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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, October 31, 2022, Vol. 23, No. 211

                           Headlines



A R M E N I A

ARDSHINBANK CJSC: S&P Assigns 'B+/B' ICRs, Outlook Stable


A U S T R I A

AMS-OSRAM AG: S&P Alters Outlook to Stable, Affirms 'BB-' LT ICR


A Z E R B A I J A N

AZERBAIJAN: Fitch Alters Outlook on BB+ Foreign Curr. IDR to Pos.


B E L G I U M

GOODYEAR EUROPE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


B O S N I A   A N D   H E R Z E G O V I N A

RAIFFEISEN BANK: Moody's Assigns B1 Local Currency Deposit Rating


F R A N C E

IQERA GROUP: S&P Affirms 'B+' ICR & Alters Outlook to Negative
VERALLIA SA: S&P Affirms 'BB+' LongTerm ICR, Outlook Positive


G E R M A N Y

THYSSENKRUPP AG: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


I R E L A N D

BOSPHORUS CLO VII: Moody's Assigns B3 Rating to EUR4.1MM F Notes
CARLYLE EURO 2022-5: S&P Assigns BB-(sf) Rating on Class D Notes
PALMER SQUARE 2022-3: Moody's Assigns Ba3 Rating to Class E Notes
RRE 14 LOAN: S&P Assigns BB-(sf) Rating on EUR9MM Class D Notes


L U X E M B O U R G

ALTISOURCE PORTFOLIO: Egan-Jones Retains CCC+ Sr. Unsec. Ratings
INEOS GROUP: S&P Assigns 'BB' Rating on New Sr. Secured Term Loans
INEOS US: Moody's Assigns Ba2 Rating to New Sr. Secured Term Loan
NEPTUNE HOLDCO: S&P Lowers ICR to 'B-' on Elevated Leverage


M A L T A

FIMBANK PLC: Fitch Alters Outlook on 'B' LongTerm IDR to Stable


N E T H E R L A N D S

HUNKEMOLLER: S&P Assigns Prelim. 'B-' LongTerm ICR, Outlook Stable
MAXEDA DIY: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
SHERO BIDCO: Moody's Gives 'B3' CFR & Rates New Secured Notes 'B3'


N O R W A Y

B2HOLDING ASA: S&P Affirms 'B+' ICR & Alters Outlook to Stable


P O R T U G A L

CAIXA ECONOMICA: Moody's Upgrades Long Term Deposit Ratings to Ba3


R O M A N I A

AUTONOM SERVICES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


S P A I N

BANCAJA 9: Fitch Hikes Rating on Series D Debt to 'BB+sf'
BERING III: S&P Lowers LongTerm ICR to 'B-', Outlook Stable
CIRSA ENTERPRISES: S&P Affirms 'B-' ICR & Alters Outlook to Pos.
CIRSA FINANCE: Moody's Rates New EUR350MM Secured Notes 'B3'
DELTA SPARK 2008-1: Fitch Withdraws Dsf Rating on Class A Notes



S W E D E N

POLYGON GROUP: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
STORSKOGEN GROUP: Moody's Puts 'Ba1' CFR on Review for Downgrade


S W I T Z E R L A N D

TRANSOCEAN LTD: Egan-Jones Retains CCC- Senior Unsecured Ratings


U N I T E D   K I N G D O M

BULB: Octopus to Buy Business, Deal to Be Completed by November
CLEVER-COMPANY: Enters Administration, 25 Jobs Affected
CORPORATE SOLUTIONS: Ex-Staff Mull Legal Action After Collapse
ELVIS UK: S&P Affirms 'B' ICR on Ibersol Deal, Outlook Stable
EUROSAIL PLC 2006-3NC: Fitch Affirms 'B' Rating on Class E1c Notes

FINSBURY SQUARE 2021-1: Fitch Affirms Rating on 2 Tranches to BB+
MISSOURI TOPCO: Moody's Appends 'LD' Designation to Ca-PD PDR
TOWER BRIDGE 2022-1: Fitch Affirms 'BB+sf' Rating on Class X Notes
WASPS: Joint Administrators Confirm Consortium Offer Accepted
[*] UK: Scottish Corporate Insolvencies Up 28% in 2nd Qtr of 2022

[*] UK: Struggling Energy Suppliers Get Financial Lifeline


X X X X X X X X

[*] BOND PRICING: For the Week October 24 to October 28, 2022

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A R M E N I A
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ARDSHINBANK CJSC: S&P Assigns 'B+/B' ICRs, Outlook Stable
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S&P Global Ratings assigned its 'B+/B' long-and short-term issuer
credit ratings to Ardshinbank CJSC. The outlook is stable.

Ardshinbank will continue to challenge the market leader position
in Armenia. With total assets of AMD1.14 trillion (approximately
$2.8 billion) as of June 30, 2022, Ardshinbank is the leading bank
in terms of assets (15.7% market share) and second in terms of loan
book or customer deposits (13.8% each). As a large bank it is
well-rooted in the Armenian banking sector, servicing large
corporates, including those in the mining and energy sectors, as
well as retail clients across the country. Given the relatively
small size of the Armenian economy, the management team considers
size and market share imperative for the bank's successful
performance. Over the past years, it has determinedly pursued scale
by acquiring Areximbank in 2016, a subsidiary of Russia's
Gazprombank, and a portfolio of loans from VTB Bank Armenia in
2022. S&P expects the same approach will continue to fuel the
bank's growth over the next 12-24 months.

Ardshinbank's profitability has been boosted by inflows of
nonresident deposits. Over the years Ardshinbank's profitability
was broadly in line with the banking sector average. However, it
was materially boosted in 2022 because the bank has been one of the
main recipients of diaspora money from countries affected by the
Russia-Ukraine conflict with earnings increasing to 3.75% of
average adjusted assets in the first half of 2022 compared with an
average of 1.26% over 2018-2021.

S&P said, "We expect Ardshinbank to maintain strong profitability
beyond 2022. We expect the bank to retain a material share of the
commission and foreign currency conversion income it generated in
2022 because we expect nonresident deposits from the Armenian
diaspora to be stable. Similarly, as liquidity is abundant in the
market, we understand that net interest margin will continue to
increase, especially on liquidity placements overseas since
domestic interest rates in dollars increase slower than global
interest rates. Moreover, Ardshinbank has been building its
provisions over 2022 (we currently expect it to provide 3% of its
average customer loans). These provisions will also act as a
cushion against unforeseen developments in 2023-2024.

"We expect Ardshinbank's capital adequacy to improve over the next
12-18 months.Specifically, we expect our risk-adjusted capital
(RAC) ratio to improve to about 7.0%-7.5% over the next few years
from 6.34% observed at the end of 2021 on the back of substantial
returns in 2022. This will likely be supported by stronger
profitability and rather moderate growth in credit risk-weighted
assets. While the shareholder of the bank has yet to determine
dividend policy, we incorporate a 30% dividend payout for 2022 and
20% thereafter in our projections."

Ardshinbank's asset quality has been broadly in line with the
systemwide average. With cost of risk of about 2.0%-2.1% over
2018-2021, Ardshinbank's performance has been comparable with the
estimated 2.1% cost of risk for the banking sector as a whole.
Still, it is positioned somewhat weaker than regional and global
peers with a higher-than-average share of problematic assets (Stage
3 loans under International Financial Reporting Standards plus
repossessed collateral) of 5.94% as of June 30, 2022.

S&P considers Ardshinbank's risk appetite to be more aggressive
than that of peers. Historically the bank has been opportunistic in
pursuing inorganic growth. It built credit exposures to businesses
in regions affected by the 2020 conflict with Azerbaijan, which
then led to a restructuring in May 2021. The resulting
government-supported debt amounted to 36% of the bank's total
adjusted capital as of June 30, 2022. Ardshinbank is slightly more
exposed to currency-induced credit risk coming from a relatively
high share of foreign currency loans on its balance sheet (about
50% of the total as of June 30, 2022, versus the 40% country
average) and seems to be slightly more exposed to concentration
risks with the top-20 exposures representing 117% of total adjusted
capital as of the same date.

Ardshinbank is slightly more reliant on wholesale funding than
peers. Positively, though, the long-term funds, mostly stemming
from various development programs, are used to create assets with
the same duration. It also uses the central bank's repurchase
window more actively than other banks, typically lending this money
to investment companies that pledge sovereign bonds used as
collateral for central bank facilities. Nevertheless, our stable
funding ratio for Ardshinbank is robust at about 120% in 2022. S&P
also notes that Ardshinbank has materially expanded its customer
base in 2022 on the back of new inflows from those fleeing the
Russia-Ukraine conflict. This could help reduce its dependence on
wholesale funding, if these funds prove stable. Broad liquid assets
cover almost twice short-term wholesale funding, while broad liquid
assets represent almost 35% of total assets.

"The stable outlook on Ardshinbank reflects our view that the bank
will utilize the one-off profits of 2022 to build capital buffers
over the next 12-18 months, sufficient to support adequate levels
of capitalization under our RAC ratio.

"A positive rating action appears unlikely over the next 12 months
because it would require a simultaneous improvement of our view on
both sovereign creditworthiness and our banking industry country
risk assessment. For example, a reduction of geopolitical and
security risks and an improvement of the sovereign's external
performance, among others, would be a prerequisite for such
action.

"We may take a negative rating action on Ardshinbank if we see the
bank's asset quality deteriorate sharply, leading to weaker
capitalization. A negative rating action on the sovereign, possibly
because of increased geopolitical risks or a deterioration of its
access to external financing, will lead to a downgrade of the
bank."

Environmental, Social, And Governance

ESG credit indicators: E-2, S-2, G-4

S&P said, "Environmental and social factors have an overall neutral
influence on our credit rating analysis of Ardshinbank. We consider
governance and transparency in the Armenian banking system to be
stronger than that of peers in the Commonwealth of Independent
States; however, we see risks in the high share of related-party
lending at some banks and, in certain cases, a lack of transparency
regarding the ultimate beneficiaries of corporate borrowers and
their relationship with banks' owners. Although governance risks at
Ardshinbank appear to be contained, we believe it is not immune
from countrywide issues."




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A U S T R I A
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AMS-OSRAM AG: S&P Alters Outlook to Stable, Affirms 'BB-' LT ICR
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S&P Global Ratings revised its outlook on ams-OSRAM AG to stable
from positive and affirmed its 'BB-' long-term issuer credit rating
on the company and its 'BB-' issue rating on the company's senior
unsecured debt.

S&P said, "The stable outlook reflects our expectations that
ams-OSRAM will gradually improve the adjusted EBITDA margin toward
21%-22% in 2023, partly offsetting planned negative FOCF in 2023,
and maintain its adjusted debt to EBITDA between 2.5x and 3.5x.

"In our revised base case for ams-OSRAM, we forecast weaker credit
metrics in 2022 and 2023 that are no longer commensurate with a
rating upgrade. We forecast the company's adjusted debt to EBITDA
will stay materially above 2.5x in 2022 and 2023, which contrasts
with our previous expectations that ams-OSRAM's adjusted leverage
could be lower than this level from 2022. This is primarily due to
our updated forecasts, which consider the risk of a demand
contraction and slower profitability improvement than previously
expected, as well as higher capex. We also now expect negative FOCF
in 2023 because the company decided to intensify its investments,
mainly to build a new eight-inch LED factory in Malaysia to expand
its capacity for new and differentiated products (such as
eight-inch LED and micro-LED, among others), rationalize its
semiconductor manufacturing footprint, and gain in agility.

"We now anticipate slower profitability improvement than in our
previous base case for 2022-2023. Although we continue to expect
ams-OSRAM's adjusted EBITDA margin will strengthen from 18.7% in
2021, we think the improvement will be less pronounced than
previously expected. We now anticipate the adjusted EBITDA margin
will strengthen to about 20% in 2022 and to 20%-22% in 2023, one to
two percentage points less than in our previous forecasts." S&P's
revised assumptions consider:

-- Slower-than-anticipated adjusted EBITDA margin improvement over
the last 12 months ending June 30, 2022, which came at 19.2%, below
our previous full-year expectations.

-- Management's guidance for the third quarter, which incorporates
a more unfavorable macroeconomic environment and inventory
adjustments, since volumes for automotive production and
smartphones are set to decline year-on-year.

-- The risk of a continued and sharper slowing down in demand over
2023 as macroeconomic indicators further deteriorate. This could in
turn pressure ams-OSRAM's profitability, since its factories are
not running at full capacity and it is becoming increasingly
difficult to pass on cost increase from rising inflation, in
particular higher energy prices, to customers.

S&P said, "We expect ams-OSRAM's continued focus on the integration
of OSRAM, cost optimization efforts, and investment strategy will
only start meaningfully benefiting the company and its metrics from
2024. We think the ongoing integration and efficiency efforts
initiated from the merger with OSRAM and the recent launch of an
ambitious growth-driven investment strategy will hamper ams-OSRAM's
leverage reduction potential in the short term. However, we expect
the company will start realizing the full benefit of such
initiatives in the medium term, translating into our forecasts of
low double-digit organic revenue growth and cash flow conversion
improvement from 2024."

-- S&P thinks ams-OSRAM remains on track to achieve planned
synergies from the integration of OSRAM. However, the acceptance of
the Domination and Profit and Loss Agreement in early March 2021
has taken longer than expected, delaying the start of management's
divestment and synergy plans by a few months. One year later, as of
March 2022, the company had achieved 57% of the total planned
EUR350 million synergies, while spending about 25% of the total
expected EUR270 million integration costs. Although on track, there
is still a lot to achieve in terms of revenue and cost synergies
from the ams-OSRAM combination, while keeping budgeted integration
costs under control (these costs depreciate adjusted EBITDA).

-- A large part of the planned divestments of noncore and less
profitable assets has closed or will close over the coming
quarters, supporting the company's profitability from late 2023.
S&P also notes that ams-OSRAM used proceeds from these divestments
to reduce its gross debt or invest in its growth and efficiency
targets.

-- The company has started an ambitious investment plan over 2022
and 2023. Despite a temporary negative FOCF impact in the short
term, S&P expects these investments will support the company's
medium-term expansion plan because capex commitments usually
precede volume growth by up to 24 months, the company invests in
more advanced products, and it optimizes its production footprint,
providing accrued agility and efficiency.

S&P said, "We therefore see potential for rating upside, but not
before 2024, which is also supported by ams' financial policy. We
think ams-OSRAM will continue to prioritize business turnaround and
leverage reduction over large shareholder remuneration and
debt-financed acquisitions. At its capital market day held in April
2022, ams-OSRAM detailed its plan to deliver more than 10% organic
annual revenue growth by 2024, while doubling its EBIT margin
thanks to research and development and capex investments, portfolio
optimization, manufacturing footprint consolidation, synergy
realization, and revenue growth. Leverage reduction potential is
also supported by management's financial policy targeting reported
net debt on management's adjusted EBITDA below 2.0x, which--as
EBITDA grows and integration/restructuring costs decline--could
translate into adjusted leverage of about or less than 2.5x
(adjusted for the put option that the minority shareholders of
OSRAM can exercise). Finally, we view positively that the company
commits to anticipate any liquidity needs relative to the put
option of OSRAM's minority shareholders, either based on its own
cash, available credit lines, or by securing additional undrawn
facilities.

"The stable outlook reflects our expectations that ams-OSRAM will
gradually improve its adjusted margin toward 21%-22% in 2023,
partly offsetting planned negative FOCF in 2023, and maintain its
adjusted debt to EBITDA between 2.5x and 3.5x.

"We could lower the rating if ams-OSRAM's EBITDA growth slows
against our base-case scenario, resulting in adjusted debt to
EBITDA of above 3.5x and FOCF to debt materially and sustainably
less than 10%." This could result from:

-- Weaker performance due to unexpected loss of market share or
declining market demand, or supply chain or distributors'
inventories disruption;

-- Weaker profitability cash flow than in our base case, with the
group facing challenges in deriving remaining synergies from the
combination with OSRAM or offsetting potential cost pressure from
inflation and rising energy prices; or

-- A more aggressive financial policy oriented toward inorganic
growth or shareholder remuneration at the expense of leverage
reduction.

S&P could raise the rating if ams-OSRAM sustainably reduces its
adjusted debt to EBITDA to less than 2.5x and improves its FOCF to
debt toward 15%. This would stem from profitability improvement as
ams-OSRAM reaches its synergies from the integration of OSRAM and
reduces its exposure from noncore and low-profitability assets,
while strengthening its revenue base.

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

S&P said, "Sustainability factors have an overall neutral influence
on our credit rating analysis of ams-OSRAM AG. The company operates
in an energy-intensive industry, but we view positively its target
to be carbon neutral by 2030, which is in line with some of its
European peers. The company's investment strategy is already
supporting management's long-term sustainability goals because the
new Malaysian facility will incorporate energy- and water-saving
measures to operate in a more sustainable way and ams-OSRAM is
optimizing its production footprint as it progresses with the
integration of OSRAM. However, we note that management still has to
come up with a more detailed sustainability strategy and goals for
the combined group. We understand the company is in the process of
finetuning its plans and we expect it will make additional
disclosures in the coming months and start linking management's
remuneration target to some sustainability-related key performance
indicators from 2023."




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AZERBAIJAN: Fitch Alters Outlook on BB+ Foreign Curr. IDR to Pos.
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Fitch Ratings has revised the Outlook on Azerbaijan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Positive from
Stable and affirmed the IDR at 'BB+'.

KEY RATING DRIVERS

The revision of the Outlook on Azerbaijan's IDRs reflects the
following key rating drivers and their relative weights:

HIGH

Improved External Position: High oil and gas prices are further
strengthening the sovereign balance sheet. Fitch forecasts the
current account surplus will increase 12.1pp in 2022 to 27.3% of
GDP, and narrow to 19.3% in 2023 and 12.1% in 2024 (partly
reflecting a drop in the oil price to average USD85/b in 2023, and
USD65/b in 2024) but still the highest in the 'BB' peer group.
Sovereign foreign-currency assets rose to USD52.6 billion at
end-June from USD52.1 billion at end-2021. Eighty-six per cent of
these are sovereign oil fund (SOFAZ) assets, where the increase in
oil and gas revenues in 1H22 more than offset investment losses of
USD2 billion. Fitch forecasts the net sovereign asset position to
rise 14.3pp in 2022-2024 to 77.6% of GDP, the highest in the rating
peer group.

Large Fiscal Surpluses: The general government surplus is projected
to increase to 10.6% of GDP in 2022, from 4.2% in 2021, driven by
energy prices but also reflecting strong non-oil receipts, and
moderate expenditure (up 9.3% yoy in 8M22). Fitch has revised up
its 2023 surplus by 1.5pp since the last review to 6.7% of GDP, due
to its new oil price forecast and expectations of still-high gas
prices, while continuing to incorporate capex on territories
reclaimed in the conflict with Armenia of 2% of GDP, and higher
inflation-related social spending. The fiscal surplus is projected
to narrow to 2.3% of GDP in 2024.

Low and Falling Public Debt: The outlook for public finances is
also supported by the reinstatement this year of a fiscal rule
targeting an annual narrowing in the non-energy primary deficit and
capping public debt/GDP at 20% but there remains a lack of detail
on any institutional mechanism to support compliance. Fitch
forecasts general government debt to fall further to 6.9% of GDP at
end-2024, from 16.2% at end-2021. Government on-lending and
guarantees totalled 23.2% of GDP at end-1Q22, 77% of which are
accounted for by the 2017 restructuring of International Bank of
Azerbaijan, and the Southern Gas Corridor project, on which
contingent liability risk has reduced.

Azerbaijan's ratings also reflect the following rating drivers:

Fundamental Rating Strengths and Weaknesses: The rating is
supported by Azerbaijan's very strong external balance sheet, the
lowest public debt in the peer group, and financing flexibility
from large sovereign wealth fund assets. Set against these factors
are weak governance indicators, lack of predictability of economic
policy-making, high banking sector dollarisation, heavy dependence
on the hydrocarbon sector, and lingering geopolitical risk of
conflict with Armenia.

Macro-Policy Lacks Predictability: There remains a lack of
institutional independence, policy predictability and clarity of
mandates for the Central Bank of Azerbaijan (CBA) and SOFAZ within
the broader exchange rate framework, adding to the risk of policy
missteps and disruptive adjustment to a very severe shock. In
addition, public financial management is constrained by lack of
transparency and weak corporate governance at state-owned
enterprises, where Fitch anticipates only gradual improvement
despite reform measures to centralise their oversight at Azerbaijan
Investment Holding. Fiscal reporting at SOFAZ is more transparent,
providing support to Azerbaijan's overall governance performance.

Improved Governance Score, Geopolitical Risk: Azerbaijan's World
Bank Governance Indicator (WBGI) percentile score improved to 31.6
in the recent update (covering 2021), from 25.5, accounting for the
majority of the improvement in the Sovereign Rating Model (SRM)
score since the last review, but its durability could be negatively
impacted by renewed conflict with Armenia. Clashes with Armenian
troops on 12-13 September were the most severe since the 2020 war,
and broadened the conflict from areas in and around Karabakh.

The escalation could be designed to increase Azerbaijan's leverage
in negotiations over a political settlement with Armenia, in the
context of Russia's focus on its war in Ukraine. Fitch continues to
expect Russia will retain its peacekeeping forces at least until
the end of the committed period in late 2025, and also that a deal
will ultimately be reached between Azerbaijan and Armenia on border
demarcation and improving trade and connectivity, but the downside
risks to these have increased somewhat since our last review six
months ago.

Above-Trend Growth: The non-energy sector drove GDP growth of 5.8%
in 8M22, helped by pent-up pandemic demand, higher Russian
remittances and a boost to the transportation sector following the
war in Ukraine. Growth is set to slow as such tailwinds fade,
inflation erodes real income, and the negative output gap closes.
Fitch forecasts growth of 4.3% in 2022, falling to an average 2.3%
in 2023-2024, near Azerbaijan's trend rate, which is constrained by
stagnating energy production. While greater EU demand for Azeri
gas, which led to July's agreement to near double exports to the EU
by 2027, could result in new investment, the resulting production
would take many years to be realised. Fitch sees weak prospects for
structural reform of the large and inefficient state-sector that
constrains economic diversification.

Steady Banking Sector Improvement: While there has been some
improvement in credit fundamentals in recent years, the Azerbaijan
banking sector is still fairly weak, reflected by Fitch's Banking
System Indicator score of 'b'. The non-performing loan ratio fell
to 3.5% at end-1H22 (from 6.1% at end-2020), Tier 1 capital is
adequate at 16.1%, and the sector has remained profitable. There is
low Russian presence in the sector, although correspondent banking
relations were moderately disrupted this year. The deposit
dollarisation ratio has steadily fallen to 49.3% in August, from
60.4% at end-1H20, but is well above the peer group median of
16.5%.

Inflationary Pressure: Inflation rose 15.6% yoy in September,
fuelled by a 21.8% rise in food prices, exacerbated by disrupted
imports from Russia and Ukraine. Fitch forecasts average inflation
of 13.7% in 2022, falling to 9.7% in 2023, helped by the real
effective exchange rate appreciation and easing supply-chain
disruptions, and to 6.8% in 2024, but still above the CBA target
(4%, +/-2pp) and the projected 'BB' median of 4%. Monetary policy
transmission is weak and the policy interest rate has been raised
only 50bp this year to 7.75%, although there has been tightening of
liquidity through reserve requirements and a broadening of CBA's
liquidity tools.

ESG - Governance: Azerbaijan has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in our
proprietary Sovereign Rating Model. Azerbaijan has a low WBGI
ranking at the 32nd percentile, reflecting very poor voice and
accountability, relatively weak rights for participation in the
political process, uneven application of the rule of law and a high
level of corruption.

RATING SENSITIVITIES

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

- External Finances: Lower energy prices sufficient to have a
material negative impact on external buffers

- Macro: Developments in the economic policy framework that
undermine macroeconomic stability, such as contributing to a rapid
erosion of the sovereign's external balance sheet, with adverse
effects on the economy, banking sector and public finances

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

- Public Finances: Greater confidence that the strong public
balance sheet will be preserved, for example, based on a credible
medium-term fiscal strategy, stronger institutional safeguards to
the fiscal rule, or prolonged high energy prices

- External Finances: Further strengthening of the external balance
sheet, for example, due to sustained high energy prices

- Macro: Improvements in the effectiveness and predictability of
Azerbaijan's policy framework, including exchange rate policy, to
manage external shocks and reduce macro volatility

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Azerbaijan a score equivalent to a
rating of 'BB+' on the LTFC IDR scale, an improvement from the 'BB'
SRM output at the previous review.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LTFC IDR by applying its QO, relative to SRM
data and output, as follows:

- Macro: -1 notch, added since the last review, to reflect relative
weakness in Azerbaijan's macro-framework, including from the lack
of institutional independence, policy predictability and clarity of
mandates for the CBA and SOFAZ within the broader exchange rate
framework, and a weak record of preserving the fiscal and external
balance-sheet gains from previous energy windfalls. In addition,
part of the improvement in the SRM score since the last review was
due to temporary macroeconomic factors boosting GDP growth, whereas
Fitch assesses trend GDP growth as much lower and a relative rating
weakness

- External Finances: +1 notch, to reflect large SOFAZ assets, which
underpin Azerbaijan's exceptionally strong foreign-currency
liquidity position and the very large net external creditor
position of the country

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

ESG CONSIDERATIONS

Azerbaijan has an ESG Relevance Score of '5' for Political
Stability and Rights as WBGI have the highest weight in Fitch's SRM
and are therefore highly relevant to the rating and a key rating
driver with a high weight. As Azerbaijan has a percentile rank
below 50 for the respective governance indicator, this has a
negative impact on the credit profile.

Azerbaijan has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Azerbaijan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Azerbaijan has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Azerbaijan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Azerbaijan has an ESG Relevance Score of '4'[+] for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Azerbaijan, as for all sovereigns. As
Azerbaijan has a record of 20+ years without a restructuring of
public debt, which is captured in its SRM variable, this has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Azerbaijan      LT IDR          BB+ Affirmed   BB+
                ST IDR          B   Affirmed   B
                LC LT IDR       BB+ Affirmed   BB+
                LC ST IDR       B   Affirmed   B
                Country Ceiling BB+ Affirmed   BB+

   senior
   unsecured    LT              BB+ Affirmed   BB+




=============
B E L G I U M
=============

GOODYEAR EUROPE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed The Goodyear Tire & Rubber Company's
(Goodyear) and its Goodyear Europe B.V. (Goodyear Europe)
subsidiary's Long-Term Issuer Default Ratings (IDRs) at 'BB-'.
Fitch has also affirmed Goodyear's secured ABL revolving credit
facility at 'BB+'/'RR1' and its senior unsecured notes at
'BB-'/'RR4'. Fitch has affirmed Goodyear Europe's secured revolving
credit facility at 'BB+'/'RR2' and its senior unsecured notes at
'BB-'/'RR4'.

Goodyear's ratings apply to a $2.75 billion secured ABL revolver
and $5.0 billion of senior unsecured notes. Goodyear Europe's
ratings apply to an EUR800 million secured revolver and EUR400
million of senior unsecured notes.

The Rating Outlook is Stable.

Goodyear's ratings reflect Fitch's expectation that the company's
credit profile will fall within Fitch's ratings sensitivities over
the intermediate term. Although weakening macroeconomic conditions
could slow global tire demand growth, Goodyear's healthy liquidity,
moderating raw material costs and synergies from the 2021 Cooper
Tire & Rubber Company (Cooper) acquisition will help the company
weather economic uncertainty.

KEY RATING DRIVERS

Long-Term Tire Demand Fundamentals Solid: Over the long term, Fitch
expects global replacement tire shipments to grow with the rising
vehicle population. In addition, the tire industry's shift toward
larger diameter, higher technology premium tires, especially in
emerging markets, will benefit tire manufacturers like Goodyear
that focus on these higher margin products. This dynamic will
accelerate as the population of electric vehicles (EVs) grows,
given the more advanced tire technology requirements of EVs,
especially for premium EVs that will be introduced over the next
few years. Goodyear has won a number of original equipment (OE) EV
fitments that it has begun supplying, particularly in Europe.

Near-Term Margin Contraction: Fitch expects Goodyear's EBITDA
margins to contract somewhat in 2022, largely due to the effect of
inflation on raw materials and other costs. Although the company
has largely been successful in offsetting rising material costs
through higher prices and improved mix, Fitch expects EBITDA
margins could decline by around 100 bps in 2022 vs. the 11.3%
recorded in 2021 (calculated according to Fitch's methodology).

Over the intermediate term, Fitch expects margins to rise as the
company achieves acquisition synergies and benefits from other
restructuring actions. Margins are also likely to be supported over
the intermediate term by moderating raw material costs and volume
growth.

Declining Leverage: Fitch expects Goodyear's gross EBITDA leverage
(debt, including off-balance sheet factoring/Fitch-calculated
EBITDA) to decline toward the upper-3x range by YE 2022, down from
4.0x at YE 2021. Leverage at YE 2021 was affected by timing of the
Cooper acquisition, which closed in June 2021. Fitch expects
leverage to decline further, toward the low-3.0x range, over the
following two years, even with a weaker macroeconomic backdrop, as
operating conditions normalize and the company realizes synergies
from the Cooper acquisition.

Fitch expects debt, including off-balance sheet factoring, to
remain around $7.8 billion, with some intra-year fluctuations
driven by temporary borrowings to fund seasonal working capital
needs.

Improving FCF: Fitch expects Goodyear's FCF will be modestly
negative in 2022, but improved vs. 2021, as the company continues
to replenish its tire inventories, which have remained below the
company's target level due to strong demand following the company's
temporary plant shut-downs in 2020. Beyond 2022, Fitch expects
Goodyear's FCF to turn modestly positive and run in the low-single
digit range as the company realizes acquisition synergies and
working capital normalizes.

Goodyear suspended its common dividend in 2020, and any future
reinstatement of dividends would influence Fitch's FCF calculation.
However, Fitch expects the company will be judicious in deciding
whether to potentially reinstate common dividends.

Fitch expects capex, on a dollar basis, to run higher than
historical levels going forward due to the addition of Cooper's
operations. Capex will also be driven by several global plant
modernization projects, and, over the intermediate term, projects
to expand production in low-cost regions. Fitch expects capex as a
percentage of revenue to generally run in the 5.5%-6.0% range over
the next few years, which would be a little higher than
pre-acquisition levels.

Other Rating Considerations: The pandemic has led to a number of
challenges to global supply chains, and although Goodyear has been
able to manage through these difficulties, persistently elevated
costs associated with these issues could lead to
lower-than-expected margins and FCF. A decline in economic activity
in certain global regions due to high inflation and rising interest
rates could result in further supply chain challenges and reduced
tire demand in those end-markets.

The tire industry also remains highly competitive, and although the
Cooper acquisition has broadened Goodyear's product portfolio,
several of Goodyear's global competitors have stronger credit
profiles and greater financial flexibility to manage through a
potential period of deteriorating tire market conditions. Fitch
generally expects replacement tire demand to hold up in a softer
macroeconomic environment, but a reduction in vehicle miles
traveled could reduce overall tire demand, while weaker consumer
confidence could drive end-customers toward lower priced, lower
quality tires.

DERIVATION SUMMARY

Goodyear has a relatively strong competitive position as the
third-largest global tire manufacturer, with highly recognized
brands and a focus on higher-margin, large-rim diameter premium
tires. The company's geographic diversification continues to grow,
particularly in the Asia Pacific region, as rising incomes in
emerging markets lead to increased demand for premium tires. The
company's product and end-market diversification increased further
with the introduction of Cooper tires to Goodyear's product
offering in mid-2021.

With nearly 80% of the company's tire volume going into the global
replacement tire market, Goodyear's unit sales are somewhat
insulated from economic volatility, similar to other large global
tire manufacturers, such as Compagnie Generale des Etablissements
Michelin (A-/Stable) and Continental AG (BBB/Stable), or vehicle
aftermarket suppliers, such as Clarios International Inc.
(B/Stable) and First Brands Group LLC (BB-/Stable).

Goodyear's margins are roughly consistent with those of the other
large Fitch-rated tire manufacturers, Michelin and Continental, but
Goodyear's leverage is considerably higher, as the other two
companies generally maintain midcycle EBITDA leverage below 1.0x.
Goodyear's midcycle leverage is roughly consistent with that of
auto and capital goods suppliers in the 'BB' category, such as
Dana, Inc. (BB+/Negative) and Allison Transmission Holdings, Inc
(BB/Positive).

Goodyear's margins are relatively strong compared with typical
'BB'-category auto-related issuers, but this is tempered by
seasonal working capital swings that lead to more variability in
FCF over the course of a typical year. FCF margins are also highly
sensitive to raw material costs and capex.

Fitch has used its Parent and Subsidiary Linkage Rating Criteria to
assign ratings to Goodyear Europe, using the stronger subsidiary
approach. Based on the criteria, Fitch has concluded that ring
fencing and access and control are both open. As such, Fitch rates
Goodyear and Goodyear Europe at the consolidated level with no
notching between the entities.

KEY ASSUMPTIONS

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

- Fitch's forecast assumes the U.S. enters a mild, short-lived
recession in 2023, while Europe experiences a more significant
recession beginning in late 2022. The Asia Pacific region
experiences moderate economic growth in 2023 as China bounces back
from COVID lockdowns in 2022. Stronger growth is expected in 2024
as the U.S. and European economies recover;

- Global light vehicle production rises about 3% in 2022, including
an 11% increase in North America, with a further modest recovery in
production seen in subsequent years as an improving supply chain is
partially offset by weaker macro conditions in the U.S. and
Europe;

- Global replacement tire demand grows in the low-single digit
range over the next couple years, with stronger growth seen beyond
2024;

- Acquisition synergies continue to ramp up over the next several
quarters and reach a run rate of about $250 million by mid-2023;

- Costs to achieve synergies total about $200 million;

- Capex runs at around 5.5%-6.0% of revenue over the next several
years;

- FCF is modestly negative in 2022, largely due to negative working
capital as the company continues to rebuild inventories, then runs
in the 0.5%-1.5% range over the following years;

- The company maintains a solid liquidity position, including cash
and credit facility availability.

RATING SENSITIVITIES

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

- Continued growth in tire unit volumes, market share and pricing;

- Sustained FCF margins of 1.5%;

- Sustained gross EBITDA leverage below 3.0x.

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

- A significant step-down in demand for the company's tires without
a commensurate decrease in costs;

- An unexpected increase in costs, particularly related to raw
materials, that cannot be offset with higher pricing;

- A decline in the company's consolidated cash below $700 million
for several quarters;

- Sustained break-even FCF margin;

- Sustained gross EBITDA leverage above 4.0x.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects Goodyear's liquidity to remain
adequate. As of June 30, 2022, the company had $1.2 billion of cash
and cash equivalents, excluding Fitch's adjustments for not readily
available cash, and $3.2 billion available on its various global
credit agreements, including a total of $2.6 billion available on
its primary U.S. and European revolvers. The company has no
significant debt maturities until 2025, when its $800 million of
9.5% notes come due. The company amended and extended Goodyear
Europe's EUR800 million revolving credit agreement in October 2022,
shifting the maturity to 2028 from 2024.

According to its criteria, Fitch treats $600 million of Goodyear's
cash as not readily available, based on Fitch's estimate of the
amount of cash needed to cover seasonality in the company's
business.

Debt Structure: Goodyear's consolidated debt structure primarily
consists of a mix of secured bank credit facilities and senior
unsecured notes. As of June 30, 2022, Goodyear had $5.0 billion of
senior unsecured notes outstanding. It also had $570 million of
borrowings outstanding on its first-lien secured ABL revolver.
Goodyear Europe's debt structure included $416 million of senior
unsecured notes, $310 million of European revolver borrowings and
$246 million of on-balance sheet accounts receivable securitization
borrowings.

Goodyear also has various borrowings outstanding at certain
non-U.S. operations, including credit facilities in Mexico and
China. The Cooper subsidiary has $117 million in principal value of
senior unsecured notes outstanding that Goodyear does not guarantee
and that Fitch does not rate. (The Cooper notes were recorded at
$133 million on Goodyear's consolidated balance sheet at June 30,
2022 as a result of a fair-value adjustment made in conjunction
with the acquisition closing.)

In addition to its on-balance sheet debt, Fitch treated $597
million of off-balance sheet factoring as debt at June 30, 2022.

ISSUER PROFILE

Goodyear is the third-largest global tire manufacturer. The company
manufactures tires for passenger, commercial and off-highway
vehicles, as well as aircraft. In addition to tires, Goodyear
manufactures rubber-related chemicals and operates tire retail and
service outlets.

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.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Goodyear Tire &
Rubber Company
(The)               LT IDR BB- Affirmed              BB-

   senior secured   LT     BB+ Affirmed    RR1       BB+

   senior
   unsecured        LT     BB- Affirmed    RR4       BB-

Goodyear Europe
B.V.                LT IDR BB- Affirmed              BB-

   senior
   unsecured        LT     BB- Affirmed    RR4       BB-

   senior secured   LT     BB+ Affirmed    RR2       BB+




===========================================
B O S N I A   A N D   H E R Z E G O V I N A
===========================================

RAIFFEISEN BANK: Moody's Assigns B1 Local Currency Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned first-time local-currency B1
and (P)B1 and foreign-currency B3 and (P)B3 long-term bank deposit
and senior unsecured Euro Medium Term Note (EMTN) programme ratings
respectively to Raiffeisen Bank d.d. Bosna i Hercegovina (RBBiH).
At the same time, the rating agency has also assigned a Baseline
Credit Assessment (BCA) of b3, an Adjusted BCA of b1, long-term and
short-term Counterparty Risk (CR) Assessments of B1(cr)/NP(cr),
long-term local-currency and foreign-currency Counterparty Risk
Ratings (CRR) of B1 and B3 respectively, and short-term
local-currency and foreign-currency bank deposit ratings and
short-term local-currency and foreign-currency CRRs of NP. The
outlook assigned to the long-term bank deposit ratings is stable.

RBBiH is a universal commercial bank operating in Bosnia and
Herzegovina (BiH, Government of Bosnia and Herzegovina, B3 stable)
and headquartered in Sarajevo. As of June 2022, RBBiH was the
second-largest bank in the country with a 13% market share in terms
of assets. The bank's total assets were BAM4.8 billion (EUR2.4
billion) as of the same date.

RBBiH is a 100%-owned subsidiary of Austria's Raiffeisen Bank
International AG (RBI, long-term bank deposits A2 stable/senior
unsecured debt A2 stable, Baseline Credit Assessment baa3).

RATINGS RATIONALE

  STANDALONE BCA

RBBiH's b3 standalone BCA reflects its robust capital, granular
deposit base and adequate liquidity. These strengths are balanced
by high asset risks, indirect linkages to BiH sovereign risk and
the lack of a lender of last resort.

According to Moody's, RBBiH has robust capital, with an adjusted
tangible common equity (TCE)-to-risk-weighted assets ratio of 19.8%
and a TCE-to-total assets ratio of 11.2% as at the end of 2021,
that affords it substantial capacity to absorb unexpected losses.
Moody's expects the bank's core capitalisation to decline somewhat
as it upstreams dividends and grows its loan book, but to remain
sufficiently above regulatory requirements and in-line with the
current rating level.

The rating agency also noted RBBiH's very low reliance on
potentially more confidence sensitive market funding, at 2% of
tangible banking assets as of year-end 2021, because its funding
structure is mainly driven by retail deposits. Additionally, liquid
assets made up 38% of tangible banking assets at the end of 2021.
The bulk of these liquid assets were cash and money market
placements.

RBBiH however faces high asset risks from a challenging operating
environment, which is captured in the Very Weak macro profile
Moody's assigns to BiH. Problem loans (defined as IFRS 9 Stage 3
loans and purchased or originated credit impaired loans that are in
Stage 3) were 8.1% of gross loans as of the end of 2021 (end-2020:
8.0%), higher than similarly rated global peers. However, coverage
of problem loans by Stage 3 expected credit losses was adequate at
73%.

Unsecured retail loans made up around 55% of total loans at
end-2021. Higher credit risk for unsecured retail loans, mainly
general purpose consumer loans, is mitigated by salary-assignment,
while local requirements cap the maturity and the total amount of
the loan, and provide for a maximum loan repayment per income
bracket. RBBiH's underwriting standards are also broadly
conservative and its borrower concentration levels are moderate.

The bank also exhibits indirect credit linkages to BiH sovereign
risk. Although RBBiH's exposure to domestic government securities
and public sector entities is low, the bank operates exclusively
within BiH and is therefore exposed to sovereign event risk at the
B3-rating level given that sovereign crises can transmit shocks
across the economy and the banking system.

The rating agency also notes challenges arising from the lack of a
lender of last resort that complicates liquidity management in a
crisis.

  BOSNIA AND HERZEGOVINA'S MACRO PROFILE IS VERY WEAK

BiH's "Very Weak" macro profile is constrained by its difficult
political environment and complex governance system, which have
impaired policymaking and limit shock-absorption capacity.
Impediments to government effectiveness and a lack of political
consensus hinder economic reforms. However, some financial reforms
have progressed and the country's bank supervisory and regulatory
framework has received third-party equivalence status by the EU in
2021.

The country's currency board arrangement provides a credible anchor
for macroeconomic stability. But, according to the strict
arrangement the central bank cannot act as a lender of last resort,
which is the main challenge to funding conditions for banks. This
is further exacerbated by a significant level of euro-isation of
the deposit base and a lack of developed domestic interbank and
capital markets, or a secondary market for government securities.

Private sector debt levels are moderate and problem loan levels
have been declining, but inefficiencies in the debt recovery
process and in bankruptcy and insolvency proceedings weigh on
credit conditions. Rising interest rates, high inflation, and an
economic slowdown will weight on borrowers. However, banks are
buffered by a conservative provisioning framework and high
capital.

  ADJUSTED BCA

RBBiH's b1 Adjusted BCA incorporates two notches of rating uplift
from the bank's standalone BCA of b3 from Moody's assessment of a
high probability of affiliate support from RBI.

Moody's affiliate support assessment is based on RBI's 100% stake
in RBBiH, the parent's ongoing operational support and oversight,
and the subsidiary's use of the Raiffeisen logo and name. RBBiH is
also a strategic fit to RBI's Western Balkans presence given its
established and sustainable franchise as one of BiH's largest
banks. Therefore, the risk of the parent disposing of its
subsidiary is relatively low.

  DEPOSIT RATINGS

RBBiH's B1 long-term local-currency bank deposit rating is in line
the bank's b1 Adjusted BCA. The rating does not benefit from
government support uplift given that the bank's Adjusted BCA is
already above the B3 sovereign rating of BiH.

Moody's considers BiH as not having an operational resolution
regime. Although BiH is not an EU member country, the EU Bank
Recovery and Resolution Directive (BRRD) has been broadly
implemented into law in the country's two constituent entities, and
banks, including RBBiH, will start receiving definite minimum
requirements for own funds and eligible liabilities (MREL).
However, the country lacks some essential crisis management tools
to practically eliminate the need for public support to banks in
case of need, such as an emergency liquidity facility and a
dedicated resolution fund. Moody's may consider BiH an operation
resolution regime in the future once the framework matures and any
hurdles to effective resolution are dealt with. Further progress
towards EU integration would also support the practical
implementation of the resolution framework.

The bank's B3 long-term foreign-currency bank deposit rating is
constrained by the B3 foreign-currency country ceiling.

  SENIOR UNSECURED EMTN PROGRAMME RATINGS

The assigned (P)B1 long-term local-currency senior unsecured EMTN
programme rating is also in line with RBBIH's b1 Adjusted BCA. This
is because the notes to be issued under EMTN programme will
constitute direct, unsecured and unsubordinated obligations of
RBBiH.

The bank's (P)B3 long-term foreign-currency senior unsecured EMTN
programme rating is also constrained by the foreign-currency
country ceiling.

Under its EUR300 million EMTN programme, RBBIH can issue senior
unsecured debt designated as "Ordinary Senior Notes" or "Ordinary
Senior Eligible Notes". RBBiH will be issuing ordinary senior
eligible notes in order to satisfy its MREL.

  ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

In line with the banking sector, RBBiH has a low exposure to
environmental risks because direct lending to the hydrocarbon
sector is limited.

The most relevant social risks for banks arise from the way they
interact with their customers. Social risks are particularly high
in the area of data security and customer privacy. Fines and
reputational damage because of product mis-selling or other types
of misconduct are other social risks. Social trends are also
relevant in a number of areas, such as shifting customer
preferences towards digital banking services increasing information
technology costs, ageing population concerns in several countries
hurting the demand for financial services or socially driven policy
agendas translating into regulations that may affect banks' revenue
base. Overall, Moody's assesses that banks face moderate social
risks.

Governance is highly relevant for RBBiH, as it is to all
participants in the banking industry. Corporate governance
weaknesses can lead to a deterioration in a bank's credit quality,
while governance strengths can benefit a bank's credit profile.

Governance risks are largely internal rather than externally
driven, and for RBBiH, the rating agency does not have particular
governance concerns. However, corporate governance remains a key
credit consideration requiring ongoing monitoring.

RATING OUTLOOK

The stable outlook on the bank's long-term deposit ratings reflects
Moody's expectation that RBBiH's financial performance will remain
broadly stable and its capital significantly above regulatory
requirements, despite operating environment pressures and some
increase in problem loan formation, similarly to regional peers in
South Eastern Europe, because of the impact of higher interest
rates, high inflation and an economic slowdown on borrowers.

The outlook is also aligned with the stable outlook on the
sovereign rating.

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

RBBiH's b3 BCA is at the same level as the sovereign rating, and
it's local-currency ratings are at the level of the local-currency
country ceiling, an upgrade is therefore unlikely in the absence of
an upgrade of the sovereign rating and a raising of the
local-currency country ceiling.

Given that the bank's foreign-currency ratings are constrained by
the relevant country ceiling, the ratings could be upgraded if the
foreign-currency country ceiling is raised.

RBBiH's ratings could be downgraded if its BCA is downgraded, the
sovereign rating is downgraded, or any of the country's ceilings
are lowered.

The bank's BCA could be downgraded if core capital buffers decline
more than expected by Moody's, if problem loans increase
significantly and provisioning coverage declines, or if its
profitability is sustainably impaired. A significant deterioration
in the bank's funding or liquidity can also put pressure on the
BCA.

Significantly reduced willingness by RBI to provide support to
RBBiH, in case of need could also result in a ratings downgrade.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Raiffeisen Bank d.d. Bosna i Hercegovina

Adjusted Baseline Credit Assessment, Assigned b1

Baseline Credit Assessment, Assigned b3

LT Counterparty Risk Assessment, Assigned B1(cr)

ST Counterparty Risk Assessment, Assigned NP(cr)

LT Counterparty Risk Rating (foreign currency), Assigned B3

ST Counterparty Risk Rating (foreign currency), Assigned NP

ST Counterparty Risk Rating (local currency), Assigned NP

LT Counterparty Risk Rating (local currency), Assigned B1

ST Bank Deposit (foreign currency), Assigned NP

ST Bank Deposit (local currency), Assigned NP

Senior Unsecured Medium-Term Note Program (foreign currency),
Assigned (P)B3

Senior Unsecured Medium-Term Note Program (local currency),
Assigned (P)B1

LT Bank Deposits, Assigned B3 (foreign currency), Outlook Assigned
Stable

LT Bank Deposits, Assigned B1 (local currency), Outlook Assigned
Stable

Outlook Action:

Issuer: Raiffeisen Bank d.d. Bosna i Hercegovina

Outlook assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




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

IQERA GROUP: S&P Affirms 'B+' ICR & Alters Outlook to Negative
--------------------------------------------------------------
S&P Global Ratings revised its outlook on iQera Group SAS to
negative from stable. At the same time, S&P affirmed the 'B+'
long-term issuer credit rating and the 'B+' issue rating on the
senior secured notes with a recovery rating of '4', indicating its
expectation of about 45% recovery in the event of payment default.

iQera's modest size and lack of geographical diversification
compared with peers makes it more prone to headwinds in the face of
increased competition in France. The company's size is
comparatively limited in the distressed debt purchasing (DDP)
sector in Europe from an ERC perspective, and it has a limited
geographical reach because it operates mainly in France and is just
ramping up its presence in Italy. This makes the company more
vulnerable to headwinds in its core market in France. For instance,
the subdued level of investment in 2021 and first-half 2022, at
EUR97 million and EUR17 million respectively, implies that the
company is operating at an ERC replacement rate of below 1, and
consequently sees its ERCs declining over 2021 and likely over
2022. This increases uncertainty about iQera's ability to sustain
its collection performance over time, unless it substantially
increases its investment to above EUR120 million on average in the
next two years--a level that iQera has reached in the past (in 2019
and 2020). While S&P has a positive view of iQera's underwriting
approach, as proven by its portfolios' positive revaluations across
the cycle, competition is increasing for French distressed
portfolios. Consequently, iQera has been outbid by peers on a few
debt portfolios despite its stronger ties with the French banks
selling them, meaning its local competitive hedge could be
insufficient to offset competitors' financial capacity. S&P
believes that iQera would need to increase its investments without
sacrificing its prudent risk management to be a leading player in
France, and strengthen its market position regardless of the
long-awaited opening up of the French debt sale market or the
potentially increasing competition for nonperforming portfolio in
France.

The impact of inflation and a recessionary environment on
collection and servicing revenue will depend on the depth of
recession and potential supporting measures. iQera's debt
portfolio, from which it draws cash collection revenue (65% of
total cash revenue), is secured and mostly composed of residential
real estate loans and small and midsize enterprises (SME) secured
loans by real estate and guarantee. S&P said, "We expect collection
levels to be relatively resilient in the coming quarters (a 21%
year-on-year increase at the height of the COVID-19 pandemic in
2020), because they depend on the French real estate market, for
which we do not foresee a strong reversal in 2023. That said,
iQera's servicing contracts, which make up 35% of its total cash
revenue, could be more vulnerable as they comprise secured and
unsecured claims (insurance, utilities, and so on). Current
inflationary shock could affect iQera's servicing revenue, because
the increasing cost of living will reduce disposable revenue for
servicing debt. However, the impact will likely depend on
supporting measures provided by governments to alleviate the cost
burden on consumers in the low-income population. In any case, we
see the impact as manageable for iQera, largely because the
increase in its share of cash EBITDA due to the steady repayment of
co-investor debt provides headroom in its financial performance,
and will help continue the deleveraging path taken by the company
in recent years."

iQera has a deleveraging target of debt to EBITDA below 5x over the
outlook horizon. S&P said, "We expect attributable cash EBITDA to
increase in 2022 compared with the previous year, at about EUR120
million, despite the lower investment in 2021 and first-half 2022.
In our current base case, we expect investment of about EUR50
million-EUR60 million by end-2022 and about EUR120 million in 2023,
which would imply that iQera is operating below ERC replacement
rate (at 0.8) in 2022 and with stagnating ERCs in 2023. Collection
levels in 2022 and 2023 will benefit from the high investments
realized in 2019 and 2020, which should start to fade out in 2024
unless investments are substantially increased in the meantime. If
iQera is not able to replenish its ERCs over time, we expect it to
actively manage its cost base to lower the impact on its operating
margin. We still consider that iQera is on track to reach a debt to
EBITDA of below 5x in 2023, which remains at the high end of the
peer spectrum, but at a level more comparable with some peers such
as Axactor and Sherwood."

iQera's cash position on balance sheet is not enough to mitigate
the maturity concentration risk in September 2024, which could
affect liquidity over the outlook horizon. S&P said, "The company
has a comfortable cash position, at EUR156 million at end-2021,
which should increase to about EUR200 million at end-2022 given our
expectation of a robust collection performance and low investment
level for that year. However, cash on hand will not be enough to
cover its maturities in September 2024 of EUR570 million. We expect
iQera to refinance its debt well in advance, and at least before
the end of first-half 2023. Given how significantly market
conditions have changed since the existing notes were issued, we
expect iQera to refinance at a higher rate, which should affect its
EBITDA interest coverage."

S&P said, "Our negative outlook reflects the possibility of a
downgrade in the next 12 months if iQera's competitive position is
not sustained in France. In such a scenario, we would reconsider
the rating positioning against iQera's peers.

"We could lower our ratings if iQera's investment remain subdued
with a low ERC replacement rate, widening the gap with peers in the
DDP sector and calling into question the company's ability to
gradually grow the level of collection revenue.

"We could also lower our rating if iQera does not refinance its
bond outstanding maturing in September 2024 well in advance,
because this would materially constrain the company's liquidity
profile.

"While less likely, we could also downgrade the company if,
contrary to our current expectations, iQera is not able to reduce
its cash adjusted debt to EBITDA ratio comfortably below 5x and
maintain adjusted EBITDA interest coverage above 3x.

"We could revise our outlook to stable if iQera demonstrates that
it can conserve its leading position in the French distressed debt
market and is able to grow its ERC without compromising pricing and
leverage targets."


VERALLIA SA: S&P Affirms 'BB+' LongTerm ICR, Outlook Positive
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
ratings on France-based glass packaging producer Verallia S.A. and
Verallia Packaging S.A.S. At the same time, S&P affirmed its 'BB+'
rating on the EUR1 billion senior unsecured sustainability-linked
notes.

The positive outlook reflects the potential for an upgrade over the
next 12 months if Verallia's operational performance and financial
policy resulted in debt to EBITDA below 3.0x and FFO to debt above
30% on a sustained basis, despite energy supply constraints and
economic slowdown.

S&P said, "We expect that the group's credit metrics will remain at
a similarly strong level over the next 18 months. In 2022, we
anticipate adjusted EBITDA margins of 24.5% (versus 25.8% in 2021)
due to the dilutive effect of input cost increases (mainly energy,
packaging, and logistics), even if fully passed on to customers.
Cost reductions, economies of scale, and strong price increases in
Latin America partly offset the strong cost increases seen in
Europe. We forecast S&P Global Ratings-adjusted free operating cash
flow (FOCF) of roughly  EUR329 million for 2022. We expect further
cost inflation for 2023, when we anticipate that price increases
will result in revenue growth of about 20%. We forecast adjusted
EBITDA margins will drop to 21.5%-22.5% owing to the dilutive
effect of input cost increases. We anticipate FOCF of  EUR230
million– EUR240 million, due to additional investments in
capacity expansion in 2023. Despite our forecast of weaker economic
conditions and lower EBITDA margin, we anticipate adjusted debt to
EBITDA below 2.0x and adjusted FFO to debt between 40%-50% in both
2022 and 2023. This supports the positive outlook.

"We think that Verallia's ratios are strong for the rating, which
also includes headroom for potential restrictions in natural gas
supply. With debt to EBITDA forecast near 2.0x and FFO to debt
above 40% for 2022, Verallia's ratios are relatively strong for the
'BB+' rating. Our rating factors in the potential effect of
temporary disruptions to gas supplies, which numerous European
countries could face in the next four to six months. This could
impair Verallia's six glass manufacturing plants in Germany and
four in Italy. The glass furnaces are very energy intensive and are
largely reliant on gas. The company views the risk of gas supply
disruption as limited because it plans to replace up to 20% of its
gas needs with fuel in Europe. We believe that the financial
implication of such a scenario is difficult to estimate, given the
ensuing uncertainties on fuel price and availability.

"Verallia's hedging program provides some insulation to any changes
in energy prices. The group hedged the prices of over 90% of its
natural gas supplies for 2022 and expects to hedge about 85% of its
energy needs (including natural gas and fuel) for 2023. Verallia's
hedging strategy improves the group's visibility on gas costs,
which accounted for roughly 9% of total costs in 2021, but does not
fully protect the group from gas price increases--as hedging prices
for 2023 are likely to be high. We believe that further increases
in gas and other input costs could weigh on Verallia's profit
margins if the group is unable to pass them on to customers. This
could be particularly challenging if previous cost increases are
accompanied by weaker demand."

The positive outlook reflects the potential for an upgrade over the
next 12 months if Verallia's operational performance and financial
policy resulted in debt to EBITDA below 3.0x and FFO to debt above
30% on a sustained basis, despite energy supply constraints and an
economic slowdown.

S&P said, "We could revise our outlook to stable if a weaker
operating performance or a more aggressive financial policy
resulted in adjusted net debt to EBITDA above 3.0x and FFO to debt
below 30% on a sustained basis. This could emanate from disruptions
to gas supply, higher input costs that the company is not able to
pass onto customers in a timely manner, or a sharp reduction in
demand.

"We could raise our ratings if Verallia's debt to EBITDA remained
below 3.0x and FFO to debt exceeded 30% on a sustained basis,
despite potential energy supply constraints, further input cost
increases, and weaker economic conditions. Such credit metrics
would also need to be supported by Verallia's financial policy."

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

S&P said, "ESG factors have an overall neutral influence on our
credit rating analysis of Verallia. We see glass recyclability as
positive; although glass is not biodegradable, it can be recycled
repeatedly without loss of quality (unlike paper and plastics). We
also believe that substitution risks from other substrates are
lower in the wine and spirits market, which Verallia serves. That
said, glass production has a high carbon footprint given the
energy-intensive nature of the process. However, we think
Verallia's efforts to increase cullet (recovered glass) utilization
(to 59% by 2025 from 49% in 2020) and use renewable energies should
support its goal to reduce its scope 1 and 2 CO2 emissions by 46%
by 2030."




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

THYSSENKRUPP AG: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed thyssenkrupp AG's (TK) Long-Term Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook. Fitch has also
affirmed TK's senior unsecured notes' rating at 'BB-' with a
Recovery Rating of 'RR4'.

The ratings of TK reflect its low, albeit stable earnings and cash
flow, which are likely to be slightly tested by present economic
challenges as well as the broader energy crisis in Europe. The
group's key contributing division to earnings, Steel Europe, is
also likely to have much lower earnings in the short term as the
steel price normalises, although ongoing restructuring measures
should ensure the division remains profitable. TK's strong
liquidity position, a conservative capital structure and a
well-diversified business profile offset the company's low
underlying profitability.

The improvement in TK's business profile in recent years has been
underpinned by the management's efforts to restructure and/or sell
off loss-making or underperforming businesses. These efforts have
yielded tangible results, with core operating earnings and free
cash flow (FCF) improving materially over the past 12 months.
Further reduction of the prominence of the non-core businesses will
be rating positive.

KEY RATING DRIVERS

Economic Challenges May Slow Recovery: Fitch has revised down its
previous expectation of the EBITDA margin exceeding 6% on a
sustainable basis in the short-to-medium term by about 1% in each
of the next three years. This is due to the increased likelihood of
a recession in key markets as well as the high inflationary
environment, which is expected to continue in 2023.

Fitch believes that demand for many of TK's products and services
will be constrained by economic uncertainty in 2023 and, coupled
with an expected much lower steel price, will lead to a
double-digit decline in revenue next year, before a modest growth
from 2024. Earnings are also likely to be pressured by lower
capacity utilisation and possible delays in passing on cost
escalation. Nevertheless, the EBITDA margin is expected to remain
above the downgrade sensitivity of 5% in the medium term.

Energy Crisis Has No Impact: Fitch does not anticipate any negative
impact on TK's ratings from any potential gas rationing in Germany
or a much higher energy price. The company primarily uses gas in
the Steel and Industrial Components divisions, and the overall cost
of energy is manageable.

Fitch expects the effect of a significant rationing of gas for
industrial users, which may lead to production disruptions, not to
be significant for TK. Fitch also expects it to be offset, to a
degree, by cost reduction measures already under way as well as the
high level of revenue generated from low capital-intensive services
and maintenance activities.

Cash Flow Within Rating Expectations: In the financial year to
end-September 2022 (FY22), the company's FCF will be negative as a
result of a significant working capital outflow stemming from price
inflation as well as supply chain constraints. Fitch expects the
former to be reversed in FY23 as working capital intensity returns
to broadly historical levels, while the latter is likely to
normalise over the next 12 months, leading to inventory reduction.
Beyond 2023, Fitch expects FCF to be broadly neutral to slightly
positive, although this depends on working capital management,
capex and shareholder return policies.

Capital Structure to Remain Strong: TK has a very strong balance
sheet for the rating, as reflected by a net cash position and low
debt of under EUR4 billion at end-3QFY22. Cash proceeds from the
2020 sale of its elevator business were used to fund considerable
cash burn during the restructuring period and to repay a large
portion of existing debt.

Fitch believes that future debt maturities are likely to be
refinanced, as the company has likely achieved its targeted capital
structure. This means that financial flexibility, coupled with
expected gross EBITDA and funds from operations (FFO) gross
leverage of about 2x-2.5x at end-FY22, and 3x-3.5x at end-FY2023,
will strongly support the rating in the near term.

Steel Business Key for Rating: Profitability at TK's steel
division, which accounts for about a quarter of total revenue, has
been improving since 2020 due to high steel prices and considerable
cost reduction. Its adjusted EBIT margin improved to over 10% in
9MFY22, from 1.3% in FY21, but it is expected to revert to about 4%
in the short-to-medium term. The steel division remains under
strategic review by the management, and any partial or full
divestment will likely have a rating impact, although Fitch's
current rating case does not include any change to the ownership of
this business.

Conservative Cash Deployment: Fitch expects management to maintain
their conservative approach to cash deployment in the
short-to-medium term regardless of positive FCF beyond FY2022. This
includes its assumption that when TK reinstates dividend payment it
is likely to be at a moderate level that will not place pressure on
liquidity. Fitch expects capex to remain at materially above
depreciation levels in the next four years as key modernisation is
carried out, especially in the steel business, but for overall
capex and working-capital discipline to be maintained over the
medium-to-long term.

Asset Disposals Gaining Pace: TK has made significant progress in
exiting businesses that it no longer wants to own, grouped under
the multi tracks segment, which reported cumulative adjusted EBIT
losses of close to EUR900 million in FY20 and FY21. At end-3QFY22,
TK had signed commitments to sell or close more than half of these
businesses (by revenue). While the cash consideration from these
disposals is unlikely to be significant, these sales should
materially aid financial results, improve the overall business
profile and increase the management's focus on the remaining
operations.

DERIVATION SUMMARY

TK's rating reflects its relatively strong business profile with a
more diversified operations than steel-focused peers, in particular
its closest peer ArcelorMittal S.A. (WD), stemming from TK's
capital goods businesses, which provide more earnings stability.
ArcelorMittal is larger and more geographically diversified, is
vertically integrated into raw materials (iron ore) and has
stronger credit metrics, notably a more resilient FCF margin and
FFO gross leverage.

Conversely, TK has greater exposure to volatile steel earnings, a
greater fixed cost base and lower production flexibility than
capital goods peers, including KION GROUP AG (BBB/Stable) and Atlas
Copco AB (A+/Stable). These peers also have a greater proportion of
total group sales derived from stable servicing and maintenance.

KEY ASSUMPTIONS

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

- Low single-digit revenue contraction in 4Q22, followed by further
contraction by about 20% in FY23 rebounding at mid-single digits,
thereafter

- EBITDA margins at 5.5% in FY22 followed by decline to about 5% in
FY23, gradually recovering, thereafter

- No divestment or deconsolidation of the European steel business
in the short-to-medium term

- Capex at about 4% of revenue per annum in the short-to-medium
term

- No dividend payments in the short-to-medium term, due to the
uncertain timing of the potential reinstatement of dividend

- Maturing bonds in FY23/FY24 to be refinanced

RATING SENSITIVITIES

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

- EBITDA margin above 8%

- FFO margin above 6%

- FCF margin above 1%

- EBITDA/gross leverage below 2.5x

- FFO gross leverage below 3.5x

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

- EBITDA margin below 5%

- FFO margin below 3%

- Negative FCF on a sustained basis

- Failed restructuring measures resulting in EBITDA/gross leverage
and FFO gross leverage above 3.5x and 4.5x, respectively, on a
sustained basis

- Material deterioration in liquidity

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of June 2022, TK had about EUR6.9 billion of
Fitch-adjusted liquidity, consisting of about EUR5.4 billion of
readily available cash and about EUR1.5 billion of undrawn
long-term committed credit lines. The company's EUR3 billion
commercial paper programme and the group's history of tapping the
capital markets on a regular basis also support liquidity.

ISSUER PROFILE

TK is a manufacturer of industrial components and a leading
European supplier of flat steel.

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.

   Entity/Debt               Rating        Recovery   Prior
   -----------               ------        --------   -----
thyssenkrupp AG       LT IDR BB- Affirmed              BB-

                      ST IDR B   Affirmed              B

   senior unsecured   LT     BB- Affirmed     RR4      BB-

   senior unsecured   ST     B   Affirmed              B




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

BOSPHORUS CLO VII: Moody's Assigns B3 Rating to EUR4.1MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Bosphorus CLO VII
Designated Activity Company (the "Issuer"):

EUR242,000,000 Class A Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR46,000,000 Class B Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR20,200,000 Class C Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned A2 (sf)

EUR23,550,000 Class D Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned Baa3 (sf)

EUR25,200,000 Class E Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned Ba3 (sf)

EUR4,100,000 Class F Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the five months ramp-up period in compliance with the
portfolio guidelines.

Cross Ocean Adviser LLP will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 1 year reinvestment
period. Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit impaired obligations or
credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer issued EUR37.5 million of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2927

Weighted Average Spread (WAS): 4.10%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.75%

Weighted Average Life (WAL)*: 5.25 years


CARLYLE EURO 2022-5: S&P Assigns BB-(sf) Rating on Class D Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class A-1, A-2A,
A-2B, B, C, D, and E notes and class A-1 loan issued by Carlyle
Euro CLO 2022-5 DAC. At closing, the issuer issued unrated class
S-1 and S-2 subordinated notes.

The portfolio's reinvestment period will end approximately 4.5
years after closing and the non-call period will end 1.5 years
after closing.

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, which is bankruptcy remote.

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

  Portfolio Benchmarks
                                                         CURRENT

  S&P Global Ratings weighted-average rating factor     2,932.78
  Default rate dispersion                                 418.35

  Weighted-average life (years)                             4.84
  Obligor diversity measure                               134.62
  Industry diversity measure                               18.98
  Regional diversity measure                                1.33

  Transaction Key Metrics
                                                         CURRENT

  Total par amount (mil.  EUR)                            360.00
  Defaulted assets (mil.  EUR)                              0.00
  Number of performing obligors                              155
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                           1.15
  Covenanted 'AAA' weighted-average recovery (%)           36.34
  Actual weighted-average spread (%)                        4.11
  Covenanted weighted-average coupon (%)                    4.25

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

Asset Priming Obligations And Uptier Priming Debt

Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk, where a distressed obligor could either move
collateral outside the existing creditors' covenant group or incur
new money debt senior to the existing creditors.

In this transaction, current pay obligations are limited to 5% of
the collateral principal amount with an additional 2% limit for
uptier priming debt. Corporate rescue loans and uptier priming debt
that is a defaulted obligation that comprise defaulted obligations
are limited to 5%.

The unrated class S-1 notes include a redemption feature where an
amount equal to 80% of remaining interest proceeds that would
otherwise have been distributed to the class S-2 noteholders are
used to redeem the class S-1 notes on a pro rata basis. These
payments are made junior in the waterfall following the cure of the
class F par coverage test and the reinvestment
overcollateralization test. In addition, in this transaction the
reinvestment target par balance excludes any reduction of the class
S-1 notes due to redemption. This limits the erosion of the
collateral balance through trading following the paydown of the
class S-1 notes.

S&P has not given credit to this redemption in its cash flow
analysis, considering the collateral managers' ability to divert
interest proceeds to purchase loss mitigation loans and receive
obligations in a bankruptcy exchange.

Rationale

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 used the  EUR360 million target par
amount, the actual weighted-average spread (4.11%), the covenant
weighted-average coupon (4.25%), and the actual weighted-average
recovery rate calculated in line with our CLO criteria. 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 rating levels.

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

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

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by Carlyle CLO Management
Europe LLC, a wholly owned subsidiary of Carlyle Investment
Management LLC, which is a Delaware limited liability company,
indirectly owned by The Carlyle Group L.P. Under our "Global
Framework For Assessing Operational Risk In Structured Finance
Transactions," published on Oct. 9, 2014, the maximum potential
rating on the liabilities is 'AAA'.

S&P said, "Our credit and cash flow analysis show that the class
A-2A, A-2B, B, C, and D notes benefit from break-even default rate
(BDR) and scenario default rate cushions that we would typically
consider to be in line with higher ratings than those 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 on these classes of notes. The class A-1
notes and A-1 loan can withstand stresses commensurate with the
assigned ratings.

"The class E notes' current BDR cushion is negative at the assigned
rating. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and recent economic outlook, we
believe this class is able to sustain a steady-state scenario, in
accordance with our criteria." S&P's analysis further reflects
several factors, including:

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

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.62% (for a portfolio with a
weighted-average life of 4.84 years) versus 15.004% if we were to
consider a long-term sustainable default rate of 3.1% for 4.84
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 E notes is commensurate with the
assigned 'B- (sf)' rating.

Until the end of the reinvestment period on April 25, 2027, the
collateral manager may substitute assets in the portfolio for so
long as S&P's CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes that its assigned ratings
are commensurate with the available credit enhancement for each
class of notes.

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
to E notes based on four hypothetical scenarios.

"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 E notes."

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 the following industries:
production or marketing of controversial weapons, tobacco or
tobacco-related products, nuclear weapons, thermal coal production,
speculative extraction of oil and gas, pornography or prostitution,
illegal drugs, endangered wildlife, palm oil, oil and gas
extraction, oil exploration, opioid manufacturing and distribution,
coal, transportation of tar sands, private prisons, soft
commodities, adversely affecting animal welfare, predatory lending,
and controversial practices in land use. 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."

ESG corporate credit indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."

  Corporate ESG Credit Indicators
                               ENVIRONMENTAL   SOCIAL   GOVERNANCE

  Weighted-average credit indicator*    2.04    2.14      2.91

  E-1/S-1/G-1 distribution (%)          0.83    0.00      0.00

  E-2/S-2/G-2 distribution (%)         80.41   75.62     12.35

  E-3/S-3/G-3 distribution (%)          4.24    6.68     70.78

  E-4/S-4/G-4 distribution (%)          0.00    2.63      0.00

  E-5/S-5/G-5 distribution (%)          0.00    0.00      2.35

  Unmatched obligor (%)                14.52   15.07     14.52

  *Only includes matched obligor.

  Ratings List

  CLASS     RATING     AMOUNT      INTEREST RATE*     CREDIT
                     (MIL.  EUR)                      ENHANCEMENT
                                                        (%)
  A-1       AAA (sf)    142.00     Three-month EURIBOR   40.00
                                   plus 1.95%


  A-1 Loan  AAA (sf)     74.00     Three-month EURIBOR   40.00
                                   plus 1.95%


  A-2A      AA (sf)      22.50     Three-month EURIBOR   30.00
                                   plus 3.75%

  A-2B      AA (sf)      13.50     6.50%                 30.00

  B         A (sf)       21.60     Three-month EURIBOR   24.00
                                   plus 4.75%

  C         BBB- (sf)    23.40     Three-month EURIBOR   17.50
                                   plus 6.30%

  D         BB- (sf)     17.10     Three-month EURIBOR   12.75
                                   plus 7.63%

  E         B- (sf)      13.50     Three-month EURIBOR    9.00
                                   plus 10.76%

  S-1       NR            9.35     Three-month EURIBOR     N/A
                                   plus 11.25%

  S-2       NR           20.60     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.


PALMER SQUARE 2022-3: Moody's Assigns Ba3 Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Palmer Square
European Loan Funding 2022-3 Designated Activity Company (the
"Issuer"):

EUR268,000,000 Class A Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR34,400,000 Class B Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR19,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR14,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

EUR22,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a static CLO. The issued notes will be collateralized
primarily by broadly syndicated senior secured corporate loans. The
portfolio is fully ramped up as of the closing date.

Palmer Square Europe Capital Management LLC (the "Servicer") may
sell assets on behalf of the Issuer during the life of the
transaction. Reinvestment is not permitted and all sales and
unscheduled principal proceeds received will be used to amortize
the notes in sequential order.

In addition to the five classes of notes rated by Moody's, the
Issuer has issued EUR31,500,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The Servicer's investment decisions and management
of the transaction will also affect the notes' performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,131,484

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2675

Weighted Average Spread (WAS): 3.62% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 3.85% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 44.9%

Weighted Average Life (WAL): 4.6 years


RRE 14 LOAN: S&P Assigns BB-(sf) Rating on EUR9MM Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 14 Loan
Management DAC's class A-1 loan and class A-1 to D notes. At
closing, the issuer also issued unrated subordinated notes.

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

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

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

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

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

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

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

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

-- The portfolio's reinvestment period will end approximately
three years after closing, and the portfolio's maximum average
maturity date is eight and half years after closing.

  Portfolio Benchmarks
                                                           CURRENT

  S&P Global Ratings weighted-average rating factor       2,871.33

  Default rate dispersion                                   469.77

  Weighted-average life (years)                               4.94

  Obligor diversity measure                                  93.60

  Industry diversity measure                                 20.67

  Regional diversity measure                                  1.26

  Transaction Key Metrics
                                                           CURRENT

  Total par amount (mil. EUR)                                  400

  Defaulted assets (mil. EUR)                                    0

  Number of performing obligors                                120

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                               B

  'CCC' category rated assets (%)                             3.75

  'AAA' covenanted weighted-average recovery (%)             36.50

  Covenanted weighted-average spread (%)                      3.74

  Reference weighted-average coupon (%)                       2.95

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, S&P has conducted our credit and cash
flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.74%),
the reference weighted-average coupon (2.95%), 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-2 and D 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 assigned ratings on
the notes.

The transaction's documented counterparty replacement and remedy
mechanisms to 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 assigned ratings
are commensurate with the available credit enhancement for the
class A-1 loan and class A-1, A-2, B-1, B-2, 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 loan and
class A-1 to D notes based on four hypothetical scenarios."

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 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."

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."

  Corporate ESG Credit Indicators

                                 ENVIRONMENTAL  SOCIAL  GOVERNANCE

  Weighted-average credit indicator*      2.04    2.15    2.92

  E-1/S-1/G-1 distribution (%)            0.75    0.50    0.00

  E-2/S-2/G-2 distribution (%)           77.00   71.31   10.50

  E-3/S-3/G-3 distribution (%)            4.25    7.19   69.50

  E-4/S-4/G-4 distribution (%)            0.00    3.00    0.00

  E-5/S-5/G-5 distribution (%)            0.00    0.00    2.00

  Unmatched obligor (%)                  19.57   27.24   27.24

  Unidentified asset (%)                  1.57    1.57    1.57

*Only includes matched obligor

  Ratings Assigned

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

  A-1      AAA (sf)    204.00    39.00   Three/six-month EURIBOR  
                                         plus 2.00%

  A-1 Loan AAA (sf)     40.00    39.00   Three/six-month EURIBOR
                                         plus 2.00%

  A-2      AA (sf)      44.00    28.00   Three/six-month EURIBOR
                                         plus 3.25%

  B-1      A+ (sf)      18.00    23.50   Three/six-month EURIBOR
                                         plus 4.00%

  B-2      A (sf)        8.00    21.50   Three/six-month EURIBOR
                                         plus 4.80%

  C-1      BBB (sf)     19.00    16.75   Three/six-month EURIBOR
                                         plus 5.55%

  C-2      BBB- (sf)     4.00    15.75   Three/six-month EURIBOR
                                         plus 6.70%

  D        BB- (sf)      9.00    13.50   Three/six-month EURIBOR
                                         plus 7.50%

  Sub notes   NR        38.90     N/A    N/A

*The ratings assigned to the class A-1 Loan and class A-1 notes
address timely interest and ultimate principal payments. The
ratings assigned to the class A2, B-1, B-2, 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.




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

ALTISOURCE PORTFOLIO: Egan-Jones Retains CCC+ Sr. Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 19, 2022, retained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Altisource Portfolio Solutions S.A. EJR also
retained its 'B' rating on commercial paper issued by the Company.

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A.
provides real estate and mortgage services.


INEOS GROUP: S&P Assigns 'BB' Rating on New Sr. Secured Term Loans
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Ineos Group
Holdings S.A.'s (IGH; BB/Stable/--) senior secured term loans due
2027.

The transaction represents the amendment and extension of about
EUR1,100 million to  EUR1,250 million equivalent (split across $
and  EUR) of the total  EUR3.5 billion term loans maturing in March
2024. As a result, the company's liquidity headroom will improve,
supporting S&P's strong liquidity assessment. S&P anticipates the
company will continue to proactively manage the maturities to
extend the remaining portion of its term loans due March 2024 well
in advance of their due date.

Market conditions have softened in third-quarter 2022 and will
likely remain challenging in the coming quarters amid reducing
demand and rising costs. This is especially true in Europe (about
one half of the company's operations), where exceptionally high gas
prices lead to high operating costs, not only for IGH, but also for
its customers. S&P said, "Still, we believe that IGH will maintain
net debt to EBITDA below its financial policy target of 3x in
2022-2023 (1.6x on Sept. 30, 2022). We expect that IGH will be
proactive with its cash outlays, limiting operating costs,
dividends, and capital expenditure (capex), notably if business
conditions weaken further."

"At the same time, we expect that IGH will stay committed to its
announced acquisitions and projects, investing in business growth
even during the current mid-cycle market conditions. By end-2022,
IGH plans to complete the acquisition of 50% in Shanghai SECCO
Petrochemical Company Limited from SINOPEC for Chinese renminbi
(RMB) 10.5 billion ( EUR1.5 billion), of which RMB6.5 billion (
EUR0.9 billion) will be funded with debt. We understand that IGH
plans to set up a separate lending group, with no recourse to the
existing operations. It also aims to complete the acquisition of
Mitsui Phenols Singapore Ltd. by the end of first-quarter 2023, for
the total consideration of $330 million, funded by own sources.
These deals will help to establish IGH's presence in Asia, where it
currently lacks assets. In addition, the company will continue to
develop its new ethane cracker in Antwerp (Project One), which has
a nameplate capacity of 1,450 thousand tons of ethylene and is
expected to start production in the middle of the decade. The
cracker will help IGH reduce its reliance on third party
feedstock."

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P rates the proposed senior secured term loans due 2027,
senior secured term loans due 2024,  EUR375 million senior secured
term loans due 2027,  EUR1.1 billion senior secured term loans due
2028,  EUR550 million senior secured notes due 2025,  EUR770
million senior secured notes due 2026, and  EUR325 million senior
secured notes due 2026 'BB' with a recovery rating of '3' (65%).

-- The recovery rating reflects S&P's view of the group's
substantial asset base and its fairly comprehensive security and
guarantee package.

-- However, this is balanced by the absence of maintenance
financial covenants and substantial proportion of the group's
working capital assets pledged in favor of a receivable's
securitization facility.

-- The security package for the senior secured facilities
comprises pledges over all assets, shares, and guarantors that
represent at least 85% of EBITDA and assets.

-- S&P values IGH as a going concern, given the group's solid
market position, large-scale integrated petrochemicals sites across
the U.S. and Europe, and diversified end markets.

-- IGH provides a guarantee of the tolling agreement to Gemini
HDPE LLC. A default of IGH is an event of default under Gemini's
term loan. S&P believes that in a hypothetical default of IGH,
Gemini's lenders will have a claim on that asset. S&P's recovery
analysis therefore excludes the value of Gemini and the secured
term loan issued at that level. Senior secured lenders of IGH do
not have a claim over Gemini.

-- S&P assumes that the financing of Project One will be
ring-fenced and will not have a claim on other assets of IGH, while
senior secured lenders of IGH will not have a claim over Project
One.

Simulated default assumptions

-- Year of default: 2027

-- Jurisdiction: U.K.

-- Simplified waterfall

-- Emergence EBITDA:  EUR1 billion

-- Capex represents 3.5% of three-year annual average sales
(2019-2021)

-- Cyclicality adjustment is 10%, in line with the specific
industry subsegment

-- Multiple: 5.5x

--Gross recovery value:  EUR5.3 billion

-- Net recovery value for waterfall after administrative expenses
(5%):  EUR5.1 billion

-- Estimated priority claims (mainly securitization program
outstanding):  EUR0.6 billion

-- Remaining recovery value:  EUR4.4 billion

-- Estimated first-lien debt claim:  EUR6.7 billion

    --Recovery range: 50%-70% (rounded estimate: 65%)

    --Recovery rating: 3

All debt amounts include six months of prepetition interest.


INEOS US: Moody's Assigns Ba2 Rating to New Sr. Secured Term Loan
-----------------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to the proposed
backed senior secured term loans due 2027 to be issued by Ineos US
Finance LLC and Ineos Finance plc.  Other ratings of Ineos Group
Holdings S.A. (INEOS) are unaffected.  These include INEOS'
corporate family rating at Ba2 and probability of default rating at
Ba2-PD, as well as the Ba2 ratings of backed senior secured notes
due November 2025, March 2026 and May 2026, the Ba2 ratings of
backed senior secured term loans due March 2024, October 2027 and
November 2028 issued by Ineos Finance plc and the backed senior
secured term loans due March 2024 and November 2028 issued by Ineos
US Finance LLC.  The rating outlook for all entities is stable.

INEOS Group expects to use the proceeds of the offering to
refinance a portion of its senior secured term loans due March
2024.

RATINGS RATIONALE

The rating action reflects INEOS' strong position in the global
chemical markets that has benefitted from exceptional market
fundamentals in the second half of 2021 and first half of 2022.
While the market has softened in the third quarter of 2022 and
INEOS' EBITDA reduced to EUR3.3 billion for the twelve months ended
September 2022 from EUR3.8 billion for the twelve months ended June
2022, the company's Moody's adjusted gross leveraged measured as
debt/EBITDA remains at around 3.0x and well within Moody's
expectations for the rating.  The agency further notes INEOS'
strong liquidity aided by EUR2.7 billion of cash and EUR780 mm of
undrawn securitization facilities.  The proposed issuance will
further shore up INEOS' liquidity profile by extending a portion of
its term loans maturing in 2024.

These strengths are counterbalanced by the broad economic slowdown
in many markets globally coupled with inflationary pressures on
businesses and consumers, as well as tightening central bank
actions.  High energy prices in Europe and potential for gas
rationing in Germany where INEOS has meaningful operations are also
a concern.  In addition, INEOS has material capital commitments
including its joint ventures with Sinopec in China and its
investment in a new cracker in Antwerp (Project One). Moody's
estimates INEOS' capex at over EUR1 billion in 2022 and over EUR1.5
billion in 2023.

Moody's expects INEOS' leverage to rise gradually as the company's
profitability declines from cyclical peak closer to middle-of-cycle
conditions.  At the same time, the agency anticipate that INEOS'
coverage may decline as interest rate hikes increase its debt
service costs.  Still, Moody's expects the company to maintain its
credit profile in line with the Ba2 rating.

The Ba2 corporate family rating of INEOS reflects (1) its robust
business profile including its leading market position as one of
the world's largest chemical groups across a number of key
commodity chemicals; (2) vertically integrated business model,
which helps the group capture margins across the whole value chain
and economies of scale advantages, (3) well-invested production
facilities, most of them ranking in the first or second quartile of
their respective regional industry cost curve; and (4) strengthened
credit profile owing to top-of-cycle markets through the first half
of 2022.  These positives are counterbalanced by (1) the cyclical
nature of the commodity chemical industry; (2) deteriorating
economic environment and softening consumer demand globally; (3)
history of large shareholder distributions.

LIQUIDITY

At September 30, 2022, INEOS had EUR2.7 billion of cash and over
EUR780 million available on securitization facility. The company
does not have other bank facilities such as an RCF in place;
however, the business is expected to be cash generative in the next
12-24 months despite material capital expenditure outlays.

STRUCTURAL CONSIDERATIONS

All of INEOS' debt is secured and consists of term loans and senior
secured notes which are rated at Ba2, in line with the CFR.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectation that INEOS
will balance the interests of its shareholders and debtholders
prudently and maintain leverage not exceeding 4.0x calculated as
gross debt/EBITDA including Moody's standard adjustments.

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

Positive pressure on the rating may arise if (i) retained cash flow
to debt is consistently above 25%; (ii) Moody's-adjusted total debt
to EBITDA is sustained below 3x; and (iii) INEOS maintains good
liquidity. Furthermore, a moderate approach to shareholder
distributions would be important for an upgrade.

Conversely, the ratings could come under downward pressure if (i)
Moody's-adjusted total debt to EBITDA is over 4x and retained cash
flow to debt is below 20% for a prolonged period of time; (ii) the
group's liquidity profile weakens; or (iii) INEOS chooses to make
material dividend distributions such that its leverage levels
become elevated.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Ineos Finance plc

BACKED Senior Secured Term Loan, Assigned Ba2

Issuer: Ineos US Finance LLC

BACKED Senior Secured Term Loan, Assigned Ba2

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in June 2022.

COMPANY PROFILE

Incorporated in Luxembourg, INEOS is one of the world's largest
chemical companies in terms of revenue and a large global
manufacturer of petrochemical products, mainly olefins and
polyolefins. In 2021, INEOS reported EBITDA before exceptional
items of EUR3.6 billion on revenue of EUR18.8 billion.


NEPTUNE HOLDCO: S&P Lowers ICR to 'B-' on Elevated Leverage
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
insulation and foam manufacturer Armacell's parent,
Luxembourg-headquartered Neptune Holdco S.a.r.l, to 'B-' from 'B',
and its issue rating on the group's senior secured debt to 'B-'
from 'B'.

The stable outlook indicates that S&P expects a gradual recovery in
Armacell's free operating cash flow (FOCF), alongside liquidity
remaining at least adequate.

S&P said, "The downgrade is underpinned by our expectation that
Armacell's leverage will remain elevated in 2022-2023, given modest
EBITDA growth amid currently challenging economic conditions. We
expect Armacell's adjusted debt to EBITDA will remain elevated at
8.5x-8.7x in 2022 (pro forma including the full-year contribution
of two recent acquisitions), compared to 8.6x in 2021. The recent
acquisitions of IZOLIR and Austroflex (both manufacturers of
pre-insulated pipe systems) also led to higher debt, since Armacell
funded them by drawing down on its revolving credit facility (RCF).
We expect leverage will gradually improve but remain high in 2023
at about 8.0x and likely stay above 7x in 2024, assuming a gradual
improvement in EBITDA and repayment of the RCF drawing. This is
much higher than the 5.0x-6.5x we view as commensurate with a 'B'
rating for the company. In addition, the small EBITDA base makes
the company's credit metrics vulnerable to external shocks, such as
an economic downturn, despite its good regional diversification.
Leverage is quite sensitive to even small amounts of EBITDA
underperformance, as seen in the past.

"The very high leverage results from EBITDA being lower than we
expected since 2021 and debt increasing by  EUR100 million due to
the financial-sponsor buyout in 2020.Following an 8.3% reduction in
2020 due to COVID-19, S&P Global Ratings-adjusted EBITDA did not
rebound as we expected in 2021 but declined by 5.8% to  EUR107
million. This is due to the continued effect of COVID-19 in certain
geographies (e.g., the Middle East) and end markets (e.g., heating,
ventilation, and air conditioning); stifled recovery in commercial
construction and industrial applications; and more importantly, the
time lag in passing on significant raw material cost increases to
customers. Especially in Asia-Pacific, it is difficult to implement
price increases, since prices for ongoing projects have already
been set and given high competitive pressure. In addition, the
higher-margin PET business also suffered from a temporary slowdown
in the wind blade market following a change in incentive schemes in
the U.S. and China. Although implemented price increases so far
this year have been sufficient to fully cover higher input costs,
volumes are lower due to continued supply chain disruptions, labor
shortage on job sites (e.g., in the U.S.), pandemic-induced
lockdowns in China, the temporary slowdown in wind energy segment,
and the decision to stop all business with Russia (which
represented less than 1.5% of sales). Excluding the contribution of
acquisitions, we expect organic EBITDA will decline slightly after
one-off expenses (e.g., for acquisitions and restructuring). On a
pro forma basis including the  EUR8 million full-year contribution
of the two recent acquisitions, we expect our adjusted EBITDA will
amount to about  EUR110 million- EUR115 million in 2022, increasing
to  EUR115 million- EUR120 million in 2023. The modest but gradual
EBITDA increase stems from the company's focus on pricing
discipline to cover cost inflation, fundamentally healthy demand
for Armacell's products which help customers to improve energy
efficiency, and savings from the company's various optimization
measures. This will be largely offset by lower volumes, margin
pressure under worsening market conditions, and higher one-off
costs related to optimization in the first years, so that the
EBITDA increase will be limited in the next one to two years.

"Persistently high inflation, ongoing geopolitical uncertainty and
the unfolding European energy crisis make the outlook for the
global construction market increasingly murky. We acknowledge
increasing attention on energy efficiency and the good long-term
growth potential for innovative products and applications like
recycled PET foams, aerogel, acoustics, and passive fire
protection. However, we expect volumes will decrease in 2023 due to
softening market demand, given the rapid deterioration in global
macroeconomic conditions with deepening recession risks, especially
in the eurozone. In addition, there are downside risks from
potential production disruption due to global supply chain
constraints and gas supply shortages in Europe, especially in
Germany, in 2023.

"We expect FOCF will remain constrained in 2022 after turning
negative in 2021, followed by a swift recovery to a solid level
next year.Armacell previously generated positive cash FOCF of  EUR2
million- EUR10 million, with a record high of above  EUR30 million
in 2019 on the back of strong EBITDA exceeding  EUR120 million.
FOCF declined to negative  EUR8 million in 2021 due to lower EBITDA
and a much higher-than-normal working capital outflow of  EUR23
million due to cost inflation. Inflation has further risen and
increased working capital this year, accompanied by additional
temporary increases in inventory levels to mitigate supply chain
disruptions. We expect working capital will come down in the second
half of the year, with full-year outflow amounting to about  EUR15
million- EUR20 million. Given a slight decline in organic EBITDA
and sustained capex to increase capacity and manufacturing
efficiency, we anticipate constrained FOCF of up to  EUR7 million
in 2022. Much lower working capital consumption and normalized
capex, combined with slightly higher EBITDA, will contribute to
solid FOCF of above  EUR15 million from 2023, despite higher
interest costs due to higher benchmark rates (about  EUR10 million
increase due to interest rate hedge for nearly 50% net debt).

"The stable outlook reflects our expectation of a very modest, but
gradual recovery in Armacell's EBITDA and a rebound in FOCF in the
next 12 months. We also expect Armacell will maintain at least
adequate liquidity.

"We could lower the rating if Armacell's leverage further increases
so that we view the capital structure as unsustainable, or its
liquidity weakens significantly due to continuous negative FOCF.
This could occur because of lower EBITDA due to a severe downturn
and much weaker market demand, combined with cost inflation that
cannot be passed on to customers in a timely manner.

"We could raise the rating if we observe a swift recovery in
Armacell's performance and sustainably positive FOCF, with adjusted
gross debt to EBITDA improving to below 6.5x. Armacell's financial
policy, especially regarding acquisitions, capex, and shareholder
distributions, would also need to be supportive of a higher
rating."

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

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Armacell, 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 generally finite holding periods and a
focus on maximizing shareholder returns.

"Environmental factors have an overall neutral influence on our
credit rating analysis. Its manufacturing process is less energy
intensive than for heavy materials like cement and therefore it has
less exposure to greenhouse gas emissions. Moreover, Armacell's
portfolio has a clear focus on conserving energy and contributing
to a circular economy: its flexible insulation materials (78% of
2021 revenue) enhance the energy efficiency of technical equipment;
its engineered foams (22% of 2021 revenue) are used in lightweight
applications; its PET foam (8% of 2021 revenue, included in
engineered foams) is 100% produced from post-consumer PET bottles
and used to grow at double-digits, although has been temporarily
affected by reduced government subsidies in various countries in
2021 and 2022. About 25% of Armacell's products are fully
recyclable, with the remainder reusable."




=========
M A L T A
=========

FIMBANK PLC: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
---------------------------------------------------------------
Fitch Ratings has revised FIMBank p.l.c. (FIM) Outlook to Stable
from Negative, while affirming its Long-Term Issuer Default Rating
(IDR) at 'B' and Viability Rating (VR) at 'b'.

The Outlook revision reflects the bank's improved capitalisation
and progress on its de-risking plan. It also acknowledges that the
bank's business model is showing signs of stabilisation in total
operating income and business volumes.

Fitch has withdrawn FIM's Support Rating of '5' and Support Rating
Floor of 'No Floor' as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria. In line with the updated criteria, Fitch has assigned FIM
a Government Support Rating (GSR) of 'no support' (ns).

KEY RATING DRIVERS

Pressured Business Model: FIM's ratings reflect high pressures on
the bank's business model from weak asset quality and
profitability, despite recent improvements. They also reflect risks
to capitalisation from weak internal capital generation and high
unreserved non-performing assets (NPAs). These factors are balanced
in part by the bank's broadly stable funding and liquidity profile
and moderate trade-finance franchise.

Weakening Operating Environment: Fitch expects the bank's operating
environment to deteriorate due to slower-than-expected global GDP
growth in 2023 under Fitch's forecast. However, Fitch expects the
impact to trade finance banks to be mitigated to some extent by
their focus on less cyclical trades of essential goods, and
short-term transactions.

Growth and Simplification Strategy: FIM's strategy aims to simplify
its organisational structure and discontinue operations in certain
jurisdictions (such as Greece), focusing instead on its Maltese
home-market and on forfaiting and factoring businesses abroad.

FIM's business model has been weighed down by capital constraints,
weak asset quality and poor core profitability. However,
de-risking, coupled with scope for new business following reduced
regulatory capital requirements, could gradually improve FIM's
performance.

High Emerging-Market Exposure: FIM has a high risk appetite given
the nature of its business and its exposures to emerging markets.
Over the past three years, the bank has tightened underwriting
standards and increased its focus on reducing portfolio
concentration and exiting weaker credits and some higher-risk
geographies. FIM is expanding its smaller-ticket lending to
domestic businesses to stabilise returns on its asset base.

Gradual De-risking, Weak Asset Quality: Asset quality is a rating
weakness due to high concentration risks. FIM has been gradually
reducing its impaired loans through recoveries and write-offs,
while originating new business under a strengthened risk framework.
However, its NPA ratio (including on-and off-balance sheet
exposures), remains high relative to Fitch-rated European trade
finance banks', at about 11% at end-1H22. The risk of further
deterioration in asset quality is moderate, given lumpy exposures
to cyclical sectors and uncertain macroeconomic conditions.

Weak Profitability Despite Improvements: FIM's profitability is
weak and well below trade finance peers'. After operating losses in
2020 and 2021, the bank's pre-impairment operating profit improved
in 1H22 year-on-year due to broadly stable revenue and good cost
control. Profitability is likely to remain weak in the short term
given low business generation. FIM's ability to absorb unexpected
credit losses remains weak, especially taking into account its high
loan concentration by borrower.

Improved Capital Buffers, Risks Remain: The bank's capitalisation
remains inconsistent with risk given counterparty concentration and
exposure to emerging markets. FIM's capital buffers improved owing
to a 1.5pp reduction in regulatory capital requirements. However,
Fitch views the bank's capitalisation as highly vulnerable given
its still sizable stock of unreserved NPAs, credit concentration,
weak capital generation and the small size of its capital base.

Stable Funding Profile: FIM's funding profile is generally stable,
despite some depositor concentration, as the bank is primarily
funded by customer deposits. A large part of FIM's deposits is
sourced from other EU countries via third-party internet platforms,
which makes them price-sensitive and, potentially, less stable.
Liquidity is supported by the generally short-term nature of FIM's
balance sheet, reflecting the bank's trade-finance focus.

RATING SENSITIVITIES

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

FIM's ratings are vulnerable to a significant weakening of asset
quality and earnings that may cause significant capital erosion.
The bank's ratings could be downgraded if its capital ratios fall
below regulatory minimums (the total capital ratio is currently set
at 16%) and the NPA ratio deteriorates materially without the
prospect of recovery in the short term.

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

A strengthened business model, through successful de-risking,
translating into material improvement in operating efficiency would
support an upgrade.

An upgrade of FIM's ratings is also conditional on a strong and
sustained improvement in asset quality and core profitability,
while maintaining an adequate capitalisation and funding profile.
An upgrade would require the bank's NPA ratio to fall consistently
below 7% and operating profit to improve sustainably towards 0.5%
of risk-weighted assets.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

No Support: FIM's GSR of 'ns' reflects Fitch's view that although
external extraordinary sovereign support is possible, it cannot be
relied on. Senior creditors can no longer expect to receive full
extraordinary support from the sovereign in the event that the bank
becomes non-viable. This is because the EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that
requires senior creditors participating in losses, if necessary,
instead of or ahead of a bank receiving sovereign support.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason:
international operations (negative).

The capitalisation and leverage score of 'b' is below the 'bb'
category implied score due to the following adjustment reasons:
size and internal capital generation and growth (negative).

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.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
FIMBank p.l.c.   LT IDR             B  Affirmed    B
                 ST IDR             B  Affirmed    B
                 Viability          b  Affirmed    b
                 Support            WD Withdrawn   5
                 Support Floor      WD Withdrawn   NF
                 Government Support ns New Rating




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

HUNKEMOLLER: S&P Assigns Prelim. 'B-' LongTerm ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' long-term issuer
credit rating to Dutch lingerie retailer Hunkemoller (Shero Bidco
B.V.) and its preliminary 'B-' rating and preliminary '3' recovery
rating (recovery expectations: 50%-70%; rounded estimate: 60%) to
the  EUR272.5 million senior secured notes.

S&P said, "The stable outlook reflects our expectation that in the
next two years, Hunkemoller will maintain stable profitability
despite macroeconomic headwinds, with a ratio of EBITDAR to cash
interest and rent of about 1.3x, and free operating cash flow
(FOCF) after leases approximately neutral."

Shero Bidco B.V., the holding company of the Netherlands-based
retailer of women's intimate wear, Hunkemoller, is issuing
EUR272.5 million in senior secured notes as part of refinancing the
bridge facility used in the June 2022 buyout of a majority stake in
the company by the financial-sponsor consortium led by Parcom.

"Following the leveraged buyout led by Parcom in June 2022, we
expect Hunkemoller's adjusted leverage to stay at 4.8x-5.0x in
FY2022 and FY2023 on the back of weaker consumer confidence and
cost inflation. Shero Bidco B.V. intends to issue  EUR272.5 million
in senior secured notes, due November 2027, to refinance part of
the  EUR340 million bridge financing used in the acquisition. A
super senior revolving credit facility (RCF) of  EUR50 million,
maturing in December 2026, is also in place, and there are no
noncommon equity instruments in the capital structure. We
anticipate a deceleration in sales growth to about 8% in FY2022
from 22% in FY2021, following Hunkemoller's exceptionally strong
year-over-year expansion in FY2021 as it recovered from the
pandemic-affected FY2020. This is mainly owing to the accelerating
inflation affecting disposable income and consumer discretionary
spending. At the same time, we believe the company will be able to
achieve neutral to moderately positive FOCF after leases by the end
of our forecast period (FY2024) and maintain stable adjusted
leverage at about 4.5x-5.0x.

"Profitability over the forecast period will likely suffer amid
macroeconomic headwinds, exacerbated by the high operating
leverage.In the near term, we expect inflation to affect both
consumer confidence and Hunkemoller's costs for transport, labor,
utilities, and materials. We expect the company to be able to limit
a decline in profitability by passing through a large part of input
cost inflation via price increases. In the first half of FY2022,
the company contained the decline in the gross margin to about 190
basis points from the 72.6% reported in the same period in FY2021,
and in our forecast we assume gross profit margin will stay at
about 70% through the fiscal-year end. Hunkemoller is also pursuing
other mitigation measures, such as stimulating click-and-collect
rather than home delivery of its online orders, limiting
promotional activity, and changes in store opening hours. We
forecast only a limited increase in Hunkemoller's rents payments
from  EUR77 million in FY2022 by about 3%-5% annually, building on
the strength of the company's relationships with the landlords and
track record of successful rent negotiations. However, a large
portion of contracts can be indexed to a certain degree of retail
price inflation, which could lead to a steeper increase in payments
than we currently anticipate. We forecast the adjusted EBITDA
margin settling at 22%-24% in FY2022–FY2023 and up to 25% in
FY2024 compared with about 27% in FY2021.

"We forecast weaker FOCF after leases over our forecast period
compared with the substantial inflow in FY2022.In the first half of
FY2022, Hunkemoller's FOCF after leases was materially hit by cost
inflation, notably on labor, raw materials, transportation, and
energy. Moreover, the company's working capital consumed about
EUR10 million of cash during the same period as the company
increased its inventory to mitigate supply-chain issues and price
increases of containers for ocean shipping. We think that the
abnormal working-capital cycle will negatively affect FY2022 cash
flows but that they will return to neutral in FY2023. We forecast
capital expenditure (capex) of about  EUR20 million in FY2022 and
about  EUR30 million in FY2023. This incorporates discretionary
spending on the completion of a new distribution center to support
Hunkemoller's omni-channel strategy, and normalized level of the
store refurbishment and expansion plans that resumed after the
pandemic. Together with higher interest on its debt, we forecast
that the company's cash-flow generation will be significantly
constrained compared to historical levels. As a result, we estimate
mildly negative FOCF after leases of about  EUR5 million in FY2022,
reverting to neutral in FY2023, from the  EUR32.4 million inflow in
FY2021."

Hunkemoller's limited scale and concentration in the niche lingerie
market constrain the rating. With limited diversification into
accessories, swimwear, and athleisure--which together accounted for
just 13% of gross sales in FY2021--the company is exposed to the
discretionary and competitive lingerie subsegment of the apparel
market. Functionality, quality, and fit drive purchasing decisions
and brand loyalty in this market. Compared with outerwear, fashion
trends are less likely to drive the frequency of lingerie
purchases, but this also leaves less room for any missteps in
managing the fashion risk of the merchandise.

S&P said, "We expect the company will preserve its competitive
position due to its solid brand equity, omni-channel capabilities,
affordability, and geographic diversity. With approximately 5,000
fashion styles, Hunkemoller offers affordable women's intimate wear
in a greater variety of styles and sizes than those available from
general apparel and fast-fashion retailers. The company holds
strong market positions in a variety of Northern European
countries, with an 18% market share in the Netherlands, 12% in
Belgium, and 7% in Germany, where Hunkemoller was a leading brand
in the intimate apparel market in 2019. Near-term expansion plans
are mainly based on strengthening the omni-channel proposition,
raising penetration in German market, and expanding its footprint
in less-saturated, higher-growth markets, such as Norway, and
Switzerland. Over our forecast period of FY2022-FY2024, we expect
that the company will succeed in raising its e-commerce net sales
to 44% of revenue from 36% in FY2021 and open up to 50-60 new
stores, underpinning an annual revenue growth rate of 2%-5%."

Management's track record of profitable growth and the 5 million
members strong loyalty program support the credibility of the
business plan. Management's experience and performance track record
underpin our expectation of the timely execution of this strategy.
Over FY2010–FY2021, the company's sales increased by a compound
annual rate of 9% as Hunkemoller expanded its market share and
maintained steady profitability. The EBITDA margin (after full
lease expenses) was about 13%-15% in this period, except for
temporary dips to 12.5% in FY2013 following the financial crisis
and to 8.8% in FY2020 because of the COVID-19 pandemic. In FY2021,
the 5 million active members of the company's loyalty program
accounted for 75% of its sales. S&P believes that the program will
underpin the company's brand recognition and topline growth due to
its direct reach and the frequency of engagement with the members.
Moreover, consistent, and measurable customer feedback is used in
product design, merchandising, and pricing strategy, supporting
market-specific competitiveness.

S&P said, "The final ratings will depend on our receipt and
satisfactory review of all final documentation and final terms of
the transaction. Therefore, the preliminary ratings should not be
construed as final ratings. If we do not receive the final
documentation within a reasonable timeframe, or if the final
documentation and final terms of the transaction differ from the
materials and terms we have reviewed, we reserve the right to
withdraw or revise the ratings. Potential changes include, but are
not limited to, utilization of the proceeds, maturity, size, and
conditions of the facilities, financial and other covenants,
security, and ranking.

"The stable outlook reflects our expectation that despite
macroeconomic headwinds, Hunkemoller will largely be able to pass
through inflationary pressures on raw material and transportation
costs to customers and capitalize on cost-saving initiatives. This
would result in a ratio of EBITDAR to cash interest and rents of
about 1.3x, with FOCF after leases remaining negative to neutral
over the next 12 months.

"We could lower the rating over the next 12 months if Hunkemoller's
operating performance and earnings fall short of our forecast and
lead to lower confidence in its ability to sustain its capital
structure over the long term." This could occur if consumer
sentiment is weaker than S&P anticipates, inflationary pressures
are higher, or strategy execution were to stall, resulting in:

-- The ratio of EBITDAR to cash interest and rent falling to 1.2x
or less;

-- Reported FOCF after leases remaining negative beyond FY2022 or
the outflow being steeper than S&P anticipates;

-- Liquidity weakening; or

-- In S&P's opinion, a heightened probability of a distressed
exchange or a conventional default, including any interest
forbearance or debt purchases below par.

Evidence of an aggressive financial policy focused on debt-financed
shareholder remuneration or acquisitions could also lead to a
sustained weakening of credit metrics and therefore a negative
rating action.

S&P said, "We could take a positive rating action if Hunkemoller
meaningfully outperformed our base case, consistently expanding its
earnings, margins, and cash-flow generation. This could mitigate
the risks we associate with the company's high operating leverage
and our current forecast of subdued cash-flow generation. To
consider a higher rating, we would expect the company to maintain a
financial policy with consistently robust credit metrics, such that
the ratio of EBITDAR to cash interest and rent approaches 1.5x and
reported FOCF after leases is sustainably positive at about  EUR15
million- EUR20 million annually."

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 Hunkemoller. This is
the case for most rated entities owned by private-equity sponsors.
We believe that the company's highly leveraged financial risk
profile points to corporate decision-making that prioritizes the
interests of the controlling owners." It also reflects the owners'
generally finite holding periods and focus on maximizing
shareholder returns.


MAXEDA DIY: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
----------------------------------------------------------------
Fitch Ratings has revised Maxeda DIY Holding B.V.'s (Maxeda)
Outlook to Negative from Stable, while affirming its Long-Term
Issuer Default Rating (IDR) at 'B'.

The revision of the Outlook reflects its expectation that
deterioration of the macroeconomic environment in Belgium and the
Netherlands will affect the company's sales volumes and margins in
FY24 (year-end January 2024) and could lead to higher working
capital. This could limit its de-leveraging capacity and exhaust
its rating headroom. Fitch forecasts total adjusted debt/EBITDAR to
remain high for the rating over FY23-FY25.

Cost-saving initiatives and cost inflation pass-through implemented
so far and factored in its forecasts, should help Maeda contain
pressure on its profitability and, once volumes recover, support
the return of EBITDA margin towards 7.5% in FY26. A revision of the
Outlook to Stable will be contingent on the capacity of Maxeda to
protect its margins and volumes amid rising interest rates and
inflation and, its ability to reduce its high leverage.

KEY RATING DRIVERS

Demand Pressures: Fitch expects sale volumes to decrease as the
current inflationary environment hits consumer spending in Europe.
Fitch forecasts a low single-digit percentage revenue fall in FY23
and FY24, as cost inflation pass-through partly offsets weaker
volumes. Fitch nevertheless expects volumes from FY25 to return to
higher-than-pre-pandemic levels due to more at-home time and
growing sustainability awareness.

Temporary Margin Hit: Fitch expects Maxeda to see slightly improved
profitability in FY23 as it benefits from its cost-savings
programme and from passing on cost increases to customers. However,
rising staff and energy costs are likely to continue putting
pressure on profitability in FY24. Fitch expects these rising costs
and lower volumes to temporarily reduce Fitch-adjusted EBITDA
margin to 6.7% in FY24 from 7.1% in FY23. Maxeda's profitability
remains solid relative to that of close peers, such as Kingfisher
plc, and for the 'B' IDR. Fitch expects the margin to improve once
sale volumes recover, helped by the structural benefits of its
recent cost savings.

Persistent High Leverage: Fitch forecasts total adjusted
debt/EBITDAR to remain high in FY23, due to lower-than-expected
revenue, and for it to trend to 6.0x in FY26, a level which is high
for the 'B' rating category for a non-food retailer. Fitch expects
the deterioration of macroeconomic conditions to exhaust most of
the company's rating headroom. This is however offset, in its view,
by a sustainable business model and limited execution risks in
Maxeda's own strategy.

Positive FCF; Downward Risks: Fitch forecasts Maxeda's free cash
flow (FCF) margin to remain positive, as it improves its FFO margin
with normalised working capital, stabilises capex and maintains a
prudent financial policy after a special return to shareholders,
partly funded by debt in FY22. While not factored into its rating
case, Fitch sees a risk of inventory-related cash absorption in
FY23 as a result of slower-moving stock not clearing out. This
could prevent the repayment of its revolving credit facility (RCF),
thus affecting de-leveraging.

Market Leader in Benelux: The rating reflects Maxeda's leading
position in the DIY market in Belgium and the Netherlands, with
stable market shares of 46% and 24%, respectively, at end-July
2022. The company operates 341 stores located in prime retail
locations, and benefits from strong brand awareness, creating a
barrier to entry for new competitors.

Online Barrier to Entry: Maxeda has also invested in omni-channel
capabilities in recent years, notably through the creation of a
dedicated e-distribution centre. Fitch estimates that online sales
growth will remain limited relative to the overall business as
online penetration of the DIY market remains limited compared with
that of other non-food retail sectors, such as apparel, driven by
the greater technical complexity of Maxeda's product offering and
logistics. Also, expert advice in store is key for customers. This
should also help limit the entry of potential competitors.

Satisfactory Format Diversification: Maxeda focuses on two
countries but benefits from some diversification due to its three
store formats (city stores, medium box and big box) operated
through three brands (Praxis in the Netherlands, and Brico and
BricoPlanit in Belgium). These stores offer a large product range,
including private labels (approximately 25% of total offering).

DERIVATION SUMMARY

Maxeda's closest peer is Mobilux 2 SAS (BUT; B/Stable), the French
furniture and decoration retailer. Both companies have a
satisfactory business profile for the 'B' category, with
market-leading positions in concentrated geographies. Fitch expects
similar EBITDA margins for both companies in FY23. Maxeda's
leverage is expected to be similar in 2023 but we expect slower
deleveraging.

Maxeda is rated one notch above The Very Group (B-/Stable), which
is similar in size and profitability, despite higher sales
expectations for the latter due to its prominent exposure to online
retail. Fitch expects The Very Group's leverage to increase towards
8.8x in the financial year to July 2023 from around 8.2x in FY21.

Kingfisher plc (BBB/Stable), the largest DIY group in the UK and
the second-largest in France (behind Groupe Adeo), has sales almost
10x larger than Maxeda's, leading to benefits from scale, market
presence and brand diversification, which provide some competitive
advantages, underpinning its 'BBB' rating. Profitability is
comparable between these two DIY retailers, although FFO-adjusted
net leverage is materially higher at Maxeda than for Kingfisher,
which we expect to normalise to around 2.5x in FY22-FY25.

KEY ASSUMPTIONS

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

- Sales to decline 2.9% and 1% in FY23 and FY24 respectively,
followed by a gradual recovery of 1.8%-2% in FY25 and FY26

- Broadly stable store portfolio

- Fitch-adjusted EBITDA margin at 7.1% in FY23 and 6.7% in FY24 and
then to slowly improve to 7.3%-7.5% in FY25-FY26

- Working-capital normalisation in FY23 and low single-digit
working-capital cash inflow from FY24

- No stock repurchases, dividends or M&A through to FY26

KEY RECOVERY ASSUMPTIONS

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

In its bespoke recovery analysis, Fitch estimates GC EBITDA
available to creditors of around EUR70 million. The GC EBITDA is
based on a stressed scenario reflecting, for example, a prolonged
downturn post-pandemic combined with sustained competitive
pressures and an inflationary environment.

Fitch continues to apply a distressed enterprise value (EV)/EBITDA
multiple of 5.0x, in line with comparable businesses such as BUT.

Based on the debt waterfall analysis, Maxeda's EUR65 million RCF,
which Fitch assumes to be fully drawn on default, ranks super
senior to the company's EUR470 million senior secured notes.
Therefore, after deducting 10% for administrative claims, the
analysis generates a ranked recovery for the senior secured bonds
in the 'RR3' band, indicating a 'B+' instrument rating with a
waterfall generated recovery computation of 53% based on current
metrics and assumptions.

RATING SENSITIVITIES

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

- Further improvement in scale and diversification, together with
better visibility over macroeconomic conditions, leading to an FFO
margin above 5% and FCF margin above 3% on a sustained basis

- Operating EBITDAR/gross interest paid + rents and FFO
fixed-charge coverage sustained above 2.0x

- Total adjusted debt/EBITDAR below 4.5x on a sustained basis and
FFO adjusted gross leverage below 5.0x

Factors that could, individually or collectively, lead to revision
of Outlook to Stable:

- Capacity to improve revenue and profitability

- Visibility of total adjusted debt/EBITDAR reducing below 6.5x or
FFO adjusted gross leverage sustainably below 6.5x

- Operating EBITDAR/gross interest paid + rents and FFO
fixed-charge coverage above 1.5x on a sustained basis

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

- Significant deterioration in revenue and profitability reflecting
inability to pass on cost inflation to consumers and to implement
further cost-saving initiatives

- Operating EBITDAR/gross interest paid + rents and FFO
fixed-charge coverage below 1.5x on a sustained basis

- Total adjusted debt/EBITDAR or FFO adjusted gross leverage
sustainably above 6.5x

- FFO margin sustained below 3%

- Evidence that liquidity is tightening due to operational
under-performance, large working-capital outflows, or further
distribution to shareholders

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of 31 July 2022, Maxeda had EUR50
million cash and cash equivalent (of which Fitch excluded EUR10
million for working-capital purposes) and full availability under
its EUR65 million RCF after the company repaid the outstanding
EUR38 million in 1QFY23.

Fitch forecasts adequate financial flexibility over the next four
years, on expected positive FCF. Fitch does not include further
shareholder distributions or M&A activity over the next four years
that could lead to an erosion of this liquidity buffer, and affect
the rating trajectory.

Maxeda has no near-term maturities as the super senior RCF and the
senior secured notes only come due in 2026.

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.

   Entity/Debt                Rating        Recovery   Prior
   -----------                ------        --------   -----
Maxeda DIY Holding B.V.        

                         LT IDR  B   Affirmed              B

   senior secured        LT      B+  Affirmed    RR3       B+


SHERO BIDCO: Moody's Gives 'B3' CFR & Rates New Secured Notes 'B3'
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a B3-PD probability of default rating to Shero Bidco B.V.
("Hunkemoller" or "the company"). Concurrently, Moody's assigned a
B3 rating to the proposed EUR272.5 million backed senior secured
notes issued by Shero Bidco B.V. The outlook is stable.

In March 2022, Parcom, a Dutch private equity firm, and
co-investors Opportunity Partners and Horizons announced the
acquisition of a majority stake in Hunkemoller, a leading retailer
in the European intimate apparel market. The acquisition completed
in June 2022.

RATINGS RATIONALE

The B3 corporate family rating with a stable outlook reflects
Hunkemoller's leading position in the intimate apparel market in
its core markets, Germany, Netherlands and Belgium, and its strong
brand awareness. The rating is also supported by management's track
record in successfully delivering on the omnichannel strategy
leveraging on its extensive physical store network and past
investments in digital. The company has also demonstrated a good
track record of revenue and earnings growth and strong recovery
following the pandemic.

The rating is, however, constrained by the company's limited scale
with EUR560 million sales in 2021 (fiscal year end January 2022)
and limited geographical diversification with around 80% of sales
generated in Germany, Netherlands and Belgium. The rating is also
constrained by Hunkemoller's narrow product focus and the highly
fragmented and competitive nature of the intimate apparel market.

Moody's expects Hunkemoller's Moody's-adjusted gross debt/EBITDA to
remain broadly stable at around 5.0x in the 12-18 months following
the closing of the transaction. Moody's also expects Moody's
adjusted EBIT/Interest to be weak at around 1.0x assuming interests
of around EUR30-35 million per year.

Hunkemoller has a solid track record of sales growth driven by
like-for-like growth and a strong presence in digital and online.
Moody's expects Hunkemoller's revenue to grow by low to mid-single
digit rates over 2022-24, mainly supported by price increases as
well as higher online and third-party sales. However, given the
company's sales concentration in core countries there is a high
correlation between the company's operating performance and
economic growth in these countries. Downside risks exist given the
cyclical nature of the industry and the company's exposure to
discretionary consumer spending at a time when general inflation
and high energy costs are denting consumer purchasing power.

Moody's expects Moody's EBITDA margin to decline to around 22% over
the next 12-18 months as high inflation and supply chain challenges
persist over the next 12-18 months. Moody's assumes that management
will continue to take actions to mitigate cost inflation including
raising prices and actively managing its cost base.

Moody's also expects Hunkemoller to generate negative free cash
flow of around EUR10-20 million per year in 2022 and 2023 driven by
lower profit, high interest costs of around EUR30-35 million as
well as extraordinary investments of around EUR17 million over 2022
and 2023 for the internal fitting of a new distribution center in
the Netherlands. Moody's expects Hunkemoller's normalized capital
spending to be around 3.5%-4% of revenue, excluding lease
repayments of EUR75-80 million.

Moody's expects free cash flow to turn positive in 2024 on the back
of earnings growth, lower capital spending and limited net working
capital requirements.

Hunkemoller's B3 rating takes into account corporate governance
considerations. The company is approximately 35% owned by private
equity firm Parcom while co-investors Opportunity Partners and
Horizons both owning 17.5%. As is often the case in private equity
sponsored deals, the owners have a high tolerance for leverage and
risk, while governance is comparatively less transparent. The
company's management and Carlyle Group will continue to own a
significant minority stake in the company.

LIQUIDITY

Hunkemoller's liquidity profile is adequate, supported by a cash
balance of EUR44 million pro forma the transaction and the EUR50
million super senior revolving credit facility, which is expected
to remain undrawn.

The company's working capital requirements are volatile, reflecting
the seasonality of its sales. The highest working capital
requirements are in the months of June and November, in
anticipation of the summer and Christmas sales.

The super senior secured RCF is subject to a springing net leverage
covenant. Moody's expects the company to maintain ample headroom
under this covenant in the next 12-18 months. The company does not
have any short-term maturities and the first maturity is in 2026.

STRUCTURAL CONSIDERATIONS

The capital structure includes a super senior RCF of EUR50 million
maturing in 2026, EUR272.5 million of backed senior secured notes
maturing in 2027 and EUR67.5 million term loan to be rolled over
from the existing EUR340 million bridge facility. The B3 rating on
the backed senior secured notes is in line with the CFR.

The debt instruments benefit from guarantees from subsidiaries
representing at least 80% of the group's EBITDA. The super senior
RCF and the backed senior secured notes are secured by share
pledges, bank accounts, intragroup receivables. The super senior
RCF shall get priority over enforcement proceeds in line with the
intercreditor agreement.

The proposed PDR of B3-PD reflects the assumption of a 50% family
recovery rate reflecting a capital structure comprising senior
secured bonds and bank debt.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that
Hunkemoller will continue to grow its topline, and its
profitability will remain broadly stable despite the high-inflation
environment. The stable outlook also incorporates Moody's
expectation that Hunkemoller will maintain Moody's adjusted
leverage close to 5.0x and maintain an adequate liquidity.

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

Upward pressure on the ratings could arise in case of a sustained
decline of the Moody's-adjusted (gross) debt/EBITDA ratio below
5.0x on a sustained basis, its Moody's-adjusted EBIT/interest
expense rises well above 1.5x and its Moody's-adjusted free cash
turns positive on a sustained basis by higher-than-expected
earnings growth.

Downward pressure on the ratings could arise if Moody's-adjusted
(gross) debt/EBITDA is above 6.0x on a sustained basis, its
Moody's-adjusted EBIT/interest expense declines below 1.0x on a
sustained basis or a deterioration of the company's liquidity
profile, including negative free cash flow for a prolonged period,
could also prompt a negative rating action.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
published in November 2021.

COMPANY PROFILE

Hunkemoller, headquartered in the Netherlands, is a leading
retailer in the European intimate apparel market, with presence in
19 countries and number one market position by market share in
Germany, Netherlands and Belgium and leading positions in Austria,
Denmark and other markets. In 2021, Hunkemoller reported total
revenue and EBITDA of EUR560 million and EUR81 million
(pre-IFRS16), respectively.




===========
N O R W A Y
===========

B2HOLDING ASA: S&P Affirms 'B+' ICR & Alters Outlook to Stable
--------------------------------------------------------------
S&P Global Ratings revised its outlook on B2Holding ASA (B2) to
stable from positive. At the same time, S&P affirmed its 'B+'
long-term issuer credit and issue ratings on the company and its
senior unsecured bonds. The unchanged '4' recovery rating on the
bonds indicates its expectation of about 45% recovery in the event
of payment default.

Inflation's effect on collections will depend on the success of
government support programs and severity of recession. The current
inflationary shock could hit B2's collection performance, like
other debt purchasers, with the increasing cost of living reducing
consumers' disposable income to service debt. However, the actual
impact will likely be gradual and depend on government measures in
respective countries to reduce the cost burden on the low-income
population, as well as the wage growth trajectory, including
minimum wage growth. S&P said, "In any case, we expect the negative
effects to be manageable for now and see some financial performance
headroom at the current rating. We consider B2's relative standing
in its 'B+' peer group as somewhat stronger, driven by its better
leverage profile compared to peers like iQera, Sherwood, or Anacap.
Nevertheless, our rating on B2 remains 'B+' because of ongoing
economic uncertainty, limited funding flexibility over the medium
term, and the uncertain trajectory of the new servicing segment."

The strategic benefits of the closed carve-out transaction with
Pimco and the establishment of Veraltis Asset Management (Veraltis)
still need to be proven Over 2022, B2 restructured its organization
and established Veraltis, which will be its secured asset-servicing
brand. For now, Veraltis will predominantly service B2's existing
co-investment structures and its secured assets, which have been
carved out into a special-purpose vehicle funded by Pimco. Future
co-investments with Pimco and other investors could gradually drive
up servicing income for Veraltis and diversify B2's revenue
streams. However, asset servicing comes with lower margins and
competition is ample. B2 will need to prove its servicing franchise
and capacity for future co-investments and build a track record of
expanding servicing income. If successful, this could broaden
revenue capacity and make B2 less dependent on collection
performance in its own book. Under S&P's current base case, it does
not anticipate a marked deterioration of real-estate values and
therefore does not expect B2's secured asset portfolio to face
material negative revaluations.

Strong collection performance, improving efficiency, and reducing
debt levels benefit the leverage profile. S&P said, "We expect cash
revenue and cash EBITDA to exceed 2021 levels at about Norwegian
krone (NOK) 5.6 billion and NOK4 billion respectively in 2022,
despite lower investment volumes over 2020 and 2021. This
incorporates B2's efforts to improve collection via its streamlined
operations. In our current base case, we assume portfolio purchases
of about NOK3 billion over 2022 and a further uptick in 2022 at
attractive pricing." B2's cautious investment activity and reducing
debt levels over 2020 and 2021 lowered its S&P Global
Ratings-adjusted debt to EBITDA to 2.6x and we expect it to remain
at a comparable level over 2023. B2 showed strong performance in
selling real estate owned above book value, but the total value of
NOK1,305 million remained largely stable from continuing
repossession activity. The company will need to constantly prove
the realization value, which could also be impaired by the
recessionary environment.

Restrictive funding markets could strain liquidity considering
upcoming maturities. Although S&P views positively B2's recent
access to the market, the EUR150 million bond issuance at
three-month Euro Interbank Offered Rate (EURIBOR) plus 6.9% was
largely dependent on investors rolling over their existing bonds
into the new 2026 maturity. It also underlined the increasing
funding costs in wholesale markets. B2's current liquidity profile
appears adequate since its EUR610 million revolving credit facility
(RCF), with EUR100 million maturing in December 2023, has
sufficient capacity to repay the next two bond maturities in
November 2022 and May 2023 if refinancing is not possible.
Nevertheless, with another bond maturity coming up in May 2024,
B2's liquidity profile could become more constrained if the market
is inaccessible at that time. Should this happen, S&P considers
that RCF banks could prove supportive, like in the past, for
example by increasing the facility volume again. However, this is
dependent on the prevailing macroeconomic environment in 2023,
which remains uncertain.

S&P said, "The stable outlook reflects our expectation that B2 will
show largely resilient earnings and cash flow performance over 2022
and 2023, despite the recessionary environment in many European
markets, and proactively manage its liquidity needs for the 2024
maturity.

"We could lower the rating on B2 if it fails to proactively address
its 2024 bond maturity by mid-year 2023, indicating liquidity could
become constrained next year.

"We could also lower the rating if we observe a marked
deterioration in secured or unsecured collections or credit losses,
leading to diminishing covenant headroom, and if we expect less
supportive RCF banks.

"We could consider a positive rating action over the next 12 months
if we see reduced macroeconomic downside risk in B2's main markets
that would lessen uncertainty around future collections performance
and revaluation needs. This would also require the maintenance of a
well-staggered bond maturity profile with adequate liquidity and
proven benefits of separated servicing entity Veraltis.

"Although less likely, we could also consider an upgrade if the
future focus on unsecured collections and servicing leads to a
better leverage profile, with S&P Global Ratings-adjusted gross
leverage improving sustainably to below 2.5x."




===============
P O R T U G A L
===============

CAIXA ECONOMICA: Moody's Upgrades Long Term Deposit Ratings to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded Caixa Economica Montepio
Geral, CEB, S.A.'s (Banco Montepio) long-term deposit ratings to
Ba3 from B1 and its senior unsecured MTN programme rating to (P)B2
from (P)B3. At the same time, the rating agency has upgraded (1)
the bank's Baseline Credit Assessment (BCA) and Adjusted BCA to b2
from b3; (2) the junior senior unsecured MTN programme rating to
(P)B2 from (P)B3; (3) the dated subordinated debt and MTN programme
ratings to B3/(P)B3 from Caa1/(P)Caa1; and (4) the junior
subordinated MTN programme rating to (P)Caa1 from (P)Caa2. The
bank's long-term Counterparty Risk (CR) Assessment has been
upgraded to Ba2(cr) from Ba3(cr) and its long-term Counterparty
Risk Rating (CRR) to Ba2 from Ba3. The outlook on the long-term
deposit ratings remains stable.

Moreover, Moody's has affirmed the bank's short-term deposits and
CRR at Not Prime and its short-term CR Assessment at Not
Prime(cr).

The rating action reflects Banco Montepio's improved credit profile
as a result of the restructuring of its operations and the
continued de-risking of its balance sheet over recent years. In
upgrading the ratings, Moody's has considered Banco Montepio's
improved asset quality metrics, its enhanced solvency levels and
the positive profitability trends.

RATINGS RATIONALE

  RATIONALE FOR UPGRADING THE BCA

The upgrade of Banco Montepio's BCA to b2 from b3 reflects the
bank's improved asset quality metrics and its enhanced solvency and
profitability levels, with reported net profit for four consecutive
quarters since mid-2021.

Between 2015 and H12022, Banco Montepio has significantly reduced
its stock of nonperforming assets (NPAs) principally by selling
large portfolios which will continue going forward. Nevertheless,
Moody's notes that the bank still holds a large stock of NPAs
including not only loans but also a material amount of repossessed
real estate assets. Its NPA ratio stood at a Moody's estimated
12.2% at end-June 2022, down from 15.4% a year earlier, and its
nonperforming loan (NPL) ratio at 7.7% down from 9.3% a year
earlier, but still well above Portuguese banking system average of
3.4% as of the same date. Moody's expects a slowdown in the pace of
reduction of NPAs because of the gradual withdrawal of public
support measures that were put in place during the pandemic.
Moreover, inflationary pressures on both households' purchasing
power and corporate profits could also have a bearing upon the
bank's asset quality.

Banco Montepio's loss absorption capacity, although improved,
remains weak when measured against its still weak asset-risk
profile. At end-June 2022, Moody's preferred capital measure,
tangible common equity (TCE)/risk-weighted assets (RWAs), stood at
10.9%, up from 8.6% a year earlier. The bank reported a fully
loaded Common Equity Tier 1 (CET1) ratio of 12.6% and a total
capital ratio of 15.0% as of the same date, well above its
regulatory requirements for 2022 of 9.1% and 14.01% respectively.

Banco Montepio's profitability has improved as a result of the
restructuring of the bank's operations. The bank reported a net
profit of EUR23 million at end-June 2022, compared to a loss of
EUR33 million a year earlier and equivalent to a net income to
tangible assets ratio of 0.1%. Moody's expects the bank's
profitability to benefit from the economic recovery and rising
interest rates, although high inflation will put pressure on
operating costs and bottom-line profitability will continue to be
negatively affected by high cost of risk.

In upgrading Banco Montepio's long-term ratings, Moody's continues
to place the bank's BCA at the low end of the scorecard-indicated
outcome range (ba3-b2). This reflects the emphasis Moody's places
in its assessment of Banco Montepio's solvency factors, which
continues to be weak despite recent improvements. This is reflected
in the bank's Combined Solvency score of b2.

  RATIONALE FOR UPGRADING BANCO MONTEPIO'S LONG-TERM DEPOSIT AND
SENIOR UNSECURED MTN PROGRAMME RATINGS

The upgrade of Banco Montepio's long-term deposit ratings to Ba3
from B1 and of its senior unsecured MTN programme ratings to (P)B2
from (P)B3 reflects: (1) the upgrade of the bank's BCA and Adjusted
BCA to b2 from b3; (2) the result from the rating agency's Advanced
Loss Given Failure (LGF) analysis which continues to lead to two
notches of uplift for the deposit ratings and no uplift for the
senior unsecured programme rating; and (3) Moody's assessment of a
low probability of government support for Banco Montepio, which
results in no further rating uplift.

Moody's advanced LGF analysis continues to indicate a low
loss-given-failure for depositors and a moderate loss-given-failure
for senior unsecured creditors, leading to two notches of uplift
and no uplift from the b2 Adjusted BCA, respectively.

  RATIONALE FOR THE STABLE OUTLOOK

The outlook on Banco Montepio's long-term deposit ratings remains
stable, reflecting Moody's view that the expected improvements in
the bank's financial fundamentals are already captured in Banco
Montepio's current ratings.

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

Banco Montepio's standalone BCA could be upgraded if the bank
continues to make progress in reducing its stock of problem assets
and improving its capital and profitability metrics beyond Moody's
expectations.

An upgrade of Banco Montepio's BCA could trigger an upgrade of the
bank's long-term deposit and senior unsecured MTN programme
ratings. The issuance of sizeable volumes of bail-in-able debt
instruments could also exert upward pressure on Banco Montepio's
senior unsecured debt ratings.

Banco Montepio's standalone BCA could be downgraded if the bank's
capital position were to deteriorate or because of a weakening of
its asset risk, or profitability. A downgrade could also occur if
bank's liquidity were to deteriorate from its current position.

A downgrade of Banco Montepio's BCA would likely strain the deposit
and senior unsecured MTN programme ratings because they are linked
with the bank's standalone BCA. The bank's deposit and senior
unsecured MTN programme ratings could also be affected by changes
in the loss-given failure faced by these securities.

LIST OF AFFECTED RATINGS

Issuer: Caixa Economica Montepio Geral, CEB, S.A.

Upgrades:

Long-term Counterparty Risk Rating, upgraded to Ba2 from Ba3

Long-term Bank Deposits, upgraded to Ba3 from B1, outlook remains
Stable

Long-term Counterparty Risk Assessment, upgraded to Ba2(cr) from
Ba3(cr)

Baseline Credit Assessment, upgraded to b2 from b3

Adjusted Baseline Credit Assessment, upgraded to b2 from b3

Senior Unsecured Medium-Term Note Program, upgraded to (P)B2 from
(P)B3

Junior Senior Unsecured Medium-Term Note Program, upgraded to
(P)B2 from (P)B3

Subordinate Regular Bond/Debenture, upgraded to B3 from Caa1

Subordinate Seniority Medium-Term Note Program, upgraded to (P)B3
from (P)Caa1

Junior Subordinate Medium-Term Note Program, upgraded to (P)Caa1
from (P)Caa2

Affirmations:

Short-term Counterparty Risk Rating, affirmed NP

Short-term Bank Deposits, affirmed NP

Short-term Counterparty Risk Assessment, affirmed NP(cr)

Outlook Action:

Outlook remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




=============
R O M A N I A
=============

AUTONOM SERVICES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Romania-based Autonom Services S.A.'s
Long-Term Issuer Default Rating (IDR) at 'B+', with a Stable
Outlook. Fitch has also affirmed Autonom's senior unsecured debt
rating at 'B' with a Recovery Rating of 'RR5'.

KEY RATING DRIVERS

IDRs

Growing Franchise in Romania: Autonom's Long-Term IDR reflects its
business profile as a Romanian car lessor providing operating
leasing and, to a lesser extent, short-term rentals to domestic
SMEs (respectively, about 11,000 and 2,500 vehicles at end-1H22).
Autonom is the third-largest fleet lessor in Romania (13,500
vehicles at end-2021, with a 15% market share by number of
vehicles), but remains small among Fitch-rated fleet lessors
globally. Its franchise is small but growing and benefits from
increasing leasing penetration rate among SMEs in Romania.
Autonom's modest size, concentrated franchise and monoline business
model limit rating upside in the medium term.

High Leverage Constrains Rating: Leverage is presently high and a
rating constraint in the short term. Gross debt increased to 7.1x
tangible equity at end-1H22 from 5.6x at end-2021, due to Autonom's
acquisition of Tiriac Operating Lease (TOL) in 1H22 (about 2,700
cars). Fitch expects leverage to decrease to about 6x at end-2022,
owing to strong internal capital generation and to the seasonal
contraction of the short-term rental fleet after the summer. In
Fitch's view, the negligible amount of intangible assets created
during the acquisition (RON2.3 million, equivalent to about
EUR460,000) shows an appropriately disciplined approach to growth.

Sound Profitability, Asset Quality: Autonom's ratings also reflect
the company's adequate profitability through the cycle, reasonable
asset quality and an experienced management team with a
sufficiently controlled approach to leverage and liquidity.
However, the ratings also reflect its less developed corporate
governance (compared with higher-rated peers') and a funding
profile that is still predominantly secured. Swift repossession,
low concentration by counterparty, higher yield on SMEs and the
secured nature of operating leasing help mitigate the higher credit
risk of Romanian SMEs.

Increasing Unsecured Funding: Planned issuance under Autonom's
medium-term note (MTN) programme supports its credit profile,
because its high share of secured funding (about 68% at end-1H22)
and mostly encumbered assets are rating weaknesses. The proportion
of secured funding increased following Autonom's acquisition of
TOL, since it took over TOL's fully secured funding, but Autonom
plans to gradually switch to unsecured funding.

Medium-Term Strategy, Key-Persons Risk: Autonom is a family-owned
company, founded by two brothers. A longstanding management team,
articulated medium-term strategy and intention to adopt managerial
best practices mitigate key-person risks in relation to its
founders and less developed corporate governance, which is in line
with other privately-held peers'. The latter is reflected in
Fitch's ESG governance score of '4'.

SENIOR UNSECURED DEBT

Autonom's senior unsecured debt rating is notched down once from
the Long-Term IDR of 'B+', reflecting below-average recoveries for
senior unsecured creditors. This is due to the large share of
secured funding, to which senior unsecured creditors are
contractually subordinated.

RATING SENSITIVITIES

IDRs

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

- Gross debt above 6.5x tangible equity on a sustained basis or
use of funding for purposes other than acquiring additional fleet
could also be rating-negative

- Material deterioration in asset quality and earnings, putting
pressure on Autonom's EBITDA-based financial covenants

- Weaker funding flexibility or rising refinancing risks driven by
covenant breaches or increased asset encumbrance

- Deterioration in Autonom's competitive position

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

  - Upside is limited in the short term unless Autonom sees a
material increase in business scale while maintaining sound
profitability and containing leverage, coupled with a more
formalised governance structure

- A higher rating could be supported by further improvements of
the funding profile, especially in terms of a higher share of
unsecured debt, if combined with a reduction in gross debt ratio to
below 5x tangible equity

Debt and Other Instrument Sensitivities

- The senior unsecured debt rating is mainly sensitive to changes
in Autonom's Long-Term IDR. Therefore, an upgrade or downgrade of
the latter would be mirrored in a similar action on the former

- The senior unsecured debt rating could be upgraded following an
upward revision of recovery expectations, for example due to a
materially lower share of secured debt. This would lead to an
equalisation of the senior unsecured debt rating with Autonom's
Long-Term IDR.

ESG CONSIDERATIONS

Autonom has an ESG Relevance Score of '4' for key-person risk,
which has a negative impact on its credit profile and is relevant
to its ratings in conjunction with other factors. The longstanding
management team, articulated medium-term strategy and intention to
adopt managerial best practices mitigate key-person risk in
relation to its founders and less developed corporate governance,
which is in line with other privately-held peers'.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means that
other ESG issues are credit-neutral or have only a minimal credit
impact, either due to their nature or to the way in which they are
being managed.

   Entity/Debt              Rating     Recovery   Prior
   -----------              ------     --------   -----
Autonom Services S.A.     

                   LT IDR      B+  Affirmed           B+
           
                   ST IDR      B   Affirmed           B
             
                   LC LT IDR   B+  Affirmed           B+
               
                   LC ST IDR   B   Affirmed           B

   senior
   unsecured       LT          B   Affirmed    RR5    B




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

BANCAJA 9: Fitch Hikes Rating on Series D Debt to 'BB+sf'
---------------------------------------------------------
Fitch Ratings has upgraded four tranches, downgraded two and
affirmed nine tranches of three Spanish RMBS transactions. The
Rating Outlooks are Stable.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Bancaja 9, FTA

   Series A2 ES0312888011  LT AAAsf Affirmed   AAAsf
   Series B ES0312888029   LT A+sf  Affirmed   A+sf
   Series C ES0312888037   LT A+sf  Upgrade    Asf
   Series D ES0312888045   LT BB+sf Upgrade    B+sf
   Series E ES0312888052   LT CCsf  Affirmed   CCsf

MBS Bancaja 3, FTA

   Series A2 ES0361796016  LT AAAsf Affirmed   AAAsf
   Series B ES0361796024   LT AAAsf Upgrade    AA+sf
   Series C ES0361796032   LT AAsf  Upgrade    AA-sf
   Series D ES0361796040   LT Asf   Downgrade  A+sf
   Series E ES0361796057   LT CCCsf Affirmed   CCCsf

MBS Bancaja 4, FTA

   Class A2 ES0361797014  LT AAAsf  Affirmed   AAAsf
   Class B ES0361797030   LT A+sf   Affirmed   A+sf
   Class C ES0361797048   LT A+sf   Affirmed   A+sf
   Class D ES0361797055   LT Asf    Downgrade  A+sf
   Class E ES0361797063   LT CCCsf  Affirmed   CCCsf

TRANSACTION SUMMARY

The transactions comprise fully amortising Spanish residential
mortgages serviced by CaixaBank, S.A. (BBB+/Stable/F2).

KEY RATING DRIVERS

Stable Performance Expectations: The rating actions reflect its
expectation of broadly stable asset performance for the securitised
portfolios, driven by the low share of loans in arrears over 90
days (less than 1.8% of the current portfolio balance as of the
latest reporting dates for all transactions), very high portfolio
seasoning of more than 17 years and low current loan-to-value
ratios (in the range between 30% and 37% for the three deals).

Credit Enhancement (CE) Trends: The upgrades and affirmations
reflect Fitch's view that CE protection on the notes is sufficient
to fully compensate the credit and cash flow stresses defined for
the corresponding rating scenarios. For the three transactions,
Fitch expects CE ratios to fall in the short to medium term as the
pro-rata note amortisation is likely to occur via the application
of a reverse sequential amortisation and a reserve fund reduction.
If activated, the CE reduction will be to a percentage that is
around twice the initial CE protection. The rating analysis has
taken into account the current and projected CE ratios.

For all the transactions, the notes will amortise strictly
sequentially when the outstanding portfolio balance represents less
than 10% of their initial amount (currently ranging between 10.8%
and 14.3% for the three transactions).

Portfolio Risky Attributes: For MBS Bancaja 3 and 4, the portfolios
are materially exposed to loans for the acquisition of second homes
(around 35% and 80% for MBS Bancaja 3 and 4 portfolio balance),
which are considered riskier than loans for the purchase of first
residences, and are therefore subject to a foreclosure frequency
(FF) adjustment of 150% in line with Fitch´s European RMBS rating
criteria. Moreover, both transactions are exposed to loans granted
to self-employed borrowers (more than 20%) and the three
transactions are exposed to loans originated via third-party
brokers, features that carry a FF adjustment of 170% and 150%,
respectively, within the agency credit analysis.

Additionally, all transactions are exposed to regional
concentration risk mainly in the area of Valencia. In line with
Fitch´s European RMBS rating criteria, higher rating multiples are
applied to the base FF assumption to the portion of the portfolio
that exceeds two and a half times the population share of this
region relative to the national count.

Ratings Capped by Counterparty Arrangements: The downgrade of MBS
Bancaja 3 and 4 class D note ratings to 'Asf' reflects the
excessive counterparty dependence on the transaction account bank
(TAB) provider (Société Generale, S.A. Spanish Branch, 'A-'/'F1',
'A' deposit rating) holding the cash reserves, in accordance with
Fitch's Structured Finance and Covered Bonds Counterparty Rating
Criteria, as such cash reserves represent the main source of
structural CE for these notes. These ratings are capped to the TAB
provider deposit rating.

RATING SENSITIVITIES

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

- For the notes that are rated at 'AAAsf, a downgrade to Spain's
Long-Term Issuer Default Rating (IDR) that could decrease the
maximum achievable rating for Spanish structured finance
transactions.

- Long-term asset performance deterioration such as increased
delinquencies or larger defaults, which could be driven by changes
to macroeconomic conditions, interest rate increases or borrower
behaviour.

- For MBS Bancaja 3 and 4 class D notes, a downgrade of the TAB
provider's rating, as the notes' ratings are capped at the bank's
ratings due to excessive counterparty risk exposure.

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

- Notes rated at 'AAAsf' are rated at the highest level on Fitch's
scale and cannot be upgraded.

- For mezzanine and junior notes, CE increases as the transactions
deleverage sufficient to fully compensate for the credit losses and
cash flow stresses that are commensurate with higher rating
scenarios.

- For MBS Bancaja 3 and 4 class D notes, an upgrade of the TAB
provider's rating, as the notes' ratings are capped at the bank's
ratings due to excessive counterparty risk exposure.

DATA ADEQUACY

For MBS Bancaja 3 and 4, Fitch has checked the consistency and
plausibility of the information it has received about the
performance of the asset pools and the transactions. There were no
findings that affected the rating analysis. Because the latest
loan-by-loan portfolio data sourced from the European Data
Warehouse did not include information about property occupancy
status, Fitch assumed 34.6% and 80.3% of the portfolio for MBS
Bancaja 3 and 4, respectively, to be linked to second homes,
consistent with the exposure reported as of transactions closing
dates. This assumption is considered adequate as the granular
portfolios comprise fully amortising loans so the exposure to
second homes is expected to remain stable over time.

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 the transactions' 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 the 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.

For Bancaja 9, 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 the
transactions' 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,
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.


BERING III: S&P Lowers LongTerm ICR to 'B-', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
frozen fish producer Bering III S.a.r.l. (Iberconsa), which is a
leading provider of frozen hake, Argentine red shrimp, and squid,
to 'B-' from 'B'.

S&P lowered the issue rating on the senior debt to 'B-' from 'B'
and kept unchanged the '3' recovery rating, which reflects its
expectation of 60% prospects of recovery in a default.

The stable outlook reflects S&P's view that Iberconsa can remain
self-funding and gradually deleverage as profitability gradually
recovers over the next 12 months.

Persistent inflation and negative FX trends will continue
challenging Iberconsa's profitability and cash flow generation
throughout 2022. During the first half of 2022, revenue was up 9.9%
on the back of higher price points offsetting a slight volume
contraction. However, persistent high inflation and negative FX
trends were compounded by technical breakdowns, leading to a
450-basis point (bps) decrease in the reported EBITDA margin. The
company is notably exposed to inflation in international
transportation costs linked to oil and fuel prices, and to a minor
extent to labor costs and packaging. The main impact is coming from
Argentina. Very high inflation rates, with the consumer price index
reaching 20-year record highs, are not fully translating into a
corresponding devaluation of the local currency versus hard
currencies. This temporary decoupling is creating a strong impact
on Iberconsa's profitability, given the exposure of its cost base
to Argentinian pesos and the fact that sales are in euros and U.S.
dollars while the company reports in euros. Starting in the second
half of 2022, Iberconsa is entering into blue chip swaps to offset
the mentioned impact. This is a legal mechanism that involves
buying U.S. dollar-denominated securities on the New York Stock
Exchange and selling them right away on the Buenos Aires Exchange
in pesos, tapping into an implied exchange rate that is
significantly more favorable than the official rate. S&P expects
about EUR15 million financing cash flows in 2022 and EUR10 million
in 2023 coming from blue chip swaps to support Iberconsa's
liquidity. On top of that, lower volumes in the first half of 2022
led to lower fixed cost absorption, as two technical issues in its
vessels decreased fishing days of hake and squid while a soft
summer season in Argentina hit trading volumes of land-frozen
shrimp, which is bought directly from third parties.

S&P said, "We lowered our forecast S&P Global Ratings-adjusted
EBITDA for 2022 to EUR50 million (excluding the expected impact
from blue chip swaps), from EUR66 million previously, pushing up
adjusted leverage to about 9.5x (versus 7.5x previously) at
year-end 2022 and decreasing funds from operations (FFO) cash
interest coverage below 2.0x. This assumes an around 400-bps
contraction in the S&P Global Ratings-adjusted EBITDA margin for
2022 because top-line growth is largely offset by inflationary
headwinds and negative FX trends. Iberconsa started increasing its
tariffs across the board in 2021 and it has continued to do so in
2022, seeking to protect its profitability amid the high inflation
scenario. Consequently, we expect higher prices to support revenue
growth of around 10% in 2022, following the 13.9% increase in
2021.

"We forecast persistent negative FOCF for 2022, increasing
refinancing risk for the senior debt due in November 2024.
Iberconsa's FOCF was below our expectations over the last two
fiscal years, and we now forecast negative FOCF of about EUR10
million-EUR15 million for 2022 (excluding the expected impact from
blue chip swaps), versus our expectations of EUR10 million-EUR15
million positive generation. Weaker-than-expected operating
performance is being compounded by higher-than-expected intensity
of capital expenditure (capex), around 10% of sales in 2021
decreasing to 5%-6% in 2022. Growth capex is mainly tied to the
renovation of the fleet and the reprocessing facilities to support
capacity and efficiency gains, as well as a product mix shift
toward value-added products, which we view as cornerstones of
Iberconsa's long-term strategy. Iberconsa is heavily exposed to
working capital volatility, due to the seasonal patterns of fishery
catches and consumer demand inherent to its business model. That
said, for 2022 we expect normalizing working capital outflows of
around EUR10 million, reflecting higher inventory valuations. In
our view the company effectively manages intrayear working capital
swings by drawing down on its revolving credit facility (RCF),
factoring receivables, and tightening cash collections.

"The lack of track record of positive FOCF since 2020 and very high
current debt leverage increases refinancing risks in our view.
Iberconsa, more than ever, will now have to show steady debt
deleveraging and a rebound in FOCF in 2023 if it wants to present a
refinance-able profile for its upcoming debt maturities (the term
loan B is due in November 2024 and the RCF in May 2024) given
capital markets conditions are more difficult and expensive for
borrowers.

"We expect a gradual recovery in profitability and FOCF generation
over 2023, although volume sales could take a hit as consumer
sentiment weakens. We expect 6%-8% revenue growth in 2023, mainly
owing to price increases largely offsetting a slight contraction in
volumes. In our view, Iberconsa will continue raising prices in
2023 to grapple with still high fuel and freight costs, although
these are gradually stabilizing, as well as a strong Argentinian
peso versus the U.S. dollar. Our estimate factors in an increasing
risk of downtrading based on the weakening consumer sentiment in
Europe that could depress demand for high-end products, notably
Argentinian frozen shrimp. That said, Iberconsa should continue
benefiting from the positive dynamics of the wild catch industry
and the stability of hake and squid demand, supported by its staple
nature, price affordability, and lack of aquaculture substitutes.

"We forecast a stabilization of freight and fuel costs, which
should allow Iberconsa to progressively restore its profitability
as price increases translate into the retail channel. With the new
value-added oriented reprocessing plant in Vigo working at full
capacity, we anticipate a gradual improvement in the product mix as
the company pivots toward value-added frozen stock-keeping units
(SKUs) in the retail channel. Additionally, we expect the
significant investments in the vessel fleet to gradually foster
greater cost efficiency and higher catches. This should lead to an
about 150-bps increase in the S&P Global Ratings-adjusted EBITDA
margin in 2023, which, combined with what we expect for topline
growth, should push down adjusted leverage toward 7.5x by year-end
2023. We expect neutral-to-positive FOCF generation, assuming lower
capex intensity of around 4% of sales and EUR5 million-EUR10
million of working capital investments supporting higher
inventories.

"The liquidity position has deteriorated with negative FOCF,
although we don´t forecast liquidity pressure in the coming months
Negative FOCF generation in 2021 and to date in 2022 are depressing
liquidity sources, which also currently reflects the peak of
seasonal working capital coinciding with the end of shrimp and hake
seasons and higher inventories in preparation for the peak sales
period. Still, we believe sources of liquidity should comfortably
cover uses for the coming 12 months, since we expect around EUR20
million working capital inflow in the last quarter of 2022 as
inventories are released and cash collections are boosted by
Christmas and Chinese New Year sales while biological and technical
stops of its manufacturing footprint in December help reduce
inventories. Our liquidity estimate also factors in the expected
financing cash flows coming from blue chip swaps in the second half
of 2022 and 2023."

Weakened credit metrics alongside an uncertain macro-economic
environment prompted Iberconsa to negotiate a covenant waiver
during the second quarter of 2022.Iberconsa's RCF is subject to a
springing covenant that requires a maximum net leverage ratio of
5.25x, tested only if RCF drawings net of cash on the balance sheet
exceed 35%. This is the case since the first quarter of 2022 and
Iberconsa met its covenant tests in both the first and second
quarter of 2022. However, the limited expected headroom for the
third quarter of 2022 prompted the company to negotiate a 12-month
waiver to increase the covenant test ratio to 5.75x from 5.25x
until the end of the second quarter of 2023. S&P understands the
group is in discussions with lenders to return more elements to
EBITDA but excluding these additions, it forecasts tight covenant
headroom in 2022.

S&P said, "The stable outlook reflects our view that Iberconsa
should be able to gradual deleverage toward 7.5x by year-end 2023.
We forecast adjusted EBITDA around EUR60 million and neutral FOCF
because we think the operating performance should gradually recover
in the coming months, supported by continued repricing activities
and tight cost controls, alongside efficiency gains coming from the
renovated manufacturing footprint. We also want to see the group
remaining self-funding and meet financial covenants.

"We could also lower the rating should we foresee a covenant breach
or inability to self-fund operations over the coming 12 months. In
addition, we could lower the rating within the next 12 months if
Iberconsa fails to deleverage and FOCF is strongly negative. This
could arise if EBITDA or FOCF deteriorates versus our base case,
such that its liquidity position significantly weakens and
threatens its ability to refinance its debt. This might happen
should Iberconsa fail to weather persistent inflationary and FX
headwinds with repricing strategies and cost efficiencies or suffer
a sharp drop in volumes on deteriorated consumer demand.

"To raise the rating we would need to see Iberconsa generating
sizable positive FOCF and deleveraging its capital structure toward
6.0x and below on a continuous basis, all leading the group to
present a more refinance-able profile and replenishing headroom
under financial covenants. This could occur if the company exceeded
expectations in terms of profitability by swiftly offsetting
inflationary and FX headwinds with repricing activities and cost
efficiencies, while volume sales hold up, despite decreasing
consumer confidence."

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Iberconsa, because
environmental risks (including climate change, water scarcity, and
biodiversity) are inherent to the agribusiness industry and can
cause a high degree of profit volatility. Governance factors are
also a moderately negative consideration. This is in line with most
rated entities owned by private equity sponsors, since we view
financial sponsor-owned companies with aggressive or highly
leveraged financial risk profiles as demonstrating corporate
decision-making that prioritizes the interests of the controlling
owners, typically with finite holding periods and a focus on
maximizing shareholder returns. The company has long-standing
fishing licenses and well-established relationships with local
authorities and communities that help sustain its access to natural
stocks of fish. This offsets exposure to potential political and
regulatory changes in Argentina, Namibia, and South Africa, where
Iberconsa has its fishing operations."


CIRSA ENTERPRISES: S&P Affirms 'B-' ICR & Alters Outlook to Pos.
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Spain-based gaming
company Cirsa Enterprises S.L.U. to positive from stable, and
affirmed its 'B-' ratings on the company and its senior secured
debt. S&P also affirmed at 'CCC' the issue rating on the  EUR468
million payment-in-kind (PIK) notes outstanding, issued by LHMC
Finco 2. The recovery ratings are unchanged at '3' and '6',
respectively.

At the same time, S&P assigned its 'B-' issue rating, with a '3'
recovery rating, to Cirsa's proposed  EUR350 million senior secured
notes.

The positive outlook indicates the possibility of an upgrade over
the next 12 months if Cirsa successfully refinances upcoming
maturities due December 2023 such that they are comfortably covered
by the proposed new issuance and existing liquidity available,
while maintaining sound cash availability for operational purposes.
Ratings upside will also hinge on consistent operating performance
such that leverage declines below 6x and FOCF to debt is
sustainably above 5%.

S&P forecasts continued growth for Cirsa's EBITDA, as adjusted by
S&P Global Ratings, in 2022, driving the group's deleveraging
efforts.

Cirsa has demonstrated a strong comeback from COVID-19-related
impacts, with EBITDA growing by 3x over 2020-2021. Despite a rocky
start to 2022 because of the omicron variant, Cirsa saw a solid
attendance recovery in all markets and limited changes in customer
behavior in the post-pandemic era. This supports our view that the
group will finish the year with EBITDA higher than the levels
recorded before the pandemic, which the group already achieved at
end-June 2022. What's more, Cirsa has supported performance with
cost-cutting, enabling a boost to its reported margins of over 30%,
slightly above pre-pandemic levels. Although attendance is still
somewhat below 2019 levels, customers are spending more than enough
to offset the difference. S&P understands that most of Cirsa's
operations are currently running under normal conditions, except
for in Mexico where some COVID-19-related restrictions are still in
place. The Mexican government imposed the toughest restrictions in
Latin America, including reduced opening hours, limited capacity,
and a ban on clients over 60 years old.

Cirsa's online segment offering, including gaming products and
sports betting, is key to its growth strategy. Cirsa's online
business remained solid during the pandemic, earning a market share
quarter-on-quarter up to 8.5%. Although a Spanish royal decree has
recently banned advertising to reduce minors' exposure to gambling
ads, Cirsa's multichannel presence with a large customer base and
strong brand recognition has underpinned the group's expansion,
albeit gradual. EBITDA from the online segment reached about  EUR20
million at end-June 2022. This represents about 13% of total EBITDA
generated in Spain and 7% of the group's total. Cirsa plans to
replicate its strategy in Spain--based on an omnichannel model,
which includes a wide retail network and strong local brands--in
Latin America. The group currently operates in Colombia, Panama,
and Peru, with an eye to open in other regulated Latin American
countries over the next 12-24 months. S&P sees additional support
for Cirsa's growth strategy stemming from the group's recent
acquisition of 60% in Italian online gaming operator E-Pay24.

These developments should facilitate improvements in Cirsa's credit
metrics over the next 12-18 months.Cirsa saw very good improvement
in adjusted leverage over the past 12 months. The ratio stood at
9.3x at end-2021, compared with 25.0x at end-2020, when
COVID-19-related disruptions had a material impact. Despite this
year's impacts from inflationary pressures and recession risks,
adjusted leverage should decline below 6x by year-end. In addition,
Cirsa enjoys strong cash flow generation capacity, with free
operating cash flow (FOCF) to debt of over 4% at end-2021, and we
assume it will improve toward 6%-7% by end-2022, then toward 7%-8%
by 2023 (excluding fixed lease payments and PIK interest). S&P
notes Cirsa historically reinvested the majority of its cash flow
in the business via capital expenditure (capex) and mergers and
acquisitions (M&A), to continue driving EBITDA growth. Its free
cash flow estimate assumes that Cirsa will continue to elect on PIK
interest on its  EUR468 million outstanding (as of June 30, 2022)
PIK-toggle subordinated notes due 2025. If Cirsa were to elect
cash-pay on the notes, it would imply a cash outflow of about
EUR35 million in 2023 not currently considered in its base case.

Cirsa is heavily exposed to foreign exchange (FX) swings in Latin
America. This, alongside heightened market volatility in the
region, is exacerbated by the group's lack of currency hedging.
About 30% of the group's EBITDA (per normalized 2019 levels) is
generated in local currencies, namely the Colombian, Mexican, and
Dominican pesos, which are exposed to embedded exchange rate
volatility. In Panama, where the group generates nearly 20% of its
total EBITDA, the currency is pegged to the U.S. dollar. Still,
Cirsa's current debt is solely denominated in euros, and this could
jeopardize the stability of profitability and cash flow generation,
thereby challenging the group's deleveraging efforts. S&P
understands Cirsa continues to rely on some natural hedge of
earnings and costs, although the debt is euro denominated, while a
material portion of earnings is generated in Latin American
currencies.

S&P said, "Although we assume that the group will sustain adequate
liquidity, we recognize that the uncertainty around upcoming
maturities is a key rating consideration. The group recently
upsized and extended its revolving credit facility (RCF) to  EUR275
million and Dec. 15, 2026. However, the agreement includes a
springing maturity provision that may accelerate to Sept. 20, 2023,
subject to certain conditions, including if a specified amount of
the existing  EUR560 million notes, which are due in December 2023,
have not been repaid or refinanced. The proposed transaction would
leave about  EUR220 million that would still need to be addressed
over the next 12 months. As of June 30, 2022, Cirsa had about
EUR195 million of cash on hand, with minimal liquidity needs and
flexibility to cut down capex if needed. The group also has
additional sources of funding of  EUR80 million- EUR90 million from
gaming tax deferrals. Additionally, it had about  EUR155 million
available under the RCF that can be used for general corporate
purposes, M&A, or working capital for the group. We believe the
group's liquidity will enable effective debt management that could
yield improvements in the credit metrics to thresholds in line with
a higher rating. However, we are mindful that the full refinancing
of the  EUR560 million notes and resulting capital structure is
critical to alleviating what we consider risks related to the
group's access to capital markets."

Cirsa is financial-sponsor owned with a highly leveraged capital
structure. Cirsa was acquired by private equity investor Blackstone
in July 2018, following a strong track record of historical
financial growth and deleveraging. In the second half of 2019,
Cirsa used debt to acquire Giga, a Spanish gaming and leisure
operator, used cash on hand to purchase seven casinos in Mexico,
and bought the remaining 50% stake in Sportium. S&P said, "In
addition, LHMC Finco 2, a parent company of Cirsa outside the
restricted group, raised  EUR400 million senior secured PIK notes
in 2019 which was used to fund a dividend recapitalization,
increasing S&P Global ratings-adjusted leverage by over 1.0x to
5.9x from our previous expectations of 4.8x. The PIK notes, which
are otherwise subordinated to Cirsa's senior notes, mature earlier
than the  EUR615 million notes due 2027. Cirsa Enterprises S.L.U.
itself does not guarantee the notes and is not a co-issuer. Amid
COVID-19 fallout on operating results, the private equity owner
purchased about  EUR120 million face value at a deep discount (PIK
notes were trading at about 40% of the par value during the
period). We understand that the notes have not been cancelled and
therefore Cirsa's reported debt levels remain the same. Although we
do not consider further distressed purchases in the medium to long
term likely, we view the group's financial policy as aggressive,
given the highly leveraged capital structure and the existing PIK
instrument that was raised for a dividend recapitalization. We note
the group continues to pay the interest on its PIK notes in kind;
any election to pay cash in future could place strain on
consolidated group free cash flow metrics."

The positive outlook indicates the possibility of an upgrade over
the next 12 months if Cirsa successfully refinances upcoming
maturities due December 2023 such that they are comfortably covered
by the proposed new issuance and existing liquidity available,
while maintaining sound cash availability for operational purposes.
Ratings upside will also hinge on consistent operating performance
such that leverage declines below 6x and FOCF to debt is
sustainably above 5%.

S&P could raise its ratings on Cirsa in the next 12 months if:

-- The group sustains the recovery in its earnings such that we
believe it will lead to S&P Global Ratings-adjusted leverage
declining below 6x while generating sustainably positive free
operating cash flows above 5% of debt; and

-- S&P considers refinancing risk to be low, as demonstrated by a
successful refinancing of upcoming 2023 senior notes maturities,
thereby automatically extending the RCF maturity to at least
February 2025.

S&P could revise its outlook, or lower the rating, on Cirsa if the
group's:

-- Refinance of its senior notes maturities due in December 2023
isn't successful;

-- Leverage, adjusted by S&P Global Ratings, trended up again on a
sustained basis;

-- Liquidity position weakened for example with material
maturities coming due;

-- FOCF turned structurally negative or S&P had doubts about the
sustainability of the capital structure; or

-- Actions were tantamount to a selective default, in S&P's view,
including for example debt buybacks or an exchange offer that it
deemed distressed and providing existing lenders less than
originally promised.

ESG credit indicators: To E-2, S-3, G-3; From E-2, S-4, G-3

S&P said, "We now consider social factors to be a moderately
negative consideration in our credit rating analysis of Cirsa,
versus negative before. Like most gaming companies, Cirsa is
exposed to regulatory and social risks and the associated costs
related to increasing player health and safety measures, prevention
of money laundering, and changes to gaming taxes and laws, which
can be unpredictable in Latin America. During the pandemic in 2020,
temporary closures and social distancing measures across EMEA and
Latin America hindered operations, causing EBITDA to decline about
75% compared with the prior year. Nevertheless, we acknowledge that
as of first half of 2022, Cirsa has recovered its EBITDA to pre
pandemic levels as soon as restrictions have gradually eased.

"Governance factors are a moderately negative consideration, as is
the case for most rated entities owned by private-equity sponsors.
We believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects generally finite
holding periods and a focus on maximizing shareholder returns."


CIRSA FINANCE: Moody's Rates New EUR350MM Secured Notes 'B3'
------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the proposed
new EUR350 million guaranteed senior secured notes due 2027 issued
by Cirsa Finance International S.a r.l., a subsidiary of Cirsa
Enterprises, S.L.U. (Cirsa or the company), an international gaming
operator based in Spain.  Concurrently, Moody's has also affirmed
Cirsa's B3 corporate family rating, its B3-PD probability of
default rating, and the B3 instrument ratings on the existing
EUR563 million (original nominal value of EUR663 million)
guaranteed senior secured notes due 2023, the EUR390 million
guaranteed senior secured notes due 2025, the EUR490 million
guaranteed senior secured floating rate notes due 2025 and the
EUR615 million guaranteed senior secured noted due 2027 issued by
Cirsa Finance International S.a r.l.  The outlook on all ratings
remains positive.  

Net proceeds from the issuance of the guaranteed senior secured
notes will be used to repay EUR340 million of the EUR563 million
guaranteed senior secured notes maturing in December 2023.

The assigned rating is subject to review of final documentation and
no material change to the size, terms and conditions of the
transaction as communicated to Moody's.

RATINGS RATIONALE

The affirmation of Cirsa's B3 CFR reflects Moody's expectation that
the company will now have adequate liquidity following the EUR340
million part refinancing of its EUR563 million guaranteed senior
secured notes due in December 2023. The affirmation and positive
outlook also assumes that the company will be able to refinance the
EUR223 million remaining outstanding under the December 2023
guaranteed senior secured notes or repay the outstanding amounts in
full given the company's cash on balance sheet and the agency's
expectations that the company will generate positive free cash flow
(FCF).

Cirsa's liquidity profile is supported by Cirsa's EUR197 million of
cash in the end of June 2022, EUR185 million available under its
revolving credit facility (RCF) as at the end of September 2022 and
free cash flow (FCF) generation, which is forecast to be above
EUR90 million in 2023.

The affirmation of Cirsa's B3 CFR also reflects the company's good
recovery from the pandemic period.  The company reported revenues
and EBITDA in the second quarter of 2022, which were +62% and +63%
respectively compared to the second quarter of 2021. The cost
optimizations the company implemented during the pandemic period
have reduced the company's cost base and have led to a higher
reported EBITDA margin now that the group's operations are
returning to normal. Cirsa has announced that the group's good
performance continued in the third quarter of 2022. Moody's expects
EBITDA in 2022 onwards to be above pre-pandemic EBITDA levels
leading to a decrease in Moody's-adjusted leverage to below 5.0x.


There are, however, downside risks to the company's free cash flow
generation stemming from the current challenging macroeconomic
outlook. In addition, Moody's expects the current tightened credit
conditions and rising borrowing costs to weaken Cirsa's free cash
flow generation with further refinancings expected in 2024 and
2025. There is also the risk that the company could upstream cash
to repay the EUR400 million PIK toggle notes, which mature in
2025.

Cirsa's B3 CFR and instrument ratings continue to reflect Cirsa's
leading market positions in Spain and Latin America and the group's
geographical and business segment diversification. Cirsa's credit
quality continues to be constrained by the company's substantial
presence in emerging markets and thus exposure to high operational
risk and potential consumer spending decline, the company's limited
online offering, the company's exposure to foreign-exchange
fluctuations and reliance on repatriation of cash from Latin
American countries as well as the regulatory risks inherent to the
gambling industry.

STRUCTURAL CONSIDERATIONS

Cirsa's probability of default rating (PDR) is B3- PD, in line with
the CFR, reflecting Moody's assumption of a 50% recovery rate, as
is customary for capital structures that include notes and bank
debt. The guaranteed senior secured notes are rated B3, in line
with the CFR.

LIQUIDITY

Cirsa's liquidity is adequate, supported by EUR197 million of cash
as at the end of June 2022 combined with EUR185 million available
under its EUR275 million revolving credit facility (RCF).

In August 2022, Cirsa's RCF maturity was extended from June 2023 to
December 2026 subject to conditions under a springing maturity date
mechanism. Under this mechanism the RCF maturity date changes to
September 2023 in the event there are still amounts outstanding
under the December 2023 guaranteed senior secured notes by this
time and cash on balance sheet is below the amount of the remaining
December 2023 guaranteed senior secured notes outstanding. Moody's
does not expect the September 2023 springing maturity date
condition to be triggered because Moody's expects Cirsa will
refinance the remaining portion of the December 2023 guaranteed
senior secured notes outstanding well ahead of the September
springing maturity date. The company also has the option to draw
down on the RCF to repay the remaining portion of the December
notes if cash on balance sheet is insufficient.

Cirsa's liquidity is also supported by a solid forecasted free cash
flow (FCF) generation of above EUR90 million in 2023 assuming the
company does not upstream cash to pay interest on the PIK toggle
notes, which are outside of Cirsa's guaranteed senior secured notes
restricted group. As a result, Moody's forecasts the group would
have total available liquidity, including cash and amounts
available under the RCF, well above EUR400 million in June 2023.

Cirsa's next significant debt maturities are the EUR390 million
guaranteed senior secured bond due in May 2025 and the EUR490
million guaranteed senior secured floating rate bond maturing in
September 2025. Moody's also notes that there are EUR400 million
PIK toggle notes at the holding company outside of the restricted
group. These mature in October 2025.      

The RCF documentation contains a springing financial covenant based
on a senior secured net leverage set at 7.52x, tested on a
quarterly basis when the RCF is drawn by more than 40%. A breach
only triggers a drawstop event and not an event of default. Moody's
expects Cirsa to maintain a good headroom under this covenant.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's view that Cirsa's recovery in
EBITDA to above pre-pandemic levels will enable the group to reduce
its Moody's-adjusted leverage below 5.5x and Moody's-adjusted
EBIT/Interest to above 1.5x in the next 12-18 months. The positive
outlook assumes that Cirsa will successfully refinance or repay the
remaining outstanding portion of the guaranteed senior secured
notes maturing in December 2023, well ahead of the September 2023
first springing maturity date under its RCF.  

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

A rating upgrade could occur if Cirsa (i) successfully refinances
or repays the remaining outstanding portion of the guaranteed
senior secured notes maturing in December 2023; (ii) Moody's
adjusted leverage is expected to remain below 5.5x on a sustainable
basis, (iii) Moody's adjusted EBIT/interest ratio remains above
1.5x; and (iv) the company continues to generate positive free cash
flow and maintains good liquidity.

Negative pressures on Cirsa's ratings could occur if: (i) it looks
unlikely that the company will refinance the remaining outstanding
portion of the guaranteed senior secured notes maturing in December
2023 combined with the expectation that it will lead to weak
liquidity; (ii) Moody's adjusted leverage increases to above 7.0x;
or (iii) Moody's adjusted EBIT/interest ratio decreases to below
1.0x

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Cirsa Enterprises, S.L.U. (Cirsa) was founded in 1978 following the
liberalisation of the Spanish private gaming market. Headquartered
in Terrassa, Spain, Cirsa is an international gaming operator. The
company is present in nine countries where it has market-leading
positions: Spain and Italy in Europe; Panama, Colombia, Mexico,
Peru, Costa Rica and the Dominican Republic in Latin America; and
Morocco in Africa. Cirsa operates casinos, slot machines, bingo
halls and betting locations. In 2021, the company reported net
revenue of around EUR1.1 billion and company-adjusted EBITDA of
EUR331.4 million.


DELTA SPARK 2008-1: Fitch Withdraws Dsf Rating on Class A Notes
---------------------------------------------------------------
Fitch Ratings has downgraded Delta SPARK Designated Activity
Company's class A notes to 'Dsf' from 'Asf', removed it from Rating
Watch Negative (RWN) and withdrawn the rating.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
Delta SPARK Limited
2008-1
  
   A XS0390756285      LT Dsf  Downgrade     Asf

   A XS0390756285      LT WDsf  Withdrawn    Dsf

TRANSACTION SUMMARY

The transaction is a securitisation of electricity tariff deficit
receivables in Spain. It amortises on a pass-through basis
reflecting the underlying tariff deficit receivables' amortisation
profile.

Fitch has withdrawn the class A notes' rating as the notes have
defaulted. Accordingly, Fitch will no longer provide rating or
analytical coverage for Delta SPARK's class A notes.

KEY RATING DRIVERS

The multi-category downgrade and removal from RWN reflects the
failure of the class A notes to receive due principal payments in
full on six monthly payment dates occurring between December 2021
and May 2022. The transaction documentation includes a monthly
amortisation schedule for class A. A failure to pay the scheduled
amounts in full on any monthly payment date constitutes an event of
default under the transaction documentation.

The downgrade also reflects the inability of the transaction to use
all available cash that is held by the transaction account bank to
partly cure the principal shortfall. This is because of the
restrictions implied by the documentation that do not include an
explicit waterfall item to allocate funds to principal shortfalls.
The recurrent nature of the shortfall is a key driver explaining
the rating actions, despite the small euro amounts.

In Fitch's view, the outstanding principal shortfall on the class A
notes is unlikely to be cured by legal final maturity date in July
2023. The amount of missed principal payments was approximately
EUR52,000 as of September 2022. Fitch projects that the shortfall
could increase to approximately EUR100,000 by July 2023,
representing about 1bp of the initial class A note issuance balance
or 1.15% of the monthly cash flows to investors, based on
information received by transaction parties.

The transaction's corporate administrator has confirmed to Fitch
that the shortfall is driven by a combination of transaction
expenses that were not fully provisioned for by structural
arrangements, and the effects of negative Euribor rates in past
months affecting the economics of the basis swap. It is uncertain
if the transaction parties will implement any corrective actions to
clear the shortfall.

The first instance of failure to pay principal in full when due was
announced in January 2022 by the trustee. The trustee indicated in
the January 2022 noteholder notice that it was not intending to
declare the notes immediately due and payable unless directed by
noteholders (see "Fitch Places Delta Spark on Rating Watch
Negative" dated 16 February 2022 and "Fitch Maintains Delta Spark
on Rating Watch Negative" dated 20 July 2022).

Delta SPARK Designated Activity Company has an ESG Relevance Score
of '4' for Rule of Law, Institutional and Regulatory Quality due to
the limitations of competences of the regulator to ensure
electricity system sustainability and mitigate policy intervention
risk, which has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

RATING SENSITIVITIES

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

Not relevant as the rating is being withdrawn.

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

Not relevant as the rating is being withdrawn.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Fitch has not conducted any checks on the consistency and
plausibility of the information it has received about the
performance of the asset pool and the transaction. Fitch has not
reviewed the results of any third party assessment of the asset
portfolio information or conducted a review of origination files as
part of its ongoing monitoring. Overall, Fitch's assessment of the
information relied upon for the agency's analysis according to its
applicable rating methodologies indicates that it is adequately
reliable.

ESG CONSIDERATIONS

Delta SPARK Designated Activity Company has an ESG Relevance Score
of '4' for Rule of Law, Institutional and Regulatory Quality due to
the limitations of competences of the regulator to ensure
electricity system sustainability and mitigate policy intervention
risk, which has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

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




===========
S W E D E N
===========

POLYGON GROUP: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Polygon Group AB's
(Polygon) Long-Term Issuer Default Rating (IDR) to Negative from
Stable and affirmed the IDR at 'B'. Fitch has also affirmed
company's EUR430 million first-lien term loan B1 (TLB), the EUR55
million delayed draw first-lien term loan B2 (TLB2) and EUR90
million revolving credit facility (RCF) ratings at 'B' with
Recovery Ratings of 'RR4'.

The Negative Outlook mainly reflects profitability pressures due to
ongoing supply-side challenges. Fitch anticipates that leverage
metrics will remain outside of its negative sensitivities through
to the end of 2023. The subsequent recovery in 2024 will depend on
normalising the supply-side environment and the successful
integration of recent acquisitions. The downside risk is further
exacerbated by the expected increasing cost of the company's
floating-rate debt, resulting in weakening coverage metrics and
reduced free cash flow (FCF) generation.

The rating affirmation reflects the company's solid business
profile, sound financial flexibility supported by long-dated debt
maturity profile and structurally resilient demand supporting
consistent organic revenue growth. The rating remains constrained
by high but sustainable leverage, fairly limited but growing scale,
and a strong dependence on the German insurance sector.

KEY RATING DRIVERS

Supply-Side Profitability Pressures: Fitch expects continued
profitability pressures in 2H22 and 2023 with subsequent operating
margin recovery in 2024-2025. Polygon's resilient revenue growth is
offset by various supply-side challenges, including labour
shortages and acute cost inflation in wages, energy and transport.
The company has been especially affected by the combination of
tight labour market and continued high employee sickness resulting
in the high use of subcontractors to manage the ongoing strong
demand in the sector.

Protracted Margin Recovery: Fitch assumes that the ongoing
supply-side challenges are mostly temporary in nature. However,
Fitch anticipates protracted recovery with EBITDA margin hovering
at about 7% by end-2023. Fitch assumes a challenging short-term
operating environment, including continued cost inflation pressures
and labour shortages. Fitch anticipates that supply disruptions
will start to normalise in 2024. The execution risk is further
exacerbated by the integration risk related to recent
acquisitions.

High but Sustainable Leverage: The rating is constrained to the 'B'
category by high leverage and expected modest deleveraging. Fitch
views Polygon's current leverage profile as high for the rating.
Fitch expects that total debt/EBITDA will be above its 7x negative
sensitivity through to end-2023. Fitch forecasts gross leverage of
7.4x-7.8x in 2022-2023 with gradual deleveraging towards 5.4x by
end-2025, driven by improving operating margins.

Resilient Demand: Fitch expects continued solid revenue growth in
2022-2025 driven by the combination of resilient sector growth and
bolt-on acquisitions. The company's resilience is underpinned by
its exposure to the stable property damage restoration (PDR)
sector, a high share of long-term contracts with customers and a
favourable geographic footprint focused on Germany and the Nordics.
The company's backlog has been also recently supported by the works
related to severe floods in Europe in summer 2021.

Polygon's expected mid-single digits organic growth is mainly
driven by secular trends in the sector, including an increasing
number of restorable residential and commercial properties, ageing
building stocks and the increasing value of properties, which, in
turn, results in more claims for damages.

Sound Business Profile: Fitch views Polygon's business profile as
solid, with market-leading positions and a contractually secured
income structure that is consistent with a 'BB' rating. It has
operations in 16 countries, providing healthy geographic
diversification, albeit with some dependence on Germany. Its
service offering is well-diversified, which should attract larger
insurance-company customers as it enters new markets.

Concentration Risk: Fitch views Polygon's dependence on insurance
companies as a concentration risk, generating close to two thirds
of total revenue, although the relationships are generally stable
and long-term, based on multi-year contracts with a very high
retention rate.

Leading Position in Niche Market: Polygon is the dominant
participant in the European PDR market with a leading position in
Germany, the UK, Norway and Finland. Polygon estimates its share in
the key German market at 10%-13%. The total addressable market is
about EUR12 billion-13 billion, and the sector is highly fragmented
with many smaller and often family-owned businesses.

Size is an important competitive advantage in the PDR market in
winning framework agreements with large insurance companies.
Additionally, larger participants provide a comprehensive offer
with add-on services, which is an increasingly common requirement
from insurance companies.

Industry with Low Cyclicality: Demand for property damage control
is viewed as stable and driven by insurance claims, which are
resilient to economic trends. The vast majority of Polygon's
revenue in its core German market is generated from framework
agreements with customers and can be regarded as recurring,
delivering good revenue visibility.

Claims under these types of damages follow normal seasonal
patterns, with water leaks and fires being the most important
product segments for Polygon. The remaining revenue is more
unpredictable and is related to extreme weather conditions, which
have increased over the past decade.

Continued Acquisitive Strategy: Fitch expects Polygon to continue
to pursue an M&A-driven growth strategy and continue to gain market
share in selected geographies as it broadens its services scope
with some of its latest acquisitions. Execution risk is mitigated
by the group's successful integration record and prudent policy of
acquiring companies with a clear strategic fit at sound valuation
multiples. Nevertheless, the M&A pipeline, deal parameters and
post-merger integration remain important rating drivers.

In 1H22, Polygon completed seven bolt-on acquisitions with an
estimated total run-rate revenue addition of about EUR54 million.
The transactions were financed with the EUR55 million delayed draw
first-lien TLB2. Fitch expects that the acquisition pace will
moderate from 2023, and assume about EUR20 million will be spend on
M&As per year in 2023-2025.

DERIVATION SUMMARY

Polygon is the market leader in the European PDR sector and has no
direct peers in Fitch's rating universe. Its framework agreements
with major property insurance providers and leading market
positions in Germany, the UK and the Nordics limit volatility of
profitability, provide some barriers to entry and enhance operating
leverage.

Polygon's business profile is slightly stronger than that of
Assemblin Group AB (Assemblin; B/Stable), mainly due to Polygon's
broader geographic footprint and lower direct exposure to the
cyclical construction end-market. Both companies have broadly
similar scale of operations, leading market positions, a large
number of customers, a high share of contract revenue and active
M&A-driven strategy.

Polygon's financial profile is expected to be weaker than that of
Assemblin. Both companies generate FCF through the cycle. Polygon's
slightly stronger operating margins are more than offset by an
expected significantly higher leverage.

KEY ASSUMPTIONS

- Total revenue of about EUR1.1 billion in 2022, mid single-digits
organic revenue growth in 2023-2025

- Total acquisition spend of about EUR20 million annually in
2023-2025 at 0.5x enterprise value (EV)/sales multiple

- EBITDA margin at 7%-7.2% in 2022-2023, increasing to 8% in 2024
and 8.5% in 2025

- Working capital requirement at 2.3% of revenue in 2022 and
0.3%-0.5% annually in 2023-2025

- Capex at 2-2.2% of revenue annually in 2022-2025

- No dividends in 2022-2025

Recovery Assumptions

- The recovery analysis assumes that Polygon would be restructured
as a going concern (GC) rather than liquidated in a default. It
mainly reflects Polygon's strong market position and customer
relationships as well as the potential for further consolidation in
the fragmented PDR sector

- For the purpose of recovery analysis, Fitch assumes that
post-transaction debt comprises the first-lien EUR90 million RCF
(assumed full drawdown), EUR430 million TLB, EUR 55 million delayed
draw TLB2 and a second-lien EUR120 million term loan

- Fitch applies a distressed EV/EBITDA multiple of 5.0x to
calculate a GC EV, reflecting Polygon's market-leading position,
strong operating environment, a sticky customer base and potential
for growth via the consolidation of the PDR sector. The multiple is
limited by Polygon's small size and significant reliance on
insurance companies in Germany

- The GC EBITDA estimate of EUR61 million reflects its stress case
assuming potential M&A integration issues negatively affecting
profitability generation, effectively representing a post-distress
cash flow proxy for the business to remain a GC

- A 10% administrative claim

- These assumptions result in a 48% recovery rate for the
first-lien senior secured TLB, TLB2 and RCF, resulting in
'B'/'RR4'ratings

RATING SENSITIVITIES

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

- Increasing scale with EBIT margin above 6% on a sustained basis

- Positive FCF post acquisitions

- FFO leverage below 5.5x on a sustained basis

- Total debt/EBITDA below 5.0x on a sustained basis

- EBITDA/interest paid above 3.5x on a sustained basis

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

- FFO leverage above 7.5x on a sustained basis

- Total debt/EBITDA above 7.0x on a sustained basis

- EBITDA/interest paid below 2.5x on a sustained basis

- Problems with integration of acquisitions leading to pressure on
margins

- Negative FCF generation

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: At end-2021, liquidity comprised about
EUR26 million of readily available cash and access to an undrawn
EUR90 million committed RCF. Polygon has no significant short-term
debt maturities as the debt structure is concentrated on a EUR485
million senior secured TLB due 2028 (including EUR55 million
delayed TLB2) and EUR120 million second-lien credit facility due
2029.

ISSUER PROFILE

Polygon is a Sweden-based leading provider of PDR and control
services with a presence in 16 countries. Its service offering is
focused on water and fire damage restoration and its key direct
customers are mainly insurance companies.

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.

   Entity/Debt            Rating        Recovery   Prior
   -----------            ------        --------   -----
Polygon Group AB    LT IDR B  Affirmed              B

   senior secured   LT     B  Affirmed    RR4       B


STORSKOGEN GROUP: Moody's Puts 'Ba1' CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the Ba1 corporate family
rating of Storskogen Group AB as well as its Ba1-PD probability of
default rating on review for downgrade. Concurrently, the outlook
has been changed to ratings under review from stable.

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

The action to place the Ba1 rating of Storskogen on review for
downgrade was driven by Moody's concerns over (i) the company's
financial policy with regards to leverage and liquidity and its
ability to restore key credit metrics commensurate for the Ba1
rating; (ii) increased financing costs and a difficult market
environment to access long term funding compared to when the rating
was assigned in March this year and (iii) the recent restructuring
of the company CEO's leveraged holdings of Storskogen shares that
could potentially elevate the risks of an aggressive investment
strategy that benefits shareholders over creditors. Moody's
endeavours to conclude the review of Storskogen's ratings withing
the next three months.

Storskogen's key credit ratios are weakly positioned for the Ba1
rating and Moody's believes that the weaker macroeconomic
environment will pose challenges to the company to at least
stabilise credit metrics at the current level. Adding that
Storskogen's financing terms have worsened since the rating was
assigned, this puts additional negative pressure on the company's
FFO coverage ratio. The review will thus focus on Storskogen's
ability to offset higher interest costs by consolidating its
investment portfolio and increase cash flow generation.
Furthermore, Moody's will also closely monitor the company's
performance in an environment where M&A activity decreases
significantly and access to liquidity may tighten. Lastly, the
review process will focus on the company's asset portfolio and its
resilience against tougher operating conditions, noting that small
and medium sized companies are generally less well positioned to
weather a no or potentially negative growth environment. That being
said, Storskogen's credit profile still benefits from the
diversified investment portfolio both in terms of asset
concentration and business diversity.

ESG Considerations

Corporate governance risk has increased following the announcement
by Storskogen's CEO Daniel Kaplan on October 14 regarding his
shareholdings in the company. In more detail, the structure of the
equity collar could potentially elevate the risk of an aggressive
investment strategy that benefits shareholders over creditors. This
risk could be exacerbated by the fact that the CEO is also a
founder of the company and a significant shareholder. Having said
that, Moody's current understanding of Board policies is that they
include significant checks and balances to address these potential
conflicts of interest.

Storskogen has both A and B shares (the latter being listed on the
Nasdaq Stockholm Stock Exchange), which is not unusual for Swedish
listed companies. The A-shares carry 10 votes per share whereas the
B-shares carry 1 vote per share. Although shareholder concentration
is low from a capital perspective, Storskogen's three founders and
one additional member of the executive management team together
control 52.5% of the votes. This concentration is to some degree
mitigated by the company's Board of Directors, where four out of
five members are considered independent in relation to the company,
the executive management and the company's major shareholders.

Positive ratings pressure is unlikely over the next 12-18 months as
the company still needs to build track record in managing its
current investment portfolio that has been built up over a very
short time frame. That being said, over time, positive ratings
pressure could be the result of a sustained net MVL below 30%, a
consolidated debt / EBITDA below 3.0x and an improved FFO coverage
ratio.

Negative ratings pressure could arise if the company showed signs
of a more aggressive investment strategy, resulting in a net MVL
going above 40% or a consolidated debt / EBITDA of 4.0x on a
sustained basis. Also, any signs of a deteriorating liquidity
profile or a weakened FFO coverage ratio would put negative
pressure on the rating.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Founded in 2012 and based in Stockholm, Sweden, Storskogen an
investment holding company focused on unlisted small and mid-sized
companies in Europe and more recently in Asia. Its investment
strategy is to acquire companies with high market shares, high
profitability and strong cash conversion. As of June 2022 the book
value of the parent company's financial assets stood at SEK26.8
billion, with a consolidated revenue and EBITA of SEK26.8 billion
and SEK2.5 billion respectively. The company is listed on the
Stockholm Stock Exchange and had a market cap of SEK12.3 billion as
of October 21, 2022.




=====================
S W I T Z E R L A N D
=====================

TRANSOCEAN LTD: Egan-Jones Retains CCC- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 23, 2022, retained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Transocean Ltd. EJR also retained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Vernier, Switzerland, Transocean Ltd. is an
offshore drilling contractor.




===========================
U N I T E D   K I N G D O M
===========================

BULB: Octopus to Buy Business, Deal to Be Completed by November
---------------------------------------------------------------
Oliver Slow at BBC News reports that energy supplier Octopus Energy
is to buy its smaller competitor Bulb.

Bulb collapsed last year amid rising gas and electricity prices and
has since been run by the government, BBC recounts.

According to BBC, its 1.5 million customers will not see any change
or disruption to energy supplies, the Department for Business,
Energy and Industrial Strategy said.

The value of the deal has not been published but the BBC
understands Octopus paid the government between GBP100 million and
GBP200 million.

It is expected to be completed by the end of November, BBC notes.

The government announcement on Oct. 29 made no mention of the money
involved in the deal, which was reached overnight between special
administrators of Bulb and Octopus Energy, according to BBC.

The statement said that "due to high market volatility it is
impossible" to forecast the true cost of Bulb, BBC relates.

For Bulb customers, credit balances on bills will be protected and
direct debits automatically transferred, BBC discloses.

The firm has agreed to share profits -- if any are made from its
new Bulb customers -- with the government, for up to four years.

Octopus said the move would bring "an end to taxpayer losses",
adding it was "paying the government" to take on Bulb's customers.

London-based Bulb was the biggest of more than 30 energy companies
that collapsed last November following a spike in wholesale gas
prices, which was partly caused by Covid restrictions ending and
has since been exacerbated by the war in Ukraine.

It was placed into "special administration", meaning it was run by
the government through the regulator Ofgem. The special
administration measure is only used if Ofgem is unable to find
another company to take over an energy firm's customers.

The state bailout of Bulb had been forecast to cost the taxpayer
around GBP2 billion by next year. It was the biggest state bailout
since the Royal Bank of Scotland collapse during the 2008 financial
crisis.


CLEVER-COMPANY: Enters Administration, 25 Jobs Affected
-------------------------------------------------------
Neil Hodgson at TheBusinessDesk.com reports that a Cheshire spa
company has been placed into administration.

Clever-Company, which is registered at Topaz House, St Michaels
Industrial Estate, Widnes, was founded 30 years ago and specialises
in hot tubs and associated accessories, as well as spa chemicals.

The company is now being managed by Howard Smith and Richard
Harrison of Interpath, who were appointed joint administrators on
October 26, 2022, TheBusinessDesk.com discloses.

According to TheBusinessDesk.com, they said, following increased
demand for hot tubs during the pandemic, the company has
experienced a softening of demand from retailers over recent
months.  This, coupled with recent investment in its cost base, led
to the company experiencing significant pressure on cash flow,
TheBusinessDesk.com notes.

After exploring options, the directors concluded that it was in the
best interests of the company's creditors for it to be placed into
administration, TheBusinessDesk.com states.  Regrettably, a total
of 25 members of staff have been made redundant following the
appointment of the joint administrators with nine remaining to
support the administration, TheBusinessDesk.com relates.

Its last accounts filed at Companies House, for the year to March
31, 2021, showed the company had net assets of GBP381,478, compared
with net liabilities of GBP181,913 the previous year,
TheBusinessDesk.com discloses.

Its average headcount for 2021 was 30 staff, up from 18 in 2020,
TheBusinessDesk.com notes.


CORPORATE SOLUTIONS: Ex-Staff Mull Legal Action After Collapse
--------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that staff who lost
their jobs following the collapse of Solihull-based firm Corporate
Solutions (Logistics) are considering taking legal action for
compensation after it was alleged the company failed to consult
them before making redundancies.

The company went into administration on Oct. 17,
TheBusinessDesk.com recounts.

The logistics firm, which operated at sites across the UK has now
ceased trading with the vast majority of its 200 staff being made
redundant.  FRP Advisory has been appointed as the administrator,
TheBusinessDesk.com discloses.

According to TheBusinessDesk.com, the administration of the firm
has prompted ex-staff to contact employment law specialists Morrish
Solicitors to investigate allegations that the business failed to
properly consult staff when making redundancies.  This could result
in legal action being brought to secure compensation -- known as a
Protective Award -- for those affected, TheBusinessDesk.com notes.

Where 20 or more employees are made redundant at one workplace, a
company is under an obligation to engage in an information and
consultation process, which must start at least 30 days before the
first redundancies are made.  It is suggested Corporate Solutions
(Logistics) didn't start that process either at all, or in time,
and that staff have been made redundant without any prior warning,
TheBusinessDesk.com states.


ELVIS UK: S&P Affirms 'B' ICR on Ibersol Deal, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '3' recovery
rating to the term loan B (TLB) add-on and affirmed its 'B'
long-term issuer credit rating on Elvis UK Holdco and its 'B' issue
rating and '3' recovery rating on its  EUR688 million first-lien
debt.

Elvis UK Holdco Ltd., parent of Restaurant Brands Iberia (RBI),
issued a  EUR260 million add-on to its existing  EUR538 million
senior secured TLB to acquire Grupo Ibersol's network of Burger
Kings in Spain and Portugal.

The stable outlook reflects S&P's expectation that RBI should
soundly execute its expansion plan and successfully integrate the
Ibersol network in a difficult economic context, keeping S&P Global
Ratings-adjusted EBITDA margin at least at 21%-23%, while S&P
Global Ratings-adjusted EBIDA will decline below 5x by year-end
2023 and its sizeable negative FOCF after lease payments should
improve and be about breakeven in 2023.

The fully debt-funded acquisition of Ibersol's Burger King network
will enhance RBI's size and geographical reach in Portugal.

On Aug. 3, 2022, RBI signed a binding agreement for the acquisition
of 158 Burger King restaurants and 10 pipeline sites owned by
restaurant operator Ibersol. Of these, 121 are in Portugal and 37
in Spain. s&p SAID, "We consider the profitability of the acquired
network to be in line with RBI's and do not expect major related
restructuring costs. Some synergies are expected, mainly at the
overhead level. Furthermore, we do not expect any refurbishing
capital expenditure (capex) since Ibersol's network was fully
refurbished over the past few years. We deem this transaction
crucial for the group's expansion in Portugal, which is more
complex than Spain, mainly due to the administrative burden making
it difficult for new entrants. Prior to this acquisition, RBI
operated less than 25 restaurants in the country. The deal should
provide it with higher bargaining power to increase its Portuguese
footprint at a faster pace. Additionally, according to Euromonitor,
Portugal's chain restaurant segment remains relatively
underpenetrated versus other European countries, at about 13%. This
is similar to Spain at 10% and compares with 33% in France and 45%
in the U.K. These figures suggest RBI has strong growth potential
with both the Burger King and Popeyes brands in the country. That
said, the market remains highly fragmented and competitive, and we
anticipate that value (and therefore consistent pricing strategy)
will remain a strong spur of consumer demand in the foreseeable
future."

The fully underwritten  EUR260 million TLB add-on will releverage
RBI's capital structure leaving it with limited headroom for
unexpected underperformance

S&P said, "Following transaction close, expected in December 2022,
we forecast S&P Global Ratings-adjusted debt will reach  EUR1,150
million– EUR1,190 million by year-end 2022. Therefore, we
forecast S&P Global Ratings-adjusted leverage at 5.2x-5.6x,
compared with 4.5x-5.0x previously assumed, excluding Ibersol's
acquired network, and returning below 5.0x from 2023. In our
metrics for 2022, we assume pro-forma S&P Global Ratings-adjusted
EBITDA for the Ibersol perimeter at about  EUR45 million. In our
adjusted debt calculations, we also add about  EUR50 million of
estimated lease liabilities, using assumptions consistent with
those we use for RBI's existing lease liabilities. Considering the
fully debt funded nature of the acquisition, leverage will spike
slightly above our initial expectations in 2022, but we see little
execution risk in the acquisition and expect the Portuguese network
to positively contribute to cash flow. The financing structure also
complies with the shareholder agreement, with Burger King Europe
specifying a maximum financial leverage ratio of 4.5x in case of
acquisitions, and the group's leverage cap set in its TLB
documentation. The divergence in leverage is mainly due to company
adjustments to the EBITDA and cash netted to the debt."

Facing increasing pressures on its cost structure, RBI has
implemented measures to safeguard margins and adapted its product
offering to the current macroeconomic environment. Like the rest of
the industry, since early 2022, RBI has faced pressure on its cost
structure, particularly energy prices, food costs, and staff costs.
Additionally, because consumer purchasing power is likely to be
squeezed, we expect restaurant visits will reduce over the next few
months, with changes in the customer mix. To cope with this
challenging context, management has adopted several initiatives.
Firstly, in April RBI signed a 10-year power purchase agreement
(PPA) for its entire Spanish network, starting 2023 and
representing a volume of 150 gigawatt hours (GWh). This is equal to
the entire consumption of the current network including Ibersol
restaurants in Spain. Nonetheless, for 2023, RBI will only be
provided with 70 GWh, leaving the remaining share of consumption
exposed to market volatility. The full PPA rollout will start in
2024. If it was in place over 2022, the PPA would have saved RBI
about  EUR20 million, representing about 10% of our current
estimate of S&P Global Ratings-adjusted EBITDA for the year.
Secondly, to cope with increased beef and chicken prices, both
representing about 20% of its cost of goods sold, management is
renegotiating prices with suppliers and concurrently passing
marginal price increases on to consumers. Thirdly, we expect RBI to
benefit from customers trading down from more premium burger
restaurants and casual dining, while we understand the group is
also trying to develop an offering likely to retain value-oriented
customers.

"We see 'B' category rating headroom narrowing due to an
acquisition-driven increase in leverage and a further acceleration
of the expansion plan.We deem the group's further acceleration of
its expansion plan, together with the Ibersol acquisition, as
somewhat aggressive amid conditions that could weigh on restaurant
visit frequency. We forecast negative FOCF after lease payments of
EUR70 million- EUR60 million in 2022, largely affected by our
expectations of about  EUR95 million- EUR105 million of growth
capex. Adding to the negative FOCF, the fully debt-funded Ibersol
acquisition will also weigh on the group's overall leverage and
signals a somewhat more aggressive financial policy than
anticipated, despite the shareholder agreement restraining maximum
leverage. We expect growth capex for Burger King openings to have a
quick return on investment and limited execution risk considering
the visibility and appreciation of the brand. However, about 40%
will be directed at Popeyes openings, a brand launched in 2019 with
a limited track record in Spain. In our view, the combination of a
weak macroeconomic environment and a relatively aggressive roll-out
of a brand with a short history in Spain creates the risk of a
further deterioration in our credit metrics. We recently revised
down our real GDP expectation for Spain to 4.5% in 2022,
decelerating toward 1.1% in 2023, with inflation rates spiking at
10.1% in 2022 and 5.6% in 2023. Such economic conditions increase
the probability of a deceleration in discretionary spending. This
includes quick service restaurants, although they have proven more
resilient to economic downturns. Additionally, the floating rate
TLB add-on increases the company's interest burden and potential
headwinds due to volatile interest rates. To maintain the current
rating, we would require positive or at least breakeven FOCF after
lease payments in 2023, since further cash consumption would
endanger liquidity levels, leaving little headroom for
underperformance compared to our base case.

"The stable outlook reflects our expectation that RBI should
soundly execute its expansion plan and successfully integrate the
Ibersol network amid a difficult macroeconomic context, while
maintaining high like-for-like revenue growth and an S&P Global
Ratings-adjusted EBITDA margin of at least 21%-23%. This should
translate in S&P Global Ratings-adjusted debt to EBITDA declining
below 5x by year-end 2023, while the group's sizeable negative FOCF
after lease payments in 2022 should improve and be about breakeven
in 2023."

S&P could lower the rating over the next 12 months if RBI's
operating performance falters on the back of weaker consumer demand
and a more costly expansion plan, translating in :

-- The group's FOCF remaining negative in 2023.

-- S&P Global Ratings-adjusted EBITDA margin declining to about
20%.

-- S&P Global Ratings-adjusted leverage exceeding 6x.

S&P could also lower the rating if the group undertakes other
debt-funded acquisitions, signaling a more aggressive financial
policy than we initially anticipated.

S&P could raise the rating over the next 12 months if RBI executes
its expansion plan ahead of its expectations, translating into S&P
Global Ratings-adjusted leverage declining comfortably below 5x and
FOCF after leases turning materially positive in the next few
years. Rating upside would also be contingent on the group's
financial policy being consistent with sustaining these improved
credit metrics.

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


EUROSAIL PLC 2006-3NC: Fitch Affirms 'B' Rating on Class E1c Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Eurosail 2006-1 Plc's (ES06-1) Class
C1a, C1c, D1a and D1c notes and Eurosail 2006-3NC Plc's (ES06-3)
D1a and D1c notes of. All other notes have been affirmed with
Stable Outlooks. Both transactions' class C, D and E notes have
been removed from Under Criteria Observation (UCO).

   Entity/Debt               Rating          Prior
   -----------               ------          -----
Eurosail 2006-1 Plc

   Class B1a 29880BAG4   LT AAAsf Affirmed   AAAsf
   Class B1c 29880BAJ8   LT AAAsf Affirmed   AAAsf
   Class C1a 29880BAK5   LT AAAsf Upgrade    AA+sf
   Class C1c 29880BAM1   LT AAAsf Upgrade    AA+sf
   Class D1a 29880BAN9   LT Asf   Upgrade    BBBsf
   Class D1c 29880BAQ2   LT Asf   Upgrade    BBBsf
   Class E XS0253576630  LT BB-sf Affirmed   BB-sf

Eurosail 2006-3 NC Plc

   B1a XS0271946054      LT AAAsf Affirmed   AAAsf
   C1a XS0271946484      LT AA+sf Affirmed   AA+sf
   C1c XS0271946641      LT AA+sf Affirmed   AA+sf
   D1a XS0271946724      LT Asf   Upgrade    BBBsf
   D1c XS0271947029      LT Asf   Upgrade    BBBsf
   E1c XS0271947375      LT Bsf   Affirmed   Bsf

TRANSACTION SUMMARY

The transactions comprise UK non-conforming owner-occupied and
buy-to-let (BTL) mortgage loans originated by Southern Pacific
Mortgages Limited and Southern Pacific Personal Loans Limited
(formerly wholly-owned subsidiaries of Lehman Brothers).

KEY RATING DRIVERS

Under Criteria Observation: In the update of its UK RMBS Rating
Criteria on 23 May 2022, Fitch updated its sustainable house price
for each of the 12 UK regions. The changes increased the multiple
for all regions other than North East and Northern Ireland, updated
house price indexation and updated gross disposable household
income. The sustainable house price is now higher in all regions
except Northern Ireland. This has a positive impact on recovery
rates and consequently Fitch's expected loss in UK RMBS
transactions.

Fitch also reduced its foreclosure frequency (FF) assumptions for
loans in arrears based on a review of historical data from its UK
RMBS rated portfolio. The changes better align the assumptions with
observed performance in the expected case and incorporate a margin
of safety at the 'Bsf' level.

The updated criteria contributed to the rating actions and the
removal of the ratings from UCO.

Ratings Lower than MIR: The ratings of ES06-1's class D1 and E
notes and ES06-3's class C1, D1 and E1c notes have been constrained
at one notch below the model-implied rating (MIR). This reflects
Fitch's view that deterioration in pool performance could result in
lower MIR in the future.

CE Accumulation: Credit enhancement (CE) has increased in both
transactions as they continue to amortise sequentially due to a
trigger breach, which Fitch views as unlikely to be cured. CE
available for the senior notes has increased to 80.8% for ES06-1
and 75.8% for ES06-3, compared with 72.4% and 68% at the previous
reviews earlier in 2022. The continued sequential amortisation of
the structure and resulting build-up in CE across both transactions
supported the upgrade of ES06-1's class C and D notes and ES06-3's
class D notes even in light of potential future performance
deterioration due to the financial pressure on borrowers resulting
from high inflation and rapidly rising interest rates.

Elevated Senior Costs Persist: Fitch notes that both transactions
continue to incur an elevated level of senior costs, which has
materially reduced the level of excess spread available within the
transactions. The elevated third-party costs incurred by both
transactions has prompted Fitch to incorporate a higher fee
assumption into its modelling assumptions for both transactions.
This has had a negative impact on the MIR of the mezzanine and
junior notes of both transactions and limits the potential for
upgrades of these notes at present.

PAF Deviation: The combination of the UK criteria changes and the
change in arrears reporting for the transactions plus a stable
constant default rate resulted in higher performance adjustment
factors (PAF)for each transaction, leading to volatility in the
weighted average (WA) FFs derived for the owner-occupied and BTL
sub-pools for both transactions. For this review Fitch capped the
PAFs for both transactions at the previous review's levels, so that
the 'Bsf' WAFF more accurately reflected Fitch's default
expectations for the pool at that rating level. For ES 06-1 this
resulted in applied PAFs of 104% and 200% for the OO and BTL
sub-pools, while for ES 06-3, the OO PAF was capped at 100% in line
with the previous review.

Change in Arrears Reporting Methodology: The servicer updated its
arrears calculation methodology effective as of 1Q22. Rather than
determining the number of months in arrears by dividing a
borrower's arrears balance by the payment due, the servicer now
refers to number of full monthly payments missed. This resulted in
a reduction of the reported number of months in arrears for some
borrowers. As at September 2022, total arrears reported for both
transactions were 18.8% and 26.4% for ES06-1 and ES06-3,
respectively. This represents a decline in total reported arrears
from December 2021 of 6.2pp and 8.1pp.

RATING SENSITIVITIES

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

The transactions' performance may be affected by adverse changes in
market conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults and could reduce the CE available to the
notes.

Fitch conducted sensitivity analyses by stressing each
transaction's base case FF and recovery rate (RR) assumptions, and
by examining the rating implications on all classes of issued
notes. A 15% increase in the WAFF and a 15% decrease in the WARR
could lead to downgrades of up to five notches for the junior
tranches in both transactions.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potential upgrades.

Fitch tested an additional rating sensitivity scenario by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%.
The results indicate upgrades of up to nine notches for the junior
tranches in both transactions.

DATA ADEQUACY

Eurosail 2006-1 Plc, Eurosail 2006-3 NC Plc

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 the transaction's Eurosail
2006-1 Plc, Eurosail 2006-3 NC Plc 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

ES06-1 and ES06-3 have ESG Relevance Scores of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the pools
exhibiting an interest-only maturity concentration of legacy
non-conforming owner-occupied loans of greater than 20%, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ES06-1 and ES06-3 have ESG Relevance Scores of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant proportion of the pools containing owner-occupied loans
advanced with limited affordability checks, 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.


FINSBURY SQUARE 2021-1: Fitch Affirms Rating on 2 Tranches to BB+
-----------------------------------------------------------------
Fitch Ratings has upgraded two tranches of Finsbury Square 2021-1
Green plc and three of Finsbury Square 2021-2, and affirmed the
rest of the tranches, removing 11 tranches from Under Criteria
Observation (UCO). The Outlooks are Stable.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Finsbury Square 2021-1
Green plc

   Class A XS2352500636   LT AAAsf Affirmed   AAAsf
   Class B XS2352501360   LT AAsf  Upgrade    AA-sf
   Class C XS2352501527   LT A+sf  Upgrade    Asf
   Class D XS2352502509   LT CCCsf Affirmed   CCCsf
   Class X1 XS2352503903  LT BB+sf Affirmed   BB+sf
   Class X2 XS2352505197  LT BB+sf Affirmed   BB+sf

Finsbury Square 2021-2

   A XS2400370255         LT AAAsf  Affirmed  AAAsf
   B XS2400370412         LT AA-sf  Affirmed  AA-sf
   C XS2400372624         LT A-sf   Affirmed  A-sf
   D XS2400373192         LT BBB-sf Affirmed  BBB-sf
   E XS2405114872         LT BBsf   Upgrade   BB-sf
   F XS2405115259         LT BB-sf  Upgrade   Bsf
   G XS2405115507         LT CCCsf  Affirmed  CCCsf
   X1 XS2400373945        LT BB+sf  Affirmed  BB+sf
   X2 XS2400374166        LT BBsf   Upgrade   Bsf
   X3 XS2405116224        LT CCsf   Affirmed  CCsf

TRANSACTION SUMMARY

Finsbury Square 2021-1 Green plc and Finsbury Square 2021-2 plc are
securitisations of owner-occupied (OO) and buy-to-let (BTL)
mortgages originated by Kensington Mortgage Company Limited and
backed by properties in the UK.

KEY RATING DRIVERS

Removed from Under Criteria Observation: Fitch updated its
sustainable house prices for each of the 12 UK regions in its May
UK RMBS Rating Criteria. The changes include increased multiples
for all regions other than the North East and Northern Ireland, as
well as updated house price indexation and gross disposable
household income. Sustainable house prices are now higher in all
regions except Northern Ireland.

This has had a positive impact on recovery rates (RR) and,
consequently, Fitch's expected loss in UK RMBS transactions. Fitch
also reduced its foreclosure frequency (FF) assumptions for loans
in arrears based on a review of historical data from its rated UK
RMBS portfolio. The changes better align Fitch's expected-case
assumptions with observed performance and incorporate a margin of
safety at the 'Bsf' level. The updated criteria contributed to the
rating actions and the removal of the ratings from UCO.

Lower than Model-Implied Rating (MIR): Fitch expects asset
performance to weaken as a result of rising interest rates and the
cost-of-living crisis. This is particularly relevant for specialist
lending transactions where arrears have historically been higher
than the UK prime average. An increase in arrears could result in
lower MIR in future model updates. The ratings of the class B notes
in Finsbury Square 2021-1 Green plc and class B,C,D and E notes in
Finsbury Square 2021-2 are constrained by one notch below the MIR
to account for this risk.

Stable Asset Performance: Since the transactions' last rating
action, asset performance has been stable in terms of arrears
levels with no repossessions. The revolving collateral has not
resulted in portfolio deterioration as of the current review.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement (CE) available to the
notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain note ratings
susceptible to potential negative rating actions, depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications on all classes
of issued notes. Fitch tested a combination of 15% increase in
weighted average (WA) FF and a 15% decrease in WARR. The results
indicate downgrades of up to two notches for the notes.

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

Stable or improved asset performance, driven by stable
delinquencies and defaults, would lead to increasing credit
enhancement, and potentially upgrades. Fitch tested an additional
rating sensitivity scenario by applying a FF decrease of 15% and an
RR increase of 15%. The results indicate upgrades of up to three
notches.

DATA ADEQUACY

Finsbury Square 2021-1 Green plc

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch 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.

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

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

Finsbury Square 2021-2

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

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

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

ESG CONSIDERATIONS

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


MISSOURI TOPCO: Moody's Appends 'LD' Designation to Ca-PD PDR
-------------------------------------------------------------
Moody's Investors Service has appended a limited default (/LD)
designation to Missouri TopCo Limited's (Matalan or the company)
Ca-PD probability of default rating, changing it to Ca-PD/LD from
Ca-PD. The /LD designation reflects the limited default under
Moody's definition arising from the company's recently announced
agreement with over 90% of affected noteholders to the maturity of
its the GBP350 million backed senior secured first lien notes
issued by the company's subsidiary Matalan Finance plc being
extended to July 2023 from January 2023. Moody's will remove the
/LD designation in approximately three business days.

The Caa2 rating of Matalan Finance plc's backed senior secured
first lien notes, and the C rating of its GBP80 million second lien
notes are unaffected as is Matalan's Corporate Family Rating of
Caa3. The outlook on all ratings is negative.

RATINGS RATIONALE

The six month maturity extension to the first lien notes is
designed to give sufficient time for the strategic sales process
initiated by the company last month to be concluded in an orderly
manner. However, the challenging macro-economic environment means
that notwithstanding creditable recent performance in the context
of increasingly weak consumer sentiment, Moody's considers the
company's current highly leveraged capital structure is
unsustainable.

The rating agency believes that it is highly likely that either a
sale of the business or a balance sheet restructuring will result
in cystallisation of losses for long term financial creditors,
which comprise the first lien and second lien noteholders and the
GBP50 million Shareholder Notes, due July 2024. Moody's does not
expect that claims of suppliers and landlords or under the GBP60
million Asset Backed Term Loan facility agreed in June this year,
would be compromised in a restructuring or sale.

RATING OUTLOOK

The negative outlook reflects the high probability of a default
under Moody's definition.

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

An upgrade is unlikely in the short term but could arise if a
sustainable capital structure is put in place following a
restructuring.

Conversely, downward pressure could arise if expected recovery
rates for lenders are less than 65%.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Notwithstanding the company's established comprehensive quarterly
reporting, Moody's considers Matalan's governance profile to be
very highly negative under the rating agency's General Principles
for Assessing Environmental, Social and Governance Risks
Methodology framework. Moody's notes there has been a history of
transactions between the company and its founding shareholder John
Hargreaves and considers Mr Hargreaves has demonstrated a long
standing tolerance for sustained high leverage which ultimately
limits the company's financial flexibility in challenging economic
or capital market conditions.

Moody's believes Mr Hargreaves decision in September to step down
from the board to potentially participate as a bidder in the
strategic sale process is tacit acknowledgement that the current
capital structure is unsustainable. However, the rating agency
considers this step and the concurrent appointment of a seasoned
Chief Executive and a further independent Non-Executive Director to
be positive developments in respect of governance.

PRINCIPAL METHODOLOGY

The methodology used in this rating was Retail published in
November 2021.

PROFILE

Headquartered in Liverpool, Matalan is one of the leading value
clothing retailers in the UK, with revenues of more than GBP1
billion and Moody's-adjusted EBITDA of GBP195 million in its fiscal
2022, ended February 26, 2022. The company operates through 230
stores across the country, primarily in out-of-town retail parks,
as well as online and through 53 franchise stores in the Middle
East and Europe.


TOWER BRIDGE 2022-1: Fitch Affirms 'BB+sf' Rating on Class X Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Tower Bridge Funding 2022-1 PLC's
(TBF2022-1 ) class B and C notes and affirmed the others. Fitch has
also removed the transaction's class B to X notes from Under
Criteria Observation (UCO). A full list of rating actions is
below.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Tower Bridge Funding
2022-1 PLC

   A XS2432287196      LT AAAsf  Affirmed   AAAsf
   B XS2432287352      LT AA+sf  Upgrade    AA-sf
   C XS2432287436      LT A+sf   Upgrade    Asf
   D XS2432287519      LT BBB+sf Affirmed   BBB+sf
   X XS2432287600      LT BB+sf  Affirmed   BB+sf

TRANSACTION SUMMARY

TBF2022-1 is a securitisation of owner-occupied and buy-to-let
mortgages originated by Belmont Green Finance Limited and backed by
properties in the UK. The transaction includes mortgage
originations up to end-November 2021 and assets from Tower Bridge
Funding No.3 PLC.

KEY RATING DRIVERS

Updated UK RMBS Criteria: In the update of its UK RMBS Rating
Criteria on 23 May 2022, Fitch updated its sustainable house price
for each of the 12 UK regions. The changes increased the multiple
for all regions other than north-east and Northern Ireland, updated
house price indexation and updated gross disposable household
income. The sustainable house price is now higher in all regions
except Northern Ireland. This has a positive impact on recovery
rates (RR) and consequently Fitch's expected loss in UK RMBS
transactions.

Fitch also reduced its foreclosure frequency (FF) assumptions for
loans in arrears based on a review of historical data from its UK
RMBS rated portfolio. The changes better align the assumptions with
observed performance in the expected case and incorporate a margin
of safety at the 'Bsf' level.

The updated criteria contributed to the rating actions.

Increasing CE Supports Stable Performance: Credit enhancement (CE)
has increased since transaction closing due to sequential note pay
down and the non-amortising general reserve fund that is available
to absorb credit losses for the class A to D notes. The increased
CE together with the stable asset performance (total arrears of
1.4% as at August 2022 compared with 1.6% at transaction closing in
January 2022) contributed to the rating actions.

Robust to Deteriorating Performance: Fitch considered additional
stress cases in its rating determination to capture the potential
impact on the transaction's performance if faced with a severe
increase in defaults and mortgage refinancing risk (as about 70% of
loans in the pool revert to a variable rate over the next 12
months) in the current rising interest rate macroeconomic
environment. All of the notes' ratings were robust to these tests.
Following these tests the class D notes were affirmed at one notch
below their model-implied rating.

Interest Deferability: The interest payments for all rated
collateralised notes other than the class A notes are deferrable
until they become most senior. In its analysis, Fitch tested the
class A and B notes' ratings on a timely basis and assessed the
liquidity protection provided by the general reserve fund for the
class C and D notes. The liquidity provisions are insufficient for
the class C notes and below to achieve a rating above 'A+sf'.

Strong Excess Spread: The portfolio can generate substantial excess
spread as the assets earn significantly higher yields than the
notes' interest and transaction senior costs. Prior to the step-up
date, the class X excess spread notes receive principal via
available excess spread in the revenue priority of payments. On and
after the step-up date the available excess spread is diverted to
the principal waterfall and can be used to amortise the notes.
Fitch caps excess spread notes' ratings, and therefore the class X
notes at 'BB+sf'. The accelerated amortisation mechanism is
positive for the ratings of the senior and mezzanine notes.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated to increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
potential negative rating action, depending on the extent of the
decline in recoveries. Fitch tested a sensitivity of a 15% increase
in the weighted average (WA) FF and a 15% decrease in the WA
recovery rate (RR) and the results indicate downgrades of up to one
notch.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the WAFF of 15% and an increase in the WARR
of 15%. The ratings on the subordinated notes could be upgraded by
up to three notches.

DATA ADEQUACY

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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


WASPS: Joint Administrators Confirm Consortium Offer Accepted
-------------------------------------------------------------
The Guardian reports that Wasps' joint administrators have
confirmed that an offer has been accepted from a consortium
including members of the Wasps Legends.

The Coventry-based club -- who have won the Premiership four times
and the European Cup twice, went into administration on Oct. 17,
The Guardian recounts.

The Rugby Football Union made a statement on Oct. 28 confirming
Wasps' suspension from the Gallagher Premiership and Premiership
Rugby Cup for the rest of the 2022-23 season, with the entire
playing and coaching staff made redundant, as part of 167 job
losses, The Guardian relates.

The offer is only for the men's rugby team and youth academy, with
separate discussions currently ongoing for Wasps Women's Rugby and
Wasps Netball clubs, The Guardian notes.

According to The Guardian, joint-administrator and partner at FRP
advisory Andrew Sheridan said: "The consortium knows that it still
has to meet all of the RFU requirements, including the fit and
proper owners test and the presentation of a 3-5 year business plan
with supporting robust financial forecasts, and that this needs to
completed as soon as is practical in order to be in a position to
play next season."


[*] UK: Scottish Corporate Insolvencies Up 28% in 2nd Qtr of 2022
-----------------------------------------------------------------
Lucinda Cameron at Independent.ie reports that both corporate and
personal insolvencies have risen compared to last year as inflation
and the cost-of-living crisis affect businesses and individuals,
according to new analysis.

There were 270 corporate insolvencies in the second quarter (Q2) of
2022/23, a 28% increase on the same period the previous year when
there were 211, official Scottish Government statistics show,
Independent.ie relates.

Personal insolvency numbers rose to 2,069 in Q2 of 2022/23, a 7.7%
increase on Q2 last year when there were 1,921, Independent.ie
discloses.

The number of corporate insolvencies and personal insolvencies in
the latest quarter also both rose compared with the previous
quarter (April-June 2022), rising by 10.7% and 1.3% respectively,
Independent.ie notes.

According to Independent.ie, Iain Fraser, chairman of insolvency
and restructuring trade body R3 Scottish Technical Committee, said:
"The quarterly and yearly increases in corporate insolvencies, to
the highest level since the beginning of 2020, has largely been
driven by a rise in the number of compulsory liquidations.

"Compulsory liquidations have risen more than 143% from the same
period last year, and the key factor behind this is the end of the
temporary legislation that altered the process and criteria for
these, in an attempt to support businesses that were affected by
the pandemic.

"Supply chain issues, spiralling inflation, and labour market
shortages are all having a huge impact on Scottish firms' ability
to operate successfully, let alone grow, over the last quarter.

"And with further price rises such as the energy cap increase we
saw at the beginning of October yet to be factored into the
figures, it is likely that we will see corporate insolvencies
continue to rise next quarter."


[*] UK: Struggling Energy Suppliers Get Financial Lifeline
----------------------------------------------------------
Rachel Millard at The Telegraph reports that struggling household
energy suppliers have been thrown a financial lifeline by a key
player in the market, reducing the risk that taxpayer bailouts will
be needed in a boost for Rishi Sunak.

According to The Telegraph, Elexon, which manages the electricity
trades that keep Britain's lights on, has significantly cut the
size of the deposits it requires suppliers to offer for power
plants when they order electricity in advance.

The reduction was triggered by a sharp fall in gas prices owing to
high storage levels and mild weather across Europe, and will ease
pressure on cash-strapped suppliers after months of turmoil, The
Telegraph states.

It also means suppliers are less likely to tap up a taxpayer-backed
scheme set up by the Treasury and Bank of England to prevent them
from running out of cash, The Telegraph notes.

Signs that the market is stabilising will be welcomed by the Prime
Minister and Treasury as they prepare to announce up to GBP50
billion of tax rises and spending cuts next month to bring order to
the public finances, The Telegraph relates.

Elexon, which is owned by National Grid's electricity system
operator, takes a deposit from energy suppliers when they order
power for delivery at a future date as part of efforts to guard
against the risk of sudden bankruptcies.

Elexon works out the difference between how much suppliers and
generators say they will produce or consume and how much the
actually produce or consume in any half-hour period, and takes
payments to cover any mismatches.

The amount of money that it demands up front for these payments
jumped when gas prices surged following the invasion of Ukraine,
adding to fears of a cash crunch that could cause severe disruption
and in the worst case lead to blackouts, The Telegraph says.

Elexon had planned to increase its "credit assessment price", which
helps determine how much money it asks traders for, from GBP350 per
megawatt hour to GBP450 per megawatt hour, from
Nov. 1, according to The Telegraph.

However, the falling electricity prices mean it has decided to cut
this to GBP250 instead, The Telegraph notes.

The sum only covers one portion of the complex energy trading
system.  However, it is likely to reflect falling deposit
requirements elsewhere too, The Telegraph states.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week October 24 to October 28, 2022
-------------------------------------------------------------
Issuer             Coupon   Maturity Currency Price
------             ------   -------- -------  -----
Metalcorp Group SA   8.500    6/28/2026  EUR   28.006
Banca Monte dei Pasch5.375    1/18/2028  EUR   69.100
Credit Suisse Group A4.500               USD   58.275
Credit Suisse Group A0.625    1/18/2033  EUR   57.634
Credit Suisse Group A5.625               SGD   73.039
Credit Suisse Group A6.375               USD   74.250
Credit Suisse Group A5.100               USD   60.900
Casino Guichard Perra4.498     3/7/2024  EUR   66.947
Credit Suisse Group A2.875     4/2/2032  EUR   74.968
Credit Suisse Group A7.250               USD   74.700
Casino Guichard Perra3.992               EUR   14.000
Credit Suisse Group A3.000               CHF   68.686
Castellum AB         3.125               EUR   54.034
Orpea SA             2.625    3/10/2025  EUR   41.907
Vedanta Resources Ltd6.125     8/9/2024  USD   62.960
United Kingdom Gilt  1.125   10/22/2073  GBP   43.538
Casino Guichard Perra4.262               EUR   10.583
Metalcorp Group SA   7.000    10/2/2022  EUR   31.957
Carnival PLC         1.000   10/28/2029  EUR   42.846
Webuild SpA          3.875    7/28/2026  EUR   71.096
Tullow Oil PLC       7.000     3/1/2025  USD   66.454
Audax Renovables SA  4.200   12/18/2027  EUR   59.838
Unibail-Rodamco-Westf2.125               EUR   72.769
Gol Finance SA       7.000    1/31/2025  USD   44.843
Orpea SA             2.000     4/1/2028  EUR   41.582
Credit Suisse Group A3.875               CHF   68.445
Signa Development Fin5.500    7/23/2026  EUR   54.250
Banca Monte dei Pasch8.500    9/10/2030  EUR   73.790
Credit Suisse Group A4.875    5/15/2045  USD   67.733
Allianz SE           3.875               USD   60.057
Banca Monte dei Pasch8.000    1/22/2030  EUR   72.962
Casino Guichard Perra5.250    4/15/2027  EUR   39.969
Credit Suisse Group A3.091    5/14/2032  USD   69.217
Atento Luxco 1 SA    8.000    2/10/2026  USD   40.882
CECONOMY AG          1.750    6/24/2026  EUR   55.983
R-Logitech Finance SA10.250   9/26/2027  EUR   69.235
International Persona9.750   11/12/2025  EUR   74.375
Nordea Bank Abp      3.750               USD   68.875
Webuild SpA          3.625    1/28/2027  EUR   71.112
Heimstaden Bostad AB 2.625               EUR   44.966
Gazprom PJSC Via Gaz 3.125   11/17/2023  EUR   53.663
Frigoglass Finance BV6.875    2/12/2025  EUR   37.859
Aroundtown SA        0.375    4/15/2027  EUR   72.021
Romanian Government I3.624    5/26/2030  EUR   73.436
Casino Guichard Perra3.580     2/7/2025  EUR   47.347
Orpea SA             0.375    5/17/2027  EUR   73.467
Constellation Automot4.875    7/15/2027  GBP   62.140
Nobel Bidco BV       3.125    6/15/2028  EUR   59.384
Cimpress PLC         7.000    6/15/2026  USD   61.222
Aegon NV             4.101               USD   73.110
JT International Fina2.250    9/14/2031  USD   69.008
Ulker Biskuvi Sanayi 6.950   10/30/2025  USD   68.966
Barclays PLC         4.375               USD   63.800
HSBC Holdings PLC    4.600               USD   66.622
Casino Guichard Perra6.625    1/15/2026  EUR   41.980
Casino Guichard Perra4.048     8/5/2026  EUR   41.231
Credit Suisse Group A3.500               CHF   70.291
Republic of Belarus I6.875    2/28/2023  USD   24.700
UBS Group AG         4.375               USD   67.040
Estonia Government In0.125    6/10/2030  EUR   74.214
Credit Suisse Group A0.650    9/10/2029  EUR   68.618
Jababeka Internationa6.500    10/5/2023  USD   55.580
BNP Paribas SA       4.625               USD   65.696
Standard Chartered PL4.300               USD   65.470
AT Securities BV     5.250               USD   70.508
Castellum Helsinki Fi0.875    9/17/2029  EUR   59.609
EnfraGen Energia Sur 5.375   12/30/2030  USD   57.013
Altice France Holding8.000    5/15/2027  EUR   71.481
British American Toba3.000               EUR   70.143
Elior Group SA       3.750    7/15/2026  EUR   70.097
Telecom Italia SpA/Mi1.625    1/18/2029  EUR   67.664
Swan Housing Capital 3.625     3/5/2048  GBP   56.190
DIC Asset AG         2.250    9/22/2026  EUR   61.032
Jaguar Land Rover Aut4.500    7/15/2028  EUR   67.934
Gazprom PJSC Via Gaz 1.450     3/6/2023  CHF   52.687
BAT International Fin4.000   11/23/2055  GBP   52.996
Aroundtown SA        2.875               EUR   46.973
Banco Comercial Portu1.750     4/7/2028  EUR   71.580
Saipem Finance Intern3.125    3/31/2028  EUR   69.367
VTR Finance NV       6.375    7/15/2028  USD   54.163
Fastighets AB Balder 2.873     6/2/2081  EUR   58.711
Deutsche Bank AG/New 3.742     1/7/2033  USD   64.921
United Kingdom Gilt  1.125    1/31/2039  GBP   62.989
Credit Agricole SA   4.750               USD   69.242
Ocado Group PLC      3.875    10/8/2026  GBP   71.906
Gazprom PJSC Via Gaz 5.150    2/11/2026  USD   55.000
Vodafone Group PLC   5.125     6/4/2081  USD   64.488
Ocado Group PLC      0.875    12/9/2025  GBP   71.643
Piraeus Financial Hol8.750               EUR   66.160
Vedanta Resources Fin9.250    4/23/2026  USD   58.556
Electricite de France1.000   11/29/2033  EUR   65.821
Gazprom PJSC via Gaz 3.000    6/29/2027  USD   58.500
Trinseo Materials Ope5.125     4/1/2029  USD   56.061
Enel Finance Internat5.500    6/15/2052  USD   69.766
Atos SE              1.000   11/12/2029  EUR   53.305
Movida Europe SA     5.250     2/8/2031  USD   73.066
United Group BV      5.250     2/1/2030  EUR   67.862
Shell International F1.750    9/10/2052  GBP   46.093
Atos SE              1.750     5/7/2025  EUR   72.807
Suzano Austria GmbH  3.125    1/15/2032  USD   70.728
Minejesa Capital BV  4.625    8/10/2030  USD   74.956
Deutsche Bank AG     4.625               EUR   67.959
Verisure Midholding A5.250    2/15/2029  EUR   73.939
Deutsche Bank AG     6.000               USD   73.345
DEMIRE Deutsche Mitte1.875   10/15/2024  EUR   66.825
MHP Lux SA           6.950     4/3/2026  USD   48.136
CPI Property Group SA4.875               EUR   51.419
Heimstaden Bostad AB 3.248               EUR   59.212
Intrum AB            3.000    9/15/2027  EUR   74.568
Air France-KLM       0.125    3/25/2026  EUR   15.642
ING Groep NV         4.250               USD   59.288
Altice France SA/Fran3.375    1/15/2028  EUR   73.501
Deutsche Bank AG     4.789               USD   72.660
Cellnex Telecom SA   0.750   11/20/2031  EUR   64.384
Akelius Residential P2.249    5/17/2081  EUR   72.903
Telecom Italia SpA/Mi5.250    3/17/2055  EUR   67.820
HSE Finance Sarl     5.625   10/15/2026  EUR   55.617
AerCap Ireland Capita3.300    1/30/2032  USD   73.168
Deutsche Bank AG     4.500               EUR   70.686
Poste Italiane SpA   2.625               EUR   70.626
Mahle GmbH           2.375    5/14/2028  EUR   68.004
Gazprom PJSC Via Gaz 4.950    3/23/2027  USD   30.000
VGP NV               1.500     4/8/2029  EUR   61.552
Telecom Italia Capita6.000    9/30/2034  USD   72.335
WM Morrison Supermark4.750     7/4/2029  GBP   58.002
State of North Rhine-3.000    1/27/2028  EUR    3.029
Gazprom PJSC Via Gaz 2.949    1/24/2024  EUR   54.366
Mitsubishi UFJ Invest4.968   12/15/2050  EUR   35.950
BNP Paribas SA       4.500               USD   67.900
Aroundtown SA        3.375               EUR   47.925
VGP NV               1.625    1/17/2027  EUR   74.687
Rothesay Life PLC    4.875               USD   66.552
VGP NV               2.250    1/17/2030  EUR   62.126
Electricite de France2.625               EUR   64.365
MHP SE               7.750    5/10/2024  USD   49.357
Engie SA             1.875               EUR   68.165
La Banque Postale SA 3.000               EUR   62.925
Faurecia SE          2.375    6/15/2029  EUR   68.228
Romanian Government I2.124    7/16/2031  EUR   61.275
Gazprom PJSC via Gaz 1.500    2/17/2027  EUR   46.572
Romanian Government I4.625     4/3/2049  EUR   62.400
Aroundtown SA        1.625               EUR   48.385
Gazprom PJSC Via Gaz 8.625    4/28/2034  USD   49.500
United Kingdom Gilt  0.375   10/22/2030  GBP   74.977
Gazprom PJSC Via Gaz 2.250   11/22/2024  EUR   55.664
Braskem Netherlands F5.875    1/31/2050  USD   69.466
International Consoli3.750    3/25/2029  EUR   69.652
ADLER Real Estate AG 1.875    4/27/2023  EUR   72.867
Banco Santander SA   3.625               EUR   62.096
Allianz SE           3.200               USD   64.577
ADLER Group SA       2.250    1/14/2029  EUR   37.283
Legal & General Group5.625               GBP   74.003
Vedanta Resources Fin8.950    3/11/2025  USD   68.941
Aroundtown SA        2.125               EUR   53.003
JSM Global Sarl      4.750   10/20/2030  USD   69.408
United Kingdom Gilt  1.625   10/22/2054  GBP   57.537
Electricite de France3.375               EUR   63.561
Petrobras Global Fina5.500    6/10/2051  USD   69.588
Garfunkelux Holdco 3 6.750    11/1/2025  EUR   69.629
Romanian Government I2.000    1/28/2032  EUR   59.378
Gazprom PJSC via Gaz 2.950    1/27/2029  USD   48.500
University of Oxford 2.544    12/8/2117  GBP   52.944
International Consoli1.500     7/4/2027  EUR   69.731
TAG Immobilien AG    0.625    8/27/2026  EUR   70.497
Gazprom PJSC via Gaz 3.250    2/25/2030  USD   51.000
MARB BondCo PLC      3.950    1/29/2031  USD   71.088
Sofina SA            1.000    9/23/2028  EUR   70.776
SCOR SE              5.250               USD   66.140
Liquid Telecommunicat5.500     9/4/2026  USD   72.098
EP Infrastructure AS 1.698    7/30/2026  EUR   72.411
InterCement Financial5.750    7/17/2024  USD   68.908
Intesa Sanpaolo SpA  2.925   10/14/2030  EUR   74.072
Vonovia SE           1.625     9/1/2051  EUR   42.318
Ukraine Government In6.750    6/20/2028  EUR   16.775
Gazprom PJSC via Gaz 3.897               EUR   32.428
Castle UK Finco PLC  7.000    5/15/2029  GBP   62.077
B2W Digital Lux Sarl 4.375   12/20/2030  USD   68.053
United Kingdom Gilt  1.750    1/22/2049  GBP   62.420
Allianz SE           2.625               EUR   64.724
Aroundtown SA        4.750               GBP   47.009
Russian Railways Via 2.100    10/2/2023  CHF   26.914
CSN Resources SA     4.625    6/10/2031  USD   67.049
ING Groep NV         3.875               USD   63.268
Altice France Holding4.000    2/15/2028  EUR   57.870
Ukraine Government In4.375    1/27/2032  EUR   15.694
Pro-Gest SpA         3.250   12/15/2024  EUR   63.458
Russian Foreign Bond 12.750   6/24/2028  USD   67.326
Russian Foreign Bond 4.875    9/16/2023  USD   67.000
Russian Foreign Bond 7.500    3/31/2030  USD   63.261
Novafives SAS        5.000    6/15/2025  EUR   58.336
TUI AG               5.000    4/16/2028  EUR   67.950
Corestate Capital Hol1.375   11/28/2022  EUR   21.083
UniCredit SpA        3.875               EUR   66.714
Tele Columbus AG     3.875     5/2/2025  EUR   74.990
Vodafone Group PLC   4.125     6/4/2081  USD   67.680
MRG Finance UK PLC   8.750   10/26/2023  EUR   41.000
Heimstaden AB        6.750               EUR   55.267
Gazprom PJSC Via Gaz 4.250     4/6/2024  GBP   50.078
Maxeda DIY Holding BV5.875    10/1/2026  EUR   63.359
Swedbank AB          4.000               USD   67.340
BAT International Fin5.750     7/5/2040  GBP   72.985
Aragvi Finance Intern8.450    4/29/2026  USD   69.667
CSN Resources SA     5.875     4/8/2032  USD   72.251
Gazprom PJSC Via Gaz 2.500    3/21/2026  EUR   49.096
BNP Paribas SA       0.837               EUR   72.000
United Group BV      4.000   11/15/2027  EUR   69.412
Simpar Europe SA     5.200    1/26/2031  USD   72.009
NatWest Group PLC    4.600               USD   62.675
SPP Infrastructure Fi2.625    2/12/2025  EUR   71.620
Societe Generale SA  5.375               USD   69.800
Ukraine Government In7.750     9/1/2024  USD   25.000
Klabin Austria GmbH  3.200    1/12/2031  USD   72.993
Altice France SA/Fran5.500   10/15/2029  USD   74.417
Vilmorin & Cie SA    1.375    3/26/2028  EUR   70.525
Nobian Finance BV    3.625    7/15/2026  EUR   73.333
Deuce Finco Plc      5.500    6/15/2027  GBP   73.768
British American Toba3.750               EUR   65.863
Aroundtown SA        1.450     7/9/2028  EUR   69.731
Jaguar Land Rover Aut4.500    10/1/2027  USD   68.561
Grand City Properties1.500               EUR   53.654
Nykredit Realkredit A1.000    10/1/2050  DKK   70.306
Victoria PLC         3.625    8/24/2026  EUR   74.174
Deutsche Bank AG/New 3.729    1/14/2032  USD   67.540
Berkeley Group PLC/Th2.500    8/11/2031  GBP   59.955
Mong Duong Finance Ho5.125     5/7/2029  USD   70.426
Banco Santander SA   4.750               USD   68.053
Assicurazioni General2.124    10/1/2030  EUR   74.675
Accor SA             0.700    12/7/2027  EUR   40.028
CAB SELAS            3.375     2/1/2028  EUR   74.697
CNP Assurances       4.875               USD   64.880
Credit Suisse Group A3.091    5/14/2032  USD   68.974
ADLER Group SA       1.500    7/26/2024  EUR   45.167
Italy Buoni Poliennal1.500    4/30/2045  EUR   56.426
Hellenic Republic Gov1.875    1/24/2052  EUR   52.758
Veolia Environnement 2.500               EUR   74.324
Samhallsbyggnadsbolag2.624               EUR   34.012
Banco de Sabadell SA 5.000               EUR   69.886
Compact Bidco BV     5.750     5/1/2026  EUR   63.445
Smith & Nephew PLC   2.032   10/14/2030  USD   72.520
Valeo                1.000     8/3/2028  EUR   74.519
Phoenix Group Holding5.750               GBP   73.253
International Consoli1.125    5/18/2028  EUR   64.820
Balder Finland Oyj   1.000    1/18/2027  EUR   72.220
Wellcome Trust Ltd/Th1.500    7/14/2071  GBP   41.538
Slovakia Government B0.375    4/21/2036  EUR   59.578
Banco de Credito Soci5.250   11/27/2031  EUR   74.619
TUI Cruises GmbH     6.500    5/15/2026  EUR   71.763
Samhallsbyggnadsbolag2.875               EUR   31.982
Heimstaden Bostad AB 3.625               EUR   45.354
HSBC Holdings PLC    4.700               USD   69.574
Gazprom PJSC Via Gaz 7.288    8/16/2037  USD   50.000
Andrade Gutierrez Int9.500   12/30/2024  USD   57.000
Cellnex Finance Co SA2.000    9/15/2032  EUR   66.108
Bellis Finco PLC     4.000    2/16/2027  GBP   65.723
Sigma Holdco BV      5.750    5/15/2026  EUR   60.724
Republic of Belarus I5.875    2/24/2026  USD   19.817
Vodafone Group PLC   3.000    8/12/2056  GBP   56.607
Gazprom PJSC via Gaz 4.599               USD   35.500
Citycon Oyj          4.496               EUR   64.695
Anheuser-Busch InBev 2.850    5/25/2037  GBP   68.880
United Group BV      3.625    2/15/2028  EUR   68.093
VTB Bank OJSC Via VTB6.950   10/17/2022  USD    5.611
Altice Finco SA      4.750    1/15/2028  EUR   68.234
Diebold Nixdorf Dutch9.000    7/15/2025  EUR   74.950
Gol Finance SA       8.000    6/30/2026  USD   61.804
Russian Railways Via 2.200    5/23/2027  EUR   33.156
Just Group PLC       5.000               GBP   57.868
Minerva Luxembourg SA4.375    3/18/2031  USD   74.515
Accentro Real Estate 3.625    2/13/2023  EUR   49.603
Millicom Internationa4.500    4/27/2031  USD   72.463
NatWest Group PLC    5.125               GBP   74.449
Russian Railways Via 4.600     3/6/2023  EUR   27.186
ADLER Group SA       1.875    1/14/2026  EUR   39.959
ZF Finance GmbH      2.250     5/3/2028  EUR   73.240
Samhallsbyggnadsbolag1.000    8/12/2027  EUR   65.498
Vmed O2 UK Financing 4.500    7/15/2031  GBP   71.604
Ukraine Government In7.750     9/1/2026  USD   17.910
United Group BV      4.625    8/15/2028  EUR   68.341
Mobilux Finance SAS  4.250    7/15/2028  EUR   68.590
ams-OSRAM AG         2.125    11/3/2027  EUR   60.529
Verallia SA          1.875   11/10/2031  EUR   71.176
Aroundtown SA        1.625    1/31/2028  EUR   72.316
EIG Pearl Holdings Sa4.387   11/30/2046  USD   65.978
Unicaja Banco SA     4.875               EUR   66.590
Enel SpA             1.375               EUR   73.160
WEPA Hygieneprodukte 2.875   12/15/2027  EUR   71.813
Gazprom PJSC via Gaz 3.500    7/14/2031  USD   49.125
Air Baltic Corp AS   6.750    7/30/2024  EUR   72.203
Kernel Holding SA    6.500   10/17/2024  USD   36.160
Saga PLC             5.500    7/15/2026  GBP   64.167
MorphoSys AG         0.625   10/16/2025  EUR   64.032
Romanian Government I2.625    12/2/2040  EUR   48.649
Securitas AB         0.250    2/22/2028  EUR   73.999
Standard Profil Autom6.250    4/30/2026  EUR   57.199
Ocado Group PLC      0.750    1/18/2027  GBP   60.942
Corestate Capital Hol3.500    4/15/2023  EUR   19.824
Peach Property Financ4.375   11/15/2025  EUR   70.837
Very Group Funding Pl6.500     8/1/2026  GBP   67.240
Romanian Government I3.875   10/29/2035  EUR   66.038
Ziggo Bond Co BV     3.375    2/28/2030  EUR   68.224
MMC Norilsk Nickel OJ2.550    9/11/2025  USD   53.459
Jaguar Land Rover Aut5.875    1/15/2028  USD   70.247
Barclays PLC         3.250    1/17/2033  GBP   71.469
Castle UK Finco PLC  5.571    5/15/2028  EUR   73.875
EP Infrastructure AS 1.816     3/2/2031  EUR   56.818
Aydem Yenilenebilir E7.750     2/2/2027  USD   74.209
CPI Property Group SA3.750               EUR   54.849
Takko Luxembourg 2 SC5.375   11/15/2023  EUR   68.417
Credit Suisse Group A5.250               USD   70.625
Commerzbank AG       4.250               EUR   65.428
Development Bank of t6.750     5/2/2024  USD   17.333
SBB Treasury Oyj     1.125   11/26/2029  EUR   56.471
Erste Group Bank AG  3.375               EUR   69.471
Republic of Italy Gov4.000   10/17/2049  USD   64.552
Standard Chartered PL4.750               USD   66.800
Hammerson Ireland Fin1.750     6/3/2027  EUR   70.614
Credit Suisse Group A4.500               USD   57.625
VZ Secured Financing 3.500    1/15/2032  EUR   71.764
AI Candelaria Spain S5.750    6/15/2033  USD   58.927
Societe Generale SA  4.750               USD   76.250
Romanian Government I2.750    4/14/2041  EUR   49.373
Ageasfinlux SA       1.619               EUR   74.963
Metinvest BV         8.500    4/23/2026  USD   48.000
Evonik Industries AG 1.375     9/2/2081  EUR   71.845
CPI Property Group SA1.500    1/27/2031  EUR   59.030
Sarens Finance Co NV 5.750    2/21/2027  EUR   71.173
Virgin Media Finance 3.750    7/15/2030  EUR   72.502
Kleopatra Holdings 2 6.500     9/1/2026  EUR   63.250
Kernel Holding SA    6.750   10/27/2027  USD   35.360
Diageo Finance PLC   2.750     6/8/2038  GBP   69.878
Prosus NV            1.288    7/13/2029  EUR   70.508
Balder Finland Oyj   2.000    1/18/2031  EUR   58.881
E.ON SE              0.875   10/18/2034  EUR   66.471
Ubisoft Entertainment0.878   11/24/2027  EUR   72.092
Castellum AB         0.750     9/4/2026  EUR   72.821
Ctec II GmbH         5.250    2/15/2030  EUR   74.286
Deutsche Bahn Finance1.375    4/16/2040  EUR   64.741
Intesa Sanpaolo SpA  4.125               EUR   64.625
Orpea SA             2.200   12/15/2024  EUR   47.000
VEON Holdings BV     3.375   11/25/2027  USD   51.000
Zurich Finance Irelan3.000    4/19/2051  USD   69.578
Dignity Finance PLC  4.696   12/31/2049  GBP   70.112
Tatra Banka as       0.500    4/23/2028  EUR   72.599
Intesa Sanpaolo SpA  4.198     6/1/2032  USD   64.419
Eni SpA              3.375               EUR   74.064
Turkey Government Int5.875    6/26/2031  USD   72.128
Romanian Government I1.375    12/2/2029  EUR   63.716
Rothschild & Co Conti1.700               EUR   67.048
Rothesay Life PLC    5.000               GBP   62.603
Altice Financing SA  4.250    8/15/2029  EUR   73.550
Banco Santander SA   4.125               EUR   69.254
Heimstaden Bostad AB 3.000               EUR   47.255
Korian SA            0.875     3/6/2027  EUR   43.014
Altice France SA/Fran4.250   10/15/2029  EUR   72.951
InPost SA            2.250    7/15/2027  EUR   73.904
ING Groep NV         4.875               USD   68.046
CPI Property Group SA1.625    4/23/2027  EUR   73.094
Enel Finance Internat0.500    6/17/2030  EUR   70.653
Raiffeisen Bank Inter4.500               EUR   65.253
Virgin Media Vendor F4.875    7/15/2028  GBP   73.875
Ukraine Government In7.750     9/1/2025  USD   21.444
Ukraine Government Bo15.840   2/26/2025  UAH   59.233
Ukraine Railways Via 8.250     7/9/2024  USD   21.350
NAK Naftogaz Ukraine 7.625    11/8/2026  USD   20.260
Allianz SE           2.600               EUR   61.730
Gazprom PJSC Via Gaz 4.950     2/6/2028  USD   44.000
Vodafone Group PLC   3.000    8/27/2080  EUR   72.937
Novolipetsk Steel Via1.450     6/2/2026  EUR   55.514
Rallye SA            4.371    2/28/2032  EUR   11.042
HOCHTIEF AG          0.625    4/26/2029  EUR   68.739
Romanian Government I3.625    3/27/2032  USD   68.700
John Lewis PLC       4.250   12/18/2034  GBP   57.077
Wintershall Dea Finan3.000               EUR   68.044
Boparan Finance PLC  7.625   11/30/2025  GBP   62.906
NAK Naftogaz Ukraine 7.125    7/19/2024  EUR   18.492
Bulgaria Government I1.375    9/23/2050  EUR   44.997
Republic of Austria G1.500    2/20/2047  EUR   70.888
UBS Group AG         3.875               USD   81.375
Agri Resources Group 8.000    3/17/2026  EUR   30.001
EP Infrastructure AS 2.045    10/9/2028  EUR   64.342
Rothschild & Co Conti4.420               USD   74.846
Herens Midco Sarl    5.250    5/15/2029  EUR   62.334
Altice France SA/Fran5.125    7/15/2029  USD   74.231
Altice Financing SA  3.000    1/15/2028  EUR   72.895
Enel Finance Internat2.250    7/12/2031  USD   66.055
Deutsche Bank AG     1.375    2/17/2032  EUR   67.323
ADLER Group SA       2.000   11/23/2023  EUR   60.050
Citycon Oyj          3.625               EUR   52.341
Telefonica Europe BV 2.376               EUR   69.848
Vodafone Group PLC   4.250    9/17/2050  USD   67.321
Hungary Government In0.500   11/18/2030  EUR   60.469
Assicurazioni General2.429    7/14/2031  EUR   74.030
Akelius Residential P1.125    1/11/2029  EUR   72.279
Enel SpA             1.875               EUR   64.176
Belfius Bank SA      3.625               EUR   70.639
Diamond BC BV        4.625    10/1/2029  USD   74.025
Iceland Bondco PLC   4.375    5/15/2028  GBP   68.057
JAB Holdings BV      4.500     4/8/2052  USD   60.356
Serbia International 1.000    9/23/2028  EUR   66.753
Maison Finco PLC     6.000   10/31/2027  GBP   68.607
M&G PLC              6.250   10/20/2068  GBP   74.736
TotalEnergies SE     2.125               EUR   66.275
Credit Suisse Group A6.375               USD   74.125
Czech Republic Govern2.000   10/13/2033  CZK   67.046
Balder Finland Oyj   1.000    1/20/2029  EUR   62.243
Mutuelle Assurance De3.500               EUR   62.269
State Agency of Roads6.250    6/24/2030  USD   14.932
TI Automotive Finance3.750    4/15/2029  EUR   68.801
Romanian Government I2.500     2/8/2030  EUR   69.389
BAT International Fin2.000    3/13/2045  EUR   44.508
GOL Equity Finance SA3.750    7/15/2024  USD   44.750
Accor SA             2.625               EUR   74.751
Standard Chartered PL4.316               USD   76.750
Gazprom PJSC via Gaz 2.950    4/15/2025  EUR   44.982
MVM Energetika Zrt   0.875   11/18/2027  EUR   70.074
North Macedonia Gover1.625    3/10/2028  EUR   71.982
Abertis Infraestructu2.625               EUR   71.420
Prosus NV            3.061    7/13/2031  USD   69.649
Cooperatieve Rabobank3.100               EUR   68.206
Metalloinvest Finance3.375   10/22/2028  USD   57.500
Romanian Government I5.125    6/15/2048  USD   66.243
Leather 2 SpA        5.693    9/30/2028  EUR   68.921
Heimstaden AB        4.375     3/6/2027  EUR   72.421
BAT International Fin2.250    6/26/2028  GBP   74.975
Serbia International 2.125    12/1/2030  USD   64.986
Dometic Group AB     2.000    9/29/2028  EUR   69.938
ZF Europe Finance BV 3.000   10/23/2029  EUR   71.716
Autostrade per l'Ital1.875    9/26/2029  EUR   74.662
Republic of Armenia I3.950    9/26/2029  USD   71.604
Banco Comercial Portu4.000    5/17/2032  EUR   66.260
CaixaBank SA         3.625               EUR   64.606
IWG International Hol0.500    12/9/2027  GBP   64.996
EnBW International Fi1.875   10/31/2033  EUR   73.290
Voltalia SA          1.000    1/13/2025  EUR   27.034
Zorlu Yenilenebilir E9.000     6/1/2026  USD   72.108
NPC Ukrenergo        6.875    11/9/2028  USD   17.500
UniCredit SpA        0.850    1/19/2031  EUR   67.195
Unibail-Rodamco-Westf2.875               EUR   61.889
Gazprom PJSC Via Gaz 4.364    3/21/2025  EUR   52.821
Assicurazioni General1.713    6/30/2032  EUR   67.420
Laboratoire Eimer Sel5.000     2/1/2029  EUR   67.699
Talanx AG            1.750    12/1/2042  EUR   68.852
HOCHTIEF AG          1.250     9/3/2031  EUR   63.305
Ukraine Government In9.750    11/1/2030  USD   19.274
Russian Foreign Bond 5.250    6/23/2047  USD   46.527
Holcim Finance Luxemb0.500    4/23/2031  EUR   68.181
Samhallsbyggnadsbolag2.625               EUR   35.013
Metro Bank PLC       5.500    6/26/2028  GBP   49.339
Ukraine Government In7.750     9/1/2029  USD   18.743
Teva Pharmaceutical F1.625   10/15/2028  EUR   69.600
Gazprom PJSC via Gaz 1.850   11/17/2028  EUR   48.855
Republic of Austria G1.500    11/2/2086  EUR   54.860
Neoen SA             1.875    10/7/2024  EUR   35.438
Enel Finance Internat0.375    5/28/2029  EUR   73.945
Cellnex Telecom SA   1.750   10/23/2030  EUR   70.185
ADLER Group SA       3.250     8/5/2025  EUR   42.000
Altice France Holding6.000    2/15/2028  USD   63.747
MHP Lux SA           6.250    9/19/2029  USD   46.583
Victoria PLC         3.750    3/15/2028  EUR   70.331
Turkey Government Int6.625    2/17/2045  USD   64.132
Achmea BV            4.625               EUR   71.941
Korian SA            1.875               EUR   32.205
Atrium Finance Issuer2.625     9/5/2027  EUR   71.775
FEL Energy VI Sarl   5.750    12/1/2040  USD   67.943
Cellnex Finance Co SA1.250    1/15/2029  EUR   73.964
Volkswagen Financial 0.375    2/12/2030  EUR   72.818
HSE Finance Sarl     6.071   10/15/2026  EUR   61.864
Ageas SA/NV          3.875               EUR   68.438
TotalEnergies SE     3.250               EUR   69.247
Lukoil Capital DAC   2.800    4/26/2027  USD   76.500
Banco de Credito Soci1.750     3/9/2028  EUR   73.610
SBB Treasury Oyj     0.750   12/14/2028  EUR   57.543
CPI Property Group SA4.875               EUR   53.212
GTC Aurora Luxembourg2.250    6/23/2026  EUR   73.263
Wellcome Trust Ltd/Th2.517     2/7/2118  GBP   53.029
Avianca Midco 2 PLC  9.000    12/1/2028  USD   74.516
RCS & RDS SA         3.250     2/5/2028  EUR   74.043
Banco Comercial Portu3.871    3/27/2030  EUR   74.026
Autostrade per l'Ital2.000    1/15/2030  EUR   74.607
Credit Suisse Group A2.125   11/15/2029  GBP   71.490
Adecco International 1.000    3/21/2082  EUR   67.589
NAK Naftogaz Ukraine 7.375    7/19/2022  USD   20.662
Amprion GmbH         0.625    9/23/2033  EUR   67.421
Landesbank Baden-Wuer4.000               EUR   72.822
TotalEnergies SE     2.000               EUR   72.221
Sberbank of Russia Vi5.125   10/29/2022  USD    8.643
Union Fenosa Preferen2.843               EUR   67.923
Russian Railways Via 0.898    10/3/2025  CHF   24.872
MMC Norilsk Nickel OJ4.100    4/11/2023  USD   58.000
Russian Railways Via 5.700     4/5/2022  USD   24.818
ZUR Rose Finance BV  2.750    3/31/2025  CHF   67.298
HSBC Bank PLC        3.127               USD   71.193
Deutsche Bank AG/New 3.035    5/28/2032  USD   68.497
Ukreximbank Via Biz F9.750    1/22/2025  USD   30.970
Ukraine Government In8.994     2/1/2026  USD   16.741
Intesa Sanpaolo SpA  5.875               EUR   72.619
DDM Debt AB          9.000    4/19/2026  EUR   70.007
Republic of Belarus I6.378    2/24/2031  USD   19.667
Logicor Financing Sar2.000    1/17/2034  EUR   58.941
Hungary Government In1.750     6/5/2035  EUR   58.185
Cellnex Finance Co SA2.000    2/15/2033  EUR   64.631
Romanian Government I3.500     4/3/2034  EUR   63.819
CPI Property Group SA1.750    1/14/2030  EUR   65.163
Anadolu Efes Biracili3.375    6/29/2028  USD   70.260
Chrome Holdco SASU   5.000    5/31/2029  EUR   71.120
LEG Immobilien SE    0.400    6/30/2028  EUR   74.306
Electricite de France3.000               EUR   69.119
Bulgarian Energy Hold2.450    7/22/2028  EUR   71.444
Nykredit Realkredit A1.000    10/1/2053  DKK   69.466
Serbia International 1.650     3/3/2033  EUR   55.041
Eustream AS          1.625    6/25/2027  EUR   60.588
EnBW Energie Baden-Wu2.125    8/31/2081  EUR   58.222
Grupo Antolin-Irausa 3.500    4/30/2028  EUR   63.545
Raiffeisen Bank Inter6.000               EUR   74.686
Phosagro OAO Via Phos3.050    1/23/2025  USD   56.500
Fastighets AB Balder 1.125    1/29/2027  EUR   70.080
Tinkoff Bank JSC Via 11.002              USD   32.500
Republic of Belarus I6.200    2/28/2030  USD   20.000
MMC Norilsk Nickel OJ2.800   10/27/2026  USD   55.000
VF Ukraine PAT via VF6.200    2/11/2025  USD   53.527
Vantage Towers AG    0.750    3/31/2030  EUR   74.767
OSB Group PLC        6.000               GBP   70.703
BMW Finance NV       0.200    1/11/2033  EUR   68.909
UniCredit SpA        4.450               EUR   66.606
Ideal Standard Intern6.375    7/30/2026  EUR   51.373
Rolls-Royce PLC      1.625     5/9/2028  EUR   71.280
Republic of Italy Gov3.875     5/6/2051  USD   62.095
Hungary Government Bo3.250   10/22/2031  HUF   58.290
Intesa Sanpaolo SpA  5.500               EUR   74.641
Akelius Residential P0.750    2/22/2030  EUR   66.622
Nykredit Realkredit A1.500    10/1/2053  DKK   73.879
Iberdrola Internation2.250               EUR   74.420
Gazprom PJSC via Gaz 1.540    6/30/2027  CHF   48.848
Rallye SA            4.000    2/28/2032  EUR   10.314
Minejesa Capital BV  5.625    8/10/2037  USD   64.036
Enel Finance Internat0.875    6/17/2036  EUR   55.887
Russian Foreign Bond 4.250    6/23/2027  USD   44.423
AerCap Ireland Capita3.850   10/29/2041  USD   64.181
Credit Agricole Assur1.500    10/6/2031  EUR   68.719
P3 Group Sarl        1.625    1/26/2029  EUR   61.867
Aggregate Holdings SA6.875    11/9/2025  EUR   36.708
Julius Baer Group Ltd3.625               USD   65.551
HSBC Bank PLC        4.420               USD   71.027
ADLER Real Estate AG 2.125     2/6/2024  EUR   68.638
Novatek OAO Via Novat4.422   12/13/2022  USD   62.811
State of North Rhine-1.450    1/19/2122  EUR   50.861
Vattenfall AB        2.500    6/29/2083  GBP   72.210
Turkey Government Int5.250    3/13/2030  USD   71.363
BNP Paribas SA       1.625     7/2/2031  EUR   71.391
Rumo Luxembourg Sarl 4.200    1/18/2032  USD   74.983
Enel Finance Internat0.875    1/17/2031  EUR   70.502
BNP Paribas SA       3.132    1/20/2033  USD   73.274
AXA SA               1.875    7/10/2042  EUR   69.375
Atento Luxco 1 SA    8.000    2/10/2026  USD   41.063
Prosus NV            3.832     2/8/2051  USD   55.102
Vonovia SE           0.750     9/1/2032  EUR   62.025
Enel Finance Internat0.875    9/28/2034  EUR   59.653
Synthos SA           2.500     6/7/2028  EUR   74.741
Zalando SE           0.625     8/6/2027  EUR   74.188
Deutsche Bank AG     1.750   11/19/2030  EUR   73.192
Russian Railways Via 0.840    3/12/2026  CHF   18.588
Serbia International 2.050    9/23/2036  EUR   51.548
Albania Government In3.500   11/23/2031  EUR   70.851
BCP V Modular Service6.750   11/30/2029  EUR   68.113
Enel Finance Internat1.875    7/12/2028  USD   74.098
Helvetia Europe SA   2.750    9/30/2041  EUR   73.486
Hellenic Republic Gov0.750    6/18/2031  EUR   70.423
Dtek Renewables Finan8.500   11/12/2024  EUR   35.090
Evraz PLC            5.375    3/20/2023  USD   50.000
ADLER Group SA       2.250    4/27/2027  EUR   37.834
Fastighets AB Balder 1.250    1/28/2028  EUR   66.775
Heimstaden Bostad Tre1.000    4/13/2028  EUR   73.201
Enel Finance Internat4.750    5/25/2047  USD   65.380
Thames Water Utilitie1.250    1/31/2032  EUR   71.447
Lukoil Securities BV 3.875     5/6/2030  USD   72.500
Heimstaden Bostad AB 3.375               EUR   52.062
Aliaxis Finance SA   0.875    11/8/2028  EUR   70.449
Deutsche Bahn Finance0.625    12/8/2050  EUR   45.030
Deutsche Bank AG/New 3.547    9/18/2031  USD   72.754
Sagax Euro Mtn NL BV 1.000    5/17/2029  EUR   65.136
Global Ports Finance 6.500    9/22/2023  USD   28.807
Sampo Oyj            2.500     9/3/2052  EUR   70.284
Heimstaden Bostad Tre1.625   10/13/2031  EUR   61.198
Nexity SA            0.250     3/2/2025  EUR   55.691
SES SA               2.875               EUR   73.429
Fnac Darty SA        0.250    3/23/2027  EUR   62.037
Investec PLC         1.875    7/16/2028  GBP   73.408
Garfunkelux Holdco 3 7.750    11/1/2025  GBP   70.419
TP ICAP Finance PLC  2.625   11/18/2028  GBP   67.490
Tesco Corporate Treas0.375    7/27/2029  EUR   72.486
Autostrade per l'Ital2.250    1/25/2032  EUR   69.269
Solvay SA            0.500     9/6/2029  EUR   73.084
Aroundtown SA        2.912    9/20/2030  EUR   70.405
E.ON SE              0.350    2/28/2030  EUR   74.705
Erste Group Bank AG  4.250               EUR   71.866
Ziggo BV             2.875    1/15/2030  EUR   73.099
Russian Railways Via 7.487    3/25/2031  GBP   21.877
Novolipetsk Steel Via4.700    5/30/2026  USD   66.000
Maisons du Monde SA  0.125    12/6/2023  EUR   46.071
Bank Gospodarstwa Kra2.125     6/5/2030  PLN   60.072
Enel Finance Internat2.875    7/12/2041  USD   53.838
Republic of Armenia I3.600     2/2/2031  USD   67.858
ADLER Real Estate AG 3.000    4/27/2026  EUR   58.598
Russian Railways Via 3.125               CHF    6.242
Deutsche Pfandbriefba5.750               EUR   73.855
JAB Holdings BV      3.750    5/28/2051  USD   53.056
Prosus NV            4.193    1/19/2032  USD   74.473
Hungary Government In1.625    4/28/2032  EUR   64.879
HOCHDORF Holding AG  2.500               CHF   25.303
RAC Bond Co PLC      5.250    11/4/2027  GBP   73.902
Intesa Sanpaolo SpA  1.350    2/24/2031  EUR   68.142
Credit Suisse Group A5.100               USD   62.000
NatWest Group PLC    4.500               GBP   67.986
Altice France SA/Fran4.000    7/15/2029  EUR   72.964
State of North Rhine-2.150    3/21/2119  EUR   69.637
Electricite de France5.875               GBP   69.520
SPP-Distribucia AS   1.000     6/9/2031  EUR   62.564
Eurotorg LLC Via Boni9.000   10/22/2025  USD   52.029
Energizer Gamma Acqui3.500    6/30/2029  EUR   70.268
Haya Holdco 2 PLC    9.542   11/30/2025  EUR   63.505
Republic of Austria G0.250   10/20/2036  EUR   66.524
UniCredit SpA        1.625    1/18/2032  EUR   69.327
Hungary Government Bo3.000   10/27/2027  HUF   66.514
Aviva PLC            4.000     6/3/2055  GBP   67.099
Shell International F3.000   11/26/2051  USD   61.328
RL Finance Bonds NO 44.875    10/7/2049  GBP   66.001
Flamingo Lux II SCA  5.000    3/31/2029  EUR   72.086
CTP NV               1.500    9/27/2031  EUR   51.301
Russian Foreign Bond 4.375    3/21/2029  USD   42.805
Vnesheconombank Via V6.800   11/22/2025  USD    5.870
BUPA Finance PLC     4.000               GBP   58.320
Electricite de France2.875               EUR   73.477
Idorsia Ltd          2.125     8/4/2028  CHF   68.158
Romanian Government I2.875    3/11/2029  EUR   74.286
Picard Bondco SA     5.375     7/1/2027  EUR   74.133
Czech Republic Govern1.500    4/24/2040  CZK   51.253
SATO Oyj             1.375    2/24/2028  EUR   73.386
Siemens Financierings1.750    2/28/2039  EUR   71.522
Tikehau Capital SCA  1.625    3/31/2029  EUR   72.925
Audax Renovables SA  2.750   11/30/2025  EUR   68.629
Utmost Group PLC     6.125               GBP   65.914
Nykredit Realkredit A1.500    10/1/2053  DKK   69.608
Barclays PLC         3.564    9/23/2035  USD   69.296
BAWAG Group AG       5.125               EUR   72.952
Atos SE              2.500    11/7/2028  EUR   60.615
Wp/ap Telecom Holding5.500    1/15/2030  EUR   74.550
Realkredit Danmark A/1.000    10/1/2050  DKK   70.308
Tinkoff Bank JSC Via 6.000               USD   33.000
Evraz PLC            5.250     4/2/2024  USD   48.886
BICO Group AB        2.875    3/19/2026  SEK   57.257
Orsted AS            2.500    2/18/3021  GBP   58.701
Airbus SE            2.375     6/9/2040  EUR   71.746
Delivery Hero SE     1.000    4/30/2026  EUR   71.309
Logicor Financing Sar0.875    1/14/2031  EUR   61.247
Iberdrola Internation1.825               EUR   70.011
Heimstaden AB        4.250     3/9/2026  EUR   74.358
Turkey Government Int7.250     3/5/2038  USD   74.888
Telefonica Emisiones 5.213     3/8/2047  USD   72.037
Biocartis Group NV   4.000     5/9/2024  EUR   58.629
Phosagro OAO Via Phos2.600    9/16/2028  USD   50.000
RWE AG               1.000   11/26/2033  EUR   67.299
EDP - Energias de Por1.875    3/14/2082  EUR   65.219
Delivery Hero SE     1.500    1/15/2028  EUR   62.172
ADLER Group SA       2.750   11/13/2026  EUR   39.000
Banco Santander SA   3.225   11/22/2032  USD   67.106
Medtronic Global Hold1.375   10/15/2040  EUR   61.365
Intesa Sanpaolo SpA  4.950     6/1/2042  USD   56.458
B&M European Value Re4.000   11/15/2028  GBP   74.650
IG Group Holdings PLC3.125   11/18/2028  GBP   72.451
Delivery Hero SE     1.000    1/23/2027  EUR   73.121
TenneT Holding BV    0.875    6/16/2035  EUR   65.925
Telefonaktiebolaget L1.000    5/26/2029  EUR   69.994
Balder Finland Oyj   1.375    5/24/2030  EUR   58.303
Transport for London 4.000     4/7/2064  GBP   74.198
Digital Intrepid Hold1.375    7/18/2032  EUR   65.382
TenneT Holding BV    0.125   11/30/2032  EUR   66.263
BUPA Finance PLC     4.125    6/14/2035  GBP   68.462
Suez SA              1.250    5/14/2035  EUR   68.099
GSK Consumer Healthca3.375    3/29/2038  GBP   70.780
AP Moller - Maersk A/0.750   11/25/2031  EUR   71.967
Electricite de France4.500    12/4/2069  USD   63.660
Vonovia SE           0.625   12/14/2029  EUR   70.082
Intesa Sanpaolo Vita 2.375   12/22/2030  EUR   67.627
Deutsche Bahn Finance1.125    5/29/2051  EUR   51.925
Siemens Financierings0.500     9/5/2034  EUR   67.578
Ozon Holdings PLC    1.875    2/24/2026  USD   55.899
DVI Deutsche Vermoege2.500    1/25/2027  EUR   72.572
Zurich Finance Irelan3.500     5/2/2052  USD   69.273
Vodafone Group PLC   3.375     8/8/2049  GBP   63.998
Cadent Finance PLC   2.750    9/22/2046  GBP   54.922
Lloyds Banking Group 3.369   12/14/2046  USD   57.948
Prosus NV            2.085    1/19/2030  EUR   71.607
Jaguar Land Rover Aut5.500    7/15/2029  USD   68.289
DXC Capital Funding D0.950    9/15/2031  EUR   71.486
Momox Holding AG     7.498    7/10/2025  EUR   58.108
Pension Insurance Cor3.625   10/21/2032  GBP   65.315
Citycon Treasury BV  1.625    3/12/2028  EUR   71.141
Samhallsbyggnadsbolag1.125     9/4/2026  EUR   74.061
Korian SA            2.250   10/15/2028  EUR   70.982
EnBW International Fi0.250   10/19/2030  EUR   70.466
Annington Funding PLC2.924    10/6/2051  GBP   51.893
Polyus Finance PLC   3.250   10/14/2028  USD   49.257
Sanctuary Capital PLC2.375    4/14/2050  GBP   52.149
Antofagasta PLC      2.375   10/14/2030  USD   72.966
Lloyds Banking Group 2.707    12/3/2035  GBP   67.114
Sherwood Financing PL4.500   11/15/2026  EUR   69.353
alstria office REIT-A1.500   11/15/2027  EUR   69.726
ALROSA Finance SA    3.100    6/25/2027  USD   10.000
Canary Wharf Group In3.375    4/23/2028  GBP   74.746
VIA Outlets BV       1.750   11/15/2028  EUR   73.568
Deutsche Bahn Finance1.600               EUR   73.011
Just Eat Takeaway.com0.625     2/9/2028  EUR   61.819
Odea Bank AS         8.606     8/1/2027  USD   63.131
LEG Immobilien SE    0.875    1/17/2029  EUR   74.829
Nykredit Realkredit A1.000    10/1/2053  DKK   64.391
Ziton A/S            9.016    10/3/2024  EUR   70.390
HSBC Holdings PLC    2.871   11/22/2032  USD   70.340
Sweden Government Bon1.375    6/23/2071  SEK   61.275
Muenchener Rueckversi1.000    5/26/2042  EUR   64.948
University College Lo1.625     6/4/2061  GBP   47.391
Metinvest BV         7.750    4/23/2023  USD   55.500
Banco Santander SA   2.749    12/3/2030  USD   67.858
Acef Holding SCA     1.250    4/26/2030  EUR   62.158
Czech Gas Networks In0.450     9/8/2029  EUR   63.314
Altice France SA/Fran4.125    1/15/2029  EUR   73.335
Credit Bank of Moscow7.500    10/5/2027  USD   14.374
Proximus SADP        0.750   11/17/2036  EUR   63.850
Orpea SA             2.564   11/30/2027  EUR   41.509
Nestle Finance Intern0.875    6/14/2041  EUR   61.449
Grand City Properties2.500               EUR   72.848
Jaguar Land Rover Aut5.500    7/15/2029  USD   68.178
Banco Santander SA   1.000    11/4/2031  EUR   71.147
FIGEAC-AERO          1.750   10/18/2028  EUR   21.938
CPI Property Group SA2.750    1/22/2028  GBP   66.439
Republic of Belarus I7.625    6/29/2027  USD   19.696
Cadent Finance PLC   2.625    9/22/2038  GBP   60.736
Barclays PLC         3.811    3/10/2042  USD   57.298
Novafives SAS        5.500    6/15/2025  EUR   58.430
HSBC Holdings PLC    2.357    8/18/2031  USD   70.809
Vonovia SE           0.250     9/1/2028  EUR   73.633
UNIQA Insurance Group2.375    12/9/2041  EUR   67.134
Moby SpA             7.750    2/15/2023  EUR   65.688
UBS Group AG         2.746    2/11/2033  USD   71.209
MMC Norilsk Nickel OJ3.375   10/28/2024  USD   55.903
Bank Gospodarstwa Kra2.375   11/27/2040  PLN   39.315
UBS Group AG         0.875    11/3/2031  EUR   71.165
Verbund AG           0.900     4/1/2041  EUR   58.489
UniCredit SpA        3.127     6/3/2032  USD   69.160
Virgin Media Secured 4.250    1/15/2030  GBP   73.717
Banco Santander SA   1.625   10/22/2030  EUR   72.133
Annington Funding PLC3.935    7/12/2047  GBP   65.741
Hellenic Republic Gov1.875     2/4/2035  EUR   70.660
BPCE SA              2.125   10/13/2046  EUR   64.699
AerCap Ireland Capita3.400   10/29/2033  USD   70.594
ContourGlobal Power H3.125     1/1/2028  EUR   71.359
Severstal OAO Via Ste3.150    9/16/2024  USD   10.830
Barclays PLC         2.894   11/24/2032  USD   70.110
Glencore Capital Fina0.750     3/1/2029  EUR   73.319
Latvia Government Int0.250    1/23/2030  EUR   74.844
Electricite de France2.000    12/9/2049  EUR   50.078
Delivery Hero SE     2.125    3/10/2029  EUR   59.264
Royalty Pharma PLC   2.200     9/2/2030  USD   74.359
Upjohn Finance BV    1.908    6/23/2032  EUR   69.483
Zurich Insurance Co L1.500     5/3/2052  CHF   73.221
Mallinckrodt Internat10.000   6/15/2029  USD   56.057
Eurochem Finance DAC 5.500    3/13/2024  USD   54.000
Phosagro OAO Via Phos3.949    4/24/2023  USD   59.401
Constellium SE       3.125    7/15/2029  EUR   72.172
gategroup Finance Lux3.000    2/28/2027  CHF   69.033
Muenchener Rueckversi1.250    5/26/2041  EUR   69.661
Stora Enso Oyj       0.625    12/2/2030  EUR   72.767
Credit Agricole SA   1.125    7/12/2032  EUR   71.672
Desenio Group AB     7.056   12/16/2024  SEK   47.867
Novolipetsk Steel Via4.000    9/21/2024  USD   60.243
Hacienda Investments 5.350     2/8/2028  USD   12.206
Vinci SA             2.750    9/15/2034  GBP   74.367
Swiss Re Finance UK P2.714     6/4/2052  EUR   72.145
AXA SA               1.375    10/7/2041  EUR   68.935
BNP Paribas SA       0.625    12/3/2032  EUR   65.238
GlaxoSmithKline Capit1.625    5/12/2035  GBP   65.140
Turkey Government Int6.750    5/30/2040  USD   68.731
EnBW Energie Baden-Wu1.625     8/5/2079  EUR   70.857
Sigma Holdco BV      7.875    5/15/2026  USD   61.843
Hungary Government Bo2.000    5/23/2029  HUF   58.184
Arrival SA           3.500    12/1/2026  USD   30.934
Global Fashion Group 1.250    3/15/2028  EUR   72.558
Volkswagen Internatio1.250    9/23/2032  EUR   74.531
EnfraGen Energia Sur 5.375   12/30/2030  USD   56.387
Icade Sante SACA     0.875    11/4/2029  EUR   71.757
Anchor Hanover Group 2.000    7/21/2051  GBP   47.896
Deutsche Bahn Finance0.350    9/29/2031  EUR   74.296
Medtronic Global Hold1.625   10/15/2050  EUR   56.137
Deutsche Telekom AG  1.750    12/9/2049  EUR   60.910
Deutsche Bahn Finance0.625    4/15/2036  EUR   64.795
Grand City Properties0.125    1/11/2028  EUR   69.184
ABN AMRO Bank NV     3.324    3/13/2037  USD   68.331
Direct Line Insurance4.750               GBP   65.384
Linde PLC            1.000    9/30/2051  EUR   46.028
Derwent London PLC   1.875   11/17/2031  GBP   66.106
Czech Republic Govern1.200    3/13/2031  CZK   67.346
Sagax Euro Mtn NL BV 0.750    1/26/2028  EUR   68.464
Chancellor Masters & 2.350    6/27/2078  GBP   54.803
Credit Bank of Moscow3.100    1/21/2026  EUR   20.594
Cardea Europe AG     7.250    12/8/2023  EUR   39.950
Orpea SA             2.130     7/3/2024  EUR   45.264
Offentliga Hus I Nord8.521               SEK   62.000
State of North Rhine-1.950    9/26/2078  EUR   73.180
Stellantis NV        1.250    6/20/2033  EUR   65.487
Altarea SCA          1.875    1/17/2028  EUR   73.259
SAS AB               6.900               SEK   20.000
Barclays PLC         4.950    1/10/2047  USD   72.797
H&M Finance BV       0.250    8/25/2029  EUR   73.066
Wintershall Dea Finan2.499               EUR   71.877
Anglo American Capita4.750    3/16/2052  USD   72.424
ASTM SpA             2.375   11/25/2033  EUR   68.270
Bank Gospodarstwa Kra1.750    3/12/2028  PLN   67.922
Viterra Finance BV   1.000    9/24/2028  EUR   74.003
British Land Co PLC/T2.375    9/14/2029  GBP   74.933
Anglian Water Osprey 2.000    7/31/2028  GBP   70.926
HSBC Holdings PLC    2.804    5/24/2032  USD   71.051
NatWest Group PLC    0.780    2/26/2030  EUR   74.554
ING Groep NV         0.250     2/1/2030  EUR   74.112
Sirius Real Estate Lt1.750   11/24/2028  EUR   63.014
Klepierre SA         1.625   12/13/2032  EUR   66.485
Virgin Media Secured 4.125    8/15/2030  GBP   71.677
Fuerstenberg Capital 5.625               EUR   63.486
PB International BV  7.625   12/31/2025  USD   44.742
BNP Paribas SA       4.245               USD   69.147
VTB Bank PJSC Via VTB9.500               USD    6.640
Barclays PLC         2.667    3/10/2032  USD   70.307
EnBW Energie Baden-Wu1.375    8/31/2081  EUR   65.033
HSBC Holdings PLC    2.848     6/4/2031  USD   73.954
BNG Bank NV          0.125    4/19/2033  EUR   72.174
Mercedes-Benz Group A0.750    3/11/2033  EUR   71.952
NGD Holdings BV      6.750   12/31/2026  USD   41.097
Logicor Financing Sar1.625    1/17/2030  EUR   70.200
Russian Foreign Bond 5.875    9/16/2043  USD   56.999
VEON Holdings BV     4.000     4/9/2025  USD   62.172
Croatia Government In1.750     3/4/2041  EUR   63.837
Prosus NV            2.778    1/19/2034  EUR   67.824
Royalty Pharma PLC   3.550     9/2/2050  USD   59.148
CTP NV               0.750    2/18/2027  EUR   71.334
BASF SE              0.875    10/6/2031  EUR   73.594
Platform HG Financing1.625    8/10/2055  GBP   41.699
Infrastrutture Wirele1.750    4/19/2031  EUR   71.800
Unicaja Banco SA     3.125    7/19/2032  EUR   72.541
Intesa Sanpaolo SpA  4.700    9/23/2049  USD   69.794
Unibail-Rodamco-Westf2.000    6/29/2032  EUR   70.158
Deutsche Telekom AG  3.625    1/21/2050  USD   64.731
Heimstaden Bostad Tre1.375    7/24/2028  EUR   73.566
Scandinavian Airlines0.625               CHF   13.539
Chancellor Masters & 0.250    6/27/2068  GBP   62.642
Severn Trent Utilitie2.625    2/22/2033  GBP   74.417
Lukoil Capital DAC   3.600   10/26/2031  USD   72.500
Enel Finance Internat5.500    6/15/2052  USD   68.843
WPP Finance 2013     2.875    9/14/2046  GBP   52.797
Grainger PLC         3.000     7/3/2030  GBP   70.508
National Grid Electri2.000    4/17/2040  GBP   53.989
BNP Paribas SA       2.824    1/26/2041  USD   55.385
Dana Financing Luxemb3.000    7/15/2029  EUR   73.495
Czech Republic Govern0.950    5/15/2030  CZK   67.826
NET4GAS sro          3.500    7/28/2026  EUR   65.504
Societe Generale SA  3.625     3/1/2041  USD   55.554
BP Capital Markets BV1.467    9/21/2041  EUR   58.661
Slovakia Government B2.000   10/17/2047  EUR   68.496
National Grid Electri0.872   11/26/2040  EUR   50.577
Siemens Financierings2.875    3/11/2041  USD   66.189
ALROSA Finance SA    4.650     4/9/2024  USD   10.785
GKN Holdings Ltd     4.625    5/12/2032  GBP   71.435
Aeroporti di Roma SpA1.750    7/30/2031  EUR   69.961
Cooperatieve Rabobank1.000    1/19/2034  EUR   67.939
La Mondiale SAM      2.125    6/23/2031  EUR   72.139
Mallinckrodt Internat10.000   4/15/2025  USD   66.666
United Utilities Wate2.000     7/3/2033  GBP   69.345
Ukraine Railways Via 7.875    7/15/2026  USD   19.500
Workspace Group PLC  2.250    3/11/2028  GBP   70.476
Orsted AS            1.500    2/18/3021  EUR   70.694
BNP Paribas SA       2.871    4/19/2032  USD   73.120
Mutuelle Assurance De2.125    6/21/2052  EUR   64.647
GTLK Europe Capital D5.950    4/17/2025  USD   25.532
Vonovia SE           1.000    6/16/2033  EUR   60.649
Cadent Finance PLC   0.625    3/19/2030  EUR   73.547
EnBW International Fi0.500     3/1/2033  EUR   64.274
Realkredit Danmark A/1.000    10/1/2050  DKK   65.597
Kojamo Oyj           0.875    5/28/2029  EUR   67.616
Nexity SA            0.875    4/19/2028  EUR   40.673
JT International Fina3.300    9/14/2051  USD   52.014
Northern Powergrid No1.875    6/16/2062  GBP   45.779
Groupe des Assurances1.850    4/21/2042  EUR   68.664
Societe Nationale SNC1.000    1/19/2061  EUR   41.354
Neoen SA             2.000     6/2/2025  EUR   46.898
Holcim Sterling Finan3.000    5/12/2032  GBP   72.267
Holding d'Infrastruct1.475    1/18/2031  EUR   73.593
Vnesheconombank Via V5.942   11/21/2023  USD    5.925
Hungary Government Bo4.500    5/27/2032  HUF   63.736
Credit Agricole SA   2.811    1/11/2041  USD   55.511
Motability Operations1.500    1/20/2041  GBP   54.383
Romanian Government I3.375     2/8/2038  EUR   59.844
LSEGA Financing PLC  3.200     4/6/2041  USD   66.996
Fresenius SE & Co KGa1.125    1/28/2033  EUR   67.478
Credit Bank of Moscow3.875    9/21/2026  USD   19.111
Enel Finance Internat1.875    7/12/2028  USD   73.745
Chesnara PLC         4.750     8/4/2032  GBP   74.903
Hungary Government Bo1.500    8/26/2026  HUF   66.661
Prosus NV            2.031     8/3/2032  EUR   64.065
Paragon GmbH & Co KGa4.000    4/23/2023  CHF   48.000
Slovenia Government B0.688     3/3/2081  EUR   31.060
Jyske Realkredit A/S 1.000    10/1/2050  DKK   70.417
UPM-Kymmene Oyj      0.500    3/22/2031  EUR   69.901
Equinor ASA          3.250   11/18/2049  USD   66.368
Shell International F4.000    5/10/2046  USD   74.103
NatWest Group PLC    3.032   11/28/2035  USD   68.835
Holcim Finance Luxemb0.625     4/6/2030  EUR   72.180
Digital Intrepid Hold0.625    7/15/2031  EUR   64.228
BNP Paribas SA       2.000    9/13/2036  GBP   58.458
UBS Group AG         2.095    2/11/2032  USD   69.380
Bayer AG             1.375     7/6/2032  EUR   73.106
Avianca Midco 2 PLC  9.000    12/1/2028  USD   74.664
Banque Federative du 1.125   11/19/2031  EUR   67.541
Eversholt Funding PLC2.742    6/30/2040  GBP   74.838
Jaguar Land Rover Aut5.875    1/15/2028  USD   70.650
Euroclear Investments1.375    6/16/2051  EUR   72.007
Raiffeisen Bank Inter1.375    6/17/2033  EUR   66.674
Santander UK Group Ho2.896    3/15/2032  USD   71.335
Icade Sante SACA     1.375    9/17/2030  EUR   69.804
Societe Generale SA  3.337    1/21/2033  USD   72.546
Barclays PLC         1.106    5/12/2032  EUR   68.565
Lar Espana Real Estat1.843    11/3/2028  EUR   64.788
UniCredit SpA        5.459    6/30/2035  USD   72.243
British Telecommunica3.625   11/21/2047  GBP   64.048
Ekosem-Agrar AG      8.500    12/7/2022  EUR    8.189
Aroundtown SA        3.000   10/16/2029  GBP   68.742
Thermo Fisher Scienti1.125   10/18/2033  EUR   74.677
Sherwood Financing PL6.000   11/15/2026  GBP   71.711
Imerys SA            1.000    7/15/2031  EUR   60.631
Jyske Bank A/S       3.625               EUR   73.080
UNEDIC ASSEO         0.100    5/25/2034  EUR   68.250
Nordea Kredit Realkre1.000    10/1/2050  DKK   70.390
MMK International Cap4.375    6/13/2024  USD   29.998
Glencore Capital Fina1.250     3/1/2033  EUR   63.655
Russian Foreign Bond 1.125   11/20/2027  EUR   38.057
Ekosem-Agrar AG      2.500    7/31/2029  EUR   18.086
Cofinimmo SA         0.875    12/2/2030  EUR   68.218
Orange SA            1.375               EUR   73.031
Enel Finance Internat1.250    1/17/2035  EUR   62.189
Accent Capital PLC   2.625    7/18/2049  GBP   56.929
GTLK Europe Capital D4.800    2/26/2028  USD   22.637
Samhallsbyggnadsbolag4.841               SEK   58.999
Shell International F1.000   12/10/2030  GBP   70.474
Electricite de France4.950   10/13/2045  USD   70.864
Segro Capital Sarl   0.500    9/22/2031  EUR   63.958
Bunzl Finance PLC    1.500   10/30/2030  GBP   68.534
Intesa Sanpaolo SpA  2.625    3/11/2036  GBP   57.063
STERIS Irish FinCo Un3.750    3/15/2051  USD   64.176
Segro PLC            2.875   10/11/2037  GBP   67.602
Wirecard AG          0.500    9/11/2024  EUR   12.019
Yorkshire Water Finan1.750   10/27/2032  GBP   67.450
Borets Finance DAC   6.000    9/17/2026  USD   33.414
Clarion Funding PLC  1.875     9/7/2051  GBP   44.276
Blackstone Property P2.625   10/20/2028  GBP   72.612
Sberbank of Russia Vi5.250    5/23/2023  USD   11.678
Yorkshire Water Finan2.750    4/18/2041  GBP   63.089
Wendel SE            1.375    1/18/2034  EUR   63.359
Claranova SE         5.000     7/1/2023  EUR    1.040
Interpipe Holdings PL8.375    5/13/2026  USD   40.000
Aedifica SA          0.750     9/9/2031  EUR   61.698
HSBC Bank PLC        4.750    3/24/2046  GBP   73.994
SELP Finance Sarl    0.875    5/27/2029  EUR   69.595
Metinvest BV         7.650    10/1/2027  USD   42.459
ACEA SpA             0.250    7/28/2030  EUR   70.878
Electricite de France1.875   10/13/2036  EUR   66.589
Intesa Sanpaolo SpA  5.148    6/10/2030  GBP   73.908
Prosus NV            4.027     8/3/2050  USD   56.483
Russian Federal Bond 6.100    7/18/2035  RUB   73.716
Traton Finance Luxemb1.250    3/24/2033  EUR   66.805
Digital Dutch Finco B1.000    1/15/2032  EUR   65.658
Societe Generale SA  3.625     3/1/2041  USD   56.204
Telenor ASA          0.625    9/25/2031  EUR   74.843
Holcim Finance Luxemb0.625    1/19/2033  EUR   63.457
Norddeutsche Landesba8.916               EUR   63.229
Electricite de France5.000    9/21/2048  USD   70.426
Prosus NV            4.987    1/19/2052  USD   65.056
Fresenius Finance Ire0.875    10/1/2031  EUR   69.150
Thermo Fisher Scienti1.625   10/18/2041  EUR   62.273
Vonovia SE           1.500    6/14/2041  EUR   49.576
Barclays PLC         2.645    6/24/2031  USD   72.122
Motability Operations2.125    1/18/2042  GBP   60.126
Clarion Funding PLC  3.125    4/19/2048  GBP   62.153
Ilija Batljan Invest 8.350               SEK   49.000
Credit Bank of Moscow5.150    2/20/2024  EUR   19.947
Tullow Oil PLC       7.000     3/1/2025  USD   66.584
Orange SA            0.500     9/4/2032  EUR   72.126
Vonovia Finance BV   1.000     7/9/2030  EUR   69.918
UBS Group AG         0.625    2/24/2033  EUR   66.330
Sibur Securities DAC 3.450    9/23/2024  USD   33.092
Hungary Government Bo2.750   12/22/2026  HUF   68.382
Hungary Government Bo2.250    6/22/2034  HUF   47.965
Foodco Bondco SA     6.250    5/15/2026  EUR   70.708
Acef Holding SCA     0.750    6/14/2028  EUR   73.113
E.ON SE              0.600    10/1/2032  EUR   68.674
Nestle Finance Intern0.375    5/12/2032  EUR   74.277
Altice France SA/Fran5.125    1/15/2029  USD   73.343
Northern Powergrid No3.250     4/1/2052  GBP   65.772
BNP Paribas SA       1.250    7/13/2031  GBP   64.733
GTLK Europe Capital D4.349    2/27/2029  USD   19.776
Deutsche Bahn Finance0.875    6/23/2039  EUR   61.071
UBS AG/London        4.500    6/26/2048  USD   73.502
Societe Du Grand Pari1.625     4/8/2042  EUR   69.768
BNP Paribas SA       2.588    8/12/2035  USD   69.096
Heimstaden Bostad Tre0.750     9/6/2029  EUR   63.907
Hellenic Bank PCL    10.000              EUR   53.486
UBS Group AG         2.746    2/11/2033  USD   70.647
Bank Gospodarstwa Kra2.250    7/21/2033  PLN   52.464
London & Quadrant Hou2.000    3/31/2032  GBP   70.986
Nykredit Realkredit A0.500    10/1/2050  DKK   65.966
Helvetia Schweizerisc1.450    8/12/2040  CHF   73.344
Market Parent Finco P6.750    10/1/2029  GBP   65.259
State of North Rhine-1.375    1/15/2120  EUR   48.115
Viterra Finance BV   3.200    4/21/2031  USD   73.066
Offshore Drilling Hol8.375    9/20/2020  USD    3.842
JDE Peet's NV        2.250    9/24/2031  USD   71.181
Nykredit Realkredit A1.500    10/1/2050  DKK   74.901
Holcim Finance Luxemb0.500     9/3/2030  EUR   70.675
Unibail-Rodamco-Westf2.250    5/14/2038  EUR   57.354
ABH Financial Ltd Via2.875    11/9/2022  CHF #N/A N/A
UBS AG/London        0.500    3/31/2031  EUR   73.144
Ukreximbank Via Biz F9.950   11/14/2029  USD   30.333
Metinvest BV         5.625    6/17/2025  EUR   41.025
Bank Gospodarstwa Kra1.875    4/27/2027  PLN   72.336
ABN AMRO Bank NV     1.250    1/20/2034  EUR   67.913
Becton Dickinson Euro1.336    8/13/2041  EUR   56.646
Sovereign Housing Cap2.375    11/4/2048  GBP   54.732
RELX Finance BV      0.875    3/10/2032  EUR   74.874
BASF SE              1.625   11/15/2037  EUR   67.758
TenneT Holding BV    0.500   11/30/2040  EUR   51.327
Thermo Fisher Scienti2.000   10/18/2051  EUR   59.299
Thames Water Utilitie2.375    4/22/2040  GBP   55.967
HSBC Holdings PLC    0.770   11/13/2031  EUR   70.859
Peabody Capital No 2 2.750     3/2/2034  GBP   73.000
BPCE SA              3.582   10/19/2042  USD   59.902
NE Property BV       2.000    1/20/2030  EUR   66.081
Cooperatieve Rabobank1.000    1/19/2034  EUR   68.048
DH Europe Finance II 1.350    9/18/2039  EUR   63.590
GTLK Europe Capital D4.650    3/10/2027  USD   25.000
SCF Capital Designate3.850    4/26/2028  USD   18.798
Adecco International 0.500    9/21/2031  EUR   69.367
Royalty Pharma PLC   3.350     9/2/2051  USD   56.574
Vonovia SE           0.625    3/24/2031  EUR   66.022
Cadent Finance PLC   2.250   10/10/2035  GBP   62.272
Societe Generale SA  2.889     6/9/2032  USD   70.258
Royalty Pharma PLC   2.150     9/2/2031  USD   71.472
Eni SpA              2.750               EUR   69.159
Cellnex Finance Co SA3.875     7/7/2041  USD   59.825
Nostrum Oil & Gas Fin8.000    7/25/2022  USD   26.502
Republic of Poland Go2.000     3/8/2049  EUR   64.673
National Grid Electri0.823     7/7/2032  EUR   70.397
Uralkali OJSC Via Ura4.000   10/22/2024  USD   18.407
Senvion Holding GmbH 3.875   10/25/2022  EUR    0.267
Medtronic Global Hold2.250     3/7/2039  EUR   73.678
Deutsche Bank AG     1.875   12/22/2028  GBP   73.677
Mercialys SA         2.500    2/28/2029  EUR   74.431
Vnesheconombank Via V6.025     7/5/2022  USD    5.809
GTLK Europe Capital D4.949    2/18/2026  USD   31.294
Blend Funding PLC    2.922     4/5/2054  GBP   58.210
Housing & Care 21    3.288    11/8/2049  GBP   65.383
Econocom Group SA/NV 0.500     3/6/2023  EUR    8.054
JAB Holdings BV      1.000    7/14/2031  EUR   68.030
Northern Powergrid Yo2.250    10/9/2059  GBP   50.581
Aareal Bank AG       0.250   11/23/2027  EUR   73.930
Digital Dutch Finco B1.500    3/15/2030  EUR   74.412
Essity AB            0.250     2/8/2031  EUR   71.110
Saxa Gres Spa        7.000     8/4/2026  EUR   30.475
Volkswagen Financial 1.375    9/14/2028  GBP   72.743
Merlin Properties Soc1.375     6/1/2030  EUR   71.022
London Stock Exchange1.625     4/6/2030  GBP   74.877
BPCE SA              3.648    1/14/2037  USD   70.054
Storebrand Livsforsik1.875    9/30/2051  EUR   67.637
Saltaire Finance PLC 2.711     5/9/2052  GBP   65.077
TotalEnergies Capital3.127    5/29/2050  USD   63.125
Banque Federative du 1.125    1/19/2032  EUR   72.650
Banco Santander SA   2.958    3/25/2031  USD   72.975
Royalty Pharma PLC   3.300     9/2/2040  USD   64.281
ICADE                1.000    1/19/2030  EUR   69.887
Diageo Finance PLC   1.250    3/28/2033  GBP   66.583
Belfius Bank SA      1.250     4/6/2034  EUR   73.315
Altarea SCA          1.750    1/16/2030  EUR   62.104
Nordea Bank Abp      0.500    3/19/2031  EUR   73.325
Associated British Fo2.500    6/16/2034  GBP   71.021
Places For People Tre2.500    1/26/2036  GBP   65.321
United Utilities Wate1.750    2/10/2038  GBP   58.694
Standard Chartered PL3.265    2/18/2036  USD   69.297
Hyde Housing Associat1.750    8/18/2055  GBP   42.409
Andorra International1.700   10/13/2041  EUR   67.790
Jigsaw Funding PLC   3.375     5/5/2052  GBP   67.203
Southern Gas Networks3.100    9/15/2036  GBP   68.463
Metinvest BV         7.750   10/17/2029  USD   45.000
Hannover Rueck SE    1.375    6/30/2042  EUR   67.706
Vonovia Finance BV   1.125    9/14/2034  EUR   57.921
Flagship Finance PLC 1.875    7/14/2061  GBP   44.104
Perrigo Finance Unlim4.900   12/15/2044  USD   62.915
BAE Systems PLC      1.900    2/15/2031  USD   74.022
Jaguar Land Rover Aut4.500    10/1/2027  USD   68.567
Optivo Finance PLC   3.283    3/22/2048  GBP   64.775
BPCE SA              3.116   10/19/2032  USD   68.165
Chelyabinsk Pipe Plan4.500    9/19/2024  USD   15.165
Alfa Bank AO Via Alfa5.950    4/15/2030  USD    7.501
Zurich Finance Irelan1.875    9/17/2050  EUR   74.110
Wuestenrot & Wuerttem2.125    9/10/2041  EUR   65.756
Medtronic Global Hold0.750   10/15/2032  EUR   73.557
Johnson Controls Inte2.000    9/16/2031  USD   73.617
VEON Holdings BV     4.950    6/16/2024  USD   72.091
Euroboden GmbH       5.500   11/18/2025  EUR   74.538
Engie SA             0.500   10/24/2030  EUR   74.347
JDE Peet's NV        1.125    6/16/2033  EUR   64.782
Snam SpA             1.250    6/20/2034  EUR   65.104
Vonovia Finance BV   1.000    1/28/2041  EUR   44.109
Carmila SA           1.625    5/30/2027  EUR   73.702
Genfit               3.500   10/16/2025  EUR   25.525
Wintershall Dea Finan1.823    9/25/2031  EUR   72.171
abrdn plc            5.250               GBP   69.802
European Financial St0.875    4/10/2035  EUR   74.956
Southern Gas Networks1.250    12/2/2031  GBP   66.094
Nordea Kredit Realkre1.000    10/1/2053  DKK   64.429
Vonovia Finance BV   0.500    9/14/2029  EUR   70.864
Severn Trent Utilitie2.000     6/2/2040  GBP   56.886
Barclays PLC         3.330   11/24/2042  USD   59.597
Electricite de France4.875    1/22/2044  USD   71.957
Credit Suisse Group A4.875    5/15/2045  USD   66.965
Slovakia Government B1.875     3/9/2037  EUR   73.404
Alstom SA            0.500    7/27/2030  EUR   73.703
Aareal Bank AG       0.750    4/18/2028  EUR   73.605
Credit Suisse AG/Lond1.250    2/22/2029  USD   66.239
UBS Group AG         3.179    2/11/2043  USD   59.927
National Grid Gas PLC1.625    1/14/2043  GBP   45.169
Centrica PLC         4.250    9/12/2044  GBP   69.426
Peabody Capital No 2 3.250    9/14/2048  GBP   63.125
Rallye SA            5.250    2/28/2032  EUR   10.440
Intermediate Capital 2.500    1/28/2030  EUR   71.150
Vodafone Group PLC   4.875    6/19/2049  USD   73.927
Medtronic Global Hold1.500     7/2/2039  EUR   64.603
Wessex Water Services1.250    1/12/2036  GBP   54.737
ING Groep NV         0.875   11/29/2030  EUR   74.960
UniCredit SpA        5.459    6/30/2035  USD   71.793
ASTM SpA             1.500    1/25/2030  EUR   74.566
Lithuania Government 0.300    2/12/2032  EUR   70.903
TechnipFMC PLC       3.750    10/7/2033  EUR   70.564
Finland Government Bo0.500    4/15/2043  EUR   59.148
Prosus NV            1.985    7/13/2033  EUR   61.349
Orange SA            1.375     9/4/2049  EUR   60.728
Agence Francaise de D1.125     3/2/2037  EUR   71.511
Saderea DAC          12.500  11/30/2026  USD   64.118
UK Municipal Bonds Ag1.625    8/26/2060  GBP   44.234
AstraZeneca PLC      3.000    5/28/2051  USD   63.749
VTR Finance NV       6.375    7/15/2028  USD   53.877
Russian Foreign Bond 1.850   11/20/2032  EUR   42.000
Klepierre SA         0.875    2/17/2031  EUR   66.305
ING Groep NV         1.125    12/7/2028  GBP   74.587
LANXESS AG           0.625    12/1/2029  EUR   72.490
Tritax Big Box REIT P1.500   11/27/2033  GBP   59.589
Slovenia Government B0.125     7/1/2031  EUR   74.282
Allianz SE           3.200               USD   65.999
Koninklijke Luchtvaar0.750               CHF   18.650
Realkredit Danmark A/1.500    10/1/2053  DKK   73.926
Societe Generale SA  4.027    1/21/2043  USD   58.527
Nykredit Realkredit A0.500    10/1/2043  DKK   74.411
Nostrum Oil & Gas Fin7.000    2/16/2025  USD   25.424
Vodafone Group PLC   2.500    5/24/2039  EUR   71.621
Jyske Realkredit A/S 1.000    10/1/2050  DKK   65.697
BPCE SA              0.250    1/14/2031  EUR   71.162
UBS Group AG         2.095    2/11/2032  USD   68.939
BNP Paribas SA       0.875    8/31/2033  EUR   72.991
Merlin Properties Soc1.875    12/4/2034  EUR   61.917
esure Group PLC      6.000               GBP   67.372
Czech Gas Networks In0.875    3/31/2031  EUR   60.054
Pension Insurance Cor4.625     5/7/2031  GBP   73.907
Smurfit Kappa Treasur0.500    9/22/2029  EUR   74.064
Onward Homes Ltd     2.125    3/25/2053  GBP   48.966
Shell International F3.250     4/6/2050  USD   65.316
UBS Group AG         4.375               USD   66.125
Credit Agricole SA   4.750               USD   70.480
Terna - Rete Elettric0.375    9/25/2030  EUR   72.223
Mitsubishi UFJ Invest5.628   12/30/2099  EUR    5.244
ABN AMRO Bank NV     1.000     6/2/2033  EUR   69.024
Hungary Government Bo1.500    4/22/2026  HUF   68.689
Imperial Brands Finan1.750    3/18/2033  EUR   64.072
Nykredit Realkredit A0.500    10/1/2053  DKK   64.146
Utmost Group PLC     4.000   12/15/2031  GBP   69.691
Penarian Housing Fina3.212     6/7/2052  GBP   65.694
CK Hutchison Group Te2.625   10/17/2034  GBP   61.571
Gazprom PJSC Via Gaz 7.288    8/16/2037  USD   53.000
Guinness Partnership 2.000    4/22/2055  GBP   45.922
ABN AMRO Bank NV     1.125    4/23/2039  EUR   70.913
E.ON SE              0.750   12/18/2030  EUR   74.472
United Kingdom Gilt  1.250    7/31/2051  GBP   52.566
Syngenta Finance NV  4.375    3/28/2042  USD   70.340
Gol Finance SA       7.000    1/31/2025  USD   44.905
Electricite de France4.950   10/13/2045  USD   70.936
CK Hutchison Group Te1.500   10/17/2031  EUR   72.849
Blend Funding PLC    3.459    9/21/2047  GBP   68.616
Intelsat Jackson Hold5.500     8/1/2023  USD    0.483
CBRE Global Investors0.900   10/12/2029  EUR   70.593
Rallye SA            3.250    2/28/2032  CHF    8.723
Credit Bank of Moscow7.625               USD   14.660
Nordea Kredit Realkre0.500    10/1/2050  DKK   66.006
Terna - Rete Elettric0.750    7/24/2032  EUR   70.028
Orpea SA             2.750     6/3/2033  EUR   44.549
GOL Equity Finance SA3.750    7/15/2024  USD   44.705
Groupe Bruxelles Lamb0.125    1/28/2031  EUR   70.713
Bayer AG             0.625    7/12/2031  EUR   70.522
Bank Gospodarstwa Kra0.500     7/8/2031  EUR   64.993
ERG SpA              0.875    9/15/2031  EUR   70.206
Vonovia Finance BV   2.750    3/22/2038  EUR   63.301
Standard Chartered PL3.265    2/18/2036  USD   70.268
Unibail-Rodamco-Westf2.000    5/29/2037  EUR   58.195
Rickmers Holding AG  8.875    6/11/2018  EUR    1.698
Credit Agricole SA   0.875    1/14/2032  EUR   70.480
Eversholt Funding PLC3.529     8/7/2042  GBP   66.592
Investor AB          0.375   10/29/2035  EUR   60.933
Realkredit Danmark A/1.000    10/1/2053  DKK   64.394
Nederlandse Gasunie N0.375    10/3/2031  EUR   72.353
Manchester Airport Gr2.875    9/30/2044  GBP   56.258
Unibail-Rodamco-Westf0.875    3/29/2032  EUR   62.253
Medtronic Global Hold1.750     7/2/2049  EUR   59.272
Trinseo Materials Ope5.125     4/1/2029  USD   56.642
HSBC Bank PLC        2.977               USD   71.000
TotalEnergies Capital1.405     9/3/2031  GBP   71.847
Electricite de France5.000    9/21/2048  USD   69.849
Unibail-Rodamco-Westf1.750     7/1/2049  EUR   43.849
Euroboden GmbH       5.500    10/1/2024  EUR   70.972
Portugal Obrigacoes d1.150    4/11/2042  EUR   64.216
Red Electrica Financi0.500    5/24/2033  EUR   72.509
Yandex NV            0.750    9/13/2022  USD   69.354
EQT AB               0.875    5/14/2031  EUR   64.897
Wales & West Utilitie1.875    5/28/2041  GBP   53.519
Assura Financing PLC 1.625    6/30/2033  GBP   61.162
Deutsche Telekom AG  2.250    3/29/2039  EUR   74.778
Sweden Government Bon0.500   11/24/2045  SEK   69.015
Mercedes-Benz Group A1.125     8/8/2034  EUR   72.505
Engie SA             1.000   10/26/2036  EUR   60.398
Agence Francaise de D1.125     3/2/2037  EUR   71.226
Saltaire Finance PLC 1.527   11/23/2051  GBP   48.204
Republic of Poland Go2.000   10/25/2046  EUR   64.913
Transport for London 3.625    5/15/2045  GBP   68.668
Societe Generale SA  5.625   11/24/2045  USD   72.111
Romania Government Bo4.250    4/28/2036  RON   58.783
Koninklijke KPN NV   0.875   11/15/2033  EUR   68.436
Unibail-Rodamco-Westf1.375    12/4/2031  EUR   67.503
Investec PLC         2.625     1/4/2032  GBP   73.611
Intesa Sanpaolo SpA  2.500    1/15/2030  GBP   71.487
Snam SpA             0.750    6/17/2030  EUR   72.632
Eurofins Scientific S0.875    5/19/2031  EUR   70.198
Legrand SA           0.375    10/6/2031  EUR   72.747
Brenntag Finance BV  0.500    10/6/2029  EUR   72.198
EIG Pearl Holdings Sa4.387   11/30/2046  USD   66.119
RWE AG               0.625    6/11/2031  EUR   71.932
Allianz SE           1.301    9/25/2049  EUR   74.303
ICADE                0.625    1/18/2031  EUR   64.758
Orange SA            0.625   12/16/2033  EUR   69.698
Koninklijke DSM NV   0.625    6/23/2032  EUR   70.729
JT International Fina2.750    9/28/2033  GBP   70.949
Finland Government Bo1.375    4/15/2047  EUR   70.489
Societe Du Grand Pari0.700   10/15/2060  EUR   38.060
BNP Paribas SA       4.625               USD   66.000
DH Europe Finance II 1.800    9/18/2049  EUR   58.553
Enel Finance Internat1.125   10/17/2034  EUR   62.558
Investor AB          1.500    6/20/2039  EUR   65.182
Fresnillo PLC        4.250    10/2/2050  USD   67.670
Aberdeen City Council0.100    2/28/2054  GBP   74.568
Finland Government Bo0.125    4/15/2036  EUR   66.116
BNP Paribas SA       2.871    4/19/2032  USD   72.742
ESB Finance DAC      1.000    7/19/2034  EUR   70.336
Latvia Government Int1.375    5/16/2036  EUR   68.922
United Utilities Wate1.875     6/3/2042  GBP   54.530
CTP NV               1.250    6/21/2029  EUR   63.046
Hacienda Investments 5.075    2/15/2023  USD   11.202
JAB Holdings BV      2.250   12/19/2039  EUR   57.390
EXOR NV              1.750   10/14/2034  EUR   68.460
Bromford Housing Grou3.125     5/3/2048  GBP   64.144
Atlas Copco Finance D0.750     2/8/2032  EUR   72.953
Ireland Government Bo0.550    4/22/2041  EUR   61.738
Karbon Homes Ltd     3.375   11/15/2047  GBP   68.798
CM.com NV            2.000     9/9/2026  EUR   66.100
South Eastern Power N1.750    9/30/2034  GBP   64.028
Channel Link Enterpri3.848    6/30/2050  GBP   67.169
Sage Group PLC/The   2.875     2/8/2034  GBP   71.440
Sovcombank Via SovCom7.600               USD    3.464
Sibur Securities DAC 4.125    10/5/2023  USD   33.046
Airbus SE            3.950    4/10/2047  USD   73.629
BP Capital Markets BV0.933    12/4/2040  EUR   54.296
Sovcombank Via SovCom8.000     4/7/2030  USD    3.692
Lendlease Europe Fina3.500    12/2/2033  GBP   60.586
Czech Republic Govern0.050   11/29/2029  CZK   64.395
Shell International F2.875   11/26/2041  USD   66.394
Air Liquide Finance S0.375    9/20/2033  EUR   69.876
Realkredit Danmark A/1.000    10/1/2053  DKK   69.481
Whitbread Group PLC  3.000    5/31/2031  GBP   70.550
Polyus Finance PLC   5.250     2/7/2023  USD   47.659
Intelsat Jackson Hold9.750    7/15/2025  USD    0.483
Erste Group Bank AG  0.250    1/27/2031  EUR   69.778
Cie Generale des Etab0.250    11/2/2032  EUR   71.014
LiveWest Treasury PLC1.875    2/18/2056  GBP   44.930
Equinor ASA          3.700     4/6/2050  USD   72.262
Credit Bank of Moscow8.875               USD   11.817
Prs Finance PLC      1.500    8/24/2034  GBP   68.703
RTE Reseau de Transpo1.125     7/8/2040  EUR   59.535
Russian Railways Via 4.375     3/1/2024  USD   21.901
Svenska Handelsbanken0.500    2/18/2030  EUR   74.533
DNB Bank ASA         3.320               USD   67.374
Standard Chartered PL2.678    6/29/2032  USD   69.478
Aroundtown SA        3.625    4/10/2031  GBP   67.913
Credit Bank of Moscow4.700    1/29/2025  USD   23.957
Nykredit Realkredit A1.500    10/1/2050  DKK   72.026
Pierre Et Vacances SA2.000     4/1/2023  EUR   24.850
Rusal Capital DAC    4.850     2/1/2023  USD   40.000
BNG Bank NV          0.805    6/28/2049  EUR   55.849
RTE Reseau de Transpo0.750    1/12/2034  EUR   69.061
BAE Systems PLC      3.000    9/15/2050  USD   59.465
Bazalgette Finance Pl2.750    3/10/2034  GBP   72.859
Digital Dutch Finco B1.250     2/1/2031  EUR   69.107
Volkswagen Internatio1.500    1/21/2041  EUR   57.484
AGCO International Ho0.800    10/6/2028  EUR   74.676
La Poste SA          0.625    1/18/2036  EUR   62.840
Hera SpA             0.250    12/3/2030  EUR   67.618
OMV AG               1.000     7/3/2034  EUR   68.293
Regiao Autonoma Madei1.141    12/4/2034  EUR   69.950
Hellenic Republic Gov2.085    7/25/2057  EUR   30.664
Carmila SA           1.625     4/1/2029  EUR   65.938
AstraZeneca PLC      2.125     8/6/2050  USD   52.611
National Grid Electri2.000    9/16/2038  GBP   56.084
Paragon Treasury Plc 2.000     5/7/2036  GBP   63.415
Shell International F0.875    11/8/2039  EUR   57.545
LEG Immobilien SE    1.000   11/19/2032  EUR   60.652
Intelsat Jackson Hold8.500   10/15/2024  USD    0.483
Jyske Realkredit A/S 1.000    10/1/2053  DKK   64.482
Czech Gas Networks In1.000    7/16/2027  EUR   74.992
Hexagon Housing Assoc3.625    4/22/2048  GBP   67.535
Sibur Securities DAC 2.950     7/8/2025  USD   36.869
WPC Eurobond BV      0.950     6/1/2030  EUR   67.442
Mobile Telesystems OJ5.000    5/30/2023  USD   25.265
Kerry Group Financial0.875    12/1/2031  EUR   72.924
Logicor Financing Sar2.750    1/15/2030  GBP   71.968
Bevco Lux Sarl       1.000    1/16/2030  EUR   68.107
Lithuania Government 0.500    7/28/2050  EUR   41.907
Reckitt Benckiser Tre1.750    5/19/2032  GBP   71.625
Unibail-Rodamco-Westf1.750    2/27/2034  EUR   63.346
London & Quadrant Hou3.125    2/28/2053  GBP   59.480
Metropolitan Funding 4.125     4/5/2048  GBP   73.332
Vodafone Group PLC   5.125    6/19/2059  USD   73.999
E.ON SE              0.625    11/7/2031  EUR   71.310
Land Securities Capit2.750    9/22/2059  GBP   57.879
Henkel AG & Co KGaA  0.500   11/17/2032  EUR   71.923
Close Brothers Financ1.625    12/3/2030  GBP   69.443
Nordea Kredit Realkre1.000    10/1/2050  DKK   65.659
PJSC Koks via IMH Cap5.900    9/23/2025  USD    7.123
Cadent Finance PLC   0.750    3/11/2032  EUR   68.512
Millicom Internationa4.500    4/27/2031  USD   72.743
Simon International F1.125    3/19/2033  EUR   64.023
Novolipetsk Steel Via4.500    6/15/2023  USD   57.905
ABN AMRO Bank NV     1.125    4/23/2039  EUR   70.971
Carmila SA           2.125     3/7/2028  EUR   70.171
Altice France Holding6.000    2/15/2028  USD   63.217
Credit Suisse Group A4.875    5/15/2045  USD   66.961
FLUVIUS System Operat0.250    12/2/2030  EUR   74.418
Suek Securities DAC  3.375    9/15/2026  USD   11.976
Idavang A/S          7.571   11/11/2025  EUR   63.841
Russian Railways Via 1.195     4/3/2028  CHF   17.129
Clarion Funding PLC  1.250   11/13/2032  GBP   64.359
NN Group NV          0.875   11/23/2031  EUR   72.210
Mithra Pharmaceutical4.250   12/17/2025  EUR   67.888
Lithuania Government 0.750    7/15/2051  EUR   45.724
Terragon AG          6.500    5/24/2024  EUR    5.000
TenneT Holding BV    1.125     6/9/2041  EUR   57.923
Hylea Group SA       7.250    12/1/2022  EUR    1.300
Klepierre SA         0.625     7/1/2030  EUR   66.487
Stichting Afwikkeling6.250   10/26/2020  EUR   45.341
University of Leeds  3.125   12/19/2050  GBP   68.126
Land Securities Capit2.625    9/22/2037  GBP   69.076
Thomas Cook Group PLC6.250    6/15/2022  EUR    0.617
State of Schleswig-Ho0.200    8/15/2039  EUR   60.296
Mondelez Internationa0.625     9/9/2032  EUR   70.795
Cardiff University   3.000    12/7/2055  GBP   65.505
Societe Generale SA  2.889     6/9/2032  USD   70.787
FLUVIUS System Operat0.625   11/24/2031  EUR   73.499
DSV Finance BV       0.875    9/17/2036  EUR   60.249
Chanel Ceres PLC     1.000    7/31/2031  EUR   74.646
State of North Rhine-0.500    1/15/2052  EUR   50.986
Zurich Finance Irelan1.625    6/17/2039  EUR   64.093
Southern Housing Grou2.375    10/8/2036  GBP   65.141
Beyond Housing Ltd   2.125    5/17/2051  GBP   50.157
Wrekin Housing Group 2.500   10/22/2048  GBP   54.630
Brookfield Finance I 2.340    1/30/2032  USD   71.770
Cimpress PLC         7.000    6/15/2026  USD   69.000
Hannover Rueck SE    1.125    10/9/2039  EUR   73.008
Holcim Finance Luxemb1.375    10/8/2036  EUR   55.901
Martlet Homes Ltd    3.000     5/9/2052  GBP   60.561
Holcim Sterling Finan2.250     4/4/2034  GBP   62.734
Telia Co AB          0.125   11/27/2030  EUR   73.333
Gol Finance SA       8.000    6/30/2026  USD   61.922
Telefonica Emisiones 4.895     3/6/2048  USD   68.236
Morhomes PLC         3.400    2/19/2038  GBP   71.957
GTLK Europe DAC      5.125    5/31/2024  USD   30.701
European Financial St1.750    7/17/2053  EUR   72.859
Societe Generale SA  4.027    1/21/2043  USD   57.984
Direct Line Insurance4.000     6/5/2032  GBP   70.448
Inmobiliaria Colonial0.750    6/22/2029  EUR   74.017
Banque Federative du 0.625    2/21/2031  EUR   71.227
Erste Group Bank AG  0.250    9/14/2029  EUR   74.333
Intu Debenture PLC   5.562   12/31/2027  GBP   43.597
CNP Assurances       1.875   10/12/2053  EUR   66.703
Standard Chartered PL3.603    1/12/2033  USD   69.981
Libra Longhurst Group3.250    5/15/2043  GBP   67.025
Air Berlin PLC       8.250    4/19/2018  EUR    0.226
Unibail-Rodamco-Westf1.375    4/15/2030  EUR   72.332
BNP Paribas SA       2.824    1/26/2041  USD   55.380
SABIC Capital I BV   3.000    9/14/2050  USD   60.835
Iren SpA             0.875   10/14/2029  EUR   74.407
Orbit Capital PLC    3.375    6/14/2048  GBP   65.274
Platform HG Financing1.926    9/15/2041  GBP   55.907
Affordable Housing Fi2.893    8/11/2043  GBP   71.666
Nederlandse Waterscha0.125     9/3/2035  EUR   66.430
K2A Knaust & Andersso7.712               SEK   73.000
Iren SpA             0.250    1/17/2031  EUR   65.683
Vesteda Finance BV   0.750   10/18/2031  EUR   69.413
Smurfit Kappa Treasur1.000    9/22/2033  EUR   65.508
Enel Finance Internat2.875    7/12/2041  USD   53.038
Hera SpA             1.000    4/25/2034  EUR   63.293
Richemont Internation2.000    3/26/2038  EUR   73.704
Nats En Route PLC    1.750    9/30/2033  GBP   67.865
Johnson Controls Inte1.000    9/15/2032  EUR   73.481
Standard Chartered PL3.603    1/12/2033  USD   70.642
PREOS Global Office R7.500    12/9/2024  EUR   48.000
Home Credit & Finance8.800               USD    7.953
Credit Bank of Moscow5.550    2/14/2023  USD   22.642
Barclays PLC         3.382    5/20/2032  AUD   70.264
Danfoss Finance II BV0.750    4/28/2031  EUR   73.331
Aster Treasury Plc   1.405    1/27/2036  GBP   59.092
University of Southam2.250    4/11/2057  GBP   53.429
Achmea BV            2.500    9/24/2039  EUR   74.181
DWR Cymru Financing U2.500    3/31/2036  GBP   69.685
Eni SpA              1.000   10/11/2034  EUR   66.448
TenneT Holding BV    1.875    6/13/2036  EUR   73.463
Orange SA            0.750    6/29/2034  EUR   68.921
Delete Group Oyj     6.458    4/19/2024  EUR   67.458
Enel Finance Internat2.250    7/12/2031  USD   65.429
Czech Republic Govern1.950    7/30/2037  CZK   60.675
Enexis Holding NV    0.625    6/17/2032  EUR   72.830
Nordea Kredit Realkre1.000    10/1/2053  DKK   69.577
Nordea Bank Abp      3.750               USD   67.186
Braskem Netherlands F5.875    1/31/2050  USD   69.377
3i Group PLC         3.750     6/5/2040  GBP   65.490
Lloyds Banking Group 4.344     1/9/2048  USD   64.517
Nykredit Realkredit A1.000    10/1/2053  DKK   59.019
ESB Finance DAC      1.875    7/21/2035  GBP   64.991
SCF Capital Designate5.375    6/16/2023  USD   20.000
Rallye SA            3.400    2/28/2032  EUR   11.000
Sage Group PLC/The   1.625    2/25/2031  GBP   69.205
UNEDIC ASSEO         0.250    7/16/2035  EUR   66.734
CCEP Finance Ireland 1.500     5/6/2041  EUR   60.054
Omnicom Capital Holdi2.250   11/22/2033  GBP   67.860
Nestle Finance Intern0.375    12/3/2040  EUR   55.530
Hannover Rueck SE    1.750    10/8/2040  EUR   73.703
Transport for London 3.875    7/23/2042  GBP   73.678
DNB Bank ASA         3.716               USD   67.496
CCEP Finance Ireland 0.875     5/6/2033  EUR   70.318
Takko Luxembourg 2 SC5.696   11/15/2023  EUR   67.850
NIBC Bank NV         1.315               EUR   72.424
Nordea Kredit Realkre1.500    10/1/2053  DKK   69.599
Jyske Realkredit A/S 1.000    10/1/2053  DKK   69.621
Prologis Internationa1.625    6/17/2032  EUR   71.451
Island Offshore Shiph8.320    6/30/2024  NOK    4.304
Veolia Environnement 0.800    1/15/2032  EUR   73.592
National Grid Gas PLC1.125    1/14/2033  GBP   59.946
Orsted AS            2.500    5/16/2033  GBP   73.544
UNEDIC ASSEO         0.500    5/25/2036  EUR   67.091
RHP Finance PLC      3.250     2/5/2048  GBP   66.920
Richemont Internation1.625    5/26/2040  EUR   65.019
Credit Agricole SA   2.811    1/11/2041  USD   55.222
PIK Securities DAC   5.625   11/19/2026  USD   32.400
Kreditanstalt fuer Wi0.875     7/4/2039  EUR   69.803
Realkredit Danmark A/0.500    10/1/2050  DKK   65.967
Engie SA             1.375    6/21/2039  EUR   58.392
CE Credit Management 6.500    6/28/2024  EUR   70.351
Prosus NV            3.061    7/13/2031  USD   69.384
University of Liverpo3.375    6/25/2055  GBP   72.438
Annington Funding PLC3.685    7/12/2034  GBP   72.934
Gazprom PJSC Via Gaz 4.950     2/6/2028  USD   43.000
La Banque Postale SA 0.750    6/23/2031  EUR   69.999
Clarion Funding PLC  1.875    1/22/2035  GBP   63.165
Snam SpA             0.625    6/30/2031  EUR   68.722
ING Groep NV         2.727     4/1/2032  USD   73.648
Andrade Gutierrez Int11.000   8/20/2021  USD   51.362
Iren SpA             1.000     7/1/2030  EUR   72.170
BPCE SA              2.277    1/20/2032  USD   69.977
Santander UK Group Ho5.625    9/15/2045  USD   69.003
European Financial St0.700    1/17/2053  EUR   52.627
SKF AB               0.250    2/15/2031  EUR   71.518
Lseg Netherlands BV  0.750     4/6/2033  EUR   69.978
Scottish Hydro Electr2.250    9/27/2035  GBP   64.487
Samhallsbyggnadsbolag2.874    1/30/2027  SEK   74.360
Slovakia Government B2.250    6/12/2068  EUR   68.288
Ulker Biskuvi Sanayi 6.950   10/30/2025  USD   69.003
Credit Agricole Itali0.375    1/20/2032  EUR   73.343
Movida Europe SA     5.250     2/8/2031  USD   73.153
Eurogrid GmbH        0.741    4/21/2033  EUR   70.822
Finland Government Bo0.250    9/15/2040  EUR   59.263
LEG Immobilien SE    0.750    6/30/2031  EUR   65.511
DH Europe Finance II 3.250   11/15/2039  USD   72.393
Sovcombank Via SovCom3.400    1/26/2025  USD    4.883
Russian Agricultural 8.500   10/16/2023  USD   13.449
Standard Chartered PL2.678    6/29/2032  USD   68.833
TenneT Holding BV    0.500     6/9/2031  EUR   73.756
Altice France SA/Fran5.125    7/15/2029  USD   73.746
Coca-Cola Europacific0.700    9/12/2031  EUR   74.225
Realkredit Danmark A/1.500    10/1/2050  DKK   74.895
Nordea Kredit Realkre1.500    10/1/2053  DKK   73.934
Telefonica Emisiones 4.665     3/6/2038  USD   72.906
Shell International F3.125    11/7/2049  USD   63.615
Cooperatieve Rabobank0.625    2/25/2033  EUR   67.133
Ukraine Government Bo9.790    5/26/2027  UAH   54.368
ABN AMRO Bank NV     0.625    1/24/2037  EUR   68.178
National Grid Electri2.750     2/6/2035  GBP   69.237
DH Europe Finance II 3.400   11/15/2049  USD   67.862
Royal Schiphol Group 0.875     9/8/2032  EUR   71.468
NIBC Bank NV         2.850    2/21/2040  EUR   70.150
Realkredit Danmark A/1.000    10/1/2053  DKK   59.031
London & Quadrant Hou3.750   10/27/2049  GBP   68.452
Prologis Internationa2.750    2/22/2032  GBP   74.601
DWR Cymru Financing U2.375    3/31/2034  GBP   67.419
Gecina SA            0.875    6/30/2036  EUR   60.361
TenneT Holding BV    1.500     6/3/2039  EUR   64.837
DLR Kredit A/S       1.000    10/1/2050  DKK   71.545
Catalyst Housing Ltd 3.125   10/31/2047  GBP   62.822
Slovenia Government B1.750    11/3/2040  EUR   69.224
Aeroports de Paris   1.125    6/18/2034  EUR   68.166
Credit Logement SA   1.081    2/15/2034  EUR   74.115
Landesbank Baden-Wuer0.375    2/21/2031  EUR   68.303
Officine Maccaferri-S5.750     6/1/2021  EUR   16.598
Bilt Paper BV        10.360              USD    1.343
Deutsche Boerse AG   0.125    2/22/2031  EUR   72.829
Enel Finance Internat4.750    5/25/2047  USD   64.518
LiveWest Treasury PLC2.250   10/10/2043  GBP   57.045
BNP Paribas SA       4.500               USD   69.000
Vonovia Finance BV   1.625    10/7/2039  EUR   50.304
Celtic Resources Hold4.125    10/9/2024  USD   14.298
Allied Irish Banks PL12.500   6/25/2035  GBP   54.686
Covivio Hotels SACA  1.000    7/27/2029  EUR   73.832
Nederlandse Waterscha0.500    4/26/2051  EUR   51.538
Euronext NV          1.500    5/17/2041  EUR   56.163
BP Capital Markets PL1.104   11/15/2034  EUR   68.332
Windreich GmbH       6.500     3/1/2015  EUR    4.475
Vier Gas Transport Gm0.500    9/10/2034  EUR   60.092
Gecina SA            1.625    5/29/2034  EUR   71.943
Nykredit Realkredit A2.000    10/1/2053  DKK   73.022
Nordea Bank Abp      1.625    12/9/2032  GBP   74.466
Latvia Government Int2.250    2/15/2047  EUR   73.674
Annington Funding PLC2.308    10/6/2032  GBP   66.153
London & Quadrant Hou2.750    7/20/2057  GBP   53.561
Rallye SA            4.000    2/28/2032  CHF    8.500
Prologis Internationa3.000    2/22/2042  GBP   63.393
Signa Development Fin5.500    7/23/2026  EUR   52.834
Bulgaria Government B0.100    8/17/2031  BGN   63.936
A2A SpA              0.625    7/15/2031  EUR   66.740
Berlin Hyp AG        0.375    4/21/2031  EUR   72.816
Cie de Financement Fo0.010   10/29/2035  EUR   63.877
ENW Finance PLC      1.415    7/30/2030  GBP   71.624
Linde Finance BV     0.550    5/19/2032  EUR   72.648
Gazprom PJSC via Gaz 4.599               USD   32.000
Linde PLC            1.625    3/31/2035  EUR   74.842
Ile-de-France Mobilit0.675   11/24/2036  EUR   67.603
OGX Austria GmbH     8.500     6/1/2018  USD    0.002
Jyske Realkredit A/S 1.500    10/1/2050  DKK   74.943
British Telecommunica4.250    11/8/2049  USD   69.545
EYEMAXX Real Estate A5.500    4/26/2023  EUR    1.702
Thames Water Utilitie2.625    1/24/2032  GBP   73.179
Realkredit Danmark A/0.500    10/1/2053  DKK   64.087
Unibail-Rodamco-Westf2.000    4/28/2036  EUR   61.810
Electricite de France4.875    1/22/2044  USD   71.988
Kreditanstalt fuer Wi0.050    9/29/2034  EUR   69.504
Tresu Investment Hold6.228     1/2/2025  EUR   48.750
Bulgaria Government B1.500    6/21/2039  BGN   59.795
Societa di Progetto B3.375   12/31/2038  EUR   67.886
UniCredit SpA        3.127     6/3/2032  USD   68.511
TotalEnergies Capital3.386    6/29/2060  USD   61.497
Shell International F0.500    11/8/2031  EUR   74.570
BNP Paribas SA       3.132    1/20/2033  USD   72.756
OP Corporate Bank plc0.625   11/12/2029  EUR   73.714
Heineken NV          1.750     5/7/2040  EUR   65.321
DWR Cymru Financing U1.375    3/31/2033  GBP   65.494
Blackstone Property P1.625    4/20/2030  EUR   69.243
European Financial St0.050    1/18/2052  EUR   41.133
Bayerische Landesbank1.375   11/22/2032  EUR   73.466
Mong Duong Finance Ho5.125     5/7/2029  USD   70.210
NPC Ukrenergo        6.875    11/9/2028  USD   14.920
Polyus Finance PLC   4.700    1/29/2024  USD   48.152
de Volksbank NV      0.375    9/16/2041  EUR   58.091
Realkredit Danmark A/1.500    10/1/2053  DKK   69.600
Barclays Bank PLC    12.000   9/24/2025  TRY   53.125
Societe Generale SA  5.375               USD   69.170
BNP Paribas SA       2.588    8/12/2035  USD   68.253
Alfa Bank AO Via Alfa5.900               USD    5.355
Gazprom PJSC Via Gaz 8.625    4/28/2034  USD   49.131
MARB BondCo PLC      3.950    1/29/2031  USD   71.227
Credit Suisse AG/Lond1.500    3/19/2029  USD   68.319
UniCredit Bank AG    0.375    1/17/2033  EUR   74.612
Schlumberger Finance 0.500   10/15/2031  EUR   73.828
Ireland Government Bo0.400    5/15/2035  EUR   72.421
Futures Treasury PLC 3.375     2/8/2044  GBP   69.223
ABN AMRO Bank NV     0.400    9/17/2041  EUR   58.674
Kommunalbanken AS    1.500   12/30/2030  AUD   73.211
Enagas Financiaciones0.375    11/5/2032  EUR   68.347
Russian Foreign Bond 4.875    9/16/2023  USD   67.000
City of Lausanne Swit0.540    11/6/2062  CHF   54.125
Allianz Finance II BV0.500   11/22/2033  EUR   68.989
Deutsche Bahn Finance3.350    1/20/2042  AUD   66.974
Ageas SA/NV          1.875   11/24/2051  EUR   69.098
Molnlycke Holding AB 0.625    1/15/2031  EUR   69.855
Ile-de-France Mobilit1.275    2/14/2042  EUR   66.040
Immigon Portfolioabba6.569               EUR    9.934
Aroundtown SA        4.750    3/27/2032  USD   71.506
LyondellBasell Indust4.625    2/26/2055  USD   70.091
East Slope Residencie0.100    2/28/2062  GBP   66.103
HOWOGE Wohnungs-bauge1.125    11/1/2033  EUR   68.479
Repsol Europe Finance0.875     7/6/2033  EUR   69.175
Bayerische Landesbode0.250    3/21/2036  EUR   67.180
DAA Finance PLC      1.601    11/5/2032  EUR   74.223
Deutsche Bahn Finance0.750    7/16/2035  EUR   67.469
Wendel SE            1.000     6/1/2031  EUR   68.706
Mondelez Internationa1.250     9/9/2041  EUR   56.049
Landesbank Baden-Wuer0.375     5/7/2029  EUR   74.428
Gazprom PJSC Via Gaz 5.150    2/11/2026  USD   55.958
Optivo Finance PLC   2.857    10/7/2035  GBP   71.150
A2A SpA              1.000    11/2/2033  EUR   62.134
Ukraine Government Bo10.950   11/1/2023  UAH   67.977
Royal Schiphol Group 0.750    4/22/2033  EUR   69.096
Notting Hill Genesis 3.250   10/12/2048  GBP   63.025
LSF9 Balta Issuer SAR3.000   12/31/2030  EUR   56.842
LEG Immobilien SE    1.500    1/17/2034  EUR   62.137
Nationwide Building S0.500     5/5/2041  EUR   59.795
National Grid Electri1.125     7/7/2028  GBP   74.959
Terega SA            0.875    9/17/2030  EUR   71.630
AXA Logistics Europe 0.875   11/15/2029  EUR   69.105
Becton Dickinson Euro1.213    2/12/2036  EUR   65.644
Citizen Treasury PLC 3.250   10/20/2048  GBP   66.430
Societe Generale SA  4.750               USD   73.620
Societe Nationale SNC1.000    5/25/2040  EUR   63.110
Anglo American Capita3.950    9/10/2050  USD   64.134
Rusal Capital DAC    5.300     5/3/2023  USD   41.034
Eastern Power Network1.875     6/1/2035  GBP   63.546
O1 Properties Finance0.500    9/27/2028  USD    5.224
SRV Group Oyj        4.875               EUR   56.000
State of North Rhine-1.450    2/16/2043  EUR   73.389
Standard Chartered PL5.300     1/9/2043  USD   74.422
Sigma Holdco BV      7.875    5/15/2026  USD   61.102
ABH Financial Ltd Via2.700    6/11/2023  EUR    6.314
Jyske Realkredit A/S 1.500    10/1/2053  DKK   73.956
National Grid PLC    0.750     9/1/2033  EUR   65.555
State of North Rhine-1.750    7/11/2068  EUR   70.106
VEON Holdings BV     3.375   11/25/2027  USD   51.000
Motability Operations2.375     7/3/2039  GBP   65.905
Jyske Realkredit A/S 0.500    10/1/2050  DKK   66.114
National Grid Gas PLC1.375     2/7/2031  GBP   67.502
Enexis Holding NV    0.375    4/14/2033  EUR   68.701
Siemens Financierings1.250    2/25/2035  EUR   73.440
RTE Reseau de Transpo2.000    4/18/2036  EUR   74.527
Agence Francaise de D1.125     3/2/2037  EUR   71.505
Ukraine Government In7.750     9/1/2024  USD   23.797
Metropolitan Housing 1.875    7/28/2036  GBP   60.753
TMK OAO Via TMK Capit4.300    2/12/2027  USD   15.452
State of North Rhine-1.750   10/26/2057  EUR   73.296
Avianca Midco 2 PLC  9.000    12/1/2028  USD   72.972
Gazprom PJSC via Gaz 3.250    2/25/2030  USD   51.000
Assura Financing PLC 1.500    9/15/2030  GBP   68.531
Gecina SA            0.875    1/25/2033  EUR   69.504
Telenor ASA          0.875    2/14/2035  EUR   67.712
Engie SA             2.000    9/28/2037  EUR   67.558
Havila Shipping ASA  7.410     1/2/2025  NOK   30.248
Eastern Power Network2.125   11/25/2033  GBP   68.453
Debenhams PLC        5.250    7/15/2021  GBP    0.425
Polski Koncern Naftow2.875    3/25/2031  PLN   60.390
SP Transmission PLC  2.000   11/13/2031  GBP   72.825
Societe Du Grand Pari1.000    2/18/2070  EUR   40.075
Croatia Government Bo1.250     3/3/2040  EUR   59.403
KBC Group NV         0.750    5/31/2031  EUR   71.366
Notting Hill Genesis 2.000     6/3/2036  GBP   61.850
Siemens Financierings0.500    2/20/2032  EUR   74.243
SNCF Reseau          0.750    5/25/2036  EUR   69.708
OP Corporate Bank plc0.750    3/24/2031  EUR   69.958
Vilogia SA d'HLM     1.500     8/7/2034  EUR   62.983
EWE AG               0.375   10/22/2032  EUR   64.691
Cadent Finance PLC   3.125    3/21/2040  GBP   63.952
Paradigm Homes Charit2.250    5/20/2051  GBP   52.211
Scottish Hydro Electr2.125    3/24/2036  GBP   62.276
Europejskie Centrum O13.200   4/14/2023  PLN   49.489
Petrobras Global Fina4.750     4/2/2038  EUR   56.261
Vedanta Resources Fin8.950    3/11/2025  USD   69.131
JAB Holdings BV      2.200   11/23/2030  USD   72.012
Prosus NV            4.193    1/19/2032  USD   74.160
BPCE SA              1.000    1/14/2032  EUR   70.830
Vienna Insurance Grou1.000    3/26/2036  EUR   60.906
Credit Agricole Itali0.125    3/15/2033  EUR   68.081
Samhallsbyggnadsbolag7.000    7/24/2023  SEK   40.484
Vedanta Resources Ltd6.125     8/9/2024  USD   63.540
Blackstone Property P1.000     5/4/2028  EUR   72.935
European Financial St0.700    1/20/2050  EUR   55.272
Pfandbriefbank schwei0.375     7/8/2039  CHF   72.859
Incommunities Treasur3.250    3/21/2049  GBP   66.723
TotalEnergies Capital1.618    5/18/2040  EUR   64.826
TenneT Holding BV    1.250   10/24/2033  EUR   73.028
John Deere Cash Manag1.650    6/13/2039  EUR   68.980
Ukraine Government In7.253    3/15/2035  USD   17.038
Credit Suisse AG/Lond3.200    3/24/2032  USD   69.880
Nordiska Kreditmarkna10.669              SEK   73.539
European Financial St1.375    5/31/2047  EUR   69.649
Home Group Ltd       3.125    3/27/2043  GBP   65.073
Deutsche Bahn Finance1.850   11/23/2043  EUR   67.847
AI Candelaria Spain S5.750    6/15/2033  USD   58.792
Vodafone Group PLC   4.375    2/19/2043  USD   71.713
adidas AG            0.625    9/10/2035  EUR   66.136
InterCement Financial5.750    7/17/2024  USD   68.352
Blend Funding PLC    3.508     5/4/2057  GBP   65.061
Petrobras Global Fina4.500     2/4/2033  EUR   68.861
Muenchener Hypotheken1.000    4/18/2039  EUR   69.960
Klepierre SA         1.250    9/29/2031  EUR   66.716
Aon Global Ltd       4.250   12/12/2042  USD   73.252
Credit Mutuel Arkea S0.875    3/11/2033  EUR   67.358
Prologis Internationa0.750    3/23/2033  EUR   62.756
Deutsche Lichtmiete F5.750     1/1/2023  EUR    6.000
Unibail-Rodamco-Westf1.375    5/25/2033  EUR   63.170
DNB Bank ASA         3.691               USD   67.562
Phosagro OAO Via Phos3.050    1/23/2025  USD   51.349
Blackstone Property P1.750    3/12/2029  EUR   73.621
Vnesheconombank Via V6.800   11/22/2025  USD    5.870
Johnson Controls Inte4.500    2/15/2047  USD   73.917
Travelex Financing PL8.000    5/15/2022  EUR    0.941
Jyske Realkredit A/S 1.500    10/1/2053  DKK   69.628
Parnassia Groep BV   1.200    12/1/2051  EUR   66.629
MHP SE               7.750    5/10/2024  USD   49.077
United Utilities Wate0.875   10/28/2029  GBP   71.648
EA Partners I BV     6.875    9/28/2020  USD    0.500
Ministeries Van de Vl0.875    3/21/2046  EUR   57.472
National Grid Electri1.750     9/9/2031  GBP   69.371
Latvia Government Int1.875    2/19/2049  EUR   67.656
Engie SA             1.250   10/24/2041  EUR   53.160
La Poste SA          1.000    9/17/2034  EUR   69.996
Southern Housing Grou3.500   10/19/2047  GBP   66.923
MHP Lux SA           6.950     4/3/2026  USD   47.729
Credit Suisse AG/Lond2.300    9/24/2031  USD   66.093
Cie Generale des Etab0.625    11/2/2040  EUR   53.911
Bayer AG             1.000    1/12/2036  EUR   60.942
Luzerner Kantonalbank0.400    3/15/2038  CHF   73.759
Espirito Santo Financ9.750   12/19/2025  EUR    0.521
RTE Reseau de Transpo2.125    9/27/2038  EUR   72.166
Societe Generale SA  3.653     7/8/2035  USD   72.455
BPCE SA              2.277    1/20/2032  USD   69.644
Jyske Realkredit A/S 1.500    10/1/2050  DKK   72.041
Trane Technologies Lu4.500    3/21/2049  USD   73.883
Novartis Finance SA  1.700    8/14/2038  EUR   73.710
MHP Lux SA           6.250    9/19/2029  USD   46.422
Cooperatieve Rabobank0.750    6/21/2039  EUR   66.214
Midland Heart Capital1.831    8/12/2050  GBP   46.179
RTE Reseau de Transpo1.125     9/9/2049  EUR   48.447
Novatek OAO Via Novat4.422   12/13/2022  USD   62.811
RTE Reseau de Transpo0.625     7/8/2032  EUR   72.334
CBo Territoria       3.750     7/1/2024  EUR    4.230
Volkswagen Internatio3.500     4/2/2043  EUR   73.307
Constellation Automot4.875    7/15/2027  GBP   61.942
TotalEnergies Capital2.986    6/29/2041  USD   67.434
Autonomous Region of 1.095    9/27/2036  EUR   67.586
Air Liquide Finance S3.500    9/27/2046  USD   70.378
Standard Chartered PL4.300               USD   64.655
Vier Gas Transport Gm0.125    9/10/2029  EUR   72.689
ING Bank NV          1.000    2/17/2037  EUR   72.565
CSN Resources SA     4.625    6/10/2031  USD   67.146
City of Lausanne Swit0.050    9/28/2054  CHF   49.193
State of North Rhine-0.200    1/27/2051  EUR   46.509
Credit Mutuel Arkea S0.875   10/25/2031  EUR   70.778
Liquid Telecommunicat5.500     9/4/2026  USD   72.142
Covivio              1.125    9/17/2031  EUR   71.850
BNG Bank NV          0.875   10/24/2036  EUR   72.339
Societe Du Grand Pari0.875    5/10/2046  EUR   55.696
Altice France SA/Fran5.500   10/15/2029  USD   74.398
Gazprom PJSC via Gaz 2.950    1/27/2029  USD   49.145
Iberia Lineas Aereas 3.750    5/28/2027  EUR   71.561
Suez SA              0.500   10/14/2031  EUR   71.876
Agence Francaise de D0.375    5/25/2036  EUR   64.580
Ukraine Government In15.840   2/26/2025  UAH   59.233
UniCredit Bank AG    0.010    1/21/2036  EUR   63.858
Aeroports de Paris   2.125   10/11/2038  EUR   68.510
Espirito Santo Financ6.875   10/21/2019  EUR    0.001
Wales & West Utilitie3.000     8/3/2038  GBP   67.530
Accentro Real Estate 4.125    3/23/2026  EUR   56.878
Ukraine Government In7.750     9/1/2027  USD   18.268
Andrade Gutierrez Int9.500   12/30/2024  USD   53.034
State of North Rhine-0.600     6/4/2041  EUR   63.093
Sovcombank Via SovCom7.750               USD    3.353
Russian Foreign Bond 4.250    6/23/2027  USD   44.423
Nordea Kredit Realkre1.500    10/1/2050  DKK   72.038
Prosus NV            4.987    1/19/2052  USD   64.972
Credit Agricole SA   1.400    7/28/2031  EUR   72.388
RTE Reseau de Transpo1.875   10/23/2037  EUR   70.160
Intesa Sanpaolo SpA  2.700    3/29/2031  USD   66.909
Telefonica Emisiones 1.864    7/13/2040  EUR   63.984
Ukraine Government Bo15.970   4/19/2023  UAH   59.293
Fuerstenberg Capital 2.522               EUR   62.879
Unilever PLC         1.500    6/11/2039  EUR   69.929
OGX Austria GmbH     8.375     4/1/2022  USD    0.002
GELF Bond Issuer I SA1.125    7/18/2029  EUR   74.225
Societe Nationale SNC0.875    2/28/2051  EUR   47.683
Privatbank CJSC Via U10.250   1/23/2018  USD    3.453
Koninklijke KPN NV   0.875   12/14/2032  EUR   71.014
Electricite de France5.250   10/13/2055  USD   70.110
NorteGas Energia Dist0.905    1/22/2031  EUR   70.617
DLR Kredit A/S       1.000    10/1/2053  DKK   70.273
Jababeka Internationa6.500    10/5/2023  USD   56.039
Polski Fundusz Rozwoj1.375    8/30/2027  PLN   68.728
Lukoil Capital DAC   2.800    4/26/2027  USD   76.500
Vedanta Resources Fin9.250    4/23/2026  USD   60.005
Cyprus Government Int2.250    4/16/2050  EUR   69.361
Nykredit Realkredit A0.500    10/1/2053  DKK   62.629
Aragvi Finance Intern8.450    4/29/2026  USD   69.299
Cyprus Government Int1.250    1/21/2040  EUR   63.584
Stichting Afwikkeling11.250              EUR    0.579
EDOB Abwicklungs AG  7.500     4/1/2012  EUR    0.521
Paragon Treasury Plc 3.625    1/21/2047  GBP   71.109
HSBC Holdings PLC    0.813    11/3/2031  CHF   74.402
Uliving@essex3 LLP   2.720    8/31/2066  GBP   57.732
European Primary Plac1.732    11/9/2055  GBP   48.702
NRW Bank             0.100     7/9/2035  EUR   66.456
Societe Generale SA  1.113    7/17/2031  EUR   73.530
BPCE SA              0.750     3/3/2031  EUR   71.604
Gazprom PJSC Via Gaz 4.950    3/23/2027  USD   52.000
SNCF Reseau          2.250   12/20/2047  EUR   74.908
Saleza AS            9.000    7/12/2021  EUR    0.203
LEG Immobilien SE    1.625   11/28/2034  EUR   60.414
Avangardco Investment10.000  10/29/2018  USD    0.348
TotalEnergies Capital3.461    7/12/2049  USD   68.062
Kreditanstalt fuer Wi0.375    5/20/2036  EUR   69.014
Northern Electric Fin2.750    5/24/2049  GBP   60.131
Societe Du Grand Pari1.700    5/25/2050  EUR   65.506
Snam SpA             1.000    9/12/2034  EUR   61.564
Praktiker AG         5.875    2/10/2016  EUR    2.232
Siemens Financierings3.300    9/15/2046  USD   67.952
Orpea SA             3.000   11/25/2041  EUR   36.263
Bulgaria Government B0.500   12/21/2029  BGN   74.179
Ministeries Van de Vl1.500    4/11/2044  EUR   68.473
Thomas Cook Finance 23.875    7/15/2023  EUR    1.268
Credit Suisse AG/Lond2.600    1/27/2032  USD   67.201
Basler Kantonalbank  0.250    3/10/2036  CHF   74.787
Russian Foreign Bond 12.750   6/24/2028  USD   67.326
Credit Agricole Home 0.375     2/1/2033  EUR   73.828
FEL Energy VI Sarl   5.750    12/1/2040  USD   68.075
National Grid Electri1.625    10/7/2035  GBP   58.787
Nykredit Realkredit A0.500    10/1/2050  DKK   64.561
Hellas Telecommunicat6.054    1/15/2015  USD    0.014
Ukraine Government In7.375    9/25/2034  USD   16.107
UBS Group AG         3.179    2/11/2043  USD   59.470
Air Berlin PLC       6.750     5/9/2019  EUR    0.301
SCOR SE              1.375    9/17/2051  EUR   67.737
Action Logement Servi0.500   10/30/2034  EUR   70.146
EYEMAXX Real Estate A5.500    9/24/2024  EUR    1.457
Altice France Holding8.000    5/15/2027  EUR   71.425
Landwirtschaftliche R0.625   10/31/2036  EUR   70.325
Republic of Ireland I1.425    9/18/2119  EUR   50.155
Republic of Poland Go1.750    4/25/2032  PLN   56.152
Pershing Square Holdi3.250    10/1/2031  USD   80.632
Cirio Del Monte NV   7.750    3/14/2005  EUR    0.364
Wessex Water Services1.500    9/17/2029  GBP   72.917
ABN AMRO Bank NV     3.324    3/13/2037  USD   67.820
Verisure Midholding A5.250    2/15/2029  EUR   74.098
DSV Finance BV       0.750     7/5/2033  EUR   68.243
blueplanet Investment5.500    2/26/2026  EUR   26.609
Deutsche Lichtmiete A5.750    12/1/2023  EUR    8.000
Intesa Sanpaolo SpA  2.100   11/13/2030  USD   68.181
Manchester Airport Gr2.875    3/31/2039  GBP   61.348
Alfa Bank AO Via Alfa6.950               USD    5.080
Equinor ASA          1.625    11/9/2036  EUR   73.416
Stonewater Funding PL1.625    9/10/2036  GBP   59.817
BNG Bank NV          0.875   10/17/2035  EUR   73.933
Ukraine Government In7.750     9/1/2026  USD   18.794
NAK Naftogaz Ukraine 7.625    11/8/2026  USD   20.281
Lehman Brothers UK Ca5.125               EUR   13.466
Region de Bruxelles-C1.121    5/11/2071  EUR   47.913
Berner Kantonalbank A0.100    9/30/2039  CHF   65.317
nVent Finance Sarl   2.750   11/15/2031  USD   72.533
Nederlandse Waterscha0.375    9/28/2046  EUR   54.215
Lukoil Capital DAC   3.600   10/26/2031  USD   72.500
Free State of Bavaria0.010    1/18/2035  EUR   67.412
Autonomous Community 2.965     9/8/2039  JPY   65.548
Lehman Brothers UK Ca3.875               EUR   13.466
City of Lausanne Swit0.680    3/11/2058  CHF   61.428
UBS Group AG         3.875               USD   74.250
Realkredit Danmark A/0.500    10/1/2043  DKK   74.411
Shell International F3.750    9/12/2046  USD   71.345
Ukraine Government Bo16.000   5/24/2023  UAH   59.000
BNG Bank NV          1.600   11/27/2030  AUD   73.916
Cirio Holding Luxembo6.250    2/16/2004  EUR    1.822
Region Wallonne Belgi1.250    6/22/2071  EUR   49.740
Region Provence-Alpes1.574     6/8/2037  EUR   74.616
Hellenic Republic Gov3.250    3/20/2050  EUR   73.364
Alfa Bank AO Via Alfa5.500   10/26/2031  USD    7.359
Hungary Government In2.125    9/22/2031  USD   66.767
B2W Digital Lux Sarl 4.375   12/20/2030  USD   67.759
Erste Group Bank AG  0.500    1/12/2037  EUR   66.120
Credit Suisse AG/Lond1.352     4/8/2034  EUR   74.179
Standard Chartered PL4.316               USD   76.750
Bourbon Corp         8.305               EUR    0.196
Nestle Finance Intern0.625    2/14/2034  EUR   72.419
FF Group Finance Luxe1.750     7/3/2019  EUR    4.000
Orpea SA             2.770   12/18/2028  EUR   42.094
Dexia SA             2.012               EUR    3.582
Canton of Geneva Swit0.500   10/31/2056  CHF   62.932
BPCE SFH SA          0.375    3/18/2041  EUR   58.775
BNG Bank NV          0.250   11/22/2036  EUR   65.135
City of Bern Switzerl0.040    10/2/2070  CHF   45.213
Kommunalbanken AS    1.250     7/2/2030  NZD   73.215
Nordea Kredit Realkre0.500    10/1/2053  DKK   64.217
Orange SA            1.200    7/11/2034  EUR   74.580
Republic of Belarus I6.875    2/28/2023  USD   30.400
Free State of Saxony 0.010   12/17/2035  EUR   65.069
Minerva Luxembourg SA4.375    3/18/2031  USD   74.520
Standard Chartered PL4.750               USD   66.720
Societe Du Grand Pari1.000   11/26/2051  EUR   51.349
Orpea SA             2.300     3/6/2025  EUR   58.729
Societe Generale SA  5.625   11/24/2045  USD   72.765
Kommunekredit        0.125    9/26/2040  EUR   57.170
Credit Bank of Moscow7.121    6/25/2024  USD   25.379
Blend Funding PLC    2.467    6/16/2061  GBP   50.686
Ministeries Van de Vl0.125   10/15/2035  EUR   65.084
GN Store Nord AS     1.970     3/3/2036  EUR   44.800
Fastighets AB Balder 1.293     3/3/2031  EUR   50.690
Banco Espirito Santo 4.193               EUR    0.120
Basque Government    1.000   10/31/2050  EUR   47.858
Nordea Kredit Realkre1.500    10/1/2053  DKK   66.000
ABN AMRO Bank NV     0.375    1/14/2035  EUR   69.517
European Financial St1.450     9/5/2040  EUR   74.691
Sveriges Sakerstallda0.750     6/9/2032  SEK   73.412
Salerno Pompei Napoli2.800    1/19/2045  EUR   69.996
Charm Finance PLC    3.509    4/12/2048  GBP   67.959
Unibail-Rodamco-Westf1.875    1/15/2031  EUR   72.804
State Agency of Roads6.250    6/24/2030  USD   15.334
CSN Resources SA     5.875     4/8/2032  USD   72.175
Ukraine Government Bo12.520   5/13/2026  UAH   58.399
Banca Popolare di Vic9.500    9/29/2025  EUR    0.096
Dexia Credit Local SA2.063               EUR    2.551
Ukreximbank Via Biz F10.426    2/9/2023  USD   30.000
Nordea Kredit Realkre0.500    10/1/2043  DKK   74.619
Metalloinvest Finance3.375   10/22/2028  USD   56.000
Very Group Funding Pl6.500     8/1/2026  GBP   67.201
A2A SpA              0.625   10/28/2032  EUR   63.034
BPCE SA              3.116   10/19/2032  USD   68.127
Zurich Finance Irelan1.600   12/17/2052  EUR   65.137
Ukraine Government In9.750    11/1/2030  USD   19.497
ESFIL-Espirito Santo 5.250    6/12/2015  EUR    0.111
Hampshire Trust Bank 7.250    5/10/2028  GBP   57.500
EA Partners II BV    6.750     6/1/2021  USD    0.615
Deutsche Lichtmiete A5.250     2/1/2027  EUR    3.030
Societe Generale SA  3.653     7/8/2035  USD   73.358
State of Saxony-Anhal0.500    3/24/2051  EUR   52.983
Argenta Spaarbank NV 0.500    10/8/2041  EUR   59.822
Prosus NV            3.832     2/8/2051  USD   55.027
Engie SA             1.500    3/13/2035  EUR   69.005
DSV Finance BV       0.500     3/3/2031  EUR   72.781
Santander UK Group Ho5.625    9/15/2045  USD   70.647
City of Zurich Switze0.250    5/26/2039  CHF   72.857
Evraz PLC            5.250     4/2/2024  USD   48.886
Ministeries Van de Vl1.000    1/23/2051  EUR   54.848
Basque Government    1.375   10/31/2070  EUR   41.316
RAC Bond Co PLC      5.250    11/4/2027  GBP   74.068
Takarek Mortgage Bank3.000   10/22/2031  HUF   48.650
Land Berlin          0.150    2/22/2036  EUR   65.986
Concessio Estacions A3.520   12/31/2037  EUR   74.834
Gazprom PJSC via Gaz 3.500    7/14/2031  USD   49.838
FF Group Finance Luxe3.250    11/2/2021  CHF    4.900
Vasakronan AB        1.115   10/24/2039  EUR   62.096
Russian Foreign Bond 7.500    3/31/2030  USD   63.261
Kuntarahoitus Oyj    0.050    9/10/2035  EUR   66.102
Klabin Austria GmbH  3.200    1/12/2031  USD   72.637
Aggregate Holdings SA5.500    5/17/2024  EUR   36.815
Orbit Capital PLC    2.000   11/24/2038  GBP   57.897
LEG Immobilien SE    0.875    3/30/2033  EUR   59.123
Cordia International 4.000    11/7/2026  HUF   75.000
United Group BV      5.250     2/1/2030  EUR   67.844
Covivio              0.875    1/20/2033  EUR   67.090
Ukraine Government In4.375    1/27/2032  EUR   15.823
Swissgrid AG         0.050    6/30/2050  CHF   50.097
Development Bank of t6.750     5/2/2024  USD   18.350
Aon Global Ltd       4.450    5/24/2043  USD   74.216
Highland Holdings Sar0.934   12/15/2031  EUR   72.186
Deuce Finco Plc      5.500    6/15/2027  GBP   73.650
BASF SE              1.450   12/13/2032  EUR   72.729
Eurocaja Rural SCC   0.125    9/22/2031  EUR   74.562
Kommunekredit        0.625   11/21/2039  EUR   65.069
WD Invest Sarl       1.900    10/2/2024  EUR   11.686
Veneto Banca SpA     9.878    12/1/2025  EUR    0.465
Societe Generale SA  3.337    1/21/2033  USD   71.935
Lithuania Government 1.625    6/19/2049  EUR   61.978
Ministeries Van de Vl1.000   10/13/2036  EUR   72.178
Karlou BV            7.750    6/18/2024  USD   14.322
Coventry Building Soc2.000   12/20/2030  GBP   69.791
E.ON SE              0.875    8/20/2031  EUR   74.804
Telia Co AB          1.625    2/23/2035  EUR   74.496
European Financial St1.200    2/17/2045  EUR   68.204
Societe Du Grand Pari0.300     9/2/2036  EUR   63.875
Simpar Europe SA     5.200    1/26/2031  USD   72.019
Italgas SpA          0.875    4/24/2030  EUR   73.956
Cie de Financement Fo0.600   10/25/2041  EUR   61.384
Yorkshire Building So1.500    9/15/2029  GBP   72.112
M Objekt Real Estate 6.000    7/22/2024  EUR   39.511
Telefonica Emisiones 1.957     7/1/2039  EUR   66.261
DLR Kredit A/S       0.500    10/1/2053  DKK   64.585
Ministeries Van de Vl1.874    3/28/2058  EUR   62.539
State of Bremen      0.450    2/24/2051  EUR   51.606
Societe Generale SA  2.000    1/30/2036  USD   50.796
Banco Santander SA   0.100    2/27/2032  EUR   72.442
Hungary Government In3.125    9/21/2051  USD   49.685
Tinkoff Bank JSC Via 6.000               USD   35.070
Cirio Finance Luxembo7.500    11/3/2002  EUR    2.513
Jyske Realkredit A/S 0.500    10/1/2053  DKK   64.172
Heineken NV          4.000    10/1/2042  USD   73.398
VEON Holdings BV     4.000     4/9/2025  USD   61.000
Deutsche Bahn Finance0.100    1/28/2036  CHF   72.537
Suek Securities DAC  3.375    9/15/2026  USD   11.976
Banque Cantonale Vaud0.400     5/5/2036  CHF   74.655
Solarworld AG        9.691    2/24/2019  EUR   14.883
Mallinckrodt Internat4.750    4/15/2023  USD   38.500
Castle UK Finco PLC  7.000    5/15/2029  GBP   62.417
Luzerner Kantonalbank0.160   12/23/2043  CHF   64.247
Orpea SA             2.000     8/9/2029  EUR   42.891
Avianca Midco 2 PLC  9.000    12/1/2028  USD   72.972
Affinity Water Financ3.278    8/22/2042  GBP   70.776
State of North Rhine-1.550    6/16/2048  EUR   73.314
National Grid Electri1.608    8/24/2040  GBP   48.478
Muenchener Hypotheken0.010    11/2/2040  EUR   55.025
Ville de Paris       1.200    6/25/2039  EUR   69.416
Yuksel Insaat AS     9.500   11/10/2015  USD    0.105
Flughafen Zurich AG  0.200    2/26/2035  CHF   71.305
City of Lausanne Swit0.600   11/30/2056  CHF   60.750
Perrigo Co PLC       5.300   11/15/2043  USD   70.215
Peach Property Financ4.375   11/15/2025  EUR   71.917
BAE Systems PLC      1.900    2/15/2031  USD   73.355
VEON Holdings BV     4.950    6/16/2024  USD   71.000
Barclays Bank PLC    2.000     8/2/2030  USD   73.449
State of North Rhine-0.750    8/16/2041  EUR   64.782
DZ Bank AG Deutsche Z0.550    4/29/2024  EUR   68.010
Realkredit Danmark A/2.000    10/1/2053  DKK   73.043
State of North Rhine-0.375     9/2/2050  EUR   50.144
Nobel Bidco BV       3.125    6/15/2028  EUR   59.500
Alitalia-Societa Aere5.250    7/30/2020  EUR    0.230
Agence Francaise de D0.500    5/31/2035  EUR   68.511
Realkredit Danmark A/1.500    10/1/2050  DKK   72.035
Ukraine Government In7.750     9/1/2028  USD   18.144
Nykredit Realkredit A1.500    10/1/2053  DKK   66.001
Ukraine Government In6.876    5/21/2031  USD   15.991
Evraz PLC            5.375    3/20/2023  USD   50.000
Antofagasta PLC      2.375   10/14/2030  USD   73.044
Metropolitano de Tene1.229    7/30/2036  EUR   68.382
Deutsche Wohnen SE   1.300     4/7/2041  EUR   47.975
Euronext NV          0.750    5/17/2031  EUR   73.989
DLR Kredit A/S       1.500    10/1/2053  DKK   70.466
Electricite de France4.990   10/21/2056  USD   68.203
Caisse Francaise de F0.375    2/13/2040  EUR   60.338
Rallye SA            1.000    2/28/2032  EUR   14.682
Metinvest BV         7.750    4/23/2023  USD   55.000
Credit Agricole Home 0.010    11/3/2031  EUR   74.216
JSM Global Sarl      4.750   10/20/2030  USD   69.099
Communaute Francaise 0.625    6/11/2035  EUR   70.132
Caisse Francaise de F0.500    10/1/2046  EUR   55.092
Credit Bank of Moscow7.500    10/5/2027  USD   14.374
Norwegian Air Shuttle6.379     2/7/2023  SEK   39.852
Free and Hanseatic Ci0.200     9/3/2049  EUR   48.492
Waste Italia SpA     10.500  11/15/2019  EUR    0.550
VF Ukraine PAT via VF6.200    2/11/2025  USD   53.023
Aroundtown SA        4.900     2/1/2038  USD   66.043
Ukreximbank Via Biz F9.750    1/22/2025  USD   32.717
KTG Agrar SE         7.125     6/6/2017  EUR    2.007
Virgolino de Oliveira11.750    2/9/2022  USD    0.498
Stadt Graz           1.878   10/31/2046  EUR   72.647
Rumo Luxembourg Sarl 4.200    1/18/2032  USD   74.431
BNG Bank NV          0.125     7/9/2035  EUR   66.991
Luzerner Kantonalbank0.150    10/7/2044  CHF   62.232
La Banque Postale Hom0.250    2/12/2035  EUR   67.690
BPCE SA              3.648    1/14/2037  USD   69.513
Ceske Drahy AS       3.000     6/4/2035  EUR   64.129
Linde PLC            0.375    9/30/2033  EUR   67.503
2i Rete Gas SpA      0.579    1/29/2031  EUR   69.950
Republic of Belarus I5.875    2/24/2026  USD   21.250
Banca Popolare di Vic2.821   12/20/2017  EUR    0.438
BAWAG PSK Bank fuer A0.010   11/19/2035  EUR   62.918
National Grid Electri1.045    7/27/2028  GBP   74.483
Prosus NV            4.027     8/3/2050  USD   56.468
Banco Espirito Santo 7.125   11/28/2023  EUR    0.218
Republic of Belarus I6.378    2/24/2031  USD   19.769
Herefordshire Capital4.193   11/28/2049  GBP   71.480
United Group BV      4.000   11/15/2027  EUR   68.850
Czech Republic Govern1.750    6/23/2032  CZK   67.926
Lehman Brothers UK Ca6.900               USD    3.986
Hungary Government Bo4.750   11/24/2032  HUF   64.551
Russian Foreign Bond 5.100    3/28/2035  USD   42.569
Aroundtown SA        3.250   11/12/2032  EUR   65.001
Italgas SpA          1.000   12/11/2031  EUR   69.969
State of Lower Saxony0.050     3/9/2035  EUR   67.226
TechnipFMC PLC       4.000    6/14/2032  EUR   73.977
Sberbank of Russia Vi5.125   10/29/2022  USD    8.643
Muenchener Hypotheken0.250    3/29/2041  CHF   67.200
Standard Profil Autom6.250    4/30/2026  EUR   57.164
Raiffeisenbank AS    0.700   11/15/2031  EUR   71.802
Jyske Realkredit A/S 1.000    10/1/2053  DKK   59.028
Eurochem Finance DAC 5.500    3/13/2024  USD   44.701
United Group BV      4.625    8/15/2028  EUR   68.083
EXOR NV              0.875    1/19/2031  EUR   72.735
Ocado Group PLC      3.875    10/8/2026  GBP   72.133
Santhera Pharmaceutic7.500    8/17/2024  CHF   71.240
Jyske Realkredit A/S 0.500    10/1/2043  DKK   74.594
NRW Bank             1.200    3/28/2039  EUR   72.785
EYEMAXX Real Estate A5.500    7/22/2025  EUR   16.000
Anglian Water Service1.760   11/13/2035  GBP   61.367
Deutsche Bahn Finance3.100    5/20/2041  AUD   66.931
JAB Holdings BV      4.500     4/8/2052  USD   68.383
UkrLandFarming PLC   10.875   3/26/2018  USD    1.377
Region of Centre-Val 0.711    11/2/2036  EUR   68.317
GN Store Nord AS     3.200   11/26/2036  GBP   66.565
Lukoil Securities BV 3.875     5/6/2030  USD   70.500
UniCredit Bank Austri0.050    9/21/2035  EUR   64.514
BPCE SFH SA          0.010    1/29/2036  EUR   63.003
Iceland Bondco PLC   4.375    5/15/2028  GBP   68.348
Herens Midco Sarl    5.250    5/15/2029  EUR   62.500
Niedersachsen Invest 0.250    7/16/2035  EUR   67.855
Credit Suisse AG/Lond20.000  11/29/2024  USD   10.583
MMC Norilsk Nickel OJ2.550    9/11/2025  USD   53.459
Ukraine Government Bo9.990    5/22/2024  UAH   59.000
British Telecommunica3.924    6/25/2042  GBP   67.252
Credit Agricole Itali1.000    1/17/2045  EUR   58.972
Virgolino de Oliveira10.500   1/28/2018  USD    0.498
Intrum AB            3.000    9/15/2027  EUR   74.485
Romania Government Bo3.650    9/24/2031  RON   64.778
Ministeries Van de Vl1.863    2/28/2048  EUR   66.585
Abengoa Abenewco 1 SA6.000    6/10/2022  EUR    0.374
Romanian Government I2.625    12/2/2040  EUR   48.843
Boparan Finance PLC  7.625   11/30/2025  GBP   62.759
Realkredit Danmark A/0.500    10/1/2053  DKK   62.645
Pfandbriefbank schwei0.500    6/22/2040  CHF   73.915
Cellnex Telecom SA   1.900    7/31/2029  EUR   72.190
Mediobanca Banca di C0.010     2/3/2031  EUR   74.060
Gazprom PJSC Via Gaz 3.125   11/17/2023  EUR   53.663
Banco Espirito Santo 4.373               EUR    0.349
Gazprom PJSC via Gaz 1.850   11/17/2028  EUR   48.855
Italgas SpA          0.500    2/16/2033  EUR   62.335
Credit Agricole Itali0.750    1/20/2042  EUR   58.323
Romanian Government I3.624    5/26/2030  EUR   73.769
Republic of Belarus I6.200    2/28/2030  USD   19.667
Nordea Kredit Realkre1.000    10/1/2053  DKK   59.021
London & Quadrant Hou2.000   10/20/2038  GBP   57.331
Ukraine Government Bo10.000   8/23/2023  UAH   59.000
Electricite de France4.650   10/21/2046  USD   72.308
Canton of Ticino     0.400    6/27/2044  CHF   68.823
Mallinckrodt Internat10.000   6/15/2029  USD   55.500
Republic of Belarus I7.625    6/29/2027  USD   20.250
Ile-de-France Mobilit0.950    5/28/2041  EUR   62.958
Pershing Square Holdi3.250    10/1/2031  USD   80.426
BCP V Modular Service6.750   11/30/2029  EUR   67.950
Hamon & CIE SA       3.300    1/31/2035  EUR   46.000
Ukraine Government Bo9.840    2/15/2023  UAH   59.000
DLR Kredit A/S       1.500    10/1/2053  DKK   73.792
Land Thueringen      0.125    1/13/2051  EUR   45.884
Jyske Realkredit A/S 0.500    10/1/2050  DKK   64.596
City of Lausanne Swit0.600     7/6/2050  CHF   64.994
Sherwood Financing PL6.000   11/15/2026  GBP   72.505
Bellis Finco PLC     4.000    2/16/2027  GBP   65.983
BNG Bank NV          1.550    2/19/2032  AUD   69.943
Italy Buoni Poliennal0.950     6/1/2032  EUR   72.107
Intesa Sanpaolo SpA  1.400     2/8/2031  GBP   74.925
Leonteq Securities AG13.000  11/30/2022  EUR   35.860
Havila Shipping ASA  6.660     1/2/2025  NOK   30.000
Pfandbriefbank schwei0.250   10/14/2036  CHF   74.930
Land Berlin          0.350     9/9/2050  EUR   50.122
Russian Foreign Bond 4.750    5/27/2026  USD   45.539
Cooperatieve Rabobank0.010   11/27/2040  EUR   54.715
BAWAG PSK Bank fuer A0.375    3/25/2041  EUR   58.424
City of Lugano Switze0.150   11/28/2070  CHF   45.687
Banco Santander SA   3.236               EUR    1.473
HSBC Continental Euro0.546               EUR   74.000
Intesa Sanpaolo SpA  4.375    1/12/2048  USD   61.149
MMK International Cap4.375    6/13/2024  USD   29.998
Volkswagen Internatio3.000     7/1/2039  EUR   73.459
Credit Agricole Publi0.125    12/8/2031  EUR   74.827
Hellas Telecommunicat8.500   10/15/2013  EUR    0.834
Romanian Government I3.000    2/14/2031  USD   68.119
Republic of Ireland I0.740   11/27/2120  EUR   28.272
Credit Suisse AG/Lond10.920   2/16/2023  GBP   63.390
Realkredit Danmark A/1.500    10/1/2053  DKK   65.916
Canton of Neuchatel  0.100   10/29/2049  CHF   56.544
Dublin Port Co       2.406    9/30/2049  EUR   72.876
Shell International F3.625    8/21/2042  USD   72.990
ING-DiBa AG          1.000    5/23/2039  EUR   69.280
Stonewater Funding PL3.375    11/2/2045  GBP   69.771
Jaguar Land Rover Aut4.500    7/15/2028  EUR   68.110
Region Wallonne Belgi0.500    6/22/2037  EUR   64.187
Region Wallonne Belgi0.650    1/16/2051  EUR   46.712
Landwirtschaftliche R0.010   11/26/2040  EUR   56.374
Nationale-Nederlanden0.375     3/4/2041  EUR   58.759
Realkredit Danmark A/0.500    10/1/2050  DKK   64.572
Sairgroup Finance BV 4.375     6/8/2006  EUR    1.964
Altice France SA/Fran4.250   10/15/2029  EUR   72.944
Virgin Media Vendor F4.875    7/15/2028  GBP   73.868
Offshore Drilling Hol8.375    9/20/2020  USD    3.842
Air Berlin PLC       5.625     5/9/2019  CHF    0.412
Bank Vontobel AG     15.000   11/7/2022  EUR   20.600
Kernel Holding SA    6.500   10/17/2024  USD   36.437
Autostrade per l'Ital3.750     6/9/2033  EUR   73.195
Banco Espirito Santo 6.875    7/15/2016  EUR   16.375
Holcim US Finance Lux2.240   10/15/2031  USD   71.949
Jyske Realkredit A/S 2.000    10/1/2053  DKK   73.073
United Utilities Wate0.010    7/27/2040  GBP   74.050
Phones4u Finance PLC 9.500     4/1/2018  GBP   74.432
Credit Suisse AG/Lond3.880   10/31/2036  USD   66.562
Autobahnen- und Schne0.100    7/16/2035  EUR   67.113
DLR Kredit A/S       1.000    10/1/2050  DKK   66.805
Affinity Water Financ2.699   11/22/2033  GBP   73.779
NRW Bank             0.500    6/17/2041  EUR   61.482
BPCE SA              0.500   10/21/2034  EUR   69.395
Stichting Afwikkeling6.625    5/14/2018  EUR   45.375
Fuerstenberg Capital 3.905               EUR   63.166
Celtic Resources Hold4.125    10/9/2024  USD   14.298
Free and Hanseatic Ci0.250    2/18/2041  EUR   58.696
National Grid Electri1.690    9/16/2041  GBP   48.027
Nordea Kredit Realkre0.500    10/1/2053  DKK   62.633
LBI ehf              6.100    8/25/2011  USD   10.750
United Group BV      3.625    2/15/2028  EUR   68.023
Ukraine Government In7.750     9/1/2025  USD   21.002
British Telecommunica3.883    6/25/2039  GBP   69.055
Credit Suisse Group A2.455     7/4/2034  EUR   67.723
Bank Gospodarstwa Kra2.000    11/3/2036  EUR   65.170
Transports Publics Du0.450   12/29/2056  CHF   53.954
Cimpress PLC         7.000    6/15/2026  USD   61.342
Privatbank CJSC Via U11.000    2/9/2021  USD    1.000
Romanian Government I1.750    7/13/2030  EUR   62.651
Prosus NV            2.031     8/3/2032  EUR   64.142
Borets Finance DAC   6.000    9/17/2026  USD   33.414
Nordea Kredit Realkre2.000    10/1/2053  DKK   73.319
ALROSA Finance SA    4.650     4/9/2024  USD   10.785
Hacienda Investments 5.350     2/8/2028  USD   12.206
Societe Generale SA  5.100    6/27/2036  USD   74.294
Caisse de Refinanceme0.250     2/7/2035  EUR   68.060
Romanian Government I3.625    3/27/2032  USD   68.894
JAB Holdings BV      3.750    5/28/2051  USD   52.740
Landesbank Hessen-Thu0.500    1/19/2037  EUR   67.548
Altice France Holding4.000    2/15/2028  EUR   57.917
Akademiska Hus AB    0.650     2/8/2044  CHF   71.580
Zurich Finance Irelan2.250    12/8/2031  USD   71.744
Deutsche Wohnen SE   0.500     4/7/2031  EUR   65.152
BPCE SA              2.614     3/4/2036  AUD   56.910
LSEGA Financing PLC  3.200     4/6/2041  USD   67.222
Bank of Valletta PLC 3.750    6/15/2031  EUR   69.693
de Volksbank NV      0.125   11/19/2040  EUR   56.179
Severn Trent Utilitie0.010   12/16/2055  GBP   51.361
Bank Julius Baer & Co13.250    1/5/2023  USD   34.650
City of Kyiv Via PBR 7.500   12/15/2022  USD   34.590
Credit Suisse AG/Lond5.100     6/8/2041  USD   72.214
Elli Finance UK PLC  8.750    6/15/2019  GBP   61.355
Deutsche Bahn Finance1.987     7/8/2030  AUD   74.725
Grand City Properties2.000   10/25/2032  EUR   69.597
Emissionszentrale fue0.100    11/2/2038  CHF   70.315
Credit Suisse AG/Lond0.875    5/21/2031  EUR   69.169
Altice Financing SA  3.000    1/15/2028  EUR   72.887
Kingdom of Belgium Go1.400    6/22/2053  EUR   62.276
Russian Foreign Bond 5.250    6/23/2047  USD   46.527
Privatbank CJSC Via U10.875   2/28/2018  USD    3.348
Ukraine Government In7.750     9/1/2029  USD   18.858
Credit Suisse AG/Lond3.110     3/3/2032  USD   70.120
City of Lausanne Swit0.875    10/6/2042  CHF   74.553
Cooperatieve Rabobank5.454     6/1/2037  AUD   73.525
Heineken NV          4.000    10/1/2042  USD   73.385
Global Ports Finance 6.500    9/22/2023  USD   35.000
Pfandbriefbank schwei0.250    4/25/2042  CHF   68.479
Viterra Finance BV   3.200    4/21/2031  USD   73.186
Nova Kreditna Banka M1.625    5/25/2027  EUR   70.765
Pfandbriefbank schwei0.125    8/17/2040  CHF   68.238
Deutsche Bank AG     1.580   10/23/2031  EUR   67.421
Kreditanstalt fuer Wi0.470   10/14/2033  EUR   74.357
Canton of Geneva Swit0.600     7/4/2046  CHF   71.060
Getin Noble Bank SA  10.990  12/12/2022  PLN   74.965
Land Berlin          0.625    8/25/2036  EUR   70.228
Caisse Francaise de F0.125    2/15/2036  EUR   64.252
Land Berlin          0.625    1/26/2052  EUR   53.971
Mallinckrodt Internat10.000   4/15/2025  USD   65.843
Boparan Finance PLC  7.625   11/30/2025  GBP   63.250
Kommunekredit        0.875    11/3/2036  EUR   71.939
Getin Noble Bank SA  12.320   3/31/2023  PLN   39.955
Berlin Hyp AG        0.250    5/19/2033  EUR   72.598
Castellum AB         2.840     6/5/2029  SEK   72.029
Gemeente Bergen OP Zo0.440    9/20/2044  EUR   56.812
Havenbedrijf Rotterda1.100    3/23/2051  EUR   58.678
Prosus NV            2.778    1/19/2034  EUR   67.426
French Republic Gover0.750    5/25/2053  EUR   51.706
Kommunalkredit Austri0.570    9/15/2037  EUR   64.080
Societe Du Grand Pari1.923    5/25/2066  EUR   62.641
DZ Bank AG Deutsche Z1.576    7/22/2030  EUR   72.405
Nederlandse Gasunie N0.750   10/13/2036  EUR   61.720
Agrokor dd           9.875     5/1/2019  EUR   15.000
HSBC Holdings PLC    4.000     9/8/2036  USD   72.966
Ziggo Bond Co BV     3.375    2/28/2030  EUR   68.419
DZ Bank AG Deutsche Z1.055    3/11/2031  EUR   70.103
Diamond BC BV        4.625    10/1/2029  USD   74.123
Russian Foreign Bond 5.875    9/16/2043  USD   56.999
New World Resources N8.000     4/7/2020  EUR    0.001
Altice Finco SA      4.750    1/15/2028  EUR   68.167
Italy Buoni Poliennal2.150     9/1/2052  EUR   60.273
British Telecommunica4.250    11/8/2049  USD   69.356
Raiffeisen Bank Inter0.700    12/6/2029  EUR   71.582
Constellium SE       3.125    7/15/2029  EUR   72.262
Aydem Yenilenebilir E7.750     2/2/2027  USD   74.440
PSP Swiss Property AG0.160    9/16/2031  CHF   74.537
Land Thueringen      0.250     3/5/2040  EUR   59.874
Polski Fundusz Rozwoj1.750     6/7/2027  PLN   71.220
Jyske Realkredit A/S 0.500    10/1/2053  DKK   62.682
Barclays Bank PLC    5.000    11/1/2029  BRL   68.054
DLR Kredit A/S       0.500    10/1/2050  DKK   66.577
Nationale-Nederlanden0.050    9/24/2035  EUR   64.528
Corporate Commercial 8.250     8/8/2014  USD    0.308
Encavis AG           2.900    3/24/2041  EUR   72.171
Credit Suisse AG/Lond9.750    4/27/2023  USD   50.200
Cellnex Finance Co SA3.875     7/7/2041  USD   59.600
Severstal OAO Via Ste3.150    9/16/2024  USD   10.830
Ukraine Government In9.790    5/26/2027  UAH   54.368
Anglo American Capita4.750    3/16/2052  USD   72.144
Vmed O2 UK Financing 4.500    7/15/2031  GBP   71.423
New World Resources N4.000    10/7/2020  EUR    0.312
Takarek Mortgage Bank3.500   10/27/2027  HUF   63.550
Hungary Government In0.125    9/21/2028  EUR   68.240
Kernel Holding SA    6.750   10/27/2027  USD   34.664
City of Lausanne Swit0.230    11/1/2060  CHF   48.485
Vnesheconombank Via V5.942   11/21/2023  USD    5.925
Romanian Government I3.875   10/29/2035  EUR   65.984
Akbank TAS           4.000    9/17/2029  EUR   74.150
Kreditanstalt fuer Wi1.000   10/19/2050  EUR   59.100
Sidetur Finance BV   10.000   4/20/2016  USD    0.770
BNG Bank NV          1.980    4/19/2040  SEK   72.868
Region de Bruxelles-C0.274   12/11/2040  EUR   54.973
Mondelez Internationa0.625     9/9/2032  EUR   66.933
Thames Water Utilitie2.442    5/12/2050  GBP   47.509
Cirio Finanziaria SpA8.000   12/21/2005  EUR    0.414
Romanian Government I5.125    6/15/2048  USD   66.079
Aegon Bank NV        0.375     6/9/2036  EUR   66.328
Carmila SA           3.000    6/26/2029  EUR   74.636
BPCE SA              3.582   10/19/2042  USD   59.429
MED Hotel Management 3.000   12/31/2036  EUR   72.888
Altice France SA/Fran5.125    1/15/2029  USD   73.130
Fresnillo PLC        4.250    10/2/2050  USD   67.899
Iberdrola Finanzas SA1.000     2/2/2037  EUR   68.189
Caisse Francaise de F0.625    1/20/2042  EUR   61.278
Ukraine Government In15.840   2/26/2025  UAH   59.233
Autonomous Community 0.700    7/30/2033  EUR   72.829
Credit Suisse AG/Nass3.750   10/20/2036  USD   65.295
Muenchener Hypotheken0.050    8/13/2036  CHF   71.664
TUI Cruises GmbH     6.500    5/15/2026  EUR   72.071
Gecci Investment KG  6.000    10/1/2027  EUR   32.951
State of North Rhine-0.500   11/25/2039  EUR   63.711
State of Hesse       0.750     8/4/2036  EUR   71.856
Altice Financing SA  4.250    8/15/2029  EUR   73.500
Raiffeisenlandesbank 0.200     6/9/2036  EUR   61.850
BAWAG PSK Bank fuer A0.625    6/19/2034  EUR   72.622
Pfandbriefbank schwei0.250    3/15/2041  CHF   69.657
Sonnedix Energy Tau S2.200   12/31/2038  EUR   71.000
Credit Suisse AG/Lond1.800    9/14/2028  USD   73.419
DXC Capital Funding D0.950    9/15/2031  EUR   71.822
Romanian Government I3.375    1/28/2050  EUR   49.056
Region de Bruxelles-C1.400    3/11/2054  EUR   58.064
Carmila SA           1.890    11/6/2031  EUR   53.623
Malta Government Bond2.000    7/10/2051  EUR   64.170
DLR Kredit A/S       1.000    10/1/2053  DKK   65.125
PIK Securities DAC   5.625   11/19/2026  USD   33.200
Norwegian Air Shuttle7.500   11/10/2023  USD   74.301
Cooperatieve Rabobank0.500   10/30/2043  MXN   10.871
Sovcombank Via SovCom7.600               USD    3.464
Altice France SA/Fran4.000    7/15/2029  EUR   72.750
Aroundtown SA        2.970    9/26/2033  EUR   61.209
GB Social Housing PLC3.814     4/9/2047  GBP   66.529
CPI Hungary Investmen2.250     8/7/2030  HUF   51.000
Romanian Government I2.000    1/28/2032  EUR   59.571
Credit Suisse AG/Lond2.000    5/17/2029  USD   72.217
Region de Bruxelles-C1.220    6/23/2053  EUR   57.051
Phosagro OAO Via Phos2.600    9/16/2028  USD   50.000
Land Berlin          0.100    1/18/2041  EUR   56.797
Landesbank Hessen-Thu4.375    3/30/2042  USD   68.794
Region Wallonne Belgi1.050    6/22/2040  EUR   65.170
Frigoglass Finance BV6.875    2/12/2025  EUR   37.859
Canary Wharf Group In3.375    4/23/2028  GBP   74.171
State of Lower Saxony0.250    4/15/2036  EUR   66.908
Russian Foreign Bond 4.375    3/21/2029  USD   42.805
DZ Bank AG Deutsche Z0.660   11/23/2035  EUR   66.109
SCF Capital Designate5.375    6/16/2023  USD   20.000
Action Logement Servi0.750    7/19/2041  EUR   59.272
Metinvest BV         8.500    4/23/2026  USD   44.000
Achmea Bank NV       0.250    9/29/2036  EUR   64.809
nextbike GmbH        6.000    3/31/2025  EUR   65.000
V-Bank AG            4.000               EUR   70.446
MVM Energetika Zrt   3.250     9/3/2031  HUF   59.000
Maison Finco PLC     6.000   10/31/2027  GBP   68.258
Leather 2 SpA        5.693    9/30/2028  EUR   69.172
Garfunkelux Holdco 3 6.750    11/1/2025  EUR   68.875
United Kingdom Gilt  1.625   10/22/2071  GBP   54.982
DLR Kredit A/S       0.500    10/1/2043  DKK   74.720
Espirito Santo Financ3.125    12/2/2018  EUR    0.501
Nordea Kredit Realkre0.500    10/1/2050  DKK   64.883
Alno AG              8.500    5/14/2018  EUR   15.084
Credit Suisse AG/Lond3.220     2/8/2032  AUD   74.960
Standard Chartered Ba3.000    4/30/2036  AUD   65.883
Nederlandse Waterscha1.625    1/29/2048  EUR   74.654
Investitionsbank Berl0.050     3/2/2035  EUR   67.173
United Kingdom Gilt  0.625    7/31/2035  GBP   64.666
UBS AG/London        19.250   1/26/2023  USD   69.050
Nykredit Realkredit A1.000    10/1/2050  DKK   65.591
Credit Suisse AG/Lond3.750    9/29/2031  USD   71.230
Landesbank Hessen-Thu0.550   11/27/2030  EUR   72.755
Department of L'Eure 0.515    5/25/2040  EUR   58.628
Bausparkasse Schwaebi0.200    4/27/2033  EUR   72.508
Kommunekredit        0.500    6/19/2039  DKK   61.784
Romanian Government I2.124    7/16/2031  EUR   61.373
Irish Bank Resolution0.566    6/21/2016  EUR    0.679
Sherwood Financing PL4.500   11/15/2026  EUR   69.409
Intesa Sanpaolo SpA  2.250    4/16/2033  EUR   73.089
City of Munich German0.250   11/18/2032  EUR   73.239
Sibur Securities DAC 2.950     7/8/2025  USD   36.869
Kantonsspital St Gall0.300    9/30/2036  CHF   70.960
Heimstaden Bostad AB 2.800     5/4/2035  EUR   60.190
Zorlu Yenilenebilir E9.000     6/1/2026  USD   72.190
Pfandbriefzentrale de0.200    5/22/2042  CHF   67.383
JAB Holdings BV      2.200   11/23/2030  USD   71.433
Hema Bondco II BV    8.500    1/15/2023  EUR    0.113
Alpine Holding GmbH  5.250    6/10/2016  EUR    4.195
Evan Group PLC       6.000    7/31/2022  EUR   18.100
TotalEnergies Capital1.535    5/31/2039  EUR   66.246
Mox Telecom AG       7.250    11/2/2017  EUR    2.270
Junta de Castilla y L1.275     4/7/2049  EUR   54.143
Rhaetische Bahn AG RH0.050     8/3/2050  CHF   55.371
Ukraine Government Bo11.100  11/23/2022  UAH   59.000
SES SA               5.300     4/4/2043  USD   71.763
Novolipetsk Steel Via4.000    9/21/2024  USD   60.243
Nestle Hungaria Kft  1.750    5/31/2028  HUF   59.000
Ukraine Government In6.750    6/20/2028  EUR   17.370
Minejesa Capital BV  5.625    8/10/2037  USD   64.203
Norske Skogindustrier7.000   12/30/2026  EUR    0.010
Altice Financing SA  5.750    8/15/2029  USD   72.616
Kommunekredit        0.010     5/4/2034  EUR   68.308
City of Zurich Switze0.250   11/24/2051  CHF   62.330
niiio finance group A4.000    5/31/2026  EUR   46.000
NRW Bank             0.300    9/29/2033  EUR   72.434
CAB SELAS            3.375     2/1/2028  EUR   74.947
Valiant Bank AG      0.125    12/4/2034  CHF   73.016
Cooperatieve Rabobank0.500    7/30/2043  MXN   11.321
State of Brandenburg 0.300    10/4/2049  EUR   49.904
Finmek International 7.000    12/3/2004  EUR    2.193
Alpine Holding GmbH  6.000    5/22/2017  EUR    4.195
Romanian Government I2.750    4/14/2041  EUR   49.484
State of Lower Austri0.815    9/22/2056  EUR   49.829
Serbia International 2.050    9/23/2036  EUR   51.574
Muenchener Hypotheken0.420   12/10/2035  EUR   57.348
Dana Financing Luxemb3.000    7/15/2029  EUR   73.133
Rena GmbH            8.250    7/11/2018  EUR    0.058
Orbit Capital PLC    3.500    3/24/2045  GBP   67.793
State of Bremen      1.000    5/27/2039  EUR   70.648
Societe Generale SA  1.137    1/26/2037  EUR   65.844
Ukraine Government Bo3.700    4/27/2023  USD   72.052
Romanian Government I4.000    2/14/2051  USD   53.285
Region of Veneto Ital0.112    12/7/2046  EUR   71.810
Lehman Brothers UK Ca5.750               EUR    7.000
Cooperatieve Rabobank0.500   10/29/2027  MXN   59.024
BNG Bank NV          10.010   6/17/2025  TRY   52.885
Caisse Francaise de F1.555    2/12/2042  EUR   74.762
Barclays Bank PLC    2.000   12/21/2029  USD   70.152
4iG Nyrt             6.000   12/17/2031  HUF   69.000
Batigere Grand Est SA1.345    4/18/2032  EUR   67.992
Tennor Finance BV    5.750    6/17/2024  EUR   75.000
Land Berlin          0.125   11/24/2045  EUR   50.870
CDC Habitat SEM      1.700    3/21/2039  EUR   57.571
Jain International Tr7.125    3/31/2026  USD   27.543
Hamburg Commercial Ba0.550   11/20/2028  EUR   71.426
Pro-Gest SpA         3.250   12/15/2024  EUR   62.804
Bromford Housing Grou2.554    3/17/2054  GBP   54.556
DZ Bank AG Deutsche Z2.593   12/30/2024  EUR   68.540
Land Baden-Wuerttembe0.125   11/19/2040  EUR   57.649
Master & Fellows of U3.068    4/28/2065  GBP   57.011
Communaute Francaise 2.300    4/25/2089  EUR   70.516
State of Bremen      0.400    8/20/2049  EUR   51.837
Credit Suisse AG/Lond2.100    3/15/2037  EUR   69.208
Gazprom PJSC via Gaz 1.500    2/17/2027  EUR   46.572
State of Lower Austri1.000    9/15/2121  EUR   35.083
Canton of Neuchatel  0.350    7/14/2050  CHF   60.623
Alfa Bank AO Via Alfa5.950    4/15/2030  USD    7.501
VZ Vendor Financing I2.875    1/15/2029  EUR   68.319
Emissionszentrale fue0.150     9/9/2041  CHF   67.922
Phosphorus Holdco PLC10.000    4/1/2019  GBP    1.321
Joh Friedrich Behrens6.250    6/18/2024  EUR   30.210
Deutsche Lichtmiete A5.250     9/1/2025  EUR    4.100
Ctec II GmbH         5.250    2/15/2030  EUR   74.690
Single Platform Inves1.230     2/3/2034  EUR   71.509
SNCF Reseau          2.000     2/5/2048  EUR   70.218
Rena GmbH            7.000   12/15/2015  EUR    0.058
Assa Abloy AB        0.650    8/28/2034  EUR   66.705
Muenchener Hypotheken0.250     5/2/2036  EUR   65.843
Deutsche Telekom AG  3.500    4/15/2041  AUD   65.153
EOS Imaging SA       6.000    5/31/2023  EUR    7.250
Deutsche Telekom AG  3.625    1/21/2050  USD   64.722
DLR Kredit A/S       0.500    10/1/2050  DKK   65.195
Credit Agricole Corpo1.550     9/8/2031  AUD   69.489
Andrade Gutierrez Int11.000   8/20/2021  USD   51.362
MMB SCF SACA         0.010    9/20/2031  EUR   74.181
Ferrovie dello Stato 0.641    12/4/2030  EUR   70.099
Autostrade per l'Ital3.625     6/9/2038  EUR   69.478
Deutsche Wohnen SE   1.625     6/3/2031  EUR   74.394
Credit Suisse AG/Lond3.111    5/18/2036  EUR   66.925
Ukraine Government In11.100  11/23/2022  UAH   59.000
FLUVIUS System Operat0.810     4/8/2033  EUR   68.078
Grand City Properties2.081     8/8/2034  EUR   63.826
Swissgrid AG         0.125    6/30/2036  CHF   69.280
Vasakronan AB        2.035    1/15/2031  NOK   74.142
SG Issuer SA         5.150    1/10/2025  EUR   67.450
Joh Friedrich Behrens7.750   11/11/2020  EUR   31.300
Altice France SA/Fran3.375    1/15/2028  EUR   73.479
Spain Government Bond1.900   10/31/2052  EUR   63.473
DLR Kredit A/S       1.500    10/1/2050  DKK   73.141
Sigma Holdco BV      5.750    5/15/2026  EUR   60.275
Region Bretagne SCI  0.815    6/12/2040  EUR   62.344
Alpine Holding GmbH  5.250     7/1/2015  EUR    4.195
Rio Forte Investments4.000    7/22/2014  EUR    4.149
Pfandbriefbank schwei0.375    9/23/2043  CHF   69.265
Anselma Issuer SA    2.174   12/31/2038  EUR   67.580
Canton of Zurich     0.100    6/23/2045  CHF   64.800
Land Thueringen      0.100     7/9/2035  EUR   66.858
Blend Funding PLC    2.984    3/15/2034  GBP   74.462
Land Thueringen      0.200    9/12/2039  EUR   60.087
Lloyds Bank PLC      0.250    4/26/2027  USD   75.000
Castle UK Finco PLC  5.571    5/15/2028  EUR   74.187
Societe Nationale SNC2.820    4/28/2036  AUD   70.009
JDE Peet's NV        2.250    9/24/2031  USD   70.790
Nationwide Building S0.485    7/11/2044  CHF   66.554
Region Auvergne-Rhone0.892   10/21/2041  EUR   60.123
Portugal Telecom Inte6.250    7/26/2016  EUR    0.285
OTP Munkavallalok Ii 4.500    7/14/2031  HUF   57.990
Communaute Francaise 1.760    1/26/2043  EUR   68.193
Pfandbriefbank schwei0.500    6/17/2041  CHF   73.135
Bestjobs Recrutare SA5.800    5/20/2026  EUR   72.380
LIB-Landesimmobilien 0.620    7/15/2041  EUR   61.310
Societe Nationale SNC1.280    3/27/2120  EUR   34.887
Serbia International 1.000    9/23/2028  EUR   66.732
Pfandbriefbank schwei0.250    10/6/2042  CHF   68.027
Emissionszentrale fue0.300   11/25/2039  CHF   71.777
Logicor Financing Sar2.875    12/6/2029  GBP   73.193
Free and Hanseatic Ci0.400   11/23/2051  EUR   50.109
MFB Magyar Fejlesztes4.600   10/24/2029  HUF   63.763
State of Rhineland-Pa0.375    7/20/2048  EUR   52.190
Novafives SAS        5.000    6/15/2025  EUR   58.292
Social Chain AG /The 5.750     4/7/2024  EUR   75.000
UniCredit Bank Austri0.150    4/29/2033  EUR   70.628
Republic of Armenia I3.600     2/2/2031  USD   67.517
Canton of Zurich     0.250    7/12/2039  CHF   73.032
Uralkali OJSC Via Ura4.000   10/22/2024  USD   18.407
Thames Water Utilitie2.060   11/12/2030  USD   71.300
City of St Gallen    0.140    9/16/2044  CHF   64.938
Land Thueringen      0.375    12/1/2051  EUR   49.673
NRW Bank             1.150    9/16/2051  EUR   61.165
Nederlandse Waterscha0.877    6/24/2054  EUR   56.390
NRW Bank             1.250    3/21/2044  EUR   70.098
Getin Noble Bank SA  11.300   8/30/2024  PLN   37.873
Banco Santander SA   0.180    6/22/2031  EUR   74.602
State of Brandenburg 0.500   11/21/2039  EUR   63.887
Agrokor dd           8.875     2/1/2020  USD   15.000
Transmission Finance 2.701   10/16/2037  EUR   70.110
DZ Bank AG Deutsche Z2.000   12/29/2031  EUR   65.620
Ville de Paris       0.450   10/20/2045  EUR   50.457
Land Baden-Wuerttembe0.010     7/9/2032  EUR   74.025
German Pellets GmbH  7.250     7/9/2018  EUR    1.495
Allergan Funding SCS 4.750    3/15/2045  USD   83.841
Credit Suisse AG/Lond0.508     2/6/2031  EUR   74.465
Ideal Standard Intern6.375    7/30/2026  EUR   51.769
Intesa Sanpaolo SpA  1.900     2/8/2029  USD   71.265
Kreditanstalt fuer Wi1.100    9/16/2051  EUR   60.728
WEPA Hygieneprodukte 2.875   12/15/2027  EUR   71.875
Kingdom of Belgium Go0.459    7/23/2079  EUR   29.111
Barclays Bank PLC    3.070    12/3/2032  AUD   71.434
Ahtium PLC           4.000   12/16/2015  EUR    0.586
Kuntarahoitus Oyj    0.500     5/8/2029  AUD   72.853
Vnesheconombank Via V6.025     7/5/2022  USD    5.809
Espirito Santo Financ5.050   11/15/2025  EUR    0.521
Romanian Government I4.625     4/3/2049  EUR   62.494
VST Building Technolo7.000    6/28/2024  EUR    0.371
Region of Ile de Fran0.610     7/2/2040  EUR   60.432
Assistance Publique H1.750   11/27/2041  EUR   72.448
Mobilux Finance SAS  4.250    7/15/2028  EUR   69.077
Aeroports de la Cote 2.500     7/9/2036  EUR   63.864
Nationale-Nederlanden0.050   11/12/2040  EUR   56.032
Maxeda DIY Holding BV5.875    10/1/2026  EUR   63.755
Norddeutsche Landesba3.600    1/29/2035  USD   70.673
NRW Bank             2.000    4/23/2031  AUD   73.333
Deutsche Wohnen SE   2.000    3/28/2034  EUR   64.971
Interpipe Holdings PL8.375    5/13/2026  USD   35.460
Virgolino de Oliveira10.500   1/28/2018  USD    0.010
Senivita Social Estat6.500    5/12/2025  EUR    5.120
AK BARS Bank Via AK B8.000    7/13/2022  USD   31.025
Air Liquide Finance S3.500    9/27/2046  USD   70.423
Goldman Sachs Interna4.550    4/24/2050  USD   74.807
State of Lower Austri0.460    10/8/2049  EUR   47.460
Metinvest BV         7.750   10/17/2029  USD   39.317
State of Rhineland-Pa0.375     4/1/2041  EUR   60.481
Serbia International 1.500    6/26/2029  EUR   65.866
Mifa Mitteldeutsche F7.500    8/12/2018  EUR    2.410
Hungary Government Bo1.000   11/26/2025  HUF   70.485
Depfa Funding III LP 2.056               EUR   49.931
Kommunekredit        0.375     2/3/2045  DKK   51.379
State of Bremen      0.550     2/4/2050  EUR   53.982
Single Platform Inves1.840    11/5/2040  EUR   67.171
VZ Secured Financing 3.500    1/15/2032  EUR   72.067
Nykredit Realkredit A1.000     1/1/2033  DKK   73.512
Landeskreditbank Bade0.610   11/17/2050  EUR   54.746
HPI AG               3.500               EUR    0.015
Kommunekredit        0.500    7/30/2027  TRY   22.949
MOL Hungarian Oil & G1.100    9/22/2030  HUF   47.000
Swissgrid AG         0.150    6/30/2034  CHF   73.754
MFB Magyar Fejlesztes3.000   10/27/2027  HUF   65.077
Banco Santander SA   1.000    10/1/2033  EUR   66.654
Virgin Media Finance 3.750    7/15/2030  EUR   72.375
HSBC Bank PLC        2.015   11/24/2036  EUR   69.942
Raiffeisen-Landesbank0.500    5/27/2041  EUR   59.637
BNP Paribas SA       1.590    2/23/2051  EUR   55.205
VTB Bank PJSC Via VTB9.500               USD    6.640
Deutsche Bank AG     1.750   10/30/2028  USD   68.000
Single Platform Inves1.416    2/15/2041  EUR   63.734
State of Saarland    0.500    3/15/2051  EUR   52.659
SNCF Reseau          1.425    8/14/2119  EUR   38.184
Polski Fundusz Rozwoj2.000     3/5/2030  PLN   60.982
Kungsleden AB        1.963    3/30/2028  SEK   72.694
Single Platform Inves1.220    8/24/2047  EUR   52.676
Bilt Paper BV        10.360              USD    1.343
TI Automotive Finance3.750    4/15/2029  EUR   68.975
State of North Rhine-1.000   10/16/2046  EUR   64.695
Serbia International 1.650     3/3/2033  EUR   55.022
Jyske Realkredit A/S 1.500    10/1/2053  DKK   65.994
Credit Suisse AG/Lond5.000   11/27/2023  USD    9.380
Novolipetsk Steel Via4.700    5/30/2026  USD   53.585
Muenchener Hypotheken0.125     9/5/2035  EUR   66.043
Ahtium PLC           9.750     4/4/2017  EUR    0.726
SES SA               5.300     4/4/2043  USD   71.763
Region Bretagne SCI  0.544    12/7/2036  EUR   66.275
Ukraine Government In12.520   5/13/2026  UAH   58.399
State of Rhineland-Pa0.375    3/10/2051  EUR   50.279
Caisse Francaise de F1.093   10/14/2051  EUR   62.796
MFB Magyar Fejlesztes1.900    4/22/2026  HUF   67.741
Credit Suisse AG/Lond2.302     4/8/2037  EUR   65.341
BNG Bank NV          1.627    4/25/2046  EUR   70.487
MMC Norilsk Nickel OJ3.375   10/28/2024  USD   51.000
BOA Offshore AS      0.409    7/17/2047  NOK    5.249
DZ Bank AG Deutsche Z0.700   10/16/2034  EUR   68.553
Republic of Armenia I3.950    9/26/2029  USD   71.333
Romanian Government I2.875    4/13/2042  EUR   49.208
Credit Suisse AG/Lond3.500    3/28/2032  USD   72.893
State of Rhineland-Pa1.500    4/25/2052  EUR   71.208
Banco Santander SA   3.830    9/22/2032  USD   73.477
Cofinimmo SA         1.470    6/22/2028  EUR   74.613
Reckitt Benckiser Tre1.750    5/19/2032  GBP   71.505
Chrome Holdco SASU   5.000    5/31/2029  EUR   70.820
Futureal Development 4.000    3/23/2031  HUF   58.000
Ziggo BV             2.875    1/15/2030  EUR   72.781
Ukraine Government In16.000   5/24/2023  UAH   59.000
ABN AMRO Bank NV     1.115     3/3/2042  EUR   67.289
Novolipetsk Steel Via1.450     6/2/2026  EUR   55.514
Yarlington Treasury S3.410    9/18/2057  GBP   63.663
Takko Luxembourg 2 SC5.375   11/15/2023  EUR   68.726
Anadolu Efes Biracili3.375    6/29/2028  USD   71.258
Comunidad Foral de Na1.450     5/8/2040  EUR   67.325
Region Wallonne Belgi1.246    5/12/2070  EUR   48.765
Finance and Credit Ba9.250    1/25/2019  USD    0.001
Del Monte Finance Lux6.625    5/24/2006  EUR    1.401
Pfandbriefbank schwei0.375    6/15/2046  CHF   67.234
Credit Suisse AG/Lond9.000    4/22/2024  USD   26.740
Spain Government Bond1.200   10/31/2040  EUR   65.389
AXA Home Loan SFH SA 0.125    6/25/2035  EUR   65.770
Bpifrance SACA       1.046    5/25/2050  EUR   54.860
PJSC Koks via IMH Cap5.900    9/23/2025  USD    7.123
Single Platform Inves1.108    2/15/2041  EUR   57.829
St Galler Kantonalban0.100   10/10/2041  CHF   64.729
Credit Suisse AG     0.500   12/16/2025  BRL   70.241
HSE Finance Sarl     5.625   10/15/2026  EUR   55.827
Transcapitalbank JSC 10.000              USD   65.373
Nobian Finance BV    3.625    7/15/2026  EUR   73.281
Wp/ap Telecom Holding5.500    1/15/2030  EUR   74.583
Care Property Invest 2.050     7/8/2031  EUR   69.145
Anglo American Capita3.950    9/10/2050  USD   63.734
Banque Cantonale de F0.100    11/1/2044  CHF   60.108
Mercedes-Benz Manufac1.500    3/16/2027  HUF   63.000
Region Wallonne Belgi1.130    3/28/2036  EUR   73.052
Republic of Ireland I2.045    3/22/2075  EUR   74.747
Polyus Finance PLC   3.250   10/14/2028  USD   49.257
Norwegian Air Shuttle6.375   11/15/2024  USD   48.101
Intesa Sanpaolo SpA  2.500   10/14/2031  USD   63.923
Orient Express Bank P2.000               USD   19.403
Banco Espirito Santo 6.900    6/28/2024  EUR   16.367
Raiffeisenlandesbank 0.375    1/15/2035  EUR   68.439
Intesa Sanpaolo SpA  4.700    9/23/2049  USD   64.094
Sovcombank Via SovCom8.000     4/7/2030  USD    3.692
Harp Issuer PLC      1.400    2/14/2032  USD   61.693
Laboratoire Eimer Sel5.000     2/1/2029  EUR   67.967
Malta Government Bond1.800    8/28/2051  EUR   60.160
Malta Government Bond1.200    5/13/2037  EUR   67.560
Housing & Care 21    3.288    11/8/2049  GBP   65.669
Oberoesterreichische 0.610    1/28/2037  EUR   67.341
Caisse Francaise de F1.640    7/10/2048  EUR   73.449
Pfandbriefzentrale de0.250    6/12/2040  CHF   70.123
Virgin Media Secured 4.125    8/15/2030  GBP   71.542
Gazprom PJSC via Gaz 3.897               EUR   32.428
Ile-de-France Mobilit0.200   11/16/2035  EUR   65.224
Affinity Water Financ0.230   11/22/2042  GBP   66.375
Polski Fundusz Rozwoj1.375    9/30/2027  PLN   68.303
Single Platform Inves3.505     8/6/2046  AUD   63.769
Elecnor SA           3.025    9/30/2035  EUR   66.682
Raiffeisenlandesbank 0.500    1/22/2035  EUR   69.993
Norske Skogindustrier2.000   12/30/2115  EUR    0.113
Metinvest BV         7.650    10/1/2027  USD   41.653
Steilmann SE         7.000    9/23/2018  EUR    1.429
Severn Trent Utilitie1.941   10/29/2030  GBP   74.316
Credit Suisse AG/Lond3.750    3/24/2032  USD   74.380
Assistance Publique H1.099     4/6/2071  EUR   40.340
Autonomous Community 1.850    5/13/2061  EUR   53.399
Sibur Securities DAC 4.125    10/5/2023  USD   33.046
Compact Bidco BV     5.750     5/1/2026  EUR   64.114
Ministeries Van de Vl0.634   11/19/2060  EUR   39.681
Albania Government In3.500   11/23/2031  EUR   71.036
Vasakronan AB        1.655     9/5/2039  SEK   58.820
City of Zurich Switze0.400   11/21/2046  CHF   68.121
Pfandbriefbank schwei0.250     8/4/2038  CHF   72.416
Natixis SA           1.813   12/10/2030  USD   71.116
Landesbank Baden-Wuer7.070    1/27/2023  EUR   34.290
DNB Boligkreditt AS  0.980    6/20/2044  EUR   62.496
Malta Government Bond1.000    8/23/2035  EUR   69.995
Societe Generale SA  8.000   11/30/2032  USD   66.230
Swisscom AG          0.245   11/20/2034  CHF   73.909
Getin Noble Bank SA  12.300   1/31/2024  PLN   37.875
Vasakronan AB        2.050    5/28/2044  EUR   60.766
Pongs & Zahn AG      8.500    11/1/2014  EUR    0.150
Siemens Financierings2.875    3/11/2041  USD   66.464
State of Brandenburg 0.600   10/13/2051  EUR   54.053
Rusal Capital DAC    5.300     5/3/2023  USD   41.034
AXA Bank Europe SCF  0.250     6/9/2040  EUR   58.172
ISP Group AG         5.250               CHF   72.989
Croatia Government In1.125     3/4/2033  EUR   70.087
Chelyabinsk Pipe Plan4.500    9/19/2024  USD   15.165
Energizer Gamma Acqui3.500    6/30/2029  EUR   70.273
Nomura Bank Internati1.071    1/28/2032  EUR   70.123
National Grid Electri1.151    2/20/2040  EUR   53.406
MFB Magyar Fejlesztes3.900   10/22/2028  HUF   66.041
Serbia International 2.125    12/1/2030  USD   65.136
Banco de Sabadell SA 3.150    3/30/2037  EUR   55.684
TenneT Holding BV    2.000    5/12/2036  EUR   74.768
Agrokor dd           9.125     2/1/2020  EUR   15.000
BNP Paribas SA       2.670    3/13/2030  AUD   72.997
Grupo Antolin-Irausa 3.500    4/30/2028  EUR   63.684
Land Berlin          0.625    7/15/2039  EUR   65.866
Wingholding Zrt      3.500    5/20/2030  HUF   62.600
State of Brandenburg 0.125    1/26/2046  EUR   50.837
Barclays Bank PLC    4.100    1/29/2048  USD   70.595
Pescanova SA         5.125    4/20/2017  EUR    0.319
JAB Holdings BV      2.000   12/19/2039  EUR   64.520
Allgemeine Sparkasse 2.500    1/27/2034  EUR   69.442
Societe Nationale SNC2.842    3/31/2036  AUD   70.228
Credit Suisse AG/Lond1.450   12/20/2030  EUR   74.048
Credit Suisse AG/Lond4.600    3/31/2023  USD    8.520
DZ Bank AG Deutsche Z2.200   12/29/2031  EUR   72.960
Getin Noble Bank SA  10.930   4/29/2024  PLN   22.775
United Utilities Wate1.474    8/24/2031  USD   66.860
UBS AG/London        1.500     2/2/2031  USD   69.160
Region of Pays de la 0.877   10/28/2041  EUR   62.274
Odea Bank AS         8.606     8/1/2027  USD   63.315
Walliser Kantonalbank0.010    3/12/2035  CHF   71.961
Credit Suisse AG/Lond4.450    6/28/2023  USD    8.370
Deutsche Bank AG     2.400    2/25/2032  EUR   70.924
Raiffeisen Landesbank0.250     3/4/2036  EUR   65.494
OGX Austria GmbH     8.500     6/1/2018  USD    0.002
Kingdom of Belgium Go1.600    6/22/2047  EUR   70.040
International Hotel I3.650    12/7/2031  EUR   73.187
Sovcombank Via SovCom7.750               USD    3.353
Communaute Francaise 2.350    8/18/2062  EUR   73.537
Zurcher Kantonalbank 16.000  11/18/2022  CHF   32.100
North Macedonia Gover1.625    3/10/2028  EUR   71.726
Region Hauts-de-Franc0.402    2/18/2043  EUR   52.349
Stichting Afwikkeling8.450    8/20/2018  USD   45.375
Veneto Banca SpA     6.411               EUR    0.345
Picard Bondco SA     5.375     7/1/2027  EUR   74.500
Aeroports de la Cote 2.000     7/9/2033  EUR   74.866
Land Thueringen      1.100     7/3/2047  EUR   67.344
Russian Agricultural 8.500   10/16/2023  USD   13.449
State of Bremen      0.150    9/14/2040  EUR   57.915
Sairgroup Finance BV 6.625    10/6/2010  EUR    1.964
Single Platform Inves0.950    7/25/2047  EUR   49.563
Emissionszentrale fue0.350    4/27/2040  CHF   72.518
Cooperatieve Rabobank5.000    4/27/2037  AUD   69.591
Deutsche Pfandbriefba4.120    11/3/2031  EUR   66.106
Bank Gospodarstwa Kra6.000    6/25/2045  PLN   68.176
Societe Du Grand Pari1.955    4/16/2069  EUR   65.048
Stelius Befektetoe Za3.100    9/17/2030  HUF   66.500
Russian Foreign Bond 2.875    12/4/2025  EUR   40.670
Windreich GmbH       6.500    7/15/2016  EUR    4.475
Societe Generale SA  9.000   10/31/2034  USD   54.000
Single Platform Inves1.779    2/23/2036  EUR   73.052
Swissgrid AG         0.200    6/29/2040  CHF   63.767
BNP Paribas Emissions8.500    2/21/2023  USD   67.950
UniCredit SpA        3.127     6/3/2032  USD   68.278
Ukraine Government Bo16.000   3/13/2024  UAH   64.936
Muenchener Hypotheken0.010   10/19/2039  EUR   56.612
DZ HYP AG            0.375   11/10/2034  EUR   70.098
Kreditanstalt fuer Wi0.902   11/16/2050  EUR   60.340
Region Wallonne Belgi1.805    1/24/2040  EUR   71.595
Fortum Oyj           3.500     6/3/2043  EUR   73.388
Lloyds Bank PLC      0.500    7/26/2028  MXN   53.980
Pershing Square Holdi3.000    7/15/2032  USD   73.685
Santander Consumer Ba7.000               NOK   60.664
Caisse des Depots et 1.106    9/30/2049  EUR   63.593
Banque Federative du 0.376   10/15/2031  EUR   70.383
Ukraine Government Bo3.900    10/5/2023  USD   54.992
Kantonsspital Baden A0.350    9/30/2036  CHF   71.366
Eurohold Bulgaria AD 8.000   12/29/2026  EUR   60.716
Comunidad Foral de Na1.800    3/25/2042  EUR   70.378
Kelag-Kaerntner Elekt1.150    4/16/2041  EUR   59.319
Free and Hanseatic Ci0.010    11/5/2035  EUR   65.307
UBS Group AG         2.370    2/25/2036  USD   59.273
Bank Nadra Via NDR Fi8.250    7/31/2018  USD    0.208
Barclays Bank PLC    2.650    11/4/2031  EUR   67.300
Single Platform Inves0.950    2/15/2044  EUR   52.333
Ville de Paris       0.850     8/4/2051  EUR   50.531
Landesbank Baden-Wuer6.000   12/23/2022  EUR   74.420
La Banque Postale Hom0.640    1/27/2042  EUR   62.981
Bayerische Landesbank1.820    5/12/2031  EUR   72.028
EnBW International Fi2.080    1/21/2041  EUR   60.667
Single Platform Inves0.915    2/15/2043  EUR   53.945
Ministeries Van de Vl0.400   11/20/2043  EUR   52.333
ING Bank NV          2.220    1/20/2036  USD   63.636
Malta Government Bond1.500   10/22/2045  EUR   61.330
State of Saarland    0.050    11/5/2040  EUR   56.597
VTB Bank OJSC Via VTB6.250    6/30/2035  USD   21.707
Ukraine Government In8.994     2/1/2026  USD   18.983
Metinvest BV         5.625    6/17/2025  EUR   43.000
NRW Bank             1.510     3/7/2046  EUR   72.069
Region de Bruxelles-C0.444    3/19/2057  EUR   37.476
Italy Buoni Poliennal0.950    12/1/2031  EUR   73.439
Kingdom of Belgium Go1.170    5/12/2121  EUR   39.921
MMC Norilsk Nickel OJ4.100    4/11/2023  USD   57.918
EVN AG               0.850   10/15/2035  EUR   60.926
Raiffeisen Landesbank0.375   11/13/2034  EUR   69.608
Intesa Sanpaolo SpA  2.300   11/18/2028  USD   73.529
Autonomous Community 2.300    5/24/2049  EUR   69.440
Barclays PLC         5.000    5/24/2041  USD   70.185
Engie SA             2.750   11/20/2045  EUR   67.567
Caisse des Depots et 1.460    1/24/2052  EUR   67.327
Credit Suisse AG/Lond4.700    7/19/2023  USD    9.080
OTP Munkavallalok I s4.500    7/14/2031  HUF   57.990
Single Platform Inves1.675    2/15/2041  EUR   67.147
ING Bank NV          0.182    4/21/2033  EUR   71.712
Deutsche Wohnen SE   2.125    8/31/2033  EUR   70.481
City of Amsterdam Net1.515    2/26/2044  EUR   73.761
Turkey Government Int6.500    9/20/2033  USD   71.980
Russian Federal Bond 0.250    7/20/2044  RUB   10.180
Barclays Bank PLC    1.580    4/12/2039  EUR   66.750
Nederlandse Waterscha0.190    11/2/2050  EUR   46.789
DekaBank Deutsche Gir7.650    3/10/2023  EUR   29.880
Land Berlin          0.500    6/19/2047  EUR   56.765
Italy Buoni Poliennal2.450     9/1/2050  EUR   65.859
Vasakronan AB        2.256    4/12/2044  EUR   71.433
Magyar Export-Import 2.000   10/27/2027  HUF   61.814
Air Berlin Finance BV8.500     3/6/2019  EUR    0.382
Stichting Afwikkeling4.252               EUR    0.579
Mobile Telesystems OJ5.000    5/30/2023  USD   25.265
Communaute Francaise 1.040    7/19/2101  EUR   43.016
SG Issuer SA         0.010    6/22/2033  EUR   69.100
DZ Bank AG Deutsche Z1.000    2/13/2042  EUR   63.918
Ukraine Government In12.520   5/13/2026  UAH   58.399
BASF SE              1.025    8/13/2048  JPY   69.815
ING Bank NV          0.465    4/21/2041  EUR   61.351
Ukraine Government In7.375    9/25/2034  USD   16.300
Luzerner Kantonalbank0.500    7/26/2041  CHF   70.971
AB Financial Products0.238    7/30/2040  EUR   62.167
Liga Bank eG Regensbu0.010    1/29/2036  EUR   61.509
ALROSA Finance SA    3.100    6/25/2027  USD   10.000
State of North Rhine-1.850    3/18/2089  EUR   60.201
Civitas Properties Fi4.000   11/24/2022  EUR   65.000
French Republic Gover0.500    6/25/2044  EUR   57.451
Pfandbriefzentrale de0.050    10/6/2043  CHF   63.486
Communaute Francaise 0.788    8/30/2049  EUR   49.423
Unibail-Rodamco-Westf2.000    12/5/2033  EUR   65.825
Windreich GmbH       6.750     3/1/2015  EUR    4.475
DekaBank Deutsche Gir5.970     2/9/2023  EUR   34.500
Kuntarahoitus Oyj    1.011    1/27/2037  EUR   73.074
Morhomes PLC         2.508    2/19/2051  GBP   53.110
Cooperatieve Rabobank1.460     6/1/2040  EUR   72.876
Region Wallonne Belgi1.220    6/12/2050  EUR   55.698
K&H Jelzalogbank zrt 6.750    4/27/2032  HUF   73.235
Alteo Nyrt           3.150   10/28/2029  HUF   54.100
A-TEC Industries AG  8.750   10/27/2014  EUR    0.100
Altice France SA/Fran4.125    1/15/2029  EUR   73.389
Cooperatieve Rabobank0.500   11/30/2027  MXN   58.482
Cooperatieve Rabobank0.500    1/31/2033  MXN   29.828
Mondelez Internationa0.875    10/1/2031  EUR   73.166
Virgin Media Secured 4.250    1/15/2030  GBP   73.662
Cie de Financement Fo0.975    8/11/2046  EUR   62.819
MOL Nyrt Kueloenleges4.950    1/26/2032  HUF   59.210
National Grid Electri2.020    3/12/2032  AUD   69.400
Brussels Municipaliti0.832    3/29/2041  EUR   61.628
Quintet Private Bank 3.650   11/13/2023  EUR   25.630
Kleopatra Holdings 2 6.500     9/1/2026  EUR   63.270
Credit Agricole Corpo1.760    2/26/2031  USD   70.123
Grupo Isolux Corsan S1.000   12/30/2021  EUR    0.206
Bazalgette Finance Pl0.174    5/16/2049  GBP   66.786
Deutsche Pfandbriefba0.653    2/21/2033  EUR   74.569
Landeskreditbank Bade2.500    5/21/2036  AUD   65.864
MFB Magyar Fejlesztes2.900   10/22/2031  HUF   54.290
German Pellets GmbH  7.250   11/27/2019  EUR    1.495
State of North Rhine-1.467    6/12/2045  EUR   73.037
UBS AG/London        5.000     1/9/2023  USD   45.950
DekaBank Deutsche Gir3.970     2/9/2023  EUR   34.190
Thames Water Utilitie2.620    3/22/2033  GBP   70.144
Free State of Saxony 0.400    5/12/2036  EUR   68.366
Nomura Bank Internati1.130    4/23/2036  EUR   60.778
Credit Suisse AG/Lond5.000    3/29/2023  USD    9.500
Garfunkelux Holdco 3 7.750    11/1/2025  GBP   71.333
Societe Generale SA  5.050   11/25/2036  USD   32.884
Sovcombank Via SovCom3.400    1/26/2025  USD    4.883
Dtek Renewables Finan8.500   11/12/2024  EUR   35.090
Phosagro OAO Via Phos3.949    4/24/2023  USD   59.401
Free and Hanseatic Ci0.300    9/16/2050  EUR   49.363
CRC Breeze Finance SA6.110     5/8/2026  EUR   30.502
BNP Paribas SA       0.500   11/16/2032  MXN   29.380
United Kingdom Gilt  1.500    7/22/2047  GBP   59.185
Malta Government Bond2.400    8/13/2052  EUR   67.290
Kosovo Government Bon3.800    2/23/2032  EUR   73.328
Societe Generale SA  3.920    12/9/2036  AUD   68.720
Wellis Magyarorszag K3.000    2/26/2031  HUF   55.332
Bayerische Landesbank1.550    2/13/2040  EUR   53.486
Raiffeisen Switzerlan7.050    5/22/2023  EUR   67.260
Prosus NV            2.085    1/19/2030  EUR   71.537
VTB Bank PJSC        7.554               USD   63.500
Region de Bruxelles-C0.910    1/31/2053  EUR   50.383
Aedifica SA          1.850    7/15/2030  EUR   72.043
Prosus NV            1.985    7/13/2033  EUR   61.236
Alno AG              8.000    3/21/2019  EUR   15.000
voestalpine AG       1.810    8/19/2031  EUR   73.800
KTG Agrar SE         7.250   10/15/2019  EUR    2.007
Sibur Securities DAC 3.450    9/23/2024  USD   33.092
CB First Investment B8.000               EUR   56.944
Bayerische Landesbank2.250   10/17/2033  EUR   69.620
Vasakronan AB        2.470    1/14/2032  USD   73.084
BKS Bank AG          1.390    1/19/2032  EUR   73.387
Elia Transmission Bel1.560    1/30/2044  EUR   71.935
Premium Green PLC    1.610    9/30/2030  AUD   70.591
Eurogrid GmbH        0.875   11/20/2040  EUR   57.676
DZ Bank AG Deutsche Z0.190    1/14/2031  EUR   69.494
Takko Luxembourg 2 SC6.918   11/15/2023  EUR   67.276
Berlin Hyp AG        0.010   11/28/2031  EUR   74.190
NRW Bank             0.120    2/24/2033  EUR   72.335
Caisse des Depots et 1.114    9/20/2049  EUR   64.628
Vasakronan AB        1.130    5/27/2042  JPY   72.657
Canton of Geneva Swit0.050    8/27/2041  CHF   65.986
Societe Generale SA  8.000    5/31/2023  USD   65.775
CNH Industrial Financ2.200    7/15/2039  EUR   67.099
Haya Holdco 2 PLC    9.542   11/30/2025  EUR   63.505
Region de Bruxelles-C1.144    1/14/2056  EUR   51.097
Sberbank of Russia Vi5.250    5/23/2023  USD   11.678
Alteo Nyrt           2.450    10/8/2031  HUF   48.300
Commerzbank AG       2.950    1/20/2034  EUR   74.929
Standard Chartered Ba1.530    9/11/2030  USD   71.620
DZ Bank AG Deutsche Z1.550    6/27/2041  EUR   73.085
Barclays PLC         5.100     7/8/2041  USD   71.046
Barclays Bank PLC    0.500    1/28/2033  MXN   29.254
VON Der Heydt Securit1.000    4/30/2031  EUR   69.770
Flextronics Internati3.600    12/6/2031  HUF   58.000
Barclays Bank PLC    7.830    7/26/2038  MXN   65.319
ABN AMRO Bank NV     1.290    3/25/2037  EUR   73.528
State of Lower Austri1.886     3/2/2048  EUR   71.366
Deutsche Telekom AG  4.125    7/23/2049  USD   65.254
Credit Bank of Moscow8.875               USD   11.817
Republic of Ireland I0.835     7/8/2080  EUR   41.633
Bayerische Landesbode0.030   10/22/2035  EUR   65.301
Eurotorg LLC Via Boni9.000   10/22/2025  USD   52.029
Romanian Government I3.375     2/8/2038  EUR   59.600
Societe Generale SFH 0.280    9/14/2032  EUR   73.650
LFA Foerderbank Bayer0.250    3/19/2037  EUR   64.916
Steilmann SE         7.000     3/9/2017  EUR    1.429
DZ Bank AG Deutsche Z1.000    2/18/2032  EUR   65.902
BNP Paribas SA       4.800    8/20/2042  USD   73.469
ESB Finance DAC      2.000    4/17/2044  EUR   71.421
Lehman Brothers Treas4.358    10/5/2035  EUR    0.100
Deutsche Bank AG     0.950     9/1/2028  GBP   71.661
Ukraine Government In9.790    5/26/2027  UAH   54.368
GTC Magyarorszag Zrt 2.600    3/17/2031  HUF   54.860
Societa di Progetto B3.375   12/31/2038  EUR   67.886
State of Bremen      0.500     5/6/2041  EUR   61.487
Ville de Paris       0.750   11/30/2041  EUR   59.907
Centre Hospitalier Re1.500    4/27/2050  EUR   69.524
Grand City Properties2.500    6/27/2039  EUR   50.117
Landesbank Baden-Wuer0.900    6/24/2030  EUR   73.597
DZ Bank AG Deutsche Z4.180   10/28/2022  EUR   64.120
German Pellets GmbH  7.250     4/1/2016  EUR    1.495
Banque Federative du 0.125    11/6/2030  EUR   71.526
DZ Bank AG Deutsche Z0.520   11/23/2033  EUR   69.502
Golden Gate AG       6.500   10/11/2014  EUR   32.000
Region Wallonne Belgi1.135   10/10/2069  EUR   46.147
Danske Bank A/S      6.600     1/9/2027  SEK   60.640
Credit Suisse AG/Lond3.550    3/16/2032  USD   73.259
Penarian Housing Fina3.212     6/7/2052  GBP   66.375
ACCIONA Financiacion 3.090     4/7/2027  PLN   72.823
Agence France Locale 2.200    9/20/2031  AUD   74.631
Frigate Luxembourg SA2.000     8/1/2032  EUR   52.721
Centre Hospitalier Un1.160     9/6/2039  EUR   57.623
Getin Noble Bank SA  12.110  12/21/2023  PLN   19.875
J&T Banka AS         7.000               EUR   66.091
Societe Generale SA  1.920    1/21/2031  USD   65.580
Credit Suisse AG/Lond1.000   12/20/2027  EUR    2.910
Santander Consumer Ba2.620    6/18/2031  NOK   70.648
Credit Agricole Corpo2.110     7/6/2037  EUR   71.287
Nostrum Oil & Gas Fin8.000    7/25/2022  USD   26.502
Caixa Economica Monte5.000               EUR   52.070
SiC Processing GmbH  7.125     3/1/2016  EUR    0.788
Vasakronan AB        2.135    6/28/2031  USD   71.752
Ukraine Government In15.970   4/19/2023  UAH   59.293
SCF Capital Designate3.850    4/26/2028  USD   18.798
Ile-de-France Mobilit1.586    2/23/2052  EUR   64.839
Malta Government Bond1.400    8/20/2046  EUR   59.250
Pfandbriefbank schwei0.500    1/25/2044  CHF   71.080
Getin Noble Bank SA  11.250   5/31/2024  PLN   36.013
HOCHTIEF AG          2.300    4/26/2034  EUR   63.525
Deutsche Wohnen SE   1.700    12/5/2036  EUR   61.858
Societe Generale SA  1.700    1/19/2031  USD   64.259
Credit Suisse AG/Lond1.400    2/21/2032  EUR   72.152
Aktia Bank Oyj       1.050     9/9/2041  EUR   60.055
Credit Suisse AG/Lond4.430    9/25/2035  USD   72.582
BAE Systems PLC      3.000    9/15/2050  USD   61.708
BASF SE              2.370   10/17/2031  HKD   74.716
Getin Noble Bank SA  11.070   4/28/2023  PLN   35.965
Credit Suisse AG/Lond4.700     7/1/2046  AUD   73.556
OGX Austria GmbH     8.375     4/1/2022  USD    0.002
Getin Noble Bank SA  12.290   7/28/2023  PLN   29.875
Vasakronan AB        2.130    5/27/2041  SEK   64.691
Landesbank Hessen-Thu1.100   12/27/2034  EUR   65.400
Solon SE             1.375    12/6/2012  EUR    0.745
Agence Francaise de D0.368    1/12/2046  EUR   51.910
Societe Generale SA  0.831   11/25/2031  EUR   66.309
DekaBank Deutsche Gir1.100   11/25/2030  EUR   71.348
HSBC Bank PLC        0.500    6/23/2027  MXN   60.230
Batigere Grand Est SA1.400    8/31/2050  EUR   40.391
Norddeutsche Landesba0.600    2/24/2031  EUR   72.227
Steilmann SE         6.750    6/27/2017  EUR    2.184
Batigere Grand Est SA1.709    11/4/2042  EUR   49.034
Getin Noble Bank SA  11.430   11/9/2023  PLN   33.865
Italy Buoni Poliennal2.800     3/1/2067  EUR   65.631
DAH Holding GmbH     7.250    9/28/2018  EUR    0.718
DekaBank Deutsche Gir3.040   10/26/2022  EUR   56.390
Raiffeisen Schweiz Ge8.340     3/7/2023  EUR   56.840
Die Schweizerische Po0.370    3/17/2036  CHF   73.877
Pfandbriefbank schwei0.375    1/24/2042  CHF   70.686
Credit Agricole SA   4.400    2/24/2042  AUD   62.290
Region Wallonne Belgi1.550    4/28/2120  EUR   46.325
Region Provence-Alpes0.753     1/5/2037  EUR   68.383
Single Platform Inves1.610    2/15/2043  EUR   63.837
Societe Centrale des 2.500    5/15/2023  EUR    6.880
Luzerner Kantonalbank0.250    8/28/2040  CHF   68.666
Autonomous Community 1.138   11/22/2052  EUR   47.400
National Grid Electri3.120   12/10/2039  AUD   66.381
United Utilities Wate1.700    1/23/2033  EUR   73.926
Indigo Group SAS     2.951    7/27/2037  EUR   74.681
Getin Noble Bank SA  11.290   7/26/2024  PLN   34.875
Autonomous Community 1.931     4/4/2042  EUR   70.819
InPost SA            2.250    7/15/2027  EUR   74.045
Kreditanstalt fuer Wi1.270    6/29/2051  EUR   65.486
Landesbank Hessen-Thu0.600    3/18/2031  EUR   73.553
Jain International Tr7.125     2/1/2022  USD   21.799
Erotik-Abwicklungsges7.750     7/9/2019  EUR    0.779
Moby SpA             7.750    2/15/2023  EUR   65.688
Specialfastigheter Sv1.280    9/20/2049  SEK   51.556
Landesbank Hessen-Thu0.600    7/23/2031  EUR   71.504
Single Platform Inves1.897     3/3/2037  EUR   73.100
Ukraine Government Bo3.900    3/30/2023  USD   71.491
Societe Generale SA  3.770   10/18/2028  PLN   70.151
Credit Suisse AG/Lond2.800    5/27/2031  AUD   73.169
Single Platform Inves0.800   12/20/2040  EUR   54.862
Alliander NV         1.125     4/8/2035  EUR   69.495
Turkey Government Int5.750    5/11/2047  USD   57.927
Societe Du Grand Pari0.576   10/29/2052  EUR   46.235
Nykredit Realkredit A1.000    10/1/2050  DKK   68.958
Getin Noble Bank SA  11.260   6/28/2024  PLN   24.875
BNP Paribas SA       1.019    5/25/2028  EUR   40.000
State of Mecklenburg-0.239   11/17/2070  EUR   36.433
Ville de Paris       0.650   11/25/2070  EUR   35.094
Societe Du Grand Pari2.062    3/19/2070  EUR   68.539
Polyus Finance PLC   4.700    1/29/2024  USD   48.152
Romanian Government I2.500     2/8/2030  EUR   69.202
Nostrum Oil & Gas Fin7.000    2/16/2025  USD   25.424
Cassa Depositi e Pres1.089   12/15/2031  EUR   73.488
Caisse des Depots et 0.398   12/15/2050  EUR   50.625
Credit Suisse AG/Lond5.880    6/28/2023  USD    8.510
Unibail-Rodamco-Westf3.080    3/24/2034  EUR   73.421
Ukraine Government In10.000   8/23/2023  UAH   59.000
Portugal Telecom Inte5.242    11/6/2017  EUR    0.694
Telefonica Emisiones 4.900    4/18/2037  USD   74.219
Kuntarahoitus Oyj    0.940     6/9/2064  EUR   65.139
BNP Paribas SA       0.500    9/29/2029  AUD   67.530
Region de Bruxelles-C0.845    9/30/2059  EUR   44.012
La Veggia Finance SA 7.125   11/14/2004  EUR    0.287
MET Hungary Solar Par3.800    12/2/2031  HUF   59.200
Greenleaves Capital D3.050   12/24/2031  AUD   73.699
Credit Suisse AG/Lond2.100    3/31/2031  USD   66.646
Danske Bank A/S      7.728     7/9/2023  SEK   64.180
Region Wallonne Belgi2.057   10/19/2043  EUR   69.987
Assa Abloy AB        0.480    2/17/2031  EUR   74.305
Kreditanstalt fuer Wi0.820    4/15/2050  EUR   63.657
Credit Suisse AG/Lond2.000    1/24/2029  USD   73.366
State of Lower Austri1.800     3/9/2043  EUR   73.781
Unibail-Rodamco-Westf1.913     6/6/2033  EUR   74.100
Romanian Government I3.500     4/3/2034  EUR   63.734
Romanian Government I1.375    12/2/2029  EUR   63.716
Commerzbank AG       1.046   12/18/2034  EUR   66.326
Credit Bank of Moscow5.550    2/14/2023  USD   22.642
Polski Fundusz Rozwoj1.500    9/30/2027  PLN   68.775
Turkey Government Int6.000    1/14/2041  USD   60.631
Region Wallonne Belgi1.000    9/16/2059  EUR   46.798
State of Hesse       0.227    8/20/2049  EUR   48.549
Unibail-Rodamco-Westf2.066    11/4/2030  EUR   73.396
Cooperatieve Rabobank0.500   12/29/2027  MXN   57.452
Nederlandse Waterscha1.900    1/31/2035  AUD   65.123
Single Platform Inves1.720    2/15/2041  EUR   65.081
Corner Banca SA      15.000  12/14/2022  USD   59.430
Credit Suisse AG/Lond9.250   12/14/2022  USD   68.630
Credit Suisse AG/Lond0.900   12/20/2031  EUR   69.126
Intelsat Jackson Hold8.500   10/15/2024  USD    0.483
Cooperatieve Rabobank2.360    9/25/2047  EUR   69.231
Region Wallonne Belgi1.600    3/29/2039  EUR   73.231
Veragold Mining Co Gm5.000   12/31/2022  EUR   30.000
Vasakronan AB        1.700    6/28/2044  EUR   55.941
Kardan NV            6.325    2/21/2021  ILS   10.000
Hungary Government In1.500   11/17/2050  EUR   42.660
ING Bank NV          2.600   10/19/2031  AUD   72.964
Banque Internationale0.550    7/30/2029  EUR   74.788
Mondelez Internationa1.250     9/9/2041  EUR   55.547
Erste Jelzalogbank zr2.500   10/30/2029  HUF #N/A N/A
Kreditanstalt fuer Wi0.788    11/4/2039  EUR   67.845
Autonomous Community 1.255   10/31/2048  EUR   53.313
Deutsche Telekom AG  3.500     9/6/2039  AUD   66.439
Governo Portugues Con2.750               EUR   75.000
Credit Suisse AG/Lond7.500   10/24/2022  CHF   67.140
DekaBank Deutsche Gir7.300    6/28/2023  EUR   74.670
ABN AMRO Bank NV     1.070     3/3/2041  EUR   68.110
Department of L'Eure 0.643    8/31/2041  EUR   58.022
Land Baden-Wuerttembe0.375    7/20/2048  EUR   52.950
BNG Bank NV          2.020     8/7/2058  EUR   73.411
Kingdom of Belgium Go0.650    6/22/2071  EUR   40.356
Muenchener Hypotheken0.400    8/11/2031  EUR   70.280
Ukraine Government In6.876    5/21/2031  USD   16.175
Societe Generale Effe10.500  10/28/2022  EUR   52.610
MOL Hungarian Oil & G1.900    4/12/2031  HUF   48.900
Credit Bank of Moscow3.875    9/21/2026  USD   19.111
Region Auvergne-Rhone1.090     4/8/2037  EUR   71.508
Caisse des Depots et 1.015    7/22/2050  EUR   62.717
Banque Internationale2.160    6/27/2039  EUR   65.368
Region Hauts-de-Franc0.691     7/9/2042  EUR   57.292
United Kingdom Gilt  0.250    7/31/2031  GBP   71.932
Caisse Francaise de F0.510   11/19/2040  EUR   60.956
Intelsat Jackson Hold9.750    7/15/2025  USD    0.483
Cooperatieve Rabobank1.099    6/28/2051  EUR   62.784
State of Brandenburg 0.050    8/10/2040  EUR   56.849
Single Platform Inves1.040    6/25/2044  EUR   52.838
Norwegian Air Shuttle7.500   11/10/2023  USD   74.301
Communaute Francaise 0.626    8/24/2040  EUR   59.683
Centrosolar Group AG 7.000    2/15/2016  EUR    2.505
Gebr Sanders GmbH & C8.750   10/22/2018  EUR    9.375
Mitsubishi HC Capital2.300   11/28/2029  AUD   74.095
Pershing Square Holdi3.000    7/15/2032  USD   73.685
Agrokor dd           9.875     5/1/2019  EUR   15.000
Landesbank Hessen-Thu0.650   10/18/2034  EUR   61.666
BNP Paribas SA       0.480    7/28/2029  EUR   73.878
Deutsche Bahn Finance0.232    3/17/2032  EUR   74.554
Ukraine Government In15.970   4/19/2023  UAH   59.293
Credit Suisse AG/Lond4.700   11/30/2022  USD    9.440
Single Platform Inves1.051     4/1/2042  EUR   55.137
Single Platform Inves0.955    2/15/2041  EUR   55.684
DNB Bank ASA         1.185    1/14/2038  EUR   61.672
Societe Du Grand Pari2.100    2/14/2069  EUR   64.419
French Republic Gover1.500    5/25/2050  EUR   67.667
Nederlandse Waterscha1.850    2/11/2059  EUR   74.114
Credit Bank of Moscow5.150    2/20/2024  EUR   19.947
Hungary Government In3.125    9/21/2051  USD   49.614
Ministeries Van de Vl0.875     6/3/2045  EUR   52.986
Rusal Capital DAC    4.850     2/1/2023  USD   42.125
Canton of St Gallen S0.200   11/28/2041  CHF   68.400
Norske Skog Holding A8.000    2/24/2021  EUR    0.006
Sequa Petroleum NV   5.000    4/29/2020  USD   30.250
State of Brandenburg 0.375    1/29/2035  EUR   70.763
Getin Noble Bank SA  12.320    4/4/2024  PLN   32.635
Deutsche Apotheker-un0.555    8/28/2030  EUR   72.158
Bazalgette Finance Pl0.688    6/27/2050  GBP   71.703
Veneto Banca SpA     6.950    2/25/2025  EUR    0.477
Peine GmbH           2.000     7/5/2023  EUR   44.500
Cooperatieve Rabobank0.500    8/21/2028  MXN   53.492
KPNQwest NV          8.875     2/1/2008  EUR    0.453
Siemens Financierings3.300    9/15/2046  USD   67.535
Aareal Bank AG       1.880    4/15/2030  EUR   71.501
Banco Santander SA   2.210    3/12/2031  USD   67.061
Richter Gedeon Nyrt  1.750     6/4/2031  HUF   60.000
Region Occitanie     0.766    10/7/2041  EUR   59.490
VTB Bank PJSC        11.250              RUB   68.000
Single Platform Inves2.250    2/15/2044  EUR   69.095
Vontobel Financial Pr7.500   12/23/2022  USD   56.450
State of North Rhine-1.960    1/24/2079  EUR   70.308
Credit Suisse AG/Lond2.000    9/30/2030  USD   67.564
Land Thueringen      1.127     4/2/2049  EUR   63.236
Region de Bruxelles-C1.528     4/5/2049  EUR   62.945
DZ Bank AG Deutsche Z0.390   12/30/2030  EUR   69.000
UBS Group AG         2.210   11/24/2035  USD   58.457
Proximus SADP        1.500    5/14/2040  EUR   63.614
Ministeries Van de Vl1.053     6/3/2050  EUR   52.594
Republic of Ireland I1.230    5/29/2120  EUR   43.670
Region Bourgogne-Fran0.397    12/3/2045  EUR   48.263
Aktia Bank Oyj       0.500    3/30/2031  EUR   72.137
DZ Bank AG Deutsche Z0.900   12/30/2030  EUR   73.490
DZ Bank AG Deutsche Z0.640    12/7/2035  EUR   65.869
Societe Generale SA  20.650   9/13/2023  USD   24.650
SNCF Reseau          0.350    7/25/2047  EUR   64.253
Sveriges Sakerstallda0.649    9/18/2032  SEK   72.096
Standard Chartered Ba1.520    9/17/2030  USD   71.506
Credit Suisse AG/Lond4.750     6/7/2046  AUD   73.847
Deutsche Bank AG     2.400    3/10/2031  EUR   71.553
Deutsche Bank AG     0.687   10/11/2049  EUR   39.264
SpareBank 1 SR-Bank A1.650    2/24/2042  EUR   65.754
Landesbank Baden-Wuer4.650   11/25/2022  EUR   47.760
Deutsche Pfandbriefba0.500    7/23/2029  EUR   68.274
RCS & RDS SA         3.250     2/5/2028  EUR   74.063
Banque Cantonale Vaud13.400   10/6/2023  CHF   63.620
Single Platform Inves0.840    6/20/2043  EUR   51.680
Ukraine Government Bo3.700    5/25/2023  USD   68.642
Hungary Government Bo4.500    3/23/2028  HUF   70.387
DZ Bank AG Deutsche Z1.070    10/6/2042  EUR   66.905
MFB Magyar Fejlesztes4.500    4/22/2027  HUF   72.673
Region de Bruxelles-C0.592   12/10/2061  EUR   37.688
City of Hanover Germa1.560     5/3/2048  EUR   74.155
Deutsche Bank AG/Lond2.200    4/14/2023  EUR   62.880
Nederlandse Waterscha1.670   12/16/2030  AUD   74.091
Thomas Cook Group PLC6.250    6/15/2022  EUR    0.617
Vasakronan AB        2.400    6/20/2044  SEK   61.735
Slovenia Government B0.488   10/20/2050  EUR   42.828
Nederlandse Waterscha1.080   10/26/2050  EUR   60.349
Single Platform Inves1.680   10/22/2036  EUR   70.234
Credit Suisse AG/Lond1.400   12/20/2030  EUR   74.085
Nederlandse Waterscha0.466    12/3/2029  GBP   74.727
Credit Suisse AG/Lond4.530    7/12/2023  USD    7.720
Unibail-Rodamco-Westf3.080     4/3/2034  EUR   73.796
Minicentrales Dos SA 0.010     6/6/2047  EUR   59.125
Deutsche Bank AG     2.350   10/23/2030  EUR   72.300
Romania Government Bo4.750   10/11/2034  RON   65.064
Credit Suisse AG/Lond12.400   9/25/2023  EUR   16.700
Credit Suisse AG/Lond25.920  12/27/2022  USD   16.240
Basler Kantonalbank  10.840   3/28/2023  EUR   63.610
SG Issuer SA         2.270     2/4/2032  EUR   45.880
HSBC Holdings PLC    0.950    12/9/2032  EUR   67.326
Communaute Francaise 2.177    8/17/2068  EUR   68.997
Pfandbriefbank schwei0.250    1/24/2041  CHF   69.594
State of Bremen      0.102     2/7/2033  EUR   72.372
Municipality of Arnhe0.605    2/24/2040  EUR   64.406
Caisse des Depots et 1.300    4/28/2051  EUR   63.930
Credit Suisse AG/Lond4.490    8/30/2038  AUD   74.173
Societe Generale SA  16.000    7/3/2024  USD   22.550
Vasakronan AB        1.000    6/15/2041  EUR   38.448
Aareal Bank AG       1.250    1/30/2029  EUR   72.237
Landesbank Hessen-Thu1.500   10/20/2036  EUR   60.000
Assistance Publique H1.665    4/10/2049  EUR   64.803
Vasakronan AB        1.668   10/16/2030  USD   70.258
ABN AMRO Bank NV     0.250   12/12/2032  EUR   73.434
ABN AMRO Bank NV     0.500   12/12/2039  EUR   62.369
Societe Generale SA  5.400   11/17/2037  USD   31.906
Deutsche Pfandbriefba3.355    7/28/2037  USD   71.936
Caisse des Depots et 0.945    5/19/2051  EUR   60.669
Deutsche Pfandbriefba0.710    9/10/2031  EUR   60.827
Foodco Bondco SA     6.250    5/15/2026  EUR   70.792
Dolphin Drilling ASA 4.490    8/28/2019  NOK    0.644
Ukraine Government In7.750     9/1/2028  USD   19.114
Credit Suisse AG/Lond11.500   1/16/2023  EUR   25.470
Societe Generale SA  8.000    8/16/2023  USD   42.000
Denmark Government Bo0.250   11/15/2052  DKK   48.837
Citigroup Global Mark2.900    3/15/2041  USD   64.349
Parnassia Groep BV   1.210    12/1/2033  EUR   70.078
Autonomous Community 1.655   10/31/2050  EUR   58.892
UBS AG/London        13.250  10/27/2023  USD   59.050
Region Occitanie     1.339    3/21/2042  EUR   66.537
Erste Jelzalogbank zr2.500   10/22/2028  HUF   58.450
OP Corporate Bank plc1.706   12/12/2033  EUR   73.866
Hungary Government In0.125    9/21/2028  EUR   68.251
Landesbank Hessen-Thu1.500   10/27/2036  EUR   59.000
Agence Francaise de D1.656     4/4/2054  EUR   71.650
DZ HYP AG            0.050    1/31/2031  EUR   74.356
NRW Bank             0.106    8/17/2050  EUR   47.882
Department of Loiret 0.478   10/30/2040  EUR   57.338
Caisse Francaise de F0.010   10/19/2035  EUR   63.745
Deutsche Bank AG     1.500    2/26/2028  USD   70.200
Batigere Grand Est SA1.550   11/14/2039  EUR   52.650
Landesbank Hessen-Thu4.358    9/20/2032  EUR   74.500
Ukraine Government In7.253    3/15/2035  USD   16.175
Spain Government Bond1.000   10/31/2050  EUR   50.914
Single Platform Inves1.548   10/31/2050  EUR   48.283
ACCIONA Financiacion 3.000    12/2/2039  EUR   72.540
Norske Skog Holding A8.000    2/24/2023  USD    0.006
Hemso Fastighets AB  2.680    7/10/2035  AUD   64.070
Skandinaviska Enskild10.150   1/15/2025  SEK   50.510
Municipality of Arnhe0.460    9/20/2049  EUR   51.960
Agence Metropolitaine0.750    5/25/2034  EUR   74.414
Bulgaria Steel Financ12.000    5/4/2013  EUR    0.216
Getin Noble Bank SA  12.300   8/31/2023  PLN   45.520
Bayerische Landesbank1.600    7/21/2036  EUR   73.107
getgoods.de AG       7.750    10/2/2017  EUR    0.527
SAir Group           0.125     7/7/2005  CHF   12.375
Vodafone Group PLC   4.600     8/9/2046  USD   66.364
Banco Santander SA   0.180     7/6/2031  EUR   74.493
MKB-Leasing OOO      10.500  10/12/2026  RUB   70.020
Barclays Bank PLC    2.000    10/8/2042  EUR   72.403
Hospices Civils de Ly0.597   11/24/2031  EUR   69.151
Credit Suisse AG/Lond4.460    7/26/2023  USD    8.820
Pfandbriefzentrale de0.450    2/11/2042  CHF   71.514
UBS AG/London        9.760    2/16/2027  EUR   74.220
Pfandbriefzentrale de0.020    1/30/2040  CHF   67.281
Region de Bruxelles-C1.532    8/16/2038  EUR   74.294
Communaute Francaise 0.782     2/8/2061  EUR   40.947
Assistance Publique H2.000    5/25/2053  EUR   67.930
Single Platform Inves1.440    7/18/2042  EUR   59.425
Spain Government Bond0.850    7/30/2037  EUR   66.529
Republic of Austria G2.100    9/20/2117  EUR   67.811
GTC Magyarorszag Zrt 2.250    12/7/2030  HUF   53.870
Grand City Properties2.800    2/25/2039  EUR   53.198
Single Platform Inves1.060     4/1/2042  EUR   56.665
Slovenia Government B1.175    2/13/2062  EUR   48.137
DNB Boligkreditt AS  1.488   12/14/2038  EUR   73.387
Bazalgette Finance Pl0.010     8/5/2036  GBP   70.163
Republic of Austria G0.100    7/10/2040  EUR   57.215
BNP Paribas SA       3.750    6/12/2040  AUD   70.430
Alfa-Bank AO         11.750              RUB   75.000
VTB Bank PJSC        7.600     4/2/2031  RUB   70.000
Land Thueringen      0.375   11/14/2034  EUR   70.847
Societe Nationale SNC1.400    5/18/2120  EUR   36.671
Land Berlin          0.125     6/4/2035  EUR   67.433
Bazalgette Finance Pl0.074    5/16/2049  GBP   59.196
Premium Green PLC    1.610    9/30/2030  AUD   70.591
Region de Bruxelles-C0.562   12/23/2065  EUR   36.332
Hemso Fastighets AB  3.050    1/18/2038  SEK   74.138
Communaute Francaise 2.000    4/14/2076  EUR   66.028
Elli Investments Ltd 12.250   6/15/2020  GBP   52.250
Free State of Bavaria0.010    3/28/2036  EUR   63.962
Bibby Offshore Servic7.500    6/15/2021  GBP   11.625
Assistance Publique H0.490    9/30/2040  EUR   57.646
Premium Green PLC    1.000    7/25/2040  EUR   57.912
Erste Group Bank AG  2.000    4/20/2037  EUR   73.633
Single Platform Inves1.340     4/4/2042  EUR   63.014
DZ Bank AG Deutsche Z0.840   10/27/2031  EUR   71.629
Purple Protected Asse1.600     9/8/2056  EUR   65.653
Deutsche Bank AG     3.300     3/9/2032  USD   73.927
Single Platform Inves0.815     4/1/2042  EUR   51.250
Morgan Stanley & Co I1.105    6/18/2041  EUR   55.422
Autonomous Community 1.515    6/21/2051  EUR   56.005
Kreditanstalt fuer Wi1.208    6/17/2051  EUR   67.671
Goldman Sachs Interna2.500    7/26/2048  EUR   70.154
Nederlandse Waterscha0.955    2/13/2051  EUR   58.264
Credit Suisse AG/Lond9.250   11/10/2022  CHF    7.180
ING Bank NV          2.440    7/13/2030  EUR   68.700
Caisse des Depots et 1.150     2/3/2042  EUR   68.417
Credit Agricole Corpo2.400    4/20/2031  USD   74.139
DZ Bank AG Deutsche Z1.210   12/29/2031  EUR   72.310
Societe Nationale SNC3.190    4/19/2041  AUD   68.197
BNP Paribas Emissions5.900    2/21/2023  USD   72.760
Anselma Issuer SA    1.574   12/31/2038  EUR   67.230
Realkredit Danmark A/1.000     1/1/2033  DKK   73.376
Senvion Holding GmbH 3.875   10/25/2022  EUR    0.267
Intelsat Jackson Hold9.750    7/15/2025  USD    0.483
Raiffeisen Bank Inter0.370     2/3/2033  EUR   56.362
HSBC Bank PLC        1.700     2/9/2031  USD   69.294
Landesbank Baden-Wuer0.307     2/1/2030  EUR   71.737
Muenchener Hypotheken0.568    6/15/2032  EUR   68.954
Vasakronan AB        1.770   10/26/2033  NOK   65.777
BNG Bank NV          0.630    7/11/2067  EUR   43.341
Vasakronan AB        2.777    4/12/2039  SEK   71.071
Sanctuary Capital PLC2.481   11/12/2037  GBP   68.340
Specialfastigheter Sv1.180    12/2/2044  SEK   55.341
Nomura Bank Internati1.138   12/19/2039  EUR   55.622
Credit Suisse AG/Lond3.088     8/4/2034  EUR   74.754
Cooperatieve Rabobank1.850    3/29/2049  EUR   60.978
Hema Bondco II BV    8.500    1/15/2023  EUR    0.113
ContourGlobal Power H3.125     1/1/2028  EUR   71.929
Single Platform Inves1.180     4/1/2039  EUR   61.281
Italy Buoni Poliennal0.950     3/1/2037  EUR   61.774
Banco Santander SA   0.010    10/1/2032  EUR   62.154
Kingdom of Belgium Go0.400    6/22/2040  EUR   60.195
Belfius Bank SA      0.125    6/19/2034  EUR   68.182
DZ Bank AG Deutsche Z0.350    2/25/2030  EUR   73.840
Deutsche Wohnen SE   2.500    7/21/2034  EUR   69.375
Norske Skog Holding A8.000    2/24/2021  EUR    0.006
SAir Group           2.750    7/30/2004  CHF   12.375
Credit Agricole SA/Lo1.770    4/26/2035  EUR   68.393
Polyus Finance PLC   5.250     2/7/2023  USD   47.659
Commerzbank AG       1.110    5/28/2029  EUR   73.504
Hell Energy Magyarors2.700   12/18/2029  HUF   53.100
Credit Agricole Corpo1.507    9/15/2030  USD   70.261
Societe Du Grand Pari2.145   11/26/2068  EUR   69.183
Banco Espirito Santo 10.000   12/6/2021  EUR    0.218
Air Berlin Finance BV6.000     3/6/2019  EUR    0.382
Deutsche Bank AG     2.160   12/18/2030  EUR   70.694
KPNQwest NV          10.000   3/15/2012  EUR    0.453
State Savings Bank of10.186   1/19/2024  USD   33.578
Landesbank Baden-Wuer7.830   11/25/2022  EUR   71.180
Kreditanstalt fuer Wi1.171    7/19/2051  EUR   64.018
Corner Banca SA      13.200   11/2/2022  USD   63.900
BNP Paribas SA       1.050    3/29/2036  EUR   61.593
Region de Bruxelles-C1.500     8/2/2038  EUR   73.969
Kingdom of Belgium Go2.750    6/10/2071  USD   67.889
Ville de Paris       1.165     6/9/2053  EUR   54.573
Barclays Bank PLC    3.020    4/23/2036  NZD   66.572
ING Bank NV          2.830    9/28/2051  USD   55.589
Credit Agricole Corpo2.620    1/27/2032  USD   73.033
Societe Nationale SNC2.457   12/23/2050  USD   67.764
Vacse AB             2.067    4/20/2034  SEK   71.671
Sberbank of Russia PJ0.010   11/13/2026  TRY   64.600
Deutsche Pfandbriefba1.340   10/16/2051  EUR   66.012
Nykredit Realkredit A1.182    1/17/2034  EUR   63.325
EnBW International Fi3.080    6/16/2039  EUR   73.924
Grupo Isolux Corsan S6.000   12/30/2021  EUR    0.266
Landesbank Baden-Wuer1.300    6/21/2049  EUR   49.348
BNG Bank NV          0.632    7/12/2066  EUR   44.018
Grand Delta Habitat  1.285    11/6/2040  EUR   48.962
Batigere Grand Est SA2.030    5/29/2070  EUR   56.045
Region Wallonne Belgi1.865    5/10/2051  EUR   66.761
UniCredit Bank AG    6.600    7/20/2028  EUR    3.640
Natixis SA           2.719   10/25/2032  AUD   70.576
HSBC Bank PLC        2.230     9/6/2047  EUR   64.089
Grenke Finance PLC   0.819    2/15/2030  EUR   71.273
Agence Metropolitaine0.651     7/7/2032  EUR   74.991
Libra Internet Bank S4.250    9/28/2028  EUR   69.551
Societe Generale SA  0.432   11/14/2029  EUR   71.479
Landesbank Hessen-Thu8.717    6/17/2031  EUR   74.700
Nationwide Building S1.573     5/7/2041  EUR   72.492
Santander Consumer Ba7.000               NOK   60.664
Duna Aszfalt Ut Es Me2.990   10/17/2029  HUF   68.000
Depfa Funding II LP  6.500               EUR   57.625
DZ HYP AG            1.430   10/26/2046  EUR   66.313
DZ HYP AG            1.300    7/18/2041  EUR   68.413
Agrokor dd Via Aquari4.921     8/8/2017  EUR   14.625
Russian Railways JSC 15.300   9/20/2039  RUB   55.010
Nationwide Building S1.336    2/26/2041  EUR   72.709
Raiffeisenlandesbank 0.998    11/4/2033  EUR   67.334
Bayerische Landesbank0.280    10/9/2030  EUR   73.748
National Treasury Man1.560    2/16/2122  EUR   55.421
Single Platform Inves1.350    1/26/2034  EUR   72.597
Magyar Export-Import 2.500    5/23/2029  HUF   58.312
ING Bank NV          2.760     4/5/2036  USD   67.979
Single Platform Inves2.306    2/15/2044  EUR   69.850
UBS AG/London        7.780   12/27/2023  USD    9.660
Credit Suisse AG/Lond5.200   12/28/2022  USD    9.410
Credit Suisse AG/Lond7.370   12/28/2022  USD    9.180
Purple Protected Asse1.518    1/25/2061  EUR   58.488
National Grid Electri2.037    2/15/2039  EUR   66.439
ASH8 Debt Co UK 1 PLC3.651   12/31/2055  GBP   73.031
Deutsche Pfandbriefba0.475   10/11/2028  EUR   72.085
DZ Bank AG Deutsche Z0.300    2/12/2032  EUR   72.789
Kreditanstalt fuer Wi0.613    6/10/2040  EUR   60.710
Kreditanstalt fuer Wi1.027   10/26/2050  EUR   62.310
UniCredit SpA        5.459    6/30/2035  USD   72.054
Communaute Francaise 1.925    4/18/2059  EUR   65.205
Erdoel-Lagergesellsch1.200     6/4/2043  EUR   65.825
NRW Bank             1.250    5/13/2049  EUR   68.428
Agence Francaise de D2.360   10/17/2044  AUD   57.012
ABN AMRO Bank NV     0.450   12/12/2036  EUR   66.279
Batigere Grand Est SA1.800    8/12/2050  EUR   45.989
Banque et Caisse d'Ep0.900     8/6/2042  EUR   66.568
Societe Generale SA  2.420    5/27/2031  USD   67.473
Norske Skogindustrier7.000   12/30/2026  EUR    0.010
Bankinter SA         1.200     6/5/2035  EUR   73.569
Vasakronan AB        2.084    8/26/2030  AUD   71.133
Standard Chartered Ba0.500    9/11/2040  JPY   65.687
Allgemeine Sparkasse 2.000   10/16/2030  EUR   74.566
Deutsche Bank AG/Lond13.750   6/20/2026  TRY   15.697
HYPO NOE Landesbank f1.605    8/23/2046  EUR   70.424
Sveriges Sakerstallda1.378    7/13/2046  SEK   61.242
Societe Generale SFH 0.650    6/23/2035  EUR   70.348
Deutsche Bank AG     2.010   12/10/2052  EUR   47.003
Penarian Housing Fina3.212     6/7/2052  GBP   66.723
Nordea Bank Abp      7.250    7/20/2023  EUR   77.870
VTB Bank PJSC        5.000               USD   58.000
Single Platform Inves0.880    1/15/2040  EUR   57.354
Credit Suisse AG/Lond9.500    11/4/2022  CHF   35.750
OPUS TIGAZ Gazhalozat2.800    3/24/2031  HUF   70.000
Deutsche Pfandbriefba1.720     3/7/2042  EUR   74.531
United Utilities Wate1.707    10/6/2032  EUR   74.686
Sihltal Zuerich Uetli0.250    4/30/2036  CHF   69.033
Assistance Publique H1.183    4/16/2050  EUR   55.888
Hemso Fastighets AB  2.373    5/26/2031  USD   73.697
AXA Home Loan SFH SA 0.250    5/26/2032  EUR   74.210
Banco Santander SA   0.790    9/30/2031  EUR   69.728
Region de Bruxelles-C1.620     2/8/2044  EUR   69.031
Takarek Mortgage Bank2.600   10/22/2028  HUF   56.850
Landesbank Baden-Wuer6.750   11/25/2022  EUR   35.200
Grenke Finance PLC   2.040    4/16/2029  EUR   67.876
Romania Government Bo2.500   10/25/2027  RON   72.493
Skandinaviska Enskild6.000    7/15/2024  SEK   66.010
Collectivite Europeen0.181    10/9/2032  EUR   73.623
NRW Bank             0.800   10/22/2060  EUR   52.468
Marseille Provence Me1.000    1/15/2038  EUR   69.476
NIBC Bank NV         0.410    1/27/2031  EUR   62.211
DZ Bank AG Deutsche Z1.000    4/25/2033  EUR   74.642
Kreditanstalt fuer Wi0.980    6/28/2051  EUR   62.898
Region Wallonne Belgi2.168    7/26/2047  EUR   72.580
Single Platform Inves1.945    11/3/2035  EUR   74.778
Region de Bruxelles-C1.810    3/22/2053  EUR   67.113
Societe Generale SFH 0.360    9/14/2033  EUR   71.830
Banco Santander SA   2.280    2/28/2039  EUR   67.786
UniCredit SpA        2.360    1/26/2035  EUR   67.321
Commerzbank AG       2.350    2/24/2042  EUR   60.332
Intesa Sanpaolo SpA  0.240    9/10/2028  EUR   74.923
Autostrade per l'Ital3.240    6/10/2034  EUR   69.959
HSBC Continental Euro1.300   10/23/2039  EUR   62.386
Canton of Geneva Swit0.300   11/28/2039  CHF   71.935
Heimstaden Bostad AB 2.800     5/4/2035  EUR   60.932
Landesbank Baden-Wuer0.820    5/27/2032  EUR   66.722
LSF9 Balta Issuer SAR3.000   12/31/2030  EUR   56.842
Kommunekredit        0.100    9/30/2033  DKK   72.327
Norske Skogindustrier7.125   10/15/2033  USD    0.010
Vasakronan AB        3.100     9/9/2039  AUD   61.502
A-TEC Industries AG  5.750    11/2/2010  EUR    0.100
Svensk Exportkredit A0.500    6/20/2029  AUD   72.650
New World Resources N4.000    10/7/2020  EUR    0.312
ABN AMRO Bank NV     2.921    9/21/2026  EUR   50.000
Communaute Francaise 0.584    9/17/2039  EUR   57.831
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   67.690
Regie Autonome des Tr0.640    8/13/2041  EUR   60.919
Deutsche Bank AG     3.275    3/18/2032  USD   72.240
Bank Julius Baer & Co9.300    4/27/2023  USD   57.800
Single Platform Inves1.785    2/15/2041  EUR   68.639
Single Platform Inves1.375    7/25/2053  EUR   52.994
Ville de Paris       2.017    5/25/2052  EUR   70.930
Region Occitanie     0.728   11/16/2037  EUR   65.238
UniCredit Bank AG    5.050   10/28/2022  EUR   71.980
Landesbank Baden-Wuer2.000   11/25/2022  EUR   49.850
Caisse des Depots et 1.552    8/16/2038  EUR   73.813
ING Bank NV          2.250    2/26/2036  USD   63.697
Greenleaves Capital D2.626    6/24/2031  AUD   72.476
Skandinaviska Enskild5.050    1/15/2025  SEK   72.000
Credit Suisse AG/Lond6.200    3/31/2023  USD    8.550
Nederlandse Waterscha1.610    12/4/2052  EUR   73.024
VTB Bank PJSC        0.010   10/25/2024  RUB   74.440
State of North Rhine-2.000    4/16/2038  SEK   73.585
Landesbank Hessen-Thu2.050     4/6/2033  EUR   74.700
BNG Bank NV          1.900    7/11/2058  EUR   70.943
Landeskreditbank Bade1.862     4/6/2062  EUR   70.111
Region de Bruxelles-C1.500    6/22/2070  EUR   57.544
Caisse Francaise de F1.428    2/19/2049  EUR   70.651
Zurcher Kantonalbank 23.000  11/22/2022  CHF   31.770
Credit Suisse AG/Lond1.000    9/24/2035  EUR   59.905
Landesbank Hessen-Thu1.806    5/11/2037  EUR   71.568
Landesbank Hessen-Thu1.300    9/25/2035  EUR   63.600
VTB Bank PJSC        9.700     4/2/2031  RUB   60.000
Societe Generale SA  1.900    1/21/2031  USD   65.457
Landesbank Baden-Wuer0.250    5/27/2037  EUR   61.999
Credit Suisse AG/Lond1.600   11/27/2030  USD   64.536
Ministeries Van de Vl0.600   11/19/2055  EUR   41.153
Credit Agricole Corpo5.400    1/31/2028  BRL   74.731
Societe Generale SA  1.900    1/15/2031  AUD   64.455
Brussels Municipaliti0.336   12/15/2035  EUR   66.566
Communaute Francaise 0.749    9/16/2080  EUR   46.888
Societe Generale SA  2.360    5/25/2031  USD   67.115
EFG International Fin13.000  11/14/2022  CHF   28.550
DZ Bank AG Deutsche Z0.625    7/24/2031  EUR   70.630
Aareal Bank AG       1.576    2/23/2032  EUR   63.028
Societe Generale SA  2.630     3/2/2036  USD   55.226
Prosus NV            1.288    7/13/2029  EUR   70.313
Single Platform Inves0.810     4/1/2042  EUR   52.048
Societe Generale SA  3.310   11/29/2033  AUD   67.243
Caisse Francaise de F0.726   10/29/2039  EUR   64.828
Ukraine Government In10.000   8/23/2023  UAH   59.000
Republic of Ireland I0.740    9/22/2078  EUR   39.767
Premium Green PLC    2.325    7/25/2040  EUR   73.932
RENE LEZARD Mode GmbH7.250   11/25/2017  EUR    0.500
Aareal Bank AG       1.741    1/12/2045  EUR   60.406
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   67.690
State of Brandenburg 0.750     8/8/2036  EUR   71.726
O1 Properties Finance0.500    9/27/2028  USD    5.224
Kuntarahoitus Oyj    1.200    7/21/2061  EUR   62.006
DZ Bank AG Deutsche Z1.370   12/28/2029  EUR   71.010
Region de Bruxelles-C1.286   12/17/2046  EUR   61.444
Landeskreditbank Bade0.547    2/18/2041  EUR   60.865
Single Platform Inves1.831   11/30/2036  EUR   72.582
Single Platform Inves1.103    5/25/2052  EUR   47.954
Department of Gironde0.846    4/29/2039  EUR   64.728
Department of Gironde0.765    4/29/2036  EUR   70.070
Hungary Government Bo4.000    4/28/2051  HUF   47.453
DekaBank Deutsche Gir0.230    4/22/2031  EUR   72.589
Landwirtschaftliche R0.210    9/30/2033  EUR   72.372
Wirtschafts- und Infr0.500    8/28/2046  EUR   55.922
Societe Du Grand Pari1.149     4/8/2069  EUR   46.128
Region Wallonne Belgi1.250    4/30/2055  EUR   52.441
Credit Suisse AG/Lond4.000   12/30/2025  EUR   72.420
Landesbank Baden-Wuer5.300    2/13/2034  AUD   71.152
Lloyds Bank PLC      2.450     2/1/2049  EUR   72.613
Hungary Government In2.125    9/22/2031  USD   66.873
Kreditanstalt fuer Wi0.220    9/27/2033  EUR   72.742
Raiffeisenlandesbank 0.658    9/29/2031  EUR   69.640
Communaute Francaise 1.397    7/18/2059  EUR   58.313
Region Wallonne Belgi0.250   12/29/2036  EUR   62.194
Banco Santander SA   1.600    6/12/2032  EUR   70.999
Societe Wallonne de F0.624    6/22/2030  EUR   73.322
Deutsche Pfandbriefba0.200    12/1/2027  EUR   74.893
Communaute Francaise 1.787    6/14/2044  EUR   68.139
Hypo Tirol Bank AG   0.550    1/27/2031  EUR   69.393
Commerzbank AG       2.565    5/15/2043  EUR   59.608
Takarek Mortgage Bank1.750   12/22/2026  HUF   61.600
Takarek Mortgage Bank3.000    1/28/2036  HUF   40.900
Credit Agricole SA   3.000    1/28/2041  AUD   49.482
United Kingdom Gilt  1.750     9/7/2037  GBP   72.143
Agence France Locale 0.550    6/20/2040  EUR   62.839
Ukraine Government In9.990    5/22/2024  UAH   59.000
Department of Bouches1.068    5/21/2048  EUR   55.868
Raiffeisen Switzerlan7.050    5/23/2023  CHF   66.710
Republic of Ireland I0.995    2/24/2121  EUR   37.465
NRW Bank             0.185    8/17/2033  EUR   71.685
Alfa Bank AO Via Alfa5.900               USD    5.355
Ville de Paris       2.100   10/23/2045  EUR   74.907
International Finance0.500    6/29/2027  ZAR   63.808
Skandinaviska Enskild9.600    1/15/2024  SEK   72.620
Officine Maccaferri-S5.750     6/1/2021  EUR   16.598
Virgolino de Oliveira10.875   1/13/2020  USD   36.000
Muenchener Hypotheken0.250   10/31/2044  CHF   62.565
SNCF Reseau          2.777    7/29/2115  EUR   72.175
Canton of Geneva Swit0.250    6/15/2040  CHF   70.441
Landesbank Baden-Wuer0.760    6/15/2032  EUR   66.106
Aareal Bank AG       0.625    9/16/2030  EUR   61.908
Novolipetsk Steel Via4.500    6/15/2023  USD   57.905
Getin Noble Bank SA  11.750   5/31/2023  PLN   36.965
Telia Co AB          3.000    9/25/2064  EUR   72.020
Northland Resources A4.000   10/15/2020  USD    0.271
Landesbank Baden-Wuer1.500    4/24/2039  EUR   63.240
State of Bremen      0.936    9/28/2046  EUR   61.521
Caisse des Depots et 1.270    10/1/2051  EUR   66.563
Romanian Government I2.875    4/13/2042  EUR   49.052
Berlin Hyp AG        0.625    6/30/2031  EUR   69.709
Norddeutsche Landesba1.090   11/15/2043  EUR   63.885
Department of Loiret 0.915   11/23/2043  EUR   58.538
United Kingdom Gilt  0.875    7/31/2033  GBP   71.505
Grand Delta Habitat  1.425    2/26/2048  EUR   43.304
Single Platform Inves1.830    11/5/2040  EUR   67.048
Kuntarahoitus Oyj    1.300     4/8/2061  EUR   63.296
Landeskreditbank Bade1.236    5/22/2045  EUR   65.717
Nordea Bank Abp      6.060    7/20/2023  SEK   71.050
Specialfastigheter Sv2.205   10/11/2038  SEK   73.374
Agence France Locale 2.550    3/20/2036  AUD   67.594
ING Bank NV          0.335    4/21/2036  EUR   65.002
Societe Generale SA  8.000     5/3/2023  USD   71.075
Purple Protected Asse2.100    4/15/2060  EUR   57.236
BNP Paribas SA       2.800    1/18/2049  EUR   69.844
Republic of Austria G0.750    3/20/2051  EUR   54.762
Credit Agricole Corpo1.050    4/15/2032  EUR   73.001
BNP Paribas SA       2.400    6/14/2048  EUR   74.073
Kuntarahoitus Oyj    0.450   10/18/2033  EUR   74.226
Skandinaviska Enskild9.500    7/17/2023  SEK   53.960
Grand City Properties2.600    2/25/2034  EUR   59.531
BNP Paribas SA       2.300    9/17/2027  PLN   69.991
BNG Bank NV          0.772     8/5/2050  EUR   51.629
Region Bretagne SCI  0.700    12/2/2038  EUR   63.730
Ville de Paris       0.760    5/25/2066  EUR   38.905
United Utilities Wate0.379    12/9/2036  GBP   69.093
Raiffeisenlandesbank 1.174    7/11/2034  EUR   66.988
Kreditanstalt fuer Wi0.945   12/17/2040  EUR   69.006
Communaute Francaise 1.363    4/16/2040  EUR   66.511
Muenchener Hypotheken0.125   11/19/2030  EUR   70.787
Deutsche Pfandbriefba0.640    9/10/2030  EUR   64.230
Single Platform Inves0.780     4/1/2042  EUR   51.684
Bayerische Landesbank3.180    2/16/2038  EUR   71.518
NRW Bank             1.182     8/7/2050  EUR   63.298
Societe Generale SA  2.200   12/17/2040  USD   54.647
Aareal Bank AG       0.300   12/11/2030  EUR   58.780
Purple Protected Asse1.598     2/5/2061  EUR   59.437
Nomura Bank Internati2.061    3/22/2034  EUR   72.793
Autonomous Community 1.744     7/1/2061  EUR   52.521
4iG Nyrt             2.900    3/29/2031  HUF   57.040
Hypo Vorarlberg Bank 0.920     7/8/2036  EUR   61.487
TBI Bank EAD         5.250    7/30/2031  EUR   52.241
Deutsche Wohnen SE   1.250    7/31/2031  EUR   69.351
Batigere Grand Est SA1.610   10/23/2040  EUR   51.299
Decipher Production L12.500   9/27/2019  USD    1.500
Republic of Poland Go1.250   10/25/2030  PLN   58.124
DZ Bank AG Deutsche Z2.240    8/22/2034  USD   68.701
Autonomous Community 1.900    5/24/2039  EUR   73.406
United Kingdom Gilt  0.500   10/22/2061  GBP   35.062
Skandinaviska Enskild7.600    1/15/2024  SEK   57.580
Region Wallonne Belgi1.225     9/2/2120  EUR   38.790
Hemso Fastighets AB  2.615   11/30/2043  EUR   59.317
SNCF Reseau          1.100   10/27/2036  EUR   72.740
Ireland Government Bo1.500    5/15/2050  EUR   67.190
BPCE SFH SA          1.420    3/30/2039  EUR   72.862
Communaute Francaise 1.000    10/8/2069  EUR   44.044
Heta Asset Resolution1.490   12/31/2023  EUR    0.553
Pfandbriefbank schwei0.250    5/17/2040  CHF   70.228
Credit Suisse AG/Lond13.500  10/24/2022  USD   38.290
Batigere Grand Est SA1.500   12/15/2051  EUR   42.505
NIBC Bank NV         0.660    7/14/2031  EUR   62.450
Autonomous Community 1.646    7/30/2060  EUR   51.097
Citigroup Global Mark6.000     1/4/2034  EUR   67.740
Credit Suisse AG/Lond14.000   4/11/2023  EUR   70.350
Landesbank Baden-Wuer4.700    5/26/2023  EUR   54.420
Credit Suisse AG/Lond8.000    11/1/2022  EUR   45.690
Societe Generale SA  1.230    1/30/2035  EUR   68.325
DekaBank Deutsche Gir2.620    12/9/2022  EUR   69.070
Credit Suisse AG/Lond13.750   4/13/2023  USD   50.550
Barclays Bank PLC    1.750    6/22/2029  USD   72.798
Societe Generale SA  2.700    3/25/2036  USD   55.645
Societe Generale SFH 0.570    3/15/2036  EUR   68.452
Credit Industriel Et 1.170    1/28/2037  EUR   60.005
Landesbank Baden-Wuer0.905     4/1/2041  EUR   50.753
Landesbank Hessen-Thu1.850   11/16/2033  EUR   73.200
Kreditanstalt fuer Wi1.000    4/27/2041  EUR   67.421
Single Platform Inves1.370    7/25/2053  EUR   52.911
Rikshem AB           3.250    5/31/2041  AUD   61.739
HSE Finance Sarl     6.071   10/15/2026  EUR   61.864
DekaBank Deutsche Gir4.810   12/23/2022  EUR   43.530
Credit Suisse AG/Lond8.000    11/4/2022  USD   66.870
Communaute Francaise 1.617     2/7/2039  EUR   70.928
City of Amsterdam Net1.359    2/26/2044  EUR   71.402
BPCE SFH SA          1.500     2/7/2039  EUR   74.240
Swedbank AB          0.350    9/22/2031  EUR   70.549
Hypo Vorarlberg Bank 1.022    7/31/2034  EUR   65.709
Hemso Fastighets AB  0.473    2/18/2030  EUR   66.961
Banque Federative du 1.590     2/5/2031  USD   67.224
Caisse des Depots et 0.642    2/12/2041  EUR   62.978
UniCredit SpA        1.490   10/23/2035  EUR   58.494
Serbia International 1.500    6/26/2029  EUR   65.902
LFA Foerderbank Bayer0.050    9/29/2034  EUR   68.163
Region Wallonne Belgi0.050   10/26/2032  EUR   70.105
French Republic Gover0.500    5/25/2072  EUR   36.909
Republic of Austria G0.850    6/30/2120  EUR   39.204
Landesbank Hessen-Thu0.350    1/20/2031  EUR   72.634
Purple Protected Asse1.580    5/25/2060  EUR   53.970
Grand Delta Habitat  1.500     6/2/2045  EUR   45.548
SG Issuer SA         6.130    1/20/2024  SEK   51.000
Single Platform Inves0.887    9/20/2039  EUR   57.827
State of Brandenburg 0.300   11/17/2045  EUR   53.414
Kingdom of Belgium Go0.675     7/7/2080  EUR   34.389
Hypo Vorarlberg Bank 1.520     7/8/2050  EUR   56.396
Swedbank AB          2.070     9/9/2031  AUD   73.962
Caisse des Depots et 0.750    11/6/2048  EUR   58.631
Kreditanstalt fuer Wi0.699   10/20/2036  EUR   71.718
Communaute Francaise 1.380    11/7/2046  EUR   61.224
Land Berlin          0.050     8/6/2040  EUR   56.670
GSP-Finance LLC/Russi9.430    3/27/2028  RUB   70.000
Region de Bruxelles-C0.500    6/22/2040  EUR   58.695
Societe Generale SA  2.060    3/12/2031  USD   65.952
Italy Buoni Poliennal0.150    5/15/2051  EUR   57.658
Landesbank Baden-Wuer0.600     3/5/2036  EUR   54.804
Nationwide Building S0.750     5/8/2035  EUR   70.439
Willhem AB           1.824   10/18/2038  SEK   61.590
Hemso Fastighets AB  1.130   10/31/2039  EUR   64.588
Aktia Bank Oyj       0.800    2/26/2036  EUR   64.644
Befimmo SA           2.050     9/4/2035  EUR   71.664
Sidetur Finance BV   10.000   4/20/2016  USD    0.770
Caisse des Depots et 1.075    9/15/2050  EUR   63.748
Commerzbank AG       1.400    7/21/2031  EUR   69.546
Svensk Exportkredit A0.500    8/29/2029  AUD   71.859
Heta Asset Resolution7.500   12/31/2023  ATS    0.572
BNP Paribas SA       1.395    2/12/2035  EUR   72.308
State of Saarland    1.108    5/18/2046  EUR   66.616
COFIDUR SA           0.100   12/31/2024  EUR   25.050
Department of Val d'O0.207   10/10/2032  EUR   73.832
UBS AG/London        9.250     3/9/2023  USD   69.200
Bank Julius Baer & Co12.000  10/27/2022  CHF   65.400
Austrian Anadi Bank A6.000    7/19/2032  EUR   70.184
BNP Paribas SA       1.450   11/17/2041  EUR   59.394
Norddeutsche Landesba0.900     7/5/2033  EUR   67.785
Credit Suisse AG/Lond8.000   11/29/2022  EUR   45.710
Deutsche Bank AG     0.500    9/16/2031  EUR   69.602
Muenchener Hypotheken1.640     8/8/2033  EUR   74.294
Swedbank Hypotek AB  1.490    8/15/2038  EUR   74.464
Romanian Government I3.750     2/7/2034  EUR   67.324
Single Platform Inves1.850    11/5/2040  EUR   66.116
Muenchener Hypotheken0.145    2/26/2031  EUR   70.063
Single Platform Inves1.715     2/6/2037  EUR   71.094
Kommunekredit        0.342     9/1/2042  EUR   58.358
Santander Internation1.150     4/8/2041  EUR   53.707
Region Bourgogne-Fran0.799     5/6/2041  EUR   60.617
Credit Bank of Moscow7.625               USD   14.660
DZ Bank AG Deutsche Z1.000    1/13/2032  EUR   72.072
BNP Paribas SA       2.100    1/24/2039  EUR   73.298
State of North Rhine-0.463     8/1/2033  EUR   73.970
National Grid Electri0.010    3/26/2036  GBP   72.382
VTB Bank PJSC        10.000              RUB   69.000
SG Issuer SA         14.280   4/13/2023  CHF   64.550
Landesbank Hessen-Thu1.350    5/15/2034  EUR   68.893
Bayerische Landesbode0.700    6/12/2037  EUR   68.959
BKS Bank AG          2.165    6/21/2039  EUR   69.378
Oberoesterreichische 0.705    1/29/2036  EUR   59.799
Credit Agricole Corpo0.100   10/21/2030  EUR   69.346
Agence Metropolitaine0.800     7/1/2040  EUR   62.062
Societe Wallonne de F0.883   11/21/2044  EUR   56.978
Credit Agricole Corpo1.810    1/27/2031  USD   70.709
Wirtschafts- und Infr0.192    1/28/2042  EUR   55.853
Caisse des Depots et 0.913   11/20/2050  EUR   60.175
Credit Mutuel Arkea S2.635    3/25/2039  EUR   73.620
Danske Bank A/S      1.490    2/15/2038  EUR   74.494
Takarek Mortgage Bank3.000    8/21/2030  HUF   52.050
State of North Rhine-0.950    1/10/2121  EUR   37.506
Banque et Caisse d'Ep1.230    4/26/2046  EUR   69.330
Region de Bruxelles-C1.036    6/29/2049  EUR   55.126
Takarek Mortgage Bank5.750    5/27/2032  HUF   62.450
Kuntarahoitus Oyj    1.400     3/5/2061  EUR   66.152
Single Platform Inves1.000   10/31/2040  EUR   56.668
Citigroup Global Mark1.000    3/19/2041  EUR   52.929
BPCE SA              0.554   12/16/2030  EUR   73.934
Societe Generale Effe4.000   11/22/2022  USD   54.050
State of Saxony-Anhal2.562     7/3/2028  EUR   60.000
Hypo Vorarlberg Bank 1.020    1/17/2035  EUR   64.526
LeasePlan Corp NV    1.830     5/6/2030  EUR   74.798
Tonon Luxembourg SA  12.500   5/14/2024  USD    0.399
Department of Bouches0.810   12/16/2041  EUR   59.777
Single Platform Inves0.695    6/25/2039  EUR   55.545
BNP Paribas SA       1.125    11/5/2034  EUR   63.667
Batigere Grand Est SA1.600   11/14/2039  EUR   53.462
Phosphorus Holdco PLC10.000    4/1/2019  GBP    1.321
Vasakronan AB        2.162     5/4/2040  SEK   63.769
Netherlands Governmen0.500    1/15/2040  EUR   67.538
Societe Generale SA  3.820    4/26/2039  AUD   62.303
Purple Protected Asse2.085   10/27/2060  EUR   61.559
Kingdom of Belgium Go0.558    9/24/2077  EUR   32.510
Bayerische Landesbank2.020   10/14/2030  EUR   74.674
Royalty Pharma PLC   2.200     9/2/2030  USD   74.811
State of Rhineland-Pa0.600   10/24/2046  EUR   57.765
Region of Centre-Val 0.712    12/3/2039  EUR   61.987
Wofin Wohnungsfinanzi2.200   10/22/2035  EUR   70.890
Deutsche Bank AG     1.725    1/16/2045  EUR   42.468
Windreich GmbH       6.250     3/1/2015  EUR    4.475
Turkey Government Int4.875    4/16/2043  USD   55.030
BNP Paribas Issuance 1.560     2/2/2039  EUR   44.560
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   64.617
Heta Asset Resolution5.730   12/31/2023  EUR    0.553
Elenia Verkko Oyj    2.170    8/26/2034  EUR   73.902
UniCredit Bank AG    15.050   4/28/2023  EUR   44.880
Single Platform Inves1.250   10/18/2035  EUR   67.922
Banco Santander SA   0.020    7/23/2031  EUR   73.211
Credit Suisse AG/Lond7.500   10/24/2022  CHF   60.250
UBS AG/London        9.000    3/18/2024  CHF   71.500
Skandinaviska Enskild4.620    7/15/2026  SEK   72.460
Single Platform Inves0.800     4/7/2042  EUR   51.915
Commerzbank AG       1.155    3/16/2038  EUR   73.455
Credit Suisse AG/Lond6.550   11/30/2022  USD    9.550
Befimmo SA           1.269    2/24/2031  EUR   74.939
Landesbank Hessen-Thu0.900    5/12/2036  EUR   60.566
Credit Agricole Corpo11.190   3/12/2027  TRY   48.767
Spain Government Bond1.450   10/31/2071  EUR   45.470
Leonteq Securities AG30.000  11/15/2022  CHF   23.160
NIBC Bank NV         2.105   10/10/2033  EUR   65.357
Hemso Fastighets AB  2.975   10/25/2038  SEK   72.595
Landesbank Hessen-Thu0.750     4/9/2035  EUR   61.277
Sparekassen Bredebro 3.750    4/15/2031  DKK   67.876
Cyprus Government Int0.950    1/20/2032  EUR   74.848
PKO Bank Hipoteczny S3.488    8/24/2028  PLN   71.904
Kommunekredit        1.062     9/9/2041  EUR   69.108
Landesbank Hessen-Thu1.300    4/30/2035  EUR   66.179
Single Platform Inves2.240     4/5/2039  EUR   72.200
HSBC Continental Euro2.200    2/19/2049  EUR   68.848
Landesbank Baden-Wuer0.590    12/7/2035  EUR   56.653
Hamburger Sparkasse A1.530    1/12/2033  EUR   71.828
Banque Federative du 2.460     6/7/2032  AUD   70.146
Kreditanstalt fuer Wi0.826   10/22/2041  EUR   66.965
BNP Paribas SA       1.625     7/2/2031  EUR   71.822
BPCE SA              1.850     2/8/2036  EUR   71.863
DNB Boligkreditt AS  1.530   12/21/2043  EUR   69.337
State of Lower Austri0.080    9/22/2031  EUR   74.426
Malta Government Bond1.000    8/23/2035  EUR   69.590
Banque Internationale0.675   10/29/2030  EUR   71.364
Basque Government    2.350    4/11/2049  EUR   72.238
Agence Francaise de D0.537    7/16/2040  EUR   62.744
Natixis SA           2.150   10/23/2035  USD   61.088
Landesbank Hessen-Thu0.600   10/27/2034  EUR   61.234
HSBC Bank PLC        2.130   11/30/2036  EUR   71.566
Credit Suisse AG/Lond10.000   6/16/2023  CHF   62.110
Italy Buoni Poliennal0.600     8/1/2031  EUR   71.986
Kreditanstalt fuer Wi1.000   10/20/2050  EUR   61.888
Barclays Bank PLC    2.500   12/29/2032  USD   72.002
Republic of Ireland I1.320   11/28/2119  EUR   37.727
SNCF Reseau          2.029    1/22/2048  EUR   70.993
Credito Padano Banca 3.100               EUR   34.195
Deutsche Bank AG     3.050     3/3/2032  USD   71.398
Societe Generale SA  12.000   7/14/2026  USD   24.980
Aralco Finance SA    10.125    5/7/2020  USD    3.060
Nederlandse Waterscha0.448    10/8/2040  EUR   61.004
Cie de Saint-Gobain  1.875     5/3/2035  EUR   71.368
HSBC Continental Euro1.385   11/18/2039  EUR   63.437
UBS AG/London        0.904   11/23/2025  EUR   58.500
Landesbank Hessen-Thu0.550    8/28/2034  EUR   65.700
Espirito Santo Financ2.981   10/27/2024  EUR    1.438
Bulgaria Government I0.375    9/23/2030  EUR   66.935
Ville de Paris       0.963     6/8/2050  EUR   53.961
Phones4u Finance PLC 9.500     4/1/2018  GBP   74.432
Virgolino de Oliveira11.750    2/9/2022  USD    0.498
State of Saxony-Anhal1.223     5/4/2046  EUR   65.463
Fluxys Finance SA    3.080   12/11/2045  EUR   74.399
HSBC Bank PLC        0.500   11/25/2025  BRL   69.862
DekaBank Deutsche Gir1.360    8/25/2033  EUR   69.398
Cooperatieve Rabobank1.300    3/28/2039  EUR   73.340
DZ Bank AG Deutsche Z1.300   12/29/2031  EUR   71.260
Single Platform Inves1.233    6/25/2044  EUR   58.357
SG Issuer SA         14.300  12/23/2022  USD   61.700
Mediobanca Banca di C2.050   12/23/2029  USD   73.523
Citigroup Global Mark7.400    3/15/2032  EUR   71.310
Nordea Bank Abp      2.500    1/20/2027  SEK   74.000
Nomura Bank Internati9.260    1/10/2027  USD   66.260
Ville de Marseille   1.079   11/19/2046  EUR   58.910
EFG International Fin19.000  11/10/2022  CHF   21.100
Single Platform Inves0.740     4/1/2042  EUR   51.931
Kreditanstalt fuer Wi1.208    3/10/2051  EUR   66.948
Region de Bruxelles-C0.650    2/15/2061  EUR   40.047
Kreditanstalt fuer Wi0.680    2/23/2051  EUR   60.634
Single Platform Inves1.920    11/5/2040  EUR   67.455
Kopaszi Gat Kft      5.750    1/31/2032  HUF   67.550
Landwirtschaftliche R0.984     2/4/2042  EUR   68.693
Landesbank Hessen-Thu1.000     3/9/2037  EUR   61.100
Assistance Publique H0.800    3/23/2046  EUR   54.028
DZ Bank AG Deutsche Z0.420    2/17/2033  EUR   71.043
Credit Suisse AG/Lond15.250   1/20/2023  USD   19.120
Landesbank Baden-Wuer0.780    4/21/2036  EUR   56.381
Societe Generale SA  3.100    4/22/2036  AUD   60.579
Landeskreditbank Bade0.842     5/3/2041  EUR   66.195
Ebis OOO             12.000    4/9/2024  RUB    6.610
Oberbank AG          2.280    6/22/2038  EUR   70.606
BNG Bank NV          2.000     9/5/2058  EUR   72.970
Region de Bruxelles-C0.930     5/3/2051  EUR   52.137
Kreditanstalt fuer Wi0.953    1/24/2042  EUR   68.584
Credit Suisse AG/Lond16.000  12/29/2022  CHF   47.980
Basque Government    1.750    4/22/2050  EUR   60.580
BNG Bank NV          1.790    1/21/2049  EUR   72.817
Kalita OOO           15.000   9/12/2023  RUB    3.580
Region de Bruxelles-C1.506    2/21/2039  EUR   73.349
Cooperatieve Rabobank2.090   12/27/2047  EUR   64.970
Landesbank Hessen-Thu1.340     6/4/2042  EUR   61.859
Single Platform Inves3.770     3/3/2046  AUD   68.608
Hypo Vorarlberg Bank 6.125               EUR   72.500
ENEL RUSSIA PJSC     8.600   12/15/2022  RUB   61.010
Abengoa Abenewco 1 SA6.000    6/10/2022  EUR    0.374
Kuntarahoitus Oyj    0.815    2/24/2061  EUR   55.303
Berfest Investments S2.223    6/27/2038  EUR   72.829
Nederlandse Waterscha0.230   10/22/2035  EUR   66.800
Societe Wallonne de F0.948   10/23/2051  EUR   45.908
Deutsche Bank AG/Lond14.900   5/30/2028  TRY   50.209
Barclays Bank PLC    1.382   11/27/2045  EUR   61.947
Region Bourgogne-Fran0.300    12/3/2040  EUR   54.866
Landesbank Saar      0.500   12/12/2031  EUR   71.318
Deutsche Apotheker-un1.090   12/16/2039  EUR   55.554
DZ Bank AG Deutsche Z0.710   10/20/2031  EUR   70.914
ING Bank NV          2.550   10/15/2031  AUD   72.823
Credit Agricole Corpo1.750   11/29/2032  EUR   74.837
Kommunalkredit Austri1.055    10/6/2031  EUR   67.976
Societe Generale SA  3.640    6/29/2037  USD   60.647
Landesbank Baden-Wuer0.520     3/6/2034  EUR   58.992
Single Platform Inves1.130     5/1/2030  EUR   72.737
Aktia Bank Oyj       0.850   12/21/2040  EUR   57.793
SAG Solarstrom AG    6.250   12/14/2015  EUR   31.000
Berlin Hyp AG        0.130    9/29/2032  EUR   71.855
BPCE SA              1.980    10/6/2030  AUD   66.485
Banque Internationale1.010   12/12/2039  EUR   58.357
Region de Bruxelles-C0.283   10/24/2033  EUR   71.420
Baromfi-Coop Termelo 3.000    5/19/2028  HUF   56.100
Agence France Locale 0.210   12/20/2035  EUR   66.643
LR Realkredit AS     0.500    10/1/2050  DKK   64.000
Magyar Export-Import 1.000    12/4/2024  HUF   74.271
Norddeutsche Landesba0.700   10/21/2030  EUR   73.696
Lehman Brothers Treas6.650    8/24/2011  AUD    0.100
Resa SA/Belgium      1.950    7/22/2036  EUR   50.010
Kuntarahoitus Oyj    0.500    7/30/2029  AUD   72.318
Deutsche Pfandbriefba0.857    9/18/2037  EUR   44.164
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   67.690
UniCredit Bank AG    1.300    9/19/2031  EUR   73.158
Single Platform Inves1.842    2/15/2044  EUR   65.052
Single Platform Inves1.390    6/25/2044  EUR   57.194
Credit Suisse AG/Lond7.000   10/26/2022  CHF   58.610
Municipality of Leval0.750   11/17/2036  EUR   70.076
NIBC Bank NV         0.460    7/19/2029  EUR   69.178
Credit Suisse AG/Lond7.500   11/28/2022  CHF   71.070
Single Platform Inves1.250    8/15/2051  EUR   51.749
Single Platform Inves1.785    7/30/2042  EUR   64.805
Landwirtschaftliche R1.365    3/10/2042  EUR   73.994
DZ Bank AG Deutsche Z6.500    2/24/2023  EUR   71.820
Credit Suisse AG/Lond9.250    5/25/2023  CHF   67.800
Ukraine Government In9.840    2/15/2023  UAH   59.000
Credit Agricole Corpo1.850    3/25/2030  USD   73.823
DekaBank Deutsche Gir3.190   10/26/2022  EUR   41.350
Danske Bank A/S      2.091     8/7/2032  EUR   74.278
ING Bank NV          2.400    6/18/2031  USD   74.989
Landesbank Baden-Wuer0.770    6/23/2036  EUR   56.119
Barclays Bank PLC    2.680    4/14/2031  AUD   72.505
VTB Bank PJSC        3.750               EUR   50.000
State of Lower Austri0.585   10/11/2049  EUR   49.593
BNG Bank NV          2.280   10/17/2048  SEK   72.162
Caisse des Depots et 1.140    2/25/2037  EUR   74.490
Region Auvergne-Rhone0.543    9/28/2036  EUR   66.394
United Utilities Wate0.387    10/5/2057  GBP   63.095
Purple Protected Asse1.565   12/23/2060  EUR   55.274
Republic of Austria G0.700    4/20/2071  EUR   40.443
Italy Buoni Poliennal2.150     3/1/2072  EUR   55.297
Luzerner Kantonalbank5.000    6/28/2023  CHF   63.380
DZ Bank AG Deutsche Z1.000    1/12/2032  EUR   72.112
State of North Rhine-0.463     8/8/2033  EUR   73.826
UBS AG/London        10.250   5/30/2023  CHF   39.000
United Utilities Wate1.653    12/6/2032  EUR   73.821
Single Platform Inves1.715    2/15/2041  EUR   67.192
DNB Boligkreditt AS  1.480   12/22/2042  EUR   69.300
Caisse des Depots et 1.780    1/15/2048  EUR   71.014
Standard Chartered Ba2.300    6/15/2031  USD   74.362
Single Platform Inves2.386    5/25/2053  EUR   68.425
BPCE SA              2.160    10/6/2031  USD   65.858
Kingdom of Belgium Go1.700    6/22/2050  EUR   69.534
BPCE SA              4.182    1/31/2034  USD   73.814
Russian Foreign Bond 5.100    3/28/2035  USD   42.569
Region Auvergne-Rhone1.150     4/8/2039  EUR   68.515
Bayerische Landesbank0.400    7/15/2031  EUR   73.164
BNP Paribas SA       1.660     3/4/2031  USD   64.635
Romanian Government I4.000    2/14/2051  USD   53.527
Bayerische Landesbank0.800   10/16/2036  EUR   64.363
Landeskreditbank Bade0.170   12/10/2035  EUR   66.255
Republic of Ireland I1.230     6/1/2120  EUR   44.763
Department of Gironde0.650   12/17/2038  EUR   63.053
Ministeries Van de Vl1.095     6/3/2055  EUR   50.664
Landesbank Baden-Wuer0.361    11/6/2029  EUR   72.832
Credit Agricole Corpo1.900    1/15/2031  AUD   72.241
Region de Bruxelles-C0.620    11/4/2044  EUR   53.571
Nationale-Nederlanden1.400    3/18/2039  EUR   73.448
BNG Bank NV          1.040   11/28/2047  EUR   61.288
Republic of Ireland I1.250    10/8/2121  EUR   45.547
Kreditanstalt fuer Wi0.816   12/19/2050  EUR   59.345
DekaBank Deutsche Gir2.200    3/24/2023  EUR   63.180
Rosselkhozbank JSC   0.010   12/24/2023  RUB   65.010
Landesbank Baden-Wuer0.740     6/2/2036  EUR   55.885
Nederlandse Waterscha1.003    6/24/2031  GBP   74.132
Bank fuer Kirche und 0.450     7/1/2031  EUR   72.335
Landesbank Baden-Wuer1.585    2/22/2034  EUR   68.117
Bayerische Landesbank1.850     3/5/2031  EUR   72.581
Vasakronan AB        2.400    2/25/2033  NOK   71.976
Kreditanstalt fuer Wi1.267    3/22/2051  EUR   67.843
NRW Bank             0.200     3/1/2034  EUR   70.479
NRW Bank             1.180     3/3/2051  EUR   66.612
SNCF Reseau          2.303    7/11/2067  EUR   66.572
DekaBank Deutsche Gir5.480   12/23/2022  EUR   60.830
Deutsche Wohnen SE   2.125    9/26/2033  EUR   66.135
Landesbank Hessen-Thu0.700    9/25/2034  EUR   62.153
Bibby Offshore Servic7.500    6/15/2021  GBP   11.625
Landesbank Baden-Wuer0.625   10/17/2029  EUR   74.558
Landesbank Baden-Wuer0.327     5/7/2038  EUR   61.345
Landesbank Hessen-Thu1.200    5/17/2034  EUR   68.900
Raiffeisen Bank Inter0.290   11/11/2030  EUR   67.356
Bayerische Landesbank0.900   11/29/2035  EUR   66.581
Landesbank Hessen-Thu1.010   10/31/2031  EUR   72.459
Deutsche Bahn Finance2.005     6/7/2039  SEK   70.466
Landesbank Hessen-Thu0.500   10/23/2030  EUR   72.745
Landesbank Baden-Wuer0.690    10/8/2035  EUR   56.146
Heta Asset Resolution2.262   12/31/2023  EUR    0.550
Norske Skogindustrier7.125   10/15/2033  USD    0.010
Raiffeisen Bank Inter0.430     9/9/2030  EUR   68.899
Landesbank Hessen-Thu0.750   10/21/2033  EUR   65.294
TKK OOO              12.000   9/20/2046  RUB   60.100
Kreditanstalt fuer Wi2.820    11/8/2046  USD   72.354
Raiffeisen-Landesbank2.010    12/7/2048  EUR   73.429
BNP Paribas SA       0.624    9/11/2029  EUR   73.159
Landeskreditbank Bade0.812   12/16/2060  EUR   51.681
Landesbank Hessen-Thu8.717     7/7/2031  EUR   74.900
Rio Forte Investments3.900    7/10/2014  USD    4.135
Aktia Bank Oyj       0.990    1/15/2035  EUR   67.966
SNCF Reseau          2.622    9/24/2049  USD   65.186
Caisse Francaise de F1.110    9/21/2046  EUR   63.225
DZ Bank AG Deutsche Z9.250    4/28/2023  EUR   41.670
Credit Suisse AG/Lond9.000    7/11/2023  USD   73.440
Caisse Francaise de F0.865    2/17/2042  EUR   64.750
Credit Suisse AG/Lond7.500     1/5/2023  CHF   53.500
UBS AG/London        10.250    4/6/2023  USD   50.850
Luzerner Kantonalbank8.400   12/27/2022  USD   64.440
Hypo Tirol Bank AG   0.670    7/21/2031  EUR   69.382
BNP Paribas Issuance 2.600    1/23/2024  EUR   65.750
DZ Bank AG Deutsche Z2.150   12/23/2022  EUR   54.970
Assistance Publique H0.750    12/3/2041  EUR   60.422
BPCE SA              2.255    3/12/2040  AUD   47.066
UBS AG/London        5.250   12/16/2022  CHF   73.000
DZ Bank AG Deutsche Z5.500    6/23/2023  EUR   60.440
DZ HYP AG            1.965    7/19/2058  EUR   74.102
Landesbank Baden-Wuer3.200    1/27/2023  EUR   53.560
ING Bank NV          2.410    3/16/2031  AUD   73.040
Aktia Bank Oyj       0.550    3/17/2031  EUR   72.541
Portugal Obrigacoes d1.000    4/12/2052  EUR   49.499
ING Bank NV          1.770    2/17/2031  USD   71.813
BPCE SA              3.000   11/18/2036  AUD   59.417
Raiffeisen-Landesbank0.665    2/11/2030  EUR   74.192
Akademiska Hus AB    1.252    2/13/2043  SEK   58.917
UBS AG/London        20.500    6/8/2023  USD   68.000
Landesbank Baden-Wuer0.710    5/12/2036  EUR   55.654
Muenchener Hypotheken1.300     5/7/2061  EUR   59.849
Single Platform Inves1.340    6/20/2041  EUR   62.114
Danske Bank A/S      2.059    6/28/2033  EUR   72.457
UniCredit Bank AG    0.740    1/20/2031  EUR   69.380
Luzerner Kantonalbank5.500   12/27/2022  CHF   64.850
Assistance Publique H1.073    4/16/2045  EUR   59.219
Bank Julius Baer & Co7.000     3/8/2023  CHF   63.900
Region Auvergne-Rhone0.645     4/9/2040  EUR   60.507
Department of Bouches0.872   12/18/2037  EUR   67.596
Nederlandse Waterscha1.650    5/27/2061  EUR   68.698
Single Platform Inves1.165     6/6/2046  EUR   53.613
Novafives SAS        5.500    6/15/2025  EUR   58.217
BNG Bank NV          0.562     6/7/2051  EUR   56.757
State of Saxony-Anhal0.475    9/30/2050  EUR   53.068
Cooperatieve Rabobank1.704    2/25/2049  EUR   73.354
Societe Generale SA  8.880    9/16/2024  USD   37.250
Hypo-Bank Burgenland 0.570    9/17/2029  EUR   74.999
Aareal Bank AG       0.570     8/7/2029  EUR   66.331
Landesbank Baden-Wuer1.080    7/16/2035  EUR   60.217
UBS AG/London        26.000   5/23/2024  USD   10.683
Banque Internationale0.680    10/9/2030  EUR   71.318
Societe Generale SA  2.190   10/14/2035  USD   52.655
Muenchener Hypotheken0.580   10/14/2035  EUR   59.267
Credit Bank of Moscow3.100    1/21/2026  EUR   20.594
Raiffeisen-Landesbank0.550    1/20/2031  EUR   70.627
Societe Generale SA  8.200     6/8/2023  USD   41.330
Forras Vagyonkezelesi3.250    10/1/2030  HUF   56.140
Nederlandse Waterscha0.260   11/10/2036  EUR   65.025
Purple Protected Asse1.480   11/30/2060  EUR   55.569
Societe Generale SA  0.705   11/12/2035  EUR   61.400
Banque Internationale0.775   11/18/2032  EUR   67.359
Vasakronan AB        0.914    5/27/2030  EUR   61.781
Metropole de Lyon    0.540    12/7/2050  EUR   44.314
LFA Foerderbank Bayer0.160     1/2/2040  EUR   57.377
Single Platform Inves1.080    5/25/2066  EUR   40.913
Turkey Government Int5.950    1/15/2031  USD   73.083
Landesbank Hessen-Thu0.360    12/2/2030  EUR   71.415
DekaBank Deutsche Gir2.790   10/28/2022  EUR   61.100
Caisse Francaise de F1.466     2/1/2038  EUR   74.379
Berlin Hyp AG        0.460    10/7/2031  EUR   72.046
SAir Group           5.125     3/1/2003  CHF   12.750
Agence France Locale 0.570    9/20/2040  EUR   62.772
DZ Bank AG Deutsche Z4.850   12/23/2022  EUR   48.200
Kreditanstalt fuer Wi0.951     9/9/2050  EUR   61.089
Banco Santander SA   0.190    6/29/2031  EUR   74.618
Single Platform Inves1.840    7/25/2053  EUR   61.407
Deutsche Bank AG     0.650     6/3/2031  EUR   69.655
Landesbank Hessen-Thu0.400     4/1/2030  EUR   74.071
Landesbank Hessen-Thu1.500    4/12/2032  EUR   74.000
Societe Generale SA  0.570    6/30/2031  EUR   67.219
Commerzbank AG       0.800    10/5/2029  EUR   72.476
DZ Bank AG Deutsche Z0.470    6/24/2030  EUR   73.341
BNP Paribas Issuance 4.360   12/14/2022  EUR   66.130
Region de Bruxelles-C1.029    1/14/2048  EUR   56.575
Landesbank Hessen-Thu0.950     4/9/2036  EUR   61.105
Purple Protected Asse1.570    4/30/2061  EUR   68.211
Communaute Francaise 2.100    6/30/2067  EUR   66.288
Credit Suisse AG/Lond7.250    8/16/2024  USD    6.330
Nordea Bank Abp      3.050    7/20/2027  SEK   65.750
Zurcher Kantonalbank 13.750  11/14/2022  CHF   56.790
Lloyds Bank PLC      2.637    1/16/2040  AUD   62.778
United Kingdom Gilt  1.250   10/22/2041  GBP   61.063
Communaute Francaise 1.367    1/20/2070  EUR   56.993
Goldman Sachs Interna1.300     7/3/2030  EUR   71.235
Landesbank Baden-Wuer0.400    11/8/2039  EUR   59.090
CDC Habitat SEM      1.043    5/12/2036  EUR   57.564
Deutsche Bank AG     2.784     4/3/2034  EUR   67.754
Skandinaviska Enskild6.500    1/15/2024  SEK   56.600
Erste Group Bank AG  1.230    5/29/2033  EUR   68.555
Pescanova SA         6.750     3/5/2015  EUR    0.319
Heta Asset Resolution1.136   12/31/2023  EUR    0.553
VTB Bank OJSC Via VTB6.250    6/30/2035  USD   21.707
A-TEC Industries AG  2.750    5/10/2014  EUR    0.100
Ukreximbank Via Biz F10.426    2/9/2023  USD   30.000
Barclays Bank PLC    1.750    9/29/2032  USD   62.196
United Kingdom Gilt  0.625   10/22/2050  GBP   43.123
BPCE SFH SA          1.210    6/15/2039  EUR   72.918
MS Deutschland Beteil6.875   12/18/2017  EUR    0.210
La Banque Postale Hom1.379     4/4/2040  EUR   71.591
Communaute Francaise 1.581    1/23/2120  EUR   45.080
Deutsche Bank AG/Lond11.210   6/26/2025  TRY   55.535
Danske Bank A/S      0.805    8/12/2036  EUR   69.070
Banco Santander SA   0.180     7/8/2031  EUR   74.434
Alfa-Bank AO         10.200   2/10/2025  RUB   65.000
UBS AG/London        11.750    8/4/2023  USD   43.950
DZ Bank AG Deutsche Z10.000  12/21/2022  EUR   63.810
Single Platform Inves1.450    9/20/2032  EUR   74.365
Region of Centre-Val 0.668    11/2/2035  EUR   70.197
Centre Hospitalier Un0.490    12/1/2036  EUR   65.727
Single Platform Inves1.050    6/25/2044  EUR   53.381
SG Issuer SA         0.015    11/7/2033  EUR   57.330
Corner Banca SA      13.680  10/28/2022  EUR   41.350
Nomura Bank Internati1.415    1/27/2042  EUR   57.001
MOL Nyrt Kueloenleges4.950    1/26/2032  HUF   59.210
BPCE SA              2.250    3/13/2040  AUD   47.750
Nordea Bank Abp      3.750    1/20/2027  SEK   68.620
Leonteq Securities AG25.200   11/9/2022  CHF   22.490
ING Bank NV          2.900    6/23/2051  USD   56.835
Aareal Bank AG       1.068    2/18/2050  EUR   61.515
Leonteq Securities AG11.000  12/21/2022  EUR   71.940
Bank Vontobel AG     14.000  11/14/2022  CHF   20.900
EFG International Fin15.000  11/10/2022  EUR   59.820
DZ Bank AG Deutsche Z6.600   12/23/2022  EUR   52.290
Raiffeisenlandesbank 0.725    8/27/2041  EUR   62.950
UBS AG/London        2.350   12/17/2048  EUR   71.015
Muenchener Hypotheken0.550    2/18/2046  CHF   57.142
Landeskreditbank Bade0.605    6/16/2036  EUR   70.257
Kreditanstalt fuer Wi0.980     2/9/2042  EUR   68.940
Single Platform Inves1.442    7/25/2053  EUR   54.358
Single Platform Inves1.083    2/15/2041  EUR   56.912
Swedbank Hypotek AB  1.445    3/29/2038  EUR   74.252
Morgan Stanley & Co I3.470    1/27/2042  AUD   66.972
Kuntarahoitus Oyj    1.197     4/6/2051  EUR   65.408
Turkiye Ihracat Kredi12.540   9/14/2028  TRY   48.682
Nordea Hypotek AB    2.250   10/15/2048  SEK   70.050
Bayerische Landesbank0.630    3/19/2032  EUR   72.463
DZ HYP AG            1.536   10/24/2039  EUR   74.381
Santander Internation0.970   12/20/2031  EUR   71.104
UBS AG/London        5.520    4/29/2041  USD   35.860
Single Platform Inves1.580   12/19/2033  EUR   74.150
Sberbank of Russia PJ0.010    2/26/2027  RUB   70.110
Societe Generale Effe8.000   10/28/2022  EUR   72.300
Credit Agricole SA   1.150   12/24/2030  EUR   72.601
Credit Suisse AG/Lond16.300  12/26/2023  USD   36.290
Hemso Fastighets AB  3.020    9/14/2048  SEK   65.591
Landesbank Baden-Wuer5.690    2/24/2023  EUR   58.410
Kreditanstalt fuer Wi0.955     4/6/2040  EUR   69.631
DZ Bank AG Deutsche Z1.580   12/29/2031  EUR   70.900
Standard Chartered Ba3.040    1/18/2042  USD   62.715
DNB Boligkreditt AS  1.481    1/11/2038  EUR   74.157
BPCE SFH SA          1.533    4/12/2038  EUR   74.882
VTB Bank PJSC        3.750               EUR   45.000
DZ Bank AG Deutsche Z0.890   11/18/2030  EUR   74.590
DZ Bank AG Deutsche Z0.860   11/18/2030  EUR   74.400
UBS AG/London        11.750  11/28/2022  CHF   26.640
Republic of Poland Go2.750   10/25/2029  PLN   69.438
Skandinaviska Enskild8.520    1/15/2024  SEK   58.600
Erste Group Bank AG  1.850    1/30/2034  EUR   74.041
Skandinaviska Enskild8.300    7/17/2023  SEK   53.280
BNP Paribas SA       1.930     6/1/2033  EUR   72.919
Landesbank Hessen-Thu1.750     7/6/2033  EUR   72.900
Credit Agricole Corpo14.280   11/5/2026  TRY   57.315
Deutsche Bank AG     0.510    9/16/2031  EUR   67.798
NRW Bank             0.835    9/24/2041  EUR   65.062
Berlin Hyp AG        0.440   10/29/2035  EUR   59.140
Goldman Sachs Interna2.250    5/10/2037  EUR   71.691
Goldman Sachs Interna2.300    5/25/2037  EUR   72.154
Lithuania Government 2.100    5/26/2047  EUR   70.961
Banque Internationale1.085   10/22/2040  EUR   57.861
Italy Buoni Poliennal1.700     9/1/2051  EUR   55.047
Golfino AG           8.000   11/18/2023  EUR    0.010
SR-Boligkreditt AS   1.252    12/2/2041  EUR   68.690
BNP Paribas SA       0.857    2/22/2036  EUR   59.459
Magyar Export-Import 1.650   11/26/2025  HUF   65.815
NRW Bank             0.130   10/12/2032  EUR   73.776
Uliving@Essex2 Issuer0.100    8/31/2063  GBP   67.087
Metal Hungaria Holdin3.000   11/17/2030  HUF   62.000
Deutsche Bahn Finance1.520     7/3/2035  SEK   70.803
NRW Bank             0.090   10/26/2032  EUR   73.341
Hemso Fastighets AB  2.127    4/18/2039  EUR   57.766
Comunidad Foral de Na2.100    4/30/2044  EUR   70.790
Kommunekredit        0.869   11/12/2043  SEK   60.184
Agence Metropolitaine0.500     7/7/2035  EUR   69.261
NTRP Via Interpipe Lt10.250    8/2/2017  USD   26.500
Credit Agricole Corpo1.850    1/22/2031  USD   71.004
Credit Agricole Corpo1.700    1/25/2031  USD   70.036
Barclays Bank PLC    2.320    1/11/2041  USD   53.947
DZ Bank AG Deutsche Z0.350   11/14/2031  EUR   74.241
Belfius Bank SA      0.190    1/28/2031  EUR   70.556
DZ Bank AG Deutsche Z0.800    1/21/2041  EUR   62.333
NRW Bank             0.533    1/21/2041  EUR   61.060
Agence Francaise de D2.302   10/25/2044  USD   66.746
Nordea Bank Abp      5.400    1/20/2025  SEK   61.750
Crown Holding Kft    5.500    2/23/2032  HUF   67.410
BNG Bank NV          1.873   11/24/2047  EUR   74.789
Assistance Publique H1.987    8/11/2042  EUR   74.931
Getin Noble Bank SA  11.720  11/30/2023  PLN   23.875
Credit Agricole Corpo2.610    7/27/2050  USD   48.550
Credit Agricole Corpo11.550   1/28/2026  TRY   53.051
Landesbank Hessen-Thu0.340   12/23/2030  EUR   71.231
Single Platform Inves2.000     1/1/2039  EUR   70.112
Single Platform Inves0.419    2/15/2040  EUR   51.373
DZ Bank AG Deutsche Z7.900    3/24/2023  EUR   68.260
Kreditanstalt fuer Wi1.271    5/20/2051  EUR   66.610
Grand Delta Habitat  1.630     3/6/2045  EUR   47.130
Landesbank Baden-Wuer1.600     4/3/2039  EUR   64.830
Raiffeisenlandesbank 1.725    6/21/2032  EUR   74.998
Barclays Bank PLC    13.810   4/16/2024  TRY   71.010
Citigroup Global Mark0.520    3/19/2033  EUR   63.140
Landeskreditbank Bade1.025     4/1/2061  EUR   55.191
Allgemeine Sparkasse 0.200    3/22/2033  EUR   71.176
Muenchener Hypotheken0.867    2/25/2047  EUR   63.142
UBS Group AG         2.490     3/4/2036  USD   60.236
Kreditanstalt fuer Wi0.650    2/24/2041  EUR   64.778
Agence France Locale 0.330   12/20/2040  EUR   59.232
UniCredit Bank AG    23.500  10/28/2022  EUR   48.240
Landesbank Baden-Wuer3.940   11/25/2022  EUR   45.800
Credit Bank of Moscow4.700    1/29/2025  USD   23.957
Nationwide Building S1.693    3/15/2039  EUR   73.623
BPCE SFH SA          0.430     5/7/2040  EUR   59.313
Ministeries Van de Vl0.940    5/12/2050  EUR   50.696
National Grid Electri2.226   12/19/2039  GBP   55.764
Single Platform Inves0.745    2/15/2047  EUR   46.250
Svensk Exportkredit A0.500    3/28/2029  AUD   73.325
BPCE SA              1.657    1/30/2034  EUR   73.649
Kuntarahoitus Oyj    0.854    1/14/2060  EUR   58.038
Region Wallonne Belgi1.150     9/2/2120  EUR   36.104
Region de Bruxelles-C0.731    8/25/2060  EUR   41.591
Credit Suisse AG/Lond2.500    7/23/2025  SEK   27.450
Credit Suisse AG/Lond3.214    10/6/2023  SEK   11.880
NRW Bank             0.610     9/7/2040  EUR   63.610
International Bank of8.250    10/9/2024  USD   60.375
UniCredit Bank AG    2.250   10/14/2039  EUR   67.282
NatWest Markets PLC  4.358    8/26/2031  USD   59.934
Northland Resources A4.000   10/15/2020  NOK    0.271
HSBC Bank PLC        3.820    4/16/2038  USD   71.488
NRW Bank             0.473    6/23/2049  EUR   55.812
Landesbeteiligungen B1.450    6/15/2046  EUR   56.307
Heta Asset Resolution5.920   12/31/2023  EUR    0.416
SG Issuer SA         2.910    10/8/2034  AUD   63.157
BPCE SA              1.130    10/6/2031  EUR   74.693
Credit Suisse AG/Lond9.500    1/12/2023  USD   69.910
MMC Norilsk Nickel OJ2.800   10/27/2026  USD   51.058
NRW Bank             1.245    11/4/2051  EUR   63.960
NRW Bank             1.021    8/11/2051  EUR   61.106
BNP Paribas Emissions10.000  12/22/2022  EUR   55.790
Luzerner Kantonalbank14.480   2/14/2023  CHF   68.560
UBS AG/London        8.100     3/4/2027  EUR   67.660
UBS AG/London        13.250   4/20/2023  USD   36.800
NRW Bank             0.765   12/10/2036  EUR   69.728
Landesbank Hessen-Thu0.510    3/10/2032  EUR   68.342
Region Occitanie     1.238     3/2/2039  EUR   69.746
Landesbank Baden-Wuer0.920    3/18/2032  EUR   70.768
Commerzbank AG       1.250    6/28/2034  EUR   70.256
Raiffeisenlandesbank 0.750    1/31/2030  EUR   74.306
DZ Bank AG Deutsche Z10.500  12/23/2022  EUR   45.820
Basler Kantonalbank  16.000   5/19/2023  CHF   62.980
Caisse des Depots et 3.000    11/8/2051  AUD   62.274
Kreditanstalt fuer Wi0.890    3/10/2041  EUR   66.171
Textura Kereskedelmi 5.500    2/28/2032  HUF   59.500
DekaBank Deutsche Gir4.630   12/16/2022  EUR   66.580
Finland Government Bo0.125    4/15/2052  EUR   43.534
Credit Suisse AG/Lond1.520   12/20/2030  EUR   74.865
Banque Cantonale Vaud7.300    9/16/2024  CHF   43.470
Credit Agricole Corpo3.200    3/19/2041  AUD   66.225
Landesbank Baden-Wuer1.000   12/15/2031  EUR   69.998
Brussels Municipaliti0.892    9/29/2041  EUR   61.968
Nederlandse Waterscha1.551   11/24/2061  EUR   63.417
Home Invest Belgium S1.850    1/15/2032  EUR   67.642
Deutsche Bank AG     0.700     2/6/2032  EUR   68.802
UniCredit Bank AG    8.150    2/22/2023  EUR   64.220
Luzerner Kantonalbank1.550   10/18/2024  CHF   70.220
Credit Suisse AG/Lond10.000   8/14/2023  CHF   72.680
Specialfastigheter Sv1.120    2/19/2044  SEK   54.272
Single Platform Inves0.803    3/20/2041  EUR   53.088
Credit Agricole SA   3.610    4/20/2036  AUD   63.180
Vontobel Financial Pr3.700    2/27/2023  EUR   72.740
Centre Hospitalier Re0.800    6/28/2041  EUR   60.392
Leonteq Securities AG8.000   11/29/2023  CHF   72.280
Landshypotek Bank AB 1.680    1/20/2042  SEK   69.447
Banco Santander SA   2.750     7/4/2038  EUR   74.644
Communaute Francaise 1.600    6/22/2047  EUR   65.150
Societe Generale SA  2.000    9/30/2030  USD   72.962
VTB Bank PJSC        0.010   12/13/2024  RUB   68.820
Region de Bruxelles-C1.020    4/30/2060  EUR   47.427
Kommunalkredit Austri1.183     6/2/2031  EUR   69.306
Landesbank Hessen-Thu0.780   11/18/2031  EUR   73.173
Bayerische Landesbank1.680   12/18/2037  EUR   72.340
Grand Delta Habitat  1.750   10/28/2061  EUR   58.637
SR-Boligkreditt AS   1.490     7/2/2038  EUR   74.438
Landesbank Baden-Wuer4.300    3/24/2023  EUR   58.860
Citigroup Global Mark12.000   2/13/2024  SEK   53.820
Natixis SA           0.300    6/25/2048  USD   21.230
Assistance Publique H1.800    4/10/2048  EUR   67.802
Cie de Financement Fo1.494   12/17/2038  EUR   73.769
Oberoesterreichische 0.285    11/6/2042  EUR   54.603
Agence France Locale 0.586    6/20/2034  EUR   71.447
Natixis SA           3.520    7/31/2034  USD   74.382
Raiffeisenlandesbank 2.070    6/18/2049  EUR   63.126
Romania Government Bo4.150   10/24/2030  RON   70.002
Hamburgische Investit0.380    2/24/2042  EUR   58.506
Natixis SA           3.220     7/5/2034  AUD   69.827
Landesbank Baden-Wuer0.660     7/3/2031  EUR   73.022
Single Platform Inves0.462    2/15/2040  EUR   52.368
Department of Bouches0.482   10/20/2045  EUR   49.716
BPCE SA              2.315   11/19/2035  AUD   54.153
DZ Bank AG Deutsche Z0.440    1/21/2036  EUR   57.179
UBS Group AG         3.030   11/18/2034  AUD   71.231
Skandinaviska Enskild7.450    1/15/2025  SEK   51.410
Region Auvergne-Rhone0.800    5/22/2040  EUR   61.355
Autonomous Community 0.810   10/31/2040  EUR   58.313
Region de Bruxelles-C0.556   12/23/2064  EUR   36.722
Landesbank Hessen-Thu0.750    12/2/2036  EUR   60.500
Credit Agricole Corpo2.500    2/20/2048  EUR   69.350
Landesbank Baden-Wuer3.480    2/24/2023  EUR   39.280
United Kingdom Gilt  1.500    7/31/2053  GBP   55.695
Tonon Luxembourg SA  9.250    1/24/2020  USD    0.500
Landesbank Hessen-Thu1.000    1/21/2036  EUR   60.450
UBS AG/London        16.300    1/8/2024  EUR   11.100
Republic of Ireland I1.180    5/25/2087  EUR   49.101
Banco Santander SA   2.010     3/7/2034  EUR   73.863
Republic of Ireland I2.000    6/29/2064  EUR   65.738
Credit Suisse Group A5.250               USD   66.520
Raiffeisenlandesbank 0.750    6/20/2031  EUR   70.621
DekaBank Deutsche Gir3.000    1/27/2023  EUR   65.540
Muenchener Hypotheken0.600     3/4/2031  EUR   73.209
Oberoesterreichische 0.445    3/28/2036  EUR   66.563
Raiffeisen Centrobank10.000   3/24/2023  EUR   32.250
Republic of Ireland I2.000    6/29/2063  EUR   66.133
UBS AG/London        8.250   11/19/2026  EUR   64.100
DZ Bank AG Deutsche Z4.690   11/25/2022  EUR   35.410
Italy Buoni Poliennal2.700     3/1/2047  EUR   71.998
SAG Solarstrom AG    7.500    7/10/2017  EUR   31.000
Hypo Tirol Bank AG   1.010    1/20/2040  EUR   67.294
Kuntarahoitus Oyj    1.000   10/25/2049  EUR   63.216
Batigere Grand Est SA1.600   11/14/2044  EUR   45.944
Baromfi-Coop Termelo 2.700   11/20/2026  HUF   61.300
Single Platform Inves0.754    9/20/2039  EUR   55.795
BPCE SA              2.820   12/18/2039  AUD   52.895
Lehman Brothers Treas3.000    9/12/2036  JPY    0.100
Communaute Francaise 0.886    6/22/2057  EUR   45.299
SALVATOR Vermoegensve9.500               EUR    7.900
DZ HYP AG            1.300    2/27/2037  EUR   74.209
Autonomous Community 1.950    5/24/2041  EUR   70.755
Raiffeisen-Landesbank0.766    9/17/2031  EUR   70.142
Lehman Brothers Treas2.875    3/14/2013  CHF    0.100
Commerzbank AG       0.660    9/16/2030  EUR   74.403
SpareBank 1 SR-Bank A1.670    11/9/2033  EUR   73.888
OR PJSC              11.500   7/28/2024  RUB    4.020
Credit Suisse AG/Lond2.500    10/7/2025  SEK   27.920
Landesbank Baden-Wuer3.300   10/27/2036  EUR   69.683
Landesbank Baden-Wuer0.560    9/22/2033  EUR   60.322
Axial Javito Keresked2.000    9/23/2030  HUF   48.453
State of Hesse       0.450    9/23/2044  EUR   56.236
SAir Group           4.250     2/2/2007  CHF   12.329
BPCE SFH SA          1.375    3/22/2038  EUR   73.792
Premium Green PLC    1.637    7/25/2040  EUR   74.372
KPNQwest NV          7.125     6/1/2009  EUR    0.453
Russian Railways JSC 9.390   10/15/2040  RUB   50.010
UBS AG/London        18.000  11/20/2023  USD   73.850
Single Platform Inves1.690    7/25/2053  EUR   59.242
Single Platform Inves1.800    7/25/2053  EUR   61.015
Citigroup Global Mark1.370    7/27/2051  EUR   50.666
Barclays Bank PLC    3.900    2/15/2042  AUD   67.125
Credit Suisse AG/Lond10.350   2/27/2023  CHF   10.180
UBS AG/London        11.000   1/16/2023  CHF   55.100
Citigroup Global Mark1.380    11/4/2041  EUR   57.558
Landesbank Baden-Wuer0.400    1/12/2032  EUR   66.635
Sberbank of Russia PJ0.010   12/11/2026  RUB   66.100
DZ Bank AG Deutsche Z4.000   12/23/2022  EUR   54.530
Vontobel Financial Pr3.650    12/6/2022  EUR   50.930
Sberbank of Russia PJ0.010    7/23/2026  RUB   72.300
Sberbank of Russia PJ0.010    7/24/2028  RUB   59.000
Landesbank Baden-Wuer2.860   10/28/2022  EUR   56.030
Credit Suisse AG/Lond6.250   11/28/2022  CHF   65.160
Credit Suisse AG/Lond7.750   12/15/2022  CHF   47.370
Single Platform Inves1.762    5/25/2066  EUR   50.502
Credit Suisse AG/Lond10.000   1/18/2023  USD   57.920
Societe Generale SA  2.650    1/26/2032  USD   66.796
Bank Julius Baer & Co6.900     2/1/2023  CHF   70.150
Credit Suisse AG/Lond8.750    1/25/2023  USD   66.760
Sberbank of Russia PJ0.010   11/30/2028  RUB   59.600
Nederlandse Waterscha1.577    12/9/2039  GBP   63.038
Single Platform Inves1.761   12/14/2035  EUR   73.138
Merrill Lynch BV     3.770    2/16/2037  AUD   73.953
Landesbank Baden-Wuer2.300    2/28/2025  EUR   57.370
DekaBank Deutsche Gir4.210    2/24/2023  EUR   63.550
VTB Bank PJSC        0.010     9/7/2024  RUB   67.300
MFB Magyar Fejlesztes4.200    4/20/2033  HUF   59.051
Realkredit Danmark A/1.000     4/1/2033  DKK   73.001
VTB Bank PJSC        0.010    4/22/2026  RUB   70.000
NRW Bank             1.000    6/24/2051  EUR   61.122
Raiffeisen Schweiz Ge8.500    2/20/2023  CHF   44.500
Sberbank of Russia PJ0.010   11/27/2026  RUB   65.800
Sberbank of Russia PJ0.010    12/7/2026  RUB   71.300
Muenchener Hypotheken1.692    11/6/2051  EUR   56.639
Assistance Publique H0.666    3/19/2040  EUR   60.878
Credit Suisse AG/Lond4.600    11/9/2022  USD    9.740
Single Platform Inves2.130    3/18/2039  EUR   72.985
Regie Autonome des Tr1.820    7/18/2048  EUR   74.482
Landesbank Hessen-Thu1.550    9/21/2033  EUR   71.400
CDC Habitat SEM      0.853    2/15/2041  EUR   45.289
Landesbank Baden-Wuer0.620    2/18/2036  EUR   55.040
National Grid Electri3.350    6/10/2036  AUD   72.120
BNP Paribas SA       1.130    5/26/2036  EUR   61.581
Societe Generale SA  2.970    4/15/2036  USD   57.716
Caisse des Depots et 1.018    2/16/2051  EUR   61.637
Societe Generale SA  2.050    2/18/2031  AUD   65.029
Bayerische Landesbank0.450    2/12/2031  EUR   74.176
Kreditanstalt fuer Wi0.990    2/12/2051  EUR   61.246
DZ Bank AG Deutsche Z0.650   12/30/2030  EUR   73.560
SG Issuer SA         1.500    1/24/2034  EUR   59.040
Assistance Publique H1.913    4/22/2042  EUR   74.219
Purple Protected Asse2.060    3/30/2061  EUR   73.172
Deutsche Bank AG     2.330    2/11/2043  EUR   55.808
Landesbank Saar      0.710    12/6/2035  EUR   61.954
DekaBank Deutsche Gir14.820    6/1/2023  EUR   73.960
Muenchener Hypotheken1.172   10/30/2047  EUR   64.654
Berlin Hyp AG        0.750     3/4/2050  EUR   58.064
Deutsche Bank AG     1.560    6/18/2031  EUR   69.120
Department of Bouches0.981    5/14/2047  EUR   55.565
TMK PJSC             7.350    2/28/2025  RUB   60.150
Autonomous Community 1.550    5/11/2051  EUR   55.977
Landesbank Hessen-Thu0.900    6/10/2036  EUR   60.449
Credit Suisse AG/Lond6.800    1/27/2023  CHF   74.400
Danske Bank A/S      2.030   12/21/2032  EUR   73.098
Credit Suisse AG/Lond7.000    1/12/2023  EUR   65.550
Cooperatieve Rabobank1.485     9/3/2041  EUR   72.434
Region de Bruxelles-C1.040     5/3/2061  EUR   47.777
Deutsche Pfandbriefba0.240    4/18/2028  EUR   72.984
Landesbank Hessen-Thu0.350    5/27/2031  EUR   70.032
UBS AG/London        7.800    4/20/2026  EUR   42.860
Deutsche Pfandbriefba1.850    9/20/2032  EUR   64.959
VTB Bank PJSC        0.010   12/20/2024  RUB   70.090
VTB Bank PJSC        0.010   12/13/2024  RUB   73.040
Regie Autonome des Tr0.938    5/25/2050  EUR   51.865
Parnassia Groep BV   1.470    12/1/2045  EUR   59.804
NRW Bank             1.400    3/19/2070  EUR   59.811
Region de Bruxelles-C1.710     5/5/2047  EUR   67.846
Thomas Cook Finance 23.875    7/15/2023  EUR    1.268
VTB Bank PJSC        0.010   10/25/2024  RUB   75.000
Belfius Bank SA      1.561    4/27/2043  EUR   70.860
Muenchener Hypotheken1.420    4/20/2038  EUR   73.977
Barclays Bank PLC    6.400    6/16/2031  MXN   64.177
Single Platform Inves1.510    2/13/2043  EUR   60.039
Barclays Bank PLC    2.370   10/18/2031  USD   74.156
Single Platform Inves1.800     6/6/2039  EUR   69.159
Infogroup Holding Kft3.000    5/20/2031  HUF   52.350
DZ Bank AG Deutsche Z1.360    6/25/2031  EUR   67.710
Agence Francaise de D1.790     2/8/2049  EUR   74.259
Landesbank Baden-Wuer4.358    2/20/2034  EUR   68.120
Communaute Francaise 1.917   12/14/2045  EUR   68.711
La Banque Postale Hom1.475   12/17/2038  EUR   74.441
Muenchener Hypotheken0.170    9/25/2031  EUR   69.182
Single Platform Inves2.160    2/15/2044  EUR   67.882
Caisse des Depots et 0.950    2/17/2051  EUR   60.638
Landesbank Baden-Wuer0.820     2/1/2039  EUR   51.574
Region Bretagne SCI  0.815    6/12/2040  EUR   62.344
Credit Agricole Corpo1.620    8/24/2030  USD   70.990
DZ Bank AG Deutsche Z1.170    6/25/2030  EUR   71.380
DZ Bank AG Deutsche Z0.750    6/28/2033  EUR   72.847
BPCE SA              1.850   10/30/2030  AUD   65.501
Communaute Francaise 1.520    7/22/2069  EUR   56.600
Credit Suisse AG/Lond2.850    6/16/2036  EUR   69.332
Region Auvergne-Rhone0.805    7/26/2039  EUR   63.788
Cie de Financement Fo0.900    7/18/2058  EUR   51.875
Deutsche Bank AG/Lond4.030    6/15/2037  USD   68.038
Landesbank Saar      0.540   11/18/2033  EUR   65.092
Nomura Bank Internati0.400    11/5/2030  EUR   68.194
Aargau Verkehr AG    0.270   11/29/2049  CHF   64.997
Santander Internation1.700   12/12/2049  EUR   33.154
Ukraine Government In16.000   5/24/2023  UAH   59.000
Bayerische Landesbank1.480     4/8/2036  EUR   72.376
Single Platform Inves0.873    5/25/2052  EUR   43.591
Barclays Bank PLC    1.550    11/5/2029  USD   74.845
Banque Internationale0.480   11/13/2030  EUR   70.123
Credit Agricole Corpo1.760    1/20/2031  USD   70.460
Single Platform Inves2.040    2/15/2044  EUR   70.348
Petromena ASA        10.850  11/19/2018  USD    0.622
Barclays Bank PLC    1.235   11/27/2040  EUR   62.884
DZ Bank AG Deutsche Z0.540   12/30/2030  EUR   70.850
Hemso Fastighets AB  2.000    2/15/2033  EUR   67.432
DNB Boligkreditt AS  1.594    1/29/2043  EUR   71.948
Assistance Publique H1.810   11/17/2043  EUR   71.359
Muenchener Hypotheken1.495    10/5/2050  EUR   54.373
Muenchener Hypotheken1.666     8/7/2042  EUR   74.677
SAir Group           5.500    7/23/2003  CHF   12.329
Wirtschafts- und Infr0.170    12/9/2041  EUR   56.166
Ukraine Government In9.990    5/22/2024  UAH   59.000
Single Platform Inves1.600    2/15/2041  EUR   63.608
GVC George's Venture 2.500   12/18/2030  HUF   59.740
Corner Banca SA      11.000  11/17/2022  EUR   58.950
Erste Group Bank AG  1.065    5/17/2041  EUR   56.573
Societe Generale SA  2.920    2/21/2035  USD   60.133
UniCredit Bank AG    0.030    2/28/2033  EUR   69.517
Sberbank of Russia PJ0.010     7/5/2028  RUB   72.500
Sberbank of Russia PJ0.010     7/3/2026  RUB   72.400
Credit Suisse AG/Lond5.800    7/12/2023  USD    8.000
Single Platform Inves1.490    3/20/2051  EUR   54.317
Republic of Ireland I1.020    9/10/2086  EUR   44.721
Single Platform Inves1.480    7/25/2053  EUR   55.806
Assistance Publique H1.053    5/25/2052  EUR   51.791
BNG Bank NV          2.300     3/3/2036  AUD   65.581
Muenchener Hypotheken0.750    8/20/2031  EUR   72.688
Landesbank Baden-Wuer0.460    2/22/2030  EUR   72.480
Landesbank Baden-Wuer1.000    3/18/2039  EUR   53.503
Communaute Francaise 2.500     7/6/2087  EUR   73.536
Zurcher Kantonalbank 20.000  11/15/2022  USD   34.640
Banque Internationale18.000  11/23/2022  CHF   26.060
Sberbank of Russia PJ0.010   11/24/2026  RUB   66.100
Hungary Government Bo3.000    4/25/2041  HUF   45.069
Takarek Mortgage Bank3.750    4/14/2026  HUF   71.650
Deutsche Bank AG     2.480   12/10/2035  EUR   62.465
DekaBank Deutsche Gir1.300    4/23/2035  EUR   65.483
Commerzbank AG       1.430    1/23/2040  EUR   61.379
ECM Real Estate Inves5.000    10/9/2011  EUR   15.375
Region Auvergne-Rhone0.493   10/23/2037  EUR   63.591
Royal Schiphol Group 2.890   10/25/2034  AUD   66.886
Kreditanstalt fuer Wi0.660   11/12/2039  EUR   66.339
Landesbank Hessen-Thu1.020    5/14/2032  EUR   71.583
Landesbank Baden-Wuer0.780    5/27/2031  EUR   69.691
UBS AG/London        1.600    4/18/2049  EUR   63.267
Bayerische Landesbank1.690    4/23/2037  EUR   73.075
Erste Group Bank AG  1.400     5/7/2034  EUR   69.709
Caisse des Depots et 0.930    11/9/2050  EUR   60.495
Assistance Publique H1.502     5/9/2044  EUR   66.493
BNP Paribas SA       1.150   11/20/2034  EUR   70.063
Junta de Castilla y L1.270   10/31/2044  EUR   59.257
OR PJSC              12.000  11/14/2024  RUB    4.130
Landesbank Hessen-Thu0.900   10/22/2035  EUR   61.339
Waste Italia SpA     10.500  11/15/2019  EUR    0.550
Bulgaria Steel Financ12.000    5/4/2013  EUR    0.216
BPCE SFH SA          1.597    2/13/2042  EUR   73.681
Region Wallonne Belgi2.160    2/23/2044  EUR   71.111
Uliving@Essex Issuerc0.100    8/31/2058  GBP   72.013
Bayerische Landesbank0.710    12/1/2031  EUR   73.694
Ringkjoebing Landboba1.875     6/6/2039  EUR   64.482
Region Auvergne-Rhone0.650    5/18/2038  EUR   64.216
Takarek Mortgage Bank1.500    1/10/2025  HUF   73.000
Wirtschafts- und Infr0.060    8/31/2034  EUR   67.317
Landesbank Hessen-Thu1.700    1/11/2034  EUR   70.500
Oberoesterreichische 0.315    9/14/2035  EUR   65.628
BPCE SA              2.550     6/9/2035  AUD   57.094
State of North Rhine-1.513    7/27/2065  EUR   65.349
Russian Post FGUP    2.750    12/6/2023  RUB   60.070
Nationwide Building S1.425    3/16/2038  EUR   73.185
Erste Group Bank AG  0.350   10/23/2029  EUR   73.771
Region Wallonne Belgi1.741     4/7/2039  EUR   74.954
State of North Rhine-1.491    8/23/2066  EUR   63.779
Deutsche Pfandbriefba3.100     9/7/2046  USD   62.624
Ville de Paris       0.921    5/26/2053  EUR   50.015
Norddeutsche Landesba1.020   10/29/2031  EUR   73.882
UBS AG/London        9.750    1/16/2023  EUR   63.850
UBS AG/London        9.750    4/27/2023  USD   46.300
UBS AG/London        9.500    4/27/2023  USD   40.100
Berlin Hyp AG        0.030    7/22/2030  EUR   72.636
Dyadya Doner OOO     13.500   4/25/2023  RUB   15.000
Ile-de-France Mobilit1.000    12/2/2043  EUR   60.812
Credit Suisse AG/Lond7.500   11/18/2022  CHF   68.510
ING Bank NV          6.100    5/26/2028  RON   70.070
NRW Bank             0.591    3/19/2040  EUR   67.182
Nederlandse Waterscha1.500    3/10/2042  EUR   72.456
VTB Bank PJSC        0.010    9/16/2026  RUB   65.590
Credit Suisse AG/Lond8.000   10/31/2022  USD   60.000
Bank Vontobel AG     8.500   12/12/2022  EUR   53.800
VTB Bank PJSC        0.010    3/25/2026  RUB   61.000
JP Morgan Structured 12.000   8/28/2026  ZMW #N/A N/A
DZ Bank AG Deutsche Z0.520    6/23/2031  EUR   70.235
Credit Suisse AG/Lond8.000    8/30/2024  USD    8.219
Sberbank of Russia PJ0.010    12/7/2026  RUB   72.300
Kuntarahoitus Oyj    0.448    3/19/2040  EUR   59.401
Natixis SA           3.000   11/26/2031  AUD   74.314
Banque Internationale8.000    11/8/2023  USD   57.940
Assistance Publique H0.683    3/19/2041  EUR   59.318
Raiffeisen Schweiz Ge10.250    2/6/2023  CHF   36.090
Vontobel Financial Pr10.750   4/13/2023  EUR   70.260
UniCredit Bank AG    0.475   12/30/2030  EUR   73.463
Sberbank of Russia PJ0.010     9/3/2026  RUB   75.000
Sberbank of Russia PJ0.010    8/31/2028  RUB   57.800
Berlin Hyp AG        0.118    3/18/2030  EUR   74.056
Societe Generale SA  2.050    2/18/2031  AUD   65.084
VTB Bank PJSC        0.010   10/14/2026  RUB   55.560
VTB Bank PJSC        0.010    10/6/2024  RUB   71.720
Societe Generale SA  6.150   11/18/2024  USD   70.500
Trans-Sped Logisztika2.500    3/16/2030  HUF   55.430
Caisse des Depots et 1.275     5/5/2051  EUR   66.972
Landesbank Hessen-Thu1.800     6/9/2036  EUR   62.650
Landesbank Baden-Wuer0.320    5/28/2029  EUR   74.478
Region of Centre-Val 0.662    5/12/2034  EUR   73.676
UniCredit Bank AG    1.120    5/14/2057  EUR   60.799
Raiffeisen Schweiz Ge7.000    3/24/2023  CHF   53.840
UBS AG/London        13.250    8/2/2023  USD   59.400
Credit Suisse AG/Lond8.250    4/13/2023  CHF   53.850
United Utilities Wate0.359    10/5/2048  GBP   63.278
City of Kyiv Via PBR 7.500   12/15/2022  USD   34.590
UBS AG/London        5.000    4/14/2023  CHF   65.300
Credit Suisse AG/Lond8.500    3/24/2023  USD   73.720
VTB Bank PJSC        0.010   12/20/2024  RUB   69.670
VTB Bank PJSC        0.010   11/22/2024  RUB   75.000
VTB Bank PJSC        0.010   12/13/2024  RUB   73.780
Kuntarahoitus Oyj    0.939    2/15/2050  EUR   66.530
Sberbank of Russia PJ0.010    9/21/2028  RUB   58.610
Muenchener Hypotheken0.420   11/16/2033  EUR   65.222
Region Wallonne Belgi2.100    6/26/2048  EUR   73.874
Deutsche Apotheker-un1.616    1/15/2038  EUR   64.369
BNP Paribas SA       2.000     5/2/2033  EUR   71.872
UBS AG/London        12.250   11/3/2023  USD   64.400
Societe Generale SA  3.040    1/19/2032  AUD   70.154
BNP Paribas SA       2.230    2/22/2034  EUR   73.921
Sparebank 1 Oestlande1.750    1/30/2034  EUR   73.981
Vasakronan AB        2.533    1/28/2044  EUR   51.254
Raiffeisenlandesbank 0.810   10/20/2031  EUR   70.553
Bank of Ireland Mortg1.574    3/31/2043  EUR   72.123
Parnassia Groep BV   1.260    12/3/2046  EUR   70.462
Nordea Bank Abp      7.150    7/20/2024  SEK   64.600
BPCE SFH SA          1.229    4/12/2049  EUR   65.281
Hypo Tirol Bank AG   0.565     2/5/2031  EUR   69.638
Assistance Publique H0.647    7/17/2040  EUR   60.036
Region de Bruxelles-C1.250    1/10/2060  EUR   52.588
Landesbank Hessen-Thu1.600    6/12/2035  EUR   66.300
Credit Agricole Corpo2.480    8/18/2050  USD   46.968
Kreditanstalt fuer Wi0.620    1/14/2050  EUR   53.097
Region de Bruxelles-C0.460   12/15/2051  EUR   42.952
Region Auvergne-Rhone0.697     8/2/2036  EUR   68.749
EFG International Fin6.120    7/11/2024  EUR   44.640
Single Platform Inves1.140    3/26/2040  EUR   59.635
State of Lower Austri0.400   10/13/2050  EUR   45.713
Credit Agricole Corpo2.105   10/22/2035  USD   59.078
Department of Loiret 0.790   11/22/2039  EUR   63.012
BNG Bank NV          0.799    7/25/2039  EUR   67.043
HSBC Continental Euro0.800   12/13/2034  EUR   66.485
Skandinaviska Enskild6.250    1/15/2025  SEK   49.610
Landesbank Baden-Wuer0.010    1/25/2030  EUR   73.580
Wirtschafts- und Infr0.208    1/28/2043  EUR   54.604
MFB Magyar Fejlesztes1.700    6/24/2025  HUF   71.400
Lehman Brothers Treas11.750    3/1/2010  EUR    0.100
Region de Bruxelles-C0.765    7/15/2052  EUR   48.022
Single Platform Inves0.428    2/15/2040  EUR   51.601
Single Platform Inves0.725     3/7/2039  EUR   56.657
BPCE SA              2.285    12/3/2035  AUD   53.849
Landesbank Hessen-Thu0.500    2/18/2036  EUR   57.021
Landesbank Hessen-Thu0.500   10/14/2031  EUR   70.220
Credit Bank of Moscow7.121    6/25/2024  USD   25.379
Credit Suisse AG/Lond1.200   12/20/2030  EUR   72.785
DZ Bank AG Deutsche Z9.750    5/26/2023  EUR   67.030
Societe Generale SA  3.470    1/26/2033  USD   69.543
Rikshem AB           2.197     3/1/2033  EUR   74.149
VTB Bank PJSC        0.010    9/16/2026  RUB   71.950
DVM Construction Fova3.000    7/29/2030  HUF   54.400
DekaBank Deutsche Gir7.050    4/28/2023  EUR   52.190
Department of Loiret 0.550   12/18/2045  EUR   50.534
LFA Foerderbank Bayer0.125    9/30/2038  EUR   59.497
Office Public De L'Ha1.700   12/22/2060  EUR   70.789
Nomura Bank Internati0.909   11/20/2029  EUR   74.963
Kommunekredit        1.375    5/18/2046  SEK   65.447
Akademiska Hus AB    2.600   10/27/2047  SEK   74.933
Hypo Vorarlberg Bank 0.500    6/23/2031  EUR   69.597
Region de Bruxelles-C1.310   12/15/2069  EUR   49.956
Landesbank Hessen-Thu0.530    11/4/2031  EUR   71.691
Norddeutsche Landesba0.750    1/15/2032  EUR   70.664
Barclays Bank PLC    2.550    3/18/2031  AUD   72.155
Cooperatieve Rabobank3.000    3/25/2036  AUD   73.170
Landesbank Saar      0.700    3/26/2031  EUR   74.653
Muenchener Hypotheken1.000    6/30/2037  EUR   61.606
Barclays Bank PLC    3.020    3/26/2051  USD   58.532
Norddeutsche Landesba0.675    2/25/2033  EUR   66.501
VTB Bank PJSC        0.010    8/26/2026  RUB   67.120
DekaBank Deutsche Gir2.800   12/23/2022  EUR   46.120
Cooperatieve Rabobank1.520     9/7/2043  EUR   71.929
Russian Railways JSC 9.390    2/28/2040  RUB   50.010
Russian Railways JSC 9.390    2/28/2040  RUB   50.010
OP Corporate Bank plc1.400    3/16/2035  EUR   68.753
Deutsche Bank AG     1.750     4/9/2035  EUR   57.608
Basler Kantonalbank  8.000    8/18/2023  CHF   58.840
BNP Paribas Issuance 0.700    6/25/2039  EUR   61.390
Progress Etteremhaloz3.000    9/18/2030  HUF   57.700
Batigere Grand Est SA1.485   10/25/2039  EUR   52.099
Erste Group Bank AG  7.500   11/29/2024  EUR   46.950
Leonteq Securities AG8.000    11/1/2022  CHF   52.020
DZ Bank AG Deutsche Z1.150   12/30/2030  EUR   72.390
Vasakronan AB        1.870     6/3/2039  EUR   48.788
Solarwatt GmbH       7.000    11/1/2015  EUR   15.500
Nationale-Nederlanden0.530     9/3/2029  EUR   74.810
Transports Publics Ne0.220   10/28/2032  CHF   73.470
Pongs & Zahn AG      8.500               EUR    0.003
Astana Finance BV    9.000   11/16/2011  USD   15.250
Russian Foreign Bond 2.875    12/4/2025  EUR   40.670
NRW Bank             1.245     9/7/2060  EUR   60.381
Free and Hanseatic Ci1.095    6/13/2046  EUR   65.331
Communaute Francaise 1.115    7/11/2039  EUR   64.508
DZ HYP AG            1.060    7/28/2036  EUR   72.203
DekaBank Deutsche Gir2.890    5/23/2044  EUR   74.329
Pescanova SA         8.750    2/17/2019  EUR    0.319
State of North Rhine-1.293    2/25/2041  EUR   71.850
Raiffeisen-Landesbank0.060    10/3/2031  EUR   73.221
Banca Popolare di Son1.590   12/30/2035  EUR   74.325
Bayerische Landesbank3.200   10/28/2022  EUR   61.630
Reso-Leasing OOO     17.000  10/30/2025  RUB   70.000
Leonteq Securities AG8.000    1/23/2023  CHF   59.720
Corner Banca SA      14.000   2/14/2023  CHF   55.760
DZ Bank AG Deutsche Z1.000    11/9/2035  EUR   72.286
UBS AG/London        9.250     1/9/2023  USD   67.650
UBS AG/London        13.000    4/6/2023  USD   37.700
Landesbank Baden-Wuer4.000     1/2/2026  EUR   74.440
Banque et Caisse d'Ep1.000     1/4/2042  EUR   67.134
Region of Centre-Val 0.924    11/2/2043  EUR   58.739
Region of Centre-Val 0.755    11/2/2037  EUR   66.510
Brown's Pharma Holdin3.900     7/9/2031  EUR   70.511
Muenchener Hypotheken0.620    7/22/2033  EUR   66.422
Landesbank Hessen-Thu1.000    3/24/2032  EUR   73.024
UBS AG/London        0.120    5/25/2040  MXN   11.766
Hunland Feed Kft     2.880    7/21/2031  HUF   55.890
Baromfi-Coop Termelo 3.000    7/19/2031  HUF   58.100
Leonteq Securities AG11.000   1/19/2023  CHF   52.940
Leonteq Securities AG11.000   1/26/2023  USD   37.710
Caisse des Depots et 1.365    11/2/2051  EUR   68.018
Natixis SA           3.080    1/25/2032  AUD   73.741
Zurcher Kantonalbank 10.000   1/26/2023  CHF   60.630
Credit Suisse AG/Lond12.000   1/24/2023  USD   43.490
Erste Group Bank AG  1.200    2/11/2040  EUR   59.959
Credit Agricole Corpo17.520   1/27/2027  TRY   66.185
Credit Suisse AG/Lond8.000   11/21/2022  EUR   23.510
Credit Suisse AG/Lond7.000    2/10/2023  EUR   58.250
Credit Agricole Corpo10.800   3/24/2026  TRY   48.752
Citigroup Global Mark1.240    2/18/2040  EUR   57.177
Republic of Ireland I1.100   11/12/2096  EUR   42.536
Republic of Ireland I1.230    6/23/2121  EUR   43.306
DZ Bank AG Deutsche Z0.540   10/23/2031  EUR   69.410
Barclays Bank PLC    10.200   2/14/2025  TRY   56.754
Greenleaves Capital D2.665    9/25/2031  AUD   71.726
Barclays Bank PLC    0.940     8/2/2049  JPY   67.633
Metropolis of Grenobl0.700   11/18/2033  EUR   74.689
Metal Hungaria Holdin3.500   11/16/2031  HUF   65.000
Bank Vontobel AG     11.500  11/14/2022  EUR   64.100
Landesbank Baden-Wuer0.060     9/1/2031  EUR   68.934
Landesbank Hessen-Thu2.180    3/17/2042  EUR   73.326
Nordea Bank Abp      2.000    4/29/2027  SEK   59.980
UniCredit Bank AG    4.200    9/29/2025  EUR   49.390
Swedbank Hypotek AB  1.500    7/13/2048  EUR   68.821
Cie de Financement Fo1.520    7/19/2038  EUR   74.386
BPCE SFH SA          1.470     8/2/2038  EUR   73.868
State of Rhineland-Pa0.500    7/30/2036  EUR   68.829
BNP Paribas SA       2.050    8/14/2039  EUR   74.103
Region de Bruxelles-C1.800    8/17/2048  EUR   68.272
Landesbank Baden-Wuer0.570    2/27/2034  EUR   59.452
Landesbank Hessen-Thu1.200     2/9/2052  EUR   68.446
UBS AG/London        6.750    2/23/2024  CHF   68.950
UBS AG/London        8.500   11/30/2022  CHF   38.750
Zurcher Kantonalbank 10.000   1/27/2023  USD   72.910
Banque et Caisse d'Ep0.880    2/10/2037  EUR   72.054
Banque Cantonale Vaud5.000     4/6/2023  CHF   45.150
Kreditanstalt fuer Wi1.175    4/14/2051  EUR   66.558
Credit Agricole Corpo3.200    3/11/2036  AUD   71.907
Landesbank Baden-Wuer0.760    3/31/2036  EUR   56.247
DekaBank Deutsche Gir0.250    1/31/2031  EUR   73.203
NRW Bank             0.642     2/9/2051  EUR   57.738
Credit Agricole Corpo2.000    2/19/2031  AUD   73.067
Single Platform Inves1.650     6/1/2038  EUR   74.742
Caisse des Depots et 0.571    2/18/2041  EUR   62.382
Brussels Municipaliti0.892    3/29/2041  EUR   62.727
OR PJSC              16.000  11/22/2025  RUB   18.000
UBS AG/London        7.000    7/12/2023  CHF   52.250
Natixis SA           3.600   11/16/2041  AUD   65.823
Landeskreditbank Bade1.017    3/15/2061  EUR   55.389
Credit Suisse AG/Lond15.000   3/17/2023  USD   52.960
Bayer Construct Epito3.700   10/21/2031  HUF   53.340
Single Platform Inves1.240    5/21/2032  EUR   74.023
Region de Bruxelles-C1.065    6/22/2047  EUR   57.475
Barclays Bank PLC    2.600     4/6/2031  NZD   74.541
Landesbank Baden-Wuer0.500    4/16/2031  EUR   68.583
DNB Boligkreditt AS  1.570    9/27/2038  EUR   74.649
DNB Boligkreditt AS  1.573    11/2/2038  EUR   74.534
Stadt Graz           1.824   10/31/2047  EUR   69.175
Nordea Bank Abp      5.000    1/20/2025  SEK   61.120
Credit Agricole Corpo3.020    4/22/2036  AUD   70.071
Barclays Bank PLC    2.000     5/7/2036  MXN   28.038
ING Bank NV          2.330    5/12/2031  USD   74.789
Muenchener Hypotheken1.185     5/5/2059  EUR   59.803
UBS AG/London        10.000   10/2/2023  CHF   68.600
DZ Bank AG Deutsche Z3.000    3/24/2023  EUR   73.740
BPCE SFH SA          1.523    6/14/2038  EUR   74.954
Department of Bouches1.563    6/18/2038  EUR   74.722
Specialfastigheter Sv2.375    6/25/2048  SEK   69.119
Leonteq Securities AG7.000    9/27/2023  CHF   56.050
Societe Generale SA  29.000   4/19/2023  USD   50.650
Leonteq Securities AG23.400   1/18/2023  CHF   28.430
Kuntarahoitus Oyj    1.150    9/24/2051  EUR   65.075
Credit Mutuel Arkea S2.060    9/21/2038  EUR   67.787
Swedbank Hypotek AB  1.450    9/14/2038  EUR   73.922
Societe d'Infrastruct1.913    7/12/2033  EUR   70.664
ING Groep NV         0.975    2/14/2034  EUR   59.650
Banco Santander SA   2.750     9/5/2037  EUR   74.660
Nederlandse Waterscha1.950    8/29/2058  EUR   72.705
Credit Suisse AG/Lond7.000   10/31/2022  USD   54.620
Nordea Bank Abp      2.000     2/3/2027  SEK   63.310
NRW Bank             0.921   10/20/2041  EUR   66.900
Aareal Bank AG       0.220    3/10/2028  EUR   71.856
UniCredit Bank AG    1.560    1/20/2031  EUR   64.720
Credit Agricole Corpo3.100    4/28/2041  AUD   65.064
Landesbank Baden-Wuer0.420    4/12/2030  EUR   71.653
Cooperatieve Rabobank2.250    9/15/2047  EUR   67.819
JP Morgan Structured 11.000  12/30/2026  ZMW #N/A N/A
DZ Bank AG Deutsche Z1.150    4/30/2035  EUR   71.407
Nordea Bank Abp      8.250    1/20/2025  SEK   60.990
ABN AMRO Bank NV     1.585    1/21/2039  EUR   74.531
ING Bank NV          1.557    1/17/2039  EUR   74.606
ING Bank NV          1.560    1/21/2039  EUR   74.640
Credit Agricole Corpo2.300    6/16/2031  USD   72.679
UBS AG/London        16.000    4/1/2024  USD   70.350
Landesbank Baden-Wuer4.000   11/25/2022  EUR   66.800
Nordea Bank Abp      1.424    2/20/2034  EUR   73.969
Landesbank Hessen-Thu1.600    3/22/2034  EUR   72.079
Landeskreditbank Bade1.443    3/18/2042  EUR   72.576
DNB Boligkreditt AS  1.355   12/18/2037  EUR   72.756
DNB Boligkreditt AS  1.455    1/11/2038  EUR   73.841
DNB Boligkreditt AS  1.452    1/19/2038  EUR   73.697
Deutsche Bank AG/Lond12.780   3/16/2028  TRY   42.981
BNG Bank NV          1.603    3/19/2048  EUR   70.528
Stadshypotek AB      1.444    4/19/2038  EUR   74.241
Erste Group Bank AG  7.250    6/30/2026  EUR   66.850
Banco Santander SA   1.000    1/14/2034  EUR   66.473
Norddeutsche Landesba1.100   10/13/2034  EUR   66.705
Premium Green PLC    3.500    9/15/2041  EUR   71.447
Swedbank Hypotek AB  1.500     7/2/2038  EUR   72.864
Banco Santander SA   1.020     1/4/2034  EUR   66.146
BPCE SA              2.730    10/5/2036  AUD   57.126
Leonteq Securities AG17.000  11/22/2022  USD   14.360
Bank Vontobel AG     15.000  11/28/2022  CHF   56.100
Cie de Financement Fo1.887    1/31/2049  EUR   73.616
Lloyds Bank PLC      2.280    1/29/2044  EUR   70.987
Oberbank AG          2.250     2/1/2039  EUR   69.813
Swedbank Hypotek AB  1.292    2/11/2037  EUR   73.482
Sibur Holding PAO    1.500    10/1/2032  USD   47.000
DZ HYP AG            1.505    3/12/2038  EUR   74.846
Ukraine Government Bo4.000    1/25/2024  USD   40.778
BPCE SFH SA          1.529   12/14/2038  EUR   74.331
BPCE SFH SA          1.536   12/21/2038  EUR   74.312
Aareal Bank AG       0.255    9/17/2029  EUR   64.669
NRW Bank             0.650    7/20/2037  EUR   69.535
Vasakronan AB        1.781   10/30/2030  NOK   73.065
Norddeutsche Landesba1.600     8/1/2039  EUR   64.165
BNP Paribas SA       3.660     8/9/2039  AUD   66.511
NRW Bank             1.000    2/26/2050  EUR   61.766
Land Thueringen      1.000    3/29/2039  EUR   70.780
Nederlandse Waterscha1.486    4/24/2052  EUR   70.641
Landesbank Baden-Wuer1.250    4/24/2039  EUR   63.040
Department of L'Eure 1.110    6/18/2039  EUR   67.703
BKS Bank AG          1.160     2/4/2031  EUR   73.677
Credit Agricole Corpo1.830     2/4/2031  AUD   71.836
Kuntarahoitus Oyj    0.040     2/9/2034  EUR   69.691
Vasutvillamosito Kft 3.000     2/3/2031  HUF   65.000
BNP Paribas SA       3.580    7/23/2040  AUD   69.004
Caisse des Depots et 0.678    7/23/2040  EUR   64.513
Rikshem AB           2.370    6/17/2032  NOK   72.842
Aareal Bank AG       0.660    6/26/2028  EUR   72.315
Region Wallonne Belgi0.808    6/24/2038  EUR   64.829
Kreditanstalt fuer Wi0.400    8/12/2040  EUR   62.357
Daniella Kereskedelmi3.000    7/30/2030  HUF   54.700
Regie Autonome des Tr0.875    8/18/2080  EUR   36.256
UniCredit SpA        1.050    1/23/2031  EUR   67.466
Single Platform Inves1.150    5/25/2066  EUR   42.493
Caisse des Depots et 1.630   12/28/2046  EUR   74.742
Ville de Paris       0.831    2/23/2056  EUR   45.595
Vasakronan AB        3.270    6/26/2034  AUD   69.830
Royal Schiphol Group 3.090     7/1/2034  AUD   68.635
BNP Paribas SA       3.950    7/11/2039  AUD   69.123
Collectivite Europeen0.487    10/9/2045  EUR   49.831
DZ Bank AG Deutsche Z0.500   10/21/2032  EUR   72.143
Societe Generale SA  3.300     7/8/2034  AUD   66.669
UniCredit Bank AG    0.310   10/15/2035  EUR   65.937
Societe Generale SA  27.300  10/20/2025  USD   17.250
Hypo Vorarlberg Bank 0.390   10/21/2030  EUR   70.380
Landesbank Baden-Wuer0.440   10/19/2035  EUR   66.863
Nederlandse Waterscha0.436   10/22/2040  EUR   60.892
BNG Bank NV          1.410    7/28/2031  AUD   71.056
Mostotrest PJSC      0.010    7/29/2026  RUB   62.660
UBS AG/London        12.250  11/18/2022  EUR   27.040
Deutsche Pfandbriefba1.000    12/2/2030  EUR   64.887
Standard Chartered Ba1.730    1/26/2031  USD   71.735
Nederlandse Waterscha0.932    12/2/2060  EUR   53.346
Hypo Tirol Bank AG   0.740    5/29/2040  EUR   63.339
Single Platform Inves2.320    9/18/2041  EUR   71.269
Kuntarahoitus Oyj    0.983    11/3/2060  EUR   58.623
DNB Boligkreditt AS  1.538    5/18/2038  EUR   74.499
EFG International Fin9.100    9/20/2023  EUR   37.020
BKS Bank AG          1.160     2/4/2031  EUR   73.615
Santander Internation1.365    1/28/2061  EUR   42.817
NRW Bank             0.600    1/28/2051  EUR   51.026
Landesbank Baden-Wuer1.100     5/7/2040  EUR   56.839
HSBC Bank PLC        10.300  12/10/2024  TRY   60.725
Kreditanstalt fuer Wi0.210   11/18/2037  EUR   61.951
State of Lower Austri0.550   11/13/2080  EUR   28.907
Societe Wallonne de F0.750    5/22/2030  EUR   74.552
Metropole de Lyon    0.466    12/7/2046  EUR   47.989
Landesbank Saar      0.400    1/14/2031  EUR   73.133
Societe Generale SA  1.100    2/20/2034  EUR   64.217
Region Bretagne SCI  0.150    1/19/2035  EUR   66.967
Credit Agricole Corpo11.340   2/12/2026  TRY   54.122
Regie Autonome des Tr0.953    5/24/2052  EUR   57.390
Single Platform Inves0.785    3/20/2039  EUR   57.178
Credit Agricole Corpo0.650    11/5/2034  EUR   62.346
SBAB Bank AB         0.928    11/7/2034  SEK   70.325
Region de Bruxelles-C1.467     3/1/2039  EUR   72.778
Single Platform Inves1.340    5/10/2044  EUR   56.663
OR PJSC              12.600   9/28/2025  RUB    5.000
Region de Bruxelles-C1.819    1/22/2048  EUR   69.384
HSBC Continental Euro2.220    1/24/2048  EUR   70.112
BPCE SFH SA          1.458    1/26/2038  EUR   74.280
Landesbank Hessen-Thu2.435     2/6/2048  EUR   70.710
Deutsche Apotheker-un1.715    2/13/2037  EUR   66.724
Landesbank Baden-Wuer1.690     2/7/2033  EUR   71.715
La Banque Postale Hom1.470    12/1/2037  EUR   74.995
State of Rhineland-Pa0.872   10/31/2036  EUR   71.694
Ministeries Van de Vl1.564   11/12/2046  EUR   64.794
DZ Bank AG Deutsche Z0.750    7/30/2032  EUR   74.686
Single Platform Inves0.678    2/15/2041  EUR   51.717
Batigere Grand Est SA1.550    8/12/2041  EUR   49.126
Cooperatieve Rabobank0.540     8/3/2040  EUR   59.838
Kuntarahoitus Oyj    0.726     1/8/2060  EUR   43.118
Aktia Bank Oyj       0.965   12/11/2040  EUR   59.164
UBS AG/London        10.250  12/15/2022  CHF   49.950
Single Platform Inves0.656    9/20/2050  EUR   41.249
Skandinaviska Enskild8.600    7/17/2023  SEK   53.450
Metropole de Lyon    0.500   12/28/2048  EUR   45.917
Single Platform Inves1.000    7/15/2036  EUR   64.493
Banque Cantonale Vaud5.000    5/17/2023  CHF   61.390
UBS AG/London        8.250   11/21/2022  CHF   41.700
Credit Agricole Corpo10.800   3/24/2026  TRY   52.458



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2754.

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