/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/221219.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 19, 2022, Vol. 23, No. 246 Headlines B E L G I U M APOLLO FINCO: EUR348M Bank Debt Trades at 21% Discount F R A N C E ASSYSTEM TECHNOLOGIES: EUR494M Bank Debt Trades at 21% Discount STELLAGROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Stable G E R M A N Y ROHM HOLDING: $601M Bank Debt Trades at 16% Discount ROHM HOLDING: EUR977M Bank Debt Trades at 17% Discount UNIPER: Expects EU Commission to Okay Bailout in Coming Days I R E L A N D CVC CORDATUS XXVI: S&P Assigns B- (sf) Rating to Class F Notes EDMONDSTOWN PARK: S&P Assigns B- (sf) Rating to Class F Notes TIKEHAU CLO VIII: S&P Assigns B- (sf) Rating on Class F Notes K A Z A K H S T A N BANK CENTERCREDIT: Moody's Affirms 'B1' Long Term Deposit Ratings BANK RBK: Moody's Affirms B2 Deposit Ratings, Alters Outlook to Pos FINCRAFT GROUP: S&P Lowers ICR to 'B+', Outlook Negative FIRST HEARTLAND: Moody's Affirms B1 Deposit Rating, Outlook Now Pos L U X E M B O U R G ARMORICA LUX: EUR335M Bank Debt Trades at 38% Discount MATADOR BIDCO: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable N E T H E R L A N D S GLOBAL BLUE: EUR630M Bank Debt Trades at 18% Discount GTT COMMUNICATIONS: $140M Bank Debt Trades at 54% Discount GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 55% Discount R U S S I A UZBEKNEFTEGAZ: S&P Alters Outlook to Negative, Affirms 'BB-' Rating S W E D E N STORSKOGEN GROUP: Moody’s Cuts CFR to Ba3, On Review for Downgrade STORSKOGEN GROUP: S&P Downgrades ICR to 'BB', Outlook Negative U N I T E D K I N G D O M AMPHORA FINANCE: GBP301M Bank Debt Trades at 40% Discount BEDFORD HOTEL: Martin Property Buys Scottish Mutual Building KIRKLEES STADIUM: Huddersfield Town Set to Take Over Ground PIZZAEXPRESS: S&P Alters Outlook to Negative, Affirms 'B' ICR PRAESIDIAD LTD: EUR290M Bank Debt Trades at 19% Discount THG OPERATIONS: EUR600M Bank Debt Trades at 21% Discount WASPS: To Return for 2023/24 Season After Application Okayed WORCESTER: Application to Return to 2023/24 Season Rejected ZEPHYR BIDCO: GBP395M Bank Debt Trades at 16% Discount X X X X X X X X [*] BOND PRICING: For the Week December 12 to December 16, 2022 - - - - - ============= B E L G I U M ============= APOLLO FINCO: EUR348M Bank Debt Trades at 21% Discount ------------------------------------------------------ Participations in a syndicated loan under which Apollo Finco BV is a borrower were trading in the secondary market around 78.8 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR348.0 million facility is a Term loan. It is scheduled to mature on October 8, 2028. The amount is fully withdrawn and outstanding. The Company's country of domicile is Belgium. =========== F R A N C E =========== ASSYSTEM TECHNOLOGIES: EUR494M Bank Debt Trades at 21% Discount --------------------------------------------------------------- Participations in a syndicated loan under which Assystem Technologies Services SASU is a borrower were trading in the secondary market around 78.8 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR494.4 million facility is a Term loan. It is scheduled to mature on September 28, 2024. The amount is fully drawn and outstanding. Assystem Technologies Services provides engineering services. The Company offers industrial processes development, embedded systems, software, aero structures, risk management, and supply chain solutions, as well as project management support, commissioning of production units, and consultancy services. The company's country of domicile is France. STELLAGROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Investors Service affirmed the B2 long term corporate family rating and B2-PD probability of default rating of Stellagroup (Stella). Concurrently, Moody's has affirmed the B2 instrument ratings of the EUR510 million guaranteed senior secured term loan B due 2026 and EUR60 million guaranteed senior secured revolving credit facility due 2025 (RCF). The outlook changed to stable from positive. RATINGS RATIONALE The rating action reflects Moody's expectations that the demand for Stella's products will reduce over the next 12-18 months reflecting weaker customer spending in home renovation and lower new built activities. Weaker demand coupled with still high cost inflation will bring credit metrics more in line with the levels commensurate with the B2 rating, including debt/EBITDA of around 5.0x and FCF/Debt in the mid-to-high single digit range in percentage term. Stella remains strongly positioned in the B2 ratings. Stella's performance has been resilient in 2022 despite volumes decline in the Netherlands, Germany and in the UK thanks to solid performance in France and contribution from acquisition. However, Moody's believes that the operating environment will deteriorate further over the next 12-18 months. This reflects the rating agency's expectations of lower demand from new built activities (30% of revenue) in all regions due to risings interest rates and high construction costs. The demand for renovation activities will be more resilient, but it is still expected to decline namely in the residential market as high costs will reduce household consumption. Lower demand coupled with higher labor and energy costs will weigh on Stella's profitability, which however will remain solid and stronger than peers. The rating continues to be supported by strong management team with an impressive track record of earnings growth through the cycle, continued positive FCF and good liquidity profile. LIQUIDITY Stella's liquidity is good, supported by around EUR62 million of cash on balance sheet, access to a EUR60 million fully undrawn guaranteed senior secured RCF as of September 2022 and Moody's expectations that the company will generate positive FCF over the next 12-18 months. The springing financial covenant under the group's guaranteed senior secured RCF is only tested if the guaranteed senior secured RCF is drawn by more than 40%. There are no near-term debt maturities with the guaranteed senior secured RCF and the guaranteed senior secured term loan B expiring in 2025 and 2026, respectively. STRUCTURAL CONSIDERATIONS Stellagroup's capital structure consists of EUR510 million guaranteed senior secured term loan B and a EUR60 million guaranteed senior secured RCF, both ranking pari passu in terms of priority of claims. The debt is secured by share pledges over the shares of operating subsidiaries accounting for at least 80% of the group's consolidated EBITDA. These operating subsidiaries also guarantee the senior debt. The bank debt is borrowed by Stellagroup, the top company of the restricted group. The existing real estate debt of around EUR20 million rank senior to the senior debt in Moody's Loss Given Default waterfall. However, the guaranteed senior secured term loan B and guaranteed senior secured RCF are rated in line with the CFR, given the small size of the real estate debt compared with the overall debt quantum. The B2-PD PDR is at the same level as the CFR, reflecting the use of a standard recovery rate of 50%, which reflects a capital structure with first-lien bank loans and the covenant-lite nature of the loan documentation. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectations that credit metrics will remain in line with the requirement of the current rating over the next 12-18 months, including debt/EBITDA of around 5.0x and FCF/Debt in the mid-to-high single digit range in percentage term. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 5.0x and Moody's-adjusted FCF/debt increases to the high single digit in percentage terms while maintaining a good liquidity. Negative pressure on the rating would arise if Moody's-adjusted Debt/EBITDA increases sustainably above 6.0x, operating margins weakens or FCF turns negative on a sustained basis, leading to a deterioration of Stellagroup's liquidity profile. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Building Materials published in September 2021. COMPANY PROFILE Headquartered in France, Stellagroup is a vertically integrated producer of closure systems for homes and industrial / commercial buildings including rolling shutters, blinds, garage doors, gates and grilles. Stellagroup has nearly doubled in size since the acquisition of CRH's awnings and shutters business (Solus) in 2019. For full year ended December 2021, Stellagroup had revenue of EUR582 million and an EBITDA of EUR125 million. ============= G E R M A N Y ============= ROHM HOLDING: $601M Bank Debt Trades at 16% Discount ---------------------------------------------------- Participations in a syndicated loan under which Rohm Holding GmbH is a borrower were trading in the secondary market around 83.6 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The $601.5 million Term loan is scheduled to mature on July 31, 2026. The amount is fully drawn and outstanding. Rohm Holdings GmbH, a company operating mainly in the Electric Power sector. The Company's country of domicile is Germany. ROHM HOLDING: EUR977M Bank Debt Trades at 17% Discount ------------------------------------------------------ Participations in a syndicated loan under which Rohm Holding GmbH is a borrower were trading in the secondary market around 83.1 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR977 million Term loan is scheduled to mature on July 31, 2026. The amount is fully drawn and outstanding. Rohm Holdings GmbH, a company operating mainly in the Electric Power sector. The Company's country of domicile is Germany. UNIPER: Expects EU Commission to Okay Bailout in Coming Days ------------------------------------------------------------ Andreas Rinke at Reuters reports that German natural gas trader Uniper expects the European Commission to decide in coming days on whether Germany's planned bailout of the company violates state aid rules, its chief executive said, adding that any approval was likely to be tied to conditions. Berlin's rescue of Uniper, which has so far cost more than EUR50 billion (US$53 billion) and will essentially lead to full nationalisation, won clearance from EU competition regulators on Dec. 16 but still requires state aid approval from the EU executive, Reuters relates. EU state aid rules aim to prevent one company from being unfairly subsidized to the detriment of others in the sector and may lead to regulators seeking financial or other commitments from parties in a deal before granting approval, Reuters states. Uniper's investors will vote on the bailout at a shareholder meeting today, Dec. 19, Reuters discloses. "We expect there to be conditions, that's normal in these cases," CEO Klaus-Dieter Maubach told Reuters on Dec. 17. "We hope that the requirements aren't too drastic . . . We expect a decision in coming days." ============= I R E L A N D ============= CVC CORDATUS XXVI: S&P Assigns B- (sf) Rating to Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan Fund XXVI DAC's class A, B-1, B-2, C, D-1, D-2, E, and F notes. At closing, the issuer also issued subordinated notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior-secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which is in line with S&P's counterparty rating framework. Portfolio Benchmarks CURRENT S&P weighted-average rating factor 2,928.36 Default rate dispersion 447.46 Weighted-average life (years) 4.81 Weighted-average life adjusted for the reinvestment period(years) 5.08 Obligor diversity measure 123.60 Industry diversity measure 22.08 Regional diversity measure 1.20 Transaction Key Metrics CURRENT Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.13 Covenanted 'AAA' weighted-average recovery (%) 34.50 Actual weighted-average spread (%) 3.98 Covenanted weighted-average coupon (%) 4.40 Asset priming obligations and uptier priming debt Under the transaction documents, the issuer can purchase asset priming (drop down) obligations and/or uptier priming debt to address the risk of a distressed obligor either moving collateral outside the existing creditors' covenant group or incurring new money debt senior to the existing creditors. In this transaction, current pay obligations are limited to 5.0%, but those obligations that are uptier priming debt can have up to 2.0% more. Corporate rescue loans and uptier priming debt that comprise defaulted obligations are limited to 5%. There is an overall limit on all uptier priming debt of 2.0%. Liquidity facility This transaction has a EUR1.0 million liquidity facility, provided by The Bank of New York Mellon, with a maximum commitment period of four years and an option to extend for a further two years. The margin on the facility is 2.50% and drawdowns are limited to the amount of accrued but unpaid interest on collateral debt obligations. The liquidity facility is repaid using interest proceeds in a senior position of the waterfall or repaid directly from the interest account on a business day earlier than the payment date. For our cash flow analysis, we assume that the liquidity facility is fully drawn throughout the six-year period and that the amount is repaid just before the coverage tests breach. Rating rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end approximately five years after closing. S&P said, "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior-secured term loans and senior-secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR423.50 million target par amount, the actual weighted-average spread (3.98%), the reference weighted-average coupon (4.40%), and covenanted weighted-average recovery rates at each rating level. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings (see "Incorporating Sovereign Risk In Rating Structured Finance Securities: Methodology And Assumptions," published on Jan. 30, 2019). "Until the end of the reinvestment period on Jan. 15, 2028, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and it compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1, B-2 and C notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes. "For the class F notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift (to 'B-') reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 25.23% (for a portfolio with a weighted-average life of 5.08 years), versus if it was to consider a long-term sustainable default rate of 3.1% for 5.08 years, which would result in a target default rate of 15.75%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. -- Following this analysis, S&P considers that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. S&P said, "Taking the above factors into account and following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for all the rated classes of notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A to E notes four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." The transaction securitizes a portfolio of primarily senior-secured leveraged loans and bonds, and it is managed by CVC Credit Partners Investment Management Ltd. Environmental, social, and governance (ESG) S&P regards the exposure to ESG credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities, including, but not limited to any obligor: -- Involved in the manufacture or marketing of anti-personnel mines, cluster weapons, depleted uranium, nuclear weapons, white phosphorus, biological and chemical weapons; -- Where more than 5% of its revenue is derived from weapons or tailor-made components; -- Where any revenue is derived from tobacco production such as cigars, cigarettes, e-cigarettes, smokeless tobacco, dissolvable and chewing tobacco and obligors where more than 5% of its revenue is derived from products that contain tobacco or the whole trading of these products; -- That derives more than 5% of its revenue from the mining of thermal coal, or which has expansion plans for coal extraction; -- That derives more than 5% of its revenue from oil sands extraction, or which has expansion plans for unconventional oil & gas extraction; -- That is an oil and gas producer which derives less than 40% of its revenue from natural gas or renewables, or which has reserves of less than 20% deriving from natural gas; -- Primarily involved in predatory payday lending; -- That derives more than 5% of its revenue from the production or marketing of (i) pornography or prostitution, (ii) opioid manufacturing or distribution, (iii) hazardous chemicals, pesticides or wastes, (iv) ozone depleting substances, or (v) extraction of fossil fuels from unconventional sources; -- That derives any revenue from the trade in endangered or protected wildlife; or -- That to the best of the manager's knowledge have been held to have breached the UN's Global Compact Principles, International Labour Organization's Conventions; OECD Guidelines for Multinational Enterprises or the UN Guiding Principles on Business and Human Rights. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and S&P's ESG benchmark for the sector, no specific adjustments have been made in its rating analysis to account for any ESG-related risks or opportunities. Environmental, social, and governance (ESG) corporate credit indicators S&P said, "The influence of ESG factors in our credit rating analysis of European CLOs primarily depends on the influence of ESG factors in our analysis of the underlying corporate obligors. To provide additional disclosure and transparency of the influence of ESG factors for the CLO asset portfolio in aggregate, we've calculated the weighted-average and distributions of our ESG credit indicators for the underlying obligors. We regard this transaction's exposure as being broadly in line with our benchmark for the sector, with the environmental and social credit indicators concentrated primarily in category 2 (neutral) and the governance credit indicators concentrated in category 3 (moderately negative)." Corporate ESG Credit Indicators ENVIRONMENTAL SOCIAL GOVERNANCE Weighted-average credit indicator* 2.03 2.18 2.88 E-1/S-1/G-1 distribution (%) 0.71 0.24 0.00 E-2/S-2/G-2 distribution (%) 83.99 75.06 15.11 E-3/S-3/G-3 distribution (%) 3.59 9.92 70.58 E-4/S-4/G-4 distribution (%) 0.00 3.07 0.94 E-5/S-5/G-5 distribution (%) 0.00 0.00 1.65 Unmatched obligor (%) 9.36 9.36 9.36 Unidentified asset (%) 2.35 2.35 2.35 *Only includes matched obligor. Ratings List CLASS RATING AMOUNT INTEREST RATE CREDIT (MIL. EUR) ENHANCEMENT (%) A AAA (sf) 252.00 3mE + 2.20% 40.50 B-1 AA (sf) 25.70 3mE + 3.84% 33.01 B-2 AA (sf) 6.00 7.00% 33.01 C A (sf) 36.00 3mE + 4.75% 24.51 D-1 BBB+ (sf) 21.70 3mE + 6.16% 19.39 D-2 BBB- (sf) 8.00 3mE + 7.73% 17.50 E BB- (sf) 16.90 3mE + 8.42% 13.51 F B- (sf) 13.80 3mE + 10.83% 10.25 Sub NR 30.00 N/A N/A NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. EDMONDSTOWN PARK: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Edmondstown Park CLO DAC's class A loan and class A, B, C, D, E, and F notes. The issuer also issued unrated subordinated notes. The class F notes is a delayed draw tranche which has a maximum notional amount of EUR13 million, and a spread of three/six-month Euro Interbank Offered Rate (EURIBOR) plus 10.00%. They can only be issued once and only during the reinvestment period with an issuance amount totaling EUR13 million. The issuer will use the full proceeds received from the sale of the class F notes to redeem the subordinated notes. Upon issuance, the class F notes' spread could be subject to a variation and, if higher, is subject to rating agency confirmation. The reinvestment period will be 4.6 years, while the non-call period will be 1.5 years after closing. Under the transaction documents, the rated loans and notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which S&P expects to be bankruptcy remote. -- The transaction's counterparty risks, which S&P expects to be in line with its counterparty rating framework. Portfolio Benchmarks CURRENT S&P Global Ratings weighted-average rating factor 2,776.50 Default rate dispersion 511.82 Weighted-average life (years) 4.92 Obligor diversity measure 123.17 Industry diversity measure 16.88 Regional diversity measure 1.31 Transaction Key Metrics CURRENT Total par amount (mil. EUR) 400.00 Defaulted assets (mil. EUR) 0.00 Number of performing obligors 159 Portfolio weighted-average rating derived from our CDO evaluator B 'CCC' category rated assets (%) 1.38 Actual 'AAA' weighted-average recovery (%) 36.29 Actual weighted-average spread (%) 4.00 Actual weighted-average coupon (%) 5.42 S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. We consider that the portfolio will be well-diversified on the effective date, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400 million par amount, the covenanted weighted-average spread of 4.00%, the covenanted weighted-average coupon of 4.50%, and we have assumed weighted-average recovery rates, at all rating levels, in line with the recovery rates of the actual portfolio presented to us. 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 has a reinvestment target par adjustment, which is capped at EUR10.45 million, any par leakage could have a negative ratings effect on the junior rated classes. The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. S&P said, "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "We consider the transaction's legal structure and framework to be bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B, C, D, and E notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes. The class A loan and class A and F notes can withstand stresses commensurate with the assigned ratings. In our view, the portfolio is granular in nature, and well-diversified across obligors, industries, and asset characteristics when compared with other CLO transactions we have rated recently. As such, we have not applied any additional scenario and sensitivity analysis when assigning our ratings to any classes of notes in this transaction." Until the end of the reinvestment period in July 2027, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and compares that with the default potential of the current portfolio plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may, through trading, deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for the class A loan and class A, B, C, D, E, and F notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A to E notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance (ESG) factors S&P said, "We regard the exposure to ESG credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average." For this transaction, the documents prohibit assets from being related to the following industries: -- Production of biological, nuclear, chemical or similar controversial weapons, anti-personnel land mines, or cluster munitions. -- The production or trade in any product or activity deemed illegal under international law or the local law of the obligor, or an electrical utility that generates more than 10% of its electricity from thermal coal. -- More than 5% of revenue from harmful activities affecting animal welfare. -- More than 10% of revenue from trade in weapons or firearms (excluding civilian weapons). -- More than 50% of revenue from pornography or prostitution; the trade in hazardous chemicals, pesticides and wastes, ozone-depleting substances. -- The trade in predatory or payday lending activities; the trade in tobacco, cannabis, or opioids. -- Activities that are in violation of the UN Global Compact's Ten Principles. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities. Environmental, social, and governance (ESG) corporate credit indicators S&P said, "The influence of ESG factors in our credit rating analysis of European CLOs primarily depends on the influence of ESG factors in our analysis of the underlying corporate obligors. To provide additional disclosure and transparency of the influence of ESG factors for the CLO asset portfolio in aggregate, we've calculated the weighted-average and distributions of our ESG credit indicators for the underlying obligors. We regard this transaction's exposure as being broadly in line with our benchmark for the sector, with the environmental and social credit indicators concentrated primarily in category 2 (neutral) and the governance credit indicators concentrated in category 3 (moderately negative)." Corporate ESG Credit Indicators ENVIRONMENTAL SOCIAL GOVERNANCE Weighted-average credit indicator* 2.90 3.23 1.11 E-1/S-1/G-1 distribution (%) 7.41 5.74 43.60 E-2/S-2/G-2 distribution (%) 13.64 7.49 5.24 E-3/S-3/G-3 distribution (%) 7.15 5.33 0.00 E-4/S-4/G-4 distribution (%) 11.03 10.60 0.00 E-5/S-5/G-5 distribution (%) 6.45 8.56 0.00 Unmatched obligor (%) 54.33 62.28 51.16 *Only includes matched obligor Edmondstown Park CLO is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Blackstone Ireland Ltd. will manage the transaction. Ratings List CLASS RATING AMOUNT SUB (%) INTEREST RATE* (MIL. EUR) A AAA (sf) 160.000 40.00 Three/six-month EURIBOR plus 2.18% A Loan AAA (sf) 80.00 40.00 Three/six-month EURIBOR plus 2.18% B AA (sf) 40.00 30.00 Three/six-month EURIBOR plus 3.63% C A (sf) 23.00 24.25 Three/six-month EURIBOR plus 4.17% D BBB- (sf) 27.00 17.50 Three/six-month EURIBOR plus 6.19% E BB- (sf) 17.50 13.13 Three/six-month EURIBOR plus 6.77% F B- (sf) 13.00 9.88 Three/six-month EURIBOR plus 10.00% Sub NR 31.10 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. TIKEHAU CLO VIII: S&P Assigns B- (sf) Rating on Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Tikehau CLO VIII DAC's class A to F European cash flow CLO notes. At closing, the issuer also issued unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period ends four years after closing, while the non-call period ends two years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior-secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which is in line with S&P's counterparty rating framework. Portfolio Benchmarks CURRENT S&P weighted-average rating factor 2,797.15 Default rate dispersion 491.31 Weighted-average life (years) 4.90 Obligor diversity measure 114.91 Industry diversity measure 20.68 Regional diversity measure 1.35 Transaction Key Metrics CURRENT Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.13 'AAA' weighted-average recovery (%) 34.91 Floating-rate assets (%) 95.06 Weighted-average spread (net of floors; %) 4.10 The closing portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior-secured term loans and senior-secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. Asset priming obligations and uptier priming debt Under the transaction documents, the issuer can purchase asset priming (drop down) obligations and/or uptier priming debt to address the risk of a distressed obligor either moving collateral outside the existing creditors' covenant group or incurring new money debt senior to the existing creditors. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (4.10%), and the covenanted weighted-average coupon (4.30%) as indicated by the collateral manager. We have assumed the actual weighted-average recovery with a 1% cushion at the 'AAA' rating, and the actual weighted-average recovery rates for all other ratings. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis show that the class B-1, B-2, C, D, E, and F notes benefit from break-even default rate (BDR) and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on the notes. The class A notes can withstand stresses commensurate with the assigned ratings. "Until the end of the reinvestment period on Dec. 15, 2026, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings." The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. S&P said, "We consider the transaction's legal structure and framework to be bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F 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 to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance (ESG) factors S&P said, "We regard the exposure to ESG credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to the following industries: nuclear weapon programs; carbon intensive electrical utilities; prostitution; payday lending; and non-sustainable palm oil and palm fruit products." Specifically, the documents prohibit assets from: -- Any obligor involved in the development, product, maintenance of weapons of mass destruction. -- Any obligor that is involved in the trade of illegal drugs or narcotics, including recreational cannabis. -- Any obligor that generates any revenues from manufacture or trade in pornographic materials or content, or prostitution-related activities. -- Any obligor that generates any revenues from trade in endangered wildlife; -- Any obligor that generates any revenue from payday lending. -- Any obligor which is an electrical utility where carbon intensity exceeds [100]gCO2/kWh, or where carbon intensity is not disclosed, it generates more than (i) [1]% of its electricity from thermal coal, (ii) [10]% of its electricity from liquid fuels (oils), (iii) [50]% of its electricity from natural gas, or (iv) [0]% of its electricity from nuclear generation. Any utilities with expansion plans that would increase their negative environmental impact are also excluded. -- Any obligor that generates more than [5]% of revenues from (i) sale or extraction of thermal coal or coal based power generation; (ii) sale or extraction of oil sands; or (iii) extraction of fossil fuels from unconventional sources (including Artic drilling, shale oil, and shale gas--or other fracking activities). -- Any obligor that generates more than [5]% of revenues from the sale or production of civilian firearms. -- Any obligor that generates more than [5]% of revenues from the sale or manufacture of tobacco or tobacco products, including e-cigarettes, or any obligor that is classified as "tobacco" by S&P Global Ratings. -- Any obligor that generates more than [50]% of its revenue from trade in, production or marketing of opioid manufacturing and distribution. -- Any obligor that derives any of its revenues from the production, use, storage, trade, or ensures the maintenance, transport, and financing of banned pesticides or hazardous chemicals or components. Accordingly, since the exclusion of assets from these industries and areas does not result in material differences between the transaction and S&P's ESG benchmark for the sector, it has made no specific adjustments in its rating analysis to account for any ESG-related risks or opportunities. Environmental, social, and governance (ESG) corporate credit indicators S&P said, "The influence of ESG factors in our credit rating analysis of European CLOs primarily depends on the influence of ESG factors in our analysis of the underlying corporate obligors. To provide additional disclosure and transparency of the influence of ESG factors for the CLO asset portfolio in aggregate, we've calculated the weighted-average and distributions of our ESG credit indicators for the underlying obligors. We regard this transaction's exposure as being broadly in line with our benchmark for the sector, with the environmental and social credit indicators concentrated primarily in category 2 (neutral) and the governance credit indicators concentrated in category 3 (moderately negative)." Corporate ESG Credit Indicators ENVIRONMENTAL SOCIAL GOVERNANCE Weighted-average credit indicator* 2.05 2.09 2.88 E-1/S-1/G-1 distribution (%) 0.00 0.00 0.00 E-2/S-2/G-2 distribution (%) 70.34 68.84 13.25 E-3/S-3/G-3 distribution (%) 4.00 4.50 57.71 E-4/S-4/G-4 distribution (%) 0.00 1.00 2.25 E-5/S-5/G-5 distribution (%) 0.00 0.00 1.13 Unmatched obligor (%) 16.69 16.69 16.69 Unidentified asset (%) 8.97 8.97 8.97 *Only includes matched obligor. Ratings List CLASS RATING* AMOUNT SUB (%) INTEREST RATE§ (MIL. EUR) A AAA (sf) 240.00 40.00 Three/six-month EURIBOR plus 2.12% B-1 AA (sf) 34.20 30.00 Three/six-month EURIBOR plus 3.74% B-2 AA (sf) 5.80 30.00 6.90% C A (sf) 22.00 24.50 Three/six-month EURIBOR plus 4.75% D BBB (sf) 24.00 18.50 Three/six-month EURIBOR plus 6.16% E BB- (sf) 18.00 14.00 Three/six-month EURIBOR plus 8.40% F B- (sf) 14.00 10.50 Three/six-month EURIBOR plus 10.43% Sub. Notes NR 39.90 N/A N/A *The ratings assigned to the class A, B-1, and B-2 notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A—-Not applicable. =================== K A Z A K H S T A N =================== BANK CENTERCREDIT: Moody's Affirms 'B1' Long Term Deposit Ratings ----------------------------------------------------------------- Moody's Investors Service affirmed Bank CenterCredit's (BCC) B1 long-term local and foreign currency deposit ratings and changed the outlook on these ratings to positive from stable. Concurrently, Moody's affirmed the bank's b3 Baseline Credit Assessment (BCA) and Adjusted BCA, Not Prime (NP) short-term local and foreign currency deposit ratings, the bank's Ba3/NP long-term and short-term local and foreign currency Counterparty Risk Ratings (CRRs), Caa2(hyb) foreign currency junior subordinated debt rating and the Ba3(cr)/NP(cr) long-term and short-term Counterparty Risk Assessments. Concurrently, Moody's upgraded BCC's long-term national scale bank deposit rating to Ba1.kz from Ba2.kz and its long-term national scale CRR to Baa2.kz from Baa3.kz. RATINGS RATIONALE The affirmation of ratings, and change in outlook to positive from stable reflects Moody's expectations that the bank will, in the coming months, be able to consolidate recent improvements in asset quality and solvency. The latter benefits from lower pressure from legacy problem loans due to increased provisioning coverage. Concurrently profitability has improved and will remain good. The share of problem loans (defined as Stage 3 and POCI loans, according to IFRS 9 accounting standard) in the bank's gross loan book decreased to around 8% at end-Q3 2022 from 13% at end-2021 and 20% at end-2020. This reduction is attributable to the work-out of problem legacy loans and growth of better-quality loans (with lower cost of risk). Moody's says that BCC has significantly improved its provisioning coverage of Non-performing loans, to an extent that is likely to be compliant with the requirements that the National Bank of Kazakhstan (NBK) imposed after the country's Asset Quality Review. This review was carried out by the National Bank of the Republic of Kazakhstan with the involvement of independent audit companies in 2020. Since then, BCC has significantly improved coverage of the remaining problem loans by loan loss reserves to 71% at end-Q3 2022 from 58% at end-2021. As a result, the risk for the bank's solvency stemming from the previously high uncertainty surrounding the future performance of legacy problem assets has substantially reduced: the share of problem loans relative to the sum of the bank's tangible common equity and loan loss reserves fell to around 41% at end-Q3 2022 from around 68% at end-2021 and 94% at end-2020. Furthermore pressure on capital from repossessed collateral is also decreasing as the bank is gradually selling the collateral while its capital grows. At end-Q3 2022, repossessed collateral accounted for 26% of tangible common equity, down from 54% at end-2021. Moody's expects that the bank will maintain good profitability in the next 12-18 months despite potential pressure from credit costs given the high interest rate environment and seasoning of the loan portfolio. During 2022, the bank acquired the Kazakhstan subsidiary of Russia's Alfa bank, whose loans account for around one third of the growth of BCC's loan portfolio during nine months of 2022. Lower pressure from the bank's legacy problem loan book on profitability, due to diminished need to create reserves, a higher share of performing loans and stronger non-interest income generated by growing the bank's franchise (also leveraging on Alfa Bank's franchise and distribution network) will support performance. During nine months of 2022, the bank reported net income to average assets at 6%. This metric will moderate to around 2% in 2023 due to absence of a one-off gain from acquisition of Alfa Bank and exceptional gains from FX transactions in 2022 but will remain significantly better than what was achieved by the bank in the past (around 1%). The rating action also takes into account the bank's large buffer of liquid assets, which is strong and exceeded 43% of the bank's total assets at end-Q3 2022. Moody's expects that the bank will partially utilise its large liquidity cushion to finance its loan portfolio, but that this will remain robust at over 35% of total assets in the next 12-18 months. The upgrade of the national scale ratings reflects improvements of credit metrics such as asset quality, solvency and profitability which position the bank more strongly within the national scale rating bands corresponding to the global scale ratings. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS BCC's ESG Credit Impact Score is highly negative (CIS-4), reflecting the distinct negative impact of governance risks on the credit ratings. The bank's exposure to environmental and social risks has a limited impact on the ratings. BCC faces high exposure to environmental risks, primarily because of its portfolio exposure to carbon transition risk as result of its lending to carbon-intensive industries or industries which are indirectly exposed to carbon transition risks. The important role played by hydrocarbons in the Kazakhstan economy increases the vulnerability to carbon transition risks. BCC faces moderately negative exposure to social risks related to regulatory and litigation risk requiring the bank to meet high compliance standards. BCC's exposure to governance risks is highly negative, reflecting its concentrated ownership, lack of independent directors on the board, elevated risk appetite as well as a history of requiring government aid or forbearance for creating adequate loan loss reserves. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS While recognizing the ongoing reduction in problem loans, improvement in performance and good liquidity, Moody's notes potential risks from loan book growth and the quality of assets of the acquired Alfa Bank (11% of the loan portfolio at end-Q3 2022). The acquisition was completed quickly meaning that some risks could yet crystalise, impairing capital and profitability. Also, potential downside pressure from the operating environment is a source of some uncertainty over future asset performance, profitability and capital levels. Therefore, consolidating these improvements and maintaining good asset performance and profitability with a similar leverage ratio could lead to a rating upgrade. The outlook on the bank's ratings could be reverted back to stable or the bank's deposit ratings could be downgraded in case of a sudden impairment of its assets and\or deterioration in profitability metrics, leading to capital erosion. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook reflects Moody's expectations that the bank's improved credit metrics will be maintained, demonstrating resilience to possible pressure from the operating environment and rapid asset growth. At the same time, any risks materialising after acquisition of Alfa Bank will unlikely significantly impair the bank's financial fundamentals. LIST OF AFFECTED RATINGS Issuer: Bank CenterCredit Affirmations: Long-term Counterparty Risk Ratings, affirmed Ba3 Short-term Counterparty Risk Ratings, affirmed NP Long-term Bank Deposits, affirmed B1, outlook changed to Positive from Stable Short-term Bank Deposits, affirmed NP Long-term Counterparty Risk Assessment, affirmed Ba3(cr) Short-term Counterparty Risk Assessment, affirmed NP(cr) Baseline Credit Assessment, affirmed b3 Adjusted Baseline Credit Assessment, affirmed b3 Junior Subordinated Regular Bond/Debenture, affirmed Caa2(hyb) Upgrades: NSR Long-term Counterparty Risk Rating, upgraded to Baa2.kz from Baa3.kz NSR Long-term Bank Deposits, upgraded to Ba1.kz from Ba2.kz Outlook Action: Outlook changed to Positive from Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. BANK RBK: Moody's Affirms B2 Deposit Ratings, Alters Outlook to Pos ------------------------------------------------------------------- Moody's Investors Service affirmed Bank RBK JSC's B2 long-term local and foreign currency deposit ratings and changed the outlook on these ratings to positive from stable. Concurrently, Moody's affirmed the bank's b3 Baseline Credit Assessment (BCA) and Adjusted BCA, Not Prime (NP) short-term local and foreign currency deposit ratings, the bank's B1/NP long-term and short-term local and foreign currency Counterparty Risk Ratings and the B1(cr)/NP(cr) long-term and short-term Counterparty Risk Assessments. RATINGS RATIONALE The affirmation of ratings, and change in outlook to positive from stable reflects Moody's expectations that the bank will, in the coming months, be able to consolidate recent improvements in asset quality and solvency. The latter benefits from decreasing pressure from legacy problem loans (due to increasing provisioning coverage) since the restart of the bank's lending activity under new ownership and management in 2018. Concurrently profitability has improved and will remain good. The share of problem loans (defined as Stage 3 and POCI loans, according to IFRS 9 accounting standard) in the bank's gross loan book decreased to 8.5% at end-Q3 2022 from 10.1% at end-2021 and 19.5% at end-2020. This reduction is attributable to the work-out of legacy problem loans and a limited formation of new problem assets. The bank's strategy is to pursue a low risk model via lending to large corporates and low risk retail (e.g. 70% of new retail loans are clients under existing salary projects). As a result, asset quality may improve further. Moody's says that Bank RBK has significantly improved its provisioning coverage of Non-performing loans. While the coverage of remaining problem loans by loan loss reserves remains moderate at around 65%, the risk for the bank's solvency stemming from the previously high uncertainty surrounding the future performance of legacy problem assets has substantially reduced: the share of problem loans relative to the sum of the bank's tangible common equity and loan loss reserves fell to around 45% at end-Q3 2022 from around 51% at end-2021 and 76% at end-2020, a trend which Moody's expects to continue. The good level of collateral on the remaining legacy problem loans and the track record of successful problem loan work-outs are considered to be additional risk mitigants. Furthermore pressure on capital from repossessed collateral is also decreasing as the bank is gradually selling collateral while its capital grows: at end-Q3 2022, repossessed collateral and other assets originated as a result of the problem loans work-out (e.g. investment property, debt of collectors) accounted for 49% of tangible common equity, down from 56% at end-2021. Moody's expects that the bank will maintain good profitability in the next 12-18 months despite potential pressure from credit costs as the loan book seasons after growth (32% during nine months of 2022) and the high interest rate environment. Lower pressure from legacy problem loan book on profitability due to diminished need to create reserves, a higher share of performing loan portfolio and stronger non-interest income generated by growing franchise will support performance. The rating action also takes into account the bank's large buffer of liquid assets, which is strong and exceeded 45% of the bank's total assets at end-Q3 2022. Moody's expects that the bank will partially utilise its large liquidity cushion to finance its loan portfolio, but that this will remain robust at over 35% of total assets in the next 12-18 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Bank RBK's ESG Credit Impact Score is highly negative (CIS-4), reflecting the distinct negative impact of governance risks on the credit ratings. The bank's exposure to environmental and social risks has a limited impact on the ratings. Bank RBK faces high exposure to environmental risks, primarily because of its portfolio exposure to carbon transition risk as result of its lending to carbon-intensive industries or industries which are indirectly exposed to carbon transition risks. The important role played by hydrocarbons in the Kazakhstan economy increases the vulnerability to carbon transition risks. Bank RBK faces moderately negative exposure to social risks related to regulatory and litigation risk requiring the bank to meet high compliance standards. Bank RBK has a highly negative exposure to governance risks. The governance risks are mainly stemming from concentrated ownership structure and yet evolving business with a rapid loan growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS While recognizing the ongoing reduction in problem loans, reasonable performance and good liquidity, Moody's views the bank's current rapid loan book growth, including an acquisition of loan portfolios from Kazak subsidiaries of Russia's Alfa Bank and Sberbank (around 9% of the loan book at end-Q3 2022) and exposure to potential downside pressure from the operating environment as a source of uncertainty over the future asset performance, profitability and capital levels. Therefore, consolidating these improvements, the ability to maintain good asset performance and solvency, as well as good profitability could lead to a rating upgrade. The outlook on the bank's ratings could be reverted back to stable or the bank's deposit ratings could be downgraded in case of deterioration in profitability metrics and failure to further improve solvency via better coverage of problem loans with reserves while maintaining similar leverage. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook reflects Moody's expectations that the bank's improved credit metrics will be maintained, demonstrating resilience to possible pressure from the operating environment and rapid loan growth. LIST OF AFFECTED RATINGS Issuer: Bank RBK JSC Affirmations: Long-term Counterparty Risk Ratings, affirmed B1 Short-term Counterparty Risk Ratings, affirmed NP Long-term Bank Deposits, affirmed B2, outlook changed to Positive from Stable Short-term Bank Deposits, affirmed NP Long-term Counterparty Risk Assessment, affirmed B1(cr) Short-term Counterparty Risk Assessment, affirmed NP(cr) Baseline Credit Assessment, affirmed b3 Adjusted Baseline Credit Assessment, affirmed b3 Outlook Action: Outlook changed to Positive from Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. FINCRAFT GROUP: S&P Lowers ICR to 'B+', Outlook Negative -------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Fincraft Group LLP (Fincraft) to 'B+' from 'BB-'. The outlook is negative S&P said, "At the same time, we affirmed our 'B' short-term issuer credit rating on the company and lowered our Kazakhstan national scale rating to 'kzBBB' from 'kzA-'. "The negative rating action reflects our view that Fincraft's access to funding has tightened. Under the existing refinancing plan, Fincraft will issue U.S.-dollar-denominated bonds in 2022, buying out a portion of debt this year and repaying the rest at maturity. As a result, the refinanced portion of debt will be lower than we previously expected, which we believe indicates weaker access to funding." The limited liquidity of its assets and challenging environment increase Fincraft's reliance on cash injections from the owner. S&P notes that delays in the sale and recovery of assets, further complicated by evolving economic conditions in Russia and central Asia, increase the group's reliance on cash injections from its owner. So far, these plans have been on track but we consider this to be an indication of weaker liquidity. Higher inflation and interest rates will pressure asset valuations. Many investees of Fincraft (such as Fincraft Resources) are at an early investment phase, therefore high inflation and higher interest rates will continue to pressure their valuations. Although the owner Kenges Rakishev provided liquidity to acquire a stake in an oil business in Kazakhstan, and another transaction is in the pipeline, these new assets may also require additional investments and are therefore not immune to this risk. These issues are further exacerbated by Fincraft's past sales of assets below estimated fair value. S&P said, "The negative outlook reflects our view that Fincraft may face issues maintaining very strong stressed leverage over the next 12 months despite planned asset transfers to the company's balance sheet. "We may take a negative rating action if Fincraft cannot maintain strong risk-adjusted leverage, since higher project execution costs and interest rates may pressure project valuations, especially given many are at the early stages. "We may revise the outlook to stable if Fincraft successfully refinances its debt while maintaining strong stressed leverage metrics." FIRST HEARTLAND: Moody's Affirms B1 Deposit Rating, Outlook Now Pos ------------------------------------------------------------------- Moody's Investors Service affirmed First Heartland Jusan Bank JSC's (Jusan) B1 long-term local and foreign currency deposit ratings and changed the outlook on these ratings to positive from stable. Concurrently, Moody's affirmed the bank's b3 Baseline Credit Assessment (BCA) and Adjusted BCA, Not Prime (NP) short-term local and foreign currency deposit ratings, the bank's Ba3/NP long-term and short-term local and foreign currency Counterparty Risk Ratings (CRRs) and the Ba3(cr)/NP(cr) long-term and short-term Counterparty Risk Assessments. Concurrently, Moody's affirmed Jusan's Ba1.kz long-term national scale bank deposit rating and its Baa2.kz long-term national scale CRR. RATINGS RATIONALE The affirmation of ratings, and change in outlook to positive from stable takes into account Moody's view that Jusan's business model will mature bringing in further improvement in profitability, asset quality and solvency. According to the bank's management there are no further plans for significant acquisitions as the bank streamlines its business model after large mergers with ATF Bank in 2021 and TsesnaBank in 2019. The deals transformed Jusan into the sixth largest bank in Kazakhstan with a market share of about 6% in terms of total assets with large franchise and distribution network. Financial strategy and risk management is a governance consideration under Moody's methodology for assessing Environmental, Social and Governance risks. Moody's notes that corporate behaviour poses lower risk than before because the bank's management has committed to lowering risk appetite and not to pursue aggressive acquisitions. Moody's expects that Jusan will gradually improve its asset quality, reducing its problem loans from a high 38% of gross loans in the next 12-18 months. This reduction will be attributable to the work-out of legacy problem loans, write offs and growth of better-quality loans, with lower cost of risk. While provisioning coverage is substantial (74% of problem loans are covered by loan loss reserves), the large size of the problem loans creates significant pressure on capital. Problem loans not covered by loan loss reserves account for around 22% of tangible common equity. At the same time the bank's tangible common equity to risk weighted assets was solid at 29% at end-Q3 2022 meaning that large capital buffers mitigate pressure on solvency. The share of problem loans relative to the sum of the bank's tangible common equity and loan loss reserves has declined during the last two years to around 52% at end-Q2 2022 from around 68% at end-2020. Moody's expects that the creation of additional reserves assisted by stronger revenues will improve solvency further. Moody's expects that the bank will gradually improve its profitability from banking operations in the next 12-18 months. Lower pressure from legacy problem loans on profitability due to diminished need to create reserves, a higher share of performing loan portfolio and stronger non-interest income generated by growing franchise which is leveraged by the bank's large distribution network will support performance. Better operating efficiency due to maturing of the corporate structure after past merges will also support performance. The rating action also takes into account the bank's large buffer of liquid assets, which is strong and reached over 63% of the bank's total assets at end-Q3 2022. Moody's expects that the bank will partially utilise its large liquidity cushion to finance its loan portfolio, but that this will remain robust at over 50% of total assets in the next 12-18 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Jusan's ESG Credit Impact Score is very highly negative (CIS-5), reflecting the distinct negative impact of governance risks on the credit ratings. The bank's exposure to environmental and social risks has a limited impact on the ratings. Jusan faces high exposure to environmental risks, primarily because of its portfolio exposure to carbon transition risk as result of its lending to carbon-intensive industries or industries which are indirectly exposed to carbon transition risks. The important role played by hydrocarbons in the Kazakhstan economy increases the vulnerability to carbon transition risks. Jusan faces moderately negative exposure to social risks related to regulatory and litigation risk requiring the bank to meet high compliance standards. Jusan's exposure to governance risks is very highly negative, reflecting concentrated and opaque ownership with generous dividend payouts in recent years and a limited track record of operations under the existing management as well as the early stage of the implementation of Jusan's new strategy. The bank has demonstrated an elevated appetite for acquisitions of other financial institutions during the last five years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Maturing of the bank's structure and strategy which will be reflected in continuing improvement of solvency, asset quality and profitability are essential for the rating upgrade. Potential downside pressure from the operating environment is a source of uncertainty over the evolution of credit metrics. The outlook on the bank's ratings could be reverted back to stable in case the bank fails to sustain its strategy which would result in better key credit metrics, such as profitability and solvency. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook reflects Moody's expectations that the bank's maturing strategy will result in improvements of credit metrics such as profitability, asset quality and solvency. LIST OF AFFECTED RATINGS Issuer: First Heartland Jusan Bank JSC Affirmations: Long-term Counterparty Risk Rating, affirmed Ba3 NSR Long-term Counterparty Risk Rating, affirmed Baa2.kz Short-term Counterparty Risk Ratings, affirmed NP Long-term Bank Deposits, affirmed B1, outlook changed to Positive from Stable NSR Long-term Bank Deposits, affirmed Ba1.kz Short-term Bank Deposits, affirmed NP Long-term Counterparty Risk Assessment, affirmed Ba3(cr) Short-term Counterparty Risk Assessment, affirmed NP(cr) Baseline Credit Assessment, affirmed b3 Adjusted Baseline Credit Assessment, affirmed b3 Outlook Action: Outlook changed to Positive from Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. =================== L U X E M B O U R G =================== ARMORICA LUX: EUR335M Bank Debt Trades at 38% Discount ------------------------------------------------------ Participations in a syndicated loan under which Armorica Lux Sarl is a borrower were trading in the secondary market around 62.2 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR335 million facility is a Term loan. It is scheduled to mature on July 28, 2028. The amount is fully drawn and outstanding. Armorica Lux Sarl is the parent company of idverde, a provider of landscaping services in Europe, offering a broad range of services for public or private clients across all segments. The Company's country of domicile is Luxembourg. MATADOR BIDCO: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Compania Espanola de Petroleos, S.A.'s (CEPSA) and Matador Bidco S.a.r.l's (Matador) Long-Term Issuer Default Ratings (IDRs) at 'BBB-' and 'BB', respectively. The Outlooks are Stable. CEPSA's rating and Stable Outlook are driven by strong forecast credit metrics supported by healthy oil prices and refining margins despite their expected moderation. Fitch forecasts that CEPSA's strong performance will translate into dividend payments remaining at least in line with historical levels. This will lead to Matador's debt service coverage and proportional gross leverage ratios being maintained at levels commensurate with its rating, driving its Stable Outlook. CEPSA's rating is also supported by a diversified business profile and a strong market position in the Iberian Peninsula. The rating is constrained by the company's smaller size and less diversified upstream and downstream divisions than some of its peers, its meaningful exposure to the European downstream sector, and volatile refining margins. Matador's 'BB' rating is derived by notching down from CEPSA's, in line with Fitch's Investment Holding Companies Rating Criteria. KEY RATING DRIVERS Strong Results in 9M22: CEPSA's current cost of supply (CCS) EBITDA in 9M22 increased by 85% yoy to EUR2.5 billion. The upstream segment's CCS EBITDA more than doubled to EUR1.4 billion followed by the energy segment, mainly comprising the refining business, with EBITDA of EUR0.9 billion (91% increase yoy). The strong performance was driven by higher oil prices as well as historically high refining margins. Fitch forecasts CEPSA will maintain a strong financial profile until 2025, in line with its oil and gas price deck and its assumption of refining margins returning to the mid-cycle level from 2024. Updated Strategy: CEPSA plans to focus on biofuel, green hydrogen, sustainable aviation fuels and further development of its retail network according to the company's latest strategic update. Capex for energy transition investments will be approximately EUR0.3 billion annually in 2022-2024 or around a third of total spending, ramping up from 2025 onwards, with total estimated capex of EUR7 billion-EUR8 billion until 2030. Fitch views the strategy as positive in light of the expected changes in the energy mix, but note that the expected gradual growth of cash flows from sustainable activities is subject to the execution risk. Dividends May Drive Financial Profile: CEPSA's shareholders are financial investors - Mubadala Investment Company, PJSC and Matador - ultimately controlled by The Carlyle Group, Inc. Fitch assumes dividends of EUR0.6 billion per year in 2022 and 2023, broadly in line with historical payouts, but note that higher payments cannot be ruled out due to extraordinary financial results and as the level of dividends is yet to be agreed by the shareholders. While CEPSA has no formal dividend policy, the company targets net debt to EBITDA of below 2.0x, which limits the risks of large shareholder-friendly actions. Windfall Tax Manageable: The Spanish authorities recently agreed a windfall tax that assumes a rate of 1.2% on revenues of domestic energy groups (excluding regulated activities) that realised revenues over EUR1 billion in 2019. The tax has been approved for fiscal years 2022 and 2023, with the actual tax being paid the following year. Fitch expects that windfall taxes are likely to have a limited impact on credit metrics as only part of the extra profit is subject to taxation. Strong Refining Margins: CEPSA recorded refining margins of USD9.8/bbl in 9M2022, up from USD3.7/bbl in 9M2021. Higher margins were mainly due to strong middle distillates crack spreads on the reduction of imports to Europe from Russia. Fitch assumes refining margins will remain favourable in 2023, albeit lower than in 2022, supported by the ban of imports of fuels to Europe from Russia starting in February 2023. High energy prices and global additions to net refining capacity expected in 2023 remain key risks to the refining segment results in 2023 and 2024, in its opinion. Upstream Production Subject to OPEC+ Quotas: CEPSA increased its working interest oil output by 13% yoy to 83kboe/d in 9M22 due to lower OPEC+ quota restrictions, ramp-up of production in Abu Dhabi and operational improvements to reduce natural decline. CEPSA's upstream assets are located primarily in the Middle and East and North Africa region (91% of output in 9M22). Fitch assumes broadly stable production in its forecasts, but it may be subject to additional swings depending on OPEC+ actions, which remain difficult to predict. Matador's Rating Notched Down: Fitch applied its Investment Holding Companies Rating Criteria to assess Matador. Matador's 'BB' IDR has been derived by notching down twice from CEPSA's rating to reflect the structural subordination and higher leverage at the holdco. Matador's debt service coverage ratio and gross proportionate leverage are expected to remain within its rating sensitivities over 2022-25, supporting the affirmation. The holdco is required to maintain a cash sweep and hold additional liquidity according to the loan documentation. DERIVATION SUMMARY MOL Hungarian Oil and Gas Companies (BBB-/Negative) is CEPSA's closest peer with a comparable business profile in terms of refining capacity and level of vertical integration. CEPSA has a longer reserve life and slightly larger refining capacity of 486kbbl/d than MOL's 380kbbl/d but these are counterbalanced by MOL's larger upstream production of 110kboe/d than CEPSA's 83kboe/d. Polski Koncern Naftowy ORLEN S.A.'s (PKN ORLEN; BBB+/Stable) recent upgrade to 'BBB+' was driven by its upscaled earnings and further diversified revenue stream since the recent merger with Polskie Gornictwo Naftowe i Gazownictwo S.A. (PGNiG), a Polish utility company with a strong position in E&P, gas distribution and gas supply in November 2022 and Grupa LOTOS S.A. (LOTOS), a refining and upstream company in August 2022. PKN ORLEN has nearly double the scale of upstream production of 159kboe/d and downstream capacity of 894kbbl/d than CEPSA assuming LOTOS is fully consolidated. The gap of two notches from CEPSA reflects PKN ORLEN's meaningfully larger and diversified earnings from upstream, refining, utility and chemical segments post-merger. KEY ASSUMPTIONS - Fitch oil price assumption of USD100/bbl in 2022, USD85/bbl in 2023, USD65/bbl in 2024, and USD53/bbl thereafter. - Downstream volume recovering back to 2019 levels from 2022 - Steady normalisation of refining margins assumed from 2023 after exceptionally high margins in 2022. - Gradual increase in capex to implement the energy transition strategy. - Windfall tax in line with management guidelines. RATING SENSITIVITIES CEPSA Factors that could, individually or collectively, lead to positive rating action/upgrade: - Funds from operations (FFO) net leverage below 1.5x or EBITDA net leverage below 1.0x on a sustained basis - Consistently positive free cash flow (FCF; after dividends) through the cycle - Successful ramp-up of production in Abu Dhabi Factors that could, individually or collectively, lead to negative rating action/downgrade: - FFO net leverage consistently above 2.5x or EBITDA net leverage consistently above 2.0x - Consistently negative FCF after dividends - Oil and gas production falling consistently below 60kboe/d Matador Factors that could, individually or collectively, lead to positive rating action/upgrade: - Positive rating action on CEPSA - Sustained decline in proportional FFO gross leverage to below 2.5x Factors that could, individually or collectively, lead to negative rating action/downgrade: - Negative rating action on CEPSA - Sustained increase in proportional FFO gross leverage to above 4.0x - Revision of the financial policy by CEPSA amid challenging market conditions, resulting in a drop in dividends, leading to less than 2.0x debt service coverage ratio or use of the debt service reserve account LIQUIDITY AND DEBT STRUCTURE Strong Liquidity: As of end-September 2022, CEPSA's solid liquidity position was represented by its readily available cash of EUR862 million and unutilised credit facilities of EUR2.7 billion under the company's committed facilities of EUR3.2 billion. This comfortably covered marginal short-term debt of EUR0.6 billion. Fitch forecasts positive pre-dividend FCF generation over the forecast horizon. Well spread debt maturity schedule also effectively mitigates liquidity risk. Matador is required to maintain a cash sweep and hold additional liquidity according to the loan documentation. ISSUER PROFILE CEPSA is a privately-owned integrated oil company, with operations in upstream, refining, marketing, petrochemicals and gas & power & trading. The company's upstream division is the main segment, historically followed by marketing and refining. CEPSA's downstream activities are concentrated in Spain, where it is the second-largest refiner. The company's upstream working interest production stood at 83kboe/d in 2021 derived mostly from the UAE and Algeria. The company is 61.5% owned by Mubadala, the Abu Dhabi's state vehicle for economy diversification, and 38.5% by Carlyle Group. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Matador's IDR is notched down from CEPSA's IDR 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 ----------- ------ -------- ----- Compania Espanola de Petroleos, S.A. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- CEPSA Finance, S.A.U. senior unsecured LT BBB- Affirmed BBB- Matador Bidco S.a.r.l LT IDR BB Affirmed BB senior secured LT BB Affirmed RR4 BB ===================== N E T H E R L A N D S ===================== GLOBAL BLUE: EUR630M Bank Debt Trades at 18% Discount ----------------------------------------------------- Participations in a syndicated loan under which Global Blue Acquisition BV is a borrower were trading in the secondary market around 81.9 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR630.0 million facility is a Term loan. It is scheduled to mature on August 28, 2025. The amount is fully drawn and outstanding. Global Blue Acquisition BV operates as a holding company. The Company, through its subsidiaries, provides online travel information and booking services. The Company's country of domicile is the Netherlands GTT COMMUNICATIONS: $140M Bank Debt Trades at 54% Discount ---------------------------------------------------------- Participations in a syndicated loan under which GTT Communications BV is a borrower were trading in the secondary market around 45.8 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The $140 million Term loan is scheduled to mature on May 31, 2025. About $69.7 million of the loan is withdrawn and outstanding. GTT Communications B.V. provides telecommunication services. The Company's country of domicile is the Netherlands. GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 55% Discount ------------------------------------------------------------ Participations in a syndicated loan under which GTT Communications BV is a borrower were trading in the secondary market around 45.5 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR750 million facility is a Term loan. It is scheduled to mature on May 31, 2025. About EUR374.4 million of the loan is withdrawn and outstanding. GTT Communications B.V. provides telecommunication services. The Company's country of domicile is the Netherlands. =========== R U S S I A =========== UZBEKNEFTEGAZ: S&P Alters Outlook to Negative, Affirms 'BB-' Rating ------------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BB-' rating on national oil co. Uzbekneftegaz. The negative outlook indicates that S&P could lower the ratings if the company continues to underperform, with weaker-than-expected cash flows resulting in FFO to debt below 12% or the liquidity sources-to-uses ratio being below 1.2x in 2023. S&P Global Ratings still believes Uzbekneftegaz could improve its operating and financial performance in the second half of 2022 and further into 2023, since the key factors that led to weaker-than-expected results have been resolved. First, the tariff at which the government purchases gas from Uzbekneftegaz, which was significantly lowered by the state from Aug. 1, 2021, to Sept. 1, 2022, has been raised and should already be contributing to better performance. Additionally, Uzbekistan GTL, the company's $3.6 billion project to convert gas into liquid fuels, started operating on June 14, 2022, about a year later than scheduled. If the current cold weather and gas shortages, which recently resulted in limited gas supplies to the plant, are not prolonged, GTL could contribute to substantially better performance in the future. S&P currently expects Uzbekneftegaz to generate Uzbek sum (UZS) 9 trillion–UZS9.5 trillion of EBITDA in 2022, up to UZS15 trillion in 2023, and up to UZS16 trillion in 2024, compared with UZS7.6 trillion in 2021. This should result in FFO to debt improving to about 8%-10% in 2022, 14%-18% in 2023, and 16%-20% in 2023. Uzbekneftegaz still faces several hurdles as it moves into 2023, which can prevent it from achieving FFO to debt of 12%, expected for the current rating level. S&P said, "We believe that a number of obstacles can prevent Uzbekneftegaz from delivering improved performance, such as unexpected government decisions to freeze or even lower certain tariffs on natural gas (similar to those imposed in 2021), introduction of price control for liquid fuels, or insufficient availability of gas for GTL, which should be instrumental in improving EBITDA and cash flows. We understand that, since early December, Uzbekistan has been experiencing serious gas shortages in different regions because cold weather forces the population to use considerably more gas for heating. The state has introduced several conservation measures, including restrictions on gas exports. Among other things, we understand that the GTL plant is only receiving about 30% of gas, which it uses as feedstock necessary for operations. If limitations are prolonged, this could meaningfully constrain GTL's cash flows and the improvement of Uzbekneftegaz's credit metrics. Importantly, should cash flows be insufficient, the company's liquidity will be under pressure, since debt maturities and capital expenditure (capex) remain high." S&P said, "We expect Uzbekenftegaz's capex to remain high, adding pressure to liquidity, but we understand that it may be revised down or postponed. The company underinvested in 2021, with just UZS9.3 trillion of spending compared to the original plan of close to UZS17 trillion. This largely happened as a result of delays at the expansion of Shurtan Gas Chemical Complex (Shurtan) project, which we now understand may be put on hold and converted into a project finance structure. We have therefore revised down our projection of capex for 2022 to about UZS6 trillion but continue to incorporate UZS12 trillion-UZS15 trillion of capex annually in 2023-2024, since Shurtan's expansion has not officially been postponed or converted into project finance. Thus, if postponed or converted into a different form, which will take a few years, the company's capital spending may decrease in the near term, which would be somewhat positive for its credit metrics. At the same time, given that Uzbekneftegaz has already borrowed and invested close to $500 million into the Shurtan expansion, this would be negative for our assessment of the company's consistency of strategy application. "We do not factor into our rating the potential liberalization of the domestic gas market, which could lead to a significant improvement in credit metrics, because the timing of the reform is still to be clarified. We understand that Uzbekistan's government is planning to revise fixed gas tariffs to a more competitive level, which could significantly improve the company's cash generation and profitability, while almost doubling EBITDA. However, until the timing and details of the reform are clear, we will not include it in our base-case forecast. Moreover, we would want to monitor the track record of performance under the new tariff system to ensure the domestic economy is capable of bearing the increased costs and that payment collection does not deteriorate. We would also review the group's financials and dividends in such a case, since the group's capacity for investments and dividends would increase. "Our assessment that Uzbekneftegaz has an extremely high likelihood of receiving extraordinary state support reflects the company's critical role to the domestic economy but does not lead to rating equalization. Uzbekneftegaz supplies a large share of gas and refined products to the domestic economy and realizes gas at significantly lower prices than regional peers, ensuring affordable consumption and cheap input for the industrial sector. We note as positive a track record of support, including a $1.7 billion recapitalization in 2020, liberalization of oil-product prices, and a guarantee provision for about 80% of debt, which is the highest proportion among all national oil companies we rate. In our base case, we don't forecast the government will meaningfully reduce its stake in Uzbekneftegaz from the current 99.94% in the near term and expect it will continue to fully control the company's strategy through its board representation. At the same time, our assessment is limited by the government's longer-term plans to further liberalize the gas market and transform the state-owned company to a competitive and more independent gas producer. "We could lower our ratings on Uzbekneftegaz if the company fails to improve its FFO to debt sustainably above 12% and maintain sufficient liquidity to cover upcoming debt maturities and capex. This could happen if its operating performance does not improve as a result of lower-than-expected tariffs, operational setbacks, or insufficient gas supplies to the GTL plant, leading to EBITDA generation materially weaker than UZS9 trillion in 2022 and UZS14.5 trillion in 2023." S&P can downgrade the company in the following cases: -- Inability to improve FFO to debt to above 12% in 2023 as a result of weak performance; -- Inability to raise long-term debt to finance capex, which will add pressure to liquidity indicators; or -- A lowering of S&P's sovereign rating on Uzbekistan, which limits our rating on Uzbekneftegaz. Although unlikely in the next 12 months, an upgrade could be possible if the sovereign rating is raised and the company's stand-alone credit profile strengthens to 'bb' or higher. ESG credit indicators: E-4, S-3, G-4 S&P said, "Environmental factors are a negative consideration in our credit rating analysis of Uzbekneftegaz, in line with the industry. Although Uzbekneftegaz focuses mostly on the domestic economy and faces less pressure from environmental regulations than peers in developed markets, the energy transition and risk of pollution are still key environmental risks for the company. Social factors are a moderately negative consideration of our analysis, since Uzbekneftegaz is one of the largest employers in Uzbekistan with a social mandate to supply the domestic economy with gas at low, regulated prices, which limits the company's financial performance. Governance factors are also a negative consideration in our credit rating analysis of the company. The company's operations are concentrated in Uzbekistan, where we see governance risks as elevated. Additionally, we note developing corporate practices and lower transparency and disclosure than for peers in emerging markets." =========== S W E D E N =========== STORSKOGEN GROUP: Moody’s Cuts CFR to Ba3, On Review for Downgrade -------------------------------------------------------------------- Moody's Investors Service has downgraded Storskogen Group AB's corporate family rating to Ba3 from Ba1 and its probability of default rating to Ba3-PD from Ba1-PD. The outlook remains unchanged at ratings under review. "The downgrade reflects the risks of the deteriorating operating environment, both at the level of investments because of weakening macroeconomic conditions as well as at the holding company level. It also takes into account higher funding costs at a time when the company needs to refinance SEK10.6 billion before end of September 2024. While Moody's note ongoing efforts to improve operating performance of its over 130 business units, its access to capital and underlying cash flow generating ability remains more uncertain in the current environment" says Daniel Harlid, a Moody's VP-Senior Analyst and the lead analyst for Storskogen. RATINGS RATIONALE The action to downgrade Storskogen's rating to Ba3 from Ba1 was anchored in Moody's concerns over the following factors: (1) The company's financial policy which Moody's now views as more aggressive than what is expected of Ba rated issuers. More specifically, SEK10.6 billion of debt, equivalent to 80% of its total financial debt load, needs to be refinanced before the end of 2024; Furthermore, only a minor share of its interest rate exposure, which is tied to short term interbank rates, has been hedged. Moody's views the short debt maturity profile without sufficient backstop liquidity as credit negative and expects all debt to be refinanced well ahead of maturity. The fundamental change in the capital markets environment with a difficulty to access the high yield bond market and substantially higher financing costs are adding to Moody's concerns. (2) Risk of goodwill impairments due to Moody's expectations of Sweden's Real GDP falling by 0.2% in 2023 which will negatively impact Storskogen's portfolio of mainly smaller Swedish companies. Moody's believes that due to the very high M&A activity, with 114 announced transactions since the first quarter of 2021 for a total enterprise value of SEK23.3 billion, there is a risk of goodwill impairments during 2023 as Storskogen has only managed the current composition of companies for a very short time and especially not through a downturn. Moody's view also takes in to account the decline in the Swedish stock market, which has deteriorated by around 20% this year. The absence of impairments so far is an area of concern especially considering that valuation multiples have come down in general but for Storskogen in particular during 2022. (3) Continued uncertainties around management's ability to manage the underlying businesses and extract synergies, in particular as it relates to releasing working capital and improving the group's liquidity. (4) A higher leverage than what was targeted by the company when the rating was assigned, such as an estimated market value-based leverage (MVL) of over 40% and a consolidated debt / EBITDA of 4.1x (pro forma) as of September 2022. This compares to an expected MVL level of around 25%-35% and debt/EBITDA of around 3.0x when Moody's assigned the rating in March 2022. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The continued review for downgrade will focus on the following points: 1) The company's ability to improve its liquidity profile by upstreaming cash from investment companies as well as progress in terms of refinancing upcoming debt maturities. Moody's will in particular monitor Storskogen's ability to support its investment companies in releasing working capital following a significant increase during 2022. 2) Progress in additional strategic measures including potential disposal activity. 3) Risk of a continued increase in MVL as a result of goodwill impairments. ESG CONSIDERATIONS Corporate governance remains a concern, mainly as a result of a relatively aggressive pace of acquisitions of small-sized companies partly funded with debt maturing within the next two to three years. This results in risks associated with both management credibility and track record but also with regards to board structures and policies. Furthermore, the structure of the CEO's shareholdings in Storskogen could give rise to a more aggressive financial strategy. Having said that, the company has informed Moody's it has enough balances and checks to limit the CEO's ability to take short term decisions that would benefit shareholders short term. As an example, four out of five members of the company's board of directors are considered independent in relation to the company, the executive management and the company's major shareholders as defined in the Swedish Corporate Governance Code. LIQUIDITY The liquidity profile of Storskogen is weak due to significant debt maturities within the next 18 months, equivalent to nearly 50% of its debt in a fundamentally different funding environment. As per September 30, 2022, cash amounted to SEK3.2 billion, of which SEK 1.2 billion was at the holdco level. In addition, the company has access to a EUR1.0 billion (SEK10.2 billion) revolving credit facility that matures in September 2024, of which the equivalent of SEK4.3 billion in cash drawings was utilized end of September this year. The facility has a material change clause (MAC) and carries both maintenance covenants as well as restrictive covenants that limits the size of permitted acquisitions. With Storskogen's funding costs set to increase significantly over the next 12-18 months, Moody's expects the FFO interest coverage ratio will weaken to below 2.0x in 2023 from 3.6x for the first nine months of 2022. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Investment Holding Companies and Conglomerates published in July 2018. CORPORATE PROFILE Founded in 2012 and based in Stockholm, Sweden, Storskogen an investment holding company focused on unlisted small and mid-sized companies in Europe and more recently in Asia. Its investment strategy is to acquire companies with high market shares, high profitability and strong cash conversion. As of September 2022 the book value of the parent company's financial assets stood at SEK27 billion, with a consolidated revenue and EBITA of SEK30.4 billion and SEK2.8 billion respectively. The company is listed on the Stockholm Stock Exchange and had a market cap of SEK12.6 billion as of December 12, 2022. STORSKOGEN GROUP: S&P Downgrades ICR to 'BB', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Storskogen Group AB (Storskogen) to 'BB' from 'BB+'. The negative outlook indicates that uncertain macroeconomic conditions could result in greater margin volatility and further deteriorate Storskogen's financial metrics and cash flow, while failure to extend the revolving credit facility (RCF) and refinance other large debt maturities due in 2024 in a timely manner could undermine the group's credit strength. The downgrade reflects Storskogen's weaker FOCF and higher S&P Global Ratings-adjusted leverage than expected. The group's performance was below our expectations in the first nine months of 2022. Despite significant net sales growth during the period (113%, including 12.4% organic growth), operating margins have been under pressure due to cost inflation, the strengthening U.S. dollar affecting the trade business, and supply chain disruptions, with material and component shortages particularly affecting the industry business. Although price increases have partially compensated for higher costs, delays in passing cost increases on to customers resulted in margin deterioration in the first nine months of the year. S&P said, "As a result, we now forecast S&P Global Ratings-adjusted EBITDA margins of 12.2% for the full year (down from 12.7% in 2021), which compares with our previous expectation of an improvement to 13.1%. Combined with significant working-capital-related cash outflows, as a result of inventory build-up from supply chain disruption and increased account receivables associated with solid organic growth, we anticipate the group's adjusted FOCF will be weaker than expected at about Swedish krona (SEK) 900 million compared with SEK2.2 billion-SEK2.3 billion in our previous base case. Consequently, we project that S&P Global Ratings-adjusted leverage will peak at 3.9x-4.1x in 2022, well above our downside trigger of 3.0x." S&P said, "We expect Storskogen's operating environment will remain challenging in the coming 12 months due to cost inflation and weak GDP growth. We remain cautious when forecasting the group's performance in 2023 due to unfavorable macroeconomic conditions, which could result in weaker demand for its products and services, and high cost inflation associated with wages, materials, and energy. We expect the group might be unable to fully pass these increased costs through to customers, or potentially with a time lag that could negatively affect profitability and cash flow. The group's initiatives to improve working capital and cash conversion could be challenged by slower stock depletion as GDP growth halts, or continued material cost inflation. In addition, rising interest rates could increase the group's interest expenses and put additional strain on its cash flow. Storskogen has some interest hedges in place but they do not fully cover the outstanding floating-rate debt. All of these factors may result in slower deleveraging. In our base-case scenario, we assume S&P Global Ratings-adjusted leverage will reduce to about 3.0x in 2023, but it could remain at 3.5x-4.0x if operating conditions further deteriorate. "Storskogen is temporarily reducing the pace of acquisitions to focus on cash flow and leverage improvement, but we expect its financial policy will allow S&P Global Ratings-adjusted leverage of above 3.0x.The group's growth strategy has been to expand via mergers and acquisitions (M&A) to date. It completed 49 acquisitions in the first nine months of 2022, representing pro-forma last-12-month (LTM) revenue of about SEK8.8 billion. Of these, 45 were completed during the first half, reflecting the voluntary slowdown since July 2022. In the coming months, Storskogen intends to focus its efforts on improving FOCF and reducing leverage toward the lower end of its stated 2.0x-3.0x interest-bearing net leverage target. This will provide more headroom for future M&A, since external growth, business diversification, and geographical expansion remain key pillars of its medium-to-long term strategy. Given we include earnout liabilities and minority put options in our adjusted debt metrics, we understand that the group's stated net leverage target of 2.0x-3.0x corresponds to S&P Global Ratings-adjusted leverage of about 3.0x-4.0x, which we view as commensurate with a 'BB' rating. These ratios are higher than what we anticipated when we assigned our rating to Storskogen in March 2022 and underline management and shareholders' higher appetite for leverage than we initially expected. "The group will also need to address refinancing risk with significant debt maturities in the next 24 months.It has SEK3.0 billion of bonds maturing in May 2024 and a EUR300 million (about SEK3,072 million equivalent) term loan facility maturing in March 2024, although with a 1.5-year extension option. The group's RCF, which was partially drawn at Sept. 30, 2022, also expires in September 2024, with up to two years of extension options. Then the next large maturity will be the SEK3.0 billion bond due in December 2025. We view the near-term debt maturity profile as negative for the rating and it demonstrates the group's risk tolerance. The related refinancing and liquidity risks are somewhat mitigated, in our view, by the likelihood of obtaining extensions to the RCF and term loan maturity dates, and by potential asset sales that Storskogen could undertake to repay debt maturities. Nevertheless, these extension options require lenders' consent and we cannot rule out that they may decline or request higher compensation. In addition, even when including these extension options in our analysis, we calculate that the group's weighted-average maturity profile could remain below two years if it does not address other large debt maturities (namely the bonds due in May 2024 and December 2025) in the coming 12 months, which could be challenged by difficult financial market conditions. This may have further negative effects on our rating assessment, which we capture in the negative outlook." The negative outlook indicates that uncertain macroeconomic conditions could result in greater margin volatility and further deteriorate Storskogen's financial metrics and FOCF, while failure to extend the RCF and refinance other large debt maturities due in 2024 in a timely manner could undermine the group's credit strength. S&P could lower the rating if the group continues to suffer operational underperformance, or if it undertakes more debt-funded M&A or shareholder-friendly actions than we anticipate, resulting in leverage deteriorating above 4.0x and FFO to debt below 20% on a sustained basis. "We could also consider a negative rating action if Storskogen experiences operating difficulties for a prolonged period, resulting in more volatile EBITDA margins without short-term prospects of recovery." In addition, failure to extend the maturity of the RCF in the next six-to-nine months and to take necessary actions to refinance other large upcoming debt maturities due in 2024 could also result in a downgrade, due to heightened refinancing risk and tightening of the group's liquidity profile. A downgrade could also follow a failure to continue upstreaming FOCF from subsidiaries to the parent, or a reduction in entities across its cash-pooling mechanism. S&P could revise the outlook to stable if Storskogen's operating performance improves, including continued organic growth and stable EBITDA margins, such that the group sustains S&P Global Ratings-adjusted debt to EBITDA below 3.5x and FFO to debt above 20%. In addition, the group would need to take necessary actions in the next six-to-nine months to refinance or extend its debt maturities due in 2024, warding off any refinancing risk. ESG credit indicators: To E-2, S-2, G-3; From E-2, S-2, G-2 S&P said, "Governance factors are now a moderately negative consideration in our credit rating analysis of Storskogen, reflecting our view that management's decisions and actions underline a higher risk tolerance than we initially perceived. This captures its appetite for leverage as well as refinancing and liquidity risk tolerance, considering the large debt maturities in the coming 24 months. Our view is exacerbated by the group's continued high pace of investments for external growth in first-half 2022, while experiencing operating underperformance including large working capital cash outflows. In addition, we consider that the concentration of voting rights in the hands of a limited number of key persons--with three co-founders and one member of senior management holding 52.6%--who own less than 15% of the share capital, could negatively influence corporate decision-making and promote the interests of the controlling owners above those of other stakeholders. We believe the board composition partly mitigates this risk given that four out of five board members are considered independent from the company and its management, but we note that co-founder and head of M&A Alexander Bjärgard is also a board member. We also question the group's ability to ensure adequate governance given the very high pace of acquisitions, although we are not aware of any governance deficiencies at this stage." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk Management, Culture and Oversight =========================== U N I T E D K I N G D O M =========================== AMPHORA FINANCE: GBP301M Bank Debt Trades at 40% Discount --------------------------------------------------------- Participations in a syndicated loan under which Amphora Finance Ltd is a borrower were trading in the secondary market around 59.9 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The GBP301 million facility is a Term loan. It 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. BEDFORD HOTEL: Martin Property Buys Scottish Mutual Building ------------------------------------------------------------ Kurtis Reid at Belfast Telegraph reports that a Northern Ireland real estate investment and development company has confirmed it has purchased the Scottish Mutual Building in the heart of Belfast city centre, with plans to turn it into a boutique hotel. Martin Property Group announced the purchase from administrators Kroll on Dec. 15, Belfast Telegraph relates. The building was famously intended to become "The George Best Hotel", named after the famous footballer, before the company behind it fell into administration in 2020, Belfast Telegraph notes. According to Belfast Telegraph, the Martin Property Group has said the deal, for an undisclosed sum, will see "a significant investment in the restoration, preservation and enhancement of the building's original features and the creation of a world class hotel". Bedford Hotel Limited, the company behind the previous hotel proposal for the building, which was formerly office space, was placed into administration in 2020, Belfast Telegraph recounts. It is believed around 70% of the construction work had already been completed, Belfast Telegraph states. Earlier this year, the Sunday Independent reported the Martin Property Group offered to pay between GBP4 million and GBP4.5 million to acquire the debts of Bedford Hotel Limited and fund the completion of the hotel before it was rejected, Belfast Telegraph recounts. The new purchase by the group was made from the administrators Kroll, following an open market sales process, Belfast Telegraph notes. KIRKLEES STADIUM: Huddersfield Town Set to Take Over Ground ----------------------------------------------------------- BBC News reports that Huddersfield Town is set to take over the running of the John Smith's Stadium as the ground's current managers face going into administration. Kirklees Stadium Development Limited (KSDL) is in millions of pounds of debt, BBC relays, citing council papers. The football club is set to take on full control of the ground, also home to the Huddersfield Giants rugby league team, to secure its long-term future, BBC discloses. The proposed handover could be signed off by Kirklees Council this week, BBC states. The local authority owns 40% of KSDL, with a 40% share also held by Huddersfield Town and the remaining 20% by the Giants, BBC notes. The company was set up to run the stadium in 1993 but has been struggling financially for years, BBC relays. According to BBC, the council said "severe cashflow difficulties" had been compounded by high energy costs. The 24,121-capacity stadium is also in need of GBP8 million to GBP10 million of investment within a decade to address a backlog of maintenance issues and extend its life beyond 2050, BBC says. It had previously been proposed that a community trust would take over the management of the ground and receive a GBP13 million bailout from the council to cover debts and fund refurbishment, BBC recounts. But the council said it had been forced to rethink the plan because those debts were "potentially higher than previously envisaged", BBC relates. According to BBC, under the new proposal, the Championship club will take "full operational control" of the ground as the long-term lease holder and would cover the cost of repairs and refurbishment. The deal would require the council and some other debtors "agreeing to write off the historical liabilities," BBC quotes a report to the council's cabinet as saying. PIZZAEXPRESS: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings revised the outlook on PizzaExpress (Wheel Bidco Ltd.) to negative from stable. S&P affirmed its 'B' issuer rating on PizzaExpress, its 'BB-' issue rating on the super senior revolving credit facility (RCF), and its 'B' rating on the senior secured notes. S&P said, "The negative outlook reflects the possibility that we could lower the ratings the company's operating performance is weaker than our base case, resulting in a tighter liquidity position and reduced cash generation as well as worsening credit metrics. "We anticipate that the macroeconomic environment will affect the group's dine-in sales. "Discretionary spending will likely continue to fall as a result of the cost-of-living crisis in the U.K., resulting in lower sales for high street restaurants such as PizzaExpress. Its Q3 results have already showed signs of this, with revenues only marginally increasing by 2.5% supported by dine-out sales while like-for-like dine-in sales fell 8.0%. We expect dine-out to remain resilient thanks to the new partnerships with UberEats and Just Eat (in addition to that with Deliveroo). As a result, we anticipate total sales in 2022 of close to GBP420 million-GBP440 million and marginally increasing in 2023 toward GBP440 million-GBP460 million." Inflationary pressures will affect the cost structure despite cost savings initiatives and energy hedging, leading to lower S&P Global Ratings-adjusted EBITDA margins in 2022 and 2023. Margins are expected to fall significantly toward 20% in fiscals 2022 and 2023 because of higher energy costs and food costs (jointly having an about 300 basis points effect on the adjusted EBITDA margin). The group's cost structure is also expected to be impacted by the 9.7% increase in the living wage in the U.K., starting April 2023, as well as the resulting higher wages at the restaurant management level to avoid high turnover. Weakening operating performance is expected to affect PizzaExpress' credit metrics over the next 12-18 months and delay the recovery from the pandemic. S&P said, "We anticipate its S&P Global Ratings-adjusted debt to EBITDA to remain above 5.5x over the next 12-18 months as a result of weakening EBITDA margins. However, we do not anticipate the group will raise any debt over the medium term thanks to its adequate liquidity position and long-term debt maturities." While PizzaExpress formally exited its company voluntary arrangement (CVA) in September 2022, it still benefits from some of its protections until September 2023. This includes reduced rents for some of its locations, which could potentially increase after that protection falls away. The company relies on large operating leases for its restaurant locations, representing about 10% of its total operating cost. S&P said, "We therefore consider the earnings before interest, tax, debt, amortization, and rent (EBITDAR) to cash interest plus rents cover ratio a key metric to indicate the company's operational and financial leverage and we expect this to decrease to 1.5x in 2022 and 2023 before only marginally increasing toward 1.6x by 2024." S&P said, "We anticipate the group will keep focusing on improving PizzaExpress' core casual dining business and we expect its capital expenditure (capex) to move closer to pre-pandemic levels.We anticipate management will continue its focus on turning around the core casual dining operations by investing in the long-standing brand, real estate, and size. As such, we expect an increase in marketing spend and capex over the next two to three years after being relatively muted for the last two years to preserve cash in a weak trading environment. We expect the group will have adequate liquidity, sufficient to maintain its operations, but overall free cash generation will remain strained amid increased capex and lower operating margins. We expect free operating cash flow (FOCF) after leases to moderate, turning marginally negative in 2022 and 2023 before slightly positive in 2024 as operational cash generation improves." PizzaExpress maintains an adequate liquidity profile despite limited cash generation. The company holds more than GBP60 million in cash (Sept. 30, 2022) in addition to the GBP30 million fully undrawn RCF. This, together with low non-discretionary capex, allows the group to maintain a comfortable liquidity position and S&P expects it to have sufficient liquidity over the next 12-18 months despite FOCF after leases falling into negative territory in 2022 and 2023. The liquidity profile is also supported by the fact that there are no near-term maturities (with the GBP335 million senior secured notes only maturing in 2026) and that there is visibility about interest expenses thanks to the fixed rate on its senior secured notes. The negative outlook reflects S&P's view that the company will face significant headwinds over the next 12-18 months given the macroeconomic environment, meaning that there is a one-in-three chance of a potential downgrade if it is not able to maintain its adequate liquidity position and restore its positive FOCF after leases. S&P could downgrade PizzaExpress over the next 12 months if: -- The group's operating performance falls below S&P's base case and it is unable to maintain its growth rate in sales and margin resulting in FOCF after leases remaining negative over a sustained period, and tighter liquidity position. -- Its credit metrics are weaker than S&P expected such that adjusted leverage remains above 6.0x on a rolling-12-months basis or EBITDAR cover ratio falls below 1.5x. S&P could revise the outlook to stable over the next 12 months: -- If the company can outperform our base case and deliver positive and growing FOCF after leases on the back of improving EBITDA margins and sales growth; and -- Adjusted debt to EBITDA falls and trends toward 5.0x and EBITDAR coverage toward 2.0x. Any rating upside would be contingent on more certain prospects for the casual dining sector and discretionary spending in the U.K., as well as the group's financial policy being consistent with sustaining improved credit metrics. ESG credit indicators: To E-2, S-2, G-3; From E-2, S-4, G-3 S&P said, "Social factors are now a neutral consideration in our credit rating analysis of Wheel Bidco Ltd. The group's operations were heavily affected by the decline in demand caused by pandemic-related restrictions, leading to revenue falling more than 50% in 2020 and S&P Global Ratings-adjusted margin turning negative. Some recovery has been visible during 2021 as restaurants opened during the year, leading to revenues increasing above GBP320 million and EBITDA turning positive again. Currently, all restaurants are opened without restrictions, and we expect the group to post revenues above GBP400 million in 2022 with EBITDA margins of around 20%. Governance factors are also a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects generally finite holding periods and a focus on maximizing shareholder returns." PRAESIDIAD LTD: EUR290M Bank Debt Trades at 19% Discount -------------------------------------------------------- Participations in a syndicated loan under which Praesidiad Ltd is a borrower were trading in the secondary market around 81.1 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR290.0 million facility is a Term loan. It is scheduled to mature on October 4, 2024. The amount is fully drawn and outstanding. Praesidiad Limited provides security products and solutions. The Company offers force protection solutions, perimeter security systems, industrial mesh, and fencing products that defend and protect military, commercial, and domestic end-users. The Company's country of domicile is the United Kingdom. THG OPERATIONS: EUR600M Bank Debt Trades at 21% Discount -------------------------------------------------------- Participations in a syndicated loan under which THG Operations Holdings Ltd is a borrower were trading in the secondary market around 78.7 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR600 million facility is a Term loan. It is scheduled to mature on December 11, 2026. The amount is fully drawn and outstanding. THG Operations Holdings Limited is affiliated with THG PLC, headquartered in Manchester, England, and has a diverse range of e-commerce focused activities, and certain associated manufacturing facilities. Its largest brands lookfantastic.com and myprotein.com operate in the beauty and wellness retail segments, respectively. WASPS: To Return for 2023/24 Season After Application Okayed ------------------------------------------------------------ Alex Spink and Liam Prenderville at Mirror report that Wasps have confirmed they will return for the 2023/24 season in the Championship -- but Worcester's application has been rejected. Cash-strapped Wasps were suspended from the Premiership after going into administration with all players and staff made redundant, Mirror recounts. It was later revealed the club was GBP100 million in debt, Mirror notes. But following the club's recent takeover, Wasps have confirmed they have met RFU requirements and will start next season in the Championship, Mirror relates. Wasps confirmed they have reached an agreement for a groundshare with an unnamed Midlands venue to host home matches after playing at Coventry's Ricoh Arena since 2014, Mirror discloses. Worcester meanwhile have had their application to return to professional rugby next season rejected by Twickenham bosses, Mirror states. The decision to deny Worcester comes after their prospective buyers, the Atlas consortium, said they were not prepared to meet "unreasonable" conditions laid down by the Rugby Football Union, Mirror relays. According to Mirror, the RFU is to work with the administrator to "enable" an alternative bid -- which will interest former boss Steve Diamond who, with local businessman Adam Hewitt, claims to "have the plan and the funding". WORCESTER: Application to Return to 2023/24 Season Rejected ----------------------------------------------------------- Alex Spink and Liam Prenderville at Mirror report that Worcester's application to return to professional rugby next season was rejected by Twickenham bosses. The decision to deny Worcester comes after their prospective buyers, the Atlas consortium, said they were not prepared to meet "unreasonable" conditions laid down by the Rugby Football Union, Mirror relates. According to Mirror, the RFU is to work with the administrator to "enable" an alternative bid -- which will interest former boss Steve Diamond who, with local businessman Adam Hewitt, claims to "have the plan and the funding". ZEPHYR BIDCO: GBP395M Bank Debt Trades at 16% Discount ------------------------------------------------------ Participations in a syndicated loan under which Zephyr Bidco Ltd is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, December 16, 2022, according to Bloomberg's Evaluated Pricing service data. The GBP395 million Term loan is scheduled to mature on July 12, 2025. The amount is fully drawn and outstanding. Zephyr Bidco Limited provides Internet-based services. The Company's country of domicile is the United Kingdom. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week December 12 to December 16, 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 Government I 7.750 9/1/2029 USD 23.905 Korian SA 2.250 10/15/2028 EUR 68.328 EDP - Energias de Po 1.875 3/14/2082 EUR 72.617 Heimstaden AB 4.375 3/6/2027 EUR 71.187 Serbia International 1.000 9/23/2028 EUR 74.620 Slovakia Government 0.375 4/21/2036 EUR 65.510 Citycon Treasury BV 1.625 3/12/2028 EUR 73.528 Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 49.997 Novolipetsk Steel Vi 1.450 6/2/2026 EUR 59.634 NatWest Group PLC 4.600 USD 68.500 Stellantis NV 1.250 6/20/2033 EUR 73.729 United Kingdom Gilt 1.125 1/31/2039 GBP 71.127 HSBC Bank PLC 3.127 USD 67.397 Vilmorin & Cie SA 1.375 3/26/2028 EUR 72.986 Barclays PLC 1.106 5/12/2032 EUR 74.188 Commerzbank AG 4.250 EUR 74.492 CPI Property Group S 4.875 EUR 54.399 Metro Bank PLC 5.500 6/26/2028 GBP 50.189 Haya Holdco 2 PLC 9.542 11/30/2025 EUR 57.640 ADLER Group SA 1.500 7/26/2024 EUR 42.863 Nitrogenmuvek Vegyip 7.000 5/14/2025 EUR 70.022 Ukraine Government B 15.840 2/26/2025 UAH 59.297 Republic of Belarus 6.378 2/24/2031 USD 30.000 Mutuelle Assurance D 3.500 EUR 71.143 Credit Suisse Group 3.091 5/14/2032 USD 69.965 International Consol 1.125 5/18/2028 EUR 72.724 Heimstaden Bostad AB 3.375 EUR 64.751 MMC Norilsk Nickel O 2.800 10/27/2026 USD 51.356 Iceland Bondco PLC 4.375 5/15/2028 GBP 69.861 Ukraine Government I 7.750 9/1/2028 USD 23.912 AerCap Ireland Capit 3.850 10/29/2041 USD 73.804 Swedbank AB 4.000 USD 74.061 ADLER Real Estate AG 3.000 4/27/2026 EUR 68.605 Just Eat Takeaway.co 0.625 2/9/2028 EUR 66.532 NGD Holdings BV 6.750 12/31/2026 USD 39.021 Kleopatra Holdings 2 6.500 9/1/2026 EUR 64.167 United Kingdom Gilt 1.750 7/22/2057 GBP 70.673 Aegon NV 0.496 NLG 68.629 CaixaBank SA 3.625 EUR 71.878 Enel Finance Interna 0.875 9/28/2034 EUR 70.772 Russian Railways Via 3.125 CHF 6.650 Orpea SA 2.130 7/3/2024 EUR 25.549 P3 Group Sarl 1.625 1/26/2029 EUR 74.203 ABN AMRO Bank NV 1.250 1/20/2034 EUR 73.855 Banco Santander SA 3.225 11/22/2032 USD 73.420 gategroup Finance Lu 3.000 2/28/2027 CHF 68.282 Rothesay Life PLC 5.000 GBP 68.247 Casino Guichard Perr 4.048 8/5/2026 EUR 45.520 Republic of Belarus 6.200 2/28/2030 USD 29.976 Akelius Residential 0.750 2/22/2030 EUR 73.890 Hellenic Republic Go 1.875 1/24/2052 EUR 61.420 Vnesheconombank Via 6.800 11/22/2025 USD 5.688 Rallye SA 4.000 2/28/2032 EUR 8.556 EP Infrastructure AS 2.045 10/9/2028 EUR 69.856 DDM Debt AB 9.000 4/19/2026 EUR 64.754 Liquid Telecommunica 5.500 9/4/2026 USD 70.151 Heimstaden Bostad Tr 1.625 10/13/2031 EUR 66.380 MMC Norilsk Nickel O 2.550 9/11/2025 USD 53.312 ADLER Group SA 1.875 1/14/2026 EUR 39.333 Intesa Sanpaolo Vita 2.375 12/22/2030 EUR 72.666 Peach Property Finan 4.375 11/15/2025 EUR 71.345 Rothesay Life PLC 4.875 USD 73.689 Russian Foreign Bond 5.250 6/23/2047 USD 41.480 Metinvest BV 5.625 6/17/2025 EUR 51.864 Grand City Propertie 0.125 1/11/2028 EUR 74.051 Logicor Financing Sa 2.000 1/17/2034 EUR 69.193 Phosagro OAO Via Pho 3.050 1/23/2025 USD 52.532 Altice France Holdin 6.000 2/15/2028 USD 66.310 Russian Railways Via 0.840 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 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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 1.125 9/4/2026 EUR 73.176 DVI Deutsche Vermoeg 2.500 1/25/2027 EUR 73.872 Brit Insurance Holdi 3.676 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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 2.544 12/8/2117 GBP 65.782 Russian Foreign Bond 4.750 5/27/2026 USD 44.992 ADLER Group SA 3.250 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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 EUR 7.921 Saderea DAC 12.500 11/30/2026 USD 64.359 Officine Maccaferri- 5.750 6/1/2021 EUR 17.672 Thomas Cook Finance 3.875 7/15/2023 EUR 1.474 Barclays PLC 3.330 11/24/2042 USD 69.273 Air Berlin PLC 8.250 4/19/2018 EUR 0.226 Unibail-Rodamco-West 1.375 5/25/2033 EUR 73.049 UNEDIC ASSEO 0.500 5/25/2036 EUR 72.379 Travelex Financing P 8.000 5/15/2022 EUR 0.271 Societe Generale SA 3.625 3/1/2041 USD 63.901 Gol Finance SA 8.000 6/30/2026 USD 58.205 Unibail-Rodamco-West 0.875 3/29/2032 EUR 71.161 Bayer AG 1.000 1/12/2036 EUR 70.560 TotalEnergies Capita 3.127 5/29/2050 USD 72.356 Shell International 0.875 11/8/2039 EUR 66.683 Icade Sante SACA 0.875 11/4/2029 EUR 74.569 Lithuania Government 0.750 7/15/2051 EUR 49.919 GTLK Europe Capital 4.949 2/18/2026 USD 26.012 Altice France Holdin 6.000 2/15/2028 USD 65.376 OMV AG 1.000 7/3/2034 EUR 74.870 Motability Operation 1.500 1/20/2041 GBP 64.823 Movida Europe SA 5.250 2/8/2031 USD 73.046 Czech Gas Networks I 0.875 3/31/2031 EUR 66.886 La Poste SA 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 1/19/2033 EUR 70.702 Bulgaria Government 0.250 5/24/2029 BGN 71.885 Standard Chartered P 3.603 1/12/2033 USD 74.330 Societe Generale SA 4.027 1/21/2043 USD 66.126 Holcim Finance Luxem 1.375 10/8/2036 EUR 60.477 Terragon AG 6.500 5/24/2024 EUR 5.000 CM.com NV 2.000 9/9/2026 EUR 67.649 Cooperatieve Raboban 0.625 2/25/2033 EUR 72.813 State of North Rhine 0.200 1/27/2051 EUR 52.171 Schlote Holding GmbH 6.750 11/21/2024 EUR 67.257 Accent Capital PLC 2.625 7/18/2049 GBP 68.344 Novolipetsk Steel Vi 4.500 6/15/2023 USD 61.652 Slovenia Government 1.175 2/13/2062 EUR 56.248 TenneT Holding BV 0.875 6/16/2035 EUR 73.472 Sovcombank Via SovCo 3.400 1/26/2025 USD 4.879 Gol Finance SA 7.000 1/31/2025 USD 39.512 Gazprom PJSC via Gaz 4.599 USD 52.000 Hungary Government I 2.125 9/22/2031 USD 74.833 K2A Knaust & Anderss 7.712 SEK 72.206 Landesbank Baden-Wue 0.375 2/21/2031 EUR 73.619 Credit Agricole Ital 0.125 3/15/2033 EUR 72.150 Claranova SE 5.000 7/1/2023 EUR 1.050 Marston's Issuer PLC 5.410 7/16/2035 GBP 74.824 A2A SpA 1.000 11/2/2033 EUR 68.614 Sovcombank Via SovCo 7.750 USD 3.468 Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 70.000 Samhallsbyggnadsbola 7.000 7/24/2023 SEK 63.322 de Volksbank NV 0.375 9/16/2041 EUR 63.084 Hacienda Investments 5.350 2/8/2028 USD 42.000 Ziton A/S 10.060 10/3/2024 EUR 70.402 Aroundtown SA 3.625 4/10/2031 GBP 74.266 JAB Holdings BV 3.750 5/28/2051 USD 57.328 Immigon Portfolioabb 6.569 EUR 9.985 Greene King Finance 4.602 3/15/2036 GBP 74.923 Portugal Obrigacoes 1.150 4/11/2042 EUR 71.568 Korian SA 3.350 6/29/2028 EUR 74.008 Societa di Progetto 3.375 12/31/2038 EUR 72.097 Credit Bank of Mosco 7.625 USD 15.433 Deutsche Wohnen SE 1.300 4/7/2041 EUR 54.449 Saleza AS 9.000 7/12/2021 EUR 0.203 State of North Rhine 1.375 1/15/2120 EUR 57.985 Scottish Hydro Elect 2.250 9/27/2035 GBP 74.009 ABN AMRO Bank NV 3.324 3/13/2037 USD 72.145 InterCement Financia 5.750 7/17/2024 USD 68.270 Orange SA 0.750 6/29/2034 EUR 74.444 ABN AMRO Bank NV 0.400 9/17/2041 EUR 64.482 BPCE SA 2.277 1/20/2032 USD 74.692 Cooperatieve Raboban 1.000 1/19/2034 EUR 74.084 Chancellor Masters & 0.250 6/27/2068 GBP 66.962 Societe Du Grand Par 0.700 10/15/2060 EUR 45.305 SCF Capital Designat 3.850 4/26/2028 USD 19.428 GN Store Nord AS 1.970 3/3/2036 EUR 48.785 Nederlandse Watersch 0.125 9/3/2035 EUR 71.664 A2A SpA 0.625 10/28/2032 EUR 69.591 Cooperatieve Raboban 0.500 7/30/2043 MXN 12.489 Shell International 2.875 11/26/2041 USD 74.927 Bulgaria Government 0.100 8/17/2031 BGN 59.926 BNP Paribas SA 2.824 1/26/2041 USD 61.739 Wales & West Utiliti 1.875 5/28/2041 GBP 64.292 Ukraine Government B 10.000 8/23/2023 UAH 59.375 Molnlycke Holding AB 0.625 1/15/2031 EUR 73.734 Ukraine Government I 7.750 9/1/2025 USD 25.127 NAK Naftogaz Ukraine 7.625 11/8/2026 USD 18.061 Orpea SA 2.770 12/18/2028 EUR 12.523 Chelyabinsk Pipe Pla 4.500 9/19/2024 USD 16.665 Ukraine Government B 9.990 5/22/2024 UAH 51.591 Cimpress PLC 7.000 6/15/2026 USD 66.785 Realkredit Danmark A 1.000 10/1/2053 DKK 74.678 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 9/28/2054 CHF 55.015 Nordea Kredit Realkr 1.000 10/1/2053 DKK 70.139 Gazprom PJSC via Gaz 3.250 2/25/2030 USD 64.000 Engie SA 1.000 10/26/2036 EUR 69.455 WPP Finance 2013 2.875 9/14/2046 GBP 64.093 Kreditanstalt fuer W 0.375 5/20/2036 EUR 73.990 Air Berlin PLC 6.750 5/9/2019 EUR 0.304 Republic of Belarus 5.875 2/24/2026 USD 33.000 Latvia Government In 1.375 5/16/2036 EUR 74.010 Alfa Bank AO Via Alf 5.900 USD 4.396 Orbit Capital PLC 2.000 11/24/2038 GBP 66.572 Ministeries Van de V 0.125 10/15/2035 EUR 69.711 Croatia Government B 1.250 3/3/2040 EUR 63.143 Lukoil Capital DAC 3.600 10/26/2031 USD 70.000 Ukraine Government I 11.670 11/22/2023 UAH 59.375 Cooperatieve Raboban 0.750 6/21/2039 EUR 71.848 FF Group Finance Lux 1.750 7/3/2019 EUR 4.333 Ukraine Government I 7.750 9/1/2027 USD 23.322 Cadent Finance PLC 2.625 9/22/2038 GBP 71.279 Canton of Geneva Swi 0.500 10/31/2056 CHF 70.865 Ukraine Government B 10.950 11/1/2023 UAH 65.343 Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 66.185 East Slope Residenci 0.100 2/28/2062 GBP 72.256 DLR Kredit A/S 1.500 10/1/2053 DKK 74.711 PREOS Global Office 7.500 12/9/2024 EUR 48.500 DNB Bank ASA 3.691 USD 66.663 Intesa Sanpaolo SpA 2.700 3/29/2031 USD 73.738 UniCredit Bank AG 0.010 1/21/2036 EUR 69.117 United Utilities Wat 1.750 2/10/2038 GBP 69.020 Realkredit Danmark A 1.500 10/1/2053 DKK 74.604 EYEMAXX Real Estate 5.500 4/26/2023 EUR 1.613 UBS Group AG 4.375 USD 73.259 Realkredit Danmark A 1.000 10/1/2053 DKK 64.387 Polyus Finance PLC 4.700 1/29/2024 USD 47.725 Fuerstenberg Capital 2.522 EUR 66.823 Caisse Francaise de 0.625 1/20/2042 EUR 66.941 Banco Espirito Santo 4.572 EUR 2.054 Telefonica Emisiones 1.864 7/13/2040 EUR 73.775 Unibail-Rodamco-West 2.000 5/29/2037 EUR 74.327 Slovakia Government 1.000 10/13/2051 EUR 56.795 Republic of Belarus 6.875 2/28/2023 USD 37.786 DWR Cymru Financing 1.375 3/31/2033 GBP 74.107 Aeroports de Paris 1.125 6/18/2034 EUR 73.688 Bayerische Landesban 1.850 3/5/2031 EUR 73.517 JSM Global Sarl 4.750 10/20/2030 USD 64.070 Republic of Poland G 1.750 4/25/2032 PLN 65.260 Mallinckrodt Interna 10.000 6/15/2029 USD 55.500 Prosus NV 3.061 7/13/2031 USD 73.999 NorteGas Energia Dis 0.905 1/22/2031 EUR 74.562 Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 69.900 M2 Asset Management 6.246 2/4/2026 SEK 74.300 Metinvest BV 7.750 10/17/2029 USD 52.500 Volkswagen Internati 1.500 1/21/2041 EUR 65.600 Alno AG 8.500 5/14/2018 EUR 13.662 Societe Nationale SN 1.000 1/19/2061 EUR 48.914 Espirito Santo Finan 9.750 12/19/2025 EUR 0.622 Suek Securities DAC 3.375 9/15/2026 USD 34.000 Petrobras Global Fin 4.750 4/2/2038 EUR 57.380 Kuntarahoitus Oyj 0.050 9/10/2035 EUR 71.422 EA Partners I BV 6.875 9/28/2020 USD 0.494 Anglo American Capit 3.950 9/10/2050 USD 74.726 Flagship Finance PLC 1.875 7/14/2061 GBP 54.553 Notting Hill Genesis 2.000 6/3/2036 GBP 69.946 EIG Pearl Holdings S 4.387 11/30/2046 USD 73.855 DLR Kredit A/S 1.000 10/1/2050 DKK 72.064 Air Liquide Finance 0.375 9/20/2033 EUR 74.925 Wendel SE 1.375 1/18/2034 EUR 70.037 Intesa Sanpaolo SpA 4.375 1/12/2048 USD 61.149 M Objekt Real Estate 6.000 7/22/2024 EUR 48.758 Stichting Afwikkelin 6.250 10/26/2020 EUR 45.341 Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 73.040 Catalyst Housing Ltd 3.125 10/31/2047 GBP 72.773 Barclays Bank PLC 12.000 9/24/2025 TRY 57.993 Credit Suisse Group 5.100 USD 63.020 UkrLandFarming PLC 10.875 3/26/2018 USD 1.442 Hungary Government I 3.125 9/21/2051 USD 60.011 State of Schleswig-H 0.200 8/15/2039 EUR 66.260 Vnesheconombank Via 6.800 11/22/2025 USD 5.688 Development Bank of 6.750 5/2/2024 USD 23.440 Cyprus Government In 2.250 4/16/2050 EUR 71.690 Canton of Ticino 0.400 6/27/2044 CHF 74.893 Clarion Funding PLC 1.875 1/22/2035 GBP 71.247 London & Quadrant Ho 2.750 7/20/2057 GBP 63.942 Hampshire Trust Bank 7.250 5/10/2028 GBP 59.374 Russian Foreign Bond 5.625 4/4/2042 USD 56.908 Gazprom PJSC via Gaz 3.897 EUR 37.061 Celtic Resources Hol 4.125 10/9/2024 USD 13.417 Communaute Francaise 0.625 6/11/2035 EUR 74.636 Diebold Nixdorf 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 Transp 1.125 9/9/2049 EUR 59.616 Caisse Francaise de 0.375 2/13/2040 EUR 65.610 Telenor ASA 0.875 2/14/2035 EUR 74.013 National Grid Gas PL 1.125 1/14/2033 GBP 67.605 National Grid Gas PL 1.625 1/14/2043 GBP 54.906 Nykredit Realkredit 0.500 10/1/2050 DKK 69.859 Hellas Telecommunica 6.054 1/15/2015 USD 0.014 Peach Property Finan 4.375 11/15/2025 EUR 70.750 Metinvest BV 8.500 4/23/2026 USD 44.000 TechnipFMC PLC 3.750 10/7/2033 EUR 69.883 Electricite de Franc 4.990 10/21/2056 USD 74.148 Ukraine Government I 10.000 8/23/2023 UAH 59.375 Ukraine Government I 9.750 11/1/2030 USD 24.784 Nobel Bidco BV 3.125 6/15/2028 EUR 68.141 Vedanta Resources Lt 6.125 8/9/2024 USD 61.798 Virgolino de Oliveir 11.750 2/9/2022 USD 0.499 NRW Bank 0.100 7/9/2035 EUR 71.488 DLR Kredit A/S 0.500 10/1/2050 DKK 71.714 Bourbon Corp 11.652 EUR 0.917 blueplanet Investmen 5.500 2/26/2026 EUR 31.401 State of Bremen 0.450 2/24/2051 EUR 57.756 Banca Popolare di Vi 9.500 9/29/2025 EUR 0.207 Yuksel Insaat AS 9.500 11/10/2015 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 Baer & C 13.250 1/5/2023 USD 46.500 Bayerische Landesban 1.550 2/13/2040 EUR 52.176 State of North Rhine 0.375 9/2/2050 EUR 56.081 Cooperatieve Raboban 0.500 1/31/2033 MXN 35.608 Nationale-Nederlande 0.050 11/12/2040 EUR 61.102 Transports Publics D 0.450 12/29/2056 CHF 61.199 BPCE SA 3.648 1/14/2037 USD 74.087 Swissgrid AG 0.050 6/30/2050 CHF 55.815 Havila Shipping ASA 6.660 1/2/2025 NOK 31.101 Castellum AB 2.840 6/5/2029 SEK 73.932 de Volksbank NV 0.125 11/19/2040 EUR 61.704 Iceland Bondco PLC 4.375 5/15/2028 GBP 69.833 Novafives SAS 5.000 6/15/2025 EUR 73.708 Nordea Kredit Realkr 0.500 10/1/2053 DKK 69.330 Romanian Government 2.000 1/28/2032 EUR 69.405 City of Lugano Switz 0.150 11/28/2070 CHF 53.515 Ile-de-France Mobili 0.675 11/24/2036 EUR 72.833 State of Bremen 0.400 8/20/2049 EUR 57.656 Metropolitan Housing 1.875 7/28/2036 GBP 68.798 Ukraine Government I 9.990 5/22/2024 UAH 51.591 Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 62.472 Realkredit Danmark A 0.500 10/1/2053 DKK 69.246 Region Wallonne Belg 1.050 6/22/2040 EUR 71.536 Credit Suisse AG/Lon 2.300 9/24/2031 USD 67.168 Kairos 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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 Munkavallalok I 4.500 7/14/2031 HUF 71.760 Turkey Government In 5.750 5/11/2047 USD 67.033 Deutsche Bank AG 1.500 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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 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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 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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 JSC 13.630 4/29/2043 RUB 55.010 DAH Holding GmbH 7.250 9/28/2018 EUR 0.718 Cie de Financement F 0.975 8/11/2046 EUR 69.574 Raiffeisen Switzerla 7.050 5/23/2023 CHF 53.120 Barclays Bank PLC 2.975 2/21/2025 USD 8.978 Single Platform Inve 1.060 4/1/2042 EUR 64.983 VTB Bank PJSC 5.000 USD 54.500 UBS Group AG 2.370 2/25/2036 USD 66.181 Nitrogenmuvek Vegyip 7.000 5/14/2025 EUR 70.022 Caisse Francaise de 1.093 10/14/2051 EUR 69.085 Societe Generale SA 2.480 7/17/2040 USD 51.237 BNG Bank NV 0.632 7/12/2066 EUR 51.412 Societe Generale SA 3.300 7/8/2034 AUD 70.774 Landesbank Hessen-Th 0.800 2/26/2035 EUR 68.580 Region Wallonne Belg 1.135 10/10/2069 EUR 53.986 Getin Noble Bank SA 11.290 7/26/2024 PLN 34.875 Ministeries Van de V 0.634 11/19/2060 EUR 44.651 Batigere Grand Est S 1.600 11/14/2039 EUR 68.980 HOCHTIEF AG 2.300 4/26/2034 EUR 66.823 Societe Nationale SN 3.190 4/19/2041 AUD 73.337 Kommunekredit 2.200 9/27/2041 AUD 64.675 Basque Government 1.750 4/22/2050 EUR 69.564 Cattles Ltd 8.125 7/5/2017 GBP 0.027 Single Platform Inve 1.085 6/20/2050 EUR 57.561 State of Lower Austr 0.460 10/8/2049 EUR 54.675 Rosbank PJSC 0.030 4/30/2024 RUB 60.050 UkrLandFarming PLC 10.875 3/26/2018 USD 1.442 Agrokor dd 9.125 2/1/2020 EUR 15.000 New World Resources 4.000 10/7/2020 EUR 0.312 Region Wallonne Belg 1.150 9/2/2120 EUR 40.538 Zurcher Kantonalbank 12.000 2/16/2023 USD 62.150 Ukraine Government I 8.994 2/1/2026 USD 23.775 Region Provence-Alpe 0.753 1/5/2037 EUR 74.061 Kuntarahoitus Oyj 0.815 2/24/2061 EUR 63.715 Muenchener Hypotheke 0.550 2/18/2046 CHF 61.135 Hemso Fastighets AB 2.680 7/10/2035 AUD 65.709 CDC Habitat SEM 1.150 4/30/2037 EUR 67.954 United Kingdom Gilt 0.625 10/22/2050 GBP 51.418 Credit Suisse AG/Lon 9.000 3/23/2023 USD 59.070 City of Zurich Switz 0.400 11/21/2046 CHF 74.583 Single Platform Inve 0.785 3/20/2039 EUR 64.035 Sibur Securities DAC 3.450 9/23/2024 USD 57.671 Erste Group Bank AG 7.500 11/29/2024 EUR 59.950 Wirtschafts- und Inf 0.170 12/9/2041 EUR 63.534 Region Auvergne-Rhon 0.543 9/28/2036 EUR 71.371 Assistance Publique 1.665 4/10/2049 EUR 73.281 Free and Hanseatic 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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 * * *