/raid1/www/Hosts/bankrupt/TCREUR_Public/230130.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, January 30, 2023, Vol. 24, No. 22
Headlines
F R A N C E
OLYMPE SAS: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
TEREOS FINANCE I : Fitch Rates New EUR350MM Unsec. Notes 'BB-'
G E R M A N Y
ADLER PELZER: Moody's Affirms B3 CFR & Alters Outlook to Negative
REVOCAR 2021-2: Fitch Affirms 'BBsf' Rating on Class D Notes
G R E E C E
OPAP SA: S&P Upgrades Issuer Credit Rating to 'BB', Outlook Stable
I R E L A N D
HARVEST CLO XI: Fitch Affirms B+ Rating on Class F-R Notes
HAYFIN EMERALD XI: Fitch Assigns 'B-sf' Rating on Class F Notes
HAYFIN EMERALD XI: S&P Assigns B-(sf) Rating on Class F Notes
INTERNATIONAL HOUSE: Enters Liquidation, Hundreds Students Affected
OAK HILL VII: Fitch Affirms 'Bsf' Rating on F Notes, Outlook Stable
I T A L Y
ITALMATCH CHEMICALS: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
LIMACORPORATE SPA: Moody's Alters Outlook on 'B3' CFR to Stable
REKEEP SPA: S&P Affirms 'B' LT ICR & Alters Outlook to Negative
L U X E M B O U R G
AI CONVOY: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
S P A I N
TECPETROL INTERNACIONAL: Moody's Withdraws Caa1 Corp Family Rating
U N I T E D K I N G D O M
4 SEASONS BEER: Bought Out of Administration Via Pre-pack Deal
BLUESPOT FURNITURE: Enters Administration, PKF Seeks Buyer
FRESH LIME: Goes Into Liquidation After Hotel Project Abandoned
GKN HOLDINGS: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
INEOS ENTERPRISES: Fitch Puts 'BB-' LongTerm IDR on Watch Negative
STAELS DESIGN: Funding Issues Prompt Liquidation
VUE ENTERTAINMENT: S&P Assigns 'CCC+' LT ICR After Restructuring
[*] UK: Company Insolvencies Up 12% to 31,606 in 2022
X X X X X X X X
[*] BOND PRICING: For the Week January 23 to January 27, 2023
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F R A N C E
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OLYMPE SAS: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
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S&P Global Ratings affirmed its long-term issuer credit rating on
France-based premium bottle producer Olympe SAS (Saverglass) and
its ratings on the senior secured facilities at 'B'.
The stable outlook reflects S&P's view that Saverglass' liquidity
will remain adequate despite its expectation of negative FOCF
generation in the next 12 months.
While Saverglass' ongoing expansionary investments support EBITDA
growth, they continue to undermine its FOCF generation and material
deleveraging prospects. The group is expanding its production
capacity in Acatlan, Mexico. It is in the final stages of building
a second furnace, which should start operations in January 2023 and
double local production capacity. S&P understands that 95% of the
furnace's production is already backed by contracts. While
Saverglass' ongoing expansionary investments continue to support
revenue and EBITDA growth, they have hampered deleveraging and led
to negative S&P Global Ratings-adjusted FOCF for the past five
years.
S&P said, "We estimate a drop in EBITDA margins in 2022, followed
by a recovery in 2023. Some exceptional costs, together with
substantial input cost increases (energy, transportation, and wages
in the U.S. and Mexico) led to a material decline in the group's
adjusted EBITDA margins in 2022. We estimate EBITDA margins of
13.9% for 2022, down from about 18.4% in 2021 and 2020. Although
the group implemented price increases and surcharges, it incurred
about EUR23 million in exceptional costs (which we deduced from
EBITDA, per our criteria). In addition, the group was unable to
fully pass the input cost increases on to customers. The
exceptional costs mostly related to refinancing (about EUR12.5
million), as well as insurance reimbursements (EUR4.7 million),
assistance costs in Mexico (EUR2.5 million), and other costs
(EUR3.3 million). Although we expect Saverglass to also incur some
exceptional costs in 2023 (EUR7 million-EUR8 million; mainly
related to the new plant in Mexico), we think these will be far
lower than in 2022.
"We assess Saverglass' liquidity as adequate. The group's liquidity
improved following the completion of its debt refinancing in 2022.
Although Saverglass used most of its EUR70 million revolving credit
facility (RCF) to fund its working capital needs and the expansion
of its Mexican operations, it has an adequate cash balance and a
fully available EUR60 million capital expenditure (capex) facility.
The group's refinancing in February 2022 also lengthened the
maturity profile of its debt. We thereby reassess its liquidity as
adequate (from less than adequate).
"The stable outlook reflects our view that Saverglass' liquidity
will remain adequate, despite our expectation of negative fre FOCF
generation in the next 12 months.
"We could lower the rating if adjusted debt to EBITDA increased
sustainably above 7.0x while FOCF remains negative.
"We view an upgrade as unlikely in the near term because we think
Saverglass and its financial sponsor owner are unlikely to commit
to a more prudent financial policy, and will likely continue
prioritizing expansionary investments over debt repayments. That
said, we could take a positive rating action if FOCF generation
turned positive (on a sustainable basis) and the group and its
sponsor committed to a more prudent financial policy. An upgrade
would also require adjusted debt to EBITDA to remain at about 5.0x
and funds from operations (FFO) to debt to exceed 12% on a
sustainable basis."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our assessment. We view financial-sponsor-owned
companies with highly leveraged financial risk profiles, such as
Saverglass, as demonstrating corporate decision-making that
prioritizes the interests of the controlling owners, typically with
finite holding periods and a focus on maximizing shareholder
returns.
"Environmental factors are a neutral consideration in our credit
rating analysis of Saverglass. Glass production has a high carbon
footprint because of the energy-intensive nature of the process,
but we view glass recyclability as positive; although glass is not
biodegradable, it can be recycled repeatedly without loss of
quality. We also see the substitution risk from other substrates as
minimal in the wines and spirits market, which Saverglass serves."
TEREOS FINANCE I : Fitch Rates New EUR350MM Unsec. Notes 'BB-'
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Fitch Ratings has assigned Tereos Finance Groupe I SA's (FinCo)
senior unsecured new EUR350 million notes (guaranteed by Tereos
SCA) a final 'BB-' rating with a Recovery Rating of 'RR5'.
The final rating is in line with the expected rating that Fitch
assigned on 17 January 2023 and follows the pricing and receipt of
the final documentation of the new issue, which conforms to the
information already received.
The notes are issued by FinCo and the company plans to use the
proceeds mainly for debt-refinancing purposes. The notes are rated
in line with other senior unsecured debt that is currently
outstanding at FinCo, ie one notch below Tereos's 'BB' Issuer
Default Rating (IDR).
Tereos's 'BB' IDR reflects the sustainability of a large part of
the improvements achieved in leverage and profitability in the
financial year ending March 2022 (FY22), despite the likelihood of
currently high sugar, ethanol and starch prices normalising over
time.
Its conservative financial policy and its expectation of overall
neutral to positive free cash flow (FCF) over FY23-FY25 should
sustain leverage at levels that are consistent with the rating, as
underlined by the Stable Outlook.
KEY RATING DRIVERS
Weak Bond Recovery Prospects: The senior unsecured rating for
FinCo's outstanding EUR1.1 billion bonds and for the new EUR350
million issue is one notch below Tereos's IDR, reflecting their
structural subordination to prior-ranking debt at Tereos operating
entities (FY22: 2.6x consolidated EBITDA; 56% of total debt) and a
high share of secured debt in its total debt (39%). Tereos plans to
use most of the proceeds from the new bond to refinance EUR315
million notes due in June 2023. Consequently, Fitch expects the
debt structure to remain largely unchanged for the next four years.
Under its criteria this indicates lower recoveries for unsecured
debt raised by FinCo than secured debt.
Sustainable Profit Recovery: Fitch believes measures undertaken
over the past three years to strengthen its cost and revenue
structure will sustain a large part of its EBITDA recovery reported
in 2HFY22. The strong FY22 performance was supported by high sugar,
ethanol and starch sales prices, but better production efficiency,
a new beetroot formula and the change in strategy at the starch and
sweeteners business will provide considerable support when prices
normalise. Fitch assumes EBITDA should stabilise at around EUR550
million-EUR600 million over FY23-FY26.
Cost Structure Improvement: Tereos has addressed its rigid cost
structure with its agreement in 2020 with its members - who supply
beetroot in France - of a new formula for the calculation of beet
prices. This improved cost structure should help soften the impact
on its EBITDA from low market prices by allowing flexibility to
adjust input beetroot prices and hence avoid sharp swings in EBITDA
as happened in FY19 when it shrank to EUR274 million (from EUR580
million in FY18) and only partially recovered, in FY21, to EUR435
million.
Profits to Peak in FY23: Fitch expects profits to strengthen
further in FY23, on continuing high sugar prices for at least the
first part of 2023, with EBITDA of EUR750 million. Sugar and
ethanol prices have demonstrated high correlation with oil prices,
in connection with sugarcane being used to produce both sugar and
ethanol and due to ethanol's use as a competitively priced input to
be blended with gasoline. In Brazil (which accounts for around a
third of the company's profits), legislation passed in 2022
lowering the tax burden on ethanol will support higher prices for
its use as vehicles fuel.
Volatile Underlying Business: Fitch does not see the current level
of ethanol and sugar prices as sustainable and expect FY24 EBITDA
to be lower. Performance is vulnerable to weather events or pest
infestation, which may occasionally lead to lower crop volumes
available for processing by the company, such as in FY22 for the
Brazil procurement and for France in FY21 in connection to
jaundice. Price and volume movements can also lead to large
working-capital swings. As a result, the inherent volatility of
Tereos's business profile continues to constrain the rating.
Volatile FCF: In FY22 FCF was positive, but Fitch estimates this
was largely due to the positive effect of margin calls on gas
prices. In FY23, still high sales prices and higher processed
volumes due to normalising harvest in Brazil are likely to result
in an adverse working-capital swing and consequently negative FCF.
However, the strengthening of EBITDA and a more normalised profile
of working capital post-FY23 should allow FCF to return to positive
territory, despite capex remaining high at around EUR350
million-EUR400 million annually.
Sustainably Lower Leverage Profile: The strengthening of FFO and
proceeds from asset divestments allowed Tereos to substantially
reduce leverage to 2.9x on a readily marketable inventories
(RMI)-adjusted, FFO basis from a peak of around 7x in FY20-FY21.
Conservatively assuming a correction of EBITDA in the medium to
long term towards EUR550 million, due to climate, regulation or
price challenges, Fitch calculates that FFO-based RMI adjusted net
leverage should remain around 3.5x, leaving sufficient headroom
within the 'BB' IDR.
Conservative Financial Policy: Management has expressed its
commitment to further reducing net debt over FY23-FY24 from FYE22's
EUR2.4 billion (excluding factoring utilisation of slightly above
EUR200 million, which Fitch adds back to its debt calculation) to
EUR2 billion and to achieve a net debt/ EBITDA below 3.0x. This
target set by management since January 2021, which involves a focus
on organic growth over external expansion, has good support from
farmer members of the cooperative.
Strong Market Position: Tereos's business profile is commensurate
with the mid to high end of the 'BB' rating category through the
cycle. This reflects its large operational scope and strong
position in a commodity market with moderate long-term growth
prospects. Diversified production in the EU and Brazil, and a
presence in starches, sweeteners and protein products, reduce
reliance on sugar and ethanol operations. Flexibility to alternate
between sugar- and ethanol-processing, depending on market prices,
as well as a flexible pricing mechanism for beetroot procurement
agreed with its member farmers also supports profit-margin
resilience.
DERIVATION SUMMARY
Tereos's 'BB' IDR is respectively two and three notches below that
of larger and significantly more diversified commodity traders
Viterra Limited (BBB-/Positive) and Bunge Limited (BBB/Positive),
although they have lower EBITDA margins of around 5%, versus
Tereos's 12%.
Fitch rates Tereos at the same level as Andre Maggi Participacoes
S.A. (Amaggi; BB/Stable), an integrated agribusiness company based
in Brazil. Both companies have an asset-heavy business. Tereos has
now achieved higher EBITDA and enjoys better geographic
diversification in commodity sourcing while Amaggi is heavily
reliant on one region but trades in a wider number of commodities.
Fitch projects comparable leverage for the two companies.
Tereos has comparable scale with and is focused on few commodities
similarly to the profile that Kernel Holding S.A. (CC) had before
the invasion of Ukraine in February 2022. From FY23 Fitch expects
Tereos to retain similar leverage to the around 3x Fitch had
projected for Kernel. Compared with Tereos's ability to source raw
materials from Europe and Brazil, Kernel has more dependence on a
single source of supply, Ukraine.
Despite similar expectations for leverage and comparable product
concentration, Tereos is rated three notches above Aragvi Holding
International Limited (B/Positive), as it has greater business
scale, wider sourcing markets and less operating-environment risk,
as well as a heavier asset base and a longer record of operation.
KEY ASSUMPTIONS
- USD/EUR at 1.05 and USD/BRL at 5.1 over FY23-FY26
- Company's sales volumes to decline in low single digits per
year
in Europe and to recover in Brazil in proportion to
normalisation of sugarcane harvest in 2022 (which follows the
2021 contraction by 25% due to drought)
- International sugar price NY11 averaging at USD0.185/lb in
FY23,
USD0.16/lb in FY24, and then normalising at USD0.145/lb.
European
sugar prices for the company on average EUR650/tonne in FY23,
gradually reducing by EUR50/tonne a year towards EUR500/tonne
in
FY26
- Ethanol prices to remain fairly strong, supported by high
international oil prices and favourable legislation in Brazil,
albeit correcting in FY23 from their 2022 peak and gradually
declining
- Fitch-adjusted EBITDA margin of 12% in FY23 and conservatively
around 10.5%-11% over rating horizon as a result of high
correlation between Tereos's sale prices and input costs (gas
as energy input; beetroot in Europe). EBITDA peaking at EUR750
million in FY23 and then conservatively assumed at a
sustainable
level of EUR550 million through the remaining forecast horizon
- Annual capex of EUR390 million in FY23, reducing to EUR370
million in FY24 and then stable at EUR350 million to FY26
- Dividends paid to cooperative members of around EUR25 million
a year
- Asset divestments to yield EUR150 million proceeds over
FY23-FY24, which are applied to debt reduction; no material
M&A transactions over the next four years
- Credit lines used to finance operations are renewed
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Higher diversification of operations by sourcing and processing
region or by commodity
- Maintenance of EBITDA margin of at least 12% and EBITDA around
EUR900 million, reflecting increased scale and benefits of
vertical integration
- Maintenance of positive FCF of at least EUR100 million-EUR150
million, also due to strict financial discipline
- Consolidated (RMI-adjusted) FFO net leverage, or EBITDA net
leverage, consistently below 3x and (RMI adjusted) FFO interest
cover or EBITDA/net interest cover of at least 4.5x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Reduced financial flexibility as reflected in FFO interest
coverage (RMI-adjusted) falling permanently below 3.0x or an
inability to maintain adequate availability under committed
medium-term credit lines
- Consolidated FFO dropping below EUR500 million
- Consolidated (RMI-adjusted) FFO net leverage or EBITDA net
leverage above 4.0x on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Tereos's internal liquidity score remained
weak at 0.6x as of end-FY22 (defined as unrestricted cash plus RMI
plus accounts receivables divided by total current liabilities),
but the company has sufficient resources (cash and undrawn
committed lines) to service its short-term debt and due to strong
bank relations continues to renew its lines.
Liquidity is also supported by EUR580 million of undrawn committed
revolving credit facilities at end-FY22. This should be sufficient
to cover its expectation of cash flow absorption in FY23 from a
continued increase of working capital.
Bond Extends Maturity Profile: Tereos's maturity profile will be
extended after the planned refinancing of EUR315 million bond due
in June 2023 with the new EUR350 million issue, with the next
material debt repayment in 2025.
ISSUER PROFILE
Tereos is the world's second-largest sugar producer and
third-largest alcohol, ethanol and starch producer in Europe. It is
a cooperative with cooperative farmer shareholders based in France,
who provide the group with sugar-beet raw materials.
Entity/Debt Rating Recovery Prior
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Tereos Finance
Groupe I SA
senior
unsecured LT BB- New Rating RR5 BB-(EXP)
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G E R M A N Y
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ADLER PELZER: Moody's Affirms B3 CFR & Alters Outlook to Negative
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Moody's Investors Service has affirmed the B3 long term corporate
family rating and the B3-PD probability of default rating of German
auto parts supplier Adler Pelzer Holding GmbH. Moody's also
affirmed the B3 instrument ratings on the group's EUR350 million
and EUR75 million guaranteed senior secured notes due April 2024.
The outlook has been changed to negative from stable.
"The outlook change to negative was prompted by the pending
refinancing of Adler Pelzer's material short term debt and its
guaranteed senior secured bonds maturing in April 2024, while its
short-term liquidity continues to weaken and refinancing risks
persist", says Goetz Grossmann, a Moody's Vice President-Senior
Analyst and lead analyst for Adler Pelzer. "At the same time, the
affirmed B3 ratings reflect Moody's expectation that the group will
complete the refinancing over the next three months and, thereby,
improve its liquidity, while its operating performance should
improve and most credit metrics remain in line with Moody's
requirements for the affirmed rating" adds Mr. Grossmann.
RATINGS RATIONALE
The change in the outlook to negative from stable follows Adler
Pelzer's pending refinancing of its upcoming material short term
debt maturities and guaranteed senior secured notes due April 2024,
which Moody's expected the group to complete during 2022 or early
this year at the latest. As a result, the rating agency regards
Adler Pelzer's short-term liquidity now as weak, while a potential
further several months delay in the refinancing would prompt its
liquidity to become insufficient and, hence, further downward
pressure build on the affirmed B3 ratings over the next few months.
Moreover, considering the increased interest rate environment and
uncertainty regarding the new capital structure, which will likely
result in considerably higher interest costs, Moody's expects Adler
Pelzer's free cash flow (FCF) to weaken towards break-even, despite
an expected improving operating performance and EBITDA over the
next 12-18 months.
Moody's expects an acceleration in global car production in 2023 on
easing supply challenges that depressed production last year, as
well as additional compensation of recent material cost increases
from original equipment manufacturers (OEMs) to support Adler
Pelzer's profitability in 2023. Assuming broadly stable gross debt
after the planned refinancing, the group's Moody's adjusted
leverage should, therefore, remain at the lower end of the rating
agency's defined 4.5x-5.5x debt/EBITDA range for the B3 rating
category. Given projected higher interest costs following a
refinancing, however, Moody's expects Adler Pelzer's interest
coverage and FCF to weaken or stay at levels just in line with the
requirements for a B3 rating.
The affirmed B3 CFR further positively reflects the group's
position as a leading automotive supplier of products for noise,
vibration and harmonics (NVH) applications in light vehicles and
trucks; long-term and well-established relationships with a diverse
mix of OEMs; history of revenue growth in excess of global light
vehicle production; positive exposure to the trend towards
electrified vehicles; a sizeable EUR12.4 billion order book for the
period 2022-2031 as of September 2022; a general commitment of the
main shareholder to support the group, if needed.
Other factors constraining the rating relate to Adler Pelzer's
exposure to volatile commodity prices, which increased and could
not immediately be passed on to customers in 2022; exposure to the
cyclicality of the automotive industry, which has been facing
sluggish production growth on prolonged material shortages in 2022,
as well as challenges from tightening emission regulations and
rising investments in new drivetrain technologies; Moody's forecast
of slowing economic growth, high inflation and geopolitical risks,
potentially weighing on consumer sentiment this year; and limited
FCF generation due to growth investments and a likely materially
rising interest burden after the envisaged refinancing.
RATIONALE FOR THE NEGATIVE OUTLOOK
The negative outlook indicates negative rating pressure building
along Adler Pelzer potential inability to refinance its short-term
debt maturities over the next three months, while uncertainty
around the structure of the refinancing and associated future
financing costs persists. Furthermore, the negative outlook
reflects limited headroom for a weakening operating performance or
negative FCF generation.
LIQUIDITY
Adler Pelzer's liquidity profile is weak, reflecting its sizeable
debt maturities over the next 12-18 months, which need to be
refinanced in the next few months. The group's cash sources consist
mainly of EUR205 million cash and cash equivalents as of September
30, 2022, which remained fairly stable during 2022 thanks to
somewhat better-than-expected cash flow generation in an
environment of unstable demand, supply disruptions and cost
inflation. Assuming a successful refinancing and depending on the
final cost of debt, Moody's would expect Adler Pelzer's funds from
operations to only modestly increase towards EUR100 million over
the next 12-18 months. Together with the available cash on hand,
these funds are just sufficient to cover expected short term cash
needs, including around EUR90 million of capital spending
(including lease payments), minor working capital needs, around
EUR60 million of working cash to run the business (3% of revenues),
around EUR10 million expected annual dividend payments and short
debt maturities that will not be refinanced. In case of a prolonged
delay in the refinancing of the guaranteed senior secured bonds due
April 2024 beyond the next three months, the group's liquidity
would become insufficient.
Adler Pelzer needs comply with one financial covenant (net
leverage), under which Moody's expects it to maintain adequate
capacity.
ESG CONSIDERATIONS
In terms of governance, specifically risk management, the rating
action negatively incorporates the group's further postponed
refinancing, implying its liquidity to potentially erode to a weak
assessment by Moody's over the next three months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's would consider a downgrade of Adler Pelzer's ratings, if
(1) the group failed to refinance its outstanding debt over the
next three months, leading to further weakening liquidity
assessment, (2) its Moody's-adjusted EBITA margin decreased to
below 3%, (3) leverage exceeded 5.5x Moody's-adjusted debt/EBITDA,
(4) Moody's-adjusted interest coverage fell below 1.25x EBITA
interest expense, (5) Moody's-adjusted FCF turned sustainably
negative.
Moody's could upgrade the ratings, if Adler Pelzer's (1)
Moody's-adjusted EBITA margin returned to at least 4%, (2) leverage
reduced to below 4.5x Moody's-adjusted debt/EBITDA, (3) interest
coverage increased towards 2.0x (4) Moody's-adjusted FCF remained
positive, supporting consistent adequate liquidity.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.
COMPANY PROFILE
Adler Pelzer is a global automotive supplier, headquartered in
Hagen, Germany. The group is a global leader in the design,
engineering and manufacturing of acoustic and thermal components
and systems for light passenger vehicles and trucks.
Its largest product portfolio is for passenger compartments, and
includes floor trim, door shields, seals, and felt and foam
insulation parts. Adler Pelzer also produces panels and trims for
the engine compartment and the trunk. In the 12 months that ended
September 2022, the company generated revenue of EUR2 billion and
Moody's-adjusted EBITDA of EUR173 million. Adler Pelzer is a wholly
owned subsidiary of Adler Group S.p.A., owned by Adler Plastic
S.p.A. (71.93% share) and Japanese Hayashi Telempu Corporation,
which bought a 28.07% share in Adler Group S.p.A. from FSI SGR
S.p.A. in March 2022. Adler Plastic S.p.A. is owned by members of
the Scudieri family (a 35% direct stake), and the joint-venture
Global Automotive Interior Alliance (GAIA) with a 65% stake, of
which the family owns a 61.58% share and Hayashi Telempu
Corporation the remaining 38.42%.
REVOCAR 2021-2: Fitch Affirms 'BBsf' Rating on Class D Notes
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Fitch Ratings has upgraded RevoCar 2019-2 UG's (Haftungsbeshraenkt)
class D notes to 'BBB-sf' from 'BBsf' and affirmed the other
tranches. Fitch has also affirmed RevoCar 2020 UG and RevoCar
2021-2 UG (Haftungsbeschraenkt).
Entity/Debt Rating Prior
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RevoCar 2020
A XS2181028916 LT AAAsf Affirmed AAAsf
B XS2181029302 LT A+sf Affirmed A+sf
C XS2181029641 LT A-sf Affirmed A-sf
D XS2181030813 LT BBB-sf Affirmed BBB-sf
RevoCar2019-2 UG
(Haftungsbeschraenkt)
Class A XS2053516550 LT AAAsf Affirmed AAAsf
Class B XS2053516808 LT A+sf Affirmed A+sf
Class C XS2053516980 LT BBB+sf Affirmed BBB+sf
Class D XS2053517012 LT BBB-sf Upgrade BBsf
RevoCar 2021-2 UG
(haftungsbeschraenkt)
A XS2396099454 LT AAAsf Affirmed AAAsf
B XS2396101706 LT Asf Affirmed Asf
C XS2396108206 LT BBBsf Affirmed BBBsf
D XS2396117025 LT BBsf Affirmed BBsf
TRANSACTION SUMMARY
The transactions are securitisations of auto loan receivables
originated by non-captive Bank11 Privatkunden und Handel Gmbh. All
transactions are currently revolving. The transactions feature
standard amortising (EvoClassic) and balloon loans (EvoSmart).
Bank11 also originated an additional product called EvoSuperSmart
loans, which were balloon loans with special features. Bank11
discontinued originating these loans in 2021. For RevoCar 2020 and
2019-2, the share of EvoSuperSmart loans is either expected to be
completely replaced by standard balloon loans (EvoSmart) by the end
of the revolving period or have a minimal share of those loans in
the pools. The RevoCar 2021-2 transaction does not include any
EvoSuperSmart loans.
KEY RATING DRIVERS
Deteriorating Asset Outlook: Fitch expects the transactions to go
through a period of substantial economic stress due to the worsened
macroeconomic outlook in light of the ongoing Russia-Ukraine war
and the resulting supply and energy shocks, subjecting borrowers to
high inflationary pressure and declining real incomes. As a result,
Fitch expects the asset performance to deteriorate. However, Fitch
expects the shock to be smaller than the one Fitch expected during
the Covid-19 pandemic. Fitch believes that performance
deterioration will be moderate compared with its performance
deterioration expectation at the onset of pandemic.
Transaction Performance Better Than Expectations: All three
transactions have performed better than expected with low defaults
and high recovery rates as of the latest investor reporting.
Cumulative defaults for all three transactions are currently below
our base case assumptions. Consequently, Fitch lowered its default
expectations for RevoCar 2019-2 and 2021-2 to 1.6% from 2.2% and
1.9% respectively, aligning them with the assumptions applied for
RevoCar 2020 at the latest review.
The new default rate expectations include some buffer over the
observed defaults to reflect Fitch's expectation of deteriorating
asset outlook. The 'AAA' default multiples were increased to 7.0x
for both transactions to keep its 'AAA' default rates consistent,
in line with its rating approach. Additionally, Fitch increased its
recovery rate assumption for RevoCar 2019-2 to 45% from 40% based
on the actual reported recoveries and new recovery data reflecting
proceeds from non-performing loan sales, aligning the recovery rate
assumption with the other two transactions.
Higher Asset Yield Assumption: All three transactions are currently
revolving, with one year of the revolving period remaining for
RevoCar 2019-2 and RevoCar 2021-2 and 1.5 years for RevoCar 2020.
As of the latest reporting, asset yields of the transactions have
not substantially deviated from the asset yields as of closing.
Furthermore, Fitch expects to see some asset repricing to
materialise due to rising interest rates, so that new assets
purchased into the pool would have higher interest rates.
Therefore, Fitch deems the risk of portfolio yield falling to the
revolving period limit to be remote. A higher asset yield results
in higher available excess spread beneficial especially for the
junior notes.
Prepayments Exposed to Commingling Risk: All scheduled payments are
remitted to the issuer's accounts daily, but prepayments are
transferred monthly. A commingling reserve does not fully cover the
risk of commingling these collections for RevoCar 2020 and RevoCar
2021-2. Fitch incorporated potential losses by deducting the
exposed amount of 1.0% and 0.5% of the asset balance from the
receivables balance for the two transactions. The commingling risk
is sufficiently reduced by a reserve for RevoCar 2019-2.
Junior Notes' Payment Interruption Risk: An amortising liquidity
reserve is available for all three transactions to cover senior
expenses and class A interest payments. However, it is only
available in case of a servicer termination event, which is a
weaker set-up than for peer transactions. The reserve does not
cover interest payments on junior notes. This unmitigated payment
interruption risk results in a rating cap of 'A+sf' for junior
notes as per its criteria.
Counterparty Replacement Procedures Adequate: The servicer
continuity risks are adequately reduced with servicer replacement
conditions clearly defined. Account bank and swap counterparty
downgrade risks are adequately reduced with triggers and
replacement procedures in line with its criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Severe deterioration of the labour market in case of worse than
expected contraction of the German economy could exacerbate the
already stressed household financing and borrower affordability.
The worsening of supply shock and energy crunch could put
additional inflationary pressure on borrowers and weaken demand.
These factors might result in higher than expected defaults and
lower recoveries resulting in downgrades. RevoCar 2021-2's class D
notes are also sensitive to a reduction in the weighted average
life of the assets and reduced excess spread. Quicker amortisation
of assets combined with high prepayments and back-loaded defaults
could result in a downgrade of RevoCar 2021-2's class D notes.
RevoCar2019-2 UG
Default rate increased by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'
Default rate increased by 25%
Class A: 'AA+sf'; Class B: 'Asf'; Class C: 'BBBsf'; Class D:
'BB+sf'
Default rate increased by 50%
Class A: 'AAsf'; Class B: 'A-sf'; Class C: 'BBB-sf'; Class D:
'BB-sf'
Recovery rate reduced by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BBB-sf'
Recovery rate reduced by 25%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'
Recovery rate reduced by 50%
Class A: 'AA+sf'; Class B: 'Asf'; Class C: 'BBBsf'; Class D:
'BBsf'
Default rate increased by 10% and recovery rate reduced by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'
Default rate increased by 25% and recovery rate reduced by 25%
Class A: 'AA+sf'; Class B: 'A-sf'; Class C: 'BBB-sf'; Class D:
'BB-sf'
Default rate increased by 50% and recovery rate reduced by 50%
Class A: 'AA-sf'; Class B: 'BBBsf'; Class C: 'BBsf'; Class D:
'Bsf'
RevoCar 2020
Default rate increased by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'A-sf'; Class D:
'BBB-sf'
Default rate increased by 25%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'
Default rate increased by 50%
Class A: 'AA+sf'; Class B: 'Asf'; Class C: 'BBBsf'; Class D:
'BBsf'
Recovery rate reduced by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'A-sf'; Class D:
'BBB-sf'
Recovery rate reduced by 25%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'A-sf'; Class D:
'BBB-sf'
Recovery rate reduced by 50%
Class A: 'AA+sf'; Class B: 'Asf'; Class C: 'BBB+sf'; Class D:
'BB+sf'
Default rate increased by 10% and recovery rate reduced by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'A-sf'; Class D:
'BBB-sf'
Default rate increased by 25% and recovery rate reduced by 25%
Class A: 'AA+sf'; Class B: 'Asf'; Class C: 'BBB+sf'; Class D:
'BBsf'
Default rate increased by 50% and recovery rate reduced by 50%
Class A: 'AA-sf'; Class B: 'BBB+sf'; Class C: 'BBsf'; Class D:
'B+sf'
RevoCar 2021-2 UG
Default rate increased by 10%
Class A: 'AA+sf'; Class B: 'A-sf'; Class C: 'BBB-sf'; Class D:
'BB-sf'
Default rate increased by 25%
Class A: 'AA+sf'; Class B: 'BBB+sf'; Class C: 'BB+sf'; Class D:
'B+sf'
Default rate increased by 50%
Class A: 'AA-sf'; Class B: 'BBBsf'; Class C: 'BBsf'; Class D:
'Bsf'
Recovery rate reduced by 10%
Class A: 'AAAsf'; Class B: 'Asf'; Class C: 'BBBsf'; Class D:
'BB-sf'
Recovery rate reduced by 25%
Class A: 'AAAsf'; Class B: 'A-sf'; Class C: 'BBB-sf'; Class D:
'B+sf'
Recovery rate reduced by 50%
Class A: 'AA+sf'; Class B: 'BBB+sf'; Class C: 'BB+sf'; Class D:
'Bsf'
Default rate increased by 10% and recovery rate reduced by 10%
Class A: 'AA+sf'; Class B: 'A-sf'; Class C: 'BBB-sf'; Class D:
'B+sf'
Default rate increased by 25% and recovery rate reduced by 25%
Class A: 'AAsf'; Class B: 'BBB+sf'; Class C: 'BBsf'; Class D:
'Bsf'
Default rate increased by 50% and recovery rate reduced by 50%
Class A: 'A+sf'; Class B: 'BB+sf'; Class C: 'B+sf'; Class D:
'CCCsf'
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
The class A notes in all three transactions are at their maximum
achievable rating of 'AAAsf'. The ratings on all tranches below
class A are capped at 'A+sf' due to unmitigated payment
interruption risk. The class B notes of RevoCar 2019-2 and RevoCar
2020 are already at their maximum achievable rating of 'A+sf' due
to the cap.
If asset performance is better than its expectations it could
warrant an update of its assumptions and upgrades for all other
notes.
RevoCar2019-2 UG
Default rate reduced by 10% and recovery rate increased by 10%
Class A: 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'
Default rate reduced by 25% and recovery rate increased by 25%
Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'A-sf'
RevoCar 2020
Default rate reduced by 10% and recovery rate increased by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'
Default rate reduced by 25% and recovery rate increased by 25%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'A+sf'; Class D: 'Asf'
RevoCar 2021-2
Default rate reduced by 10% and recovery rate increased by 10%
Class A: 'AAAsf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'
Default rate reduced by 25% and recovery rate increased by 25%
Class A: 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'
DATA ADEQUACY
RevoCar 2020, RevoCar2019-2 UG (Haftungsbeschraenkt)
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
RevoCar 2021-2 UG (haftungsbeschraenkt)
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
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.
===========
G R E E C E
===========
OPAP SA: S&P Upgrades Issuer Credit Rating to 'BB', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings upgraded the issuer credit rating on Greek
gaming group OPAP S.A. to 'BB' from 'BB-'.
The stable outlook reflects S&P's expectation of a solid operating
performance over the next 12 months, adjusted leverage remaining
comfortably below 2x, and funds from operations (FFO) to debt above
45%.
On Jan. 26, S&P raised its rating on OPAP's parent Allwyn
International a.s. (Allwyn) to 'BB' from 'BB-', thanks to a
strengthened business profile with expansion into the U.K. and U.S.
markets, solid operating performance, and S&P's expectation that
S&P Global Ratings-adjusted leverage will decline toward 3.5x over
the next 12-24 months.
Since Oct. 13, 2020, OPAP's performance has benefitted from a sharp
drop in cash outflows related to gross gaming revenue (GGR) tax. In
2011, OPAP prepaid to extend its gaming license by 10 years to
October 2030. Then, in 2013, it agreed with the Greek government
that 80% of the payment should represent a prepayment of the GGR
taxes due during the extension period. This agreement was cleared
by the European Commission. The Greek government also agreed to
lock in the GGR tax rate for this 10-year period. Since 2020, when
the extension period began, OPAP pays GGR taxes of 30%--the rate at
the time of the agreement--but because of the prepayment, OPAP's
cash outflows are equivalent to a rate of 5%. Consequently, the
group reports materially higher operating cash flow. Over this
10-year period, S&P estimates that this tax treatment represents an
inflow of about EUR250 million per year.
As a result of the tax reduction, OPAP has seen an increase in
other income, which is captured in S&P Global Ratings-adjusted
EBITDA. S&P said, "In addition, we record a yearly accruing debt
adjustment, which represents the potential consideration that may
be owed to the Greek government when the agreement expires in 2030.
This potential settlement will depend on whether the tax benefits
enjoyed by OPAP while the agreement is in effect exceed the present
value of the carried prepaid tax benefit. While we include the
benefits flowing from the tax treatment in our base-case metrics
for OPAP over our forecast horizon, in our view, any change in the
agreement could result in a material change in financial
performance."
Online gaming is the fastest growing segment in the Greek market,
and its expansion accelerated amid the COVID-19 restrictions. The
online regulatory regime in Greece was implemented in 2021.
Currently, about 15 operators have obtained licenses from the
Hellenic Gaming Commission. The online segment represents about 25%
of OPAP's total sales (up from about 1% in 2019) and, together with
Stoiximan, OPAP holds about 50% of the market share (the top-five
players hold about 95%). S&P said, "Overall, we see room for
further online penetration, which is likely to support growth for
the group because online penetration is currently about 35%--lower
than more mature markets, such as the U.K. However, OPAP's online
license is not exclusive and is therefore exposed to competition
from global players, although the Greek market seems to have
relatively high barriers to entry given the high market
concentration and taxes (35% of GGR, compared with 21% in the U.K.,
for example). Meanwhile, in 2023, OPAP is set to launch its
exclusive iLottery Online, which is expected to expand the online
segment, although this could come at the expense of some of the
retail segment."
OPAP has demonstrated solid deleveraging to support the higher
rating and S&P expects strong earnings, cash flow, and credit
metrics over the next 12 months.In 2019, OPAP posted S&P Global
Ratings-adjusted leverage of 2.7x, which rose to 4.1x in 2020
because of the COVID-19 pandemic. Since then, it deleveraged back
to 2.0x in 2021, and S&P expects adjusted leverage to decline
further to 1.2x by year-end 2022.
S&P said, "Under our 2023 base-case forecast for a shallow
recession, we expect OPAP will continue to generate healthy free
operating cash flow (FOCF) of between EUR500 million-EUR550
million. This should allow the group to flexibly complete planned
shareholder distributions without adding leverage. We expect OPAP
will fund its future growth initiatives and shareholder returns
using internally generated cash. Our base-case forecast does not
assume that the group makes any material leveraging acquisitions,
and we believe our forecast leverage of 1x-1.5x provides the group
with a moderate cushion relative to our 3x threshold at the 'BB'
rating, which further supports the one-notch upgrade. In our view,
OPAP has a conservative financial policy with respect to leverage,
indicating that it intends to maintain its long-term reported net
leverage below 2.0x. Over the past 12 months, OPAP has continued to
maintain leverage well below its target range, despite returning
close to EUR500 million to shareholders through dividends
throughout 2022.
"OPAP and the gaming industry may experience more volatile
performance over the near term because of macroeconomic
uncertainty. We project that inflation will remain elevated well
into 2023 and expect an overall economic slowdown to persist
through 2023. We acknowledge a degree of risk related to unforeseen
decline in OPAP's performance that could arise from a decrease in
activity and increased competition. However, OPAP has historically
demonstrated resilience in other macroeconomic downturns given the
low-ticket nature of the business.
"The upgrade mirrors the rating action on OPAP's majority
shareholder, Allwyn, which stems from a strengthening business risk
profile and solid projected credit metrics. The ratings on OPAP are
capped at the level of the group credit profile of Allwyn, its
controlling shareholder with about 50.1% of issued share capital.
Our assessment of OPAP's stand-alone credit profile (SACP) is
'bb+'. Despite its sizable free float, we do not see OPAP as
insulated from Allwyn, given Allwyn's controlling majority
shareholding position and that no shareholder other than
Allwyn-controlled entities owns more than 5% of OPAP's capital.
Allwyn relies heavily on OPAP's cash flow, consolidates OPAP into
its own audited accounts (based on its controlling position), and
nominates representation to OPAP's board of directors. This
constrains our long-term issuer credit rating on OPAP by one notch
to 'BB'.
"The stable outlook reflects our expectation of a solid operating
performance over the next 12 months, S&P Global Ratings-adjusted
leverage remaining comfortably below 2x, and FFO to debt above 45%.
Additionally, we would expect the group to generate substantial
free cash flows and maintain adequate liquidity and a conservative
financial policy, which includes no increased leverage from
shareholder remuneration."
S&P could lower its rating on OPAP within the next year if:
-- Allwyn's credit metrics weaken materially beyond our base case,
such that its adjusted weighted average leverage remains above 4x
or its FFO to debt is below 20% on a sustainable basis;
-- OPAP underperforms our forecast leading us to conclude that its
competitive position is eroding, resulting in contracting
profitability, such that its adjusted leverage is over 3x and FOCF
to debt is below 25%;
-- Liquidity deteriorates at either company because of declining
cash flow generation or, in the case of Allwyn, a decline in cash
inflow receipts at the holding company level; or
-- OPAP's financial policies unexpectedly become more aggressive,
such that the group decides to fund shareholder rewards or material
acquisitions with debt.
S&P said, "We consider an upgrade unlikely in the next 12 months.
However, we could upgrade OPAP if we were to upgrade parent company
Allwyn, and if OPAP's SACP remained at least 'bb+'. Our SACP for
OPAP is underpinned by our forecast for an improving earnings
profile, decreasing leverage, sound market and competitive
positions, and growing online operations. Our sovereign rating on
Greece is 'BB+/Stable', so our current rating on OPAP is not higher
than the sovereign."
ESG credit indicators: E-2, S-3, G-3
S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of OPAP. Like most gaming companies,
OPAP is exposed to regulatory and social risks and the associated
costs related to increasing player health and safety measures,
prevention of money laundering, and changes to gaming taxes and
laws. Also, OPAP is predominately exposed to a single market,
Greece.
"Governance factors are a moderately negative consideration in our
credit ratings analysis of OPAP. Allwyn owns over 50% of the group
and, combined with board and management representation, this gives
it control over OPAP. Allwyn can therefore materially influence key
strategic decisions for the group, including dividend policy."
=============
I R E L A N D
=============
HARVEST CLO XI: Fitch Affirms B+ Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has revised Harvest CLO XI DAC's Outlook to Stable
from Positive, except for the class A notes. The Outlook on the
class A remains Stable. All ratings have been affirmed.
Entity/Debt Rating Prior
----------- ------ -----
Harvest CLO XI DAC
A-RR XS2339929098 LT AAAsf Affirmed AAAsf
B-1-R XS1627782185 LT AA+sf Affirmed AA+sf
B-2-R XS1627782342 LT AA+sf Affirmed AA+sf
B-3-R XS1629312296 LT AA+sf Affirmed AA+sf
C-R XS1627782425 LT A+sf Affirmed A+sf
D-R XS1627781963 LT BBB+sf Affirmed BBB+sf
E-R XS1627782268 LT BB+sf Affirmed BB+sf
F-R XS1627782003 LT B+sf Affirmed B+sf
TRANSACTION SUMMARY
Harvest CLO XI DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is actively managed by
Investcorp Credit Management EU Limited and exited its reinvestment
period in June 2021.
KEY RATING DRIVERS
Transaction Outside Reinvestment Period: Although the transaction
exited its reinvestment period in June 2021, the manager can
reinvest unscheduled principal proceeds and sale proceeds from
credit-risk obligations, subject to compliance with the
reinvestment criteria. Given the manager's ability to reinvest,
Fitch's analysis is based on a stressed portfolio testing
Fitch-calculated weighted average life (WAL), Fitch-calculated
weighted average rating factor (WARF), Fitch-calculated weighted
average recovery rate (WARR), weighted average spread (WAS) and
fixed-rate asset share to their covenanted limits.
As of 15 December 2022, the senior notes have paid down
approximatively EUR2.7 million since the end of the reinvestment
period and the principal cash balance currently stands at EUR5.94
million.
Limited Deleveraging Prospects: The Outlook revision to Stable
reflects the macroeconomic challenges the underlying assets
currently face and limited deleveraging prospects as long as the
deal can still reinvest.
Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing all coverage,
collateral-quality tests and portfolio-profile tests that have a
bearing on Fitch's rating analysis. Exposure to assets with a
Fitch-derived rating (FDR) of 'CCC+' and below is 3.52%, excluding
non-rated assets, as calculated by Fitch.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction obligors at 'B'/'B-'. The reported WARF of the
current portfolio was 32.67 as of 15 December 2022, against a
covenanted maximum of 33. The Fitch-calculated WARF under its
latest CLO criteria is 24.48.
High Recovery Expectations: Senior secured obligations comprise 99%
of the portfolio as calculated by the trustee. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
WARR reported by the trustee for the current portfolio was at 61.6%
as of 15 December 2022, which compares favourably with the
covenanted minimum of 60.9%. The Fitch-calculated WARR under its
latest CLO criteria is 63.5%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 18.01%, as calculated by Fitch, and no single
obligor represents more than 2.91% of the portfolio balance, as
reported by the trustee.
Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.
Deviation from Model-implied Ratings: The class B, D and F notes'
rating are lower than their model-implied ratings (MIR) by one
notch. The deviation reflects the limited default-rate cushion at
the MIRs given current economic uncertainty. In addition, the
transaction is exposed to refinancing risk in the underlying
portfolio with around 10% of the portfolio scheduled to mature in
2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would result in downgrades of no more than
one notch for the class B and C notes, three notches for class E
and at 'CCCsf' or below for class F.
Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B and E notes display a rating
cushion of one notch, and class D and F of two notches.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the rated notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than four notches across the structure, apart
from the 'AAAsf' class A notes.
Upgrades, except for the class A notes, may occur on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
HAYFIN EMERALD XI: Fitch Assigns 'B-sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO XI DAC's notes final
ratings.
Entity/Debt Rating
----------- ------
Hayfin Emerald CLO XI DAC
A XS2543290964 LT AAAsf New Rating
B-1 XS2543291343 LT AAsf New Rating
B-2 XS2543291699 LT AAsf New Rating
C XS2543291855 LT Asf New Rating
D XS2543292077 LT BBB-sf New Rating
E XS2543292234 LT BB-sf New Rating
F XS2543292408 LT B-sf New Rating
Subordinated Notes
XS2543292663 LT NRsf New Rating
TRANSACTION SUMMARY
Hayfin Emerald CLO XI is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
are being used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Hayfin Emerald
Management LLP. The collateralised loan obligation (CLO) has an
approximately three-year reinvestment period and a 7.5-year
weighted average life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.07.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.4%.
Diversified Asset Portfolio (Positive): The transaction has two
matrices effective at closing corresponding to the 10-largest
obligors at 22% of the portfolio balance and two fixed-rate asset
limits at 7.5% and 15% of the portfolio. There are two forward
matrices corresponding to the same top 10 obligors and fixed-rate
assets limits that will be effective one year post closing,
provided that the collateral principal amount (defaults at
Fitch-calculated collateral value) is at least at the reinvestment
target par balance.
Portfolio Management (Neutral): The transaction has a three-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio analysis was reduced by 12 months. This is
to account for the strict reinvestment conditions envisaged after
the reinvestment period. These conditions include passing the
coverage tests and the Fitch 'CCC' maximum limit and a WAL covenant
that progressively steps down over time, the latter both before and
after the end of the reinvestment period. The conditions would, in
Fitch's opinion, reduce the effective risk horizon of the portfolio
during the stress period.
Class F Delayed Issuance (Neutral): In Fitch's view, the sale of
the F tranche would reduce available excess spread by the class F
interest amount to cure the reinvestment over-collateralisation
test. Consequently, Fitch has modelled the deal assuming the
tranche is issued on the issue date at the maximum spread to
reflect the maximum stress the transaction could withstand if that
occurs.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes and would lead to a downgrade of one notch each for the class
C and D notes, two notches for the class E notes and a downgrade to
'CCCsf' or below for the class F notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the stressed-case portfolio, the class B, D and E notes display a
rating cushion of two notches and the class C and F notes a
one-notch rating cushion. Should the cushion between the identified
portfolio and the stressed-case portfolio be eroded either due to
manager trading or negative portfolio credit migration, a 25%
increase of the mean RDR across all ratings and a 25% decrease of
the RRR across all ratings of the stressed-case portfolio would
lead to downgrades of up to four notches for the rated notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the stressed-case
portfolio would lead to an upgrade of up to three notches for the
rated notes, except for the 'AAAsf' rated notes.
During the reinvestment period, based on the stressed-case
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period, upgrades
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
HAYFIN EMERALD XI: S&P Assigns B-(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Hayfin Emerald
CLO XI DAC's class A, B-1, B-2, C, D, E, and F notes. At closing,
the issuer also issued unrated subordinated notes.
The class F notes is a delayed draw tranche. It is unfunded at
closing and has a maximum notional amount of EUR14.0 million and a
maximum spread of three/six-month Euro Interbank Offered Rate
(EURIBOR) plus 10%. The class F notes can only be issued once and
only during the reinvestment period for the full EUR14.0 million
amount. The issuer used the full proceeds received from the
issuance of the class F notes to redeem the subordinated notes. At
issuance, the class F notes' spread can be lowered subject to
rating agency confirmation.
Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.
The portfolio's reinvestment period will end on Jan. 25, 2026.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
Portfolio Benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2779.90
Default rate dispersion 530.65
Weighted-average life (years) 4.63
Obligor diversity measure 101.78
Industry diversity measure 20.34
Regional diversity measure 1.16
Transaction Key Metrics
CURRENT
Total par amount (mil. EUR) 400.0
Defaulted assets (mil. EUR) 0.0
Number of performing obligors 120
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.0
'AAA' weighted-average recovery (%) 36.06
Covenanted weighted-average spread (%) 3.80
Reference weighted-average coupon (%) 3.25
Rating rationale
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio is 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 target par
amount, the covenanted weighted-average spread of 3.80%, the
reference weighted-average coupon of 3.25%, and the rating-specific
recovery rates for the rated notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria at the time of assigning
final ratings.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk is
limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.
"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our ratings on the notes.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for class A,
B-1, B-2, 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 F 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)
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: electrical utility
under certain conditions; oil and gas producer under certain
conditions; one whose revenues are more than 25% derived from
production of opioids, banned hazardous chemicals and pesticides or
food commodity derivatives industry or soft commodity trading; one
whose revenues are more than 20% derived from services to private
prisons; one whose revenues are more than 15% derived from oil
exploration; storage facilities or storage services for oil,
pipelines, or infrastructure for the use in the oil life cycle;
equipment or infrastructure intended for use in oil extraction; one
whose revenues are more than 10% derived from manufacturing of
civilian firearms or palm oil; one whose revenues are more than 5%
derived from pornographic or prostitution, tobacco and
tobacco-related products, gambling, unconventional extraction of
oil and gas, or thermal coal production; United Nations Global
Compact Ten Principles violations; payday lending; endangered
wildlife; weapons of mass destruction or controversial weapons;
fossil fuels; and illegal drugs. 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* 2.08 2.13 2.84
E-1/S-1/G-1 distribution (%) 0.75 0.25 0.00
E-2/S-2/G-2 distribution (%) 80.50 79.75 20.75
E-3/S-3/G-3 distribution (%) 8.25 7.00 65.00
E-4/S-4/G-4 distribution (%) 0.00 2.50 1.25
E-5/S-5/G-5 distribution (%) 0.00 0.00 2.50
Unmatched obligor (%) 10.50 10.50 10.50
Unidentified asset (%) 0.00 0.00 0.00
*Only includes matched obligor
Ratings List
CLASS RATING AMOUNT SUB (%) INTEREST RATE*
(MIL. EUR)
A AAA (sf) 242.80 39.30 3M EURIBOR + 2.00%
B-1 AA (sf) 22.80 31.10 3M EURIBOR + 3.65%
B-2 AA (sf) 10.00 31.10 7.00%
C A (sf) 23.60 25.20 3M EURIBOR + 4.11%
D BBB- (sf) 26.80 18.50 3M EURIBOR + 6.26%
E BB- (sf) 16.80 14.30 3M EURIBOR + 8.12%
F B- (sf) 14.00 10.80 3M EURIBOR + 10.00%
Sub. NR 37.30 N/A N/A
*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
3M--Three month.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
INTERNATIONAL HOUSE: Enters Liquidation, Hundreds Students Affected
-------------------------------------------------------------------
Michael Malone at Galway Daily reports that the liquidation of
International House Galway has been described as "deeply
concerning" as hundreds of students are affected by the school's
sudden closure.
The English language academy in Galway city formed part of a
network of over 150 schools across the world under the umbrella of
the International House.
It is understood that all enrolled students are to be relocated to
begin their studies in February, Galway Daily states.
But the Irish Council for International Students (ICOS) says
questions remain over what will happen to students who have paid
money to the school, but have yet to arrive in Ireland, Galway
Daily notes.
According to Galway Daily, speaking about the closure, Laura
Harmon, Executive Director of ICOS, said the closure is a cause for
concern, particularly, when the school was still advertising
courses on their social media as recently as two weeks ago.
"While ICOS welcomes the assurances that enrolled students will be
re-located to a new school, we are concerned that learners who have
paid money to the International House, and have yet to arrive, will
lose out financially," Galway Daily quotes Ms. Harmon as saying.
"ICOS is calling on the government to urgently implement the
International Education Mark (IEM) and ensure that all measures are
taken to safeguard international students' investment in their
education, including mandatory use of escrow accounts."
OAK HILL VII: Fitch Affirms 'Bsf' Rating on F Notes, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Oak Hill European Credit Partners VII
DAC's class B-R and C notes, while affirming the rest.
Entity/Debt Rating Prior
----------- ------ -----
Oak Hill European
Credit Partners
VII DAC
A-R XS2330054953 LT AAAsf Affirmed AAAsf
B-R XS2331736574 LT AA+sf Upgrade AAsf
C XS1843457224 LT A+sf Upgraded Asf
D XS1843456689 LT BBBsf Affirmed BBBsf
E XS1843456093 LT BBsf Affirmed BBsf
F XS1843455871 LT Bsf Affirmed Bsf
TRANSACTION SUMMARY
Oak Hill European Credit Partners VII DAC is a securitisation of
mainly senior secured loans (at least 90%) with a component of
senior unsecured, mezzanine, and second-lien loans. The transaction
is managed by Oak Hill Advisors (Europe), LLP and will exit its
reinvestment period on 20 April 2023.
KEY RATING DRIVERS
Reinvestment Period Near Close: Following the expiry of the
reinvestment period, the manager can still reinvest unscheduled
principal proceeds and sale proceeds from credit-improved and
credit-risk obligations as long as the reinvestment criteria are
satisfied.
Fitch believes that the manager will be able to reinvest post
reinvestment period and as such has analysed the transaction's
matrices based on the top 10 obligor limit of 16% with 0% and 10%
fixed-rate assets since Fitch viewed these as the most rating
relevant among the four matrices in the transaction. Fitch has
applied a haircut of 1.5% to the weighted average recovery rate
(WARR) covenant in the matrices to reflect the old recovery rate
definition in the transaction documents, which can result in an
average of a 1.5% inflation of the WARR relative to Fitch's latest
CLO criteria.
Stable Outlook: The Stable Outlooks reflect the sizeable cushion
based on the current portfolio at the current ratings but also its
expectation that deleveraging will be constrained by the
transaction's ability to still reinvest and by the limited maturity
of assets in the next 18 months. The rating actions reflect the
shortened weighted average life covenant since the last review in
February 2022 and the stable performance of the transaction, as
well as the limited imminent refinancing risk of the portfolio,
with no assets maturing in 2023 and less than 6% of maturing by
end-2024.
Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing all the tests
(collateral-quality, coverage and portfolio-profile tests).
Exposure to assets with Fitch-derived ratings of 'CCC+' and below
is 4.09%, as calculated by the trustee.
High Recovery Expectations: Senior secured obligations comprise
99.5% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated WARR of the current
portfolio as reported by the trustee was 67.5%, which is above the
minimum covenanted WARR of 63.8%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 12.6% of the portfolio balance and no obligor
represents more than 1.6% as reported by the trustee.
Cashflow Modelling: Fitch used a customised proprietary cash-flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par- value and interest-coverage
tests.
Deviation from Model-implied Ratings: The class D and E notes'
rating are lower than their model-implied ratings (MIR) by one
notch. The deviation reflects current economic uncertainty, limited
default- rate cushion at the MIRs based on the Fitch-stressed
portfolio, and that the transaction is yet to deleverage.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
based on the current portfolio would result in downgrades of two
notches to the class E and F notes, and no impact on the remaining
classes.
Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B
and E notes display a rating cushion of one notch, the class D two
notches, and the class F three notches, while the class A and C
have no rating cushion.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
five notches for the rated notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch stressed portfolio would result in
upgrades of up to four notches across the notes except for class A
and C. Upgrades for the aforementioned classes may occur on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
=========
I T A L Y
=========
ITALMATCH CHEMICALS: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Italmatch Chemicals S.p.A. a first-time
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook. The agency also assigned an expected senior secured
rating of 'B(EXP)' to Italmatch's proposed five-year EUR700 million
notes, evenly split between fixed and floating rates. The Recovery
Rating is 'RR4'.
The proceeds of the notes will refinance the company's existing
EUR650 million notes maturing in 2024 and pay issuance-related
fees. The issuance will also automatically extend the maturity of
Italmatch's revolving credit facility (RCF), currently due in May
2024, to 2027. The assignment of final ratings is contingent on the
placement of the notes with final documents materially conforming
with the information received by Fitch during the rating process,
and the completion of the capital injection.
The Long-term IDR reflects Italmatch's high leverage, although
Fitch expects EBITDA gross leverage to drop below 6x by 2025 from
8.4x in 2021 and EBITDA net leverage to moderate to below 5x by
2025 (8x in 2021) due to strong EBITDA growth and an upcoming
capital injection. The ratings also capture Italmatch's robust
business profile as a diversified specialty chemical producer with
leading position in niche markets that require a good understanding
of complex chemistries.
KEY RATING DRIVERS
Diversified Specialty Company: Italmatch's differentiated product
offering secures long-term relationships with a variety of large
customers, and enables stable margins. It benefits from deep
knowledge of phosphorus chemistries to address different
end-markets such as industrial and municipal water treatment,
plastics or lubricants manufacturing, oil drilling or personal care
ingredients. Its industrial footprint is spread out between Europe,
north America and Asia with flexible plants capable of producing
various product ranges.
Italmatch remains dependent on few suppliers of elemental
phosphorus, but its strategy to increase safety stocks in 2022 has
allowed it to increase its margins and gain market share over
smaller competitors.
Improving but High Leverage: The expected capital injection of
EUR100 million by the Saudi Arabian Industrial Investments Company
(DUSSUR) will rebase Italmatch's leverage at a lower level and
allow it to repay its RCF. However, as Fitch expects prices to
moderate in 2023-2026, Fitch forecasts EBITDA gross leverage to
increase to 6.6x in 2023 from 5.2x in 2022, and to average 6.1x in
2023-2026. Fitch expect EBITDA net leverage to drop below 5x by
2025 from 8x in 2021. The high leverage will result in relatively
low EBITDA interest coverage below 2x in its rating case. Fitch
expects cash to build up from 2023, which could be used for
EBITDA-accretive acquisitions or greenfield projects, thereby
improving credit profile.
Reliable and Innovative Supplier: Italmatch demonstrated its
pricing power in 2022 as it navigated a severe shortage and cost
inflation of raw materials, resulting in a 68% increase of EBITDA
to EUR155 million in its forecast. This was supported by its
differentiated offering, new product launches and its ability to
secure key raw material by building up inventories, when
competitors suffered shortages. While Fitch believes that raw
material cost deflation and reduced product scarcity will lower
prices, Fitch expects Italmatch's pricing power and new products to
result in higher prices than in 2018-2021. Italmatch's products
usually account for a small portion of the cost of its customers'
products, but are critical to their performance or for the
maintenance of equipment.
Firm Market Growth Prospects: Fitch assumes stable sales volumes in
2023 due to the weak economic environment, followed by
mid-single-digit increases annually from 2024 as Italmatch benefits
from expanded capacity and favourable medium-term drivers. Demand
for water additives will benefit from a focus on the efficient use
and re-use of water. Efficiency concerns and growth opportunities
in the wind turbine industry should support lubricant additives
sales.
Further, Fitch expects health and safety considerations to increase
the penetration of Italmatch's halogen-free flame retardants, while
its personal care additives will benefit from resilient demand. The
oil and gas sector, and specifically fracking, is also an important
market for Italmatch, but also the most volatile source of demand.
Positive Cash Generation: Fitch expects Italmatch to generate
positive free cash flow (FCF) over 2023-2026 on structurally higher
EBITDA and moderate capex at 3-4% of sales following rapid external
growth and greenfield projects over the last five years. This will
help mitigate the impact of an increased interest burden. Positive
FCF will lead to a cash build-up that could fund expansion plans
while limiting the use of incremental debt.
Middle East Opportunity: The entry of DUSSUR as minority
shareholder in Italmatch provides development opportunity in the
Middle East, a key market for additives used in desalination, oil
and gas applications or geothermal energy. Italmatch already has
regional presence in the form of joint ventures, but could increase
its penetration or consider greenfield projects. Even though Fitch
expects Italmatch to continue considering acquisitions
opportunistically, Fitch believes the new partnership could shift
the direction to organic capacity expansion.
Barriers to Entry: The products Italmatch offers are niche and with
few competitors. Fitch views high barriers to entry to Italmatch's
leading positions in these niche markets, as the company
specialises in products with differentiated or bespoke properties,
or that are key in the manufacturing process of a final product.
Italmatch works alongside many of its customers to develop bespoke
products to meet customers' specifications, creating a longstanding
relationship with them.
DERIVATION SUMMARY
Compared with pure specialty chemical manufacturer Nouryon Holding
B.V. (B+/Stable), Italmatch is significantly smaller, less
diversified, has lower profit margins and more cash flow
volatility. Fitch expects Nouryon to deleverage faster than
Italmatch.
Root Bidco S.a.r.l. (Rovensa, B/Stable) has similar scale and focus
on specialty solutions as Italmatch and a diversified industrial
footprint. While Rovensa has less diversified end-markets, the
specialty crop nutrition industry growth is stronger than
Italmatch's markets, and more resilient.
Nobian Holdings 2 B.V. (B/Stable) is a commodity producer with
larger scale, deeper vertical integration and margins. However,
Italmatch is more diversified and has lower leverage.
Lune Holdings S.a r.l. (Kem One, B/Stable) is also a
vertically-integrated commodity producer. It is significantly less
leveraged than Italmatch but its diversification is weaker and its
cash flows are more volatile.
KEY ASSUMPTIONS
- Steady volumes sold in 2022 and 2023, before growing 5% in 2024,
4% in 2025 and 3% in 2026
- Average selling prices to fall 13% in 2023 and fairly stable to
2026, after growing 40% in 2022
- EBITDA margin decreasing to about 16% in 2023-2026 from 18% in
2022
- Capex at 3-4% of sales to 2026
- No dividends or M&A to 2026
Recovery Analysis Assumptions
The recovery analysis assumes that Italmatch would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated.
Its GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV). The GC EBITDA of EUR100 million reflects
a weak macro environment negatively affecting volumes in key
cyclical end-markets such as oil and gas, a competitive environment
driving prices lower, and moderate corrective actions.
Fitch uses a multiple of 5x to estimate a GC EV for Italmatch
because of its focus on specialty chemicals that translate into
moderate volume and margin volatility. It also captures the
company's diversified business profile and modest scale.
Fitch assumes its RCF to be fully drawn and to rank super senior,
along with debt at the operating entities, to senior secured
notes.
After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) for
the senior secured instruments in the 'RR4' band, indicating an
expected 'B(EXP)' instrument rating. The WGRC output percentage on
current metrics and assumptions was 40%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDA gross leverage below 4x on a sustained basis
- EBITDA interest coverage above 3x on a sustained basis
- A material increase in scale through entry in new markets or
expansion of market share
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA gross leverage above 6x on a sustained basis
- EBITDA interest coverage below 1.5x on a sustained basis
- Weakening pricing power negatively affecting margins at times of
raw material cost inflation
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: As at 30 September 2022, Italmatch
maintained liquidity of approximately EUR71 million, consisting of
EUR31 million of cash and about EUR40 million of its undrawn
revolver. Fitch expects Italmatch to generate positive FCF over
2023-2026.
Refinancing its notes and revolving credit line, an EUR100 million
equity injection from DUSSUR, an undrawn EUR107 million RCF and
excess cash will provide significant liquidity while pushing
maturities out to 2027-2028.
ISSUER PROFILE
Italmatch is a producer of specialty chemicals used in various
applications such as water treatment, lubricants or flame
retardants.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch reclassified EUR6.9 million lease liabilities from financial
liabilities to other liabilities, and deducted EUR4.4 million
depreciation of right-of-use assets and EUR0.4 million
lease-related interest expense from EBITDA.
Fitch added EUR56.8 million factoring to accounts receivables and
short-term financial debt.
Fitch added EUR10.2 million amortised issuance costs to financial
debt.
Fitch added back EUR8.7 million non-recurring costs to EBITDA and
funds from operations.
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
----------- ------ --------
Italmatch Chemicals
S.p.A. LT IDR B(EXP) Expected Rating
senior secured LT B(EXP) Expected Rating RR4
LIMACORPORATE SPA: Moody's Alters Outlook on 'B3' CFR to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of Limacorporate
S.p.A. Moody's has also affirmed the B3 instrument rating of the
EUR295 million backed senior secured floating rate notes (FRNs) due
2028. The outlook on all ratings has changed to stable from
negative. Moody's will withdraw the instrument ratings of the
existing B3-rated EUR275 million backed senior secured FRNs and
Ba3-rated EUR60 million backed senior secured revolving credit
facility (RCF), both due in 2023, at redemption.
RATINGS RATIONALE
The change in outlook to stable primarily reflects the successful
placing of the EUR295 million of backed senior secured FRNs to
refinance the backed senior secured debts due in 2023. This in turn
has improved the company's liquidity because LimaCorporate will now
have access to a multi-year RCF which will be partially drawn at
closing, and long-dated maturities. The previous negative outlook
reflected the heightened refinance risk associated with these
maturities. The company's financial strategy and risk management
policies, including liquidity management, which has now improved,
is considered a governance risk under Moody's ESG framework. The
EUR48 million equity injection from the company's shareholders to
support the refinancing is also credit positive.
The rating affirmation considers the company's continued improved
operating performance, which the rating agency expects will
continue over the next 12-18 months, following a sharp decrease in
earnings in 2020 because of the coronavirus pandemic. Moody's
expects the company's Moody's-adjusted gross leverage to decline
below 5.5x over the same period driven by a continued recovery in
trading, and market penetration of the company's latest
technologies.
The rating agency continues to expect limited Moody's-adjusted free
cash flow (FCF) generation over the next 12-18 months, driven
mainly by Moody's expectations of continued high capital spending
and higher interest payments related to the refinancing. The rating
agency forecasts that LimaCorporate's Moody's-adjusted FCF will
trend around the break-even level over the period.
RATING OUTLOOK
The stable outlook reflects Moody's expectations that the company's
operating performance remains good over the next 12-18 months with
Moody's-adjusted gross leverage declining below 5.5x, and continued
adequate liquidity. It also reflects the extension of
LimaCorporates's debt maturity profile.
LIQUIDITY PROFILE
Pro forma the refinancing, LimaCorporate's liquidity is adequate,
supported by cash balances of EUR13 million and access to the new
EUR65 million RCF which is EUR12.5 million drawn at closing.
However, Moody's estimates that FCF generation will remain limited,
remaining at around break-even levels over the next 12-18 months,
thus constraining future liquidity improvement, in the rating
agency's view. With the refinancing, the maturity of
LimaCorporate's debt is extended with its EUR295 million backed
senior secured notes maturing in 2028.
The new RCF includes a springing super senior net leverage ratio
set at 1.53x and only tested when the RCF is drawn by more than
40%. Moody's base case assumes that the company will maintain
adequate capacity under its financial covenant, if tested.
Liquidity is strained by TechMah's outstanding milestone payments
of which EUR9 million remain as of September 2022. Because these
payments depend on certain performance targets, Moody's has limited
visibility into the timing of these.
STRUCTURAL CONSIDERATIONS
The probability of default rating is B3-PD, in line with the CFR,
reflecting Moody's assumption of a 50% recovery rate, as is
customary for capital structures that include notes and bank debt.
The backed senior secured FRNs are rated B3, in line with the CFR,
because there is a limited amount of super senior RCF in the
structure.
Both the backed senior secured notes and the RCF benefit from a
senior-ranking security package incorporating guarantees from all
material group entities and some asset security. Shareholder
funding in the restricted group is in the form of equity.
Additionally, there are EUR154 million of payment-in-kind (PIK)
notes issued outside of the restricted group, which maturity will
be extended to 2029, pro forma the refinancing, and which have not
been taken into consideration in Moody's calculation of leverage
metrics.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating pressure could occur if the company's
Moody's-adjusted leverage declines below 6x on a sustained basis,
while maintaining a good operating performance, and LimaCorporate
Moody's-adjusted FCF/debt increases above 5% on a sustained basis.
Downward rating pressure could occur if its Moody's-adjusted
leverage increases above 7x for a prolonged period; the company's
liquidity deteriorates, including negative Moody's-adjusted FCF on
a sustained basis; or the company undertakes debt-financed
acquisitions or shareholder distributions.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.
COMPANY PROFILE
Headquartered in San Daniele del Friuli, Italy, LimaCorporate is a
global orthopedic medical device company with subsidiaries in 24
countries and sales across 44 countries. The company manufactures
and markets innovative joint replacement and repair solutions in
the Hips, Extremities and Knees segments. In the last twelve months
ending September 2022, the company reported revenue of EUR238
million and company-adjusted EBITDA of EUR64 million. The company
has been ultimately majority-owned by EQT Partners since 2016.
REKEEP SPA: S&P Affirms 'B' LT ICR & Alters Outlook to Negative
---------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B' long-term issuer credit and issue ratings on
Italy-based facilities management company Rekeep SpA.
The negative outlook on the issuer credit rating indicates that S&P
could lower the rating if Rekeep does not sustainably improve its
FOCF while maintaining an S&P Global Ratings-adjusted EBITDA margin
of 9%-10%.
Volatility in energy prices resulted in meaningfully negative FOCF
in 2022 and cast uncertainty for 2023. In the first nine months of
2022, Rekeep's energy management services contributed about 40%
(versus 24% in 2021) of the group's revenue, with 24% directly
related to energy supply. The vast majority of energy management
contracts (around 95%) have indexation clauses that allow the
company to pass the cost to its customers in whole or in part. The
company utilized EUR85.4 million of working capital in the first
nine months of 2022 because of the surge in energy prices that
increased receivables, while certain energy suppliers asked for
advance payments. For the full year, S&P expects Rekeep to use
EUR50 million-EUR60 million in working capital resulting in
negative FOCF after lease payments of EUR35 million-EUR45 million.
2022 cashflows were further constrained by about EUR10 million
litigation payments and EUR13.8 million spent to acquire the
personnel activities that were previously performed by its parent
company MSC Holding Company from Lavoratori SpA (the price paid
includes EUR4 million of cash and cash equivalents). The
transaction is expected to save about EUR2 million of costs per
year.
S&P said, "After reaching a peak in the third quarter of 2022,
energy prices have been declining, and we expect them to remain
relatively lower throughout 2023. The company also acted to reduce
the billing cycle, with now close to 90% of energy management
customers invoiced on a monthly basis instead of quarterly (from
60% in 2020), thereby reducing the impact on working capital.
Overall, we believe that this will help reduce the working capital
requirement in 2023, thus supporting moderately positive FOCF. At
the same time, we recognize that cash flow generation could remain
weak, given it depends on energy prices that could remain volatile,
and on the company's ability to manage supplier payment terms.
"The company's use of factoring facilities to fund its working
capital supports liquidity but constrains deleveraging. We
calculate Rekeep's S&P Global Ratings-adjusted debt to EBITDA at
about 6x at year-end 2022, above our previous expectation of about
5x, because the company has been using both its factoring (both on-
and off-balance-sheet) and reverse factoring facilities to finance
its working capital requirements and support liquidity. At the end
of September 2022, it had utilized about EUR100 million from
factoring facilities (EUR23.5 million recourse, EUR76.8 million
nonrecourse) and EUR26.8 million from reverse factoring facilities.
We expect Rekeep's adjusted debt to EBITDA will reduce to 5.0x-5.5x
in 2023, while its S&P Global Ratings-adjusted funds from
operations (FFO) cash interest coverage remains around 3.0x. The
company is relatively immune to rising interest rates because most
of its debt has a fixed rate.
"Rekeep's revenue and EBITDA growth will be driven by strong
commercial activity. Because of the lag to pass on cost increases
to customers, and the small proportion of fixed-fee contracts,
Rekeep's reported EBITDA margin decreased to 8.5% in the first nine
months of 2022, from 9.8% the previous year, albeit supported by
EUR4.7 million in tax credits received from the Italian government
to compensate for the higher purchase cost of electricity and gas.
We forecast Rekeep will report an S&P Global Ratings-adjusted
EBITDA margin of 9.0%-9.5% in 2022, improving to 9.25%-9.75% in
2023 but still lower than the 10%-11% margin the company reported
in the past. At the same time, we expect revenue growth of 15%-16%
in 2022, and 3%-4% in 2023. This is mostly driven by the company's
strong commercial activity, which includes EUR383 million in
contract renewals, EUR526 million in new contracts signed, and a
EUR3.2 billion backlog as of Sept. 30, 2022. Close to 80% of these
commercial wins are with health care customers, which reinforces
Rekeep's exposure to resilient end markets. We therefore expect S&P
Global Ratings adjusted EBITDA to have grown to about EUR120
million in 2022 and EUR130 million in 2023, from about EUR100
million in 2021. We have also included tax credits of about EUR25
million in 2022 and EUR10 million in 2023 in our EBITDA
calculation, and a more benign amount of one-off expenses than in
2021.
"The negative outlook indicates that we could lower the rating if
Rekeep does not sustainably improve its the FOCF while maintaining
an S&P Global Ratings-adjusted EBITDA margin in the 9%-10% range."
S&P could lower the rating if Rekeep's FOCF remained negative in
the next 12 months, or its FFO cash interest coverage declined
below 2x for a prolonged period. This could happen if:
-- The company is not able to reduce its working capital
requirements;
-- If it sees a significant delay in onboarding new contracts
or higher-than-expected costs associated with this; or
-- If it is involved in new litigation that gives rise to
fines or damages its reputation.
S&P could revise the outlook to stable if it believes that the
company will be able to sustain its S&P Global Ratings-adjusted
EBITDA margin at 9%-10%, generate positive FOCF, and maintain FFO
cash interest coverage above 2x.
ESG credit indicators: E-2, S-2, G-4
Governance factors are a negative consideration in S&P's credit
rating analysis of Rekeep. It has undergone a number of legal
investigations, and as of Sept. 30, 2022, had about EUR69 million
outstanding related to the FM4 fine imposed by the Italian
Competition Authority.
===================
L U X E M B O U R G
===================
AI CONVOY: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed AI Convoy (Luxembourg) S.a r.l.'s
(Convoy) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook. Fitch has also affirmed the company's USD930 million
first-lien senior secured debt at 'B+' with a Recovery Rating at
'RR3'.
The ratings reflect the company's modest scale, high leverage and
recently volatile free cash flow (FCF) generation. Rating strengths
are a moderate business profile, characterised by good product,
customer and geographical diversification, a long history of
development of high-tech products for the aerospace and defence
industry as well as exposure to end-markets with sound underlying
demand dynamics.
The Stable Outlook reflects its view that key financial ratios are
likely to remain broadly stable in the short-to-medium term.
Despite the potential for further asset disposals affecting the
company's cash deployment strategy, Fitch believes that management
will ensure that Convoy's debt/earnings will remain broadly
consistent with its rating.
KEY RATING DRIVERS
Leverage High for Rating: The disposal of its CAES Space business
in 4Q22 has allowed Convoy to repay a material portion of its US
dollar-denominated 1st-lien credit facility, thereby reducing its
gross debt by around 25%. Fitch assumes that a sizeable portion of
the remaining sale proceeds will be distributed to shareholders.
However, the disposal, as well as that of the Aviation Services
Australia operation in 3Q22, has resulted in a broadly similar
decline in EBITDA. This leaves gross leverage broadly stable at
slightly above the 'B' category midpoint of 5.5x under Fitch's
Navigator for the Aerospace & Defence sector. In the short-to-
medium term, Fitch does not expect a material improvement in gross
leverage, which will remain a key rating driver.
Diversified Programme Participation: While Convoy has shrunk
materially in the past three years as a result of a number of
disposals, it continues to benefit from good revenue
diversification between defence and commercial activities and a
broad geographical split. It demonstrates well-diversified platform
participation across various defence and commercial segments, while
customer diversification is also sound.
Cash Deployment Key for Rating: Since its acquisition of Cobham plc
in 2020, Fitch estimates that Convoy's owners have achieved
disposal proceeds of around USD6 billion. Fitch believes that at
least half of the sale proceeds were returned to shareholders and
around a quarter used for debt repayment. The rating impact of
management's overall cash deployment strategy, including
shareholder returns, M&A, and debt reduction, is key to Convoy's
rating trajectory.
Strong Earnings to Improve Further: In line with the aerospace &
defence supply sector, Convoy displays strong EBITDA and funds from
operations (FFO) margins of over 20% and 10%, respectively, which
are very strong for the current rating. Fitch estimates that both
these margins will gradually improve by around 1% - 2% in the
short-to-medium term as a consequence of prior cost-cutting,
restructuring measures yielding results and inefficiencies relating
to supply-chain issues being eliminated.
FCF to Rebound: Fitch expects Convoy's normalised FCF margin to
recover to mid-single digits and to remain broadly stable through
the medium term, boosting its financial flexibility and debt
repayment capacity. In 2021 and 2022, the FCF margin was weaker
than expected due to working-capital issues, most of which have now
been resolved, as well as somewhat higher-than-previously expected
capex.
Resilient During Pandemic: Convoy has proved resilient during the
Covid-19 pandemic, with revenue declines in only two of its
sub-segments and overall margins improving. This is due to the
company's focus on the defence sector rather than on commercial
aerospace, with the former proving more resilient to
pandemic-related shocks.
Modest Size: Convoy has a moderate strategic position in the sector
due to it being a mid-sized tier 2 and 3 supplier with a fairly low
kit value on most programmes it participates in. Typically,
Convoy's contracts are fixed price with limited input into the
broader structure of a programme (pricing, timing, development
work). Offsetting this are the company's positions in key
programmes and the high-tech nature of its products and services,
which serve as barriers to entry, especially in the short term.
DERIVATION SUMMARY
Convoy displays a financial profile similar to other technology
industrial companies, such as The NORDAM Group LLC (CCC+) and
Sensata Technologies, or aerospace and defence contractors, such as
MTU Aero Engines (BBB/Stable) with high double-digit EBITDA margins
and positive FCF.
A key differentiating rating factor is leverage, which is lower at
MTU supporting the higher rating, and FCF, which is consistently
negative for The NORDAM Group LLC and weighing on the rating. Their
business profiles vary and, thus, do not serve as key rating
differentiators, but are often characterised by the same positive
factors. These include good positions in niche markets, strong
relationships with customers and moderate diversification.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Revenue to decrease of 36.8% in 2023 due to large divestments.
Fitch expects normalisation of revenue growth at approximately
7%-8% until 2025
- EBITDA margin around 24%-25% over the short-to-medium term
- No further material M&A or divestments over the next two to
three years
- Special dividend payment to shareholders of around USD1
billion from disposal proceeds
- Capex at around 5% of revenue annually to 2025
- Early debt repayment of around USD600 million of US
dollar-denominated 1st-lien loan in 1Q23
Recovery Assumptions:
Fitch estimates under its bespoke recovery analysis that a
going-concern approach will lead to higher recoveries for
creditors, given Convoy's long-term proven robust business model,
long-term relationship with customers and suppliers, and existing
barriers to entry in the market.
Within the present scope of operations, Fitch estimates a
going-concern value for Convoy at around USD1 billion (before
deducting 10% for administrative claims), assuming a
post-reorganisation 2023 EBITDA of about EUR200 million at a
multiple of 5x. This reflects the company's market positioning and
adjusts for the value factoring drawdown of about EUR170 million
(as per Fitch criteria the highest amount drawn in the past 12
months).
Its waterfall analysis generated a ranked recovery in the 'RR3'
band, indicating a 'B+' rating for its senior secured debt. The
waterfall analysis output percentage on current metrics and
assumptions is 58% for the senior secured debt.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Improvement in the business profile such as more
prominent participation in key programmes
- EBITDA gross leverage below 4.5x
- FCF margin above 5%
- EBITDA interest cover above 3x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Material cost overruns on key programmes
- EBITDA gross leverage above 5.5x
- FFO margin below 10%
- EBITDA interest cover below 2x
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Fitch views Convoy's liquidity as strong, as its
cash reserves and expected positive FCF generation should be more
than sufficient to cover short-term working-capital needs.
At end-3Q22, it had USD149 million of reported cash on its balance
sheet, with its USD350 million revolving credit facility drawn down
to USD67 million. Convoy has no debt refinancing needs until 2026.
ISSUER PROFILE
Convoy is the holding company of Cobham plc after it was bought by
private-equity firm Advent in 2020. Cobham is a global technology
and services provider to the defence, aerospace, space, commercial
and security sectors in the US, the U.K., Europe, Australia and
Asia.
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
----------- ------ -------- -----
AI Convoy
(Luxembourg)
S.a r.l. LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
=========
S P A I N
=========
TECPETROL INTERNACIONAL: Moody's Withdraws Caa1 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating of Tecpetrol Internacional S.L.U.
Prior to the withdrawal, the rating outlook on Tecpetrol was
stable.
Withdrawals:
Issuer: Tecpetrol Internacional S.L.U.
Corporate Family Rating, Withdrawn, previously rated Caa1
Outlook Actions:
Issuer: Tecpetrol Internacional S.L.U.
Outlook, Changed To Rating Withdrawn From Stable
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Tecpetrol Internacional S.L.U. is a private holding company based
in Spain, with oil and gas operations exclusively in Latin America.
The company carries out oil and gas exploration and production
(E&P) mainly in Argentina, Peru, Ecuador, Colombia, Bolivia and
Mexico. In addition, it has a gas transportation and distribution
business in Argentina and Mexico, along with an electricity
generation plant in Mexico.
===========================
U N I T E D K I N G D O M
===========================
4 SEASONS BEER: Bought Out of Administration Via Pre-pack Deal
--------------------------------------------------------------
Chris Tindall at MotorTransport reports that 4 Seasons Beer Tent Co
has been sold in a pre-pack deal after it collapsed into
administration.
Wrexham-based 4 Seasons Beer Tent Co. is a haulage firm providing
services to the waste and recycling sector and operating 45 HGVs.
BLUESPOT FURNITURE: Enters Administration, PKF Seeks Buyer
----------------------------------------------------------
Business Sale reports that Bluespot Furniture, a West
Yorkshire-based furniture manufacturer, has ceased trading and
appointed administrators amid a sustained decline in demand
post-COVID.
Joint administrators James Sleight and Oliver Collinge of PKF GM
will now seek to sell the firm's remaining assets, Business Sale
relates.
In the company's latest accounts, for the year ending September 30
2021, it had around GBP588,000 in fixed assets, with current assets
valued at GBP814,544, Business Sale discloses. At the time, the
company's total liabilities stood at GBP104,178, Business Sale
notes.
Bluespot Furniture operated in the commercial interiors, house
building, build-to-rent and student accommodation markets,
designing, manufacturing and installing furniture from its
production facilities in Dewsbury.
According to Business Sale, despite being a long-established
manufacturer, the company has experienced a significant decline in
turnover over the last few years, with demand for office furniture
plummeting in the wake of the COVID-19 pandemic, which has
established a long-term trend for working from home and hybrid
working.
The firm's struggles were compounded when its trading premises in
Dewsbury were sold off by its landlord, Business Sale notes. The
company's entire workforce was made redundant, with administrators
subsequently appointed on January 20, 2023m Business Sale states.
"Unfortunately the demand for office furniture was understandably
very low during COVID and is not expected to recover to pre
pandemic levels," Business Sale quotes joint administrator James
Sleight as saying.
"The company had obtained support under various government schemes
during the pandemic and with low demand, rising costs and pandemic
debt to repay, the directors did not feel the business was
sufficiently viable to justify continued trade."
"Following our appointment, we are now supporting employees in
accessing government redundancy support and seeking to maximise
realisations through a disposal of the remaining company assets and
collection of its book debt ledger."
FRESH LIME: Goes Into Liquidation After Hotel Project Abandoned
---------------------------------------------------------------
Andrew Goldman at Daily Echo reports that developers behind the now
abandoned plans for a GBP40 million hotel and apartment complex in
Bournemouth town centre have gone into liquidation.
Fresh Lime Developments gained permission in 2017 to build a
131-bedroom Malmaison Hotel with a sky bar at the former Belvedere
Hotel site in Bath Road.
Plans also included provision for a 66 (later revised to 68)
residential flat block.
However, as exclusively reported by the Echo, the major plans were
abandoned despite surveyors recently being seen at the abandoned
work site.
It has since been established that Fresh Lime Developments'
Bournemouth operations were wound up in December with just GBP2,491
in assets declared, the Echo discloses.
The liquidation was handled by Begbies Traynor LLP who have been
approached to comment, the Echo relates.
Former director at Fresh Lime, Simon Lester, confirmed the
liquidation and told the Echo it stemmed from the project's
abandonment -- which was apparently due to the site owner not
wishing to proceed with the plans.
"For reasons only known to [the site owner], they did not proceed
with the plans and our agreement expired," the Echo quotes Mr.
Lester as saying.
GKN HOLDINGS: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed UK-based GKN Holdings Limited's (GKN)
Long-Term Issuer Default Rating (IDR) at 'BB+' and UK-based GKN
Aerospace Services Limited's (GASL) Long-Term IDR at 'BB+'. The
Outlooks are Stable.
The affirmation reflects the group's solid business profile,
characterised by good diversification and leading market positions
in niche markets, improved and moderate leverage metrics, and
expected further operating profitability margins amelioration. The
rating is underpinned by successful delivery of the group's 'buy,
improve, sell' strategy, which has improved its leverage and
financial flexibility.
KEY RATING DRIVERS
Demerger Process Continuing: The demerger of GKN automotive and GKN
powder metallurgy from Melrose Industries plc is likely to go ahead
by 1H23. As a result, there will be two independent and
separately-listed automotive and aerospace groups with the same
shareholder structure. The groups will run their own strategies and
acquisition platforms.
Fitch believes that the ratings will not be affected if GKN
Holdings prepays its remaining debt as Fithc does not view it as
material to the capital structure. GKN Holdings has adequate cash
and headroom under its liquidity facilities, and the outstanding
GBP130 million 2032 bonds represent only about 10% of Melrose's
consolidated gross debt structure and 0.2x debt to EBITDA.
Solid Demerger Business Profiles: Fitch views the business profiles
of both groups as solid, taking into account their good
geographical diversification, leading market positions and
diversified customer base. Melrose has begun discussions with
investors and analysts regarding the strategy of the new Dowlais
group, which will include the automotive, powder metallurgy and
hydrogen businesses. The new group will continue to focus on
improving operating profitability, to take advantage of the
structural transition to electrical vehicles in the industry as
well as a disciplined approach to M&A.
Post-Demerger Debt Structure Unknown: The financial profiles of the
automotive and aerospace groups are subject to the finalisation of
the debt structure. Fitch will review the demerger structure when
it is announced. Melrose has fundamentally delevered the GKN group,
redeeming its GBP450 million bond in September 2022 and
successfully tendering about GBP170 million of the GBP300 million
2032 bond in December 2022.
Aerospace Volumes Improving: Ongoing, albeit lower-than-expected,
aircraft deliveries, primarily in the single-aisle end-market,
should support revenue generation in 2023 and profitability margin
improvement. The expected economic slowdown in 2023 could constrain
the group's sales and profitability. However, Fitch expects strong
demand in the medium term, which should support revenue visibility.
Moreover, about 30% exposure to the defence market provides the
aerospace division with more stable and resilient revenue
generation. Expected completion of the restructuring in 2023 should
also support profitability margin improvement.
Automotive Business Challenges: Margin improvement was slower than
expected, but restructuring projects were completed in the
automotive division in 2022. Supply chain issues and high
inflationary pressure eroded profitability in 1H22 in the
automotive and powder metallurgy divisions. Nevertheless,
profitability margins improved in 2H22, supported by benefits from
restructuring and better operational performance. GKN negotiated
revised pricing with the majority of its original equipment
manufacturers, which should support modest margin recovery in 2023
amid ongoing inflationary pressure and a slowdown in the economy.
The group is well-positioned in the growing electric vehicles
market, which should support margin improvement and revenue growth
over the medium term. About half of the new order intake in 2022
was attributed to electrified platforms. Fitch believes that the
group's leading market position and its technological capabilities
will support its competitiveness, which in turn should result in
margins rising.
Consolidated Credit Profile Drives Rating: GKN's and GASL's ratings
reflect Melrose's consolidated credit profile. Fitch's business
profile analysis and credit metrics incorporate non-GKN diversified
operations and their financial obligations, as well as Melrose's
debt and liquidity. Consequently, actual and forecast financial
performance analyses are based on Melrose's consolidated financial
statements. GKN's 'BB+' rating reflects Fitch's assessment of the
linkage between Melrose and GKN on a stronger-subsidiary approach
under its PSL Criteria. Fitch views both 'legal ring-fencing' and
'access and control' factors as 'open'.
The group's debt structure, including the bonds, incorporates
upstream guarantees from certain GKN entities, including GASL, to
Melrose, and downstream guarantees from Melrose. Melrose's
committed bank facilities contain a cross-default clause
referencing any member of the group. There is no legal ring-fencing
impeding intragroup liquidity movement with cash being channeled to
Melrose as much as possible. Daily operational management is
delegated to GKN divisions' executives, but Melrose has control of
GKN's board and remains responsible for strategy and performance.
GASL's IDR Equalised: Under our PSL Criteria, GASL's rating is
equalised with immediate parent, GKN, reflecting its
stronger-parent approach to assess their linkage. Fitch views both
'legal incentive' and 'strategic incentive' as 'medium' and
operational incentive' as 'high'. The 'high' operational incentive
reflects that GASL is a key part of GKN's aerospace business, with
integrated management decisions, plus core capabilities in
aerospace products and services.
The 'medium' strategic incentive reflects GASL's key role in GKN's
European aerospace supply chain and development, contributing
around 7.5% of the group's sales in 2021. GASL is a guarantor of
both Melrose's committed bank facilities and GKN's bond, and relies
on the group's cash pooling system for external liquidity needs,
underlining the 'medium' legal incentive.
DERIVATION SUMMARY
GKN is one of the leading Tier 1 aerospace and automotive suppliers
globally. The group's business profile is characterised by exposure
to several end-markets in contrast to less diversified peers like
MTU Aero Engines AG (MTU; BBB/Stable), Schaeffler AG (BB+/Stable)
and Allison Transmission, Inc. (BB+/Stable). Nevertheless, the
diversified business profile is constrained by somewhat high
exposure to cyclical industries, similar to Rolls-Royce plc
(BB-/Positive), MTU, Allison Transmission, Faurecia S.E.
(BB+/Negative) and Dana Incorporated (BB+/Negative). GKN's
geographical diversification compares well with General Electric
Company (GE; BBB/Stable), MTU, Howmet Aerospace, Inc.
(BBB-/Stable), Rolls-Royce and Dana Incorporated. However,
Melrose's business profile is weaker than some peers, including GE,
MTU, Rolls-Royce, which have a larger share of more stable
aftermarket service revenue.
The group's profitability margins started rebounding in 2021 and
2022 following the recovery in demand in core end-markets and
supported by its restructuring. Nevertheless, the group's EBIT
margin is still weaker than that of most peers. Funds from
operations margin generation is comparable with GE, Faurecia, Dana
Incorporated and Rolls-Royce. The volatility of free cash flow
(FCF) generation is broadly similar to Faurecia and Dana
Incorporated and better than that reported by Rolls-Royce. Over the
rating horizon, Fitch expects GKN's FCF to remain weaker than
Allison Transmission and Howmet Aerospace.
KEY ASSUMPTIONS
- Rebound of revenue in aerospace division with mid-teens
growth in 2022
- Revenue increase by high single-digits pace yoy in
automotive division in 2022 primarily driven by prices
revision
- Low single-digit rise in revenue in the powder metallurgy
division in 2022
- Overall mid single-digit revenue growth yoy for 2022-2025
- Gradual improvement of EBITDA margin towards 6.5% in 2022,
8.9% in 2023 and over 11% in 2024-2025
- Annual capex at 4.3% of revenue in 2022 and at 5.0% during
2023-2025
- Dividend pay-out of about GBP77 million in 2022, GBP150 million
in 2023 and GBP250 million in 2024-2025
- Proceeds from disposal of Ergotron of GBP519 million in 2022
- Shares buy-back of GBP500 million in 2022
- No M&A or shareholder's returns in 2023-2025
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Consolidated EBITDA leverage below 2.0x, supported by
consistent long-term funding policy
- Consolidated EBITDA margin above 10.5%
- Consolidated FCF margin above 2%
- Weaker linkages between GKN and Melrose, with GKN
consisting of at least the aerospace and automotive
divisions, without material deleveraging of GKN
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
GKN
- Consolidated EBITDA leverage above 3.0x
- Consolidated EBITDA margin below 9%
- Consolidated FCF margin below 1%
- Disposals of material assets without adequate deleveraging
GASL
- Weaker ties between GKN and GASL
LIQUIDITY AND DEBT STRUCTURE
Good Liquidity Position: GKN has access to Melrose's liquidity via
a cash-pooling mechanism. At end-June 2022, Fitch-defined readily
available cash was GBP187 million, adjusted for about GBP106
million treated as restricted to cover potential working-capital
swings. This was sufficient to cover expected negative FCF
generation of about GBP86 million in the next 12 months. The group
also has a multi-currency revolving credit facility (GBP1.1
billion, USD2.0 billion and EUR0.5 billion, maturing June 2024),
which was mostly undrawn (GBP80 million was drawn).
Debt Structure: Melrose's debt mainly comprises the remaining
GBP130 million bond at GKN Holdings level, together with a
multi-currency term loan (GBP30 million and USD788 million,
maturing in June 2024) that remains fully drawn at the Melrose plc
level.
ISSUER PROFILE
Melrose Industries plc is a UK based industrial buy-out group
focused on buying manufacturing business with good fundamentals,
improving performance through investment or changed management
focus and selling them on. Its three current major business come
from its acquisition of GKN plc, comprising GKN Aerospace, GKN
Automotive and GKN Powder Metallurgy.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
GKN Holdings
Limited LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
senior
unsecured LT BB+ Affirmed BB+
GKN Aerospace
Services Limited LT IDR BB+ Affirmed BB+
INEOS ENTERPRISES: Fitch Puts 'BB-' LongTerm IDR on Watch Negative
------------------------------------------------------------------
Fitch Ratings has placed Ineos Enterprises Holdings Limited's (IE)
'BB-' Long-Term Issuer Default Rating (IDR) on Rating Watch
Negative (RWN). Fitch has also placed INEOS Enterprises Holdings II
Limited's euro term loan B (TLB) and INEOS Enterprises Holdings US
Finco LLC's US dollar TLB senior secured ratings of 'BB+' on RWN.
The Recovery Ratings are 'RR2'.
The RWN follows IE's agreement to acquire MBCC Group's admixture
business from Sika AG and it reflects uncertainty around IE's
post-acquisition leverage metrics.
Fitch aims to resolve the RWN upon confirmation of an updated
business plan, final financing arrangements and IE's financial
policy. Fitch will also consider whether the larger business
warrants a reassessment of the rating sensitivities compared with
the rated peer group. The resolution of the RWN may take longer
than six months.
The rating is supported by recent robust performance, led by IE's
strong business diversification. However, it is constrained by IE's
moderate scale and margins, complex group structure, aggressive M&A
strategy, and the potential for opportunistic dividends.
KEY RATING DRIVERS
Admixture Business Acquisition: The admixture business is a leading
producer and supplier of chemicals used for concrete manufacturing
and underground construction. The transaction increases IE's
exposure to construction end-markets across the US, Canada, Europe,
Australia and New Zealand. Fitch expects EBITDA net leverage to
likely exceed its negative leverage sensitivity if the transaction
is fully debt financed but the duration of the sensitivity breach
will depend on the transaction funding structure, financial
performance of the target assets and the company's capital
allocation policy.
RWN Resolution: The acquisition could be value accretive if
executed prudently. The RWN reflects the transaction's potential
significant impact on IE's overall credit profile, given the
limited available information about the terms of the transaction.
The RWN also reflects Fitch's expectation that the ratings could be
affirmed or downgraded once more details are available about
funding structure, the company's commitment to deleveraging, any
changes to its financial policy and its reassessment of its
position and debt capacity versus peers.
Excellent Performance Continues: While 2022 overall was a strong
year, performance in 2H22 moderated, particularly in solvents due
to higher energy costs in Europe. Fitch forecasts 2023 EBITDA back
to 2021 levels after adjusting for incremental EBITDA from
acquisitions. IE saw strong growth in 2021 in composites due to a
rebound in construction and infrastructure. Despite challenges, IE
managed to improve on 2021 with most success in pigments and
composites. Demand-driven higher prices, particularly in North
America, more than offset raw material price increases.
Moderate Scale, Niche Segments: IE's operations are dispersed
across small- to medium-scale plants with limited integration or
intra-group operational overlaps. With moderate scale (despite
M&A-driven growth), the group holds leading positions in certain
niche markets including top-two titanium dioxide (TiO2) in the US
and top three global niche positions in its composites business. It
also holds strong regional leadership in most products.
Strong Diversification but Cyclical Exposure: Pigments, composites,
solvents and intermediates offer diversification across regions and
markets. Diversification provides earnings stability as medical and
personal hygiene of solvents offsets pressures in construction and
automotive markets of pigments and composites. While the group's
markets are diverse, Fitch identifies concentration, particularly
in pigments and composites, which jointly contribute roughly
two-thirds of consolidated EBITDA and are exposed to construction
markets.
Leverage Likely to Remain High: Fitch forecasts IE to have reduced
EBITDA net leverage to 2.7x in 2022 with an early debt repayment
and continued robust performance. However, due to the recent
acquisitions, Fitch expects IE's EBITDA net leverage to increase in
2023.
Rated on Standalone Basis: IE is part of a wider INEOS Limited.
Fitch rates the company on a standalone basis. It operates as a
restricted group with no cross guarantees or cross-default
provisions with INEOS Limited or other entities within the wider
group.
DERIVATION SUMMARY
IE, Ineos Group Holdings S.A. (IGH, BB+/Stable) and Ineos Quattro
Holdings Limited (BB/Stable) are independently managed subsidiaries
of INEOS Limited. All three companies have good operational,
regional and product diversification. Unlike IGH and Ineos Quattro,
IE has a smaller scale and is only a regional leader in niche
chemical markets, yet with modestly higher margins.
IE's direct pigments peer is US-based Kronos Worldwide, Inc.
(B+/Stable), which is twice as large in pigments by capacity but
with weaker margins and product concentration. Closest peers in
specialty chemicals are W. R. Grace Holdings LLC (B+/Negative),
H.B. Fuller Company (BB/Stable), Ingevity Corporation (BB/Stable),
all medium-sized specialty producers with market leadership in
niche segments.
In the remaining two commoditised segments, IE's peers either
include much larger OCI N.V. (BBB-/Stable) with good regional and
product diversification, or similar-scale but single-site
petrochemical manufacturers Petkim Petrokimya Holdings A.S.
(B/Negative).
IE's profitability during normal economic conditions combines an
EBITDA margin of 25% in TiO2, high teens in composites and low
teens in other areas, leading to an overall 14%-16% margin. This
level is above that of H.B. Fuller, Petkim and Kronos, but lags
other chemical peers.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Revenue growth in low teens in 2022 followed by a high teens
increase in 2023 on acquisition contribution. In 2024, revenue to
show low teens increase as solvents/composites volumes recover.
Revenue growth to decline to low single digits for 2025-2026 as
prices further normalise.
- EBITDA to increase towards EUR485 million in 2022 pro-forma for
the ASHTA acquisition, and remain flat in 2023, due to weaker
market conditions but offset by contribution from new acquisitions.
EBITDA margins in 2023-2026 steady at around 14%.
- Capex stable at around EUR120 million per year (no change is
assumed following the acquisition).
- Shareholder distributions in line with previous years (no change
is assumed following the acquisition).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- As the ratings are on RWN, Fitch does not expect positive rating
action, at least in the short term. However, additional information
on the funding of the transaction and manageable impact on the
projected leverage metrics could lead to the removal of the RWN and
affirmation with a Stable Outlook.
- Significant improvement in scale or a record of more conservative
financial policies underpinning funds from operations (FFO) net
leverage below 2.5x or EBITDA net leverage below 2.0x on a
sustained basis would be positive for the rating.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Aggressive M&A or shareholder distributions leading to FFO net
leverage above 3.5x or EBITDA net leverage above 3.0x on a
sustained basis.
- Protracted market pressure translating into EBITDA margins below
14% on a sustained basis.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch expects IE's cash balance to remain
adequate post ASHTA acquisition last year with the majority of debt
coming due in 2026. Its current assumption is that the new
admixture business acquisition will be fully debt funded.
ISSUER PROFILE
IE is a chemicals company that operates under the following
business segments: pigments, composites, solvents as well as
chemical intermediates. The company is an independently managed
subsidiary of INEOS Limited.
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
----------- ------ -------- -----
INEOS Enterprises
Holdings US Finco
LLC
senior secured LT BB+ Rating Watch On RR2 BB+
INEOS Enterprises
Holdings Limited LT IDR BB- Rating Watch On BB-
INEOS Enterprises
Holdings II
Limited
senior secured LT BB+ Rating Watch On RR2 BB+
STAELS DESIGN: Funding Issues Prompt Liquidation
------------------------------------------------
Kristy Dorsey at The Herald reports that Staels Design, a Glasgow
firm that once rejected investment from Dragons' Den, has gone into
liquidation following funding issues.
Set up in 2016 by Corien Staels, Staels Design is best-known for
its WheelAir system -- an award-winning patented cooling back rest
cushion that can be retrofitted to any wheelchair. Designed with
the input from Paralympic athletes and wheelchair producers, the
system regulates the the temperature and moisture levels of
wheelchair users who are at higher risk of overheating.
Donald McNaught, restructuring partner at Johnston Carmichael, has
been appointed as interim liquidator, The Herald relates.
According to The Herald, he noted that WheelAir is the product of
several years of research and development, and almost GBP1 million
of investment.
"Following funding issues, WheelAir is unable to continue trading
in its present form, but offers a very exciting opportunity to
acquire an established business with an innovative market-ready
product and unique intellectual property with the potential to
transform the lives of wheelchair users," The Herald quotes Mr.
McNaught as saying.
"Interested parties have until Wednesday, February 8, to place a
bid."
VUE ENTERTAINMENT: S&P Assigns 'CCC+' LT ICR After Restructuring
----------------------------------------------------------------
S&P Global Ratings assigned a 'CCC+' long-term issuer credit rating
to cinema operator Vue Entertainment International Ltd., the new
parent company and issuer of new debt following the restructuring.
S&P also assigned 'B' and 'CCC+' issue ratings (recovery ratings of
'1' and '3', respectively) to the EUR95 million super senior
facility and the reinstated EUR648 million reinstated senior
facility, respectively. At the same time, S&P withdrew its 'D'
ratings on Vue International Bidco PLC, parent of Vue's
pre-restructuring group, and its debt facilities, following the
completion of the transaction.
The stable outlook reflects S&P's expectation that recovering
cinema admissions and Vue's ability to manage costs will improve
operating and leverage metrics, with adjusted leverage of 7.0x-8.0x
in fiscal 2023 and toward 6.0x thereafter. The stable outlook also
assumes that free operating cash flow (FOCF) after leases will
improve to break-even in fiscal 2024 and that the group will
maintain sufficient liquidity to support its operations and avoid a
covenant breach.
The restructuring reduced Vue's debt, but its adjusted leverage
remains high. The new capital structure comprises a EUR95 million
super-senior facility due July 2027 and a EUR648 million reinstated
term loan facility due in December 2027. Debt has thus shrunk to
about GBP650 million-equivalent, from over GBP1 billion of first-
and second-lien debt under the old capital structure. Vue still has
substantial lease liabilities that we estimate at about GBP870
million at the end of fiscal 2022. S&P said, "We also expect its
revenue and EBITDA generation will improve in fiscal 2023 but
remain below 2019 levels over the next 12 to 24 months. As a
result, adjusted leverage will remain high, with debt to EBITDA at
7.0x-8.0x in fiscal 2023 and 6.0x-6.5x in fiscal 2024. We also
expect Vue's FOCF generation will remain negative in fiscal 2023.
Substantial lease commitments will translate into a relatively low
EBITDAR cash interest coverage ratio of about 1.0x in fiscal 2023
and about 1.2x in fiscal 2024. Although we do not envision a
default over the next 12 months, we believe the sustainability of
Vue's new capital structure will depend on favorable market
conditions and cinema admission recovery over the next two years."
Vue's liquidity position remains sound, although downside risks
persist. S&P said, "We estimate the group closed 2022 with about
GBP120 million unrestricted cash on its balance sheet. The cash
balances include GBP75 million proceeds from the issuance of the
EUR95 million super-senior facility in September 2022, although
about GBP30 million will be used to repay restructuring costs in
January 2023. We believe Vue will maintain sufficient liquidity
over the next 12 months, although we consider the headroom to
absorb operational underperformance still limited. The new debt
structure is subject to a minimum liquidity covenant of GBP35
million (including restricted cash balances) to be tested monthly.
Under our forecast, we anticipate covenant headroom will be tight
in the third and fourth quarters of fiscal 2023 when we anticipate
lower seasonal volumes, lease payments, and working capital flows
will result in cash outflows."
S&P said, "We expect cinema admissions will remain below
pre-pandemic levels until 2024, hampering Vue's earnings and cash
flow generation in fiscal 2023. We estimate fiscal 2022 admissions
remained about 30% below fiscal 2019 levels due to delays in film
production and releases. We think fiscal 2023 admissions will
strongly recover to 85%-90% of those in fiscal 2019." This is
supported by a strong first quarter thanks to the release of
"Avatar: The Way of Water" in December 2022, which is reported to
have grossed $2 billion to date globally--making it the
sixth-largest grossing film in history.
That said, film release slates over the next 12 months will likely
remain impaired by increased competition for feature film content
from OTT platforms such as Netflix and Disney+. These platforms
will continue to pursue direct launches of likely smaller films and
shorter exclusivity windows for releases (a trend affecting the
U.S. market especially). Vue's fiscal 2023 revenue growth will also
be constrained by S&P's expectation of muted average ticket price
rises and a potential decline in concession spending per head from
the record highs in fiscal 2020. This is likely to be slowed by
weaker consumer confidence and increased sensitivity to
discretionary spending in the weak economy.
S&P said, "We think profitability will remain below pre-pandemic
levels over the next two years. We forecast Vue's adjusted EBITDA
margin will improve to 28%-30% in fiscal 2024, the first year of
full top-line recovery, below the pre-pandemic level of 30%-32%.
This is because we expect persistent inflation on staff wages,
concessions, and energy costs will remain significantly higher than
before the pandemic in the coming months. We also anticipate
margins will be constrained by weaker bargaining power with
production studios, which benefit from increased opportunities to
monetize new releases, especially for small to medium budget
films.
"Weakening consumer confidence and spending could also slow Vue's
ability to pass through cost inflation to customers. But we
anticipate the group will partially offset cost pressures with
dynamic pricing models that should aid the recovery in admissions,
still elevated concession spending, ongoing automation, and other
cost-efficiency initiatives. As a result, we expect Vue's adjusted
EBITDA will improve to about GBP200 million in fiscal 2023 and
about GBP240 million in fiscal 2024, but will stay below the GBP258
million in fiscal 2019.
"FOCF generation will remain weak, constrained by interest costs
and deferred rent. We forecast that, despite improved EBITDA, Vue's
FOCF after leases will remain negative in fiscal 2023 and break
even in fiscal 2024. Following the restructuring, interest costs
will significantly reduce but remain at GBP40 million-GBP45 million
per year (assuming Vue will choose to accrue 6.5% of the margin on
its reinstated senior facility), which is high against EBITDA. We
expect deferred rent repayments of GBP17 million in fiscal 2023,
and a ramp-up in capital expenditure (capex) for its cinema estate
(to be partially funded by Vue's landlords) will also depress FOCF
for the year. We forecast negative FOCF after lease payments of
GBP30 million-GBP50 million in fiscal 2023, turning marginally
positive in fiscal 2024.
"We expect the new Vue group's financial policy to support improved
credit metrics. Vue's new owners, comprising its previous
first-lien debt lenders, will likely push for a less aggressive
financial policy than under the old private equity ownership. In
our view, documentation for the new debt will severely limit Vue's
ability to raise additional debt to fund mergers, acquisitions, or
shareholder distributions, which we consider supportive for
improved credit metrics over the next 24 months. As such, we expect
Vue will prioritize improving its operating performance, supporting
liquidity, and improving FOCF before considering significant growth
initiatives.
"The stable outlook reflects our expectation that recovering cinema
admissions and Vue's ability to manage costs will improve its
operating and leverage metrics, with adjusted leverage of 7.0x-8.0x
in fiscal 2023 and toward 6.0x thereafter. The stable outlook also
assumes FOCF after leases will improve to break even in fiscal 2024
and that the group will maintain sufficient liquidity to support
its operations and avoid a covenant breach.
"We could lower the ratings over the next 12 months if Vue's
operating performance fails to recover as we expect, for example
due to a materially weaker film release slate, waning consumer
confidence, or a permanent damage to the box office due to changes
in the film distribution model." This could lead to:
-- Vue's FOCF remaining persistently negative and
liquidity position deteriorating, increasing risk of a
covenant breach; or
-- The group pursuing a debt restructuring, exchange offer,
or debt buyback that S&P would see as tantamount to a
default.
S&P could raise its ratings on Vue if:
-- Cinema admissions and the group's operating performance
improve ahead of our expectations, such that its reported
FOCF after leases (including deferred rent payments)
turns materially and consistently positive and its
liquidity position improves; or
-- The group has a consistent track record of deleveraging
on the back of a financial policy supportive of such
deleveraging.
ESG credit indicators: E-2, S-4, G-3
Social factors are a negative consideration in our credit rating
analysis of Vue. During the pandemic, the company closed most of
its sites due to health and safety restrictions and social
distancing measures. We estimate that global film attendance is
unlikely to recover to pre-pandemic levels until 2024, and pressure
from fixed operational and financial charges will continue
suppressing cash flow, notwithstanding cost-saving and
cash-preservation measures.
Governance factors are a moderately negative consideration. Vue's
highly leveraged financial risk profile reflects corporate
decision-making that prioritizes the interests of owners and a
generally finite holding period for the group's new owners. The new
board of directors will be dominated by management (four of seven
seats), therefore lacking independence in S&P's view.
[*] UK: Company Insolvencies Up 12% to 31,606 in 2022
-----------------------------------------------------
Irina Anghel at Bloomberg News reports that more than 30,000
British companies went bust last year, with accountants warning of
a "double whammy" to come in April that could trigger another wave
of insolvencies.
Big businesses were the worst hit, Bloomberg relays, citing a
report published on Jan. 26 by accountancy giant PwC. Insolvency
activity among firms with revenues exceeding GBP1 million (US$1.24
million) rose by more than 20%, Bloomberg discloses.
Across all companies, the number of insolvencies climbed from
28,279 in 2021 to 31,606 last year, a jump of nearly 12%, Bloomberg
states.
London was the only UK region to escape last year's insolvency
surge as company failures in the capital declined 6% to 5,400,
Bloomberg notes.
Sticky inflation, higher borrowing costs and squeezed household
budgets are increasing the number of UK firms on the brink of
collapse, Bloomberg relates.
After surviving the pandemic, businesses are now braced for a twin
challenge in April, according to PwC, Bloomberg notes. That's when
many are set to renew fixed energy contracts, as well as trade
credit insurance which enables them to extend borrowing terms to
suppliers and protects against the risk of failed deliveries,
according to Bloomberg.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week January 23 to January 27, 2023
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
Republic of Austria G 0.850 6/30/2120 EUR 48.235
Foodco Bondco SA 6.250 5/15/2026 EUR 39.668
La Financiere Atalian 5.125 5/15/2025 EUR 66.528
Castellum AB 3.125 EUR 61.431
Gol Finance SA 7.000 1/31/2025 USD 45.190
Fastighets AB Balder 2.873 6/2/2081 EUR 70.543
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 70.002
B2W Digital Lux Sarl 4.375 12/20/2030 USD 65.980
Aroundtown SA 1.625 EUR 30.993
Accentro Real Estate 3.625 2/13/2023 EUR 45.204
Credit Suisse Group A 4.500 USD 57.020
Audax Renovables SA 4.200 12/18/2027 EUR 55.926
Jababeka Internationa 6.500 10/5/2023 USD 49.187
French Republic Gover 0.500 5/25/2072 EUR 43.042
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 72.887
Russian Railways Via 2.100 10/2/2023 CHF 24.434
Atento Luxco 1 SA 8.000 2/10/2026 USD 54.556
Credit Suisse Group A 5.100 USD 61.000
Vedanta Resources Ltd 6.125 8/9/2024 USD 63.101
CECONOMY AG 1.750 6/24/2026 EUR 62.912
Frigoglass Finance BV 6.875 2/12/2025 EUR 26.799
JSM Global Sarl 4.750 10/20/2030 USD 68.929
AT Securities BV 5.250 USD 54.000
Allianz SE 3.875 USD 68.289
Orpea SA 2.625 3/10/2025 EUR 22.968
Aroundtown SA 2.125 EUR 35.000
Italy Buoni Poliennal 2.150 3/1/2072 EUR 59.877
Gol Finance SA 8.000 6/30/2026 USD 60.780
Aroundtown SA 0.375 4/15/2027 EUR 67.685
Romanian Government I 3.375 1/28/2050 EUR 57.933
DIC Asset AG 2.250 9/22/2026 EUR 60.103
Aroundtown SA 1.450 7/9/2028 EUR 64.173
Metalcorp Group SA 8.500 6/28/2026 EUR 40.000
Tullow Oil PLC 7.000 3/1/2025 USD 60.878
Mclaren Finance PLC 7.500 8/1/2026 USD 73.992
Orpea SA 2.000 4/1/2028 EUR 22.322
ADLER Group SA 2.250 1/14/2029 EUR 31.833
Aroundtown SA 3.375 EUR 46.555
Canary Wharf Group In 1.750 4/7/2026 EUR 74.200
United Kingdom Gilt 0.625 7/31/2035 GBP 69.090
DEMIRE Deutsche Mitte 1.875 10/15/2024 EUR 73.173
Aroundtown SA 5.375 3/21/2029 USD 73.796
Vedanta Resources Fin 9.250 4/23/2026 USD 64.556
Italy Buoni Poliennal 1.500 4/30/2045 EUR 59.800
Gazprom PJSC via Gaz 3.897 EUR 58.086
Heimstaden Bostad AB 2.625 EUR 52.055
La Financiere Atalian 6.625 5/15/2025 GBP 65.493
Aroundtown SA 2.875 EUR 38.499
Gazprom PJSC Via Gaz 2.250 11/22/2024 EUR 72.946
Romanian Government I 4.625 4/3/2049 EUR 72.477
Korian SA 1.875 EUR 27.224
Casino Guichard Perra 3.992 EUR 17.436
Heimstaden Bostad AB 3.248 EUR 73.188
Development Bank of t 6.750 5/2/2024 USD 31.595
Storskogen Group AB 5.443 12/1/2025 SEK 72.667
Casino Guichard Perra 4.262 EUR 15.167
Cellnex Telecom SA 0.750 11/20/2031 EUR 74.222
InterCement Financial 5.750 7/17/2024 USD 73.012
Orpea SA 0.375 5/17/2027 EUR 29.628
Grand City Properties 1.500 EUR 41.070
Mitsubishi UFJ Invest 6.398 12/15/2050 EUR 37.673
Hidrovias Internation 4.950 2/8/2031 USD 74.412
Castellum Helsinki Fi 0.875 9/17/2029 EUR 65.622
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 65.010
Aroundtown SA 3.000 10/16/2029 GBP 63.916
Credit Suisse Group A 0.625 1/18/2033 EUR 56.493
Ukraine Government In 7.253 3/15/2035 USD 18.519
United Kingdom Gilt 1.250 10/22/2041 GBP 64.691
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 16.606
Barclays Bank PLC 2.756 EUR 71.884
Cardea Europe AG 7.250 12/8/2023 EUR 26.000
Credit Suisse Group A 7.250 USD 72.250
Air France-KLM 0.125 3/25/2026 EUR 16.402
Banco Santander SA 3.625 EUR 70.172
British American Toba 3.750 EUR 73.976
French Republic Gover 1.750 5/25/2066 EUR 74.486
Vonovia SE 1.625 9/1/2051 EUR 48.417
Aroundtown SA 1.625 1/31/2028 EUR 67.236
Carnival PLC 1.000 10/28/2029 EUR 42.552
Russian Railways Via 2.200 5/23/2027 EUR 30.181
Ukraine Railways Via 8.250 7/9/2024 USD 19.190
Republic of Belarus I 6.875 2/28/2023 USD 37.775
Corestate Capital Hol 1.375 11/28/2022 EUR 12.557
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 67.977
VEON Holdings BV 3.375 11/25/2027 USD 70.188
Credit Suisse Group A 5.250 USD 65.480
Electricite de France 3.375 EUR 74.363
Saderea DAC 12.500 11/30/2026 USD 35.003
Russian Railways Via 0.898 10/3/2025 CHF 22.734
Romanian Government I 1.750 7/13/2030 EUR 70.286
Rallye SA 4.000 2/28/2032 EUR 0.784
Credit Suisse Group A 3.000 CHF 63.125
Corestate Capital Hol 3.500 4/15/2023 EUR 14.972
Ukraine Government In 6.750 6/20/2028 EUR 17.527
Haya Holdco 2 PLC 10.954 11/30/2025 EUR 43.545
ING Groep NV 3.875 USD 73.476
Romanian Government I 2.124 7/16/2031 EUR 70.004
Vedanta Resources Fin 8.950 3/11/2025 USD 68.378
Eustream AS 1.625 6/25/2027 EUR 69.953
Credit Suisse Group A 6.375 USD 70.010
Gazprom PJSC via Gaz 4.599 USD 47.000
Nykredit Realkredit A 1.000 10/1/2050 DKK 74.452
Romanian Government I 3.875 10/29/2035 EUR 74.716
Cimpress PLC 7.000 6/15/2026 USD 70.010
Finnair Oyj 4.250 5/19/2025 EUR 72.358
Aegon NV 0.496 NLG 66.288
VTR Finance NV 6.375 7/15/2028 USD 37.538
Heimstaden AB 6.750 EUR 43.698
CPI Property Group SA 5.800 SGD 47.476
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 71.738
Ukraine Government In 4.375 1/27/2032 EUR 17.130
Russian Railways Via 0.840 3/12/2026 CHF 20.509
Roadster Finance DAC 2.375 12/8/2027 EUR 76.048
ADLER Group SA 1.500 7/26/2024 EUR 67.333
Atos SE 1.000 11/12/2029 EUR 62.939
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 67.860
Grand City Properties 0.125 1/11/2028 EUR 67.595
Vodafone Group PLC 5.125 6/4/2081 USD 73.990
CPI Property Group SA 4.875 EUR 47.973
Credit Suisse Group A 5.625 SGD 73.065
Dtek Renewables Finan 8.500 11/12/2024 EUR 31.012
Romanian Government I 2.750 4/14/2041 EUR 56.501
Heimstaden Bostad AB 3.625 EUR 52.332
Serbia International 1.000 9/23/2028 EUR 72.510
United Kingdom Gilt 1.125 10/22/2073 GBP 44.270
Romanian Government I 4.125 3/11/2039 EUR 71.716
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 68.000
Metro Bank PLC 5.500 6/26/2028 GBP 57.228
Slovenia Government B 0.688 3/3/2081 EUR 36.493
Unicaja Banco SA 4.875 EUR 72.867
Heimstaden AB 4.375 3/6/2027 EUR 65.243
Vnesheconombank Via V 6.800 11/22/2025 USD 5.402
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 71.598
Constellation Automot 4.875 7/15/2027 GBP 65.850
Gazprom PJSC Via Gaz 2.949 1/24/2024 EUR 73.000
Kernel Holding SA 6.500 10/17/2024 USD 45.256
MMC Norilsk Nickel OJ 4.100 4/11/2023 USD 73.116
Rallye SA 4.371 2/28/2032 EUR 1.238
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 66.000
Trinseo Materials Ope 5.125 4/1/2029 USD 66.108
Credit Suisse Group A 2.875 4/2/2032 EUR 72.903
EnfraGen Energia Sur 5.375 12/30/2030 USD 70.898
Ukraine Government In 6.876 5/21/2031 USD 18.396
Citycon Oyj 4.496 EUR 58.339
MorphoSys AG 0.625 10/16/2025 EUR 48.902
Samhallsbyggnadsbolag 2.624 EUR 37.083
Hungary Government In 0.500 11/18/2030 EUR 68.663
United Kingdom Gilt 0.875 1/31/2046 GBP 53.846
NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 17.078
Rothschild & Co Conti 4.438 USD 65.100
Republic of Poland Go 1.250 10/25/2030 PLN 70.750
Spain Government Bond 1.450 10/31/2071 EUR 50.084
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 62.875
Aroundtown SA 4.750 GBP 45.970
Samhallsbyggnadsbolag 2.875 EUR 37.156
Romanian Government I 2.625 12/2/2040 EUR 56.154
Korian SA 0.875 3/6/2027 EUR 40.725
Republic of Italy Gov 4.000 10/17/2049 USD 73.262
CPI Property Group SA 1.500 1/27/2031 EUR 57.148
NatWest Group PLC 4.600 USD 72.010
Air Baltic Corp AS 6.750 7/30/2024 EUR 71.973
MHP SE 7.750 5/10/2024 USD 49.941
Ukraine Government In 7.750 9/1/2024 USD 24.018
Mahle GmbH 2.375 5/14/2028 EUR 72.278
HSBC Bank PLC 5.401 USD 70.107
Mallinckrodt Internat 10.000 6/15/2029 USD 54.755
Nexity SA 0.250 3/2/2025 EUR 58.639
Serbia International 1.500 6/26/2029 EUR 72.083
Republic of Italy Gov 3.875 5/6/2051 USD 69.194
Grand City Properties 2.500 EUR 42.869
ADLER Real Estate AG 3.000 4/27/2026 EUR 68.597
Deutsche Bank AG/New 3.742 1/7/2033 USD 73.822
Kleopatra Holdings 2 6.500 9/1/2026 EUR 53.750
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 73.500
Raiffeisen Bank Inter 1.375 6/17/2033 EUR 71.017
Ukraine Government Bo 15.840 2/26/2025 UAH 52.868
SBB Treasury Oyj 0.750 12/14/2028 EUR 64.255
Romanian Government I 2.000 4/14/2033 EUR 64.676
gategroup Finance Lux 3.000 2/28/2027 CHF 65.461
Intesa Sanpaolo SpA 4.125 EUR 73.187
Aggregate Holdings SA 6.875 11/9/2025 EUR 35.142
CaixaBank SA 3.625 EUR 70.712
Aroundtown SA 3.625 4/10/2031 GBP 61.844
Balder Finland Oyj 2.000 1/18/2031 EUR 64.735
Accor SA 0.700 12/7/2027 EUR 42.416
Casino Guichard Perra 3.580 2/7/2025 EUR 67.573
UBM Development AG 5.500 EUR 70.125
Ukraine Government In 7.750 9/1/2026 USD 21.109
Russian Foreign Bond 5.625 4/4/2042 USD 62.891
ING Groep NV 4.250 USD 69.050
MHP Lux SA 6.950 4/3/2026 USD 48.181
MMC Norilsk Nickel OJ 3.375 10/28/2024 USD 71.788
Gazprom PJSC Via Gaz 4.250 4/6/2024 GBP 72.171
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 68.995
Intesa Sanpaolo SpA 4.198 6/1/2032 USD 75.070
Credit Suisse AG/Lond 0.250 9/1/2028 EUR 73.108
International Consoli 1.125 5/18/2028 EUR 76.277
La Banque Postale SA 3.000 EUR 71.969
Russian Railways Via 3.125 CHF 7.623
Russian Railways Via 4.600 3/6/2023 EUR 36.148
Schoeller Packaging B 6.375 11/1/2024 EUR 68.982
Altice France Holding 6.000 2/15/2028 USD 63.055
Grand City Properties 2.750 EUR 57.568
Serbia International 1.650 3/3/2033 EUR 61.610
Atrium Finance PLC 2.625 9/5/2027 EUR 67.935
Heimstaden AB 7.625 SEK 71.510
Heimstaden Bostad AB 3.000 EUR 55.779
Altice Finco SA 4.750 1/15/2028 EUR 74.611
MVM Energetika Zrt 0.875 11/18/2027 EUR 71.458
Samhallsbyggnadsbolag 2.625 EUR 37.729
Novolipetsk Steel Via 1.450 6/2/2026 EUR 55.870
Voltalia SA 1.000 1/13/2025 EUR 28.376
Hungary Government In 1.750 6/5/2035 EUR 65.591
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 50.000
Ireland Government Bo 0.550 4/22/2041 EUR 65.541
Republic of Austria G 0.250 10/20/2036 EUR 69.671
Sagax Euro Mtn NL BV 1.000 5/17/2029 EUR 70.807
Republic of Belarus I 5.875 2/24/2026 USD 41.975
Mutuelle Assurance De 3.500 EUR 74.893
Union Fenosa Preferen 3.852 EUR 67.923
Raiffeisen Bank Inter 4.500 EUR 71.761
Hellenic Republic Gov 1.875 1/24/2052 EUR 59.006
Volkswagen Financial 0.375 2/12/2030 EUR 75.559
Romanian Government I 4.000 2/14/2051 USD 66.165
Jaguar Land Rover Aut 5.500 7/15/2029 USD 71.873
Russian Foreign Bond 5.250 6/23/2047 USD 40.531
UniCredit SpA 0.850 1/19/2031 EUR 73.872
Ukreximbank Via Biz F 9.750 1/22/2025 USD 32.333
Russian Railways Via 4.375 3/1/2024 USD 31.246
Heimstaden Bostad Tre 0.750 9/6/2029 EUR 67.901
Boparan Finance PLC 7.625 11/30/2025 GBP 67.536
Russian Foreign Bond 7.500 3/31/2030 USD 64.192
Heimstaden AB 4.250 3/9/2026 EUR 69.571
Heimstaden Bostad AB 3.375 EUR 56.089
Eutelsat SA 1.500 10/13/2028 EUR 72.175
SAS AB 6.900 SEK 10.000
SBB Treasury Oyj 1.125 11/26/2029 EUR 63.987
Phosagro OAO Via Phos 3.949 4/24/2023 USD 64.946
Moby SpA 7.750 2/15/2023 EUR 57.748
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 70.549
Fuerstenberg Capital 5.625 EUR 72.102
Acef Holding SCA 0.750 6/14/2028 EUR 74.774
Ukraine Government In 7.750 9/1/2025 USD 22.292
Ideal Standard Intern 6.375 7/30/2026 EUR 42.025
Wintershall Dea Finan 3.000 EUR 73.081
Spain Government Bond 1.000 7/30/2042 EUR 64.354
United Kingdom Gilt 1.500 7/31/2053 GBP 58.166
Sigma Holdco BV 5.750 5/15/2026 EUR 72.422
Deutsche Bank AG 1.375 2/17/2032 EUR 74.082
Ukraine Government In 7.750 9/1/2028 USD 20.927
Casino Guichard Perra 6.625 1/15/2026 EUR 55.232
VTB Bank PJSC Via VTB 9.500 USD 16.289
Enel Finance Internat 0.875 6/17/2036 EUR 66.323
Peach Property Financ 4.375 11/15/2025 EUR 73.266
Balder Finland Oyj 1.000 1/20/2029 EUR 67.485
Enel Finance Internat 0.875 9/28/2034 EUR 69.360
Signa Development Fin 5.500 7/23/2026 EUR 61.250
NGD Holdings BV 6.750 12/31/2026 USD 45.152
Ukraine Government In 9.750 11/1/2030 USD 21.097
Republic of Belarus I 7.625 6/29/2027 USD 40.661
Credit Bank of Moscow 3.875 9/21/2026 USD 49.750
Intesa Sanpaolo Vita 2.375 12/22/2030 EUR 73.063
United Kingdom Gilt 1.125 1/31/2039 GBP 67.029
Croatia Government In 1.750 3/4/2041 EUR 70.687
CPI Property Group SA 3.750 EUR 48.649
Phosagro OAO Via Phos 2.600 9/16/2028 USD 63.000
Allianz SE 2.600 EUR 70.417
VGP NV 2.250 1/17/2030 EUR 65.863
Pro-Gest SpA 3.250 12/15/2024 EUR 62.025
Eolo SpA 4.875 10/21/2028 EUR 70.576
NAK Naftogaz Ukraine 7.375 7/19/2022 USD 15.500
TotalEnergies SE 2.125 EUR 72.149
Blackstone Property P 1.625 4/20/2030 EUR 69.517
Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 70.899
Standard Profil Autom 6.250 4/30/2026 EUR 60.000
CPI Property Group SA 4.875 EUR 50.783
Tinkoff Bank JSC Via 6.000 USD 40.165
GOL Equity Finance SA 3.750 7/15/2024 USD 49.000
DDM Debt AB 9.000 4/19/2026 EUR 61.615
Ireland Government Bo 1.500 5/15/2050 EUR 73.733
Hungary Government Bo 2.250 4/20/2033 HUF 63.156
Balder Finland Oyj 1.000 1/18/2027 EUR 75.050
ADLER Group SA 1.875 1/14/2026 EUR 39.000
Berkeley Group PLC/Th 2.500 8/11/2031 GBP 68.532
Allianz SE 2.625 EUR 73.278
Ziggo Bond Co BV 3.375 2/28/2030 EUR 75.204
GTC Aurora Luxembourg 2.250 6/23/2026 EUR 72.425
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 64.486
Agri Resources Group 8.000 3/17/2026 EUR 39.083
Nobel Bidco BV 3.125 6/15/2028 EUR 68.290
State Agency of Roads 6.250 6/24/2030 USD 17.400
Aragvi Finance Intern 8.450 4/29/2026 USD 70.452
Republic of Belarus I 6.378 2/24/2031 USD 33.000
Ukraine Government In 7.750 9/1/2029 USD 21.044
VTB Bank OJSC Via VTB 6.950 10/17/2022 USD 7.345
Fastighets AB Balder 1.250 1/28/2028 EUR 70.292
Rothesay Life PLC 5.000 GBP 69.182
ADLER Group SA 3.250 8/5/2025 EUR 39.233
Slovenia Government B 0.125 7/1/2031 EUR 75.598
NPC Ukrenergo 6.875 11/9/2028 USD 16.875
Julius Baer Group Ltd 3.625 USD 70.357
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 64.675
FIGEAC-AERO 1.750 10/18/2028 EUR 23.709
Serbia International 2.050 9/23/2036 EUR 56.906
Bank Gospodarstwa Kra 2.125 6/5/2030 PLN 71.583
Russian Railways Via 5.700 4/5/2022 USD 24.380
MMC Norilsk Nickel OJ 2.550 9/11/2025 USD 69.111
HSE Finance Sarl 5.625 10/15/2026 EUR 53.000
Zur Rose Group AG 2.500 11/21/2024 CHF 73.169
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 67.860
Jaguar Land Rover Aut 5.500 7/15/2029 USD 71.553
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 73.875
Romanian Government I 1.375 12/2/2029 EUR 72.744
Samhallsbyggnadsbolag 5.333 SEK 59.253
CPI Property Group SA 1.625 4/23/2027 EUR 71.111
alstria office REIT-A 1.500 11/15/2027 EUR 72.164
HOCHTIEF AG 1.250 9/3/2031 EUR 67.395
Republic of Croatia F 1.000 11/27/2034 EUR 71.025
Mithra Pharmaceutical 4.250 12/17/2025 EUR 61.071
Fnac Darty SA 0.250 3/23/2027 EUR 65.970
EnBW Energie Baden-Wu 1.375 8/31/2081 EUR 74.831
Evraz PLC 5.250 4/2/2024 USD 52.000
Kernel Holding SA 6.750 10/27/2027 USD 34.475
ams-OSRAM AG 2.125 11/3/2027 EUR 71.335
Evraz PLC 5.375 3/20/2023 USD 48.523
Polyus Finance PLC 3.250 10/14/2028 USD 59.756
Vonovia SE 1.500 6/14/2041 EUR 57.621
Credit Suisse Group A 4.875 5/15/2045 USD 69.477
Ukraine Railways Via 7.875 7/15/2026 USD 19.750
Oscar Properties Hold 9.999 7/5/2024 SEK 65.310
TI Automotive Finance 3.750 4/15/2029 EUR 74.960
Citycon Oyj 3.625 EUR 48.238
Herens Midco Sarl 5.250 5/15/2029 EUR 68.967
Credit Suisse Group A 0.650 1/14/2028 EUR 74.888
Russian Foreign Bond 4.250 6/23/2027 USD 41.773
Russian Railways Via 7.487 3/25/2031 GBP 25.724
United Kingdom Gilt 1.750 7/22/2057 GBP 61.762
Russian Railways Via 1.195 4/3/2028 CHF 20.500
AerCap Ireland Capita 3.850 10/29/2041 USD 73.340
Metinvest BV 8.500 4/23/2026 USD 54.375
VGP NV 1.500 4/8/2029 EUR 65.814
Lloyds Banking Group 3.369 12/14/2046 USD 67.136
ADLER Group SA 2.250 4/27/2027 EUR 33.583
VF Ukraine PAT via VF 6.200 2/11/2025 USD 55.852
MHP Lux SA 6.250 9/19/2029 USD 47.160
Liquid Telecommunicat 5.500 9/4/2026 USD 73.228
SATO Oyj 1.375 2/24/2028 EUR 73.511
Credit Bank of Moscow 3.100 1/21/2026 EUR 23.774
PB International BV 7.625 12/31/2025 USD 44.405
HOCHDORF Holding AG 2.500 CHF 26.552
Enel SpA 1.875 EUR 72.651
EP Infrastructure AS 2.045 10/9/2028 EUR 69.744
Triodos Bank NV 2.250 2/5/2032 EUR 73.873
Fresenius SE & Co KGa 1.125 1/28/2033 EUR 69.854
Credit Suisse Group A 3.500 CHF 69.233
Idorsia Ltd 2.125 8/4/2028 CHF 66.360
Fastighets AB Balder 1.125 1/29/2027 EUR 74.873
Societe Generale SA 4.027 1/21/2043 USD 69.257
Casino Guichard Perra 5.250 4/15/2027 EUR 51.063
Aroundtown SA 2.912 9/20/2030 EUR 61.745
CPI Property Group SA 1.750 1/14/2030 EUR 60.778
Prosus NV 4.987 1/19/2052 USD 74.568
Compact Bidco BV 5.750 5/1/2026 EUR 67.354
MRG Finance UK PLC 8.750 10/26/2023 EUR 63.063
Shell International F 3.000 11/26/2051 USD 71.245
Cellnex Finance Co SA 3.875 7/7/2041 USD 70.916
Prosus NV 2.031 8/3/2032 EUR 72.247
Idavang A/S 9.052 11/11/2025 EUR 63.899
Odea Bank AS 8.606 8/1/2027 USD 75.000
Tinkoff Bank JSC Via 11.002 USD 40.954
Klepierre SA 1.625 12/13/2032 EUR 75.837
Heimstaden Bostad Tre 1.625 10/13/2031 EUR 64.780
Castle UK Finco PLC 7.012 5/15/2028 EUR 73.887
Lithuania Government 0.500 7/28/2050 EUR 45.925
United Kingdom Gilt 1.750 1/22/2049 GBP 64.961
ABN AMRO Bank NV 1.115 3/3/2042 EUR 71.829
Vonovia SE 1.000 6/16/2033 EUR 67.924
Czech Republic Govern 1.200 3/13/2031 CZK 76.667
Wirecard AG 0.500 9/11/2024 EUR 10.304
EP Infrastructure AS 1.816 3/2/2031 EUR 64.553
Altice France Holding 4.000 2/15/2028 EUR 65.206
Hungary Government Bo 3.250 10/22/2031 HUF 71.583
Korian SA 2.250 10/15/2028 EUR 67.602
Bank Gospodarstwa Kra 0.500 7/8/2031 EUR 70.447
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.750
Muenchener Rueckversi 1.000 5/26/2042 EUR 71.770
Prosus NV 3.832 2/8/2051 USD 63.398
Hellenic Republic Gov 0.750 6/18/2031 EUR 75.129
MMC Norilsk Nickel OJ 2.800 10/27/2026 USD 72.250
Euroboden GmbH 5.500 10/1/2024 EUR 60.674
Momox Holding AG 8.504 7/10/2025 EUR 67.868
Russian Foreign Bond 4.375 3/21/2029 USD 40.497
Hungary Government Bo 3.000 10/27/2027 HUF 77.094
Russian Foreign Bond 2.875 12/4/2025 EUR 39.367
SPP-Distribucia AS 1.000 6/9/2031 EUR 65.455
BNP Paribas SA 4.245 USD 69.487
Very Group Funding Pl 6.500 8/1/2026 GBP 71.464
M2 Asset Management A 6.414 1/15/2025 SEK 70.375
Linde PLC 1.000 9/30/2051 EUR 59.239
Severstal OAO Via Ste 3.150 9/16/2024 USD 5.901
Samhallsbyggnadsbolag 1.125 9/4/2026 EUR 74.166
Euroboden GmbH 5.500 11/18/2025 EUR 54.395
Logicor Financing Sar 2.000 1/17/2034 EUR 64.500
ZUR Rose Finance BV 2.750 3/31/2025 CHF 63.378
Hacienda Investments 5.350 2/8/2028 USD 42.000
Societe Generale SA 4.027 1/21/2043 USD 70.103
HSBC Bank PLC 4.420 USD 69.991
Deutsche Bahn Finance 0.625 12/8/2050 EUR 53.362
EDP - Energias de Por 1.875 3/14/2082 EUR 73.119
Glencore Capital Fina 1.250 3/1/2033 EUR 70.259
Hungary Government Bo 2.000 5/23/2029 HUF 70.145
Russian Foreign Bond 5.875 9/16/2043 USD 57.000
Slovenia Government B 0.488 10/20/2050 EUR 46.147
EnBW Energie Baden-Wu 2.125 8/31/2081 EUR 68.228
Vonovia Finance BV 1.000 1/28/2041 EUR 51.258
Metinvest BV 5.625 6/17/2025 EUR 53.851
Mclaren Finance PLC 7.500 8/1/2026 USD 73.246
Electricite de France 4.500 12/4/2069 USD 71.932
Sigma Holdco BV 7.875 5/15/2026 USD 72.071
Sberbank of Russia Vi 5.125 10/29/2022 USD 14.250
Aryzta AG 4.879 CHF 73.621
Orpea SA 2.130 7/3/2024 EUR 27.246
HSBC Bank PLC 5.251 USD 70.111
Vnesheconombank Via V 5.942 11/21/2023 USD 6.403
Vonovia Finance BV 2.750 3/22/2038 EUR 75.166
Romanian Government I 3.500 4/3/2034 EUR 73.680
Saxa Gres Spa 7.000 8/4/2026 EUR 40.031
ALROSA Finance SA 3.100 6/25/2027 USD 10.900
Deutsche Bank AG/New 3.729 1/14/2032 USD 75.516
GTLK Europe Capital D 4.800 2/26/2028 USD 22.781
Nykredit Realkredit A 1.000 10/1/2053 DKK 69.118
MMK International Cap 4.375 6/13/2024 USD 28.514
Offshore Drilling Hol 8.375 9/20/2020 USD 3.841
Republic of Belarus I 6.200 2/28/2030 USD 33.482
UNEDIC ASSEO 0.250 7/16/2035 EUR 69.833
Biocartis Group NV 4.000 11/9/2027 EUR 59.895
Balder Finland Oyj 1.375 5/24/2030 EUR 64.194
Enexis Holding NV 0.375 4/14/2033 EUR 73.339
Czech Republic Govern 1.500 4/24/2040 CZK 62.368
Acef Holding SCA 1.250 4/26/2030 EUR 70.041
United Kingdom Gilt 1.625 10/22/2054 GBP 59.841
publity AG 5.500 6/19/2025 EUR 59.570
TotalEnergies SE 3.250 EUR 74.514
Deutsche Telekom AG 1.750 12/9/2049 EUR 68.837
Dignity Finance PLC 4.696 12/31/2049 GBP 67.785
Russian Foreign Bond 4.750 5/27/2026 USD 42.092
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 2.219
Novolipetsk Steel Via 4.500 6/15/2023 USD 66.436
Electricite de France 2.000 12/9/2049 EUR 63.227
Polyus Finance PLC 5.250 2/7/2023 USD 56.394
Electricite de France 1.000 11/29/2033 EUR 71.694
Rallye SA 5.250 2/28/2032 EUR 7.440
Lukoil Securities BV 3.875 5/6/2030 USD 71.349
Realkredit Danmark A/ 1.000 10/1/2050 DKK 74.453
Icade Sante SACA 1.375 9/17/2030 EUR 74.952
Eurochem Finance DAC 5.500 3/13/2024 USD 57.073
Prosus NV 2.778 1/19/2034 EUR 73.621
Brit Insurance Holdin 3.676 12/9/2030 GBP 72.779
Hungary Government Bo 3.000 8/21/2030 HUF 72.775
Arrival SA 3.500 12/1/2026 USD 23.698
Econocom Group SA/NV 0.500 3/6/2023 EUR 8.028
P3 Group Sarl 1.625 1/26/2029 EUR 74.421
University of Oxford 2.544 12/8/2117 GBP 56.859
Metinvest BV 7.650 10/1/2027 USD 52.134
DVI Deutsche Vermoege 2.500 1/25/2027 EUR 74.331
Orpea SA 2.200 12/15/2024 EUR 22.500
JT International Fina 3.300 9/14/2051 USD 58.986
Sberbank of Russia Vi 5.250 5/23/2023 USD 14.258
NET4GAS sro 3.500 7/28/2026 EUR 68.492
Credit Suisse Group A 0.650 9/10/2029 EUR 67.459
Offentliga Hus I Nord 9.655 SEK 64.279
Holcim Finance Luxemb 1.375 10/8/2036 EUR 60.893
CTP NV 1.500 9/27/2031 EUR 60.536
Mutuelle Assurance De 2.125 6/21/2052 EUR 69.229
Phosagro OAO Via Phos 3.050 1/23/2025 USD 52.606
Bank Gospodarstwa Kra 2.375 11/27/2040 PLN 53.314
Gecina SA 0.875 6/30/2036 EUR 67.257
Altarea SCA 1.750 1/16/2030 EUR 75.127
Ekosem-Agrar AG 2.500 7/31/2029 EUR 17.847
CM.com NV 2.000 9/9/2026 EUR 66.332
Metalloinvest Finance 3.375 10/22/2028 USD 53.710
Hungary Government Bo 4.500 5/27/2032 HUF 78.353
Nykredit Realkredit A 1.500 10/1/2053 DKK 73.702
Banco Comercial Portu 4.000 5/17/2032 EUR 70.259
Hungary Government Bo 3.000 10/27/2038 HUF 58.975
BCP V Modular Service 6.750 11/30/2029 EUR 74.074
Intesa Sanpaolo SpA 4.950 6/1/2042 USD 66.605
Ukraine Government Bo 9.790 5/26/2027 UAH 54.673
Russian Agricultural 8.500 10/16/2023 USD 13.516
Desenio Group AB 8.034 12/16/2024 SEK 50.774
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.189
Credit Bank of Moscow 8.875 USD 17.000
Enel Finance Internat 2.250 7/12/2031 USD 74.680
Nostrum Oil & Gas Fin 8.000 7/25/2022 USD 25.677
BNP Paribas SA 0.625 12/3/2032 EUR 71.626
Citycon Treasury BV 1.625 3/12/2028 EUR 73.495
Kojamo Oyj 0.875 5/28/2029 EUR 75.170
Atos SE 2.500 11/7/2028 EUR 65.996
Romanian Government I 3.375 2/8/2038 EUR 68.332
Novolipetsk Steel Via 4.700 5/30/2026 USD 70.179
VTB Bank OJSC Via VTB 4.073 10/24/2024 CHF 16.000
Logicor Financing Sar 1.625 1/17/2030 EUR 73.761
esure Group PLC 6.000 GBP 68.750
Stellantis NV 1.250 6/20/2033 EUR 72.654
Samhallsbyggnadsbolag 1.000 8/12/2027 EUR 69.504
Air Berlin PLC 8.250 4/19/2018 EUR 0.227
Ocado Group PLC 0.750 1/18/2027 GBP 67.519
Rothschild & Co Conti 3.030 EUR 68.047
ADLER Group SA 2.750 11/13/2026 EUR 37.933
Rickmers Holding AG 8.875 6/11/2018 EUR 0.891
Orpea SA 2.750 6/3/2033 EUR 21.871
Prosus NV 4.027 8/3/2050 USD 65.752
Deutsche Wohnen SE 1.300 4/7/2041 EUR 52.809
Castle UK Finco PLC 7.000 5/15/2029 GBP 69.085
Vnesheconombank Via V 6.025 7/5/2022 USD 4.680
Hellenic Bank PCL 10.000 EUR 66.009
TMK OAO Via TMK Capit 4.300 2/12/2027 USD 50.716
BP Capital Markets BV 1.467 9/21/2041 EUR 65.912
NE Property BV 2.000 1/20/2030 EUR 69.641
Santhera Pharmaceutic 7.500 8/17/2024 CHF 74.120
Neoen SA 2.000 6/2/2025 EUR 48.428
Global Ports Finance 6.500 9/22/2023 USD 24.931
United Group BV 5.250 2/1/2030 EUR 72.654
Ukreximbank Via Biz F 9.950 11/14/2029 USD 29.375
Credit Bank of Moscow 5.150 2/20/2024 EUR 22.573
GTLK Europe DAC 5.125 5/31/2024 USD 30.223
UNEDIC ASSEO 0.500 5/25/2036 EUR 70.135
ALROSA Finance SA 4.650 4/9/2024 USD 10.871
Gecina SA 0.875 1/25/2033 EUR 75.362
Just Eat Takeaway.com 0.625 2/9/2028 EUR 66.338
Eurotorg LLC Via Boni 9.000 10/22/2025 USD 63.000
CPI Property Group SA 2.750 1/22/2028 GBP 66.921
Thermo Fisher Scienti 2.000 10/18/2051 EUR 67.461
Scandinavian Airlines 0.625 CHF 12.917
Nostrum Oil & Gas Fin 7.000 2/16/2025 USD 23.958
Maisons du Monde SA 0.125 12/6/2023 EUR 46.124
BICO Group AB 2.875 3/19/2026 SEK 71.703
Credit Bank of Moscow 7.500 10/5/2027 USD 18.000
UBS Group AG 3.179 2/11/2043 USD 72.142
Credit Suisse Group A 3.091 5/14/2032 USD 71.009
IWG International Hol 0.500 12/9/2027 GBP 74.705
BMW Finance NV 0.200 1/11/2033 EUR 73.724
State of North Rhine- 1.375 1/15/2120 EUR 54.602
Casino Guichard Perra 4.048 8/5/2026 EUR 51.792
BPCE SA 3.116 10/19/2032 USD 74.893
Societe Generale SA 3.625 3/1/2041 USD 66.305
Finland Government Bo 0.500 4/15/2043 EUR 63.998
BPCE SA 2.125 10/13/2046 EUR 70.901
Ozon Holdings PLC 1.875 2/24/2026 USD 59.099
TP ICAP Finance PLC 2.625 11/18/2028 GBP 74.668
Debenhams PLC 5.250 7/15/2021 GBP 0.181
ABN AMRO Bank NV 3.324 3/13/2037 USD 74.158
Lar Espana Real Estat 1.843 11/3/2028 EUR 71.095
Interpipe Holdings PL 8.375 5/13/2026 USD 35.750
Kreditanstalt fuer Wi 0.050 9/29/2034 EUR 72.347
Credit Bank of Moscow 5.550 2/14/2023 USD 22.034
B2W Digital Lux Sarl 4.375 12/20/2030 USD 66.177
Merlin Properties Soc 1.875 12/4/2034 EUR 71.317
Social Chain AG /The 5.750 4/7/2024 EUR 70.000
Jyske Realkredit A/S 1.000 10/1/2050 DKK 70.418
Nordea Kredit Realkre 1.000 10/1/2050 DKK 74.580
Credit Bank of Moscow 4.700 1/29/2025 USD 23.069
Simon International F 1.125 3/19/2033 EUR 74.422
Iceland Bondco PLC 4.375 5/15/2028 GBP 73.870
Delivery Hero SE 2.125 3/10/2029 EUR 65.446
Vonovia SE 0.625 12/14/2029 EUR 74.921
Logicor Financing Sar 0.875 1/14/2031 EUR 65.980
Credit Agricole Assur 1.500 10/6/2031 EUR 74.865
Credit Suisse Group A 3.091 5/14/2032 USD 70.721
BAT International Fin 2.250 9/9/2052 GBP 41.677
Deutsche Bahn Finance 1.125 5/29/2051 EUR 59.746
Russian Foreign Bond 2.650 5/27/2036 EUR 39.333
UNIQA Insurance Group 2.375 12/9/2041 EUR 70.992
Stichting Afwikkeling 11.250 EUR 44.369
GTLK Europe Capital D 5.950 4/17/2025 USD 26.608
Novolipetsk Steel Via 4.000 9/21/2024 USD 63.228
Perrigo Finance Unlim 4.900 12/15/2044 USD 69.851
Nexity SA 0.875 4/19/2028 EUR 44.333
Slovenia Government B 1.175 2/13/2062 EUR 52.810
Latvia Government Int 1.875 2/19/2049 EUR 71.058
Ilija Batljan Invest 5.764 12/15/2024 SEK 63.011
HSE Finance Sarl 7.512 10/15/2026 EUR 56.827
Blackstone Property P 1.000 5/4/2028 EUR 73.820
Klepierre SA 0.875 2/17/2031 EUR 75.000
Orsted AS 1.500 2/18/3021 EUR 74.995
R-Logitech Finance SA 10.250 9/26/2027 EUR 65.842
ASTM SpA 2.375 11/25/2033 EUR 73.902
Imperial Brands Finan 1.750 3/18/2033 EUR 72.250
BNG Bank NV 0.125 4/19/2033 EUR 75.249
Mallinckrodt Internat 10.000 4/15/2025 USD 68.750
Republic of Poland Go 2.000 10/25/2046 EUR 70.383
Republic of Poland Go 4.000 4/25/2047 PLN 72.074
GTLK Europe Capital D 4.650 3/10/2027 USD 22.023
RWE AG 1.000 11/26/2033 EUR 73.794
Wuestenrot & Wuerttem 2.125 9/10/2041 EUR 70.377
Borets Finance DAC 6.000 9/17/2026 USD 33.376
Metinvest BV 7.750 10/17/2029 USD 50.000
Russian Foreign Bond 1.850 11/20/2032 EUR 38.643
CBRE Global Investors 0.900 10/12/2029 EUR 73.891
Gol Finance SA 8.000 6/30/2026 USD 60.606
Rallye SA 3.250 2/28/2032 CHF 8.437
Bigben Interactive 1.125 2/19/2026 EUR 70.798
Slovakia Government B 0.375 4/21/2036 EUR 65.613
Unibail-Rodamco-Westf 1.750 7/1/2049 EUR 62.468
Bellis Finco PLC 4.000 2/16/2027 GBP 74.906
Swan Housing Capital 3.625 3/5/2048 GBP 71.451
Audax Renovables SA 2.750 11/30/2025 EUR 68.144
SCF Capital Designate 5.375 6/16/2023 USD 20.001
Jyske Realkredit A/S 1.000 10/1/2050 DKK 74.561
Vonovia SE 0.625 3/24/2031 EUR 71.845
Mobile Telesystems OJ 5.000 5/30/2023 USD 27.511
TotalEnergies Capital 1.618 5/18/2040 EUR 73.350
Ziton A/S 11.032 10/3/2024 EUR 69.549
NatWest Group PLC 3.032 11/28/2035 USD 75.435
Barclays PLC 1.106 5/12/2032 EUR 75.003
ICADE 1.000 1/19/2030 EUR 74.907
BAT International Fin 4.000 11/23/2055 GBP 59.158
JDE Peet's NV 1.125 6/16/2033 EUR 74.923
Orsted AS 2.500 2/18/3021 GBP 68.821
Ilija Batljan Invest 9.264 SEK 46.447
BAT International Fin 2.000 3/13/2045 EUR 56.154
Fresenius Finance Ire 0.875 10/1/2031 EUR 72.009
Intermediate Capital 2.500 1/28/2030 EUR 71.254
Atento Luxco 1 SA 8.000 2/10/2026 USD 54.487
Direct Line Insurance 4.750 GBP 74.167
Lukoil Capital DAC 3.600 10/26/2031 USD 70.581
Hungary Government Bo 1.500 8/26/2026 HUF 75.895
E.ON SE 0.600 10/1/2032 EUR 74.925
Engie SA 1.875 EUR 72.427
Rallye SA 3.400 2/28/2032 EUR 5.520
John Lewis PLC 4.250 12/18/2034 GBP 60.976
GTLK Europe Capital D 4.349 2/27/2029 USD 20.558
DH Europe Finance II 1.350 9/18/2039 EUR 71.176
Societe Generale SA 3.625 3/1/2041 USD 66.593
Plusplus Capital Fina 11.000 7/29/2026 EUR 76.240
Cie de Financement Fo 0.600 10/25/2041 EUR 64.865
A2A SpA 0.625 7/15/2031 EUR 72.938
Aedifica SA 0.750 9/9/2031 EUR 66.720
Credit Bank of Moscow 7.625 USD 20.689
EnBW International Fi 0.500 3/1/2033 EUR 71.565
Barclays PLC 3.811 3/10/2042 USD 69.739
Officine Maccaferri-S 5.750 6/1/2021 EUR 17.034
blueplanet Investment 5.500 2/26/2026 EUR 29.792
Banque Federative du 0.957 EUR 75.765
Pozavarovalnica Sava 3.750 11/7/2039 EUR 72.924
EWE AG 0.375 10/22/2032 EUR 69.768
Genova Property Group 9.245 SEK 74.291
Intelsat Jackson Hold 9.750 7/15/2025 USD 0.491
United Group BV 4.625 8/15/2028 EUR 75.261
Hungary Government Bo 2.250 6/22/2034 HUF 60.391
WPC Eurobond BV 0.950 6/1/2030 EUR 73.699
Maison Finco PLC 6.000 10/31/2027 GBP 72.425
Blackstone Property P 1.750 3/12/2029 EUR 74.253
Enel Finance Internat 2.250 7/12/2031 USD 74.498
Delivery Hero SE 1.500 1/15/2028 EUR 69.371
City of Lugano Switze 0.150 11/28/2070 CHF 48.034
PIK Securities DAC 5.625 11/19/2026 USD 40.313
Ukraine Government Bo 9.840 2/15/2023 UAH 59.748
NIBC Bank NV 2.850 2/21/2040 EUR 69.757
Russian Foreign Bond 1.125 11/20/2027 EUR 38.269
Slovakia Government B 1.000 10/13/2051 EUR 52.691
Lehman Brothers UK Ca 5.125 EUR 15.357
NIBC Bank NV 1.315 EUR 71.456
Romania Government Bo 4.250 4/28/2036 RON 69.185
LEG Immobilien SE 1.625 11/28/2034 EUR 73.939
Czech Republic Govern 0.050 11/29/2029 CZK 72.569
Schlote Holding GmbH 6.750 11/21/2024 EUR 63.630
UNEDIC ASSEO 0.100 5/25/2034 EUR 71.090
Societe Nationale SNC 1.000 1/19/2061 EUR 44.855
Proximus SADP 0.750 11/17/2036 EUR 69.729
ABN AMRO Bank NV 0.400 9/17/2041 EUR 62.196
ICADE 0.625 1/18/2031 EUR 70.962
Snam SpA 1.250 6/20/2034 EUR 74.559
NorteGas Energia Dist 0.905 1/22/2031 EUR 74.472
Finland Government Bo 0.250 9/15/2040 EUR 63.457
Eni SpA 1.000 10/11/2034 EUR 72.491
AstraZeneca PLC 3.000 5/28/2051 USD 73.408
Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 65.705
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 66.252
Icade Sante SACA 0.875 11/4/2029 EUR 74.795
CNP Assurances 1.875 10/12/2053 EUR 72.787
Barclays PLC 3.330 11/24/2042 USD 71.218
PREOS Global Office R 7.500 12/9/2024 EUR 46.530
Tullow Oil PLC 7.000 3/1/2025 USD 61.023
Realkredit Danmark A/ 1.000 10/1/2050 DKK 70.324
SKF AB 0.250 2/15/2031 EUR 74.485
Orange SA 1.375 9/4/2049 EUR 69.514
United Group BV 3.625 2/15/2028 EUR 73.683
Orange SA 0.500 9/4/2032 EUR 74.909
Hacienda Investments 5.075 2/15/2023 USD 41.028
Suek Securities DAC 3.375 9/15/2026 USD 30.098
UBS Group AG 0.625 2/24/2033 EUR 72.682
EYEMAXX Real Estate A 5.500 4/26/2023 EUR 1.329
Republic of Poland Go 2.000 3/8/2049 EUR 70.153
Czech Gas Networks In 0.450 9/8/2029 EUR 71.498
Sovcombank Via SovCom 3.400 1/26/2025 USD 4.732
Vonovia SE 0.750 9/1/2032 EUR 68.007
Chesnara PLC 4.750 8/4/2032 GBP 73.129
Cofinimmo SA 0.875 12/2/2030 EUR 73.784
Russian Federal Bond 6.100 7/18/2035 RUB 73.326
Intelsat Jackson Hold 8.500 10/15/2024 USD 0.491
Lithuania Government 1.625 6/19/2049 EUR 65.570
GTLK Europe Capital D 4.949 2/18/2026 USD 20.830
Rusal Capital DAC 4.850 2/1/2023 USD 43.317
Royalty Pharma PLC 3.350 9/2/2051 USD 63.985
Sovcombank Via SovCom 7.600 USD 3.221
VTR Finance NV 6.375 7/15/2028 USD 38.426
Rallye SA 4.000 2/28/2032 CHF 9.497
JAB Holdings BV 4.500 4/8/2052 USD 72.275
Intelsat Jackson Hold 5.500 8/1/2023 USD 0.491
VEON Holdings BV 3.375 11/25/2027 USD 70.375
Kreditanstalt fuer Wi 0.375 5/20/2036 EUR 72.215
Terragon AG 6.500 5/24/2024 EUR 5.000
Medtronic Global Hold 1.750 7/2/2049 EUR 65.501
ABN AMRO Bank NV 1.250 1/20/2034 EUR 74.348
Digital Intrepid Hold 1.375 7/18/2032 EUR 73.079
East Slope Residencie 0.100 2/28/2062 GBP 65.971
State of North Rhine- 1.750 7/11/2068 EUR 71.951
Kreditanstalt fuer Wi 0.875 7/4/2039 EUR 73.480
Prosus NV 1.985 7/13/2033 EUR 69.043
Enel Finance Internat 1.250 1/17/2035 EUR 72.025
Credit Agricole SA 2.811 1/11/2041 USD 64.385
Akelius Residential P 0.750 2/22/2030 EUR 73.060
UBS Group AG 3.179 2/11/2043 USD 72.091
European Financial St 0.700 1/17/2053 EUR 56.239
Travelex Financing PL 8.000 5/15/2022 EUR 0.301
Becton Dickinson Euro 1.336 8/13/2041 EUR 65.123
Motability Operations 2.125 1/18/2042 GBP 67.347
Deutsche Bahn Finance 0.625 4/15/2036 EUR 70.250
Koninklijke Luchtvaar 0.750 CHF 18.300
Talanx AG 1.750 12/1/2042 EUR 74.085
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.667
Imerys SA 1.000 7/15/2031 EUR 71.029
Cooperatieve Rabobank 1.000 1/19/2034 EUR 74.377
Barclays Bank PLC 5.000 11/1/2029 BRL 62.320
Nykredit Realkredit A 0.500 10/1/2050 DKK 70.218
GOL Equity Finance SA 3.750 7/15/2024 USD 40.500
Ukraine Government Bo 16.000 5/24/2023 UAH 58.625
Thermo Fisher Scienti 1.625 10/18/2041 EUR 70.974
Holcim Finance Luxemb 0.625 1/19/2033 EUR 72.359
Agence Francaise de D 1.125 3/2/2037 EUR 74.386
Vodafone Group PLC 3.000 8/12/2056 GBP 62.126
Credit Suisse Group A 2.125 11/15/2029 GBP 71.258
BNP Paribas SA 2.588 8/12/2035 USD 74.594
SCF Capital Designate 3.850 4/26/2028 USD 20.766
Ukraine Government Bo 15.970 4/19/2023 UAH 58.352
BNP Paribas SA 2.824 1/26/2041 USD 63.682
CK Hutchison Group Te 2.625 10/17/2034 GBP 69.774
Bulgaria Government B 0.100 8/17/2031 BGN 60.302
Groupe des Assurances 1.850 4/21/2042 EUR 73.391
K2A Knaust & Andersso 7.712 SEK 69.418
Vesteda Finance BV 0.750 10/18/2031 EUR 74.001
Segro Capital Sarl 0.500 9/22/2031 EUR 72.478
AstraZeneca PLC 2.125 8/6/2050 USD 61.564
DNB Bank ASA 4.985 USD 67.408
Deutsche Bahn Finance 0.875 6/23/2039 EUR 68.741
Digital Dutch Finco B 1.250 2/1/2031 EUR 74.857
Altice France SA/Fran 5.125 1/15/2029 USD 77.900
Societe Du Grand Pari 0.700 10/15/2060 EUR 41.632
UniCredit Bank Austri 0.050 9/21/2035 EUR 68.053
Ireland Government Bo 0.400 5/15/2035 EUR 74.220
CTP NV 1.250 6/21/2029 EUR 66.969
Communaute Francaise 0.626 8/24/2040 EUR 62.792
Verbund AG 0.900 4/1/2041 EUR 66.132
DH Europe Finance II 1.800 9/18/2049 EUR 69.605
Bank Gospodarstwa Kra 2.250 7/21/2033 PLN 65.196
Croatia Government Bo 1.250 3/3/2040 EUR 65.534
Canary Wharf Group In 3.375 4/23/2028 GBP 67.440
Wellcome Trust Ltd/Th 2.517 2/7/2118 GBP 56.607
ABN AMRO Bank NV 1.000 6/2/2033 EUR 75.201
Becton Dickinson Euro 1.213 2/12/2036 EUR 72.893
Romanian Government I 3.875 10/29/2035 EUR 74.611
ABH Financial Ltd Via 2.700 6/11/2023 EUR 16.750
Quant AB 7.762 11/15/2025 EUR 68.936
Sibur Securities DAC 2.950 7/8/2025 USD 68.634
Clarion Funding PLC 3.125 4/19/2048 GBP 68.088
Portugal Obrigacoes d 0.900 10/12/2035 EUR 74.757
TenneT Holding BV 0.500 11/30/2040 EUR 58.730
Banco Santander SA 3.299 EUR 74.985
Credit Suisse Group A 4.500 USD 54.000
Lehman Brothers UK Ca 3.875 EUR 15.755
Nordea Kredit Realkre 1.000 10/1/2053 DKK 73.848
Investor AB 0.375 10/29/2035 EUR 67.906
Societe Du Grand Pari 1.000 2/18/2070 EUR 44.911
Siemens Financierings 0.500 9/5/2034 EUR 75.014
Korian SA 3.350 6/29/2028 EUR 74.882
Digital Dutch Finco B 1.000 1/15/2032 EUR 71.713
LSEGA Financing PLC 3.200 4/6/2041 USD 76.178
Digital Intrepid Hold 0.625 7/15/2031 EUR 70.121
Engie SA 1.000 10/26/2036 EUR 68.489
TechnipFMC PLC 3.750 10/7/2033 EUR 69.334
Koninklijke KPN NV 0.875 12/14/2032 EUR 75.301
TenneT Holding BV 0.875 6/16/2035 EUR 71.869
Chancellor Masters & 2.350 6/27/2078 GBP 59.710
Societe Nationale SNC 1.000 5/25/2040 EUR 66.555
Karlou BV 7.750 6/18/2024 USD 10.428
Orpea SA 2.000 8/9/2029 EUR 21.933
Sibur Securities DAC 4.125 10/5/2023 USD 62.201
Medtronic Global Hold 1.375 10/15/2040 EUR 68.393
Alfa Bank AO Via Alfa 5.900 USD 3.397
Intu Debenture PLC 5.562 12/31/2027 GBP 43.597
Voyageurs du Monde 3.000 7/9/2028 EUR 72.520
Royalty Pharma PLC 3.550 9/2/2050 USD 66.631
Cooperatieve Rabobank 0.750 6/21/2039 EUR 69.886
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 73.587
EYEMAXX Real Estate A 5.500 9/24/2024 EUR 1.794
ABN AMRO Bank NV 1.125 4/23/2039 EUR 75.020
JSM Global Sarl 4.750 10/20/2030 USD 68.218
Intesa Sanpaolo SpA 2.500 10/14/2031 USD 72.653
EQT AB 0.875 5/14/2031 EUR 70.775
Engie SA 1.250 10/24/2041 EUR 62.261
Realkredit Danmark A/ 1.000 10/1/2053 DKK 63.472
Gecina SA 0.875 1/25/2033 EUR 74.279
Lithuania Government 0.750 7/15/2051 EUR 49.692
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.306
Polyus Finance PLC 4.700 1/29/2024 USD 59.674
Barclays Bank PLC 2.000 8/2/2030 USD 73.593
Shell International F 1.750 9/10/2052 GBP 50.052
Immigon Portfolioabba 8.813 EUR 10.200
Vienna Insurance Grou 1.000 3/26/2036 EUR 67.253
TotalEnergies Capital 3.127 5/29/2050 USD 73.571
HOWOGE Wohnungs-bauge 1.125 11/1/2033 EUR 74.443
SRV Group Oyj 4.875 EUR 56.000
Credit Agricole SA 2.811 1/11/2041 USD 64.146
BAE Systems PLC 3.000 9/15/2050 USD 68.850
Realkredit Danmark A/ 1.500 10/1/2053 DKK 73.700
Bulgaria Government B 0.250 5/24/2029 BGN 73.381
Lithuania Government 0.300 2/12/2032 EUR 72.173
Klepierre SA 0.625 7/1/2030 EUR 75.230
Nordea Kredit Realkre 1.000 10/1/2050 DKK 70.433
Finland Government Bo 0.125 4/15/2036 EUR 69.710
Sovcombank Via SovCom 8.000 4/7/2030 USD 4.774
Societe Du Grand Pari 1.625 4/8/2042 EUR 73.572
Orpea SA 2.770 12/18/2028 EUR 21.826
Credit Suisse AG/Lond 1.250 2/22/2029 USD 72.354
Societe Du Grand Pari 0.300 9/2/2036 EUR 66.267
Iren SpA 0.250 1/17/2031 EUR 71.471
Alfa Bank AO Via Alfa 6.950 USD 3.397
Bunzl Finance PLC 1.500 10/30/2030 GBP 75.052
TenneT Holding BV 1.500 6/3/2039 EUR 73.687
Intesa Sanpaolo SpA 4.375 1/12/2048 USD 63.414
Vnesheconombank Via V 6.800 11/22/2025 USD 5.402
FF Group Finance Luxe 1.750 7/3/2019 EUR 4.429
Barclays PLC 3.382 5/20/2032 AUD 72.140
Privatbank CJSC Via U 10.250 1/23/2018 USD 3.403
Air Berlin PLC 6.750 5/9/2019 EUR 0.345
Accentro Real Estate 4.125 3/23/2026 EUR 45.611
Cooperatieve Rabobank 0.625 2/25/2033 EUR 72.956
Prologis Internationa 0.750 3/23/2033 EUR 68.579
Carmila SA 1.625 4/1/2029 EUR 72.574
BP Capital Markets BV 0.933 12/4/2040 EUR 61.994
Fuerstenberg Capital 2.522 EUR 72.260
Altice France Holding 6.000 2/15/2028 USD 61.874
Utmost Group PLC 4.000 12/15/2031 GBP 74.124
Credit Bank of Moscow 7.121 6/25/2024 USD 23.025
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 69.860
DSV Finance BV 0.750 7/5/2033 EUR 71.725
A2A SpA 1.000 11/2/2033 EUR 69.226
Wellcome Trust Ltd/Th 1.500 7/14/2071 GBP 43.585
Chancellor Masters & 0.250 6/27/2068 GBP 60.155
Zurich Finance Irelan 1.625 6/17/2039 EUR 73.147
E.ON SE 0.875 10/18/2034 EUR 73.492
Sibur Securities DAC 3.450 9/23/2024 USD 59.750
Ukraine Government Bo 12.520 5/13/2026 UAH 57.413
Nestle Finance Intern 0.875 6/14/2041 EUR 68.111
Agence Francaise de D 0.500 5/31/2035 EUR 71.522
de Volksbank NV 0.375 9/16/2041 EUR 61.182
Societa di Progetto B 3.375 12/31/2038 EUR 72.851
Orpea SA 2.564 11/30/2027 EUR 20.060
Just Group PLC 5.000 GBP 70.852
Stichting Afwikkeling 6.250 10/26/2020 EUR 43.619
Credit Suisse Group A 5.250 USD 66.750
O1 Properties Finance 0.500 9/27/2028 USD 5.409
Vonovia Finance BV 1.125 9/14/2034 EUR 64.933
JAB Holdings BV 2.250 12/19/2039 EUR 70.847
OMV AG 1.000 7/3/2034 EUR 74.142
Realkredit Danmark A/ 1.000 10/1/2053 DKK 73.693
Realkredit Danmark A/ 1.000 10/1/2053 DKK 69.121
La Poste SA 1.000 9/17/2034 EUR 73.169
Credit Suisse Group A 6.375 USD 66.000
Nederlandse Waterscha 0.125 9/3/2035 EUR 70.030
Orpea SA 3.144 12/22/2025 EUR 25.311
Nats En Route PLC 1.750 9/30/2033 GBP 73.343
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.215
Kommunekredit 0.010 5/4/2034 EUR 72.077
PJSC Koks via IMH Cap 5.900 9/23/2025 USD 7.456
Medtronic Global Hold 1.625 10/15/2050 EUR 63.417
Cellnex Finance Co SA 3.875 7/7/2041 USD 71.095
BP Capital Markets PL 1.104 11/15/2034 EUR 74.708
Caisse Francaise de F 0.375 2/13/2040 EUR 63.496
Deutsche Lichtmiete F 5.750 1/1/2023 EUR 5.150
Tritax Big Box REIT P 1.500 11/27/2033 GBP 67.185
BNP Paribas SA 2.824 1/26/2041 USD 64.591
RTE Reseau de Transpo 0.750 1/12/2034 EUR 74.400
Covivio 0.875 1/20/2033 EUR 74.125
State of North Rhine- 0.500 1/15/2052 EUR 53.975
Cardiff University 3.000 12/7/2055 GBP 71.882
Tresu Investment Hold 7.128 1/2/2025 EUR 45.239
Derwent London PLC 1.875 11/17/2031 GBP 71.577
Ukraine Government Bo 11.670 11/22/2023 UAH 59.135
Ageas SA/NV 1.875 11/24/2051 EUR 72.821
Orpea SA 3.000 11/25/2041 EUR 20.528
TotalEnergies Capital 3.386 6/29/2060 USD 73.374
Aeroports de Paris 1.125 6/18/2034 EUR 73.359
Hera SpA 1.000 4/25/2034 EUR 72.223
Societe Du Grand Pari 1.000 11/26/2051 EUR 54.860
Koninklijke KPN NV 0.875 11/15/2033 EUR 73.485
Unibail-Rodamco-Westf 0.875 3/29/2032 EUR 71.881
Yandex NV 0.750 9/13/2022 USD 69.413
Enel Finance Internat 1.125 10/17/2034 EUR 72.478
FF Group Finance Luxe 3.250 11/2/2021 CHF 5.550
Nordea Kredit Realkre 1.000 10/1/2053 DKK 69.201
BAWAG PSK Bank fuer A 0.010 11/19/2035 EUR 66.344
Avangardco Investment 10.000 10/29/2018 USD 0.348
Havila Shipping ASA 7.760 1/2/2025 NOK 39.833
BUPA Finance PLC 4.000 GBP 68.240
Cyprus Government Int 1.250 1/21/2040 EUR 67.407
Snam SpA 1.000 9/12/2034 EUR 71.775
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.969
Andorra International 1.700 10/13/2041 EUR 65.297
Bayer AG 1.000 1/12/2036 EUR 69.818
Home Credit & Finance 8.800 USD 8.279
Genfit 3.500 10/16/2025 EUR 25.730
EXOR NV 1.750 10/14/2034 EUR 73.463
Molnlycke Holding AB 0.625 1/15/2031 EUR 75.451
Ukraine Government Bo 9.990 5/22/2024 UAH 58.625
Hylea Group SA 7.250 12/1/2022 EUR 0.300
UkrLandFarming PLC 10.875 3/26/2018 USD 1.334
Sovcombank Via SovCom 7.750 USD 3.418
Jyske Realkredit A/S 1.000 10/1/2053 DKK 73.859
Avanti Communications 9.000 10/1/2022 USD 16.714
Nordiska Kreditmarkna 11.401 SEK 74.809
Allianz Finance II BV 0.500 11/22/2033 EUR 74.976
National Grid Electri 0.872 11/26/2040 EUR 60.524
Island Offshore Shiph 8.520 6/30/2024 NOK 21.529
Credit Suisse Group A 7.250 USD 73.460
State of Rhineland-Pa 0.375 4/1/2041 EUR 63.957
KTG Agrar SE 7.125 6/6/2017 EUR 2.002
Bulgaria Government B 1.500 6/21/2039 BGN 51.586
Nordea Kredit Realkre 0.500 10/1/2050 DKK 70.307
Norddeutsche Landesba 8.916 EUR 73.613
State of Saxony-Anhal 0.500 3/24/2051 EUR 56.338
Rusal Capital DAC 5.300 5/3/2023 USD 40.406
Societe Du Grand Pari 0.875 5/10/2046 EUR 59.104
Saleza AS 9.000 7/12/2021 EUR 0.203
Pfandbriefbank schwei 0.250 4/25/2042 CHF 73.691
Bulgaria Government B 0.500 12/21/2029 BGN 72.550
JAB Holdings BV 3.750 5/28/2051 USD 58.938
NPC Ukrenergo 6.875 11/9/2028 USD 17.406
LEG Immobilien SE 1.000 11/19/2032 EUR 68.399
Jyske Realkredit A/S 1.000 10/1/2053 DKK 69.204
La Financiere Atalian 5.125 5/15/2025 EUR 66.577
Societe Generale SA 1.113 7/17/2031 EUR 73.097
EYEMAXX Real Estate A 5.500 7/22/2025 EUR 16.000
Royalty Pharma PLC 3.300 9/2/2040 USD 72.171
Amprion GmbH 0.625 9/23/2033 EUR 72.312
BPCE SFH SA 0.010 1/29/2036 EUR 66.402
Andrade Gutierrez Int 11.000 8/20/2021 USD 46.500
Grand City Properties 2.000 10/25/2032 EUR 69.898
Repsol Europe Finance 0.875 7/6/2033 EUR 74.231
United Utilities Wate 1.750 2/10/2038 GBP 66.798
Shell International F 2.875 11/26/2041 USD 75.445
Shell International F 3.250 4/6/2050 USD 75.299
BPCE SA 3.116 10/19/2032 USD 74.320
LEG Immobilien SE 0.750 6/30/2031 EUR 72.146
Credit Mutuel Arkea S 0.875 3/11/2033 EUR 73.179
Nordea Kredit Realkre 1.500 10/1/2053 DKK 73.741
Agence Francaise de D 0.375 5/25/2036 EUR 67.510
Hellenic Republic Gov 2.085 7/25/2057 EUR 33.163
Lendlease Europe Fina 3.500 12/2/2033 GBP 65.181
EnfraGen Energia Sur 5.375 12/30/2030 USD 70.622
Mallinckrodt Internat 10.000 6/15/2029 USD 54.000
Aroundtown SA 2.700 10/31/2028 EUR 69.699
BNG Bank NV 0.805 6/28/2049 EUR 59.762
Landesbank Hessen-Thu 0.500 1/19/2037 EUR 71.684
ABN AMRO Bank NV 0.625 1/24/2037 EUR 72.007
European Financial St 1.375 5/31/2047 EUR 73.968
BNP Paribas SA 1.250 7/13/2031 GBP 72.309
Czech Gas Networks In 0.875 3/31/2031 EUR 71.521
Market Parent Finco P 6.750 10/1/2029 GBP 55.886
Hannover Rueck SE 1.375 6/30/2042 EUR 73.473
Gol Finance SA 7.000 1/31/2025 USD 45.162
Annington Funding PLC 3.935 7/12/2047 GBP 73.272
Chelyabinsk Pipe Plan 4.500 9/19/2024 USD 21.051
BPCE SA 3.582 10/19/2042 USD 67.489
Russian Foreign Bond 4.250 6/23/2027 USD 41.773
Yuksel Insaat AS 9.500 11/10/2015 USD 0.503
Landesbank Baden-Wuer 0.375 2/21/2031 EUR 74.141
ABN AMRO Bank NV 3.324 3/13/2037 USD 74.018
Alno AG 8.500 5/14/2018 EUR 14.913
Hexagon Housing Assoc 3.625 4/22/2048 GBP 73.489
La Poste SA 0.625 1/18/2036 EUR 67.288
Traton Finance Luxemb 1.250 3/24/2033 EUR 72.996
Societe Du Grand Pari 1.700 5/25/2050 EUR 69.650
SABIC Capital I BV 3.000 9/14/2050 USD 74.171
Jababeka Internationa 6.500 10/5/2023 USD 59.614
SCOR SE 1.375 9/17/2051 EUR 71.579
Vonovia Finance BV 0.500 9/14/2029 EUR 74.661
Banco Espirito Santo 6.875 7/15/2016 EUR 25.125
Banco Espirito Santo 4.904 EUR 2.050
Royal Schiphol Group 2.890 10/25/2034 AUD 70.246
Nykredit Realkredit A 0.500 10/1/2050 DKK 68.877
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.394
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Guinness Partnership 2.000 4/22/2055 GBP 51.916
British Telecommunica 3.625 11/21/2047 GBP 71.413
Allied Irish Banks PL 12.500 6/25/2035 GBP 55.635
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 73.875
Enagas Financiaciones 0.375 11/5/2032 EUR 75.205
InterCement Financial 5.750 7/17/2024 USD 72.433
Banca Popolare di Vic 9.500 9/29/2025 EUR 0.313
Deutsche Bahn Finance 1.375 4/16/2040 EUR 73.955
National Grid Gas PLC 1.375 2/7/2031 GBP 74.297
Caisse des Depots et 1.114 9/20/2049 EUR 64.887
A2A SpA 0.625 10/28/2032 EUR 70.508
Ukraine Government Bo 10.000 8/23/2023 UAH 58.970
Allianz SE 3.200 USD 74.598
Yorkshire Water Finan 1.750 10/27/2032 GBP 73.947
DOF Subsea AS 9.500 3/14/2023 USD 70.801
Aggregate Holdings SA 5.500 5/17/2024 EUR 39.201
Cie Generale des Etab 0.625 11/2/2040 EUR 62.633
UBS AG/London 8.200 3/31/2023 EUR 75.700
Shell International F 0.875 11/8/2039 EUR 64.927
MS Deutschland Beteil 6.875 12/18/2017 EUR 0.173
Veolia Environnement 1.250 5/14/2035 EUR 75.039
Medtronic Global Hold 1.500 7/2/2039 EUR 71.785
Pfandbriefbank schwei 0.250 10/6/2042 CHF 73.171
CRC Breeze Finance SA 6.110 5/8/2026 EUR 30.347
Vedanta Resources Ltd 6.125 8/9/2024 USD 63.515
Republic of Ireland I 1.425 9/18/2119 EUR 59.086
Republic of Poland Go 1.750 4/25/2032 PLN 69.651
Land Berlin 0.625 1/26/2052 EUR 57.156
BNG Bank NV 0.125 7/9/2035 EUR 70.441
Vodafone Group PLC 3.375 8/8/2049 GBP 69.699
British Telecommunica 4.250 11/8/2049 USD 75.394
Sirius Real Estate Lt 1.750 11/24/2028 EUR 68.968
Elli Finance UK PLC 8.750 6/15/2019 GBP 62.428
DOF Subsea AS 11.480 11/27/2023 NOK 70.333
Prosus NV 3.832 2/8/2051 USD 63.603
Credit Agricole Itali 0.125 3/15/2033 EUR 71.142
GlaxoSmithKline Capit 1.625 5/12/2035 GBP 71.860
Mitsubishi UFJ Invest 5.628 12/30/2099 EUR 5.141
Deutsche Telekom AG 3.625 1/21/2050 USD 75.405
New World Resources N 4.000 10/7/2020 EUR 0.198
Single Platform Inves 4.020 7/1/2052 EUR 66.435
Equinor ASA 3.250 11/18/2049 USD 76.299
Southern Gas Networks 1.250 12/2/2031 GBP 72.727
Salerno Pompei Napoli 2.800 1/19/2045 EUR 69.039
Pierre Et Vacances SA 2.000 4/1/2023 EUR 27.529
Cyprus Government Int 2.250 4/16/2050 EUR 72.376
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 74.186
UniCredit Jelzalogban 3.250 10/22/2028 HUF 73.530
National Grid Gas PLC 1.125 1/14/2033 GBP 66.624
Orpea SA 2.300 3/6/2025 EUR 24.543
Trinseo Materials Ope 5.125 4/1/2029 USD 65.398
DNB Bank ASA 3.691 USD 67.430
Wendel SE 1.375 1/18/2034 EUR 71.160
Channel Link Enterpri 3.848 6/30/2050 GBP 70.053
Erste Group Bank AG 0.500 1/12/2037 EUR 69.680
Diageo Finance PLC 1.250 3/28/2033 GBP 73.762
Deutsche Bahn Finance 0.750 7/16/2035 EUR 72.872
Essity AB 0.250 2/8/2031 EUR 75.066
Aroundtown SA 3.250 11/12/2032 EUR 57.103
DekaBank Deutsche Gir 3.625 EUR 70.801
Ministeries Van de Vl 0.125 10/15/2035 EUR 67.331
Uralkali OJSC Via Ura 4.000 10/22/2024 USD 19.408
MHP Lux SA 6.250 9/19/2029 USD 45.981
Vonovia Finance BV 1.625 10/7/2039 EUR 61.794
Regiao Autonoma Madei 1.141 12/4/2034 EUR 71.647
Banco Santander SA 0.100 2/27/2032 EUR 75.087
M2 Asset Management A 6.246 2/4/2026 SEK 69.612
Nykredit Realkredit A 1.500 10/1/2053 DKK 70.010
University College Lo 1.625 6/4/2061 GBP 51.709
Mondelez Internationa 1.250 9/9/2041 EUR 66.794
Unibail-Rodamco-Westf 2.250 5/14/2038 EUR 75.258
Constellation Automot 4.875 7/15/2027 GBP 65.812
Cie de Financement Fo 0.010 10/29/2035 EUR 67.205
STERIS Irish FinCo Un 3.750 3/15/2051 USD 72.656
Shell International F 3.125 11/7/2049 USD 73.385
DNB Bank ASA 3.716 USD 67.378
SAir Group 4.250 2/2/2007 CHF 12.262
Ukraine Government In 7.750 9/1/2026 USD 21.273
Ukraine Government In 7.750 9/1/2029 USD 21.119
Fastighets AB Balder 1.293 3/3/2031 EUR 55.850
Annington Funding PLC 2.924 10/6/2051 GBP 58.389
Hellas Telecommunicat 6.054 1/15/2015 USD 0.014
Berner Kantonalbank A 0.100 9/30/2039 CHF 71.029
Scottish Hydro Electr 2.250 9/27/2035 GBP 72.530
Motability Operations 1.500 1/20/2041 GBP 61.030
Societe Nationale SNC 0.875 2/28/2051 EUR 50.937
ESB Finance DAC 1.000 7/19/2034 EUR 74.901
MMC Norilsk Nickel OJ 6.625 10/14/2022 USD 72.779
City of Zurich Switze 0.400 11/21/2046 CHF 74.167
Sanctuary Capital PLC 2.375 4/14/2050 GBP 58.898
Gazprom PJSC via Gaz 4.599 USD 52.000
Smurfit Kappa Treasur 1.000 9/22/2033 EUR 72.675
Caisse Francaise de F 0.625 1/20/2042 EUR 64.727
BNP Paribas SA 2.000 9/13/2036 GBP 67.316
Foodco Bondco SA 6.250 5/15/2026 EUR 39.668
Peabody Capital No 2 3.250 9/14/2048 GBP 69.822
Unibail-Rodamco-Westf 1.375 5/25/2033 EUR 73.243
European Financial St 1.200 2/17/2045 EUR 72.439
Eurogrid GmbH 0.741 4/21/2033 EUR 75.192
Espirito Santo Financ 9.750 12/19/2025 EUR 0.622
UK Municipal Bonds Ag 1.625 8/26/2060 GBP 46.463
LiveWest Treasury PLC 2.250 10/10/2043 GBP 64.187
Storebrand Livsforsik 1.875 9/30/2051 EUR 71.763
Credit Suisse AG/Lond 9.000 4/22/2024 USD 19.590
Dexia Credit Local SA 3.533 EUR 2.699
National Grid PLC 0.750 9/1/2033 EUR 72.592
Barclays Bank PLC 12.000 9/24/2025 TRY 57.336
Evraz PLC 5.250 4/2/2024 USD 52.000
Muenchener Hypotheken 0.125 9/5/2035 EUR 69.857
Royal Schiphol Group 0.750 4/22/2033 EUR 73.593
Banco Espirito Santo 6.900 6/28/2024 EUR 25.184
Bilt Paper BV 10.360 USD 1.279
Clarion Funding PLC 1.875 1/22/2035 GBP 69.458
Ukraine Government In 6.876 5/21/2031 USD 18.943
Region de Bruxelles-C 1.121 5/11/2071 EUR 52.166
European Primary Plac 1.732 11/9/2055 GBP 51.461
Realkredit Danmark A/ 0.500 10/1/2053 DKK 68.235
Metropolitan Housing 1.875 7/28/2036 GBP 66.748
VST Building Technolo 7.000 6/28/2024 EUR 0.250
Canton of St Gallen S 0.200 11/28/2041 CHF 75.625
Transcapitalbank JSC 10.000 USD 65.000
Region de Bruxelles-C 1.220 6/23/2053 EUR 62.141
SNCF Reseau 0.750 5/25/2036 EUR 72.120
Grand City Properties 2.081 8/8/2034 EUR 58.136
M Objekt Real Estate 6.000 7/22/2024 EUR 47.334
DLR Kredit A/S 1.500 10/1/2053 DKK 75.390
State of North Rhine- 0.600 6/4/2041 EUR 66.367
Engie SA 1.375 6/21/2039 EUR 68.096
Places For People Tre 2.500 1/26/2036 GBP 70.509
Phosagro OAO Via Phos 3.949 4/24/2023 USD 64.946
Suek Securities DAC 3.375 9/15/2026 USD 34.000
Nationwide Building S 0.500 5/5/2041 EUR 64.091
Holcim Sterling Finan 2.250 4/4/2034 GBP 70.518
WPP Finance 2013 2.875 9/14/2046 GBP 61.007
United Kingdom Gilt 1.250 7/31/2051 GBP 54.945
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
MFB Magyar Fejlesztes 4.600 10/24/2029 HUF 73.502
Electricite de France 1.875 10/13/2036 EUR 74.222
Realkredit Danmark A/ 0.500 10/1/2050 DKK 68.897
Penarian Housing Fina 3.212 6/7/2052 GBP 71.781
Ukraine Government In 7.253 3/15/2035 USD 18.493
Haya Holdco 2 PLC 10.954 11/30/2025 EUR 43.545
Hidrovias Internation 4.950 2/8/2031 USD 74.368
Virgolino de Oliveira 11.750 2/9/2022 USD 0.499
Free and Hanseatic Ci 0.200 9/3/2049 EUR 51.439
de Volksbank NV 0.125 11/19/2040 EUR 59.632
Russian Foreign Bond 5.875 9/16/2043 USD 57.000
Norske Skogindustrier 7.000 12/30/2026 EUR 0.010
Land Securities Capit 2.750 9/22/2059 GBP 63.011
European Financial St 0.050 1/18/2052 EUR 44.178
Action Logement Servi 0.500 10/30/2034 EUR 72.579
University of Southam 2.250 4/11/2057 GBP 58.937
Bourbon Corp 11.652 EUR 0.972
Development Bank of t 6.750 5/2/2024 USD 31.595
Nestle Finance Intern 0.375 12/3/2040 EUR 61.698
Nordea Kredit Realkre 1.500 10/1/2053 DKK 70.029
State of Schleswig-Ho 0.200 8/15/2039 EUR 64.174
Basque Government 1.375 10/31/2070 EUR 44.954
National Grid Electri 2.000 4/17/2040 GBP 62.055
MHP SE 7.750 5/10/2024 USD 50.434
DLR Kredit A/S 1.000 10/1/2053 DKK 73.945
WD Invest Sarl 1.900 10/2/2024 EUR 11.333
City of Lausanne Swit 0.540 11/6/2062 CHF 60.203
UniCredit Bank AG 0.010 1/21/2036 EUR 67.759
Unibail-Rodamco-Westf 2.000 12/5/2033 EUR 74.449
Celtic Resources Hold 4.125 10/9/2024 USD 12.790
Deutsche Lichtmiete A 5.250 9/1/2025 EUR 3.256
Argenta Spaarbank NV 0.500 10/8/2041 EUR 62.973
Ukraine Government In 9.790 5/26/2027 UAH 54.673
Unibail-Rodamco-Westf 2.000 4/28/2036 EUR 75.370
Hyde Housing Associat 1.750 8/18/2055 GBP 48.829
Del Monte Finance Lux 6.625 5/24/2006 EUR 1.000
Lehman Brothers UK Ca 6.900 USD 3.986
Accent Capital PLC 2.625 7/18/2049 GBP 63.984
Housing & Care 21 3.288 11/8/2049 GBP 71.322
Tinkoff Bank JSC Via 6.000 USD 40.165
Euronext NV 1.500 5/17/2041 EUR 64.539
Cooperatieve Rabobank 0.500 10/29/2027 MXN 60.333
Metropolitano de Tene 1.229 7/30/2036 EUR 71.010
TenneT Holding BV 0.125 11/30/2032 EUR 70.725
Avanti Communications 9.000 10/1/2022 USD 16.714
Espirito Santo Financ 6.875 10/21/2019 EUR 0.001
Free and Hanseatic Ci 0.250 2/18/2041 EUR 62.308
Volkswagen Internatio 1.500 1/21/2041 EUR 64.252
Alfa Bank AO Via Alfa 5.500 10/26/2031 USD 3.726
NRW Bank 0.100 7/9/2035 EUR 69.912
RTE Reseau de Transpo 1.125 9/9/2049 EUR 57.414
Region Wallonne Belgi 1.050 6/22/2040 EUR 67.908
Cirio Finance Luxembo 7.500 11/3/2002 EUR 2.560
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 0.128
Phosagro OAO Via Phos 2.600 9/16/2028 USD 63.000
Sairgroup Finance BV 4.375 6/8/2006 EUR 1.964
Deutsche Wohnen SE 0.500 4/7/2031 EUR 70.034
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 66.000
DWR Cymru Financing U 1.375 3/31/2033 GBP 72.538
Petrobras Global Fina 4.500 2/4/2033 EUR 71.109
Solarworld AG 9.691 2/24/2019 EUR 14.875
Beyond Housing Ltd 2.125 5/17/2051 GBP 56.134
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Kernel Holding SA 6.750 10/27/2027 USD 40.000
Petrobras Global Fina 4.750 4/2/2038 EUR 58.348
TenneT Holding BV 1.125 6/9/2041 EUR 65.667
New World Resources N 8.000 4/7/2020 EUR 0.089
JAB Holdings BV 4.500 4/8/2052 USD 70.723
Orange SA 0.750 6/29/2034 EUR 72.967
Nationale-Nederlanden 0.050 11/12/2040 EUR 58.474
State of Bremen 0.400 8/20/2049 EUR 54.663
Evraz PLC 5.375 3/20/2023 USD 48.523
La Financiere Atalian 6.625 5/15/2025 GBP 65.755
Stichting Afwikkeling 6.625 5/14/2018 EUR 43.625
British Telecommunica 4.250 11/8/2049 USD 75.794
Claranova SE 5.000 7/1/2023 EUR 1.100
Cirio Holding Luxembo 6.250 2/16/2004 EUR 1.798
Anchor Hanover Group 2.000 7/21/2051 GBP 53.834
DLR Kredit A/S 1.000 10/1/2053 DKK 70.135
LBI ehf 6.100 8/25/2011 USD 10.662
Norwegian Air Shuttle 7.137 2/7/2023 SEK 40.738
Communaute Francaise 0.625 6/11/2035 EUR 72.099
Ukraine Government In 4.375 1/27/2032 EUR 17.170
Cooperatieve Rabobank 0.010 11/27/2040 EUR 58.297
Single Platform Inves 0.915 2/15/2043 EUR 61.766
LEG Immobilien SE 1.500 1/17/2034 EUR 69.026
Privatbank CJSC Via U 11.000 2/9/2021 USD 1.000
Region Wallonne Belgi 0.650 1/16/2051 EUR 50.128
Aroundtown SA 2.970 9/26/2033 EUR 53.062
Hungary Government In 3.125 9/21/2051 USD 59.164
Zurich Finance Irelan 1.600 12/17/2052 EUR 71.172
Cadent Finance PLC 2.750 9/22/2046 GBP 62.503
Land Thueringen 0.375 11/14/2034 EUR 74.586
Societe Generale SA 13.500 8/23/2024 USD 47.500
Air Liquide Finance S 0.375 9/20/2033 EUR 74.189
Saltaire Finance PLC 1.527 11/23/2051 GBP 52.974
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.528
CBo Territoria 3.750 7/1/2024 EUR 4.700
State Agency of Roads 6.250 6/24/2030 USD 17.083
Pfandbriefzentrale de 0.200 5/22/2042 CHF 72.660
Metinvest BV 8.500 4/23/2026 USD 52.006
State of North Rhine- 0.200 1/27/2051 EUR 49.303
Air Berlin PLC 5.625 5/9/2019 CHF 0.177
Richemont Internation 1.625 5/26/2040 EUR 75.707
INVEST-DEVELOPMENT PJ 9.000 4/2/2026 RUB 40.000
Ministeries Van de Vl 0.875 3/21/2046 EUR 60.791
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.394
MFB Magyar Fejlesztes 3.000 10/27/2027 HUF 76.104
Deutsche Lichtmiete A 5.750 12/1/2023 EUR 10.659
National Grid Gas PLC 1.625 1/14/2043 GBP 52.213
Deutsche Bahn Finance 3.350 1/20/2042 AUD 70.822
Platform HG Financing 1.625 8/10/2055 GBP 47.231
adidas AG 0.625 9/10/2035 EUR 72.220
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Segro PLC 2.875 10/11/2037 GBP 74.557
Telenor ASA 0.875 2/14/2035 EUR 72.908
Nykredit Realkredit A 1.000 10/1/2053 DKK 63.460
Russian Foreign Bond 5.250 6/23/2047 USD 40.531
AXA Home Loan SFH SA 0.125 6/25/2035 EUR 69.384
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
Irish Bank Resolution 0.566 6/21/2016 EUR 0.679
DWR Cymru Financing U 2.375 3/31/2034 GBP 73.796
Hampshire Trust Bank 7.250 5/10/2028 GBP 63.385
Havila Shipping ASA 7.010 1/2/2025 NOK 39.833
Agrokor dd 9.875 5/1/2019 EUR 15.000
Rallye SA 1.000 2/28/2032 EUR 5.000
Jyske Realkredit A/S 0.500 10/1/2050 DKK 70.370
Nederlandse Gasunie N 0.750 10/13/2036 EUR 67.302
Thames Water Utilitie 2.375 4/22/2040 GBP 63.372
Liquid Telecommunicat 5.500 9/4/2026 USD 72.852
Jyske Realkredit A/S 0.500 10/1/2053 DKK 68.310
Ramfort GmbH 6.750 3/15/2026 EUR 74.007
Credit Suisse Group A 5.100 USD 57.250
Republic of Belarus I 6.875 2/28/2023 USD 37.775
DSV Finance BV 0.875 9/17/2036 EUR 66.172
Orange SA 0.625 12/16/2033 EUR 73.143
Norddeutsche Landesba 0.750 8/26/2031 EUR 73.764
Prosus NV 4.027 8/3/2050 USD 65.776
Prologis Internationa 3.000 2/22/2042 GBP 71.125
Romania Government Bo 3.650 9/24/2031 RON 75.326
Eversholt Funding PLC 3.529 8/7/2042 GBP 72.989
Dexia SA 3.484 EUR 3.112
Banco Espirito Santo 7.125 11/28/2023 EUR 0.110
Manchester Airport Gr 2.875 9/30/2044 GBP 65.160
Landwirtschaftliche R 0.010 11/26/2040 EUR 59.931
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 64.675
Investor AB 1.500 6/20/2039 EUR 73.767
Credit Suisse AG/Lond 2.600 1/27/2032 USD 65.530
Clarion Funding PLC 1.875 9/7/2051 GBP 49.219
Northern Powergrid Yo 2.250 10/9/2059 GBP 57.164
Ville de Paris 0.650 11/25/2070 EUR 37.596
Bank of Valletta PLC 3.750 6/15/2031 EUR 73.176
Heineken NV 1.750 5/7/2040 EUR 75.331
BNP Paribas SA 1.590 2/23/2051 EUR 64.247
Muenchener Hypotheken 0.250 3/29/2041 CHF 74.193
ESFIL-Espirito Santo 5.250 6/12/2015 EUR 0.111
Canton of Geneva Swit 0.500 10/31/2056 CHF 69.777
Sovereign Housing Cap 2.375 11/4/2048 GBP 61.460
Vedanta Resources Fin 8.950 3/11/2025 USD 68.139
Realkredit Danmark A/ 0.500 10/1/2050 DKK 70.219
Luzerner Kantonalbank 0.160 12/23/2043 CHF 70.247
Hungary Government In 2.125 9/22/2031 USD 73.184
Severn Trent Utilitie 2.000 6/2/2040 GBP 63.876
European Financial St 0.700 1/20/2050 EUR 58.717
Ukraine Government In 7.375 9/25/2034 USD 18.881
United Utilities Wate 0.010 7/27/2040 GBP 71.468
Land Berlin 0.625 8/25/2036 EUR 73.806
Metinvest BV 7.750 10/17/2029 USD 52.500
Deutsche Lichtmiete A 5.250 2/1/2027 EUR 2.510
Optivo Finance PLC 3.283 3/22/2048 GBP 70.423
Alitalia-Societa Aere 5.250 7/30/2020 EUR 0.100
Stonewater Funding PL 1.625 9/10/2036 GBP 65.945
Kommunekredit 0.500 6/19/2039 DKK 68.452
LSF9 Balta Issuer SAR 3.000 12/31/2030 EUR 60.778
Martlet Homes Ltd 3.000 5/9/2052 GBP 67.774
Uliving@essex3 LLP 2.720 8/31/2066 GBP 61.923
Ministeries Van de Vl 1.000 1/23/2051 EUR 58.892
Ministeries Van de Vl 1.500 4/11/2044 EUR 72.626
Serbia International 1.500 6/26/2029 EUR 72.287
Cimpress PLC 7.000 6/15/2026 USD 71.432
Jyske Realkredit A/S 1.500 10/1/2053 DKK 73.708
Nederlandse Waterscha 1.900 1/31/2035 AUD 70.332
Republic of Ireland I 1.320 11/28/2119 EUR 44.402
Senivita Social Estat 6.500 5/12/2025 EUR 3.710
Flagship Finance PLC 1.875 7/14/2061 GBP 49.102
Transports Publics Du 0.450 12/29/2056 CHF 60.741
Privatbank CJSC Via U 10.875 2/28/2018 USD 4.681
Free and Hanseatic Ci 0.010 11/5/2035 EUR 68.980
Ville de Paris 1.200 6/25/2039 EUR 72.798
Citizen Treasury PLC 3.250 10/20/2048 GBP 73.669
Republic of Ireland I 1.250 10/8/2121 EUR 53.699
Raiffeisenlandesbank 0.500 1/22/2035 EUR 73.192
Department of L'Eure 0.515 5/25/2040 EUR 61.914
Notting Hill Genesis 3.250 10/12/2048 GBP 69.208
Yorkshire Water Finan 2.750 4/18/2041 GBP 70.854
BNG Bank NV 0.250 11/22/2036 EUR 68.754
Espirito Santo Financ 3.125 12/2/2018 EUR 0.622
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 16.619
DZ Bank AG Deutsche Z 2.000 12/29/2031 EUR 71.490
Deutsche Pfandbriefba 1.000 12/2/2030 EUR 69.947
Nykredit Realkredit A 1.000 10/1/2050 DKK 70.318
Ukraine Government In 9.750 11/1/2030 USD 21.198
Finmek International 7.000 12/3/2004 EUR 2.193
Lehman Brothers UK Ca 5.750 EUR 7.000
Credit Suisse AG/Lond 1.500 3/19/2029 USD 76.225
Kernel Holding SA 6.500 10/17/2024 USD 45.413
Societe Generale SA 8.000 5/28/2027 USD 40.860
BAWAG PSK Bank fuer A 0.375 3/25/2041 EUR 62.307
Blend Funding PLC 2.922 4/5/2054 GBP 64.298
MFB Magyar Fejlesztes 4.200 4/20/2033 HUF 70.671
Nykredit Realkredit A 0.500 10/1/2053 DKK 66.727
Cooperatieve Rabobank 0.500 7/30/2043 MXN 14.765
Parnassia Groep BV 1.200 12/1/2051 EUR 67.657
Ukreximbank Via Biz F 10.426 2/9/2023 USD 32.033
Cadent Finance PLC 2.250 10/10/2035 GBP 70.546
Standard Chartered Ba 3.000 4/30/2036 AUD 68.305
Single Platform Inves 1.450 9/14/2040 EUR 69.746
RTE Reseau de Transpo 1.125 7/8/2040 EUR 66.908
Veneto Banca SpA 6.411 EUR 0.345
Takarek Mortgage Bank 3.000 10/22/2031 HUF 52.140
Wirtschafts- und Infr 0.500 8/28/2046 EUR 58.847
Ukraine Government In 8.994 2/1/2026 USD 21.584
Banco Espirito Santo 5.084 EUR 0.295
Cadent Finance PLC 2.625 9/22/2038 GBP 69.013
Credit Suisse AG/Lond 2.300 9/24/2031 USD 64.700
Land Berlin 0.150 2/22/2036 EUR 69.641
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.434
Region Wallonne Belgi 1.250 6/22/2071 EUR 55.755
Caisse Francaise de F 0.500 10/1/2046 EUR 58.545
Fuerstenberg Capital 3.905 EUR 73.245
Italgas SpA 0.500 2/16/2033 EUR 70.817
DLR Kredit A/S 1.000 10/1/2050 DKK 70.906
Nordea Kredit Realkre 0.500 10/1/2050 DKK 69.042
Land Thueringen 0.125 1/13/2051 EUR 48.331
Fastighets AB Balder 2.860 4/27/2028 NOK 73.529
Virgolino de Oliveira 10.500 1/28/2018 USD 0.499
German Pellets GmbH 7.250 4/1/2016 EUR 1.495
Romanian Government I 2.000 1/28/2032 EUR 67.594
Landwirtschaftliche R 0.625 10/31/2036 EUR 74.103
GN Store Nord AS 1.970 3/3/2036 EUR 60.164
Herens Midco Sarl 5.250 5/15/2029 EUR 67.417
Canton of Neuchatel 0.350 7/14/2050 CHF 67.390
Gemeente Bergen OP Zo 0.440 9/20/2044 EUR 60.396
Region Wallonne Belgi 1.805 1/24/2040 EUR 75.145
Wales & West Utilitie 1.875 5/28/2041 GBP 60.859
Nederlandse Waterscha 0.500 4/26/2051 EUR 54.688
NRW Bank 1.250 3/21/2044 EUR 74.627
Southern Housing Grou 2.375 10/8/2036 GBP 71.504
Pfandbriefbank schwei 0.125 8/17/2040 CHF 73.727
Romanian Government I 3.375 1/28/2050 EUR 58.117
Pfandbriefzentrale de 0.020 1/30/2040 CHF 72.611
Aster Treasury Plc 1.405 1/27/2036 GBP 66.258
Assura Financing PLC 1.625 6/30/2033 GBP 68.312
German Pellets GmbH 7.250 11/27/2019 EUR 1.495
BPCE SA 3.582 10/19/2042 USD 67.074
Motability Operations 2.375 7/3/2039 GBP 73.294
Autobahnen- und Schne 0.100 7/16/2035 EUR 70.976
Credit Suisse Group A 4.875 5/15/2045 USD 70.290
LiveWest Treasury PLC 1.875 2/18/2056 GBP 50.699
Bromford Housing Grou 3.125 5/3/2048 GBP 71.360
Iberdrola Finanzas SA 1.000 2/2/2037 EUR 70.130
Banca Popolare di Vic 2.821 12/20/2017 EUR 0.396
Landesbank Hessen-Thu 0.560 10/15/2031 EUR 74.370
Russian Foreign Bond 4.375 3/21/2029 USD 40.497
V-Bank AG 4.000 EUR 71.917
Banque Internationale 0.510 2/10/2031 EUR 73.339
Land Baden-Wuerttembe 0.375 7/20/2048 EUR 55.297
State of Lower Saxony 0.050 3/9/2035 EUR 70.836
Lukoil Capital DAC 3.600 10/26/2031 USD 70.000
BOA Offshore AS 0.409 7/17/2047 NOK 3.228
Ukraine Government In 7.750 9/1/2024 USD 24.455
Ukraine Government In 11.670 11/22/2023 UAH 59.135
Serbia International 2.125 12/1/2030 USD 72.572
Raiffeisen-Landesbank 0.500 5/27/2041 EUR 63.417
Free State of Bavaria 0.010 1/18/2035 EUR 71.080
Investitionsbank Berl 0.050 3/2/2035 EUR 70.618
Free State of Saxony 0.010 12/17/2035 EUR 68.790
Muenchener Hypotheken 0.010 11/2/2040 EUR 58.941
Raiffeisenlandesbank 0.375 1/15/2035 EUR 71.828
Veneto Banca SpA 9.878 12/1/2025 EUR 0.646
Vier Gas Transport Gm 0.500 9/10/2034 EUR 66.720
National Grid Electri 2.000 9/16/2038 GBP 63.814
Notting Hill Genesis 2.000 6/3/2036 GBP 67.658
Home Group Ltd 3.125 3/27/2043 GBP 71.346
City of Bern Switzerl 0.040 10/2/2070 CHF 47.987
MVM Energetika Zrt 3.250 9/3/2031 HUF 59.000
Annington Funding PLC 2.308 10/6/2032 GBP 73.625
Deutsche Wohnen SE 2.000 3/28/2034 EUR 73.271
Cooperatieve Rabobank 0.500 10/30/2043 MXN 13.509
London & Quadrant Hou 3.750 10/27/2049 GBP 74.620
VF Ukraine PAT via VF 6.200 2/11/2025 USD 56.061
South Eastern Power N 1.750 9/30/2034 GBP 71.624
Ukraine Government In 6.750 6/20/2028 EUR 17.834
Region de Bruxelles-C 0.562 12/23/2065 EUR 38.038
ABN AMRO Bank NV 0.375 1/14/2035 EUR 73.116
Land Berlin 0.500 6/19/2047 EUR 62.046
London & Quadrant Hou 3.125 2/28/2053 GBP 65.048
National Grid Electri 1.608 8/24/2040 GBP 56.513
FNG Benelux Holding N 5.000 8/28/2023 EUR 1.000
Russian Foreign Bond 5.100 3/28/2035 USD 40.604
Care Property Invest 2.050 7/8/2031 EUR 72.935
Sigma Holdco BV 7.875 5/15/2026 USD 71.907
Metalloinvest Finance 3.375 10/22/2028 USD 53.710
Offshore Drilling Hol 8.375 9/20/2020 USD 3.841
Ile-de-France Mobilit 1.275 2/14/2042 EUR 69.811
Joh Friedrich Behrens 6.250 6/18/2024 EUR 29.511
Action Logement Servi 0.750 7/19/2041 EUR 62.840
NRW Bank 1.150 9/16/2051 EUR 67.983
EnBW International Fi 2.080 1/21/2041 EUR 67.594
Landesbank Hessen-Thu 0.550 11/27/2030 EUR 77.545
Autonomous Community 2.965 9/8/2039 JPY 64.715
Eurochem Finance DAC 5.500 3/13/2024 USD 48.500
Kingdom of Belgium Go 1.170 5/12/2121 EUR 43.943
Northern Powergrid No 3.250 4/1/2052 GBP 73.276
Ville de Paris 0.850 8/4/2051 EUR 52.671
Credit Suisse AG/Lond 3.200 3/24/2032 USD 68.123
Free and Hanseatic Ci 1.095 6/13/2046 EUR 71.163
LEG Immobilien SE 0.875 3/30/2033 EUR 66.000
Bellis Finco PLC 4.000 2/16/2027 GBP 75.219
Charm Finance PLC 3.509 4/12/2048 GBP 73.796
Pfandbriefbank schwei 0.250 3/15/2041 CHF 74.798
Republic of Ireland I 0.835 7/8/2080 EUR 48.935
Stichting Afwikkeling 4.252 EUR 44.375
Hellas Telecommunicat 8.500 10/15/2013 EUR 0.834
Junta de Castilla y L 1.275 4/7/2049 EUR 57.462
Region Wallonne Belgi 0.500 6/22/2037 EUR 66.824
Romanian Government I 4.625 4/3/2049 EUR 72.325
Platform HG Financing 1.926 9/15/2041 GBP 62.978
Libra Longhurst Group 3.250 5/15/2043 GBP 73.732
DLR Kredit A/S 0.500 10/1/2053 DKK 68.931
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Northern Powergrid No 1.875 6/16/2062 GBP 51.364
Russian Foreign Bond 5.625 4/4/2042 USD 62.891
German Pellets GmbH 7.250 7/9/2018 EUR 1.495
National Grid Electri 1.625 10/7/2035 GBP 66.100
Peach Property Financ 4.375 11/15/2025 EUR 71.833
State of Bremen 0.450 2/24/2051 EUR 54.183
CCEP Finance Ireland 1.500 5/6/2041 EUR 69.950
Wessex Water Services 1.250 1/12/2036 GBP 61.084
DZ HYP AG 0.375 11/10/2034 EUR 73.812
Jyske Realkredit A/S 1.500 10/1/2053 DKK 70.000
Region of Centre-Val 0.711 11/2/2036 EUR 71.261
Banco Santander SA 4.390 EUR 0.212
State of Saarland 0.050 11/5/2040 EUR 60.477
City of Lausanne Swit 0.050 9/28/2054 CHF 55.085
Assura Financing PLC 1.500 9/15/2030 GBP 75.097
Free and Hanseatic Ci 0.300 9/16/2050 EUR 51.684
KTG Agrar SE 7.250 10/15/2019 EUR 2.002
AXA Bank Europe SCF 0.250 6/9/2040 EUR 61.822
State of North Rhine- 0.500 11/25/2039 EUR 67.175
Stobart Finance PLC 2.750 5/8/2024 GBP 70.668
OTP Munkavallalok I s 4.500 7/14/2031 HUF 70.010
Single Platform Inves 0.740 4/1/2042 EUR 59.351
Deutsche Bank AG 1.580 10/23/2031 EUR 73.816
VTB Bank OJSC Via VTB 6.250 6/30/2035 USD 22.588
Credit Suisse Group A 4.875 5/15/2045 USD 70.297
Assistance Publique H 1.502 5/9/2044 EUR 73.250
niiio finance group A 4.000 5/31/2026 EUR 47.500
Autonomous Region of 1.095 9/27/2036 EUR 69.555
Land Berlin 0.350 9/9/2050 EUR 52.862
Polski Fundusz Rozwoj 2.000 3/5/2030 PLN 73.003
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 68.792
Realkredit Danmark A/ 1.500 10/1/2053 DKK 69.914
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 72.887
Ile-de-France Mobilit 0.200 11/16/2035 EUR 67.718
Russian Foreign Bond 7.500 3/31/2030 USD 64.192
Kommunekredit 0.375 2/3/2045 DKK 59.627
Sovcombank Via SovCom 7.750 USD 3.418
Ukraine Government In 7.750 9/1/2025 USD 22.753
Single Platform Inves 1.110 1/22/2040 EUR 65.740
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
nextbike GmbH 6.000 3/31/2025 EUR 75.000
Onward Homes Ltd 2.125 3/25/2053 GBP 54.388
Banco Santander SA 3.764 12/7/2033 AUD 74.671
Nova Kreditna Banka M 1.625 5/25/2027 EUR 74.266
Nostrum Oil & Gas Fin 8.000 7/25/2022 USD 25.677
Windreich GmbH 6.500 7/15/2016 EUR 2.876
Barclays Bank PLC 2.600 1/31/2028 EUR 62.620
Region de Bruxelles-C 1.400 3/11/2054 EUR 61.826
Societe Centrale des 2.500 5/15/2023 EUR 6.880
Basque Government 1.000 10/31/2050 EUR 52.234
Nederlandse Waterscha 0.375 9/28/2046 EUR 57.461
Achmea Bank NV 0.250 9/29/2036 EUR 68.879
Republic of Ireland I 0.995 2/24/2121 EUR 44.557
Credit Bank of Moscow 3.875 9/21/2026 USD 25.086
Ministeries Van de Vl 1.564 11/12/2046 EUR 69.227
Credit Suisse AG/Lond 3.110 3/3/2032 USD 68.270
Land Berlin 0.125 6/4/2035 EUR 70.959
United Utilities Wate 1.875 6/3/2042 GBP 62.004
Telefonica Emisiones 1.864 7/13/2040 EUR 71.946
State of North Rhine- 0.375 9/2/2050 EUR 53.171
Kreditanstalt fuer Wi 1.000 10/19/2050 EUR 64.851
Ziggo Bond Co BV 3.375 2/28/2030 EUR 75.003
Societe Generale SA 12.000 7/14/2026 USD 10.990
Golden Gate AG 6.500 10/11/2014 EUR 36.000
LIB-Landesimmobilien 0.620 7/15/2041 EUR 65.851
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.434
State of Rhineland-Pa 0.375 3/10/2051 EUR 53.145
Ukraine Government Bo 4.000 1/25/2024 USD 49.095
Bayerische Landesbode 0.250 3/21/2036 EUR 71.378
Castle UK Finco PLC 7.000 5/15/2029 GBP 69.410
Region of Ile de Fran 0.610 7/2/2040 EUR 63.842
Land Thueringen 0.100 7/9/2035 EUR 70.444
Magyar Export-Import 2.000 10/27/2027 HUF 65.774
Landeskreditbank Bade 0.610 11/17/2050 EUR 59.951
Linde PLC 0.375 9/30/2033 EUR 74.573
Southern Housing Grou 3.500 10/19/2047 GBP 72.699
Severn Trent Utilitie 0.010 12/16/2055 GBP 48.223
Sovcombank Via SovCom 7.600 USD 3.221
DekaBank Deutsche Gir 0.400 1/29/2035 EUR 74.009
Bank Gospodarstwa Kra 2.000 11/3/2036 EUR 71.928
Land Thueringen 0.375 12/1/2051 EUR 52.275
National Grid Electri 1.690 9/16/2041 GBP 56.146
Clarion Funding PLC 1.250 11/13/2032 GBP 70.403
Nordea Kredit Realkre 1.000 10/1/2053 DKK 63.497
Bazalgette Finance Pl 0.688 6/27/2050 GBP 66.888
Pfandbriefbank schwei 0.375 9/23/2043 CHF 74.256
Societe Generale SA 9.000 10/31/2034 USD 61.200
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 67.000
City of Lausanne Swit 0.680 3/11/2058 CHF 67.208
Air Berlin Finance BV 8.500 3/6/2019 EUR 0.481
Windreich GmbH 6.500 3/1/2015 EUR 2.876
Kommunekredit 0.125 9/26/2040 EUR 61.603
Bayerische Landesbank 1.550 2/13/2040 EUR 49.855
Hacienda Investments 5.350 2/8/2028 USD 42.000
Nederlandse Waterscha 0.877 6/24/2054 EUR 65.065
Praktiker AG 5.875 2/10/2016 EUR 0.001
Free State of Bavaria 0.010 3/28/2036 EUR 68.247
Credit Agricole Itali 1.000 1/17/2045 EUR 62.577
State of Brandenburg 0.375 1/29/2035 EUR 74.297
WM Morrison Supermark 2.500 10/1/2031 GBP 64.868
Serbia International 1.650 3/3/2033 EUR 61.705
JAB Holdings BV 3.750 5/28/2051 USD 61.361
Altice Finco SA 4.750 1/15/2028 EUR 74.400
Landesbank Hessen-Thu 0.664 11/1/2032 EUR 73.194
Ville de Paris 2.017 5/25/2052 EUR 72.629
Sibur Securities DAC 2.950 7/8/2025 USD 70.500
Kingdom of Belgium Go 0.459 7/23/2079 EUR 32.550
DZ Bank AG Deutsche Z 1.026 9/23/2030 EUR 72.523
Ukraine Government In 7.750 9/1/2027 USD 20.949
State of North Rhine- 0.750 8/16/2041 EUR 67.955
State of Bremen 0.936 9/28/2046 EUR 67.977
Kommunekredit 0.625 11/21/2039 EUR 69.762
Joh Friedrich Behrens 7.750 11/11/2020 EUR 31.000
Land Securities Capit 2.625 9/22/2037 GBP 74.496
Steilmann SE 7.000 9/23/2018 EUR 1.429
3i Group PLC 3.750 6/5/2040 GBP 74.436
Prosus NV 2.778 1/19/2034 EUR 73.497
Master & Fellows of U 3.068 4/28/2065 GBP 61.352
A-TEC Industries AG 5.750 11/2/2010 EUR 0.100
Mallinckrodt Internat 10.000 4/15/2025 USD 67.697
Italy Buoni Poliennal 2.150 9/1/2052 EUR 63.954
Metinvest BV 7.650 10/1/2027 USD 51.528
Aktia Bank Oyj 0.800 2/26/2036 EUR 69.329
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Ukraine Government In 16.000 5/24/2023 UAH 58.625
Takarek Mortgage Bank 1.750 12/22/2026 HUF 65.140
SNCF Reseau 2.000 2/5/2048 EUR 74.440
Catalyst Housing Ltd 3.125 10/31/2047 GBP 68.446
Region Occitanie 0.728 11/16/2037 EUR 68.180
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 64.486
Credit Agricole SA 4.400 2/24/2042 AUD 65.037
Affinity Water Financ 3.278 8/22/2042 GBP 74.245
Vedanta Resources Fin 9.250 4/23/2026 USD 64.744
Quintet Private Bank 3.650 11/13/2023 EUR 12.400
Landesbank Hessen-Thu 9.620 8/24/2033 EUR 75.500
Evan Group PLC 6.000 7/31/2022 EUR 18.250
Concessio Estacions A 3.520 12/31/2037 EUR 74.366
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.528
Gazprom PJSC via Gaz 3.897 EUR 58.086
ING-DiBa AG 1.000 5/23/2039 EUR 73.431
French Republic Gover 0.750 5/25/2053 EUR 56.364
Raiffeisenlandesbank 0.620 9/29/2031 EUR 75.064
Swissgrid AG 0.050 6/30/2050 CHF 56.338
MHP Lux SA 6.950 4/3/2026 USD 48.978
Serbia International 2.050 9/23/2036 EUR 57.179
Finance and Credit Ba 9.250 1/25/2019 USD 0.001
Erotik-Abwicklungsges 7.750 7/9/2019 EUR 0.779
Republic of Belarus I 7.625 6/29/2027 USD 42.274
Land Berlin 0.050 8/6/2040 EUR 60.144
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.269
Bank Nadra Via NDR Fi 8.250 7/31/2018 USD 0.208
Schoeller Packaging B 6.375 11/1/2024 EUR 69.302
MMC Norilsk Nickel OJ 3.375 10/28/2024 USD 71.788
Region Wallonne Belgi 1.865 5/10/2051 EUR 71.337
Societe Generale SA 11.000 7/14/2026 USD 7.900
State of North Rhine- 1.000 10/16/2046 EUR 68.371
RHP Finance PLC 3.250 2/5/2048 GBP 74.706
Ukreximbank Via Biz F 10.426 2/9/2023 USD 32.033
Ukraine Government In 9.840 2/15/2023 UAH 59.748
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 2.219
Land Thueringen 0.200 9/12/2039 EUR 63.973
UBS AG/London 14.000 1/18/2024 USD 9.420
Futureal Development 4.000 3/23/2031 HUF 58.000
Autonomous Community 0.700 7/30/2033 EUR 74.879
Eurogrid GmbH 0.875 11/20/2040 EUR 64.946
City of Lausanne Swit 0.600 11/30/2056 CHF 67.121
ALROSA Finance SA 4.650 4/9/2024 USD 10.871
Region Wallonne Belgi 1.246 5/12/2070 EUR 54.924
Deutsche Bahn Finance 1.850 11/23/2043 EUR 74.888
Credit Suisse AG/Lond 1.800 9/14/2028 USD 73.539
Telefonica Emisiones 1.957 7/1/2039 EUR 74.811
United Group BV 5.250 2/1/2030 EUR 72.539
Republic of Belarus I 5.875 2/24/2026 USD 41.000
Agrokor dd 8.875 2/1/2020 USD 15.000
Sberbank of Russia Vi 5.125 10/29/2022 USD 14.250
DLR Kredit A/S 0.500 10/1/2050 DKK 70.731
Takarek Mortgage Bank 2.600 10/22/2028 HUF 59.820
Republic of Ireland I 0.740 11/27/2120 EUR 34.280
State of North Rhine- 0.800 7/30/2049 EUR 61.902
Heimstaden Bostad AB 2.800 5/4/2035 EUR 62.270
Prosus NV 4.987 1/19/2052 USD 74.510
Assistance Publique H 0.683 3/19/2041 EUR 62.717
Saltaire Finance PLC 2.711 5/9/2052 GBP 69.591
Veneto Banca SpA 6.950 2/25/2025 EUR 0.643
Region of Pays de la 0.877 10/28/2041 EUR 66.395
Region Auvergne-Rhone 0.892 10/21/2041 EUR 64.586
Realkredit Danmark A/ 0.500 10/1/2053 DKK 66.741
London & Quadrant Hou 2.000 10/20/2038 GBP 63.201
Wingholding Zrt 3.500 5/20/2030 HUF 72.670
Societe Generale SA 0.831 11/25/2031 EUR 68.262
BPCE SFH SA 0.375 3/18/2041 EUR 62.166
Borets Finance DAC 6.000 9/17/2026 USD 33.376
Societe Nationale SNC 1.280 3/27/2120 EUR 37.931
Blend Funding PLC 3.508 5/4/2057 GBP 71.600
State of Bremen 0.500 5/6/2041 EUR 65.183
Hema Bondco II BV 8.500 1/15/2023 EUR 0.082
Nordea Kredit Realkre 0.500 10/1/2053 DKK 68.403
Credit Agricole Itali 0.750 1/20/2042 EUR 62.112
Cooperatieve Rabobank 0.500 11/30/2027 MXN 63.250
Takarek Mortgage Bank 3.500 10/27/2027 HUF 66.800
Scottish Hydro Electr 2.125 3/24/2036 GBP 70.017
Nationale-Nederlanden 0.375 3/4/2041 EUR 62.607
Interpipe Holdings PL 8.375 5/13/2026 USD 40.763
Holcim US Finance Lux 2.240 10/15/2031 USD 74.723
Deutsche Bahn Finance 3.100 5/20/2041 AUD 70.353
Rhaetische Bahn AG RH 0.050 8/3/2050 CHF 62.810
Ukraine Government In 7.750 9/1/2027 USD 20.626
Ministeries Van de Vl 1.000 10/13/2036 EUR 74.960
Raiffeisen Landesbank 0.375 11/13/2034 EUR 73.090
Severstal OAO Via Ste 3.150 9/16/2024 USD 5.901
St Galler Kantonalban 0.100 10/10/2041 CHF 70.647
Raiffeisen Bank Inter 10.000 3/24/2023 EUR 28.710
AlphaNotes ETP Dac 1.000 9/15/2032 USD 66.440
SNCF Reseau 1.425 8/14/2119 EUR 42.977
Ideal Standard Intern 6.375 7/30/2026 EUR 42.467
Sigma Holdco BV 5.750 5/15/2026 EUR 72.000
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
Ukraine Government In 7.750 9/1/2028 USD 20.880
Prs Finance PLC 1.500 8/24/2034 GBP 73.488
Canton of Neuchatel 0.100 10/29/2049 CHF 63.041
Wirtschafts- und Infr 0.192 1/28/2042 EUR 58.770
Heta Asset Resolution 2.290 12/31/2023 EUR 0.027
Assistance Publique H 1.183 4/16/2050 EUR 59.714
Ile-de-France Mobilit 0.950 5/28/2041 EUR 66.575
Orbit Capital PLC 3.375 6/14/2048 GBP 71.815
Single Platform Inves 0.950 7/25/2047 EUR 57.983
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
Cadent Finance PLC 3.125 3/21/2040 GBP 72.253
NRW Bank 0.500 6/17/2041 EUR 65.497
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 67.977
Banco Santander SA 1.000 10/1/2033 EUR 73.643
Blend Funding PLC 2.467 6/16/2061 GBP 53.125
PJSC Koks via IMH Cap 5.900 9/23/2025 USD 7.456
Single Platform Inves 1.220 8/24/2047 EUR 61.143
Ukraine Government Bo 3.700 5/25/2023 USD 71.648
Jyske Realkredit A/S 1.000 10/1/2053 DKK 63.468
UniCredit Bank Austri 0.150 4/29/2033 EUR 73.523
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Kommunekredit 0.500 7/30/2027 TRY 25.859
Sairgroup Finance BV 6.625 10/6/2010 EUR 1.964
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Caisse de Refinanceme 0.250 2/7/2035 EUR 71.524
Kreditanstalt fuer Wi 0.788 11/4/2039 EUR 71.730
Jyske Realkredit A/S 0.500 10/1/2050 DKK 68.892
Stelius Befektetoe Za 3.100 9/17/2030 HUF 66.500
Aegon Bank NV 0.375 6/9/2036 EUR 70.271
Pfandbriefbank schwei 0.250 1/24/2041 CHF 74.986
Caisse Francaise de F 0.125 2/15/2036 EUR 67.815
GN Store Nord AS 3.200 11/26/2036 GBP 75.011
Paradigm Homes Charit 2.250 5/20/2051 GBP 58.021
Republic of Belarus I 6.378 2/24/2031 USD 33.000
Deutsche Telekom AG 3.625 1/21/2050 USD 69.762
Leonteq Securities AG 7.000 1/31/2024 CHF 42.810
UBS AG/London 16.150 2/15/2024 USD 67.180
Caixa Economica Monte 5.000 EUR 52.410
Bromford Housing Grou 2.554 3/17/2054 GBP 58.628
City of Zurich Switze 0.250 11/24/2051 CHF 68.164
Intesa Sanpaolo SpA 1.400 2/8/2031 GBP 70.421
Signa Development Fin 5.500 7/23/2026 EUR 61.583
Land Thueringen 0.250 3/5/2040 EUR 63.531
Land Thueringen 1.100 7/3/2047 EUR 72.111
Odea Bank AS 8.606 8/1/2027 USD 72.511
getgoods.de AG 7.750 10/2/2017 EUR 0.527
Cooperatieve Rabobank 0.500 12/29/2027 MXN 61.663
Kommunekredit 0.869 11/12/2043 SEK 63.288
La Banque Postale Hom 0.640 1/27/2042 EUR 67.565
BPCE SFH SA 0.500 1/23/2035 EUR 73.573
Frigoglass Finance BV 6.875 2/12/2025 EUR 26.799
Ukraine Government In 11.670 11/22/2023 UAH 59.135
Single Platform Inves 1.260 1/22/2049 EUR 60.278
State of Bremen 1.000 5/27/2039 EUR 74.246
Landesbank Hessen-Thu 1.100 7/23/2036 EUR 65.850
Akbank TAS 4.000 9/17/2029 EUR 72.310
Land Baden-Wuerttembe 0.125 11/19/2040 EUR 61.293
Grand City Properties 2.500 6/27/2039 EUR 47.685
Havenbedrijf Rotterda 1.100 3/23/2051 EUR 64.029
Sberbank of Russia Vi 5.250 5/23/2023 USD 14.258
Spain Government Bond 1.900 10/31/2052 EUR 68.112
Rio Forte Investments 4.000 7/22/2014 EUR 3.709
Land Berlin 0.625 7/15/2039 EUR 69.505
Incommunities Treasur 3.250 3/21/2049 GBP 73.769
Serbia International 1.000 9/23/2028 EUR 72.715
Assistance Publique H 1.073 4/16/2045 EUR 62.996
Aragvi Finance Intern 8.450 4/29/2026 USD 71.007
Cooperatieve Rabobank 0.500 1/31/2033 MXN 38.082
Midland Heart Capital 1.831 8/12/2050 GBP 51.955
Phosagro OAO Via Phos 3.050 1/23/2025 USD 52.606
Credit Bank of Moscow 4.700 1/29/2025 USD 23.069
Credit Suisse AG/Lond 1.352 4/8/2034 EUR 69.560
State of Bremen 0.550 2/4/2050 EUR 56.759
Societe Generale SA 10.000 6/28/2034 USD 61.850
Gecci Investment KG 6.000 10/1/2027 EUR 43.880
Romanian Government I 3.375 2/8/2038 EUR 68.353
Autonomous Community 1.850 5/13/2061 EUR 57.867
Ukraine Government In 12.520 5/13/2026 UAH 57.413
Moby SpA 7.750 2/15/2023 EUR 57.748
Junta de Castilla y L 1.270 10/31/2044 EUR 62.936
SNCF Reseau 2.622 9/24/2049 USD 73.828
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 71.627
Sonnedix Energy Tau S 2.200 12/31/2038 EUR 8.000
Banque Cantonale Vaud 22.300 1/31/2023 CHF 34.290
Raiffeisen Landesbank 0.250 3/4/2036 EUR 69.017
Republic of Belarus I 6.200 2/28/2030 USD 33.000
NRW Bank 1.250 5/13/2049 EUR 72.537
Credit Suisse AG/Lond 0.875 5/21/2031 EUR 67.024
Orbit Capital PLC 3.500 3/24/2045 GBP 74.593
Barclays Bank PLC 2.070 12/18/2035 USD 65.647
Communaute Francaise 1.760 1/26/2043 EUR 72.349
Paragon Treasury Plc 2.000 5/7/2036 GBP 69.167
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.954
Castellum AB 2.840 6/5/2029 SEK 73.876
Compact Bidco BV 5.750 5/1/2026 EUR 67.727
NRW Bank 0.533 1/21/2041 EUR 65.513
Single Platform Inves 1.610 2/15/2043 EUR 71.832
United Kingdom Gilt 1.625 10/22/2071 GBP 55.770
ALROSA Finance SA 3.100 6/25/2027 USD 10.900
Ahtium PLC 9.750 4/4/2017 EUR 0.726
Region de Bruxelles-C 1.922 4/24/2059 EUR 71.069
Credit Suisse AG/Lond 7.650 3/3/2023 USD 41.500
Romanian Government I 1.375 12/2/2029 EUR 72.801
Iceland Bondco PLC 4.375 5/15/2028 GBP 74.333
Malta Government Bond 2.000 7/10/2051 EUR 66.180
Societe Nationale SNC 1.400 5/18/2120 EUR 40.087
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Renovables Atlasol SA 2.200 12/31/2038 EUR 75.053
Castle UK Finco PLC 7.504 5/15/2028 EUR 73.767
Banque Federative du 2.460 6/7/2032 AUD 72.486
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 1.408
City of Lausanne Swit 0.230 11/1/2060 CHF 54.869
Caisse Francaise de F 0.010 10/19/2035 EUR 67.224
Assistance Publique H 0.490 9/30/2040 EUR 60.961
Vnesheconombank Via V 5.942 11/21/2023 USD 6.403
Ville de Rennes 0.505 10/22/2034 EUR 73.267
Landesbank Hessen-Thu 1.000 3/9/2037 EUR 66.500
Bazalgette Finance Pl 0.074 5/16/2049 GBP 59.842
Yarlington Treasury S 3.410 9/18/2057 GBP 70.837
PIK Securities DAC 5.625 11/19/2026 USD 40.037
Landesbank Hessen-Thu 0.350 5/27/2031 EUR 75.060
Batigere Grand Est SA 1.400 8/31/2050 EUR 58.834
Ville de Paris 0.450 10/20/2045 EUR 54.742
EVN AG 0.850 10/15/2035 EUR 69.152
Nomura Bank Internati 1.071 1/28/2032 EUR 74.804
Russian Foreign Bond 4.750 5/27/2026 USD 42.092
Cie de Saint-Gobain 1.875 5/3/2035 EUR 74.983
UBS AG/London 25.500 7/13/2023 USD 57.600
Ukraine Government In 15.840 2/26/2025 UAH 52.868
Region de Bruxelles-C 0.910 1/31/2053 EUR 53.772
Ile-de-France Mobilit 0.675 11/24/2036 EUR 70.156
Deutsche Pfandbriefba 0.906 3/4/2050 EUR 67.405
Romanian Government I 2.750 4/14/2041 EUR 56.706
State of Lower Saxony 0.250 4/15/2036 EUR 70.650
Nomura Bank Internati 1.130 4/23/2036 EUR 64.879
Nykredit Realkredit A 1.000 10/1/2050 DKK 73.172
State of Mecklenburg- 0.239 11/17/2070 EUR 41.602
TechnipFMC PLC 4.000 6/14/2032 EUR 74.101
Steilmann SE 6.750 6/27/2017 EUR 2.184
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
Region Wallonne Belgi 1.000 9/16/2059 EUR 49.384
Societe Generale SA 10.000 10/18/2024 USD 44.600
Erste Jelzalogbank zr 2.500 10/30/2029 HUF 68.400
Land Berlin 0.125 11/24/2045 EUR 54.225
Lukoil Securities BV 3.875 5/6/2030 USD 71.349
CB First Investment B 8.000 EUR 71.288
Hungary Government In 0.125 9/21/2028 EUR 74.140
Societe Generale SA 2.060 3/12/2031 USD 74.960
State of Lower Austri 0.815 9/22/2056 EUR 53.844
Espirito Santo Financ 5.050 11/15/2025 EUR 0.622
MFB Magyar Fejlesztes 3.900 10/22/2028 HUF 76.746
British Telecommunica 3.924 6/25/2042 GBP 74.404
Kreditanstalt fuer Wi 0.816 12/19/2050 EUR 57.361
Ministeries Van de Vl 0.875 6/3/2045 EUR 57.494
SiC Processing GmbH 7.125 3/1/2016 EUR 0.690
Novolipetsk Steel Via 4.700 5/30/2026 USD 70.179
Societe Generale SA 1.137 1/26/2037 EUR 69.155
Cie de Financement Fo 0.975 8/11/2046 EUR 67.481
Banque Cantonale de F 0.100 11/1/2044 CHF 66.371
German Real Estate Ca 3.000 EUR 75.000
Eurotorg LLC Via Boni 9.000 10/22/2025 USD 56.337
Landesbank Hessen-Thu 0.550 4/20/2033 EUR 71.271
TI Automotive Finance 3.750 4/15/2029 EUR 75.004
Renovables Atlasol SA 2.200 12/31/2038 EUR 75.053
Land Berlin 0.100 1/18/2041 EUR 60.166
Canton of Geneva Swit 0.050 8/27/2041 CHF 72.294
Region de Bruxelles-C 0.444 3/19/2057 EUR 41.165
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.528
Ukraine Government In 9.790 5/26/2027 UAH 54.673
La Banque Postale Hom 0.250 2/12/2035 EUR 71.277
State of Lower Austri 0.460 10/8/2049 EUR 51.673
HOCHTIEF AG 2.300 4/26/2034 EUR 70.125
DekaBank Deutsche Gir 2.200 3/24/2023 EUR 74.050
Richter Gedeon Nyrt 1.750 6/4/2031 HUF 60.000
Manchester Airport Gr 2.875 3/31/2039 GBP 70.837
Boparan Finance PLC 7.625 11/30/2025 GBP 67.095
Novolipetsk Steel Via 1.450 6/2/2026 EUR 55.870
State of Lower Austri 1.000 9/15/2121 EUR 39.387
Eastern Power Network 1.875 6/1/2035 GBP 71.518
Ile-de-France Mobilit 1.586 2/23/2052 EUR 69.115
Bayerische Landesbank 1.820 5/12/2031 EUR 71.556
Landesbank Hessen-Thu 0.650 4/28/2031 EUR 75.174
Rena GmbH 7.000 12/15/2015 EUR 0.054
Ukraine Government Bo 3.700 6/22/2023 USD 67.964
Tonon Luxembourg SA 12.500 5/14/2024 USD 2.680
Single Platform Inves 1.840 11/5/2040 EUR 75.119
DZ Bank AG Deutsche Z 1.000 2/13/2042 EUR 69.119
Caisse Francaise de F 0.726 10/29/2039 EUR 66.306
Flextronics Internati 3.600 12/6/2031 HUF 58.000
UBS AG/London 17.040 5/26/2027 SEK 71.540
Takarek Mortgage Bank 5.750 5/27/2032 HUF 65.360
Credit Suisse AG/Lond 25.750 6/8/2027 USD 74.300
Societe Generale SA 16.000 7/3/2024 USD 19.130
Hell Energy Magyarors 2.700 12/18/2029 HUF 55.600
Deutsche Wohnen SE 2.125 9/26/2033 EUR 72.612
Department of Bouches 0.432 2/1/2046 EUR 52.098
Intelsat Jackson Hold 8.500 10/15/2024 USD 0.491
DNB Boligkreditt AS 0.980 6/20/2044 EUR 68.134
Morhomes PLC 2.508 2/19/2051 GBP 58.976
Region de Bruxelles-C 0.592 12/10/2061 EUR 43.603
DZ Bank AG Deutsche Z 0.550 3/23/2033 EUR 73.577
Caisse des Depots et 1.015 7/22/2050 EUR 62.856
Aareal Bank AG 0.625 9/16/2030 EUR 70.430
A-TEC Industries AG 2.750 5/10/2014 EUR 0.100
United Kingdom Gilt 1.500 7/22/2047 GBP 61.972
Landesbank Hessen-Thu 0.650 10/18/2034 EUR 68.142
Luzerner Kantonalbank 0.150 10/7/2044 CHF 68.698
Celtic Resources Hold 4.125 10/9/2024 USD 12.790
Landesbank Hessen-Thu 0.500 12/23/2036 EUR 64.150
Landesbank Hessen-Thu 1.400 1/13/2037 EUR 68.250
GSP-Finance LLC/Russi 9.430 3/27/2028 RUB 70.000
Credit Suisse AG/Lond 4.550 2/23/2023 USD 9.576
Romanian Government I 1.750 7/13/2030 EUR 70.495
Elia Transmission Bel 1.560 1/30/2044 EUR 74.246
ISP Group AG 5.250 CHF 72.990
State of Brandenburg 0.600 10/13/2051 EUR 57.087
Italy Buoni Poliennal 0.950 3/1/2037 EUR 65.061
Kreditanstalt fuer Wi 1.115 5/17/2041 EUR 69.091
Deutsche Bank AG 1.725 1/16/2045 EUR 44.715
International Finance 0.500 6/29/2027 ZAR 67.845
ESB Finance DAC 1.875 7/21/2035 GBP 71.953
State of Saxony-Anhal 1.223 5/4/2046 EUR 70.557
DLR Kredit A/S 0.500 10/1/2050 DKK 69.203
Communaute Francaise 0.788 8/30/2049 EUR 52.624
Alno AG 8.000 3/21/2019 EUR 15.000
UBS AG/London 19.500 9/28/2023 USD 56.500
Region Bretagne SCI 0.620 8/7/2037 EUR 68.601
Heimstaden Bostad AB 2.800 5/4/2035 EUR 62.822
Kuntarahoitus Oyj 1.400 3/5/2061 EUR 71.638
Credit Bank of Moscow 5.150 2/20/2024 EUR 22.573
Kreditanstalt fuer Wi 1.100 9/16/2051 EUR 66.526
Maison Finco PLC 6.000 10/31/2027 GBP 72.350
Kingdom of Belgium Go 1.400 6/22/2053 EUR 67.628
Kleopatra Holdings 2 6.500 9/1/2026 EUR 53.500
SNCF Reseau 0.350 7/25/2047 EUR 72.104
Niedersachsen Invest 0.250 7/16/2035 EUR 72.035
BPCE SA 2.820 12/18/2039 AUD 54.078
Romanian Government I 3.750 2/7/2034 EUR 75.090
State Savings Bank of 10.186 1/19/2024 USD 32.520
Anselma Issuer SA 1.574 12/31/2038 EUR 58.730
Erste Jelzalogbank zr 2.500 10/22/2028 HUF 70.300
Societe Generale SA 18.500 10/31/2024 USD 35.500
Kuntarahoitus Oyj 1.197 4/6/2051 EUR 70.772
Single Platform Inves 1.448 7/25/2053 EUR 63.615
UBS AG/London 0.120 5/25/2040 MXN 12.443
MMK International Cap 4.375 6/13/2024 USD 28.514
DZ Bank AG Deutsche Z 1.070 10/6/2042 EUR 71.530
New World Resources N 4.000 10/7/2020 EUR 0.198
Mobile Telesystems OJ 5.000 5/30/2023 USD 27.511
Societe Du Grand Pari 0.576 10/29/2052 EUR 46.782
Global Ports Finance 6.500 9/22/2023 USD 24.931
Uralkali OJSC Via Ura 4.000 10/22/2024 USD 19.408
Mercedes-Benz Manufac 1.500 3/16/2027 HUF 67.000
MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000
VON Der Heydt Securit 1.000 4/30/2031 EUR 69.858
DZ Bank AG Deutsche Z 1.055 3/11/2031 EUR 70.765
UBS Group AG 2.490 3/4/2036 USD 70.717
Ville de Paris 0.963 12/6/2051 EUR 54.590
BAE Systems PLC 3.000 9/15/2050 USD 68.545
HSE Finance Sarl 5.625 10/15/2026 EUR 52.647
Magyar Export-Import 2.500 5/23/2029 HUF 67.867
Anglian Water Service 0.850 12/23/2040 JPY 72.049
Single Platform Inves 0.800 12/20/2040 EUR 61.613
Frigate Luxembourg SA 2.000 8/1/2032 EUR 58.975
Region de Bruxelles-C 0.765 7/15/2052 EUR 50.656
Jyske Realkredit A/S 0.500 10/1/2053 DKK 66.784
Veneto Banca SpA 6.944 5/15/2025 EUR 0.643
Novolipetsk Steel Via 4.500 6/15/2023 USD 66.436
UBS Group AG 3.030 11/18/2034 AUD 74.352
UniCredit Bank AG 8.150 2/22/2023 EUR 73.420
Raiffeisenlandesbank 0.200 6/9/2036 EUR 66.760
Societe Generale SA 13.600 8/16/2024 USD 63.000
DekaBank Deutsche Gir 7.650 3/10/2023 EUR 35.090
Landesbank Hessen-Thu 0.550 8/28/2034 EUR 71.300
Ministeries Van de Vl 0.634 11/19/2060 EUR 42.775
Republic of Ireland I 1.230 5/29/2120 EUR 51.775
Elecnor SA 3.025 9/30/2035 EUR 74.791
VTB Bank PJSC Via VTB 9.500 USD 16.289
Portugal Telecom Inte 6.250 7/26/2016 EUR 0.285
Prosus NV 2.031 8/3/2032 EUR 71.979
Pfandbriefbank schwei 0.375 6/15/2046 CHF 72.056
Ukreximbank Via Biz F 9.750 1/22/2025 USD 32.827
Credit Suisse AG/Lond 9.000 11/27/2023 USD 55.800
TKK OOO 17.171 12/31/2033 RUB 60.100
UBS AG/London 12.340 9/7/2023 USD 4.120
Kuntarahoitus Oyj 1.150 4/1/2051 EUR 68.790
Comunidad Foral de Na 1.450 5/8/2040 EUR 70.636
BNG Bank NV 1.550 2/19/2032 AUD 74.715
Transmission Finance 2.701 10/16/2037 EUR 73.995
Region de Bruxelles-C 1.419 6/22/2045 EUR 70.111
BASF SE 1.025 8/13/2048 JPY 65.843
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Caisse des Depots et 1.780 1/15/2048 EUR 72.926
Communaute Francaise 2.100 6/30/2067 EUR 72.792
Banco Santander SA 3.600 11/5/2033 AUD 73.535
Russian Foreign Bond 2.875 12/4/2025 EUR 39.367
Single Platform Inves 1.660 12/16/2036 EUR 75.560
Agrokor dd 9.125 2/1/2020 EUR 15.000
Rena GmbH 8.250 7/11/2018 EUR 0.054
Canton of Ticino 0.400 6/27/2044 CHF 74.883
Pfandbriefbank schwei 0.250 5/17/2040 CHF 75.548
Wrekin Housing Group 2.500 10/22/2048 GBP 61.132
Carmila SA 1.890 11/6/2031 EUR 66.379
Metinvest BV 5.625 6/17/2025 EUR 53.851
Raiffeisen Schweiz Ge 8.340 3/7/2023 EUR 62.520
Credit Suisse AG/Lond 19.200 8/29/2025 USD 54.670
Barclays Bank PLC 10.200 2/16/2023 USD 48.900
Societe Generale SA 11.750 9/18/2024 USD 39.400
Ferrovie dello Stato 0.641 12/4/2030 EUR 74.190
Muenchener Hypotheken 0.250 5/2/2036 EUR 69.623
SNCF Reseau 2.303 7/11/2067 EUR 73.368
Malta Government Bond 1.800 8/28/2051 EUR 62.097
Vacse AB 2.067 4/20/2034 SEK 74.481
Autonomous Community 1.646 7/30/2060 EUR 55.496
Credit Bank of Moscow 5.550 2/14/2023 USD 22.034
Landesbank Baden-Wuer 0.750 8/5/2031 EUR 75.576
Cooperatieve Rabobank 0.540 8/3/2040 EUR 63.256
State of Bremen 0.150 9/14/2040 EUR 61.308
Norske Skog Holding A 8.000 2/24/2021 EUR 0.006
Ceske Drahy AS 3.000 6/4/2035 EUR 73.102
Kreditanstalt fuer Wi 1.142 2/15/2042 EUR 75.275
Norwegian Air Shuttle 7.500 11/10/2023 USD 74.276
Bayerische Landesbank 1.500 7/14/2036 EUR 70.337
Bayerische Landesbank 1.690 4/23/2037 EUR 71.796
Autonomous Community 2.300 5/24/2049 EUR 73.588
Societe Generale SA 7.280 5/6/2024 USD 52.840
DZ Bank AG Deutsche Z 1.140 12/30/2030 EUR 73.940
Ingrad AO 10.500 12/6/2029 RUB 62.000
Centre Hospitalier Un 1.160 9/6/2039 EUR 59.294
Hypo-Bank Burgenland 0.810 9/17/2031 EUR 76.199
Grenke Finance PLC 2.040 4/16/2029 EUR 67.173
Solon SE 1.375 12/6/2012 EUR 0.745
Kingdom of Belgium Go 0.650 6/22/2071 EUR 47.294
Single Platform Inves 1.250 10/18/2035 EUR 72.972
Credit Agricole SA 3.000 1/28/2041 AUD 52.142
Free State of Saxony 0.400 5/12/2036 EUR 72.015
Royal Schiphol Group 3.090 7/1/2034 AUD 72.003
Vnesheconombank Via V 6.025 7/5/2022 USD 4.680
Nordea Kredit Realkre 0.500 10/1/2053 DKK 66.775
Gebr Sanders GmbH & C 8.750 10/22/2018 EUR 9.375
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 70.289
Department of Loiret 0.478 10/30/2040 EUR 60.657
Bulgaria Government I 1.375 9/23/2050 EUR 56.701
Eurohold Bulgaria AD 8.000 12/29/2026 EUR 63.755
Getin Noble Bank SA 12.320 3/31/2023 PLN 39.955
Credit Agricole Corpo 0.900 10/1/2034 EUR 68.695
Societe Generale SA 18.000 8/1/2024 USD 17.500
Muenchener Hypotheken 1.010 8/6/2044 EUR 57.818
Romanian Government I 2.625 12/2/2040 EUR 56.290
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 73.466
Societe Du Grand Pari 2.062 3/19/2070 EUR 74.462
Autonomous Community 1.138 11/22/2052 EUR 50.591
Department of L'Eure 1.110 6/18/2039 EUR 71.014
Region de Bruxelles-C 0.274 12/11/2040 EUR 58.543
Landesbank Hessen-Thu 0.600 3/18/2031 EUR 75.090
Single Platform Inves 0.950 5/17/2038 EUR 66.349
Kreditanstalt fuer Wi 1.201 9/13/2051 EUR 69.206
Free and Hanseatic Ci 0.400 11/23/2051 EUR 52.531
LFA Foerderbank Bayer 0.125 9/30/2038 EUR 63.988
Credit Bank of Moscow 8.875 USD 19.718
LFA Foerderbank Bayer 0.160 1/2/2040 EUR 62.190
Hospices Civils de Ly 0.597 11/24/2031 EUR 73.739
Landshypotek Bank AB 1.680 1/20/2042 SEK 72.684
Air Berlin Finance BV 6.000 3/6/2019 EUR 0.483
Grand Delta Habitat 1.285 11/6/2040 EUR 64.962
Single Platform Inves 0.880 1/15/2040 EUR 64.307
HSBC Bank PLC 0.500 12/22/2025 BRL 68.708
Bayerische Landesbank 3.550 10/14/2036 EUR 72.373
Single Platform Inves 0.785 3/20/2039 EUR 63.504
Chelyabinsk Pipe Plan 4.500 9/19/2024 USD 21.051
Region de Bruxelles-C 1.375 4/29/2039 EUR 74.494
Societe Generale SA 20.000 6/28/2024 USD 49.990
Barclays Bank PLC 1.580 4/12/2039 EUR 70.050
UBS AG/London 8.810 11/8/2023 USD 9.570
Societe Generale SA 16.000 1/3/2024 USD 53.750
Jain International Tr 7.125 2/1/2022 USD 21.798
Bpifrance SACA 1.046 5/25/2050 EUR 58.423
Autonomous Community 1.744 7/1/2061 EUR 56.988
Banco Santander SA 0.790 9/30/2031 EUR 74.367
Caisse des Depots et 2.940 3/2/2051 AUD 69.223
Grand City Properties 2.600 2/25/2034 EUR 56.846
Societe Generale SA 3.920 12/9/2036 AUD 69.348
Societe Generale SFH 0.360 9/14/2033 EUR 75.219
MFB Magyar Fejlesztes 2.900 10/22/2031 HUF 65.184
Landeskreditbank Bade 2.500 5/21/2036 AUD 71.004
BNP Paribas SA 1.395 2/12/2035 EUR 72.556
Hypo Vorarlberg Bank 0.400 12/22/2031 EUR 71.989
Societe Nationale SNC 3.190 4/19/2041 AUD 74.442
Autonomous Community 1.550 5/11/2051 EUR 60.325
London & Quadrant Hou 2.750 7/20/2057 GBP 58.855
Spain Government Bond 1.200 10/31/2040 EUR 68.597
Virgolino de Oliveira 10.500 1/28/2018 USD 0.499
Corporate Commercial 8.250 8/8/2014 USD 0.308
Romanian Government I 4.000 2/14/2051 USD 65.425
Anglian Water Service 1.760 11/13/2035 GBP 67.901
Bulgaria Steel Financ 12.000 5/4/2013 EUR 0.216
Autonomous Community 1.255 10/31/2048 EUR 57.723
Malta Government Bond 2.400 8/13/2052 EUR 70.090
Kingdom of Belgium Go 1.600 6/22/2047 EUR 75.115
State of Rhineland-Pa 0.600 10/24/2046 EUR 61.342
Muenchener Hypotheken 0.250 10/31/2044 CHF 70.148
Societe Du Grand Pari 1.955 4/16/2069 EUR 71.090
Communaute Francaise 1.925 4/18/2059 EUR 70.857
Ukraine Government In 10.000 8/23/2023 UAH 58.970
Region de Bruxelles-C 1.620 4/30/2049 EUR 68.671
Raiffeisen Schweiz Ge 18.000 1/25/2023 CHF 19.180
Pharmacy Chain 36.6 P 10.500 6/4/2030 RUB 60.350
Raiffeisen Switzerlan 7.050 5/22/2023 EUR 50.290
MMC Norilsk Nickel OJ 4.100 4/11/2023 USD 73.116
Proximus SADP 1.500 5/14/2040 EUR 67.305
State of Saarland 0.500 3/15/2051 EUR 56.400
Norddeutsche Landesba 0.600 2/24/2031 EUR 74.105
State of Brandenburg 0.125 1/26/2046 EUR 54.350
Region Occitanie 0.766 10/7/2041 EUR 62.977
Standard Profil Autom 6.250 4/30/2026 EUR 60.793
Emissionszentrale fue 0.150 9/9/2041 CHF 74.486
Parnassia Groep BV 1.210 12/1/2033 EUR 74.899
Region Occitanie 1.339 3/21/2042 EUR 70.226
Credit Suisse AG/Lond 1.400 12/20/2030 EUR 71.849
Romanian Government I 2.000 4/14/2033 EUR 64.918
Rusal Capital DAC 4.850 2/1/2023 USD 43.317
Region Wallonne Belgi 1.220 6/12/2050 EUR 59.838
NRW Bank 1.182 8/7/2050 EUR 60.828
Swissgrid AG 0.125 6/30/2036 CHF 74.497
Region Wallonne Belgi 0.050 10/26/2032 EUR 71.999
Landwirtschaftliche R 0.984 2/4/2042 EUR 72.408
Kreditanstalt fuer Wi 0.980 2/9/2042 EUR 72.971
Communaute Francaise 2.000 4/14/2076 EUR 74.837
Communaute Francaise 1.120 7/19/2038 EUR 68.564
Credit Suisse AG 0.500 12/16/2025 BRL 68.345
Societa di Progetto B 3.375 12/31/2038 EUR 72.851
Tranzit-Food Baromfif 2.000 6/23/2028 HUF 74.970
Credit Suisse Interna 9.500 3/24/2026 UAH 51.490
CPI Hungary Investmen 2.250 8/7/2030 HUF 51.000
Erste Jelzalogbank zr 3.500 5/23/2029 HUF 74.610
SAir Group 5.125 3/1/2003 CHF 12.750
Deutsche Telekom AG 4.125 7/23/2049 USD 74.793
Ministeries Van de Vl 1.874 3/28/2058 EUR 66.884
Romanian Government I 2.124 7/16/2031 EUR 70.068
UBS Group AG 2.210 11/24/2035 USD 68.748
Bayerische Landesbank 2.250 10/17/2033 EUR 67.050
Region de Bruxelles-C 1.144 1/14/2056 EUR 55.791
Batigere Grand Est SA 1.500 12/15/2051 EUR 61.905
Malta Government Bond 1.400 8/20/2046 EUR 60.721
Credit Bank of Moscow 7.625 USD 20.689
Specialfastigheter Sv 1.215 5/14/2035 SEK 72.131
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 70.496
Minicentrales Dos SA 0.010 6/6/2047 EUR 59.327
Swissgrid AG 0.200 6/29/2040 CHF 69.823
Deutsche Bank AG/Lond 4.320 6/15/2037 AUD 74.135
DZ Bank AG Deutsche Z 0.780 3/5/2030 EUR 71.969
Landeskreditbank Bade 0.842 5/3/2041 EUR 71.275
Muenchener Hypotheken 0.010 10/19/2039 EUR 60.469
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Norske Skogindustrier 7.125 10/15/2033 USD 0.010
Commerzbank AG 1.046 12/18/2034 EUR 70.437
Italy Buoni Poliennal 2.450 9/1/2050 EUR 70.361
Muenchener Hypotheken 1.000 4/18/2039 EUR 74.149
Northern Electric Fin 2.750 5/24/2049 GBP 67.502
Vajda-Papir Gyarto Ke 3.500 5/17/2031 HUF 69.600
Barclays Bank PLC 2.550 6/19/2024 USD 71.777
VTB Bank PJSC 8.400 5/21/2030 RUB 55.000
Region Auvergne-Rhone 0.697 8/2/2036 EUR 71.648
Danske Bank A/S 1.070 8/23/2038 JPY 73.088
Belfius Bank SA 0.125 6/19/2034 EUR 71.867
UBS Group AG 2.370 2/25/2036 USD 69.676
Depfa Funding III LP 2.056 EUR 51.669
Liga Bank eG Regensbu 0.010 1/29/2036 EUR 65.414
Ile-de-France Mobilit 1.200 4/8/2050 EUR 60.685
Deutsche Pfandbriefba 1.850 9/20/2032 EUR 70.283
Bibby Offshore Servic 7.500 6/15/2021 GBP 11.625
Comunidad Foral de Na 1.800 3/25/2042 EUR 73.954
Communaute Francaise 0.749 9/16/2080 EUR 51.464
FLUVIUS System Operat 0.810 4/8/2033 EUR 71.464
Malta Government Bond 1.500 10/22/2045 EUR 63.470
United Group BV 4.625 8/15/2028 EUR 75.196
Office Public De L'Ha 1.700 12/22/2060 EUR 71.473
Intelsat Jackson Hold 9.750 7/15/2025 USD 0.491
Landesbank Baden-Wuer 0.430 1/22/2031 EUR 75.095
Deutsche Pfandbriefba 1.050 6/12/2029 EUR 75.305
State of Brandenburg 0.300 11/17/2045 EUR 56.044
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
Russian Agricultural 8.500 10/16/2023 USD 13.516
Region of Veneto Ital 2.556 12/7/2046 EUR 70.708
Communaute Francaise 0.500 6/27/2046 EUR 52.697
Hypo Vorarlberg Bank 0.741 10/16/2036 EUR 66.186
Sanctuary Capital PLC 2.481 11/12/2037 GBP 72.303
State of Brandenburg 0.500 11/21/2039 EUR 67.568
ABN AMRO Bank NV 0.500 12/12/2039 EUR 66.207
Region de Bruxelles-C 0.845 9/30/2059 EUR 48.486
Danske Bank A/S 0.910 10/17/2039 JPY 67.886
Communaute Francaise 1.363 4/16/2040 EUR 70.156
Credit Agricole Corpo 8.040 5/18/2023 USD 32.850
Credit Suisse AG/Lond 18.000 5/4/2023 USD 71.210
Credit Suisse AG/Lond 11.500 9/25/2023 CHF 59.740
Leonteq Securities AG 8.000 1/26/2023 CHF 48.490
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.002
Pick Szeged Szalamigy 2.000 12/6/2029 HUF 62.880
Single Platform Inves 0.465 2/27/2035 EUR 66.291
Nostrum Oil & Gas Fin 7.000 2/16/2025 USD 25.558
Vasakronan AB 1.130 5/27/2042 JPY 67.188
Single Platform Inves 0.363 2/15/2041 EUR 55.477
NRW Bank 1.400 3/19/2070 EUR 65.251
Kreditanstalt fuer Wi 0.980 6/28/2051 EUR 67.163
Societe Generale SFH 0.570 3/15/2036 EUR 72.444
Land Thueringen 1.127 4/2/2049 EUR 67.330
Nationale-Nederlanden 0.050 9/24/2035 EUR 68.289
Caisse des Depots et 3.000 11/8/2051 AUD 69.794
Altice France Holding 4.000 2/15/2028 EUR 65.167
DZ Bank AG Deutsche Z 1.840 12/21/2048 EUR 72.776
New World Resources N 8.000 4/7/2020 EUR 0.089
Grupo Isolux Corsan S 6.000 12/30/2021 EUR 0.253
DZ Bank AG Deutsche Z 0.500 3/2/2038 EUR 62.492
BPCE SA 2.250 3/13/2040 AUD 48.941
Kreditanstalt fuer Wi 0.613 6/10/2040 EUR 65.805
CDC Habitat SEM 1.150 4/30/2037 EUR 68.625
BNP Paribas SA 3.580 7/23/2040 AUD 70.864
Landesbank Hessen-Thu 1.150 7/10/2034 EUR 73.231
Hypo Vorarlberg Bank 1.520 7/8/2050 EUR 65.843
HSBC Bank PLC 0.500 11/25/2025 BRL 69.336
Erste Group Bank AG 0.770 11/13/2033 EUR 71.447
BNP Paribas SA 1.550 2/1/2023 USD 68.260
Leonteq Securities AG 7.000 3/29/2023 CHF 57.860
Landesbank Hessen-Thu 1.000 12/28/2035 EUR 65.450
Boparan Finance PLC 7.625 11/30/2025 GBP 68.000
Orbit Capital PLC 2.000 11/24/2038 GBP 64.256
Ministeries Van de Vl 1.863 2/28/2048 EUR 71.885
Nobel Bidco BV 3.125 6/15/2028 EUR 68.100
Single Platform Inves 1.080 7/18/2036 EUR 70.469
NRW Bank 0.835 9/24/2041 EUR 69.431
Region Wallonne Belgi 1.550 4/28/2120 EUR 53.583
Norddeutsche Landesba 1.910 11/10/2036 EUR 72.526
Lloyds Bank PLC 2.545 8/28/2038 SEK 72.654
Communaute Francaise 1.820 3/27/2049 EUR 71.635
Assistance Publique H 0.800 3/23/2046 EUR 57.696
Banco Santander SA 1.000 1/14/2034 EUR 70.735
Region de Bruxelles-C 1.528 4/5/2049 EUR 65.897
Raiffeisen-Landesbank 0.766 9/17/2031 EUR 75.596
Region Hauts-de-Franc 0.402 2/18/2043 EUR 55.844
Autonomous Community 1.655 10/31/2050 EUR 63.714
Ukraine Government Bo 3.900 10/5/2023 USD 59.813
Grenke Finance PLC 2.237 1/29/2029 EUR 73.482
Rusal Capital DAC 5.300 5/3/2023 USD 40.406
Region Provence-Alpes 0.753 1/5/2037 EUR 70.765
Bazalgette Finance Pl 0.174 5/16/2049 GBP 65.793
Santander Consumer Ba 8.100 NOK 56.752
Landesbank Baden-Wuer 1.050 7/17/2034 EUR 69.370
Single Platform Inves 0.700 9/20/2041 EUR 59.108
Banco Espirito Santo 10.000 12/6/2021 EUR 0.110
City of St Gallen 0.140 9/16/2044 CHF 71.145
DLR Kredit A/S 0.500 10/1/2053 DKK 67.984
Bulgaria Steel Financ 12.000 5/4/2013 EUR 0.216
Astana Finance BV 9.000 11/16/2011 USD 15.250
ABN AMRO Bank NV 1.070 3/3/2041 EUR 72.020
Norwegian Air Shuttle 7.500 11/10/2023 USD 74.276
Region Wallonne Belgi 1.272 10/3/2040 EUR 70.616
Batigere Grand Est SA 1.600 11/14/2039 EUR 69.571
Dtek Renewables Finan 8.500 11/12/2024 EUR 31.012
Region of Centre-Val 0.712 12/3/2039 EUR 65.265
Takarek Mortgage Bank 3.000 1/28/2036 HUF 43.330
Societe Generale SA 20.000 8/31/2023 USD 9.250
Credit Suisse AG/Lond 13.700 9/25/2023 USD 19.830
Bank Severnyy Morskoy 8.500 RUB 100.020
Gold-Zack AG 7.000 12/14/2005 EUR 3.522
Romanian Government I 2.875 4/13/2042 EUR 56.336
Credit Bank of Moscow 7.500 10/5/2027 USD 18.858
Landesbank Baden-Wuer 0.327 5/7/2038 EUR 65.093
Aareal Bank AG 0.255 9/17/2029 EUR 72.453
Barclays Bank PLC 6.400 6/16/2031 MXN 69.770
Ville de Paris 0.831 2/23/2056 EUR 46.443
Wirtschafts- und Infr 0.421 3/17/2039 EUR 66.377
Credit Agricole SA 1.000 4/6/2035 EUR 71.065
Region de Bruxelles-C 1.500 6/22/2070 EUR 59.939
TBI Bank EAD 5.250 7/30/2031 EUR 49.967
Aareal Bank AG 1.741 1/12/2045 EUR 70.473
MMC Norilsk Nickel OJ 2.800 10/27/2026 USD 72.250
Deutsche Pfandbriefba 0.312 4/16/2029 EUR 72.503
Single Platform Inves 1.180 4/1/2039 EUR 67.802
Region de Bruxelles-C 1.813 1/22/2048 EUR 74.145
Ukraine Government In 12.520 5/13/2026 UAH 57.413
HSBC Bank PLC 0.500 6/23/2027 MXN 63.242
Credit Agricole SA 3.750 6/9/2040 AUD 66.470
Batigere Grand Est SA 2.030 5/29/2070 EUR 71.743
Luzerner Kantonalbank 0.250 8/28/2040 CHF 74.545
Depfa Funding II LP 6.500 EUR 57.625
NRW Bank 0.610 9/7/2040 EUR 67.520
MMC Norilsk Nickel OJ 2.550 9/11/2025 USD 69.111
Cooperatieve Rabobank 0.500 8/21/2028 MXN 54.822
Agence France Locale 0.210 12/20/2035 EUR 68.463
Kreditanstalt fuer Wi 1.027 10/26/2050 EUR 61.626
Stichting Afwikkeling 8.450 8/20/2018 USD 43.625
Luminis SA 1.800 9/2/2059 EUR 51.883
Agrokor dd Via Aquari 4.921 8/8/2017 EUR 14.625
Credit Suisse AG/Lond 3.500 3/28/2032 USD 70.885
Batigere Grand Est SA 1.600 11/14/2044 EUR 64.899
Deutsche Wohnen SE 1.700 12/5/2036 EUR 67.948
National Grid Electri 2.710 10/4/2034 AUD 72.867
State of Brandenburg 0.300 10/4/2049 EUR 53.150
Sovcombank Via SovCom 8.000 4/7/2030 USD 4.774
Vorosko Kereskedelmi 4.750 1/25/2032 HUF 65.000
Credit Suisse AG/Lond 17.250 2/21/2023 USD 69.000
Credit Suisse AG/Lond 7.000 12/17/2026 EUR 54.170
Landesbank Hessen-Thu 1.750 8/4/2036 EUR 66.550
BNP Paribas SA 1.259 10/2/2023 USD 24.040
Leonteq Securities AG 6.000 12/1/2023 CHF 63.240
Leonteq Securities AG 22.000 5/31/2023 CHF 60.800
Canary Wharf Group In 3.375 4/23/2028 GBP 67.660
Landesbank Hessen-Thu 0.550 8/19/2032 EUR 70.718
Assistance Publique H 1.099 4/6/2071 EUR 44.406
Landesbank Saar 0.540 11/18/2033 EUR 70.021
Autostrade per l'Ital 3.625 6/9/2038 EUR 74.089
Deutsche Apotheker-un 1.616 1/15/2038 EUR 73.735
Kingdom of Belgium Go 2.750 6/10/2071 USD 70.274
Credit Bank of Moscow 7.121 6/25/2024 USD 23.025
Greenleaves Capital D 2.610 9/25/2031 AUD 73.932
Region de Bruxelles-C 1.100 6/22/2066 EUR 54.308
Malta Government Bond 1.000 8/23/2035 EUR 71.170
Single Platform Inves 1.165 6/6/2046 EUR 62.045
Wirtschafts- und Infr 0.208 1/28/2043 EUR 57.399
Kreditanstalt fuer Wi 1.208 3/10/2051 EUR 72.036
National Treasury Man 1.560 2/16/2122 EUR 64.886
Kommunalkredit Austri 1.183 6/2/2031 EUR 72.807
Societe Generale SA 1.700 1/19/2031 USD 73.150
Single Platform Inves 1.080 5/17/2033 EUR 74.970
Communaute Francaise 1.040 7/19/2101 EUR 47.937
Single Platform Inves 0.656 9/20/2050 EUR 48.982
Very Group Funding Pl 6.500 8/1/2026 GBP 71.542
Department of Gironde 0.765 4/29/2036 EUR 72.930
Department of Gironde 0.846 4/29/2039 EUR 67.982
Pfandbriefbank schwei 0.375 1/24/2042 CHF 75.771
Muenchener Hypotheken 0.568 6/15/2032 EUR 75.094
Region Hauts-de-Franc 0.691 7/9/2042 EUR 60.837
Pescanova SA 5.125 4/20/2017 EUR 0.319
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
Agrokor dd 8.875 2/1/2020 USD 15.000
Region Wallonne Belgi 1.225 9/2/2120 EUR 41.657
Credit Suisse AG/Lond 5.100 6/8/2041 USD 64.987
Credit Suisse AG/Lond 3.220 2/8/2032 AUD 68.068
NTRP Via Interpipe Lt 10.250 8/2/2017 USD 26.500
Region de Bruxelles-C 1.065 6/22/2047 EUR 60.898
Single Platform Inves 1.850 11/5/2040 EUR 74.194
Bayerische Landesbank 1.320 9/16/2033 EUR 73.588
Nederlandse Waterscha 0.750 10/4/2041 EUR 67.509
Italy Buoni Poliennal 2.800 3/1/2067 EUR 71.312
NatWest Markets PLC 1.250 12/4/2034 EUR 68.835
Single Platform Inves 0.950 2/5/2033 EUR 75.377
Vasakronan AB 2.777 4/12/2039 SEK 74.555
KESZ Holding Business 4.100 11/17/2031 HUF 73.400
Societe Generale SA 11.000 11/22/2024 USD 34.180
Societe Generale SA 8.100 4/3/2023 USD 61.980
Zurcher Kantonalbank 20.000 1/18/2023 USD 69.650
Societe Generale SA 12.000 9/5/2024 USD 44.280
Vontobel Financial Pr 3.700 2/27/2023 EUR 77.080
Ebis OOO 13.000 8/11/2023 RUB 4.520
Region de Bruxelles-C 0.556 12/23/2064 EUR 38.456
Grand City Properties 2.800 2/25/2039 EUR 50.767
Societe Generale SA 2.000 2/26/2033 USD 72.236
Hungary Government In 0.125 9/21/2028 EUR 74.023
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 74.870
Region de Bruxelles-C 1.620 2/8/2044 EUR 72.833
Credit Agricole SA 3.270 10/5/2041 AUD 55.968
Barclays Bank PLC 1.750 9/29/2032 USD 63.817
Regie Autonome des Tr 0.938 5/25/2050 EUR 56.140
Agence Francaise de D 2.114 9/8/2034 AUD 72.209
Greenleaves Capital D 2.685 9/25/2031 AUD 74.776
Ukraine Government In 7.375 9/25/2034 USD 18.436
Novolipetsk Steel Via 4.000 9/21/2024 USD 63.228
National Grid Electri 1.151 2/20/2040 EUR 62.137
Grupo Isolux Corsan S 1.000 12/30/2021 EUR 0.157
Credit Suisse AG/Lond 2.000 5/17/2029 USD 70.602
Alfa Bank AO Via Alfa 5.500 10/26/2031 USD 3.726
Cimpress PLC 7.000 6/15/2026 USD 71.432
BNP Paribas SA 3.750 6/12/2040 AUD 72.448
Nykredit Realkredit A 1.182 1/17/2034 EUR 70.549
Ville de Paris 0.963 6/8/2050 EUR 55.667
Region de Bruxelles-C 0.844 12/22/2047 EUR 55.576
Virgolino de Oliveira 11.750 2/9/2022 USD 0.499
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Single Platform Inves 1.051 4/1/2042 EUR 63.075
MMC Norilsk Nickel OJ 6.625 10/14/2022 USD 72.779
DZ HYP AG 1.430 10/26/2046 EUR 72.018
State of Hesse 0.227 8/20/2049 EUR 53.959
Communaute Francaise 0.584 9/17/2039 EUR 61.276
Credit Suisse AG/Lond 17.250 3/14/2023 CHF 42.960
Landesbank Baden-Wuer 7.070 1/27/2023 EUR 31.160
Vontobel Financial Pr 6.000 3/24/2023 EUR 62.580
Societe Generale SA 0.973 4/13/2023 USD 63.550
Bank Vontobel AG 9.340 6/5/2023 EUR 34.000
Nordea Bank Abp 4.600 1/20/2029 SEK 66.500
Nordea Bank Abp 4.100 7/20/2023 SEK 50.670
MOL Hungarian Oil & G 2.000 9/24/2029 HUF 66.290
Takarek Mortgage Bank 3.750 4/14/2026 HUF 75.000
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 74.200
Pharmacy Chain 36.6 P 10.000 11/30/2029 RUB 60.350
BNP Paribas Issuance 7.200 12/17/2024 SEK 72.560
Societe Generale SA 17.000 1/17/2030 USD 48.300
Mifa Mitteldeutsche F 7.500 8/12/2018 EUR 2.150
Intelsat Jackson Hold 9.750 7/15/2025 USD 0.491
Single Platform Inves 0.780 2/15/2040 EUR 62.027
ING Groep NV 0.975 2/14/2034 EUR 66.327
NRW Bank 1.000 6/24/2051 EUR 65.150
Purple Protected Asse 2.100 4/15/2060 EUR 50.676
Wirtschafts- und Infr 0.500 12/1/2038 EUR 67.661
Credit Suisse AG/Lond 2.000 9/30/2030 USD 66.712
National Grid Electri 2.037 2/15/2039 EUR 75.256
Slovakia Government B 2.000 10/17/2047 EUR 74.650
Affinity Water Financ 0.230 11/22/2042 GBP 67.718
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 55.005
Muenchener Hypotheken 0.300 1/27/2031 EUR 74.854
DZ Bank AG Deutsche Z 0.210 2/4/2033 EUR 74.766
Jain International Tr 7.125 3/31/2026 USD 27.547
Region Auvergne-Rhone 1.150 4/8/2039 EUR 71.815
Polyus Finance PLC 3.250 10/14/2028 USD 59.756
Deutsche Bank AG 0.700 10/7/2031 EUR 70.295
Autonomous Community 1.515 6/21/2051 EUR 59.498
Region Auvergne-Rhone 0.543 9/28/2036 EUR 69.496
Erste Group Bank AG 1.065 5/17/2041 EUR 65.256
State of Rhineland-Pa 0.375 7/20/2048 EUR 55.765
Landesbank Hessen-Thu 0.600 4/9/2035 EUR 66.579
Kelag-Kaerntner Elekt 1.150 4/16/2041 EUR 65.523
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 69.361
Deutsche Telekom AG 3.500 4/15/2041 AUD 69.994
Caisse des Depots et 0.916 1/20/2051 EUR 58.784
Communaute Francaise 1.787 6/14/2044 EUR 73.107
BPCE SA 2.250 3/13/2040 AUD 48.405
Societe Generale SA 3.100 4/22/2036 AUD 65.090
United Kingdom Gilt 0.625 10/22/2050 GBP 45.404
Pfandbriefzentrale de 0.250 6/12/2040 CHF 75.431
Rikshem AB 1.910 11/16/2032 NOK 73.979
UkrLandFarming PLC 10.875 3/26/2018 USD 1.334
Kreditanstalt fuer Wi 1.087 1/21/2050 EUR 70.187
Nederlandse Waterscha 0.448 10/8/2040 EUR 64.845
Commerzbank AG 2.350 2/24/2042 EUR 72.659
Single Platform Inves 1.108 2/15/2041 EUR 65.058
NORD/LB Luxembourg SA 0.542 9/30/2037 EUR 67.775
BNG Bank NV 10.010 6/17/2025 TRY 57.380
Bayerische Landesbank 1.600 7/21/2036 EUR 71.897
Caisse Francaise de F 1.110 9/21/2046 EUR 72.632
Region de Bruxelles-C 0.808 1/31/2050 EUR 54.012
Banque Federative du 0.376 10/15/2031 EUR 73.910
Societe Du Grand Pari 1.923 5/25/2066 EUR 65.085
UniCredit Bank AG 13.000 7/28/2025 USD 70.730
Credit Suisse AG/Lond 11.500 1/16/2023 EUR 23.200
Bank Julius Baer & Co 9.300 1/9/2023 USD 47.200
SG Issuer SA 6.867 11/12/2031 EUR 79.260
COFIDUR SA 0.100 12/31/2024 EUR #N/A N/A
RUSAL Bratsk OJSC 0.010 4/7/2026 RUB 74.790
KVS OOO 11.000 12/8/2033 RUB 70.000
Duna Aszfalt Ut Es Me 2.990 10/17/2029 HUF 61.000
Landesbank Hessen-Thu 1.000 4/28/2036 EUR 68.562
Oberoesterreichische 0.763 12/15/2050 EUR 60.617
Single Platform Inves 0.428 2/15/2040 EUR 57.993
DekaBank Deutsche Gir 1.100 11/25/2030 EUR 71.370
Polyus Finance PLC 5.250 2/7/2023 USD 56.394
Societe Generale SA 2.700 3/25/2036 USD 65.151
Vasakronan AB 1.000 6/15/2041 EUR 40.406
Parnassia Groep BV 1.470 12/1/2045 EUR 61.001
Muenchener Hypotheken 1.172 10/30/2047 EUR 71.291
Landshypotek Bank AB 0.750 2/16/2033 SEK 74.684
Single Platform Inves 1.490 3/20/2051 EUR 62.755
Kreditanstalt fuer Wi 1.267 3/22/2051 EUR 72.875
Muenchener Hypotheken 1.000 5/7/2035 EUR 73.046
Landesbank Hessen-Thu 0.950 2/12/2035 EUR 70.213
Muenchener Hypotheken 0.550 2/18/2046 CHF 64.461
Banco Santander SA 0.010 10/1/2032 EUR 66.815
Hemso Fastighets AB 0.473 2/18/2030 EUR 68.764
Centre Hospitalier de 1.580 2/11/2061 EUR 73.074
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 50.617
Nomura Bank Internati 1.175 7/8/2033 EUR 70.809
Nationwide Building S 0.485 7/11/2044 CHF 73.077
DZ HYP AG 0.300 8/21/2035 EUR 69.393
Northland Resources A 4.000 10/15/2020 USD 0.271
Barclays Bank PLC 0.500 1/28/2033 MXN 25.604
Opportunity SA/LU 0.400 11/13/2030 EUR 72.610
Decipher Production L 12.500 9/27/2019 USD 1.500
NRW Bank 1.245 9/7/2060 EUR 65.093
Heta Asset Resolution 2.864 12/31/2023 EUR 0.023
Nederlandse Waterscha 0.260 11/10/2036 EUR 69.002
Minicentrales Dos SA 0.010 6/6/2047 EUR 66.811
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Berlin Hyp AG 0.055 10/16/2030 EUR 74.563
Muenchener Hypotheken 0.886 3/26/2043 EUR 66.869
Deutsche Bank AG 1.750 4/9/2035 EUR 68.849
Nederlandse Waterscha 0.230 10/22/2035 EUR 70.700
United Group BV 3.625 2/15/2028 EUR 73.600
Communaute Francaise 1.115 7/11/2039 EUR 68.033
Aareal Bank AG 1.068 2/18/2050 EUR 66.286
Caisse des Depots et 0.750 11/6/2048 EUR 58.984
Wirtschafts- und Infr 0.267 8/29/2044 EUR 55.008
Region Wallonne Belgi 1.135 10/10/2069 EUR 50.955
Hemso Fastighets AB 2.127 4/18/2039 EUR 57.086
Erste Group Bank AG 1.400 5/7/2034 EUR 76.722
UniCredit Bank AG 4.550 12/22/2025 EUR 70.600
Credit Suisse AG/Lond 13.300 11/29/2023 USD 51.550
Societe Generale SA 23.000 5/1/2023 USD 43.000
Credit Suisse AG/Lond 5.880 6/28/2023 USD 9.160
Landesbank Baden-Wuer 3.500 12/22/2023 EUR 70.900
MET Hungary Solar Par 3.800 12/2/2031 HUF 68.100
UBS AG/London 18.000 6/29/2023 USD 52.500
Credit Suisse AG/Lond 8.000 11/15/2023 USD 62.410
UniCredit Jelzalogban 3.500 10/27/2027 HUF 76.700
BNP Paribas SA 1.275 10/2/2023 USD 22.080
Landesbank Hessen-Thu 1.000 9/3/2035 EUR 66.650
Bank Julius Baer & Co 7.200 1/19/2023 CHF 65.750
Russian Railways JSC 12.980 10/15/2040 RUB 50.000
Meta Wolf AG 6.750 3/10/2005 DEM 0.112
State of Saxony-Anhal 2.272 7/3/2028 EUR 60.000
Bayerische Landesbank 1.100 1/26/2024 EUR 58.350
Hemso Fastighets AB 3.020 9/14/2048 SEK 68.751
Communaute Francaise 1.170 7/5/2049 EUR 60.247
French Republic Gover 0.500 6/25/2044 EUR 61.744
Landeskreditbank Bade 1.025 4/1/2061 EUR 61.277
French Republic Gover 1.500 5/25/2050 EUR 72.878
Landeskreditbank Bade 1.017 3/15/2061 EUR 60.431
Single Platform Inves 1.100 4/19/2039 JPY 72.572
Kreditanstalt fuer Wi 0.953 1/24/2042 EUR 72.609
Saechsische Aufbauban 0.300 2/18/2042 EUR 58.734
Kreditanstalt fuer Wi 1.270 6/29/2051 EUR 71.020
Nomura Bank Internati 1.150 10/6/2036 EUR 64.418
National Grid Electri 2.226 12/19/2039 GBP 63.926
Single Platform Inves 0.860 6/15/2039 EUR 63.844
Ville de Paris 0.750 11/30/2041 EUR 63.574
Landeskreditbank Bade 0.547 2/18/2041 EUR 64.012
Alfa Bank AO Via Alfa 5.900 USD 3.397
Muenchener Hypotheken 0.400 8/11/2031 EUR 74.036
Alliander NV 1.125 4/8/2035 EUR 74.144
Vasakronan AB 2.130 5/27/2041 SEK 68.608
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Spain Government Bond 0.850 7/30/2037 EUR 69.257
Commerzbank AG 2.565 5/15/2043 EUR 71.791
Kreditanstalt fuer Wi 1.143 4/15/2050 EUR 69.637
Getin Noble Bank SA 12.000 5/31/2024 PLN 36.654
Societe Nationale SNC 2.457 12/23/2050 USD 67.560
Republic of Ireland I 1.100 11/12/2096 EUR 50.531
DZ Bank AG Deutsche Z 0.800 1/21/2041 EUR 67.069
Credit Industriel Et 0.900 2/4/2041 EUR 61.334
Deutsche Pfandbriefba 2.000 7/9/2032 EUR 71.972
DZ Bank AG Deutsche Z 1.470 1/20/2042 EUR 69.110
BNP Paribas SA 0.500 11/16/2032 MXN 33.838
Tonon Luxembourg SA 12.500 5/14/2024 USD 2.680
Barclays Bank PLC 2.000 6/12/2029 TRY 20.571
Department of Bouches 0.450 10/15/2041 EUR 58.648
Ferrovie Luganesi SA 0.280 12/31/2044 CHF 68.650
UniCredit Bank AG 0.310 10/15/2035 EUR 69.760
Pfandbriefzentrale de 0.050 10/6/2043 CHF 68.726
Harp Issuer PLC 1.400 2/14/2032 USD 69.217
Getin Noble Bank SA 12.300 8/31/2023 PLN 45.696
Credit Suisse AG/Nass 3.750 10/20/2036 USD 67.389
Getin Noble Bank SA 12.800 11/9/2023 PLN 34.709
Credit Agricole Corpo 9.450 3/8/2027 TRY 49.035
Municipality of Arnhe 0.605 2/24/2040 EUR 68.134
Landesbank Hessen-Thu 0.450 9/5/2031 EUR 74.381
Deutsche Pfandbriefba 0.857 9/18/2037 EUR 50.406
State of Hesse 0.100 10/1/2037 EUR 64.463
Erste Group Bank AG 1.230 5/29/2033 EUR 75.044
KESZ Holding Business 2.800 6/17/2031 HUF 68.070
Raiffeisen Schweiz Ge 14.200 2/14/2023 CHF 55.290
Vontobel Financial Pr 3.900 1/19/2023 EUR 65.470
Kalita OOO 15.000 9/12/2023 RUB 2.920
Basler Kantonalbank 16.000 10/5/2023 CHF 50.710
Societe Generale SA 9.000 6/15/2023 USD 34.700
EFG International Fin 6.370 3/6/2023 USD 53.840
Wellis Magyarorszag K 3.000 2/26/2031 HUF 67.281
Landesbank Hessen-Thu 0.800 11/26/2035 EUR 65.100
Landesbank Hessen-Thu 1.000 10/1/2035 EUR 67.300
Landesbank Hessen-Thu 9.620 9/21/2033 EUR 73.700
OR PJSC 11.500 7/28/2024 RUB 4.930
Landeskreditbank Bade 0.170 12/10/2035 EUR 70.514
AB Financial Products 1.605 7/30/2040 EUR 58.214
Landesbank Hessen-Thu 0.250 1/13/2031 EUR 75.199
Societe Generale SA 1.100 2/20/2034 EUR 69.528
Lloyds Bank PLC 2.520 9/4/2038 SEK 72.137
Single Platform Inves 1.050 3/17/2039 EUR 66.001
Grupo Isolux Corsan S 6.000 12/30/2021 USD 0.253
NRW Bank 1.070 3/10/2051 EUR 66.280
Landesbank Baden-Wuer 0.900 5/28/2035 EUR 66.143
Department of Bouches 0.561 9/15/2035 EUR 72.147
Hungary Government In 1.625 4/28/2032 EUR 71.947
Kreditanstalt fuer Wi 0.650 2/24/2041 EUR 68.763
Ville de Paris 1.165 6/9/2053 EUR 56.198
Region de Bruxelles-C 1.810 3/22/2053 EUR 70.893
United Kingdom Gilt 0.500 10/22/2061 GBP 36.089
Single Platform Inves 1.510 2/13/2043 EUR 68.355
Credit Suisse AG/Lond 2.000 1/24/2029 USD 73.309
Parnassia Groep BV 1.470 12/3/2046 EUR 60.590
Single Platform Inves 0.930 7/2/2041 EUR 62.791
Single Platform Inves 1.000 7/15/2036 EUR 69.491
Kommunekredit 1.375 5/18/2046 SEK 69.015
Caisse des Depots et 1.438 5/24/2051 EUR 69.911
Communaute Francaise 0.782 2/8/2061 EUR 44.264
Nederlandse Waterscha 1.551 11/24/2061 EUR 72.833
Malta Government Bond 1.200 5/13/2037 EUR 70.280
Hemso Fastighets AB 1.800 5/5/2032 EUR 68.678
Muenchener Hypotheken 0.805 4/16/2036 EUR 65.790
Credit Agricole Corpo 2.400 5/17/2048 EUR 56.245
Landesbank Hessen-Thu 0.500 12/3/2031 EUR 73.102
Landesbank Hessen-Thu 1.150 11/24/2036 EUR 69.649
Polyus Finance PLC 4.700 1/29/2024 USD 59.674
Saastopankkien Keskus 0.860 1/18/2036 EUR 69.107
Single Platform Inves 0.830 9/6/2041 EUR 60.895
ING Bank NV 0.182 4/21/2033 EUR 75.118
Portugal Telecom Inte 5.242 11/6/2017 EUR 0.694
Saastopankkien Keskus 0.975 8/18/2034 EUR 72.778
United Utilities Wate 1.474 8/24/2031 USD 71.801
Republic of Austria G 0.100 7/10/2040 EUR 61.209
Batigere Grand Est SA 1.550 8/12/2041 EUR 66.814
Opportunity SA/LU 0.400 11/13/2030 EUR 72.610
Grand Delta Habitat 1.500 9/1/2047 EUR 57.636
Norske Skogindustrier 7.125 10/15/2033 USD 0.010
Nederlandse Waterscha 0.964 6/11/2059 EUR 61.541
Norske Skog Holding A 8.000 2/24/2023 USD 0.006
Steilmann SE 7.000 3/9/2017 EUR 1.429
MFB Magyar Fejlesztes 1.900 4/22/2026 HUF 76.882
Lehman Brothers Treas 4.810 10/5/2035 EUR 0.100
Orient Express Bank P 2.000 USD 19.301
Norske Skogindustrier 7.000 12/30/2026 EUR 0.010
State of Saarland 1.108 5/18/2046 EUR 72.505
SAir Group 6.250 4/12/2005 CHF 12.262
State of Lower Austri 0.585 10/11/2049 EUR 53.889
Batigere Grand Est SA 1.485 10/25/2039 EUR 67.905
Batigere Grand Est SA 1.550 11/14/2039 EUR 68.611
HSBC Bank PLC 10.300 12/10/2024 TRY 65.467
ABN AMRO Bank NV 0.450 12/12/2036 EUR 70.223
Muenchener Hypotheken 0.510 1/10/2035 EUR 73.303
Baromfi-Coop Termelo 3.000 7/19/2031 HUF 60.700
Futureal Development 3.500 11/16/2036 HUF 47.000
BNP Paribas Emissions 5.100 2/21/2023 USD 72.910
OR PJSC 16.000 11/26/2025 RUB 21.150
Landesbank Hessen-Thu 2.400 6/9/2036 EUR 63.300
Raiffeisen Schweiz Ge 10.000 1/16/2023 CHF 55.440
Landesbank Hessen-Thu 1.500 12/10/2036 EUR 67.450
Raiffeisen Bank Inter 7.500 9/1/2023 EUR 38.950
Raiffeisen Switzerlan 7.050 5/23/2023 CHF 50.130
Credit Suisse AG/Lond 9.000 2/14/2023 USD 70.460
Reneszansz Kofarago z 3.200 4/9/2031 HUF 73.000
VTB Bank PJSC 3.750 EUR 30.000
Nestle Hungaria Kft 1.750 5/31/2028 HUF 59.000
DVM Construction Fova 3.000 7/29/2030 HUF 57.300
Danske Bank A/S 5.000 1/9/2025 SEK 72.750
Cordia International 3.000 7/27/2030 HUF 57.000
Landesbank Baden-Wuer 4.810 2/20/2034 EUR 72.360
Landesbank Baden-Wuer 4.810 1/30/2034 EUR 75.910
Golfino AG 8.000 11/18/2023 EUR 0.010
SALVATOR Vermoegensve 9.500 EUR 7.900
Pannonia Bio Ltd 2.400 9/18/2029 HUF 65.650
Landesbank Hessen-Thu 1.000 11/29/2034 EUR 68.500
Agence France Locale 0.330 12/20/2040 EUR 61.189
Landesbank Baden-Wuer 0.905 4/1/2041 EUR 58.923
Kreditanstalt fuer Wi 1.171 7/19/2051 EUR 69.145
Department of Bouches 0.530 7/30/2035 EUR 72.119
Norddeutsche Landesba 0.350 12/11/2030 EUR 72.510
Raiffeisenlandesbank 1.174 7/11/2034 EUR 74.114
UBS Group AG 2.300 12/3/2035 AUD 65.842
Goldman Sachs Interna 2.200 3/29/2048 EUR 71.453
Prosus NV 1.985 7/13/2033 EUR 68.986
Thames Water Utilitie 2.442 5/12/2050 GBP 52.773
Muenchener Hypotheken 1.000 6/30/2037 EUR 65.778
Ukraine Government In 15.970 4/19/2023 UAH 58.352
BPCE SA 2.160 10/6/2031 USD 73.206
Vasakronan AB 0.950 3/22/2039 JPY 70.688
Rikshem AB 3.250 5/31/2041 AUD 64.070
Societe Du Grand Pari 2.100 2/14/2069 EUR 69.384
Berlin Hyp AG 1.057 2/21/2059 EUR 63.961
BNP Paribas SA 0.857 2/22/2036 EUR 66.367
Deutsche Pfandbriefba 4.120 11/3/2031 EUR 68.335
Region Provence-Alpes 1.547 11/29/2038 EUR 75.300
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Communaute Francaise 1.380 11/7/2046 EUR 65.692
Landesbank Baden-Wuer 0.250 5/27/2037 EUR 65.722
Lloyds Bank PLC 2.560 9/4/2038 SEK 72.972
Libra Internet Bank S 4.250 9/28/2028 EUR 74.394
NIBC Bank NV 0.410 1/27/2031 EUR 67.438
Muenchener Hypotheken 0.170 9/24/2031 EUR 73.973
Single Platform Inves 1.120 7/25/2045 JPY 63.506
Romanian Government I 3.500 4/3/2034 EUR 73.713
Kreditanstalt fuer Wi 0.890 3/10/2041 EUR 70.797
National Grid Electri 2.920 9/30/2044 AUD 65.807
Centre Hospitalier Re 0.800 6/28/2041 EUR 63.853
Region Provence-Alpes 0.569 10/1/2038 EUR 65.670
Societe Generale SA 1.290 12/19/2034 EUR 71.950
Agence Francaise de D 2.330 2/10/2041 AUD 65.474
Aktia Bank Oyj 1.050 9/9/2041 EUR 65.218
State of North Rhine- 0.200 7/17/2034 EUR 73.601
Lloyds Bank PLC 2.450 7/20/2048 EUR 75.321
Societe Du Grand Pari 1.149 4/8/2069 EUR 52.118
Single Platform Inves 1.715 2/15/2041 EUR 74.705
Societe Generale SA 2.970 4/15/2036 USD 67.395
Department of Loiret 0.915 11/23/2043 EUR 62.231
Single Platform Inves 3.770 3/3/2046 AUD 71.339
Bausparkasse Wuestenr 0.485 6/25/2040 EUR 63.791
UniCredit SpA 1.050 1/23/2031 EUR 75.323
Collectivite Europeen 0.200 11/5/2035 EUR 68.111
Assistance Publique H 0.647 7/17/2040 EUR 66.970
AB Booster Capital Lt 2.000 3/8/2032 USD 69.059
Lloyds Bank PLC 0.500 7/26/2028 MXN 57.664
Province of Brescia I 3.308 12/22/2036 EUR 74.620
Single Platform Inves 1.117 5/25/2066 EUR 51.581
SNCF Reseau 1.475 3/30/2065 EUR 55.826
ABN AMRO Bank NV 1.425 4/17/2045 EUR 72.236
Caisse des Depots et 1.460 1/24/2052 EUR 68.089
DZ Bank AG Deutsche Z 0.500 10/21/2032 EUR 74.264
Credit Suisse AG/Lond 1.520 12/20/2030 EUR 72.840
Banca Popolare di Vic 9.500 10/2/2025 EUR 0.313
SCF Capital Designate 5.375 6/16/2023 USD 20.001
BPCE SA 0.500 10/21/2034 EUR 72.620
Credit Agricole Corpo 0.650 11/5/2034 EUR 66.742
Deutsche Pfandbriefba 0.903 11/19/2029 EUR 72.903
National Grid Electri 3.120 12/10/2039 AUD 70.132
Assa Abloy AB 0.650 8/28/2034 EUR 72.882
Vilogia SA d'HLM 1.500 8/7/2034 EUR 71.936
Muenchener Hypotheken 0.300 9/6/2032 EUR 72.015
Land Baden-Wuerttembe 1.150 4/5/2049 EUR 74.587
OTP Munkavallalok Ii 4.500 7/14/2031 HUF 70.010
OR PJSC 16.000 11/22/2025 RUB 21.740
DZ Bank AG Deutsche Z 15.500 2/22/2023 EUR 25.240
Landesbank Baden-Wuer 7.000 4/28/2023 EUR 71.020
Societe Generale SA 20.000 4/3/2025 USD 14.100
Credit Suisse AG/Lond 4.450 6/28/2023 USD 8.970
DekaBank Deutsche Gir 3.970 2/9/2023 EUR 44.540
DekaBank Deutsche Gir 5.970 2/9/2023 EUR 44.670
DZ Bank AG Deutsche Z 4.050 6/23/2023 EUR 56.580
Magyar Telekom Teleco 1.450 11/26/2027 HUF 68.750
UniCredit Bank AG 3.500 2/13/2023 EUR 44.710
Landesbank Hessen-Thu 1.100 12/27/2034 EUR 68.500
Pongs & Zahn AG 8.500 EUR 0.003
SunDell Estate Nyrt 3.250 11/12/2030 HUF 68.000
Kardan NV 6.325 2/21/2021 ILS 4.000
BNG Bank NV 0.630 7/11/2067 EUR 47.696
Department of Bouches 0.671 5/5/2042 EUR 60.819
Assistance Publique H 1.053 5/25/2052 EUR 55.576
Serbia International 2.125 12/1/2030 USD 72.404
Communaute Francaise 1.520 7/22/2069 EUR 61.336
Frankfurter Volksbank 0.100 7/15/2031 EUR 73.077
Ukraine Government In 15.840 2/26/2025 UAH 52.868
Bayerische Landesbank 1.850 3/5/2031 EUR 72.266
Wirtschafts- und Infr 0.450 12/1/2038 EUR 68.062
Landesbank Hessen-Thu 1.000 1/13/2037 EUR 68.114
Single Platform Inves 0.800 4/7/2042 EUR 59.640
Akademiska Hus AB 0.850 2/17/2033 SEK 73.087
Single Platform Inves 1.850 2/15/2041 NOK 74.036
Pro-Gest SpA 3.250 12/15/2024 EUR 62.325
Bayerische Landesbank 3.850 11/18/2036 EUR 74.981
DNB Boligkreditt AS 1.480 12/22/2042 EUR 74.203
Kingdom of Belgium Go 0.675 7/7/2080 EUR 38.118
Single Platform Inves 1.060 4/1/2042 EUR 64.281
Santander Internation 1.365 1/28/2061 EUR 55.360
Kommunalkredit Austri 1.055 10/6/2031 EUR 71.623
Region Provence-Alpes 0.623 10/15/2035 EUR 72.060
BNP Paribas SA 1.000 1/23/2040 MXN 19.080
Hungary Government Bo 3.000 4/25/2041 HUF 55.659
Single Platform Inves 1.920 11/5/2040 EUR 75.495
Raiffeisen-Landesbank 0.550 1/20/2031 EUR 75.618
Kreditanstalt fuer Wi 0.990 2/12/2051 EUR 66.612
Sibur Securities DAC 4.125 10/5/2023 USD 62.201
Department of L'Eure 0.643 8/31/2041 EUR 61.465
Bank fuer Kirche und 0.660 3/17/2036 EUR 68.478
Portugal Obrigacoes d 1.000 4/12/2052 EUR 53.485
Single Platform Inves 0.780 3/5/2039 EUR 63.237
Kreditanstalt fuer Wi 0.820 4/15/2050 EUR 67.672
Caisse des Depots et 0.945 5/19/2051 EUR 60.826
Communaute Francaise 0.392 1/22/2041 EUR 57.554
BNP Paribas SA 0.500 9/29/2029 AUD 69.057
Norske Skog Holding A 8.000 2/24/2021 EUR 0.006
Uliving@Essex2 Issuer 0.100 8/31/2063 GBP 66.646
DekaBank Deutsche Gir 0.230 4/22/2031 EUR 75.279
Landesbank Hessen-Thu 0.400 1/21/2031 EUR 76.140
Ville de Paris 0.921 5/26/2053 EUR 52.154
Muenchener Hypotheken 0.620 7/22/2033 EUR 69.867
Muenchener Hypotheken 1.300 5/7/2061 EUR 64.547
Bayerische Landesbank 0.400 7/15/2031 EUR 73.582
Nederlandse Waterscha 1.370 3/23/2065 EUR 62.629
Regie Autonome des Tr 0.953 5/24/2052 EUR 60.247
Credito Padano Banca 3.100 EUR 34.522
Region Bretagne SCI 0.815 6/12/2040 EUR 67.262
Saastopankkien Keskus 1.445 6/23/2035 EUR 75.416
Turkey Government Int 6.000 1/14/2041 USD 72.845
Privatbank CJSC Via U 10.875 2/28/2018 USD 4.681
State of Brandenburg 0.050 8/10/2040 EUR 60.349
DZ Bank AG Deutsche Z 0.350 2/28/2035 EUR 71.653
Vasakronan AB 2.084 8/26/2030 AUD 73.543
Communaute Francaise 1.581 1/23/2120 EUR 53.416
DZ Bank AG Deutsche Z 1.000 2/18/2032 EUR 66.424
Lehman Brothers Treas 11.750 3/1/2010 EUR 0.100
Espirito Santo Financ 5.050 11/15/2025 EUR 0.622
Kommunekredit 0.100 9/30/2033 DKK 73.799
Santander Internation 1.700 12/12/2049 EUR 40.612
Ukraine Government In 16.000 5/24/2023 UAH 58.625
State of Hesse 0.450 9/23/2044 EUR 60.727
Ukraine Government In 10.000 8/23/2023 UAH 58.970
Hunland Feed Kft 2.880 7/21/2031 HUF 66.230
UBS AG/London 8.250 11/19/2026 EUR 76.160
Credit Suisse AG/Lond 8.000 11/20/2023 USD 50.950
OR PJSC 11.000 12/29/2024 RUB 4.740
Credit Suisse AG/Lond 8.500 3/24/2023 USD 50.130
Duna House Holding Ny 4.500 1/12/2032 HUF 76.250
Credit Suisse AG/Lond 8.000 11/10/2023 USD 44.890
EFG International Fin 18.000 2/9/2023 EUR 44.740
UBS AG/London 11.760 2/1/2023 USD 9.546
VTB Bank PJSC 13.000 RUB 37.210
Credit Suisse AG/Lond 9.000 12/26/2023 USD 57.410
Landesbank Baden-Wuer 4.050 3/24/2023 EUR 19.920
Crown Holding Kft 5.500 2/23/2032 HUF 79.650
OR PJSC 12.600 9/28/2025 RUB 5.700
DZ Bank AG Deutsche Z 0.880 12/30/2030 EUR 69.730
GTC Magyarorszag Zrt 2.250 12/7/2030 HUF 65.210
Daniella Kereskedelmi 3.000 7/30/2030 HUF 66.030
VTB Bank PJSC 5.000 USD 35.100
Raiffeisen Switzerlan 3.000 11/28/2023 USD 69.000
Societe Generale SA 0.705 11/12/2035 EUR 64.580
DZ Bank AG Deutsche Z 0.390 12/30/2030 EUR 74.140
Landesbank Baden-Wuer 1.250 6/26/2039 EUR 66.270
County of Bihor Roman 2.320 12/15/2027 RON 60.000
OR PJSC 12.000 11/14/2024 RUB 5.520
Duna House Holding Ny 3.000 9/2/2030 HUF 72.970
Bayerische Landesbank 2.150 1/27/2023 EUR 46.850
Caisse des Depots et 2.766 8/9/2049 USD 69.691
Barclays Bank PLC 3.130 4/9/2051 USD 74.762
CNH Industrial Financ 2.200 7/15/2039 EUR 74.869
Raiffeisen-Landesbank 1.380 7/24/2059 EUR 68.694
Slovenska Sporitelna 4.820 EUR 66.576
Single Platform Inves 0.901 2/15/2041 EUR 63.611
Bayerische Landesbode 0.700 6/12/2037 EUR 72.506
Morgan Stanley & Co I 1.105 6/18/2041 EUR 59.966
Raiffeisenlandesbank 0.658 9/29/2031 EUR 75.333
Goldman Sachs Interna 2.520 3/3/2036 USD 70.958
Premium Green PLC 1.050 9/15/2035 EUR 70.033
Caisse des Depots et 1.617 3/18/2049 EUR 74.149
Credit Mutuel Arkea S 1.555 5/14/2035 EUR 73.818
Region de Bruxelles-C 1.020 4/30/2060 EUR 51.689
Region Wallonne Belgi 1.250 4/30/2055 EUR 55.085
Kuntarahoitus Oyj 1.449 3/1/2061 EUR 73.389
Deutsche Bank AG 2.010 12/10/2052 EUR 62.792
Banque Internationale 1.000 2/18/2036 EUR 68.369
SAir Group 2.750 7/30/2004 CHF 12.250
Slovenia Government B 1.750 11/3/2040 EUR 72.960
Region Auvergne-Rhone 0.650 5/18/2038 EUR 67.350
Single Platform Inves 1.680 10/22/2036 EUR 75.700
Caisse des Depots et 0.323 6/4/2035 EUR 70.319
Region Auvergne-Rhone 0.800 5/22/2040 EUR 65.055
Caisse Francaise de F 1.093 10/14/2051 EUR 66.663
Societe Generale SA 2.300 4/20/2048 EUR 74.177
Batigere Grand Est SA 1.345 4/18/2032 EUR 75.286
Cooperatieve Rabobank 1.099 6/28/2051 EUR 66.382
Oberoesterreichische 0.315 9/14/2035 EUR 69.673
Landesbank Baden-Wuer 0.290 8/6/2031 EUR 72.838
Muenchener Hypotheken 0.105 2/17/2031 EUR 74.730
United Utilities Wate 0.359 10/5/2048 GBP 59.861
State of North Rhine- 0.950 1/10/2121 EUR 43.581
Agence Francaise de D 0.368 1/12/2046 EUR 55.304
Region Auvergne-Rhone 0.645 4/9/2040 EUR 63.806
Societe Generale SA 2.050 2/18/2031 AUD 68.986
Nederlandse Waterscha 0.955 2/13/2051 EUR 62.307
Societe Generale SA 2.050 2/18/2031 AUD 68.922
State of Hesse 0.375 4/9/2040 EUR 62.587
Single Platform Inves 1.600 2/15/2041 EUR 71.529
Republic of Austria G 0.700 4/20/2071 EUR 49.206
Region of Centre-Val 0.924 11/2/2043 EUR 62.432
Kingdom of Belgium Go 0.400 6/22/2040 EUR 63.698
Municipality of Leval 0.750 11/17/2036 EUR 71.125
Assistance Publique H 2.000 5/25/2053 EUR 72.288
Nykredit Realkredit A 1.000 10/1/2053 DKK 73.677
Region of Pays de la 1.704 10/23/2040 EUR 74.739
Region de Bruxelles-C 0.500 6/22/2040 EUR 61.828
Societe Nationale SNC 2.910 1/27/2051 AUD 67.954
Hemso Fastighets AB 2.418 11/30/2038 EUR 60.489
Bayerische Landesbank 0.430 4/8/2033 EUR 67.641
Societe Generale SA 1.900 1/15/2031 AUD 68.345
Societe Nationale SNC 2.931 1/14/2051 AUD 68.625
Landesbank Saar 0.130 8/24/2033 EUR 73.965
Credit Suisse AG/Lond 2.800 5/27/2031 AUD 74.712
Hemso Fastighets AB 2.615 11/30/2043 EUR 58.677
DZ Bank AG Deutsche Z 0.330 8/18/2033 EUR 74.869
Landesbank Hessen-Thu 1.050 11/17/2060 EUR 61.186
Canton of Zurich 0.100 6/23/2045 CHF 70.664
Espirito Santo Financ 3.679 10/27/2024 EUR 1.443
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.954
Ville de Paris 0.758 8/20/2060 EUR 43.784
Berlin Hyp AG 0.440 10/29/2035 EUR 62.340
Landesbank Hessen-Thu 1.000 8/27/2035 EUR 69.547
Credit Suisse AG/Lond 2.850 6/16/2036 EUR 71.501
Bayerische Landesbode 0.030 10/22/2035 EUR 68.974
Single Platform Inves 1.220 4/1/2039 EUR 68.207
Nykredit Realkredit A 0.500 10/1/2053 DKK 68.285
Europejskie Centrum O 13.200 4/14/2023 PLN 49.798
KPNQwest NV 8.875 2/1/2008 EUR 0.774
Peine GmbH 2.000 7/5/2023 EUR 44.500
Banque Federative du 0.125 11/6/2030 EUR 74.885
Northland Resources A 15.000 7/15/2019 USD 2.621
Northland Resources A 15.000 7/15/2019 USD 2.621
Single Platform Inves 1.200 11/1/2040 EUR 65.935
State of Rhineland-Pa 0.100 10/1/2040 EUR 61.522
Aktia Bank Oyj 0.990 1/15/2035 EUR 72.355
Single Platform Inves 1.163 5/25/2066 EUR 52.969
Province of Brescia I 1.212 6/30/2036 EUR 72.345
Lehman Brothers Treas 2.875 3/14/2013 CHF 0.100
Single Platform Inves 1.085 6/20/2050 EUR 57.007
Wirtschafts- und Infr 0.650 2/8/2039 EUR 70.468
Caisse des Depots et 1.150 2/3/2042 EUR 69.542
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
DZ HYP AG 1.300 7/18/2041 EUR 74.269
Bayerische Landesbank 3.500 7/28/2036 EUR 72.512
State of North Rhine- 1.491 8/23/2066 EUR 67.558
Deutsche Pfandbriefba 3.100 9/7/2046 USD 69.922
Batigere Grand Est SA 1.540 11/4/2041 EUR 66.455
Aargau Verkehr AG 0.270 11/29/2049 CHF 70.439
Single Platform Inves 1.870 11/21/2044 EUR 70.510
Specialfastigheter Sv 1.180 12/2/2044 SEK 59.480
Single Platform Inves 0.887 9/20/2039 EUR 64.305
Region de Bruxelles-C 0.658 1/7/2041 EUR 61.049
Deutsche Telekom AG 3.500 9/6/2039 AUD 71.231
Credit Mutuel Arkea S 1.165 9/23/2039 EUR 64.091
SFO Social Developmen 10.210 1/8/2027 RUB 60.050
MOL Nyrt Kueloenleges 4.950 1/26/2032 HUF 71.740
Erste Group Bank AG 4.500 8/31/2025 EUR 72.850
ENSI Kft 4.750 1/25/2032 HUF 68.350
Metal Hungaria Holdin 3.500 11/16/2031 HUF 65.000
Vontobel Financial Pr 3.500 1/19/2023 EUR 67.140
Vontobel Financial Pr 10.000 3/24/2023 EUR 45.330
Biggeorge Property Ny 5.100 2/18/2032 HUF 75.900
Credit Suisse AG/Lond 9.500 1/12/2023 USD 52.040
UBS AG/London 12.000 3/22/2023 CHF 8.610
DekaBank Deutsche Gir 7.050 4/28/2023 EUR 65.260
UniCredit Bank AG 6.600 7/20/2028 EUR 17.800
Credit Suisse AG/Lond 16.300 12/26/2023 USD 53.020
Pannon Work Szemelyze 3.000 10/30/2030 HUF 64.150
UBS AG/London 18.500 10/26/2023 USD 60.250
UniCredit Bank AG 4.550 9/28/2023 EUR 52.720
Danske Bank A/S 5.300 7/15/2023 SEK 40.180
Skandinaviska Enskild 5.050 1/15/2025 SEK 72.000
MARSO Ltd 2.300 12/17/2029 HUF 68.230
Credit Suisse AG/Lond 20.000 11/29/2024 USD 11.150
Alteo Nyrt 3.150 10/28/2029 HUF 56.400
MOL Hungarian Oil & G 1.100 9/22/2030 HUF 47.000
National Grid Electri 0.010 3/26/2036 GBP 72.575
Vasakronan AB 2.400 6/20/2044 SEK 66.740
LR Realkredit AS 1.000 10/1/2050 DKK 69.223
Credit Suisse AG/Lond 0.900 12/20/2031 EUR 66.144
Purple Protected Asse 2.060 3/30/2061 EUR 60.384
Nederlandse Waterscha 1.577 12/9/2039 GBP 67.217
Greenleaves Capital D 2.665 9/25/2031 AUD 74.293
Greenleaves Capital D 2.626 6/24/2031 AUD 75.030
Region Bretagne SCI 0.544 12/7/2036 EUR 69.225
Barclays Bank PLC 2.000 12/21/2029 USD 73.756
SAir Group 5.500 7/23/2003 CHF 12.263
SAir Group 6.250 10/27/2002 CHF 12.263
Republic of Ireland I 1.230 6/1/2120 EUR 52.856
Grand Delta Habitat 1.500 6/2/2045 EUR 64.131
Commerzbank AG 1.200 2/25/2036 EUR 65.425
Santander Internation 1.150 4/8/2041 EUR 64.222
Erste Group Bank AG 1.010 10/7/2041 EUR 64.465
BCP V Modular Service 6.750 11/30/2029 EUR 73.792
Kreditanstalt fuer Wi 1.075 12/20/2049 EUR 69.647
ING Bank NV 2.220 1/20/2036 USD 72.041
HSE Finance Sarl 7.512 10/15/2026 EUR 56.827
Caisse des Depots et 1.018 2/16/2051 EUR 62.337
Landesbank Baden-Wuer 0.395 1/29/2031 EUR 75.141
Region de Bruxelles-C 1.100 5/25/2051 EUR 59.559
Department of Bouches 1.068 5/21/2048 EUR 59.641
Natixis SA 2.710 5/26/2036 USD 74.464
Single Platform Inves 1.800 7/25/2053 EUR 70.899
Landesbank Hessen-Thu 1.650 5/27/2030 EUR 7.033
Grand Delta Habitat 1.750 10/28/2061 EUR 71.900
Single Platform Inves 1.250 8/15/2051 EUR 60.682
Santander Consumer Ba 8.100 NOK 56.752
Aareal Bank AG 0.300 12/11/2030 EUR 67.464
Republic of Ireland I 2.000 6/29/2063 EUR 74.377
Denmark Government Bo 0.250 11/15/2052 DKK 58.354
Single Platform Inves 1.080 5/25/2066 EUR 50.301
Credit Agricole Corpo 1.300 2/2/2061 EUR 51.702
ING Bank NV 0.335 4/21/2036 EUR 69.280
Hungary Government Bo 4.000 4/28/2051 HUF 58.686
Republic of Ireland I 2.000 6/29/2064 EUR 73.058
Bayerische Landesbank 0.490 4/9/2035 EUR 63.267
Pescanova SA 6.750 3/5/2015 EUR 0.319
City of Lausanne Swit 0.600 7/6/2050 CHF 70.402
Ministeries Van de Vl 1.053 6/3/2050 EUR 56.729
French Republic Gover 0.500 5/25/2040 EUR 66.438
Uliving@Essex Issuerc 0.100 8/31/2058 GBP 70.929
Rikshem AB 2.327 3/1/2033 EUR 76.488
Kuntarahoitus Oyj 0.858 2/22/2051 EUR 68.552
Single Platform Inves 0.835 10/14/2061 EUR 48.344
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Region Wallonne Belgi 1.222 6/24/2080 EUR 49.904
Ville de Paris 0.760 5/25/2066 EUR 40.785
Kreditanstalt fuer Wi 0.620 1/14/2050 EUR 55.661
Agrokor dd 9.875 5/1/2019 EUR 15.000
Heta Asset Resolution 2.522 12/31/2023 EUR 0.027
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 66.000
Deutsche Pfandbriefba 0.613 9/30/2032 EUR 61.049
Aktia Bank Oyj 0.635 10/16/2035 EUR 67.605
Kreditanstalt fuer Wi 1.000 10/20/2050 EUR 67.160
Nederlandse Waterscha 1.080 10/26/2050 EUR 64.685
Landesbank Hessen-Thu 0.750 10/21/2033 EUR 71.386
Hypo Tirol Bank AG 1.010 1/20/2040 EUR 71.186
Deutsche Bank AG 2.267 8/25/2034 EUR 74.252
Region Wallonne Belgi 1.305 9/29/2041 EUR 69.686
Credit Mutuel Arkea S 0.730 10/14/2036 EUR 63.647
Nederlandse Waterscha 1.200 11/26/2049 EUR 69.168
Nomura Bank Internati 1.138 12/19/2039 EUR 56.495
NRW Bank 0.473 6/23/2049 EUR 61.440
Specialfastigheter Sv 1.280 9/20/2049 SEK 56.285
Communaute Francaise 1.725 4/23/2049 EUR 73.361
Leonteq Securities AG 8.000 11/22/2023 CHF 64.220
ENVIEN Magyarorszag K 2.500 5/18/2031 HUF 66.920
SG Issuer SA 2.270 2/4/2032 EUR 56.540
BNP Paribas Issuance 7.980 1/20/2025 SEK 67.110
Leonteq Securities AG 16.420 1/20/2023 USD 33.400
Societe Generale SA 9.200 5/22/2025 USD 63.560
EFG International Fin 10.600 6/1/2023 USD 64.360
Credit Suisse AG/Lond 8.000 2/24/2023 USD 53.070
Vontobel Financial Pr 12.000 6/23/2023 EUR 70.020
VTB Bank PJSC 0.010 11/25/2026 RUB 65.000
Leonteq Securities AG 8.000 3/11/2024 CHF 52.990
Credit Suisse AG/Lond 8.000 6/28/2023 USD 9.620
Societe Generale SA 14.400 12/14/2023 USD 27.500
Ebis OOO 14.500 11/25/2025 RUB 3.320
Leonteq Securities AG 9.000 5/8/2023 CHF 61.790
UniCredit Bank AG 4.400 3/16/2026 EUR 61.510
Sberbank of Russia PJ 0.010 1/22/2027 RUB 71.200
Leonteq Securities AG 24.600 1/20/2023 CHF 33.250
EFG International Fin 9.350 1/12/2023 CHF 47.670
Danske Bank A/S 7.500 1/9/2025 SEK 73.450
UBS AG/London 10.000 3/23/2026 USD 36.640
Banque Cantonale Vaud 7.300 9/16/2024 CHF 24.380
Credit Suisse AG/Lond 8.000 3/2/2023 CHF 62.220
Anselma Issuer SA 2.174 12/31/2038 EUR 57.580
Credit Suisse AG/Lond 20.100 3/3/2023 USD 13.000
EFG International Fin 9.000 6/7/2023 EUR 64.960
Russian Federal Bond 0.250 7/20/2044 RUB 10.550
Danske Bank A/S 6.600 1/9/2027 SEK 70.240
Dyadya Doner OOO 13.500 4/25/2023 RUB 20.150
VTB Bank PJSC 0.010 4/8/2026 RUB 72.000
VTB Bank PJSC 3.750 EUR 22.357
UniCredit Bank AG 7.600 3/30/2023 EUR 72.900
Societe Generale SA 10.000 8/17/2023 USD 41.520
Nordea Bank Abp 4.000 1/20/2029 SEK 72.000
SG Issuer SA 1.800 7/6/2033 EUR 75.740
Skandinaviska Enskild 6.000 7/15/2024 SEK 73.000
UBS AG/London 5.000 1/9/2023 USD 45.450
Credit Suisse AG/Lond 7.250 1/12/2023 CHF 69.450
SG Issuer SA 8.700 1/20/2025 SEK 43.730
DZ Bank AG Deutsche Z 1.370 12/30/2030 EUR 74.110
Raiffeisen Schweiz Ge 7.000 3/17/2023 CHF 63.420
Skandinaviska Enskild 8.600 7/17/2023 SEK 70.570
Bayerische Landesbank 3.000 2/23/2024 EUR 74.160
Deutsche Bank AG/Lond 13.750 6/20/2026 TRY 35.374
Skandinaviska Enskild 7.450 1/15/2025 SEK 62.790
Credit Agricole Corpo 1.500 5/10/2034 EUR 71.010
Societe Generale SA 20.000 2/2/2023 USD 47.450
VTB Bank PJSC 7.600 4/2/2031 RUB 61.000
Unix Auto Es Alkatres 4.000 11/11/2026 HUF 70.700
Skandinaviska Enskild 6.350 7/15/2024 SEK 71.410
Forras Vagyonkezelesi 3.250 10/1/2030 HUF 67.100
Bank Julius Baer & Co 8.400 1/12/2023 CHF 72.950
Santander Internation 1.192 12/7/2045 EUR 63.061
Landesbank Hessen-Thu 0.460 7/20/2032 EUR 70.331
Department of Bouches 0.490 12/8/2045 EUR 53.207
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 67.353
Single Platform Inves 1.235 12/20/2050 EUR 59.514
Department of Bouches 0.445 12/8/2043 EUR 55.292
Single Platform Inves 0.720 3/20/2051 EUR 50.650
Hungary Government In 1.500 11/17/2050 EUR 49.609
Caisse Francaise de F 0.510 11/19/2040 EUR 64.324
BPCE SA 2.315 11/19/2035 AUD 55.442
Department of Bouches 0.668 4/1/2042 EUR 60.913
Agence France Locale 0.586 6/20/2034 EUR 73.737
Single Platform Inves 1.010 3/20/2051 EUR 56.550
Caisse des Depots et 1.900 9/14/2048 EUR 75.337
Region de Bruxelles-C 1.819 1/22/2048 EUR 73.100
Kommunekredit 2.200 9/27/2041 AUD 63.254
CDC Habitat SEM 1.043 5/12/2036 EUR 68.186
Department of Bouches 0.558 3/15/2035 EUR 73.242
Single Platform Inves 0.754 9/20/2039 EUR 62.304
Single Platform Inves 0.940 10/4/2041 EUR 61.324
Department of Bouches 0.543 12/15/2034 EUR 73.654
BNG Bank NV 2.300 3/3/2036 AUD 71.668
HSBC Continental Euro 2.025 3/19/2049 EUR 74.370
Credit Agricole Corpo 15.700 10/7/2026 TRY 60.355
Region de Bruxelles-C 1.225 6/21/2070 EUR 51.173
Republic of Ireland I 1.230 6/23/2121 EUR 51.395
BPCE SA 2.730 10/5/2036 AUD 58.135
Region Occitanie 0.786 12/14/2046 EUR 56.615
Single Platform Inves 0.870 6/20/2043 EUR 59.676
Landesbank Hessen-Thu 1.340 6/4/2042 EUR 63.245
Rikshem AB 2.215 10/27/2032 EUR 76.512
BNG Bank NV 0.562 6/7/2051 EUR 62.661
Region Hauts-de-Franc 0.361 2/18/2041 EUR 58.573
Landeskreditbank Bade 1.236 5/22/2045 EUR 71.717
Banque Internationale 1.250 2/18/2041 EUR 65.142
Communaute Francaise 1.617 2/7/2039 EUR 74.260
Italy Buoni Poliennal 0.150 5/15/2051 EUR 61.629
Credit Agricole Corpo 2.800 2/23/2041 AUD 65.980
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Bayerische Landesbank 1.680 12/18/2037 EUR 70.863
Single Platform Inves 0.751 11/6/2047 EUR 52.585
Region Wallonne Belgi 1.040 5/28/2040 EUR 68.124
Landesbank Hessen-Thu 1.035 5/21/2035 EUR 69.548
Hemso Fastighets AB 2.680 7/10/2035 AUD 66.517
Ministeries Van de Vl 0.400 11/20/2043 EUR 55.872
Department of Bouches 0.467 12/8/2044 EUR 54.213
Landesbank Hessen-Thu 0.700 1/6/2032 EUR 76.529
Single Platform Inves 0.833 2/15/2041 EUR 61.466
Banco Santander SA 2.011 4/12/2039 EUR 70.277
Assistance Publique H 1.665 4/10/2049 EUR 68.859
Berlin Hyp AG 0.460 10/7/2031 EUR 75.060
Barclays Bank PLC 2.520 6/30/2031 AUD 73.775
Liga Bank eG Regensbu 0.680 3/17/2036 EUR 68.691
Single Platform Inves 0.885 7/24/2036 EUR 68.249
Ministeries Van de Vl 0.940 5/12/2050 EUR 53.901
Anglian Water Service 0.855 6/20/2039 JPY 74.874
Single Platform Inves 1.905 8/22/2039 EUR 75.094
Hypo Vorarlberg Bank 1.020 1/17/2035 EUR 71.149
Landesbank Hessen-Thu 1.200 2/9/2052 EUR 73.770
Credit Suisse AG/Lond 1.400 2/21/2032 EUR 70.143
Aareal Bank AG 1.576 2/23/2032 EUR 73.218
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.215
Bayerische Landesbank 2.020 10/14/2030 EUR 74.685
Raiffeisen-Landesbank 1.470 5/3/2069 EUR 66.572
Credit Bank of Moscow 3.100 1/21/2026 EUR 23.774
United Utilities Wate 0.387 10/5/2057 GBP 58.047
State of Rhineland-Pa 0.500 7/30/2036 EUR 72.831
Lloyds Bank PLC 2.280 1/29/2044 EUR 75.154
Raiffeisenlandesbank 0.725 8/27/2041 EUR 66.323
Department of Val d'O 0.929 5/19/2041 EUR 65.746
BNP Paribas SA 1.660 3/4/2031 USD 73.948
Merrill Lynch BV 2.510 8/25/2036 USD 75.110
Department of Bouches 0.981 5/14/2047 EUR 59.293
Landesbank Hessen-Thu 0.750 11/24/2031 EUR 74.625
Department of Bouches 0.872 12/18/2037 EUR 70.721
Kommunalkredit Austri 0.570 9/15/2037 EUR 67.725
BPCE SA 3.000 11/18/2036 AUD 60.442
Department of Bouches 0.855 5/20/2038 EUR 69.756
Department of Bouches 0.906 5/20/2039 EUR 68.623
HSBC Bank PLC 2.230 9/6/2047 EUR 73.359
Single Platform Inves 1.600 3/23/2038 EUR 73.863
Credit Suisse AG/Lond 3.750 3/24/2032 USD 72.434
Single Platform Inves 1.340 4/4/2042 EUR 70.343
Single Platform Inves 1.675 2/15/2041 EUR 74.560
Single Platform Inves 0.803 3/20/2041 EUR 60.496
Raiffeisenlandesbank 0.998 11/4/2033 EUR 73.912
NRW Bank 1.000 2/26/2050 EUR 66.303
Wirtschafts- und Infr 0.200 12/14/2045 EUR 54.162
Credit Agricole Corpo 2.100 12/18/2035 USD 67.743
Ville de Paris 0.395 12/18/2045 EUR 54.013
Deutsche Bank AG/Lond 1.215 9/16/2036 JPY 74.471
Single Platform Inves 0.840 6/20/2043 EUR 59.007
Grenke Finance PLC 0.819 2/15/2030 EUR 65.900
Caisse des Depots et 0.398 12/15/2050 EUR 50.857
Societe Generale SA 2.920 2/21/2035 USD 69.836
BPCE SA 2.450 2/24/2035 AUD 58.266
Spain Government Bond 1.000 10/31/2050 EUR 55.453
Metropole de Lyon 0.376 12/22/2044 EUR 52.782
Grand Delta Habitat 1.630 3/6/2045 EUR 66.049
Citigroup Global Mark 0.610 5/5/2031 EUR 74.567
Communaute Francaise 0.750 2/4/2061 EUR 44.643
BNP Paribas SA 1.450 11/17/2041 EUR 68.032
Norddeutsche Landesba 0.575 2/11/2031 EUR 73.446
Specialfastigheter Sv 2.375 6/25/2048 SEK 74.645
Oberoesterreichische 0.655 1/25/2036 EUR 65.999
Region de Bruxelles-C 0.930 5/3/2051 EUR 55.401
NRW Bank 0.185 8/17/2033 EUR 75.254
Societe Du Grand Pari 2.145 11/26/2068 EUR 75.494
Societe Nationale SNC 2.820 4/28/2036 AUD 75.529
SCF Capital Designate 3.850 4/26/2028 USD 20.766
Societe Nationale SNC 2.503 1/14/2041 AUD 66.778
Region Bretagne SCI 0.815 6/12/2040 EUR 65.696
Lehman Brothers Treas 0.010 9/20/2011 USD 0.100
Single Platform Inves 0.523 5/7/2041 EUR 56.847
Landesbank Hessen-Thu 0.780 12/5/2031 EUR 76.456
Intesa Sanpaolo Bank 3.102 11/19/2035 AUD 66.176
Nederlandse Waterscha 1.125 7/8/2050 EUR 65.895
Kreditanstalt fuer Wi 0.730 1/21/2050 EUR 66.050
UniCredit SpA 1.490 10/23/2035 EUR 65.978
AK BARS Bank Via AK B 8.000 7/13/2022 USD 31.000
Banque Internationale 0.600 8/6/2030 EUR 75.247
Single Platform Inves 1.150 5/25/2066 EUR 52.290
Vasakronan AB 1.770 10/26/2033 NOK 70.828
Deutsche Pfandbriefba 1.020 7/29/2030 EUR 71.205
Regie Autonome des Tr 0.875 8/18/2080 EUR 42.010
Department of Val d'O 0.735 7/3/2040 EUR 64.567
Department of Puy-de- 0.671 7/17/2040 EUR 63.674
Norddeutsche Landesba 0.850 7/7/2031 EUR 74.744
Region de Bruxelles-C 1.250 1/10/2060 EUR 56.404
Grand Delta Habitat 1.500 9/1/2049 EUR 62.442
Wirtschafts- und Infr 0.101 9/8/2033 EUR 73.535
KPNQwest NV 10.000 3/15/2012 EUR 0.778
Oberoesterreichische 0.285 11/6/2042 EUR 59.017
Hypo Vorarlberg Bank 0.375 11/4/2030 EUR 74.491
Single Platform Inves 1.370 7/25/2053 EUR 62.203
Region Occitanie 1.238 3/2/2039 EUR 73.051
Turkey Government Int 4.875 4/16/2043 USD 65.159
Caisse des Depots et 0.930 11/9/2050 EUR 61.022
Single Platform Inves 1.830 11/5/2040 EUR 74.991
Landesbank Hessen-Thu 0.850 11/19/2035 EUR 67.643
LBI ehf 7.431 USD 0.001
Department of Bouches 0.482 10/20/2045 EUR 53.261
Belfius Bank SA 1.296 2/20/2040 EUR 74.664
Morgan Stanley & Co I 3.470 1/27/2042 AUD 70.229
Single Platform Inves 1.865 2/15/2046 EUR 71.264
Department of Bouches 0.457 10/8/2040 EUR 60.491
Credit Agricole Corpo 2.105 10/22/2035 USD 68.131
Single Platform Inves 0.605 9/20/2042 EUR 56.949
LBI ehf 6.100 8/25/2011 USD 10.662
Department of Bouches 0.500 10/5/2043 EUR 56.344
Muenchener Hypotheken 0.867 2/25/2047 EUR 67.478
SG Issuer SA 0.100 6/11/2029 NZD 68.159
J&T Banka AS 9.000 EUR 71.185
Department of Bouches 1.100 7/8/2039 EUR 70.791
Danske Bank A/S 0.805 8/12/2036 EUR 72.138
DZ HYP AG 1.226 8/25/2036 EUR 69.679
O1 Properties Finance 0.500 9/27/2028 USD 5.409
ATF Netherlands BV 3.750 EUR 47.997
SAir Group 2.125 11/4/2004 CHF 12.263
Single Platform Inves 0.853 3/20/2040 EUR 62.578
Hypo Vorarlberg Bank 0.860 10/24/2034 EUR 70.277
Bayerische Landesbank 0.710 12/1/2031 EUR 74.028
HSBC Bank PLC 10.300 12/20/2024 TRY 65.227
Santander Internation 1.180 12/5/2034 EUR 72.894
Berlin Hyp AG 1.157 12/9/2039 EUR 71.279
Department of Bouches 0.810 12/16/2041 EUR 63.291
Communaute Francaise 2.041 4/12/2069 EUR 73.830
Comunidad Foral de Na 2.100 4/30/2044 EUR 74.703
Societe Generale SA 3.820 4/26/2039 AUD 67.198
BPCE SFH SA 1.187 5/2/2039 EUR 73.398
Department of Bouches 1.368 5/6/2044 EUR 68.420
Bank Julius Baer & Co 10.500 2/16/2023 USD 74.800
Textura Kereskedelmi 5.500 2/28/2032 HUF 71.550
Bank Julius Baer & Co 17.200 2/6/2023 USD 52.400
DekaBank Deutsche Gir 4.700 1/25/2023 EUR 72.140
Swissquote Bank SA 20.000 2/6/2023 CHF 34.300
UBS AG/London 6.500 12/29/2023 USD 43.650
Credit Suisse AG/Lond 7.000 4/6/2023 CHF 59.710
Leonteq Securities AG 23.400 1/18/2023 CHF 25.990
Raiffeisen Schweiz Ge 10.000 2/21/2023 CHF 53.270
Landesbank Baden-Wuer 3.460 2/24/2023 EUR 75.480
Landesbank Hessen-Thu 0.850 2/18/2036 EUR 63.800
UBS AG/London 10.750 1/9/2023 CHF 71.050
UBS AG/London 8.750 2/13/2023 USD 63.800
Landesbank Baden-Wuer 5.690 2/24/2023 EUR 64.480
Societe Generale SA 16.000 8/1/2024 USD 17.500
Citigroup Global Mark 2.560 4/29/2025 EUR 62.580
UBS AG 9.000 4/20/2023 USD 25.000
Polsolar Kft 6.800 4/22/2037 HUF 77.000
Bayer Construct Epito 3.700 10/21/2031 HUF 64.880
VTB Bank PJSC 10.000 RUB 37.250
DZ Bank AG Deutsche Z 3.900 3/24/2023 EUR 67.590
DZ Bank AG Deutsche Z 5.000 3/24/2023 EUR 66.890
Zurcher Kantonalbank 24.800 4/12/2023 USD 41.740
UBS AG/London 5.000 12/15/2023 EUR 51.650
Alfa-Bank AO 11.750 RUB 73.000
DZ Bank AG Deutsche Z 0.750 12/28/2029 EUR 75.060
UBS AG 9.000 3/31/2023 USD 50.100
Agrar Mezogazdasagi T 2.900 8/24/2031 HUF 66.070
Rosselkhozbank JSC 10.100 RUB 75.000
Russian Railways JSC 12.980 5/30/2040 RUB 55.000
Leonteq Securities AG 24.000 10/20/2023 CHF 70.090
BNP Paribas SA 1.271 1/2/2024 USD 43.500
Zurcher Kantonalbank 9.000 9/21/2023 USD 72.240
VTB Bank PJSC 9.700 4/2/2031 RUB 50.000
DZ Bank AG Deutsche Z 2.696 6/24/2026 EUR 71.030
UniCredit Bank AG 4.350 6/5/2023 EUR 75.840
Metal Hungaria Holdin 3.000 11/17/2030 HUF 62.000
Societe Generale SA 18.000 11/2/2023 USD #N/A N/A
Progress Etteremhaloz 3.000 9/18/2030 HUF 60.400
HPI AG 3.500 EUR 0.300
BPCE SA 1.920 12/9/2030 AUD 66.997
Assistance Publique H 1.795 3/30/2048 EUR 71.850
Region of Centre-Val 0.390 12/4/2042 EUR 55.992
Assistance Publique H 1.800 4/10/2048 EUR 71.909
Hypo Vorarlberg Bank 1.020 7/15/2041 EUR 63.930
Wirtschafts- und Infr 0.350 3/31/2036 EUR 69.746
NIBC Bank NV 0.660 7/14/2031 EUR 67.947
BNG Bank NV 0.799 7/25/2039 EUR 71.078
Nederlandse Waterscha 1.000 11/24/2050 EUR 64.929
BNG Bank NV 1.603 3/19/2048 EUR 74.944
Raiffeisenlandesbank 0.750 6/20/2031 EUR 76.072
Region de Bruxelles-C 1.310 12/15/2069 EUR 53.640
Region de Bruxelles-C 1.750 1/17/2048 EUR 70.721
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 69.867
Landesbank Hessen-Thu 1.020 5/14/2032 EUR 77.061
Banca dell Elba Credi 4.890 12/16/2032 EUR 82.374
Cooperatieve Rabobank 1.315 2/28/2039 EUR 75.359
Region de Bruxelles-C 1.800 8/17/2048 EUR 71.935
NRW Bank 1.180 3/3/2051 EUR 70.859
GB Social Housing PLC 3.814 4/9/2047 GBP 72.135
Societe Generale SFH 0.650 6/23/2035 EUR 74.238
Slovenska Sporitelna 4.490 EUR 56.170
Deutsche Bank AG 0.510 9/16/2031 EUR 72.917
Region of Pays de la 0.427 3/9/2034 EUR 74.386
Norddeutsche Landesba 0.825 1/14/2032 EUR 73.344
Wirtschafts- und Infr 0.245 2/25/2036 EUR 68.805
State of North Rhine- 1.450 1/19/2122 EUR 57.237
Citigroup Global Mark 3.330 5/18/2050 USD 71.112
Bank fuer Kirche und 0.770 10/12/2035 EUR 70.038
Deutsche Bank AG 0.610 9/30/2031 EUR 73.662
Landesbank Hessen-Thu 0.650 10/6/2031 EUR 74.226
BNP Paribas SA 1.010 10/5/2035 EUR 69.244
Region Auvergne-Rhone 0.530 9/29/2036 EUR 69.484
State of Saxony-Anhal 0.475 9/30/2050 EUR 57.487
Region Auvergne-Rhone 1.090 4/8/2037 EUR 74.573
Bank fuer Kirche und 0.800 11/12/2035 EUR 70.232
NRW Bank 0.800 10/22/2060 EUR 56.361
Single Platform Inves 0.559 2/15/2047 EUR 51.520
Deutsche Bank AG 2.330 2/11/2043 EUR 70.419
Kingdom of Belgium Go 0.558 9/24/2077 EUR 36.131
Caisse des Depots et 1.300 4/28/2051 EUR 65.490
Nederlandse Waterscha 1.650 5/27/2061 EUR 72.437
Mondelez Internationa 1.250 9/9/2041 EUR 66.919
CDC Habitat SEM 0.814 2/15/2040 EUR 61.774
Assistance Publique H 0.791 8/27/2051 EUR 51.515
Bank fuer Kirche und 0.600 6/9/2036 EUR 67.502
Landesbank Baden-Wuer 0.500 12/8/2031 EUR 73.948
Republic of Austria G 0.750 3/20/2051 EUR 61.030
Single Platform Inves 0.955 2/15/2041 EUR 62.780
Banque et Caisse d'Ep 1.230 4/26/2046 EUR 74.873
Norddeutsche Landesba 0.600 1/14/2031 EUR 73.778
NIBC Bank NV 0.460 7/19/2029 EUR 73.564
Kreissparkasse Koeln 0.350 2/19/2035 EUR 68.000
Santander Consumer Ba 8.100 NOK 56.752
DZ Bank AG Deutsche Z 0.500 2/4/2036 EUR 66.429
Purple Protected Asse 1.565 12/23/2060 EUR 62.712
Ukraine Government In 9.990 5/22/2024 UAH 58.625
Turkey Government Int 5.750 5/11/2047 USD 68.236
Landesbank Hessen-Thu 0.900 6/10/2036 EUR 67.538
Sovcombank Via SovCom 3.400 1/26/2025 USD 4.732
ING Bank NV 0.465 4/21/2041 EUR 65.232
Muenchener Hypotheken 1.692 11/6/2051 EUR 71.104
Hypo Tirol Bank AG 0.510 1/21/2031 EUR 75.400
UniCredit Bank AG 0.610 5/2/2033 EUR 72.808
Region de Bruxelles-C 1.065 6/12/2058 EUR 53.276
Credit Suisse Group A 2.455 7/4/2034 EUR 64.717
SpareBank 1 SMN 1.000 7/3/2034 EUR 69.998
Region Wallonne Belgi 0.970 6/24/2043 EUR 61.509
Opportunity SA/LU 0.400 11/13/2030 EUR 72.932
Pescanova SA 8.750 2/17/2019 EUR 0.319
National Grid Electri 2.500 7/24/2035 AUD 69.594
Societe Wallonne de F 0.913 7/31/2040 EUR 58.824
Nederlandse Waterscha 0.190 11/2/2050 EUR 52.151
Region de Bruxelles-C 0.640 7/20/2045 EUR 55.702
Agence Francaise de D 0.537 7/16/2040 EUR 66.583
Single Platform Inves 0.678 2/15/2041 EUR 59.024
Norddeutsche Landesba 0.900 7/5/2032 EUR 72.484
Muenchener Hypotheken 0.790 12/21/2035 EUR 66.245
BPCE SA 1.980 10/6/2030 AUD 68.049
Single Platform Inves 0.462 2/15/2040 EUR 58.901
Comunidad Foral de Na 0.550 10/22/2035 EUR 69.803
Erste Group Bank AG 1.200 2/11/2040 EUR 68.849
Agence Francaise de D 2.360 1/30/2045 AUD 62.887
State of Lower Austri 0.400 10/13/2050 EUR 50.082
Lehman Brothers Treas 6.000 9/20/2011 EUR 0.100
Saastopankkien Keskus 0.840 10/22/2035 EUR 69.127
Single Platform Inves 0.745 2/15/2047 EUR 54.436
UBS AG/London 3.327 11/23/2025 EUR 58.500
Citigroup Global Mark 2.000 3/21/2037 EUR 74.738
French Republic Gover 0.750 5/25/2052 EUR 57.754
Cie de Financement Fo 1.730 5/13/2046 EUR 76.869
Cie de Financement Fo 1.630 5/26/2046 EUR 75.185
Kreditanstalt fuer Wi 1.110 7/13/2046 EUR 73.613
Societe Publique de G 1.272 8/23/2036 EUR 74.065
Commerzbank AG 1.400 7/21/2031 EUR 73.452
State of North Rhine- 1.267 9/16/2051 EUR 69.400
Transports Publics Ne 0.320 10/28/2037 CHF 69.231
Credit Suisse AG/Lond 3.880 10/31/2036 USD 62.361
NRW Bank 1.070 10/29/2049 EUR 69.323
Kuntarahoitus Oyj 1.000 10/25/2049 EUR 68.537
Hemso Fastighets AB 1.130 10/31/2039 EUR 68.254
DekaBank Deutsche Gir 0.705 6/1/2032 EUR 75.244
DekaBank Deutsche Gir 0.705 7/1/2032 EUR 75.017
Landesbank Hessen-Thu 0.800 1/16/2035 EUR 68.894
Single Platform Inves 0.924 2/18/2049 EUR 53.997
Deutsche Apotheker-un 1.090 12/16/2039 EUR 65.193
Caisse des Depots et 1.065 9/20/2049 EUR 64.002
DZ Bank AG Deutsche Z 1.598 10/11/2050 EUR 64.393
Cie de Financement Fo 1.270 4/26/2039 EUR 74.951
Autonomous Community 1.950 5/24/2041 EUR 74.212
OR PJSC 13.500 10/22/2025 RUB 10.680
BNP Paribas Emissions 7.450 9/25/2023 EUR 61.750
Leonteq Securities AG 6.000 2/20/2023 CHF 46.400
Bayerische Landesbank 1.000 3/22/2024 EUR 59.750
BNP Paribas Emissions 8.500 2/21/2023 USD 69.000
Bayerische Landesbank 2.200 4/26/2024 EUR 72.960
Bank Vontobel AG 15.000 1/30/2023 EUR 51.700
UBS AG/London 27.500 2/2/2023 USD 19.600
Credit Suisse AG/Lond 8.250 4/11/2023 USD 60.430
Societe Generale SA 10.000 1/3/2025 USD 25.900
Kopaszi Gat Kft 5.750 1/31/2032 HUF 79.330
Leonteq Securities AG 18.000 1/31/2023 CHF 15.890
Luzerner Kantonalbank 14.480 2/14/2023 CHF 69.590
Zurcher Kantonalbank 15.000 2/14/2023 CHF 56.870
Wingholding Zrt 5.000 2/17/2032 HUF 75.370
SG Issuer SA 0.300 2/16/2032 EUR 45.030
Leonteq Securities AG 12.000 5/2/2023 USD 22.310
Szabo Fogaskerekgyart 5.500 2/23/2032 HUF 70.100
GTC Magyarorszag Zrt 2.600 3/17/2031 HUF 66.430
Landesbank Baden-Wuer 3.480 2/24/2023 EUR 64.280
Greenergy Holding Vag 3.000 9/21/2031 HUF 66.175
Kometa 99 Elelmiszeri 5.000 2/21/2032 HUF 67.700
Landesbank Baden-Wuer 1.000 8/12/2039 EUR 65.270
EFG International Fin 6.120 7/11/2024 EUR 68.400
Skandinaviska Enskild 8.300 7/17/2023 SEK 70.430
Societe Generale SA 9.500 9/12/2024 USD 74.500
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 59.000
Landesbank Baden-Wuer 4.810 1/30/2034 EUR 74.740
Landesbank Baden-Wuer 4.810 1/30/2034 EUR 72.470
Leonteq Securities AG 10.000 2/13/2023 USD 15.600
Leonteq Securities AG 10.000 3/10/2023 CHF 49.840
Credit Suisse AG/Lond 9.750 4/27/2023 USD 64.540
WEB Windenergie AG 4.500 EUR 0.010
Sberbank of Russia PJ 0.016 3/15/2032 RUB 70.000
Skandinaviska Enskild 9.020 7/17/2023 SEK 69.490
SG Issuer SA 2.250 10/28/2029 EUR 71.060
Bayerische Landesbank 0.650 12/22/2023 EUR 58.190
Senivita Social Estat 8.500 6/30/2025 EUR 0.020
Landesbank Baden-Wuer 0.500 10/18/2039 EUR 64.240
Danske Bank A/S 8.050 7/9/2023 SEK 71.880
Norddeutsche Landesba 1.000 8/13/2036 EUR 64.637
Norddeutsche Landesba 0.850 5/12/2036 EUR 63.346
Norddeutsche Landesba 1.000 5/12/2036 EUR 64.821
Kreditanstalt fuer Wi 0.880 12/7/2050 EUR 65.117
Aareal Bank AG 0.570 8/7/2029 EUR 74.143
Landesbank Hessen-Thu 0.650 1/14/2036 EUR 65.443
Wirtschafts- und Infr 0.200 12/2/2043 EUR 56.395
DZ Bank AG Deutsche Z 1.200 11/25/2050 EUR 60.580
Norddeutsche Landesba 1.170 11/24/2038 EUR 62.302
DZ Bank AG Deutsche Z 0.550 7/29/2032 EUR 75.100
Norddeutsche Landesba 1.310 3/23/2039 EUR 63.732
Sveriges Sakerstallda 1.378 7/13/2046 SEK 66.402
Norddeutsche Landesba 1.390 7/9/2038 EUR 65.701
Region de Bruxelles-C 1.541 6/22/2057 EUR 63.435
Raiffeisenlandesbank 2.070 6/18/2049 EUR 73.185
Norddeutsche Landesba 1.150 7/1/2036 EUR 66.206
Norddeutsche Landesba 0.950 7/1/2036 EUR 64.226
Banco Santander SA 2.280 2/28/2039 EUR 75.105
ING Bank NV 2.830 9/28/2051 USD 65.384
Ukraine Government In 15.970 4/19/2023 UAH 58.352
Norddeutsche Landesba 1.200 1/13/2037 EUR 66.387
Kuntarahoitus Oyj 0.870 10/11/2050 EUR 69.166
State of North Rhine- 1.850 3/18/2089 EUR 66.175
Landesbank Baden-Wuer 1.100 5/7/2040 EUR 66.906
Housing & Care 21 3.288 11/8/2049 GBP 70.181
Norddeutsche Landesba 0.800 4/8/2036 EUR 62.936
Norddeutsche Landesba 1.050 1/13/2037 EUR 64.855
Kreditanstalt fuer Wi 0.680 2/23/2051 EUR 64.728
Hamburgische Investit 0.380 2/24/2042 EUR 63.368
Caisse des Depots et 2.730 3/2/2041 AUD 69.924
Norddeutsche Landesba 0.900 10/20/2036 EUR 63.502
Landesbank Baden-Wuer 0.520 1/7/2032 EUR 73.748
Landesbank Hessen-Thu 1.370 9/22/2031 EUR 69.797
Kingdom of Belgium Go 1.700 6/22/2050 EUR 74.849
Single Platform Inves 0.946 5/25/2036 EUR 69.306
Wirtschafts- und Infr 0.321 2/18/2041 EUR 62.023
Caisse des Depots et 0.571 2/18/2041 EUR 65.549
Basque Government 2.000 4/30/2059 EUR 64.694
Cooperatieve Rabobank 2.481 2/26/2036 AUD 72.993
Nederlandse Waterscha 1.428 11/14/2046 EUR 75.080
Caisse des Depots et 1.545 11/9/2046 EUR 71.364
BNP Paribas SA 1.300 1/28/2037 EUR 70.758
Agence Metropolitaine 0.500 7/7/2035 EUR 71.957
Landesbank Saar 0.835 2/19/2035 EUR 70.373
LFA Foerderbank Bayer 0.250 3/19/2037 EUR 67.859
Ministeries Van de Vl 0.600 11/19/2055 EUR 43.006
Vasakronan AB 3.300 1/14/2042 AUD 65.625
Landesbank Hessen-Thu 0.590 10/15/2031 EUR 73.799
Norddeutsche Landesba 1.300 2/11/2037 EUR 67.282
Norddeutsche Landesba 1.150 2/11/2037 EUR 65.744
Norddeutsche Landesba 0.900 4/8/2036 EUR 63.914
Caisse des Depots et 2.205 9/28/2041 AUD 63.363
Norddeutsche Landesba 1.150 7/23/2036 EUR 66.168
Societe Generale SA 1.040 3/25/2041 EUR 61.606
Norddeutsche Landesba 1.175 11/10/2036 EUR 66.246
Deutschsprachige Geme 1.004 7/1/2036 EUR 74.739
BPCE SFH SA 1.229 4/12/2049 EUR 68.717
Norddeutsche Landesba 0.925 7/23/2036 EUR 63.932
Banque et Caisse d'Ep 1.000 1/4/2042 EUR 72.423
Credit Suisse AG/Lond 2.728 5/18/2036 EUR 68.506
Kreditanstalt fuer Wi 1.208 6/17/2051 EUR 72.746
Norddeutsche Landesba 1.470 12/23/2037 EUR 66.396
Norddeutsche Landesba 1.440 1/15/2038 EUR 65.989
Ville de Paris 1.165 6/9/2053 EUR 56.134
Norddeutsche Landesba 1.300 3/16/2037 EUR 67.139
Norddeutsche Landesba 1.500 3/16/2037 EUR 69.194
DZ Bank AG Deutsche Z 0.750 9/21/2035 EUR 69.816
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Kreditanstalt fuer Wi 0.683 2/22/2051 EUR 63.019
NRW Bank 0.642 2/9/2051 EUR 61.168
Norddeutsche Landesba 1.000 10/13/2036 EUR 64.142
Republic of Ireland I 1.200 4/15/2120 EUR 48.200
Republic of Ireland I 1.180 5/25/2087 EUR 57.324
Caisse des Depots et 0.642 2/12/2041 EUR 64.209
Norddeutsche Landesba 0.700 3/12/2036 EUR 62.028
Communaute Francaise 2.105 7/23/2068 EUR 74.586
Norddeutsche Landesba 0.825 3/12/2036 EUR 63.246
Wirtschafts- und Infr 0.400 11/23/2039 EUR 66.117
Region de Bruxelles-C 0.900 4/14/2050 EUR 55.427
Autonomous Community 1.931 4/4/2042 EUR 74.242
Norske Skog Holding A 8.000 2/24/2023 USD 0.006
Kreditanstalt fuer Wi 0.918 10/11/2050 EUR 65.771
Norddeutsche Landesba 0.850 8/25/2036 EUR 63.113
Norddeutsche Landesba 0.825 1/14/2036 EUR 63.395
Caisse des Depots et 1.365 11/2/2051 EUR 68.369
NRW Bank 1.085 10/26/2041 EUR 72.108
Single Platform Inves 1.413 3/20/2051 EUR 62.323
Single Platform Inves 0.780 4/1/2042 EUR 59.306
Norddeutsche Landesba 1.560 10/20/2038 EUR 67.707
Norddeutsche Landesba 1.050 11/17/2036 EUR 64.971
Norddeutsche Landesba 1.350 10/20/2038 EUR 65.369
Specialfastigheter Sv 1.120 2/19/2044 SEK 59.136
Societe Generale SA 1.290 2/27/2040 EUR 65.235
Department of L'Eure 0.959 11/25/2037 EUR 71.851
Norddeutsche Landesba 0.700 2/15/2036 EUR 62.102
Bayerische Landesbank 0.380 1/22/2031 EUR 75.120
Norddeutsche Landesba 0.650 12/3/2031 EUR 72.788
Norddeutsche Landesba 0.725 9/22/2036 EUR 61.796
Belfius Bank SA 0.190 1/28/2031 EUR 75.372
Caisse des Depots et 2.700 4/28/2041 AUD 69.411
NRW Bank 0.591 3/19/2040 EUR 70.333
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 62.679
Norddeutsche Landesba 0.925 9/10/2036 EUR 63.832
Norddeutsche Landesba 1.150 6/10/2036 EUR 66.242
Norddeutsche Landesba 1.000 6/10/2036 EUR 64.762
Norddeutsche Landesba 1.250 12/3/2036 EUR 66.975
Hypo Tirol Bank AG 1.090 1/21/2041 EUR 63.048
Bayerische Landesbank 0.280 10/9/2030 EUR 74.694
Landesbank Baden-Wuer 0.780 4/21/2036 EUR 63.538
BNP Paribas SA 2.670 3/13/2030 AUD 74.867
Barclays Bank PLC 2.000 5/7/2036 MXN 15.116
Norddeutsche Landesba 0.825 2/12/2036 EUR 63.322
Kreditanstalt fuer Wi 1.000 4/27/2041 EUR 72.100
National Grid Electri 2.020 3/12/2032 AUD 73.097
Landesbank Baden-Wuer 1.300 6/21/2049 EUR 58.357
Bayerische Landesbank 3.180 2/16/2038 EUR 67.604
Communaute Francaise 1.340 7/1/2054 EUR 60.592
Region Wallonne Belgi 1.300 6/16/2068 EUR 51.994
DZ HYP AG 0.205 6/5/2040 EUR 59.317
Landesbank Baden-Wuer 0.790 5/16/2033 EUR 69.911
Landesbank Baden-Wuer 0.730 6/16/2031 EUR 75.856
Region Wallonne Belgi 1.240 5/28/2069 EUR 50.179
Kreditanstalt fuer Wi 0.902 11/16/2050 EUR 65.529
Banque Internationale 0.480 11/13/2030 EUR 73.839
Banque Internationale 0.775 11/18/2032 EUR 71.290
Norddeutsche Landesba 1.410 7/7/2037 EUR 66.700
Norddeutsche Landesba 1.200 9/18/2035 EUR 67.544
Landesbank Hessen-Thu 1.000 7/15/2060 EUR 60.850
Caisse des Depots et 0.678 7/23/2040 EUR 65.489
Batigere Grand Est SA 1.800 8/12/2050 EUR 65.618
Elli Finance UK PLC 8.750 6/15/2019 GBP 62.428
Banque Internationale 0.675 10/29/2030 EUR 75.132
Northland Resources A 4.000 10/15/2020 NOK 0.271
Agence France Locale 0.570 9/20/2040 EUR 64.745
Norddeutsche Landesba 1.510 1/21/2037 EUR 69.563
Hypo Vorarlberg Bank 0.570 8/26/2030 EUR 76.280
Standard Chartered Ba 0.500 9/11/2040 JPY 58.285
Norddeutsche Landesba 1.570 9/9/2038 EUR 66.875
Norddeutsche Landesba 1.000 10/12/2032 EUR 72.179
Caisse des Depots et 0.696 9/14/2040 EUR 65.554
Communaute Francaise 0.818 8/28/2050 EUR 53.281
Raiffeisen Bank Inter 0.290 11/11/2030 EUR 72.447
Norddeutsche Landesba 0.850 12/7/2035 EUR 63.811
Landesbank Hessen-Thu 0.980 11/9/2060 EUR 59.720
Bankinter SA 1.200 6/5/2035 EUR 75.311
Caisse des Depots et 1.474 6/5/2049 EUR 71.490
Norddeutsche Landesba 1.000 10/26/2035 EUR 65.462
Heta Asset Resolution 2.262 12/31/2023 EUR 0.023
SpareBank 1 SR-Bank A 0.970 10/9/2040 EUR 61.360
Lehman Brothers Treas 13.000 7/25/2012 EUR 0.100
Nationwide Building S 0.750 5/8/2035 EUR 74.667
Region Wallonne Belgi 1.961 5/22/2045 EUR 75.205
Lehman Brothers Treas 6.000 8/7/2013 EUR 0.100
Deutsche Wohnen SE 1.250 7/31/2031 EUR 74.097
Home Invest Belgium S 1.850 1/15/2032 EUR 71.457
Landesbank Baden-Wuer 0.540 1/29/2032 EUR 72.489
Cie DU Chemin de Fer 0.280 11/29/2052 CHF 53.933
Banque Internationale 0.680 10/9/2030 EUR 75.099
Collectivite Europeen 0.487 10/9/2045 EUR 53.379
Oberoesterreichische 0.650 10/15/2035 EUR 66.350
Lehman Brothers Treas 3.000 8/13/2011 EUR 0.100
ECM Real Estate Inves 5.000 10/9/2011 EUR 15.375
Hellas Telecommunicat 6.054 1/15/2015 USD 0.014
Caisse des Depots et 1.140 2/25/2037 EUR 75.494
Akademiska Hus AB 2.080 4/17/2045 SEK 71.064
Ville de Paris 1.293 2/22/2049 EUR 63.742
Norddeutsche Landesba 1.350 2/3/2038 EUR 64.857
Caisse des Depots et 0.859 3/2/2041 EUR 66.602
Norddeutsche Landesba 1.600 4/14/2037 EUR 70.108
Norddeutsche Landesba 1.750 4/14/2037 EUR 71.645
Deutsche Bank AG 2.480 12/10/2035 EUR 74.620
Republic of Austria G 1.500 11/2/2086 EUR 66.535
Norddeutsche Landesba 1.520 2/11/2038 EUR 67.012
Akademiska Hus AB 1.252 2/13/2043 SEK 62.569
Kreditanstalt fuer Wi 0.660 11/12/2039 EUR 70.522
Commerzbank AG 1.219 12/12/2039 EUR 64.493
LR Realkredit AS 0.500 10/1/2050 DKK 67.799
Deutsche Pfandbriefba 0.765 9/12/2036 EUR 51.381
Raiffeisenlandesbank 0.810 9/18/2034 EUR 70.283
Caisse des Depots et 0.606 9/30/2039 EUR 68.332
Communaute Francaise 1.000 10/8/2069 EUR 49.034
Lloyds Bank PLC 2.580 3/28/2039 SEK 72.638
MOL Nyrt Kueloenleges 4.950 1/26/2032 HUF 71.740
Leonteq Securities AG 22.800 1/25/2023 CHF 33.800
Zurcher Kantonalbank 4.500 7/14/2023 CHF 36.860
Credit Suisse AG/Lond 8.000 2/13/2023 CHF 52.900
Global Refuse Holding 5.100 1/28/2032 HUF #N/A N/A
SUN Group Kereskedelm 5.500 1/17/2032 HUF 69.750
Citigroup Global Mark 17.040 2/9/2023 EUR 73.040
Corner Banca SA 27.000 7/18/2023 USD 60.140
Bank Julius Baer & Co 7.000 3/8/2023 CHF 64.150
Hell Energy Magyarors 3.000 7/28/2031 HUF 62.300
Landesbank Hessen-Thu 2.000 4/16/2036 EUR 62.850
Credit Suisse AG/Lond 18.000 3/31/2023 USD 44.090
EFG International Fin 5.500 1/10/2023 EUR 66.300
Leonteq Securities AG 20.000 2/14/2023 USD 40.000
Leonteq Securities AG 20.400 1/18/2023 CHF 80.720
Leonteq Securities AG 13.000 4/21/2023 CHF 58.910
Communication Technol 5.250 1/27/2032 HUF 65.000
Otthon Centrum Holdin 3.000 4/19/2031 HUF 68.400
Illes Holding Zrt 5.000 2/22/2032 HUF 67.700
AutoWallis Nyrt 3.000 7/27/2031 HUF 61.500
Landesbank Baden-Wuer 4.810 2/20/2034 EUR 74.580
UBS AG/London 14.750 3/29/2023 CHF 29.980
Vajda-Papir Gyarto Ke 3.500 11/16/2030 HUF 62.100
Citigroup Global Mark 16.200 3/17/2023 EUR 59.310
Eltex Kft 3.500 12/21/2028 HUF 69.600
MetMax Europe Zrt 3.000 12/11/2030 HUF 60.100
Dr Wiesent Sozial gGm 7.000 EUR 0.003
MASTERPLAST Nyrt 2.000 12/6/2026 HUF 74.000
Bayerische Landesbank 2.350 2/23/2024 EUR 50.960
Bayerische Landesbank 2.300 2/24/2023 EUR 50.790
WEB Windenergie AG 5.250 4/8/2023 EUR 0.010
MASTERPLAST Nyrt 2.100 12/21/2027 HUF 68.000
Axial Javito Keresked 2.000 9/23/2030 HUF 59.702
Romanian Government I 2.875 4/13/2042 EUR 56.498
Landesbank Hessen-Thu 0.800 8/7/2035 EUR 68.099
Landesbank Hessen-Thu 0.750 8/18/2036 EUR 65.818
Kommunekredit 2.180 7/16/2040 AUD 63.535
Sweden Government Bon 0.500 11/24/2045 SEK 71.324
Hypo Vorarlberg Bank 0.920 7/8/2036 EUR 68.378
UniCredit SpA 0.725 11/27/2030 EUR 71.878
Barclays Bank PLC 2.600 3/30/2031 AUD 74.758
BPCE SFH SA 0.843 7/19/2044 EUR 64.099
Landesbank Hessen-Thu 1.050 1/20/2037 EUR 68.599
Landesbank Hessen-Thu 0.950 4/9/2036 EUR 68.112
Landesbank Hessen-Thu 0.800 2/18/2036 EUR 67.482
Sweden Government Bon 1.375 6/23/2071 SEK 61.081
Landesbank Hessen-Thu 0.900 10/27/2036 EUR 67.092
Norddeutsche Landesba 0.750 1/15/2032 EUR 72.779
Hungary Government In 2.125 9/22/2031 USD 73.047
Hungary Government In 3.125 9/21/2051 USD 58.813
Natixis SA 0.300 6/25/2048 USD 29.279
Norddeutsche Landesba 0.675 2/25/2033 EUR 68.980
Landesbank Baden-Wuer 0.510 6/18/2031 EUR 74.717
SAir Group 2.750 7/30/2004 CHF 12.263
Grupo Isolux Corsan S 0.250 12/30/2018 EUR 0.157
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.306
Landesbank Hessen-Thu 0.700 12/28/2035 EUR 66.023
Societe Generale SA 3.040 1/19/2032 AUD 74.122
Norddeutsche Landesba 0.900 7/5/2033 EUR 69.934
Erste Group Bank AG 0.560 9/29/2033 EUR 71.030
Landesbank Hessen-Thu 1.000 2/11/2037 EUR 68.163
Russian Foreign Bond 5.100 3/28/2035 USD 40.604
Landesbank Hessen-Thu 0.900 8/5/2036 EUR 67.395
Societe Generale SA 3.020 1/11/2032 AUD 73.788
Barclays Bank PLC 2.550 3/18/2031 AUD 74.633
Landesbank Hessen-Thu 0.900 11/10/2036 EUR 67.158
Landesbank Hessen-Thu 0.800 1/18/2036 EUR 67.670
Landesbank Hessen-Thu 0.800 4/15/2036 EUR 66.676
Erste Group Bank AG 1.310 2/23/2035 EUR 76.861
Landesbank Hessen-Thu 0.620 2/6/2036 EUR 65.630
Landesbank Hessen-Thu 0.620 1/11/2036 EUR 65.779
Landesbank Hessen-Thu 0.750 3/18/2036 EUR 66.179
Landesbank Hessen-Thu 0.750 10/14/2036 EUR 65.664
Finland Government Bo 0.125 4/15/2052 EUR 49.980
Norddeutsche Landesba 0.500 6/16/2031 EUR 72.479
Landesbank Hessen-Thu 0.800 9/29/2036 EUR 66.135
UniCredit Bank AG 1.120 5/14/2057 EUR 66.089
Societe Generale SA 3.060 11/24/2031 AUD 73.958
Czech Republic Govern 1.950 7/30/2037 CZK 72.035
Liga Bank eG Regensbu 0.250 4/30/2031 EUR 72.717
Landesbank Hessen-Thu 0.600 3/18/2036 EUR 64.745
Deutsche Pfandbriefba 0.710 9/10/2031 EUR 66.230
Deutsche Bank AG 0.650 6/3/2031 EUR 74.772
Hypo Tirol Bank AG 0.670 7/21/2031 EUR 75.505
Landesbank Hessen-Thu 0.750 1/21/2036 EUR 66.354
Italy Buoni Poliennal 1.450 3/1/2036 EUR 71.534
Landesbank Hessen-Thu 0.900 5/12/2036 EUR 67.613
Kreditanstalt fuer Wi 0.699 10/20/2036 EUR 75.047
Landesbank Hessen-Thu 0.540 3/21/2035 EUR 66.162
Republic of Ireland I 1.210 10/27/2111 EUR 51.357
Ukraine Government In 8.994 2/1/2026 USD 21.500
Landesbank Hessen-Thu 0.550 1/21/2036 EUR 64.425
Landesbank Hessen-Thu 0.490 2/28/2035 EUR 65.817
Societe Generale SA 2.680 10/20/2031 AUD 71.816
Landesbank Baden-Wuer 0.530 11/10/2031 EUR 73.975
DZ Bank AG Deutsche Z 0.650 8/5/2036 EUR 71.723
Metropole de Lyon 0.500 12/28/2049 EUR 48.193
Landesbank Hessen-Thu 0.850 9/2/2036 EUR 66.719
Region of Centre-Val 0.725 12/12/2039 EUR 65.386
Landesbank Hessen-Thu 0.620 4/18/2036 EUR 65.218
Landesbank Hessen-Thu 0.500 2/18/2036 EUR 63.828
Landesbank Hessen-Thu 0.650 9/16/2036 EUR 64.703
Oberoesterreichische 0.705 1/29/2036 EUR 66.481
Barclays Bank PLC 3.020 4/23/2036 NZD 74.565
Landesbank Hessen-Thu 0.600 2/18/2036 EUR 64.779
Landesbank Hessen-Thu 0.270 1/15/2032 EUR 72.313
Erdoel-Lagergesellsch 1.200 6/4/2043 EUR 70.272
Department of Gironde 0.900 12/15/2039 EUR 67.585
Region de Bruxelles-C 0.980 1/10/2051 EUR 54.951
Erste Group Bank AG 1.110 6/17/2035 EUR 72.310
Region Provence-Alpes 0.575 7/6/2039 EUR 64.453
Portugal Obrigacoes d 1.150 4/11/2042 EUR 66.672
Lehman Brothers Treas 4.200 12/3/2008 HKD 0.100
Region de Bruxelles-C 0.690 6/22/2050 EUR 51.576
Landesbank Hessen-Thu 0.600 11/26/2035 EUR 65.212
Italy Buoni Poliennal 1.700 9/1/2051 EUR 58.694
Erste Group Bank AG 0.570 8/14/2032 EUR 72.867
Heta Asset Resolution 5.920 12/31/2023 EUR 0.023
Italy Buoni Poliennal 1.800 3/1/2041 EUR 68.020
Region de Bruxelles-C 0.731 8/25/2060 EUR 45.074
SAir Group 0.125 7/7/2005 CHF 12.250
Erste Group Bank AG 0.520 11/2/2033 EUR 69.871
KPNQwest NV 7.125 6/1/2009 EUR 0.774
Landesbank Hessen-Thu 0.750 12/17/2035 EUR 66.508
Landesbank Hessen-Thu 0.700 10/29/2035 EUR 66.369
Cattles Ltd 8.125 7/5/2017 GBP 0.027
LFA Foerderbank Bayer 0.050 9/29/2034 EUR 71.120
Muenchener Hypotheken 0.580 10/14/2035 EUR 68.638
Lehman Brothers Treas 10.000 10/22/2008 USD 0.100
Hellas Telecommunicat 8.500 10/15/2013 EUR 0.834
Erste Group Bank AG 1.650 3/23/2037 EUR 77.648
Romanian Government I 2.000 1/28/2032 EUR 67.460
Barclays Bank PLC 10.200 2/14/2025 TRY 61.513
Hellenic Republic Gov 1.875 2/4/2035 EUR 75.715
Region de Bruxelles-C 1.286 12/17/2046 EUR 64.977
Teva Pharmaceutical F 4.100 10/1/2046 USD 63.674
SNCF Reseau 1.100 10/27/2036 EUR 75.297
Ukraine Government In 9.840 2/15/2023 UAH 59.748
Netherlands Governmen 0.500 1/15/2040 EUR 71.629
Vasakronan AB 1.870 6/3/2039 EUR 51.269
DekaBank Deutsche Gir 3.550 8/11/2025 EUR 75.430
EFG International Fin 9.000 1/16/2023 CHF 13.190
Leonteq Securities AG 5.600 7/19/2023 CHF 69.280
Corner Banca SA 8.000 1/16/2023 CHF 54.640
Bank Vontobel AG 10.000 1/16/2023 EUR 20.900
Basler Kantonalbank 7.000 7/14/2023 CHF 70.030
Landesbank Hessen-Thu 1.000 8/19/2036 EUR 65.400
UniCredit Bank AG 17.800 3/24/2023 EUR 77.370
Raiffeisen Schweiz Ge 6.300 7/12/2023 CHF 70.660
Raiffeisen Schweiz Ge 6.500 1/12/2023 CHF 54.360
Raiffeisen Bank Inter 10.340 6/21/2023 EUR 76.450
Vontobel Financial Pr 19.500 6/23/2023 EUR 64.340
Vontobel Financial Pr 16.500 6/23/2023 EUR 68.030
Vontobel Financial Pr 21.000 6/23/2023 EUR 62.770
Vontobel Financial Pr 10.000 6/23/2023 EUR 57.840
DZ Bank AG Deutsche Z 21.700 6/23/2023 EUR 70.250
UniCredit Bank AG 17.900 6/23/2023 EUR 76.330
Corner Banca SA 8.000 1/12/2023 CHF 65.390
Leonteq Securities AG 8.400 1/16/2023 CHF 36.050
Leonteq Securities AG 10.400 1/19/2023 CHF 38.990
Bank Julius Baer & Co 8.800 4/27/2023 USD 75.500
UniCredit Bank AG 13.700 3/24/2023 EUR 71.940
Landesbank Baden-Wuer 3.500 7/28/2023 EUR 60.350
Landesbank Baden-Wuer 2.000 7/28/2023 EUR 66.000
Landesbank Baden-Wuer 7.250 7/28/2023 EUR 61.580
Landesbank Baden-Wuer 3.850 7/28/2023 EUR 55.150
Landesbank Baden-Wuer 2.250 7/28/2023 EUR 58.880
Landesbank Baden-Wuer 2.850 7/28/2023 EUR 75.650
Sberbank of Russia PJ 0.010 7/20/2026 RUB 72.900
Landesbank Baden-Wuer 8.800 7/28/2023 EUR 70.430
Luzerner Kantonalbank 7.500 8/9/2023 CHF 14.660
Vontobel Financial Pr 4.350 2/13/2024 EUR 70.890
UniCredit Bank AG 5.500 3/24/2023 EUR 73.510
UniCredit Bank AG 8.600 3/24/2023 EUR 66.950
UniCredit Bank AG 12.700 3/24/2023 EUR 70.170
UniCredit Bank AG 16.000 3/24/2023 EUR 65.460
UniCredit Bank AG 10.600 3/24/2023 EUR 64.260
Landesbank Hessen-Thu 1.800 6/9/2036 EUR 67.100
UBS AG/London 13.000 5/6/2024 USD 25.380
Leonteq Securities AG 8.800 12/7/2023 CHF 61.560
Luzerner Kantonalbank 9.500 5/30/2023 CHF 61.000
UBS AG/London 11.000 5/5/2023 CHF 44.750
UBS AG/London 5.250 5/5/2023 CHF 65.550
UniCredit Bank AG 4.000 12/30/2024 EUR 73.150
UniCredit Bank AG 5.000 1/21/2025 USD 62.570
DekaBank Deutsche Gir 3.300 1/12/2026 EUR 68.990
Raiffeisen Schweiz Ge 7.200 6/6/2023 CHF 51.900
Raiffeisen Schweiz Ge 4.900 12/6/2023 CHF 71.390
Landesbank Baden-Wuer 2.500 1/2/2026 EUR 58.670
DekaBank Deutsche Gir 2.100 8/11/2023 EUR 69.510
Leonteq Securities AG 10.460 5/4/2023 USD 73.330
Credit Suisse AG/Lond 13.250 1/20/2023 USD 28.790
Bank Vontobel AG 7.250 7/21/2023 CHF 68.100
Landesbank Baden-Wuer 2.100 8/22/2025 EUR 71.280
Banque Cantonale Vaud 6.850 6/7/2023 CHF 59.310
EFG International Fin 14.000 7/26/2023 USD 61.490
Leonteq Securities AG 7.500 1/20/2023 EUR 39.320
Landesbank Baden-Wuer 8.600 7/28/2023 EUR 64.890
Landesbank Baden-Wuer 5.750 7/28/2023 EUR 72.420
Landesbank Baden-Wuer 7.400 7/28/2023 EUR 30.610
UniCredit Bank AG 14.600 3/24/2023 EUR 38.040
UniCredit Bank AG 13.300 3/24/2023 EUR 39.030
Landesbank Baden-Wuer 4.500 7/28/2023 EUR 77.000
Landesbank Baden-Wuer 3.200 7/28/2023 EUR 65.840
Landesbank Baden-Wuer 6.750 7/28/2023 EUR 71.200
Landesbank Baden-Wuer 2.250 7/28/2023 EUR 69.850
Bank Julius Baer & Co 13.500 1/30/2023 USD 61.750
UniCredit Bank AG 19.500 6/23/2023 EUR 78.320
Vontobel Financial Pr 6.250 1/20/2023 EUR 64.320
UniCredit Bank AG 13.700 3/24/2023 EUR 76.100
Basler Kantonalbank 8.600 1/23/2023 CHF 68.850
Raiffeisen Switzerlan 8.500 1/24/2023 CHF 48.240
Goldman Sachs & Co We 6.000 6/21/2023 EUR 68.440
Goldman Sachs & Co We 7.000 3/22/2023 EUR 64.000
Goldman Sachs & Co We 8.000 6/21/2023 EUR 47.790
Goldman Sachs & Co We 5.000 6/21/2023 EUR 70.530
Vontobel Financial Pr 20.000 6/23/2023 EUR 70.840
Vontobel Financial Pr 17.500 6/23/2023 EUR 61.330
Vontobel Financial Pr 23.500 6/23/2023 EUR 73.100
Leonteq Securities AG 20.000 1/27/2023 CHF 64.800
Leonteq Securities AG 26.400 1/27/2023 CHF 14.200
Raiffeisen Schweiz Ge 15.000 6/14/2023 CHF 75.710
Raiffeisen Schweiz Ge 14.500 6/14/2023 CHF 35.060
UniCredit Bank AG 6.900 3/24/2023 EUR 70.020
UniCredit Bank AG 14.300 3/24/2023 EUR 67.700
UniCredit Bank AG 6.000 6/23/2023 EUR 73.510
UniCredit Bank AG 17.800 3/24/2023 EUR 63.440
UniCredit Bank AG 11.100 3/24/2023 EUR 72.880
EFG International Fin 15.500 1/31/2023 USD 30.700
Credit Suisse AG/Lond 6.500 1/24/2023 CHF 68.090
Zurcher Kantonalbank 7.500 1/23/2023 USD 72.450
DZ Bank AG Deutsche Z 10.500 6/21/2023 EUR 73.700
Leonteq Securities AG 10.000 1/19/2023 CHF 45.000
Leonteq Securities AG 10.000 1/16/2023 CHF 46.320
Bank Julius Baer & Co 11.150 1/27/2023 USD 44.450
Landesbank Baden-Wuer 8.400 7/28/2023 EUR 73.770
Landesbank Baden-Wuer 4.400 7/28/2023 EUR 73.710
Landesbank Baden-Wuer 5.700 7/28/2023 EUR 54.680
Landesbank Baden-Wuer 4.000 7/28/2023 EUR 60.140
Landesbank Baden-Wuer 3.000 7/28/2023 EUR 62.870
Landesbank Baden-Wuer 3.850 7/28/2023 EUR 73.520
Landesbank Baden-Wuer 4.900 7/28/2023 EUR 69.560
Landesbank Baden-Wuer 6.000 7/28/2023 EUR 71.750
Landesbank Baden-Wuer 5.200 7/28/2023 EUR 32.770
Landesbank Baden-Wuer 2.500 7/28/2023 EUR 38.170
UniCredit Bank AG 9.900 3/24/2023 EUR 42.680
Landesbank Baden-Wuer 11.000 7/28/2023 EUR 58.420
Landesbank Baden-Wuer 6.400 7/28/2023 EUR 72.180
UniCredit Bank AG 12.100 3/24/2023 EUR 40.110
Bank Julius Baer & Co 9.750 6/14/2023 CHF 50.450
Raiffeisen Schweiz Ge 8.000 1/12/2023 CHF 75.050
Bank Vontobel AG 10.500 1/16/2023 CHF 45.300
Leonteq Securities AG 10.000 1/19/2023 USD 11.830
Leonteq Securities AG 11.000 1/19/2023 CHF 69.920
UniCredit Bank AG 5.950 3/2/2023 EUR 73.500
Landesbank Baden-Wuer 5.250 7/28/2023 EUR 73.510
Landesbank Baden-Wuer 2.250 7/28/2023 EUR 73.720
UniCredit Bank AG 8.100 3/24/2023 EUR 45.880
UniCredit Bank AG 8.900 3/24/2023 EUR 44.200
Landesbank Baden-Wuer 5.000 7/28/2023 EUR 60.350
STAVMAT Epitoanyag Ke 3.000 7/20/2031 HUF 61.100
Leonteq Securities AG 16.000 4/12/2023 CHF 34.200
UniCredit Bank AG 7.400 12/9/2024 EUR 66.250
EFG International Fin 7.800 10/6/2023 USD 59.270
Corner Banca SA 10.000 10/11/2023 USD 56.900
Leonteq Securities AG 22.000 4/12/2023 CHF 34.640
Leonteq Securities AG 13.000 7/11/2023 CHF 67.260
Corner Banca SA 20.000 4/12/2023 CHF 51.410
UBS AG/London 6.750 5/18/2023 USD 48.950
UBS AG/London 8.500 5/17/2023 CHF 72.100
UBS AG/London 7.500 11/17/2023 CHF 64.350
UBS AG/London 5.750 11/17/2023 CHF 71.700
UBS AG/London 8.000 5/17/2023 CHF 34.200
UBS AG/London 8.250 11/20/2023 USD 69.650
UBS AG/London 8.500 11/17/2023 CHF 72.650
Raiffeisen Schweiz Ge 13.500 4/11/2023 CHF 61.920
Raiffeisen Schweiz Ge 14.800 4/11/2023 CHF 29.290
DZ Bank AG Deutsche Z 8.400 3/24/2023 EUR 62.460
DZ Bank AG Deutsche Z 12.100 3/24/2023 EUR 69.360
DZ Bank AG Deutsche Z 23.900 3/24/2023 EUR 74.240
Basler Kantonalbank 7.000 11/17/2023 CHF 63.140
DekaBank Deutsche Gir 5.700 6/22/2023 EUR 73.620
HC Finance OOO 10.500 11/11/2024 RUB 60.100
Leonteq Securities AG 12.000 2/22/2023 CHF 11.510
Bank Vontobel AG 7.500 5/9/2023 EUR 73.200
Bank Vontobel AG 6.250 5/12/2023 CHF 55.400
Luzerner Kantonalbank 6.720 5/12/2023 USD 56.790
UBS AG/London 15.250 10/20/2023 USD 41.900
Zurcher Kantonalbank 9.000 4/5/2023 USD 53.630
Landesbank Baden-Wuer 12.280 4/28/2023 EUR 69.290
UBS AG/London 6.500 11/17/2023 CHF 74.450
UBS AG/London 8.000 11/17/2023 CHF 62.700
UBS AG/London 10.250 5/17/2023 CHF 55.500
Raiffeisen Switzerlan 15.400 4/11/2023 USD 60.150
Raiffeisen Schweiz Ge 8.000 10/11/2023 CHF 66.170
Raiffeisen Schweiz Ge 15.000 4/11/2023 CHF 37.680
Landesbank Hessen-Thu 0.750 11/17/2036 EUR 65.200
Credit Suisse AG/Lond 8.000 2/9/2023 CHF 52.550
Credit Suisse AG/Lond 7.000 2/13/2023 CHF 72.250
DZ Bank AG Deutsche Z 5.300 3/24/2023 EUR 74.830
DZ Bank AG Deutsche Z 23.300 3/24/2023 EUR 69.430
DZ Bank AG Deutsche Z 21.000 3/24/2023 EUR 66.210
Basler Kantonalbank 12.000 5/17/2023 CHF 55.230
EFG International Fin 12.000 5/17/2023 CHF 28.350
EFG International Fin 9.000 5/17/2023 CHF 66.460
Leonteq Securities AG 10.000 5/18/2023 USD 52.240
Bank Vontobel AG 5.750 11/6/2023 CHF 75.100
Bank Vontobel AG 8.500 11/6/2023 CHF 55.500
Bank Vontobel AG 10.000 2/13/2023 CHF 59.900
Zurcher Kantonalbank 10.000 4/21/2023 CHF 70.130
Leonteq Securities AG 13.000 2/22/2023 USD 59.210
Leonteq Securities AG 18.000 2/22/2023 CHF 26.700
Leonteq Securities AG 11.000 2/22/2023 USD 32.160
Bank Julius Baer & Co 19.000 1/30/2023 CHF 65.400
Bank Julius Baer & Co 12.500 4/28/2023 CHF 62.200
Leonteq Securities AG 8.000 5/17/2023 CHF 60.760
UBS AG/London 11.000 4/29/2024 CHF 64.850
UBS AG/London 20.000 10/23/2023 CHF 39.050
UBS AG/London 17.750 4/20/2023 CHF 70.900
DZ Bank AG Deutsche Z 8.250 3/20/2023 EUR 51.640
Zurcher Kantonalbank 10.700 4/4/2023 USD 57.520
Leonteq Securities AG 11.000 10/11/2023 USD 57.980
Leonteq Securities AG 15.000 4/26/2024 CHF 51.180
SG Issuer SA 1.600 4/21/2034 EUR 60.930
DZ Bank AG Deutsche Z 6.250 6/19/2023 EUR 55.610
Leonteq Securities AG 22.000 4/25/2023 CHF 38.280
Leonteq Securities AG 14.000 7/25/2023 CHF 76.230
Banque Internationale 10.000 5/16/2023 EUR 40.810
Raiffeisen Schweiz Ge 7.700 11/15/2023 USD 72.070
Raiffeisen Schweiz Ge 6.200 11/15/2023 CHF 50.730
Raiffeisen Schweiz Ge 8.000 8/15/2023 CHF 73.110
DZ Bank AG Deutsche Z 6.750 6/21/2023 EUR 60.340
DZ Bank AG Deutsche Z 8.250 6/19/2023 EUR 50.690
SG Issuer SA 1.500 9/16/2033 EUR 75.810
Credit Suisse AG/Lond 7.250 4/20/2023 CHF 61.220
Vontobel Financial Pr 14.500 3/24/2023 EUR 62.890
Vontobel Financial Pr 15.500 3/24/2023 EUR 61.810
Vontobel Financial Pr 24.000 3/24/2023 EUR 57.130
Vontobel Financial Pr 24.500 3/24/2023 EUR 56.550
Vontobel Financial Pr 20.500 3/24/2023 EUR 60.850
Vontobel Financial Pr 17.500 3/24/2023 EUR 60.100
Vontobel Financial Pr 12.500 3/24/2023 EUR 65.980
Vontobel Financial Pr 17.000 6/23/2023 EUR 61.080
Vontobel Financial Pr 14.500 6/23/2023 EUR 63.840
Vontobel Financial Pr 14.000 3/24/2023 EUR 73.370
Vontobel Financial Pr 14.000 6/23/2023 EUR 72.550
Vontobel Financial Pr 20.500 3/24/2023 EUR 62.730
Vontobel Financial Pr 16.500 3/24/2023 EUR 66.780
Vontobel Financial Pr 11.500 3/24/2023 EUR 73.520
Vontobel Financial Pr 19.500 6/23/2023 EUR 61.650
Vontobel Financial Pr 15.500 6/23/2023 EUR 65.670
Vontobel Financial Pr 12.000 6/23/2023 EUR 73.740
Vontobel Financial Pr 10.500 6/23/2023 EUR 72.430
Vontobel Financial Pr 14.000 6/23/2023 EUR 71.140
Vontobel Financial Pr 14.000 3/24/2023 EUR 69.970
Leonteq Securities AG 7.000 5/12/2023 CHF 56.600
Raiffeisen Switzerlan 17.200 4/19/2023 USD 39.930
Credit Suisse AG/Lond 17.000 2/6/2023 USD 41.140
Credit Suisse AG/Lond 9.000 3/23/2023 USD 59.070
Goldman Sachs & Co We 5.000 3/22/2023 EUR 57.290
Goldman Sachs & Co We 7.000 3/22/2023 EUR 51.630
Raiffeisen Schweiz Ge 17.000 4/21/2023 CHF 41.810
VTB Bank PJSC 0.010 10/6/2024 RUB 73.860
Leonteq Securities AG 10.000 10/11/2023 USD 58.770
Leonteq Securities AG 8.000 3/15/2023 CHF 26.350
Raiffeisen Schweiz Ge 9.000 5/12/2023 CHF 49.450
Raiffeisen Schweiz Ge 6.200 11/15/2023 CHF 69.380
Raiffeisen Schweiz Ge 6.500 11/15/2023 CHF 68.470
DekaBank Deutsche Gir 3.350 4/8/2024 EUR 66.130
Bank Julius Baer & Co 8.300 7/7/2023 USD 55.050
Credit Suisse AG/Lond 14.000 4/11/2023 EUR 65.640
Vontobel Financial Pr 16.500 3/24/2023 EUR 61.430
Vontobel Financial Pr 8.250 3/24/2023 EUR 64.130
Basler Kantonalbank 15.000 4/6/2023 CHF 32.960
EFG International Fin 20.000 4/6/2023 CHF 32.210
DZ Bank AG Deutsche Z 17.700 3/20/2023 EUR 64.130
Raiffeisen Schweiz Ge 6.500 11/17/2023 CHF 58.360
Basler Kantonalbank 15.000 7/27/2023 EUR 67.150
Bank Vontobel AG 5.755 5/15/2023 CHF 58.900
Corner Banca SA 7.000 11/22/2023 CHF 68.250
Leonteq Securities AG 8.000 5/22/2023 CHF 70.530
Sberbank of Russia PJ 0.010 11/23/2026 RUB 66.200
BNP Paribas Emissions 6.450 5/7/2026 EUR 66.020
EFG International Fin 19.000 4/27/2023 CHF 75.520
Landesbank Baden-Wuer 4.700 4/26/2024 EUR 71.900
Landesbank Baden-Wuer 7.600 4/26/2024 EUR 75.510
Landesbank Baden-Wuer 9.850 4/26/2024 EUR 71.760
Landesbank Baden-Wuer 11.000 4/26/2024 EUR 73.170
Landesbank Baden-Wuer 3.500 4/26/2024 EUR 75.220
Landesbank Baden-Wuer 5.500 4/26/2024 EUR 68.850
Landesbank Baden-Wuer 10.000 4/26/2024 EUR 73.420
Landesbank Baden-Wuer 4.000 4/26/2024 EUR 50.790
Landesbank Baden-Wuer 6.750 4/26/2024 EUR 45.110
Landesbank Baden-Wuer 8.800 4/26/2024 EUR 43.110
Landesbank Baden-Wuer 2.800 4/26/2024 EUR 71.330
Landesbank Baden-Wuer 3.900 4/26/2024 EUR 67.100
Landesbank Baden-Wuer 5.100 4/26/2024 EUR 63.540
UBS AG/London 7.000 5/19/2023 CHF 54.350
Bank Vontobel AG 6.500 7/26/2023 CHF 60.400
Bank Vontobel AG 8.250 7/26/2023 EUR 74.900
Leonteq Securities AG 8.000 5/25/2023 CHF 73.610
Bank Vontobel AG 11.000 7/26/2023 CHF 69.300
Bank Vontobel AG 12.300 4/26/2023 CHF 47.100
BNP Paribas Emissions 21.000 3/23/2023 EUR 70.240
BNP Paribas Emissions 23.000 3/23/2023 EUR 70.620
BNP Paribas Emissions 15.000 6/22/2023 EUR 77.900
BNP Paribas Emissions 16.000 6/22/2023 EUR 75.070
BNP Paribas Emissions 19.000 6/22/2023 EUR 73.280
BNP Paribas Emissions 29.000 3/23/2023 EUR 68.740
BNP Paribas Emissions 18.000 6/22/2023 EUR 62.920
BNP Paribas Emissions 12.000 12/21/2023 EUR 71.160
BNP Paribas Emissions 15.000 3/23/2023 EUR 67.660
BNP Paribas Emissions 10.000 12/21/2023 EUR 73.200
BNP Paribas Emissions 15.000 12/21/2023 EUR 75.550
BNP Paribas Emissions 6.000 3/23/2023 EUR 73.510
BNP Paribas Emissions 12.000 3/23/2023 EUR 61.520
BNP Paribas Emissions 14.000 3/23/2023 EUR 61.900
BNP Paribas Emissions 6.000 6/22/2023 EUR 73.150
BNP Paribas Emissions 10.000 6/22/2023 EUR 68.010
BNP Paribas Emissions 14.000 6/22/2023 EUR 72.980
Raiffeisen Bank Inter 6.500 6/9/2023 EUR 37.680
Bank Vontobel AG 6.500 7/26/2023 CHF 11.900
Bank Vontobel AG 12.000 7/26/2023 CHF 64.000
BNP Paribas Emissions 18.000 3/23/2023 EUR 73.870
BNP Paribas Emissions 14.000 6/22/2023 EUR 75.630
BNP Paribas Emissions 20.000 3/23/2023 EUR 73.500
BNP Paribas Emissions 13.000 12/21/2023 EUR 71.380
BNP Paribas Emissions 14.000 12/21/2023 EUR 77.190
BNP Paribas Emissions 9.000 3/23/2023 EUR 66.870
BNP Paribas Emissions 7.000 6/22/2023 EUR 73.580
Leonteq Securities AG 5.050 6/2/2023 EUR 40.160
BNP Paribas Emissions 16.000 3/23/2023 EUR 75.470
BNP Paribas Emissions 25.000 6/22/2023 EUR 72.540
BNP Paribas Emissions 14.000 6/22/2023 EUR 75.740
BNP Paribas Emissions 18.000 3/23/2023 EUR 75.530
BNP Paribas Emissions 18.000 3/23/2023 EUR 73.120
BNP Paribas Emissions 12.000 3/23/2023 EUR 72.540
BNP Paribas Emissions 17.000 3/23/2023 EUR 68.040
BNP Paribas Emissions 12.000 6/22/2023 EUR 63.150
BNP Paribas Emissions 16.000 3/23/2023 EUR 64.930
BNP Paribas Emissions 20.000 3/23/2023 EUR 59.130
BNP Paribas Emissions 10.000 6/22/2023 EUR 73.670
Raiffeisen Bank Inter 10.000 5/31/2024 EUR 73.830
BNP Paribas Emissions 6.000 12/21/2023 EUR 74.380
BNP Paribas Emissions 9.000 12/21/2023 EUR 70.980
BNP Paribas Emissions 16.000 3/23/2023 EUR 73.490
BNP Paribas Emissions 16.000 3/23/2023 EUR 75.150
BNP Paribas Emissions 14.000 12/21/2023 EUR 67.070
BNP Paribas Emissions 13.000 3/23/2023 EUR 74.170
BNP Paribas Emissions 9.000 3/23/2023 EUR 71.900
BNP Paribas Emissions 10.000 3/23/2023 EUR 72.090
BNP Paribas Emissions 17.000 3/23/2023 EUR 76.660
BNP Paribas Emissions 8.000 6/22/2023 EUR 67.150
BNP Paribas Emissions 9.000 3/23/2023 EUR 75.700
BNP Paribas Emissions 13.000 3/23/2023 EUR 71.530
BNP Paribas Emissions 18.000 3/23/2023 EUR 68.180
Leonteq Securities AG 22.600 4/28/2023 CHF 39.950
BNP Paribas Emissions 14.000 6/22/2023 EUR 67.590
BNP Paribas Emissions 16.000 6/22/2023 EUR 73.840
BNP Paribas Emissions 8.000 12/21/2023 EUR 70.090
BNP Paribas Emissions 14.000 3/23/2023 EUR 76.110
BNP Paribas Emissions 10.000 12/21/2023 EUR 66.520
BNP Paribas Emissions 12.000 12/21/2023 EUR 74.300
BNP Paribas Emissions 14.000 3/23/2023 EUR 64.550
Leonteq Securities AG 18.000 5/2/2023 CHF 41.070
BNP Paribas Emissions 7.000 12/21/2023 EUR 75.280
Leonteq Securities AG 20.000 8/22/2023 CHF 53.170
Vontobel Financial Pr 4.150 7/18/2023 EUR 46.430
Leonteq Securities AG 8.000 6/28/2023 CHF 55.120
Corner Banca SA 26.000 8/22/2023 USD 56.040
Societe Generale SA 12.250 6/29/2023 USD 12.300
Vontobel Financial Pr 4.000 7/18/2023 EUR 66.180
Leonteq Securities AG 7.030 6/28/2023 CHF 64.430
Landesbank Baden-Wuer 4.150 6/23/2023 EUR 48.140
Landesbank Baden-Wuer 5.150 6/23/2023 EUR 52.560
Landesbank Baden-Wuer 2.000 6/23/2023 EUR 63.590
Leonteq Securities AG 6.400 6/28/2023 CHF 55.420
Bank Julius Baer & Co 13.200 11/30/2023 CHF 69.400
Vontobel Financial Pr 11.500 3/24/2023 EUR 61.590
Vontobel Financial Pr 14.000 3/24/2023 EUR 58.280
Vontobel Financial Pr 6.500 3/24/2023 EUR 69.860
Vontobel Financial Pr 15.500 3/24/2023 EUR 63.520
Vontobel Financial Pr 12.500 3/24/2023 EUR 67.380
Vontobel Financial Pr 22.500 3/24/2023 EUR 46.630
Vontobel Financial Pr 21.500 3/24/2023 EUR 42.370
Vontobel Financial Pr 25.000 3/24/2023 EUR 37.980
Vontobel Financial Pr 21.500 3/24/2023 EUR 69.590
Vontobel Financial Pr 19.000 3/24/2023 EUR 72.980
Vontobel Financial Pr 14.500 3/24/2023 EUR 72.380
Vontobel Financial Pr 20.500 3/24/2023 EUR 71.280
Vontobel Financial Pr 14.000 3/24/2023 EUR 58.770
Vontobel Financial Pr 9.500 3/24/2023 EUR 68.330
Vontobel Financial Pr 15.500 3/24/2023 EUR 56.820
Vontobel Financial Pr 17.000 3/24/2023 EUR 55.490
Vontobel Financial Pr 9.500 3/24/2023 EUR 72.080
Vontobel Financial Pr 14.500 3/24/2023 EUR 73.150
Vontobel Financial Pr 17.500 3/24/2023 EUR 69.590
Vontobel Financial Pr 22.000 3/24/2023 EUR 75.580
Vontobel Financial Pr 18.500 3/24/2023 EUR 62.480
Vontobel Financial Pr 12.500 3/24/2023 EUR 74.170
Vontobel Financial Pr 20.500 3/24/2023 EUR 63.200
Vontobel Financial Pr 18.500 3/24/2023 EUR 65.550
Vontobel Financial Pr 14.500 3/24/2023 EUR 71.100
Vontobel Financial Pr 16.500 3/24/2023 EUR 68.310
DZ Bank AG Deutsche Z 16.000 3/22/2023 EUR 79.020
DZ Bank AG Deutsche Z 15.250 6/21/2023 EUR 76.650
UBS AG/London 18.000 7/7/2023 USD 76.050
Vontobel Financial Pr 12.000 6/23/2023 EUR 72.310
Vontobel Financial Pr 11.000 6/23/2023 EUR 73.230
Vontobel Financial Pr 18.000 9/22/2023 EUR 65.650
Vontobel Financial Pr 10.500 6/23/2023 EUR 74.400
Vontobel Financial Pr 17.500 9/22/2023 EUR 66.200
Vontobel Financial Pr 14.500 9/22/2023 EUR 68.080
Vontobel Financial Pr 15.500 9/22/2023 EUR 67.740
Vontobel Financial Pr 19.000 6/23/2023 EUR 64.850
Vontobel Financial Pr 18.000 6/23/2023 EUR 65.470
Vontobel Financial Pr 20.000 6/23/2023 EUR 64.310
Vontobel Financial Pr 16.500 6/23/2023 EUR 66.920
Vontobel Financial Pr 17.500 6/23/2023 EUR 66.300
Vontobel Financial Pr 12.500 6/23/2023 EUR 71.210
Vontobel Financial Pr 14.000 6/23/2023 EUR 69.310
Vontobel Financial Pr 15.000 6/23/2023 EUR 68.580
Vontobel Financial Pr 15.500 6/23/2023 EUR 67.600
Vontobel Financial Pr 13.500 6/23/2023 EUR 70.330
Vontobel Financial Pr 16.000 9/22/2023 EUR 67.060
Vontobel Financial Pr 18.500 9/22/2023 EUR 65.110
Vontobel Financial Pr 16.500 9/22/2023 EUR 66.480
Vontobel Financial Pr 14.000 9/22/2023 EUR 68.780
Vontobel Financial Pr 12.000 9/22/2023 EUR 70.710
Vontobel Financial Pr 13.000 9/22/2023 EUR 70.290
Vontobel Financial Pr 13.500 9/22/2023 EUR 69.480
Vontobel Financial Pr 11.500 9/22/2023 EUR 71.580
Vontobel Financial Pr 11.000 9/22/2023 EUR 72.450
Vontobel Financial Pr 10.000 9/22/2023 EUR 74.240
Vontobel Financial Pr 10.500 9/22/2023 EUR 73.350
Vontobel Financial Pr 20.500 6/23/2023 EUR 63.610
Vontobel Financial Pr 22.500 6/23/2023 EUR 62.630
Vontobel Financial Pr 21.500 6/23/2023 EUR 63.120
Vontobel Financial Pr 13.000 6/23/2023 EUR 67.160
Vontobel Financial Pr 16.500 6/23/2023 EUR 75.150
Vontobel Financial Pr 18.500 9/22/2023 EUR 62.060
Vontobel Financial Pr 19.500 9/22/2023 EUR 61.420
Banque Internationale 21.000 7/12/2023 CHF 59.320
Landesbank Baden-Wuer 4.100 7/28/2023 EUR 60.340
Landesbank Baden-Wuer 8.200 7/28/2023 EUR 47.720
Landesbank Baden-Wuer 11.500 7/28/2023 EUR 42.980
Vontobel Financial Pr 18.500 9/22/2023 EUR 60.710
Vontobel Financial Pr 24.000 9/22/2023 EUR 56.340
Vontobel Financial Pr 19.000 6/23/2023 EUR 60.060
Vontobel Financial Pr 22.000 9/22/2023 EUR 57.430
Vontobel Financial Pr 20.500 9/22/2023 EUR 58.970
Vontobel Financial Pr 17.000 9/22/2023 EUR 62.980
Vontobel Financial Pr 21.000 6/23/2023 EUR 57.380
Vontobel Financial Pr 23.500 6/23/2023 EUR 55.410
Vontobel Financial Pr 16.500 6/23/2023 EUR 72.730
Vontobel Financial Pr 15.500 9/22/2023 EUR 65.580
Vontobel Financial Pr 17.000 6/23/2023 EUR 62.980
Vontobel Financial Pr 14.000 6/23/2023 EUR 75.770
Bank Julius Baer & Co 20.450 8/23/2023 CHF 60.700
UniCredit Bank AG 6.600 9/22/2025 EUR 55.340
Bank Vontobel AG 21.000 8/21/2023 EUR 48.900
Banque Internationale 12.000 2/23/2024 CHF 72.830
UBS AG/London 15.500 8/24/2023 USD 51.000
Bank Julius Baer & Co 8.400 8/25/2023 USD 73.300
Landesbank Baden-Wuer 5.500 8/23/2024 EUR 54.990
Landesbank Baden-Wuer 7.200 8/23/2024 EUR 50.940
Landesbank Baden-Wuer 9.200 8/23/2024 EUR 48.840
Vontobel Financial Pr 15.250 9/22/2023 EUR 67.950
Credit Suisse AG/Lond 10.000 8/22/2023 CHF 67.510
Leonteq Securities AG 28.800 8/25/2023 CHF 59.790
Leonteq Securities AG 26.400 8/25/2023 CHF 55.730
Leonteq Securities AG 23.000 8/29/2023 CHF 49.210
Vontobel Financial Pr 21.000 6/23/2023 EUR 74.210
VTB Bank PJSC 0.010 3/25/2026 RUB 68.530
Landesbank Baden-Wuer 3.750 1/3/2025 EUR 43.770
Vontobel Financial Pr 19.500 6/23/2023 EUR 75.160
SG Issuer SA 0.010 6/22/2033 EUR 76.010
DZ Bank AG Deutsche Z 8.800 9/22/2023 EUR 69.780
DZ Bank AG Deutsche Z 6.600 6/19/2023 EUR 63.080
DZ Bank AG Deutsche Z 7.400 6/19/2023 EUR 61.590
Leonteq Securities AG 6.000 2/13/2023 EUR 45.210
DZ Bank AG Deutsche Z 12.500 9/18/2023 EUR 71.100
DZ Bank AG Deutsche Z 6.600 6/19/2023 EUR 67.460
UBS AG/London 10.750 11/13/2023 CHF 58.000
UniCredit Bank AG 14.300 9/7/2023 EUR 54.140
Corner Banca SA 8.000 6/21/2023 CHF 53.550
Vontobel Financial Pr 16.750 9/22/2023 EUR 50.650
UBS AG/London 8.000 6/23/2023 CHF 48.050
Deutsche Bank AG 4.210 10/29/2031 EUR 71.800
Bank Vontobel AG 7.500 6/19/2023 CHF 68.300
Societe Generale SA 10.010 6/27/2024 USD 32.725
Credit Suisse AG/Lond 17.316 6/21/2024 USD 28.900
DekaBank Deutsche Gir 3.200 7/21/2025 EUR 70.010
Vontobel Financial Pr 11.000 9/22/2023 EUR 67.800
Vontobel Financial Pr 23.000 6/23/2023 EUR 58.830
Vontobel Financial Pr 9.500 9/22/2023 EUR 69.030
Vontobel Financial Pr 15.500 6/23/2023 EUR 63.330
Vontobel Financial Pr 18.000 6/23/2023 EUR 61.560
Vontobel Financial Pr 15.500 9/22/2023 EUR 63.140
Vontobel Financial Pr 16.500 9/22/2023 EUR 62.940
Vontobel Financial Pr 9.000 9/22/2023 EUR 69.860
Vontobel Financial Pr 14.500 9/22/2023 EUR 75.360
Credit Suisse AG/Lond 16.000 6/25/2024 USD 29.000
Vontobel Financial Pr 22.500 9/22/2023 EUR 73.800
Vontobel Financial Pr 17.000 9/22/2023 EUR 62.460
Vontobel Financial Pr 18.000 9/22/2023 EUR 61.570
Vontobel Financial Pr 17.000 6/23/2023 EUR 62.080
Luzerner Kantonalbank 6.000 7/6/2023 EUR 50.130
Luzerner Kantonalbank 5.880 7/6/2023 CHF 50.340
Luzerner Kantonalbank 6.780 7/6/2023 USD 50.270
Sberbank of Russia PJ 0.010 6/22/2028 RUB 60.400
UBS AG/London 7.250 6/23/2023 CHF 64.300
Raiffeisen Switzerlan 16.800 8/29/2023 CHF 50.090
UBS AG/London 9.250 6/23/2023 USD 41.100
UBS AG/London 7.750 6/23/2023 CHF 44.500
Swissquote Bank SA 20.000 8/29/2023 CHF 51.420
Bank Julius Baer & Co 4.000 6/26/2023 CHF 65.650
Vontobel Financial Pr 12.500 6/23/2023 EUR 66.290
Vontobel Financial Pr 17.500 9/22/2023 EUR 62.040
Vontobel Financial Pr 11.500 9/22/2023 EUR 67.100
Vontobel Financial Pr 25.000 6/23/2023 EUR 58.250
Vontobel Financial Pr 20.500 6/23/2023 EUR 60.090
Vontobel Financial Pr 13.000 6/23/2023 EUR 65.420
Vontobel Financial Pr 20.000 9/22/2023 EUR 60.770
Vontobel Financial Pr 19.000 9/22/2023 EUR 61.530
Vontobel Financial Pr 15.000 9/22/2023 EUR 63.630
Vontobel Financial Pr 7.500 9/22/2023 EUR 72.550
Vontobel Financial Pr 13.000 9/22/2023 EUR 65.080
Vontobel Financial Pr 12.000 9/22/2023 EUR 66.360
Vontobel Financial Pr 21.500 6/23/2023 EUR 59.720
Vontobel Financial Pr 14.000 6/23/2023 EUR 64.770
Vontobel Financial Pr 19.500 9/22/2023 EUR 61.110
Vontobel Financial Pr 16.500 6/23/2023 EUR 62.810
Vontobel Financial Pr 11.000 6/23/2023 EUR 67.990
Vontobel Financial Pr 14.000 9/22/2023 EUR 64.810
Vontobel Financial Pr 8.000 9/22/2023 EUR 71.620
Landesbank Baden-Wuer 3.100 7/24/2026 EUR 76.850
Vontobel Financial Pr 24.500 9/22/2023 EUR 49.360
Vontobel Financial Pr 16.500 9/22/2023 EUR 53.770
Vontobel Financial Pr 23.000 9/22/2023 EUR 49.960
Vontobel Financial Pr 18.500 9/22/2023 EUR 70.820
Vontobel Financial Pr 13.500 9/22/2023 EUR 67.330
Leonteq Securities AG 7.600 3/9/2023 EUR 30.760
UniCredit Bank AG 3.450 4/2/2024 EUR 53.280
HSBC Trinkaus & Burkh 22.500 6/23/2023 EUR 73.790
HSBC Trinkaus & Burkh 19.900 3/24/2023 EUR 59.470
HSBC Trinkaus & Burkh 13.000 9/22/2023 EUR 65.910
HSBC Trinkaus & Burkh 16.300 2/24/2023 EUR 61.830
HSBC Trinkaus & Burkh 23.100 3/24/2023 EUR 36.440
HSBC Trinkaus & Burkh 9.700 3/24/2023 EUR 43.690
HSBC Trinkaus & Burkh 7.700 6/23/2023 EUR 47.290
HSBC Trinkaus & Burkh 17.500 9/22/2023 EUR 41.480
HSBC Trinkaus & Burkh 7.600 9/22/2023 EUR 47.990
HSBC Trinkaus & Burkh 8.400 12/22/2023 EUR 47.710
HSBC Trinkaus & Burkh 6.000 12/22/2023 EUR 51.580
HSBC Trinkaus & Burkh 13.000 1/27/2023 EUR 40.910
HSBC Trinkaus & Burkh 12.600 2/24/2023 EUR 41.220
HSBC Trinkaus & Burkh 4.900 2/24/2023 EUR 51.690
HSBC Trinkaus & Burkh 8.800 4/28/2023 EUR 45.520
DZ Bank AG Deutsche Z 9.500 5/24/2023 EUR 34.000
DZ Bank AG Deutsche Z 14.250 5/24/2023 EUR 36.070
Raiffeisen Schweiz Ge 14.200 5/16/2023 CHF 32.230
Bank Julius Baer & Co 8.500 5/21/2024 USD 67.950
DZ Bank AG Deutsche Z 15.700 6/23/2023 EUR 73.080
DZ Bank AG Deutsche Z 10.800 6/23/2023 EUR 71.740
Raiffeisen Schweiz Ge 6.800 1/24/2024 CHF 67.720
Raiffeisen Switzerlan 9.000 7/21/2023 USD 45.120
Landesbank Baden-Wuer 4.030 1/27/2023 EUR 69.130
UniCredit Bank AG 7.250 4/6/2023 EUR 51.630
Vontobel Financial Pr 12.000 3/24/2023 EUR 72.600
Vontobel Financial Pr 10.500 3/24/2023 EUR 75.980
Landesbank Baden-Wuer 9.000 3/24/2023 EUR 65.540
Landesbank Baden-Wuer 5.800 3/24/2023 EUR 73.840
Vontobel Financial Pr 18.000 3/24/2023 EUR 64.720
Landesbank Baden-Wuer 5.250 3/24/2023 EUR 76.750
Landesbank Baden-Wuer 5.600 3/24/2023 EUR 65.460
Landesbank Baden-Wuer 3.000 3/24/2023 EUR 72.330
Landesbank Baden-Wuer 10.000 3/24/2023 EUR 37.810
Landesbank Baden-Wuer 7.000 3/24/2023 EUR 43.200
Landesbank Baden-Wuer 4.000 3/24/2023 EUR 50.950
Vontobel Financial Pr 24.000 3/24/2023 EUR 68.010
Vontobel Financial Pr 17.500 3/24/2023 EUR 77.090
Vontobel Financial Pr 19.500 3/24/2023 EUR 73.760
Vontobel Financial Pr 20.000 3/24/2023 EUR 69.810
Vontobel Financial Pr 24.000 3/24/2023 EUR 75.620
Vontobel Financial Pr 15.500 3/24/2023 EUR 75.370
Vontobel Financial Pr 19.000 3/24/2023 EUR 63.620
Vontobel Financial Pr 17.000 3/24/2023 EUR 65.850
Vontobel Financial Pr 11.500 3/24/2023 EUR 74.320
Vontobel Financial Pr 25.000 3/24/2023 EUR 74.620
Vontobel Financial Pr 22.500 3/24/2023 EUR 77.800
Vontobel Financial Pr 20.500 3/24/2023 EUR 57.760
Vontobel Financial Pr 19.000 3/24/2023 EUR 59.350
Vontobel Financial Pr 16.000 3/24/2023 EUR 63.020
Vontobel Financial Pr 10.000 3/24/2023 EUR 72.610
Vontobel Financial Pr 11.500 3/24/2023 EUR 69.930
Vontobel Financial Pr 14.250 3/24/2023 EUR 33.220
Vontobel Financial Pr 15.500 3/24/2023 EUR 52.490
Vontobel Financial Pr 11.500 3/24/2023 EUR 56.640
Vontobel Financial Pr 6.500 3/24/2023 EUR 64.000
Vontobel Financial Pr 12.500 3/24/2023 EUR 55.100
Vontobel Financial Pr 15.500 3/24/2023 EUR 71.790
Vontobel Financial Pr 14.500 3/24/2023 EUR 73.320
Vontobel Financial Pr 18.000 3/24/2023 EUR 74.610
Vontobel Financial Pr 19.500 3/24/2023 EUR 66.320
Vontobel Financial Pr 17.500 3/24/2023 EUR 68.900
Vontobel Financial Pr 12.500 3/24/2023 EUR 46.000
Vontobel Financial Pr 10.500 3/24/2023 EUR 48.150
Vontobel Financial Pr 7.000 3/24/2023 EUR 53.430
Leonteq Securities AG 3.910 3/3/2023 CHF 67.320
Credit Suisse AG/Lond 19.000 3/15/2023 USD 41.850
Raiffeisen Schweiz Ge 18.000 3/21/2023 CHF 33.100
Vontobel Financial Pr 22.000 3/24/2023 EUR 28.310
Vontobel Financial Pr 16.000 3/24/2023 EUR 27.120
Vontobel Financial Pr 9.250 3/24/2023 EUR 53.680
Vontobel Financial Pr 10.000 3/24/2023 EUR 31.990
SG Issuer SA 2.100 3/30/2034 EUR 72.140
Credit Suisse AG/Lond 18.250 3/14/2023 CHF 23.950
Vontobel Financial Pr 17.000 3/24/2023 EUR 51.320
Vontobel Financial Pr 18.500 3/24/2023 EUR 50.240
Vontobel Financial Pr 10.000 3/24/2023 EUR 58.230
Vontobel Financial Pr 14.000 3/24/2023 EUR 53.750
Vontobel Financial Pr 7.500 3/24/2023 EUR 61.890
Vontobel Financial Pr 9.000 3/24/2023 EUR 60.030
Vontobel Financial Pr 16.500 3/24/2023 EUR 70.290
Vontobel Financial Pr 18.500 3/24/2023 EUR 67.600
Vontobel Financial Pr 20.500 3/24/2023 EUR 65.130
Vontobel Financial Pr 22.000 3/24/2023 EUR 64.120
Vontobel Financial Pr 9.500 3/24/2023 EUR 49.360
Bank Julius Baer & Co 10.100 3/21/2023 CHF 72.600
Raiffeisen Schweiz Ge 16.000 3/21/2023 CHF 66.000
Landesbank Hessen-Thu 1.000 3/6/2035 EUR 67.800
Vontobel Financial Pr 12.500 3/24/2023 EUR 59.720
Vontobel Financial Pr 9.000 3/24/2023 EUR 65.430
Vontobel Financial Pr 10.000 3/24/2023 EUR 63.370
Vontobel Financial Pr 7.500 3/24/2023 EUR 67.580
Vontobel Financial Pr 17.000 3/24/2023 EUR 61.900
Vontobel Financial Pr 11.000 3/24/2023 EUR 69.670
Vontobel Financial Pr 14.000 3/24/2023 EUR 65.450
Vontobel Financial Pr 18.000 3/24/2023 EUR 51.640
TransFin-M PAO 9.150 2/4/2027 RUB 61.000
Leonteq Securities AG 5.040 2/21/2023 CHF 34.200
Danske Bank A/S 9.430 7/9/2024 SEK 75.340
Vontobel Financial Pr 13.000 3/24/2023 EUR 71.110
Vontobel Financial Pr 14.000 3/24/2023 EUR 69.680
Landesbank Baden-Wuer 8.250 3/24/2023 EUR 69.520
SG Issuer SA 0.263 2/20/2025 EUR 20.290
Landesbank Baden-Wuer 12.000 3/24/2023 EUR 35.760
Vontobel Financial Pr 22.000 3/24/2023 EUR 70.800
Vontobel Financial Pr 18.000 3/24/2023 EUR 71.730
Vontobel Financial Pr 23.500 3/24/2023 EUR 76.760
Vontobel Financial Pr 16.000 3/24/2023 EUR 67.040
Vontobel Financial Pr 15.000 3/24/2023 EUR 68.330
Vontobel Financial Pr 16.500 3/24/2023 EUR 73.900
Vontobel Financial Pr 17.500 3/24/2023 EUR 61.140
Vontobel Financial Pr 14.500 3/24/2023 EUR 65.150
Vontobel Financial Pr 13.000 3/24/2023 EUR 67.390
Zurcher Kantonalbank 6.500 1/13/2023 CHF 62.660
Zurcher Kantonalbank 5.000 1/13/2023 CHF 72.050
Bank Vontobel AG 6.500 6/26/2023 CHF 54.300
Bank Vontobel AG 6.502 6/26/2023 CHF 54.300
Bank Vontobel AG 5.750 6/26/2023 CHF 60.300
UniCredit Bank AG 4.650 7/30/2024 EUR 75.450
UniCredit Bank AG 3.950 7/30/2024 EUR 75.950
Zurcher Kantonalbank 7.000 7/12/2023 CHF 55.820
Landesbank Baden-Wuer 6.650 6/23/2023 EUR 69.920
Landesbank Baden-Wuer 4.200 6/23/2023 EUR 55.040
Landesbank Baden-Wuer 3.800 6/23/2023 EUR 28.520
Landesbank Baden-Wuer 3.350 6/23/2023 EUR 39.300
Landesbank Baden-Wuer 7.300 6/23/2023 EUR 56.630
Landesbank Baden-Wuer 3.500 6/23/2023 EUR 72.760
Landesbank Baden-Wuer 4.650 6/23/2023 EUR 68.460
EFG International Fin 8.160 2/26/2025 EUR 74.490
Leonteq Securities AG 6.800 2/20/2023 CHF 58.550
Landesbank Baden-Wuer 2.250 6/23/2023 EUR 41.980
Landesbank Baden-Wuer 5.300 6/23/2023 EUR 63.580
Landesbank Baden-Wuer 5.350 6/23/2023 EUR 66.090
Landesbank Baden-Wuer 3.400 6/23/2023 EUR 73.680
Landesbank Baden-Wuer 7.250 6/23/2023 EUR 50.480
Landesbank Baden-Wuer 2.700 6/23/2023 EUR 67.580
Landesbank Baden-Wuer 3.650 6/23/2023 EUR 72.260
Landesbank Baden-Wuer 2.550 6/23/2023 EUR 55.180
Landesbank Baden-Wuer 4.250 6/23/2023 EUR 50.150
Landesbank Baden-Wuer 3.000 6/23/2023 EUR 53.130
UBS AG/London 20.000 2/29/2024 CHF 60.250
Leonteq Securities AG 4.000 2/20/2023 CHF 59.780
Vontobel Financial Pr 12.000 3/24/2023 EUR 48.500
Vontobel Financial Pr 8.500 3/24/2023 EUR 69.590
Erste Group Bank AG 5.500 8/2/2025 EUR 66.100
Landesbank Baden-Wuer 2.800 6/23/2023 EUR 52.130
Landesbank Baden-Wuer 3.000 6/23/2023 EUR 58.930
Landesbank Baden-Wuer 5.600 6/23/2023 EUR 55.020
Landesbank Baden-Wuer 4.500 6/23/2023 EUR 69.330
Landesbank Baden-Wuer 4.750 6/23/2023 EUR 75.800
Landesbank Baden-Wuer 3.500 6/23/2023 EUR 52.790
Landesbank Baden-Wuer 5.350 7/28/2023 EUR 65.750
Landesbank Baden-Wuer 4.250 7/28/2023 EUR 68.980
Landesbank Baden-Wuer 4.100 6/23/2023 EUR 69.520
Landesbank Baden-Wuer 2.750 6/23/2023 EUR 74.900
Landesbank Baden-Wuer 2.250 6/23/2023 EUR 55.920
Landesbank Baden-Wuer 2.600 6/23/2023 EUR 31.000
Landesbank Baden-Wuer 4.500 6/23/2023 EUR 37.530
Landesbank Baden-Wuer 5.000 6/23/2023 EUR 26.640
Landesbank Baden-Wuer 3.500 6/23/2023 EUR 71.740
Vontobel Financial Pr 0.212 2/3/2023 EUR 21.130
UBS AG/London 8.000 2/3/2023 EUR 63.650
UBS AG/London 9.000 2/3/2023 CHF 65.750
UBS AG/London 7.250 2/3/2023 CHF 65.600
UBS AG/London 14.250 2/3/2023 CHF 51.750
UBS AG/London 8.000 2/3/2023 CHF 26.040
Societe Generale SA 20.000 2/29/2024 USD 4.430
Vontobel Financial Pr 16.750 9/22/2023 EUR 48.220
Vontobel Financial Pr 4.200 6/26/2023 EUR 76.180
Raiffeisen Switzerlan 5.300 6/14/2023 CHF 71.710
Zurcher Kantonalbank 8.000 6/21/2023 CHF 52.060
Vontobel Financial Pr 7.500 9/22/2023 EUR 62.400
Vontobel Financial Pr 13.000 9/22/2023 EUR 73.630
UBS AG/London 20.000 6/29/2023 CHF 73.450
Vontobel Financial Pr 15.000 6/23/2023 EUR 65.480
Vontobel Financial Pr 17.000 6/23/2023 EUR 63.350
Vontobel Financial Pr 12.500 6/23/2023 EUR 67.720
Vontobel Financial Pr 10.500 6/23/2023 EUR 70.500
Raiffeisen Switzerlan 19.500 7/18/2023 CHF 58.590
Bank Julius Baer & Co 12.150 7/19/2023 CHF 62.150
UBS AG/London 9.250 7/13/2023 CHF 74.700
UBS AG/London 11.250 1/15/2024 CHF 75.850
UBS AG/London 19.000 7/15/2024 CHF 58.400
Banque Internationale 15.650 9/1/2023 EUR 56.870
EFG International Fin 7.000 6/9/2023 CHF 52.470
UBS AG/London 7.750 6/9/2023 EUR 73.350
UBS AG/London 8.000 6/9/2023 CHF 53.650
UBS AG/London 8.250 6/9/2023 CHF 63.350
UBS AG/London 10.500 6/9/2023 CHF 42.200
Raiffeisen Schweiz Ge 5.500 6/7/2023 CHF 63.920
Swissquote Bank SA 26.000 9/5/2023 CHF 71.890
UBS AG/London 6.800 6/15/2026 USD 43.870
UBS AG/London 11.250 8/31/2023 CHF 66.150
Vontobel Financial Pr 3.500 7/3/2023 EUR 56.760
DZ Bank AG Deutsche Z 7.200 6/23/2023 EUR 62.050
DZ Bank AG Deutsche Z 4.750 9/18/2023 EUR 60.320
UBS AG/London 12.000 5/19/2023 CHF 59.200
Bank Julius Baer & Co 12.750 5/21/2024 CHF 69.200
UBS AG/London 14.000 6/2/2023 CHF 72.750
UBS AG/London 11.250 2/3/2023 CHF 62.100
Raiffeisen Switzerlan 10.100 2/8/2023 CHF 28.990
SG Issuer SA 5.000 5/30/2029 EUR 44.180
DZ Bank AG Deutsche Z 7.250 9/20/2023 EUR 36.370
Leonteq Securities AG 1.810 1/25/2023 EUR 58.260
Leonteq Securities AG 1.650 1/25/2023 EUR 63.190
Leonteq Securities AG 4.310 1/25/2023 USD 59.900
Leonteq Securities AG 1.800 1/25/2023 EUR 59.140
Raiffeisen Switzerlan 7.300 1/25/2023 CHF 26.970
DZ Bank AG Deutsche Z 10.300 3/24/2023 EUR 75.830
Sberbank of Russia PJ 7.000 3/11/2031 RUB 70.370
Leonteq Securities AG 9.000 2/1/2023 CHF 50.700
Leonteq Securities AG 10.400 2/1/2023 USD 53.400
Bank Julius Baer & Co 15.400 3/8/2023 USD 57.750
EFG International Fin 4.750 1/29/2024 USD 45.670
Zurcher Kantonalbank 10.000 2/3/2023 CHF 36.710
Vontobel Financial Pr 14.750 1/30/2023 EUR 54.810
SG Issuer SA 1.250 2/28/2033 EUR 53.650
Zurcher Kantonalbank 16.000 3/3/2023 USD 47.270
Bank Vontobel AG 10.000 3/4/2024 EUR 66.600
Bank Vontobel AG 8.250 3/4/2024 CHF 63.000
Bank Vontobel AG 12.000 3/6/2023 CHF 72.500
Credit Suisse AG/Lond 16.000 3/3/2023 USD 31.240
Leonteq Securities AG 30.000 9/1/2023 CHF 57.780
Leonteq Securities AG 17.000 9/6/2023 CHF 51.740
Vontobel Financial Pr 4.000 6/29/2023 EUR 69.320
Luzerner Kantonalbank 3.500 8/30/2023 USD 63.120
Credit Suisse AG/Lond 15.400 6/11/2024 USD 30.000
DekaBank Deutsche Gir 3.400 7/19/2024 EUR 46.290
Landesbank Baden-Wuer 2.100 11/24/2023 EUR 68.830
Raiffeisen Schweiz Ge 15.200 3/7/2023 CHF 56.000
Zurcher Kantonalbank 7.000 2/3/2023 CHF 27.480
Zurcher Kantonalbank 20.000 3/3/2023 USD 44.120
Bank Vontobel AG 12.500 9/1/2023 CHF 70.500
Credit Suisse AG/Lond 17.500 3/3/2023 USD 72.730
Bank Vontobel AG 18.500 6/26/2023 CHF 41.600
DZ Bank AG Deutsche Z 4.750 9/18/2023 EUR 69.160
Banque Internationale 21.000 6/28/2023 EUR 56.290
Vontobel Financial Pr 13.500 6/23/2023 EUR 75.240
Leonteq Securities AG 25.000 7/18/2023 CHF 46.680
DZ Bank AG Deutsche Z 8.000 3/20/2023 EUR 45.630
Leonteq Securities AG 2.510 1/25/2023 EUR 62.090
Leonteq Securities AG 4.010 1/25/2023 USD 66.690
Leonteq Securities AG 7.450 1/25/2023 EUR 44.650
Bank Julius Baer & Co 9.400 3/8/2023 CHF 44.250
Bank Julius Baer & Co 9.200 3/8/2023 CHF 64.900
Landesbank Baden-Wuer 6.000 3/24/2023 EUR 72.710
Erste Group Bank AG 7.250 3/3/2026 EUR 33.250
EFG International Fin 11.000 1/30/2023 USD 51.330
UBS AG/London 6.250 11/10/2023 CHF 66.450
UBS AG/London 9.250 11/10/2023 CHF 54.400
Zurcher Kantonalbank 11.400 1/30/2023 CHF 68.890
UniCredit Bank AG 4.500 9/1/2025 EUR 75.980
Raiffeisen Schweiz Ge 7.700 11/8/2023 CHF 42.260
Raiffeisen Schweiz Ge 9.000 11/8/2023 USD 65.600
Landesbank Baden-Wuer 2.500 11/28/2025 EUR 71.050
Raiffeisen Schweiz Ge 8.000 5/5/2023 CHF 55.530
Leonteq Securities AG 9.400 1/30/2023 EUR 47.190
Leonteq Securities AG 6.600 1/30/2023 CHF 65.990
Leonteq Securities AG 10.000 1/30/2023 CHF 48.060
EFG International Fin 12.000 5/10/2023 EUR 25.750
Bank Vontobel AG 6.500 1/30/2023 CHF 75.400
Bank Vontobel AG 7.000 1/30/2023 CHF 72.800
Leonteq Securities AG 8.000 8/2/2023 CHF 61.030
Leonteq Securities AG 11.000 1/30/2023 CHF 65.650
Leonteq Securities AG 10.000 1/30/2023 CHF 36.440
Leonteq Securities AG 10.000 1/30/2023 USD 26.920
Luzerner Kantonalbank 7.000 12/16/2024 USD 47.870
Sberbank of Russia PJ 0.010 12/22/2026 RUB 69.800
Erste Group Bank AG 8.500 1/31/2023 EUR 64.300
Erste Group Bank AG 5.250 1/31/2026 EUR 69.350
UBS AG/London 7.250 6/22/2023 CHF 62.150
UBS AG/London 6.250 12/22/2023 CHF 59.050
UBS AG/London 10.250 6/22/2023 CHF 56.600
UBS AG/London 7.500 6/22/2023 USD 68.100
Raiffeisen Schweiz Ge 16.500 3/28/2023 CHF 40.240
Bank Julius Baer & Co 7.000 3/29/2023 CHF 74.650
UBS AG/London 9.250 9/25/2023 CHF 69.550
UBS AG/London 7.000 9/25/2023 CHF 65.550
UBS AG/London 13.500 3/23/2023 USD 72.100
Corner Banca SA 14.000 3/27/2023 CHF 54.310
Leonteq Securities AG 7.000 6/27/2023 CHF 64.170
Leonteq Securities AG 7.000 12/27/2023 CHF 61.520
Bank Vontobel AG 10.000 3/24/2023 EUR 51.100
Bank Vontobel AG 5.500 12/27/2023 CHF 59.700
UBS AG/London 17.400 4/14/2027 SEK 59.550
UBS AG/London 9.500 1/12/2024 CHF 64.100
Leonteq Securities AG 12.500 9/29/2023 USD 62.210
BNP Paribas Emissions 3.000 4/21/2026 EUR 63.750
Bank Vontobel AG 11.000 9/25/2023 CHF 60.200
Bank Vontobel AG 8.000 3/27/2023 EUR 27.100
UBS AG/London 19.400 3/28/2024 USD 5.456
DZ Bank AG Deutsche Z 17.100 3/24/2023 EUR 29.490
Raiffeisen Bank Inter 8.311 9/20/2023 EUR 65.840
Raiffeisen Bank Inter 11.082 9/20/2023 EUR 63.260
Raiffeisen Bank Inter 5.541 9/20/2023 EUR 62.320
Raiffeisen Bank Inter 8.311 9/20/2023 EUR 59.560
DZ Bank AG Deutsche Z 8.500 3/22/2023 EUR 71.750
Leonteq Securities AG 7.200 5/4/2023 EUR 73.140
DekaBank Deutsche Gir 4.000 11/8/2024 EUR 70.990
Sberbank of Russia PJ 0.010 11/3/2026 RUB 66.800
UBS AG/London 7.250 11/3/2023 CHF 53.850
Societe Generale SA 12.264 11/2/2023 USD 21.750
Sberbank of Russia PJ 0.010 7/23/2026 RUB 71.200
Sberbank of Russia PJ 0.010 7/24/2028 RUB 59.610
Societe Generale SA 7.010 8/1/2023 USD 73.740
HSBC Trinkaus & Burkh 1.000 4/12/2023 EUR 73.300
Credit Suisse AG/Lond 4.460 7/26/2023 USD 9.150
DekaBank Deutsche Gir 3.190 2/17/2023 EUR 66.690
Zurcher Kantonalbank 7.000 4/27/2023 CHF 57.800
Zurcher Kantonalbank 6.700 1/27/2023 EUR 67.270
DZ Bank AG Deutsche Z 6.250 3/20/2023 EUR 67.500
Landesbank Baden-Wuer 3.300 1/27/2023 EUR 60.020
Landesbank Baden-Wuer 4.750 1/27/2023 EUR 45.870
Landesbank Baden-Wuer 2.000 1/27/2023 EUR 54.780
Landesbank Baden-Wuer 2.900 1/27/2023 EUR 51.760
Landesbank Baden-Wuer 3.900 1/27/2023 EUR 49.090
Landesbank Baden-Wuer 2.000 1/27/2023 EUR 58.580
Landesbank Baden-Wuer 1.750 1/27/2023 EUR 55.740
Landesbank Baden-Wuer 3.000 1/27/2023 EUR 71.810
Landesbank Baden-Wuer 8.750 1/27/2023 EUR 27.250
Zurcher Kantonalbank 9.000 5/4/2023 CHF 68.780
EFG International Fin 12.000 1/30/2023 CHF 44.650
Landesbank Baden-Wuer 2.000 8/22/2025 EUR 68.970
Landesbank Baden-Wuer 4.000 8/22/2025 EUR 42.730
Vontobel Financial Pr 16.520 1/30/2023 EUR 56.230
UBS AG/London 9.750 5/10/2023 USD 40.950
UBS AG/London 9.500 5/10/2023 CHF 49.500
UBS AG/London 10.750 5/10/2023 USD 49.800
Bank Vontobel AG 7.000 1/10/2023 CHF 73.400
Goldman Sachs & Co We 5.000 6/21/2023 EUR 54.880
Vontobel Financial Pr 14.500 6/23/2023 EUR 74.130
Vontobel Financial Pr 18.000 6/23/2023 EUR 71.210
Goldman Sachs & Co We 3.000 3/22/2023 EUR 60.520
Vontobel Financial Pr 16.500 6/23/2023 EUR 75.370
Vontobel Financial Pr 19.000 6/23/2023 EUR 60.190
Vontobel Financial Pr 13.000 6/23/2023 EUR 65.390
Vontobel Financial Pr 9.500 6/23/2023 EUR 71.150
Vontobel Financial Pr 8.000 6/23/2023 EUR 73.240
Vontobel Financial Pr 25.000 6/23/2023 EUR 71.870
SG Issuer SA 0.021 6/14/2033 EUR 72.360
Credit Suisse AG/Lond 15.250 1/20/2023 USD 20.440
Bank Vontobel AG 10.500 7/21/2023 CHF 54.400
BNP Paribas Issuance 3.300 7/1/2030 EUR 61.370
EFG International Fin 13.000 1/26/2023 EUR 71.440
EFG International Fin 18.000 1/26/2023 USD 48.120
Goldman Sachs & Co We 6.000 3/22/2023 EUR 68.430
Goldman Sachs & Co We 7.000 6/21/2023 EUR 49.580
Goldman Sachs & Co We 7.000 6/21/2023 EUR 63.130
Vontobel Financial Pr 15.500 6/23/2023 EUR 72.980
Goldman Sachs & Co We 4.000 6/21/2023 EUR 74.230
Vontobel Financial Pr 19.500 6/23/2023 EUR 77.750
Vontobel Financial Pr 22.000 6/23/2023 EUR 74.460
DekaBank Deutsche Gir 2.300 8/11/2023 EUR 59.470
DekaBank Deutsche Gir 2.300 8/9/2024 EUR 74.500
Leonteq Securities AG 9.930 5/4/2023 USD 54.400
Bank Vontobel AG 12.000 1/22/2024 EUR 65.900
BNP Paribas Issuance 3.000 1/23/2024 EUR 56.600
Bank Vontobel AG 24.000 1/24/2023 CHF 29.400
Leonteq Securities AG 15.500 6/13/2023 CHF 74.160
Swissquote Bank SA 25.000 6/13/2023 CHF 39.540
Zurcher Kantonalbank 6.800 1/16/2023 CHF 67.150
SG Issuer SA 0.015 11/7/2033 EUR 63.050
SG Issuer SA 0.021 8/15/2033 EUR 53.970
Bank Julius Baer & Co 10.000 8/7/2023 USD 46.950
Corner Banca SA 11.000 5/8/2023 CHF 70.470
Leonteq Securities AG 23.000 2/7/2023 CHF 34.030
Leonteq Securities AG 18.000 2/7/2023 CHF 42.000
Leonteq Securities AG 24.000 1/25/2023 CHF 30.120
Leonteq Securities AG 7.520 1/25/2023 USD 41.320
Banque Internationale 13.000 1/25/2023 CHF 36.420
Goldman Sachs & Co We 5.000 3/22/2023 EUR 72.240
Goldman Sachs & Co We 3.000 6/21/2023 EUR 64.710
Goldman Sachs & Co We 3.000 6/21/2023 EUR 60.720
Vontobel Financial Pr 10.500 6/23/2023 EUR 77.010
Vontobel Financial Pr 11.000 6/23/2023 EUR 72.930
Vontobel Financial Pr 16.000 6/23/2023 EUR 62.510
Vontobel Financial Pr 12.000 6/23/2023 EUR 67.240
Vontobel Financial Pr 10.500 6/23/2023 EUR 68.990
Vontobel Financial Pr 20.500 6/23/2023 EUR 75.960
Vontobel Financial Pr 15.000 6/23/2023 EUR 70.760
Bank Vontobel AG 8.000 7/21/2023 CHF 70.000
Bank Vontobel AG 15.000 7/21/2023 CHF 66.500
SG Issuer SA 0.021 7/7/2033 EUR 63.480
Swissquote Bank SA 15.200 6/13/2023 CHF 54.440
Raiffeisen Schweiz Ge 6.700 1/24/2024 CHF 41.180
Raiffeisen Schweiz Ge 7.200 1/24/2024 CHF 74.840
Goldman Sachs & Co We 6.000 3/22/2023 EUR 49.620
Goldman Sachs & Co We 6.000 6/21/2023 EUR 50.670
Goldman Sachs & Co We 6.000 6/21/2023 EUR 70.090
Leonteq Securities AG 12.000 1/12/2023 CHF 30.690
Goldman Sachs & Co We 7.000 3/22/2023 EUR 47.400
EFG International Fin 7.390 1/24/2023 EUR 63.430
Goldman Sachs & Co We 5.000 3/22/2023 EUR 54.110
Vontobel Financial Pr 14.500 6/23/2023 EUR 63.900
Vontobel Financial Pr 17.000 6/23/2023 EUR 72.150
Vontobel Financial Pr 20.500 6/23/2023 EUR 59.220
Raiffeisen Schweiz Ge 15.500 5/16/2023 CHF 45.780
Bank Vontobel AG 18.000 8/14/2023 CHF 49.600
Bank Vontobel AG 14.000 8/14/2023 CHF 55.000
DZ Bank AG Deutsche Z 17.900 3/24/2023 EUR 54.030
DZ Bank AG Deutsche Z 17.000 6/23/2023 EUR 71.980
DZ Bank AG Deutsche Z 18.300 6/23/2023 EUR 75.460
DZ Bank AG Deutsche Z 15.900 6/23/2023 EUR 69.470
DZ Bank AG Deutsche Z 15.750 9/20/2023 EUR 75.350
Uniservice Capital LL 8.800 1/21/2029 RUB #N/A N/A
Raiffeisen Schweiz Ge 7.500 11/15/2023 CHF 56.120
Nordea Bank Abp 2.000 4/29/2027 SEK 66.380
Zurcher Kantonalbank 14.000 4/5/2023 CHF 43.430
Credit Suisse AG/Lond 8.000 7/5/2023 USD 72.490
UBS AG/London 6.000 11/17/2023 CHF 71.900
UBS AG/London 7.500 11/17/2023 CHF 67.600
VTB Bank PJSC 0.010 10/14/2026 RUB 69.750
Raiffeisen Schweiz Ge 10.000 7/11/2023 CHF 49.760
DZ Bank AG Deutsche Z 19.000 3/24/2023 EUR 59.540
Sberbank of Russia PJ 0.010 11/13/2026 TRY 65.010
Banque Cantonale Vaud 5.000 5/17/2023 CHF 34.870
Leonteq Securities AG 11.000 5/22/2023 CHF 47.050
Landesbank Baden-Wuer 2.850 1/3/2025 EUR 38.880
Vontobel Financial Pr 11.750 3/24/2023 EUR 68.470
UBS AG/London 8.440 5/26/2027 SEK 72.430
UniCredit Bank AG 12.550 6/1/2023 EUR 34.070
Leonteq Securities AG 19.000 5/16/2023 CHF 71.450
Leonteq Securities AG 21.000 5/16/2023 CHF 50.890
Leonteq Securities AG 10.000 8/16/2023 CHF 38.670
UBS AG/London 15.250 2/5/2024 EUR 58.300
UBS AG/London 5.750 11/13/2023 EUR 73.100
DZ Bank AG Deutsche Z 16.000 6/21/2023 EUR 75.470
DZ Bank AG Deutsche Z 14.400 3/24/2023 EUR 70.950
Leonteq Securities AG 11.000 8/16/2023 CHF 55.050
Landesbank Baden-Wuer 3.450 1/3/2025 EUR 45.140
Landesbank Baden-Wuer 3.550 1/3/2025 EUR 43.590
Landesbank Hessen-Thu 2.000 3/10/2037 EUR 73.050
DZ Bank AG Deutsche Z 6.000 3/20/2023 EUR 47.290
DZ Bank AG Deutsche Z 5.500 6/19/2023 EUR 45.340
Credit Suisse AG/Lond 8.500 3/1/2023 CHF 62.770
DZ Bank AG Deutsche Z 4.800 3/20/2023 EUR 54.800
Leonteq Securities AG 12.000 3/7/2023 CHF 67.960
Landesbank Baden-Wuer 3.460 3/22/2024 EUR 68.670
UBS AG/London 4.000 8/3/2026 SEK 54.470
Leonteq Securities AG 9.000 9/4/2023 CHF 74.820
Bank Vontobel AG 16.500 7/17/2023 CHF 50.700
Leonteq Securities AG 17.000 3/7/2023 CHF 22.930
UBS AG/London 7.640 4/20/2026 SEK 66.170
Leonteq Securities AG 21.000 3/7/2023 CHF 45.560
Bank Vontobel AG 6.000 10/16/2023 CHF 67.800
UBS AG/London 4.000 5/26/2026 SEK 62.670
Leonteq Securities AG 22.000 6/9/2023 EUR 77.220
Vontobel Financial Pr 8.000 9/22/2023 EUR 72.480
Vontobel Financial Pr 17.500 6/23/2023 EUR 73.710
UBS AG/London 9.750 7/1/2024 CHF 63.500
Vontobel Financial Pr 14.500 6/23/2023 EUR 79.890
Vontobel Financial Pr 19.500 6/23/2023 EUR 70.880
UBS AG/London 8.560 6/29/2027 SEK 75.090
Bank Julius Baer & Co 22.000 3/29/2023 CHF 41.200
Leonteq Securities AG 18.000 7/18/2023 CHF 57.600
Vontobel Financial Pr 19.500 6/23/2023 EUR 61.670
Vontobel Financial Pr 8.500 6/23/2023 EUR 73.610
Vontobel Financial Pr 19.000 6/23/2023 EUR 65.050
Vontobel Financial Pr 24.000 6/23/2023 EUR 43.740
Vontobel Financial Pr 10.000 6/23/2023 EUR 73.120
Vontobel Financial Pr 14.000 6/23/2023 EUR 75.470
Vontobel Financial Pr 15.500 6/23/2023 EUR 74.250
Vontobel Financial Pr 15.500 6/23/2023 EUR 71.430
Vontobel Financial Pr 17.000 6/23/2023 EUR 66.660
Vontobel Financial Pr 14.000 6/23/2023 EUR 69.570
Vontobel Financial Pr 16.000 6/23/2023 EUR 67.440
Vontobel Financial Pr 11.000 6/23/2023 EUR 73.010
Vontobel Financial Pr 12.000 6/23/2023 EUR 71.810
Vontobel Financial Pr 10.000 6/23/2023 EUR 74.300
Vontobel Financial Pr 9.500 6/23/2023 EUR 75.860
Vontobel Financial Pr 11.000 6/23/2023 EUR 61.920
Vontobel Financial Pr 19.500 6/23/2023 EUR 57.030
Vontobel Financial Pr 6.500 6/23/2023 EUR 69.380
Vontobel Financial Pr 12.500 6/23/2023 EUR 60.640
Vontobel Financial Pr 16.000 6/23/2023 EUR 58.610
Vontobel Financial Pr 14.000 6/23/2023 EUR 59.430
Vontobel Financial Pr 8.500 6/23/2023 EUR 65.210
Vontobel Financial Pr 7.500 6/23/2023 EUR 67.230
Vontobel Financial Pr 10.000 6/23/2023 EUR 63.630
Vontobel Financial Pr 5.500 6/23/2023 EUR 71.760
Vontobel Financial Pr 15.000 6/23/2023 EUR 68.530
Vontobel Financial Pr 17.500 6/23/2023 EUR 57.660
Bank Vontobel AG 15.000 9/25/2023 CHF 42.700
Vontobel Financial Pr 18.000 6/23/2023 EUR 68.280
Vontobel Financial Pr 16.500 9/22/2023 EUR 71.040
Bank Julius Baer & Co 7.350 4/5/2023 CHF 70.750
BNP Paribas Emissions 18.000 3/23/2023 EUR 72.480
BNP Paribas Emissions 20.000 6/22/2023 EUR 65.830
BNP Paribas Emissions 18.000 12/21/2023 EUR 70.200
BNP Paribas Emissions 18.000 12/21/2023 EUR 66.910
BNP Paribas Emissions 14.000 6/22/2023 EUR 73.830
BNP Paribas Emissions 12.000 6/22/2023 EUR 70.840
BNP Paribas Emissions 17.000 6/22/2023 EUR 64.710
BNP Paribas Emissions 10.000 12/21/2023 EUR 57.870
BNP Paribas Emissions 11.000 3/23/2023 EUR 72.730
BNP Paribas Emissions 13.000 3/23/2023 EUR 69.680
BNP Paribas Emissions 15.000 6/22/2023 EUR 67.390
BNP Paribas Emissions 17.000 6/22/2023 EUR 65.620
BNP Paribas Emissions 10.000 12/21/2023 EUR 75.210
DZ Bank AG Deutsche Z 6.250 6/21/2023 EUR 74.050
Zurcher Kantonalbank 9.000 6/20/2023 CHF 60.750
Zurcher Kantonalbank 7.000 6/20/2023 CHF 72.440
Corner Banca SA 22.000 6/6/2023 USD 75.250
Raiffeisen Schweiz Ge 12.600 6/7/2023 CHF 73.840
UniCredit Bank AG 12.600 7/5/2023 EUR 35.410
Bank Vontobel AG 11.000 6/6/2023 CHF 48.100
UBS AG/London 13.000 6/2/2023 CHF 60.850
Bank Julius Baer & Co 18.550 6/28/2023 CHF 42.150
Infogroup Holding Kft 3.000 5/20/2031 HUF 61.050
Landesbank Hessen-Thu 2.000 4/9/2035 EUR 66.000
Landesbank Baden-Wuer 2.700 9/22/2023 EUR 68.630
Landesbank Baden-Wuer 4.500 9/22/2023 EUR 62.720
Landesbank Baden-Wuer 4.900 9/22/2023 EUR 67.720
Landesbank Baden-Wuer 7.250 9/22/2023 EUR 62.390
UniCredit Bank AG 8.500 9/13/2023 EUR 72.820
Bank Vontobel AG 24.000 8/14/2023 CHF 56.300
Leonteq Securities AG 11.000 7/5/2023 CHF 67.420
LP Portfolio Vagyonke 3.400 9/23/2031 HUF 56.200
B+N Referencia Ipari 3.500 6/24/2031 HUF 68.500
Bank Julius Baer & Co 12.750 4/4/2023 CHF 68.750
ITK Holding zrt 2.900 6/23/2031 HUF 59.600
Zurcher Kantonalbank 12.000 6/20/2023 CHF 57.680
DZ Bank AG Deutsche Z 11.100 9/22/2023 EUR 43.510
Bank Vontobel AG 23.000 8/14/2023 CHF 52.200
Bank Julius Baer & Co 8.800 7/3/2023 USD 64.750
Landesbank Baden-Wuer 3.300 9/22/2023 EUR 43.970
Landesbank Baden-Wuer 11.000 9/22/2023 EUR 71.060
Landesbank Baden-Wuer 7.300 9/22/2023 EUR 68.380
Vontobel Financial Pr 9.500 3/24/2023 EUR 69.160
Vontobel Financial Pr 14.500 3/24/2023 EUR 36.560
Vontobel Financial Pr 17.500 3/24/2023 EUR 70.490
Landesbank Baden-Wuer 6.100 9/22/2023 EUR 38.310
Corner Banca SA 10.000 10/4/2023 EUR 60.820
Raiffeisen Schweiz Ge 15.000 7/5/2023 CHF 54.900
Vontobel Financial Pr 9.500 6/23/2023 EUR 68.790
Vontobel Financial Pr 12.000 6/23/2023 EUR 64.570
Vontobel Financial Pr 13.500 6/23/2023 EUR 62.670
Vontobel Financial Pr 9.000 3/24/2023 EUR 59.100
Vontobel Financial Pr 10.000 3/24/2023 EUR 57.460
Vontobel Financial Pr 14.000 6/23/2023 EUR 54.220
Vontobel Financial Pr 6.000 6/23/2023 EUR 64.370
Vontobel Financial Pr 3.500 6/23/2023 EUR 70.190
Vontobel Financial Pr 4.500 6/23/2023 EUR 68.250
Vontobel Financial Pr 5.000 6/23/2023 EUR 66.090
Vontobel Financial Pr 7.500 3/24/2023 EUR 71.650
Vontobel Financial Pr 11.500 3/24/2023 EUR 68.560
Vontobel Financial Pr 10.500 3/24/2023 EUR 69.930
Vontobel Financial Pr 9.000 3/24/2023 EUR 71.300
Vontobel Financial Pr 10.500 6/23/2023 EUR 70.620
Vontobel Financial Pr 13.000 6/23/2023 EUR 64.250
Vontobel Financial Pr 7.000 3/24/2023 EUR 72.520
Vontobel Financial Pr 17.500 6/23/2023 EUR 60.530
Vontobel Financial Pr 20.500 3/24/2023 EUR 61.950
Bank Vontobel AG 6.250 5/7/2024 CHF 67.700
Vontobel Financial Pr 14.000 6/23/2023 EUR 63.210
Vontobel Financial Pr 13.000 6/23/2023 EUR 64.690
Vontobel Financial Pr 22.500 3/24/2023 EUR 35.100
Vontobel Financial Pr 8.000 3/24/2023 EUR 49.730
Vontobel Financial Pr 18.500 3/24/2023 EUR 37.510
Vontobel Financial Pr 11.500 3/24/2023 EUR 44.450
Vontobel Financial Pr 12.500 3/24/2023 EUR 54.650
Vontobel Financial Pr 15.000 3/24/2023 EUR 40.440
Vontobel Financial Pr 13.500 6/23/2023 EUR 43.710
Vontobel Financial Pr 16.500 6/23/2023 EUR 41.220
Vontobel Financial Pr 11.500 3/24/2023 EUR 55.970
Vontobel Financial Pr 16.500 6/23/2023 EUR 66.230
Vontobel Financial Pr 20.000 3/24/2023 EUR 67.650
Vontobel Financial Pr 9.500 3/24/2023 EUR 70.500
Vontobel Financial Pr 15.000 6/23/2023 EUR 64.780
Vontobel Financial Pr 20.000 3/24/2023 EUR 73.490
Vontobel Financial Pr 15.500 6/23/2023 EUR 67.610
Vontobel Financial Pr 14.000 6/23/2023 EUR 70.940
Vontobel Financial Pr 13.500 6/23/2023 EUR 71.740
Vontobel Financial Pr 16.000 3/24/2023 EUR 67.260
Vontobel Financial Pr 15.500 3/24/2023 EUR 68.230
Vontobel Financial Pr 24.500 6/23/2023 EUR 56.970
Vontobel Financial Pr 12.500 6/23/2023 EUR 66.270
Vontobel Financial Pr 15.000 6/23/2023 EUR 63.040
Vontobel Financial Pr 15.500 6/23/2023 EUR 62.300
Vontobel Financial Pr 13.500 3/24/2023 EUR 64.960
Vontobel Financial Pr 21.000 3/24/2023 EUR 56.930
Vontobel Financial Pr 22.500 6/23/2023 EUR 58.480
Vontobel Financial Pr 15.000 6/23/2023 EUR 69.350
Vontobel Financial Pr 15.500 3/24/2023 EUR 67.940
Vontobel Financial Pr 12.500 3/24/2023 EUR 72.850
Vontobel Financial Pr 15.500 6/23/2023 EUR 67.600
Vontobel Financial Pr 12.000 6/23/2023 EUR 72.420
Vontobel Financial Pr 13.500 6/23/2023 EUR 70.720
Credit Suisse AG/Lond 8.500 1/23/2023 USD 51.430
EFG International Fin 8.000 1/19/2023 CHF 40.590
Leonteq Securities AG 21.000 6/13/2023 CHF 37.940
DZ Bank AG Deutsche Z 7.500 9/20/2023 EUR 67.730
Corner Banca SA 13.000 1/19/2023 USD 34.170
Bank Julius Baer & Co 9.300 4/27/2023 USD 62.800
Bank Vontobel AG 10.500 1/16/2023 CHF 45.300
UniCredit Bank AG 11.000 3/24/2023 EUR 41.340
UniCredit Bank AG 12.500 3/24/2023 EUR 73.790
Landesbank Baden-Wuer 8.100 7/28/2023 EUR 66.580
Landesbank Baden-Wuer 3.800 7/28/2023 EUR 68.230
Landesbank Baden-Wuer 7.600 7/28/2023 EUR 67.000
Landesbank Baden-Wuer 3.200 7/28/2023 EUR 73.410
Landesbank Baden-Wuer 2.000 7/28/2023 EUR 76.510
Landesbank Baden-Wuer 5.100 7/28/2023 EUR 75.050
DZ Bank AG Deutsche Z 6.000 3/24/2023 EUR 64.930
Raiffeisen Schweiz Ge 8.000 10/4/2023 CHF 68.260
Raiffeisen Schweiz Ge 12.200 4/4/2023 CHF 71.690
Vontobel Financial Pr 12.000 6/23/2023 EUR 67.180
Vontobel Financial Pr 9.000 6/23/2023 EUR 72.310
Vontobel Financial Pr 14.000 3/24/2023 EUR 63.840
Vontobel Financial Pr 16.000 3/24/2023 EUR 61.940
Vontobel Financial Pr 14.500 6/23/2023 EUR 68.420
Vontobel Financial Pr 14.000 3/24/2023 EUR 73.060
Vontobel Financial Pr 13.500 6/23/2023 EUR 68.130
Vontobel Financial Pr 14.500 6/23/2023 EUR 66.880
Vontobel Financial Pr 13.000 6/23/2023 EUR 72.500
Vontobel Financial Pr 11.000 6/23/2023 EUR 74.990
Vontobel Financial Pr 22.000 6/23/2023 EUR 31.810
Vontobel Financial Pr 19.000 3/24/2023 EUR 63.990
Vontobel Financial Pr 12.000 3/24/2023 EUR 74.170
Vontobel Financial Pr 14.500 3/24/2023 EUR 70.910
Vontobel Financial Pr 13.000 3/24/2023 EUR 72.580
Bank Vontobel AG 8.008 2/27/2023 CHF 58.600
Vontobel Financial Pr 7.500 6/23/2023 EUR 61.030
Vontobel Financial Pr 7.000 6/23/2023 EUR 62.720
Vontobel Financial Pr 7.500 3/24/2023 EUR 72.730
Vontobel Financial Pr 11.500 6/23/2023 EUR 69.590
Vontobel Financial Pr 8.000 6/23/2023 EUR 72.750
Vontobel Financial Pr 9.500 6/23/2023 EUR 71.750
Vontobel Financial Pr 7.000 6/23/2023 EUR 72.970
Bank Vontobel AG 12.000 5/9/2023 EUR 47.500
Vontobel Financial Pr 17.000 6/23/2023 EUR 65.560
Leonteq Securities AG 14.000 2/15/2023 CHF 11.730
Sberbank of Russia PJ 0.010 3/4/2026 RUB 72.400
Leonteq Securities AG 8.000 3/8/2023 CHF 58.660
Vontobel Financial Pr 23.500 3/24/2023 EUR 57.680
Vontobel Financial Pr 20.000 3/24/2023 EUR 57.640
Vontobel Financial Pr 19.000 3/24/2023 EUR 58.420
Vontobel Financial Pr 15.000 3/24/2023 EUR 62.830
Vontobel Financial Pr 9.500 3/24/2023 EUR 71.020
Vontobel Financial Pr 18.500 6/23/2023 EUR 59.930
Vontobel Financial Pr 16.000 3/24/2023 EUR 71.370
Vontobel Financial Pr 13.500 6/23/2023 EUR 73.730
Vontobel Financial Pr 5.000 6/23/2023 EUR 76.630
Vontobel Financial Pr 15.500 3/24/2023 EUR 68.390
Vontobel Financial Pr 12.500 6/23/2023 EUR 69.490
Vontobel Financial Pr 20.500 6/23/2023 EUR 60.790
Vontobel Financial Pr 13.000 3/24/2023 EUR 71.750
Vontobel Financial Pr 18.500 6/23/2023 EUR 62.550
Vontobel Financial Pr 9.500 6/23/2023 EUR 74.050
Vontobel Financial Pr 17.500 6/23/2023 EUR 63.540
Vontobel Financial Pr 16.500 6/23/2023 EUR 64.560
Vontobel Financial Pr 11.500 6/23/2023 EUR 70.920
Vontobel Financial Pr 18.000 3/24/2023 EUR 65.380
Vontobel Financial Pr 10.500 3/24/2023 EUR 67.010
Vontobel Financial Pr 12.000 3/24/2023 EUR 64.250
Vontobel Financial Pr 16.000 6/23/2023 EUR 59.480
Raiffeisen Schweiz Ge 15.300 4/4/2023 CHF 45.580
Vontobel Financial Pr 19.500 3/24/2023 EUR 55.960
Vontobel Financial Pr 4.500 3/24/2023 EUR 66.970
Vontobel Financial Pr 3.500 3/24/2023 EUR 70.710
Vontobel Financial Pr 15.000 6/23/2023 EUR 53.460
Vontobel Financial Pr 14.000 6/23/2023 EUR 67.850
Vontobel Financial Pr 10.000 3/24/2023 EUR 67.880
Vontobel Financial Pr 11.000 6/23/2023 EUR 66.820
Vontobel Financial Pr 9.000 3/24/2023 EUR 69.450
Vontobel Financial Pr 22.500 3/24/2023 EUR 59.810
Vontobel Financial Pr 16.000 3/24/2023 EUR 66.770
Vontobel Financial Pr 14.000 3/24/2023 EUR 70.400
Vontobel Financial Pr 8.500 3/24/2023 EUR 52.220
Vontobel Financial Pr 16.500 6/23/2023 EUR 46.140
UBS AG/London 6.250 11/10/2023 CHF 56.000
UBS AG/London 6.750 11/10/2023 CHF 67.500
Leonteq Securities AG 14.400 7/4/2023 CHF 48.150
Vontobel Financial Pr 10.000 6/23/2023 EUR 67.530
Vontobel Financial Pr 24.500 3/24/2023 EUR 34.210
Vontobel Financial Pr 5.500 6/23/2023 EUR 57.960
Vontobel Financial Pr 12.000 3/24/2023 EUR 65.080
Vontobel Financial Pr 22.000 6/23/2023 EUR 37.940
Vontobel Financial Pr 5.000 3/24/2023 EUR 56.850
Vontobel Financial Pr 15.500 3/24/2023 EUR 52.220
Vontobel Financial Pr 19.000 3/24/2023 EUR 75.030
Vontobel Financial Pr 15.500 6/23/2023 EUR 68.560
Vontobel Financial Pr 16.000 6/23/2023 EUR 66.940
Vontobel Financial Pr 11.000 3/24/2023 EUR 66.510
Vontobel Financial Pr 19.000 3/24/2023 EUR 58.830
Vontobel Financial Pr 12.500 3/24/2023 EUR 66.810
Vontobel Financial Pr 15.500 3/24/2023 EUR 63.620
Vontobel Financial Pr 9.000 6/23/2023 EUR 71.810
Vontobel Financial Pr 13.500 3/24/2023 EUR 64.080
Vontobel Financial Pr 18.500 6/23/2023 EUR 62.950
Vontobel Financial Pr 14.500 6/23/2023 EUR 70.130
Vontobel Financial Pr 21.000 3/24/2023 EUR 60.180
Vontobel Financial Pr 18.000 3/24/2023 EUR 64.760
Vontobel Financial Pr 16.500 3/24/2023 EUR 66.360
Vontobel Financial Pr 15.000 3/24/2023 EUR 69.200
Vontobel Financial Pr 23.000 6/23/2023 EUR 58.080
Vontobel Financial Pr 21.000 6/23/2023 EUR 60.390
Vontobel Financial Pr 16.500 3/24/2023 EUR 60.910
Vontobel Financial Pr 19.500 6/23/2023 EUR 61.870
Vontobel Financial Pr 18.500 6/23/2023 EUR 63.760
UBS AG/London 15.250 4/24/2023 CHF 61.750
Raiffeisen Switzerlan 11.800 7/5/2023 USD 65.820
UniCredit Bank AG 10.500 5/3/2023 EUR 56.570
Vontobel Financial Pr 8.500 6/23/2023 EUR 69.390
Vontobel Financial Pr 13.000 6/23/2023 EUR 65.360
Vontobel Financial Pr 10.500 6/23/2023 EUR 68.970
Vontobel Financial Pr 11.500 6/23/2023 EUR 68.200
Vontobel Financial Pr 18.500 3/24/2023 EUR 59.260
Vontobel Financial Pr 9.000 3/24/2023 EUR 72.460
Vontobel Financial Pr 16.500 6/23/2023 EUR 70.710
Vontobel Financial Pr 10.000 6/23/2023 EUR 72.670
Vontobel Financial Pr 11.500 3/24/2023 EUR 73.300
Vontobel Financial Pr 14.000 3/24/2023 EUR 61.950
Vontobel Financial Pr 10.500 6/23/2023 EUR 66.460
Vontobel Financial Pr 17.500 3/24/2023 EUR 57.770
Vontobel Financial Pr 15.500 3/24/2023 EUR 59.650
Vontobel Financial Pr 7.500 3/24/2023 EUR 60.770
Vontobel Financial Pr 5.500 3/24/2023 EUR 64.730
Vontobel Financial Pr 13.000 6/23/2023 EUR 55.210
Vontobel Financial Pr 9.500 6/23/2023 EUR 58.310
Vontobel Financial Pr 8.500 6/23/2023 EUR 59.620
Vontobel Financial Pr 13.000 3/24/2023 EUR 67.370
Vontobel Financial Pr 13.000 6/23/2023 EUR 68.780
Vontobel Financial Pr 15.000 6/23/2023 EUR 62.150
Vontobel Financial Pr 18.500 3/24/2023 EUR 64.300
Leonteq Securities AG 9.400 4/4/2023 USD 53.040
Leonteq Securities AG 15.000 10/4/2023 CHF 65.050
Vontobel Financial Pr 6.500 6/23/2023 EUR 73.350
Vontobel Financial Pr 13.000 6/23/2023 EUR 72.560
Vontobel Financial Pr 14.500 3/24/2023 EUR 69.130
Vontobel Financial Pr 14.000 6/23/2023 EUR 69.760
Bank Vontobel AG 7.505 8/24/2023 CHF 62.500
Vontobel Financial Pr 9.000 3/24/2023 EUR 70.020
Vontobel Financial Pr 7.000 6/23/2023 EUR 73.880
Vontobel Financial Pr 8.000 6/23/2023 EUR 71.100
Vontobel Financial Pr 15.000 6/23/2023 EUR 61.110
Vontobel Financial Pr 6.500 3/24/2023 EUR 62.670
Vontobel Financial Pr 11.500 6/23/2023 EUR 56.010
Vontobel Financial Pr 10.500 6/23/2023 EUR 57.130
Vontobel Financial Pr 14.000 3/24/2023 EUR 53.410
Vontobel Financial Pr 14.000 3/24/2023 EUR 63.310
Vontobel Financial Pr 9.000 3/24/2023 EUR 69.310
Vontobel Financial Pr 10.500 6/23/2023 EUR 46.890
Vontobel Financial Pr 3.000 6/23/2023 EUR 72.530
Vontobel Financial Pr 8.000 6/23/2023 EUR 51.550
Vontobel Financial Pr 10.500 3/24/2023 EUR 67.010
Vontobel Financial Pr 8.000 6/23/2023 EUR 71.300
Vontobel Financial Pr 22.000 6/23/2023 EUR 59.470
Vontobel Financial Pr 17.000 6/23/2023 EUR 65.540
Vontobel Financial Pr 18.000 6/23/2023 EUR 64.320
Vontobel Financial Pr 6.500 3/24/2023 EUR 74.460
Vontobel Financial Pr 7.000 3/24/2023 EUR 74.890
Vontobel Financial Pr 18.000 3/24/2023 EUR 59.780
Vontobel Financial Pr 18.000 3/24/2023 EUR 76.590
Vontobel Financial Pr 22.500 3/24/2023 EUR 58.980
Vontobel Financial Pr 22.000 3/24/2023 EUR 59.600
Vontobel Financial Pr 23.000 3/24/2023 EUR 58.340
Vontobel Financial Pr 20.000 3/24/2023 EUR 61.630
Vontobel Financial Pr 19.000 3/24/2023 EUR 63.140
Vontobel Financial Pr 18.500 3/24/2023 EUR 63.910
Vontobel Financial Pr 14.500 3/24/2023 EUR 70.210
Vontobel Financial Pr 23.500 6/23/2023 EUR 57.710
Vontobel Financial Pr 17.500 3/24/2023 EUR 65.610
Vontobel Financial Pr 24.000 6/23/2023 EUR 57.320
Vontobel Financial Pr 22.000 6/23/2023 EUR 58.880
Vontobel Financial Pr 14.000 6/23/2023 EUR 64.670
Vontobel Financial Pr 10.000 6/23/2023 EUR 70.030
Vontobel Financial Pr 15.000 6/23/2023 EUR 72.180
Vontobel Financial Pr 22.000 3/24/2023 EUR 56.280
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. 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
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Information contained herein is obtained from sources believed to
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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.
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