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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, November 14, 2022, Vol. 23, No. 221

                           Headlines



A Z E R B A I J A N

STATE OIL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Positive


F R A N C E

ACCOR SA: Egan-Jones Lowers Sr. Unsec. Debt Ratings to 'BB'
ACCOR SA: S&P Affirms 'BB+' ICR & Alters Outlook to Stable
CASINO GUICHARD: Egan-Jones Cuts Commercial Paper Rating to 'C'
EUTELSAT COMMUNICATIONS: Egan-Jones Withdraws 'BB' Unsec. Rating
FAURECIA SE: S&P Rates New EUR400MM Sr. Unsecured Notes 'BB'

IMERYS SA: Egan-Jones Retains 'BB+' Sr. Unsec. Debt Ratings
PEUGEOT SA: Egan-Jones Withdraws 'BB+' Unsec. Debt Ratings
REXEL SA: Moody's Hikes CFR to Ba1 & Alters Outlook to Stable
SOLINA GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Stable
VERALLIA SA: Moody's Affirms Ba1 CFR & Alters Outlook to Positive

VERALLIA SA: S&P Affirms 'BB+' ICR on Acquisition of Allied Glass


G E O R G I A

GEORGIA GLOBAL: S&P Ups ICR to 'B+' on Acquisition by FCC Aqualia


G E R M A N Y

FRESENIUS MEDICAL: Egan-Jones Retains 'BB+' Unsecured Debt Ratings
HORNBACH BAUMARKT: S&P Affirms 'BB+' ICR, Outlook Stable
NIDDA BONDCO: Fitch Rates EUR1.3-Bil. Secured Notes Due 2026 'B+'
PARFUEMERIE DOUGLAS: EUR188M Bank Debt Trades at 16% Discount
PBD GERMANY: Fitch Affirms 'Bsf' Rating on Class F Notes

SLV GMBH: EUR397M Bank Debt Trades at 23% Discount
TELE COLUMBUS: S&P Affirms 'B-' ICR & Alters Outlook to Negative
ZEPHYR GERMAN: S&P Lowers LongTerm ICR to 'B', Outlook Negative


G R E E C E

FRIGOGLASS SAIC: Moody's Cuts CFR to Ca & Alters Outlook to Stable


I R E L A N D

ADAGIO CLO VII: Moody's Affirms B2 Rating on EUR12MM Cl. F Notes
BILBAO CLO I: Fitch Affirms B+sf Rating on Class E Debt
CARLYLE EURO 2018-1: Moody's Affirms B1 Rating on Class E Notes
DRYDEN 62 EURO 2017: Moody's Affirms B2 Rating on Class F Notes
JUBILEE CLO 2015-XV: Moody's Affirms B1 Rating on Class F Notes

PENTA CLO 12: S&P Assigns B-(sf) Rating on EUR12MM Class F Notes


I T A L Y

ENEL SPA: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings


K A Z A K H S T A N

KAFOLAT INSURANCE: Fitch Affirms B+ Insurer Finc'l. Strength Rating
SAMRUK-ENERGY: Fitch Hikes IDRs to 'BB+' & Alters Outlook to Stable


L U X E M B O U R G

ARMORICA LUX: Moody's Cuts CFR & Alters Outlook to Stable
FLINT HOLDCO: S&P Lowers ICR to 'CCC', Outlook Negative
LSF10 XL: EUR1.95B Bank Debt Trades at 17% Discount
TRAVELPORT FINANCE: US$1.96B Bank Debt Trades at 33% Discount


M A C E D O N I A

NORTH MACEDONIA: Fitch Affirms BB+' Foreign Curr. IDR, Outlook Neg.


N E T H E R L A N D S

BOELS TOPHOLDING: S&P Upgrades LT ICR to 'BB', Outlook Stable
PEARLS NETHERLANDS: Moody's Ups CFR to B2, Outlook Stable


N O R W A Y

NORWEGIAN AIR: Egan-Jones Retains 'C' Sr. Unsecured Debt Ratings


S P A I N

GRANADA HIPOTECARIO 1: Fitch Affirms 'Csf' Ratings on 2 Tranches
IM CAJAMAR 3: Fitch Affirms 'CCCsf' Rating on Class E Notes
KRONOSNET TOPCO: S&P Assign 'B+' LongTerm ICR, Outlook Stable
UNION FENOSA: Fitch Affirms 'BB+' Rating on Subordinated Debt


S W E D E N

VOLVO CAR: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable


T U R K E Y

ANKARA METROPOLITAN: Fitch Affirms 'B' LongTerm IDRs, Outlook Neg.
ANTALYA METROPOLITAN: Fitch Affirms B LongTerm IDRs, Outlook Neg.
BURSA METROPOLITAN: Fitch Affirms LongTerm IDRs at 'B', Outlook Neg
ISTANBUL METROPOLITAN: Fitch Affirms B LongTerm IDRs, Outlook Neg.


U K R A I N E

[*] Fitch Affirms 'CC' Foreign Curr. IDRs on 5 Ukrainian Cities
[*] Fitch Affirms 'CC/CCC-' LongTerm IDRs on 3 Ukrainian Cities


U N I T E D   K I N G D O M

ANORTON HOLDINGS: Director Gets 12-Year Disqualification Order
BULB ENERGY: Octopus Acquisition Delayed After Rivals Complain
EQUITY RELEASE 5: Fitch Affirms 'BB+sf' Rating on Class C Notes
FARRINGDON MORTGAGES 2: Fitch Affirms 'BBsf' Rating on B2a Notes
GARTH BAKERY: Enters Administration, 72 Jobs at Risk

INSPIRED EDUCATION: Moody's Alters Outlook on 'B2' CFR to Positive
INTERNATIONAL CONSOLIDATED: Egan-Jones Keeps 'B' LC Unsec. Rating
INTERNATIONAL GAME: Egan-Jones Retains 'B' Sr. Unsec. Debt Ratings
J D WETHERSPOON: Egan-Jones Retains CCC+ Sr. Unsec. Debt Ratings
MADE.COM: 573 People Made Redundant Following Pre-Pack Deal

MALLINCKRODT PLC: Egan-Jones Withdraws 'D' Unsec. Debt Ratings
MARKS & SPENCER: Egan-Jones Retains 'B' Sr. Unsec. Debt Rating
NES FIRCROFT: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
NEWDAY FUNDING 2022-3: Fitch Assigns 'B(EXP)sf' on Class F Notes
RESIDENTIAL MORTGAGE 32: S&P Raises Cl. F1 Notes Rating to 'BB+'

SIG PLC: Egan-Jones Retains 'B+' Sr. Unsecured Debt Ratings
STOLT-NIELSEN LTD: Egan-Jones Retains 'CCC+' Sr. Unsec. Debt Rating
TEMPLE QUAY 1: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
THG OPERATIONS: EUR600M Bank Debt Trades at 21% Discount
TOUCAN ENERGY: Enters Administration Amid Thurrock Investigation

WASPS: Turned Down Rescue Bid Weeks Prior to Administration
[*] UK: FRP Says Administrations Remain Below Pre-COVID-19 Levels


X X X X X X X X

[*] BOND PRICING: For the Week November 7 to November 11, 2022

                           - - - - -


===================
A Z E R B A I J A N
===================

STATE OIL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on State Oil Company of the
Azerbaijan Republic's (SOCAR) Long-Term Issuer Default Rating (IDR)
to Positive from Stable and affirmed the IDR and senior unsecured
rating at 'BB+'. The Recovery Rating is 'RR4'.

The rating actions follow the revision of the Outlook on
Azerbaijan's sovereign rating (BB+/Positive) and SOCAR's stronger
credit profile, which could lead to an upward revision of its
Standalone Credit Profile (SCP).

SOCAR is fully owned by the state and its rating is currently
equalised with that of Azerbaijan under Fitch's Government-Related
Entities (GRE) Rating Criteria. This is underpinned by state
support provided to the company in the form of financial
guarantees, cash contributions and equity injections, as well as
SOCAR's social functions and its importance as a state vehicle for
the development of oil and gas projects. Fitch assesses SOCAR's SCP
at 'b+'.

KEY RATING DRIVERS

Higher Oil and Gas Production: SOCAR's oil and gas output increased
by 7% to 282 thousand barrels of oil equivalent per day in 2021 yoy
with a broadly similar increase for gas and liquids. This comes on
top of Azerbaijan's 1% increase in oil output and 23% higher gas
production. Azerbaijan's oil production has historically decreased
and Fitch does not expect this to materially change. The higher gas
output is mainly due to the start of production at Shah Deniz II
field in 2018 with additional production areas subsequently added.
Fitch assumes SOCAR's production will grow by 4% in 2022 and 5% in
2023, mainly due to higher natural gas output, and will remain
stable thereafter.

Close Links with the State: SOCAR's rating is currently equalised
with that of the state given their strong ties under Fitch's GRE
Rating Criteria. Fitch assesses status, ownership and control and
support track record factors as well as socio-political and
financial implications of GRE's default as 'Strong', resulting in a
score of 30. As the IDR reflects the combination of the strength of
state linkage and SOCAR's SCP, an improvement in SOCAR's SCP
coupled with the sovereign upgrade would lead to continued
equalisation of SOCAR's rating with the sovereign's and the
company's rating upgrade.

Most oil and gas projects in Azerbaijan operate under
production-sharing agreements, in which SOCAR has a minority stake
and where it also represents the state and is involved in marketing
the latter's share of crude oil and gas (profit oil). In addition,
SOCAR has stakes in some other major energy projects promoted by
the state, such as the Southern Gas Corridor (SGC).

Performance Controlled by State: The state exercises significant
control over SOCAR's profitability and balance sheet through
regulation of domestic fuel prices, cash injections, government
distributions and other measures. SOCAR's high leverage, albeit
improving, is largely a function of the company's close links with
the state, but Fitch believes that the government has incentives to
keep SOCAR adequately funded.

Supportive Business Profile: While SOCAR's leverage has been
historically relatively high compared with its peer group, Fitch
expects that funds from operations (FFO) net leverage metrics will
decline from 2022 onwards. This will reflect higher cash flow
generation due to higher oil and gas prices as per Fitch's price
deck. A record of maintaining FFO net leverage of below 4.0x
coupled with satisfactory liquidity and improved financial
transparency could lead to a positive reassessment of the SCP.
SOCAR's SCP of 'b+' takes into account the scale of operations and
is constrained by corporate governance considerations with
significant limitations on the disclosure of information.

Additional Liabilities: Fitch has historically treated the
liabilities from the transactions involving disposal of certain
assets to SGC and Goldman Sachs International (GSI) for a total
AZN7 billion as debt-like obligations. This mainly included the
sale of a 10% interest in the Shah Deniz PSA and in South Caucasus
Pipeline Company to SGC, and a sale of a 13% stake in SOCAR Turkey
Enerji A.S. to GSI. The latter transaction took place in 2021 with
a cash outflow of AZN2.7 billion, leaving AZN4.3 billion as Fitch's
adjustment to SOCAR debt at end-2021.

According to the terms of the agreement between SGC and SOCAR, SGC
paid advances to SOCAR while control of the assets is expected to
take place in 2023 upon meeting conditions preceding sale. Fitch
notes that even if the transaction does not go through and SOCAR is
obliged to return the advance payments, this would not have a
material impact on SOCAR's ability to deleverage.

DERIVATION SUMMARY

Fitch currently equalises SOCAR's rating with that of Azerbaijan to
reflect the strong ties between the two. Fitch expects deleveraging
and completion of sizeable projects should add to visibility of its
capex programme which may lead to an upward revision of SOCAR's
SCP. SOCAR's three most relevant peers rated on a top-down or
constrained rating basis are Petroleos Mexicanos (BB-/Stable,
top-down minus 3) in Mexico, JSC National Company KazMunayGas
(BBB-/Stable, top-down minus 1) in Kazakhstan, and Petroleo
Brasileiro S.A. (BB-/Stable, constrained) in Brazil.

KEY ASSUMPTIONS

- Brent crude price: USD100/bbl in 2022, USD85/bbl in 2023,
USD65/bbl in 2024 and USD53/bbl afterwards.

- USD/AZN exchange rate: 1.7 over the forecast horizon.

- Aggregate capex of AZN16 billion over 2022-2025

- Continued support from the state

- Annual dividend payment of AZN0.6 billion over 2022-2025.

RATING SENSITIVITIES

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

- Upgrade of Azerbaijan's rating coupled with an upward revision of
SOCAR's SCP

- Upward revision of the SCP could be triggered by a longer record
of SOCAR's FFO net leverage being maintained below 4x, improved
standalone liquidity and better transparency.

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

The Outlook is Positive, therefore, Fitch does not expect negative
rating action at least in the short term. However, the revision of
Azerbaijan's Outlook back to Stable would be replicated for SOCAR.

- Downgrade of Azerbaijan would be replicated for SOCAR.

- Negative revision of SOCAR's SCP, which could stem from FFO net
leverage exceeding 6x over an extended period assuming no change to
sovereign rating.

- Weakening state support.

Azerbaijan

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: SOCAR's cash balance was AZN9 billion at
end-2021 compared with AZN5.9 billion of short-term debt. Fitch
expects strong cash flow generation in 2022 and 2023 on the back of
elevated oil and gas prices supporting SOCAR's liquidity.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch treats liabilities resulting from the transactions involving
disposal of a 10% interest in the Shah Deniz PSA and in South
Caucasus Pipeline Company to SGC for a total AZN4.3 billion as
debt-like obligations at end-2021.

ESG CONSIDERATIONS

SOCAR has an ESG Relevance Score of '4' for Governance Structure
due to concentrated ownership and limited board independence, which
has a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

SOCAR has an ESG Relevance Score of '4' for Financial Transparency
due to weak information disclosure, 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.

   Entity/Debt              Rating        Recovery   Prior
   -----------              ------        --------   -----
State Oil Company
of the Azerbaijan
Republic (SOCAR)      LT IDR BB+ Affirmed              BB+

                      ST IDR B   Affirmed              B

   senior unsecured   LT     BB+ Affirmed    RR4       BB+




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

ACCOR SA: Egan-Jones Lowers Sr. Unsec. Debt Ratings to 'BB'
-----------------------------------------------------------
Egan-Jones Ratings Company, on October 12, 2022, lowered the
foreign currency and local currency senior unsecured ratings on
debt issued by Accor SA to BB from BB+.  

Headquartered in Issy-les-Moulineaux, France, Accor SA, doing
business as AccorHotels, operates a chain of hospitality company.


ACCOR SA: S&P Affirms 'BB+' ICR & Alters Outlook to Stable
----------------------------------------------------------
S&P Global Ratings revised its outlook on Accor S.A. to stable from
negative and affirmed its existing long-term issuer credit rating
at 'BB+'.

S&P said, "Our stable outlook indicates that the company will make
financial policy choices regarding share repurchases, dividends,
and other investments that should enable it to maintain S&P Global
Ratings-adjusted debt to EBITDA close to 4.0x in 2022. Despite
macroeconomic pressures, we rely on Accor's ability to pass on to a
significant extent price increases to customers, particularly in
the luxury and premium segment, implement cost initiatives, and
maintain cautious capital expenditure (capex), which should shield
the company to a large extent in the high inflationary environment
we expect for 2023.

Accor is witnessing a sharp rebound in revenue per available room
(RevPar) levels in 2022, supported by strong demand in the
hospitality sector, although the current challenging macroeconomic
environment could hinder the momentum in 2023. After a relatively
weak revenue per available room (RevPar)in first-quarter (Q1) 2022,
stemming from the COVID-19 Omicron variant, which delayed the
easing of pandemic-related restrictions in most parts of Europe,
Accor witnessed a sharp recovery in the RevPar levels in Q2 and Q3
of 2022, supported by pent-up leisure demand across its markets and
very strong summer trading in the European markets. All regions for
the group reported RevPar levels in Q3 2022 well above 2019 levels;
except for the Asia-Pacific region, where RevPar remained 9% lower
compared with 2019, mainly affected by China. This recovery has
enabled the group to report year-to-date (YTD) September 2022
revenue that was only 3% below YTD September 2019 levels,
indicating a recovery closer to pre-pandemic levels.

S&P said, "We expect "bleisure demand", where business travel is
combined with extended leisure holidays around weekends, will
mostly hold up for the remainder of 2022. This is assisted by
still-prevalent pent-up consumer demand, as business travelers
follow vacation plans alongside accommodating business trips, even
at slightly higher average daily rates (ADRs). We assume that
revenue will approach EUR3.6 billion in 2022, which represents a
significant growth from 2021 levels, although it is still a decline
of about 9% versus 2019 levels. However, the path to recovery could
be uneven for 2023, particularly given the macroeconomic pressures
and geopolitical uncertainty stemming from the Russia-Ukraine
conflict, as well as the ongoing inflationary environment, combined
with a possible mild recession, that we forecast for 2023. We
expect a full sector recovery at 2019 revenue levels by 2024."

At the same time, the company's high operating leverage does not
bode well in the current very high inflationary context and amid
the risk of a recession, even if mild. While Accor's portfolio of
owned and leased assets has been considerably reduced and now
represents only about 2% of the overall portfolio, it has sizable
management contracts, implying significant operating leverage.
Furthermore, S&P anticipates that the current inflationary
environment--which particularly affects Europe, given its proximity
to the Russia-Ukraine conflict and ensuing fuel supply issues--and
the risks of a prolonged recession will affect overall occupancy
levels in 2023 across Europe.

However, Accor has strong geographic, segment, and customer
diversification, and has made significant progress in its cost
initiatives and ability to manage capex during the pandemic. Timely
disposals of some of the company's assets have provided it with a
significant cash cushion. In addition, Accor's sizable portfolio of
luxury and premium hotels proved more resilient and recession-proof
than other hotel categories in the past, reflecting its ability to
pass on some inflationary pressure by increasing ADRs. If this
continued, it would support RevPar levels going into 2023, in spite
of some expected marginal contraction in S&P Global
Ratings-adjusted EBITDA margins versus fiscal year ending Dec. 31,
2022.

S&P said, "We expect S&P Global Ratings-adjusted net leverage for
Accor to significantly improve to close to 4.0x in 2022, with only
a marginal improvement in 2023. Our base-case scenario expects
Accor's S&P Global Ratings-adjusted EBITDA for 2022 at EUR610
million-EUR640 million, thanks to a strong recovery until YTD
September 2022 and some asset disposals that are expected to close
before end-2022. We expect top-line momentum to continue in 2023,
albeit with uneven recovery for 2023 because of inflationary
pressures coupled with a mild recessionary environment, which
should result in S&P Global Ratings-adjusted EBITDA remaining flat
or only gradually increasing to EUR650 million-EUR670 million by
2023. Our S&P Global Ratings-adjusted leverage calculations include
EUR1.0 billion of hybrid instruments, which we assess as having
intermediate equity content and treat as 50% equity and 50% debt."

Accor's recent asset disposals and expected free operating cash
flow (FOCF) recovery from 2022 would provide an adequate liquidity
cushion to tackle the tough macroeconomic environment. The
company's total liquidity is about EUR2.5 billion as of June 30,
2022, comprising unrestricted cash balances and full availability
under the undrawn EUR1.2 billion revolver with maturity in June
2025 (for EUR1,114 million) and in June 2024 (for EUR86 million).
S&P said, "Accor demonstrated prudent risk management during the
pandemic, in our view, and secured covenant waivers for its
revolving credit facility (RCF) until December 2024, which would
return to 3.5x testing in 2024. In the meantime, we expect it to
comply with minimum liquidity covenants. We understand that the
company expects the sale of Sequana tower (with EUR465 million
gross cash proceeds) with a reimbursement of Sequana loan (EUR279
million in liabilities already classified as held for sale) and a
disposal of 10.8% stake in Ennismore (about EUR185 million) to
close in Q4 2022. Furthermore, we assume that the upcoming 2023
debt maturity of EUR295 million would be repaid rather than
refinanced, thus decreasing overall financial debt. Besides, the
company has already repaid a EUR60 million bond issued in December
2014 and a Swiss franc (CHF) 150 million bond issued in June 2014.
We believe that the net proceeds from these transactions will
provide additional impetus to the overall liquidity levels heading
into 2023. Accor intends to resume dividend payments from 2023;
however, we expect the group will remain cautious with its dividend
strategy. That said, we anticipate that Accor will maintain healthy
cash generation over our forecast period through 2023, with FOCF
after lease payments at EUR150 million–EUR200 million over the
next two years."

S&P said, "The stable outlook reflects our view that Accor's
performance will remain resilient, despite the high inflation and
mild recession expected in 2023, supported by its asset-light
model, its ability to pass on price increases and its presence in
the luxury and premium segment. In addition, we expect the company
will make financial policy choices regarding share repurchases,
dividends, and other investments that should enable it to maintain
at least an S&P Global Ratings-adjusted debt to EBITDA close to
4.0x, FFO to debt close to 20%, and solid FOCF generation on a
sustainable basis."

S&P could lower its rating on Accor if:

-- The overall RevPar and EBITDA decline more than expected
because ongoing macroeconomic pressures (inflation and recession)
jeopardize the recovery in international travel, such that S&P
Global Ratings-adjusted debt to EBITDA rises above 4.5x;

-- The group spends significant levels of cash or raises debt for
uses other than leverage reduction, such as for acquisitions,
special dividends, or other forms of shareholder remuneration; or

-- There is a structural shift in the industry because of changing
consumer behavior, such that the occupancy rate does not recover as
expected, undermining our assessment of the sector or of Accor
itself.

S&P said, "We could upgrade Accor to investment-grade status if its
S&P Global Ratings-adjusted leverage reduced sustainably below
3.5x, alongside FFO to debt well above 25%, strong FOCF after lease
payments (about 10% adjusted FOCF to debt over the cycle), and an
adequate liquidity position. We would expect this to be underpinned
by prudent capital spending and shareholder returns."

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

S&P said, "Health and safety factors have improved, in our view,
and are now a moderately negative consideration in our credit
rating analysis of Accor. As a result, we have revised our social
credit indicators to S-3 from S-4. We expect sector-wide credit
metrics will recover by 2023."


CASINO GUICHARD: Egan-Jones Cuts Commercial Paper Rating to 'C'
---------------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2022, retained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Casino Guichard Perrachon SA.

Meanwhile, EJR lowered the foreign currency rating on commercial
paper issued by the Company to 'C' from 'B'.  EJR retained its 'C'
local currency rating on commercial paper issued by the Company.  

Headquartered in Saint-Etienne, France, Casino Guichard-Perrachon
SA operates a wide range of hypermarkets, supermarkets, and
convenience stores.


EUTELSAT COMMUNICATIONS: Egan-Jones Withdraws 'BB' Unsec. Rating
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Eutelsat Communications SA.

Headquartered Paris, France, Eutelsat Communications is a KU-band
satellite operator.


FAURECIA SE: S&P Rates New EUR400MM Sr. Unsecured Notes 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating and '3' recovery
rating to auto parts manufacturer Faurecia SE's (BB/Negative/--)
proposed EUR400 million sustainability-linked senior unsecured
notes due 2026. The '3' recovery rating indicates our expectation
of meaningful recovery (50%-70%; rounded estimate: 50%) in the
event of a default. The proposed notes will rank pari passu with
the company's existing unsecured debt.

Faurecia will use the proceeds to repay some of its bridge facility
with tranches maturing in 2023 and 2024 that financed the EUR5.5
billion acquisition of Hella earlier this year. We estimate that
about EUR1.3 billion will remain outstanding under the facility pro
forma the issuance. S&P said, "We anticipate the company will
retain sufficient flexibility to address these maturities thanks to
its sizable cash balance of EUR4.2 billion at June 30, 2022; EUR1.5
billion of undrawn revolving facility (RCF) capacity due May 2026;
and EUR1 billion of planned disposals, including EUR290 million
from the sale of its stake in the HBPO joint venture. Overall, we
believe the issuance allows the company to keep a relatively sound
and staggered debt maturity profile. We estimate Faurecia's
weighted-average maturity to be over four years pro forma the
transaction, including about EUR1 billion due in 2024 (EUR300
million of Hella bonds, EUR475 million of Schuldschein and EUR300
million of bilateral loans)."

S&P said, "We anticipate that tough and uncertain auto market
conditions could continue to slow the company's post-acquisition
deleveraging path in 2023, such that it might not be able to
restore funds from operations to debt and free operating cash flow
to debt above 15% and 5%, respectively. We view gas rationing in
Europe or component shortages fueling volatile auto production and
persistent cost inflation as the main risks to our base-case
scenario."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P said, "Our issue and recovery ratings on Faurecia's senior
unsecured notes and EUR1.5 billion revolving credit facility (RCF)
are 'BB' and '3', respectively. We do not rate Hella's unsecured
notes. The '3' recovery rating reflects our expectation of
meaningful recovery prospects (50%-70%; rounded estimate: 50%) in
the event of a default."

-- S&P said, "Our recovery analysis assumes that Faurecia and
Hella's capital structures remain independent from each other in
the near term, because we expect the two companies to continue
operating as separate legal entities for now. The companies' debt
documentation does not include any cross-default clauses or
upstream guarantees, and we do not expect this to change. Our
emergence valuation is, however, based on the combined group given
Faurecia's 81.5% ownership of Hella."

-- While S&P incorporates Faurecia's bridge facility debt issued
in 2022 to finance the transaction and anticipate that most of
Hella's debt will remain outstanding in the near term, the final
capital structure could somewhat differ.

-- Indicative recovery prospects are supported by about EUR650
million of net residual value coming from Faurecia's 81.5% stake in
Hella after Hella's unsecured creditors are fully repaid. It
remains constrained by factoring liabilities of about EUR1 billion
(excluding prepetition interest) and debt at Faurecia's operating
companies, which S&P considers priority liabilities in its payment
waterfall.

-- In S&P's hypothetical default scenario, it assumes a cyclical
downturn in the industry and intensified competition, which hamper
production volumes and prices and cause the company's EBITDA and
cash flow to sharply decline.

-- S&P values Faurecia as a going concern, given its global
industrial footprint and long-standing relationships with auto
original equipment manufacturers.

Simulated default assumptions

-- Simulated year of default: 2027

-- Pro forma EBITDA at emergence: EUR1.7 billion

-- EBITDA multiple: 5x (in line with the sector average)

-- Faurecia's EUR1.5 billion RCF and Hella's EUR450 million RCF:
85% drawn at default

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): EUR8.2
billion

-- Valuation split (Faurecia/Hella): 70%/30%

-- Net Faurecia valuation: EUR5.8 billion

-- Net Hella valuation: EUR2.5 billion

-- Faurecia's priority claims: EUR1.3 billion

-- Faurecia's value available to unsecured claims: EUR4.4 billion

-- Net residual value from Faurecia's 81.5% stake in Hella, net of
EUR1.7 billion of unsecured claims to Hella's debtholders: EUR0.6
billion

-- Total value available to unsecured claims: EUR5.1 billion

-- Senior unsecured debt claims: EUR9.9 billion

    --Recovery expectations: 50%-70% (rounded estimate: 50%)

All debt amounts include six months of prepetition interest and 85%
of the RCFs drawn at default.

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


IMERYS SA: Egan-Jones Retains 'BB+' Sr. Unsec. Debt Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, retained the 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Imerys SA.

Headquartered in Paris, France, Imerys produces and distributes
chemicals, pigments, and additives.


PEUGEOT SA: Egan-Jones Withdraws 'BB+' Unsec. Debt Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Peugeot SA.  

EJR also withdrew the 'A2' local currency rating on commercial
paper issued by the Company.

Headquartered in Paris, France, Peugeot is a French automotive
manufacturer, part of Groupe PSA.


REXEL SA: Moody's Hikes CFR to Ba1 & Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has upgraded Rexel SA's corporate family
rating to Ba1 from Ba2 and probability of default rating to Ba1-PD
from Ba2-PD. Concurrently, the rating on the senior unsecured notes
due 2028 has been upgraded to Ba1 from Ba3. The outlook has been
changed to stable from positive.

RATINGS RATIONALE

The rating action reflects the strong improvement in Rexel's credit
metrics including the reduction of Moody's adjusted gross leverage
to 2.6x in the LTM ending June 2022 (3.0x in 2021) on the back of
solid demand and the company's ability to pass through cost
inflation, and the rating agency's expectation that credit metrics
will remain in line with the levels commensurate with a Ba1 CFR on
a sustained basis.

Moody's believes Rexel will continue to benefit from positive
secular trends such as electrification, supply chain consolidation
and automation as well as from the need for energy savings
solutions given the current high energy prices. Moody's also
believes the flexibility in Rexel's operations has increased thanks
to the digital transformation initiated in 2017.  This coupled with
positive demand trends, Rexel's balanced business mix in terms of
geography and end markets will support the performance of the
company through weaker macroeconomic condition over the next 12-18
months and in the medium term. The rating is further supported by
Rexel's strong track record of generating sustained positive FCF
thanks to the counter cyclical nature of working capital.

Governance considerations have further supported the rating
upgrade. Following the company's recent capital market day, Moody's
has greater clarity on Rexel's capital allocation policy including
a lower net leverage target of 2.0x (company defined) compared to
2.5x previously. This reduces the risks of leverage sustainably
increasing above the levels required by the current rating for
example because of M&A. The rating agency expects Rexel will
maintain a prudent financial policy in line with the stated net
leverage target.

LIQUIDITY

Moody's views Rexel's liquidity as good. Liquidity is supported by
Moody's expectation of positive annual Moody's-adjusted free cash
flow of around EUR200-300 million over the next 12-18 months, cash
balances of EUR506 million as of June 2022 and access to an undrawn
revolving credit facility (RCF) of EUR850 million, of which EUR59
million expires in January 2024 and the rest in January 2025. The
securitization programs of around EUR1.5 billion in aggregate will
largely mature between 2023 and 2025, and are expected to be rolled
over. Apart from receivable financing, Rexel doesn't have material
debt maturity before June and December 2028 when the senior notes
mature.

The terms and conditions of the RCF agreement offer flexibility in
terms of maintenance financial covenants (tested semi-annually, in
June and December). This is because Rexel can exceed its 3.5x net
leverage ratio as defined by the senior facility agreement on three
separate accounting dates during the life of the RCF, being
specified that only two of such three accounting dates may be
consecutive and provided that the ratio does not exceed 3.75x on
two accounting dates and 3.90x on one accounting date. Moody's
expects the company to stay well in compliance with the covenant
over the next 12-18 months.

RATING OUTLOOK

The stable outlook assumes that Rexel's credit metrics will remain
in line with the levels required by the current rating over the
next 12 to 18 months, including Moody's-adjusted debt/EBITDA of
around 3.0x and Moody's-adjusted retained cash flow (RCF) / debt of
around 20%.

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

The ratings could be upgraded if Rexel continues to grow earnings
and demonstrate track record of a prudent financial policy, leading
to Moody's-adjusted debt/EBITDA declining sustainably towards 2.5x,
Moody's-adjusted retained cash flow/debt of above 25% or operating
profit margins improving in the high single digit range in
percentage term.

The ratings could be downgraded if Moody's-adjusted debt/EBITDA
increases sustainably above 3.5x, Moody's-adjusted retained cash
flow/debt falls below 15% or operating profit margin declines
sustainably below the mid-single digit range in percentage term.

STRUCTURAL CONSIDERATIONS

The senior unsecured notes are rated Ba1, in line with the CFR. In
accordance with Moody's Loss Given Default for Speculative-Grade
Companies methodology, Moody's would typically notch down all
Rexel's senior unsecured debt to Ba2 because of the magnitude of
non-debt liabilities, including trade payable which are
structurally senior to the notes. However, Moody's have applied an
override to this notching reflecting the strong positing of Rexel
in the Ba1 rating and Moody's expectations that trade payable would
decline in the downturns increasing the recovery of the notes.     
  

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY PROFILE

Headquartered in Paris, France, Rexel SA (Rexel) is a global leader
in the low and ultralow voltage electrical distribution market.
Rexel reported total sales of EUR17 billion in 2021.


SOLINA GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on food ingredients manufacturer Solina Group Holding (Solina) and
the 'B' issue rating on the EUR685 million senior Term Loan B (TLB)
issued by subsidiary Powder Bidco, with a '3' (50%) recovery
rating.

The stable outlook indicates that S&P sees the group maintaining
steady operating performance and profitability in the growing
seasoning ingredients industry with an expanding FOCF base and
stable credit metrics.

Solina acquired U.S. ingredients company Saratoga for a total
consideration of EUR590 million. The transaction was funded with a
mix of debt and a significant equity contribution from
private-equity sponsor Astorg.

S&P said, "We do not expect Solina's recent acquisition of U.S.
ingredients manufacturer Saratoga will weigh on the group's credit
metrics, thanks to a supportive financing mix. France-based
ingredients manufacturer Solina issued a new EUR320 million U.S.
dollar tranche to its EUR685 million TLB facility to fund the
EUR590 million acquisition of Saratoga, a U.S. savory ingredients
producer. The issuing entity is Powder Bidco SAS and the
transaction closed in October 2022. Solina will use the proceeds of
the new debt, along with about EUR300 million of equity injected by
its sponsor Astorg, to fund this acquisition.

"Under our new base case, we predict that the group's adjusted debt
to EBITDA (leverage) will decrease to about 6.0x-6.5x by end-2023,
supported by the enlarged perimeter and financial support from the
owner and that the group will generate FOCF of about EUR35
million-EUR45 million.

"We believe Solina's business standing has improved with this
latest acquisition and the several bolt-on acquisitions closed
since the start of the year. After completion of the Saratoga
acquisition, Solina will benefit from a larger scale of operations,
especially in North America, where it will be generating about 35%
of sales comparing with 6% in 2021. We view positively the
geographic diversification into one of the largest consumer markets
in the world and believe the group can capitalize on its already
existing industrial facilities across the U.S. to address the whole
market and create synergies between product segments."

The acquisition will also increase the breath of Solina's product
offering (including dry blends, coating systems, and custom
sauces), which further diversifies the group away from declining
segments such as red meat into highly dynamic segments like custom
sauces. With Saratoga, the group is also increasing its exposure to
the growing markets of food service and limited-service restaurants
(LSR) that will represent 36% of sales compared with 10% in 2021.

Along with the Saratoga acquisition, the group also pursued two
bolt-on acquisitions in the first half of 2022. The first is a
French sauce manufacturer, Sauces et Creations, which closed at the
end of March. The other, Zafron Foods, which closed in May, is a
U.K.-based premium-quality sauces and condiments manufacturer
operating in the growing custom-sauce market. The total
consideration for both acquisitions amounted to approximately EUR90
million that the company partially funded with an equity injection
from its sponsor and S&P believes these acquisitions are consistent
with Solina's strategy to strengthen its position in Europe in
selected food ingredients segments and continue its penetration of
the North American market.

S&P said, "We expect Solina will resume acquisitions after
integrating Saratoga, which will limit the deleveraging trend to
about 6.0x-6.5x in 2023-2024. The supportive financing mix of the
Saratoga transaction and our expectation of a successful
integration on the recent string of smaller acquisitions should
pave the way for a natural deleveraging over the next 12-18 months.
We understand that Saratoga was operating as a stand-alone company
already and did not necessitate a complex carve-out. Solina's
recent acquisitions also did not require significant capital
expenditure (capex) and have limited integration complexity. We
expect senior management will focus on the integration of Saratoga
and related synergies in 2023, with limited spending on
acquisitions that year. However, given Astorg's recent ownership of
Solina and with external growth being a key pillar to achieve
profitable growth, the group will likely continue acquisitions from
2024, in our view. We believe the group will focus on pursuing the
consolidation of the food ingredients sector, especially in the
European and North American markets where it already operates.

"We believe positive market underlying trends will continue to
support Solina's profitable growth trajectory. Europe's
custom-sauce market--which was valued at EUR1.3 billion for
Solina's priority markets (France, the U.K., Belgium, the
Netherlands, Luxembourg, and the Nordics)--is expected to expand by
6%-8% per year over 2021-2026, according to Bain & Company market
research, mainly driven by food service and meal-kit segments.
Similar growth trends are observed in the U.S. LSR savory solution
market, which is worth $2.8 billion and expected to expand by
8%-10% per year over the same period, driven by restaurants'
willingness to increase their value proposition and brand identity.
Moreover, we believe Solina will continue to maintain stable EBITDA
margins despite the current macroeconomic environment, resulting
from the accretive nature of the recent acquisitions and as a
result of being a complete solution provider with value-added
specialty materials.

"Under our base-case scenario, we now assume Solina will generate
adjusted EBITDA of EUR180 million-EUR190 million in 2023, compared
with the EUR105 million-EUR115 million we previously forecast. We
anticipate that the group will be able to pass on most of the
increase in the cost of raw materials, thanks to its flexibility in
adapting recipes and track record of implementing price increases
in a timely manner. Although the group has a wide base of suppliers
in different geographies and no large concentration of raw
materials, we still see downside risk attached to the current
macroeconomic environment, which might result in supply chain cost
inflation and further pressure on labor, energy, and distribution
costs. Therefore, we anticipate a stable S&P Global
Ratings-adjusted EBITDA margin of about 16% for 2023 and
16.0%-16.5% from 2024, driven by a pick-up of volumes and
continuous prices increases, the roll-out of some advanced coating
solutions across Solina's portfolio, and the full-year contribution
of the profitable and newly acquired businesses.

"We expect the company to maintain adequate liquidity and sound
FOCF over the next 12 months. We believe that the group has a good
cash conversion, despite its inventory build-up to tackle supply
chain issues and capex required to continue to expand its
operations. This is thanks to its track record of smooth
integration of acquired companies and relatively low additional
investments needed to integrate these latest targets. We expect
this will enable Solina to generate sound FOCF of about EUR35
million-EUR45 million in 2023 and EUR70 million in 2024. On top of
cash flow generation and to meet incoming liquidity requirements,
the company had about EUR55 million of cash on the balance sheet at
closing of the Saratoga acquisition and an undrawn RCF of EUR141
million. There is no near-term refinancing risk as the senior debt
facilities (TLB and RCF) are all due in 2028 and we understand the
group prudently hedged interest rate risk on its term loan.

"The stable outlook reflects our view that over the next 12 months
Solina should be able to deliver stable operating performance, with
FOCF of EUR35 million-EUR45 million and adjusted debt to EBITDA to
about 6.0x-6.5x by the end of 2023. This reflects Solina's
increasing scale and diversity of products within ingredients
solutions for the food and retail food sectors, ability to
integrate Saratoga well, given its track record of successfully
integrating acquired targets, as well as ability to pass on rapidly
most cost inflation to its customers.

"We could lower the ratings if the group's credit metrics
deteriorate such that adjusted debt to EBITDA rises above 7x or if
the FFO cash interest coverage ratio decreases toward 2x on a
prolonged basis. We believe this could occur if Solina makes
frequent sizable debt-funded acquisitions while having more
difficulties passing on price increases and volume growth prospects
recede due to weaker industrial demand. We would also view
adversely FOCF becoming neutral to negative for a prolonged period,
arising from higher working capital outflows or capex than we
currently anticipate or difficulty integrating recently acquired
companies.

"We could raise the ratings if we saw adjusted debt to EBITDA
falling below 5x on a sustained basis with a clear commitment from
the financial sponsor to maintain at all times such a level of debt
leverage in the capital structure. In addition, we would need to
see the group significantly increase its FOCF base from current
expected levels on a sustained basis."

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 Solina, as is the
case for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns.
Environmental and social factors are an overall neutral
consideration in our credit rating analysis of Solina. Solina
operates in the higher-value-added end of the food processing
chain. The company has gradually built up its portfolio and
technology capabilities in clean-label and sustainable-food
solutions (contributing to 34.7% of sales in 2021), supported by
strong research and development investments and innovation
capabilities, which are an important driver of growth for its
customers. Furthermore, it has wide and diversified sourcing of raw
materials and is committed to improve sustainable sourcing for its
top-three spices as a member of the Sustainable Spice Initiative.
These capabilities support Solina's EBITDA margin stability and
help insulate the company from the inherent volatility of agrifood
commodity prices, which we see in the broader agribusiness sector.
Finally, the group has also introduced gender diversity in its key
performance indicators, with a target to reach 38% of women in the
leadership team by the end of 2022, which it already achieved as of
first-quarter 2022."


VERALLIA SA: Moody's Affirms Ba1 CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Verallia S.A., a French glass packaging producer for the
food and beverage industries.  Concurrently, Moody's has affirmed
the company's Ba1 corporate family rating.

"The outlook change to positive reflects Verallia's track record of
stronger than expected operating performance and its strengthened
credit metrics, also supported by its prudent financial policy,"
says Donatella Maso, a Moody's Vice President – Senior Credit
Officer and lead analyst for Verallia.

"The positive outlook reflects Moody's view that the rating could
be upgraded over the next 12 to 18 months if Verallia demonstrates
that it can weather the risks posed by a global economic slowdown
and potential energy supply disruptions, while it continues to
develop a track record of conservative financial policies," adds Ms
Maso.

RATINGS RATIONALE

Verallia's operating performance in the first nine months of 2022
exceeded Moody's previous expectations. The company's revenue
increased by 24.5% year-on-year supported by two waves of price
increases in Europe and improved product mix. EBITDA, which grew in
line with revenue, benefitted from price and volumes increases, a
progressive energy hedging strategy and costs savings under the
company's performance action plan. Performance has benefitted from
the continued recovery in volumes after the pandemic, combined with
tight capacity for glass packaging in the European markets,
particularly given the lack of supplies from Russia and Ukraine. As
a result, Verallia was able to strengthen its credit metrics,
including its Moody's adjusted leverage ratio, which improved to
2.8x from 3.1x in 2021.

Pro forma for the GBP315 million acquisition of UK-based glass
packaging manufacturer Allied Glass, which was completed on
November 8, 2022 [1], Verallia's gross leverage will further
improve to 2.7x, marginally below the 2.75x threshold for upward
pressure on the rating.  The transaction is also credit positive
because it will (1) increase its scale (Allied Glass is expected to
generate GBP150 million of revenue in 2022 and to have higher
profitability than Verallia), (2) improve geographic
diversification by expanding in the UK market, where Verallia was
previously not present, (3) strengthen its market position in
premium glass bottles, particularly in the Scotch Whisky and Gin
sectors and (4) allow the achievement of certain synergies. The
acquisition, which has been funded with existing cash on balance
sheet, will increase the company's net reported leverage by
approximately 0.5x, but this ratio will nevertheless remain below
the 2.0x maximum leverage tolerance stated in its financial policy.
   
                                                                   
     

Moody's expects that Verallia will be able to continue to grow its
earnings in 2023, despite the global economic slowdown, owing to
its diversified product offering and geographic reach, the ability
to pass on price increases amid short term capacity constraints,
its energy hedging strategy that mitigates the impact of any sudden
increase in energy prices, its targeted production cost reductions
and the benefits from the full year contribution of Allied Glass.

Verallia's progressive energy hedging strategy that covers as much
as 3 years has proved to be effective so far and provides the
company with good visibility on its energy costs, which represented
around 17% of total costs in 2021. However, hedging costs may
continue to increase thus hampering the ability to pass them to
final customers at a time when consumer demand is weakening.

Moody's expects Verallia's credit metrics to remain strong in 2023
including a leverage, as adjusted by Moody's, below 2.75x and to
continue to generate positive free cash flow of over EUR100
million, despite increased working capital needs to rebuild
inventory levels and higher capex for the delayed payment of the
new Brasilian furnace, the construction of a new furnace in Italy,
and investments to meet its CO2 emissions reduction targets.

However, the expected EBITDA growth remains exposed to multiple
risks such as high cost inflation – with a dilutive effect on the
demand and on the EBITDA margin - and potential gas supply
disruptions in several European countries where the company
operates. Verallia operates 45 furnaces in Europe and its European
operations account for 87% of its LTM September 2022 revenue.

Moody's acknowledges that the company has attempted to mitigate the
risk of gas shortages by replacing around 20% of its gas needs with
fuel from 2023, whereby fuel supplies and price hedges have been
largely secured.  

Verallia's Ba1 rating is also supported by the company's meaningful
scale as the third largest glass container manufacturer globally
and the largest in Europe in a relatively consolidated industry
with stable long term fundamentals; its long-standing customer
relationships and its track record of being perceived as a
high-quality and reliable supplier; no material customer
concentration; and its higher profitability than peers  owing to
its exposure to the premium segment, the ability to pass on
volatile input costs, although with some lags, and targeted
operational improvements.

Conversely, the Ba1 rating remains constrained by Verallia's
exposure to low-growth end markets with a degree of pricing
pressure, partly mitigated by the company's focus on the
higher-margin wine/sparkling wine and spirits segments, which are
nevertheless more susceptible to economic cycles; the limited
substrate diversity; the risk of at least temporary margin
compression in a high input cost environment; and its exposure to
currency and country risk  because of its presence in some emerging
markets such as Latin America (representing 13% of revenue).

LIQUIDITY

Moody's views Verallia's liquidity as good. It is supported by
approximately EUR490 million of cash at the end of September 2022,
pro forma for the acquisition of Allied Glass, the company's solid
free cash flow generation above EUR100 million per annum and its
EUR500 million revolving credit facility (RCF) due October 2024.
The RCF provides a backup for the EUR400 million commercial paper
programme, of which EUR130 million was outstanding as of September
30, 2022. Excluding the commercial paper programme which is
short-term in nature, the next largest debt maturity is October
2024 when the EUR500 million term loan matures.

The loans have a net leverage covenant of 5.0x, which is tested
semi-annually, under which Moody's expects the company to retain
sufficient headroom. The company reported a net leverage of 1.1x at
the end of September 2022.

The company has also access to EUR400 million of committed
factoring facilities, of which around EUR359 million was drawn as
of September 2022.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook on the rating reflects Moody's expectations
that Verallia will continue to grow its earnings despite the
challenging macroeconomic environment, while maintaining strong
credit metrics supported by its adherence to a conservative and
predictable financial policy.

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

Upward pressure on the rating could materialise if the company's
operating performance remains strong while it develops a track
record operating under its stated financial policies, including a
net leverage ratio (as defined by the company) below 2.0x, and
below 2.75x (on a gross debt, Moody's adjusted basis); its EBITDA
margin remains around 25%; and its free cash flow generation (after
interest, capex and dividends) remains healthy and consistently
positive.

Negative pressure on the rating could develop if Verallia's
operating performance deteriorates such that its Moody's-adjusted
debt/EBITDA increases above 3.5x on a sustainable basis, its free
cash flow weakens, or its liquidity significantly deteriorates. The
rating could also come under negative pressure in the event of a
more aggressive financial policy, including material debt funded
acquisitions or more shareholder-friendly actions.

LIST OF AFFECTED RATINGS

Affirmation:

Issuer: Verallia S.A.

Corporate Family Rating, Affirmed Ba1

Outlook Action:

Issuer: Verallia S.A.

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

Headquartered in France, Verallia is a global leading producer of
glass containers for the food and beverage industry. Verallia
operates 32 glass manufacturing plants, with 58 furnaces and 13
product development centres in 11 countries, employing around
10,000 people. For the last twelve months ended June 30, 2022,
Verallia generated revenue for EUR3 billion and EBITDA for EUR741
million (as adjusted by Moody's).


VERALLIA SA: S&P Affirms 'BB+' ICR on Acquisition of Allied Glass
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
ratings on France-based glass packaging producer Verallia S.A.
(Verallia) and Verallia Packaging S.A.S., as well as 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 an
economic slowdown.

On Nov. 8, 2022, Verallia acquired Allied Glass (a manufacturer of
premium glass packaging based in the U.K.) for GBP315 million.
Verallia funded this acquisition with existing cash balances.

S&P said, "We believe the acquisition of Allied Glass will
strengthen Verallia's geographic diversification and increase its
exposure to the premium spirits market. Allied Glass is a
U.K.-based glass bottles producer for premium whiskies and gins.
This acquisition will broaden Verallia's manufacturing footprint
and the geographic exposure of its sales. It will also reinforce
its position in the fast-growing and more profitable premium
spirits markets. We believe this is in line with our satisfactory
business risk profile assessment on the company.

"The acquisition is broadly neutral to Verallia's credit metrics,
which remain relatively strong for the current rating. Verallia
completed the acquisition on Nov. 8, 2022; we do not anticipate a
meaningful contribution from Allied Glass to Verallia's EBITDA this
year. We thereby anticipate a modest increase in S&P Global
Ratings-adjusted net debt to EBITDA to 2.2x-2.4x by year-end 2022
(compared with previous expectations of adjusted net debt to EBITDA
below 2.0x). Our forecast for 2023 remains broadly unchanged: we
expect adjusted net debt to EBITDA of about 2.0x and adjusted FFO
to debt of 40%-45%. Verallia's credit metrics point toward a
stronger rating level, but the current rating includes a one-notch
negative adjustment (comparative rating analysis). The latter
reflects headroom for the potential financial and operational
impact of further volatility in energy prices and supplies.

"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.

"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




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

GEORGIA GLOBAL: S&P Ups ICR to 'B+' on Acquisition by FCC Aqualia
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Georgia Global Utilities (GGU) to 'B+' from 'B'.

The positive outlook indicates that S&P could upgrade GGU should it
continue to maintain strong rating headroom, with constantly
improving funds from operations (FFO) to debt.

In October 2022, Spanish water utility FCC Aqualia became the 80%
owner of GGU through Aqualia Georgia LLC, with some of the
renewables assets spun off to Georgia Capital (GCAP; the remaining
20% shareholder).

Throughout the process, GGU refinanced entirely the $250 million
bond due 2025 partly with a shareholder loan totaling $164 million
from FCC Aqualia and a shareholder loan by Georgia Capital,
therefore lowering its debt quantum.

The first stage of the transaction was complete in February 2022,
with FCC Aqualia (BBB-/Negative/--) purchasing 65% of GGU from GCAP
for $180 million. The final step concluded with FCC Aqualia owning
80% of GGU and GCAP 20%--following the full repayment of the $250
million bond. In August 2022, GGU signed two intercompany loans
with its shareholders amounting to their pro rata share of debt. As
a result, FCC Aqualia and GGU signed a $164 million intercompany
facility maturing in August 2024, which represents the sole
financial debt on GGU's balance sheet. GCAP's intercompany loan is
on the renewable business's balance sheet. As a result, GGU's
long-term liability decreased to $164 million from $250 million,
improving its S&P Global Ratings-adjusted ratios.
GGU is now composed of the water utility business (about 80% of
EBITDA) in addition to the retained 149 megawatts (MW) of
renewables assets (about 20%). The remaining renewable assets (71
MW operating) were spun off and are fully owned by GCAP, a
transaction that S&P sees as credit positive from a financial
perspective.

S&P views GGU as a moderately strategic subsidiary for FCC Aqualia,
which provides one notch of uplift to GGU's stand-alone credit
profile.

Since October 2022, GGU is 80% owned by FCC Aqualia and 20% by
GCAP. S&P believes GGU exhibits significant features that qualify
it for a one notch uplift upon extraordinary support from FCC
Aqualia including:

-- GGU operates in line with FCC Aqualia's business of water
distribution and supply;

-- It operates a regulatory asset base based water supply network
that provides stable cash flows and therefore is unlikely to be
sold in the medium to long term;

-- GGU will be fully consolidated into FCC Aqualia and will
represent 10%-15% of Aqualia's EBITDA over the next two years;

-- A long-term strategy will be jointly defined at the GGU level
by FCC Aqualia's management and GGU's personnel; and

-- FCC Aqualia is committed to supporting GGU, as demonstrated by
the intercompany loan signed to repay the bond.

S&P said, "The lack of a clearly defined and transparent financial
policy and strategy at GGU prevents us from viewing it as more than
strategic for FCC Aqualia. Should we see a record of support, the
extension of shareholder loan, or a refinancing of the intercompany
loan at group level in addition to a defined and supportive
financial policy, we could review our assessment of GGU's
importance within the FCC Aqualia group.

"We expect a favorable framework to enable full recovery of
increasing investments over the new regulatory period (2024-2027)
and to support metrics including FFO to-debt well above 12%.

"Following the repayment of the $250 million bond with two
intercompany loans as part of the transaction, GGU's long-term
liability materially decreased in October 2022 to $164 million from
$250 million at year-end 2021. In addition, although we expect GGU
to enter another investment cycle with investments higher than
GEL150 million over 2023-2024, we believe investments will be
recovered through higher tariffs over 2024-2026 (as was done in
2021-2023 when we saw a 47.8% increase for commercial customers and
a 52% increase for residential customers). Lastly, we believe GGU's
electricity generation business will continue to benefit from high
power prices over 2022-2023, which will reduce the effect of lower
generation following the spin-off of 30% of the renewable
generation capacity and enable GGU to maintain strong annual EBITDA
generation of GEL130 million-GEL140 million (about EUR50 million).
This leads to our forecast of GGU's S&P Global Ratings-adjusted FFO
to debt substantially above 12% over the next two years.

"We view GGU's capital structure as pressured by the short-term
intercompany loan and skewed toward foreign currency debt.

"While we view the refinancing of GGU's $250 million 7.75% bond due
2025 with a $164 million intercompany loan due 2024 provided by FCC
Aqualia as positive for ratios, we believe the loan's short length
(two years) will pressure the utility's capital structure. However,
we understand there might be a commitment by the new owner to
extend the loan's maturity, although it has not been contractually
signed. Also, GGU's interests will decrease to quarterly payments
of $3.3 million (GEL9 million) from semiannual payments of $9.3
million (GEL25.3 million) that we believe can be covered by the
electricity generation business under current conditions. Should
electricity prices materially fall, we could see the utility as
more exposed to foreign exchange (FX) risks as its U.S.
dollar-denominated business might not fully cover coupon payments;
however, this is not in our base case. We will reassess our
base-case scenario in the upcoming months.

"The positive outlook indicates that GGU could report stronger
metrics derived from high electricity prices and a supportive
regulatory framework with adjusted FFO to debt expected above 12%
over 2022-2024, or could benefit from a higher group status upon
integration within the FCC Aqualia group--including a detailed and
supportive financial policy.

"We could change the outlook to stable if we see lower metrics
including FFO to debt below 12% on a sustainable basis. This could
stem from a less supportive financial policy, demonstrated by high
dividend extraction or an intensive capital expenditure (capex)
program not compensated for by higher tariffs."

Several elements could lead to an upgrade of GGU, including:

-- FFO to debt consistently above 12% with substantial headroom.
This could derive from higher tariffs upon the new regulatory
period starting January 2024, continuous high electricity prices
benefitting the generation business, and flexibility in dividends
and investments.

-- No material exposure to foreign currency risk and an extension
of debt maturities to above two years.

-- Improvement of S&P's regulatory framework assessment for water
utility in Georgia upon the new period starting January 2024.

-- Proof of stronger group support that could stem from a clearly
defined and supportive financial policy as well as commitment to
support GGU in case of distress.

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




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

FRESENIUS MEDICAL: Egan-Jones Retains 'BB+' Unsecured Debt Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2022, retained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Fresenius Medical Care AG & Co KGaA.  

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG &
Co. KGaA offers kidney dialysis services and manufactures and
distributes equipment and products used in the treatment of
dialysis patients.


HORNBACH BAUMARKT: S&P Affirms 'BB+' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its ratings on Hornbach Baumarkt AG and
its senior unsecured notes at 'BB+'.

The stable outlook reflects S&P's expectation that amid escalating
inflation, the group will see 3%-6% annual revenue growth and
weaker margins of 8.0%-8.5% at the Hornbach Holding level (9.5% in
fiscal 2022) leading to leverage below 3.0x and funds from
operations (FFO) to debt of about 30% over the next 12-24 months.

The debt-financed acquisition of Hornbach Baumarkt shares and
subsequent delisting increase leverage. On Dec. 20, 2021, Hornbach
Holding, which at that time owned 76.4% of Hornbach Baumarkt,
announced its intention to launch a public delisting tender offer
for a cash consideration of EUR47.50 per share to all shareholders
of Hornbach Baumarkt and unconditionally purchase the shares it
doesn't already own, in line with the delisting agreement achieved
between the holding and its subsidiary. As of Feb. 28, 2022,
Hornbach Holding owns 90.86% of Hornbach Baumarkt and has since
delisted the company. This led to liability toward shareholders of
EUR190.6 million as of the same date, which the holding has begun
financing in fiscal 2023 with a EUR50 million mortgage loan and a
EUR145 million drawing on the EUR400 million bridge facility that
matures in January 2023. In the second quarter of fiscal 2023,
Hornbach Holding issued EUR100 million in promissory notes and
decreased its use of the bridge loan to EUR70 million from EUR145
million, thereby improving the group's liquidity.

The transaction increases leverage to 2.5x in fiscal 2022 from 2.2x
in the previous fiscal year. Excluding the transaction, adjusted
debt to EBITDA would have stayed flat at 2.2x. Despite the increase
in debt, Hornbach Group's leverage remains in S&P's expected range
of 2.5x-3.0x for the 'BB+' rating on Hornbach Baumarkt. Hornbach
Group's aim to maintain or improve the 'BB+' rating indicates that
a further purchase of Hornbach Baumarkt shares would likely be
financed with cash generated from operations or a mix of debt and
equity.

S&P said, "Following the buyout of a significant portion of the
minority interests in Hornbach Baumarkt, our ratings on the company
continue to reflect our view of the credit profile of its parent
Hornbach Holding on a consolidated basis. We consider Hornbach
Baumarkt's credit quality to be driven by Hornbach Holding, given
our expectation of group support should the creditworthiness
deteriorate at the subsidiary level. As of Feb. 28, 2022, Hornbach
Holding owns 90.86% of Hornbach Baumarkt, and we anticipate that
eventually the group will buy out the remainder of the minorities.
We consider Hornbach Baumarkt as a core entity of Hornbach Holding,
representing 94% of revenue and 97% of S&P Global Ratings-adjusted
EBITDA in fiscal 2022."

After the delisting, Hornbach Baumarkt AG will no longer produce
quarterly and semiannual financial statements. S&P said, "At the
same time, we understand that management intends to simplify the
organizational structure and raise any future debt on the holding
level, as it did with the replacement of the bridge facility in the
first half of fiscal 2023. As a result of these changes, we now
derive the ratings on Hornbach Baumarkt through our group rating
methodology. Our financial risk profile assessment and credit
ratios underpinning the rating are based on the publicly available
financial statements of Hornbach Holding adjusted by S&P Global
Ratings."

Fiscal 2022 performance demonstrated stronger earnings generation,
supported by loosening COVID-19 restrictions and the group's
successful Interconnected Retail strategy. Hornbach Holding posted
strong year-on-year sales growth of 7.7% in fiscal 2022 compared
with our expectation of 1.5%-3.5%. This was helped by a good start
to the season but also the lifting of COVID restrictions. In fiscal
2021, 86% of stores were open to private customers, whereas only
79% were open in fiscal 2020. In fiscal 2022, four new Hornbach
Baumarkt stores opened, which is in line with the group's plan to
open 25 stores over the next five years. Despite loosening COVID
restrictions, Hornbach was able to maintain its high e-commerce
revenue of EUR944 million (17.6% of Hornbach Baumarkt sales), of
which approximately EUR590 million (62%) came from direct delivery
to customers. Accelerated revenue growth, operating efficiency
measures undertaken by the group, and the success of its
Interconnected Retail concept supported Hornbach Baumarkt's ability
to maintain an S&P Global Ratings-adjusted EBITDA margin of 10%,
above the 9.3% achieved before the pandemic in fiscal 2020. For
fiscal 2022, the better top-line growth and EBITDA margin than
anticipated have kept the S&P Global Ratings-adjusted debt to
EBITDA at 2.5x compared with S&P's expectation of 2.0x-2.4x, and
FFO to debt at 31.5% compared with our expectation of 34%-38%,
despite the addition of EUR191 million in liabilities toward
shareholders. At the same time, high capital spending (capex; 3% of
sales) and lease payments resulted in positive, but low reported
free operating cash flow (FOCF) after leases of EUR51 million.

The debt-financed acquisition of Hornbach Baumarkt shares and a
weaker macroeconomic environment will weigh on Hornbach Holding's
credit metrics. On June 13, 2022, Hornbach Holding revised its full
fiscal year guidance for the group's adjusted EBIT to "around a
low-double-digit percentage range decline" from "slightly below"
the previous year. In fiscal 2022, the group's adjusted EBIT stood
at EUR362.6 million while it was 17% lower in the first half of
fiscal 2023 compared with the previous fiscal year, reflecting a
margin of 8%, 220 basis points (bps) below fiscal 2022 but 40 bps
above pre-COVID fiscal 2020. The group earns most revenue in the
first half of the fiscal year, with EBIT in the third quarter of
EUR40 million-EUR60 million and fourth-quarter EBIT being negative.
S&P sid, "We therefore expect margins of 8.0%-8.5% in fiscal 2023,
reflecting S&P Global Ratings-adjusted EBITDA of EUR480
million-EUR500 million. We expect this fiscal year to be broadly
flat in terms of volumes because consumers have shifted spending to
leisure activities. However, thanks to store openings and price
inflation, we expect annual revenue growth of 2%-4%."

S&P said, "The outlook for Hornbach Group's main market, Germany
(41% of EBITDA in fiscal 2021), is weakening. We now expect real
GDP growth in Germany of 1.5% in 2022 and a contraction of 0.3% in
2023. At the same time, we expect inflation to peak at 8.4% in 2022
and reduce to 7% in 2023. Due to the ongoing gas crisis, consumer
confidence remained at a low point in October 2022, which we expect
to lead to a slowdown in the do-it-yourself (DIY) industry and
lower like-for-like growth compared with previous years. We
therefore expect margins to contract at the group by approximately
100-150 bps. The lower profitability, along with expected higher
net debt, will in our view lead to a contraction of our key metric,
S&P Global Ratings-adjusted FFO to debt, to about 22%-24% for
Hornbach Baumarkt and 27%-30% for Hornbach Holding in the next two
years."

Since 2018, the group has improved its profitability and geographic
and channel diversity, however the overall size and scale of
operations and adjusted EBITDA margin still fall short of those of
larger higher-rated peers. Following a period of a continuous
profitability dilution that bottomed out in fiscal 2019 (adjusted
EBITDA margin of 7.4%), Hornbach Group has consistently recovered
margins since then to 9.5% in fiscal 2022 when it benefitted from
its Interconnected Retail offering and customer mix. Although S&P
expects a correction toward 8.0%-8.5% due to inflation over the
next 12-24 months, it anticipates a recovery in gross and operating
margins after that supported by the ongoing trends in the DIY
industry (energy efficiency, urbanization, and
cost-efficiency-driven home improvements) complemented by increased
scale from new store openings and like-for-like revenue growth.

Since fiscal 2018, the group has significantly increased its scale,
expanding revenue by 42% and S&P Global Ratings-adjusted EBITDA by
61%. Interconnected Retail plays a key role and has helped the
group increase sales by sales area (per square meter) by 33% over
the same time. Lastly, dependence on Germany has been reduced over
the last decade. Most new store openings are outside of Germany,
with the most recent openings in Romania. The number of stores
outside of Germany has increased to 69 in fiscal 2022 from 58 in
fiscal 2018. This has resulted in a better revenue mix with the
majority of reported EBITDA now generated outside of Germany (59%
in fiscal 2022). Nevertheless, with total revenue of EUR5.5 billion
and a 10% adjusted EBITDA margin in fiscal 2022, S&P considers
Hornbach's business model less resilient than that of some of its
larger higher-rated peers. For example, Kingfisher PLC generated
revenue of EUR15.8 billion (12.8% adjusted EBITDA margin), Lowe's
Cos. generated EUR86.3 billion (15.5%), and Inc Home Depot Inc.
generated EUR135.4 billion (18.1%) in the fiscal year ended January
2022 (as translated into euro from reported currencies by S&P
Global Ratings).

Largely unencumbered store ownership in the wider group supports
Hornbach Baumarkt's credit quality. In fiscal 2022, Hornbach
Baumarkt reported about EUR495 million in lease liabilities payable
to the Hornbach group. This reflects leased stores that are held
with Hornbach Holding and are mainly in unencumbered ownership. The
book value of Hornbach Baumarkt's freehold real estate is EUR852
million and of Hornbach Holding's is EUR382 million at the end of
fiscal 2022, supporting our perception of the group's financial
flexibility and credit quality.

S&P said, "The stable outlook reflects our expectation that,
although consumer demand for DIY and construction products will
normalize in the next few quarters, Hornbach Baumarkt will stay
integral for the Hornbach group and maintain earnings above
prepandemic levels while generating positive reported FOCF after
leases. Backed by a prudent financial policy, this should enable
Hornbach Holding to maintain adjusted debt to EBITDA below 3.0x and
FFO to debt about 30% over the next 12-24 months. We calculate the
S&P Global Ratings-adjusted financial metrics based on consolidated
financials of the parent Hornbach Holding."

S&P could downgrades Hornbach Baumarkt over the next 12-24 months
if its earnings were to fall short of its base-case expectation due
to intensifying pressure in the competitive home improvement
market, resulting in weaker cash generation and the following S&P
Global Ratings-adjusted credit ratios:

-- Negative reported FOCF after all lease-related payments, for
example following higher-than-expected investment in working
capital or real estate;

-- FFO to debt below 30% on a prolonged basis; or

-- Debt to EBITDA persistently close to 3.0x.

Although not likely in the next two years, S&P could take a
negative rating action if it saw a change in the group's strategy,
funding, or financial policy, leading us to reassess Hornbach
Baumarkt's role in the group.

S&P could upgrade Hornbach Baumarkt over the next 12-24 months if
it committed to a more conservative financial policy and its S&P
Global Ratings-adjusted ratios sustainably improved as follows:

-- FFO to debt above 35%;

-- Debt to EBITDA below 2.5x; and

-- Substantial consistently positive FOCF after leases sufficient
to cover dividends.

Conversely, S&P could also upgrade Hornbach Baumarkt if the group
stays on top of the consumer trends and its operating efficiency
initiatives, such that it expands profitably in its target markets,
achieving an S&P Global Ratings-adjusted EBITDA margin well above
10% on a sustainable basis, in line with its larger peers',
translating into sizable FOCF after leases that more than covers
its dividend payments.

Any upgrade would depend on Hornbach Baumarkt AG being a core part
of the Hornbach group.

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


NIDDA BONDCO: Fitch Rates EUR1.3-Bil. Secured Notes Due 2026 'B+'
-----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B+' with a Recovery
Rating of 'RR3' to Nidda Healthcare Holding GmbH's EUR1,386 million
exchange senior secured notes, maturing in 2026.

Nidda BondCo GmbH's (Nidda) Long-Term Issuer Default Rating (IDR)
has been affirmed at 'B' with a Negative Outlook.

According to Fitch's Corporate Rating Criteria, Fitch treats
maturity extension in a debt exchange transaction as a reduction of
terms, as in Nidda's case for investors of the existing 2024 senior
secured notes. Fitch, however, does not consider the transaction
performed as default avoidance with maturities being addressed well
in advance and underlying performance remaining solid. Fitch also
acknowledges that the exchange terms include a higher coupon and an
upfront fee.

The 'B' IDR balances Nidda's high leverage with a robust business
profile and expected continuing positive free cash flow (FCF)
generation. The Negative Outlook reflects its view of still
relatively high refinancing risks ahead of further debt maturities
in 2024-2025, including its legacy unsecured debt.

KEY RATING DRIVERS

Refinancing Risks Partially Addressed: The recent successful about
EUR1,386 million voluntary exchange demonstrated Nidda's ability to
address refinancing risks. However, about two-thirds of the group's
debt is still maturing in 2024-2025 under the existing capital
structure. Fitch expects Nidda to continue to address the
refinancing of its debt, including the senior unsecured debt over
the next 12 to 18 months. Refinancing risk may abate if the company
focuses on deleveraging and credit market conditions improve.

Leverage Remains High Until 2024: Nidda's high leverage increases
the risk of refinancing at more onerous terms if credit markets
stay disruptive by the time material when debt maturities become
due. Fitch expects Nidda's total debt/EBITDA to trend towards 7.5x
in 2023, before organically easing back to 7.0x in 2024. Active
deleveraging through debt prepayment, or cash accumulation which
could be applied to debt repayment when needed, could ease
refinancing risks. Visibility over the group's financial policy
will therefore be critical for the ratings trajectory.

Economic Slowdown Affects Growth: Fitch forecasts GDP in the
eurozone and Germany to contract by 0.1% and 0.5%, respectively, in
2023. Consumer spending should grow modestly in Germany but
contract in the eurozone. Fitch views the pharmaceutical industry
as fairly resilient to consumer spending pressures, which should
support revenue in European markets. Fitch assumes Nidda's revenue
growth will slow to low single digits in 2023, before returning to
mid-single digits in 2024-2025.

Mitigated Energy Inflation Impact: Nidda has geographically
diversified production sites, with less than 10% of production in
Germany and about half in Serbia. This significantly reduces its
exposure to energy inflation in the eurozone for the next 12-18
months. Fitch forecasts Fitch-calculated EBITDA margin to soften
only by 140bp in 2023, due to favourable gas price terms in
Serbia.

Aggressive Financial Policy: Until now, Nidda had prioritised
debt-funded expansion over deleveraging. Despite the company
healthy cash flow, deleveraging by way of debt prepayment is
unlikely, in its view. Fitch expects Nidda to continue making
opportunistic bolt-on acquisitions as the European pharmaceutical
market offers viable targets. These provide opportunities for large
pharmaceutical companies to consolidate and streamline their
product portfolios. As a result, Nidda's financial risk may
increase depending on the size, profitability and margin-dilutive
nature of its targets.

Self-Sufficient Russian Operations: Fitch does not expect Nidda's
exposure to Russia to have a contagion effect on the rest of its
operations. Its profitable operations in Russia solely serve the
local market. The Russian business is funded by local-currency
loans and has limited exposure to imported substances. However,
shrinking disposable income in Russia, together with drug costs not
being reimbursed by compulsory medical insurance, could undermine
Nidda's earnings and cash flow in the country. Russian
counter-sanctions may also constrain the transferability of cash
and profits outside Russia.

Healthy Operations Outside Russia: Nidda's IDR remains firmly
placed at 'B', supported by healthy sizeable operations outside
Russia with a well-diversified product portfolio and pan-European
footprint. Although declining, Fitch-defined EBITDA margin should
stay above 22% in 2023, which is appropriate for the sector.

Positive Market Fundamentals: Fitch expects the positive
fundamentals for the European generics market to continue as
governments and healthcare providers seek to optimise rising
healthcare cost stemming from growing ageing populations,
increasing prevalence of chronic diseases, and expensive new
innovative treatments coming to market and affecting budgets. Fitch
sees continued structural growth opportunities, given more limited
overall generic penetration in Europe than in the US and the
increasing introduction of biosimilars.

DERIVATION SUMMARY

Fitch rates Nidda using its Global Rating Navigator Framework for
Pharmaceutical Companies. Under this framework, Nidda's generic and
consumer business benefits from diversification by product and
geography, with a balanced exposure to mature, developed and
emerging markets.

Nidda's business risk profile is affected by the lack of a global
footprint compared with industry champions such as Teva
Pharmaceutical Industries Limited (BB-/Stable) and Viatris Inc.
(BBB/Stable), and diversified companies, such as Novartis AG
(AA-/Stable) and Pfizer Inc. (A/Positive). High financial leverage
is a key rating constraint compared with international peers' and
is reflected in the 'B' rating with a Negative Outlook.

The company ranks ahead of other highly speculative peers, such as
Care Bidco (B/Stable), and Roar BidCo AB (B/Stable), in size and
product diversity. Nidda's business is mainly concentrated in
Europe, but it also has a growing presence in developed and
emerging markets. This gives Nidda a 'BB' category risk profile.
However, its high financial risk, with total debt/EBITDA projected
to remain above 7.0x until 2024, is weak for the rating, albeit
offset by strong FCF generation.

The rating difference between Nidda and higher-rated peers
CHEPLAPHARM Arzneimittel GmbH and Pharmanovia Bidco Limited (both
'B+'/Stable) reflects their less aggressive leverage and
asset-light business models, despite smaller business scale and
higher product concentration.

KEY ASSUMPTIONS

- Revenue to reach EUR4 billion by 2026, including Russian
operations, due to volume-driven growth of Nidda's legacy product
portfolio, new product launches, the acquisition of intellectual
property rights and business additions

- Fitch-defined EBITDA margin averaging 24% over 2022-2025,
underpinned by a normalisation in trading operations combined with
further cost improvements and synergies realised from the latest
acquisitions. Fitch includes EBITDA from Russia in its rating case
given Nidda's demonstrated ability to upstream profits and cash
from Russia

- Working-capital investments of 1%-2% of revenue a year to 2025

- Capex at 2.5% of sales a year to 2024

- M&A estimated at EUR100 million a year, to be primarily funded
from internally generated funds and supported by its revolving
credit facility (RCF), and valued at 10x EBITDA with a 20% EBITDA
contribution

KEY RECOVERY ASSUMPTIONS

Nidda would be considered a going-concern (GC) in bankruptcy and be
reorganised rather than liquidated.

Fitch estimates a post-restructuring EBITDA of around EUR600
million, which would allow Nidda to remain a GC after distress and
assuming implementation of some corrective actions. Its estimate of
GC EBITDA includes contribution from Russia.

Fitch continue to apply a 6.0x distressed enterprise value
(EV)/EBITDA multiple.

Fitch assumes Nidda's senior unsecured legacy debt (at the
operating company level), which is structurally the most senior, to
rank pari passu with its senior secured acquisition debt, including
term loans and senior secured notes. This view is based on its
principal waterfall analysis and assuming the EUR400 million RCF is
fully drawn in a default. Senior notes at Nidda rank below senior
secured acquisition debt.

Its principal waterfall analysis, after deducting 10% for
administrative claims, generates a ranked recovery for the senior
secured debt of 56% in the 'RR3' category, including the senior
secured exchange notes, leading to a 'B+' rating, one notch above
the IDR. Recoveries envisaged for Nidda's senior unsecured notes
remain at 0%, in the 'RR6' band, corresponding to a 'CCC+'
instrument rating, two notches below the IDR. Its recovery
estimates are not affected by the exchange.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Sustained Fitch-defined EBITDA margin in excess of 25% and FCF
margin consistently above 5%

- Reduction in total debt/EBITDA to below 6.0x on a sustained
basis

- Maintenance of EBITDA/interest cover above 3.0x

Factors that Could, Individually or Collectively, Lead to a
Revision of the Outlook to Stable:

- Further progress on refinancing, in particular the senior secured
notes due in 2024 and senior unsecured notes due in 2025

- Restoration of total debt/EBITDA to below 7.5x by end-2023

- Stable EBITDA margins of above 18% and mid-single-digit FCF
margins

- EBITDA/interest cover of at least 2.5x

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Increase in refinancing risk, including operating
underperformance, leading to materially more onerous terms

- Escalation of western sanctions and Russian-counter sanctions,
hampering transfer and convertibility of cash flows from its
Russian operations

- M&A shifting towards higher-risk or lower-quality assets or weak
integration resulting in pressure on profitability and weak FCF
margins

- Persistent operating weakness, with EBITDA margins declining to
below 18%

- Diminished prospects of total debt/EBITDA declining to below 7.5x
by end-2023.

- EBITDA/interest cover below 2.0x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch projects Nidda to close 2022 with
EUR290 million cash on its balance sheet, excluding around EUR150
million cash which Fitch treats as not readily available. Fitch
projects healthy FCF generation to 2025, which should be sufficient
to fund its operations and potential M&A activity.

Large Debt Await Refinancing: Nidda's capital structure comprises
about EUR499 million senior secured notes due in September 2024,
EUR579 million senior unsecured notes due in September 2025, EUR3
billion-equivalent senior secured term loans due in June 2025
(maturity will be extended to Aug 2026 if the senior unsecured
notes are refinanced), about EUR1,386 million senior secured notes
due in September 2026, EUR46 million legacy Stada OpCo debt, EUR371
million-equivalent unsecured rouble-denominated local facility due
in 2025-2027, EUR7 million-equivalent local financing in Vietnam
and its undrawn EUR400 million secured RCF due in August 2023 (more
than 90% of the aggregate commitments have been extended to May
2026).

Based on the latest information, Fitch conservatively estimates
that EUR360 million will be available under the refinanced RCF at
the end of 2023 and thereafter.

Fitch continues to expect Nidda to refinance the upcoming its debt
maturities in 2024-2025. Timely and cost-efficient refinancing of
its debt facilities coming due will be critical to its rating
assessment.

ISSUER PROFILE

Nidda is a special-purpose vehicle that indirectly owns the
Germany-based pharmaceutical company Stada, a manufacturer and
distributor of generic and branded consumer healthcare products.

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
   -----------             ------          --------   -----
Nidda BondCo
GmbH                LT IDR B     Affirmed                 B

   senior
   unsecured        LT     CCC+  Affirmed     RR6      CCC+

Nidda Healthcare
Holding GmbH
  
   senior secured   LT     B+    Affirmed     RR3        B+

   senior secured   LT     B+    New Rating   RR3   B+(EXP)


PARFUEMERIE DOUGLAS: EUR188M Bank Debt Trades at 16% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Parfuemerie Douglas
International GmbH is a borrower were trading in the secondary
market around 84 cents-on-the-dollar during the week ended Fri.,
Nov. 11, 2022, according to Bloomberg's Evaluated Pricing service
data.

The EUR188 million facility is a term loan. The loan is scheduled
to mature on April 8, 2026. The amount is fully drawn and
outstanding.

Parfuemerie Douglas International GmbH retails beauty products. The
Company offers deodorants, soap, and shower care products, as well
as shampoos, masks, towel, jewelry, bags, pillow, sunglasses, and
other hair and skin care products. The Company's country of
domicile is Germany.


PBD GERMANY: Fitch Affirms 'Bsf' Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has affirmed the existing ratings of all notes for
the PBD Germany Auto Lease Master S.A., Compartment 2021-1
transaction. The ratings are on Stable Outlook.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
PBD Germany Auto
Lease Master S.A.,
Compartment 2021-1
  
   A XS2399669006     LT AAAsf  Affirmed    AAAsf
   B XS2399669931     LT AA+sf  Affirmed    AA+sf
   C XS2399672216     LT Asf    Affirmed      Asf
   D XS2399683098     LT BBB-sf Affirmed   BBB-sf
   E XS2399684658     LT BBsf   Affirmed     BBsf
   F XS2399684815     LT Bsf    Affirmed      Bsf

TRANSACTION SUMMARY

PBD Germany Auto Lease Master S.A., Compartment 2021-1 is a
securitisation of auto lease receivables granted to German private
and commercial customers. The leases are originated and serviced by
PSA Bank Deutschland GmbH (PSAD), the German captive financing arm
of Stellantis for its Peugeot, Citroen and DS brands.

The securitised leases include the residual value (RV) component,
for which either the lessee takes the RV risk, or the car can be
sold to the dealer for the contractual RV via a put option. The
transaction had a one-year revolving period, which ends in November
2022. After the replenishment period, principal on the bonds will
be paid pro rata unless triggers are breached. The interest-rate
mismatch between assets and liabilities is addressed by an
interest-rate cap with a strike of one-month Euribor at 0%.

KEY RATING DRIVERS

Macroeconomic Outlook Reflected In Asset Assumptions: During the
revolving period, the performance of the transaction in terms of
defaults and recoveries has been very robust. This has contributed
to the maintenance of unchanged lifetime base-case default and
recovery rates despite the anticipated economic cooldown and
increased uncertainty. Fitch maintains a default base case of 1.8%
based on individual assumptions for private and commercial clients
with a 5.25 multiple, and a recovery base case of 62.5% with a 45%
haircut.

Residual Value Drives Risk: Under PSAD's Kilometer Leasing
contracts (53% of the current portfolio), car dealers have to pay
the contractual RV. However, dealer defaults would expose the
issuer to the risk of RV losses from declining used car prices when
vehicles are sold at market prices below contractual RVs. The RV
portion is 43% of the outstanding balance. Fitch continues to
assume RV losses of 16.5% in 'AAA', compared to 6.3% losses from
the instalment portion.

The remaining 47% of the portfolio are Restwert Leasing contracts,
where the lessee carries the market value risk of the cars. The
risk profile on these contracts is comparable to balloon loans.

Effective Pro-Rata Triggers: Performance triggers to force the
structure into sequential amortisation consider defaults and RV
losses and are not diluted by the replenishment of new assets
during the revolving period. In Fitch's view, the design of the
triggers as well as their levels are adequate to avoid excessive
pro-rata allocations in an environment of adverse asset
performance.

Consideration of Put Option: For Kilometer Leasing contracts, PSAD
can exercise a put option at lease maturity to sell cars to the
dealers for the contractual RV. Fitch considered the loss-reducing
effect of the option in the 'B' and 'BB' rating categories via
reduced RV haircuts and selling costs, constituting a variation to
its Consumer ABS Rating Criteria.

Servicing Continuity Risk Reduced: PSAD services the portfolio. A
servicing facilitator is appointed to find a replacement servicer
should PSAD fail to perform its duties or become insolvent. In
addition, an amortising liquidity reserve provides adequate
protection against payment interruption risk. Fitch deems
commingling risk immaterial in the transaction, due to collections
being transferred to the issuer within two days.

RATING SENSITIVITIES

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

-- Unanticipated increases in the frequency of defaults or
widening RV losses or decreases in recovery rates could produce
larger losses than the base case.

-- Later defaults or RV losses leading to a longer period of
pro-rata amortisation and longer RV time to sale could lead to
negative rating action on the senior notes.

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

-- Contracts with RV exposure reach their maturities without
associated RV losses.

CRITERIA VARIATION

The issuer benefits from a dealer put option via a contractual
agreement it entered into with PSAD, under which it can demand
payment of the contractual RV from dealers through PSAD.

The available mechanisms and incentives for the insolvency
administrator suggest that the put option exercise will also be
effective after an insolvency of PSAD. Fitch believes that it is
unlikely that no dealer put options will be exercised during the
transaction's life. It is therefore justified to incorporate the
beneficial effect of successfully exercised dealer put options into
scenarios close to its baseline, gradually decreasing with every
rating notch up to 'BB+sf'. No benefit is assumed in
investment-grade scenarios.

The criteria variation comprises reducing the market value haircuts
to below the low end of the criteria range and assuming no selling
costs for the calculation of RV loss in non-investment-grade
scenarios.

The criteria variation has an impact on the ratings of class E and
F notes, whereby the ratings considering the variation are up to
two categories higher.

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

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

ESG CONSIDERATIONS

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


SLV GMBH: EUR397M Bank Debt Trades at 23% Discount
--------------------------------------------------
Participations in a syndicated loan under which SLV GmbH is a
borrower were trading in the secondary market around 77.1
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR397 million facility is a term loan.  The loan is scheduled
to mature on January 3, 2024. The loan is fully drawn and
outstanding.

SLV GmbH provides lighting products. The Company offers lamps,
pendant, fittings, transformers, control devices, and electrical
products. The Company's country of domicile is Germany.


TELE COLUMBUS: S&P Affirms 'B-' ICR & Alters Outlook to Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit and
issue ratings on German cable operator Tele Columbus (TC) and its
senior secured term loan.

The negative outlook reflects S&P's view that TC's capital
structure could become unsustainable if its ongoing operating
expenditure (opex) and capex don't result in a clear topline growth
in the next 12 months, leading to sustainably material negative
FOCF after leases and heightened leverage.

Despite Germany being the largest cable market in Europe, the
number of households connected to cable TV has been declining since
2017, driven by users switching to internet-supported streaming
services from linear TV (about 47% of TC's revenues). Consequently,
TC's cable TV revenue generating units have declined by about 9%
since 2017 and we expect the trend to continue in the next
two-to-three years. TC's internet and telephony business segment
(about 40% of TC's revenues) has been steadily expanding over the
past three-to-four years thanks to the company's improving customer
servics and speed advantage over digital subscriber lines. However,
growth in this segment has not been sufficient to offset the
structural decline in the TV segment, leading to nearly 4% annual
revenue decline during 2020-2021. S&P estimates TC's topline will
continue to be subdued, with 2%-3% revenue decline in 2022 followed
by revenue stabilization in 2023.

Despite lower non-recurring costs, EBITDA margin will remain lower
than historically mainly due to the implementation of the fiber
strategy. S&P said, "We expect TC to incur reduced nonrecurring
costs in 2022, at EUR6 million-EUR8 million, compared with EUR25
million in 2021, which were related to the equity transaction and
consequent optimization measures. However, we anticipate the S&P
Global Ratings-adjusted EBITDA margin (including nonrecurring
costs) will decline to 42.0%-42.5% from 42.8% in 2021 and 47.7% in
2020, mainly driven by increased marketing and personnel expenses.
We expect the profitability margin to remain broadly unchanged in
2023, before recovering to above 43% as TC ramps up the
initialization of its fiber strategy, which we expect will lead to
a pick-up of wholesale business and the higher margin internet
segment."

Significant opex and capex investments that do not clearly benefit
the top line could lead to an unsustainable capital structure.In
2021, TC implemented its fiber champion strategy to expand its
fiber coverage from the current level of less than 10% of homes to
more than 65% in the next 10 years. It is also looking to open up
its network to other domestic telecom providers such as Telefonica
and 1&1. S&P estimates the company will incur EUR260 million-EUR300
million of annual capex in the next two-to-three years, leading to
FOCF after lease expenses at annual negative EUR120 million-EUR150
million in 2022-2024. If these investments do not result in
top-line growth in the next 12-24 months, S&P believes that TC's
capital structure could become unsustainable.

S&P said, "We foresee short-term funding needs. We expect the
company's internal cash flow and the committed EUR75 million
capital increase will not offset the expected materially negative
FOCF beyond 2022, leading to a large funding gap from 2023. Absent
additional financing or a material reduction in fiber-rollout
capex, TC could face a liquidity shortfall in the near term.

"Successful execution of the fiber strategy would improve TC's
business risk profile. We think TC's expansion of fiber coverage
will strengthen its network quality because of the much higher
internet speed and lower maintenance. Additionally, we believe that
TC's strategy to open up its network to third parties (wholesale
customers) will increase its network penetration, boosting
profitability and resulting in more stable revenue streams as an
infrastructure service provider. In June 2021, TC announced its
first wholesale agreement with Telefonica Deutschland, which should
increase its previous broadband penetration from only about 21%.
Further agreements should benefit the wholesale business. That
said, given that TC has no track record in this kind of business,
and we have limited insight into TC's contracts with its wholesale
customers, we see relatively high uncertainty on TC's wholesale
business growth. Lower growth of this segment could exacerbate TC's
cash flow pressure, considering the large capex needs for the fiber
strategy, which we deem crucial for TC to maintain its speed
advantage and long-term relationships with housing associations.
Additionally, TC's own retail business recovery could be slowed by
its entering into direct competition with a larger national vendor
that enjoys better brand awareness.

"The negative outlook reflects our view that TC's capital structure
could become unsustainable if its ongoing opex and capex
investments don't result in top-line growth in the next 12 months,
leading to sustainably material negative FOCF after leases and
heightened leverage.

"We could lower the rating if TC's revenues don't return to growth
while it invests significantly in its fiber rollout, resulting in
subdued EBITDA, material negative FOCF cash flows, and above 7.0x
adjusted leverage, on a sustainable basis. We could also downgrade
TC if the company fails to raise sufficient funding in the short
term, leading to a liquidity shortfall.

"We could revise our outlook on TC to stable if it demonstrates a
solid track record of project execution and consistent topline and
EBITDA growth, while maintaining sufficient liquidity to fund the
fiber strategy."

Environmental, Social, And Governance

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


ZEPHYR GERMAN: S&P Lowers LongTerm ICR to 'B', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on manufacturer Zephyr German Topco GmbH (Flender) to 'B'
from 'B+'. S&P's recovery rating of '3' on Flender's debt is
unchanged.

S&P said, "The negative outlook reflects our expectation that the
wind business will not recover until 2024 while the industry
business performs to a high momentum which is unlikely to continue.
It also reflects the difficulties met by the wind original
equipment manufacturers (OEMs) and the aggressive dividend
recapitalization, while we forecast weak free operating cash flow
(FOCF) in fiscal year 2022 and 2023.

"We lowered the ratings because the group's deleveraging will
likely be slower than our forecast. Flender's wind OEMs continue to
experience challenging market conditions. This translated in a
reduction of 21% of gigawatts delivered for the first nine months
of 2022 compared with the same period a year earlier. Wind OEM
customers postponing orders, coupled with rising material cost
increase and supply chain disruption in first-half 2022, have
weighed on Flender's profitability and cash flows. We now estimate
for fiscal year 2022 and 2023 an S&P Global Ratings-adjusted EBITDA
margin of about 9%, compared with about 11% in our previous
forecast. Some one-off costs of about EUR42 million in 2022 will
weigh on profitability. However, we expect to see this to decrease
year-on-year while the group will benefit from cost flexibility
(about 25% of fixed costs) and from the cost savings program by
financial sponsor owner Carlyle (initially estimated at EUR45
million by 2025). We forecast S&P Global Ratings-adjusted debt to
EBITDA for fiscal years 2022 and 2023 will be 9.0x-10.0x, higher
than our previous ratings downside trigger of 8.5x (and compared
with 6.5x-7.5x in our previous forecast); and 7.0x-8.0x without
CPECs (versus 4.1x-4.9x in our previous forecast). In addition, we
expect the group will report FFO cash interest coverage exceeding
3.5x in fiscal years 2022 and 2023, coupled with adequate
liquidity. The company has no material term debt maturities in the
next five years.

"We continue to assess Flender as a financial sponsor-related owned
entity, given its acquisition by Carlyle. The group's capital
structure includes CPECs that amounts to about EUR495 million. The
CPECs sit further up the group structure outside the restricted
group. We consider these instruments debt-like because there are no
transfer restrictions (to third parties of the CPECs). In October
2021, the group used the proceeds of the EUR275 million add-on to
the existing EUR1.05 billion term loan B, coupled with EUR50
million cash from the balance sheet, to repay EUR325 million of
CPECs (via a dividend to sponsor-owner Carlyle), leaving a balance
of EUR495 million in CPECS. We see this transaction as relatively
aggressive, given that it happened less than one year after the
first refinancing (in January 2021) and during a still-uncertain
operating environment. When calculating S&P Global Ratings-adjusted
debt, we consider Flender's existing debt facilities of about
EUR1.3 billion and about EUR75 million of short-term debt. Then we
adjust for about EUR50 million of operating leases, about EUR29
million of pension-related obligations, and the EUR495 million of
CPECs. We apply a 100% cash haircut due to the financial sponsor
ownership.

"We expect the group will generate slightly positive FOCF in fiscal
2023. We view the sustained high capital expenditure (we estimate
EUR125 million in 2022 versus EUR98 million in 2021 and EUR55
million in 2020) and working capital outflow since fiscal 2021 (in
the EUR70 million-EUR80 million range) as constraining the
companies' financial strength and result in negative FOCF. However,
we expect FOCF will recover in 2023 and turn slightly positive to
about EUR10 million thanks to management's strong focus on working
capital control. We expect to see capital expenditure fall
gradually after achieving capacity expansion in low-cost production
facilities in China and India, as well as continuing development of
a new industrial gears platform.

"We continue to see the wind business as a growth factor. We
anticipate the company will continue to face industry headwinds in
2022 and 2023. In China, demand for wind power equipment has been
shrinking after rushed installations in 2021. We expect the wind
business, supported by a strong order backlog, and forecast strong
offshore growth beyond 2023 will continue to drive our estimates.
Its gearbox offering position Flender well to take advantage of
growth in repowering with a trend toward higher turbine power
ratings. We expect the company will generate an adjusted EBITDA
margin of about 10% from 2024. At the same time, we do not see the
industry business' good performance in 2022 continuing through
2024, given it is driven by the cement end-market and the
construction market would suffer, especially in China.

"We view Flender's management and governance as fair. The group has
clear strategic planning processes and good depth and breadth of
management. However, Flender is under new ownership by a
private-equity sponsor. Management will need to steer the business
through transformation under the new ownership and navigate
uncertainty caused by the pandemic, establishing a new track record
in the process.

"Flender has no direct exposure to Russia-Ukraine conflict,
according to management. Nevertheless, we anticipate that volatile
and elevated energy and commodity prices affect the company's
customers and supply chains. Many industries are grappling with the
same challenges--this issue is not specific to Flender or the
capital goods sector. We understand that despite improvements in
Flender's supply chain, challenges remain.

"The negative outlook reflects our expectation that the wind
business will not recover until 2024 while the industry business'
momentum is high and unlikely to continue. It also reflects the
difficulties met by the wind OEMs and the aggressive dividend
recapitalization. We forecast weak FOCF in fiscal years 2022 and
2023. Furthermore, we expect adjusted EBITDA margins of 9% or more
in fiscal years 2023 and 2024 and Flender will gradually improve
debt to EBITDA toward 6.0x excluding CPECs, and 9.0x-10.0x
including them, and FFO cash interest coverage comfortably above
3.5x.

"We could lower the rating if FFO cash interest coverage trended
sustainably below 2.5x because of operational setbacks, higher
carve-out costs, adjusted debt to EBITDA exceeding about 6x
excluding CPECs (or 10x including them) without prospects of
short-term recovery, or raising further incremental debt to
distribute dividends. We could also take a negative rating action
if our expectation of Flender's FOCF were to weaken, weighing on
its daily operations and remaining negative.

"We would review our outlook if the group were to improve adjusted
debt to EBITDA to 6x (excluding CPECs), coupled with positive FOCF,
FFO cash interest above 2.5x, positive industry trends, and robust
operating performance."

Environmental, Social, And Governance

ESG credit indicators: E-1, S-2, G-3




===========
G R E E C E
===========

FRIGOGLASS SAIC: Moody's Cuts CFR to Ca & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service downgraded Frigoglass SAIC's (Frigoglass
or the company) corporate family rating to Ca from Caa2 and
probability of default rating to Ca-PD from Caa2-PD. Concurrently,
the rating agency downgraded to Ca from Caa2 the rating on the
EUR260 million guaranteed senior secured notes due 2025 (the 2025
notes) issued by Frigoglass Finance B.V. Moody's also changed the
outlook on both entities to stable from negative.

RATINGS RATIONALE

The downgrade of Frigoglass' CFR and PDR reflects Moody's view that
the company's probability of default, including the potential for a
missed coupon payment or a restructuring that Moody's considers a
distressed exchange, is very high over the near term. The company
disclosed on September 30, 2022 that a committee of the holders of
the 2025 notes, representing 56.9% of the principal amount of the
2025 notes outstanding, has submitted a proposal to Frigoglass for
a support agreement. The support agreement includes the non-payment
of the coupon on the 2025 notes in February and August 2023. The
missed payment of coupon would be considered as a default under
Moody's Rating Symbols and Definitions published in November 2022.
Additionally, the support agreement proposes that the
above-mentioned noteholders provide an interim super senior
financing of EUR30 million for liquidity and general corporate
purposes and their support for a broader capital restructuring on
terms that will be negotiated in good faith as promptly as
reasonably possible.

While Frigoglass said it is in advanced discussions with the group
of noteholders, the support agreement remains subject to
negotiations and the satisfaction of certain conditions precedent.
The Ca CFR also reflects Moody's view that while the support
agreement will provide temporary relief for Frigoglass' liquidity,
a larger restructuring including a write-off of a significant
portion of the debt is highly likely.

ESG CONSIDERATIONS

Governance considerations have been a key driver of the rating
action reflecting the lack of explicit support offered by
Frigoglass' shareholders while creditors will likely incur a loss
through the support agreement or through a future wider debt
restructuring to enhance the company's liquidity position and
reduce its debt burden, respectively. Moody's has revised
Frigoglass' Governance Issuer Profile Score (IPS) to G-5 (very
highly negative) from G-4 (highly negative). Concurrently, Moody's
has revised the company Credit Impact Score to CIS-5 (very highly
negative) from CIS-4 (highly negative).

LIQUIDITY

Frigoglass' liquidity position is weak. The company stated that it
had a cash balance of EUR63.7 million as of August 31, 2022 (latest
data available) of which the vast majority - EUR45.9 million was
held in its Nigerian subsidiary. The company has successfully
upstreamed dividends from Nigeria to date, but limitations to such
transactions include the availability of US dollars for exchange
with Nigerian nairas as well as liquidity needs within the Nigerian
operations to support Frigoglass' fast growing glass business in
the country. Frigoglass has also received insurance proceeds in
relation to a fire incident at its Romanian plant in June 2021,
which strengthened its cash position. The aggregate net
compensation from the co-insurance scheme amounts to EUR61.6
million of which EUR52.4 million was already paid to Frigoglass.
The remaining EUR9.2 million of compensation is subject to the
proof of the actual expenditures related to the reconstruction
phase of the building and the purchases of equipment.

Frigoglass' short-term debt maturities comprise a number of
facilities from local banks, which the company has successfully
rolled over in the past. The roll-over of these facilities is
essential to supporting the company's liquidity but also subject to
market conditions and therefore somewhat uncertain.

The rating agency forecasts that the company's cash balance will
decrease over the coming quarters based on projections for
continued negative free cash flow (FCF) generation. Large capital
expenditures needed to reconstruct Frigoglass' plant in Romania
will continue to burden FCF generation in the second half of 2022.
At the publication of its Q2 2022 financial results, the company
reiterated its guidance for approximately EUR60 million of capital
expenditures projected in 2022, after investing only EUR10.8
million in the first half of the year. Frigoglass confirmed that
the reconstruction plan in Romania is on track, and it expects the
facility to be operational in Q1 2023.

The reopening of the Romanian facility is an important step for
Frigoglass to partly mitigate challenges the company has been
facing since the middle of 2021. Frigoglass sales increased by
23.1% to EUR248.2 million in the first half of 2022 compared to the
same period last year with growth in both Commercial Refrigeration
and Glass segments. While adjusted EBITDA (as reported by the
company) rose 18.2% to EUR34.8 million during the same period, it
benefitted from EUR13.9 million of income from insurance
reimbursement related to business interruption claim following the
fire incident in Romania. Excluding this exceptional income, EBITDA
declined in H1 2022 reflecting persistent logistical disruptions
for transporting finished and semi-finished goods out of Russia as
well as difficulties sourcing raw materials only partly offset by
price increases. While Moody's projects a gradual recovery of
EBITDA in 2023, working capital requirements and capital
expenditures including for the scheduled rebuild of a furnace for
the Glass segment in Nigeria will weaken FCF. Global economic
uncertainty also limits visibility, and Frigoglass lacks any
significant buffers to manage through this environment.

STRUCTURAL CONSIDERATIONS

Frigoglass Finance B.V. is a wholly owned subsidiary of Frigoglass
and the issuer of the 260 million guaranteed senior secured notes
due 2025. The notes represent the bulk of the debt capital
structure and are therefore rated in line with the CFR. The notes
are guaranteed by certain operating subsidiaries and benefit from a
customary security package, including pledge over shares in certain
subsidiaries, certain bank accounts and intercompany receivables.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that while the
company may sign the support agreement with its majority
noteholders, the company will remain subject to the risk of a
broader debt restructuring over the short-term which may lead to a
significant debt write-off which is captured in the Ca CFR.

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

Positive pressure could arise if (1) the company completes a debt
restructuring or benefits from new equity injection from its major
shareholder, which is currently not factored in, which would
significantly lower its debt burden, (2) Frigoglass demonstrates
improving profitability including from the reopening of the
Romanian facility while demand for its products remains strong, and
(3) the company improves its liquidity position including through
returning to a positive FCF generation.

There is limited negative pressure on the ratings at this stage
reflecting the already low rating. The rating could be further
downgraded if Moody's lowers its expectation for recovery in a
situation of distressed exchange due to a strong deterioration in
the company's business environment among others.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Frigoglass, headquartered in Kifissia, Greece, is a leading
commercial refrigerator manufacturer in Europe and a major glass
producer in West Africa. The company was founded in 1996 as a
spinoff of Coca-Cola HBC AG (Coca-Cola HBC Finance B.V., also known
as Coca-Cola Hellenic). Frigoglass operates two core businesses:
Ice Cold Merchandise (ICM), which produces commercial coolers for
soft drinks, and Glass, which manufactures glass bottles, plastic
crates and metal crowns in Nigeria. Around 49% of the company's
shares are owned by Truad Verwaltungs A.G. and the remaining shares
are in free float. The company's shares are listed on the Athens
Stock Exchange.    




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

ADAGIO CLO VII: Moody's Affirms B2 Rating on EUR12MM Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Adagio CLO VII Designated Activity Company:

EUR24,400,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Sep 12, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR10,600,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Sep 12, 2018 Definitive Rating
Assigned Aa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 12, 2018 Definitive
Rating Assigned Aaa (sf)

EUR5,600,000 Class C-1 Deferrable Mezzanine Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Sep 12, 2018 Definitive
Rating Assigned A2 (sf)

EUR26,400,000 Class C-2 Deferrable Mezzanine Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Sep 12, 2018 Definitive
Rating Assigned A2 (sf)

EUR21,400,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Affirmed Baa2 (sf); previously on Sep 12, 2018 Definitive
Rating Assigned Baa2 (sf)

EUR23,600,000 Class E Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on Sep 12, 2018 Definitive
Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Affirmed B2 (sf); previously on Sep 12, 2018 Definitive
Rating Assigned B2 (sf)

Adagio CLO VII Designated Activity Company, issued in September
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by AXA Investment Managers US Inc. The
transaction's reinvestment period will end in January 2023.

RATINGS RATIONALE

The rating upgrades on the Classes B-1 and B-2 Notes are primarily
a result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in January 2023.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR395.8m

Defaulted Securities: EUR2.6m

Diversity Score: 61

Weighted Average Rating Factor (WARF): 2923

Weighted Average Life (WAL): 4.80 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.72%

Weighted Average Coupon (WAC): 3.99%

Weighted Average Recovery Rate (WARR): 44.89%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

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.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in January 2023, The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. Moody's tested for a possible
extension of the actual weighted average life in its analysis. The
effect on the ratings of extending the portfolio's weighted average
life can be positive or negative depending on the notes'
seniority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


BILBAO CLO I: Fitch Affirms B+sf Rating on Class E Debt
-------------------------------------------------------
Fitch Ratings has revised Bilbao CLO I DAC's Outlook to Stable from
Positive, while affirming its notes as detailed below.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Bilbao CLO I DAC

   A-1A XS1804146733   LT AAAsf  Affirmed    AAAsf
   A-1B XS1804147038   LT AAAsf  Affirmed    AAAsf
   A-2A XS1804147384   LT AA+sf  Affirmed    AA+sf
   A-2B XS1804147624   LT AA+sf  Affirmed    AA+sf
   A1-C XS1804148358   LT AAAsf  Affirmed    AAAsf
   B XS1804148192      LT A+sf   Affirmed     A+sf
   C XS1804148432      LT BBB+sf Affirmed   BBB+sf
   D XS1804148788      LT BB+sf  Affirmed    BB+sf
   E XS1804148861      LT B+sf   Affirmed     B+sf

TRANSACTION SUMMARY

Bilbao CLO I DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is actively managed by
Guggenheim Partners Europe Limited and exited its reinvestment
period in September 2022.

KEY RATING DRIVERS

Transaction Outside Reinvestment Period: Although the transaction
has exited its reinvestment period the manager can reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations, subject to compliance with the reinvestment criteria.
Given the manager's ability to reinvest, Fitch's analysis is based
on a stressed portfolio testing the weighted average life (WAL),
Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread (WAS) and fixed-rate asset share to their covenanted
limits.

Limited Deleveraging Prospects: The Stable Outlooks on all notes
reflect the uncertain macroeconomic environment, and its
expectation that deleveraging will be limited since the transaction
can still reinvest.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing all coverage,
collateral-quality (excluding the WAL test) and portfolio-profile
tests that have a bearing on Fitch's rating analysis. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below is
3.45%, excluding non-rated assets, as calculated by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the portfolio's obligors at 'B'/'B-'. The reported WARF of the
current portfolio was 33.4 as of 7 October 2022, against a
covenanted maximum of 36.

High Recovery Expectations: Senior secured obligations comprise
97.16% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 67.1% as
of 7 October 2022, which compares favourably with the covenanted
minimum of 63.98%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 14.29%, as calculated by Fitch, and no single
obligor represents more than 1.66% of the portfolio balance, as
reported by the trustee.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.

Deviation from Model-Implied Ratngs: The class A-2A, A-2B and C
notes' ratings are one notch below their respective model-implied
ratings, reflecting the limited cushion on these notes under the
Fitch-stressed portfolio and due to the current uncertain
macro-economic environment.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of two notches for the class D and E
notes. Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than three notches across the structure, apart
from the 'AAAsf' class A notes. Upgrades, except for the class A
notes, may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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


CARLYLE EURO 2018-1: Moody's Affirms B1 Rating on Class E Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Carlyle Euro CLO 2018-1 DAC:

EUR36,750,000 Class A-2-A Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Apr 27, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR30,000,000 Class A-2-B Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Apr 27, 2018 Definitive
Rating Assigned Aa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR240,950,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Apr 27, 2018 Definitive
Rating Assigned Aaa (sf)

EUR28,500,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Apr 27, 2018
Definitive Rating Assigned A2 (sf)

EUR22,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Apr 27, 2018
Definitive Rating Assigned Baa2 (sf)

EUR22,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Apr 27, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B1 (sf); previously on Apr 27, 2018
Definitive Rating Assigned B1 (sf)

Carlyle Euro CLO 2018-1 DAC, issued in April 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CELF Advisors LLP. The transaction's reinvestment period
ended in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class A-2-A and Class A-2-B Notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in October 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at the last rating action
in April 2018.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR415.5m

Defaulted Securities: EUR5.2m

Diversity Score: 56

Weighted Average Rating Factor (WARF): 2987

Weighted Average Life (WAL): 3.8 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.7%

Weighted Average Coupon (WAC): 4.4%

Weighted Average Recovery Rate (WARR): 44.3%

Par haircut in OC tests and interest diversion test:  None

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by (1) the manager's investment strategy and behaviour,
and (2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.  Recoveries
higher than Moody's expectations would have a positive impact on
the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


DRYDEN 62 EURO 2017: Moody's Affirms B2 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Dryden 62 Euro CLO 2017 Designated Activity
Company:

EUR47,250,000 Class B Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Jul 12, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR30,375,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jul 12, 2018
Definitive Rating Assigned A2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR270,000,000 Class A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 12, 2018 Definitive
Rating Assigned Aaa (sf)

EUR22,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Jul 12, 2018
Definitive Rating Assigned Baa2 (sf)

EUR32,625,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jul 12, 2018
Definitive Rating Assigned Ba2 (sf)

EUR14,625,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jul 12, 2018
Definitive Rating Assigned B2 (sf)

Dryden 62 Euro CLO 2017 Designated Activity Company, issued in July
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by PGIM Limited. The transaction's
reinvestment period will end in January 2023.

RATINGS RATIONALE

The rating upgrades on the Class B and Class C Notes are primarily
a result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in January 2023.

The affirmations on the Class A, Class D, Class E and Class F Notes
are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed in the last review in May 2022.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR450.63m

Defaulted Securities: EUR3.82m

Diversity Score: 59

Weighted Average Rating Factor (WARF): 2929

Weighted Average Life (WAL): 4.34 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.91%

Weighted Average Coupon (WAC): 4.6%

Weighted Average Recovery Rate (WARR): 41.56%

Par haircut in OC tests and interest diversion test: 0.16%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

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.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in January 2023, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


JUBILEE CLO 2015-XV: Moody's Affirms B1 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Jubilee CLO 2015-XV DAC:

EUR23,500,000 Refinancing Class D Deferrable Mezzanine Floating
Rate Notes due 2028, Upgraded to Aa1 (sf); previously on May 20,
2022 Upgraded to Aa3 (sf)

EUR27,000,000 Class E Deferrable Junior Floating Rate Notes due
2028, Upgraded to Baa3 (sf); previously on May 20, 2022 Affirmed
Ba1 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR252,750,000 (Current outstanding amount EUR10,388,604)
Refinancing Class A Senior Secured Floating Rate Notes due 2028,
Affirmed Aaa (sf); previously on May 20, 2022 Affirmed Aaa (sf)

EUR60,250,000 Refinancing Class B Senior Secured Floating Rate
Notes due 2028, Affirmed Aaa (sf); previously on May 20, 2022
Affirmed Aaa (sf)

EUR26,000,000 Refinancing Class C Deferrable Mezzanine Floating
Rate Notes due 2028, Affirmed Aaa (sf); previously on May 20, 2022
Upgraded to Aaa (sf)

EUR15,250,000 Class F Deferrable Junior Floating Rate Notes due
2028, Affirmed B1 (sf); previously on May 20, 2022 Affirmed B1
(sf)

Jubilee CLO 2015-XV DAC, originally issued in June 2015 and
refinanced in October 2017, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Alcentra Limited. The
transaction's reinvestment period ended in July 2019.

RATINGS RATIONALE

The rating upgrades on the Class D and E Notes are a result of
deleveraging of the Class A Notes following amortisation of the
underlying portfolio since the last rating action in May 2022.

The affirmations on the ratings on the Class A, B, C and F Notes
are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A Notes have paid down by approximately EUR120.6 million
(47.7%) in the last 12 months and EUR242.4 million (95.9%) since
closing. As a result of the deleveraging, over-collateralisation
(OC) has increased across the capital structure. According to the
trustee report dated September 2022 [1] the Class A/B, Class C,
Class D, Class E and Class F OC ratios are reported at 234.9%,
178.7%, 146.9%, 122.0% and 111.3% compared to March 2022 [2] levels
of 189.0%, 156.5%, 135.4%, 117.3% and 109.0%, respectively. Moody's
notes that the October 2022 principal payments are not reflected in
the reported OC ratios.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR183.5m

Defaulted Securities: EUR0.35m

Diversity Score: 30

Weighted Average Rating Factor (WARF): 3005

Weighted Average Life (WAL): 2.69 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.39%

Weighted Average Coupon (WAC): 3.15%

Weighted Average Recovery Rate (WARR): 44.51%

Par haircut in OC tests and interest diversion test: 0.77%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

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.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


PENTA CLO 12: S&P Assigns B-(sf) Rating on EUR12MM Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 12
DAC's class A Loan and class A, B, C, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.

The F class of notes is a delayed draw tranche which has a maximum
notional amount of EUR12 million, and a spread of three/six-month
Euro Interbank Offered Rate (EURIBOR) plus 10.50%. The class F
notes can only be issued once and only during the reinvestment
period with an issuance amount totaling EUR12 million. The issuer
will use the full proceeds received from the sale of the class F
notes to redeem the subordinated notes. Upon issuance, the class F
notes' spread could be subject to a variation and, if higher, is
subject to rating agency confirmation.

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

This transaction has a 1.5 year non-call period and the portfolio's
reinvestment period will end approximately 4.4 years after
closing.

The ratings reflect S&P's assessment of:

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

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

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

  Portfolio Benchmarks

                                                        CURRENT

  S&P Global Ratings weighted-average rating factor    2,867.90

  Default rate dispersion                                452.74

  Weighted-average life (years)                            4.48

  Obligor diversity measure                              106.71

  Industry diversity measure                              18.12

  Regional diversity measure                               1.17

  Transaction Key Metrics

  CURRENT

  Total par amount (mil. EUR)                            300.00

  Defaulted assets (mil. EUR)                                 0

  Number of performing obligors                             123

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

  'CCC' category rated assets (%)                          2.37

  'AAA' covenanted weighted-average recovery (%)          35.99

  Covenanted weighted-average spread (%)                   3.70

  Covenanted weighted-average coupon (%)                   3.75

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio will primarily comprise 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 modelled the EUR300 million par
amount, the covenanted weighted-average spread of 3.70%, the
covenanted weighted-average coupon of 3.75%, and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"We consider the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

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

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

'In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes,
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 F notes."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit or limit assets from being related to the following
industries: the sale or extraction of thermal coal and oil sands,
oil and gas extraction from unconventional sources, and fossil fuel
transportation, processing or refining; controversial weapons;
ozone depleting substances; endangered or protected wildlife;
pornography and prostitution; tobacco and tobacco-related products;
gambling and payday lending; illegal drugs and recreational
cannabis; opioid drug manufacturing and distribution; alcohol
production; civilian firearms; non-sustainable palm oil production;
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."

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

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

-- The list of obligors with an ESG-linked loan; and

-- The list of obligors that have been classified as an ESG
ineligible obligation.

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 (see "The Influence Of
Corporate ESG Factors In Our Credit Rating Analysis Of European
CLOs," published on April 20, 2022). 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*    2.12     2.14     2.92

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

  E-2/S-2/G-2 distribution (%)         69.40    70.42     9.68

  E-3/S-3/G-3 distribution (%)          9.30     4.53    66.69

  E-4/S-4/G-4 distribution (%)          0.00     3.41     1.00

  E-5/S-5/G-5 distribution (%)          0.00     0.00     1.33

  Unmatched obligor (%)                 9.63     9.97     9.63

  Unidentified asset (%)               11.67    11.67    11.67

*Only includes matched obligor

Penta CLO 12 DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Partners
Group (UK) Management Ltd. will manage the transaction.

  Ratings List

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

  A        AAA (sf)    133.00     39.00   Three/six-month EURIBOR
                                          plus 2.10%

  A Loan   AAA (sf)     50.00     39.00   Three/six-month EURIBOR
                                          plus 2.10%

  B        AA (sf)      24.90     30.70   Three/six-month EURIBOR
                                          plus 4.24%

  C        A (sf)       17.40     24.90   Three/six-month EURIBOR
                                          plus 5.08%

  D        BBB- (sf)    18.10     18.87   Three/six-month EURIBOR
                                          plus 6.64%

  E        BB- (sf)     11.40     15.07   Three/six-month EURIBOR
                                          plus 8.96%

  F§       B- (sf)      12.00     11.07   Three/six-month EURIBOR

                                          plus 10.50%

  Sub      NR           36.25      N/A    N/A

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

§Class F is a delayed drawdown tranche, which is not issued at
closing.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

ENEL SPA: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, retained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Enel SpA.  

Headquartered in Rome, Italy, Enel SpA operates as a multinational
power company and an integrated player in the global power, gas,
and renewables markets.




===================
K A Z A K H S T A N
===================

KAFOLAT INSURANCE: Fitch Affirms B+ Insurer Finc'l. Strength Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed Kafolat Insurance Company JSC's Insurer
Financial Strength (IFS) rating at 'B+'. The Outlook is Stable.

The rating reflects the Uzbek insurer's good company profile,
weaker capital position, high investment risk and positive
financial performance.

KEY RATING DRIVERS

Good Company Profile: Fitch's assessment of Kafolat's company
profile is driven by its 'Favourable' business profile compared
with other Uzbek insurers, reflecting the company's strong
competitive positioning and business line diversification,
including a sizeable life subsidiary, CJSC Kafolat Hayot. Kafolat
is the fourth-largest non-life insurer in Uzbekistan, with a stable
8% market share by gross written premiums in 2021 and 2020.

Kafolat has a growing appetite for inwards reinsurance. These
premiums accounted for 75% of non-life premiums written in 1H22, up
from 45% in 2021, 40% in 2020 and 16% in 2019.

Weaker Capital Position: Due to increased business volumes, in
particular for inward reinsurance, the insurer's buffer in its
regulatory capital, based on a Solvency I-like formula, dropped to
100% at end-September 2022 and 120% at end-2021 from a comfortable
205% at end-2020. This was despite the increase of authorised
capital to UZS45 billion in 3Q22. Fitch expects it to improve to
above 100% by end-2022. Kafolat's capital position, as measured by
Fitch's Prism Factor-Based Model (FBM) score, has weakened to
'Adequate', at end-2021, from 'Strong' at end-2020, mainly
reflecting business growth.

Inwards reinsurance business from abroad exposes the insurer's
capital to more significant potential single large losses and
volatility than the domestic business. Kafolat's capital also
remains exposed to any changes to valuation of non-tradeable equity
investments and tangible assets on its balance sheet. It recorded a
UZS55 billion positive revaluation, which formed 38% of its
IFRS-based capital at end-2021. This revaluation is related to the
insurer's headquarters.

High Investment Risk: Fitch views the company's investment risk as
high. Kafolat is exposed to significant equity instruments with
significant concentrations by issuer. The equity portfolio
accounted for 36% of the consolidated investment portfolio at
end-2021. The remaining investments are represented by bank
deposits. Kafolat's ability to improve diversification is
constrained by the narrowness of the local investment market.

Improving but Still Low Profitability: Kafolat's net income
increased to UZS2.2 billion in 2021 from UZS0.7 billion in 2020,
resulting in an improved but still low return on equity of 2%
(2020: 1%). The improvement in profitability in 2021 was largely
supported by a positive technical result for non-life lines.
Kafolat's net combined ratio improved to 97.3% in 2021 from 108% in
2020 (five-year average: 100%) mainly following the reduction in
loss ratio and expenses ratio, despite the growth of administration
expenses in 2021.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Significant capital depletion, for example, demonstrated by a
Prism FBM score at the low end of 'Somewhat Weak' on a sustained
basis.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A significant strengthening of Kafolat's company profile, while
maintaining the capital position at least above 'Adequate' Prism
FBM score and a positive financial performance.

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating          Prior
   -----------                 ------          -----
Kafolat Insurance
Company JSC         Ins Fin Str B+  Affirmed    B+


SAMRUK-ENERGY: Fitch Hikes IDRs to 'BB+' & Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded JSC Samruk-Energy's Long-Term (LT)
Issuer Default Ratings (IDRs) to 'BB+' from 'BB,' while revising
the Outlooks to Stable from Positive.

The upgrade reflects Samruk-Energy's improved Standalone Credit
Profile (SCP) - changed to 'bb-' from 'b+' on the back of improved
financial performance in financial year ending December 2021 (FY21)
and 1H22 - and its expected deleveraging mainly resulting from
higher tariffs. The improvement of the SCP triggered a change in
the rating construction from 'top-down minus three' to 'top-down
minus two' notches compared to the rating of the indirect
shareholder, Kazakhstan (BBB/Stable).

Fitch's rating case excludes Samruk-Energy's upcoming gasification
projects. Although these projects may eventually weaken the SCP,
Fitch expects this to be offset by state guarantees for the
projects' funding, ultimately resulting in an unchanged IDR.

KEY RATING DRIVERS

Improved Credit Metrics: Funds from operations (FFO) gross leverage
dropped below Fitch's positive sensitivity of 3.5x in FY21. Fitch
expects the deleveraging to continue, with FFO leverage metrics
averaging 3.2x over 2022-2026. This is largely driven by increased
electricity generation tariffs from 2021 and market capacity
tariffs from 2023, since the company's results are largely
dependent on politically defined tariffs rather than merchant
prices. Its rating case does not assume any capex or additional
financing resulting from the upcoming gasification projects.

Increased Tariffs Lead to Improved Performance: Samruk-Energy's
Fitch-calculated EBITDA in FY21 and 1H22 increased by 22% and 10%
yoy, respectively, on the back of higher revenues. The improved
earnings are largely driven by the generation business, for which
tariffs and sales volumes increased, mainly in Ekibastuz SDPP-1, as
domestic demand increased. Fitch expects Samruk-Energy to maintain
its improved performance, as generation companies were allowed to
pass through the renewable surcharge to customers, resulting in
increased tariffs and earnings from 2021. Additionally, market
capacity tariffs will increase to KZT885,000/MW in 2023, from
KZT590,000/MW, to attract investments in the industry.

Limited Rating Impact from Gasification: Samruk-Energy has a large
project to increase its gas-fired installed capacity, while
reducing reliance on coal-fired electricity generation. Although
its rating case excludes the upcoming projects, Fitch believes
these would lead to significantly higher capex and leverage
metrics, weakening the SCP. However, Fitch expects this to be
offset by very strong state support obtained through guarantees on
debt raised for the projects, ultimately resulting in an unchanged
IDR. If the guarantee is not provided, Fitch does not expect
Samruk-Energy to go ahead with the projects.

Investment Tariffs Benefit EBITDA: The company's investment
agreements lock in approved investment tariffs for Shardara, Moinak
HPPs and, partially, Almaty Power Stations. The capacity sales
provide some cash flow visibility until 2024-2031 with tariffs
agreed at KZT1.2 million-KZT4.2 million per MW per month, which is
2.0x-7.0x higher than the current market capacity tariff of KZT0.6
million per MW per month. Fitch forecasts capacity sales to
contribute around 30% of EBITDA in 2022.

Senior Unsecured Aligned with IDR: The senior unsecured rating
continues to be aligned with the company's IDR after prior ranking
debt-to-EBITDA was below 2x at end-2021, which Fitch expects to
remain so over 2022-2025. Therefore, Fitch does not expect material
structural subordination of senior unsecured creditors.

Strong Links with State: The Kazakh government indirectly owns 100%
of Samruk-Energy through Sovereign Wealth Fund Samruk-Kazyna JSC
(BBB/Stable). Fitch continues to view the status, ownership and
control, and support track record as 'Strong'. Samruk-Energy
accounted for about 31% of the country's electricity generation and
around 40% of coal output in 2021.

The government injected KZT232 billion into the company over
2009-2016, lowered interest rates on its KZT100 billion loan to
Samruk-Energy to 1% in 2015 from 9%, and reimbursed Samruk-Energy's
liability to Samsung C&T after the latter exercised its exit option
in the Balkhash TPP project.

Incentive to Support: The socio-political implications of a default
by Samruk-Energy are 'Moderate', as Fitch believes that
private-sector entities or other GREs can substitute the company
with only minor or temporary disruption, and because of its view
that most of the operations within its subsidiaries would likely
continue following a default of the company. The presence of
multilateral lenders, including international financial
institutions, may have a significant impact on the parent and other
government-related entities (GREs), as reflected in its 'Strong'
assessment of the financial implications of a default.

DERIVATION SUMMARY

The ratings of Samruk-Energy's closest peer, Kazakhstan Electricity
Grid Operating Company (KEGOC; BBB-/Stable), also incorporate state
support, but it is rated one notch below the parent due to KEGOC's
stronger Standalone Credit Profile (bb+), and also to a significant
share of KEGOC's debt being guaranteed by the government. Fitch
assesses Samruk-Energy's Standalone Credit Profile at 'bb-', mainly
due to improved revenues and a decreasing debt burden. A smaller
privately-owned peer, Limited Liability Partnership Kazakhstan
Utility Systems (KUS; B+/Stable) has lower leverage and debt
capacity.

The wider peer group includes ENERGO-PRO a.s. (BB-/Stable), which
operates in Bulgaria, Georgia and Turkey and is penalised by high
cash-flow volatility and FX mismatch. It also benefits from high
shares of regulated activities and supportive regulatory regimes
and has higher leverage. Samruk-Energy's peer group also includes
Turkish-based renewable generators Zorlu Yenilenebilir Enerji
Anonim Sirketi (B-/Stable) and Aydem Yenilenebilir Enerji Anonim
Sirketi (B/Negative), which are both facing increasing FX
exposure.

KEY ASSUMPTIONS

- Kazakhstan GDP at 3.6% in 2023, followed by an increase to 4.6%
each year until 2026

- Inflation of 12.5% in 2022 followed by 8.3% in 2023-2026

- Electricity generation tariffs as approved by regulator in 2022
(including renewable surcharge), followed by around 4% assumed
annual growth in 2023--2026

- Market Capacity tariffs to increase to KZT885,000/MW from 2023,
up from KZT590,000/MW

- Electricity generation volumes to grow 2% on average over
2022-2026

- Cost increase in line or slightly below expected CPI over the
next four years

- Capex averaging around KZT60 billion over 2022-2026, which is
below the management's guidance, and excludes capex for upcoming
gasification project.

- Inclusion of the KZT100 billion loan from Samruk-Kazyna (paying
1% coupon) into the company's financial debt

- Annual average dividends of KZT11 billion in 2022 and KZT30
billion from 2023

RATING SENSITIVITIES

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

- Positive sovereign rating action

- Strengthening links with the government, for example in the form
of explicit guarantees or cross-default provisions

- An improvement of the SCP to 'bb', for example due to FFO gross
leverage falling below 2.5x and FFO interest cover rising above
4.5x on a sustained basis. This would lead to a 'top-down minus
one' approach, all else being equal

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

- Absence of state guarantees supporting required funding for
upcoming gasification projects

- FFO gross leverage above 3.5x and FFO interest cover below 4x on
a sustained basis

- Weaker linkage with the ultimate parent, for example diminishing
or irregular state support or weaker financial implications of a
default on the parent or other GREs.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: Samruk-Energy had about KZT11 billion
available cash and deposits and unused uncommitted credit
facilities of KZT84 billion in Kazakh banks - namely from JSC Halyk
Bank (BBB-/Stable) - at end-3Q22. This compares with short-term
debt of KZT47 billion and Fitch-expected limited negative
pre-dividend free cash flow (FCF).

Funding from international financial institutions (such as European
Bank for Reconstruction and Development, Asian Development Bank,
and the Eurasian Development Bank) amounted to KZT47 billion, or
around 18% of gross debt at end-3Q22. Fitch expects Samruk-Energy
to remain reliant on local banks to refinance the majority of debt
repayments, which exposes it to the local banking system. Debt
repayments are at a manageable level of KZT21 billion-KZT34 billion
annually over 2024-2026.

Cash and deposits are held at local banks.

ISSUER PROFILE

Samruk-Energy is a Kazakhstan-based holding company integrated
across the electricity value chain including coal mining,
electricity and heat generation, distribution and retail sales. The
company is the largest such entity in Kazakhstan, with operations
across the country covering approximately 6.2GW of installed
electric capacity. It accounts for 26% of total installed capacity,
31% of electricity production and 40% of coal mining (through its
50% joint venture, Bogatyr-Komir) in Kazakhstan. Samruk-Energy is
100% controlled by the state via the National Welfare Fund
Samruk-Kazyna. Around 86% of Samruk-Energy's EBITDA comes from
electricity generation, and the rest from networks. The impact of
the other businesses, including renewables and electricity sales
companies, is not material.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating is based on a 'top-down' approach from the indirect
sovereign shareholder, Kazakhstan (BBB/Stable).

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    
   -----------                 ------                 -----
JSC Samruk-Energy     LT IDR    BB+      Upgrade       BB
                      ST IDR    B        Affirmed      B
                      LC LT IDR BB+      Upgrade       BB  
                      Natl LT   AA-(kaz) Upgrade    A+(kaz)

   senior unsecured   LT        BB+      Upgrade       BB

   senior unsecured   Natl LT   AA-(kaz) Upgrade    A+(kaz)




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

ARMORICA LUX: Moody's Cuts CFR & Alters Outlook to Stable
---------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating to Caa1 from B3 and the probability of default rating to
Caa1-PD from B3-PD of Armorica Lux S.ar.l. (the company), the
parent company of idverde. Concurrently, Moody's has downgraded the
EUR335 million senior secured first lien term loan B due 2028 and
the EUR50 million senior secured first lien revolving credit
facility (RCF) due 2028 to Caa1 from B3. The outlook was changed to
stable from negative.

RATINGS RATIONALE

The rating action reflects the continued weak performance of the UK
business that will take time to improve, which is weighing on the
group's total profitability and cash flows; the underperformance
relative to budgets and forecasts provided in the last 12-18
months; as well as continued focus on growth acquisitions despite
this underperformance, pressure on cash flows and deterioration in
liquidity relative to Moody's expectations, although liquidity is
adequate based on equity contributions from the shareholder.
Moody's also considers that there is a risk that the company won't
be able to improve its EBITDA generation to a level that will
support positive free cash flow (FCF) in the next 18 months which
in turn would put further pressure on liquidity.

The downgrade also reflects execution risks related to the pursued
expansion strategy which may strain managerial resources, at a time
when the core business requires close oversight.

With the backdrop of a continued underperformance in the UK and
some operational challenges, the current capital structure – with
high debt and leverage level, a low EBITA/interest cover ratio
(being materially below 1x) and sustained negative FCF in 2022/23 -
is deemed unsustainable.

At the same time Moody's recognises the strong demand for the
company's services as the need for green space grows continuously,
long term nature of its maintenance contracts which provides
revenue visibility; solid performance in all countries outside of
the UK and continued support from the sponsor Core Equity Holdings
who has injected cash this year and is willing to provide further
equity injections for growth and M&A activities in the future.

Moody's assumes that the UK operations will continue to perform
below forecasts, exceptional costs will remain around EUR30 million
for FY2022 and EUR15 million for FY2023 (which include growth
related exceptional items that will be funded through equity
injections from the shareholder) and operating performance in the
UK will take another 6-12 months to fully recover. Under these
assumptions, Moody's expects the company to achieve EBITDA (Moody's
adjusted, excluding some add-backs) of around EUR56 million in
FY2022 and EUR68 million in FY2023 which will result in Moody's
adjusted leverage of around 11x in 2022 and 9x in 2023 while
FCF/debt is expected to be negative for FY2022 and FY2023 at around
7% and 4% respectively.

Governance was a key rating driver of the rating action in line
with Moody's ESG framework due to concerns around an aggressive
financial strategy with an appetite for high leverage, poor track
record of operating performance in the UK division and some lack of
transparency of information historically.

LIQUIDITY

Moody's considers Armorica Lux S.ar.l.'s liquidity for the next 12
months to be adequate with a cash balance of EUR33.5 million and no
availability under the EUR50 million senior secured RCF as of June
30, 2022. The company also has access to committed shareholder
funding in the form of an agreement to support growth initiatives.
The senior secured RCF has a springing senior secured net leverage
covenant of 7.4x when the senior secured RCF is drawn by more than
40%. The company has ample capacity under this covenant given
senior secured net leverage (as per the SFA definition) was 3.9x as
at June 30, 2022. Moody's notes that there are no imminent debt
maturities but an improvement in performance is required to avoid
cash outflows which can further weaken liquidity and debt service
capacity.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects expectations that the company will
improve its EBITDA from current levels as planned, as well as
continue building a track record of shareholder support in the form
of equity injections and additional committed funding. The stable
outlook assumes that the company will maintain at least an adequate
liquidity.

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

Positive pressure could develop in case Armorica Lux S.ar.l. 1)
improves its operating performance in the UK; 2) FCF generation
turns positive and FCF/debt starts improving towards 5%; 3)
continues to maintain adequate liquidity such that its cash EBITDA
more than comfortably covers all fixed cash costs; and 4) growth in
EBITDA reduces Moody's gross adjusted leverage to below 7x and
EBITA/interest expense increases sustainably above 1.5x.

Negative pressure on the rating could arise if 1) the company's
EBITDA doesn't improve in the next 12 months; 2) there is a risk of
a distressed exchange or liquidity weakens such that the company
will not be able to cover its basic cash needs or; 3) there are
signs of diminished financial support from the shareholder.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Armorica Lux S.ar.l. is the parent company of idverde, a leading
provider of landscaping services in Europe offering a broad range
of services for public or private clients across all segments
(creation and maintenance) and service types (e.g. design, mowing,
gritting). The company has a network of approximately 150 branches
covering France, United Kingdom, Netherlands, Denmark and recently
Germany, employing more than 7,100 employees. Armorica Lux S.ar.l.
has a highly diversified customer base, with approximately 14,000
customers, including both large and small public and private
entities. For LTM June 2022, the company generated EUR892 million
of revenue and EUR33 million of Moody's adjusted EBITDA (excluding
some add-backs).  


FLINT HOLDCO: S&P Lowers ICR to 'CCC', Outlook Negative
-------------------------------------------------------
S&P Global Ratings lowered to 'CCC' from 'CCC+' its issuer credit
ratings on Flint HoldCo S.a.r.l and its issue ratings on the
first-lien facilities. At the same time, S&P lowered to 'CC' from
'CCC-' its ratings on the group's second-lien facilities. S&P
removed all ratings from CreditWatch negative, where it placed them
on Oct. 4, 2022.

The negative outlook reflects S&P's view of Flint HoldCo's capital
structure as unsustainable, and that the group may face challenges
refinancing or extending its debt facilities.

The downgrade to 'CCC' reflects the risk of a distressed exchange
within the coming 11 months.

S&P said, "As per our rating methodology, we rate a corporate
issuer 'CCC' when specific default scenarios are envisioned over
the coming 12 months, as is the case for Flint's first-lien term
loan totaling EUR1.16 billion (as of end-June) due Sept. 21, 2023.
We believe that restructuring risk increases as time passes and
that Flint could be considering a debt restructuring under 11
months. We might view a potential restructuring as maturity
management with appropriate compensation of the lenders, if
applicable. However, at this time, we cannot exclude that such a
transaction would be seen as distressed and equivalent to a
default, as defined in our criteria.

"The negative outlook reflects our view that Flint's current
capital structure is unsustainable, with adjusted debt to EBITDA
forecast to reach 9x at end-2022, and that the group may face
challenges refinancing or extending its debt facilities.

"We could lower the ratings if we believe a distressed exchange
appears to be inevitable within six months of the maturity of the
first-lien term loans.

"We could raise the ratings if Flint successfully refinances, or
extends, its debt such that the updated structure becomes
sustainable, in our view."

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


LSF10 XL: EUR1.95B Bank Debt Trades at 17% Discount
---------------------------------------------------
Participations in a syndicated loan under which LSF10 XL Bidco SCA
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR1.95 billion facility is a term loan.  The loan is scheduled
to mature on April 9, 2028.   The amount is fully drawn and
outstanding.

LSF10 XL Bidco SCA was formed by Lone Star Funds to facilitate its
acquisition of the Xella group from PAI Partners SAS and investment
funds managed by the merchant banking division of Goldman Sachs.
The Company's country of domicile is Luxembourg.

TRAVELPORT FINANCE: US$1.96B Bank Debt Trades at 33% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 67.4 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.


The US$1.96 billion facility is a term loan.  The loan is scheduled
to mature on May 29, 2026. The loan is fully drawn and
outstanding.

Travelport Finance Luxembourg Sarl operates as a subsidiary of
Travelport Holdings Ltd.  The Company's country of domicile is
Luxembourg.




=================
M A C E D O N I A
=================

NORTH MACEDONIA: Fitch Affirms BB+' Foreign Curr. IDR, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed North Macedonia's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a
Negative Outlook.

KEY RATING DRIVERS

Credit Fundamentals, Negative Outlook: North Macedonia's ratings
are supported by favourable governance relative to the 'BB' median,
and a credible and consistent policy mix underpinned by the
longstanding peg to the euro. The EU accession process helps anchor
policy and support exports and FDI inflows. These factors are
balanced against the economy's small size, high exposure to
exchange rate risk, for example due to the banking sector's
euroisation and a high share of government debt denominated in
foreign currency, and high structural unemployment.

The Negative Outlook reflects increased downside risks for growth,
external and public finances since its April review, due to the
indirect effects of the war in Ukraine on commodity prices,
especially energy, potential energy supply disruptions, significant
deterioration in the eurozone (70% of exports) growth prospects and
tighter global financing conditions.

Slower Growth: Annual growth averaged 2.6% in 1H22, but the
intensification of the energy crisis and our expectation of
contraction in the eurozone (-0.1%) in 2023 will weaken domestic
demand and result in a negative contribution from net trade. We
forecast North Macedonia's economy to expand by 2.3% in 2022 and
2.1% in 2023 before recovering to 3.2% in 2024, reflecting some
easing of geopolitical risks and energy price pressures, improving
external demand and gradual fiscal consolidation.

Although North Macedonia is working towards diversification of its
energy generation sources and imports and reduced the share of
electricity produced with natural gas (19.5% in August vs 32% in
2021), downside risks to the growth outlook remain significant, if
a prolonged war in Ukraine maintains high energy prices or supply
disruptions. North Macedonia continues to receive all its gas
imports from Russia.

Macro-Financial Stability, Higher Inflation: The long-standing 'de
facto' peg to the euro is well-anchored, despite the shocks of the
pandemic and war in Ukraine. Annual inflation rose to 18.7% in
September due to energy and food prices, and Fitch expects
inflation to average 13.7% in 2022, more than double its previous
forecast and against the 7.5% 'BB' median, before easing to an
average of 3.7% in 2024. Additional commodity price shocks, a
prolonged period of unanchored inflation expectations and wage
pressures represent upside risks to our inflation trajectory.

The National Bank has increased its policy rate by 225bp to 3.5%
since April, and Fitch believes that authorities will continue to
tighten monetary policy to anchor inflation expectations, maintain
FX pressures in check and follow the ECB's tightening cycle. The
banking sector maintains healthy fundamentals. Capitalisation
(17.3% at 2Q2 with Tier 1 capital of 15.9%) is adequate and a new
counter-cyclical capital buffer will be effective in August 2023.
Non-performing loans remain low, at 3.2% in 2Q22. However, deposit
euroisation (47%) remains above 'BB' rated peers (44%).

Higher External Deficits: The current account deficit will reach
8.9% of GDP in 2022, the highest since 2008 and more than double
the forecast 4% deficit for the 'BB' median, reflecting a wider
trade deficit driven by higher energy import costs. Fitch views the
increased external deficit as temporary, as reduced energy imports
and weaker domestic demand will help bring the deficit down to 3.5%
of GDP in 2024. Fitch forecasts net FDI to increase to 4% of GDP in
2022 and to finance the current account over the medium term, due
to continued investments in the energy and auto sectors.

Reduced Near-Term FX Pressures: International reserves have
recovered in 2H22 on the back of reduced demand by energy
importers, National Bank FX purchases and external borrowing by the
sovereign. Fitch forecasts reserves at EUR3.7 billion (three months
of current external payments) in 2022. The announced two-year
EUR530 million Precautionary and Liquidity Line (PLL) with the IMF
will provide additional liquidity support, financing and could help
channel additional official and external market funding. The EUR400
million repo facility with the ECB expires in January 2023.

Reform, IMF Support Fiscal Consolidation: Fitch has revised down
its forecast 2022 general government deficit to 5.3% from 6.5% of
GDP in April. Total announced measures to mitigate the energy
crisis equal EUR750 million (5.7% of GDP) and have been partly
accommodated due to strong revenue growth and lower execution of
capital spending. Fitch projects the general government deficit to
decline to 4.8% of GDP in 2023, balancing the weaker growth outlook
against removal of certain energy support measures and continued
under-execution in capital spending.

Fitch considers that the approved organic budget law will help
strengthen the country's fiscal framework, for example, through the
introduction of fiscal rules and a fiscal council, and that the IMF
programme could boost the credibility of the fiscal consolidation
strategy by outlining specific measures to support revenue growth
and keep current spending in check, supporting debt stabilisation.

High Debt, Exchange Rate Risk: General government debt will
increase to 53.5% of GDP in 2022 and reach 55.9% by 2024, above the
54% projected median for the 'BB' category. Government guarantees
of public entities (8.1% of GDP 1H22) are mainly related to road
projects (5.7% of GDP). The majority of foreign-currency debt (76%
of total) is euro-denominated. Currency risks are mitigated by the
longevity and credibility of the exchange rate peg that is crucial
for debt sustainability.

EU Negotiations Start, Uncertainty Remains: The adoption of the
'French proposal' has allowed North Macedonia to begin the
preparation process for EU membership negotiations. Nevertheless,
the agreement requires North Macedonia to adopt constitutional
reform recognising Bulgarians as an ethnic minority to be
implemented by 2023. High political polarisation regarding this
condition, the current lack of enough parliamentary support and
Bulgaria's unstable coalition politics, while still holding veto
power, represent risks to the EU accession process, in Fitch's
view.

ESG - Governance: North Macedonia 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. Theses scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. North Macedonia has a medium WBGI ranking at 52
reflecting a recent track record of peaceful political transitions,
a moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

RATING SENSITIVITIES

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

- Macro & External Finances: Persistently high inflation, low
growth and increased external vulnerabilities, for example due to a
severe energy shock and large current account deficits net of FDI,
which could in turn exert pressure on foreign currency reserves
and/or the currency peg against the euro.

- Public Finances: Materially higher than forecast general
government debt/GDP over the medium term, for example, due to
weaker growth prospects or expectations of a more prolonged fiscal
loosening.

- Structural: Adverse political developments that affect governance
standards, the economy and EU accession progress.

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

- Macro & External Finances: Greater-than-expected macroeconomic
and external resilience to geopolitical/energy risks and tighter
financing conditions.

- Public Finances: Greater confidence that general government
debt/GDP will stabilise in the medium term, for example, due to
more resilient growth and progress towards fiscal consolidation.

- Structural & Macro: Improvement in medium-term growth prospects
and/or governance standards, for example, due to progress towards
EU accession and reduction in political and policy risk.

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

Fitch's proprietary SRM assigns North Macedonia a score equivalent
to a rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

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

- Macro: +1 notch, the positive notch adjustment offsets the
deterioration in the SRM output driven by the pandemic shock,
including from the growth volatility variable and high inflation
exacerbated by the war in Ukraine. The deterioration of the GDP
growth and volatility variables reflects a very substantial and
unprecedented exogenous shock that has hit the vast majority of
sovereigns, and Fitch currently believes that North Macedonia has
the capacity to absorb it without lasting effects on its long-term
macroeconomic stability.

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 LT FC 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

North Macedonia has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators 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 North
Macedonia has a percentile rank above 50 for the respective
Governance Indicator, this has a positive impact on the credit
profile.

North Macedonia has an ESG Relevance Score of '5[+]' for Rule of
Law, Institutional & Regulatory Quality and Control of Corruption
as World Bank Governance Indicators 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 North Macedonia has a
percentile rank above 50 for the respective Governance Indicators,
this has a positive impact on the credit profile.

North Macedonia has an ESG Relevance Score of '4[+]'for Human
Rights and Political Freedoms as the Voice and Accountability
pillar of the World Bank Governance Indicators is relevant to the
rating and a rating driver. As North Macedonia has a percentile
rank above 50 for the respective Governance Indicator, this has a
positive impact on the credit profile.

North Macedonia 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 North Macedonia, as for all
sovereigns. As North Macedonia has track record of 20+ years
without a restructuring of public debt and 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
   -----------                   ------             -----
North Macedonia,
Republic of        LT IDR          BB+  Affirmed      BB+

                   ST IDR          B    Affirmed      B

                   LC LT IDR       BB+  Affirmed      BB+

                   LC ST IDR       B    Affirmed      B

                   Country Ceiling BBB- Affirmed      BBB-

   senior
   unsecured       LT              BB+  Affirmed      BB+

   senior
   unsecured       ST              B    Affirmed      B




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

BOELS TOPHOLDING: S&P Upgrades LT ICR to 'BB', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Dutch equipment rental group Boels Topholding B.V. (Boels) to 'BB'
from 'BB-'. The '3' recovery rating on the term loan is unchanged,
with a recovery expectation in the event of a payment default of
55%.

The stable outlook reflects S&P's expectation that the group will
maintain adjusted EBITDA margins of more than 30% and leverage
sustainably below 3.5x, coupled with good cash interest cover and
adequate liquidity.

Boels continues to gradually deleverage following the
transformative acquisition of Cramo in 2019, with S&P Global
Ratings-adjusted debt to EBITDA declining toward 3x.

S&P believes that management is committed to maintaining leverage
below 3.5x, and that Boels is relatively well protected against
rising interest rates, given the hedging policy management is
following on its term debt.

Following the acquisition of Cramo in 2019, Boels' management has
prioritized deleveraging. Absent any large-scale mergers and
acquisitions (M&A), which S&P does not include in its base case,
Boels' leverage will continue to decline toward 3x. After a period
of heavy investment in fleet through 2021 and 2022, S&P expects
that management will likely lower capital expenditure (capex)
through 2023, which would support free cash flow generation and
deleveraging prospects for the group.

S&P said, "We anticipate that the group will maintain leverage
below 3.5x. Boels benefits from a capital structure that is
significantly hedged against rising interest rates and comprises
EUR900 million debt that has been hedged (3.25% + 0.17%) and EUR550
million unhedged. The group is therefore relatively well protected
against rising interest rates versus some of its peers. Given that
the rental equipment market continues to consolidate, it is
possible that Boels could make opportunistic acquisitions in 2023,
but we anticipate that any such moves would be more bolt-on in
nature. In our view, the group is well positioned as the No. 2
European player, behind the leader Loxam SAS, and still ahead of
Kiloutou, despite the latter's recent acquisition of Danish player
GSV.

"We expect S&P Global Ratings-adjusted debt of about EUR1.5 billion
as of year-end 2022. This includes the EUR1.45 million term loan B,
plus about EUR200 million of obligations related to operating
leases, and about EUR4 million of pension obligations. We then net
about EUR5 million of unrestricted cash from gross debt to arrive
at our final adjusted debt figure of about EUR1.6 billion. We
expect our adjusted debt to be at about EUR1.4 billion-EUR1.5
billion in 2023, because we do not anticipate any major
acquisitions or dividend payouts during the year, while we forecast
positive FOCF generation given the expected capex reduction.

"After increasing capex in 2022 to expand its fleet and meet rising
demand, we expect Boels to benefit in 2023, resulting in positive
FOCF. Demand was relatively favorable in 2021 and the outlook for
2022 is bright, supporting our view that Boels is likely to invest
heavily in its fleet. The investment in new equipment will also
allow Boels to reduce the age of its fleet, which is average
compared with peers' (see "Cost Discipline And Flexible Capex Keep
Cash Flows Healthy For European Equipment Rental Companies,"
published Oct. 13, 2021). Capex is expected to increase to about
EUR440 million-EUR450 million in 2022, causing free cash flow for
the year to turn negative to minus EUR70 million. We predict it
will be positive again in 2023. We estimate that Boels will benefit
from its capex investment in 2023 (we estimate the average fleet
age at between 4.5 and five years), but will continue to spend
about EUR350 million in capex, of which we estimate EUR250 million
is dedicated to maintenance capex. We believe that the group will
develop through accretive internal growth, focusing on its fleet
and depots' development, rather than via an acquisitive strategy
and external growth. We view this positively, because it will
support the group's deleveraging. Furthermore, we understand that
the group has managed to pass through part of the inflation cost to
customers through price increases, thus reducing the energy cost
impact by managing it on a shop-by-shop basis. As Boels and many of
its peers demonstrated during the pandemic, they can rapidly reduce
capex to generate positive free cash flow if markets suddenly cool.
We consider the group's liquidity profile to be adequate, supported
by its available EUR200 million revolving credit facility (RCF),
coupled with a long-dated debt maturity profile.

"Boels has no direct exposure to the Russia-Ukraine conflict,
according to management. Nevertheless, we anticipate that volatile
and elevated energy and commodity prices could affect the group's
customers and its supply chains in the coming months. Many
industries are grappling with the same challenges--this issue is
not specific to Boels or the capital goods sector. At present, we
understand that the company's supply chain is not materially
affected, suggesting that, for now, the impact on operating
performance will be limited.

"The stable outlook indicates that we expect that the group's
profitability and credit metrics will remain commensurate with a
significant financial risk profile. Specifically, we expect
adjusted EBITDA margins of above 30%, with adjusted debt to EBITDA
sustainably below 3.5x and adjusted funds from operations (FFO) to
debt of more than 20% over our 12-month rating horizon."

Downside scenario

S&P could lower its rating in the next 12 months if, on a sustained
basis:

-- Adjusted debt to EBITDA rises above 4x;
-- Adjusted FFO to debt falls below 20%;
-- FOCF remains negative; and
-- Profitability falls below 30%.

This could occur if an economic downturn and weaker industrial
production weakens the rental market more than S&P currently
expects. S&P could also downgrade the group if it makes another
sizable acquisition that significantly increases its debt.

Upside scenario

S&P currently sees an upgrade as unlikely. However, S&P could raise
its rating if:

-- The group demonstrates a commitment to maintain debt to
    EBITDA near or below 2x and FFO to debt above 30%, on a
    sustainable basis;

-- The company maintains positive FOCF; and

-- Adjusted debt to EBITDA has a limited risk of
    increasing above 3x.

Environmental, Social, And Governance

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

S&P said, "Environmental, social, and governance factors are an
overall neutral consideration in our credit rating analysis of
Boels and its subsidiaries. Boels leases machinery and equipment
for construction, gardening, lifting and material handling,
drilling, and breaking, among other industries. It is present in 18
European countries and well-diversified by end market, with a fleet
of more than 790,000 pieces of equipment. In our view, Boels can
comfortably afford to invest in a new fleet to meet rising demand
from its customers for more environmentally sustainable rental
equipment."


PEARLS NETHERLANDS: Moody's Ups CFR to B2, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded Pearls (Netherlands) BidCo
B.V.'s (Caldic Group or the company) corporate family rating and
probability of default rating to B2 and B2-PD from B3 and B3-PD
respectively. Concurrently Moody's upgraded the instrument rating
of Caldic Group's existing senior secured bank credit facilities to
B1 from B2 and assigned a B1 rating to the proposed EUR175 million
equivalent senior secured first-lien term loan B. The outlook
remains stable.

RATINGS RATIONALE

The upgrade of Caldic Group's rating reflects the significant
improvement in the company's credit metrics and business profile
pro forma of the merger with Connell. With the merger, the company
shifts to a more conservative financial strategy because the
current shareholder of Connell, Wilbur-Ellis, will roll over their
equity into the combined group leading to a reduction in financial
leverage. Based on the company's preliminary results, Moody's
estimates that the company's gross leverage for the last 12 months
ended September 2022, on a pro-forma basis for the new debt and
full year contribution of acquisitions, decreased to below 6x
(excluding future synergies) from around 7x on a stand-alone basis.
The envisaged transaction will accelerate the company's
deleveraging trajectory compared with Moody's previous estimates.
The merger with Connell also enhances Caldic Group's geographical
as well as principal mix and scale.

The company intends to raise EUR175 million equivalent of senior
secured first-lien term loan B add-on to fund the cash purchase
price portion related to the merger with Connell, refinance the
drawings under its revolving credit facility and pay for
transaction-related fees.

With the merger, Caldic Group will become the third largest
specialty chemical solutions provider. According to the company,
Connell generated EBITDA of around EUR53 million in last 12 months
ended September 2022. The merger is subject to the approval of the
regulatory authorities and is expected to be completed in Q1 2023.
After the merger, Connell's shareholder, Wilbur-Ellis, will become
a shareholder of Caldic Group along with Advent International
(Advent), which will remain the majority shareholder.

The company's direct exposure to energy prices is low because the
company acts as an intermediary between producers and customers.

Its operations have relatively low energy intensity. The company
benefits from a variable cost structure, with the cost of goods
sold tied to demand and product prices. Personnel costs are the
second-largest expense for the company. As a distributor, Caldic
Group is more resilient to demand shocks and energy inflation than
most chemicals companies, but not immune to macroeconomic
conditions. Historically, most chemical distributors performed
fairly well during downturns and exhibited countercyclical working
capital movements.

More generally, Caldic Group's credit profile continues to be
supported by its good liquidity profile based on Moody's assumption
of repayment of the EUR155 million senior secured first-lien
revolving credit facility (RCF) drawings with the proposed debt
issuance; significant exposure to the resilient and higher-margin
life science end markets (around 50% of gross profit), such as food
and pharmaceuticals, with a strong focus on value-added services;
and capacity for solid free cash flow (FCF) given its capex-light
business model, though the company also faces materially higher
interest costs.

However, the CFR is constrained by Caldic Group's high Moody's
adjusted and estimated gross leverage of around 6x; relatively
small size compared to other rated distributors; some exposure to
cyclical industrial end-markets; risk of debt-funded acquisitions;
some integration risk related to the recent mergers and
acquisitions; and a limited track record of maintaining its
profitability at current levels.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will be willing and able to maintain its credit metrics
commensurate for the B2 rating over the next 18 months.

LIQUIDITY PROFILE

Caldic Group has a good liquidity profile based on Moody's
assumption of repayment of the RCF drawings with the additional
debt issuance. Pro forma for the proposed transaction close, Caldic
Group would have estimated cash of around EUR167 million and full
availability under its EUR155 million RCF maturing in 2028. In
combination with forecasted funds from operations, these funds are
sufficient to cover capital expenditure, working capital swings and
day-to-day cash needs. The majority of its debt does not mature
until 2029 (RCF matures in 2028).

ESG CONSIDERATIONS

Moody's governance assessment for Caldic Group incorporates its
leveraged capital structure, reflecting high risk tolerance of its
private equity owners. The private equity business model typically
involves an aggressive financial policy and a highly leveraged
capital structure to extract value. Following the merger with
Connell, the board of directors will include also two
representatives of Wilbur-Ellis, nevertheless Advent will remain
the majority shareholder of Caldic Group.

STRUCTURAL CONSIDERATIONS

The B1 ratings on the senior secured first-lien term loan B and the
senior secured first-lien RCF reflect their first priority claim on
the security package, ahead of the (unrated) second-lien term loan.
The senior secured facilities benefit from guarantors representing
at least 80% of EBITDA in certain jurisdictions. The security
package includes share pledge as well as pledges over bank accounts
and intercompany receivables over Caldic Group and the guarantors.
The security package also includes other securities, subject to
customary limitations and exceptions, in certain countries, however
Moody's estimates that these assets represent only a small fraction
of Caldic Group's total assets.

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

Positive pressure, though unlikely over the next 12 months, could
arise if the company's Moody's-adjusted total debt/EBITDA fell
sustainably below 5x, and it continues to generate meaningful
positive free cash flow, while also maintaining an adequate or
better liquidity profile. In addition, the company needs to
demonstrate a disciplined approach regarding inorganic growth
opportunities.

Negative pressure on the ratings could arise if the company proves
unable to generate sustained positive free cash flow or its
liquidity profile deteriorates. A downgrade also would be likely if
Moody's-adjusted total debt/EBITDA increases above 6.0x or
EBITA/interest expense is below 1.75x on a sustainable basis.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Pearls (Netherlands) BidCo B.V.

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

LT Corporate Family Rating, Upgraded to B2 from B3

Senior Secured Bank Credit Facility, Upgraded to B1 from B2

Assignments:

Issuer: Pearls (Netherlands) BidCo B.V.

Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Issuer: Pearls (Netherlands) BidCo B.V.

Outlook, Remains Stable

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY DESCRIPTION

Headquartered in the Netherlands, Caldic Group is a leading
specialty chemicals and ingredients distributor with a global
footprint focusing on the life sciences and industrials formulation
markets. In 2021, Advent acquired Caldic Group, and combined the
activities of Caldic Group and the Latin American based chemical
distributor Grupo Transmerquim S.A. (GTM), which has been owned by
Advent since 2014. On October 14, 2022, the company announced its
intention to merge with the Asian-Pacific distributor Connell.
Pro-forma for the merger with Connell, Caldic Group expects to
generate revenue of approximately EUR2.7 billion and
company-adjusted EBITDA of EUR341 million (including future
synergies) by year-end.




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

NORWEGIAN AIR: Egan-Jones Retains 'C' Sr. Unsecured Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, retained its 'C'
foreign currency and local currency senior unsecured ratings on
debt issued by Norwegian Air Shuttle ASA.  

EJR also retained its 'D' foreign currency and local currency
ratings on commercial paper issued by the Company.

Headquartered in Baerum, Norway, Norwegian Air Shuttle ASA provides
airline services.




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

GRANADA HIPOTECARIO 1: Fitch Affirms 'Csf' Ratings on 2 Tranches
----------------------------------------------------------------
Fitch Ratings has upgraded AyT Caja Granada Hipotecario 1, FTA's
(Granada 1) class B notes and affirmed the class A, C and D notes.
The Outlooks are Stable.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
AyT Caja Granada
Hipotecario 1, FTA

   Class A
   ES0312212006        LT A+sf  Affirmed     A+sf

   Class B
   ES0312212014        LT BBBsf Upgrade      BBsf

   Class C
   ES0312212022        LT Csf   Affirmed      Csf

   Class D
   ES0312212030        LT Csf   Affirmed      Csf

TRANSACTION SUMMARY

The transaction comprises Spanish residential mortgages serviced by
CaixaBank, S.A. (BBB+/Stable/F2).

KEY RATING DRIVERS

Stable Performance: The rating actions reflect the transaction
broadly stable asset performance outlook, driven by a low share of
loans in arrears by more than 90 days at around 1.1% of the current
portfolio balance at the latest reporting date. However, downside
performance risk has risen as the recent increase in inflation may
put pressure on household financing, especially for weak borrowers
such as those with the highest debt/income ratio over 50% (that
represent 45% of the portfolio balance) and those with
restructuring arrangements (almost 20% of the portfolio).

Sufficient Credit Enhancement: The rating actions reflect Fitch's
view that the notes are sufficiently protected by credit
enhancement (CE) able to absorb the projected losses commensurate
with the applicable rating scenarios. Moreover, its credit analysis
of the portfolio considered additional sensitivities, such as
increased defaults and reduced recoveries, especially because the
transaction track record on cumulative recoveries is low at around
60% of the cumulative defaulted balance to date.

Fitch expects structural CE to continue increasing in the short to
medium term, given the prevailing sequential amortisation of the
notes and gradual reduction of the principal deficiency ledger.
Despite the outstanding principal deficiency balance of EUR6.8
million as of the last reporting date and the fully depleted cash
reserve fund for almost 10 years, CE ratios are robust in the range
between 52% and 11% for the classes A and B notes.

Counterparty Risks Cap Ratings: The 'A+sf' maximum achievable
rating continues to apply, reflecting the transaction account
bank's (TAB) contractually defined minimum eligibility ratings of
'BBB' and 'F2', which are not compatible with the 'AAsf' or 'AAAsf'
category ratings as per Fitch's criteria. The transaction is
exposed to an additional rating cap at the same 'A+sf' level, due
to unmitigated payment interruption risk in the event of a servicer
disruption, as its available liquidity sources are insufficient to
cover senior fees, net swap payments and stressed senior notes'
interest during a minimum of three months needed to implement
alternative servicing arrangements.

Granada 1 has an ESG Relevance Score of 5 for 'Transaction &
Collateral Structure', due to unmitigated payment interruption
risk, which has resulted in a lower rating by at least one notch.
It also has an ESG Relevance Score of 5 for 'Transaction Parties &
Operational Risk', due to modification of account bank replacement
triggers after the transaction's closing, which has resulted in a
lower rating by at least one notch.

RATING SENSITIVITIES

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

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

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

For the senior notes, TAB's minimum eligibility ratings that are
compatible with 'AAsf' and 'AAAsf' ratings, complemented with an
improved liquidity position that fully mitigates the payment
interruption risk.

For the mezzanine and junior notes, CE ratios increase as the
transaction deleverages to fully compensate the credit losses and
cash flow stresses commensurate with higher rating scenarios, all
else being equal.

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 monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's FTA initial
closing. The subsequent performance of the transaction 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

Granada 1 has an ESG Relevance Score of '5' for 'Transaction &
Collateral Structure', due to unmitigated payment interruption
risk, which has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in a lower rating by at
least one notch. It also has an ESG Relevance Score of '5' for
'Transaction Parties & Operational Risk', due to modification of
account bank replacement triggers, which has a negative impact on
the credit profile, and is highly relevant to the rating, resulting
in a lower rating by at least one notch.

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.


IM CAJAMAR 3: Fitch Affirms 'CCCsf' Rating on Class E Notes
-----------------------------------------------------------
Fitch Ratings has upgraded IM Cajamar 3, FTA (Cajamar 3) Class C
and IM Cajamar 4, FTA (Cajamar 4) class D, and has affirmed the
remaining tranches. The Outlooks on all the tranches are Stable.
The ratings are detailed below.

   Entity/Debt          Rating             Prior
   -----------          ------             -----
IM Cajamar 4, FTA
  
   A ES0349044000   LT AA+sf  Affirmed     AA+sf

   B ES0349044018   LT AA-sf  Affirmed     AA-sf

   C ES0349044026   LT Asf    Affirmed       Asf

   D ES0349044034   LT A-sf   Upgrade     BBB+sf

   E ES0349044042   LT CCCsf  Affirmed     CCCsf

IM Cajamar 3, FTA

   Series A
   ES0347783005     LT AAAsf  Affirmed     AAAsf

   Series B
   ES0347783013     LT AA+sf  Affirmed     AA+sf

   Series C
   ES0347783021     LT AA-sf  Upgrade       A+sf

   Series D
   ES0347783039     LT A+sf   Affirmed      A+sf

TRANSACTION SUMMARY

The transactions comprise fully amortising residential mortgages
that are serviced by Cajamar Caja Rural, Sociedad Cooperativa de
Credito (Not Rated).

KEY RATING DRIVERS

Performance Outlook

The affirmations and upgrades reflect the stable asset performance.
The share of loans in arrears over 90 days is low (0.1% for both
transactions as of the latest reporting date), driven by positive
portfolio characteristics such as high seasoning (more than 16
years each) and low current loan-to value ratios (about 30%).
However, downside performance risk has increased as the recent
spike in inflation may put pressure on household financing and
result in an increase in arrears, especially for more vulnerable
borrowers.

Credit Enhancement Trends

The rating affirmations and upgrade reflect Fitch's view that the
securitisation notes are sufficiently protected by credit
enhancement (CE) to absorb the projected losses commensurate with
prevailing and higher rating scenarios.

Fitch expects CE ratios of IM Cajamar 3 and 4 to slowly increase in
the short-to-medium term due to prevailing pro-rata amortisation of
the notes and stable reserve fund at its floor. It is then expected
to increase faster when the mandatory switch to sequential
amortisation of the notes is activated after the portfolio balances
fall below 10% of the initial amounts (currently between at 13.9%
and 17.9% for IM Cajamar 3 and 4 respectively).

Regional Concentration Risk

IM Cajamar 3 and 4 portfolios are exposed to geographical
concentration in the regions of Murcia (35.7% and 30.8%,
respectively) and Andalucía (43.8% and 46.9%, respectively). In
line with Fitch's European RMBS Rating Criteria, higher rating
multiples are applied to the base foreclosure frequency assumption
to the portion of the portfolios that exceeds two and a half times
the population share of these regions relative to the national
count.

RATING SENSITIVITIES

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

- For Cajamar 3 class A notes, a downgrade to Spain's Long-Term
Issuer Default Rating (IDR) that could decrease the maximum
achievable rating for Spanish structured finance transactions would
be negative for the ratings. This is because these notes are rated
at the maximum achievable rating, six notches above the sovereign
IDR.

- 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 could be credit negative.

- For both transactions' class D notes, a downgrade of BNP Paribas
S.A. long-term deposit rating (AA-) below the respective notes'
ratings would be negative. The reserve funds, held with BNP Paribas
S.A. acting as SPV account bank, are the main source of structural
CE for both classes of notes. It may result in an excessive
counterparty dependency as the sudden loss of these monies would
imply a downgrade of 10 or more notches of the notes in accordance
with Fitch's criteria.

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

- Cajamar 3 class A notes are rated at the highest level on Fitch's
scale and cannot be upgraded.

- An increase in CE ratios as the transactions deleverage, and so
are able to fully compensate the credit losses and cash flow
stresses commensurate with higher rating scenarios, in addition to
adequate counterparty arrangements.

DATA ADEQUACY

IM Cajamar 3, FTA, IM Cajamar 4, FTA

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 IM Cajamar 3,
FTA and IM Cajamar 4, FTA 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

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.


KRONOSNET TOPCO: S&P Assign 'B+' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to KronosNet Topco SL and subsidiary KronosNet CX Bidco 2022 S.L.,
which issued the debt. S&P also assigned its 'B+' issue rating to
the group's term loan B (TLB).

S&P said, "We also affirmed our 'B+' long-term issuer credit and
issue ratings on Konecta and raised our issuer credit and issue
ratings on Comdata to 'B+' from 'CCC+'. We removed the ratings on
Konecta from CreditWatch with developing implications, where they
were placed April 22, 2022; and those on Comdata from CreditWatch
with positive implications, where they were placed April 26, 2022.
The outlook is stable. We then withdrew the issuer credit ratings
at the issuers' request and the issue ratings because the debt was
fully repaid as part of the transaction."

KronosNet will face no material integration issues following the
merger and reduce debt to EBTIDA below 5.0x by year-end 2023, aided
by increased EBITDA and positive free operating cash flow (FOCF) in
the next 12 months based on supportive market trends in its CRM and
BPO markets.

Newly created Spain-based KronosNet has acquired and merged the
customer relationship management (CRM) and business process
outsourcing (BPO) businesses Konecta (Giralda Holding Conexion
S.L.U.) and Comdata SpA.

KronosNet funded the transaction through a seven-year EUR400
million senior secured term loan B (TLB) and a EUR400 million term
loan A (TLA) with a five-year maturity plus two one-year extension
options. The capital structure also includes a EUR175 million
senior secured revolving credit facility (RCF) maturing in 6.5
years.

The rating action follows KronosNet's acquisition and merger of CRM
and BPO service providers Comdata and Konecta. To finance the
transaction, which closed in October 2022, KronosNet issued a
EUR400 million senior secured TLB and a EUR400 million TLA through
its subsidiary, KronosNetCX Bidco 2022. ICG, which previously had
an 49.99% stake in Konecta, made a significant equity contribution,
alongside Konecta's and Comdata's management.

The combined group's business risk profile is supported by its
leading positions in its main markets. S&P considers the two
companies' operations complementary. Konecta holds leading
positions in the Spanish, Colombian, Peruvian, and Argentinean
markets, while Comdata has only minor operations in Spain and Latin
America that are struggling. Meanwhile, Comdata brings a No. 1
position to the group in Italy and No. 3 position in France, where
Konecta has no operations. The combined group is therefore well
placed in attractive markets, which we expect to expand above
national GDP growth levels, driven by outsourcing trends given the
higher quality service provided at a lower cost by specialized
industry players, flexibility, higher digitalization, and
increasing focus on client satisfaction.

The merger of Konecta with Comdata results in a better diversified
group. S&P forecasts that KronosNet generates about 67% of its
revenue in Spain, Italy, and France. Konecta previously generated
close to half of its turnover Latin America, which it considers
high risk economically, particularly regarding currency. KronosNet
remains focused on the traditional CRM and BPO industries, that is
the telecommunication and banking sectors. These two provide
approximately 58% of sales, although less than the 72% that Konecta
saw before the merger. The top 10 client concentration has also
improved, to 41% from 63%. This is further mitigated by KronosNet
typically having more than 10 independent contracts with each of
its largest clients.

The combined group benefits from a highly predictable revenue base
and the ability to pass higher costs onto its clients. About 96% of
its 2022 budgeted revenue is already secured. Furthermore, the two
companies display strong client loyalty with average client
relationships of more than 16 years. Konecta's churn rate is very
low, at 4%, and relates exclusively to contracts that the company
decided not to renew as they yielded insufficient margins. The
company typically benefits from multiyear contracts with tacit
reconduction clauses. Furthermore, more than half of these
contracts contain indexation clauses that allow the company to
fully pass on inflation costs. Konecta has a solid track record in
terms of favorably renegotiating contracts without automatic
indexation clauses. The combined group can also leverage its near
and offshore platforms to reduce costs.

The combined group operates in a competitive, labor-intensive, and
fragmented industry characterized by moderately low margins and
barriers to entry. S&P's assessment of KronosNet's business risk
profile is constrained by the company's comparison with larger and
more profitable peers. S&P expects EUR2 billion in sales for 2022,
which makes KronosNet a leading regional player. However, its
presence in 23 countries means it lacks the global footprint of
players like Teleperformance or Marnix French ParentCo SAS
(Webhelp), which operate in 83 and 50 countries, respectively, with
typically high market shares. These larger scales and leading
market shares convert into stronger competitive and cost
advantages. For 2021, Teleperformance's S&P Global Ratings-adjusted
EBITDA margin was 20.7% and Webhelp's was 17.0%, compared with 9.8%
for the combined group on a restated basis. This can also be
explained by the high restructuring costs Comdata has incurred
since 2020 when it faced severe difficulties in Spain and Latin
America due to mismanagement and a major telecom contract loss in
France. However, management has addressed these issues, and
Comdata's adjusted EBITDA margins increased to 8.9% in 2021 from
2.9% in 2020.

S&P said, "We forecast that pro forma, KronosNet will perform
solidly in 2022. We expect pro forma sales will increase 5%-6% in
2022, despite Comdata experiencing some minor contract roll-offs.
This will be more than offset by new contracts as well as price
increases for both Konecta and Comdata, given the inflationary
environment. This will protect adjusted EBITDA margins, allowing
them to increase to 10.5%-11.5% in 2022, from 9.8% in 2021
(restated). Margins will particularly benefit from the continuous
recovery in profitability at Comdata, following its difficulties,
particularly in Spain and Latin America.

"Despite adjusted pro forma leverage of 5.8x at year-end 2022, we
expect KronosNet's credit metrics will remain within our aggressive
financial risk profile category. Our view of the company's
financial risk profile stems from our projection of adjusted debt
to EBITDA at 4.5x-5.0x at year-end 2023, following further
deleveraging to below 4.5x in 2024. We also forecast funds from
operations (FFO) to debt of 11%-12% in 2023 and 12.5%-13.5% in
2024. We treat the EUR175 million shareholder loan from ICG as
equity, because the governing documents contain features that we
believe make them act as subordinated loss-absorbing capital, such
as stapling provisions, and the absence of contractual payments due
before the loans mature. Included in our EUR1.25 billion
calculation of debt are the two EUR400 million term loans, about
EUR105 million of local debt, over EUR150 million of operating
leases adjustments and a similar amount of factoring liabilities,
close to EUR25 million of guarantees, EUR15 million in pension
liabilities, and about EUR3.5 million of put options on minority
interests and earnouts. Moreover, we forecast that FFO to cash
interest coverage will remain at 3.0x-3.5x in 2023 and 2024,
despite the likely increase in the Euro Interbank Offered Rate,
because the company intends to enter into a swap contract with
banks to protect itself against any potential increase, which we
view positively.

"The ratings take into account that post-merger, KronosNet is
financial sponsor-owned. ICG has become the majority owner (78% of
equity). We assess ICG as a financial sponsor, meaning that it
typically tolerates high leverage and implements shareholder
returns policies. However, we note ICG's track record of
maintaining S&P Global Ratings-adjusted debt to EBITDA below 5x on
both Giralda and other rated entities. We therefore assigned our
FS-5 modifier based on our expectation that the company will
continue to focus on deleveraging upon the transaction's completion
and debt to EBITDA will be below 5x by year-end 2023. We consider
positively that the sponsor does not intend to take any dividends
in the near term, and is reinvesting EUR950 million of fresh equity
into the transaction following the primary leveraged buyout in
2019. We also view positively that Konecta's management rolls over
part of its equity into KronosNet, and Comdata's CEO contributes
all of his equity stake. We would expect that if any further large
acquisitions happen, part of the funding would likely come from
equity contributions, which we would view as credit positive.

"The ratings are in line with the preliminary ratings we assigned
in September.

"The stable outlook reflects our view that the newly created
KronosNet group will face no material integration issues following
the merger and will deleverage below 5x by year-end 2023 while
generating FFO to debt of about 12% and FOCF above EUR50 million,
aided by increasing EBITDA based on supportive market trends in its
CRM and BPO markets.

"We could lower the rating if growth headwinds in KronosNet's
European and Latin American markets result in a continued revenue
decline, or if high restructuring costs or operation missteps
compress EBITDA margins to below 10% or result in prolonged weak
FOCF.

"We could also lower the rating if the company adopts a more
aggressive financial policy (such as significant debt-funded
acquisitions) and maintains adjusted debt to EBITDA above 5x.
Although we understand it is highly unlikely, we could lower the
rating if KronosNet's current financial sponsor and an affiliate
take a material participation in the company's TLB, which we
believe would create conflicting interests within the group. This
would cause us to reconsider whether the shareholder loan has
sufficient equity-like characteristics to be treated as equity when
calculating credit metrics.

"We could take a positive rating action if KronosNet further
improves its market share and customer and geographic
diversification, and EBITDA margins improve beyond 15%, which we
consider average for the general support services sector. The
latter could happen if the merger progresses as expected, which
would mean exceptional costs stay below the levels we expect.

"For an upgrade, we would simultaneously need to see KronosNet
adopt a more conservative financial policy, with adjusted debt to
EBITDA staying below 4x, which would likely follow if the sponsor
were to relinquish effective control over the company."

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of KronosNet, reflecting the
potential for personal data and security breaches. We see these as
risks for CRM service providers in general. These risks could arise
through increased regulatory oversight and fines or reputational
damage, affecting a firm's competitive advantage. We do not assess
KronosNet as demonstrating company-specific weaknesses in the
processing of large volumes of client data relative to other CRM
providers, as we believe Konecta will help Comdata in resolving its
past weaknesses. Governance is also a moderately negative
consideration, as it is 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 private-equity sponsors' generally finite holding periods
and focus on maximizing shareholder returns."


UNION FENOSA: Fitch Affirms 'BB+' Rating on Subordinated Debt
-------------------------------------------------------------
Fitch Ratings has affirmed Spanish utility Naturgy Energy Group,
S.A.'s Long-Term Issuer Default Rating (IDR) at 'BBB' with a Stable
Outlook and senior unsecured rating at 'BBB+'.

The 'BBB' rating reflects Naturgy's business risk profile that
combines predictable regulated gas and electricity networks,
incentivised and contracted electricity generation business and LNG
transportation assets. This is set against riskier gas procurement
and supply activities. The 'BBB' IDR also takes into account high
gas prices, which will support strong cash flow generation and
deleveraging in the short term.

The Stable Outlook reflects Fitch's expectations that the company's
strategic plan to 2025 will remain unchanged with a focus on
renewables and networks growth. Fitch also considers the stated
gradual de-risking of its gas supply to be at a slower pace given
the need to strengthen the security of gas supply in Europe. A
departure of this strategy, including sustained renewable capex
delays, could lead us to revise its leverage guidelines for the
rating.

KEY RATING DRIVERS

Strategic Plan Targets are Maintained: The company's growth is
focused on renewables with a target of installed capacity of 13.1GW
by end-2025 (5.2GW by end June-2022) and networks retaining around
30% of the total capex. The plan also includes a gradual downsizing
of wholesale gas activities. Fitch expects some adjustments,
including delays in renewable additions and opportunistic expansion
in gas supply, given the market scenario.

A material departure from the stated strategy indicating a
structurally larger positioning in riskier gas supply activities
than assumed by us, could lead to a revision of debt capacity.

Delayed Renewable Capex: Fitch sees Naturgy's capex as lagging its
initial target, leading to a delay of 1GW in renewable installed
capacity by end-2025. The company had planned to add 0.5GW
renewable capacity in 2022 and 1.5GW more in 2023, but supply chain
constraints and permitting delays remain an issue for the industry
as companies try to boost investment. Inflation-induced investment
reviews are also causing delays. Sustained capex deviations may be
good for the short-term leverage trend, but also slightly weaken
the company's business profile.

Temporary Higher Exposure to Wholesale Gas: Naturgy aims to capture
the cash flow upside associated with high gas prices. Fitch
forecasts the contribution from the riskiest wholesale gas
activities (markets & procurement and international LNG) to
increase at around 15% of the EBITDA by 2025 from 6% last year,
while all merchant businesses will reach 30% of EBITDA compared
with 20% last year, reducing cash flow visibility.

Fitch expects cash-flow visibility to return in the medium to long
term as energy markets stabilise, gas prices adjust and the
business plan is gradually implemented. Naturgy's debt capacity for
the 'BBB' rating still adequately reflects its business risk when a
whole gas cycle is considered.

Improved Financial Profile: Fitch expects strong operating
performance in 2022-2023 to support the company's deleveraging and
a return of FFO net leverage to within the guidelines for the
rating by 2023 (4.0x vs. guideline of 4.6x). This is better than
its previous case that relied on management actions, such as a
dividend policy review. Fitch took a particularly conservative
approach to supply and generation margins, capturing the likely
regulatory and policy intervention. However, Fitch expects the
increasing headroom to be utilised to accelerate growth capex and
sustain a generous dividend policy, with materially negative free
cash flow in the medium term.

High Political Interference Risks: EU members are reviewing price
caps and other measures to stabilise the gas market as well as to
draw cash from companies that benefit from high profits. This might
limit increases in cash flow. Fitch forecasts electricity prices
(65 EUR/MWh) that are in line with a socially acceptable level in
Spain, substantially lower gas supply margins and windfall taxes in
2023-2024 (in line with current parliamentary discussions in
Spain).

Hybrids Lose Equity Credit: Naturgy has announced its intention to
redeem its outstanding 4.125% EUR500 million hybrid debt this
November without refinancing it with a similar equity-like
instrument. Regarding the remaining EUR1.0 billion hybrid debt,
Fitch is revising its equity content to zero from 50%, as Fitch
does not have sufficient assurance that the instrument will remain
in the capital structure. Fitch expect Naturgy to absorb the
EUR750million of additional net debt without threatening its
financial position given the strong expected operating
performance.

Project Gemini on Hold: Naturgy is delaying the split of its
business into two standalone companies focused on networks and
markets, known as the Gemini project. The uncertain market
conditions, along with the opposition of the Spanish government to
Gemini, for the time being, have added to the project's execution
risk. Fitch does not expect the split to be concluded before 2024.
Fitch views this as neutral to Naturgy's strategic plan
implementation.

Dividend Policy Unchanged: Fitch assumes an unchanged dividend
policy despite improved trading, because Fitch takes into account
that regulatory, political and reputational risks can balance
higher profits deriving from unusual market conditions. A more
aggressive policy than the one announced would warrant a review of
our assumptions, with potential negative credit rating
implications.

DERIVATION SUMMARY

Naturgy has a strong integrated business profile in gas and
electricity and geographical diversification in Spain and Latam
although operations are weighted towards gas end-markets, which are
higher-risk than electricity and with less favourable long-term
prospects. Its regulated EBITDA share of around 65% at end 2021 is
above that of Iberdrola S.A.'s (BBB+/Stable) and Enel S.p.A.'s
(BBB+/Stable), and significantly stronger than EDP - Energias de
Portugal S.A.'s (EDP; BBB/Stable).

However, Iberdrola has a better economic environment score, and
along with Enel, greater scale. Both have more advantageous
competitive positions in renewables, while Naturgy's exposure to
gas supply has been affected by margin volatility. Consequently,
Fitch views Naturgy's debt capacity as materially lower than these
peers.

Engie S.A. (A-/Stable) has similar exposure to the gas supply and
LNG markets, although the French group benefits from a much larger
scale and a stronger financial profile.

KEY ASSUMPTIONS

-- EBITDA to increase at a CAGR 7% for 2022-2025, largely driven
by international LNG, gas supply and renewables growth;

-- Regulatory update for gas distribution activities in Spain in
line with methodology approved and with a final remuneration
adjustment of EUR171 million by 2026

-- New renewable capacity of 7.4 GW (3.3GW in Spain and 4.1GW
mainly in the US and Australia) is commissioned in 2023-2025;

-- Achieved merchant prices in line with price scenario for gas
for combined cycle gas turbine plants, applying a political 'price'
of 65 EUR/MWh for the generation sold through the supply business
unit;

-- Gradual normalisation of gas prices towards 2025;

-- EUR300 million energy windfall tax in 2023 and 2024;

-- Dividends paid to minorities of around EUR225 million annually
(excluding interest cost from hybrids that the company reports as
minority interests);

-- Cost of new debt issued in line with interest rates from
Fitch's Global Economic Outlook +200bp;

-- Annual capex of EUR2.9 billion for 2022-2025, EUR2.2 billion
growth capex and EUR0.7 billion related to maintenance (as defined
by Fitch net of capital grants and capitalised interests);

-- Dividends as stated in the updated strategic plan (EUR1.20 per
share for 2022-2025);

-- No equity content for remaining EUR1.0 billion hybrid debt

RATING SENSITIVITIES

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

- Reduction of FFO net leverage to around 3.8x or below on a
sustained basis

- Positive free cash flow (FCF)

- Improvement in the operating and regulatory environment in the
main markets of operation and/or increase in the share of regulated
and quasi-regulated EBITDA leading to higher cash flow visibility

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

- FFO net leverage above 4.6x on a sustained basis (ie.
debt-funded M&A without corresponding offsetting measures)

- Substantial deterioration of the operating environment,
including political interference and regulatory risk, or further
measures substantially reducing cash flows above its expectations

- Deviation from the approved strategy to the extent the expected
share of regulated and quasi-regulated EBITDA decreases on a
sustained basis below 75%, leading to lower cash flow visibility

LIQUIDITY AND DEBT STRUCTURE

Healthy Liquidity: As of June 2022, Naturgy had EUR4.3 billion of
available cash and cash equivalents (excluding cash in Argentina)
and EUR3.7 billion of available committed credit lines with
maturities beyond 2023. The available liquidity is enough to
comfortably cover negative cumulative FCF (after acquisitions and
divestitures) of around EUR1.2 billion and debt maturities of
EUR2.5 billion until 2023.

Centralised Debt Structure: Naturgy's capital structure is highly
centralised with most of the debt sitting at the parent level and
fincos (66% at end-2021). Naturgy expects to fund its renewables
growth in Spain and US largely via intragroup debt, to benefit from
the competitive cost funding available at group level; while Global
Power Generation (mainly Chile and Australia) and companies with
minorities are most likely to continue to fund growth from project
finance.

ISSUER PROFILE

Naturgy Energy Group, S.A. and its subsidiaries are engaged in the
supply, liquefaction, re-gasification, transport, storage, and
distribution of natural gas, as well as the electricity generation,
distribution and supply. The company operates in more than 20
geographies with a strong presence in Spain.

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
   -----------              ------           -----
Naturgy Finance B.V.
  
   senior unsecured   LT     BBB+ Affirmed    BBB+

   subordinated       LT     BBB- Affirmed    BBB-

   senior unsecured   ST     F2   Affirmed    F2

Naturgy Capital
Markets, S.A.
  
   senior unsecured   LT     BBB+ Affirmed    BBB+

Naturgy Energy
Group, S.A.           LT IDR BBB  Affirmed    BBB

                      ST IDR F2   Affirmed    F2

Union Fenosa
Preferentes, S.A

   subordinated       LT     BB+  Affirmed    BB+




===========
S W E D E N
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VOLVO CAR: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings of
Volvo Car AB (Volvo Car) to stable from positive. Concurrently,
Moody's has affirmed Volvo Car's Ba1 corporate family rating, its
Ba1-PD probability of default rating and its Ba1 guaranteed senior
unsecured instrument ratings.

"A rating upgrade has become unlikely over the next 12-18 months,
because of the more challenging automotive sector environment, a
weakening profitability prompted by higher raw material costs and a
sales contraction due to a delay in car deliveries as a consequence
of supply chain constraints," said Matthias Heck, a Moody's Vice
President -- Senior Credit Officer and Lead Analyst for Volvo Car.
"The affirmation of the Ba1 rating reflects Volvo Car's moderate
leverage, its strong liquidity and the expectation of medium-term
margin improvements," added Mr. Heck. "While the macro environment
in 2023 is a challenge, numerous new model launches and the gradual
unwinding of the supply-chain related delayed car deliveries should
provide support to Volvo Car's revenues," Mr. Heck continues.

RATINGS RATIONALE

In the first nine months of 2022, Volvo Car's global light vehicle
sales decreased by 19% compared to the same period 2021, to nearly
429 thousand units. In Europe and North America, Volvo Car's sales
declined by nearly one quarter, and China declined by 11%. The drop
in sales was driven by constrained vehicle production due to
COVID-related supply chain disruptions (especially in China) and
the global shortage of semiconductor supplies. Although these
factors affected the whole automotive industry, Volvo Car sharply
underperformed global light vehicle sales, which declined by only
around 2% in the same period. In 2021, Volvo Car had slightly
outperformed the market by around 1%, with a sales increase of 5.6%
to 699 thousand units. Moody's expects that Volvo Car's volumes
will recover somewhat in the fourth quarter but remain around 10%
below 2021 levels.

On September 29, 2022, Moody's changed its outlook on the global
automotive industry to negative from stable. It now expects global
light vehicle sales to be about flat (-0.7%) versus 2021 and climb
5.7% in 2023. Nevertheless, 85.5 million units expected for 2023
will remain well below the pre-pandemic peak of 95 million units.
The negative industry outlook reflects a weakening macroeconomic
environment and weakening consumer demand, driven by high price
inflation and higher interest rates. At the same time, stress on
global supply chains will improve but stay elevated. Moody's
expects that Volvo Car will be able to recover some of its lost
market share in 2023.

In the third quarter of 2022, Volvo Car's EBIT margin
(company-defined) eroded to 2.6%, from 5.5% one year ago. This
included a negative impact of joint ventures (JVs, especially its
48.3% stake in the battery electric vehicle company Polestar), but
even without this, Volvo's margin decreased to 4.4% from 7.1%. The
margin decline was driven by higher raw material costs, freights
and semiconductor prices, and notwithstanding benefits from higher
volumes, prices and vehicle mix effects. Higher raw material prices
hit in particular the profitability of Volvo Car's battery electric
vehicles (BEVs), where gross margins dropped to 5% (13% in 2021),
compared to 20% at non-BEVs (19% in 2021), especially due to high
lithium chemical prices. Effects of Volvo Car's price increases in
Europe are expected to materialize in the fourth quarter 2022 and
into 2023 due to the long order book.

On a Moody's adjusted basis (including Joint Ventures income but
excluding the revaluation gain at Polestar), Volvo Car's EBITA
margin dropped to just 2.6% in the last twelve months to September
2022 (4.5% in 2021). This was well below the 7% required for an
upgrade and even below the 5% expected on a sustainable basis for
the Ba1. Volvo Car's debt / EBITDA (Moody's adjusted) amounted to
2.3x (2.0x in 2021), in line with Moody's expectation for the Ba1.

Volvo Cars targets an improvement in profitability to 8-10% EBIT
margin (company defined) by 2025, compared to around 6% on average
during 2016-19. Moody's also expects some improvements in terms of
Moody's adjusted EBITA margins, but in the current sector
environment, the recovery of its margins will likely be muted in
2023, leading to levels close to the minimum requirement for the
Ba1. The expectation of margin improvements is driven by new model
launches, like the EX90, efficiency measures and scale effects,
especially at Polestar, as well as price increases.

On November 3, 2022, Volvo Cars announced to provide a $800 million
(SEK9 billion) 18-month shareholder loan to Polestar. The funding
to Polestar weighs on Volvo Car's very good liquidity. Volvo Car
has historically supported the growth at Polestar, which has been
loss-making and recorded sizeable negative free cash flows.
Polestar's losses are included on a pro rata basis within Moody's
adjusted EBITA and EBITDA calculations. The Ba1 rating does not
factor in the expectation of additional liquidity support for
Polestar going forward.

The stable outlook reflects the expectation that Volvo Car will be
able recover some of its lost market share in 2023 and thus
outperform global light vehicle sales, while further increasing its
share of electrically chargeable vehicles (30% in the first nine
months of 2022, including 7.4% BEVs). Concurrently, Moody's expects
Volvo Car's EBITA margins (Moody's adjusted) to improve towards 5%
in 2023, maintain debt/EBITDA well below 3x, and generate positive
free cash flow (Moody's adjusted) within the next 12-18 months.

RATIONALE FOR THE RATING AFFIRMATION

Volvo Car's Ba1 Corporate Family Rating (CFR) is underpinned by (1)
its well-known brand identity with a long-established position in
its domestic market; (2) a global footprint with a growing presence
in the Chinese market helped by the company's close relationship
with its main shareholder, the Zhejiang Geely Holding Group Company
Limited (Geely Group; (3) continuous sizeable investments in
electrification and modular platforms, giving the company a more
efficient platform for its new model range, as well as a high share
of electrified vehicles (30% of 9M 2022 unit sales); (4) prudent
financial policies with moderate leverage, and (5) a very good
liquidity profile.

At the same time, the rating is constrained by (1) Volvo Car's
modest market position and small size compared to other rated
global premium competitors in a fiercely competitive global
passenger car market; (2) a still relatively low level of
profitability when compared with some other premium manufacturers;
and (3) Volvo Car's still limited product offering and high
dependency on the success of only a few models with over 75% of
2021 retail sales (units) generated by its three SUV models, (4)
the exposure of Volvo Car (like the other auto manufacturers) to
stricter environmental standards, that require high capex and R&D
spending and lead to a shift to still less profitable electrified
models, thereby burdening the company's free cash flow generation
capability, and (5) the company's exposure to the global automotive
industry, which is highly cyclical and highly competitive.

LIQUIDITY

Volvo Car's liquidity profile is very good, underpinned by (1) cash
and cash equivalents of SEK50.3 billion and marketable securities
of SEK8.9 billion as of September 30, 2022; (2) Moody's expectation
of positive free cash flow in the next 12 months, and (3) access to
a EUR1.3 billion (approximately SEK14.1 billion) multi-currency
revolving credit facility (maturing in January 2025, with 1-year
extension option).

The company's existing resources comfortably cover its corporate
cash requirements over the next 12 months, including working cash
(estimated at SEK11 billion), sustained high levels of capital
expenditures, intra-year working capital needs and industrial debt
maturities (SEK2.7 billion). The $800 million (SEK9 billion)
shareholder loan to Polestar is also a major use of liquidity.

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

Volvo Car's rating could be upgraded if the company was able to
demonstrate its successful transformation of its product portfolio
towards low and zero emission vehicles whilst improving the product
breadth and enhance its geographic diversity to a level comparable
with that of its global peers. More specifically, Moody's could
consider upgrading Volvo Car's ratings to Baa3 in case of (1)
evidence that the previous model introductions (XC90, S90, V90,
XC60, S60, V60, XC40, C40) and the recharge models including the
new EX90 remain a sustained success and positively contribute to
Volvo Car's diversification of profit and cash flow generation; (2)
visibility that Volvo Car's profitability based on an adjusted
EBITA margin can exceed and sustainably remain above 7.0%; (3) a
continued Moody's-adjusted debt/EBITDA below 2.0x, and (4) positive
free cash flow generation despite the high investment spending as
anticipated for the coming years. Moreover, the maintenance of a
prudent financial policy that includes low debt leverage and a
solid liquidity profile on a sustained basis are key requirements
for an upgrade towards investment grade territory.

Volvo Car's rating could be downgraded if the company's credit
metrics deteriorated as follows: (1) Moody's adjusted EBITA margin
remained below 5%; (2) free cash flows turned negative; (3)
Moody's-adjusted debt/EBITDA exceeded 3.0x. Additionally, a
material shift in the company's conservative financial policy or
sizable debt-funded acquisitions could lead to a downgrade.

LIST OF AFFECTED RATINGS

Issuer: Volvo Car AB

Affirmations:

LT Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba1

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

Outlook Actions:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automobile
Manufacturers published in May 2021.




===========
T U R K E Y
===========

ANKARA METROPOLITAN: Fitch Affirms 'B' LongTerm IDRs, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Ankara Metropolitan Municipality's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'B' with Negative Outlooks.

The affirmation reflects Fitch's unchanged view that Ankara will
maintain a robust operating balance despite high inflation,
although capex-driven debt will increase substantially under
Fitch's conservative rating case. Its debt metrics will remain
commensurate with that of its peers with a 'bbb' Standalone Credit
Profile (SCP) over the medium term. The city's IDRs are constrained
by the Turkish sovereign's 'B' IDRs and the Negative Outlooks
reflect that for the sovereign.

KEY RATING DRIVERS

Risk Profile: 'Weaker'

Ankara's 'Weaker' risk profile reflects three 'Midrange' key rating
factors (revenue robustness, expenditure flexibility, liabilities
and liquidity robustness) and three 'Weaker' factors (revenue
adjustability, expenditure sustainability, and liabilities and
liquidity flexibility).

The assessment reflects Fitch's view of a high risk relative to
international peers' that Ankara's ability to cover debt service
with its operating balance may weaken unexpectedly over the
forecast horizon (2022-2026). This may be due to
lower-than-expected revenue, higher-than-expected expenditure, or
an unanticipated rise in liabilities or debt-service requirements.

Revenue Robustness: 'Midrange'

The 'Midrange' assessment is supported by Ankara's well-diversified
and broad-based local economy, which leads to robust tax revenue
growth prospects that are generally in line with national GDP
growth. It also reflects a less volatile tax-revenue structure than
medium-sized metropolitan municipalities.

Under its conservative rating case, Fitch expects operating revenue
to grow at least in line with inflation on average 50% to about
TRY50 billion in 2022-2026. Tax revenue income totalled TRY7.2
billion in 2021 or 77.4% of total revenue (80.6% of operating
revenue). Fitch expects the tax collection rate (comprising mainly
personal and corporate income taxes (around 50%) to remain robust,
averaging at least 70% of accrued tax revenue, in 2022-2026.

Revenue Adjustability: 'Weaker'

The 'Weaker' assessment reflects a limited ability to generate
additional tax revenue as tax rates are mostly set by the central
government. At end-2021, nationally collected taxes set by the
central government comprised 77.4% of Ankara's total revenue,
whereas locally set taxes were only 0.6%. This tax inflexibility is
partly compensated by financial equalisation transfers received by
metropolitan municipalities and flexible charges and fees levied on
public services. For Ankara these accounted for 13.2% and 5.5% of
its total revenue, respectively, in 2021.

Expenditure Sustainability: 'Weaker'

The 'Weaker' assessment reflects the high inflationary operating
environment, which would erode expenditure control, despite
Ankara's moderately cyclical to counter-cyclical responsibilities.
Rising energy prices above inflation are likely to result in higher
subsidies to maintain the city's transportation operations. This,
together with increasing social aid to households, should result in
faster expenditure growth than operating revenue growth in
2022-2026. Fitch therefore forecasts operating margin to fall to
26.7% in 2022-2026 from 47.6% in 2017-2021.

Expenditure Adjustability: 'Midrange'

The 'Midrange' assessment reflects the municipality's low share of
rigid cost items in total costs, which is in line with other
Fitch-rated Turkish municipalities'. At end-2021, the share of
staff costs, which are the largest fixed cost, was below 12% of
operating expenditure (and below 10% of total expenditure).

Capex can be cut to mandatory items and postponed, given Ankara's
history of investments in public infrastructure since 1984.
However, following cost reductions in the past three years and
demographic growth we expect Ankara to increase its expenditure.
Capex should remain around 33% of total spending during the rating
case, as currently most of the capital-intensive metro investments
are undertaken by the General Directorate of Infrastructure
Investments.

Liabilities & Liquidity Robustness: 'Midrange'

The 'Midrange' assessment reflects Ankara's moderate framework for
debt and liquidity with no foreign-exchange (FX) risk compared with
its large national peers. Debt is all local-currency, amortising
bank loans. However, 64% of debt is at floating rates and with a
fairly short weighted average maturity of 2.3 years. About 49% of
its debt matures within one year. This exposes the city to
interest-rate risk and results in significant refinancing pressure,
which Fitch expects to be mitigated by sound year-end cash
reserves.

At end-2021, Ankara was in a net cash position, excluding the EUR57
million loan of its transportation company. The loan is serviced by
the city's operating cash flow.

Liabilities & Liquidity Flexibility: 'Weaker'

The 'Weaker' assessment reflects Ankara's lack of access to
treasury lines or national cash pooling, making it challenging to
fund unexpected increases in debt liabilities or spending. Due to
its important status as the country's political centre, Ankara has
firm relationships with local banks and evolving relationships with
international banks. At end-2021, Ankara's year-end cash improved
further to TRY1,094 million (unrestricted) in 2021 from TRY867
million in 2020, covering 2.1x its annual debt servicing.

Debt Sustainability: 'aaa category'

Under Fitch's rating case for 2022-2026, Ankara's operating balance
will be about TRY11.7 billion with direct debt totalling TRY17.7
billion, leading to a debt payback ratio (net adjusted
debt-to-operating balance) of below 5x, in line with a 'aaa'
assessment.

Fitch's rating case projects that the city's actual debt service
coverage ratio (ADSCR) will deteriorate to 2.8x in 2026 from 7.2x
in 2021 (or 12.8x on average over the rating case), but still
corresponding to a 'aa' assessment. This is supported by a low
fiscal debt burden (net adjusted debt-to-operating revenue)
remaining below 50% for a 'aaa' assessment at 34.7% in 2026, albeit
up from -0.7% in 2021.

DERIVATION SUMMARY

Ankara's 'bbb' SCP results from a 'Weaker' risk profile and a 'aaa'
debt sustainability score. The SCP also factors in the city's
favourable comparison with national and international peers in the
same rating category. The city's IDRs are not affected by any other
rating factors but are constrained by the Turkish sovereign IDRs.

Short-Term Ratings

The 'B' Short-Term IDR is the only option for Ankara's 'B'
Long-Term IDR.

National Ratings

Ankara's National Ratings are driven by its Long-Term
Local-Currency IDR at 'B', which is mapped to 'AAA(tur)' on the
Turkish National Rating Correspondence Table based on national peer
comparison. It reflects the city's lower likelihood of to default
on its long-term local-currency obligations than foreign-currency
obligations.

Debt Ratings

N/A

KEY ASSUMPTIONS

Qualitative assumptions:

Risk Profile: 'Weaker'

Revenue Robustness: 'Midrange'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness: 'Midrange'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'aaa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap: 'B'

Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific
Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2017-2021 figures and 2022-2026 projected
ratios. The key assumptions for the scenario include:

- Operating revenue CAGR of 42.9% in 2022-2026 (versus average
17.4% yoy for 2017-2021) due to expected inflation of 47.7% on
average

- Tax revenue CAGR of 43.8% in 2022-2026, versus 18% CAGR in
2017-2021

- Current transfers CAGR of 42.9% in 2022-2026, versus 20.4% CAGR
in 2017-2021

- Operating expenses CAGR of 51.9% in 2022-2026 (versus average
12.1% yoy for 2017-2021) due to expected inflation of 47.7% on
average

- Negative net capital balance of TRY11.3 billion in 2022-2026

- Apparent cost of debt on average at 23.1%, 7% above 2021's level,
due to higher borrowing rates

- EUR / TRY (average) assumptions are based on Fitch sovereign's
estimates - 2022: 18.16, 2023: 23.89, and 2024: 27.79

Quantitative assumptions - Sovereign Related

Figures as per Fitch's sovereign actual for 2021 and forecast for
2024, respectively (no weights and changes since the last review
are included as none of these assumptions were material to the
rating action):

Liquidity and Debt Structure

Ankara plans to attract FX funding to finance a major project of
the Dikimevi-Natoyolu metro line estimated at EUR338 million. It
also plans to build about 13,000 apartments, to be funded via
revenue-sharing. Fitch forecasts Ankara's unrestricted cash (2021:
TRY1,094 million) to be depleted over 2022-2026.

Ankara's contingent liabilities are moderate and include borrowings
of its municipal companies, ASKI (water and waste water management)
and EGO (the operator of Ankara's transport system, mainly buses).
Their borrowings totalled TRY780 million at end-2021. EGO's debt
has been reclassified as 'other Fitch-classified debt' as the loan
is guaranteed by the city and serviced from Ankara's operating cash
flow.

Issuer Profile

Ankara is Turkiye's capital and second-largest city by population
(6.7% of the national population). It serves as a political hub and
second major economic centre. Its GDP per capita accounts for 141%
of the national average. Ankara's local economy is dominated by
services (70%) followed by a well-developed industrial base with a
focus on aerospace and defence (28%) and a minor contribution from
agriculture (2%).

RATING SENSITIVITIES

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

A downgrade of the Turkish sovereign IDRs or a downward revision of
Ankara's SCP resulting from a debt payback ratio of above 13 years
would lead to a downgrade of Ankara's IDRs.

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

An Outlook revision of the Turkish sovereign to Stable from
Negative would lead to a corresponding change of Ankara's
Outlooks.

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
   -----------             ------                   -----
Ankara Metropolitan
Municipality         LT IDR    B       Affirmed       B
                     ST IDR    B       Affirmed       B
                     LC LT IDR B       Affirmed       B
                     Natl LT   AAA(tur)Affirmed   AAA(tur)


ANTALYA METROPOLITAN: Fitch Affirms B LongTerm IDRs, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Antalya Metropolitan Municipality's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'B' with Negative Outlooks.

The affirmation reflects Fitch's unchanged view that Antalya will
maintain a robust operating balance despite high inflation and a
substantial increase in debt-funded capex in the run-up to
elections. It also reflects its expectations that debt metrics will
remain in line with Antalya's 'b+' Standalone Credit Profile (SCP)
and that of peers with SCPs in the 'b' category over the medium
term. However, the city's IDRs are constrained by the Turkish
sovereign's 'B' IDRs and the Negative Outlooks reflect that for the
sovereign.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Antalya's 'Vulnerable' risk profile reflects a combination of four
'Weaker' key risk factors (revenue adjustability, expenditure
sustainability and liabilities and liquidity robustness and
flexibility) and two 'Midrange' factors (revenue robustness and
expenditure adjustability). This indicates a very high risk that
the city's ability to cover debt servicing requirements with its
operating balance may weaken unexpectedly over its forecast horizon
(2022-2026). This may be due to lower-than-expected revenue,
higher-than-expected spending or an unanticipated rise in debt
servicing requirements.

Revenue Robustness: 'Midrange'

The revision of the assessment to 'Midrange' from 'Weaker' is based
on the comparison with international peers and reflects Fitch's
expectations that Antalya's local economy in the post-pandemic
period will benefit from increased tourist arrivals (up 94% yoy in
September 2022). This in turn will support the sector's employment
and trade revenue, boosting personal and corporate income tax and
VAT. Fitch therefore forecasts robust operating margins on average
at 36% in 2022-2026.

Its estimate of nominal local GDP growth of about 50% (or 2% in
real terms) for 2022-2026 and subsequent higher taxes should drive
operating revenue towards TRY15.8 billion by 2026 from TRY2.5
billion in 2021 even under its conservative rating case. Taxes
represent about two-thirds of Antalya's total revenue.

Revenue Adjustability: 'Weaker'

Antalya's ability to generate additional revenue is constrained by
nationally pre-defined tax rates. At end-2021, nationally set and
collected taxes comprised 65% of Antalya's operating revenue or 60%
of total revenue. Local taxes over which the city has autonomy were
a low 1% of total revenue, implying negligible tax flexibility.
However, this is compensated to some extent by financial
equalisation transfers received by metropolitan municipalities, and
scope for asset sales. For Antalya, this accounted for 21% and 11%
of its total revenue, respectively, in 2021.

Expenditure Sustainability: 'Weaker'

The 'Weaker' assessment reflects Fitch's expectations that spending
growth will outpace revenue growth in its rating case due to high
inflation and further lira depreciation. This will reverse
Antalya's trend of spending growth lagging revenue growth in
2017-2021 due to its moderately cyclical and counter-cyclical
spending responsibilities.

Although cost control may also be adversely affected by the
upcoming national (2023) and local (2024) elections, the city has
the ability to adjust spending.

Expenditure Adjustability: 'Midrange'

Antalya's spending flexibility reflects a low share of inflexible
costs, at less than 65% on average of its total expenditure.
Infrastructure investments can be cut or postponed, given the
moderate level of existing socio-economic infrastructure.

However, the city has a weak record of balanced budgets due to
large swings in capex during pre-election periods, although this
had narrowed to a deficit before financing of 10% in 2020 and
improved to a surplus of 10.4% in 2021 from 17.1% in 2019. Fitch
expects spending flexibility to be reduced ahead of elections in
2023 and local elections in 2024, and restored thereafter.

Liabilities & Liquidity Robustness: 'Weaker'

Antalya faces foreign-exchange (FX) risk as nearly 79% of its total
debt is in euros and unhedged. Additionally, the weighted average
maturity of its total debt is moderate at four years, with 28% of
its debt stock maturing each year. It is also exposed to
interest-rate risk as 54% of its bank loans are at floating rates.

Partly offsetting these risks are a robust actual debt service
coverage (ADSCR) at 1.5x, which Fitch expects to remain above 1x
over the medium term and the amortising nature of its bank loans.
The city has no material off balance-sheet risk as its water
affiliate ASAT is able to service its debt through its own budget.

Liabilities & Liquidity Flexibility: 'Weaker'

The 'Weaker' assessment reflects Antalya's weak unrestricted cash
reserves that cover only 0.3x its annual debt service. It also
reflects the counterparty risk of its domestic liquidity lines from
banks rated below 'BBB-' and the relevant facilities' short
tenors.

Antalya has a moderate record of accessing national and
international lenders. Turkish local and regional governments
(LRGs) do not benefit from treasury lines or national cash pooling,
making it challenging to fund unexpected increases of debt
liabilities or spending.

Debt Sustainability: 'aa category'

The assessment of the Debt Sustainability (DS) score reflects a
robust payback ratio (net adjusted debt/operating balance)
corresponding to a 'aaa' assessment in our rating case. However,
Fitch adjusts this down 'aa' due to a weaker debt service coverage
ratio of 1.1x forecast for 2026 ('bb' category) or 1.7x on average
in 2022-2026. This as a result large debt-funded capex, lira
depreciation and higher cost of debt. Its fiscal debt burden (net
adjusted debt/operating revenue) remains moderate at below 100%
during Fitch's rating case corresponding to a 'aa' assessment.

DERIVATION SUMMARY

Antalya's 'b+' SCP results from a 'Vulnerable' risk profile and a
'aa' debt sustainability score. The 'b+' SCP also factors in the
city's comparison with national and international peers in the 'b'
rating category. The city's IDRs are not affected by any other
rating factors but are constrained by the Turkish sovereign's
IDRs.

Short-Term Ratings

The 'B' Short-Term IDR is the only option for a 'B' category
Long-Term IDR.

National Ratings

Antalya's National Long-Term Ratings are driven by its Long-Term
Local-Currency IDR at 'B', which is mapped to 'AA-(tur)' on the
Turkish National Rating Correspondence Table and based on a peer
comparison. It reflects its moderately low vulnerability to default
on its long-term local currency obligations, compared with that of
local issuers in Turkiye.

Debt Ratings

N/A

KEY ASSUMPTIONS

Qualitative assumptions:

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Midrange'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'aa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap: 'B'

Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2017-2021 figures and 2022-2026 projected
ratios. The key assumptions for the scenario include:

- Operating revenue CAGR of 44.4% in 2022-2026 (versus an average
of 20.1% yoy for 2017-2021) due to expected inflation of 47.7% on
average

- Tax revenue CAGR of 46.2% in 2022-2026, versus 21.9% CAGR in
2017-2021

- Current transfer CAGR of 43.4% CAGR in 2022-2026, versus 20.7%
CAGR in 2017-2021

- Operating expenses CAGR of 53.4% in 2022-2026 (versus an average
of 11.3% yoy for 2017-2021) due to expected inflation of 47.7% on
average

- Negative net capital balance of TRY3.8 billion in 2022-2026

- Apparent cost of debt on average at 13.3%, around 5% above the
average level in 2017-2021 due to higher borrowing rates

- Weighted average maturity to decrease to three years in 2026 from
four years in 2021 due to a larger share of local-currency loans in
the city's debt stock to finance capex or the current deficit in a
given year

- EUR/TRY (average) assumptions are based on Fitch sovereign's
estimate for 2022 at 18.16, 2023 at 23.89, and 2024 at 27.79

Quantitative assumptions - Sovereign Related

Figures as per Fitch sovereign actual for 2021 and forecast for
2024, respectively (no weights and changes since the last review
are included as none of these assumptions were material to the
rating action).

Liquidity and Debt Structure

Antalya has a moderately low contingent risk stemming from its
public sector entities. Most of its majority-owned public sector
companies are self-financing and have no guarantees from the city.
Their accounts are not consolidated into the municipality's
budget.

Antalya's contingent liabilities are largely limited to the debt of
its waste water affiliate ASAT at 99% of its public sector debt.
The company has a solid payback ratio at a low 1.7x and ADSCR of
1.3x.

Issuer Profile

Antalya is Turkiye's fifth-largest city with 3.1% of the national
population. It is the sixth-largest GDP contributor with an average
2.6% of national GDP output. It is the tourism hub of the country
capturing on average 30% of tourist arrivals nationwide.
Accordingly, its local economy is dominated by the services sector
(69.4%), followed by industry including construction (18.5%) and
agriculture (12.1%).

RATING SENSITIVITIES

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

A downgrade of the Turkish sovereign's IDRs or a downward revision
of Antalya's SCP resulting from a debt payback ratio of more than
nine years would lead to a downgrade of the city's IDRs.

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

An Outlook revision of the Turkish sovereign to Stable from
Negative would lead to a corresponding change of Antalya's
Outlooks.

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
   -----------             ------                   -----
Antalya Metropolitan
Municipality          LT IDR    B       Affirmed      B
                      ST IDR    B       Affirmed      B
                      LC LT IDR B       Affirmed      B
                      LC ST IDR B       Affirmed      B
                      Natl LT   AA-(tur)Affirmed   AA-(tur)


BURSA METROPOLITAN: Fitch Affirms LongTerm IDRs at 'B', Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has affirmed Bursa Metropolitan Municipality's
(Bursa) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) at 'B' with Negative Outlooks.

Fitch has also revised Bursa's Standalone Credit Profile (SCP) to
'bb-' from 'b+', and upgraded its National Long-Term Rating to
'AA(tur)' from 'AA-(tur)'.

The affirmation reflects Fitch's view that Bursa's operating
performance will remain resilient. This is due to its broad and
diversified tax revenue base built on a well-developed local
manufacturing industry geared towards exports despite a highly
inflationary operating environment. This will support solid
coverage of its moderate debt levels by its operating balance,
leading to debt metrics that are commensurate with a 'bb' category
SCP. However, Bursa's IDRs are constrained by the Turkish
sovereign's at 'B'/Negative.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Bursa's 'Vulnerable' risk profile reflects a combination of four
'Weaker' key risk factors (revenue adjustability, expenditure
sustainability and liabilities and liquidity robustness and
flexibility) and two 'Midrange' factors (revenue robustness and
expenditure adjustability).

The assessment reflects Fitch's view of a very high risk relative
to international peers' that Bursa's ability to cover debt service
with its operating balance may weaken unexpectedly over the
forecast horizon (2022-2026). This may be due to
lower-than-expected revenue, higher-than-expected expenditure, or
an unanticipated rise in liabilities or debt-service requirements.

Revenue Robustness: 'Midrange'

Fitch has revised this assessment to 'Midrange' from 'Weaker' to
reflect improved tax revenue growth prospects that are broadly in
line with inflation, following resilient operating performance over
the last five years. Fitch expects the city's operating revenue to
increase further to about TRY20.4 billion by 2026, from TRY3.3
billion in 2021, leading to robust operating margins on average of
about 37%.

Bursa's operating revenue cyclicality and volatility is moderately
low versus its medium-sized national peers'. Fitch believes that
the significant share of VAT on imported intermediate goods,
combined with a broad and diversified personal and corporate income
tax base, will persist over the medium term, underpinned by average
national real economic growth of 3% and a weak lira.

Revenue Adjustability: 'Weaker'

Bursa's ability to generate additional revenue is constrained by
nationally pre-defined tax rates. At end-2021, nationally collected
and set taxes comprised 65.6% of Bursa's operating revenue or 63.8%
of total revenue. Local taxes set by Bursa were a low 0.1% of total
revenue, implying negligible tax flexibility. However, this is
compensated to some extent by financial equalisation transfers
received by metropolitan municipalities, and scope for asset sales.
For Bursa, these accounted for 19% and 2.2% of its total revenue,
respectively, in 2021.

Expenditure Sustainability: 'Weaker'

Fitch expects Bursa's spending growth to outpace revenue growth in
its rating case due to high inflation and expected further lira
depreciation. This is in contrast with Bursa's trend of operating
spending growth lagging operating revenue growth over the last five
years.

Bursa's moderately cyclical to countercyclical spending
responsibilities will help the city manage inflationary spending
pressures. However, rising energy prices are likely to add pressure
to operating expenditure, especially for its already loss-making
transportation company, Burulas, as the cost increase will not be
reflected in tariffs.

Expenditure Adjustability: 'Midrange'

Bursa has a low share of inflexible costs versus international
peers on average at less than 62% of its total expenditure as the
city's infrastructure investments can be cut or postponed, aided by
its moderate level of existing socio-economic infrastructure. Its
capital-intensive metro investments are undertaken by the General
Directorate of Infrastructure Investments, which further supports
Bursa's expenditure flexibility.

However, spending flexibility can be reduced in the run-up to
presidential elections in 2023 and local elections in 2024 with
large swings in capex leading to budget deficits that Fitch expects
to be restored thereafter.

Liabilities & Liquidity Robustness: 'Weaker'

Bursa is exposed to considerable foreign-exchange (FX) risk with
nearly 53% of its total debt in euros and unhedged. By end-2022, we
expect FX volatility to result in a roughly 13% increase in its
debt stock. Its weighted average maturity is fairly short at 3.5
years, with nearly 28% maturing each year.

However, the majority of its bank loans are at fixed rates,
mitigating interest-rate risk. The city is not exposed to material
off balance-sheet risks as most of the debt stems from its water
affiliate, BUSKI, which has the capacity to service its own debt.

Liabilities & Liquidity Flexibility: 'Weaker'

Bursa has a moderate record of accessing international and national
lenders. The latter is limited by the counterparty risk associated
with domestic liquidity lines from banks rated below 'BBB-' and by
the short tenor of their loans. The city has TRY92 million
unrestricted cash, which it uses to service 9.6% of its annual
debt.

Additionally, Turkish local and regional governments do not benefit
from treasury lines or national cash pooling, making it challenging
to fund unexpected increases in debt liabilities or spending.

Debt Sustainability: 'aaa category'

Fitch has revised its debt sustainability (DS) assessment to 'aaa'
from 'aa', based on a stronger payback ratio (net adjusted
debt-to-operating balance) at the upper-end of the 'aaa' category
(2.0x in 2022-2026 compared with 3.2x in 2017-2021). Another reason
for the revision to 'aaa' is the improvement in debt service
coverage of 1.8x on average. This is despite an expected fall in
operating margin to 37% over 2022-2026 from 57% in 2021. Fitch also
expects an improved fiscal debt burden on average at 73.2%.

DERIVATION SUMMARY

Bursa's 'bb-' SCP reflects a 'Vulnerable' risk profile and 'aaa'
debt sustainability. The latter is derived from a payback ratio in
the 'aaa' category, ADSCR in the 'a' category and a fiscal debt
burden in the 'aa' category. The SCP also factors in the city's
favourable comparison with national and international peers in the
same rating category. The city's IDRs are not affected by any other
rating factors but are constrained by the Turkish sovereign's
IDRs.

Short-Term Ratings

N/A

National Ratings

Bursa's National Ratings are driven by its Long-Term Local-Currency
IDR at 'B', which is mapped to 'AA(tur)' on the Turkish National
Rating Correspondence Table based on a peer comparison. The upgrade
of its National Long-Term rating reflects its resilient operating
performance and improved budgetary flexibility to service its
long-term local currency obligations, compared with that of some
other local issuers in Turkiye.

Debt Ratings

N/A

KEY ASSUMPTIONS

Qualitative assumptions:

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Midrange'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'aaa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap: 'B'

Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2017-2021 figures and 2022-2026 projected
ratios. The key assumptions for the scenario include:

- Operating revenue CAGR at 43.7% in 2022-2026 (versus average
21.5% yoy for 2017-2021) due to expected inflation of 47.7% on
average

- Tax revenue CAGR of 46.3% in 2022-2026, versus 23.3% CAGR in
2017-2021

- Current transfers CAGR of 41.4% in 2022-2026, versus 19.3% CAGR
in 2017-2021

- Operating expenses CAGR of 57.5% in 2022-2026 (versus average
11.1% yoy for 2017-2021) due to expected inflation of 47.7% on
average

- Negative net capital balance of TRY5.6 billion in 2022-2026

- Apparent cost of debt on average 16%, 7% above 2021's level, due
to higher borrowing rates

- EUR / TRY (average) assumptions are based on Fitch sovereign's
estimates - 2022: 18.16, 2023: 23.89, and 2024: 27.79

Quantitative assumptions - Sovereign Related

Figures as per Fitch's sovereign actual for 2021 and forecast for
2024, respectively (no weights and changes since the last review
are included as none of these assumptions were material to the
rating action)

Liquidity and Debt Structure

At end-2021 Bursa posted a positive fund balance for the first time
since 2014 at TRY92 million, versus a TRY254.4 million deficit at
end-2020, due to a decline in its payables and increase in cash.
Over the rating case Fitch assumes liquidity is fully earmarked for
payables as it expects Bursa to report a deficit before financing.

Contingent liabilities are moderate - TRY1.85 billion at end-2021 -
and mainly from fully owned water affiliate, BUSKI (TRY1.7
billion), which is self-financing. Guarantees issued for BUSKI were
TRY1.3 billion.

Issuer Profile

Bursa is the fourth-largest city in Turkiye by population (3.7%)
and an important industrial hub located in the Marmara region
benefiting from a well-industrialised local economy, heavily based
on the automotive and textile industry with a strong
export-oriented nature.

The city's GDP per capita in 2020 was USD 9,376, 9.1% above the
Turkey's average of USD 8,598. It has one of the highest industrial
contributions (6%) to national GDP.

RATING SENSITIVITIES

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

A downgrade of the Turkish sovereign's IDRs or a downward revision
of Bursa's SCP resulting from a weaker debt payback above nine
years would lead to a downgrade of Bursa's IDRs.

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

An Outlook revision of the Turkish sovereign IDRs to Stable from
Negative would lead to a corresponding change of Bursa's Outlooks.

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
   -----------                ------                -----
Bursa Metropolitan
Municipality         LT IDR    B       Affirmed       B

                     LC LT IDR B       Affirmed       B

                     Natl LT   AA(tur) Upgrade      AA-(tur)


ISTANBUL METROPOLITAN: Fitch Affirms B LongTerm IDRs, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Istanbul Metropolitan Municipality's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'B ' with Negative Outlooks.

The affirmation reflects Fitch's unchanged view that Istanbul will
maintain a robust operating balance despite high inflation.
Although debt will increase substantially due to large capex in the
run-up to elections and expected further lira depreciation the
city's debt metrics will remain commensurate with its 'b+'
Standalone Credit Profile (SCP) and that of peers with an SCP in
the 'b' category over the medium term. However, Istanbul's IDRs are
constrained by the Turkish sovereign's 'B' IDRs and the Negative
Outlooks on its IDRs reflect that for the sovereign.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Istanbul's 'Vulnerable' risk profile reflects four 'Weaker' key
risk factors (revenue adjustability, expenditure sustainability,
liabilities and liquidity robustness and flexibility) and two
'Midrange' factors (revenue robustness and expenditure
adjustability).

The assessment reflects Fitch's view of a very high risk relative
to international peers' that Istanbul's ability to cover debt
service with its operating balance may weaken unexpectedly over the
forecast horizon (2022-2026). This may be due to
lower-than-expected revenue, higher-than-expected expenditure, or
an unanticipated rise in liabilities or debt-service requirements.

Revenue Robustness: 'Midrange'

Istanbul has a well-diversified and vibrant local economy with a
GDP per capita above the national average (almost 1.6x), leading to
a tax revenue base with low volatility and robust tax revenue
growth prospects. This makes the city resilient to economic
slowdown, which Fitch expects to continue over the forecast
horizon.

Taxes represent about 80% of operating revenue while non-tax
revenue such as charges and fees make up around 10%. Transfers from
the central government make up about 10% of its operating revenue,
a fairly low share compared with national peers' due to the city's
high socio-economic wealth indicators. Fitch expects the tax
collection rate for 2022-2026 to remain robust, averaging at least
80% of accrued taxes.

Revenue Adjustability: 'Weaker'

Istanbul's ability to generate additional revenues is constrained
by nationally predefined tax rates. At end-2021, nationally set and
collected taxes were 72.6% of Istanbul's total revenue and locally
set taxes a low 0.4%.

The city does not have full discretion on non-tax revenue such are
charges, rental income and fees levied on public services, as the
range for charges and fee rates are also set by the central
government.

Expenditure Sustainability: 'Weaker'

Fitch expects high inflation to drive faster cost growth than
revenue growth and to weaken expenditure control. An ambitious
investment programme, higher capex on average at around 46% of its
total expenditure than national peers', and lira depreciation are
likely to significantly increase borrowings. This will result in
large deficits before financing on average at close to 31% of total
revenue for 2022-2026, up from 13.5% during 2017-2022.

Despite the city's moderately cyclical and counter-cyclical
responsibilities, respectively, at 43% and 40% of total
expenditure, its lengthy metro line construction of total 120 km
will further reduce its cost control capacity.

Expenditure Adjustability: 'Midrange'

Compared with international peers, Istanbul has a low share of
inflexible costs, on average at around 50% of its total
expenditure. Capex constitutes the remaining 50%, which can be cut
back given the city's reasonable level of existing infrastructure.

Spending flexibility is somewhat counterbalanced by the city's weak
record of balanced budgets due to large swings in capex in
pre-election periods. Fitch expects the city's spending flexibility
to be reduced during 2022-2024 in the run-up to presidential
elections in 2023 and local elections in 2024, and to be restored
gradually thereafter.

Liabilities & Liquidity Robustness: 'Weaker'

Istanbul's debt is nearly 93% in foreign currency and unhedged,
exposing the city to significant foreign-exchange (FX) risk. By
end-2022, Fitch expects FX volatility to increase the city's debt
by TRY11 billion or roughly 18%.

Fitch expects debt service to reach its lowest in 2025 at slightly
below 1.0x due to its first bond issue redemption, before it
improves to 1.1x in 2026. At end-1H22, the city's total weighted
average maturity was 4.7 years (2021: 4.1x) and a majority of its
debt had an amortising structure. Most of its debt is at variable
rates, exposing the city to interest-rate risk. The city is not
exposed to material off balance-sheet risk.

Liabilities & Liquidity Flexibility: 'Weaker'

Istanbul's liquidity is mainly restricted to its own cash reserves,
which at year-end are fully earmarked for the settlement of
payables. However, Istanbul benefits from good access to financial
markets and can generate additional liquidity through asset sales.
As of end-1H22, the city attracted TRY4.7 billion committed credit
facilities from national lenders rated below 'BBB-' and with
shorter tenors.

Turkish local and regional governments do not benefit from treasury
lines or cash pooling, making it challenging to fund unexpected
increases in debt liabilities or spending.

Debt Sustainability: 'aa category'

The assessment reflects a robust payback ratio at 5.3x in 2026 at
the upper-end of the 'aa' category (or on average at 4.3x in
2022-2026), up from 3.6x in 2021. This is supported by an expected
healthy operating balance, while the fiscal debt burden (net
adjusted debt-to-operating revenue) will remain high at around 157%
in 2026. The city's actual debt service coverage (ADSCR) will
weaken to a record low of 0.9x in 2025 due to redemption of its
USD580 million bond, before slightly improving to 1.1x in 2026 and
remaining on average at 1.4x in 2022-2026, down from 1.8x in 2021.
The city has committed bank lines, access to financial markets and
valuable real estate assets it can monetise.

DERIVATION SUMMARY

Istanbul's 'b+' SCP reflects a 'Vulnerable' risk profile and 'aa'
debt sustainability. The latter is derived from a payback ratio in
the 'aa' category, ADSCR in the 'bb' category and a fiscal debt
burden in the 'bbb' category. The SCP also factors in the city's
favourable comparison with national and international peers in the
same rating category. The city's IDRs are not affected by any other
rating factors but are constrained by the Turkish sovereign's
IDRs.

Short-Term Ratings

The 'B' Short-Term IDR is the only option for a 'B' Long-Term IDR.

National Ratings

Istanbul's National Ratings are driven by its Long-Term
Local-Currency IDR at 'B', which is mapped to 'AAA(tur)' on the
Turkish National Rating Correspondence Table based on a peer
comparison. Istanbul's National Long-Term Rating reflects its
budgetary flexibility benefiting from a valuable asset base that
may be used to generate additional liquidity, in case of need, and
good access to financial markets.

Debt Ratings

The long-term ratings on Istanbul's senior unsecured USD580 million
6.375% bond due in December 2025 and USD305 million 10.75% bond due
in April 2027 are in line with the city's Long-Term IDR.

KEY ASSUMPTIONS

Qualitative assumptions:

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Midrange'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'aa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap: 'B'

Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2017-2021 figures and 2022-2026 projected
ratios. The key assumptions for the scenario include:

- Operating revenue CAGR of 44% in 2022-2026 (versus an average of
20.5% yoy for 2017-2021) due to expected inflation of 47.7% on
average

-Tax revenue CAGR of 45.4% n 2022-2026, versus 22.9% CAGR in
2017-2021

-Current transfer CAGR of 40% in 2022-2026, versus 19.5% CAGR in
2017-2021

-Operating expenses CAGR of 50.7% in 2022-2026 (versus an average
of 21.4% yoy for 2017-2021) due to expected inflation of 47.7% on
average

- Negative net capital balance of TRY 64.4 billion in 2022-2026

-Apparent cost of debt on average at 6.1%, 2.3% above the average
level in 2017-2022 due to higher borrowing rates

- EUR / TRY (average) assumptions are based on Fitch sovereign's
estimates - 2022: 18.16, 2023: 23.89 and 2024: 27.79

Quantitative assumptions - Sovereign Related

Figures as per Fitch's sovereign actual for 2021 and forecast for
2024, respectively (no weights and changes since the last review
are included as none of these assumptions were material to the
rating action)

Liquidity and Debt Structure

Istanbul's negative fund balance shrank to TRY43 million at
end-2021 from TRY3,254 million at end- 2020 with restricted
year-end cash (TRY3,436 million) covering 0.5x annual debt service.
Over the rating case Fitch assumes liquidity is fully earmarked for
payables as it expects Istanbul to report deficits before
financing.

Istanbul is not exposed to material risk from its contingent
liabilities at its public-sector affiliates, which are mostly
self-funding. At end-2021, the total financial debt of municipal
companies was about TRY700 million. Istanbul's net adjusted debt
was TRY45,391 million.

Issuer Profile

Istanbul with about 15.8 million inhabitants is the largest city in
Turkey and contributes on average 30.1% of national GDP. With a GDP
per capita of USD13,914 in 2020 (Turkey: USD 8,598). Istanbul's
economy is dominated by the services sector (53.8%), followed by
industry (26.6%) and information and communication (3.1%),
financial and insurance activities (8.1%), professional,
administrative and support services sector (8.2%). Istanbul's GDP
per capita is 1.6x the national average.

RATING SENSITIVITIES

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

A downgrade of the Turkish sovereign's IDRs or a downward revision
of Istanbul's SCP resulting from a debt payback of over nine years
would lead to a downgrade of Istanbul's IDRs.

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

An Outlook revision of the Turkish sovereign IDRs to Stable from
Negative would lead to a corresponding change of Istanbul's
Outlooks.

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Istanbul's IDRs are capped by the Turkish sovereign IDRs.

   Entity/Debt                  Rating                  Prior
   -----------                  ------                  -----
Istanbul Metropolitan
Municipality           LT IDR    B        Affirmed        B
                       ST IDR    B        Affirmed        B
                       LC LT IDR B        Affirmed        B
                       Natl LT   AAA(tur) Affirmed     AAA(tur)
   senior unsecured    LT        B        Affirmed        B




=============
U K R A I N E
=============

[*] Fitch Affirms 'CC' Foreign Curr. IDRs on 5 Ukrainian Cities
---------------------------------------------------------------
Fitch Ratings has affirmed the Ukrainian cities of Dnipro, Kharkov,
Kyiv, Lviv, and Odesa's Long-Term Foreign-Currency Issuer Default
Ratings (IDR) at 'CC' and Long-Term Local-Currency IDRs at 'CCC-'.
Ratings at this level typically do not carry Outlooks due to their
high volatility.

KEY RATING DRIVERS

The Risk Profiles remain 'Vulnerable' and the cities have the six
Key Risk Factors assessed at 'Weaker'. The 'Weaker' assessment of
the risk factors is the lowest possible under Fitch's International
Local and Regional Governments (LRG) Rating Criteria and reflects
the interference and strong interdependence of the local
governments (LG) on the Ukrainian sovereign.

The assessment reflects Fitch's view of a very high risk that the
issuers' ability to cover debt service with the operating balance
may weaken unexpectedly over the scenario horizon notably due to
lower revenue and higher expenditure.

Fitch has maintained the LGs' debt sustainability assessments at
'b' to reflect that their overall performance has been negatively
affected by the war-related large negative shock to the national
economy and the damage to critical infrastructure. The risk of
insufficient liquidity to service the LGs' adjusted debt is
elevated. In addition, there is uncertainty about the pace of a
future economic recovery, capital market access and the cost of
debt after the war ends.

Ukraine government and its institutions (central government, tax
collection, social transfers, banking system) are still largely
intact. However, the damage to critical municipal and social
infrastructure - housing, schools and kindergartens, hospitals,
roads, municipal building and work establishments - and the
displacement of a large number of LGs' citizens to other places in
Ukraine or abroad, significantly restrict the LGs' revenues, which
cannot be made up by transfers from the state budget.

Fitch assumes spending pressure will increase strongly with raising
inflation, broken supply chains driving prices for goods and
services high and large reconstruction efforts. Additionally,
government-related entities (GREs) performing municipal services
(transportation, heating, solid waste, water and sewage) are
largely not self-supporting, and will increasingly rely on
subsidies, capital injections and direct debt repayments made by
the cities, which can only add to their own difficulties.

In its view, issuers are facing increasing and material refinancing
risk for their debt as they are exposed to greater uncertainty
around market access, cost of debt and FX exchange rates. This is
despite the fact that the National Bank of Ukraine has suggested
implementing holidays on loan payments until martial law ends
(recently prolonged until 21 November) and that some LGs have
approached lenders to waive the debt service. Ukrainian cities' and
their GREs' funding comes from capital markets, local commercial
banks, and institutional lenders, is of short to medium term and
often in FX (US dollars or euros). Fitch focuses on Fitch-adjusted
debt, as it reclassifies contingent debt of not self-supporting
GREs.

ESG - Political Stability and Rights: The invasion by Russia and
ongoing full-scale war has severely compromised the cities'
political stability and the security outlook. The war is resulting
in the death of cities' inhabitants and extensive property damage,
with the aim of changing the cities' government and/or occupying
its territory.

ESG - Creditor Rights: The protracted war has weakened the cities'
ability and willingness to service and repay debt. The cities'
liquidity is deteriorating and the Ukrainian sovereign's
willingness to allow the use of foreign-currency reserves for debt
service in foreign currency is diminishing, while costs of
preserving the urban and communal functions for the cities are on
the rise.

DERIVATION SUMMARY

Ukrainian LGs remain institutionally strongly linked to the credit
quality of the Ukrainian sovereign (CC/CCC-), which is severely
affected by the Russian-Ukrainian war. Fitch based its rating
derivation on the agency's rating definition for all Ukrainians
LRGs and the 'ccc' SCP reflects Fitch's view that a default is a
real possibility and the LGs under consideration would have
exposure to significant refinancing needs and high liquidity risk
accompanied by weak debt coverage metrics. The 'CC'/'CCC-' IDRs are
capped by the sovereign rating.

DEBT RATING DERIVATION

The ratings of senior debt instruments are aligned with the LGs'
Long-Term IDRs, including the senior unsecured debt of special
financial vehicle (SPV) company PRB Kyiv Finance Plc. This is
because Fitch views the SPVs' debt as direct, unconditional senior
unsecured obligations of the City of Kyiv, ranking pari passu with
all of its other present and future unsecured and unsubordinated
obligations.

KEY ASSUMPTIONS

Qualitative and quantitative assumptions:

Risk Profile: Vulnerable

Revenue Robustness: Weaker

Revenue Adjustability Weaker

Expenditure Sustainability: Weaker

Expenditure Adjustability: Weaker

Liabilities and Liquidity Robustness: Weaker

Liabilities and Liquidity Flexibility: Weaker

Debt sustainability: 'b' category

Budget Loans or Ad-Hoc Support: n/a

Asymmetric Risk: n/a

Rating Cap: CC for foreign currency / CCC- for local currency

Quantitative assumptions - issuer specific

Fitch's rating case scenario is irrelevant for ratings that are
based on the rating definition, instead it is an assumption of the
issuer's capability (liquidity) and willingness to service it. The
assumption applies to all cities irrespective of whether direct
debt currently exists, as Fitch assumes that a need for debt may
arise in the short term or debt servicing resulting from the
guarantees issued as collateral for the debt of municipal companies
may materialise in the short term.

RATING SENSITIVITIES

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

- An upgrade of Ukraine's IDRs would lead to an upgrade of the LGs'
IDRs, provided that the cities' Debt Sustainability remains in the
'b' category.

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

- Downgrade of Ukraine's sovereign ratings.

- Weakened liquidity that could pressure the LGs' ability to
service debt.

LIQUIDITY AND DEBT STRUCTURE

Based on the information provided by the cities they are all
current on all financial commitments.

ISSUER PROFILE

Dnipro is one of the largest cities in Ukraine with a population of
about one million. The city's economy is industrialised and is
dominated by metallurgy and heavy manufacturing sectors.

Kharkov is the capital of Kharkov region and has a population of
about 1.5 million. It has a diversified urban economy supported by
a large number of companies in various sectors.

Kyiv is the capital of Ukraine and is the largest and wealthiest
city in the country. Its population is about three million and
gross city product accounts for about 23% of national GDP.

Lviv is the capital of the Lviv Region and has a population of
about 700,000. The city's economy is diversified across
manufacturing and services.

Odesa city, a capital of the Odesa region, has a population of one
million. The city is a key port on the Black Sea.

ESG CONSIDERATIONS

The ESG Relevance Scores for political stability and rights for all
five cities is '5' to reflect the invasion by Russia and ongoing
full-scale war, which has severely compromised the cities'
political stability and the security outlook. This has a negative
impact on the credit profiles and is highly relevant to the
ratings. The war is resulting in the death of city inhabitants and
extensive property damage, with the aim of changing the city's
government and/or occupying its territory.

The ESG Relevance Scores for creditor rights for all five cities is
'5' to reflect the weakened ability and willingness of the cities
to service and repay debt. This has a negative impact on the credit
profiles and is highly relevant to the ratings. The protracted war
is resulting in depletion of liquidity and diminishing Ukrainian
sovereign's willingness to allow the use of foreign currency
reserves for debt service in foreign currency, while costs of
preserving the urban and communal functions for the cities are on
the rise.

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
   -----------                 ------                 -----
PRB Kyiv Finance Plc
    
senior unsecured   LT           CC        Affirmed     CC

City of Lviv        LT IDR       CC        Affirmed     CC

                    LC LT IDR    CCC-      Affirmed     CCC-

                    Natl LT      AA-(ukr)  Affirmed     AA-(ukr)

Dnipro City         LT IDR       CC        Affirmed     CC

                    ST IDR       C         Affirmed     C

                    LC LT IDR    CCC-      Affirmed     CCC-

                    Natl LT      AA-(ukr)  Affirmed     AA-(ukr)

Kyiv, City of      LT IDR        CC        Affirmed     CC

                   ST IDR        C         Affirmed     C

                   LC LT IDR     CCC-      Affirmed     CCC-

                   Natl LT       A+(ukr)   Affirmed     A+(ukr)

senior unsecured  LT            CCC-      Affirmed     CCC-

Kharkov, City of   LT IDR        CC        Affirmed     CC

                   ST IDR        C         Affirmed     C

                   LC LT IDR     CCC-      Affirmed     CCC-

                   Natl LT       AA-(ukr)  Affirmed     AA-(ukr)

senior unsecured  LT            CCC-      Affirmed     CCC-

Odesa, City of     LT IDR        CC        Affirmed     CC

                   LC LT IDR     CCC-      Affirmed     CCC-


[*] Fitch Affirms 'CC/CCC-' LongTerm IDRs on 3 Ukrainian Cities
---------------------------------------------------------------
Fitch Ratings has affirmed the Ukrainian cities of Kryvyi Rih,
Mykolaiv, and Zaporizhzhia's Long-Term Foreign-Currency Issuer
Default Ratings (IDR) at 'CC' and Long-Term Local-Currency IDR at
'CCC-'. Ratings at this level typically do not carry Outlooks due
to their high volatility.

KEY RATING DRIVERS

The Risk Profiles remain 'Vulnerable' and the cities have the six
Key Risk Factors assessed at 'Weaker'. The 'Weaker' assessment of
the risk factors is the lowest possible under Fitch's International
Local and Regional Governments (LRG) Rating Criteria and reflects
the interference and strong interdependence of the local
governments (LGs) on the Ukrainian sovereign.

The assessment reflects Fitch's view of a very high risk that the
issuers' ability to cover debt service with the operating balance
may weaken unexpectedly over the scenario horizon notably due to
lower revenue and higher expenditure.

Fitch has maintained the LGs' debt sustainability assessment at 'b'
to reflect that their overall performance has been negatively
affected by the war-related large negative shock to the national
economy and the damage to critical infrastructure. The risk of
insufficient liquidity to service the LGs' adjusted debt is
elevated. In addition, there is uncertainty about the pace of a
future economic recovery, capital market access and the cost of
debt after the war ends.

Ukraine government and its institutions (central government, tax
collection, social transfers, banking system) are still largely
intact. However, the damage to critical municipal and social
infrastructure - housing, schools and kindergartens, hospitals,
roads, municipal building and work establishments - and the
displacement of a large number of LGs' citizens to other places in
Ukraine or abroad, significantly restrict the LGs' revenues, which
cannot be made up by transfers from the state budget.

Fitch assumes spending pressure will increase strongly with raising
inflation, broken supply chains driving prices for goods and
services high and large reconstruction efforts. Additionally,
government-related entities (GREs) performing municipal services
(transportation, heating, solid waste, water and sewage) are
largely not self-supporting, and will increasingly rely on
subsidies, capital injections and direct debt repayments made by
the cities, which can only add to their own difficulties.

In its view, issuers are facing increasing and material refinancing
risk for their debt as they are exposed to greater uncertainty for
market access, cost of debt and FX exchange rates. This is despite
the fact that the National Bank of Ukraine has suggested
implementing holidays on loan payments until martial law ends
(recently prolonged until 21 November) and that some LGs have
approached lenders to waive the debt service. Ukrainian cities' and
their GREs' funding comes from capital markets, local commercial
banks, and institutional lenders, is of short to medium term and
often in FX (US dollars or euros). Fitch focuses on Fitch-adjusted
debt, as it reclassifies contingent debt of non-self-supporting
GREs.

ESG - Political Stability and Rights: The invasion by Russia and
ongoing full-scale war has severely compromised the cities'
political stability and the security outlook. The war is resulting
in the death of cities' inhabitants and extensive property damage,
with the aim of changing the cities' government and/or occupying
its territory.

ESG - Creditor Rights: The protracted war has weakened the cities'
ability and willingness to service and repay debt. The cities'
liquidity is deteriorating and the Ukrainian sovereign's
willingness to allow the use of foreign-currency reserves for debt
service in foreign currency is diminishing, while costs of
preserving the cities' urban and communal functions are rising.

DERIVATION SUMMARY

Ukrainian LGs remain institutionally strongly linked to the credit
quality of the Ukrainian sovereign (CC/CCC-), which is severely
affected by the Russian-Ukrainian war. Fitch based its rating
derivation on the agency's rating definition for all Ukrainians LGs
and the 'ccc' SCP reflects Fitch view that a default is a real
possibility and LGs under consideration would have exposure to
significant refinancing needs and high liquidity risk accompanied
by weak debt coverage metrics. The 'CC'/'CCC-' IDRs are capped by
the sovereign rating.

KEY ASSUMPTIONS

Qualitative and quantitative assumptions:

Risk Profile: Vulnerable

Revenue Robustness: Weaker

Revenue Adjustability Weaker

Expenditure Sustainability: Weaker

Expenditure Adjustability: Weaker

Liabilities and Liquidity Robustness: Weaker

Liabilities and Liquidity Flexibility: Weaker

Debt sustainability: 'b' category

Budget Loans or Ad-Hoc Support: n/a

Asymmetric Risk: n/a

Rating Cap or Rating Floor: CC for foreign currency / CCC- for
local currency

Quantitative assumptions - issuer specific

Fitch's rating case scenario is irrelevant for ratings that are
based on rating definition, instead it is an assumption of the
issuer's capability (liquidity) and willingness to service it. The
assumption applies to all cities irrespective of whether direct
debt exist currently as Fitch assumes that a need for debt may
arise in the short term or debt servicing resulting from the
guarantees issued as collateral for the debt of municipal companies
may materialise in the short term.

RATING SENSITIVITIES

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

- An upgrade of Ukraine's IDRs would lead to an upgrade of the LGs'
IDRs provided that the cities' Debt Sustainability remains in the
'b' category.

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

- Downgrade of Ukraine's sovereign ratings.

- Weakened liquidity that could pressure the LGs' ability to
service debt.

ESG CONSIDERATIONS

The ESG Relevance Scores for political stability and rights for all
three cities is '5' to reflect the invasion by Russia and ongoing
full-scale war, which has severely compromised the cities'
political stability and the security outlook. This has a negative
impact on the credit profiles and is highly relevant to the
ratings. The war is resulting in the death of city inhabitants and
extensive property damage, with the aim of changing the city's
government and/or occupying its territory.

The ESG Relevance Scores for creditor rights for all three cities
is '5' to reflect the weakened ability and willingness of the
cities to service and repay debt. This has a negative impact on the
credit profiles and is highly relevant to the ratings. The
protracted war is resulting in depletion of liquidity and
diminishing Ukrainian sovereign's willingness to allow the use of
foreign currency reserves for debt service in foreign currency,
while costs of preserving the urban and communal functions for the
cities are on the rise.

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
   -----------                ------               -----
Zaporizhzhia City   LT IDR    CC      Affirmed        CC
                    ST IDR    C       Affirmed         C
                    LC LT IDR CCC-    Affirmed      CCC-

Kryvyi Rih City     LT IDR    CC      Affirmed        CC
                    ST IDR    C       Affirmed         C
                    LC LT IDR CCC-    Affirmed      CCC-
                    Natl LT   A+(ukr) Affirmed   A+(ukr)

Mykolaiv, City of   LT IDR    CC      Affirmed        CC
                    LC LT IDR CCC-    Affirmed      CCC-




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

ANORTON HOLDINGS: Director Gets 12-Year Disqualification Order
--------------------------------------------------------------
The Insolvency Service on Nov. 11 disclosed that Adam Alexander
Valdemar Norton (35), from Salford, was the director of ANorton
Holdings Limited and used the trading name "Volution Fit".  The
company was incorporated in September 2018 and provided virtual
software and support to gyms and fitness clubs.

The company, however, went into administration in November 2020
before going into liquidation in August 2021 and triggering an
investigation by the Insolvency Service.

Investigators uncovered that Adam Norton secured GBP849,999 worth
of investments -- provided in two tranches -- to help develop a
mobile application.

Adam Norton, however, received the investments into his personal
bank account rather than into the company's.  The software
developer also provided false copies of bank statements to the
investors, which incorrectly showed the bank account was held in
the name of ANorton Holdings rather than his own.

On August 22, 2022, the Secretary of State accepted a 12-year
disqualification undertaking from Adam Norton in which he did not
dispute he caused ANorton Holdings Limited to provide incorrect
bank details and false bank statements on 3 separate occasions, to
an investment company for the purposes of obtaining funds.

Neil North, Deputy Head of Insolvent Investigations for the
Insolvency Service, said:

"This was a gross abuse of his investors' trust and Adam Norton has
been removed from the corporate arena for a substantial amount of
time.

"The software developer's ban sends out a clear message that where
a corporate vehicle is being used to facilitate actual or potential
fraudulent activity, we will not hesitate to use our powers to
remove dishonest or reckless directors from the business
environment."


BULB ENERGY: Octopus Acquisition Delayed After Rivals Complain
--------------------------------------------------------------
Nathalie Thomas and Jane Croft at The Financial Times report that
British Gas, Eon and ScottishPower have succeeded in delaying the
completion of Bulb Energy's acquisition by rival Octopus after
complaining to a court about the speed and opacity of the deal.

A High Court judge has adjourned a hearing paving the way for the
transfer to Octopus of Bulb, which went into "special
administration" in November last year, following the intervention,
the FT recounts.

Bulb has for the past year been propped up using a GBP1.69 billion
government loan in what has been the biggest taxpayer bailout of a
company since the rescues of Royal Bank of Scotland and HBOS during
the 2008-09 financial crisis, the FT discloses.

The High Court sitting in Birmingham was due on Friday, Nov. 11, to
set a date for the transfer of Bulb and its 1.5mn customers to
Octopus, the FT notes.

Richard Fisher KC, barrister representing Bulb's special
administrator Teneo, argued to the court that the process should be
completed by the evening of Nov. 15, less than three weeks after
the deal was announced, the FT states.

The speed of the transaction was critical to allow Octopus to hedge
-- or buy forward -- electricity and gas for Bulb customers to
match the patterns of Ofgem's "energy price cap", he said.

However, British Gas, Eon and ScottishPower applied for the hearing
to be delayed, arguing they needed more time to examine the
transaction, according to the FT.  A delay would also allow them to
potentially seek permission for a High Court judicial review of the
government's decision to approve the deal, the FT notes.

According to the FT, Jonathan Adkin KC, barrister representing
British Gas, told the Birmingham court hearing there had been "a
serious lack of transparency" in relation to the deal as well as a
"total lack of consultation."

The judge was told there was no urgency for the transfer date as
long as it occurred by a long stop date of Dec. 31, the FT
discloses.

Mr. Justice Antony Zacaroli ruled on Nov. 11 that the hearing
should be delayed, the FT recounts.  He said he had noted arguments
that a judicial review ruling had "real potential to create chaos"
in the event any sale transaction had to be potentially reversed or
partly undone, according to the FT.

The court also heard that GBP1.14 billion of the GBP1.69 billion
government loan used to support Bulb has been drawn down, the FT
states.


EQUITY RELEASE 5: Fitch Affirms 'BB+sf' Rating on Class C Notes
---------------------------------------------------------------
Fitch Ratings has upgraded Equity Release Funding No.5 Plc's (ERF5)
class A notes and affirmed the class B and C notes, as follows:

   Entity/Debt        Rating           Prior
   -----------        ------           -----
Equity Release
Funding No.5 Plc

   Class A
   XS0225883387   LT AA+sf Upgrade      AAsf

   Class B
   XS0225883973   LT Asf   Affirmed      Asf

   Class C
   XS0225884278   LT BB+sf Affirmed    BB+sf

TRANSACTION SUMMARY

The transaction is a securitisation of UK equity release mortgages
originated by Aviva UK Equity Release Ltd.

KEY RATING DRIVERS

Class A Notes off UCO: Fitch applies house price decline
assumptions in line with standard RMBS assumptions. It updated its
UK RMBS Rating Criteria on 23 May 2022 to include its latest
sustainable house prices for each of the 12 UK regions. The changes
increased the multiple for all regions other than the north east
and Northern Ireland, updated house price indexation and updated
gross disposable household income. Fitch's sustainable house prices
are now higher in all regions except Northern Ireland. This has a
positive impact on loan-level cash flows, resulting in the upgrade
of the class A notes and removal from Under Criteria Observation
(UCO) and affirmation of the other notes.

Notes Resilient to Stressed Scenarios: Fitch tested scenarios where
cash flows are received either sooner or later than expected by
assuming that all borrowers in the pool are five years older or
younger, as a proxy for shifts in cash-flow timing. Given the
seasoning of the pool, the notes are more sensitive to low
prepayment scenarios and scenarios where cash flows are received at
a later stage. Overall, the ratings were resilient across the
stressed scenarios.

Prolonged Interest Deferral: According to its Global Structured
Finance Rating Criteria, Fitch will only assign 'Asf' or 'BBBsf'
ratings to bonds that are expected to incur interest deferrals if
certain conditions are met.

In a variation to its criteria, Fitch has capped the ratings of the
class B notes at 'Asf' as opposed to speculative-grade, as Fitch
deems a breach of the house price index (HPI) trigger and
consequently interest being deferred as sufficiently remote.
However, if deferrals materialise for an excessive time, a more
conservative cap could be applied. Interest on the class C notes
has been deferred since October 2012 and only started being paid in
October 2021.Consequently, the class C notes' rating remains capped
at 'BB+sf'.

Increasing Redemptions Accelerate Class A Amortisation: In July
2018, the notes started amortising and the class A notes have paid
down by about GBP70 million in the past four years. The age profile
of the borrower base also keeps increasing and prepayments are
steadily between 1% and 3%. The liquidity reserve was partially
funded through redemptions in July 2022 to GBP5 million against a
GBP12.2 million target. FItch expects class A amortisation to
resume when the reserve fund reaches its target (5% of outstanding
class A) and redemptions are available to pay down principal.

RATING SENSITIVITIES

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

Fitch assumes annual house price growth (HPG) reflects the
long-term growth rate of house prices. The HPG assumptions are
lower at higher rating categories to test rating resilience against
a less benign environment.

Fitch has tested a relative decrease by 25% in HPG. There is no
impact on the senior notes.

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

Fitch applies high and low prepayment assumptions to loans that are
outside their early prepayment charge (ERC) period. While a loan is
in its ERC period, Fitch applies a set of ERC prepayment
assumptions based on historical averages and ERCs being enforced.

All else equal, a higher prepayment assumption would boost the
availability of cash flows to amortise the senior notes, increasing
the portion of loans repaid in full. This could be beneficial as
the loans in the pools are already well seasoned and considerable
equity has built up since closing. We have tested a relative
increase by 25% in voluntary prepayments, which has no an impact on
the current ratings of the senior notes (the other tranches are
currently capped). The transaction would equally benefit from
higher than expected redemption events under the loans.

CRITERIA VARIATION

Interest on the class B notes was deferred from October 2012 until
October 2015. This was due to a breach of the HPI trigger (set at
2% per year since closing). Since October 2015, interest payments
have been made on time. However, previously deferred interest will
remain subordinated to class A principal repayment.

In a variation to its 'Global Structured Finance Rating Criteria'
Fitch caps the ratings of the class B notes at 'Asf' as opposed to
non-investment-grade. This is because Fitch does not expect class B
interest to be deferred again for an excessive time.

DATA ADEQUACY

Equity Release Funding No.5 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.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's Equity Release
Funding No.5 Plc initial closing. The subsequent performance of the
transaction 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

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.


FARRINGDON MORTGAGES 2: Fitch Affirms 'BBsf' Rating on B2a Notes
----------------------------------------------------------------
Fitch has affirmed the ratings on all tranches of Farringdon
Mortgages No. 2 Plc. The Negative Outlook is maintained on class
B2a notes but the tranche has been removed from Under Criteria
Observation.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Farringdon Mortgages
No. 2 Plc

   Class B1a
   XS0228712260      LT Asf  Affirmed      Asf

   Class B2a
   XS0228712930      LT BBsf  Affirmed    BBsf

   Class M2a
   XS0228711882      LT Asf  Affirmed      Asf

TRANSACTION SUMMARY

The transaction contains a pool of residential mortgages originated
by Rooftop Mortgages, a non-conforming mortgage lender no longer
active in the market.

KEY RATING DRIVERS

Excessive Counterparty Exposure: The lack of a 10% sequential
switch back trigger, and high borrower concentration among the
mortgage pool of 157 borrowers, causes a high reliance of credit
support on the cash reserve balance, especially during late
portfolio stages. As a result, all ratings are capped at the rating
of the account bank Danske Bank A/S (A/Stable/F1).

Fees High: The transaction has incurred high levels of senior and
liquidity facility commitment fees, particularly since April 2020.
The increase in fees has led to drawings on the reserve fund, which
has sat below target since the July 2020 interest payment date.
Fitch has reflected this in its senior fee assumptions by equating
them to the average of costs incurred. In its modelling, this leads
to continue drawing of the cash reserve and increased credit risk
for the class B2a notes.

Interest-Only Concentration: The transaction has a material
concentration (86.3%) of interest-only loans. Of these, 58.7%
mature between 2029 and 2031 (with 55.4% in the 2030). As per its
criteria, Fitch tested additional foreclosure frequency (FF)
assumptions for these loans. The results of the additional FF
assumption testing have not constrained the notes' ratings.

Farringdon no.2 has an ESG Relevance for Governance Impact related
to transaction parties due to the excessive counterparty exposure
to the Account Bank which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in an
implicitly lower rating for the Senior Notes preventing them to
achieving a AAAsf.

RATING SENSITIVITIES

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

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Upgrade:

Rating action on Danske Bank AS could impact the notes' ratings.

The transaction features a significant proportion of interest-only
loans, with a high concentration between 2029 and 2031 (58.7% by
collateral balance). If borrowers were unable to refinance these
loans at maturity, increased foreclosures may result, with
higher-than-expected losses incurred by the transaction.

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

Unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to negative
rating action depending on the extent of the decline in recoveries.
Fitch conducts sensitivity analyses by stressing both a
transaction's base-case FF and recovery rate (RR) assumptions, and
examining the rating implications on all classes of issued notes.
Under this scenario, Fitch assumed a 15% increase in the weighted
average (WA) FF and a 15% decrease in the WARR. The results
indicate a multi-notch downgrade for the class B2a notes.

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 credit enhancement levels and
potential upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the FF of 15% and an increase in
the RR of 15%. The results indicate a multi-notch upgrade for the
class B2a notes.

CRITERIA VARIATION

The variation from criteria relates to the ratings of class B2a
notes. The model-implied ratings for the notes was lower than
'B-sf' and hence class B2a should be downgraded to 'B-sf' or below,
according to the Rating Determination section of the UK RMBS Rating
Criteria. Given the failures were due to immaterial interest
shortfalls in a scenario of high prepayments (unlikely for a
seasoned collateral of interest-only loans), Fitch concluded that
the model-implied-rating excluding such scenarios (BBsf) was more
appropriate for the class B2a.

DATA ADEQUACY

Farringdon Mortgages No. 2 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.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of Farringdon Mortgages No. 2 Plc's
initial closing. The subsequent performance of the transaction 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

Farringdon Mortgages No. 2 Plc has an ESG Relevance Score of '5'
for Transaction & Collateral Structure due to due to the excessive
counterparty exposure, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in cap of
the notes ratings at 'Asf'.

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.


GARTH BAKERY: Enters Administration, 72 Jobs at Risk
----------------------------------------------------
Angharad Thomas at CymruOnline reports that a major industrial
bakery has gone into administration with questions looming over the
fate of the workforce.

Garth Bakery Limited, based Pontcynon Industrial Estate, Abercynon,
has been trading in south Wales for nearly 40 years and is a
significant employer and supplier of baked goods in the area.,
CymruOnline discloses.

The company's website currently states it has 72 employees and a
fleet of 22 vehicles. The company also produces 300,000 rolls every
week and a supplies many businesses in the area.

According to a notice placed in The Gazette on Friday, Nov. 11, the
firm appointed administrators on Wednesday, Nov. 9, CymruOnline
relates.  There are reports the site at Pontcynon Industrial Estate
has closed, and it is unclear what plans are in place over staff
redundancies, CymruOnline notes.

Garth Bakery was formed on October 3, 1983, by its two Directors
Alan James and Ken Brewer.  The original bakery was a rented site
on Garth Industrial Estate in Taffs Well, near Cardiff.  Overtime,
the company expanded quickly and moved to its current site in
Abercynon on October 4, 1986.  Since then, two extensions were
added to accommodate the extra business.


INSPIRED EDUCATION: Moody's Alters Outlook on 'B2' CFR to Positive
------------------------------------------------------------------
Moody's Investors Service has affirmed Inspired Education Holdings
Limited's ("Inspired") B2 corporate family rating and B2-PD
probability of default rating. Concurrently, Moody's has affirmed
the B2 instrument ratings of the EUR1,045 million senior secured
term loan B due 2026 (split into two tranches) and the EUR155
million senior secured revolving credit facility (RCF) due 2025,
both issued by Inspired Finco Holdings Limited. The outlook on all
ratings has been changed to positive from stable.

RATINGS RATIONALE

The affirmation of Inspired's B2 CFR and the outlook change to
positive from stable reflects the group's strong financial
performance in the fiscal year 2022, ended August 31, 2022, with
its revenue growing at 25% compared to prior year – including the
effect of acquisitions and at constant currency – and an organic
EBITDA growth of over 25%. The high EBITDA growth was achieved
through a combination of fee and student enrolment growth as well
as the continued recovery in the group's ancillary services
offering post the coronavirus pandemic. As such Inspired's
leverage, as measured by Moody's-adjusted Debt/EBITDA and based on
fiscal year 2022 was 6.7x. Based on Moody's expectation of further
organic EBITDA growth of at least 15% in fiscal year 2023,
Inspired's leverage is forecasted to decrease towards 5.5x by
August 2023.

The rating action further reflects Moody's expectation that
Inspired's financial policy will remain moderate over the next
12-18 months, with limited re-leveraging from debt-funded
acquisitions and maintain good liquidity. The group's liquidity
will be supported by free cash flow generation that is expected to
reach at least EUR50 million by 2024, following a low point due to
substantial capital expenditure dedicated to growth projects
planned in 2023.

Inspired's B2 CFR further reflects (1) its position as an
established operator in the fragmented private-pay K-12 education
market, with a geographically diversified portfolio of 83 schools
in 22 countries; (2) the predictable and stable revenue streams
with strong margins, robust demand and good revenue visibility; and
(3) the barriers to entry through regulatory requirements, brand
reputation and purpose-built real-estate in attractive locations.

Conversely, the CFR is constrained by (1) Inspired's still elevated
albeit decreasing financial leverage, with an expectation of
periodical re-leveraging as a result of debt-funded M&A; (2) the
group's risk exposure to changes in the political, legal and
economic environment in emerging markets; (3) the historically
modest free cash flow generation constrained by sizeable expenses
related to its capacity expansion strategy; and (4) some governance
risk related to the concentration of power around the founder and
CEO.

ESG CONSIDERATIONS

Inspired's rating factors in certain governance considerations such
as the group's ownership structure and a degree of key man risk and
concentration of power around the founder and CEO. Inspired's
financial policy has been more balanced recently, although has in
the past proven to be tolerant of high financial leverage resulting
from its predominantly debt-funded expansion strategy.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that Inspired
will continue to achieve strong organic revenue and EBITDA growth
through both increased student numbers and tuition fees rising
ahead of wage inflation. The outlook further assumes that the group
will pursue growth and acquisitions in a prudent manner,
particularly in light of higher financing costs, and as such
operates at lower leverage levels, potentially raising additional
equity to fund its expansion strategy and maintaining a good
liquidity.

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

Upward pressure on the rating could occur if Moody's adjusted
Debt/EBITDA declines and is sustained below 6.0x, a track record of
Free Cash Flow generation is established, resulting in a
Moody's-adjusted Free Cash Flow/Debt ratio sustained above 5%, and
liquidity remains good.

Downward pressure on the rating could develop if Moody's adjusted
Debt/EBITDA increases above 7.0x on a sustainable basis, Free Cash
Flow/Debt reduces towards zero or liquidity weakens. Any materially
negative impact from a change in any of the group's schools'
regulatory approval status could also pressure the ratings.

LIQUIDITY PROFILE

Moody's considers Inspired's liquidity profile to be good. At the
end of August 2022, the group had around EUR194 million of cash on
balance sheet, of which around EUR3 million was considered as
restricted.The group's liquidity is further supported by its EUR155
million RCF due 2025, which was fully undrawn at the end of August
2022. The RCF is subject to a springing senior secured net leverage
covenant, tested when drawn down for more than 40%. Moody's expects
the group to retain sufficient headroom under the covenant.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings assigned to the EUR1,045 million senior
secured term loan B due 2026 and the EUR155 million senior secured
RCF due 2025 are in line with the CFR and reflect the all-senior
secured capital structure, besides some local debt of around EUR57
million. The security package provided to the first lien lenders is
relatively weak and limited to a pledge over shares, bank accounts
and intercompany receivables, as well as guarantees from operating
companies (80% guarantor test) and a floating charge provided by
English borrower. The documentation allows significant flexibility
to the borrower for corporate actions including acquisitions.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered in the UK, the group was founded in 2013 by Nadim M
Nsouli and has grown organically and through acquisitions to
generate EUR715 million of revenue during the fiscal year 2022.
Inspired operates 83 schools across 22 countries on five
continents, with nearly 63,000 students, ranging from early
learning schools to secondary schools.

Inspired is controlled by the CEO and founder, Mr Nsouli, with
certain minority shareholders having economic interests in the
group. The group's strategy for market penetration and expansion is
based on acquisitions of well-established local brands and
subsequent capacity expansions at those locations, either at their
existing premises or through greenfield expansions.


INTERNATIONAL CONSOLIDATED: Egan-Jones Keeps 'B' LC Unsec. Rating
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, retained its 'B'
local currency senior unsecured rating on debt issued by
International Consolidated Airlines Group SA.  

International Consolidated Airlines Group S.A., trading as
International Airlines Group and usually shortened to IAG, is an
Anglo-Spanish multinational airline holding company with its
registered office in Madrid, Spain, and its global headquarters in
London, England.


INTERNATIONAL GAME: Egan-Jones Retains 'B' Sr. Unsec. Debt Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on October 11, 2022, retained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by International Game Technology.  

Headquartered in London, United Kingdom, International Game
Technology designs and manufactures computerized casino gaming
systems.


J D WETHERSPOON: Egan-Jones Retains CCC+ Sr. Unsec. Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, retained the
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by J D Wetherspoon PLC.

On the other hand, EJR raised the foreign currency and local
currency ratings on commercial paper issued by the Company to B
from C.  

Headquartered in Watford, United Kingdom, J D Wetherspoon PLC owns
and operates group of pubs throughout the United Kingdom.


MADE.COM: 573 People Made Redundant Following Pre-Pack Deal
-----------------------------------------------------------
BusinessCloud reports that 573 people have been made redundant by
collapsed online retailer Made.com after a pre-pack administration
deal was agreed with Next.

The retail giant will not transition any staff across as part of
the GBP3.4 million deal for the brand, domain names and
intellectual property of the eCommerce business, BusinessCloud
notes.

Made.com joined the main market of the London Stock Exchange in
June 2021 at a valuation of GBP775 million.

According to BusinessCloud, administrators at PwC said 320 people
had been made redundant prior to the deal while 79 others, already
working notice periods, have now been let go with immediate effect.
The other staff are being retained for a short period to assist
the transition, BusinessCloud discloses.

"Close to 4,500 customer orders in the UK and Europe which are
already with carriers are being delivered," BusinessCloud quotes a
statement as saying. "However, a large proportion of customer
orders are still at origin in the Far East at various stages of
production.

"Due to the impact of the business entering administration, these
items cannot be completed and shipped to customers."

Around 12,000 UK orders are outstanding, BusinessCloud notes.
Made.com said customers will not be able to get a refund from the
company directly and should instead ask their bank provider,
BusinessCloud relays.

The firm collapsed into administration after failing to stem
increasing losses caused by the move back towards buying furniture
in-store, BusinessCloud recounts.

After failing to find a buyer, it suspended new furniture orders
late last month and requested the suspension of trading in its
shares, BusinessCloud notes.

The London-headquartered company had blamed a decline in
discretionary consumer spending -- stemming from increased
inflation and a steep decline in consumer confidence -- and the
accompanying "headwind" of deglobalisation and destabilisation of
supply chains for the decision to seek a buyer, BusinessCloud
discloses.


MALLINCKRODT PLC: Egan-Jones Withdraws 'D' Unsec. Debt Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'D'
foreign currency and local currency senior unsecured ratings on
debt issued by Mallinckrodt PLC.  

Headquartered in Staines-upon-Thames, Mallinckrodt PLC develops,
manufactures, and markets specialty pharmaceutical products and
diagnostic imaging agents.


MARKS & SPENCER: Egan-Jones Retains 'B' Sr. Unsec. Debt Rating
--------------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, retained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Marks & Spencer Group PLC.  

Headquartered in London, United Kingdom, Marks & Spencer Group Plc
is a holding company.


NES FIRCROFT: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its issuer rating of 'B' to U.K.-based
staffing provider NES Fircroft Bondco AS. S&P also assigned its
issue rating of 'B' and recovery rating of '3' to the $300 million
senior secured bonds maturing in 2026.

S&P said, "The stable outlook reflects our expectation that NES
will maintain credit measures in the highly leveraged category,
albeit with some leverage reduction. It also reflects our
expectation of funds from operations (FFO) cash coverage of about
2x thanks to strong organic growth, partly driven by greater oil
and gas activity.

"Our ratings reflect S&P Global Ratings-adjusted debt to EBITDA in
the highly leveraged category and strong organic growth in the
coming months. Pro forma the refinancing, we expect adjusted debt
to EBITDA of about 9.5x (4.5x excluding shareholder loans) at the
end of the fiscal year ending Oct. 31, 2022 (fiscal 2022). We
anticipate a significant reduction in leverage in fiscal 2022
compared with fiscal 2021 due to improvements in operating
performance. This is supported by a favorable market environment
with increased hiring activity, a surge in oil and gas activities
and prices, and lower exceptional costs. However, credit measures
are typically volatile because the business remains exposed to
upstream oil and gas activity, despite recent improvements in
diversification, and we therefore expect NES to maintain adequate
headroom to absorb volatility through the cycle. We assess NES'
financial risk profile as highly leveraged. Our calculation of
forecasted adjusted debt includes the senior secured Nordic bonds
of about $300 million, $460 million of subordinated shareholder
loans, about $150 million drawn under the discounting facilities,
and $13 million of operating lease liabilities. We include in our
analysis shareholder loans that are held by an ultimate holding
company, above NES Fircroft Bondco. We consider these shareholder
loans as debt-like because they lack certain equity-like features,
but these loans do not require fixed-period payments. We expect
adjusted debt to EBITDA (including shareholder loans) to remain
elevated over the next couple of years as the shareholder loan
interest accrues over time. However, the large share of
noncash-paying debt in NES' capital structure supports its cash
interest coverage metrics, which we view as comfortable for the
rating at 2.2x-2.5x over the next 12 months."

NES is exposed to volatility in oil and gas prices, and it
experiences tailwinds from the favorable market environment. The
rating reflects the group's relatively small scale and its
operations in a highly competitive, fragmented market with few
barriers to entry. The group's size, with estimated revenue of
about $2.5 billion and adjusted EBITDA of about $100 million in
fiscal 2022, leaves it in a weak negotiating position with its
customers, which typically include large oil companies. S&P
considers the group's end-market and customer concentration to be
quite high, with the top customers contributing about 40% of sales,
although low churn rates mitigate this risk. NES benefits from
ongoing tailwinds in the oil and gas markets, although its reliance
on the oil and gas industry is high, at about 72% of its net fee
income (NFI). NES' business is therefore exposed to volatility
inherent in the cyclical commodity sector. However, S&P notes that
the group continues to diversify into non-oil and gas sectors such
as life sciences, power, and renewables, among others. The group
has successfully integrated Fircroft (acquired in 2020) and paid
most of the integration costs in fiscal 2021. NES benefits from a
leading market position in the niche global engineering staffing
industry, supported by its large book of skilled engineers,
long-term relationships with its blue-chip customers, flexible cost
structure, and low capital requirements. Furthermore, its good
geographical diversity, with networks in 100 global locations,
gives it a competitive advantage over local rivals with smaller
talent pools.

S&P said, "The stable outlook reflects our expectation that NES
will maintain credit measures in the highly leveraged category,
albeit with some leverage reduction, and FFO cash coverage of about
2x. This is supported by our assumption that NES will achieve
strong organic growth because of higher oil prices, a growing
contractor base, growth from the non-oil and gas markets, and the
successful integration of the Fircroft business. We note that free
operating cash flow (FOCF) is likely to remain negative in the
short term due to increased hiring activity.

"We could lower the rating if NES failed to reduce leverage in line
with our expectations and the group is unable to sustain FFO cash
interest coverage at around 2x. We could also lower the rating if
FOCF turned and remained negative due to weak operating
performance, if covenant headroom weakened, or if the group
undertook debt-funded acquisitions or shareholder distributions
that could materially increase leverage.

"We are unlikely to raise the ratings in the short term, given NES'
ownership by a financial sponsor and our expectation of adjusted
leverage remaining in the highly leveraged category. However, we
could raise the rating if the owner committed to a less aggressive
financial policy, such that we expected the group's debt to EBITDA
to fall materially and sustainably below 5x, with its FFO-to-debt
ratio rising above 12%."

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

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis on NES. Our assessment of the group's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, in line with our view of the majority of rated entities
owned by private-equity sponsors. Our assessment also reflects
their generally finite holding periods and a focus on maximizing
shareholder returns."


NEWDAY FUNDING 2022-3: Fitch Assigns 'B(EXP)sf' on Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc -
Series 2022-3 notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documentation conforming to information already reviewed.
Fitch expects to affirm NewDay Funding's existing series when it
assigns Series 2022-3 final ratings.

   Entity/Debt             Rating        
   -----------             ------        
NewDay Funding Master
Issuer Plc

    2022-3 Class A     LT A(EXP)sf   Expected Rating
    2022-3 Class D     LT BBB(EXP)sf Expected Rating
    2022-3 Class E     LT BB(EXP)sf  Expected Rating
    2022-3 Class F     LT B(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The Series 2022-3 notes to be issued by NewDay Funding Master
Issuer Plc will be collateralised by a pool of non-prime UK credit
card receivables. NewDay is one of the largest specialist credit
card companies in the UK, where it is also active in the retail
credit card market. However, the Merchant Offering retail card
receivables do not form part of this transaction.

The collateralised pool consists of an organic book originated by
NewDay Ltd, with continued originations of new accounts, and a
closed book consisting of two legacy pools acquired by the
originator in 2007 and 2010. The legacy pools now only account for
a small portion of the total pool. The securitised pool of assets
is beneficially held by NewDay Funding Receivables Trustee Ltd.

KEY RATING DRIVERS

Non-Prime Asset Pool: The portfolio consists of non-prime UK credit
card receivables. Fitch assumes a steady-state charge-off rate of
18%, with a stress on the low end of the spectrum (3.5x for
'AAAsf'), considering the high absolute level of the steady-state
assumption and low historical volatility of charge-offs.

As is typical in the non-prime credit card sector, the portfolio
had low payment rates and high yield. Fitch assumed a steady-state
monthly payment rate of 10% with a 45% stress at 'AAAsf', and a
steady-state yield of 30% with a 40% stress at 'AAAsf'. Fitch also
assumed a 0% purchase rate in the 'Asf' category and above,
considering that the seller is unrated and there is reduced
probability of a non-prime portfolio being taken over by a
third-party in a high-stress environment.

Good Performance Deterioration Expected: Delinquency and charge-off
rates are below pre-pandemic levels and the monthly payment rate
has been strong. However, Fitch expects performance to deteriorate
as the global energy supply shock is increasing inflationary
pressures, affecting households' purchasing power, especially those
with less financial flexibility, a key demographic for this
portfolio.

Card usage may be the main way to bridge temporary household
finance pressure, which in Fitch's view could be a source of
performance stress. Fitch will monitor for significant shifts in
historical usage patterns, but although downside risks have
materially increased, the portfolio's current good performance
provides some headroom for deterioration before reaching the
long-term steady-state level. On balance, current assumptions
therefore remain adequate.

Variable Funding Notes Add Flexibility: The structure uses a
separate Originator VFN, purchased and held by NewDay Funding
Transferor Ltd (the transferor), in addition to series VFN-F1 and
VFN-F2 providing the funding flexibility that is typical and
necessary for credit card trusts. It provides credit enhancement to
the rated notes, adds protection against dilutions by way of a
separate functional transferor interest and meets the UK and US
risk-retention requirements.

Key Counterparties Unrated: The NewDay Group acts in several
capacities through its various entities, most prominently as
originator, servicer and cash manager. The degree of reliance is
mitigated by the transferability of operations, agreements with
established card service providers, a back-up cash management
agreement and a series-specific liquidity reserve.

RATING SENSITIVITIES

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

Long-term asset performance deterioration, such as increased
charge-offs, reduced monthly payment rate (MPR) or reduced
portfolio yield, which could be driven by changes in portfolio
characteristics, macroeconomic conditions, business practices,
credit policy or legislative landscape, would contribute to
negative revisions of Fitch's asset assumptions that could
negatively affect the notes' ratings.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Rating sensitivity to increased charge-off rate:

Increase steady state by 25% / 50% / 75%

Series 2022-3 A: 'A-sf' / 'BBB+sf' / 'BBB-sf'

Series 2022-3 D: 'BB+sf' / 'BBsf' / 'BB-sf'

Series 2022-3 E: 'B+sf' / 'Bsf' / N.A.

Series 2022-3 F: N.A. / N.A. / N.A.

Rating sensitivity to reduced MPR:

Reduce steady state by 15% / 25% / 35%

Series 2022-3 A: 'A-sf' / 'BBB+sf' / 'BBBsf'

Series 2022-3 D: 'BBB-sf' / 'BB+sf' / 'BBsf'

Series 2022-3 E: 'BB-sf' / 'B+sf' / 'B+sf'

Series 2022-3 F: 'Bsf' / N.A. / N.A.

Rating sensitivity to reduced purchase rate:

Reduce steady state by 50% / 75% / 100%

Series 2022-3 D: 'BBBsf' / 'BBB-sf' / 'BBB-sf'

Series 2022-3 E: 'BB-sf' / 'BB-sf' / 'B+sf'

Series 2022-3 F: 'Bsf' / 'Bsf' / N.A.

No rating sensitivities are shown for the class A notes, as Fitch
is already assuming a 100% purchase rate stress in this rating
scenario.

Rating sensitivity to increased charge-off rate and reduced MPR:

Increase steady-state charge-offs by 25% / 50% / 75% and reduce
steady-state MPR by 15% / 25% / 35%

Series 2022-3 A: 'BBBsf' / 'BB+sf' / 'BB-sf'

Series 2022-3 D: 'BBsf' / 'B+sf' / N.A.

Series 2022-3 E: 'B+sf' / N.A. / N.A.

Series 2022-3 F: N.A. / N.A. / N.A.

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

Long-term asset performance improvement, such as decreased
charge-offs, increased MPR or increased portfolio yield driven by a
sustainable positive change of the underlying asset quality would
contribute to positive revisions of Fitch's asset assumptions,
which could positively affect the notes' ratings.

Rating sensitivity to reduced charge-off rate:

Reduce steady state by 25%

Series 2022-3 A: 'AA-sf'

Series 2022-3 D: 'A-sf'

Series 2022-3 E: 'BBB-sf'

Series 2022-3 F: 'BB-sf'

DATA ADEQUACY

NewDay Funding Master Issuer Plc

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

Fitch was provided with Form ABS Due Diligence-15E ("Form 15E") as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on observing and comparing specific loan level
data contained in a sample of credit card receivables. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.

Prior to the transaction announcement, 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.


RESIDENTIAL MORTGAGE 32: S&P Raises Cl. F1 Notes Rating to 'BB+'
----------------------------------------------------------------
S&P Global Ratings raised to 'AA (sf)' from 'AA- (sf)', to 'A+
(sf)' from 'A (sf)', to 'BBB+ (sf)' from 'BBB (sf)', and to 'BB+
(sf)' from 'BB (sf)' its credit ratings on Residential Mortgage
Securities 32 PLC's class C-Dfrd, D-Dfrd, E-Dfrd, and F1-Dfrd
notes, respectively. At the same time, S&P affirmed its 'AAA (sf)'
and 'AA+ (sf)' ratings on the class A and B-Dfrd notes,
respectively.

The rating actions reflect that the transaction has been amortizing
sequentially since closing, resulting in increased credit
enhancement for the outstanding notes. At the same time, required
credit coverage at all rating levels has declined since closing.

Since closing, in S&P's standard analysis our weighted-average
foreclosure frequency (WAFF) assumptions have increased at all
rating levels. Both arrears of greater than 90 days and the
proportion of reperforming loans has increased since closing.

Meanwhile a reduced weighted-average indexed current loan-to-value
ratio due to steadily rising house prices caused the WALS to
decrease. Overall, credit coverage has decreased at all rating
levels since its previous review.

  Credit Analysis Results

  RATING LEVEL     WAFF (%)     WALS (%)     CREDIT COVERAGE (%)

  AAA              38.16        25.20          9.62

  AA               32.29        17.83          5.76

  A                29.08         8.20          2.39

  BBB              25.78         4.35          1.12

  BB               22.18         2.59          0.57

  B                21.37         2.00          0.43

S&P said, "Total arrears remain considerably higher than our U.K.
nonconforming index. Total prepayments have been broadly in line
with our UK nonconforming index since closing. Cumulative net
losses are currently 0.23%.

"There are no counterparty constraints on the ratings on the notes
in this transaction. The replacement language in the documentation
is in line with our counterparty criteria.

The upgrades of the class C-Dfrd, D-Dfrd, E-Dfrd, and F1-Dfrd notes
reflect that, since closing, credit coverage has declined and
credit enhancement has increased at all rating levels. As a result,
our cash flow analysis indicated that the class C-Dfrd, D-Dfrd,
E-Dfrd, and F1-Dfrd notes could withstand stresses at higher
ratings than those previously assigned. S&P therefore raised its
ratings on these classes of notes.

S&P said, "The rating on the class C-Dfrd, D-Dfrd, E-Dfrd, and
F1-Dfrd notes is below the level indicated by our standard cash
flow analysis. The assigned ratings consider sensitivity to
valuation haircuts given observed loss severities from within the
transaction. They also reflect sensitivities related to higher
levels of defaults due to macroeconomic factors (such as cost of
living pressures on borrowers).

"Our credit and cash flow results indicate that the available
credit enhancement for the class A notes continues to be
commensurate with the assigned ratings. We therefore affirmed our
'AAA (sf)' rating on the class A notes.

"The rating on the class B-Dfrd notes is below that indicated by
our cash flow analysis. These notes are rated according to the
payment of ultimate interest and principal, and we do not believe a
deferrable note is commensurate with the definition of a 'AAA'
rating. We therefore affirmed our 'AA+ (sf)' rating on the class A
notes.

"We expect U.K. inflation to reach 9.5% in 2022. Although high
inflation is overall credit negative for all borrowers, inevitably
some borrowers will be more negatively affected than others, and to
the extent inflationary pressures materialize more quickly or more
severely than currently expected, risks may emerge. We consider the
borrowers in the transaction to be non-conforming and as such are
generally less resilient to inflationary pressures than prime
borrowers. All the borrowers within the pool pay a variable rate of
interest, and so face near term pressure from cost of living and
rate rises. This is captured in our rating category, borrower, and
loan-level stresses. We also performed sensitivities related to
higher defaults in our cash flow analysis and the assigned ratings
remain robust to these."


SIG PLC: Egan-Jones Retains 'B+' Sr. Unsecured Debt Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, retained its B+
foreign currency and local currency senior unsecured ratings on
debt issued by SIG PLC.  

Headquartered in Sheffield, United Kingdom, SIG plc distributes
specialty building products.


STOLT-NIELSEN LTD: Egan-Jones Retains 'CCC+' Sr. Unsec. Debt Rating
-------------------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, retained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Stolt-Nielsen Ltd.  

EJR also retained its 'C' foreign currency and local currency
ratings on commercial paper issued by the Company.

Headquartered in London, United Kingdom, Stolt-Nielsen Limited
provides transportation and storage for liquids, notably specialty
and bulk liquid chemicals.


TEMPLE QUAY 1: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Temple
Quay No.1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
notes. At closing, the issuer will issue unrated Z, X, R notes, and
a Y certificate and VRR loan note.

This is a static RMBS transaction that securitizes a portfolio of
GBP515.1 million owner-occupied and buy-to-let (BTL) mortgage loans
secured on properties in the U.K.

The loans in the pool were originated by Bank of Ireland (UK) PLC,
The Governor and Company of the Bank of Ireland (U.K. Branch), Bank
of Ireland Home Mortgages Ltd., and Bristol & West PLC between 1982
and 2022. Bristol & West PLC was acquired by Bank of Ireland in
1997. Lending under the Bristol & West brand ceased in 2009. The
assets were originated based on a lending policy that would be
categorized as prime. As such, while the assets are highly exposed
to borrowers with self-certified income, exposure to borrowers with
prior adverse credit such as county court judgements is relatively
low. However, asset performance has deteriorated significantly
since origination and arrears remain above S&P's U.K. nonconforming
index for pre-2014 originations.

Of the preliminary pool, 46.4% of the loans are in arrears, with
30.9% of the pool in severe arrears (90+ day arrears). Of the pool,
10.2% is considered reperforming.

At closing, the issuer will purchase the beneficial interest in the
portfolio of U.K. residential mortgages from the seller (The
Governor and Company of the Bank of Ireland, U.K. branch), using
the proceeds from the issuance of the notes and certificates. The
issuer will grant security over all its assets in favor of the
security trustee.

A general reserve fund provides credit support to the rated notes,
and principal can be used to pay senior fees and interest on the
notes subject to various conditions. A further liquidity reserve
fund will be funded to provide liquidity support to the class A
notes.

Bank of Ireland (UK) PLC and The Governor and Company of the Bank
of Ireland, U.K. Branch are the legal title holders, and Bank of
Ireland (UK) PLC is the servicer. In S&P's view, it is an
experienced servicer in the U.K. market with well-established and
fully integrated servicing systems and policies.

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

S&P said, "We expect U.K. inflation to reach 9.5% in 2022. Although
high inflation is overall credit negative for all borrowers,
inevitably some borrowers will be more negatively affected than
others, and to the extent inflationary pressures materialize more
quickly or more severely than currently expected, risks may emerge.
Our credit and cash flow analysis and related assumptions consider
the transaction's ability to withstand the potential repercussions
of the current economic environment--including higher inflation and
an increase in the cost of living--such as higher defaults and
longer recovery timing due to a potential backlog in court cases.
Considering these factors, we believe that the available credit
enhancement is commensurate with the ratings assigned. As the
situation evolves, we will update our assumptions and estimates
accordingly."

  Preliminary Ratings

  CLASS    PRELIM. RATING    CLASS SIZE (%)

  A          AAA (sf)          68.00

  B-Dfrd     AA (sf)            6.50

  C-Dfrd     A (sf)             6.00

  D-Dfrd     BBB (sf)           3.00

  E-Dfrd     BB (sf)            1.50

  F-Dfrd     B- (sf)            3.00

  Z          NR                12.00

  X          NR                 1.00

  R          NR                 1.59

  Y certs    NR                  N/A

  VRR loan note   NR            5.00

N/A--Not applicable.
NR--Not rated.
Note: As a percentage of 95% of the pool for the class A to   
class R notes.


THG OPERATIONS: EUR600M Bank Debt Trades at 21% Discount
--------------------------------------------------------
Participations in a syndicated loan under which THG Operations
Holdings Ltd is a borrower were trading in the secondary market
around 78.9 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.


The EUR600 million facility is a term loan.  The loan is scheduled
to mature on December 11, 2026. The loan is fully drawn and
outstanding.

The Company's country of domicile is the United Kingdom.

TOUCAN ENERGY: Enters Administration Amid Thurrock Investigation
----------------------------------------------------------------
Alex Lawson at The Guardian reports that one of the country's
largest solar farm owners has entered administration amid the
fallout from a scandal that forced an Essex council leader to
resign.

According to The Guardian, administrators at Interpath Advisory
have been appointed to Toucan Energy Holdings, which owns a
portfolio of 53 solar parks with a combined capacity of 513
megawatts across England, Wales and Northern Ireland.

A recent investigation by the Bureau of Investigative Journalism
found that Thurrock council in Essex, Toucan's main creditor,
borrowed hundreds of millions of pounds to invest in the solar farm
scheme run by globetrotting financier Liam Kavanagh, The Guardian
discloses.

Rob Gledhill, who was leader of Thurrock council, resigned in
September, with the government appointing a commissioner to manage
the Conservative-run authority, The Guardian recounts.

Mr. Gledhill stepped down after the council made investments that
could cost taxpayers GBP200 million, The Guardian notes.  An
assessment by Camdor Global Advisors, which was appointed by the
council to review the portfolio, concluded the solar farms were
valued at less than was needed for the authority to recoup its
money, The Guardian states.

Mr. Kavanagh's firms received a reported GBP655 million from
Thurrock over four years to buy up the 53 sites, The Guardian
relays.

The figure includes a GBP138 million payment that reportedly never
reached the scheme's management company, The Guardian states.  Mr.
Kavanagh has claimed the GBP138 million was "properly recorded" on
his company's balance sheet and the money was not specifically
allocated for investment in solar farms, The Guardian notes.

Mr. Kavanagh, who reportedly owns a fleet of supercars, has said
the solar farms could not be sold in their entirety to repay
council debt, according to The Guardian.

Mark Coxshall, leader of Thurrock council, said he had agreed to
support the decision, taken under emergency executive powers, for
Toucan to enter administration, The Guardian relates.


WASPS: Turned Down Rescue Bid Weeks Prior to Administration
-----------------------------------------------------------
Ben Rumsby and Ben Coles at The Telegraph reports that Wasps turned
down a rescue bid weeks before being plunged into administration
after owner Derek Richardson refused to give it his approval.

Mr. Richardson confirmed the Premiership club received a
"three-page teaser" from Hottinger, a global wealth management firm
which had a long-standing relationship with both him and the
Midlands side, The Telegraph notes.

According to the Times, every member of the Wasps board except Mr.
Richardson voted in September in favour of accepting a GBP60
million offer that involved match funding from Coventry City
Council, The Telegraph notes.

Three weeks later, one of the country's biggest clubs were plunged
into administration and 167 jobs were immediately lost, The
Telegraph recounts.

Mr. Richardson, as cited by The Telegraph, said: "At that stage, we
were getting inquiries from a lot of people wanting to do deals.
It was obvious what was real and what wasn't real.  There were
several other deals that were farther down the track and had gone
to advanced discussion stages.

"All that we got from Hottinger was a three-page teaser. For a
complex business like ours, it's ridiculous to say there's a rescue
package from a three-page teaser.  It would have taken half an hour
to put the three-page teaser together. And it could well have
distracted more realistic rescue propositions that were being
discussed at the time.

"If the board had had a realistic proposition for saving the club
and the business, I would have supported that."

An executive summary of the bid offered an "exclusive opportunity"
and declared that "the refinance would satisfy outstanding debts to
all government or quasi government agencies, refinance the existing
public bond issuance and provide capital to begin development of
the real estate opportunities", The Telegraph discloses.

The chief executive of the council, Martin Reeves, said it had
engaged in "very bona fide conversations" with Hottinger about the
proposal, The Telegraph relays.

He added: "We were interested.  If it had got through on approval
at the Wasps board, we would have gone to the council.

"It would have had a fair chance.  If they had said, ‘Yes, the
board really likes it', we would have moved on to the next stage."


[*] UK: FRP Says Administrations Remain Below Pre-COVID-19 Levels
-----------------------------------------------------------------
Business Sale reports that business advisory firm FRP Advisory has
noted that administrations remain below pre-COVID-19 levels,
despite the mounting pressures faced by UK businesses.

According to Business Sale, in a six-month trading update, the firm
said that government-backed support measures meant that many
troubled firms had so far avoided the need to implement formal
restructuring processes.

FRP noted that there has been continued growth in the higher volume
liquidations market, including Creditors Voluntary Liquidations
(CVLs), with many owners actively choosing to close their companies
due to headwinds including rising costs, mounting debts and
weakening consumer confidence, Business Sale discloses.

There has also been a growing number of Compulsory Liquidations, as
creditors seek to reclaim debts from companies following the
lifting of pandemic-related restrictions on creditor action,
Business Sale notes.

In its report, FRP, as cited by Business Sale, said that
administrations remained below pre-pandemic levels, despite a
litany of issues facing businesses, such as interest rate
increases, rising input costs, supply chain disruption, the
withdrawal of pandemic support and the ongoing effects of Brexit.

The company added that creditors, including HMRC, have long
backlogs of arrears to address, which is likely to have brought
some respite to companies with large debt piles, while it stated
that institutional lenders "continue to be supportive where
possible", Business Sale relays.

However, given the headwinds facing UK companies and the wider
economy, FRP also noted that demand for its restructuring services
will continue to increase, according to Business Sale.

FRP added that, while mainstream M&A activity is likely to reduce
compared to H2 2021, there should be an increase in
restructuring-related dealmaking activity, as well as debt
refinancings, Business Sale states.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week November 7 to November 11, 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.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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