/06/2022 CHF 66.580
Leonteq Securities A 12.000 12/06/2022 CHF 51.830
Bank Vontobel AG 11.500 06/05/2023 CHF 50.200
Bank Vontobel AG 9.000 12/04/2023 EUR 75.100
Bank Vontobel AG 7.000 06/05/2023 CHF 68.900
Bank Julius Baer & C 10.000 9/26/2022 CHF 66.400
Leonteq Securities A 21.600 12/06/2022 CHF 52.870
Leonteq Securities A 22.800 12/06/2022 CHF 57.080
Raiffeisen Switzerla 17.500 11/08/2022 USD 58.550
Bank Julius Baer & C 7.900 2/13/2023 EUR 75.050
Vontobel Financial P 14.00012/23/2022 EUR 74.490
Vontobel Financial P 15.00012/23/2022 EUR 74.320
Vontobel Financial P 12.50012/23/2022 EUR 75.280
Credit Suisse AG/Lon 15.00011/29/2022 USD 56.840
Bank Vontobel AG 10.500 5/26/2023 CHF 75.200
Leonteq Securities A 26.40011/15/2022 USD 60.740
Leonteq Securities A 18.000 3/22/2022 USD 30.630
DZ Bank AG Deutsche 6.000 3/21/2022 EUR 69.530
Zurcher Kantonalbank 6.750 07/01/2022 CHF 74.080
Vontobel Financial P 10.000 3/25/2022 EUR 70.120
Vontobel Financial P 11.000 3/25/2022 EUR 70.160
Vontobel Financial P 4.000 3/25/2022 EUR 53.620
Vontobel Financial P 3.000 3/25/2022 EUR 53.580
Vontobel Financial P 4.500 3/25/2022 EUR 53.430
Vontobel Financial P 3.500 3/25/2022 EUR 53.600
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 64.090
DZ Bank AG Deutsche 5.750 3/23/2022 EUR 71.060
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 67.380
Vontobel Financial P 14.000 3/25/2022 EUR 65.620
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 73.650
EFG International Fi 7.000 3/23/2023 USD 11.980
UBS AG/London 10.000 3/23/2026 USD 57.450
Zurcher Kantonalbank 18.000 04/01/2022 USD 71.090
Zurcher Kantonalbank 11.500 04/01/2022 EUR 72.640
Zurcher Kantonalbank 11.000 04/01/2022 CHF 72.390
UniCredit Bank AG 8.000 4/20/2022 EUR 51.650
UniCredit Bank AG 9.90010/20/2022 EUR 67.840
Credit Suisse AG/Lon 8.500 06/08/2022 CHF 56.980
Credit Suisse AG/Lon 6.900 3/20/2023 USD 1.390
Credit Suisse AG/Lon 12.000 05/09/2022 USD 47.450
Vontobel Financial P 7.00012/23/2022 EUR 68.430
Vontobel Financial P 8.500 9/23/2022 EUR 67.810
Vontobel Financial P 10.00012/23/2022 EUR 70.800
Vontobel Financial P 5.500 9/23/2022 EUR 66.190
Vontobel Financial P 11.000 9/23/2022 EUR 69.400
Vontobel Financial P 9.000 9/23/2022 EUR 68.330
Vontobel Financial P 7.500 9/23/2022 EUR 67.520
Vontobel Financial P 9.00012/23/2022 EUR 68.190
Vontobel Financial P 9.500 9/23/2022 EUR 66.700
Vontobel Financial P 10.500 9/23/2022 EUR 67.240
Vontobel Financial P 8.500 9/23/2022 EUR 66.160
Vontobel Financial P 12.000 9/23/2022 EUR 67.930
Vontobel Financial P 10.50012/23/2022 EUR 69.330
Vontobel Financial P 8.50012/23/2022 EUR 67.710
Vontobel Financial P 10.000 9/23/2022 EUR 66.720
Vontobel Financial P 11.000 9/23/2022 EUR 67.350
Vontobel Financial P 8.000 9/23/2022 EUR 65.650
Vontobel Financial P 9.000 9/23/2022 EUR 66.180
Vontobel Financial P 5.50012/23/2022 EUR 61.350
Vontobel Financial P 8.50012/23/2022 EUR 58.210
Vontobel Financial P 11.50012/23/2022 EUR 55.890
Vontobel Financial P 15.00012/23/2022 EUR 54.630
Vontobel Financial P 10.00012/23/2022 EUR 74.610
Vontobel Financial P 15.00012/23/2022 EUR 72.050
Vontobel Financial P 13.00012/23/2022 EUR 72.540
Vontobel Financial P 17.00012/23/2022 EUR 73.110
Vontobel Financial P 14.50012/23/2022 EUR 74.420
Vontobel Financial P 16.00012/23/2022 EUR 73.600
Vontobel Financial P 7.50012/23/2022 EUR 72.270
Vontobel Financial P 14.50012/23/2022 EUR 67.580
Vontobel Financial P 12.00012/23/2022 EUR 68.740
Vontobel Financial P 8.00012/23/2022 EUR 73.310
Vontobel Financial P 10.00012/23/2022 EUR 72.160
Vontobel Financial P 14.00012/23/2022 EUR 70.360
Vontobel Financial P 12.00012/23/2022 EUR 71.180
Vontobel Financial P 13.50012/23/2022 EUR 75.060
EFG International Fi 19.000 11/10/2022 CHF 50.700
Vontobel Financial P 8.25012/23/2022 EUR 62.640
Credit Suisse AG/Lon 13.50011/28/2022 CHF 57.020
Leonteq Securities A 26.400 11/08/2022 CHF 54.450
Leonteq Securities A 22.800 11/11/2022 CHF 41.360
Zurcher Kantonalbank 11.000 11/08/2022 CHF 75.960
Societe Generale Eff 6.000 7/22/2022 EUR 67.380
Societe Generale Eff 7.000 8/26/2022 EUR 62.100
Societe Generale Eff 10.250 9/23/2022 EUR 54.220
Societe Generale Eff 11.25010/28/2022 EUR 52.810
Societe Generale Eff 15.25010/28/2022 EUR 48.930
Bank Julius Baer & C 9.300 01/09/2023 USD 67.900
Bank Julius Baer & C 9.250 10/07/2022 USD 57.300
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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.
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