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       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, June 27, 2022, Vol. 23, No. 121

                           Headlines



A U S T R I A

SIGNA DEVELOPMENT: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable


B E L G I U M

MEUSE BIDCO: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
MEUSE BIDCO: Moody's Assigns First Time B1 Corporate Family Rating


B U L G A R I A

EUROHOLD BULGARIA: Fitch Affirms 'B' IDR, Off Rating Watch Neg.


F R A N C E

EMERIA SAS: Fitch Affirms 'B' IDR Amid New EUR560MM Term Loan
PAPREC HOLDING: S&P Affirms 'BB-' ICR, Outlook Stable


G E O R G I A

GEORGIA CAPITAL: Moody's Ups CFR to B1, Outlook Stable


G E R M A N Y

E-CARAT 10: S&P Affirms 'CCC+ (sf)' Rating on Cl. G-Dfrd Notes
HAPAG-LLOYD AG: Moody's Alters Outlook on 'Ba2' CFR to Positive
MINIMAX VIKING: S&P Raises ICR to 'BB-', Outlook Stable
SPEEDSTER BIDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
THYSSENKRUPP AG: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings



I R E L A N D

AURIUM CLO X: S&P Assigns B- Rating on Class F Notes
CAPITAL FOUR IV: S&P Assigns B- Rating on Class F Notes
NORTHWOODS CAPITAL 26: Fitch Assigns 'B-' Rating on Class F Notes
NORTHWOODS CAPITAL 26: S&P Assigns B- Rating on Cl. F Notes
RRE 12 LOAN: Fitch Assigns BB- Rating on Class D Debt

RRE 12 LOAN: S&P Assigns BB- (sf) Rating on Class D Notes
STRANDHILL RMBS: S&P Raises Cl. F-Dfrd Notes Rating to 'BB(sf)'
VALEO FOODS: S&P Downgrades LongTerm ICR to 'B-', Outlook Stable


I T A L Y

BRISCA SECURITIZATION: DBRS Cuts Class B Notes Rating to CCsf
CAPITAL MORTGAGE 2007-1: Fitch Hikes Rating on 2 Tranches to BB+
GOLDEN GOOSE: Fitch Affirms LongTerm IDR at 'B', Outlook Stable


L U X E M B O U R G

PLT VII FINANCE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
SITEL GROUP: Majorel Group Transaction No Impact on Moody's B1 CFR
SITEL GROUP: S&P Puts 'BB-' ICR on Watch Pos. Amid Majorel Merger


N E T H E R L A N D S

DIAMOND (BC) BV: S&P Affirms 'B' ICR & Alters Outlook to Stable
EBN FINANCE: Fitch Affirms 'B' Unsecured Rating, Outlook Stable
IPD 3 BV: Moody's Hikes CFR to B2, Outlook Stable
JUBILEE PLACE 4: S&P Assigns CCC Rating on Cl. F-Dfrd Notes


P O L A N D

INPOST SA: Fitch Affirms Foreign and Local Currency IDR at 'BB'


R U S S I A

[*] RUSSIA: On Brink of Default as Payment Deadline Expires


S P A I N

CAIXABANK PYMES 11: Moody's Raises Rating on Class B Notes to B2
FOODCO BONDCO: Moody's Affirms Caa2 CFR & Alters Outlook to Stable
JOYE MEDIA: Moody's Puts 'Caa2' CFR on Review for Upgrade
MADRID RMBS I: Moody's Ups Rating on EUR34MM Class D Notes to Caa1
PEPPER IBERIA 2022: DBRS Finalizes BB(high) Rating on Class E Notes

RURAL HIPOTECARIO I: Moody's Hikes Rating on Class D Notes to Ba3


U N I T E D   K I N G D O M

4D PHARMA: Goes Into Administration, Share Trading Suspended
AURIUM CLO X: Fitch Assigns B- Rating to Class F Debt
CATH KIDSTON: Put Up for Sale Two Years Following Administration
DERBY COUNTY FOOTBALL: Clowes Granted Preferred Bidder Status
FERROGLOBE PLC: Moody's Hikes CFR to B3 & Alters Outlook to Stable

HURRICANE BIDCO: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
ITHACA ENERGY: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
LECTA LTD: Moody's Affirms 'Caa1' CFR & Alters Outlook to Stable
MAREX GROUP: S&P Alters Outlook to Stable & Rates New Note 'BB-'
OCADO GROUP: Fitch Affirms 'B+' IDR & Alters Outlook to Negative

ORIGINAL FACTORY: Explores Sale, Attracts Potential Buyers
T. WILSON & SONS: Difficult Trading Prompts Administration
TMC GAS: Enters Administration, 28 Jobs Affected
VODAFONE GROUP: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings


X X X X X X X X

[*] BOND PRICING: For the Week June 20 to June 24, 2022

                           - - - - -


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A U S T R I A
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SIGNA DEVELOPMENT: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Signa Development Selection AG's
Long-Term Issuer Default Rating (IDR) at 'B-' with a Stable Outlook
and senior unsecured rating at 'B+'/'RR2'. Fitch has also affirmed
Signa Development Finance S.C.S's EUR300 million unsecured bond
guaranteed by Signa Development Selection AG at 'B+'/'RR2'.

Signa Development is a property developer of office (43% of
end-2021 planned and under construction sq m), residential (22%)
and retail (24%) developments spread over German-speaking Europe,
mainly Austria (Vienna) and Germany (Berlin and Stuttgart). The
'High Street Land Bank' portfolio (Kaufhof department stores spread
across Germany) was about 13% of end-December 2021 gross asset
value (GAV) with development angles and some earmarked for sale
and, with the Austrian kika/Leiner retail stores (15% of end-2021
GAV), yield some rental income.

At end-2021 management-estimated gross development value (GDV,
projected value of completed projects) was EUR8.3 billion including
GAV (reflecting current market values) totalling EUR3.9 billion.
The bulk of near-term office and residential development portfolio
completions are forward-sold.

KEY RATING DRIVERS

Forward Sales: EUR0.9 billion of predominantly forward-sold
projects were completed by end-2021. Around EUR1.2 billion of GDV
(or around 50% of the next three years' scheduled GDV completions)
is forward sold with investment institutions or consortiums,
providing profit visibility. These third parties' payments are
primarily paid upon completion. Sold or signed forward-sold
completions include the offices STREAM and Schonhauser Allee (both
in Berlin) and residential Donaumarina Apartments & Studios
(Austria). The likely forward-sale of BEAM (Berlin office) would
increase this percentage to around 65% of the next three years' GDV
monetisations.

Inflationary Environment: The forward purchase agreement for an
office development will normally set a price based on its rental
income (predominantly pre-let) and the valuation yield will be
established. In today's interest rate environment when property
valuation yields are expected to soften, these forward sales
crystalise the sale price now. Residential has a shorter
build-to-complete period and in Germany and Austria housing prices
have recently risen higher than construction costs.

Construction Cost Increases: For construction projects, Signa
Development does not deal with general contractors but with
sub-contractors on a fixed-price strategy, and has in-house
expertise to project manage, keeping a check on costs and overruns.
If necessary, the group's typical development activity margin
(before central group costs) can absorb the steel, aluminium,
energy-based materials and workforce cost increases. Given that
physical construction costs are around 50% of a project's cost, an
assumed 10% increase in direct construction costs dilutes an
expected 33% gross margin on cost (recently around 50% for Signa
Development) to 28%, or EBITDA margin from 25% to 22%.

Retail Portfolios: The 2019-acquired remaining Galeria Karstadt
Kaufhof (GKK) department stores owned by Signa Development
(end-2021 GAV: EUR0.5 billion), operated within the Signa Retail
group entity, have potential redevelopment angles. These
monetisations could be delayed due to the underlying challenges to
this retail segment and likely complexity of asset-related lease
negotiations before redevelopment can be unlocked. Some development
plans rely on GKK as the tenant, the largest developments are mixed
use. The Austrian kika/Leiner (homeware) retail portfolio is
occupied and rental income-producing.

Asset Class Diversity: The office development portfolios are
focussed on Vienna (mainly adjacent to the Hauptbahnhof and
Vienna's Urban city centre), Berlin (including Mediaspree in Berlin
Friederichshain), Hamburg and in the future, Wolfsburg. This adds
diversity to the portfolio as these commercial office markets'
supply and demand dynamics are not connected. Furthermore,
residential projects are focussed on Vienna, and smaller projects
in St Polten, and Bolzano (Italy). These projects are targeting the
upper-end of the residential market.

Using POC EBITDA: Fitch has used the more meaningful
(auditor-overseen but not audited) adjusted-revenue and
adjusted-EBITDA figures for 2018 to 2021 and in its forecasts,
based on the percentage of completion (POC) accounting method.
Under POC there remains some lack of synchronisation between the
balance sheet (and resultant net debt/EBITDA ratios) as forward
funding liquidity is mainly at completion rather than periodic
milestone payments. This makes Signa Development's cash flow lumpy.
Portfolio size and phasing of monetised projects means that
adjusted-EBITDA is expected to average around EUR400 million per
year until end-2024.

Leverage Versus Phasing POC EBITDA: Signa Development's financial
profile is highly leveraged and reflects a mix of capital allocated
to projects at various stages of development and pre-payment.
End-2021 net debt/POC-adjusted EBITDA was 6.2x. This is due to
reduce to around 3.7x in FY22 but if some bulk projects (BEAM in
particular) are booked into FY23 instead, this ratio would be
around 6x in FY22 and FY23. This metric is sensitive to phasing of
bulky project completions. Projected development EBITDA margins
average 25-30% (after a bumper 47% in FY21).

PSL Criteria: Signa Development is part of the wider Signa group.
Fitch has not made a detailed analysis of the significant
shareholder's (Signa Holding's) financial strength, but under its
Parent and Subsidiary Linkage (PSL) criteria has assessed Signa
Development as having sufficient ring-fencing in place so that as a
stronger subsidiary, its rating would not be adversely affected by
the Signa parent. Reinforcing ring-fencing protection, the new
unsecured bond requires scrutiny of affiliate transactions, and
around 50% minority shareholders make any special dividend an
inefficient way to upstream preferential support to the significant
shareholder. Signa Development's debt is segregated with no
cross-default to other group entities.

Wider Signa Group: As the Signa group is privately held, its public
transparency is not comparable with listed groups. Signa
Development uses and remunerates Signa Real Estate Management GmbH
for its project development services. Signa Development's disclosed
related party transactions are also subject to the oversight of its
six-person supervisory board, which has a fiduciary duty to its
shareholders, both of whom are equipped to investigate the
investment rationale, arm's-length nature, and reporting of
transactions with other Signa group entities.

However, four of the six Signa Development's supervisory board
members also serve on the 10-member supervisory board of Signa
Prime Selection AG. Consequently, in Fitch's view, and from Signa
Development creditors' perspective, transactions with Signa Prime
need to demonstrate a high degree of transparency.

DERIVATION SUMMARY

Across Fitch's EMEA Housebuilder Navigator peers, there are
different risk profiles for different residential markets. In
France, there is little upfront capital outlay for land, and
purchaser deposits fund capex. In UK and Spain, there is an upfront
cash outlay for the land and the bulk of the purchase price is paid
by the purchaser upon completion.

Signa Development's operations require upfront land outlay and
final payment is made upon completion (or scheduled payments, if
this type of financing is arranged). This results in higher
leverage than, Spanish housebuilders, for example, which receive
staged payments.

Fitch believes that Signa Development's office and residential
development portfolios across different geographies provides some
diversity, but office development is potentially more volatile
(demand, rental levels and values) than necessity-based housing (to
sell or rent), and requires perceptive and disciplined management
to read relevant markets. Signa Development's portfolio has a
weighting in Vienna and Berlin.

If Signa Development did not have a schedule of agreed sales and
instead relied upon future (potentially volatile) commercial
property yields for valuations and residential apartment prices for
its profits, a lower rating would reflect this speculative
approach.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

-- Use of management's schedule of agreed and near-term likely-
    to-be-agreed forward sales, but increased post-FY22 spend by
    10% on major projects (reducing the POC EBITDA).

-- The High Street Land Bank portfolio yields little net rental
    income after related head lease obligations. The kika/Leiner
    portfolio has EUR37 million annualised rental that can be
    attributed to cover Signa Developments operating costs, thus
    the main contribution to profits is the POC-adjusted EBITDA
    from development activity.

-- Relative to the POC-adjusted EBITDA, the cash flow forecasts
    the timing of scheduled receipts (forward sales, completion of

    project dates).

-- Signa Development external dividends at 6% NAV.

RECOVERY ASSUMPTIONS

The recovery analysis assumes that Signa Development would be
liquidated in the event of bankruptcy rather than re-organised as a
going-concern.

Fitch has assumed a 10% administrative claim.

After a standard 25% haircut to the YE21 GAV of around EUR2.8
billion (which excludes the kika/Leiner and Optimisation portfolio
and their secured debt financings, and the complex operating lease
obligation GKK portfolio), the resultant liquidation estimate of
EUR2.1 billion reflects Fitch's view of the value of Signa
Development's GAV that can be realised in a reorganisation and
distributed to creditors.

The total amount of relevant debt claims is EUR1.0 billion of
relevant ProjectCo secured debt, and EUR0.1 billion of profit
participation notes at the ProjectCo (SPV) level - both of these
are senior to rated Signa Development debt. Next in the waterfall
of debt is Signa Development's EUR300 million unsecured bond. The
Signa Development-level EUR310 million profit participation notes
are subordinate to Signa Development's unsecured debt.

The allocation of value in the liability waterfall results in
recovery corresponding to RR2 (after application of Fitch's
recovery ratings criteria RR2 cap for unsecured debt) for the
EUR300 million unsecured bond guaranteed by Signa Development.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Positive free cash flow (FCF) generation on a sustained basis;

-- Sustained improvement in the financial metrics leading to net
    debt/EBITDA below 4.0x;

-- EBITDA/interest expense ratio over 2.5x on a sustained basis;

-- Improved corporate governance attributes;

-- No adverse asset pricing affecting GAV.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- net debt/EBITDA above 6x on a sustained basis (taking into
    account POC EBITDA of adjacent years);

-- EBITDA/interest expense below 1.5x on a sustained basis;

-- Reduction in the visibility of forward sales, including
    increased speculative developments;

-- Adverse value transfers to Signa Development, from related
    party transactions.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Limited Internal Liquidity: At end-2021 Signa Development's
Fitch-defined readily available cash totalled EUR96.6 million.
After year-end, Signa Development had an additional EUR200 million
of new equity from its existing shareholders. This liquidity is
insufficient to cover the group's large short-term debt of about
EUR1.0 billion located at SPVs at the project level, but the
intended repayment of these loans is the sale proceeds, upon
completion, of respective projects.

Signa Development's cash flow profile will be lumpy as forward sold
projects' receipts mainly from institutions are paid on property
completion.

Segregated Funding: Signa Development is primarily funded by
project-level secured debt (end-2021: EUR1.0 billion) and, across
projects' entities, profit participation certificates (EUR0.1
billion), and EUR0.3 billion secured funding for the 'optimisation'
(including kika/Leiner) portfolio. Group debt includes last year's
debut EUR0.3 billion unsecured green bond, which is senior to Signa
Development's own EUR0.31 billion of profit participation capital.
Although this profit participation capital is subordinated and
documentation allows the notes to have traits of perpetual capital,
given their coupons' cumulative nature, Fitch has treated them as
debt.

Of the near-term bulk debt maturities, the EUR100 million 2022
profit participation capital at the Signa Development level has
been prolonged by the same holders, and the EUR80 million
kika/Leiner April 2022 loan has been repaid 1H22.

ISSUER PROFILE

Signa Development is a property developer of office, residential
and retail developments spread over German-speaking Europe, mainly
Austria (Vienna) and Germany (Berlin and Stuttgart). The bulk of
the portfolio's near-term office and residential development
portfolio completions are forward-sold.

ESG CONSIDERATIONS

Signa Development has an ESG score of '4' for Governance Structure
reflects the active participation of the founder within Signa
Development without being a supervisory or management board member
of Signa Development. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Signa Development has an ESG score of '4' for Group Structure
reflecting its complexity, transparency as an unlisted entity and
levels of related-party transactions. This has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                   RATING                  RECOVERY   PRIOR
   ----                   ------                  --------   -----

Signa Development       LT IDR    B-    Affirmed             B-
Selection AG

   senior unsecured     LT        B+    Affirmed     RR2     B+

Signa Development Finance S.C.S.

   senior unsecured     LT        B+    Affirmed     RR2     B+




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B E L G I U M
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MEUSE BIDCO: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Meuse Bidco SA (Meuse) a Long-Term
Issuer Default Rating (IDR) of 'B+' with a Stable Outlook. Fitch
has also assigned Meuse FinCo SA's planned term loan B (TLB) an
expected senior secured rating of 'BB(EXP)' with a Recovery Rating
of 'RR2'.

The IDR reflects Meuse's small and concentrated relative to that of
larger peers operating in larger EMEA markets. Rating strengths are
its solid position in the core Belgian gaming market and limited
execution risks in the group's strategy. Fitch expects Meuse to
retain its leadership positions, supported by favourable
regulation, and to continue expanding primarily in the Belgian
market, leveraging on its brand portfolio strength as the business
transitions to online over the long term.

The Stable Outlook is supported by strong free cash flow (FCF)
generation that is driven by healthy profitability, and by modest
forecast capex intensity and financial expenses. As a result, Fitch
expects Meuse's lease-adjusted debt/EBITDAR to be maintained below
4.0x from 2023.

Meuse is undergoing a group structure reorganisation. The
post-reorganisation structure is expected to be compliant with
domestic regulatory requirements.

The assignment of final rating is contingent on final documents
conforming to the information used for the analysis.

KEY RATING DRIVERS

Strong Position in Small Market: Meuse enjoys leading positions in
a fairly small Belgian gaming market, both online and land-based.
It is also a leader in Portugal's online gaming market. Fitch's
forecasts see 9.2% CAGR for Meuse's gross gaming revenue (GGR) in
2021-2026, primarily driven by further growth of its online brands
in Belgium. Fitch believes its local expertise and experience will
support its domestic competitive positions, but its growth will
still primarily depend on growth of the Belgian online gaming
market.

Omnichannel Gaming Benefits: Meuse provides its gaming services
through a wide range of land-based venues and online platforms.
Omnichannel capability allows reinforcing brand strength through
brand promotion across channels. Online channels operating with
recognised brands also helped offset some of the negative impact on
land-based venues during the pandemic. Compared with peers, Meuse
has lower exposure to sports betting (below 10% of GGR), which
faces higher margin volatility. However, it is less prone to
regulatory risks and is forecast by Fitch to see stronger growth in
the medium term.

Regulation Supports Business Profile: Fitch views the Belgian
gaming regulatory environment as stable and supportive of Meuse's
business profile. Limited availability and linkage of online
licenses to land-based casinos act as strong barriers to entry, and
a history of stable regulation since 2011 provides certain
visibility over operational cash flows over the medium term. Fitch
does not rule out significant changes to regulation in Belgium that
could materially affect Meuse's business and financial profiles.
Fitch views them as an event risk and reflect them in fairly tight
rating sensitivities.

Growth Opportunities Across Europe: Meuse has been active in
entering newly regulated online markets in Europe: Switzerland in
2019 and Netherlands in 2022. Although both markets are fairly
small and more competitive than its domestic market, they provide
opportunity for long-term growth outside Belgium. Some of those
markets have lower barriers to entry and the entry of large
operators, like Flutter or Entain, could lead to more aggressive
competition and lower contribution from those countries. Fitch does
not expect markets outside Belgium to provide meaningful
contribution to Meuse's EBITDA over the next three to five years.

Solid Leverage Profile: Fitch forecasts that Meuse's total adjusted
debt/operating EBITDAR will peak at 4.2x in 2022, before declining
to 3.5x by 2024, aided by the gradual recovery of land-based venues
(up to 90% of pre-pandemic revenue). Fitch's cash flow projections
do not incorporate sizeable debt-funded capex or acquisitions,
which could be detrimental to Meuse's credit profile (pro-forma for
the TLB financing).

Strong FCF Generation Potential: Strong forecast pro-forma
operating profitability is comparable to, or higher than, that of
higher-rated peers such as Flutter Entertainment plc, Entain plc or
Allwyn International a.s. Fitch forecasts that Meuse will be able
to convert high operating margins into mid-to-high single-digit FCF
margins, which would be solid for the rating, assuming modest capex
intensity and no dividends over 2022-2024.

Group Reorganisation Neutral to Rating: Following the
reorganisation Meuse will have a fairly complex group structure
including sizeable transactions with companies outside of the
restricted group, but the same economic shareholders. Fitch's
analysis assumes that its reorganisation will be completed as
communicated to Fitch, in which case the group structure would not
put negative pressure on the ratings. Likewise, Fitch expects
information quality will improve and audited financial statements
will be consistent with the pro-forma financials provided. Any
further complexity or opaqueness in related-party transactions, or
sub-par information standards could be negative to the ratings.

DERIVATION SUMMARY

Meuse has lower geographical diversification and smaller scale than
both Flutter Entertainment plc (BBB-/Stable) and Entain plc
(BB/Positive). Lack of global scale and top market positions across
the globe is slightly offset by more favourable regulation in its
core Belgian market supporting its domestic market position and
justifies the two-to-four-notch rating difference.

Compared with Inspired Entertainment, Inc (B-/Positive), Meuse is
also slightly larger, less leveraged, and has higher exposure to
the fast-growing online market.

KEY ASSUMPTIONS

-- GGR to grow 23% in 2022, mainly driven by the land-based
    segment (up 75%), benefitting from post-pandemic recovery and
    casino acquisitions completed in 2019-2021;

-- GGR CAGR of 6.9%, mainly organic, driven by 7.1% CAGR in the
    online B2C segment for 2023-2026;

-- EBITDA margins to remain stable at 25-26% to 2026;

-- Stable working capital with no sizeable cash outflows to 2026;

-- Capex averaging EUR17 million p.a. to 2026;

-- Dividends of EUR30 million from 2025;

-- EUR20 million acquisitions p.a. from 2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Meuse would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

The GC EBITDA estimate of EUR59 million reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation (EV). Meuse's GC EBITDA assumption
includes pro-forma adjustments for cash flows added via acquisition
and/or reduced by asset disposals. With this level of EBITDA, the
business should be able to address all its obligations of cash
interests, cash taxes, dividends to associates, other restructuring
needs and maintenance capex, while maintaining a neutral to
positive FCF margin.

An EV multiple of 5.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganisation EV. The multiple reflects positive
industry dynamics, including modest growth prospects, high barriers
to entry and a conducive but evolving regulatory environment. The
multiple gives credit to its significant inherent intangible value
for brand awareness in a regulated and rather captive market.

Meuse's revolving credit facilities (RCF) of EUR80 million are
assumed to be fully drawn upon default. Its EUR300 million senior
secured loan ranks pari passu to the RCF in the debt waterfall.

After deducting 10% for administrative claims, Fitch's principal
waterfall analysis generated a ranked recovery in the 'RR2' band,
indicating a 'BB(EXP)' instrument rating for the planned TLB. The
waterfall analysis output percentage on current metrics and
assumptions is 73%, at the low- end of the 'RR2' band.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Continued growth of the business with EBITDAR approaching
    EUR200 million, through increased geographical diversification

    into new regulated markets;

-- FCF margin maintained at medium-to-high single digits;

-- Total adjusted debt/operating EBITDAR consistently below 3.5x;

-- FFO fixed charge coverage maintained above 3.0x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Adverse regulatory changes leading to material deterioration
    in revenue or operating profits;

-- FCF margin in low-single digits as a result of operating
    under-performance, considerable increases in capex or sizeable

    cash being up-streamed/redistribution to shareholders or the
    B2B segment of the group;

-- Total adjusted debt/operating EBITDAR above 4.5x;

-- FFO fixed charge coverage below 2.5x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Pro-Forma Liquidity: Pro-forma for the financing
transaction, Fitch expects modest cash on balance sheet. However,
liquidity will be supported by access to an EUR80 million RCF,
further enhanced by expected positive FCF to 2025. Low business
seasonality and low amount of working-capital fluctuations allow
Meuse to generate positive FCF throughout the year.

Pro-forma debt structure includes a EUR300 million TLB, EUR80
million RCF and EUR18 million of mortgages maturing in 2033-2037.

ESG CONSIDERATIONS

Meuse has an ESG Relevance Score of '4' for customer welfare - fair
messaging, privacy & data security due to increasing regulatory
scrutiny of the sector, greater awareness around social
implications of gaming addiction and an increasing focus on
responsible gaming, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

ISSUER PROFILE

Meuse is an omnichannel gaming and sports betting operator with
leading positions in Belgium (65% of GGR) and Portugal (7%). It is
also present in France (15%) and Switzerland (8%).

   DEBT                RATING                           RECOVERY
   ----                ------                           --------

Meuse Finco SA

   senior secured   LT        BB(EXP)   Expected Rating    RR2

Meuse Bidco SA      LT IDR    B+        New Rating


MEUSE BIDCO: Moody's Assigns First Time B1 Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
and B1-PD probability of default rating to Meuse Bidco SA
("Gaming1" or "the company"). Concurrently, Moody's has assigned B1
instrument ratings to the proposed EUR300 million backed senior
secured term loan to be borrowed by Meuse Finco SA and the EUR80
million backed senior secured revolving credit facility (RCF) to be
borrowed by Meuse Finco SA and co-borrowed by Gaming1. The outlook
is stable.

This is the first time that Moody's has assigned ratings to
Gaming1, an integrated gaming company offering online and offline
operations as well as digital platform and games development,
primarily operating in Belgium but with operations in Europe and
the Americas.

In December 2021, CVC Capital Partners ("CVC") partnered with the
founding shareholders of Gaming1 by acquiring a majority stake from
its existing shareholders. The transaction is expected to close in
Q2 2022 following customary antitrust and regulatory approvals. The
proposed term loan will finance the purchase price and acquisition
costs as well as refinance existing debt.

Pro forma the announced new capital structure, Moody's adjusted
gross leverage is 3.4x for 2021, with a decrease expected towards
3x in the next 12-18 months.

RATINGS RATIONALE

Gaming1's B1 rating is supported by the (1) the moderate opening
leverage (Moody's-adjusted debt to EBITDA) of 3.4x and high EBITDA
to free cash flow conversion of around 50% due to the low capital
intensity of its operations; (2) its leading position in its key
Belgian and Portuguese markets; (3) the operational control the
company has over its value chain compared with some competitors who
may face cost increases or disruption in maintaining online sites
when relying on third parties for platform technology; (4) the
positive trends underpinning the online gaming industry, mainly
driven by increasing mobile penetration, and; (5) an established
operating track record in managing its brands and gaming entities
and in delivering growth.

The B1 rating of Gaming1 also reflects (1) its relatively small
scale as well as geographic and product concentration in Belgium
and in casino games; (2) its exposure to regulatory changes and tax
increases, particularly in less gaming-friendly markets, which
impacts revenue and EBITDA; (3) the highly competitive and
technology-dependent nature of the online gaming industry; (4) the
complex group structure and reporting history driven by Belgian
gaming ownership regulation along with a degree of key man risk on
the principal founder and CEO of the business, and; (5) the risk of
shareholder-friendly corporate actions given the private equity
controlling stake of 50.01% (management has legal ownership of
49.99%).

Moody's expects that Gaming1's solid top line growth will continue,
following a coronavirus pandemic-induced setback for its land-based
businesses in 2020, that also drove a surge in online revenues.
Recovery in the company's land-based operations will help grow
revenue towards EUR400 million in 2022 and above EUR420 million in
2023. Top line growth is expected to result in company-adjusted
EBITDA (including proportionate EBITDA of approximately EUR8
million for JV Estoril) towards EUR100 million and EUR110 million
in 2022 and 2023, respectively. This EBITDA growth is despite
slightly lower margins due to higher gaming taxes, mainly in
France.

Moody's-adjusted leverage forecasts of 3.3x by December 2022 and
3.0x by December 2023, do not include potential debt-funded
acquisitions or shareholder-friendly actions. The rating agency
estimates that Gaming1's Moody's-adjusted free cash flow (FCF)/debt
will remain healthy at mid double-digit levels over the next 12-18
months.

Gaming1 is majority-owned by CVC, a private equity and credit firm
with a focus on the gaming sector.

Social and governance considerations were considered key rating
drivers in line with Moody's ESG framework. Moody's considers
regulatory risks as a social risk and a key rating driver, given
the company's exposure to an industry that is subject to a strong
regulatory oversight and unexpected tax increases. Additionally,
Gaming1 is exposed to risks linked with changing consumer
preferences as customers gradually demonstrate a preference for
playing online. However, the company has implemented an omnichannel
strategy, which currently provides a well-balanced approach to meet
this trend. This will require ongoing investments in technology.

As is often the case in highly levered, private-equity-sponsored
deals, Moody's considers that Gaming1's shareholders will have a
higher tolerance for leverage/risk, and that governance will be
comparatively less transparent, when compared to publicly traded
companies. Additionally the company's financial reporting history
has been less transparent than Moody's would normally expect. The
historical group structure has meant that the agency has had to
rely on a reconciliation of various accounts that are not currently
under IFRS. Moody's expects to receive consolidated accounts based
on the new group structure going forward.

LIQUIDITY

Moody's considers Gaming1's liquidity to be good despite a
beginning cash balance of zero due to the strong free cash flow
(FCF) generative nature of the company, expected to be around EUR50
million in 2022. Gaming1 also has access to a EUR80 million RCF.
The RCF features a springing Senior Secured Net Leverage Ratio
test, which is tested when the RCF is drawn above 40% and must be
maintained below 6.5x; a breach can be avoided with an equity
cure.

STRUCTURAL CONSIDERATIONS

The proposed capital structure includes a EUR300 million senior
secured term loan B as well as an EUR80 million RCF. The security
package provided to senior secured lenders is limited to pledges
over shares, intercompany receivables and material bank accounts,
which Moody's considers weak. The secured loans benefit from
upstream guarantees from material subsidiaries accounting for at
least 80% of consolidated EBITDA. The senior secured term loan and
the RCF are rated B1 in line with the CFR, as they are the only
financial debt instruments in the capital structure. The
probability of default rating (PDR) is in line with the CFR and
reflects Moody's assumption of a 50% family recovery rate.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company
will successfully close the transaction without any material
unforeseen tax or legal implications due to the complexity of the
revised group structure, and that consolidated audited financial
statements will be produced by the company going forward. The
stable outlook also assumes there will not be adverse regulatory
changes and the company will not embark on material debt-funded
acquisitions or shareholder distributions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's considers the CFR to be weakly positioned, and upward
pressure on the ratings is somewhat constrained by the relatively
small scale and limited business profile and geographic scope of
the company. However Moody's acknowledge the company's leading
market positions in its core markets. With continued improvements
in scale and diversification an upgrade on the ratings could arise
over time if (1) Moody's-adjusted leverage falls well below 3x on a
sustainable basis; (2) free cash flow to debt trends above 20%,
and; (3) the company maintains good liquidity.

Negative pressure on the ratings could develop if the company
performance weakens or is negatively impacted by a changing
regulatory and fiscal regime. Quantitatively, Moody's would
consider downgrading Moody's-adjusted leverage increases
sustainably above 4.0x; 2) free cash flow to debt falls below 10%,
or; (3) liquidity concerns arise.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Meuse Bidco SA

Probability of Default Rating, Assigned B1-PD

LT Corporate Family Rating, Assigned B1

Issuer: Meuse Finco SA

BACKED Senior Secured Bank Credit Facility, Assigned B1

BACKED Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Issuer: Meuse Bidco SA

Outlook, Assigned Stable

Issuer: Meuse Finco SA

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

COMPANY PROFILE

Gaming1 is an integrated gaming company offering online and offline
operations as well as digital platform and games development with
B2C and B2B distribution, primarily operating in Belgium, but with
operations in Europe and the Americas.  The company is being
acquired by CVC  (50.01%) in a partnership with the founding
shareholders (49.99%) in a transaction expected to close in Q2
2022. In the year ended December 2021, Gaming1 generated gross
gaming revenues (GGR) of EUR287 million and a normalized
company-adjusted EBITDA of EUR94 million.




===============
B U L G A R I A
===============

EUROHOLD BULGARIA: Fitch Affirms 'B' IDR, Off Rating Watch Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed Eurohold Bulgaria AD Long Term Issuer
Default Rating (IDR) at 'B' and removed it from Rating Watch
Negative (RWN). The Outlook is Stable. Fitch has also affirmed the
company's EUR70 million 6.5% notes due in December 2022 senior
unsecured rating at 'B', with a Recovery Rating of 'RR4' and
removed the rating from RWN.

The rating actions reflect Fitch's assessment of Eurohold's new
group structure and business and financial profile following a
largely debt-funded acquisition of the Bulgarian assets of Czech
utility company CEZ, a.s. As a result of the acquisition,
Eurohold's dominant business has changed to utilities from
insurance. The rating also reflects Eurohold's weak liquidity at
the parent level with reliance on short-term debt.

KEY RATING DRIVERS

Acquisition of CEZ's Assets: In July 2021, Eurohold acquired the
Bulgarian assets of CEZ via Eastern European Electric Company BV
(EEEC), an investment vehicle controlled by Eurohold. The key
assets acquired were 67% stakes in CEZ Distribution Bulgaria and
CEZ Electro Bulgaria, as well as 100% of CEZ Trade Bulgaria. After
subsequent calls for the remaining shares of CEZ Distribution
Bulgaria and CEZ Electro Bulgaria, EEEC increased its shareholdings
to 98.93% and 96.92%, respectively, in March 2022. Following the
acquisition, the energy assets operate under the Electrohold
brand.

New Business Structure: Following the acquisition of energy assets,
Eurohold will focus on the utilities business, which will be the
dominant contributor to consolidated EBITDA (around 65%-70%), and
on insurance (around 30%), with the small remaining contribution to
EBITDA from asset management and brokerage. Eurohold plans to
divest its car selling and the leasing businesses, which Fitch
expects in 2022.

Change in Applied Criteria: Due to the acquisition of CEZ's assets
and the disposal of car selling and leasing, Eurohold's business
profile has changed to a non-financial corporate with material
financial operations (insurance, asset management and brokerage)
from an insurance-focused financial holding. As a result, Fitch has
applied its Corporate Rating Criteria as the master criteria,
together with its Corporates Recovery Ratings and Instrument
Ratings Criteria. The previously applicable criteria was the
Insurance Rating Criteria.

Rating Approach: Fitch rates Eurohold using a consolidated approach
but excluding the insurance business's EBITDA and net debt (the
deconsolidated group profile). This is because access to the
insurance business's cash flow is limited, due to regulatory
requirements to keep a minimum solvency ratio at insurance
companies. Fitch includes dividends from the insurance business in
the deconsolidated perimeter.

Eurohold's IDR is notched down two levels below the deconsolidated
profile given its structural subordination. Eurohold's debt service
capacity is contingent on dividend income streams from intermediate
holding companies and operating subsidiaries (assuming covenant
compliance) and does not have direct access to the underlying
operating cash flows.

Corporate Governance Limitations: The rating reflects Eurohold's
complex group structure, significant related party transactions and
lower financial transparency than its EU peers, including a
qualified audit opinion. Fitch's assessment of the links between
Eurohold Bulgaria and its ultimate parent Starcom Holding under its
Parent Subsidiary Linkage (PSL) Criteria leads to a standalone
rating approach, as Fitch does not give credit for family ownership
and does not rate private individuals or their family groupings.

Operating Cash Flows Support Deleveraging: Fitch expects strong
operating cash flows and moderate capex to support deleveraging in
the medium term. Fitch forecasts deconsolidated net debt to EBITDA,
to increase in 2022 due to the minority buyout, reaching about 6.1x
at end-2022 (5.3x at end-2021). Fitch then expects it to improve to
about 4.7x in 2024-2026. This leverage level is commensurate with
Eurohold's ratings.

Risks to Deleveraging: The company may consider organic growth in
the renewables business and eventual expansion of the energy
business outside Bulgaria only in the longer term as the company is
committed to reducing debt. However, further large acquisitions,
higher capex, high dividends, or negative regulatory or market
changes would lead to slower deleveraging.

DERIVATION SUMMARY

Eurohold is smaller than other rated central European utilities,
such as Energa S.A. (BBB-/Rating Watch Positive), Bulgarian Energy
Holding EAD (BEH; BB/Positive), although it is one of the largest
utilities in Bulgaria. It has comparable size with ENERGO-PRO, a.s.
(BB-/Negative). Eurohold is focused on distribution of electricity
and supply. Historically, its EBITDA was more volatile than that of
many peers, but the Fitch case assumes stabilisation of EBITDA
after acquisition of CEZ assets, supported by cash inflow from
regulated distribution EBITDA. Eurohold shares the same operating
and regulatory environment as BEH, overall comparable with that of
ENERGO-PRO. Energa operates in a more transparent regulatory
framework.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer:

-- Moderate growth of EBITDA in 2022-2025;

-- Capex at average of BGN91 million annually in 2022-2026;

-- Negative working capital movements in the rating horizon;

-- Net acquisitions of almost BGN175 million in 2022 and
    averaging BGN70 million in 2023-2026.

Key Recovery Rating Assumptions

-- The recovery analysis assumes that Eurohold would be
    liquidated in bankruptcy

-- Fitch assumes a 10% administrative claim.

Liquidation Approach

-- As a holding company and including the ring-fenced insurance
    assets, the liquidation estimate reflects Fitch's view of the
    value of balance sheet assets that can be realised in sale or
    liquidation processes conducted during a bankruptcy or
    insolvency proceeding and distributed to creditors;

-- 0% advance rate applied to cash as it may be already gone upon

    bankruptcy;

-- 50% advance rate applied to net inventory;

-- 70% advance rate applied to trade receivables;

-- 50% advance rate applied to property, plant and equipment;

-- 80% advance rate applied to additional value from the
    insurance businesses.

With these assumptions, Fitch's waterfall generated recovery
computation (WGRG) for the senior unsecured notes of Eurohold is in
the 'RR4' band, indicating a 'B' instrument rating. The WGRC output
percentage on current metrics and assumptions was 41%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Improved deconsolidated group financial profile with net debt
    to EBITDA below 4.5x on a sustained basis.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Delay in refinancing of upcoming maturities;

-- Net debt to EBITDA of the deconsolidated group above 6x on a
    sustained basis, for instance due to more aggressive financial

    policy, higher distributions to shareholders and lower
    profitability and cash generation;

-- Significant weakening of the business profile with lower
    predictability of cash flows may lead to a tighter leverage
    sensitivity or a downgrade.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: The rating is constrained by weak liquidity at the
Eurohold holding company level. As of March-2021 Eurohold holding
company had BGN0.6 million of cash and cash equivalents compared
with BGN228.3 million of current financial liabilities. In May 2022
Eurohold refinanced the short-term ECP bonds of BGN60.9 million
(EUR31 million) with newly issued ECP with maturity in mid-2023.
Eurohold intends to refinance the EUR70 million (BGN133 million)
bonds due in December 2022 in 4Q22 with a new bond issue, to also
refinance other debt.

Liquidity may be also improved by leasing business disposal
proceeds (BGN16 million assumed in Fitch's rating case) as well as
dividends from subsidiaries (expected to be about BGN60 million in
2022).

ISSUER PROFILE

Eurohold is a public company. It is majority-owned by Starcom
Holding AD (50.65% at end-2021), which is ultimately owned by three
individuals. The remaining shares are publicly listed on the stock
exchange. The group core activity is the five segments including
insurance, energy, asset management and brokerage, as well as car
sales and leasing business.

SUMMARY OF FINANCIAL ADJUSTMENTS

Eurohold's consolidated profile has been adjusted by
deconsolidation of the insurance business, i.e. excluding the
insurance business's EBITDA and net debt when calculating the main
financial ratios of the issuer.

ESG CONSIDERATIONS

Eurohold has an ESG Relevance Score of '4' for Group Structure due
to a fairly complex group structure, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

Eurohold has an ESG Relevance Score of '4' for Financial
Transparency due to lower financial transparency than EU peers and
qualified audit opinion, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                   RATING              RECOVERY   PRIOR
   ----                   ------              --------   -----
Eurohold               LT IDR   B    Affirmed            B
Bulgaria AD

   senior unsecured    LT       B    Affirmed    RR4     B




===========
F R A N C E
===========

EMERIA SAS: Fitch Affirms 'B' IDR Amid New EUR560MM Term Loan
-------------------------------------------------------------
Fitch Ratings has affirmed Emeria SAS's (formerly Foncia Management
SAS) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook, following the announcement of a new EUR560 million term
loan B (TLB) add-on. The senior secured debt rating has been
affirmed at 'B+' with a Recovery Rating of 'RR3' (56%).

The TLB proceeds were used to reimburse EUR200 million of drawings
under the group's revolving credit facility (RCF) and the remainder
will partially finance the planned acquisition of FirstPort, a UK
property management company.

The ratings of Emeria are constrained by high leverage with
deleveraging prospects limited by its debt-funded acquisitive
growth strategy. Rating strengths are its leading market position
within the fragmented, French residential real estate services
(RRES) market, the recurring nature of the majority of its revenue,
its sticky customer and contract base, and stable demand for its
services. Emeria's large scale provides a distinct advantage over
its competitors.

KEY RATING DRIVERS

Acquisitive Growth Continues: Emeria completed 69 bolt-on
acquisitions in 2021 (2020: 61). Acquisitions were the main driver
of its revenue and EBITDA growth. This M&A activity accounted for
EUR140 million of its total revenue growth of EUR186 million and
EUR40 million of its EUR70 million EBITDA growth in 2021. Fitch
expects that Emeria will continue to grow its operations mainly by
consolidating the fragmented RRES market in France.

UK Market Entry: FirstPort manages around 315,000 residential units
in the UK (around twice as large as its biggest UK competitor). The
group generated GBP97 million revenue in 2021, of which around 90%
stems from recurring management fees and related ancillary
services, which should complement Emeria's existing recurrent
revenue at 80% of the group's total. FirstPort's EBITDA margin has
been around 20%. Its customer base is more concentrated than
Emeria's as the company is often appointed by property developers
to manage communal spaces of leasehold dwellings. Its historical
customer churn rate is low at around 2% per year.

Acquisitions Entail Execution Risk: Emeria has a positive record of
integrating newly acquired bolt-on companies, aided by a designated
integration team. Management has focussed on rolling out its
digitalisation platform, which drives efficiencies and creates
add-on services for existing and acquisitions' operations. Although
FirstPort is a significant acquisition for Emeria, execution risk
is fairly low as the company will largely operate separately,
retaining its management and IT platform. Emeria is considering
using FirstPort's platform for potential bolt-on acquisitions in
the UK.

M&A Spend Limits Deleveraging: Fitch forecasts Emeria's funds from
operations (FFO) gross leverage at 10x in 2022 (2021: 12.3x), due
to debt-funded acquisitions and integration expenses. The FirstPort
acquisition, at a sizeable EUR437 million, will be partly financed
by a EUR114 million equity injection from shareholders. Robust free
cash flow (FCF) generation is supported by recurring revenue, which
should aid gradual deleveraging to below 8x by 2024, although Fitch
does not expect leverage to decrease rapidly given its acquisitive
bolt-on growth strategy.

Stable EBITDA Margins: Emeria's main business segments include
lease management (LM, around 30% of 2021 revenue) where it manages
dwellings on behalf of landlords, joint property management (JPM,
around 30%) managing common areas in jointly-owned residential
buildings, and the more variable property brokerage (14%). The
highest margins are commanded by LM, which includes highly
profitable ancillary services like rental guarantees. Consolidated
EBITDA margin has been around 17%, including recurring integration
costs related to acquisitions. Fitch expects it to improve to
around 24% in the next three years, following the implementation of
efficiency measures, including further digitalisation of internal
processes.

Recurring Revenue Provides Visibility: Around 80% of revenue
(mainly from LM and JPM, together RRES) are recurring and largely
independent of economic cycles, which contributes to the stability
and visibility of the group's financial profile. The brokerage
division in France is the most volatile and has been affected by
physical difficulties in conducting transactions during the
pandemic. The brokerage segment is exposed to customer sentiment,
particularly if the post-pandemic labour market deteriorates,
affecting volumes and values of units.

Concentration on France: Despite increasing revenue from expanding
international operations, around 87% of Emeria's revenue was
generated in France in 2021 (79%; pro-forma for FirstPort revenue).
Emeria is a market leader in RRES with a nationwide presence,
especially in large cities with strong development potential.
Emeria holds around a 15% market share and manages 1.7 million
dwellings - 2x more than its closest competitor Nexity. Market
fundamentals are positive with a steady growth of dwelling volumes
of around 1% per year.

Regulatory Risk: RRES in France operate within various regulatory
frameworks. Changes in regulations, intended to protect smaller
market participants like private landlords, tenants or apartment
buyers, could adversely affect margins of residential
property-servicing companies including Emeria. At the same time,
increasing regulatory obligations limit competition as smaller
companies lack the scale to cope with this increasing regulatory
burden while remaining profitable.

Senior Secured Recoveries Unchanged: Emeria financed its bolt-on
acquisitions predominantly using its RCF. Of the drawn EUR315
million under RCF (as at end-March 2022) EUR200 million were
refinanced by the TLB add-on. Fitch estimates recoveries for the
enlarged senior secured facilities to increase to 56% as
acquisitions' contributions to Fitch-defined going-concern (GC)
EBITDA more than offset the debt increase.

DERIVATION SUMMARY

Emeria's rating derivation versus peers is more a function of the
characteristics of a broad peer group than specific companies.
Fitch used peers from Fitch's business services market portfolio.
The key characteristics of the peer group include: (i) generally
strong recurring revenue streams and/or stable customer base; (ii)
a focus on a single geographical market; (iii) defensible market
positions and reputational value; (iv) exposure to regulatory risk;
(v) growth strategy dependent on bolt-on acquisitions; and (vi)
high but sustainable leverage supported by moderate cash flow.

Emeria commands higher margins and has a stronger competitive
position than some of its peers, but it is also more reliant on
ongoing M&A to meet growth targets.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

-- Revenue CAGR of 9.5% in 2022-2025, supported by ongoing M&A;

-- RRES division in France to grow organically by around 1% per
    year until 2025;

-- Revenue and EBITDA arising from acquisitions made during a
    given year are annualized;

-- Fitch deducts from EBITDA annual recurring EUR54 million
    integration costs related to acquisitions;

-- Around EUR1.1 billion on bolt-on acquisitions during 2022-2025

    at a Fitch-assumed 7x EBITDA multiple, 25% EBITDA margin, and
    financed mostly from free cash flow (FCF) with the remainder
    through RCF drawings;

-- EUR114 million equity injection in 2022 to finance FirstPort
    acquisition.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Emeria would be reorganised as a
GC in bankruptcy rather than liquidated.

Fitch has estimated a GC EBITDA for Emeria of EUR280 million. In
Fitch's view, default would be the result of an impairment of the
core RRES business segment leading to a diminished market position,
possibly as a result of regulatory changes.

An enterprise value (EV) multiple of 6.0x EBITDA is applied to the
GC EBITDA to calculate a post-reorganisation EV. The multiple is
explained by (i) low customer churn; (ii) stable demand for
Emeria's services; and (iii) highly recurring revenue. The same
6.0x EV multiple was applied in Fitch's previous analysis.

Fitch has included EUR25 million super-senior loans at the
operating companies' level. The senior secured RCF of EUR438
million would be fully drawn upon default. The remaining pari-passu
senior secured instruments include an enlarged TLB and senior
secured notes totalling EUR2,235 million. Junior debt includes
senior unsecured notes of EUR250 million.

After deducting 10% for administrative claims, Fitch's principal
waterfall analysis generated a ranked recovery for the all-senior
secured capital structure of 'RR3' and 'RR6' for the senior
unsecured notes. The estimated waterfall generated recovery
computations are 56% and 0%, respectively.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- FFO leverage below 6.5x (gross debt/EBITDA below 5.5x) on a
    sustained basis;

-- FFO interest coverage above 3.0x (EBITDA/interest paid above
    3.5x) on a sustained basis;

-- FCF (pre-M&A) margins approaching double digits;

-- Successful delivery of efficiency/cost-saving programmes.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- FFO leverage above 8.0x (gross debt/EBITDA above 7.0x) on a
    sustained basis;

-- FFO interest coverage below 2.0x (EBITDA/interest paid below
    2.5x) on a sustained basis;

-- FCF (pre-M&A) margins approaching 0%;

-- Regulatory changes adversely affecting revenue and/or margins.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Each component (except for the RCF) of
Emeria's debt structure is structured as a bullet repayment with
long-dated maturities and no amortising tranches. After the
completion of the partial refinancing of outstanding RCF amounts by
the TLB add-on, Emeria again has access to EUR323 million of the
RCF. Given Emeria's strong ability to generate FCF, Fitch views
liquidity as sufficient, even after treating EUR20 million of cash
as restricted due to intra-year working capital needs.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                 RATING                    RECOVERY   PRIOR
   ----                 ------                    --------   -----
Emeria SAS              LT IDR   B      Affirmed             B

   senior unsecured     LT       CCC+   Affirmed     RR6     CCC+

   senior secured       LT       B+     Affirmed     RR3     B+

Flamingo Lux II SCA

   senior unsecured     LT       CCC+   Affirmed     RR6     CCC+


PAPREC HOLDING: S&P Affirms 'BB-' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB-' ratings on French waste
recycler Paprec Holding SA, its EUR450 million notes due 2025, and
EUR575 million senior secured notes due 2028; the recovery rating
remains at '3', indicating about 55% recovery.

Paprec Holding's founder, CEO, and controlling shareholder Jean-Luc
Petithuguenin, is under investigation after being placed under
judicial supervision on June 1, 2022, for alleged anti-competitive
practices, corruption, and misuse of corporate assets.

Preliminary investigations have not affected Paprec's operations
and, currently, S&P does not anticipate any material impact but
will monitor further developments closely.

The stable outlook reflects S&P's view that Paprec will continue to
operate without any material impact from the current investigation
of Mr. Petithuguenin, and perform strongly in 2022, resulting in
S&P Global Ratings-adjusted leverage remaining well below 4.5x and
funds from operations (FFO) to debt comfortably above 15%.

A French judge has put Paprec's CEO, chairman, and founder Jean-Luc
Petithuguenin under a formal inquiry and a new CEO has been named.
The judge has also forbidden Mr. Petithuguenin from managing the
group. S&P said, "We understand Mr. Petithuguenin has appealed this
decision and the outcome is expected in July this year. The board
of directors has appointed Sébastien Petihuguenin CEO for the
duration of the investigation. We believe Sébastien Petihuguenin
has sufficient experience to manage the company, having worked for
Paprec for the last 19 years." The investigation relates to a EUR70
million 11-year contract Paprec obtained in 2017 for the
construction and operation of a waste-sorting center in the
municipality of Compiegne. Paprec is also accused of having made
payments in 2018 and 2019 under its sports sponsoring program to a
horse club belonging to the wife of Compiegne's mayor, and of
having employed the son of a client and breaking antitrust laws.

S&P said, "Our assessment on management and governance is
unchanged, but we could change our view should Jean-Luc
Petithuguenin be found guilty. Our current assessment of management
and governance as fair recognizes the success of Paprec's strong
management team, while taking into account the risks usually
attributable to family-owned businesses (through JLPP Entrepreneurs
and PH Finance, the Petithuguenin family controls about two-thirds
of the votes), including potential reliance on key persons and the
lack of balance of decision-making power."

Should the investigation reveal other failings of the company or
lead to a trial resulting in a guilty verdict, Paprec could face a
fine and damage to its reputation.Such a situation could hamper
Paprec's ability to win new contracts or lead to the loss of
existing contracts. In such an eventuality, Paprec could also
potentially lose the confidence of its stakeholders, thereby making
its access to capital more difficult. All of these factors could
have a negative impact on the company's credit profile.

S&P said, "The stable outlook reflects our expectation that
Paprec's operational performance will remain unaffected by the
current investigation and that the company can keep adjusted
leverage below 4.5x and FFO to debt above 15% in the coming 12
months. We anticipate that the waste services business will
continue to expand following the successful integration of bolt-on
acquisitions in 2021, in a favorable macroeconomic and regulatory
context, resulting in EBITDA margins of 17.0%-17.5% in 2022."

Downside scenario

S&P said, "We could take a negative rating action if Paprec's
operating performance is weaker than expected, resulting in
leverage remaining above 4.5x and FFO to debt falling below 15%,
both on a sustained basis. This could happen in case of higher
capital expenditure (capex) than expected following contract wins,
economic contraction in France, or a decrease in raw material
prices, particularly for cardboard and plastic.

"We could also lower the rating if Paprec attempted significant
debt-funded acquisitions, undertook material shareholder
distributions that significantly increased its leverage, or if its
liquidity weakened substantially.

"Furthermore, we could consider a negative rating action if the
legal proceedings against Jean-Luc Petithuguenin were to detect
further governance deficiencies, materially affect Paprec's ability
to do business because of difficulty in accessing capital, or cause
other issues linked to potential reputation damage."

Upside scenario

S&P said, "To consider a positive rating action, we would need to
have clarity regarding the current investigation that would allow
us to continue assessing Paprec's governance as fair.

"We could consider raising the rating if Paprec establishes a
longer track record of adjusted leverage comfortably below 4.0x and
FFO to debt above 20% through the acquisition and investment
cycles."

Environmental, Social, And Governance

ESG credit indicators: E-2, S-2, G-2

S&P said, "Governance factors have an overall neutral impact on our
credit rating analysis of Paprec. The current investigation does
not affect our view at the moment, but we could review our stance
should it uncover governance deficiencies. We also believe interim
CEO Sébastien Petithuguenin has the competence to manage the
company. Paprec is majority owned by the family of its founder
Jean-Luc Petithuguenin with a fair balance of rights with minority
investors BPI France, Vauban Infrastructure Partners, and BNP
Development. Compared with previous years, we now see these three
shareholders as having a lower risk appetite, which should lead to
lower leverage than in the past and more in line with that
generally associated with family-owned companies."




=============
G E O R G I A
=============

GEORGIA CAPITAL: Moody's Ups CFR to B1, Outlook Stable
------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
JSC Georgia Capital ('GCAP') to B1 from B2, its probability of
default rating to B1-PD from B2-PD, and the instrument rating of
GCAP's USD365 million senior unsecured notes due March 2024 to B1
from B2. The outlook remains stable.

RATINGS RATIONALE

The upgrade to B1 reflects GCAP's commitment to a more conservative
financial policy [1] as well as improvements in the operating
performance of GCAP's investments and a significant reduction in
net market value leverage (MVL). GCAP's net MVL declined to 16.1%
as of LTM Mar-22 (about 20% pro forma for the expected
reclassification of some loans and repayment of the Renewable
Energy portion of the GGU Eurobonds that will be redeemed in August
2022)  from 24.4% in 2021 due primarily to debt reduction with
proceeds from the sale of an 80% stake in its water utility
business. This monetization demonstrates tangible liquidity of the
investment portfolio despite the concentration of assets in Georgia
and illustrates the potential for exit options, in this case from
buyers outside of Georgia.

With the exception of the insurance business, the operating
performance of all of GCAP's underlying investments improved
materially due to stronger revenue generation and improved
profitability. GCAP's private (unlisted) portfolio of investments
posted aggregate revenue growth of 15% in Q1 2022 and EBITDA growth
of 10% LTM ending March 2022, which will support dividend income to
GCAP of GEL90 million to GEL100 million (around USD31 million to
USD34 million) in 2022, significantly improved against dividend
income in 2020 of around GEL30 million (around USD10 million) and
of GEL74 million (around USD25 million) in 2021.

Despite the improvement in profitability, gross asset value
decreased as geopolitical risks stemming from the military conflict
in Ukraine and tighter monetary policy hurt valuation multiples.
GAV fell by 28% to GEL2.6 billion as of March 2022, compared to
GEL3.6 billion as of December 2021, largely because of the disposal
of an 80% stake in Water Utility business (accounting for about
GEL317 million on the change of GAV) and lower asset valuations.

GCAP's B1 CFR considers the global macroeconomic growth
uncertainty, more volatile capital markets since the beginning of
2022, heightened geopolitical risk factors, weak interest cover,
lack of scale and the somewhat concentrated portfolio balanced
against GCAP's good track record, reasonably defensive investments,
Moody's real GDP growth expectation for Georgia in 2022 of 3.8% and
commitment to achieving a more conservative capital structure.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects GCAP's commitment to a more
conservative financial policy and assumes that GCAP will operate
within the perimeters of its financial policy targets, including an
NCC below 15% by 2025. The stable outlook also assumes timely
refinancing of the bonds maturing in March 2024.

LIQUIDITY

Liquidity at the GCAP holding level as well as at the level of
underlying investments remained adequate as of March 2022. GCAP had
GEL719 million (USD232 million) of cash as of March 2022 mainly as
a result of the receipt of the water utility disposal proceeds. The
cash position compares to operating expenses of GEL36 million and
net interest expense of around GEL54.3 million, both on an annual
basis. The company will allocate around USD90 million to USD95
million to repayment of a portion of the Georgia Global Utilities
(GGU) USD250 million Green Eurobond related to the renewable energy
business due in August 2022. According to the company, GCAP has no
material short term maturities at its portfolio level that cannot
be covered from cash on their balance sheet.

In Q1 2022, GCAP continued the execution of its buyback programme
with an additional tranche of shares valued at USD10 million.
GCAP's rationale for the share buyback is very high discount of the
share price compared to Net Asset Value. GCAP's capital allocation
continues to include share buybacks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the ratings if GCAP's investments were to
mature further allowing it to generate higher dividend income and
exhibit stronger and sustained interest cover above 3.0x. Moody's
would also expect GCAP to maintain strong liquidity and establish a
track record of sustained net MVL at or below 15% for ratings to be
upgraded.

Moody's could downgrade the ratings with expectations for net MVL
above 25% or interest cover below 1.0x, both on a sustained basis.
Lack of progress on timely refinancing of the bonds maturing in
March 2024, deterioration of GCAP's liquidity, such as material
cash calls or support requirements for underlying investments,
would also lead to negative pressure on GCAP's rating. Heightened
geopolitical risk factors that lead to lower asset valuations or
the inability to extract dividends from investments could also
result in a downgrade.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Georgia Capital's updated financial policy, a consideration in the
context of Moody's governance framework, supported the upgrade to
B1.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.

COMPANY PROFILE

Georgia Capital, the issuer of the rated bond, is a Georgia-based
intermediate holding company. It holds a number of investments
focused on the Georgian economy. Georgia Capital is ultimately
owned by GCAP, the parent company of the group listed on the London
Stock Exchange. As of March 2022, Georgia Capital had a portfolio
with a gross asset value of GEL2.6 billion (USD0.8 billion).



=============
G E R M A N Y
=============

E-CARAT 10: S&P Affirms 'CCC+ (sf)' Rating on Cl. G-Dfrd Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)', 'AA (sf)', 'A (sf)',
'BBB (sf)', 'BB (sf)', 'B- (sf)', and 'CCC+ (sf)' credit ratings on
E-CARAT 10 FCT's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd,
and G-Dfrd notes, respectively.

S&P said, "We removed the under criteria observation (UCO)
identifier from the ratings on the class D-Dfrd, E-Dfrd, F-Dfrd,
and G-Dfrd notes, where we placed them following the publication of
our revised criteria for rating global ABS (see "Global Auto ABS
Methodology And Assumptions," published on March 31, 2022).

"While our rating on the class A notes addresses the timely payment
of interest and the ultimate payment of principal, our ratings on
the class B-Dfrd to G-Dfrd notes address the ultimate payment of
principal and the ultimate payment of interest.

"The affirmations follow our review of the transaction's
performance and the application of our current criteria, and
reflect our assessment of the payment structure according to the
transaction documents.

The transaction closed in September 2019 and revolved for one year
until September 2020. Since the end of the revolving period the
notes amortize on a pro rata basis.

"Given that cumulative defaults are building up slower than we
anticipated at closing, we resized our weighted-average gross loss
base-case to 2.0% from 3.15%, expressed as a percentage of the
initial closing balance. Considering the portion of defaults we
have already observed and the amortization of the collateral
balance, the equivalent gross loss base-case expressed as a
percentage of the current performing balance is about 4.0%. We also
lowered our 'AAA' default stress multiple to 4.0x from 4.6x at
closing, to account for the short remaining weighted-average life
of the portfolio (about 12 months) and the relatively high level of
our updated base case, which factors a forward-looking buffer for
macroeconomic stress. At the same time, to account for new
information provided by the seller about the balloon loan setup, we
decreased our balloon loss rate assumption to 9% from 10% at
'AAA'.

"With the introduction of our revised criteria for rating global
ABS, we apply a different approach to recoveries. We now first size
a recovery base case, which we then haircut to derive the stressed
recovery rates for the different rating categories. Therefore, we
now consider a recovery base case of 60%, as we believe that the
historical data show strong recoveries over a relatively long
timeframe. We then haircut the above base case with the set of
haircuts listed below. Overall, our revised approach in estimating
recoveries is broadly in line with our previous analysis for higher
rated classes and is slightly more beneficial for lower-rated
classes."

  Table 1

  Haircuts Above The Base Case

  RATING     HAIRCUT (%)

  AAA          25
  AA           20
  A            15
  BBB          10
  BB            5
  B             1

  Table 2

  Credit Assumptions

  PARAMETER                 CURRENT

  Gross loss base case (%)     4.0
  Recovery base case (%)      60.0

  GROSS LOSS MULTIPLES

  AAA                         4.00
  AA                          3.25
  A                           2.75
  BBB                         2.00
  BB                          1.25
  B                           1.10

  STRESSED RECOVERY RATES (%)

  AAA                         45.0
  AA                          48.0
  A                           51.0
  BBB                         54.0
  BB                          57.0
  B                           59.4

  BALLOON LOSS (%)

  AAA                          9.0
  AA                           7.6
  A                            4.7
  BBB                          2.8
  'BB' and below               N/A

  N/A--Not applicable.

S&P said, "Our operational and legal analysis is unchanged since
closing. We consider that the transaction documents adequately
mitigate the transaction's exposure to counterparty risk through
the transaction bank account provider (BNP Paribas Securities
Services), and swap counterparty (BNP Paribas) up to a 'AAA'
rating.

"Our cash flow analysis indicates that the available credit
enhancement--which is unchanged since closing for the class A,
B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes--is sufficient to
withstand the credit and cash flow stresses that we apply at the
'AAA', 'AA', 'A', 'BBB', and 'BB' rating levels, respectively. Our
analysis incorporates a sensitivity with back-loaded default curve,
in which defaults are applied on month one and increase over the
recession period to test the pro rata amortization feature.

"The class F-Dfrd and G-Dfrd notes do not pass our stresses for
full repayment of principal by maturity at the 'B' rating level.
Therefore, we used our 'CCC' ratings criteria to assess if either a
rating of 'B-' or in the 'CCC' category would be appropriate. These
criteria specify the need to assess whether there is reliance on
favorable conditions to continue in an unstressed scenario. The
class F-Dfrd notes have 2% credit enhancement and are rated based
on ultimate payment of both interest and principal. Failures at the
'B' rating level in our cash flow model. Further, these notes pass
at 'B' in our cash flow model if we consider a steady state where
current assumptions are maintained. Taking these factors into
account, we consider that payment of principal and interest on the
class F-Dfrd notes is not dependent upon favorable business,
financial, or economic conditions. We have therefore affirmed our
'B- (sf)' rating on this class of notes.

"The class G-Dfrd notes have 1% credit enhancement and are rated
based on ultimate payment of both interest and principal. Failures
at the 'B' rating level cash flow stresses happen at the end of the
transaction's life regardless of the prepayment scenario. We have
therefore affirmed our 'CCC+ (sf)' rating on this class because we
believe it is more vulnerable than the class F-Dfrd notes, as it
ranks junior to it. We believe it is dependent upon favorable
business, financial, or economic conditions to be repaid, according
to our criteria for assigning 'CCC+', 'CCC', 'CCC-', and 'CC'
ratings. We also believe that a 'CCC' or 'CCC-' rating is not
appropriate for this class because it can rely on 1% hard credit
enhancement. We have therefore affirmed our 'CCC+ (sf)' rating on
this class of notes.

"Our analysis shows that the application of our revised auto ABS
criteria, does not affect the ratings on the class A, B-Dfrd, C-
Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes. Therefore, we also
removed the UCO identifier from these classes of notes."


HAPAG-LLOYD AG: Moody's Alters Outlook on 'Ba2' CFR to Positive
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating and the Ba2-PD probability of default rating of Hapag-Lloyd
AG. The senior unsecured rating was upgraded to Ba3 from B1. The
outlook on all ratings changed to positive from stable.

"The change in outlook to positive from stable follows continued
profitability improvements and reduction in financial leverage as
well as an increase in unencumbered assets, supported by more
favourable industry conditions as well as management's performance
improvement measures and more prudent financial policy" says Daniel
Harlid, the lead analyst for Hapag-Lloyd. "While we expect freight
rates to normalise over the next quarters, we expect that
Hapag-Lloyd's strong balance sheet provides for a good cushion for
a weaker market in 2023 and 2024, even considering substantial
dividend payouts", Mr. Harlid continues.

A continued robustness of Hapag-Lloyd's operating performance and
sustained credit metrics improvements in a more challenging market
environment are key drivers for further positive rating pressure.

RATINGS RATIONALE

The Ba2 CFR rating with a positive outlook reflects Hapag-Lloyd's
continued focus on reducing leverage, showcased by paying down EUR
818 million of debt over the last 12 months that ended March 31,
2022. This has increased its unencumbered assets ratio to 47% from
29% during the same time period. While some of the prepayments have
been a result of a very strong market environment, the rating
action also incorporates Hapag-Lloyd's commitment to maintain a
conservative financial policy which incorporates a net debt /
EBITDA target of below 3.0x. As a reference, the Moody's-adjusted
gross and net debt / EBITDA stood at 0.4x and negative 0.4x (the
company had a net cash position) respectively as of March 31,
2022.

Moody's note that the next two years (2023-24) could potentially
prove to be two challenging years for the industry as the global
fleet is poised to grow by around 8% annually and the macroeconomic
environment is likely to weaken. The capacity growth is
considerably higher than market projections for demand growth of
around 3%-4%. Such demand supply / gap has historically put
negative pressure on freight rates and carrier profitability.
Nevertheless, the Ba2 rating is well positioned to defend these
downside risks, as the current capital structure provides cushion
for a weaker market environment. The positive outlook indicates
that a higher rating is possible should such a weakening in the
environment be less severe than what the industry has experienced
in the past. It also assumes that Hapag-Lloyd maintains its prudent
financial policy, including a dividend policy in balance with its
free cash flow generation ability, supporting sustained credit
metrics in line with the requirements for the Ba1 rating category.

The upgrade of the senior unsecured bond rating to Ba3 from B1
reflects the improved asset coverage, considering the higher
proportion of unencumbered assets on Hapag-Lloyd's balance sheet.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects the potential for further positive
rating pressure, assuming that recent performance improvements in
the industry and Hapag-Lloyd's disciplined actions to improve its
capital structure will be sustained, leading to a Moody's-adjusted
debt / EBITDA of 1.9x - 2.0x and an EBIT margin of 9-10% for the
next 12-18 months.

STRUCTURAL CONSIDERATIONS

Hapag-Lloyd's bond rating is one notch below its CFR, reflecting
the contractual subordination to the secured debt existing within
the group (primarily vessel and container financing). The upgrade
to Ba3 from B1 reflects: (1) an increased proportion of
unencumbered assets; (2) a higher rating level; (3) a reduction of
secured debt vs unsecured debt and (4) the expectation that the
trend in lower recourse to secured debt is likely to continue.

LIQUIDITY PROFILE

Moody's view Hapag-Lloyd's liquidity as good. The company had $12.9
billion of cash and access to $723 million in revolving credit
facilities, all undrawn as of March 31, 2022. Given the high
volatility typical for container shipping, the company's covenants
include minimum equity and minimum liquidity, but no leverage or
coverage ratios. Hapag-Lloyd has a number of unencumbered vessels
and containers that could be pledged to raise additional liquidity
if needed. Although maintenance capex needs are limited, the
company has outstanding orders of 17 new vessels with a total
capacity of 350,000 TEUs which Moody's assumes will be financed
with a combination of cash and debt. For the next 12 months
(starting from June 31 this year) , the company has around $560
million in debt coming due.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade requires sustained leverage and profitability
improvements, reflected in (1) Moody's-adjusted debt/EBITDA
remaining comfortably below 3.0x, (2) sustained EBIT-Margin in the
high single digit in percentage terms and (3) sustaining RCF / net
debt at least in the high twenties in percentage terms. In
addition, a prerequisite for positive ratings pressure is that the
company maintains the good liquidity profile at all times.

Negative ratings pressure could arise if credit metrics weaken on a
sustained basis: (1) if the company's debt/EBITDA exceeds 3.0x for
a prolonged period, (2) EBIT-margin falls below 5% over the cycle
and (3) retained cash flow (RCF)/net debt falling toward 15%.
Additionally, negative free cash flow and a weakened liquidity
profile would cause negative pressure on ratings.

LIST OF AFFECTED RATINGS:

Issuer: Hapag-Lloyd AG

Affirmations:

LT Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Upgrades:

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B1

Outlook Actions:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
published in June 2021.

COMPANY PROFILE

Hapag-Lloyd AG, headquartered in Hamburg, Germany, is the
fifth-largest container liner globally based on market share by
volume. As of March 31, 2022, it operated a fleet comprising 248
ships, including 116 owned and 132 chartered-in vessels. For the
last twelve months that ended March 31 this year, the company
reported revenue of EUR26.2 billion and EBIT of EUR12.4 billion.
Hapag-Lloyd was established in 1970 as a result of the merger of
Hapag (1847) and North German Lloyd (1857).


MINIMAX VIKING: S&P Raises ICR to 'BB-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its ratings on Germany-based Minimax
Viking GmbH and on the senior secured debt to 'BB-' from 'B+'. The
recovery rating on the debt is unchanged at '3', with 60% recovery
prospects.

The stable outlook reflects S&P's expectation that Minimax will
maintain its resilient operating performance and maintain debt to
EBITDA well below 5x. It also factors in its expectation of
significant positive FOCF, supported by substantial recurring
business and a focus on organic growth in existing business areas.

Minimax's solid operating performance in 2021 stems from a strong
product business and a gradual rebound in its system integration
and service businesses. Following an already robust performance
during the COVID-19 pandemic, Minimax's 2021 operating performance
was stronger than expected, with revenue increasing by 10.3% to
EUR1.85 billion and an S&P Global Ratings-adjusted EBITDA margin of
14.7%, up from 12.4% in 2020. This enabled the group to reduce its
S&P Global Ratings-adjusted debt to EBITDA to 4.3x in 2021 from
5.5x in 2020. In addition, the company generated significant free
operation cash flow of EUR120 million and increased its cash
balances to EUR376 million at end-2021 from EUR280 million a year
earlier. These solid results and deleveraging were primarily thanks
to a dynamic environment, strong numbers from the group's product
business, as well as a conservative approach to mergers and
acquisitions. Overall, market conditions for all segments were
better than expected, with increased demand and improved pricing
power.

S&P said, "We anticipate that additional business expansion and an
EBITDA margin of 13.0%-13.5% over the next 18 months will sustain
Minimax's solid performance.We expect revenue growth to remain high
at more than 7% in 2022 thanks to further expansion of the product
business and continued strong demand in service operations.
Furthermore, amid rising inflation, price increases support revenue
growth. We understand that the company has been able to pass on
increasing raw material prices given that the pressure impacts all
peers, and customers are prioritizing availability over pricing. In
response to the stretched supply chain situation from the end of
2021, Minimax has increased its inventory levels, better
positioning the group to deliver and offer more attractive prices
than peers. We expect supply chain scrutiny and inflationary
pressure to continue over the next 12-18 months, which will
moderate margin development also as favorable supply contracts run
out. As a result, we forecast margins to decline toward 13.5% in
our base case for 2022. For 2023, we anticipate sales expansion to
normalize to 2.0%-4.0% and margins at 12.5%-13.5%. Although we
anticipate that general investment sentiment will remain positive
for now, we see a potential risk from Minimax's exposure to the
construction cycle, which could be hampered by the currently sharp
increase in interest rates. However, because Minimax is exposed to
late-cycle business, we do not expect any material near-term
impact. We also understand that, over the coming 12-18 months, the
group does not intend to implement any new material restructuring
measures, which would weigh on its profitability.

"We believe that shareholders will support a financial policy that
is consistent with an S&P Global Ratings-adjusted gross debt to
EBITDA ratio well below 5x.In our base case for 2022-2023, we do
not expect that the group's private equity sponsors will jeopardize
the company's current credit quality. As such, and considering our
expectation of ongoing solid operating results in the coming year,
we expect leverage to remain at 4.0x-4.5x and FOCF to debt of
5%-10% in 2022-2023. We generally consider the company's
shareholder agreement, which requires an equity injection if
leverage exceeds 4.8x on a reported net basis, is less aggressive
than most other shareholder agreements of leveraged buyouts in the
broader capital goods sector. This underpins the current rating,
which is higher than that of the majority of private equity-owned
entities in the sector. However, we note that the shareholder
structure remains a risk for the company's credit quality. Rating
pressure could stem from debt-financed dividends, for example. In
line with our criteria for financial sponsor-owned companies, we
don't deduct the group's cash holdings in our leverage calculation.
Rather, we focus on gross leverage ratios. At the same time, we
incorporate in our analysis our view of that the company's balance
sheet is very solid and would allow Minimax to pursue meaningful
acquisitions, even at the current rating level."

Minimax's resilient business model in a largely regulated
environment and a high share of recurring revenues underpin the
ratings. Long-term contracts account for one-third of the revenue
from its system integration business. As these contracts are
completed, they provide a buffer against weaker economic
conditions, allowing the company to adjust its cost base more
easily. These characteristics, when combined with the large and
stable service base--which is consistently about 32% of
sales--contribute to business stability and profitability and
support the current rating. Minimax's operating performance has
been resilient over the cycle, including during economic downturns
such as the 2009 financial crisis and the COVID-19 pandemic in
2020. In 2009, its revenue fell by only 5%, while the adjusted
EBITDA margin remained above 10%. Revenue contracted by only 3%
(1.2% on a foreign exchange adjusted basis) in 2020, while the
EBITDA margin even increased slightly to 12.4% from 11.9% in 2019.

The group's ability to sustain positive FOCF supports its
creditworthiness. Minimax's resilient profitability, revenue
growth, and moderate capital expenditure (capex) requirements
(3.0%-3.5% of sales) consistently give way to positive cash flow,
even in a recession. S&P said, "However, we anticipate that the
group's FOCF in 2022 will be EUR35 million-EUR50 million lower than
in 2021, at EUR70 million-EUR85 million. This is due to higher
capex of EUR70 million-EUR80 million and a consistently high
working capital outflow of EUR35 million-EUR45 million because of
the stretched supply chain and to support growth. We expect FOCF to
exceed EUR100 million again in 2023, since the working capital
outflow in 2022 will be leveling off in 2023."

S&P said, "The stable outlook reflects our expectation that
Minimax's operating performance will remain resilient over the next
12-18 months, supported by a strong order intake and a high share
of recurring business, further expanding revenue, and maintaining
EBITDA margins above 12.5%. Furthermore, we expect the group's debt
to EBITDA will remain well below 5.x, alongside significant
positive FOCF, with FOCF to debt comfortably above 5%. The outlook
also incorporates our view that the high cash balances provide room
for the group to step up organic and inorganic growth opportunities
without credit metrics deterioration.

"We could lower the ratings if Minimax's operating performance dips
below our expectations, resulting in debt to EBITDA of more than 5x
or weak cash generation with FOCF to debt of less than 5%. This
could occur from a sharp economic downturn globally that affects
Minimax's end markets, a loss of service contracts, or increasing
pricing pressure."

A negative rating action could also occur if Minimax:

-- Cannot generate meaningful FOCF over the next 12-18 months;

-- Fails to post EBITDA margins of more than 12%;

-- Engages in large debt-funded acquisitions; and

-- Distributes debt-financed shareholder returns.

Further ratings upside is limited over the next 24 months and would
depend on the ownership relationship of the private equity sponsors
with the company, the financial policy, and, specifically, our view
of the likelihood of shareholders taking any action that might hurt
the group's credit quality.

Environmental, Social, And Governance


SPEEDSTER BIDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Speedster Bidco GmbH's (AutoScout24
(AS24)) Long-Term Issuer Default Rating (IDR) at 'B' with Negative
Outlook. Fitch has also affirmed its first- and second-lien term
loans at senior secured 'B+ and 'CCC+' with Recovery Ratings of
'RR3 and 'RR6', respectively.

The IDR reflects AS24's high leverage and aggressive financial
policy, as well as its entrenched position in key markets as a
leading European digital marketplace, good cash flow generation,
robust business model and defensible end-markets. Fitch expects
that funds from operations (FFO) gross leverage will remain above
8.0x until end-2023 due to delays in car sales recovery, its
debt-funded acquisition of AUTOproff in 2Q22 and partial repayment
of a shareholder loan in 2021.

The Negative Outlook reflects uncertainties around the pace of
recovery in the new and used car market given a deteriorating
economic environment, leading to limited visibility around the
company's EBITDA growth in 2022 and 2023.

KEY RATING DRIVERS

Leverage Above Threshold: Fitch estimates AS24's FFO gross leverage
to increase to 8.8x in 2022 (pro-forma for AUTOproff) from 8.4x at
end-2021, versus Fitch's downgrade threshold of 8.0x. The
previously expected deleveraging in 2022 is being hindered by a
decline in dealer listings due to disruptions in new car production
and the acquisition of AUTOproff. Fitch estimates that the
acquisition of AUTOproff increases AS24's leverage by around 0.3x.

Our updated forecast envisages FFO leverage declining to 8.0x by
end-2023 assuming no new debt-funded acquisitions. The pace of
deleveraging is subject to recovery in new car production and
sales, which is a factor in used-car sales listing and drives
AS24's EBITDA and FFO growth.

Leadership Reflects Network Effect: AS24 occupies the top position
in all of its markets except Germany, where it is second only to
mobile.de. The competitive environment is stable, and well-known
platforms have a significant advantage over new or smaller
challengers. This results in a positive feedback loop for market
leaders with more listings that generate greater traffic as
consumers gravitate towards channels offering a better selection,
increasing leads and listings as a result.

Strong 2021, Uncertainties in 2022: AS24 demonstrated strong
results in 2021 despite a decline in the number of listings in
2H21. Company-adjusted revenue grew 10.5%, supported by price
increases, and company-defined EBITDA increased 12.2%. In 1Q22
revenue growth slowed to only 0.2% due to supply-chain issues in
the automotive sector and macroeconomic uncertainties, but was
higher than demonstrated by some of AS24's competitors in its key
markets. Company-defined EBITDA declined 14.5% in 1Q22, but which
Fitch expects to improve in 2H22, although visibility is quite
low.

Challenging Auto Environment: In 1Q22, new car production remained
challenged by continuing semiconductor shortages, which will likely
persist throughout 2022. European auto manufactures are also
experiencing disruptions with low-cost components such as wiring
harnesses that were usually provided by Ukrainian suppliers.
According to the European Automobile Manufacturers' Association
(ACEA), new passenger car registrations in the EU fell 2.4% in 2021
(with the major impact in the second half of the year) and 20.6% in
4M22.

Robust Free Cash Flow (FCF): AS24's strong FCF generation is
underpinned by its high EBITDA margin (sustainably above 50%) and
low capex requirements. Fitch expects the FCF margin to be at
22%-25% in 2022-2026 despite some pressures on profitability.
Strong FCF in the forecast period is also due to lower
non-recurring expenses than in 2020-2021. This strong FCF
generation allows us to tolerate temporary sharp increases in
leverage.

Aggressive Financial Policy: Fitch views the financial policy
adopted by AS24's shareholders as aggressive. Following its high
starting FFO leverage of 9.8x in 2020 as a leveraged buyout AS24
debt-funded two acquisitions of LeasingMarkt in 2020 and AUTOproff
in 2022. In addition, it made a voluntary prepayment of a
significant portion of a subordinated shareholder loan in 2021,
using proceeds from the sale of one of its Finanzcheck
subsidiaries. The shareholder loan repayment was permitted under
loan documentation. Fitch treats such payment as an equity
repurchase, given that the shareholder loan is classified as
equity.

Used-Car Market Counter-cyclical: Car dealers are
capital-constrained, as they must fund the holding of inventory
prior to sale. This incentivises them to drive turnover and
increase profitability. In a downturn, dealers initially increase
listings to try and sell inventory more quickly. Together with a
consumer tendency to purchase used (rather than new) cars during a
recession or downturn such as the pandemic, this protects AS24 from
a cyclical decline, especially as online classifieds spend is a
minute portion of dealers' monthly expenses.

Persistent Shift to Online Channels: Dealers continue to move away
from offline or traditional marketing channels such as print
towards online/digital platforms. Fitch expects this trend to
intensify, especially after brick-and-mortar businesses including
dealerships were at least partially shut during pandemic lockdowns.
Online classified advertisements are a much more efficient way to
reach consumers, and this format has no easy substitutes. The reach
of a well-known site such as AS24 surpasses that of other channels
such as dealer websites and social media accounts.

DERIVATION SUMMARY

Compared with media peer Traviata B.V. (B/Stable), AS24 exhibits
higher leverage, smaller scale and limited diversification, as its
revenue is derived mainly from online auto classifieds, compared
with Traviata's more complete offering of job and real-estate
classifieds, marketing media and news. However, AS24 is exposed to
potentially less cyclical end-markets, providing solid
profitability, stability in cash flows and a higher FCF margin.

Adevinta ASA (BB/Stable), which owns AS24's German competitor
mobile.de and eBay Classifieds, has larger scale and greater
diversification. In addition, lower starting leverage and faster
deleveraging support the higher rating, despite Adevinta's
lower-margin classifieds business than AS24's.

AS24 also has similarly high leverage as used-vehicle marketplace
Constellation Automotive Group Limited (CAG, B-/Stable), but higher
EBITDA and FCF margins, making leverage the main rating constraint.
Fitch expects CAG's FFO gross leverage to remain above 8.0x until
at least FY23.

KEY ASSUMPTIONS

-- Revenue of EUR296 million in 2022 (pro-forma for AUTOproff),
    growing by about 8% in 2023, and about 5% in 2024-2025;

-- Fitch-defined EBITDA margin at about 53% in 2022, gradually
    increasing to about 55% in 2025;

-- Cash tax of about EUR16 million in 2022, gradually increasing
    to about EUR20 million in 2025;

-- Capex at around 4% of revenue per year in 2022-2025;

-- M&A of around EUR110 million in 2022 and EUR10 million-EUR30
    million per year in 2023-2025;

-- Minimal working-capital requirements to 2025;

-- No dividends.

Recovery Assumptions:

-- The recovery analysis assumes that AS24 would be considered a
    going concern in bankruptcy and that it would be reorganised
    rather than liquidated;

-- A 10% administrative claim;

-- Fitch's view of a sustainable post-reorganisation, going-
    concern EBITDA of EUR110 million reflects a discount to 2021
    Fitch-defined EBITDA of EUR159 million (including AUTOproff's
    EBITDA on a pro-forma basis). In this scenario, the stress on
    EBITDA could result from a loss of market share, increase in
    competitive pressure or a higher churn rate (for example, due
    to unsuccessful price increases to dealers);

-- An enterprise value (EV) multiple of 6.0x is used to calculate

    a post-reorganisation valuation. This reflects AS24's leading
    market positions in several countries, and its resilient and
    highly cash-generative business;

-- Fitch calculates the recovery prospects for the senior secured

    instruments, including a EUR1,010 million first-lien term loan

    and a fully drawn revolving credit facility (RCF) of EUR83.5
    million at 54%, which implies a one-notch uplift from the IDR
    to arrive at 'B+' with a Recovery Rating of 'RR3'. For the
    EUR225 million second-lien term loan, recovery is 0%, implying

    two notches down from the IDR to 'CCC+' with a Recovery Rating

    of 'RR6.'

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- FFO gross leverage below 6.0x (gross debt / Fitch-defined
    EBITDA below 5.0x) on a sustained basis;

-- FFO interest cover above 3.5x (Fitch-defined EBITDA/Interest
    paid above 4.0x).

Factors that could lead to a revision of the Outlook to Stable:

-- Deleveraging to below 8.0x FFO gross leverage (7.0x gross debt

    / EBITDA) by end-2023, with adherence to a more disciplined
    financial policy with respect to dividends, debt-funded M&A,
    and debt repayment.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- FCF margin below 20%;

-- FFO gross leverage above 8.0x (gross debt / Fitch-defined
    EBITDA above 7.0x) on a sustained basis;

-- FFO interest cover below 2.0x (Fitch-defined EBITDA/interest
    paid below 2.5x).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate liquidity: AS24 had adequate liquidity at end-March 2022,
supported by a cash balance of EUR40.7 million, an undrawn RCF of
EUR83.5 million and strong FCF generation. The first- and
second-term lien term loans are due in 2027 and 2028 respectively,
reducing refinancing risk for the company.

ISSUER PROFILE

AS24 is a leading European digital automotive classifieds platform
that offers listing platforms for used and new cards, motorcycles
and commercial vehicles to dealers and private sellers.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT              RATING                   RECOVERY   PRIOR
   ----              ------                   --------   -----

Speedster Bidco     LT IDR   B       Affirmed            B
GmbH

   senior secured    LT      B+      Affirmed    RR3     B+

   Senior Secured    LT      CCC+    Affirmed    RR6     CCC+
   2nd Lien


THYSSENKRUPP AG: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on June 9, 2022, retained 'B+' foreign
currency and local currency senior unsecured ratings on debt issued
by thyssenkrupp AG.

Headquartered in Essen, Germany, thyssenkrupp AG manufactures
industrial components.




=============
I R E L A N D
=============

AURIUM CLO X: S&P Assigns B- Rating on Class F Notes
----------------------------------------------------
S&P Global Ratings today assigned its credit ratings to Aurium CLO
X DAC's class A-1, A-2, B, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio's reinvestment period will end approximately five
years after closing, and the portfolio's maximum average maturity
date will be nine years after 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 are in line with
S&P's counterparty rating framework.

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,844.14
  Default rate dispersion                                  463.31
  Weighted-average life without reinvestment (years)         4.84
  Obligor diversity measure                                132.30
  Industry diversity measure                                18.28
  Regional diversity measure                                 1.41

  Transaction Key Metrics
                                                          CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                           'B'
  'CCC' category rated assets (%)                            1.50
  Target portfolio 'AAA' weighted-average recovery (%)      35.79
  Covenanted weighted-average spread (%)                     3.93
  Covenanted weighted-average coupon (%)                     4.70

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio will be well-diversified on the
effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we considered the EUR400 million par
amount, the covenanted weighted-average spread of 3.93%, the
covenanted weighted-average coupon of 4.70%, and the actual
weighted-average recovery rates for all rating levels. 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.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-1, A-2, B, C, D, E, and F notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class B, C, D and E notes could withstand stresses commensurate
with higher ratings than those we have assigned. However, as the
CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our assigned ratings on the notes.

"Our credit and cash flow analysis of the class F notes indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC' rating. However, the class F notes'
current break-even default rate (BDR) cushion is negative at the
'B-' rating level. 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
factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs it has rated and that has
recently been issued in Europe.

  -- S&P's BDR at the 'B-' rating level, which is 25.98% versus a
portfolio default rate of 15.70% if it was to consider a long-term
sustainable default rate of 3.1% for a portfolio with a
weighted-average life of 5 years.

-- Whether the tranche is vulnerable to non-payment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
'B- (sf)' rating assigned.

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
A-1 to E notes to five of the 10 hypothetical scenarios we looked
at in our publication "How Credit Distress Due To COVID-19 Could
Affect European CLO Ratings," published on April 2, 2020.

"For the class E and F notes, 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."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: coal, speculative
extraction of oil and gas, private prisons, controversial weapons,
non-sustainable palm oil production, speculative transactions in
soft commodities, tobacco, hazardous chemicals and pesticides,
trade in endangered wildlife, pornography, adult entertainment or
prostitution, civilian weapons or firearms, payday lending,
activities that adversely affect animal welfare. 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       CREDIT          INTEREST RATE*
                    (MIL. EUR)  ENHANCEMENT (%)

  A-1      AAA (sf)    218.0       38.00   Three/six-month EURIBOR

                                           plus 1.15%

  A-2      AAA (sf)     30.0       38.00   Three/six-month EURIBOR

                                            plus 1.50%**

  B        AA (sf)      42.4       27.40   Three/six-month EURIBOR

                                           plus 2.20%

  C        A (sf)       21.6       22.00   Three/six-month EURIBOR

                                           plus 3.15%

  D        BBB- (sf)    27.6       15.10   Three/six-month EURIBOR

                                           plus 4.30%

  E        BB- (sf)     19.2       10.30   Three/six-month EURIBOR

                                           plus 7.17%

  F        B- (sf)      13.6        6.90   Three/six-month EURIBOR

                                           plus 9.51%

  Subordinated  NR      33.0         N/A   N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event
occurs.


CAPITAL FOUR IV: S&P Assigns B- Rating on Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Capital Four CLO
IV DAC's class A, B, C, D, E, and F notes. At closing, the issuer
also issued unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

This transaction has a one-year non-call period and the portfolio's
reinvestment period will end approximately two years after
closing.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
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 (OC).

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,785.39
  Default rate dispersion                                444.69
  Weighted-average life (years)                            5.08
  Obligor diversity measure                               95.89
  Industry diversity measure                              18.08
  Regional diversity measure                               1.25

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                            350.00
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             108
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.44
  'AAA' target portfolio weighted-average recovery (%)    37.16
  Covenanted weighted-average spread (%)                   3.85
  Covenanted weighted-average coupon (%)                   4.00

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio primarily comprises broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR350 million par amount,
the covenanted weighted-average spread of 3.85%, the covenanted
weighted-average coupon of 4.00%, and the actual portfolio
weighted-average recovery rates for all rated notes. 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.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk is
limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B to E notes can withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes. The
class A and F notes can withstand stresses commensurate with the
assigned ratings.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A,
B, C, D, E, and F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication. The results shown in the chart below are based on the
covenanted weighted-average spread, coupon, and recoveries.

"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 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. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons, casinos, pornography or prostitution, payday
lending, tobacco, fossil fuel, weapons, endangered wildlife, or
hazardous chemicals, waste, and pesticide. 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.

The manager will provide an ESG monthly report that will include:

-- The portfolio's weighted-average ESG score and distribution;

-- The portfolio's weighted-average carbon intensity; and

-- The list of obligors that have been reclassified as ESG
ineligible obligations.

Capital Four IV DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Capital
Four CLO Management K/S will manage the transaction as a lead
manager and Capital Four Management Fondsmæglerselskab A/S as a
co-collateral manager.

  Ratings List

  CLASS     RATING     AMOUNT     SUB (%)     INTEREST RATE*
                     (MIL. EUR)

  A         AAA (sf)    213.90    38.89    Three/six-month EURIBOR

                                           plus 1.12%

  B         AA (sf)      40.00    27.46    Three/six-month EURIBOR

                                           plus 2.29%

  C         A (sf)       17.20    22.54    Three/six-month EURIBOR

                                           plus 3.25%

  D         BBB (sf)     23.60    15.80    Three/six-month EURIBOR

                                           plus 4.50%

  E         BB- (sf)     19.40    10.26    Three/six-month EURIBOR

                                           plus 7.25%

  F         B- (sf)       7.90     8.00    Three/six-month EURIBOR

                                           plus 9.45%

  Sub       NR           29.60      N/A    N/A

* The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR -- Euro Interbank Offered Rate.
NR -- Not rated.
N/A -- Not applicable.


NORTHWOODS CAPITAL 26: Fitch Assigns 'B-' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Northwoods Capital 26 Euro DAC's notes
final ratings.

   DEBT               RATING                     PRIOR
   ----               ------                     -----

Northwoods Capital 26 Euro DAC

A XS2437415644     LT    AAAsf    New Rating     AAA(EXP)sf

B-1 XS2437416535   LT    AAsf     New Rating     AA(EXP)sf

B-2 XS2437416618   LT    AAsf     New Rating     AA(EXP)sf

C XS2437416881     LT    Asf      New Rating     A(EXP)sf

D XS2437417004     LT    BBB-sf   New Rating     BBB-(EXP)sf

E XS2437417269     LT    BB-sf    New Rating     BB-(EXP)sf

F XS2437417699     LT    B-sf     New Rating     B-(EXP)sf

Sub -              LT    NRsf     New Rating     NR(EXP)sf
Notes XS2437417855

Z XS2453946084     LT    NRsf     New Rating

TRANSACTION SUMMARY

Northwoods Capital 26 Euro DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans, first-lien, last-out loans
and high-yield bonds. The note proceeds have been used to fund a
portfolio with a target par amount of EUR450 million. The portfolio
is actively managed by Northwoods European CLO Management LLC. The
transaction has a 2.1-year reinvestment period and a seven-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 60.4%.

Diversified Portfolio (Positive): The transaction has two matrices
at closing that correspond to a fixed rate limit of 10% and 20%
while the top 10 obligor concentration is 20%. The transaction also
includes various concentration limits, including the maximum
exposure to the three largest (Fitch-defined) industries in the
portfolio at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 2.1-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
after the reinvestment period, including the OC tests and Fitch
C-basket security adjustment amount to be zero after the end of the
reinvestment period. Combined with loan pre-payment expectations,
this ultimately reduces the maximum possible risk horizon of the
portfolio.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate across all ratings would
result in a downgrade of up to three notches.

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of defaults and portfolio deterioration.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in up to three
notches upgrade across the structure except for 'AAA' rated notes
which are already at the highest rating on Fitch's scale.

After the end of the reinvestment period, upgrades may occur on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Northwoods Capital 26 Euro DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


NORTHWOODS CAPITAL 26: S&P Assigns B- Rating on Cl. F Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Northwoods Capital 26
Euro DAC's class A, B-1, B-2, C, D, E, and F notes. At closing, the
issuer issued unrated subordinated notes.

The ratings 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.

-- The transaction's counterparty risks.

  Portfolio Benchmarks
                                                        CURRENT
  S&P weighted-average rating factor                   2,823.62
  Default rate dispersion                                389.88
  Weighted-average life (years)                            5.29
  Obligor diversity measure                              110.67
  Industry diversity measure                              19.72
  Regional diversity measure                               1.21

  Transaction Key Metrics
                                                        CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                          3.11
  Covenanted 'AAA' weighted-average recovery (%)          34.35
  Covenanted weighted-average spread (%)                   3.90
  Covenanted weighted-average coupon (%)                   4.50

Workout obligations

Under the transaction documents, the issuer can purchase workout
obligations, which are assets of an existing collateral obligation
held by the issuer offered in connection with bankruptcy, workout,
or restructuring of the obligation to improve the related
collateral obligation's recovery value.

Workout obligations allow the issuer to participate in potential
new financing initiatives by the borrower in default. This feature
aims to mitigate the risk of other market participants taking
advantage of CLO restrictions, which typically do not allow the CLO
to participate in a defaulted entity's new financing request.
Hence, this feature increases the chance of a higher recovery for
the CLO. While the objective is positive, it can also lead to par
erosion, as additional funds will be placed with an entity that is
under distress or in default. This may cause greater volatility in
our ratings if the positive effect of the obligations does not
materialize. In S&P's view, the presence of a bucket for workout
obligations, the restrictions on the use of interest and principal
proceeds to purchase those assets, and the limitations in
reclassifying proceeds received from those assets from principal to
interest help to mitigate the risk.

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 2 years after closing.

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 EUR450 million
target par amount, the covenanted weighted-average spread (3.90%),
the reference weighted-average coupon (4.50%), and the identified
portfolio's weighted-average recovery rates at each rating level.
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 July 15, 2024, 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 it 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, if the initial ratings are
maintained.

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under S&P's current counterparty criteria.

The transaction's legal structure and framework is bankruptcy
remote, in line with S&P's legal criteria.

S&P said, "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 A to E notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, C,
and E notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing--during which the
transaction's credit risk profile could deteriorate--we have capped
our ratings assigned to the notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a lower rating. However, we have applied our
'CCC' rating criteria resulting in a 'B- (sf)' rating on this class
of notes."

The ratings uplift (to 'B-') reflects several key factors,
including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.65% (for a portfolio with a weighted-average
life of 5.29 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 5.291 years, which would
result in a target default rate of 16.40%.

-- The actual portfolio is generating higher spreads and
recoveries versus the covenanted thresholds that it has modelled in
its cash flow analysis.

-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments
soon, (ii) if there is a one in two chances for this note to
default, and (iii) if it envisions this tranche to default in the
next 12-18 months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with a 'B-
(sf)' rating.

S&P said, "Taking the above factors into account and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe that our ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"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 notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Northwoods European
CLO Management LLC.

Environmental, social, and governance (ESG)

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to the following: activities that are in
violation of "The Ten Principles of the UN Global Compact"; an
obligation of a company whose revenues are more than 0% derived
from the development, production, maintenance, trade, or
stockpiling of weapons of mass destruction; any obligor with
involvement in tobacco production; and any obligation of a company
whose revenues are more than 1% derived from the mining or
electrification of thermal coal or oil sands extraction.
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 (%)

  A         AAA (sf)    267.60     3mE + 1.12%     40.53

  B-1       AA (sf)      32.00     3mE + 2.30%     28.42

  B-2       AA (sf)      22.50           3.15%     28.42

  C         A (sf)       28.90     3mE + 3.85%     22.00

  D         BBB- (sf)    30.00     3mE + 5.25%     15.33

  E         BB- (sf)     18.00     3mE + 7.57%     11.33

  F         B- (sf)      15.00     3mE + 9.63%      8.00

  Subordinated  NR       33.95        N/A            N/A

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


RRE 12 LOAN: Fitch Assigns BB- Rating on Class D Debt
-----------------------------------------------------
Fitch Ratings has assigned RRE 12 Loan Management DAC final
ratings.

   DEBT                 RATING                     PRIOR
   ----                 ------                     -----

RRE 12 Loan Management Designated Activity Company

A-1 XS2480045256    LT    AAAsf     New Rating    AAA(EXP)sf

A-2A XS2480045843   LT    AAsf      New Rating    AA(EXP)sf

A-2B XS2480046577   LT    AAsf      New Rating    AA(EXP)sf

B XS2480047112      LT    Asf       New Rating    A(EXP)sf

C-1 XS2480047898    LT    BBBsf     New Rating    BBB(EXP)sf

C-2 XS2480048516    LT    BBB-sf    New Rating    BBB-(EXP)sf

D XS2480049167      LT    BB-sf     New Rating    BB-(EXP)sf

Performance Notes   LT    NRsf      New Rating
XS2480049670

Preferred Return    LT    NRsf      New Rating
Notes
XS2480049837

Sub - notes         LT    NRsf      New Rating    NR(EXP)sf
XS2480049597

TRANSACTION SUMMARY

RRE 12 Loan Management DAC is a securitisation of mainly senior
secured obligations (at least 92.5%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to purchase a portfolio with a target par
of EUR450 million. The portfolio is actively managed by Redding
Ridge Asset Management (UK) LLP. The collateralised loan obligation
(CLO) has a five-year reinvestment period and a nine-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.6.

High Recovery Expectations (Positive): At least 92.5% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.5%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch matrices corresponding to a nine-year WAL, an 8.5-year
WAL, an eight-year WAL and a seven-year WAL. All the matrices are
based on a top 10 obligor concentration limit at 20% and a maximum
fixed-rate asset limit of 10%. The manager can select the 8.5-year,
eight-year and seven-year matrices at any time starting from six
months, one, and two years, respectively, after closing as long as
the portfolio balance (including defaulted obligations at their
Fitch collateral value) is above EUR450 million (for the 8.5-year
and eight-year matrices) and EUR498 million for the (seven-year
matrix).

The transaction also includes various concentration limits,
including the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a five-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio analysis is 12 months shorter than the WAL
covenant. This reduction to the risk horizon accounts for the
strict reinvestment conditions envisaged after the reinvestment
period. These include passing the coverage tests, the Fitch WARF
test and the Fitch 'CCC' maximum limit and a WAL covenant that
progressively steps down, both before and after the end of the
reinvestment period. In Fitch's opinion, these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of up to four notches.

Downgrades may occur if the loss expectation is larger than
initially assumed due to unexpected high levels of default and
portfolio deterioration.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
up to two notches across the structure except for 'AAAsf' rated
notes, which are already at the highest rating on Fitch's scale and
cannot be upgraded.

Upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


RRE 12 LOAN: S&P Assigns BB- (sf) Rating on Class D Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 12 Loan
Management DAC's class A-1 to D notes. At closing, the issuer
issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction is managed by Redding Ridge Asset Management (UK)
LLP.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

-- Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will permanently switch to semiannual
payment.

-- The portfolio's reinvestment period ends approximately five
years after closing, and the portfolio's maximum average maturity
date is nine years after closing.

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,918.72
  Default rate dispersion                                 374.71
  Weighted-average life (years)                             5.29
  Obligor diversity measure                                98.55
  Industry diversity measure                               20.21
  Regional diversity measure                                1.16

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                                450
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              116
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                           1.78
  'AAA' covenanted weighted-average recovery (%)           36.40
  Covenanted weighted-average spread (%)                    3.80
  Reference weighted-average coupon (%)                     4.75

S&P said, "The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction.

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.80%), the
reference weighted-average coupon (4.75%), and the covenanted
weighted-average recovery rates at all rating levels as indicated
by the collateral manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2A, A-2B, B, and C-1 notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk is
limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-2A, A-2B, B, C-1, C-2, and D notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons, nuclear weapons, thermal coal, speculative
extraction of oil and gas, tobacco/tobacco related products, opioid
manufacturing or distribution, hazardous chemicals, pornography or
prostitution, non-sustainable palm oil production, tar sands
extraction, or speculative transactions of soft commodities.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

  Ratings Assigned

  CLASS    RATING     AMOUNT       SUB (%)    INTEREST RATE*
                    (MIL. EUR)  

  A-1      AAA (sf)    268.90     40.24    Three/six-month EURIBOR

                                           plus 1.15%

  A-2A     AA (sf)      32.20     29.76    Three/six-month EURIBOR

                                           plus 2.35%

  A-2B     AA (sf)      15.00     29.76    3.45%

  B        A (sf)       33.30     22.36    Three/six-month EURIBOR

                                           plus 3.50%

  C-1      BBB (sf)      24.30     16.96   Three/six-month EURIBOR

                                           plus 4.23%

  C-2      BBB (sf)       7.20     15.36   Three/six-month EURIBOR

                                           plus 4.33%

  D        BB- (sf)      21.20     10.64   Three/six-month EURIBOR

                                           plus 7.90%

  Sub notes  NR          51.15      N/A    N/A

*The ratings assigned to the class A-1, A-2A, and A-2B notes
address timely interest and ultimate principal payments. The
ratings assigned to the class B, C-1, C-2, and D notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


STRANDHILL RMBS: S&P Raises Cl. F-Dfrd Notes Rating to 'BB(sf)'
---------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)', 'AA (sf)', 'AA- (sf)', 'A+
(sf)', and 'BBB+ (sf)' from 'AA (sf)', 'A+ (sf)', 'A- (sf)', 'BBB
(sf)', and 'BB (sf)' its credit ratings on Strandhill RMBS DAC's
class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes,
respectively. At the same time, S&P affirmed its 'AAA (sf)' rating
on the class A notes.

The rating actions reflect S&P's full analysis under its relevant
criteria of the most recent transaction information that it has
received and of the transaction's structural features.

The transaction's performance remains relatively strong with
reported arrears below the levels seen at closing--total arrears
greater than one month are 4.4% as of the April 2022 collection
date. Losses since closing remain low at just 0.36% and the reserve
fund is at target. The loan pool has reduced significantly to
EUR225 million from EUR363 million, with the sequential transaction
payment structure increasing the credit enhancement across the
rated notes.

S&P said, "We conducted our loan-level analysis to assess the
mortgage pool's credit quality. Given the various asset types in
the portfolio, directly applying our global RMBS criteria in our
analysis was not appropriate. We instead followed our rating to
principles process, and analyzed the aggregated commercial and land
subpool by applying our covered bond commercial real estate
criteria. In addition, for the commercial and land subpool, we
borrowed the loan-level originator adjustment from our global RMBS
criteria.

"After applying the aforementioned criteria, our weighted-average
foreclosure frequency has decreased because of the transaction's
decrease in arrears and improved weighted-average current
loan-to-value (LTV) ratio. Our weighted-average loss severity
assumptions have decreased at all rating levels due mainly to the
reduced current weighted-average LTV ratio following recent
significant house price growth in Ireland."

  Credit Analysis Results

  RATING LEVEL     WAFF (%)     WALS (%)

  AAA              57.88        42.36

  AA               43.27        32.42

  A                34.15        24.72

  BBB              23.11        19.70

  BB               13.90        17.55

  B                11.62        15.72

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

S&P said, "The results of our cash flow analysis support the
currently assigned 'AAA (sf)' rating on the class A notes. The
class B-Dfrd notes can also pass our 'AAA' stresses, but given
their deferable nature, we capped the rating at 'AA+ (sf)'. We
therefore affirmed our ratings on the class A notes and raised to
'AA+ (sf)' from 'AA (sf) our rating on the class B-Dfrd notes.

"Our analysis indicates that the class C-Dfrd to F-Dfrd notes could
withstand our stresses at higher ratings than those currently
assigned. However, the ratings on these classes of notes are
constrained by additional factors. Specifically, we considered the
risk that the composition of the secured portfolio could, later in
the transaction's life, be more heavily weighted towards land and
commercial assets, leading to potentially higher defaults and loss
severities. We also considered the limited historical performance
data that was available and provided at closing. Notwithstanding
this, we raised our ratings on the class C-Dfrd to F-Dfrd notes
because of the evidenced strong performance and increased credit
enhancement.

"At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer grants security over all of its assets in favor of the
security trustee.

"There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote."

Strandhill RMBS is a static RMBS transaction that securitizes a
portfolio of loans secured by a combination of residential assets,
commercial assets, and land, along with a small cohort of unsecured
loans. The loans were originated by Agricultural Credit Corporation
Loan Management (ACCLM), originally an Irish state-owned lender to
the agricultural sector, before being acquired by Cooperatieve
Rabobank U.A. in 2002.


VALEO FOODS: S&P Downgrades LongTerm ICR to 'B-', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B' its long-term issuer
credit rating on Platform Bidco Limited, Valeo Foods' parent
entity. S&P also lowered to 'B-' from 'B' its long-term issue
rating on its EUR600 million and GBP417.5 million senior secured
term loan B facilities due September 2028.

The stable outlook reflects S&P's view that the group remains
self-funding, with Valeo Foods likely to maintain positive free
operating cash flow (FOCF, after leases) this year, with no
near-term debt refinancing risks.

S&P said, "The downgrade reflects the marked deviation in the
deleveraging trajectory in the coming 12-18 months with our
forecast of debt to EBITDA remaining above 8x by fiscal 2023.Our
updated forecasts for the fiscal year 2023 (FY2023; ending March
31, 2023) comprise our adjusted debt (excluding cash, including
factored trade receivables) to EBITDA of about 8.5x-9.0x and FOCF
generation (after lease payments) of about EUR10 million-EUR20
million. These metrics are much weaker than our previous base case
of 7.1x-7.3x and EUR40 million-EUR50 million, respectively. The
marked deviation in our adjusted credit metrics mainly reflects the
high operating cost inflationary pressures that are weighing on the
trajectory of the group's EBITDA margin and the latest debt-funded
acquisitions Valeo completed during FY2022 and FY2023. For FY2024,
we forecast limited debt to EBITDA reduction to around 8.0x, with
positive FOCF, due to the delay in EBITDA margin improvement, as
Valeo waits to realize expected cost savings from the integration
of recent acquisitions and the overall business platform
integration, from Bain's acquisition. We assume revenue growth will
remain around 5%-7%, as we expect ongoing inflationary pressures.
Our top-line growth assumption is therefore driven primarily by
price adjustments. The lack of automatic price pass-through in
retail contracts and the corresponding lag in price increase
implementations, as well as the inflation trajectory could offset
incremental cost savings and contain EBITDA margin improvement over
the next 12-18 months, in our view. That said, we do acknowledge
the company's track record in price increases even in volatile
conditions, for instance during the summer of 2016, following the
Brexit referendum in the U.K. We therefore anticipate the company
will continue to take proactive measures to contain the margin
pressure from the high inflation rate.

"For FY2023, on a pro-forma basis, we project overall net sales
(after trade discounts and settlements) of about EUR1.37
billion-EUR1.4 billion and S&P Global Ratings' adjusted EBITDA of
EUR180 million-EUR185 million. This reflects the pro-forma
contribution of the latest debt-funded acquisitions of U.K.-based
meat snacking businesses, New World Foods Europe, and Fresher Foods
Limited completed in October 2021, and Canada-based maple syrup
maker, Bernard, which closed in May 2022. On an organic basis, our
pro-forma net sales projections contemplate annual growth of about
6%-8%, reflecting primarily price and packaging mix initiatives,
with likely flat-to-declining volumes. Our corresponding adjusted
EBITDA margins are 12%-13% (about 13% in FY2022), assuming the
company partly offsets high input costs with reduced discretionary
spending, cost savings from business integration investments, and
packaging mix initiatives. We anticipate capital expenditure
(capex), both for maintenance and growth, of around EUR45
million-EUR48 million, with neutral to modest inflows of working
capital thanks to ongoing factoring utilizations.

"The ratings reflect the volatility around our base case stemming
from likely persistent high inflationary cost pressures that could
limit the potential for leverage reduction in FY2024. We understand
that management and owners will likely focus on cost base
improvement initiatives to reduce leverage during FY2023, as
ongoing capital market volatility could slow down further
acquisition activity. The company is aiming to achieve a total of
about EUR32 million of cost savings by FY2024, which are linked
primarily to the integration of both recent acquisitions and the
overall streamlining of the group's operations. These initiatives
include centralized procurement initiatives, removing duplications
in support and production functions, selective production capacity
expansion, and footprint rationalization. Within its overall
product portfolio, the company is looking at recipe changes and
amending its packaging mix to offset broad-based inflationary cost
pressures. At this stage, however, we believe that inflation and
volatility around input costs could reduce the boost from these
initiatives and weigh on the EBITDA margin profile. This would keep
it below the 14%-15% range we previously anticipated. Input cost
volatility could also weigh on working capital as Valeo deploys
open-book business with no raw material hedges in place. We note
that there are no automatic pass-through cost mechanisms in
contracts with retailers, and the company will need to continue to
negotiate price increases, with some customary period needed for
these to be reflected due to notification period requirements.
Valeo anticipates further rounds of price increases during FY2023,
in light of ongoing inflation trends, and sees opportunities for
pass-through even in traditionally difficult retail markets like
Italy and France. We therefore think that our adjusted debt to
EBITDA will likely remain elevated at 8x, which is more compatible
with a 'B-' rating.

"Category and product diversity within the relatively resilient
ambient food industry, whereby the balance between own brands and
private label should support demand for Valeo's products in the
current economic environment.We continue see good diversity of
brands with no single brand accounting for more than 15% of total
sales. We also note good diversity across product categories,
including ambient groceries, confectionery, and savory and sweet
snacking. These factors help offset the relatively high geographic
concentration to mature low-volume-growth markets of the U.K. and
Ireland, which collectively account for about 71% of turnover.
Importantly, the company is relatively balanced across branded and
private-label product offerings (close to 60%-40% split,
respectively), which allows it to capture potential trade-down by
consumers in the event of prolonged high consumer food inflationary
environment and dampened consumption sentiment.

"The rating reflects headroom for potential further debt-funded
acquisitions, which we think are plausible beyond the next 12
months. Our base case for FY2023 does not include further
acquisitions beyond the approximately EUR100 million spend on
Bernard, which marked the group's expansion in North America, given
capital market volatility and our expectation that the company will
focus on integrating recent acquisitions. Valeo is also looking at
leveraging its existing product portfolio by seeking cross-regional
selling opportunities. Bernard's acquisition, the latest addition
to Valeo's portfolio, fits overall into the growth strategy. The
deal has expanded its consumer spreads business that in Europe
mainly revolves around honey through Rowse, which enjoys a leading
market share of 40%-50% across the U.K. and the Republic of
Ireland. According to management, maple syrup's business
historically exhibited lower input cost volatility thanks to the
Canadian Federation's price regulation mechanisms. Currently we do
not factor in acquisitions for FY2024 given the uncertainty
regarding timing and size. That said, we believe acquisitions are
plausible beyond FY2023 as they are a key pillar of growth for
Valeo considering its focus on the mature, low-volume-growth
Western European markets. We believe the company will continue to
scan existing markets for opportunities; we expect it will
primarily continue to focus on confectionary and savory snacking
opportunities.

"The stable outlook balances our view that Valeo's adjusted debt to
EBITDA is likely to remain elevated at around 8x-9x over the next
12 months but that the company should continue to self-fund its
operations. We believe that profitability over the next months
should remain constrained by the high cost inflation in raw
materials, energy, and labor, as well as supply-chain disruptions,
and only partly offset by proactive price increases and the
stability of the ambient food category. That said, we recognize
that Valeo remains well funded with no near-term refinancing risks
and should generate slightly positive FOCF this year.

"We could lower the ratings on Valeo in the next 12 months if we
see a material deviation from our projected debt reduction
trajectory, such that adjusted debt to EBITDA approaches 10x or
above with little prospect for rapid improvement. We would view
such levels as unsustainably high in the long run. In our view,
this would most likely happen if the company were unable to contain
operating cost pressures while pursuing new debt-financed
acquisitions."

Rating pressure could also occur if the company posted large
negative FOCF through an inability to control working capital,
which would pressure the liquidity position, or from a potential
financial covenant breach.

S&P could raise the ratings if Valeo materially outperformed its
base case, with adjusted debt to EBITDA reducing to close to 7x
over the next 12 months with no prospects of sharp re-leveraging
thereafter. This could occur if the company offsets cost
inflationary pressures, with price increases not impacting volumes,
and the envisaged cost savings from business integrations
materialize in full. This should help improve adjusted EBITDA
margins comfortably to 14%-15%. An upgrade is also contingent on
the visibility around the company's external growth plans and
commitment to maintain metrics at this level.

Environmental, Social, And Governance

ESG credit indicators: E-2, S-2, G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Valeo, as is the
case for most rated entities owned by private equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns.
Environmental and social factors are an overall neutral
consideration in our credit rating analysis. We view the overall
diversity of the company's product portfolio as a mitigant for
potential sugar taxes on confectionery food products in key
countries in Western Europe. For some key brands within the group's
ambient food product category (32% of total pro forma fiscal 2021
sales), such as honey, the company partners with external
organizations aimed at preserving honeybee livelihoods."




=========
I T A L Y
=========

BRISCA SECURITIZATION: DBRS Cuts Class B Notes Rating to CCsf
-------------------------------------------------------------
DBRS Ratings GmbH downgraded its ratings of the bonds issued by
Brisca Securitization S.r.l. (the Issuer) as follows:

-- Class A Notes to CCC (sf) from B (high) (sf)
-- Class B Notes to CC (sf) from CCC (sf)

The trend on all ratings remains Negative.

The transaction represents the issuance of Class A, Class B, and
Class J Notes (collectively, the Notes). The rating of the Class A
Notes addresses the timely payment of interest and the ultimate
payment of principal on or before the legal final maturity date and
the rating of the Class B Notes addresses the ultimate payment of
principal and interest. DBRS Morningstar does not rate the Class J
Notes.

As of closing (July 2017), the Notes were backed by a EUR 961
million by gross book value (GBV) portfolio consisting of secured
and unsecured Italian nonperforming loans (NPLs) originated by
Banca Carige S.p.A. (Carige), Banca Cesare Ponti S.p.A. (BCP), and
Banca del Monte di Lucca S.p.A. (BML), together Gruppo Banca Carige
(the Originator). The majority of loans in the portfolio defaulted
between 2011 and 2016 and are in various stages of resolution.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios or the Servicer) while Banca Finint S.p.A (former
Securitization Services S.p.A.) operates as the backup servicer.

RATING RATIONALE

The downgrades follow a review of the transaction and are based on
the following analytical considerations:

-- Transaction performance: assessment of portfolio recoveries as
of 30 November 2021, focusing on: (1) a comparison between actual
collections and the Servicer's initial business plan forecast; (2)
the collection performance observed over recent months, including
the period following the outbreak of the Coronavirus Disease
(COVID-19); and (3) a comparison between the current performance
and DBRS Morningstar's expectations.

-- The Servicer's updated business plan as of November 2021,
received in January 2022, and the comparison with the initial
collection expectations.

-- Portfolio characteristics: loan pool composition as of November
2021 and the evolution of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class B Notes will begin to amortize following the full repayment
of the Class A Notes and the Class J Notes will amortize following
the repayment of the Class B Notes). Additionally, interest
payments on the Class B Notes become subordinated to principal
payments on the Class A Notes if the cumulative net collection
ratio or net present value cumulative profitability ratio are lower
than 90%. These triggers were not breached on the December 2021
interest payment date, with the actual figures at 90.25% and
110.00%, respectively, according to the Servicer.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering
potential interest shortfall on the Class A Notes and senior fees.
The cash reserve target amount is equal to 4% of the sum of the
Class A and Class B Notes principal outstanding and is currently
fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from December 2021, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were EUR 132.1 million, EUR 30.5 million, and EUR 11.8
million, respectively. As of the December 2021 payment date, the
balance of the Class A Notes had amortized by 50.6% since issuance
and the current aggregated transaction balance is EUR 174.4
million.

As of November 2021, the transaction was performing below the
Servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 218.1 million whereas the Servicer's
initial business plan estimated cumulative gross collections of EUR
252.7 million for the same period. Therefore, as of November 2021,
the transaction was underperforming by EUR 34.5 million (-13.7%)
compared with the initial business plan expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 201.5 million at the BBB
(high) (sf) stressed scenario and EUR 233.0 million at the B (low)
(sf) stressed scenario.

Pursuant to the requirements set out in the receivable servicing
agreement, in January 2022, the Servicer delivered an updated
portfolio business plan.

The updated portfolio business plan, combined with the actual
cumulative gross collections as of November 2021, results in a
total of EUR 322.6 million, which is 17.9% lower than the total
gross disposition proceeds of EUR 393.0 million estimated in the
initial business plan. Excluding actual collections, the Servicer's
expected future collections from December 2021 account for EUR
104.4 million, which is less than the current aggregated
outstanding balance of the Class A and Class B Notes, and expected
to be realized over a longer period of time. In DBRS Morningstar's
CCC (sf) scenario, the Servicer's updated forecast was only
adjusted in terms of actual collections to date and timing of
future expected collections. Considering senior costs and interest
due on the Notes, the full repayment of the Class A principal is
increasingly unlikely, but DBRS Morningstar's ratings consider the
outperformance in relation to the net present value cumulative
profitability ratio to-date.

The final maturity date of the transaction is in December 2037.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.

Notes: All figures are in euros unless otherwise noted.


CAPITAL MORTGAGE 2007-1: Fitch Hikes Rating on 2 Tranches to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded Cordusio RMBS Securitisation S.r.l. -
Series 2007's (Cordusio 4) class D and E notes, Capital Mortgage
Series 2007-1's (Capital Mortgage) class B and C notes and Cordusio
RMBS - UCFin S.r.l. - Series 2006's (Cordusio 3) class C and D
Notes.

   DEBT      RATING                    PRIOR
   ----      ------                    -----

Cordusio RMBS Securitisation S.r.l. - Series 2007

Class A3    LT    A+sf      Affirmed   A+sf
IT0004231244

Class B     LT    A+sf      Affirmed   A+sf
IT0004231285

Class C     LT    A+sf      Affirmed   A+sf
IT0004231293

Class D     LT    A+sf      Upgrade    BBB+sf
IT0004231301

Class E     LT    BBBsf     Upgrade    BB+sf
IT0004231319

Capital Mortgage Series 2007-1

Class A1    LT    A+sf      Affirmed   A+sf
IT0004222532

Class A2    LT    A+sf      Affirmed   A+sf
IT0004222540

Class B     LT    BB+sf     Upgrade    B+sf
IT0004222557

Class C     LT    BB+sf     Upgrade    B+sf
IT0004222565

Cordusio RMBS - UCFin S.r.l. - Series 2006

Class A2    LT    AAsf      Affirmed   AAsf
IT0004144892

Class B     LT    AAsf      Affirmed   AAsf
IT0004144900

Class C     LT    AAsf      Upgrade    AA-sf
IT0004144934

Class D     LT    BBB+sf    Upgrade    BBBsf
IT0004144959

TRANSACTION SUMMARY

The transactions are securitisations of Italian residential
mortgage loans originated and serviced by the UniCredit group
(BBB/Stable/F2)

KEY RATING DRIVERS

Increasing CE: Credit enhancement (CE) is continuing to build up as
a result of sequential amortisation and for Cordusio 3 and 4,
non-amortising reserves. The amortisation of the notes was further
accelerated by Unicredit's repurchase of defaulted loans in July
2021 for the three transactions, resulting in increased CE for all
the notes, supporting the upgrades.

Unicredit repurchased defaulted loans with a current balance of
around EUR0.3 million, EUR0.7 million and EUR0.4 million from
Cordusio 3, Cordusio 4 and Capital Mortgage, respectively. The
proceeds paid by the bank to the respective SPV have been applied
to the priority of payments, resulting in amortisation of the notes
and for Capital Mortgage, a replenishment of the reserve fund.

Repurchase of Defaulted Loans: As a result of Unicredit's
repurchases, the balance of outstanding non-foreclosed defaults
remaining in the portfolios after the repurchase is EUR7.3 million
for Cordusio 3 (2.9% of the outstanding performing portfolio),
EUR9.2 million for Cordusio 4 (2.2% of the outstanding performing
portfolio) and EUR40.8 million for Capital Mortgage (11.7% of the
outstanding performing portfolio).

The impact of repurchases is generally positive but depends on the
repurchase price of receivables. Fitch found limited sensitivity of
the ratings to downside risks represented by the seller's
repurchase activity.

Payment Interruption Risk Exposure: In Fitch's view, Cordusio 4 and
Capital Mortgage could be exposed to payment interruption risk in
case of servicer disruption, despite the cash reserve being at
target in Cordusio 4 and starting to replenish in Capital Mortgage.
This is because the reserve fund can also be used to provision for
defaults and so may not be available to cover interest shortfalls.
Reserves have been depleted in the past by weak performance and
their replenishment was largely supported by the seller's
repurchase activity.

The notes' maximum achievable ratings are commensurate with the
'Asf' category, in line with Fitch's Structured Finance and Covered
Bonds Counterparty Rating Criteria. Consequently, Fitch constrains
the ratings of Capital Mortgage's class A1 and A2 notes and
Cordusio 4's class A3, B and C notes to 'A+sf'.

Performance Remains Stable: As of March 2022 (April 2022 for
Capital Mortgage), three-month plus delinquencies were at 0.3%
(Capital Mortgage), 1.0% (Cordusio 3) and 0.7% (Cordusio 4),
broadly in line with the Italian RMBS average (around 0.9%). Gross
cumulative defaults stood at 14.3%, 6.4% and 5.6% of the respective
original portfolio balances. Cordusio 3 and Cordusio 4 have shown
similar performance trends so far. For Cordusio 3, gross cumulative
defaults are not far from the junior notes trigger (6.5%), which if
breached will result in excess spread being trapped in the
principal available funds, accelerating an increase in CE.

Capital Mortgage reported gross cumulative defaults of 14.3% as of
April 2022. Following repurchase of the defaulted loans, Capital
Mortgage's reserve has been replenished up to EUR25.2 million
(below the target of EUR37.2 million).

Sovereign Cap: Italian securitisations can achieve a maximum rating
of 'AAsf', six notches above Italy's Long-Term Issuer Default
Rating (BBB/Stable). This is the case for Cordusio 3's class A2 and
B notes. The Stable Outlooks on these tranches mirror that on the
sovereign.

Capital Mortgage and Cordusio 4 have an ESG Relevance Score of '5'
for Transaction Parties & Operational Risk due to payment
interruption risk, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in a cap
on the senior notes' rating.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- The ratings of Capital Mortgage's class B and C notes are
    reliant on recoveries from the stock of outstanding defaults
    and recoveries are volatile. Recovery cash flows consistently
    lower or slower than Fitch's assumptions may pressure these
    ratings.

-- Fitch conducts sensitivity analyses by stressing both a
    transaction's base-case foreclosure frequency (FF) and
    recovery rate (RR) assumptions, and examining the rating
    implications on all classes of issued notes. Fitch tested a
    15% increase in the weighted average (WA) FF and a 15%
    decrease in the WARR. The results from the rating analysis
    indicated a downgrade of up to two notches.

-- The ratings of Cordusio 3's class A2, B and C notes are
    sensitive to changes in Italy's Long-Term IDR. Changes to
    Italy's IDR and the rating cap for Italian structured finance
    transactions could trigger rating changes on the notes rated
    at this level.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Increases in CE as the transactions deleverage to fully
    compensate credit losses and cash flow stresses that are
    commensurate with higher ratings, all else being equal. Fitch
    tested an additional rating sensitivity scenario by applying a

    decrease in the FF of 15% and an increase in the RR of 15%.
    The subordinated notes' ratings could be upgraded by one to
    two notches in all transactions.

-- The ratings on Capital Mortgage's class A1 and A2 notes and
    Cordusio 4's class A3 to D notes are exposed to unmitigated
    payment interruption risk. The rating cap could be lifted
    following further portfolio amortisation and stable
    performance, leading to reserve fund replenishment for Capital

    Mortgage, and the reserve fund remaining at its target for
    Cordusio 4.

-- The ratings of Capital Mortgage's class B and C notes are
    reliant on recoveries from the still large stock of
    outstanding defaults. To date, recoveries have been volatile.
    Larger and faster recoveries than expected could trigger
    positive rating action.

-- The ratings of Cordusio 3's class A2, B and C are sensitive to

    changes in Italy's Long-Term IDR. Changes to Italy's IDR and
    the rating cap for Italian structured finance transactions
    could trigger rating changes on the notes rated at this level.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Capital Mortgage Series 2007-1, Cordusio RMBS - UCFin S.r.l. -
Series 2006, Cordusio RMBS Securitisation S.r.l. - Series 2007

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of Capital Mortgage Series 2007-1,
Cordusio RMBS - UCFin S.r.l. - Series 2006, Cordusio RMBS
Securitisation S.r.l. - Series 2007 initial closing. The subsequent
performance of the transactions over the years is consistent with
the agency's expectations given the operating environment and Fitch
is therefore satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Capital Mortgage Series 2007-1 has an ESG Relevance Score of '5'
for Transaction Parties & Operational Risk due to payment
interruption risk, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in a
rating cap on the senior notes' rating.

Cordusio RMBS Securitisation S.r.l. - Series 2007 has an ESG
Relevance Score of '5' for Transaction Parties & Operational Risk
due to payment interruption risk, which has a negative impact on
the credit profile, and is highly relevant to the rating, resulting
in a rating cap to the senior notes' rating.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


GOLDEN GOOSE: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed luxury goods supplier Golden Goose
S.p.A.'s Long-Term Issuer Default Rating (IDR) at 'B' with Stable
Outlook.

The 'B' IDR reflects Golden Goose's product and supplier
concentration, which constrain its credit profile, and its niche
market position in the personal luxury goods market.

The rating is supported by Fitch's expectation that the company
will be able to execute its growth strategy centred mostly on its
retail and digital channels and further reduce gross leverage by
2025. This is despite Fitch's expectation of an increase in lease
charges and a potential temporary slowdown in its growth trajectory
in 2023.

The company is well-managed and follows a prudent growth strategy,
which should enable it to consistently generate healthy annual free
cash flow (FCF), and maintain adequate financial flexibility, as
reflected in the Stable Outlook.

KEY RATING DRIVERS

Casualisation Trends Support Demand: Since 2020, Golden Goose has
been benefiting from an acceleration in casualisation and
digitalisation trends as consumers prioritise comfort in their
clothing choices. Fitch expects these trends to persist over
Fitch's rating horizon to 2025, supporting Golden Goose's sales
growth.

Strong Operating Performance: The company's 2021 performance,
supported by the re-opening of its own stores and roll-out of new
stores, demonstrated the strong value of its product proposition.
Last year revenue grew by a record 45% and EBITDA by 29%. This
followed a resilient 2020 with 1% revenue growth despite a period
of forced store closures during lockdowns.

Retail & Digital Channel Expansion: Fitch projects that store
openings and increasing online penetration would allow the company
to maintain good revenue growth over 2022-2025. However, Fitch
expects slower revenue growth in 2023, due to potential erosion of
consumer spending from higher inflation and increasing interest
rates, particularly in Europe. Fitch sees manageable execution
risks from its plan to open more than 80 stores by end-2025 to grow
its presence in Asia, Americas and Europe. Store formats are small
and new openings will mostly be in countries where the company is
already present. Its online growth is supported by its adequate
existing infrastructure, mitigating execution risks stemming from
rapid growth.

Niche Market Position: Golden Goose is a small company with 2021
Fitch-adjusted EBITDA of EUR96 million and a niche market position
in the luxury sneakers category. Its share in the personal luxury
goods market is negligible but it ranks third in the luxury
sneakers market with a 7% share in 2021. Fitch believes it is
firmly positioned to continue to grow faster than the market but
unlikely to substantially scale up as this may compromise its brand
positioning, which is reliant on the concept of scarcity,
craftmanship and a limited number of models.

Single-Product Focus: Golden Goose's diversification is limited by
a heavy reliance on the core luxury sneaker category and one
sneaker model that accounts for more than half of the company's
total sneaker sales. High single-product and price-point
concentration is unlikely to reduce at the company, given its
growth strategy, but is mitigated by its sneakers not being overly
reliant on a particular fashion trend, season, generation or
gender.

Supplier Concentration; Short Supply Chain: Golden Goose fully
outsources its production and is dependent mostly on five key
suppliers based in Italy, which account for around 80% of its
production volumes. Fitch views this short supply chain, based on
domestic suppliers, a competitive advantage in the current,
disrupted environment where many consumer goods companies are
suffering from high freight costs, lengthy delivery times and
planning difficulties. The rating assumes that Golden Goose will
continue to be able to order greater volumes from its suppliers and
to rely on a history of smooth and flexible supplies, despite
having grown 7x in sneaker volumes over 2012-2021.

Strong Profitability to Drive FCF: Golden Goose's EBITDA margin
corresponds to the upper range of the luxury industry benchmark and
Fitch assumes the company will be able to maintain EBITDA margin of
around 24%-25% in 2022-2025, due to increasing online sales. This
is despite the absorption of increasing lease charges, which partly
compress EBITDA margins. Fitch expects Golden Goose to generate
positive FCF of EUR30 million-EUR50 million per annum, despite
investments in new stores, and to build up a healthy cash balance.

Deleveraging Capacity: Fitch calculates leverage for Golden Goose
by adjusting for leases as the company's growth strategy is based
on opening new leasehold stores. Fitch's rating case forecasts,
despite increasing lease charges and a potential slowdown in
consumer spending in 2023, a moderate reduction in FFO-adjusted
gross leverage to 6.0x in 2022-2023, from 6.5x in 2021. Thereafter,
growing FFO on an increase in business scale should help further
reduce leverage to 5.5x or below from 2024 which, if sustained,
could drive a positive rating action.

DERIVATION SUMMARY

Golden Goose shares traits with consumer goods and non-food retail
companies as it sells products under its own brand through directly
operated retail stores, wholesalers, department stores and online.
Fitch uses its Non-Food Retail Navigator to assess Golden Goose's
rating as the company's strategy is predominantly based on the
expansion of its leasehold store network. Fitch therefore considers
lease-adjusted credit metrics for Golden Goose. However, Fitch also
compares Golden Goose with companies in the consumer goods sector.

Golden Goose is rated one notch below its closest peer BK LC Lux
Finco 1 S.a.r.l. (Birkenstock, B+/ Stable), which also operates in
the shoe sector. It has similar profitability and is also
concentrated on one product. Unlike Golden Goose, Birkenstock is
not developing its own retail store network and Fitch therefore
does not adjust its leverage for leases. The one-notch rating
differential reflects Birkenstock's larger scale and a product
positioning that is historically less subject to fashion risk.

Golden Goose's credit profile is weaker than that of Levi Strauss &
Co. (BB+/Stable), which also has high concentration on a single
brand, but is much larger in scale and more diversified by product
and geography. This, together with substantially lower leverage,
results in a higher rating for Levi Strauss than Golden Goose.

Golden Goose is smaller and has greater concentration risks than
Italian furniture producer International Design Group S.p.A. (IDG;
B/Stable) but benefits from expected lower leverage than IDG, which
has made several acquisitions that constrain its de-leveraging
trajectory.

Golden Goose is rated lower than THG PLC (B+/Stable), which
operates in the beauty and well-being consumer market. THG is
bigger than Golden Goose in sales, and is not exposed to fashion
risk and product concentration. Unlike Golden Goose, THG has based
its strategy on bolt-on M&A. However, Fitch expects THG to
deleverage towards more conservative levels than Golden Goose, due
to THG's commitment to achieving a conservative financial policy
after its IPO.

No Country Ceiling, parent-subsidiary linkage or
operating-environment aspects were considered for this rating.

KEY ASSUMPTIONS

-- Retail revenue CAGR of 16% over 2022-2025, driven by 20-25 new

    store openings per year and direct online sales;

-- Strong EBITDAR margin (EBITDA before operating leases) of 32%-
    34% to 2025;

-- Working capital outflows of around EUR20 million in 2022
    before turning neutral through to 2025;

-- Capex at around 7%-8% of revenue a year to 2025;

-- No dividends;

-- No M&A to 2025.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Golden Goose would be
reorganised as a going-concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

Golden Goose's going-concern EBITDA assumption is EUR70 million.
The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA upon which Fitch bases the
enterprise valuation (EV). It is based on average EBITDA for
2021-2024 under Fitch's stress assumption of the company's main
product losing consumer appeal and new stores substantially
underperforming existing stores.

An EV multiple of 5.5x EBITDA is applied to the going-concern
EBITDA to calculate a post-reorganisation EV. The multiple of 5.5x
reflects the company's stronger growth prospects relative to peers'
as well as its small size.

The company's EUR75 million revolving credit facility (RCF) is
assumed to be fully drawn upon default. Reverse factoring (EUR13
million outstanding at end-2021) is not considered in the debt
waterfall as Fitch assumes it will remain in place through
bankruptcy.

The RCF is super senior to the senior secured notes in the debt
waterfall. Fitch's waterfall analysis generates a ranked recovery
for the senior secured notes in the 'RR3' band, indicating a 'B+'
rating. The waterfall analysis output percentage on current metrics
and assumptions is 57%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Successful execution of business plan with the result of a
    more balanced composition of sales by channel (between retail,

    wholesale and online) and annual EBITDA of EUR120 million-
    EUR140 million or EBITDAR trending towards EUR200 million;

-- EBITDAR margin of at least 34%, translating into high single-
    digit FCF margins;

-- FFO adjusted gross leverage below 5.5x on a sustained basis
    and lease adjusted debt/EBITDAR below 5x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Material slowdown in revenue growth driven by diminishing
    consumer appeal, reflected in weak life-for-like performance
    of existing stores or inability of new stores to reach
    targeted sales;

-- FCF margin below 5% due to weakening of EBITDAR margin and/or
    higher-than-expected investments in working capital and capex;

-- No evidence of FFO adjusted gross leverage reducing below
    6.5x, and lease adjusted debt/EBITDAR above 6x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-2021, Golden Goose had comfortable
liquidity given EUR99.7 million of cash and available EUR75 million
available under its committed RCF, which are sufficient to cover
short-term debt of EUR35 million, including EUR13 million under a
reverse factoring facility. Refinancing risk is limited as the
senior secured notes will be due only in 2027, by when Fitch would
expect the company to have steadily deleveraged and accumulated
cash on its balance sheet.

ISSUER PROFILE

Golden Goose is a fast-growing luxury footwear brand. It has
operations in Europe, US and Asia through a network of 162 directly
operated stores, via selective wholesale partners and through
online channels.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                  RATING                  RECOVERY   PRIOR
   ----                  ------                  --------   -----
Golden Goose S.p.A.    LT IDR    B     Affirmed             B

   senior secured      LT        B+    Affirmed     RR3     B+




===================
L U X E M B O U R G
===================

PLT VII FINANCE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed PLT VII Finance S.a r.l.'s (Bite)
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
Fitch has also affirmed Bite's senior secured notes at 'B+' with a
Recovery Rating of 'RR3'.

The affirmation reflects Bite's continuing high leverage as well as
its strong market positions in the Baltic region and its recent
expansion in its broadband franchise through both organic growth
and acquisitions, which enables it to remain strongly competitive.

Fitch forecasts the company's funds from operations (FFO) gross
leverage at 5.3x at end-2022 and remaining within its 5x-6x
sensitivities to 2024 with no expected debt prepayments.

KEY RATING DRIVERS

Good Market Positions: Bite is the second- and third-largest mobile
telecoms company in Lithuania and Latvia, respectively. Its revenue
share of the mobile service market was around 34% in Lithuania and
26% in Latvia in 2021 by the company's estimates. Bite operates in
three-operator markets, with the same set of mobile competitors in
Latvia and Lithuania. Fitch expects Bite to maintain its robust
market positions after the launch of its 5G services.

Manageable Inflation: Inflation is intensifying in Bite's countries
of operation at more than 9% in all three Baltic countries in 2022
according to Fitch's forecast (see 'Revised Growth Forecasts Point
to Slower Eurozone Fiscal Recovery'). Bite has so far been able to
raise prices for its postpaid subscriber base, thereby passing on
higher costs with limited impact on customer churn. Fitch believes
that it will be able to cope with further inflationary pressure and
retain its market positions, as it operates in mature markets with
rational competition. Fitch reflects a potential adverse effect of
high inflation in the region with Fitch's conservative forecasts
for EBITDA margin, and TV advertising and equipment revenue for
Bite in 2022-2023.

Growing Broadband Contribution: Bolt-on acquisitions in 2020 and
2021 significantly strengthened Bite's fixed broadband positions,
allowing the company to offer fully converged fixed-mobile services
in key territories, including use of regulated access to the
incumbent's fixed network in Lithuania. Both Lithuania and Latvia
have so far been spared aggressive fixed-mobile bundling
competition, but Fitch views the ability to offer bundled services
as a strategic advantage that can help maintain Bite's competitive
position. Fixed-broadband and pay-TV segment accounted for 24% of
1Q22 service revenue compared with 23% in 1Q20 and 15% in 1Q19.

5G to Aid Competitiveness: The auction for 5G mobile spectrum in
700MHz band is already completed in Latvia and is currently in
progress in Lithuania. Fitch expects Bite to possess all the
necessary spectrum in both countries to begin 5G deployment later
in 2022. Fitch believes the launch of 5G services is necessary for
Bite to remain competitive, although the pace of take-up and
broader commercial success in the Baltic region remains uncertain.
At present, fitch does not factor in any cash outflow for any
Estonian 5G spectrum as auction results are uncertain and Fitch
will treat Bite's launch of mobile services in Estonia as event
risk.

Low Capex Intensity: Fitch does not expect Bite to incur
significant capex for the launch of 5G services, as it has an
established mobile network while payments for spectrum are usually
extended over the long term. Its network-sharing joint venture with
Tele2 was cancelled due to the regulator's objection to full-
spectrum sharing, but Fitch believes it would not result in a
material increase in capex. Fitch forecasts Bite's capex at no more
than 10% of revenue in 2022-2025.

Strong Free Cash Flow Generation: Fitch projects strong
pre-dividend free cash flow (FCF) margin in high single digits to
low double digits, supported by an EBITDA margin of more than 30%
on service revenue, low taxes typical for the Baltics (which Fitch
projects to remain on average at below 3% of service revenue), and
fairly low capex.

Leverage Under Control: Fitch forecasts Bite's FFO gross leverage
at 5.3x at end-2022, comfortably below Fitch's 6.0x downgrade
trigger. Deleveraging will be supported by predominantly organic
revenue and EBITDA growth. Fitch assumes that most of the company's
pre-dividend FCF will be paid as dividends, given few significant
restrictions on shareholder distributions.

DERIVATION SUMMARY

Bite is significantly smaller in scale than most mobile and
telecoms peers with comparable ratings, but it is larger than
Melita Bidco Limited (B+/Stable), which operates in the small but
highly consolidated domestic market of Malta. Bite benefits from
operating in less congested three-operator mobile markets with no
significant mobile virtual network operator presence.

Bite is highly cash flow-generative, with a pre-dividend FCF margin
in high single digits, but it is more leveraged than most of its
higher-rated peers, such as Telenet Group Holding N.V. (BB-/Stable)
and eircom Holdings (Ireland) Limited (B+/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

-- Low single-digit mobile service revenue growth in 2022-2025;

-- Media revenue under pressure in 2022 with low single-digit
    growth in 2023-2025;

-- Mid-to-low single-digit revenue growth in broadband and pay-TV

    in 2022-2025;

-- Fitch-defined EBITDA margin at around 30%;

-- Taxes on average at below 3% of service revenue;

-- Capex not exceeding 10% of revenue in 2022-2025;

-- Around EUR20 million of cash on the balance sheet on average
    to cover operating needs, with all excess cash up-streamed as
    dividends.

Key Recovery Rating Assumptions

-- The recovery analysis assumes that Bite would be considered a
    going-concern in bankruptcy and that the company would be
    reorganised rather than liquidated;

-- A 10% administrative claim;

-- Fitch estimates a post-restructuring going-concern EBITDA of
    EUR100 million, which would be consistent with Bite generating

    positive pre-dividend FCF at below 5% of revenue;

-- Fitch uses an enterprise value (EV) multiple of 5.0x to
    calculate a post-reorganisation valuation;

-- Fitch calculates recovery prospects for the senior secured
    instruments at 55%, assuming Bite's super senior secured
    revolving credit facility (RCF) of EUR50 million is fully
    drawn, which implies a one-notch uplift from the company's IDR

    to arrive at 'B+' with a Recovery Rating of 'RR3' for the
    company's EUR725 million of senior secured debt.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- FFO gross leverage sustained below 5x (equivalent to about
    4.7x Fitch-defined gross debt / EBITDA);

-- Continued strong pre-dividend FCF generation, while
    maintaining competitive positions in Latvia and Lithuania.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- FFO gross leverage above 6x on a sustained basis (equivalent
    to about 5.7x Fitch-defined gross debt / EBITDA);

-- A significant reduction in pre-dividend FCF generation driven
    by competitive or regulatory challenges.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch views Bite's liquidity as
satisfactory. It primarily comprises its EUR50 million RCF, which
Fitch expects to be supplemented by EUR10 million-EUR20 million
cash on the balance sheet. This is likely to be sufficient to
address its operating needs and to cover small bolt-on
acquisitions. Refinancing risk is limited in the next few years as
all debt instruments, including both floating- and fixed-rate
senior secured notes, mature only in January 2026.

ISSUER PROFILE

Bite is a mobile-centric operator in Latvia and Lithuania with
growing broadband/pay-TV segments and substantial advertised-based
free-to-air TV revenue across the Baltics.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT             RATING                 RECOVERY   PRIOR
   ----             ------                 --------   -----
PLT VII Finance     
S.a r.l.            LT IDR   B     Affirmed            B

   senior secured   LT       B+    Affirmed    RR3     B+


SITEL GROUP: Majorel Group Transaction No Impact on Moody's B1 CFR
------------------------------------------------------------------
Moody's Investors Service said the announced merger of Sitel Group
S.A. ("Sitel", B1 stable) with Majorel Group Luxembourg S.A.
("Majorel", unrated), is a positive credit development for Sitel,
if it is completed as proposed. The combined companies will enhance
their technology and service capabilities while increasing scale,
making it the second largest global customer experience ("CX")
business process outsourcing company, with $6.4 billion pro forma
2021 revenue in the highly fragmented and competitive CX business
process outsourcing industry. However, the transaction will add
execution and integration risks, especially since Sitel is still
integrating the acquisition of Sykes Enterprises, Inc. ("Sykes")
which closed in September 2021. In addition, certain key merger and
financing terms remain to be determined. Therefore, Sitel's B1 CFR,
B1-PD probability of default rating, B1 senior secured debt ratings
and the stable outlook are unchanged at this time.

Moody's expects the merger to provide Sitel with long-term
strategic benefits, including an expanded geographic footprint
enabling Sitel greater flexibility in relocating services to lower
cost regions, more revenue stability by further diversifying across
industry end-markets and geographies, lower customer concentration,
and opportunities for acquisition synergies. Majorel's management
expects the combined company to generate run rate synergies of 100
million.

Despite the positives, some uncertainties remain around the
proposed merger. Sykes was a transformative acquisition that nearly
doubled Sitel's size. However, Sitel's management initially
identified $90 million run rate synergies to be realized over three
years, and the company has already achieved $68 million of
annualized synergies in 2022 and $11 million in 2021. Nonetheless,
the merger with Majorel will be occurring at a time that there is
already execution and integration risk. There is also some
uncertainty as to what the final capital structure of the company
would look like once the merger is completed.  While Sitel's
existing debt is expected to stay in place, it is unclear at this
time if Majorel will become an obligor or guarantor of Sitel's
existing debt. As part of the transaction, Majorel shareholders are
expected to receive a ?440 million cash distribution paid around
the closing date. Funding sources for the distribution are not
known at this time. Despite these uncertainties, Moody's
anticipates that debt-to-EBITDA will be reduced by about 1 turn if
the distribution is fully-debt funded, providing a stronger balance
sheet and enhanced financial flexibility. Sitel's current pro forma
adjusted debt-to-EBITDA is around 4.9x as of LTM March 31, 2022.

Majorel, a global provider of end-to-end CX solutions, is 40% owned
by Bertelsmann SE & Co. KGaA ("Bertelsmann", Baa2 stable). After
the transaction, Sitel's majority owner, the Creadev Investment
Fund, which is controlled by the Mulliez family of France, will own
a 44.9% equity stake of the combined entity.  The combined company
will be publicly listed on the Euronext Amsterdam Exchange with an
estimated free float of 8.8%. Major shareholders intend to increase
free float to at least 20% (to be further increased in the
medium-term) by placing pro-rata shares over time. The merger is
subject to Sitel and Majorel shareholder approvals, regulatory
clearances and other closing conditions and is expected to close in
the fourth quarter of 2022 or first quarter of 2023.

Sitel Group S.A, domiciled in Luxembourg but with a US-based
headquarters and management team based in Miami, Florida, is a
leading global provider of CX products and solutions. Pro-forma for
the Sykes acquisition, Sitel generated $4.3 billion revenue for LTM
March 31, 2022. The company is owned by the Creadev Investment Fund
(Creadev), which is controlled by the Mulliez family of France.


SITEL GROUP: S&P Puts 'BB-' ICR on Watch Pos. Amid Majorel Merger
-----------------------------------------------------------------
S&P Global Ratings placed all its ratings on Luxembourg-based
customer experience provider Sitel Group SA, including its 'BB-'
issuer credit and issue-level ratings, on CreditWatch with positive
implications.

Sitel and Majorel SA announced a non-binding agreement to combine
through a cash and stock merger. The combined entity would have
greater scale and geographic diversity than Sitel on a stand-alone
basis, and the transaction may result in reduced leverage under the
proposed terms.

S&P said, "We expect to resolve the CreditWatch after the
transaction closes, which we believe will be in the fourth quarter
of 2022 or first quarter of 2023. We could raise the ratings if we
believed that the merger materially improved our view of Sitel's
business or if we expected pro forma leverage to improve below 4x
on a sustained basis.

"The CreditWatch placement follows the company's announced merger
with Majorel SA. We expect the transaction to close in the fourth
quarter of 2022 or first quarter of 2023. Sitel's scale, operating
leverage, and geographic diversity will improve following the
transaction. Pro forma 2021 revenue for the combined companies was
EUR5.4 billion, and EBITDA could exceed EUR1 billion after EUR100
million of expected synergies. This would place the combined
business as one of the largest global customer experience
companies. Still, we believe the companies are only in the early
stages of their due diligence, and the level of synergies achieved
could differ from current expectations. In addition, the
transaction carries substantial integration and execution risks.
Sitel is less than a year removed from its transformational
acquisition of Sykes Enterprises, and the time and cost to
integrate and achieve synergies from the proposed merger with
Majorel could delay deleveraging on an S&P Global Ratings-adjusted
basis.

"Despite these risks, Sitel's pro forma credit measures would
likely improve under the proposed transaction. We had expected
Sitel's leverage to improve to the low- to mid-4x area in 2022 on a
stand-alone basis. Combining with Majorel adds minimal net debt,
including lease liabilities. The proposed terms include a EUR440
million cash distribution to Majorel shareholders. Even if financed
with incremental debt, Sitel's pro forma leverage could improve
below 4x on a sustained basis due to the incremental EBITDA from
Majorel, expected synergies, and good cash flow generation of the
combined business."

Following the merger, Sitel will own 56.1% of the combined company,
with existing Majorel shareholders holding a 43.9% stake. The
non-binding merger agreement provides exclusivity until the end of
September 2022, with a final binding agreement expected after the
companies complete their due diligence. In addition, the
transaction completion remains subject to board, shareholder, and
regulatory approvals.

CreditWatch

S&P said, "We expect to resolve the CreditWatch after the
transaction closes, which we believe will be in the fourth quarter
of 2022 or first quarter of 2023. We could raise the ratings if we
believed that the merger materially improved our view of Sitel's
business or if we expected pro forma leverage to improve below 4x
on a sustained basis."




=====================
N E T H E R L A N D S
=====================

DIAMOND (BC) BV: S&P Affirms 'B' ICR & Alters Outlook to Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer-credit rating on Diamond
(BC) B.V. (Diversey), and revised its outlook to stable from
positive.

S&P said, "The stable outlook reflects our expectation that while
near-term cost inflation will continue to weigh on credit metrics,
the company's aggressive pricing actions, new business wins, and a
continued global reopening, should support credit metrics in line
with our 'B' rating over the next one to two years.

"Inflationary cost pressures have delayed our expectation for
growth-driven deleveraging. Diversey has targeted double-digit
EBITDA growth over the long term, with higher earnings underpinned
primarily by share gains, new customer wins, and bolt-on
acquisitions. Earnings also stand to benefit from cost savings once
the company's Kentucky facility fully comes online in 2023 and from
a further progression in post-pandemic economic reopening, with
about $150 million of institutional food service and hospitality
demand yet to return to the business. However, substantial cost
inflation will continue to impact EBITDA in 2022. Management has
stated that it expects direct product costs to increase 28%
year-over-year. This is in addition to inflationary cost pressures
of 10% in third-quarter 2021 and 16% in fourth-quarter 2021. About
half of the company's raw materials, including polypropylene,
caustic soda, and ethylene are either directly or indirectly linked
to hydrocarbon prices. Despite the recent application of energy
surcharges and a targeted price increase of at least 8% for full
year 2022, we expect cost inflation will pressure earnings over the
coming quarters. The roll-off of one-time transformation and
restructuring costs, which we include in our EBITDA calculation,
should partially offset margin deterioration from higher raw
material costs. We now expect S&P Global Ratings-adjusted 2022
EBITDA will be similar to realized 2021 EBITDA and that S&P Global
Ratings- adjusted debt to EBITDA will remain above 5x over the next
two years.

"Downside risks to our forecast over the short term include further
cost inflation beyond our base case, weaker economic growth, a
softening in consumer demand, and execution risks related to the
company's expected pricing actions. Over the medium term the
company does have the potential to benefit from margin expansion if
raw material costs normalize, since pricing actions tend to be
sticky, and only about 20% of the company's price increases in 2022
are expected to be attributable to energy surcharges (which will
roll off if energy costs normalize).

"Financial policies remain supportive of our 'B' rating; however,
we do not expect substantial debt repayment over the next 12
months. Despite growth capex of about $30 million related to the
company's Kentucky facility buildout, we expect Diversey to
generate about $100 million of free cash flow (FCF) in 2022 versus
negative FCF in 2021. The company has also bolstered its liquidity
position via the monetization of derivative contracts, which
brought in $44 million of cash proceeds in the first quarter.
However, we expect the company will continue to prioritize growth
over debt repayment, with excess cash and internally generated free
cash flow used primarily to pursue accretive bolt-on acquisitions
and growth initiatives. The company did repay a substantial amount
of debt in 2021 (about $700 million) using proceeds from its IPO,
and simultaneously set a medium term net leverage target of 3x
company adjusted EBITDA. The company used the cash from its $215
million follow-on offering in November to improve liquidity and
directed proceeds toward acquisitions and capex, not further debt
repayment. Diversey has targeted about 2% per year in topline
growth via accretive M&A, although management has stated that it
will be more selective when reviewing opportunities in the short
term given the current market environment. While this may imply a
slowdown in the pace of M&A activity, we anticipate the company
will eventually direct the majority of its cash toward further
acquisitions in this highly fragmented market. We would view any
incremental debt repayment as positive for credit quality.

"The stable outlook reflects our view that Diversey's operating
performance and credit metrics should improve incrementally over
the remainder of 2022, as the company implements pricing actions
and energy surcharges to recover margin lost to rising raw material
costs. Earnings and credit metrics should also benefit from
marginal new business wins, a recovery in the company's
pandemic-affected institutional business, and the roll-off of
transformation/IPO-related costs and special charges. However,
given the dramatic increase in direct product costs and our
assumption for no material debt repayment, we now expect S&P Global
Ratings' weighted-average debt to EBITDA will remain in the 6x
range in 2022, before improving into the 5x range in 2023. For the
current 'B' rating, we expect weighted average debt to EBITDA of
between 5x-6x.

"We could take a negative rating action within the next 12 months
if Diversey continued to face elevated costs for key raw materials,
which could occur if hydrocarbon prices rose further, while the
company's pricing actions continued to lag persistent cost
pressures. We could also consider a negative rating action if
transformation and restructuring costs were higher than expected
and cost-reduction initiatives were unsuccessful in driving margin
improvement. Cost overruns or disruptions in transformation
efforts, including those related to the company's manufacturing and
warehouse facility buildout in Kentucky, could lead to lower
profitability than in our base-case forecast, as well as weaker
credit measures.

"We could consider a downgrade if, in a downside scenario, EBITDA
margins fell more than 200 basis points (bps) below our current
expectations, resulting in weighted-average debt to EBITDA
deteriorating to between 6.5x–7.5x. A negative rating action
would also be possible if, contrary to our current expectations,
the company were to pursue large debt-funded acquisitions or if
considerable unexpected cash outlays or business challenges reduced
the company's liquidity such that liquidity sources fell to less
than 1.2x uses.

"We could consider a positive rating action within the next year if
current raw material cost inflation begins to abate, or if the
company were able to successfully pass through price increases more
rapidly than we currently anticipate, while continuing to generate
positive free cash flow. In this scenario, we would expect margins
to expand as raw material costs normalized, while pricing remained
sticky, ultimately resulting in margins that were about 200 bps
above our current base-case forecast. We could also take a positive
rating action if the company repaid additional debt, improving
leverage metrics such that S&P Global Ratings-adjusted debt to
EBITDA fell below 5x on a weighted average basis. We would also
have to believe management was committed to sustaining debt to
EBITDA below 5x and that financial policies would support metrics
at those levels."

ESG credit indicators: E-2, S-2, G-3


EBN FINANCE: Fitch Affirms 'B' Unsecured Rating, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Ecobank Nigeria Limited's (ENG)
Long-Term Issuer Default Rating (IDR) at 'B-' with a Stable
Outlook. Fitch has also affirmed ENG's Viability Rating (VR) at
'b-' and National Long-Term Rating at 'BBB(nga)'.

KEY RATING DRIVERS

ENG's IDRs are driven by its standalone creditworthiness, as
expressed by its VR. The VR reflects the concentration of its
operations within Nigeria's challenging operating environment, high
credit concentrations, asset-quality weaknesses, modest
profitability and weak capitalisation in the context of these
risks. It also reflects a sizeable franchise and a healthy funding
and liquidity profile.

ENG's National Long-Term Rating of 'BBB(nga)' is constrained by the
bank's high credit concentrations, asset-quality weaknesses, modest
profitability and weak capitalisation in the context of these
risks.

Downside to Operating Conditions: Rising global risks will weaken
domestic operating conditions. Inflation (17.7% in May 2022) is
expected to remain stubbornly high, posing downside risks to
Fitch's real GDP growth forecasts of 3.1% and 3.3% in 2022 and
2023, respectively. However, downside risks are somewhat mitigated
by strong oil prices, which should also underpin growth in non-oil
sectors and banks' asset quality.

Subsidiary of Pan-African Group: ENG has moderate market shares of
Nigeria's banking sector assets (3.9% at end-2021). However, its
franchise benefits from being a subsidiary of Ecobank Transnational
Incorporated (ETI; B-/Stable), a large pan-African banking group
with operations spanning 33 countries across Sub-Saharan Africa
(SSA).

Heightened Risk Profile: Single-borrower credit concentration is
very high, with the 20-largest loans representing 288% of Fitch
Core Capital (FCC) at end-1H21. Oil and gas exposure, which is
weighted towards the higher-risk upstream segment, is the highest
in the banking sector (38% of gross loans at end-2021). Foreign
currency (FC) lending is also the highest (60% of net loans at
end-2021), leaving ENG's capital ratios more exposed to naira
devaluation risk than peers'.

High Impaired Loans to Decline: ENG's impaired loans (Stage 3 loans
under IFRS 9) ratio of 16% at end-2021 was higher than at peers but
has improved in recent years and is expected to decline further in
the short term. Stage 2 loans (24% of gross loans at end-2021)
remain high but are not expected to become impaired.

Weak Profitability: ENG has the weakest profitability of all
Nigerian commercial banks covered by Fitch. Weak profitability is
influenced by a narrow net interest margin (NIM) and high loan
impairment charges (LICs) that have accompanied asset-quality
issues in recent years. Fitch expects profitability to improve with
rising interest rates and lower LICs that accompany receding
asset-quality pressures.

Modest Capitalisation: ENG's FCC ratio declined to 17.9% at
end-2021 from 20.2% at end-2020, due to large other comprehensive
income (OCI) losses on government securities. ENG's total capital
adequacy ratio (CAR; 11.5% at end-2021) declined by 10% in 2021,
primarily as a result of ENG being required to book large
prudential provisions against restructured and impaired loans.
Capitalisation is modest in the context of high credit
concentration and market risks.

Improving Deposit Structure: Reliance on term-deposit funding (38%
of customer deposits at end-2021) is material but has decreased in
recent years and is expected to decrease further. Deposit
concentration is moderate. Liquidity coverage is healthy in both
local currency and FC. ENG's funding and liquidity profile benefits
from ordinary FC liquidity support from ETI.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A downgrade of the Long-Term IDR and VR would most likely result
from an impaired loans ratio exceeding 20% or reduced recovery
prospects for existing impaired loans that lead to operating losses
and a decline in the FCC ratio below 12%.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of the Long-Term IDR and VR would require an impaired
loans ratio sustainably below 5% as well as a significant
improvement in profitability and reduced credit concentrations
while maintaining acceptable capital ratios.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior unsecured debt issued through EBN Finance Company B.V. is
rated at the same level as ENG's Long-Term IDR, reflecting Fitch's
view that the likelihood of default on these obligations is the
same as the likelihood of default of the bank. The Recovery Rating
of these notes is 'RR4', indicating average recovery prospects.

Shareholder Support: ENG has a Shareholder Support Rating (SSR) of
'ccc+'. Fitch sees a high propensity in ETI to provide support
given ENG's importance to the parent's pan-African strategy as its
largest subsidiary (22% of group assets at end-2021) and its
presence in SSA's largest economy. However, ETI's ability to
provide extraordinary support is constrained by its own
creditworthiness and ENG's large size.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The senior unsecured debt rating is sensitive to a change in ENG's
Long-Term IDR.

A weakening in ETI's ability or propensity to provide support would
lead to a downgrade of the SSR. Reduced ability to provide support
would most likely be indicated by a downgrade of ETI's Long-Term
IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT         RATING                        RECOVERY    PRIOR
   ----         ------                        --------   -----

EBN Finance Company B.V.

   senior    LT          B-         Affirmed     RR4      B-
unsecured

Ecobank      LT IDR      B-         Affirmed              B-
Nigeria
Limited

             ST IDR      B          Affirmed              B

             Natl LT     BBB(nga)   Affirmed              BBB(nga)


             Natl ST     F2(nga)    Affirmed              F2(nga)

             Viability   b-         Affirmed              b-

             Shareholder ccc+       Affirmed              ccc+
             Support


IPD 3 BV: Moody's Hikes CFR to B2, Outlook Stable
-------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the corporate
family rating and to B2-PD from B3-PD the probability of default
rating of IPD 3 B.V. ("InfoPro Digital" or "InfoPro"), a leading
European B2B information provider and  organizer of tradeshows.
Concurrently, Moody's has upgraded to B2 from B3 the EUR500 million
guaranteed senior secured fixed rate notes and the EUR315 million
guaranteed senior secured floating rate notes borrowed by IPD 3
B.V. and due in December 2025. The outlook on all ratings is
stable.

"The upgrade to B2 reflects InfoPro's strong recovery in operating
performance over the past 12 months, after being hit by the
pandemic related disruptions in 2020," says Victor Garcia
Capdevila, a Moody's Vice President – Senior Analyst and lead
analyst for InfoPro Digital.

"Leverage reduced materially over the last 12 months on the back of
strong EBITDA growth, and we expect leverage to reduce further in
the absence of debt funded acquisitions. Despite a weakening
macroeconomic environment, we expect high revenue growth in 2022 as
tradeshow activity returns to pre-pandemic levels," adds Mr. Garcia
Capdevila.

RATINGS RATIONALE

InfoPro's operating performance in 2021 was strong, and despite
pandemic related operating disruptions, the company's revenue grew
by 23% year-on-year to EUR476 million (2020: EUR387 million),
exceeding pre-pandemic levels (2019: EUR443 million). This
improvement was driven by high revenue growth in Software, Data and
Leads (SD&L, +17%), Information and Insights (I&I, +14%) and
Tradeshow activity, which recovered strongly in Q4 2021, reaching
EUR40 million revenues compared to  EUR6 million in Q4 2020 and
EUR32 million in Q4 2019.

Moody's-adjusted EBITDA grew by EUR68 million in 2021, reaching
EUR155 million and exceeding pre-pandemic levels (2019: EUR128
million). The company's Moody's-adjusted EBITDA margin improved to
33% in 2021 compared to 23% in 2020 and 29% in 2019. This
profitability improvement was driven by disciplined cost
management, while price increases remained muted.

The company's Moody's-adjusted gross leverage reduced to 5.8x in
the last 12 months to March 2022 compared to 9.3x at the end of
2020. This improvement was driven by strong EBITDA growth rather
than a reduction in debt levels, as the company's Moody's-adjusted
gross debt remained broadly stable year-on-year at around EUR1.1
billion.

In the absence of debt funded acquisitions, Moody's base case
scenario assumes a further reduction in leverage to 5.2x in 2022
underpinned by small bolt-on acquisitions funded with existing cash
balances, mid-single digit organic growth in SD&L and I&I and a
full recovery in Tradeshows.

InfoPro's B2 rating reflects the company's leading position as a
niche operator in the European business-to-business (B2B)
information market; good revenue and earnings visibility; high
revenue share from subscription-related businesses; high customer
retention rates; relative resilience during economic downturns; a
solid and stable positive free cash flow generation (FCF) and a
good liquidity profile.

The rating also factors in the company's high Moody's-adjusted
gross leverage, its high business concentration in the construction
and automotive sectors and the execution risks associated with its
M&A-led growth strategy.

LIQUIDITY

InfoPro's liquidity profile is good. It is supported by a cash
balance of EUR97 million as of March 2022, full availability under
the EUR95 million committed revolving credit facility (RCF) and
expected positive FCF generation of around EUR38 million in 2022
and EUR45 million in 2023.

The company is subject to a springing covenant to be tested when
drawings under the RCF exceed 40% of the total. Adjusted EBITDA
shall be equal or greater than EUR75 million when this covenant is
tested.

The company benefits from a comfortable debt maturity profile with
no debt repayments until May 2025 and December 2025, when the
senior secured revolving credit facility and senior secured notes
mature, respectively.

STRUCTURAL CONSIDERATIONS

The B2 rating on the EUR815 million senior secured notes, in line
with InfoPro Digital's CFR, reflects the notes' second-priority
ranking in the company's capital structure, behind the senior
secured revolving credit facility and ahead of the EUR15 million
Bpi loan, in the waterfall of liabilities. The notes benefit from a
security package over shares, bank accounts, intercompany
receivables and certain intellectual property, and are guaranteed
by a group of subsidiaries, accounting for more than 75% of the
consolidated group's adjusted EBITDA. The B2-PD probability of
default rating, at the same level as the CFR, reflects Moody's
assumption of a 50% family recovery rate, as is customary for bond
and bank-debt capital structures. The company's capital structure
contains a EUR238 million shareholder loan accruing interest at a
rate of 9% and due in May 2026. This instrument receives 100%
equity credit under Moody's Hybrid Equity Credit methodology.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that InfoPro will
continue to grow organically and inorganically while maintaining
current profitability margins. While the current macroeconomic
environment is uncertain, the stable outlook assumes that the
company's performance will be fairly resilient and that its
leverage will remain in the lower part of the range for the B2
rating of between 4.75x and 6.0x, positioning the company strongly
in the category. It does not factor in any large debt funded
acquisitions and assumes at least an adequate liquidity profile at
all times.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward pressure on the ratings could develop over time if the
company's Moody's-adjusted gross leverage declines below 4.75x and
retained cash flow/net debt increases above 15%, both on a
sustained basis.

Downward pressure could build up if operating performance
deteriorates or debt funded M&A activity leads to an increase in
Moody's-adjusted gross leverage above 6.0x on a sustained basis.
Negative rating pressure could also arise if free cash flow
generation turns negative, weaking the company's liquidity
profile.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: IPD 3 B.V.

LT Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

BACKED Senior Secured Regular Bond/Debenture, Upgraded to B2 from
B3

Outlook Actions:

Issuer: IPD 3 B.V.

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

IPD 3 B.V. is a leading European business-to-business (B2B)
information provider focusing on industry-specific information
platforms. The company operates under three different business
segments: Software, Data and Leads; Information and Insights; and
Tradeshows. The company generated pro forma revenue of EUR499
million and pro forma adjusted EBITDA of EUR157 million in 2021.

InfoPro Digital is owned by funds advised by TowerBrook (73.8%),
the management team (21.6%) and Alcentra (4.6%).


JUBILEE PLACE 4: S&P Assigns CCC Rating on Cl. F-Dfrd Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Jubilee Place 4
B.V.'s class A loan and class B-Dfrd to X-Dfrd interest deferrable
notes.

Jubilee Place 4 is a RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) mortgage loans secured on properties located in
the Netherlands. This is the fourth Jubilee Place transaction,
following Jubilee Place 2020-1, 2021-1, and 3, which were also
rated by S&P Global Ratings.

The loans in the pool were originated by DNL 1 B.V. (DNL; 20.9%;
trading as Tulp), Dutch Mortgage Services B.V. (DMS; 63.5%; trading
as Nestr), and Community Hypotheken B.V. (Community; 15.7%; trading
as Casarion).

All three originators are new lenders in the Dutch BTL market, with
a very limited track record. However, the key characteristics and
performance to date of their mortgage books are similar with peers.
Moreover, Citibank N.A., London Branch, maintains significant
oversight in operations, and due diligence is conducted by an
external company, Fortrum, which completes an underwriting audit of
all the loans for each lender before a binding mortgage offer can
be issued.

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer granted security over all its assets in favor of the
security trustee.

Citibank retained an economic interest in the transaction in the
form of a vertical risk retention loan note accounting for 5% of
the pool balance at closing. The remaining 95% of the pool is
funded through the proceeds of the mortgage-backed rated notes and
class A loan amount.

S&P considers the collateral to be prime, based on the originators'
prudent lending criteria, and the absence of loans in arrears in
the securitized pool.

Credit enhancement for the rated debt consists of subordination
from the closing date and the liquidity reserve fund, with any
excess amount over the target being released to the principal
priority of payment.

The class A loan benefits from liquidity support in the form of a
liquidity reserve, and the class A loan and B-Dfrd through F-Dfrd
notes benefit from the ability of principal to be used to pay
interest, provided that, in the case of the class B-Dfrd to F-Dfrd
notes, they are the most senior class outstanding.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. It considers the issuer to be bankruptcy remote and
the legal framework to be compliant with its legal criteria.

  Ratings

  CLASS     RATING     CLASS SIZE (MIL. EUR)*

  A loan    AAA (sf)     302.3

  B-Dfrd    AA- (sf)      21.2

  C-Dfrd    A (sf)         9.7

  D-Dfrd    BBB- (sf)      7.1

  E-Dfrd    B- (sf)        8.8

  F-Dfrd    CCC (sf)       4.4

  X-Dfrd    NR             4.4

  S1        NR             N/A

  S2        NR             N/A

  R         NR             N/A

*As a percentage of 95% of the pool for the class A to X-Dfrd debt.

NR--Not rated.
N/A--Not applicable




===========
P O L A N D
===========

INPOST SA: Fitch Affirms Foreign and Local Currency IDR at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed InPost S.A. Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB' with a Stable
Outlook.

The rating reflects InPost's highly cash-generative business, its
strong domestic position in Poland, satisfactory execution of a
French business acquisition, high growth potential in the
e-commerce market and the company's disruptive technology, which
drives operational efficiency. The rating also reflects its small
scale, weak diversification relative to vertically integrated
peers' and high execution risk outside its home market in
introducing automatic parcel machine (APM) networks.

Fitch sees margin pressure in 2022 before being alleviated by
repricing. In the long term, Fitch views its competitive cost and
carbon footprint as providing the company with faster growth
potential than the overall industry.

KEY RATING DRIVERS

Deleveraging Delayed: Fitch expects a delay to InPost's
deleveraging due to a more aggressive roll-out of APM and lower
margin on the back of tougher economic conditions versus Fitch's
previous forecast. Fitch assumes Fitch-defined EBITDA (after
lease-related interest and depreciation) margin to drop further in
2022 to 20% before improving to around 23% (previous forecast 26%)
by 2024. Fitch believes the company's highly cash-generative
business will lead to rapid deleveraging, within its net
debt/EBITDA target of 2.0x-2.5x, which is consistent with the
current rating.

Short-term Challenges: Rising inflation, including in labour and
fuel, will weigh on margins and the economic slowdown of the
general economy may translate into slower volume growth. Consumers
returning to services such as dining and travelling as restrictions
are lifted is also a contributor to slowing e-commerce growth.
Fitch expects the company's margin will take an immediate hit from
higher operating cost, at least until repricing with its main
customers from 4Q22. However, in the long term, Fitch expects cost
pressure will accelerate the structural shift towards APM, away
from costlier to-door deliveries.

Polish Market Gain Continues: Fitch expects InPost to outperform
the wider parcel delivery market due to the structural shift away
from to-door deliveries. InPost is a clear leader in the Polish B2C
market where it continued to increase its market share to around
48% in 2021 (from 44% in 2020). Competition is growing in the APM
segment where its share of APMs fell to 87% in 2021 (2020: 98%),
but competitors' scale is far from being a threat. Fitch's view is
supported by a growing base of loyal and frequent customers and the
first-mover advantage that InPost enjoys. Customers who ordered at
least 12 parcels in 12 months increased to 45% in 2021 (2019:
27%).

Established Presence in France: InPost's well-established pick-up
and drop-off (PUDO) delivery business in France through Mondial
Relay SAS (MR) results in lower execution risk in France than other
international businesses including the UK, in Fitch's view. InPost
is looking to leverage on its APM technology to gradually shift
MR's predominantly PUDO delivery service offering towards its APM
business. MR is the second-biggest PUDO service company in France
after state-owned La Poste. Fitch expects some opportunity from the
B2C segment in partnership with larger merchants.

International to Break-even by 2024: Fitch expects InPost's
International business (excluding France) to break-even by 2024 - a
year later than Fitch's previous forecast. Fitch's revision is due
to the weaker economic outlook, its loss of partnership with Hermes
and existing competition from Amazon. Nonetheless, Fitch expects
InPost's UK focus on dense cities to establish their APM network
and partnership with major merchants to mitigate the execution risk
of rolling out the APM network.

Cross-border Synergy Gaining Traction: InPost's growing presence in
different markets has started to show the benefit of synergies. Its
disruptive technology leverages on accumulated data and experience
to improve their operational efficiency such as cost and delivery
times, which ultimately reduce execution risk. Management is
actively adapting a successful product offering such as 'label-less
returns' in Poland to other markets. Geographic expansion provides
flexibility in asset allocation and enhances ties with other
pan-European merchants, such as Vinted, Europe's largest C2C
fashion marketplace, with whom InPost has signed a five-year
pan-European agreement.

DERIVATION SUMMARY

Fitch assesses InPost's rating using Fitch's Generic Ratings
Navigator. Despite similarities in the nature of business,
comparability with other global logistics operators such as
Deutsche Post AG (DP, BBB+/Positive) or La Poste S.A. (A+/Stable)
is limited. This is due to InPost's significantly smaller scale,
weak international presence and lack of service-offering
diversification, which is offset by its dominant market position
and disruptive technology, the latter of which is a potential
threat to bigger operators.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

-- The one-month Warsaw interbank offered rate at an average of
    7.2% in 2022-2025;

-- InPost's volume to continue to grow at 15%-23% during 2022-
    2025 on the back of network expansion and fast-growing e-
    commerce;

-- International business to gain momentum and break-even by
    2024;

-- Capex (including maintenance capex) on average PLN1,100
    million annually over 2022-2025.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Funds from operations (FFO) net leverage below 2.3x or net
    debt/Fitch-defined EBITDA (after lease) below 2.0x on a
    sustained basis, supported by a more conservative financial
    policy;

-- Successful implementation of its international expansion
    strategy supporting growth and diversification.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Negative free cash flow (FCF) through the cycle due to lower
    operating margin, high dividend pay-outs or new acquisitions;

-- FFO net leverage above 3.0x or net debt/Fitch-defined EBITDA
    (after lease) above 2.7x on a sustained basis;

-- FFO interest coverage below 3.0x or operating EBITDA/interest
    paid below 3.5x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

No Refinancing Risk Until 2026: In January 2021, InPost entered
into senior facilities agreement for a PLN1,950 million term loan
and a PLN800 million revolving credit facility, which can be drawn
in multi-currencies. It has no material maturities due until 2026
other than lease-related repayments. Fitch expects the company to
be FCF-neutral-to-positive to 2025.

ISSUER PROFILE

InPost is a leading parcel delivery service in Poland, providing
package delivery services through its nationwide network of
'locker-type' APM as well as to-door delivery and fulfilment
services.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                RATING                             PRIOR
   ----                ------                             -----
InPost S.A.           LT IDR      BB          Affirmed    BB

                      LC LT IDR   BB          Affirmed    BB

                      Natl LT     BBB(pol)    Affirmed    BBB(pol)


   senior unsecured   LT          BB          Affirmed    BB




===========
R U S S I A
===========

[*] RUSSIA: On Brink of Default as Payment Deadline Expires
-----------------------------------------------------------
Karin Strohecker at Reuters reports that Russia edged closer to
default on Sunday, June 26, amid little sign that investors holding
its international bonds had received payment, heralding what would
be the nation's first default in decades.

Russia has struggled to keep up payments on US$40 billion of
outstanding bonds since its invasion of Ukraine on Feb. 24, which
provoked sweeping sanctions that have effectively cut the country
out of the global financial system and rendered its assets
untouchable to many investors, Reuters relates.

The Kremlin has repeatedly said there are no grounds for Russia to
default but is unable to send money to bondholders because of
sanctions, accusing the West of trying to drive it into an
artificial default, Reuters notes.

The country's efforts to swerve what would be its first major
default on international bonds since the Bolshevik revolution more
than a century ago hit an insurmountable roadblock when the U.S.
Treasury Department's Office of Foreign Assets Control (OFAC)
effectively blocked Moscow from making payments in late May,
Reuters recounts.

"Since March we thought that a Russian default is probably
inevitable, and the question was just when," Dennis Hranitzky, head
of sovereign litigation at law firm Quinn Emanuel, told Reuters.
"OFAC has intervened to answer that question for us, and the
default is now upon us."

While a formal default would be largely symbolic given Russia
cannot borrow internationally at the moment and doesn't need to
thanks to rich oil and gas revenue, the stigma would probably raise
its borrowing costs in future., Reuters states

The payments in question are US$100 million in interest on two
bonds, one denominated in U.S. dollars and another in euros, Russia
was due to pay on May 27, Reuters discloses.  The payments had a
grace period of 30 days, which was set to expire on Sunday, June
26, Reuters states.

According to Reuters, Russia's finance ministry said it made the
payments to its onshore National Settlement Depository (NSD) in
euros and dollars, adding it has fulfilled obligations.

However, it is unlikely that funds will find their way to many
international holders, Reuters says.  For many bondholders, not
receiving the money owed in time into their accounts constitutes a
default, according to Reuters.

With no exact deadline specified in the prospectus, lawyers say
Russia might have until the end of the following business day to
pay the bondholders, Reuters notes.




=========
S P A I N
=========

CAIXABANK PYMES 11: Moody's Raises Rating on Class B Notes to B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Series B Notes
in CAIXABANK PYMES 11, FONDO DE TITULIZACION. The rating action
reflects stable collateral performance observed and further
deleveraging of the outstanding senior Notes.

EUR2131.5M (current outstanding balance EUR907.8M) Series A Notes,
Affirmed Aa1 (sf); previously on Sep 14, 2021 Upgraded to Aa1 (sf)

EUR318.5M Series B Notes, Upgraded to B2 (sf); previously on Sep
14, 2021 Affirmed Caa1 (sf)

CAIXABANK PYMES 11, FONDO DE TITULIZACION is a static
securitization of loans and current draw-downs under mortgage lines
of credit granted by CaixaBank, S.A. to small and medium-sized
enterprises (SMEs) and self-employed individuals.

RATINGS RATIONALE

The rating action is prompted by the stable collateral performance
observed and further deleveraging of the outstanding senior Notes.

The credit enhancement for Class A Notes on CAIXABANK PYMES 11,
FONDO DE TITULIZACION has increased to 31.1% from 25.3% since the
last rating action. However, this class is impacted by a maximum
achievable rating of Aa1 (sf) for structured finance transactions
in Spain, driven by the corresponding local currency country
ceiling of the country.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has continued to be stable since
last rating action in September 2021. Total delinquencies have
increased in the past year, with 90 days plus arrears currently
standing at 1.66% of current pool balance. Cumulative defaults
currently stand at 1% of original pool balance up from 0.47% a year
earlier.

For CAIXABANK PYMES 11, FONDO DE TITULIZACION, the current default
probability is 9.5% of the current portfolio balance and the
assumption for the fixed recovery rate is 37%. Moody's has
decreased the CoV to 48.1% from 48.5%, which, combined with the
revised key collateral assumptions, corresponds to a portfolio
credit enhancement of 20%.

Counterparty Exposure

The rating actions took into consideration the Notes' exposure to
relevant counterparties, such as a servicer or account banks.

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating SME Balance Sheet Securitizations' published in
July 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the Notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


FOODCO BONDCO: Moody's Affirms Caa2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook on the ratings of Foodco Bondco, S.A.U. ("Telepizza" or
"the company"), the parent company of Spanish pizza delivery
operator Food Delivery Brands (formerly known as Telepizza).
Concurrently, Moody's has affirmed the company's Caa2 corporate
family rating, its Caa2-PD probability of default rating and the
Caa2 rating on the EUR335 million senior secured notes due 2026
issued by Foodco Bondco, S.A.U.

"The outlook change to stable from positive reflects the slower
than initially expected improvement in the group's credit profile,
owing to the surge in raw materials and energy costs as well as
supply chain disruptions. These increase the company's operational
challenges and create uncertainties on the pace of deleveraging,
removing upward pressure on the rating at this point," says
Valentino Balletta, a Moody's Analyst and lead analyst for
Telepizza.

"In addition, sustained negative free cash flow generation owing to
high capital spending related to store refurbishments and new
openings will further strain liquidity over the next 12 to 18
months," adds Mr. Balletta.

RATINGS RATIONALE

The outlook change to stable from positive reflects Moody's
expectation that a potential improvement in Telepizza's credit
metrics that would support higher ratings will be delayed by at
least 12 to 18 months. While the company's debt matures in
2025/2026, this delay in performance improvement coupled with a
potential increase in interest rates may make more difficult the
refinancing of the capital structure at maturity.

Moody's expects that the headwinds stemming from the substantial
increase in input costs, including raw materials, transport and
energy prices, as well as potential supply chain disruptions, will
further delay the improvement in earnings. Moody's expects the
company to report a Moody's adjusted EBITDA of EUR58 million in
2022, broadly in line with 2021, and around EUR66 million in 2023,
which will result in a higher than anticipated leverage ratio of 9x
in 2022  and 7.9x in 2023.

Despite the ongoing improvement in operating performance from the
low base reached during the pandemic, Telepizza's earnings are
expected to remain subdued and below pre pandemic levels, with
limited improvement expected in the next 12 to 18 months, given the
ongoing pressures stemming from the rise in inflation. This rise
mainly affects ingredients, such as cheese, meat products and
dough, as well as wages. Although Moody's expects that the company
should be able to pass through most of the higher costs to
customers and franchisees, lower consumer confidence and continued
erosion of consumer purchasing power will lead to subdued
consumption, posing additional risks to margins.

More positively, the agreement with Yum! Brands Inc. in 2021 to
amend certain terms and targets of the companies' strategic
alliance to develop the Pizza Hut brand, gives the company more
flexibility to adjust its network of restaurants and modulate its
capital spending programme to preserve liquidity if needed. While
Moody's expects that the company will focus on preserving margins
and liquidity by transferring incremental costs to franchisees and
consumers, and adapting its expansion plan accordingly, a
protracted deterioration in the company's operating performance
will further strain liquidity.

The Caa2 rating continues to reflect (1) the company's high
financial leverage, with its estimated Moody's-adjusted (gross)
debt/EBITDA remaining at 9x as of year-end 2022; (2) the intense
competition with other pizza and non-pizza delivery operators and
substitute products, particularly in Spain; (3) its exposure to
foreign-currency fluctuations in Latin America, raw material prices
and cost inflation as well as continued erosion of consumer
purchasing power, which creates the potential for earnings
volatility; (4) and sustained negative free cash flow (FCF)
generation, which keeps straining liquidity.

Telepizza's credit profile remains supported by (1) its strong
brand awareness and position as the number one competitor in the
pizza delivery market in Spain, Portugal and a number of Latin
American countries; (2) the growth and diversification potential
stemming from its strategic alliance with Yum! Brands Inc.; and (3)
its asset-light and vertically integrated business model, which
enhances the resilience of its profit margin.

LIQUIDITY

Telepizza's liquidity is currently adequate, supported by the EUR39
million of cash on balance sheet as of March 2022 and the EUR23
million second tranche of committed equity from its shareholders.

Nevertheless, sustained negative FCF generation in the range of
EUR20 million-EUR30 million per year through 2023, the fully drawn
revolving credit facility (RCF) of EUR45 million due in 2026 and
the use of reverse factoring, access to which may be curtailed if
credit quality further deteriorates, will strain liquidity to a
point that it becomes increasingly tight over the next 12 to 18
months.

STRUCTURAL CONSIDERATIONS

The Caa2 rating of the EUR335 million 6.25% senior secured notes
due 2026 issued by Foodco Bondco, S.A.U. is in line with the CFR,
reflecting the fact that they represent most of the company's
financial debt. However, the notes are subordinated to the EUR45
million super senior RCF due 2026, which is currently fully drawn.
The senior secured notes and the super senior RCF share the same
security package, with the RCF benefitting from priority claim on
enforcement proceeds. The notes and the RCF also benefit from
guarantees provided by operating subsidiaries of the group. The
security package comprises pledges over the shares of notes' issuer
and guarantors, bank accounts and intragroup receivables. The EUR40
million bilateral loans due in November 2025 rank pari passu with
the notes.

The Caa2-PD PDR reflects Moody's assumption of a 50% family
recovery rate, in line with the rating agency's standard approach
for capital structures that include both bonds and bank debt.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company's
operating performance will be broadly flattish in 2022, with a
modest improvement in 2023, while its liquidity will get tighter
though remaining adequate.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Although not likely in the near term, the ratings could be upgraded
in the event of (1) a substantial improvement in operating
performance, allowing the company to de-lever more quickly than
anticipated, so that its credit metrics return to sustainable
levels; and (2) an improvement of its liquidity profile.

Telepizza's ratings could be downgraded if its financial
performance further deteriorates resulting in weakening credit
metrics and liquidity, leading to increased risk of default, with
potential recoveries being lower than those assumed in the current
Caa2 rating.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Foodco Bondco, S.A.U.

Probability of Default Rating, Affirmed Caa2-PD

LT Corporate Family Rating, Affirmed Caa2

Senior Secured Regular Bond/Debenture, Affirmed Caa2

Outlook Actions:

Issuer: Foodco Bondco, S.A.U.

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurants
published in August 2021.

COMPANY PROFILE

Founded in 1987 and headquartered in Madrid, Telepizza is a leading
pizza delivery operator, with operations concentrated mainly in
Spain, Portugal and Latin America. Following its alliance with Yum!
Brands Inc., effective since December 2018, Telepizza has become
the exclusive master franchisee of the Pizza Hut brand in Latin
America (excluding Brazil), the Caribbean, Spain, Portugal and
Switzerland.

As of March 31, 2022, Telepizza had a network of 2,555 stores,
including 1,380 stores under the Telepizza brand and 1,175 stores
under the Pizza Hut brand. For the last twelve-month as of March
2022, the company reported revenue of EUR400 million and
company-adjusted EBITDA of EUR50 million (both numbers excluding
the effect of IFRS16). Telepizza is majority owned by funds advised
by private equity firm KKR, which hold a 84.3% stake in the
company.


JOYE MEDIA: Moody's Puts 'Caa2' CFR on Review for Upgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the Caa2
corporate family rating of Joye Media S.L., the parent entity above
the restricted group that owns Imagina Media Audiovisual, S.L., a
leading global integrated international sports, media and
entertainment group.

Concurrently, Moody's has placed on review for upgrade the ratings
of the EUR300 million backed senior secured first lien term loan
(TLA), the EUR380 million backed senior secured term loan (TLB) and
the EUR60 million backed senior secured revolving credit facility
issued by Invictus Media S.A. ("Invictus") and Imagina. Moody's has
also placed on review for upgrade the ratings of the EUR180 million
backed senior secured second lien facility issued by Invictus. The
outlook was changed to ratings under review from negative for all
entities.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

Moody's has placed Joye's ratings on review for upgrade following
the announcement on June 8, 2022 [1] of the agreement reached by
the company and its creditors to refinance its financial debt. The
agreement includes a EUR620 million capital increase, subscribed by
the company's majority shareholder, Southwind Group, with the
majority of these funds earmarked to repay debt.

The equity injection is a financial policy/governance consideration
under Moody's General Principles for Assessing Environmental,
Social and Governance Risks Methodology for assessing ESG risks.

The review process will focus on the analysis of the terms and
conditions of the refinancing, as well as the company's strategy
and growth expectations following the implementation of a more
sustainable capital structure. The process is subject to the
satisfactory review of the annual audited accounts for the years
2020 and 2021, which have not yet been published.

Prior to placing the ratings on review, Moody's said that upward
pressure on the ratings could arise if a more sustainable financial
structure is put in place and the company restores its liquidity.

Prior to placing the ratings on review, Moody's said that downward
rating pressure could materialise if recovery prospects for
creditors are lower than those assumed in the Caa2 CFR and the Caa1
first lien instrument ratings.

LIST OF AFFECTED RATINGS

On Review for Upgrade:

Issuer: Joye Media S.L.

Probability of Default Rating, Placed on Review for Upgrade,
currently Ca-PD

LT Corporate Family Rating, Placed on Review for Upgrade,
currently Caa2

Issuer: Imagina Media Audiovisual, S.L.

BACKED Senior Secured Bank Credit Facility, Placed on Review for
Upgrade, currently Caa1

Issuer: Invictus Media S.A.

BACKED Senior Secured Bank Credit Facility, Placed on Review for
Upgrade, currently C

BACKED Senior Secured Bank Credit Facility, Placed on Review for
Upgrade, currently Caa1

Outlook Actions:

Issuer: Joye Media S.L.

Outlook, Changed To Ratings Under Review From Negative

Issuer: Imagina Media Audiovisual, S.L.

Outlook, Changed To Ratings Under Review From Negative

Issuer: Invictus Media S.A.

Outlook, Changed To Ratings Under Review From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

Joye Media S.L. (Joye) is the ultimate holding company of Imagina
Media Audiovisual, S.L. (Imagina), a leading integrated
international media group with operations in sports rights
management, audiovisual services and content production. It is
present in more than 150 countries and employs more than 6,600
people. In 2021, Joye reported revenue and normalised EBITDA of
EUR1.2 billion and EUR168 million, respectively.


MADRID RMBS I: Moody's Ups Rating on EUR34MM Class D Notes to Caa1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 8 notes and
affirmed the ratings of 4 notes in MADRID RMBS I, FTA, MADRID RMBS
II, FTA and MADRID RMBS III, FTA. The upgrades reflect increased
level of credit enhancement for the affected Notes.

Issuer: MADRID RMBS I, FTA

EUR1340M Class A2 Notes, Affirmed Aa1 (sf); previously on Nov 27,
2020 Affirmed Aa1 (sf)

EUR70M Class B Notes, Upgraded to Aa1 (sf); previously on Nov 27,
2020 Upgraded to Aa2 (sf)

EUR75M Class C Notes, Upgraded to Baa1 (sf); previously on Nov 27,
2020 Upgraded to Ba1 (sf)

EUR34M Class D Notes, Upgraded to Caa1 (sf); previously on Nov 27,
2020 Upgraded to Caa3 (sf)

Issuer: MADRID RMBS II, FTA

EUR270M Class A3 Notes, Affirmed Aa1 (sf); previously on Nov 27,
2020 Affirmed Aa1 (sf)

EUR63M Class B Notes, Upgraded to Aa1 (sf); previously on Nov 27,
2020 Upgraded to Aa2 (sf)

EUR67.5M Class C Notes, Upgraded to Baa1 (sf); previously on Nov
27, 2020 Upgraded to Ba1 (sf)

EUR30.6M Class D Notes, Upgraded to Caa1 (sf); previously on Nov
27, 2020 Upgraded to Caa3 (sf)

Issuer: MADRID RMBS III, FTA

EUR1575M Class A2 Notes, Upgraded to Aa1 (sf); previously on Nov
27, 2020 Upgraded to Aa3 (sf)

EUR497M Class A3 Notes, Upgraded to Aa2 (sf); previously on Nov
27, 2020 Upgraded to Aa3 (sf)

EUR55.5M Class B Notes, Affirmed B2 (sf); previously on Nov 27,
2020 Affirmed B2 (sf)

EUR90M Class C Notes, Affirmed Caa1 (sf); previously on Nov 27,
2020 Upgraded to Caa1 (sf)

Moody's affirmed the ratings of the Classes of Notes that had
sufficient credit enhancement to maintain their current ratings.

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrades of the ratings of the Notes are prompted by the
increase in credit enhancement for the affected tranches. For
instance, the credit enhancement of Classes A2, B, C and D in
MADRID RMBS I, FTA increased to 42.95%, 28.50%, 13.01% and 5.98%
from 38.66%, 25.57%, 11.54% and 5.18% respectively since a year
ago. In MADRID RMBS II, FTA the credit enhancement of classes A3,
B, C and D increased to 44.86%, 29.86%, 13.79% and 6.50% from
39.99%, 26.46%, 11.97% and 5.40% respectively since a year ago. In
MADRID RMBS III, FTA the credit enhancement of classes A2, A3, B
and C increased to 83.92%, 28.06%, 21.83% and 11.71% from 76.65%,
25.31%, 19.58% and 10.28% respectively since a year ago.

Key Collateral Assumptions

As part of the rating actions, Moody's reassessed its lifetime loss
expectations for the portfolios reflecting their collateral
performance to date.

The performance of the transactions continued to be stable since
the last rating actions. Cumulative defaults remained largely
unchanged over the past year and are at 19.99% for MADRID RMBS I,
FTA , 21.44% for MADRID RMBS II, FTA and 23.22% for MADRID RMBS
III, FTA as a percentage of the original pool balance.

Moody's maintained its expected loss assumption for MADRID RMBS I,
FTA at 11.60%, MADRID RMBS II, FTA at 12.45% and MADRID RMBS III,
FTA at 13.65% as a percentage of the original pool balance.

Moody's also assessed loan-by-loan information as part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
for MADRID RMBS I, FTA at 18.00%, for MADRID RMBS II, FTA at 18.00%
and for MADRID RMBS III, FTA at 20.00%.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
February 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in the Notes'
available credit enhancement; (3) improvements in the credit
quality of the transaction counterparties; and (4) a decrease in
sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.


PEPPER IBERIA 2022: DBRS Finalizes BB(high) Rating on Class E Notes
-------------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of notes issued by Pepper Iberia Unsecured 2022
DAC (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)

DBRS Morningstar did not assign a rating to the Class J Notes also
issued in this transaction.

The ratings of the Class A Notes and the Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date. The ratings of the
Class C Notes, Class D Notes, and Class E Notes address the
ultimate repayment of interest (timely when most senior) and the
ultimate repayment of principal by the legal final maturity date.

The transaction is a securitization of fixed-rate, unsecured,
amortizing consumer loans granted to individuals domiciled in Spain
by Pepper Finance Corporation S.L.U. (the originator).

The ratings are based on the following analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement;

-- Credit enhancement levels sufficient to support DBRS
Morningstar's projected cumulative net loss assumptions under
various stressed scenarios;

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes;

-- DBRS Morningstar's operational risk review of the originator's
capabilities with regard to originations, underwriting, and
servicing;

-- The transaction parties' financial strength regarding their
respective roles;

-- The credit quality, diversification of the collateral, and
historical and projected performance of the originator's
portfolio;

-- DBRS Morningstar's sovereign rating on the Kingdom of Spain,
currently at "A" with a Stable trend; and

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

TRANSACTION STRUCTURE

The transaction has a scheduled 24-month revolving period. During
the revolving period, the originator may offer additional
receivables that the Issuer will purchase, provided that the
eligibility criteria and concentration limits set out in the
transaction documents are satisfied. The revolving period may end
earlier than scheduled if certain events occur, such as the breach
of performance triggers, insolvency of the originator, or
replacement of the servicer.

The transaction allocates collections in separate interest and
principal priorities of payments and benefits from an amortizing
reserve of EUR 3,638,250 at closing. The cash reserve would be
replenished in the transaction interest waterfalls and amortize to
the target amount of 1.75% of the Class A, Class B, Class C, and
Class D Notes during the redemption period without a floor. The
reserve was initially funded with the proceeds of the Class J Notes
and can be used to cover senior expenses and interest payments of
the most senior class among the Class A, Class B, Class C, and
Class D Notes. The remaining cash reserve at the full repayment of
the Class D Notes would become part of principal available funds.

The transaction also benefits from a principal deficiency ledger
mechanism to capture excess spread to cure principal deficiencies.
Principal funds can also be reallocated to cover senior expenses
and interest payments on the most senior class of the rated notes
(including the Class E Notes) if the interest collections and
reserve are not sufficient.

At the end of the revolving period, the notes will be repaid on a
fully sequential basis.

The interest rate risk is expected to be largely mitigated by an
interest rate cap arrangement provided by J.P. Morgan SE.

COUNTERPARTIES

Citibank Europe plc is the account bank for the transaction. DBRS
Morningstar has a Long-Term Issuer Rating of AA (low) on Citibank
Europe. The transaction documents contain downgrade provisions
relating to the account bank consistent with DBRS Morningstar's
criteria.

J.P. Morgan SE is the cap counterparty for the transaction. DBRS
Morningstar has a private rating on J.P. Morgan SE, which meets its
criteria to act in such capacity. DBRS Morningstar notes that the
downgrade provisions in the transaction documents are not fully
consistent with its criteria and it will monitor the transaction
based on its rating of J.P. Morgan SE or its replacement.

Notes: All figures are in euros unless otherwise noted.


RURAL HIPOTECARIO I: Moody's Hikes Rating on Class D Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Notes in
RURAL HIPOTECARIO GLOBAL I, FTA and TDA TARRAGONA 1, FTA. The
upgrades reflect increased level of credit enhancement for the
affected Notes. The upgrades also reflect better than expected pool
performance for TDA TARRAGONA 1, FTA.

Issuer: RURAL HIPOTECARIO GLOBAL I, FTA

EUR1008.1M Class A Notes, Affirmed Aa1 (sf); previously on Feb 17,
2020 Affirmed Aa1 (sf)

EUR36.3M Class B Notes, Upgraded to A3 (sf); previously on Feb 17,
2020 Affirmed Baa1 (sf)

EUR8M Class C Notes, Upgraded to Ba1 (sf); previously on Feb 17,
2020 Affirmed Ba2 (sf)

EUR12.8M Class D Notes, Upgraded to Ba3 (sf); previously on Feb
17, 2020 Upgraded to B2 (sf)

Issuer: TDA TARRAGONA 1, FTA

EUR359.7M Class A Notes, Affirmed Aa1 (sf); previously on Aug 2,
2021 Affirmed Aa1 (sf)

EUR11.1M Class B Notes, Affirmed Aa1 (sf); previously on Aug 2,
2021 Upgraded to Aa1 (sf)

EUR11.9M Class C Notes, Upgraded to Aa2 (sf); previously on Aug 2,
2021 Upgraded to A2 (sf)

Moody's affirmed the ratings of the Classes of Notes that had
sufficient credit enhancement to maintain their current ratings.

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrades of the ratings of the Notes are prompted by the
increase in credit enhancement for the affected tranches and, for
TDA TARRAGONA 1, FTA by the better than expected collateral
performance. For instance, the credit enhancement of Classes  B, C
and D in RURAL HIPOTECARIO GLOBAL I, FTA increased to 10.27%, 8.69%
and 6.16% from 8.99%, 7.49% and 5.09% respectively since a year
ago. In TDA TARRAGONA 1, FTA the credit enhancement of Class C
increased to 11.35% from 10.25% since the previous rating action.

Key Collateral Assumptions

As part of the rating actions, Moody's reassessed its lifetime loss
expectations and recovery rates for the portfolios reflecting their
collateral performance to date.

The performance of the transactions continued to be stable since
the last rating actions. Cumulative defaults remain largely
unchanged in the past year and are as follows across the
transactions: RURAL HIPOTECARIO GLOBAL I, FTA currently at 2.31%
and TDA TARRAGONA 1, FTA currently at 14.08% as a percentage of the
original pool balance. In addition, the anticipated increase in
defaults by borrowers who benefited from the payment holiday
schemes has not materialized.

Moody's maintained its expected loss assumption for RURAL
HIPOTECARIO GLOBAL I, FTA at 1.13%, and revised the expected loss
assumption for TDA TARRAGONA 1, FTA to 7.10% from 8.63% as a
percentage of the original pool balance. The revised expected loss
is 2.28% of the current pool balance (as of March 2022 interest
payment date).

Moody's also assessed loan-by-loan information as part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
of RURAL HIPOTECARIO GLOBAL I, FTA at 8.90% and decreased the MILAN
CE assumption of TDA TARRAGONA 1, FTA to 10.0% from 13.0%.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
February 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in the Notes'
available credit enhancement; (iii) improvements in the credit
quality of the transaction counterparties; and (iv) a decrease in
sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.




===========================
U N I T E D   K I N G D O M
===========================

4D PHARMA: Goes Into Administration, Share Trading Suspended
------------------------------------------------------------
4D pharma plc, a pharmaceutical company leading the development of
Live Biotherapeutic products (LBPs), a novel class of drug derived
from the microbiome, provided an update to the announcement
released earlier on June 24 regarding the Company's request for an
immediate suspension of trading in the Company's ordinary shares on
AIM which took effect from 12:30 p.m. (London).

On July 29, 2021, the Company announced that it had agreed a senior
secured credit facility (the "Facility") for up to US$30 million
with Oxford Finance LLC ("Oxford"), with an initial tranche of
US$12.5 million drawn at closing and further tranches available
dependent on the achievement of certain milestones.

The Board has been exploring opportunities to secure additional
funding for the Company in recent months, however this has proved
challenging but significant progress had been made, despite the
very difficult prevailing market conditions.  The Board had made
Oxford aware of this and discussed a potential funding alternative
on the evening of June 23 and on the morning of June 24, Oxford
demanded immediate repayment of the outstanding loans made to the
Company, which currently total approximately US$13.86 million,
inclusive of accrued interest and associated fees.  The Company is
not able to make that immediate repayment from its existing cash
resources and with no immediate certainty of how that repayment
could be made, the Board requested that trading in the ordinary
shares be immediately suspended pending clarification of the
Company's financial position.

Subsequent to the suspension, the Board was informed that Oxford
had instructed that the Company be placed into administration, in
accordance with the terms of the Facility.  Accordingly, James
Clark and David Pike of Interpath Advisory have been appointed as
joint administrators to 4D pharma plc (the "Joint Administrators").
For the avoidance of doubt, the following wholly owned
subsidiaries of the Company have not been placed into
administration: 4D Pharma Research Limited, 4D Pharma Cork Limited,
4D Pharma León S.L.U. and 4D Pharma Delaware Incorporated.

The Board intends to work with the Joint Administrators on
proposals to rescue the Company as a going concern, albeit there
can be no guarantee that this will be successful.

Further announcements will be made as applicable.

                       About 4D pharma

4D pharma (AIM: DDDD, Nasdaq: LBPS) is a world leader in the
development of Live Biotherapeutics, a novel and emerging class of
drugs, defined by the FDA as biological products that contain a
live organism, such as a bacterium, that is applicable to the
prevention, treatment or cure of a disease.  4D pharma has
developed a proprietary platform, MicroRx(R), that rationally
identifies Live Biotherapeutics based on a deep understanding of
function and mechanism.


AURIUM CLO X: Fitch Assigns B- Rating to Class F Debt
-----------------------------------------------------
Fitch Ratings has assigned Aurium CLO X DAC final ratings.

   DEBT         RATING
   ----         ------

Aurium CLO X DAC

A-1          LT    AAAsf    New Rating

A-2          LT    AAAsf    New Rating

B            LT    AAsf     New Rating

C            LT    Asf      New Rating

D            LT    BBB-sf   New Rating

E            LT    BB-sf    New Rating

F            LT    B-sf     New Rating

SUB Notes    LT    NRsf     New Rating

TRANSACTION SUMMARY

Aurium CLO X Designated Activity Company is a securitisation of
mainly senior secured obligations (at least 90%) with a component
of corporate rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. Net proceeds from the note issuance
have been used to fund a portfolio with a target size of EUR400
million. The portfolio manager is Spire Management Limited. The
collateralised loan obligation (CLO) envisages a five-year
reinvestment period and a nine-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.6.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.1%.

Diversified Portfolio (Positive): The transaction includes four
Fitch matrices, with two effective at closing. These correspond to
a top 10 obligor concentration limit of 23%, with two fixed-rate
asset limits of 15% and 7.5%, and a nine-year WAL. The other two,
which correspond to an eight-year WAL with the same top 10 obligor
concentration limit and fixed-rate asset limits at closing, can be
selected by the manager at any time one year after closing as long
as the portfolio balance (including defaulted obligations at Fitch
collateral value) is above target par.

The transaction also includes various concentration limits,
including the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a five-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash flow Modelling (Positive): The WAL used for the transaction
stress portfolio is 12 months less than the WAL covenant, to
account for strict reinvestment conditions after the reinvestment
period, including the OC tests and Fitch 'CCC' limit passing
together with a linearly decreasing WAL covenant. In the agency's
opinion, these conditions reduce the effective risk horizon of the
portfolio during stress periods.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of up to four notches across the
structure.

Downgrades may occur if the loss expectation is larger than
initially assumed, due to unexpectedly high levels of defaults and
portfolio deterioration.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
no more than five notches across the structure, apart from the
class A-1 and A-2 notes, which are already at the highest rating on
Fitch's scale and cannot be upgraded.

Upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Aurium CLO X DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


CATH KIDSTON: Put Up for Sale Two Years Following Administration
----------------------------------------------------------------
Mark Kleinman at Sky News reports that Cath Kidston, the modern
vintage brand, has been put up for sale just two years after
collapsing into administration with the loss of nearly 1,000 jobs.

Sky News has learnt that Baring Private Equity Asia (BPEA) has
instructed advisers at PricewaterhouseCoopers (PwC) to find a new
owner for the now wholesale-led company.

Cath Kidston, which was established by its eponymous founder in
1993, became a high street fixture with scores of standalone
shops.

Its fortunes were hit by the pandemic, however, forcing it into
administration in April 2020, Sky News discloses.

BPEA, which took full control of Cath Kidston in 2016, struck a
pre-pack insolvency deal which entailed the closure of its entire
high street estate, Sky News relates.

It does retain fewer than a handful of stores in Saudi Arabia, Sky
News notes.

According to Sky News, City sources said that PwC had been engaged
with prospective buyers for a number of weeks, although their
identities were unclear on June 24.


DERBY COUNTY FOOTBALL: Clowes Granted Preferred Bidder Status
-------------------------------------------------------------
BBC Sport reports that local property developer David Clowes has
had his bid to buy Derby County Football Club accepted and hopes to
complete the purchase on Wednesday, June 29.

Mr. Clowes announced his intention to try to take the Rams out of
administration on June 24 after buying Pride Park from Derby's
former owner Mel Morris, BBC relates.

According to BBC, Derby's administrators Quantuma said Mr. Clowes,
53, had now been granted preferred bidder status.

The news came as the Rams appointed Liam Rosenior, 37, as interim
manager.

Mr. Rooney, 36, said the League One club, which has been in
administration since September, "needs to be led by someone with
fresh energy", BBC relays.

However, the Rams' players will now return to training with renewed
optimism after news that Mr. Clowes' bid for the club, which was
relegated from the Championship last season after being deducted 21
points for going into administration and breaches of English
Football League accounting rules, had been accepted, BBC
discloses.

His company, Clowes Developments (UK) Ltd -- based in the
Derbyshire village of Ednaston and with assets worth a reported
GBP300 million -- had already given a loan to the club to allow
them to start the forthcoming season after American businessman
Chris Kirchner's attempt to buy the Rams collapsed earlier this
month, BBC notes.

In a statement, Quantuma, as cited by BBC, said "positive
discussions" with Clowes Developments (UK) Ltd over the past few
days had "resulted in a credible and acceptable offer being
submitted".

According to BBC, the administrators said the offer complied with
EFL insolvency policy, which will mean Derby will avoid a further
points deduction.

"The joint administrators will now enter into a period of
exclusivity with Mr. Clowes, with a completion of the acquisition
of the business and the assets of the club targeted for June 29,
2022," BBC quotes the statement as saying.

"All parties are now working hard to conclude what is still a
complex legal transaction within a very short timeframe. Once
concluded, the transaction will enable the club to move forward and
prepare for the upcoming season out of administration.

"It will also ensure that Pride Park Stadium and the club are under
the control of a new, local owner with the commitment and resources
to enable the club to move forward with a clean slate.

"The offer also provides the best return for creditors and enables
the joint administrators to fulfil their statutory duties and will
ensure that there are no further points deductions levied against
the club once it is out of administration."

Mr. Clowes' preferred bidder status means that the administrators
will not consider other offers, with former Rams chairman Andy
Appleby and ex-Newcastle owner Mike Ashley among the interested
parties, BBC states.

His purchase of Pride Park removed one of the major problems the
administrators have had in trying to sell Derby, but had been kept
confidential until the loan agreement to ensure the club had the
funds to start the season had been completed, according to BBC.

When he announced his intention to bid for the Rams on June 24, Mr.
Clowes said buying the stadium "seemed the obvious first step" to
help rescue the club, BBC recounts.

               About Derby County Football Club

Founded in 1884, Derby County Football Club is a professional
association football club based in Derby, Derbyshire, England.  The
club competes in the English Football League Championship (EFL, the
'Championship'), the second tier of English football.  The team
gets its nickname, The Rams, to show tribute to its links with the
First Regiment of Derby Militia, which took a ram as its mascot.
Mel Morris is the owner while Wayne Rooney is the manager of the
club.

On Sept. 22, 2021, the club went into administration.  The EFL
sanctioned a 12-point deduction on the club, putting the team at
the bottom of the Championship.  Andrew Hosking, Carl Jackson and
Andrew Andronikou, managing directors at business advisory firm
Quantuma, had been appointed joint administrators to the club.


FERROGLOBE PLC: Moody's Hikes CFR to B3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Ferroglobe PLC's corporate
family rating to B3 from Caa1 and the company's probability of
default rating to B3-PD from Caa1-PD. Concurrently, Moody's
upgraded the instrument rating of the $60 million backed senior
secured notes due in 2025 to B1 from B2, and the instrument rating
of the $345 million backed senior secured notes due in 2025 to Caa1
from Caa2, both issued by Ferroglobe Finance Company, PLC. The
outlook was changed to stable from positive.

RATINGS RATIONALE

The rating action reflects Ferroglobe's improving financial
performance and improving liquidity profile on the back of high
market prices and notwithstanding some supply challenges and cost
inflation. However, market and price uncertainty also remain high
into the second half of 2022 and beyond, likely to result in
continued significant earnings volatility.

Ferroglobe achieved a record company-reported EBITDA in the first
quarter of 2022 far exceeding both recent quarterly and annual
levels. The record profits were driven by high market prices for
the company's key products such as silicon metals, silicon-based
alloys and manganese-based alloys. The trend already started in the
second half of 2021 and, exacerbated by Russia's invasion of
Ukraine, will likely result in a very strong second quarter of 2022
as well. Moody's-adjusted debt/EBITDA stood at 1.7x for the twelve
months ending March 2022, with around 60% of EBITDA generated in Q1
2022, and Moody's expects leverage to fall further towards around
1.0x by end of 2022. The strong results have also been aided by the
company's decision to switch customers to index-based pricing,
which however also exposes the company if prices were to fall.

The company has also been executing its turnaround plan, which the
company expects to complete by the end of 2022. As part of it, the
company has reduced overhead costs, centralised and improved
purchasing, changed to a made to order production process and
reduced working capital as a percentage of revenue.

Ferroglobe has also been affected by cost inflation and supply
chain challenges. It is facing some cost pressures, for example
operations in Spain operate on spot energy prices which has led to
a few days of shut downs during peak prices in 2021 and 2022 and
shift of production to lower cost sites in France and Norway. The
company also historically sourced a range of raw materials and
production inputs from Russia, which has created challenges to
achieve planned volumes. However, Moody's understands that by July
2022 the company will have largely completed the process of
securing alternative supplies and rearranging some of its
production.

The company's liquidity profile has been improving in the fourth
quarter of 2021 and first quarter of 2022 with both quarters
contributing to cash balances ($21.6 million and $59.3 million)
notwithstanding sizeable working capital outflows mainly as a
result of higher prices. This working capital exposure to volatile
prices remains a key liquidity challenge in Moody's view. However,
the market and price outlook into the second half of 2022 is more
uncertain and prices could decline from record highs to varying
degrees across segments and regional markets and depending on
various external factors outside the company's control. If prices
were to decline, the company could benefit from corresponding
working capital inflows.

The B1 rating of the $60 million backed senior secured notes
reflects the senior ranking in the capital structure ahead of the
$345 million backed senior secured 2025 notes that are rated Caa1.

RATING OUTLOOK

The stable outlook reflects Moody's expectation of solid metrics
and continued improvement in the company's liquidity profile in the
coming quarters, balanced by the exposure to volatile market
prices.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings recognize the high historical volatility in
performance. Positive pressure could arise if the company sustains
high profits and strong credit metrics, notably accompanied by
gross debt reduction, and while achieving and maintaining a good
liquidity profile also through weaker price environments. This
would include Moody's-adjusted gross debt/EBITDA remaining below 4x
through the cycle and consistent positive free cash flow.
Conversely, negative pressure could arise if profits weaken so that
leverage rises above 6.0x, for example as a result of a market
downturn, or if liquidity weakens, for example as a result of
negative cash flow generation.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Headquartered in the UK and listed on the NASDAQ, Ferroglobe is a
large producer of silicon metal and silicon/manganese alloys. The
company generated revenues of $1.8 billion in 2021.


HURRICANE BIDCO: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Hurricane Bidco Limited's (Paymentsense)
Long-Term Issuer Default Rating (IDR) at 'B' with Stable Outlook.

Paymentsense's EBITDA for the financial year ended March 2022 was
below Fitch's expectations, mostly due to an acceleration of its
Dojo payment platform rollout. Although Fitch expects the company
will continue to grow its customer base strongly, Fitch estimates
growth investments will be lower relative to revenue and still
allow for EBITDA margin growth in FY23.

The IDR is constrained by the company's small scale, limited
geographic and value-chain diversification and high leverage.
Rating strengths are a recurring cash-generative business model, a
diversified SME customer base and supportive industry dynamics as
consumers continue to prefer card payments over cash. Fitch sees
deleveraging capacity in the business and expect Fitch-defined
funds from operations (FFO)-based gross leverage to fall to around
7.0x by FYE23, a key threshold for the 'B' rating.

KEY RATING DRIVERS

Dojo Rollout Delays Profitability: The acceleration of the Dojo
platform rollout during FY22 has allowed the company to strongly
expand its customer base by 34% to around 115,000. As a result of
customer-acquisition costs (CAC) that are paid upfront, as well as
new customers contributing only partially during the period, EBITDA
weakened to EUR32 million from EUR35 million the year before.
Although CAC will remain high as the company continues to rapidly
roll out Dojo during FY23, Fitch estimates EBITDA will improve as
the CAC impact is lower relative to EBITDA and customers onboarded
in the previous year fully contribute to profitability.

Deleveraging Ahead; Execution Risks: Paymentsense's FFO gross
leverage increased to 8.5x (from 8.1x) at FYE22, mostly driven by
increased growth investments. Fitch expects leverage at FYE23 to
decline to around 7.0x due to EBITDA expansion. Fitch also foresees
declining capex intensity to support free cash flow (FCF)
generation. Although the company has shown a positive record of
customer acquisition, growing rapidly poses, in Fitch's opinion,
higher execution risks, in particular at a time where supply chains
are constrained and economic conditions are likely to deteriorate.

Growth Weighs on Liquidity: Fitch anticipates that growth will
continue to consume Paymentsense's liquidity during FY23. With cash
and equivalents at FYE22 of around GBP33 million, the company is
likely to need additional financing if growth investments result in
negative FCF generation as in the last two years (GBP49 million in
FY22 and GBP31 million in FY21). Fitch sees several options
available to the company including both debt and equity
instruments. Importantly, even in a scenario where external funding
is unavailable and/or deterioration of economic conditions have a
negative impact on card turnover, Paymentsense can scale back
customer acquisition (and related costs) and product development
investments.

Electronic Payment Shift Supports Growth: Paymentsense's FY22
revenue increased by a significant 48%, mostly on customer growth
and as card turnover almost doubled to GBP22.5 billion. Fitch
believes Paymentsense is well-positioned to continue benefiting
from supportive cash-to-card migration dynamics. Fitch does not
expect the shift of customer expenditure to card payments during
the pandemic to reverse back to cash usage.

Small Scale: Paymentsense's limited geographic and value-chain
diversification is underlined by a focus on the SME segment, and on
the UK and Ireland (where the company is the third-largest merchant
service provider). Paymentsense had been growing rapidly over the
last few years, successfully gaining market share, but with a FY22
EBITDA of GBP32 million it remains small.

Resilient in Competitive Market: Paymentsense operates in a
fragmented and competitive market with competition coming from
incumbents and fintech companies. However, it retains its number
three position based on the number of customers. Underpinned by a
strong network of independent payment consultants,
collaboration/integration with independent software vendors and
value-added resellers, its customer acquisition strategy allows
Paymentsense to economically win lifetime value (LTV) customers
with an attractive LTV/CAC multiple.

Long-term Disintermediation Risk: New payment technologies employed
by other participants in the payment ecosystem are a long-term
threat to disintermediate the current payment infrastructure
dominated by Visa and Mastercard. However, the decision by tech
giants and mobile pay companies such as Google and Apple to
collaborate with payment networks and merchant acquirers rather
than try and develop a proprietary system mitigates this risk in
the next five years.

DERIVATION SUMMARY

Paymentsense has a weaker operating profile than European peers
Nexi S.p.A. (BB/Stable), which following its merger with Nets holds
leading positions in the Nordic and Italian payment markets with a
full-service offering across the entire payment value chain.

Paymentsense's lower rating than peers' reflects its smaller scale,
weaker market positions, and limited geographic and value-chain
diversification. This is partly mitigated by the company's strong
growth prospects, a similar cash flow-generative business model and
deleveraging prospects.

Compared with US peer Block, Inc. (BB/Positive) which is one of the
market leaders in small business point-of-sale hardware-software
solutions, in peer-to-peer payments and crypto trading,
Paymentsense has a higher EBITDA margin, plus a similar record of
strong growth and deleveraging profile. However, Square has a
stronger market presence, better financial flexibility, and larger
scale with higher product diversification.

KEY ASSUMPTIONS

-- Customer CAGR of 15% over the next five years;

-- Card turnover to increase faster than customer growth,
    reflecting an increasing focus on the higher-end of SMEs and
    favourable cash-to-card transition dynamics;

-- Revenue to continue growing strongly at 34% in FY23 and 31% in

    FY24, followed by double digits or high single digits in next
    three years on customer acquisition and cash-to-card
    transition;

-- Fitch-defined EBITDA margin (as a percentage of net revenue)
    to improve to 26% in FY23 from 19% in FY22, as growth
    investment's impact on EBITDA wanes relative to revenue.
    Further EBITDA expansion in the next five years to 33% by
    FY27;

-- Change in working capital at 3%-4% of revenue over the next
    four years;

-- Capex at 26.5% of net revenue in FY23, declining to 16%-22% in

    FY24-FY27;

-- No dividends for the next five years;

-- Additional debt of GBP60 million in FY23 and FY24.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Paymentsense would be
    considered as a going concern in a bankruptcy and that it
    would be reorganised rather than liquidated. Fitch has assumed

    a 10% administrative claim in the recovery analysis.

-- The analysis assumes a post-restructuring Fitch-defined EBITDA

    of GBP40 million, which is 27% below Fitch-forecast FY23
    EBITDA;

-- For Fitch's recovery analysis, Fitch applies a post-
    restructuring enterprise value (EV)/EBITDA multiple of 6.0x.
    This leads to an approximately 64% recovery of the company's
    senior secured notes, based on total senior debt of GBP320
    million and a fully drawn GBP15 million revolving credit
    facility (RCF);

-- Payment-in-kind (PIK) loan is treated as equity.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Successful execution of the business plan with an increasing
    market share leading to continued revenue and EBITDA growth,
    in a stable competitive and regulatory environment;

-- FFO gross leverage sustainably below 5.5x (total debt below
    5.0x EBITDA);

-- A sizable sustainable increase in FCF with double-digit FCF
    margin;

-- FFO interest coverage sustainably above 3x;

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Loss of market share due to intensified competition, leading
    to slower revenue growth and weaker EBITDA margin and FCF;

-- FFO gross leverage remaining above 7.0x (total debt above 6.5x

    EBITDA);

-- FFO interest coverage sustainably below 2x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: Paymentsense had GBP32 million of cash and
cash-equivalents at FYE22. With a fully drawn GBP15 million RCF,
the company has no other available liquidity sources at present but
Fitch believes both debt and equity-like financing options are
available. While growth may weigh on liquidity the company has
levers to balance liquidity and growth in a manageable manner.


ISSUER PROFILE
Paymentsense provides payment processing solutions in the UK and
Ireland. The company offers credit card and electronic payment
methods, terminals, and security and reporting services.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                RATING                  RECOVERY   PRIOR
   ----                ------                  --------   -----

Hurricane Finance Plc

   senior secured    LT        B+    Affirmed     RR3     B+

Hurricane Bidco      LT IDR    B     Affirmed             B
Limited


ITHACA ENERGY: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Ithaca Energy Ltd.'s (Ithaca) Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Ithaca
Energy (North Sea) Plc's USD625 million senior unsecured notes have
been affirmed at 'B+' with a Recovery Rating of 'RR3'. The notes
are guaranteed by Ithaca and subordinated to Ithaca's reserve-based
lending (RBL) facility.

Ithaca's business profile should benefit from the announced
acquisition of Siccar Point Energy (Siccar). However, Fitch sees
uncertainty over Ithaca's ability to proceed with development of
the Cambo field, which is Siccar's major asset and which has been
put on hold following Shell plc's (AA-/Stable) decision to delay
the final investment decision on the project. If undertaken, the
project would contribute considerably to Ithaca's reserves and
long-term production profile but will also require additional
capex.

Ithaca's rating takes into accounts its small scale, above-average
production costs but also its fairly low leverage. Ithaca is 100%
owned by Delek Group, but is rated on a standalone basis. Fitch
believes that Ithaca's credit documentation is robust with
sufficient ring-fencing to prevent Delek from upstreaming
substantial cash. This is demonstrated by fairly modest
distributions to the parent when the latter experienced liquidity
issues in the past. Delek is planning an IPO of Ithaca, potentially
in 2022.

KEY RATING DRIVERS

Acquisitions to Boost Business Profile: The acquisition of Siccar
for up to USD1.46 billion, including an upfront payment of USD1.1
billion, is expected to close by end-June, and should immediately
somewhat strengthen Ithaca's business profile by increasing its
production by almost 10 thousand barrels of oil equivalent per day
(kboepd). It will be funded with Ithaca's accumulated cash and the
RBL facility, keeping leverage post-acquisition conservative. The
purchase is complemented by two smaller acquisitions of Marubeni's
UK North Sea subsidiary (completed) and of Sumitomo Corporation'
Summit Exploration and Production (pending).

Cambo Development Uncertain: Cambo, in which Siccar has a 70%
stake, is a large deep-offshore project off Shetland Islands,
Scotland and its development could dramatically improve Ithaca's
business profile. While Siccar and Shell have been granted a
two-year license extension for the project, it is not yet clear
whether the project will proceed, given the lack of regulatory
approvals and concerns expressed by environmental groups. It
represents a significant part of Siccar's 2P+2C resources (in total
524 million boe) and could add tens of thousand boepd to Ithaca's
production. However, it also could increase Ithaca's leverage given
its size and capex needs.

Improving Reserves Position: Ithaca's 1P reserves should improve
around 30% as a result of the three acquisitions, and its reserve
life, assuming production of 80 kboepd, will improve to six years,
from five years in 2020. Ithaca's post-acquisition 2P+2C resources
will more than double, but a significant part of the 2C resources
is represented by the Cambo field.

Windfall Tax Manageable: The UK government has introduced a 25% tax
on profit of oil and gas producers, which is planned to be phased
out after 2025. Some expenses, including investment expenditure,
but not decommissioning obligations, will be tax-deductible for the
purpose of the additional tax. Fitch estimates that the net impact
on Ithaca will be moderate (less than 15% of EBITDA, taking into
account capital allowances) and the company's cash flow generation
ability will not be significantly affected, particularly
considering very high hydrocarbon prices.

Increased Production, High Costs: Because many of Ithaca's assets
are beyond their mid-life point, the medium-term production profile
of the company will largely depend on its capex programme and
acquisitions. In 1Q22, Ithaca's production was 71kboepd, up 9% on
1Q21's, on the back of improved performance of existing assets and
the acquisition of Murabeni assets. Ithaca's cost position of
USD18/boe in 2021 was fairly high though typical for the United
Kingdom Continental Shelf (UKCS), and could put the company at a
disadvantage in a consistently low oil-price environment.

Low Leverage: Fitch expects that following Siccar's acquisition and
other deals Ithaca will remain conservatively leveraged though its
financial position could be affected by potential new projects,
such as the Cambo field. Siccar's acquisition will be funded with
Ithaca's cash and existing USD925 million RBL, which is currently
unutilised. Fitch's base case forecast funds from operations (FFO)
net leverage to remain comfortably below 2x over 2022-2025.

Delek's Financial Restructuring: Israel-domiciled Delek has
strengthened its immediate liquidity position by repaying most of
all its bank debt, aided by selective disposals and equity
transactions, and negotiating amendments to its debentures. This
should reduce the likelihood of Delek extracting cash from Ithaca.
As at 31 March 2022, Delek had no principal payments due in 2022.
Also, Delek's consolidated net debt/EBITDA fell to 2.5x in 2021
from 3.5x in 2020.

Ring-Fencing Mechanism: Fitch believes that Ithaca's credit
documentation limits Delek's ability to extract high dividends and
other distributions from the subsidiary, which is evident in the
limited dividends paid by Ithaca in 2020-2021 (USD135 million).
Ithaca's distributions are subject to a 1.3x incurrence net debt
covenant test (defined broadly in line with net debt/EBITDAX), and
other tests. Ithaca is not allowed to provide intra-group loans or
guarantee external debt, based on its RBL and bond documentation,
or attract material new debt.


ESG Influence: Ithaca has an ESG Relevance Score of '4' for Waste
and Hazardous Materials Management; Ecological Impacts due to high
decommissioning liabilities. Because of the high decommissioning
obligations and below-average financial flexibility, Fitch applies
a 3.5x multiple in Fitch's recovery analysis.

Fitch has revised Ithaca's ESG Relevance Score for GHG Emissions &
Air Quality to '4' from '3' due to the company's operations in a
stringent climate-related regulatory environment; high cost of
production and lower asset efficiency; and the company's energy
transition strategy being at its early stage compared to peers.

DERIVATION SUMMARY

Ithaca's scale, measured by the level of production (currently
about 70kboepd), is broadly in line with that of Kosmos Energy Ltd
(B+/Stable) and Seplat Energy Plc (B/Stable) in 2021 as both Kosmos
and Seplat will materially increase their output following recent
acquisitions. Its leverage is fairly low. Ithaca's business profile
should benefit from its planned acquisition of Siccar, particularly
if it manages to re-start the Cambo project, in which Siccar has a
70% stake.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

-- Average production, including Siccar, between 70 kboepd and 80

    kboepd in 2022-2025;

-- Brent: USD105/bbl in 2022, USD85/bbl in 2023, USD65/bbl in
    2024 and USD53/bbl in 2025;

-- Capex of around USD550 million-USD600 million per year in
    2022-2025;

-- No significant core taxes in 2022-2024 in view of Ithaca's
    favourable cash tax position, a windfall tax of 25% applied in

    2022-2024.

Key Recovery Analysis Assumptions

-- Fitch's recovery analysis is based on a going-concern (GC)
    approach, which implies that Ithaca will be reorganised rather

    than liquidated in a bankruptcy;

-- The GC EBITDA estimate reflects Fitch's view of a sustainable,

    post-reorganisation EBITDA level upon which Fitch bases the
    enterprise valuation (EV);

-- Ithaca's GC EBITDA reflects Fitch's view on EBITDA generation
    without any hedging, and assumption of an oil-price drop in
    2022-2024 followed by a moderate recovery in 2025, yielding an

    average GC EBITDA of about USD420 million;

-- A 3.5x multiple reflects the declining profile of Ithaca's
    production assets (before M&A) and the decommissioning
    obligation associated with them;

-- Fitch treats RBL as senior to unsecured notes in the payment
    waterfall;

-- Based on the capital structure (assuming the borrowing base of

    USD925 million, excluding the letter-of-credit portion) and
    after a deduction of 10% for administrative claims, Fitch's
    waterfall analysis generated a waterfall-generated recovery
    computation (WGRC) for the USD625 million senior unsecured
    notes in the 'RR3' band, indicating a 'B+' instrument rating.
    The WGRC output percentage on these metrics and assumptions is

    64%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Consistently improved reserve life (e.g. 1P consistently at or

    above five years) while maintaining a conservative financial
    profile;

-- Successful acquisition of Siccar and more clarity on new
    perspective projects, including Cambo.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Adverse change in financial policies or practices, including
    the parent successfully upstreaming significant amounts of
    cash from, or taking other measures that negatively affect
    Ithaca;

-- Inability to replenish proved reserves and/or production
    falling consistently below 50kboepd;

-- FFO net leverage consistently above 3.5x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Strong Standalone Liquidity: Ithaca's standalone liquidity is
strong. Fitch expects that the acquisition of Siccar will be funded
from Ithaca's accumulated cash and unutilised USD925 million RBL,
which is due in 2026. Ithaca's USD625 million notes are also due in
2026.

ISSUER PROFILE

Ithaca is an exploration and production company focusing on the
North Sea. The company's 2021 output stood at 56.5kboepd (2020:
66.4kboepd), mainly coming from assets bought by Ithaca from
Chevron in 2019.

ESG CONSIDERATIONS

Ithaca has an ESG Relevance Score of '4' for Waste and Hazardous
Materials Management; Ecological Impacts due to high
decommissioning liabilities, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Fitch has revised Ithaca's ESG Relevance Score for GHG Emissions &
Air Quality to '4' from '3' due to the company's operations in a
stringent climate-related regulatory environment; high cost of
production and energy transition strategy being at its early stage
compared with peers', which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                  RATING                 RECOVERY   PRIOR
   ----                  ------                 --------   -----
Ithaca Energy (North Sea) Plc

   senior unsecured    LT        B+    Affirmed    RR3     B+

Ithaca Energy Ltd.     LT IDR    B     Affirmed            B


LECTA LTD: Moody's Affirms 'Caa1' CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings of
Lecta Ltd and its fully-owned subsidiary Paper Industries
Intermediate Financing S.a r.l. to stable from negative.
Concurrently Moody's affirmed all ratings of Lecta and its
subsidiary, including the corporate family rating of Caa1 and the
probability of default rating of Caa1-PD.

"Moody's decision to change the outlook on Lecta's ratings to
stable mirrors the expectation of a further improvement of Lecta's
credit quality during 2022. Lecta completed the conversion of
Condat PM8 in Q4 2021 and is currently in the ramp-up phase.
Following the successful ramp-up capacity will be increased by
110,000 tons of Specialty paper," explained Oliver Giani, Moody's
VP-Senior Analyst and lead analyst for Lecta. "In addition, the
current favourable pricing environment, particular in graphic
paper, is a supporting factor for the expected improvement, which
are expected to be reflected in credit metrics, which should
support a solid positioning of Lecta in the Caa1 rating category
going forward."

RATINGS RATIONALE

Lecta's operating performance materially improved during Q4 2021
and Q1 2022 on the back of favourable pricing environment,
particularly in graphic paper, combined with higher volumes
resulting from the completion of Condat PM8 conversion. The
currently challenging operating environment as a result of ongoing
logistical challenges, and a prolonged labour strike at Finnish
paper mills of UPM-Kymmene (Baa1 stable) led to an unprecedented
global shortage of graphic paper, effectively benefiting Lecta's
graphic paper segment as illustrated by paper volume growth of 24%
y-o-y in Q1 2022 and high utilization rates that provide pricing
power to paper producers. Capacity closures in graphic paper ensure
stability to the market, thereby benefiting Lecta's positioning and
pricing power, and will support solid operating performance in the
segment during 2022 while Specialties profitability has been
gradually recovering towards pre-pandemic levels supported also by
the gradual contribution of the converted Condat PM8.

Improving operating performance and stronger profitability with
EBITDA Margin increasing to 4% for the twelve months that ended in
March 2022, after 2.8% in 2021, led to reduced leverage with
Moody's adjusted debt/EBITDA declining to 9.2x for the twelve
months that ended in March 2022, from 14.7x in 2021, albeit Moody's
adjusted FCF remained negative at EUR-38 million for the twelve
months that ended in March 2022, compared to EUR-71 million in
2021. FCF improvement was a result of operating performance
recovery and a WC release supported by increased trade payables
partially offsetting high capex intensity due to the Condat
conversion. Moody's expects credit metrics to further improve
during 2022 with Moody's adjusted debt/EBITDA further declining to
around 6x and EBITDA Margin of around 6% in 2022, albeit with FCF
remaining negative. Moody's however notes ongoing challenges from
rising macroeconomic uncertainties combined with continued cost
inflation.

The Caa1 CFR of Lecta is primarily supported by the company's
market-leading position in coated woodfree (CWF) paper in Southern
Europe, where its assets are located close to end-customers and
require limited maintenance capital spending; solid and growing
market positions in specialty papers, which offer higher average
operating profitability than CWF paper, and underlying demand
growth for the majority of grades; good vertical integration into
energy and base paper for specialty papers, with the latter
covering around 90% of its needs; and own distribution network,
which is a source of additional EBITDA and provides access to a
wider portfolio of customers.

At the same time the CFR is primarily constrained by the company's
still-sizeable exposure to CWF paper, which is structurally
declining in mature markets and requires continuous restructuring
and proactive capacity management. The CFR is also constrained by
Lecta's limited vertical integration into pulp, with internal
production currently covering just about one-third of its needs,
exposing the company to the volatility in pulp prices; continued
negative free cash flow and still high leverage of 9.2x Moody's
adjusted debt/EBITDA for the 12 months that ended March 2022,
mitigated by a positive trend in profitability and cash flow
generation that started in Q4 2021 and the expectation of further
improvement through 2022.

OUTLOOK

The stable outlook reflects Moody's expectation that, supported by
the completion of the Condat PM8 conversion and on the back of a
supporting market environment, Lecta will be able to further
strengthen profitability and cash flow generation. While Moody's
expect that Lecta's leverage will approach 6.0x Moody's-adjusted
debt/EBITDA and free cash flow will improve towards breakeven level
we remain cautious that increased geopolitical and macroeconomic
risks along with persisting inflationary pressure could lead to a
protracted deterioration of global economic activity towards full
year 2023, which would inadvertently affect Lecta's operating
performance. The stable outlook is based on the expectation that
upcoming refinancing needs are addressed proactively.

LIQUIDITY

Lecta's liquidity is just adequate, supported by EUR210 millions of
reported cash and cash equivalents on its balance sheet as of March
2022, further supplemented by the fully undrawn  EUR40 million
guaranteed senior secured revolving credit facility that matures in
February 2023. Nevertheless, continued negative FCF, along with
volatile working capital, adds to the company's relatively sizeable
exposure to various supply-chain financing and factoring
arrangements, some of which are short term in nature and
uncommitted.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The rating could be upgraded if Lecta's operating performance
improves further and the company successfully executes its
commercial strategy and transformation plan. Quantitatively, a
rating upgrade would be considered if (1) its Moody's-adjusted
EBITDA margin improves towards the high-single-digit percentages;
(2) its Moody's-adjusted debt/EBITDA declines below 7.0x on a
sustained basis; (3) the company generates positive free cash flow
(FCF); (4) interest cover improves to around 1.5x EBIT/interest
expense and (5) liquidity improves significantly and there is
reduced reliance on short-term funding.

Lecta's ratings could be downgraded if the company is unable to
timely substitute declining volumes in coated wood free products
with a rising share in higher-margin specialty papers.
Quantitatively, the ratings could be downgraded if Lecta is unable
(1) to improve its free cash flow generation to at least break-even
levels; (2) to reduce its reliance on short-term funding; (3) to
successfully execute its transformational projects; and (4) to
improve its interest coverage to well above 1.0x EBIT/interest
expense.

LIST OF AFFETED RATINGS

Issuer: Lecta Ltd

Affirmations:

LT Corporate Family Rating, Affirmed Caa1

Probability of Default Rating, Affirmed Caa1-PD

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Paper Industries Intermediate Fin. S.a r.l.

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B2

BACKED Senior Secured Regular Bond/Debenture, Affirmed Caa2

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.

COMPANY PROFILE

With its legal headquarters in London, Lecta Ltd (Lecta) is a
leading coated fine paper manufacturer in Italy, France and Spain.
The company also has a growing specialty paper offering and a
distribution business in Italy, Spain, Portugal and France. Lecta
generated around EUR1.5 billion in sales for the 12 months that
ended in March 2022 and had close to 3,000 employees.

MAREX GROUP: S&P Alters Outlook to Stable & Rates New Note 'BB-'
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Marex Group PLC (Marex)
to stable from negative; affirmed the 'BBB-' rating on the group's
holding company, Marex Group PLC; and affirmed the 'BBB' rating on
the group's primary operating company, Marex Financial.

S&P also assigned its 'BB-' issue rating to the group's new note.

Marex issued a $100 million, perpetual additional tier one (AT1)
instrument. The note materially strengthens Marex's capitalization,
boosting its S&P Global Ratings risk-adjusted capital ratio (RAC)
to above 12%.

S&P said, "Marex's AT1 issuance has bolstered the group's
capitalization after a period of pressure on its RAC ratio. Marex's
robust capital position has been a strength since we first assigned
our rating in 2018, but after an intervening period of rapid
growth--both organic and inorganic--Marex has diluted its capital
headroom. For example, we estimate that the group's risk-weighted
assets grew by about 40%-50% between December 2018 and December
2021, with a similar magnitude of growth in its operational risk
exposure. Despite solid profitability in that time, Marex's
tangible capital base has remained broadly flat due to acquired
goodwill and intangibles and modest dividends. To this end, we
estimate that the group's year-end 2021 RAC ratio fell to about
10%--below previous levels, and a potential downside pressure point
in our rating. The issuance of AT1 capital, however, addresses this
challenge significantly. The AT1 issuance will boost pro-forma
adjusted capital to about $330 million at year-end 2021 from about
$250 million. This reflects partial credit for the instrument and
leads to an improved pro forma RAC ratio of about 12% at year-end
2021. This solid level of capital relieves pressure on our view of
the group's capitalization as Marex continues to expand its balance
sheet and earnings base. Business growth will lead to some modest
attrition in capital headroom, but not to such an extent that the
group's RAC ratio drops below our ratings threshold of 11%.

"Marex continues to face material volatility across its global
commodities business, but we think it has weathered the storm well
so far. As a global liquidity provider across hard and soft
commodities, Marex has had to navigate complex and volatile
operating conditions over the past six months. Commodities were
already volatile prior to the Russia-Ukraine conflict, which has
put further pressure on commodities producers and brokers. Over the
past few months, the market has seen surging prices and volumes
across a range of commodities, large margin calls from
clearinghouses and counterparts under credit support annexes, and
extended periods of market dysfunction--most notably for nickel
contracts at the London Metal Exchange. Furthermore, like peers,
Marex has had to navigate the complex and expanding web of global
sanctions against Russian companies and individuals since the start
of the conflict. Despite these multiple pressures, Marex has
weathered the storm well. We understand it operated profitably in
this period, particularly benefitting from the sharp increases in
volumes across commodities (on top of early signs of earnings
uplift from the steepening yield curve); its clients have not
experienced material, uncovered defaults; and Marex itself has been
able to maintain robust funding and liquidity to meet its own
margin calls, whether from clearinghouses or its hedging
counterparties. We see this as a further demonstration of Marex's
robust risk management and control framework, which has coped well
with an evolving risk profile and unprecedented market volatility.

"A bolstered capital base and good risk management, despite market
instability, drive our outlook revision to stable. Questions around
future capitalization and risk management have been the basis of
the negative outlook since 2019, and since then we have seen
consistent pressure on tangible capitalization and Marex's risk
profile as the group gained scale and complexity. However, capital
is now positioned with significant headroom following the AT1
issuance, and the company has not only managed recent volatility
well, but also enjoyed an extended period of material organic and
inorganic growth. Together, this supports the group's 'bbb' group
credit profile.

"We expect Marex to continue its course of acquisitive growth.
Despite stabilizing capitalization and a strong risk management
framework, Marex's balance sheet and business have expanded
meaningfully over the past 24 months, a trend we expect to
continue. Much of the growth comes from organic initiatives, but
acquisitions have played a key role, and will likely continue to do
so. We think this growth creates incremental risk for Marex, with
expansion bringing larger credit, market, and operational risk for
the group to manage. We capture this overarching risk in our
outlook by setting a tighter downside trigger for our ratings.
Specifically, if Marex's RAC ratio moves below 11% on a sustained
basis, this will likely precipitate a downgrade, all else remaining
equal.

"We assigned a 'BB-' issue rating to the junior subordinated,
perpetual notes. The three-notch difference between the 'BBB-'
issuer credit rating on Marex and the 'BB-' issue rating on the
notes reflects:

-- One notch of deduction for the subordination of the issuance.
The issuance is subordinated to senior secured, senior unsecured,
and tier 2 obligations of the issuer in resolution or liquidation;

-- One notch of deduction reflecting the presence of mandatory and
discretionary deferral conditions that lead to coupon nonpayment.
Although S&P regards the regulatory framework overseeing these
clauses, Investment Firms Prudential Regulation (IFPR), as a
stringent prudential framework, S&P considers it less stringent
than Basel III or equivalents. For example, the documentation does
not set explicit conditions whereby the group must suspend coupon
or other discretionary payments, other than those linked to the
point of equity conversion--unlike Basel III. As such, the
combination of payment deferral clauses and a less stringent
prudential regulatory framework lead it to deduct one notch for the
risk of coupon nonpayment, rather than the two notches typical for
a bank AT1 instrument.

-- One notch of deduction reflecting the mandatory conversion to
equity feature in the notes. Under the bond documentation, if
Marex's IFPR capital ratio were to fall below 64% from 138% pro
forma on January 1, 2022, the notes will mandatorily convert to
equity. This is consistent with the conditions for a notch of
additional deduction under S&P's hybrid capital framework.

-- No other considerations affect the rating on the bonds.

As part of the transaction, Marex intends to partially repay its
outstanding tier 2 notes. As of year-end 2021, Marex had
approximately $56 million of tier 2 notes outstanding and intends
to repay $50 million of these from the proceeds of the AT1
issuance. This proposed transaction has no impact on S&P's issuer
level ratings on the group and its subsidiaries, or the 'BB' issue
level rating on the tier 2 notes themselves.

The stable outlook reflects Marex's continued good trading
performance in a volatile commodities market, and materially
improved capital headroom following the issuance of its AT1
instrument. These come alongside a well-managed, if constantly
evolving, risk profile and solid funding position.

S&P said, "We could lower our ratings if Marex's RAC ratio were to
fall below 11% on a sustained basis; its risk profile were to
deteriorate; or its funding and liquidity position deteriorated
rapidly--likely demonstrated by significant outflows in its
structured notes program, and diminished liquidity headroom as a
consequence of margin calls, or other contingent liquidity needs.

"An upgrade is remote at present, but we could consider raising the
rating if Marex were to materially grow and strengthen its
franchise beyond its niche commodities business. We would also need
to see comparable creditworthiness with higher-rated securities
firms, many of whom tend to operate broader, better-diversified
businesses."


OCADO GROUP: Fitch Affirms 'B+' IDR & Alters Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Ocado Group PLC's
Long-Term Issuer Default Rating (IDR) to Negative from Stable and
affirmed the IDR at 'B+'. Fitch has also downgraded Ocado's senior
unsecured instrument rating to 'B+' from 'BB-' with a Recovery
Rating of 'RR4' ('RR3' previously), following the announced
addition of a senior secured revolving credit facility (RCF).

The Negative Outlook reflects Fitch's view of increased execution
risk for Ocado's international Solutions segment, relating to
slower ramp up of the international customer fulfilment centres
(CFCs) before they fully contribute to positive profits for the
segment. Fitch now expects that combined solutions business turns
profitable one year later, by FY24 (ending November 2024), compared
with Fitch's previous expectations. International expansion will
add scale and diversification and in support of the rating, which
is premised on replicating the operational and economic success of
its UK retail operations internationally.

The announced fundraising, including GBP575 million equity and
GBP300 million RCF supports the group's financial flexibility,
which Fitch believes should enable management to execute its
strategy over the next two years. Further fundraising over the
medium term is largely contingent on Ocado successfully executing
its growth strategy.

Fitch's rating references Ocado's Solutions business. Fitch
deconsolidates Ocado Retail Ltd (ORL, its joint venture (JV) with
Marks and Spencer Group plc (M&S); BB+/Positive).

KEY RATING DRIVERS

Fundraising Secures Liquidity to FY24: The proposed GBP875 million
fundraising will enhance the available liquidity from GBP1.3
billion at end-FY21. Combined with positive expected cash from
operations (CFO), this should support around GBP2 billion expected
capex during FY22-24 to fund CFCs and investment in technology.
Planned capex is lower than under Fitch's previous rating case due
to a slower roll-out and slight change in mix of CFC sizes. Fitch
views future fundraising, including refinancing of the 2025
maturities of GBP600 million convertible notes (if not converted
into equity) and its new GBP300 million RCF, as largely contingent
on Ocado Solutions starting to deliver positive profits.

Transformation Continues: Ocado is continuing its transformation
from a UK online food retailer to an international technology and
business service provider with a significant portion of long-term
contracted earnings. Fitch's rating reflects the growing scale,
upfront investments and execution risks associated with the
progress on 40 of its international CFCs over the next four years.
There are currently seven live international CFCs, which have
opened on time and within budget, and Fitch expects around 30 live
international CFCs by end-FY24. Kroger is a key partner with around
20 CFCs planned.

Profit Breakeven Delayed: Fitch's updated rating case shows a
one-year delay in Ocado's Solutions business turning profitable,
due to slower roll-out and ramp up assumptions in the international
segment, along with higher expected investments in technology.
Fitch expects EBITDA of around GBP85 million in FY24, following
near break-even in FY23 (vs. FY22 previously). This compares with
GBP118 million EBITDA in FY23 under Fitch's previous rating case.

Increased Execution Risks: The Negative Outlook captures higher
execution risks relating to slower ramp up of the international
CFCs before they fully contribute to positive profits for the
segment. Fitch believes the business will generate strong profit
margins once it reaches scale. However, it will take longer than
previously expected. Fitch's forecast assumes that individual
international CFCs (average of five modules) ramp up within two
years, with full revenue and profit contribution from year three.

Capacity Growth in the UK: UK Solutions' profitability growth is
driven by adding capacity and ramping up existing CFCs leading to
higher fees. Ocado added around 40% capacity in 2021 and will
increase it further by 100,000 to peak capacity of 700,000 orders
per week (OPW) available to ORL, via openings of Bicester and Luton
(once ramped up). Future growth is expected to come mainly from the
contract with ORL, which has a good recent record of ramping up
CFCs quickly.

Temporary Impact on JV: Fitch views ORL's current profit pressure
as temporary, and expect profit expansion as business grows in
scale. In the near term, ORL's profit margins will be pressured by
lower baskets, increasing cost of living, higher labour, marketing
and energy costs. Consumers' behaviour has normalised post-pandemic
with average basket size in value terms reducing towards
pre-pandemic levels. Fitch expects OPW to grow, with ORL having
recently reached 400,000 OPW, as it opens new CFCs and expands its
geographic coverage (74% of UK households covered now). This
compares with 1.2 million OPW for UK grocery market leader Tesco
Plc.

Importance of Profitable Online Channel: Ocado's technology is
effective in achieving efficiency and profitability in the online
channel, which is critical to retailers. Despite post-pandemic
normalisation, the long-term trend is for the grocery online
channel to expand. In turn, this will continue driving demand for
Ocado's solutions. Innovation with the 600 series bot driving
further operational efficiencies, lowering capex requirements and
saving build-time provides upside. However, this is only relevant
to CFCs ordered now and to be delivered in 2H23.

DERIVATION SUMMARY

Fitch applies its Business Service Navigator framework to Ocado.
This reflects that the UK retail operations are ring-fenced with no
direct recourse to Ocado's group lenders and Fitch's view that the
business risk profile of the solutions business will drive Ocado's
credit quality in the long term, given the accelerating growth of
and investment into these operations.

Compared with Irel Bidco S.a.r.l (IFCO, B+/Stable), engaged in
reusable packaging container solutions to retail sector, Ocado is
currently less established and has higher execution risk. IFCO is a
global leader in a niche market and benefits from scale, geographic
diversification and long customer relationships in a sector with
good growth prospects. Ocado will have similar characteristics once
the business reaches scale, in addition to contracted revenue base,
low customer churn and high switching costs (a function of its
bespoke technology). This helps counterbalance some reliance on
Kroger as its key customer and partner.

Once it reaches scale, Fitch expects Ocado to demonstrate solid
profitability for the rating, with the funds from operations (FFO)
margin trending towards 15% (by FY27), which will be comparable
with IFCO (around 18%). Leverage metrics are currently meaningless
for Ocado and even by FY24, the ability to deleverage organically
from positive free cash flow, and the rating, are likely to come
under pressure due to continued capex requirements. This compares
with lower expected leverage for IFCO, at slightly below 6.0x,
which is more aligned with the rating category.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

-- Revenues under Ocado's Solutions (UK Solutions and
    international Solutions) segments to grow to GBP1.3 billion in

    FY25 from around GBP900 million in FY22;

-- Revenues for international Solutions business ramping up to
    exceed GBP300 million in FY24;

-- Revenues for UK Solutions increasing mainly due to additional
    capacity for ORL, to around GBP1 billion by FY24;

-- Ocado's Solutions EBITDA to remain negative until FY24, when
    Fitch expects Fitch-defined EBITDA of around GBP85 million
    (6.4% margin);

-- ORL sales rising towards GBP3 billion by FY24;

-- Gross capex (excluding ORL) averaging around GBP700 million a
    year in FY22 to FY25;

-- GBP50 million M&A spend per year. Deferred consideration of
    around GBP190 million to be received from M&S in FY24;

-- No upstream dividends from the JV, or investment by Ocado into

    the JV over the next four years;

-- No common dividend payments.

Fitch's Key Recovery Rating Assumptions

The recovery analysis assumes that Ocado would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated.

Fitch has assumed a 10% administrative claim and the value
available to creditors consisting of the sum of Ocado restricted
group's enterprise value (EV) and 50% of the JV.

GC Approach

Post-restructuring EBITDA: Ocado's GC EBITDA is based on the first
year of projected positive EBITDA for the Solutions division (FY24)
at GBP83 million (previously: GBP118 million in FY23). This
corresponds to the point when the first few international CFCs are
assumed to have ramped up, while Ocado also continues its
expansion. Fitch considers that about GBP71 million of this would
be available to creditors post-restructuring, given the execution
risks in the international Solutions segment while also recognising
a more established UK Solutions business. Fitch maintains the
previously estimated GC EBITDA, despite the delays in turning
international Solutions segment profitable amid the improving
trajectory remaining intact and UK Solutions performing in line
with expectations.

Distressed enterprise value (EV)/EBITDA multiple: Fitch has used a
6.0x EV/EBITDA multiple (unchanged), which is in line with business
services companies' distressed multiple, but reflects the strong
growth of Ocado's business and its market position.

EV/EBITDA multiple for ORL: Following more material EBITDA
generation by the JV, Fitch attributes half of Fitch's estimated
GBP0.9 billion (GBP1 billion previously) value for this business in
Fitch's GC valuation for Ocado. Fitch views that default would not
be simultaneous and base the JV valuation on estimated sustainable
GBP110 million EBITDA (maintained despite a temporary reduction
over the next two years) and an 8x multiple (previously 9x). The
multiple is comparable with trading multiples for grocers such as
Tesco PLC (BBB-/Stable), Sainsbury's, Kroger and M&S. Any increase
in debt at the JV (we deduct its GBP30 million RCF) will affect the
value attributed to it.

Ocado's new GBP300 million RCF ranks ahead of its other existing
debt. Senior unsecured notes rank pari passu with GBP950 million
existing convertible.

The outcome of the recovery analysis for senior unsecured notes is
in line with a 'B+'/'RR4' ('BB-'/'RR3' previously), aligned with
Ocado's Long-Term IDR. The waterfall analysis output percentage is
32% for unsecured notes (previously: 55%), under the capital
structure with the new GBP300 million super senior RCF. Should
additional debt ranking ahead or pari passu with unsecured notes be
added to Ocado's capital structure, this will push the Recovery
Rating of the notes into 'RR5'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch does not envisage positive rating action over the
    forecast period (to FY25), reflecting the inherent execution
    risks associated with the rapid transformation into a
    solutions and business service provider. However, over the
    longer term, evidence of greater maturity in the solutions
    business, with increasing scale and diversification, positive
    EBITDA contributions and lower upfront capex would indicate
    successful execution of Ocado's growth strategy and be
    positive for the rating;

-- FFO margin at low- to mid-single digits;

-- Break-even performance of the business leading to some
    visibility towards FFO adjusted gross leverage sustainably
    below 5.0x.

Factors that could, individually or collectively, lead to a
revision of the Outlook to Stable:

-- Faster ramp up of capacity in international Solutions division

    leading to faster break-even at EBITDA and FFO level ahead of
    Fitch's rating case (in FY23), combined with well-managed
    performance in the UK Solutions division, with controlled
    technology costs, and recovery in ORL's profitability leading
    to lower refinancing risks.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Execution risks associated with Ocado's business
    transformation, such as a material under-performance in the JV

    due to disruption of supply arrangements, product offerings,
    competitive pressures, customer loyalty, or a delay to or cost

    overruns in the roll-out of the investment plan, leading to a
    significantly faster cash burn than anticipated in Fitch's
    rating case;

-- Higher cash burn than Fitch's rating case, leading to further
    funding needs over Fitch's four-year rating horizon, with
    readily available cash below GBP1 billion at end-FY22 or at a
    level insufficient to fund operation and investments until at
    least December 2023;

-- Slower ramp up in international CFCs leading to further delays

    in breakeven / positive profitability, with combined Solutions

    segment not moving towards break-even EBITDA by FY23 and
    unable to generate positive EBITDA by FY24;

-- Evidence of an increase in the number of new CFCs or new
    capex-intensive initiatives without sufficient funding in
    place.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Strengthened Cash Reserves to Fund Investments: The raised capital
will strengthen Ocado's available liquidity position by GBP875
million, although the GBP300 million RCF is not expected to be
drawn, from GBP1.3 billion at FYE21 (including cash deposits).
Combined with expected positive CFO in FY23 and FY24, this should
be sufficient to cover around GBP2 billion capex to expand the
Solutions businesses during FY22 to FY24. Fitch expects Ocado to
retain about GBP1.1 billion of cash on its balance sheet at
end-FY22.

Successful execution of its strategy will largely determine Ocado's
ability to raise further funding, subject to market conditions at
the time. The new GBP300 million RCF and existing GBP600 million
convertible bond mature in 2025. The RCF benefits from two one-year
extension options (subject to bank consent). Under Fitch's revised
rating case Fitch expects CFO to turn positive by FY23, due to the
maturing profile of the international CFCs.

Ocado has demonstrated strong access to financial markets via a
number of capital raises in the past, including GBP500 million
senior unsecured notes in September 2021, following a GBP350
million convertible bond issue along with a GBP657 million new
share placement in 2020.

ISSUER PROFILE

Ocado is a technology company that develops end-to-end operating
solutions for online grocery retail. It also has its own grocery
retail operations, which are ring-fenced in a JV with M&S.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                 RATING                   RECOVERY   PRIOR
   ----                 ------                   --------   -----
Ocado Group Plc        LT IDR    B+    Affirmed             B+

   senior unsecured    LT        B+    Downgrade    RR4     BB-


ORIGINAL FACTORY: Explores Sale, Attracts Potential Buyers
----------------------------------------------------------
Mark Kleinman at Sky News reports that The Original Factory Shop
(TOFS), the discount retailer, is exploring a sale after receiving
a number of takeover approaches.

Sky News understands that Duke Street, TOFS' owner since 2007, has
instructed long-standing advisers at Deloitte to field interest in
a deal.

According to Sky News, the company, which trades from about 180
stores across the UK, is not running a formal sale process and had
not been planning to launch one until next year.

Retail sources said, however, that a sale prior to that point was
now a possibility, with a number of other industry players said to
have expressed interest in a deal, Sky News relates.

The likely value of TOFS in any deal was unclear, Sky News notes.

TOFS sells brands including Adidas, Calvin Klein, Jimmy Choo,
L'Oreal and Under Armour at substantial discounts to their
recommended retail price.

In 2018, the company closed approximately 30 stores through a
restructuring process called a company voluntary arrangement, Sky
News recounts.

That deal cleared the way for rent cuts as Duke Street sought to
put TOFS on a more sustainable financial footing in an environment
where physical store-owners have long-complained that the business
rates regime has left them unfairly disadvantaged against online
rivals, Sky News states.

An industry analyst said that TOFS was likely to be attractive to
buyers at a time when inflationary pressures are driving consumers
to value-driven retail offerings, Sky News relays.


T. WILSON & SONS: Difficult Trading Prompts Administration
----------------------------------------------------------
St Helens Star reports that T. Wilson & Sons (Farmers) LTd, a
45-year established farming and haulage firm, is completing their
final harvest as it prepares to close for good following the
pandemic.

T. Wilson & Sons has appointed Nicola Baker of Rushtons Insolvency
Ltd following a year-long battle to survive the financial effects
of the pandemic, St Helens Star relates.

According to St Helens Star, the directors of the business, based
at Maggots Nook Farm, Rainford, called in turn-around and recovery
specialists, Rushtons Insolvency Ltd, following two years of very
difficult trading.

Nicola Baker of Saltaire-based Rushtons was appointed by the
directors as the administrator on June 14, 2022, St Helens Star
discloses.

Despite a sale of the profitable haulage division to a significant
customer, Preston-based Len Wright Salads, in May 2022 that
safeguarded 42 haulage and support jobs, the directors were unable
to secure a sustainable future for the farming side of the second
generation family business in its existing format, St Helens Star
notes.

On April 29, the farming division of the business ceased to trade,
with the loss of 35 jobs in the farm, packhouse and administrative
roles, leaving the directors with no option but to place the
company into administration, St Helens Star relays.

"The last few years have seen an unprecedented squeeze on many
farms and aspects of food producing businesses, and, sadly, despite
the strongly performing specialist haulage business, it was simply
not possible for the company to keep trading as it was in the
current economic climate," St Helens Star quotes the administrator,
Nicola Baker, as saying.

Len Wright Salads, which backed the new company that now operates
the haulage business, has appointed former haulage director Rob
Wilson to continue to run the haulage business under their
ownership, St Helens Star discloses.

Nicola Baker has appointed Eddisons Commercial to auction the
remaining assets of the business, including a significant volume of
farm machinery and food processing equipment which will be sold by
online auction in the coming weeks, St Helens Star relates.
Further information about the auction is available at
auctions.eddisons.com.


TMC GAS: Enters Administration, 28 Jobs Affected
------------------------------------------------
Margaret Canning at Belfast Telegraph reports that TMC Gas
Services, mechanical and electrical sub-contractor in Londonderry
which carried out work for health trusts, has gone into
administration with the loss of nearly 30 jobs.

Business advisory firm HNH was appointed administrator to TMC Gas
Services at Skeoge Industrial State in Londonderry on June 8,
Belfast Telegraph relates.

Attempts to find a buyer for the company ended in failure, Belfast
Telegraph discloses.

According to Belfast Telegraph, HNH said: "Following an initial
appraisal of the company's business, including efforts to seek to
rescue the business as a going concern, the business has
unfortunately had to cease trading with all employees being made
redundant."

The exact number of employees affected has not been disclosed by
the administrators but is understood to be 28, Belfast Telegraph
notes.

The business carried out work in mechanical and electrical
engineering for contractors to health trusts.

"The post pandemic economic environment in terms of inflationary
pressures and supply chain disruption, is significantly impacting
firms across various sectors," Belfast Telegraph quotes joint
administrator James Neill as saying.

"Whilst every effort was made by the company directors ultimately
due to increasing cash flow pressures the company was forced to
seek the protection of an administration process.

"The joint administrators will now seek to wind down the company's
affairs in an orderly manner, including engaging with all
stakeholders of the business in order to maximise realisations for
the company's creditors."

According to its unaudited financial statements for 2020, filed at
Companies House, creditors were owed GBP627,388 at the end of the
year, up from GBP44,888 a year earlier, Belfast Telegraph relays.


VODAFONE GROUP: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on June 7, 2022, retained 'BB+' foreign
currency and local currency senior unsecured ratings on debt issued
by Vodafone Group PLC.

Headquartered in Berkshire, United Kingdom, Vodafone Group PLC
provides wireless communication services.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week June 20 to June 24, 2022
-------------------------------------------------------
Issuer           Coupon Maturity Currency Price
------           ------  -------- -------------
Atos SE           1.000  11/12/2029  EUR  59.457
Orpea SA          2.625  03/10/2025  EUR  72.752
Orpea SA          2.000  04/01/2028  EUR  63.595
Atento Luxco 1    8.000  02/10/2026  USD  73.080
Fastighets AB B   2.873  06/02/2081  EUR  65.612
CECONOMY AG       1.750  6/24/2026   EUR  71.979
Russian Foreign  12.750  6/24/2028   USD  25.296
United Kingdom    1.125 10/22/2073   GBP  64.835
Ukraine Governm   7.750  09/01/2022  USD  61.947
Castellum AB      3.125              EUR  65.139
International P   9.750  11/12/2025  EUR  73.867
Telecom Italia    1.625  1/18/2029   EUR  73.237
Sigma Holdco BV   5.750  5/15/2026   EUR  61.375
Nobel Bidco BV    3.125  6/15/2028   EUR  68.942
NAK Naftogaz Uk   7.375  7/19/2022   USD  78.000
Banca Monte dei   5.375  1/18/2028   EUR  59.348
Credit Suisse G   4.500              USD  69.000
Vedanta Resourc   6.125  08/09/2024  USD  64.301
Gol Finance SA    7.000  1/31/2025   USD  69.334
Gazprom PJSC Vi   1.450  03/06/2023  CHF  45.244
Hellenic Republ   1.875  1/24/2052   EUR  60.226
Atos SE           2.500  11/07/2028  EUR  66.615
Yandex NV         0.750  03/03/2025  USD  49.625
Gazprom PJSC Vi   4.950  7/19/2022   USD  70.500
ADLER Group SA    2.250  1/14/2029   EUR  49.067
EnfraGen Energi   5.375 12/30/2030   USD  68.737
Maxeda DIY Hold   5.875  10/01/2026  EUR  72.492
Allianz SE        3.875              USD  70.828
State of North    0.950  01/10/2121  EUR  42.336
Cellnex Telecom   0.750 11/20/2031   EUR  68.305
Romanian Govern   4.625  04/03/2049  EUR  73.241
Russian Foreign   5.625  04/04/2042  USD  29.096
Nexi SpA          2.125  4/30/2029   EUR  71.984
Russian Foreign   4.750  5/27/2026   USD  17.866
Gazprom PJSC Vi   3.125 11/17/2023   EUR  32.497
Accentro Real E   3.625  2/13/2023   EUR  68.150
Mitsubishi UFJ    4.137 12/15/2050   EUR  34.228
Poste Italiane    2.625              EUR  71.924
Credit Suisse G   5.100              USD  74.600
TI Automotive F   3.750  4/15/2029   EUR  70.687
SBB Treasury Oy   1.125 11/26/2029   EUR  57.598
Vodafone Group    5.125  06/04/2081  USD  70.619
Casino Guichard   2.511              EUR  25.724
Desenio Group A   6.154 12/16/2024   SEK  49.333
HSE Finance Sar   5.625 10/15/2026   EUR  69.440
UniCredit SpA     3.875              EUR  72.835
Corestate Capit   3.500  4/15/2023   EUR  19.267
Electricite de    3.375              EUR  71.198
Lukoil Internat   4.563  4/24/2023   USD  68.552
VEON Holdings B   3.375 11/25/2027   USD  52.750
Balder Finland    1.000  1/20/2029   EUR  67.426
Frigoglass Fina   6.875  02/12/2025  EUR  53.110
Samhallsbyggnad   2.875              EUR  41.292
Banco Santander   3.625              EUR  70.787
SBB Treasury Oy   0.750 12/14/2028   EUR  57.353
Lukoil Capital    2.800  4/26/2027   USD  58.500
Turkey Governme  11.700 11/13/2030   TRY  72.900
Jababeka Intern   6.500  10/05/2023  USD  65.450
Endo Luxembourg   6.125  04/01/2029  USD  74.779
Aggregate Holdi   6.875  11/09/2025  EUR  32.170
Compact Bidco B   5.750  05/01/2026  EUR  70.939
HOCHTIEF AG       0.625  4/26/2029   EUR  71.080
Tinkoff Bank JS   6.000              USD  30.000
Vedanta Resourc   9.250  4/23/2026   USD  62.741
Gazprom PJSC Vi   8.625  4/28/2034   USD  36.435
Banca Monte dei  10.500  7/23/2029   EUR  69.511
Teva Pharmaceut   4.100  10/01/2046  USD  63.917
Lukoil Internat   4.750  11/02/2026  USD  60.312
Heimstaden AB     6.750              EUR  69.198
MHP SE            7.750  05/10/2024  USD  54.304
ING Groep NV      3.875              USD  73.777
VGP NV            1.500  04/08/2029  EUR  67.993
ADLER Group SA    1.500  7/26/2024   EUR  60.684
Air France-KLM    0.125  3/25/2026   EUR  15.447
Lukoil Securiti   3.875  05/06/2030  USD  51.390
Korian SA         0.875  03/06/2027  EUR  46.692
Air Baltic Corp   6.750  7/30/2024   EUR  72.407
CPI Property Gr   3.750              EUR  60.933
United Kingdom    0.500 10/22/2061   GBP  52.019
International C   3.750  3/25/2029   EUR  73.729
Intesa Sanpaolo   4.125              EUR  68.466
International C   1.500  07/04/2027  EUR  70.180
Casino Guichard   3.992              EUR  38.303
Aragvi Finance    8.450  4/29/2026   USD  69.200
Kleopatra Holdi   6.500  09/01/2026  EUR  65.000
Corestate Capit   1.375 11/28/2022   EUR  23.106
Russian Railway   2.200  5/23/2027   EUR  10.060
UBS Group AG      4.375              USD  75.770
Gazprom PJSC vi   3.897              EUR  16.048
Aydem Yenileneb   7.750  02/02/2027  USD  73.140
Casino Guichard   5.250  4/15/2027   EUR  71.630
EP Infrastructu   1.698  7/30/2026   EUR  70.491
Balder Finland    1.375  5/24/2030   EUR  63.474
FEL Energy VI S   5.750  12/01/2040  USD  73.130
Novolipetsk Ste   4.700  5/30/2026   USD  45.000
Cellnex Telecom   1.750 10/23/2030   EUR  73.848
ALROSA Finance    4.650  04/09/2024  USD  24.000
Mobilux Finance   4.250  7/15/2028   EUR  74.363
Republic of Bel   6.875  2/28/2023   USD  16.901
Eurotorg LLC Vi   9.000 10/22/2025   USD  58.750
ING Groep NV      4.250              USD  69.897
La Banque Posta   3.000              EUR  67.411
Telefonica Euro   2.376              EUR  72.757
Piraeus Financi   8.750              EUR  72.742
Gazprom PJSC Vi   5.150  02/11/2026  USD  30.426
Korian SA         1.875              EUR  33.707
Sigma Holdco BV   7.875  5/15/2026   USD  61.319
Samhallsbyggnad   2.624              EUR  49.558
French Republic   0.500  6/25/2044   EUR  67.806
NE Property BV    2.000  1/20/2030   EUR  72.090
Gazprom PJSC Vi   2.500  3/21/2026   EUR  27.066
EP Infrastructu   1.816  03/02/2031  EUR  62.148
Credit Suisse G   0.625  1/18/2033   EUR  65.778
Severstal OAO V   3.150  9/16/2024   USD  15.000
Samhallsbyggnad   2.625              EUR  45.440
Moby SpA          7.750  2/15/2023   EUR  71.946
NET4GAS sro       3.500  7/28/2026   EUR  65.032
Hungary Governm   0.500 11/18/2030   EUR  72.544
Russian Foreign   2.650  5/27/2036   EUR  22.967
Zalando SE        0.625  08/06/2027  EUR  69.411
Intesa Sanpaolo   1.350  2/24/2031   EUR  73.934
Heimstaden Bost   3.000              EUR  58.985
MHP Lux SA        6.950  04/03/2026  USD  52.998
Ocado Group PLC   0.750  1/18/2027   GBP  70.200
Carnival PLC      1.000 10/28/2029   EUR  58.827
ADLER Group SA    1.875  1/14/2026   EUR  54.583
VTB Bank PJSC V   9.500              USD   8.000
Heimstaden Bost   3.625              EUR  65.178
Korian SA         2.250 10/15/2028   EUR  75.397
Mahle GmbH        2.375  5/14/2028   EUR  71.621
Jaguar Land Rov   4.500  7/15/2028   EUR  73.038
Grupo Antolin-I   3.500  4/30/2028   EUR  67.439
Gazprom PJSC Vi   7.288  8/16/2037   USD  32.664
Orpea SA          2.130  07/03/2024  EUR  68.464
Standard Profil   6.250  4/30/2026   EUR  62.304
Bulgaria Govern   0.375  9/23/2030   EUR  74.784
Samhallsbyggnad   1.000  08/12/2027  EUR  63.077
Ukraine Governm   9.750  11/01/2028  USD  28.111
Romanian Govern   3.875 10/29/2035   EUR  75.122
ALROSA Finance    3.100  6/25/2027   USD  11.000
VEON Holdings B   4.000  04/09/2025  USD  70.000
Cellnex Finance   2.000  2/15/2033   EUR  68.943
PIK Securities    5.625 11/19/2026   USD   8.500
Arrival SA        3.500  12/01/2026  USD  41.125
Spain Governmen   1.900 10/31/2052   EUR  74.613
International C   1.125  5/18/2028   EUR  68.896
Ukraine Governm   4.375  1/27/2030   EUR  26.423
Sweden Governme   1.375  6/23/2071   SEK  65.391
Ideal Standard    6.375  7/30/2026   EUR  63.442
Balder Finland    2.000  1/18/2031   EUR  64.849
Ukraine Governm   6.750  6/20/2026   EUR  28.449
Altice France H   6.000  2/15/2028   USD  72.539
Boparan Finance   7.625 11/30/2025   GBP  72.410
Phosagro OAO Vi   3.949  4/24/2023   USD  27.000
Russian Railway   2.100  10/02/2023  CHF   4.937
Herens Midco Sa   5.250  5/15/2029   EUR  66.648
Novafives SAS     5.000  6/15/2025   EUR  67.566
Diebold Nixdorf   9.000  7/15/2025   EUR  73.200
Gazprom PJSC Vi   4.950  02/06/2028  USD  34.333
Eustream AS       1.625  6/25/2027   EUR  70.096
Sarens Finance    5.750  2/21/2027   EUR  69.029
VGP NV            2.250  1/17/2030   EUR  68.908
Gazprom PJSC Vi   4.950  3/23/2027   USD  29.023
Andrade Gutierr   9.500 12/30/2024   USD  54.090
Gazprom PJSC vi   4.599              USD  20.000
Ukraine Governm   7.750  09/01/2027  USD  28.476
SPP-Distribucia   1.000  06/09/2031  EUR  65.152
VTB Bank OJSC V   6.950 10/17/2022   USD   5.725
Accor SA          0.700  12/07/2027  EUR  42.909
Russian Railway   5.700  04/05/2022  USD   5.803
Tinkoff Bank JS   9.250              USD  10.000
Romanian Govern   3.750  02/07/2034  EUR  75.996
VF Ukraine PAT    6.200  02/11/2025  USD  67.349
Vonovia SE        1.625  09/01/2051  EUR  52.857
Lukoil Capital    3.600 10/26/2031   USD  53.375
Novolipetsk Ste   1.450  06/02/2026  EUR  33.751
Heimstaden Bost   2.625              EUR  60.354
State of North    1.450  1/19/2122   EUR  55.503
MMK Internation   4.375  6/13/2024   USD  26.257
Gazprom PJSC vi   2.950  1/27/2029   USD  28.911
Electricite de    1.000 11/29/2033   EUR  75.465
Faurecia SE       2.375  6/15/2029   EUR  71.741
Vnesheconombank   6.800 11/22/2025   USD   5.000
Serbia Internat   2.125  12/01/2030  USD  74.130
Gazprom PJSC vi   1.500  2/17/2027   EUR  26.057
Delivery Hero S   2.125  03/10/2029  EUR  58.297
Russian Railway   7.487  3/25/2031   GBP   9.574
ADLER Real Esta   3.000  4/27/2026   EUR  67.919
Romanian Govern   2.750  4/14/2041   EUR  59.826
Metinvest BV      8.500  4/23/2026   USD  60.500
Hungary Governm   1.750  06/05/2035  EUR  71.162
Sberbank of Rus   5.125 10/29/2022   USD  10.350
Kernel Holding    6.500 10/17/2024   USD  48.415
CaixaBank SA      3.625              EUR  70.305
Allianz SE        2.625              EUR  73.819
MMC Norilsk Nic   4.100  04/11/2023  USD  55.000
EP Infrastructu   2.045  10/09/2028  EUR  68.619
Anadolu Efes Bi   3.375  6/29/2028   USD  69.251
ams-OSRAM AG      2.125  11/03/2027  EUR  73.983
Zorlu Yenileneb   9.000  06/01/2026  USD  72.677
Ukraine Railway   8.250  07/09/2024  USD  30.751
Gazprom PJSC Vi   2.949  1/24/2024   EUR  30.098
Gazprom PJSC vi   1.540  6/30/2027   CHF  26.687
Renault SA        1.125  10/04/2027  EUR  73.791
Romanian Govern   2.875  4/13/2042   EUR  59.902
Allianz SE        2.600              EUR  71.380
Russian Railway   3.125              CHF   5.477
Aroundtown SA     1.625              EUR  68.744
Prosus NV         3.832  02/08/2051  USD  63.063
Vnesheconombank   5.942 11/21/2023   USD   5.684
Phosagro OAO Vi   2.600  9/16/2028   USD  31.000
Russian Railway   0.840  03/12/2026  CHF   6.287
Just Eat Takeaw   0.625  02/09/2028  EUR  54.790
Delivery Hero S   0.875  7/15/2025   EUR  70.633
Ctec II GmbH      5.250  2/15/2030   EUR  73.532
Cellnex Finance   2.000  9/15/2032   EUR  70.499
ADLER Group SA    2.250  4/27/2027   EUR  50.283
Kernel Holding    6.750 10/27/2027   USD  47.272
Mobile Telesyst   5.000  5/30/2023   USD  24.583
Orpea SA          2.200 12/15/2024   EUR  70.000
Gazprom PJSC Vi   2.250 11/22/2024   EUR  31.868
Credit Bank of    8.875              USD  12.500
Muenchener Ruec   1.000  5/26/2042   EUR  71.854
Gazprom PJSC vi   3.250  2/25/2030   USD  27.269
Citycon Treasur   1.625  03/12/2028  EUR  75.620
Electricite de    2.000  12/09/2049  EUR  62.577
Energizer Gamma   3.500  6/30/2029   EUR  72.627
Russian Foreign   2.875  12/04/2025  EUR  17.440
Telefonaktiebol   1.000  5/26/2029   EUR  75.495
Hungary Governm   3.250 10/22/2031   HUF  69.682
Metinvest BV      7.750  4/23/2023   USD  62.500
ADLER Group SA    3.250  08/05/2025  EUR  56.583
Nykredit Realkr   1.000  10/01/2053  DKK  72.567
Banca Monte dei   8.000  1/22/2030   EUR  63.166
Scandinavian Ai   0.625              CHF  18.510
Hungary Governm   2.250  4/20/2033   HUF  59.692
Voltalia SA       1.000  1/13/2025   EUR  28.632
NAK Naftogaz Uk   7.125  7/19/2024   EUR  32.500
Wintershall Dea   3.000              EUR  73.435
Borets Finance    6.000  9/17/2026   USD  31.966
TotalEnergies S   2.000              EUR  74.945
MorphoSys AG      0.625 10/16/2025   EUR  71.749
Russian Railway   0.898  10/03/2025  CHF   5.000
CTP NV            1.500  9/27/2031   EUR  61.470
Fnac Darty SA     0.250  3/23/2027   EUR  72.275
ASTM SpA          2.375 11/25/2033   EUR  73.597
Serbia Internat   1.500  6/26/2029   EUR  73.654
Czech Republic    1.500  4/24/2040   CZK  58.005
Heimstaden Bost   3.375              EUR  69.114
Novatek OAO Via   4.422 12/13/2022   USD  46.500
Severstal OAO V   5.900 10/17/2022   USD  15.000
UniCredit SpA     0.850  1/19/2031   EUR  73.527
Ukraine Governm   7.750  09/01/2024  USD  29.136
Gazprom PJSC vi   1.850 11/17/2028   EUR  27.690
Polyus Finance    3.250 10/14/2028   USD  26.988
Delivery Hero S   1.000  1/23/2027   EUR  69.207
Ukreximbank Via   9.750  1/22/2025   USD  55.150
CPI Property Gr   1.500  1/27/2031   EUR  67.877
ADLER Group SA    2.000 11/23/2023   EUR  61.651
Metalloinvest F   3.375 10/22/2028   USD  25.800
Assicurazioni G   1.713  6/30/2032   EUR  72.019
MMC Norilsk Nic   2.800 10/27/2026   USD  55.750
Lloyds Banking    3.369 12/14/2046   USD  70.630
Gazprom PJSC Vi   4.250  04/06/2024  GBP  29.997
Prosus NV         2.778  1/19/2034   EUR  71.880
Intesa Sanpaolo   4.950  06/01/2042  USD  68.300
Fastighets AB B   1.250  1/28/2028   EUR  72.061
MMC Norilsk Nic   6.625 10/14/2022   USD  66.500
Rallye SA         4.371  2/28/2032   EUR  14.049
Development Ban   6.750  05/02/2024  USD  11.590
ADLER Group SA    2.750 11/13/2026   EUR  53.775
MHP Lux SA        6.250  9/19/2029   USD  53.163
Mithra Pharmace   4.250 12/17/2025   EUR  73.091
Romanian Govern   1.750  7/13/2030   EUR  71.871
Raiffeisen Bank   1.375  6/17/2033   EUR  71.835
Russian Foreign   1.850 11/20/2032   EUR  14.995
NGD Holdings BV   6.750 12/31/2026   USD  42.983
Romanian Govern   4.125  03/11/2039  EUR  73.496
Snam SpA          1.250  6/20/2034   EUR  73.732
Dometic Group A   2.000  9/29/2028   EUR  73.697
BAT Internation   2.250  09/09/2052  GBP  49.437
Investor AB       0.375 10/29/2035   EUR  68.119
Romanian Govern   2.625  12/02/2040  EUR  59.608
Alfa Bank AO Vi   5.950  4/15/2030   USD  10.000
Ukraine Governm   6.876  5/21/2029   USD  27.503
Ukraine Governm   8.994  02/01/2024  USD  29.186
Banque Federati   1.125 11/19/2031   EUR  73.692
Gazprom PJSC vi   3.000  6/29/2027   USD  29.158
BAT Internation   4.000 11/23/2055   GBP  63.407
Odea Bank AS      7.625  08/01/2027  USD  64.179
Sberbank of Rus   5.250  5/23/2023   USD  12.472
Citycon Oyj       3.625              EUR  70.062
Ukraine Governm   7.750  09/01/2026  USD  28.670
Ozon Holdings P   1.875  2/24/2026   USD  26.562
Romanian Govern   3.375  02/08/2038  EUR  68.089
Raiffeisen Bank   4.500              EUR  66.588
Gazprom PJSC vi   3.500  7/14/2031   USD  27.780
Turkey Governme   5.250  3/13/2030   USD  75.056
Credit Bank of    7.500  10/05/2027  USD  21.500
Iceland Bondco    4.375  5/15/2028   GBP  67.984
Bellis Finco PL   4.000  2/16/2027   GBP  71.893
Ekosem-Agrar AG   7.500  08/01/2024  EUR  16.333
Nostrum Oil & G   8.000  7/25/2022   USD  25.481
Finland Governm   0.500  4/15/2043   EUR  70.001
EDP - Energias    1.875  3/14/2082   EUR  71.575
Teva Pharmaceut   1.625 10/15/2028   EUR  71.518
Societe General   4.027  1/21/2043   USD  70.544
Wirecard AG       0.500  09/11/2024  EUR  12.183
AerCap Ireland    3.850 10/29/2041   USD  72.506
Banca Monte dei   8.500  09/10/2030  EUR  65.092
Ekosem-Agrar AG   8.500  12/07/2022  EUR  28.125
Union Fenosa Pr   1.173              EUR  68.000
Royalty Pharma    3.550  09/02/2050  USD  69.485
Ukraine Governm   7.750  09/01/2025  USD  28.619
Offshore Drilli   8.375  9/20/2020   USD   6.533
Enel SpA          1.875              EUR  69.267
Consus Real Est   4.000 11/29/2022   EUR  66.677
BMW Finance NV    0.200  01/11/2033  EUR  74.815
NAK Naftogaz Uk   7.625  11/08/2026  USD  32.458
Interpipe Holdi   8.375  5/13/2026   USD  44.750
NPC Ukrenergo     6.875  11/09/2026  USD  32.680
Stellantis NV     1.250  6/20/2033   EUR  70.279
FIGEAC-AERO       1.750 10/18/2028   EUR  22.620
MMC Norilsk Nic   3.375 10/28/2024   USD  47.500
Ziggo Bond Co B   3.375  2/28/2030   EUR  71.501
Russian Railway   4.600  03/06/2023  EUR  10.011
Cardea Europe A   7.250  12/08/2023  EUR  57.735
MMC Norilsk Nic   2.550  09/11/2025  USD  55.500
Aliaxis Finance   0.875  11/08/2028  EUR  75.409
City of Lugano    0.150 11/28/2070   CHF  31.626
Prosus NV         4.987  1/19/2052   USD  73.955
Metinvest BV      5.625  6/17/2025   EUR  57.567
UNIQA Insurance   2.375  12/09/2041  EUR  75.441
Wendel SE         1.375  1/18/2034   EUR  66.811
Delivery Hero S   1.000  4/30/2026   EUR  65.155
Republic of Aus   1.500  11/02/2086  EUR  69.635
Albania Governm   3.500 11/23/2031   EUR  73.912
Ukraine Governm  15.840  2/26/2025   UAH  65.343
Slovakia Govern   0.375  4/21/2036   EUR  71.425
Croatia Governm   1.750  03/04/2041  EUR  71.735
Bank Gospodarst   2.125  06/05/2030  PLN  67.088
Rallye SA         4.000  2/28/2032   EUR  14.443
GTLK Europe DAC   5.125  5/31/2024   USD  16.000
Deutsche Bahn F   0.625  12/08/2050  EUR  52.452
Aeroports de Pa   1.125  6/18/2034   EUR  74.862
Credit Bank of    5.150  2/20/2024   EUR  20.222
Saxa Gres Spa     7.000  08/04/2026  EUR  69.008
Romanian Govern   1.375  12/02/2029  EUR  72.714
Prosus NV         4.027  08/03/2050  USD  64.787
State Agency of   6.250  6/24/2028   USD  26.736
Delivery Hero S   1.500  1/15/2028   EUR  60.681
Deutsche Bahn F   0.625  4/15/2036   EUR  70.974
Metro Bank PLC    5.500  6/26/2028   GBP  56.172
Just Eat Takeaw   1.250  4/30/2026   EUR  68.728
Lithuania Gover   0.500  7/28/2050   EUR  52.235
Iberdrola Inter   1.825              EUR  74.795
Fuerstenberg Ca   5.625              EUR  60.971
United Kingdom    1.500  7/31/2053   GBP  78.255
Czech Republic    1.200  3/13/2031   CZK  72.539
Societe General   3.625  03/01/2041  USD  68.319
Rothschild & Co   1.860              EUR  72.381
Credit Bank of    3.100  1/21/2026   EUR  20.053
Enel Finance In   0.875  9/28/2034   EUR  69.531
UNEDIC ASSEO      0.250  7/16/2035   EUR  75.694
Gazprom PJSC Vi   4.364  3/21/2025   EUR  29.995
BNP Paribas SA    2.824  1/26/2041   USD  68.430
Dana Financing    3.000  7/15/2029   EUR  73.072
Eurochem Financ   5.500  3/13/2024   USD  38.125
Credit Bank of    3.875  9/21/2026   USD  21.000
Dtek Renewables   8.500  11/12/2024  EUR  41.479
Metinvest BV      7.650  10/01/2027  USD  57.610
Realkredit Danm   1.000  10/01/2050  DKK  73.743
Vonovia SE        0.750  09/01/2032  EUR  70.504
Royalty Pharma    3.350  09/02/2051  USD  67.079
Orsted AS         2.500  2/18/3021   GBP  69.958
TotalEnergies S   3.250              EUR  72.210
Thermo Fisher S   2.000 10/18/2051   EUR  69.071
Bank Gospodarst   2.250  7/21/2033   PLN  59.414
State of North    0.500  1/15/2052   EUR  60.299
Vonovia Finance   1.125  9/14/2034   EUR  67.218
Metinvest BV      7.750 10/17/2029   USD  60.750
Phosagro OAO Vi   3.050  1/23/2025   USD  25.000
BASF SE           1.625 11/15/2037   EUR  75.372
Casino Guichard   4.048  08/05/2026  EUR  73.378
Digital Intrepi   0.625  7/15/2031   EUR  70.856
IWG Internation   0.500  12/09/2027  GBP  73.992
CPI Property Gr   1.750  1/14/2030   EUR  71.651
Credit Bank of    7.625              USD  15.000
EnBW Energie Ba   2.125  8/31/2081   EUR  69.111
TotalEnergies S   2.125              EUR  70.836
Czech Gas Netwo   0.450  09/08/2029  EUR  69.904
Fresnillo PLC     4.250  10/02/2050  USD  73.641
SCF Capital Des   3.850  4/26/2028   USD  20.505
Republic of Bel   6.378  2/24/2031   USD  14.333
BUPA Finance PL   4.000              GBP  69.115
BICO Group AB     2.875  3/19/2026   SEK  66.634
AstraZeneca PLC   2.125  08/06/2050  USD  65.995
Mutuelle Assura   3.500              EUR  73.891
Wuestenrot & Wu   2.125  09/10/2041  EUR  73.658
Deutsche Teleko   1.750  12/09/2049  EUR  66.789
University of O   2.544  12/08/2117  GBP  72.684
Enel Finance In   1.250  1/17/2035   EUR  72.368
Hacienda Invest   5.350  02/08/2028  USD  12.000
Republic of Pol   4.000  4/25/2047   PLN  63.604
Credit Bank of    4.700  1/29/2025   USD  24.400
E.ON SE           0.875 10/18/2034   EUR  74.720
Enel Finance In   0.875  6/17/2036   EUR  65.566
Gazprom PJSC vi   2.950  4/15/2025   EUR  27.005
United Kingdom    0.875  1/31/2046   GBP  69.810
Shell Internati   3.000 11/26/2051   USD  74.436
Prosus NV         2.031  08/03/2032  EUR  70.412
Polyus Finance    5.250  02/07/2023  USD  24.167
Econocom Group    0.500  03/06/2023  EUR   8.059
Republic of Bel   5.875  2/24/2026   USD  14.000
Nostrum Oil & G   7.000  2/16/2025   USD  24.796
Neoen SA          1.875  10/07/2024  EUR  41.029
EnBW Internatio   0.250 10/19/2030   EUR  75.473
Barclays PLC      3.330 11/24/2042   USD  74.261
Romanian Govern   3.500  04/03/2034  EUR  73.632
Home Credit & F   8.800              USD   5.382
Heimstaden Bost   1.625 10/13/2031   EUR  70.460
Evraz PLC         5.375  3/20/2023   USD  50.000
Czech Republic    0.050 11/29/2029   CZK  68.642
Castellum Helsi   0.875  9/17/2029   EUR  71.424
JT Internationa   3.300  9/14/2051   USD  67.604
A2A SpA           1.000  11/02/2033  EUR  71.670
Just Group PLC    5.000              GBP  73.155
Proximus SADP     0.750 11/17/2036   EUR  70.854
Celtic Resource   4.125  10/09/2024  USD   9.968
Czech Gas Netwo   0.875  3/31/2031   EUR  64.933
Engie SA          1.875              EUR  70.430
Mondelez Intern   1.250  09/09/2041  EUR  62.682
Russian Foreign   1.125 11/20/2027   EUR  15.005
Cofinimmo SA      0.875  12/02/2030  EUR  73.708
UBS Group AG      3.179  02/11/2043  USD  75.956
HOCHTIEF AG       1.250  09/03/2031  EUR  70.024
BNP Paribas SA    0.625  12/03/2032  EUR  73.286
BPCE SA           2.125 10/13/2046   EUR  72.542
Cellnex Finance   3.875  07/07/2041  USD  68.765
Societe Nationa   1.000  5/25/2040   EUR  74.355
GTLK Europe Cap   4.800  2/26/2028   USD  16.000
Holcim Finance    0.500  4/23/2031   EUR  75.124
Credit Bank of    5.550  2/14/2023   USD  21.500
RWE AG            1.000 11/26/2033   EUR  73.304
EnBW Internatio   0.500  03/01/2033  EUR  70.947
Suek Securities   3.375  9/15/2026   USD  10.050
Cie Generale de   0.250  11/02/2032  EUR  74.996
Realkredit Danm   1.000  10/01/2053  DKK  72.571
Slovenia Govern   0.688  03/03/2081  EUR  38.342
Biocartis Group   4.000  05/09/2024  EUR  71.451
Evraz PLC         5.250  04/02/2024  USD  58.020
Republic of Bel   6.200  2/28/2030   USD  13.667
Rickmers Holdin   8.875  06/11/2018  EUR   0.833
Global Ports Fi   6.500  9/22/2023   USD  11.050
GTLK Europe Cap   5.950  4/17/2025   USD  15.000
Hannover Rueck    1.375  6/30/2042   EUR  75.100
Fresenius SE &    1.125  1/28/2033   EUR  74.688
Altice France H   4.000  2/15/2028   EUR  70.232
TenneT Holding    0.125 11/30/2032   EUR  73.947
GTLK Europe Cap   4.349  2/27/2029   USD  14.988
JAB Holdings BV   2.250 12/19/2039   EUR  65.876
Credit Suisse G   4.500              USD  69.500
European Financ   0.700  1/17/2053   EUR  62.643
Hera SpA          1.000  4/25/2034   EUR  69.751
Unibail-Rodamco   1.375  12/04/2031  EUR  73.511
Portugal Obriga   1.150  04/11/2042  EUR  73.260
ABH Financial L   2.700  06/11/2023  EUR   5.587
Mallinckrodt In   4.750  4/15/2023   USD  41.500
Royalty Pharma    3.300  09/02/2040  USD  73.629
Andorra Interna   1.700 10/13/2041   EUR  69.746
HOWOGE Wohnungs   1.125  11/01/2033  EUR  75.904
VEON Holdings B   3.375 11/25/2027   USD  52.552
Finland Governm   0.125  4/15/2052   EUR  55.090
Upjohn Finance    1.908  6/23/2032   EUR  74.894
GTLK Europe Cap   4.949  2/18/2026   USD  16.000
GTLK Europe Cap   4.650  03/10/2027  USD  13.000
Neoen SA          2.000  06/02/2025  EUR  49.782
Credit Agricole   1.500  10/06/2031  EUR  75.730
Mutuelle Assura   2.125  6/21/2052   EUR  75.832
City of Kyiv Vi   7.500 12/15/2022   USD  36.382
Ukreximbank Via   9.950 11/14/2029   USD  39.990
La Poste SA       0.625  1/18/2036   EUR  66.961
BP Capital Mark   1.467  9/21/2041   EUR  65.665
Imerys SA         1.000  7/15/2031   EUR  72.674
Bank Gospodarst   2.375 11/27/2040   PLN  46.926
ABH Financial L   2.875  11/09/2022  CHF   3.500
Unibail-Rodamco   1.750  07/01/2049  EUR  50.977
Storebrand Livs   1.875  9/30/2051   EUR  75.598
Bayer AG          1.000  01/12/2036  EUR  68.113
Sovcombank Via    7.600              USD   4.700
Euroclear Inves   1.375  6/16/2051   EUR  73.208
Ukraine Railway   7.875  7/15/2026   USD  29.935
Enel Finance In   2.875  07/12/2041  USD  67.752
Altice France H   6.000  2/15/2028   USD  72.171
Deutsche Bahn F   1.125  5/29/2051   EUR  61.075
Adecco Internat   0.500  9/21/2031   EUR  75.278
Norddeutsche La   7.490              EUR  61.023
Republic of Arm   3.600  02/02/2031  USD  70.662
Wendel SE         1.000  06/01/2031  EUR  70.932
Digital Dutch F   1.250  02/01/2031  EUR  75.481
EnfraGen Energi   5.375 12/30/2030   USD  68.966
Credit Agricole   2.811  01/11/2041  USD  69.783
Vonovia Finance   1.000  1/28/2041   EUR  54.778
Global Fashion    1.250  3/15/2028   EUR  69.193
Becton Dickinso   1.213  02/12/2036  EUR  70.746
DNB Bank ASA      1.848              USD  67.967
Agence Francais   0.375  5/25/2036   EUR  74.750
PB Internationa   7.625 12/31/2025   USD  42.039
Jyske Realkredi   1.000  10/01/2050  DKK  73.801
Novolipetsk Ste   4.500  6/15/2023   USD  38.250
A2A SpA           0.625  7/15/2031   EUR  74.588
City of Bern Sw   0.040  10/02/2070  CHF  36.028
Merlin Properti   1.875  12/04/2034  EUR  72.264
Russian Railway   4.375  03/01/2024  USD  20.091
Prosus NV         1.985  7/13/2033   EUR  68.307
Nexity SA         0.250  03/02/2025  EUR  60.165
Thermo Fisher S   1.625 10/18/2041   EUR  71.269
Intelsat Jackso   8.500 10/15/2024   USD  42.125
National Grid E   0.872 11/26/2040   EUR  58.314
Heimstaden Bost   0.750  09/06/2029  EUR  72.301
Novolipetsk Ste   4.000  9/21/2024   USD  37.750
Pierre Et Vacan   2.000  04/01/2023  EUR  27.063
Hungary Governm   4.500  5/27/2032   HUF  76.637
Czech Republic    1.950  7/30/2037   CZK  67.324
Orange SA         1.375  09/04/2049  EUR  66.859
National Grid P   0.750  09/01/2033  EUR  72.468
Lithuania Gover   0.750  7/15/2051   EUR  64.638
Nordea Kredit R   1.000  10/01/2050  DKK  73.852
Sibur Securitie   3.450  9/23/2024   USD  28.200
BNP Paribas SA    2.824  1/26/2041   USD  68.587
Bank Gospodarst   1.750  03/12/2028  PLN  72.540
Thomas Cook Gro   6.250  6/15/2022   EUR   0.432
Republic of Aus   0.250 10/20/2036   EUR  76.100
Bank Gospodarst   1.875  4/27/2027   PLN  76.063
Russian Agricul   8.500 10/16/2023   USD   9.659
Unibail-Rodamco   1.375  5/25/2033   EUR  70.076
Lukoil Capital    3.600 10/26/2031   USD  52.375
Linde PLC         1.000  9/30/2051   EUR  54.563
Intelsat Jackso   9.750  7/15/2025   USD  42.125
TenneT Holding    0.875  6/16/2035   EUR  73.666
Smurfit Kappa T   1.000  9/22/2033   EUR  72.686
Wellcome Trust    2.517  02/07/2118  GBP  71.753
Rusal Capital D   4.850  02/01/2023  USD  40.523
SCF Capital Des   5.375  6/16/2023   USD  20.000
Lukoil Capital    2.800  4/26/2027   USD  55.063
Shell Internati   1.750  09/10/2052  GBP  58.274
Sibur Securitie   2.950  07/08/2025  USD  35.000
Enel Finance In   1.125 10/17/2034   EUR  73.004
Engie SA          1.000 10/26/2036   EUR  67.686
Alfa Bank AO Vi   6.950              USD  11.533
Vnesheconombank   6.025  07/05/2022  USD   5.000
Vienna Insuranc   1.000  3/26/2036   EUR  71.569
Russian Foreign   5.100  3/28/2035   USD  18.687
Investor AB       1.500  6/20/2039   EUR  73.956
DH Europe Finan   1.350  9/18/2039   EUR  69.093
Deutsche Bahn F   0.875  6/23/2039   EUR  69.128
UBS Group AG      0.625  2/24/2033   EUR  73.059
Holcim Finance    0.625  1/19/2033   EUR  70.895
State of North    0.200  1/27/2051   EUR  55.318
Aedifica SA       0.750  09/09/2031  EUR  70.910
National Grid E   0.823  07/07/2032  EUR  76.395
Traton Finance    1.250  3/24/2033   EUR  72.616
State of North    1.375  1/15/2120   EUR  53.519
Nykredit Realkr   0.500  10/01/2050  DKK  74.180
VTB Bank OJSC V   4.073 10/24/2024   CHF   4.944
Nordea Kredit R   1.000  10/01/2053  DKK  72.615
CM.com NV         2.000  09/09/2026  EUR  72.056
Regiao Autonoma   1.141  12/04/2034  EUR  76.797
Hera SpA          0.250  12/03/2030  EUR  74.552
Rallye SA         5.250  2/28/2032   EUR  13.604
Saderea DAC      12.500 11/30/2026   USD  73.455
HOCHDORF Holdin   2.500              CHF  47.926
Russian Railway   1.195  04/03/2028  CHF   6.347
Paragon GmbH &    4.000  4/23/2023   CHF  54.100
Verbund AG        0.900  04/01/2041  EUR  71.170
Fresenius Finan   0.875  10/01/2031  EUR  75.639
Karlou BV         7.750  6/18/2024   USD  14.399
Hungary Governm   2.250  6/22/2034   HUF  56.902
Cyprus Governme   1.250  1/21/2040   EUR  68.131
DH Europe Finan   1.800  9/18/2049   EUR  65.512
VEON Holdings B   4.000  04/09/2025  USD  67.788
Medtronic Globa   1.375 10/15/2040   EUR  69.999
Uralkali OJSC V   4.000 10/22/2024   USD  22.000
Bank Gospodarst   0.500  07/08/2031  EUR  75.639
Berkeley Group    2.500  08/11/2031  GBP  75.570
Intelsat Jackso   5.500  08/01/2023  USD  42.125
EA Partners II    6.750  06/01/2021  USD   0.390
Societe General   3.625  03/01/2041  USD  68.203
BNG Bank NV       1.550  2/19/2032   AUD  74.496
CTP NV            1.250  6/21/2029   EUR  70.748
Iren SpA          0.250  1/17/2031   EUR  73.340
ABN AMRO Bank N   1.250  1/20/2034   EUR  75.805
Realkredit Danm   1.000  10/01/2053  DKK  66.805
Lukoil Securiti   3.875  05/06/2030  USD  52.137
Digital Intrepi   1.375  7/18/2032   EUR  72.042
TMK OAO Via TMK   4.300  02/12/2027  USD   8.500
Euronext NV       1.500  5/17/2041   EUR  67.192
Rallye SA         3.400  2/28/2032   EUR  13.830
BPCE SA           3.582 10/19/2042   USD  74.466
Siemens Financi   0.500  09/05/2034  EUR  73.848
Orange SA         0.750  6/29/2034   EUR  74.316
NIBC Bank NV      1.315              EUR  72.157
BNP Paribas SA    2.000  9/13/2036   GBP  72.135
Becton Dickinso   1.336  8/13/2041   EUR  62.867
DOF Subsea AS     9.500  9/30/2022   USD  60.241
EQT AB            0.875  5/14/2031   EUR  73.305
BAE Systems PLC   3.000  9/15/2050   USD  69.850
Vonovia SE        1.500  6/14/2041   EUR  60.769
Sovcombank Via    8.000  04/07/2030  USD   4.544
Travelex Financ   8.000  5/15/2022   EUR   0.458
Alfa Bank AO Vi   5.900              USD   7.949
Credit Bank of    7.121  6/25/2024   USD  21.063
Nykredit Realkr   0.500  10/01/2053  DKK  72.343
Vonovia SE        0.625  3/24/2031   EUR  74.418
Sovcombank Via    3.400  1/26/2025   USD   5.199
Sovcombank Via    7.750              USD   3.657
Landesbank Bade   0.375  2/21/2031   EUR  75.258
Immigon Portfol   6.569              EUR  10.690
Russian Foreign   4.375  3/21/2029   USD  18.989
BAT Internation   2.000  3/13/2045   EUR  56.764
Glencore Capita   1.250  03/01/2033  EUR  73.008
Turkey Governme   8.000  03/12/2025  TRY  71.400
Nexity SA         0.875  4/19/2028   EUR  46.128
Gecina SA         0.875  1/25/2033   EUR  75.841
Allianz Finance   0.500 11/22/2033   EUR  76.031
Aggregate Holdi   5.500  5/17/2024   EUR  31.640
Metalloinvest F   3.375 10/22/2028   USD  18.000
FEL Energy VI S   5.750  12/01/2040  USD  73.131
Romania Governm   4.150 10/24/2030   RON  73.270
EWE AG            0.375 10/22/2032   EUR  72.456
Hellenic Bank P  10.000              EUR  54.875
Jyske Realkredi   1.000  10/01/2053  DKK  72.631
UPM-Kymmene Oyj   0.500  3/22/2031   EUR  75.897
Alfa Bank AO Vi   5.500 10/26/2031   USD   7.546
WPC Eurobond BV   0.950  06/01/2030  EUR  74.052
ALROSA Finance    4.650  04/09/2024  USD  10.750
ABN AMRO Bank N   0.625  1/24/2037   EUR  76.241
Sagax Euro Mtn    1.000  5/17/2029   EUR  74.031
Wellcome Trust    1.500  7/14/2071   GBP  56.628
A2A SpA           0.625 10/28/2032   EUR  72.135
Orpea SA          2.564 11/30/2027   EUR  68.848
Deutsche Bahn F   1.375  4/16/2040   EUR  74.037
Vodafone Group    3.000  08/12/2056  GBP  72.052
Segro Capital S   0.500  9/22/2031   EUR  75.869
Medtronic Globa   1.750  07/02/2049  EUR  67.613
Heineken NV       1.750  05/07/2040  EUR  72.621
Hungary Governm   2.125  9/22/2031   USD  77.490
Medtronic Globa   1.500  07/02/2039  EUR  73.510
Credit Agricole   0.750  1/20/2042   EUR  67.694
Agence Francais   0.375  5/25/2036   EUR  75.157
Banco Espirito    7.125 11/28/2023   EUR   0.181
O1 Properties F   0.500  9/27/2028   USD   6.040
Vonovia Finance   1.625  10/07/2039  EUR  62.335
Russian Foreign   4.875  9/16/2023   USD  26.769
Ukraine Governm   9.790  5/26/2027   UAH  81.145
Orpea SA          2.750  06/03/2033  EUR  60.963
ABN AMRO Bank N   1.000  06/02/2033  EUR  75.456
Sibur Securitie   4.125  10/05/2023  USD  31.067
Intu Debenture    5.562 12/31/2027   GBP  41.333
Credit Agricole   2.811  01/11/2041  USD  69.362
Societe Du Gran   0.300  09/02/2036  EUR  73.818
Societe General   4.027  1/21/2043   USD  70.987
Cadent Finance    0.750  03/11/2032  EUR  74.202
UBS Group AG      4.375              USD  74.800
Logicor Financi   0.875  1/14/2031   EUR  71.231
Societe Nationa   1.000  1/19/2061   EUR  51.938
Nederlandse Wat   0.500  4/26/2051   EUR  62.777
Logicor Financi   2.000  1/17/2034   EUR  72.074
JDE Peet's NV     1.125  6/16/2033   EUR  72.677
Medtronic Globa   1.625 10/15/2050   EUR  64.860
Nestle Finance    0.875  6/14/2041   EUR  65.512
Russian Foreign   5.250  6/23/2047   USD  17.800
Simon Internati   1.125  3/19/2033   EUR  75.009
DOF Subsea AS     9.230 11/27/2023   NOK  70.000
Terega SA         0.875  9/17/2030   EUR  74.947
DNB Bank ASA      0.954              USD  67.881
Eurogrid GmbH     0.741  4/21/2033   EUR  74.352
Orpea SA          2.568 12/22/2022   EUR  73.700
European Financ   0.050  1/18/2052   EUR  49.878
Vnesheconombank   6.800 11/22/2025   USD   5.000
Hacienda Invest   5.075  2/15/2023   USD  12.178
University Coll   1.625  06/04/2061  GBP  65.157
Nykredit Realkr   0.500  10/01/2050  DKK  73.087
BP Capital Mark   0.933  12/04/2040  EUR  60.378
Novafives SAS     4.500  6/15/2025   EUR  67.533
Gazprom PJSC Vi   4.950  7/19/2022   USD  72.000
Motability Oper   1.500  1/20/2041   GBP  70.072
EA Partners I B   6.875  9/28/2020   USD   0.500
Croatia Governm   1.250  03/03/2040  EUR  65.766
Havila Shipping   5.920  01/02/2025  NOK  37.606
Nestle Finance    0.375  12/03/2040  EUR  60.028
Cyprus Governme   2.250  4/16/2050   EUR  74.674
GOL Equity Fina   3.750  7/15/2024   USD  73.776
PJSC Koks via I   5.900  9/23/2025   USD   7.550
Rusal Capital D   5.300  05/03/2023  USD  30.000
Anchor Hanover    2.000  7/21/2051   GBP  66.453
BNP Paribas SA    1.575              USD  73.918
adidas AG         0.625  09/10/2035  EUR  72.621
Digital Dutch F   1.000  1/15/2032   EUR  71.651
Cooperatieve Ra   0.750  6/21/2039   EUR  74.849
LEG Immobilien    1.000 11/19/2032   EUR  69.474
Sigma Holdco BV   7.875  5/15/2026   USD  62.953
Orpea SA          3.000 11/25/2041   EUR  40.783
BPCE SFH SA       0.010  1/29/2036   EUR  70.729
Gecina SA         0.875  6/30/2036   EUR  67.842
JAB Holdings BV   3.750  5/28/2051   USD  69.646
Allied Irish Ba  12.500  6/25/2035   GBP  54.775
Koninklijke Luc   0.750              CHF  20.750
Idavang A/S       7.250  11/11/2025  EUR  65.953
nextbike GmbH     6.000  3/31/2025   EUR  65.000
Lukoil Internat   4.563  4/24/2023   USD  68.719
Polyus Finance    4.700  1/29/2024   USD  26.962
DXC Capital Fun   0.950  9/15/2031   EUR  75.688
Shell Internati   0.875  11/08/2039  EUR  65.477
Unibail-Rodamco   1.750  2/27/2034   EUR  71.370
Vonovia SE        1.000  6/16/2033   EUR  70.374
Unibail-Rodamco   0.875  3/29/2032   EUR  68.947
Havila Shipping   5.170  01/02/2025  NOK  30.000
Italgas SpA       0.500  2/16/2033   EUR  70.570
Chelyabinsk Pip   4.500  9/19/2024   USD  10.477
Veragold Mining   5.000 12/31/2022   EUR  59.000
Deutsche Bahn F   0.100  1/28/2036   CHF  74.336
Nykredit Realkr   1.000  10/01/2053  DKK  66.792
Telefonica Emis   1.864  7/13/2040   EUR  74.766
FF Group Financ   1.750  07/03/2019  EUR   4.974
Altarea SCA       1.750  1/16/2030   EUR  72.054
UNEDIC ASSEO      0.100  5/25/2034   EUR  76.360
Imperial Brands   1.750  3/18/2033   EUR  73.522
Romania Governm   4.250  4/28/2036   RON  63.479
Europejskie Cen  11.370  4/14/2023   PLN  49.000
ICADE             0.625  1/18/2031   EUR  74.152
DNB Bank ASA      0.929              USD  67.864
Cie Generale de   0.625  11/02/2040  EUR  60.188
PIK Securities    5.625 11/19/2026   USD   8.000
Finland Governm   0.250  9/15/2040   EUR  70.364
Pentracor GmbH    8.500  5/29/2025   EUR  14.900
TenneT Holding    1.125  06/09/2041  EUR  66.856
Snam SpA          1.000  09/12/2034  EUR  70.321
Celtic Resource   4.125  10/09/2024  USD   8.000
LEG Immobilien    0.750  6/30/2031   EUR  73.559
Gazprom PJSC vi   3.250  2/25/2030   USD  27.902
Russian Foreign   4.750  5/27/2026   USD  17.866
MMK Internation   4.375  6/13/2024   USD  26.257
Pfandbriefbank    0.250  08/04/2038  CHF  73.898
Clarion Funding   1.875  09/07/2051  GBP  62.761
SRV Group Oyj     6.875  3/23/2025   EUR  53.148
Amprion GmbH      0.625  9/23/2033   EUR  70.881
Pfandbriefzentr   0.200  5/22/2042   CHF  68.181
Platform HG Fin   1.625  08/10/2055  GBP  58.834
Rallye SA         3.250  2/28/2032   CHF  14.500
Allianz SE        3.200              USD  79.745
Deutsche Wohnen   1.300  04/07/2041  EUR  56.727
Orpea SA          2.300  03/06/2025  EUR  70.000
de Volksbank NV   0.375  9/16/2041   EUR  67.370
Ukraine Governm  11.670 11/22/2023   UAH  77.468
Republic of Cro   1.000 11/27/2034   HRK  73.786
Richemont Inter   1.625  5/26/2040   EUR  74.829
FF Group Financ   3.250  11/02/2021  CHF   5.489
Volkswagen Inte   1.500  1/21/2041   EUR  62.978
Enel Finance In   2.875  07/12/2041  USD  67.902
EYEMAXX Real Es   5.500  4/26/2023   EUR   1.908
Russian Foreign   4.250  6/23/2027   USD  18.075
Landesbank Hess   0.500  1/19/2037   EUR  75.406
TenneT Holding    0.500 11/30/2040   EUR  59.396
Ukraine Governm   7.750  09/01/2022  USD  60.000
OGX Austria Gmb   8.500  06/01/2018  USD   0.008
ABN AMRO Bank N   0.400  9/17/2041   EUR  67.342
Unibail-Rodamco   2.250  5/14/2038   EUR  66.663
Air Berlin PLC    8.250  4/19/2018   EUR   0.450
Orpea SA          2.000  08/09/2029  EUR  55.496
Caisse Francais   0.125  2/15/2036   EUR  72.131
Nykredit Realkr   1.500  10/01/2053  DKK  73.876
SRV Group Oyj     4.875  3/27/2025   EUR  53.125
TenneT Holding    1.500  06/03/2039  EUR  74.001
CNP Assurances    1.875  10/12/2053  EUR  74.118
Sveriges Sakers   0.750  06/09/2032  SEK  75.118
Metropolitano d   1.229  7/30/2036   EUR  76.285
Land Berlin       0.625  1/26/2052   EUR  63.720
Gazprom PJSC vi   3.500  7/14/2031   USD  28.947
ALROSA Finance    3.100  6/25/2027   USD  10.132
Engie SA          1.250 10/24/2041   EUR  61.808
Officine Maccaf   5.750  06/01/2021  EUR  16.600
UNEDIC ASSEO      0.500  5/25/2036   EUR  76.599
Hellenic Republ   2.085  7/25/2057   EUR  35.601
Hyde Housing As   1.750  8/18/2055   GBP  59.745
Diebold Nixdorf   9.000  7/15/2025   EUR  73.250
Annington Fundi   2.924  10/06/2051  GBP  70.258
Gazprom PJSC Vi   4.950  02/06/2028  USD  34.120
Rallye SA         4.000  2/28/2032   CHF  13.150
Russian Foreign  12.750  6/24/2028   USD  25.296
Credit Agricole   0.125  3/15/2033   EUR  75.510
Tinkoff Bank JS   6.000              USD  11.929
NPC Ukrenergo     6.875  11/09/2026  USD  29.669
Senvion Holding   3.875 10/25/2022   EUR   0.256
Ziton A/S         7.900  10/03/2022  EUR  69.687
Muenchener Hypo   0.010 10/19/2039   EUR  64.811
Kommunekredit     0.125  9/26/2040   EUR  65.542
Ukreximbank Via   9.750  1/22/2025   USD  52.222
Deutsche Lichtm   5.250  09/01/2025  EUR   3.850
Nykredit Realkr   0.500  10/01/2053  DKK  71.088
Flagship Financ   1.875  7/14/2061   GBP  61.119
Banca Popolare    9.500  9/29/2025   EUR   0.127
Luzerner Kanton   0.150  10/07/2044  CHF  62.916
Cooperatieve Ra   1.000  1/19/2034   EUR  76.109
TI Automotive F   3.750  4/15/2029   EUR  70.815
Severn Trent Ut   2.000  06/02/2040  GBP  73.634
Accentro Real E   4.125  3/23/2026   EUR  63.333
Engie SA          1.375  6/21/2039   EUR  66.590
DSV Finance BV    0.875  9/17/2036   EUR  69.357
Prosus NV         4.027  08/03/2050  USD  64.720
Saltaire Financ   1.527 11/23/2051   GBP  69.795
Phosagro OAO Vi   2.600  9/16/2028   USD  23.000
M Objekt Real E   6.000  7/22/2024   EUR  68.566
United Kingdom    1.250  7/31/2051   GBP  73.467
OGX Austria Gmb   8.375  04/01/2022  USD   0.032
Air Liquide Fin   0.375  9/20/2033   EUR  76.512
Realkredit Danm   0.500  10/01/2053  DKK  72.343
Phosagro OAO Vi   3.050  1/23/2025   USD  27.500
Intesa Sanpaolo   2.625  03/11/2036  GBP  70.757
Andrade Gutierr   9.500 12/30/2024   USD  51.192
Eni SpA           1.000  10/11/2034  EUR  75.136
Nordea Kredit R   1.500  10/01/2053  DKK  74.049
CK Hutchison Gr   2.625 10/17/2034   GBP  75.486
Gazprom PJSC Vi   7.288  8/16/2037   USD  32.724
Nederlandse Wat   0.375  9/28/2046   EUR  64.207
Orpea SA          2.770 12/18/2028   EUR  68.526
Deutsche Bahn F   0.750  7/16/2035   EUR  74.916
Republic of Pol   1.750  4/25/2032   PLN  63.507
Cooperatieve Ra   0.625  2/25/2033   EUR  75.034
Autonomous Regi   1.095  9/27/2036   EUR  76.205
Kommunekredit     0.625 11/21/2039   EUR  73.916
Herens Midco Sa   5.250  5/15/2029   EUR  67.042
Communaute Fran   2.300  4/25/2089   EUR  81.426
Dexia Credit Lo   1.327              EUR   2.621
Erste Group Ban   0.500  01/12/2037  EUR  74.376
Realkredit Danm   0.500  10/01/2050  DKK  74.196
Unibail-Rodamco   2.000  5/29/2037   EUR  67.306
Genfit            3.500 10/16/2025   EUR  24.161
Privatbank CJSC  10.250  1/23/2018   USD   3.839
BP Capital Mark   1.104 11/15/2034   EUR  73.881
Lehman Brothers   5.125              EUR  17.127
Claranova SE      5.000  07/01/2023  EUR   1.130
Land Berlin       0.350  09/09/2050  EUR  59.101
Russian Foreign   5.875  9/16/2043   USD  24.755
Fuerstenberg Ca   1.020              EUR  58.066
Prosus NV         3.832  02/08/2051  USD  62.925
Thomas Cook Fin   3.875  7/15/2023   EUR   0.868
MHP Lux SA        6.250  9/19/2029   USD  53.138
Realkredit Danm   1.500  10/01/2053  DKK  73.996
Beyond Housing    2.125  5/17/2051   GBP  69.543
Aeroports de Pa   2.125  10/11/2038  EUR  75.412
TotalEnergies C   1.618  5/18/2040   EUR  74.042
National Grid G   1.125  1/14/2033   GBP  72.626
Cooperatieve Ra   0.010 11/27/2040   EUR  62.689
RTE Reseau de T   1.125  07/08/2040  EUR  68.291
Prosus NV         4.987  1/19/2052   USD  73.937
Severstal OAO V   3.150  9/16/2024   USD  10.000
Nostrum Oil & G   8.000  7/25/2022   USD  23.379
Zurich Finance    1.625  6/17/2039   EUR  74.447
Societe Du Gran   0.700 10/15/2060   EUR  49.862
Serbia Internat   2.125  12/01/2030  USD  74.083
Lehman Brothers   5.750              EUR   7.000
Lukoil Internat   4.750  11/02/2026  USD  60.457
Standard Charte   4.300              USD  74.600
Jain Internatio   7.125  3/31/2026   USD  27.547
Deutsche Wohnen   0.500  04/07/2031  EUR  73.277
Verimatrix SA     6.000  6/29/2022   EUR   3.692
EXOR NV           1.750 10/14/2034   EUR  75.422
Sberbank of Rus   5.125 10/29/2022   USD   9.981
United Utilitie   1.750  02/10/2038  GBP  74.720
Ukraine Governm   7.750  09/01/2025  USD  28.665
UK Municipal Bo   1.625  8/26/2060   GBP  64.298
Gazprom PJSC vi   4.599              USD  16.000
EYEMAXX Real Es   5.500  9/24/2024   EUR   2.876
Flughafen Zuric   0.200  2/26/2035   CHF  73.857
Guinness Partne   2.000  4/22/2055   GBP  66.356
Interpipe Holdi   8.375  5/13/2026   USD  44.000
Societe Du Gran   1.000 11/26/2051   EUR  64.322
Nordiska Kredit   8.816              SEK  71.377
WD Invest Sarl    1.900  10/02/2024  EUR  11.232
Gazprom PJSC Vi   4.950  3/23/2027   USD  29.172
European Financ   0.700  1/20/2050   EUR  65.231
Mitsubishi UFJ    3.802 12/30/2099   EUR   3.650
Ministeries Van   1.000  1/23/2051   EUR  65.705
Societe Nationa   0.875  2/28/2051   EUR  58.826
MHP SE            7.750  05/10/2024  USD  54.188
VF Ukraine PAT    6.200  02/11/2025  USD  67.120
Kommunekredit     0.010  05/04/2034  EUR  75.605
Hamon & CIE SA    3.300  1/31/2035   EUR  46.000
Gazprom PJSC Vi   8.625  4/28/2034   USD  38.600
Debenhams PLC     5.250  7/15/2021   GBP   0.500
Basque Governme   1.375 10/31/2070   EUR  50.192
Finland Governm   0.125  4/15/2036   EUR  75.989
Berner Kantonal   0.100  9/30/2039   CHF  66.849
Telenor ASA       0.875  2/14/2035   EUR  75.599
United Utilitie   1.875  06/03/2042  GBP  71.286
Wales & West Ut   1.875  5/28/2041   GBP  69.171
Canton of Ticin   0.400  6/27/2044   CHF  68.746
Onward Homes Lt   2.125  3/25/2053   GBP  68.889
State of North    0.600  06/04/2041  EUR  72.094
Ukraine Governm   7.253  3/15/2033   USD  27.293
Phosagro OAO Vi   3.949  4/24/2023   USD  29.945
Gol Finance SA    7.000  1/31/2025   USD  69.625
NET4GAS sro       2.750  7/17/2025   CZK  70.791
Ukraine Governm  10.950  11/01/2023  UAH  78.093
BPCE SA           3.582 10/19/2042   USD  73.517
LEG Immobilien    1.500  1/17/2034   EUR  71.295
LEG Immobilien    0.875  3/30/2033   EUR  68.279
Jababeka Intern   6.500  10/05/2023  USD  65.930
SABIC Capital I   3.000  9/14/2050   USD  70.530
Land Berlin       0.125 11/24/2045   EUR  59.504
Tresu Investmen   5.000  01/02/2025  EUR  48.790
Nordea Kredit R   0.500  10/01/2050  DKK  74.277
Raiffeisen-Land   0.500  5/27/2041   EUR  68.483
Societe Du Gran   1.000  2/18/2070   EUR  50.999
Niedersachsen I   0.250  7/16/2035   EUR  75.474
Holcim Finance    1.375  10/08/2036  EUR  69.700
DLR Kredit A/S    1.000  10/01/2050  DKK  73.649
State of Saxony   0.500  3/24/2051   EUR  62.213
Prologis Intern   0.750  3/23/2033   EUR  70.485
Jyske Realkredi   0.500  10/01/2050  DKK  74.346
Stichting Afwik   6.250 10/26/2020   EUR   5.375
City of Lausann   0.540  11/06/2062  CHF  51.807
Sanctuary Capit   2.375  4/14/2050   GBP  74.694
State of Rhinel   0.375  03/10/2051  EUR  58.991
City of Lausann   0.680  03/11/2058  CHF  59.628
NRW Bank          0.100  07/09/2035  EUR  74.040
Aster Treasury    1.405  1/27/2036   GBP  74.083
Canton of Genev   0.500 10/31/2056   CHF  58.277
Junta de Castil   1.275  04/07/2049  EUR  64.251
State of Bremen   0.450  2/24/2051   EUR  60.957
DSV Finance BV    0.750  07/05/2033  EUR  74.316
Linde PLC         0.375  9/30/2033   EUR  74.674
Turkey Governme   5.750  05/11/2047  USD  66.147
Stichting Afwik  11.250              EUR   0.622
Severstal OAO V   5.900 10/17/2022   USD  18.000
State of North    0.375  09/02/2050  EUR  59.113
Sovereign Housi   2.375  11/04/2048  GBP  75.805
Autonomous Comm   2.965  09/08/2039  JPY  66.744
Cie de Financem   0.600 10/25/2041   EUR  70.901
Cadent Finance    2.750  9/22/2046   GBP  72.449
Rallye SA         1.000  2/28/2032   EUR  15.715
Gazprom PJSC vi   2.950  1/27/2029   USD  27.126
Polski Koncern    2.875  3/25/2031   PLN  67.486
State of Brande   0.300  10/04/2049  EUR  58.651
LSF9 Balta Issu   3.000 12/31/2030   EUR  57.234
Orpea SA          3.144 12/22/2025   EUR  70.377
Russian Foreign   5.625  04/04/2042  USD  29.096
City of Lausann   0.050  9/28/2054   CHF  47.812
Parnassia Groep   1.200  12/01/2051  EUR  72.626
Caisse Francais   0.500  10/01/2046  EUR  64.059
Development Ban   6.750  05/02/2024  USD  11.000
City of Zurich    0.250 11/24/2051   CHF  60.178
Suek Securities   3.375  9/15/2026   USD  13.738
Yuksel Insaat A   9.500  11/10/2015  USD   0.105
Region Auvergne   0.892 10/21/2041   EUR  74.104
Virgolino de Ol  11.750  02/09/2022  USD   0.500
Jyske Realkredi   0.500  10/01/2050  DKK  73.155
Iberia Lineas A   3.750  5/28/2027   EUR  75.291
Malta Governmen   1.800  8/28/2051   EUR  72.760
AXA Bank Europe   0.250  06/09/2040  EUR  66.764
Ukraine Governm   6.876  5/21/2029   USD  27.066
University of S   2.250  04/11/2057  GBP  72.128
Norwegian Air S   5.450  02/07/2023  SEK  41.264
Evan Group PLC    6.000  7/31/2022   EUR  62.498
Hungary Governm   3.125  9/21/2051   USD  66.319
National Grid E   2.000  4/17/2040   GBP  70.950
Fastighets AB B   1.293  03/03/2031  EUR  59.536
Credit Agricole   1.000  1/17/2045   EUR  69.075
Pfandbriefbank    0.250  10/06/2042  CHF  68.646
RTE Reseau de T   1.125  09/09/2049  EUR  56.986
Region of Piemo   0.093 11/27/2036   EUR  74.354
Luzerner Kanton   0.500  7/26/2041   CHF  72.445
Air Berlin PLC    6.750  05/09/2019  EUR   0.338
EDOB Abwicklung   7.500  04/01/2012  EUR   1.388
Unibail-Rodamco   2.000  4/28/2036   EUR  70.315
Canton of Neuch   0.300  7/19/2039   CHF  70.948
Zurich Finance    1.600 12/17/2052   EUR  73.652
Polski Fundusz    1.375  8/30/2027   PLN  72.948
Elli Finance UK   8.750  6/15/2019   GBP  65.125
Offshore Drilli   8.375  9/20/2020   USD   6.533
Republic of Ire   1.425  9/18/2119   EUR  62.659
ESFIL-Espirito    5.250  06/12/2015  EUR   0.111
Fresnillo PLC     4.250  10/02/2050  USD  73.720
Anadolu Efes Bi   3.375  6/29/2028   USD  69.430
Romanian Govern   3.875 10/29/2035   EUR  75.145
WPP Finance 201   2.875  9/14/2046   GBP  67.627
Landwirtschaftl   0.010 11/26/2040   EUR  64.813
Kraftwerk Eglis   1.695  6/27/2024   CHF   1.010
Transports Publ   0.450 12/29/2056   CHF  54.287
AK BARS Bank Vi   8.000  7/13/2022   USD  25.274
National Grid G   1.625  1/14/2043   GBP  60.602
Gazprom PJSC Vi   5.150  02/11/2026  USD  28.768
CCEP Finance Ir   1.500  05/06/2041  EUR  66.310
Iberdrola Finan   1.000  02/02/2037  EUR  70.248
Metinvest BV      8.500  4/23/2026   USD  59.000
State of North    1.000 10/16/2046   EUR  74.470
City of Lausann   0.600  07/06/2050  CHF  65.012
Pfandbriefbank    0.125  8/17/2040   CHF  69.240
Deutsche Lichtm   5.250  02/01/2027  EUR   4.070
Land Thueringen   0.125  1/13/2051   EUR  54.484
Canton of Neuch   0.100 10/29/2049   CHF  53.646
Region Wallonne   1.050  6/22/2040   EUR  75.273
Platform HG Fin   1.926  9/15/2041   GBP  73.346
Metinvest BV      7.750 10/17/2029   USD  62.000
Republic of Bel   7.625  6/29/2027   USD  13.929
Bourbon Corp      8.305              EUR   0.658
St Galler Kanto   0.100  10/10/2041  CHF  65.920
Barclays Bank P  12.000  9/24/2025   TRY  43.127
CCEP Finance Ir   0.875  05/06/2033  EUR  76.040
Thames Water Ut   2.375  4/22/2040   GBP  74.474
Deutsche Lichtm   5.750  01/01/2023  EUR   5.000
Andrade Gutierr  11.000  8/20/2021   USD  57.174
TotalEnergies C   1.535  5/31/2039   EUR  75.326
Banco Espirito    2.612              EUR   0.349
NAK Naftogaz Uk   7.625  11/08/2026  USD  32.868
State Agency of   6.250  6/24/2028   USD  28.141
Luzerner Kanton   0.400  3/15/2038   CHF  75.233
Sigma Holdco BV   5.750  5/15/2026   EUR  61.740
Polski Fundusz    1.750  06/07/2027  PLN  75.340
Civitas Propert   4.000 11/24/2022   EUR  65.000
Petrobras Globa   4.750  04/02/2038  EUR  69.664
Nederlandse Gas   0.750 10/13/2036   EUR  72.581
Avangardco Inve  10.000 10/29/2018   USD   0.348
de Volksbank NV   0.125 11/19/2040   EUR  64.869
DLR Kredit A/S    0.500  10/01/2053  DKK  72.249
Espirito Santo    6.875 10/21/2019   EUR   0.244
Praktiker AG      5.875  02/10/2016  EUR   0.069
Republic of Bel   6.378  2/24/2031   USD  14.250
Caisse Francais   0.375  2/13/2040   EUR  69.108
NRW Bank          0.500  6/17/2041   EUR  70.764
Banco Espirito    2.432              EUR   0.120
Transcapitalban  10.000              USD  65.360
Credit Mutuel A   0.875  03/11/2033  EUR  74.876
City of Lausann   0.600 11/30/2056   CHF  59.562
Ukraine Governm  15.840  2/26/2025   UAH  65.343
State of Schles   0.200  8/15/2039   EUR  68.656
Samhallsbyggnad   2.750  04/03/2040  EUR  35.533
Sovcombank Via    7.750              USD   3.657
Autonomous Comm   1.850  5/13/2061   EUR  63.831
Hacienda Invest   5.350  02/08/2028  USD  11.000
Novolipetsk Ste   4.700  5/30/2026   USD  35.000
Vier Gas Transp   0.500  09/10/2034  EUR  64.733
Fuerstenberg Ca   1.609              EUR  56.931
BNG Bank NV       0.805  6/28/2049   EUR  69.812
Pfandbriefbank    0.375  6/15/2046   CHF  67.433
Action Logement   0.750  7/19/2041   EUR  71.086
VTB Bank PJSC V   9.500              USD   8.193
Muenchener Hypo   0.010  11/02/2040  EUR  63.409
Veneto Banca Sp   9.878  12/01/2025  EUR   0.237
Hylea Group SA    7.250  12/01/2022  EUR   3.750
Hellas Telecomm   6.054  1/15/2015   USD   0.001
Nordea Kredit R   0.500  10/01/2053  DKK  72.411
Land Thueringen   0.200  09/12/2039  EUR  68.483
Nordea Kredit R   1.000  10/01/2053  DKK  66.784
Severn Trent Ut   0.010 12/16/2055   GBP  77.948
New World Resou   4.000  10/07/2020  EUR   0.234
New World Resou   8.000  04/07/2020  EUR   0.001
Basque Governme   1.000 10/31/2050   EUR  56.548
Region of Ile d   0.610  07/02/2040  EUR  71.358
German Pellets    7.250 11/27/2019   EUR   1.545
Turkey Governme   5.875  6/26/2031   USD  75.849
DLR Kredit A/S    1.000  10/01/2053  DKK  72.616
Bilt Paper BV    10.360              USD   1.704
UkrLandFarming   10.875  3/26/2018   USD   1.358
Societe Du Gran   0.875  05/10/2046  EUR  68.085
Stonewater Fund   1.625  09/10/2036  GBP  76.096
Ukreximbank Via   7.623  02/09/2023  USD  31.848
DZ Bank AG Deut   0.550  4/29/2024   EUR  51.830
Investitionsban   0.050  03/02/2035  EUR  74.747
Manchester Airp   2.875  9/30/2044   GBP  75.767
Free and Hansea   0.200  09/03/2049  EUR  57.035
Land Thueringen   0.375  12/01/2051  EUR  58.680
Kelag-Kaerntner   1.150  4/16/2041   EUR  68.597
Region de Bruxe   1.400  03/11/2054  EUR  68.722
Akademiska Hus    0.650  02/08/2044  CHF  72.248
Virgolino de Ol  10.500  1/28/2018   USD   0.455
Ministeries Van   0.125 10/15/2035   EUR  74.016
Ukraine Governm   9.990  5/22/2024   UAH  65.912
Western Power D   1.625  10/07/2035  GBP  72.837
Kommunekredit     0.500  7/30/2027   TRY  14.417
Malta Governmen   1.500 10/22/2045   EUR  74.730
Aragvi Finance    8.450  4/29/2026   USD  71.000
Russian Foreign   2.875  12/04/2025  EUR  17.509
BAWAG PSK Bank    0.375  3/25/2041   EUR  66.985
State of Saarla   0.050  11/05/2040  EUR  64.925
BPCE SFH SA       0.375  3/18/2041   EUR  67.936
Autonomous Comm   1.515  6/21/2051   EUR  65.977
Societe Central   2.500  5/15/2023   EUR   6.870
Aegon Bank NV     0.375  06/09/2036  EUR  74.375
Credit Bank of    7.500  10/05/2027  USD  20.658
Orbit Capital P   2.000 11/24/2038   GBP  76.400
Kuntarahoitus O   0.050  09/10/2035  EUR  73.893
LiveWest Treasu   2.250  10/10/2043  GBP  77.009
EOS Imaging SA    6.000  5/31/2023   EUR   7.250
Luzerner Kanton   0.250  8/28/2040   CHF  69.909
Borets Finance    6.000  9/17/2026   USD  31.966
Air Berlin PLC    5.625  05/09/2019  CHF   0.479
Caisse Francais   0.625  1/20/2042   EUR  70.433
Region Wallonne   0.500  6/22/2037   EUR  73.248
CRC Breeze Fina   6.110  05/08/2026  EUR  31.448
Wingholding Zrt   3.500  5/20/2030   HUF  73.675
Luzerner Kanton   0.160 12/23/2043   CHF  65.765
KTG Agrar SE      7.125  06/06/2017  EUR   1.746
Cooperatieve Ra   0.500  7/30/2043   MXN  12.089
Metinvest BV      7.750  4/23/2023   USD  66.250
Lehman Brothers   3.875              EUR  17.125
Deutsche Lichtm   5.750  12/01/2023  EUR   9.987
Serbia Internat   2.050  9/23/2036   EUR  60.730
Deutsche Bank A   1.750 10/30/2028   USD  75.230
Lehman Brothers   6.900              USD   3.986
Privatbank CJSC  11.000  02/09/2021  USD   1.000
Pfandbriefzentr   0.020  1/30/2040   CHF  68.478
EYEMAXX Real Es   5.500  7/22/2025   EUR  75.000
Kernel Holding    6.750 10/27/2027   USD  46.682
Covivio           0.875  1/20/2033   EUR  74.682
BNG Bank NV       0.250 11/22/2036   EUR  73.593
BNG Bank NV       0.125  07/09/2035  EUR  74.989
Ukraine Governm  10.000  8/23/2023   UAH  74.941
Cirio Finance L   7.500  11/03/2002  EUR   0.908
Aydem Yenileneb   7.750  02/02/2027  USD  73.302
Northern Powerg   2.250  10/09/2059  GBP  66.871
Northern Powerg   1.875  6/16/2062   GBP  60.055
MHP Lux SA        6.950  04/03/2026  USD  53.259
ABN AMRO Bank N   1.115  03/03/2042  EUR  76.371
DLR Kredit A/S    0.500  10/01/2050  DKK  73.198
French Republic   0.750  5/25/2052   EUR  63.805
European Primar   1.732  11/09/2055  GBP  67.345
Privatbank CJSC  10.875  2/28/2018   USD   3.630
Nationwide Buil   0.485  07/11/2044  CHF  68.438
Banco Espirito    6.875  7/15/2016   EUR  24.500
Rhaetische Bahn   0.050  08/03/2050  CHF  55.331
Standard Profil   6.250  4/30/2026   EUR  62.545
Cellnex Telecom   1.900  7/31/2029   EUR  72.723
BAWAG PSK Bank    0.010 11/19/2035   EUR  70.656
Realkredit Danm   0.500  10/01/2053  DKK  71.104
Land Berlin       0.100  1/18/2041   EUR  65.258
Gazprom PJSC Vi   3.125 11/17/2023   EUR  32.497
LiveWest Treasu   1.875  2/18/2056   GBP  64.103
Alno AG           8.500  5/14/2018   EUR  14.500
Dexia SA          1.342              EUR   3.165
Italy Buoni Pol   2.150  09/01/2052  EUR  70.485
Wrekin Housing    2.500 10/22/2048   GBP  76.416
Canton of Genev   0.050  8/27/2041   CHF  66.680
Nationale-Neder   0.375  03/04/2041  EUR  67.710
Raiffeisenlande   0.200  06/09/2036  EUR  69.220
Ukraine Governm  12.520  5/13/2026   UAH  63.833
Alfa Bank AO Vi   5.950  4/15/2030   USD   8.000
Albania Governm   3.500 11/23/2031   EUR  74.083
Ukraine Governm   7.750  09/01/2026  USD  28.625
Ukraine Governm   9.790  5/26/2027   UAH  81.145
Banque Cantonal   0.100  11/01/2044  CHF  61.105
Ministeries Van   0.875  3/21/2046   EUR  68.062
AXA Home Loan S   0.125  6/25/2035   EUR  73.410
Barclays Bank P   0.500  1/28/2033   MXN  29.453
Region Wallonne   0.650  1/16/2051   EUR  56.465
V-Bank AG         4.000              EUR  61.312
Canton of Neuch   0.350  7/14/2050   CHF  58.960
Canton of Zuric   0.100  6/23/2045   CHF  63.790
Republic of Bel   6.875  2/28/2023   USD  17.036
Kommunekredit     0.500  6/19/2039   DKK  70.109
Romanian Govern   2.750  4/14/2041   EUR  60.220
Raiffeisen Land   0.250  03/04/2036  EUR  73.300
Cirio Holding L   6.250  2/16/2004   EUR   1.691
Societe General   3.920  12/09/2036  AUD  71.085
Banca Popolare    2.821 12/20/2017   EUR   0.362
Vnesheconombank   5.942 11/21/2023   USD   5.684
Sovcombank Via    7.600              USD   4.700
Sberbank of Rus   5.250  5/23/2023   USD  12.472
Agrokor dd        9.875  05/01/2019  EUR  15.000
Spain Governmen   1.000 10/31/2050   EUR  60.711
City of Lausann   0.230  11/01/2060  CHF  46.455
National Grid E   2.000  9/16/2038   GBP  73.039
Achmea Bank NV    0.250  9/29/2036   EUR  72.617
London & Quadra   2.000 10/20/2038   GBP  75.834
Turkey Governme   4.875  4/16/2043   USD  63.155
Nationwide Buil   0.500  05/05/2041  EUR  69.261
State of North    0.750  8/16/2041   EUR  73.937
Bayerische Land   0.380  1/22/2031   EUR  80.266
Ukraine Governm   7.375  9/25/2032   USD  27.110
Polski Fundusz    2.000  03/05/2030  PLN  67.900
Bank Vontobel A  15.000  11/07/2022  EUR  43.200
Kairos Global S   1.900  07/03/2035  USD  72.677
Paradigm Homes    2.250  5/20/2051   GBP  72.425
Romanian Govern   4.000  2/14/2051   USD  67.151
Romania Governm   3.650  9/24/2031   RON  68.184
Cellnex Finance   3.875  07/07/2041  USD  68.933
Prosus NV         2.778  1/19/2034   EUR  71.912
State of Brande   0.600 10/13/2051   EUR  63.585
Republic of Bel   5.875  2/24/2026   USD  14.000
Peine GmbH        2.000  07/05/2023  EUR  44.500
Pfandbriefbank    0.250  4/25/2042   CHF  69.256
Deutsche Bahn F   3.350  1/20/2042   AUD  75.516
Ukraine Governm   7.750  09/01/2023  USD  35.000
Alpine Holding    5.250  07/01/2015  EUR   3.084
Sairgroup Finan   4.375  06/08/2006  EUR   1.583
LEG Immobilien    1.625 11/28/2034   EUR  69.235
Republic of Bel   6.200  2/28/2030   USD  13.833
Swissgrid AG      0.050  6/30/2050   CHF  49.284
Alitalia-Societ   5.250  7/30/2020   EUR   0.100
Tennor Finance    5.750  6/17/2024   EUR  75.000
Jaguar Land Rov   4.500  7/15/2028   EUR  73.119
Bank Nadra Via    8.250  7/31/2018   USD   0.208
SNCF Reseau       2.581 10/30/2047   SEK  76.901
Region Wallonne   1.250  6/22/2071   EUR  57.068
DLR Kredit A/S    0.500  10/01/2050  DKK  74.216
Wessex Water Se   1.250  01/12/2036  GBP  69.959
VPV Lebensversi   3.597  8/17/2026   EUR  66.134
Malta Governmen   1.200  5/13/2037   EUR  76.890
Kardan NV         6.325  2/21/2021   ILS  17.010
Bank Julius Bae  13.250  01/05/2023  USD  42.750
Eurotorg LLC Vi   9.000 10/22/2025   USD  31.250
Romanian Govern   2.000  1/28/2032   EUR  69.189
Canton of Genev   0.600  07/04/2046  CHF  70.487
Joh Friedrich B   6.250  6/18/2024   EUR  31.501
Hema Bondco II    8.500  1/15/2023   EUR   0.113
Ile-de-France M   0.200 11/16/2035   EUR  74.071
London & Quadra   2.750  7/20/2057   GBP  76.331
Societe General   1.137  1/26/2037   EUR  71.191
Banco Santander   2.118              EUR   1.563
Sidetur Finance  10.000  4/20/2016   USD   0.770
Raiffeisen Cent   7.250  12/01/2023  EUR  69.770
Hampshire Trust   7.250  05/10/2028  GBP  73.000
Landesbank Bade   0.290 10/18/2030   EUR  75.992
Ukraine Governm   6.750  6/20/2026   EUR  29.308
Ukraine Governm   7.750  09/01/2027  USD  28.412
Nationale-Neder   0.050  11/12/2040  EUR  64.539
Italy Buoni Pol   1.800  03/01/2041  EUR  74.354
LIB-Landesimmob   0.620  7/15/2041   EUR  70.609
Region de Bruxe   1.121  05/11/2071  EUR  54.251
Department of L   0.515  5/25/2040   EUR  67.237
Nykredit Realkr   1.000  10/01/2050  DKK  73.730
State of North    0.500 11/25/2039   EUR  72.451
Muenchener Hypo   0.250  05/02/2036  EUR  73.726
State of Bremen   0.150  9/14/2040   EUR  66.240
Banco de Sabade   3.150  3/30/2037   EUR  65.375
Frigoglass Fina   6.875  02/12/2025  EUR  53.621
Free and Hansea   0.250  2/18/2041   EUR  67.216
Polyus Finance    3.250 10/14/2028   USD  26.696
Grupo Antolin-I   3.500  4/30/2028   EUR  67.508
Ziggo Bond Co B   3.375  2/28/2030   EUR  71.709
Cooperatieve Ra   0.500 10/30/2043   MXN  11.908
Credit Bank of    8.875              USD  12.985
Evraz PLC         5.250  04/02/2024  USD  42.367
Raiffeisenlande   0.375  1/15/2035   EUR  76.311
Ukraine Governm  11.670 11/22/2023   UAH  77.468
Solarworld AG     9.691  2/24/2019   EUR  25.000
Corporate Comme   8.250  08/08/2014  USD   0.308
Romanian Govern   4.625  04/03/2049  EUR  73.139
Orient Express    2.000              USD  19.802
Argenta Spaarba   0.500  10/08/2041  EUR  68.851
Region de Bruxe   0.562 12/23/2065   EUR  42.856
Metinvest BV      5.625  6/17/2025   EUR  57.978
Autobahnen- und   0.100  7/16/2035   EUR  74.689
State of Lower    0.250  4/15/2036   EUR  74.770
Uralkali OJSC V   4.000 10/22/2024   USD  20.007
MMC Norilsk Nic   6.625 10/14/2022   USD  65.000
Jyske Realkredi   0.500  10/01/2053  DKK  71.137
City of Zurich    0.400 11/21/2046   CHF  67.840
Kommunekredit     0.375  02/03/2045  DKK  61.884
Norwegian Air S   6.375 11/15/2024   USD  48.176
Gazprom PJSC vi   3.897              EUR  14.253
Ukraine Governm  11.500 10/25/2023   UAH  75.355
Energizer Gamma   3.500  6/30/2029   EUR  72.695
VON Der Heydt S   1.000  4/30/2031   EUR  70.898
Boparan Finance   7.625 11/30/2025   GBP  70.567
Land Berlin       0.050  08/06/2040  EUR  65.008
Bayerische Land   0.250  3/21/2036   EUR  74.974
Credit Bank of    4.700  1/29/2025   USD  21.000
UniCredit Bank    0.010  1/21/2036   EUR  71.543
Del Monte Finan   6.625  5/24/2006   EUR   1.401
Region Bretagne   0.544  12/07/2036  EUR  75.291
MMC Norilsk Nic   2.550  09/11/2025  USD  51.356
Senivita Social   6.500  05/12/2025  EUR   5.510
Muenchener Hypo   0.250  3/29/2041   CHF  67.922
Vasakronan AB     3.300  1/14/2042   AUD  74.599
OGX Austria Gmb   8.375  04/01/2022  USD   0.032
Sovcombank Via    8.000  04/07/2030  USD   4.544
Ukraine Governm   4.375  1/27/2030   EUR  26.597
MFB Magyar Fejl   2.900 10/22/2031   HUF  64.987
Grand City Prop   2.000 10/25/2032   EUR  72.649
Caisse de Refin   0.250  02/07/2035  EUR  76.030
Kreditanstalt f   1.000 10/19/2050   EUR  66.554
Zorlu Yenileneb   9.000  06/01/2026  USD  72.760
Kantonsspital S   0.300  9/30/2036   CHF  73.738
Nostrum Oil & G   7.000  2/16/2025   USD  24.741
Blend Funding P   2.467  6/16/2061   GBP  69.846
Junta de Castil   1.270 10/31/2044   EUR  69.251
Hungary Governm   3.125  9/21/2051   USD  66.501
Cirio Finanziar   8.000 12/21/2005   EUR   0.372
Region de Bruxe   1.220  6/23/2053   EUR  67.066
UniCredit Bank    0.050  9/21/2035   EUR  72.105
Midland Heart C   1.831  08/12/2050  GBP  65.328
Romanian Govern   3.375  1/28/2050   EUR  61.496
Republic of Ire   0.740 11/27/2120   EUR  36.243
Windreich GmbH    6.500  7/15/2016   EUR   4.475
Virgin Media Se   4.125  8/15/2030   GBP  74.665
Altice France H   4.000  2/15/2028   EUR  70.091
Pfandbriefbank    0.250  5/17/2040   CHF  71.394
Land Baden-Wuer   0.125 11/19/2040   EUR  66.203
Kommunalbanken    3.095  6/28/2028   PLN  78.098
Espirito Santo    9.750 12/19/2025   EUR   0.324
Endo Luxembourg   6.125  04/01/2029  USD  73.696
Alfa Bank AO Vi   5.900              USD   7.949
EVN AG            0.850 10/15/2035   EUR  69.549
Bellis Finco PL   4.000  2/16/2027   GBP  72.352
Region Occitani   0.728 11/16/2037   EUR  74.704
Jain Internatio   7.125  02/01/2022  USD  21.017
Romanian Govern   2.875  4/13/2042   EUR  60.130
Waste Italia Sp  10.500 11/15/2019   EUR   0.550
Pfandbriefzentr   0.050  10/06/2043  CHF  64.014
Alpine Holding    6.000  5/22/2017   EUR   3.084
Romanian Govern   2.625  12/02/2040  EUR  59.801
Norske Skogindu   2.000 12/30/2115   EUR   0.113
Assistance Publ   1.125  4/16/2047   EUR  70.603
Kleopatra Holdi   6.500  09/01/2026  EUR  65.402
Societe General  10.000  4/28/2034   USD  63.000
Phosphorus Hold  10.000  04/01/2019  GBP   1.348
MMC Norilsk Nic   4.100  04/11/2023  USD  56.885
Sovcombank Via    3.400  1/26/2025   USD   5.199
Novatek OAO Via   4.422 12/13/2022   USD  50.000
LBI ehf           6.100  8/25/2011   USD  10.662
Bayerische Land   1.550  2/13/2040   EUR  64.762
BNG Bank NV      10.010  6/17/2025   TRY  41.871
Land Thueringen   0.250  03/05/2040  EUR  68.475
Evraz PLC         5.375  3/20/2023   USD  45.022
Barclays Bank P   1.218  06/03/2036  USD  65.000
Barclays Bank P   1.750  9/29/2032   USD  64.093
Prosus NV         2.031  08/03/2032  EUR  70.612
Deutsche Bank A   1.050  09/01/2031  EUR  72.538
Moby SpA          7.750  2/15/2023   EUR  71.946
Finmek Internat   7.000  12/03/2004  EUR   2.193
Romanian Govern   1.750  7/13/2030   EUR  72.082
Depfa Funding I   2.056              EUR  48.324
Saleza AS         9.000  07/12/2021  EUR   0.203
Department of P   0.664 12/20/2039   EUR  69.878
Ukraine Governm  12.520  5/13/2026   UAH  63.833
Fortum Oyj        3.500  06/03/2043  EUR  73.341
VTB Bank OJSC V   6.950 10/17/2022   USD   5.725
Metinvest BV      7.650  10/01/2027  USD  57.297
La Banque Posta   0.250  02/12/2035  EUR  75.231
Region Wallonne   1.225  09/02/2120  EUR  44.643
CBo Territoria    3.750  07/01/2024  EUR   4.670
Barclays Bank P   1.092  7/28/2031   USD  58.917
State Savings B   7.293  1/19/2024   USD  30.625
Assistance Publ   0.634  8/27/2045   EUR  63.713
Deutsche Bank A   0.687  10/11/2049  EUR  51.157
Hellas Telecomm   8.500 10/15/2013   EUR   0.834
Novolipetsk Ste   1.450  06/02/2026  EUR  33.751
Nobel Bidco BV    3.125  6/15/2028   EUR  69.333
Land Berlin       0.125  06/04/2035  EUR  75.074
HSE Finance Sar   5.625 10/15/2026   EUR  69.583
Ukraine Governm   7.375  9/25/2032   USD  27.138
Region of Venet   0.112  12/07/2046  EUR  70.275
Caisse Francais   0.010 10/19/2035   EUR  71.574
Magyar Export-I   2.500  5/23/2029   HUF  70.790
Pfandbriefbank    0.375  9/23/2043   CHF  69.795
Societe General   1.700  1/19/2031   USD  74.454
Prosus NV         1.985  7/13/2033   EUR  68.483
City of Zurich    0.250  5/26/2039   CHF  73.078
Republic of Arm   3.600  02/02/2031  USD  70.376
Serbia Internat   1.500  6/26/2029   EUR  73.513
Nationale-Neder   0.050  9/24/2035   EUR  72.511
BNP Paribas SA    1.590  2/23/2051   EUR  65.871
Realkredit Danm   0.500  10/01/2050  DKK  73.119
Dana Financing    3.000  7/15/2029   EUR  72.950
Kingdom of Belg   0.459  7/23/2079   EUR  37.357
Steilmann SE      7.000  9/23/2018   EUR   1.429
Ukraine Governm   9.700  12/08/2032  UAH  42.710
KTG Agrar SE      7.250 10/15/2019   EUR   1.746
Nordea Kredit R   0.500  10/01/2050  DKK  73.221
Free State of B   0.010  1/18/2035   EUR  74.802
Gazprom PJSC vi   1.500  2/17/2027   EUR  27.302
Solon SE          1.375  12/06/2012  EUR   0.745
Sihltal Zuerich   0.250  4/30/2036   CHF  71.428
Landeskreditban   0.610 11/17/2050   EUR  63.251
Eurogrid GmbH     0.875 11/20/2040   EUR  61.891
Eurochem Financ   5.500  3/13/2024   USD  39.989
State of Rhinel   0.600 10/24/2046   EUR  65.882
Heimstaden Bost   2.800  05/04/2035  EUR  72.210
Single Platform   0.915  2/15/2043   EUR  64.724
Cie de Financem   0.010 10/29/2035   EUR  71.693
Single Platform   1.220  8/24/2047   EUR  63.427
Banco Santander   1.000  10/01/2033  EUR  73.057
Region of Pays    0.877 10/28/2041   EUR  73.464
Ville de Paris    0.450 10/20/2045   EUR  62.012
Ile-de-France M   0.950  5/28/2041   EUR  74.819
Muenchener Hypo   0.050  8/13/2036   CHF  72.514
Irish Bank Reso   0.566  6/21/2016   EUR   0.566
WEB Windenergie   5.500  04/08/2023  EUR  30.000
State of Brande   0.125  1/26/2046   EUR  59.338
Maxeda DIY Hold   5.875  10/01/2026  EUR  72.625
Ukraine Governm   9.750  11/01/2028  USD  28.271
Czech Republic    1.750  6/23/2032   CZK  74.165
NRW Bank          1.150  9/16/2051   EUR  69.779
Ukraine Governm  15.840  2/26/2025   UAH  65.343
Communaute Fran   0.788  8/30/2049   EUR  58.491
MMC Norilsk Nic   3.375 10/28/2024   USD  51.504
Quintet Private   3.650 11/13/2023   EUR  59.430
MMC Norilsk Nic   2.800 10/27/2026   USD  50.986
Ctec II GmbH      5.250  2/15/2030   EUR  73.597
BOA Offshore AS   0.409  7/17/2047   NOK   5.262
Pfandbriefbank    0.500  1/25/2044   CHF  71.475
Assistance Publ   0.791  8/27/2051   EUR  60.211
State of Lower    1.000  9/15/2121   EUR  47.673
Alfa Bank AO Vi   5.500 10/26/2031   USD   7.546
Region de Bruxe   0.444  3/19/2057   EUR  45.588
Hospices Civils   0.597 11/24/2031   EUR  75.064
Bulgaria Govern   1.375  9/23/2050   EUR  60.716
CB First Invest   8.000              EUR  58.455
Ukraine Governm   8.994  02/01/2024  USD  29.455
Caisse Francais   1.110  9/21/2046   EUR  72.288
Nomura Bank Int   1.130  4/23/2036   EUR  70.731
Communaute Fran   0.626  8/24/2040   EUR  68.688
Cirio Del Monte   7.750  3/14/2005   EUR   0.315
Ideal Standard    6.375  7/30/2026   EUR  63.231
Romanian Govern   3.375  1/28/2050   EUR  61.639
Nordea Kredit R   0.500  10/01/2053  DKK  71.138
Hungary Governm   3.000 10/27/2038   HUF  55.406
Single Platform   0.363  2/15/2041   EUR  57.862
Morhomes PLC      2.508  2/19/2051   GBP  71.255
Norske Skogindu   7.000 12/30/2026   EUR   0.010
Nederlandse Wat   0.125  09/03/2035  EUR  74.373
Landesbank Hess   1.250  8/25/2036   EUR  71.900
DZ Bank AG Deut  11.680  8/26/2022   EUR  35.090
Havenbedrijf Ro   1.100  3/23/2051   EUR  66.712
Pfandbriefbank    0.500  6/22/2040   CHF  75.050
Free State of S   0.400  05/12/2036  EUR  76.359
BPCE SA           1.912              EUR  62.730
Ville de Paris    0.750 11/30/2041   EUR  71.155
Banco Espirito    6.900  6/28/2024   EUR  24.500
Region de Bruxe   1.029  1/14/2048   EUR  66.955
Barclays Bank P   1.139  1/27/2031   USD  60.118
Ville de Paris    0.850  08/04/2051  EUR  62.680
Bank of Vallett   3.750  6/15/2031   EUR  75.117
Hemso Fastighet   2.975 10/25/2038   SEK  76.674
Pescanova SA      8.750  2/17/2019   EUR   0.319
Free and Hansea   0.400 11/23/2051   EUR  59.217
Hungary Governm   1.500 11/17/2050   EUR  56.142
Kingdom of Belg   1.400  6/22/2053   EUR  73.895
HSBC Holdings P   0.950  12/09/2032  EUR  75.552
Kernel Holding    6.500 10/17/2024   USD  48.090
Societe General  10.000  10/01/2036  USD  64.500
UBS Group AG      2.370  2/25/2036   USD  72.238
Jyske Realkredi   1.500  10/01/2053  DKK  74.028
Turkey Governme   6.625  2/17/2045   USD  72.089
Ukraine Governm  10.000  8/23/2023   UAH  74.941
Hungary Governm   3.000  4/25/2041   HUF  52.899
Rio Forte Inves   4.000  7/22/2014   EUR   5.117
Grupo Isolux Co   1.000 12/30/2021   EUR   0.100
Kreditanstalt f   1.115  5/17/2041   EUR  75.581
BPCE SA           2.614  03/04/2036  AUD  67.874
Swissgrid AG      0.125  6/30/2036   CHF  72.037
Portugal Teleco   6.250  7/26/2016   EUR   0.285
Credit Bank of    3.875  9/21/2026   USD  24.000
City of St Gall   0.140  9/16/2044   CHF  64.907
Land Thueringen   0.100  07/09/2035  EUR  74.559
Free and Hansea   0.010  11/05/2035  EUR  72.945
State of Bremen   0.400  8/20/2049   EUR  60.756
Ahtium PLC        9.750  04/04/2017  EUR   0.726
Gazprom PJSC vi   1.850 11/17/2028   EUR  27.690
Deutsche Teleko   3.500  4/15/2041   AUD  66.103
Natixis SA        0.300  6/25/2048   USD  31.675
Decipher Produc  12.500  9/27/2019   USD   1.500
Norddeutsche La   1.100 10/13/2034   EUR  74.953
Vasakronan AB     1.000  6/15/2041   EUR  65.706
Veneto Banca Sp   6.944  5/15/2025   EUR   0.199
LFA Foerderbank   0.050  9/29/2034   EUR  73.938
Mondelez Intern   1.250  09/09/2041  EUR  62.355
State of Brande   0.500 11/21/2039   EUR  72.768
Hemso Fastighet   1.130 10/31/2039   EUR  70.699
Golden Gate AG    6.500  10/11/2014  EUR  31.000
Ahtium PLC        4.000 12/16/2015   EUR   0.586
Basque Governme   2.000  4/30/2059   EUR  70.241
Bromford Housin   2.554  3/17/2054   GBP  78.495
Global Ports Fi   6.500  9/22/2023   USD  11.050
National Grid E   1.151  2/20/2040   EUR  59.813
Sveriges Sakers   1.378  7/13/2046   SEK  63.808
Caisse des Depo   0.398 12/15/2050   EUR  59.975
Ministeries Van   0.634 11/19/2060   EUR  48.427
International F   0.500  6/29/2027   ZAR  64.751
State of Rhinel   0.375  04/01/2041  EUR  69.171
Spain Governmen   1.200 10/31/2040   EUR  75.055
Landesbank Bade   0.500 11/25/2030   EUR  76.940
Barclays Bank P   1.580  04/12/2039  EUR  74.150
Gazprombank JSC   4.500  5/14/2032   USD  59.081
Iceland Bondco    4.375  5/15/2028   GBP  68.156
Kommunekredit     1.336  10/01/2032  AUD  73.168
Banco Santander   0.200  5/13/2031   EUR  76.811
Canton of Genev   0.250  6/15/2040   CHF  71.462
Single Platform   1.548 10/31/2050   EUR  52.587
Veneto Banca Sp   6.411              EUR   0.345
Romanian Govern   2.000  4/14/2033   EUR  65.771
Compact Bidco B   5.750  05/01/2026  EUR  71.283
Assistance Publ   1.183  4/16/2050   EUR  68.929
Deutsche Teleko   3.500  09/06/2039  AUD  67.684
Novolipetsk Ste   4.500  6/15/2023   USD  40.726
JAB Holdings BV   3.750  5/28/2051   USD  70.166
Deutsche Bahn F   3.100  5/20/2041   AUD  74.675
Ukraine Governm   3.700  6/22/2023   USD  54.447
State of Bremen   0.550  02/04/2050  EUR  63.301
Transmission Fi   2.701 10/16/2037   EUR  77.351
Grand City Prop   2.800  2/25/2039   EUR  68.675
Italy Buoni Pol   0.950  03/01/2037  EUR  69.887
French Republic   0.500  5/25/2040   EUR  73.041
Stelius Befekte   3.100  9/17/2030   HUF  66.500
National Grid E   2.920  9/30/2044   AUD  73.990
SNCF Reseau       1.425  8/14/2119   EUR  49.024
Region Wallonne   1.865  05/10/2051  EUR  78.597
Pfandbriefzentr   0.450  02/11/2042  CHF  72.504
Jyske Realkredi   0.500  10/01/2053  DKK  72.356
Single Platform   1.250  8/15/2051   EUR  62.557
Master & Fellow   3.068  4/28/2065   GBP  78.418
Region Auvergne   0.800  5/22/2040   EUR  71.920
Polski Fundusz    1.500  9/30/2027   PLN  73.139
Jyske Realkredi   1.000  10/01/2053  DKK  66.698
Turkey Governme   1.500  10/09/2024  TRY #N/A N/A
Espirito Santo    3.125  12/02/2018  EUR   0.324
Agrokor dd        9.125  02/01/2020  EUR  15.000
Novolipetsk Ste   4.000  9/21/2024   USD  39.411
Societe General   3.310 11/29/2033   AUD  73.371
Emissionszentra   0.100  11/02/2038  CHF  71.664
Land Berlin       0.500  6/19/2047   EUR  66.084
Pescanova SA      5.125  4/20/2017   EUR   0.319
Pfandbriefbank    0.375  07/08/2039  CHF  74.324
Land Berlin       0.150  2/22/2036   EUR  73.815
Muenchener Hypo   0.400  08/11/2031  EUR  76.064
Boparan Finance   7.625 11/30/2025   GBP  72.542
National Grid E   2.500  7/24/2035   AUD  74.130
Vnesheconombank   6.025  07/05/2022  USD   5.000
Elli Finance UK   8.750  6/15/2019   GBP  65.125
Emissionszentra   0.300 11/25/2039   CHF  72.825
Region de Bruxe   0.765  7/15/2052   EUR  57.751
United Kingdom    1.625 10/22/2071   GBP  79.212
Erotik-Abwicklu   7.750  07/09/2019  EUR   0.779
BNP Paribas SA    3.750  06/12/2040  AUD  76.998
Alpine Holding    5.250  06/10/2016  EUR   3.084
German Pellets    7.250  07/09/2018  EUR   1.545
State of Brande   0.050  08/10/2040  EUR  64.972
Credit Agricole   1.550  09/08/2031  AUD  75.242
Takarek Mortgag   1.750 12/22/2026   HUF  73.200
Barclays Bank P   5.000  11/01/2029  BRL  64.084
Region de Bruxe   0.592  12/10/2061  EUR  46.500
Deutsche Bank A  13.750  6/20/2026   TRY  21.942
Hunland Feed Kf   2.880  7/21/2031   HUF  67.200
BNP Paribas SA    0.857  2/22/2036   EUR  68.159
Swisscom AG       0.245 11/20/2034   CHF  76.144
Region Wallonne   1.000  9/16/2059   EUR  55.707
Barclays Bank P   0.475  2/28/2034   USD  55.625
Polski Fundusz    1.375  9/30/2027   PLN  72.620
Centre Hospital   0.490  12/01/2036  EUR  73.114
Landesbank Bade   3.300 11/25/2022   EUR  37.660
Banque Cantonal  22.200  08/02/2022  CHF  59.540
Italy Buoni Pol   1.500  4/30/2045   EUR  66.801
Societe Nationa   1.280  3/27/2120   EUR  43.930
Odea Bank AS      7.625  08/01/2027  USD  64.756
VTB Bank OJSC V   6.250  6/30/2035   USD  21.704
Communaute Fran   1.397  7/18/2059   EUR  69.145
Single Platform   1.390  6/25/2044   EUR  68.135
Air Berlin Fina   8.500  03/06/2019  EUR   0.457
OTP Munkavallal   4.500  7/14/2031   HUF  72.135
Assistance Publ   0.683  3/19/2041   EUR  68.940
Andrade Gutierr  11.000  8/20/2021   USD  57.174
Societe Du Gran   1.149  04/08/2069  EUR  56.584
DLR Kredit A/S    0.500  10/01/2053  DKK  68.659
Single Platform   0.887  9/20/2039   EUR  67.415
BNP Paribas SA    0.500 11/16/2032   MXN  31.321
Nederlandse Wat   1.900  1/31/2035   AUD  70.055
Takarek Mortgag   3.000 10/22/2031   HUF  60.600
Ukraine Governm   9.990  12/10/2031  UAH  44.855
DZ Bank AG Deut   2.000 12/29/2031   EUR  73.760
SG Issuer SA      5.150  01/10/2025  EUR  71.630
Sequa Petroleum   5.000  4/29/2020   USD  30.250
Deutsche Bahn F   1.850 11/23/2043   EUR  76.843
Hemso Fastighet   3.020  9/14/2048   SEK  71.207
Premium Green P   1.000  7/25/2040   EUR  67.370
Belfius Bank SA   0.125  6/19/2034   EUR  75.758
Intelsat Jackso   9.750  7/15/2025   USD  42.125
Intelsat Jackso   8.500 10/15/2024   USD  42.125
State of Brande   0.300 11/17/2045   EUR  62.151
Swissgrid AG      0.200  6/29/2040   CHF  66.193
Ukraine Governm  12.520  5/13/2026   UAH  63.833
Cooperatieve Ra   0.500 10/29/2027   MXN  59.044
Serbia Internat   1.000  9/23/2028   EUR  73.743
Aralco Finance   10.125  05/07/2020  USD   3.010
BAE Systems PLC   3.000  9/15/2050   USD  70.123
Kantonsspital B   0.350  9/30/2036   CHF  73.992
State of Lower    0.815  9/22/2056   EUR  61.797
Credit Bank of    7.625              USD  15.000
DZ Bank AG Deut   1.000  2/13/2042   EUR  73.303
Vilogia SA d'HL   1.500  08/07/2034  EUR  71.659
Comunidad Foral   0.550 10/22/2035   EUR  74.392
Bank Gospodarst   6.000  6/25/2045   PLN  81.226
Sairgroup Finan   6.625  10/06/2010  EUR   1.958
Comunidad Foral   1.450  05/08/2040  EUR  76.155
New World Resou   8.000  04/07/2020  EUR   0.001
Depfa Funding I   6.500              EUR  63.757
Walliser Kanton   0.010  03/12/2035  CHF  74.212
Pfandbriefbank    0.375  1/24/2042   CHF  71.600
Grupo Isolux Co   6.000 12/30/2021   EUR   0.267
Espirito Santo    5.050 11/15/2025   EUR   0.324
A-TEC Industrie   8.750 10/27/2014   EUR   0.100
GN Store Nord A   1.970  03/03/2036  EUR  74.446
Ville de Paris    1.165  06/09/2053  EUR  66.811
State of North    1.850  3/18/2089   EUR  67.165
ESB Finance DAC   2.000  4/17/2044   EUR  72.313
DXC Capital Fun   0.950  9/15/2031   EUR  75.796
O1 Properties F   0.500  9/27/2028   USD   6.040
niiio finance g   4.000  5/31/2026   EUR  42.420
Erste Group Ban   1.230  5/29/2033   EUR  76.564
UniCredit Bank    0.428 11/19/2029   EUR  72.442
Rikshem AB        3.250  5/31/2041   AUD  71.423
CDC Habitat SEM   0.853  2/15/2041   EUR  53.425
Polyus Finance    4.700  1/29/2024   USD  26.962
Cie Generale de   0.350 12/29/2056   CHF  55.170
HOCHTIEF AG       2.300  4/26/2034   EUR  72.467
Societe General   8.600  7/29/2022   USD  33.200
Elecnor SA        3.025  9/30/2035   EUR  76.329
Cattles Ltd       8.125  07/05/2017  GBP   0.027
Aeroports de la   2.500  07/09/2036  EUR  74.250
Stichting Afwik   6.625  5/14/2018   EUR   5.375
Pharmacy Chain   13.500 11/30/2029   RUB  60.500
Duna Aszfalt Ut   2.990 10/17/2029   HUF  68.000
Senvion Holding   3.875 10/25/2022   EUR   0.256
State of Rhinel   0.375  7/20/2048   EUR  60.667
Mondelez Intern   0.625  09/09/2032  EUR  72.936
Land Berlin       0.625  7/15/2039   EUR  74.794
Windreich GmbH    6.250  03/01/2015  EUR   4.475
Deutsche Agrar    7.250  9/28/2018   EUR   0.718
VTB Bank PJSC     5.000              USD  68.000
Muenchener Hypo   0.125  09/05/2035  EUR  73.838
Sibur Securitie   2.950  07/08/2025  USD  31.735
Region Occitani   0.766  10/07/2041  EUR  69.963
Caisse Francais   0.726 10/29/2039   EUR  75.626
HPI AG            3.500              EUR   2.000
Grenke Finance    2.040  4/16/2029   EUR  75.204
Assa Abloy AB     0.650  8/28/2034   EUR  74.459
Grand Delta Hab   1.285  11/06/2040  EUR  57.041
Autonomous Comm   1.655 10/31/2050   EUR  69.720
Romanian Govern   3.375  02/08/2038  EUR  68.130
Romanian Govern   2.124  7/16/2031   EUR  71.794
BNP Paribas SA    0.500  9/29/2029   AUD  68.088
Credit Bank of    5.150  2/20/2024   EUR  20.222
Hypo Vorarlberg   1.520  07/08/2050  EUR  65.656
Duna House Hold   4.500  01/12/2032  HUF  77.765
Malta Governmen   1.400  8/20/2046   EUR  71.211
Raiffeisenlande   0.998  11/04/2033  EUR  75.548
Ukraine Governm   7.750  09/01/2024  USD  29.325
Region Bourgogn   0.945  5/20/2039   EUR  74.422
Single Platform   0.780  03/05/2039  EUR  66.461
Bayerische Land   1.680 12/18/2037   EUR  81.976
Rena GmbH         7.000 12/15/2015   EUR   2.096
Single Platform   1.040  6/25/2044   EUR  63.862
Elli Investment  12.250  6/15/2020   GBP  52.250
Banco Santander   0.010  10/01/2032  EUR  71.097
Takarek Mortgag   2.600 10/22/2028   HUF  68.500
EnBW Internatio   2.080  1/21/2041   EUR  67.858
Single Platform   0.930  2/15/2041   EUR  65.032
4iG Nyrt          2.900  3/29/2031   HUF  68.215
Citigroup Globa   7.300  1/18/2030   EUR  74.420
Credit Suisse A   4.600  3/31/2023   USD   8.400
Joh Friedrich B   7.750  11/11/2020  EUR  32.000
Norddeutsche La   0.675  2/25/2033   EUR  73.772
Vasakronan AB     1.770 10/26/2033   NOK  73.243
German Pellets    7.250  04/01/2016  EUR   1.545
Kingdom of Belg   1.170  05/12/2121  EUR  50.219
Region de Bruxe   1.810  3/22/2053   EUR  78.464
Emissionszentra   0.150  09/09/2041  CHF  69.183
Centre Hospital   0.950  02/05/2041  EUR  61.452
Assistance Publ   1.073  4/16/2045   EUR  71.412
Free and Hansea   0.300  9/16/2050   EUR  58.035
Virgolino de Ol  11.750  02/09/2022  USD   0.500
Finance and Cre   9.250  1/25/2019   USD   0.001
Barclays Bank P  17.000  9/27/2023   TRY  70.015
Ukreximbank Via   7.623  02/09/2023  USD  31.848
Landesbank Bade   5.300  2/13/2034   AUD  75.544
SCF Capital Des   3.850  4/26/2028   USD  20.505
Sibur Securitie   4.125  10/05/2023  USD  31.067
Gazprom PJSC     17.690 10/21/2043   RUB  70.000
Credit Suisse A   0.500 12/16/2025   BRL  66.368
Bpifrance SACA    1.046  5/25/2050   EUR  67.797
SiC Processing    7.125  03/01/2016  EUR   0.789
Single Platform   1.051  04/01/2042  EUR  65.131
Autonomous Comm   1.550  05/11/2051  EUR  66.279
Ukraine Governm  11.670 11/22/2023   UAH  77.468
National Grid E   3.120  12/10/2039  AUD  77.285
Grand Delta Hab   1.750 10/28/2061   EUR  65.785
Autonomous Comm   1.646  7/30/2060   EUR  60.689
Banco Santander   0.180  6/22/2031   EUR  76.319
Steilmann SE      6.750  6/27/2017   EUR   2.184
Single Platform   0.465  2/27/2035   EUR  69.636
Credit Agricole   3.750  06/09/2040  AUD  70.127
Muenchener Hypo   0.250 10/31/2044   CHF  62.815
UBS AG/London     7.800 11/17/2022   CHF  60.500
Russian Foreign   5.250  6/23/2047   USD  17.800
Region Bourgogn   0.895  5/20/2038   EUR  75.228
Pfandbriefbank    0.250  1/24/2041   CHF  70.555
Communaute Fran   2.177  8/17/2068   EUR  79.988
Solarwatt GmbH    7.000  11/01/2015  EUR  15.500
NRW Bank          1.000  6/24/2051   EUR  71.019
Region de Bruxe   1.065  6/22/2047   EUR  67.730
Harp Issuer PLC   1.400  2/14/2032   USD  68.704
Barclays Bank P   2.320  01/11/2041  USD  66.832
Czech Republic    2.000 10/13/2033   CZK  73.764
Kommunekredit     0.342  09/01/2042  EUR  66.957
GTC Magyarorsza   2.600  3/17/2031   HUF  67.690
Sibur Holding P   1.500  10/01/2032  USD  26.000
Sonnedix Energy   2.200 12/31/2038   EUR  74.500
Vontobel Financ   5.800  7/22/2022   USD  75.080
Turkey Governme   6.000  1/14/2041   USD  67.881
Barclays Bank P   0.360  8/15/2033   USD  55.559
State of Hesse    0.227  8/20/2049   EUR  56.830
KPNQwest NV      10.000  3/15/2012   EUR   0.453
Romanian Govern   3.500  04/03/2034  EUR  73.654
Bulgaria Steel   12.000  05/04/2013  EUR   0.216
Libra Internet    4.250  9/28/2028   EUR  73.304
State of Saxony   0.475  9/30/2050   EUR  61.915
Kuntarahoitus O   0.940  06/09/2064  EUR  71.885
Norske Skog Hol   8.000  2/24/2021   EUR   0.006
Deutsche Pfandb   0.857  9/18/2037   EUR  58.310
Credit Bank of    5.550  2/14/2023   USD  23.468
City of St Gall   0.560  4/23/2040   CHF  76.228
Muenchener Hypo   0.580 10/14/2035   EUR  69.425
Novafives SAS     5.000  6/15/2025   EUR  67.536
Region Nouvelle   0.814 11/22/2044   EUR  67.643
BNP Paribas SA    2.300  9/17/2027   PLN  74.208
Akademiska Hus    1.252  2/13/2043   SEK  59.659
Free State of S   0.010 12/17/2035   EUR  72.709
Kreditanstalt f   0.980  6/28/2051   EUR  72.755
Landesbank Bade   1.600  04/03/2039  EUR  75.313
Republic of Ire   0.835  07/08/2080  EUR  52.763
Ukraine Governm   8.750  4/20/2033   UAH  38.867
Thomas Cook Gro   6.250  6/15/2022   EUR   0.432
Aareal Bank AG    1.576  2/23/2032   EUR  75.310
Department of G   0.846  4/29/2039   EUR  73.196
Hemso Fastighet   0.473  2/18/2030   EUR  73.763
Lehman Brothers   2.234  10/05/2035  EUR   0.100
Pfandbriefbank    0.500  6/17/2041   CHF  74.131
Pfandbriefzentr   0.250  06/12/2040  CHF  71.392
DekaBank Deutsc   3.970  02/09/2023  EUR  59.830
Credit Suisse A  13.850 10/31/2022   USD  59.110
DZ Bank AG Deut   9.410  8/26/2022   EUR  22.140
BNP Paribas Iss   1.560  02/02/2039  EUR  55.970
BNP Paribas Iss   5.000  11/05/2024  EUR  38.510
Norske Skog Hol   8.000  2/24/2021   EUR   0.006
Ukraine Governm   6.000  11/06/2024  UAH  61.097
Single Platform   0.559  2/15/2047   EUR  52.971
Region de Bruxe   1.100  6/22/2066   EUR  55.603
Deutsche Wohnen   1.700  12/05/2036  EUR  66.931
Windreich GmbH    6.500  03/01/2015  EUR   4.475
Steilmann SE      7.000  03/09/2017  EUR   1.429
Caisse des Depo   1.015  7/22/2050   EUR  72.388
NRW Bank          0.106  8/17/2050   EUR  57.121
Mobile Telesyst   5.000  5/30/2023   USD  24.583
PJSC Koks via I   5.900  9/23/2025   USD   7.550
Emissionszentra   0.350  4/27/2040   CHF  74.024
Minicentrales D   0.010  06/06/2047  EUR  59.125
Single Platform   1.050  3/17/2039   EUR  68.968
ING Bank NV       2.900  6/23/2051   USD  71.014
BNP Paribas SA    3.580  7/23/2040   AUD  75.588
Credit Suisse A   0.900 12/20/2031   EUR  75.538
Single Platform   0.860  2/15/2040   EUR  64.827
Spain Governmen   0.850  7/30/2037   EUR  75.217
Credit Bank of    3.100  1/21/2026   EUR  20.053
Single Platform   1.370  7/25/2053   EUR  63.909
Batigere Grand    1.485 10/25/2039   EUR  60.160
Societe General  24.050  8/18/2022   USD  49.750
DekaBank Deutsc   7.650  03/10/2023  EUR  36.080
Landesbank Hess   1.300  09/02/2036  EUR  71.550
Vontobel Financ   7.500 12/23/2022   USD  54.370
OTP Munkavallal   4.500  7/14/2031   HUF  72.135
Skandinaviska E   6.400  1/15/2025   SEK  42.750
UniCredit SpA     1.490 10/23/2035   EUR  66.297
Norske Skog Hol   8.000  2/24/2023   USD   0.006
Rusal Capital D   4.850  02/01/2023  USD  40.523
Republic of Ire   0.995  2/24/2121   EUR  48.677
Vasakronan AB     2.400  6/20/2044   SEK  62.239
Die Schweizeris   0.370  3/17/2036   CHF  75.805
Liga Bank eG Re   0.010  1/29/2036   EUR  69.943
CDC Habitat SEM   1.170  05/04/2037  EUR  65.089
Kingdom of Belg   0.650  6/22/2071   EUR  46.825
Deutsche Bank A   1.725  1/16/2045   EUR  50.954
BNP Paribas SA    3.950  07/11/2039  AUD  75.386
Sibur Securitie   3.450  9/23/2024   USD  24.705
NRW Bank          1.182  08/07/2050  EUR  74.073
Single Platform   1.510  2/13/2043   EUR  71.000
La Banque Posta   0.640  1/27/2042   EUR  73.918
Nordea Hypotek    2.250 10/15/2048   SEK  71.312
Vasakronan AB     2.777  04/12/2039  SEK  75.005
Tonon Luxembour  12.500  5/14/2024   USD   0.399
Skandinaviska E   9.600  1/15/2024   SEK  66.090
Communaute Fran   0.749  9/16/2080   EUR  55.419
Kingdom of Belg   0.400  6/22/2040   EUR  70.029
Ukraine Governm   8.880  05/10/2032  UAH  40.414
Credit Agricole   4.400  2/24/2042   AUD  71.927
Virgolino de Ol  10.875  1/13/2020   USD  36.000
MS Deutschland    6.875 12/18/2017   EUR   0.610
Russian Railway  18.100  5/30/2040   RUB  50.010
Skandinaviska E   9.200  7/15/2024   SEK  56.210
Natixis SA        2.920  09/05/2039  AUD  69.268
Grand Delta Hab   1.425  2/26/2048   EUR  50.544
Nykredit Realkr   1.000  10/01/2050  DKK  76.802
BNG Bank NV       2.300  03/03/2036  AUD  72.252
City of Kyiv Vi   7.500 12/15/2022   USD  36.382
Banque Internat   2.120  8/20/2040   EUR  75.290
Kommunekredit     0.869  11/12/2043  SEK  65.398
Heimstaden Bost   2.800  05/04/2035  EUR  73.879
State of Saarla   0.500  3/15/2051   EUR  61.681
Credit Agricole   3.000  1/28/2041   AUD  56.503
DZ HYP AG         1.300  7/18/2041   EUR  77.792
UniCredit SpA     1.050  1/23/2031   EUR  75.416
State of Hesse    0.450  9/23/2044   EUR  64.811
DNB Bank ASA      1.185  1/14/2038   EUR  68.493
Deutsche Bank A   0.700  10/07/2031  EUR  69.501
State of Lower    0.050  03/09/2035  EUR  74.852
Transports Publ   0.320 10/28/2037   CHF  64.811
Nederlandse Wat   0.750  10/04/2041  EUR  74.034
DZ HYP AG         1.430 10/26/2046   EUR  76.130
Hypo Vorarlberg   0.920  07/08/2036  EUR  70.329
Assistance Publ   0.750  12/03/2041  EUR  68.856
VTB Bank PJSC     5.587              USD  54.001
Banque Cantonal  12.360  6/27/2023   CHF  71.940
Regie Autonome    0.875  8/18/2080   EUR  53.925
Ukraine Governm   3.890  02/02/2023  USD  68.441
Chelyabinsk Pip   4.500  9/19/2024   USD  10.477
Region Wallonne   1.000  6/22/2045   EUR  66.454
Deutsche Bank A   0.700 10/28/2031   EUR  72.026
Caisse des Depo   1.365  11/02/2051  EUR  75.362
Caisse des Depo   0.916  1/20/2051   EUR  66.148
Single Platform   1.340  05/10/2044  EUR  67.570
Portugal Obriga   1.000  04/12/2052  EUR  58.521
Espirito Santo    1.097 10/27/2024   EUR   0.297
Region Hauts-de   0.402  2/18/2043   EUR  62.879
Muenchener Hypo   1.300  05/07/2061  EUR  71.766
Department of B   1.068  5/21/2048   EUR  68.588
Societe Nationa   2.842  3/31/2036   AUD  76.734
Sweden Governme   0.500 11/24/2045   SEK  73.583
Agrokor dd        9.875  05/01/2019  EUR  15.000
UBS AG/London     0.904 11/23/2025   EUR  63.750
Kreditanstalt f   1.270  6/29/2051   EUR  75.154
Kreditanstalt f   1.100  9/16/2051   EUR  69.064
FLUVIUS System    0.810  04/08/2033  EUR  75.185
Carmila SA        1.890  11/06/2031  EUR  67.092
WEB Windenergie   4.500              EUR   0.010
DZ Bank AG Deut   0.440  1/21/2036   EUR  68.184
Muenchener Hypo   1.172 10/30/2047   EUR  75.130
Credit Suisse A   0.800 10/15/2031   EUR  75.491
Russian Federal   0.250  7/20/2044   RUB  15.000
Bank J Safra Sa   7.750 12/22/2022   CHF  70.490
Takarek Mortgag   3.000  8/21/2030   HUF  63.500
Landesbank Hess   1.500 10/20/2036   EUR  72.300
DZ Bank AG Deut   4.690 11/25/2022   EUR  40.500
Credit Suisse A  20.000 11/29/2024   USD  11.150
Credit Suisse A   6.100  09/08/2022  USD   9.450
Leonteq Securit   8.610  7/20/2022   CHF  64.550
Nederlandse Wat   2.340  04/10/2047  SEK  74.936
Virgolino de Ol  10.500  1/28/2018   USD   0.010
OGX Austria Gmb   8.500  06/01/2018  USD   0.008
State of Meckle   0.239 11/17/2070   EUR  43.798
Specialfastighe   2.205  10/11/2038  SEK  75.938
Deutsche Bank A   0.650  06/03/2031  EUR  75.610
Region of Centr   0.712  12/03/2039  EUR  70.605
Department of G   0.650 12/17/2038   EUR  71.206
Single Platform   0.740  04/01/2042  EUR  62.267
Deutsche Bank A   0.500  9/16/2031   EUR  75.449
Deutsche Wohnen   1.250  7/31/2031   EUR  76.094
Ministeries Van   0.875  06/03/2045  EUR  68.062
Single Platform   0.946  5/25/2036   EUR  72.164
Canton of Genev   0.300 11/28/2039   CHF  73.021
Berner Oberland   0.450  5/30/2036   CHF  74.990
Bank J Safra Sa   7.000  7/21/2022   CHF  72.320
Skandinaviska E   8.520  1/15/2024   SEK  64.050
Pfandbriefbank    0.250  3/15/2041   CHF  70.604
Kreditanstalt f   1.171  7/19/2051   EUR  73.174
Polyus Finance    5.250  02/07/2023  USD  25.137
Ile-de-France M   1.586  2/23/2052   EUR  75.671
Dtek Renewables   8.500  11/12/2024  EUR  41.479
Region Hauts-de   0.691  07/09/2042  EUR  67.414
National Grid E   1.690  9/16/2041   GBP  64.414
Ukraine Governm  12.300  07/03/2024  UAH  70.661
Free State of B   0.010  3/28/2036   EUR  71.587
Societe General   9.000  6/15/2023   USD  38.000
Luzerner Kanton  13.700  9/29/2022   EUR  63.070
Landesbank Bade   3.480  2/24/2023   EUR  40.210
UBS AG/London    12.660  1/17/2024   USD   7.062
Skandinaviska E   7.450  1/15/2025   SEK  45.390
Szinorg Univers   3.000  5/15/2030   HUF  62.821
Bayer Construct   3.700 10/21/2031   HUF  66.775
Caixa Economica   5.000              EUR  50.020
Single Platform   1.850  2/15/2041   NOK  73.839
Italy Buoni Pol   1.700  09/01/2051  EUR  64.799
Purple Protecte   2.100  4/15/2060   EUR  66.289
Region of Pays    0.448  9/25/2040   EUR  65.858
Batigere Grand    1.345  4/18/2032   EUR  76.150
Slovenia Govern   1.175  2/13/2062   EUR  61.086
MFB Magyar Fejl   4.200  4/20/2033   HUF  69.933
Swiss Confedera   0.500  5/24/2055   CHF  73.333
SpareBank 1 Nor   1.580  3/13/2034   EUR  75.276
Raiffeisen Bank   0.370  02/03/2033  EUR  71.953
Deutsche Pfandb   0.710  09/10/2031  EUR  73.299
Communaute Fran   1.581  1/23/2120   EUR  53.024
Ville de Paris    1.165  06/09/2053  EUR  66.914
Norddeutsche La   1.600  08/01/2039  EUR  75.085
Windreich GmbH    6.750  03/01/2015  EUR   4.475
Municipality of   0.605  2/24/2040   EUR  73.840
Virgolino de Ol  10.875  1/13/2020   USD  36.000
Deutsche Bahn F   2.005  06/07/2039  SEK  73.914
Wellis Magyaror   3.000  2/26/2031   HUF  68.831
Specialfastighe   2.375  6/25/2048   SEK  71.575
Caisse des Depo   1.075  9/15/2050   EUR  73.508
Italy Buoni Pol   2.150  03/01/2072  EUR  64.559
Aargau Verkehr    0.270 11/29/2049   CHF  66.567
DekaBank Deutsc   1.585 12/28/2035   EUR  73.084
Credit Suisse A   7.370 12/28/2022   USD   9.570
SFO Social Deve  10.210  01/08/2027  RUB  60.050
DekaBank Deutsc   8.100  8/26/2022   EUR  49.650
JP Morgan Struc  11.000 12/30/2026   ZMW #N/A N/A
COFIDUR SA        0.100 12/31/2024   EUR  25.050
Trans-Sped Logi   2.500  3/16/2030   HUF  66.755
DZ Bank AG Deut   0.600  2/19/2036   EUR  74.342
Turkiye Ihracat  12.540  9/14/2028   TRY  39.906
Single Platform   1.150  5/25/2066   EUR  53.018
Single Platform   0.745  2/15/2047   EUR  56.061
Autonomous Comm   1.138 11/22/2052   EUR  57.380
State of Bremen   0.500  05/06/2041  EUR  70.261
Caisse Francais   1.093 10/14/2051   EUR  72.338
Muenchener Hypo   0.550  2/18/2046   CHF  53.546
Norske Skogindu   7.125 10/15/2033   USD   0.010
Ville de Paris    0.650 11/25/2070   EUR  43.694
TBI Bank EAD      5.250  7/30/2031   EUR  56.808
Russian Foreign   4.375  3/21/2029   USD  18.989
Credit Suisse A   4.710  8/24/2022   USD #N/A N/A
Russian Railway   7.850  07/10/2028  RUB  75.090
Communaute Fran   1.040  7/19/2101   EUR  52.392
Akademiska Hus    2.305  5/16/2040   SEK  76.057
Banca dell Elba   4.890 12/16/2032   EUR  72.717
Romanian Govern   4.000  2/14/2051   USD  67.436
Unibail-Rodamco   2.000  12/05/2033  EUR  72.083
UBS AG/London     0.120  5/25/2040   MXN  13.066
Svensk Exportkr   0.500  6/20/2029   AUD  74.531
Willhem AB        1.824 10/18/2038   SEK  63.033
Royal Schiphol    2.890 10/25/2034   AUD  72.997
Bank Severnyy M  12.000              RUB  75.000
Landesbank Hess   0.900 11/20/2035   EUR  73.000
Societe General   8.500 10/28/2022   EUR  68.850
Barclays Bank P  10.200  2/16/2023   USD  41.800
KESZ Holding Bu   4.100 11/17/2031   HUF  75.155
Nordea Bank Abp   4.000  1/20/2029   SEK  67.340
Department of L   0.959 11/25/2037   EUR  76.801
Banque Federati   2.460  06/07/2032  AUD  76.237
Republic of Bel   7.625  6/29/2027   USD  14.071
Credit Suisse A   0.875  5/21/2031   EUR  75.776
Banque Internat   1.000  2/18/2036   EUR  74.655
SCF Capital Des   5.375  6/16/2023   USD  20.000
DNB Boligkredit   0.980  6/20/2044   EUR  70.641
Landesbank Hess   1.340  06/04/2042  EUR  68.758
Autonomous Comm   1.250 10/31/2040   EUR  72.713
La Veggia Finan   7.125 11/14/2004   EUR   0.287
Single Platform   1.800  7/25/2053   EUR  74.649
BPCE SA           2.315 11/19/2035   AUD  64.051
Caisse des Depo   0.945  5/19/2051   EUR  68.404
State of Lower    0.460  10/08/2049  EUR  58.844
Romania Governm   4.750  10/11/2034  RON  69.945
Romanian Govern   1.375  12/02/2029  EUR  72.882
Republic of Ire   1.230  6/23/2121   EUR  53.871
Banque Internat   1.300  1/15/2041   EUR  72.046
Ukraine Governm   9.700  06/02/2032  UAH  43.267
Commerzbank AG    2.350  2/24/2042   EUR  73.686
Cooperatieve Ra   0.500  1/31/2033   MXN  35.065
Hungary Governm   4.000  4/28/2051   HUF  55.972
Kommunekredit     2.180  7/16/2040   AUD  69.308
Communaute Fran   1.600  6/22/2047   EUR  75.526
Caisse Francais   0.865  2/17/2042   EUR  75.520
Hellas Telecomm   6.054  1/15/2015   USD   0.001
DNB Boligkredit   1.080  5/16/2039   EUR  76.939
Landesbank Hess   1.000  03/06/2035  EUR  73.650
GVC George's Ve   2.500 12/18/2030   HUF  70.375
Credit Suisse A  24.000  1/16/2024   USD  46.100
Russian Railway  18.830  5/20/2044   RUB  55.010
Futureal Develo   3.500 11/16/2036   HUF  74.000
JP Morgan Struc  12.000  8/28/2026   ZMW #N/A N/A
Skandinaviska E   7.000  1/15/2024   SEK  72.380
Kreditanstalt f   1.027 10/26/2050   EUR  72.373
Region of Centr   0.924  11/02/2043  EUR  70.292
Nederlandse Wat   0.190  11/02/2050  EUR  57.940
Raiffeisen Bank   0.290  11/11/2030  EUR  76.622
Region de Bruxe   0.540  9/13/2044   EUR  62.171
Deutsche Bank A   1.750  04/09/2035  EUR  68.486
Kingdom of Belg   0.558  9/24/2077   EUR  41.045
Region Auvergne   0.805  7/26/2039   EUR  72.330
Caisse Francais   0.510 11/19/2040   EUR  69.548
Rena GmbH         8.250  07/11/2018  EUR   2.096
Ukraine Governm   3.700 12/22/2022   USD  69.540
BNP Paribas SA    2.670  3/13/2030   AUD  76.412
UBS AG/London     1.860  2/28/2049   EUR  74.777
Erste Group Ban   1.065  5/17/2041   EUR  65.781
Santander Inter   1.192  12/07/2045  EUR  64.955
Erste Group Ban   1.170  1/28/2037   EUR  73.115
Region Wallonne   1.135  10/10/2069  EUR  53.347
Berlin Hyp AG     0.625  6/30/2031   EUR  76.209
Single Platform   0.932  6/15/2039   EUR  68.348
getgoods.de AG    7.750  10/02/2017  EUR   0.527
BPCE SA           2.550  06/09/2035  AUD  66.956
Assistance Publ   1.099  04/06/2071  EUR  52.542
Single Platform   1.340  6/20/2041   EUR  74.436
Centre Hospital   0.800  6/28/2041   EUR  69.998
Santander Inter   1.365  1/28/2061   EUR  58.102
Turkey Governme  10.600  02/11/2026  TRY  72.400
Ukraine Governm  10.000  8/23/2023   UAH  74.941
Kreditanstalt f   0.730  1/21/2050   EUR  70.958
Parnassia Groep   1.470  12/03/2046  EUR  66.803
Kreditanstalt f   0.613  06/10/2040  EUR  69.220
Vasakronan AB     2.084  8/26/2030   AUD  75.838
Takarek Mortgag   3.000  1/28/2036   HUF  50.900
SG Issuer SA      7.500  1/20/2025   SEK  28.690
Russian Railway  18.830 11/29/2028   RUB  60.010
Russian Railway  18.830  06/08/2028  RUB  55.010
Banque Internat  15.000  01/05/2023  EUR  44.670
Leonteq Securit   8.380  7/20/2022   CHF  31.690
Wingholding Zrt   3.000  9/22/2031   HUF  56.950
Landesbank Hess   0.975  9/17/2036   EUR  72.500
Credit Suisse A  12.250  10/05/2026  USD  73.500
MET Hungary Sol   3.800  12/02/2031  HUF  67.100
Landesbank Bade   2.410  8/26/2022   EUR  66.330
Landesbank Hess   1.000  3/13/2035   EUR  75.000
Basque Governme   1.750  4/22/2050   EUR  70.684
Landesbank Hess   0.620  4/18/2036   EUR  72.361
Intelsat Jackso   9.750  7/15/2025   USD  42.125
Russian Agricul   8.500 10/16/2023   USD   9.659
Romania Governm   2.500 10/25/2027   RON  74.302
Republic of Pol   0.250 10/25/2026   PLN  74.642
Landesbank Hess   1.050 11/17/2060   EUR  67.322
Single Platform   0.780  2/15/2040   EUR  64.453
Bilt Paper BV    10.360              USD   1.704
Land Baden-Wuer   0.375  7/20/2048   EUR  61.676
Ukraine Governm   3.700  5/25/2023   USD  56.915
New World Resou   4.000  10/07/2020  EUR   0.234
Elia Transmissi   1.560  1/30/2044   EUR  72.674
Metropole de Ly   0.540  12/07/2050  EUR  56.020
Romanian Govern   2.000  1/28/2032   EUR  68.978
Region Nouvelle   0.630 11/22/2039   EUR  70.134
Single Platform   0.656  9/20/2050   EUR  51.561
Autonomous Comm   1.744  07/01/2061  EUR  61.640
Kreditanstalt f   1.267  3/22/2051   EUR  77.521
Ville de Paris    0.963  06/08/2050  EUR  65.439
Erdoel-Lagerges   1.200  06/04/2043  EUR  77.535
Dyadya Doner OO  13.500  4/25/2023   RUB  16.990
Credit Suisse A   4.450  6/28/2023   USD   9.210
Credit Suisse A   5.800  7/26/2023   USD   9.290
Credit Agricole   3.270  10/05/2041  AUD  60.526
Bausparkasse Wu   0.485  6/25/2040   EUR  68.030
Societe Nationa   3.190  4/19/2041   AUD  75.908
Norddeutsche La   1.390  07/09/2038  EUR  70.051
NRW Bank          1.000  2/26/2050   EUR  74.873
French Republic   0.750  5/25/2053   EUR  62.274
Landesbank Bade   0.710  05/12/2036  EUR  65.262
Ukraine Governm  15.500  09/11/2024  UAH  77.280
Credit Suisse A   0.500  01/08/2026  BRL  66.005
Parnassia Groep   1.430  12/01/2043  EUR  67.582
Region Auvergne   0.493 10/23/2037   EUR  71.261
Region Wallonne   1.220  06/12/2050  EUR  66.202
A-TEC Industrie   5.750  11/02/2010  EUR   0.100
Befimmo SA        2.050  09/04/2035  EUR  72.360
Region de Bruxe   0.640  7/20/2045   EUR  61.945
Raiffeisen Schw   8.400  8/23/2023   CHF  59.690
MOL Hungarian O   1.900  04/12/2031  HUF  54.200
Landesbank Hess   1.000  1/21/2036   EUR  70.600
Dr Wiesent Sozi   7.000              EUR   0.003
Societe General   5.750  9/23/2022   EUR  72.210
Credit Suisse A  13.700  9/25/2023   USD  29.020
Nordea Bank Abp   3.050  7/20/2027   SEK  74.570
Goldman Sachs I   0.070  1/13/2025   EUR  59.950
Credit Bank of    4.000  7/15/2022   RUB  96.160
Bank Julius Bae   8.000  10/07/2022  USD  56.650
Specialfastighe   1.280  9/20/2049   SEK  53.665
Regie Autonome    0.953  5/24/2052   EUR  65.811
Region Wallonne   1.550  4/28/2120   EUR  56.343
Credit Agricole   3.450  03/04/2041  AUD  59.358
Grand City Prop   2.500  6/27/2039   EUR  65.312
Thomas Cook Fin   3.875  7/15/2023   EUR   0.868
Cooperatieve Ra   1.850  3/29/2049   EUR  74.273
Caisse des Depo   0.950  2/17/2051   EUR  69.956
Nomura Bank Int   1.138 12/19/2039   EUR  65.915
BASF SE           1.025  8/13/2048   JPY  72.467
Region de Bruxe   1.528  04/05/2049  EUR  73.841
ING Bank NV       2.250  2/26/2036   USD  74.666
Barclays Bank P   1.072 12/30/2030   USD  71.358
Region Wallonne   1.250  4/30/2055   EUR  58.564
Landesbank Saar   0.890  09/04/2034  EUR  75.825
Region Occitani   1.339  3/21/2042   EUR  77.367
Societe General   1.100  2/20/2034   EUR  69.952
Caisse des Depo   0.913 11/20/2050   EUR  70.480
Heta Asset Reso   0.429 12/31/2023   EUR   4.007
Single Platform   0.931  2/15/2040   EUR  66.415
Societe Nationa   1.400  5/18/2120   EUR  47.204
Norske Skogindu   7.125 10/15/2033   USD   0.010
Kreditanstalt f   1.201  9/13/2051   EUR  72.763
Single Platform   1.600  2/15/2041   EUR  74.108
Landesbank Saar   0.720  6/29/2035   EUR  72.486
Eurohold Bulgar   8.000 12/29/2026   EUR  67.728
Republic of Ire   1.020  09/10/2086  EUR  56.661
Single Platform   1.233  6/25/2044   EUR  72.442
UBS AG/London     1.600  4/18/2049   EUR  70.342
Landesbank Bade   1.000  3/18/2039   EUR  63.706
Getin Noble Ban  10.020  04/04/2024  PLN  35.010
Bank Julius Bae  29.500  6/27/2022   CHF  30.450
Single Platform   1.240  5/25/2052   EUR  61.425
Grenke Finance    0.819  2/15/2030   EUR  66.546
Grand City Prop   2.600  2/25/2034   EUR  73.865
NTRP Via Interp  10.250  08/02/2017  USD  27.500
Batigere Grand    2.030  5/29/2070   EUR  62.864
Grand Delta Hab   1.820  3/18/2050   EUR  55.326
Agrokor dd Via    4.921  08/08/2017  EUR  14.625
Batigere Grand    1.800  08/12/2050  EUR  52.762
Canton of St Ga   0.200 11/28/2041   CHF  69.107
Parnassia Groep   1.470  12/01/2045  EUR  67.214
Lehman Brothers   2.234  11/02/2035  EUR   0.100
EFG Internation   8.000  9/26/2022   USD  58.580
VTB Bank PJSC     3.750              EUR  60.000
Leonteq Securit  10.400  9/28/2022   CHF  57.830
DekaBank Deutsc   5.970  02/09/2023  EUR  57.890
Pharmacy Chain   14.000  06/04/2030  RUB  61.200
Societe General   4.000 11/22/2022   USD  51.140
Forras Vagyonke   3.250  10/01/2030  HUF  68.155
Societe General   2.000  2/26/2033   USD  76.260
Ukraine Governm   3.700  4/27/2023   USD  59.533
Single Platform   1.100  6/25/2044   EUR  64.855
Vasakronan AB     1.655  09/05/2039  SEK  62.175
Department of L   0.478 10/30/2040   EUR  66.188
Regie Autonome    0.640  8/13/2041   EUR  69.724
DZ HYP AG         0.300  8/21/2035   EUR  73.687
Deutsche Apothe   1.715  2/13/2037   EUR  75.675
Magyar Export-I   2.000 10/27/2027   HUF  71.326
Land Thueringen   1.100  07/03/2047  EUR  76.169
Deutsche Pfandb   1.340 10/16/2051   EUR  75.113
Credit Agricole   2.800  2/23/2041   AUD  72.595
Natixis SA        3.000  8/28/2049   AUD  67.217
Sveriges Sakers   0.649  9/18/2032   SEK  73.658
ABN AMRO Bank N   1.070  03/03/2041  EUR  77.244
Nomura Bank Int   1.175  07/08/2033  EUR  75.107
Nederlandse Wat   1.551 11/24/2061   EUR  75.309
City of Gothenb   1.990  2/20/2045   SEK  72.738
Credit Agricole   0.310  2/24/2033   EUR  72.840
Single Platform   1.103  5/25/2052   EUR  59.514
NIBC Bank NV      0.410  1/27/2031   EUR  70.438
Region de Bruxe   0.650  2/15/2061   EUR  48.692
Landesbank Bade   0.400  07/02/2031  EUR  74.382
Berlin Hyp AG     1.157  12/09/2039  EUR  61.813
Kreditanstalt f   0.683  2/22/2051   EUR  69.109
National Grid E   2.020  03/12/2032  AUD  74.402
Privatbank CJSC  10.875  2/28/2018   USD   3.630
Brown's Pharma    3.900  07/09/2031  EUR  72.091
BPCE SA           2.255  03/12/2040  AUD  57.609
Ministeries Van   1.874  3/28/2058   EUR  76.451
Region de Bruxe   0.556 12/23/2064   EUR  43.385
Single Platform   0.950  7/25/2047   EUR  60.730
Caisse des Depo   1.460  1/24/2052   EUR  74.756
Landesbank Hess   1.580 12/16/2036   EUR  75.200
Vajda-Papir Gya   3.500  5/17/2031   HUF  71.600
Kreditanstalt f   0.816 12/19/2050   EUR  69.345
Metropole de Ly   0.376 12/22/2044   EUR  60.414
Erste Group Ban   1.010  10/07/2041  EUR  64.379
Region Nouvelle   0.777  05/12/2041  EUR  70.304
ING Groep NV      0.975  2/14/2034   EUR  68.817
Region Auvergne   0.543  9/28/2036   EUR  75.832
Bayerische Land   0.710  12/01/2031  EUR  80.337
Turkey Governme  11.000  2/24/2027   TRY  74.000
Standard Charte   2.140  1/29/2036   USD  73.729
Norske Skogindu   7.000 12/30/2026   EUR   0.010
Parnassia Groep   1.260  12/03/2046  EUR  76.351
Kuntarahoitus O   0.500  7/30/2029   AUD  74.932
Nordea Hypotek    0.793 10/22/2032   SEK  74.146
Batigere Grand    1.500 12/15/2051   EUR  48.600
AutoWallis Nyrt   3.000  4/15/2030   HUF  66.395
Leonteq Securit  10.000 10/19/2022   CHF  39.360
Polyplast OAO/M   9.500  4/18/2023   RUB  89.010
Alno AG           8.000  3/21/2019   EUR  14.510
MOL Nyrt Kueloe   4.950  1/26/2032   HUF  74.140
Landesbank Hess   1.500  1/13/2037   EUR  74.150
Credit Suisse A  20.650  9/23/2022   USD  46.500
BNP Paribas Iss   5.750  7/20/2024   SEK  64.880
Hell Energy Mag   3.000  7/28/2031   HUF  65.400
Befimmo SA        1.269  2/24/2031   EUR  75.924
United Utilitie   1.474  8/24/2031   USD  75.097
Muenchener Hypo   1.000  6/30/2037   EUR  67.632
Portugal Teleco   5.242  11/06/2017  EUR   0.694
Land Thueringen   1.127  04/02/2049  EUR  75.495
Akademiska Hus    0.850  2/17/2033   SEK  71.899
Cie DU Chemin d   0.280 11/29/2052   CHF  42.773
Landeskreditban   0.700  03/11/2041  EUR  71.567
LFA Foerderbank   0.160  01/02/2040  EUR  67.335
Kuntarahoitus O   0.448  3/19/2040   EUR  68.312
CDC Habitat SEM   0.814  2/15/2040   EUR  54.213
Communaute Fran   1.120  7/19/2038   EUR  74.149
Republic of Pol   1.250 10/25/2030   PLN  65.014
Landesbank Bade   0.520  03/06/2034  EUR  67.935
SNCF Reseau       2.490  06/12/2047  SEK  75.081
Engie SA          2.750 11/20/2045   EUR  75.285
Proximus SADP     1.500  5/14/2040   EUR  75.852
Region de Bruxe   0.690  6/22/2050   EUR  57.823
Credit Bank of    7.121  6/25/2024   USD  23.296
BNP Paribas SA    2.840  8/26/2039   AUD  64.230
NRW Bank          0.600  1/28/2051   EUR  65.877
State of Saarla   1.108  5/18/2046   EUR  76.324
State of North    2.000  4/16/2038   SEK  75.447
Landesbank Saar   0.710  12/06/2035  EUR  71.683
UniCredit SpA     2.360  1/26/2035   EUR  75.745
Leonteq Securit  24.020  6/29/2022   CHF  25.030
Raiffeisen Schw   5.000  8/24/2022   CHF  65.930
Societe General   8.000  5/28/2027   USD  32.550
Danske Bank A/S   5.300  7/15/2023   SEK  40.260
Landesbank Bade   2.800 12/23/2022   EUR  45.880
UBS AG/London     8.750 10/28/2022   CHF  70.450
Landesbank Hess   1.000  7/15/2060   EUR  65.633
Wirtschafts- un   0.250  09/08/2037  EUR  71.092
Communaute Fran   1.010  7/19/2051   EUR  60.651
Ukraine Governm   8.120  11/10/2035  UAH  34.509
Kuntarahoitus O   1.200  7/21/2061   EUR  69.838
Cooperatieve Ra   1.099  6/28/2051   EUR  72.579
Svensk Exportkr   0.500  4/24/2029   AUD  75.087
Bibby Offshore    7.500  6/15/2021   GBP  11.625
Landesbank Hess   1.650  5/27/2030   EUR   1.531
Region de Bruxe   1.144  1/14/2056   EUR  62.203
Ville de Paris    0.963  12/06/2051  EUR  64.169
Batigere Grand    1.600 11/14/2044   EUR  53.212
Stichting Afwik   2.275              EUR   0.622
Societe General   0.831 11/25/2031   EUR  75.569
Dr Max Funding    5.050  6/23/2028   EUR  65.770
State of Saxony   1.223  05/04/2046  EUR  78.005
Communaute Fran   0.800  8/24/2049   EUR  62.468
UBS AG/London     9.750  3/17/2023   CHF  55.150
Raiffeisen Schw   6.000  09/02/2022  CHF  73.080
WEB Windenergie   5.250  04/08/2023  EUR   0.010
Gazprom PJSC     17.690 10/21/2043   RUB  70.000
JP Morgan Struc  12.000  01/04/2027  ZMW #N/A N/A
Luzerner Kanton   8.400 12/27/2022   USD  73.000
Landesbank Hess   1.000  08/06/2035  EUR  75.000
Landesbank Hess   1.000  8/19/2036   EUR  72.250
Barclays Bank P   0.433  3/14/2023   USD   8.030
SG Issuer SA      8.410  1/20/2027   SEK  33.460
Societe General  16.000  07/03/2024  USD  26.600
Erste Group Ban   6.500  6/30/2022   EUR  52.000
EFG Internation  10.000  12/07/2022  USD  74.810
Alfa-Bank AO     10.200  02/10/2025  RUB  68.000
Societe General  10.000  6/28/2034   USD  73.250
Skandinaviska E  10.150  1/15/2025   SEK  45.410
SecurAsset SA     5.250  6/30/2022   EUR  34.550
UBS AG/London    17.400  4/14/2027   SEK  57.440
Textura Kereske   5.500  2/28/2032   HUF  70.250
Credit Agricole   1.920 10/16/2032   USD  75.100
Single Platform   1.610  2/15/2043   EUR  77.397
Ukraine Governm  12.700 10/30/2024   UAH  72.030
NatWest Markets   1.250  12/04/2034  EUR  72.724
HSBC Continenta   2.025  3/19/2049   EUR  75.400
DekaBank Deutsc   1.300  4/23/2035   EUR  72.930
Krakowski Bank    8.020  9/20/2023   PLN  77.500
Thames Water Ut   2.442  05/12/2050  GBP  65.953
ABN AMRO Bank N   0.450  12/12/2036  EUR  74.194
Single Platform   1.842  2/15/2044   EUR  76.230
National Grid E   2.710  10/04/2034  AUD  76.885
Kuntarahoitus O   1.155 11/19/2060   EUR  70.935
Landesbank Saar   0.760  05/08/2034  EUR  75.174
Department of B   0.810 12/16/2041   EUR  69.740
Assistance Publ   0.490  9/30/2040   EUR  66.548
Region de Bruxe   1.040  05/03/2061  EUR  57.814
Nederlandse Wat   1.000 11/24/2050   EUR  73.239
Ukraine Governm  11.780  5/27/2026   UAH  61.822
Landesbank Bade   1.100  05/07/2040  EUR  68.527
Region Bourgogn   0.397  12/03/2045  EUR  59.657
BNP Paribas SA    1.400  06/04/2041  EUR  68.793
Ukraine Governm   9.790  5/26/2027   UAH  81.145
Getin Noble Ban   8.040  8/30/2024   PLN  49.875
Natixis SA        3.600 11/16/2041   AUD  75.864
Societe Du Gran   1.955  4/16/2069   EUR  75.174
Credit Bank of    0.100  02/12/2023  RUB  89.330
Deutsche Bank A   1.560  6/18/2031   EUR  74.430
Skandinaviska E  10.400  1/15/2024   SEK  73.030
Societe General   1.950 10/22/2031   USD  74.416
Ukraine Governm   9.990  5/22/2024   UAH  65.912
Kreditanstalt f   1.175  4/14/2051   EUR  76.294
Commerzbank AG    2.565  5/15/2043   EUR  72.681
Ville de Paris    0.373 12/21/2044   EUR  61.494
Region Provence   0.709  6/29/2040   EUR  71.997
UniCredit Bank    0.030  2/28/2033   EUR  76.676
Ukraine Governm   9.990  8/27/2031   UAH  45.154
Single Platform   1.440  7/18/2042   EUR  69.848
Muenchener Hypo   0.867  2/25/2047   EUR  72.939
ING Bank NV       0.465  4/21/2041   EUR  70.328
ING Bank NV       0.335  4/21/2036   EUR  74.748
Societe General   3.100  4/22/2036   AUD  67.547
Societe Nationa   2.910  1/27/2051   AUD  69.212
National Treasu   1.560  2/16/2122   EUR  70.372
Lehman Brothers   2.875  3/14/2013   CHF   0.100
ING Bank NV       2.830  9/28/2051   USD  69.522
Rio Forte Inves   4.750  11/10/2015  EUR   3.326
Kuntarahoitus O   0.854  1/14/2060   EUR  66.327
Societe General  17.604  8/24/2023   USD #N/A N/A
RENE LEZARD Mod   7.250 11/25/2017   EUR   0.120
Mifa Mitteldeut   7.500  08/12/2018  EUR   2.411
Credit Bank of    0.010  9/18/2023   RUB  84.450
Leonteq Securit  10.000 12/13/2022   USD  45.450
Credit Suisse A  20.000 12/21/2022   USD  50.900
Societe General  11.750  9/18/2024   USD  40.430
Zurcher Kantona   4.800  12/08/2023  CHF  71.090
Erste Group Ban   5.500  6/30/2025   EUR  67.550
Resa SA/Belgium   1.950  7/22/2036   EUR  50.010
Kalita OOO       13.000  8/18/2024   RUB   6.350
Societe General   8.200  06/08/2023  USD  43.750
Kometa 99 Elelm   5.000  2/21/2032   HUF  72.600
Ville de Paris    0.831  2/23/2056   EUR  57.153
Nederlandse Wat   0.230 10/22/2035   EUR  74.812
NRW Bank          0.612 10/21/2050   EUR  65.854
Agence France L   0.210 12/20/2035   EUR  74.500
Royal Schiphol    3.090  07/01/2034  AUD  74.750
SNCF Reseau       2.455  6/22/2047   SEK  74.510
Gemeente Bergen   0.440  9/20/2044   EUR  67.011
Wirtschafts- un   0.500  8/28/2046   EUR  64.463
Region Auvergne   0.645  04/09/2040  EUR  69.313
Banque et Caiss   1.000  01/04/2042  EUR  75.841
Republic of Ire   1.320 11/28/2119   EUR  47.714
Kreditanstalt f   1.030  12/06/2049  EUR  74.487
Nederlandse Wat   0.955  2/13/2051   EUR  69.609
SAir Group        0.125  07/07/2005  CHF  12.625
Republic of Ire   1.180  5/25/2087   EUR  61.787
Region de Bruxe   1.286 12/17/2046   EUR  72.102
Region de Bruxe   1.100  5/25/2051   EUR  65.436
SAG Solarstrom    6.250 12/14/2015   EUR  31.000
Regie Autonome    0.938  5/25/2050   EUR  62.547
French Republic   0.500  5/25/2072   EUR  43.669
Eika Boligkredi   0.560 11/29/2039   EUR  68.949
Raiffeisenlande   1.174  07/11/2034  EUR  75.342
Republic of Ire   1.210 10/27/2111   EUR  53.132
Single Platform   0.428  2/15/2040   EUR  60.758
Landeskreditban   1.017  3/15/2061   EUR  68.421
Communaute Fran   1.340  07/01/2054  EUR  70.491
Saechsische Auf   0.300  2/18/2042   EUR  66.475
Hypo Tirol Bank   1.090  1/21/2041   EUR  64.240
DZ Bank AG Deut   0.530  7/26/2033   EUR  75.230
Rusal Capital D   5.300  05/03/2023  USD  30.000
Nederlandse Wat   1.370  3/23/2065   EUR  72.486
Credit Industri   0.900  02/04/2041  EUR  52.203
Communaute Fran   1.700  4/15/2049   EUR  75.070
Dolphin Drillin   4.490  8/28/2019   NOK   0.644
Republic of Ire   1.230  5/29/2120   EUR  54.596
Ville de Marsei   1.079 11/19/2046   EUR  70.094
Grand Delta Hab   1.500  06/02/2045  EUR  53.271
Spain Governmen   1.000  7/30/2042   EUR  70.647
EDOB Abwicklung   7.500  04/01/2012  EUR   1.388
Wirtschafts- un   0.170  12/09/2041  EUR  64.145
Barclays Bank P   1.382 11/27/2045   EUR  73.104
Mox Telecom AG    7.250  11/02/2017  EUR   2.270
Cooperatieve Ra   0.500 11/30/2027   MXN  58.633
Landshypotek Ba   1.815  2/25/2041   SEK  75.763
Aareal Bank AG    0.380  9/16/2031   EUR  67.581
Communaute Fran   1.367  1/20/2070   EUR  64.595
VTB Bank PJSC     0.010  12/09/2025  RUB  55.580
UBS AG/London    14.000  07/07/2022  USD  48.000
OR PJSC          11.000 12/29/2024   RUB   9.120
DZ Bank AG Deut   0.097  10/11/2050  EUR  74.800
OR PJSC          12.000  9/22/2022   RUB  36.190
Credit Bank of    0.010  11/12/2023  RUB  60.080
Hypo Vorarlberg   0.400 12/22/2031   EUR  74.519
Kuntarahoitus O   0.875 11/14/2034   SEK  76.037
Department of L   0.790 11/22/2039   EUR  71.714
Metropole de Ly   0.500 12/28/2049   EUR  56.564
Single Platform   0.800 12/20/2040   EUR  65.028
Hemso Fastighet   2.680  07/10/2035  AUD  71.817
Credit Agricole   1.190  2/26/2040   EUR  68.365
Ukraine Governm   9.980  04/10/2030  UAH  47.168
Specialfastighe   1.120  2/19/2044   SEK  56.367
Credit Agricole   1.000  4/26/2036   EUR  72.702
Deutsche Bank A   2.348  8/15/2034   EUR  75.059
Autonomous Comm   1.255 10/31/2048   EUR  64.407
Muenchener Hypo   0.420  12/10/2035  EUR  67.417
LSF9 Balta Issu   3.000 12/31/2030   EUR  57.234
Skandinaviska E   8.600  7/17/2023   SEK  57.600
AutoWallis Nyrt   3.000  7/27/2031   HUF  59.300
Leonteq Securit   8.000  09/05/2022  CHF  57.270
Main Road JSC     6.900 10/30/2029   RUB  90.500
Credit Suisse A   5.200 12/28/2022   USD   9.260
Erste Group Ban   5.000  10/01/2022  EUR  75.250
OR PJSC          16.000 11/26/2025   RUB  27.470
Bank Julius Bae   8.400  11/02/2022  CHF  74.750
OR PJSC          16.000 11/22/2025   RUB  20.660
Credit Suisse A  14.250  07/04/2022  CHF  56.300
OR PJSC          12.600  9/28/2025   RUB  11.000
Bank Vontobel A  22.300  08/02/2022  CHF  28.000
Leonteq Securit  20.070  07/11/2022  USD  57.380
OR PJSC          12.000 11/14/2024   RUB   9.000
Hamburgische In   0.380  2/24/2042   EUR  67.023
Single Platform   0.776  1/23/2051   EUR  53.653
BPCE SFH SA       1.229  04/12/2049  EUR  75.610
Department of L   1.110  6/18/2039   EUR  76.496
Slovenia Govern   0.488 10/20/2050   EUR  55.012
Vasakronan AB     2.162  05/04/2040  SEK  67.027
Vasakronan AB     1.700  6/28/2044   EUR  72.143
DZ Bank AG Deut   0.740  11/02/2035  EUR  76.000
Bayerische Land   1.600  7/21/2036   EUR  82.801
Veneto Banca Sp   6.950  2/25/2025   EUR   0.152
Italy Buoni Pol   0.150  5/15/2051   EUR  67.038
KPNQwest NV       7.125  06/01/2009  EUR   0.453
Societe General   2.630  03/02/2036  USD  70.270
Kreditanstalt f   0.210 11/18/2037   EUR  69.504
DZ Bank AG Deut   0.660 11/23/2035   EUR  75.096
Muenchener Hypo   0.490  9/17/2032   EUR  75.915
Credit Agricole   2.000 11/23/2032   USD  75.483
Muenchener Hypo   1.000  05/07/2035  EUR  74.392
Credit Agricole   2.480  03/04/2036  USD  72.634
Bayerische Land   0.030 10/22/2035   EUR  72.897
Barclays Bank P   1.072 12/30/2030   USD  59.266
Region de Bruxe   0.845  9/30/2059   EUR  52.343
Landesbank Saar   0.670  03/10/2034  EUR  74.582
BNG Bank NV       1.040 11/28/2047   EUR  75.363
Specialfastighe   1.180  12/02/2044  SEK  57.193
Communaute Fran   0.782  02/08/2061  EUR  49.790
Landesbank Bade   0.395  1/29/2031   EUR  75.639
Region de Bruxe   0.658  01/07/2041  EUR  68.296
Societe Du Gran   2.062  3/19/2070   EUR  79.994
NRW Bank          1.400  3/19/2070   EUR  72.540
Lehman Brothers   6.000  6/21/2011   EUR   0.100
Air Berlin Fina   6.000  03/06/2019  EUR   0.451
Republic of Ire   1.250  10/08/2121  EUR  58.435
Aareal Bank AG    0.625  9/16/2030   EUR  72.308
Credit Agricole   1.300  02/02/2061  EUR  56.872
IT Holding Fina   9.875 11/15/2012   EUR   0.015
Landesbank Saar   0.680  3/29/2034   EUR  74.595
Agence Francais   2.114  09/08/2034  AUD  72.692
DZ Bank AG Deut   0.640  12/07/2035  EUR  74.850
Ukraine Governm   6.000  1/14/2026   UAH  51.010
Ukraine Governm   3.900  10/05/2023  USD  41.652
Region de Bruxe   1.225  6/21/2070   EUR  57.165
Credit Suisse A   1.000  9/24/2035   EUR  67.084
Ministeries Van   1.053  06/03/2050  EUR  61.338
Agrokor dd        8.875  02/01/2020  USD  15.000
Aareal Bank AG    1.068  2/18/2050   EUR  71.168
Hemso Fastighet   2.615 11/30/2043   EUR  69.312
Kuntarahoitus O   0.500  05/08/2029  AUD  75.305
BNG Bank NV       1.980  4/19/2040   SEK  74.621
DZ Bank AG Deut   0.600  12/04/2035  EUR  74.753
Greenleaves Cap   2.665  9/25/2031   AUD  76.864
Single Platform   0.901  2/15/2041   EUR  65.693
Kreditanstalt f   0.689  6/18/2040   EUR  74.947
Bank Vontobel A   9.504  6/30/2022   CHF  31.500
Credit Suisse A   5.880  6/28/2023   USD   9.100
Skandinaviska E   7.600  1/15/2024   SEK  62.610
I-Teco AO        14.500  9/22/2022   RUB  61.000
SG Issuer SA      6.130  1/20/2024   SEK  59.030
Landesbank Bade   2.910  7/22/2022   EUR  56.710
EFG Internation   7.500  7/26/2022   USD  34.260
Raiffeisen Schw  14.000  7/19/2022   USD  63.170
Skandinaviska E   9.500  7/17/2023   SEK  58.460
Credit Agricole   2.280  1/19/2036   USD  70.936
NRW Bank          1.235 12/16/2061   EUR  69.362
Natixis SA        3.000 10/18/2051   USD  69.656
Credit Agricole  10.320  7/22/2026   TRY  40.986
Ukraine Governm   9.000  7/17/2030   UAH  43.526
Republic of Aus   0.100  07/10/2040  EUR  67.642
Muenchener Hypo   0.805  4/16/2036   EUR  67.967
Ukraine Governm   8.750  11/10/2032  UAH  39.356
Vacse AB          2.067  4/20/2034   SEK  75.450
Credit Agricole   3.610  4/20/2036   AUD  69.425
Societe General   2.000  1/30/2036   USD  64.914
Single Platform   1.220  04/01/2039  EUR  70.993
Lehman Brothers  11.000 12/20/2017   AUD   0.100
SBAB Bank AB      0.928  11/07/2034  SEK  70.829
Region de Bruxe   0.500  6/22/2040   EUR  68.079
Societe General   2.970  4/15/2036   USD  73.213
Lehman Brothers   6.250  09/05/2011  EUR   0.100
NRW Bank          1.022 12/23/2041   EUR  77.322
NRW Bank          1.048  10/11/2041  EUR  76.643
Communaute Fran   1.380  11/07/2046  EUR  71.504
Region de Bruxe   0.750  6/24/2042   EUR  68.544
Kreditanstalt f   0.250  10/06/2036  CAD  49.719
LBI ehf           6.100  8/25/2011   USD  10.662
Bibby Offshore    7.500  6/15/2021   GBP  11.625
SAir Group        2.750  7/30/2004   CHF  12.625
Premium Green P   0.600 10/31/2046   EUR  64.776
Region Wallonne   0.828  8/28/2048   EUR  60.646
Landesbeteiligu   1.450  6/15/2046   EUR  65.153
Luminis SA        1.800  09/02/2059  EUR  52.604
VTB Bank OJSC V   6.250  6/30/2035   USD  21.704
Credit Suisse A  14.000  3/17/2023   USD  59.370
UniCredit Bank    1.500  1/31/2040   EUR  63.340
Uniservice Capi   8.800  1/21/2029   RUB  52.000
BNP Paribas Iss   5.680  4/25/2023   EUR  62.450
Credit Suisse A   7.500  7/13/2022   CHF  54.020
Leonteq Securit  18.000  10/06/2022  CHF  42.020
Nordea Bank Abp   6.060  7/20/2023   SEK  68.120
Landesbank Hess   1.000 10/29/2035   EUR  72.700
Russian Post FG   2.750  12/06/2023  RUB  60.070
Golfino AG        8.000 11/18/2023   EUR   0.020
Bank Julius Bae  10.250  10/05/2022  USD  35.000
UniCredit Bank   10.300  9/27/2024   EUR  62.190
Credit Suisse A   7.500  10/12/2022  USD  55.930
Landesbank Bade   5.950  9/23/2022   EUR  60.160
Raiffeisen Swit   3.890  8/26/2022   CHF  66.850
Bank Vontobel A  20.000  4/17/2023   CHF  70.000
Landesbank Bade   3.940 11/25/2022   EUR  68.390
Goldman Sachs I   0.098  1/13/2025   EUR  56.550
Goldman Sachs I   0.100  1/13/2025   EUR  62.700
SG Issuer SA      2.100  12/06/2033  EUR  41.480
Landesbank Bade   9.150 10/28/2022   EUR  73.820
Credit Suisse A   7.750 12/15/2022   CHF  60.900
UBS AG/London    11.000  1/16/2023   CHF  62.100
Credit Suisse A   6.190  9/14/2022   USD   9.630
Skandinaviska E   6.350  7/15/2024   SEK  54.050
UBS AG/London    16.000  04/01/2024  USD  76.700
Wingholding Zrt   5.000  2/17/2032   HUF  77.105
Collectivite Eu   0.487  10/09/2045  EUR  61.091
Region de Bruxe   0.950  05/07/2049  EUR  63.800
WPE Internation  10.375  9/30/2020   USD   5.000
WPE Internation  10.375  9/30/2020   USD   5.000
Muenchener Hypo   0.300  09/06/2032  EUR  74.156
NRW Bank          0.800 10/22/2060   EUR  62.486
Berlin Hyp AG     0.440 10/29/2035   EUR  66.730
Irish Bank Reso   4.000  4/23/2018   EUR  33.250
Single Platform   1.425  5/25/2052   EUR  65.703
Region of Centr   0.755  11/02/2037  EUR  74.461
Nomura Bank Int   1.415  1/27/2042   EUR  67.668
SAG Solarstrom    7.500  07/10/2017  EUR  31.000
Minicentrales D   0.010  06/06/2047  EUR  66.875
Banque Internat   2.160  6/27/2039   EUR  76.714
Cie de Financem   0.975  08/11/2046  EUR  72.428
BPCE SA           2.320  03/04/2036  USD  66.030
Canton of Zuric   0.250  07/12/2039  CHF  74.064
Deutsche Apothe   1.090 12/16/2039   EUR  64.112
Region de Bruxe   1.419  6/22/2045   EUR  76.351
Waste Italia Sp  10.500 11/15/2019   EUR   0.550
Aralco Finance   10.125  05/07/2020  USD   3.010
BNP Paribas SA    1.660  03/04/2031  USD  73.172
State of North    1.513  7/27/2065   EUR  77.125
Kommunekredit     1.375  5/18/2046   SEK  71.265
Ukraine Governm  12.940  2/14/2024   UAH  75.340
Landesbank Bade   0.680  6/22/2034   EUR  69.070
Department of L   0.915 11/23/2043   EUR  69.851
Norddeutsche La   0.850  12/07/2035  EUR  69.953
ING Bank NV       2.220  1/20/2036   USD  74.523
Region of Centr   0.822  05/12/2041  EUR  70.913
Landesbank Bade   0.900 11/22/2034   EUR  69.564
Citigroup Globa   1.500  5/13/2051   EUR  65.285
Landesbank Bade   0.510  08/02/2033  EUR  69.708
KPNQwest NV       8.875  02/01/2008  EUR   0.453
Natixis SA        2.520  8/24/2036   AUD  69.385
Single Platform   1.690  7/25/2053   EUR  72.693
Barclays Bank P   2.300  8/31/2036   USD  72.197
BPCE SFH SA       0.430  05/07/2040  EUR  67.873
State of Lower    0.550 11/13/2080   EUR  38.183
Purple Protecte   1.480 11/30/2060   EUR  66.042
BNG Bank NV       0.630  07/11/2067  EUR  58.295
Kuntarahoitus O   1.449  03/01/2061  EUR  78.448
NRW Bank          1.070  03/10/2051  EUR  71.854
SNCF Reseau       2.425  6/22/2047   SEK  74.040
UkrLandFarming   10.875  3/26/2018   USD   1.358
Landesbank Bade   0.570  2/27/2034   EUR  68.431
CDC Habitat SEM   1.700  3/21/2039   EUR  66.375
Centre Hospital   1.500  4/27/2050   EUR  75.664
Wirtschafts- un   0.138  8/23/2044   EUR  60.209
International B   8.250  10/09/2024  USD  60.375
National Treasu   1.190  10/07/2101  EUR  54.237
Natixis SA        2.530  08/05/2036  AUD  69.475
Barclays Bank I   1.650  03/11/2047  EUR  71.458
Deutsche Bank A   2.330  02/11/2043  EUR  69.092
Societe General   2.300  4/20/2048   EUR  76.555
Single Platform   1.105  2/15/2041   EUR  67.320
Single Platform   1.840  7/25/2053   EUR  75.513
Bayerische Land   0.460 12/23/2030   EUR  81.216
Muenchener Hypo   1.010  08/06/2044  EUR  58.275
Landesbank Bade   0.905  04/01/2041  EUR  60.435
Communaute Fran   1.925  4/18/2059   EUR  76.084
Single Platform   2.050  09/01/2044  NOK  73.810
Espirito Santo    5.050 11/15/2025   EUR   0.324
Hemso Fastighet   2.127  4/18/2039   EUR  67.564
A-TEC Industrie   2.750  05/10/2014  EUR   0.100
Corner Banca SA   6.600  08/02/2022  CHF   0.920
Erste Group Ban   9.000  1/31/2024   EUR  44.900
SunDell Estate    3.250  11/12/2030  HUF  67.000
SG Issuer SA      8.700  1/20/2025   SEK  30.730
OR PJSC          11.500  7/28/2024   RUB  10.900
Quintet Private   6.050  5/26/2026   USD  63.960
Bank Julius Bae   8.800  8/19/2022   USD  74.400
Leonteq Securit   7.000 12/21/2022   CHF  72.870
Societe Nationa   2.503  1/14/2041   AUD  68.226
HSBC Continenta   0.900  03/02/2035  EUR  72.930
National Grid E   2.037  2/15/2039   EUR  74.457
Hungary Governm   3.000  8/21/2030   HUF  70.722
Saastopankkien    0.860  1/18/2036   EUR  74.228
BNP Paribas SA    3.170  01/07/2041  AUD  67.099
Single Platform   3.505  08/06/2046  AUD  72.889
BrokerCreditSer   2.572  12/06/2031  USD  73.213
Landesbank Bade   1.050  7/17/2034   EUR  71.316
Deutsche Bahn F   1.520  07/03/2035  SEK  76.123
Credit Agricole   5.400  1/31/2028   BRL  71.211
Deutsche Bank A   2.530  10/07/2036  USD  69.696
Ukraine Governm   6.000  9/13/2028   UAH  38.509
Societe General   2.120  01/06/2036  USD  65.746
Single Platform   0.419  2/15/2040   EUR  60.233
Deutsche Bank A   2.267  8/25/2034   EUR  74.283
Lehman Brothers  15.000  06/04/2009  CHF   0.100
DZ Bank AG Deut   1.070  10/06/2042  EUR  76.152
Tonon Luxembour   9.250  1/24/2020   USD   0.500
Santander Inter   1.150  04/08/2041  EUR  67.278
Single Platform   1.250  05/10/2044  EUR  66.291
Svensk Exportkr   0.500  6/29/2029   AUD  74.413
Communaute Fran   1.000  10/08/2069  EUR  50.303
Muenchener Hypo   0.568  6/15/2032   EUR  77.612
Kuntarahoitus O   1.000 10/25/2049   EUR  72.355
Swedbank AB       0.350  9/22/2031   EUR  76.598
Region of Centr   0.825  6/18/2040   EUR  71.444
Societe General   0.570  6/30/2031   EUR  73.216
Ville de Paris    1.293  2/22/2049   EUR  74.011
Raiffeisen Swit   7.300  1/25/2023   CHF  51.170
Credit Suisse A   8.000  6/27/2022   CHF  45.590
SG Issuer SA      9.180  1/20/2025   SEK  31.560
Corner Banca SA  16.000  10/05/2022  CHF  51.740
OR PJSC          13.500 10/22/2025   RUB  10.200
GTC Magyarorsza   2.250  12/07/2030  HUF  66.275
UBS AG/London    17.500  7/28/2022   CHF  51.000
Leonteq Securit   6.300  7/17/2023   EUR  69.150
DekaBank Deutsc   4.810 12/23/2022   EUR  49.250
Landesbank Hess   1.750 10/29/2036   EUR  76.000
Kalita OOO       13.000  9/21/2025   RUB   8.350
Landesbank Bade   4.160  7/22/2022   EUR  72.690
Leonteq Securit  26.350  08/03/2022  CHF  46.320
Societe General  16.000  07/03/2024  USD  17.600
Bayerische Land   2.100 10/28/2022   EUR  71.980
Landesbank Bade   0.500 10/18/2039   EUR  68.990
Skandinaviska E   8.500  7/15/2024   SEK  60.040
Basler Kantonal  16.000  08/05/2022  CHF  57.190
Erste Group Ban   7.250  03/03/2023  EUR  77.750
Kreditanstalt f   0.620  1/14/2050   EUR  66.982
Bayerische Land   0.700  06/12/2037  EUR  77.063
Grand Delta Hab   1.500  09/01/2047  EUR  61.401
Landesbank Hess   0.650  9/16/2036   EUR  71.700
Caisse des Depo   1.000  2/26/2051   EUR  72.421
Deutsche Apothe   0.800 12/21/2035   EUR  67.790
HSBC Bank PLC     0.500  6/23/2027   MXN  59.779
LR Realkredit A   0.500  10/01/2050  DKK  71.862
Single Platform   1.860  2/15/2041   NOK  74.012
Caisse des Depo   0.930  11/09/2050  EUR  69.920
Akademiska Hus    2.080  4/17/2045   SEK  69.710
HSBC Bank PLC     0.500 11/25/2025   BRL  65.788
Erste Group Ban   0.520  11/02/2033  EUR  71.452
Kuntarahoitus O   1.400  03/05/2061  EUR  75.470
Ville de Sion     0.355  09/12/2039  CHF  74.313
Russian Foreign   4.250  6/23/2027   USD  18.075
SAir Group        4.250  02/02/2007  CHF  12.625
Ville de Paris    0.921  5/26/2053   EUR  62.156
Single Platform   0.780  04/01/2042  EUR  61.262
Region Auvergne   1.150  04/08/2039  EUR  77.302
Societe General   3.110 10/28/2041   AUD  63.651
Santander Inter   1.700  12/12/2049  EUR  39.092
Republic of Ire   1.200  4/15/2120   EUR  47.902
Societe General   2.050  2/18/2031   AUD  69.551
Commerzbank AG    1.046 12/18/2034   EUR  74.990
Societe Wallonn   0.948 10/23/2051   EUR  58.372
NRW Bank          0.921 10/20/2041   EUR  76.266
Single Platform   2.085  1/24/2044   NOK  71.534
Espirito Santo    5.125  5/30/2016   EUR   0.528
LFA Foerderbank   0.010 12/15/2033   EUR  75.523
Caisse des Depo   2.730  03/02/2041  AUD  71.385
UBS Group AG      2.210 11/24/2035   USD  71.118
Landesbank Saar   0.540 11/18/2033   EUR  73.628
Wirtschafts- un   0.208  1/28/2043   EUR  63.343
Department of B   1.100  07/08/2039  EUR  76.305
ABN AMRO Bank N   0.500  12/12/2039  EUR  70.789
Region Provence   0.753  01/05/2037  EUR  77.582
Region de Bruxe   1.000  4/21/2051   EUR  62.205
Single Platform   1.416  2/15/2041   EUR  76.220
Centre Hospital   1.160  09/06/2039  EUR  64.089
Swedbank AB       2.070  09/09/2031  AUD  77.344
Region de Bruxe   1.541  6/22/2057   EUR  69.681
Norddeutsche La   1.310  3/23/2039   EUR  69.444
de Volksbank NV   0.831  7/19/2038   EUR  75.988
Single Platform   1.340  04/04/2042  EUR  77.615
Kuntarahoitus O   1.005  12/07/2060  EUR  66.025
Caisse des Depo   1.098  7/31/2049   EUR  75.215
Akademiska Hus    2.185 11/21/2038   SEK  76.505
Credit Agricole   1.770  4/26/2035   EUR  76.800
Region de Bruxe   1.472  4/29/2044   EUR  76.973
BPCE SA           2.285  12/03/2035  AUD  63.735
Municipality of   1.134 10/18/2066   EUR  77.017
BPCE SFH SA       0.843  7/19/2044   EUR  70.223
ACCIONA Financi   3.090  04/07/2027  PLN  76.245
Deutsche Bank A   2.825  2/25/2043   EUR  75.529
Single Platform   0.833  2/15/2041   EUR  63.588
Norddeutsche La   1.250  03/08/2034  EUR  77.846
Norddeutsche La   1.500  3/16/2037   EUR  73.532
Astana Finance    7.875  06/08/2010  EUR  16.000
Bulgaria Steel   12.000  05/04/2013  EUR   0.216
Skandinaviska E   7.800  7/15/2024   SEK  58.780
Bayerische Land   2.350  2/23/2024   EUR  70.620
Duna House Hold   3.000  09/02/2030  HUF  73.800
DZ Bank AG Deut   0.097  10/11/2050  EUR  74.800
Societe General#N/A N/A  3/29/2035   USD  74.000
Opus Global Nyr   3.200  4/29/2031   HUF  71.000
Bayerische Land   2.100  7/22/2022   EUR  71.860
Reneszansz Kofa   3.200  04/09/2031  HUF  73.000
CDC Habitat SEM   1.150  4/30/2037   EUR  64.866
Landesbank Hess   0.750  8/19/2036   EUR  68.484
Muenchener Hypo   0.047  1/15/2031   EUR  77.294
Deutsche Bank A   0.610  9/30/2031   EUR  75.286
NRW Bank          0.780  03/04/2050  EUR  69.095
Societe General   5.400 11/17/2037   USD  59.914
Region Wallonne   1.165  6/29/2059   EUR  58.722
Ville de Paris    0.395 12/18/2045   EUR  60.553
Credit Agricole  11.340  02/12/2026  TRY  44.477
Ukraine Governm   9.760  7/23/2031   UAH  44.515
Deutsche Pfandb   0.906  03/04/2050  EUR  71.292
Rio Forte Inves   3.900  07/10/2014  USD   4.210
BPCE SA           2.450  2/24/2035   AUD  66.703
Agence Metropol   0.800  07/01/2040  EUR  71.056
Caisse des Depo   1.300  4/28/2051   EUR  74.802
Ukraine Governm   6.000 12/23/2026   UAH  45.491
Agence France L   2.550  3/20/2036   AUD  73.875
Region Auvergne   0.530  9/29/2036   EUR  76.039
Region Provence   0.575  07/06/2039  EUR  71.753
Kuntarahoitus O   1.300  04/08/2061  EUR  72.600
Societe General   1.230  1/30/2035   EUR  73.708
Barclays Bank P   2.000  06/12/2029  TRY  14.701
Heta Asset Reso   0.297 12/31/2023   EUR   4.007
Kuntarahoitus O   1.150  9/24/2051   EUR  72.299
Svensk Exportkr   0.500  8/29/2029   AUD  73.846
NRW Bank          1.070 10/29/2049   EUR  75.556
Lehman Brothers   6.650  8/24/2011   AUD   0.100
Ile-de-France M   1.000  12/02/2043  EUR  73.079
Region de Bruxe   0.274  12/11/2040  EUR  64.198
Leonteq Securit   7.000  3/29/2023   CHF  66.430
Raiffeisen Cent   6.500  9/22/2023   EUR  71.800
Pannon Work Sze   3.000 10/30/2030   HUF  62.600
Bank Julius Bae   7.200  12/01/2022  CHF  74.300
Raiffeisen Schw   8.000  2/27/2023   CHF  58.630
Bank Otkritie F   0.010  2/26/2023   RUB  85.000
ENEL RUSSIA PJS   8.600 12/15/2022   RUB  61.000
SG Issuer SA      2.250 10/28/2029   EUR  74.060
WEB Windenergie   6.500              EUR   0.010
DeltaCredit Ban   1.000  5/18/2026   RUB  70.010
Societe General  10.000  5/31/2034   USD  64.400
Leonteq Securit   5.710  9/23/2022   USD  32.700
Leonteq Securit  20.000  8/16/2022   CHF  52.830
Bank Julius Bae  14.580  09/09/2022  USD  21.800
Leonteq Securit  10.000  10/12/2022  CHF  49.350
Bank Vontobel A  18.000  8/29/2022   USD  40.200
Societe General  24.000 11/14/2024   USD  51.775
Leonteq Securit   2.380  11/10/2022  EUR  35.380
Sberbank of Rus   0.010  02/01/2029  RUB  64.600
VTB Bank PJSC     0.010  06/03/2026  RUB  82.050
EFG Internation  10.320  7/19/2022   USD  49.460
Credit Suisse A  19.250  12/08/2022  CHF  44.610
DekaBank Deutsc   6.670  8/26/2022   EUR  74.210
Nordea Bank Abp  10.134  1/20/2027   SEK  66.250
VTB Bank PJSC     0.010  12/06/2024  RUB  62.500
Sberbank of Rus   0.010  2/26/2027   RUB  68.600
Zurcher Kantona  21.250  10/04/2022  CHF  53.050
Banque Internat   8.000  11/08/2023  USD  73.990
Leonteq Securit  23.200  8/30/2022   CHF  68.000
Skandinaviska E   6.500  1/15/2024   SEK  61.120
Barclays Bank P   2.730  9/27/2024   EUR  39.040
Pick Szeged Sza   2.000  12/06/2029  HUF  64.010
Bayerische Land   0.650 12/22/2023   EUR  75.500
Bayerische Land   2.150  1/27/2023   EUR  65.820
Bayerische Land   2.300  2/24/2023   EUR  70.950
Pongs & Zahn AG   8.500  11/01/2014  EUR   0.101
Bayerische Land   2.150  9/23/2022   EUR  73.270
Bayerische Land   2.050  8/26/2022   EUR  74.500
Market Epito Zr   2.950 10/22/2029   HUF  68.000
UBS AG/London    12.750  8/16/2023   EUR  71.650
Sberbank of Rus   0.010  11/03/2026  RUB  66.500
Kuntarahoitus O   0.858  2/22/2051   EUR  70.891
Phosphorus Hold  10.000  04/01/2019  GBP   1.348
Norddeutsche La   0.750 11/23/2032   EUR  76.100
Deutsche Bank A   1.580 10/23/2031   EUR  76.501
Vasakronan AB     2.130  5/27/2041   SEK  67.402
Department of G   0.412 11/26/2037   EUR  70.050
Heta Asset Reso   0.288 12/31/2023   EUR   4.007
Landesbank Hess   0.980  11/09/2060  EUR  65.648
Gebr Sanders Gm   8.750 10/22/2018   EUR   9.375
Natixis SA        2.800  03/03/2041  USD  73.253
NRW Bank          0.510  9/23/2039   EUR  71.647
Norddeutsche La   1.560 10/20/2038   EUR  72.449
Batigere Grand    1.400  8/31/2050   EUR  46.485
Ile-de-France M   1.200  04/08/2050  EUR  69.648
Kreditanstalt f   0.820  4/15/2050   EUR  72.729
Wirtschafts- un   0.321  2/18/2041   EUR  68.017
Lloyds Bank PLC   0.500  7/26/2028   MXN  54.536
Kreditanstalt f   0.990  02/12/2051  EUR  71.001
HSBC Bank PLC    10.300  12/10/2024  TRY  49.789
Citigroup Globa   0.610  05/05/2031  EUR  75.900
NRW Bank          1.155  9/21/2050   EUR  73.199
Landesbank Bade   0.650  06/01/2034  EUR  68.855
Raiffeisen-Land   1.500  02/10/2061  EUR  58.073
Cerruti Finance   6.500  7/26/2004   EUR   2.058
Single Platform   1.720  2/15/2041   EUR  75.752
Region Wallonne   1.246  05/12/2070  EUR  55.868
Kuntarahoitus O   0.514  10/07/2039  EUR  72.409
State of North    1.267  9/16/2051   EUR  76.996
Intesa Sanpaolo   3.102 11/19/2035   AUD  71.810
Caisse des Depo   1.065  9/20/2049   EUR  74.509
Region of Pays    0.924  11/04/2044  EUR  69.050
Single Platform   0.950  2/15/2044   EUR  63.277
Communaute Fran   2.100  6/30/2067   EUR  77.550
Norddeutsche La   1.200  8/20/2035   EUR  71.452
Agence France L   0.550  6/20/2040   EUR  71.834
Ukraine Governm   7.253  3/15/2033   USD  26.852
Credit Agricole   6.000  2/26/2027   BRL  76.011
Bayerische Land   0.745 12/15/2031   EUR  82.518
Region de Bruxe   1.750  1/17/2048   EUR  78.867
Grand Delta Hab   1.500  09/01/2049  EUR  50.324
Single Platform   1.060  04/01/2042  EUR  68.043
Muenchener Hypo   0.620  7/22/2033   EUR  72.156
UniCredit Bank    2.250 10/14/2039   EUR  77.116
Deutsche Bank A   0.600  10/08/2030  EUR  76.609
Norddeutsche La   1.090 11/15/2043   EUR  71.789
State of Rhinel   0.100  10/01/2040  EUR  64.752
Republic of Ire   0.740  9/22/2078   EUR  50.509
Citigroup Globa   1.370  7/27/2051   EUR  61.717
Credit Agricole   2.750  12/12/2034  AUD  76.822
Landesbank Hess   1.200  02/09/2052  EUR  78.255
Getin Noble Ban   8.290  7/28/2023   PLN  62.875
State of North    0.800  7/30/2049   EUR  68.372
Societe Du Gran   1.923  5/25/2066   EUR  73.948
Morgan Stanley    1.105  6/18/2041   EUR  65.961
BNG Bank NV       0.799  7/25/2039   EUR  76.705
Lehman Brothers   2.234  3/16/2035   EUR   0.100
Landesbank Bade   0.250  5/27/2037   EUR  70.851
Metropole de Ly   0.462  12/07/2045  EUR  60.670
Agrokor dd        9.125  02/01/2020  EUR  15.000
Petromena ASA     9.750  5/24/2016   NOK   0.607
State of Lower    0.585  10/11/2049  EUR  61.286
Single Platform   0.870  6/20/2043   EUR  62.738
Single Platform   1.442  7/25/2053   EUR  66.361
Lehman Brothers   5.100  05/08/2017  HKD   0.100
Raiffeisenlande   1.500 10/21/2039   EUR  70.211
Region of Chely   6.000 12/17/2027   RUB  62.060
UBS AG/London     9.500  6/30/2022   USD  69.250
Region of Chely   6.000 12/17/2027   RUB  62.060
SkyGreen Buildi   3.000 12/29/2030   HUF  61.800
SG Issuer SA      2.270  02/04/2032  EUR  57.320
Erste Group Ban   6.250  3/29/2023   EUR  56.000
Leonteq Securit  20.000  6/29/2022   CHF  23.880
SG Issuer SA      7.740  7/20/2025   SEK  37.680
Resursosberezhe  11.000  6/17/2031   RUB  60.050
Reso-Leasing OO   7.500  06/02/2024  RUB  86.510
Nordea Bank Abp   7.250  7/20/2023   EUR  71.250
Societe General  18.000  5/31/2024   USD  30.850
DeltaCredit Ban   1.000  9/29/2026   RUB  65.010
SG Issuer SA     11.170  7/20/2025   SEK  23.080
ENVIEN Magyaror   2.500  5/18/2031   HUF  67.580
Raiffeisen Swit  11.000  7/26/2022   CHF  51.580
UBS AG/London     8.250  4/21/2023   CHF  69.100
Landesbank Hess   1.000  06/12/2035  EUR  75.750
RUSNANO AO        6.750  3/26/2024   RUB  72.950
Kalita OOO       15.000  09/12/2023  RUB   8.810
Landesbank Bade   2.234  2/20/2034   EUR  76.900
Societe General  16.000  08/01/2024  USD  17.500
Region de Bruxe   1.250  01/10/2060  EUR  62.478
BNP Paribas SA    3.590  7/20/2040   AUD  71.737
Caisse des Depo   1.290  05/05/2051  EUR  75.925
Credit Agricole   2.400  5/17/2048   EUR  61.030
Standard Charte   0.520  1/22/2041   JPY  70.098
Ukraine Governm   5.000  2/20/2032   UAH  27.067
Oberoesterreich   0.315  9/14/2035   EUR  73.409
Ukraine Governm   6.000  06/12/2030  UAH  33.854
Belfius Bank SA   0.190  1/28/2031   EUR  76.514
Lehman Brothers   8.000  3/21/2018   USD   0.100
Credit Agricole  15.000  6/18/2026   TRY  50.242
Office Public D   1.700 12/22/2060   EUR  77.618
Natixis SA        2.300 12/24/2035   AUD  67.678
Region de Bruxe   1.310 12/15/2069   EUR  59.981
Ukraine Governm  10.570  05/10/2027  UAH  55.526
Ukraine Governm   8.220  05/10/2035  UAH  35.208
Lehman Brothers  11.000 12/20/2017   AUD   0.100
Republic of Aus   0.850  6/30/2120   EUR  43.842
Purple Protecte   1.598  02/05/2061  EUR  70.142
Agence Francais   0.368  01/12/2046  EUR  64.299
Credit Agricole  10.800  3/24/2026   TRY  43.206
Credit Agricole  10.200  08/06/2026  TRY  40.643
Ukraine Governm   6.000  5/16/2029   UAH  36.527
Ukraine Governm   6.000  06/04/2031  UAH  31.843
Ukraine Governm   9.700  06/07/2028  UAH  50.158
Region Provence   0.569  10/01/2038  EUR  70.827
LBI ehf           7.431              USD   0.001
Department of G   0.765  4/29/2036   EUR  77.511
Raiffeisen-Land   1.470  05/03/2069  EUR  73.891
SAir Group        5.500  7/23/2003   CHF  12.625
SAir Group        6.250 10/27/2002   CHF  12.625
MFB Magyar Fejl   3.000 10/27/2027   HUF  76.925
Tonon Luxembour   9.250  1/24/2020   USD   0.500
Brussels Munici   0.336 12/15/2035   EUR  75.003
Harp Issuer PLC   1.400  2/14/2032   USD  73.856
Ukraine Governm   9.990  5/22/2024   UAH  65.912
BNP Paribas SA    1.125  11/05/2034  EUR  72.342
Lehman Brothers   7.375  9/20/2008   EUR   0.100
Deutsche Bank A   0.710  9/24/2031   EUR  69.685
Single Platform   1.010  3/20/2051   EUR  59.113
Single Platform   1.033  2/15/2046   EUR  61.384
Deutsche Bank A   2.480  12/10/2035  EUR  74.387
Region Bretagne   0.815  06/12/2040  EUR  71.326
Single Platform   0.695  6/25/2039   EUR  63.929
Single Platform   1.050  6/25/2044   EUR  64.788
Allgemeine Spar   2.040  9/20/2033   EUR  73.953
Ringkjoebing La   1.875  06/06/2039  EUR  74.143
Credit Agricole  12.000 11/17/2025   TRY  46.983
NRW Bank          0.835  9/24/2041   EUR  74.491
Kreditanstalt f   0.951  09/09/2050  EUR  70.867
Standard Charte   0.500  09/11/2040  JPY  70.039
Zurcher Kantona   6.750  07/01/2022  CHF  65.260
VTB Bank PJSC     2.000  4/29/2026   RUB  85.010
SG Issuer SA      6.700  07/10/2024  EUR  54.610
Societe General   1.580  9/16/2024   USD   0.090
Erste Group Ban   1.700 11/30/2027   RON  68.450
Maxima Telecom    9.750  5/21/2024   RUB  72.560
Agrar Mezogazda   2.900  8/24/2031   HUF  66.880
Skandinaviska E   6.700  7/15/2024   SEK  69.680
Aragon OOO       24.000  3/16/2029   RUB 101.500
Raiffeisen Schw  18.000  10/12/2022  CHF  49.630
Barclays Bank P   0.750  08/02/2029  EUR  74.200
UniCredit Bank    4.050 11/19/2024   EUR  74.580
Leonteq Securit  12.000  01/11/2023  CHF  40.490
Sberbank of Rus   0.010  03/06/2028  RUB  76.310
Landesbank Hess   1.100 12/27/2034   EUR  76.000
Societe General  18.000  11/02/2023  USD  27.350
Rosbank PJSC      0.040  4/30/2024   RUB  60.050
Rosbank PJSC      0.030  4/30/2024   RUB  60.050
Rosbank PJSC      0.020  4/30/2024   RUB  60.050
Rosbank PJSC      0.010  4/30/2024   RUB  60.050
Landesbank Hess   1.000 10/23/2035   EUR  74.000
United Confecti   7.000  04/03/2023  RUB 100.230
Pervyi Konteine   0.010  02/06/2026  RUB  69.050
Bank Vontobel A   9.250  12/04/2023  EUR  64.400
Leonteq Securit  25.200  10/04/2022  CHF  44.270
DZ Bank AG Deut   5.800  9/23/2022   EUR  66.040
EFG Internation  15.400 12/23/2022   USD  31.590
DZ Bank AG Deut   7.000  7/22/2022   EUR  67.470
Luzerner Kanton   7.600  8/16/2022   CHF  54.970
Maxima Telecom   10.750  7/14/2026   RUB  69.300
Landesbank Hess   1.350  7/30/2035   EUR  76.200
Raiffeisen Schw  18.520  7/13/2022   CHF  27.070
Leonteq Securit   9.250  7/29/2022   EUR  67.990
Credit Suisse A  16.000  08/05/2022  USD  22.760
UBS AG/London    13.250  04/06/2023  USD  71.100
UBS AG/London    21.250  2/20/2023   CHF  33.850
Zurcher Kantona  12.000 10/26/2022   USD  67.660
EFG Internation  10.000  9/20/2023   USD  72.630
KESZ Holding Bu   2.800  6/17/2031   HUF  68.925
Vontobel Financ   8.850  07/08/2022  EUR  63.850
DZ Bank AG Deut   3.050  7/22/2022   EUR  67.070
Raiffeisen Schw  18.500  9/27/2022   USD  36.980
Leonteq Securit  10.000  12/07/2022  USD  75.440
Landesbank Bade   6.750 11/25/2022   EUR  41.950
Bank Julius Bae   6.600 12/16/2022   USD  58.850
Landesbank Bade   6.200  9/23/2022   EUR  72.830
UBS AG/London     9.750  3/15/2023   CHF  27.620
Leonteq Securit  15.000  4/21/2023   CHF  47.030
Biznes Nedvizhi  10.800 12/18/2026   RUB  62.000
Landesbank Bade   4.950  3/24/2023   EUR  78.830
UniCredit Bank   10.850  04/12/2023  EUR  61.800
Basler Kantonal  19.000  2/16/2023   CHF  66.230
MKB-Leasing OOO  21.700 12/22/2027   RUB  65.000
UBS AG/London     7.000  1/26/2024   USD  59.650
MKB-Leasing OOO  23.000  10/12/2026  RUB  70.000
Credit Suisse A   7.500  9/29/2022   USD  66.420
UBS AG/London     5.750 12/29/2023   CHF  65.350
Corner Banca SA  11.000 11/29/2022   CHF  27.400
Barclays Bank P  24.450 11/29/2022   USD  40.500
Zurcher Kantona  15.200  9/21/2022   USD  27.660
Credit Suisse A   9.500  01/12/2023  USD  74.020
BNP Paribas SA   23.000 11/25/2022   USD  60.500
Zurcher Kantona   7.000 11/22/2022   CHF  26.580
Leonteq Securit  10.000  4/25/2023   USD  78.720
Barclays Bank P   2.650  11/04/2031  EUR  73.650
SG Issuer SA      5.000  5/23/2024   EUR  54.260
Corner Banca SA  10.400 12/14/2022   CHF  29.290
Banque Internat   7.500  7/28/2022   USD  68.180
Societe General  22.000  11/03/2022  USD  58.100
Muehl Product &   6.750  03/10/2005  DEM   0.106
Specialized Fin  14.000  8/18/2023   RUB  60.050
Aragon OOO        9.500  07/10/2029  RUB 101.000
Landesbank Hess   1.000 11/29/2034   EUR  75.900
DeltaCredit Ban   1.000 10/20/2025   RUB  72.060
Alteo Nyrt        3.150 10/28/2029   HUF  59.500
DeloPorts LLC     0.010 11/14/2025   RUB  72.930
Vontobel Financ  25.700 12/27/2022   CHF  64.370
Nordea Bank Abp   6.100  7/20/2024   SEK  64.250
ITK Holding zrt   2.900  6/23/2031   HUF  57.600
Bank Julius Bae   7.000  07/06/2023  CHF  78.550
SUN Group Keres   5.500  1/17/2032   HUF  69.050
Bank Julius Bae  10.500  03/07/2023  EUR  75.450
Landesbank Bade   4.400 11/25/2022   EUR  74.050
Bayerische Land   1.770  5/15/2036   EUR  84.080
Nederlandse Wat   1.080 10/26/2050   EUR  71.888
NRW Bank          1.245  11/04/2051  EUR  74.373
Deutsche Apothe   1.616  1/15/2038   EUR  73.511
NRW Bank          1.021  08/11/2051  EUR  71.634
Nykredit Realkr   1.182  1/17/2034   EUR  73.126
Ukraine Governm   7.750  09/01/2023  USD  35.609
HSBC Continenta   2.890  09/11/2039  AUD  69.013
Single Platform   0.462  2/15/2040   EUR  61.396
Landshypotek Ba   1.680  1/20/2042   SEK  73.354
Lehman Brothers   1.280  11/06/2010  JPY   0.100
Kreditanstalt f   1.000 10/20/2050   EUR  71.889
Assistance Publ   0.666  3/19/2040   EUR  69.899
Kreditanstalt f   1.208  03/10/2051  EUR  76.601
Credit Mutuel A   1.165  9/23/2039   EUR  65.243
NRW Bank          1.180  03/03/2051  EUR  76.898
Wirtschafts- un   0.250  9/16/2037   EUR  70.707
Deutsche Pfandb   0.765  09/12/2036  EUR  59.174
Nederlandse Wat   0.877  6/24/2054   EUR  68.924
Municipality of   0.460  9/20/2049   EUR  63.420
Societe General   2.880  09/10/2034  AUD  66.618
Single Platform   2.080  4/30/2045   EUR  76.691
Single Platform   1.762  5/25/2066   EUR  62.893
Citigroup Globa   0.660  8/25/2033   EUR  72.609
Norddeutsche La   1.750  4/14/2037   EUR  77.003
Hamburgische In   0.372  2/22/2041   EUR  68.150
Cooperatieve Ra   0.500  8/21/2028   MXN  54.328
ABN AMRO Bank N   1.171  04/04/2044  EUR  74.967
Norddeutsche La   1.600  4/14/2037   EUR  76.292
Region Bourgogn   0.799  05/06/2041  EUR  70.134
Region Wallonne   0.250 12/29/2036   EUR  70.541
SG Issuer SA      0.900  04/07/2036  EUR  72.708
Banque et Caiss   0.900  08/06/2042  EUR  76.331
Agence Francais   2.330  02/10/2041  AUD  66.842
Societe General   2.050  2/18/2031   AUD  69.500
Banque Internat   1.500  1/20/2037   EUR  73.055
Region de Bruxe   0.460 12/15/2051   EUR  51.875
Credit Industri   1.170  1/28/2037   EUR  63.459
BNG Bank NV       0.562  06/07/2051  EUR  67.449
Single Platform   1.535  5/25/2052   EUR  67.581
Societe General   2.300  1/28/2036   USD  67.313
Region Wallonne   0.850  1/26/2071   EUR  46.095
Wirtschafts- un   0.192  1/28/2042   EUR  64.466
Single Platform   1.013 12/20/2050   EUR  58.218
Caisse des Depo   1.018  2/16/2051   EUR  71.120
Turkey Governme   6.750  5/30/2040   USD  73.800
Northland Resou  15.000  7/15/2019   USD   2.621
Hema Bondco II    8.500  1/15/2023   EUR   0.113
Single Platform   0.950  5/17/2038   EUR  69.532
Credit Mutuel A   1.555  5/14/2035   EUR  76.922
HSBC Continenta   1.200  9/26/2039   EUR  69.228
Specialfastighe   1.215  5/14/2035   SEK  70.147
Assistance Publ   0.800  3/23/2046   EUR  66.327
Lehman Brothers   7.060 12/29/2008   EUR   0.100
Natixis SA        2.150 10/23/2035   USD  72.242
Region de Bruxe   1.500  6/22/2070   EUR  65.461
Goldman Sachs I   2.520  03/03/2036  USD  75.277
SG Issuer SA      0.600  03/07/2033  EUR  75.275
DZ Bank AG Deut   1.200 11/25/2050   EUR  67.841
Ministeries Van   0.600 11/19/2055   EUR  50.893
Ministeries Van   0.400 11/20/2043   EUR  62.606
Republic of Ire   1.100  11/12/2096  EUR  52.424
Lloyds Bank PLC   2.637  1/16/2040   AUD  69.611
Societe General   0.570  3/15/2036   EUR  76.883
Credit Agricole  11.400 10/28/2025   TRY  46.145
NRW Bank          0.642  02/09/2051  EUR  66.716
Communaute Fran   1.115  07/11/2039  EUR  73.648
Credit Agricole   1.280  12/05/2039  EUR  71.357
Aktia Bank Oyj    0.690  02/04/2036  EUR  73.440
Landeskreditban   2.500  5/21/2036   AUD  73.638
Nederlandse Wat   0.448  10/08/2040  EUR  70.182
Oberbank AG       0.230  10/07/2041  EUR  64.154
Single Platform   1.165  06/06/2046  EUR  65.245
Region de Bruxe   0.930  05/03/2051  EUR  62.363
Lehman Brothers   5.500  6/22/2010   USD   0.100
Societe General   3.040  1/19/2032   AUD  76.402
Societe Wallonn   0.913  7/31/2040   EUR  64.825
Cooperatieve Ra   0.540  08/03/2040  EUR  68.432
Free and Hansea   1.095  6/13/2046   EUR  74.957
DZ Bank AG Deut   0.200  10/02/2034  EUR  72.844
Kuntarahoitus O   0.815  2/24/2061   EUR  62.917
BNG Bank NV       0.680  03/04/2050  EUR  61.512
Credit Agricole   1.000  04/06/2035  EUR  71.896
Single Platform   0.810  04/01/2042  EUR  61.691
CDC Habitat SEM   1.060  5/22/2036   EUR  66.603
Nederlandse Wat   0.932  12/02/2060  EUR  66.191
Wirtschafts- un   0.650  02/08/2039  EUR  67.827
Single Platform   1.850  11/05/2040  EUR  75.874
Lehman Brothers   7.600  3/26/2009   EUR   0.100
LFA Foerderbank   0.250  9/30/2039   EUR  68.687
Department of B   0.432  02/01/2046  EUR  60.025
Agence France L   0.330 12/20/2040   EUR  68.026
BPCE SA           1.920  12/09/2030  AUD  72.455
Lehman Brothers   4.000  2/28/2010   EUR   0.100
UBS Group AG      2.300  12/03/2035  AUD  68.308
State of Bremen   0.936  9/28/2046   EUR  70.817
Ukraine Governm  11.940  6/24/2026   UAH  61.927
Lehman Brothers   7.550 12/29/2008   USD   0.100
Cie de Financem   0.900  7/18/2058   EUR  59.842
SAir Group        2.125  11/04/2004  CHF  12.625
Muenchener Hypo   0.420 11/16/2033   EUR  75.644
Ukraine Governm   9.500  7/16/2025   UAH  61.516
Norddeutsche La   1.470  06/04/2035  EUR  75.151
Communaute Fran   0.948  10/11/2059  EUR  59.057
Raiffeisen-Land   0.050  9/13/2033   EUR  75.974
Region Occitani   0.834 11/18/2044   EUR  67.928
BNP Paribas SA    3.700  10/04/2039  AUD  69.473
Hypo Vorarlberg   1.020  1/17/2035   EUR  72.588
Credito Padano    3.100              EUR  33.849
SAir Group        6.250  04/12/2005  CHF  12.625
Kommunalkredit    0.570  9/15/2037   EUR  72.893
Barclays Bank P   3.130  04/09/2051  USD  70.563
Ukraine Governm  11.900  10/08/2025  UAH  64.874
BNP Paribas SA    3.180  7/23/2034   AUD  73.827
Communaute Fran   1.520  7/22/2069   EUR  63.495
Hypo Vorarlberg   0.741 10/16/2036   EUR  66.932
United Kingdom    0.625 10/22/2050   GBP  61.672
Lehman Brothers   8.000  4/20/2009   EUR   0.100
DZ HYP AG         0.205  06/05/2040  EUR  63.152
Kreditanstalt f   0.918  10/11/2050  EUR  70.305
Deutsche Bank A   0.500  04/05/2038  MXN  21.017
Lehman Brothers   3.000  08/08/2017  EUR   0.100
Single Platform   1.920  11/05/2040  EUR  77.735
Single Platform   1.235 12/20/2050   EUR  62.330
Region de Bruxe   1.922  4/24/2059   EUR  76.365
Ringkjoebing La   1.100 10/30/2035   EUR  69.681
DZ Bank AG Deut   0.300  5/30/2035   EUR  75.331
Batigere Grand    1.610 10/23/2040   EUR  59.323
Landesbank Bade   1.000  7/17/2039   EUR  70.920
VTB Bank PJSC     0.010 11/25/2025   RUB  88.520
UBS AG/London    16.500  6/30/2022   USD  43.200
VTB Bank PJSC     0.010 12/29/2023   RUB  83.690
Landesbank Bade   1.250  7/17/2039   EUR  70.660
Eltex Kft         3.500 12/21/2028   HUF  69.000
Credit Suisse A  16.300 12/26/2023   USD  51.960
Leonteq Securit   7.500  6/28/2022   CHF  65.810
WEB Windenergie   2.250  9/25/2028   EUR   0.010
Societe General   0.705  11/12/2035  EUR  67.190
UBS AG/London    11.500 11/14/2022   EUR  66.450
Leonteq Securit   5.200  10/03/2022  CHF  49.160
EFG Internation   8.400  10/10/2022  CHF  53.050
Landesbank Bade   1.500  4/24/2039   EUR  72.510
EFG Internation   3.900  08/03/2022  USD  59.970
Erste Group Ban  14.500  5/31/2026   EUR  60.650
UBS AG/London    10.500 10/28/2022   USD  52.900
UBS AG/London    11.000 10/28/2022   USD  64.250
Leonteq Securit   9.000 10/31/2022   CHF  51.460
Daniella Keresk   3.000  7/30/2030   HUF  65.660
Danske Bank A/S   9.430  07/09/2024  SEK  58.890
Banque Internat   1.215  03/05/2040  EUR  71.609
Hypo Vorarlberg   1.020  7/15/2041   EUR  65.157
Muenchener Hypo   0.040  1/17/2031   EUR  77.341
Region de Bruxe   0.910  1/31/2053   EUR  60.408
Hypo Tirol Bank   0.645  7/21/2031   EUR  76.817
Citigroup Globa   1.010 10/28/2035   EUR  71.620
Region de Bruxe   0.844 12/22/2047   EUR  63.293
Region Wallonne   1.222  6/24/2080   EUR  51.334
Societe Nationa   2.931  1/14/2051   AUD  70.616
Banque Internat   1.190  1/18/2041   EUR  71.102
Credit Agricole   3.100  4/28/2041   AUD  74.488
Single Platform   1.450  9/14/2040   EUR  72.911
Landesbank Hess   0.550  8/19/2032   EUR  75.856
NRW Bank          0.533  1/21/2041   EUR  69.930
Lehman Brothers   4.100  06/10/2014  SGD   0.100
NIBC Bank NV      0.660  7/14/2031   EUR  70.834
Natixis SA        2.780  10/05/2036  AUD  72.254
Kingdom of Belg   0.675  07/07/2080  EUR  43.401
Banco Santander   1.020  01/04/2034  EUR  72.646
Lehman Brothers   4.800 11/16/2012   HKD   0.100
Ukraine Governm   9.700  12/08/2027  UAH  51.470
LBI ehf           7.431              USD   0.001
Credit Agricole   0.650  11/05/2034  EUR  70.645
Nomura Bank Int   1.150  10/06/2036  EUR  69.716
Muenchener Hypo   1.002  2/21/2050   EUR  70.499
Credit Agricole   3.020  4/22/2036   AUD  78.338
Ireland Governm   0.550  4/22/2041   EUR  71.572
Muenchener Hypo   0.190  7/23/2030   EUR  76.777
Norddeutsche La   1.520  02/11/2038  EUR  71.208
Hypo-Bank Burge   1.010 10/29/2049   EUR  70.098
Single Platform   1.075  6/26/2052   EUR  58.795
Natixis SA        3.630  6/14/2039   AUD  76.401
Region Wallonne   1.150  09/02/2120  EUR  41.797
Credit Agricole  14.280  11/05/2026  TRY  48.016
Norddeutsche La   0.900 10/20/2036   EUR  68.761
Region Wallonne   1.300  6/16/2068   EUR  58.501
Region de Bruxe   1.065  06/12/2058  EUR  58.773
Credit Agricole  10.500  2/16/2027   TRY  39.498
Officine Maccaf   5.750  06/01/2021  EUR  16.600
Hypo Vorarlberg   1.590  8/25/2050   EUR  65.526
Hypo Vorarlberg   0.860 10/24/2034   EUR  71.675
Deutsche Bank A   0.510  9/16/2031   EUR  74.400
National Grid E   1.608  8/24/2040   GBP  64.597
Batigere Grand    1.709  11/04/2042  EUR  56.867
Region Auvergne   0.250 10/23/2034   EUR  75.595
Communaute Fran   2.000  4/14/2076   EUR  74.710
Credit Agricole  11.190  1/15/2026   TRY  44.744
Hemso Fastighet   2.418 11/30/2038   EUR  70.886
Wirtschafts- un   0.200 12/14/2045   EUR  59.893
Corner Banca SA  10.080  3/22/2023   CHF  63.110
Credit Suisse A   6.900  3/20/2023   USD   1.490
Landesbank Bade   0.500  08/12/2038  EUR  71.090
Leonteq Securit  12.000  6/29/2022   CHF  46.400
Credit Suisse A   8.000  8/30/2024   USD   8.690
Barclays Bank P   2.150  4/28/2031   EUR  69.680
Raiffeisen Swit   6.500  04/12/2023  CHF  59.090
Appeninn Holdin   3.500 11/22/2029   HUF  60.800
Sberbank of Rus   0.010  1/19/2026   RUB  82.710
Corner Banca SA  12.000 10/19/2022   EUR  66.200
LP Portfolio Va   2.800 11/30/2030   HUF  59.300
Landesbank Bade   4.100  6/27/2025   EUR  72.380
State of Saxony   1.722  07/03/2028  EUR  60.000
Basler Kantonal  10.000  2/13/2023   CHF  54.910
Basler Kantonal  12.000 12/22/2022   CHF  52.760
STAVMAT Epitoan   3.000  7/20/2031   HUF  65.100
Zurcher Kantona  12.000  7/14/2022   CHF  27.270
DekaBank Deutsc   2.700  01/12/2024  EUR  70.270
Credit Suisse A  12.400  9/25/2023   EUR  30.490
Zurcher Kantona  18.000  9/20/2022   USD  76.400
UBS AG/London     9.250  1/30/2023   USD  31.050
VTB Bank PJSC     0.010 12/20/2024   RUB  61.510
VTB Bank PJSC     0.010 12/13/2024   RUB  59.260
Leonteq Securit  12.000  5/30/2023   CHF  73.740
MOL Nyrt Kueloe   4.950  1/26/2032   HUF  74.140
BNP Paribas Emi   7.950  03/07/2023  EUR  72.660
Zurcher Kantona   9.000 12/30/2022   CHF  39.660
Banque Internat  11.000  3/21/2023   CHF  65.520
Landesbank Bade   7.600  9/23/2022   EUR  73.760
SG Issuer SA      0.010  6/22/2033   EUR  71.810
EFG Internation   7.400  6/23/2023   CHF  77.310
UBS AG/London    17.750  08/04/2022  CHF  27.080
Nordea Bank Abp   4.600  1/20/2029   SEK  62.970
Societe General  10.260  7/28/2025   USD  64.070
Hell Energy Mag   2.700 12/18/2029   HUF  58.600
Landesbank Bade   0.500  1/17/2040   EUR  69.000
B+N Referencia    2.900 12/20/2029   HUF  64.300
LP Portfolio Va   2.640  01/08/2030  HUF  70.755
Landesbank Bade   1.250  06/05/2039  EUR  71.720
Landesbank Bade   1.000  06/05/2039  EUR  72.300
Landesbank Bade   1.000  6/26/2039   EUR  71.670
Landesbank Bade   1.250  6/26/2039   EUR  70.720
Landesbank Bade#N/A N/A  6/26/2039   EUR  70.540
Nordea Bank Abp   7.050  7/20/2024   SEK  62.250
Landesbank Hess   0.600  9/27/2034   EUR  74.200
MARSO Ltd         2.300 12/17/2029   HUF  69.300
Landesbank Bade   0.700  09/05/2039  EUR  68.300
Landesbank Bade   0.150  09/11/2039  EUR  67.180
Skandinaviska E   7.150  1/15/2025   SEK  53.700
Landesbank Bade   0.400  11/08/2039  EUR  68.170
Gold-Zack AG      7.000 12/14/2005   EUR   1.500
Landesbank Hess   0.500  12/06/2034  EUR  75.600
ENSI Kft          4.750  1/25/2032   HUF  67.000
Danske Bank A/S   6.500  01/09/2027  SEK  71.500
Leonteq Securit  18.000  08/02/2022  CHF  53.500
Corner Banca SA  12.800  12/07/2022  CHF  50.130
Anselma Issuer    1.574 12/31/2038   EUR  73.730
Luzerner Kanton  14.480  2/14/2023   CHF  77.370
Biggeorge Prope   5.100  2/18/2032   HUF  77.810
Landesbank Bade   0.500  12/02/2039  EUR  69.280
Caisse des Depo   0.571  2/18/2041   EUR  71.700
Assistance Publ   1.665  04/10/2049  EUR  78.907
Landeskreditban   0.547  2/18/2041   EUR  68.682
DZ Bank AG Deut   1.470  1/20/2042   EUR  73.232
State of Lower    0.400 10/13/2050   EUR  56.627
Norddeutsche La   0.725  9/14/2033   EUR  73.111
Oberoesterreich   0.285  11/06/2042  EUR  62.979
Single Platform   1.270  5/15/2035   EUR  77.081
Banque Internat   1.085 10/22/2040   EUR  69.714
Credit Agricole  15.000  7/14/2026   TRY  49.958
Oberoesterreich   1.014  9/16/2049   EUR  57.845
Citigroup Globa   1.380  11/04/2041  EUR  68.508
Caisse des Depo   1.114  9/20/2049   EUR  75.486
UBS Group AG      2.490  03/04/2036  USD  73.278
Norddeutsche La   1.470 12/23/2037   EUR  70.516
Single Platform   0.873  5/25/2052   EUR  53.771
Societe General   1.290 12/19/2034   EUR  74.171
Credit Agricole  11.640  3/24/2027   TRY  41.528
BNP Paribas SA    2.720  12/12/2034  AUD  69.261
Norddeutsche La   1.350 10/20/2038   EUR  70.694
Caisse des Depo   0.642  02/12/2041  EUR  72.151
Banque Internat   1.010  12/12/2039  EUR  69.768
Muenchener Hypo   0.790 12/21/2035   EUR  67.612
Credit Agricole   1.830  02/04/2031  AUD  77.000
Banque Internat   1.250  2/18/2041   EUR  72.443
Banque Internat   1.020  3/25/2040   EUR  69.703
Region Provence   0.623 10/15/2035   EUR  77.812
DZ HYP AG         1.033  12/06/2049  EUR  70.317
Barclays Bank P   1.340  02/01/2051  EUR  69.677
Vasakronan AB     1.310  12/10/2040  EUR  69.310
Norddeutsche La   0.700  03/12/2036  EUR  67.026
Communaute Fran   0.392  1/22/2041   EUR  65.503
Bayerische Land   0.450  02/12/2031  EUR  80.783
HSBC Continenta   2.040  3/29/2049   EUR  75.625
DekaBank Deutsc   1.850  3/20/2045   EUR  66.844
Caisse des Depo   2.630  9/16/2049   AUD  66.842
Centrosolar Gro   7.000  2/15/2016   EUR   2.505
Raiffeisenlande   2.070  6/18/2049   EUR  73.305
Landesbank Hess   0.900  07/08/2036  EUR  70.586
Deutsche Bank A   0.700  02/06/2032  EUR  75.526
Nederlandse Wat   0.260  11/10/2036  EUR  73.348
Landesbank Bade   1.300  6/21/2049   EUR  59.148
Gemeinde Weinfe   0.630  8/27/2046   CHF  76.294
Czech Republic    0.950  5/15/2030   CZK  72.767
Credit Agricole   3.200  3/19/2041   AUD  75.846
Banco Espirito   10.000  12/06/2021  EUR   0.181
Natixis SA        3.550  11/12/2041  AUD  74.580
NIBC Bank NV      2.105  10/10/2033  EUR  75.351
Single Platform   1.080  7/18/2036   EUR  73.359
Banque Internat   0.775 11/18/2032   EUR  76.597
Landesbank Bade   0.327  05/07/2038  EUR  70.654
Kreditanstalt f   0.650  2/24/2041   EUR  73.296
Lehman Brothers   3.600  3/19/2018   JPY   0.100
Citigroup Globa   1.000  3/19/2041   EUR  63.723
SNCF Reseau       1.475  3/30/2065   EUR  62.067
Banque Internat   1.300  03/04/2041  EUR  73.028
Landeskreditban   0.730  10/04/2050  EUR  67.756
Communaute Fran   1.187  9/16/2069   EUR  59.950
BNP Paribas SA    1.450 11/17/2041   EUR  69.384
Erste Group Ban   1.200  02/11/2040  EUR  69.296
BNG Bank NV       0.632  07/12/2066  EUR  58.915
Norddeutsche La   0.800  04/08/2036  EUR  68.129
Region de Bruxe   1.016  9/23/2057   EUR  58.145
Landesbank Bade   0.710  11/09/2035  EUR  66.459
Single Platform   1.000  7/15/2036   EUR  73.099
Single Platform   0.924  2/18/2049   EUR  54.469
Credit Agricole  15.000  6/18/2026   TRY  50.595
Landesbank Hess   1.235  12/10/2049  EUR  73.615
Single Platform   1.250 10/18/2035   EUR  76.368
DekaBank Deutsc   2.140  5/18/2046   EUR  71.554
Citigroup Globa   1.080  10/01/2036  EUR  70.710
Citigroup Globa   1.150  10/06/2036  EUR  71.536
Credit Agricole  10.800  3/24/2026   TRY  39.517
Caisse des Depo   0.820  03/10/2050  EUR  69.363
Credit Agricole   2.610  7/27/2050   USD  61.599
Societe General   1.270 11/25/2034   EUR  74.095
Ukraine Governm  12.500  2/21/2024   UAH  74.754
Single Platform   1.301  6/25/2044   EUR  66.012
Norddeutsche La   0.950  6/16/2033   EUR  76.461
Russian Foreign   5.100  3/28/2035   USD  18.687
HSBC Continenta   0.800 12/13/2034   EUR  73.354
Transports Publ   0.900  4/28/2037   CHF  74.543
HSBC Continenta   1.500  7/26/2049   EUR  67.617
BPCE SA           3.000 11/18/2036   AUD  71.028
Commerzbank AG    1.430  1/23/2040   EUR  71.726
Novafives SAS     4.500  6/15/2025   EUR  67.198
Norddeutsche La   1.000 10/13/2036   EUR  69.654
Credit Agricole   0.900  10/01/2034  EUR  72.475
Citigroup Globa   1.010  4/20/2036   EUR  70.489
Banque Federati   0.376 10/15/2031   EUR  77.028
Hypo Tirol Bank   1.010  1/20/2040   EUR  76.145
Republic of Ire   1.230  06/01/2120  EUR  57.162
DZ Bank AG Deut   1.000  2/18/2032   EUR  74.538
Norddeutsche La   0.850  05/12/2036  EUR  68.808
Svensk Exportkr   0.500  3/28/2029   AUD  75.186
Landesbank Hess   0.500 10/13/2033   EUR  72.536
Barclays Bank P   3.020  3/26/2051   USD  69.105
Norddeutsche La   1.170 11/24/2038   EUR  68.360
Romanian Govern   2.124  7/16/2031   EUR  71.605
Credito Padano    3.100              EUR  34.068
Caisse des Depo   0.323  06/04/2035  EUR  77.626
Region Auvergne   0.697  08/02/2036  EUR  76.275
Nomura Bank Int   1.450  12/10/2041  EUR  67.586
Credit Agricole   2.850  9/15/2051   AUD  68.968
Landeskreditban   0.812 12/16/2060   EUR  62.007
Single Platform   1.785  7/30/2042   EUR  76.861
Region de Bruxe   0.980  01/10/2051  EUR  62.079
Societe General   1.323  1/31/2034   USD  66.653
Region Auvergne   0.650  5/18/2038   EUR  72.195
Northland Resou   4.000 10/15/2020   NOK   0.271
Sidetur Finance  10.000  4/20/2016   USD   0.770
Nomura Bank Int   0.450  12/03/2030  EUR  75.697
Ukraine Governm  10.710  4/26/2028   UAH  53.277
Barclays Bank P   2.000 12/21/2029   USD  75.069
NRW Bank          1.245  09/07/2060  EUR  71.236
Societe General   6.100  04/03/2023  EUR  71.520
EFG Internation   8.620  8/24/2022   CHF  66.930
Societe General   5.600  09/04/2023  EUR  36.070
Vajda-Papir Gya   3.500 11/16/2030   HUF  65.900
Landesbank Hess   1.850  6/16/2036   EUR  73.100
DZ Bank AG Deut   0.097  10/11/2050  EUR  74.800
UBS AG/London     7.750 11/18/2022   USD  76.700
Otthon Centrum    3.000  4/19/2031   HUF  70.200
Vontobel Financ  10.000  07/06/2022  EUR  68.300
Landesbank Bade   7.000  4/28/2023   EUR  70.170
Skandinaviska E   6.800  1/15/2024   SEK  61.550
LFA Foerderbank   0.125  9/30/2038   EUR  68.685
Getin Noble Ban  11.720 11/30/2023   PLN  41.875
Hungary Governm   2.000  5/23/2029   HUF  68.711
Romanian Govern   2.000  4/14/2033   EUR  65.994
Republic of Aus   0.700  4/20/2071   EUR  52.433
Ukraine Governm   8.420  05/10/2034  UAH  36.703
Societe Nationa   2.820  4/28/2036   AUD  76.329
Ukraine Governm   9.700  10/06/2027  UAH  51.927
Ukraine Governm   9.820  02/12/2031  UAH  45.310
Lehman Brothers   4.600  10/11/2017  ILS   0.100
Lehman Brothers  10.000 10/22/2008   USD   0.100
Nederlandse Wat   1.200 11/26/2049   EUR  77.541
Slovakia Govern   1.000 10/13/2051   EUR  60.468
Region Provence   0.785  6/18/2040   EUR  72.022
Single Platform   0.767  2/15/2041   EUR  62.919
Nederlandse Wat   1.125  07/08/2050  EUR  73.095
Bayerische Land   0.940  7/16/2032   EUR  81.265
Serbia Internat   1.000  9/23/2028   EUR  73.967
Serbia Internat   2.050  9/23/2036   EUR  60.741
Bank Vontobel A  15.001  9/13/2022   CHF  28.900
VTB Bank PJSC     0.010  6/17/2025   RUB  90.010
Landesbank Bade   2.150 10/28/2022   EUR  76.150
Leonteq Securit   8.000  2/23/2023   USD  64.710
Leonteq Securit   7.400  12/01/2023  USD  63.560
Progress Ettere   3.000  9/18/2030   HUF  64.100
Axial Javito Ke   2.000  9/23/2030   HUF  59.829
Credit Suisse A   8.000  6/27/2022   EUR  61.600
Credit Suisse A   8.250  8/24/2022   EUR  61.670
Baromfi-Coop Te   3.000  7/19/2031   HUF  64.600
Leonteq Securit   8.000  2/13/2023   CHF  66.490
Basler Kantonal   7.000  7/14/2023   CHF  70.500
Leonteq Securit  22.520  07/06/2022  CHF  15.420
Zurcher Kantona  30.000  08/09/2022  USD  38.910
Credit Suisse A  12.000  7/14/2022   USD  48.910
Credit Suisse A  11.500  7/28/2022   USD  29.310
Landesbank Hess   1.000 10/14/2036   EUR  72.100
UBS AG/London     9.250  2/13/2023   USD  34.400
Credit Suisse A  11.500  7/13/2022   CHF  24.180
UBS AG/London     8.250  1/30/2023   CHF  69.000
MetMax Europe Z   3.000  12/11/2030  HUF  63.600
BNP Paribas Emi  14.000  9/22/2022   EUR #N/A N/A
Credit Suisse A  10.000  1/18/2023   USD  77.330
Credit Suisse A   8.500  1/18/2023   CHF  63.770
Credit Suisse A  13.750  1/18/2023   CHF  66.840
Credit Suisse A   9.000 12/29/2022   CHF  61.970
UBS AG/London     9.500  12/08/2023  USD  62.350
Leonteq Securit  21.360  08/08/2022  CHF  52.580
Citigroup Globa   9.160 12/18/2023   EUR  72.070
Credit Suisse A   9.000  2/22/2023   USD  68.890
DZ Bank AG Deut   7.500 12/21/2022   EUR  73.340
Credit Suisse A  15.000  07/07/2022  USD  25.680
DZ Bank AG Deut  24.900  2/24/2023   EUR  69.150
Credit Suisse A  13.500  8/17/2022   CHF  19.600
UBS AG/London     6.500  10/02/2024  USD #N/A N/A
Leonteq Securit  12.000  1/18/2023   CHF  54.720
SALVATOR Vermoe   9.500              EUR   7.900
DZ Bank AG Deut   0.910  6/25/2029   EUR  66.375
Leonteq Securit   7.150  7/26/2022   EUR  72.030
Infogroup Holdi   3.000  5/20/2031   HUF  59.900
Landesbank Bade   5.600  6/23/2023   EUR  66.920
Nordea Bank Abp   9.625  1/20/2027   SEK  65.920
Nordea Bank Abp   6.125  1/20/2027   SEK  72.550
Landesbank Bade   4.800  8/25/2023   EUR  53.000
Spain Governmen   1.450 10/31/2071   EUR  55.067
Landesbank Bade   0.400  02/12/2031  EUR  75.444
Region de Bruxe   1.535  04/05/2049  EUR  73.969
BNP Paribas SA    0.564  9/15/2031   EUR  75.127
Hemso Fastighet   2.000  2/15/2033   EUR  76.402
Ville de Paris    0.760  5/25/2066   EUR  48.407
Landesbank Bade   0.440 10/19/2035   EUR  73.901
BPCE SA           1.850 10/30/2030   AUD  72.345
UniCredit Bank    0.310 10/15/2035   EUR  74.220
Collectivite Eu   0.200  11/05/2035  EUR  72.424
Credit Agricole   2.105 10/22/2035   USD  69.743
Russian Foreign   5.875  9/16/2043   USD  24.755
Russian Foreign   4.875  9/16/2023   USD  26.769
Vasakronan AB     3.100  09/09/2039  AUD  70.679
Hungary Governm   1.625  4/28/2032   EUR  76.400
Serbia Internat   1.650  03/03/2033  EUR  64.151
Serbia Internat   1.650  03/03/2033  EUR  64.118
Maisons du Mond   0.125  12/06/2023  EUR  46.632
Region de Bruxe   0.900  4/14/2050   EUR  61.978
Pescanova SA      6.750  03/05/2015  EUR   0.319
Region of Centr   0.725  12/12/2039  EUR  70.735
Denmark Governm   0.250 11/15/2052   DKK  59.444
Republic of Aus   0.750  3/20/2051   EUR  67.752
BNP Paribas SA    1.000  1/23/2040   MXN  19.711
Kreditanstalt f   1.027  8/31/2046   EUR  77.503
Autonomous Comm   1.089 10/31/2049   EUR  60.165
Single Platform   1.048  2/15/2041   EUR  65.799
Region of Centr   0.668  11/02/2035  EUR  77.637
Deutsche Wohnen   2.125  9/26/2033   EUR  76.561
Single Platform   0.815  04/01/2042  EUR  59.510
DZ Bank AG Deut   0.550  09/09/2036  EUR  74.952
Muenchener Hypo   1.185  05/05/2059  EUR  71.173
Region Occitani   1.282  5/25/2040   EUR  77.841
Ukraine Governm  15.500  09/04/2024  UAH  77.399
Getin Noble Ban  10.930  4/29/2024   PLN  31.875
BPCE SA           1.980  10/06/2030  AUD  73.303
Lehman Brothers  10.000  6/17/2009   USD   0.100
Swiss Confedera   0.500  5/30/2058   CHF  71.568
Credit Industri   2.060  03/07/2036  EUR  73.153
Turkey Governme  10.500  08/11/2027  TRY  74.000
Ukraine Governm  11.890  05/06/2026  UAH  62.270
Ukraine Governm  11.780  06/03/2026  UAH  61.758
Getin Noble Ban   7.230  7/26/2024   PLN  40.612
Barclays Bank P  13.810  4/16/2024   TRY  59.536
Lehman Brothers   5.103  6/22/2046   EUR   0.100
Northland Resou   4.000 10/15/2020   USD   0.271
Credit Industri   0.805  9/21/2033   EUR  69.072
Societe General   2.200 12/17/2040   USD  59.290
Ukraine Governm   3.900  3/30/2023   USD  62.404
UBS AG/London     5.500  07/04/2022  CHF  74.850
UniCredit Bank    5.500  8/14/2023   EUR  72.000
Vontobel Financ   5.500  1/29/2024   EUR  72.020
Erste Group Ban   6.250  02/01/2026  EUR  72.550
VTB Bank PJSC     0.010  12/02/2025  RUB  56.530
UBS AG/London     8.250  07/07/2022  CHF  49.200
UBS AG/London     8.750  01/09/2023  CHF  31.500
UBS AG/London     8.250  07/07/2022  CHF  61.550
UBS AG/London    11.250  01/09/2023  CHF  65.750
UBS AG/London     8.250  07/07/2022  CHF  49.150
UBS AG/London    16.250  07/07/2022  CHF  28.140
UBS AG/London    16.300  01/08/2024  EUR  11.060
Zurcher Kantona   8.500  6/28/2022   USD  61.800
Leonteq Securit   9.000  6/30/2022   CHF  58.350
Bank Vontobel A   7.760  6/27/2022   CHF  51.900
Bank Vontobel A   8.252  6/27/2022   CHF  51.500
Bank Vontobel A   6.254  6/30/2022   CHF  56.100
UBS AG/London    10.500  6/30/2022   CHF  56.100
Sberbank of Rus   0.010  01/05/2024  RUB  51.150
UBS AG/London    15.500  6/30/2022   CHF  45.800
Republic of Udm   6.400 12/28/2025   RUB  61.020
Bank Vontobel A   7.758  01/09/2023  CHF  63.300
UBS AG/London    13.500  07/07/2022  CHF  49.650
UBS AG/London    10.750  07/07/2022  EUR  62.400
UBS AG/London     9.750  6/30/2022   CHF  29.960
UniCredit Bank    4.100  08/02/2023  EUR  64.530
Promsvyazbank P   0.010 12/14/2022   RUB  60.050
DekaBank Deutsc   1.000  1/20/2025   EUR  27.760
Sberbank of Rus   0.010 12/17/2025   RUB  73.400
UBS AG/London     6.250 12/23/2022   CHF  36.400
DekaBank Deutsc   2.500  02/02/2024  EUR  35.390
EFG Internation   7.000 12/29/2022   USD  14.220
Sberbank of Rus   0.010 12/22/2025   RUB  74.900
Sberbank of Rus   0.010 12/23/2024   RUB  86.610
Leonteq Securit  12.000  6/28/2022   CHF  69.000
Leonteq Securit   8.000  6/28/2022   CHF  53.470
DekaBank Deutsc   2.850  02/03/2023  EUR  66.990
Landesbank Hess   1.000  3/20/2035   EUR  72.150
EFG Internation   4.900 12/28/2023   USD  50.960
Leonteq Securit  10.000  6/28/2022   CHF  53.970
Leonteq Securit  10.000  6/28/2022   CHF  48.480
Rosselkhozbank    0.010 12/24/2023   RUB  65.020
UBS AG/London    12.750  01/03/2023  CHF  68.800
SG Issuer SA      4.950  01/10/2025  EUR  65.450
Sberbank of Rus   0.010 12/17/2025   RUB  74.500
Landesbank Hess   2.000  04/09/2035  EUR  71.850
Sberbank of Rus   1.550  09/12/2023  RUB  75.000
Zurcher Kantona   9.000  6/28/2022   CHF  55.220
EFG Internation   6.000 12/22/2023   USD  35.590
DZ Bank AG Deut   2.340 12/30/2030   EUR  74.460
Landesbank Bade   3.100  8/26/2022   EUR  41.940
Landesbank Bade   6.000  8/26/2022   EUR  32.580
Landesbank Bade   8.100  8/26/2022   EUR  29.000
Landesbank Bade   5.600  8/26/2022   EUR  74.620
Landesbank Bade   3.400  8/26/2022   EUR  72.490
Landesbank Bade   2.800  8/26/2022   EUR  46.770
Landesbank Bade   5.550  8/26/2022   EUR  38.640
Landesbank Bade   3.350  8/26/2022   EUR  74.810
Landesbank Bade   5.200  8/26/2022   EUR  67.850
Landesbank Bade   3.800  8/26/2022   EUR  74.530
Landesbank Bade   3.300  8/26/2022   EUR  74.230
Landesbank Bade   4.450  8/26/2022   EUR  68.800
Landesbank Bade   9.300  8/26/2022   EUR  70.960
Landesbank Bade   4.050  8/26/2022   EUR  25.110
Landesbank Bade   3.150  8/26/2022   EUR  53.640
Vontobel Financ   0.212  02/03/2023  EUR  50.500
Raiffeisen Swit   9.000  7/29/2022   CHF  51.990
UBS AG/London     9.000  02/03/2023  CHF  60.700
UBS AG/London     7.250  02/03/2023  CHF  59.950
UBS AG/London    14.250  02/03/2023  CHF  58.250
UBS AG/London    11.250  02/03/2023  CHF  62.100
UBS AG/London     8.000  02/03/2023  CHF  51.600
UBS AG/London    10.250  08/03/2022  CHF  51.950
UBS AG/London    15.000  08/03/2022  CHF  42.850
Raiffeisen Swit  10.100  02/08/2023  CHF  56.200
Leonteq Securit   9.000  02/08/2023  CHF  52.160
Citigroup Globa  12.379 11/13/2023   SEK  66.220
UniCredit Bank    4.000 11/21/2022   EUR  36.670
Landesbank Bade   2.650 10/27/2023   EUR  59.820
SG Issuer SA      7.000  7/20/2023   SEK  68.240
BNP Paribas Iss   6.310  07/05/2023  SEK  61.310
DZ Bank AG Deut   2.380 12/27/2028   EUR  75.255
Nordea Bank Abp   6.470  1/22/2024   SEK  67.870
Landesbank Bade   3.250 12/23/2022   EUR  54.800
Danske Bank A/S   8.050  07/09/2023  SEK  62.890
BNP Paribas Iss   3.000  01/08/2024  SEK  62.440
DekaBank Deutsc   3.350 11/28/2022   EUR  60.860
Vontobel Financ   3.000  09/05/2023  EUR  64.040
Landesbank Bade   2.150 12/23/2022   EUR  57.400
Zurcher Kantona   8.000  07/01/2022  CHF  54.100
Zurcher Kantona  17.250  07/01/2022  CHF  74.570
Zurcher Kantona  18.000  07/01/2022  USD  66.270
Zurcher Kantona   6.250  10/05/2022  CHF  73.380
Zurcher Kantona   9.000  07/05/2022  EUR  70.820
Bank Julius Bae   4.000  6/26/2023   CHF  70.050
Societe General   5.000  7/22/2022   EUR  70.700
Societe General   7.000  7/22/2022   EUR  66.250
Societe General  12.750  7/22/2022   EUR  70.660
Societe General   8.750  7/22/2022   EUR  63.500
Societe General   8.500  7/22/2022   EUR  64.150
Societe General   3.750  7/22/2022   EUR  74.730
Societe General   5.750  7/22/2022   EUR  68.920
Societe General   8.000  7/22/2022   EUR  69.410
Societe General   9.000  7/22/2022   EUR  67.470
Societe General   7.750  7/22/2022   EUR  67.420
Societe General   8.750  7/22/2022   EUR  65.830
Societe General   3.250  7/22/2022   EUR  73.620
Societe General   8.000  7/22/2022   EUR  64.570
Societe General   9.000  7/22/2022   EUR  62.910
Societe General  10.000  7/22/2022   EUR  67.500
Societe General   4.000  7/22/2022   EUR  61.930
Societe General   8.000  7/22/2022   EUR  46.730
Societe General   7.000  7/22/2022   EUR  69.160
Societe General   9.000  7/22/2022   EUR  63.720
Societe General  13.000  7/22/2022   EUR  56.510
Societe General   6.250  7/22/2022   EUR  63.410
Societe General   8.250  7/22/2022   EUR  59.220
Bank Julius Bae   9.000  6/27/2022   CHF  50.600
Leonteq Securit   8.000  6/28/2023   CHF  59.170
Leonteq Securit  16.000  6/28/2022   CHF  20.110
Leonteq Securit  18.000  9/28/2022   CHF  47.440
Corner Banca SA  14.000  9/28/2022   CHF  48.030
Corner Banca SA  17.000  6/28/2022   EUR  52.390
Leonteq Securit  17.000  6/28/2022   CHF  27.030
Leonteq Securit  14.000 12/28/2022   CHF  30.320
Raiffeisen Schw  12.000 12/28/2022   CHF  66.130
Leonteq Securit   8.000 12/28/2022   CHF  68.990
Leonteq Securit   6.400  6/28/2023   CHF  51.180
Leonteq Securit  12.000  9/28/2022   CHF  65.830
Leonteq Securit  12.000  6/28/2022   CHF  17.190
Leonteq Securit   8.000 12/28/2022   EUR  72.360
Leonteq Securit  13.000  6/28/2022   EUR  68.950
Leonteq Securit  17.000  6/28/2022   USD  23.660
Leonteq Securit   9.000 12/28/2022   USD  69.440
Raiffeisen Schw  12.000  6/29/2022   CHF  48.420
Raiffeisen Schw  13.000  6/29/2022   CHF  38.680
Raiffeisen Schw  10.000  6/29/2022   CHF  47.550
Raiffeisen Schw  20.000  6/29/2022   CHF  26.710
Raiffeisen Schw  11.000  6/29/2022   CHF  47.840
Raiffeisen Schw   7.200 12/29/2022   USD  74.550
EFG Internation  11.780  07/11/2022  USD  55.190
DZ Bank AG Deut  10.750  9/21/2022   EUR  45.260
DZ Bank AG Deut   8.500  9/21/2022   EUR  58.250
DZ Bank AG Deut   6.750  9/21/2022   EUR  57.290
DZ Bank AG Deut   9.000  9/21/2022   EUR  57.810
DZ Bank AG Deut  11.000  9/21/2022   EUR  58.280
DZ Bank AG Deut   6.250  9/21/2022   EUR  64.930
DZ Bank AG Deut   6.000  9/21/2022   EUR  65.840
DZ Bank AG Deut   6.500  9/21/2022   EUR  64.630
DZ Bank AG Deut   5.000  9/21/2022   EUR  70.600
DZ Bank AG Deut   5.750  9/21/2022   EUR  69.410
DZ Bank AG Deut   6.000  9/21/2022   EUR  61.660
DZ Bank AG Deut   6.250  9/21/2022   EUR  75.830
DZ Bank AG Deut   5.000  9/21/2022   EUR  67.280
Vontobel Financ   4.150  7/18/2023   EUR  56.040
Vontobel Financ   4.000  7/18/2023   EUR  66.950
Vontobel Financ   9.400 12/30/2022   CHF  36.130
Erste Group Ban  10.750  08/02/2022  EUR  45.500
Erste Group Ban   5.500  08/02/2025  EUR  60.800
Zurcher Kantona   7.000  01/09/2023  CHF  69.680
Zurcher Kantona   8.000  07/07/2022  EUR  69.650
Leonteq Securit   7.030  6/28/2023   CHF  57.820
UniCredit Bank   10.100  7/27/2022   EUR  35.980
UniCredit Bank    6.300  7/27/2022   EUR  36.760
UniCredit Bank    9.800  7/27/2022   EUR  55.900
UniCredit Bank    9.250  7/27/2022   EUR  58.710
Zurcher Kantona   6.500  1/13/2023   CHF  65.110
Zurcher Kantona  10.000  07/07/2022  CHF  60.920
Zurcher Kantona   5.000  1/13/2023   CHF  63.200
Zurcher Kantona  15.750  07/08/2022  USD  32.090
Bank Vontobel A   6.500  6/26/2023   CHF  49.700
Bank Vontobel A   6.502  6/26/2023   CHF  49.800
Bank Vontobel A   8.005 12/27/2022   CHF  55.200
Bank Vontobel A   6.000 12/27/2022   CHF  74.600
Bank Vontobel A   7.000 12/27/2022   CHF  53.400
Bank Vontobel A   5.750  6/26/2023   CHF  64.100
UniCredit Bank    4.650  7/30/2024   EUR  73.370
UniCredit Bank    3.950  7/30/2024   EUR  75.260
Zurcher Kantona  10.400  07/08/2022  CHF  50.180
Landesbank Bade   2.000  7/22/2022   EUR  59.840
Landesbank Bade   3.000  5/26/2023   EUR  51.620
Landesbank Hess   1.000  3/17/2036   EUR  70.250
Bank Vontobel A   8.008  08/05/2022  EUR  39.600
Bank Vontobel A  11.002  08/10/2022  CHF  60.200
Nordea Bank Abp   7.110  7/20/2023   SEK  67.870
UniCredit Bank    3.500  8/24/2022   EUR  43.450
UniCredit Bank    4.200  8/24/2022   EUR  54.430
SG Issuer SA      9.000  7/20/2023   SEK  63.250
Landesbank Bade   2.300  9/23/2022   EUR  63.080
TransFin-M PAO   15.650  02/04/2027  RUB  61.000
EFG Internation   6.200  2/20/2023   CHF  71.060
Raiffeisen Schw   4.600  2/20/2023   CHF  68.420
EFG Internation   8.160  2/26/2025   EUR  61.950
Leonteq Securit   6.000  2/20/2023   CHF  49.260
Leonteq Securit   6.800  2/20/2023   CHF  60.930
Credit Suisse A   6.000  8/22/2022   CHF  64.920
Leonteq Securit   5.040  2/21/2023   CHF  62.860
Raiffeisen Schw   4.500  2/21/2023   CHF  67.610
Raiffeisen Schw   6.000  8/24/2022   CHF  66.240
BNP Paribas Iss   7.050  01/05/2024  SEK  71.070
Citigroup Globa   7.200  5/24/2023   SEK #N/A N/A
UniCredit Bank    6.600  7/20/2028   EUR  25.710
Landesbank Bade   3.000  6/23/2023   EUR  53.370
Landesbank Bade   3.000  8/25/2023   EUR  50.290
SG Issuer SA      3.100  5/18/2028   EUR  67.310
Landesbank Bade   2.300  9/23/2022   EUR  62.470
VTB Bank PJSC     0.010  11/11/2025  RUB  48.950
VTB Bank PJSC     0.010 11/18/2025   RUB  53.400
VTB Bank PJSC     0.010 12/15/2023   RUB  87.390
Raiffeisen Swit   4.000  8/30/2022   CHF  28.070
Landesbank Bade   3.000  9/23/2022   EUR  46.790
UniCredit Bank    4.250  9/14/2022   EUR  66.460
Landesbank Bade   2.700  9/22/2023   EUR  54.770
Landesbank Hess   1.000  9/13/2034   EUR  75.800
Raiffeisen Schw   5.400  8/17/2022   CHF  67.720
Specialized Fin  15.342  2/15/2031   RUB  70.000
TransFin-M PAO   10.500  6/28/2027   RUB  60.000
Leonteq Securit   4.000  08/10/2022  CHF  54.260
Skandinaviska E   8.300  7/17/2023   SEK  57.280
UniCredit Bank    3.700  6/25/2022   EUR  41.820
Landesbank Bade   2.500  8/25/2023   EUR  48.940
Landesbank Bade   2.750  9/23/2022   EUR  48.140
TKK OOO          10.012 12/31/2033   RUB  60.100
UniCredit Bank    3.000  11/12/2022  EUR  51.640
TKK OOO          10.908 12/31/2033   RUB  60.100
Landesbank Bade   3.250  2/24/2023   EUR  57.680
Raiffeisen Cent  10.000  3/24/2023   EUR  48.160
Bank Vontobel A   9.008  8/19/2022   CHF  57.200
Bank Vontobel A  10.508  8/19/2022   CHF  43.900
Bank Vontobel A  10.507  8/19/2022   CHF  43.900
Leonteq Securit  15.000  8/19/2022   CHF  40.310
Leonteq Securit  12.400  8/19/2022   EUR  53.320
Leonteq Securit   9.000  08/11/2022  CHF  55.990
Leonteq Securit  15.740  08/10/2022  USD  19.110
Leonteq Securit   8.000  08/12/2022  CHF  56.940
Leonteq Securit  10.000  08/12/2022  CHF  41.430
Raiffeisen Swit   7.200  2/15/2023   CHF  58.150
DekaBank Deutsc   2.900  3/17/2023   EUR  68.500
Zurcher Kantona   7.000  10/06/2022  USD  73.630
Zurcher Kantona   8.750  07/01/2022  CHF  65.550
Societe General   6.000  7/22/2022   EUR  68.300
Societe General   6.750  7/22/2022   EUR  66.860
Societe General   7.750  7/22/2022   EUR  65.040
Societe General  12.000  7/22/2022   EUR  39.560
Societe General  14.000  7/22/2022   EUR  37.070
Societe General   6.500  7/22/2022   EUR  69.080
Societe General  10.500  7/22/2022   EUR  60.560
Societe General   4.750  7/22/2022   EUR  71.510
Societe General   7.000  7/22/2022   EUR  71.600
Societe General  10.000  7/22/2022   EUR  65.690
Societe General  11.000  7/22/2022   EUR  64.020
Societe General   7.250  7/22/2022   EUR  68.350
Societe General   8.250  7/22/2022   EUR  66.560
Societe General   9.250  7/22/2022   EUR  65.060
Societe General   4.250  7/22/2022   EUR  69.460
Societe General   5.250  7/22/2022   EUR  66.090
Societe General   8.000  7/22/2022   EUR  71.420
Societe General   6.000  7/22/2022   EUR  52.590
Societe General  10.000  7/22/2022   EUR  42.620
Societe General  11.000  7/22/2022   EUR  59.790
Societe General   7.250  7/22/2022   EUR  61.150
Bank Julius Bae  11.000  6/27/2022   CHF  22.350
UniCredit Bank    4.650  09/11/2023  EUR  63.180
Leonteq Securit   6.000  8/17/2022   CHF  67.650
EFG Internation   4.900  11/10/2023  USD  58.560
UBS AG/London    10.500  11/11/2022  CHF  58.450
UniCredit Bank    5.250  12/01/2023  EUR  35.130
Epito-Es Epulet   3.000  11/11/2030  HUF  65.500
Sberbank of Rus   0.010 10/28/2024   RUB  89.010
Sberbank of Rus   0.010  11/05/2025  RUB  73.600
Bank Vontobel A   6.006 11/14/2022   EUR  68.800
Sberbank of Rus   0.010 10/31/2025   RUB  75.500
Sberbank of Rus   0.010 11/20/2025   RUB  71.020
Sberbank of Rus   0.010 11/24/2025   RUB  78.910
Mostotrest PJSC   0.010  7/29/2026   RUB  56.950
Sberbank of Rus   0.010  11/12/2025  RUB  74.200
EFG Internation   7.500  5/19/2023   CHF  65.080
UBS AG/London    12.250 11/18/2022   EUR  31.500
Landesbank Bade   2.200  1/27/2023   EUR  24.450
DekaBank Deutsc   3.250  08/11/2023  EUR  47.950
DekaBank Deutsc   3.100  7/22/2022   EUR  46.700
DekaBank Deutsc   3.250  7/22/2022   EUR  78.580
DekaBank Deutsc   3.400  7/22/2022   EUR  63.310
DekaBank Deutsc   2.800 10/20/2023   EUR  32.000
Nordea Bank Abp   4.100  7/20/2023   SEK  50.500
UniCredit Bank    3.100  5/28/2023   EUR  61.460
Deutsche Bank A   2.200  4/14/2023   EUR  74.020
Landesbank Bade   2.400  7/22/2022   EUR  60.870
Leonteq Securit  11.000  08/05/2022  CHF  50.290
UniCredit Bank    5.750  2/26/2024   EUR  47.870
EFG Internation   6.500  02/09/2024  USD  76.330
Bank Vontobel A   8.002  08/05/2022  EUR  39.600
SG Issuer SA      8.300  7/21/2025   SEK  39.610
Leonteq Securit   5.400  7/25/2022   CHF  49.830
Landesbank Bade   2.500  8/25/2023   EUR  52.790
UniCredit Bank    3.350  9/14/2022   EUR  56.540
UniCredit Bank    4.550  9/28/2023   EUR  58.750
UniCredit Bank    3.750  9/14/2022   EUR  44.540
AKB Peresvet ZA   0.510  2/14/2032   RUB  13.000
UniCredit Bank    4.200  9/21/2022   EUR  37.920
Landesbank Bade   2.650  9/22/2023   EUR  54.910
SG Issuer SA      1.500 10/19/2033   EUR  77.870
Landesbank Bade   2.200 12/23/2022   EUR  63.800
Landesbank Bade   3.000 12/23/2022   EUR  50.260
Vasutvillamosit   3.000  02/03/2031  HUF  65.000
Raiffeisen Swit   7.500  02/08/2023  CHF  53.690
Raiffeisen Swit  11.000  08/05/2022  EUR  54.980
UBS AG/London    13.000  05/06/2024  USD  35.460
EFG Internation  13.000  11/07/2022  CHF  62.340
Leonteq Securit   6.700  11/04/2022  USD  46.950
Credit Suisse A   8.000  08/05/2022  EUR  62.140
Credit Suisse A   8.000  11/07/2022  USD  70.060
UBS AG/London     9.500  11/07/2022  CHF  60.800
UBS AG/London    12.750  11/07/2022  USD  39.600
UBS AG/London    12.750  11/07/2022  CHF  60.300
UBS AG/London    10.500  11/07/2022  CHF  53.800
UBS AG/London    10.250  11/07/2022  CHF  53.800
UBS AG/London    11.000  05/05/2023  CHF  59.150
UBS AG/London    12.750  11/07/2022  CHF  69.800
UBS AG/London     5.250  05/05/2023  CHF  63.100
UBS AG/London    14.500  11/07/2022  CHF  27.280
UBS AG/London    19.250  11/07/2022  CHF  65.800
Sberbank of Rus   0.010  05/07/2026  RUB  74.400
Luzerner Kanton   6.000  05/10/2023  CHF  57.450
Sberbank of Rus   0.010  05/10/2028  RUB  62.400
Bank Julius Bae   9.000  11/07/2022  USD  52.200
Vontobel Financ   7.450  05/09/2023  EUR  69.410
Leonteq Securit  11.000  11/07/2022  CHF  72.480
Bank Julius Bae   8.650  08/05/2022  USD  66.450
EFG Internation   5.000  05/11/2023  EUR  79.780
DekaBank Deutsc   5.100  06/04/2024  EUR  65.930
Leonteq Securit  11.200  11/07/2022  CHF  74.760
Leonteq Securit   7.000  11/07/2022  CHF  64.340
Leonteq Securit  14.000  08/10/2022  CHF  63.260
Leonteq Securit  10.000  11/07/2022  CHF  57.130
Leonteq Securit  10.000  08/10/2022  CHF  68.860
Leonteq Securit   8.000  11/07/2022  CHF  61.570
Leonteq Securit  11.000  08/10/2022  CHF  41.630
Zurcher Kantona   8.500  11/10/2022  EUR  60.040
Zurcher Kantona   8.500  11/10/2022  CHF  59.820
Bank Julius Bae   6.550  05/10/2023  CHF  65.250
Zurcher Kantona   7.000  08/10/2022  USD  48.780
DZ Bank AG Deut   4.800  9/19/2022   EUR  70.060
DZ Bank AG Deut   5.400  9/19/2022   EUR  68.810
Corner Banca SA  16.000  08/10/2022  EUR  42.350
Zurcher Kantona  10.000  5/19/2023   CHF  60.190
Zurcher Kantona   9.100  05/11/2023  CHF  59.190
UniCredit Bank    6.500  9/15/2022   EUR  20.290
Zurcher Kantona   7.000  11/11/2022  CHF  60.660
UniCredit Bank    7.300  6/14/2024   EUR  50.720
UniCredit Bank    5.300  6/14/2024   EUR  68.180
Bank Vontobel A   6.508  05/08/2023  CHF  77.700
Bank Vontobel A  15.010  08/08/2022  USD  21.600
Bank Vontobel A  14.257  08/08/2022  CHF  21.700
DZ Bank AG Deut  15.200  9/23/2022   EUR  68.920
DZ Bank AG Deut   8.900  9/23/2022   EUR  69.290
DZ Bank AG Deut   6.700  9/23/2022   EUR  71.660
DZ Bank AG Deut   8.600  9/23/2022   EUR  67.980
DZ Bank AG Deut  10.800  9/23/2022   EUR  64.830
DZ Bank AG Deut   5.500  9/23/2022   EUR  70.320
DZ Bank AG Deut   7.100  9/23/2022   EUR  66.070
DZ Bank AG Deut   9.100  9/23/2022   EUR  62.480
DZ Bank AG Deut  11.200  9/23/2022   EUR  59.380
DZ Bank AG Deut   5.600  9/23/2022   EUR  67.770
DZ Bank AG Deut  10.500  9/23/2022   EUR  70.730
DZ Bank AG Deut   5.000  9/23/2022   EUR  76.350
DZ Bank AG Deut   6.500  9/23/2022   EUR  72.930
DZ Bank AG Deut  10.200  9/23/2022   EUR  67.270
DZ Bank AG Deut   7.100  9/23/2022   EUR  71.130
DZ Bank AG Deut   9.500  9/23/2022   EUR  65.430
DZ Bank AG Deut   6.000  9/23/2022   EUR  66.490
DZ Bank AG Deut   8.300  9/23/2022   EUR  62.340
DZ Bank AG Deut  10.800  9/23/2022   EUR  58.980
DZ Bank AG Deut   6.800  9/23/2022   EUR  72.830
DZ Bank AG Deut   7.800  9/23/2022   EUR  70.220
DZ Bank AG Deut   9.000  9/23/2022   EUR  67.870
DZ Bank AG Deut  11.400  9/23/2022   EUR  63.720
DZ Bank AG Deut  13.300  9/23/2022   EUR  64.110
DZ Bank AG Deut  19.000  9/23/2022   EUR  36.720
DZ Bank AG Deut   8.700  9/23/2022   EUR  71.660
DZ Bank AG Deut  11.700  9/23/2022   EUR  66.070
DZ Bank AG Deut   4.500  9/23/2022   EUR  71.090
DZ Bank AG Deut  12.200  9/23/2022   EUR  60.820
DZ Bank AG Deut  13.000  9/23/2022   EUR  71.620
DZ Bank AG Deut   5.000  9/19/2022   EUR  64.610
DZ Bank AG Deut   6.250  9/19/2022   EUR  73.210
DZ Bank AG Deut   6.500  9/19/2022   EUR  75.840
EFG Internation  15.000 11/14/2022   EUR  67.490
Credit Suisse A   8.000  08/12/2022  CHF  74.360
UBS AG/London    14.750 11/14/2022   CHF  31.900
UBS AG/London    10.500 11/14/2022   CHF  30.350
UBS AG/London    11.250 11/14/2022   CHF  49.500
UBS AG/London     6.500 11/14/2022   CHF  61.050
UBS AG/London     5.500  05/12/2023  EUR  74.350
UBS AG/London     6.000 11/14/2022   EUR  73.950
UBS AG/London    11.750 11/14/2022   CHF  31.150
Corner Banca SA  15.000 11/21/2022   USD  33.890
Leonteq Securit  10.000 11/21/2022   CHF  61.000
Leonteq Securit  13.000 11/21/2022   USD  41.570
Leonteq Securit   9.000 11/21/2022   CHF  34.800
UniCredit Bank    4.350  6/14/2024   EUR  76.220
Vontobel Financ   4.550 11/14/2022   EUR  71.230
Leonteq Securit   1.650  1/25/2023   EUR  69.040
Leonteq Securit   7.450  1/25/2023   EUR  41.690
Luzerner Kanton   8.000  08/04/2022  CHF  69.710
EFG Internation   4.750  1/29/2024   USD  48.330
UniCredit Bank    3.450  04/02/2024  EUR  63.130
Credit Suisse A   6.000  08/08/2022  CHF  68.210
Bayerische Land   1.550  2/23/2024   EUR  69.670
Sberbank of Rus   0.010  02/06/2023  RUB  90.000
Sberbank of Rus   0.010  8/25/2025   RUB  50.000
Landesbank Hess   1.000  10/01/2035  EUR  74.150
Leonteq Securit   0.010 10/16/2023   EUR  68.050
UBS AG/London    14.500 10/17/2022   USD  28.200
EFG Internation   4.900 10/16/2023   USD  56.660
EFG Internation   4.900 10/20/2023   USD  53.520
Sberbank of Rus   0.010 10/23/2025   RUB  73.200
Zurcher Kantona   6.300 12/16/2022   CHF  39.120
Leonteq Securit   7.600  1/23/2023   CHF  47.880
Danske Bank A/S   6.860  07/09/2022  SEK  25.870
DekaBank Deutsc   2.000  02/10/2023  EUR  67.140
Raiffeisen Schw   6.900  7/27/2022   CHF  70.860
Leonteq Securit   7.400  1/24/2023   CHF  74.330
Corner Banca SA   5.250  1/24/2023   CHF  72.200
Sberbank of Rus   0.010  1/27/2025   RUB  70.000
DekaBank Deutsc   3.500  2/24/2023   EUR  62.520
Leonteq Securit   4.750  7/28/2022   CHF  73.650
Leonteq Securit   7.000  7/28/2022   USD  74.240
EFG Internation  11.800  02/04/2025  USD  76.620
Credit Suisse A   6.200  7/29/2022   CHF  67.740
Bank Julius Bae   8.350  1/30/2023   CHF  62.350
UniCredit Bank    7.600  2/19/2024   EUR  73.240
Raiffeisen Schw   7.200  1/31/2023   CHF  72.270
Leonteq Securit   6.400  1/31/2023   CHF  70.750
Raiffeisen Schw   6.900  08/03/2022  CHF  68.960
Sberbank of Rus   1.351  08/03/2023  RUB  80.000
Skandinaviska E   5.800  1/15/2025   SEK  50.810
Skandinaviska E   6.000  1/15/2025   SEK  41.950
Societe General  10.000  03/02/2023  USD  71.400
EFG Internation   7.000  08/10/2023  CHF  71.770
EFG Internation   4.900  9/21/2023   USD  58.460
VTB Bank PJSC     0.010  9/22/2023   RUB  70.630
Sberbank of Rus   0.010  9/22/2025   RUB  74.250
SFO VTB Investm   0.010 11/13/2023   RUB  72.810
Leonteq Securit   5.400  10/03/2022  CHF  74.760
Sberbank of Rus   0.010  10/04/2024  RUB  73.030
Raiffeisen Schw   5.400  10/04/2022  CHF  74.600
Raiffeisen Schw   6.000  10/04/2022  CHF  74.840
Nordea Bank Abp   5.813  7/20/2024   SEK  46.600
Nordea Bank Abp   7.450  7/20/2024   SEK  45.280
DekaBank Deutsc   3.200  11/04/2022  EUR  63.590
UBS AG/London     6.750  10/10/2022  CHF  74.150
EFG Internation  10.060 10/14/2022   USD  68.510
Landesbank Bade   3.600  6/23/2023   EUR  50.400
UniCredit Bank    4.150  05/08/2023  EUR  60.040
UniCredit Bank    4.900  5/22/2023   EUR  61.690
TKK OOO           8.200  9/23/2033   RUB  60.100
TKK OOO           8.700  9/20/2046   RUB  60.100
UniCredit Bank    4.250  6/28/2022   EUR  39.640
Landesbank Hess   1.500 12/16/2036   EUR  75.000
Vontobel Financ  12.250  6/28/2022   EUR  65.030
UniCredit Bank    3.850  6/28/2022   EUR  48.730
UniCredit Bank    3.600  6/28/2022   EUR  73.650
UniCredit Bank    3.800  6/28/2022   EUR  38.390
Bank Julius Bae  13.000 11/30/2022   EUR  61.700
UBS AG/London     7.500  08/10/2022  CHF  70.000
UBS AG/London     7.750  08/10/2022  CHF  18.100
UBS AG/London     5.250  08/10/2022  CHF  53.000
UBS AG/London     9.750  02/10/2023  USD  75.250
UBS AG/London    13.750  08/10/2022  CHF  68.950
UBS AG/London    14.250  08/10/2022  USD  28.240
EFG Internation   4.500  02/12/2024  USD  46.140
Skandinaviska E   9.020  7/17/2023   SEK  54.810
SG Issuer SA      4.000  6/22/2026   EUR  65.000
Landesbank Bade   3.000  9/23/2022   EUR  51.890
UniCredit Bank    4.200  7/26/2022   EUR  17.480
UniCredit Bank    4.450  7/23/2022   EUR  49.250
UniCredit Bank    4.150  7/26/2022   EUR  39.540
UniCredit Bank    3.650  7/23/2022   EUR  40.660
Skandinaviska E  10.360  7/17/2023   SEK  65.070
Landesbank Bade   2.500  8/25/2023   EUR  51.830
UniCredit Bank    3.000  08/03/2023  EUR  67.840
UniCredit Bank    5.350  2/27/2023   EUR  43.030
Landesbank Bade   2.700 10/28/2022   EUR  47.170
UniCredit Bank    4.400  12/10/2022  EUR  68.970
Landesbank Bade   1.500  4/16/2039   EUR  74.020
Citigroup Globa   8.200  3/21/2024   SEK  64.480
Leonteq Securit  10.000 11/14/2022   CHF  64.310
Leonteq Securit  13.000 11/17/2022   USD  43.490
Corner Banca SA  11.000 11/17/2022   EUR  62.470
Leonteq Securit   9.000 11/17/2022   CHF  55.260
Leonteq Securit   8.000  5/17/2023   CHF  62.340
Leonteq Securit  10.000 11/14/2022   EUR  64.820
Corner Banca SA  11.000 11/17/2022   USD  62.450
Leonteq Securit  10.000  8/17/2022   CHF  27.410
Bank Vontobel A  11.008 11/14/2022   CHF  53.800
Leonteq Securit  10.000 11/17/2022   USD  66.420
Leonteq Securit   8.500 11/14/2022   EUR  66.730
Leonteq Securit   8.500 11/17/2022   CHF  66.210
Raiffeisen Schw  12.000  8/17/2022   CHF  53.290
Raiffeisen Schw   5.500  5/17/2023   CHF  78.640
Raiffeisen Schw   6.500 11/17/2023   CHF  61.790
Bank Vontobel A  14.505 11/14/2022   EUR  56.300
Bank Vontobel A  14.505 11/14/2022   EUR  56.300
Goldman Sachs &   8.000 12/21/2022   EUR  69.180
DZ Bank AG Deut   8.500  9/21/2022   EUR  68.110
DZ Bank AG Deut   6.250  9/21/2022   EUR  61.240
DZ Bank AG Deut   5.000  9/21/2022   EUR  62.500
DZ Bank AG Deut   5.750  9/21/2022   EUR  72.990
DZ Bank AG Deut   5.250  9/21/2022   EUR  71.710
DZ Bank AG Deut   7.000  9/21/2022   EUR  66.820
Corner Banca SA   6.500 11/21/2022   CHF  34.610
Corner Banca SA   7.600 11/18/2022   USD  34.600
UBS AG/London     7.250 11/21/2022   CHF  65.150
UBS AG/London    10.250 11/21/2022   CHF  30.150
UBS AG/London     5.250  5/19/2023   CHF  68.000
UBS AG/London    19.250 11/21/2022   CHF  75.500
UBS AG/London     8.000  5/18/2023   EUR  75.200
UBS AG/London     8.250 11/21/2022   CHF  49.750
Bank Vontobel A   7.004 11/14/2022   CHF  51.900
Bank Vontobel A   9.256 11/14/2022   CHF  61.600
Bank Vontobel A   9.003 11/14/2022   CHF  46.700
Bank Vontobel A   5.755  5/15/2023   CHF  60.300
Bank Vontobel A  12.004  8/15/2022   CHF  51.100
EFG Internation  13.000 11/14/2022   CHF  33.490
Raiffeisen Cent   6.500  06/09/2023  EUR  50.540
Leonteq Securit  12.500  8/25/2022   CHF  53.910
Leonteq Securit  10.000 11/21/2022   EUR  66.300
EFG Internation   8.000 11/21/2022   CHF  65.750
Raiffeisen Swit   3.600 11/20/2023   CHF  72.000
EFG Internation  17.000 11/21/2022   EUR  57.070
Leonteq Securit   5.050  06/02/2023  EUR  50.460
EFG Internation  14.000 11/21/2022   CHF  22.620
Leonteq Securit  14.200  09/01/2022  CHF  27.730
Banque Cantonal   8.900 11/18/2022   CHF  74.250
Leonteq Securit  17.000  8/25/2022   CHF  52.260
Leonteq Securit  10.000  5/25/2023   EUR  64.890
Credit Suisse A  12.500  8/22/2022   CHF  47.210
Raiffeisen Swit  10.500  07/11/2024  USD  14.160
Landesbank Bade   3.000  8/26/2022   EUR  53.550
UBS AG/London     8.750  2/17/2023   CHF  74.350
Bank Vontobel A  10.506  8/19/2022   EUR  63.700
Bank Vontobel A   6.505  2/20/2023   EUR  56.000
Bank Vontobel A   7.756  8/19/2022   CHF  46.200
Bank Vontobel A  12.008  8/19/2022   CHF  27.200
Leonteq Securit   5.700  8/19/2022   USD  40.780
UniCredit Bank    4.350  7/31/2023   EUR  57.840
Leonteq Securit   8.310  7/19/2022   EUR  46.860
Citigroup Globa   5.000  08/01/2033  EUR  68.110
DekaBank Deutsc   2.400  5/17/2024   EUR  40.200
UBS AG/London     7.800  4/20/2026   EUR  57.910
Leonteq Securit  10.000  7/20/2022   CHF  30.650
Raiffeisen Cent   4.966  5/17/2023   EUR  62.350
Raiffeisen Cent   6.456  5/17/2023   EUR  71.770
DekaBank Deutsc   2.000  5/19/2023   EUR  71.100
Bank Vontobel A   7.501 10/16/2023   CHF  58.000
UniCredit Bank    4.300  8/15/2022   EUR  38.250
UBS AG/London     8.250 10/21/2022   CHF  56.900
UBS AG/London     7.000  4/21/2023   USD  52.050
UBS AG/London     9.000 10/21/2022   CHF  30.900
UBS AG/London    23.750 10/21/2022   USD  66.650
UBS AG/London    10.500  4/21/2023   CHF  30.100
EFG Internation   5.700  4/26/2023   USD  41.020
Bank Julius Bae   9.300  7/22/2022   USD  37.850
Leonteq Securit   8.000  4/26/2023   CHF  69.090
UniCredit Bank    1.550  7/18/2031   EUR  71.420
Raiffeisen Swit  12.000  7/19/2022   CHF  58.960
Raiffeisen Swit  12.000  7/19/2022   EUR  61.400
VTB Bank PJSC     0.010  05/01/2025  RUB  65.570
UniCredit Bank    4.900  5/14/2024   USD  75.010
Sberbank of Rus   0.010  4/22/2026   RUB  76.800
Sberbank of Rus   0.010  4/23/2026   RUB  70.600
Leonteq Securit  18.000  7/26/2022   CHF  66.300
Landesbank Bade   3.260  4/28/2023   EUR  76.430
Landesbank Bade   3.060  4/26/2024   EUR  75.600
Leonteq Securit   9.000 10/26/2022   EUR  61.170
Zurcher Kantona   8.500 10/26/2022   USD  74.470
Raiffeisen Cent   5.750  5/19/2023   EUR  48.540
Nordea Bank Abp   3.200  7/20/2026   SEK  70.870
EFG Internation   5.000  4/26/2023   USD  57.700
Raiffeisen Swit   6.750 10/26/2022   CHF  55.070
Raiffeisen Swit  12.000 10/26/2022   CHF  37.900
Raiffeisen Swit   8.000 10/26/2022   EUR  60.460
Landesbank Bade   2.650  1/27/2023   EUR  45.690
Societe General   7.000  8/26/2022   EUR  67.640
Societe General   8.000  8/26/2022   EUR  65.820
Societe General   7.750  8/26/2022   EUR  65.350
Societe General  10.000  8/26/2022   EUR  67.620
Societe General  11.250  7/22/2022   EUR  67.510
Societe General   5.750  8/26/2022   EUR  69.240
Societe General   4.500  8/26/2022   EUR  72.130
Societe General   6.500  8/26/2022   EUR  67.220
Societe General   7.500  8/26/2022   EUR  65.420
DZ Bank AG Deut   5.600  9/19/2022   EUR  62.920
DZ Bank AG Deut   5.000  9/19/2022   EUR  66.990
Leonteq Securit  20.000  7/26/2022   CHF  59.450
Leonteq Securit  10.000 10/26/2022   CHF  29.210
Leonteq Securit  12.000  1/26/2023   CHF  31.400
Leonteq Securit   8.000  1/26/2023   CHF  70.840
DZ Bank AG Deut   6.750  9/19/2022   EUR  73.890
Leonteq Securit   9.000  7/26/2023   USD  69.950
Zurcher Kantona   7.500  08/04/2022  CHF  71.860
Raiffeisen Schw  12.500  7/26/2022   CHF  27.840
Raiffeisen Schw   5.400  1/23/2023   CHF  79.440
Raiffeisen Schw  14.000  7/26/2022   CHF  52.400
Raiffeisen Schw   8.000  1/23/2023   CHF  59.720
Bank Julius Bae   8.250  7/27/2022   CHF  55.500
Bank Julius Bae   7.600 10/27/2022   CHF  64.000
Vontobel Financ  10.450  8/29/2022   EUR  40.030
Vontobel Financ   9.300  8/29/2022   EUR  75.370
DekaBank Deutsc   2.800  09/01/2023  EUR  43.430
DVM Constructio   3.000  7/29/2030   HUF  60.400
Landesbank Bade   3.100  8/26/2022   EUR  55.730
Landesbank Bade   4.100  8/26/2022   EUR  74.660
Landesbank Bade   3.500  8/26/2022   EUR  24.990
Landesbank Bade   5.450  8/26/2022   EUR  21.440
Landesbank Bade   3.100  8/26/2022   EUR  69.960
Landesbank Bade   3.250  8/26/2022   EUR  73.210
Sberbank of Rus   0.010  08/07/2025  RUB  78.100
SFO VTB Investm   0.010  03/10/2023  RUB  71.000
Bank Otkritie F   0.010  7/28/2023   RUB  83.010
Landesbank Bade   3.000 10/25/2024   EUR  30.190
Leonteq Securit   8.690  7/26/2023   CHF  62.860
Vontobel Financ   3.500  9/23/2022   EUR  52.120
Leonteq Securit  28.020  7/22/2022   CHF  55.120
Leonteq Securit  13.000  7/22/2022   CHF  50.880
UBS AG/London    12.000  1/16/2023   CHF  30.050
Raiffeisen Schw  16.000  7/19/2022   EUR  63.670
Raiffeisen Schw  12.000 10/19/2022   CHF  68.210
Raiffeisen Schw  11.000  7/19/2022   CHF  55.120
Raiffeisen Schw   8.000  7/19/2023   CHF  58.660
Raiffeisen Schw   6.000  7/19/2023   CHF  75.690
Sberbank of Rus   0.010  7/23/2026   RUB  70.200
Societe General   4.000  8/26/2022   EUR  65.440
Societe General   5.000  8/26/2022   EUR  62.330
Societe General   7.000  8/26/2022   EUR  57.770
Societe General   8.000  8/26/2022   EUR  56.000
Societe General   8.500  8/26/2022   EUR  65.010
Societe General  13.500  8/26/2022   EUR  33.910
Societe General   8.000  8/26/2022   EUR  75.520
Raiffeisen Cent   6.381  9/21/2022   EUR  66.420
Raiffeisen Cent   7.232  9/21/2022   EUR  66.190
Raiffeisen Cent  11.061  9/21/2022   EUR  70.050
Societe General  10.500  8/26/2022   EUR  69.610
Societe General  11.500  8/26/2022   EUR  67.970
Raiffeisen Cent   0.851  9/21/2022   EUR  57.510
Raiffeisen Cent   5.530  9/21/2022   EUR  60.540
Societe General  12.000  7/22/2022   EUR  65.140
Societe General   3.000  8/26/2022   EUR  69.700
Societe General   6.750  8/26/2022   EUR  70.820
Societe General  10.750  8/26/2022   EUR  61.300
Societe General   5.500  8/26/2022   EUR  47.310
Societe General   7.500  8/26/2022   EUR  42.010
Societe General   9.500  8/26/2022   EUR  38.460
Societe General  11.500  8/26/2022   EUR  35.900
DekaBank Deutsc   3.190  2/17/2023   EUR  69.290
Leonteq Securit  10.000  7/26/2022   CHF  59.510
Leonteq Securit   7.000  7/26/2023   CHF  70.210
Leonteq Securit  10.000 10/26/2022   CHF  50.340
Vontobel Financ   7.500  9/23/2022   EUR  63.470
Vontobel Financ   5.500  9/23/2022   EUR  68.860
Zurcher Kantona  10.000  08/03/2022  CHF  77.530
Zurcher Kantona  10.000  08/03/2022  CHF  57.030
Zurcher Kantona  12.500  08/03/2022  CHF  49.860
Vontobel Financ  11.200  7/26/2022   EUR  44.710
Zurcher Kantona  28.500  08/02/2022  USD  44.310
Zurcher Kantona  27.500  08/02/2022  CHF  57.750
Bank Julius Bae  10.000  7/26/2022   USD  56.600
Bank Vontobel A   5.500  1/22/2024   CHF  73.700
Bank Vontobel A   4.500  7/21/2023   CHF  71.200
Bank Vontobel A   9.500  1/23/2023   CHF  61.600
Bank Vontobel A   6.500  1/24/2023   CHF  56.700
Bank Vontobel A  12.500  1/24/2023   CHF  51.800
Bank Vontobel A  12.500  1/24/2023   CHF  52.100
BNP Paribas Emi   6.900  8/25/2022   EUR  70.690
Societe General   6.500  8/26/2022   EUR  68.680
Societe General   7.500  8/26/2022   EUR  66.730
Societe General   8.750  8/26/2022   EUR  63.820
Societe General   8.000  8/26/2022   EUR  71.410
Societe General   9.500  8/26/2022   EUR  65.740
Societe General   4.750  8/26/2022   EUR  71.710
Societe General   6.750  8/26/2022   EUR  67.090
Societe General   3.500  8/26/2022   EUR  75.760
Societe General   5.500  8/26/2022   EUR  69.440
Societe General   8.500  8/26/2022   EUR  63.880
DZ Bank AG Deut   4.800  9/19/2022   EUR  64.180
DZ Bank AG Deut   5.700  9/19/2022   EUR  65.740
DZ Bank AG Deut   6.500  9/19/2022   EUR  64.520
Corner Banca SA   8.200  7/26/2023   CHF  58.390
Corner Banca SA  10.000  1/23/2023   CHF  69.040
DZ Bank AG Deut   4.750  9/19/2022   EUR  70.750
DZ Bank AG Deut   8.250  9/19/2022   EUR  58.530
DZ Bank AG Deut   7.000  9/19/2022   EUR  60.180
Zurcher Kantona  11.000  08/03/2022  CHF  56.480
Raiffeisen Schw  10.000  7/26/2022   CHF  50.800
Raiffeisen Schw  13.500  7/26/2022   CHF  61.840
Raiffeisen Schw   9.500  1/26/2023   CHF  59.770
Raiffeisen Schw   8.500  1/23/2023   CHF  67.620
Raiffeisen Schw   9.000  1/23/2023   CHF  76.900
Raiffeisen Schw   7.000  1/23/2023   CHF  71.580
Bank Julius Bae   6.400 10/27/2022   CHF  68.800
Zurcher Kantona  21.500  08/03/2022  CHF  72.450
Societe General  10.500  7/22/2022   EUR  72.370
Leonteq Securit  21.420  7/27/2022   CHF  25.130
Sberbank of Rus   0.010  7/24/2025   RUB  76.800
Sberbank of Rus   0.010  7/23/2025   RUB  69.600
Landesbank Bade   3.250  3/24/2023   EUR  74.120
Landesbank Bade   4.300  3/24/2023   EUR  69.740
Landesbank Bade   4.050  3/24/2023   EUR  30.980
Landesbank Bade   7.250  3/24/2023   EUR  74.340
Landesbank Bade   3.700  3/24/2023   EUR  73.950
Vontobel Financ  16.450  03/03/2023  EUR  42.860
Raiffeisen Cent  10.192  9/21/2022   EUR  54.200
Raiffeisen Cent   7.644  9/21/2022   EUR  57.860
Raiffeisen Cent   8.918  9/21/2022   EUR  55.680
Vontobel Financ   5.000  3/26/2024   EUR  71.400
UBS AG/London     9.750  09/05/2022  CHF  54.850
UBS AG/London    10.000  03/03/2023  CHF  58.550
UBS AG/London    11.250  03/03/2023  CHF  58.950
UBS AG/London    15.000  09/05/2022  CHF  61.100
EFG Internation   6.400  03/08/2023  USD  59.090
Nordea Bank Abp   7.100  7/20/2024   SEK  48.840
Nordea Bank Abp   9.000  7/20/2024   SEK  41.700
Vontobel Financ  10.000  9/23/2022   EUR  65.940
Vontobel Financ  12.500  9/23/2022   EUR  63.240
Vontobel Financ   6.000  9/23/2022   EUR  59.440
Vontobel Financ  11.000  9/23/2022   EUR  53.660
Vontobel Financ  13.500  9/23/2022   EUR  63.310
Vontobel Financ  11.000  9/23/2022   EUR  67.340
Vontobel Financ  13.000  9/23/2022   EUR  67.630
Vontobel Financ  10.000  9/23/2022   EUR  72.330
Vontobel Financ  12.000  9/23/2022   EUR  69.110
Vontobel Financ  14.000  9/23/2022   EUR  66.220
Vontobel Financ   9.500  9/23/2022   EUR  64.260
Vontobel Financ  12.500  9/23/2022   EUR  60.190
Vontobel Financ  11.000  9/23/2022   EUR  72.420
Vontobel Financ  12.500  9/23/2022   EUR  20.910
Vontobel Financ  11.500  9/23/2022   EUR  21.400
Vontobel Financ   8.500  9/23/2022   EUR  53.300
UBS AG/London     8.000  1/16/2023   CHF  75.100
Sberbank of Rus   0.010  7/24/2028   RUB  58.600
Societe General   6.000  8/26/2022   EUR  59.820
Societe General   9.000  8/26/2022   EUR  64.360
Societe General   7.000  8/26/2022   EUR  77.450
Raiffeisen Cent   8.508  9/21/2022   EUR  66.510
Raiffeisen Cent   8.508  9/21/2022   EUR  70.410
Raiffeisen Cent  14.038  9/21/2022   EUR  70.540
Societe General   9.500  8/26/2022   EUR  71.340
Raiffeisen Cent   0.851  9/21/2022   EUR  58.690
Raiffeisen Cent   1.702  9/21/2022   EUR  62.400
Societe General   8.750  8/26/2022   EUR  65.300
Societe General  12.750  8/26/2022   EUR  58.180
Societe General  10.500  8/26/2022   EUR  66.170
Societe General   3.500  8/26/2022   EUR  56.450
Leonteq Securit  11.000  1/26/2023   USD  58.710
Leonteq Securit   8.400  1/26/2023   CHF  61.720
Vontobel Financ  10.500  9/23/2022   EUR  58.560
Vontobel Financ   5.000  9/23/2022   EUR  69.480
Vontobel Financ   4.000  9/23/2022   EUR  61.980
Zurcher Kantona  12.500  08/03/2022  CHF  70.570
Vontobel Financ   7.000  9/23/2022   EUR  62.540
Vontobel Financ   8.000  9/23/2022   EUR  53.260
Societe General   3.000  7/22/2022   USD   9.140
Erste Group Ban   5.550  8/30/2022   EUR  60.050
UniCredit Bank    5.550  7/19/2022   EUR  57.000
Landesbank Bade   2.500  3/22/2024   EUR  75.110
Bank Julius Bae   5.700 10/24/2022   EUR  69.200
Bank Julius Bae   7.300 10/24/2022   USD  64.900
Bank Julius Bae   7.400  7/22/2022   USD  73.200
Vontobel Financ  10.000  9/23/2022   EUR  71.440
Vontobel Financ   7.000  9/23/2022   EUR  57.770
Vontobel Financ   9.500  9/23/2022   EUR  54.890
Vontobel Financ   8.000  9/23/2022   EUR  72.000
Vontobel Financ   7.500  9/23/2022   EUR  77.910
Vontobel Financ   8.500  9/23/2022   EUR  76.010
Vontobel Financ   9.000  9/23/2022   EUR  74.070
Vontobel Financ  11.000  9/23/2022   EUR  70.680
Vontobel Financ   6.500  9/23/2022   EUR  69.150
Vontobel Financ  10.000  9/23/2022   EUR  21.830
Vontobel Financ  14.000  9/23/2022   EUR  20.600
Vontobel Financ  15.000  9/23/2022   EUR  20.210
Raiffeisen Swit   7.000  05/03/2023  CHF  56.310
Landesbank Hess   1.800  06/09/2036  EUR  73.050
Nordea Bank Abp   6.450  1/22/2024   SEK  71.750
Bank Vontobel A   9.006 10/31/2022   CHF  22.400
Leonteq Securit   9.000 12/21/2022   CHF  44.010
Leonteq Securit  12.000  7/26/2022   EUR  59.240
Leonteq Securit  10.000 10/26/2022   USD  24.060
Leonteq Securit   7.000  4/26/2023   CHF  60.790
Leonteq Securit   8.000  7/26/2022   CHF  58.940
Raiffeisen Swit   7.200  4/26/2023   CHF  74.840
Raiffeisen Swit  10.500 10/26/2022   CHF  55.960
EFG Internation  10.000 12/16/2022   CHF  27.880
UBS AG/London    11.250 12/16/2022   USD  58.950
UBS AG/London     8.250  6/16/2023   CHF  59.750
VTB Bank PJSC     0.010  06/01/2024  RUB  79.660
Goldman Sachs &   7.000  7/20/2022   EUR  61.370
Goldman Sachs &  12.000  7/20/2022   EUR  61.680
Goldman Sachs &  10.000  7/20/2022   EUR  64.750
Goldman Sachs &   5.000  6/21/2023   EUR  72.120
Goldman Sachs &   8.000  6/21/2023   EUR  69.250
Goldman Sachs &   5.000  6/21/2023   EUR  74.150
Goldman Sachs &   6.000  6/21/2023   EUR  63.280
Goldman Sachs &   7.000  6/21/2023   EUR  64.240
Goldman Sachs &   5.000 12/21/2022   EUR  77.630
Bank Julius Bae   9.250  9/19/2022   EUR  60.450
Bank Julius Bae   8.200  9/19/2022   USD  55.700
Bank Julius Bae  12.000  9/19/2022   USD  52.050
Leonteq Securit  10.000  9/21/2022   EUR  64.260
Credit Suisse A   8.250  9/19/2022   EUR  59.330
Vontobel Financ   8.500  7/13/2022   EUR  47.930
VTB Bank PJSC     0.010  5/20/2026   RUB  65.900
UniCredit Bank    3.500  2/13/2023   EUR  34.920
Leonteq Securit  11.000  7/29/2022   CHF  53.490
Leonteq Securit  11.000 10/31/2022   USD  55.830
Credit Suisse A   8.000  08/03/2022  CHF  28.590
SG Issuer SA      7.700  1/20/2024   SEK  60.920
TMK PJSC          7.350  2/28/2025   RUB  60.160
Vontobel Financ   5.500  09/09/2022  EUR  64.400
Raiffeisen Swit   8.200  11/03/2022  CHF  54.020
Raiffeisen Swit   6.500  11/03/2022  CHF  56.390
Bank Vontobel A  11.006 10/31/2022   CHF  47.500
Bank Vontobel A   8.503 10/31/2022   CHF  59.300
Landesbank Hess   2.234  06/09/2036  EUR  69.500
UniCredit Bank    1.560  1/20/2031   EUR  72.690
Bank Vontobel A   9.001 10/17/2022   CHF  54.800
Bank Vontobel A   8.000 10/17/2022   CHF  59.800
UBS AG/London    13.250 10/21/2022   CHF  46.450
UBS AG/London    13.250 10/21/2022   CHF  48.250
EFG Internation   5.800  4/26/2023   EUR  32.200
Leonteq Securit  12.000  7/22/2022   CHF  55.620
UniCredit Bank    0.900  7/18/2031   EUR  75.650
Raiffeisen Swit   8.200 10/19/2022   CHF  56.370
Raiffeisen Swit   7.000  4/19/2023   CHF  71.720
Landesbank Bade   7.250  7/22/2022   EUR  58.510
Landesbank Bade   5.000  7/22/2022   EUR  64.370
Vontobel Financ   3.500  07/03/2023  EUR  65.110
Landesbank Hess   1.100  7/23/2036   EUR  73.050
VTB Bank PJSC     0.010  5/19/2024   RUB  72.020
UBS AG/London    12.500 12/16/2022   CHF  44.350
UBS AG/London     8.000 12/16/2022   CHF  55.700
UBS AG/London     9.000 12/16/2022   CHF  71.350
Goldman Sachs &   5.000  3/22/2023   EUR  77.030
Landesbank Bade   4.000  7/25/2025   EUR  42.410
Bank Julius Bae   7.850  9/19/2022   USD  67.550
Leonteq Securit  10.520 12/21/2022   USD  57.890
DekaBank Deutsc   2.000  2/23/2024   EUR  69.950
DekaBank Deutsc   3.400  2/23/2024   EUR  70.160
Erste Group Ban   7.250  03/03/2026  EUR  34.500
EFG Internation  10.000  7/27/2022   CHF  47.400
Sberbank of Rus   0.010  1/29/2024   RUB  85.930
SG Issuer SA      1.250  2/28/2033   EUR  64.240
Bank Vontobel A   7.756  2/13/2023   CHF  56.800
Bank Vontobel A   6.507  8/17/2022   CHF  67.200
Bank Vontobel A  12.505  8/19/2022   CHF  43.500
Bank Vontobel A   6.505  2/27/2023   CHF  47.900
Leonteq Securit   9.000  8/26/2022   CHF  47.690
Leonteq Securit  14.000  8/26/2022   USD  19.820
Leonteq Securit   8.000  03/01/2023  CHF  50.850
Leonteq Securit  11.000  8/26/2022   CHF  30.080
Raiffeisen Swit   7.500  03/01/2023  CHF  55.600
Landesbank Bade   3.150  3/24/2023   EUR  54.070
Sberbank of Rus   0.010  03/04/2026  RUB  77.210
UBS AG/London    16.250  09/05/2022  CHF  43.500
Landesbank Hess   1.400  03/05/2036  EUR  71.850
Landesbank Hess   1.000  04/09/2035  EUR  73.400
UniCredit Bank    4.400  04/12/2023  EUR  61.480
Societe General   2.000 10/19/2022   EUR  63.750
UniCredit Bank    5.150  4/24/2023   EUR  58.210
Bank Vontobel A  20.004  08/10/2022  CHF  43.700
UBS AG/London    11.000  8/24/2022   CHF  42.250
UBS AG/London     6.500  2/24/2023   CHF  54.350
UBS AG/London    11.250  8/24/2022   CHF  52.900
EFG Internation  15.000  8/24/2022   CHF  49.800
EFG Internation   8.200  03/01/2023  USD  34.490
Landesbank Hess   1.000  04/03/2035  EUR  72.600
Danske Bank A/S   7.500  01/09/2025  SEK  44.130
VTB Bank PJSC     0.010  3/25/2025   RUB  87.010
Raiffeisen Swit   7.000  8/19/2022   CHF  47.750
Erste Group Ban   9.500  3/29/2024   EUR  51.450
Credit Suisse A   7.250  9/19/2022   CHF  70.170
Raiffeisen Cent   8.250  05/11/2023  EUR  57.040
Nordea Bank Abp   3.450  7/20/2026   SEK  71.620
Bank Julius Bae   9.650  7/29/2022   USD  70.200
Leonteq Securit  10.000 10/31/2022   USD  39.080
Leonteq Securit  10.000 10/31/2022   CHF  65.550
Vontobel Financ  15.750  08/03/2022  EUR  30.310
UBS AG/London     5.520  4/29/2041   USD  50.391
Leonteq Securit  11.500 10/27/2022   CHF  52.350
Landesbank Bade   3.350  4/28/2023   EUR  41.240
Landesbank Bade   7.000  4/28/2023   EUR  43.480
Landesbank Bade   7.000  4/28/2023   EUR  74.110
Landesbank Bade   5.250  4/28/2023   EUR  34.360
Landesbank Bade   2.150  4/28/2023   EUR  72.220
Landesbank Bade   5.200  4/28/2023   EUR  37.730
Landesbank Bade   2.000  4/28/2023   EUR  72.300
Landesbank Bade   3.150  4/28/2023   EUR  37.920
Landesbank Bade   2.300  4/28/2023   EUR  51.190
Landesbank Bade   6.000  4/28/2023   EUR  65.620
Landesbank Bade   4.350  4/28/2023   EUR  37.590
Bank Vontobel A   7.504  4/24/2023   CHF  72.700
Bank Vontobel A  12.005 10/24/2022   CHF  48.000
EFG Internation   9.000 10/28/2022   CHF  63.410
UBS AG/London    10.500  4/28/2023   CHF  65.500
UBS AG/London     8.000 10/28/2022   CHF  62.050
UBS AG/London    13.750 10/28/2022   EUR  58.350
UBS AG/London     8.750 10/28/2022   CHF  52.750
UBS AG/London     9.500 10/28/2022   CHF  55.300
UBS AG/London     8.750  4/28/2023   CHF  59.200
SG Issuer SA      7.740  1/20/2024   SEK  60.970
Leonteq Securit  10.000 10/31/2022   EUR  67.030
Leonteq Securit   7.000  05/03/2023  CHF  56.650
Nordea Bank Abp   4.250  7/20/2027   SEK  70.380
Bank Vontobel A   6.503  4/24/2023   EUR  52.900
Bank Vontobel A   7.252  4/24/2023   CHF  53.400
Bank Vontobel A   7.008  7/25/2022   CHF  51.500
Landesbank Bade   3.100  3/24/2023   EUR  72.090
UBS AG/London     7.750 10/28/2022   CHF  61.800
UBS AG/London    12.750 10/28/2022   CHF  36.050
Zurcher Kantona   6.400  11/07/2022  USD  31.810
Sberbank of Rus   0.010  04/04/2025  RUB  75.000
Landesbank Hess   1.000  4/30/2035   EUR  76.100
Pravourmiiskoe    9.500  3/31/2028   RUB  92.010
Landesbank Bade   3.350  4/28/2023   EUR  68.090
Landesbank Bade   3.800  4/28/2023   EUR  51.360
Landesbank Bade   4.200  4/28/2023   EUR  73.710
Landesbank Bade   6.100  4/28/2023   EUR  65.080
Landesbank Bade   3.200  4/28/2023   EUR  68.150
Landesbank Bade   4.000  4/28/2023   EUR  73.620
Landesbank Bade   5.700  4/28/2023   EUR  35.800
Landesbank Bade   3.000  4/28/2023   EUR  40.130
Bank Vontobel A   7.504  4/24/2023   CHF  72.700
DekaBank Deutsc   1.460 10/27/2022   EUR  71.680
UBS AG/London    13.500  4/29/2024   USD  35.410
Raiffeisen Swit   7.700  8/19/2022   CHF  52.820
Leonteq Securit   9.300  8/24/2022   USD  33.770
UBS AG/London    10.250  8/24/2022   CHF  57.050
UBS AG/London     6.250  8/24/2022   CHF  56.400
UBS AG/London     6.500  8/24/2022   CHF  16.780
Credit Suisse A   8.100  8/23/2022   CHF  58.460
EFG Internation  13.000  8/24/2022   CHF  40.960
Vontobel Financ  20.500  8/17/2022   EUR  54.750
DekaBank Deutsc   1.000  3/17/2025   EUR  55.810
DekaBank Deutsc   2.100  3/17/2023   EUR  69.080
UBS AG/London    14.750  2/17/2023   CHF  34.100
EFG Internation   4.500  2/26/2024   USD  44.560
Bank Vontobel A  10.006  1/23/2023   EUR  67.900
Bank Vontobel A  10.008  7/22/2022   CHF  53.000
Leonteq Securit  13.000  7/25/2022   USD  21.840
Leonteq Securit   5.500  1/25/2023   USD  49.470
Zurcher Kantona  11.500  08/12/2022  CHF  70.540
DZ Bank AG Deut   3.000 12/23/2022   EUR  32.950
DZ Bank AG Deut   7.000 12/23/2022   EUR  25.900
Leonteq Securit  10.000  08/12/2022  CHF  64.190
Corner Banca SA  12.000  08/12/2022  CHF  56.190
Raiffeisen Swit   8.000  08/12/2022  CHF  56.880
VTB Bank PJSC     3.750              EUR  64.000
Landesbank Bade   2.300  9/23/2022   EUR  60.340
Landesbank Bade   3.050  9/23/2022   EUR  50.700
Skandinaviska E   6.500  7/15/2024   SEK  54.320
EFG Internation  13.360  10/12/2022  CHF  63.340
Leonteq Securit  11.000  10/12/2022  CHF  65.360
DZ Bank AG Deut   5.250  7/20/2022   EUR  69.940
DZ Bank AG Deut   4.750  9/21/2022   EUR  52.350
DZ Bank AG Deut   5.000  7/20/2022   EUR  70.600
DZ Bank AG Deut   5.500  9/21/2022   EUR  63.520
Landesbank Hess   0.850  2/18/2036   EUR  69.550
Nordea Bank Abp   2.000  02/03/2026  SEK  64.660
VTB Bank PJSC     0.010  5/13/2025   RUB  65.060
VTB Bank PJSC     0.010  5/13/2025   RUB  69.550
Goldman Sachs &   5.000  3/22/2023   EUR  77.200
EFG Internation  12.000  10/12/2022  CHF  35.880
Bank Julius Bae   7.150  07/06/2022  CHF  72.550
Bank Julius Bae   6.900  07/06/2022  CHF  58.450
Zurcher Kantona  11.250  07/06/2022  EUR  36.260
DZ Bank AG Deut   5.750  7/20/2022   EUR  65.600
DZ Bank AG Deut   5.000  7/20/2022   EUR  72.750
DZ Bank AG Deut   8.750  7/20/2022   EUR  59.370
Zurcher Kantona   6.500 12/21/2022   EUR  61.530
VTB Bank PJSC     0.010  04/08/2026  RUB  77.590
Leonteq Securit  10.000 12/21/2022   USD  31.920
EFG Internation   6.000  3/30/2023   USD  59.450
Raiffeisen Schw   7.250  02/06/2023  CHF  69.950
Landesbank Bade   2.550  6/23/2023   EUR  67.770
SG Issuer SA      6.850  1/20/2024   SEK  64.460
Goldman Sachs &   6.000 12/21/2022   EUR  63.450
DZ Bank AG Deut   5.000  7/20/2022   EUR  69.600
DZ Bank AG Deut  10.000  7/20/2022   EUR  48.190
DZ Bank AG Deut   7.000  9/21/2022   EUR  52.870
SG Issuer SA      7.600  1/20/2025   SEK  30.140
DZ Bank AG Deut  12.700  9/23/2022   EUR  29.010
DZ Bank AG Deut  14.500  9/23/2022   EUR  28.220
DZ Bank AG Deut  14.900  9/23/2022   EUR  68.210
Vontobel Financ  21.000  9/23/2022   EUR  63.850
Vontobel Financ   8.000  9/23/2022   EUR  73.390
Vontobel Financ   9.000  9/23/2022   EUR  58.520
Vontobel Financ  12.000  9/23/2022   EUR  59.040
Vontobel Financ  10.500  9/23/2022   EUR  73.580
UniCredit Bank    9.650  09/07/2022  EUR  21.670
DZ Bank AG Deut  17.100  9/23/2022   EUR  61.520
DZ Bank AG Deut  16.300  9/23/2022   EUR  44.340
Sberbank of Rus   0.010  04/05/2028  RUB  64.000
Goldman Sachs &   5.000  9/21/2022   EUR  64.730
Goldman Sachs &   5.000 12/21/2022   EUR  77.850
EFG Internation  11.560  10/12/2022  CHF  66.720
Zurcher Kantona  15.250  07/06/2022  CHF  38.830
Zurcher Kantona   8.250  7/20/2022   EUR  54.140
DZ Bank AG Deut   7.500  7/20/2022   EUR  55.850
Bank Julius Bae   8.450  8/15/2022   USD  54.950
Vontobel Financ  14.500  9/23/2022   EUR  78.490
UBS AG/London     7.750  7/20/2022   CHF  45.550
Leonteq Securit   5.000  2/27/2024   CHF  72.510
DSTelecom SA      2.456  05/07/2028  EUR   1.440
Lehman Brothers   3.500  6/20/2011   EUR   0.100
Lehman Brothers   7.500  2/14/2010   AUD   0.100
Erste Group Ban   0.770 11/13/2033   EUR  72.170
Lehman Brothers   7.600  1/31/2013   AUD   0.100
Credit Agricole   3.000  1/19/2041   AUD  55.339
Credit Agricole  10.200 12/13/2027   TRY  36.997
DZ Bank AG Deut   0.800  1/21/2041   EUR  71.798
Region Bretagne   0.150  1/19/2035   EUR  74.038
Lehman Brothers   4.000  03/10/2011  EUR   0.100
Brussels Munici   0.832  3/29/2041   EUR  71.432
Muenchener Hypo   1.003  03/09/2060  EUR  65.643
BNP Paribas SA    1.010  10/05/2035  EUR  71.294
Lehman Brothers   8.000  3/19/2012   USD   0.100
Standard Charte   3.000  4/30/2036   AUD  74.464
DekaBank Deutsc   1.350 11/15/2044   EUR  71.307
Vasakronan AB     2.752 11/20/2031   AUD  76.868
Lehman Brothers   7.150  3/21/2013   USD   0.100
Region Wallonne   0.638  6/21/2047   EUR  59.739
Getin Noble Ban   8.400  1/31/2024   PLN  48.875
Landesbank Bade   0.750  08/05/2031  EUR  76.135
Societe General   1.900  1/15/2031   AUD  68.780
Ukraine Governm   9.710 11/19/2031   UAH  43.922
Norddeutsche La   0.825  02/12/2036  EUR  67.955
Citigroup Globa   0.300  1/19/2032   EUR  72.645
Norddeutsche La   1.420  4/28/2039   EUR  70.383
Credit Agricole  15.700  10/07/2026  TRY  47.458
Erste Group Ban   0.560  9/29/2033   EUR  72.568
Region de Bruxe   0.609  12/03/2049  EUR  56.877
Department of P   0.671  7/17/2040   EUR  69.212
Region de Bruxe   1.053 11/14/2059   EUR  57.785
Kreditanstalt f   1.000  4/27/2041   EUR  76.705
Societe General   2.900 12/23/2031   AUD  74.894
Raiffeisenlande   2.310  2/27/2040   EUR  64.056
Caisse des Depo   2.615 11/15/2049   AUD  66.619
Assistance Publ   0.647  7/17/2040   EUR  68.946
Credit Agricole   1.900  1/15/2031   AUD  77.353
Norddeutsche La   1.000  8/13/2036   EUR  69.058
Norddeutsche La   0.400  8/13/2031   EUR  76.702
Norddeutsche La   0.700  2/15/2036   EUR  66.659
Lehman Brothers   6.300 12/21/2018   USD   0.100
Lehman Brothers  11.000  2/16/2009   CHF   0.100
Lehman Brothers   7.000  2/15/2010   CHF   0.100
Lehman Brothers   5.375  02/04/2014  USD   0.100
Lehman Brothers  13.000  2/16/2009   CHF   0.100
Lehman Brothers  10.000  2/16/2009   CHF   0.100
BNP Paribas SA    4.000  02/11/2029  PLN  79.294
Landesbank Bade   0.490  12/11/2030  EUR  76.460
Department of L   0.550 12/18/2045   EUR  61.989
Societe General   5.050 11/25/2036   USD  58.858
Barclays Bank P   2.070 12/18/2035   USD  71.520
Erste Group Ban   1.110  6/17/2035   EUR  73.305
Credit Agricole   2.100 12/18/2035   USD  69.384
Aktia Bank Oyj    0.850 12/21/2040   EUR  69.107
Banque Internat   0.800 12/22/2032   EUR  76.721
Deutsche Bank A   2.010  12/10/2052  EUR  59.128
Landesbank Bade   0.980  7/15/2032   EUR  75.348
Societe General   2.680  4/13/2031   AUD  73.382
Landesbank Bade   1.080  7/16/2035   EUR  69.678
Heta Asset Reso   7.500 12/31/2023   ATS   4.157
Municipality of   0.210  9/14/2035   EUR  75.488
Brussels Munici   0.892  3/29/2041   EUR  72.890
Brussels Munici   0.892  9/29/2041   EUR  72.175
Raiffeisen-Land   1.100 11/13/2036   EUR  70.056
Agence Francais   0.714  07/10/2045  EUR  70.588
BNG Bank NV       0.772  08/05/2050  EUR  67.721
Wirtschafts- un   0.101  09/08/2033  EUR  77.197
Single Platform   1.080  5/25/2066   EUR  51.814
Landesbank Bade   0.890  08/06/2035  EUR  67.706
Landesbank Hess   0.500  2/18/2036   EUR  70.871
Norddeutsche La   1.570  09/09/2038  EUR  72.645
Ukraine Governm   6.000  09/10/2031  UAH  31.317
Ukraine Governm   6.000 10/15/2031   UAH  31.155
Citigroup Globa   0.200  1/19/2031   EUR  74.766
Lehman Brothers   0.500 12/20/2017   AUD   0.100
Lehman Brothers   0.500 12/20/2017   AUD   0.100
Bayerische Land   0.350 12/23/2030   EUR  80.418
Ukraine Governm   9.700 10/13/2032   UAH  42.810
Ukraine Governm   8.750  2/16/2033   UAH  39.036
Lehman Brothers   0.500 12/20/2017   AUD   0.100
Lehman Brothers   9.300 12/21/2010   EUR   0.100
Ukraine Governm   9.980  03/06/2030  UAH  47.319
Ukraine Governm   9.700  03/10/2032  UAH  43.469
Ukraine Governm   9.700  8/25/2032   UAH  42.950
Ukraine Governm   6.000  1/28/2032   UAH  30.679
Lehman Brothers   0.500 12/20/2017   AUD   0.100
Ukraine Governm   9.730  9/24/2031   UAH  44.153
Lehman Brothers   4.000  01/04/2011  USD   0.100
Lehman Brothers   0.500 12/20/2017   AUD   0.100
Ukraine Governm   9.950  05/08/2030  UAH  46.968
Ukraine Governm   6.000 11/28/2029   UAH  35.099
BNP Paribas SA    1.150 11/20/2034   EUR  75.524
Muenchener Hypo   0.030  1/14/2031   EUR  77.255
Lehman Brothers   8.000 12/31/2010   USD   0.100
Region Wallonne   0.865  7/20/2044   EUR  65.430
Lehman Brothers   0.500 12/20/2017   USD   0.100
Republic of Ire   0.810  07/10/2079  EUR  52.368
DZ Bank AG Deut   0.500  8/18/2036   EUR  73.562
Landesbank Hess   0.460  7/20/2032   EUR  75.459
Societe General   1.290  2/27/2040   EUR  67.000
Lehman Brothers   0.500 12/20/2017   USD   0.100
Lehman Brothers   0.500 12/20/2017   USD   0.100
Lehman Brothers   0.500 12/20/2017   USD   0.100
Landesbank Bade   0.060  10/04/2030  EUR  74.469
Landeskreditban   0.842  05/03/2041  EUR  75.726
Caisse des Depo   2.700  4/28/2041   AUD  70.842
HSBC Continenta   1.385 11/18/2039   EUR  71.541
Hypo Tirol Bank   1.320  7/16/2041   EUR  67.078
Lehman Brothers   6.000  3/18/2015   USD   0.100
UBS Group AG      3.030 11/18/2034   AUD  76.730
Barclays Bank P   2.000  05/07/2036  MXN  25.162
Single Platform   0.750  8/15/2050   EUR  55.464
Erste Group Ban   0.940  5/22/2034   EUR  72.826
Lehman Brothers   1.000  2/26/2010   USD   0.100
Lehman Brothers  11.750  03/01/2010  EUR   0.100
Berlin Hyp AG     0.750  03/04/2050  EUR  66.894
Societe General   2.710  07/08/2035  AUD  64.212
Landesbank Hess   0.490  2/28/2035   EUR  72.895
DZ Bank AG Deut   0.700  4/29/2036   EUR  77.089
Bayerische Land   1.800  1/25/2036   EUR  85.402
Single Platform   1.180  04/01/2039  EUR  70.757
Aareal Bank AG    1.125  6/28/2030   EUR  75.895
Region Wallonne   0.808  6/24/2038   EUR  74.556
Region Wallonne   0.970  6/24/2043   EUR  67.881
Kreditanstalt f   1.143  4/15/2050   EUR  74.515
Kuntarahoitus O  12.000  6/26/2023   TRY  70.200
Region Occitani   0.786 12/14/2046   EUR  64.811
Landesbank Hess   0.490  1/24/2035   EUR  73.100
Region de Bruxe   0.450 12/22/2056   EUR  46.917
Metropole de Ly   0.500 12/28/2048   EUR  57.701
Landesbank Bade   0.350  1/20/2031   EUR  75.210
Landesbank Bade   0.510  4/15/2031   EUR  75.909
Landesbank Bade   0.460  01/07/2031  EUR  76.961
Landesbank Bade   0.490 12/23/2030   EUR  76.388
Landesbank Hess   0.550  1/21/2036   EUR  71.513
Landesbank Bade   0.520  01/07/2032  EUR  74.535
Norddeutsche La   1.050  01/06/2039  EUR  64.983
Getin Noble Ban  12.110 12/21/2023   PLN  54.875
Grupo Isolux Co   1.000 12/30/2021   USD   0.100
Region Occitani   0.776  10/06/2041  EUR  69.389
Department of V   0.735  07/03/2040  EUR  70.146
Grupo Isolux Co   6.000 12/30/2021   USD   0.267
BNP Paribas SA    3.180 11/19/2039   AUD  67.135
Landesbank Hess   0.700  11/04/2033  EUR  74.223
Muenchener Hypo   1.495  10/05/2050  EUR  68.378
Landesbank Bade   0.340  03/04/2030  EUR  76.159
Caisse des Depo   0.696  9/14/2040   EUR  74.046
Lehman Brothers   6.000  03/04/2015  USD   0.100
Landesbank Bade   0.370  01/06/2031  EUR  75.433
Purple Protecte   1.565 12/23/2060   EUR  67.185
Lehman Brothers  13.000  7/25/2012   EUR   0.100
Kommunekredit     2.200  9/27/2041   AUD  70.302
Landesbank Bade   0.360 12/30/2030   EUR  75.406
Caisse des Depo   2.205  9/28/2041   AUD  65.034
Norddeutsche La   1.410  07/07/2037  EUR  70.750
Kreissparkasse    0.350  2/19/2035   EUR  70.084
Purple Protecte   1.518  1/25/2061   EUR  69.008
Credit Agricole   7.000  06/12/2023  TRY  70.288
Landesbank Bade   1.020  7/15/2033   EUR  73.343
Barclays Bank P   3.020  4/23/2036   NZD  73.097
Ukraine Governm  11.300  05/10/2025  UAH  66.096
Ukraine Governm  11.290  11/10/2025  UAH  63.189
Ukraine Governm  10.360  11/10/2027  UAH  53.467
Ukraine Governm   9.780  05/10/2029  UAH  48.265
Ukraine Governm   9.610  11/10/2029  UAH  46.727
Ukraine Governm   9.150  05/10/2031  UAH  42.712
Ukraine Governm   9.010  11/10/2031  UAH  41.511
Ukraine Governm   8.630  05/10/2033  UAH  38.394
Ukraine Governm   8.520  11/10/2033  UAH  37.504
Ukraine Governm   8.310  11/10/2034  UAH  35.898
Ukraine Governm   6.000  12/11/2030  UAH  32.768
Lehman Brothers   8.800 12/27/2009   EUR   0.100
Lehman Brothers  11.000 12/20/2017   AUD   0.100
Landesbank Bade   0.570  4/23/2031   EUR  76.391
Ukraine Governm   6.000  4/23/2031   UAH  32.024
Ukraine Governm   9.790  5/14/2031   UAH  44.888
Ukraine Governm   6.000  03/12/2031  UAH  32.231
Ukraine Governm   9.800  04/02/2031  UAH  45.049
Lehman Brothers   2.500  8/23/2012   GBP   0.100
Societe General   0.690  4/21/2033   EUR  73.902
Region Hauts-de   0.643  07/09/2040  EUR  68.848
DZ Bank AG Deut   0.500  02/04/2036  EUR  73.055
Single Platform   1.000  07/08/2034  EUR  76.141
Lehman Brothers   3.000  8/13/2011   EUR   0.100
Landesbank Bade   0.440  05/07/2031  EUR  75.268
Landesbank Bade   0.540  4/21/2033   EUR  70.531
Lehman Brothers  14.900 11/16/2010   EUR   0.100
Grand Delta Hab   1.630  03/06/2045  EUR  54.757
Nederlandse Wat   0.810  07/08/2050  EUR  70.152
Single Platform   0.930  07/02/2041  EUR  65.786
Norddeutsche La   0.500  02/10/2033  EUR  72.333
DZ Bank AG Deut   0.550  1/21/2036   EUR  73.774
BPCE SA           2.160  10/06/2031  USD  75.178
Agence Metropol   0.500  07/07/2035  EUR  76.541
Landesbank Bade   0.500  7/30/2031   EUR  75.170
Caisse des Depo   1.275  05/05/2051  EUR  76.319
Irish Bank Reso   6.750 11/30/2013   BGN  33.250
Landesbank Hess   0.600  2/18/2036   EUR  71.887
Lehman Brothers  16.000  10/08/2008  CHF   0.100
Ukraine Governm   6.000 11/22/2028   UAH  37.920
Single Platform   1.200  11/01/2040  EUR  68.671
BPCE SA           2.730  10/05/2036  AUD  68.332
Bayerische Land   1.020  11/12/2035  EUR  76.658
Raiffeisen-Land   1.140  4/26/2051   EUR  74.620
Single Platform   0.725  03/07/2039  EUR  65.268
Region de Bruxe   0.730  2/25/2050   EUR  58.908
Lehman Brothers   3.500 12/20/2027   USD   0.100
Ukraine Governm   6.000  1/22/2031   UAH  32.506
Ukraine Governm   6.000  8/28/2030   UAH  33.337
Ukraine Governm   9.700  12/06/2028  UAH  48.939
Ukraine Governm   6.000  9/19/2029   UAH  35.565
Ukraine Governm   9.910  08/07/2030  UAH  46.417
Ukraine Governm   6.000  9/18/2030   UAH  33.209
Ukraine Governm   6.000  10/11/2028  UAH  38.263
Single Platform   1.200 11/15/2037   EUR  72.490
Ukraine Governm   6.000  1/27/2027   UAH  44.988
Region Occitani   0.580  10/06/2036  EUR  74.864
Lehman Brothers   1.500  10/12/2010  EUR   0.100
Grupo Isolux Co   0.250 12/30/2018   EUR   0.100
ECM Real Estate   5.000  10/09/2011  EUR  15.375
Region de Bruxe   0.256  2/26/2035   EUR  75.113
Societe General   1.192  8/29/2034   USD  66.250
Lehman Brothers   8.000 10/23/2008   USD   0.100
Lehman Brothers   7.000 10/22/2010   EUR   0.100
Lehman Brothers   3.400  9/21/2009   HKD   0.100
Citigroup Globa   1.180 12/23/2036   EUR  71.464
Batigere Grand    1.550 11/14/2039   EUR  60.763
Single Platform   0.840  6/20/2043   EUR  62.540
Caisse des Depo   0.750  11/06/2048  EUR  62.923
Societe General   2.920  2/21/2035   USD  74.604
Single Platform   0.938  2/15/2041   EUR  64.307
Norddeutsche La   0.825  5/18/2033   EUR  75.366
Bayerische Land   0.630  3/19/2032   EUR  79.301
BNP Paribas SA    3.310  2/27/2040   AUD  67.120
Petromena ASA    10.850 11/19/2018   USD   0.622
Landesbank Bade   0.780  4/21/2036   EUR  66.051
Landesbank Bade   0.610  05/11/2034  EUR  68.547
Landesbank Bade   0.500  05/11/2032  EUR  72.761
Lehman Brothers   5.200  11/09/2011  EUR   0.100
Societe General   2.900 10/24/2039   AUD  60.196
Lehman Brothers  18.250  10/02/2008  USD   0.100
Lehman Brothers   6.000  9/20/2011   EUR   0.100
Single Platform   0.785  3/20/2039   EUR  66.069
Single Platform   0.932  2/15/2041   EUR  63.688
Kreditanstalt f   0.885 11/14/2039   EUR  77.256
Landesbank Bade   0.500  4/21/2031   EUR  75.804
Norddeutsche La   1.910  11/10/2036  EUR  77.159
Single Platform   0.803  3/20/2041   EUR  62.337
ECM Real Estate   5.000  10/09/2011  EUR  15.375
Lehman Brothers   4.000  10/12/2010  USD   0.100
Liga Bank eG Re   0.680  3/17/2036   EUR  71.699
Lehman Brothers   9.000  05/06/2011  CHF   0.100
Lehman Brothers   7.000  4/24/2009   USD   0.100
Lehman Brothers  10.000 10/23/2008   USD   0.100
Lehman Brothers  10.600  4/22/2014   MXN   0.100
Bayerische Land   0.770 11/29/2032   EUR  78.953
Bayerische Land   0.820 11/29/2033   EUR  77.663
Lehman Brothers   4.600  08/01/2013  EUR   0.100
Lehman Brothers   8.000  5/22/2009   USD   0.100
Lehman Brothers  16.000  11/09/2008  USD   0.100
Bayerische Land   0.870 11/29/2034   EUR  76.492
Lehman Brothers  10.000  5/22/2009   USD   0.100
Lehman Brothers   1.000  05/09/2012  EUR   0.100
Lehman Brothers   4.300  06/04/2012  USD   0.100
Stichting Afwik   8.450  8/20/2018   USD   5.375
Caisse des Depo   2.340 11/27/2049   AUD  62.478
Lehman Brothers   2.300  06/06/2013  USD   0.100
Lehman Brothers   4.000  06/05/2011  USD   0.100
Bayerische Land   1.637  03/08/2035  EUR  84.195
DZ Bank AG Deut   0.500  03/02/2038  EUR  69.336
Landesbank Bade   0.400  01/12/2032  EUR  74.524
Lehman Brothers  13.500  06/02/2009  USD   0.100
Lehman Brothers  23.300  9/16/2008   USD   0.100
Lehman Brothers   3.000  06/03/2010  EUR   0.100
Lehman Brothers  12.400  06/12/2009  USD   0.100
Caisse des Depo   1.270  10/01/2051  EUR  77.635
BPCE SA           2.250  3/13/2040   AUD  58.382
Lehman Brothers   6.450  2/20/2010   AUD   0.100
Berlin Hyp AG     0.895  7/20/2050   EUR  68.831
Lehman Brothers   5.500  4/23/2014   EUR   0.100
Single Platform   1.870 11/21/2044   EUR  73.565
Agence Francais   0.537  7/16/2040   EUR  73.083
Single Platform   0.605  9/20/2042   EUR  59.775
BNG Bank NV       1.410  7/28/2031   AUD  75.177
Landesbank Bade   0.350  1/13/2031   EUR  76.972
HSBC Bank PLC    10.300 12/20/2024   TRY  49.581
Oberoesterreich   0.655  1/25/2036   EUR  67.842
Lehman Brothers   7.500  5/30/2010   AUD   0.100
Barclays Bank P   2.230  1/26/2036   USD  72.503
Single Platform   0.678  2/15/2041   EUR  60.848
Norddeutsche La   1.175  11/10/2036  EUR  71.467
SpareBank 1 SR-   1.020  10/08/2036  EUR  73.435
Societe General   2.480  7/17/2040   USD  62.480
Goldman Sachs &   7.000  9/21/2022   EUR  66.130
Goldman Sachs &   6.000  3/22/2023   EUR  71.630
Vontobel Financ  13.130  8/17/2022   EUR  55.260
UniCredit Bank    4.250  07/01/2022  USD  55.900
Vontobel Financ   8.000  9/23/2022   EUR  61.250
Vontobel Financ   3.500  9/23/2022   EUR  48.780
Vontobel Financ   6.000  9/23/2022   EUR  55.350
Vontobel Financ   5.000  9/23/2022   EUR  69.350
Vontobel Financ   4.000  9/23/2022   EUR  64.170
Vontobel Financ   5.500  9/23/2022   EUR  64.550
Vontobel Financ   5.000  9/23/2022   EUR  64.420
Vontobel Financ   6.500  9/23/2022   EUR  55.470
Vontobel Financ   2.500  9/23/2022   EUR  54.560
Vontobel Financ   4.500  9/23/2022   EUR  56.280
Vontobel Financ   3.500  9/23/2022   EUR  54.530
Vontobel Financ   5.000 12/23/2022   EUR  65.480
Vontobel Financ   4.500 12/23/2022   EUR  66.050
Vontobel Financ  12.500 12/23/2022   EUR  35.980
Vontobel Financ   6.000 12/23/2022   EUR  65.490
Vontobel Financ   7.500 12/23/2022   EUR  69.290
Vontobel Financ   6.500 12/23/2022   EUR  62.780
Vontobel Financ   6.500  9/23/2022   EUR  61.210
Vontobel Financ   5.000  9/23/2022   EUR  71.350
Vontobel Financ  10.000  9/23/2022   EUR  65.760
Vontobel Financ   7.000 12/23/2022   EUR  66.500
Vontobel Financ   8.000  9/23/2022   EUR  64.680
Vontobel Financ   6.500  9/23/2022   EUR  64.800
Vontobel Financ   7.000  9/23/2022   EUR  64.920
Vontobel Financ   7.000 12/23/2022   EUR  66.580
Vontobel Financ   5.500 12/23/2022   EUR  65.840
Vontobel Financ   8.000 12/23/2022   EUR  67.080
Vontobel Financ   5.500  9/23/2022   EUR  64.550
Vontobel Financ   8.000  9/23/2022   EUR  65.170
Vontobel Financ   4.500 12/23/2022   EUR  56.040
Vontobel Financ   5.500  9/23/2022   EUR  55.230
Vontobel Financ  13.500 12/23/2022   EUR  63.560
Vontobel Financ   3.000 12/23/2022   EUR  60.150
Vontobel Financ   4.500 12/23/2022   EUR  60.900
Vontobel Financ   3.500 12/23/2022   EUR  60.400
Vontobel Financ   4.000 12/23/2022   EUR  60.650
Vontobel Financ   9.500 12/23/2022   EUR  67.740
Vontobel Financ   7.500 12/23/2022   EUR  70.490
Vontobel Financ   7.000 12/23/2022   EUR  63.030
Vontobel Financ   6.000 12/23/2022   EUR  69.770
Vontobel Financ   6.000  3/24/2023   EUR  58.100
Vontobel Financ   3.000  3/24/2023   EUR  58.750
Vontobel Financ   4.000  3/24/2023   EUR  59.490
Vontobel Financ   3.500  3/24/2023   EUR  59.120
Vontobel Financ   4.500  3/24/2023   EUR  59.870
Vontobel Financ   8.000  3/24/2023   EUR  58.890
Vontobel Financ   8.000 12/23/2022   EUR  57.650
Vontobel Financ   7.000  3/24/2023   EUR  65.240
Vontobel Financ   8.500  3/24/2023   EUR  62.950
Vontobel Financ  12.000  3/24/2023   EUR  65.290
Vontobel Financ  10.500  3/24/2023   EUR  74.360
Vontobel Financ  13.500 12/23/2022   EUR  69.780
Vontobel Financ  11.500 12/23/2022   EUR  73.240
Vontobel Financ  16.500 12/23/2022   EUR  74.940
Vontobel Financ  14.500  3/24/2023   EUR  74.940
Vontobel Financ  18.000 12/23/2022   EUR  72.680
Vontobel Financ  11.750  3/24/2023   EUR  63.110
Vontobel Financ   8.500  3/24/2023   EUR  67.060
Vontobel Financ  13.500  3/24/2023   EUR  68.790
Vontobel Financ   8.500  3/24/2023   EUR  68.920
Vontobel Financ  10.000  3/24/2023   EUR  66.010
Vontobel Financ  11.500  3/24/2023   EUR  67.120
Vontobel Financ  10.500  6/23/2023   EUR  67.680
Vontobel Financ   9.000  6/23/2023   EUR  69.850
Vontobel Financ  11.500  6/23/2023   EUR  68.680
Vontobel Financ  13.000  6/23/2023   EUR  70.180
DekaBank Deutsc   3.600  07/01/2022  EUR  46.390
Stadtsparkasse    1.000  11/03/2031  EUR  77.231
Bayerische Land   1.440  11/03/2033  EUR  83.620
Stadtsparkasse    1.040 11/14/2031   EUR  77.265
Brussels Munici   0.384  6/15/2035   EUR  76.637
Lehman Brothers   6.000  7/28/2010   EUR   0.100
Hellas Telecomm   8.500 10/15/2013   EUR   0.834
NORD/LB Luxembo   0.542  9/30/2037   EUR  71.228
Credit Agricole   0.700  4/15/2033   EUR  75.525
Single Platform   1.083  2/15/2041   EUR  66.593
Landesbank Bade   0.660  7/14/2036   EUR  64.525
Bayerische Land   0.520 11/26/2031   EUR  80.711
Department of B   1.368  05/06/2044  EUR  76.902
Lehman Brothers   4.150  8/25/2020   EUR   0.100
Department of L   0.442 10/25/2045   EUR  60.491
Single Platform   1.490  3/20/2051   EUR  65.988
Lehman Brothers   6.000  12/06/2016  USD   0.100
Caisse des Depo   2.160  12/07/2050  AUD  59.540
Region Wallonne   0.591  02/10/2040  EUR  68.617
Lehman Brothers   4.000  4/24/2009   USD   0.100
Department of G   0.900 12/15/2039   EUR  73.076
Lehman Brothers  15.000  3/30/2011   EUR   0.100
Region Bretagne   0.700  12/02/2038  EUR  71.902
Lehman Brothers   0.250 10/19/2012   CHF   0.100
Citigroup Globa   1.250  11/02/2036  EUR  72.409
Lehman Brothers   7.000  2/15/2012   EUR   0.100
Norske Skogindu   2.000 12/30/2115   EUR   0.113
Landesbank Bade   0.530  03/03/2031  EUR  76.934
Lehman Brothers   3.500 10/24/2011   USD   0.100
Nederlandse Wat   0.964  06/11/2059  EUR  71.063
Lehman Brothers   5.200  3/19/2018   EUR   0.100
Lehman Brothers  14.900  9/15/2008   EUR   0.100
Lehman Brothers   6.000  2/14/2012   EUR   0.100
Lehman Brothers   6.600  2/22/2012   EUR   0.100
Lehman Brothers   4.690  2/19/2017   EUR   0.100
Ukraine Governm   9.500  3/19/2025   UAH  63.780
Landesbank Bade   0.560  7/13/2034   EUR  67.786
Lehman Brothers   2.000 10/28/2010   EUR   0.100
Lehman Brothers  11.000  6/29/2009   EUR   0.100
Lehman Brothers   5.500  6/15/2009   CHF   0.100
Lehman Brothers   1.500 10/25/2011   EUR   0.100
Heta Asset Reso   4.350 12/31/2023   EUR   4.007
Astana Finance    9.000 11/16/2011   USD  15.250
Region Bretagne   0.770  12/01/2039  EUR  71.385
DZ Bank AG Deut   0.600  5/15/2036   EUR  75.750
Norddeutsche La   1.000  01/12/2034  EUR  75.366
Liga Bank eG Re   0.760  12/08/2036  EUR  71.524
Citigroup Globa   1.030 10/25/2034   EUR  72.254
Landesbank Bade   0.370 10/20/2031   EUR  73.492
Lehman Brothers   7.250  10/06/2008  EUR   0.100
Lehman Brothers  10.500  08/09/2010  EUR   0.100
Lehman Brothers   9.000  6/13/2009   USD   0.100
Lehman Brothers   7.000 11/28/2008   CHF   0.100
Lehman Brothers   8.000  5/22/2009   USD   0.100
SG Issuer SA      0.100  06/11/2029  NZD  66.007
Credit Industri   2.275  10/08/2035  EUR  76.233
Region de Bruxe   0.796  07/02/2042  EUR  69.210
Lehman Brothers   7.000  4/14/2009   EUR   0.100
Wirtschafts- un   0.500  12/01/2038  EUR  72.376
Lehman Brothers   7.750  1/30/2009   EUR   0.100
Wirtschafts- un   0.450  12/01/2038  EUR  73.084
Communaute Fran   0.818  8/28/2050   EUR  58.338
Barclays Bank P   1.000  8/31/2034   EUR  77.183
Region Bretagne   0.642  6/16/2037   EUR  73.802
Landesbank Bade   0.140 10/20/2031   EUR  76.489
BNP Paribas SA    2.750 10/24/2034   AUD  69.706
Lehman Brothers   7.585 11/22/2009   MXN   0.100
Norddeutsche La   1.200  1/13/2037   EUR  71.346
Region Bretagne   0.815  06/12/2040  EUR  71.418
Region Bretagne   0.607  06/11/2036  EUR  75.646
Single Platform   0.960  7/22/2038   EUR  68.814
Aktia Bank Oyj    0.800  2/26/2036   EUR  74.612
Lehman Brothers   2.300  6/27/2013   USD   0.100
Muenchener Hypo   0.510  01/10/2035  EUR  77.305
Bayerische Land   1.320  9/16/2033   EUR  82.688
DZ Bank AG Deut   0.650 12/22/2036   EUR  75.604
Ukraine Governm   6.500  9/20/2023   UAH  71.516
Landesbank Bade   0.150  9/20/2030   EUR  75.236
Transports Publ   0.220 10/28/2032   CHF  75.319
Landeskreditban   1.025  04/01/2061  EUR  66.199
Region Bourgogn   0.300  12/03/2040  EUR  63.720
Lehman Brothers   5.220  03/01/2024  EUR   0.100
Natixis SA        2.180  8/24/2035   USD  72.740
Cooperatieve Ra   0.500 12/29/2027   MXN  57.525
Kuntarahoitus O   1.170  9/22/2056   EUR  73.840
Single Platform   1.156  02/12/2041  EUR  68.031
Region de Bruxe   0.557  08/07/2048  EUR  57.420
Lehman Brothers  10.000  3/27/2009   USD   0.100
Lehman Brothers   5.000 10/24/2008   CHF   0.100
SAir Group        2.750  7/30/2004   CHF  12.625
Lehman Brothers   4.500  03/06/2013  CHF   0.100
Lehman Brothers   9.000  3/17/2009   GBP   0.100
Lehman Brothers   3.860  9/21/2011   SGD   0.100
Lehman Brothers   3.850  4/24/2009   USD   0.100
Region de Bruxe   0.731  8/25/2060   EUR  50.106
Region de Bruxe   0.761  07/02/2041  EUR  70.176
BNP Paribas SA    0.720  07/01/2031  EUR  76.825
Liga Bank eG Re   0.650  6/26/2034   EUR  74.310
Lehman Brothers  11.000 12/19/2011   USD   0.100
Department of G   0.979  6/25/2040   EUR  73.559
NRW Bank          1.200 10/25/2049   EUR  77.960
Norddeutsche La   0.950  08/03/2033  EUR  75.959
Lehman Brothers   8.000  08/03/2009  USD   0.100
Lehman Brothers   2.500 12/15/2011   GBP   0.100
Natixis SA        2.950 10/28/2034   AUD  74.374
Norddeutsche La   1.050  1/13/2037   EUR  70.296
Communaute Fran   0.771  8/25/2050   EUR  56.932
Communaute Fran   0.785  8/24/2050   EUR  57.831
Lehman Brothers   6.000 10/24/2008   EUR   0.100
Batigere Grand    1.540  11/04/2041  EUR  56.318
Norddeutsche La   0.700  08/03/2033  EUR  74.157
Banque Internat   1.600  07/07/2036  EUR  74.631
Lehman Brothers   4.000 11/24/2016   EUR   0.100
Agence Francais   2.360 10/17/2044   AUD  64.682
Kuntarahoitus O   0.960 10/25/2049   EUR  71.614
DekaBank Deutsc   0.780 10/18/2035   EUR  73.248
Region de Bruxe   0.720 10/17/2051   EUR  57.965
Lehman Brothers   4.350  08/08/2016  SGD   0.100
Norddeutsche La   0.925  7/23/2036   EUR  69.755
Region de Bruxe   0.875  6/22/2057   EUR  55.260
Lehman Brothers   4.000  4/13/2011   CHF   0.100
Region of Centr   0.825  6/18/2041   EUR  70.387
Lehman Brothers   0.250  7/21/2014   EUR   0.100
Credit Agricole   2.810 10/29/2034   AUD  77.625
Credit Agricole  17.520  1/27/2027   TRY  57.379
HSBC Continenta   1.300 10/23/2039   EUR  70.376
Lehman Brothers   5.750  6/15/2009   CHF   0.100
Lehman Brothers   7.500 10/24/2008   USD   0.100
Bank fuer Kirch   0.800  11/12/2035  EUR  73.812
Bank fuer Kirch   0.770  10/12/2035  EUR  73.624
DNB Boligkredit   1.080  5/16/2039   EUR  76.915
DZ Bank AG Deut   0.500 10/20/2036   EUR  73.784
Natixis SA        2.955  5/28/2050   USD  69.113
Single Platform   0.853  3/20/2040   EUR  64.509
Norddeutsche La   0.825  10/12/2033  EUR  74.388
BNP Paribas SA    3.660  08/09/2039  AUD  72.430
Hypo Tirol Bank   0.740  5/29/2040   EUR  71.797
Aareal Bank AG    0.570  08/07/2029  EUR  75.566
Lehman Brothers   6.000  7/28/2010   EUR   0.100
City of Amsterd   0.490 12/16/2036   EUR  75.336
Barclays Bank P  13.350  9/28/2023   TRY  67.397



                           *********


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.

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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 * * *