/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/221205.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, December 5, 2022, Vol. 23, No. 236 Headlines F I N L A N D PHM GROUP: S&P Affirms 'B' ICR on New EUR60MM Debt Issuance F R A N C E CMA CGM: S&P Assigns 'B' Short-Term Issuer Credit Rating G E R M A N Y COLOUROZ INVESTMENT 1: EUR50M Bank Debt Trades at 23% Discount I R E L A N D ARES EUROPEAN XVI: Fitch Assigns 'B-sf' Rating to Class F Notes CVC CORDATUS XXVI: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes PALMER SQUARE 2022-2: S&P Assigns BB- (sf) Rating to Cl. E Notes L U X E M B O U R G ARMORICA LUX SARL: EUR335M Bank Debt Trades at 40% Discount EIRCOM FINCO: Fitch Cuts Debt Rating to BB-, Removes From Watch Neg N E T H E R L A N D S AXALTA COATING: Moody's Rates $2BB Senior Secured Term Loan 'Ba1' CASPER DEBTOR: Fitch Cuts IDR to 'RD' Then Upgrades to 'CCC' KETER GROUP: EUR231M Bank Debt Trades at 25% Discount NOBEL BIDCO: EUR1.05B Bank Debt Trades at 22% Discount P O L A N D GLOBE TRADE: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable S P A I N TIMBER SERVICIOS: EUR1.20B Bank Debt Trades at 25% Discount T U R K E Y LIMAK ISKENDERUN: Fitch Affirms 'B' Rating on $370M Notes MERSIN ULUSLARARASI: Fitch Affirms 'B' Rating on $600M Unsec. Notes U N I T E D K I N G D O M AMPHORA FINANCE LTD: GBP301M Bank Debt Trades at 37% Discount CHESHIRE 2021-1: S&P Affirms 'B (sf)' Rating on Class F-Dfrd Notes CHF 9: Director Gets 10-Year Disqualification Over GP8MM Scheme CMI: Screen Scotland Buys Edinburgh Int'l Film Festival Rights COMET BIDCO: US$420M Bank Debt Trades at 30% Discount COVENTRY & RUGBY: Moody's Reviews Ba2 Bond Rating for Downgrade DOT BAGEL: Kennedy & Rhind Acquires Chillingham Road Outlet ELITE SPORTS: Rangers FC May Still Face Lawsuit Despite Collapse GO-CENTRIC: Collapses After Awarded GBP10MM in Gov't Contracts PINEWOOD GROUP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR SWAN HOUSING: S&P Keeps 'BB-' Long-Term ICR, Alters Watch to Pos. TRITON UK: S&P Alters Outlook to Negative, Affirms 'B-' LT ICR VUE INTERNATIONAL: EUR634M Bank Debt Trades at 37% Discount WATERFRONT SOUTHPORT: Owed More Than GBP18MM at Time of Collapse X X X X X X X X [*] BOND PRICING: For the Week November 28 to December 2, 2022 - - - - - ============= F I N L A N D ============= PHM GROUP: S&P Affirms 'B' ICR on New EUR60MM Debt Issuance ----------------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Finland-based residential property provider PHM Group Holding Oyj (PHM) and its 'B' issue rating on its existing senior secured notes. At the same time, S&P assigned a 'B' issue rating to the proposed EUR60 million senior secured notes. S&P said, "The stable outlook reflects our view that PHM will continue to successfully integrate small tuck-in acquisitions in the coming year, increasing its EBITDA base and solidifying its market position. We also expect that the company will generate positive free operating cash flow (FOCF) to support these acquisitions and aid further deleveraging toward 7.5x by 2023." PHM is planning to raise EUR60 million in new senior secured floating-rate notes for general corporate purposes, including acquisitions. The debt issuance will improve PHM's liquidity by allowing it to repay its outstanding super senior revolving credit facility (RCF). PHM will use part of the incremental debt it raises as part of this transaction to finance its first acquisition in Germany, Schultz Gruppe. Schultz Gruppe is a property services company focusing on the provision of maintenance and technical services in the north of Germany. This is the second time that PHM has tapped the capital markets to fund its acquisition pipeline in the past 12 months. In the year to date, PHM has closed 33 acquisitions, of which Schultz Gruppe is the largest so far. S&P said, "We view PHM's decision to enter Germany as positive, as its population is about 3x larger than that of the Nordics. We expect that PHM's business profile will strengthen as it increases its scale while reducing geographical concentration on Finland. However, we also expect temporary margin pressure from the companies that PHM has acquired in the second half of 2022." This includes Schultz Gruppe, whose margins are below PHM's S&P Global Ratings-adjusted EBITDA margin of 15.6% in 2021. However, PHM's management has shown its ability to successfully integrate acquisitions and improve their profitability. The transaction underlines PHM's strategy of debt-funded acquisitions and will weaken its credit metrics in 2023 and 2024. S&P said, "Our forecast for PHM's leverage in 2022 is in line with our previous forecast, at around 8.5x. However, we expect a delay in deleveraging of up to 0.5x in 2023 and 2024 due to the higher debt burden and interest costs than we had anticipated. For 2023, we forecast leverage at 7.5x-8.0x, before a decline to close to 7.0x by year-end 2024, alongside FOCF of at least EUR20 million per year. We expect that PHM will continue to finance small bolt-on mergers and acquisitions (M&A) with debt. The documentation for the proposed EUR60 million senior secured floating-rate notes permits debt of up to EUR200 million. In addition, the company is upsizing its super senior RCF by EUR12.5 million to EUR62.5 million for 12 months. While we acknowledge that M&A is part of PHM's business model, we expect that it will take a more selective approach in a weaker macroeconomic environment. We could see further rating pressure if PHM debt finances more M&A activity than we anticipate, absent any equity injections. Additionally, rating pressure could arise from operational challenges leading to greater pressure on the EBITDA margin than we anticipate in 2023. This would be due to PHM's inability to increase prices sufficiently to offset continued high cost inflation during the first quarter of 2023, and its inability to raise the profitability of lower-margin acquisitions such as Schultz Gruppe." S&P said, "We continue to view PHM's liquidity as sufficient to support its operations, although we expect lower cash flow due to higher interest rates. We continue to forecast FOCF of at least EUR20 million in 2023 and 2024, although this is EUR5 million-EUR15 million lower than our previous base case, mainly due to PHM's higher debt burden and more expensive financing conditions. Our forecast of funds from operations (FFO) cash interest coverage remains comfortable, at above 2.5x over the next two years, although incremental debt at high interest rates may tighten the headroom. "The stable outlook reflects our view that PHM will continue to successfully integrate small tuck-in acquisitions in the coming year, increasing its EBITDA base and solidifying its market position. We also expect that the company will generate positive FOCF to support these acquisitions and aid further deleveraging toward 7.5x by 2023." S&P could lower its rating if PHM experienced a material deterioration in profitability due to unexpected operational issues or high exceptional costs associated with integrating bolt-on acquisitions, resulting in: -- Sustained negative FOCF; -- FFO cash interest coverage declining below 2.0x on a sustained basis; and -- Liquidity issues or tight covenant headroom. Alternatively, a downgrade could result from certain financial policy decisions, including large debt-funded acquisitions or dividends, which would prevent PHM deleveraging. S&P considers an upgrade unlikely in the coming 12 months. However, it could raise the rating if PHM's revenue and EBITDA base increase faster than it projects and if shareholders commit to a prudent financial policy, with adjusted debt to EBITDA of less than 5x. ESG credit indicators: E-2, S-2, G-3 =========== F R A N C E =========== CMA CGM: S&P Assigns 'B' Short-Term Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings assigned its 'B' short-term issuer credit rating to France-based container liner CMA CGM, reflecting our 'BB+' long-term rating. S&P's 'BB+' long-term issuer credit rating, with a stable outlook, on CMA CGM is unchanged. The 'B' short-term issuer credit rating reflects S&P's 'BB+' long-term issuer credit rating on CMA CGM. The 'BB+' long-term rating, with a stable outlook, on CMA CGM is unchanged. ESG credit indicators: E-3, S-2, G-2 ============= G E R M A N Y ============= COLOUROZ INVESTMENT 1: EUR50M Bank Debt Trades at 23% Discount -------------------------------------------------------------- Participations in a syndicated loan under which ColourOZ Investment 1 GmbH is a borrower were trading in the secondary market around 77.3 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR50 million facility is a payment-in-kind term loan. The loan is scheduled to mature on September 21, 2024. The amount is fully drawn and outstanding. ColourOz Investment 1 GmbH manufactures paint products. The Company's country of domicile is Germany. ============= I R E L A N D ============= ARES EUROPEAN XVI: Fitch Assigns 'B-sf' Rating to Class F Notes --------------------------------------------------------------- Fitch Ratings has assigned Ares European CLO XVI DAC final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Ares European CLO XVI DAC A XS2465008600 LT AAAsf New Rating AAA(EXP)sf A-Loan LT AAAsf New Rating AAA(EXP)sf B-1 XS2465009244 LT AAsf New Rating AA(EXP)sf B-2 XS2465009327 LT AAsf New Rating AA(EXP)sf C XS2465009756 LT Asf New Rating A(EXP)sf D XS2465009913 LT BBB-sf New Rating BBB-(EXP)sf E XS2465010176 LT BB-sf New Rating BB-(EXP)sf F XS2465010333 LT B-sf New Rating B-(EXP)sf Sub Notes XS2465010507 LT NRsf New Rating NR(EXP)sf X XS2546373197 LT AAAsf New Rating AAA(EXP)sf TRANSACTION SUMMARY Ares European CLO XVI DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Ares Management Limited. The collateralised loan obligation (CLO) has a 4.6-year reinvestment period and an 8.5-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch places the average credit quality of obligors in the 'B'/'B-' category. The Fitch weighted average rating factor (WARF) of the identified portfolio is 25.67. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 62.13%. Diversified Asset Portfolio (Positive): The transaction has a concentration limit for the 10 largest obligors of 16%. The transaction also includes various concentration limits, including the maximum exposure to the three largest (Fitch-defined) industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has one matrix at closing and one forward matrix that is effective one year post closing, provided that the aggregate collateral balance (defaults at Fitch collateral value) is at least at the reinvestment target par balance. The matrices correspond to a fixed rate limit of 12.5%. The transaction has a 4.6-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's stress portfolio analysis was reduced by 12 months. This reduction to the risk horizon accounts for the strict reinvestment conditions envisaged after the reinvestment period. These include passing the coverage tests and the Fitch 'CCC' maximum limit after reinvestment and a WAL covenant that progressively steps down over time, both before and after the end of the reinvestment period. In the agency's opinion, these conditions would reduce the effective risk horizon of the portfolio during the stress period. Class F Delayed Issuance (Neutral): At closing, the class F notes will be issued with a pool factor (outstanding principal out of the original balance) of zero and subscribed by the issuer for a zero net cash price. The tranche can be sold at the option of the subordinated noteholders at any time during the reinvestment period only. Once sold, the tranche will be deemed to have a 100% pool factor. In Fitch's view, the sale of the tranche would reduce available excess spread to cure the reinvestment over-collateralisation test by the class F interest amount. Consequently, Fitch has modelled the deal assuming the tranche is issued on the issue date to reflect the maximum stress the transaction could withstand if that occurred. 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 of the identified portfolio would lead to a downgrade of one notch for the class E and F notes and have no impact on the other notes. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio, the class E notes display a rating cushion of three notches while the class B, D and F notes have a two-notch cushion. There is a one-notch rating cushion for the class C and no rating cushion for the class A notes. Should the cushion between the identified portfolio and the stress portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed portfolio would lead to downgrades of up to four notches for the notes. Factors that could, individually or collectively, lead to positive rating action/upgrade: A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of Fitch's stress portfolio would lead to upgrades of up to three notches, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on Fitch's stress portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, meaning the notes are able to withstand larger than expected losses for the transaction's remaining life. After the end of the reinvestment period, upgrades may occur in case of stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses on the remaining portfolio. DATA ADEQUACY Ares European CLO XVI DAC The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. CVC CORDATUS XXVI: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned CVC Cordatus Loan Fund XXVI DAC expected ratings, as detailed below. The assignment of final ratings is contingent on the receipt of final documents conforming to information already reviewed. Entity/Debt Rating ----------- ------ CVC Cordatus Loan Fund XXVI DAC Class A LT AAA(EXP)sf Expected Rating Class B-1 LT AA(EXP)sf Expected Rating Class B-2 LT AA(EXP)sf Expected Rating Class C LT A(EXP)sf Expected Rating Class D-1 LT BBB+(EXP)sf Expected Rating Class D-2 LT BBB-(EXP)sf Expected Rating Class E LT BB-(EXP)sf Expected Rating Class F LT B-(EXP)sf Expected Rating Subordinated Notes LT NR(EXP)sf Expected Rating TRANSACTION SUMMARY CVC Cordatus Loan Fund XXVI DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds will be used to purchase a portfolio with a target par of EUR423.5 million. The portfolio is actively managed by CVC Credit Partners Investment Management Limited (CVC). The collateralised loan obligation (CLO) has an approximately five-year reinvestment period and a seven-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch weighted average rating factor (WARF) of the identified portfolio is 25.13. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 60.82%. Diversified Portfolio (Positive): The transaction has a concentration limit for the 10 largest obligors of 20%. The transaction also includes various other concentration limits, including the maximum exposure to the three-largest Fitch-defined industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has an approximately five-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. The transaction can extend the WAL test by one year to seven years on 3 November 2023 if the aggregate collateral balance (defaulted obligations at Fitch-calculated collateral value) is at least at the target par and if the transaction is passing all its tests. Cash Flow Modelling (Positive): The WAL used for the transaction's stressed-case portfolio analysis is 12 months less than the WAL covenant to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include, among others, passing the coverage tests, the Fitch WARF test and the Fitch 'CCC' bucket limitation test after reinvestment as well a WAL covenant that progressively steps down over time, both before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during the stress period. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A and B notes and would lead to downgrades of no more than two notches of the class C, and D-1 notes, one notch on the D-2 notes, up to three notches on the class E notes and downgrade below ´CCCsf´ for the class F notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Due to the better metrics of the identified portfolio than the Fitch-stressed portfolio the rated notes display a rating cushion to downgrades of up to two notches higher than the cushion on the Fitch-stressed portfolio. Should the cushion between the identified portfolio and the Fitch-stressed portfolio erode due to manager trading post-reinvestment period or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would result in downgrades of up to four notches for the class A to D notes and to below 'CCCsf' for the class E and F notes. Factors that could, individually or collectively, lead to positive rating action/upgrade: A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches for the rated notes, except for the 'AAAsf' rated notes. During the reinvestment period, upgrades based on the Fitch-stressed portfolio and except for the 'AAAsf' notes, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades, except for the 'AAAsf' notes, may occur on stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognised statistical rating organisations and/or European securities and markets authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. PALMER SQUARE 2022-2: S&P Assigns BB- (sf) Rating to Cl. E Notes ---------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Palmer Square European CLO 2022-2 DAC's class A-1, A-2, B, C, D, and E notes. At closing, the issuer also issued unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The portfolio's reinvestment period will end approximately 1.1 years after closing, and the portfolio's weighted-average life test will be approximately 6.0 years after closing. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. Portfolio Benchmarks CURRENT S&P Global Ratings weighted-average rating factor 2,633.01 Default rate dispersion 638.83 Weighted-average life (years) 4.67 Obligor diversity measure 144.51 Industry diversity measure 20.45 Regional diversity measure 1.41 Transaction Key Metrics CURRENT Total par amount (mil. EUR) 400.00 Defaulted assets (mil. EUR) 0 Number of performing obligors 176 Portfolio weighted-average rating derived from S&P's CDO evaluator 'B' 'CCC' category rated assets (%) 0.75 'AAA' weighted-average recovery (%) 36.39 Covenanted weighted-average spread (%) 3.75 Reference weighted-average coupon (%) 4.00 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. 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 used the EUR400 million par amount, the covenanted weighted-average spread of 3.75%, and the covenanted weighted-average recovery rates for all rated notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "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 ratings on the notes. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for the class A-1, A-2, B, C, D, and E notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-1 to E notes based on four hypothetical scenarios." Environmental, social, and governance (ESG) credit factors S&P said, "We regard the exposure to ESG credit factors in the transaction as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to the following industries: production or marketing of controversial weapons, tobacco or tobacco-related products, nuclear weapons, thermal coal production, speculative extraction of oil sands and fossil fuels, pornography or prostitution, illegal drugs, sale or production of civilian firearms, opioid manufacturing and distribution, coal, and payday lending. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Environmental, social, and governance (ESG) corporate credit indicators S&P said, "The influence of ESG factors in our credit rating analysis of European CLOs primarily depends on the influence of ESG factors in our analysis of the underlying corporate obligors. To provide additional disclosure and transparency of the influence of ESG factors for the CLO asset portfolio in aggregate, we've calculated the weighted-average and distributions of our ESG credit indicators for the underlying obligors. We regard this transaction's exposure as 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 2.09 2.83 E-1/S-1/G-1 distribution (%) 0.25 1.50 0.00 E-2/S-2/G-2 distribution (%) 75.25 75.75 16.11 E-3/S-3/G-3 distribution (%) 10.22 7.47 67.86 E-4/S-4/G-4 distribution (%) 0.00 1.00 1.75 E-5/S-5/G-5 distribution (%) 0.00 0.00 0.00 Unmatched obligor (%) 10.13 10.13 10.13 Unidentified asset (%) 4.16 4.16 4.16 *Only includes matched obligor Ratings List CLASS RATING AMOUNT SUB (%) INTEREST RATE* (MIL. EUR) A-1 AAA (sf) 220.00 45.00 Three/six-month EURIBOR plus 2.20% A-2 AAA (sf) 26.00 38.50 Three/six-month EURIBOR plus 3.20% B AA (sf) 37.00 29.25 Three/six-month EURIBOR plus 4.15% C A (sf) 21.00 24.00 Three/six-month EURIBOR plus 4.41% D BBB- (sf) 28.00 17.00 Three/six-month EURIBOR plus 6.26% E BB- (sf) 12.00 14.00 Three/six-month EURIBOR plus 8.25% Sub NR 45.60 N/A N/A *The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A—-Not applicable. =================== L U X E M B O U R G =================== ARMORICA LUX SARL: EUR335M Bank Debt Trades at 40% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Armorica Lux Sarl is a borrower were trading in the secondary market around 60.4 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR335 million facility is a term loan. The loan is scheduled to mature on July 28, 2028. The amount is fully drawn and outstanding. Armorica Lux S.ar.l. is the parent company of idverde, a provider of landscaping services in Europe. The Company's country of domicile is Luxembourg. EIRCOM FINCO: Fitch Cuts Debt Rating to BB-, Removes From Watch Neg ------------------------------------------------------------------- Fitch Ratings has downgraded Eircom Finco S.a r. l.'s and eircom Finance Designated Activity Company's senior secured instrument ratings to 'BB-' from 'BB' and removed them from Rating Watch Negative (RWN). The Recovery Rating is revised to 'RR3' from 'RR2'. Fitch has affirmed eircom Holdings (Ireland) Limited's (eir) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. The downgrade reflects its view that the recovery prospects on eir's senior secured instruments raised at the two finance companies are weaker following the sale of a large minority interest at Fibre Networks Ireland Limited (FNI) and the issue of new secured debt at FNI. The Rating Watch has been removed given greater visibility over eir's debt buyback plans and the size of debt that will remain outside of FNI. KEY RATING DRIVERS Instrument Ratings Downgraded: In a hypothetical financial distress scenario at eir, Fitch would expect the finance company debtholders to now have a weakened claim over eir's fixed-line infrastructure assets - which Fitch views as the most valuable component of eir's network and were moved to FNI in July 2022. Its recovery analysis assumptions for EBITDA and the distressed enterprise value (EV)/EBITDA multiple are expected to be lower after Fitch excludes FNI from the consolidated group. Its view is that this would not be fully compensated by the equity value of eir's remaining stake in FNI, resulting in a one-notch downgrade of the instrument ratings to 'BB-'/RR3. EBITDA Margin to Shrink: eir's guidance of a low single-digit EBITDA decline in 2022 (versus stable EBITDA in 2021), in its view, reflects decreasing fixed-line-and-mobile average revenue per user (ARPU) and the company's retail market-share losses. eir has increased marketing and customer acquisition costs in 2022, which Fitch expects to shrink EBITDA margins by around 1.5% from the previous year. Pricing competition for new customers has been aggressive in both the fixed-line and mobile markets and is likely to continue. The stability of revenue and EBITDA will be an important factor in a potential upgrade to 'BB-'. Fibre Rollout Accelerated: eir plans to roll out fibre to the home (FTTH) to 1.9 million premises by end-2026 and was around halfway complete at end-September 2022. This means adding 200,000 sites in 2022 and up to 250,000 premises passed in 2023. This represents a meaningful increase in pace on the 177,000 homes built in 2021. While this may provide some protection against future fixed-line churn, competition for high-ARPU customers will remain stiff, following high-speed broadband investment ramp-up by VMI (952,000 sites by 2025) and SIRO (up to 700,000 sites). Inflation Risks Manageable: While eir has announced plans to increase pricing by EUR5/month for a significant portion of its existing retail customer base and from April 2023 a CPI+3% price rise, inflation could reach higher than 5% in 2022 in Ireland. In a highly competitive pricing market this could worsen the EBITDA decline for eir. The company has mitigated their inflation risk by already agreeing a 2% pay rise for its workforce, its largest operating expense in 2022. eir has also fully hedged its energy costs for 2022. DERIVATION SUMMARY eir's ratings reflect its position as the leading fixed-line operator in a competitive Irish market. Relative to its European telecom incumbent peers, Royal KPN N.V (BBB/Stable) and BT Group plc (BBB/Stable) eir has higher leverage, is smaller in size, has a largely domestic focus, and a lack of leadership in the mobile segment. Its EBITDA margin is similar to peers', but pre-dividend free cash flow (FCF) margin has historically been lower due to higher capex as a percentage of revenue. eir is more tightly rated than 'BB-' rated European telecom peers like Telenet Group Holding N.V (BB-/Stable) due to its planned sale of a stake in its fixed-line network, structural revenue decline from legacy voice, declining market share, smaller scale and high capex commitments in its fibre build. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Revenue estimated to decrease 1.2% yoy in 2022 (2021 accounts were prepared on an 18-month period basis), followed by gradual stabilisation to flat revenue growth in 2023-2025. The 2022 revenue decline reflects the competitive environment and its expectation that eir's market share in fixed line will continue to decline. The decline also reflects the fall in fixed-and-mobile ARPUs, which Fitch expects to continue into 2023 - Fitch-defined EBITDA margin to weaken slightly to 46% in 2022, due to declining revenue and investments in customer acquisition and marketing costs. This is followed by a gradual increase towards 47% by 2024 - Capex (excluding spectrum) at 22.9% of revenue in 2022, before increasing to above 25% by 2024, reflecting the accelerated national FTTH rollout plans, including the increase of 50,000 premises passed per year compared with 2022 - Dividend payments of EUR800 million in 2022 before averaging EUR100 million in 2023-2025 - Debt buybacks of EUR600 million between 2022 and 2023 - Spectrum payments of EUR80 million during 2022 in the upcoming auction for the 700MHz, 2100MHz, 2300MHz and 2600MHz bands Key Recovery Rating Assumptions - The recovery analysis assumes that eir would be a going-concern (GC) in hypothetical bankruptcy scenario and that it would be reorganised rather than liquidated - A 10% administrative claim - Post-reorganisation EBITDA of EUR285 million, which excludes EBITDA from FNI - Fitch applies a distressed EV at 4.5x EBITDA, reduced from 5.0x at the last rating action. The reduction reflects the exclusion of FNI's EBITDA and debt from the recovery analysis and the relative weakening of the operating profile of the residual business, which would include a mobile network business and a fixed-line services business only. - Fitch assumes an additional EUR280 million of debt buybacks are made on top of the EUR320 million completed at November 2022. The total amount of senior debt assumed in its analysis is EUR2.0bn. - RRs for senior secured debt at holding company assume the sale of the 50.1% equity stake in FNI for EUR250 million proceeds included in its recovery analysis. This results in a WGRC of 69%, equal to an 'RR3' rating. The senior secured debt is therefore rated one notch higher than the IDR RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Strengthened operating profile and competitive capability demonstrated by stable fixed broadband market share with increasing fibre penetration, with a return to broadly stable underlying revenue and EBITDA - Funds from operations (FFO) net leverage expected to remain at or below 4.7x on a sustained basis (equivalent to around 4.5x Fitch-defined net debt / EBITDA). Fitch will also be guided by calculations of these metrics on a proportionate consolidation basis - Cash flow from operations (CFO) less capex/total debt consistently above 6% Factors that could, individually or collectively, lead to negative rating action/downgrade: - FFO net leverage above 5.2x on a sustained basis (equivalent to around 5.0x Fitch-defined net debt / EBITDA. Fitch will also be guided by calculations of these metrics on a proportionate consolidation basis - CFO less capex/total debt remaining below 3% on a sustained basis, driven by lower EBITDA or higher capex - Deterioration in the regulatory or competitive environment leading to a material adverse change in operating trends LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: As of end September 2022 eir had EUR659 million in cash and equivalents. Its liquidity position is supported by an undrawn EUR285 million revolving credit facility and capex facilities. Following the new financing raised at FNI, eir has made EUR320 million of debt buybacks in the 11 months to November 2022 and its next significant maturity is its EUR350 million notes in 2024, EUR53 million of which has been bought back by eir in the 11 months to November 2022. Remaining debt maturities are spread across 2026, 2027 and 2029. ISSUER PROFILE eir is the incumbent telecom operator in Ireland, its sole market. The company is the third-largest mobile operator but the leading fixed-line operator and is rolling out its FTTH network across Ireland. 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 ----------- ------ -------- ----- Eircom Finco S.a r. l. senior secured LT BB- Downgrade RR3 BB eircom Holdings (Ireland) Limited LT IDR B+ Affirmed B+ eircom Finance Designated Activity Company senior secured LT BB- Downgrade RR3 BB ===================== N E T H E R L A N D S ===================== AXALTA COATING: Moody's Rates $2BB Senior Secured Term Loan 'Ba1' ----------------------------------------------------------------- Moody's Investors Service has assigned a Ba1 rating to the $2 billion senior secured term loan due 2029 of Axalta Coating Systems Dutch Holding B B.V. and co-borrower Axalta Coating Systems U.S. Holdings Inc. These companies are wholly owned subsidiaries of Axalta Coating Systems Ltd. ("Axalta"). The outlook is stable. "Axalta is taking advantage of current market conditions to refinance and extend the maturity of its $2 billion term loan," stated John Rogers, Moody's Senior Vice President and lead analyst for Axalta. Assignments: Issuer: Axalta Coating Systems Dutch Holding B B.V. Senior Secured Term Loan B, Assigned Ba1 (LGD2) RATINGS RATIONALE The Ba1 rating on Axalta's senior secured term loan is supported by the stability of its earnings and cash flow over most of the cycle, strong adjusted EBITDA margins (typically above 20%) and meaningful free cash flow generation in most years. Additionally, free cash flow can be preserved in a downturn by adjusting spending (e.g., lower research and development expenses) and lower capital investments. The company has also been successful over time at handling fluctuating commodity prices (e.g., oil-based resins, titanium dioxide). While raw materials cost increases over the past two years have been unusually large and persistent, some of these products have already started to decline and most are expected to fall further in 2023. Moody's principal concern with the company's business model relates to the limited organic growth potential in its Refinish business which is part of its Performance Coatings segment and the expectation for additional acquisitions to augment growth. Axalta's Ba3 Corporate Family Rating is principally constrained by meaningful financial leverage for the rating category and uncertainty related to the potential downside in demand in Europe in 2023 and the eventual pace of recovery post the downturn in 2023. Moody's noted that Axalta's earnings and cash flow should hold up better than most other specialty chemical companies given the stability of the autobody repair markets and the expectation at automotive OEM build rates will hold up better than in past downturns. The rating is supported by a very good liquidity position and excellent market position as a coatings producer that generates cash through most economic cycles. The rating also takes into consideration past financial policy statements related to lower debt levels in 2023. Credit metrics are currently weak for the rating with LTM September 30, 2022, Moody's adjusted Debt/EBITDA of 5.6x and Retained Cash Flow ("RCF")/Debt of 14%. Free cash flow is also below normal due to a roughly $200 million increase in working capital. In 2023, Moody's expects free cash flow to be well above $400 million providing the company with the opportunity to improve credit metrics by paying down balance sheet debt as discussed on the third quarter earnings call. In addition, Axalta recently names a new CEO, Chris Villavarayan, who may adjust priorities for cash over the next several years. Moody's believes that acquisition will continue to be a significant priority for cash management to grow and diversify its earnings. The stable outlook reflects the expected weakening of demand in 2023 offset by management's plan to reduce debt, leading to improved credit metrics by the end of 2023. The stable outlook also assumes that Axalta will take any other reasonable steps necessary to return metrics to levels that fully support the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could consider an upgrade with expectations for: (i) adjusted financial leverage near 4.0x; (ii) retained cash flow to debt sustained above 15%; and (iii) free cash flow to debt sustained above 10% (FCF/Debt). An upgrade would also require the new CEO to support the company's previously announced leverage targets. Moody's could consider a downgrade with expectations for (i) adjusted financial leverage sustained above 5.0x; (ii) retained cash flow-to debt sustained below 10%; (iii) a significant erosion in the company's liquidity position; or (iv) the adoption of more aggressive financial policy with regard to leverage and the pace, or size, of acquisitions. ESG CONSIDERATIONS Axalta' ESG Credit Impact Score is moderately negative (CIS-3) as governance, environmental and social risks are all moderate. Environmental risks are moderate as the company's waste and pollutions metrics are low and it has no significant environmental remediation liabilities. Social risks are also moderate for specialty chemical companies as responsible production and health and safety risks are lower than commodity chemical companies. Governance risks are moderately negative as it is an independent public company. Axalta has moderately negative exposure to environmental risks (E-3) due to a below average level carbon transition and waste and pollution risk exposure relative to other chemical companies. Like many other specialty chemical companies, its exposure to physical climate, natural capital and water management risks is also low-to-moderate. Axalta has targeted to achieve a 50% absolute reduction of Scope 1 and 2 greenhouse gas emissions by 2030, sourcing at least 50% of its electricity from renewable sources by 2030 and a 10% reduction of process waste intensity, VOC emissions intensity, and water usage intensity by 2030. Axalta has moderately negative exposure to social risks (S-3) in most categories. Customer relations risk is more limited as the vast majority of sales are not to consumers, similar to other specialty chemical companies. Responsible production and health and safety risks are lower than many chemical companies due to the nature of their products and processes. Risks related to societal trends are viewed as low-to-moderate similar to other specialty chemical companies and manufacturers. Axalta has moderately negative exposure to governance risks (G-3) mainly driven by its financial policies and track record. The company's financial policies and risk management support its "Ba" rating. Management credibility and track record is good as the company has utilized free cash flow to de-lever its balance sheet subsequent to acquisitions. The company's organizational structure and its board structure and policies are consistent with an independent public company and there have been no concerns over compliance and reporting. The principal methodology used in this rating was Chemicals published in June 2022. Axalta Coating Systems Ltd. is one of the world's leading coatings companies. The company operates two business segments: (i) Performance Coatings, which accounts for over 69% of sales; and (ii) Mobility Coatings, which accounts for under 31% of sales. Headquartered in Glen Mills, Pa., Axalta generated $4.8 billion of revenue in the twelve months ended September 30, 2022. CASPER DEBTOR: Fitch Cuts IDR to 'RD' Then Upgrades to 'CCC' ------------------------------------------------------------ Fitch Ratings has downgraded Casper Debtco B.V.'s Long-Term Issuer Default Rating (IDR) to 'Restricted Default' (RD) from 'CCC', following the company's disclosure of the result of its consent solicitation on changes to its notes' documentation. Fitch views this as a distressed debt exchange (DDE). Fitch has simultaneously upgraded the IDR to 'CCC-' to reflect Casper Debtco B.V.'s post-restructuring profile with likely further liquidity pressures in the next 12-24 months. Fitch has also downgraded Casper Debtco's super senior term loan B (TLB) rating to 'B-' from 'B' and its senior secured debt rating to 'CC' from CCC'. The Recovery Rating for the TLB remains at 'RR1' while that for the senior secured debt has been revised to 'RR5' from 'RR4'. Casper Debtco B.V. indirectly owns Dummen Orange Holding B.V., a Netherlands-based floriculture company engaged in breeding, propagation and commercialisation of flower varieties. KEY RATING DRIVERS Restructuring Equivalent to DDE: From 2023 Dummen Orange will defer part of the interest payment to senior secured lenders, allowing it to save EUR12 million of cash interest annually. In our view the deferral of these payments is necessary to avoid bankruptcy and represents a material reduction in terms as deferral of these payments was not permitted under the original documentation. This constitutes a DDE under Fitch's DDE Rating Criteria. Poorly Funded Liquidity: Dummen Orange's rating post-DDE reflects its tight liquidity profile, which follows continuing deterioration of its operating performance in financial year ended September 2022. Fitch sees equally high risk of continuing operational challenges in 2023, which could prevent Dummen Orange from generating sufficient free cash flow (FCF) to pay its operational expenses in FY24. High Refinancing Risk: The approaching maturity of the company's USD30 million trade working-capital (TWC) facility in March 2024 brings forward some refinancing risk and its extension will serve as a test ahead of the main refinancing before most debt falls due in March 2026. Slower-than-projected recovery of operating profitability, FCF and leverage metrics will make timely refinancing challenging. Difficult Performance Turnaround: Fitch regards Dummen Orange's operational restructuring as challenging but achievable in the medium term. However, Fitch assumes slow EBITDA margin recovery to above 9% (FYE22: 4.1%) only from FY24, taking into account the complexity of anticipated turnaround measures, a long business production cycle and persisting market challenges in FY23. Given the company's limited ability to control production costs alongside increased energy costs and inflationary pressures, which can only partially be passed on through price increases, Fitch estimates EBITDA will remain below EUR20 million in FY23. Persistently Negative FCF: Onerous restructuring progress with longer-than-expected operating recovery amid increased TWC needs and high capital intensity leads to persistently negative FCF with remote prospects of a return to break-even before FY26. Fitch projects FCF will remain deeply negative in FY23 due to lack of EBITDA recovery and high capex at around 6% of sales. Its assumption of gradual EBITDA recovery from FY24 leads to gradually slowing FCF outflows, albeit still negative to FYE25. Redeemable Business Model: Despite the slow progress of turnaround and still material execution risks, Fitch views Dummen Orange's business model as fundamentally redeemable, with the potential to deliver a successful operational turnaround in the long term. The operating improvement might be supported by innovation-aided relevance across multiple crop types and regions in an industry protected by high entry barriers, including high capital intensity and the importance of R&D. These are critical business traits that could allow the company to maintain its market position in the medium-to-long term. Persistently High Leverage: Given Dummen Orange's high operating risks and consistently negative FCF, Fitch projects exceptionally high total debt/EBITDA at around 17.0x until FY23. Fitch estimates that a gradual operating performance recovery will result in leverage improvement towards 8.0x by FY25, which is still high and subject to high execution risks. High Underlying Business Risks: Dummen Orange's high-risk profile reflects a hybrid nature of the business model combining the traits of agriculture-like crop breeders with long product cycles, high R&D, labour and capital intensity, as well as exposure to varying crop productivity, phyto-sanitary events (plant diseases) and unpredictable weather conditions. Its consumer-related characteristics are further exposed to volume volatility driven by customer demand and changing preferences and to a much lesser extent, price fluctuations. DERIVATION SUMMARY Dummen Orange's rating reflects its tight liquidity position as well as the uniqueness of its business model, which combines features of a crop science company with the high importance of R&D, and labour-and capital-intensive flower-propagation operations. It also shares, to a limited extent, the operating risk with manufacturers of consumer products, given its exposure to volume risk driven by customer demand and changing consumer preferences. The high inherent operating risks of agriculture credits make them less suitable for a highly leveraged capital structure. The higher ratings of vertically integrated agro-industrial businesses Camposol Holding PLC (BB-/Stable) and Corporacion Azucarera del Peru S.A. are supported by their higher operating and cash flow margins in combination with lower leverage. Comparability with higher-rated Sunshine Luxembourg VII SARL (Galderma; B/Stable), a manufacturer of branded consumer products with high R&D exposure, is limited to consumer-related volatility of demand. However, Galderma's much larger scale, strong brand quality, and the medicinal nature of its skincare products make the business more resilient and higher leverage tolerance. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - FY23 revenue to decline 5% following the divestiture of the QuickPlug (QP) business - Revenue to increase 8% in FY24 on some recovery in the tropical segment and price increases, followed by low-to-mid single-digit annual revenue growth to FY25 - EBITDA margin at around 5% in FY23 and gradually increasing toward 10% by FY25 - Capex at around EUR23 million in FY23, and EUR25 million-EUR26 million per year to FY25 - Annual net working-capital outflow at around 1% of sales to FY25 - QP divestment to yield EUR25 million proceeds - No M&A activity to FY25 KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that Casper Debtco would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated A 10% administrative claim. GC EBITDA assumption of EUR32 million reflects Fitch's view of a sustainable, post-reorganisation EBITDA level upon which Fitch bases the enterprise valuation (EV). The decrease in GC EBITDA from its previous GC EBITDA of EUR37 million reflects mainly the divestiture of QP A multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganisation EV. The multiple is in the mid-range for the sector and is supported by high barriers to entry, the significant value of Dummen Orange's intellectual property and R&D, as well as expected modest long-term growth for the floriculture sector The allocation of value in the liability waterfall results in a Recovery Rating 'RR1' for the super senior term loan of EUR55 million, ranking pari passu with a EUR6 million cash pooling facility, a new super senior EUR25 million facility and the incremental TWC facility of USD30 million, which Fitch expects will be fully drawn prior to distress, under Fitch's Corporates Recovery Ratings Criteria. The lower IDR and increased debt quantum result in the downgrade of the debt ratings to 'B-' for the super senior debt with a waterfall-generated recovery computation (WGRC) of 100% based on current assumptions, and to 'CC' for the reinstated TLB of EUR196 million, with a revised Recovery Rating 'RR5' and WGRC of 22%, from 'RR4' and WGRC of 48% RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Evidence of sufficiently funded operations for the next 12-24 months - Improving operating performance with increasing EBITDA and EBITDA margins - Improving FCF Factors that could, individually or collectively, lead to negative rating action/downgrade: - Evidence of another refinancing that may be considered as a distressed debt exchange - Deteriorating FCF - Lack of sufficient operational liquidity cushion to support operations within the next six-12 months LIQUIDITY AND DEBT STRUCTURE Temporary Liquidity Reprieve: The issue of additional super senior notes (SSN) tranches of EUR13 million and EUR12 million each, the change in interest payment terms on their SSN and TLB facility as well the divestiture of the QP business for EUR25 million have provided relief to Dummen Orange's near-term liquidity, which stood at EUR5 million at end-September 2022. Liquidity Shortfall Expected in 2024: Given high cyclicality of the company's operations and an expected challenging trading environment in 2023 Fitch still anticipates tight liquidity headroom for FY23. Generated operating cash flows as well as available undrawn workin- capital facility is expected to be only sufficient to cover part of its intra-year working capital needs. Higher working-capital requirements or unforeseen external shock such as low crop productivity or disease spread could result in the business being unfunded under the currently available financing. Fitch expects a liquidity shortfall when the working capital facility matures in March 2024, unless it is renewed. Long-Dated Maturities: The maturity profile benefits from long-dated term loan maturities with no debt amortisations before 2026. ESG CONSIDERATIONS Casper Debtco Bhas an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to the influence of climate change and extreme weather conditions on Dummen Orange's assets, productivity and operating performance, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Casper Debtco B.V. LT IDR RD Downgrade CCC LT IDR CCC- Upgrade RD senior secured LT CC Downgrade RR5 CCC super senior LT B- Downgrade RR1 B KETER GROUP: EUR231M Bank Debt Trades at 25% Discount ----------------------------------------------------- Participations in a syndicated loan under which Keter Group BV is a borrower were trading in the secondary market around 74.7 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR231 million facility is a term loan. The loan is scheduled to mature on October 31, 2023. The amount is fully drawn and outstanding. Keter Group BV manufactures and markets resin-based household and garden consumer products. The Company offers furniture, storage, and organization solutions, such as sheds, deck boxes, dining tables, seating lounge sets, cabinets, shelves, workbenches, sawhorses, tool chest systems, and outdoor toys. The Company's country of domicile is the Netherlands. NOBEL BIDCO: EUR1.05B Bank Debt Trades at 22% Discount ------------------------------------------------------ Participations in a syndicated loan under which Nobel Bidco BV is a borrower were trading in the secondary market around 77.9 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR1.05 billion facility is a term loan. The loan is scheduled to mature on June 23, 2028. The amount is fully drawn and outstanding. Nobel Bidco B.V. operates as the parent company of Philips' domestic appliances business. The Company's country of domicile is the Netherlands. =========== P O L A N D =========== GLOBE TRADE: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Investors Service has affirmed the Ba1 long term corporate family rating of Globe Trade Centre S.A. (GTC). Concurrently, it has affirmed the Ba1 rating of its backed senior unsecured notes, issued by GTC Aurora Luxembourg S.A., guaranteed by GTC. The outlook on both entities has changed to stable from positive. RATINGS RATIONALE GTC's Ba1 long term corporate family rating is supported by its solid market position as a diversified office and retail landlord in Central and Southern Eastern Europe, well-located and good-quality property portfolio, stable cash flow from a high-credit-quality tenant base and robust economic fundamentals across its main jurisdictions Poland (Government of Poland, A2 stable), Hungary (Government of Hungary, Baa2 stable), Bulgaria (Government of Bulgaria, Baa1 stable) and Romania (Government of Romania, Baa3 stable), which Moody's expect to continue supporting a resilient rental income generation over the next 12 to 24 months. Among the factors constraining the rating are the prevailing economic uncertainty and inflationary pressures, that will temper demand for commercial real estate properties, strain rents and the stability of property values. Also, the company's presence in less liquid investment markets entails higher risks to investor appetite, property valuations and access to capital than those in core European markets. The company's future growth via developments or acquisitions will be challenged by the rising cost of capital and strained access to public capital markets. Tightening financial conditions will delay the company's initial plans to shift towards largely unsecured funding while debt maturities concentration in 2026 will require refinancing well in advance. OUTLOOK Company's recent non-yielding EUR115m investment in the Kildare Innovation Campus located in Dublin, Ireland raises concerns regarding the predictability of the GTC's investment strategy. It has also weakened the net debt to EBITDA ratio of GTC to 11x as of the LTM September 2022 from 9.7x as of LTM June 2022. Nonetheless Moody's stable outlook reflects Moody's expectation that the company will be able to strengthen its capital structure via the planned equity raise of minimum EUR150 million; which Moody's understand is broadly supported by company's shareholders and will help GTC to prepare its balance sheet to cope with the planned further investments into its property platform as well as under the company's new strategy while dealing with a likely strain on property values amid a weaker property investment environment across Europe. Moody's expect the negative pressure on pricing and occupancy ratios from the economic deceleration and new office-supply in some of its markets, to be balanced by the good quality of GTC's stock and its disciplined development approach with solid pre-lease ratios; so that overall, Moody's anticipate a broadly stable rental income generation; additionally supported by the earnings contribution of pre-leased-projects to be delivered throughout 2024. Moody's outlook also reflects Moody's expectation that the company will maintain credit metrics commensurate with its financial policy committed to maintain a net LTV at around 45%. However, the rising macroeconomic uncertainty and tightening financial conditions could strain the operating environment of real estate companies even further. Evidence of a sharp contraction in investment activity and greater pressure on rents and values due to weaker property market fundamentals than currently expected would result in a negative rating action. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Strong track record of successfully growing its asset base while maintaining a solid operating performance characterized by growing occupancy rate and like-for-like net rental income across its portfolio, in a favourable operating environment Financial leverage declining towards 40% or below as measured by Moody's-adjusted gross debt/assets, together with a declining Moody's-adjusted Net debt/EBITDA to levels below 10x Moody's adjusted fixed-charge coverage ratio around 3.0x on a sustained basis Maintenance of a robust unencumbered assets ratio well above 50%, comprised by a high-quality asset pool in strong jurisdictions, providing a good coverage to unsecured creditors Maintaining strong liquidity and a long-dated well-staggered debt maturity profile with a track record in accessing to all forms of debt and equity capital FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Failure to deliver on the planned equity raise Moody's-adjusted leverage sustained above 45%, or Moody's-adjusted Net debt/EBITDA sustained above 11x Deterioration in the operating performance, dropping occupancy rate, declining like-for-like net rental income, shortening WALT, or if property market fundamentals weaken sharply Moody's adjusted fixed-charge coverage ratio declining below 2.5x or company's inability to gradually adapt its capital structure to the higher interest rate environment Increase of its development pipeline towards 10% with no meaningful pre-letting ratios or increasing amounts of capital committed to non-yielding investments Weakening of liquidity and the coverage of the unencumbered asset pool, with an unencumbered property asset coverage ratio for unsecured creditors sustained below 1.5x if the majority class of debt switches to secured debt. STRUCTURAL CONSIDERATIONS The Ba1 CFR is in line with the backed senior unsecured rating issued under GTC Aurora Luxembourg S.A., considering that GTC majority of debt is unsecured (55% as of September 2022) and that the company remains committed to reduce structural subordination and continue its shift towards unsecured debt, currently hampered by restrictive public debt markets. Currently unencumbered properties amount around EUR932 million and offer circa 1.4x coverage of unsecured debt obligations. Bondholders are subordinated to existing secured bank debt of around EUR563 million. LIQUIDITY GTC's liquidity will remain adequate supported by an expected cash on hand around EUR170 million by year-end 2022 as well as an undrawn EUR94m revolving credit facility (RCF); Moody's-adjusted funds from operations will be between EUR65 million and EUR75 million over the next 12 months. These funds will adequately cover all expected cash needs in the next 12 to 18 months. As per end of September the average debt maturity was 4.5 years and 95% of the debt cost being fixed or hedged, both protect the company's credit profile at a time when the capital markets are disrupted. The planned equity raise of between EUR150 million - EUR170 million will help to support a potential capital expenditure of up to EUR460 million between 2022 and 2024. ESG CONSIDERATIONS GTC's credit exposure to governance considerations is moderately negative (G-3) mainly due to the concentration of voting rights at its largest shareholder Optima Investment Ltd (Optima), which also exposes the company to potential conflict of interests or increasing amount of related-party transactions. Also, the recent investment activity reflects a more opportunistic capital allocation strategy, which is a credit negative specially if new investments are non-yielding in nature. The latter is partly balanced by the support of Optima to GTC's publicly communicated financial policy. In addition, the company's governance structure includes a board of directors with 8 members, 3 of which independent and a framework governing the approval of related party transactions, as outlined in the most recent version of the company's articles of association dated August 19, 2022. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in September 2022. CORPORATE PROFILE Globe Trade Centre S.A. (GTC) is a well-known real estate investor and developer in Central Eastern Europe (CEE). The group was established in 1994 and has real estate operations across Poland's main cities, such as Warsaw, Krakow, Katowice, Wroclaw, Poznan, and Lodz, and in other capital cities in CEE, such as Budapest, Bucharest, Belgrade, Zagreb, and Sofia. The company's gross asset value (GAV) amounted to around EUR2.3 billion as of September 30, 2022. ========= S P A I N ========= TIMBER SERVICIOS: EUR1.20B Bank Debt Trades at 25% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Timber Servicios Empresariales SA is a borrower were trading in the secondary market around 75.5 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR1.20 billion facility is a term loan. The loan is scheduled to mature on March 29, 2029. About EUR0 million of the loan is withdrawn and outstanding. Timber Servicios Empresariales, S.A. does business as Altadia. Headquartered in Villarreal, Spain, Altadia is a global manufacturer of intermediate products for the ceramic tile industry. The group's offering comprises a full range of products that determine the key properties of floor and wall tiles, including surface colours, glazing products and body coloring materials. Altadia is majority owned by the Carlyle Group. =========== T U R K E Y =========== LIMAK ISKENDERUN: Fitch Affirms 'B' Rating on $370M Notes --------------------------------------------------------- Fitch Ratings has affirmed Limak Iskenderun Uluslararası Liman Isletmeciligi A.S.'s (LimakPort) USD370 million notes at 'B'. The Outlook is Negative. RATING RATIONALE LimakPort's ratings reflect its role as trade enabler for a range of diversified products in the fast-growing south-east Turkiye region, its modern assets and infrastructure, with designed capacity well above current volumes and fully amortising debt. These factors are balanced by its small size, which exposes it to competition from the nearby bigger, but currently capacity-constrained, Mersin Uluslararasi Liman Isletmeciligi A.S. (Mersin Port, B/Negative). Mersin Port's potential expansion plans could impact LimakPort's ability to continue gaining market share. The port has a clear focus on container volumes, although it has been able to attract cargo in 2021 and 2022 as congestion in the container market has driven cargo volume growth. The port's capacity, which is well above current throughput levels, allows LimakPort flexibility in its capex plan. The capex plan is focused on refurbishment and maintenance. Expansion capex would be needed if the port reaches capacity. This is not Fitch's rating case (FRC). LimakPort expected debt service coverage ratio (DSCR) averages 1.18x in the FRC. Limak's credit profile cannot exceed Turkiye's Long-Term Local-Currency Issuer Default Rating (IDR; B/Negative) ) since the port is embedded in Turkiye's macroeconomic environment. KEY RATING DRIVERS Industrial Hinterland, Exposed to Competition - Revenue Risk (Volume): Midrange LimakPort focusses on handling containers, covering two-thirds of revenues. It also services cargo, roll-on/roll-off and dry bulk. The port mainly serves the needs of its dynamic hinterland in importing raw materials and exporting finished/semi-finished goods to the EU, Middle East and north Africa. This results in a diversified and balanced mix between imports and exports across the major ports in the basin. LimakPort has competition from two alternative ports in the same area that target the same volumes (Mersin Port and Assan Port). Both these ports are generally used for containers and are nearing capacity. LimakPort is the only port in the area operating significantly below capacity, and consequently absorbing a substantial portion of growth in the area, resulting in container volume CAGR of 40.2% between 2013-2021. However, despite steadily increasing since 2013, LimakPort's market share is still only 17%, against Mersin's 75%, which remains the largest port in Turkiye's south eastern region. LimakPort benefits from strong connections to the hinterland, especially by road, where the port has a competitive advantage over its competitors in transport cost per container. In addition, its small size and ample capacity relative to Fitch-rated peers result in greater operational efficiency, although this is mitigated by the lower number of port calls at LimakPort compared with Mersin. Mainly Unregulated US Dollar Tariff - Revenue Risk (Price): Midrange LimakPort's revenues are predominantly unregulated as only tariffs for marine services (around 15% of revenues) are regulated by the General Directorate of the Turkish State Railroad Administration. This gives significant price flexibility in the unregulated business as long as tariffs are not excessive or discriminatory, for which there is no history of enforcement. LimakPort has been able to increase tariffs four times since 2013. The port's typical contract length is fairly short, at an average of two years, and includes volume-related incentives. Although this optimises upside by allowing for more regular tariff increases, it also exposes LimakPort to downside risk, since flexibility can become a weakness if volumes drop. LimakPort has a competitive advantage over Mersin as its tariffs are on average 20% lower. The depreciation of the Turkish lira does not have a direct impact on LimakPort's tariffs, which are set in US dollars. The small portion of revenue collected in local currency is used to pay for operational expenses that are mainly lira-denominated. LimakPort has a policy of converting unused amounts of lira into US dollars on a weekly basis. This effectively removes exchange-rate imbalance in the business and despite the depreciation of the lira against the US dollar, allows the company to continue to maintain a healthy profit margin. Ample Capacity to Grow - Infrastructure Development and Renewal: Midrange LimakPort underwent a significant renovation during 2012-2014 to increase capacity to 1 million 20-foot equivalent units (TEU). This is significantly above current utilisation at 465,000 TEU, and allows considerable growth before major growth capex is required. Despite the substantial capacity available, Fitch expects significant cyclical replacement capex near the end of the debt tenor, but with limited access under the FRC to excess cash flow to fund it. LimakPort has substantial expansion potential, should this be needed to accommodate long-term sustained growth in volumes above its current capacity. Growth capex linked to the port's capacity expansion is highly flexible and will only be rolled out if volumes exceed certain thresholds. This growth capex and increased capacity are not required to service the company's debt. Fully Amortising Debt, Small Reserves - Debt Structure: Midrange LimakPort's debt consists of a single tranche of USD370 million senior secured notes due in 2036, which are fully amortising and fixed rate. The debt features typical project-finance protections. These include limits on additional equally-ranking debt, a distribution lock-up covenant of 1.25x and a three-month operations & maintenance reserve account. However, there is a lack of a cash sweep mechanism upon lock-up, a limited six-month debt service reserve account and a 1.5-year maintenance reserve account. Positively, the long tail to the port's concession maturity in 2047 provides long-term financial flexibility in the structure. Under Turkish administrative law, the concession agreement could be terminated unilaterally for public benefit without LimakPort being in breach of its obligations. In this scenario, compensation may be available but any amount and timing are uncertain. Fitch deems this as a remote possibility given the lack of economic rationale to terminate the concession while the operator is meeting its obligations under the concession agreement. In particular, it would likely cost the authorities in compensation to terminate the concession, while maintaining the concession does not carry any cost. PEER GROUP LimakPort's closest peer is nearby Mersin Port. Mersin is the largest port in the region and Turkiye's largest export-import port. This exposes Mersin to the same diversified but volatile mix of volumes as LimakPort, with a similarly well-connected hinterland. Despite the location and hinterland similarities, LimakPort is considerably smaller than Mersin. Currently, it is able to compete with Mersin due to considerable available capacity and significantly lower tariffs. Both ports are able to flexibly set tariffs as long as these are not excessive or discriminatory. LimakPort benefits from a fully amortising and protective project finance debt structure as opposed to Mersin's corporate bullet structure. This leads to Mersin's key metric being leverage while Fitch evaluates Limak on a DSCR basis. Mersin's and Limak's ratings are aligned with Turkiye's sovereign IDR as their credit profiles are fully exposed to Turkiye's macroeconomic and political environment. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: A downgrade of Turkiye's sovereign rating. Factors that could, individually or collectively, lead to positive rating action/upgrade: Positive action on Turkiye's sovereign rating provided there was an improvement in the macroeconomic environment and this was reflected positively in the financial profile. CREDIT UPDATE From January to September 2022, LimakPort recorded 360,000 TEU (4.5% higher than in 9M21: 345k) and 933,000 tons of cargo (an increase of 37.6% above 9M21: 678,000 tons) as a result of the change in the transportation model to de-containerisation. This translated into increased revenues for container and general cargo. Overall operating costs decreased owing to lira depreciation, together with investments in port equipment leading to lower sub-contractor expenses and lower rental expenses. Liquidity at end-September 2022 was USD75 million, of which 90% (USD67.5 million) was allocated to offshore accounts. Free cash available was USD36.8 million. Around 99% of Limak's total cash is US dollar-denominated. FINANCIAL ANALYSIS The FRC is based on a reasonable downside scenario and applies reduced throughput growth. Between 2022-2035, the FRC DSCR averages 1.2x. Fitch assumes volume growth to be linked to global GDP and costs as a function of US dollar and lira inflation. Fitch assumes that refurbishment in 2033-36 will still be needed, despite lower volume growth compared with the sponsor case. The result is a declining DSCR due in part to long-term deteriorating macroeconomic conditions. 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 ----------- ------ ----- Limak Iskenderun Uluslararasi Liman Isletmeciligi A.S. Limak Iskenderun Uluslararasi Liman Isletmeciligi A.S. /secured/1 LT LT B Affirmed B MERSIN ULUSLARARASI: Fitch Affirms 'B' Rating on $600M Unsec. Notes ------------------------------------------------------------------- Fitch Ratings has affirmed Mersin Uluslararasi Liman Isletmeciligi A.S.'s (Mersin or MIP) USD600 million senior unsecured notes at 'B'. The Outlook is Negative. RATING RATIONALE Mersin's dominant market position in its catchment area, its location and strong connectivity to its industrial hinterland and its diversified goods mix mitigate the volatility of its domestic and export market. MIP's weak, single-bullet debt structure weighs on the rating, although the refinancing risk associated with the bullet bond is mitigated by relatively moderate leverage of 2.5x at maturity in 2024. The Fitch Rating Case (FRC) does not factor in any extraordinary volume growth despite Mersin's planned capacity expansion project, East Mediterranean Hub II (EMH II), which would increase capacity to 3.6 million 20-foot equivalent units (TEUs) from 2.6 million TEU. Mersin's revenue stability is supported by US dollar-denominated tariffs. Turkish lira depreciation has offset inflationary cost increases for costs incurred in lira, which make up a large part of the port's cost base. Additionally, MIP had around 96% of its liquidity in offshore accounts as of end-October 2022. MIP's credit profile cannot exceed Turkiye's Long-Term Local-Currency Issuer Default Rating (IDR; B/ Negative) since the port is embedded in Turkiye's macroeconomic environment. KEY RATING DRIVERS Industrial Hinterland, Exposed to Macroeconomic Volatility - Revenue Risk (Volume): Midrange MIP is Turkiye's largest export-import port and the largest port in terms of containerised throughput in Turkiye. The volume mix is diversified and balanced between imports and exports, but volatile. The port benefits from an industrial hinterland. The port is currently working at capacity. Mersin lost some market share between 2015 and 2020 to its main competitor, Limak Iskenderun Uluslararasi Liman Isletmeciligi A.S. (Limak; B/Negative), due to Limak's competitive rates, but in the last two years has been able to stabilise its market share. Unregulated US Dollar Tariffs - Revenue Risk (Price): Midrange MIP's concession provides almost full pricing flexibility, with restriction only against excessive and discriminatory pricing, for which there is no history of enforcement and historically MIP has been able to increase tariff. The typical contract length with MIP's customers is on average short at one to two years and includes volume-related incentives. MIP's revenues are largely set and paid in US dollars. The remaining local-currency payments are settled weekly in dollars so depreciation of the lira does not have much direct impact on MIP's tariffs. The majority of operational expenses are denominated in lira and MIP maintains a policy of converting unused cash earmarked for operating expenses into US dollars on a weekly basis. Consequently, the depreciation of the lira against the US dollar, MIP maintains a healthy margin. Extensive Investment Plan - Infrastructure Development and Renewal: Midrange MIP's current container handling capacity is 2.6 million TEUs. After the completion of its East Mediterranean Hub (EMH) Phase I in 2016, management is planning EMH II, which will further extend the berth length, enabling the terminal to handle two mega-vessels concurrently. EMH II is a phased expansion project to ultimately extend MIP's capacity to 3.6 million TEUs by 2025. The first phase of EMH II is expected to start in 2023. However, the timing of the expansion will depend on volume growth, permit approvals, and the political and economic environment. Fitch understands from MIP that it plans to access external funding to fund a portion of the project. Refinance Risk, Unsecured Debt - Debt Structure: Weaker MIP's USD600 million bullet bond is senior unsecured with a fixed rate. No material covenants protect debt holders apart from a 3.0x net debt/EBITDA incurrence-based covenant, which Fitch does not consider to be protective as it does not prevent distributions to shareholders. MIP has no available revolving credit facility or reserve account. Combined with the single-bullet nature of the debt resulting in high refinancing risk, this weighs on the overall debt structure assessment. The presence of a sponsor group with local and international banking relationships is likely to support MIP if refinancing is hampered by temporary disruption to capital markets. PEER GROUP MIP's main peer is Limak (B/Negative), which also operates in the East Mediterranean region. Limak is also an export-import oriented port with lower tariffs than Mersin due to its need to compete on price versus bigger ports in the region such as Mersin. Limak's debt structure is fully amortising compared with Mersin's bullet debt structure, so it is not exposed to refinancing risk. Like Mersin, Limak's rating is in line with Turkiye's Long-Term Local-Currency IDR. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - A significantly unfavourable revision of the capital structure linked to Mersin's debt-funded financial policy. - Failure to refinance the existing USD600 million notes at least 12 months in advance of maturity. - A downgrade of Turkiye's IDR. Factors that could, individually or collectively, lead to positive rating action/upgrade: Positive action on Turkiye's IDR provided that Mersin provides tangible evidence of steps taken towards refinancing. CREDIT UPDATE Mersin's revenue fell by 0.2% in 2021. Container throughput was well diversified in 2021, with no product type generating more than 6% of total container throughput. The customer base was also reasonably diverse, with the five largest customers accounting together for 44% of consolidated operating revenue. MIP's debt matures in 2024 and the company is actively monitoring global markets and is in touch with banks to assess potential refinancing windows in 2023 and 2024. Fitch expects the refinancing to be at a higher cost due to significantly increased interest rates. The commencement of the EMH II expansion project is pending until the resolution of some municipality lawsuits, which the company expects by 2023. The project is expected to be funded through a USD100 million capex facility. The construction period is estimated at around two years. FINANCIAL ANALYSIS The FRC assumes volume growth at 1.4% CAGR between 2021 and 2025 and prices to grow at around inflation. Other revenues grow at in line with volumetric revenue. Costs increase as a function of lira and US dollar inflation, growing at 8.1% between 2021 and 2026. Fitch assumed debt to be refinanced in 2024 at 250bp above the existing notes' rate. In the FRC, around USD570 million capex will be undertaken between 2022-26, including the expansion project. Fitch has not included additional volume growth from this investment. Dividends will be distributed according to management's policy of distributing the maximum amount available each year. 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 ----------- ------ ----- Mersin Uluslararasi Liman Isletmeciligi A.S. Mersin Uluslararasi Liman Isletmeciligi A.S./Debt/1 LT LT B Affirmed B =========================== U N I T E D K I N G D O M =========================== AMPHORA FINANCE LTD: GBP301M Bank Debt Trades at 37% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Amphora Finance Ltd is a borrower were trading in the secondary market around 63.1 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The GBP301 million facility is a term loan. The loan is scheduled to mature on June 1, 2025. The amount is fully drawn and outstanding. Amphora Finance Limited operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The Company's country of domicile is the United Kingdom. CHESHIRE 2021-1: S&P Affirms 'B (sf)' Rating on Class F-Dfrd Notes ------------------------------------------------------------------ S&P Global Ratings affirmed its 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', 'BB (sf)', and 'B (sf)' credit ratings on Cheshire 2021-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes, respectively. The affirmations reflect that while the transaction has been amortizing sequentially, resulting in increased credit enhancement for the outstanding notes, there has been an offsetting increase in loan-level arrears since closing. At the same time, the rated notes are sensitive to some of the sensitivity analysis S&P has performed that address the potential effect of the cost of living crisis on borrowers and additional valuation haircuts that are supported by the observed loss severity data in the transaction. Since closing, in S&P's standard analysis its weighted-average foreclosure frequency (WAFF) assumptions have increased at all rating levels. This is due to an increase in loan-level arrears by 4.23 percentage points, with an increase in 90+ day arrears of 2.7 percentage points. Meanwhile, a reduced weighted-average indexed current loan-to-value (LTV) ratio, due to steadily rising house prices, caused the weighted-average loss severity (WALS) to decrease. Overall, required credit coverage has decreased since closing. Credit Analysis Results RATING LEVEL WAFF (%) WALS (%) CREDIT COVERAGE (%) AAA 46.76 37.49 17.53 AA 39.08 29.81 11.65 A 34.66 18.00 6.24 BBB 29.97 11.61 3.48 BB 24.48 7.73 1.89 B 23.24 5.04 1.17 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. Total arrears remain higher than S&P's U.K. nonconforming index. Total prepayments have been broadly in line with our U.K. nonconforming index since closing. There are no counterparty constraints on the ratings on the notes in this transaction. The replacement language in the documentation is in line with S&P's counterparty criteria. S&P said, "Our credit and cash flow results indicate that the available credit enhancement for the class A notes continues to be commensurate with the assigned rating. We therefore affirmed our 'AAA (sf)' rating on the class A notes. "The ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes are below the levels indicated by our standard cash flow analysis. While the class B-Dfrd to F-Dfrd notes pass at higher levels of cash flow stresses than at closing, stemming from the reduction in required credit coverage since closing, the assigned ratings consider a sensitivity to valuation haircuts given observed loss severities in the transaction. They also reflect sensitivities related to higher levels of defaults due to macroeconomic factors (such as cost of living pressures on borrowers). In these sensitivities, the available credit enhancement continues to be commensurate with the assigned rating on each class of notes. We therefore affirmed our ratings on the class B-Dfrd to F-Dfrd notes. "We expect U.K. inflation to remain high for the rest of 2022 and in 2023. 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. Of the borrowers within the pool, 99.9% 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." CHF 9: Director Gets 10-Year Disqualification Over GP8MM Scheme --------------------------------------------------------------- The Insolvency Service on Dec. 1 disclosed that Sean Murray (56) of Ringwood, Hampshire, was the director of CHF 9 Limited, which was incorporated in October 2017. The company traded as a vehicle to secure investment to build care home apartments and studios in the Grade II listed building and the surrounding lands, near Bishop Auckland in County Durham. Investors parted with GBP8.1 million to build 51 care studios having seen marketing collateral, which included plans for 45 studios in the existing building and a further 40 on the surrounding land. CHF 9 Limited, however, went into administration in December 2019 before entering into creditors' voluntary liquidation in December 2020. The company's insolvency, however, triggered an investigation by the Insolvency Service before investigators uncovered that CHF 9 purchased the Grade II listed building in November 2017 for just over GBP350,000, as well as the surrounding lands a month later for just over GBP500,000. The company required planning permission to make any changes to the exterior or interior before meeting the local authority to discuss plans to build 80 studios. While the local authority advised CHF 9's plans would not be possible and suggested 10-15 studios would be more appropriate, Sean Murray sought investment for the project. Further enquiries found that none of the money secured for the new care studios were paid into CHF 9's bank account. More than GBP3.3 million was paid to a connected company and a further GBP2.8 million was paid to the company's solicitors before GBP1 million was paid out of CHF 9's accounts. The Secretary of State for Business, Energy and Industrial Strategy accepted a 10-year disqualification undertaking from Sean Murray after he did not dispute that he entered into 51 contracts with investors for care studios in a Grade II listed building when he did not have planning permission. The disqualification came into effect in May 2022 and the undertaking prevents Sean Murray from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court. Robert Clarke, Chief Investigator for the Insolvency Service, said: "Our enquiries found that the majority of investors would not have invested had they known that CHF 9 didn't have planning permissions to build the care apartments. "Sean Murray has rightfully been removed from the corporate arena for a significant amount of time. This should serve as a stark warning for potential investors to do your due diligence, as well as making clear to directors involved in investment schemes that we have the powers to disqualify you from running limited companies." CMI: Screen Scotland Buys Edinburgh Int'l Film Festival Rights -------------------------------------------------------------- Tara Fitzpatrick at stv reports that Screen Scotland has purchased the rights to the Edinburgh International Film Festival, sparking hope for the future of the 75-year-old cultural event. According to stv, the organisation, the national body for development in film and TV, say they are also in discussions for cultural cinema programmes in both Edinburgh and Aberdeen, including the potential for a festival in the capital city in 2023. The work to consider all options for a new 2023 festival has received funding from Creative Scotland of up to GBP97,647, with updated plans set to be announced early next year, stv discloses. It comes after the Centre for the Moving Image (CMI), incorporating the Edinburgh Filmhouse, the Belmont Filmhouse in Aberdeen and the Edinburgh International Film Festival, announced it was going into administration in October this year, stv notes. Industry professionals and film fans alike expressed their widespread disappointment at the news, with a campaign launched to save the filmhouses from being sold, stv relays. Screen Scotland says it is taking part in ongoing discussions with Administrators and issued the update on Dec. 1, according to stv. The organisation confirmed it had purchased the intellectual property of the international film festival from administrators FRP Advisory, stv recounts. The purchase includes the domain name and brand assets which can be provided to future operators of a festival, stv discloses. An "options appraisal" is also underway to determine the possibilities for a festival in Edinburgh in 2023, stv states. COMET BIDCO: US$420M Bank Debt Trades at 30% Discount ----------------------------------------------------- Participations in a syndicated loan under which Comet Bidco Ltd is a borrower were trading in the secondary market around 70.2 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The US$420 million facility is a term loan. The loan is scheduled to mature on October 6, 2024. About US$402 million of the loan is withdrawn and outstanding. Comet Bidco Limited provides connectivity and business-critical insight across communities of buyers and sellers. The Company uses range of exhibitions, conferences, tradeshows, and websites to target new business, demonstrate their products, build relationship with their clients, and identify new opportunities for performance improvement. The Company's country of domicile is the United Kingdom. COVENTRY & RUGBY: Moody's Reviews Ba2 Bond Rating for Downgrade --------------------------------------------------------------- Moody's Investors Service has placed on review for downgrade the Ba2 underlying rating of the GBP407.2 million index-linked guaranteed senior secured bonds (including GBP35 million of variation bonds) due 2040 (the Bonds) issued by The Coventry and Rugby Hospital Company Plc (CRHC). This follows the University Hospitals Coventry and Warwickshire NHS Trust's (UHCW) issuance of an Unavailability Notice for the entire UHCW site. The A1 backed senior secured rating is unaffected by this rating action. The outlook has been changed to ratings under review from negative. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING On November 14, 2022, CRHC announced that it had received a notice of whole site unavailability relating to the UHCW acute facility (UHCW represents around 92% of the annual unitary payment). This followed various leaks in the plastic hot water pipes, which were repaired within a few days. CRHC and UHCW are developing a plan to mitigate the possibility of further leaks in the pipework, including replacement of sections of the pipework. Under the terms of a Supplemental Agreement (SA) between CHRC and the construction contractor (a joint venture of Skanska Construction UK Limited and Skanska Rashleigh Weatherfoil Limited, referred to hereon as CJV) signed in 2013, CJV is liable for any defects or costs associated with the Girpi piping for the duration of the project agreement (PA). Moody's understands that CRHC is discussing this with CJV. Whilst the SA provides some protection to CRHC, the company could incur legal costs in enforcing the SA and may also need to procure remedial works in advance of recovery under the SA. UHCW makes quarterly unitary payments to CRHC at the end of October, January, April and July. UHCW made the October 2022 payment in full with no deductions. However if UHCW is claiming the entire site is still unavailable (noting that the recent leaks have been rectified) then potentially it may in the worst case apply a 100% payment deduction in January 2023. In addition to the developments with UHCW, the Coventry and Warwickshire Partnership NHS Trust (CWPT, representing around 8% of the annual unitary payment) had previously issued a notice to the Security Trustee (under the funders direct agreement) of its intention to issue a partial termination notice under the PA. CWPT and CRHC recently entered into a standstill whereby no termination can take place until January 31, 2023. CWPT continues to make 100% payment deductions because of claimed inadequacies with fire doors and fire stopping among other things within its mental health unit. Settlement discussions are underway. In a worst case scenario, if UHCW applies a 100% payment deduction in January 2023 then CRHC will need to utilize its 6-month debt service reserve account to make the June 30, 2023 debt service payment. Debt service payments are on June 30 and December 31 of each year. The Bonds benefit from an unconditional and irrevocable guarantee of scheduled principal and interest from Assured Guaranty UK Limited (AGUK, A1 stable). The underlying rating of Ba2 reflects the credit risk of the Bonds absent the benefit of the guarantee. The overall rating of A1 is the higher of the underlying rating and AGUK's rating. The rating could be upgraded if (1) UHCW withdraws its notice of unavailability and all necessary remedial works are completed without CRHC incurring significant costs; (2) following completion of the remedial works CRHC demonstrates a track record of adequate operational performance at the UHCW site with relationships remaining satisfactory; (3) CWPT elects not to terminate its part of the PA, followed by a sustained period of satisfactory performance by CRHC at the mental health unit; and (4) if CWPT elects to terminate its part of the PA, any CWPT termination compensation proceeds enable sufficient debt repayment such that projected DSCR metrics do not deteriorate. The rating could be downgraded if (1) UHCW makes a significant deduction to the January unitary payment; (2) projected DSCR metrics weaken further following CWPT proceeding to terminate its portion of the PA and receipt of compensation proceeds; or (3) CRHC experiences difficulty in completing the UHC remedial works. The principal methodology used in this rating was Operational Privately Financed Public Infrastructure (PFI/PPP/P3) Projects Methodology published in June 2021. DOT BAGEL: Kennedy & Rhind Acquires Chillingham Road Outlet ----------------------------------------------------------- Tom Keighley at BusinessLive reports that Dot Bagel's Heaton store is set to reopen after a rescue deal was struck following the company's' collapse into liquidation last month. According to BusinessLive, Jesmond bakery and cafe business Kennedy & Rhind has acquired the Chillingham Road outlet and says it has re-employed the majority of staff following its closure in October. Dot Bagel, which also had an Acorn Road shop in Jesmond, had been due to expand into other Tyneside sites before its demise, BusinessLive notes. Documents from liquidators at FRP show the business had liabilities of GBP368,775, BusinessLive discloses. Now, the Chillingham Road branch will reopen with expanded cafe facilities and an expanded range of hot and cold drinks, as well as parties and pies, BusinessLive relates. ELITE SPORTS: Rangers FC May Still Face Lawsuit Despite Collapse ---------------------------------------------------------------- John Glover at The Scottish Daily Express reports that Rangers FC could still be sued for GBP9.5 million by the administrators of the Elite Sports Group despite the sports goods distributor going insolvent. The Ibrox club is facing a civil court action over claims Rangers breached a contract related to the provision of kits for the Glasgow team, Scottish Daily Express discloses. Elite is the exclusive brand partner to Danish sportswear firm Hummel and it instructed lawyers to go to the Court of Session in Edinburgh. Elite won a bid to force Rangers to disclose sales data to them last month, The Scottish Daily Express recounts. However, according to Kieran Maguire of the respected Price of Football podcast, the company has also been placed into administration, The Scottish Daily Express notes. The Scottish Daily Express spoke to the managing director of insolvency practitioner Begbies Traynor who explained that the administrators will be running the company instead of the directors and will probably be seeking legal advice on the case. Ken Patullo stated that the action the company raised could have been a last-minute call for help and might not be a good case, The Scottish Daily Express relays. Mr. Patullo, as cited by The Scottish Daily Express, said he expects the case will be settled but the administrators will look at the pros and cons "impassionately" and "independently" with their lawyers to see if they have a "good chance" at winning the case. He said: "The only thing that has happened now because the company has gone into administration is the administrators are running the company rather than the directors. "Obviously the action has been raised already that doesn't necessarily mean it's a good action. They will have to take their own legal advice and continue with it." News of the insolvency broke just hours after the most recent hearing at the Court of Session, The Scottish Daily Express notes. Several English football clubs linked to Elite confirmed their club shops were closing down, according to The Scottish Daily Express. GO-CENTRIC: Collapses After Awarded GBP10MM in Gov't Contracts -------------------------------------------------------------- Hannah Rodger at Daily Record reports that a firm awarded millions in government contracts despite warnings about its owner's credentials has gone bust -- leaving hundreds of staff out of work just weeks before Christmas. Go-centric -- run by sports car-driving David Harper -- folded on Dec. 1, leaving 600 call centre employees facing an uncertain future, Daily Record relates. Glasgow-based Go-centric was given almost GBP10 million from the Scottish Government to manage the Test and Protect contact tracing service during the pandemic but furloughed staff almost immediately after taking on the work, Daily Record relates. According to Daily Record, a spokeswoman for Go-centric said 250 of the 600 staff had been able to find work in other firms and claimed the company was actively looking for alternative work for the remaining staff. PINEWOOD GROUP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on U.K.-based Pinewood Group Ltd. to stable from negative and affirmed its 'BB-' long-term issuer credit rating on the company. At the same time, S&P affirmed its 'BB' issue rating and its '2' recovery rating on Pinewood's senior secured notes. The stable outlook reflects S&P's expectation that Pinewood's EBITDA-to-interest ratio will remain close to or above 2.4x, its S&P Global Ratings-adjusted debt to EBITDA will improve to 10x-12x, and its reported loan to value (LTV) will stay below 50% over the next 12 months. S&P said, "In November 2022, PGV acquired Pinewood, and the fund will provide new equity to the business for future expansion. We factor in that the new fund has no designated termination date and its first exit option date is remote. According to management, PGV's investors are a pool of sovereign and state pension funds. We view positively that Pinewood will principally fund any new projects with equity, while maintaining its financial target of reported LTV below 50%. That said, we understand that the growth strategy is not finalized yet and we will reassess its effect on Pinewood's credit metrics once we have more information. We also understand that the change of ownership does not constitute a change of control event for Pinewood's senior secured notes because PGV will continue to be managed by Aermont, and Aermont's directors will represent a majority on Pinewood's board of directors. We continue to view Aermont as a financial sponsor for Pinewood. "Our outlook revision also factors in the good progress of Pinewood's ongoing projects and holding demand for its assets. This should stabilize the company's credit metrics in the next 12 to 18 months on the back of incremental EBITDA from the new developments. Pinewood is demonstrating good progress with its significant expansion project worth about GBP700 million. In October 2022, Pinewood completed its Pinewood West new stages, and it expects to complete its Shepperton North West and Shepperton South stages through 2023. Once construction is completed, Shepperton Studios will comprise 31 purpose-built stages, making it the second-largest studio in the world, according to management. Pinewood has pre-let the entirety of the Shepperton expansion to Amazon Prime Video and Netflix, under long-term contracts with inflation-linked indexation. We expect the new projects to generate approximately GBP20 million-GBP25 million of EBITDA in the fiscal year ending March 2024 (fiscal 2023), and about GBP50 million-GBP60 million in fiscal 2024. As a result, we forecast that Pinewood's total EBITDA will improve in the next 12-18 months to about GBP90 million-GBP100 million, bringing its leverage back to levels commensurate with its 'BB-' rating, with adjusted debt to EBITDA approaching 10x-12x and EBITDA interest coverage recovering to 2.4x and above. "Our rating affirmation reflects the predictability of Pinewood's cash flows on the back of its existing long-term contracts with Netflix and Disney. Pinewood's two existing studios 100% let out under 10-year U.K. retail price index (RPI)-linked contracts with Disney and Netflix, signed in 2019. These contracts do not have break clauses, and upward revision in line with inflation is not capped. These contracts underpin the approximate 85% share of contribution of production accommodation, specialist underwater stages, and associated rentals to Pinewood's revenue less direct costs. We think these long-term contracts support the stability and predictability of Pinewood's cash flows. "Content production industry conditions remain supportive, albeit somewhat moderate post-pandemic. We factor in that demand for Pinewood's stages remains strong, supported by a secular growth phase in the streaming industry. Pinewood's position is enhanced by its favorable location close to Central London, the high quality of its studios, and strong brand recognition, which should mitigate strong competition within the industry, at least in the short-term. We also factor in that increased build construction costs, supply chain disruptions, and limited availability of well-priced funding are limiting new stage supply." Inflationary pressures remain the main challenge, but Pinewood has a track record of delivering its expansionary projects on time and on budget. Due to its size, the new expansion project incurs a material development risk, which is exacerbated by the volatility in the construction supply value chain and the inflationary risks. S&P said, "We understand Pinewood's discretion to steer the delivery pipeline is now limited because the majority of new stages have been pre-let. Partly offsetting this, we note that the obligations of Pinewood's subcontractors include performance guarantees, which should mitigate the financial impact on Pinewood in case of execution issues, to some extent. We view positively that Pinewood's remaining capital expenditure (capex) is largely pre-funded. As of Sept. 30, 2022, Pinewood had about GBP370 million of cash and deposits, mostly funded with the proceeds from GBP300 million senior secured notes issued in November 2021. Pinewood also has a GBP75 million availability under its fully undrawn revolving credit facility (RCF). Together with the cash flows generated by Pinewood's existing business, this should cover the remaining capex for Shepperton North West and Shepperton South, which totals about GBP320 million-GBP325 million to be spent in the next 12-14 months, in management's estimates." S&P said, "The stable outlook reflects our view that Pinewood's assets will likely continue to generate steady income, supported by increasing demand for media content and successful letting out of the newly built stages, with the main tenant pool increasing to three. The existing long-term contracts with Disney and Netflix will also continue to bolster the company's performance. Under our base-case scenario, we project that Pinewood's EBITDA interest coverage should improve to 2.4x and above, with debt to EBITDA returning to 10x-12x in fiscal 2023. "We could lower the rating if we thought Pinewood's new shareholders had adopted a more aggressive financial policy, such as issuing additional debt or paying out dividends, leading to weaker credit metrics than we currently anticipate. For example, we would consider downgrading Pinewood if its debt to EBITDA increased to above 13x or EBITDA interest coverage remained well below 2.4x for a prolonged period. We would also view negatively Pinewood's reported LTV ratio increasing above 50% without short-term recovery potential. "We could also lower the rating if Pinewood's rental activities deteriorated, which could stem from sluggish demand linked to a downturn in the media industry or changes in the operating and regulatory conditions (such as business rate revaluation). "We could consider a positive rating action if Pinewood's shareholders demonstrated a supportive financial policy that helped to support the metrics commensurate with a higher rating. A significant increase in the company's tenant-base diversification or in the scale and scope of its portfolio could also increase rating upside." SWAN HOUSING: S&P Keeps 'BB-' Long-Term ICR, Alters Watch to Pos. ----------------------------------------------------------------- S&P Global Ratings maintained the CreditWatch placement on its 'BB-' long-term issuer credit rating on Swan Housing Association, but revised the CreditWatch implications to positive from developing. S&P previously placed the ratings on CreditWatch developing on Oct. 7, 2022. S&P said, "At the same time, we maintained the CreditWatch on our 'BB-' rating on the GBP250 million bond issued by Swan Housing Capital PLC, but revised the CreditWatch implications to positive from developing. Swan Housing Capital was set up for the sole purpose of issuing bonds and lending the proceeds to Swan, and we view it as a core subsidiary of Swan." On Nov. 24, 2022, Swan Housing Association (Swan) and Sanctuary Housing Association (Sanctuary) both announced that the two entities' proposed business combination had been agreed by the boards of both organizations, subject to obtaining appropriate consents and satisfactorily concluding commercial discussions with third parties. This followed an announcement on Nov. 18, 2022, that Sanctuary Affordable Housing (a member of the Sanctuary group) had provided Swan with a secured loan of GBP50 million. S&P said, "The CreditWatch placement indicates that Swan's creditworthiness could strengthen over the next three months. We may consider raising the ratings on Swan if it becomes part of the Sanctuary group through the proposed business combination. Depending on Swan's status within the group, the ratings could be raised by more than one notch. "The CreditWatch positive placement reflects that we consider the proposed business combination, which the boards of both Sanctuary and Swan have approved, subject to obtaining appropriate consents and satisfactorily concluding commercial discussions with third parties, a positive step toward a solution for Swan. While delayed beyond the previous communicated completion date of Nov. 30, 2022, we understand that discussions with third parties are ongoing and expect a conclusion within the next three months. We continue to view Swan's access to external funding as limited compared with peers, but consider it positive that Sanctuary has provided Swan with a GBP50 million secured loan, which Swan used to refinance the loan it received from Orbit Group as part of the partnership discussions that ceased on Sept. 29, 2022." The business and financial weaknesses that constrain Swan's creditworthiness are somewhat balanced by the Regulator for Social Housing's (RSH's) oversight and statutory powers to intervene. The RSH's main approach to rescuing distressed housing associations in the past has been to encourage the formation of business partnerships with stronger organizations. S&P said, "In our view, the uncertainty around its business is likely to have constrained Swan's access to external liquidity. That said, we estimate that it has sufficient liquidity to cover operations for the next 12 months, supported by funding from Sanctuary. We estimate that sources of liquidity could cover uses by close to 1.3x, considering its latest cash position and support from Sanctuary." TRITON UK: S&P Alters Outlook to Negative, Affirms 'B-' LT ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Triton UK Midco Ltd. to negative from positive and affirmed its 'B-' long-term issuer credit rating. S&P also affirmed its 'B' rating on the group's first-lien debt. The negative outlook indicates that S&P could lower the ratings in the next 12 months if Synamedia fails to contain the decline in group revenue and improve profitability, resulting in its free operating cash flow remaining negative, or if it does not successfully refinance its 2024 debt maturities over the coming 12 months. Triton UK, parent of video technology group Synamedia, delayed its refinancing transaction in early 2022 and is now facing tighter liquidity--fueled by its subdued operating performance and ongoing debt amortization requirements. Tough market conditions delayed the group's planned refinancing in line with the terms proposed at the beginning of the year, leading to reduced liquidity headroom driven by ongoing amortization requirements. The group deferred its proposed refinancing transaction in February 2022. Since then, challenging market conditions for high-yield issuers have made it difficult to launch the refinancing transaction at favorable terms. Coupled with adverse working capital movements over the course of fiscal year 2022 (ending June 26) and subdued earnings, the group ended September 2022 with just $4.6 million of cash on the balance sheet and $22 million drawn under its $60 million revolving credit facility (RCF). S&P said, "In our view, this will lead to tighter liquidity in fiscal 2023, as we expect group earnings to remain under pressure. Also, the existing first-lien debt requires a partial amortization at 7.5% of its original principal every year (or about $23 million per year)." Shareholder support will increase liquidity headroom for the next 12 months. Existing shareholders Permira and Sky funded a $25 million common equity injection, which closed in the second quarter of fiscal 2022. The proceeds will be used to fund ongoing working capital needs in the second and third quarters of the fiscal year. S&P said, "As a result, we think Synamedia has an adequate liquidity position for the 12 months to September 2023. We also consider the track record of shareholder support as credit positive, and anticipate shareholders could make further injections in the event of small liquidity shortfalls." Synamedia has limited time to improve its credit metrics and refinance its capital structure ahead of its debt maturities in 2024. Its $305 million first-lien term loan matures in October 2024, and the $100 million second-lien loan matures in October 2025. The $60 million RCF was extended to May 2026 earlier this year. S&P said, "We think the group has sufficient time to address its upcoming maturities well in advance of their due date, and there is room to improve operating performance before approaching the market for a refinancing transaction. That said, should the group underperform our current expectations, especially in the seasonally stronger fourth quarter of fiscal 2023 (April to June), refinancing risk could rise abruptly." S&P said, "A slower pick up in emerging tech solutions will lead to weaker growth than we previously anticipated. Weak macroeconomic conditions will likely affect the rate at which existing and new customers switch to new technology from Synamedia's media cloud services and video network divisions. In our view, this could lead to a more prolonged period of declining group revenue due to the ongoing decline in pay TV viewership in North America and Europe, which continues to pressure revenues in the broadcasting technologies segment. As a result, we now forecast group revenue to decline by 3%-5% in fiscal 2023 and 2%-3% in fiscal 2024 on a constant currency basis, after a 17% contraction in fiscal 2022 (largely driven by the expiration of a large one-off contract in the video network division)." Tight cost control and abating working capital headwinds should provide stability to earnings and free cash flow. After a period of heavy investment in its research and development (R&D) function in recent years, and in a weaker macroeconomic environment, the group will likely look to reduce investments in new solutions, instead focusing on commercial efforts surrounding its existing product suite. The group has identified $40 million-$50 million in cost savings that it expects to set in motion by the end of calendar year 2022. S&P said, "We believe this will allow the group to maintain broadly stable profitability in fiscal 2023 and achieve earnings growth in fiscal 2024 despite our forecast revenue decline. We anticipate adjusted EBITDA margins of about 17% in fiscal 2023 and 18%-20% in fiscal 2024, compared with 16.8% in fiscal 2022." S&P said, "We also forecast broadly neutral working capital movements in fiscal 2023 and fiscal 2024, after outflows of $48 million in fiscal 2022. These outflows were driven by increasing inventory levels due to supply chain disruptions, a rebalancing in accruals, and a postponed tax credit that fell in the first quarter of fiscal 2023. Coupled with broadly stable earnings and muted capital expenditure (capex), we anticipate free operating cash flow (FOCF) after leases will approach a break-even level in fiscal 2023 and grow to $10 million-$20 million in fiscal 2024. "The negative outlook indicates that we could lower the ratings in the next 12 months if Synamedia fails to contain the decline in group revenue and to improve earnings and profitability, resulting in its FOCF remaining negative." S&P could lower its ratings on Triton UK Midco Ltd. if: -- S&P expects a liquidity shortfall in the next 12-18 months, without any remedying actions from the company or its shareholders; or -- S&P thinks there is a heightened probability of a default, such as a missed debt interest or amortization payment, or a distressed exchange. S&P said, "We could revise our outlook to stable if the group managed to show consistent growth in earnings and positive FOCF, leading to improving credit metrics and increasing liquidity headroom. We could also consider a positive rating action if the group were to successfully refinance its capital structure at favorable terms, reducing its pressure on liquidity." ESG credit indicators: E-2, S-2, G-3 VUE INTERNATIONAL: EUR634M Bank Debt Trades at 37% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Vue International Bidco PLC is a borrower were trading in the secondary market around 63.4 cents-on-the-dollar during the week ended Friday, December 2, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR634 million facility is a term loan. The loan is scheduled to mature on June 21, 2026. The amount is fully drawn and outstanding. Vue International Bidco PLC operates movie theaters worldwide. The Company's country of domicile is the United Kingdom. WATERFRONT SOUTHPORT: Owed More Than GBP18MM at Time of Collapse ---------------------------------------------------------------- Jon Robinson at BusinessLive reports that more than GBP18 million was owed to creditors when a landmark four-star hotel in Southport entered administration, new documents have revealed. Bliss Hotel remains open and none of the 90 members of staff have been made redundant, while a new buyer is being sought, BusinessLive notes. Prospective owners have until Dec. 9 to submit a bid, BusinessLive discloses. Parent company Waterfront Southport Properties Ltd, along with subsidiary Waterfront Hotels (Southport) Ltd appointed Paul Davies and Sandra Mundy of advisory firm James Cowper Kreston to manage the administration process in October, BusinessLive relates. The hotel, which is located on Southport's waterfront next to the planned Marine Lakes Events Centre, was put on the market at the end of September, BusinessLive recounts. It includes 131 bedrooms and penthouses, a lounge bar, restaurant, roof garden, gym, conferencing and events space, as well as secure underground car parking for 120 cars. According to newly-filed documents with Companies House, Waterfront Southport Properties Ltd owed GBP18.2 million to its creditors when it entered administration, BusinessLive discloses. More than GBP16.2 million of that was due to ICG-Longbow Senior Secured UK Property Debt Investments Ltd -- the charge holder which forced the two businesses into administration, BusinessLive states. The charge holder was the primary source of funding for the two businesses. However, the charge holder said the businesses had not fulfilled their interest payment obligations, not complied with property reporting obligations and net operating income and loan to value obligationsm BusinessLive relays. Other creditors include HMRC, though the administrators say the amount owed remains unclear, BusinessLive notes. The joint administrators also warned that unsecured creditors "cannot expect a distribution from this estate", according to BusinessLive. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week November 28 to December 2, 2022 -------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- ------- ----- Orpea SA 2.625 3/10/2025 EUR 19.657 Orpea SA 2.000 4/1/2028 EUR 19.659 Castellum AB 3.125 EUR 60.919 Atento Luxco 1 SA 8.000 2/10/2026 USD 52.274 Orpea SA 0.375 5/17/2027 EUR 29.775 Gol Finance SA 7.000 1/31/2025 USD 39.743 Samhallsbyggnadsbola 2.875 EUR 37.539 Jababeka Internation 6.500 10/5/2023 USD 53.917 Metalcorp Group SA 8.500 6/28/2026 EUR 49.157 Movida Europe SA 5.250 2/8/2031 USD 73.354 Ulker Biskuvi Sanayi 6.950 10/30/2025 USD 73.257 Vedanta Resources Lt 6.125 8/9/2024 USD 61.247 Nobel Bidco BV 3.125 6/15/2028 EUR 67.552 Sigma Holdco BV 5.750 5/15/2026 EUR 71.099 EnfraGen Energia Sur 5.375 12/30/2030 USD 64.941 Castellum Helsinki F 0.875 9/17/2029 EUR 67.623 CECONOMY AG 1.750 6/24/2026 EUR 65.217 DEMIRE Deutsche Mitt 1.875 10/15/2024 EUR 68.731 Republic of Belarus 6.875 2/28/2023 USD 37.786 Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 66.185 Samhallsbyggnadsbola 2.624 EUR 39.739 Tullow Oil PLC 7.000 3/1/2025 USD 70.117 VEON Holdings BV 3.375 11/25/2027 USD 72.750 Credit Suisse Group 0.625 1/18/2033 EUR 56.066 Kernel Holding SA 6.500 10/17/2024 USD 44.925 Vedanta Resources Fi 8.950 3/11/2025 USD 67.163 HSBC Holdings PLC 4.600 USD 71.868 DIC Asset AG 2.250 9/22/2026 EUR 59.650 Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 70.933 Air France-KLM 0.125 3/25/2026 EUR 16.128 Arrival SA 3.500 12/1/2026 USD 25.500 Casino Guichard Perr 3.992 EUR 17.596 Maxeda DIY Holding B 5.875 10/1/2026 EUR 66.877 Aroundtown SA 3.375 EUR 54.952 Vedanta Resources Fi 9.250 4/23/2026 USD 60.690 Corestate Capital Ho 1.375 11/28/2022 EUR 8.187 Telecom Italia SpA/M 5.250 3/17/2055 EUR 74.909 ATF Netherlands BV 3.750 EUR 74.468 MorphoSys AG 0.625 10/16/2025 EUR 48.610 JSM Global Sarl 4.750 10/20/2030 USD 64.005 Credit Suisse Group 5.100 USD 59.000 Heimstaden Bostad AB 2.625 EUR 61.578 Schoeller Packaging 6.375 11/1/2024 EUR 72.192 Gazprom PJSC Via Gaz 2.949 1/24/2024 EUR 70.000 Gazprom PJSC Via Gaz 2.250 11/22/2024 EUR 71.420 Credit Suisse Group 2.875 4/2/2032 EUR 74.239 Novafives SAS 5.000 6/15/2025 EUR 73.806 B2W Digital Lux Sarl 4.375 12/20/2030 USD 61.563 Credit Suisse Group 4.500 USD 56.000 Simpar Europe SA 5.200 1/26/2031 USD 73.008 Gazprom PJSC via Gaz 3.897 EUR 37.061 Romanian Government 3.375 1/28/2050 EUR 60.092 Casino Guichard Perr 4.262 EUR 16.125 Samhallsbyggnadsbola 2.625 EUR 38.793 AT Securities BV 5.250 USD 61.644 Allianz SE 3.875 USD 67.689 Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 61.500 Casino Guichard Perr 3.580 2/7/2025 EUR 67.534 Carnival PLC 1.000 10/28/2029 EUR 41.714 Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 73.000 MHP SE 7.750 5/10/2024 USD 52.622 Republic of Belarus 5.875 2/24/2026 USD 36.477 Gazprom PJSC Via Gaz 1.450 3/6/2023 CHF 60.660 Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 70.052 MHP Lux SA 6.950 4/3/2026 USD 50.638 Accentro Real Estate 3.625 2/13/2023 EUR 45.625 Kenbourne Invest SA 4.700 1/22/2028 USD 70.880 Balder Finland Oyj 2.000 1/18/2031 EUR 65.340 Ukraine Government I 6.750 6/20/2028 EUR 19.458 Cimpress PLC 7.000 6/15/2026 USD 67.581 Barclays PLC 4.375 USD 74.290 NAK Naftogaz Ukraine 7.625 11/8/2026 USD 18.073 Romanian Government 4.625 4/3/2049 EUR 74.536 Audax Renovables SA 4.200 12/18/2027 EUR 59.932 VTR Finance NV 6.375 7/15/2028 USD 44.098 Development Bank of 6.750 5/2/2024 USD 22.667 Korian SA 1.875 EUR 31.559 Credit Suisse Group 6.375 USD 70.440 Mitsubishi UFJ Inves 6.398 12/15/2050 EUR 38.311 Signa Development Fi 5.500 7/23/2026 EUR 55.334 Vonovia SE 1.625 9/1/2051 EUR 55.329 Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 62.000 Finnair Oyj 4.250 5/19/2025 EUR 74.554 ADLER Group SA 2.250 1/14/2029 EUR 38.767 Korian SA 0.875 3/6/2027 EUR 40.587 Kernel Holding SA 6.750 10/27/2027 USD 38.393 Credit Suisse Group 5.625 SGD 72.793 Gazprom PJSC via Gaz 4.599 USD 52.000 Banco Santander SA 3.625 EUR 69.686 Romanian Government 2.000 1/28/2032 EUR 69.304 Credit Suisse Group 3.000 CHF 67.463 GTC Aurora Luxembour 2.250 6/23/2026 EUR 71.389 SBB Treasury Oyj 0.750 12/14/2028 EUR 59.641 Balder Finland Oyj 1.000 1/20/2029 EUR 67.543 VGP NV 2.250 1/17/2030 EUR 67.002 UBS Group AG 4.375 USD 68.720 Aroundtown SA 2.875 EUR 54.956 Casino Guichard Perr 6.625 1/15/2026 EUR 46.908 Metinvest BV 8.500 4/23/2026 USD 55.500 Credit Suisse Group 7.250 USD 74.740 Grand City Propertie 1.500 EUR 48.678 ams-OSRAM AG 2.125 11/3/2027 EUR 69.102 CPI Property Group S 4.875 EUR 52.325 Russian Foreign Bond 5.625 4/4/2042 USD 56.908 Mahle GmbH 2.375 5/14/2028 EUR 74.702 Banco Comercial Port 4.000 5/17/2032 EUR 70.050 Credit Suisse Group 5.250 USD 66.950 Gazprom PJSC via Gaz 2.950 1/27/2029 USD 48.500 Heimstaden Bostad AB 3.625 EUR 64.675 Romanian Government 2.750 4/14/2041 EUR 58.190 Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 69.728 Fastighets AB Balder 2.873 6/2/2081 EUR 61.341 Teva Pharmaceutical 4.100 10/1/2046 USD 62.998 Atos SE 1.000 11/12/2029 EUR 61.435 Anadolu Efes Biracil 3.375 6/29/2028 USD 71.202 NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 18.175 Gazprom PJSC Via Gaz 4.250 4/6/2024 GBP 65.122 VGP NV 1.500 4/8/2029 EUR 66.431 Gazprom PJSC via Gaz 3.250 2/25/2030 USD 64.000 ING Groep NV 3.875 USD 70.844 Takko Luxembourg 2 S 5.375 11/15/2023 EUR 74.108 Standard Chartered P 4.300 USD 68.430 Petrobras Global Fin 5.500 6/10/2051 USD 74.930 French Republic Gove 0.750 5/25/2052 EUR 62.407 SBB Treasury Oyj 1.125 11/26/2029 EUR 59.331 Citycon Oyj 4.496 EUR 62.567 Credit Suisse Group 3.875 CHF 74.792 Very Group Funding P 6.500 8/1/2026 GBP 73.905 Standard Chartered P 4.750 USD 72.415 Intesa Sanpaolo SpA 4.198 6/1/2032 USD 74.311 UBM Development AG 5.500 EUR 68.000 BNP Paribas SA 4.500 USD 73.746 Hungary Government I 2.125 9/22/2031 USD 74.545 Ukraine Government I 6.876 5/21/2031 USD 21.033 Allianz SE 3.200 USD 72.854 Constellation Automo 4.875 7/15/2027 GBP 65.646 BNP Paribas Fortis S 3.030 EUR 74.280 Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 65.000 United Kingdom Gilt 1.125 10/22/2073 GBP 54.357 Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 62.472 La Banque Postale SA 3.000 EUR 73.357 Berkeley Group PLC/T 2.500 8/11/2031 GBP 66.912 Romanian Government 2.000 4/14/2033 EUR 66.982 Allianz SE 2.625 EUR 74.060 Sigma Holdco BV 7.875 5/15/2026 USD 71.572 Heimstaden AB 6.750 EUR 45.948 Hungary Government I 1.750 6/5/2035 EUR 67.005 Vodafone Group PLC 5.125 6/4/2081 USD 70.707 Aggregate Holdings S 6.875 11/9/2025 EUR 36.675 Voltalia SA 1.000 1/13/2025 EUR 27.839 Casino Guichard Perr 5.250 4/15/2027 EUR 45.359 Aroundtown SA 0.375 4/15/2027 EUR 74.516 IWG International Ho 0.500 12/9/2027 GBP 73.020 Aroundtown SA 4.750 GBP 54.037 Gol Finance SA 8.000 6/30/2026 USD 57.977 Compact Bidco BV 5.750 5/1/2026 EUR 67.944 Hungary Government I 0.500 11/18/2030 EUR 69.512 Ukraine Government I 7.750 9/1/2026 USD 22.437 Cellnex Finance Co S 3.875 7/7/2041 USD 68.941 Atrium Finance Ltd 2.625 9/5/2027 EUR 70.144 Samhallsbyggnadsbola 1.000 8/12/2027 EUR 66.613 Hacienda Investments 5.350 2/8/2028 USD 42.000 Aroundtown SA 1.625 EUR 49.955 TUI AG 5.000 4/16/2028 EUR 72.550 Intesa Sanpaolo SpA 4.125 EUR 74.626 ING Groep NV 4.250 USD 67.582 Hannover Rueck SE 1.375 6/30/2042 EUR 73.857 CPI Property Group S 1.625 4/23/2027 EUR 72.286 Trinseo Materials Op 5.125 4/1/2029 USD 64.677 Zorlu Yenilenebilir 9.000 6/1/2026 USD 73.194 Aroundtown SA 2.125 EUR 53.490 Ukraine Railways Via 8.250 7/9/2024 USD 19.851 Romanian Government 3.875 10/29/2035 EUR 74.756 Allianz SE 2.600 EUR 71.405 Gazprom PJSC via Gaz 3.000 6/29/2027 USD 62.875 HOCHTIEF AG 0.625 4/26/2029 EUR 74.760 TAG Immobilien AG 0.625 8/27/2026 EUR 71.473 Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 69.728 Standard Profil Auto 6.250 4/30/2026 EUR 59.992 Unicaja Banco SA 4.875 EUR 72.771 Rothschild & Co Cont 4.438 USD 68.143 Phosagro OAO Via Pho 2.600 9/16/2028 USD 63.000 CTP NV 1.500 9/27/2031 EUR 59.545 HSE Finance Sarl 5.625 10/15/2026 EUR 55.667 Romanian Government 4.000 2/14/2051 USD 65.325 Russian Railways Via 2.100 10/2/2023 CHF 25.160 M2 Asset Management 5.500 1/15/2025 SEK 71.208 Lar Espana Real Esta 1.843 11/3/2028 EUR 67.628 Pro-Gest SpA 3.250 12/15/2024 EUR 62.120 Enel SpA 1.875 EUR 72.096 Orpea SA 2.200 12/15/2024 EUR 21.300 Sagax Euro Mtn NL BV 1.000 5/17/2029 EUR 71.364 Dtek Renewables Fina 8.500 11/12/2024 EUR 29.978 Altice France Holdin 4.000 2/15/2028 EUR 68.542 Fastighets AB Balder 1.125 1/29/2027 EUR 73.969 Aragvi Finance Inter 8.450 4/29/2026 USD 70.324 Diebold Nixdorf Dutc 9.000 7/15/2025 EUR 67.648 Hungary Government B 2.250 4/20/2033 HUF 60.046 Heimstaden AB 4.250 3/9/2026 EUR 72.311 Prosus NV 3.832 2/8/2051 USD 60.837 Ukraine Government I 9.750 11/1/2030 USD 24.276 Heimstaden Bostad AB 3.000 EUR 64.872 JT International Fin 2.250 9/14/2031 USD 74.087 Citycon Oyj 3.625 EUR 51.649 Credit Suisse Group 0.650 9/10/2029 EUR 68.297 NAK Naftogaz Ukraine 7.375 7/19/2022 USD 15.333 Barclays Bank PLC 1.710 EUR 74.447 AI Candelaria Spain 5.750 6/15/2033 USD 72.710 NPC Ukrenergo 6.875 11/9/2028 USD 16.134 Romanian Government 2.625 12/2/2040 EUR 57.534 Endo Luxembourg Fina 6.125 4/1/2029 USD 74.250 UniCredit SpA 0.850 1/19/2031 EUR 73.871 CPI Property Group S 1.500 1/27/2031 EUR 60.471 Gazprom PJSC via Gaz 3.500 7/14/2031 USD 52.750 CNP Assurances 4.875 USD 75.247 United Kingdom Gilt 1.500 7/31/2053 GBP 65.395 Russian Railways Via 2.200 5/23/2027 EUR 33.298 Zur Rose Group AG 2.500 11/21/2024 CHF 64.989 Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 62.000 Serbia International 1.500 6/26/2029 EUR 74.737 GOL Equity Finance S 3.750 7/15/2024 USD 40.750 Romanian Government 4.125 3/11/2039 EUR 72.361 OSB Group PLC 6.000 GBP 73.003 Balder Finland Oyj 1.000 1/18/2027 EUR 74.636 Ideal Standard Inter 6.375 7/30/2026 EUR 48.467 Ukraine 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3/12/2026 CHF 18.524 EnBW Energie Baden-W 1.375 8/31/2081 EUR 73.268 United Kingdom Gilt 1.750 1/22/2049 GBP 71.906 Republic of Italy Go 3.875 5/6/2051 USD 68.203 Balder Finland Oyj 1.375 5/24/2030 EUR 63.663 Fastighets AB Balder 1.250 1/28/2028 EUR 69.619 Air Baltic Corp AS 6.750 7/30/2024 EUR 71.487 State Agency of Road 6.250 6/24/2030 USD 17.580 Prosus NV 4.027 8/3/2050 USD 61.582 Russian Foreign Bond 4.875 9/16/2023 USD 71.094 Castle UK Finco PLC 7.000 5/15/2029 GBP 69.817 Sberbank of Russia V 5.125 10/29/2022 USD 6.500 Sarens Finance Co NV 5.750 2/21/2027 EUR 74.952 Ukreximbank Via Biz 9.950 11/14/2029 USD 29.625 Russian Railways Via 4.600 3/6/2023 EUR 33.934 Vonovia SE 1.000 6/16/2033 EUR 69.952 BNP Paribas SA 0.837 EUR 74.000 Ocado Group PLC 0.750 1/18/2027 GBP 66.145 Ekosem-Agrar AG 8.500 12/7/2022 EUR 22.139 Prosus NV 1.288 7/13/2029 EUR 73.376 Tinkoff Bank JSC Via 6.000 USD 33.000 Romanian Government 3.500 4/3/2034 EUR 73.397 Deutsche Bahn Financ 0.625 12/8/2050 EUR 56.707 Serbia International 1.650 3/3/2033 EUR 64.772 Intesa Sanpaolo SpA 4.950 6/1/2042 USD 65.783 Idorsia Ltd 2.125 8/4/2028 CHF 69.987 Accor SA 0.700 12/7/2027 EUR 42.372 Vonovia SE 1.500 6/14/2041 EUR 61.716 Ukraine Railways Via 7.875 7/15/2026 USD 20.726 Metalloinvest Financ 3.375 10/22/2028 USD 57.500 Serbia International 2.050 9/23/2036 EUR 59.880 VTB Bank OJSC Via VT 6.950 10/17/2022 USD 7.111 United Kingdom Gilt 1.625 10/22/2054 GBP 67.906 CPI Property Group S 1.750 1/14/2030 EUR 64.743 EIG Pearl Holdings S 4.387 11/30/2046 USD 73.944 Hungary Government B 3.250 10/22/2031 HUF 70.195 Avianca Midco 2 PLC 9.000 12/1/2028 USD 74.250 Jaguar Land Rover Au 5.500 7/15/2029 USD 72.190 Vonovia SE 0.750 9/1/2032 EUR 69.578 MHP Lux SA 6.250 9/19/2029 USD 48.165 Credit Suisse Group 4.875 5/15/2045 USD 69.477 Heimstaden Bostad Tr 0.750 9/6/2029 EUR 69.890 Union Fenosa Prefere 2.843 EUR 65.923 Aroundtown SA 1.450 7/9/2028 EUR 73.974 TotalEnergies SE 2.125 EUR 73.933 EP Infrastructure AS 1.816 3/2/2031 EUR 64.440 Flamingo Lux II SCA 5.000 3/31/2029 EUR 74.630 Odea Bank AS 8.606 8/1/2027 USD 74.000 Deutsche Bank AG/New 3.035 5/28/2032 USD 74.492 ADLER Group SA 2.000 11/23/2023 EUR 48.606 Prosus NV 3.061 7/13/2031 USD 74.112 BICO Group AB 2.875 3/19/2026 SEK 65.345 Groupe des Assurance 1.850 4/21/2042 EUR 74.140 Russian Railways Via 4.375 3/1/2024 USD 29.044 Russian Foreign Bond 5.875 9/16/2043 USD 56.944 Dignity Finance PLC 4.696 12/31/2049 GBP 70.850 MRG Finance UK PLC 8.750 10/26/2023 EUR 56.068 Acef Holding SCA 1.250 4/26/2030 EUR 71.682 Vonovia SE 0.625 3/24/2031 EUR 72.757 Delivery Hero SE 1.000 4/30/2026 EUR 71.084 Fnac Darty SA 0.250 3/23/2027 EUR 64.200 Russian Railways Via 7.487 3/25/2031 GBP 25.650 Mallinckrodt Interna 10.000 6/15/2029 USD 51.938 SATO Oyj 1.375 2/24/2028 EUR 73.937 SPP-Distribucia AS 1.000 6/9/2031 EUR 65.237 EnBW Energie Baden-W 2.125 8/31/2081 EUR 67.189 Atento Luxco 1 SA 8.000 2/10/2026 USD 52.196 Grand City Propertie 2.500 EUR 70.301 Metinvest BV 7.750 10/17/2029 USD 40.500 Boparan Finance PLC 7.625 11/30/2025 GBP 67.563 Takko Luxembourg 2 S 7.137 11/15/2023 EUR 73.150 ASTM SpA 2.375 11/25/2033 EUR 74.322 Delivery Hero SE 2.125 3/10/2029 EUR 62.900 Enel Finance Interna 0.875 6/17/2036 EUR 67.786 VIC Properties SA 3.000 5/28/2025 EUR 75.000 EnBW International F 0.500 3/1/2033 EUR 71.307 Deutsche Bank AG/New 3.742 1/7/2033 USD 71.643 Russian Railways Via 0.898 10/3/2025 CHF 25.018 Czech Republic Gover 1.500 4/24/2040 CZK 60.888 adidas AG 0.625 9/10/2035 EUR 73.133 Foodco Bondco SA 6.250 5/15/2026 EUR 65.250 MMC Norilsk Nickel O 4.100 4/11/2023 USD 60.184 Russian Railways Via 5.700 4/5/2022 USD 24.849 Saga PLC 5.500 7/15/2026 GBP 70.719 BAT International Fi 2.250 9/9/2052 GBP 46.448 Ukreximbank Via Biz 9.750 1/22/2025 USD 29.500 Lukoil Securities BV 3.875 5/6/2030 USD 72.500 ZUR Rose Finance BV 2.750 3/31/2025 CHF 65.611 HOCHTIEF AG 1.250 9/3/2031 EUR 67.023 Fresenius Finance Ir 0.875 10/1/2031 EUR 71.363 Samhallsbyggnadsbola 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10/18/2051 EUR 70.159 Metinvest BV 7.650 10/1/2027 USD 50.287 Russian Foreign Bond 4.250 6/23/2027 USD 44.236 Deutsche Bank AG 1.375 2/17/2032 EUR 73.027 Russian Foreign Bond 7.500 3/31/2030 USD 64.385 United Group BV 5.250 2/1/2030 EUR 74.231 Nexity SA 0.250 3/2/2025 EUR 56.610 Sirius Real Estate L 1.750 11/24/2028 EUR 68.303 Royalty Pharma PLC 3.550 9/2/2050 USD 67.206 ADLER Group SA 2.250 4/27/2027 EUR 38.792 Societe Generale SA 3.625 3/1/2041 USD 63.226 Logicor Financing Sa 0.875 1/14/2031 EUR 69.004 Maison Finco PLC 6.000 10/31/2027 GBP 72.744 VF Ukraine PAT via V 6.200 2/11/2025 USD 53.994 Eustream AS 1.625 6/25/2027 EUR 64.951 Romanian Government 1.375 12/2/2029 EUR 73.359 Prosus NV 4.987 1/19/2052 USD 70.521 Raiffeisen Bank Inte 4.500 EUR 69.619 Phosagro OAO Via Pho 3.949 4/24/2023 USD 61.988 Imperial Brands Fina 1.750 3/18/2033 EUR 70.703 Fresenius SE & Co KG 1.125 1/28/2033 EUR 70.026 Rallye SA 4.371 2/28/2032 EUR 8.007 BNP Paribas SA 0.625 12/3/2032 EUR 71.337 MMC Norilsk Nickel O 6.625 10/14/2022 USD 53.098 Wellcome Trust Ltd/T 1.500 7/14/2071 GBP 52.596 Polyus Finance PLC 3.250 10/14/2028 USD 48.616 Orpea SA 2.564 11/30/2027 EUR 16.994 Swan Housing Capital 3.625 3/5/2048 GBP 73.994 Agri Resources Group 8.000 3/17/2026 EUR 58.147 MMC Norilsk Nickel O 3.375 10/28/2024 USD 64.422 Hacienda Investments 5.075 2/15/2023 USD 42.341 Glencore Capital Fin 1.250 3/1/2033 EUR 73.123 Altarea SCA 1.750 1/16/2030 EUR 73.967 Bank Gospodarstwa Kr 2.375 11/27/2040 PLN 47.997 Klepierre SA 0.875 2/17/2031 EUR 74.014 Russian Foreign Bond 4.375 3/21/2029 USD 41.196 Severstal OAO Via St 3.150 9/16/2024 USD 5.560 Sweden Government Bo 1.375 6/23/2071 SEK 67.447 Interpipe Holdings P 8.375 5/13/2026 USD 35.750 Nykredit Realkredit 1.000 10/1/2053 DKK 70.082 Herens Midco Sarl 5.250 5/15/2029 EUR 68.486 Societe Generale SA 1.113 7/17/2031 EUR 73.380 HSBC Bank PLC 4.420 USD 67.319 Slovenia Government 0.688 3/3/2081 EUR 39.343 Imerys SA 1.000 7/15/2031 EUR 69.627 University of Oxford 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Credit & Financ 8.800 USD 8.286 Banque Federative du 0.957 EUR 74.767 JT International Fin 3.300 9/14/2051 USD 56.894 Medtronic Global Hol 1.750 7/2/2049 EUR 70.033 Amprion GmbH 0.625 9/23/2033 EUR 73.227 UBS Group AG 3.179 2/11/2043 USD 67.041 Traton Finance Luxem 1.250 3/24/2033 EUR 72.479 Agence Francaise de 0.500 5/31/2035 EUR 73.435 Groupe Bruxelles Lam 0.125 1/28/2031 EUR 74.976 Nexity SA 0.875 4/19/2028 EUR 42.743 Intesa Sanpaolo SpA 4.700 9/23/2049 USD 71.325 Credit Suisse Group 3.091 5/14/2032 USD 70.320 Orsted AS 2.500 2/18/3021 GBP 66.311 BAT International Fi 4.000 11/23/2055 GBP 63.493 Hera SpA 1.000 4/25/2034 EUR 72.687 BNP Paribas SA 4.245 USD 68.145 Suek Securities DAC 3.375 9/15/2026 USD 33.949 Eni SpA 1.000 10/11/2034 EUR 73.291 Russian Federal Bond 6.100 7/18/2035 RUB 73.658 Sberbank of Russia V 5.250 5/23/2023 USD 6.524 Credit Bank of Mosco 3.875 9/21/2026 USD 20.746 Credit Suisse Group 2.125 11/15/2029 GBP 72.956 WPC Eurobond BV 0.950 6/1/2030 EUR 74.435 Russian 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Electricite de Franc 2.000 12/9/2049 EUR 65.131 GTLK Europe Capital 4.800 2/26/2028 USD 22.781 NIBC Bank NV 2.850 2/21/2040 EUR 72.152 Kenbourne Invest SA 4.700 1/22/2028 USD 70.907 Motability Operation 2.125 1/18/2042 GBP 71.324 Scandinavian Airline 0.625 CHF 12.650 Credit Suisse Group 7.250 USD 75.000 Senvion Holding GmbH 3.875 10/25/2022 EUR 0.310 Offshore Drilling Ho 8.375 9/20/2020 USD 3.876 Cie Generale des Eta 0.625 11/2/2040 EUR 63.257 Digital Intrepid Hol 0.625 7/15/2031 EUR 70.761 Jyske Realkredit A/S 1.000 10/1/2050 DKK 71.365 Direct Line Insuranc 4.750 GBP 71.627 Credit Bank of Mosco 4.700 1/29/2025 USD 19.142 Snam SpA 1.000 9/12/2034 EUR 71.411 GTLK Europe Capital 4.650 3/10/2027 USD 21.998 Thomas Cook Group PL 6.250 6/15/2022 EUR 0.188 PB International BV 7.625 12/31/2025 USD 44.698 Standard Chartered P 5.925 USD 76.750 Snam SpA 1.250 6/20/2034 EUR 74.006 ICADE 0.625 1/18/2031 EUR 68.819 Finland Government B 0.250 9/15/2040 EUR 66.508 BNP Paribas SA 2.824 1/26/2041 USD 62.144 HSBC Bank PLC 2.977 USD 67.394 Digital Dutch Finco 1.000 1/15/2032 EUR 72.727 GlaxoSmithKline Capi 1.625 5/12/2035 GBP 74.499 Lithuania Government 0.500 7/28/2050 EUR 46.278 Mithra Pharmaceutica 4.250 12/17/2025 EUR 65.430 BP Capital Markets B 0.933 12/4/2040 EUR 66.065 DH Europe Finance II 1.800 9/18/2049 EUR 72.896 National Grid Electr 0.872 11/26/2040 EUR 61.689 Rusal Capital DAC 4.850 2/1/2023 USD 43.189 Deutsche Telekom AG 3.625 1/21/2050 USD 73.936 State of North Rhine 0.500 1/15/2052 EUR 57.141 BPCE SA 2.277 1/20/2032 USD 74.971 Kreditanstalt fuer W 0.050 9/29/2034 EUR 73.957 Unibail-Rodamco-West 2.250 5/14/2038 EUR 74.379 Bank Gospodarstwa Kr 2.250 7/21/2033 PLN 61.167 Metropolitano de Ten 1.229 7/30/2036 EUR 73.651 Utmost Group PLC 4.000 12/15/2031 GBP 72.540 Ukraine Government B 9.790 5/26/2027 UAH 55.201 Genfit 3.500 10/16/2025 EUR 24.882 Enel Finance Interna 2.875 7/12/2041 USD 62.279 Global Fashion Group 1.250 3/15/2028 EUR 73.545 Allied Irish Banks P 12.500 6/25/2035 GBP 55.141 Ulker Biskuvi Sanayi 6.950 10/30/2025 USD 73.157 Segro Capital Sarl 0.500 9/22/2031 EUR 71.649 Debenhams PLC 5.250 7/15/2021 GBP 0.440 Finland Government B 0.500 4/15/2043 EUR 67.494 UBS Group AG 3.179 2/11/2043 USD 67.475 Wirtschafts- und Inf 0.031 1/22/2036 EUR 66.544 Proximus SADP 0.750 11/17/2036 EUR 71.082 LEG Immobilien SE 0.750 6/30/2031 EUR 71.580 AstraZeneca PLC 2.125 8/6/2050 USD 61.255 Nykredit Realkredit 0.500 10/1/2053 DKK 69.245 Lithuania Government 0.300 2/12/2032 EUR 69.152 Ireland Government B 0.550 4/22/2041 EUR 68.565 Sibur Securities DAC 2.950 7/8/2025 USD 42.843 PJSC Koks via IMH Ca 5.900 9/23/2025 USD 7.242 Peabody Capital No 2 3.250 9/14/2048 GBP 74.032 NET4GAS sro 3.500 7/28/2026 EUR 68.676 Standard Chartered P 3.265 2/18/2036 USD 73.023 Havila Shipping ASA 7.410 1/2/2025 NOK 40.000 Euroboden GmbH 5.500 11/18/2025 EUR 70.454 BPCE SA 3.116 10/19/2032 USD 72.350 Severn Trent Utiliti 2.000 6/2/2040 GBP 66.780 Econocom Group SA/NV 0.500 3/6/2023 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0.625 1/18/2036 EUR 68.974 GTLK Europe Capital 4.349 2/27/2029 USD 20.543 Smurfit Kappa Treasu 1.000 9/22/2033 EUR 72.168 Credit Bank of Mosco 7.500 10/5/2027 USD 18.000 Market Parent Finco 6.750 10/1/2029 GBP 61.972 AstraZeneca PLC 3.000 5/28/2051 USD 73.302 Orpea SA 3.144 12/22/2025 EUR 57.468 Offentliga Hus I Nor 8.521 SEK 63.658 University College L 1.625 6/4/2061 GBP 59.072 Ozon Holdings PLC 1.875 2/24/2026 USD 59.593 Nordiska Kreditmarkn 10.669 SEK 73.926 GTLK Europe DAC 5.125 5/31/2024 USD 30.898 Idavang A/S 9.052 11/11/2025 EUR 62.295 Vnesheconombank Via 6.025 7/5/2022 USD 5.125 Engie SA 1.250 10/24/2041 EUR 63.175 LEG Immobilien SE 1.000 11/19/2032 EUR 67.785 TMK OAO Via TMK Capi 4.300 2/12/2027 USD 16.286 Sovcombank Via SovCo 8.000 4/7/2030 USD 3.506 Lloyds Banking Group 4.344 1/9/2048 USD 73.034 TenneT Holding BV 0.500 11/30/2040 EUR 60.190 Republic of Croatia 1.000 11/27/2034 HRK 70.380 Hellenic Bank PCL 10.000 EUR 54.997 Places For People Tr 2.500 1/26/2036 GBP 73.030 Tullow Oil PLC 7.000 3/1/2025 USD 70.399 Derwent London PLC 1.875 11/17/2031 GBP 72.864 Orange SA 0.625 12/16/2033 EUR 74.676 Sanctuary Capital PL 2.375 4/14/2050 GBP 62.741 Saxa Gres Spa 7.000 8/4/2026 EUR 35.754 Realkredit Danmark A 1.000 10/1/2050 DKK 71.295 SCF Capital Designat 5.375 6/16/2023 USD 20.000 Enel Finance Interna 2.250 7/12/2031 USD 74.262 BAE Systems PLC 3.000 9/15/2050 USD 67.131 Orpea SA 3.000 11/25/2041 EUR 14.843 Intelsat Jackson Hol 5.500 8/1/2023 USD 0.486 Siemens Financiering 2.875 3/11/2041 USD 74.617 Annington Funding PL 2.924 10/6/2051 GBP 62.972 Deutsche Bahn Financ 0.875 6/23/2039 EUR 69.920 Intu Debenture PLC 5.562 12/31/2027 GBP 43.382 CNP Assurances 1.875 10/12/2053 EUR 73.377 Unibail-Rodamco-West 1.750 2/27/2034 EUR 74.656 CPI Property Group S 2.750 1/22/2028 GBP 69.447 Perrigo Co PLC 5.300 11/15/2043 USD 74.000 Ageas SA/NV 1.875 11/24/2051 EUR 73.282 Klepierre SA 1.625 12/13/2032 EUR 74.358 Samhallsbyggnadsbola 3.527 1/30/2027 SEK 73.619 Koninklijke Luchtvaa 0.750 CHF 17.800 Novolipetsk Steel Vi 4.000 9/21/2024 USD 60.481 DNB Bank ASA 3.716 USD 66.682 Nykredit Realkredit 0.500 10/1/2050 DKK 71.108 Eurotorg LLC Via Bon 9.000 10/22/2025 USD 54.897 Thames Water Utiliti 2.375 4/22/2040 GBP 65.602 Stichting Afwikkelin 11.250 EUR 45.000 Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 73.000 Andrade Gutierrez In 11.000 8/20/2021 USD 51.735 SKF AB 0.250 2/15/2031 EUR 74.224 Talanx AG 1.750 12/1/2042 EUR 74.901 Rallye SA 3.250 2/28/2032 CHF 8.560 BNG Bank NV 0.805 6/28/2049 EUR 62.486 European Financial S 0.700 1/17/2053 EUR 59.160 Sovereign Housing Ca 2.375 11/4/2048 GBP 65.672 BNP Paribas SA 2.588 8/12/2035 USD 73.380 PIK Securities DAC 5.625 11/19/2026 USD 32.400 Euronext NV 1.500 5/17/2041 EUR 65.227 TenneT Holding BV 0.125 11/30/2032 EUR 71.070 Klepierre SA 1.250 9/29/2031 EUR 74.599 Guinness Partnership 2.000 4/22/2055 GBP 56.177 EWE AG 0.375 10/22/2032 EUR 69.801 Simon International 1.125 3/19/2033 EUR 74.357 Hyde Housing Associa 1.750 8/18/2055 GBP 53.093 Enel Finance Interna 1.125 10/17/2034 EUR 74.294 Clarion Funding PLC 3.125 4/19/2048 GBP 72.195 Wellcome Trust Ltd/T 2.517 2/7/2118 GBP 66.104 Allianz SE 3.200 USD 68.250 Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 26.269 Carmila SA 1.625 4/1/2029 EUR 70.492 Standard Chartered P 4.750 USD 67.693 Tritax Big Box REIT 1.500 11/27/2033 GBP 68.268 Aroundtown SA 2.912 9/20/2030 EUR 70.641 BPCE SA 3.648 1/14/2037 USD 74.398 NIBC Bank NV 1.315 EUR 72.490 Nordea Kredit Realkr 1.000 10/1/2050 DKK 71.405 Ukraine Government I 8.994 2/1/2026 USD 23.375 BNP Paribas SA 2.000 9/13/2036 GBP 67.526 Deutsche Wohnen SE 0.500 4/7/2031 EUR 69.656 Orpea SA 2.300 3/6/2025 EUR 25.743 Sibur Securities DAC 4.125 10/5/2023 USD 59.728 Republic of Poland G 2.000 10/25/2046 EUR 69.505 A2A SpA 0.625 7/15/2031 EUR 72.163 Hera SpA 0.250 12/3/2030 EUR 74.803 Euroboden GmbH 5.500 10/1/2024 EUR 69.956 Norddeutsche Landesb 8.916 EUR 68.031 B2W Digital Lux Sarl 4.375 12/20/2030 USD 61.831 Credit Agricole SA 2.811 1/11/2041 USD 62.253 BNP Paribas SA 1.250 7/13/2031 GBP 72.168 Ukraine Government I 7.750 9/1/2026 USD 23.358 Russian Foreign Bond 1.125 11/20/2027 EUR 38.638 Rallye SA 4.000 2/28/2032 CHF 9.598 Ile-de-France Mobili 1.275 2/14/2042 EUR 73.513 UniCredit Bank Austr 0.050 9/21/2035 EUR 69.500 EXOR NV 1.750 10/14/2034 EUR 74.428 National Grid Electr 2.000 4/17/2040 GBP 64.279 BNP Paribas SA 2.588 8/12/2035 USD 72.763 Intelsat Jackson Hol 9.750 7/15/2025 USD 0.486 Medtronic Global Hol 1.625 10/15/2050 EUR 67.346 Deutsche Bahn Financ 0.625 4/15/2036 EUR 71.389 Finland Government B 0.125 4/15/2036 EUR 71.951 Realkredit Danmark A 1.000 10/1/2053 DKK 70.084 Nestle Finance Inter 0.375 12/3/2040 EUR 63.717 Argenta Spaarbank NV 0.500 10/8/2041 EUR 65.206 Blend Funding PLC 2.922 4/5/2054 GBP 69.309 Sigma Holdco BV 7.875 5/15/2026 USD 71.579 DNB Bank ASA 3.320 USD 66.905 Intelsat Jackson Hol 8.500 10/15/2024 USD 0.486 Avianca Midco 2 PLC 9.000 12/1/2028 USD 74.477 Holcim Finance Luxem 0.625 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Polyus Finance PLC 5.250 2/7/2023 USD 48.191 Zurich Finance Irela 1.625 6/17/2039 EUR 73.172 Pierre Et Vacances S 2.000 4/1/2023 EUR 26.479 National Grid Electr 2.000 9/16/2038 GBP 65.947 O1 Properties Financ 0.500 9/27/2028 USD 5.227 Jyske Realkredit A/S 1.000 10/1/2053 DKK 74.789 CK Hutchison Group T 2.625 10/17/2034 GBP 70.452 Becton Dickinson Eur 1.213 2/12/2036 EUR 73.714 Vedanta Resources Fi 8.950 3/11/2025 USD 67.046 Nationwide Building 0.500 5/5/2041 EUR 66.152 National Grid PLC 0.750 9/1/2033 EUR 72.463 Medtronic Global Hol 1.375 10/15/2040 EUR 69.567 Assura Financing PLC 1.625 6/30/2033 GBP 69.478 NPC Ukrenergo 6.875 11/9/2028 USD 18.486 Investor AB 1.500 6/20/2039 EUR 74.742 Polski Koncern Nafto 2.875 3/25/2031 PLN 72.486 Gazprom PJSC via Gaz 3.500 7/14/2031 USD 64.532 ABN AMRO Bank NV 0.625 1/24/2037 EUR 73.728 DSV Finance BV 0.750 7/5/2033 EUR 72.610 Anchor Hanover Group 2.000 7/21/2051 GBP 58.029 Royalty Pharma PLC 3.350 9/2/2051 USD 65.362 Jababeka Internation 6.500 10/5/2023 USD 54.609 AI Candelaria Spain 5.750 6/15/2033 USD 73.064 Land Securities Capi 2.750 9/22/2059 GBP 69.856 Northern Powergrid N 1.875 6/16/2062 GBP 57.932 Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 25.383 Kernel Holding SA 6.500 10/17/2024 USD 44.276 Regiao Autonoma Made 1.141 12/4/2034 EUR 74.336 Platform HG Financin 1.625 8/10/2055 GBP 51.583 Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 52.000 Credit Bank of Mosco 5.550 2/14/2023 USD 21.202 Jyske Realkredit A/S 1.500 10/1/2053 DKK 74.629 SCOR SE 1.375 9/17/2051 EUR 71.906 Royalty Pharma PLC 3.300 9/2/2040 USD 72.096 UNEDIC ASSEO 0.250 7/16/2035 EUR 71.703 Prologis Internation 0.750 3/23/2033 EUR 70.136 Prosus NV 4.027 8/3/2050 USD 61.405 Nordea Kredit Realkr 1.000 10/1/2053 DKK 74.763 United Utilities Wat 1.875 6/3/2042 GBP 65.433 Gecina SA 0.875 1/25/2033 EUR 74.733 Nordea Kredit Realkr 1.500 10/1/2053 DKK 74.664 Dexia Credit Local S 3.533 EUR 2.048 Rusal Capital DAC 5.300 5/3/2023 USD 40.465 Societe Nationale SN 1.000 5/25/2040 EUR 69.698 Social Chain AG /The 5.750 4/7/2024 EUR 68.000 Northern Powergrid Y 2.250 10/9/2059 GBP 63.592 Simpar Europe SA 5.200 1/26/2031 USD 72.999 Bulgaria Government 1.500 6/21/2039 BGN 53.980 Banco Espirito Santo 7.125 11/28/2023 EUR 0.110 LEG Immobilien SE 1.500 1/17/2034 EUR 69.008 Societe Du Grand Par 1.000 2/18/2070 EUR 47.934 Cadent Finance PLC 2.750 9/22/2046 GBP 66.330 ABH Financial Ltd Vi 2.700 6/11/2023 EUR 6.987 Mondelez Internation 1.250 9/9/2041 EUR 66.906 Ukraine Government I 7.253 3/15/2035 USD 21.750 Lendlease Europe Fin 3.500 12/2/2033 GBP 67.026 RTE Reseau de Transp 1.125 7/8/2040 EUR 68.042 Rickmers Holding AG 8.875 6/11/2018 EUR 1.345 Enel Finance Interna 2.875 7/12/2041 USD 61.940 Gecina SA 0.875 6/30/2036 EUR 67.185 Hylea Group SA 7.250 12/1/2022 EUR 0.400 Royal Schiphol Group 0.750 4/22/2033 EUR 74.092 Hellenic Republic Go 2.085 7/25/2057 EUR 32.556 SABIC Capital I BV 3.000 9/14/2050 USD 72.392 Credit Suisse Group 4.500 USD 57.625 Credit Agricole SA 2.811 1/11/2041 USD 61.619 Alfa Bank AO Via Alf 6.950 USD 4.438 Ukraine Government B 16.000 5/24/2023 UAH 59.375 European Financial S 0.700 1/20/2050 EUR 61.570 Rallye SA 5.250 2/28/2032 EUR 7.856 Uralkali OJSC Via Ur 4.000 10/22/2024 USD 19.327 NatWest Markets NV 7.125 10/15/2093 USD 74.104 Clarion Funding PLC 1.875 9/7/2051 GBP 52.950 Vier Gas Transport G 0.500 9/10/2034 EUR 66.961 Prosus NV 3.832 2/8/2051 USD 60.635 EA Partners II BV 6.750 6/1/2021 USD 0.866 Tresu Investment Hol 6.228 1/2/2025 EUR 48.500 STERIS Irish FinCo U 3.750 3/15/2051 USD 72.252 Bulgaria Government 0.500 12/21/2029 BGN 70.879 Chancellor Masters & 2.350 6/27/2078 GBP 68.163 OGX Austria GmbH 8.375 4/1/2022 USD 0.002 BNP Paribas SA 4.500 USD 69.000 RTE Reseau de Transp 0.750 1/12/2034 EUR 74.667 Metalloinvest Financ 3.375 10/22/2028 USD 53.731 CCEP Finance Ireland 1.500 5/6/2041 EUR 71.674 Banco Espirito Santo 6.875 7/15/2016 EUR 18.250 Credit Bank of Mosco 7.121 6/25/2024 USD 22.717 City of Lausanne Swi 0.050 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Dutc 9.000 7/15/2025 EUR 68.359 Phosagro OAO Via Pho 2.600 9/16/2028 USD 63.000 Constellation Automo 4.875 7/15/2027 GBP 65.575 Ukraine Government B 9.840 2/15/2023 UAH 59.375 Espirito Santo Finan 6.875 10/21/2019 EUR 0.001 MHP SE 7.750 5/10/2024 USD 52.677 Enagas Financiacione 0.375 11/5/2032 EUR 74.341 Landesbank Hessen-Th 0.500 1/19/2037 EUR 73.285 SNCF Reseau 0.750 5/25/2036 EUR 74.714 Kernel Holding SA 6.750 10/27/2027 USD 33.627 Fastighets AB Balder 1.293 3/3/2031 EUR 55.223 Electricite de Franc 1.875 10/13/2036 EUR 74.882 London & Quadrant Ho 3.125 2/28/2053 GBP 69.855 Saltaire Finance PLC 1.527 11/23/2051 GBP 58.232 MHP Lux SA 6.950 4/3/2026 USD 48.646 Nederlandse Watersch 0.500 4/26/2051 EUR 58.175 Land Berlin 0.100 1/18/2041 EUR 62.382 Aggregate Holdings S 5.500 5/17/2024 EUR 38.366 Russian Foreign Bond 5.875 9/16/2043 USD 56.944 Lithuania Government 1.625 6/19/2049 EUR 65.898 Nordea Kredit Realkr 0.500 10/1/2050 DKK 71.221 Deutsche Lichtmiete 5.750 1/1/2023 EUR 5.500 Ukraine Government B 15.970 4/19/2023 UAH 60.775 La Poste SA 1.000 9/17/2034 EUR 74.730 Russian Foreign Bond 4.875 9/16/2023 USD 71.094 Sberbank of Russia V 5.125 10/29/2022 USD 6.500 Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 65.402 DSV Finance BV 0.875 9/17/2036 EUR 67.008 Evraz PLC 5.250 4/2/2024 USD 52.000 State of North Rhine 0.600 6/4/2041 EUR 68.977 Nykredit Realkredit 1.000 10/1/2053 DKK 64.500 Mitsubishi UFJ Inves 5.628 12/30/2099 EUR 5.142 Republic of Ireland 1.425 9/18/2119 EUR 64.842 LEG Immobilien SE 0.875 3/30/2033 EUR 65.759 United Kingdom Gilt 1.250 7/31/2051 GBP 61.708 Prologis Internation 3.000 2/22/2042 GBP 74.266 Societe Du Grand Par 1.000 11/26/2051 EUR 59.119 Deutsche Lichtmiete 5.750 12/1/2023 EUR 2.467 Erste Group Bank AG 0.500 1/12/2037 EUR 71.446 Trinseo Materials Op 5.125 4/1/2029 USD 63.475 Holcim Sterling Fina 2.250 4/4/2034 GBP 71.128 National Grid Gas PL 1.375 2/7/2031 GBP 74.986 Manchester Airport G 2.875 9/30/2044 GBP 67.508 Enexis Holding NV 0.375 4/14/2033 EUR 73.814 Annington Funding PL 2.308 10/6/2032 GBP 74.846 Shell International 3.125 11/7/2049 USD 73.278 Ukraine Government I 7.750 9/1/2024 USD 26.690 LEG Immobilien SE 1.625 11/28/2034 EUR 68.583 Southern Gas Network 1.250 12/2/2031 GBP 73.763 New World Resources 8.000 4/7/2020 EUR 0.103 Clarion Funding PLC 1.250 11/13/2032 GBP 71.726 Aster Treasury Plc 1.405 1/27/2036 GBP 67.773 FF Group Finance Lux 3.250 11/2/2021 CHF 5.368 Lehman Brothers UK C 3.875 EUR 13.474 UK Municipal Bonds A 1.625 8/26/2060 GBP 53.030 Wendel SE 1.000 6/1/2031 EUR 74.739 Muenchener Hypotheke 0.010 10/19/2039 EUR 62.336 Land Berlin 0.350 9/9/2050 EUR 56.129 Italgas SpA 0.500 2/16/2033 EUR 70.458 Cie de Financement F 0.010 10/29/2035 EUR 68.616 Paragon Treasury Plc 2.000 5/7/2036 GBP 71.677 Land Thueringen 0.125 1/13/2051 EUR 51.666 Accentro Real Estate 4.125 3/23/2026 EUR 50.001 Severn Trent Utiliti 0.010 12/16/2055 GBP 58.238 Avangardco Investmen 10.000 10/29/2018 USD 0.348 Vedanta Resources Fi 9.250 4/23/2026 USD 61.198 Free State of Bavari 0.010 1/18/2035 EUR 72.588 Lehman Brothers UK C 5.750 EUR 7.000 EYEMAXX Real Estate 5.500 9/24/2024 EUR 1.577 Pfandbriefbank schwe 0.125 8/17/2040 CHF 73.737 Jyske Realkredit A/S 0.500 10/1/2050 DKK 71.276 Polski Fundusz Rozwo 1.375 8/30/2027 PLN 74.909 Region Wallonne Belg 1.250 6/22/2071 EUR 57.451 Nederlandse Watersch 0.375 9/28/2046 EUR 60.798 Banco Espirito Santo 6.900 6/28/2024 EUR 20.654 Deutsche Bahn Financ 0.750 7/16/2035 EUR 74.011 Blend Funding PLC 2.467 6/16/2061 GBP 59.579 Wirtschafts- und Inf 0.101 9/8/2033 EUR 73.590 MHP Lux SA 6.250 9/19/2029 USD 47.961 European Financial S 0.050 1/18/2052 EUR 46.680 Russian Foreign Bond 5.100 3/28/2035 USD 40.087 Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.486 Societe Nationale SN 0.875 2/28/2051 EUR 54.786 Ukraine Government I 6.876 5/21/2031 USD 21.753 Ukraine Government I 9.790 5/26/2027 UAH 55.201 Ukraine Government I 7.375 9/25/2034 USD 21.726 Russian Foreign Bond 4.250 6/23/2027 USD 44.236 Yandex NV 0.750 9/13/2022 USD 69.345 Ukraine Government I 15.840 2/26/2025 UAH 59.297 NA SA 5.000 EUR 20.000 BAWAG PSK Bank fuer 0.375 3/25/2041 EUR 64.465 Agence France Locale 1.950 6/20/2030 AUD 74.853 Alfa Bank AO Via Alf 5.500 10/26/2031 USD 3.670 Barclays Bank PLC 5.000 11/1/2029 BRL 60.205 Latvia Government In 1.875 2/19/2049 EUR 71.403 PJSC Koks via IMH Ca 5.900 9/23/2025 USD 7.242 KTG Agrar SE 7.125 6/6/2017 EUR 2.007 Prosus NV 4.987 1/19/2052 USD 70.339 BPCE SFH SA 0.375 3/18/2041 EUR 64.114 Land Berlin 0.625 1/26/2052 EUR 60.513 Credit Suisse Group 4.875 5/15/2045 USD 71.730 Autonomous Community 2.965 9/8/2039 JPY 66.281 Privatbank CJSC Via 10.250 1/23/2018 USD 3.400 Bank of Valletta PLC 3.750 6/15/2031 EUR 73.688 BPCE SA 3.582 10/19/2042 USD 65.834 Region Wallonne Belg 0.650 1/16/2051 EUR 54.021 Barclays Bank PLC 2.000 8/2/2030 USD 72.383 Ukraine Government B 12.520 5/13/2026 UAH 58.384 Bilt Paper BV 10.360 USD 1.399 Grand City Propertie 2.000 10/25/2032 EUR 71.272 RTE Reseau de 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USD 0.721 TenneT Holding BV 1.125 6/9/2041 EUR 67.237 Societe Du Grand Par 1.700 5/25/2050 EUR 74.209 ABN AMRO Bank NV 1.115 3/3/2042 EUR 74.734 Eversholt Funding PL 3.529 8/7/2042 GBP 74.949 Cooperatieve Raboban 0.500 10/29/2027 MXN 60.595 Credit Suisse AG/Lon 2.600 1/27/2032 USD 68.146 DZ Bank AG Deutsche 0.550 4/29/2024 EUR 72.527 Nordea Kredit Realkr 1.000 10/1/2053 DKK 64.419 Jyske Realkredit A/S 1.000 10/1/2053 DKK 70.142 Free and Hanseatic C 0.400 11/23/2051 EUR 56.554 HSBC Continental Eur 0.546 EUR 75.000 Agence Francaise de 0.375 5/25/2036 EUR 69.704 Republic of Belarus 6.378 2/24/2031 USD 23.000 Standard Chartered P 4.300 USD 64.655 Berner Kantonalbank 0.100 9/30/2039 CHF 70.895 Sigma Holdco BV 5.750 5/15/2026 EUR 71.175 Home Group Ltd 3.125 3/27/2043 GBP 74.877 Linde PLC 0.375 9/30/2033 EUR 74.405 Espirito Santo Finan 3.125 12/2/2018 EUR 0.610 Deutsche Lichtmiete 5.250 2/1/2027 EUR 3.000 London & Quadrant Ho 2.000 10/20/2038 GBP 65.584 St Galler Kantonalba 0.100 10/10/2041 CHF 70.811 Southern Housing Gro 2.375 10/8/2036 GBP 73.619 Nordea Kredit Realkr 1.500 10/1/2053 DKK 71.045 Region de Bruxelles- 1.121 5/11/2071 EUR 56.465 Salerno Pompei Napol 2.800 1/19/2045 EUR 72.829 Societe Du Grand Par 0.300 9/2/2036 EUR 68.668 Jyske Realkredit A/S 0.500 10/1/2053 DKK 69.260 DekaBank Deutsche Gi 3.625 EUR 65.406 State of Saxony-Anha 0.500 3/24/2051 EUR 59.523 Realkredit Danmark A 0.500 10/1/2050 DKK 71.126 Covivio 0.875 1/20/2033 EUR 74.296 Ferrovie dello Stato 0.641 12/4/2030 EUR 73.754 Nykredit Realkredit 1.500 10/1/2053 DKK 70.977 Ministeries Van de V 1.000 1/23/2051 EUR 63.210 Solarworld AG 9.691 2/24/2019 EUR 14.883 Land Baden-Wuerttemb 0.125 11/19/2040 EUR 63.576 Muenchener Hypotheke 0.250 3/29/2041 CHF 73.690 Petrobras Global Fin 4.500 2/4/2033 EUR 70.044 Cirio Holding Luxemb 6.250 2/16/2004 EUR 1.822 Investitionsbank Ber 0.050 3/2/2035 EUR 72.087 Single Platform Inve 4.020 7/1/2052 EUR 72.809 Notting Hill Genesis 3.250 10/12/2048 GBP 73.565 Castle UK Finco PLC 7.000 5/15/2029 GBP 70.479 BNG Bank NV 0.125 7/9/2035 EUR 72.190 Realkredit Danmark A 0.500 10/1/2050 DKK 69.892 Gazprom PJSC via Gaz 2.950 1/27/2029 USD 53.000 Rallye SA 1.000 2/28/2032 EUR 7.743 Norwegian Air Shuttl 7.137 2/7/2023 SEK 40.467 Nordea Kredit Realkr 0.500 10/1/2050 DKK 70.002 Ile-de-France Mobili 0.950 5/28/2041 EUR 70.076 Canton of Geneva Swi 0.050 8/27/2041 CHF 72.101 Northern Electric Fi 2.750 5/24/2049 GBP 72.795 Yorkshire Water Fina 2.750 4/18/2041 GBP 74.433 State of North Rhine 0.500 11/25/2039 EUR 69.390 TenneT Holding BV 1.500 6/3/2039 EUR 74.947 Platform HG Financin 1.926 9/15/2041 GBP 65.981 University of Southa 2.250 4/11/2057 GBP 65.364 Very Group Funding P 6.500 8/1/2026 GBP 74.295 Basque Government 1.000 10/31/2050 EUR 56.058 City of Kyiv Via PBR 7.500 12/15/2022 USD 34.479 South Eastern Power 1.750 9/30/2034 GBP 73.136 Takarek Mortgage Ban 3.750 4/14/2026 HUF 75.000 Liquid Telecommunica 5.500 9/4/2026 USD 69.100 Land Thueringen 0.375 12/1/2051 EUR 55.717 Borets Finance DAC 6.000 9/17/2026 USD 34.153 Praktiker AG 5.875 2/10/2016 EUR 2.232 Phosagro OAO Via Pho 3.050 1/23/2025 USD 52.532 European Primary Pla 1.732 11/9/2055 GBP 56.918 Credit Suisse AG/Lon 3.220 2/8/2032 AUD 66.325 Free and Hanseatic C 0.250 2/18/2041 EUR 64.710 Alitalia-Societa Aer 5.250 7/30/2020 EUR 0.100 Nationale-Nederlande 0.050 9/24/2035 EUR 69.604 Romanian Government 4.000 2/14/2051 USD 65.325 Midland Heart Capita 1.831 8/12/2050 GBP 55.803 Credit Suisse AG 0.500 12/16/2025 BRL 65.890 Pfandbriefbank schwe 0.375 6/15/2046 CHF 72.808 Stonewater Funding P 1.625 9/10/2036 GBP 68.121 Sovcombank Via SovCo 7.750 USD 3.468 ESB Finance DAC 1.875 7/21/2035 GBP 73.652 DLR Kredit A/S 1.000 10/1/2053 DKK 70.935 Bayerische Landesban 1.820 3/12/2031 EUR 73.112 Nykredit Realkredit 0.500 10/1/2053 DKK 67.663 Dexia SA 3.484 EUR 3.554 Bayerische Landesban 1.820 5/12/2031 EUR 72.873 Privatbank CJSC Via 10.875 2/28/2018 USD 3.217 Banco Espirito Santo 4.752 EUR 0.301 Prosus NV 2.778 1/19/2034 EUR 68.933 EYEMAXX Real Estate 5.500 7/22/2025 EUR 16.000 City of Zurich Switz 0.250 11/24/2051 CHF 69.030 Wessex Water Service 1.250 1/12/2036 GBP 62.937 Evraz PLC 5.375 3/20/2023 USD 49.263 Free and Hanseatic C 0.200 9/3/2049 EUR 54.723 Canton of Neuchatel 0.100 10/29/2049 CHF 63.235 Ukraine Government I 7.750 9/1/2028 USD 24.188 Intesa Sanpaolo SpA 2.500 10/14/2031 USD 71.861 Metinvest BV 7.650 10/1/2027 USD 51.031 Societe Generale SA 2.000 2/26/2033 USD 70.611 NRW Bank 0.500 6/17/2041 EUR 67.898 MMC Norilsk Nickel O 6.625 10/14/2022 USD 53.098 VON Der Heydt Securi 1.000 4/30/2031 EUR 69.858 BNG Bank NV 1.550 2/19/2032 AUD 74.786 Uliving@essex3 LLP 2.720 8/31/2066 GBP 66.832 Lehman Brothers UK C 5.125 EUR 13.474 Onward Homes Ltd 2.125 3/25/2053 GBP 58.845 State of Lower Saxon 0.250 4/15/2036 EUR 72.294 National Grid Electr 1.625 10/7/2035 GBP 67.541 Deutsche Telekom AG 3.625 1/21/2050 USD 69.762 Romanian Government 3.875 10/29/2035 EUR 74.751 Haya Holdco 2 PLC 9.542 11/30/2025 EUR 57.640 Action Logement Serv 0.750 7/19/2041 EUR 66.043 Martlet Homes Ltd 3.000 5/9/2052 GBP 72.590 Signa Development Fi 5.500 7/23/2026 EUR 54.750 Iberdrola Finanzas S 1.000 2/2/2037 EUR 68.572 Russian Foreign Bond 12.750 6/24/2028 USD 72.435 State of North Rhine 0.750 8/16/2041 EUR 70.719 SRV Group Oyj 4.875 EUR 56.000 Eurochem Finance DAC 5.500 3/13/2024 USD 48.500 Ukreximbank Via Biz 10.426 2/9/2023 USD 30.735 JAB Holdings BV 3.750 5/28/2051 USD 57.078 Windreich GmbH 6.500 7/15/2016 EUR 2.847 KBC Group NV 3.125 7/24/2029 EUR 20.000 Santhera Pharmaceuti 7.500 8/17/2024 CHF 71.388 Finmek International 7.000 12/3/2004 EUR 2.193 Romanian Government 2.875 4/13/2042 EUR 58.367 FNG Benelux Holding 5.000 8/28/2023 EUR 1.000 Muenchener Hypotheke 0.010 11/2/2040 EUR 60.843 VST Building Technol 7.000 6/28/2024 EUR 0.230 State of Saarland 0.050 11/5/2040 EUR 62.524 ESFIL-Espirito Santo 5.250 6/12/2015 EUR 0.111 Ukraine Government I 4.375 1/27/2032 EUR 19.622 State of Bremen 0.150 9/14/2040 EUR 63.469 Privatbank CJSC Via 11.000 2/9/2021 USD 1.000 Caisse Francaise de 0.500 10/1/2046 EUR 60.949 SCF Capital Designat 5.375 6/16/2023 USD 20.000 Bayerische Landesbod 0.250 3/21/2036 EUR 72.650 Achmea Bank NV 0.250 9/29/2036 EUR 70.292 Russian Foreign Bond 5.250 6/23/2047 USD 41.480 EDOB Abwicklungs AG 7.500 4/1/2012 EUR 0.521 EOS Imaging SA 6.000 5/31/2023 EUR 7.250 Air Berlin PLC 5.625 5/9/2019 CHF 0.508 Elli Finance UK PLC 8.750 6/15/2019 GBP 62.279 Cie de Financement F 0.600 10/25/2041 EUR 67.088 Action Logement Serv 0.500 10/30/2034 EUR 74.526 Mallinckrodt Interna 4.750 4/15/2023 USD 38.500 Kommunekredit 0.125 9/26/2040 EUR 63.469 State of North Rhine 1.000 10/16/2046 EUR 71.371 Cadent Finance PLC 2.250 10/10/2035 GBP 72.030 Scottish Hydro Elect 2.125 3/24/2036 GBP 71.714 Ministeries Van de V 0.875 3/21/2046 EUR 64.599 Deutsche Lichtmiete 5.250 9/1/2025 EUR 3.250 JAB Holdings BV 4.500 4/8/2052 USD 68.383 Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 70.933 Niedersachsen Invest 0.250 7/16/2035 EUR 73.223 Lehman Brothers UK C 6.900 USD 3.986 Tinkoff Bank JSC Via 6.000 USD 37.186 Rallye SA 3.400 2/28/2032 EUR 8.008 Romania Government B 3.650 9/24/2031 RON 73.902 Fuerstenberg Capital 3.905 EUR 64.860 Region de Bruxelles- 1.220 6/23/2053 EUR 66.287 Deutsche Bahn Financ 3.100 5/20/2041 AUD 70.801 Republic of Belarus 7.625 6/29/2027 USD 22.400 Veneto Banca SpA 9.878 12/1/2025 EUR 0.541 Quintet Private Bank 3.650 11/13/2023 EUR 15.050 LiveWest Treasury PL 2.250 10/10/2043 GBP 67.529 Ukraine Government I 12.520 5/13/2026 UAH 58.384 Aroundtown SA 3.250 11/12/2032 EUR 71.126 Zurich Finance Irela 1.600 12/17/2052 EUR 71.214 BAWAG PSK Bank fuer 0.010 11/19/2035 EUR 67.842 nextbike GmbH 6.000 3/31/2025 EUR 65.000 Kommunekredit 0.500 6/19/2039 DKK 69.166 Senivita Social Esta 6.500 5/12/2025 EUR 5.110 Lukoil Securities BV 3.875 5/6/2030 USD 70.500 Serbia International 2.125 12/1/2030 USD 73.872 Cirio Del Monte NV 7.750 3/14/2005 EUR 0.368 Bank Julius 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0.125 11/24/2045 EUR 56.812 Zorlu Yenilenebilir 9.000 6/1/2026 USD 74.926 Del Monte Finance Lu 6.625 5/24/2006 EUR 1.402 Metinvest BV 5.625 6/17/2025 EUR 51.864 Siemens Financiering 2.875 3/11/2041 USD 74.494 OGX Austria GmbH 8.500 6/1/2018 USD 0.002 Romanian Government 1.750 7/13/2030 EUR 72.257 Credit Suisse AG/Lon 13.300 11/29/2023 USD 51.550 Abengoa Abenewco 1 S 6.000 6/10/2022 EUR 0.352 Vilogia SA d'HLM 1.500 8/7/2034 EUR 71.369 Paradigm Homes Chari 2.250 5/20/2051 GBP 62.798 Wrekin Housing Group 2.500 10/22/2048 GBP 65.103 DLR Kredit A/S 0.500 10/1/2053 DKK 69.859 LSF9 Balta Issuer SA 3.000 12/31/2030 EUR 61.370 Wingholding Zrt 3.500 5/20/2030 HUF 73.770 KTG Agrar SE 7.250 10/15/2019 EUR 2.007 Andrade Gutierrez In 11.000 8/20/2021 USD 51.735 Credit Suisse AG/Lon 11.500 9/25/2023 CHF 66.370 Land Thueringen 0.100 7/9/2035 EUR 71.892 Endo Luxembourg Fina 6.125 4/1/2029 USD 74.388 Ville de Paris 0.450 10/20/2045 EUR 58.172 CRC Breeze Finance S 6.110 5/8/2026 EUR 31.300 Standard Chartered B 3.000 4/30/2036 AUD 67.548 Care Property Invest 2.050 7/8/2031 EUR 74.735 Deutsche Telekom AG 4.125 7/23/2049 USD 71.425 La Banque Postale Ho 0.250 2/12/2035 EUR 72.651 Realkredit Danmark A 1.500 10/1/2053 DKK 70.881 Veragold Mining Co G 5.000 12/31/2025 EUR 30.000 Vnesheconombank Via 5.942 11/21/2023 USD 4.574 Department of L'Eure 0.515 5/25/2040 EUR 64.919 Hospices Civils de L 0.597 11/24/2031 EUR 73.709 Hell Energy Magyaror 2.700 12/18/2029 HUF 59.100 BPCE SA 3.582 10/19/2042 USD 65.337 Cooperatieve Raboban 0.010 11/27/2040 EUR 60.365 Italy Buoni Polienna 2.150 9/1/2052 EUR 71.005 Boparan Finance PLC 7.625 11/30/2025 GBP 66.784 Magyar Export-Import 2.000 10/27/2027 HUF 65.655 DLR Kredit A/S 0.500 10/1/2050 DKK 70.865 Virgolino de Oliveir 10.500 1/28/2018 USD 0.499 Russian Foreign Bond 4.375 3/21/2029 USD 41.196 Hellas Telecommunica 8.500 10/15/2013 EUR 0.834 Bayerische Landesban 1.500 7/14/2036 EUR 69.934 Norske Skogindustrie 7.000 12/30/2026 EUR 0.010 Cyprus Government In 1.250 1/21/2040 EUR 66.324 Master & Fellows of 3.068 4/28/2065 GBP 66.921 Herens Midco Sarl 5.250 5/15/2029 EUR 68.333 State of Rhineland-P 0.375 4/1/2041 EUR 66.700 Bayerische Landesban 1.860 3/13/2036 EUR 74.582 State of Brandenburg 0.125 1/26/2046 EUR 57.133 Nykredit Realkredit 1.000 10/1/2050 DKK 71.282 Ukraine Government I 7.750 9/1/2024 USD 27.502 Autobahnen- und Schn 0.100 7/16/2035 EUR 72.396 Region de Bruxelles- 1.400 3/11/2054 EUR 66.103 State of Bremen 0.550 2/4/2050 EUR 60.010 Anglo American Capit 3.950 9/10/2050 USD 74.394 Agence Francaise de 2.302 10/25/2044 USD 65.826 Kommunekredit 0.625 11/21/2039 EUR 71.680 Aragvi Finance Inter 8.450 4/29/2026 USD 70.630 Compact Bidco BV 5.750 5/1/2026 EUR 69.667 Gemeente Bergen OP Z 0.440 9/20/2044 EUR 63.281 LIB-Landesimmobilien 0.620 7/15/2041 EUR 68.353 Wirtschafts- und Inf 0.245 2/25/2036 EUR 70.175 Serbia International 1.650 3/3/2033 EUR 64.875 State of Brandenburg 0.600 10/13/2051 EUR 60.843 State of Brandenburg 0.500 11/21/2039 EUR 69.824 Aktia Bank Oyj 0.800 2/26/2036 EUR 71.693 Realkredit Danmark A 0.500 10/1/2053 DKK 67.677 Caisse Francaise de 0.125 2/15/2036 EUR 69.204 Muenchener Hypotheke 0.400 8/11/2031 EUR 74.459 Region Wallonne Belg 1.246 5/12/2070 EUR 56.726 Sovcombank Via SovCo 3.400 1/26/2025 USD 4.879 State of Brandenburg 0.050 8/10/2040 EUR 62.684 Sovcombank Via SovCo 8.000 4/7/2030 USD 3.506 Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.486 Ukraine Government B 3.700 4/27/2023 USD 70.696 Phosagro OAO Via Pho 3.949 4/24/2023 USD 61.988 V-Bank AG 4.000 EUR 70.866 Anadolu Efes Biracil 3.375 6/29/2028 USD 72.432 Caisse de Refinancem 0.250 2/7/2035 EUR 72.923 Land Thueringen 0.200 9/12/2039 EUR 65.920 Agence Francaise de 2.360 1/30/2045 AUD 61.739 Prosus NV 1.288 7/13/2029 EUR 73.453 ISP Group AG 5.250 CHF 73.219 Region Wallonne Belg 0.500 6/22/2037 EUR 69.485 Nationale-Nederlande 0.375 3/4/2041 EUR 64.741 Hema Bondco II BV 8.500 1/15/2023 EUR 1.194 Hamon & CIE SA 3.300 1/31/2035 EUR 46.000 Cooperatieve Raboban 0.500 10/30/2043 MXN 11.327 Credit Suisse AG/Lon 1.250 2/22/2029 USD 72.869 Ukraine Government I 7.375 9/25/2034 USD 21.357 LBI ehf 6.100 8/25/2011 USD 10.666 MVM Energetika Zrt 3.250 9/3/2031 HUF 59.000 Eastern Power Networ 1.875 6/1/2035 GBP 73.047 Banco Santander SA 3.236 EUR 1.547 Rhaetische Bahn AG R 0.050 8/3/2050 CHF 62.418 Havenbedrijf Rotterd 1.100 3/23/2051 EUR 66.056 State of North Rhine 0.800 7/30/2049 EUR 64.896 VF Ukraine PAT via V 6.200 2/11/2025 USD 53.624 Joh Friedrich Behren 7.750 11/11/2020 EUR 31.000 Cirio Finanziaria Sp 8.000 12/21/2005 EUR 0.415 Credit Agricole Corp 15.000 6/18/2026 TRY 65.214 Free State of Saxony 0.010 12/17/2035 EUR 70.308 Nordea Kredit Realkr 0.500 10/1/2053 DKK 67.712 BNP Paribas SA 1.590 2/23/2051 EUR 63.573 Banco Santander SA 1.000 10/1/2033 EUR 71.323 Caisse des Depots et 2.615 11/15/2049 AUD 63.308 State of Bremen 0.500 5/6/2041 EUR 67.437 Societe Generale SA 1.137 1/26/2037 EUR 70.432 Bayerische Landesban 0.630 3/19/2032 EUR 72.929 Norwegian Air Shuttl 7.500 11/10/2023 USD 74.304 Kingdom of Belgium G 1.400 6/22/2053 EUR 72.581 Magyar Export-Import 2.500 5/23/2029 HUF 63.445 Mallinckrodt Interna 10.000 4/15/2025 USD 65.843 Takarek Mortgage Ban 3.500 10/27/2027 HUF 66.800 Ukreximbank Via Biz 9.750 1/22/2025 USD 33.243 AlphaNotes ETP Dac 1.000 9/15/2032 USD 65.263 City of Bern Switzer 0.040 10/2/2070 CHF 54.322 Windreich GmbH 6.500 3/1/2015 EUR 2.846 Jyske Realkredit A/S 1.500 10/1/2053 DKK 71.002 BNP Paribas SA 1.019 5/25/2028 EUR 40.010 Windreich GmbH 6.750 3/1/2015 EUR 2.847 Romania Government B 4.750 10/11/2034 RON 73.768 Romanian Government 2.625 12/2/2040 EUR 57.675 Nederlandse Gasunie 0.750 10/13/2036 EUR 68.840 Zurcher Kantonalbank 24.800 4/12/2023 USD 40.000 Societe Generale SA 2.000 1/30/2036 USD 56.368 City of Lausanne Swi 0.600 11/30/2056 CHF 67.624 Intesa Sanpaolo SpA 4.700 9/23/2049 USD 71.092 Deutsche Telekom AG 3.500 4/15/2041 AUD 69.540 Norwegian Air Shuttl 6.375 11/15/2024 USD 47.629 Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 26.269 Ukraine Government I 7.750 9/1/2029 USD 24.269 Credit Suisse AG/Lon 3.200 3/24/2032 USD 70.749 Intesa Sanpaolo SpA 2.000 6/15/2028 USD 73.960 Agrokor dd 9.875 5/1/2019 EUR 15.000 Societe Nationale SN 1.280 3/27/2120 EUR 42.208 DNB Bank ASA 1.185 1/14/2038 EUR 69.290 Junta de Castilla y 1.275 4/7/2049 EUR 62.544 Aroundtown SA 2.970 9/26/2033 EUR 67.462 Holcim US Finance Lu 2.240 10/15/2031 USD 73.953 Pro-Gest SpA 3.250 12/15/2024 EUR 62.708 Credit Suisse AG/Lon 1.500 3/19/2029 USD 69.545 Ville de Paris 0.750 11/30/2041 EUR 67.288 Serbia International 2.050 9/23/2036 EUR 60.093 Sovcombank Via SovCo 7.600 USD 4.609 Credit Agricole Ital 0.750 1/20/2042 EUR 64.053 Abengoa Abenewco 1 S 6.000 6/10/2022 EUR 0.352 Deutsche Bank AG 1.580 10/23/2031 EUR 72.426 Landwirtschaftliche 0.010 11/26/2040 EUR 62.251 Thames Water Utiliti 2.442 5/12/2050 GBP 56.909 Raiffeisenlandesbank 0.375 1/15/2035 EUR 73.266 CDC Habitat SEM 1.700 3/21/2039 EUR 72.052 Region of Pays de la 0.877 10/28/2041 EUR 70.359 Spain Government Bon 1.900 10/31/2052 EUR 73.273 Deutsche Wohnen SE 2.000 3/28/2034 EUR 73.681 United Group BV 5.250 2/1/2030 EUR 74.525 Europejskie Centrum 13.200 4/14/2023 PLN 49.489 Deutsche Pfandbriefb 1.020 7/29/2030 EUR 70.549 Serbia International 1.500 6/26/2029 EUR 74.938 Credit Bank of Mosco 8.875 USD 10.945 Nestle Hungaria Kft 1.750 5/31/2028 HUF 59.000 ING Groep NV 0.975 2/14/2034 EUR 67.209 Swissgrid AG 0.200 6/29/2040 CHF 69.659 Parnassia Groep BV 1.200 12/1/2051 EUR 69.229 Uralkali OJSC Via Ur 4.000 10/22/2024 USD 19.327 Credit Agricole Ital 1.000 1/17/2045 EUR 65.070 BPCE SA 2.255 3/12/2040 AUD 48.055 Ahtium PLC 4.000 12/16/2015 EUR 0.586 Land Berlin 0.050 8/6/2040 EUR 62.264 Single Platform Inve 4.020 7/1/2052 EUR 72.809 SNCF Reseau 1.425 8/14/2119 EUR 45.890 Altice France Holdin 4.000 2/15/2028 EUR 68.438 Malta Government Bon 1.800 8/28/2051 EUR 65.340 ABN AMRO Bank NV 0.500 12/12/2039 EUR 68.175 VTB Bank OJSC Via VT 6.250 6/30/2035 USD 21.403 German Pellets GmbH 7.250 11/27/2019 EUR 1.515 Novolipetsk Steel Vi 4.700 5/30/2026 USD 59.443 Single Platform Inve 1.220 8/24/2047 EUR 61.667 Region de Bruxelles- 0.562 12/23/2065 EUR 42.690 Banca Popolare di Vi 2.821 12/20/2017 EUR 0.396 Region of Veneto Ita 0.112 12/7/2046 EUR 73.217 Rena GmbH 7.000 12/15/2015 EUR 0.059 Waste Italia SpA 10.500 11/15/2019 EUR 0.550 LSEGA Financing PLC 3.200 4/6/2041 USD 74.794 Credit Suisse AG/Lon 20.100 3/3/2023 USD 13.000 United Utilities Wat 1.474 8/24/2031 USD 70.502 Takko Luxembourg 2 S 7.137 11/15/2023 EUR 73.500 Akbank TAS 4.000 9/17/2029 EUR 74.200 Muenchener Hypotheke 0.125 9/5/2035 EUR 71.211 Region de Bruxelles- 0.274 12/11/2040 EUR 61.586 Novafives SAS 5.500 6/15/2025 EUR 73.455 Ukraine Government I 10.000 8/23/2023 UAH 59.375 Polski Fundusz Rozwo 2.000 3/5/2030 PLN 68.767 Espirito Santo Finan 5.050 11/15/2025 EUR 0.622 Muenchener Hypotheke 0.250 5/2/2036 EUR 71.094 niiio finance group 4.000 5/31/2026 EUR 41.000 AXA Bank Europe SCF 0.250 6/9/2040 EUR 63.927 Credit Bank of Mosco 3.875 9/21/2026 USD 20.746 Republic of Ireland 0.740 11/27/2120 EUR 38.107 Canton of Neuchatel 0.350 7/14/2050 CHF 67.729 Caisse Francaise de 0.726 10/29/2039 EUR 67.437 Transcapitalbank JSC 10.000 USD 65.000 BOA Offshore AS 0.409 7/17/2047 NOK 15.267 Credit Suisse AG/Lon 2.000 5/17/2029 USD 73.912 Caisse des Depots et 1.270 10/1/2051 EUR 73.214 Golfino AG 8.000 11/18/2023 EUR 0.010 Land Berlin 0.125 6/4/2035 EUR 72.422 Foodco Bondco SA 6.250 5/15/2026 EUR 65.398 Caisse des Depots et 2.345 1/29/2050 AUD 59.345 Republic of Ireland 1.320 11/28/2119 EUR 46.996 Wingholding Zrt 3.000 9/22/2031 HUF 66.250 Landesbank Baden-Wue 0.905 4/1/2041 EUR 57.579 EVN AG 0.850 10/15/2035 EUR 70.069 Alpine Holding GmbH 5.250 7/1/2015 EUR 3.159 Portugal Telecom Int 6.250 7/26/2016 EUR 0.285 Russian Foreign Bond 4.750 5/27/2026 USD 44.992 Agrokor dd 8.875 2/1/2020 USD 15.000 Deutsche Bahn Financ 3.350 1/20/2042 AUD 70.951 OTP 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Chartered B 0.520 1/22/2041 JPY 61.719 City of Lausanne Swi 0.540 11/6/2062 CHF 61.975 Raiffeisen Landesban 0.250 3/4/2036 EUR 70.693 Cooperatieve Raboban 0.500 12/29/2027 MXN 59.574 Free State of Bavari 0.010 3/28/2036 EUR 69.460 Land Berlin 0.150 2/22/2036 EUR 71.267 Jyske Realkredit A/S 1.000 10/1/2053 DKK 64.375 Sibur Securities DAC 2.950 7/8/2025 USD 42.843 Evan Group PLC 6.000 7/31/2022 EUR 17.011 State of Lower Austr 1.000 9/15/2121 EUR 39.732 MMC Norilsk Nickel O 2.550 9/11/2025 USD 53.312 HSE Finance Sarl 5.625 10/15/2026 EUR 55.940 DZ Bank AG Deutsche 1.055 3/11/2031 EUR 71.338 Erste Group Bank AG 1.230 5/29/2033 EUR 73.628 Windreich GmbH 6.250 3/1/2015 EUR 2.847 Celtic Resources Hol 4.125 10/9/2024 USD 13.417 Housing & Care 21 3.288 11/8/2049 GBP 74.853 City of Lausanne Swi 0.680 3/11/2058 CHF 68.017 Malta Government Bon 1.400 8/20/2046 EUR 67.324 Polski Fundusz Rozwo 1.375 9/30/2027 PLN 74.549 Deutsche Pfandbriefb 0.312 4/16/2029 EUR 71.936 State of Rhineland-P 0.375 3/10/2051 EUR 56.652 Futureal Development 4.000 3/23/2031 HUF 58.000 French Republic Gove 0.750 5/25/2053 EUR 61.172 Maison Finco PLC 6.000 10/31/2027 GBP 72.705 Richter Gedeon Nyrt 1.750 6/4/2031 HUF 60.000 Italy Buoni Polienna 0.950 3/1/2037 EUR 68.961 Credit Suisse AG/Lon 9.000 4/22/2024 USD 23.625 Muenchener Hypotheke 0.250 10/31/2044 CHF 69.913 Carmila SA 1.890 11/6/2031 EUR 65.622 Kreditanstalt fuer W 1.000 10/19/2050 EUR 66.264 Nomura Bank Internat 1.130 4/23/2036 EUR 66.619 Ville de Paris 0.650 11/25/2070 EUR 42.462 German Pellets GmbH 7.250 4/1/2016 EUR 1.515 Phosphorus Holdco PL 10.000 4/1/2019 GBP 1.386 Landesbank Baden-Wue 7.070 1/27/2023 EUR 35.860 Credit Suisse AG/Lon 5.800 7/26/2023 USD 9.250 Wellis Magyarorszag 3.000 2/26/2031 HUF 66.722 Russian Foreign Bond 2.875 12/4/2025 EUR 42.746 Stelius Befektetoe Z 3.100 9/17/2030 HUF 66.500 Bromford Housing Gro 2.554 3/17/2054 GBP 63.952 Malta Government Bon 2.000 7/10/2051 EUR 69.330 Severstal OAO Via St 3.150 9/16/2024 USD 5.560 Autostrade per l'Ita 3.240 6/10/2034 EUR 74.666 Single Platform Inve 4.020 7/1/2052 EUR 72.809 Getin Noble Bank SA 12.800 11/9/2023 PLN 33.865 Landesbank Baden-Wue 1.100 5/7/2040 EUR 65.764 MMK International Ca 4.375 6/13/2024 USD 29.904 Nykredit Realkredit 1.000 10/1/2050 DKK 74.314 Cooperatieve Raboban 0.500 11/30/2027 MXN 60.593 Cooperatieve Raboban 0.500 8/21/2028 MXN 55.647 Governo Portugues Co 2.750 EUR 74.510 HSBC Holdings PLC 0.950 12/9/2032 EUR 71.462 State of Lower Saxon 0.050 3/9/2035 EUR 72.283 Societa di Progetto 3.375 12/31/2038 EUR 72.097 NRW Bank 1.150 9/16/2051 EUR 70.853 TechnipFMC PLC 4.000 6/14/2032 EUR 73.795 Kuntarahoitus Oyj 0.940 6/9/2064 EUR 74.227 Autonomous Community 1.850 5/13/2061 EUR 62.868 MFB Magyar Fejleszte 4.200 4/20/2033 HUF 69.043 ABN AMRO Bank NV 1.070 3/3/2041 EUR 74.329 Communaute Francaise 0.626 8/24/2040 EUR 66.238 Hemso Fastighets AB 3.020 9/14/2048 SEK 70.904 Frigoglass Finance B 6.875 2/12/2025 EUR 37.564 Kreditanstalt fuer W 1.100 9/16/2051 EUR 67.987 Assa Abloy AB 0.650 8/28/2034 EUR 73.263 Landesbank Baden-Wue 0.327 5/7/2038 EUR 66.431 Vnesheconombank Via 6.025 7/5/2022 USD 5.125 Moby SpA 7.750 2/15/2023 EUR 65.867 Single Platform Inve 1.165 6/6/2046 EUR 62.624 Kleopatra Holdings 2 6.500 9/1/2026 EUR 64.370 Autonomous Community 1.655 10/31/2050 EUR 68.017 Republic of Ireland 0.835 7/8/2080 EUR 53.674 GTC Magyarorszag Zrt 2.600 3/17/2031 HUF 67.850 Free and Hanseatic C 0.300 9/16/2050 EUR 56.151 Kreditanstalt fuer W 1.000 10/20/2050 EUR 68.949 Vasakronan AB 1.655 9/5/2039 SEK 63.169 Joh Friedrich Behren 6.250 6/18/2024 EUR 30.261 Societe Generale SA 3.920 12/9/2036 AUD 70.870 OTP Munkavallalok Ii 4.500 7/14/2031 HUF 71.760 Russian Federal Bond 0.250 7/20/2044 RUB 13.000 Vasakronan AB 1.130 5/27/2042 JPY 71.583 Ukraine Government I 15.970 4/19/2023 UAH 60.775 Caisse des Depots et 0.945 5/19/2051 EUR 67.076 State of Lower Austr 0.815 9/22/2056 EUR 55.144 Single Platform Inve 0.780 2/15/2040 EUR 62.531 Novolipetsk Steel Vi 1.450 6/2/2026 EUR 59.634 Credit Bank of Mosco 7.500 10/5/2027 USD 18.000 Caisse des Depots et 1.460 1/24/2052 EUR 73.280 BASF SE 1.025 8/13/2048 JPY 69.751 Credit Bank of Mosco 5.550 2/14/2023 USD 21.202 Romanian Government 2.000 4/14/2033 EUR 67.048 Bayerische Landesban 1.637 3/8/2035 EUR 73.819 Deutsche Telekom AG 3.500 9/6/2039 AUD 70.796 Credit Suisse AG/Lon 1.400 11/4/2025 CHF 30.390 Veneto Banca SpA 6.411 EUR 0.345 Kommunekredit 0.500 7/30/2027 TRY 25.179 Rosbank PJSC 0.040 4/30/2024 RUB 60.050 HSBC Bank PLC 0.500 11/25/2025 BRL 67.044 Societe Generale SA 10.000 6/28/2034 USD 60.847 DZ Bank AG Deutsche 1.000 2/8/2035 EUR 71.933 Landesbank Hessen-Th 0.750 11/17/2036 EUR 65.700 Raiffeisenlandesbank 1.500 10/21/2039 EUR 67.459 Stichting Afwikkelin 6.625 5/14/2018 EUR 45.375 Landesbank Baden-Wue 0.821 8/24/2032 EUR 73.202 Ahtium PLC 9.750 4/4/2017 EUR 0.726 Stichting Afwikkelin 4.252 EUR 45.000 Sairgroup Finance BV 4.375 6/8/2006 EUR 1.964 NIBC Bank NV 0.460 7/19/2029 EUR 73.967 Norddeutsche Landesb 0.750 1/15/2032 EUR 73.695 Societe Nationale SN 2.457 12/23/2050 USD 63.340 German Pellets GmbH 7.250 7/9/2018 EUR 1.515 Erste Group Bank AG 1.010 10/7/2041 EUR 62.560 DZ Bank AG Deutsche 2.000 12/29/2031 EUR 71.700 Sonnedix Energy Tau 2.200 12/31/2038 EUR 8.000 Landesbank Baden-Wue 0.250 5/27/2037 EUR 66.986 BAE Systems PLC 3.000 9/15/2050 USD 68.574 Landesbank Hessen-Th 0.950 2/12/2035 EUR 70.070 Boparan Finance PLC 7.625 11/30/2025 GBP 68.083 Grand Delta Habitat 1.285 11/6/2040 EUR 64.306 Single Platform Inve 1.108 2/15/2041 EUR 65.610 Bayerische Landesban 0.770 11/29/2032 EUR 71.917 MOL Hungarian Oil & 1.900 4/12/2031 HUF 54.600 Banque Federative du 0.376 10/15/2031 EUR 74.318 Ukraine Government I 9.840 2/15/2023 UAH 59.375 OGX Austria GmbH 8.375 4/1/2022 USD 0.002 Aareal Bank AG 0.300 12/11/2030 EUR 64.101 Anselma Issuer SA 2.174 12/31/2038 EUR 64.580 Batigere Grand Est S 1.345 4/18/2032 EUR 74.676 Landesbank Baden-Wue 0.395 1/29/2031 EUR 73.715 Zurcher Kantonalbank 16.750 4/4/2023 USD 37.990 Banque International 2.120 8/20/2040 EUR 70.073 Raiffeisen Landesban 0.375 11/13/2034 EUR 74.586 AXA Home Loan SFH SA 0.125 6/25/2035 EUR 70.702 Bank Nadra Via NDR F 8.250 7/31/2018 USD 0.208 Luzerner Kantonalban 0.150 10/7/2044 CHF 68.775 Norwegian Air Shuttl 7.500 11/10/2023 USD 74.304 State of Saarland 1.108 5/18/2046 EUR 73.857 HSBC Bank PLC 0.500 12/22/2025 BRL 66.402 Aeroports de la Cote 2.500 7/9/2036 EUR 67.415 BNP Paribas SA 0.857 2/22/2036 EUR 66.278 Region of Centre-Val 0.711 11/2/2036 EUR 73.798 Frigate Luxembourg S 2.000 8/1/2032 EUR 53.635 Raiffeisenlandesbank 0.200 6/9/2036 EUR 66.720 Mondelez Internation 1.250 9/9/2041 EUR 66.921 Free and Hanseatic C 0.010 11/5/2035 EUR 70.539 Landeskreditbank Bad 0.610 11/17/2050 EUR 62.374 MFB Magyar Fejleszte 2.900 10/22/2031 HUF 65.045 Alno AG 8.000 3/21/2019 EUR 14.000 Alfa Bank AO Via Alf 5.950 4/15/2030 USD 4.503 Land Baden-Wuerttemb 0.375 7/20/2048 EUR 58.114 Kuntarahoitus Oyj 1.150 9/24/2051 EUR 72.291 Alpine Holding GmbH 6.000 5/22/2017 EUR 3.159 Global Ports Finance 6.500 9/22/2023 USD 35.000 Takarek Mortgage Ban 3.000 10/22/2031 HUF 52.140 Societe Generale SA 13.500 8/23/2024 USD 50.900 Wirtschafts- und Inf 0.500 8/28/2046 EUR 60.638 Commerzbank AG 2.565 5/15/2043 EUR 65.371 Land Thueringen 0.250 3/5/2040 EUR 65.628 Ukraine Government I 16.000 5/24/2023 UAH 59.375 Portugal Telecom Int 5.242 11/6/2017 EUR 0.694 Credit Suisse AG/Lon 4.430 9/25/2035 USD 72.632 Bayerische Landesban 0.710 12/1/2031 EUR 74.017 ING Bank NV 0.335 4/21/2036 EUR 70.466 Societe Generale SA 0.831 11/25/2031 EUR 73.833 Region of Ile de Fra 0.610 7/2/2040 EUR 67.233 Steilmann SE 6.750 6/27/2017 EUR 2.184 UBS AG/London 3.327 11/23/2025 EUR 58.500 Corporate Commercial 8.250 8/8/2014 USD 0.308 National Treasury Ma 1.560 2/16/2122 EUR 71.451 Republic of Belarus 6.200 2/28/2030 USD 24.000 Land Berlin 0.625 7/15/2039 EUR 71.585 Comunidad Foral de N 1.450 5/8/2040 EUR 73.991 Golden Gate AG 6.500 10/11/2014 EUR 36.230 Ministeries Van de V 1.874 3/28/2058 EUR 72.275 Tennor Finance BV 5.750 6/17/2024 EUR 75.000 State of Saxony-Anha 2.030 7/3/2028 EUR 60.000 Rio Forte Investment 4.000 7/22/2014 EUR 3.846 Prosus NV 1.985 7/13/2033 EUR 65.153 DZ Bank AG Deutsche 5.500 6/23/2023 EUR 71.660 TBI Bank EAD 5.250 7/30/2031 EUR 51.224 Grenke Finance PLC 0.819 2/15/2030 EUR 65.962 Region Auvergne-Rhon 0.892 10/21/2041 EUR 67.304 Region Hauts-de-Fran 0.691 7/9/2042 EUR 64.124 Kingdom of Belgium G 1.170 5/12/2121 EUR 45.909 UBS AG/London 1.600 4/18/2049 EUR 70.438 Single Platform Inve 0.840 6/20/2043 EUR 59.714 Societe Nationale SN 1.400 5/18/2120 EUR 44.201 Kardan NV 6.325 2/21/2021 ILS #N/A N/A Grand City Propertie 2.500 6/27/2039 EUR 60.776 Malta Government Bon 1.000 8/23/2035 EUR 74.970 Eurohold Bulgaria AD 8.000 12/29/2026 EUR 65.706 Pfandbriefzentrale d 0.020 1/30/2040 CHF 73.092 MMC Norilsk Nickel O 4.100 4/11/2023 USD 60.184 Single Platform Inve 0.754 9/20/2039 EUR 62.816 Caisse Francaise de 0.010 10/19/2035 EUR 68.620 Department of Girond 0.846 4/29/2039 EUR 70.970 Credit Suisse Group 2.455 7/4/2034 EUR 67.204 Virgolino de Oliveir 10.500 1/28/2018 USD 0.499 Barclays Bank PLC 1.580 4/12/2039 EUR 67.500 Romanian Government 4.625 4/3/2049 EUR 74.605 Nederlandse Watersch 0.877 6/24/2054 EUR 63.654 Region de Bruxelles- 0.592 12/10/2061 EUR 47.728 Bayerische Landesban 3.180 2/16/2038 EUR 70.264 Kreditanstalt fuer W 1.270 6/29/2051 EUR 72.759 Ukraine Government I 9.790 5/26/2027 UAH 55.201 DZ Bank AG Deutsche 1.000 2/13/2042 EUR 70.272 Ukraine Government I 16.000 5/24/2023 UAH 59.375 Nomura Bank Internat 1.138 12/19/2039 EUR 57.524 Pescanova SA 5.125 4/20/2017 EUR 0.319 Pongs & Zahn AG 8.500 11/1/2014 EUR 0.152 Ile-de-France Mobili 1.586 2/23/2052 EUR 74.263 Mercedes-Benz Manufa 1.500 3/16/2027 HUF 63.000 Morhomes PLC 2.508 2/19/2051 GBP 63.141 Bayerische Landesban 2.250 10/17/2033 EUR 69.145 Societe Centrale des 2.500 5/15/2023 EUR 6.780 State of Bremen 0.936 9/28/2046 EUR 68.451 BPCE SA 0.500 10/21/2034 EUR 74.284 ING Bank NV 0.465 4/21/2041 EUR 66.688 Single Platform Inve 0.835 10/14/2061 EUR 48.390 Ile-de-France Mobili 1.200 4/8/2050 EUR 66.715 Agrokor dd 9.875 5/1/2019 EUR 15.000 BCP V Modular Servic 6.750 11/30/2029 EUR 72.450 EnBW International F 2.080 1/21/2041 EUR 74.414 Bank Gospodarstwa Kr 2.000 11/3/2036 EUR 70.544 Kommunekredit 0.869 11/12/2043 SEK 65.383 Romanian Government 1.375 12/2/2029 EUR 73.447 Centre Hospitalier R 0.800 6/28/2041 EUR 67.096 Banco Espirito Santo 10.000 12/6/2021 EUR 0.110 VTB Bank PJSC Via VT 9.500 USD 6.000 Single Platform Inve 1.610 2/15/2043 EUR 72.829 Kingdom of Belgium G 0.459 7/23/2079 EUR 34.106 Credit Agricole Corp 1.550 9/8/2031 AUD 72.015 State of Saarland 0.500 3/15/2051 EUR 59.005 Credit Bank of Mosco 4.700 1/29/2025 USD 19.142 Nederlandse Watersch 1.900 1/31/2035 AUD 69.532 Autonomous Community 1.255 10/31/2048 EUR 61.745 Deutsche Bank AG 1.750 10/30/2028 USD 72.900 SunDell Estate Nyrt 3.250 11/12/2030 HUF 68.000 Kelag-Kaerntner Elek 1.150 4/16/2041 EUR 68.745 Premium Green PLC 1.050 9/15/2035 EUR 73.023 Banco Santander SA 2.210 3/12/2031 USD 73.196 Flamingo Lux II SCA 5.000 3/31/2029 EUR 74.379 Pfandbriefbank schwe 0.250 10/6/2042 CHF 73.792 Virgolino de Oliveir 10.875 1/13/2020 USD 36.000 BPCE SA 2.250 3/13/2040 AUD 48.290 Single Platform Inve 0.930 7/2/2041 EUR 63.427 Muenchener Hypotheke 0.420 12/10/2035 EUR 66.065 Republic of Ireland 1.250 10/8/2121 EUR 59.392 MMC Norilsk Nickel O 2.800 10/27/2026 USD 51.356 Credit Bank of Mosco 7.121 6/25/2024 USD 22.717 Intelsat Jackson Hol 8.500 10/15/2024 USD 0.486 Single Platform Inve 0.833 2/15/2041 EUR 61.950 Erdoel-Lagergesellsc 1.200 6/4/2043 EUR 73.521 Barclays Bank PLC 13.810 4/16/2024 TRY 74.894 Junta de Castilla y 1.270 10/31/2044 EUR 66.769 Societe Generale SA 21.000 2/2/2023 USD 56.760 Single Platform Inve 0.363 2/15/2041 EUR 55.972 DekaBank Deutsche Gi 7.650 3/10/2023 EUR 33.470 Bulgaria Steel Finan 12.000 5/4/2013 EUR 0.216 Rena GmbH 8.250 7/11/2018 EUR 0.059 Lloyds Bank PLC 0.500 7/26/2028 MXN 56.060 Erotik-Abwicklungsge 7.750 7/9/2019 EUR 0.779 Steilmann SE 7.000 9/23/2018 EUR 1.429 Vontobel Financial P 7.500 12/23/2022 USD 53.470 Credit Agricole Corp 1.120 11/21/2034 EUR 72.023 CDC Habitat SEM 0.814 2/15/2040 EUR 61.237 Romanian Government 3.375 2/8/2038 EUR 68.908 Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 25.383 Air Berlin Finance B 8.500 3/6/2019 EUR 0.381 SAir Group 2.125 11/4/2004 CHF 12.350 Spain Government Bon 0.850 7/30/2037 EUR 72.292 Agence France Locale 2.550 3/20/2036 AUD 72.705 Virgolino de Oliveir 10.875 1/13/2020 USD 36.000 Turkey Government In 4.875 4/16/2043 USD 63.986 Societe Generale SA 9.250 9/16/2024 USD 31.200 Communaute Francaise 1.040 7/19/2101 EUR 52.129 Banque Federative du 1.590 2/5/2031 USD 72.184 Caisse des Depots et 1.015 7/22/2050 EUR 69.083 Kreditanstalt fuer W 0.890 3/10/2041 EUR 72.466 Credito Padano Banca 3.100 EUR 34.598 Cimpress PLC 7.000 6/15/2026 USD 68.235 Credit Suisse AG/Lon 5.100 6/8/2041 USD 72.389 Transmission Finance 2.701 10/16/2037 EUR 73.487 Slovenska Sporitelna 4.820 EUR 71.997 CPI Hungary Investme 2.250 8/7/2030 HUF 51.000 Phones4u Finance PLC 9.500 4/1/2018 GBP 74.938 DNB Boligkreditt AS 0.980 6/20/2044 EUR 69.846 Getin Noble Bank SA 12.320 3/31/2023 PLN 39.955 MS Deutschland Betei 6.875 12/18/2017 EUR 0.211 Raiffeisenlandesbank 0.500 1/22/2035 EUR 74.737 SAir Group 0.125 7/7/2005 CHF 12.375 National Grid Electr 1.608 8/24/2040 GBP 58.594 Region Bretagne SCI 0.544 12/7/2036 EUR 71.728 National Grid Electr 2.020 3/12/2032 AUD 72.857 National Grid Electr 1.151 2/20/2040 EUR 63.058 Single Platform Inve 0.700 9/20/2041 EUR 58.829 BNP Paribas SA 1.271 1/2/2024 USD 43.500 Single Platform Inve 0.915 2/15/2043 EUR 62.371 SAir Group 5.500 7/23/2003 CHF 12.345 Centre Hospitalier R 1.500 4/27/2050 EUR 72.169 Odea Bank AS 8.606 8/1/2027 USD 59.538 Credit Suisse AG/Lon 0.875 5/21/2031 EUR 71.692 A-TEC Industries AG 8.750 10/27/2014 EUR 0.100 NET4GAS sro 2.750 7/17/2025 CZK 74.599 OGX Austria GmbH 8.500 6/1/2018 USD 0.002 Elli Investments Ltd 12.250 6/15/2020 GBP 52.250 BPCE SFH SA 1.229 4/12/2049 EUR 71.362 Grenke Finance PLC 2.040 4/16/2029 EUR 65.640 Novolipetsk Steel Vi 4.500 6/15/2023 USD 61.652 Finance and Credit B 9.250 1/25/2019 USD 0.001 Communaute Francaise 1.581 1/23/2120 EUR 55.009 Region Wallonne Belg 1.225 9/2/2120 EUR 42.848 United Kingdom Gilt 1.625 10/22/2071 GBP 67.364 Single Platform Inve 1.080 5/25/2066 EUR 50.571 PIK Securities DAC 5.625 11/19/2026 USD 33.200 Communaute Francaise 1.380 11/7/2046 EUR 68.840 SG Issuer SA 0.263 2/20/2025 EUR 19.990 Italy Buoni Polienna 1.700 9/1/2051 EUR 65.134 Vajda-Papir Gyarto K 3.500 5/17/2031 HUF 70.900 Societe Generale SA 2.420 5/27/2031 USD 73.570 State of Mecklenburg 0.239 11/17/2070 EUR 41.653 GTC Magyarorszag Zrt 2.250 12/7/2030 HUF 66.590 Alpine Holding GmbH 5.250 6/10/2016 EUR 3.159 Credit Suisse AG/Lon 4.450 6/28/2023 USD 8.980 Bpifrance SACA 1.046 5/25/2050 EUR 62.793 Elli Finance UK PLC 8.750 6/15/2019 GBP 62.279 Landesbank Baden-Wue 1.300 6/21/2049 EUR 56.556 VTB Bank OJSC Via VT 6.250 6/30/2035 USD 21.403 Getin Noble Bank SA 12.650 4/28/2023 PLN 35.965 Banco Santander SA 3.764 12/7/2033 AUD 74.496 Ukraine Government I 9.990 5/22/2024 UAH 51.591 Caisse des Depots et 0.398 12/15/2050 EUR 56.461 Bayerische Landesban 0.400 7/15/2031 EUR 73.466 Region Hauts-de-Fran 0.402 2/18/2043 EUR 59.045 UBS AG/London 5.000 1/9/2023 USD 52.100 Getin Noble Bank SA 11.720 11/30/2023 PLN 23.875 Romanian Government 2.750 4/14/2041 EUR 58.329 Single Platform Inve 1.220 4/1/2039 EUR 68.771 Banco Santander SA 0.010 10/1/2032 EUR 66.461 Landesbank Hessen-Th 0.700 11/2/2034 EUR 68.429 Landesbank Hessen-Th 0.500 12/6/2034 EUR 71.100 Caixa Economica Mont 5.000 EUR 52.250 Alfa Bank AO Via Alf 5.500 10/26/2031 USD 3.670 UniCredit Bank Austr 0.150 4/29/2033 EUR 74.810 Ukraine Government I 15.970 4/19/2023 UAH 60.775 Depfa Funding III LP 2.056 EUR 52.830 BNP Paribas SA 0.500 9/29/2029 AUD 68.791 Malta Government Bon 2.400 8/13/2052 EUR 72.880 Raiffeisen Switzerla 7.050 5/22/2023 EUR 53.570 Aareal Bank AG 1.576 2/23/2032 EUR 69.457 HSE Finance Sarl 7.512 10/15/2026 EUR 61.266 Ville de Paris 0.963 12/6/2051 EUR 58.319 Bayerische Landesban 0.450 2/12/2031 EUR 74.420 Raiffeisen Schweiz G 8.340 3/7/2023 EUR 59.900 Landesbank Baden-Wue 4.734 2/20/2034 EUR 73.740 UBS AG/London 17.040 5/26/2027 SEK 66.750 Rusal Capital DAC 4.850 2/1/2023 USD 43.189 Credit Agricole SA 3.750 6/9/2040 AUD 64.301 Hemso Fastighets AB 2.615 11/30/2043 EUR 62.585 Unibail-Rodamco-West 2.000 12/5/2033 EUR 74.326 Kommunekredit 0.375 2/3/2045 DKK 61.263 Getin Noble Bank SA 12.290 7/28/2023 PLN 29.965 Landesbank Hessen-Th 1.150 11/24/2036 EUR 69.596 Ministeries Van de V 0.400 11/20/2043 EUR 59.162 Willhem AB 1.824 10/18/2038 SEK 65.786 Eurotorg LLC Via Bon 9.000 10/22/2025 USD 54.897 Deutsche Pfandbriefb 0.857 9/18/2037 EUR 50.332 Turkey Government In 6.000 1/14/2041 USD 71.665 SG Issuer SA 0.600 3/7/2033 EUR 72.433 Credit Bank of Mosco 7.625 USD 15.433 Agence France Locale 0.570 9/20/2040 EUR 67.737 Hungary Government B 3.000 4/25/2041 HUF 53.263 Deutsche Bank AG 1.725 1/16/2045 EUR 44.789 Sveriges Sakerstalld 1.378 7/13/2046 SEK 67.855 Takarek Mortgage Ban 5.750 5/27/2032 HUF 65.360 Landesbank Baden-Wue 3.480 2/24/2023 EUR 50.050 Republic of Ireland 0.995 2/24/2121 EUR 49.533 Ville de Paris 0.850 8/4/2051 EUR 59.513 Nykredit Realkredit 1.182 1/17/2034 EUR 68.745 BNG Bank NV 0.630 7/11/2067 EUR 50.745 Bulgaria Government 1.375 9/23/2050 EUR 57.134 Grand Delta Habitat 1.500 9/1/2049 EUR 63.343 Societe Generale SA 21.000 12/23/2022 USD 29.200 State of Lower Austr 0.550 11/13/2080 EUR 36.130 Vajda-Papir Gyarto K 3.500 11/16/2030 HUF 65.500 Eurogrid GmbH 0.875 11/20/2040 EUR 66.268 Ukraine Government I 9.840 2/15/2023 UAH 59.375 Region of Centre-Val 0.712 12/3/2039 EUR 68.289 Intelsat Jackson Hol 9.750 7/15/2025 USD 0.486 HSBC Continental Eur 1.140 8/26/2049 EUR 61.787 Agence France Locale 0.330 12/20/2040 EUR 64.118 DekaBank Deutsche Gi 1.100 11/25/2030 EUR 72.402 Raiffeisen Bank Inte 0.370 2/3/2033 EUR 63.058 Solon SE 1.375 12/6/2012 EUR 0.745 Societe Generale SA 18.000 11/2/2023 USD 9.900 Caisse des Depots et 1.050 9/27/2049 EUR 69.802 Credit Suisse AG/Lon 1.352 4/8/2034 EUR 72.536 Depfa Funding II LP 6.500 EUR 57.625 Mox Telecom AG 7.250 11/2/2017 EUR 2.270 Leonteq Securities A 3.500 1/10/2023 EUR 15.660 DZ Bank AG Deutsche 0.530 7/26/2033 EUR 69.916 Landesbank Hessen-Th 4.734 2/11/2037 EUR 66.600 Landesbank Baden-Wue 1.600 4/3/2039 EUR 71.390 Landesbank Hessen-Th 1.500 11/17/2036 EUR 66.900 Single Platform Inve 0.800 12/20/2040 EUR 62.294 Centre Hospitalier U 1.160 9/6/2039 EUR 59.955 Societe Generale SA 10.000 8/3/2023 USD 66.000 Assistance Publique 0.490 9/30/2040 EUR 63.994 Jain International T 7.125 2/1/2022 USD 21.799 Getin Noble Bank SA 12.300 8/31/2023 PLN 45.520 Landesbank Hessen-Th 2.000 11/25/2036 EUR 66.000 Agence France Locale 0.210 12/20/2035 EUR 70.666 Intesa Sanpaolo Bank 3.102 11/19/2035 AUD 65.342 Societe Wallonne de 0.883 11/21/2044 EUR 61.019 Erste Group Bank AG 0.770 11/13/2033 EUR 70.033 Gecci Investment KG 6.000 10/1/2027 EUR 37.552 SiC Processing GmbH 7.125 3/1/2016 EUR 0.784 Bilt Paper BV 10.360 USD 1.399 Single Platform Inve 0.656 9/20/2050 EUR 49.534 Heimstaden Bostad AB 2.800 5/4/2035 EUR 67.113 Takarek Mortgage Ban 1.750 12/22/2026 HUF 65.140 Virgolino de Oliveir 11.750 2/9/2022 USD 0.499 Orient Express Bank 2.000 USD 19.402 UBS AG/London 7.500 6/22/2023 USD 70.050 Ville de Paris 1.165 6/9/2053 EUR 61.820 Single Platform Inve 0.901 2/15/2041 EUR 64.047 Societe Generale SA 15.140 7/16/2024 USD 27.000 Credit Suisse AG/Lon 4.530 7/12/2023 USD 8.520 Barclays Bank PLC 2.070 12/18/2035 USD 63.648 Landesbank Hessen-Th 9.468 9/21/2033 EUR 74.600 Futureal Development 3.500 11/16/2036 HUF 47.000 Credit Agricole Corp 2.400 5/17/2048 EUR 57.925 Credit Suisse AG/Lon 1.000 12/20/2027 EUR 2.910 Region de Bruxelles- 0.765 7/15/2052 EUR 55.285 Deutsche Wohnen SE 2.125 9/26/2033 EUR 72.573 Nationwide Building 0.485 7/11/2044 CHF 73.495 Purple Protected Ass 2.085 10/27/2060 EUR 59.832 Polyus Finance PLC 5.250 2/7/2023 USD 48.191 Societe Du Grand Par 0.576 10/29/2052 EUR 50.585 Hemso Fastighets AB 1.130 10/31/2039 EUR 67.178 HSBC Continental Eur 1.410 12/12/2039 EUR 71.402 Comunidad Foral de N 0.550 10/22/2035 EUR 72.321 Credit Suisse AG/Lon 6.250 10/31/2025 USD 9.010 Communaute Francaise 0.788 8/30/2049 EUR 57.339 Purple Protected Ass 1.580 5/25/2060 EUR 53.203 Societe Generale SA 15.760 8/13/2026 USD 53.800 DekaBank Deutsche Gi 3.970 2/9/2023 EUR 40.330 HPI AG 3.500 EUR 0.400 Ukraine Government I 7.750 9/1/2025 USD 24.912 Ukraine Government I 7.750 9/1/2027 USD 22.565 Sairgroup Finance BV 6.625 10/6/2010 EUR 1.964 Single Platform Inve 3.505 8/6/2046 AUD 65.071 Elecnor SA 3.025 9/30/2035 EUR 70.552 BNP Paribas SA 1.275 10/2/2023 USD 23.540 Department of Loiret 0.915 11/23/2043 EUR 65.744 Erste Group Bank AG 7.000 12/1/2022 EUR 62.500 Barclays Bank PLC 2.000 12/21/2029 USD 73.423 Kingdom of Belgium G 2.750 6/10/2071 USD 69.213 Ukraine Government B 3.900 10/5/2023 USD 56.543 Credit Suisse AG/Lon 2.302 4/8/2037 EUR 71.935 Credit Suisse AG/Lon 2.100 3/31/2031 USD 67.878 Getin Noble Bank SA 12.650 4/29/2024 PLN 22.775 Credit Agricole Corp 14.280 11/5/2026 TRY 62.883 Royal Schiphol Group 2.890 10/25/2034 AUD 70.311 UBS AG/London 4.520 9/7/2023 USD 9.204 BNP Paribas Issuance 4.360 12/14/2022 EUR 69.710 Landesbank Baden-Wue 0.500 11/25/2030 EUR 74.983 CDC Habitat SEM 1.170 5/4/2037 EUR 68.185 Wirtschafts- und Inf 0.200 12/2/2043 EUR 58.126 DekaBank Deutsche Gi 5.970 2/9/2023 EUR 40.410 Region Bretagne SCI 0.815 6/12/2040 EUR 68.828 Kreditanstalt fuer W 0.689 6/18/2040 EUR 72.428 Kommunekredit 1.336 10/1/2032 AUD 71.520 City of Lausanne Swi 0.230 11/1/2060 CHF 55.169 Sberbank of Russia V 5.250 5/23/2023 USD 6.524 RENE LEZARD Mode Gmb 7.250 11/25/2017 EUR 0.500 ABN AMRO Bank NV 2.295 9/21/2026 EUR 20.000 La Banque Postale Ho 0.640 1/27/2042 EUR 69.033 Landesbank Hessen-Th 1.650 5/27/2030 EUR 4.938 Single Platform Inve 1.370 7/25/2053 EUR 62.514 Hamburgische Investi 0.380 2/24/2042 EUR 65.286 Saechsische Aufbauba 0.300 2/18/2042 EUR 61.441 Societe Generale SA 11.000 8/16/2024 USD 17.650 Polyus Finance PLC 3.250 10/14/2028 USD 48.616 Hemso Fastighets AB 0.473 2/18/2030 EUR 69.831 Societe Generale SA 16.000 10/3/2024 USD 8.550 Luzerner Kantonalban 0.250 8/28/2040 CHF 74.740 Ville de Paris 0.758 8/20/2060 EUR 46.739 Vasakronan AB 1.770 10/26/2033 NOK 69.518 Free State of Saxony 0.400 5/12/2036 EUR 73.787 Department of Loiret 0.478 10/30/2040 EUR 63.694 BNP Paribas SA 2.840 8/26/2039 AUD 56.936 State of Hesse 0.227 8/20/2049 EUR 55.945 United Kingdom Gilt 0.500 10/22/2061 GBP 43.786 Batigere Grand Est S 1.400 8/31/2050 EUR 59.852 Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625 Heta Asset Resolutio 1.136 12/31/2023 EUR 0.017 Russian Railways 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Auvergne-Rhon 0.543 9/28/2036 EUR 71.371 Assistance Publique 1.665 4/10/2049 EUR 73.281 Free and Hanseatic C 1.095 6/13/2046 EUR 71.326 Credit Suisse AG/Lon 4.700 7/1/2046 AUD 74.694 A-TEC Industries AG 2.750 5/10/2014 EUR 0.100 City of St Gallen 0.140 9/16/2044 CHF 71.471 Deutsche Bank AG 2.825 2/25/2043 EUR 71.664 Caisse des Depots et 2.700 4/28/2041 AUD 68.353 Credit Suisse AG/Lon 4.460 7/26/2023 USD 9.190 Kommunalkredit Austr 1.055 10/6/2031 EUR 73.494 Landesbank Hessen-Th 0.650 10/6/2031 EUR 74.401 UBS AG 9.000 3/31/2023 USD 50.100 Bayer Construct Epit 3.700 10/21/2031 HUF 66.340 Alfa Bank AO Via Alf 5.900 USD 4.396 Societe Du Grand Par 1.149 4/8/2069 EUR 57.682 BNP Paribas SA 3.580 7/23/2040 AUD 74.910 Grand City Propertie 2.800 2/25/2039 EUR 64.072 Kingdom of Belgium G 0.558 9/24/2077 EUR 37.759 Region Wallonne Belg 0.150 5/10/2035 EUR 69.834 Swissgrid AG 0.125 6/30/2036 CHF 74.869 Autonomous Community 0.810 10/31/2040 EUR 64.548 ABN AMRO Bank NV 0.450 12/12/2036 EUR 71.697 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17.672 Gold-Zack AG 7.000 12/14/2005 EUR 1.650 Wirtschafts- und Inf 0.060 8/31/2034 EUR 71.052 Ville de Paris 1.293 2/22/2049 EUR 69.630 Jain International T 7.125 3/31/2026 USD 27.543 Landesbank Saar 0.760 5/8/2034 EUR 71.663 Ile-de-France Mobili 1.000 12/2/2043 EUR 68.388 Societe Generale SA 14.400 12/14/2023 USD 28.600 Caisse des Depots et 0.859 3/2/2041 EUR 70.482 Single Platform Inve 1.235 12/20/2050 EUR 60.148 Single Platform Inve 1.013 12/20/2050 EUR 54.851 Communaute Francaise 0.782 2/8/2061 EUR 48.993 Raiffeisen Centroban 11.819 3/22/2023 EUR 73.800 Caisse des Depots et 2.766 8/9/2049 USD 69.084 Santander Internatio 1.150 4/8/2041 EUR 64.397 Ministeries Van de V 1.095 6/3/2055 EUR 59.267 TransFin-M PAO 9.400 2/4/2027 RUB 61.000 MOL Hungarian Oil & 1.100 9/22/2030 HUF 47.000 Bulgaria Government 0.375 9/23/2030 EUR 73.974 State of Rhineland-P 0.600 10/24/2046 EUR 62.747 Department of Girond 0.412 11/26/2037 EUR 68.144 Chelyabinsk Pipe Pla 4.500 9/19/2024 USD 16.665 Getin Noble Bank SA 11.300 8/30/2024 PLN 37.876 Ministeries Van de V 0.600 11/19/2055 EUR 45.922 Caisse des Depots et 0.913 11/20/2050 EUR 66.365 Deutsche Wohnen SE 1.700 12/5/2036 EUR 69.342 LR Realkredit AS 0.500 10/1/2050 DKK 68.883 Pescanova SA 6.750 3/5/2015 EUR 0.319 Land Berlin 0.500 6/19/2047 EUR 63.167 BPCE SA 1.920 12/9/2030 AUD 66.707 Novolipetsk Steel Vi 4.000 9/21/2024 USD 60.481 Hungary Government B 4.000 4/28/2051 HUF 55.963 Region of Pays de la 0.570 3/10/2036 EUR 73.549 Societe Generale SA 2.630 3/2/2036 USD 62.292 Region Auvergne-Rhon 0.650 5/18/2038 EUR 70.125 Societe Nationale SN 2.910 1/27/2051 AUD 66.217 Centre Hospitalier B 0.950 2/5/2041 EUR 56.171 Single Platform Inve 0.830 9/6/2041 EUR 61.462 Region Occitanie 0.766 10/7/2041 EUR 66.230 Region Wallonne Belg 1.220 6/12/2050 EUR 64.040 InterCement Financia 5.750 7/17/2024 USD 69.297 International Financ 0.500 6/29/2027 ZAR 66.549 ABN AMRO Bank NV 1.171 4/4/2044 EUR 71.725 Region de Bruxelles- 1.528 4/5/2049 EUR 71.216 Department of L'Eure 1.110 6/18/2039 EUR 74.121 getgoods.de AG 7.750 10/2/2017 EUR 0.527 Deutsche Wohnen SE 1.250 7/31/2031 EUR 74.259 Norske Skogindustrie 7.125 10/15/2033 USD 0.010 Single Platform Inve 1.340 6/20/2041 EUR 70.419 Pfandbriefbank schwe 0.250 4/25/2042 CHF 74.083 BNP Paribas SA 1.300 1/28/2037 EUR 70.443 Vasakronan AB 3.300 1/14/2042 AUD 64.853 Banco Santander SA 3.600 11/5/2033 AUD 73.369 Caisse des Depots et 3.000 11/8/2051 AUD 67.950 Credit Suisse AG/Lon 9.000 11/28/2022 USD 38.790 Batigere Grand Est S 1.500 12/15/2051 EUR 63.083 Societe Generale SA 20.000 12/18/2025 USD 32.500 State of North Rhine 0.950 1/10/2121 EUR 47.319 Ukraine Government B 4.000 1/25/2024 USD 47.088 Turkiye Ihracat Kred 12.540 9/14/2028 TRY 49.899 Autonomous Community 1.515 6/21/2051 EUR 64.665 Single Platform Inve 1.200 11/1/2040 EUR 66.487 Agence Francaise de 0.537 7/16/2040 EUR 69.850 Cordia International 3.000 7/27/2030 HUF 57.000 Leonteq Securities A 13.000 11/30/2022 EUR 38.596 Single Platform Inve 0.740 4/1/2042 EUR 59.957 Landesbank Hessen-Th 1.000 10/14/2036 EUR 66.200 Batigere Grand Est S 1.550 11/14/2039 EUR 68.022 Single Platform Inve 0.559 2/15/2047 EUR 51.788 SG Issuer SA 2.910 10/29/2034 AUD 67.134 Zurcher Kantonalbank 20.000 1/18/2023 USD 68.050 LFA Foerderbank Baye 0.050 9/29/2034 EUR 72.519 Forras Vagyonkezeles 3.250 10/1/2030 HUF 68.580 Single Platform Inve 0.720 3/20/2051 EUR 51.149 Region de Bruxelles- 1.100 6/22/2066 EUR 56.757 Santander Internatio 1.365 1/28/2061 EUR 54.851 NRW Bank 0.106 8/17/2050 EUR 56.173 Landesbank Baden-Wue 1.080 7/16/2035 EUR 66.274 National Grid Electr 2.920 9/30/2044 AUD 66.084 Region Bretagne SCI 0.815 6/12/2040 EUR 68.828 Minicentrales Dos SA 0.010 6/6/2047 EUR 59.376 Steilmann SE 7.000 3/9/2017 EUR 1.429 Muenchener Hypotheke 0.886 3/26/2043 EUR 68.686 Polski Bank Spoldzie 10.850 9/14/2027 PLN 42.925 Russian Agricultural 8.500 10/16/2023 USD 13.414 Credit Suisse AG/Lon 3.110 3/3/2032 USD 71.014 Credit Suisse AG/Lon 10.500 12/27/2022 CHF 8.400 Hell Energy Magyaror 3.000 7/28/2031 HUF 65.900 Landesbank Saar 0.890 9/4/2034 EUR 72.131 Region of Centre-Val 0.822 5/12/2041 EUR 67.583 Banco Santander SA 1.000 1/14/2034 EUR 70.792 Muenchener Hypotheke 0.620 7/22/2033 EUR 69.751 Credit Suisse AG/Lon 8.000 6/28/2023 USD 9.620 Region Occitanie 0.728 11/16/2037 EUR 70.480 Corner Banca SA 14.000 3/27/2023 CHF 60.080 VTB Bank PJSC 3.750 EUR 50.000 SunDell Estate Nyrt 3.650 7/9/2031 HUF 69.500 4iG Nyrt 2.900 3/29/2031 HUF 68.510 BNP Paribas Emission 8.500 2/21/2023 USD 60.510 BNG Bank NV 0.562 6/7/2051 EUR 65.889 Norddeutsche Landesb 1.150 7/1/2036 EUR 67.930 Barclays Bank PLC 4.150 4/5/2039 AUD 71.818 Societe Generale SA 1.700 1/19/2031 USD 70.087 Eltex Kft 3.500 12/21/2028 HUF 69.600 Credit Agricole Corp 1.300 2/2/2061 EUR 53.353 Kingdom of Belgium G 0.650 6/22/2071 EUR 48.741 Portugal Obrigacoes 1.000 4/12/2052 EUR 57.919 Purple Protected Ass 1.598 2/5/2061 EUR 66.555 Credit Suisse AG/Lon 7.750 12/15/2022 CHF 34.170 Deutsche Pfandbriefb 4.120 11/3/2031 EUR 65.230 Landesbank Baden-Wue 0.750 8/12/2039 EUR 67.450 Cie de Financement F 0.900 7/18/2058 EUR 60.070 Landesbank Baden-Wue 1.000 8/12/2039 EUR 66.910 Region de Bruxelles- 1.225 6/21/2070 EUR 56.598 DZ Bank AG Deutsche 0.540 10/23/2031 EUR 74.289 Malta Government Bon 1.500 10/22/2045 EUR 65.690 Berlin Hyp AG 0.750 3/4/2050 EUR 64.878 Thomas Cook Finance 3.875 7/15/2023 EUR 1.474 Single Platform Inve 0.605 9/20/2042 EUR 57.403 Pfandbriefzentrale d 0.050 10/6/2043 CHF 69.392 Landesbank Hessen-Th 0.650 10/18/2034 EUR 67.955 Societe Generale SA 9.000 10/31/2034 USD 54.000 UniCredit Bank AG 1.120 5/14/2057 EUR 68.587 Deutsche Pfandbriefb 0.480 5/19/2031 EUR 64.889 Credit Suisse AG/Lon 2.000 9/30/2030 USD 68.946 Single Platform Inve 1.156 2/12/2041 EUR 65.909 Societe Generale SA 8.880 9/16/2024 USD 37.250 NatWest Markets PLC 1.250 12/4/2034 EUR 70.477 Societe Du Grand Par 1.923 5/25/2066 EUR 72.705 Slovenia Government 0.488 10/20/2050 EUR 49.667 SNCF Reseau 2.622 9/24/2049 USD 73.075 SAir Group 2.750 7/30/2004 CHF 12.350 Single Platform Inve 1.870 11/21/2044 EUR 71.160 SG Issuer SA 0.350 11/15/2023 EUR 26.890 Rosbank PJSC 0.020 4/30/2024 RUB 60.050 Pfandbriefzentrale d 0.200 5/22/2042 CHF 73.355 Assistance Publique 1.125 4/16/2047 EUR 65.614 Takarek Mortgage Ban 3.000 1/28/2036 HUF 43.330 Duna Aszfalt Ut Es M 2.990 10/17/2029 HUF 68.000 Lehman Brothers Trea 2.875 3/14/2013 CHF 0.100 Deutsche Bank AG 0.687 10/11/2049 EUR 50.960 Sequa Petroleum NV 5.000 4/29/2020 USD 30.250 Deutsche Bank AG 2.348 8/15/2034 EUR 71.764 Corner Banca SA 13.000 1/19/2023 USD 32.910 Kommunekredit 2.180 7/16/2040 AUD 64.756 Kuntarahoitus Oyj 1.220 3/27/2060 EUR 69.470 DZ Bank AG Deutsche 9.250 4/28/2023 EUR 42.760 Norddeutsche Landesb 0.900 12/8/2031 EUR 74.861 BNP Paribas SA 1.450 11/17/2041 EUR 67.688 MET Hungary Solar Pa 3.800 12/2/2031 HUF 68.100 Communaute Francaise 0.392 1/22/2041 EUR 60.441 Flextronics Internat 3.600 12/6/2031 HUF 58.000 Vontobel Financial P 6.000 3/24/2023 EUR 69.040 Caisse Francaise de 0.865 2/17/2042 EUR 70.554 Getin Noble Bank SA 12.110 12/21/2023 PLN 19.875 Landesbank Hessen-Th 0.800 9/29/2036 EUR 66.107 Deutsche Bank AG/Lon 2.200 4/14/2023 EUR 74.910 State of North Rhine 1.850 3/18/2089 EUR 69.503 Natixis SA 0.300 6/25/2048 USD 27.264 DZ Bank AG Deutsche 3.780 12/23/2022 EUR 72.720 Wirtschafts- und Inf 0.200 12/14/2045 EUR 56.560 VTB Bank PJSC 10.000 RUB 70.000 Landesbank Hessen-Th 0.350 5/27/2031 EUR 74.519 BNG Bank NV 0.772 8/5/2050 EUR 58.202 Republic of Austria 0.100 7/10/2040 EUR 64.419 Societe Generale SA 2.650 2/25/2030 USD 73.438 Hypo Tirol Bank AG 0.740 5/29/2040 EUR 69.038 DekaBank Deutsche Gi 2.200 3/24/2023 EUR 72.890 Kreditanstalt fuer W 1.267 3/22/2051 EUR 74.867 Getin Noble Bank SA 11.260 6/28/2024 PLN 24.876 Credit Suisse AG/Lon 2.500 7/23/2025 SEK 25.160 Banque Cantonale de 0.100 11/1/2044 CHF 66.344 DLR Kredit A/S 0.500 10/1/2053 DKK 69.094 Kreditanstalt fuer W 0.885 11/14/2039 EUR 73.959 State of Hesse 0.450 9/23/2044 EUR 62.758 Norddeutsche Landesb 0.850 12/7/2035 EUR 65.331 Landesbank Saar 0.650 11/19/2035 EUR 67.196 DekaBank Deutsche Gi 0.780 10/18/2035 EUR 68.665 Home Invest Belgium 1.850 1/15/2032 EUR 73.342 Region Wallonne Belg 1.000 9/16/2059 EUR 54.973 HSBC Bank PLC 0.500 6/23/2027 MXN 61.834 LFA Foerderbank Baye 0.250 9/30/2039 EUR 65.644 Takarek Mortgage Ban 2.600 10/22/2028 HUF 59.820 SCF Capital Designat 3.850 4/26/2028 USD 19.428 BPCE SA 2.614 3/4/2036 AUD 57.988 UniCredit Bank AG 5.300 4/8/2025 EUR 68.160 Italy Buoni Polienna 1.500 4/30/2045 EUR 65.454 Republic of Poland G 1.250 10/25/2030 PLN 66.484 Wirtschafts- und Inf 0.192 1/28/2042 EUR 60.635 NTRP Via Interpipe L 10.250 8/2/2017 USD 26.500 Ferrovie Luganesi SA 0.280 12/31/2044 CHF 68.626 Zurcher Kantonalbank 30.000 1/18/2023 USD 26.490 Region Auvergne-Rhon 1.150 4/8/2039 EUR 74.905 Hypo Vorarlberg Bank 1.590 8/25/2050 EUR 61.965 Harp Issuer PLC 1.400 2/14/2032 USD 66.975 Landesbank Baden-Wue 3.120 12/23/2022 EUR 66.230 JP Morgan Structured 11.000 12/30/2026 ZMW #N/A N/A Ukraine Government B 16.000 3/13/2024 UAH 60.286 Landesbank Baden-Wue 4.000 8/22/2025 EUR 45.890 Malta Government Bon 1.200 5/13/2037 EUR 72.070 Landesbank Hessen-Th 0.530 11/4/2031 EUR 73.449 Region de Bruxelles- 0.444 3/19/2057 EUR 44.530 Landesbank Baden-Wue 4.100 12/23/2022 EUR 62.060 Hamburgische Investi 0.372 2/22/2041 EUR 66.329 Single Platform Inve 1.000 10/31/2040 EUR 64.116 Muenchener Hypotheke 1.692 11/6/2051 EUR 69.720 Single Platform Inve 0.815 4/1/2042 EUR 59.096 Slovenska Sporitelna 4.490 EUR 61.351 Nederlandse Watersch 0.955 2/13/2051 EUR 65.142 Wirtschafts- und Inf 0.450 12/1/2038 EUR 69.666 Banco Santander SA 0.790 9/30/2031 EUR 74.211 Alfa-Bank AO 10.200 2/10/2025 RUB 65.000 Banque International 0.800 12/22/2032 EUR 73.865 Barclays Bank PLC 2.700 3/26/2031 AUD 74.502 CB First Investment 8.000 EUR 70.614 Assistance Publique 1.099 4/6/2071 EUR 48.330 Single Platform Inve 1.051 4/1/2042 EUR 63.540 Bayerische Landesban 1.800 1/25/2036 EUR 74.154 Natixis SA 3.600 11/11/2041 AUD 66.828 Skandinaviska Enskil 8.520 1/15/2024 SEK 74.220 Societe Generale SA 2.050 2/18/2031 AUD 68.348 Credit Agricole Corp 1.900 1/15/2031 AUD 74.766 Caisse des Depots et 1.365 11/2/2051 EUR 74.592 TransFin-M PAO 9.150 2/4/2027 RUB 61.000 Kreditanstalt fuer W 0.980 6/28/2051 EUR 69.504 Region de Bruxelles- 0.750 6/24/2042 EUR 65.379 Bayerische Landesban 1.100 3/24/2023 EUR 73.380 Ministeries Van de V 0.875 6/3/2045 EUR 60.064 Grand City Propertie 2.600 2/25/2034 EUR 68.923 Single Platform Inve 1.650 6/3/2038 EUR 74.907 Assistance Publique 0.800 3/23/2046 EUR 61.326 Single Platform Inve 1.083 2/15/2041 EUR 64.967 Deutsche Bank AG/Lon 4.320 6/15/2037 AUD 72.977 Deutsche Pfandbriefb 0.613 9/30/2032 EUR 60.665 Getin Noble Bank SA 12.320 4/4/2024 PLN 32.635 Ville de Paris 0.760 5/25/2066 EUR 45.137 Credit Agricole Corp 0.650 11/5/2034 EUR 67.852 SBAB Bank AB 0.928 11/7/2034 SEK 74.278 Credit Suisse AG/Lon 20.000 11/29/2024 USD 11.229 National Grid Electr 2.226 12/19/2039 GBP 66.143 Kreditanstalt fuer W 1.115 5/17/2041 EUR 70.138 Landesbank Hessen-Th 1.370 9/22/2031 EUR 71.198 Societe Generale SA 1.100 2/20/2034 EUR 70.371 Erste Group Bank AG 0.100 9/30/2032 EUR 69.350 Municipality of Arnh 0.605 2/24/2040 EUR 70.435 EFG International Fi 4.900 11/24/2023 USD 50.120 Deutsche Apotheker-u 1.090 12/16/2039 EUR 63.700 Region de Bruxelles- 0.556 12/23/2064 EUR 43.172 Communaute Francaise 1.600 6/22/2047 EUR 73.405 BNG Bank NV 2.300 3/3/2036 AUD 71.550 Single Platform Inve 1.082 3/17/2039 EUR 66.940 Zurcher Kantonalbank 7.100 12/2/2022 USD 61.070 Assistance Publique 1.073 4/16/2045 EUR 66.706 Basque Government 2.000 4/30/2059 EUR 69.831 Hospices Civils de L 0.380 8/28/2030 EUR 74.733 BNP Paribas SA 1.125 11/5/2034 EUR 70.478 Lehman Brothers Trea 11.750 3/1/2010 EUR 0.100 Danske Bank A/S 0.910 10/17/2039 JPY 72.328 Landesbeteiligungen 1.450 6/15/2046 EUR 65.900 Landesbank Saar 0.842 1/24/2033 EUR 74.975 WEB Windenergie AG 4.000 12/17/2025 EUR 0.010 Dr Wiesent Sozial gG 7.000 EUR 0.002 Commerzbank AG 1.400 7/21/2031 EUR 73.043 Phosphorus Holdco PL 10.000 4/1/2019 GBP 1.386 Russian Railways JSC 13.630 10/15/2040 RUB 50.010 Deutsche Pfandbriefb 3.100 9/7/2046 USD 72.926 Caisse des Depots et 1.075 9/15/2050 EUR 70.178 Skandinaviska Enskil 7.520 7/15/2024 SEK 70.990 DZ Bank AG Deutsche 4.000 12/23/2022 EUR 65.120 Communaute Francaise 1.010 7/19/2051 EUR 59.542 STAVMAT Epitoanyag K 3.000 7/20/2031 HUF 64.600 VTB Bank PJSC 13.000 RUB 74.900 Single Platform Inve 0.810 4/1/2042 EUR 60.177 UniCredit Bank AG 0.610 5/2/2033 EUR 73.448 Sberbank of Russia P 0.010 2/4/2027 RUB 68.900 Single Platform Inve 1.120 7/25/2045 JPY 67.458 Landesbank Hessen-Th 1.750 2/16/2037 EUR 70.100 Landesbank Hessen-Th 9.468 11/16/2033 EUR 74.300 Santander Consumer B 8.100 NOK 56.499 Landesbank Hessen-Th 1.500 12/16/2036 EUR 69.900 Ville de Paris 0.831 2/23/2056 EUR 52.062 Wirtschafts- und Inf 0.650 2/8/2039 EUR 72.057 Zurcher Kantonalbank 22.500 12/20/2022 USD 66.780 Bayerische Landesban 1.716 1/8/2037 EUR 71.971 French Republic Gove 0.500 6/25/2044 EUR 65.363 Barclays Bank PLC 2.600 3/30/2031 AUD 73.844 Grenke Finance PLC 2.237 1/29/2029 EUR 72.710 Ukraine Government B 3.700 5/25/2023 USD 67.297 Bazalgette Finance P 0.074 5/16/2049 GBP 65.145 Vasakronan AB 0.950 3/22/2039 JPY 74.837 Vontobel Financial P 3.900 1/19/2023 EUR 58.060 BNP Paribas SA 1.660 3/4/2031 USD 71.277 CDC Habitat SEM 0.853 2/15/2041 EUR 61.189 Bayerische Landesban 0.350 12/23/2030 EUR 74.653 Wirtschafts- und Inf 0.400 11/23/2039 EUR 67.861 Raiffeisenlandesbank 0.998 11/4/2033 EUR 73.065 Santander Internatio 1.320 8/8/2039 EUR 68.095 Credit Suisse AG/Lon 18.300 8/1/2023 USD 18.500 NRW Bank 1.400 3/19/2070 EUR 68.919 FLUVIUS System Opera 0.810 4/8/2033 EUR 72.362 Assistance Publique 0.647 7/17/2040 EUR 66.438 ASCE Group OJSC 7.000 6/11/2031 USD 71.786 Assistance Publique 0.750 11/30/2039 EUR 68.614 Kommunalkredit Austr 0.570 9/15/2037 EUR 69.073 Agence Francaise de 2.114 9/8/2034 AUD 72.247 Landesbank Hessen-Th 1.600 6/12/2035 EUR 72.300 Kreditanstalt fuer W 0.613 6/10/2040 EUR 67.251 Kreditanstalt fuer W 1.208 6/17/2051 EUR 74.969 NORD/LB Luxembourg S 0.542 9/30/2037 EUR 69.343 Getin Noble Bank SA 11.250 5/31/2024 PLN 36.016 Getin Noble Bank SA 12.300 1/31/2024 PLN 37.875 Regie Autonome des T 0.875 8/18/2080 EUR 44.426 Landesbank Hessen-Th 1.300 9/25/2035 EUR 69.400 Region Wallonne Belg 0.050 10/26/2032 EUR 73.681 Societe Generale SA 9.200 5/22/2025 USD 63.560 Raiffeisen Bank Inte 0.290 11/11/2030 EUR 73.002 LFA Foerderbank Baye 0.010 12/15/2033 EUR 73.875 Metal Hungaria Holdi 3.000 11/17/2030 HUF 62.000 Communaute Francaise 1.363 4/16/2040 EUR 73.375 Landesbank Hessen-Th 0.750 11/14/2034 EUR 68.606 National Grid Electr 1.690 9/16/2041 GBP 58.488 MASTERPLAST Nyrt 2.000 12/6/2026 HUF 74.000 Santander Internatio 1.700 12/12/2049 EUR 43.755 s Wohnbaubank AG 0.750 1/27/2035 EUR 65.500 Vontobel Financial P 7.150 12/9/2022 CHF 28.550 Kuntarahoitus Oyj 1.400 3/5/2061 EUR 74.562 Assistance Publique 0.683 3/19/2041 EUR 65.884 Batigere Grand Est S 1.550 8/12/2041 EUR 66.416 Senivita Social Esta 8.500 6/30/2025 EUR 0.020 NIBC Bank NV 0.410 1/27/2031 EUR 68.319 Landesbank Hessen-Th 1.300 6/4/2035 EUR 72.641 ALROSA Finance SA 3.100 6/25/2027 USD 9.979 Wirtschafts- und Inf 0.250 8/11/2039 EUR 65.886 Phones4u Finance PLC 9.500 4/1/2018 GBP 74.938 Pongs & Zahn AG 8.500 EUR 0.003 Landesbank Hessen-Th 1.500 7/26/2034 EUR 71.200 BNG Bank NV 10.010 6/17/2025 TRY 57.138 Deutsche Bank AG/Lon 13.750 6/20/2026 TRY 25.153 Getin Noble Bank SA 11.750 5/31/2023 PLN 36.965 Privatbank CJSC Via 10.875 2/28/2018 USD 3.217 Resa SA/Belgium 1.950 7/22/2036 EUR 20.000 International Bank o 8.250 10/9/2024 USD 60.375 KPNQwest NV 8.875 2/1/2008 EUR 0.453 Credit Agricole SA 4.400 2/24/2042 AUD 63.417 Deutsche Bank AG 0.700 10/7/2031 EUR 66.808 DekaBank Deutsche Gi 4.810 12/23/2022 EUR 54.770 Infogroup Holding Kf 3.000 5/20/2031 HUF 61.050 UBS AG/London 7.000 3/31/2023 USD 57.950 Single Platform Inve 1.050 6/25/2044 EUR 62.294 Landeskreditbank Bad 0.547 2/18/2041 EUR 67.855 SG Issuer SA 8.800 7/20/2023 SEK 68.130 MOL Nyrt Kueloenlege 4.950 1/26/2032 HUF 73.430 Societe Generale SA 2.650 1/26/2032 USD 73.199 Bank J Safra Sarasin 7.750 12/22/2022 CHF 67.690 Landesbank Saar 0.710 12/6/2035 EUR 68.039 Deutsche Bank AG 2.000 3/31/2032 USD 73.950 Ville de Paris 1.165 6/9/2053 EUR 61.944 VTB Bank PJSC 11.250 5/6/2037 RUB 74.000 Anselma Issuer SA 1.574 12/31/2038 EUR 64.230 Single Platform Inve 0.950 7/25/2047 EUR 58.446 Region Nouvelle-Aqui 0.630 11/22/2039 EUR 67.272 Cooperatieve Raboban 1.850 3/29/2049 EUR 73.182 Landesbank Baden-Wue 0.310 12/9/2039 EUR 51.557 Credit Suisse AG/Lon 19.500 12/12/2022 USD 45.420 NRW Bank 1.235 12/16/2061 EUR 68.203 Ville de Paris 0.395 12/18/2045 EUR 57.431 Credit Industriel Et 0.900 2/4/2041 EUR 62.621 Agence Francaise de 2.330 2/10/2041 AUD 64.454 Societe Nationale SN 2.931 1/14/2051 AUD 66.962 Bank Vontobel AG 11.500 12/12/2022 EUR 59.300 UBS AG/London 6.750 1/9/2023 CHF 66.850 UBS AG/London 7.850 11/2/2023 USD 47.500 KESZ Holding Busines 4.100 11/17/2031 HUF 74.850 UniCredit Bank AG 0.900 3/24/2036 EUR 68.020 Republic of Austria 0.750 3/20/2051 EUR 64.468 Republic of Ireland 1.200 4/15/2120 EUR 52.336 Kreditanstalt fuer W 0.820 4/15/2050 EUR 70.695 Berlin Hyp AG 0.895 7/20/2050 EUR 66.055 KESZ Holding Busines 2.800 6/17/2031 HUF 69.430 Kingdom of Belgium G 0.400 6/22/2040 EUR 67.218 VTB Bank PJSC 0.010 5/13/2025 RUB 72.010 Landesbank Baden-Wue 1.585 2/22/2034 EUR 74.834 DZ Bank AG Deutsche 0.780 3/5/2030 EUR 72.209 Wirtschafts- und Inf 0.421 3/17/2039 EUR 68.054 Landesbank Hessen-Th 1.806 5/11/2037 EUR 70.392 Kommunekredit 0.100 9/30/2033 DKK 74.363 Credit Suisse AG/Lon 3.214 10/6/2023 SEK 8.690 Daniella Kereskedelm 3.000 7/30/2030 HUF 67.450 Communaute Francaise 1.000 10/8/2069 EUR 51.889 Single Platform Inve 0.780 4/1/2042 EUR 59.795 Rikshem AB 1.910 11/16/2032 NOK 73.485 Kreditanstalt fuer W 0.220 11/19/2035 EUR 72.727 Agence Francaise de 2.360 10/17/2044 AUD 61.861 Alteo Nyrt 3.150 10/28/2029 HUF 59.800 EFG International Fi 9.100 9/20/2023 EUR 36.130 EFG International Fi 10.000 9/20/2023 USD 35.420 National Grid Electr 3.120 12/10/2039 AUD 70.508 Vorosko Kereskedelmi 4.750 1/25/2032 HUF 65.000 State of Rhineland-P 0.100 10/1/2040 EUR 63.553 Deutsche Pfandbriefb 0.765 9/12/2036 EUR 51.206 Wirtschafts- und Inf 0.138 8/23/2044 EUR 56.403 MetMax Europe Zrt 3.000 12/11/2030 HUF 63.400 Ville de Marseille 0.498 12/17/2040 EUR 65.358 Landeskreditbank Bad 1.017 3/15/2061 EUR 62.881 BPCE SFH SA 0.430 5/7/2040 EUR 64.600 Landesbank Hessen-Th 1.035 5/21/2035 EUR 69.500 Department of Val d' 0.390 11/18/2041 EUR 60.771 Landeskreditbank Bad 2.500 5/21/2036 AUD 70.913 Hungary Government I 1.625 4/28/2032 EUR 72.314 Kuntarahoitus Oyj 0.870 10/11/2050 EUR 72.583 UBS AG/London 1.500 2/2/2031 USD 74.666 Wirtschafts- und Inf 0.208 1/28/2043 EUR 59.431 Communaute Francaise 0.750 2/4/2061 EUR 48.057 Skandinaviska Enskil 8.300 7/17/2023 SEK 66.530 Landesbank Baden-Wue 1.050 7/17/2034 EUR 68.380 Landesbank Hessen-Th 1.000 9/3/2035 EUR 69.000 Assistance Publique 0.630 7/30/2042 EUR 63.164 Agence France Locale 0.550 6/20/2040 EUR 67.758 SG Issuer SA 6.130 1/20/2024 SEK 71.120 LBI ehf 6.100 8/25/2011 USD 10.666 Heta Asset Resolutio 4.350 12/31/2023 EUR 0.776 Veneto Banca SpA 6.950 2/25/2025 EUR 0.579 Landesbank Hessen-Th 0.500 2/14/2035 EUR 70.400 Agrokor dd 8.875 2/1/2020 USD 15.000 Astana Finance BV 7.875 6/8/2010 EUR 16.000 Minicentrales Dos SA 0.010 6/6/2047 EUR 66.743 Deutsche Apotheker-u 1.444 9/1/2036 EUR 71.026 Kuntarahoitus Oyj 0.854 1/14/2060 EUR 66.920 United Kingdom Gilt 0.625 7/31/2035 GBP 71.909 Ringkjoebing Landbob 1.875 6/6/2039 EUR 70.744 Single Platform Inve 1.785 7/30/2042 EUR 73.196 Caisse des Depots et 1.150 2/3/2042 EUR 73.625 Vontobel Financial P 8.000 12/23/2022 EUR 65.090 Bayerische Landesban 2.200 4/26/2024 EUR 69.890 Norddeutsche Landesb 1.450 5/10/2039 EUR 67.247 Nomura Bank Internat 1.415 1/27/2042 EUR 63.977 Societe Generale SA 12.264 11/2/2023 USD 20.000 Credit Agricole Corp 17.520 1/27/2027 TRY 72.133 Assistance Publique 0.750 12/3/2041 EUR 66.061 Single Platform Inve 1.416 2/15/2041 EUR 71.976 MOL Nyrt Kueloenlege 4.950 1/26/2032 HUF 73.430 Bank Vontobel AG 9.250 1/4/2023 CHF 20.700 Landesbank Saar 0.680 3/29/2034 EUR 71.270 Landesbank Hessen-Th 1.000 4/28/2036 EUR 68.520 DZ Bank AG Deutsche 1.850 12/29/2031 EUR 69.880 Credit Suisse AG/Lon 8.000 6/16/2023 USD 32.250 Department of L'Eure 0.643 8/31/2041 EUR 64.656 Sintekom TH OOO 13.000 1/23/2025 RUB 50.500 Credit Suisse AG/Lon 0.900 12/20/2031 EUR 71.830 Liga Bank eG Regensb 0.010 1/29/2036 EUR 66.684 Region de Bruxelles- 0.650 2/15/2061 EUR 47.616 Deutsche Pfandbriefb 1.340 10/16/2051 EUR 73.274 Landesbank Hessen-Th 0.850 2/18/2036 EUR 64.550 Communaute Francaise 0.749 9/16/2080 EUR 55.238 Grupo Isolux Corsan 0.250 12/30/2018 EUR 0.157 Credit Suisse AG/Lon 9.750 4/27/2023 USD 56.530 Reneszansz Kofarago 3.200 4/9/2031 HUF 73.000 Aareal Bank AG 0.570 8/7/2029 EUR 70.979 Raiffeisen-Landesban 1.380 7/24/2059 EUR 70.979 Hypo Vorarlberg Bank 1.022 7/31/2034 EUR 70.863 Department of Val d' 0.735 7/3/2040 EUR 67.673 Agence Metropolitain 0.500 7/7/2035 EUR 74.201 Norddeutsche Landesb 0.900 7/5/2032 EUR 73.509 Skandinaviska Enskil 8.200 1/15/2024 SEK 73.820 Autonomous Community 1.744 7/1/2061 EUR 61.470 HSBC Continental Eur 0.900 3/2/2035 EUR 72.498 Kreditanstalt fuer W 1.201 9/13/2051 EUR 71.101 Deutsche Pfandbriefb 0.710 9/10/2031 EUR 65.726 Leonteq Securities A 10.000 12/13/2022 USD 27.840 Hungary Government B 3.000 8/21/2030 HUF 71.253 Frigoglass Finance B 6.875 2/12/2025 EUR 37.504 Bayerische Landesban 3.100 2/24/2023 EUR 65.470 Barclays Bank PLC 1.750 9/29/2032 USD 65.204 Municipality of Eind 1.134 10/18/2066 EUR 72.854 UniCredit SpA 1.490 10/23/2035 EUR 66.362 SG Issuer SA 2.200 1/10/2025 EUR 71.230 OR PJSC 12.000 11/14/2024 RUB 62.660 Communaute Francaise 0.948 10/11/2059 EUR 58.399 DZ Bank AG Deutsche 0.520 11/23/2033 EUR 73.006 DZ Bank AG Deutsche 0.660 11/23/2035 EUR 70.058 UBS Group AG 2.210 11/24/2035 USD 65.286 Barclays Bank PLC 1.235 11/27/2040 EUR 72.813 Hypo Vorarlberg Bank 0.741 10/16/2036 EUR 64.178 Natixis SA 2.719 10/25/2032 AUD 72.615 Batigere Grand Est S 1.485 10/25/2039 EUR 67.312 Kreditanstalt fuer W 1.027 10/26/2050 EUR 69.378 Ukreximbank Via Biz 10.426 2/9/2023 USD 30.735 Single Platform Inve 1.130 5/1/2030 EUR 73.702 Deutsche Pfandbriefb 1.850 9/20/2032 EUR 69.903 Caisse des Depots et 2.940 3/2/2051 AUD 67.511 Single Platform Inve 1.103 5/25/2052 EUR 57.097 Republic of Ireland 1.230 5/29/2120 EUR 56.901 Societe Generale SA 8.000 5/31/2023 USD 65.775 AutoWallis Nyrt 3.000 4/15/2030 HUF 66.470 UniCredit Bank AG 10.700 2/17/2025 EUR 68.750 Assistance Publique 1.183 4/16/2050 EUR 63.878 Landesbank Baden-Wue 0.980 7/15/2032 EUR 73.673 Region Wallonne Belg 1.222 6/24/2080 EUR 53.481 Oberoesterreichische 0.350 10/9/2041 EUR 63.232 Standard Chartered P 5.925 USD 73.435 SALVATOR Vermoegensv 9.500 EUR 7.900 A-TEC Industries AG 5.750 11/2/2010 EUR 0.100 Bazalgette Finance P 0.688 6/27/2050 GBP 74.523 Premium Green PLC 1.000 7/25/2040 EUR 65.353 Communaute Francaise 1.367 1/20/2070 EUR 66.642 Akademiska Hus AB 2.080 4/17/2045 SEK 72.923 Veneto Banca SpA 6.944 5/15/2025 EUR 0.579 Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399 Pescanova SA 8.750 2/17/2019 EUR 0.319 Bank Otkritie Financ 0.010 9/24/2025 RUB 71.030 Vasakronan AB 2.084 8/26/2030 AUD 73.138 Duna House Holding N 3.000 9/2/2030 HUF 74.050 Wirtschafts- und Inf 0.250 9/8/2037 EUR 66.418 Credit Suisse AG/Lon 7.000 2/10/2023 EUR 68.840 Leonteq Securities A 10.000 7/21/2023 CHF 60.330 Hunland Feed Kft 2.880 7/21/2031 HUF 67.540 Kuntarahoitus Oyj 1.200 7/21/2061 EUR 70.462 Commerzbank AG 2.350 2/24/2042 EUR 66.153 DZ Bank AG Deutsche 4.850 12/23/2022 EUR 57.330 Credit Agricole SA 1.000 4/6/2035 EUR 71.000 Regie Autonome des T 0.938 5/25/2050 EUR 60.200 Autonomous Community 1.550 5/11/2051 EUR 64.234 Nomura Bank Internat 1.380 1/19/2037 EUR 68.592 Credit Suisse AG/Lon 18.250 3/14/2023 CHF 22.470 Single Platform Inve 1.413 3/20/2051 EUR 62.971 Italy Buoni Polienna 0.150 5/15/2051 EUR 71.258 Nederlandse Watersch 1.577 12/9/2039 GBP 71.768 Landesbank Baden-Wue 6.820 12/23/2022 EUR 60.340 Societe Generale SA 2.050 2/22/2031 AUD 68.679 BNG Bank NV 2.000 2/19/2038 AUD 66.767 DZ Bank AG Deutsche 2.150 12/23/2022 EUR 65.760 EFG International Fi 18.000 12/22/2022 CHF 56.380 Single Platform Inve 0.800 4/7/2042 EUR 60.110 Barclays Bank PLC 3.900 2/15/2042 AUD 68.756 Banco Santander SA 1.020 1/4/2034 EUR 70.952 Bank Julius Baer & C 5.700 1/5/2023 CHF 70.000 Credit Suisse AG/Lon 5.800 7/12/2023 USD 7.980 Raiffeisen Schweiz G 18.800 12/27/2022 CHF 63.570 Societe Generale SA 2.670 3/24/2031 AUD 71.971 Caisse des Depots et 2.160 12/7/2050 AUD 56.419 MASTERPLAST Nyrt 2.100 12/21/2027 HUF 68.000 Ville de Paris 0.373 12/21/2044 EUR 58.751 Aktia Bank Oyj 0.850 12/21/2040 EUR 65.746 Kreditanstalt fuer W 0.816 12/19/2050 EUR 66.268 Assistance Publique 1.053 5/25/2052 EUR 59.770 Landesbank Saar 0.720 6/29/2035 EUR 68.773 Wirtschafts- und Inf 0.350 3/31/2036 EUR 71.149 Corner Banca SA 12.800 12/7/2022 CHF 47.220 Basler Kantonalbank 10.000 12/8/2022 CHF 62.940 Barclays Bank PLC 6.400 6/16/2031 MXN 65.805 Ville de Marseille 1.079 11/19/2046 EUR 67.090 Belfius Bank SA 0.125 6/19/2034 EUR 73.068 Corner Banca SA 10.000 11/30/2022 CHF 59.520 Bazalgette Finance P 0.174 5/16/2049 GBP 72.554 Landesbank Baden-Wue 1.500 4/16/2039 EUR 71.470 Bank Vontobel AG 11.000 2/6/2023 CHF 32.400 DekaBank Deutsche Gi 1.585 12/28/2035 EUR 60.801 Standard Chartered B 3.040 1/18/2042 USD 71.560 Bank J Safra Sarasin 12.400 12/28/2022 CHF 58.130 SR-Boligkreditt AS 1.252 12/2/2041 EUR 74.913 Landesbank Hessen-Th 0.500 12/3/2031 EUR 73.217 Zurcher Kantonalbank 7.500 1/10/2023 CHF 63.770 Region de Bruxelles- 0.900 4/14/2050 EUR 59.567 Kuntarahoitus Oyj 1.300 4/8/2061 EUR 71.889 Region Auvergne-Rhon 0.805 7/26/2039 EUR 70.064 Region Auvergne-Rhon 0.697 8/2/2036 EUR 74.137 Raiffeisen Switzerla 5.300 6/14/2023 CHF 69.070 Kingdom of Belgium G 0.675 7/7/2080 EUR 39.824 Credit Suisse AG/Lon 5.880 6/28/2023 USD 8.510 UniCredit Bank AG 15.050 4/28/2023 EUR 44.700 DZ Bank AG Deutsche 4.000 6/23/2023 EUR 62.390 Credit Suisse AG/Lon 2.100 3/15/2037 EUR 72.696 Single Platform Inve 0.803 3/20/2041 EUR 60.921 Single Platform Inve 0.885 7/24/2036 EUR 69.074 Kreditanstalt fuer W 1.208 3/10/2051 EUR 73.996 Barclays Bank PLC 2.550 3/18/2031 AUD 73.712 DZ Bank AG Deutsche 1.000 2/18/2032 EUR 67.209 Republic of Ireland 0.740 9/22/2078 EUR 51.414 Landesbank Baden-Wue 0.690 10/8/2035 EUR 62.089 Norddeutsche Landesb 1.000 10/26/2035 EUR 66.944 Region Wallonne Belg 1.272 10/3/2040 EUR 73.541 Nederlandse Watersch 0.750 10/4/2041 EUR 70.376 SG Issuer SA 2.910 10/8/2034 AUD 67.198 Credit Industriel Et 2.160 10/29/2035 USD 67.736 Oberoesterreichische 0.285 11/6/2042 EUR 60.777 Nederlandse Watersch 0.190 11/2/2050 EUR 56.279 Single Platform Inve 1.200 11/15/2037 EUR 70.245 Bayerische Landesban 2.150 1/27/2023 EUR 43.300 Landesbank Baden-Wue 0.500 1/17/2040 EUR 66.210 Skandinaviska Enskil 5.750 1/15/2025 SEK 67.550 Wirtschafts- und Inf 0.395 9/23/2038 EUR 67.881 Landesbank Baden-Wue 0.500 10/18/2039 EUR 65.740 State of Hesse 0.100 10/1/2037 EUR 65.949 Kuntarahoitus Oyj 0.514 10/7/2039 EUR 71.564 Erste Group Bank AG 1.065 5/17/2041 EUR 63.308 Societe Generale SA 2.360 5/25/2031 USD 73.199 Kommunekredit 1.375 5/18/2046 SEK 71.376 Kreditanstalt fuer W 1.271 5/20/2051 EUR 73.749 Landesbank Hessen-Th 1.050 11/17/2060 EUR 63.578 State of Brandenburg 0.300 11/17/2045 EUR 60.484 Hungary Government I 1.500 11/17/2050 EUR 49.684 Credit Agricole Corp 9.450 3/8/2027 TRY 50.014 Region Auvergne-Rhon 0.493 10/23/2037 EUR 69.298 Landesbank Hessen-Th 1.100 12/27/2034 EUR 70.900 Single Platform Inve 0.887 9/20/2039 EUR 64.923 DZ Bank AG Deutsche 2.000 12/23/2022 EUR 63.010 Bayerische Landesban 0.800 10/16/2036 EUR 62.880 Wirtschafts- und Inf 0.250 9/16/2037 EUR 66.389 Societe Generale SA 2.880 9/10/2034 AUD 65.006 Wirtschafts- und Inf 0.267 8/29/2044 EUR 57.876 Kreditanstalt fuer W 0.880 12/7/2050 EUR 66.934 UniCredit SpA 0.725 11/27/2030 EUR 71.318 Serbia International 2.125 12/1/2030 USD 72.970 Credit Agricole Corp 3.020 4/22/2036 AUD 73.458 Kreditanstalt fuer W 1.000 4/27/2041 EUR 73.743 Landesbank Baden-Wue 0.210 2/26/2031 EUR 70.501 NRW Bank 1.070 3/10/2051 EUR 68.742 Societe Generale SFH 0.570 3/15/2036 EUR 73.488 Landesbank Baden-Wue 0.850 5/27/2033 EUR 70.244 Single Platform Inve 1.425 5/25/2052 EUR 63.399 Region Wallonne Belg 1.550 4/28/2120 EUR 55.268 CDC Habitat SEM 1.043 5/12/2036 EUR 67.553 Deutsche Bank AG 0.510 9/16/2031 EUR 73.853 State of Saxony-Anha 0.475 9/30/2050 EUR 60.843 OR PJSC 11.000 12/29/2024 RUB 4.980 Ukraine Government B 3.700 6/22/2023 USD 68.029 Region Auvergne-Rhon 0.530 9/29/2036 EUR 71.949 Emissionszentrale fu 0.150 9/9/2041 CHF 74.504 BNG Bank NV 0.680 3/4/2050 EUR 56.760 NRW Bank 1.021 8/11/2051 EUR 68.435 Oberbank AG 0.230 10/7/2041 EUR 61.891 Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625 Vasakronan AB 2.400 6/20/2044 SEK 68.392 Peine GmbH 2.000 7/5/2023 EUR 44.500 Mifa Mitteldeutsche 7.500 8/12/2018 EUR 2.120 Hypo Tirol Bank AG 1.010 1/20/2040 EUR 73.010 Norske Skog Holding 8.000 2/24/2021 EUR 0.006 United Kingdom Gilt 1.250 10/22/2041 GBP 69.852 DekaBank Deutsche Gi 1.300 4/23/2035 EUR 72.331 Deutsche Bank AG 2.480 12/10/2035 EUR 71.151 Aareal Bank AG 1.800 7/21/2036 EUR 74.646 State Savings Bank o 10.186 1/19/2024 USD 32.523 OR PJSC 11.500 7/28/2024 RUB 5.800 KPNQwest NV 10.000 3/15/2012 EUR 0.453 Landesbank Baden-Wue 1.000 6/5/2039 EUR 69.850 Nederlandse Watersch 0.964 6/11/2059 EUR 66.017 Baromfi-Coop Termelo 3.000 7/19/2031 HUF 64.200 Societe Generale SA 8.760 7/31/2024 USD 37.800 Credit Suisse AG/Lon 10.920 2/16/2023 GBP 63.390 Corner Banca SA 14.000 2/14/2023 CHF 58.180 BPCE SA 2.250 3/13/2040 AUD 48.760 Kuntarahoitus Oyj 0.448 3/19/2040 EUR 63.296 Landesbank Hessen-Th 0.900 6/10/2036 EUR 67.549 Landwirtschaftliche 0.400 7/29/2036 EUR 73.536 Ukraine Government B 3.900 3/30/2023 USD 74.583 Societe Generale SA 12.500 12/14/2023 USD 33.500 Single Platform Inve 1.233 6/25/2044 EUR 67.100 Sberbank of Russia P 0.010 3/27/2028 RUB 61.800 Leonteq Securities A 6.000 2/20/2023 CHF 49.390 Vasakronan AB 2.533 1/28/2044 EUR 57.289 Bank Julius Baer & C 10.500 2/16/2023 USD 72.250 Purple Protected Ass 1.518 1/25/2061 EUR 65.466 DZ Bank AG Deutsche 3.900 3/24/2023 EUR 67.390 Finland Government B 0.125 4/15/2052 EUR 53.632 DZ Bank AG Deutsche 10.900 3/24/2023 EUR 48.230 Purple Protected Ass 1.565 12/23/2060 EUR 63.330 Norddeutsche Landesb 1.600 8/1/2039 EUR 68.056 HSBC Continental Eur 1.500 7/26/2049 EUR 68.183 Batigere Grand Est S 1.800 8/12/2050 EUR 66.669 UBS AG/London 8.000 3/9/2027 USD 9.300 Region de Bruxelles- 0.500 6/22/2040 EUR 64.794 Bayerische Landesban 1.000 3/22/2024 EUR 54.950 Spain Government Bon 1.000 7/30/2042 EUR 68.219 SG Issuer SA 5.000 4/2/2024 EUR 53.690 Single Platform Inve 0.950 5/17/2038 EUR 66.914 Luminis SA 1.800 9/2/2059 EUR 52.425 Uliving@Essex2 Issue 0.100 8/31/2063 GBP 72.543 Cie Generale de Navi 0.350 12/29/2056 CHF 63.314 Landesbank Baden-Wue 0.540 10/7/2031 EUR 72.390 Transports Publics N 0.320 10/28/2037 CHF 68.324 Bayerische Landesbod 0.030 10/22/2035 EUR 70.787 Caisse des Depots et 0.750 11/6/2048 EUR 64.627 Caisse des Depots et 1.114 9/20/2049 EUR 71.030 Single Platform Inve 1.000 7/15/2036 EUR 70.239 Republic of Ireland 1.180 5/25/2087 EUR 62.749 Credit Suisse AG/Lon 1.600 11/27/2030 USD 65.884 Landesbank Hessen-Th 1.000 12/28/2035 EUR 67.400 Credit Agricole Corp 2.650 1/29/2035 AUD 72.097 Nederlandse Watersch 0.996 11/4/2049 EUR 69.751 Single Platform Inve 0.462 2/15/2040 EUR 59.408 Department of Bouche 0.482 10/20/2045 EUR 56.682 Land Thueringen 1.100 7/3/2047 EUR 74.660 HSBC Continental Eur 1.385 11/18/2039 EUR 71.335 Caisse des Depots et 0.982 11/6/2050 EUR 68.349 TKK OOO 10.900 12/31/2033 RUB 60.100 Credit Suisse AG/Lon 5.000 3/29/2023 USD 9.500 Corestate Capital Ho 3.500 4/15/2023 EUR 5.522 Otthon Centrum Holdi 3.000 4/19/2031 HUF 69.700 UBS Group AG 2.490 3/4/2036 USD 67.201 NRW Bank 1.180 3/3/2051 EUR 74.294 Batigere Grand Est S 2.030 5/29/2070 EUR 72.001 Landesbank Baden-Wue 0.850 6/15/2035 EUR 64.240 Assistance Publique 0.666 3/19/2040 EUR 67.219 Kommunalkredit Austr 1.183 6/2/2031 EUR 74.619 ING Bank NV 2.220 1/20/2036 USD 70.350 French Republic Gove 0.500 5/25/2072 EUR 45.734 Deutsche Bank AG/Lon 14.900 5/30/2028 TRY 59.521 Metropole de Lyon 0.466 12/7/2046 EUR 54.988 Department of Bouche 0.467 12/8/2044 EUR 57.569 Landesbank Hessen-Th 0.900 10/22/2035 EUR 68.118 SpareBank 1 SR-Bank 0.970 10/9/2040 EUR 65.884 Department of Bouche 0.500 10/5/2043 EUR 59.637 Department of Bouche 0.457 10/8/2040 EUR 63.513 Department of Bouche 0.450 10/15/2041 EUR 61.763 Centrosolar Group AG 7.000 2/15/2016 EUR 2.505 Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399 Fuerstenberg Capital 5.625 EUR 66.731 Societe Generale SA 4.740 3/24/2030 USD 72.140 BNP Paribas SA 1.000 1/23/2040 MXN 19.539 AK BARS Bank Via AK 8.000 7/13/2022 USD 31.081 Bayerische Landesban 2.300 2/24/2023 EUR 46.780 COFIDUR SA 0.100 12/31/2024 EUR 25.300 SAir Group 4.250 2/2/2007 CHF 12.345 Barclays Bank PLC 2.000 6/12/2029 TRY 21.078 Zurcher Kantonalbank 7.500 7/26/2023 EUR 55.780 Region de Bruxelles- 1.310 12/15/2069 EUR 59.227 Bank Julius Baer & C 14.500 1/13/2023 USD 31.000 Societe Generale SA 21.000 5/1/2025 USD 42.300 Credit Suisse AG/Lon 19.250 12/8/2022 CHF 46.720 Raiffeisen Centroban 7.500 9/1/2023 EUR 38.020 Illes Holding Zrt 5.000 2/22/2032 HUF 71.700 Credit Suisse AG/Lon 9.000 5/3/2023 CHF 74.720 Zurcher Kantonalbank 12.500 2/16/2023 USD 66.510 Deutsche Bank AG 0.610 9/30/2031 EUR 74.620 AutoWallis Nyrt 3.000 7/27/2031 HUF 61.500 National Treasury Ma 1.190 10/7/2101 EUR 57.204 Citigroup Global Mar 2.650 3/17/2040 USD 69.307 Bayerische Landesban 0.490 4/9/2035 EUR 62.632 Barclays Bank PLC 2.000 5/7/2036 MXN 19.208 Region de Bruxelles- 1.040 5/3/2061 EUR 58.687 UBS AG/London 5.520 4/29/2041 USD 43.610 Landesbank Hessen-Th 2.400 6/9/2036 EUR 64.350 Landshypotek Bank AB 1.680 1/20/2042 SEK 74.746 Credit Suisse AG/Lon 12.000 1/31/2023 USD 65.940 UBS AG/London 19.250 1/26/2023 USD 57.150 Santander Consumer B 8.100 NOK 56.499 DekaBank Deutsche Gi 3.350 11/28/2022 EUR 48.510 Region Occitanie 1.339 3/21/2042 EUR 73.784 Landesbank Baden-Wue 0.150 8/11/2031 EUR 74.618 Single Platform Inve 1.690 7/25/2053 EUR 69.621 Danske Bank A/S 6.600 1/9/2027 SEK 72.280 Befimmo SA 1.269 2/24/2031 EUR 70.886 Kreditanstalt fuer W 0.680 2/23/2051 EUR 67.681 Norddeutsche Landesb 0.600 2/24/2031 EUR 74.777 Leonteq Securities A 14.000 2/8/2023 USD 28.300 Swissquote Bank SA 27.000 8/15/2023 CHF 55.210 OR PJSC 16.000 11/26/2025 RUB 23.030 Wirtschafts- und Inf 0.321 2/18/2041 EUR 63.859 SG Issuer SA 5.500 1/20/2025 SEK 70.750 SG Issuer SA 8.410 1/20/2027 SEK 49.590 Parnassia Groep BV 1.470 12/3/2046 EUR 61.565 Credit Suisse AG/Lon 13.500 11/28/2022 CHF 8.370 Credit Suisse AG/Lon 15.000 11/29/2022 USD 8.110 Norddeutsche Landesb 1.500 3/16/2037 EUR 70.904 Greenergy Holding Va 3.000 9/21/2031 HUF 65.596 Single Platform Inve 1.010 3/20/2051 EUR 57.143 Societe Generale SA 12.000 7/14/2026 USD 24.980 Zurcher Kantonalbank 11.500 2/23/2023 USD 73.270 Single Platform Inve 0.767 2/15/2041 EUR 61.652 Landesbank Baden-Wue 0.350 1/20/2031 EUR 73.170 Office Public De L'H 1.700 12/22/2060 EUR 72.037 DZ Bank AG Deutsche 0.500 5/4/2034 EUR 72.032 Credit Agricole Corp 2.750 12/12/2034 AUD 72.883 Societe Generale SA 15.800 12/5/2024 USD 50.300 Bayerische Landesban 1.680 12/18/2037 EUR 70.619 Bank Vontobel AG 15.000 11/28/2022 CHF 47.600 Ville de Paris 0.921 5/26/2053 EUR 58.333 Landesbank Baden-Wue 4.734 1/30/2034 EUR 73.920 Societe Generale SA 17.000 7/3/2024 USD 20.590 Banque Federative du 2.460 6/7/2032 AUD 72.105 Merrill Lynch BV 2.510 8/25/2036 USD 73.142 Norddeutsche Landesb 0.400 8/23/2030 EUR 74.992 Kommunekredit 0.342 9/1/2042 EUR 65.091 Single Platform Inve 0.908 2/15/2041 EUR 63.081 UniCredit Bank AG 6.600 7/20/2028 EUR 16.820 Region Nouvelle-Aqui 0.814 11/22/2044 EUR 63.058 Credit Suisse AG/Lon 7.500 3/29/2023 CHF 67.900 Merrill Lynch BV 2.580 8/11/2036 AUD 66.000 OR PJSC 16.000 11/22/2025 RUB 20.030 Credit Suisse AG/Lon 8.500 12/15/2022 EUR 36.930 Metropole de Lyon 0.500 12/28/2048 EUR 53.028 BNP Paribas SA 1.660 2/26/2031 USD 71.144 Aktia Bank Oyj 0.690 2/4/2036 EUR 70.191 Societe Generale SA 20.000 2/29/2024 USD 4.430 Kreditanstalt fuer W 0.160 2/16/2036 EUR 71.076 NRW Bank 0.642 2/9/2051 EUR 65.193 Grand Delta Habitat 1.750 10/28/2061 EUR 72.003 UBS AG/London 16.300 1/8/2024 EUR 12.360 Barclays Bank PLC 2.320 1/11/2041 USD 58.587 DZ Bank AG Deutsche 15.200 6/23/2023 EUR 33.010 Credit Suisse AG/Lon 7.500 1/5/2023 CHF 67.060 Credit Suisse AG/Lon 8.250 12/14/2022 USD 67.370 Muenchener Hypotheke 0.420 11/16/2033 EUR 71.514 OR PJSC 13.500 10/22/2025 RUB 12.210 Societe Generale SA 11.000 11/22/2024 USD 33.800 UBS AG/London 12.000 11/6/2023 USD 73.300 SAir Group 5.125 3/1/2003 CHF 12.750 Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500 UBS AG/London 23.250 8/15/2025 USD 8.400 Landesbank Hessen-Th 1.300 4/30/2035 EUR 72.810 Single Platform Inve 0.955 2/15/2041 EUR 63.304 State of Rhineland-P 0.500 7/30/2036 EUR 74.694 OPUS TIGAZ Gazhaloza 2.800 3/24/2031 HUF 70.000 SG Issuer SA 1.750 11/9/2033 EUR 74.960 Corner Banca SA 15.000 12/14/2022 USD 71.780 Santander Internatio 2.770 7/2/2035 USD 67.351 Agence Francaise de 0.714 7/10/2045 EUR 64.617 BNP Paribas SA 3.590 7/20/2040 AUD 70.799 Region de Bruxelles- 1.250 1/10/2060 EUR 61.062 Lloyds Bank PLC 2.560 9/4/2038 SEK 74.977 SG Issuer SA 8.120 7/20/2023 SEK 66.840 DZ Bank AG Deutsche 0.520 6/23/2031 EUR 74.895 Deutsche Bank AG 4.210 10/29/2031 EUR 73.640 Credit Suisse AG/Lon 17.316 6/21/2024 USD 28.900 Credit Agricole Corp 1.190 2/26/2040 EUR 65.607 Spain Government Bon 1.000 10/31/2050 EUR 59.677 Republic of Ireland 1.020 9/10/2086 EUR 57.594 Landeskreditbank Bad 0.812 12/16/2060 EUR 55.801 Ville de Paris 0.963 6/8/2050 EUR 62.626 Department of Girond 0.900 12/15/2039 EUR 70.687 Republic of Ireland 1.230 6/1/2120 EUR 58.391 UBS AG/London 8.500 12/16/2022 EUR 53.550 Landesbank Baden-Wue 0.510 10/14/2030 EUR 74.864 Societe Generale SA 8.000 11/30/2032 USD 66.230 Landesbank Baden-Wue 4.734 3/14/2034 EUR 75.000 Bayerische Landesban 2.350 2/23/2024 EUR 46.730 Single Platform Inve 0.853 3/20/2040 EUR 63.035 Aareal Bank AG 0.625 9/16/2030 EUR 67.143 Region Wallonne Belg 1.305 9/29/2041 EUR 72.708 Credit Suisse AG/Nas 3.750 10/20/2036 USD 68.131 Credit Suisse AG/Lon 2.500 10/7/2025 SEK 25.690 Deutsche Bank AG/Lon 0.500 10/18/2038 MXN 16.594 Landesbank Baden-Wue 1.500 4/24/2039 EUR 70.060 Ville de Paris 0.464 8/20/2040 EUR 65.021 Collectivite Europee 0.200 11/5/2035 EUR 70.336 Landesbank Hessen-Th 0.600 11/26/2035 EUR 65.095 Bayerische Landesban 1.020 11/12/2035 EUR 66.542 Landesbank Baden-Wue 0.500 12/2/2039 EUR 66.840 Societe Generale SA 1.290 12/19/2034 EUR 73.044 Skandinaviska Enskil 6.400 1/15/2025 SEK 60.790 Credit Mutuel Arkea 1.165 9/23/2039 EUR 63.740 Credit Suisse AG/Lon 2.449 5/18/2036 EUR 74.230 Region de Bruxelles- 0.845 9/30/2059 EUR 52.329 Norddeutsche Landesb 1.350 10/20/2038 EUR 67.358 Landesbank Baden-Wue 0.550 11/9/2032 EUR 70.451 ENVIEN Magyarorszag 2.500 5/18/2031 HUF 68.130 Caisse des Depots et 0.930 11/9/2050 EUR 66.687 Kreditanstalt fuer W 0.210 11/18/2037 EUR 67.584 Purple Protected Ass 1.480 11/30/2060 EUR 54.735 Landesbank Saar 0.540 11/18/2033 EUR 70.344 Kuntarahoitus Oyj 1.155 11/19/2060 EUR 63.836 Landesbank Baden-Wue 0.430 12/9/2030 EUR 73.933 Bayerische Landesban 1.690 4/23/2037 EUR 71.463 Societe Generale SA 3.820 4/26/2039 AUD 66.667 OR PJSC 12.600 9/28/2025 RUB 5.620 Market Epito Zrt 2.950 10/22/2029 HUF 68.000 Credit Agricole Corp 2.810 10/29/2034 AUD 73.639 Landesbank Baden-Wue 0.400 11/8/2039 EUR 65.130 Ringkjoebing Landbob 1.100 10/30/2035 EUR 67.000 Kreditanstalt fuer W 0.788 11/4/2039 EUR 73.868 DZ HYP AG 1.033 12/6/2049 EUR 67.806 Landesbank Baden-Wue 0.500 12/23/2039 EUR 66.360 HSBC Continental Eur 0.800 12/13/2034 EUR 72.927 Skandinaviska Enskil 7.450 1/15/2025 SEK 63.160 Pick Szeged Szalamig 2.000 12/6/2029 HUF 64.250 Landesbank Baden-Wue 0.500 9/5/2039 EUR 66.610 Credit Agricole Corp 2.950 8/22/2039 AUD 68.389 Landesbank Baden-Wue 1.750 5/15/2039 EUR 68.940 Landesbank Baden-Wue 1.250 5/15/2039 EUR 69.840 DZ Bank AG Deutsche 0.700 11/2/2035 EUR 70.562 Single Platform Inve 1.163 5/25/2066 EUR 53.055 Nederlandse Watersch 0.230 10/22/2035 EUR 72.336 Zurcher Kantonalbank 19.000 1/18/2023 USD 60.580 Citigroup Global Mar 2.930 9/15/2025 EUR 40.900 NRW Bank 0.510 9/23/2039 EUR 69.028 Deutsche Pfandbriefb 0.903 11/19/2029 EUR 72.210 Bayerische Landesban 0.820 11/29/2033 EUR 69.397 Bayerische Landesban 0.870 11/29/2034 EUR 66.487 UBS AG/London 2.700 9/16/2044 AUD 61.192 Single Platform Inve 1.260 1/22/2049 EUR 60.677 UBS AG/London 2.630 9/3/2044 AUD 60.347 Nomura Bank Internat 0.400 12/3/2030 EUR 72.721 DZ Bank AG Deutsche 0.640 12/7/2035 EUR 69.832 Ville de Marseille 0.509 12/17/2041 EUR 64.134 Muenchener Hypotheke 0.805 4/16/2036 EUR 65.457 Republic of Austria 0.700 4/20/2071 EUR 51.126 Credit Agricole SA 3.610 4/20/2036 AUD 64.470 Societe Generale SA 3.100 4/22/2036 AUD 64.640 Opus Global Nyrt 3.200 4/29/2031 HUF 71.000 Stichting Afwikkelin 8.450 8/20/2018 USD 45.375 Muenchener Hypotheke 1.000 6/30/2037 EUR 65.462 Barclays Bank PLC 7.830 7/26/2038 MXN 54.687 Luzerner Kantonalban 6.000 7/6/2023 EUR 47.620 Purple Protected Ass 1.570 4/30/2061 EUR 66.874 Barclays Bank PLC 3.020 3/26/2051 USD 67.962 Credit Agricole Corp 2.610 7/27/2050 USD 61.433 Proximus SADP 1.500 5/14/2040 EUR 70.018 Region Bourgogne-Fra 0.270 12/7/2035 EUR 70.882 Region Bourgogne-Fra 0.397 12/3/2045 EUR 55.156 UBS AG/London 7.000 11/28/2022 CHF 43.600 Hypo Tirol Bank AG 1.090 1/21/2041 EUR 63.685 Goldman Sachs & Co W 5.000 12/21/2022 EUR 73.200 AB Booster Capital L 2.000 3/8/2032 USD 66.368 SG Issuer SA 1.250 2/28/2033 EUR 55.340 Oberoesterreichische 0.705 1/29/2036 EUR 64.478 Hypo Vorarlberg Bank 6.125 EUR 74.900 Nomura Bank Internat 1.150 10/6/2036 EUR 66.090 Region Wallonne Belg 0.970 6/24/2043 EUR 64.940 Societe Generale SA 20.000 8/31/2023 USD 12.780 Societe Generale SA 3.700 10/23/2037 USD 68.216 Pannon Work Szemelyz 3.000 10/30/2030 HUF 64.150 DVM Construction Fov 3.000 7/29/2030 HUF 60.200 Landesbank Hessen-Th 0.750 8/14/2034 EUR 69.396 Oberoesterreichische 0.763 12/15/2050 EUR 62.715 LBI ehf 7.431 USD 0.001 Lloyds Bank PLC 2.480 7/5/2038 SEK 74.287 SG Issuer SA 8.300 7/21/2025 SEK 46.680 EFG International Fi 10.000 2/13/2023 USD 59.550 Bayerische Landesban 0.940 7/16/2032 EUR 74.455 Lehman Brothers Trea 10.442 11/22/2008 CHF 0.100 Opus Global Nyrt 2.800 10/29/2029 HUF 69.500 Single Platform Inve 1.117 5/25/2066 EUR 51.691 Zurcher Kantonalbank 18.200 1/18/2023 USD 74.330 Hema Bondco II BV 8.500 1/15/2023 EUR 1.194 Russian Post FGUP 2.750 12/6/2023 RUB 60.080 SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000 SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000 Sidetur Finance BV 10.000 4/20/2016 USD 0.770 Landesbank Baden-Wue 0.750 4/24/2034 EUR 74.830 Landesbank Baden-Wue 1.000 4/24/2034 EUR 74.740 Landesbank Baden-Wue 1.250 4/24/2039 EUR 69.660 Vasakronan AB 1.700 6/28/2044 EUR 61.817 Royal Schiphol Group 3.090 7/1/2034 AUD 72.060 Hamburg Commercial B 3.000 7/17/2035 EUR 71.159 Banca Popolare di Vi 9.500 10/2/2025 EUR 0.207 DZ Bank AG Deutsche 2.200 6/24/2026 EUR 71.200 Lehman Brothers Trea 4.734 3/16/2035 EUR 0.100 Meta Wolf AG 6.750 3/10/2005 DEM 0.121 Lehman Brothers Trea 14.900 9/15/2008 EUR 0.100 Bulgaria Steel Finan 12.000 5/4/2013 EUR 0.216 Espirito Santo Finan 5.125 5/30/2016 EUR 0.528 Russian Railways JSC 18.830 11/29/2028 RUB 55.010 Elli Investments Ltd 12.250 6/15/2020 GBP 52.250 Hypo Vorarlberg Bank 1.020 1/17/2035 EUR 69.684 Aareal Bank AG 1.741 1/12/2045 EUR 69.206 State of North Rhine 0.880 7/12/2040 EUR 73.645 Decipher Production 12.500 9/27/2019 USD 1.500 Gebr Sanders GmbH & 8.750 10/22/2018 EUR 9.375 WEB Windenergie AG 6.500 EUR 0.010 WEB Windenergie AG 6.250 EUR 0.010 LBI ehf 8.650 5/1/2011 ISK 10.625 Standard Chartered B 0.500 9/11/2040 JPY 62.089 Cie de Financement F 1.101 5/17/2039 EUR 74.376 Landesbank Baden-Wue 1.250 6/5/2039 EUR 69.250 Landesbank Baden-Wue 1.000 6/26/2039 EUR 68.990 Landesbank Baden-Wue 1.250 6/26/2039 EUR 68.140 Vontobel Financial P 18.500 12/23/2022 EUR 70.080 Harp Issuer PLC 1.400 2/14/2032 USD 68.365 Luzerner Kantonalban 11.000 12/8/2022 CHF 70.770 Romanian Government 2.875 4/13/2042 EUR 58.334 Kometa 99 Elelmiszer 5.000 2/21/2032 HUF 71.700 UBS AG/London 0.120 5/25/2040 MXN 12.737 Caisse des Depots et 1.290 5/5/2051 EUR 73.148 Raiffeisen Switzerla 20.000 1/6/2023 CHF 65.790 Single Platform Inve 1.510 2/13/2043 EUR 68.916 Landesbank Baden-Wue 2.720 6/23/2023 EUR 69.860 Barclays Bank PLC 1.450 9/24/2038 MXN 23.085 DZ Bank AG Deutsche 1.370 12/30/2030 EUR 74.420 Landesbank Baden-Wue 5.690 2/24/2023 EUR 59.510 Vontobel Financial P 3.650 12/6/2022 EUR 58.380 Spain Government Bon 1.450 10/31/2071 EUR 55.458 Single Platform Inve 0.946 5/25/2036 EUR 70.027 DZ Bank AG Deutsche 10.500 12/23/2022 EUR 47.670 Single Platform Inve 1.390 6/25/2044 EUR 66.280 Deutsche Bank AG 2.530 10/7/2036 USD 67.343 Corner Banca SA 20.000 12/13/2022 CHF 61.070 Credit Suisse AG/Lon 9.500 12/7/2022 USD 49.390 Leonteq Securities A 17.000 3/7/2023 CHF 24.270 Landesbank Hessen-Th 2.000 3/10/2037 EUR 74.000 Credit Suisse AG/Lon 8.500 3/1/2023 CHF 54.450 Raiffeisenlandesbank 0.725 8/27/2041 EUR 68.597 Agrar Mezogazdasagi 2.900 8/24/2031 HUF 67.390 Bank Vontobel AG 6.250 5/7/2024 CHF 66.800 Vasakronan AB 2.390 1/17/2039 EUR 59.734 Landesbank Baden-Wue 0.150 9/20/2030 EUR 73.411 UBS AG/London 8.250 11/19/2026 EUR 68.490 Citigroup Global Mar 7.200 5/24/2023 SEK 69.220 Bank Vontobel AG 11.000 2/6/2023 EUR 32.800 Muenchener Hypotheke 0.100 8/14/2034 EUR 72.261 Leonteq Securities A 14.000 12/20/2022 EUR 49.800 Landesbank Baden-Wue 0.490 12/23/2030 EUR 74.259 Single Platform Inve 1.180 4/1/2039 EUR 68.366 Landesbank Hessen-Th 2.400 3/22/2052 EUR 73.041 Leonteq Securities A 23.400 1/18/2023 CHF 30.060 Vontobel Financial P 3.000 12/23/2022 EUR 64.940 Region Provence-Alpe 0.623 10/15/2035 EUR 74.509 Landesbank Baden-Wue 0.360 12/30/2030 EUR 73.350 Agence Francaise de 0.368 1/12/2046 EUR 58.506 Municipality of Leva 0.750 11/17/2036 EUR 74.001 Societe Generale SA 3.310 11/29/2033 AUD 71.165 Grupo Isolux Corsan 6.000 12/30/2021 EUR 0.253 UBS AG/London 13.250 4/6/2023 USD 52.900 Landesbank Baden-Wue 2.900 12/23/2022 EUR 60.420 SAir Group 6.250 10/27/2002 CHF 12.345 Italy Buoni Polienna 2.150 3/1/2072 EUR 65.168 Basler Kantonalbank 7.600 4/13/2023 CHF 53.600 Specialized Financia 15.342 2/15/2031 RUB 70.000 Kalita OOO 15.000 9/12/2023 RUB 3.070 Region Auvergne-Rhon 0.645 4/9/2040 EUR 66.849 State of Hesse 0.375 4/9/2040 EUR 66.180 Alfa-Bank AO 11.750 RUB 75.000 UBS AG/London 12.500 12/16/2022 CHF 40.500 Credit Agricole Corp 10.200 8/6/2026 TRY 54.358 Landesbank Baden-Wue 0.660 10/9/2034 EUR 64.059 Credit Suisse AG/Lon 3.500 3/28/2032 USD 73.757 Single Platform Inve 1.490 3/20/2051 EUR 63.311 Region de Bruxelles- 0.256 2/26/2035 EUR 71.535 Ministeries Van de V 1.053 6/3/2050 EUR 61.517 BNG Bank NV 1.040 11/28/2047 EUR 68.277 Landesbank Hessen-Th 0.750 4/9/2035 EUR 67.765 DZ Bank AG Deutsche 0.570 12/30/2030 EUR 75.000 Credit Agricole Corp 3.200 3/19/2041 AUD 69.749 Senvion Holding GmbH 3.875 10/25/2022 EUR 0.310 AKB Peresvet ZAO 0.510 2/14/2032 RUB 15.010 Credit Suisse AG/Lon 3.880 10/31/2036 USD 66.340 Hemso Fastighets AB 1.800 5/5/2032 EUR 71.051 Landesbank Baden-Wue 0.380 11/18/2030 EUR 73.727 Landesbank Baden-Wue 0.460 10/28/2030 EUR 74.424 Bayerische Landesban 1.400 1/26/2024 EUR 66.300 Single Platform Inve 0.745 2/15/2047 EUR 54.743 Raiffeisen Schweiz G 8.000 7/19/2023 USD 39.340 Region de Bruxelles- 1.100 5/25/2051 EUR 63.692 Landesbank Saar 0.835 2/19/2035 EUR 70.183 Barclays Bank PLC 1.382 11/27/2045 EUR 72.983 DZ Bank AG Deutsche 0.700 11/30/2035 EUR 70.677 Barclays Bank PLC 0.500 10/1/2031 TRY 9.696 Bayerische Landesban 0.650 12/22/2023 EUR 52.260 Commerzbank AG 1.219 12/12/2039 EUR 66.787 Norddeutsche Landesb 0.650 11/18/2030 EUR 74.992 Caisse des Depots et 1.022 9/13/2049 EUR 67.830 Natixis SA 3.000 8/28/2049 AUD 58.332 Department of Bouche 0.432 2/1/2046 EUR 55.506 United Utilities Wat 0.387 10/5/2057 GBP 69.602 Department of Bouche 0.490 12/8/2045 EUR 56.641 BPCE SA 2.285 12/3/2035 AUD 54.991 Raiffeisen Switzerla 3.000 11/28/2023 USD 68.000 Communication Techno 5.250 1/27/2032 HUF 65.000 Caisse des Depots et 1.300 4/28/2051 EUR 70.163 Kreditanstalt fuer W 0.935 12/16/2039 EUR 74.489 Lehman Brothers Trea 7.500 5/30/2010 AUD 0.100 UBS AG/London 10.250 5/30/2023 CHF 39.850 Single Platform Inve 1.270 5/15/2035 EUR 74.097 Leonteq Securities A 10.000 12/1/2022 USD 34.880 Credit Bank of Mosco 3.100 1/21/2026 EUR 18.583 Landesbank Baden-Wue 0.430 1/22/2031 EUR 73.703 NRW Bank 0.600 1/28/2051 EUR 58.497 Region Wallonne Belg 0.250 12/29/2036 EUR 68.092 Landesbank Hessen-Th 0.300 9/15/2031 EUR 72.098 Basler Kantonalbank 10.000 2/13/2023 CHF 43.070 Landesbank Hessen-Th 0.850 7/17/2035 EUR 71.500 Vasakronan AB 1.668 10/16/2030 USD 74.972 Corner Banca SA 7.350 1/16/2023 CHF 74.390 Bank Otkritie Financ 0.010 7/16/2025 RUB 74.110 Intelsat Jackson Hol 9.750 7/15/2025 USD 0.486 Bayerische Landesbod 0.700 6/12/2037 EUR 74.288 Hellas Telecommunica 8.500 10/15/2013 EUR 0.834 Transports publics f 0.500 6/27/2041 CHF 71.557 Norske Skog Holding 8.000 2/24/2023 USD 0.006 SNCF Reseau 1.475 3/30/2065 EUR 58.953 Credit Agricole Corp 10.500 2/16/2027 TRY 52.619 Belfius Bank SA 0.780 7/22/2036 EUR 74.560 Russian Railways JSC 15.300 9/20/2039 RUB 55.010 Landesbank Baden-Wue 0.590 9/22/2034 EUR 63.586 UBS AG/London 16.000 12/29/2022 CHF 42.050 Hypo Vorarlberg Bank 1.020 7/15/2041 EUR 61.792 NIBC Bank NV 0.660 7/14/2031 EUR 68.842 DZ Bank AG Deutsche 5.000 3/24/2023 EUR 66.970 Raiffeisen Schweiz G 10.000 2/21/2023 CHF 55.750 DZ Bank AG Deutsche 4.050 6/23/2023 EUR 56.910 Single Platform Inve 1.240 5/25/2052 EUR 59.217 Dyadya Doner OOO 13.500 4/25/2023 RUB 19.060 Single Platform Inve 0.750 8/15/2050 EUR 52.583 DZ Bank AG Deutsche 5.000 12/23/2022 EUR 73.570 Oberoesterreichische 0.610 1/28/2037 EUR 73.191 DZ Bank AG Deutsche 5.000 12/23/2022 EUR 57.290 Norddeutsche Landesb 1.300 2/11/2037 EUR 68.969 Autonomous Community 1.646 7/30/2060 EUR 60.191 Purple Protected Ass 1.600 9/8/2056 EUR 64.556 Single Platform Inve 1.340 4/4/2042 EUR 71.567 Grand Delta Habitat 1.425 2/26/2048 EUR 62.855 Berlin Hyp AG 1.057 2/21/2059 EUR 66.341 NRW Bank 0.675 2/25/2041 EUR 70.602 Landesbank Baden-Wue 0.600 3/5/2036 EUR 60.717 Zurcher Kantonalbank 18.000 4/14/2023 USD 63.980 Landesbank Hessen-Th 1.170 12/8/2036 EUR 69.888 UBS AG/London 18.000 2/23/2023 CHF 62.350 Deutsche Bank AG 2.330 2/11/2043 EUR 65.831 Region de Bruxelles- 1.065 6/22/2047 EUR 64.869 Wirtschafts- und Inf 0.500 12/1/2038 EUR 67.869 Parnassia Groep BV 1.470 12/1/2045 EUR 61.956 Raiffeisen Switzerla 15.000 12/6/2022 CHF 54.430 Leonteq Securities A 9.000 3/9/2023 CHF 73.590 BPCE SA 2.730 10/5/2036 AUD 58.179 Single Platform Inve 1.548 10/31/2050 EUR 63.627 Muenchener Hypotheke 1.495 10/5/2050 EUR 67.071 Commerzbank AG 0.900 10/7/2030 EUR 72.538 Luzerner Kantonalban 8.400 12/27/2022 USD 64.570 Deutsche Apotheker-u 1.616 1/15/2038 EUR 72.196 Single Platform Inve 1.040 6/25/2044 EUR 61.199 Single Platform Inve 1.250 5/10/2044 EUR 64.033 DZ Bank AG Deutsche 5.250 6/21/2023 EUR 69.300 Szabo Fogaskerekgyar 5.500 2/23/2032 HUF 74.200 Societe Generale SA 3.060 11/24/2031 AUD 73.521 DZ Bank AG Deutsche 1.980 12/29/2031 EUR 74.400 Luzerner Kantonalban 1.750 10/27/2025 CHF 57.620 Leonteq Securities A 10.000 12/7/2022 USD 60.670 Landesbank Baden-Wue 0.770 6/23/2036 EUR 62.200 BNP Paribas SA 1.130 5/26/2036 EUR 68.525 Leonteq Securities A 7.400 12/1/2023 USD 60.940 Credit Agricole Corp 15.000 7/14/2026 TRY 64.952 Raiffeisen Schweiz G 8.000 5/5/2023 CHF 57.490 Zurcher Kantonalbank 10.000 5/9/2023 USD 54.780 Norddeutsche Landesb 0.725 9/22/2036 EUR 63.500 Natixis SA 2.520 8/24/2036 AUD 62.688 Bank fuer Kirche und 0.660 3/17/2036 EUR 67.985 Credit Suisse AG/Lon 8.000 8/30/2024 USD 8.180 DZ Bank AG Deutsche 0.550 9/9/2036 EUR 71.772 Natixis SA 2.530 8/30/2036 AUD 62.828 Deutsche Bank AG/Lon 0.500 4/5/2038 MXN 20.188 Landeskreditbank Bad 1.236 5/22/2045 EUR 73.210 MASTERPLAST Nyrt 2.900 8/25/2031 HUF 59.000 Region Provence-Alpe 0.358 8/31/2035 EUR 72.401 Credit Agricole CIB 0.440 8/30/2033 EUR 70.909 Landesbank Baden-Wue 0.200 9/22/2031 EUR 70.819 Raiffeisen Schweiz G 7.000 2/27/2023 CHF 67.390 Bayerische Landesban 1.730 4/1/2036 EUR 73.296 Russian Foreign Bond 5.100 3/28/2035 USD 40.087 Region de Bruxelles- 1.419 6/22/2045 EUR 73.045 Landesbank Hessen-Th 0.850 9/2/2036 EUR 66.688 Landesbank Baden-Wue 0.260 7/29/2030 EUR 74.437 Landesbank Hessen-Th 0.340 8/6/2031 EUR 74.251 Landesbank Baden-Wue 0.510 8/2/2033 EUR 67.532 Single Platform Inve 1.250 8/15/2051 EUR 61.016 Natixis SA 2.530 8/5/2036 AUD 62.920 Banque International 0.950 8/6/2031 EUR 73.854 Landesbank Baden-Wue 0.270 3/7/2031 EUR 72.782 Landesbank Baden-Wue 0.290 6/9/2031 EUR 72.190 Landesbank Baden-Wue 0.320 12/9/2031 EUR 71.008 Citigroup Global Mar 0.430 8/15/2031 EUR 72.962 Landesbank Baden-Wue 0.060 9/1/2031 EUR 73.838 Zurcher Kantonalbank 7.750 2/10/2023 EUR 60.180 Region Provence-Alpe 0.393 8/26/2036 EUR 72.499 Landesbank Hessen-Th 0.400 9/17/2031 EUR 74.444 Landesbank Hessen-Th 0.650 9/16/2036 EUR 64.720 Landesbank Baden-Wue 0.290 8/6/2031 EUR 71.717 Credit Suisse AG/Lon 16.000 12/16/2022 USD 54.780 Barclays Bank PLC 1.011 2/1/2041 EUR 69.926 Credit Agricole Corp 11.190 3/12/2027 TRY 54.046 Landesbank Baden-Wue 0.640 2/26/2036 EUR 61.136 Kreditanstalt fuer W 0.600 2/16/2051 EUR 62.939 Landesbank Baden-Wue 0.620 2/18/2036 EUR 60.949 UBS AG/London 9.750 2/10/2023 USD 52.050 Credit Agricole Corp 11.190 1/15/2026 TRY 59.197 VTB Bank PJSC 3.750 EUR 45.000 Credit Suisse AG/Lon 16.300 12/26/2023 USD 38.950 DZ Bank AG Deutsche 0.500 2/4/2036 EUR 68.023 Societe Nationale SN 2.503 1/14/2041 AUD 65.745 Credit Agricole Corp 11.340 2/12/2026 TRY 59.127 Societe Generale SA 1.900 1/15/2031 AUD 67.748 Zurcher Kantonalbank 17.500 12/9/2022 USD 48.160 Deutsche Bank AG 0.700 10/28/2031 EUR 67.876 Morgan Stanley & Co 3.100 10/28/2041 AUD 65.593 BPCE SA 3.000 11/18/2036 AUD 60.511 Region of Centre-Val 0.924 11/2/2043 EUR 65.944 Republic of Ireland 1.210 10/27/2111 EUR 56.175 BNP Paribas Emission 3.000 4/21/2026 EUR 62.250 Societe Generale SA 5.050 11/25/2036 USD 43.904 DNB Boligkreditt AS 1.230 11/18/2039 EUR 74.814 UBS AG/London 5.000 4/14/2023 CHF 70.050 Muenchener Hypotheke 1.010 8/6/2044 EUR 57.561 BNP Paribas SA 3.310 2/27/2040 AUD 66.658 Landesbank Baden-Wue 1.000 7/17/2039 EUR 67.530 Romanian Government 2.124 7/16/2031 EUR 71.992 BNG Bank NV 0.799 7/25/2039 EUR 73.412 Communaute Francaise 1.397 7/18/2059 EUR 68.339 Communaute Francaise 1.520 7/22/2069 EUR 65.162 Morgan Stanley & Co 1.105 6/18/2041 EUR 61.975 Landesbank Hessen-Th 1.000 7/15/2060 EUR 63.414 City of Kyiv Via PBR 7.500 12/15/2022 USD 34.479 Republic of Ireland 1.230 6/23/2121 EUR 56.420 Landesbank Baden-Wue 0.720 6/22/2035 EUR 63.633 Credit Agricole Corp 10.800 3/24/2026 TRY 54.034 DZ HYP AG 0.205 6/5/2040 EUR 60.636 Region de Bruxelles- 1.286 12/17/2046 EUR 69.007 UBS AG/London 1.860 2/28/2049 EUR 74.612 Landesbank Baden-Wue 0.340 3/4/2030 EUR 74.327 Landesbank Baden-Wue 0.700 3/30/2034 EUR 66.661 Landesbank Baden-Wue 0.760 3/31/2036 EUR 62.253 UBS AG/London 9.750 3/17/2023 CHF 34.150 Natixis SA 2.900 1/29/2040 AUD 61.346 Bayerische Landesban 1.682 5/2/2036 EUR 72.687 Bayerische Landesban 1.770 5/15/2036 EUR 73.204 Landesbank Hessen-Th 1.000 10/23/2035 EUR 68.000 Credit Agricole Corp 11.400 10/28/2025 TRY 60.973 DZ Bank AG Deutsche 1.250 9/30/2060 EUR 63.671 Landesbank Hessen-Th 1.000 10/29/2035 EUR 66.800 Landesbank Hessen-Th 0.700 10/29/2035 EUR 66.254 Landesbank Hessen-Th 1.590 1/18/2034 EUR 73.663 AB Financial Product 1.605 7/30/2040 EUR 57.988 Bayerische Landesban 1.480 4/8/2036 EUR 70.763 Credit Agricole Corp 2.480 8/18/2050 USD 59.669 Ebis OOO 13.000 8/11/2023 RUB 5.740 Berlin Hyp AG 0.440 10/29/2035 EUR 62.713 Societe Generale SA 2.900 10/24/2039 AUD 57.595 Region de Bruxelles- 1.053 11/14/2059 EUR 56.670 SG Issuer SA 6.940 1/20/2025 SEK 63.340 Landesbank Hessen-Th 0.850 10/17/2034 EUR 69.700 Specialfastigheter S 1.280 9/20/2049 SEK 58.824 Caisse des Depots et 1.065 9/20/2049 EUR 70.096 Norddeutsche Landesb 1.560 10/20/2038 EUR 69.730 Single Platform Inve 1.340 5/10/2044 EUR 65.574 Landesbank Baden-Wue 0.490 5/28/2031 EUR 73.488 Credit Agricole Corp 15.000 6/18/2026 TRY 65.497 Citigroup Global Mar 1.500 5/13/2051 EUR 60.282 Landesbank Baden-Wue 0.740 6/2/2036 EUR 61.934 Landesbank Hessen-Th 0.750 12/17/2035 EUR 66.416 Kreditanstalt fuer W 0.480 11/19/2040 EUR 68.373 Russian Foreign Bond 1.850 11/20/2032 EUR 41.226 BPCE SA 2.315 11/19/2035 AUD 55.303 Autonomous Community 1.089 10/31/2049 EUR 58.641 Landesbank Hessen-Th 0.700 12/28/2035 EUR 66.000 Norddeutsche Landesb 1.170 11/24/2038 EUR 64.084 Skandinaviska Enskil 5.520 7/15/2024 SEK 66.370 Region de Bruxelles- 0.875 6/22/2057 EUR 53.849 Leonteq Securities A 7.200 2/14/2023 CHF 28.040 Republic of Italy Go 4.000 10/17/2049 USD 71.497 Societe Generale SA 3.110 10/28/2041 AUD 59.383 Credit Agricole Corp 12.000 11/17/2025 TRY 61.670 Kreditanstalt fuer W 0.660 11/12/2039 EUR 72.811 Credit Suisse AG/Lon 1.000 9/24/2035 EUR 62.980 Kreditanstalt fuer W 1.030 12/6/2049 EUR 71.186 Department of Girond 0.650 12/17/2038 EUR 69.108 Barclays Bank PLC 3.100 12/13/2044 AUD 57.914 Vasakronan AB 1.310 12/10/2040 EUR 47.160 Region de Bruxelles- 0.658 1/7/2041 EUR 65.177 Berlin Hyp AG 1.157 12/9/2039 EUR 66.927 Landesbank Baden-Wue 0.700 9/5/2039 EUR 65.720 Skandinaviska Enskil 9.020 7/17/2023 SEK 66.150 Landesbank Hessen-Th 0.900 11/20/2035 EUR 67.000 Landesbank Baden-Wue 0.440 10/19/2035 EUR 71.632 Morgan Stanley & Co 3.470 1/27/2042 AUD 69.068 Landesbank Hessen-Th 0.850 11/19/2035 EUR 67.482 Caisse des Depots et 2.630 9/16/2049 AUD 63.527 Communaute Francaise 1.187 9/16/2069 EUR 61.943 Caisse des Depots et 2.670 9/17/2049 AUD 64.054 Communaute Francaise 0.584 9/17/2039 EUR 64.136 SAir Group 2.750 7/30/2004 CHF 12.375 Credit Agricole Corp 10.200 12/13/2027 TRY 49.118 Caisse des Depots et 2.340 11/27/2049 AUD 59.336 Landesbank Hessen-Th 0.600 9/27/2034 EUR 68.700 Landesbank Baden-Wue 0.150 9/11/2039 EUR 64.800 Single Platform Inve 1.050 3/17/2039 EUR 66.568 Metropole de Lyon 0.540 12/7/2050 EUR 51.534 Vontobel Financial P 0.080 12/5/2022 EUR 59.400 Single Platform Inve 1.600 2/15/2041 EUR 72.106 Ebis OOO 12.000 4/9/2024 RUB 4.490 Landesbank Baden-Wue 0.780 4/21/2036 EUR 62.413 Caisse des Depots et 1.275 5/5/2051 EUR 73.664 Caisse des Depots et 2.730 3/2/2041 AUD 68.874 Landesbank Hessen-Th 1.400 3/5/2036 EUR 67.000 Credit Agricole Corp 11.640 3/24/2027 TRY 55.108 Landesbank Hessen-Th 0.820 12/17/2035 EUR 67.598 Landesbank Hessen-Th 0.800 4/15/2036 EUR 66.683 Basler Kantonalbank 8.000 11/28/2022 CHF 65.540 Quintet Private Bank 6.050 5/26/2026 USD 64.280 Single Platform Inve 1.440 7/18/2042 EUR 68.055 DZ Bank AG Deutsche 0.510 1/25/2036 EUR 68.480 Region Wallonne Belg 0.850 1/26/2071 EUR 46.400 Region Wallonne Belg 1.250 4/30/2055 EUR 60.148 Societe Generale SA 2.060 3/12/2031 USD 71.899 Landesbank Hessen-Th 0.620 2/6/2036 EUR 65.699 Merrill Lynch BV 2.580 8/20/2036 USD 73.832 Norddeutsche Landesb 0.325 9/15/2031 EUR 71.543 Credit Agricole Corp 10.320 7/22/2026 TRY 54.748 Republic of Austria 0.850 6/30/2120 EUR 48.810 Landesbank Hessen-Th 0.620 1/11/2036 EUR 65.847 Norddeutsche Landesb 0.725 9/14/2033 EUR 69.482 Norddeutsche Landesb 0.550 9/10/2031 EUR 72.772 Erste Group Bank AG 0.570 8/14/2032 EUR 71.765 Landesbank Hessen-Th 1.000 8/27/2035 EUR 69.378 Kreditanstalt fuer W 0.400 8/12/2040 EUR 68.284 Landeskreditbank Bad 0.170 12/10/2035 EUR 72.038 Caisse des Depots et 1.005 11/5/2050 EUR 68.793 Norddeutsche Landesb 2.180 9/20/2034 EUR 74.870 Nomura Bank Internat 0.450 12/3/2030 EUR 73.430 Kuntarahoitus Oyj 1.005 12/7/2060 EUR 65.422 Ukraine Government I 7.253 3/15/2035 USD 21.143 Societe Wallonne de 0.913 7/31/2040 EUR 55.715 Cooperatieve Raboban 0.540 8/3/2040 EUR 65.429 Banque et Caisse d'E 0.900 8/6/2042 EUR 73.676 Takarek Mortgage Ban 3.000 8/21/2030 HUF 54.840 Regie Autonome des T 0.640 8/13/2041 EUR 67.354 Norddeutsche Landesb 0.925 9/10/2036 EUR 65.560 Landesbank Hessen-Th 0.620 4/18/2036 EUR 65.296 Landesbank Hessen-Th 0.550 8/18/2033 EUR 70.465 Nordea Bank Abp 0.620 10/14/2026 SEK 46.680 Landesbank Hessen-Th 0.450 9/15/2033 EUR 65.535 LBI ehf 7.431 USD 0.001 Lehman Brothers Trea 16.000 12/26/2008 USD 0.100 Axial Javito Kereske 2.000 9/23/2030 HUF 59.094 NRW Bank 0.360 10/15/2035 EUR 74.063 Collectivite Europee 0.487 10/9/2045 EUR 56.801 BNP Paribas Issuance 1.560 2/2/2039 EUR 51.050 Lehman Brothers Trea 8.280 7/31/2013 GBP 0.100 Lehman Brothers Trea 6.650 8/24/2011 AUD 0.100 Communaute Francaise 1.340 7/1/2054 EUR 69.793 IT Holding Finance S 9.875 11/15/2012 EUR 0.015 Kreditanstalt fuer W 0.250 10/6/2036 CAD 51.120 Bayerische Landesban 1.600 7/21/2036 EUR 71.507 United Confectioners 7.000 4/3/2023 RUB 70.000 Russian Railways JSC 15.300 9/19/2033 RUB 55.010 Turkey Government In 6.625 2/17/2045 USD 74.557 BPCE SFH SA 0.500 1/23/2035 EUR 74.903 DekaBank Deutsche Gi 1.850 3/20/2045 EUR 68.638 Deutsche Bank AG 1.750 4/9/2035 EUR 65.597 DekaBank Deutsche Gi 1.340 8/22/2036 EUR 70.908 State of North Rhine 1.491 8/23/2066 EUR 72.357 Bayerische Landesban 1.320 9/16/2033 EUR 74.273 Raiffeisen Bank Inte 0.430 9/9/2030 EUR 74.478 Norddeutsche Landesb 1.570 9/9/2038 EUR 68.651 Landesbank Hessen-Th 0.750 10/15/2035 EUR 66.848 Bayerische Landesban 1.620 5/21/2036 EUR 71.926 Lloyds Bank PLC 1.920 4/16/2044 EUR 73.810 Kreditanstalt fuer W 1.171 7/19/2051 EUR 71.056 Romanian Government 1.750 7/13/2030 EUR 72.222 SG Issuer SA 2.270 2/4/2032 EUR 59.190 Denmark Government B 0.250 11/15/2052 DKK 62.705 Corner Banca SA 10.000 1/23/2023 CHF 39.150 Centre Hospitalier U 0.490 12/1/2036 EUR 71.154 UBS AG/London 7.500 7/12/2023 CHF 61.650 UBS AG/London 10.000 8/23/2023 CHF 49.050 Credit Suisse AG/Lon 8.500 1/23/2023 USD 58.470 Norddeutsche Landesb 1.090 11/15/2043 EUR 68.400 Leonteq Securities A 9.000 12/14/2022 CHF 58.650 Landesbank Hessen-Th 0.500 2/2/2032 EUR 72.784 Landesbank Hessen-Th 0.450 1/7/2032 EUR 74.117 SpareBank 1 SR-Bank 1.020 10/8/2036 EUR 72.332 UBS AG/London 9.500 11/30/2022 CHF 40.700 Metal Hungaria Holdi 3.500 11/16/2031 HUF 65.000 Rikshem AB 2.137 1/29/2036 EUR 72.057 Landesbank Hessen-Th 0.750 10/27/2031 EUR 74.919 ENEL RUSSIA PJSC 8.600 12/15/2022 RUB 61.010 Sberbank of Russia P 0.010 8/6/2026 RUB 73.500 Credit Suisse AG/Lon 10.000 12/12/2022 CHF 6.960 State of North Rhine 1.450 1/19/2122 EUR 61.008 Credit Suisse AG/Lon 10.000 2/2/2023 USD 7.590 Caisse des Depots et 1.018 2/16/2051 EUR 67.867 Landesbank Hessen-Th 2.435 2/6/2048 EUR 69.964 Hungary Government B 3.000 10/27/2038 HUF 56.364 SkyGreen Buildings K 3.000 12/29/2030 HUF 63.500 Credit Suisse AG/Lon 7.000 12/8/2022 CHF 61.520 Raiffeisen Schweiz G 9.500 5/2/2023 CHF 45.970 VTB Bank PJSC 8.191 USD 37.800 Region of Centre-Val 0.755 11/2/2037 EUR 72.334 Zurcher Kantonalbank 19.000 4/6/2023 CHF 71.000 Russian Railways JSC 13.630 5/30/2040 RUB 50.010 Barclays Bank PLC 2.680 4/14/2031 AUD 74.065 NRW Bank 1.000 2/26/2050 EUR 69.002 Romanian Government 2.124 7/16/2031 EUR 72.119 Landesbank Hessen-Th 1.000 3/6/2035 EUR 68.850 Nykredit Realkredit 1.000 10/1/2053 DKK 74.660 French Republic Gove 0.500 5/25/2040 EUR 69.902 Region Provence-Alpe 0.785 6/18/2040 EUR 68.947 Region Wallonne Belg 1.300 6/16/2068 EUR 54.907 CTP NV 1.250 6/21/2029 EUR 66.944 DekaBank Deutsche Gi 3.000 12/29/2022 EUR 53.170 BNP Paribas Emission 19.000 6/22/2023 EUR 63.690 Credit Bank of Mosco 5.150 2/20/2024 EUR 18.453 Landesbank Saar 0.670 3/10/2034 EUR 71.267 Banque Cantonale Vau 7.300 9/16/2024 CHF 27.990 Italy Buoni Polienna 1.800 3/1/2041 EUR 72.876 Landesbank Baden-Wue 0.590 10/7/2032 EUR 70.014 Republic of Austria 1.500 11/2/2086 EUR 69.260 Kreditanstalt fuer W 0.620 1/14/2050 EUR 60.012 Bayerische Landesban 1.100 1/26/2024 EUR 68.460 Landesbank Baden-Wue 2.200 1/27/2023 EUR 65.950 Deutsche Pfandbriefb 2.000 7/9/2032 EUR 71.652 Barclays Bank PLC 2.730 9/27/2024 EUR 48.480 Landesbank Baden-Wue 0.710 11/9/2035 EUR 63.246 Single Platform Inve 1.301 6/25/2044 EUR 63.733 Nederlandse Watersch 0.260 11/10/2036 EUR 70.788 Basque Government 1.375 10/31/2070 EUR 49.897 Oberbank AG 1.850 4/18/2039 EUR 72.419 Skandinaviska Enskil 6.500 1/15/2024 SEK 72.050 Batigere Grand Est S 1.540 11/4/2041 EUR 66.093 Batigere Grand Est S 1.610 10/23/2040 EUR 67.867 Erste Group Bank AG 4.500 10/1/2025 EUR 44.500 Department of Bouche 0.810 12/16/2041 EUR 66.584 State of Lower Austr 0.400 10/13/2050 EUR 52.940 Credit Industriel Et 1.170 1/28/2037 EUR 71.453 Russian Foreign Bond 12.750 6/24/2028 USD 72.435 Solarwatt GmbH 7.000 11/1/2015 EUR 15.500 Republic of Belarus 7.625 6/29/2027 USD 34.688 Bayerische Landesban 1.350 12/23/2022 EUR 57.810 DZ Bank AG Deutsche 2.240 8/22/2034 USD 73.639 Sparekassen Bredebro 3.750 4/15/2031 DKK 68.418 Raiffeisen Schweiz G 7.000 9/20/2023 CHF 65.910 UBS AG/London 7.000 1/23/2023 USD 67.600 United Kingdom Gilt 0.875 1/31/2046 GBP 59.391 Bank Vontobel AG 15.000 6/26/2023 EUR 70.200 BNP Paribas Emission 6.000 12/22/2022 EUR 35.090 Skandinaviska Enskil 9.500 7/17/2023 SEK 67.330 Skandinaviska Enskil 10.360 7/17/2023 SEK 70.595 Hungary Government B 2.000 5/23/2029 HUF 69.945 Nederlandse Watersch 1.125 7/8/2050 EUR 68.773 Lehman Brothers Trea 13.432 1/8/2009 ILS 0.100 Batigere Grand Est S 1.600 11/14/2044 EUR 65.147 Progress Etteremhalo 3.000 9/18/2030 HUF 63.800 Nederlandse Watersch 1.080 10/26/2050 EUR 67.381 Astana Finance BV 9.000 11/16/2011 USD 15.250 Northland Resources 12.250 3/26/2016 USD 2.621 Credit Suisse AG/Lon 0.500 1/8/2026 BRL 65.378 Norske Skogindustrie 7.125 10/15/2033 USD 0.010 Region de Bruxelles- 1.015 1/23/2051 EUR 61.075 State of North Rhine 1.513 7/27/2065 EUR 73.901 New World Resources 8.000 4/7/2020 EUR 0.103 Waste Italia SpA 10.500 11/15/2019 EUR 0.550 Bank Julius Baer & C 9.600 3/30/2023 USD 67.600 DZ Bank AG Deutsche 4.800 12/19/2022 EUR 72.660 DZ Bank AG Deutsche 5.800 12/19/2022 EUR 71.170 DZ Bank AG Deutsche 4.900 3/20/2023 EUR 73.940 DZ Bank AG Deutsche 6.100 12/19/2022 EUR 50.970 DZ Bank AG Deutsche 5.600 3/20/2023 EUR 52.370 Leonteq Securities A 15.000 1/3/2023 CHF 71.830 Leonteq Securities A 8.000 6/30/2023 USD 59.880 DZ Bank AG Deutsche 8.250 12/19/2022 EUR 49.150 DZ Bank AG Deutsche 6.250 3/20/2023 EUR 48.100 VTB Bank PJSC 0.010 11/25/2026 RUB 65.000 Biznes Nedvizhimost 10.800 12/18/2026 RUB 62.000 Bank Vontobel AG 10.000 8/16/2023 CHF 73.200 Vontobel Financial P 18.750 12/23/2022 EUR 45.200 Vontobel Financial P 15.000 12/23/2022 EUR 69.670 Vontobel Financial P 24.000 12/23/2022 EUR 55.580 Vontobel Financial P 9.000 12/23/2022 EUR 49.890 Vontobel Financial P 12.000 12/23/2022 EUR 46.160 Vontobel Financial P 11.000 12/23/2022 EUR 46.830 Vontobel Financial P 7.500 12/23/2022 EUR 51.560 Vontobel Financial P 10.000 12/23/2022 EUR 48.310 Vontobel Financial P 13.500 12/23/2022 EUR 30.990 Vontobel Financial P 6.500 12/23/2022 EUR 53.390 Vontobel Financial P 8.000 12/23/2022 EUR 71.120 Vontobel Financial P 7.500 12/23/2022 EUR 64.870 Landesbank Hessen-Th 1.000 2/11/2037 EUR 68.119 Bank Vontobel AG 20.000 1/3/2023 CHF 64.500 Bank Vontobel AG 7.000 3/30/2023 CHF 50.500 Credit Suisse AG/Lon 16.000 12/29/2022 CHF 60.810 Credit Suisse AG/Lon 12.000 12/29/2022 CHF 54.750 Vontobel Financial P 14.500 12/23/2022 EUR 69.630 Vontobel Financial P 8.500 12/23/2022 EUR 73.870 Vontobel Financial P 9.500 12/23/2022 EUR 71.890 Vontobel Financial P 17.000 12/23/2022 EUR 63.680 Vontobel Financial P 16.500 12/23/2022 EUR 71.250 Vontobel Financial P 20.000 12/23/2022 EUR 67.110 Vontobel Financial P 18.000 12/23/2022 EUR 69.820 Vontobel Financial P 15.500 12/23/2022 EUR 72.800 Vontobel Financial P 19.000 12/23/2022 EUR 68.420 Vontobel Financial P 18.500 12/23/2022 EUR 62.290 Vontobel Financial P 17.000 12/23/2022 EUR 63.030 Zurcher Kantonalbank 16.500 2/14/2023 USD 52.050 Vontobel Financial P 7.000 12/23/2022 EUR 64.450 Vontobel Financial P 15.000 12/23/2022 EUR 64.980 Vontobel Financial P 14.500 12/23/2022 EUR 43.860 Vontobel Financial P 11.000 12/23/2022 EUR 66.370 Vontobel Financial P 5.000 12/23/2022 EUR 65.980 Vontobel Financial P 8.350 2/20/2023 EUR 74.410 DZ Bank AG Deutsche 12.300 12/23/2022 EUR 29.640 DZ Bank AG Deutsche 11.600 12/23/2022 EUR 73.250 Landesbank Baden-Wue 3.500 2/24/2023 EUR 62.970 DZ Bank AG Deutsche 18.900 12/23/2022 EUR 47.180 Landesbank Baden-Wue 2.000 2/24/2023 EUR 69.400 Landesbank Baden-Wue 3.350 2/24/2023 EUR 63.210 SG Issuer SA 2.000 12/22/2036 EUR 66.260 Zurcher Kantonalbank 9.000 12/30/2022 CHF 55.290 Zurcher Kantonalbank 7.000 12/30/2022 CHF 38.960 MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000 Landesbank Baden-Wue 7.500 2/24/2023 EUR 39.220 Landesbank Baden-Wue 2.500 2/24/2023 EUR 61.160 Landesbank Baden-Wue 4.000 2/24/2023 EUR 59.230 Landesbank Baden-Wue 10.000 2/24/2023 EUR 70.470 UniCredit Bank AG 3.700 1/27/2025 EUR 58.420 Landesbank Baden-Wue 3.300 2/24/2023 EUR 47.580 Landesbank Baden-Wue 2.700 3/24/2023 EUR 68.130 Landesbank Baden-Wue 4.200 3/24/2023 EUR 64.330 Landesbank Baden-Wue 2.200 2/24/2023 EUR 62.740 Landesbank Baden-Wue 4.700 2/24/2023 EUR 56.420 Erste Group Bank AG 1.360 2/23/2036 EUR 74.482 Vontobel Financial P 13.500 12/23/2022 EUR 42.990 Vontobel Financial P 15.500 2/20/2023 EUR 70.910 Vontobel Financial P 12.250 12/23/2022 EUR 67.990 Leonteq Securities A 24.000 1/6/2023 CHF 13.720 Vontobel Financial P 21.000 12/23/2022 EUR 59.740 Vontobel Financial P 15.000 12/23/2022 EUR 73.910 Vontobel Financial P 14.500 12/23/2022 EUR 62.700 Vontobel Financial P 16.500 12/23/2022 EUR 60.900 Vontobel Financial P 18.500 12/23/2022 EUR 59.200 Vontobel Financial P 10.500 12/23/2022 EUR 66.700 Vontobel Financial P 20.000 12/23/2022 EUR 74.850 Vontobel Financial P 7.500 12/23/2022 EUR 71.400 Vontobel Financial P 6.000 12/23/2022 EUR 74.000 Vontobel Financial P 10.500 12/23/2022 EUR 74.370 Vontobel Financial P 12.500 12/23/2022 EUR 64.630 Vontobel Financial P 9.000 12/23/2022 EUR 68.960 Vontobel Financial P 12.000 12/23/2022 EUR 72.410 Vontobel Financial P 15.500 12/23/2022 EUR 68.870 Vontobel Financial P 17.000 12/23/2022 EUR 67.220 Vontobel Financial P 7.000 12/23/2022 EUR 55.760 Vontobel Financial P 14.000 12/23/2022 EUR 70.610 Vontobel Financial P 4.500 12/23/2022 EUR 60.030 Vontobel Financial P 8.500 12/23/2022 EUR 53.880 Vontobel Financial P 17.000 12/23/2022 EUR 46.340 Vontobel Financial P 15.000 12/23/2022 EUR 47.630 Vontobel Financial P 10.000 12/23/2022 EUR 52.140 Vontobel Financial P 5.500 12/23/2022 EUR 57.790 Vontobel Financial P 19.000 12/23/2022 EUR 45.140 Vontobel Financial P 11.500 12/23/2022 EUR 50.510 Vontobel Financial P 13.500 12/23/2022 EUR 49.040 Vontobel Financial P 13.500 12/23/2022 EUR 69.040 Vontobel Financial P 11.000 12/23/2022 EUR 72.200 Vontobel Financial P 10.000 12/23/2022 EUR 73.940 Vontobel Financial P 10.000 12/23/2022 EUR 72.510 Vontobel Financial P 15.500 12/23/2022 EUR 65.420 Vontobel Financial P 11.500 12/23/2022 EUR 69.940 Vontobel Financial P 19.000 12/23/2022 EUR 61.490 Vontobel Financial P 13.500 12/23/2022 EUR 67.600 Vontobel Financial P 14.500 12/23/2022 EUR 67.570 Vontobel Financial P 12.500 12/23/2022 EUR 70.600 Vontobel Financial P 22.500 12/23/2022 EUR 60.080 Vontobel Financial P 18.500 12/23/2022 EUR 63.560 Vontobel Financial P 16.000 12/23/2022 EUR 66.170 Vontobel Financial P 20.000 12/23/2022 EUR 62.360 Vontobel Financial P 16.500 12/23/2022 EUR 71.920 Vontobel Financial P 21.000 12/23/2022 EUR 61.180 Vontobel Financial P 17.000 12/23/2022 EUR 64.830 Vontobel Financial P 4.500 12/23/2022 EUR 66.660 Vontobel Financial P 9.500 12/23/2022 EUR 57.490 Vontobel Financial P 16.000 12/23/2022 EUR 50.790 Vontobel Financial P 7.500 12/23/2022 EUR 73.630 Vontobel Financial P 14.500 12/23/2022 EUR 70.690 Vontobel Financial P 9.500 12/23/2022 EUR 69.440 Vontobel Financial P 11.500 12/23/2022 EUR 65.750 Vontobel Financial P 15.500 12/23/2022 EUR 59.500 Vontobel Financial P 13.500 12/23/2022 EUR 62.500 Vontobel Financial P 18.000 12/23/2022 EUR 56.880 Vontobel Financial P 20.500 12/23/2022 EUR 54.510 Vontobel Financial P 18.500 12/23/2022 EUR 65.970 Vontobel Financial P 11.500 12/23/2022 EUR 42.390 Vontobel Financial P 11.000 12/23/2022 EUR 44.150 Vontobel Financial P 15.500 12/23/2022 EUR 40.970 Vontobel Financial P 13.500 12/23/2022 EUR 42.510 Vontobel Financial P 3.500 12/23/2022 EUR 52.840 Vontobel Financial P 5.000 12/23/2022 EUR 50.290 Vontobel Financial P 9.000 12/23/2022 EUR 46.000 Vontobel Financial P 7.000 12/23/2022 EUR 48.050 Vontobel Financial P 17.000 12/23/2022 EUR 74.450 Vontobel Financial P 17.000 12/23/2022 EUR 72.630 Vontobel Financial P 14.000 12/23/2022 EUR 74.710 Vontobel Financial P 10.500 12/23/2022 EUR 74.060 Vontobel Financial P 15.000 12/23/2022 EUR 68.730 Vontobel Financial P 12.500 12/23/2022 EUR 71.280 Vontobel Financial P 17.000 12/23/2022 EUR 66.340 Vontobel Financial P 5.000 12/23/2022 EUR 56.570 Vontobel Financial P 8.500 12/23/2022 EUR 51.030 Vontobel Financial P 9.000 12/23/2022 EUR 50.070 Vontobel Financial P 11.000 12/23/2022 EUR 48.280 Vontobel Financial P 13.000 12/23/2022 EUR 46.660 Vontobel Financial P 7.000 12/23/2022 EUR 53.110 Vontobel Financial P 7.500 12/23/2022 EUR 52.040 Vontobel Financial P 6.000 12/23/2022 EUR 54.180 Vontobel Financial P 10.000 12/23/2022 EUR 49.170 Vontobel Financial P 13.500 12/23/2022 EUR 45.890 Vontobel Financial P 14.500 12/23/2022 EUR 45.100 Vontobel Financial P 16.500 12/23/2022 EUR 43.710 Vontobel Financial P 17.500 12/23/2022 EUR 37.570 Vontobel Financial P 6.500 12/23/2022 EUR 49.020 Vontobel Financial P 14.500 12/23/2022 EUR 39.800 Vontobel Financial P 24.500 12/23/2022 EUR 36.820 Vontobel Financial P 9.000 12/23/2022 EUR 45.470 Vontobel Financial P 13.000 12/23/2022 EUR 59.360 Vontobel Financial P 9.000 12/23/2022 EUR 66.410 Vontobel Financial P 11.000 12/23/2022 EUR 62.670 Vontobel Financial P 19.000 12/23/2022 EUR 51.380 Vontobel Financial P 15.000 12/23/2022 EUR 56.400 Vontobel Financial P 17.000 12/23/2022 EUR 53.760 Vontobel Financial P 21.500 12/23/2022 EUR 49.260 Vontobel Financial P 17.000 12/23/2022 EUR 71.120 Vontobel Financial P 18.500 12/23/2022 EUR 69.460 Vontobel Financial P 15.500 12/23/2022 EUR 72.860 Vontobel Financial P 20.000 12/23/2022 EUR 67.900 Vontobel Financial P 14.000 12/23/2022 EUR 69.970 Vontobel Financial P 16.000 12/23/2022 EUR 67.490 Vontobel Financial P 11.500 12/23/2022 EUR 72.650 Vontobel Financial P 7.000 12/23/2022 EUR 46.560 Vontobel Financial P 19.500 12/23/2022 EUR 73.600 Vontobel Financial P 5.500 12/23/2022 EUR 49.100 Vontobel Financial P 6.000 12/23/2022 EUR 47.780 Vontobel Financial P 8.000 12/23/2022 EUR 45.410 Vontobel Financial P 8.500 12/23/2022 EUR 44.290 Vontobel Financial P 5.000 12/23/2022 EUR 50.510 Vontobel Financial P 9.500 12/23/2022 EUR 43.260 Vontobel Financial P 15.500 12/23/2022 EUR 38.080 Vontobel Financial P 14.500 12/23/2022 EUR 38.840 Vontobel Financial P 16.500 12/23/2022 EUR 37.350 Vontobel Financial P 17.500 12/23/2022 EUR 36.660 Vontobel Financial P 19.500 12/23/2022 EUR 35.370 Vontobel Financial P 18.500 12/23/2022 EUR 36.000 Vontobel Financial P 10.500 12/23/2022 EUR 42.280 Vontobel Financial P 13.500 12/23/2022 EUR 39.640 Vontobel Financial P 11.500 12/23/2022 EUR 41.360 Vontobel Financial P 12.500 12/23/2022 EUR 40.470 Vontobel Financial P 15.500 12/23/2022 EUR 65.230 Vontobel Financial P 12.500 12/23/2022 EUR 72.320 Vontobel Financial P 16.000 12/23/2022 EUR 68.780 Vontobel Financial P 18.000 12/23/2022 EUR 70.530 Vontobel Financial P 15.000 12/23/2022 EUR 73.890 Vontobel Financial P 16.500 12/23/2022 EUR 72.170 Vontobel Financial P 11.500 12/23/2022 EUR 70.830 Vontobel Financial P 10.500 12/23/2022 EUR 52.460 Vontobel Financial P 12.000 12/23/2022 EUR 67.760 Vontobel Financial P 13.500 12/23/2022 EUR 66.090 Vontobel Financial P 16.000 12/23/2022 EUR 62.990 Vontobel Financial P 14.500 12/23/2022 EUR 64.510 Vontobel Financial P 12.000 12/23/2022 EUR 74.890 Vontobel Financial P 15.000 12/23/2022 EUR 71.720 Vontobel Financial P 16.500 12/23/2022 EUR 70.240 Vontobel Financial P 13.500 12/23/2022 EUR 73.260 Vontobel Financial P 19.000 12/23/2022 EUR 21.780 Vontobel Financial P 24.000 12/23/2022 EUR 19.160 Vontobel Financial P 3.000 12/23/2022 EUR 60.560 Vontobel Financial P 4.000 12/23/2022 EUR 57.790 Vontobel Financial P 3.500 12/23/2022 EUR 59.140 Vontobel Financial P 5.500 12/23/2022 EUR 55.350 Vontobel Financial P 17.500 12/23/2022 EUR 43.070 Vontobel Financial P 15.500 12/23/2022 EUR 44.410 Vontobel Financial P 12.000 12/23/2022 EUR 47.460 Vontobel Financial P 18.500 12/23/2022 EUR 42.430 Vontobel Financial P 17.000 12/23/2022 EUR 71.730 Vontobel Financial P 8.500 12/23/2022 EUR 73.470 Vontobel Financial P 9.500 12/23/2022 EUR 71.450 Vontobel Financial P 10.500 12/23/2022 EUR 69.520 Raiffeisen Schweiz G 12.000 12/30/2022 CHF 58.040 Basler Kantonalbank 11.000 8/9/2023 CHF 74.740 Zurcher Kantonalbank 8.800 7/26/2023 CHF 74.980 Zurcher Kantonalbank 10.000 1/26/2023 CHF 65.210 EFG International Fi 4.660 1/26/2023 EUR 69.560 UBS AG/London 9.170 1/30/2024 USD 8.469 EFG International Fi 3.120 1/31/2023 EUR 68.230 Leonteq Securities A 20.000 2/1/2023 CHF 64.620 Erste Group Bank AG 1.170 1/28/2037 EUR 70.136 Raiffeisen Schweiz G 13.000 1/31/2023 CHF 53.130 Raiffeisen Schweiz G 19.000 1/31/2023 CHF 34.240 Citigroup Global Mar 1.000 1/21/2036 EUR 67.457 Zurcher Kantonalbank 10.500 1/27/2023 EUR 52.500 Bank Vontobel AG 12.000 1/30/2023 CHF 13.800 Credit Suisse AG/Lon 8.750 1/27/2023 CHF 69.340 Bank Vontobel AG 18.250 1/30/2023 CHF 15.300 Bank Vontobel AG 7.000 7/28/2023 CHF 70.400 Credit Suisse AG/Lon 9.250 1/27/2023 USD 55.990 UBS AG/London 16.350 1/31/2024 USD 7.433 UBS AG/London 15.800 1/31/2024 USD 7.463 DZ Bank AG Deutsche 10.700 6/23/2023 EUR 50.750 DZ Bank AG Deutsche 7.900 6/23/2023 EUR 70.930 DZ Bank AG Deutsche 10.000 6/23/2023 EUR 68.070 DZ Bank AG Deutsche 6.400 6/23/2023 EUR 59.150 DZ Bank AG Deutsche 10.800 3/24/2023 EUR 69.150 DZ Bank AG Deutsche 9.300 6/23/2023 EUR 67.390 DZ Bank AG Deutsche 7.300 6/23/2023 EUR 68.500 DZ Bank AG Deutsche 10.400 6/23/2023 EUR 63.830 DZ Bank AG Deutsche 20.100 3/24/2023 EUR 71.630 DZ Bank AG Deutsche 14.400 12/23/2022 EUR 74.780 Leonteq Securities A 14.000 1/3/2023 CHF 30.100 Leonteq Securities A 9.000 6/30/2023 CHF 50.170 EFG International Fi 18.000 2/16/2023 CHF 26.290 DZ Bank AG Deutsche 5.100 12/19/2022 EUR 52.130 DZ Bank AG Deutsche 4.800 3/20/2023 EUR 53.320 UBS AG/London 8.400 9/11/2023 EUR 72.290 Corner Banca SA 18.000 1/3/2023 USD 62.840 DZ Bank AG Deutsche 6.250 12/19/2022 EUR 68.960 DZ Bank AG Deutsche 5.000 3/20/2023 EUR 55.020 Raiffeisen Switzerla 9.000 6/30/2023 USD 71.290 VTB Bank PJSC 0.010 12/13/2024 RUB 74.040 Luzerner Kantonalban 5.000 6/28/2023 CHF 69.560 Zurcher Kantonalbank 6.800 12/28/2022 CHF 74.080 Societe Generale Eff 4.930 2/17/2023 USD 74.110 Vontobel Financial P 16.000 12/23/2022 EUR 72.450 Vontobel Financial P 15.000 12/23/2022 EUR 74.170 Vontobel Financial P 19.000 12/23/2022 EUR 67.770 EFG International Fi 19.000 12/29/2022 USD 67.660 Vontobel Financial P 6.000 12/23/2022 EUR 37.550 Vontobel Financial P 21.000 12/23/2022 EUR 59.550 Vontobel Financial P 12.500 12/23/2022 EUR 45.490 Vontobel Financial P 9.500 12/23/2022 EUR 49.090 Vontobel Financial P 10.500 12/23/2022 EUR 47.560 Vontobel Financial P 18.000 12/23/2022 EUR 40.870 Vontobel Financial P 7.500 12/23/2022 EUR 35.320 Vontobel Financial P 12.000 12/23/2022 EUR 31.730 Vontobel Financial P 18.000 12/23/2022 EUR 64.180 Vontobel Financial P 7.000 12/23/2022 EUR 52.450 Vontobel Financial P 7.500 12/23/2022 EUR 62.820 Vontobel Financial P 8.000 12/23/2022 EUR 59.330 Vontobel Financial P 5.500 12/23/2022 EUR 57.370 Leonteq Securities A 25.200 2/17/2023 CHF 19.140 Banque International 10.000 8/9/2023 CHF 67.200 Leonteq Securities A 22.800 2/15/2023 CHF 51.440 Credit Suisse AG/Lon 11.500 12/23/2022 USD 37.620 Leonteq Securities A 24.120 12/30/2022 CHF 61.500 Landesbank Baden-Wue 2.300 12/22/2023 EUR 69.770 Landesbank Baden-Wue 5.900 12/22/2023 EUR 46.070 Landesbank Baden-Wue 9.500 12/22/2023 EUR 57.510 Landesbank Baden-Wue 4.800 12/22/2023 EUR 72.630 Landesbank Baden-Wue 2.600 12/22/2023 EUR 60.680 Landesbank Baden-Wue 4.300 12/22/2023 EUR 74.220 Landesbank Baden-Wue 7.000 12/22/2023 EUR 35.110 Landesbank Baden-Wue 4.150 12/22/2023 EUR 56.260 UniCredit Bank AG 7.000 3/15/2023 EUR 70.750 UniCredit Bank AG 7.600 3/15/2023 EUR 40.620 Credit Suisse AG/Lon 8.500 5/10/2023 USD 69.770 Vontobel Financial P 8.000 12/23/2022 EUR 73.090 UBS AG/London 7.250 12/29/2023 CHF 68.900 UBS AG/London 8.500 6/29/2023 CHF 64.600 UBS AG/London 6.500 12/29/2023 CHF 63.650 UBS AG/London 17.500 12/29/2022 USD 54.950 Societe Generale Eff 8.000 1/27/2023 EUR 56.880 Vontobel Financial P 5.000 3/24/2023 EUR 61.180 Vontobel Financial P 21.500 12/23/2022 EUR 65.020 Vontobel Financial P 15.000 3/24/2023 EUR 68.120 Vontobel Financial P 11.500 12/23/2022 EUR 71.670 Vontobel Financial P 14.000 12/23/2022 EUR 69.280 Vontobel Financial P 11.000 3/24/2023 EUR 72.440 Credit Suisse AG/Lon 4.600 3/31/2023 USD 8.810 Credit Suisse AG/Lon 6.200 3/31/2023 USD 8.890 Vontobel Financial P 13.000 12/23/2022 EUR 71.690 Vontobel Financial P 18.500 3/24/2023 EUR 65.980 Vontobel Financial P 7.500 12/23/2022 EUR 55.790 Vontobel Financial P 12.000 12/23/2022 EUR 50.550 Vontobel Financial P 17.500 12/23/2022 EUR 46.380 Vontobel Financial P 17.000 3/24/2023 EUR 70.700 Vontobel Financial P 15.000 3/24/2023 EUR 73.790 Vontobel Financial P 16.500 3/24/2023 EUR 70.140 Vontobel Financial P 13.500 3/24/2023 EUR 73.790 Vontobel Financial P 16.000 12/23/2022 EUR 67.710 Vontobel Financial P 19.500 12/23/2022 EUR 64.230 Vontobel Financial P 18.000 12/23/2022 EUR 65.940 Vontobel Financial P 13.500 12/23/2022 EUR 74.160 Vontobel Financial P 16.500 12/23/2022 EUR 70.880 Vontobel Financial P 18.000 12/23/2022 EUR 69.350 Vontobel Financial P 19.500 12/23/2022 EUR 67.890 Vontobel Financial P 20.500 12/23/2022 EUR 66.470 Banque Cantonale Vau 12.360 6/27/2023 CHF 73.020 Vontobel Financial P 13.500 3/24/2023 EUR 69.320 Vontobel Financial P 11.500 12/23/2022 EUR 71.590 Vontobel Financial P 13.000 12/23/2022 EUR 69.720 Vontobel Financial P 18.000 12/23/2022 EUR 72.730 Vontobel Financial P 16.000 12/23/2022 EUR 74.590 Vontobel Financial P 15.500 3/24/2023 EUR 71.290 Vontobel Financial P 14.500 3/24/2023 EUR 68.230 Vontobel Financial P 13.000 3/24/2023 EUR 50.600 Vontobel Financial P 10.000 3/24/2023 EUR 52.780 Vontobel Financial P 8.000 3/24/2023 EUR 55.720 Vontobel Financial P 14.000 3/24/2023 EUR 49.490 Vontobel Financial P 11.500 3/24/2023 EUR 51.640 Vontobel Financial P 19.000 12/23/2022 EUR 45.140 Vontobel Financial P 17.000 3/24/2023 EUR 47.830 Vontobel Financial P 15.500 3/24/2023 EUR 48.620 Vontobel Financial P 10.500 12/23/2022 EUR 52.170 Vontobel Financial P 10.000 12/23/2022 EUR 74.300 Vontobel Financial P 12.500 3/24/2023 EUR 70.470 Vontobel Financial P 14.500 3/24/2023 EUR 68.810 Vontobel Financial P 9.500 3/24/2023 EUR 74.550 Vontobel Financial P 17.500 3/24/2023 EUR 65.600 Vontobel Financial P 19.000 3/24/2023 EUR 64.180 Vontobel Financial P 13.000 12/23/2022 EUR 70.040 Vontobel Financial P 15.000 12/23/2022 EUR 67.700 Vontobel Financial P 16.000 3/24/2023 EUR 67.140 Vontobel Financial P 11.000 12/23/2022 EUR 72.570 Vontobel Financial P 21.500 12/23/2022 EUR 61.660 Vontobel Financial P 17.500 12/23/2022 EUR 65.560 Vontobel Financial P 19.500 12/23/2022 EUR 63.540 Vontobel Financial P 16.000 3/24/2023 EUR 74.520 Vontobel Financial P 17.000 3/24/2023 EUR 73.050 DZ Bank AG Deutsche 15.400 6/23/2023 EUR 60.970 DZ Bank AG Deutsche 17.000 6/23/2023 EUR 58.520 DZ Bank AG Deutsche 13.900 6/23/2023 EUR 63.790 DZ Bank AG Deutsche 18.600 6/23/2023 EUR 56.400 DZ Bank AG Deutsche 7.400 2/24/2023 EUR 52.200 DZ Bank AG Deutsche 9.600 2/24/2023 EUR 50.140 DZ Bank AG Deutsche 3.800 6/23/2023 EUR 55.500 DZ Bank AG Deutsche 5.000 6/23/2023 EUR 53.190 DZ Bank AG Deutsche 6.400 6/23/2023 EUR 51.290 DZ Bank AG Deutsche 8.000 6/23/2023 EUR 49.750 DZ Bank AG Deutsche 9.400 2/24/2023 EUR 71.620 DZ Bank AG Deutsche 8.200 6/23/2023 EUR 70.850 DZ Bank AG Deutsche 6.100 6/23/2023 EUR 56.410 DZ Bank AG Deutsche 12.500 6/23/2023 EUR 67.690 Sberbank of Russia P 0.010 12/30/2026 RUB 73.800 Leonteq Securities A 7.000 1/5/2024 CHF 72.160 DZ Bank AG Deutsche 4.700 6/23/2023 EUR 74.310 DZ Bank AG Deutsche 6.800 6/23/2023 EUR 70.320 DZ Bank AG Deutsche 12.400 2/24/2023 EUR 62.840 DZ Bank AG Deutsche 8.800 6/23/2023 EUR 66.010 DZ Bank AG Deutsche 7.900 6/23/2023 EUR 70.380 DZ Bank AG Deutsche 22.800 2/24/2023 EUR 66.800 DZ Bank AG Deutsche 24.900 2/24/2023 EUR 63.120 DZ Bank AG Deutsche 18.100 6/23/2023 EUR 72.740 DZ Bank AG Deutsche 19.500 6/23/2023 EUR 69.770 DZ Bank AG Deutsche 20.900 6/23/2023 EUR 67.060 DZ Bank AG Deutsche 22.400 6/23/2023 EUR 64.430 DZ Bank AG Deutsche 13.600 6/23/2023 EUR 74.340 Leonteq Securities A 9.000 1/3/2023 USD 57.440 Leonteq Securities A 8.000 6/30/2023 CHF 66.000 VTB Bank PJSC 0.010 12/20/2024 RUB 74.850 Raiffeisen Schweiz G 14.200 2/14/2023 CHF 54.080 Raiffeisen Schweiz G 15.000 2/14/2023 CHF 71.500 Raiffeisen Switzerla 8.600 8/11/2023 USD 67.530 DZ Bank AG Deutsche 5.600 3/20/2023 EUR 72.620 Leonteq Securities A 7.000 2/13/2023 EUR 56.110 Leonteq Securities A 24.120 12/28/2022 CHF 8.990 UBS AG/London 5.250 9/11/2023 EUR 70.740 Leonteq Securities A 8.000 6/30/2023 CHF 66.020 Leonteq Securities A 12.000 3/30/2023 CHF 16.180 DZ Bank AG Deutsche 4.750 12/19/2022 EUR 48.960 Raiffeisen Switzerla 15.000 12/30/2022 CHF 57.060 Raiffeisen Switzerla 20.000 12/30/2022 CHF 66.230 Raiffeisen Switzerla 6.500 1/3/2024 CHF 67.140 Raiffeisen Switzerla 12.000 12/30/2022 CHF 36.200 BNP Paribas Emission 3.000 2/11/2026 EUR 64.200 Credit Suisse AG/Lon 12.000 2/13/2023 CHF 14.350 Credit Suisse AG/Lon 8.000 2/13/2023 CHF 74.160 Zurcher Kantonalbank 9.000 6/28/2023 CHF 71.180 Vontobel Financial P 7.500 12/23/2022 EUR 59.030 Vontobel Financial P 3.500 3/24/2023 EUR 67.360 Vontobel Financial P 7.500 3/24/2023 EUR 59.120 Bank Julius Baer & C 13.500 2/15/2023 CHF 57.650 Basler Kantonalbank 15.000 5/24/2023 CHF 20.000 UBS AG/London 16.750 3/2/2023 USD 63.300 UBS AG/London 11.500 3/2/2023 USD 73.750 UBS AG/London 14.000 3/2/2023 CHF 63.650 Vontobel Financial P 13.500 12/23/2022 EUR 57.710 Vontobel Financial P 19.500 12/23/2022 EUR 56.160 Landesbank Baden-Wue 2.400 12/22/2023 EUR 56.230 Landesbank Baden-Wue 5.000 12/22/2023 EUR 63.110 Landesbank Baden-Wue 4.200 12/22/2023 EUR 56.260 Landesbank Baden-Wue 2.300 12/22/2023 EUR 56.950 Landesbank Baden-Wue 6.300 12/22/2023 EUR 59.460 Landesbank Baden-Wue 3.000 12/22/2023 EUR 68.230 Landesbank Baden-Wue 9.200 12/22/2023 EUR 72.560 Landesbank Baden-Wue 2.500 12/22/2023 EUR 59.260 Landesbank Baden-Wue 3.000 12/22/2023 EUR 56.340 Landesbank Baden-Wue 5.600 12/22/2023 EUR 71.120 Societe Generale Eff 15.750 12/23/2022 EUR 62.770 Societe Generale Eff 4.750 12/23/2022 EUR 62.810 Vontobel Financial P 6.500 12/23/2022 EUR 74.990 Vontobel Financial P 8.250 12/23/2022 EUR 66.480 Vontobel Financial P 13.250 12/23/2022 EUR 59.970 Vontobel Financial P 11.000 12/23/2022 EUR 52.260 Vontobel Financial P 21.750 12/23/2022 EUR 68.160 Vontobel Financial P 22.000 12/23/2022 EUR 44.890 UBS AG/London 9.500 6/29/2023 CHF 41.100 UBS AG/London 6.500 12/29/2023 USD 39.200 UBS AG/London 6.000 6/29/2023 CHF 69.100 UBS AG/London 13.750 12/29/2022 CHF 62.650 Societe Generale Eff 6.000 1/27/2023 EUR 60.980 Vontobel Financial P 7.710 3/30/2023 EUR 74.860 Vontobel Financial P 7.000 3/24/2023 EUR 57.380 Vontobel Financial P 10.000 12/23/2022 EUR 73.580 Vontobel Financial P 16.500 3/24/2023 EUR 66.800 Vontobel Financial P 11.500 3/24/2023 EUR 71.840 Vontobel Financial P 15.000 12/23/2022 EUR 67.990 Vontobel Financial P 10.000 3/24/2023 EUR 73.770 Vontobel Financial P 12.000 3/24/2023 EUR 73.030 Vontobel Financial P 6.500 12/23/2022 EUR 57.860 Vontobel Financial P 15.500 12/23/2022 EUR 47.660 Vontobel Financial P 13.500 12/23/2022 EUR 49.040 Vontobel Financial P 9.000 12/23/2022 EUR 53.910 Vontobel Financial P 19.000 3/24/2023 EUR 67.960 Vontobel Financial P 14.500 3/24/2023 EUR 72.510 Vontobel Financial P 19.000 3/24/2023 EUR 68.160 Vontobel Financial P 17.500 3/24/2023 EUR 69.040 Vontobel Financial P 15.000 3/24/2023 EUR 69.170 Vontobel Financial P 11.500 12/23/2022 EUR 73.870 Credit Suisse AG/Lon 9.250 12/27/2022 CHF 8.320 Credit Suisse AG/Lon 8.500 3/24/2023 USD 56.550 Zurcher Kantonalbank 9.000 12/27/2022 CHF 70.660 Vontobel Financial P 15.000 12/23/2022 EUR 72.470 DZ Bank AG Deutsche 7.700 6/23/2023 EUR 71.240 Leonteq Securities A 19.000 1/3/2023 CHF 31.830 DZ Bank AG Deutsche 13.100 12/23/2022 EUR 66.630 DZ Bank AG Deutsche 10.200 2/24/2023 EUR 65.650 DZ Bank AG Deutsche 12.100 6/23/2023 EUR 61.950 DZ Bank AG Deutsche 10.900 6/23/2023 EUR 66.630 DZ Bank AG Deutsche 23.000 12/23/2022 EUR 68.790 DZ Bank AG Deutsche 21.900 3/24/2023 EUR 67.580 DZ Bank AG Deutsche 23.800 3/24/2023 EUR 64.190 DZ Bank AG Deutsche 17.800 12/23/2022 EUR 70.050 DZ Bank AG Deutsche 15.300 3/24/2023 EUR 73.440 DZ Bank AG Deutsche 9.700 2/24/2023 EUR 71.310 Leonteq Securities A 11.000 3/30/2023 CHF 39.000 Raiffeisen Schweiz G 11.300 2/14/2023 CHF 49.980 EFG International Fi 16.000 2/16/2023 USD 61.660 Landesbank Hessen-Th 1.510 4/3/2036 EUR 74.348 Corner Banca SA 10.000 8/25/2023 CHF 69.890 Leonteq Securities A 14.000 2/28/2023 EUR 51.400 Bank Vontobel AG 11.000 2/23/2024 CHF 25.100 Credit Suisse AG/Lon 10.250 5/22/2023 EUR 55.160 DZ Bank AG Deutsche 4.250 3/22/2023 EUR 50.590 DZ Bank AG Deutsche 7.750 3/22/2023 EUR 74.160 Bank Julius Baer & C 15.000 8/29/2023 CHF 27.650 UBS AG/London 15.000 3/16/2023 EUR 61.750 Credit Suisse AG/Lon 6.000 1/13/2023 CHF 70.620 Bank Vontobel AG 8.250 7/14/2023 EUR 73.100 Bank Vontobel AG 6.750 7/14/2023 CHF 62.100 Landesbank Baden-Wue 4.850 9/22/2023 EUR 56.560 NRW Bank 1.033 1/27/2042 EUR 74.060 Erste Group Bank AG 6.750 2/15/2023 EUR 71.000 Erste Group Bank AG 4.750 2/15/2023 EUR 73.500 Banque International 11.000 7/12/2023 EUR 56.180 BNP Paribas Emission 3.000 3/23/2023 EUR 69.230 BNP Paribas Emission 4.000 3/23/2023 EUR 59.540 BNP Paribas Emission 4.000 3/23/2023 EUR 57.380 Bank Julius Baer & C 11.750 4/18/2023 USD 73.050 Landesbank Baden-Wue 1.600 4/28/2023 EUR 57.510 Landesbank Baden-Wue 3.600 4/28/2023 EUR 49.840 Landesbank Baden-Wue 5.250 4/28/2023 EUR 46.010 Landesbank Baden-Wue 5.750 4/28/2023 EUR 70.950 Landesbank Baden-Wue 1.750 4/28/2023 EUR 67.610 Landesbank Baden-Wue 3.000 4/28/2023 EUR 62.700 Landesbank Baden-Wue 3.300 4/28/2023 EUR 68.340 Landesbank Baden-Wue 6.500 4/28/2023 EUR 43.930 Landesbank Baden-Wue 2.000 4/28/2023 EUR 74.950 Landesbank Baden-Wue 3.000 4/28/2023 EUR 71.560 Landesbank Baden-Wue 4.750 4/28/2023 EUR 65.790 Raiffeisen Schweiz G 10.000 10/11/2023 CHF 57.840 Zurcher Kantonalbank 9.400 10/11/2023 EUR 71.210 Sberbank of Russia P 0.010 1/15/2027 RUB 66.000 Vontobel Financial P 12.000 12/23/2022 EUR 51.420 Vontobel Financial P 6.000 12/23/2022 EUR 73.370 Vontobel Financial P 7.250 12/23/2022 EUR 59.820 Credit Suisse AG/Lon 8.000 1/17/2023 CHF 49.580 Zurcher Kantonalbank 7.250 7/17/2023 CHF 73.560 Zurcher Kantonalbank 7.500 1/17/2023 CHF 73.530 Zurcher Kantonalbank 8.000 1/17/2023 CHF 69.850 Zurcher Kantonalbank 29.000 1/17/2023 CHF 40.840 Zurcher Kantonalbank 15.500 1/17/2023 CHF 65.710 Zurcher Kantonalbank 21.500 1/17/2023 CHF 71.700 Zurcher Kantonalbank 12.000 1/17/2023 EUR 32.060 Zurcher Kantonalbank 17.700 1/17/2023 CHF 60.560 Raiffeisen Centroban 10.234 3/22/2023 EUR 65.320 Landesbank Baden-Wue 10.750 1/27/2023 EUR 67.000 Landesbank Baden-Wue 5.030 1/27/2023 EUR 73.670 Single Platform Inve 1.762 5/25/2066 EUR 61.636 Leonteq Securities A 12.000 4/24/2023 USD 56.320 Leonteq Securities A 14.000 1/24/2023 EUR 30.580 Corner Banca SA 10.000 7/24/2023 USD 63.990 Leonteq Securities A 17.000 1/24/2023 CHF 54.340 Leonteq Securities A 15.000 4/21/2023 CHF 39.950 Corner Banca SA 16.000 1/24/2023 CHF 14.920 Leonteq Securities A 14.000 4/21/2023 CHF 52.410 Leonteq Securities A 13.000 4/21/2023 CHF 59.060 Leonteq Securities A 15.000 1/24/2023 CHF 57.500 Leonteq Securities A 8.000 7/21/2023 CHF 70.800 Societe Generale Eff 9.500 12/23/2022 EUR 74.540 Societe Generale Eff 10.500 12/23/2022 EUR 73.080 Societe Generale Eff 10.250 12/23/2022 EUR 72.600 Societe Generale Eff 16.750 12/23/2022 EUR 56.510 Societe Generale Eff 9.750 12/23/2022 EUR 49.820 Societe Generale Eff 6.250 12/23/2022 EUR 60.550 Societe Generale Eff 8.250 12/23/2022 EUR 57.050 Societe Generale Eff 10.250 12/23/2022 EUR 54.410 BNP Paribas Emission 5.300 9/1/2023 EUR 74.200 UniCredit Bank AG 8.200 3/30/2023 EUR 73.070 Sberbank of Russia P 0.010 2/26/2027 RUB 69.500 Vontobel Financial P 3.450 2/27/2023 EUR 70.050 Credit Suisse AG/Lon 14.750 8/18/2023 USD 62.510 UBS AG/London 18.000 4/15/2024 USD 64.300 Bank Julius Baer & C 9.000 5/25/2023 USD 57.250 Leonteq Securities A 26.400 2/24/2023 CHF 19.410 Leonteq Securities A 9.000 8/24/2023 CHF 72.150 Luzerner Kantonalban 15.750 2/21/2023 CHF 51.580 Corner Banca SA 15.000 5/30/2023 CHF 53.920 Leonteq Securities A 12.000 5/30/2023 CHF 54.010 Basler Kantonalbank 7.000 7/14/2023 CHF 68.770 Norddeutsche Landesb 0.400 8/13/2031 EUR 72.221 Norddeutsche Landesb 1.000 8/13/2036 EUR 66.361 Landesbank Hessen-Th 1.000 8/19/2036 EUR 66.500 EFG International Fi 9.000 1/16/2023 CHF 11.550 Corner Banca SA 8.000 1/12/2023 CHF 65.020 Progressio Infrastru 1.250 4/25/2033 EUR 74.900 Goldman Sachs & Co W 7.000 6/21/2023 EUR 74.510 Leonteq Securities A 5.600 7/19/2023 CHF 73.110 Leonteq Securities A 10.000 1/19/2023 CHF 47.110 Leonteq Securities A 10.400 1/19/2023 CHF 34.000 Leonteq Securities A 10.000 1/16/2023 CHF 45.720 Bank Vontobel AG 10.500 1/16/2023 CHF 42.200 Landesbank Hessen-Th 0.450 8/19/2031 EUR 73.382 Leonteq Securities A 10.000 1/19/2023 USD 9.290 Leonteq Securities A 11.000 1/19/2023 CHF 68.960 Corner Banca SA 22.000 9/19/2023 EUR 58.940 DZ Bank AG Deutsche 7.250 9/20/2023 EUR 40.210 DZ Bank AG Deutsche 8.500 12/21/2022 EUR 74.500 Vontobel Financial P 16.500 6/23/2023 EUR 69.030 Vontobel Financial P 7.500 9/22/2023 EUR 58.360 Vontobel Financial P 13.000 9/22/2023 EUR 73.760 BNP Paribas Emission 3.000 3/23/2023 EUR 72.930 Leonteq Securities A 25.000 7/18/2023 CHF 51.210 Corner Banca SA 27.000 7/18/2023 USD 64.260 DZ Bank AG Deutsche 11.000 12/21/2022 EUR 60.120 Bank Julius Baer & C 12.150 7/19/2023 CHF 67.550 UBS AG/London 19.000 7/15/2024 CHF 59.600 Bank Vontobel AG 6.000 10/16/2023 CHF 69.300 Bank Vontobel AG 16.500 7/17/2023 CHF 45.000 Vontobel Financial P 10.750 3/21/2023 EUR 36.460 DZ Bank AG Deutsche 4.000 12/23/2022 EUR 59.870 Societe Generale Eff 10.500 1/27/2023 EUR 73.770 Societe Generale Eff 12.500 1/27/2023 EUR 70.080 DekaBank Deutsche Gi 3.000 1/27/2023 EUR 74.360 Leonteq Securities A 14.000 5/22/2023 CHF 49.430 Leonteq Securities A 22.000 2/22/2023 CHF 47.150 Leonteq Securities A 12.000 5/22/2023 CHF 69.990 Leonteq Securities A 12.000 8/18/2023 CHF 64.850 Leonteq Securities A 10.000 8/18/2023 CHF 58.590 Leonteq Securities A 18.000 2/22/2023 CHF 51.310 Corner Banca SA 20.000 2/22/2023 CHF 35.810 Credit Suisse AG/Lon 10.250 2/15/2023 USD 69.780 Zurcher Kantonalbank 6.500 2/15/2023 CHF 43.120 Zurcher Kantonalbank 12.000 2/15/2023 CHF 24.680 Zurcher Kantonalbank 21.800 2/15/2023 CHF 57.520 Norddeutsche Landesb 1.390 7/9/2038 EUR 67.621 Landesbank Hessen-Th 0.520 7/14/2031 EUR 74.135 Leonteq Securities A 10.000 7/12/2023 CHF 52.280 Leonteq Securities A 8.000 1/12/2023 CHF 68.830 Leonteq Securities A 9.000 1/12/2023 USD 55.890 EFG International Fi 13.000 1/5/2023 CHF 49.400 EFG International Fi 8.700 7/13/2023 EUR 20.120 DekaBank Deutsche Gi 3.100 7/21/2023 EUR 67.670 EFG International Fi 13.000 1/6/2023 USD 40.540 Goldman Sachs & Co W 6.000 3/22/2023 EUR 45.820 Goldman Sachs & Co W 6.000 6/21/2023 EUR 62.770 Goldman Sachs & Co W 6.000 12/21/2022 EUR 71.180 Goldman Sachs & Co W 6.000 3/22/2023 EUR 72.670 Goldman Sachs & Co W 6.000 6/21/2023 EUR 71.290 Goldman Sachs & Co W 7.000 12/21/2022 EUR 41.610 Goldman Sachs & Co W 7.000 12/21/2022 EUR 61.040 Goldman Sachs & Co W 7.000 3/22/2023 EUR 68.110 Bank Vontobel AG 8.000 1/10/2023 CHF 51.700 Bank Vontobel AG 11.000 1/10/2023 CHF 66.800 Goldman Sachs & Co W 5.000 3/22/2023 EUR 48.190 Goldman Sachs & Co W 3.000 3/22/2023 EUR 53.530 Goldman Sachs & Co W 3.000 6/21/2023 EUR 57.310 SG Issuer SA 0.021 6/14/2033 EUR 74.760 DekaBank Deutsche Gi 2.300 8/11/2023 EUR 57.240 Landesbank Baden-Wue 0.500 7/30/2031 EUR 73.260 Zurcher Kantonalbank 22.100 9/10/2024 USD 72.200 Zurcher Kantonalbank 6.800 1/16/2023 CHF 65.140 SG Issuer SA 0.015 11/7/2033 EUR 64.330 SG Issuer SA 0.021 8/15/2033 EUR 55.140 Landesbank Baden-Wue 2.100 8/22/2025 EUR 73.450 Landesbank Baden-Wue 3.000 8/22/2025 EUR 74.860 Raiffeisen Schweiz G 6.300 7/12/2023 CHF 69.190 Landesbank Hessen-Th 0.460 7/20/2032 EUR 70.040 Landesbank Baden-Wue 6.000 9/22/2023 EUR 74.360 Landesbank Baden-Wue 13.000 9/22/2023 EUR 61.880 DekaBank Deutsche Gi 3.550 8/11/2025 EUR 71.670 Zurcher Kantonalbank 4.500 7/14/2023 CHF 39.190 EFG International Fi 8.000 1/19/2023 CHF 35.960 Hypo Tirol Bank AG 1.320 7/16/2041 EUR 66.563 Leonteq Securities A 8.400 1/16/2023 CHF 38.740 Corner Banca SA 8.000 1/16/2023 CHF 50.070 Landesbank Hessen-Th 0.550 8/19/2032 EUR 70.388 Bank Vontobel AG 10.500 1/16/2023 CHF 42.200 Bank Vontobel AG 10.000 1/16/2023 EUR 21.700 Landesbank Hessen-Th 0.750 8/19/2036 EUR 61.289 Luzerner Kantonalban 7.500 8/9/2023 CHF 13.370 Vontobel Financial P 6.250 1/20/2023 EUR 58.790 DZ Bank AG Deutsche 6.000 3/24/2023 EUR 65.450 Raiffeisen Schweiz G 8.000 10/4/2023 CHF 74.820 Vontobel Financial P 12.050 5/3/2023 EUR 69.360 Corner Banca SA 10.000 10/4/2023 EUR 58.870 Raiffeisen Schweiz G 15.000 7/5/2023 CHF 59.940 Raiffeisen Schweiz G 15.300 4/4/2023 CHF 52.260 Leonteq Securities A 14.400 7/4/2023 CHF 54.370 Leonteq Securities A 9.400 4/4/2023 USD 61.490 Leonteq Securities A 15.000 10/4/2023 CHF 66.410 Zurcher Kantonalbank 22.800 3/31/2023 USD 67.580 Zurcher Kantonalbank 15.500 3/30/2023 USD 65.380 Zurcher Kantonalbank 10.000 3/31/2023 EUR 63.600 Zurcher Kantonalbank 10.500 3/31/2023 CHF 65.230 Bank Vontobel AG 10.000 4/3/2023 CHF 52.700 Bank Vontobel AG 7.500 10/2/2023 CHF 62.300 Bank Vontobel AG 18.000 4/3/2023 CHF 60.700 Bank Vontobel AG 9.000 10/2/2023 EUR 60.900 Bank Vontobel AG 14.000 10/2/2023 CHF 33.900 UBS AG/London 16.000 4/1/2024 USD 69.100 UBS AG/London 14.750 4/1/2024 USD 64.950 UBS AG/London 16.000 10/2/2023 CHF 59.900 UBS AG/London 12.250 4/1/2024 USD 66.650 Credit Suisse AG/Lon 10.000 3/28/2023 CHF 20.060 Credit Suisse AG/Lon 12.000 3/29/2023 CHF 54.370 Credit Suisse AG/Lon 8.250 3/29/2023 CHF 68.430 Credit Suisse AG/Lon 18.000 3/31/2023 USD 53.940 UniCredit Bank AG 10.850 1/18/2023 EUR 65.290 DZ Bank AG Deutsche 16.000 12/23/2022 EUR 41.260 Landesbank Hessen-Th 1.050 1/20/2037 EUR 68.488 Raiffeisen Schweiz G 19.710 12/14/2022 CHF 58.450 UniCredit Bank AG 10.850 1/18/2023 EUR 53.250 DZ Bank AG Deutsche 8.250 12/19/2022 EUR 69.060 DZ Bank AG Deutsche 6.250 3/20/2023 EUR 74.220 Vontobel Financial P 12.000 12/23/2022 EUR 67.870 Vontobel Financial P 16.500 12/23/2022 EUR 65.210 Vontobel Financial P 15.500 12/23/2022 EUR 62.930 Vontobel Financial P 17.500 12/23/2022 EUR 60.770 Vontobel Financial P 9.000 12/23/2022 EUR 73.780 Vontobel Financial P 13.500 12/23/2022 EUR 68.400 Vontobel Financial P 14.000 12/23/2022 EUR 65.320 Vontobel Financial P 16.000 12/23/2022 EUR 69.680 Vontobel Financial P 14.000 12/23/2022 EUR 72.680 UniCredit Bank AG 8.550 1/18/2023 EUR 54.520 EFG International Fi 6.530 12/13/2022 USD 43.490 DekaBank Deutsche Gi 7.050 4/28/2023 EUR 60.470 UniCredit Bank AG 20.000 1/9/2023 EUR 65.200 Bank Vontobel AG 7.500 12/8/2023 CHF 71.100 Bank Vontobel AG 10.000 6/12/2023 CHF 13.400 Bank Vontobel AG 5.000 12/11/2023 CHF 68.000 Bank Vontobel AG 7.000 12/11/2023 CHF 67.000 DZ Bank AG Deutsche 10.250 12/21/2022 EUR 28.710 Basler Kantonalbank 11.000 12/22/2022 CHF 63.080 Bank Julius Baer & C 8.450 12/14/2022 CHF 45.850 Vontobel Financial P 10.500 3/24/2023 EUR 40.460 Vontobel Financial P 10.500 3/24/2023 EUR 62.280 Vontobel Financial P 9.000 3/24/2023 EUR 63.700 Vontobel Financial P 4.500 12/23/2022 EUR 72.310 Vontobel Financial P 5.500 12/23/2022 EUR 69.720 Vontobel Financial P 9.500 12/23/2022 EUR 63.030 Vontobel Financial P 11.000 3/24/2023 EUR 69.120 Vontobel Financial P 10.000 3/24/2023 EUR 71.030 Vontobel Financial P 14.000 3/24/2023 EUR 65.970 Vontobel Financial P 12.000 12/23/2022 EUR 68.200 Vontobel Financial P 13.500 12/23/2022 EUR 66.080 Vontobel Financial P 23.500 3/24/2023 EUR 57.630 Vontobel Financial P 14.000 3/24/2023 EUR 72.340 Vontobel Financial P 7.000 3/24/2023 EUR 71.950 Vontobel Financial P 16.000 3/24/2023 EUR 51.730 Vontobel Financial P 18.000 12/23/2022 EUR 48.090 Vontobel Financial P 19.500 12/23/2022 EUR 74.480 Vontobel Financial P 8.000 3/24/2023 EUR 73.400 Vontobel Financial P 9.000 3/24/2023 EUR 71.790 Vontobel Financial P 7.000 3/24/2023 EUR 74.930 Vontobel Financial P 12.500 3/24/2023 EUR 67.840 Vontobel Financial P 16.000 3/24/2023 EUR 64.490 Vontobel Financial P 10.500 12/23/2022 EUR 70.030 Vontobel Financial P 13.500 12/23/2022 EUR 66.670 Vontobel Financial P 15.000 12/23/2022 EUR 65.140 Vontobel Financial P 23.000 12/23/2022 EUR 73.270 Vontobel Financial P 19.500 9/22/2023 EUR 71.860 Vontobel Financial P 18.000 9/22/2023 EUR 73.320 Vontobel Financial P 20.500 9/22/2023 EUR 70.260 Vontobel Financial P 14.000 6/23/2023 EUR 70.770 Vontobel Financial P 8.000 9/22/2023 EUR 65.850 Vontobel Financial P 17.500 6/23/2023 EUR 74.740 BNP Paribas Emission 5.000 9/21/2023 EUR 73.690 DekaBank Deutsche Gi 3.200 7/21/2023 EUR 70.570 DekaBank Deutsche Gi 3.000 7/21/2023 EUR 74.340 Leonteq Securities A 8.000 1/12/2023 CHF 36.190 Leonteq Securities A 10.000 1/12/2023 CHF 24.940 Leonteq Securities A 9.000 1/12/2023 CHF 56.280 Leonteq Securities A 6.200 7/12/2023 CHF 66.190 Leonteq Securities A 10.000 1/9/2023 EUR 67.300 Goldman Sachs & Co W 6.000 12/21/2022 EUR 43.720 Goldman Sachs & Co W 6.000 6/21/2023 EUR 46.950 Leonteq Securities A 12.000 1/12/2023 CHF 29.930 Goldman Sachs & Co W 7.000 3/22/2023 EUR 43.920 Goldman Sachs & Co W 7.000 6/21/2023 EUR 44.670 Goldman Sachs & Co W 7.000 6/21/2023 EUR 67.160 Goldman Sachs & Co W 8.000 6/21/2023 EUR 43.260 Bank Vontobel AG 8.000 1/10/2023 CHF 51.700 Bank Vontobel AG 7.000 1/10/2023 CHF 66.900 Goldman Sachs & Co W 5.000 12/21/2022 EUR 47.000 Goldman Sachs & Co W 5.000 6/21/2023 EUR 49.000 Goldman Sachs & Co W 5.000 12/21/2022 EUR 73.950 Goldman Sachs & Co W 5.000 6/21/2023 EUR 73.310 Goldman Sachs & Co W 3.000 12/21/2022 EUR 52.970 Goldman Sachs & Co W 3.000 6/21/2023 EUR 53.800 Landesbank Hessen-Th 1.000 8/18/2036 EUR 68.250 DekaBank Deutsche Gi 2.100 8/11/2023 EUR 73.690 DekaBank Deutsche Gi 2.300 8/9/2024 EUR 70.710 SG Issuer SA 0.021 7/7/2033 EUR 65.470 Raiffeisen Schweiz G 6.500 1/12/2023 CHF 53.070 Landesbank Hessen-Th 0.750 8/18/2036 EUR 65.834 DZ Bank AG Deutsche 0.500 8/18/2036 EUR 68.268 DZ Bank AG Deutsche 0.110 8/17/2032 EUR 74.185 Landesbank Baden-Wue 10.000 9/22/2023 EUR 66.070 EFG International Fi 11.000 8/9/2023 CHF 59.100 EFG International Fi 20.000 2/9/2023 USD 29.540 Vontobel Financial P 19.000 3/24/2023 EUR 62.300 Vontobel Financial P 15.500 12/23/2022 EUR 66.530 Vontobel Financial P 14.000 12/23/2022 EUR 69.440 Vontobel Financial P 19.500 12/23/2022 EUR 61.530 Vontobel Financial P 16.000 3/24/2023 EUR 65.740 Vontobel Financial P 17.500 12/23/2022 EUR 63.930 Norddeutsche Landesb 1.300 3/16/2037 EUR 68.829 Vontobel Financial P 20.000 3/24/2023 EUR 63.200 Vontobel Financial P 18.500 3/24/2023 EUR 64.630 Vontobel Financial P 17.000 3/24/2023 EUR 66.160 Vontobel Financial P 18.500 12/23/2022 EUR 64.460 Vontobel Financial P 15.500 12/23/2022 EUR 69.130 Vontobel Financial P 12.500 12/23/2022 EUR 74.620 Vontobel Financial P 17.000 12/23/2022 EUR 66.710 Vontobel Financial P 13.000 3/24/2023 EUR 73.600 Vontobel Financial P 14.500 3/24/2023 EUR 72.200 Vontobel Financial P 14.500 12/23/2022 EUR 72.630 Vontobel Financial P 12.000 3/24/2023 EUR 72.280 Vontobel Financial P 13.000 12/23/2022 EUR 74.650 Vontobel Financial P 17.500 3/24/2023 EUR 63.960 DZ Bank AG Deutsche 5.000 3/22/2023 EUR 74.650 DZ Bank AG Deutsche 10.750 12/21/2022 EUR 33.920 DZ Bank AG Deutsche 8.500 3/22/2023 EUR 30.940 DZ Bank AG Deutsche 6.250 12/21/2022 EUR 50.480 Natixis SA 2.780 10/5/2036 AUD 65.135 Landesbank Baden-Wue 2.250 3/24/2023 EUR 57.140 Landesbank Baden-Wue 4.900 3/24/2023 EUR 50.200 Landesbank Baden-Wue 6.150 3/24/2023 EUR 68.090 Leonteq Securities A 21.000 2/14/2023 CHF 18.560 Landesbank Baden-Wue 3.500 3/24/2023 EUR 58.220 Landesbank Baden-Wue 8.650 3/24/2023 EUR 41.180 Landesbank Baden-Wue 3.000 3/24/2023 EUR 65.030 Landesbank Baden-Wue 8.900 3/24/2023 EUR 46.490 Landesbank Baden-Wue 3.650 3/24/2023 EUR 62.650 Landesbank Baden-Wue 5.500 3/24/2023 EUR 69.010 Landesbank Baden-Wue 3.000 3/24/2023 EUR 58.300 UBS AG/London 7.000 9/25/2023 CHF 68.350 Natixis SA 2.930 7/29/2051 AUD 56.791 Landesbank Baden-Wue 2.000 8/22/2025 EUR 62.390 EFG International Fi 6.370 3/6/2023 USD 48.270 Banque Cantonale Vau 5.400 12/6/2023 CHF 49.400 UniCredit Bank AG 4.500 9/1/2025 EUR 69.480 Basler Kantonalbank 8.400 1/30/2023 CHF 70.980 Norddeutsche Landesb 0.550 8/30/2033 EUR 68.044 Norddeutsche Landesb 0.825 8/30/2033 EUR 70.382 DZ Bank AG Deutsche 6.500 12/21/2022 EUR 58.010 Bank Julius Baer & C 12.900 4/5/2023 EUR 60.700 BNP Paribas Emission 12.000 3/23/2023 EUR 72.240 BNP Paribas Emission 11.000 3/23/2023 EUR 72.450 BNP Paribas Emission 14.000 3/23/2023 EUR 66.640 BNP Paribas Emission 15.000 3/23/2023 EUR 65.450 BNP Paribas Emission 10.000 6/22/2023 EUR 70.830 BNP Paribas Emission 11.000 6/22/2023 EUR 69.020 BNP Paribas Emission 19.000 6/22/2023 EUR 73.210 BNP Paribas Emission 18.000 12/21/2023 EUR 73.300 BNP Paribas Emission 18.000 12/21/2023 EUR 71.690 BNP Paribas Emission 12.000 3/23/2023 EUR 70.280 BNP Paribas Emission 10.000 12/21/2023 EUR 74.690 BNP Paribas Emission 10.000 12/21/2023 EUR 72.290 BNP Paribas Emission 12.000 12/21/2023 EUR 72.010 BNP Paribas Emission 18.000 3/23/2023 EUR 66.080 BNP Paribas Emission 13.000 6/22/2023 EUR 70.520 BNP Paribas Emission 15.000 6/22/2023 EUR 68.090 BNP Paribas Emission 18.000 6/22/2023 EUR 65.470 BNP Paribas Emission 15.000 12/21/2023 EUR 69.330 BNP Paribas Emission 10.000 12/21/2023 EUR 70.790 BNP Paribas Emission 11.000 12/21/2023 EUR 70.470 BNP Paribas Emission 14.000 12/22/2022 EUR 74.110 BNP Paribas Emission 13.000 12/22/2022 EUR 73.910 BNP Paribas Emission 15.000 12/22/2022 EUR 70.590 BNP Paribas Emission 16.000 12/22/2022 EUR 66.040 BNP Paribas Emission 7.000 3/23/2023 EUR 73.570 BNP Paribas Emission 10.000 3/23/2023 EUR 69.760 BNP Paribas Emission 12.000 3/23/2023 EUR 66.230 BNP Paribas Emission 7.000 12/21/2023 EUR 73.450 BNP Paribas Emission 8.000 12/21/2023 EUR 71.460 BNP Paribas Emission 9.000 12/22/2022 EUR 65.730 BNP Paribas Emission 10.000 12/22/2022 EUR 62.530 BNP Paribas Emission 7.000 3/23/2023 EUR 70.600 EFG International Fi 11.000 1/30/2023 USD 46.790 Vontobel Financial P 9.250 12/23/2022 EUR 71.860 UniCredit Bank AG 4.100 9/1/2025 EUR 74.670 Landesbank Baden-Wue 7.700 2/24/2023 EUR 73.450 Leonteq Securities A 17.000 12/13/2022 USD 40.010 Leonteq Securities A 7.000 12/13/2023 CHF 70.690 Credit Suisse AG/Lon 19.250 12/6/2022 USD 42.900 BNP Paribas Emission 9.000 12/22/2022 EUR 69.350 BNP Paribas Emission 11.000 12/22/2022 EUR 64.170 BNP Paribas Emission 9.000 3/23/2023 EUR 67.710 BNP Paribas Emission 8.000 6/22/2023 EUR 71.960 BNP Paribas Emission 19.000 3/23/2023 EUR 70.740 BNP Paribas Emission 16.000 12/22/2022 EUR 65.970 BNP Paribas Emission 11.000 3/23/2023 EUR 61.340 BNP Paribas Emission 12.000 3/23/2023 EUR 57.830 BNP Paribas Emission 5.000 12/21/2023 EUR 68.500 BNP Paribas Emission 7.000 12/21/2023 EUR 63.570 BNP Paribas Emission 10.000 12/21/2023 EUR 60.740 BNP Paribas Emission 16.000 12/22/2022 EUR 55.280 BNP Paribas Emission 9.000 3/23/2023 EUR 63.590 BNP Paribas Emission 7.000 12/21/2023 EUR 60.070 BNP Paribas Emission 9.000 12/21/2023 EUR 57.820 BNP Paribas Emission 13.000 12/22/2022 EUR 70.230 BNP Paribas Emission 14.000 12/22/2022 EUR 67.520 BNP Paribas Emission 17.000 12/22/2022 EUR 65.140 BNP Paribas Emission 18.000 12/22/2022 EUR 63.600 BNP Paribas Emission 19.000 12/22/2022 EUR 62.140 BNP Paribas Emission 11.000 12/22/2022 EUR 74.580 BNP Paribas Emission 17.000 12/22/2022 EUR 69.260 BNP Paribas Emission 19.000 12/22/2022 EUR 69.180 BNP Paribas Emission 15.000 6/22/2023 EUR 73.090 BNP Paribas Emission 7.000 12/22/2022 EUR 60.250 BNP Paribas Emission 8.000 3/23/2023 EUR 56.820 BNP Paribas Emission 12.000 3/23/2023 EUR 53.500 BNP Paribas Emission 5.000 6/22/2023 EUR 61.250 BNP Paribas Emission 7.000 6/22/2023 EUR 57.080 BNP Paribas Emission 10.000 6/22/2023 EUR 54.300 BNP Paribas Emission 11.000 6/22/2023 EUR 53.270 BNP Paribas Emission 12.000 6/22/2023 EUR 51.640 BNP Paribas Emission 6.000 12/21/2023 EUR 64.020 BNP Paribas Emission 12.000 6/22/2023 EUR 71.890 BNP Paribas Emission 19.000 3/23/2023 EUR 69.780 BNP Paribas Emission 14.000 12/22/2022 EUR 74.420 BNP Paribas Emission 15.000 12/22/2022 EUR 72.700 BNP Paribas Emission 19.000 12/22/2022 EUR 68.050 BNP Paribas Emission 20.000 12/22/2022 EUR 66.630 BNP Paribas Emission 16.000 12/22/2022 EUR 67.320 BNP Paribas Emission 18.000 12/22/2022 EUR 62.730 BNP Paribas Emission 12.000 3/23/2023 EUR 74.910 BNP Paribas Emission 14.000 3/23/2023 EUR 70.310 BNP Paribas Emission 16.000 3/23/2023 EUR 66.340 BNP Paribas Emission 19.000 3/23/2023 EUR 65.820 NIBC Bank NV 2.105 10/10/2033 EUR 73.224 Skandinaviska Enskil 7.600 1/15/2024 SEK 73.150 EFG International Fi 12.000 1/30/2023 CHF 45.210 DZ Bank AG Deutsche 10.500 6/21/2023 EUR 54.580 Landesbank Baden-Wue 0.460 1/7/2031 EUR 74.967 Landesbank Baden-Wue 0.520 1/7/2032 EUR 72.742 Berlin Hyp AG 0.349 12/10/2031 EUR 74.389 UBS AG/London 14.000 3/23/2023 USD 72.750 UBS AG/London 14.250 3/23/2023 CHF 64.850 Citigroup Global Mar 1.040 8/4/2036 EUR 66.383 Landesbank Baden-Wue 3.250 8/22/2025 EUR 70.420 Vontobel Financial P 4.200 6/16/2023 USD 56.320 Vontobel Financial P 5.100 6/16/2023 USD 60.480 Vontobel Financial P 16.520 1/30/2023 EUR 60.820 Zurcher Kantonalbank 11.400 1/30/2023 CHF 71.120 Vontobel Financial P 9.750 12/23/2022 EUR 67.680 DZ Bank AG Deutsche 7.500 12/21/2022 EUR 73.510 DZ Bank AG Deutsche 6.000 3/22/2023 EUR 74.960 Bank Vontobel AG 10.250 5/19/2023 CHF 72.500 DZ Bank AG Deutsche 4.800 3/20/2023 EUR 72.640 DZ Bank AG Deutsche 7.500 6/19/2023 EUR 73.220 Leonteq Securities A 24.000 2/22/2023 CHF 63.970 Vontobel Financial P 18.700 2/24/2023 USD 60.990 DZ Bank AG Deutsche 14.300 3/24/2023 EUR 65.760 DZ Bank AG Deutsche 7.700 3/24/2023 EUR 64.420 DZ Bank AG Deutsche 13.400 3/24/2023 EUR 56.380 DZ Bank AG Deutsche 19.600 3/24/2023 EUR 56.560 DZ Bank AG Deutsche 23.800 3/24/2023 EUR 50.940 DZ Bank AG Deutsche 14.900 3/24/2023 EUR 68.170 DZ Bank AG Deutsche 11.700 3/24/2023 EUR 73.090 DZ Bank AG Deutsche 16.000 3/22/2023 EUR 54.180 DZ Bank AG Deutsche 5.250 6/21/2023 EUR 73.410 DZ Bank AG Deutsche 10.600 3/24/2023 EUR 65.500 DZ Bank AG Deutsche 14.100 3/24/2023 EUR 60.280 DZ Bank AG Deutsche 19.600 3/24/2023 EUR 47.130 DZ Bank AG Deutsche 22.400 12/23/2022 EUR 74.750 DZ Bank AG Deutsche 5.000 6/21/2023 EUR 72.950 Bank Vontobel AG 17.000 2/20/2023 EUR 50.100 Credit Suisse AG/Lon 7.000 2/17/2023 CHF 74.830 Bank Julius Baer & C 6.000 2/22/2023 CHF 54.600 Zurcher Kantonalbank 8.800 2/16/2023 CHF 38.260 Citigroup Global Mar 1.180 12/23/2036 EUR 67.699 Bank Julius Baer & C 13.900 2/22/2023 USD 74.050 DZ Bank AG Deutsche 6.800 3/20/2023 EUR 70.130 DZ Bank AG Deutsche 8.400 3/20/2023 EUR 74.510 DZ Bank AG Deutsche 5.800 3/20/2023 EUR 52.630 DZ Bank AG Deutsche 5.300 6/19/2023 EUR 51.050 DZ Bank AG Deutsche 6.900 6/19/2023 EUR 49.670 Vontobel Financial P 20.700 2/24/2023 USD 29.630 DZ Bank AG Deutsche 11.900 3/24/2023 EUR 68.430 DZ Bank AG Deutsche 15.300 3/24/2023 EUR 61.750 DZ Bank AG Deutsche 5.500 12/21/2022 EUR 49.660 DZ Bank AG Deutsche 22.800 12/23/2022 EUR 52.000 DZ Bank AG Deutsche 21.000 3/24/2023 EUR 54.470 DZ Bank AG Deutsche 11.200 3/24/2023 EUR 66.620 DZ Bank AG Deutsche 23.000 3/24/2023 EUR 45.620 DZ Bank AG Deutsche 22.700 12/23/2022 EUR 66.910 Credit Suisse AG/Lon 10.750 2/3/2023 USD 73.610 Bank Vontobel AG 18.500 2/6/2023 CHF 14.800 Bank Vontobel AG 7.500 2/5/2024 CHF 70.500 Bank Vontobel AG 10.750 5/8/2023 CHF 66.100 Bank Vontobel AG 12.250 8/4/2023 EUR 34.900 Bank Vontobel AG 12.000 8/4/2023 EUR 72.800 Bank Vontobel AG 10.500 8/4/2023 EUR 70.300 Bank Vontobel AG 17.000 2/6/2023 CHF 66.700 Zurcher Kantonalbank 7.000 2/3/2023 CHF 45.360 Zurcher Kantonalbank 26.000 2/3/2023 CHF 39.580 Vontobel Financial P 8.500 3/24/2023 EUR 42.020 Vontobel Financial P 14.500 3/24/2023 EUR 37.970 Vontobel Financial P 14.000 3/24/2023 EUR 58.340 Vontobel Financial P 12.500 12/23/2022 EUR 59.340 Vontobel Financial P 11.000 12/23/2022 EUR 61.120 Vontobel Financial P 14.000 12/23/2022 EUR 57.640 Vontobel Financial P 16.000 12/23/2022 EUR 56.100 Vontobel Financial P 8.500 12/23/2022 EUR 72.970 Vontobel Financial P 12.500 3/24/2023 EUR 67.450 Vontobel Financial P 10.000 12/23/2022 EUR 70.480 Vontobel Financial P 17.500 3/24/2023 EUR 66.530 Vontobel Financial P 15.500 12/23/2022 EUR 64.100 Vontobel Financial P 19.500 12/23/2022 EUR 62.320 Vontobel Financial P 24.000 12/23/2022 EUR 56.500 Vontobel Financial P 15.500 12/23/2022 EUR 69.660 Vontobel Financial P 20.500 3/24/2023 EUR 61.620 Vontobel Financial P 8.500 3/24/2023 EUR 72.950 Vontobel Financial P 15.000 3/24/2023 EUR 74.460 Vontobel Financial P 10.000 3/24/2023 EUR 72.880 Vontobel Financial P 6.000 12/23/2022 EUR 71.710 Vontobel Financial P 14.000 12/23/2022 EUR 72.220 Vontobel Financial P 10.000 3/24/2023 EUR 43.780 Vontobel Financial P 22.500 12/23/2022 EUR 71.490 Vontobel Financial P 10.500 3/24/2023 EUR 70.460 Vontobel Financial P 15.000 3/24/2023 EUR 65.580 Vontobel Financial P 13.500 3/24/2023 EUR 66.590 Vontobel Financial P 8.000 12/23/2022 EUR 73.840 Vontobel Financial P 11.500 3/24/2023 EUR 69.190 Vontobel Financial P 9.500 12/23/2022 EUR 71.890 Vontobel Financial P 12.000 12/23/2022 EUR 68.300 Vontobel Financial P 20.000 12/23/2022 EUR 60.970 Vontobel Financial P 18.500 12/23/2022 EUR 62.290 Vontobel Financial P 17.000 12/23/2022 EUR 63.710 Vontobel Financial P 21.500 12/23/2022 EUR 74.870 Landesbank Hessen-Th 1.580 12/16/2036 EUR 70.100 Barclays Bank PLC 3.070 12/3/2032 AUD 73.153 DZ Bank AG Deutsche 9.000 3/20/2023 EUR 71.250 Leonteq Securities A 21.600 12/14/2022 CHF 65.140 Leonteq Securities A 25.800 12/14/2022 CHF 23.760 Danske Bank A/S 3.725 1/9/2027 SEK 70.420 Raiffeisen Schweiz G 10.810 12/14/2022 CHF 47.560 Credit Suisse AG/Lon 8.500 12/15/2023 USD 69.800 Raiffeisen Switzerla 14.500 2/22/2023 CHF 34.560 Raiffeisen Schweiz G 13.000 2/21/2023 CHF 16.320 Raiffeisen Schweiz G 7.500 8/18/2023 CHF 72.920 Raiffeisen Schweiz G 18.000 2/22/2023 CHF 49.050 Credit Suisse AG/Lon 1.400 2/21/2032 EUR 74.966 Landesbank Baden-Wue 3.100 2/26/2027 EUR 72.980 Leonteq Securities A 22.200 2/22/2023 CHF 49.030 Single Platform Inve 1.480 7/25/2053 EUR 65.819 UBS AG/London 14.750 3/11/2024 CHF 70.000 UBS AG/London 12.250 3/11/2024 EUR 61.000 UBS AG/London 16.250 3/11/2024 CHF 72.000 Vontobel Financial P 7.550 2/23/2023 EUR 61.210 Bank Julius Baer & C 5.250 2/22/2023 CHF 73.750 Bank Julius Baer & C 6.650 2/22/2023 CHF 69.650 UBS AG/London 8.750 3/11/2024 USD 63.150 UBS AG/London 15.500 3/9/2023 USD 65.000 Societe Generale Eff 10.750 1/27/2023 EUR 74.750 Vontobel Financial P 8.350 2/22/2023 EUR 65.550 Leonteq Securities A 14.000 2/22/2023 USD 51.390 Basler Kantonalbank 12.000 3/2/2023 CHF 67.590 UBS AG/London 14.000 3/11/2024 USD 62.700 DZ Bank AG Deutsche 7.700 3/20/2023 EUR 50.800 Raiffeisen Switzerla 10.000 8/18/2023 USD 57.250 Leonteq Securities A 16.000 12/13/2022 CHF 65.890 Zurcher Kantonalbank 25.500 12/6/2022 CHF 57.610 Leonteq Securities A 11.000 3/10/2023 CHF 31.820 Leonteq Securities A 20.400 12/13/2022 CHF 9.100 Vontobel Financial P 12.540 12/14/2022 EUR 74.930 Leonteq Securities A 7.000 12/13/2023 CHF 69.430 Leonteq Securities A 24.000 12/13/2022 CHF 13.060 DZ Bank AG Deutsche 14.750 12/21/2022 EUR 44.150 DZ Bank AG Deutsche 13.000 3/22/2023 EUR 47.090 Basler Kantonalbank 9.000 6/22/2023 CHF 64.620 Credit Suisse AG/Lon 9.500 3/8/2023 USD 69.890 Vontobel Financial P 8.000 12/23/2022 EUR 65.540 Vontobel Financial P 8.500 12/23/2022 EUR 42.220 Leonteq Securities A 20.400 12/9/2022 CHF 11.350 Citigroup Global Mar 0.660 8/25/2033 EUR 69.316 Leonteq Securities A 15.000 6/13/2023 CHF 55.040 Corner Banca SA 15.000 3/10/2023 CHF 50.860 EFG International Fi 4.250 12/8/2022 EUR 71.120 Landesbank Baden-Wue 6.850 3/24/2023 EUR 72.920 Landesbank Baden-Wue 2.000 3/24/2023 EUR 58.230 Leonteq Securities A 12.000 5/11/2023 CHF 18.170 Leonteq Securities A 20.000 2/14/2023 USD 48.300 Zurcher Kantonalbank 25.500 2/8/2023 CHF 74.520 Credit Suisse AG/Lon 9.000 2/8/2023 CHF 63.310 Credit Agricole Corp 15.700 10/7/2026 TRY 62.008 Credit Agricole SA 3.270 10/5/2041 AUD 54.243 Leonteq Securities A 7.000 10/4/2023 CHF 62.390 Leonteq Securities A 10.000 1/4/2023 CHF 8.800 Leonteq Securities A 7.400 10/4/2023 CHF 70.150 Leonteq Securities A 15.000 1/4/2023 CHF 28.870 Landesbank Baden-Wue 3.000 2/27/2026 EUR 73.660 DZ Bank AG Deutsche 0.850 10/15/2036 EUR 74.733 Citigroup Global Mar 1.010 10/28/2035 EUR 67.988 Societe Generale Eff 11.250 12/23/2022 EUR 72.560 UniCredit Bank AG 3.650 10/29/2024 EUR 69.930 Natixis SA 3.000 10/18/2051 USD 62.626 VTB Bank PJSC 0.010 9/16/2026 RUB 72.130 Raiffeisen Schweiz G 12.000 1/4/2023 CHF 9.690 Raiffeisen Schweiz G 8.250 10/4/2023 CHF 69.240 Sberbank of Russia P 0.010 10/5/2026 RUB 73.100 Banque International 16.000 2/8/2023 EUR 33.510 Leonteq Securities A 26.400 2/14/2023 CHF 23.900 Raiffeisen Schweiz G 10.200 8/11/2023 CHF 72.410 Leonteq Securities A 21.600 2/14/2023 CHF 65.370 Landesbank Hessen-Th 0.700 11/4/2033 EUR 67.274 DZ Bank AG Deutsche 10.750 12/21/2022 EUR 68.600 DZ Bank AG Deutsche 5.500 12/21/2022 EUR 61.320 DZ Bank AG Deutsche 11.750 12/21/2022 EUR 57.010 BNP Paribas SA 1.010 10/5/2035 EUR 69.316 DZ Bank AG Deutsche 10.250 12/21/2022 EUR 57.500 DZ Bank AG Deutsche 9.000 12/21/2022 EUR 63.690 Bank Julius Baer & C 5.200 1/5/2023 CHF 71.200 Banque International 15.000 1/5/2023 EUR 39.030 Erste Group Bank AG 4.500 11/2/2025 EUR 61.150 Landesbank Hessen-Th 0.900 11/10/2036 EUR 67.180 Citigroup Global Mar 1.150 10/6/2036 EUR 67.537 Citigroup Global Mar 1.080 10/1/2036 EUR 66.826 Sberbank of Russia P 0.010 10/5/2028 RUB 58.700 Landesbank Hessen-Th 1.250 11/10/2036 EUR 67.800 EFG International Fi 10.000 4/6/2023 CHF 63.180 Goldman Sachs & Co W 7.000 12/21/2022 EUR 74.070 Goldman Sachs & Co W 9.000 12/21/2022 EUR 71.460 Goldman Sachs & Co W 15.000 12/21/2022 EUR 62.660 Goldman Sachs & Co W 18.000 12/21/2022 EUR 59.000 Goldman Sachs & Co W 8.000 3/22/2023 EUR 73.290 Goldman Sachs & Co W 10.000 3/22/2023 EUR 69.020 Goldman Sachs & Co W 15.000 3/22/2023 EUR 62.530 Goldman Sachs & Co W 3.000 6/21/2023 EUR 67.510 Goldman Sachs & Co W 4.000 6/21/2023 EUR 59.140 Goldman Sachs & Co W 5.000 6/21/2023 EUR 57.180 Goldman Sachs & Co W 6.000 6/21/2023 EUR 54.340 Goldman Sachs & Co W 7.000 6/21/2023 EUR 51.890 Goldman Sachs & Co W 8.000 6/21/2023 EUR 50.620 Goldman Sachs & Co W 10.000 6/21/2023 EUR 49.220 Goldman Sachs & Co W 13.000 6/21/2023 EUR 45.360 Goldman Sachs & Co W 2.000 9/20/2023 EUR 70.230 Goldman Sachs & Co W 3.000 9/20/2023 EUR 63.180 Goldman Sachs & Co W 3.000 9/20/2023 EUR 67.720 Goldman Sachs & Co W 4.000 9/20/2023 EUR 59.890 Goldman Sachs & Co W 5.000 9/20/2023 EUR 58.210 Goldman Sachs & Co W 6.000 9/20/2023 EUR 55.650 Goldman Sachs & Co W 7.000 9/20/2023 EUR 53.470 Goldman Sachs & Co W 8.000 9/20/2023 EUR 52.440 Goldman Sachs & Co W 10.000 9/20/2023 EUR 49.310 Goldman Sachs & Co W 12.000 9/20/2023 EUR 47.610 Bank Julius Baer & C 9.100 1/9/2023 USD 61.850 Bank Julius Baer & C 9.300 1/9/2023 USD 47.400 Landesbank Baden-Wue 0.530 3/3/2031 EUR 74.992 Caisse des Depots et 0.820 3/10/2050 EUR 65.517 DZ Bank AG Deutsche 0.800 3/20/2035 EUR 72.674 UniCredit Bank AG 3.450 4/2/2024 EUR 52.680 Landesbank Hessen-Th 0.510 3/10/2032 EUR 73.394 Landesbank Hessen-Th 0.510 3/10/2032 EUR 73.394 NRW Bank 0.591 3/19/2040 EUR 73.213 Landesbank Hessen-Th 2.000 4/9/2035 EUR 66.950 Bayerische Landesban 0.360 4/9/2031 EUR 73.521 DZ Bank AG Deutsche 1.370 12/28/2029 EUR 71.010 Bayerische Landesban 0.150 4/9/2031 EUR 74.787 Bayerische Landesban 0.390 4/9/2032 EUR 70.962 Bayerische Landesban 0.430 4/8/2033 EUR 68.391 Societe Generale SA 2.750 3/12/2040 AUD 55.770 Barclays Bank PLC 0.940 8/2/2049 JPY 66.725 Bayerische Landesban 0.280 10/9/2030 EUR 74.233 Banque International 1.020 3/25/2040 EUR 65.973 Landesbank Hessen-Th 1.000 3/20/2035 EUR 67.200 Nederlandse Watersch 1.370 3/23/2065 EUR 66.277 Landesbank Baden-Wue 7.850 4/28/2023 EUR 59.000 Landesbank Baden-Wue 5.000 4/28/2023 EUR 70.510 Landesbank Baden-Wue 7.000 4/28/2023 EUR 67.990 Landesbank Baden-Wue 5.700 4/28/2023 EUR 72.270 Landesbank Baden-Wue 3.350 4/28/2023 EUR 51.480 Landesbank Baden-Wue 2.150 4/28/2023 EUR 55.160 Landesbank Baden-Wue 5.200 4/28/2023 EUR 40.910 Landesbank Baden-Wue 3.350 4/28/2023 EUR 46.120 Landesbank Baden-Wue 5.650 4/28/2023 EUR 65.420 Landesbank Baden-Wue 4.200 4/28/2023 EUR 70.880 Landesbank Baden-Wue 7.000 4/28/2023 EUR 43.180 Landesbank Baden-Wue 3.800 4/28/2023 EUR 54.610 Landesbank Baden-Wue 4.200 4/28/2023 EUR 53.450 Landesbank Baden-Wue 3.000 4/28/2023 EUR 57.630 Landesbank Baden-Wue 2.000 4/28/2023 EUR 62.750 Landesbank Baden-Wue 6.100 4/28/2023 EUR 72.950 Landesbank Baden-Wue 4.000 4/28/2023 EUR 74.620 Landesbank Baden-Wue 5.300 5/26/2023 EUR 73.610 Landesbank Baden-Wue 4.200 4/28/2023 EUR 74.280 Landesbank Baden-Wue 5.000 4/28/2023 EUR 52.170 Landesbank Baden-Wue 4.000 4/28/2023 EUR 54.880 Landesbank Baden-Wue 3.000 4/28/2023 EUR 58.020 Landesbank Baden-Wue 2.000 4/28/2023 EUR 62.890 Landesbank Baden-Wue 3.000 4/28/2023 EUR 69.630 Landesbank Baden-Wue 4.650 4/28/2023 EUR 71.050 Landesbank Baden-Wue 5.250 4/28/2023 EUR 24.700 Landesbank Baden-Wue 3.150 4/28/2023 EUR 27.570 Landesbank Baden-Wue 2.300 4/28/2023 EUR 34.560 Landesbank Baden-Wue 6.250 4/28/2023 EUR 71.140 Landesbank Baden-Wue 6.000 4/28/2023 EUR 61.150 Landesbank Baden-Wue 4.000 4/28/2023 EUR 71.030 Landesbank Baden-Wue 5.700 4/28/2023 EUR 37.560 Landesbank Baden-Wue 4.350 4/28/2023 EUR 40.310 Landesbank Baden-Wue 3.000 4/28/2023 EUR 43.970 Bank Vontobel AG 6.503 4/24/2023 EUR 42.900 Bank Vontobel AG 7.252 4/24/2023 CHF 55.400 Bank Vontobel AG 7.504 4/24/2023 CHF 74.600 Bank Vontobel AG 7.504 4/24/2023 CHF 74.600 Landeskreditbank Bad 0.842 5/3/2041 EUR 73.385 UBS AG/London 13.500 4/29/2024 USD 35.410 UBS AG/London 10.500 4/28/2023 CHF 65.850 UBS AG/London 8.750 4/28/2023 CHF 53.550 Region Nouvelle-Aqui 0.777 5/12/2041 EUR 66.962 Landesbank Hessen-Th 0.500 6/4/2031 EUR 74.323 UniCredit Bank AG 4.850 5/23/2025 EUR 75.000 Raiffeisen Centroban 8.250 5/11/2023 EUR 60.420 Leonteq Securities A 7.000 5/3/2023 CHF 52.180 Corner Banca SA 6.000 5/3/2023 CHF 57.200 Raiffeisen-Landesban 1.470 5/3/2069 EUR 69.170 Erste Group Bank AG 14.500 5/31/2026 EUR 61.950 Nordea Bank Abp 4.250 7/20/2027 SEK 72.400 Region de Bruxelles- 0.930 5/3/2051 EUR 59.675 Landesbank Hessen-Th 0.680 10/12/2033 EUR 71.173 Landesbank Hessen-Th 0.800 7/30/2035 EUR 68.309 Landesbank Hessen-Th 0.710 5/12/2034 EUR 65.672 TMK PJSC 7.350 2/28/2025 RUB 60.150 Standard Chartered B 2.500 5/7/2031 AUD 74.589 Credit Agricole Corp 1.000 5/10/2036 EUR 69.205 Credit Agricole Corp 0.720 5/10/2033 EUR 73.167 Raiffeisen Switzerla 7.000 5/3/2023 CHF 56.130 Region Bourgogne-Fra 0.799 5/6/2041 EUR 67.289 Landesbank Hessen-Th 1.800 6/9/2036 EUR 68.100 Muenchener Hypotheke 1.300 5/7/2061 EUR 67.219 UBS AG/London 13.000 5/6/2024 USD 34.210 Region of Centre-Val 0.725 12/12/2039 EUR 68.419 UBS AG/London 11.000 5/5/2023 CHF 46.150 UBS AG/London 5.250 5/5/2023 CHF 63.150 Region of Centre-Val 0.807 5/12/2040 EUR 68.851 Region of Centre-Val 0.834 5/12/2042 EUR 66.393 Autonomous Community 1.250 10/31/2040 EUR 69.497 Hypo Vorarlberg Bank 0.410 5/6/2031 EUR 74.181 Luzerner Kantonalban 6.000 5/10/2023 CHF 52.120 Vontobel Financial P 7.750 6/1/2023 EUR 74.440 Landesbank Baden-Wue 4.100 6/27/2025 EUR 73.100 Sberbank of Russia P 0.010 5/10/2028 RUB 73.900 Region Bourgogne-Fra 0.841 5/12/2037 EUR 74.256 Muenchener Hypotheke 1.185 5/5/2059 EUR 67.376 DekaBank Deutsche Gi 5.100 6/4/2024 EUR 73.380 Corner Banca SA 8.000 5/10/2023 CHF 71.530 SG Issuer SA 0.900 4/7/2036 EUR 69.951 EFG International Fi 20.000 5/11/2023 USD 74.810 Landesbank Baden-Wue 6.300 6/23/2023 EUR 70.380 Landesbank Baden-Wue 2.400 6/23/2023 EUR 65.480 Landesbank Baden-Wue 4.000 6/23/2023 EUR 60.780 Landesbank Baden-Wue 6.300 6/23/2023 EUR 56.780 Landesbank Baden-Wue 12.000 5/26/2023 EUR 40.470 Leonteq Securities A 7.030 6/28/2023 CHF 59.110 Bank Vontobel AG 6.000 12/27/2022 CHF 68.600 Bank Vontobel AG 7.000 12/27/2022 CHF 39.800 Landesbank Baden-Wue 4.150 6/23/2023 EUR 47.570 Landesbank Baden-Wue 2.800 6/23/2023 EUR 51.160 Landesbank Baden-Wue 5.150 6/23/2023 EUR 47.660 Landesbank Baden-Wue 4.200 6/23/2023 EUR 49.720 Landesbank Baden-Wue 3.000 6/23/2023 EUR 53.010 Landesbank Baden-Wue 2.000 6/23/2023 EUR 57.010 Landesbank Baden-Wue 3.800 6/23/2023 EUR 31.020 Landesbank Baden-Wue 2.600 6/23/2023 EUR 34.080 Landesbank Baden-Wue 4.500 6/23/2023 EUR 35.270 Landesbank Baden-Wue 2.250 6/23/2023 EUR 39.050 Landesbank Baden-Wue 7.300 6/23/2023 EUR 57.370 Landesbank Baden-Wue 3.500 6/23/2023 EUR 72.550 Landesbank Baden-Wue 4.650 6/23/2023 EUR 61.500 Landesbank Baden-Wue 3.500 6/23/2023 EUR 73.700 Landesbank Baden-Wue 5.000 6/23/2023 EUR 29.060 Landesbank Baden-Wue 7.250 6/23/2023 EUR 46.160 Landesbank Baden-Wue 5.600 6/23/2023 EUR 49.860 Landesbank Baden-Wue 2.700 6/23/2023 EUR 60.420 Landesbank Baden-Wue 4.500 6/23/2023 EUR 72.210 Landesbank Baden-Wue 4.750 6/23/2023 EUR 72.380 Landesbank Baden-Wue 3.500 6/23/2023 EUR 53.730 Landesbank Baden-Wue 2.550 6/23/2023 EUR 56.010 Landesbank Baden-Wue 5.350 7/28/2023 EUR 69.830 Landesbank Baden-Wue 4.250 7/28/2023 EUR 72.950 Landesbank Baden-Wue 4.100 6/23/2023 EUR 63.100 Landesbank Baden-Wue 3.500 6/23/2023 EUR 65.020 Landesbank Baden-Wue 2.750 6/23/2023 EUR 67.800 Landesbank Baden-Wue 2.000 6/23/2023 EUR 70.840 Landesbank Baden-Wue 4.250 6/23/2023 EUR 46.700 Landesbank Baden-Wue 3.000 6/23/2023 EUR 49.250 Landesbank Baden-Wue 2.250 6/23/2023 EUR 51.700 Raiffeisen Centroban 11.750 8/4/2023 EUR 46.990 Norddeutsche Landesb 0.925 7/23/2036 EUR 65.638 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *