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/raid1/www/Hosts/bankrupt/TCREUR_Public/220502.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, May 2, 2022, Vol. 23, No. 81 Headlines F R A N C E CASSINI SAS: Moody's Withdraws Ca CFR & Ca Rating on 1st Lien Debt EUROPCAR MOBILITY: Moody's Ups CFR to B3, Alters Outlook to Stable G E O R G I A GEORGIA: Moody's Affirms Ba2 Issuer Rating, Alters Outlook to Neg. G E R M A N Y ADLER REAL: KPMG Refuses to Sign Off 2021 Financial Results BILFINGER SE: S&P Upgrades ICR to 'BB+', Outlook Stable CIDRON GLORIA: Moody's Lowers CFR to B3 & Alters Outlook to Stable I R E L A N D CVC CORDATUS XXIII: Moody's Assigns B3 Rating to EUR15.2MM F Notes HAYFIN EMERALD IX: Moody's Assigns B3 Rating to EUR8MM Cl. F Notes MALLINCKRODT PLC: Ireland Court Confirms Scheme of Arrangement TRINITAS EURO II: S&P Assigns B- (sf) Rating to Class F-R Notes I T A L Y RIMINI BIDCO: Moody's Affirms B2 CFR & Alters Outlook to Negative L U X E M B O U R G CURIUM MIDCO: S&P Alters Outlook to Stable, Affirms 'B' ICR MALLINCKRODT INTERNATIONAL: Moody's Assigns B3 CFR, Outlook Stable N E T H E R L A N D S WP/AP TELECOM: S&P Assigns 'B' Long-Term ICR, Outlook Stable R U S S I A ALMALYK MMC: S&P Affirms 'B+' ICR, Outlook Stable T U R K E Y MERSIN INTERNATIONAL: S&P Downgrades ICR to 'B+', Outlook Negative U N I T E D K I N G D O M AMPHORA INTERMEDIATE II: Moody's Cuts CFR to Caa1, Outlook Stable BURY FOOTBALL: Exits Administration, Fan Takes Control of Gigg Lane NMC HEALTH: Administrators Sue EY for UK Audit Negligence QUINTO CRANE: Enters Administration, 50 Jobs Affected TRINITY SQUARE 2021-1: S&P Affirms 'BB (sf)' Rating on Cl. G Notes WATERSIDE CORNWALL: Park Holidays Acquires Business X X X X X X X X [*] BOND PRICING: For the Week April 25 to April 29, 2022 - - - - - =========== F R A N C E =========== CASSINI SAS: Moody's Withdraws Ca CFR & Ca Rating on 1st Lien Debt ------------------------------------------------------------------ Moody's Investors Service withdrawn the ratings of Cassini SAS, the ultimate parent of Comexposium Holding, a France-based trade fair and exhibitions organizer, including the Ca corporate family rating, the Ca-PD/LD probability of default rating, and the Ca ratings of the EUR483 million guaranteed senior secured first lien term loan B (TLB) due 2026 and the EUR90 million guaranteed senior secured first lien revolving credit facility due 2025. The negative outlook has also been withdrawn. RATINGS RATIONALE Moody's has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. On September 22, 2020, Comexposium announced that four holding companies of the group, including Cassini SAS, the borrower of the guaranteed senior secured TLB and guaranteed senior secured RCF, entered into safeguard procedures with the Commercial Court of Nanterre. The Commercial Court of Nanterre validated Cassini's safeguard exit plans on October 7, 2021. Moody's decision to withdraw the ratings reflects the lack of information on the company's performance, capital structure and strategy following the safeguard exit plans. COMPANY PROFILE Headquartered in Paris, Cassini SAS (Cassini), the ultimate owner of Comexposium, is a leading organiser of trade fairs and trade shows and has the largest market position in France and the third-largest market position in exhibitions globally, in terms of revenue. The company owns and operates 135 business-to-business and business-to-customer events across 11 main sectors, connecting more than 46,000 exhibitors and 3.5 million visitors every year in 30 countries. EUROPCAR MOBILITY: Moody's Ups CFR to B3, Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service has upgraded the ratings of France-based car rental company Europcar Mobility Group S.A. ("EMG", or "the company"), including the LT corporate family rating to B3 from Caa1 and the probability of default rating to B3-PD from Caa1-PD. Concurrently, Moody's has also upgraded the rating on the guaranteed senior secured notes ("the fleet notes") due 2026 at EC Finance plc to B1 from B2. The outlook on both entities was changed to stable from positive. "The upgrade of EMG's CFR to B3 reflects our expectations that its earnings will continue improving over the next 12-18 months, leading to Moody's-adjusted debt/EBITDA reducing towards 4.5x and Moody's-adjusted EBIT/interest increasing towards 1.5x from 5.7x and 0.9x respectively at year-end 2021", says Eric Kang, a Moody's Vice President – Senior Analyst and lead analyst for EMG. "However, there are downside risks to our forecasts notably lower discretionary customer spending due to weaker economic growth and high commodity prices", adds Mr Kang. RATINGS RATIONALE The upgrade of the CFR to B3 reflects Moody's expectation that EMG's earnings will continue improving over the next 12-18 months, leading to Moody's-adjusted debt/EBITDA reducing towards 4.5x and Moody's-adjusted EBIT/interest increasing towards 1.5x from 5.7x and 0.9x respectively at year-end 2021. However, there are downside risks to the rating agency's expectation of further improvement in key credit metrics including the risk of lower discretionary customer spending due to weaker economic growth and potentially sustainably high commodity prices. Less likely, but there is also the risk of further travel restrictions, which could negatively affect car rental volumes if covid contamination cases materially increase. Moody's base case forecasts do not assume material mobility restrictions over the next 12-18 months. The improved liquidity profile is also a factor supporting the rating upgrade. Moody's views EMG's liquidity as adequate, mainly driven by unrestricted cash of EUR216 million at year-end 2021 (excluding cash intended to finance the fleet) and the rating agency's forecasts of positive corporate free cash flow after interest of around EUR50 million in 2022. The improved level of internal liquidity sources offsets to some extent the fact that external liquidity sources – namely the revolving credit facility ("RCF") and fleet revolving credit facility ("fleet RCF") – are largely utilised (see liquidity section below) and that the company will need to refinance its RCF and term loan in 2023. Moody's expects that the company will look to refinance in a timely manner, most likely in 2022. If financial markets remain challenging through 2022, Moody's assumes that lenders would agree to amend and extend these facilities, especially in view of EMG's improving earnings profile and the future new ownership, which includes Volkswagen Aktiengesellschaft (VW, A3 stable). Moody's forecasts a continued recovery in car rental volumes and expects the pricing environment for EMG to remain favourable through at least the end of 2022 because supply chain bottlenecks have led to lower car rental supply. The rating agency also expects the company to benefit from a leaner cost structure because of the cost saving initiatives implemented since the beginning of the pandemic. This should help cushion the negative effect of lower revenues on earnings if the macroeconomic environment significantly deteriorates. EMG is focused on the rightsizing of its fleet but there are still risks associated with the need to timely adjust the fleet ahead of any falling demand. The future acquisition of EMG by a consortium of buyers led by VW will strengthen EMG's business profile and operations over time because of VW's implicit support as the majority shareholder through its Green Mobility joint venture. The transaction will help EMG deliver more successfully on its strategic initiatives, namely its transformation into a leader of the mobility sector. Despite its majority stake in the joint venture, VW will not control EMG but will act together with its partners Pon Holdings B.V. and Attestor Limited. The transaction is subject to EU antitrust clearance and the consortium expects to complete it in the second quarter of 2022. The VW-led consortium will trigger a change of control event, but Moody's also assumes that lenders would provide a waiver to this, again given EMG's improving earnings and the prospects which the new ownership could bring to the company's operations. LIQUIDITY Moody's views EMG's liquidity as adequate, mainly driven by unrestricted cash of EUR216 million at year-end 2021 (excluding cash intended to finance the fleet) and the rating agency's forecasts of positive corporate free cash flow after interest. The improved level of internal liquidity sources offsets to some extent the fact that the RCF and fleet RCF are largely utilised. At year-end 2021, there were EUR69 million available under the EUR170 million RCF and EUR70 million under the EUR 225 million fleet RCF, which could be used to fund the portion of fleet purchases, which cannot be funded through the fleet notes or securitized fleet debt. However, there is around EUR135 million of cash, which resides at operating companies (notably in non-euro currency countries) and is hardly transferrable to Europcar Mobility Group S.A. - the holding company. This cash must remain in the operating companies to fund their day-to-day operations and capex; part of cash outflows in the consolidated accounts is therefore locally funded. Consent from local fleet financing lenders could be required for this cash to be transferred if certain covenants are not met. The term loan and RCF include a financial maintenance covenant, requiring cash flow cover to debt service to remain above 1.1x. Moody's expects the company will maintain comfortable headroom under this covenant. Excluding local fleet securitization facilities, which in some cases are renewed annually, the nearest debt maturities are the term loan and RCF in June 2023. Moody's expects the company to address in a timely manner the upcoming maturities of the term loan and RCF and if not, this could lead to downward pressure on the rating. STRUCTURAL CONSIDERATIONS The fleet notes are rated B1, two notches above the CFR, because they have a second priority ranking, behind the Senior Asset Revolving Facility (SARF), on some fleet assets and receivables under buy-back agreements. The SARF and the fleet notes are subject to a quarterly loan-to-value (LTV) maintenance test of a maximum of 95%. The fleet notes, the SARF and other fleet financing facilities do not have a claim on the operating businesses. The fleet notes benefit from guarantees by Europcar International S.A.S.U. and Europcar Mobility Group S.A. The term loan and RCF benefit from share pledges, as well as guarantees, by the majority of Europcar's operating entities. RATING OUTLOOK The stable outlook reflects Moody's expectation that EMG's operating performance will continue improving over the next 12-18 months, leading to Moody's-adjusted debt/EBITDA reducing towards 4.5x, Moody's-adjusted EBIT/interest increasing towards 1.5x and positive corporate free cash flow after interest. However, there are downside risks associated with these forecasts, notably lower discretionary customer spending due to weaker economic growth and high commodity prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if continued recovery in earnings lead to Moody's-adjusted (gross) debt/EBITDA sustainably below 4.5x and Moody's-adjusted EBIT/interest improves to around 1.5x, on a sustainable basis. An upgrade will also require the company to improve its liquidity profile, which could be achieved through annual corporate free cash flow generation after interest materially above Moody's current forecast of EUR50 million to over time strengthen the cash buffer or replenish the availability of external sources. The ratings could be downgraded if deteriorating operating performance results in an unsustainable capital structure, such that Moody's-adjusted (gross) debt/EBITDA remains above 5.5x, Moody's-adjusted EBIT/interest remains below 1.0x or free cash flow is negative and this leads to a deterioration in liquidity such that it becomes weak, especially if the company looks less likely to refinance its RCF and term loan facilities on a timely basis before their maturities in 2023. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Equipment and Transportation Rental published in February 2022. COMPANY PROFILE Headquartered in Paris, France, Europcar Mobility Group S.A. is the European leader in car rental services, providing short- to medium-term rentals of passenger vehicles and light trucks to corporate, leisure and replacement. It generated revenue of around EUR2.3 billion in 2021. ============= G E O R G I A ============= GEORGIA: Moody's Affirms Ba2 Issuer Rating, Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Investors Service has changed the outlook on the Government of Georgia's ratings to negative from stable and affirmed the local and foreign currency long-term issuer ratings and foreign currency senior unsecured rating at Ba2. The decision to change the outlook on Georgia's Ba2 ratings to negative reflects the heightened geopolitical event risks from Russia's ongoing military invasion of Ukraine (Caa2, ratings under review) given Georgia's ongoing, albeit 'frozen', tensions with Russia over South Ossetia and Abkhazia, the unpredictability of Russia's strategic intentions in the region and Georgia's border with Russia. While not Moody's base case, a crystallization of these political risks, including a possible expansion of the military conflict to Georgia and a consequent significant and sustained impact on Georgia's economic and fiscal prospects, would weigh on its credit outlook. In this scenario, Moody's expects that Georgia would see increased financial support from its bilateral partners and international financial institutions. The possibility of such a military conflict, even if small, may itself have negative implications on Georgia's credit profile. The affirmation of the ratings is underpinned by the solid fundamentals of Georgia's fiscal and monetary institutions which are likely to allow the continuation of an effective macroeconomic policy response to any further Covid disruptions and to offset the negative economic impacts of slowing regional growth due to Russia's invasion of Ukraine. Moody's assumes that elevated geo-political tensions will not derail the Georgian authorities' long-term economic reform agenda. Georgia's local and foreign currency country ceilings remain unchanged at Baa1 and Baa3, respectively. The four-notch gap between the local currency ceiling and the sovereign rating reflects a relatively small government footprint in the economy and strong institutions which are predictable and reliable in terms of policy action, notwithstanding a relatively high current account deficit and ongoing domestic political risks that point to some country risk. The two-notch gap between the foreign currency ceiling and the local currency ceiling incorporates Georgia's external vulnerabilities including a relatively high current account deficit and still high levels of dollarization in the economy which increase transfer and convertibility risks. RATINGS RATIONALE RATIONALE FOR THE NEGATIVE OUTLOOK The decision to change the outlook on Georgia's Ba2 ratings to negative reflects the heightened geopolitical event risks from Russia's ongoing military invasion of Ukraine. While not Moody's base case, the unpredictability of Russia's strategic intentions in the region has increased the risk of Georgia being involved in military conflict notwithstanding the Georgian government's endeavors to minimize the potential for such military conflict. The unresolved, albeit 'frozen', tension over the Russian-backed separatist regions of Georgia, South Ossetia and Abkhazia, increases the risk that Georgia becomes a target for Russian military intervention. Georgia's border with Russia enhances this risk. In August 2008, following South Ossetian separatist attacks, a Georgian military response and subsequent invasion of Georgia by Russian, South Ossetian and Abkhazian separatist forces, a ceasefire was agreed. Russian troops subsequently withdrew from non-contested Georgian territory. In late August 2008, Russia recognized both territories as sovereign independent states but only a handful of other countries have given the same recognition. Georgia rejected the Russian position and declared both to be Russian-occupied territories. The territories continue to house Russian military contingents which increases the risk of the military conflict in Ukraine spilling over into Georgia. In the wake of the 2008 war, tensions over the occupied territories have evolved to become essentially a 'frozen' conflict. This has reflected moves to normalize relations in the period since 2012 including visa free travel, two way discussions between government representatives and in 2018 Georgia's government's signaling of its readiness to normalize bilateral relations. However, sporadic fractiousness in the relationship between Georgia and Russia continues. Prior to and during the Ukraine-Russian military conflict the Georgian authorities have focused on minimizing tensions with Russia, emphasizing a peaceful approach to resolving tensions on South Ossetia and Abkhazia and relatively restrained approach to the military conflict itself, including non-engagement with sanctions on Russia. Nevertheless, while not Moody's base case, an outright military conflict would weigh on Georgia's economy and fiscal prospects. The possibility of such a military conflict, even if small, may itself have negative implications on Georgia's credit profile. While Georgia's economic relations have increasingly focused on Europe and China and reduced dependence on Russia for energy, the relationship in terms of goods exports, tourism and migrant worker remittances means that Russian economic performance still plays an important role in Georgia's growth and fiscal prospects. RATIONALE FOR THE AFFIRMATION OF THE Ba2 RATING The affirmation of Georgia's Ba2 ratings reflects Georgia's solid economic growth potential, robust institutions and consistent access to concessional financing sources. These are weighed against its small, relatively low-income economy, elevated debt burden, along with banking sector risk and external vulnerabilities stemming from the economy's reliance on foreign capital inflows. Georgia's strong and improving institutional framework is anchored by close engagement with the European Union (EU, Aaa stable) and International Monetary Fund (IMF). In addition, Georgia has growing access to a diverse range of markets through various trade agreements, supporting foreign direct investment (FDI) inflows and economic growth. Georgia's low levels of domestic savings fosters a reliance on external financing, in turn making the economy vulnerable to a tightening in external financing conditions. This is partly offset by Georgia's strong relationships with official creditors, which have provided concessional support to the economy while the country is adversely affected by the coronavirus pandemic. Other key credit challenges include the lack of scale in key sectors of Georgia's economy, which constrains productivity. Georgia's economy is highly flexible, reflecting its product and labour markets as well as a floating exchange rate which effectively buffers external economic and financial shocks. Moody's forecast for growth of 3.8% in 2022, is lower than Moody's earlier forecast of 7.3% growth reflecting the flow on effects of slower global growth, the impact of the Russian invasion of Ukraine, due to lower remittances flows from and exports to Russia, as well as the impact of increased uncertainty on domestic demand. From a longer-term perspective Moody's expects potential growth to be at 4-5% in the next few years, driven by increased investment in productivity-enhancing infrastructure in agriculture and manufacturing. Further increases in exports to more diversified markets including Europe, partly reflecting additions to Georgia's Free Trade Agreements, will also boost economic activity. As solid growth continues and household incomes rise, consumer spending will make a greater contribution to growth. Georgia's policy setting frameworks remain strong and have built long-term credibility. Georgia's current policy approach is directed at containing inflationary pressures and rebuilding fiscal policy headroom, which will support macroeconomic stability in the context of consecutive shocks from the Covid pandemic and currently the Russian invasion of Ukraine. Positively on inflation, and in line with the National Bank of Georgia's (NBG) sustained approach of focusing on inflation, interest rates have been raised significantly. Partly as a result of tighter monetary policy, the USD/GEL exchange rate, which had depreciated by around 17% in the wake of the invasion, has returned to its pre-invasion levels, limiting the impact on Georgia's imported inflation rate, its dollar denominated debt and the still relatively high dollarized banking system. As the impact of the pandemic has waned, Georgia's fiscal policy is moving towards repair of the fiscal metrics including a lower deficit consistent with its fiscal rule, rebuilding the capacity of fiscal policy to respond to future shocks, as well as supporting long-term development priorities including infrastructure development and improved education outcomes. Georgia continues to attract support from international financial institutions as well as the private sector. The latter was confirmed by the over-subscribed $500 million Eurobond issuance in 2021. It is unlikely that funding would be an issue even in the case of military conflict. The IMF announced recently the establishment of a staff-level agreement with the Georgian authorities on a three-year Stand-by Arrangement (SBA) of SDR210.4 million (about $289 million). ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Georgia's ESG Credit Impact Score is moderately negative (CIS-3), reflecting exposure to demographic and employment challenges and, to a lesser extent, environmental, largely physical climate, risks; mitigated by Georgia's sustained track record of solid governance and institutional strengths which have contributed to ongoing increases in incomes and, together, support an capacity to respond to social and environmental challenges. Georgia's overall exposure to environmental risks is moderately negative (E-3), driven by moderately negative risks related to physical climate change, notably heat stress, exacerbated by relatively high sensitivity related to the large size of the agriculture sector as an employer; a low proportion of the population with access to safe water also points to environmental risks. Moody's assesses Georgia's social issuer profile score as highly negative (S-4), reflecting risks related to an ageing population, high rates of youth unemployment, low incomes and only modest spending on health and education, albeit life expectancy is relatively high. These negative risks contrast with solid enrollment rates in education. Governance does not pose significant risks and Georgia's track record suggests robust capacity to address some of the environmental and social challenges. Georgia has had significant success in building institutional capacity and economic reforms which have supported flexibility in labour and product markets, supporting moves towards higher value-added activities in sectors like agriculture and increasing access to a broader range of export markets. GDP per capita (PPP basis, US$): 14,754 (2020 Actual) (also known as Per Capita Income) Real GDP growth (% change): -6.8% (2020 Actual) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 2.4% (2020 Actual) Gen. Gov. Financial Balance/GDP: -9.3% (2020 Actual) (also known as Fiscal Balance) Current Account Balance/GDP: -12.4% (2020 Actual) (also known as External Balance) External debt/GDP: 130.2% (2020 Actual) Economic resiliency: baa3 Default history: No default events (on bonds or loans) have been recorded since 1983. On April 25, 2022, a rating committee was called to discuss the rating of Georgia, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer has become increasingly susceptible to event risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE Given the negative outlook on the rating it is unlikely that the rating would be upgraded in the near-term. The outlook could be changed to stable if geopolitical tensions were to abate – both within the wider region and between Georgia, its separatist regions, and Russia – and in turn reduce the risks to Georgia's credit profile from the military conflict. Upward pressure on the rating could develop as a result of ongoing and effective reforms that sustainably raise domestic savings, including lifting public saving which helps curtail the fiscal deficit and reduce external vulnerability. Measures that bolster the resilience of the banking system further would also be credit positive. Finally, economic reforms that foster greater economic diversification and higher productivity growth over time would raise Georgia's economic strength and potentially support the rating. FACTORS THAT COULD LEAD TO A DOWNGRADE Georgia's ratings could be downgraded if geopolitical risks stemming from Russia's ongoing invasion of Ukraine were to crystallise. For example, if conditions in South Ossetia and Abkhazia were to deteriorate significantly which threatened domestic stability, or evidence of a large mobilization of Russian troops in the region which materially increased the likelihood of the military conflict spilling over into Georgia. Downward pressure on the rating could also develop from an increase in external vulnerability risks, notably a widening gap between domestic savings and investment, or an escalation of domestic or geopolitical risks. A sustained deterioration in fiscal metrics could also put downward pressure on the rating. The principal methodology used in these ratings was Sovereign Ratings Methodology published in November 2019. ============= G E R M A N Y ============= ADLER REAL: KPMG Refuses to Sign Off 2021 Financial Results ----------------------------------------------------------- Olaf Storbeck, Cynthia O'Murchu and Robert Smith at The Financial Times report that KPMG has refused to sign off the 2021 financial results of German real estate group Adler in a rare move that pushes the embattled group into an ever deeper crisis. Adler disclosed late on April 29 that its auditor, who had given the group an unqualified audit in the previous year, would issue a disclaimer of opinion for its 2021 consolidated accounts, the FT relates. "The auditor has not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these annual accounts," the FT quotes the company as saying. The embattled company said it would nonetheless publish "audited" financial statements -- including the disclaimed opinion -- on April 30, the FT notes. In a statement on April 29, Adler claimed this would fulfil the requirements under the terms of its outstanding bonds, according to the FT. Some of Adler's bond covenants stipulate that it has to provide audited financial results by April 30 or risk a default, the FT discloses. KPMG's dramatic move comes a week after a separate team of forensic investigations of the Big Four firm uncovered widespread governance and compliance shortcomings, the risk of big writedowns and questionable payments to a real estate investor who has long denied influence over the company, the FT relays. Adler, the FT says, had hired KPMG to investigate allegations by the Fraser Perring-led short selling group Viceroy Research of widespread fraud, inappropriate related-party transactions and accounting manipulations. Adler denied any wrongdoing. After the publication of KPMG's investigation, Adler's chair Stefan Kirsten expressed confidence that the accounting firm would sign off Adler's accounts, and that the investigation report would not affect Adler's ability to service its debt and would not breach its bond covenants, the FT relates. Adler as of September 2021 was sitting on EUR7.4 billion of net financial debt, but has since sold assets to lower its debt, the FT discloses. Its share price has fallen by close to 70% over the past year, resulting in a stock market value of just EUR770 million, the FT notes. After the publication of KPMG's report on April 22, the stock's slide accelerated, the FT states. ADLER Real Estate AG -- https://adler-ag.com/en/ -- is a Berlin-based integrated property group owning more than 52,000 residential units located predominantly in northern and western Germany and offering affordable homes to tenants with medium to low incomes. In 2020, ADLER Real Estate AG became an integral part of the new Adler Group, together with the former ADO Properties S.A. and Consus Real Estate AG. Adler Group is one of the leading listed residential real estate companies in Europe and can, thanks to its structure, support the entire lifecycle of a property from planning and construction to rental and management. BILFINGER SE: S&P Upgrades ICR to 'BB+', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit and issue ratings on European industrial service provider Bilfinger SE and its debt to 'BB+' from 'BB', with the recovery rating unchanged at '3' (rounded estimate of 65% recovery). S&P said, "The stable outlook reflects our expectation of a continued strong balance sheet and positive operating performance momentum in 2022, leading to a high single-digit revenue increase and S&P Global Ratings-adjusted EBITDA margin above 5% in 2022 and more than 5.5% in 2023. "We expect Bilfinger's good operating performance momentum to continue in 2022-2023, primarily supported by the finalization of all major restructuring projects and solid revenue growth prospects." In 2021, the company's reported revenue increased 8.0% to EUR3.7 billion compared with EUR3.5 billion in 2020, as the market moved into recovery mode, especially in European engineering and maintenance activities and for the nuclear and biopharmaceuticals businesses. EBITDA margin also increased to 5.0%, spurred by Bilfinger's successful cost-reduction programs and one-time effects, such as lower travel expenses due to COVID-19. S&P said, "For 2022, we expect revenue will reach about EUR4.0 billion based on the high order backlog, continued strong developments in the nuclear and biopharmaceuticals markets, new opportunities accompanying the energy transition, and projects related to increasing energy efficiency (for example enhancing isolation for chemical plants). As its major transformation and restructuring phases are completed, we expect these costs to no longer weigh on Bilfinger's profitability. Coupled with its high revenue growth and the ability to pass on most cost inflation for its service contracts, we forecast the group's EBITDA margin will increase to 5.0%–5.5% in 2022. We expect free operating cash flow (FOCF; adjusted for lease capital expenditure [capex]) to turn positive toward EUR15 million-EUR25 million in 2022, from negative EUR24 million in 2021, on the back of higher revenue and stronger margins." S&P said, "We expect a significant portion of the Apleona sale proceeds to be retained on the balance sheet, providing some flexibility for acquisitions in the near to medium term.Out of the EUR458 million proceeds, Bilfinger has announced it will distribute an extra dividend of EUR150 million to its shareholders, in addition to its regular dividend in 2022. Another EUR100 million has also been earmarked for share buybacks in the next one-to-two years. As a result, we expect the group's S&P Global Ratings-adjusted debt to increase to about EUR320 million at year-end 2022, from an adjusted net cash position of EUR50 million at year-end 2021. These measures will negatively affect credit metrics given the reduced financial flexibility but credit ratios will be very solid for the rating in 2022, with adjusted FFO to debt of more than 60%. This includes our assumption that the company will spend about EUR100 million-EUR150 million on acquisitions in 2022, providing further room for deals in 2023-2024. In our base case, we assume the group maintains leverage ratios consistent with the upper end of its financial policy framework in 2022-2023, which envisages adjusted debt to EBITDA of 2x-3x, translating into S&P Global Ratings-adjusted FFO to debt of about 40%." Bilfinger's continuously high cash balance and very low debt provide enough headroom to absorb any unforeseen near-term challenges. The company used part of its Apleona sale proceeds for early repayment of the EUR108.5 million promissory note tranche originally due April 2022, leaving no major debt due in the next two years. S&P said, "We calculate adjusted debt of about EUR320 million at year-end 2022 in our base case (including our acquisition assumptions), mainly related to pension obligations (about 60%) with a long duration profile. The increased discount rate has decreased the provision for pension obligations to about EUR310 million in 2021 from EUR340 million in 2020. We also adjust debt for leases, amounting to about EUR185 million in 2021. Furthermore, the company reported about EUR830 million in cash and short-term investments, of which we view only EUR25 million as restricted. This high cash balance, boosted by an undrawn EUR250 million revolving credit facility (RCF), provides comfortable headroom under its financial covenant and ample financial flexibility for the uncertain operating and economic environment over the next 24 months. We therefore assess the liquidity profile as strong." S&P said, "We see no material direct effects from the Russia-Ukraine conflict due to the very limited exposure to these markets. Russia and Ukraine account for about EUR15 million of Bilfinger's revenue, so we see no significant economic impact on the group's performance. "The stable outlook reflects our view that Bilfinger's operating performance will continue to recover, spurred by continued strong development in its main end markets, to enable an about 9%-10% revenue increase in 2022, including our acquisition assumptions. The group's profitability should benefit from finalization of its transformation program, supporting a recovery in EBITDA margin to 5.0%-5.5% in 2022 and above 5.5% in 2023. The very comfortable liquidity position further supports the rating. "We would likely lower the rating if operating and financial performance does not materialize as currently expected because of a deteriorating economic environment or lower-than-expected profitability, causing Bilfinger's adjusted FFO to debt to fall below 40%, or if we expect that S&P Global Ratings-adjusted EBITDA margin will fall back below 5.0%. We could also lower the rating if financial flexibility declines due to additional shareholder-friendly measures, significantly larger acquisitions than currently assumed, or materially lower-than-expected cash flow. "We view rating upside potential as limited over the next 24 months. We could raise the rating if the group gains significantly more scale, reduces profit volatility, and can generate sound FOCF, with an S&P Global Ratings-adjusted EBITDA margin sustainably above 7%. In addition, an upgrade would require Bilfinger's adjusted FFO to debt to reach above 50% on a sustainable basis, which would be more conservative than its current financial policy framework." ESG credit indicators: E-3, S-2, G-3 S&P said, "Environmental and governance factors are a moderately negative consideration in our credit rating analysis of Bilfinger. We note the company's high exposure to O&G, petrochemicals, and chemicals, as well as energy industries (about 65% of sales), and there is a high risk of changing environmental regulation, including stringent requirements for carbon dioxide emissions. The group might need to rebalance its activities and investment decisions over the medium to long term to avoid pressure on its operating performance. Bilfinger adheres to high standards of disclosure, in line with international publicly listed groups. However, we view as a negative the prolonged significant restructuring to restore its profitability, which is progressing slower than initially expected. We also view negatively recent unexpected changes in senior management." CIDRON GLORIA: Moody's Lowers CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service has downgraded the corporate family rating of Cidron Gloria Holding GmbH (GHD or the company) to B3 from B2, as well as its probability of default rating to B3-PD from B2-PD. Concurrently, Moody's has downgraded GHD's instrument ratings to B3 from B2 on the EUR360 million backed senior secured term loan maturing 2026 and the EUR80 million backed senior secured revolving credit facility maturing 2026, both issued by GHD Verwaltung GesundHeits GmbH Deutschland, a subsidiary of Cidron Gloria Holding GmbH. The outlook on all ratings has been changed to stable from negative. RATINGS RATIONALE The downgrade of GHD's ratings reflects the company's weaker than expected performance in 2021 in terms of organic growth, margin development and free cash flow generation. The rating was already weakly positioned, evidenced in relatively weak leverage metrics, such as Moody's-adjusted debt to EBITDA of 8.2x in 2021. The action also reflects Moody's expectation that credit metrics are unlikely to recover to levels commensurate with a B2 rating over the next 12 to 18 months, with leverage remaining above 6.0x in 2023, as well as a degree of execution risk with regards to the company's plans for improving operating efficiency and organic growth within an already challenging operating environment due to continuing pricing pressure and competitive hiring market. In 2021, GHD's revenue stood at EUR583 million representing a decline of 1.8% compared to the same period last year due to covid related impact (postponed surgeries, access restrictions to patients at institutions, and decrease in footfall at specialist healthcare stores), as well as stiff employee hiring competition. The revenue underperformance translated into margin deterioration with company's adjusted EBITDA margin declining to 8.6% in 2021 from 9.8% in 2020. As a result, Moody's adjusted leverage in 2021 remained very high at 8.2x including all company one-off adjustments. The latter mainly relate to the company's STEPS 2025 program aiming to increase operational efficiency and organic growth launched in 2020. The implementation of this strategy triggered a high level of EBITDA management adjustments, namely costs that the company excludes from its EBITDA calculation, but that Moody's include within Moody's EBITDA calculation. In the next 12 to 18 months, Moody's expects limited revenue and EBITDA growth in the low single digit levels. Moody's also expects EBITDA management adjustments to continue to negatively weigh on the credit metrics leading to an increase in leverage in 2022 to around 9.0x before coming down to around 7.0x in 2023. Nonetheless, Moody's believes that GHD's liquidity should remain adequate driven by the company's working capital efficiency measures which will allow GHD to improve its liquidity position and continue to generate positive free cash flow in the next 12 to 18 months of around EUR20 million. GHD's B3 ratings are supported by the company's (1) leading position in the medical homecare market in Germany, (2) barriers to entry, supported by GHD's large and well-spread network of licensed nurses and its long-term relationships with health insurance companies, hospitals and patients, (3) positive underlying fundamental trends, which drive demand for homecare medical services and products and (4) patient loyalty, providing an effective backlog of revenue. Conversely, the ratings are constrained by (1) GHD's high leverage, (2) the lack of geographic diversification which exposes the company to change in regulation, macro-economic trends or other country-specific topics, (3) continuous pricing pressure from health insurance companies reimbursing most of GHD's product and services which constraints margins. LIQUIDITY GHD's liquidity is adequate driven by (1) EUR11 million of cash on balance as of December 2021 (2% of revenue), (2) a EUR80 million RCF, fully undrawn as of end December 2021, and (3) long-dated debt maturities with the backed senior secured term loan and the RCF maturing in 2026. The RCF is subject to a springing covenant (net leverage to be below 11.15x) tested if the RCF is drawn by more than 40%. As of December 2021, the net debt leverage as calculated by the company, was 7.09x. STRUCTURAL CONSIDERATIONS The PDR at B3-PD incorporates Moody's assumption of a 50% recovery rate, reflecting GHD's debt structure, which is composed of first-lien backed senior secured bank credit facilities with no maintenance covenant. The B3 instrument rating on the backed senior secured bank credit facilities is in line with the CFR in the absence of any significant liabilities ranking ahead or behind. The instruments share the same security package and are guaranteed by a group of companies representing at least 80% of the consolidated group's EBITDA. The security package consists of shares, bank accounts and intragroup receivables. RATIONALE FOR STABLE OUTLOOK The stable outlook is based on the expectation of a soft improvement in operating performance including improvement in margins and a gradual reduction of leverage over the next quarters combined with GHD's adequate liquidity profile. The stable outlook does not factor in further debt funded acquisitions or any shareholder distributions. Moody's estimates that Moody's-adjusted gross debt to EBITDA will reduce towards 7.0x in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could emerge over time if the company recovers its historical high EBITDA margin levels of above 10%; its leverage, as measured by Moody's-adjusted debt/EBITDA, were to decrease materially and sustainably below 6.0x; Moody's-adjusted EBITA/interest expense were to increase above 2.0x; and Moody's-adjusted FCF were to increase above 5% for a sustained period of time. Negative rating pressure could develop if the company's operating performance continues to deteriorate so that its Moody's-adjusted debt/EBITDA fails to materially decrease from the current high levels of around 8.0x, its FCF would turn negative for a prolonged period of time, Moody's-adjusted EBITA/interest expense were to decrease towards 1.0x or its liquidity weakens. Any debt-funded acquisition or shareholder-friendly action, such as dividends, could also strain the rating. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ============= I R E L A N D ============= CVC CORDATUS XXIII: Moody's Assigns B3 Rating to EUR15.2MM F Notes ------------------------------------------------------------------ Moody's Investors Service announced that it has assigned the following definitive ratings to notes issued by CVC Cordatus Loan Fund XXIII Designated Activity Company (the "Issuer"): EUR2,500,000 Class X Senior Secured Floating Rate Notes due 2036, Definitive Rating Assigned Aaa (sf) EUR285,000,000 Class A-1 Senior Secured Floating Rate Notes due 2036, Definitive Rating Assigned Aaa (sf) EUR25,000,000 Class A-2 Senior Secured Floating Rate Notes due 2036, Definitive Rating Assigned Aaa (sf) EUR39,500,000 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) EUR27,500,000 Class C Senior Secured Deferrable Floating Rate Notes due 2036, Definitive Rating Assigned A2 (sf) EUR35,500,000 Class D Senior Secured Deferrable Floating Rate Notes due 2036, Definitive Rating Assigned Baa3 (sf) EUR26,800,000 Class E Senior Secured Deferrable Floating Rate Notes due 2036, Definitive Rating Assigned Ba3 (sf) EUR15,200,000 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 90% 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. CVC Credit Partners Investment Management Limited ("CVC Credit Partners") 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 4.5-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. Interest and principal amortisation amounts due to the Class X Notes are paid pro rata with payments to the Class A-1 Notes and Class A-2 Notes. The Class X Notes amortise by 12.5% or EUR312,500 over the eight payment dates starting on the second payment date. In addition to the nine classes of notes rated by Moody's, the Issuer issued EUR35,100,000 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: EUR500,000,000.00 Diversity Score: 52 Weighted Average Rating Factor (WARF): 3067 Weighted Average Spread (WAS): 3.88% Weighted Average Coupon (WAC): 4.5% Weighted Average Recovery Rate (WARR): 43.5% Weighted Average Life (WAL): 7.5 years HAYFIN EMERALD IX: Moody's Assigns B3 Rating to EUR8MM Cl. F Notes ------------------------------------------------------------------ Moody's Investors Service announced that it has assigned the following definitive ratings to debt issued by Hayfin Emerald CLO IX DAC (the "Issuer"): EUR169,000,000 Class A Senior Secured Floating Rate Notes due 2033, Definitive Rating Assigned Aaa (sf) EUR75,000,000 Class A Senior Secured Floating Rate Loan due 2033, Definitive Rating Assigned Aaa (sf) EUR36,500,000 Class B-1 Senior Secured Floating Rate Notes due 2033, Definitive Rating Assigned Aa2 (sf) EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2033, Definitive Rating Assigned Aa2 (sf) EUR24,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2033, Definitive Rating Assigned A2 (sf) EUR25,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2033, Definitive Rating Assigned Baa3 (sf) EUR22,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2033, Definitive Rating Assigned Ba3 (sf) EUR8,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2033, 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 approximately 92.5% 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 approximately five and half month ramp-up period in compliance with the portfolio guidelines. Hayfin Emerald Management LLP ("Hayfin Emerald") 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 3.05-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 eight classes of debt rated by Moody's, the Issuer issued EUR31,200,000 of Subordinated Notes which are not rated. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the debt 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 debt performance is subject to uncertainty. The debt 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 debt 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: 50 Weighted Average Rating Factor (WARF): 2960 Weighted Average Spread (WAS): 3.87% Weighted Average Coupon (WAC): 3.50% Weighted Average Recovery Rate (WARR): 43% Weighted Average Life (WAL): 6 years MALLINCKRODT PLC: Ireland Court Confirms Scheme of Arrangement -------------------------------------------------------------- Mallinckrodt plc ("Mallinckrodt" or the "Company") on April 27 disclosed that the High Court of Ireland (the "Irish High Court") has made an Order confirming the scheme of arrangement between the Company, its creditors and members (the "Scheme") as proposed by the Examiner of the Company. As previously announced, the plan of reorganization of the Company and certain of its subsidiaries (the "Plan") was confirmed by the U.S. Bankruptcy Court for the District of Delaware on February 3, 2022. The Irish High Court also made an Order that the Scheme will become effective on the same date that the Plan becomes effective. This is when the Scheme will become binding on the Company, its creditors and members as a matter of Irish law, the Examinership proceedings will conclude, and the Company will cease to be under the protection of the Irish High Court. The confirmation of the Scheme by the Irish High Court (and its subsequent effectiveness) satisfies a key condition to the consummation of the Plan. Confirmation of the Scheme also enables the Company to implement certain important aspects of the Plan in accordance with Irish law. Mallinckrodt intends to emerge from the Chapter 11 reorganization process, and cause the Plan to become effective, in the next few weeks. Effectiveness of the Plan remains subject to the satisfaction or waiver of certain other conditions. In the near term, Mallinckrodt will commence a process to raise exit financing, which is expected to close upon emergence. The net proceeds of the financing will be used, among other things, to repay the Company's $900 million revolving credit facility in connection with implementing the Plan and satisfy certain payment obligations under the Plan. Advisors Latham & Watkins LLP; Wachtell, Lipton, Rosen & Katz; Arthur Cox LLP; Arnold & Porter; Ropes & Gray LLP; and Hogan Lovells are serving as counsel. Guggenheim Securities, LLC is serving as investment banker and AlixPartners LLP is serving as restructuring advisor to Mallinckrodt. About Mallinckrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP as restructuring advisor. Prime Clerk, LLC is the claims agent. The official committee of unsecured creditors retained Cooley, LLP as its legal counsel; Robinson & Cole, LLP as co-counsel; and Dundon Advisers, LLC as financial advisor. On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an official committee of opioid-related claimants. The OCC tapped Akin Gump Strauss Hauer & Feld, LLP as its lead counsel; Cole Schotz as Delaware co-counsel; Province, Inc. as financial advisor; and Jefferies, LLC as investment banker. TRINITAS EURO II: S&P Assigns B- (sf) Rating to Class F-R Notes --------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Trinitas Euro CLO II DAC's class X-R to F-R European cash flow CLO notes. At closing, the issuer issued unrated subordinated notes. The transaction is a reset of the existing MacKay Shields Euro CLO II DAC transaction, which closed in July 2020. The issuance proceeds of the refinancing notes were used to redeem the notes (class A, B, C, D, and E of the original MacKay Shields Euro CLO II transaction), and pay fees and expenses incurred in connection with the reset. The reinvestment period will end in April 2025. The covenanted maximum weighted-average life will be 7.5 years from closing. 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 is in line with S&P's counterparty rating framework. Portfolio Benchmarks CURRENT S&P weighted-average rating factor 2,704.00 Default rate dispersion 477.67 Weighted-average life (years) 5.29 Obligor diversity measure 149.14 Industry diversity measure 23.25 Regional diversity measure 1.23 Transaction Key Metrics CURRENT Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.88 Covenanted 'AAA' weighted-average recovery (%) 36.84 Covenanted weighted-average spread (%) 3.65 Covenanted weighted-average coupon (%) 4.00 Under the transaction documents, the rated notes pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior-secured term loans and senior-secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (3.65%), the reference weighted-average coupon (4.00%), and the covenanted 'AAA' weighted-average recovery rate (36.84%) 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. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "Until the end of the reinvestment period on April 15, 2025, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class X-R to E-R notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to D-R notes could withstand stresses commensurate with the same or higher rating levels 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. "For the class F-R notes, our credit and cash flow analysis indicates a negative cushion at the assigned rating. Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class is able to sustain a steady-state scenario, in accordance with our criteria." S&P's analysis reflects several key factors, including: -- The available credit enhancement for this class of notes is in the same range as other CLOs that we rate, and that have recently been issued in Europe. -- The portfolio's average credit quality is similar to other recent CLOs. -- S&P also compared its model generated break-even default rate at the 'B-' rating level of 21.93% versus if it was to consider a long-term sustainable default rate of 3.10% for 5.29 years (current weighted-average life of the CLO portfolio), which would result in a target default rate of 16.40%. -- The actual portfolio is generating higher spreads versus the covenanted fix/floating threshold that we have modelled in our cash flow analysis. S&P said, "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 X-R to E-R notes to 5 of the 10 hypothetical scenarios we looked at in our publication. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." 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 (see "ESG Industry Report Card: Collateralized Loan Obligations," published March 31, 2021). 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: production or marketing of controversial weapons, tobacco or tobacco-related products, nuclear weapons, thermal coal production, payday lending, speculative extraction of oil and gas, pornography or prostitution, illegal drugs or narcotics, or opioid manufacturing and distribution. 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 List CLASS RATING AMOUNT INTEREST RATE CREDIT (MIL. EUR) ENHANCEMENT (%) X-R AAA (sf) 2.30 3mE + 0.70% N/A A-R AAA (sf) 248.00 3mE + 1.17% 38.00 B-R AA (sf) 34.00 3mE + 2.70% 29.50 C-R A (sf) 28.50 3mE + 3.75% 22.38 D-R BBB- (sf) 28.00 3mE + 4.63% 15.38 E-R BB- (sf) 19.50 3mE + 7.23% 10.50 F-R B- (sf) 14.00 3mE + 10.03% 7.00 Subordinated NR 28.85 N/A N/A NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. ========= I T A L Y ========= RIMINI BIDCO: Moody's Affirms B2 CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Investors Service has affirmed the corporate family rating of Rimini BidCo S.p.A. (RDM) at B2 and the probability of default rating at B2-PD. Concurrently, Moody's has affirmed the instrument ratings on the EUR445 million senior secured floating rate notes maturing in 2026 at B2. The rating outlook has been changed to negative from stable. RATINGS RATIONALE The rating action reflects weaker than expected earnings development at the end of 2021 that has resulted in a higher than expected Moody's adjusted gross leverage ratio. Moody's assumes that the earning margin squeeze in the last quarter of 2021, when energy costs started to rise significantly, has led to 14x - 16x gross leverage based on preliminary financials and pro-forma recent M&A and the new capital structure since the LBO in late 2021. RDM has actively addressed the current high cost inflation with seven price increases since the beginning of 2020. In addition, the company has changed its pricing policy since November 2021 so that price increases become applicable to all orders in the order book (price at dispatch). This should result in less time lag and a quicker earnings recovery going forward. Indeed, price increases are taking effect with January and February 2022 contribution margins above H2 2021 levels. However, given the unprecedented volatility in raw material prices and energy costs there is a considerable uncertainty in regard to the pace of earnings recovery. Moody's also expect prices of other cost items to increase and to add to margin pressure, including for certain chemicals as well as wage costs. The rating is mainly supported by (1) its leading market positions as #2 producer of recycled carton board in Europe and its global market leader position in solid board; (2) resilient demand as the majority of sales are derived from non-cyclical end-markets such as food & beverage and that should allow over time to pass on a material portion of higher costs through price increases; (3) multi-mill business model across key European geographies provides diversification and a greater proximity to customers as well as production flexibility; (4) sustainability tailwind for recycled paper-packaging with a substitution potential against plastic packaging and (5) track-record of positive FCF generation in the past. However, the rating is constrained by (1) the very high leverage ratio on a pro-forma basis as year-end 2021 (Moody's adjusted gross leverage is estimated in the range of 14-16x) as earnings declined due to exceptional increase in input costs; (2) cost inflation, especially energy, intensified in 2022 challenging earnings recovery that the company addresses through a series of price increases; (3) high volatility in raw materials (recycled fiber) that typically results in significant swings in profitability; (4) increased macroeconomic uncertainty following Russia's invasion of Ukraine; and (5) the integration of recent acquisitions (Eska Group and Paprinsa in 2021) and the event risk related to potential further acquisitions targeting either horizontal diversification (paper mills) or entrance into downstream activities (packaging converters). RATIONALE FOR NEGATIVE OUTLOOK The negative outlook reflects the risk that persistently high cost inflation in the next 12-18 months will prevent Moody's adjusted gross leverage from declining below 6x. Should it become likely that price increases and the corresponding earnings recovery will not be sufficient to bring leverage close to this target by the end of 2022, the rating will likely be downgraded. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could arise if: Moody's-adjusted gross debt/ EBITDA below 4.5x on a sustained basis; Moody's-adjusted retained cash flow/ debt above 15%; Sustainably positive free cash flow generation; Conversely, negative rating pressure could arise if: Moody's-adjusted gross debt/ EBITDA above 6.0x on a sustained basis; Moody's-adjusted retained cash flow/ debt below 10% Negative free cash flow leading to a deterioration in liquidity profile; LIQUIDITY Moody's views the liquidity profile of RDM as relatively tight, but still adequate. This is reflected in expected EUR22 million of cash complemented by EUR75 million of revolving credit facility (RCF) at the end of 2021. However, the group started to use some short-term financing that amounted to EUR54 million in December 2021. While this amount was reduced since then, the company also had some minor drawing under the RCF more recently. The RCF contains a springing covenant set at 8x senior secured net leverage ratio tested quarterly when the facility is more than 40% drawn. The ratio will not be tested in the first three quarters after the LBO. STRUCTURAL CONSIDERATION Moody's rates senior secured notes issued by Rimini BidCo S.p.A. at B2, in line with the corporate family rating. This is primarily because senior secured debt constitutes most of the company's outstanding liabilities, and there is only a EUR75 million super senior revolving facility that ranks ahead of the bonds in Moody's loss given default waterfall. The size of the facility however is too small to cause the notching of the bonds below the CFR. The RCF and the senior secured notes share the same collateral package, consisting of shares in all material operating subsidiaries of the group, representing at least 80% of consolidated EBITDA. ESG CONSIDERATIONS Moody's believes that environmental and social risks of RDM are broadly similar to those of the paper and forest products industry's environmental and social risks that Moody's consider to be moderately negative. They mainly reflect RDM's manufacturing process with exposure to waste and pollution risks and health and safety issues. These risks are mitigated to a degree by the company's commitment to reduce carbon emissions per ton of its saleable production (-15% in 2025, -30% in 2030 vs 2020) as well as to lower the waste water discharge (-10% in 2025, -20% in 2030 vs 2020) and increase the share of waste sent for recovery (81.5% in 2025, 90% in 2030 vs 73% in 2020). The governance related risks mainly reflect the fact that RDM is owned by funds managed by the private equity company Apollo Global Management. The private equity business model typically involves an aggressive financial policy and a highly leveraged capital structure to extract value. Private equity owned companies tend to be less transparent when it comes to disclosure of financial and business performance related information. RDM's high starting leverage indicates a higher tolerance for financial risk. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Paper and Forest Products published in December 2021. COMPANY PROFILE Headquartered in Milan, Italy, Reno de Medici S.p.A. is the leading European producer and distributor of recycled paper board. The company operates nine mills across five European countries with a total capacity of 1.5 million tons per year. In 2021, RDM generated around EUR919 million of revenue, pro-forma recent acquisitions and disposals. Since 2021 the company is owned by the private-equity company Apollo Global Management. =================== L U X E M B O U R G =================== CURIUM MIDCO: S&P Alters Outlook to Stable, Affirms 'B' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook to stable from negative and affirmed its 'B' ratings on global radiopharmaceuticals producer Curium Midco and its outstanding debt; S&P also assigned a 'B' issue rating and '3' recovery rating to the proposed EUR296 million add-on, in line with the ratings on its existing senior secured debt. The stable outlook reflects S&P's view that Curium will continue to deleverage and post funds from operations (FFO) cash interest coverage higher than 2.5x through 2023. Curium plans to refinance its EUR288 million second-lien term loan through a EUR296 million-equivalent U.S. dollar add-on to its first-lien term loan B (TLB). Curium's TLB add-on will have the same issue credit and recovery ratings as its outstanding senior secured debt. The company proposes to refinance its second-lien term loan of about EUR288 million with a new add-on of about EUR296 million (US$ equivalent) to its first-lien TLB. S&P said, "We view this transaction as leverage neutral. The TLB add-on will rank pari passu with all Curium's other first-lien senior secured debt. Our recovery estimate has decreased slightly to 55% from 60% because of the higher amount of senior debt, although the recovery rating remains at '3'. We forecast the company's S&P Global Ratings-adjusted debt at about EUR1.7 billion by the end of 2022, comprising EUR1.25 million of first-lien term loans (including the EUR296 million add-on), about EUR266 million of payment-in-kind (PIK) notes that were issued outside the restricted group, and other adjustments related to pensions, factoring, lease liabilities, and contingent obligations." S&P said, "The company continues to deliver on its growth plan and we expect successful product launches will further support EBITDA. The last 12 months were crucial for Curium. Not only has the company reached important milestones, including successful product launches, but its core business has continued to recover from the impact of the COVID-19 pandemic and it has secured business contracts with key customers for the medium term. Among Curium's new products, Detectnet, a positron-emission tomography (PET) agent used for locating neuroendocrine tumors in adult patients, has been exceeding expectations and is expected to contribute about EUR60 million of sales in 2022. Detectnet is the first copper (Cu-64) diagnostic agent commercially available in the U.S. market. It's been widely adopted for detecting neuroendocrine tumors and has a longer half-life of 12.7 hours (the time for the active substance to reduce by half) than competing product Netspot. Curium has also managed to secure important contracts, supporting volumes and prices and protecting it from new entrants. In the U.S, which represents about 40% of sales, Curium has managed to lock in about 80% of revenue until at least 2024 by securing contracts with the top four customers, which reinforces business stability in the medium term. In Europe, although the customer base is very fragmented, the company has a renewal rate of around 95% with an average contract length of three years, supporting stable revenue. Furthermore, we understand that, after initial investments and clinical trials, Curium will increase its focus on organic growth and control over projects. As such, we anticipate revenue of EUR750 million-EUR800 million and S&P Global Ratings-adjusted EBITDA of EUR220 million-EUR260 million in 2022-2023, leading to adjusted debt to EBITDA of about 7x by 2023. "We expect Curium to manage potential supply-chain issues, as it has done in the past, and mitigate inflationary costsIn the current global supply chain context, Curium will face challenges, which we view as manageable for the company however. Given Curium's diversified reactor access, molybdenum-99 (Mo-99; Curium's principal raw material) processing capabilities, and four generator manufacturing lines in the U.S. and EU, the company is well prepared for disruptions, in our view, and can use its backup supply if needed. When air traffic reduced during the peak of the pandemic, to avoid potential issues, the company used three reactors that could supplement each other, as well as two Mo-99 processing lines in the same way. We also note that the impact on Russia's military actions in Ukraine conflict is limited for Curium, since it imports the uranium it needs from the U.S government and it has sufficient radium and uranium for at least two years. However, we anticipate a small increase in transport costs since flights over Russia have been halted and new routes will need to be established. In addition, we anticipate that Curium can manage the inflationary impact because most of its contracts include built-in price escalation and higher transportation costs will likely be passed on to customers. "Contained nonrecurring costs and minimal working capital needs support positive FOCF. Given that the company's product pipeline is either in late stages of development or products have been launched, with most costs already invested, we expect nonrecurring costs to be more moderate in the future. On top of this, the company's stable working capital needs, characterized by steady inventory levels and low bad debt, will further support cash generation. However, there will be a capital expenditure (capex) peak in 2022 linked to various long-term projects, which we expect will reduce in 2023-2024. We anticipate FOCF will be around EUR14.4 million in 2022 and EUR50 million-EUR100 million on average in 2023-2024. "The stable outlook reflects our view that Curium will be able to start benefiting from organic growth, thanks to derisked product launches, secured contracts with key customers, and recovery of its core business to prepandemic levels, which will continue to fuel earnings and key credit measures. Accordingly, we project the company will achieve adjusted debt to EBITDA of about 7.0x by 2023 and FFO cash interest coverage higher than 2.5x. "We could take a negative rating action if the company deviates from our base-case assumptions for adjusted leverage and interest coverage ratios. This would be the case if group was unable to pursue organic growth, for example due to failed product launches or supply chain difficulties that pushed down sales volumes. "S&P Global Ratings-adjusted leverage higher than 7.5x or FFO cash interest cover below 2.5x would likely lead to a negative rating action. We could also lower the ratings if the group failed to generate positive FOCF over the 12-18 months after an increase in discretionary spending. "We could raise the ratings on Curium if it outperformed our base case, such that adjusted debt to EBITDA fell below 5x and remained at that level for a long period, while generating solid positive FOCF. Under this scenario, the company should be able to maintain a track record of operating results that exceed our expectations, with no material debt-funded acquisitions or exceptional shareholder distributions." Environmental, Social, And Governance ESG credit indicators: E-3, S-2, G-3 S&P said, "Environmental factors are a moderately negative consideration in our credit rating analysis of Curium, since the company uses radioactive nuclear materials that are associated with stringent regulatory requirements subject to potential changes given their hazardous nature. The company has a higher cost structure than other pharmaceutical companies and more complex regulatory and supply chain management, which could pose a risk to the company. Governance factors are also a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns." MALLINCKRODT INTERNATIONAL: Moody's Assigns B3 CFR, Outlook Stable ------------------------------------------------------------------ Moody's Investors Service assigned a B3 Corporate Family Rating, and a B3-PD Probability of Default to Mallinckrodt International Finance S.A. ("Mallinckrodt"). Concurrently Moody's assigned B3 ratings to the proposed first lien senior secured term loans, as well as a B3 rating to the $495 million of senior secured first lien notes due 2025. Moody's also assigned Caa2 ratings to the $323 million and $375 million senior secured second lien notes due 2025 and 2029, respectively. In addition, Moody's assigned a Speculative Grade Liquidity Rating of SGL-2, reflecting Mallinckrodt's good liquidity. The outlook is stable. On April 27, 2022, the High Court of Ireland confirmed Mallinckrodt's scheme of arrangement, this follows the US Bankruptcy Court confirmation of Mallinckrodt's plan of reorganization on March 2, 2022. The ratings have been assigned in anticipation of the emergence from bankruptcy and consider the company's exit credit profile, including good liquidity, updated capital structure and operating performance. The assignment of all ratings is based on successful execution of all aspects of the plan of reorganization and the confirmation order, including the amended opioid-related litigation settlement and the proposed Acthar Gel-related settlement. "Mallinckrodt's post-emergence balance sheet remains highly levered in consideration of declining earnings in the branded pharmaceuticals segment, a challenging operating environment in the specialty generics, and a significant liability related to the opioid settlement," said Vladimir Ronin, Moody's lead analyst for the company. "However, Mallinckrodt's resolution of key litigation issues, refinancing of a material portion of its funded debt, and strengthening of its liquidity, will allow the company to execute on its strategic priorities and commercialize products in its pipeline," added Ronin. ESG factors are material to the ratings assignment. Mallinckrodt faces very high exposure to social risks. These include exposure to litigation, and high manufacturing compliance standards. Additionally, because its branded business represents a large share of cash flows, drug pricing risk in the US is a key social risk. Among governance considerations, the company's financial policies are aggressive, reflected in the high financial leverage, following reorganization. In its stable outlook, Moody's expects Mallinckrodt's financial leverage will be high following the restructuring, and key franchises will continue to experience competitive pressures. However, good liquidity, resolution of key litigation issues, and refinancing a material portion of its funded debt, will allow the company to execute on its strategic priorities. Assignments: Issuer: Mallinckrodt International Finance S.A. Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Speculative Grade Liquidity Rating, Assigned SGL-2 Senior Secured First Lien Term Loan B, Assigned B3 (LGD4) Senior Secured First Lien Regular Bond/Debenture, Assigned B3 (LGD4) Senior Secured Second Lien Regular Bond/Debenture, Assigned Caa2 (LGD6) Outlook Actions: Issuer: Mallinckrodt International Finance S.A. Outlook, Assigned Stable RATINGS RATIONALE Mallinckrodt's B3 CFR reflects its high pro forma debt-to-EBITDA financial leverage of 5.4x (on Moody's adjusted basis), including the present value of $717 million of liability related to the opioid settlement. The rating is also constrained by high earnings concentration in its two largest franchises, Acthar and INOmax, both of which will experience material competitive pressures, as well as risk of lower reimbursement from payors that will reduce revenue over time. Mallinckrodt's ratings are supported by its moderate scale in specialty branded pharmaceuticals, resolution of key litigation issues and refinancing of a material portion of its funded debt. The ratings are also supported by the company's good liquidity. At emergence the company will reduce its debt relative to the prepetition level by nearly $1.3 billion (nearly 25%), to roughly $3.85 billion, primarily through a conversion of roughly $1.5 billion of its prepetition unsecured debt into common equity. Mallinckrodt's exit financing is comprised of a $200 million asset-based lending revolving (ABL) facility due 2026 (unrated), approximately $2.7 billion of senior secured first lien term loans and $495 million of first lien notes due 2025. Additionally, the capital structure will include $323 million and $375 million second lien notes due 2025 and 2029, respectively. Furthermore, Mallinckrodt will retain on its balance sheet a $717 million opioid settlement obligation (present value if prepaid in the 18-months following re-emergence from bankruptcy), which Moody's treats as debt-like liability. The B3 rating for the senior secured first lien term loans and notes matches the B3 Corporate Family Rating. Moody's Loss Given Default (LGD) for Speculative-Grade Companies methodology suggests that the first lien senior secured debt be rated one notch above the CFR due to the balance of first and second lien debt in the capital structure. However, as there is uncertainty around the company's go-forward capital structure, with Moody's expectation that the opioid settlement liability is likely to be partially paid with incremental first-lien debt, Moody's has opted to apply a one notch override to the LGD methodology outcome for the first lien debt instruments. The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's expectation that Mallinckrodt's liquidity will remain good over the next 12 to 18 months. Mallinckrodt's liquidity will be supported by $500 million of cash at transaction's close. Moody's estimates that the company will generate at least $250 million of annual free cash flow over the next 12-to-18 months. External liquidity is further supported by a new ABL revolving credit facility that provides for borrowings of $200 million. Alternative sources of liquidity are limited as substantially all assets are pledged. Following are some of the preliminary credit agreement terms, which remain subject to market acceptance. The proposed terms and the final terms of the credit agreement may be materially different. As proposed, the credit facilities are expected to contain covenant flexibility for transactions that could adversely affect creditors, including the ability to incur incremental term loan facilities in an aggregate amount not to exceed the greater of (a) $3,308.0 million and (b) amounts subject to 2.75x first lien secured net leverage ratio (x) so long as the public corporate family ratings (or equivalent) are at least B2/B from two of Moody's, S&P and Fitch) or (y) otherwise, 2.25x first lien secured net leverage ratio (if pari passu secured). No portion of the incremental may be incurred with an earlier maturity than the initial term loans. The credit agreement permits the transfer of assets to unrestricted subsidiaries, up to the carve-out capacities, subject to "blocker" provisions which prohibit restricted payment, investments or dispositions of any intellectual property owned by the company that is material to the operation of the company, taken as a whole, to unrestricted subsidiaries. Non-wholly-owned subsidiaries are not required to provide guarantees; dividends or transfers resulting in partial ownership of subsidiary guarantors could jeopardize guarantees, but are mitigated by explicit protective provisions limiting such guarantee releases. The credit agreement provides some limitations on up-tiering transactions, including the requirement that each lender directly affected consents to subordinating (a) the obligations in right of payment to any other indebtedness, or (b) the liens securing the obligations in priority to the liens securing any other indebtedness (subject to exceptions to be set forth in the documentation). The proposed terms and the final terms of the credit agreement may be materially different. ESG CONSIDERATIONS Mallinckrodt's ESG Credit Impact Score is Highly Negative (CIS-4), with a negative impact on the rating due to high exposure to social risks. This stems from Mallinckrodt's high exposure to litigation, some drug pricing exposure primarily in its branded segment and high manufacturing compliance standards. Governance risks are high because Mallinckrodt operates with high leverage and faces risk of future cash outflows to resolve its litigation exposures. Mallinckrodt faces moderately negative environmental exposures (E-3 issuer profile score). These include exposure to waste and pollution management stemming from number of investigations of current and former manufacturing facilities, as well as former disposal sites alleged to have resulted in environmental contamination, and ongoing incurrence of cleanup and remediation costs. Mallinckrodt faces very high negative social risk exposures (S-5 issuer profile score). These include industry-wide risk exposures related to policy risk, and high manufacturing compliance standards, as well as compliance associated with opioids, as the company will operate under set guidelines, overseen by an independent monitor, following reemergence. Additionally, drug pricing risk in the US is also a key social risk, reflecting on-going pressure from government and commercial payors to reduce healthcare costs. Mallinckrodt faces highly negative governance risk exposures (G-4 issuer profile score). These include the company's recent bankruptcy filing and high financial leverage upon emergence. Additionally, as part of settlement with the Department of Health and Human Services Office of Inspector General (HHS-OIG) related to the claim that Mallinckrodt was underpaying Medicaid rebates due for Acthar from 2013 until 2020, the company agreed to pay a $260 million and entered into a five-year corporate integrity agreement (CIA). As part of restructuring, the company will have a new reorganized board which will oversee Mallinckrodt's strategy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings upside is unlikely in the near-term as Mallinckrodt emerges from bankruptcy. Longer-term, the ratings could be upgraded if the company is able to maintain stable earnings from the core specialty pharmaceutical brands business, while effectively managing its strategic initiatives under more conservative financial policies. The company would also need to extinguish remaining opioid-related settlement liability, as well sustain debt/EBITDA below 5.5x. Additionally, the company would need to maintain good liquidity highlighted by consistently positive free cash flows. Ratings could be downgraded if Mallinckrodt's operating results are weaker than Moody's anticipates, the company incurs any material incremental cash outflows related to legal matters, or if it fails to generate positive free cash flows on a sustained basis. Ratings could also be downgraded if the company's EBIT/interest is sustained below 1.0x, or if liquidity deteriorates for any reason. The principal methodology used in these ratings was Pharmaceuticals published in November 2021. Luxembourg-based Mallinckrodt International Finance S.A. is a subsidiary of Dublin, Ireland-based Mallinckrodt plc (collectively "Mallinckrodt"). Mallinckrodt is a specialty biopharmaceutical company with reported net revenue for the fiscal year ended December 31, 2021 of approximately $2.2 billion. ===================== N E T H E R L A N D S ===================== WP/AP TELECOM: S&P Assigns 'B' Long-Term ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned its 'B' long-term issuer credit ratings to WP/AP Telecom Holdings III B.V., owner of T-Mobile Netherlands (TMNL), and its 'B' and 'CCC+' issue rating to the company's senior secured and senior unsecured debt, issued by WP/AP Telecom Holdings IV and WP/AP Telecom Holdings III, respectively. The stable outlook reflects S&P's belief that TMNL will execute its strategy to progressively increase its fixed-mobile converged customer base while maintaining solid free cash flow and deleveraging towards 5.5x by 2023. This rating action is in line with S&P's preliminary ratings, which it assigned on Nov. 9, 2021. There were no material changes to S&P's base case compared with its original review. Leverage and credit metrics have not materially changed compared with S&P's previous estimate. The main differences from the preliminary rating analysis are the slightly higher interest under the term loan B and the slightly lower coupons on the senior secured and unsecured notes, while debt terms remained in line with our assumptions. The stable outlook reflects S&P's belief that TMNL will execute its strategy to progressively increase its fixed-mobile converged customer base, leveraging its leading position in the Dutch business-to-customer mobile market, its strong brands and spectrum assets, and its contracted access to an expanding third-party fiber infrastructure, while maintaining solid free cash flow and deleveraging toward 5.5x by 2023. A one-notch upside would happen if the company achieves adjusted leverage sustainably and comfortably below 5.5x while maintain an adjusted-FOCF-to-debt ratio above 5%. Although the Open Dutch Fiber footprint is ramping up, S&P understands that the nature of the contract could warrant an additional lease-like debt adjustment if minimum commitments are not met, which could delay the deleveraging. Should leverage persistently spike to above 7x, or reported FOCF after leases drop toward break-even, the rating could be lowered by one notch. This could occur if the new private equity owner's financial policy proved more aggressive than assumed, or with any material operational setbacks due for example to aggressive competitive retaliation from the company's competitors. ESG credit indicators: E-2, S-2, G-3 Governance structure S&P said, "Governance factors are a moderately negative consideration on our credit analysis of T-Mobile Netherlands. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of the controlling owners, which is the case for most rated entities owned by private-equity sponsors. Our assessment also reflects their generally finite holding periods and a focus on maximizing shareholder returns." =========== R U S S I A =========== ALMALYK MMC: S&P Affirms 'B+' ICR, Outlook Stable ------------------------------------------------- S&P Global Ratings affirmed its 'B+' rating on Uzbekistan-based copper producer Almalyk MMC JSC. S&P said, "The stable outlook reflects our expectation that the company will secure the remaining financing for capital expenditure (capex) and ramp up the Yoshlik project by 2024, with no material cost overruns or delays, while maintaining adequate liquidity and FFO to debt above 30%. "We consider that Almalyk's SACP has improved to 'b+', since we project the company can generate FFO to debt of about 30% at the peak of the investment cycle, as lower taxes and strong commodities prices offset large accumulated debt. At the end of 2021, the government of Uzbekistan announced several changes to the tax system, including reducing the corporate tax rate for metals producers to 50% from 75%, applied to all revenue generated above the 15% margin from 2022. S&P said, "As a result, we now expect Almalyk will have more cash available for its massive investment program. Combined with favorable copper and gold prices, which we assume will be $8,700 per ton-$9,500 per ton and $1,600 per ounce-$1,800 per ounce, respectively, in 2022-2023, we forecast that the company will generate FFO to debt of about 50% in 2022; we expect FFO to debt will decline to 28%-30% in 2023 due to an anticipated debt increase to finance investments, with further deleveraging in 2024 as Yoshlik ramps up. This compares favorably with our previous assumption of FFO to debt of about 20% in 2023. Most importantly, about 70% of the metrics improvement comes from revised tax rates, rather than stronger commodities' prices, which supports our base case. That said, for our updated forecasts, we assume Almalyk will generate stronger cash flow and metrics commensurate with a 'b+' SACP, even at the peak of its investment cycle." S&P said, "We see risks related to the execution of Almalyk's large greenfield project Yoshlik as the main constraint for the rating. The Yoshlik greenfield mine development and new metallurgical complex construction, at a preliminary cost of Uzbek sum (UZS) 59,200 billion, or about $5.1 billion, aims to almost double the company's production of copper to 290,000 tons from 148,000 tons and it gold output to 1.05 million ounces from 550 thousand ounces as of year-end 2020. Almalyk plans to launch the greenfield project by 2024, managing related capital investments of about UZS23,000 billion (about $2.1 billion) annually over the next two years. Yoshlik represents 3.0x the company's current EBITDA and we believe its realization could be challenging, given Almalyk's limited expertise in launching projects of this scale. Furthermore, we note that financing for the project is still being negotiated, since financing of about UZS8,900 billion ($0.8 billion) previously agreed in 2021 is no longer available because the bank providing the funds is on the U.S., EU, and U.K. sanctions lists. We understand the project timeline is unchanged for now, since Almalyk is currently using a government-provided capital injection for investments, and we assume it can attract alternative financing, including prepayments from counterparties. However, about UZS23,500 billion ($2.1 billion) of required financing is currently outstanding. Significant delays in project realization or cost revisions, although not part of our base case, could hurt the company's metrics and postpone expected deleveraging following the Yoshlik launch, especially if this coincides with an industry downturn. We think securing financing and equipment could reduce the risks and lead us to take a more positive stance on overall project execution risks. "Our assessment of a high likelihood of extraordinary state support reflects Almalyk's important role for the domestic economy, but doesn't lead to automatic alignment of our rating with that on the sovereign. In our view, Almalyk plays an important role for Uzbekistan, contributing significantly to the state's budget and the ongoing national project Yoshlik. A successful launch of Yoshlik should almost double the country's copper production, allowing Uzbekistan to benefit from increasing demand from the renewables industry as the energy transition accelerates. We regard as positive that the government is prepared to provide timely support to the company during the massive investment cycle. We also assume Almalyk's plans for an IPO of a minority stake in local and, potentially, global markets, is unlikely to change our view of its link with the government. We believe government will keep at least a 75% controlling stake in the company, while exercising full control over the strategic and business plan through the board of directors. At the same time, our assessment is limited by the government's longer-term plans to transform the state-owned company into a competitive and more independent producer." Outlook S&P said, "The stable outlook reflects our expectation that Almalyk will raise the remaining financing for its massive investment program, maintain adequate liquidity, and commission the Yoshlik mine by 2024 with no material cost overruns or delays. In our base case, FFO to debt should remain above 30% through the investment cycle, while a successful Yoshlik ramp-up should allow the company to start deleveraging rapidly from 2024, diversifying production from the main mine Kalmakir." Downside scenario Rating downside could result from a deterioration of Almalyk's stand-alone credit profile to 'b-', since for S&P's current rating it assumes additional headroom on the back of government support. However, this scenario appears unlikely because it would imply FFO to debt falling toward 12% without prospects of immediate recovery, which could materialize from a combination of: -- Tax rate revisions by the government. -- Material cost overruns at Yoshlik and a delay in the project launch. -- A significant drop in copper and gold prices by more than 50% from base case levels. Upside scenario Ratings upside is contingent on a successful project launch in 2024, which should significantly boost copper, silver, and gold production, while reducing reliance on one mine, Kalmakir. S&P could consider raising the rating if the company starts producing ore at Yoshlik on time and budget, FFO to debt stays comfortably above 30%, and discretionary cash flow turns positive. Environmental, Social, And Governance ESG credit indicators: E-3, S-3, G-4 S&P said, "Governance factors are a negative consideration in our credit analysis of Almalyk, as for many other corporates we rate in Uzbekistan, where we see governance risks as elevated. Additionally, we note developing corporate practices and lower transparency and disclosure compared with peers in emerging markets. Environmental factors are a moderately negative consideration, similar to its copper- and gold-producing peers. Copper and gold ore extraction and refining are energy intensive processes, generating substantial greenhouse gas emissions and waste products. Social risks are also a moderately negative consideration, in line with most mining peers globally, due to the inherent health and safety risks in the core business." =========== T U R K E Y =========== MERSIN INTERNATIONAL: S&P Downgrades ICR to 'B+', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit on Mersin Uluslararasi Liman Isletmeciligi A.S. (Mersin International Port; MIP) and its issue ratings on the company's debt to 'B+' from 'BB-'. The 'bbb-' stand-alone credit profile (SACP) is unchanged, although with tight headroom following material shareholder distributions, a upcoming large capital expenditure (capex) program, and some adverse economic spillover from the Russia-Ukraine conflict. The negative outlook mirrors the one on the sovereign, given Mersin's dependence on the T&C assessment. The rating on Mersin remains tied to S&P's T&C assessment on Turkey. The rating action on the company follows a similar action on Turkey. The rating on Mersin could be one notch above the 'B+' long-term foreign currency sovereign rating on Turkey, owing to our analysis of the company under our sovereign default stress test, mostly because MIP keeps an almost full cash position in hard currencies overseas. S&P said, "However, because all MIP's operations are based in Turkey, the rating is capped at our T&C assessment, which has been revised to 'B+', the same level as the rating on Turkey's foreign- and local-currency debt. This reflects our view that the government would likely restrict access to foreign-exchange liquidity for Turkish companies in a hypothetical default scenario, creating obstacles to paying foreign-currency debt." Limited revenue exposure to the Turkish lira supports MIP's credit quality, although earnings' stability depends on currency movements combined with inflationary pressures. To service its U.S. dollar-denominated debt, the company benefits from tariffs quoted in U.S. dollars, which are partially collected directly in dollars (close to 60% in 2021) or received in lira and converted weekly to hard currency. Operating costs are instead denominated in lira and inflationary increases (an average of 55% in 2022) are only partially compensated by currency depreciation, especially on personnel costs. An exception is power and fuel costs (about 10% of total operating expenditure), where there is no foreign exchange benefit because prices are linked to the dollar. Hence, S&P expects S&P Global Ratings-adjusted EBITDA margins to decrease close to 68%-70% in our base-case scenario, from 73.3% in fiscal 2021 (based on S&P Global Ratings' adjustments). Mersin retains a 'bbb-' SACP, although headroom is decreasing after material shareholder distribution. Ordinary dividends and upstream loans ($345.2 million combined in 2021) have reduced headroom over the past four years. With the upcoming start of a significant planned investment program (Phase 2 of the East Mediterranean Hub project--EMH2, at about $350 million over 2022-2024), S&P expects MIP to adopt a prudent financial policy to maintain the 'bbb-' SACP during construction, such that S&P Global Ratings-adjusted debt to EBITDA will remail below 3x and funds from operations (FFO) to debt above 30% on a weighted-average basis over 2022-2024. The SACP remains supported by the company's position as one of the leading ports in Turkey and the East Mediterranean region, enjoying good connectivity to its industrialized hinterland and a favorable long-term concession framework. Adverse economic spillover from the Russia-Ukraine conflict represents a risk for Mersin's operating and financial performance. Of conventional volume (15% of revenue in 2021), 15%-18% is exposed to Ukraine and Russia, mostly related to imports of wheat and sunflower oil, while direct exposure for containers (78% of revenue in 2021) is not material and limited to citrus fruits, whose export season ended by February. S&P will continue monitoring the evolution of trade volumes, also considering that the lira's sharp depreciation (about 55% vis-a-vis the U.S. dollar in 2021) could translate into increased export activity, as experienced during the August 2018 currency crisis. In first-quarter 2022, cargo volumes were strong, up 22% compared with the same period of 2021, driven by continuous high freight rates, while like-for-like container volumes decreased by 5%. The withdrawal of the rating on PSA International Pte. Ltd. (PSAI) has not affected the rating on Mersin. On March 16, 2022, S&P Global Ratings withdrew its 'AA' long-term issuer credit rating on PSAI at the company's request. In S&P's assessment, the MIP rating is not constrained by PSAI's credit quality. S&P said, "The negative outlook primarily reflects our negative outlook on Turkey, given Mersin's dependence on the T&C assessment. MIP displays stronger stand-alone credit quality than the sovereign, but our ratings are capped by our 'B+' T&C assessment on Turkey, because all MIP's operations are based in the country. "The 'bbb-' SACP reflects MIP's solid market position and our expectation that financial flexibility will help the company maintain S&P Global Ratings-adjusted debt to EBITDA of 2.5x-3.0x and adjusted FFO to debt of close to 30% on a three-year weighted-average basis." S&P could lower its rating on MIP if: -- S&P revised downward its 'B+' T&C assessment for Turkey. -- The company's SACP deteriorated to below 'b+', which S&P views as unlikely in the near-to-medium term. This could result from any combination of weaker liquidity, financial metrics, or a deterioration of business strengths. -- Although it would not affect the rating, S&P could revise the SACP downward by one notch to 'bb+' if FFO to debt deteriorated to below 30% and debt to EBITDA rose higher than 3x, all else being equal. S&P would revise its outlook on MIP to stable should it takes a similar action on Turkey. ESG credit indicators: E-2, S-2, G-3 =========================== U N I T E D K I N G D O M =========================== AMPHORA INTERMEDIATE II: Moody's Cuts CFR to Caa1, Outlook Stable ----------------------------------------------------------------- Moody's Investors Service has downgraded Amphora Intermediate II Ltd's (Accolade or the company) to Caa1 from B3 the corporate family rating and downgraded to Caa1-PD from B3-PD the probability of default rating. Concurrently Moody's has downgraded Amphora Australia Holdings Pty's Ltd and Amphora Finance Limited's to Caa1 from B3 the backed senior secured instrument ratings. The outlook on all ratings remains stable. RATINGS RATIONALE Accolade reported weaker than results than Moody's expected in the 6 months to December 2021, the first half of the company's fiscal 2022, ending June. Company reported EBITDA fell to AUD39.2 million from AUD43.2 million in the comparable prior period. The company's performance has been affected by a combination of rising input costs, including packaging, labour and freight as well as supply chain issues, including shipping delays and truck driver shortages. In addition, the results were negatively affected by the strict lockdown in Australia which lasted for a material part of the period. The company's Moody's adjusted debt has also increased quite materially over the last 18 months, rising to approximately AUD880 million as of December 2021 from AUD715 million as of June 2020. This increase reflects several factors including the company's decision to invest into the faster growing premium segment (approximately AUD50 million growth in inventory in fiscal 2021 as well as AUD66 million total working capital outflow in H1 fiscal 2022) and also spent AUD47 million in fiscal 2021 to acquire new businesses, including a UK perry brand Lambrini and a premium Australian brand Kantook. Accolade relied on a new circa AUD140 million receivables facility which was almost fully drawn as of December 2021 and also partially drew on its AUD150 million backed senior secured revolving credit facility (RCF). As a result of its lower profits and higher debt Accolade's Moody's-adjusted leverage (debt / EBITDA) increased to approximately 12.4x as of December 2021 compared with 10.9x as of June 2021 and with 7.1x pre-pandemic level as of December 2019. The company's Moody's-adjusted EBIT to Interest cover has also remained weak at 0.6x as of December 2021, compared with 0.5x in fiscal 2020 (affected by the pandemic) and 1.5x in fiscal 2019. Notwithstanding continuing cost inflation and supply chain constraints Moody's expects Accolade's leverage to gradually decrease from the current peak levels, albeit to remain high at around 9x-10x in fiscal 2023. This deleveraging will be driven by a combination of factors. Accolade has been negotiating price increases with key retailers, which should take effect in H2 fiscal 2022 and in 2023. Secondly, the recent acquisitions should be contributing an additional AUD5-6 million on an annualised basis. Lastly, the major investments to the Berri bottling project have been finished, which should support the company's bottom line by around AUD4 million from fiscal 2023. In addition to the company's weak credit metrics Accolade's Caa1 CFR reflects the company's (1) small scale relative to large alcoholic beverage rated peers; (2) limited geographical diversity with significant reliance on the UK and Australia; (3) exposure to cost inflation and supply chain difficulties; and (4) ongoing significant restructuring costs that weigh on the cash flow generation. More positively, the rating also factors in (1) Accolade's portfolio of well-known brands; (2) its vertically integrated model across supply chain and packing/bottling facilities; (3) the historically stable nature of the wine industry, its ongoing recovery from the pandemic-driven restrictions and the low correlation to macroeconomic swings; and (4) potential for free cash flow from 2023 after price increases are implemented and the major efficiency projects are completed. ENVIRONMENTAL, SOCIAL AND GOVERNANCE Moody's would like to draw attention to certain governance considerations related to Accolade. The company is controlled by Carlyle which, as is common for private equity sponsored deals, has a high tolerance for leverage and appetite for debt-funded acquisitions. LIQUIDITY Accolade's liquidity is adequate, driven by AUD78 million available on the RCF and a AUD30 million cash balance as of December 2021. The RCF is subject to a senior leverage covenant at 8.77x, tested quarterly if more than 40% of the facility is drawn (leverage is based on the company's run-rate EBITDA and had a sufficient headroom at 6.05x as of December 2021). However, Moody's expects free cash flow to stay negative for the next 12-18 month due to still low EBITDA generation as well as ongoing investments in IT systems capability, premium wineries growth and other projects, which have been partially postponed from the current year. The company's cash flow is also seasonal with EBITDA over October-December being traditionally the highest and at its lowest in January-March. Working capital outflow also hits a high point over January-March reflecting the harvest season. STRUCTURAL CONSIDERATIONS The PDR of Caa1-PD is in line with the CFR and reflects a 50% recovery rate. The capital structure includes a GBP301 million backed senior secured term loan B (Term Loan B) and an AUD150 million RCF, both senior secured, ranking pari passu, and guaranteed by at least 80% of Group EBITDA. The Caa1 instrument rating to the Term Loan B and RCF is in line with CFR reflecting its position as the material debt within the capital structure. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's expectations that operating performance will gradually recover after a weak fiscal 2022 and the company will sustain an adequate liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could be considered in the event of (1) stronger free cash flow used for debt repayment while maintaining adequate liquidity, (2) evidence of material and sustained recovery in EBITDA, leading to Moody's- adjusted leverage below 8x and (3) Moody's adjusted interest cover exceeding 1.0x. Conversely, negative pressure on the rating could materialise in the event that (1) operating performance does not improve during the coming months (2) the company endures sustained negative free cash flow or liquidity concerns, or (3) there is an increasing likelihood of debt restructuring or refinancing risk. LIST OF AFFECTED RATINGS Downgrades: Issuer: Amphora Australia Holdings Pty Ltd BACKED Senior Secured Bank Credit Facility, Downgraded to Caa1 from B3 Issuer: Amphora Finance Limited BACKED Senior Secured Bank Credit Facility, Downgraded to Caa1 from B3 Issuer: Amphora Intermediate II Ltd Probability of Default Rating, Downgraded to Caa1-PD from B3-PD LT Corporate Family Rating, Downgraded to Caa1 from B3 Outlook Actions: Issuer: Amphora Australia Holdings Pty Ltd Outlook, Remains Stable Issuer: Amphora Finance Limited Outlook, Remains Stable Issuer: Amphora Intermediate II Ltd Outlook, Remains Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Alcoholic Beverages published in December 2021. PROFILE With reported revenue of AUD837 million and company reported EBITDA of AUD82 million in fiscal 2021 ending June, Accolade is the fifth largest wine company in the world with a leading market position in Australia and the UK. The company's brands are in different price categories and include Hardys, Mud House, Echo Falls, Kumala, Grant Burge, and St Hallett. The company is owned by The Carlyle Group. BURY FOOTBALL: Exits Administration, Fan Takes Control of Gigg Lane ------------------------------------------------------------------- Charlotte Day at Mail Online reports that Bury Football Club have announced that they have come out of administration and will return to play football at Gigg Lane. Bury was expelled from the Football League in August 2019 in a move that was expected to spell the end for the 134-year-old club, Mail Online recounts. However, a consortium led by fan group Est. 1885 moved closer to regaining control of their old stadium in January of this year, Mail Online discloses. As well as owning Gigg Lane -- which has been home to the club since its foundation -- it meant that the fan group could trade as Bury FC and acquire the club's history and memorabilia, Mail Online notes. According to Mail Online, Bury FC released a statement that read: "After Bury Football Club Supporters' Society successfully rallied together to buy Gigg Lane, and the intellectual property, history and memorabilia of Bury Football Club out of administration, The Shakers are finally coming back after their tragic expulsion from the English Football League in 2019. "With the help of generous benefactors, the club is now in safe hands. Using the successful German model of 51:49 ownership, we (the Supporters' Society) make up the 51% majority while the benefactors, Bury fans themselves, are the 49%. "The club and stadium can never fall out of our hands again and we are now working hard to bring elite men's football back to the town through negotiations with the FA." Bury Football Club is an English association football club based in Bury, Greater Manchester, whose team last played in EFL League Two, the fourth tier of English football, in the 2018-19 season. NMC HEALTH: Administrators Sue EY for UK Audit Negligence --------------------------------------------------------- Saeed Azhar at Reuters reports that the administrators of NMC Health PLC have filed a lawsuit against Ernst & Young in the United Kingdom for alleged negligence on the audit work it did for the troubled hospital operator between 2012 to 2018, a spokesperson said. NMC, which used to be listed in London, ran into trouble in 2020 and went into administration after it disclosed more than US$4 billion in hidden debt, Reuters recounts. "As part of our wide ranging investigation into the situation, we have looked at the role of the auditors and have now launched formal legal proceedings against EY in the UK for audit negligence with regards to its work with the company between 2012 and 2018," Reuters quotes a spokesperson for Alvarez and Marsal, the joint administrators for NMC Health PLC, as saying in an email. "As administrators, we have an obligation to maximise returns for creditors and this action is part of those wider efforts." EY said in an email it was aware of the claim submitted to the court by the administrators of NMC Health Plc and will defend the claim "vigorously." The two statements did not disclose the amount of damages Alvarez and Marsal is seeking in the lawsuit, but Sky News reported the claim filed in London was for US$2.5 billion, Reuters relates. The core operations of NMC, the largest private healthcare provider in the United Arab Emirates (UAE), has come out of administration in Abu Dhabi in March and are now part of a new company, Reuters discloses. However, the UK-registered NMC Healthcare PLC and UAE-registered NMC Healthcare Ltd still remain in administration while restructuring and legal issues related to these entities are resolved, Reuters notes. QUINTO CRANE: Enters Administration, 50 Jobs Affected ----------------------------------------------------- Derin Clark at Eastern Daily Press reports that Norwich-based crane hire business Quinto Crane and Plant Hire has gone into administration, leading to 50 jobs being lost. The company based on Anson Road near Norwich Airport, reported revenues of more than GBP8 million, with a pre-tax loss of GBP568,000 in the year to the end of September 2020, Eastern Daily Press discloses. Total assets were just more than GBP11.1 million, with a tangible net worth of GBP3.6 million, Eastern Daily Press notes. Price Bailey, an accountancy firm based in Norwich, has been brought in to handle the administration, Eastern Daily Press relates. The company is seeking a buyer for the business in its entirety, or buyers for individual assets, Eastern Daily Press states. According to Eastern Daily Press, Matt Howard, head of Insolvency and Recovery at Price Bailey, said: "The director has taken the difficult decision for Quinto Crane and Plant Ltd to cease trading with immediate effect. We have been instructed to assist with the administration, which will include seeking a buyer for the whole business or the individual assets. "Like many businesses in the construction industry Quinto has suffered from adverse economic headwinds. Brexit, the lockdowns, and the recent spike in diesel prices have all come together to erode what were already tight margins. "The market is extremely challenging for crane and plant hire businesses, but Quinto has a long-standing reputation and presence, which makes us hopeful of finding a buyer." TRINITY SQUARE 2021-1: S&P Affirms 'BB (sf)' Rating on Cl. G Notes ------------------------------------------------------------------ S&P Global Ratings raised to 'A- (sf)' from 'BBB+ (sf)' and to 'A (sf)' from 'BB- (sf)' its credit ratings on Trinity Square 2021-1 PLC's class E-Dfrd and X-Dfrd notes, respectively. At the same time, S&P affirmed its 'AAA (sf)', 'AA+ (sf)', 'AA (sf)', 'A (sf)', 'BBB- (sf)', and 'BB (sf)' ratings on the class A, B-Dfrd, C-Dfrd, D-Dfrd, F-Dfrd, and G-Dfrd notes, respectively. The rating actions reflect the transaction's consistent stable credit performance as well as the increased credit enhancement. Trinity Square 2021-1 is a static RMBS transaction that securitizes a portfolio of first-lien U.K. nonconforming residential mortgage loans. Total arrears (4.7%) in the transaction have decreased since closing and are currently below our U.K. nonconforming index for pre-2014 originations. The credit enhancement available for the notes has increased since closing due to the notes' sequential amortization and the presence of a nonamortizing reserve fund, which remains undrawn. Overall, since closing, the weighted-average foreclosure frequency (WAFF) has remained relatively stable at all rating levels. At the same time, the weighted-average loss severity (WALS) at the 'AAA', 'AA', 'A' and 'BBB' categories have marginally improved, while they slightly increased at the 'BB' and 'B' levels. This is mainly due to the updated house-price index and over/under valuation assumptions in S&P's credit model, which decreased our effective loan-to-value adjustment on the WAFF, and its repossession market value decline assumptions and current loan-to-value ratio on the WALS. Aside from this, the pool has showed an improving performance and similar pool level characteristics compared to our previous analysis. Considering the historical loss severity levels registered in the pool, the data suggest that the portfolio's underlying properties may have only partially benefited from the rising house prices, and S&P has therefore applied a valuation haircut on the current valuations to reflect this. The overall effect from its credit analysis results is a minor decrease in the required credit coverage for the 'AAA', 'AA', and 'A' levels, and a marginal increase at the 'BBB', 'BB', and 'B' levels. Table 1 Portfolio WAFF And WALS BASE FORECLOSURE FREQUENCY COMPONENT FOR AN ARCHETYPAL RATING CREDIT U.K. MORTGAGE LEVEL WAFF (%) WALS (%) COVERAGE (%) LOAN POOL (%) AAA 23.45 26.83 6.29 12.00 AA 18.28 20.41 3.77 8.10 A 15.85 11.61 1.84 6.10 BBB 13.2 97.28 0.97 4.20 BB 10.55 4.72 0.50 2.20 B 9.93 2.88 0.29 1.75 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average los severity. S&P said, "Our credit and cash flow results indicate that the available credit enhancement for the class A notes continues to be commensurate with the assigned rating. We have therefore affirmed our 'AAA (sf)' rating on this class of notes. "The class B-Dfrd, C-Dfrd, D-Dfrd, F-Dfrd, and G-Dfrd could withstand our standard stresses at higher ratings than those assigned. However, for these notes we considered additional sensitivities including deteriorating credit conditions in light of the pool's characteristics. The assigned ratings are able to withstand these stresses. We have therefore affirmed our ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, F-Dfrd, and G-Dfrd notes. "Given the positive excess spread in the transaction, the class X-Dfrd notes have been subject to significant amortization since closing and they are now about 30% of their initial balance. As a result, under our cash flow analysis, these notes are now able to withstand levels of stress commensurate with a higher rating than what currently assigned. Our rating on these notes also considers a higher prepayment stress of 40%. Under our stressed scenarios with stressed liquidity, these notes are repaid within a year. We have therefore raised to 'A (sf)' from 'BB- (sf)' our rating on the class X-Dfrd notes. "The class E-Dfrd notes are showing improved credit enhancement levels, and our credit and cash flow results indicate that these notes can withstand our stresses at a higher rating than that currently assigned, including sensitivities where deteriorating credit conditions are tested. We have therefore raised to 'A- (sf)' from 'BBB+ (sf)' our rating on the class E-Dfrd notes." WATERSIDE CORNWALL: Park Holidays Acquires Business --------------------------------------------------- Charlotte Becquart at CornwallLive reports that a holiday park and wedding venue which went into administration two years ago leaving couples in the dark over their wedding days has now been sold. Waterside Cornwall -- formerly known as Lakeview -- located in Lanivet, fell into administration in early March 2020, CornwallLive recounts. It made 24 people redundant, while nine others had resigned, as the restaurant, bar, event and leisure facilities would not reopen, CornwallLive discloses. According to CornwallLive, administrators said at the time that, without the restructuring, the company would have gone out of business, and as a result, only the holiday lodges at the venue are reopening this season. Now the site has been bought by one of the largest holiday park operators, Park Holidays, CornwallLive states. The joint administrators and liquidators of the various companies which owned the Waterside resort, Clare Lloyd, Finbarr O'Connell and Colin Hardman, of Smith & Williamson LLP, and Lane Bednash of CMB Partners UK Ltd, said the sale of Waterside follows the implementation of a business plan to stabilise and restructure trading at the property, turning it from a loss-making operation into profitability, CornwallLive relates. The transaction will be of benefit to the creditors of collapsed London Capital & Finance plc (LCF) which held significant investments in the scheme, CornwallLive notes. LCF plunged into administration in 2019 and was under investigation following allegations of mis-selling high-risk bonds as ISAs, CornwallLive discloses. Before LCF invested millions in Waterside, the resort was part of a GBP250 million investment plan in UK tourism by a Chinese company, according to CornwallLive. In 2015, Lakeview -- as Waterside was called at the time -- publicised plans for a luxury holiday complex after Chinese company SinoFortone and the London Group Plc revealed a plan to attract Chinese visitors to the UK. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week April 25 to April 29, 2022 --------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Gazprom PJSC Via Gaz 2.250 7/19/2022 CHF 51.760 Russian Railways Via 5.700 04/05/2022 USD 9.000 Gazprom PJSC Via Gaz 1.450 03/06/2023 CHF 25.694 Corestate Capital Ho 3.500 4/15/2023 EUR 63.875 Russian Railways Via 0.840 03/12/2026 CHF 7.445 Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 29.750 Ukraine Government I 7.750 09/01/2022 USD 56.750 Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 26.939 Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 58.000 Russian Railways Via 2.100 10/02/2023 CHF 5.255 Severstal OAO Via St 3.150 9/16/2024 USD 19.500 Kernel Holding SA 6.500 10/17/2024 USD 53.201 Lukoil International 4.563 4/24/2023 USD 47.000 Gunvor Group Ltd 6.250 9/30/2026 USD 86.644 Gazprom PJSC via Gaz 3.897 EUR 18.809 Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 37.500 MHP Lux SA 6.950 04/03/2026 USD 51.684 MHP SE 7.750 05/10/2024 USD 50.983 Eustream AS 1.625 6/25/2027 EUR 74.228 Lukoil Securities BV 3.875 05/06/2030 USD 36.250 Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 25.997 Russian Railways Via 2.200 5/23/2027 EUR 10.000 Yandex NV 0.750 03/03/2025 USD 46.500 Lukoil International 4.750 11/02/2026 USD 42.000 Russian Railways Via 7.487 3/25/2031 GBP 15.413 ADLER Group SA 2.250 1/14/2029 EUR 75.204 Gazprom PJSC Via Gaz 4.250 04/06/2024 GBP 25.311 Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 27.024 Corestate Capital Ho 1.375 11/28/2022 EUR 59.301 Gazprom PJSC Via Gaz 2.949 1/24/2024 EUR 25.000 Kernel Holding SA 6.750 10/27/2027 USD 52.843 Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 24.986 Russian Railways Via 3.125 CHF 9.251 VEON Holdings BV 3.375 11/25/2027 USD 57.149 Russian Railways Via 0.898 10/03/2025 CHF 6.090 Republic of Belarus 6.875 2/28/2023 USD 14.200 Russian Railways Via 4.600 03/06/2023 EUR 10.053 Gazprom PJSC Via Gaz 2.250 11/22/2024 EUR 32.153 Russian Foreign Bond 2.875 12/04/2025 EUR 15.242 Sberbank of Russia V 5.125 10/29/2022 USD 10.350 Gazprom PJSC via Gaz 2.950 1/27/2029 USD 27.850 Banca Monte dei Pasc 5.375 1/18/2028 EUR 63.202 Metinvest BV 8.500 4/23/2026 USD 54.250 Lukoil International 6.656 06/07/2022 USD 69.050 Gazprom Neft OAO Via 4.375 9/19/2022 USD 21.000 Gazprom PJSC via Gaz 4.599 USD 23.000 Credit Bank of Mosco 3.100 1/21/2026 EUR 10.000 Novolipetsk Steel Vi 1.450 06/02/2026 EUR 24.993 Lukoil Capital DAC 3.600 10/26/2031 USD 36.000 Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 28.500 Ukraine Government I 6.750 6/20/2026 EUR 32.748 Gazprom PJSC via Gaz 3.250 2/25/2030 USD 24.000 Mitsubishi UFJ Inves 3.971 12/15/2050 EUR 36.687 Credit Bank of Mosco 3.875 9/21/2026 USD 14.563 Lukoil Capital DAC 2.800 4/26/2027 USD 37.500 Gazprom PJSC via Gaz 3.000 6/29/2027 USD 25.500 MHP Lux SA 6.250 9/19/2029 USD 51.184 Ukraine Government I 7.750 09/01/2025 USD 34.265 Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 24.998 Borets Finance DAC 6.000 9/17/2026 USD 29.968 NAK Naftogaz Ukraine 7.625 11/08/2026 USD 32.042 NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 31.547 Credit Bank of Mosco 7.500 10/05/2027 USD 23.000 NPC Ukrenergo 6.875 11/09/2026 USD 33.395 ALROSA Finance SA 3.100 6/25/2027 USD 11.000 Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 25.000 Ukraine Government I 6.876 5/21/2029 USD 32.000 Novolipetsk Steel Vi 4.700 5/30/2026 USD 30.000 Gazprom PJSC via Gaz 3.500 7/14/2031 USD 30.500 Metinvest BV 7.750 10/17/2029 USD 53.500 Frigoglass Finance B 6.875 02/12/2025 EUR 70.120 Moby SpA 7.750 2/15/2023 EUR 73.501 Credit Bank of Mosco 7.625 USD 6.750 ALROSA Finance SA 4.650 04/09/2024 USD 24.000 Tinkoff Bank JSC Via 6.000 USD 20.000 Phosagro OAO Via Pho 3.949 4/24/2023 USD 29.000 VTB Bank OJSC Via VT 6.950 10/17/2022 USD 89.900 Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 25.000 Casino Guichard Perr 2.511 EUR 25.861 MMC Norilsk Nickel O 4.100 04/11/2023 USD 53.000 Aggregate Holdings S 6.875 11/09/2025 EUR 45.072 Polyus Finance PLC 3.250 10/14/2028 USD 28.000 VTB Bank PJSC Via VT 9.500 USD 36.561 Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 26.000 MMC Norilsk Nickel O 2.550 09/11/2025 USD 46.000 Eurochem Finance DAC 5.500 3/13/2024 USD 41.500 Gazprom Neft OAO Via 6.000 11/27/2023 USD 32.809 Vnesheconombank Via 6.800 11/22/2025 USD 33.500 Credit Bank of Mosco 4.700 1/29/2025 USD 15.025 MMC Norilsk Nickel O 6.625 10/14/2022 USD 65.375 Credit Bank of Mosco 5.150 2/20/2024 EUR 14.965 VEON Holdings BV 7.250 4/26/2023 USD 70.282 MMK International Ca 4.375 6/13/2024 USD 31.000 Hellenic Republic Go 1.875 1/24/2052 EUR 70.246 State of North Rhine 1.450 1/19/2122 EUR 71.346 NGD Holdings BV 6.750 12/31/2026 USD 39.837 Banca Monte dei Pasc 10.500 7/23/2029 EUR 71.774 Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 42.250 MMC Norilsk Nickel O 2.800 10/27/2026 USD 47.500 Dtek Renewables Fina 8.500 11/12/2024 EUR 36.881 Evraz PLC 5.375 3/20/2023 USD 35.234 Alfa Bank AO Via Alf 5.950 4/15/2030 USD 10.000 Russian Foreign Bond 2.650 5/27/2036 EUR 14.377 Metinvest BV 7.750 4/23/2023 USD 43.000 Metalloinvest Financ 3.375 10/22/2028 USD 91.470 Casino Guichard Perr 3.992 EUR 43.815 VF Ukraine PAT via V 6.200 02/11/2025 USD 53.046 Ukraine Government I 8.994 02/01/2024 USD 36.815 State Agency of Road 6.250 6/24/2028 USD 32.333 Standard Profil Auto 6.250 4/30/2026 EUR 71.571 Novatek OAO Via Nova 4.422 12/13/2022 USD 40.000 Sberbank of Russia V 5.250 5/23/2023 USD 100.475 Rallye SA 4.000 2/28/2032 EUR 14.870 Delivery Hero SE 2.125 03/10/2029 EUR 66.303 Fuerstenberg Capital 5.625 EUR 65.602 Mobile Telesystems O 5.000 5/30/2023 USD 27.000 Ozon Holdings PLC 1.875 2/24/2026 USD 26.000 Ukreximbank Via Biz 9.750 1/22/2025 USD 94.400 Phosagro OAO Via Pho 3.050 1/23/2025 USD 25.000 State of North Rhine 0.950 01/10/2121 EUR 54.274 Gtlk Europe Capital 4.650 03/10/2027 USD 22.130 Metinvest BV 7.650 10/01/2027 USD 52.346 VEON Holdings BV 4.000 04/09/2025 USD 62.535 Russian Railways Via 1.195 04/03/2028 CHF 5.819 Hungary Government B 2.250 4/20/2033 HUF 65.954 Russian Foreign Bond 1.125 11/20/2027 EUR 15.141 Romanian Government 2.875 4/13/2042 EUR 70.210 Severstal OAO Via St 5.900 10/17/2022 USD 13.000 Russian Railways Via 4.375 03/01/2024 USD 20.930 Korian SA 0.875 03/06/2027 EUR 51.024 Evraz PLC 5.250 04/02/2024 USD 51.000 Metinvest BV 5.625 6/17/2025 EUR 52.463 Tinkoff Bank JSC Via 9.250 USD 100.550 Eurotorg LLC Via Bon 9.000 10/22/2025 USD 29.749 Ukraine Railways Via 8.250 07/09/2024 USD 29.250 MMC Norilsk Nickel O 3.375 10/28/2024 USD 58.750 Credit Bank of Mosco 5.550 2/14/2023 USD 99.000 Phosagro OAO Via Pho 2.600 9/16/2028 USD 24.250 Vnesheconombank Via 5.942 11/21/2023 USD 5.000 United Kingdom Gilt 0.500 10/22/2061 GBP 62.090 Slovakia Government 1.000 10/13/2051 EUR 71.239 Ekosem-Agrar AG 8.500 12/07/2022 EUR 6.539 Bank Gospodarstwa Kr 2.250 7/21/2033 PLN 63.773 Delivery Hero SE 1.000 4/30/2026 EUR 73.487 VEON Holdings BV 5.950 2/13/2023 USD 72.500 Accor SA 0.700 12/07/2027 EUR 49.473 Polyus Finance PLC 5.250 02/07/2023 USD 99.990 Borets Finance DAC 6.500 04/07/2022 USD 36.739 GTLK Europe DAC 5.125 5/31/2024 USD 22.250 Russian Agricultural 8.500 10/16/2023 USD 7.250 Russian Foreign Bond 4.500 04/04/2022 USD 23.326 Rallye SA 4.371 2/28/2032 EUR 15.015 Gtlk Europe Capital 4.349 2/27/2029 USD 16.593 Suek Securities DAC 3.375 9/15/2026 USD 15.000 Delivery Hero SE 1.500 1/15/2028 EUR 67.663 Turkiye Is Bankasi A 6.125 4/25/2024 USD 98.910 Ekosem-Agrar AG 7.500 08/01/2024 EUR 10.356 Vnesheconombank Via 6.025 07/05/2022 USD 5.000 Hacienda Investments 5.350 02/08/2028 USD 91.500 PIK Securities DAC 5.625 11/19/2026 USD 6.350 Carnival PLC 1.000 10/28/2029 EUR 70.840 NAK Naftogaz Ukraine 7.375 7/19/2022 USD 68.500 Banca Monte dei Pasc 8.000 1/22/2030 EUR 66.250 Uralkali OJSC Via Ur 4.000 10/22/2024 USD 37.000 Global Fashion Group 1.250 3/15/2028 EUR 71.878 Polyus Finance PLC 4.700 1/29/2024 USD 99.305 Gtlk Europe Capital 5.950 4/17/2025 USD 13.000 Interpipe Holdings P 8.375 5/13/2026 USD 38.109 Korian SA 1.875 EUR 38.570 Ukraine Government B 15.840 2/26/2025 UAH 55.455 ABH Financial Ltd Vi 2.700 06/11/2023 EUR 5.000 Novolipetsk Steel Vi 4.500 6/15/2023 USD 47.000 Vonovia SE 1.625 09/01/2051 EUR 68.469 Chelyabinsk Pipe Pla 4.500 9/19/2024 USD 10.000 Ukreximbank Via Biz 9.625 4/27/2022 USD 26.283 Voltalia SA 1.000 1/13/2025 EUR 29.916 Sweden Government Bo 1.375 6/23/2071 SEK 65.261 VEON Holdings BV 4.950 6/16/2024 USD 61.350 Gtlk Europe Capital 4.800 2/26/2028 USD 20.250 Credit Bank of Mosco 8.875 USD 8.750 Andrade Gutierrez In 9.500 12/30/2024 USD 61.625 Serbia International 2.050 9/23/2036 EUR 69.168 Sovcombank Via SovCo 8.000 04/07/2030 USD 100.000 Gtlk Europe Capital 4.949 2/18/2026 USD 13.000 Novolipetsk Steel Vi 4.000 9/21/2024 USD 38.000 VEON Holdings BV 3.375 11/25/2027 USD 57.185 Metro Bank PLC 5.500 6/26/2028 GBP 64.700 Rusal Capital DAC 4.850 02/01/2023 USD 30.653 Quadient SA 3.375 EUR 58.321 Rusal Capital DAC 5.300 05/03/2023 USD 40.000 VTB Bank OJSC Via VT 4.073 10/24/2024 CHF 5.000 Banca Monte dei Pasc 8.500 09/10/2030 EUR 67.884 SCF Capital Designat 3.850 4/26/2028 USD 92.779 Serbia International 1.650 03/03/2033 EUR 72.356 FIGEAC-AERO 1.125 10/18/2022 EUR 22.347 Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 21.500 Nexity SA 0.250 03/02/2025 EUR 61.829 TMK OAO Via TMK Capi 4.300 02/12/2027 USD 21.110 Home Credit & Financ 8.800 USD 5.000 Bank Gospodarstwa Kr 2.125 06/05/2030 PLN 71.288 Ukraine Railways Via 7.875 7/15/2026 USD 27.450 Royalty Pharma PLC 3.350 09/02/2051 USD 71.493 Prosus NV 3.832 02/08/2051 USD 67.968 Alfa Bank AO Via Alf 6.950 USD 11.533 Idavang A/S 7.250 11/11/2025 EUR 65.002 Sovcombank Via SovCo 3.400 1/26/2025 USD 5.197 Global Ports Finance 6.500 9/22/2023 USD 8.625 Alfa Bank AO Via Alf 5.900 USD 9.223 ABH Financial Ltd Vi 2.875 11/09/2022 CHF 4.000 Lithuania Government 0.500 7/28/2050 EUR 65.249 Air France-KLM 0.125 3/25/2026 EUR 16.098 Czech Republic Gover 1.500 4/24/2040 CZK 64.374 Mallinckrodt Interna 5.750 08/01/2022 USD 52.000 Sovcombank Via SovCo 7.600 USD 5.000 Neoen SA 2.000 06/02/2025 EUR 52.958 Haya Real Estate SA 5.250 11/15/2022 EUR 69.645 Hacienda Investments 5.075 2/15/2023 USD 12.904 Romanian Government 2.625 12/02/2040 EUR 69.609 Sibur Securities DAC 2.950 07/08/2025 USD 27.500 Russian Federal Bond 6.100 7/18/2035 RUB 73.901 Intelsat Jackson Hol 8.500 10/15/2024 USD 44.491 VEON Holdings BV 4.000 04/09/2025 USD 62.404 Sovcombank Via SovCo 7.750 USD 4.969 Sibur Securities DAC 3.450 9/23/2024 USD 26.000 Celtic Resources Hol 4.125 10/09/2024 USD 30.000 PB International BV 7.625 12/31/2025 USD 43.017 Intelsat Jackson Hol 5.500 08/01/2023 USD 42.750 Intelsat Jackson Hol 9.750 7/15/2025 USD 44.512 Rallye SA 4.000 2/28/2032 CHF 12.000 Neoen SA 1.875 10/07/2024 EUR 42.543 Lukoil Capital DAC 3.600 10/26/2031 USD 36.500 O1 Properties Financ 0.500 9/27/2028 USD 6.203 BP Capital Markets B 0.933 12/04/2040 EUR 72.701 Vonovia Finance BV 1.000 1/28/2041 EUR 67.948 BAT International Fi 2.250 09/09/2052 GBP 55.639 Cardea Europe AG 7.250 12/08/2023 EUR 68.007 Mallinckrodt Interna 4.750 4/15/2023 USD 41.250 Russian Foreign Bond 4.875 9/16/2023 USD 27.247 SCF Capital Designat 5.375 6/16/2023 USD 21.121 Karlou BV 7.750 6/18/2024 USD 17.040 Maisons du Monde SA 0.125 12/06/2023 EUR 47.017 Russian Foreign Bond 5.250 6/23/2047 USD 19.413 Russian Foreign Bond 5.100 3/28/2035 USD 15.000 Biocartis Group NV 4.000 05/09/2024 EUR 72.252 Arrival SA 3.500 12/01/2026 USD 66.011 Bank Gospodarstwa Kr 2.375 11/27/2040 PLN 52.326 State of North Rhine 0.500 1/15/2052 EUR 72.768 Pierre Et Vacances S 2.000 04/01/2023 EUR 27.763 Deutsche Bahn Financ 0.625 12/08/2050 EUR 67.276 Ukreximbank Via Biz 9.950 11/14/2029 USD 26.830 Credit Bank of Mosco 7.121 6/25/2024 USD 99.537 Prosus NV 4.027 08/03/2050 USD 71.590 State of North Rhine 1.375 1/15/2120 EUR 70.917 Czech Republic Gover 0.050 11/29/2029 CZK 71.695 Republic of Poland G 4.000 4/25/2047 PLN 69.358 Turkey Government Bo 11.000 2/24/2027 TRY 69.500 Wirecard AG 0.500 09/11/2024 EUR 12.181 Lukoil Capital DAC 2.800 4/26/2027 USD 47.500 Union Fenosa Prefere 1.173 EUR 67.420 PJSC Koks via IMH Ca 5.900 9/23/2025 USD 5.660 Lukoil Securities BV 3.875 05/06/2030 USD 36.000 Sibur Securities DAC 4.125 10/05/2023 USD 27.036 Rallye SA 3.400 2/28/2032 EUR 14.761 MHP SE 7.750 05/10/2024 USD 50.948 Rallye SA 5.250 2/28/2032 EUR 14.191 Lukoil International 6.656 06/07/2022 USD 72.000 Alfa Bank AO Via Alf 5.500 10/26/2031 USD 8.900 Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 26.000 Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 41.000 Ziton A/S 7.900 10/03/2022 EUR 70.389 Senvion Holding GmbH 3.875 10/25/2022 EUR 0.286 HOCHDORF Holding AG 2.500 CHF 48.325 Luzerner Kantonalban 0.150 10/07/2044 CHF 72.293 Offshore Drilling Ho 8.375 9/20/2020 USD 5.000 Banque Cantonale de 0.100 11/01/2044 CHF 70.359 Hungary Government B 2.250 6/22/2034 HUF 63.269 DNB Bank ASA 0.954 USD 74.531 Russian Foreign Bond 4.250 6/23/2027 USD 20.000 Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 24.625 State of Rhineland-P 0.375 03/10/2051 EUR 71.499 MHP Lux SA 6.250 9/19/2029 USD 51.105 SRV Group Oyj 4.875 3/27/2025 EUR 70.585 Hungary Government B 2.000 5/23/2029 HUF 72.662 Russian Foreign Bond 5.625 04/04/2042 USD 21.951 Societe Nationale SN 0.875 2/28/2051 EUR 68.565 Suek Securities DAC 3.375 9/15/2026 USD 13.000 Nexity SA 0.875 4/19/2028 EUR 50.510 Econocom Group SA/NV 0.500 03/06/2023 EUR 8.036 PREOS Global Office 7.500 12/09/2024 EUR 63.500 State of Brandenburg 0.300 11/17/2045 EUR 71.427 Mallinckrodt Interna 5.625 10/15/2023 USD 52.500 Rallye SA 3.250 2/28/2032 CHF 15.000 Ukraine Government B 9.790 5/26/2027 UAH 48.452 Eurochem Finance DAC 5.500 3/13/2024 USD 40.000 Intu Debenture PLC 5.562 12/31/2027 GBP 41.125 Lukoil International 4.563 4/24/2023 USD 54.000 Credit Bank of Mosco 3.875 9/21/2026 USD 3.000 Paragon GmbH & Co KG 4.000 4/23/2023 CHF 25.000 Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 60.500 EYEMAXX Real Estate 5.500 7/22/2025 EUR 75.000 Galapagos Holding SA 7.000 6/15/2022 EUR 4.000 Turkey Government Bo 8.000 03/12/2025 TRY 72.500 EA Partners II BV 6.750 06/01/2021 USD 0.541 Severstal OAO Via St 3.150 9/16/2024 USD 11.191 FF Group Finance Lux 1.750 07/03/2019 EUR 4.479 Travelex Financing P 8.000 5/15/2022 EUR 1.583 Linde PLC 1.000 9/30/2051 EUR 70.616 Turkey Government Bo 10.500 08/11/2027 TRY 67.000 MHP Lux SA 6.950 04/03/2026 USD 51.025 Ukraine Government I 7.253 3/15/2033 USD 32.161 NPC Ukrenergo 6.875 11/09/2026 USD 33.474 Ukraine Government I 7.750 09/01/2022 USD 57.012 Celtic Resources Hol 4.125 10/09/2024 USD 31.965 Metinvest BV 8.500 4/23/2026 USD 54.000 Haya Real Estate SA 5.125 11/15/2022 EUR 69.889 Kernel Holding SA 6.750 10/27/2027 USD 52.730 Fuerstenberg Capital 1.020 EUR 63.481 Lithuania Government 0.750 7/15/2051 EUR 71.171 Ukraine Government I 7.750 09/01/2025 USD 34.870 Wellcome Trust Ltd/T 1.500 7/14/2071 GBP 69.346 Mallinckrodt Interna 5.500 4/15/2025 USD 53.000 DOF Subsea AS 9.110 11/27/2023 NOK 36.833 Unibail-Rodamco-West 1.750 07/01/2049 EUR 72.205 Immigon Portfolioabb 5.772 EUR 10.766 Gazprom PJSC via Gaz 4.599 USD 15.000 Kernel Holding SA 6.500 10/17/2024 USD 53.741 Tinkoff Bank JSC Via 6.000 USD 10.213 VEON Holdings BV 7.250 4/26/2023 USD 69.564 Credit Bank of Mosco 4.700 1/29/2025 USD 19.250 Thomas Cook Group PL 6.250 6/15/2022 EUR 0.518 Kommunekredit 0.125 9/26/2040 EUR 73.000 Metinvest BV 7.750 10/17/2029 USD 52.500 DOF Subsea AS 9.500 4/30/2022 USD 37.457 PIK Securities DAC 5.625 11/19/2026 USD 6.350 Shell International 1.750 09/10/2052 GBP 67.251 Air Berlin PLC 8.250 4/19/2018 EUR 0.892 Gazprom Neft OAO Via 6.000 11/27/2023 USD 27.500 DNB Bank ASA 0.758 USD 74.584 State of North Rhine 0.200 1/27/2051 EUR 66.848 EA Partners I BV 6.875 9/28/2020 USD 1.000 Gazprom PJSC via Gaz 3.250 2/25/2030 USD 42.500 Metalloinvest Financ 3.375 10/22/2028 USD 20.500 Scandinavian Airline 0.625 CHF 15.649 Societe Du Grand Par 0.700 10/15/2060 EUR 61.612 Claranova SE 5.000 07/01/2023 EUR 1.070 Allied Irish Banks P 12.500 6/25/2035 GBP 55.973 VEON Holdings BV 5.950 2/13/2023 USD 70.282 Flagship Finance PLC 1.875 7/14/2061 GBP 72.515 Hylea Group SA 7.250 12/01/2022 EUR 3.750 Nestle Finance Inter 0.375 12/03/2040 EUR 72.053 AstraZeneca PLC 2.125 08/06/2050 USD 68.966 State of Saxony-Anha 0.500 3/24/2051 EUR 74.213 Russian Foreign Bond 4.375 3/21/2029 USD 14.807 Koninklijke Luchtvaa 0.750 CHF 20.500 Lukoil International 4.750 11/02/2026 USD 40.000 Metinvest BV 7.650 10/01/2027 USD 52.390 Norddeutsche Landesb 7.490 EUR 62.757 EYEMAXX Real Estate 5.500 4/26/2023 EUR 3.985 Slovenia Government 0.688 03/03/2081 EUR 51.385 Deutsche Lichtmiete 5.750 01/01/2023 EUR 5.000 City of Kyiv Via PBR 7.500 12/15/2022 USD 35.000 Russian Foreign Bond 4.750 5/27/2026 USD 20.495 NAK Naftogaz Ukraine 7.625 11/08/2026 USD 31.644 VEON Holdings BV 4.950 6/16/2024 USD 62.987 Aggregate Holdings S 5.500 5/17/2024 EUR 49.764 Ukraine Government I 7.750 09/01/2024 USD 35.306 Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 45.000 Russian Foreign Bond 5.875 9/16/2043 USD 22.784 Rickmers Holding AG 8.875 06/11/2018 EUR 0.810 Hellenic Bank PCL 10.000 EUR 57.019 BAT International Fi 2.000 3/13/2045 EUR 67.990 Deutsche Wohnen SE 1.300 04/07/2041 EUR 71.481 Ukraine Government I 6.876 5/21/2029 USD 32.380 City of Lugano Switz 0.150 11/28/2070 CHF 53.281 Russian Foreign Bond 2.875 12/04/2025 EUR 15.191 Polski Koncern Nafto 2.875 3/25/2031 PLN 70.539 ALROSA Finance SA 4.650 04/09/2024 USD 20.000 Borets Finance DAC 6.000 9/17/2026 USD 22.635 National Grid Gas PL 1.625 1/14/2043 GBP 68.455 Dexia Credit Local S 1.206 EUR 2.906 VTB Bank OJSC Via VT 6.950 10/17/2022 USD 7.515 OGX Austria GmbH 8.375 04/01/2022 USD 0.003 Genfit 3.500 10/16/2025 EUR 25.028 European Financial S 0.050 1/18/2052 EUR 62.348 Autonomous Community 2.965 09/08/2039 JPY 67.257 MMK International Ca 4.375 6/13/2024 USD 25.000 Eurotorg LLC Via Bon 9.000 10/22/2025 USD 29.000 Sberbank of Russia V 5.125 10/29/2022 USD 100.375 Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 93.000 Pentracor GmbH 8.500 5/29/2025 EUR 14.700 Phosagro OAO Via Pho 2.600 9/16/2028 USD 19.500 Air Berlin PLC 6.750 05/09/2019 EUR 0.415 Metinvest BV 7.750 4/23/2023 USD 52.020 Lehman Brothers UK C 5.125 EUR 35.000 FF Group Finance Lux 3.250 11/02/2021 CHF 6.705 Clarion Funding PLC 1.875 09/07/2051 GBP 73.826 Banco Espirito Santo 7.125 11/28/2023 EUR 0.523 Cooperatieve Raboban 0.010 11/27/2040 EUR 70.652 Societe Nationale SN 1.000 1/19/2061 EUR 63.004 BAT International Fi 4.000 11/23/2055 GBP 72.528 Gazprom PJSC via Gaz 2.950 1/27/2029 USD 24.500 Evraz PLC 5.250 04/02/2024 USD 61.050 Officine Maccaferri- 5.750 06/01/2021 EUR 16.959 City of Lausanne Swi 0.050 9/28/2054 CHF 61.630 VF Ukraine PAT via V 6.200 02/11/2025 USD 50.119 University College L 1.625 06/04/2061 GBP 75.378 Republic of Belarus 6.378 2/24/2031 USD 12.625 Novolipetsk Steel Vi 4.700 5/30/2026 USD 35.000 Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 24.667 Alno AG 8.500 5/14/2018 EUR 17.864 Societe Du Grand Par 1.000 2/18/2070 EUR 64.082 Cie Generale des Eta 0.625 11/02/2040 EUR 72.227 Ukreximbank Via Biz 9.625 4/27/2022 USD 26.283 Mallinckrodt Interna 5.750 08/01/2022 USD 48.250 Land Berlin 0.050 08/06/2040 EUR 72.737 Rallye SA 1.000 2/28/2032 EUR 15.731 Land Baden-Wuerttemb 0.125 11/19/2040 EUR 73.977 ALROSA Finance SA 3.100 6/25/2027 USD 88.500 Ukreximbank Via Biz 7.623 02/09/2023 USD 31.731 Senivita Social Esta 4.000 05/12/2025 EUR 5.120 Caisse Francaise de 0.500 10/01/2046 EUR 74.427 Interpipe Holdings P 8.375 5/13/2026 USD 36.467 Ukraine Government B 10.000 8/23/2023 UAH 69.318 Republic of Belarus 6.200 2/28/2030 USD 12.750 Barclays Bank PLC 0.500 1/28/2033 MXN 32.137 Ukraine Government B 9.990 5/22/2024 UAH 55.440 Ukraine Government B 3.700 4/27/2023 USD 51.431 Uralkali OJSC Via Ur 4.000 10/22/2024 USD 20.767 Hamon & CIE SA 3.300 1/31/2035 EUR 46.000 Stichting Afwikkelin 11.250 EUR 0.622 Credit Bank of Mosco 3.100 1/21/2026 EUR 13.513 Debenhams PLC 5.250 7/15/2021 GBP 0.500 TenneT Holding BV 0.500 11/30/2040 EUR 71.292 Hellenic Republic Go 2.085 7/25/2057 EUR 37.993 Hyde Housing Associa 1.750 8/18/2055 GBP 70.226 EYEMAXX Real Estate 5.500 9/24/2024 EUR 4.013 Avangardco Investmen 10.000 10/29/2018 USD 0.348 Havila Shipping ASA 5.920 01/02/2025 NOK 32.247 Deutsche Lichtmiete 5.250 02/01/2027 EUR 10.509 Gazprom Neft OAO Via 4.375 9/19/2022 USD 31.102 Vnesheconombank Via 6.800 11/22/2025 USD 5.000 Gazprom PJSC via Gaz 3.500 7/14/2031 USD 24.667 Ukraine Government I 7.750 09/01/2026 USD 34.481 Portugal Telecom Int 6.250 7/26/2016 EUR 0.285 Yuksel Insaat AS 9.500 11/10/2015 USD 0.100 Deutsche Lichtmiete 5.250 09/01/2025 EUR 11.500 Mitsubishi UFJ Inves 3.802 12/30/2099 EUR 5.100 Privatbank CJSC Via 10.250 1/23/2018 USD 4.000 MMC Norilsk Nickel O 2.800 10/27/2026 USD 50.000 Ukreximbank Via Biz 9.750 1/22/2025 USD 41.178 Ukraine Government I 15.840 2/26/2025 UAH 55.455 Alfa Bank AO Via Alf 5.950 4/15/2030 USD 10.000 State of Bremen 0.400 8/20/2049 EUR 72.041 Severstal OAO Via St 5.900 10/17/2022 USD 31.000 Sberbank of Russia V 5.250 5/23/2023 USD 12.091 City of Lausanne Swi 0.540 11/06/2062 CHF 69.284 Hellas Telecommunica 6.054 1/15/2015 USD 0.001 Novatek OAO Via Nova 4.422 12/13/2022 USD 21.125 VTB Bank OJSC Via VT 6.250 6/30/2035 USD 22.000 Prosus NV 4.027 08/03/2050 USD 71.444 Nordiska Kreditmarkn 8.816 SEK 72.108 Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 26.939 Northern Powergrid N 1.875 6/16/2062 GBP 71.050 City of Bern Switzer 0.040 10/02/2070 CHF 54.070 ESFIL-Espirito Santo 5.250 06/12/2015 EUR 0.111 State of North Rhine 0.375 09/02/2050 EUR 71.090 Republic of Belarus 5.875 2/24/2026 USD 13.000 Credit Bank of Mosco 7.625 USD 17.750 Swissgrid AG 0.050 6/30/2050 CHF 62.655 Deutsche Lichtmiete 5.750 12/01/2023 EUR 10.000 Lehman Brothers UK C 5.750 EUR 7.000 Ukraine Government I 9.750 11/01/2028 USD 34.224 Andrade Gutierrez In 11.000 8/20/2021 USD 57.257 Bourbon Corp 8.305 EUR 0.544 Landwirtschaftliche 0.010 11/26/2040 EUR 73.012 Banca Popolare di Vi 9.500 9/29/2025 EUR 0.049 Sovcombank Via SovCo 7.600 USD 5.000 Gazprom PJSC via Gaz 3.897 EUR 18.809 Ukraine Government I 7.375 9/25/2032 USD 31.875 MMC Norilsk Nickel O 6.625 10/14/2022 USD 102.620 Lehman Brothers UK C 3.875 EUR 35.000 Phosagro OAO Via Pho 3.949 4/24/2023 USD 28.329 VTB Bank PJSC 5.000 USD 58.580 Ukraine Government B 11.670 11/22/2023 UAH 64.886 Alfa Bank AO Via Alf 5.900 USD 9.223 Global Ports Finance 6.500 9/22/2023 USD 10.000 Novolipetsk Steel Vi 1.450 06/02/2026 EUR 27.000 Land Thueringen 0.375 12/01/2051 EUR 71.050 Stichting Afwikkelin 6.250 10/26/2020 EUR 5.375 Basque Government 1.375 10/31/2070 EUR 58.642 Phosagro OAO Via Pho 3.050 1/23/2025 USD 22.500 Turkey Government In 5.750 05/11/2047 USD 72.588 Romanian Government 2.875 4/13/2042 EUR 70.280 Polyus Finance PLC 5.250 02/07/2023 USD 24.143 Muenchener Hypotheke 0.010 10/19/2039 EUR 72.280 UK Municipal Bonds A 1.625 8/26/2060 GBP 75.105 Ukraine Government B 11.000 6/21/2023 UAH 71.439 Ghelamco Invest 4.500 5/23/2022 EUR 40.010 Ukraine Government I 7.750 09/01/2023 USD 42.217 Republic of Poland G 1.750 4/25/2032 PLN 66.950 Credit Bank of Mosco 7.500 10/05/2027 USD 5.893 Thomas Cook Finance 3.875 7/15/2023 EUR 0.548 Region Wallonne Belg 0.650 1/16/2051 EUR 67.228 RTE Reseau de Transp 1.125 09/09/2049 EUR 73.434 Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 27.024 Virgolino de Oliveir 10.500 1/28/2018 USD 0.010 OGX Austria GmbH 8.500 06/01/2018 USD 0.002 State Agency of Road 6.250 6/24/2028 USD 23.080 Banco Espirito Santo 2.223 EUR 0.120 Prosus NV 3.832 02/08/2051 USD 68.803 Polyus Finance PLC 3.250 10/14/2028 USD 28.050 VPV Lebensversicheru 3.477 8/17/2026 EUR 64.812 UkrLandFarming PLC 10.875 3/26/2018 USD 1.522 Hacienda Investments 5.350 02/08/2028 USD 10.024 Evraz PLC 5.375 3/20/2023 USD 60.050 Tresu Investment Hol 5.000 01/02/2025 EUR 48.800 Agrokor dd 9.875 05/01/2019 EUR 15.000 Ukraine Government I 4.375 1/27/2030 EUR 32.496 Verimatrix SA 6.000 6/29/2022 EUR 3.829 Ukraine Government B 10.950 11/01/2023 UAH 69.763 Republic of Ireland 0.995 2/24/2121 EUR 69.107 Virgolino de Oliveir 11.750 02/09/2022 USD 0.500 VTB Bank PJSC 3.750 EUR Single Platform Inve 0.695 6/25/2039 EUR 73.664 Sovcombank Via SovCo 7.750 USD 4.969 MMC Norilsk Nickel O 4.100 04/11/2023 USD 52.115 Region de Bruxelles- 1.121 05/11/2071 EUR 66.936 Norske Skogindustrie 7.000 12/30/2026 EUR 0.010 Barclays Bank PLC 0.348 5/30/2034 USD 64.607 LSF9 Balta Issuer SA 3.000 12/31/2030 EUR 69.935 Virgolino de Oliveir 10.500 1/28/2018 USD 0.455 Tennor Finance BV 5.750 6/17/2024 EUR 75.000 Ukraine Government I 7.750 09/01/2027 USD 34.339 Alfa Bank AO Via Alf 5.500 10/26/2031 USD 8.900 MMC Norilsk Nickel O 3.375 10/28/2024 USD 50.000 Platform HG Financin 1.625 08/10/2055 GBP 70.092 EOS Imaging SA 6.000 5/31/2023 EUR 7.250 Sovcombank Via SovCo 3.400 1/26/2025 USD 5.197 New World Resources 8.000 04/07/2020 EUR 0.001 Alitalia-Societa Aer 5.250 7/30/2020 EUR 0.100 Land Berlin 0.350 09/09/2050 EUR 70.774 Fuerstenberg Capital 1.609 EUR 61.493 KTG Agrar SE 7.125 06/06/2017 EUR 1.869 Green City Energy Kr 4.000 12/30/2026 EUR 12.100 Barclays Bank PLC 2.468 11/01/2031 USD 70.729 Transcapitalbank JSC 10.000 USD 65.354 Ukraine Government I 12.520 5/13/2026 UAH 41.993 Norwegian Air Shuttl 5.000 02/07/2023 SEK 41.500 SCF Capital Designat 5.375 6/16/2023 USD 21.121 Deutsche Bank AG/Lon 1.625 10/31/2034 USD 67.727 Ukraine Government I 15.840 2/26/2025 UAH 55.455 SAS AB 5.854 SEK 27.199 Barclays Bank PLC 12.000 9/24/2025 TRY 56.192 Mallinckrodt Interna 5.500 4/15/2025 USD 53.000 BPCE SA 2.255 03/12/2040 AUD 65.557 WD Invest Sarl 1.900 10/02/2024 EUR 11.576 State of Saarland 0.050 11/05/2040 EUR 72.685 Societe Centrale des 2.500 5/15/2023 EUR 6.970 Saleza AS 9.000 07/12/2021 EUR 0.203 Cirio Finance Luxemb 7.500 11/03/2002 EUR 1.426 Elli Finance UK PLC 8.750 6/15/2019 GBP 65.125 State of Bremen 0.450 2/24/2051 EUR 72.550 Espirito Santo Finan 3.125 12/02/2018 EUR 0.290 Societe Generale SA 10.000 10/01/2036 USD 75.250 Borets Finance DAC 6.500 04/07/2022 USD 36.739 Region Wallonne Belg 1.250 6/22/2071 EUR 68.401 Russian Federal Bond 0.250 7/20/2044 RUB 50.500 Civitas Properties F 4.000 11/24/2022 EUR 65.000 Barclays Bank PLC 1.139 1/27/2031 USD 72.372 MMC Norilsk Nickel O 2.550 09/11/2025 USD 44.737 Espirito Santo Finan 9.750 12/19/2025 EUR 0.290 MFB Magyar Fejleszte 2.900 10/22/2031 HUF 70.632 Sovcombank Via SovCo 8.000 04/07/2030 USD 5.000 Veneto Banca SpA 9.878 12/01/2025 EUR 0.571 VTB Bank PJSC Via VT 9.500 USD 8.086 Canton of Neuchatel 0.100 10/29/2049 CHF 66.571 Land Berlin 0.125 11/24/2045 EUR 69.192 Cirio Holding Luxemb 6.250 2/16/2004 EUR 0.723 Metinvest BV 5.625 6/17/2025 EUR 52.484 Mobile Telesystems O 5.000 5/30/2023 USD 23.452 EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.789 Spain Government Bon 1.000 10/31/2050 EUR 71.603 Solarworld AG 9.691 2/24/2019 EUR 20.875 Jain International T 7.125 3/31/2026 USD 28.000 VTB Bank PJSC 4.763 USD 58.120 Praktiker AG 5.875 02/10/2016 EUR 0.069 Privatbank CJSC Via 11.000 02/09/2021 USD 1.000 Muenchener Hypotheke 0.010 11/02/2040 EUR 71.112 Societe Generale SA 11.000 10/30/2036 USD 73.500 Corporate Commercial 8.250 08/08/2014 USD 0.308 Solon SE 1.375 12/06/2012 EUR 0.745 Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 27.562 Land Thueringen 0.125 1/13/2051 EUR 65.536 Banco Santander SA 1.909 EUR 1.663 Ukraine Government I 8.994 02/01/2024 USD 37.131 Jain International T 7.125 02/01/2022 USD 22.424 Ukraine Government I 6.750 6/20/2026 EUR 32.851 Banco Espirito Santo 6.875 7/15/2016 EUR 24.500 Russian Foreign Bond 5.250 6/23/2047 USD 17.625 Offshore Drilling Ho 8.375 9/20/2020 USD 5.000 Frigoglass Finance B 6.875 02/12/2025 EUR 70.218 Credit Bank of Mosco 5.550 2/14/2023 USD 16.968 La Veggia Finance SA 7.125 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12/10/2031 UAH 23.673 Wirtschafts- und Inf 0.200 12/02/2043 EUR 70.430 Single Platform Inve 0.950 7/25/2047 EUR 73.622 Ukraine Government B 8.420 05/10/2034 UAH 19.280 Single Platform Inve 0.457 2/15/2046 EUR 64.244 Single Platform Inve 0.776 1/23/2051 EUR 66.952 BNP Paribas SA 3.080 8/28/2039 AUD 73.475 Oberbank AG 0.230 10/07/2041 EUR 72.392 Region Wallonne Belg 0.828 8/28/2048 EUR 70.051 Vasakronan AB 1.655 09/05/2039 SEK 72.962 Heta Asset Resolutio 4.875 12/31/2023 EUR 4.870 Ukraine Government B 6.000 11/26/2025 UAH 33.566 Lehman Brothers Trea 4.820 12/18/2036 EUR 0.100 Lehman Brothers Trea 10.000 10/23/2008 USD 0.100 Wirtschafts- und Inf 0.192 1/28/2042 EUR 72.047 Single Platform Inve 0.767 2/15/2041 EUR 72.761 Norske Skogindustrie 2.000 12/30/2115 EUR 0.113 Leonteq Securities A 14.000 07/06/2022 CHF 59.340 EFG International Fi 5.500 12/30/2025 EUR 75.240 UBS AG/London 4.650 10/31/2023 USD 9.380 Sberbank of Russia P 0.010 11/05/2024 RUB 74.000 Societe Generale SA 16.000 08/01/2024 USD UBS AG/London 11.750 7/21/2022 CHF 54.600 LLMC AirLoans 13.250 05/06/2025 RUB 71.920 Banque International 10.000 11/23/2022 CHF 73.950 SG Issuer SA 4.000 6/22/2026 EUR 69.600 Vontobel Financial P 15.500 12/23/2022 EUR 79.220 Zurcher Kantonalbank 12.300 06/07/2022 CHF 68.490 Leonteq Securities A 18.000 05/12/2022 CHF 56.420 Societe Generale SA 10.800 3/31/2026 USD 64.850 Leonteq Securities A 7.000 3/29/2023 CHF 74.300 Credit Suisse AG/Lon 8.000 6/27/2022 CHF 56.370 Bank Julius Baer & C 29.500 6/27/2022 CHF 37.700 Russian Railways JSC 7.550 4/15/2027 RUB 70.500 Skandinaviska Enskil 6.500 7/15/2024 SEK 73.860 Corner Banca SA 8.000 06/08/2022 EUR 68.430 Societe Generale SA 20.000 01/03/2024 USD 12.550 Bayerische Landesban 1.100 1/26/2024 EUR 76.550 SEZ Im Sergo Orgonik 10.750 9/14/2027 RUB 75.330 Federal Grid Co Unif 9.730 10/30/2048 RUB 66.090 UBS AG/London 10.500 10/21/2022 USD 44.000 Credit Suisse AG/Lon 11.000 6/15/2022 CHF 31.500 Danske Bank A/S 10.300 07/09/2023 SEK 11.600 Bank Julius Baer & C 8.200 9/19/2022 USD 44.500 MFC Webbanker LLC 12.750 01/02/2025 RUB 71.500 Credit Suisse AG/Lon 10.000 6/16/2022 USD 56.510 Zurcher Kantonalbank 19.250 6/15/2022 CHF 46.910 Leonteq Securities A 21.840 06/09/2022 CHF 51.160 Societe Generale SA 6.000 06/06/2022 USD 0.190 Bank Julius Baer & C 21.150 08/09/2022 CHF 37.900 CFP Microfinance Co 13.000 7/18/2024 RUB 74.860 UniCredit Bank AG 4.200 9/21/2022 EUR 49.060 UBS AG/London 5.000 4/14/2023 CHF 65.650 Zurcher Kantonalbank 7.000 08/10/2022 USD 41.290 UBS AG/London 19.750 05/05/2022 USD 42.750 Bank Julius Baer & C 8.400 05/06/2022 USD 69.950 Russian Railways JSC 8.650 02/04/2032 RUB 74.830 EFG International Fi 9.100 9/20/2023 EUR 64.090 OR PJSC 16.000 11/22/2025 RUB 49.100 Leonteq Securities A 24.190 8/30/2022 CHF 28.150 VTB Bank PJSC 0.010 06/09/2023 RUB 79.010 Russian Railways JSC 5.910 5/30/2040 RUB 60.080 Bank Vontobel AG 10.000 2/28/2023 CHF 74.000 Credit Suisse AG/Lon 11.500 07/04/2022 CHF 28.220 Credit Suisse AG/Lon 12.500 8/18/2022 CHF 30.700 UBS AG/London 9.750 04/06/2023 USD 41.900 Credit Suisse AG/Lon 10.350 2/27/2023 CHF 37.870 Leonteq Securities A 12.000 05/02/2023 USD 60.640 Credit Suisse AG/Lon 11.250 8/15/2022 EUR 56.970 Bank Vontobel AG 22.300 08/02/2022 CHF 61.700 Zurcher Kantonalbank 17.000 7/27/2022 CHF 51.940 VTB Bank PJSC 0.010 02/03/2026 RUB 63.000 Credit Suisse AG/Lon 19.250 12/06/2022 USD 44.830 BNP Paribas Emission 20.000 6/23/2022 EUR 70.070 Sberbank of Russia P 0.010 2/14/2025 RUB 55.000 DZ Bank AG Deutsche 10.000 6/24/2022 EUR 71.230 VTB Bank PJSC 0.010 2/24/2026 RUB 58.010 Sberbank of Russia P 0.010 11/23/2026 RUB 54.400 Leonteq Securities A 12.000 01/11/2023 CHF 44.880 DZ Bank AG Deutsche 18.800 12/23/2022 EUR 73.890 Sberbank of Russia P 0.010 1/15/2027 RUB 75.700 Sberbank of Russia P 0.010 10/05/2028 RUB 54.800 Bayerische Landesban 1.350 12/23/2022 EUR 63.280 Leonteq Securities A 16.000 6/21/2022 USD 26.590 Kalita OOO 15.000 09/12/2023 RUB 10.950 Bank Julius Baer & C 7.000 6/22/2022 CHF 60.050 Societe Generale SA 10.000 11/30/2022 USD 67.400 Pongs & Zahn AG 8.500 EUR 0.002 SG Issuer SA 0.850 10/16/2024 EUR 14.480 Zalaco Sutoipari zrt 3.500 7/24/2030 HUF 70.480 Vontobel Financial P 10.000 6/24/2022 EUR 72.520 Leonteq Securities A 20.400 1/18/2023 CHF 65.120 AKB Peresvet ZAO 0.510 08/04/2034 RUB 13.370 Federal Grid Co Unif 9.130 10/30/2048 RUB 60.080 Vasakronan AB 1.000 6/15/2041 EUR 72.812 Region Bourgogne-Fra 0.397 12/03/2045 EUR 68.974 Region Bourgogne-Fra 0.300 12/03/2040 EUR 72.350 Ukraine Government B 9.760 7/23/2031 UAH 23.430 Intelsat SA 4.500 6/15/2025 USD 9.500 Ukraine Government B 9.700 10/06/2027 UAH 30.700 Phosphorus Holdco PL 10.000 04/01/2019 GBP 1.500 Metropole de Lyon 0.500 12/28/2048 EUR 67.485 BNP Paribas SA 3.170 01/07/2041 AUD 72.972 HSBC Bank PLC 10.300 12/20/2024 TRY 61.586 Ukraine Government B 13.300 6/28/2023 UAH 73.001 Department of Loiret 0.550 12/18/2045 EUR 71.412 Ukraine Government I 7.750 09/01/2024 USD 34.765 Ukraine Government B 8.310 11/10/2034 UAH 18.923 Wirtschafts- und Inf 0.170 12/09/2041 EUR 71.946 Ukraine Government B 12.500 2/21/2024 UAH 62.161 Ukraine Government B 3.900 3/30/2023 USD 58.712 Irish Bank Resolutio 4.000 4/23/2018 EUR 33.250 Single Platform Inve 1.117 5/25/2066 EUR 70.277 Ukraine Government B 6.500 08/02/2023 UAH 65.301 Single Platform Inve 0.678 2/15/2041 EUR 70.673 Department of Loiret 0.500 10/30/2042 EUR 73.336 Societe Generale SA 1.323 1/31/2034 USD 66.910 Credit Agricole Corp 10.800 3/24/2026 TRY 54.681 Cie DU Chemin de Fer 0.280 11/29/2052 CHF 54.818 Pescanova SA 6.750 03/05/2015 EUR 0.319 Single Platform Inve 0.605 9/20/2042 EUR 70.075 Single Platform Inve 0.462 2/15/2040 EUR 70.680 Kingdom of Belgium G 0.675 07/07/2080 EUR 56.786 Hellas Telecommunica 8.500 10/15/2013 EUR 0.834 Ukraine Government B 11.870 01/06/2027 UAH 37.274 Grupo Isolux Corsan 6.000 12/30/2021 USD 0.263 Societe Generale SA 3.110 10/28/2041 AUD 72.773 Ministeries Van de V 0.600 11/19/2055 EUR 61.774 Single Platform Inve 0.873 5/25/2052 EUR 67.271 Department of Girond 0.418 11/12/2041 EUR 72.920 Turkey Government Bo 12.400 03/08/2028 TRY 73.000 Communaute Francaise 0.886 6/22/2057 EUR 64.914 Lehman Brothers Trea 5.000 10/24/2008 CHF 0.100 Batigere Grand Est S 1.600 11/14/2044 EUR 73.083 Rio Forte Investment 3.900 07/10/2014 USD 4.423 Region de Bruxelles- 0.900 4/14/2050 EUR 72.915 Single Platform Inve 1.010 3/20/2051 EUR 73.353 Centre Hospitalier B 0.950 02/05/2041 EUR 72.330 Communaute Francaise 0.750 02/04/2061 EUR 60.179 BPCE SA 2.820 12/18/2039 AUD 72.629 Credit Agricole SA 3.450 03/04/2041 AUD 67.636 Premium Green PLC 0.508 10/25/2038 EUR 73.355 Privatbank CJSC Via 10.875 2/28/2018 USD 8.000 Turkiye Ihracat Kred 12.540 9/14/2028 TRY 48.199 Air Berlin Finance B 6.000 03/06/2019 EUR 0.372 Societe Generale SA 1.192 8/29/2034 USD 66.625 Vontobel Financial P 4.050 7/15/2022 EUR 27.120 JD Capital PLC 5.000 5/21/2028 EUR 70.000 Corner Banca SA 13.680 10/28/2022 EUR 54.000 Bank Julius Baer & C 14.580 09/09/2022 USD 23.500 EFG International Fi 9.800 06/07/2023 USD 71.880 Bank Vontobel AG 8.758 06/02/2022 CHF 36.600 Leonteq Securities A 16.600 6/17/2022 USD 26.460 Bayerische Landesban 2.350 08/05/2022 EUR 76.340 VTB Bank PJSC 2.000 11/17/2023 RUB 67.210 Credit Suisse AG/Lon 14.000 6/16/2022 USD 59.440 BNP Paribas Issuance 7.980 1/20/2025 SEK 68.150 Deutsche Bank AG/Lon 2.200 4/14/2023 EUR 73.880 VTB Bank PJSC 0.010 08/01/2023 RUB 56.010 Societe Generale SA 4.500 12/29/2022 USD 0.260 Getin Noble Bank SA 10.930 04/04/2024 PLN 73.875 EFG International Fi 7.500 7/26/2022 USD 57.180 VTB Bank PJSC 0.010 8/26/2026 RUB 58.000 VTB Bank PJSC 0.010 09/09/2026 RUB 60.010 VTB Bank PJSC 0.010 7/15/2026 RUB 58.000 SG Issuer SA 7.700 1/20/2024 SEK 75.520 VTB Bank PJSC 0.010 5/13/2025 RUB 66.880 VTB Bank PJSC 0.010 12/13/2024 RUB 72.500 DekaBank Deutsche Gi 4.630 12/16/2022 EUR 78.250 SG Issuer SA 6.020 1/20/2024 SEK 73.270 SG Issuer SA 6.500 1/20/2025 SEK 64.850 BNP Paribas Emission 20.000 6/23/2022 EUR 72.410 Sberbank of Russia P 0.010 02/03/2027 RUB 71.400 Rosselkhozbank JSC 18.600 7/15/2025 RUB 100.000 Sberbank of Russia P 0.010 1/19/2026 RUB 65.100 Sberbank of Russia P 0.010 1/19/2026 RUB 65.900 Bank Julius Baer & C 10.050 7/29/2022 USD 47.150 RUSNANO AO 6.750 3/26/2024 RUB 65.260 Forras Vagyonkezeles 3.250 10/01/2030 HUF Raiffeisen Schweiz G 11.000 7/19/2022 CHF 71.670 Bank Vontobel AG 20.000 06/12/2023 EUR 48.500 VTB Bank PJSC 0.010 9/22/2023 RUB 64.020 OOO SPV Structural I 0.010 09/01/2023 RUB 66.740 VTB Bank PJSC 0.010 9/15/2023 RUB 65.030 TransFin-M PAO 8.500 06/04/2025 RUB 70.200 Bank Julius Baer & C 11.700 4/26/2022 CHF 26.600 Ukraine Government B 6.000 1/28/2032 UAH 14.917 Ukraine Government B 9.700 8/25/2032 UAH 22.672 Ville de Paris 0.395 12/18/2045 EUR 70.020 Ukraine Government B 9.990 8/27/2031 UAH 23.889 Ukraine Government B 6.000 10/11/2028 UAH 19.634 Ukraine Government B 8.880 05/10/2032 UAH 21.050 Ukraine Government B 9.150 05/10/2031 UAH 22.320 Ukraine Government B 10.360 11/10/2027 UAH 31.144 Ukraine Government B 8.750 11/10/2032 UAH 20.511 Ukraine Government B 9.610 10/11/2029 UAH 25.164 Cooperatieve Raboban 0.500 8/21/2028 MXN 54.569 Getin Noble Bank SA 9.930 6/28/2024 PLN 74.375 Credit Agricole Corp 10.200 08/06/2026 TRY 51.563 Bilt Paper BV 10.360 USD 1.345 HSBC Bank PLC 0.500 6/23/2027 MXN 59.851 IT Holding Finance S 9.875 11/15/2012 EUR 0.015 Region Wallonne Belg 1.300 6/16/2068 EUR 71.208 Rena GmbH 8.250 07/11/2018 EUR 2.096 Ukraine Government B 12.700 10/30/2024 UAH 54.220 Credit Agricole Corp 5.400 1/31/2028 BRL 71.705 Societe Wallonne de 0.913 7/31/2040 EUR 67.626 SAir Group 6.250 04/12/2005 CHF 12.625 Ukraine Government B 9.500 7/16/2025 UAH 42.444 Ukraine Government B 11.570 03/01/2028 UAH 32.594 Ukraine Government B 11.540 12/10/2025 UAH 42.735 BNG Bank NV 0.680 03/04/2050 EUR 71.516 Region de Bruxelles- 1.016 9/23/2057 EUR 69.829 Deutsche Bank AG/Lon 0.500 04/05/2038 MXN 22.402 DZ HYP AG 0.205 06/05/2040 EUR 70.397 Lehman Brothers Trea 4.100 06/10/2014 SGD 0.100 Single Platform Inve 0.800 04/07/2042 EUR 71.938 Virgolino de Oliveir 10.875 1/13/2020 USD 36.000 Polski Bank Spoldzie 9.430 9/14/2027 PLN 71.800 Lehman Brothers Trea 7.500 10/24/2008 USD 0.100 Landesbank Baden-Wue 0.310 12/09/2039 EUR 67.508 Region Wallonne Belg 1.240 5/28/2069 EUR 69.173 Sidetur Finance BV 10.000 4/20/2016 USD 0.770 Hellas Telecommunica 6.054 1/15/2015 USD 0.001 Single Platform Inve 0.656 2/15/2046 EUR 66.858 Single Platform Inve 1.033 2/15/2046 EUR 73.650 Wirtschafts- und Inf 0.208 1/28/2043 EUR 71.239 Russian Foreign Bond 12.750 6/24/2028 USD 24.585 Getin Noble Bank SA 7.230 7/26/2024 PLN 66.865 Region de Bruxelles- 1.053 11/14/2059 EUR 69.627 Communaute Francaise 0.500 6/27/2046 EUR 67.012 Leonteq Securities A 17.000 07/05/2022 EUR 33.220 Zurcher Kantonalbank 15.500 11/08/2022 USD 70.210 Sberbank of Russia P 0.010 11/27/2026 RUB 74.700 EFG International Fi 16.000 10/27/2022 CHF 54.970 Raiffeisen Switzerla 12.000 9/22/2022 CHF 42.250 Vita Line OOO 9.750 10/28/2025 RUB 74.040 Russian Federal Bond 5.900 03/12/2031 RUB 76.982 MetMax Europe Zrt 3.000 12/11/2030 HUF 70.700 UBS AG/London 18.000 6/16/2022 USD 43.000 Sberbank of Russia P 0.010 08/03/2028 RUB 75.000 Bank Otkritie Financ 0.010 7/28/2023 RUB 59.000 Corner Banca SA 15.400 4/26/2022 CHF 67.800 Erste Group Bank AG 6.250 8/31/2022 EUR 56.000 Sberbank of Russia P 0.010 11/24/2025 RUB 73.600 Bank Otkritie Financ 0.010 6/16/2023 RUB 55.000 Bank Julius Baer & C 10.250 10/05/2022 USD 41.900 Region Produkt OOO 11.500 09/03/2026 RUB 68.510 OR PJSC 16.000 11/26/2025 RUB 48.990 UBS AG/London 13.750 9/22/2022 CHF 73.950 Zurcher Kantonalbank 15.000 9/26/2022 EUR 77.430 VTB Bank PJSC 0.010 08/08/2023 RUB 71.110 UBS AG/London 14.250 08/10/2022 USD 70.450 VTB Bank PJSC 0.010 12/20/2024 RUB 57.030 Sberbank of Russia P 0.010 12/05/2024 RUB 70.010 DekaBank Deutsche Gi 8.100 8/26/2022 EUR 42.980 Axial Javito Kereske 2.000 9/23/2030 HUF 64.240 Bank Julius Baer & C 8.000 10/07/2022 USD 44.900 Russian Foreign Bond 12.750 6/24/2028 USD 24.754 Ukraine Government B 6.000 10/15/2031 UAH 15.184 Ukraine Government B 9.700 10/13/2032 UAH 22.684 Mriya Agro Holding P 10.950 3/30/2016 USD 4.667 Ukraine Government B 9.700 06/02/2032 UAH 22.772 Ukraine Government B 9.700 12/08/2032 UAH 22.521 KPNQwest NV 7.125 06/01/2009 EUR 0.453 United Kingdom Gilt 0.625 10/22/2050 GBP 70.071 Turkey Government Bo 10.600 02/11/2026 TRY 72.450 Caisse des Depots et 2.160 12/07/2050 AUD 69.208 Romanian Government 2.750 4/14/2041 EUR 70.256 Single Platform Inve 0.419 2/15/2040 EUR 69.319 Single Platform Inve 0.720 3/20/2051 EUR 65.872 Heta Asset Resolutio 5.730 12/31/2023 EUR 4.870 Hungary Government B 3.000 10/27/2038 HUF 63.744 Hema Bondco II BV 8.500 1/15/2023 EUR 0.113 Ukraine Government B 11.580 02/02/2028 UAH 32.802 Ukraine Government B 6.500 9/20/2023 UAH 62.673 Grupo Isolux Corsan 0.250 12/30/2018 EUR 0.100 Ukraine Government I 7.375 9/25/2032 USD 32.227 Barclays Bank PLC 13.810 4/16/2024 TRY 71.741 Natixis SA 2.930 7/29/2051 AUD 73.105 Lehman Brothers Trea 2.500 8/23/2012 GBP 0.100 Development Bank of 6.750 05/02/2024 USD 5.934 Development Bank of 6.750 05/02/2024 USD 5.934 Barclays Bank PLC 10.200 2/14/2025 TRY 58.045 Single Platform Inve 1.080 5/25/2066 EUR 68.899 Ukraine Government B 6.000 1/14/2026 UAH 32.470 Lehman Brothers Trea 4.350 08/08/2016 SGD 0.100 Laurel GmbH 7.125 11/16/2017 EUR 7.750 Region de Bruxelles- 0.720 10/17/2051 EUR 69.108 Ukraine Government I 9.750 11/01/2028 USD 34.365 Region de Bruxelles- 0.460 12/15/2051 EUR 62.275 Petromena ASA 9.750 5/24/2016 NOK 0.607 Ukraine Government I 4.375 1/27/2030 EUR 32.421 Agence Francaise de 2.360 10/17/2044 AUD 74.485 Bank Julius Baer & C 13.300 02/01/2023 CHF 65.800 Leonteq Securities A 12.000 05/03/2022 CHF 71.910 Landesbank Baden-Wue 8.100 8/26/2022 EUR 32.610 Landesbank Baden-Wue 2.800 8/26/2022 EUR 65.880 Landesbank Baden-Wue 4.400 8/26/2022 EUR 65.390 Landesbank Baden-Wue 3.100 8/26/2022 EUR 45.760 Landesbank Baden-Wue 4.650 8/26/2022 EUR 76.450 Landesbank Baden-Wue 6.450 8/26/2022 EUR 70.000 Landesbank Baden-Wue 6.000 8/26/2022 EUR 36.170 Landesbank Baden-Wue 5.550 8/26/2022 EUR 54.870 Landesbank Baden-Wue 2.650 8/26/2022 EUR 73.020 Landesbank Baden-Wue 4.050 8/26/2022 EUR 30.670 Landesbank Baden-Wue 3.150 8/26/2022 EUR 71.180 Raiffeisen Switzerla 9.000 7/29/2022 CHF 63.670 UBS AG/London 15.000 08/03/2022 CHF 57.900 Raiffeisen Switzerla 10.100 02/08/2023 CHF 69.560 BNP Paribas Emission 3.000 6/23/2022 EUR 74.400 UBS AG/London 11.250 02/03/2023 CHF 62.100 Vontobel Financial P 0.212 02/03/2023 EUR 49.900 Landesbank Baden-Wue 3.300 8/26/2022 EUR 75.290 BNP Paribas Emission 14.000 6/23/2022 EUR 68.260 VTB Bank PJSC 0.010 03/11/2026 RUB 56.070 DZ Bank AG Deutsche 6.250 6/22/2022 EUR 69.650 Bank Vontobel AG 11.003 10/03/2022 CHF 67.900 Bank Vontobel AG 10.009 10/03/2022 EUR 67.100 Bank Julius Baer & C 14.650 07/07/2022 USD 32.050 Leonteq Securities A 10.600 10/12/2022 CHF 61.160 UBS AG/London 14.250 10/07/2022 USD 36.850 UBS AG/London 13.000 04/11/2023 CHF 72.200 UBS AG/London 9.000 10/10/2022 CHF 67.200 Raiffeisen Schweiz G 7.200 10/06/2022 CHF 67.860 DekaBank Deutsche Gi 4.250 05/05/2022 EUR 58.460 Corner Banca SA 12.600 10/12/2022 EUR 66.710 EFG International Fi 12.000 10/12/2022 CHF 50.950 Vontobel Financial P 5.500 6/17/2022 USD 36.630 Bank Julius Baer & C 9.300 07/07/2022 EUR 71.600 Bank Vontobel AG 10.006 10/03/2022 EUR 67.100 Bank Vontobel AG 13.005 10/03/2022 CHF 35.200 BNP Paribas Emission 6.000 6/23/2022 EUR 68.850 BNP Paribas Emission 7.500 6/23/2022 EUR 65.620 BNP Paribas Emission 10.000 6/23/2022 EUR 63.880 BNP Paribas Emission 12.000 6/23/2022 EUR 59.440 BNP Paribas Emission 11.000 6/23/2022 EUR 66.670 BNP Paribas Emission 11.000 6/23/2022 EUR 35.750 BNP Paribas Emission 15.000 6/23/2022 EUR 32.070 BNP Paribas Emission 8.000 6/23/2022 EUR 58.830 BNP Paribas Emission 8.000 6/23/2022 EUR 55.030 BNP Paribas Emission 5.500 6/23/2022 EUR 70.010 BNP Paribas Emission 9.500 6/23/2022 EUR 75.000 BNP Paribas Emission 8.000 6/23/2022 EUR 39.760 BNP Paribas Emission 8.500 6/23/2022 EUR 38.610 BNP Paribas Emission 9.000 6/23/2022 EUR 36.990 BNP Paribas Emission 11.000 6/23/2022 EUR 68.460 BNP Paribas Emission 9.000 6/23/2022 EUR 71.880 BNP Paribas Emission 7.000 6/23/2022 EUR 76.760 BNP Paribas Emission 12.000 6/23/2022 EUR 67.430 Sberbank of Russia P 0.010 04/06/2026 RUB 66.300 DZ Bank AG Deutsche 5.250 6/22/2022 EUR 70.360 UBS AG/London 9.250 04/08/2026 EUR 74.160 DZ Bank AG Deutsche 5.250 9/21/2022 EUR 74.990 DZ Bank AG Deutsche 6.500 6/22/2022 EUR 69.780 Zurcher Kantonalbank 8.000 7/14/2022 CHF 64.180 BNP Paribas Emission 5.500 6/23/2022 EUR 66.780 BNP Paribas Emission 10.000 6/23/2022 EUR 75.770 BNP Paribas Emission 11.000 6/23/2022 EUR 73.890 BNP Paribas Emission 13.000 6/23/2022 EUR 68.680 BNP Paribas Emission 6.000 6/23/2022 EUR 64.780 BNP Paribas Emission 7.500 6/23/2022 EUR 63.070 BNP Paribas Emission 9.500 6/23/2022 EUR 38.370 BNP Paribas Emission 10.000 6/23/2022 EUR 35.750 BNP Paribas Emission 9.000 6/23/2022 EUR 71.910 BNP Paribas Emission 10.000 6/23/2022 EUR 72.340 BNP Paribas Emission 18.000 6/23/2022 EUR 74.980 BNP Paribas Emission 6.500 6/23/2022 EUR 67.730 BNP Paribas Emission 8.000 6/23/2022 EUR 63.570 BNP Paribas Emission 11.000 6/23/2022 EUR 62.040 BNP Paribas Emission 13.000 6/23/2022 EUR 57.080 BNP Paribas Emission 20.000 6/23/2022 EUR 68.920 BNP Paribas Emission 13.000 6/23/2022 EUR 34.200 BNP Paribas Emission 12.000 6/23/2022 EUR 73.720 BNP Paribas Emission 4.500 6/23/2022 EUR 72.460 BNP Paribas Emission 8.500 6/23/2022 EUR 74.280 BNP Paribas Emission 9.000 6/23/2022 EUR 77.010 BNP Paribas Emission 9.500 6/23/2022 EUR 72.130 BNP Paribas Emission 6.500 6/23/2022 EUR 78.000 BNP Paribas Emission 10.000 6/23/2022 EUR 52.020 BNP Paribas Emission 13.000 6/23/2022 EUR 49.550 BNP Paribas Emission 8.500 6/23/2022 EUR 72.690 BNP Paribas Emission 16.000 6/23/2022 EUR 60.040 Sberbank of Russia P 0.010 04/06/2026 RUB 56.000 Sberbank of Russia P 0.010 04/05/2028 RUB 73.100 VTB Bank PJSC 0.010 03/11/2026 RUB 60.110 Landesbank Baden-Wue 3.100 4/23/2027 EUR 74.820 BNP Paribas Emission 8.500 6/23/2022 EUR 77.690 BNP Paribas Emission 12.000 6/23/2022 EUR 71.170 BNP Paribas Emission 8.000 6/23/2022 EUR 61.910 BNP Paribas Emission 11.000 6/23/2022 EUR 66.970 EFG International Fi 6.000 3/30/2023 USD 65.450 UniCredit Bank AG 5.300 05/12/2025 EUR 75.800 BNP Paribas Emission 9.500 6/23/2022 EUR 60.960 BNP Paribas Emission 10.000 6/23/2022 EUR 37.620 BNP Paribas Emission 12.000 6/23/2022 EUR 34.350 BNP Paribas Emission 14.000 6/23/2022 EUR 33.120 BNP Paribas Emission 15.000 6/23/2022 EUR 32.420 BNP Paribas Emission 15.000 6/23/2022 EUR 31.360 BNP Paribas Emission 13.000 6/23/2022 EUR 70.850 Raiffeisen Schweiz G 8.000 10/06/2022 CHF 65.340 Vontobel Financial P 14.500 6/24/2022 EUR 62.810 Vontobel Financial P 5.000 9/23/2022 EUR 73.060 Vontobel Financial P 12.000 9/23/2022 EUR 65.340 Vontobel Financial P 13.500 9/23/2022 EUR 60.400 Vontobel Financial P 11.500 9/23/2022 EUR 75.160 Vontobel Financial P 13.500 9/23/2022 EUR 72.850 Vontobel Financial P 16.500 9/23/2022 EUR 69.810 Vontobel Financial P 4.500 9/23/2022 EUR 71.610 Vontobel Financial P 11.000 9/23/2022 EUR 62.010 Vontobel Financial P 13.500 9/23/2022 EUR 59.830 Vontobel Financial P 7.500 9/23/2022 EUR 66.140 Vontobel Financial P 8.500 6/24/2022 EUR 64.500 EFG International Fi 6.000 12/22/2023 USD 21.860 Vontobel Financial P 13.750 6/24/2022 EUR 44.600 Vontobel Financial P 9.000 6/24/2022 EUR 70.520 Basler Kantonalbank 12.000 10/14/2022 CHF 64.520 Vontobel Financial P 7.000 9/23/2022 EUR 69.960 Vontobel Financial P 5.000 9/23/2022 EUR 72.880 Vontobel Financial P 7.500 9/23/2022 EUR 67.780 Vontobel Financial P 10.500 9/23/2022 EUR 63.710 Vontobel Financial P 12.000 6/24/2022 EUR 61.460 Vontobel Financial P 12.500 9/23/2022 EUR 73.970 Vontobel Financial P 12.000 9/23/2022 EUR 60.770 Vontobel Financial P 10.000 6/24/2022 EUR 62.760 Vontobel Financial P 11.500 6/24/2022 EUR 61.150 Vontobel Financial P 6.500 9/23/2022 EUR 67.820 Vontobel Financial P 8.000 9/23/2022 EUR 65.350 Vontobel Financial P 10.750 6/24/2022 EUR 40.460 Vontobel Financial P 16.750 6/24/2022 EUR 55.080 Vontobel Financial P 6.250 6/24/2022 EUR 68.550 Vontobel Financial P 17.750 6/24/2022 EUR 43.380 EFG International Fi 8.000 1/19/2023 CHF 61.170 EFG International Fi 9.000 1/16/2023 CHF 38.270 Raiffeisen Schweiz G 16.000 7/13/2022 CHF 66.420 Societe Generale Eff 4.000 7/22/2022 USD 38.930 Sberbank of Russia P 0.010 12/17/2025 RUB 66.200 GVC George's Venture 2.500 12/18/2030 HUF Bank Julius Baer & C 7.750 7/15/2022 USD 55.400 Leonteq Securities A 13.000 6/21/2022 CHF 36.410 Raiffeisen Schweiz G 18.520 7/13/2022 CHF 26.250 Vontobel Financial P 11.000 6/24/2022 EUR 74.580 Vontobel Financial P 9.000 9/23/2022 EUR 65.650 Vontobel Financial P 7.000 6/24/2022 EUR 69.150 Vontobel Financial P 14.500 9/23/2022 EUR 71.780 Vontobel Financial P 18.500 9/23/2022 EUR 68.050 Vontobel Financial P 8.500 9/23/2022 EUR 64.580 Vontobel Financial P 13.000 6/24/2022 EUR 59.650 Vontobel Financial P 5.500 9/23/2022 EUR 69.640 Vontobel Financial P 10.000 9/23/2022 EUR 63.340 Vontobel Financial P 14.000 9/23/2022 EUR 74.740 Vontobel Financial P 7.000 9/23/2022 EUR 76.760 Vontobel Financial P 8.500 9/23/2022 EUR 73.510 Vontobel Financial P 10.500 9/23/2022 EUR 70.790 Vontobel Financial P 18.000 9/23/2022 EUR 68.680 Raiffeisen Schweiz G 12.000 07/12/2022 CHF 57.700 Raiffeisen Schweiz G 6.500 01/12/2023 CHF 65.740 Vontobel Financial P 11.000 9/23/2022 EUR 74.160 DZ Bank AG Deutsche 7.000 6/20/2022 EUR 75.010 Vontobel Financial P 15.000 9/23/2022 EUR 71.120 Vontobel Financial P 15.000 6/24/2022 EUR 73.970 Vontobel Financial P 13.000 9/23/2022 EUR 68.590 Vontobel Financial P 10.500 6/24/2022 EUR 71.890 Zurcher Kantonalbank 10.000 6/28/2022 CHF 65.910 Zurcher Kantonalbank 8.000 6/28/2022 EUR 69.890 EFG International Fi 10.030 7/26/2022 USD 45.290 Sberbank of Russia P 0.010 12/17/2025 RUB 66.100 Sberbank of Russia P 0.010 12/17/2025 RUB 62.900 UBS AG/London 12.500 6/23/2022 USD 34.900 UBS AG/London 6.250 12/23/2022 CHF 41.950 Corner Banca SA 13.000 10/19/2022 CHF 35.770 Leonteq Securities A 10.000 1/19/2023 CHF 67.200 Corner Banca SA 11.200 7/19/2022 CHF 32.970 Corner Banca SA 8.000 1/16/2023 CHF 57.320 Corner Banca SA 13.000 1/19/2023 USD 44.620 Leonteq Securities A 10.400 1/19/2023 CHF 60.490 Leonteq Securities A 10.000 10/19/2022 CHF 42.590 Vontobel Financial P 10.000 9/23/2022 EUR 47.690 Vontobel Financial P 16.500 9/23/2022 EUR 43.130 Vontobel Financial P 11.500 6/24/2022 EUR 45.220 Vontobel Financial P 11.500 9/23/2022 EUR 53.560 Vontobel Financial P 6.500 6/24/2022 EUR 58.680 Vontobel Financial P 7.000 9/23/2022 EUR 46.340 Vontobel Financial P 6.000 9/23/2022 EUR 47.740 Vontobel Financial P 8.500 9/23/2022 EUR 45.290 Landesbank Baden-Wue 3.100 7/22/2022 EUR 72.370 Landesbank Baden-Wue 2.300 7/22/2022 EUR 75.400 Landesbank Baden-Wue 3.150 7/22/2022 EUR 72.060 Landesbank Baden-Wue 4.700 7/22/2022 EUR 67.550 Landesbank Baden-Wue 6.250 7/22/2022 EUR 47.320 Societe Generale Eff 9.000 6/24/2022 EUR 35.430 Societe Generale Eff 10.750 6/24/2022 EUR 32.060 Societe Generale Eff 4.250 7/22/2022 EUR 44.940 Societe Generale Eff 8.250 7/22/2022 EUR 35.400 EFG International Fi 6.200 12/18/2023 USD 17.170 DZ Bank AG Deutsche 20.200 6/24/2022 EUR 27.820 Raiffeisen Switzerla 7.500 02/08/2023 CHF 65.510 DZ Bank AG Deutsche 17.500 6/24/2022 EUR 64.760 Vontobel Financial P 15.000 9/23/2022 EUR 70.500 Vontobel Financial P 12.500 9/23/2022 EUR 73.680 Vontobel Financial P 17.000 9/23/2022 EUR 71.720 Vontobel Financial P 15.000 9/23/2022 EUR 66.480 Vontobel Financial P 13.000 6/24/2022 EUR 68.700 Vontobel Financial P 13.000 9/23/2022 EUR 74.610 Vontobel Financial P 8.500 9/23/2022 EUR 43.380 Vontobel Financial P 15.000 9/23/2022 EUR 39.380 Vontobel Financial P 4.500 9/23/2022 EUR 57.650 Vontobel Financial P 13.000 9/23/2022 EUR 57.210 Vontobel Financial P 9.000 6/24/2022 EUR 57.350 Vontobel Financial P 6.000 9/23/2022 EUR 60.350 Zurcher Kantonalbank 9.500 7/22/2022 CHF 71.220 Zurcher Kantonalbank 19.000 7/22/2022 CHF 44.600 UBS AG/London 22.500 6/16/2022 USD 42.450 UBS AG/London 14.500 6/16/2022 CHF 61.350 Raiffeisen Schweiz G 10.000 10/12/2022 EUR 58.800 Raiffeisen Schweiz G 12.000 10/13/2022 CHF 65.560 Societe Generale Eff 14.750 6/24/2022 EUR 29.110 Societe Generale Eff 12.250 7/22/2022 EUR 31.430 Vontobel Financial P 15.750 6/24/2022 EUR 66.980 DZ Bank AG Deutsche 18.500 6/24/2022 EUR 60.830 Vontobel Financial P 5.500 9/23/2022 EUR 46.580 Vontobel Financial P 11.500 9/23/2022 EUR 40.980 Vontobel Financial P 7.500 9/23/2022 EUR 54.960 Vontobel Financial P 3.500 9/23/2022 EUR 57.660 Vontobel Financial P 6.500 9/23/2022 EUR 58.470 Vontobel Financial P 4.500 9/23/2022 EUR 61.080 Vontobel Financial P 3.500 9/23/2022 EUR 59.330 Zurcher Kantonalbank 20.000 7/22/2022 USD 35.690 UBS AG/London 11.750 6/16/2022 CHF 63.750 Landesbank Baden-Wue 4.750 7/22/2022 EUR 73.160 DZ Bank AG Deutsche 15.000 6/24/2022 EUR 73.330 Landesbank Baden-Wue 4.800 7/22/2022 EUR 68.120 Landesbank Baden-Wue 4.000 7/22/2022 EUR 51.260 Societe Generale Eff 12.750 6/24/2022 EUR 30.410 Landesbank Baden-Wue 3.150 7/22/2022 EUR 53.860 Landesbank Baden-Wue 7.200 7/22/2022 EUR 47.160 Landesbank Baden-Wue 9.250 7/22/2022 EUR 45.310 DZ Bank AG Deutsche 15.900 6/24/2022 EUR 64.880 Raiffeisen Switzerla 11.000 08/05/2022 EUR 50.060 Vontobel Financial P 11.000 6/24/2022 EUR 74.610 Vontobel Financial P 11.500 6/24/2022 EUR 74.570 DZ Bank AG Deutsche 8.000 7/20/2022 EUR 72.320 DZ Bank AG Deutsche 8.750 6/22/2022 EUR 70.040 Vontobel Financial P 14.000 6/24/2022 EUR 42.010 DZ Bank AG Deutsche 5.000 7/20/2022 EUR 72.000 DZ Bank AG Deutsche 8.000 7/20/2022 EUR 67.640 DZ Bank AG Deutsche 5.250 9/21/2022 EUR 70.980 Bank Julius Baer & C 15.000 7/13/2022 USD 42.500 DZ Bank AG Deutsche 7.000 9/21/2022 EUR 73.110 Vasutvillamosito Kft 3.000 02/03/2031 HUF 73.200 DZ Bank AG Deutsche 6.100 6/20/2022 EUR 69.490 DZ Bank AG Deutsche 5.100 6/20/2022 EUR 70.940 DZ Bank AG Deutsche 7.000 6/22/2022 EUR 74.000 Zurcher Kantonalbank 15.000 7/20/2022 CHF 54.940 EFG International Fi 6.000 7/13/2022 EUR 57.360 Leonteq Securities A 11.000 08/05/2022 CHF 62.870 DZ Bank AG Deutsche 7.250 9/21/2022 EUR 71.380 Vontobel Financial P 9.250 6/24/2022 EUR 68.000 DZ Bank AG Deutsche 9.000 9/21/2022 EUR 62.060 DZ Bank AG Deutsche 6.500 9/19/2022 EUR 67.100 DZ Bank AG Deutsche 6.250 6/20/2022 EUR 65.210 Bank Julius Baer & C 14.500 1/13/2023 USD 34.400 Vontobel Financial P 9.000 9/23/2022 EUR 70.250 Vontobel Financial P 5.500 9/23/2022 EUR 74.010 Vontobel Financial P 12.500 9/23/2022 EUR 73.030 Vontobel Financial P 6.000 9/23/2022 EUR 52.810 Credit Suisse AG/Lon 9.000 05/05/2022 CHF 58.660 Vontobel Financial P 23.500 6/24/2022 EUR 75.750 BNP Paribas Emission 4.000 6/23/2022 EUR 74.020 Vontobel Financial P 9.500 9/23/2022 EUR 70.520 Vontobel Financial P 16.000 6/24/2022 EUR 62.970 Vontobel Financial P 11.000 9/23/2022 EUR 67.360 Vontobel Financial P 14.000 9/23/2022 EUR 64.890 Vontobel Financial P 8.000 9/23/2022 EUR 70.310 SG Issuer SA 0.021 07/07/2033 EUR 72.110 Bank Vontobel AG 10.500 1/16/2023 CHF 53.600 Bank Vontobel AG 8.000 7/18/2022 CHF 29.300 Vontobel Financial P 13.500 9/23/2022 EUR 45.190 Vontobel Financial P 11.000 6/24/2022 EUR 53.050 Vontobel Financial P 15.000 9/23/2022 EUR 41.200 Vontobel Financial P 9.500 9/23/2022 EUR 44.150 Vontobel Financial P 11.000 9/23/2022 EUR 43.330 Sberbank of Russia P 0.010 12/22/2025 RUB 64.800 Leonteq Securities A 12.000 6/28/2022 CHF 68.780 Sberbank of Russia P 0.010 12/29/2025 RUB 72.200 Vontobel Financial P 8.400 12/04/2023 EUR 77.120 Societe Generale Eff 13.250 6/24/2022 EUR 74.500 EFG International Fi 10.000 7/27/2022 CHF 61.350 Leonteq Securities A 9.000 02/01/2023 CHF 62.750 Leonteq Securities A 15.000 4/28/2022 CHF 63.530 Leonteq Securities A 9.000 7/29/2022 CHF 60.500 Societe Generale Eff 16.250 5/27/2022 EUR 69.860 Societe Generale Eff 13.500 8/26/2022 EUR 72.810 Raiffeisen Switzerla 7.300 1/25/2023 CHF 60.820 Erste Group Bank AG 7.250 03/03/2026 EUR 42.950 Leonteq Securities A 10.000 4/26/2022 CHF 58.320 Landesbank Baden-Wue 4.700 10/28/2022 EUR 66.780 Bank Vontobel AG 6.007 9/26/2022 CHF 68.000 Bank Vontobel AG 9.009 9/26/2022 EUR 64.300 Bank Vontobel AG 12.751 6/27/2022 CHF 31.300 Bank Vontobel AG 15.009 6/27/2022 CHF 29.400 Bank Vontobel AG 22.008 6/27/2022 CHF 54.000 UBS AG/London 9.750 9/30/2022 CHF 80.700 UBS AG/London 16.000 9/30/2022 CHF 37.550 Landesbank Baden-Wue 3.750 10/28/2022 EUR 69.350 Landesbank Baden-Wue 3.500 10/28/2022 EUR 42.920 Bank Vontobel AG 9.000 9/26/2022 EUR 64.300 Bank Vontobel AG 4.255 6/27/2022 CHF 66.500 Bank Vontobel AG 14.006 9/26/2022 CHF 32.200 Bank Vontobel AG 12.508 9/26/2022 CHF 62.200 Bank Vontobel AG 5.507 9/25/2023 CHF 72.100 Landesbank Baden-Wue 7.500 10/28/2022 EUR 74.490 Landesbank Baden-Wue 5.600 10/28/2022 EUR 70.760 Landesbank Baden-Wue 5.050 10/28/2022 EUR 49.400 Landesbank Baden-Wue 4.050 10/28/2022 EUR 40.960 Landesbank Baden-Wue 6.350 10/28/2022 EUR 36.880 Landesbank Baden-Wue 7.100 10/28/2022 EUR 58.350 Vontobel Financial P 9.250 12/23/2022 EUR 47.260 UBS AG/London 7.250 11/03/2023 CHF 73.550 Leonteq Securities A 3.790 1/25/2023 EUR 75.130 EFG International Fi 15.000 11/03/2022 CHF 67.260 Leonteq Securities A 7.000 7/22/2022 CHF 64.390 Nordea Bank Abp 7.100 7/20/2024 SEK 70.490 Nordea Bank Abp 9.000 7/20/2024 SEK 67.030 UniCredit Bank AG 4.350 7/31/2023 EUR 59.560 Sberbank of Russia P 0.010 1/21/2026 RUB 63.700 UBS AG/London 9.750 7/20/2022 CHF 57.250 Zurcher Kantonalbank 8.000 4/29/2022 USD 46.430 DZ Bank AG Deutsche 15.600 9/23/2022 EUR 58.210 DZ Bank AG Deutsche 19.900 6/24/2022 EUR 59.270 DZ Bank AG Deutsche 15.700 9/23/2022 EUR 62.500 DZ Bank AG Deutsche 15.800 9/23/2022 EUR 28.990 DZ Bank AG Deutsche 20.200 6/24/2022 EUR 64.650 UniCredit Bank AG 10.700 02/03/2025 EUR 72.800 UniCredit Bank AG 10.700 2/17/2025 EUR 73.480 Sberbank of Russia P 0.010 1/21/2026 RUB 64.100 DZ Bank AG Deutsche 17.600 6/24/2022 EUR 54.900 DZ Bank AG Deutsche 17.500 9/23/2022 EUR 60.160 DZ Bank AG Deutsche 17.000 6/24/2022 EUR 68.410 DZ Bank AG Deutsche 18.000 6/24/2022 EUR 25.420 UBS AG/London 7.750 7/20/2022 CHF 47.600 DZ Bank AG Deutsche 13.500 9/23/2022 EUR 72.040 Bank Vontobel AG 7.506 7/15/2022 CHF 57.100 Zurcher Kantonalbank 7.500 4/29/2022 CHF 46.310 Zurcher Kantonalbank 7.500 7/28/2022 CHF 59.950 DZ Bank AG Deutsche 21.100 6/24/2022 EUR 57.240 DZ Bank AG Deutsche 24.900 9/23/2022 EUR 54.710 DZ Bank AG Deutsche 13.300 9/23/2022 EUR 70.380 DZ Bank AG Deutsche 8.600 6/24/2022 EUR 63.300 DZ Bank AG Deutsche 7.900 9/23/2022 EUR 69.600 UBS AG/London 7.750 7/20/2022 CHF 56.850 UBS AG/London 15.250 7/21/2022 USD 34.450 DZ Bank AG Deutsche 16.200 6/24/2022 EUR 69.180 DZ Bank AG Deutsche 13.000 6/24/2022 EUR 55.110 Bank Julius Baer & C 11.050 11/03/2022 USD 75.650 Leonteq Securities A 14.000 4/26/2022 CHF 31.390 Leonteq Securities A 13.000 7/25/2022 USD 31.340 Leonteq Securities A 7.450 1/25/2023 EUR 36.710 UBS AG/London 7.250 05/03/2023 EUR 72.000 EFG International Fi 4.750 1/29/2024 USD 57.110 Sberbank of Russia P 0.010 11/02/2028 RUB 68.400 DZ Bank AG Deutsche 7.750 6/22/2022 EUR 69.970 DZ Bank AG Deutsche 5.500 6/22/2022 EUR 75.000 DZ Bank AG Deutsche 5.000 6/22/2022 EUR 74.600 Vontobel Financial P 13.000 9/23/2022 EUR 74.330 Vontobel Financial P 14.500 9/23/2022 EUR 72.760 Vontobel Financial P 19.000 9/23/2022 EUR 68.750 Vontobel Financial P 15.500 9/23/2022 EUR 73.070 Vontobel Financial P 12.500 9/23/2022 EUR 66.070 Vontobel Financial P 16.000 9/23/2022 EUR 64.020 Bank Julius Baer & C 15.000 6/15/2022 USD 67.900 Zurcher Kantonalbank 11.500 07/06/2022 CHF 75.530 Zurcher Kantonalbank 11.250 07/06/2022 EUR 41.470 Leonteq Securities A 11.000 9/15/2022 CHF 34.960 Vontobel Financial P 11.500 6/24/2022 EUR 73.800 Vontobel Financial P 11.500 6/24/2022 EUR 70.790 Societe Generale Eff 9.000 8/26/2022 EUR 71.830 DZ Bank AG Deutsche 7.500 7/20/2022 EUR 65.060 Vontobel Financial P 20.000 6/24/2022 EUR 53.590 DZ Bank AG Deutsche 4.750 9/21/2022 EUR 60.340 Leonteq Securities A 14.000 10/05/2022 CHF 61.480 Corner Banca SA 16.000 10/05/2022 CHF 59.940 Vontobel Financial P 8.000 9/23/2022 EUR 62.360 Vontobel Financial P 7.000 9/23/2022 EUR 61.950 Leonteq Securities A 10.000 12/14/2022 CHF 59.950 Leonteq Securities A 9.000 01/06/2023 CHF 65.350 Vontobel Financial P 15.000 6/24/2022 EUR 54.320 Federal Grid Co Unif 7.500 5/21/2036 RUB 66.180 DZ Bank AG Deutsche 8.250 6/22/2022 EUR 74.870 DZ Bank AG Deutsche 8.000 9/21/2022 EUR 64.660 Vontobel Financial P 16.000 9/23/2022 EUR 71.310 Vontobel Financial P 14.000 9/23/2022 EUR 74.290 Vontobel Financial P 10.500 9/23/2022 EUR 78.200 Vontobel Financial P 14.500 9/23/2022 EUR 74.150 Vontobel Financial P 14.500 9/23/2022 EUR 65.090 Vontobel Financial P 3.500 9/23/2022 EUR 55.640 Vontobel Financial P 8.500 9/23/2022 EUR 66.640 Leonteq Securities A 20.000 6/15/2022 CHF 33.000 DZ Bank AG Deutsche 7.000 6/22/2022 EUR 69.270 DZ Bank AG Deutsche 5.750 9/21/2022 EUR 70.560 DZ Bank AG Deutsche 5.250 9/21/2022 EUR 72.970 DZ Bank AG Deutsche 5.250 9/21/2022 EUR 73.790 Vontobel Financial P 8.000 9/23/2022 EUR 70.300 Vontobel Financial P 3.750 01/03/2023 EUR 37.920 Vontobel Financial P 13.000 9/23/2022 EUR 75.350 Vontobel Financial P 14.000 9/23/2022 EUR 72.850 Vontobel Financial P 12.500 9/23/2022 EUR 73.750 Vontobel Financial P 19.000 9/23/2022 EUR 71.090 Vontobel Financial P 17.500 9/23/2022 EUR 72.140 Vontobel Financial P 15.000 9/23/2022 EUR 71.810 Bank Julius Baer & C 6.900 07/06/2022 CHF 72.100 Bank Julius Baer & C 6.300 07/06/2022 CHF 69.950 Zurcher Kantonalbank 11.500 07/06/2022 EUR 70.090 Zurcher Kantonalbank 15.250 07/06/2022 CHF 39.260 Leonteq Securities A 15.000 6/15/2022 CHF 25.640 Vontobel Financial P 17.000 9/23/2022 EUR 71.190 Vontobel Financial P 13.500 6/24/2022 EUR 70.440 Vontobel Financial P 10.500 10/18/2022 EUR 36.280 Zurcher Kantonalbank 15.000 7/13/2022 CHF 36.810 Credit Suisse AG/Lon 15.000 6/14/2022 CHF 66.120 Vontobel Financial P 15.500 9/23/2022 EUR 72.840 Vontobel Financial P 5.000 9/23/2022 EUR 68.730 DZ Bank AG Deutsche 5.250 7/20/2022 EUR 73.500 Vontobel Financial P 16.000 6/24/2022 EUR 77.300 Societe Generale Eff 8.000 8/26/2022 EUR 73.490 DZ Bank AG Deutsche 5.750 7/20/2022 EUR 63.140 DZ Bank AG Deutsche 8.750 7/20/2022 EUR 68.810 Leonteq Securities A 5.710 9/23/2022 USD 49.530 Bank Julius Baer & C 7.350 9/23/2022 USD 68.250 Vontobel Financial P 15.500 6/24/2022 EUR 66.980 DZ Bank AG Deutsche 5.000 7/20/2022 EUR 78.440 DZ Bank AG Deutsche 7.000 9/21/2022 EUR 61.250 DZ Bank AG Deutsche 6.500 6/22/2022 EUR 75.060 Zurcher Kantonalbank 11.000 6/22/2022 USD 57.640 Vontobel Financial P 11.500 6/24/2022 EUR 67.110 Vontobel Financial P 15.500 6/24/2022 EUR 59.910 Sberbank of Russia P 0.010 07/05/2028 RUB 59.700 Sberbank of Russia P 0.010 07/06/2026 RUB 74.000 Sberbank of Russia P 0.010 07/03/2026 RUB 55.800 EFG International Fi 18.000 6/30/2022 EUR 65.280 DZ Bank AG Deutsche 6.000 6/22/2022 EUR 73.840 DZ Bank AG Deutsche 8.500 6/22/2022 EUR 70.520 DZ Bank AG Deutsche 16.000 6/22/2022 EUR 73.390 Vontobel Financial P 17.500 9/23/2022 EUR 69.980 Vontobel Financial P 11.500 9/23/2022 EUR 76.630 Vontobel Financial P 9.500 9/23/2022 EUR 68.770 Vontobel Financial P 6.500 9/23/2022 EUR 64.270 Raiffeisen Schweiz G 7.500 3/17/2023 USD 55.600 Vontobel Financial P 13.500 6/24/2022 EUR 68.800 Vontobel Financial P 17.000 6/24/2022 EUR 65.150 Vontobel Financial P 14.000 6/24/2022 EUR 76.980 Leonteq Securities A 12.000 8/31/2022 CHF 64.920 Zurcher Kantonalbank 6.500 06/07/2022 CHF 64.580 Raiffeisen Schweiz G 17.500 9/14/2022 CHF 74.230 Raiffeisen Schweiz G 7.250 9/13/2023 CHF 74.200 Erste Group Bank AG 4.000 10/01/2025 EUR 58.300 Societe Generale Eff 9.250 6/24/2022 EUR 73.030 Societe Generale Eff 7.000 10/28/2022 EUR 74.370 Vontobel Financial P 13.500 6/24/2022 EUR 69.030 Vontobel Financial P 10.500 6/24/2022 EUR 68.290 Vontobel Financial P 8.000 6/24/2022 EUR 51.310 Vontobel Financial P 12.500 6/24/2022 EUR 52.040 Vontobel Financial P 11.000 6/24/2022 EUR 69.810 Vontobel Financial P 13.250 9/23/2022 EUR 55.160 Societe Generale Eff 10.500 10/28/2022 EUR 70.800 Societe Generale Eff 10.500 10/28/2022 EUR 35.730 Vontobel Financial P 7.000 9/23/2022 EUR 64.960 Vontobel Financial P 18.500 9/23/2022 EUR 54.810 Vontobel Financial P 6.000 9/23/2022 EUR 66.060 Vontobel Financial P 9.000 9/23/2022 EUR 61.620 Vontobel Financial P 8.500 9/23/2022 EUR 53.890 Societe Generale Eff 13.750 10/28/2022 EUR 71.660 Raiffeisen Schweiz G 16.000 9/20/2022 CHF 33.480 Vontobel Financial P 11.000 6/24/2022 EUR 70.710 Vontobel Financial P 18.000 6/24/2022 EUR 70.890 Leonteq Securities A 25.680 9/23/2022 CHF 36.180 Vontobel Financial P 15.000 9/23/2022 EUR 44.150 Vontobel Financial P 13.000 9/23/2022 EUR 45.230 Vontobel Financial P 9.000 9/23/2022 EUR 48.010 Vontobel Financial P 9.000 9/23/2022 EUR 73.660 Vontobel Financial P 13.500 9/23/2022 EUR 69.530 Vontobel Financial P 13.500 6/24/2022 EUR 69.110 Vontobel Financial P 12.500 9/23/2022 EUR 68.190 Vontobel Financial P 16.000 9/23/2022 EUR 65.800 Vontobel Financial P 11.000 9/23/2022 EUR 69.670 Basler Kantonalbank 12.000 12/22/2022 CHF 65.180 Vontobel Financial P 12.500 9/23/2022 EUR 58.250 Vontobel Financial P 16.250 6/24/2022 EUR 59.880 VTB Bank PJSC 0.010 06/03/2026 RUB 65.200 Leonteq Securities A 20.880 9/23/2022 CHF 30.960 Vontobel Financial P 5.000 6/24/2022 EUR 57.070 Vontobel Financial P 8.000 6/24/2022 EUR 47.530 Vontobel Financial P 17.500 9/23/2022 EUR 55.290 Vontobel Financial P 10.000 9/23/2022 EUR 60.750 Basler Kantonalbank 8.000 3/22/2023 CHF 68.080 Vontobel Financial P 7.250 6/24/2022 EUR 59.050 Leonteq Securities A 14.000 9/23/2022 CHF 66.970 Leonteq Securities A 10.000 12/23/2022 CHF 71.250 Societe Generale Eff 6.500 10/28/2022 EUR 43.010 Societe Generale Eff 8.500 10/28/2022 EUR 38.280 Societe Generale Eff 12.500 10/28/2022 EUR 34.040 Societe Generale Eff 16.250 9/23/2022 EUR 57.140 Societe Generale Eff 5.500 10/28/2022 EUR 74.920 Societe Generale Eff 6.500 10/28/2022 EUR 73.110 Societe Generale Eff 7.500 10/28/2022 EUR 71.610 Societe Generale Eff 8.500 10/28/2022 EUR 70.360 Societe Generale Eff 7.250 6/24/2022 EUR 76.750 Societe Generale Eff 13.500 9/23/2022 EUR 66.810 Societe Generale Eff 8.000 10/28/2022 EUR 72.450 Leonteq Securities A 22.520 07/06/2022 CHF 22.460 Leonteq Securities A 20.000 07/06/2022 CHF 32.020 Vontobel Financial P 15.500 6/24/2022 EUR 66.980 Vontobel Financial P 10.000 6/24/2022 EUR 73.560 Vontobel Financial P 5.000 9/23/2022 EUR 68.870 Vontobel Financial P 5.500 9/23/2022 EUR 67.430 Vontobel Financial P 7.500 9/23/2022 EUR 63.720 Vontobel Financial P 11.000 9/23/2022 EUR 59.940 Vontobel Financial P 11.500 9/23/2022 EUR 58.970 Vontobel Financial P 14.500 9/23/2022 EUR 56.950 Vontobel Financial P 13.500 9/23/2022 EUR 57.580 Vontobel Financial P 9.250 9/23/2022 EUR 74.140 Societe Generale Eff 8.500 10/28/2022 EUR 73.940 Societe Generale Eff 14.500 10/28/2022 EUR 33.080 Societe Generale Eff 6.250 9/23/2022 EUR 75.910 Societe Generale Eff 11.750 10/28/2022 EUR 74.320 Sberbank of Russia P 0.010 9/21/2028 RUB 55.100 Raiffeisen Schweiz G 16.000 9/20/2022 CHF 39.660 Raiffeisen Schweiz G 7.500 3/17/2023 CHF 63.230 Vontobel Financial P 7.500 6/24/2022 EUR 79.340 Vontobel Financial P 8.000 6/24/2022 EUR 58.270 Vontobel Financial P 17.500 9/23/2022 EUR 43.440 Vontobel Financial P 11.000 9/23/2022 EUR 46.510 Vontobel Financial P 7.000 9/23/2022 EUR 49.790 Vontobel Financial P 11.000 9/23/2022 EUR 71.370 Vontobel Financial P 11.500 6/24/2022 EUR 74.260 Vontobel Financial P 17.000 6/24/2022 EUR 64.820 Vontobel Financial P 11.500 9/23/2022 EUR 33.300 Vontobel Financial P 5.500 9/23/2022 EUR 52.080 Vontobel Financial P 10.500 6/24/2022 EUR 71.810 Vontobel Financial P 14.000 9/23/2022 EUR 66.830 Vontobel Financial P 15.500 9/23/2022 EUR 56.360 Vontobel Financial P 16.500 9/23/2022 EUR 55.810 Vontobel Financial P 8.500 9/23/2022 EUR 62.740 Vontobel Financial P 6.000 9/23/2022 EUR 76.190 Leonteq Securities A 17.000 1/18/2023 CHF 44.680 Vontobel Financial P 5.500 6/24/2022 EUR 70.050 Vontobel Financial P 12.750 6/24/2022 EUR 42.980 Vontobel Financial P 6.250 6/24/2022 EUR 75.590 Leonteq Securities A 10.000 4/18/2023 USD 55.760 Leonteq Securities A 18.000 10/06/2022 CHF 58.840 Leonteq Securities A 18.000 07/06/2022 CHF 64.470 Landesbank Baden-Wue 2.500 8/25/2023 EUR 60.010 UniCredit Bank AG 3.700 6/25/2022 EUR 48.360 Leonteq Securities A 2.500 06/05/2024 EUR 66.450 UniCredit Bank AG 3.850 6/28/2022 EUR 60.370 UniCredit Bank AG 3.800 6/28/2022 EUR 33.860 UniCredit Bank AG 4.250 6/28/2022 EUR 46.230 Vontobel Financial P 7.350 6/15/2022 USD 44.120 DZ Bank AG Deutsche 22.800 6/24/2022 EUR 64.130 DZ Bank AG Deutsche 6.500 9/21/2022 EUR 74.420 Vontobel Financial P 7.750 6/24/2022 EUR 73.900 Bank Julius Baer & C 6.850 6/15/2022 CHF 71.550 Societe Generale Eff 14.250 6/24/2022 EUR 75.000 DZ Bank AG Deutsche 6.500 6/22/2022 EUR 71.810 DZ Bank AG Deutsche 9.500 6/22/2022 EUR 62.940 DZ Bank AG Deutsche 7.500 12/23/2022 EUR 56.370 Vontobel Financial P 9.350 6/24/2022 EUR 69.440 Vontobel Financial P 7.700 08/02/2022 CHF 43.900 Leonteq Securities A 24.480 9/21/2022 CHF 44.800 Leonteq Securities A 10.000 10/05/2022 CHF 31.300 Vontobel Financial P 6.000 9/23/2022 EUR 73.330 Vontobel Financial P 12.500 9/23/2022 EUR 32.500 Vontobel Financial P 7.500 6/24/2022 EUR 63.960 Corner Banca SA 12.000 6/14/2022 CHF 62.340 Societe Generale Eff 5.500 9/23/2022 EUR 48.540 DZ Bank AG Deutsche 6.750 6/22/2022 EUR 73.340 DZ Bank AG Deutsche 14.500 12/21/2022 EUR 68.230 DZ Bank AG Deutsche 5.000 6/22/2022 EUR 72.580 Societe Generale Eff 11.500 5/27/2022 EUR 55.160 Vontobel Financial P 6.250 6/24/2022 EUR 67.190 Corner Banca SA 12.000 01/05/2023 EUR 74.690 Leonteq Securities A 10.000 10/05/2022 CHF 73.080 Corner Banca SA 16.000 07/06/2022 CHF 64.540 Vontobel Financial P 16.000 9/23/2022 EUR 72.280 Leonteq Securities A 14.000 9/14/2022 EUR 34.020 Corner Banca SA 10.400 12/14/2022 CHF 37.640 Vontobel Financial P 9.000 6/24/2022 EUR 46.460 Vontobel Financial P 15.500 6/24/2022 EUR 41.070 Vontobel Financial P 10.500 6/24/2022 EUR 44.900 Leonteq Securities A 14.000 9/14/2022 CHF 50.360 Leonteq Securities A 25.460 07/01/2022 CHF 26.270 Vontobel Financial P 11.500 6/24/2022 EUR 59.610 Vontobel Financial P 6.500 6/24/2022 EUR 66.430 Corner Banca SA 17.000 1/17/2023 EUR 46.310 Vontobel Financial P 18.000 6/24/2022 EUR 24.930 Vontobel Financial P 19.500 6/24/2022 EUR 62.430 Vontobel Financial P 9.250 6/24/2022 EUR 40.210 Leonteq Securities A 6.000 07/05/2023 CHF 74.210 Leonteq Securities A 21.520 07/01/2022 CHF 21.600 Vontobel Financial P 8.000 6/24/2022 EUR 59.040 DZ Bank AG Deutsche 15.500 6/22/2022 EUR 70.300 DZ Bank AG Deutsche 5.000 9/21/2022 EUR 71.860 Bank Julius Baer & C 7.600 07/01/2022 EUR 68.250 Citigroup Global Mar 2.600 10/12/2028 EUR 77.020 DZ Bank AG Deutsche 15.500 9/21/2022 EUR 68.440 Bank Julius Baer & C 9.000 07/01/2022 USD 41.450 Bank Julius Baer & C 6.200 12/21/2022 CHF 71.200 Zurcher Kantonalbank 8.000 6/21/2023 CHF 64.030 Zurcher Kantonalbank 11.000 6/21/2022 CHF 65.490 Zurcher Kantonalbank 12.000 6/21/2022 CHF 57.030 DZ Bank AG Deutsche 10.000 12/23/2022 EUR 51.470 Vontobel Financial P 18.000 9/23/2022 EUR 32.220 DZ Bank AG Deutsche 10.000 6/24/2022 EUR 50.320 Vontobel Financial P 16.500 6/24/2022 EUR 60.370 Zurcher Kantonalbank 12.500 10/05/2022 USD 49.110 Bank Julius Baer & C 7.500 11/11/2022 EUR 71.100 Bank Julius Baer & C 7.900 2/13/2023 EUR 73.300 UBS AG/London 7.500 9/29/2023 CHF 70.550 UBS AG/London 14.750 3/29/2023 CHF 61.850 UBS AG/London 13.000 3/29/2023 USD 46.800 UBS AG/London 8.750 3/29/2023 CHF 65.100 UBS AG/London 14.250 4/20/2023 USD 55.400 UBS AG/London 4.750 7/21/2022 EUR 72.000 UBS AG/London 9.000 7/21/2023 EUR 71.450 Landesbank Baden-Wue 9.150 10/28/2022 EUR 65.480 Credit Suisse AG/Lon 6.000 11/28/2022 CHF 74.660 Credit Suisse AG/Lon 10.000 09/09/2022 USD 53.080 Credit Suisse AG/Lon 7.250 12/01/2022 CHF 70.850 Credit Suisse AG/Lon 16.000 6/27/2022 EUR 63.640 Credit Suisse AG/Lon 10.000 9/26/2022 EUR 68.100 Credit Suisse AG/Lon 10.000 10/03/2022 CHF 54.240 Credit Suisse AG/Lon 7.500 09/08/2022 EUR 65.760 Credit Suisse AG/Lon 8.500 9/13/2022 CHF 29.460 Credit Suisse AG/Lon 15.000 9/15/2022 USD 37.690 Credit Suisse AG/Lon 8.500 12/16/2022 CHF 60.680 Bank Vontobel AG 7.250 3/24/2023 CHF 71.800 Vontobel Financial P 4.500 12/23/2022 EUR 77.220 Vontobel Financial P 10.500 12/23/2022 EUR 74.270 Vontobel Financial P 4.500 9/23/2022 EUR 79.450 Vontobel Financial P 5.500 12/23/2022 EUR 47.270 Vontobel Financial P 11.500 12/23/2022 EUR 43.030 Vontobel Financial P 15.000 12/23/2022 EUR 42.260 UBS AG/London 9.500 6/30/2022 EUR 67.950 UBS AG/London 4.500 07/01/2024 CHF 73.750 UBS AG/London 11.000 6/30/2022 CHF 28.300 Vontobel Financial P 16.500 12/23/2022 EUR 68.030 UBS AG/London 6.000 6/30/2023 CHF 59.300 Vontobel Financial P 10.000 12/23/2022 EUR 73.510 Vontobel Financial P 15.000 12/23/2022 EUR 70.370 Vontobel Financial P 13.000 12/23/2022 EUR 71.070 Vontobel Financial P 14.500 12/23/2022 EUR 67.990 Vontobel Financial P 7.500 12/23/2022 EUR 57.620 Vontobel Financial P 4.000 12/23/2022 EUR 62.850 Vontobel Financial P 8.000 12/23/2022 EUR 69.170 Vontobel Financial P 5.000 12/23/2022 EUR 72.980 Vontobel Financial P 13.000 12/23/2022 EUR 73.720 Vontobel Financial P 12.000 12/23/2022 EUR 66.800 Bank Vontobel AG 7.500 1/16/2023 EUR 73.100 Bank Vontobel AG 13.000 10/17/2022 CHF 39.000 Vontobel Financial P 8.500 12/23/2022 EUR 71.770 Vontobel Financial P 7.500 12/23/2022 EUR 73.360 Vontobel Financial P 12.000 12/23/2022 EUR 68.980 Vontobel Financial P 10.000 12/23/2022 EUR 70.540 Vontobel Financial P 14.000 12/23/2022 EUR 67.580 Vontobel Financial P 10.500 12/23/2022 EUR 69.940 Vontobel Financial P 13.500 12/23/2022 EUR 68.130 Vontobel Financial P 11.500 12/23/2022 EUR 69.610 Vontobel Financial P 15.000 12/23/2022 EUR 67.380 Vontobel Financial P 12.500 12/23/2022 EUR 68.380 Vontobel Financial P 5.500 12/23/2022 EUR 71.920 EFG International Fi 19.000 11/10/2022 CHF 43.650 Leonteq Securities A 9.000 05/11/2023 CHF 73.500 Vontobel Financial P 8.500 12/23/2022 EUR 58.580 Vontobel Financial P 8.250 12/23/2022 EUR 36.320 Vontobel Financial P 12.500 12/23/2022 EUR 39.440 Leonteq Securities A 2.380 11/10/2022 EUR 43.480 DekaBank Deutsche Gi 7.260 5/30/2022 EUR 69.070 Leonteq Securities A 26.400 11/08/2022 CHF 48.820 Leonteq Securities A 26.400 11/15/2022 USD 54.190 Leonteq Securities A 22.800 11/11/2022 CHF 33.920 Societe Generale Eff 14.250 6/24/2022 EUR 66.030 Societe Generale Eff 11.750 9/23/2022 EUR 71.770 UBS AG/London 6.250 11/10/2023 CHF 70.100 Bank Vontobel AG 12.000 05/09/2023 EUR 60.000 Bank Vontobel AG 24.000 08/09/2022 CHF 42.000 Zurcher Kantonalbank 11.000 11/08/2022 CHF 70.210 Zurcher Kantonalbank 12.500 11/04/2022 CHF 64.400 Zurcher Kantonalbank 13.550 11/04/2022 CHF 61.650 Landesbank Baden-Wue 29.630 10/28/2022 EUR 75.140 Leonteq Securities A 18.000 11/15/2022 CHF 42.760 Corner Banca SA 20.000 11/15/2022 CHF 52.810 Leonteq Securities A 14.000 2/15/2023 CHF 43.160 Leonteq Securities A 9.000 05/12/2023 CHF 51.420 Corner Banca SA 10.000 5/15/2023 USD 45.050 Corner Banca SA 10.000 05/12/2023 CHF 70.870 Leonteq Securities A 7.000 05/12/2023 CHF 70.690 Vontobel Financial P 27.900 6/24/2022 EUR 64.930 Landesbank Baden-Wue 4.000 11/25/2022 EUR 71.280 Landesbank Baden-Wue 11.500 11/25/2022 EUR 72.990 Societe Generale Eff 14.000 5/27/2022 EUR 68.280 Societe Generale Eff 7.500 5/27/2022 EUR 45.590 Landesbank Baden-Wue 4.350 11/25/2022 EUR 75.730 Landesbank Baden-Wue 5.650 11/25/2022 EUR 78.570 Landesbank Baden-Wue 3.750 11/25/2022 EUR 76.160 Landesbank Baden-Wue 5.850 11/25/2022 EUR 72.520 Landesbank Baden-Wue 4.150 11/25/2022 EUR 57.180 Landesbank Baden-Wue 8.300 11/25/2022 EUR 46.990 Bank Vontobel AG 13.750 05/08/2023 CHF 53.600 Bank Vontobel AG 14.000 11/14/2022 CHF 41.800 Bank Vontobel AG 9.000 05/12/2023 CHF 72.900 Bank Vontobel AG 14.000 05/12/2023 CHF 66.800 Bank Vontobel AG 18.750 11/14/2022 CHF 40.700 Bank Vontobel AG 8.750 05/12/2023 CHF 58.800 Vontobel Financial P 18.000 9/23/2022 EUR 72.270 Vontobel Financial P 12.500 12/23/2022 EUR 70.800 Vontobel Financial P 13.500 12/23/2022 EUR 69.570 Vontobel Financial P 14.500 12/23/2022 EUR 68.420 Vontobel Financial P 16.000 12/23/2022 EUR 67.700 Vontobel Financial P 19.500 12/23/2022 EUR 65.290 Vontobel Financial P 18.000 12/23/2022 EUR 65.820 Vontobel Financial P 17.000 12/23/2022 EUR 66.730 Vontobel Financial P 12.500 9/23/2022 EUR 70.120 Vontobel Financial P 15.500 9/23/2022 EUR 67.240 Vontobel Financial P 20.500 9/23/2022 EUR 63.850 Vontobel Financial P 14.000 9/23/2022 EUR 68.630 Vontobel Financial P 17.500 9/23/2022 EUR 66.140 Vontobel Financial P 19.000 9/23/2022 EUR 64.960 Vontobel Financial P 22.000 9/23/2022 EUR 62.850 Vontobel Financial P 17.500 12/23/2022 EUR 74.670 Vontobel Financial P 20.000 9/23/2022 EUR 73.760 Vontobel Financial P 18.000 9/23/2022 EUR 74.910 Vontobel Financial P 3.000 12/23/2022 EUR 77.140 Vontobel Financial P 17.500 12/23/2022 EUR 70.070 Vontobel Financial P 8.000 12/23/2022 EUR 65.340 Vontobel Financial P 11.500 12/23/2022 EUR 67.650 Vontobel Financial P 7.000 12/23/2022 EUR 54.290 Vontobel Financial P 7.500 12/23/2022 EUR 67.700 Vontobel Financial P 8.000 12/23/2022 EUR 71.060 Vontobel Financial P 5.000 9/23/2022 EUR 67.800 Vontobel Financial P 14.000 12/23/2022 EUR 63.360 Vontobel Financial P 12.000 12/23/2022 EUR 65.280 Vontobel Financial P 16.500 9/23/2022 EUR 60.960 Vontobel Financial P 14.000 9/23/2022 EUR 63.340 Vontobel Financial P 19.000 9/23/2022 EUR 58.890 Vontobel Financial P 18.000 12/23/2022 EUR 60.350 Vontobel Financial P 16.000 12/23/2022 EUR 61.720 Vontobel Financial P 8.000 12/23/2022 EUR 64.970 Vontobel Financial P 9.500 12/23/2022 EUR 62.560 Vontobel Financial P 12.000 12/23/2022 EUR 61.080 Vontobel Financial P 11.500 9/23/2022 EUR 66.100 Vontobel Financial P 14.000 12/23/2022 EUR 59.630 Vontobel Financial P 16.000 12/23/2022 EUR 58.370 Vontobel Financial P 7.500 9/23/2022 EUR 64.640 Vontobel Financial P 10.000 9/23/2022 EUR 61.950 Vontobel Financial P 15.000 12/23/2022 EUR 58.950 Vontobel Financial P 11.000 9/23/2022 EUR 60.610 Vontobel Financial P 8.500 9/23/2022 EUR 63.090 Vontobel Financial P 17.000 12/23/2022 EUR 57.850 Vontobel Financial P 12.500 9/23/2022 EUR 59.630 Vontobel Financial P 15.500 9/23/2022 EUR 57.890 Vontobel Financial P 14.000 9/23/2022 EUR 58.720 Vontobel Financial P 18.500 9/23/2022 EUR 56.380 Vontobel Financial P 17.000 9/23/2022 EUR 57.070 Vontobel Financial P 6.000 12/23/2022 EUR 42.390 Vontobel Financial P 10.000 12/23/2022 EUR 40.270 Vontobel Financial P 11.500 12/23/2022 EUR 39.770 Vontobel Financial P 6.000 9/23/2022 EUR 41.280 Vontobel Financial P 9.500 9/23/2022 EUR 38.950 Vontobel Financial P 8.000 12/23/2022 EUR 41.170 Vontobel Financial P 13.000 12/23/2022 EUR 39.830 Vontobel Financial P 15.000 12/23/2022 EUR 39.450 Vontobel Financial P 14.000 12/23/2022 EUR 39.610 Vontobel Financial P 10.500 9/23/2022 EUR 38.240 Vontobel Financial P 13.500 9/23/2022 EUR 37.470 Vontobel Financial P 7.000 9/23/2022 EUR 40.350 Vontobel Financial P 17.000 9/23/2022 EUR 37.120 Vontobel Financial P 8.000 9/23/2022 EUR 39.500 Vontobel Financial P 12.000 9/23/2022 EUR 37.830 Vontobel Financial P 16.500 12/23/2022 EUR 39.650 Vontobel Financial P 15.000 9/23/2022 EUR 37.170 Vontobel Financial P 20.000 9/23/2022 EUR 55.750 Vontobel Financial P 4.500 12/23/2022 EUR 77.630 Vontobel Financial P 7.000 9/23/2022 EUR 76.730 Vontobel Financial P 7.000 9/23/2022 EUR 69.150 Vontobel Financial P 7.500 9/23/2022 EUR 64.780 DZ Bank AG Deutsche 9.500 5/25/2022 EUR 73.070 DZ Bank AG Deutsche 12.000 6/22/2022 EUR 66.060 DZ Bank AG Deutsche 13.000 6/22/2022 EUR 65.460 DZ Bank AG Deutsche 10.500 5/25/2022 EUR 30.450 DZ Bank AG Deutsche 6.000 12/21/2022 EUR 60.650 Societe Generale Eff 10.250 10/28/2022 EUR 72.240 Societe Generale Eff 15.000 5/27/2022 EUR 60.990 Societe Generale Eff 13.000 7/22/2022 EUR 63.070 Societe Generale Eff 12.250 8/26/2022 EUR 63.900 DZ Bank AG Deutsche 15.750 5/25/2022 EUR 64.090 DZ Bank AG Deutsche 15.750 6/22/2022 EUR 73.690 DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.820 DZ Bank AG Deutsche 6.250 12/21/2022 EUR 74.180 DZ Bank AG Deutsche 5.500 3/22/2023 EUR 73.820 Leonteq Securities A 21.600 12/06/2022 CHF 40.920 Leonteq Securities A 22.800 12/06/2022 CHF 53.530 Leonteq Securities A 8.800 12/07/2023 CHF 76.400 Credit Suisse AG/Lon 13.500 11/28/2022 CHF 35.730 Credit Suisse AG/Lon 15.000 11/29/2022 USD 36.360 Bank Vontobel AG 9.000 2/21/2023 CHF 66.200 Bank Vontobel AG 12.250 11/28/2022 CHF 58.100 Bank Vontobel AG 7.000 5/26/2023 EUR 71.100 DZ Bank AG Deutsche 6.750 12/21/2022 EUR 76.940 Raiffeisen Schweiz G 8.200 12/06/2023 CHF 76.230 Raiffeisen Switzerla 19.000 12/06/2022 CHF 52.210 Leonteq Securities A 22.200 12/07/2022 CHF 48.530 Sberbank of Russia P 0.010 12/07/2026 RUB 61.200 DZ Bank AG Deutsche 16.800 9/23/2022 EUR 72.530 DZ Bank AG Deutsche 16.700 12/23/2022 EUR 55.020 DZ Bank AG Deutsche 16.800 9/23/2022 EUR 76.980 DZ Bank AG Deutsche 19.100 12/23/2022 EUR 67.820 DZ Bank AG Deutsche 20.500 9/23/2022 EUR 71.110 DZ Bank AG Deutsche 17.300 12/23/2022 EUR 73.640 Sberbank of Russia P 0.010 12/07/2026 RUB 59.000 Ebis OOO 14.500 11/25/2025 RUB 70.000 SG Issuer SA 2.100 12/27/2033 EUR 63.370 DZ Bank AG Deutsche 23.900 6/24/2022 EUR 61.400 Societe Generale Eff 13.500 9/23/2022 EUR 60.420 DZ Bank AG Deutsche 17.700 12/23/2022 EUR 36.210 DZ Bank AG Deutsche 13.500 3/24/2023 EUR 38.610 DZ Bank AG Deutsche 18.300 12/23/2022 EUR 75.170 DZ Bank AG Deutsche 20.200 6/24/2022 EUR 75.940 DZ Bank AG Deutsche 10.500 12/23/2022 EUR 64.310 DZ Bank AG Deutsche 12.000 3/24/2023 EUR 63.440 DZ Bank AG Deutsche 10.000 3/24/2023 EUR 75.440 UniCredit Bank AG 6.300 12/21/2022 EUR 51.570 Societe Generale Eff 5.500 10/28/2022 EUR 73.160 DZ Bank AG Deutsche 18.500 11/25/2022 EUR 35.330 DZ Bank AG Deutsche 14.200 9/23/2022 EUR 74.240 DZ Bank AG Deutsche 21.600 6/24/2022 EUR 56.100 Bank Vontobel AG 7.750 2/20/2023 CHF 73.600 Bank Vontobel AG 20.000 11/21/2022 CHF 54.300 Bank Vontobel AG 10.750 5/22/2023 CHF 64.000 Societe Generale Eff 15.000 7/22/2022 EUR 77.700 DZ Bank AG Deutsche 18.800 9/23/2022 EUR 65.350 DZ Bank AG Deutsche 11.500 11/25/2022 EUR 70.830 DZ Bank AG Deutsche 8.300 3/24/2023 EUR 74.170 DZ Bank AG Deutsche 12.500 3/24/2023 EUR 73.690 DZ Bank AG Deutsche 15.700 11/25/2022 EUR 35.760 DZ Bank AG Deutsche 16.700 9/23/2022 EUR 59.580 DZ Bank AG Deutsche 14.100 12/23/2022 EUR 62.000 DZ Bank AG Deutsche 11.800 3/24/2023 EUR 70.600 DZ Bank AG Deutsche 10.100 3/24/2023 EUR 73.980 DZ Bank AG Deutsche 15.800 12/23/2022 EUR 67.900 DZ Bank AG Deutsche 19.100 6/24/2022 EUR 63.820 Societe Generale Eff 7.500 10/28/2022 EUR 70.230 Societe Generale Eff 8.500 10/28/2022 EUR 69.090 DZ Bank AG Deutsche 18.700 6/24/2022 EUR 71.380 DZ Bank AG Deutsche 24.700 6/24/2022 EUR 73.050 DZ Bank AG Deutsche 10.900 11/25/2022 EUR 63.800 DZ Bank AG Deutsche 6.700 3/24/2023 EUR 68.460 DZ Bank AG Deutsche 10.000 3/24/2023 EUR 72.240 Leonteq Securities A 15.000 2/24/2023 USD 69.170 DZ Bank AG Deutsche 15.600 9/23/2022 EUR 67.240 DZ Bank AG Deutsche 9.100 3/24/2023 EUR 65.370 DZ Bank AG Deutsche 13.700 3/24/2023 EUR 69.330 DZ Bank AG Deutsche 12.100 11/25/2022 EUR 72.020 Bank Vontobel AG 14.000 5/22/2023 CHF 64.700 Leonteq Securities A 14.000 2/23/2023 CHF 67.340 Societe Generale Eff 14.000 6/24/2022 EUR 59.340 DZ Bank AG Deutsche 14.000 11/25/2022 EUR 68.880 DZ Bank AG Deutsche 13.400 12/23/2022 EUR 69.480 DZ Bank AG Deutsche 14.600 6/24/2022 EUR 66.760 Societe Generale Eff 9.500 8/26/2022 EUR 67.770 Societe Generale Eff 6.500 10/28/2022 EUR 71.540 DZ Bank AG Deutsche 20.400 12/23/2022 EUR 36.220 DZ Bank AG Deutsche 15.600 3/24/2023 EUR 38.520 DZ Bank AG Deutsche 17.700 3/24/2023 EUR 38.700 DZ Bank AG Deutsche 16.300 3/24/2023 EUR 77.410 DZ Bank AG Deutsche 14.200 6/24/2022 EUR 59.730 DZ Bank AG Deutsche 11.800 9/23/2022 EUR 62.360 EFG International Fi 9.400 11/24/2022 CHF 69.740 Basler Kantonalbank 12.000 11/24/2022 CHF 67.830 Societe Generale Eff 10.250 7/22/2022 EUR 66.990 UBS AG/London 21.500 11/25/2022 USD 61.250 Bank Vontobel AG 20.500 11/21/2022 CHF 54.400 Bank Vontobel AG 8.000 5/22/2023 CHF 62.600 Bank Vontobel AG 18.000 11/21/2022 USD 51.000 Bank Vontobel AG 10.000 11/21/2022 CHF 46.300 Skandinaviska Enskil 9.020 7/17/2023 SEK 66.260 SecurAsset SA 5.250 6/30/2022 EUR 30.050 UBS AG/London 15.000 11/25/2022 USD 64.450 Landesbank Baden-Wue 3.000 6/24/2022 EUR 59.930 Landesbank Baden-Wue 3.000 4/25/2022 EUR 56.090 Societe Generale SA 6.000 05/09/2022 USD 0.190 Bank Julius Baer & C 14.500 10/26/2022 EUR 67.850 Leonteq Securities A 20.400 10/26/2022 CHF 35.540 Leonteq Securities A 22.200 10/26/2022 CHF 66.510 UBS AG/London 10.250 08/04/2023 CHF 76.250 Raiffeisen Schweiz G 18.000 10/25/2022 CHF 52.550 Raiffeisen Schweiz G 8.000 7/25/2023 CHF 64.260 Raiffeisen Schweiz G 10.000 4/25/2023 CHF 42.920 Vontobel Financial P 9.250 12/23/2022 EUR 55.610 DZ Bank AG Deutsche 9.600 6/24/2022 EUR 74.650 DZ Bank AG Deutsche 12.200 6/24/2022 EUR 71.260 DZ Bank AG Deutsche 15.300 6/24/2022 EUR 68.310 DZ Bank AG Deutsche 8.500 9/23/2022 EUR 76.060 DZ Bank AG Deutsche 10.500 9/23/2022 EUR 73.340 DZ Bank AG Deutsche 12.800 9/23/2022 EUR 71.000 DZ Bank AG Deutsche 10.100 10/28/2022 EUR 73.940 DZ Bank AG Deutsche 9.600 12/23/2022 EUR 74.760 DZ Bank AG Deutsche 12.200 10/28/2022 EUR 71.790 DZ Bank AG Deutsche 8.000 12/23/2022 EUR 76.980 DZ Bank AG Deutsche 11.300 12/23/2022 EUR 72.790 DZ Bank AG Deutsche 16.600 9/23/2022 EUR 37.890 DZ Bank AG Deutsche 18.800 10/28/2022 EUR 38.000 DZ Bank AG Deutsche 14.800 12/23/2022 EUR 40.710 DZ Bank AG Deutsche 17.300 12/23/2022 EUR 39.840 Vontobel Financial P 5.500 12/23/2022 EUR 74.350 Vontobel Financial P 8.250 12/23/2022 EUR 68.570 Vontobel Financial P 9.750 12/23/2022 EUR 74.670 Leonteq Securities A 14.000 10/28/2022 CHF 72.570 UniCredit Bank AG 7.250 12/09/2022 EUR 75.590 Bank Julius Baer & C 10.100 11/14/2022 USD 72.100 UBS AG/London 4.250 3/29/2023 EUR 71.750 UBS AG/London 10.750 10/20/2022 EUR 52.650 UBS AG/London 10.500 1/23/2023 CHF 39.200 Credit Suisse AG/Lon 11.500 8/25/2022 USD 31.780 Credit Suisse AG/Lon 7.500 11/28/2022 USD 70.330 Credit Suisse AG/Lon 8.500 6/30/2022 CHF 27.410 Credit Suisse AG/Lon 8.500 6/24/2022 CHF 27.080 Credit Suisse AG/Lon 15.000 6/27/2022 USD 28.760 Credit Suisse AG/Lon 7.000 9/28/2022 CHF 76.710 UBS AG/London 19.500 09/01/2022 USD 50.600 UBS AG/London 8.250 03/01/2023 CHF 55.100 UBS AG/London 10.500 2/27/2023 CHF 72.950 Credit Suisse AG/Lon 11.750 09/08/2022 USD 38.220 Credit Suisse AG/Lon 7.000 12/08/2022 CHF 70.310 Credit Suisse AG/Lon 10.500 09/12/2022 CHF 29.240 Credit Suisse AG/Lon 7.750 12/15/2022 CHF 72.220 Bank Vontobel AG 6.750 3/17/2023 CHF 69.600 Bank Vontobel AG 7.750 3/17/2023 CHF 72.700 Bank Vontobel AG 8.500 3/17/2023 CHF 43.200 Bank Vontobel AG 11.500 3/17/2023 CHF 61.400 Bank Vontobel AG 20.000 12/19/2022 CHF 44.000 Bank Vontobel AG 10.500 12/27/2022 CHF 47.400 Vontobel Financial P 8.500 12/23/2022 EUR 70.370 Vontobel Financial P 8.500 12/23/2022 EUR 44.760 UBS AG/London 8.250 6/30/2023 CHF 71.400 Vontobel Financial P 9.000 12/23/2022 EUR 73.010 UBS AG/London 14.500 6/30/2022 CHF 53.550 Vontobel Financial P 17.000 12/23/2022 EUR 66.560 Vontobel Financial P 16.000 12/23/2022 EUR 67.100 Vontobel Financial P 14.500 12/23/2022 EUR 53.710 Vontobel Financial P 12.000 12/23/2022 EUR 54.600 Vontobel Financial P 15.000 12/23/2022 EUR 72.890 Vontobel Financial P 10.000 12/23/2022 EUR 67.890 Vontobel Financial P 14.000 12/23/2022 EUR 65.870 Bank Vontobel AG 9.250 1/16/2023 CHF 67.400 Corner Banca SA 16.000 4/29/2022 CHF 55.880 Bank Vontobel AG 13.259 7/29/2022 CHF 32.800 Banque Cantonale Vau 22.200 08/02/2022 CHF 71.580 Societe Generale Eff 4.750 10/28/2022 EUR 76.650 Leonteq Securities A 20.000 11/08/2022 USD 66.510 Leonteq Securities A 13.000 11/08/2022 CHF 53.020 Raiffeisen Schweiz G 16.000 11/29/2022 CHF 58.440 Raiffeisen Schweiz G 9.000 2/28/2023 CHF 63.100 Raiffeisen Schweiz G 6.600 11/29/2023 CHF 72.880 Bank Vontobel AG 6.500 2/20/2023 CHF 34.400 Bank Vontobel AG 9.000 11/20/2023 EUR 70.600 Bank Vontobel AG 7.500 5/26/2023 CHF 67.500 Bank Vontobel AG 12.500 2/27/2023 CHF 39.700 Bank Vontobel AG 24.000 11/28/2022 CHF 46.100 Bank Vontobel AG 12.000 11/28/2022 CHF 61.400 EFG International Fi 14.600 11/29/2022 USD 66.590 DZ Bank AG Deutsche 8.000 6/22/2022 EUR 72.170 DZ Bank AG Deutsche 12.000 12/21/2022 EUR 70.490 DZ Bank AG Deutsche 14.750 12/21/2022 EUR 72.180 DZ Bank AG Deutsche 11.000 9/21/2022 EUR 69.600 DZ Bank AG Deutsche 8.000 12/21/2022 EUR 72.170 DZ Bank AG Deutsche 5.250 3/22/2023 EUR 75.190 DZ Bank AG Deutsche 6.250 12/21/2022 EUR 76.460 DZ Bank AG Deutsche 7.500 9/21/2022 EUR 73.880 DZ Bank AG Deutsche 6.000 12/21/2022 EUR 74.610 Landesbank Baden-Wue 6.150 3/24/2023 EUR 77.530 Landesbank Baden-Wue 3.500 3/24/2023 EUR 48.680 Landesbank Baden-Wue 6.200 3/24/2023 EUR 42.170 Landesbank Baden-Wue 8.650 3/24/2023 EUR 39.470 Landesbank Baden-Wue 3.350 3/24/2023 EUR 71.130 Landesbank Baden-Wue 8.900 3/24/2023 EUR 71.170 Landesbank Baden-Wue 3.650 3/24/2023 EUR 62.730 Landesbank Baden-Wue 6.200 3/24/2023 EUR 58.450 Leonteq Securities A 12.000 9/30/2022 CHF 71.930 Vontobel Financial P 18.500 9/23/2022 EUR 66.790 Vontobel Financial P 16.750 9/23/2022 EUR 50.270 Vontobel Financial P 13.250 9/23/2022 EUR 75.910 Vontobel Financial P 15.000 9/23/2022 EUR 63.870 Vontobel Financial P 9.000 9/23/2022 EUR 66.080 Vontobel Financial P 16.500 9/23/2022 EUR 63.280 DekaBank Deutsche Gi 4.790 9/23/2022 EUR 64.420 Sberbank of Russia P 0.010 10/03/2028 RUB 58.600 Luzerner Kantonalban 23.100 8/15/2022 CHF 47.920 Leonteq Securities A 18.500 11/29/2022 CHF 58.960 Leonteq Securities A 25.000 11/29/2022 CHF 63.110 Leonteq Securities A 10.800 5/26/2023 EUR 58.410 Corner Banca SA 10.000 11/29/2022 EUR 70.800 Leonteq Securities A 17.600 5/30/2023 USD 62.540 Leonteq Securities A 10.800 5/26/2023 CHF 68.140 Leonteq Securities A 10.800 5/26/2023 EUR 70.740 Corner Banca SA 13.200 11/29/2022 CHF 64.740 Leonteq Securities A 12.800 11/29/2022 CHF 48.330 Leonteq Securities A 7.800 11/29/2023 CHF 71.700 Corner Banca SA 11.000 11/29/2022 CHF 35.700 Leonteq Securities A 8.000 03/01/2023 CHF 68.160 Corner Banca SA 12.000 11/29/2022 USD 50.250 Leonteq Securities A 10.000 11/29/2022 CHF 59.980 Leonteq Securities A 11.000 5/30/2023 USD 59.410 Leonteq Securities A 10.000 11/29/2022 CHF 66.890 Raiffeisen Schweiz G 9.000 5/26/2023 USD 63.030 Raiffeisen Schweiz G 7.000 11/29/2023 CHF 75.670 Bank Vontobel AG 9.000 11/20/2023 CHF 43.000 Bank Vontobel AG 8.000 11/27/2023 EUR 54.400 Bank Vontobel AG 21.750 5/26/2023 CHF 49.300 Bank Vontobel AG 7.250 2/27/2023 CHF 71.800 Bank Vontobel AG 9.000 5/26/2023 EUR 70.000 Bank Vontobel AG 18.250 5/26/2023 EUR 41.600 Bank Vontobel AG 9.500 3/31/2023 EUR 71.700 Bank Vontobel AG 14.250 11/07/2022 CHF 39.800 Leonteq Securities A 15.000 11/08/2022 CHF 36.990 Leonteq Securities A 14.000 02/08/2023 USD 49.170 Sberbank of Russia P 0.010 10/21/2026 RUB 60.200 EFG International Fi 18.000 10/20/2022 CHF 52.530 Vontobel Financial P 8.500 12/23/2022 EUR 70.440 Vontobel Financial P 5.500 12/23/2022 EUR 65.110 Vontobel Financial P 7.000 12/23/2022 EUR 69.030 Vontobel Financial P 20.000 9/23/2022 EUR 66.990 Vontobel Financial P 13.000 12/23/2022 EUR 66.550 Vontobel Financial P 13.500 9/23/2022 EUR 64.330 Vontobel Financial P 21.000 12/23/2022 EUR 74.430 Vontobel Financial P 8.000 12/23/2022 EUR 71.060 Vontobel Financial P 18.500 12/23/2022 EUR 75.950 Vontobel Financial P 17.500 9/23/2022 EUR 71.800 Vontobel Financial P 12.500 9/23/2022 EUR 77.300 UBS AG/London 18.500 06/08/2023 USD 58.100 Vontobel Financial P 15.500 12/23/2022 EUR 65.440 Vontobel Financial P 15.500 9/23/2022 EUR 72.310 Vontobel Financial P 4.500 12/23/2022 EUR 74.390 Vontobel Financial P 3.000 12/23/2022 EUR 76.850 Vontobel Financial P 3.000 9/23/2022 EUR 76.550 Vontobel Financial P 4.900 7/13/2023 EUR 67.750 Societe Generale Eff 18.250 7/22/2022 EUR 74.240 Societe Generale Eff 16.750 8/26/2022 EUR 75.300 Societe Generale Eff 25.250 7/22/2022 EUR 42.910 Societe Generale Eff 9.000 8/26/2022 EUR 58.480 Societe Generale Eff 23.000 8/26/2022 EUR 44.500 Societe Generale Eff 7.500 9/23/2022 EUR 61.500 Societe Generale Eff 6.000 12/23/2022 EUR 66.180 EFG International Fi 17.400 06/10/2022 USD 70.900 EFG International Fi 7.000 06/09/2023 CHF 71.470 EFG International Fi 10.000 12/09/2022 USD 43.550 Leonteq Securities A 21.880 06/10/2022 CHF 62.930 Leonteq Securities A 21.760 06/10/2022 CHF 27.840 BNP Paribas Emission 3.000 6/23/2022 EUR 75.440 BNP Paribas Emission 3.000 6/23/2022 EUR 73.780 BNP Paribas Emission 3.000 12/22/2022 EUR 76.270 BNP Paribas Emission 4.000 12/22/2022 EUR 74.820 BNP Paribas Emission 4.000 3/23/2023 EUR 75.020 Zurcher Kantonalbank 8.100 12/14/2022 USD 45.910 DZ Bank AG Deutsche 10.000 12/23/2022 EUR 49.880 DZ Bank AG Deutsche 12.200 9/23/2022 EUR 59.290 DZ Bank AG Deutsche 9.400 9/23/2022 EUR 68.850 DZ Bank AG Deutsche 11.700 9/23/2022 EUR 65.740 DZ Bank AG Deutsche 10.800 9/23/2022 EUR 70.960 DZ Bank AG Deutsche 13.800 6/24/2022 EUR 72.640 DZ Bank AG Deutsche 13.400 9/23/2022 EUR 61.140 Societe Generale Eff 9.500 6/24/2022 EUR 74.600 DZ Bank AG Deutsche 8.100 12/19/2022 EUR 76.110 DZ Bank AG Deutsche 7.600 3/20/2023 EUR 76.330 Bank Julius Baer & C 9.150 6/13/2022 USD 68.400 DZ Bank AG Deutsche 5.000 12/19/2022 EUR 67.690 DZ Bank AG Deutsche 9.500 12/19/2022 EUR 76.540 DZ Bank AG Deutsche 8.500 12/19/2022 EUR 69.950 DZ Bank AG Deutsche 6.750 3/20/2023 EUR 75.770 DZ Bank AG Deutsche 4.750 3/20/2023 EUR 77.480 Leonteq Securities A 10.000 12/14/2022 CHF 65.000 UBS AG/London 9.900 07/01/2024 EUR 57.680 Raiffeisen Centroban 11.750 08/04/2023 EUR 52.540 Landesbank Baden-Wue 6.000 1/27/2023 EUR 56.480 Raiffeisen Schweiz G 9.000 03/10/2023 USD 57.410 Raiffeisen Schweiz G 10.000 03/10/2023 CHF 62.190 Erste Group Bank AG 4.500 10/01/2025 EUR 65.500 Societe Generale Eff 9.750 7/22/2022 EUR 70.190 Bank Julius Baer & C 7.250 9/14/2022 CHF 65.700 UBS AG/London 4.520 09/07/2023 USD 9.273 Vontobel Financial P 14.000 9/23/2022 EUR 72.300 Vontobel Financial P 11.500 6/24/2022 EUR 68.970 Vontobel Financial P 18.500 6/24/2022 EUR 72.160 Vontobel Financial P 15.000 9/23/2022 EUR 67.100 Vontobel Financial P 14.000 6/24/2022 EUR 67.200 DZ Bank AG Deutsche 10.600 9/23/2022 EUR 67.980 DZ Bank AG Deutsche 13.600 9/23/2022 EUR 67.650 DZ Bank AG Deutsche 15.900 9/23/2022 EUR 66.630 DZ Bank AG Deutsche 19.000 9/23/2022 EUR 63.230 DZ Bank AG Deutsche 21.000 9/23/2022 EUR 60.450 DZ Bank AG Deutsche 17.500 6/24/2022 EUR 62.940 DZ Bank AG Deutsche 10.500 9/23/2022 EUR 65.260 DZ Bank AG Deutsche 17.600 9/23/2022 EUR 63.120 BNP Paribas Issuance 9.000 5/18/2022 SEK 63.720 Vontobel Financial P 12.500 6/24/2022 EUR 56.270 Bank Julius Baer & C 10.300 5/25/2022 CHF 72.600 Bank Julius Baer & C 6.300 5/25/2022 CHF 69.100 DZ Bank AG Deutsche 15.750 6/22/2022 EUR 62.400 Vontobel Financial P 9.000 6/24/2022 EUR 68.130 DZ Bank AG Deutsche 9.000 6/22/2022 EUR 59.380 Vontobel Financial P 12.500 6/24/2022 EUR 75.590 Bank Julius Baer & C 10.800 5/25/2022 USD 35.300 EFG International Fi 5.700 5/24/2023 USD 57.530 Zurcher Kantonalbank 9.500 06/07/2022 USD 70.530 Societe Generale Eff 10.250 5/27/2022 EUR 70.910 DZ Bank AG Deutsche 14.300 6/24/2022 EUR 58.600 DZ Bank AG Deutsche 17.200 6/24/2022 EUR 43.420 DZ Bank AG Deutsche 7.300 6/24/2022 EUR 68.710 DZ Bank AG Deutsche 14.000 6/24/2022 EUR 64.250 DZ Bank AG Deutsche 19.700 6/24/2022 EUR 66.040 DZ Bank AG Deutsche 22.000 6/24/2022 EUR 76.980 DZ Bank AG Deutsche 9.700 6/24/2022 EUR 60.910 Leonteq Securities A 23.000 09/09/2022 CHF 45.770 UniCredit Bank AG 10.300 9/27/2024 EUR 66.670 DekaBank Deutsche Gi 1.000 3/17/2025 EUR 66.770 Zurcher Kantonalbank 10.500 06/02/2022 CHF 61.260 EFG International Fi 11.000 09/10/2024 USD 66.810 Bank Vontobel AG 7.255 11/21/2022 CHF 68.300 DZ Bank AG Deutsche 20.200 6/24/2022 EUR 51.700 DZ Bank AG Deutsche 9.900 6/24/2022 EUR 67.170 DZ Bank AG Deutsche 15.500 6/24/2022 EUR 74.360 DZ Bank AG Deutsche 9.300 6/24/2022 EUR 78.750 DZ Bank AG Deutsche 8.900 6/24/2022 EUR 61.350 DZ Bank AG Deutsche 11.300 6/24/2022 EUR 55.390 DZ Bank AG Deutsche 19.900 6/24/2022 EUR 60.520 DZ Bank AG Deutsche 17.600 6/24/2022 EUR 65.490 Leonteq Securities A 22.000 09/09/2022 CHF 32.340 LLC Online Microfina 12.500 05/04/2024 RUB 73.940 Societe Generale Eff 16.750 6/24/2022 EUR 27.650 Societe Generale Eff 16.000 7/22/2022 EUR 28.690 Vontobel Financial P 18.000 9/23/2022 EUR 61.100 Vontobel Financial P 17.000 9/23/2022 EUR 62.980 Vontobel Financial P 14.000 9/23/2022 EUR 46.780 EFG International Fi 15.000 5/27/2022 CHF 71.440 UBS AG/London 10.250 5/30/2023 CHF 51.150 UBS AG/London 9.750 11/28/2022 EUR 73.000 UBS AG/London 8.250 5/27/2022 CHF 30.800 Leonteq Securities A 15.000 9/13/2022 CHF 41.170 Leonteq Securities A 9.000 03/10/2023 CHF 64.560 Leonteq Securities A 7.000 9/13/2023 CHF 77.010 Corner Banca SA 20.000 9/13/2022 CHF 43.170 Leonteq Securities A 10.000 12/13/2022 USD 41.690 Societe Generale Eff 15.250 8/26/2022 EUR 30.080 Corner Banca SA 15.000 05/12/2022 CHF 49.630 Raiffeisen Switzerla 10.500 05/12/2022 CHF 59.180 UBS AG/London 14.750 2/17/2023 CHF 34.150 Vontobel Financial P 4.800 06/01/2022 EUR 66.400 DZ Bank AG Deutsche 7.500 9/19/2022 EUR 75.320 Leonteq Securities A 13.400 5/18/2022 CHF 58.040 EFG International Fi 12.000 12/09/2022 CHF 42.630 UBS AG/London 11.250 12/09/2022 CHF 36.550 UBS AG/London 8.000 06/09/2023 CHF 60.550 UBS AG/London 8.250 06/09/2023 CHF 68.000 UBS AG/London 6.000 06/09/2022 EUR 48.600 UBS AG/London 10.500 06/09/2023 CHF 59.650 Raiffeisen Schweiz G 15.000 06/07/2022 CHF 60.260 Raiffeisen Schweiz G 6.300 12/07/2022 CHF 77.000 BNP Paribas Emission 4.000 6/23/2022 EUR 77.320 BNP Paribas Emission 3.000 9/22/2022 EUR 76.380 BNP Paribas Emission 4.000 9/22/2022 EUR 74.490 BNP Paribas Emission 3.000 3/23/2023 EUR 75.730 BNP Paribas Emission 5.000 6/22/2023 EUR 73.840 DZ Bank AG Deutsche 13.800 9/23/2022 EUR 69.740 DZ Bank AG Deutsche 12.800 6/24/2022 EUR 68.490 DZ Bank AG Deutsche 10.300 9/23/2022 EUR 64.460 DZ Bank AG Deutsche 11.900 9/23/2022 EUR 62.730 Societe Generale Eff 5.500 5/27/2022 EUR 68.990 Bank Julius Baer & C 9.400 09/12/2022 EUR 67.550 DZ Bank AG Deutsche 6.250 12/19/2022 EUR 72.730 DZ Bank AG Deutsche 8.250 12/19/2022 EUR 74.360 EFG International Fi 17.000 6/30/2022 CHF 35.010 EFG International Fi 10.010 6/30/2022 EUR 33.320 Landesbank Baden-Wue 6.200 1/27/2023 EUR 74.620 Landesbank Baden-Wue 5.100 1/27/2023 EUR 69.760 Societe Generale Eff 7.500 5/27/2022 EUR 62.460 Societe Generale Eff 9.500 5/27/2022 EUR 58.850 Societe Generale Eff 5.000 6/24/2022 EUR 76.760 Societe Generale Eff 7.000 6/24/2022 EUR 71.200 Societe Generale Eff 9.000 6/24/2022 EUR 67.110 Zurcher Kantonalbank 7.500 01/10/2023 CHF 65.370 Leonteq Securities A 24.870 6/14/2022 CHF 20.210 Zurcher Kantonalbank 24.000 6/17/2022 CHF 48.430 Landesbank Baden-Wue 10.500 1/27/2023 EUR 68.430 Landesbank Baden-Wue 7.200 1/27/2023 EUR 69.100 Landesbank Baden-Wue 10.500 1/27/2023 EUR 49.860 Landesbank Baden-Wue 7.000 1/27/2023 EUR 74.060 Societe Generale Eff 6.000 6/24/2022 EUR 73.740 Societe Generale Eff 8.000 6/24/2022 EUR 68.950 DekaBank Deutsche Gi 3.400 7/19/2024 EUR 69.420 Landesbank Baden-Wue 2.100 11/24/2023 EUR 75.930 Zurcher Kantonalbank 7.000 01/10/2023 CHF 65.840 Vontobel Financial P 7.500 6/24/2022 EUR 60.680 Vontobel Financial P 12.000 6/24/2022 EUR 54.670 Vontobel Financial P 14.500 6/24/2022 EUR 52.200 Vontobel Financial P 12.000 6/24/2022 EUR 43.480 Vontobel Financial P 16.000 6/24/2022 EUR 51.180 Vontobel Financial P 17.000 6/24/2022 EUR 39.980 Vontobel Financial P 13.500 6/24/2022 EUR 42.180 Vontobel Financial P 11.000 6/24/2022 EUR 67.160 Leonteq Securities A 14.000 1/17/2023 CHF 71.590 Leonteq Securities A 15.740 08/10/2022 USD 31.190 Sberbank of Russia P 0.010 5/23/2028 RUB 68.900 Vontobel Financial P 8.500 5/25/2022 USD 36.710 Vontobel Financial P 10.000 6/24/2022 EUR 59.270 Vontobel Financial P 15.000 6/24/2022 EUR 53.670 Vontobel Financial P 8.000 6/24/2022 EUR 62.770 Vontobel Financial P 19.500 6/24/2022 EUR 76.210 Bank Vontobel AG 18.006 5/24/2023 EUR 57.800 Raiffeisen Schweiz G 8.000 11/21/2022 CHF 69.360 Vontobel Financial P 9.000 6/24/2022 EUR 57.770 Vontobel Financial P 10.250 6/24/2022 EUR 64.140 Vontobel Financial P 6.500 6/24/2022 EUR 74.460 DZ Bank AG Deutsche 7.000 6/22/2022 EUR 59.520 Zurcher Kantonalbank 11.000 06/07/2022 USD 72.900 Zurcher Kantonalbank 17.000 06/07/2022 USD 62.880 Societe Generale Eff 14.250 9/23/2022 EUR 30.720 Societe Generale Eff 8.250 5/27/2022 EUR 74.780 Zurcher Kantonalbank 24.500 06/02/2022 CHF 55.620 Bank Vontobel AG 6.502 5/23/2023 CHF 70.200 DZ Bank AG Deutsche 13.500 6/24/2022 EUR 70.940 DZ Bank AG Deutsche 13.200 6/24/2022 EUR 76.660 DZ Bank AG Deutsche 11.300 6/24/2022 EUR 76.300 DZ Bank AG Deutsche 20.200 6/24/2022 EUR 71.030 DZ Bank AG Deutsche 13.000 6/24/2022 EUR 69.420 DZ Bank AG Deutsche 18.400 6/24/2022 EUR 30.840 DZ Bank AG Deutsche 13.300 6/24/2022 EUR 56.060 DZ Bank AG Deutsche 16.200 6/24/2022 EUR 50.200 Vontobel Financial P 4.100 12/16/2022 EUR 71.810 Credit Suisse AG/Lon 10.000 8/26/2022 EUR 78.580 UBS AG/London 11.750 11/28/2022 CHF 41.400 UBS AG/London 8.500 5/27/2022 CHF 62.650 UBS AG/London 9.000 5/30/2023 CHF 71.050 UBS AG/London 8.500 11/28/2022 EUR 55.150 UBS AG/London 12.000 11/28/2022 CHF 73.850 Corner Banca SA 14.600 12/13/2022 CHF 42.170 Corner Banca SA 17.000 12/13/2022 USD 52.110 Leonteq Securities A 10.000 03/10/2023 CHF 35.390 Leonteq Securities A 18.000 9/13/2022 USD 46.760 Basler Kantonalbank 8.000 11/28/2022 CHF 72.180 Societe Generale Eff 5.250 8/26/2022 EUR 43.910 Societe Generale Eff 10.000 6/24/2022 EUR 73.250 Societe Generale Eff 9.500 7/22/2022 EUR 73.960 APRI Fly Planing OOO 13.000 09/02/2025 RUB 63.200 Bank Vontobel AG 7.754 5/24/2023 EUR 68.600 DZ Bank AG Deutsche 3.000 12/23/2022 EUR 47.940 DZ Bank AG Deutsche 7.000 12/23/2022 EUR 38.230 Bank Vontobel AG 21.502 05/12/2022 CHF 34.000 Leonteq Securities A 10.000 08/12/2022 CHF 67.750 Leonteq Securities A 10.000 08/12/2022 CHF 59.040 Leonteq Securities A 12.400 05/12/2022 CHF 49.680 Vontobel Financial P 9.750 9/23/2022 EUR 73.520 Landesbank Baden-Wue 4.550 5/27/2022 EUR 47.580 Landesbank Baden-Wue 3.500 5/27/2022 EUR 65.600 Leonteq Securities A 10.000 1/18/2023 USD 42.260 Landesbank Baden-Wue 3.550 6/24/2022 EUR 68.220 Landesbank Baden-Wue 2.050 6/24/2022 EUR 68.830 Raiffeisen Centroban 10.429 3/22/2023 EUR 59.670 Raiffeisen Centroban 7.648 3/22/2023 EUR 56.900 Leonteq Securities A 14.200 09/01/2022 CHF 58.960 Goldman Sachs & Co W 17.000 6/22/2022 EUR 75.350 DZ Bank AG Deutsche 9.270 6/24/2022 EUR 45.270 Leonteq Securities A 21.600 10/18/2022 CHF 38.680 Sberbank of Russia P 0.010 5/25/2026 RUB 70.400 Bank Julius Baer & C 8.800 5/19/2022 EUR 64.750 DZ Bank AG Deutsche 10.750 9/21/2022 EUR 61.240 Societe Generale Eff 16.250 8/26/2022 EUR 74.610 BNP Paribas Emission 6.150 6/23/2022 EUR 71.300 Societe Generale Eff 13.750 5/27/2022 EUR 34.690 DZ Bank AG Deutsche 5.700 6/20/2022 EUR 74.010 DZ Bank AG Deutsche 5.000 9/19/2022 EUR 75.050 Raiffeisen Schweiz G 7.000 03/10/2023 CHF 66.850 Raiffeisen Switzerla 12.500 9/13/2022 CHF 71.090 DZ Bank AG Deutsche 15.750 9/21/2022 EUR 57.970 DZ Bank AG Deutsche 5.750 6/22/2022 EUR 73.180 Bank Julius Baer & C 13.500 9/14/2022 CHF 31.600 DZ Bank AG Deutsche 5.250 6/22/2022 EUR 73.160 DZ Bank AG Deutsche 5.250 9/21/2022 EUR 68.360 Bank Julius Baer & C 6.000 9/14/2022 CHF 57.050 Bank Julius Baer & C 5.350 9/14/2022 CHF 79.100 Leonteq Securities A 24.040 9/14/2022 CHF 68.930 Leonteq Securities A 20.410 9/14/2022 CHF 25.780 Vontobel Financial P 16.500 9/23/2022 EUR 74.030 Vontobel Financial P 15.000 9/23/2022 EUR 75.030 Goldman Sachs & Co W 7.000 12/21/2022 EUR 76.660 Credit Suisse AG/Lon 10.000 5/30/2022 CHF 31.800 BNP Paribas Issuance 3.300 5/23/2022 EUR 44.500 Raiffeisen Schweiz G 16.200 9/14/2022 CHF 42.040 Raiffeisen Switzerla 10.000 03/10/2023 EUR 33.540 Bank Vontobel AG 16.000 05/12/2022 CHF 24.400 BNP Paribas Emission 8.000 9/22/2022 EUR 66.050 Corner Banca SA 8.000 9/26/2022 CHF 83.290 DZ Bank AG Deutsche 8.250 6/22/2022 EUR 59.270 DZ Bank AG Deutsche 7.250 6/22/2022 EUR 59.560 DZ Bank AG Deutsche 6.500 6/22/2022 EUR 59.190 DZ Bank AG Deutsche 6.500 6/22/2022 EUR 60.430 DZ Bank AG Deutsche 5.500 6/22/2022 EUR 64.050 Sberbank of Russia P 0.010 3/25/2026 RUB 55.400 Vontobel Financial P 17.750 3/29/2023 EUR 70.760 UniCredit Bank AG 9.900 10/20/2022 EUR 63.100 Credit Suisse AG/Lon 6.900 3/20/2023 USD 1.440 EFG International Fi 10.000 9/26/2022 CHF 65.980 UBS AG/London 9.750 9/26/2022 CHF 60.450 Sberbank of Russia P 0.010 3/25/2026 RUB 67.800 Sberbank of Russia P 0.010 3/27/2028 RUB 55.800 BNP Paribas Emission 6.000 9/22/2022 EUR 71.150 Leonteq Securities A 10.000 6/29/2022 CHF 57.900 Corner Banca SA 14.000 9/26/2022 USD 43.520 DZ Bank AG Deutsche 7.000 6/22/2022 EUR 65.200 DZ Bank AG Deutsche 9.500 6/22/2022 EUR 70.520 DZ Bank AG Deutsche 8.000 6/22/2022 EUR 56.260 DZ Bank AG Deutsche 7.750 6/22/2022 EUR 57.370 Landesbank Baden-Wue 8.900 10/28/2022 EUR 75.820 UBS AG/London 10.000 3/23/2026 USD 44.290 Bank Julius Baer & C 9.450 12/01/2022 EUR 72.650 Credit Suisse AG/Lon 8.500 06/08/2022 CHF 51.690 Credit Suisse AG/Lon 12.000 05/09/2022 USD 35.520 EFG International Fi 6.500 3/24/2023 USD 61.400 Landesbank Baden-Wue 4.000 6/27/2025 EUR 76.680 EFG International Fi 15.000 9/26/2022 CHF 50.380 UBS AG/London 12.750 9/26/2022 CHF 68.100 UBS AG/London 12.250 9/26/2022 EUR 79.450 UBS AG/London 26.250 9/26/2022 USD 38.950 Bank Julius Baer & C 5.750 6/27/2022 EUR 68.050 Vontobel Financial P 15.350 3/29/2023 EUR 70.400 Vontobel Financial P 13.950 05/05/2022 CHF 28.660 Leonteq Securities A 10.000 4/26/2022 EUR 72.670 Societe Generale Eff 5.000 5/27/2022 EUR 57.300 Societe Generale SA 24.000 11/08/2024 USD 66.750 Bank Julius Baer & C 17.200 02/06/2023 USD 53.900 Sberbank of Russia P 0.010 10/23/2026 RUB 67.100 Zurcher Kantonalbank 10.000 02/03/2023 CHF 63.890 Sberbank of Russia P 0.010 10/23/2026 RUB 66.600 DZ Bank AG Deutsche 10.000 6/22/2022 EUR 59.540 Landesbank Baden-Wue 4.050 10/28/2022 EUR 75.800 Landesbank Baden-Wue 7.400 10/28/2022 EUR 66.110 Landesbank Baden-Wue 7.850 10/28/2022 EUR 42.990 Landesbank Baden-Wue 5.750 10/28/2022 EUR 39.040 Landesbank Baden-Wue 6.850 10/28/2022 EUR 73.640 Landesbank Baden-Wue 2.700 10/28/2022 EUR 73.730 Vontobel Financial P 16.700 05/06/2022 USD 56.560 Leonteq Securities A 24.000 11/04/2022 CHF 43.650 Leonteq Securities A 27.000 11/04/2022 CHF 62.560 Leonteq Securities A 15.200 4/29/2022 CHF 62.350 Bank Vontobel AG 16.500 01/03/2023 EUR 42.700 Bank Vontobel AG 8.500 11/03/2023 CHF 49.700 Bank Vontobel AG 8.000 02/06/2023 EUR 70.400 Vontobel Financial P 14.750 1/30/2023 EUR 69.930 Vontobel Financial P 5.500 12/23/2022 EUR 71.640 Vontobel Financial P 8.500 12/23/2022 EUR 68.930 Vontobel Financial P 13.000 12/23/2022 EUR 38.120 Vontobel Financial P 10.750 12/23/2022 EUR 57.090 Vontobel Financial P 13.000 12/23/2022 EUR 69.780 Vontobel Financial P 15.500 12/23/2022 EUR 38.720 Vontobel Financial P 18.500 12/23/2022 EUR 58.150 Societe Generale Eff 5.750 8/26/2022 EUR 72.430 Leonteq Securities A 22.820 11/25/2022 CHF 37.780 Leonteq Securities A 10.000 11/25/2022 CHF 37.440 Landesbank Baden-Wue 2.850 5/26/2023 EUR 67.350 Landesbank Baden-Wue 3.000 5/26/2023 EUR 75.140 Landesbank Baden-Wue 2.200 6/23/2023 EUR 77.830 Landesbank Baden-Wue 5.850 5/26/2023 EUR 75.170 Landesbank Baden-Wue 6.200 5/26/2023 EUR 45.510 Vontobel Financial P 17.750 12/23/2022 EUR 41.240 Societe Generale Eff 5.500 11/25/2022 EUR 72.980 Societe Generale Eff 6.500 11/25/2022 EUR 71.300 Societe Generale Eff 8.500 11/25/2022 EUR 68.900 Societe Generale Eff 10.750 6/24/2022 EUR 65.590 Societe Generale Eff 4.750 11/25/2022 EUR 47.230 Societe Generale Eff 8.750 11/25/2022 EUR 74.150 Societe Generale Eff 4.750 11/25/2022 EUR 76.410 Societe Generale Eff 6.750 11/25/2022 EUR 71.730 Societe Generale Eff 8.750 11/25/2022 EUR 68.630 Societe Generale Eff 10.750 11/25/2022 EUR 66.410 Societe Generale Eff 7.000 11/25/2022 EUR 76.700 Societe Generale Eff 10.000 11/25/2022 EUR 72.520 Societe Generale Eff 12.000 11/25/2022 EUR 70.370 Vontobel Financial P 8.500 12/23/2022 EUR 51.350 Raiffeisen Switzerla 11.750 10/06/2022 CHF 70.380 UBS AG/London 6.500 3/31/2023 USD 46.200 UBS AG/London 10.250 9/30/2022 CHF 70.200 UBS AG/London 9.500 9/30/2022 CHF 59.450 Vontobel Financial P 20.000 9/23/2022 EUR 66.790 Vontobel Financial P 23.000 9/23/2022 EUR 65.020 Vontobel Financial P 17.500 9/23/2022 EUR 69.080 DZ Bank AG Deutsche 9.500 12/21/2022 EUR 66.330 DZ Bank AG Deutsche 5.250 12/21/2022 EUR 75.320 DZ Bank AG Deutsche 9.250 10/26/2022 EUR 73.990 DZ Bank AG Deutsche 5.500 12/21/2022 EUR 75.430 DZ Bank AG Deutsche 6.000 12/21/2022 EUR 72.390 DZ Bank AG Deutsche 7.750 12/21/2022 EUR 73.530 DZ Bank AG Deutsche 11.500 12/21/2022 EUR 65.890 Societe Generale Eff 13.000 7/22/2022 EUR 71.940 Societe Generale Eff 12.250 8/26/2022 EUR 72.680 Societe Generale Eff 7.750 9/23/2022 EUR 42.190 Leonteq Securities A 29.500 9/27/2022 CHF 48.470 Vontobel Financial P 14.500 9/23/2022 EUR 71.510 Vontobel Financial P 12.000 9/23/2022 EUR 74.500 Vontobel Financial P 22.000 9/23/2022 EUR 58.110 Sberbank of Russia P 0.010 9/24/2026 RUB 62.900 Leonteq Securities A 8.000 9/27/2023 CHF 70.780 Leonteq Securities A 11.000 12/27/2022 CHF 70.250 Vontobel Financial P 20.500 9/23/2022 EUR 56.750 Vontobel Financial P 18.000 9/23/2022 EUR 58.510 Vontobel Financial P 8.500 9/23/2022 EUR 56.420 Leonteq Securities A 20.000 9/27/2022 USD 45.080 Vontobel Financial P 8.000 9/23/2022 EUR 74.370 Bank Julius Baer & C 16.000 9/23/2022 CHF 29.750 Leonteq Securities A 12.000 12/28/2022 CHF 68.410 Leonteq Securities A 14.000 12/27/2022 CHF 36.470 Vontobel Financial P 15.500 9/23/2022 EUR 60.530 Vontobel Financial P 11.500 9/23/2022 EUR 66.090 Vontobel Financial P 13.500 9/23/2022 EUR 63.130 Vontobel Financial P 10.500 9/23/2022 EUR 54.410 Vontobel Financial P 15.500 9/23/2022 EUR 51.640 Leonteq Securities A 12.000 12/28/2022 USD 42.360 Vontobel Financial P 11.000 9/23/2022 EUR 67.170 Leonteq Securities A 10.000 3/24/2023 USD 52.580 SG Issuer SA 7.740 7/20/2025 SEK 57.290 Danske Bank A/S 5.300 7/15/2023 SEK 40.830 Leonteq Securities A 4.000 08/10/2022 CHF 59.160 Landesbank Baden-Wue 3.150 3/24/2023 EUR 70.510 Raiffeisen Centroban 7.644 9/21/2022 EUR 71.720 Raiffeisen Centroban 8.918 9/21/2022 EUR 68.320 Leonteq Securities A 17.600 06/08/2022 USD 28.300 Landesbank Baden-Wue 6.000 3/24/2023 EUR 71.910 Bank Vontobel AG 10.506 8/19/2022 EUR 62.600 Bank Vontobel AG 7.756 8/19/2022 CHF 58.000 Bank Vontobel AG 12.008 8/19/2022 CHF 33.900 Corner Banca SA 11.000 5/19/2022 CHF 71.610 Leonteq Securities A 15.000 5/19/2022 CHF 26.300 Leonteq Securities A 12.400 8/19/2022 EUR 69.050 Leonteq Securities A 11.400 5/19/2022 CHF 58.000 Leonteq Securities A 16.000 5/19/2022 CHF 59.080 Raiffeisen Centroban 10.192 9/21/2022 EUR 65.800 Goldman Sachs & Co W 7.000 6/22/2022 EUR 69.800 Goldman Sachs & Co W 7.000 7/20/2022 EUR 70.340 Goldman Sachs & Co W 7.000 3/22/2023 EUR 73.230 Bank Vontobel AG 10.000 01/10/2023 EUR 60.500 BrokerCreditService 8.000 1/30/2024 USD 62.170 Sberbank of Russia P 0.010 11/05/2025 RUB 68.400 Societe Generale Eff 4.750 6/24/2022 EUR 44.320 Leonteq Securities A 10.000 02/06/2023 CHF 35.570 Vontobel Financial P 8.750 9/23/2022 EUR 41.930 Leonteq Securities A 13.000 08/09/2022 CHF 76.300 Vontobel Financial P 12.000 6/24/2022 EUR 47.580 Vontobel Financial P 13.000 6/24/2022 EUR 50.650 Vontobel Financial P 12.000 6/24/2022 EUR 41.930 Zurcher Kantonalbank 6.500 8/16/2022 CHF 69.180 Bank Vontobel AG 10.000 08/08/2022 CHF 26.400 Bank Vontobel AG 9.500 02/06/2023 CHF 65.400 Bank Vontobel AG 11.000 02/06/2023 EUR 34.400 Bank Vontobel AG 8.500 02/06/2023 EUR 75.900 Vontobel Financial P 20.000 6/24/2022 EUR 65.940 Vontobel Financial P 14.500 6/24/2022 EUR 38.670 Leonteq Securities A 22.130 07/08/2022 CHF 25.520 VTB Bank PJSC 0.010 11/03/2023 RUB 66.010 Corner Banca SA 11.200 10/12/2022 EUR 44.580 Corner Banca SA 10.000 10/12/2022 CHF 32.940 Goldman Sachs & Co W 6.000 6/21/2023 EUR 75.740 Goldman Sachs & Co W 6.000 6/21/2023 EUR 68.440 UniCredit Bank AG 4.400 04/12/2023 EUR 58.750 DZ Bank AG Deutsche 5.000 12/23/2022 EUR 45.670 UniCredit Bank AG 5.150 4/24/2023 EUR 60.890 Vontobel Financial P 9.250 6/24/2022 EUR 40.040 Societe Generale Eff 3.500 5/27/2022 EUR 49.290 Leonteq Securities A 8.000 01/12/2023 CHF 62.450 Leonteq Securities A 10.000 07/12/2022 CHF 57.330 Leonteq Securities A 10.000 01/12/2023 CHF 73.740 Leonteq Securities A 10.000 10/12/2022 CHF 56.250 Leonteq Securities A 10.000 07/06/2022 EUR 28.130 UniCredit Bank AG 3.600 09/02/2024 EUR 41.520 Leonteq Securities A 12.000 01/12/2023 CHF 34.550 Goldman Sachs & Co W 7.000 9/21/2022 EUR 71.480 Goldman Sachs & Co W 7.000 12/21/2022 EUR 69.830 Goldman Sachs & Co W 7.000 12/21/2022 EUR 69.790 Goldman Sachs & Co W 6.000 12/21/2022 EUR 72.510 Vontobel Financial P 14.000 6/24/2022 EUR 71.900 Goldman Sachs & Co W 5.000 9/21/2022 EUR 72.320 Sberbank of Russia P 0.010 11/06/2025 RUB 64.700 Corner Banca SA 14.000 05/09/2022 CHF 32.360 Leonteq Securities A 11.200 02/06/2023 CHF 43.680 Leonteq Securities A 18.000 08/09/2022 USD 40.140 Leonteq Securities A 13.000 02/06/2023 USD 50.740 Leonteq Securities A 10.000 02/06/2023 CHF 49.640 Leonteq Securities A 8.000 02/06/2023 USD 71.410 Zurcher Kantonalbank 6.000 2/13/2023 CHF 71.980 Vontobel Financial P 12.500 9/23/2022 EUR 67.780 Vontobel Financial P 13.500 9/23/2022 EUR 51.950 Vontobel Financial P 16.000 6/24/2022 EUR 48.710 Vontobel Financial P 13.000 9/23/2022 EUR 42.810 Vontobel Financial P 16.000 6/24/2022 EUR 39.810 Bank Julius Baer & C 17.000 05/09/2022 CHF 59.900 Leonteq Securities A 10.000 01/09/2023 EUR 76.260 UniCredit Bank AG 6.750 08/03/2022 EUR 79.550 Goldman Sachs & Co W 7.000 5/25/2022 EUR 71.260 Goldman Sachs & Co W 7.000 6/21/2023 EUR 72.020 Vontobel Financial P 6.250 6/24/2022 EUR 71.740 Goldman Sachs & Co W 7.000 7/20/2022 EUR 76.310 BrokerCreditService 3.500 4/30/2024 USD 53.000 Goldman Sachs & Co W 8.000 7/20/2022 EUR 67.160 Bank Vontobel AG 8.000 01/10/2023 CHF 64.900 Bank Vontobel AG 8.000 01/10/2023 CHF 64.900 Leonteq Securities A 22.810 08/09/2022 CHF 32.060 Goldman Sachs & Co W 7.000 8/24/2022 EUR 72.920 Goldman Sachs & Co W 7.000 5/25/2022 EUR 75.270 Goldman Sachs & Co W 7.000 6/22/2022 EUR 75.810 Goldman Sachs & Co W 7.000 6/21/2023 EUR 75.020 Bank Vontobel AG 11.000 01/10/2023 CHF 71.300 Vontobel Financial P 16.500 6/24/2022 EUR 52.690 Goldman Sachs & Co W 6.000 3/22/2023 EUR 75.620 Goldman Sachs & Co W 7.000 9/21/2022 EUR 77.410 Goldman Sachs & Co W 7.000 3/22/2023 EUR 75.610 Goldman Sachs & Co W 8.000 8/24/2022 EUR 69.810 Goldman Sachs & Co W 8.000 6/21/2023 EUR 70.280 Sberbank of Russia P 0.010 11/05/2025 RUB 64.700 Leonteq Securities A 10.000 07/06/2022 EUR 42.350 Skandinaviska Enskil 6.800 1/15/2024 SEK 75.320 Leonteq Securities A 9.000 01/12/2023 USD 47.770 Vontobel Financial P 13.000 6/24/2022 EUR 70.770 Vontobel Financial P 13.500 6/24/2022 EUR 77.540 Vontobel Financial P 15.500 6/24/2022 EUR 75.440 Vontobel Financial P 13.000 6/24/2022 EUR 39.800 Vontobel Financial P 17.500 6/24/2022 EUR 68.790 Vontobel Financial P 8.000 6/24/2022 EUR 43.820 Vontobel Financial P 9.500 6/24/2022 EUR 42.320 EFG International Fi 8.700 7/13/2023 EUR 38.690 Vontobel Financial P 12.250 6/24/2022 EUR 75.030 Citigroup Global Mar 8.200 3/21/2024 SEK 66.560 Sberbank of Russia P 0.010 11/20/2025 RUB 68.400 Mostotrest PJSC 0.010 7/29/2026 RUB 49.400 UBS AG/London 13.500 5/18/2022 CHF 24.420 UBS AG/London 12.250 11/18/2022 EUR 35.150 UBS AG/London 12.750 5/18/2022 CHF 64.500 Landesbank Baden-Wue 2.200 1/27/2023 EUR 29.510 DekaBank Deutsche Gi 3.250 08/11/2023 EUR 71.770 DekaBank Deutsche Gi 2.800 10/20/2023 EUR 52.740 EFG International Fi 4.670 11/23/2022 EUR 71.500 Zurcher Kantonalbank 10.750 7/15/2022 EUR 41.890 Leonteq Securities A 10.000 07/12/2023 CHF 61.990 Vontobel Financial P 16.500 6/24/2022 EUR 67.720 Vontobel Financial P 11.500 6/24/2022 EUR 79.810 Landesbank Baden-Wue 2.500 6/24/2022 EUR 65.170 Bank Julius Baer & C 7.950 10/11/2022 EUR 73.600 EFG International Fi 9.430 7/19/2022 USD 50.870 EFG International Fi 10.210 7/19/2022 USD 44.930 Vontobel Financial P 14.500 6/24/2022 EUR 69.160 Vontobel Financial P 12.500 6/24/2022 EUR 75.370 Vontobel Financial P 10.500 6/24/2022 EUR 79.070 Vontobel Financial P 15.000 6/24/2022 EUR 71.940 Vontobel Financial P 11.000 6/24/2022 EUR 40.960 Zurcher Kantonalbank 4.750 7/15/2022 CHF 64.550 Landesbank Baden-Wue 3.100 3/24/2023 EUR 77.700 Vontobel Financial P 16.450 03/03/2023 EUR 65.460 DekaBank Deutsche Gi 3.250 11/25/2022 EUR 54.290 Leonteq Securities A 16.400 06/02/2022 CHF 28.100 Landesbank Baden-Wue 4.550 3/24/2023 EUR 76.130 DekaBank Deutsche Gi 3.200 9/23/2022 EUR 65.950 DekaBank Deutsche Gi 3.500 7/22/2022 EUR 68.420 SG Issuer SA 8.700 1/20/2025 SEK 49.190 Nordea Bank Abp 9.000 1/20/2025 SEK 72.900 DekaBank Deutsche Gi 3.900 4/25/2022 EUR 37.640 Landesbank Baden-Wue 2.650 6/24/2022 EUR 73.810 Societe Generale Eff 6.100 04/03/2023 EUR 64.470 Societe Generale Eff 7.550 8/23/2024 EUR 57.020 Landesbank Baden-Wue 3.000 5/26/2023 EUR 65.290 Nordea Bank Abp 6.063 7/20/2024 SEK 68.480 Nordea Bank Abp 7.150 7/20/2024 SEK 70.370 UBS AG/London 13.250 4/29/2022 CHF 53.750 DekaBank Deutsche Gi 3.300 08/12/2022 EUR 79.560 Bank Otkritie Financ 0.010 2/26/2023 RUB 84.880 Leonteq Securities A 7.600 03/09/2023 EUR 70.120 UniCredit Bank AG 3.450 04/02/2024 EUR 62.160 Sberbank of Russia P 0.010 03/11/2025 RUB 74.400 Leonteq Securities A 16.000 06/01/2022 USD 23.390 Leonteq Securities A 11.000 11/28/2022 EUR 72.380 Leonteq Securities A 10.000 12/01/2022 USD 42.790 Leonteq Securities A 10.000 12/01/2022 CHF 79.870 Corner Banca SA 15.000 8/31/2022 EUR 37.490 Leonteq Securities A 15.000 8/31/2022 CHF 64.450 Luzerner Kantonalban 7.500 6/15/2022 CHF 59.420 Leonteq Securities A 11.000 06/01/2022 CHF 54.760 Bank Julius Baer & C 9.000 09/01/2022 CHF 72.200 Bank Julius Baer & C 7.250 06/02/2022 CHF 61.550 Zurcher Kantonalbank 10.000 06/08/2022 USD 35.250 Vontobel Financial P 7.500 6/24/2022 EUR 72.710 Vontobel Financial P 11.500 6/24/2022 EUR 72.390 UniCredit Bank AG 12.000 6/16/2022 EUR 31.100 Societe Generale Eff 11.250 6/24/2022 EUR 36.420 Societe Generale Eff 13.250 6/24/2022 EUR 34.110 Societe Generale Eff 15.250 6/24/2022 EUR 32.400 Vontobel Financial P 18.750 6/24/2022 EUR 19.830 Vontobel Financial P 6.750 6/24/2022 EUR 63.330 Vontobel Financial P 18.250 6/24/2022 EUR 59.200 Vontobel Financial P 14.750 6/24/2022 EUR 61.720 Vontobel Financial P 7.000 6/24/2022 EUR 76.730 Vontobel Financial P 14.250 6/24/2022 EUR 57.840 Vontobel Financial P 9.000 6/24/2022 EUR 71.960 Vontobel Financial P 5.500 6/24/2022 EUR 70.150 Vontobel Financial P 9.000 6/24/2022 EUR 69.060 Societe Generale Eff 5.250 6/24/2022 EUR 75.770 Societe Generale Eff 7.250 6/24/2022 EUR 69.600 Societe Generale Eff 9.250 6/24/2022 EUR 65.110 Societe Generale Eff 11.250 6/24/2022 EUR 61.610 Societe Generale Eff 10.000 6/24/2022 EUR 72.360 Societe Generale Eff 11.000 6/24/2022 EUR 70.540 Societe Generale Eff 12.000 6/24/2022 EUR 68.860 Societe Generale Eff 8.500 6/24/2022 EUR 74.650 Societe Generale Eff 10.500 6/24/2022 EUR 70.750 Societe Generale Eff 8.000 6/24/2022 EUR 76.510 Societe Generale Eff 9.000 6/24/2022 EUR 74.390 Vontobel Financial P 17.000 6/24/2022 EUR 49.950 Vontobel Financial P 14.500 6/24/2022 EUR 18.670 Societe Generale Eff 5.250 6/24/2022 EUR 49.470 Societe Generale Eff 7.250 6/24/2022 EUR 43.320 Societe Generale Eff 9.250 6/24/2022 EUR 39.260 Societe Generale Eff 8.250 6/24/2022 EUR 71.980 Societe Generale Eff 10.250 6/24/2022 EUR 67.770 Societe Generale Eff 12.250 6/24/2022 EUR 64.390 Societe Generale Eff 14.250 6/24/2022 EUR 61.590 Societe Generale Eff 5.500 6/24/2022 EUR 73.210 Societe Generale Eff 6.500 6/24/2022 EUR 70.490 Societe Generale Eff 7.500 6/24/2022 EUR 68.160 Societe Generale Eff 8.500 6/24/2022 EUR 66.150 Societe Generale Eff 10.000 6/24/2022 EUR 74.520 Landesbank Baden-Wue 4.100 6/27/2025 EUR 76.060 DZ Bank AG Deutsche 5.500 6/22/2022 EUR 74.890 DZ Bank AG Deutsche 6.500 9/21/2022 EUR 72.740 Leonteq Securities A 7.400 12/01/2023 USD 72.910 Bank Julius Baer & C 10.000 06/02/2022 CHF 42.450 DZ Bank AG Deutsche 10.250 6/22/2022 EUR 70.790 DZ Bank AG Deutsche 11.000 6/22/2022 EUR 70.120 DZ Bank AG Deutsche 6.000 6/22/2022 EUR 69.120 DZ Bank AG Deutsche 5.000 9/21/2022 EUR 70.250 Leasing-Trade OOO 11.000 4/30/2026 RUB 57.600 Raiffeisen Centroban 7.500 07/07/2023 EUR 50.270 Zurcher Kantonalbank 12.500 12/02/2022 EUR 74.480 Vontobel Financial P 23.950 06/03/2022 EUR 14.880 Vontobel Financial P 26.800 06/03/2022 EUR 32.750 Vontobel Financial P 15.500 06/02/2022 EUR 70.610 Societe Generale SA 8.510 06/06/2024 USD 74.710 Landesbank Baden-Wue 3.300 11/25/2022 EUR 72.180 Landesbank Baden-Wue 4.000 11/25/2022 EUR 70.050 Landesbank Baden-Wue 5.500 11/25/2022 EUR 66.470 Landesbank Baden-Wue 5.100 11/25/2022 EUR 46.660 Landesbank Baden-Wue 7.900 11/25/2022 EUR 42.160 Landesbank Baden-Wue 2.000 11/25/2022 EUR 72.640 Landesbank Baden-Wue 3.800 11/25/2022 EUR 67.200 Landesbank Baden-Wue 6.700 11/25/2022 EUR 73.810 Landesbank Baden-Wue 6.300 11/25/2022 EUR 78.030 Landesbank Baden-Wue 3.800 11/25/2022 EUR 69.850 DZ Bank AG Deutsche 15.500 6/24/2022 EUR 71.340 Landesbank Baden-Wue 5.750 11/25/2022 EUR 73.680 Landesbank Baden-Wue 7.850 11/25/2022 EUR 69.500 Landesbank Baden-Wue 2.000 11/25/2022 EUR 61.100 Landesbank Baden-Wue 5.350 11/25/2022 EUR 49.880 Landesbank Baden-Wue 8.500 11/25/2022 EUR 44.520 Landesbank Baden-Wue 4.350 11/25/2022 EUR 51.850 Landesbank Baden-Wue 5.400 11/25/2022 EUR 49.750 Landesbank Baden-Wue 6.600 11/25/2022 EUR 48.110 Landesbank Baden-Wue 5.900 11/25/2022 EUR 59.670 DekaBank Deutsche Gi 3.050 7/22/2022 EUR 64.550 UniCredit Bank AG 4.100 08/02/2023 EUR 76.300 Skandinaviska Enskil 7.800 7/15/2024 SEK 72.610 Vontobel Financial P 17.000 6/24/2022 EUR 64.820 Vontobel Financial P 12.500 6/24/2022 EUR 70.280 UniCredit Bank AG 7.300 6/14/2024 EUR 58.930 UniCredit Bank AG 7.200 6/14/2024 EUR 74.870 Vontobel Financial P 19.500 6/24/2022 EUR 63.350 Vontobel Financial P 22.500 6/24/2022 EUR 59.230 Bank Vontobel AG 15.010 08/08/2022 USD 51.400 Bank Vontobel AG 14.257 08/08/2022 CHF 50.500 Societe Generale SA 6.820 5/18/2026 USD 66.900 DZ Bank AG Deutsche 14.800 6/24/2022 EUR 74.830 DZ Bank AG Deutsche 15.200 9/23/2022 EUR 73.500 DZ Bank AG Deutsche 8.500 6/22/2022 EUR 58.450 DZ Bank AG Deutsche 5.500 9/23/2022 EUR 75.740 DZ Bank AG Deutsche 7.100 9/23/2022 EUR 71.590 DZ Bank AG Deutsche 9.100 9/23/2022 EUR 68.130 DZ Bank AG Deutsche 11.200 9/23/2022 EUR 65.190 DZ Bank AG Deutsche 20.400 5/27/2022 EUR 66.310 DZ Bank AG Deutsche 12.000 6/24/2022 EUR 74.480 DZ Bank AG Deutsche 9.100 6/24/2022 EUR 72.110 DZ Bank AG Deutsche 8.300 9/23/2022 EUR 73.870 DZ Bank AG Deutsche 10.800 9/23/2022 EUR 70.350 DZ Bank AG Deutsche 15.000 6/24/2022 EUR 73.420 DZ Bank AG Deutsche 16.500 6/24/2022 EUR 73.620 DZ Bank AG Deutsche 14.500 9/23/2022 EUR 73.090 DZ Bank AG Deutsche 18.800 5/27/2022 EUR 63.570 DZ Bank AG Deutsche 21.200 6/24/2022 EUR 59.210 DZ Bank AG Deutsche 19.000 9/23/2022 EUR 62.890 DZ Bank AG Deutsche 8.700 9/23/2022 EUR 75.420 DZ Bank AG Deutsche 11.700 9/23/2022 EUR 70.390 DZ Bank AG Deutsche 6.250 6/20/2022 EUR 74.890 DZ Bank AG Deutsche 9.500 6/20/2022 EUR 71.700 EFG International Fi 15.000 11/14/2022 EUR 73.800 EFG International Fi 22.000 05/12/2022 CHF 59.390 EFG International Fi 14.000 05/12/2022 USD 45.830 Credit Suisse AG/Lon 8.000 08/12/2022 CHF 79.590 UBS AG/London 14.750 11/14/2022 CHF 40.950 UBS AG/London 10.500 11/14/2022 CHF 38.600 UBS AG/London 11.250 11/14/2022 CHF 62.800 UBS AG/London 5.500 05/12/2023 EUR 74.900 UBS AG/London 11.750 11/14/2022 CHF 39.800 Corner Banca SA 15.000 11/21/2022 USD 61.140 Leonteq Securities A 13.000 11/21/2022 USD 35.740 Leonteq Securities A 9.000 11/21/2022 CHF 54.590 Basler Kantonalbank 11.000 05/12/2022 CHF 68.000 Bank Julius Baer & C 8.550 5/13/2022 USD 39.500 Bank Julius Baer & C 6.000 5/13/2022 EUR 70.850 Leonteq Securities A 9.450 5/13/2022 USD 18.200 Leonteq Securities A 28.960 5/17/2022 CHF 55.070 Leonteq Securities A 10.000 11/14/2022 CHF 73.700 Vontobel Financial P 18.500 6/24/2022 EUR 64.900 Vontobel Financial P 16.500 6/24/2022 EUR 71.820 Vontobel Financial P 10.500 6/24/2022 EUR 74.340 Vontobel Financial P 12.500 6/24/2022 EUR 71.270 Vontobel Financial P 14.500 6/24/2022 EUR 68.480 Vontobel Financial P 18.500 6/24/2022 EUR 63.650 Vontobel Financial P 16.500 6/24/2022 EUR 65.950 Vontobel Financial P 11.000 6/24/2022 EUR 69.260 Vontobel Financial P 8.000 6/24/2022 EUR 73.770 Vontobel Financial P 9.500 6/24/2022 EUR 71.430 Vontobel Financial P 12.500 6/24/2022 EUR 67.250 Vontobel Financial P 14.000 6/24/2022 EUR 65.390 Vontobel Financial P 15.500 6/24/2022 EUR 63.660 Vontobel Financial P 17.000 6/24/2022 EUR 62.040 Vontobel Financial P 7.500 6/24/2022 EUR 69.300 Vontobel Financial P 8.000 6/24/2022 EUR 65.030 Vontobel Financial P 9.000 6/24/2022 EUR 66.190 Vontobel Financial P 16.000 6/24/2022 EUR 54.650 Credit Suisse AG/Lon 10.000 5/13/2022 USD 46.640 Vontobel Financial P 18.500 6/24/2022 EUR 77.310 Vontobel Financial P 13.500 6/24/2022 EUR 46.600 Vontobel Financial P 17.500 6/24/2022 EUR 42.800 Corner Banca SA 11.000 11/17/2022 EUR 61.200 Leonteq Securities A 9.000 11/17/2022 CHF 70.500 Leonteq Securities A 18.000 5/17/2022 USD 38.790 Leonteq Securities A 13.200 5/13/2022 USD 38.660 Leonteq Securities A 9.000 8/17/2022 CHF 70.780 Leonteq Securities A 10.000 8/17/2022 CHF 48.700 Vontobel Financial P 11.300 5/17/2022 USD 35.130 Vontobel Financial P 15.350 5/17/2022 USD 66.960 Bank Vontobel AG 11.008 11/14/2022 CHF 75.500 Vontobel Financial P 5.500 6/24/2022 EUR 64.920 Vontobel Financial P 8.750 6/24/2022 EUR 60.690 Vontobel Financial P 5.250 6/24/2022 EUR 74.810 Vontobel Financial P 11.750 6/24/2022 EUR 48.350 Vontobel Financial P 14.750 6/24/2022 EUR 66.180 Vontobel Financial P 11.750 6/24/2022 EUR 70.520 Vontobel Financial P 12.000 6/24/2022 EUR 60.310 Vontobel Financial P 14.250 6/24/2022 EUR 66.630 Leonteq Securities A 20.000 8/16/2022 CHF 68.750 Zurcher Kantonalbank 17.500 8/22/2022 CHF 61.290 Landesbank Baden-Wue 2.750 11/25/2022 EUR 54.310 Landesbank Baden-Wue 5.000 11/25/2022 EUR 75.720 Landesbank Baden-Wue 3.200 11/25/2022 EUR 37.930 Landesbank Baden-Wue 5.100 11/25/2022 EUR 34.260 Vontobel Financial P 14.500 6/24/2022 EUR 64.650 Vontobel Financial P 9.500 9/23/2022 EUR 61.890 UBS AG/London 10.000 06/02/2022 CHF 65.050 UBS AG/London 8.250 12/02/2022 CHF 62.400 Luzerner Kantonalban 7.600 8/16/2022 CHF 65.830 EFG International Fi 10.000 06/02/2022 CHF 46.540 Sberbank of Russia P 0.010 12/05/2025 RUB 64.600 Sberbank of Russia P 0.010 12/08/2025 RUB 65.400 SG Issuer SA 1.050 11/20/2025 EUR 15.550 Leonteq Securities A 12.000 06/08/2022 CHF 34.670 Leonteq Securities A 10.000 06/08/2022 EUR 64.610 Leonteq Securities A 11.000 06/07/2022 CHF 55.430 Nordea Bank Abp 2.000 12/29/2025 SEK 72.320 Vontobel Financial P 12.800 06/08/2022 USD 51.870 Raiffeisen Switzerla 7.500 06/07/2022 CHF 60.620 UniCredit Bank AG 5.800 01/12/2024 EUR 52.740 Vontobel Financial P 7.150 12/09/2022 CHF 67.110 UBS AG/London 7.250 12/09/2022 CHF 62.500 UBS AG/London 16.000 06/09/2022 USD 61.400 UBS AG/London 10.500 06/09/2022 CHF 34.950 UBS AG/London 12.250 06/09/2022 CHF 34.700 EFG International Fi 11.000 06/10/2022 USD 39.080 DekaBank Deutsche Gi 2.900 1/13/2023 EUR 43.650 DekaBank Deutsche Gi 2.000 01/12/2024 EUR 74.780 DekaBank Deutsche Gi 2.300 1/13/2023 EUR 75.060 Zurcher Kantonalbank 8.000 12/14/2022 CHF 65.770 Bank Vontobel AG 7.504 6/13/2022 CHF 33.400 Bank Vontobel AG 9.006 6/14/2022 CHF 58.900 Bank Vontobel AG 10.253 6/14/2022 EUR 62.400 Skandinaviska Enskil 7.450 1/15/2025 SEK 67.240 Nordea Bank Abp 8.500 1/20/2025 SEK 60.520 Landesbank Baden-Wue 3.150 3/24/2023 EUR 75.750 Sberbank of Russia P 0.010 9/25/2025 RUB 76.000 SG Issuer SA 2.200 01/10/2025 EUR 71.850 UniCredit Bank AG 4.800 05/06/2022 EUR 68.080 EFG International Fi 9.800 12/27/2022 CHF 60.400 Societe Generale SA 27.300 10/20/2025 USD 33.650 Skandinaviska Enskil 6.400 1/15/2025 SEK 65.220 Landesbank Baden-Wue 3.600 6/23/2023 EUR 60.090 Sberbank of Russia P 1.169 12/12/2024 RUB 73.200 Erste Group Bank AG 7.500 1/30/2025 EUR 73.200 Sberbank of Russia P 0.010 09/01/2025 RUB 73.600 UBS AG/London 6.750 5/16/2022 CHF 53.450 Bank Vontobel AG 10.003 9/19/2022 CHF 51.600 UBS AG/London 16.500 9/15/2022 USD 31.100 Zurcher Kantonalbank 10.500 11/18/2022 USD 64.080 Bank Vontobel AG 29.000 1/24/2023 CHF 54.400 UniCredit Bank AG 4.200 06/05/2023 EUR 63.130 Zurcher Kantonalbank 6.300 12/16/2022 CHF 45.200 Leonteq Securities A 6.600 01/09/2023 CHF 57.000 EFG International Fi 15.000 01/09/2023 USD 67.800 EFG International Fi 4.900 10/20/2023 USD 62.910 Skandinaviska Enskil 5.750 1/15/2025 SEK 70.160 EFG International Fi 4.900 10/16/2023 USD 65.570 Sberbank of Russia P 0.010 10/20/2025 RUB 69.100 UBS AG/London 9.250 10/21/2022 CHF 48.350 Sberbank of Russia P 0.010 10/23/2025 RUB 66.000 Sberbank of Russia P 0.010 10/22/2025 RUB 70.800 Sberbank of Russia P 0.010 10/23/2025 RUB 62.000 UniCredit Bank AG 6.600 9/13/2023 EUR 66.640 UBS AG/London 14.500 10/17/2022 USD 26.900 UniCredit Bank AG 4.150 05/08/2023 EUR 57.360 UniCredit Bank AG 4.900 5/22/2023 EUR 67.590 Sberbank of Russia P 3.200 9/24/2025 RUB 73.900 Sberbank of Russia P 0.010 9/17/2025 RUB 68.400 Bayerische Landesban 2.150 1/27/2023 EUR 76.620 Bayerische Landesban 3.500 1/26/2024 EUR 72.230 Bank Vontobel AG 9.501 12/12/2022 CHF 66.700 Bank Vontobel AG 9.750 12/12/2022 CHF 69.800 Landesbank Baden-Wue 7.500 7/22/2022 EUR 70.740 Landesbank Baden-Wue 3.100 7/22/2022 EUR 55.900 Landesbank Baden-Wue 5.850 7/22/2022 EUR 47.850 Landesbank Baden-Wue 3.250 7/22/2022 EUR 76.710 Landesbank Baden-Wue 4.300 7/22/2022 EUR 71.300 DZ Bank AG Deutsche 24.000 6/24/2022 EUR 42.080 DZ Bank AG Deutsche 24.400 6/24/2022 EUR 42.620 DZ Bank AG Deutsche 20.400 6/24/2022 EUR 56.700 Sberbank of Russia P 0.010 12/16/2025 RUB 68.700 Societe Generale Eff 3.000 6/24/2022 EUR 52.590 Societe Generale Eff 11.250 6/24/2022 EUR 56.880 Societe Generale Eff 6.250 7/22/2022 EUR 38.920 Societe Generale Eff 14.250 7/22/2022 EUR 30.070 Vontobel Financial P 9.500 6/24/2022 EUR 43.150 Leonteq Securities A 11.000 05/05/2022 CHF 36.540 Leonteq Securities A 9.000 02/08/2023 CHF 63.480 Vontobel Financial P 7.000 6/24/2022 EUR 72.510 Vontobel Financial P 7.500 9/23/2022 EUR 71.930 Vontobel Financial P 12.000 9/23/2022 EUR 67.230 Vontobel Financial P 15.000 9/23/2022 EUR 64.630 Sberbank of Russia P 1.165 2/24/2025 RUB 74.300 Raiffeisen Schweiz G 6.000 8/24/2022 CHF 73.390 Landesbank Baden-Wue 2.000 6/24/2022 EUR 73.470 DZ Bank AG Deutsche 16.900 6/24/2022 EUR 31.830 DZ Bank AG Deutsche 11.250 6/22/2022 EUR 74.830 DZ Bank AG Deutsche 14.600 6/24/2022 EUR 69.660 DZ Bank AG Deutsche 8.300 6/24/2022 EUR 64.670 Bank Vontobel AG 8.500 12/12/2022 EUR 64.900 Landesbank Baden-Wue 8.600 6/24/2022 EUR 39.210 Landesbank Baden-Wue 5.100 6/24/2022 EUR 45.500 DZ Bank AG Deutsche 24.400 6/24/2022 EUR 46.440 DZ Bank AG Deutsche 14.000 6/24/2022 EUR 34.210 DZ Bank AG Deutsche 8.000 6/22/2022 EUR 57.440 DZ Bank AG Deutsche 10.200 6/24/2022 EUR 69.030 DZ Bank AG Deutsche 17.500 6/24/2022 EUR 65.770 DZ Bank AG Deutsche 4.600 6/24/2022 EUR 71.610 DZ Bank AG Deutsche 10.800 6/24/2022 EUR 61.940 UBS AG/London 7.250 07/05/2022 EUR 70.420 Landesbank Baden-Wue 3.250 6/24/2022 EUR 67.340 DZ Bank AG Deutsche 16.800 6/24/2022 EUR 52.260 DZ Bank AG Deutsche 19.200 6/24/2022 EUR 49.310 DZ Bank AG Deutsche 15.400 6/24/2022 EUR 51.040 Landesbank Baden-Wue 8.250 7/22/2022 EUR 70.310 Vontobel Financial P 8.750 6/24/2022 EUR 67.900 DZ Bank AG Deutsche 16.700 6/24/2022 EUR 65.960 Landesbank Baden-Wue 4.000 6/24/2022 EUR 72.090 Landesbank Baden-Wue 4.500 6/24/2022 EUR 61.360 Vontobel Financial P 15.000 6/24/2022 EUR 69.270 Vontobel Financial P 7.500 6/24/2022 EUR 73.110 Vontobel Financial P 17.500 6/24/2022 EUR 65.280 Vontobel Financial P 5.500 6/24/2022 EUR 54.530 Raiffeisen Schweiz G 8.000 9/14/2022 EUR 65.100 Raiffeisen Schweiz G 11.000 12/14/2022 CHF 73.100 Raiffeisen Schweiz G 5.000 8/24/2022 CHF 73.050 Bank Vontobel AG 9.502 12/12/2022 CHF 66.700 Bank Vontobel AG 7.502 12/12/2022 CHF 64.800 Bank Vontobel AG 15.001 9/13/2022 CHF 31.400 Vontobel Financial P 18.000 6/24/2022 EUR 62.110 Vontobel Financial P 20.000 6/24/2022 EUR 68.830 Vontobel Financial P 16.500 6/24/2022 EUR 74.610 Vontobel Financial P 7.500 6/24/2022 EUR 55.670 Vontobel Financial P 18.000 6/24/2022 EUR 53.630 Raiffeisen Schweiz G 10.000 12/14/2022 CHF 60.020 Vontobel Financial P 9.500 6/24/2022 EUR 67.700 Vontobel Financial P 16.000 6/24/2022 EUR 58.410 Vontobel Financial P 7.500 6/24/2022 EUR 71.660 Vontobel Financial P 20.500 6/24/2022 EUR 53.830 Leonteq Securities A 6.800 2/20/2023 CHF 70.010 Vontobel Financial P 11.000 6/24/2022 EUR 68.890 Vontobel Financial P 13.500 6/24/2022 EUR 68.800 Vontobel Financial P 18.000 6/24/2022 EUR 72.470 Vontobel Financial P 15.500 6/24/2022 EUR 64.570 Vontobel Financial P 13.500 6/24/2022 EUR 61.090 Vontobel Financial P 11.000 6/24/2022 EUR 64.120 Leonteq Securities A 6.000 2/20/2023 CHF 63.580 VTB Bank PJSC 2.000 4/29/2026 RUB 63.000 Credit Suisse AG/Lon 6.000 8/22/2022 CHF 71.870 EFG International Fi 9.800 6/21/2023 EUR 42.420 Bank Vontobel AG 7.550 1/30/2023 CHF 68.300 Leonteq Securities A 10.000 10/31/2022 USD 49.960 Zurcher Kantonalbank 18.000 05/06/2022 CHF 50.550 Leonteq Securities A 15.000 08/02/2022 CHF 27.630 Leonteq Securities A 10.000 1/30/2023 EUR 78.480 Leonteq Securities A 17.000 08/02/2022 USD 34.510 Leonteq Securities A 26.350 08/03/2022 CHF 65.330 Leonteq Securities A 9.000 10/31/2022 CHF 61.200 Leonteq Securities A 12.000 6/21/2022 CHF 32.450 Leonteq Securities A 20.000 7/29/2022 CHF 35.930 Leonteq Securities A 22.450 7/29/2022 CHF 33.700 Vontobel Financial P 6.500 6/24/2022 EUR 69.790 Zurcher Kantonalbank 11.000 6/28/2022 CHF 76.180 Leonteq Securities A 11.000 10/31/2022 USD 47.150 Landesbank Baden-Wue 5.650 5/27/2022 EUR 43.680 Vontobel Financial P 8.000 6/24/2022 EUR 69.960 Vontobel Financial P 9.500 6/24/2022 EUR 67.870 Vontobel Financial P 14.000 6/24/2022 EUR 62.470 Vontobel Financial P 17.000 6/24/2022 EUR 59.460 Vontobel Financial P 21.000 6/24/2022 EUR 74.420 Vontobel Financial P 16.500 6/24/2022 EUR 66.420 Vontobel Financial P 5.500 6/24/2022 EUR 68.560 Vontobel Financial P 15.500 6/24/2022 EUR 71.630 Vontobel Financial P 13.000 6/24/2022 EUR 76.420 Vontobel Financial P 10.000 6/24/2022 EUR 31.100 Credit Suisse AG/Lon 8.250 9/19/2022 EUR 69.350 Zurcher Kantonalbank 8.000 08/08/2022 CHF 69.780 Vontobel Financial P 10.500 6/24/2022 EUR 62.160 Zurcher Kantonalbank 15.500 05/10/2022 CHF 69.780 Vontobel Financial P 8.000 6/24/2022 EUR 64.950 Vontobel Financial P 17.500 6/24/2022 EUR 72.570 Vontobel Financial P 13.500 6/24/2022 EUR 57.120 Vontobel Financial P 18.000 6/24/2022 EUR 59.360 Vontobel Financial P 12.500 6/24/2022 EUR 65.360 Vontobel Financial P 16.000 6/24/2022 EUR 61.610 Vontobel Financial P 16.500 6/24/2022 EUR 76.320 Vontobel Financial P 16.000 6/24/2022 EUR 72.710 Vontobel Financial P 7.500 6/24/2022 EUR 60.730 Sberbank of Russia P 0.010 03/04/2026 RUB 64.900 UBS AG/London 9.750 09/05/2022 CHF 66.400 UBS AG/London 16.250 09/05/2022 CHF 57.300 Leonteq Securities A 20.000 06/01/2022 EUR 67.750 EFG International Fi 6.400 03/08/2023 USD 70.100 UniCredit Bank AG 5.300 04/08/2025 EUR 75.230 Zurcher Kantonalbank 13.000 6/17/2022 CHF 64.630 Sberbank of Russia P 0.010 03/06/2028 RUB 57.300 Bank Vontobel AG 23.008 06/02/2022 CHF 41.800 Bank Vontobel AG 10.506 09/02/2022 CHF 66.500 Bank Vontobel AG 8.252 09/02/2022 EUR 70.100 Bank Vontobel AG 7.259 06/03/2022 CHF 65.300 Sberbank of Russia P 0.010 03/05/2026 RUB 68.000 Bank Vontobel AG 7.250 06/03/2022 CHF 51.600 Bank Vontobel AG 5.254 09/02/2022 CHF 69.600 Bank Vontobel AG 14.004 09/02/2022 CHF 40.500 Sberbank of Russia P 0.010 03/04/2026 RUB 64.200 Leonteq Securities A 14.000 06/08/2022 CHF 39.770 Leonteq Securities A 17.000 06/08/2022 USD 31.280 Zurcher Kantonalbank 7.000 09/08/2022 CHF 79.770 Bank Vontobel AG 25.504 5/24/2022 CHF 35.800 Bank Vontobel AG 15.004 8/26/2022 CHF 30.400 Bank Vontobel AG 15.004 8/26/2022 CHF 30.400 DZ Bank AG Deutsche 8.000 6/20/2022 EUR 75.160 Bank Julius Baer & C 7.000 06/10/2022 CHF 49.500 DZ Bank AG Deutsche 5.500 6/22/2022 EUR 73.920 Leonteq Securities A 16.000 06/10/2022 CHF 32.190 Aerofuels JSC 9.250 2/28/2024 RUB 71.380 UBS AG/London 9.250 03/10/2023 CHF 59.800 UBS AG/London 10.750 09/12/2022 CHF 56.200 UBS AG/London 16.500 09/12/2022 CHF 60.950 Raiffeisen Switzerla 8.500 09/08/2022 CHF 56.490 Vontobel Financial P 3.000 09/05/2023 EUR 75.570 Landesbank Baden-Wue 2.200 12/23/2022 EUR 74.920 Landesbank Baden-Wue 2.150 12/23/2022 EUR 55.420 Landesbank Baden-Wue 3.000 12/23/2022 EUR 60.930 DekaBank Deutsche Gi 2.500 10/24/2023 EUR 65.980 SG Issuer SA 8.120 7/20/2023 SEK 68.580 UniCredit Bank AG 3.600 10/05/2022 EUR 55.530 DekaBank Deutsche Gi 2.600 10/24/2023 EUR 66.120 Landesbank Baden-Wue 2.600 9/22/2023 EUR 70.160 Danske Bank A/S 7.141 07/09/2023 SEK 68.360 Bank Julius Baer & C 8.900 6/17/2022 USD 63.450 Vontobel Financial P 8.250 6/24/2022 EUR 44.030 Vontobel Financial P 4.200 9/16/2022 EUR 75.630 Vontobel Financial P 8.500 7/13/2022 EUR 69.660 VTB Bank PJSC 0.010 5/20/2026 RUB 66.150 Credit Suisse AG/Lon 12.000 4/29/2022 USD 19.110 Vontobel Financial P 16.500 6/24/2022 EUR 53.670 Vontobel Financial P 15.000 6/24/2022 EUR 62.820 Vontobel Financial P 9.000 6/24/2022 EUR 48.490 Vontobel Financial P 17.000 6/24/2022 EUR 40.810 Vontobel Financial P 13.000 6/24/2022 EUR 44.180 Vontobel Financial P 5.000 6/24/2022 EUR 65.750 Vontobel Financial P 10.500 6/24/2022 EUR 56.640 Leonteq Securities A 24.350 4/29/2022 CHF 54.020 UniCredit Bank AG 12.000 8/18/2022 EUR 50.600 Societe Generale Eff 4.750 6/24/2022 EUR 38.960 Bank Vontobel AG 11.000 08/01/2022 EUR 43.700 Vontobel Financial P 11.500 6/24/2022 EUR 72.660 Vontobel Financial P 12.500 6/24/2022 EUR 70.920 Vontobel Financial P 15.000 6/24/2022 EUR 67.810 Vontobel Financial P 14.000 6/24/2022 EUR 69.360 Vontobel Financial P 16.500 6/24/2022 EUR 64.570 Vontobel Financial P 15.000 6/24/2022 EUR 26.970 Vontobel Financial P 10.500 6/24/2022 EUR 68.290 Vontobel Financial P 13.500 6/24/2022 EUR 64.020 Vontobel Financial P 17.000 6/24/2022 EUR 60.450 Vontobel Financial P 11.500 6/24/2022 EUR 74.660 Vontobel Financial P 17.000 6/24/2022 EUR 66.500 Vontobel Financial P 7.500 6/24/2022 EUR 33.260 Vontobel Financial P 5.500 6/24/2022 EUR 58.160 Leonteq Securities A 12.000 7/29/2022 CHF 62.470 Leonteq Securities A 7.000 05/03/2023 CHF 65.400 Vontobel Financial P 8.250 6/24/2022 EUR 62.800 Vontobel Financial P 9.750 6/24/2022 EUR 71.160 Leonteq Securities A 10.000 11/02/2022 CHF 48.260 Leonteq Securities A 5.000 1/30/2023 USD 46.180 Leonteq Securities A 2.800 7/29/2022 EUR 52.350 Leonteq Securities A 23.180 4/29/2022 USD 21.640 Zurcher Kantonalbank 10.000 6/24/2022 CHF 68.930 Zurcher Kantonalbank 9.000 6/28/2022 CHF 77.830 Vontobel Financial P 12.000 6/24/2022 EUR 31.680 Goldman Sachs & Co W 15.000 6/22/2022 EUR 67.460 Goldman Sachs & Co W 19.000 6/22/2022 EUR 63.340 Goldman Sachs & Co W 12.000 3/22/2023 EUR 66.070 Goldman Sachs & Co W 10.000 6/22/2022 EUR 72.450 Goldman Sachs & Co W 10.000 9/21/2022 EUR 74.860 Goldman Sachs & Co W 7.000 12/21/2022 EUR 74.350 Goldman Sachs & Co W 10.000 12/21/2022 EUR 69.730 Goldman Sachs & Co W 13.000 12/21/2022 EUR 63.740 Goldman Sachs & Co W 8.000 3/22/2023 EUR 73.410 Goldman Sachs & Co W 10.000 3/22/2023 EUR 69.300 Goldman Sachs & Co W 10.000 9/21/2022 EUR 74.860 Goldman Sachs & Co W 17.000 6/22/2022 EUR 57.840 Goldman Sachs & Co W 8.000 9/21/2022 EUR 73.090 Goldman Sachs & Co W 9.000 9/21/2022 EUR 70.000 Goldman Sachs & Co W 15.000 9/21/2022 EUR 61.290 DekaBank Deutsche Gi 3.350 04/08/2024 EUR 67.610 DekaBank Deutsche Gi 3.250 04/06/2023 EUR 72.780 Leonteq Securities A 8.000 3/15/2023 CHF 61.210 Zurcher Kantonalbank 8.500 06/10/2022 EUR 40.450 Vontobel Financial P 16.000 6/24/2022 EUR 70.210 Vontobel Financial P 14.000 6/24/2022 EUR 72.390 Vontobel Financial P 14.000 6/24/2022 EUR 71.170 Vontobel Financial P 15.000 6/24/2022 EUR 27.820 Vontobel Financial P 10.500 6/24/2022 EUR 58.560 Zurcher Kantonalbank 7.750 05/10/2022 CHF 76.890 Bank Julius Baer & C 9.250 9/19/2022 EUR 71.300 Bank Julius Baer & C 8.450 6/17/2022 USD 73.350 Bank Julius Baer & C 12.000 9/19/2022 USD 69.450 Landesbank Baden-Wue 3.000 8/26/2022 EUR 70.120 Vontobel Financial P 8.500 6/24/2022 EUR 71.570 Vontobel Financial P 17.500 6/24/2022 EUR 75.040 Vontobel Financial P 16.000 6/24/2022 EUR 67.970 Vontobel Financial P 18.000 6/24/2022 EUR 68.050 Vontobel Financial P 17.500 6/24/2022 EUR 26.580 Vontobel Financial P 12.500 6/24/2022 EUR 29.310 Landesbank Baden-Wue 4.000 7/25/2025 EUR 48.610 Societe Generale Eff 6.500 6/24/2022 EUR 34.620 Vontobel Financial P 7.500 6/24/2022 EUR 70.460 Vontobel Financial P 19.500 6/24/2022 EUR 57.090 Zurcher Kantonalbank 9.250 05/10/2022 CHF 72.090 Vontobel Financial P 18.500 6/24/2022 EUR 63.710 Goldman Sachs & Co W 7.000 6/22/2022 EUR 75.440 Vontobel Financial P 9.500 6/24/2022 EUR 67.670 Vontobel Financial P 11.500 6/24/2022 EUR 65.140 Vontobel Financial P 15.500 6/24/2022 EUR 60.750 Vontobel Financial P 13.500 6/24/2022 EUR 62.840 Vontobel Financial P 12.500 6/24/2022 EUR 64.140 Vontobel Financial P 10.500 6/24/2022 EUR 65.860 Zurcher Kantonalbank 20.500 08/09/2022 CHF 46.890 Vontobel Financial P 12.000 6/24/2022 EUR 59.200 Vontobel Financial P 8.500 6/24/2022 EUR 63.420 Vontobel Financial P 7.500 6/24/2022 EUR 31.920 Vontobel Financial P 12.500 6/24/2022 EUR 28.330 Vontobel Financial P 17.500 6/24/2022 EUR 25.830 Zurcher Kantonalbank 8.000 05/10/2022 EUR 73.400 EFG International Fi 8.560 6/17/2022 CHF 67.900 Leonteq Securities A 21.290 6/17/2022 CHF 64.380 Vontobel Financial P 15.000 6/24/2022 EUR 55.320 Leonteq Securities A 20.760 6/17/2022 CHF 26.260 Vontobel Financial P 6.000 6/24/2022 EUR 54.290 Vontobel Financial P 5.500 6/24/2022 EUR 68.090 Vontobel Financial P 13.500 6/24/2022 EUR 53.180 Vontobel Financial P 6.000 6/24/2022 EUR 73.610 Vontobel Financial P 10.500 6/24/2022 EUR 74.490 Vontobel Financial P 10.000 6/24/2022 EUR 29.960 Vontobel Financial P 13.500 6/24/2022 EUR 59.760 Vontobel Financial P 17.000 6/24/2022 EUR 50.350 Societe Generale Eff 5.000 5/27/2022 EUR 37.370 Vontobel Financial P 17.500 6/24/2022 EUR 58.840 Vontobel Financial P 6.500 6/24/2022 EUR 72.210 Vontobel Financial P 15.500 6/24/2022 EUR 60.910 Vontobel Financial P 17.500 6/24/2022 EUR 65.030 Landesbank Baden-Wue 2.650 9/22/2023 EUR 68.210 Leonteq Securities A 23.690 06/03/2022 CHF 24.540 Leonteq Securities A 23.290 06/03/2022 CHF 63.800 Leonteq Securities A 11.000 09/07/2022 CHF 60.860 EFG International Fi 9.850 06/08/2022 USD 71.890 Erste Group Bank AG 8.000 6/30/2022 EUR 66.300 Erste Group Bank AG 6.500 6/30/2022 EUR 66.000 Erste Group Bank AG 4.250 6/30/2022 EUR 65.900 UniCredit Bank AG 4.050 07/01/2024 EUR 73.220 UBS AG/London 11.000 11/30/2022 CHF 34.450 UBS AG/London 6.500 11/30/2022 CHF 69.750 UBS AG/London 5.250 5/31/2023 CHF 75.700 UBS AG/London 10.250 11/30/2022 CHF 61.500 UBS AG/London 5.250 5/31/2023 EUR 65.100 UBS AG/London 12.500 11/30/2022 CHF 59.650 Leonteq Securities A 14.000 06/08/2022 CHF 38.410 Leonteq Securities A 12.000 06/08/2022 CHF 17.540 Zurcher Kantonalbank 9.500 6/15/2022 EUR 67.740 Zurcher Kantonalbank 9.250 6/15/2022 CHF 72.000 Vontobel Financial P 12.750 6/24/2022 EUR 67.040 Vontobel Financial P 10.000 6/24/2022 EUR 63.630 Raiffeisen Centroban 12.652 9/21/2022 EUR 70.140 Vontobel Financial P 12.000 6/24/2022 EUR 63.720 Vontobel Financial P 9.750 6/24/2022 EUR 34.550 DZ Bank AG Deutsche 7.000 9/19/2022 EUR 72.330 DZ Bank AG Deutsche 6.200 6/20/2022 EUR 73.660 DZ Bank AG Deutsche 5.400 9/19/2022 EUR 74.930 Raiffeisen Switzerla 13.000 5/19/2022 CHF 58.040 Leonteq Securities A 9.300 8/24/2022 USD 43.760 UBS AG/London 11.000 8/24/2022 CHF 49.350 UBS AG/London 11.250 8/24/2022 CHF 67.150 Credit Suisse AG/Lon 7.250 5/18/2022 CHF 60.170 Credit Suisse AG/Lon 8.100 8/23/2022 CHF 67.160 UniCredit Bank AG 4.450 12/29/2022 EUR 35.590 EFG International Fi 7.000 5/23/2022 EUR 31.670 SG Issuer SA 7.500 1/20/2025 SEK 46.800 Landesbank Baden-Wue 2.750 11/25/2022 EUR 56.690 UniCredit Bank AG 3.800 12/29/2022 EUR 41.550 DekaBank Deutsche Gi 3.000 12/29/2022 EUR 55.290 Landesbank Baden-Wue 3.400 2/24/2023 EUR 68.030 Leonteq Securities A 17.140 08/12/2022 CHF 66.710 Leonteq Securities A 18.480 08/12/2022 CHF 69.790 Landesbank Baden-Wue 6.750 8/26/2022 EUR 34.340 Landesbank Baden-Wue 9.000 9/23/2022 EUR 76.700 Landesbank Baden-Wue 10.100 8/26/2022 EUR 63.890 Landesbank Baden-Wue 5.000 8/26/2022 EUR 74.520 Landesbank Baden-Wue 4.800 8/26/2022 EUR 36.730 Landesbank Baden-Wue 5.000 8/26/2022 EUR 70.730 BNP Paribas Emission 8.000 6/23/2022 EUR 56.080 BNP Paribas Emission 14.000 6/23/2022 EUR 51.560 BNP Paribas Emission 5.000 9/22/2022 EUR 63.800 BNP Paribas Emission 8.000 9/22/2022 EUR 58.230 BNP Paribas Emission 12.000 9/22/2022 EUR 54.400 BNP Paribas Emission 5.000 12/22/2022 EUR 65.020 BNP Paribas Emission 8.000 12/22/2022 EUR 60.260 BNP Paribas Emission 10.000 6/23/2022 EUR 69.580 BNP Paribas Emission 8.000 9/22/2022 EUR 71.360 BNP Paribas Emission 8.000 12/22/2022 EUR 73.160 BNP Paribas Emission 8.000 9/22/2022 EUR 70.060 BNP Paribas Emission 8.000 12/22/2022 EUR 71.990 BNP Paribas Emission 8.000 12/22/2022 EUR 72.290 BNP Paribas Emission 10.000 12/22/2022 EUR 56.140 BNP Paribas Emission 10.000 6/23/2022 EUR 68.880 BNP Paribas Emission 10.000 9/22/2022 EUR 71.360 BNP Paribas Emission 10.000 6/23/2022 EUR 77.120 BNP Paribas Emission 10.000 9/22/2022 EUR 77.330 BNP Paribas Emission 14.000 9/22/2022 EUR 70.100 BNP Paribas Emission 8.000 12/22/2022 EUR 76.730 BNP Paribas Emission 14.000 12/22/2022 EUR 72.580 BNP Paribas Emission 6.000 12/22/2022 EUR 53.980 BNP Paribas Emission 6.000 12/22/2022 EUR 51.140 BNP Paribas Emission 8.000 12/22/2022 EUR 49.900 BNP Paribas Emission 8.000 9/22/2022 EUR 48.090 BNP Paribas Emission 12.000 9/22/2022 EUR 72.500 BNP Paribas Emission 12.000 12/22/2022 EUR 75.080 Societe Generale Eff 4.000 7/22/2022 EUR 40.230 BNP Paribas Emission 6.000 6/23/2022 EUR 51.300 BNP Paribas Emission 8.000 6/23/2022 EUR 48.670 BNP Paribas Emission 10.000 6/23/2022 EUR 46.370 BNP Paribas Emission 6.000 9/22/2022 EUR 52.780 BNP Paribas Emission 8.000 9/22/2022 EUR 50.680 BNP Paribas Emission 12.000 6/23/2022 EUR 74.770 BNP Paribas Emission 5.000 6/23/2022 EUR 62.420 Vontobel Financial P 6.000 6/24/2022 EUR 72.300 Vontobel Financial P 11.250 6/24/2022 EUR 75.050 Vontobel Financial P 6.250 6/24/2022 EUR 66.690 Vontobel Financial P 14.250 6/24/2022 EUR 43.350 Vontobel Financial P 16.250 6/24/2022 EUR 65.870 Vontobel Financial P 5.750 6/24/2022 EUR 75.990 Vontobel Financial P 8.000 6/24/2022 EUR 63.960 Vontobel Financial P 20.000 6/24/2022 EUR 35.890 Vontobel Financial P 5.250 6/24/2022 EUR 74.800 Vontobel Financial P 9.000 6/24/2022 EUR 74.910 Leonteq Securities A 10.000 2/13/2023 USD 61.510 Leonteq Securities A 16.000 11/16/2022 CHF 63.010 Leonteq Securities A 12.000 11/16/2022 CHF 38.360 Corner Banca SA 10.000 2/13/2023 EUR 44.500 Corner Banca SA 13.000 8/16/2022 CHF 36.010 Leonteq Securities A 14.000 2/13/2023 CHF 50.940 Leonteq Securities A 13.000 11/16/2022 USD 70.140 Bank Vontobel AG 6.500 2/13/2023 CHF 66.100 Bank Vontobel AG 10.000 8/15/2022 CHF 64.800 Bank Vontobel AG 10.000 8/15/2022 CHF 64.800 Bank Vontobel AG 14.500 2/13/2023 EUR 59.200 Bank Vontobel AG 7.500 2/13/2023 EUR 64.600 Bank Julius Baer & C 19.600 5/16/2022 CHF 30.550 Societe Generale Eff 13.000 5/27/2022 EUR 78.800 Societe Generale Eff 15.000 5/27/2022 EUR 76.300 Societe Generale Eff 14.000 6/24/2022 EUR 77.510 Societe Generale Eff 3.500 8/26/2022 EUR 42.730 Societe Generale Eff 13.250 7/22/2022 EUR 78.300 Societe Generale Eff 12.500 8/26/2022 EUR 79.060 Corner Banca SA 12.000 06/01/2022 CHF 36.270 Zurcher Kantonalbank 21.500 8/23/2022 USD 45.860 Zurcher Kantonalbank 6.020 8/16/2022 CHF 79.040 Zurcher Kantonalbank 11.500 8/23/2022 EUR 74.630 Leonteq Securities A 26.150 8/16/2022 CHF 35.740 Zurcher Kantonalbank 18.500 8/22/2022 USD 52.460 Landesbank Baden-Wue 5.000 11/25/2022 EUR 46.970 Landesbank Baden-Wue 3.200 11/25/2022 EUR 73.300 DZ Bank AG Deutsche 5.000 8/24/2022 EUR 70.980 ID Collect LLC 12.000 7/25/2024 RUB 71.150 Bank Julius Baer & C 5.750 8/17/2022 CHF 65.250 Zurcher Kantonalbank 12.900 8/17/2022 CHF 39.960 EFG International Fi 4.900 12/04/2023 USD 59.820 UBS AG/London 15.000 06/03/2022 USD 32.600 Sberbank of Russia P 0.010 12/02/2025 RUB 67.100 T-Centrum CZ AS 6.940 10/30/2024 CZK 72.000 DekaBank Deutsche Gi 3.350 11/28/2022 EUR 74.780 Basler Kantonalbank 10.000 2/13/2023 CHF 64.370 EFG International Fi 15.000 2/13/2023 EUR 37.410 BNP Paribas Emission 10.000 6/23/2022 EUR 68.840 BNP Paribas Emission 6.000 6/23/2022 EUR 66.220 BNP Paribas Emission 6.000 9/22/2022 EUR 67.790 BNP Paribas Emission 6.000 12/22/2022 EUR 69.150 BNP Paribas Emission 6.000 6/23/2022 EUR 74.060 BNP Paribas Emission 12.000 6/23/2022 EUR 68.910 BNP Paribas Emission 6.000 9/22/2022 EUR 75.560 BNP Paribas Emission 10.000 9/22/2022 EUR 74.040 BNP Paribas Emission 14.000 6/23/2022 EUR 72.860 BNP Paribas Emission 8.000 6/23/2022 EUR 75.360 BNP Paribas Emission 10.000 6/23/2022 EUR 70.760 BNP Paribas Emission 8.000 9/22/2022 EUR 77.150 BNP Paribas Emission 12.000 9/22/2022 EUR 69.780 BNP Paribas Emission 8.000 12/22/2022 EUR 74.140 BNP Paribas Emission 10.000 12/22/2022 EUR 71.310 BNP Paribas Emission 12.000 9/22/2022 EUR 75.540 BNP Paribas Emission 8.000 9/22/2022 EUR 70.570 BNP Paribas Emission 5.000 12/22/2022 EUR 74.150 BNP Paribas Emission 8.000 12/22/2022 EUR 72.350 BNP Paribas Emission 4.000 6/23/2022 EUR 74.410 BNP Paribas Emission 5.000 6/23/2022 EUR 69.320 BNP Paribas Emission 5.000 9/22/2022 EUR 69.710 BNP Paribas Emission 8.000 9/22/2022 EUR 65.470 BNP Paribas Emission 10.000 6/23/2022 EUR 61.570 BNP Paribas Emission 14.000 6/23/2022 EUR 58.680 BNP Paribas Emission 15.000 6/23/2022 EUR 57.000 BNP Paribas Emission 12.000 9/22/2022 EUR 61.510 BNP Paribas Emission 15.000 6/23/2022 EUR 70.000 BNP Paribas Emission 5.000 12/22/2022 EUR 70.560 BNP Paribas Emission 8.000 12/22/2022 EUR 67.260 BNP Paribas Emission 10.000 9/22/2022 EUR 66.960 BNP Paribas Emission 10.000 9/22/2022 EUR 64.170 BNP Paribas Emission 5.000 12/22/2022 EUR 71.750 BNP Paribas Emission 8.000 12/22/2022 EUR 69.250 BNP Paribas Emission 14.000 9/22/2022 EUR 28.940 BNP Paribas Emission 12.000 12/22/2022 EUR 31.030 EFG International Fi 17.000 08/11/2022 CHF 63.340 Societe Generale Eff 12.000 5/27/2022 EUR 75.050 Societe Generale Eff 13.250 6/24/2022 EUR 75.940 Societe Generale Eff 15.250 6/24/2022 EUR 73.160 Societe Generale Eff 14.500 7/22/2022 EUR 74.060 BNP Paribas Emission 6.000 6/23/2022 EUR 72.170 Societe Generale Eff 6.500 6/24/2022 EUR 71.660 BNP Paribas Emission 14.000 6/23/2022 EUR 58.140 BNP Paribas Emission 12.000 9/22/2022 EUR 60.940 BNP Paribas Emission 10.000 12/22/2022 EUR 62.580 BNP Paribas Emission 10.000 9/22/2022 EUR 71.200 BNP Paribas Emission 12.000 9/22/2022 EUR 70.780 BNP Paribas Emission 14.000 6/23/2022 EUR 67.070 BNP Paribas Emission 10.000 9/22/2022 EUR 73.220 BNP Paribas Emission 14.000 6/23/2022 EUR 77.540 BNP Paribas Emission 10.000 12/22/2022 EUR 75.630 BNP Paribas Emission 6.000 9/22/2022 EUR 73.630 BNP Paribas Emission 14.000 6/23/2022 EUR 59.540 BNP Paribas Emission 5.000 6/23/2022 EUR 68.590 BNP Paribas Emission 14.000 6/23/2022 EUR 59.640 BNP Paribas Emission 4.000 9/22/2022 EUR 75.550 BNP Paribas Emission 8.000 6/23/2022 EUR 65.240 BNP Paribas Emission 15.000 9/22/2022 EUR 60.210 BNP Paribas Emission 12.000 12/22/2022 EUR 63.540 BNP Paribas Emission 14.000 12/22/2022 EUR 59.290 BNP Paribas Emission 10.000 6/23/2022 EUR 74.900 Societe Generale Eff 13.750 8/26/2022 EUR 74.910 BNP Paribas Emission 12.000 9/22/2022 EUR 62.400 BNP Paribas Emission 4.000 12/22/2022 EUR 75.780 BNP Paribas Emission 12.000 9/22/2022 EUR 63.550 BNP Paribas Emission 5.000 6/23/2022 EUR 72.530 BNP Paribas Emission 10.000 6/23/2022 EUR 64.400 BNP Paribas Emission 5.000 9/22/2022 EUR 73.650 BNP Paribas Emission 5.000 12/22/2022 EUR 74.390 BNP Paribas Emission 8.000 12/22/2022 EUR 67.970 BNP Paribas Emission 5.000 9/22/2022 EUR 70.640 BNP Paribas Emission 8.000 9/22/2022 EUR 67.330 BNP Paribas Emission 12.000 9/22/2022 EUR 61.470 BNP Paribas Emission 8.000 6/23/2022 EUR 30.690 BNP Paribas Emission 10.000 6/23/2022 EUR 28.560 BNP Paribas Emission 12.000 6/23/2022 EUR 26.790 BNP Paribas Emission 8.000 9/22/2022 EUR 32.770 BNP Paribas Emission 10.000 9/22/2022 EUR 31.150 BNP Paribas Emission 12.000 9/22/2022 EUR 29.900 BNP Paribas Emission 8.000 12/22/2022 EUR 32.210 BNP Paribas Emission 10.000 12/22/2022 EUR 31.480 BNP Paribas Emission 10.000 6/23/2022 EUR 65.690 UniCredit Bank AG 10.000 9/15/2022 EUR 77.390 Bank Julius Baer & C 9.600 08/12/2022 USD 42.200 Leonteq Securities A 26.380 08/12/2022 CHF 53.130 Landesbank Baden-Wue 8.700 8/26/2022 EUR 68.090 Landesbank Baden-Wue 3.600 8/26/2022 EUR 69.370 Landesbank Baden-Wue 3.000 8/26/2022 EUR 75.100 Zurcher Kantonalbank 12.000 8/23/2022 CHF 74.900 Zurcher Kantonalbank 20.500 8/23/2022 CHF 56.070 DZ Bank AG Deutsche 9.700 6/24/2022 EUR 71.970 DZ Bank AG Deutsche 24.500 6/24/2022 EUR 39.630 Landesbank Baden-Wue 10.500 6/24/2022 EUR 42.120 Landesbank Baden-Wue 2.500 6/24/2022 EUR 54.880 Landesbank Baden-Wue 9.500 6/24/2022 EUR 37.460 Landesbank Baden-Wue 2.500 6/24/2022 EUR 51.660 Landesbank Baden-Wue 2.000 6/24/2022 EUR 70.930 Landesbank Baden-Wue 8.000 6/24/2022 EUR 54.370 Zurcher Kantonalbank 10.000 6/23/2022 CHF 75.720 EFG International Fi 18.000 6/16/2022 CHF 28.110 SG Issuer SA 0.263 2/20/2025 EUR 19.910 UBS AG/London 11.250 12/16/2022 USD 69.150 UBS AG/London 8.250 6/16/2023 CHF 66.750 Landesbank Baden-Wue 3.500 6/24/2022 EUR 67.550 Landesbank Baden-Wue 5.250 6/24/2022 EUR 79.040 DZ Bank AG Deutsche 7.300 6/24/2022 EUR 67.690 Landesbank Baden-Wue 4.200 6/24/2022 EUR 50.810 Landesbank Baden-Wue 7.150 6/24/2022 EUR 45.910 Landesbank Baden-Wue 7.250 7/22/2022 EUR 68.630 EFG International Fi 10.000 12/16/2022 CHF 38.260 DZ Bank AG Deutsche 13.000 6/24/2022 EUR 62.590 DZ Bank AG Deutsche 16.900 6/24/2022 EUR 56.420 Landesbank Baden-Wue 6.000 6/24/2022 EUR 65.940 Landesbank Baden-Wue 5.000 7/22/2022 EUR 74.700 Vontobel Financial P 3.500 07/03/2023 EUR 49.780 Vontobel Financial P 10.000 07/06/2022 EUR 71.910 DZ Bank AG Deutsche 17.400 6/24/2022 EUR 48.290 DZ Bank AG Deutsche 19.500 6/24/2022 EUR 45.920 DZ Bank AG Deutsche 21.700 6/24/2022 EUR 43.870 DZ Bank AG Deutsche 6.200 6/24/2022 EUR 67.870 Landesbank Baden-Wue 1.500 6/24/2022 EUR 72.310 Landesbank Baden-Wue 2.500 6/24/2022 EUR 72.030 DZ Bank AG Deutsche 15.800 6/24/2022 EUR 42.210 Landesbank Baden-Wue 5.500 6/24/2022 EUR 43.130 Credit Suisse AG/Lon 6.000 8/24/2022 CHF 71.830 UBS AG/London 12.500 12/16/2022 CHF 54.700 UBS AG/London 8.000 12/16/2022 CHF 66.100 DZ Bank AG Deutsche 11.600 6/24/2022 EUR 75.530 Landesbank Baden-Wue 8.750 7/22/2022 EUR 43.250 DZ Bank AG Deutsche 11.300 6/24/2022 EUR 66.390 Landesbank Baden-Wue 10.000 7/22/2022 EUR 73.970 Landesbank Baden-Wue 2.000 7/22/2022 EUR 56.960 Societe Generale Eff 10.250 7/22/2022 EUR 33.070 Landesbank Baden-Wue 4.500 7/22/2022 EUR 51.030 Vontobel Financial P 13.000 9/23/2022 EUR 80.190 Vontobel Financial P 17.000 9/23/2022 EUR 70.860 UniCredit Bank AG 10.400 08/11/2022 EUR 58.905 EFG International Fi 4.900 12/15/2023 USD 59.830 Leonteq Securities A 10.000 6/15/2022 CHF 65.220 SG Issuer SA 0.015 11/07/2033 EUR 75.060 SG Issuer SA 0.021 8/15/2033 EUR 61.050 Landesbank Baden-Wue 3.600 7/22/2022 EUR 73.320 Landesbank Baden-Wue 2.700 7/22/2022 EUR 48.510 Landesbank Baden-Wue 6.000 7/22/2022 EUR 38.520 Landesbank Baden-Wue 8.550 7/22/2022 EUR 35.420 Landesbank Baden-Wue 6.500 7/22/2022 EUR 63.680 Leonteq Securities A 12.000 6/15/2022 CHF 31.880 Landesbank Baden-Wue 5.500 7/22/2022 EUR 75.740 Landesbank Baden-Wue 2.500 7/22/2022 EUR 75.720 Landesbank Baden-Wue 3.300 7/22/2022 EUR 73.610 UBS AG/London 8.000 02/03/2023 CHF 62.850 UBS AG/London 10.250 08/03/2022 CHF 63.300 Vontobel Financial P 9.500 6/24/2022 EUR 68.640 Zurcher Kantonalbank 9.000 7/21/2022 CHF 74.720 DZ Bank AG Deutsche 5.800 6/20/2022 EUR 74.520 EFG International Fi 7.210 6/16/2022 USD 41.490 Vontobel Financial P 13.000 6/24/2022 EUR 75.750 Vontobel Financial P 7.500 6/24/2022 EUR 75.400 Vontobel Financial P 19.000 6/24/2022 EUR 60.780 Societe Generale Eff 3.000 7/22/2022 USD 10.810 Zurcher Kantonalbank 9.800 6/17/2022 USD 43.750 Vontobel Financial P 8.000 6/24/2022 EUR 62.980 Vontobel Financial P 20.000 6/24/2022 EUR 72.760 Vontobel Financial P 16.000 6/24/2022 EUR 72.150 Vontobel Financial P 12.500 6/24/2022 EUR 44.100 Vontobel Financial P 10.500 6/24/2022 EUR 46.120 Vontobel Financial P 17.000 6/24/2022 EUR 40.810 Vontobel Financial P 19.000 6/24/2022 EUR 68.830 Vontobel Financial P 16.000 6/24/2022 EUR 71.760 Vontobel Financial P 18.000 6/24/2022 EUR 64.950 Vontobel Financial P 18.500 6/24/2022 EUR 64.790 Vontobel Financial P 16.500 6/24/2022 EUR 63.060 Credit Suisse AG/Lon 13.000 6/16/2022 CHF 59.590 UBS AG/London 9.000 6/16/2022 CHF 30.700 VTB Bank PJSC 0.010 06/01/2024 RUB 63.000 Vontobel Financial P 11.500 6/24/2022 EUR 68.450 Vontobel Financial P 14.000 6/24/2022 EUR 65.610 Vontobel Financial P 6.500 6/24/2022 EUR 63.440 Vontobel Financial P 17.000 6/24/2022 EUR 77.070 Vontobel Financial P 7.000 6/24/2022 EUR 51.110 Vontobel Financial P 15.000 6/24/2022 EUR 42.390 UBS AG/London 10.250 6/16/2022 CHF 29.520 Vontobel Financial P 19.500 6/24/2022 EUR 39.470 Vontobel Financial P 15.000 6/24/2022 EUR 73.250 Vontobel Financial P 9.000 6/24/2022 EUR 74.280 Vontobel Financial P 9.000 6/24/2022 EUR 74.160 Vontobel Financial P 14.500 6/24/2022 EUR 71.990 Vontobel Financial P 7.500 6/24/2022 EUR 63.990 Vontobel Financial P 8.500 6/24/2022 EUR 48.410 Vontobel Financial P 19.000 6/24/2022 EUR 75.510 Vontobel Financial P 19.500 6/24/2022 EUR 68.000 DZ Bank AG Deutsche 20.000 6/24/2022 EUR 29.770 DZ Bank AG Deutsche 17.600 6/24/2022 EUR 34.920 DZ Bank AG Deutsche 11.900 6/24/2022 EUR 74.220 Landesbank Baden-Wue 6.500 7/22/2022 EUR 73.150 Vontobel Financial P 11.000 6/24/2022 EUR 62.330 DZ Bank AG Deutsche 13.800 6/24/2022 EUR 69.080 DZ Bank AG Deutsche 12.000 6/24/2022 EUR 46.050 DZ Bank AG Deutsche 13.900 6/24/2022 EUR 43.890 Landesbank Baden-Wue 5.150 6/24/2022 EUR 73.650 Vontobel Financial P 6.000 6/24/2022 EUR 62.660 Vontobel Financial P 11.500 6/24/2022 EUR 77.220 Credit Suisse AG/Lon 18.500 12/04/2023 USD 74.000 Vontobel Financial P 12.250 6/28/2022 EUR 74.870 Reso-Leasing OOO 8.000 5/19/2031 RUB 79.990 Leonteq Securities A 12.000 06/07/2022 CHF 61.880 Credit Suisse AG/Lon 10.500 09/05/2022 EUR 67.650 Zurcher Kantonalbank 6.500 6/14/2022 CHF 59.480 Leonteq Securities A 10.000 12/07/2022 USD 69.070 Leonteq Securities A 9.000 09/07/2022 CHF 61.570 Leonteq Securities A 9.400 12/07/2022 EUR 71.790 Leonteq Securities A 8.000 12/07/2022 CHF 37.550 Zurcher Kantonalbank 14.000 6/14/2022 CHF 65.080 Zurcher Kantonalbank 10.000 6/14/2022 CHF 68.050 Zurcher Kantonalbank 15.000 6/14/2022 CHF 65.420 Credit Suisse AG/Lon 11.500 06/01/2022 EUR 65.610 Bank Vontobel AG 17.500 06/02/2022 CHF 49.800 Raiffeisen Centroban 10.735 9/21/2022 EUR 70.310 Vontobel Financial P 9.500 6/24/2022 EUR 68.210 Vontobel Financial P 11.250 6/24/2022 EUR 69.010 Vontobel Financial P 5.500 6/24/2022 EUR 66.720 Vontobel Financial P 6.250 6/24/2022 EUR 73.770 Vontobel Financial P 10.000 6/24/2022 EUR 52.220 Vontobel Financial P 16.000 6/24/2022 EUR 23.370 DZ Bank AG Deutsche 7.000 6/20/2022 EUR 70.680 DZ Bank AG Deutsche 9.500 6/20/2022 EUR 66.370 DZ Bank AG Deutsche 5.000 9/19/2022 EUR 66.920 DZ Bank AG Deutsche 5.800 6/20/2022 EUR 76.270 DZ Bank AG Deutsche 4.800 6/20/2022 EUR 76.290 DZ Bank AG Deutsche 5.500 6/20/2022 EUR 74.770 DZ Bank AG Deutsche 4.900 9/19/2022 EUR 75.910 Credit Suisse AG/Lon 10.000 06/07/2022 CHF 31.020 Vontobel Financial P 9.000 06/08/2022 EUR 38.760 Bank Julius Baer & C 8.000 09/08/2022 CHF 64.900 Bank Julius Baer & C 7.250 06/09/2022 CHF 70.250 Zurcher Kantonalbank 20.000 6/15/2022 USD 47.120 Raiffeisen Centroban 9.202 9/21/2022 EUR 69.110 Vontobel Financial P 13.750 6/24/2022 EUR 23.350 DekaBank Deutsche Gi 4.000 07/07/2022 EUR 51.270 DekaBank Deutsche Gi 2.450 4/25/2022 EUR 72.960 DZ Bank AG Deutsche 12.000 6/22/2022 EUR 59.850 DZ Bank AG Deutsche 6.500 6/22/2022 EUR 69.180 DZ Bank AG Deutsche 6.750 6/22/2022 EUR 66.130 DZ Bank AG Deutsche 5.250 6/22/2022 EUR 75.560 DZ Bank AG Deutsche 13.500 6/22/2022 EUR 71.230 DZ Bank AG Deutsche 8.250 6/22/2022 EUR 55.240 Leonteq Securities A 21.000 06/09/2022 CHF 34.160 Leonteq Securities A 22.870 06/09/2022 CHF 35.140 Credit Suisse AG/Lon 11.000 06/08/2022 USD 37.520 Credit Suisse AG/Lon 11.000 06/08/2022 CHF 60.480 Vontobel Financial P 18.650 06/09/2022 EUR 17.070 Goldman Sachs & Co W 19.000 5/25/2022 EUR 75.300 Goldman Sachs & Co W 25.000 5/25/2022 EUR 66.240 Goldman Sachs & Co W 18.000 7/20/2022 EUR 74.210 Bank Vontobel AG 6.504 12/05/2022 CHF 68.800 Bank Vontobel AG 6.504 12/05/2022 CHF 68.800 Bank Vontobel AG 9.000 12/05/2022 CHF 72.000 Bank Vontobel AG 9.004 12/05/2022 CHF 72.000 Bank Vontobel AG 7.508 12/05/2022 EUR 64.600 Bank Vontobel AG 7.504 12/05/2022 EUR 64.600 Bank Vontobel AG 10.000 12/05/2022 CHF 59.900 Bank Vontobel AG 7.756 06/06/2023 EUR 68.000 BNP Paribas Emission 4.000 6/23/2022 EUR 76.430 BNP Paribas Emission 5.000 6/23/2022 EUR 76.390 BNP Paribas Emission 5.000 6/23/2022 EUR 76.020 BNP Paribas Emission 5.000 6/23/2022 EUR 75.640 BNP Paribas Emission 6.000 6/23/2022 EUR 75.060 BNP Paribas Emission 6.000 6/23/2022 EUR 73.790 BNP Paribas Emission 3.000 6/23/2022 EUR 74.200 BNP Paribas Emission 3.000 6/23/2022 EUR 73.640 BNP Paribas Emission 3.000 6/23/2022 EUR 73.640 BNP Paribas Emission 3.000 6/23/2022 EUR 73.130 BNP Paribas Emission 5.000 9/22/2022 EUR 76.520 BNP Paribas Emission 6.000 9/22/2022 EUR 75.530 BNP Paribas Emission 6.000 9/22/2022 EUR 75.600 BNP Paribas Emission 3.000 9/22/2022 EUR 73.880 Landesbank Baden-Wue 5.000 6/24/2022 EUR 56.830 Vontobel Financial P 7.000 6/24/2022 EUR 63.240 Vontobel Financial P 10.000 6/24/2022 EUR 58.750 Vontobel Financial P 13.500 6/24/2022 EUR 55.080 Vontobel Financial P 7.500 6/24/2022 EUR 72.120 Vontobel Financial P 9.500 6/24/2022 EUR 69.200 Vontobel Financial P 11.500 6/24/2022 EUR 66.540 Vontobel Financial P 7.500 6/24/2022 EUR 71.110 Vontobel Financial P 13.500 6/24/2022 EUR 63.330 Vontobel Financial P 14.000 6/24/2022 EUR 64.210 Vontobel Financial P 6.000 6/24/2022 EUR 75.420 Vontobel Financial P 6.000 6/24/2022 EUR 73.450 Vontobel Financial P 9.000 6/24/2022 EUR 68.940 Vontobel Financial P 10.500 6/24/2022 EUR 66.930 Vontobel Financial P 12.000 6/24/2022 EUR 65.060 Vontobel Financial P 7.000 6/24/2022 EUR 62.070 Zurcher Kantonalbank 8.000 07/01/2022 CHF 62.600 Zurcher Kantonalbank 8.750 07/01/2022 CHF 72.660 Sberbank of Russia P 0.010 6/25/2026 RUB 68.000 Societe Generale Eff 6.750 7/22/2022 EUR 75.490 Societe Generale Eff 8.750 7/22/2022 EUR 72.100 Societe Generale Eff 12.000 7/22/2022 EUR 34.940 Societe Generale Eff 14.000 7/22/2022 EUR 33.240 Societe Generale Eff 8.500 7/22/2022 EUR 61.990 Societe Generale Eff 10.000 7/22/2022 EUR 69.930 Societe Generale Eff 11.000 7/22/2022 EUR 68.410 Vontobel Financial P 8.250 6/24/2022 EUR 75.200 Vontobel Financial P 5.750 6/24/2022 EUR 68.760 Vontobel Financial P 15.000 6/24/2022 EUR 72.000 Vontobel Financial P 15.000 6/24/2022 EUR 64.740 Vontobel Financial P 11.750 6/24/2022 EUR 72.400 Societe Generale Eff 9.000 7/22/2022 EUR 73.480 Societe Generale Eff 11.000 7/22/2022 EUR 69.390 Bank Julius Baer & C 11.000 6/27/2022 CHF 28.000 Vontobel Financial P 14.000 6/24/2022 EUR 39.970 Vontobel Financial P 18.500 6/24/2022 EUR 37.670 Vontobel Financial P 7.000 6/24/2022 EUR 46.770 Vontobel Financial P 20.000 6/24/2022 EUR 65.060 Leonteq Securities A 16.000 6/28/2022 CHF 30.750 Corner Banca SA 17.000 6/28/2022 EUR 73.120 Leonteq Securities A 14.000 12/28/2022 CHF 43.520 Leonteq Securities A 12.000 6/28/2022 CHF 17.900 Leonteq Securities A 13.000 6/28/2022 EUR 70.910 Leonteq Securities A 22.560 6/24/2022 CHF 22.160 Leonteq Securities A 26.030 6/24/2022 CHF 27.280 Raiffeisen Schweiz G 13.000 6/29/2022 CHF 44.380 Raiffeisen Schweiz G 11.000 6/29/2022 CHF 55.810 EFG International Fi 11.780 07/11/2022 USD 59.050 DZ Bank AG Deutsche 9.000 9/21/2022 EUR 61.520 DZ Bank AG Deutsche 11.000 9/21/2022 EUR 62.330 DZ Bank AG Deutsche 6.500 9/21/2022 EUR 65.610 DZ Bank AG Deutsche 6.000 6/22/2022 EUR 64.370 DZ Bank AG Deutsche 5.500 9/21/2022 EUR 74.450 DZ Bank AG Deutsche 5.750 9/21/2022 EUR 74.790 DZ Bank AG Deutsche 5.250 6/22/2022 EUR 67.080 DZ Bank AG Deutsche 6.000 9/21/2022 EUR 62.660 DZ Bank AG Deutsche 5.000 6/22/2022 EUR 73.590 DZ Bank AG Deutsche 6.000 6/22/2022 EUR 69.610 DZ Bank AG Deutsche 5.000 9/21/2022 EUR 70.460 Vontobel Financial P 4.150 7/18/2023 EUR 64.340 Vontobel Financial P 9.400 12/30/2022 CHF 31.890 Erste Group Bank AG 10.750 08/02/2022 EUR 54.100 Erste Group Bank AG 5.500 08/02/2025 EUR 62.500 Leonteq Securities A 20.000 6/29/2022 CHF 31.520 Zurcher Kantonalbank 8.000 07/07/2022 EUR 73.380 Leonteq Securities A 7.030 6/28/2023 CHF 71.730 UniCredit Bank AG 10.100 7/27/2022 EUR 46.190 UniCredit Bank AG 6.300 7/27/2022 EUR 42.000 UniCredit Bank AG 9.800 7/27/2022 EUR 75.620 UniCredit Bank AG 9.250 7/27/2022 EUR 65.750 Zurcher Kantonalbank 8.250 07/07/2022 CHF 76.890 Zurcher Kantonalbank 10.000 07/07/2022 CHF 72.920 Zurcher Kantonalbank 15.750 07/08/2022 USD 48.810 Bank Vontobel AG 6.500 6/26/2023 CHF 59.400 Bank Vontobel AG 6.502 6/26/2023 CHF 59.300 Bank Vontobel AG 7.000 12/27/2022 CHF 58.200 Bank Vontobel AG 5.750 6/26/2023 CHF 69.900 Zurcher Kantonalbank 10.400 07/08/2022 CHF 59.010 Landesbank Baden-Wue 4.150 6/23/2023 EUR 49.540 Landesbank Baden-Wue 2.800 6/23/2023 EUR 51.970 Landesbank Baden-Wue 6.650 6/23/2023 EUR 74.430 Landesbank Baden-Wue 3.800 6/23/2023 EUR 49.960 Landesbank Baden-Wue 2.600 6/23/2023 EUR 53.020 Landesbank Baden-Wue 4.500 6/23/2023 EUR 68.880 Landesbank Baden-Wue 3.350 6/23/2023 EUR 71.060 Landesbank Baden-Wue 2.250 6/23/2023 EUR 74.640 Landesbank Baden-Wue 7.300 6/23/2023 EUR 72.270 Landesbank Baden-Wue 5.350 6/23/2023 EUR 66.260 Landesbank Baden-Wue 4.650 6/23/2023 EUR 67.830 Landesbank Baden-Wue 3.400 6/23/2023 EUR 71.440 Landesbank Baden-Wue 3.500 6/23/2023 EUR 70.080 Landesbank Baden-Wue 2.500 6/23/2023 EUR 76.520 Landesbank Baden-Wue 5.000 6/23/2023 EUR 47.620 Landesbank Baden-Wue 7.250 6/23/2023 EUR 45.410 Landesbank Baden-Wue 5.600 6/23/2023 EUR 47.140 Landesbank Baden-Wue 2.700 6/23/2023 EUR 53.320 Landesbank Baden-Wue 2.650 6/23/2023 EUR 72.680 Landesbank Baden-Wue 1.800 6/23/2023 EUR 75.460 Basler Kantonalbank 10.000 9/30/2022 CHF 76.070 Raiffeisen Switzerla 10.500 07/11/2024 USD 14.570 Vontobel Financial P 15.000 6/24/2022 EUR 67.480 Vontobel Financial P 12.000 6/24/2022 EUR 70.610 Zurcher Kantonalbank 17.000 6/24/2022 CHF 73.400 Goldman Sachs & Co W 8.000 5/25/2022 EUR 71.460 Goldman Sachs & Co W 10.000 7/20/2022 EUR 73.080 Goldman Sachs & Co W 8.000 6/21/2023 EUR 78.060 Bank Julius Baer & C 9.650 7/29/2022 USD 57.500 Sberbank of Russia P 0.010 06/04/2026 RUB 62.800 Bank Julius Baer & C 8.800 09/05/2022 EUR 62.200 Sberbank of Russia P 0.010 06/02/2028 RUB 69.300 Erste Group Bank AG 7.250 6/30/2026 EUR 77.300 UniCredit Bank AG 5.250 07/01/2024 EUR 72.550 UBS AG/London 7.750 5/31/2023 CHF 73.100 UBS AG/London 8.500 11/30/2022 CHF 55.300 UBS AG/London 12.000 11/30/2022 EUR 33.750 UniCredit Bank AG 7.750 5/27/2022 EUR 68.680 Vontobel Financial P 9.000 6/24/2022 EUR 71.650 Vontobel Financial P 17.000 6/24/2022 EUR 70.950 Vontobel Financial P 13.500 6/24/2022 EUR 69.190 Zurcher Kantonalbank 11.200 6/30/2022 CHF 63.280 Zurcher Kantonalbank 6.400 11/07/2022 USD 37.190 Zurcher Kantonalbank 11.000 6/24/2022 CHF 64.870 Zurcher Kantonalbank 20.250 6/24/2022 CHF 57.560 Zurcher Kantonalbank 8.000 05/05/2022 CHF 69.330 Zurcher Kantonalbank 21.500 6/24/2022 USD 47.930 Zurcher Kantonalbank 14.000 6/24/2022 CHF 29.460 Societe Generale Eff 16.500 6/24/2022 EUR 71.960 Societe Generale Eff 10.250 6/24/2022 EUR 51.550 Societe Generale Eff 7.750 7/22/2022 EUR 73.680 Societe Generale Eff 4.500 7/22/2022 EUR 72.160 Societe Generale Eff 6.500 7/22/2022 EUR 66.150 Societe Generale Eff 10.500 7/22/2022 EUR 58.870 Societe Generale Eff 7.000 7/22/2022 EUR 75.440 Societe Generale Eff 8.000 7/22/2022 EUR 73.400 Societe Generale Eff 9.000 7/22/2022 EUR 71.580 Vontobel Financial P 12.250 6/24/2022 EUR 61.560 Vontobel Financial P 16.750 6/24/2022 EUR 71.320 Societe Generale Eff 8.000 7/22/2022 EUR 77.310 Societe Generale Eff 10.000 7/22/2022 EUR 73.530 Societe Generale Eff 4.000 7/22/2022 EUR 51.720 Societe Generale Eff 6.000 7/22/2022 EUR 44.600 Societe Generale Eff 8.000 7/22/2022 EUR 40.100 Societe Generale Eff 10.000 7/22/2022 EUR 37.080 Vontobel Financial P 9.500 6/24/2022 EUR 40.670 Vontobel Financial P 12.000 6/24/2022 EUR 67.340 Societe Generale Eff 13.000 7/22/2022 EUR 66.140 Societe Generale Eff 6.250 7/22/2022 EUR 73.510 Societe Generale Eff 7.250 7/22/2022 EUR 71.200 Societe Generale Eff 8.250 7/22/2022 EUR 69.130 Bank Julius Baer & C 9.000 6/27/2022 CHF 58.400 Vontobel Financial P 10.500 6/24/2022 EUR 43.010 Societe Generale Eff 3.000 6/24/2022 EUR 59.050 Leonteq Securities A 8.000 6/28/2023 CHF 68.810 Leonteq Securities A 18.000 9/28/2022 CHF 58.810 Corner Banca SA 14.000 9/28/2022 CHF 60.480 Leonteq Securities A 17.000 6/28/2022 CHF 30.690 Leonteq Securities A 14.000 6/24/2022 CHF 71.080 Leonteq Securities A 6.400 6/28/2023 CHF 60.430 Leonteq Securities A 17.000 6/28/2022 USD 51.810 Raiffeisen Schweiz G 12.000 6/29/2022 CHF 66.410 Raiffeisen Schweiz G 10.000 6/29/2022 CHF 58.330 Raiffeisen Schweiz G 20.000 6/29/2022 CHF 29.360 DZ Bank AG Deutsche 10.750 9/21/2022 EUR 72.560 DZ Bank AG Deutsche 7.250 6/22/2022 EUR 63.430 DZ Bank AG Deutsche 8.500 9/21/2022 EUR 63.320 DZ Bank AG Deutsche 4.750 9/21/2022 EUR 74.690 DZ Bank AG Deutsche 6.750 9/21/2022 EUR 60.610 DZ Bank AG Deutsche 5.750 6/22/2022 EUR 65.100 Landesbank Baden-Wue 3.400 11/25/2022 EUR 60.720 SG Issuer SA 5.000 04/02/2024 EUR 54.570 Landesbank Baden-Wue 3.400 1/27/2023 EUR 65.410 SG Issuer SA 5.000 5/23/2024 EUR 57.780 UniCredit Bank AG 5.150 01/02/2023 EUR 62.600 Citigroup Global Mar 13.200 12/18/2023 SEK 67.320 Vontobel Financial P 14.500 6/24/2022 EUR 61.250 Vontobel Financial P 10.000 6/24/2022 EUR 67.780 Vontobel Financial P 21.000 6/24/2022 EUR 53.910 Vontobel Financial P 19.000 6/24/2022 EUR 56.110 Vontobel Financial P 15.000 6/24/2022 EUR 69.610 Vontobel Financial P 16.500 6/24/2022 EUR 69.850 Vontobel Financial P 5.550 5/18/2022 EUR 49.530 Raiffeisen Schweiz G 12.000 8/17/2022 CHF 63.490 Raiffeisen Schweiz G 6.500 11/17/2023 CHF 75.720 Vontobel Financial P 15.500 6/24/2022 EUR 67.530 Bank Julius Baer & C 11.200 5/18/2022 CHF 34.350 Bank Julius Baer & C 7.300 5/18/2022 CHF 66.150 Zurcher Kantonalbank 27.000 5/27/2022 USD 66.060 Bank Vontobel AG 6.505 2/20/2023 EUR 67.800 Bank Vontobel AG 10.508 8/19/2022 CHF 36.900 Bank Vontobel AG 10.507 8/19/2022 CHF 36.900 Leonteq Securities A 15.000 8/19/2022 CHF 69.630 Corner Banca SA 19.000 5/23/2022 USD 27.090 Leonteq Securities A 19.000 5/23/2022 USD 61.300 Leonteq Securities A 5.700 8/19/2022 USD 51.590 DZ Bank AG Deutsche 5.000 6/22/2022 EUR 68.540 DZ Bank AG Deutsche 5.000 6/22/2022 EUR 72.420 Bank Julius Baer & C 8.800 5/23/2022 CHF 54.550 DZ Bank AG Deutsche 11.000 6/22/2022 EUR 70.170 Raiffeisen Switzerla 7.700 8/19/2022 CHF 63.970 Bank Vontobel AG 20.004 08/10/2022 CHF 39.100 EFG International Fi 13.000 8/24/2022 CHF 46.030 EFG International Fi 8.200 03/01/2023 USD 45.050 Bank Vontobel AG 7.508 05/12/2022 CHF 62.700 Bank Vontobel AG 6.507 8/17/2022 CHF 69.200 Bank Vontobel AG 6.505 2/27/2023 CHF 59.000 Leonteq Securities A 10.000 06/01/2022 CHF 44.100 Leonteq Securities A 8.000 03/01/2023 CHF 62.200 Leonteq Securities A 11.000 8/26/2022 CHF 37.190 DZ Bank AG Deutsche 16.400 6/24/2022 EUR 59.870 DZ Bank AG Deutsche 9.500 7/22/2022 EUR 67.210 DZ Bank AG Deutsche 10.000 7/22/2022 EUR 68.830 DZ Bank AG Deutsche 10.800 7/22/2022 EUR 71.290 EFG International Fi 6.600 4/29/2022 CHF 72.530 Raiffeisen Switzerla 8.200 11/03/2022 CHF 44.860 Raiffeisen Switzerla 7.000 05/03/2023 CHF 70.260 Vontobel Financial P 11.500 9/23/2022 EUR 71.620 Vontobel Financial P 8.000 9/23/2022 EUR 75.200 Vontobel Financial P 11.500 9/23/2022 EUR 69.550 Vontobel Financial P 14.000 9/23/2022 EUR 67.500 Vontobel Financial P 9.000 6/24/2022 EUR 73.590 Vontobel Financial P 12.000 6/24/2022 EUR 72.570 Vontobel Financial P 14.000 6/24/2022 EUR 69.270 Vontobel Financial P 14.500 9/23/2022 EUR 74.950 Societe Generale SA 15.000 8/30/2024 USD 33.200 Vontobel Financial P 11.000 6/24/2022 EUR 75.100 Vontobel Financial P 16.000 6/24/2022 EUR 68.550 Vontobel Financial P 18.500 6/24/2022 EUR 65.700 Vontobel Financial P 7.000 6/24/2022 EUR 47.620 Bank Vontobel AG 11.006 10/31/2022 CHF 70.800 Bank Vontobel AG 16.500 08/05/2022 CHF 48.700 UBS AG/London 13.000 05/06/2024 USD 39.420 EFG International Fi 6.080 05/05/2022 USD 38.840 Raiffeisen Switzerla 7.000 8/19/2022 CHF 59.290 UBS AG/London 6.500 8/24/2022 CHF 21.960 EFG International Fi 15.000 8/24/2022 CHF 61.500 Leonteq Securities A 9.000 8/26/2022 CHF 59.640 Leonteq Securities A 14.000 8/26/2022 USD 31.810 Leonteq Securities A 12.000 06/01/2022 CHF 26.920 Leonteq Securities A 10.000 5/19/2022 CHF 35.790 DZ Bank AG Deutsche 8.000 6/20/2022 EUR 69.490 Raiffeisen Centroban 10.000 3/24/2023 EUR 41.030 Leonteq Securities A 14.000 5/19/2022 CHF 32.800 EFG International Fi 4.500 2/26/2024 USD 53.180 Bank Vontobel AG 7.500 7/18/2022 CHF 67.600 Leonteq Securities A 10.000 1/19/2023 USD 23.740 Leonteq Securities A 11.000 1/19/2023 CHF 60.730 Leonteq Securities A 12.000 6/28/2022 CHF 64.030 Vontobel Financial P 7.000 9/23/2022 EUR 51.220 Vontobel Financial P 15.500 6/24/2022 EUR 41.930 Vontobel Financial P 4.500 9/23/2022 EUR 63.360 Vontobel Financial P 7.500 9/23/2022 EUR 57.560 Vontobel Financial P 13.500 9/23/2022 EUR 51.920 Vontobel Financial P 8.500 6/24/2022 EUR 55.630 Vontobel Financial P 9.500 6/24/2022 EUR 43.070 Vontobel Financial P 11.000 6/24/2022 EUR 41.770 Vontobel Financial P 13.500 9/23/2022 EUR 41.760 Vontobel Financial P 14.500 6/24/2022 EUR 39.570 Vontobel Financial P 12.500 6/24/2022 EUR 40.580 EFG International Fi 7.000 12/29/2022 USD 6.350 Credit Suisse AG/Lon 16.300 12/26/2023 USD 46.920 EFG International Fi 8.160 2/26/2025 EUR 75.240 Vontobel Financial P 18.500 6/24/2022 EUR 65.390 Vontobel Financial P 18.500 6/24/2022 EUR 73.930 Vontobel Financial P 14.500 6/24/2022 EUR 65.250 Vontobel Financial P 14.500 6/24/2022 EUR 61.700 Vontobel Financial P 16.000 6/24/2022 EUR 53.310 Vontobel Financial P 20.500 6/24/2022 EUR 59.460 Vontobel Financial P 11.000 6/24/2022 EUR 70.040 Vontobel Financial P 18.000 6/24/2022 EUR 55.950 EFG International Fi 6.100 4/29/2022 CHF 72.030 Zurcher Kantonalbank 8.500 08/11/2022 CHF 67.780 Raiffeisen Switzerla 6.500 11/03/2022 CHF 65.690 Raiffeisen Schweiz G 12.000 05/03/2022 USD 42.350 Landesbank Baden-Wue 3.000 8/26/2022 EUR 76.110 Landesbank Baden-Wue 5.000 8/26/2022 EUR 71.270 Societe Generale SA 16.000 8/30/2024 USD 28.200 Vontobel Financial P 15.500 6/24/2022 EUR 74.050 Vontobel Financial P 7.000 6/24/2022 EUR 77.480 Vontobel Financial P 15.500 6/24/2022 EUR 65.850 Vontobel Financial P 12.500 6/24/2022 EUR 68.610 Vontobel Financial P 16.000 9/23/2022 EUR 65.520 Vontobel Financial P 11.500 9/23/2022 EUR 73.270 Vontobel Financial P 14.000 6/24/2022 EUR 70.940 Vontobel Financial P 13.500 9/23/2022 EUR 69.870 Vontobel Financial P 8.500 6/24/2022 EUR 78.740 Vontobel Financial P 13.000 9/23/2022 EUR 43.330 Vontobel Financial P 13.500 6/24/2022 EUR 71.700 Vontobel Financial P 12.000 6/24/2022 EUR 42.720 Vontobel Financial P 9.500 9/23/2022 EUR 45.860 Vontobel Financial P 8.500 6/24/2022 EUR 45.790 DZ Bank AG Deutsche 5.250 6/22/2022 EUR 73.090 DZ Bank AG Deutsche 5.000 6/22/2022 EUR 70.320 BrokerCreditService 14.000 09/09/2022 USD 45.000 Bank Vontobel AG 9.006 10/31/2022 CHF 35.100 Bank Vontobel AG 11.501 05/02/2022 EUR 68.700 Zurcher Kantonalbank 6.100 2/13/2023 EUR 72.110 Societe Generale SA 10.000 8/30/2024 USD 47.850 Sberbank of Russia P 0.010 08/06/2026 RUB 70.900 Bank Julius Baer & C 8.400 08/08/2022 EUR 70.750 Bank Julius Baer & C 15.000 08/04/2022 CHF 33.150 Vontobel Financial P 18.000 6/24/2022 EUR 60.970 Vontobel Financial P 7.500 6/24/2022 EUR 71.660 Vontobel Financial P 8.000 6/24/2022 EUR 69.350 Vontobel Financial P 16.500 6/24/2022 EUR 54.340 Leonteq Securities A 28.120 08/04/2022 CHF 36.030 Leonteq Securities A 3.280 08/03/2022 EUR 75.850 DZ Bank AG Deutsche 13.700 9/23/2022 EUR 62.970 DZ Bank AG Deutsche 12.900 9/23/2022 EUR 72.250 Zurcher Kantonalbank 7.000 08/11/2022 CHF 70.700 Sberbank of Russia P 0.010 08/05/2026 RUB 68.300 Vontobel Financial P 5.500 09/09/2022 EUR 75.630 DekaBank Deutsche Gi 1.000 1/20/2025 EUR 44.660 Sberbank of Russia P 0.010 12/17/2025 RUB 63.100 UBS AG/London 7.500 6/23/2022 CHF 61.050 UBS AG/London 13.000 6/23/2022 CHF 35.150 UBS AG/London 8.750 6/23/2022 CHF 34.550 Bank Vontobel AG 10.500 1/16/2023 CHF 53.600 Bank Vontobel AG 10.000 1/16/2023 EUR 75.100 Bank Vontobel AG 10.000 7/18/2022 EUR 69.600 DekaBank Deutsche Gi 2.500 02/02/2024 EUR 54.930 Leonteq Securities A 10.000 7/19/2022 CHF 18.700 Vontobel Financial P 6.000 6/24/2022 EUR 51.960 Vontobel Financial P 6.000 9/23/2022 EUR 60.250 Vontobel Financial P 9.500 9/23/2022 EUR 55.390 Vontobel Financial P 13.500 6/24/2022 EUR 50.750 Vontobel Financial P 8.000 6/24/2022 EUR 44.480 Vontobel Financial P 12.000 9/23/2022 EUR 42.400 Vontobel Financial P 16.000 6/24/2022 EUR 38.570 EFG International Fi 4.900 12/28/2023 USD 58.900 Leonteq Securities A 16.000 6/21/2022 USD 32.270 Leonteq Securities A 12.000 7/15/2022 CHF 55.540 Leonteq Securities A 24.610 7/15/2022 CHF 46.990 Leonteq Securities A 20.000 7/13/2022 CHF 35.080 Leonteq Securities A 9.000 7/15/2022 CHF 67.340 Vontobel Financial P 14.500 6/24/2022 EUR 62.940 Vontobel Financial P 12.000 6/24/2022 EUR 70.740 EFG International Fi 18.000 7/14/2022 CHF 71.750 Societe Generale Eff 14.000 6/24/2022 EUR 67.030 Raiffeisen Schweiz G 13.200 08/02/2022 USD 29.510 Zurcher Kantonalbank 29.250 08/09/2022 CHF 50.970 Credit Suisse AG/Lon 8.000 08/03/2022 CHF 33.900 Vontobel Financial P 19.000 6/24/2022 EUR 61.130 Bank Julius Baer & C 8.250 05/04/2022 CHF 61.000 DZ Bank AG Deutsche 11.100 7/22/2022 EUR 74.920 DZ Bank AG Deutsche 12.300 7/22/2022 EUR 63.800 DZ Bank AG Deutsche 15.600 6/24/2022 EUR 69.390 DZ Bank AG Deutsche 11.800 7/22/2022 EUR 73.260 Credit Suisse AG/Lon 7.250 9/19/2022 CHF 79.540 Credit Suisse AG/Lon 11.000 6/20/2022 USD 37.760 Raiffeisen Schweiz G 12.500 08/02/2022 CHF 40.000 Zurcher Kantonalbank 19.000 08/10/2022 CHF 60.220 DZ Bank AG Deutsche 7.250 8/24/2022 EUR 65.730 Vontobel Financial P 11.000 6/24/2022 EUR 64.120 Vontobel Financial P 12.000 6/24/2022 EUR 66.440 Vontobel Financial P 15.000 6/24/2022 EUR 58.250 Vontobel Financial P 17.000 6/24/2022 EUR 60.810 Bank Julius Baer & C 7.650 05/04/2022 CHF 73.000 Corner Banca SA 14.000 11/02/2022 CHF 31.880 Zurcher Kantonalbank 14.000 05/11/2022 CHF 71.370 Leonteq Securities A 10.000 1/30/2023 USD 38.590 Leonteq Securities A 20.000 08/03/2022 CHF 34.840 DZ Bank AG Deutsche 6.250 8/24/2022 EUR 70.760 DZ Bank AG Deutsche 8.000 8/24/2022 EUR 70.090 DZ Bank AG Deutsche 6.750 9/21/2022 EUR 78.240 Raiffeisen Schweiz G 10.000 08/02/2022 CHF 45.000 Raiffeisen Schweiz G 13.000 08/02/2022 CHF 62.520 Zurcher Kantonalbank 12.750 05/11/2022 CHF 62.370 Vontobel Financial P 15.750 08/03/2022 EUR 28.200 Vontobel Financial P 19.000 6/24/2022 EUR 53.590 Leonteq Securities A 11.000 7/29/2022 CHF 65.490 Vontobel Financial P 12.500 6/24/2022 EUR 71.380 Vontobel Financial P 14.750 6/24/2022 EUR 27.120 Vontobel Financial P 17.750 6/24/2022 EUR 30.350 Vontobel Financial P 11.750 6/24/2022 EUR 36.900 Corner Banca SA 12.500 10/31/2022 CHF 76.420 UniCredit Bank AG 4.250 07/01/2022 USD 73.820 Societe Generale Eff 8.750 6/24/2022 EUR 31.980 Zurcher Kantonalbank 12.500 08/09/2022 EUR 54.940 Bank Vontobel AG 7.550 1/30/2023 CHF 68.300 DZ Bank AG Deutsche 5.000 8/24/2022 EUR 77.530 DZ Bank AG Deutsche 5.750 9/21/2022 EUR 68.570 DZ Bank AG Deutsche 5.250 6/22/2022 EUR 57.010 Societe Generale Eff 3.000 6/24/2022 EUR 47.220 Bank Julius Baer & C 9.500 11/03/2022 CHF 67.150 Zurcher Kantonalbank 20.000 08/10/2022 USD 50.060 Zurcher Kantonalbank 30.000 08/09/2022 USD 36.720 DZ Bank AG Deutsche 6.750 12/21/2022 EUR 75.440 Leonteq Securities A 6.200 5/20/2022 EUR 52.940 Societe Generale Eff 5.750 5/27/2022 EUR 49.870 Societe Generale Eff 15.750 5/27/2022 EUR 32.800 Vontobel Financial P 12.250 6/24/2022 EUR 64.290 Vontobel Financial P 10.500 6/24/2022 EUR 51.190 Landesbank Baden-Wue 3.500 12/22/2023 EUR 73.310 DZ Bank AG Deutsche 5.000 6/20/2022 EUR 75.380 DZ Bank AG Deutsche 6.500 6/20/2022 EUR 72.620 VTB Bank PJSC 0.010 7/29/2026 RUB 58.000 Raiffeisen Schweiz G 13.000 10/18/2022 CHF 34.660 Leonteq Securities A 24.240 10/19/2022 CHF 40.050 UniCredit Bank AG 6.800 11/16/2022 EUR 34.710 UniCredit Bank AG 5.050 11/16/2022 EUR 51.390 Societe Generale Eff 18.000 5/27/2022 EUR 75.410 Vontobel Financial P 15.000 12/23/2022 EUR 74.460 Vontobel Financial P 16.500 12/23/2022 EUR 71.750 Vontobel Financial P 14.000 12/23/2022 EUR 73.810 Vontobel Financial P 14.500 12/23/2022 EUR 75.090 Vontobel Financial P 11.000 12/23/2022 EUR 72.090 Vontobel Financial P 4.500 12/23/2022 EUR 75.240 Vontobel Financial P 8.500 12/23/2022 EUR 70.920 Sberbank of Russia P 0.010 06/03/2026 RUB 68.800 DZ Bank AG Deutsche 15.400 6/24/2022 EUR 71.170 EFG International Fi 24.000 06/07/2022 USD 25.850 Raiffeisen Schweiz G 8.000 11/28/2022 CHF 70.090 Zurcher Kantonalbank 10.500 06/10/2022 CHF 70.930 Zurcher Kantonalbank 19.000 06/10/2022 USD 53.660 Zurcher Kantonalbank 22.750 06/10/2022 USD 38.260 Zurcher Kantonalbank 21.750 06/10/2022 CHF 48.780 Zurcher Kantonalbank 13.000 06/10/2022 CHF 44.440 Raiffeisen Schweiz G 12.000 06/01/2022 CHF 44.960 Raiffeisen Schweiz G 14.000 06/01/2022 CHF 68.110 Vontobel Financial P 26.350 06/06/2022 EUR 31.710 Vontobel Financial P 20.000 6/24/2022 EUR 32.670 Vontobel Financial P 16.500 6/24/2022 EUR 18.960 Vontobel Financial P 14.500 6/24/2022 EUR 72.230 Societe Generale SA 18.000 07/03/2024 USD 40.000 UniCredit Bank AG 13.300 07/07/2022 EUR 71.530 Sberbank of Russia P 0.010 7/24/2025 RUB 77.000 DekaBank Deutsche Gi 2.800 09/01/2023 EUR 66.540 Landesbank Baden-Wue 3.100 8/26/2022 EUR 73.860 Goldman Sachs & Co W 25.000 5/25/2022 EUR 74.690 Goldman Sachs & Co W 10.000 5/25/2022 EUR 71.740 Goldman Sachs & Co W 23.000 5/25/2022 EUR 52.900 Goldman Sachs & Co W 9.000 6/22/2022 EUR 72.330 Goldman Sachs & Co W 18.000 6/22/2022 EUR 58.840 Goldman Sachs & Co W 14.000 9/21/2022 EUR 63.990 Goldman Sachs & Co W 10.000 12/21/2022 EUR 71.110 Goldman Sachs & Co W 15.000 12/21/2022 EUR 62.990 Goldman Sachs & Co W 16.000 12/21/2022 EUR 61.810 Goldman Sachs & Co W 6.000 3/22/2023 EUR 75.690 Goldman Sachs & Co W 8.000 3/22/2023 EUR 74.500 Goldman Sachs & Co W 15.000 3/22/2023 EUR 65.140 Bank Julius Baer & C 6.600 7/13/2022 CHF 64.500 Sberbank of Russia P 0.010 08/07/2025 RUB 66.700 VTB Bank PJSC 0.010 7/25/2023 RUB 67.000 Sberbank of Russia P 1.219 7/23/2025 RUB 71.200 Basler Kantonalbank 7.600 4/13/2023 CHF 66.360 Bank Vontobel AG 8.001 10/07/2022 CHF 38.900 Bank Vontobel AG 6.008 04/11/2023 EUR 66.200 Bank Vontobel AG 10.010 10/07/2022 EUR 71.600 Raiffeisen Schweiz G 6.500 07/12/2022 CHF 64.350 Vontobel Financial P 8.500 6/24/2022 EUR 72.540 Vontobel Financial P 10.000 6/24/2022 EUR 70.290 Vontobel Financial P 14.500 6/24/2022 EUR 63.490 Vontobel Financial P 10.500 6/24/2022 EUR 69.180 Vontobel Financial P 9.000 6/24/2022 EUR 69.480 Vontobel Financial P 12.000 6/24/2022 EUR 64.050 Vontobel Financial P 8.000 6/24/2022 EUR 72.680 Vontobel Financial P 2.000 6/24/2022 EUR 71.480 Vontobel Financial P 11.500 6/24/2022 EUR 56.820 Vontobel Financial P 7.000 6/24/2022 EUR 61.600 Vontobel Financial P 7.500 6/24/2022 EUR 73.850 Vontobel Financial P 15.000 6/24/2022 EUR 60.670 Vontobel Financial P 11.000 6/24/2022 EUR 66.460 Vontobel Financial P 14.000 6/24/2022 EUR 61.690 Vontobel Financial P 19.000 6/24/2022 EUR 56.030 Vontobel Financial P 8.500 6/24/2022 EUR 70.620 Vontobel Financial P 13.500 6/24/2022 EUR 62.850 Vontobel Financial P 19.500 6/24/2022 EUR 55.160 Vontobel Financial P 17.500 6/24/2022 EUR 57.780 Vontobel Financial P 6.500 6/24/2022 EUR 76.110 Vontobel Financial P 3.500 6/24/2022 EUR 67.760 Vontobel Financial P 15.000 6/24/2022 EUR 73.680 Vontobel Financial P 6.500 6/24/2022 EUR 75.500 Basler Kantonalbank 9.400 05/05/2022 CHF 67.930 Vontobel Financial P 5.500 6/24/2022 EUR 58.090 Vontobel Financial P 10.000 6/24/2022 EUR 69.460 UBS AG/London 7.250 10/21/2022 EUR 75.900 UBS AG/London 13.250 10/21/2022 CHF 57.300 UBS AG/London 13.250 10/21/2022 CHF 61.300 Vontobel Financial P 11.500 6/24/2022 EUR 46.280 Vontobel Financial P 17.500 6/24/2022 EUR 64.010 Vontobel Financial P 15.500 6/24/2022 EUR 71.950 Leonteq Securities A 21.530 5/17/2022 CHF 24.390 UniCredit Bank AG 6.500 9/15/2022 EUR 32.170 UniCredit Bank AG 8.500 6/16/2022 EUR 46.590 Bank Julius Baer & C 9.300 7/22/2022 USD 53.900 Vontobel Financial P 6.000 6/24/2022 EUR 34.480 Vontobel Financial P 11.000 6/24/2022 EUR 30.120 Vontobel Financial P 13.000 6/24/2022 EUR 28.410 Vontobel Financial P 15.500 6/24/2022 EUR 64.410 Vontobel Financial P 8.500 6/24/2022 EUR 32.090 Raiffeisen Switzerla 12.000 7/19/2022 EUR 64.970 Vontobel Financial P 8.000 6/24/2022 EUR 40.720 Vontobel Financial P 13.000 6/24/2022 EUR 35.450 Vontobel Financial P 16.000 6/24/2022 EUR 33.540 Vontobel Financial P 5.500 6/24/2022 EUR 44.250 Vontobel Financial P 15.500 6/24/2022 EUR 53.760 Vontobel Financial P 13.500 6/24/2022 EUR 56.470 Vontobel Financial P 7.000 6/24/2022 EUR 45.220 Vontobel Financial P 9.000 6/24/2022 EUR 42.210 Vontobel Financial P 6.000 6/24/2022 EUR 46.930 Vontobel Financial P 11.500 6/24/2022 EUR 39.740 Vontobel Financial P 10.500 6/24/2022 EUR 40.960 Vontobel Financial P 8.000 6/24/2022 EUR 43.600 Vontobel Financial P 13.000 6/24/2022 EUR 38.700 Vontobel Financial P 16.500 6/24/2022 EUR 35.870 Vontobel Financial P 15.500 6/24/2022 EUR 36.770 Vontobel Financial P 14.000 6/24/2022 EUR 37.660 Vontobel Financial P 10.500 6/24/2022 EUR 37.830 Vontobel Financial P 9.000 6/24/2022 EUR 62.910 Vontobel Financial P 11.000 6/24/2022 EUR 59.420 Vontobel Financial P 8.000 6/24/2022 EUR 63.340 Vontobel Financial P 17.000 6/24/2022 EUR 52.360 Vontobel Financial P 11.500 6/24/2022 EUR 70.990 Vontobel Financial P 10.500 6/24/2022 EUR 58.960 Vontobel Financial P 5.500 6/24/2022 EUR 68.560 Vontobel Financial P 14.000 6/24/2022 EUR 55.430 Vontobel Financial P 6.000 6/24/2022 EUR 58.240 Landesbank Baden-Wue 2.750 9/23/2022 EUR 58.970 UniCredit Bank AG 3.000 11/12/2022 EUR 61.090 DZ Bank AG Deutsche 16.000 9/23/2022 EUR 62.810 DZ Bank AG Deutsche 8.100 12/23/2022 EUR 70.440 DZ Bank AG Deutsche 13.600 12/23/2022 EUR 64.850 DZ Bank AG Deutsche 12.100 12/23/2022 EUR 73.470 DZ Bank AG Deutsche 12.500 9/23/2022 EUR 73.330 DZ Bank AG Deutsche 10.400 12/23/2022 EUR 74.630 DZ Bank AG Deutsche 7.700 12/23/2022 EUR 72.340 DZ Bank AG Deutsche 12.200 12/23/2022 EUR 68.280 DZ Bank AG Deutsche 16.800 12/23/2022 EUR 64.150 Societe Generale Eff 9.000 10/28/2022 EUR 71.590 Societe Generale Eff 7.750 5/27/2022 EUR 76.600 Societe Generale Eff 8.750 5/27/2022 EUR 75.060 Societe Generale Eff 9.750 5/27/2022 EUR 73.740 Societe Generale Eff 10.750 5/27/2022 EUR 72.540 Societe Generale Eff 11.750 5/27/2022 EUR 71.480 Societe Generale Eff 12.750 5/27/2022 EUR 70.510 Societe Generale Eff 11.000 6/24/2022 EUR 72.680 Societe Generale Eff 10.000 7/22/2022 EUR 74.130 Societe Generale Eff 8.000 8/26/2022 EUR 76.960 Societe Generale Eff 8.750 10/28/2022 EUR 76.010 Vontobel Financial P 9.500 12/23/2022 EUR 33.760 Zurcher Kantonalbank 20.500 11/04/2022 CHF 67.550 Vontobel Financial P 7.000 12/23/2022 EUR 75.910 Vontobel Financial P 13.000 12/23/2022 EUR 71.140 Vontobel Financial P 15.000 12/23/2022 EUR 70.580 Vontobel Financial P 11.500 12/23/2022 EUR 72.150 Vontobel Financial P 16.500 12/23/2022 EUR 69.790 Vontobel Financial P 10.000 12/23/2022 EUR 73.270 Vontobel Financial P 15.500 12/23/2022 EUR 73.070 Vontobel Financial P 12.000 12/23/2022 EUR 74.860 Vontobel Financial P 14.500 12/23/2022 EUR 73.720 Vontobel Financial P 13.000 12/23/2022 EUR 74.100 UBS AG/London 7.250 11/10/2023 CHF 62.500 UBS AG/London 14.000 11/10/2022 CHF 75.500 UBS AG/London 8.500 11/10/2023 CHF 75.300 UBS AG/London 9.250 11/10/2023 CHF 70.050 UBS AG/London 9.750 05/10/2023 USD 63.850 Vontobel Financial P 8.500 12/23/2022 EUR 74.760 Vontobel Financial P 14.000 12/23/2022 EUR 70.560 Vontobel Financial P 7.500 12/23/2022 EUR 66.280 Vontobel Financial P 11.000 12/23/2022 EUR 68.590 Vontobel Financial P 6.000 12/23/2022 EUR 65.460 Vontobel Financial P 8.000 12/23/2022 EUR 68.320 Vontobel Financial P 5.000 12/23/2022 EUR 65.700 Raiffeisen Switzerla 17.500 11/08/2022 USD 52.620 Raiffeisen Schweiz G 7.700 11/08/2023 CHF 71.140 Societe Generale Eff 11.250 7/22/2022 EUR 72.040 Societe Generale Eff 12.250 7/22/2022 EUR 71.010 Societe Generale Eff 13.250 7/22/2022 EUR 70.080 Societe Generale Eff 9.250 8/26/2022 EUR 74.590 Societe Generale Eff 10.250 8/26/2022 EUR 73.260 Societe Generale Eff 11.250 8/26/2022 EUR 72.150 Societe Generale Eff 12.250 8/26/2022 EUR 71.160 Societe Generale Eff 8.500 9/23/2022 EUR 75.530 Societe Generale Eff 9.500 9/23/2022 EUR 74.200 Societe Generale Eff 10.500 9/23/2022 EUR 73.000 Societe Generale Eff 15.000 5/27/2022 EUR 68.100 Societe Generale Eff 12.000 6/24/2022 EUR 71.100 Societe Generale Eff 12.000 10/28/2022 EUR 71.670 Bank Vontobel AG 14.505 11/14/2022 EUR 80.100 Bank Vontobel AG 14.505 11/14/2022 EUR 80.100 Societe Generale Eff 11.250 5/27/2022 EUR 33.570 Societe Generale Eff 13.250 5/27/2022 EUR 31.480 DZ Bank AG Deutsche 7.500 6/22/2022 EUR 69.340 DZ Bank AG Deutsche 6.250 9/21/2022 EUR 70.760 DZ Bank AG Deutsche 5.000 9/21/2022 EUR 73.630 DZ Bank AG Deutsche 7.000 9/21/2022 EUR 72.370 DZ Bank AG Deutsche 11.750 6/22/2022 EUR 60.260 DZ Bank AG Deutsche 8.500 6/22/2022 EUR 73.550 Societe Generale Eff 15.250 5/27/2022 EUR 29.750 DekaBank Deutsche Gi 5.100 6/15/2022 EUR 74.720 Leonteq Securities A 20.940 5/19/2022 CHF 65.950 Corner Banca SA 6.500 11/21/2022 CHF 41.200 Zurcher Kantonalbank 13.250 5/31/2022 CHF 60.840 Zurcher Kantonalbank 5.000 5/31/2022 CHF 70.870 UBS AG/London 7.250 11/21/2022 CHF 66.900 UBS AG/London 10.250 11/21/2022 CHF 38.400 UBS AG/London 5.250 5/19/2023 CHF 73.150 Vontobel Financial P 14.000 6/24/2022 EUR 74.210 Vontobel Financial P 9.500 6/24/2022 EUR 74.180 Vontobel Financial P 4.000 6/24/2022 EUR 58.520 Vontobel Financial P 16.500 6/24/2022 EUR 49.960 Basler Kantonalbank 8.000 4/28/2022 CHF 74.790 Bank Vontobel AG 8.502 10/17/2022 EUR 74.900 Bank Vontobel AG 9.001 10/17/2022 CHF 75.000 Raiffeisen Switzerla 12.500 05/10/2022 EUR 27.640 DZ Bank AG Deutsche 5.800 6/20/2022 EUR 75.850 DZ Bank AG Deutsche 5.400 6/20/2022 EUR 74.370 Corner Banca SA 16.000 08/10/2022 EUR 67.280 Zurcher Kantonalbank 8.500 5/19/2022 CHF 74.030 Vontobel Financial P 3.500 6/24/2022 EUR 60.030 Bank Julius Baer & C 16.000 05/11/2022 EUR 22.550 Vontobel Financial P 14.000 6/24/2022 EUR 71.820 Vontobel Financial P 8.000 6/24/2022 EUR 51.280 Vontobel Financial P 20.000 6/24/2022 EUR 75.670 EFG International Fi 5.800 4/26/2023 EUR 40.020 Litana-Kaliningrad O 13.000 05/01/2024 RUB 58.640 Leonteq Securities A 12.000 7/22/2022 CHF 65.140 Vontobel Financial P 15.500 6/24/2022 EUR 27.050 Credit Suisse AG/Lon 12.500 8/22/2022 CHF 69.990 Leonteq Securities A 30.000 10/18/2022 CHF 62.530 Sberbank of Russia P 0.010 5/25/2026 RUB 69.700 Societe Generale Eff 15.000 5/27/2022 EUR 73.210 Societe Generale Eff 11.750 5/27/2022 EUR 37.110 Vontobel Financial P 5.750 6/24/2022 EUR 75.600 DZ Bank AG Deutsche 5.700 9/19/2022 EUR 73.940 Raiffeisen Schweiz G 18.000 10/19/2022 CHF 54.750 Raiffeisen Schweiz G 20.000 10/19/2022 CHF 35.890 Erste Group Bank AG 8.700 11/12/2026 EUR UniCredit Bank AG 9.250 11/16/2022 EUR 39.590 UniCredit Bank AG 6.550 11/16/2022 EUR 60.220 Epito-Es Epuletkarba 3.000 11/11/2030 HUF 73.600 Raiffeisen Schweiz G 10.250 02/06/2023 CHF 62.430 Sberbank of Russia P 0.010 11/05/2025 RUB 69.400 Leonteq Securities A 20.000 08/10/2022 CHF 37.690 Leonteq Securities A 22.310 08/10/2022 USD 22.480 Zurcher Kantonalbank 10.000 8/18/2022 CHF 57.130 Zurcher Kantonalbank 10.000 8/18/2022 CHF 73.580 Zurcher Kantonalbank 8.000 8/18/2022 CHF 76.440 DZ Bank AG Deutsche 12.700 9/23/2022 EUR 72.780 DZ Bank AG Deutsche 14.500 6/24/2022 EUR 66.040 DZ Bank AG Deutsche 14.400 6/24/2022 EUR 77.670 DZ Bank AG Deutsche 7.100 9/23/2022 EUR 69.270 DZ Bank AG Deutsche 9.500 9/23/2022 EUR 64.710 DZ Bank AG Deutsche 11.300 9/23/2022 EUR 71.610 DZ Bank AG Deutsche 11.100 9/23/2022 EUR 48.650 DZ Bank AG Deutsche 14.900 9/23/2022 EUR 74.700 Vontobel Financial P 9.000 9/23/2022 EUR 70.250 Vontobel Financial P 10.500 9/23/2022 EUR 68.730 Vontobel Financial P 13.000 6/24/2022 EUR 66.580 Vontobel Financial P 9.000 6/24/2022 EUR 70.380 Vontobel Financial P 11.000 6/24/2022 EUR 68.400 Vontobel Financial P 15.000 6/24/2022 EUR 64.870 Vontobel Financial P 11.000 6/24/2022 EUR 68.890 Vontobel Financial P 16.000 9/23/2022 EUR 73.100 Vontobel Financial P 12.250 6/24/2022 EUR 51.300 Raiffeisen Schweiz G 12.000 07/12/2022 CHF 71.960 Raiffeisen Schweiz G 14.000 07/12/2022 CHF 32.140 Bank Julius Baer & C 6.700 10/13/2022 CHF 69.200 DZ Bank AG Deutsche 5.200 12/19/2022 EUR 73.110 DZ Bank AG Deutsche 7.250 12/19/2022 EUR 75.060 Vontobel Financial P 12.000 08/09/2022 EUR 63.640 Leonteq Securities A 14.880 08/09/2022 CHF 62.000 DZ Bank AG Deutsche 5.500 6/22/2022 EUR 67.120 DZ Bank AG Deutsche 7.250 6/22/2022 EUR 75.260 DZ Bank AG Deutsche 8.250 8/24/2022 EUR 68.520 Vontobel Financial P 11.000 6/24/2022 EUR 72.230 Vontobel Financial P 16.500 6/24/2022 EUR 65.000 Vontobel Financial P 20.000 6/24/2022 EUR 62.140 Vontobel Financial P 14.000 6/24/2022 EUR 68.430 Vontobel Financial P 18.500 9/23/2022 EUR 53.840 Vontobel Financial P 24.000 6/24/2022 EUR 52.020 Vontobel Financial P 8.000 9/23/2022 EUR 75.440 Vontobel Financial P 8.000 6/24/2022 EUR 73.690 Vontobel Financial P 10.000 9/23/2022 EUR 73.680 Vontobel Financial P 12.000 9/23/2022 EUR 70.490 Vontobel Financial P 14.000 9/23/2022 EUR 67.650 Vontobel Financial P 16.500 9/23/2022 EUR 65.360 Vontobel Financial P 19.000 9/23/2022 EUR 63.380 Vontobel Financial P 13.500 6/24/2022 EUR 70.440 Vontobel Financial P 15.500 9/23/2022 EUR 68.350 Raiffeisen Schweiz G 9.500 02/06/2023 USD 50.360 Raiffeisen Schweiz G 12.000 11/09/2022 CHF 39.830 Sberbank of Russia P 0.010 10/28/2024 RUB 73.200 DZ Bank AG Deutsche 17.400 6/24/2022 EUR 65.930 DZ Bank AG Deutsche 18.500 9/23/2022 EUR 64.570 DZ Bank AG Deutsche 12.600 9/23/2022 EUR 68.790 DZ Bank AG Deutsche 12.800 9/23/2022 EUR 58.950 DZ Bank AG Deutsche 16.400 9/23/2022 EUR 62.500 DZ Bank AG Deutsche 18.000 9/23/2022 EUR 60.080 DZ Bank AG Deutsche 23.000 9/23/2022 EUR 54.470 DZ Bank AG Deutsche 12.700 9/23/2022 EUR 46.880 DZ Bank AG Deutsche 14.500 9/23/2022 EUR 45.610 Vontobel Financial P 12.000 9/23/2022 EUR 67.320 Vontobel Financial P 14.000 9/23/2022 EUR 66.690 Vontobel Financial P 12.000 9/23/2022 EUR 67.770 Vontobel Financial P 15.000 6/24/2022 EUR 65.330 Vontobel Financial P 6.000 6/24/2022 EUR 75.530 Vontobel Financial P 21.500 6/24/2022 EUR 72.650 Vontobel Financial P 18.000 6/24/2022 EUR 75.690 Vontobel Financial P 18.500 6/24/2022 EUR 70.990 Vontobel Financial P 10.000 6/24/2022 EUR 68.210 Vontobel Financial P 6.250 6/24/2022 EUR 67.940 Vontobel Financial P 12.500 6/24/2022 EUR 41.990 UniCredit Bank AG 10.150 09/07/2022 EUR 72.910 UniCredit Bank AG 7.450 09/07/2022 EUR 50.980 UniCredit Bank AG 9.650 09/07/2022 EUR 35.000 DZ Bank AG Deutsche 14.100 6/24/2022 EUR 61.160 DZ Bank AG Deutsche 10.500 9/23/2022 EUR 66.850 DZ Bank AG Deutsche 12.300 9/23/2022 EUR 67.090 DZ Bank AG Deutsche 14.300 9/23/2022 EUR 61.260 DZ Bank AG Deutsche 16.500 9/23/2022 EUR 61.880 DZ Bank AG Deutsche 17.100 9/23/2022 EUR 68.900 DZ Bank AG Deutsche 15.100 6/24/2022 EUR 75.980 DZ Bank AG Deutsche 20.100 9/23/2022 EUR 21.290 DZ Bank AG Deutsche 16.300 9/23/2022 EUR 55.120 DZ Bank AG Deutsche 18.300 9/23/2022 EUR 52.940 DZ Bank AG Deutsche 20.400 9/23/2022 EUR 51.130 DZ Bank AG Deutsche 6.500 9/23/2022 EUR 73.440 DZ Bank AG Deutsche 8.600 9/23/2022 EUR 70.520 DZ Bank AG Deutsche 11.100 9/23/2022 EUR 67.980 DZ Bank AG Deutsche 20.800 9/23/2022 EUR 46.720 DZ Bank AG Deutsche 15.400 9/23/2022 EUR 30.890 DZ Bank AG Deutsche 18.000 9/23/2022 EUR 30.180 DZ Bank AG Deutsche 8.400 9/23/2022 EUR 70.810 Goldman Sachs & Co W 5.000 9/21/2022 EUR 74.370 Goldman Sachs & Co W 5.000 5/25/2022 EUR 72.920 Goldman Sachs & Co W 5.000 6/22/2022 EUR 73.300 Goldman Sachs & Co W 5.000 7/20/2022 EUR 73.670 Goldman Sachs & Co W 5.000 8/24/2022 EUR 74.070 DZ Bank AG Deutsche 20.200 6/24/2022 EUR 26.030 DZ Bank AG Deutsche 12.900 9/23/2022 EUR 31.930 Societe Generale Eff 6.750 5/27/2022 EUR 36.850 Societe Generale Eff 5.250 5/27/2022 EUR 77.120 Societe Generale Eff 9.250 5/27/2022 EUR 65.430 Societe Generale Eff 14.750 5/27/2022 EUR 26.470 Societe Generale Eff 10.250 5/27/2022 EUR 63.330 Erste Group Bank AG 9.500 3/29/2024 EUR 65.100 Zurcher Kantonalbank 11.000 7/15/2022 CHF 42.830 Bank Vontobel AG 6.000 01/04/2023 CHF 65.300 Bank Vontobel AG 8.500 01/03/2023 EUR 70.500 Bank Vontobel AG 11.250 01/03/2023 EUR 73.500 Bank Vontobel AG 11.250 01/03/2023 EUR 73.500 Bank Vontobel AG 17.500 07/04/2022 CHF 27.400 Sberbank of Russia P 0.010 4/22/2026 RUB 64.520 Leonteq Securities A 18.000 7/26/2022 CHF 63.900 Leonteq Securities A 12.000 7/26/2022 EUR 60.250 Corner Banca SA 17.200 4/26/2022 CHF 53.460 Leonteq Securities A 9.000 10/26/2022 EUR 64.610 Vontobel Financial P 7.000 6/24/2022 EUR 42.430 Vontobel Financial P 12.500 6/24/2022 EUR 57.910 Vontobel Financial P 10.000 6/24/2022 EUR 41.610 Vontobel Financial P 13.500 6/24/2022 EUR 38.170 Vontobel Financial P 12.500 6/24/2022 EUR 39.250 Vontobel Financial P 16.500 6/24/2022 EUR 36.400 Vontobel Financial P 9.500 6/24/2022 EUR 39.240 Vontobel Financial P 11.000 6/24/2022 EUR 40.340 Vontobel Financial P 6.500 6/24/2022 EUR 46.060 DZ Bank AG Deutsche 7.000 6/20/2022 EUR 71.320 DZ Bank AG Deutsche 8.000 6/20/2022 EUR 71.470 DZ Bank AG Deutsche 7.000 6/20/2022 EUR 64.790 DZ Bank AG Deutsche 5.300 6/20/2022 EUR 69.790 Corner Banca SA 14.000 4/26/2022 USD 57.350 Zurcher Kantonalbank 5.000 4/27/2022 EUR 64.900 DZ Bank AG Deutsche 5.000 6/22/2022 EUR 58.760 DZ Bank AG Deutsche 6.750 6/22/2022 EUR 59.030 DZ Bank AG Deutsche 10.500 6/22/2022 EUR 71.910 DZ Bank AG Deutsche 12.000 6/22/2022 EUR 80.660 DZ Bank AG Deutsche 9.000 6/22/2022 EUR 75.820 DZ Bank AG Deutsche 8.000 6/22/2022 EUR 60.480 Leonteq Securities A 8.000 7/26/2022 CHF 62.310 Zurcher Kantonalbank 16.250 05/04/2022 EUR 65.120 Zurcher Kantonalbank 8.000 05/04/2022 CHF 72.880 EFG International Fi 5.000 4/26/2023 USD 63.610 Raiffeisen Switzerla 6.750 10/26/2022 CHF 63.230 Raiffeisen Switzerla 12.000 10/26/2022 CHF 40.660 Raiffeisen Switzerla 10.500 10/26/2022 CHF 65.230 Raiffeisen Switzerla 8.000 10/26/2022 EUR 63.830 Leonteq Securities A 11.500 10/27/2022 CHF 62.180 Landesbank Baden-Wue 7.000 4/28/2023 EUR 74.960 Landesbank Baden-Wue 5.200 4/28/2023 EUR 59.070 Landesbank Baden-Wue 3.350 4/28/2023 EUR 63.880 Landesbank Baden-Wue 5.650 4/28/2023 EUR 71.860 Landesbank Baden-Wue 4.200 4/28/2023 EUR 75.820 Landesbank Baden-Wue 7.000 4/28/2023 EUR 40.100 Landesbank Baden-Wue 3.800 4/28/2023 EUR 46.610 Landesbank Baden-Wue 3.200 4/28/2023 EUR 69.280 Landesbank Baden-Wue 2.000 4/28/2023 EUR 73.190 Landesbank Baden-Wue 4.650 4/28/2023 EUR 68.210 Landesbank Baden-Wue 3.300 4/28/2023 EUR 72.230 Landesbank Baden-Wue 5.250 4/28/2023 EUR 41.280 Landesbank Baden-Wue 3.150 4/28/2023 EUR 45.350 Landesbank Baden-Wue 2.300 4/28/2023 EUR 66.870 Landesbank Baden-Wue 6.000 4/28/2023 EUR 73.930 Landesbank Baden-Wue 5.700 4/28/2023 EUR 41.130 Landesbank Baden-Wue 4.350 4/28/2023 EUR 43.040 Landesbank Baden-Wue 3.000 4/28/2023 EUR 45.700 Vontobel Financial P 13.500 6/24/2022 EUR 62.570 Vontobel Financial P 15.000 6/24/2022 EUR 60.920 Vontobel Financial P 11.000 6/24/2022 EUR 66.330 Vontobel Financial P 9.500 6/24/2022 EUR 68.380 Vontobel Financial P 12.500 6/24/2022 EUR 64.420 Vontobel Financial P 16.500 6/24/2022 EUR 59.390 Vontobel Financial P 16.000 6/24/2022 EUR 75.370 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *