/raid1/www/Hosts/bankrupt/TCREUR_Public/230313.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, March 13, 2023, Vol. 24, No. 52
Headlines
B E L A R U S
LLC EUROTORG: Fitch Keeps 'B-' Foreign Currency IDR on Watch Neg.
B E L G I U M
AZELIS FINANCE: Fitch Gives BB+(EXP) on New EUR400MM Unsec. Notes
C Y P R U S
HELLENIC BANK: Fitch Gives 'B' Rating on EUR200MM Sub. Notes
F R A N C E
ALBEA BEAUTY: Moody's Affirms B3 CFR & Rates Secured Term Loans B3
G E R M A N Y
GALERIA: Unveils Insolvency Plan to Creditors
G R E E C E
FRIGOGLASS SAIC: Moody's Appends 'LD' Designation to 'Ca-PD' PDR
PUBLIC POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
PUBLIC POWER: S&P Affirms 'BB-' LongTerm ICR, Outlook Stable
I R E L A N D
ARES EUROPEAN X: Moody's Affirms B2 Rating on EUR13.5MM F Notes
CAPITAL FOUR V: Fitch Assigns 'B-sf' Final Rating on Class F Notes
CARLYLE GLOBAL 2014-2: Moody's Affirms B2 Rating on Cl. E-R Notes
GLENBEIGH 2 ISSUER 2021-2: S&P Raises Cl. F Notes Rating to B+
HAUS EUROPEAN 39: Moody's Cuts Rating on EUR47.6MM D Notes to Ba1
LAURELIN 2016-1: Moody's Affirms B2 Rating on EUR10.5MM F-R Notes
PENTA CLO 14: Fitch Assigns 'B-sf' Final Rating on Class F Notes
M O L D O V A
AIR MOLDOVA: Cancels Flights on March 10 Due to Fleet Deficiency
S P A I N
IM BCC CAJAMAR 2: Fitch Hikes Rating on Class B Notes to 'BB+sf'
TDA IBERCAJA 4: S&P Affirms 'D(sf)' Rating on Class F Notes
U N I T E D K I N G D O M
ACCROFAB LIMITED: Administrators Seek Buyers for Business, Assets
BRITISH AIRWAYS: Moody's Alters Outlook on 'Ba2' CFR to Stable
HNVR MIDCO: Moody's Affirms Caa1 CFR & Alters Outlook to Positive
INEOS ENTERPRISES: Moody's Rates New EUR820MM Sec. Term Loan 'Ba3'
INTERNATIONAL CONSOLIDATED: Moody's Affirms Ba2 CFR, Outlook Stable
MALIN INDUSTRIAL: Owed Creditors GBP10.6MM at Time of Collapse
MORTONS ROLLS: Provisional Liquidator Appointed
PENTA CLO 14: S&P Assigns B-(sf) Rating on Class F Notes
ROLLS-ROYCE PLC: Moody's Alters Outlook on 'Ba3' CFR to Positive
SCC POWER: Moody's Assigns First Time 'Ca' Corporate Family Rating
SILICON VALLEY BANK UK: Bank of London Mulls Rescue Bid
STRATTON MORTGAGE 2020-1: Fitch Affirms BB+sf Rating on 2 Tranches
WELLPAK UK: Goes Into Administration, Halts Trading
X X X X X X X X
[*] BOND PRICING: For the Week March 6 to March 10, 2023
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B E L A R U S
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LLC EUROTORG: Fitch Keeps 'B-' Foreign Currency IDR on Watch Neg.
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Fitch Ratings is maintaining LLC Eurotorg's 'B-' Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) and the
Bonitron Designated Activity Company's 'B-' senior unsecured bond
on Rating Watch Negative (RWN). The senior unsecured bond has a
Recovery Rating of 'RR4'.
The RWN continues to reflect a high probability of a downgrade over
the next six months given considerable uncertainty in the operating
and funding environment for Belarusian corporates.
Belarus's Country Ceiling of 'B-' continues to constrain Eurotorg's
ratings. Resilience of the food retail versus more volatile sectors
to economic crises assumes some insulation to external shocks and
supports the LTFC IDR above the sovereign's 'Restricted Default'.
Eurotorg's IDR continues to reflect the group's small scale,
limited diversification outside its domestic markets and high
foreign-exchange (FX) risks, which weigh on its financial
flexibility relative to rated international peers'. These
weaknesses are balanced by its conservative capital structure and a
strong position in Belarus's food retail market.
KEY RATING DRIVERS
Financial Infrastructure Access Risks: Eurotorg currently retains
access to payment infrastructure to service its hard-currency
liabilities. At the same time, evolution of Belarus-related
sanctions or voluntary decision of financial market participants to
withdraw from Belarus may affect Eurotorg's near-term ability to
service its hard-currency debt.
Continued Reduction of FX Risks: Eurotorg faces high FX risks as
its debt is primarily in foreign currency, while its revenue is in
Belarusian roubles. To reduce exposure to hard currencies, Eurotorg
has converted part of its debt and lease portfolio to Russian
roubles and reduced debt to external investors in 2022 by USD139.6
million through tender offers and buybacks. As a result, Fitch
estimates that the share of hard currencies in Eurotorg's debt
decreased to 15% at end-2022 from 50% in 2021. Eurotorg continues
to reduce its debt in hard currencies through the launch of its
loan participation notes (LPN) buyback programme in 2023.
Debt Repurchase Not DDE: Fitch does not view Eurotorg's LPN
voluntary tender offers completed in 2022 as a distressed debt
exchange (DDE). Despite the offer terms being below par, the
exchange was conducted with voluntary participation of investors
with no evidence of coercion. In addition, the tender offer was not
conducted with the aim to avoid bankruptcy, which would have been
evident in a concurrent deterioration of Eurotorg's Standalone
Credit Profile. The tender offers allowed the company to reduce its
LPN exposure to USD58 million at end-2022 from USD198 million at
end-2021.
Country-Ceiling Constraint Remains: Eurotorg's 'B-' IDR is in line
with the Country Ceiling of Belarus, which reflects current
sanctions and the possibility of new measures related to Belarus's
role in Russia's invasion of Ukraine, combined with its close
economic and financial links to Russia. The Country Ceiling
constrains Eurotorg's rating as the company does not have export
earnings, foreign assets and financial support from a foreign
parent or strategic partners that may allow the rating to be above
the applicable Country Ceiling.
Price Regulation to Reduce Profitability: Fitch projects pressure
on Eurotorg's operating margins from high inflation that will be
difficult to fully pass onto consumers given price regulation
restrictions imposed in October 2022. As a result, Fitch forecasts
2023 EBITDAR margin to shrink 200bp year-on-year from 2022's high
11.5%. However, recently realised cost-saving measures will support
a return of EBITDAR margin to above 10% in 2025-2026 under its
rating case.
FCF to Stay Positive: Fitch estimates that the free cash flow (FCF)
margin to have remained positive in 2022 at 2% on the back of
higher profitability, but for it to weaken to around 1% in
2023-2025, due to profitability pressure as well as continued
working-capital investments. This is despite higher capex as a
share of sales of around 1.5% in 2022-2025 for planned new store
openings. Fitch also assumes Eurotorg will continue pursuing its
capex-light expansion strategy and will open primarily small
leasehold stores.
Leverage Low for Current Rating: Eurotorg has been operating under
moderate adjusted gross debt at around 3.5x-4.5x EBITDAR over the
past four years. Fitch now expects leverage to be maintained even
lower at 2.8x-3.2x in 2022-2025, helped by management efforts to
reduce FX risk exposure and conversion of hard-currency debt at
favourable rates throughout 2022. This financial structure is
commensurate with a 'B' rating and in line with substantially
higher-rated peers', but the Country Ceiling constrains the IDR to
its current level.
Largest Food Retailer in Belarus: The rating is supported by
Eurotorg's strong market position as the largest food retailer in
Belarus, with a stable around 19% market share over the past five
years, which is over 3x its largest competitor's. The company
benefits from its well-recognised Euroopt brand across the country
and from increased consumer appeal for its discounter banners Hit!
and Groshyk.
Small Scale, Limited Diversification: The rating considers
Eurotorg's limited geographic diversification as the company
operates only in Belarus. Presence across different formats and
regions of the country puts it in a stronger position than
competitors, including hard discounters, but does not reduce
concentration risks, as Belarus is a small economy. The small size
of the domestic market also leads to Eurotorg's substantially
smaller business scale (EBITDAR equivalent to around USD300 million
in 2022) than that of other Fitch-rated food retailers.
DERIVATION SUMMARY
Fitch applies its Food-Retail Navigator framework to assess
Eurotorg's rating and position relative to peers'. Comparing
Eurotorg's rating with international retail chains, such as Tesco
Plc (BBB-/Stable), or Russian peers such as X5 Retail Group N.V. or
Lenta LLC, Eurotorg has smaller business scale and more limited
geographic diversification, which is partly offset by stronger
growth prospects and structurally greater profitability in the
Belarussian food retail market.
Relative to Bellis Finco plc (ASDA, BB-/Negative), Eurotorg is
rated three notches lower as its smaller size, higher financial
leverage and exposure to material FX risk are only partially
balanced by its stronger market position and bargaining power, and
superior profitability.
Furthermore, Eurotorg's rating takes into consideration the
higher-than-average systemic risks associated with the Belarussian
business and jurisdictional environment whereas international peers
operate in stronger operating environments.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
- BYN/USD at 2.6 at end-2022, 2.9 at end-2023 and 3.2 at end-2024
- Selling space CAGR of 4% in 2023-2025
- Low double-digit sales growth in 2023-2025
- EBITDA margin to decline to 7% in 2023 due to higher logistic
costs and its expectation that the company will only partially be
able to pass on cost inflation to selling prices, before recovering
to around 8% in 2025-2026
- Working-capital investments of 0.7%-0.9% of revenue, reflecting
logistic supply challenges and stricter payment terms
- Capex at around BYN100 million - BYN150 million a year over
2023-2025
- Dividends of BYN100 million- BYN250 million a year over
2023-2025
- No M&A in 2023-2025
RECOVERY ASSUMPTIONS
The remaining USD111 million (out of which USD58 million are held
by third parties) 2025 million LPNs are issued by Bonitron
Designated Activity Company, an SPV domiciled in Ireland, which is
restricted in its ability to do business other than issue notes and
provide a loan to Eurotorg. The notes are secured by a loan to
Eurotorg, which ranks equally with the company's other senior
unsecured obligations. Eurotorg is the major operating company
within its group, accounting for most of the group's assets and
EBITDA.
Its recovery analysis assumes that Eurotorg would be considered a
going concern in bankruptcy and that it would be reorganised rather
than liquidated. Fitch has assumed a 10% administrative claim.
Eurotorg's going-concern EBITDA of USD110 million is 43% below
Fitch-adjusted EBITDA of USD192 million for 2021. It considers the
company's high FX risks and reflects Fitch's view of a sustainable,
post-reorganisation EBITDA, upon which Fitch based the valuation of
the company.
Fitch uses a mid-cycle enterprise value/EBITDA multiple of 4.0x to
calculate a post-reorganisation valuation. This is in line with
enterprise value multiples Fitch uses for Ukrainian poultry
producer MHP. For the debt waterfall assumptions, Fitch used its
estimates of the group's debt at end-2022. Lease liabilities were
not included in the debt waterfall, in line with its criteria.
Eurotog's USD122.9 million of secured debt ranks senior to LPNs in
the waterfall. For the purpose of recovery calculation, Fitch used
an LPN amount of around USD58 million, representing an external
debt obligation, as around USD53 million is repurchased by the
company but not redeemed. The waterfall analysis generated a ranked
recovery for senior unsecured LPN in the 'RR2' band, indicating a
higher rating than the IDR as the waterfall analysis output
percentage on current metrics and assumptions was 75%. However, the
LPNs are rated in line with Eurotorg's IDR of 'B-' as notching up
is not possible due to the Belarusian jurisdiction. Therefore, the
waterfall analysis output percentage is capped at 50%/'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to an
Upgrade:
- An upgrade is unlikely in current operating environment
- An upgrade of Belarus's Country Ceiling would be a prerequisite
for any upgrade
Factors that Could, Individually or Collectively, Lead to Rating
Affirmation and Stable Outlook:
- Stabilising operating environment and improved access to funding
in hard currencies
Factors that Could, Individually or Collectively, Lead to a
Negative Rating Action/Downgrade:
- Downgrade of Belarus's Country Ceiling
- Loss of access to international-transaction infrastructure
leading to an inability to service liabilities in hard currencies
- Difficulties in obtaining sufficient funding 12-18 months ahead
of large debt maturities, or obtaining those on more onerous terms
- Sustained operating underperformance, including declining
like-for-like sales and profitability leading to funds from
operations (FFO) adjusted gross leverage and adjusted gross debt
above 6.0x operating EBITDAR
- FFO fixed charge coverage and operating EBITDAR/(interest+rents)
below 1.5x on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Limited but Sufficient Liquidity: At end-December 2022, Fitch
estimates that Eurotorg had sufficient cash in combination with
forecast FCF to cover short-term debt.
Refinancing Risk Remains: All short-term maturities in 2023 relate
to debt not denominated in hardcurrencies. As the company has been
able to address upcoming debt maturities in a timely manner in the
past, Fitch deems refinancing risk to be overall manageable.
However, Fitch sees uncertainty regarding the near-to medium-term
functioning of the financial system in Belarus and Russia, whose
banks are currently the dominant lenders of Eurotorg, due to
various sanctions imposed on the countries. This might hinder the
company's ability to secure funding in the short-to-medium term.
ISSUER PROFILE
As of December 31, 2022, Eurotog's retail store portfolio consisted
of 169 rural convenience stores, 763 urban convenience stores, 124
supermarkets and 36 hypermarkets.
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
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LLC Eurotorg LT IDR B- Rating Watch Maintained B-
Bonitron
Designated
Activity
Company
senior
unsecured LT B- Rating Watch Maintained RR4 B-
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B E L G I U M
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AZELIS FINANCE: Fitch Gives BB+(EXP) on New EUR400MM Unsec. Notes
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Fitch Ratings has assigned Azelis Finance NV's proposed EUR400
million five-year senior unsecured notes an expected senior
unsecured rating of 'BB+(EXP)' with a Recovery Rating of 'RR4'. The
notes will be guaranteed on a senior basis by the parent Azelis
Group NV (BB+/Stable) upon issuance, and by some of the group
subsidiaries within 90 days of the issuance.
The proceeds will fund general corporate purposes, including
recently closed or signed acquisitions, repay amounts drawn on the
revolving credit facility (RCF), pay transaction costs, and fund
cash on the balance sheet.
Fitch will assign a final rating to the issuance upon receipt of
final documentation conforming to information already received.
KEY RATING DRIVERS
Global Specialty Distributor: Azelis is the second-largest
pure-play specialty chemical distributor by revenue behind IMCD
N.V., and is fourth-largest when considering Brenntag's and Univar
Solutions, Inc's specialty segments. Its critical mass in a
fragmented industry allows Azelis to benefit from long-standing
exclusivity contracts with suppliers and a large number of
customers globally.
Azelis's market position continues to be strengthened with organic
growth in existing markets and small, bolt-on M&A in new and
existing markets and geographies. Scale, technical and formulation
expertise and geographical breadth provide competitive advantages
to specialty chemical distributors such as Azelis versus smaller
players when it comes to securing supply contracts with large
chemical producers.
Diversified Markets, Stable Margins: Azelis's diversification,
variable cost structure and specialty product portfolio results in
resilient organic revenues and margins. Moreover, the company
benefits from the stability of specialty chemicals demand, and the
growth of distribution outsourcing. Fitch assumes the
Fitch-calculated EBITDA margin is maintained at around 10% in
2023-2026, slightly lower than in 2022 which Fitch views as an
exceptional year.
The company operates in 63 countries in the three main regions,
with 60% of revenues derived from life science end-markets
including food and nutrition, pharmaceuticals and personal care,
which are typically less cyclical than commodity chemical markets.
Azelis has highly diversified customers and suppliers, which limits
the impact of possible customer or supplier loss. The company's
asset-light structure and flexible cost base allows it to reduce
costs during downturns, providing further margin resilience.
Deferred Considerations: Fitch includes deferred considerations in
its calculation of financial debt, which results in Fitch's net
debt/EBITDA metric being 3.2x, higher than 2.2x reported by the
company for 2022. These liabilities are reported on the balance
sheet and represent delayed M&A outflow. Over half are due within
one year, with the remaining balance due by end-2025. While a
potential increase in debt should be viewed together with earnings
outperformance of the acquired companies, the net impact on
leverage metrics can be negative.
Aggressive M&A Expansion: Fitch believes that Azelis will continue
to pursue an aggressive acquisition strategy to consolidate a
fragmented specialty chemical distribution market. Fitch assumes
Azelis will spend EUR300 million to EUR400 million (excluding
payments of deferred considerations) on bolt-on acquisitions per
year in 2023-2026, acquiring an average of EUR30 million to EUR45
million per year of EBITDA. There will be additional outflow of
deferred considerations between 2023 and 2025.
This represents a more aggressive rate of inorganic growth than
peers and will require additional funding to supplement FCF. While
bolt-on acquisitions are commonplace in the chemical distribution
industry, this prevents material deleveraging from current levels.
Leverage Manageable: Fitch expects Azelis to maintain its EBITDA
net leverage at 3.3x to 3.5x in 2023-2026 following its
deleveraging from above 6x EBITDA net leverage pre-IPO. Strong
performance in 2021 and 2022 combined with incremental EBITDA from
bolt-on acquisitions led to EBITDA net leverage falling to 3.2x in
2022. Fitch views the resilience of Azelis's business model as
supportive of relatively high leverage for a 'BB+' rating, as the
company could deleverage rapidly by scaling down acquisitions,
given the earnings growth trajectory and quick realisation of
synergies.
Financial Policy Allows Manoeuvrability: The company's public
financial policy aims to maintain EBITDA net leverage between 2.5x
and 3.0x. In 2022, the ratio was lower than Fitch's calculation,
primarily due to the agency's inclusion of deferred considerations
and receivables factoring in its debt calculation. This means in a
scenario where Azelis grows its deferred consideration balance
through aggressive M&A, its reported leverage metrics may remain
within the company's financial policy, but breach Fitch's negative
sensitivity, which may lead to negative rating action.
DERIVATION SUMMARY
Azelis's closest Fitch-rated peer is IMCD N.V. (BBB-/Stable). Both
companies are pure-play specialty chemical distributors with
market-leading positions, a similar growth strategy focused on
FCF-funded bolt-on M&A and a comparable diversification of
suppliers and customers. Both companies have similar EBITDA and FCF
margins, but IMCD has larger EBITDA and lower leverage.
Univar Solutions, Inc (BB+/Positive) is the second-largest global
chemical distributor behind Brenntag. It is larger than Azelis but
generates about two-thirds of its revenues from commodity chemical
sales, exposing it to more volatile prices and lower EBITDA
margins. Univar is less geographically diversified, with 75% of
revenue from North America in 2022, whereas Azelis's revenue has no
notable geographical concentration.
Blue Tree Holdings, Inc. (BB-/Stable) and Reliance Steel & Aluminum
Co. (BBB+/Stable) are leaders in North America for polymers and
metals, respectively. Both companies operate in a fragmented market
like Azelis, although they do not benefit from the greater pricing
power of specialty products. Azelis has higher leverage than both
companies. Fitch forecasts through the cycle EBITDA net leverage to
remain under 3.0x and 1.0x for Blue Tree and Reliance,
respectively.
Arrow Electronics, Inc. (BBB-/Stable) is a distributor of
electronic components and enterprise computing solutions. Its
EBITDA is larger than Azelis but it operates in an industry with
lower switching costs and value-add for distributors, resulting in
lower EBITDA margins of 4%-5%, and higher earnings volatility.
Arrow Electronics has significantly lower leverage than Azelis with
through the cycle EBITDA net leverage below 2.0x.
KEY ASSUMPTIONS
- Organic revenue growth of 2% to 3% per year in 2023 to 2026
- EBITDA margin of 11% in 2023 and 10% in 2024-2026
- Capex at 0.5% of revenues
- EUR300 million to EUR400 million of M&A per year in 2023 to
2026
- Dividends in line with the company's stated financial policy
- Deferred considerations outstanding at end-2022 repaid over
2023-2025
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDA net leverage below 2.5x on a sustained basis
- FCF margin above 5% on a sustained basis
- Conservative execution of the company's financial policy
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA net leverage at or above 3.5x on a sustained basis
- FCF margin below 2.5% on a sustained basis
- Capital allocation prioritising acquisitions and growth over
an adherence to a prudent approach to managing leverage
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity for M&A: As at end-2022, Azelis's liquidity
stood at EUR518 million, consisting of EUR268 million in cash and a
EUR250 million undrawn RCF. Pro forma for the issuance of
Schuldschein tranches, acquisitions closed or signed in early 2023,
and for the proposed EUR400 million issue, liquidity amounts to
about EUR820 million. This will comfortably cover current financial
debt and deferred considerations due in 2023 and will supplement
FCF to fund M&A in the coming years, although the company may need
to raise additional funding.
The proposed issuance will diversify Azelis's maturity profile,
which is concentrated with EUR1 billion of term loans due in 2026
out of total gross debt of EUR1.8 billion including the proposed
issuance.
ISSUER PROFILE
Azelis is a specialty chemicals distributor headquartered in
Belgium with operations in 63 countries.
SUMMARY OF FINANCIAL ADJUSTMENTS
Lease liabilities are excluded from financial debt; amortisation of
right-of-use assets and lease-related interest expense are
reclassified as cash operating costs.
Factoring is added to financial debt and trade receivables are
increased by the same amount. Cash flow statement is adjusted to
reflect changes in factoring use in cash flows from financing
activities rather than cash flows from operating activities.
Amortised issuance costs are added back to financial debt to
reflect debt amounts payable at maturity.
Entity/Debt Rating Recovery
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Azelis Finance NV
senior
unsecured LT BB+(EXP) Expected Rating RR4
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C Y P R U S
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HELLENIC BANK: Fitch Gives 'B' Rating on EUR200MM Sub. Notes
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Fitch Ratings has assigned Hellenic Bank Public Company Limited's
(HB) EUR200 million subordinated notes due June 2033 (ISIN:
XS2597995112) a final long-term rating of 'B'. The notes have been
issued under HB's EUR1.5 billion euro medium-term note programme
and qualify as Tier 2 regulatory capital.
The rating is in line with the expected rating published on 6 March
2023.
All other issuer and debt ratings are unaffected.
KEY RATING DRIVERS
The notes constitute direct, unsecured and subordinated obligations
of HB.
The rating of the notes is notched off twice from HB's 'bb-'
Viability Rating (VR) for loss severity, to reflect their poor
recovery prospects in a non-viability event given their junior
ranking. No notching is applied for incremental non-performance
risk because write-down of the notes will only occur once the point
of non-viability is reached and there is no coupon flexibility
before non-viability.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The notes' rating would be downgraded if HB's VR is
downgraded.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The notes' rating would be upgraded if HB's VR is upgraded.
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
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Hellenic Bank
Public Company
Limited
Subordinated LT B New Rating B(EXP)
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F R A N C E
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ALBEA BEAUTY: Moody's Affirms B3 CFR & Rates Secured Term Loans B3
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Moody's Investors Service has affirmed Albea Beauty Holdings S.a
r.l.'s B3 corporate family rating and its B3-PD probability of
default rating. Albea is a global packaging manufacturer for the
beauty and personal care industry.
Concurrently, Moody's has assigned B3 ratings to the senior secured
term loans due December 2027 and to the $94.9 million senior
secured multi-currency revolving credit facility (RCF) due June
2027, borrowed by Albea. The rating action follows the proposed
maturity extension of these facilities from 2024 to 2027. The
outlook remains stable.
"The rating affirmation balances the company's solid growth
achieved in 2022 and the improved debt maturity profile, with the
execution risk in delivering future EBITDA gains sufficient to
achieve sustained positive free cash flow and cover the increased
interest expense owing to higher rates," says Donatella Maso, a
Moody's Vice President–Senior Credit Officer and lead analyst for
Albea.
RATINGS RATIONALE
The company has recently announced that it intends to extend the
maturities of its debt from April 2024 to December 2027. The
transaction will increase the company's cost of debt, resulting in
around $20-25 million of incremental interest expenses.
While the proposed amend and extend exercise removes the near term
liquidity risk in a leverage neutral transaction, it adds pressure
to Albea's already weak cash flow and interest coverage ratios. In
order to sustain the increased interest expense and achieve
positive free cash flow (FCF), Albea will need to deliver
significant EBITDA gains and reduce its restructuring costs over
the coming years, leaving limited room to underperform its business
plan.
Albea delivered strong revenue and EBITDA growth in 2022 under
challenging trading conditions. Revenues increased by 13.7% and its
Moody's adjusted EBITDA grew by 17% owing to a combination of
volume and price increases and, to a lesser extent, the
contribution from the acquisition of Abdos Lamitubes Private
Limited, which was completed in November 2021.
This resulted in a reduction in the company's Moody's adjusted
leverage to 6.5x in 2022 from 7.6x in 2021, despite increased
utilisation of non-recourse factoring. However, its FCF remained
negative, due to ongoing restructuring charges and high capital
expenditures.
Moody's expects Albea to continue to grow its EBITDA in 2023-2024
to around EUR160-170 million post restructuring charges, and to
reduce its gross Moody's adjusted leverage towards 5.5x. This will
be supported by sustained volumes across the three business units,
but mainly in IBG, due to new customer wins, the China re-opening,
and cost reduction initiatives including lower headquarter costs
following a corporate reorganization. However, any improvement in
EBITDA remains exposed to multiple risks such as the uncertain
consumer demand amid slower economic growth and the ability of the
company to manage inflationary pressures and to reduce
restructuring charges.
At the same time, the improvement in EBITDA expected by the rating
agency will not be sufficient to cover Albea's cash obligations
including the increased interest expenses, and the company will
continue to be FCF negative, constraining upward rating pressure.
The B3 rating continues to reflect the highly competitive trading
environment, combined with significant customer concentration,
resulting in pricing pressure, particularly from larger accounts.
However, this risk is partially mitigated by the company's
long-standing relationships with its blue-chip customers, as well
as a global manufacturing base that is aligned to the customers'
plants, and Albea's innovation capacity. The rating also takes into
consideration its lower profitability compared to its packaging
peers; and its exposure to volatile raw material prices.
The B3 rating is supported by Albea's leading position in the
global beauty and personal care packaging segment, particularly in
laminated tubes, mascara and lipsticks; its diversified product
portfolio offering which provides a degree of protection to
cyclical consumer spending fluctuations; and its broad geographic
footprint that allows the company to benefit from post pandemic
developing trend of growing regionalization of supply chains and
progressively achieve market share gains.
LIQUIDITY
Albea's liquidity is adequate. The company has $70 million of cash
on balance sheet, pro forma for $18 million of estimated
transaction fees, although $30 million is not immediately available
as it sits in jurisdictions where access to this cash is more
limited; and it has full availability under its $94.9 million
senior secured RCF maturing in June 2027. The company also relies
on $160 million committed non-recourse factoring facilities in
Europe and in North America, the maturity of which will be extended
from 2024 to 2027 in conjunction with the proposed amend and extend
transaction. These sources of liquidity will largely cover
immediate needs such as restructuring costs, working capital
movements and capital spending.
The senior secured RCF has one springing financial covenant (net
senior secured leverage ratio), set at 7.97x, to be tested on a
quarterly basis when the senior secured RCF is drawn by more than
40%. The company's net leverage was 3.88x as of December 2022.
Moody's expects the company to continue to comply with its covenant
when tested.
STRUCTURAL CONSIDERATIONS
The senior secured term loan B and the senior secured RCF, borrowed
by Albea Beauty Holdings S.a r.l., are both rated B3, in line with
the CFR. They are secured by pledges over shares and certain
assets, including material bank accounts, and are guaranteed by
material subsidiaries representing at least 80% of the consolidated
EBITDA and gross assets.
Moody's notes the presence of EUR219 million preferred equity
certificates (PECs), including accrued interests, lent into the
restricted group. Moody's expects the maturity of these PECs to be
extended as part of the proposed amend and extend process, such
that they continue to meet the equity credit criteria.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Albea's
operating performance will be sustained, thereby gradually
improving its credit metrics. The outlook assumes that the company
will not embark in material debt funded acquisitions or further
dividend distributions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings could develop if the company's
EBITDA and profitability continues to improve; its Moody's-adjusted
debt/EBITDA ratio falls towards 5.5x; its Moody's-adjusted
EBITDA/Interest expense ratio increases above 3.0x; and its FCF
turns positive on a sustainable basis while its liquidity remains
adequate.
Negative pressure on the ratings could arise if the company's
operating performance deteriorates; its Moody's-adjusted
debt/EBITDA ratio increases above 6.5x; its Moody's-adjusted
EBITDA/Interest expense ratio falls below 2.0x; its FCF remains
negative beyond 2024; or its liquidity deteriorates. Immediate
negative rating pressure would also arise if the preferred equity
certificates (PECs) no longer qualify for equity treatment.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: Albea Beauty Holdings S.a r.l.
Senior Secured Bank Credit Facility, Assigned B3
Affirmations:
Issuer: Albea Beauty Holdings S.a r.l.
Probability of Default Rating, Affirmed B3-PD
LT Corporate Family Rating, Affirmed B3
Outlook Action:
Issuer: Albea Beauty Holdings S.a r.l.
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
COMPANY PROFILE
Headquartered in France, Albea is a leading producer of plastic
packaging for the beauty and personal care industries. In 2022,
Albea generated $1.4 billion of revenue and $141 million of EBITDA
as adjusted by Moody's. The company is owned by private-equity firm
PAI Partners (PAI) since March 2018.
=============
G E R M A N Y
=============
GALERIA: Unveils Insolvency Plan to Creditors
---------------------------------------------
Pauline Neerman at Retail Detail reports that German department
store chain Galeria is not holding back in its insolvency plan:
either creditors settle for a pittance, or the chain goes bankrupt
and they get nothing at all.
Belgian subsidiary Inno may face a surprising twist.
According to Retail Detail, on March 27, Galeria will face its
creditors in some cut-throat negotiations: the department store
chain is working on a restructuring plan under the protection of
the court in Essen, but creditors will have to agree to a hefty
debt rescheduling. Banks, investors and even the German government
will face substantial losses, Retail Detail relays, citing
Lebensmittelzeitung.
Creditors can expect an insolvency rate of just 2 to 3.5 %,
according to the plan that Lebensmittelzeitung was able to read,
Retail Detail notes. This would be even worse than Galeria's
previous application for debt protection in 2020, when it was still
able to offer creditors 4.55 %, Retail Detail states.
If creditors reject the proposal, Galeria will have to cease
operations, the insolvency plan warns, according to Retail Detail.
In that case, the creditors will lose everything: in case of
bankruptcy, the debts are certain to exceed the value of the assets
-- meaning there is no way creditors can recover anything from an
asset sale, Retail Detail states.
In any case, creditors will lose billions of euros, Retail Detail
discloses. Galeria estimates there are at least EUR3.3 billion in
debts, at least EUR1.4 billion will be negotiated later, Retail
Detail relates. The department store chain also still owes the
German government EUR680 million, Retail Detail notes. The
latter's fund did demand a collateral though: the Belgian daughter
chain Inno, which is doing well, as well as the rights to the
chain's private labels, according to Retail Detail. Should Galeria
fail, Inno might end up in the hands of the German government,
Retail Detail relays.
===========
G R E E C E
===========
FRIGOGLASS SAIC: Moody's Appends 'LD' Designation to 'Ca-PD' PDR
----------------------------------------------------------------
Moody's Investors Service appended a limited default (/LD)
designation to the Ca-PD probability of default rating of
Frigoglass SAIC (Frigoglass or the company), changing it to Ca-PD
/LD from Ca-PD, after Frigoinvest Holdings B.V. (FHBV) and
Frigoglass Finance B.V., subsidiaries of Frigoglass, did not repay
the principal amount of and accrued interest on the EUR55 million
bridge notes which were due on February 28, 2023. Moody's will
likely remove the /LD designation upon completion of the company's
debt restructuring.
"The limited default designation reflects the fact that the
non-repayment of the bridge notes at maturity constitutes a default
under Moody's definition," says Sebastien Cieniewski, a Moody's
Vice President Senior Credit Officer and lead analyst for
Frigoglass. Moody's has appended Frigoglass' PDR with an "/LD"
(limited default) designation, indicating that the company is in
default on a limited set of its obligations. The bridge notes
provided by the committee of holders (the noteholders committee)
representing 56.9% of the EUR260 million backed senior secured
notes due 2025 issued by Frigoglass Finance B.V. (the 2025 notes)
were drawn in successive steps in December 2022 and January and
February 2023 to provide the company short-term liquidity.
On February 2, Frigoglass announced that Frigoglass Finance B.V.
had not paid the coupon due on February 1, 2023 with respect to the
2025 notes. The rating agency expects that Frigoglass' weak
liquidity position did not allow the company to cure the missed
coupon payment on the 2025 notes within the 30-day grace period
which expired March 3, 2023 leading to the instrument being in
default as well.
Frigoglass' ratings remain unaffected by the announcements and its
Ca corporate family rating reflects Moody's assumption of a high
likelihood of completion of a debt restructuring in the short-term
and the expectation that creditors will incur significant losses
through the transaction.
Frigoglass announced in 2022 that the company and the noteholders
committee had entered into a lock-up agreement pursuant to which
the parties commit to provide support to implement a
recapitalization transaction. Following the maturity of the bridge
notes, the parties to the lock-up agreement have invited all
remaining holders of the 2025 Notes to accede to the lock-up
agreement and commence the implementation of the recapitalization
and restructuring transaction, the details of which Frigoglass
disclosed on December 5, 2022 and amended as per its announcement
on February 2, 2023 and March 6, 2023. The recapitalization and
restructuring transaction, which received support from Frigoglass
major indirect shareholder, Truad Verwaltungs A.G., will result in
the issuance of new super senior notes maturing 2026 in the amount
of up to EUR75 million, with an uncommitted ability to issue in
total up to an additional EUR30 million, the proceeds of which will
be used to refinance the bridge notes and fund transaction costs.
Furthermore, EUR150 million of the 2025 notes will be exchanged for
reinstated notes maturing 2028 on amended terms, while the
remaining EUR110 million will be exchanged for 85% of the pro forma
equity of New DebtCo, an entity that will control FHBV and the rest
of the group. On the implementation date of the recapitalization
and restructuring transaction, ownership of FHBV and each of its
subsidiaries will be transferred to New DebtCo. The remaining 15%
stake in New DebtCo will be held by Frigoglass. The period for
implementation of the recapitalization transaction was extended to
April 13, 2023. Moody's would likely view the recapitalization
transaction as a distressed exchange under Moody's Rating Symbols
and Definitions published in December 2022.
PUBLIC POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Public Power Corporation S.A. (PPC)'s
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
at 'BB-'. The Outlook on the IDR is Stable. The Recovery Rating is
'RR4'.
PPC's 'b+' Standalone Credit Profile (SCP), including the likely
acquisition of Enel Romania, reflects its resilient cash flow
performance following Fitch's updated estimates for 2022-2025.
PPC's integrated business model and growing production from
renewables, largely backed with power purchase agreements (PPAs),
should help to gradually de-risk from a volatile wholesale market
price and continuing energy market intervention in Greece and
Romania.
The Stable Outlook reflects good leverage headroom under its funds
from operations (FFO) net leverage at around 4.2x on average for
2023-2025, compared with our negative guideline of 6.0x. Fitch
believes this adequately covers potential downside risks to its
forecasts arising from the volatile operating environment in Greece
and Romania. Its financial case assumes the successful completion
of the acquisition of Enel Romania.
PPC's IDR incorporates a one-notch uplift reflecting overall
moderate links with the Greek state (BB+/Stable) including strong
evidence of tangible support and moderate systemic relevance in
case of default. Fitch sees those links as weakening in the medium
term as PPC builds a record of financial self-sustainability and
the state reduces its grip.
KEY RATING DRIVERS
Potential for Higher SCP: Fitch assesses PPC's SCP at 'b+', but
Fitch sees some positive pressure as higher operating cash-flows
expected in 2023-2025 would lead to FFO net leverage at 4.2x on
average for 2023-2025 (5.6x previously). Resilient domestic cash
flows, the contribution from Enel Romania's acquisition and working
capital releases more than offset higher capex (including M&A) and
interest expenses. As a result, there is ample leverage headroom
compared with its sensitivities and the company's financial policy
(3.5x reported net debt to EBITDA).
Downside Forecast Risks: Its conservative view of the SCP is
premised on the elevated downside risks to its forecasts related to
further market intervention and the still volatile operating
environment (that can impact interest rates and energy prices) in
Greece and Romania. Fitch believes there is sufficient headroom to
accommodate business deviations within the 'b+' SCP and Fitch would
see potential upside for the SCP if its estimates fully
materialise.
Enel Romania Likely Acquisition Credit-neutral: Enel Romania
acquisition would be credit neutral for PPC's business profile. The
transaction would accelerate renewables capacity and increase
geographical diversification, enhancing the current mix of
regulated and quasi-regulated cash flows and business
profitability. Its view that the regulatory framework in Romania is
less transparent and predictable, given several regulatory tweaks,
would offset the positive strategic fit and synergies coming from
cross-country energy management optimisation. Fitch's financial
case assumes the successful completion of the acquisition of Enel
Romania in 2023.
Recently implemented remedial measures (i.e., the centralised
energy purchasing mechanism at a regulated price and 'guaranteed'
supply margins) could support a more benign assessment.
Resilient Domestic EBITDA: Fitch's expected domestic EBITDA for
2023-2025 (excluding Enel Romania) is only slightly weaker than its
previous year's expectations, signaling the overall resilience of
PPC's integrated business model, growing renewables' strategy and a
well-balanced market intervention in Greece, which Fitch assumes
will be in place until end-2024. For 2025, Fitch foresees a
continued high but sustainable wholesale market price for
end-costumers without the need of additional government subsidies.
Accelerated Capex Plan: The capex plan (net of customer
contributions) is forecast by Fitch at around EUR7 billion for
2023-2025, including Enel Romania, compared with EUR5.8 billion
previously, of which 95% is growth-related (largely in renewables).
Fitch believes that the project pipeline provides enough visibility
to the renewable plan execution, which already takes into account
slower lignite decommissioning (due to security of electricity
supply in Greece) with no impact on the deployment of planned
renewable projects as its development will be in ex-mines lands and
areas where lignite plants have already been decommissioned.
Fitch forecasts free cash flow (after M&A) to be heavily negative
at around EUR1.4 billion on average for 2023-2025, peaking in 2023
at EUR2.1 billion due to sizable M&A.
Challenged Generation: Following an extraordinary performance in
2021, Fitch forecasts PPC's conventional generation in 2023-2025 to
be challenged by the imposed price cap that limits the upside for
generators and by negative energy management results (largely for
covering the gradually expiring fixed-price high-voltage customers
contracts).
Key Integration with Supply: Weaker generation should be viewed in
conjunction with healthier earnings from the supply business. Fitch
forecasts selling price to be aligned with the trend of the
wholesale market and subsidies from the state to remain in place
until end-2024, mitigating the energy burden for end-customers. As
PPC is long on supply, the integrated result is slightly positive
for combined earnings, which reflects the growing value of business
integration.
Rising Structural Subordination: Its guideline of 2.5x prior
ranking debt to consolidated EBITDA will be breached by end-2023
due to its assumption of Enel Romania's rolled-over debt at the
opco and new opco debt to fund the telecom business and the new
gas-fired power plant. The company is in negotiations with banks to
fund most of its renewables' expansion at the holdco level. Added
to the amortising profile of current opco debt, this should bring
the reference ratio to within its threshold with no headroom by
2025.
Weakening State Links in Medium Term: Fitch assigns a one-notch
uplift to PPC's SCP of 'b+' under its Government-Related Entities
Criteria. This is premised on 'moderate' status, ownership and
control (Greek government is PPC's largest shareholder with a 34%
indirect stake) and 'strong' support track record (above 25%
guaranteed debt by end-2022, decreasing to 10% by 2025). PPC is the
incumbent utility company, a large employer in the country and a
relevant borrower for the Greek financial system, leading to
'moderate' socio-political and financial implications of PPC's
default for Greece.
However, Fitch assumes that government support might weaken in the
medium term as PPC improves its financial sustainability and
considering the reduction of the state's stake in 2021.
DERIVATION SUMMARY
PPC is the incumbent electricity utility in Greece, with the
closest domestic rated peer Mytilineos S.A. (MYTIL; BB/Stable),
which lags PPC in market share and scale. MYTIL is a diversified
group operating in the more volatile and cyclical metallurgy
(aluminium) and construction sectors and in the power sector, with
generation and supply contributing around 45% of EBITDA at
end-2022. MYTIL benefits from a higher renewable capacity in its
business mix, gas-fired plants and no exposure to lignite. The
two-notch rating difference on a standalone basis for PPC is due to
MYTIL's substantially lower forecast net leverage, trending to
below 2.5x from 2023 versus around 4.5x for PPC. The single-notch
uplift for government links for PPC narrows the difference between
the two IDRs to one notch.
PPC's closest peers are Bulgarian Energy Holding EAD (BEH;
BB/Positive; b+ SCP) in Bulgaria and Electrica SA (BBB-/Negative;
bbb- SCP) in Romania. BEH's decreasing FFO net leverage to 4.0x by
2025 is better than that of PPC (5.0x by 2025). However, Fitch sees
a slightly better business risk profile and higher debt capacity
for PPC, due to its larger scale, and the more regulated and
contracted nature of its cash flows. BEH's support score from the
sovereign parent under its GRE criteria is the same as for PPC, but
it allows for a larger uplift of two notches compared with one for
PPC, due to the higher sovereign rating of Bulgaria (BBB/Positive)
versus that of Greece (BB+/Stable).
For Electrica, the comparison is more relevant if Enel Romania's
acquisition is finally executed. Electrica's investment-grade
rating reflects a materially higher regulated EBITDA mix (80%
networks compared with around 40% for PPC), and lower leverage at
around 4.0x by 2025. However, Fitch views the regulatory
environment in Romania as less transparent and predictable than in
Greece, with cash flows being penalised in the last two years in a
context of high energy prices and strong market intervention, hence
the Negative Outlook. Fitch does not apply any notching support to
Electrica's IDR.
PPC's integrated business structure and strategic position in the
domestic market make the company comparable with some investment
grade central European peers such as PGE Polska Grupa Energetyczna
S.A. (BBB+/Stable) and ENEA S.A. (BBB/Negative), which share issues
related to more economical coal mining and coal-fired generation.
Additionally, PPC operates in a more volatile and less transparent
regulatory environment than ENEA and its results are less
predictable with a history of political intervention. Overall
better business risk profile, a healthier operating environment and
lower leverage explain the multi-notch difference with the central
European peers. PPC's rating includes a single-notch uplift to
reflect links with the sovereign, which is not the case for PGE or
ENEA.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
Greece:
- EBITDA to increase over 2022-2025 at a CAGR of around 9%;
conventional generation (recovering from very low levels in 2022)
and renewables (capacity additions) are the main growth engines,
electricity distribution largely stable and supply materially
decreasing from a very high level in 2022; Integrated position
(conventional and renewables generation + supply) has a relatively
stable contribution in the period of around 60%;
- Average electricity baseload day-ahead market price in Greece to
gradually decrease to EUR130/MWh in 2025E;
-'Cap price' for generators and subsidies for end-customers bills
to remain in place until end-2024, for 2025 conservative assumption
on (generation and supply) margins to avoid additional windfall
taxation; EUR276 million windfall tax in 2022 is classified as a
one-off;
- Phase-out of existing lignite-fired power plants beyond 2025
(total phase-out including new 0.61GW Ptolemaida V conversion to
gas by 2028); new CCGT unit to add 0.9GW by 2025;
- Gradual ramp-up of renewables capacity to 3.6GW by end-2025 (from
0.5GW by end-2022) mostly contracted with internal PPAs at
declining average prices;
- Regulatory asset base increasing to EUR3.2 billion in 2025, from
an estimated EUR3.0 billion by end-2022; Weighted average cost of
capital of 6.4% for 2022-2025;
- Supply volumes to decline from 31 TWh in 2022 to 25 TWh by 2025
Romania:
- Enel Romania acquisition on a pro-forma basis for earnings from
January 2023;
Other:
- Working capital unwind due to the reduction in overdue
receivables, streamlining of payables and lower margin calls
requirements;
- Cumulative capex net of customer grants of EUR6.0 billion for
2022-2025 (not including the acquisition);
- Dividends to shareholders assumed from 2024 for the financial
result in 2023, based on a policy of 35%-55% pay-out; continuation
of a share buy-back up to 10% of the share value.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Further tangible government support. However, Fitch does not view
this as likely following the reduction in the state's ownership to
34% and decreasing state guarantees
- FFO net leverage falling below 5.0x on a sustained basis, FFO
interest coverage higher than 3.5x, lower regulatory and political
risk resulting in higher earnings predictability, would be positive
for the SCP and the IDR
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Weaker links with Greece, including additional dilution of the
state's ownership or a material reduction of the share of
state-guaranteed debt, if not coupled with an upward revision of
the SCP
- A weaker SCP, for example, due to FFO net leverage exceeding 6.0x
on a sustained basis or FFO interest coverage lower than 2.5x or
worsened operating environment in Greece/Romania, including failure
to improve trade receivables collections
- A deviation from the stated financial policy of 3.5x net debt to
EBITDA (as reported by the company)
- Failure to decrease prior-ranking debt towards 2.5x consolidated
EBITDA by 2024 could lead to a one-notch downgrade of the senior
unsecured rating at the holding company level
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: At end-September 2022, readily available cash
and cash equivalents was EUR2 billion and EUR0.9 billion of unused
revolver and overdraft availabilities (Fitch excludes EUR0.2
billion of availabilities in term loans linked to capex development
largely at Hedno level). In 2023, Fitch assumes Enel Romania
acquisition to be fully funded with a combination of new debt, cash
in hands and rolled-over debt.
This is sufficient to cover debt maturities of EUR1.6 billion,
EUR0.6 billion of which holds an option to extend by two years, and
negative cash flow (after M&A) of around EUR2.4 billion until
end-2024.The company has improved its debt maturity profile over
2021 and 2022, with upcoming maturities not until 2026 and 2028,
when bonds of EUR775 million and EUR500 million mature.
Mix of Holdco and Opco Debt: Debt at the holdco level, PPC S.A., is
around 60% of the total consolidated debt, proforma of the
acquisition, with the remaining at opco level (Hedno, PPCR, EDS,
new CCGT JV, Telcom unit and Romania's subsidiary). Fitch expects
new debt linked to the renewable expansion to be largely raised at
the holdco level and on-lent to the projects. The debt structure
within the group poses structural subordination risks in the short
term, which Fitch expects the company will gradually address.
Energy Crisis Increases Trade Receivables: Fitch forecasts gross
trade receivables stock to temporarily increase by around 15% from
the EUR3.2 billion stock by end-2021, mostly due to higher average
electricity bills in 2022, until it gradually reduces to EUR3.2
billion by 2025, following wholesale price reduction. Despite this
unfavorable development, Fitch does not anticipate liquidity
pressure to impair PPC given its adequate liquidity. Fitch expects
an improvement in collection rates, given management's focus on
this area and the positive record achieved under normal energy
prices.
ISSUER PROFILE
PPC is the largest power generation company in Greece, with 10.5GW
installed at September-2022, and the country's largest power supply
provider to approximately six million customers at end-2022. PPC
holds assets in lignite mines, power generation and distribution.
Its generation portfolio consists of conventional thermal plants
(lignite, gas and oil fired), and hydro power plants, as well as
renewables.
PPC is also the majority owner of HEDNO. In December 2022, PPC
entered into an exclusivity agreement with Enel S.p.A to acquire
the 100% of Enel's stake in Enel Romania.
ESG CONSIDERATIONS
PPC has an ESG score of '4'for on both GHG Emissions & Air Quality
and Energy Management. This is due to about a 25% share of lignite
coal in its electricity generation mix expected by end-2022, which
is carbon-intensive and under pressure in the EU.
Lignite plants were expected to be completely decommissioned by
2025. However, this has been delayed by one to two years over gas
security of supply concerns. Fitch therefore projects increasing
lignite fuel usage and CO2 emissions over the next two years,
decreasing thereafter as the decommissioning plan resumes this
could have an impact on the cost of debt (+50 bp) if the emissions
target by end-2022 included in PPC's sustainability-linked-bonds is
not met. Fitch expects lignite-fired plants to turn economically
positive throughout 2025, due to a high price scenario but to be
structurally loss-making under a normalised price environment.
Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Public Power
Corporation S.A. LT IDR BB- Affirmed BB-
senior
unsecured LT BB- Affirmed RR4 BB-
PUBLIC POWER: S&P Affirms 'BB-' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit and
'BB-' issue ratings on Greek power utility Public Power Corp.
(PPC).
S&P said, "The stable outlook indicates that, despite the
significant acquisition near-term execution risk, partly mitigated
by the current PPC CEO being the former CEO of Enel Romania, we
expect the company will continue to deliver on its transformation
plan, with supportive liquidity and high investments, resulting in
FFO to debt of about 17% and debt to EBITDA of close to 4.5x over
2023-2024."
On Mar. 9, 2023, Public Power announced it has agreed with Enel SpA
to purchase its integrated power utility in Romania, Enel Romania
SrL, for about EUR1.3 billion (equity value, excluding minority
stakes). The acquisition will be financed through cash and
committed bank borrowings and S&P expects it to close by year-end
2023.
S&P said, "In 2022, PPC achieved good performance in a complex
operating environment, and we expect Enel Romania to add
significant diversification. In our base-case scenario, we
consolidate Enel Romania in PPC's accounts from Jan. 1, 2023. We
forecast the EUR1.5 billion acquisition of Enel's shares in
Romanian activities (excluding minority interests) to be fully
funded via cash and debt and close by year-end 2023. From 2023, we
fully consolidate Enel Romania's EUR350 million-EUR400 million
reported EBITDA, EUR300 million of capital expenditure (capex),
EUR590 million of reported net debt, and EUR40 million of dividends
to minority interests. We expect improved working capital in 2022
and 2023 (better than we expected in our previous forecasts) will
help reduce materially PPC leverage before the acquisition
restoring a comfortable buffer above our rating threshold of FFO to
debt of 15% and below PPC's public net debt to EBITDA ceiling of
3.5x (equivalent to about 4.5x S&P Global Ratings-adjusted debt to
EBITDA in 2023). As of year-end 2022, we expect S&P Global
Ratings-adjusted net debt to decrease by 13% year-on-year to EUR2.8
billion with the accumulation of EUR3.2 billion cash on the balance
sheet following November 2021's EUR1.4 billion capital increase and
February 2022's EUR1.3 billion cash in from the sale of its 49%
interest in Greek distribution network HEDNO. Performance in 2022
will showcase extraordinary constraints on earnings with Greek
government special windfall tax on generation of EUR276 million,
reducing our adjusted EBITDA to EUR600 million-EUR650 million
(versus reported EBITDA estimate of about EUR900 million). We also
foresee material increase in bad debt provisions will weaken
metrics in 2022 and 2023, despite recurring performance in those
two years being partially protected by the group's integrated
positions in supply and generation and stable distribution revenue.
Our updated forecast shows solid improvement in cash flow, with
positive working capital in third- and fourth-quarter 2022 from the
reversal of margin requirements."
Once integrated, Romanian assets will have a positive impact on
PPC's business risk profile. The exposure to Romania brings growth
opportunities in renewable generation (with an installed asset base
of about 500 megawatts [MW] and a potential pipeline of about 5
gigawatts [GW]), while acquired supply and distribution network
assets being fully aligned with PPC's core businesses in Greece and
reinforces its integrated position in the energy market. With the
integration of Enel Romania's energy supply, renewable generation,
and power distribution networks, PPC's group size would materially
increase with an approximately 35% increase in EBITDA to about
EUR1.3 billion in 2023 and diversification to a different market
with significant growth potential would be positive for the
company's business risk profile. It brings exposure to different
energy production and consumption patterns, a highly fragmented
household retail portfolio, and exposure to a different network
regulatory framework, which can positively reduce the group's risk
profile and potentially improve energy management activities.
Network activities (about 50% of Enel Romania's EBITDA) brings
contained risk as S&P assesses the regulatory framework in Romania
to be in line in terms of supportiveness with the Greek regulatory
framework. This is thanks to adequate and timely recovery of most
of costs, and expected material improvements within the next
Romanian regulatory period starting in 2024.
S&P said, "We still perceive high execution risk from the
acquisition and associated financing, as well as the need for an
additional track record on group performance. The acquisition is
expected to close by year-end, so significant execution risk
remains and we will monitor advancements over the deal's closing
and asset integration. Liquidity risk is contained because the
acquisition is financed partially by a five-year Greek loan of
EUR485 million, completed by a EUR315 million committed one-year
bridge loan that will increase refinancing needs reasonably. On the
operating side, the Romanian market is heavily regulated by the
government, and affordability measures (with caps in prices on
generation and supply) and windfall taxes will be key elements we
will monitor. The Greek and Romanian governments decided on several
government measures in 2022 to cope with volatile energy prices.
The related uncertainty have decreased significantly; notably,
energy purchase costs are heavily regulated in Romania, leading to
low uncertainty in margins from 2023-2025. However, we will need a
track record in improvement in overdue receivable management during
high inflation in Greece and Romania. In addition, delivery over
PPC's buildup of renewable projects and the phase-out of its coal
program are key considerations in improving the company's
competitive position. We will monitor delays in renewable
development caused by supply chain shortages. The phase-out of
lignite plants temporarily stopped with some closures for 2023
postponed to 2024 and 2025. The commissioning of the Ptolemais V
(610 MW net capacity) lignite fired plant is now planned for
first-quarter 2023; we expect the plant will transition into a
gas-fired plant by 2028. For security of supply, PPC has agreed
with the state to increase the participation of lignite-fired
generation to 20% of Greece's energy mix. Finally, the company is
building an 840 MW gas plant, reinforcing its 50% share of gas
capacity in Greece.
"We consider PPC's dividend distribution and share repurchase
program as flexible and aligned with the target financial policy,
supporting the rating. We assess the company's dividend policy as
relatively aggressive, with the share buyback program realized in a
year of material debt-funded acquisitions, and with dividends
expected to increase to more than EUR200 million in 2024 after a
track record of no dividend payment. However, PPC set a 3.5x
reported net debt-to-EBITDA target and we consider dividends could
be shaped to protect this level of leverage."
Significant minority interests remain in the group. Enel Romania
assets' minority shareholders in distribution and supply--22% in
EDM and 49% in EDB and EDD (distribution in Romania); and 22% in
EEM and 49% in EE (supply in Romania) owned by SAPE and
Fondul--adds to the 49% minority stake in HEDNO distribution
assets. Material minority shareholders within the group remains
similar to pre-acquisition levels with about 10 basis points of
lower FFO to debt with proportional consolidation and EUR100
million expected annual dividends to minority shareholders.
The stable outlook reflects S&P's view that PPC will gradually
progress on its strategic plan over the next two years while
integrating Enel Romania, maintaining leverage below 5x and FFO to
debt above 15% with no liquidity pressure.
A negative rating action would stem from one or more of the
following factors:
-- The company's credit metrics deteriorate materially, with FFO
to debt below 15% or debt to EBITDA above 5x. This could result
from a significant deterioration of the retail segment's operating
performance, with difficulties in improving payment collection, or
a slower transformation of its generation mix, with delays in the
closure of its lignite plants and renewables development.
-- Fallout from the Russia-Ukraine conflict is more severe than
S&P anticipates, resulting for example in a higher-than-expected
bad debt from PPC's retail activities and lower electricity volumes
consumed, or regulatory measures affecting the company's margins or
liquidity.
-- S&P took a negative rating action on Greece (BB+/Stable/B), or
it observed less willingness and ability from Greece to support
PPC, for example if it sold its 34.1% share in the company.
-- S&P could raise the long-term rating one notch to 'BB' if it
revised up its assessment of PPC's stand-alone credit profile
(SACP) by two notches to 'bb', other factors remaining equal. All
else being equal, a one-notch upgrade to Greece would not trigger a
direct change in the ratings on PPC.
An upward revision of the SACP to 'bb-', which would ultimately not
affect the rating, would depend on:
-- Solid performance in all business lines;
-- Strong credit metrics, such as FFO to debt sustainably above
19% and debt to EBITDA below 5x;
-- The delivery of its transformation plan without operating
issues; and
-- Demonstrated improvement in its business model with an improved
competitive position in its merchant business.
ESG credit indicators: E-4, S-2, G-3
Environmental factors are a negative consideration in S&P's credit
rating analysis of PPC. The company is still more exposed than
peers to environmental risk, even as it is implementing a strategic
plan that includes a gradual shift toward a lower carbon
dioxide-emitting fleet. Lignite-based generation represented 25% of
the energy production mix on March 31, 2022, while natural gas- and
oil-based production represented 40% and 15%, respectively. PPC has
closed 1.4 GW (net capacity) of its 3.4-GW lignite generation
fleet, and plans to phase out the remaining 2 GW by 2025. The new
lignite plant, Ptolemais V, will be phased out by 2028, as per
Greek National Energy and Climate Plan.
=============
I R E L A N D
=============
ARES EUROPEAN X: Moody's Affirms B2 Rating on EUR13.5MM F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ares European CLO X DAC:
EUR30,250,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 22, 2021 Definitive
Rating Assigned Aa2 (sf)
EUR17,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Jun 22, 2021 Definitive Rating
Assigned Aa2 (sf)
EUR31,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jun 22, 2021
Definitive Rating Assigned A2 (sf)
EUR25,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa2 (sf); previously on Jun 22, 2021
Definitive Rating Assigned Baa3 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR274,500,000 Class A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 22, 2021 Definitive
Rating Assigned Aaa (sf)
EUR26,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jun 22, 2021
Affirmed Ba2 (sf)
EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jun 22, 2021
Affirmed B2 (sf)
Ares European CLO X DAC, issued in September 2018 and refinanced in
June 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ares European Loan Management LLP ("AELM").
The transaction's reinvestment period will end in April 2023.
RATINGS RATIONALE
The rating upgrades on the Class B-1, B-2, C and D notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in April 2023.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher diversity score than it had assumed at the last rating
action in June 2021.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR451.77m
Diversity Score: 63
Weighted Average Rating Factor (WARF): 2983
Weighted Average Life (WAL): 4.19 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.81%
Weighted Average Coupon (WAC): 4.24%
Weighted Average Recovery Rate (WARR): 44.48%
Par haircut in OC tests and interest diversion test: none
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: Once reaching the end of the reinvestment
period in April 2023, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
CAPITAL FOUR V: Fitch Assigns 'B-sf' Final Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Capital Four CLO V DAC final ratings.
Entity/Debt Rating
----------- ------
Capital Four
CLO V DAC
A XS2582079989 LT AAAsf New Rating
B-1 XS2582080052 LT AAsf New Rating
B-2 XS2582080219 LT AAsf New Rating
C XS2582080649 LT Asf New Rating
D XS2582080722 LT BBB-sf New Rating
E XS2582080995 LT BB-sf New Rating
F XS2582081456 LT B-sf New Rating
Sub XS2582081530 LT NRsf New Rating
TRANSACTION SUMMARY
Capital Four CLO V DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. The note proceeds are being used
to fund an identified portfolio with a target par of EUR350
million. The portfolio is managed by Capital Four CLO Management II
K/S. The CLO envisages a 4.5-year reinvestment period and a
8.5-year weighted average life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.59.
Strong Recovery Expectation (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
63.51%.
Diversified Portfolio (Positive): The transaction includes two
Fitch matrices: one effective at closing and corresponding to a top
10 obligor concentration limit of 20%, and maximum fixed-rate asset
limit of 15%; and one that can be selected by the manager at any
time from one year after closing as long as the collateral
principal balance (including defaulted obligations at their
Fitch-calculated collateral value) is at least EUR350 million and
subject to the same limits as the previous matrix.
The transaction also includes various concentration limits,
including the maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.5-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 (Neutral): The WAL used for the transaction's
stressed-case portfolio and matrices analysis is 12 months less
than the WAL covenant to account for structural and reinvestment
conditions after the reinvestment period, including the
satisfaction of the over-collateralisation (OC) tests and Fitch
'CCC' limit, together with a consistently decreasing WAL covenant.
These conditions would in the agency's opinion reduce the effective
risk horizon of the portfolio during stress period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean rating default rate (RDR) across all
ratings and a 25% decrease of the rating recovery rate (RRR) across
all ratings would result in downgrades of no more than one notch
for all notes apart from the class A notes, which showed no
impact.
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics of the identified portfolio than the
Fitch-stressed portfolio the rated notes display a rating cushion
to a downgrade of up to two notches for the class B, D, E and F
notes, and one notch for the class C notes. For 'AAAsf' rated
notes, they are already at the highest rating on Fitch's scale and
therefore do not have a rating cushion.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode 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 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 across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
one notch for the class C notes, two notches for the class B, D and
F notes, and three notches for the class E notes. For the 'AAAsf'
rated notes, they are at the highest rating on Fitch's scale and
therefore cannot be upgraded.
During the reinvestment period, upgrades based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' notes,
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
CARLYLE GLOBAL 2014-2: Moody's Affirms B2 Rating on Cl. E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Carlyle Global Market Strategies Euro CLO 2014-2
Designated Activity Company ("Issuer"):
EUR10,400,000 Class A-2A-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on May 21, 2021 Definitive
Rating Assigned Aa2 (sf)
EUR26,400,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on May 21, 2021 Definitive
Rating Assigned Aa2 (sf)
EUR13,800,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on May 21, 2021
Affirmed A2 (sf)
EUR10,000,000 Class B-2-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on May 21, 2021
Affirmed A2 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR239,400,000 Class A-1-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on May 21, 2021 Definitive
Rating Assigned Aaa (sf)
EUR19,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on May 21, 2021
Affirmed Baa2 (sf)
EUR29,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on May 21, 2021
Affirmed Ba2 (sf)
EUR11,700,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on May 21, 2021
Affirmed B2 (sf)
Carlyle Global Market Strategies Euro CLO 2014-2 Designated
Activity Company, issued in June 2014, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by CELF Advisors
LLP. The transaction's reinvestment period will end in May 2023.
RATINGS RATIONALE
The rating upgrades on the Class A-2A-R, A-2B-R, B-1-R and B-2-R
notes are primarily a result of the benefit of the shorter period
of time remaining before the end of the reinvestment period in May
2023.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had previously assumed.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR384.19m
Defaulted Securities: EUR3m
Diversity Score: 56
Weighted Average Rating Factor (WARF): 3138
Weighted Average Life (WAL): 4.36 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.00%
Weighted Average Coupon (WAC): 4.89%
Weighted Average Recovery Rate (WARR): 44.91%
Par haircut in OC tests and interest diversion test: none
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: Once reaching the end of the reinvestment
period in May 2023, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
GLENBEIGH 2 ISSUER 2021-2: S&P Raises Cl. F Notes Rating to B+
--------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)' from 'AA (sf)', to 'AA-
(sf)' from 'A+ (sf)', to 'A- (sf)' from 'BBB+ (sf)', to 'BBB- (sf)'
from 'BB+ (sf)', and to 'B+ (sf)' from 'B- (sf)' its credit ratings
on Glenbeigh 2 Issuer 2021-2 DAC's class B-Dfrd, C-Dfrd, D-Dfrd,
E-Dfrd, and F-Dfrd notes, respectively. At the same time, S&P
affirmed its 'AAA (sf)' rating on the class A notes.
The rating actions reflect its full analysis of the most recent
transaction information that it has received and the transaction's
structural features.
The transaction's performance remains stable, with the liquidity
reserve fund remaining at target, and the general reserve fund
topping up to EUR470,300 from 0 at closing, although it remains
below the target of EUR1.3 million. This, along with the remaining
assets' natural amortization since closing, resulted in further
credit enhancement within the transaction. At the same time,
arrears at the pool level have increased slightly.
S&P said, "We expect Irish inflation to have peaked in 2022 at 8%.
Although elevated inflation is overall credit negative for all
borrowers, inevitably some borrowers will be more negatively
affected than others. To the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge. The pool comprises primarily interest-only and
part and part European Central Bank tracker loans. As a result,
some borrowers in this pool face near-term pressure from both a
cost of living and rate rise perspective. We have considered this
in both our credit and cash flow analysis.
"After applying our global RMBS criteria, our weighted-average
foreclosure frequency has increased at all rating levels primarily
because of the increase in 30+ day arrears to 3.1% from 1.0% at
closing. Our weighted-average loss severity assumptions have
decreased at all rating levels due mainly to the reduced current
weighted-average loan-to-value ratio following recent significant
HPI growth in Ireland."
Table 1
Credit Analysis Results
RATING LEVEL WAFF (%) WALS (%)
AAA 38.63 51.54
AA 27.15 48.21
A 21.29 41.79
BBB 14.78 38.18
BB 8.42 35.55
B 6.90 33.07
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
S&P said, "The transaction reported higher average servicing and
fixed fees over the past year than anticipated at closing, and we
have considered these increased reported fees in our cash flow
analysis as part of our surveillance review.
"Considering the results of our credit and cash flow analysis, the
increased available credit enhancement, and the transaction's
performance, we consider that the available credit enhancement for
the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes are now
commensurate with higher ratings than those currently assigned. We
therefore raised to 'AA+ (sf)' from 'AA (sf)', to 'AA- (sf)' from
'A+ (sf)', to 'A- (sf)' from 'BBB+ (sf)', to 'BBB- (sf)' from 'BB+
(sf)', and to 'B+ (sf)' from 'B- (sf)' the ratings on these classes
of notes, respectively.
"Our analysis indicates that the class C-Dfrd to F-Dfrd notes could
withstand our stresses at higher ratings than those assigned.
However, the ratings on these classes of notes are constrained by
additional factors. Specifically, we considered the potential
sensitivity of these classes of notes to an increase in arrears
because of increasing interest rates. We therefore limited our
upgrade of the class C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes.
"The results of our cash flow analysis support the currently
assigned 'AAA (sf)' rating on the class A notes. We therefore
affirmed our 'AAA (sf)' rating on the class A notes."
Glenbeigh 2 Issuer 2021-2 is a static RMBS transaction that
securitizes a portfolio of buy-to-let mortgage loans, secured over
residential properties in Ireland. The transaction closed in
September 2021.
HAUS EUROPEAN 39: Moody's Cuts Rating on EUR47.6MM D Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded all classes of EMEA CMBS
notes issued by HAUS (EUROPEAN LOAN CONDUIT NO. 39) DAC
("Issuer"):
EUR194.2M Class A1 Notes, Downgraded to Aa1 (sf); previously on
Aug 23, 2021 Definitive Rating Assigned Aaa (sf)
EUR19.1M Class A2 Notes, Downgraded to Aa3 (sf); previously on Aug
23, 2021 Definitive Rating Assigned Aa2 (sf)
EUR24.6M Class B Notes, Downgraded to A1 (sf); previously on Aug
23, 2021 Definitive Rating Assigned Aa3 (sf)
EUR29.9M Class C Noes, Downgraded to A3 (sf); previously on Aug
23, 2021 Definitive Rating Assigned A2 (sf)
EUR47.6M Class D Notes, Downgraded to Ba1 (sf); previously on Aug
23, 2021 Definitive Rating Assigned Baa2 (sf)
RATINGS RATIONALE
The rating action reflects the re-assessment of the expected loss
of the underlying loan. The key driver for the rating downgrades
is an increase in expected loss due to a lower Moody's collateral
property value and an increase in the loan's default risk.
The portfolio of German residential properties is currently
under-performing the business plan with low occupancy at around 58%
and significant delays in the planned refurbishments of the units.
The transaction's loan to value (LTV) ratio has risen to 75.2% from
67.9% at closing based on a reported October 2022 valuation of
EUR423.7 million, just under 10% lower than at closing. This
compares to a Moody's LTV ratio of 91% which reflects a Moody's
term value for the portfolio of EUR350.3 million based on a net
cash flow of EUR20.6 million and a cap rate of 5.9%.
Moody's rating action reflects a base expected loss in the range of
0%-10% of the current balance. Moody's derives this loss
expectation from the analysis of the default probability of the
securitised loan (both during the term and at maturity) and its
value assessment of the collateral.
At closing, the seller of the portfolio funded a total of EUR62.8
million of cash reserves comprising EUR23.3 million of rental
guarantee to fund the shortfall between actual rent and an expected
stabilised rental income of EUR35 million and a EUR39.5 million
capex guarantee to fund the renovation. As of January 2023 IPD, the
rental guarantee has been depleted, while EUR25.9 million remains
undrawn from the capex guarantee as only EUR13.5 million has been
utilised. Under the Sale and Purchase Agreement (SPA), if funds in
the reserve are insufficient, the seller has to pay directly any
difference between the available amount and the amount due under a
Payment Confirmation to the Rent Guarantee Account of the relevant
PropCo.
However, the seller has not complied with its obligations since the
October 2022 IPD and Brookfield (Sponsor) has been topping up the
rental guarantee reserve for the past two quarters. The Sponsor is
also planning to restructure the joint venture and take full
control in order to expedite the business plan completion. Moody's
view positively Brookfield's support for the transaction, however
completing the refurbishment plan and stabilising occupancy during
the remaining three years of the initial loan term will pose a
significant challenge.
DEAL PERFORMANCE
HAUS (EUROPEAN LOAN CONDUIT NO. 39) DAC is a true sale transaction
backed by a EUR318.75 million loan. The issuer used the notes
proceeds to fund the liquidity reserve and to acquire a loan which
funds the acquisition and related transaction closing costs of a
portfolio of mostly 6,281 residential units in 59 properties
predominantly located in Germany's largest state of North-Rhine
Westphalia. The ultimate majority sponsor of the borrower is
Brookfield Asset Management Inc. a global and experienced real
estate investment manager. The portfolio is managed by Belvona, a
newly established (April 2020) management company.
The loan has an initial term of five years (first expected
maturity), followed by 20 one-year extension options, provided that
the LTV is no greater than 75% and the debt yield exceeds 7%,
amongst other conditions stipulated in the Facility Agreement. The
loan pays a floating interest of 3m Euribor plus a margin of 1.98%
until the second year. The margin reduces to 1.84% for the
remaining initial term, and it steps up to 3.25% thereafter. The
loan is 100% hedged via a Euribor cap with a maximum strike rate of
2.0% until the first expected maturity; it reduces to 1%
thereafter. Currently, the strike rate is 0.25% until July 2023.
There is no scheduled amortisation until the first expected
maturity when a EUR6.4 million annual amortisation starts.
The key driver of the portfolio's underperformance is the slower
than expected refurbishment plan and the stable but very high
vacancy since closing. Of the 2,263 units scheduled for
refurbishment works, only 289 (12.8%) have been completed since
closing. Another 908 units have undergone works, but were not
identified for refurbishment at closing. Reportedly, the delay has
been mainly driven by supply and labour shortages due to Covid-19
restrictions and further exacerbated by a significant increase in
construction costs.
In turn, the slow delivery of the business plan has affected the
leasing activity at the properties. Currently, vacancy stands at
41.7%, relatively unchanged since closing. Gross and net rental
incomes remain well below closing expectations given the lack of
material progress on the business plan. As a result, the rental
guarantee which funded the shortfall between actual and the
business plan income targets has been fully depleted. According to
the latest servicer report, the non-payment by the seller continued
for two IPDs, thus demonstrating non-compliance with their material
obligations. In February and March two waivers were granted to
prevent the non-payment from triggering a Loan Event of Default.
The waivers are conditional upon a series of obligations for
Brookfield and will expire after July 31, 2023.
In addition, the sponsor and the Agent have agreed on the
restructuring of the joint venture. According to the latest
servicer report, an entity related to Brookfield will step into the
rental and capex guarantees and replace the vendor. Moody's
understands this is a step towards Brookfield taking full control
of the joint venture with the aim of expediting the delivery of the
business plan.
The reported debt yield (DY) was 4.1% as of January 2023, and it
stood at around 4% since closing. Currently the transaction is in
breach of its DY cash trap covenant and in the quarter ending in
January 2023 EUR2.2 million was transferred to the Cash Trap
Account. According to the transaction documents, if a Cash Trap
Event is continuing, the amounts trapped will be applied in
prepayment of the loan. A new valuation as of October 2022 is
EUR423.7 million, just under 10% lower than at closing. Following
the new valuation, the reported LTV sharply increased to 75.2% from
67.9% at closing. A further marginal decline in the market value of
the properties would also trigger its LTV cash trap covenant that
stands at 77.9%.
Moody's Term Value has decreased to EUR350.3 million from EUR378.2
million at closing. Moody's LTV has thus increased to 91.0% from
84.3% at closing. Moody's Refi Value has decreased to EUR456.9
million from EUR472.6 million at closing. Moody's LTV has thus
increased to 69.8% from 67.4% at closing.
Moody's updated valuation reflects a delay in completing the
refurbishment program and stabilising occupancy and rental income
closer to the end of the initial loan term in July 2026. Moody's
average net cash flow for the loan term is EUR20.6 million and
increases to EUR23.5 million at the first expected maturity. The
initial property grade for the portfolio is 3.5 but improves to 3.0
following the planned refurbishments. In determining a Moody's
market value, Moody's applied an overall average capitalisation
rate of 5.9% for the initial term of the transaction and 5.1% at
the first expected maturity date reflecting the improvement in
Moody's property grade.
Moody's will closely monitor the transaction, especially regarding
all aspects relating to the restructure of the joint venture and
the delivery of the business plan.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loans in combination with the successful
execution of the business plan; or (ii) a decrease in default risk
assessment.
Main factors or circumstances that could lead to a downgrade of the
ratings are generally: (i) a decline in the property values backing
the underlying loans especially due to continued failure to
successfully execute the business plan; or (ii) an increase in
default risk assessment.
LAURELIN 2016-1: Moody's Affirms B2 Rating on EUR10.5MM F-R Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Laurelin 2016-1 Designated Activity Company
("Issuer"):
EUR21,500,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Apr 20, 2021 Affirmed Aa2
(sf)
EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Apr 20, 2021 Definitive
Rating Assigned Aa2 (sf)
EUR26,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Apr 20, 2021
Affirmed A2 (sf)
EUR26,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa2 (sf); previously on Apr 20, 2021
Affirmed Baa3 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR238,800,000 Class A-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Apr 20, 2021 Definitive
Rating Assigned Aaa (sf)
EUR23,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Apr 20, 2021
Affirmed Ba2 (sf)
EUR10,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Apr 20, 2021
Affirmed B2 (sf)
Laurelin 2016-1 Designated Activity Company, originally issued in
July 2016, last time refinanced in April 2021 is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
GoldenTree Asset Management LP. The transaction's reinvestment
period will end in April 2023.
RATINGS RATIONALE
The rating upgrades on the Classes B-1-R, B-2-R, C-R and D-R notes
are primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in April 2023.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile, higher
weighted average recovery rate and lower weighted average rating
factor than it had assumed at the last rating action in April
2021.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR389.4 million
Defaulted Securities: EUR2.1 million
Diversity Score: 51
Weighted Average Rating Factor (WARF): 2900
Weighted Average Life (WAL): 3.99 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.74%
Weighted Average Coupon (WAC): 4.37%
Weighted Average Recovery Rate (WARR): 44.48%
Par haircut in OC tests and interest diversion test: 0%
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Moody's notes that the February 2023[1] trustee report was
published at the time it was completing its analysis of the January
2023[2] data. Key portfolio metrics such as WARF, diversity score,
weighted average spread and life, and OC ratios exhibit little or
no change between these dates.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: Once reaching the end of the reinvestment
period in April 2023, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
PENTA CLO 14: Fitch Assigns 'B-sf' Final Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 14 DAC final ratings.
Entity/Debt Rating
----------- ------
Penta CLO 14 DAC
A-Loan LT AAAsf New Rating
A-Notes
XS2580301336 LT AAAsf New Rating
B XS2580301500 LT AAsf New Rating
C XS2580301765 LT Asf New Rating
D XS2580301922 LT BBB-sf New Rating
E XS2580302144 LT BB-sf New Rating
F XS2580302490 LT B-sf New Rating
Subordinated
Notes
XS2580302656 LT NRsf New Rating
TRANSACTION SUMMARY
Penta CLO 14 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR330
million. The portfolio is actively managed by Partners Group. The
collateralised loan obligation (CLO) has about a 4.6-year
reinvestment period and a 8.5 year weighted average life (WAL) test
limit.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 26.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.9%.
Diversified Asset Portfolio (Positive): The transaction has four
Fitch matrices. Two are effective at closing and corresponding to a
top 10 obligor concentration limit at 25%, a fixed-rate asset limit
at 5% and 10%, and a 8.5 year WAL test. The other two can be
selected by the manager at any time from one year after closing as
long as the aggregate collateral balance (including defaulted
obligations at their Fitch-calculated collateral value) is at least
at the target par and corresponding to the same limits as the
closing matrices, apart from a 7.5 year WAL test.
The transaction also includes various concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Neutral): The WAL used for the stressed-cased
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation tests, and a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. In Fitch's opinion, these conditions reduce the effective
risk horizon of the portfolio during the stress period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A, B and
D notes but would lead to downgrades of no more than one notch for
the class C and E notes and to below 'B-sf' for the class F notes.
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the current portfolio
than the stressed-case portfolio, the class B to F notes display a
rating cushion of up to three notches.
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 RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades of up to five notches for the rated notes, except
for the 'AAAsf' rated notes.
During the reinvestment period, upgrades, which are based on the
stressed-case portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' notes,
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
=============
M O L D O V A
=============
AIR MOLDOVA: Cancels Flights on March 10 Due to Fleet Deficiency
----------------------------------------------------------------
Bogdan Todasca at SeeNews reports that Moldovan flag carrier Air
Moldova said that it cancelled all its flights on Friday, March
10.
"Currently, Air Moldova is facing previously announced operational
difficulties, due to a fleet deficiency," SeeNews quotes the
company as saying in a press release.
In order to mitigate existing operational difficulties, the airline
contracted three aircraft from European companies to resume part of
its scheduled flights, SeeNews discloses.
Aside from cancellations, some planned flights will also undergo
schedule changes and flight frequencies for certain destinations
will be reduced, SeeNews states.
The airline is in the process of reorganising its operational
activity in order to fulfil its obligations towards its passengers,
SeeNews notes.
In November, Moldova's Civil Aviation Authority (CAA) said that Air
Moldova is in danger of insolvency and asked it to submit a plan to
remedy its vulnerabilities, SeeNews recounts.
"The company is facing a series of problems, mostly of financial
nature," Victor Neaga, deputy director at CAA, told Moldovan
broadcaster Jurnal TV on March 9. The total debt of Air Moldova
currently stands at MDL2 billion (US$106.5 million/EUR100.8
million), he added.
=========
S P A I N
=========
IM BCC CAJAMAR 2: Fitch Hikes Rating on Class B Notes to 'BB+sf'
----------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on three Spanish
Cajamar RMBS transactions by upgrading two tranches and affirming
the rest. The Outlooks are Stable.
Entity/Debt Rating Prior
----------- ------ -----
IM BCC CAJAMAR 2, FT
Class A
ES0305459002 LT AAAsf Affirmed AAAsf
Class B
ES0305459010 LT BB+sf Upgrade BBsf
IM Cajamar 5, FTA
Class A
ES0347566004 LT A+sf Affirmed A+sf
Class B
ES0347566012 LT A+sf Affirmed A+sf
Class C
ES0347566020 LT A+sf Affirmed A+sf
Class D
ES0347566038 LT Asf Affirmed Asf
Class E
ES0347566046 LT CCsf Affirmed CCsf
IM Cajamar 6, FTA
Class A
ES0347559009 LT A+sf Affirmed A+sf
Class B
ES0347559017 LT A+sf Affirmed A+sf
Class C
ES0347559025 LT A+sf Affirmed A+sf
Class D
ES0347559033 LT Asf Upgrade BBBsf
Class E
ES0347559041 LT CCsf Affirmed CCsf
TRANSACTION SUMMARY
The transactions comprise fully amortising residential mortgages
that are serviced by Cajamar Caja Rural, Sociedad Cooperativa de
Credito.
KEY RATING DRIVERS
Iberian Recovery Rate Assumptions Updated: In the update of its
European RMBS Rating Criteria on 16 December 2022, Fitch updated
its recovery rate assumptions for Spain. The changes include slower
house-price declines and lower foreclosure sale adjustment
assumptions, which has had a positive impact on recovery rates and
consequently Fitch's expected loss in Spanish RMBS transactions.
As a consequence of the application of the updated criteria IM
Cajamar 6's class D notes have been upgraded and removed from Under
Criteria Observation.
Deteriorating Performance Outlook: Despite the sound and stable
performance of all three transactions in 2022, with low levels of
loans in arrears (three month-plus arrears excluding defaults are
between 0.1% and 0.2%), Fitch expects asset performance this year
to deteriorate as borrowers' capacity to service debt is eroded by
increasing interest rates and cost of living (see EMEA Structured
Finance Outlook 2023).
Additionally, for IM BCC Cajamar 2 and IM Cajamar 5 Fitch's
performance adjustment factor has been floored at 100% due to
repurchases performed by the originator. This is in line with
Fitch's European RMBS Rating Criteria.
Sufficient Credit Enhancement: The rating affirmations and upgrades
reflect Fitch's view that the notes are sufficiently protected by
credit enhancement (CE) to absorb the projected losses commensurate
with prevailing and higher ratings.
Fitch expects CE for IM BCC Cajamar 2 to increase due to the
strictly sequential amortisation of the notes. On the other hand,
Fitch expects CE ratios for the other transactions to remain
broadly stable in the short-to-medium term due to prevailing
pro-rata amortisation of the notes, and a floored reserve fund
(RF), and then to increase when the mandatory switch to sequential
amortisation of the notes is activated after the portfolio balances
fall below 10% of the initial amounts (currently at 17% and 22% for
IM Cajamar 5 and IM Cajamar 6, respectively)
Interest Deferral Risk Caps Rating: Fitch expects interest to be
deferred for IM BCC Cajamar 2 class B notes. Where notes defer (or
are expected to defer) interest for prolonged periods, the rating
is capped at 'BB+sf'. This constrains IM BCC Cajamar 2 class B
notes' rating.
Counterparty Arrangement Caps Rating: IM Cajamar 5 and IM Cajamar
6's maximum achievable rating remains capped at 'A+sf' due to the
issuer account bank's contractually defined minimum eligibility
rating thresholds of 'BBB+' and 'F2', which are not compatible with
'AAAsf' rating or 'AAsf' rating category as per Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.
IM Cajamar 5's and IM Cajamar 6's class D rating are capped at the
issuer account bank provider's, Banco Santander, S.A.(A-/Stable/F2)
'A' deposit rating as its only source of structural CE is the RF
held at the account bank. The rating cap reflects the excessive
counterparty dependency on the issuer account bank holding the cash
reserves, as the sudden loss of these monies would imply a
downgrade of 10 or more notches of the notes in accordance with
Fitch's criteria.
Regional Concentration Risk: The portfolios are exposed to
geographical concentration in the regions of Murcia (between 16%
and 31%) and Andalucía (48% for IM Cajamar 5). In line with
Fitch's European RMBS Rating Criteria, higher rating multiples are
applied to the base foreclosure frequency (FF) assumption to the
portion of the portfolios that exceeds 2.5x the population share of
these regions relative to the national count.
Counterparty Eligibility Triggers Amended: IM Cajamar 5 and IM
Cajamar 6 have an ESG Relevance Score of 5 for "Transaction Parties
& Operational Risk" due to the modification of counterparty
eligibility triggers after transaction closing, which has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in a lower rating of at least one notch.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- For IM BCC Cajamar 2's class A notes, a downgrade to Spain's
Long-Term Issuer Default Rating (IDR) that could decrease the
maximum achievable rating for Spanish structured finance
transactions. This is because these notes are rated at the maximum
achievable rating, six notches above the sovereign IDR
- Long-term asset performance deterioration such as increased
delinquencies or larger defaults, which could be driven by changes
to macroeconomic conditions, interest-rate increases or adverse
borrower behavior
- A 15% increase in weighted average (WA) FF and a 15% decrease in
WA recovery rate (RR) indicate downgrades of up to two notches on
the notes
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- The class A notes in IM BCC Cajamar 2 are rated at the highest
level on Fitch's scale and cannot be upgraded
- CE ratios increase as the transactions deleverage to fully
compensate the credit losses and cash flow stresses commensurate
with higher ratings, in addition to adequate counterparty
arrangements
- For and IM Cajamar 5 and IM Cajamar 6, modified account bank
minimum eligibility rating thresholds compatible with 'AAsf' or
'AAAsf' ratings as per the agency's Structured Finance and Covered
Bonds Counterparty Rating Criteria. This is because the maximum
achievable rating for both transactions is capped at 'A+sf', due to
the contractually defined eligibility thresholds, and is
insufficient to support 'AAsf' or 'AAAsf' ratings.
- Stable to improved asset performance driven by stable
delinquencies and defaults would lead to increasing CE levels and,
potentially, upgrades. A decrease in WAFF of 15% and an increase in
WARR of 15% would be immaterial for the notes
DATA ADEQUACY
IM BCC Cajamar 2
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
IM Cajamar 5 and IM Cajamar 6
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third- party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, 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.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
IM Cajamar 5's and IM Cajamar's 6 class D notes are capped at Banco
Santander, S.A.'s deposit rating.
ESG CONSIDERATIONS
IM Cajamar 5 and IM Cajamar 6, have an ESG Relevance Score of '5'
for Transaction Parties & Operational Risk due to the modification
of counterparty eligibility triggers after transaction closing,
which has a negative impact on the credit profile, and is highly
relevant to the rating, resulting in a lower rating of at least one
notch.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
TDA IBERCAJA 4: S&P Affirms 'D(sf)' Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on TDA Ibercaja 4
Fondo de Titulizacion de Activos' class C, D, and E notes to 'AAA
(sf)', 'AA+ (sf)', and 'AA- (sf)' from 'AA+ (sf)', 'AA (sf)', and
'A+ (sf)' respectively. At the same time, S&P affirmed its 'AAA
(sf)', 'AAA (sf)', and 'D (sf)' ratings on the class A2, B, and F
notes, respectively.
The rating actions follow its full analysis of the most recent
information that we received and the transaction's current
structural features.
S&P said, "Under our global RMBS criteria, our weighted-average
foreclosure frequency assumptions decreased because of the
transaction's lower arrears and second home loans. In addition, our
weighted-average loss severity assumptions also declined due to the
lower weighted-average current loan-to-value ratio."
Table 1
Credit Analysis Results
RATING WAFF (%) WALS (%) CREDIT COVERAGE (%)
AAA 10.67 6.46 0.69
AA 7.38 4.40 0.32
A 5.72 2.00 0.11
BBB 4.38 2.00 0.09
BB 2.97 2.00 0.06
B 1.98 2.00 0.04
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Loan-level arrears stand at 1.15%, compared with 1.36% in 2021.
Overall delinquencies remain well below S&P's Spanish RMBS index.
The level of outstanding defaults (net of recoveries), defined as
loans in arrears for a period equal to or greater than 18 months,
represent 0.14% of the closing pool balance. The first interest
deferral trigger is for class E, and is not at risk of being
breached because it is defined at 4% and S&P does not expect this
level will be reached in the near term.
The reserve fund is at its floor value (EUR7.0 million) as of
November 2022, but has been below this target from April until
September 2021. Consequently, payments on the notes switched to
sequential, from pro rata, until November 2021, and credit
enhancement increased. Currently, the transaction is paying pro
rata and credit enhancement for all classes of notes has increased
since S&P's last review, as the reserve is not amortizing.
S&P's operational, counterparty, rating above the sovereign, and
legal risk analyses remain unchanged, in line with its previous
review. Therefore, the ratings assigned are not capped by any of
these criteria.
The servicer, Ibercaja Banco S.A., has a standardized, integrated,
and centralized servicing platform. It is a servicer for many
Spanish RMBS transactions, and its transactions' historical
performance outperformed our Spanish RMBS index.
The class A2, B, C, D, and E notes' credit enhancement has
increased to 15.3%, 12.6%, 7.2%, 4.7%, and 3.0%, respectively, due
to the notes' amortization and a nonamortizing reserve fund.
Considering this increase, and the good and stable asset
performance, S&P raised to 'AAA (sf)', 'AA+ (sf)', and 'AA- (sf)',
from 'AA+ (sf)', 'AA (sf)', and 'A+ (sf)', respectively, its
ratings on the class C, D, and E notes. At the same time, S&P
affirmed its 'AAA (sf)', 'AAA (sf)', and 'D (sf)' ratings on the
class A2, B, and F notes, respectively.
S&P said, "Under our cash flow analysis, the class D and E notes
could withstand stresses at higher ratings than those currently
assigned. However, we limit our upgrades based on their overall
credit enhancement, position in the waterfall, the current
macroeconomic environment, and the continuation of pro rata
payments with a lack of credit enhancement build-up before the
upcoming interest payment dates."
The class F notes is not collateralized and paid after the reserve
fund's amortization. It missed a significant amount of interest
payments in the past, and it is still uncertain if future interest
payments will be missed. Given the current credit enhancement and
position in the waterfall, S&P affirmed its 'D (sf)' rating on the
class F notes.
S&P said, "We expect Spanish consumer price inflation to reach 5.1%
this year and 2.3% in 2024. Although elevated inflation is overall
credit negative for all borrowers, some borrowers will face more
constraints than others. Risks may emerge, for example, if
inflation worsens more quickly or more severely than we currently
expect. We consider the borrowers in the transaction to be prime
borrowers, meaning they will generally have high resilience to
inflationary pressures."
TDA Ibercaja 4 is a Spanish RMBS transaction that securitizes a
pool of prime residential mortgage loans. It closed in October
2006.
===========================
U N I T E D K I N G D O M
===========================
ACCROFAB LIMITED: Administrators Seek Buyers for Business, Assets
-----------------------------------------------------------------
Business Sale reports that administrators from Interpath Advisory
are seeking buyers for the business and assets of two major
manufacturing firms based in the Midlands.
Accrofab Limited and Bromford Industries Limited were placed into
administration on March 9, with Interpath's Chris Pole and Ryan
Grant appointed as joint administrators, Business Sale relates.
The two companies supply global firms in the defence, aerospace and
power generation industries. They are based across three sites in
Alcester, Derby and Leicester and specialise in precision
manufacturing and fabrication of components.
Over recent years, the businesses have been impacted by headwinds
including a downward trend in demand following the COVID-19
pandemic, supply chain disruption and rising costs for energy and
raw materials, Business Sale discloses.
Furthermore, despite the Alcester and Derby facilities continuing
to trade strongly, the Leicester site experienced operational
issues which exacerbated the liquidity challenges that the
companies had been facing, Business Sale discloses.
Despite the appointment of administrators, the businesses will
continue to trade while buyers are sought, with all members of
staff to be retained during the process, Business Sale notes.
BRITISH AIRWAYS: Moody's Alters Outlook on 'Ba2' CFR to Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed British Airways, Plc's Ba2
corporate family rating. Moody's has also affirmed the respective
ratings assigned to the senior classes of three of four outstanding
aircraft pass-through trust financings that benefit British
Airways, upgraded the series 2013-1 Class A to A3 from Baa2 and
upgraded each of the three respective junior class ratings to Baa1
from Baa2. The outlook on British Airways and each pass-through
trust financing was changed to stable from negative.
The rating action reflects:
-- The company's strong recovery in volumes, yields and
profitability during 2022
-- Expected further growth in volumes, revenues and operating
profit in 2023 leading to Moody's-adjusted debt / EBITDA
reducing below 5.0x in the next 12-18 months
-- Continued solid demand and pricing, although with risks to
margins driven by economic pressures
The affirmations of the senior class ratings of the pass-through
trust certificates reflect Moody's opinion of the importance of the
aircraft collateral in each transaction to the company's route
network. Additionally, Moody's estimates of the peak loans-to-value
for each class in each transaction provide sufficient equity
cushion for the currently assigned ratings. The upgrades of the
2013-1 Class A, the 2018-1 Class A, the 2019-1 Class A and the 2021
Class B reflect improvements in their respective equity cushions,
which Moody's expect to continue to increase because of the larger
quarterly amortization payments under the full payout lease
structures of British Airways pass through trust certificate
financings.
In addition, Moody's has corrected the display on its website to
reflect that the issuers of the Series 2013-1 Class A Pass Through
Certificates and Class B Pass Through Certificates are British
Airways Pass Through Trust 2013-1A and British Airways Pass Through
Trust 2013-1B, respectively. Also, the outlook previously assigned
incorrectly to Speedbird 2013 Limited has been applied to British
Airways Pass Through Trust 2013-1A and British Airways Pass Through
Trust 2013-1B. Current ratings and rating history for Pass Through
Certificates, Series 2013-1 are not affected by this update. Class
B Pass Through Certificates matured in 2020.
A List of Affected Credit Ratings is available at
https://bit.ly/3Jo7HNt
RATINGS RATIONALE
British Airways' Ba2 CFR reflects the company's: (1) strong brand
and competitive position on profitable routes and key airports; and
an extensive global network; (2) high margins prior to the pandemic
and substantial cost savings implemented since; (3) high importance
within International Consolidated Airlines Group, S.A. (IAG –
Ba2, stable) and if required, assumed financial support from IAG;
(4) effective management of the company through the pandemic and
strong volume and pricing growth in 2022; and (5) strong recovery
of key transatlantic routes which have the potential to remain more
resilient than the overall market given their wealthier customer
demographic.
It also reflects the company's (1) exposure to corporate travel
which is likely to take longer to recover from the pandemic than
leisure travel; (2) high fuel costs and inflation across labour and
other costs which the company may not be able to fully pass
through; (3) risks that the current strong yield environment will
weaken significantly reflecting macro-economic pressures; (4)
operating challenges across the wider aviation ecosystem to deliver
the expected passenger volumes over peak periods.
British Airways has demonstrated a strong recovery from the
pandemic in 2022, with passenger volumes in revenue passenger
kilometres (RPK) reaching 78% of 2019 levels in the fourth quarter,
returning to substantial operating profits, albeit still below
pre-pandemic levels, from the third quarter, and with
Moody's-adjusted leverage reducing to 7.5x by December 2022.
Booking trends are currently positive from both volume and yield
perspectives. In common with the rest of the industry, British
Airways is continuing to experience a robust price environment,
enabling it to pass on a large of fuel and other cost increases.
This is driven by strong pent-up demand, excess savings
post-pandemic, capacity discipline and a customer demographic
relatively less affected by inflation than the wider population.
Whilst the market is vulnerable to a weakening of yields, Moody's
expects that the strong price environment has more to run, through
the summer peak in 2023, even though it may not fully match the
pricing seen in the third quarter of 2022.
As a result Moody's forecasts that in 2023 British Airways will
grow volumes to 92% of pre-pandemic levels, increase operating
profit to GBP1.0 billion (from GBP0.3 billion in 2022) and reduce
adjusted leverage to 5.2x, significantly helped by a stronger first
half of 2023 compared to 2022 when the company incurred an
operating loss of GBP376 million. Moody's expects the yield
environment to weaken gradually, although through 2024 the company
will benefit from higher volumes and potentially lower fuel costs
to mitigate this. Profitability is highly sensitive to price and
cost variations and the company will need to continue to actively
manage pricing, navigate pay settlement discussions and control the
wider cost base to maintain margins. However Moody's considers that
in the longer term the company remains well placed to recover its
pre-pandemic operating profit levels.
LIQUIDITY
British Airways has good liquidity, totalling GBP5.5 billion as at
December 2022, and comprising cash of GBP2.5 billion, GBP2.1
billion undrawn general facilities and GBP0.9 billion committed
aircraft financing facilities. The general facilities include a
$1.346 billion RCF due March 2025, with the option to extend by a
further year at lenders' discretion, and a GBP1 billion undrawn
facility partially guaranteed by UK Export Finance due November
2026. Total liquidity represents almost 40% of Moody's forecast
turnover for 2023. In addition British Airway's liquidity may
potentially be supported by funds at the IAG Holdco level if
required. Total cash held at IAG Holdco and other non-airline group
companies amounted to around EUR3.2 billion as at December 2022.
OUTLOOK
The stable outlook reflects Moody's expectations that the company
will continue to grow passenger volumes towards pre-pandemic
levels, with margins remaining stable or improving as volumes and
continued strong yields offset the effects of cost inflation. The
outlook assumes that the company will reduce leverage to below 5x
on a Moody's-adjusted basis over the next 12-18 months whilst
preserving strong liquidity, and that no debt financed acquisitions
occur that would materially increase leverage.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company's Moody's-adjusted
leverage reduces well below 4x on a sustainable basis, with
Moody's-adjusted RCF / debt increasing towards 20%, and operating
margins increasing above 10%. An upgrade would also require the
company to maintain strong liquidity including a material
proportion of balance sheet cash.
The ratings could be downgraded if the company's Moody's-adjusted
leverage does not reduce sustainably below 5x, or if
Moody's-adjusted RCF / debt reduces sustainably towards 10%. The
ratings could also be downgraded if the company fails to improve
operating margins, or if liquidity weakens materially.
In addition, a material increase in IAG's debt levels or a
substantial deterioration of the operating performance of IAG's
other airline subsidiaries could put negative pressure on British
Airways' ratings.
Any combination of future changes in the underlying credit quality
or ratings of British Airways, unexpected changes in its fleet that
de-emphasizes the models in the EETC transactions or unexpected
material changes in the market value of the aircraft could cause
Moody's to change its ratings of the Certificates.
PRINCIPAL METHODOLOGY
The principal methodology used in rating British Airways, Plc was
Passenger Airlines published in August 2021.
COMPANY PROFILE
Based in Harmondsworth, UK, British Airways is the UK's largest
international scheduled airline and Europe's third-largest airline
carrier in terms of revenues. In 2022 the company reported revenues
and operating profit before exceptional items of GBP11 billion and
GBP303 million, respectively.
Following the merger with Iberia, Lineas Aereas de Espana, S.A.
Operadora in January 2011, British Airways reports as part of IAG,
which is incorporated as a Spanish company, with its shares trading
on the London Stock Exchange and the Spanish Stock Exchanges.
HNVR MIDCO: Moody's Affirms Caa1 CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed HNVR Midco Limited's
(Hotelbeds or the company) outlook to positive from stable.
Concurrently, Moody's has affirmed the Caa1 long term corporate
family rating, the Caa1-PD profitability of default rating of
Hotelbeds and Caa1 ratings of the backed senior secured revolving
credit facility (RCF) and backed senior secured term loans issued
by HNVR Holdco Limited.
The positive outlook reflects the fact that the speed of Hotelbeds'
performance recovery may put upward pressure on the rating in the
next 18 months. During this period, Moody's forecast
Moody's-adjusted leverage will improve to below 6.5x, with
Moody's-adjusted free cash flow (FCF)/debt growing towards
mid-single digits. However, execution risk surrounding Moody's
projections remains significant, given the uncertain macroeconomic
environment.
RATINGS RATIONALE
Hotelbeds' operating performance rebounded strongly in the fiscal
year that ended in September 2022 (fiscal 2022) following a
difficult 2020 and 2021. Total transaction value (TTV) reached 2019
levels at EUR5.9 billion, as lower volumes were compensated by
higher average daily rates (ADR). Informed by recent trading and
outlook, Moody's now expect a more meaningful recovery during
fiscal 2023 with credit metrics strengthening towards levels more
consistent with a higher rating in the next 18 months.
Company-adjusted EBITDA was EUR15 million above budget during the
first quarter with a similar outperformance expected for the second
quarter. Strong growth in TTV, 75% above the prior year, and an
improvement in gross operating margin (7.6% during 1Q 2023 from
6.4% during 1Q2022) drove the improvement in EBITDA in the quarter.
The improvement in margin is, among others, due a return of travel
patterns that are more similar to those of 2019, including higher
margin long-haul and events driven travel. Costs remained in line
with budget, highlighting the high operational leverage of the
company.
Moody's now project that TTV will rise towards EUR7.7 billion in
2023, up 31% from 2022, with volumes around 5% above 2019 levels.
Gross profit margin estimated to improve to 7.3% from 6.8% in 2022,
but still below the 9.3% achieved during 2019. Overall,
company-adjusted EBITDA is forecast to improve towards EUR285
million in 2023. Moody's-adjusted leverage and FCF/debt are
consequently forecast to improve to around 6.6x and 4% in 2023,
respectively.
The aforementioned forecast is subject to significant execution
risk given the highly uncertain macroeconomic environment, which is
characterised by challenges to consumer spending including a surge
in energy prices, high inflation and significant increases in
interest rates, as well as recession-driven unemployment. However,
downside risks from weaker economic conditions should be partially
mitigated by the positive effect the China reopening will have for
travel worldwide and in APAC in particular.
The Caa1 CFR is constrained by weak credit metrics, a competitive
accommodation distribution market and risks of disintermediation;
and risks from exogenous shocks (for example, pandemics and
terrorism), cybersecurity threats and system disruptions.
Concurrently, the rating is supported by Hotelbeds' leading market
position in a fragmented industry; and diversification of
customers, hotel suppliers, and source and destination
geographies.
RATING OUTLOOK
The positive rating outlook reflects Moody's expectation of a
significant improvement in Hotelbeds' operating performance and
financial metrics during fiscal 2023. As a result, Moody's-adjusted
leverage is expected to improve below 6.5x over the next 12-18
months, whilst Moody's-adjusted FCF/debt is expected to grow
towards mid-single digits. Any further positive rating action will
also take into account the company's ability to manage sizeable
debt maturities in 2025 in a higher interest rate environment.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating pressure could develop if the company delivers
revenue and EBITDA growth, such that Moody's-adjusted leverage
remains below 6.5x and Moody's-adjusted FCF/debt remains in the
low-single-digit percentages, on a sustained basis. The rating
could also be upgraded if the company maintains adequate liquidity.
Better visibility as to how the company will address the 2025 EUR1
billion maturity is also an important rating consideration.
Negative rating pressure could develop if Hotelbeds does not
deliver growth in revenue and profitability, such that
Moody's-adjusted leverage remains high, calling into question the
sustainability of the company's capital structure. Additionally,
negative rating pressure could arise if it becomes clear that the
company will not be in a position to refinance its debt facilities
at least 12 months before their maturity or if Hotelbeds' liquidity
position deteriorates.
LIQUIDITY
Moody's consider Hotelbeds' liquidity adequate. As of December 31,
2022, the company had EUR679 million of liquidity, consisting of
EUR406 million of cash on balance, a fully undrawn EUR247.5 million
backed senior secured revolving credit facility (RCF) issued under
HNVR Holdco Limited and other credit lines. Taken together, these
will be adequate to cover the expected intra-year working capital
swings of around EUR0.3 billion- EUR0.4 billion and ensure
compliance with a EUR75 million minimum liquidity covenant.
LIST OF AFFECTED RATINGS:
Issuer: HNVR Holdco Limited
Affirmations:
BACKED Senior Secured Bank Credit Facility, Affirmed Caa1
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: HNVR Midco Limited
Affirmations:
LT Corporate Family Rating, Affirmed Caa1
Probability of Default Rating, Affirmed Caa1-PD
Outlook Actions:
Outlook, Changed To Positive From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
HNVR Midco Limited (Hotelbeds) is a leading business-to-business
(B2B) technology distribution partner (bedbank), with an around 15%
global market share, which makes it around three times as large as
the number two bedbank, according to management. The company offers
hotel rooms to the travel industry from an inventory of around
300,000 hotels in more than 195 countries. It also distributes
tickets and activities on a B2B basis, and operates a range of new
travel-related ventures. In the twelve months that ended in
December 2022, Hotelbeds reported a gross operating profit (GOP) of
EUR467 million and company-adjusted EBITDA of EUR217 million,
according to unaudited financials.
INEOS ENTERPRISES: Moody's Rates New EUR820MM Sec. Term Loan 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned Ba3 rating to INEOS ENTERPRISES'
proposed EUR820 million equivalent senior secured term loan B
currently being marketed by INEOS ENTERPRISES HOLDINGS II LIMITED
and INEOS ENTERPRISES HOLDINGS US FINCO LLC due 2030. Moody's
further affirmed the corporate family rating of INEOS Enterprises
Holdings Limited (INEOS Enterprises) at Ba3 and probability of
default rating at Ba3-PD, as well as the Ba3 rating of INEOS
ENTERPRISES HOLDINGS II LIMITED's EUR780 million senior secured
term loan B due 2026, and INEOS ENTERPRISES HOLDINGS US FINCO LLC's
$370 million senior secured term loan B due 2026. The outlook on
all three entities remains stable.
The proceeds of the proposed TLB are slated to fund the acquisition
of assets of MBCC Group's Admixture Business unit from Sika AG for
EUR720 million, as well as for general corporate purposes.
RATINGS RATIONALE
The rating action reflects further expansion of the INEOS
Enterprises' portfolio through the acquisition of the admixtures
business but also higher leverage post acquisition. This business
offers good market positions in diverse geographies, long-term
relationships with its major customers, products that address some
of the ESG issues in the construction industry, and potential for
material cost savings.
The acquisition is expected to be financed with the proceeds of a
new senior secured term loan B. Moody's expects INEOS Enterprises'
gross leverage to increase to the 4.5x -- 5.0x range in 2023, above
Moody's rating guidance of 4.0x total leverage measured as
debt/EBITDA. However, Moody's anticipates gross leverage to reduce
closer to 4.0x in 2024 as the acquisition is integrated and cost
savings are realised. The agency further anticipates INEOS
Enterprises' coverage measured as EBITDA/interest expense to almost
halve to below 3.0x in 2023 from close to 6.0x in 2022 before
rising slightly to over 3.0x in 2024. The rating will have limited
headroom over the next 12-18 months for absorbing any material
operational underperformance. Moody's further expects INEOS
enterprises to deliver on its cost savings targets successfully to
avoid negative rating pressure.
INEOS Enterprises reported EBITDA of EUR459 million for 2022 (or
EUR504 million including the pro forma acquisition of the chlorine
business from ASHTA, renamed INEOS KOH, which closed in the fourth
quarter of 2022). Pigments and composites reported stable results
mostly reflecting good demand from North America and Asia. Chemical
intermediaries experienced a weaker fourth quarter in 2022 than in
2021 while solvents continued to be challenged with negative EBITDA
(although inclusive of an unrealised inventory loss) owing in part
to high energy prices. Hygienics narrowed its quarterly loss to
EUR5 million from EUR6 million in the third quarter and EUR8
million in the prior year period. With the addition of INEOS KOH
and the admixtures business totalling approximately EUR119 million
pro forma EBITDA, Moody's anticipates INEOS Enterprises'
performance to strengthen going forward.
The Ba3 corporate family rating (CFR) of INEOS Enterprises reflects
its robust business profile, which benefits from leading positions
in many of its markets and high degree of diversification, along
with the growing scale of its overall revenue base. INEOS
Enterprises' assets and sales are evenly balanced between EMEA and
the Americas, albeit with a limited presence in the fast growing
Asia Pacific. Counterbalancing these strengths are the intrinsic
cyclicality of INEOS Enterprises' business and the parent company's
history of shareholder friendly policies.
LIQUIDITY
INEOS ENTERPRISES liquidity position is good. At the end of
December 2022, the company reported EUR325 million of cash on hand
along with a EUR250 million securitisation facility collateralised
by trade receivables, of which circa EUR90 million were available.
The company has no near-term debt maturities.
STRUCTURAL CONSIDERATIONS
The Ba3 ratings of the TLA and TLB of INEOS ENTERPRISES HOLDINGS II
LIMITED and the TLB of INEOS ENTERPRISES HOLDINGS US FINCO LLC
reflects the fact that both loans are senior secured obligations of
the borrowers, rank pari passu with each other and benefit, to the
extent legally possible, from the same first ranking guarantees
from all material subsidiaries representing at least 85% of the
restricted group's consolidated EBITDA and assets. The proposed new
term loan B is expected to be pari passu with the existing debt and
carry similar terms.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that INEOS
Enterprises' total leverage will revert to the rating guidance of
4.0x or below following the closing and integration of the
admixtures acquisition.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating momentum may arise over time should INEOS
Enterprises demonstrate (i) consistent profitability by maintaining
or growing its Moody's-adjusted EBITDA margin in the teens; (ii)
sustained positive FCF generation after capex and dividends; (iii)
Moody's-adjusted total and net debt to EBITDA below 3.0x and 2.5x
through the cycle; and (iv) conservative financial policy in line
with its stated net leverage target of below 3.0x through the
cycle.
Conversely, the ratings could come under downward pressure, should
INEOS Enterprises' operating results fall short of Moody's
expectations and FCF generation turn negative, resulting in some
deterioration in liquidity and leverage reflected in
Moody's-adjusted total and net debt to EBITDA rising above 4x and
3.5x for an extended period of time.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: INEOS ENTERPRISES HOLDINGS II LIMITED
Senior Secured Bank Credit Facility, Assigned Ba3
Issuer: INEOS ENTERPRISES HOLDINGS US FINCO LLC
Senior Secured Bank Credit Facility, Assigned Ba3
Affirmations:
Issuer: INEOS ENTERPRISES HOLDINGS II LIMITED
Senior Secured Bank Credit Facility, Affirmed Ba3
Issuer: INEOS Enterprises Holdings Limited
Probability of Default Rating, Affirmed Ba3-PD
LT Corporate Family Rating, Affirmed Ba3
Issuer: INEOS ENTERPRISES HOLDINGS US FINCO LLC
Senior Secured Bank Credit Facility, Affirmed Ba3
Outlook Actions:
Issuer: INEOS ENTERPRISES HOLDINGS II LIMITED
Outlook, Remains Stable
Issuer: INEOS Enterprises Holdings Limited
Outlook, Remains Stable
Issuer: INEOS ENTERPRISES HOLDINGS US FINCO LLC
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemicals
published in June 2022.
COMPANY PROFILE
Headquartered in the UK, INEOS Enterprises Holdings Limited is a
leading producer of intermediary chemicals with strong
manufacturing platforms in Europe and North America, operating
fourteen sites in each of the two regions. In 2022, INEOS
Enterprises reported EBITDA of EUR459 million.
INTERNATIONAL CONSOLIDATED: Moody's Affirms Ba2 CFR, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service has affirmed all the ratings of
International Consolidated Airlines Group, S.A. (IAG or the group)
including its Ba2 corporate family rating, its Ba2-PD probability
of default rating, and the B1 ratings of the group's EUR500 million
senior unsecured notes due 2023, EUR500 million senior unsecured
notes due 2025, EUR500 million senior unsecured notes due 2027 and
EUR700 million senior unsecured notes due 2029. The outlook has
been changed to stable from negative.
The rating action reflects:
-- The group's strong recovery in volumes, yields and
profitability during 2022
-- Expected further growth in volumes, revenues and operating
profit in 2023 leading to Moody's-adjusted debt / EBITDA
reducing below 5.0x in the next 12-18 months
-- Continued solid demand and pricing, although with risks to
margins driven by economic pressures
RATINGS RATIONALE
IAG's Ba2 CFR reflects the group's: (1) large scale, strong brands,
extensive and diversified global network; (2) strong market
positions on certain routes, including highly profitable
transatlantic routes, and at highly sought after airports including
Heathrow, Gatwick, Madrid, Barcelona and Dublin; (3) high pent up
demand driving recovery in passenger volumes and pricing; (4)
strong liquidity; (5) transformation and improved flexibility of
the cost base.
It also reflects the group's (1) exposure to corporate travel which
is taking longer to recover from the pandemic than leisure travel;
(2) high fuel costs and inflation across labour and other costs
which the group may not be able to fully pass through; (3) risks
that the current strong yield environment will weaken significantly
reflecting macro-economic pressures; (4) operating challenges
across the wider aviation ecosystem to deliver the expected
passenger volumes over peak periods.
IAG has demonstrated a strong recovery from the pandemic in 2022,
with passenger volumes in revenue passenger kilometres (RPK)
reaching 85.5% of 2019 levels in the fourth quarter, returning to
substantial operating profits, albeit still below pre-pandemic
levels, from the second quarter, and with Moody's-adjusted leverage
reducing to 6x by December 2022. Booking trends are currently
positive from both volume and yield perspectives. In common with
the rest of the industry IAG is continuing to experience a robust
price environment, enabling it to pass on a large proportion of
fuel and other cost increases. This is driven by strong pent-up
demand, excess savings post-pandemic, capacity discipline and a
customer demographic relatively less affected by inflation that the
wider population. Whilst the market is vulnerable to a weakening of
yields, Moody's expects that the strong price environment has more
to run, through the summer peak in 2023, even though it may not
fully match the pricing seen in the third quarter of 2022.
As a result Moody's forecasts that in 2023 IAG will continue to
grow volumes to 96% of pre-pandemic levels, increase operating
profit to EUR1.8 billion and reduce adjusted leverage to 4.9x,
significantly helped by the non-recurrence of the weak first
quarter of 2022 when the group incurred an operating loss of EUR754
million. Moody's expects the yield environment to weaken gradually,
although through 2024 the group will benefit from higher volumes
and potentially lower fuel costs to mitigate this. Nevertheless
profitability is highly sensitive to price and cost variations and
the group will need to continue actively managing pricing and the
cost base to maintain margins.
Moody's considers that in the longer term the group remains well
placed to recover its pre-pandemic operating profit levels. IAG
also has a strong focus on controlling or reducing debt levels,
including repaying debt from cash, and its balance sheet is
supported by significant cash balances of EUR9.6 billion as at
December 2022, resulting in Moody's-adjusted net leverage of 3.2x.
LIQUIDITY
IAG has very good liquidity, totalling EUR14 billion as at December
2022, and comprising cash of EUR9.6 billion, EUR3.2 billion undrawn
general facilities and EUR1.1 billion committed aircraft financing
facilities. The general facilities include a $1.755 billion RCF due
March 2025, with the option to extend for a further year at
lenders' discretion, and a GBP1 billion undrawn facility partially
guaranteed by UK Export Finance due November 2026. Total liquidity
represents around 50% of Moody's forecast turnover for 2023.
STRUCTURAL CONSIDERATIONS
IAG's EUR1 billion senior unsecured notes due in 2023 and 2027 and
the EUR1.2 billion senior unsecured notes due in 2025 and 2029 are
rated B1, two notches below the corporate family rating, in line
with Moody's Loss Given Default for Speculative-Grade Companies
methodology. This reflects the structural subordination of debt
issued by International Consolidated Airlines Group, S.A.,
including the aforementioned notes and its EUR825 million senior
unsecured convertible bonds, with the majority of the group's debt
held by its operating companies.
OUTLOOK
The stable outlook reflects Moody's expectations that the group
will continue to grow passenger volumes towards pre-pandemic
levels, with margins remaining stable or improving as volumes and
continued strong yields offset the effects of cost inflation. The
outlook assumes that the group will reduce leverage to below 5x on
a Moody's-adjusted basis over the next 12-18 months whilst
preserving strong liquidity, and that no debt financed acquisitions
occur that would materially increase leverage.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the group's Moody's-adjusted
leverage reduces well below 4x on a sustainable basis, with
Moody's-adjusted RCF / debt increasing towards 20%, and operating
margins increasing above 10%. An upgrade would also require the
group to maintain strong liquidity including a material proportion
of balance sheet cash.
The ratings could be downgraded if the group's Moody's-adjusted
leverage does not reduce sustainably below 5x, or if
Moody's-adjusted RCF / debt reduces sustainably towards 10%. The
ratings could also be downgraded if the group fails to improve
operating margins, or if liquidity weakens materially.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Passenger
Airlines published in August 2021.
COMPANY PROFILE
IAG was formed in January 2011 following the merger of British
Airways, Plc and Iberia and manages five airline subsidiaries
including British Airways, Iberia, Vueling, Aer Lingus and LEVEL,
representing complementary brands and operating in distinct
markets. IAG has minimal operations of its own other than its
Global Business Services division, which incorporates the Group's
centralised and back office functions, and Cargo. In 2022 IAG
generated revenues of EUR23.1 billion (2019: EUR25.5 billion) and a
company adjusted operating profit before exceptional items of
EUR1.2 billion (2019: EUR3.3 billion).
MALIN INDUSTRIAL: Owed Creditors GBP10.6MM at Time of Collapse
--------------------------------------------------------------
Grant Prior at Construction Enquirer reports that Manchester-based
specialist Malin Industrial Concrete Floors went into
administration last month owing suppliers and subcontractors
GBP10.6 million.
According to Construction Enquirer, an update from administrator
Mazars LLP filed at Companies House highlighted the scale of
debts.
The administrator added "it is currently anticipated that there
will be sufficient funds to enable a return to unsecured creditors,
however such a return is dependent upon the level of realisations
and costs incurred in the administration and is therefore currently
uncertain."
Malin went down in February following cash flow struggles caused by
fixed-price contracts and delays to a number of schemes in its
pipeline, Construction Enquirer recounts. All 31 staff at the
business were made redundant, Construction Enquirer discloses.
MORTONS ROLLS: Provisional Liquidator Appointed
-----------------------------------------------
Tara Fitzpatrick at STV News reports that a provisional liquidator
has been appointed to Mortons Rolls after the bakery collapsed into
administration.
Scotland's business minister said Scottish Enterprise would liaise
with the unnamed liquidator, STV News relates.
According to STV News, the famous brand could be saved from closure
after a future deal with investors was teased on the firm's
website.
The Glasgow-based firm ceased trading after entering
administration, STV News recounts.
A total of 250 jobs were put at risk as a result of the move with
threats the Drumchapel factory could close its doors for good, STV
News discloses.
Earlier last week, the Scottish Government met with investors in a
bid to find a solution, STV News recounts. Scottish business
minister Ivan McKee held the meeting on March 9, STV News
discloses.
Formed in 1965, Mortons Rolls began with the sale of morning rolls
before branching out into baked goods.
The brand has become a Glasgow institution with many expressing
dismay over the closure threat.
The administration news comes after the business announced a
six-figure deal with Lidl in 2021 to provide rolls and other items
and said they were making a significant investment in new machines
and new jobs.
PENTA CLO 14: S&P Assigns B-(sf) Rating on Class F Notes
--------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 14
DAC's class A loan and class A, B, C, D, E, and F notes. The issuer
also issued unrated subordinated notes.
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. Upon this event, the
index will also change from three-month euro interbank offered rate
(EURIBOR) to six-month EURIBOR.
This transaction has a 1.53 year non-call period and the
portfolio's reinvestment period will end approximately 4.6 years
after closing.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization (OC).
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,895.58
Default rate dispersion 474.47
Weighted-average life (years) 4.54
Obligor diversity measure 07.49
Industry diversity measure 20.90
Regional diversity measure 1.18
Transaction Key Metrics
CURRENT
Total par amount (mil. EUR) 330.00
Identified assets (%)* 100
Ramp-up at closing (%)* 90
Defaulted assets (mil. EUR) 0
Number of performing obligors 118
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 2.48
'AAA' weighted-average recovery
covenanted(%)*/actual(%)§ 35.56/35.56
Weighted-average spread covenanted(%)*/actual(%)§†
4.09/4.09
Weighted-average coupon covenanted(%)*/actual(%)§ 5.00/4.74
*As a percentage of target par.
§As a percentage of identified assets.
†Weighted-average spreads are numbers with floors.
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'. The closing portfolio primarily comprises broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we modelled the EUR330 million par
amount, the actual weighted-average spread of 4.09%, and the actual
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category."
The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.
S&P said, "Following the application of our structured finance
sovereign risk criteria, we consider the transaction's exposure to
country risk to be limited at the assigned ratings, as the exposure
to individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.
The transaction's legal structure is bankruptcy remote, in line
with its legal criteria.
S&P said, "Our credit and cash flow analysis indicate that the
available credit enhancement for the class B to F notes could
withstand stresses commensurate with higher rating levels than
those we have assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned ratings on
these notes. The class A loans and class A notes can withstand
stresses commensurate with the assigned ratings.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A
loan and class A, B, C, D, E, and F notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes,
based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance (ESG) factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit or limit assets from being related to the standard ESG
product based standard exclusions. 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* 2.05 2.14 2.90
E-1/S-1/G-1 distribution (%) 0.79 0.39 0.00
E-2/S-2/G-2 distribution (%) 87.49 81.27 12.54
E-3/S-3/G-3 distribution (%) 5.36 10.09 78.81
E-4/S-4/G-4 distribution (%) 0.00 1.89 1.45
E-5/S-5/G-5 distribution (%) 0.00 0.00 0.83
Unmatched obligor (%) 6.36 6.36 6.36
Unidentified asset (%) 0.00 0.00 0.00
*Only includes matched obligor.
Penta CLO 14 DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Partners
Group (UK) Management Ltd. manages the transaction.
Ratings List
CLASS RATING AMOUNT SUB (%) INTEREST RATE*
(MIL. EUR)
A loan AAA (sf) 49.10 40.50 Index plus 1.85%
A AAA (sf) 147.25 40.50 Index plus 1.85%
B AA (sf) 34.65 30.00 Index plus 2.75%
C A (sf) 20.62 23.75 Index plus 3.85%
D BBB- (sf) 21.45 17.25 Index plus 6.25%
E BB- (sf) 16.50 12.25 Index plus 7.02%
F B- (sf) 8.30 9.74 Index plus 10.38%
Sub NR 32.90 N/A N/A
*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
Index--Three/six-month EURIBOR (Euro Interbank Offered Rate).
NR--Not rated.
N/A--Not applicable.
ROLLS-ROYCE PLC: Moody's Alters Outlook on 'Ba3' CFR to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Rolls-Royce plc, as well as the company's Ba3 long-term
backed senior unsecured rating. Concurrently, Moody's changed the
outlook to positive from stable.
The rating action reflects:
-- The company's improved profit and positive free
cash flow, ahead of Moody's previous forecasts
-- Moody's expectation of further recovery in operating
profit and cash flows as engine flying hours and
maintenance shop visits increase within the Civil
Aerospace division
Moody's has also affirmed the (P)Ba3 rating on the company's backed
senior unsecured Euro Medium Term Notes (EMTN) programme, the Ba3
rating of the backed senior unsecured notes issued under the EMTN
programme, and the company's Ba3-PD probability of default rating.
RATINGS RATIONALE
RATIONALE FOR THE OUTLOOK CHANGE
Rolls-Royce generated Moody's-adjusted free cash flow (FCF) of
GBP508 million in 2022, compared with an outflow of over GBP1.5
billion in 2021. Several factors boosted the company's cash flow in
2022. The main driver was the recovery in Rolls-Royce's large
commercial engine flying hours (EFH) to around 65% of 2019 levels,
versus 47% in 2021, which led to a substantial increase in cash
receipts from airlines. This increase outpaced the growth in
Rolls-Royce's cash costs from engine shop visits because of the
relatively young engine installed base and the lag between
increased flying hours and growth in maintenance. Rolls-Royce has
guided to FCF between GBP0.6 billion and GBP0.8 billion in 2023.
Moody's expects cash flows to remain positive in 2023 versus its
previous expectation of modestly negative FCF, reflecting the
better 2022 starting point. Gradual profit improvements and further
growth in EFH to at least 80% of 2019 levels which will only be
partially offset by higher cash costs from increasing engine shop
visits will support cash generation this year. However, Rolls-Royce
will face several adverse cash movements in 2023, including (i)
concession payments on deliveries of Boeing 787 aircraft of around
GBP200 million, (ii) a GBP100 million cash flow shortfall from
delivery delays because of fires at suppliers, and (iii) somewhat
higher over-hedge costs.
Rolls-Royce's company-adjusted operating profit improved by GBP238
million to GBP652 million in 2022. The Civil Aerospace division
returned to profit, at GBP143 million, ahead of Moody's previous
expectations. Contract accounting adjustments in 2022 represented
GBP236 million of Rolls-Royce's operating profit improvement and
they may not recur, or not to the same extent, in the future.
Nevertheless, Moody's believes that there were underlying
improvements including higher large commercial engine contract
margins and better aftermarket profits for business aviation and
regional jets which boosted Rolls-Royce's 2022 profits.
Moody's forecasts further revenue and profit growth in 2023, mostly
driven by a substantial increase in major shop visits within Civil
Aerospace. However, improvements in profitability will likely be
modest given lower expected contract catch-ups and broad risks of
cost increases as activity continues to recover.
Rolls-Royce has a substantial degree of cost pass-through
protection in its contracts, including inflation indexation within
its Civil Aerospace long term service agreements. However, a
proportion of cost inflation will be borne by the company, and the
phasing of cost increases, materials hedging and price indexation
is uneven, which results in a relatively high degree of uncertainty
over future profitability. Moody's expects that margin resilience
will remain high in the Defence division given regulation on UK
government contracts and good ability to pass through cost
inflation otherwise. As a shorter-cycle business, Power Systems is
more exposed to inflationary pressures. It also carries relatively
high fixed costs which Rolls-Royce is seeking to address but its
absolute profits will modestly grow given solid demand.
RATIONALE FOR THE CFR
The company's Ba3 CFR reflects: 1) high barriers to entry given the
critical technological content of the company's engines; 2)
expected growth as the commercial aerospace market continues to
recover from the pandemic, alongside solid prospects in Defence and
Power Systems; 3) the strong performance of the company's Trent XWB
and Trent 7000 engine programmes which represent the majority of
future orders and installed engine base; 4) the strategic
importance of Rolls-Royce to UK defence capabilities and to the
aerospace supply chain; and 5) the company's commitment to a
conservative financial profile.
However, Rolls-Royce's CFR is constrained by: 1) a degree of
uncertainty over the recovery of the company's profits and cash
flows, particularly given the relatively weak economic environment
and ensuing risks to commercial aviation; 2) supply chain
constraints and high inflation which could dampen growth and keep
profit margins low; 3) some concentration risk, with reliance on a
small number of commercial aerospace engines for widebody aircraft;
and 4) longer-term strategic challenges to maintain a competitive
position on future large commercial aero-engine programmes and to
achieve profitable growth in small modular nuclear reactors and
other new business segments.
The transformation programme announced by the new CEO Tufan
Erginbilgic seeks to address the relevant areas of improvement.
These include increasing synergies between the three divisions and
reducing fixed costs, optimising working capital and improving
contract margins. In addition, Rolls-Royce now expects a more
disciplined and centralised capital allocation. The company will
also conclude a strategic review in the second half of this year,
which Moody's expects will provide more clarity on the investments
the company will focus on. Whether the outcome of the review could
lead to a material change in the company's capital structure
remains highly uncertain. For now, any deleveraging of Rolls-Royce
relies on EBITDA growth and the rating agency expects
Moody's-adjusted gross debt/EBITDA to decline well below 5.0x in
2023 from 5.4x at the end of 2022. Rolls-Royce's adjusted leverage
reduced by 2.0x in 2022, mostly thanks to a debt repayment of GBP2
billion using proceeds from the disposal of ITP.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Governance considerations that Moody's includes in its credit
assessment of Rolls-Royce include: (1) the company adopts a
conservative financial policy targeting reduction in leverage, as
evidenced by the debt repayment from disposal proceeds; (2) the
company is listed on the London Stock Exchange and reported that
during 2021 it was compliant with the UK 2018 Corporate Governance
Code; and (3) Rolls-Royce's complex business model and financial
reporting is a significant challenge in understanding financial
performance, particularly in relation to profitability on long-term
aftermarket contracts, quality of cash flows, and adjustments to
normalised profits.
LIQUIDITY
Rolls-Royce's liquidity remains substantial. As of December 31,
2022, the company's total liquidity amounted to GBP7.9 billion,
comprising unrestricted cash of GBP2.4 billion, and GBP5.5 billion
of undrawn credit facilities maturing between January 2024 and
September 2027. Moody's forecasts of positive free cash flow in
2023 and beyond enhances Rolls-Royce's liquidity. There are no
material debt maturities prior to 2024 excluding finance lease
obligations. In its liquidity assessment, Moody's also considers
the need for Rolls-Royce to maintain high cash balances given
seasonal working capital outflows of GBP0.5 – 1.0 billion and net
liabilities on commercial aerospace long term service contracts of
GBP7.4 billion.
RATING OUTLOOK
The positive outlook reflects Moody's expectations that Rolls-Royce
has the potential to steadily improve its trading results, cash
flows and credit metrics in the next 12 to 18 months to levels
commensurate with a higher rating. The outlook also assumes that
the company will maintain a conservative financial policy targeting
further reductions in leverage and will maintain substantial cash
balances of at least GBP2.0 – 2.5 billion, alongside substantial
liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if:
-- Moody's-adjusted leverage reduces sustainably towards
5.0x, whilst maintaining at least GBP2.5 billion cash
on balance sheet
-- Moody's-adjusted free cash flow stays materially positive
-- The company demonstrates a track record of strengthening
operating margins and interest coverage metrics
In addition, positive rating pressure would require the company to
generate a track record of performance in line with guidance, and
to maintain a conservative financial policy.
The ratings could be downgraded if:
-- Moody's-adjusted debt / EBITDA increases towards 6.5x,
especially if not sufficiently balanced by cash on balance
sheet
-- Moody's-adjusted FCF / debt turns materially negative
-- there is a weakening of interest cover metrics or
operating margins
-- there are signs of a weaker business profile,
including a weakening in the company's market
positions, or lower than expected aftermarket
profitability
-- the company adopts a more aggressive financial
policy, including on shareholder returns
LIST OF AFFECTED RATINGS
Affirmations:
Issuer: Rolls-Royce plc
Probability of Default Rating, Affirmed Ba3-PD
LT Corporate Family Rating, Affirmed Ba3
BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba3
BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Ba3
Outlook Actions:
Issuer: Rolls-Royce plc
Outlook, Changed To Positive From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.
COMPANY PROFILE
Headquartered in London, England, Rolls-Royce is a leading global
manufacturer of aero-engines, gas turbines and reciprocating
engines with operations in three principal business segments --
Civil Aerospace, Defence and Power Systems. In 2022, the company
reported revenue from continuing operations of GBP13.5 billion and
Moody's-adjusted EBITDA of GBP1.3 billion.
SCC POWER: Moody's Assigns First Time 'Ca' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned a first-time Ca corporate family
rating to SCC Power PLC. At the same time, Moody's assigned a Ca
rating to the company's Senior Secured Notes with maturity dates in
2028 and 2032. Proceeds from the Notes were used to refinance the
company's pre-existing indebtedness, debtor-in-possession ("DIP")
facilities and pay related expenses upon its emergence from
bankruptcy in May 2022. The outlook for the ratings is stable.
Governance considerations are a key driver of the rating actions,
given Moody's anticipation for evolving financial strategies
following its bankruptcy exit plan given the high leverage and
still high refinancing risks. Environment and social considerations
were also relevant given unsettled legal claims on the Matheu III
generation facility.
Assignments:
Issuer: SCC Power PLC
Corporate Family Rating, Assigned Ca
Senior Secured 1st Lien Regular Bond/Debenture due 2028, Assigned
Ca
Senior Secured 2nd Lien Regular Bond/Debenture due 2028, Assigned
Ca
Senior Secured 3rd Lien Regular Bond/Debenture due 2032, Assigned
Ca
Outlook Actions:
Issuer: SCC Power PLC
Outlook, Assigned Stable
RATINGS RATIONALE
SCC Power Ca rating takes into account the stable monthly cash
flows derived from fixed capacity payments under the availability
power purchase agreements (PPAs) that its operating companies have
with Compañia Administradora del Mercado Mayorista Electrico
(Cammesa), the electricity grid operator that manages the wholesale
electricity market in Argentina. The PPAs with Cammesa are dollar
denominated. The simple cycle PPAs have a remaining life of 4.7
years while the San Pedro combined cycle PPA has a remaining life
of 12.0 years
Siemens Aktiengesellschaft (A1, Stable) long term maintenance
agreement (LTP) ensures predictability by providing the necessary
resources and material availability to maintain the fleet.
In addition, there is no fuel exposure, Cammesa provides the fuel
when the plants are required to dispatch. On the other hand, the
collections at Cammesa have been generally insufficient to cover
the actual costs of power generation, leaving the grid operator
with a structural deficit that is largely dependent on regular cash
funds from the Government of Argentina (Ca, stable). Hence, SCC
Power rating is ultimately constrained by the weak credit quality
of the off-taker and its credit linkages with the Government of
Argentina.
Capacity payments are subject to certain penalties if performance
or availability are below the PPA requirements. Nonetheless,
sensitivities introduced to the financial model stressing the
potential for penalties had only a moderate impact on operating
cash flows. Overall, Moody's expect that the company will present
an average CFO pre WC + Interest/Interest of 2.0x and average CFO
pre WC/ Debt of 4.0% for the first three years of operations. Those
metrics are below the average of unregulated power companies
operating in Argentina, such as MSU Energy S.A. (Caa3 stable) and
Pampa Energia S.A. (Caa3 stable).
The fundamental strengths deriving from the company's highly
contracted nature are balanced against the risk of unexpected cash
outlays from the unsettled legal claims on the Matheu III
generation facility, which is currently operating at half capacity
due to an environmental dispute. If the facility were to be
relocated do to this claims it would entail additional capital
expenditures that are not incorporated in the ratings baseline
projections. In addition, Moody's considers a moderate construction
risk associated with the completion of the combine cycle of the San
Pedro generation facility. The project has a committed commercial
operations date with Cammesa for February 2024. In addition,
Moody's considers a moderate construction risk associated with the
completion of the combine cycle of the San Pedro generation
facility. According to the management, the construction stage is
advanced and the main equipment, such as, the steam turbine,
boilers and aerocondenser are already on site.
The international secured notes have a non-amortizing structure
with high refinancing risk towards 2028 when most of the company's
PPAs have expired and $310 million of the second lien comes due.
While the notes have a cash sweep mechanism that aims to redeem the
notes with excess cash flows, Moody's base case scenario does not
incorporate this redemption to be material. While Moody's expect
the cash sweep to be enough to amortize the first lien, Moody's
estimate that approximately 82% of the total rated debt will still
be outstanding by 2027 year end.
The notes are senior secured obligations of the issuer but have
different ranking on the priority lien on the assets of the issuer
and guarantors, including all the equipment, all the project
material contracts and all the project accounts, among others. The
notes were structured in three different liens and the ranking of
priority is also effective for the sweep amortization. While the
first and second lien are due in 2028, the third lien does not
mature until 2032.
Also important to mention that SCC Power capital structure
encompass debt at the level of San Pedro Combine Cycle. Local
market debt issued to finance the closure of the cycle has a first
priority lien on the cash flows, project assets and contracts of
the cycle closure.
Finally, the note's payment in kind mechanism provides the company
some cash flow flexibility during the first 24 months, but the
potential interest capitalization will delay leverage reduction. As
such, the company will likely remain with a highly leverage
financing structure.
Rating Outlook
The stable outlook incorporates Moody's expectation that credit
conditions for power generators in Argentina are unlikely to
significantly improve, thus the company still face high refinancing
risk, particularly upon the expiration of the PPAs in 2027. The
stable outlook considers that bondholder's losses will remain
aligned with those associated with a Ca rating, which incorporates
losses in the range of 35%-65%.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the current constraining factors and the exposure to Cammesa,
an upgrade of SCC Power's ratings will require and upgrade of the
sovereign. Also, there could be further upward pressure if the
expected recovery under a liquidation scenario is above 65%
percent.
The ratings could come under negative pressure if the company fails
to execute on the expected deleveraging because contractual
revenues or operating costs are not materialized as expected. Also,
there could be further downward pressure if the expected recovery
under a liquidation scenario falls below 35% percent.
The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
Profile
SCC Power PLC (SCC Power) is a public limited company incorporated,
domiciled, and registered in the UK that took control of the
business from Stoneway Capital Corporation (Stoneway) in May 2022,
in the context of its debt restructuring plan for Chapter 11
bankruptcy emergence. The group's business comprises four
combined-cycle thermal power plants, located in Buenos Aires
province. Las Palmas, Luján, Matheu and San Pedro are currently
operating and San Pedro, is under construction for a cycle closure
with planned COD in December 2023. The Group's profit is derived
from mid-term power supply and provision agreements entered into
with Cammesa for an aggregate installed capacity of 737 MW.
Environmental, Social and Governance considerations
SCC Power PLC (SCC) ESG Credit Impact Score is highly negative
(CIS-4) reflecting its highly negative exposure to social and
environmental risks and weak governance profile.
Moody's assess SCC's exposure to environmental risks as is highly
negative (E-4 issuer profile score), mainly reflecting the high
risk of waste and pollution that the issuer is currently facing due
to several environmental claims in the Matheu Generation Facility.
Two of the claims seek the suspension of operations and re-location
of the plant due to alleged infringements to environmental
regulations, particularly relating to noise disturbances.
The issuer's exposure to social risks is highly negative (S-4
issuer profile score), reflecting the high risk that public concern
over social and in particular affordability issues could lead to
adverse regulatory or political intervention given that the
company's operations are based in Argentina. The difficult economic
conditions in the country have increased social demands, amid
falling purchasing power and increased poverty and unemployment. In
addition, Moody's also consider a high exposure to additional
relocation costs, reputational risk and negative effects on the
area in which the Matheu plant operates.
Governance risks for SCC are highly negative (G-4 issuer profile
score) because of the high exposure to financial strategy and risk
management. The company has recently emerged from a Chapter 11
restructuring process with high leverage metrics and high
refinancing risk towards 2028 when a sizeable portion of the debt
comes due. Moody's also acknowledge the adverse financing
conditions prevailing in Argentina. High inflation and interest
rates, limited access to external financing as well as the risks of
a deep devaluation of the local currency are key considerations
negatively impacting Argentine companies' financial policies.
SILICON VALLEY BANK UK: Bank of London Mulls Rescue Bid
-------------------------------------------------------
Jyoti Narayan at Reuters, citing Sky News, reports that British
clearing bank The Bank of London is considering a rescue bid for
the UK arm of collapsed U.S. bank Silicon Valley Bank.
The British bank has appointed investment bank Perella Weinberg
Partners to advise it on its interest in Silicon Valley Bank UK
Limited (SVB UK), the report said, citing a source familiar with
the matter, Reuters relates.
The news of the British bank's bid interest comes a day after the
Bank of England said it was seeking a court order to place SVB UK
into an insolvency procedure, after U.S. regulators took over its
parent company SVB Financial Group earlier on March 10, Reuters
notes.
The rout in SVB's stock, which began on March 9, has spilled over
into other U.S. and European banks, Reuters discloses. U.S. banks
have lost over US$100 billion in stock market value and European
banks have shed another US$50 billion in value over the past two
days, according to a Reuters calculation.
STRATTON MORTGAGE 2020-1: Fitch Affirms BB+sf Rating on 2 Tranches
------------------------------------------------------------------
Fitch Ratings has upgraded Stratton Mortgage Funding 2020-1 PLC's
(SMF2020-1) class B and C notes and affirmed all other notes.
Entity/Debt Rating Prior
----------- ------ -----
Stratton Mortgage
Funding 2020-1 PLC
A XS2215921748 LT AAAsf Affirmed AAAsf
B XS2215922043 LT AAAsf Upgrade AA+sf
C XS2215922126 LT AA+sf Upgrade AAsf
D XS2215922399 LT A+sf Affirmed A+sf
E XS2215922472 LT BB+sf Affirmed BB+sf
F XS2215922639 LT BB+sf Affirmed BB+sf
TRANSACTION SUMMARY
SMF2020-1 is a securitisation of non-prime owner-occupied (OO) and
buy-to-let (BTL) mortgages backed by properties in the UK. The
mortgages were originated primarily by GMAC-RFC LTD, Edeus Mortgage
Creators Limited, and Kensington Mortgage Company Limited.
The assets were previously securitised in Alba 2006-1 and Alba
2015-1 transactions. These are purchased by Ertow Holdings VI
Designated Activity Company (the seller) and sold to the issuer.
Only Alba 2006-1 was rated by Fitch Ratings.
KEY RATING DRIVERS
Strong Credit Protection: The upgrades and affirmations reflect the
increased credit enhancement (CE) due to the sequential
amortisation of the structure. In addition, the liquidity reserve
fund, which amortises at 2% of the class A to D notes' balance,
provides liquidity and credit support to the class A to D notes, as
it releases excess amounts as available redemption receipts.
Moderate Increase in Arrears: Arrears levels have moderately
increased, to 14.22% and 8.30% from 12.76% and 7.81% 12 months ago
for early and late stage arrears, respectively. However, Fitch does
not expect this to have a significant impact given the
transaction's strong credit protection.
Liquidity Access Constrains Junior Notes: The class A to D notes
can access the liquidity reserve. The class E and F notes do not
benefit from liquidity protection. Given the material deferral of
interest payments in the expected case scenario, Fitch has capped
the class E and F notes at 'BB+sf'.
Class D Below MIR: Fitch considered a 15% increase in default rates
to capture the impact of macroeconomic stress and asset
underperformance on the notes. As a result of this analysis, the
class D notes have been affirmed at one notch below their model
implied rating (MIR). All other notes were affirmed or upgraded in
line with their respective MIRs.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A deterioration in asset performance due to the sustained cost of
living crisis could result in Fitch taking negative rating action
on the notes.
The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated with increasing levels of delinquencies and
defaults that could reduce CE available to the notes.
Unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to potential
negative rating action depending on the extent of the decline in
recoveries. Fitch tested a 15% increase in the weighted average
foreclosure frequency (WAFF) and a 15% decrease in the weighted
average recovery rate (WARR). The results indicate up to a
two-notch negative rating impact on the mezzanine and junior
notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the WAFF of 15% and an increase in the WARR
of 15%. The results indicate a positive rating impact of up to
three notches for the mezzanine and junior notes.
DATA ADEQUACY
Stratton Mortgage Funding 2020-1 PLC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Stratton Mortgage Funding 2020-1 PLC has an ESG Relevance Score of
'4' for Customer Welfare - Fair Messaging, Privacy & Data Security
due to pool exhibiting an interest-only maturity concentration
amongst the legacy non-conforming OO loans of greater than 40%,
which has a negative impact on the credit profile, and is relevant
to the rating[s] in conjunction with other factors.
Stratton Mortgage Funding 2020-1 PLC has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to significant proportion of the pool containing OO loans
advanced with limited affordability checks, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.
Stratton Mortgage Funding 2020-1 PLC has an ESG Relevance Score of
'4' for Data Transparency & Privacy due to transaction data and
periodic recording, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
WELLPAK UK: Goes Into Administration, Halts Trading
---------------------------------------------------
Michael Baker at Fresh Produce Journal reports that Evesham
supplier is understood to be in administration following tough
years for business.
Evesham-based fresh produce business Wellpak (UK) has been placed
into administration.
The company is the major contributor to the income of Alomora
Group, whose businesses also include contract packing operation
Ackio UK.
Mike Denny and Mark Firmin of Alvarez & Marsal are understood to
have been appointed as joint administrators of Wellpak (UK) on
March 8, FPJ relates.
FPJ has seen an email from Simon Neale, managing director of
Alomora Group, which states: "Unfortunately the business [Wellpak
UK] has been placed in administration and we have ceased trading
for now."
It is unclear whether the entire Alomora Group has been placed into
administration, FPJ notes.
According to FPJ, in Wellpak's latest annual report, Mr. Neale
described the financial year to November 30, 2020, as "especially
challenging" for the group. Covid, and to a lesser extent Brexit,
impacted the company, with the closure of the hospitality sector in
particular damaging business.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 6 to March 10, 2023
--------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
Gol Finance SA 7.000 1/31/2025 USD 45.794
Atento Luxco 1 SA 8.000 2/10/2026 USD 37.092
Gol Finance SA 8.000 6/30/2026 USD 44.089
Castellum AB 3.125 EUR 73.472
CECONOMY AG 1.750 6/24/2026 EUR 71.877
Vedanta Resources Lt6.125 8/9/2024 USD 68.133
Movida Europe SA 5.250 2/8/2031 USD 65.237
Mitsubishi UFJ Inves7.193 12/15/2050 EUR 48.056
Financiere Immobilie6.000 1/30/2025 EUR 9.637
Vedanta Resources Fi8.950 3/11/2025 USD 68.934
Simpar Europe SA 5.200 1/26/2031 USD 66.748
Cimpress PLC 7.000 6/15/2026 USD 74.663
Credit Suisse Group 7.250 USD 74.136
Coruripe Netherlands10.000 2/10/2027 USD 69.683
Kleopatra Holdings 26.500 9/1/2026 EUR 58.257
B2W Digital Lux Sarl4.375 12/20/2030 USD 18.000
Tullow Oil PLC 7.000 3/1/2025 USD 63.639
Orpea SA 2.625 3/10/2025 EUR 26.788
United Kingdom Gilt 0.625 7/31/2035 GBP 67.438
MARB BondCo PLC 3.950 1/29/2031 USD 71.360
Republic of Belarus 6.875 2/28/2023 USD 37.828
GOL Equity Finance S3.750 7/15/2024 USD 53.875
Credit Suisse Group 6.375 USD 72.200
Russian Railways Via2.100 10/2/2023 CHF 62.494
JSM Global Sarl 4.750 10/20/2030 USD 18.500
Credit Suisse Group 4.500 USD 58.490
Casino Guichard Perr3.992 EUR 17.290
Heimstaden AB 6.750 EUR 52.847
Accentro Real Estate5.625 2/13/2026 EUR 59.014
United Kingdom Gilt 0.875 7/31/2033 GBP 74.568
Casino Guichard Perr6.625 1/15/2026 EUR 57.225
Gazprom PJSC via Gaz3.897 EUR 52.376
Citycon Oyj 4.496 EUR 60.435
Vedanta Resources Fi9.250 4/23/2026 USD 66.928
Intesa Sanpaolo SpA 1.350 2/24/2031 EUR 73.838
Orpea SA 2.000 4/1/2028 EUR 26.973
Casino Guichard Perr3.637 EUR 15.925
Metalcorp Group SA 8.500 6/28/2026 EUR 28.346
Credit Suisse Group 5.250 USD 69.340
Credit Suisse Group 0.625 1/18/2033 EUR 57.071
AT Securities BV 5.250 USD 57.000
Teva Pharmaceutical 4.100 10/1/2046 USD 66.618
Air Baltic Corp AS 6.750 7/30/2024 EUR 72.329
Eurovita Assicurazio6.000 12/22/2025 EUR 69.715
Credit Suisse Group 5.100 USD 62.415
Trinseo Materials Op5.125 4/1/2029 USD 68.303
EnfraGen Energia Sur5.375 12/30/2030 USD 66.715
Casino Guichard Perr5.250 4/15/2027 EUR 55.026
Schoeller Packaging 6.375 11/1/2024 EUR 71.297
Heimstaden Bostad AB3.625 EUR 62.575
Aragvi Finance Inter8.450 4/29/2026 USD 72.330
Dignity Finance PLC 4.696 12/31/2049 GBP 62.615
ING Groep NV 4.250 USD 70.675
Romanian Government 4.625 4/3/2049 EUR 72.589
Italy Buoni Polienna2.150 3/1/2072 EUR 56.895
Gazprom PJSC Via Gaz2.949 1/24/2024 EUR 75.000
MHP SE 7.750 5/10/2024 USD 52.488
Korian SA 1.875 EUR 29.100
Castellum Helsinki F0.875 9/17/2029 EUR 70.542
ADLER Group SA 2.250 1/14/2029 EUR 40.389
Gazprom PJSC via Gaz2.950 1/27/2029 USD 64.250
Allianz SE 3.875 USD 69.563
Heimstaden AB 4.375 3/6/2027 EUR 71.882
Ubisoft Entertainmen0.878 11/24/2027 EUR 74.965
Air France-KLM 0.125 3/25/2026 EUR 16.946
Fnac Darty SA 0.250 3/23/2027 EUR 69.054
Romanian Government 4.125 3/11/2039 EUR 71.749
Gazprom PJSC via Gaz1.500 2/17/2027 EUR 66.827
Hidrovias Internatio4.950 2/8/2031 USD 70.306
Korian SA 2.250 10/15/2028 EUR 68.701
Heimstaden Bostad AB2.625 EUR 62.622
Korian SA 0.875 3/6/2027 EUR 42.916
Union Fenosa Prefere3.852 EUR 72.083
Ukraine Government I6.750 6/20/2028 EUR 16.173
Credit Suisse AG/Lon0.250 9/1/2028 EUR 73.442
Fastighets AB Balder1.250 1/28/2028 EUR 74.172
Carnival PLC 1.000 10/28/2029 EUR 49.398
Gazprom PJSC Via Gaz2.250 11/22/2024 EUR 75.527
CPI Property Group S4.875 EUR 48.139
Casino Guichard Perr4.048 8/5/2026 EUR 55.029
Gazprom PJSC Via Gaz4.364 3/21/2025 EUR 74.500
DIC Asset AG 2.250 9/22/2026 EUR 67.652
Orpea SA 0.375 5/17/2027 EUR 39.441
Eustream AS 1.625 6/25/2027 EUR 71.202
Aroundtown SA 2.125 EUR 38.994
Atos SE 1.000 11/12/2029 EUR 68.537
Credit Suisse Group 2.875 4/2/2032 EUR 72.293
La Banque Postale SA3.000 EUR 70.617
Gazprom PJSC via Gaz4.599 USD 60.000
Audax Renovables SA 4.200 12/18/2027 EUR 60.226
NatWest Group PLC 4.600 USD 73.125
Signa Development Fi5.500 7/23/2026 EUR 68.750
TenneT Holding BV 0.875 6/16/2035 EUR 73.100
Delivery Hero SE 2.125 3/10/2029 EUR 64.295
United Kingdom Gilt 1.500 7/31/2053 GBP 54.246
Mime Petroleum AS 10.250 11/10/2026 USD 66.902
Rothschild & Co Cont4.438 USD 65.155
Samhallsbyggnadsbola2.624 EUR 41.948
Casino Guichard Perr3.580 2/7/2025 EUR 64.541
Gazprom PJSC Via Gaz4.950 2/6/2028 USD 75.250
Gazprom PJSC Via Gaz4.250 4/6/2024 GBP 70.404
Russian Railways Via2.200 5/23/2027 EUR 55.697
ATF Netherlands BV 7.078 EUR 55.876
Banco Santander SA 3.625 EUR 70.455
Nobel Bidco BV 3.125 6/15/2028 EUR 69.890
Frigoglass Finance B6.875 2/12/2025 EUR 27.006
VTR Finance NV 6.375 7/15/2028 USD 42.891
Samhallsbyggnadsbola2.875 EUR 41.775
DEMIRE Deutsche Mitt1.875 10/15/2024 EUR 74.194
Balder Finland Oyj 1.000 1/20/2029 EUR 69.118
NAK Naftogaz Ukraine7.625 11/8/2026 USD 19.345
Mahle GmbH 2.375 5/14/2028 EUR 73.244
Haya Holdco 2 PLC 11.698 11/30/2025 EUR 38.681
Allianz SE 3.200 USD 74.860
HSE Finance Sarl 5.625 10/15/2026 EUR 51.333
Petrobras Global Fin5.500 6/10/2051 USD 74.613
CTP NV 1.500 9/27/2031 EUR 69.109
Russian Railways Via0.898 10/3/2025 CHF 50.138
Accor SA 0.700 12/7/2027 EUR 44.851
Heimstaden AB 8.718 SEK 71.093
Gazprom PJSC via Gaz3.250 2/25/2030 USD 72.000
Grand City Propertie1.500 EUR 47.533
Kenbourne Invest SA 4.700 1/22/2028 USD 67.560
Raiffeisen Bank Inte4.500 EUR 70.758
Vodafone Group PLC 5.125 6/4/2081 USD 75.630
ams-OSRAM AG 2.125 11/3/2027 EUR 71.415
Aroundtown SA 1.625 EUR 37.890
AI Candelaria Spain 5.750 6/15/2033 USD 70.714
Ukreximbank Via Biz 9.750 1/22/2025 USD 39.075
Heimstaden Bostad Tr0.750 9/6/2029 EUR 69.344
Altice France Holdin6.000 2/15/2028 USD 69.855
La Financiere Atalia5.125 5/15/2025 EUR 68.083
Foodco Bondco SA 6.250 5/15/2026 EUR 40.026
MHP Lux SA 6.950 4/3/2026 USD 49.496
Grupo Antolin-Irausa3.500 4/30/2028 EUR 73.833
Liquid Telecommunica5.500 9/4/2026 USD 69.699
Samhallsbyggnadsbola1.000 8/12/2027 EUR 70.488
Gazprom PJSC via Gaz3.000 6/29/2027 USD 69.603
Romanian Government 1.750 7/13/2030 EUR 71.780
BAT International Fi2.250 9/9/2052 GBP 38.342
Credit Bank of Mosco3.100 1/21/2026 EUR 24.228
VIC Properties SA 3.000 5/28/2025 EUR 60.000
Allianz SE 2.625 EUR 70.205
Hacienda Investments5.075 2/15/2023 USD 49.161
Balder Finland Oyj 2.000 1/18/2031 EUR 67.782
Laboratoire Eimer Se5.000 2/1/2029 EUR 72.457
Ukraine Railways Via8.250 7/9/2026 USD 20.375
Intermediate Capital2.500 1/28/2030 EUR 70.237
Republic of Italy Go3.875 5/6/2051 USD 69.580
Gol Finance SA 8.000 6/30/2026 USD 43.924
Citycon Oyj 3.625 EUR 52.796
Delivery Hero SE 1.500 1/15/2028 EUR 67.023
Rothschild & Co Cont3.110 EUR 68.783
Aroundtown SA 0.375 4/15/2027 EUR 72.752
Aegon NV 0.496 NLG 67.472
Metro Bank PLC 5.500 6/26/2028 GBP 69.501
VEON Holdings BV 3.375 11/25/2027 USD 72.250
Gol Finance SA 7.000 1/31/2025 USD 45.645
Tinkoff Bank JSC Via6.000 USD 41.669
Romanian Government 2.000 1/28/2032 EUR 68.911
CPI Property Group S1.500 1/27/2031 EUR 58.339
United Kingdom Gilt 0.875 1/31/2046 GBP 51.020
Hungary Government I3.125 9/21/2051 USD 59.865
Arrival SA 3.500 12/1/2026 USD 31.875
SBB Treasury Oyj 0.750 12/14/2028 EUR 61.675
NE Property BV 2.000 1/20/2030 EUR 71.897
Atento Luxco 1 SA 8.000 2/10/2026 USD 37.108
Croatia Government I1.750 3/4/2041 EUR 66.946
State of North Rhine1.750 7/11/2068 EUR 61.930
EDP - Energias de Po1.875 3/14/2082 EUR 73.786
Idorsia Ltd 2.125 8/4/2028 CHF 69.812
Ideal Standard Inter6.375 7/30/2026 EUR 55.650
Direct Line Insuranc4.750 GBP 74.620
Ukraine Government I7.750 9/1/2024 USD 22.756
Serbia International2.050 9/23/2036 EUR 58.582
GOL Equity Finance S3.750 7/15/2024 USD 53.750
Allianz SE 2.600 EUR 67.031
Vonovia SE 1.625 9/1/2051 EUR 47.422
Constellation Automo4.875 7/15/2027 GBP 72.166
Novolipetsk Steel Vi1.450 6/2/2026 EUR 68.525
Romanian Government 2.625 12/2/2040 EUR 56.115
Abengoa Abenewco 2 S1.500 10/26/2024 EUR 0.084
Nostrum Oil & Gas Fi7.000 2/16/2025 USD 25.219
Aroundtown SA 1.450 7/9/2028 EUR 68.237
Hungary Government I1.750 6/5/2035 EUR 67.230
State of North Rhine1.950 9/26/2078 EUR 65.253
Cellnex Finance Co S2.000 2/15/2033 EUR 75.158
Endo Luxembourg Fina6.125 4/1/2029 USD 76.250
Compact Bidco BV 5.750 5/1/2026 EUR 74.766
Italy Buoni Polienna1.800 3/1/2041 EUR 66.078
Standard Profil Auto6.250 4/30/2026 EUR 61.462
Russian Railways Via0.840 3/12/2026 CHF 49.941
Nexity SA 0.250 3/2/2025 EUR 58.822
Heimstaden Bostad AB3.375 EUR 64.164
Ukraine Government I7.750 9/1/2027 USD 17.700
EP Infrastructure AS1.816 3/2/2031 EUR 64.190
Canary Wharf Group I3.375 4/23/2028 GBP 74.134
Romanian Government 2.124 7/16/2031 EUR 71.044
Hellenic Republic Go1.875 1/24/2052 EUR 57.630
CaixaBank SA 3.625 EUR 72.132
Aroundtown SA 4.750 GBP 50.998
Aroundtown SA 2.875 EUR 46.016
Enel SpA 1.875 EUR 71.314
Raiffeisen Bank Inte1.375 6/17/2033 EUR 72.713
Heimstaden Bostad Tr1.625 10/13/2031 EUR 67.830
Rothesay Life PLC 5.000 GBP 70.607
Kernel Holding SA 6.500 10/17/2024 USD 48.706
Samhallsbyggnadsbola2.625 EUR 41.569
Wirecard AG 0.500 9/11/2024 EUR 14.189
Serbia International1.500 6/26/2029 EUR 74.405
Ageas SA/NV 3.875 EUR 74.169
Nykredit Realkredit 1.000 10/1/2050 DKK 71.392
Atrium Finance PLC 2.625 9/5/2027 EUR 73.865
Intesa Sanpaolo SpA 4.198 6/1/2032 USD 75.197
Mithra Pharmaceutica4.250 12/17/2025 EUR 60.612
Romanian Government 2.000 4/14/2033 EUR 66.128
CPI Property Group S1.750 1/14/2030 EUR 63.958
BPCE SA 2.125 10/13/2046 EUR 70.970
Slovakia Government 0.375 4/21/2036 EUR 63.325
Nostrum Oil & Gas Fi8.000 7/25/2022 USD 25.958
Rallye SA 4.000 2/28/2032 EUR 3.616
Shell International 3.000 11/26/2051 USD 69.660
Credit Suisse Group 0.650 9/10/2029 EUR 66.793
Credit Suisse Group 4.875 5/15/2045 USD 81.270
Tinkoff Bank JSC Via11.002 USD 38.000
Ukraine Government I4.375 1/27/2032 EUR 16.573
NGD Holdings BV 6.750 12/31/2026 USD 59.621
Pro-Gest SpA 3.250 12/15/2024 EUR 74.525
Moby SpA 7.750 2/15/2023 EUR 58.583
Credit Suisse Group 7.250 USD 73.750
Mallinckrodt Interna10.000 6/15/2029 USD 62.206
Herens Midco Sarl 5.250 5/15/2029 EUR 69.000
Voltalia SA 1.000 1/13/2025 EUR 28.792
ADLER Group SA 1.500 7/26/2024 EUR 69.980
TotalEnergies SE 2.125 EUR 72.023
Holcim Finance Luxem0.500 4/23/2031 EUR 72.380
Russian Railways Via3.125 CHF 12.000
Prosus NV 4.987 1/19/2052 USD 71.519
NAK Naftogaz Ukraine7.125 7/19/2024 EUR 20.079
Hacienda Investments5.350 2/8/2028 USD 49.980
Gazprom PJSC via Gaz2.950 4/15/2025 EUR 72.132
Aroundtown SA 3.375 EUR 53.944
Ukraine Government I9.750 11/1/2030 USD 18.523
CPI Property Group S4.875 EUR 49.495
Credit Suisse Group 3.091 5/14/2032 USD 70.471
Deutsche Bank AG 1.375 2/17/2032 EUR 73.967
Gazprom PJSC via Gaz1.540 6/30/2027 CHF 62.508
Turkey Government In6.000 1/14/2041 USD 71.738
Enel Finance Interna0.875 6/17/2036 EUR 62.381
Prologis Internation0.750 3/23/2033 EUR 67.008
Bulgaria Government 0.375 9/23/2030 EUR 73.692
VF Ukraine PAT via V6.200 2/11/2025 USD 58.509
MorphoSys AG 0.625 10/16/2025 EUR 57.805
Fresenius Finance Ir0.875 10/1/2031 EUR 71.516
DDM Debt AB 9.000 4/19/2026 EUR 61.934
Russian Foreign Bond7.500 3/31/2030 USD 65.210
Serbia International2.125 12/1/2030 USD 73.519
Republic of Italy Go4.000 10/17/2049 USD 73.077
Fresenius SE & Co KG1.125 1/28/2033 EUR 70.353
Intesa Sanpaolo SpA 4.950 6/1/2042 USD 68.190
Siemens Financiering1.750 2/28/2039 EUR 74.960
UniCredit SpA 0.850 1/19/2031 EUR 73.374
Solocal Group 9.046 3/15/2025 EUR 67.850
Slovenia Government 0.688 3/3/2081 EUR 37.365
JAB Holdings BV 4.500 4/8/2052 USD 73.686
Lukoil Securities BV3.875 5/6/2030 USD 68.750
TotalEnergies SE 3.250 EUR 73.940
VGP NV 2.250 1/17/2030 EUR 70.657
gategroup Finance Lu3.000 2/28/2027 CHF 66.866
CCC SA 11.670 6/29/2026 PLN 75.785
Kingdom of Belgium G2.250 6/22/2057 EUR 74.733
Hungary Government B3.000 10/27/2038 HUF 53.747
Prosus NV 2.031 8/3/2032 EUR 70.888
Berkeley Group PLC/T2.500 8/11/2031 GBP 70.399
Czech Republic Gover1.500 4/24/2040 CZK 58.909
Rallye SA 4.371 2/28/2032 EUR 3.665
Republic of Austria 1.500 2/20/2047 EUR 70.250
Russian Foreign Bond5.625 4/4/2042 USD 63.504
EP Infrastructure AS2.045 10/9/2028 EUR 73.438
Romania Government B4.250 4/28/2036 RON 70.478
Orsted AS 1.500 2/18/3021 EUR 73.271
Prosus NV 3.832 2/8/2051 USD 60.456
PB International BV 7.625 12/31/2025 USD 40.000
Swan Housing Capital3.625 3/5/2048 GBP 74.357
Vonovia SE 0.750 9/1/2032 EUR 66.496
Eurofins Scientific 0.875 5/19/2031 EUR 73.196
Enel Finance Interna0.875 9/28/2034 EUR 66.010
R-Logitech Finance S10.250 9/26/2027 EUR 57.000
Kojamo Oyj 0.875 5/28/2029 EUR 74.440
Hungary Government B2.250 4/20/2033 HUF 58.046
Dtek Renewables Fina8.500 11/12/2024 EUR 39.954
Intesa Sanpaolo SpA 4.125 EUR 74.546
Republic of Belarus 7.625 6/29/2027 USD 41.417
Novo Banco SA/Luxemb3.500 1/23/2043 EUR 73.631
Aroundtown SA 1.625 1/31/2028 EUR 71.985
Serbia International1.650 3/3/2033 EUR 64.094
Development Bank of 6.750 5/2/2024 USD 39.500
Abengoa Abenewco 2 S1.500 10/26/2024 EUR 1.532
UNIQA Insurance Grou2.375 12/9/2041 EUR 70.784
Gazprom PJSC via Gaz3.500 7/14/2031 USD 65.000
Slovakia Government 1.000 10/13/2051 EUR 48.272
Ukraine Government B15.840 2/26/2025 UAH 68.986
Ukraine Government I6.876 5/21/2031 USD 16.785
STERIS Irish FinCo U3.750 3/15/2051 USD 72.367
Royalty Pharma PLC 3.550 9/2/2050 USD 65.540
Bank Gospodarstwa Kr0.500 7/8/2031 EUR 69.655
Credit Bank of Mosco5.550 2/14/2023 USD 21.958
SPP-Distribucia AS 1.000 6/9/2031 EUR 64.563
NIBC Bank NV 1.315 EUR 73.769
Gazprom PJSC via Gaz1.850 11/17/2028 EUR 59.690
TenneT Holding BV 1.500 6/3/2039 EUR 73.008
University of Oxford2.544 12/8/2117 GBP 51.640
Simon International 1.125 3/19/2033 EUR 69.530
TenneT Holding BV 0.500 11/30/2040 EUR 59.441
Telia Co AB 0.125 11/27/2030 EUR 74.800
Sweden Government Bo0.500 11/24/2045 SEK 62.625
SBB Treasury Oyj 1.125 11/26/2029 EUR 60.551
Republic of Belarus 6.378 2/24/2031 USD 32.812
WM Morrison Supermar4.750 7/4/2029 GBP 62.631
ADLER Group SA 3.250 8/5/2025 EUR 44.500
Ukraine Railways Via7.875 7/15/2028 USD 19.246
Credit Bank of Mosco7.500 10/5/2027 USD 20.563
TenneT Holding BV 1.125 6/9/2041 EUR 66.102
ADLER Group SA 2.750 11/13/2026 EUR 43.193
Ukraine Government I7.750 9/1/2026 USD 18.000
Yorkshire Water Fina1.750 10/27/2032 GBP 72.866
Flamingo Lux II SCA 5.000 3/31/2029 EUR 73.260
Romanian Government 3.375 2/8/2038 EUR 67.894
Romanian Government 1.375 12/2/2029 EUR 73.526
Republic of Belarus 5.875 2/24/2026 USD 42.975
Credit Bank of Mosco5.150 2/20/2024 EUR 27.993
Orpea SA 2.200 12/15/2024 EUR 26.423
Aggregate Holdings S6.875 11/9/2025 EUR 35.937
Evraz PLC 5.375 3/20/2023 USD 49.442
ADLER Group SA 1.875 1/14/2026 EUR 42.417
Czech Republic Gover1.200 3/13/2031 CZK 73.782
Credit Bank of Mosco3.875 9/21/2026 USD 30.480
Republic of Poland G4.000 4/25/2047 PLN 67.674
MRG Finance UK PLC 8.750 10/26/2023 EUR 45.489
Cellnex Finance Co S3.875 7/7/2041 USD 72.241
Vodafone Group PLC 3.000 8/12/2056 GBP 56.269
Phosagro OAO Via Pho2.600 9/16/2028 USD 61.682
Phosagro OAO Via Pho3.050 1/23/2025 USD 76.500
Diebold Nixdorf Dutc9.000 7/15/2025 EUR 67.000
Ocado Group PLC 0.750 1/18/2027 GBP 67.434
MHP Lux SA 6.250 9/19/2029 USD 47.745
Glencore Capital Fin1.250 3/1/2033 EUR 69.531
Bellis Finco PLC 4.000 2/16/2027 GBP 70.715
Russian Railways Via7.487 3/25/2031 GBP 55.006
Aedifica SA 0.750 9/9/2031 EUR 66.503
Russian Foreign Bond5.250 6/23/2047 USD 40.900
Koninklijke Luchtvaa0.750 CHF 21.100
TenneT Holding BV 0.125 11/30/2032 EUR 71.003
Digital Intrepid Hol1.375 7/18/2032 EUR 71.914
Electricite de Franc4.500 12/4/2069 USD 71.705
Verbund AG 0.900 4/1/2041 EUR 63.970
Shell International 3.250 4/6/2050 USD 73.497
Corestate Capital Ho3.500 4/15/2023 EUR 15.979
Sagax Euro Mtn NL BV1.000 5/17/2029 EUR 73.370
Econocom Group SA/NV0.500 3/6/2023 EUR 8.026
Royalty Pharma PLC 3.350 9/2/2051 USD 62.454
VGP NV 1.500 4/8/2029 EUR 70.342
Metinvest BV 8.500 4/23/2026 USD 54.750
Stellantis NV 1.250 6/20/2033 EUR 71.295
Imperial Brands Fina1.750 3/18/2033 EUR 69.834
Corestate Capital Ho1.375 11/28/2022 EUR 10.160
Russian Agricultural8.500 10/16/2023 USD 13.160
Desenio Group AB 8.034 12/16/2024 SEK 49.807
Sberbank of Russia V5.125 10/29/2022 USD 32.667
SCF Capital Designat5.375 6/16/2023 USD 20.278
Citycon Treasury BV 1.625 3/12/2028 EUR 74.579
United Kingdom Gilt 1.750 7/22/2057 GBP 57.205
Russian Railways Via4.375 3/1/2024 USD 55.740
Metinvest BV 5.625 6/17/2025 EUR 56.001
VTB Bank OJSC Via VT6.950 10/17/2022 USD 7.564
Prosus NV 2.778 1/19/2034 EUR 72.239
Amprion GmbH 0.625 9/23/2033 EUR 70.103
NAK Naftogaz Ukraine7.375 7/19/2022 USD 22.722
Hungary Government B3.250 10/22/2031 HUF 68.019
Muenchener Rueckvers1.000 5/26/2042 EUR 70.593
Mutuelle Assurance D2.125 6/21/2052 EUR 68.885
JT International Fin3.300 9/14/2051 USD 59.963
Altice France Holdin4.000 2/15/2028 EUR 68.250
Borets Finance DAC 6.000 9/17/2026 USD 42.913
HSE Finance Sarl 8.404 10/15/2026 EUR 53.889
Spain Government Bon1.000 7/30/2042 EUR 60.244
Metinvest BV 7.750 10/17/2029 USD 50.500
Proximus SADP 0.750 11/17/2036 EUR 65.497
Hellenic Bank PCL 10.000 EUR 71.184
Orange SA 0.500 9/4/2032 EUR 72.569
CPI Property Group S5.800 SGD 46.493
Hungary Government I0.500 11/18/2030 EUR 69.982
Bank Gospodarstwa Kr2.375 11/27/2040 PLN 50.684
Hungary Government B2.000 5/23/2029 HUF 67.921
CPI Property Group S3.750 EUR 43.952
ASTM SpA 2.375 11/25/2033 EUR 74.549
Mercedes-Benz Group 0.750 3/11/2033 EUR 73.739
Vnesheconombank Via 6.800 11/22/2025 USD 5.564
Grand City Propertie0.125 1/11/2028 EUR 74.560
ALROSA Finance SA 4.650 4/9/2024 USD 11.457
Nykredit Realkredit 1.500 10/1/2053 DKK 74.892
HOCHTIEF AG 1.250 9/3/2031 EUR 72.243
Heimstaden Bostad AB3.000 EUR 63.932
BP Capital Markets B1.467 9/21/2041 EUR 61.224
Akelius Residential 0.750 2/22/2030 EUR 71.633
CPI Property Group S2.750 1/22/2028 GBP 71.114
EnBW International F0.250 10/19/2030 EUR 74.924
Czech Republic Gover0.050 11/29/2029 CZK 70.737
United Kingdom Gilt 1.625 10/22/2054 GBP 55.799
Balder Finland Oyj 1.375 5/24/2030 EUR 66.626
Prosus NV 1.985 7/13/2033 EUR 68.232
Banque Federative du1.125 11/19/2031 EUR 71.542
Russian Foreign Bond4.250 6/23/2027 USD 41.854
DH Europe Finance II1.350 9/18/2039 EUR 65.788
Market Parent Finco 6.750 10/1/2029 GBP 61.139
NIBC Bank NV 2.850 2/21/2040 EUR 71.500
E.ON SE 0.600 10/1/2032 EUR 73.029
MMC Norilsk Nickel O2.550 9/11/2025 USD 73.514
Grand City Propertie2.500 EUR 57.595
Imerys SA 1.000 7/15/2031 EUR 70.966
Siemens Financiering0.500 9/5/2034 EUR 70.565
Becton Dickinson Eur1.336 8/13/2041 EUR 59.599
RWE AG 1.000 11/26/2033 EUR 71.016
CM.com NV 2.000 9/9/2026 EUR 64.194
Nykredit Realkredit 1.000 10/1/2053 DKK 70.567
Sanctuary Capital PL2.375 4/14/2050 GBP 57.393
Societe Generale SA 3.625 3/1/2041 USD 66.841
Blackstone Property 1.000 5/4/2028 EUR 72.854
State of North Rhine1.450 1/19/2122 EUR 46.950
VTB Bank PJSC Via VT9.500 USD 16.795
CTP NV 1.250 6/21/2029 EUR 73.556
Logicor Financing Sa2.000 1/17/2034 EUR 65.628
Barclays PLC 3.811 3/10/2042 USD 72.210
ICADE 0.625 1/18/2031 EUR 73.103
Russian Railways Via1.195 4/3/2028 CHF 46.707
BPCE SA 1.000 1/14/2032 EUR 74.860
Sberbank of Russia V5.250 5/23/2023 USD 32.842
Sibur Securities DAC4.125 10/5/2023 USD 62.597
Euronext NV 1.500 5/17/2041 EUR 64.054
Orpea SA 2.750 6/3/2033 EUR 26.937
Russian Foreign Bond4.750 5/27/2026 USD 43.608
Hungary Government B4.500 5/27/2032 HUF 73.647
Just Eat Takeaway.co0.625 2/9/2028 EUR 66.741
Orsted AS 2.500 2/18/3021 GBP 68.466
Kernel Holding SA 6.750 10/27/2027 USD 40.548
Credit Agricole Assu1.500 10/6/2031 EUR 74.490
Hungary Government B1.500 8/26/2026 HUF 74.562
Shell International 0.875 11/8/2039 EUR 59.051
TotalEnergies Capita3.127 5/29/2050 USD 72.454
UBS Group AG 3.179 2/11/2043 USD 72.068
Societe Generale SA 4.027 1/21/2043 USD 69.147
Ireland Government B1.500 5/15/2050 EUR 65.517
United Kingdom Gilt 2.500 7/22/2065 GBP 69.682
Nexity SA 0.875 4/19/2028 EUR 43.092
Thermo Fisher Scient1.625 10/18/2041 EUR 66.138
Thermo Fisher Scient1.125 10/18/2033 EUR 74.172
Odea Bank AS 8.606 8/1/2027 USD 74.250
AerCap Ireland Capit3.850 10/29/2041 USD 74.220
Bank Gospodarstwa Kr2.250 7/21/2033 PLN 65.398
Maisons du Monde SA 0.125 12/6/2023 EUR 46.572
Linde Finance BV 0.550 5/19/2032 EUR 74.229
Thermo Fisher Scient2.000 10/18/2051 EUR 61.176
Essity AB 0.250 2/8/2031 EUR 73.362
Saderea DAC 12.500 11/30/2026 USD 44.749
Engie SA 1.875 EUR 74.302
Yorkshire Water Fina2.750 4/18/2041 GBP 68.582
Credit Suisse Group 3.091 5/14/2032 USD 70.314
NPC Ukrenergo 6.875 11/9/2028 USD 17.090
Saxa Gres Spa 7.000 8/4/2026 EUR 45.979
John Lewis PLC 4.250 12/18/2034 GBP 62.457
Oscar Properties Hol9.999 7/5/2024 SEK 51.437
Mitsubishi UFJ Inves6.538 12/30/2099 EUR 4.750
Novo Banco SA/Luxemb3.500 1/2/2043 EUR 73.332
Neoen SA 2.000 6/2/2025 EUR 44.589
Polyus Finance PLC 3.250 10/14/2028 USD 60.684
ALROSA Finance SA 3.100 6/25/2027 USD 7.994
Severstal OAO Via St3.150 9/16/2024 USD 4.564
NET4GAS sro 3.500 7/28/2026 EUR 67.500
Smurfit Kappa Treasu1.000 9/22/2033 EUR 71.578
BAT International Fi4.000 11/23/2055 GBP 55.336
SCF Capital Designat3.850 4/26/2028 USD 20.461
Republic of Austria 0.250 10/20/2036 EUR 66.249
Norddeutsche Landesb8.916 EUR 73.430
Novolipetsk Steel Vi4.700 5/30/2026 USD 70.521
AstraZeneca PLC 3.000 5/28/2051 USD 71.693
Quant AB 8.654 11/15/2025 EUR 69.110
Credit Suisse Group 5.250 USD 69.000
Acef Holding SCA 1.250 4/26/2030 EUR 72.472
3i Group PLC 3.750 6/5/2040 GBP 74.389
Barclays PLC 3.330 11/24/2042 USD 71.070
EnBW Energie Baden-W2.125 8/31/2081 EUR 69.869
LEG Immobilien SE 0.875 3/30/2033 EUR 66.894
HOCHDORF Holding AG 2.500 CHF 34.133
Metalloinvest Financ3.375 10/22/2028 USD 54.345
Republic of Belarus 6.200 2/28/2030 USD 31.977
FIGEAC-AERO 1.750 10/18/2028 EUR 22.420
Rickmers Holding AG 8.875 6/11/2018 EUR 1.614
BICO Group AB 2.875 3/19/2026 SEK 70.470
LSEGA Financing PLC 3.200 4/6/2041 USD 74.890
Nykredit Realkredit 1.000 10/1/2053 DKK 65.808
Lukoil Capital DAC 3.600 10/26/2031 USD 68.750
BMW Finance NV 0.200 1/11/2033 EUR 71.355
Evraz PLC 5.250 4/2/2024 USD 52.987
Barclays PLC 1.106 5/12/2032 EUR 73.805
Sibur Securities DAC2.950 7/8/2025 USD 68.370
Alfa Bank AO Via Alf5.950 4/15/2030 USD 3.030
BASF SE 1.625 11/15/2037 EUR 70.828
United Utilities Wat1.750 2/10/2038 GBP 64.682
Credit Agricole SA 0.875 1/14/2032 EUR 74.522
Bank Gospodarstwa Kr2.125 6/5/2030 PLN 71.864
Nestle Finance Inter0.375 5/12/2032 EUR 74.707
Czech Republic Gover1.950 7/30/2037 CZK 68.432
Investor AB 1.500 6/20/2039 EUR 69.491
La Banque Postale SA0.750 6/23/2031 EUR 74.288
Vienna Insurance Gro1.000 3/26/2036 EUR 65.791
Grand City Propertie6.332 EUR 67.004
Wendel SE 1.000 6/1/2031 EUR 74.679
BUPA Finance PLC 4.000 GBP 69.149
Czech Gas Networks I0.450 9/8/2029 EUR 74.037
Orpea SA 2.130 7/3/2024 EUR 27.002
Electricite de Franc2.000 12/9/2049 EUR 57.743
Aroundtown SA 3.000 10/16/2029 GBP 69.314
Novo Banco SA/Luxemb3.500 2/19/2043 EUR 73.082
Lithuania Government0.500 7/28/2050 EUR 43.653
Sovcombank Via SovCo7.600 USD 2.350
Hyde Housing Associa1.750 8/18/2055 GBP 46.879
Coruripe Netherlands10.000 2/10/2027 USD 70.049
Slovenia Government 1.750 11/3/2040 EUR 70.425
ADLER Group SA 2.250 4/27/2027 EUR 41.750
Just Group PLC 5.000 GBP 71.010
BNG Bank NV 0.125 4/19/2033 EUR 72.311
Vonovia SE 1.000 6/16/2033 EUR 65.529
La Financiere Atalia6.625 5/15/2025 GBP 66.567
Credit Bank of Mosco7.625 USD 19.503
Logicor Financing Sa0.875 1/14/2031 EUR 66.154
Metinvest BV 7.650 10/1/2027 USD 53.230
adidas AG 0.625 9/10/2035 EUR 68.911
Gecina SA 0.875 1/25/2033 EUR 74.419
Karlou BV 7.750 6/18/2024 USD 11.483
State Agency of Road6.250 6/24/2030 USD 17.675
Romanian Government 3.500 4/3/2034 EUR 74.238
Russian Foreign Bond2.875 12/4/2025 EUR 39.464
Vonovia Finance BV 1.125 9/14/2034 EUR 63.850
Nykredit Realkredit 1.500 10/1/2053 DKK 70.417
Russian Foreign Bond5.875 9/16/2043 USD 60.762
Credit Bank of Mosco4.700 1/29/2025 USD 25.835
Blackstone Property 1.625 4/20/2030 EUR 68.526
Zurich Finance Irela1.625 6/17/2039 EUR 70.789
Russian Foreign Bond2.650 5/27/2036 EUR 37.314
National Grid PLC 0.750 9/1/2033 EUR 68.701
Unibail-Rodamco-West0.875 3/29/2032 EUR 70.683
Holcim Finance Luxem0.625 1/19/2033 EUR 68.328
Offentliga Hus I Nor9.655 SEK 66.271
Vnesheconombank Via 5.942 11/21/2023 USD 7.745
Ukraine Government B12.520 5/13/2026 UAH 55.499
Altarea SCA 1.750 1/16/2030 EUR 72.274
Cardea Europe AG 7.250 12/8/2023 EUR 26.000
MARB BondCo PLC 3.950 1/29/2031 USD 71.226
MMC Norilsk Nickel O2.800 10/27/2026 USD 71.000
Airbus SE 2.375 6/9/2040 EUR 74.890
United Utilities Wat1.875 6/3/2042 GBP 59.282
Cofinimmo SA 0.875 12/2/2030 EUR 72.687
Russian Foreign Bond4.375 3/21/2029 USD 41.485
BP Capital Markets P1.104 11/15/2034 EUR 70.173
Republic of Poland G2.000 10/25/2046 EUR 67.736
Vonovia SE 1.500 6/14/2041 EUR 55.190
Prosus NV 4.027 8/3/2050 USD 62.909
BNP Paribas SA 0.625 12/3/2032 EUR 69.649
Pershing Square Hold3.250 10/1/2031 USD 75.135
Realkredit Danmark A1.000 10/1/2050 DKK 71.396
Tullow Oil PLC 7.000 3/1/2025 USD 63.785
Slovenia Government 1.175 2/13/2062 EUR 49.400
Sibur Securities DAC3.450 9/23/2024 USD 62.081
Eurochem Finance DAC5.500 3/13/2024 USD 58.469
PIK Securities DAC 5.625 11/19/2026 USD 41.750
SKF AB 0.250 2/15/2031 EUR 73.070
Mobile Telesystems O5.000 5/30/2023 USD 27.699
Derwent London PLC 1.875 11/17/2031 GBP 71.570
Allianz SE 3.200 USD 74.625
alstria office REIT-1.500 11/15/2027 EUR 72.007
Stichting Afwikkelin11.250 EUR 45.963
CBRE Global Investor0.900 10/12/2029 EUR 71.678
A2A SpA 0.625 7/15/2031 EUR 73.319
Digital Intrepid Hol0.625 7/15/2031 EUR 69.824
Pershing Square Hold3.250 10/1/2031 USD 74.763
EWE AG 0.375 10/22/2032 EUR 68.997
Vodafone Group PLC 3.375 8/8/2049 GBP 64.611
Enel Finance Interna1.250 1/17/2035 EUR 68.616
Unibail-Rodamco-West1.375 5/25/2033 EUR 73.291
Officine Maccaferri-5.750 6/1/2021 EUR 17.000
Ilija Batljan Invest9.264 SEK 47.619
Terna - Rete Elettri0.750 7/24/2032 EUR 74.750
Senvion Holding GmbH3.875 10/25/2022 EUR 0.192
TotalEnergies Capita3.386 6/29/2060 USD 71.610
Koninklijke KPN NV 0.875 12/14/2032 EUR 73.433
EQT AB 0.875 5/14/2031 EUR 69.961
B2W Digital Lux Sarl4.375 12/20/2030 USD 18.000
Bulgaria Government 0.100 8/17/2031 BGN 67.353
Home Credit & Financ8.800 USD 5.340
Abengoa Abenewco 2 B1.500 4/26/2024 EUR 0.498
BNP Paribas SA 2.824 1/26/2041 USD 65.150
SAS AB 6.900 SEK 7.000
OMV AG 1.000 7/3/2034 EUR 70.875
Russian Foreign Bond1.125 11/20/2027 EUR 37.344
Adif Alta Velocidad 0.550 10/31/2031 EUR 74.855
Unibail-Rodamco-West1.750 7/1/2049 EUR 60.470
WPP Finance 2013 2.875 9/14/2046 GBP 58.629
Ekosem-Agrar AG 2.500 7/31/2029 EUR 20.293
Novolipetsk Steel Vi4.000 9/21/2024 USD 65.445
Red Electrica Financ0.500 5/24/2033 EUR 74.046
Deutsche Bahn Financ0.625 12/8/2050 EUR 48.051
Erste Group Bank AG 0.250 1/27/2031 EUR 74.232
Ukreximbank Via Biz 9.950 11/14/2029 USD 31.090
Credit Suisse Group 2.125 11/15/2029 GBP 73.184
Credit Bank of Mosco8.875 USD 19.698
Ziton A/S 11.032 10/3/2024 EUR 59.331
JSM Global Sarl 4.750 10/20/2030 USD 15.625
Enel Finance Interna2.250 7/12/2031 USD 75.021
Chancellor Masters &0.250 6/27/2068 GBP 57.253
Engie SA 1.000 10/26/2036 EUR 66.168
LEG Immobilien SE 1.500 1/17/2034 EUR 69.252
Republic of Poland G2.000 3/8/2049 EUR 66.437
UNEDIC ASSEO 0.010 11/25/2031 EUR 74.954
UNEDIC ASSEO 0.500 5/25/2036 EUR 67.349
Societe Generale SA 3.625 3/1/2041 USD 67.601
Vnesheconombank Via 6.025 7/5/2022 USD 6.219
Action Logement Serv0.750 7/19/2041 EUR 58.569
Diebold Nixdorf Dutc9.000 7/15/2025 EUR 67.000
ABN AMRO Bank NV 1.125 4/23/2039 EUR 70.778
UBS Group AG 0.875 11/3/2031 EUR 74.596
BAT International Fi2.000 3/13/2045 EUR 52.533
Diageo Finance PLC 2.750 6/8/2038 GBP 74.596
Electricite de Franc1.000 11/29/2033 EUR 69.758
National Gas Transmi1.625 1/14/2043 GBP 50.819
Bayer AG 0.625 7/12/2031 EUR 74.322
Novo Banco SA/Luxemb3.500 3/18/2043 EUR 73.320
DNB Bank ASA 5.203 USD 69.865
RWE AG 0.625 6/11/2031 EUR 74.740
GTLK Europe Capital 4.800 2/26/2028 USD 22.244
Polyus Finance PLC 4.700 1/29/2024 USD 60.001
State of North Rhine1.750 10/26/2057 EUR 67.490
Aeroports de Paris 1.125 6/18/2034 EUR 70.489
Wellcome Trust Ltd/T1.500 7/14/2071 GBP 39.389
UniCredit Bank AG 0.375 1/17/2033 EUR 74.909
Hera SpA 1.000 4/25/2034 EUR 70.729
Lendlease Europe Fin3.500 12/2/2033 GBP 66.227
Kreditanstalt fuer W1.125 3/31/2037 EUR 74.881
AstraZeneca PLC 2.125 8/6/2050 USD 59.709
Digital Dutch Finco 1.000 1/15/2032 EUR 71.296
Groupe des Assurance1.850 4/21/2042 EUR 72.792
Samhallsbyggnadsbola6.419 SEK 60.985
EYEMAXX Real Estate 5.500 4/26/2023 EUR 1.430
A2A SpA 1.000 11/2/2033 EUR 70.373
Prologis Internation3.000 2/22/2042 GBP 70.432
Vesteda Finance BV 0.750 10/18/2031 EUR 73.361
UBS Group AG 0.625 2/24/2033 EUR 70.859
Marston's Issuer PLC6.482 7/16/2035 GBP 74.799
Holcim Finance Luxem1.375 10/8/2036 EUR 60.424
Enel Finance Interna1.125 10/17/2034 EUR 68.418
Anglo American Capit3.950 9/10/2050 USD 74.592
Lseg Netherlands BV 0.750 4/6/2033 EUR 74.037
Close Brothers Finan1.625 12/3/2030 GBP 73.904
Bulgaria Government 1.500 6/21/2039 BGN 54.373
Mallinckrodt Interna10.000 4/15/2025 USD 68.500
Interpipe Holdings P8.375 5/13/2026 USD 47.250
Holcim Finance Luxem0.500 9/3/2030 EUR 74.633
BP Capital Markets B0.933 12/4/2040 EUR 56.573
Ilija Batljan Invest5.764 12/15/2024 SEK 67.382
GlaxoSmithKline Capi1.625 5/12/2035 GBP 69.709
esure Group PLC 6.000 GBP 68.653
Merlin Properties So1.875 12/4/2034 EUR 70.772
UBS Group AG 3.179 2/11/2043 USD 72.379
VTB Bank OJSC Via VT4.073 10/24/2024 CHF 16.000
Electricite de Franc1.875 10/13/2036 EUR 70.779
Vonovia Finance BV 1.625 10/7/2039 EUR 59.477
Deutsche Bahn Financ0.625 4/15/2036 EUR 67.356
Selina Hospitality P6.000 11/1/2026 USD 48.015
Credit Suisse Group 6.375 USD 73.939
Deutsche Telekom AG 1.750 12/9/2049 EUR 63.972
Andorra Internationa1.700 10/13/2041 EUR 63.911
Abengoa Abenewco 2 S1.500 10/26/2024 USD 0.813
National Gas Transmi1.375 2/7/2031 GBP 73.473
European Financial S0.050 1/18/2052 EUR 38.337
Wellcome Trust Ltd/T2.517 2/7/2118 GBP 52.282
Deutsche Telekom AG 3.625 1/21/2050 USD 74.362
Bigben Interactive 1.125 2/19/2026 EUR 70.042
Hannover Rueck SE 1.375 6/30/2042 EUR 72.103
Societe Generale SA 4.027 1/21/2043 USD 69.464
Severn Trent Utiliti2.000 6/2/2040 GBP 62.275
ERG SpA 0.875 9/15/2031 EUR 74.638
Snam SpA 1.250 6/20/2034 EUR 71.898
LEG Immobilien SE 1.000 11/19/2032 EUR 69.435
Russian Foreign Bond1.850 11/20/2032 EUR 38.355
Medtronic Global Hol1.500 7/2/2039 EUR 66.816
Intu Debenture PLC 5.562 12/31/2027 GBP 41.440
Deutsche Bahn Financ1.125 5/29/2051 EUR 53.929
E.ON SE 0.875 10/18/2034 EUR 70.042
Movida Europe SA 5.250 2/8/2031 USD 65.366
State of North Rhine1.375 1/15/2120 EUR 45.252
Diebold Nixdorf Dutc9.000 7/15/2025 EUR 65.690
EnfraGen Energia Sur5.375 12/30/2030 USD 66.812
Groupe Bruxelles Lam0.125 1/28/2031 EUR 74.120
Cadent Finance PLC 0.750 3/11/2032 EUR 72.538
O1 Properties Financ0.500 9/27/2028 USD 5.235
GTLK Europe Capital 4.949 2/18/2026 USD 20.199
Credit Agricole Home0.375 2/1/2033 EUR 73.665
Traton Finance Luxem1.250 3/24/2033 EUR 72.984
Mondelez Internation0.625 9/9/2032 EUR 73.231
Storebrand Livsforsi1.875 9/30/2051 EUR 71.107
Blackstone Property 1.750 3/12/2029 EUR 72.910
TotalEnergies Capita2.986 6/29/2041 USD 74.372
BNP Paribas SA 2.824 1/26/2041 USD 65.623
Medtronic Global Hol1.375 10/15/2040 EUR 64.070
BNP Paribas SA 1.250 7/13/2031 GBP 71.506
Ireland Government B0.400 5/15/2035 EUR 70.541
Sovcombank Via SovCo8.000 4/7/2030 USD 5.574
DNB Bank ASA 5.360 USD 70.407
MMK International Ca4.375 6/13/2024 USD 26.437
DNB Bank ASA 5.385 USD 70.369
Telefonica Emisiones1.864 7/13/2040 EUR 68.956
Royalty Pharma PLC 3.300 9/2/2040 USD 69.477
CNP Assurances 1.875 10/12/2053 EUR 71.064
Rallye SA 3.400 2/28/2032 EUR 3.787
Cyprus Government In1.250 1/21/2040 EUR 64.049
Ireland Government B0.550 4/22/2041 EUR 60.604
Air Berlin PLC 6.750 5/9/2019 EUR 0.489
GTLK Europe DAC 5.125 5/31/2024 USD 29.672
Thomas Cook Group PL6.250 6/15/2022 EUR 0.325
Mondelez Internation1.250 9/9/2041 EUR 62.153
Platform HG Financin1.926 9/15/2041 GBP 62.153
Jyske Realkredit A/S1.000 10/1/2050 DKK 71.542
Idavang A/S 9.857 11/11/2025 EUR 72.494
Talanx AG 1.750 12/1/2042 EUR 73.123
Hungary Government B2.250 6/22/2034 HUF 55.371
National Grid Electr0.823 7/7/2032 EUR 73.405
Cooperatieve Raboban0.625 2/25/2033 EUR 70.909
BAE Systems PLC 3.000 9/15/2050 USD 66.679
Basque Government 0.450 4/30/2032 EUR 74.526
Perrigo Finance Unli4.900 12/15/2044 USD 71.189
Greene King Finance 5.512 12/15/2034 GBP 74.000
Linde PLC/old 1.000 9/30/2051 EUR 52.144
Kreditanstalt fuer W0.875 7/4/2039 EUR 68.979
Euroboden GmbH 5.500 10/1/2024 EUR 65.959
Koninklijke KPN NV 0.875 11/15/2033 EUR 71.891
Jyske Realkredit A/S1.000 10/1/2050 DKK 67.187
Aroundtown SA 2.912 9/20/2030 EUR 69.867
Ozon Holdings PLC 1.875 2/24/2026 USD 58.627
DSV Finance BV 0.750 7/5/2033 EUR 70.593
Rallye SA 4.000 2/28/2032 CHF 9.941
Wales & West Utiliti1.875 5/28/2041 GBP 59.592
Vedanta Resources Fi8.950 3/11/2025 USD 69.503
National Grid Electr0.872 11/26/2040 EUR 55.781
Lloyds Banking Group3.369 12/14/2046 USD 67.492
Scottish Hydro Elect2.125 3/24/2036 GBP 69.618
Vonovia SE 0.625 3/24/2031 EUR 70.725
Finland Government B0.250 9/15/2040 EUR 59.040
GTLK Europe Capital 4.349 2/27/2029 USD 20.363
BPCE SA 0.250 1/14/2031 EUR 73.883
Medtronic Global Hol1.750 7/2/2049 EUR 59.537
Stichting Afwikkelin6.250 10/26/2020 EUR 43.625
VEON Holdings BV 3.375 11/25/2027 USD 70.473
Czech Gas Networks I0.875 3/31/2031 EUR 71.154
Manchester Airport G2.875 9/30/2044 GBP 64.545
Iren SpA 0.250 1/17/2031 EUR 72.069
Eurogrid GmbH 0.741 4/21/2033 EUR 72.498
OGX Austria GmbH 8.500 6/1/2018 USD 0.486
GTLK Europe Capital 5.950 4/17/2025 USD 26.739
OP Corporate Bank pl0.750 3/24/2031 EUR 74.975
Kreditanstalt fuer W0.050 9/29/2034 EUR 69.143
Northern Powergrid N1.875 6/16/2062 GBP 47.277
Credit Suisse Group 4.500 USD 57.750
ABH Financial Ltd Vi2.700 6/11/2023 EUR 15.140
Sovcombank Via SovCo3.400 1/26/2025 USD 2.185
Immigon Portfolioabb8.813 EUR 9.950
Alno AG 8.500 5/14/2018 EUR 18.421
Wuestenrot & Wuertte2.125 9/10/2041 EUR 71.134
Finland Government B0.500 4/15/2043 EUR 59.123
Credit Mutuel Arkea 0.875 10/25/2031 EUR 74.532
K2A Knaust & Anderss8.808 SEK 69.902
Rallye SA 3.250 2/28/2032 CHF 5.180
Shell International 1.750 9/10/2052 GBP 46.546
Landesbank Baden-Wue0.375 2/21/2031 EUR 73.258
TotalEnergies Capita1.535 5/31/2039 EUR 70.177
Siemens Financiering2.875 3/11/2041 USD 74.941
Ageas SA/NV 1.875 11/24/2051 EUR 72.578
Autonomous Community0.700 7/30/2033 EUR 71.995
Genfit SA 3.500 10/16/2025 EUR 26.469
Unilever PLC 1.500 6/11/2039 EUR 72.111
Syngenta Finance NV 4.375 3/28/2042 USD 73.553
Northern Powergrid N3.250 4/1/2052 GBP 69.717
Repsol Europe Financ0.875 7/6/2033 EUR 71.736
Thomas Cook Finance 3.875 7/15/2023 EUR 0.596
Slovakia Government 2.250 6/12/2068 EUR 68.334
Intelsat Jackson Hol9.750 7/15/2025 USD 0.495
Alfa Bank AO Via Alf5.900 USD 2.566
NIBC Bank NV 2.570 USD 74.149
South Eastern Power 1.750 9/30/2034 GBP 70.449
GTLK Europe Capital 4.650 3/10/2027 USD 21.854
Abengoa Abenewco 2 S1.500 10/26/2024 USD 1.113
Intelsat Jackson Hol5.500 8/1/2023 USD 0.495
Euroclear Investment1.375 6/16/2051 EUR 74.832
Rusal Capital DAC 5.300 5/3/2023 USD 41.119
Shell International 2.875 11/26/2041 USD 73.837
Nederlandse Watersch0.125 9/3/2035 EUR 66.341
Nostrum Oil & Gas Fi8.000 7/25/2022 USD 25.958
Hampshire Trust Bank7.250 5/10/2028 GBP 69.248
Linde PLC/old 0.375 9/30/2033 EUR 69.893
Agri Resources Group8.000 3/17/2026 EUR 48.777
Aberdeen City Counci0.100 2/28/2054 GBP 74.177
Debenhams PLC 5.250 7/15/2021 GBP 0.211
Caisse des Depots et1.552 8/16/2038 EUR 71.754
VTR Finance NV 6.375 7/15/2028 USD 42.617
Banque Federative du0.625 2/21/2031 EUR 74.392
JDE Peet's NV 1.125 6/16/2033 EUR 71.520
Trinseo Materials Op5.125 4/1/2029 USD 67.730
Chancellor Masters &2.350 6/27/2078 GBP 55.843
Places For People Tr2.500 1/26/2036 GBP 70.543
Aragvi Finance Inter8.450 4/29/2026 USD 70.225
Medtronic Global Hol1.625 10/15/2050 EUR 56.591
Yandex NV 0.750 9/13/2022 USD 69.352
DH Europe Finance II1.800 9/18/2049 EUR 62.887
Privatbank CJSC Via 10.250 1/23/2018 USD 3.072
JAB Holdings BV 3.750 5/28/2051 USD 63.997
Nordea Kredit Realkr1.000 10/1/2050 DKK 67.171
Blend Funding PLC 2.922 4/5/2054 GBP 62.664
British Telecommunic3.625 11/21/2047 GBP 68.061
National Gas Transmi1.125 1/14/2033 GBP 66.054
Orpea SA 2.564 11/30/2027 EUR 26.714
Altice France Holdin6.000 2/15/2028 USD 68.560
Holcim Sterling Fina2.250 4/4/2034 GBP 71.405
Travelex Financing P8.000 5/15/2022 EUR 0.432
Segro Capital Sarl 0.500 9/22/2031 EUR 70.599
Offshore Drilling Ho8.375 9/20/2020 USD 2.689
Unibail-Rodamco-West2.250 5/14/2038 EUR 74.132
Aroundtown SA 3.625 4/10/2031 GBP 67.409
Nordea Kredit Realkr1.000 10/1/2050 DKK 71.521
Orange SA 1.375 9/4/2049 EUR 63.619
Cardiff University 3.000 12/7/2055 GBP 68.347
Finland Government B1.375 4/15/2047 EUR 69.909
Eurocaja Rural SCC 0.125 9/22/2031 EUR 74.361
Realkredit Danmark A1.000 10/1/2050 DKK 67.064
Kreditanstalt fuer W1.125 6/15/2037 EUR 74.408
Rallye SA 5.250 2/28/2032 EUR 3.324
Telefonica Emisiones1.957 7/1/2039 EUR 71.995
Sovcombank Via SovCo7.750 USD 3.379
Eversholt Funding PL3.529 8/7/2042 GBP 72.737
Berlin Hyp AG 0.375 4/21/2031 EUR 73.636
Danfoss Finance II B0.750 4/28/2031 EUR 74.834
ABN AMRO Bank NV 1.000 6/2/2033 EUR 72.808
RTE Reseau de Transp0.750 1/12/2034 EUR 72.279
Pozavarovalnica Sava3.750 11/7/2039 EUR 71.119
OGX Austria GmbH 8.375 4/1/2022 USD 0.482
LEG Immobilien SE 0.750 6/30/2031 EUR 72.353
RTE Reseau de Transp1.125 7/8/2040 EUR 64.351
Simpar Europe SA 5.200 1/26/2031 USD 66.453
Hera SpA 0.250 12/3/2030 EUR 73.729
Deutsche Bahn Financ0.875 6/23/2039 EUR 64.713
ABN AMRO Bank NV 1.250 1/20/2034 EUR 72.225
Alfa Bank AO Via Alf6.950 USD 2.566
Snam SpA 0.625 6/30/2031 EUR 74.406
Omnicom Capital Hold2.250 11/22/2033 GBP 74.421
Credit Agricole SA 2.811 1/11/2041 USD 65.347
Clarion Funding PLC 3.125 4/19/2048 GBP 66.771
BNP Paribas SA 2.000 9/13/2036 GBP 66.084
Cyprus Government In2.250 4/16/2050 EUR 72.513
Investor AB 0.375 10/29/2035 EUR 64.963
Latvia Government In1.875 2/19/2049 EUR 68.492
Annington Funding PL3.935 7/12/2047 GBP 68.590
Santhera Pharmaceuti7.500 8/17/2024 CHF 74.923
Nykredit Realkredit 1.500 10/1/2050 DKK 72.867
Cooperatieve Raboban1.000 1/19/2034 EUR 72.242
Nestle Finance Inter0.875 6/14/2041 EUR 62.364
Solocal Group 9.046 3/15/2025 EUR 68.000
Celtic Resources Hol4.125 10/9/2024 USD 12.324
Scandinavian Airline0.625 CHF 13.770
Allied Irish Banks P12.500 6/25/2035 GBP 54.964
Finland Government B0.125 4/15/2036 EUR 65.775
Junta de Castilla y 1.275 4/7/2049 EUR 54.137
Credit Bank of Mosco7.121 6/25/2024 USD 23.487
Enexis Holding NV 0.375 4/14/2033 EUR 71.203
JAB Holdings BV 2.250 12/19/2039 EUR 67.428
Action Logement Serv0.500 10/30/2034 EUR 69.472
Volkswagen Internati1.500 1/21/2041 EUR 61.012
Samhallsbyggnadsbola7.000 7/24/2023 SEK 71.582
Orange SA 0.750 6/29/2034 EUR 69.836
Claranova SE 5.000 7/1/2023 EUR 1.070
NRW Bank 0.100 7/9/2035 EUR 66.633
Vedanta Resources Lt6.125 8/9/2024 USD 68.220
Banco Santander SA 0.180 6/22/2031 EUR 75.024
State of Brandenburg0.600 10/13/2051 EUR 50.023
Aeroports de Paris 2.125 10/11/2038 EUR 74.150
Nykredit Realkredit 0.500 10/1/2043 DKK 74.225
Nykredit Realkredit 0.500 10/1/2050 DKK 67.400
Cie de Financement F0.600 10/25/2041 EUR 60.203
Deutsche Bahn Financ1.375 4/16/2040 EUR 68.898
Scottish Hydro Elect2.250 9/27/2035 GBP 71.768
Heineken NV 1.750 5/7/2040 EUR 71.015
Agence Francaise de 1.125 3/2/2037 EUR 71.349
Regiao Autonoma Made1.141 12/4/2034 EUR 69.334
Credit Agricole Ital0.375 1/20/2032 EUR 73.346
Lithuania Government0.300 2/12/2032 EUR 69.438
Societe Nationale SN0.875 2/28/2051 EUR 45.975
Air Liquide Finance 0.375 9/20/2033 EUR 71.885
Engie SA 2.000 9/28/2037 EUR 74.066
State of North Rhine1.450 2/16/2043 EUR 71.015
Russian Federal Bond6.100 7/18/2035 RUB 70.998
Anchor Hanover Group2.000 7/21/2051 GBP 52.394
UNEDIC ASSEO 0.250 7/16/2035 EUR 67.297
Thames Water Utiliti2.375 4/22/2040 GBP 62.698
Ukraine Government B9.790 5/26/2027 UAH 52.185
Vonovia Finance BV 1.000 1/28/2041 EUR 50.133
Societe Nationale SN1.000 1/19/2061 EUR 39.509
Schlote Holding GmbH6.750 11/21/2024 EUR 65.917
Euroboden GmbH 5.500 11/18/2025 EUR 61.926
CCEP Finance Ireland0.875 5/6/2033 EUR 73.024
Agence Francaise de 0.500 5/31/2035 EUR 68.880
PREOS Global Office 7.500 12/9/2024 EUR 37.500
European Financial S0.700 1/17/2053 EUR 49.138
Region Wallonne Belg1.050 6/22/2040 EUR 63.584
Credit Suisse Group 5.100 USD 70.290
Richemont Internatio1.625 5/26/2040 EUR 71.323
Jyske Realkredit A/S1.000 10/1/2053 DKK 65.895
BPCE SA 3.582 10/19/2042 USD 68.037
BAWAG PSK Bank fuer 0.625 6/19/2034 EUR 72.287
United Utilities Wat0.010 7/27/2040 GBP 71.324
Latvia Government In1.375 5/16/2036 EUR 73.311
Societe Du Grand Par1.000 2/18/2070 EUR 38.737
Ukraine Government B11.670 11/22/2023 UAH 79.672
Accent Capital PLC 2.625 7/18/2049 GBP 62.697
Guinness Partnership2.000 4/22/2055 GBP 49.768
Beyond Housing Ltd 2.125 5/17/2051 GBP 54.922
Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 67.618
AI Candelaria Spain 5.750 6/15/2033 USD 70.788
State of North Rhine0.600 6/4/2041 EUR 61.392
Clarion Funding PLC 1.875 9/7/2051 GBP 48.165
European Financial S0.700 1/20/2050 EUR 52.335
Intelsat Jackson Hol8.500 10/15/2024 USD 0.495
European Financial S2.000 2/28/2056 EUR 72.132
Societa di Progetto 3.375 12/31/2038 EUR 72.904
Sovereign Housing Ca2.375 11/4/2048 GBP 59.230
AXA Logistics Europe0.875 11/15/2029 EUR 74.596
EnBW International F0.500 3/1/2033 EUR 69.913
Home Group Ltd 3.125 3/27/2043 GBP 70.115
Societe Du Grand Par0.700 10/15/2060 EUR 36.543
Cadent Finance PLC 2.250 10/10/2035 GBP 68.930
Clarion Funding PLC 1.875 1/22/2035 GBP 69.065
Aroundtown SA 4.750 3/27/2032 USD 66.627
Norwegian Air Shuttl7.137 2/7/2023 SEK 63.500
Investitionsbank Ber0.050 3/2/2035 EUR 67.267
LEG Immobilien SE 1.625 11/28/2034 EUR 67.377
Shell International 0.500 11/8/2031 EUR 74.660
Snam SpA 1.000 9/12/2034 EUR 68.961
Credit Agricole SA 2.811 1/11/2041 USD 65.941
Orange SA 0.625 12/16/2033 EUR 70.362
DH Europe Finance II3.400 11/15/2049 USD 76.021
Orpea SA 2.770 12/18/2028 EUR 27.007
Becton Dickinson Eur1.213 2/12/2036 EUR 68.592
publity AG 5.500 6/19/2025 EUR 68.665
Social Chain AG /The5.750 4/7/2024 EUR 65.000
Metropolitano de Ten1.229 7/30/2036 EUR 67.843
Vedanta Resources Fi9.250 4/23/2026 USD 67.630
Hellenic Republic Go2.085 7/25/2057 EUR 31.606
Metalloinvest Financ3.375 10/22/2028 USD 53.000
Realkredit Danmark A1.500 10/1/2053 DKK 70.415
Bromford Housing Gro3.125 5/3/2048 GBP 69.640
City of Lugano Switz0.150 11/28/2070 CHF 41.532
Shell International 3.125 11/7/2049 USD 71.519
State of North Rhine0.500 1/15/2052 EUR 48.136
Bayer AG 1.000 1/12/2036 EUR 66.375
European Financial S1.375 5/31/2047 EUR 67.015
BPCE SFH SA 0.010 1/29/2036 EUR 63.078
RTE Reseau de Transp0.625 7/8/2032 EUR 74.499
M2 Asset Management 7.110 2/4/2026 SEK 71.815
Nationale-Nederlande0.375 3/4/2041 EUR 58.249
TechnipFMC PLC 3.750 10/7/2033 EUR 68.991
Nordea Kredit Realkr1.500 10/1/2053 DKK 74.976
Sirius Real Estate L1.750 11/24/2028 EUR 72.332
Terragon AG 6.500 5/24/2024 EUR 5.000
Notting Hill Genesis3.250 10/12/2048 GBP 67.533
ABN AMRO Bank NV 0.625 1/24/2037 EUR 68.644
M Objekt Real Estate6.000 7/22/2024 EUR 50.619
British Telecommunic4.250 11/8/2049 USD 74.727
Lithuania Government0.750 7/15/2051 EUR 48.851
CK Hutchison Group T2.625 10/17/2034 GBP 70.057
Deutsche Wohnen SE 0.500 4/7/2031 EUR 69.752
Fastighets AB Balder1.293 3/3/2031 EUR 60.147
FF Group Finance Lux1.750 7/3/2019 EUR 5.000
Cirio Holding Luxemb6.250 2/16/2004 EUR 1.467
London & Quadrant Ho3.750 10/27/2049 GBP 73.301
Nordea Kredit Realkr1.000 10/1/2053 DKK 70.734
Chelyabinsk Pipe Pla4.500 9/19/2024 USD 21.363
ESB Finance DAC 1.000 7/19/2034 EUR 72.450
Global Ports Finance6.500 9/22/2023 USD 23.469
Ville de Paris 1.200 6/25/2039 EUR 68.323
DWR Cymru Financing 2.375 3/31/2034 GBP 72.933
Basque Government 1.000 10/31/2050 EUR 47.940
NPC Ukrenergo 6.875 11/9/2028 USD 17.325
LiveWest Treasury PL2.250 10/10/2043 GBP 63.194
Avangardco Investmen10.000 10/29/2018 USD 0.133
Covivio SA/France 0.875 1/20/2033 EUR 71.424
National Grid Electr2.000 4/17/2040 GBP 60.839
DSV Finance BV 0.875 9/17/2036 EUR 65.211
Kenbourne Invest SA 4.700 1/22/2028 USD 67.284
Realkredit Danmark A1.000 10/1/2053 DKK 65.811
BAWAG PSK Bank fuer 0.250 1/12/2032 EUR 74.999
State of North Rhine0.750 8/16/2041 EUR 62.785
EYEMAXX Real Estate 5.500 9/24/2024 EUR 3.207
Nationwide Building 0.500 5/5/2041 EUR 59.556
Barclays Bank PLC 2.500 12/29/2032 USD 75.075
KTG Agrar SE 7.125 6/6/2017 EUR 2.002
Barclays Bank PLC 12.000 9/24/2025 TRY 62.771
Motability Operation2.125 1/18/2042 GBP 63.524
A2A SpA 0.625 10/28/2032 EUR 70.065
Nykredit Realkredit 2.000 10/1/2053 DKK 74.267
Russian Foreign Bond4.250 6/23/2027 USD 41.854
Uralkali OJSC Via Ur4.000 10/22/2024 USD 19.366
Argenta Spaarbank NV0.500 10/8/2041 EUR 58.388
Notting Hill Genesis2.000 6/3/2036 GBP 67.646
Gecina SA 0.875 6/30/2036 EUR 66.850
Credit Mutuel Arkea 0.875 3/11/2033 EUR 72.141
Jigsaw Funding PLC 3.375 5/5/2052 GBP 73.237
Societe Nationale SN1.000 5/25/2040 EUR 62.392
Segro PLC 2.875 10/11/2037 GBP 74.505
London & Quadrant Ho2.000 10/20/2038 GBP 62.894
Nederlandse Gasunie 0.375 10/3/2031 EUR 74.206
Cadent Finance PLC 2.750 9/22/2046 GBP 59.286
EYEMAXX Real Estate 5.500 7/22/2025 EUR 16.000
BNG Bank NV 1.500 7/15/2039 EUR 75.120
TotalEnergies Capita1.618 5/18/2040 EUR 67.508
de Volksbank NV 0.375 9/16/2041 EUR 56.721
Tritax Big Box REIT 1.500 11/27/2033 GBP 67.043
Cooperatieve Raboban0.750 6/21/2039 EUR 65.715
Italgas SpA 0.500 2/16/2033 EUR 69.259
Land Securities Capi2.625 9/22/2037 GBP 73.416
Lehman Brothers UK C3.875 EUR 18.599
2i Rete Gas SpA 0.579 1/29/2031 EUR 74.603
New World Resources 4.000 10/7/2020 EUR 0.010
Norske Skogindustrie7.000 12/30/2026 EUR 0.010
Bourbon Corp 11.652 EUR 0.964
Communaute Francaise2.300 4/25/2089 EUR 68.342
United Utilities Wat1.750 2/10/2038 GBP 65.119
ING-DiBa AG 1.000 5/23/2039 EUR 69.063
Hellas Telecommunica6.054 1/15/2015 USD 0.014
La Poste SA 1.000 9/17/2034 EUR 70.887
Berlin Hyp AG 0.250 5/19/2033 EUR 73.225
Wales & West Utiliti3.000 8/3/2038 GBP 74.546
Vnesheconombank Via 6.800 11/22/2025 USD 5.564
Lithuania Government1.625 6/19/2049 EUR 62.795
Annington Funding PL2.924 10/6/2051 GBP 54.181
Assura Financing PLC1.625 6/30/2033 GBP 68.581
SNCF Reseau 2.250 12/20/2047 EUR 73.403
European Financial S1.700 2/13/2043 EUR 74.690
Societe Generale SA 9.000 12/22/2034 USD 70.000
UkrLandFarming PLC 10.875 3/26/2018 USD 1.751
East Slope Residenci0.100 2/28/2062 GBP 64.073
University College L1.625 6/4/2061 GBP 47.958
ING Bank NV 1.000 2/17/2037 EUR 72.633
Land Securities Capi2.750 9/22/2059 GBP 59.408
Basque Government 1.375 10/31/2070 EUR 40.769
Hellas Telecommunica8.500 10/15/2013 EUR 0.834
Ukreximbank Via Biz 9.750 1/22/2025 USD 33.472
Wendel SE 1.375 1/18/2034 EUR 69.976
Hexagon Housing Asso3.625 4/22/2048 GBP 71.753
NRW Bank 1.250 5/13/2049 EUR 65.176
Petrobras Global Fin4.500 2/4/2033 EUR 66.144
MHP SE 7.750 5/10/2024 USD 52.701
Engie SA 1.250 10/24/2041 EUR 60.254
Nordea Kredit Realkr0.500 10/1/2050 DKK 67.447
Croatia Government B1.250 3/3/2040 EUR 62.908
TMK OAO Via TMK Capi4.300 2/12/2027 USD 53.713
SES SA 5.300 4/4/2043 USD 74.841
Air Berlin PLC 8.250 4/19/2018 EUR 0.423
Region Wallonne Belg0.650 1/16/2051 EUR 44.736
British Telecommunic4.250 11/8/2049 USD 74.727
National Grid Electr2.000 9/16/2038 GBP 62.847
Societe Generale SA 1.113 7/17/2031 EUR 72.182
Cie de Financement F0.010 10/29/2035 EUR 64.101
Gazprom PJSC Via Gaz4.950 2/6/2028 USD 73.875
Volkswagen Internati3.500 4/2/2043 EUR 73.659
DXC Capital Funding 0.950 9/15/2031 EUR 74.743
Caisse de Refinancem0.250 2/7/2035 EUR 68.357
BAWAG PSK Bank fuer 0.010 11/19/2035 EUR 63.018
Barclays Bank PLC 0.500 1/28/2033 MXN 36.999
Aster Treasury Plc 1.405 1/27/2036 GBP 66.360
European Primary Pla1.732 11/9/2055 GBP 48.547
Equinor ASA 3.250 11/18/2049 USD 74.176
Cadent Finance PLC 2.625 9/22/2038 GBP 67.026
Nederlandse Watersch1.625 1/29/2048 EUR 70.776
CRC Breeze Finance S6.110 5/8/2026 EUR 75.045
Perrigo Co PLC 5.300 11/15/2043 USD 72.500
Nationale-Nederlande0.050 11/12/2040 EUR 54.784
Realkredit Danmark A1.500 10/1/2053 DKK 74.901
Realkredit Danmark A1.000 10/1/2053 DKK 60.270
Engie SA 1.375 6/21/2039 EUR 65.012
Eni SpA 1.000 10/11/2034 EUR 70.357
Yuksel Insaat AS 9.500 11/10/2015 USD 0.500
Virgolino de Oliveir10.500 1/28/2018 USD 0.809
WM Morrison Supermar2.500 10/1/2031 GBP 46.099
BNG Bank NV 0.125 7/9/2035 EUR 67.185
Allianz Finance II B0.500 11/22/2033 EUR 72.957
Community Finance Co0.339 12/1/2040 GBP 74.014
HOWOGE Wohnungs-baug1.125 11/1/2033 EUR 72.361
Deutsche Lichtmiete 5.750 12/1/2023 EUR 11.206
Libra Longhurst Grou3.250 5/15/2043 GBP 72.385
Societe Nationale SN2.842 3/31/2036 AUD 74.833
Mercedes-Benz Group 1.125 8/8/2034 EUR 74.232
EXOR NV 1.750 10/14/2034 EUR 74.663
OGX Austria GmbH 8.375 4/1/2022 USD 0.482
Southern Housing Gro2.375 10/8/2036 GBP 71.404
Liquid Telecommunica5.500 9/4/2026 USD 69.122
Veolia Environnement1.250 5/14/2035 EUR 73.145
Severn Trent Utiliti0.010 12/16/2055 GBP 48.025
DZ HYP AG 0.375 11/10/2034 EUR 70.634
Espirito Santo Finan6.875 10/21/2019 EUR 0.053
State of Rhineland-P0.375 4/1/2041 EUR 59.178
Adecco International0.500 9/21/2031 EUR 74.571
Realkredit Danmark A1.000 10/1/2053 DKK 70.582
Erste Group Bank AG 0.875 5/15/2034 EUR 74.887
Engie SA 1.500 3/13/2035 EUR 73.505
Region de Bruxelles-1.121 5/11/2071 EUR 40.329
Metinvest BV 7.750 10/17/2029 USD 50.000
State of North Rhine1.500 6/12/2040 EUR 74.647
Jyske Realkredit A/S1.000 10/1/2053 DKK 70.829
SNCF Reseau 2.000 2/5/2048 EUR 68.567
Kreditanstalt fuer W0.375 5/20/2036 EUR 68.640
University of Leeds 3.125 12/19/2050 GBP 71.915
Royal Schiphol Group0.875 9/8/2032 EUR 74.213
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 66.394
Russian Federal Bond7.100 5/15/2041 RUB 73.040
Nykredit Realkredit 0.500 10/1/2053 DKK 65.309
Deutsche Wohnen SE 1.300 4/7/2041 EUR 54.232
Suek Securities DAC 3.375 9/15/2026 USD 30.000
BNG Bank NV 0.805 6/28/2049 EUR 53.269
SCOR SE 1.375 9/17/2051 EUR 70.451
Nordea Kredit Realkr1.000 10/1/2053 DKK 65.890
Lehman Brothers UK C5.125 EUR 18.602
BAWAG PSK Bank fuer 0.375 3/25/2041 EUR 57.644
NRW Bank 1.250 3/21/2044 EUR 68.752
Societe Du Grand Par0.300 9/2/2036 EUR 63.331
Cie Generale des Eta0.625 11/2/2040 EUR 59.958
Land Berlin 0.625 1/26/2052 EUR 50.370
Deutsche Bahn Financ0.750 7/16/2035 EUR 69.593
Orpea SA 3.000 11/25/2041 EUR 27.042
UK Municipal Bonds A1.625 8/26/2060 GBP 43.170
Saleza AS 9.000 7/12/2021 EUR 0.203
Enagas Financiacione0.375 11/5/2032 EUR 72.888
La Poste SA 0.625 1/18/2036 EUR 64.756
Deutsche Bahn Financ3.100 5/20/2041 AUD 71.200
Diageo Finance PLC 1.250 3/28/2033 GBP 71.504
Dexia Credit Local S4.433 EUR 3.262
Martlet Homes Ltd 3.000 5/9/2052 GBP 66.137
Gazprom PJSC via Gaz4.599 USD 53.000
CCEP Finance Ireland1.500 5/6/2041 EUR 65.898
Tresu Investment Hol7.128 1/2/2025 EUR 44.436
Banco Espirito Santo6.875 7/15/2016 EUR 20.290
Bilt Paper BV 10.360 USD 1.294
Canton of Zurich 0.100 6/23/2045 CHF 67.601
ABN AMRO Bank NV 1.115 3/3/2042 EUR 67.074
Vier Gas Transport G0.500 9/10/2034 EUR 66.129
Credit Agricole Home0.010 11/3/2031 EUR 73.956
Nordea Kredit Realkr1.500 10/1/2053 DKK 66.753
Virgolino de Oliveir11.750 2/9/2022 USD 0.815
Intesa Sanpaolo SpA 4.375 1/12/2048 USD 70.240
University of Southa2.250 4/11/2057 GBP 55.128
Jyske Realkredit A/S1.500 10/1/2050 DKK 72.896
Autobahnen- und Schn0.100 7/16/2035 EUR 67.520
Elli Finance UK PLC 8.750 6/15/2019 GBP 57.445
Gazprom PJSC via Gaz3.500 7/14/2031 USD 65.000
MMC Norilsk Nickel O6.625 10/14/2022 USD 72.031
Royal Schiphol Group0.750 4/22/2033 EUR 72.026
Nordea Kredit Realkr1.500 10/1/2053 DKK 70.456
Deutsche Lichtmiete 5.250 9/1/2025 EUR 3.020
Uliving@essex3 LLP 2.720 8/31/2066 GBP 47.226
Realkredit Danmark A0.500 10/1/2050 DKK 67.402
Southern Gas Network1.250 12/2/2031 GBP 71.827
Saltaire Finance PLC2.711 5/9/2052 GBP 66.852
Havila Shipping ASA 7.760 1/2/2025 NOK 40.000
Societe Du Grand Par1.625 4/8/2042 EUR 68.998
Banco Espirito Santo5.499 EUR 2.270
Nykredit Realkredit 1.000 10/1/2053 DKK 60.258
Avanti Communication9.000 10/1/2022 USD 14.363
VF Ukraine PAT via V6.200 2/11/2025 USD 58.412
Blend Funding PLC 3.459 9/21/2047 GBP 73.571
Housing & Care 21 3.288 11/8/2049 GBP 69.646
Nats En Route PLC 1.750 9/30/2033 GBP 72.305
Bank Gospodarstwa Kr2.000 11/3/2036 EUR 69.205
Gazprom PJSC via Gaz3.250 2/25/2030 USD 69.697
European Financial S1.800 7/10/2048 EUR 71.965
Erste Group Bank AG 0.500 1/12/2037 EUR 65.950
LFA Foerderbank Baye0.050 9/29/2034 EUR 68.226
Land Berlin 0.350 9/9/2050 EUR 46.472
Flagship Finance PLC1.875 7/14/2061 GBP 47.102
Realkredit Danmark A0.500 10/1/2053 DKK 63.332
Communaute Francaise0.625 6/11/2035 EUR 68.503
Societe Generale SA 10.000 6/28/2034 USD 69.250
Bayerische Landesbod0.250 3/21/2036 EUR 67.450
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Ukraine Government I4.375 1/27/2032 EUR 16.502
London & Quadrant Ho2.750 7/20/2057 GBP 57.489
BPCE SA 3.582 10/19/2042 USD 67.644
Societe Du Grand Par1.000 11/26/2051 EUR 49.809
Karbon Homes Ltd 3.375 11/15/2047 GBP 74.346
Constellation Automo4.875 7/15/2027 GBP 71.917
Metropolitan Housing1.875 7/28/2036 GBP 66.665
Orpea SA 2.000 8/9/2029 EUR 26.937
Prosus NV 3.832 2/8/2051 USD 60.541
Deutsche Bank AG 0.687 10/11/2049 EUR 41.060
Affinity Water Finan3.278 8/22/2042 GBP 71.399
Ministeries Van de V0.875 3/21/2046 EUR 55.085
Emissionszentrale fu0.150 9/9/2041 CHF 71.507
Nederlandse Watersch0.375 9/28/2046 EUR 51.321
Prosus NV 4.987 1/19/2052 USD 71.534
Jyske Realkredit A/S1.500 10/1/2053 DKK 74.982
RTE Reseau de Transp1.125 9/9/2049 EUR 54.215
Cie Generale des Eta0.250 11/2/2032 EUR 73.743
Gazprom PJSC via Gaz2.950 1/27/2029 USD 67.936
Region Wallonne Belg1.250 6/22/2071 EUR 47.571
Ukraine Government I7.253 3/15/2035 USD 16.958
Region de Bruxelles-1.500 6/22/2070 EUR 48.192
LBI ehf 6.100 8/25/2011 USD 10.166
Turkiye Is Bankasi A8.100 12/3/2029 USD 74.019
New World Resources 8.000 4/7/2020 EUR 0.098
BNG Bank NV 1.550 2/19/2032 AUD 74.309
Ukraine Government I9.750 11/1/2030 USD 18.333
Joh Friedrich Behren6.250 6/18/2024 EUR 29.911
Tinkoff Bank JSC Via6.000 USD 41.669
Nykredit Realkredit 0.500 10/1/2050 DKK 65.417
WD Invest Sarl 1.900 10/2/2024 EUR 11.500
Saltaire Finance PLC1.527 11/23/2051 GBP 50.215
Muenchener Hypotheke0.010 11/2/2040 EUR 54.801
Norwegian Air Shuttl6.510 NOK 70.500
Stobart Finance PLC 2.750 5/8/2024 GBP 71.841
ABN AMRO Bank NV 0.400 9/17/2041 EUR 57.736
Citizen Treasury PLC3.250 10/20/2048 GBP 71.340
Malta Government Bon1.800 8/28/2051 EUR 59.315
Orpea SA 2.300 3/6/2025 EUR 26.909
Credit Agricole SA 1.400 7/28/2031 EUR 74.747
Canary Wharf Group I3.375 4/23/2028 GBP 74.365
Onward Homes Ltd 2.125 3/25/2053 GBP 52.481
DZ Bank AG Deutsche 0.530 7/26/2033 EUR 66.673
European Financial S1.200 2/17/2045 EUR 66.199
Nederlandse Watersch0.500 4/26/2051 EUR 47.786
Cirio Finanziaria Sp8.000 12/21/2005 EUR 0.478
BNG Bank NV 0.250 11/22/2036 EUR 64.912
SRV Group Oyj 4.875 EUR 52.000
Kleopatra Holdings 26.500 9/1/2026 EUR 58.625
Parnassia Groep BV 1.200 12/1/2051 EUR 62.925
Kommunekredit 0.125 9/26/2040 EUR 56.536
Anglo American Capit3.950 9/10/2050 USD 74.479
BNG Bank NV 0.875 10/17/2035 EUR 74.100
Jyske Realkredit A/S0.500 10/1/2050 DKK 67.536
Russian Foreign Bond7.500 3/31/2030 USD 65.210
Deutsche Bahn Financ3.350 1/20/2042 AUD 73.551
State of North Rhine1.000 10/16/2046 EUR 61.646
Catalyst Housing Ltd3.125 10/31/2047 GBP 66.828
Free State of Bavari0.010 1/18/2035 EUR 67.816
Autonomous Community2.965 9/8/2039 JPY 65.113
Landwirtschaftliche 0.625 10/31/2036 EUR 70.228
AXA Bank Europe SCF 0.250 6/9/2040 EUR 57.598
City of Munich Germa0.250 11/18/2032 EUR 73.299
European Financial S0.875 4/10/2035 EUR 74.807
Autonomous Community1.515 6/21/2051 EUR 54.165
Zurich Finance Irela1.600 12/17/2052 EUR 69.985
Alitalia-Societa Aer5.250 7/30/2020 EUR 0.334
London & Quadrant Ho3.125 2/28/2053 GBP 63.911
Espirito Santo Finan9.750 12/19/2025 EUR 0.622
Region de Bruxelles-0.064 2/25/2031 EUR 75.676
ESFIL-Espirito Santo5.250 6/12/2015 EUR 0.111
Stonewater Funding P1.625 9/10/2036 GBP 65.810
Barclays Bank PLC 1.750 9/29/2032 USD 69.674
Lukoil Capital DAC 3.600 10/26/2031 USD 69.866
State of Schleswig-H0.200 8/15/2039 EUR 59.816
Societe Du Grand Par1.700 5/25/2050 EUR 63.742
Realkredit Danmark A0.500 10/1/2050 DKK 65.444
Nestle Finance Inter0.375 12/3/2040 EUR 56.867
Annington Funding PL2.308 10/6/2032 GBP 72.164
MHP Lux SA 6.950 4/3/2026 USD 49.562
Russian Foreign Bond5.100 3/28/2035 USD 41.165
Northern Powergrid Y2.250 10/9/2059 GBP 53.059
DLR Kredit A/S 1.000 10/1/2050 DKK 72.970
Suek Securities DAC 3.375 9/15/2026 USD 30.000
Iberdrola Finanzas S1.000 2/2/2037 EUR 67.760
Schlumberger Finance0.500 10/15/2031 EUR 74.801
Muenchener Hypotheke0.250 3/29/2041 CHF 71.074
Lehman Brothers UK C5.750 EUR 7.000
Heimstaden Bostad AB2.800 5/4/2035 EUR 65.735
Development Bank of 6.750 5/2/2024 USD 41.240
BNG Bank NV 0.875 10/24/2036 EUR 72.391
Banco Espirito Santo7.125 11/28/2023 EUR 0.329
Single Platform Inve4.020 7/1/2052 EUR 59.208
Manchester Airport G2.875 3/31/2039 GBP 70.694
Banco Santander SA 4.390 EUR 0.272
Intesa Sanpaolo SpA 1.400 2/8/2031 GBP 69.650
Peabody Capital No 23.250 9/14/2048 GBP 68.434
Petrobras Global Fin4.750 4/2/2038 EUR 52.883
Blend Funding PLC 3.508 5/4/2057 GBP 69.146
Agence France Locale2.550 3/20/2036 AUD 72.013
Lehman Brothers UK C6.900 USD 3.986
MVM Energetika Zrt 3.250 9/3/2031 HUF 65.000
State of Lower Saxon0.050 3/9/2035 EUR 67.470
Raiffeisenbank AS 0.700 11/15/2031 EUR 73.006
Raiffeisenbank Bulga6.310 EUR 73.967
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.514
Cellnex Finance Co S3.875 7/7/2041 USD 72.111
Mediobanca Banca di 0.010 2/3/2031 EUR 74.101
Land Thueringen 0.125 1/13/2051 EUR 42.170
Credit Suisse Group 4.875 5/15/2045 USD 72.521
Stichting Afwikkelin6.625 5/14/2018 EUR 43.625
DWR Cymru Financing 1.375 3/31/2033 GBP 71.955
de Volksbank NV 0.125 11/19/2040 EUR 55.423
Bromford Housing Gro2.554 3/17/2054 GBP 56.519
Sovcombank Via SovCo7.600 USD 2.350
Vilogia SA d'HLM 1.500 8/7/2034 EUR 72.658
ING Bank NV 0.182 4/21/2033 EUR 72.353
Landesbank Hessen-Th0.500 1/19/2037 EUR 67.939
Platform HG Financin1.625 8/10/2055 GBP 45.295
Pierre Et Vacances S2.000 4/1/2023 EUR 28.654
Phosagro OAO Via Pho3.050 1/23/2025 USD 73.272
Agrokor dd 9.875 5/1/2019 EUR 15.000
Region Wallonne Belg1.130 3/28/2036 EUR 72.116
Alfa Bank AO Via Alf5.500 10/26/2031 USD 3.443
Signa Development Fi5.500 7/23/2026 EUR 68.363
Mallinckrodt Interna10.000 4/15/2025 USD 68.973
Eastern Power Networ1.875 6/1/2035 GBP 70.305
European Financial S1.750 7/17/2053 EUR 67.906
Credit Suisse AG/Lon1.250 2/22/2029 USD 71.937
Prs Finance PLC 1.500 8/24/2034 GBP 72.465
Aeroports de la Cote2.500 7/9/2036 EUR 73.176
Nykredit Realkredit 0.500 10/1/2053 DKK 63.317
Nostrum Oil & Gas Fi7.000 2/16/2025 USD 26.220
Banco Santander SA 0.100 2/27/2032 EUR 72.589
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Romanian Government 2.750 4/14/2041 EUR 57.036
Metinvest BV 8.500 4/23/2026 USD 54.757
Muenchener Hypotheke0.010 10/19/2039 EUR 56.602
Realkredit Danmark A1.500 10/1/2050 DKK 72.876
Republic of Belarus 5.875 2/24/2026 USD 42.137
Credit Suisse AG/Lon20.000 11/29/2024 USD 11.767
Ukraine Government I7.750 9/1/2027 USD 18.169
Russian Foreign Bond5.250 6/23/2047 USD 40.900
Gazprom PJSC via Gaz1.500 2/17/2027 EUR 66.827
KTG Agrar SE 7.250 10/15/2019 EUR 2.002
Privatbank CJSC Via 10.875 2/28/2018 USD 6.722
Deutsche Lichtmiete 5.750 1/1/2023 EUR 2.500
Ukraine Government I7.750 9/1/2024 USD 22.658
Hidrovias Internatio4.950 2/8/2031 USD 70.424
Canton of St Gallen 0.200 11/28/2041 CHF 72.689
British Telecommunic1.774 6/25/2042 GBP 74.023
Mallinckrodt Interna10.000 6/15/2029 USD 54.000
Air Berlin PLC 5.625 5/9/2019 CHF 0.335
Land Berlin 0.125 11/24/2045 EUR 48.675
Intesa Sanpaolo SpA 2.500 10/14/2031 USD 72.049
Autonomous Region of1.095 9/27/2036 EUR 66.244
Bausparkasse Schwaeb0.200 4/27/2033 EUR 72.801
Holcim US Finance Lu2.240 10/15/2031 USD 74.277
Akademiska Hus AB 0.650 2/8/2044 CHF 74.646
Agence Francaise de 0.375 5/25/2036 EUR 64.949
GN Store Nord AS 1.970 3/3/2036 EUR 71.713
LiveWest Treasury PL1.875 2/18/2056 GBP 48.906
SABIC Capital I BV 3.000 9/14/2050 USD 71.272
Societe Generale SA 8.000 11/30/2032 USD 71.000
LIB-Landesimmobilien0.620 7/15/2041 EUR 60.149
Assa Abloy AB 0.650 8/28/2034 EUR 69.405
RHP Finance PLC 3.250 2/5/2048 GBP 72.582
Aggregate Holdings S5.500 5/17/2024 EUR 37.796
Banco Espirito Santo6.900 6/28/2024 EUR 19.340
Deutsche Lichtmiete 5.250 2/1/2027 EUR 3.550
Orpea SA 3.144 12/22/2025 EUR 26.950
Cadent Finance PLC 3.125 3/21/2040 GBP 69.879
Nordea Kredit Realkr0.500 10/1/2043 DKK 74.386
Mobile Telesystems O5.000 5/30/2023 USD 27.699
Land Baden-Wuerttemb0.010 7/9/2032 EUR 74.034
SNCF Reseau 0.750 5/25/2036 EUR 68.856
Rallye SA 1.000 2/28/2032 EUR 3.407
Realkredit Danmark A0.500 10/1/2053 DKK 65.259
Wessex Water Service1.250 1/12/2036 GBP 60.651
Nestle Finance Inter0.625 2/14/2034 EUR 72.527
State of Lower Saxon0.250 4/15/2036 EUR 66.954
Jyske Realkredit A/S1.500 10/1/2053 DKK 70.454
Luzerner Kantonalban0.150 10/7/2044 CHF 65.217
MFB Magyar Fejleszte4.200 4/20/2033 HUF 67.286
Ile-de-France Mobili0.675 11/24/2036 EUR 67.090
Deutsche Telekom AG 3.625 1/21/2050 USD 74.710
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.537
Nordea Kredit Realkr0.500 10/1/2050 DKK 65.578
Cirio Finance Luxemb7.500 11/3/2002 EUR 2.530
Herens Midco Sarl 5.250 5/15/2029 EUR 68.542
Standard Profil Auto6.250 4/30/2026 EUR 61.800
Ministeries Van de V0.125 10/15/2035 EUR 64.200
Raiffeisenlandesbank0.500 1/22/2035 EUR 69.768
Free State of Saxony0.400 5/12/2036 EUR 68.407
Motability Operation1.500 1/20/2041 GBP 57.610
Credit Agricole Corp1.550 9/8/2031 AUD 71.431
State of North Rhine0.375 9/2/2050 EUR 46.927
Nationale-Nederlande0.050 9/24/2035 EUR 64.910
Norwegian Air Shuttl6.510 NOK 70.500
Veneto Banca SpA 9.878 12/1/2025 EUR 0.054
Credit Suisse Intern9.500 3/24/2026 UAH 44.660
Intesa Sanpaolo SpA 2.700 3/29/2031 USD 73.875
Sveriges Sakerstalld0.750 6/9/2032 SEK 75.086
Evraz PLC 5.250 4/2/2024 USD 52.987
State of Hesse 0.750 8/4/2036 EUR 71.564
BPCE SFH SA 0.500 1/23/2035 EUR 70.196
Ukraine Government I7.750 9/1/2025 USD 20.411
Luzerner Kantonalban0.160 12/23/2043 CHF 66.793
Realkredit Danmark A1.500 10/1/2053 DKK 66.638
Credit Agricole Publ0.125 12/8/2031 EUR 74.756
Midland Heart Capita1.831 8/12/2050 GBP 50.486
Cooperatieve Raboban0.010 11/27/2040 EUR 54.242
Norske Skogindustrie2.000 12/30/2115 EUR 0.113
Cooperatieve Raboban0.500 10/29/2027 MXN 61.113
Region Occitanie 1.109 3/7/2035 EUR 73.534
Banca Popolare di Vi9.500 9/29/2025 EUR 0.380
FF Group Finance Lux3.250 11/2/2021 CHF 5.604
Credit Agricole Ital0.125 3/15/2033 EUR 68.408
Salerno Pompei Napol2.800 1/19/2045 EUR 67.656
Republic of Ireland 0.740 11/27/2120 EUR 26.451
Republic of Poland G1.750 4/25/2032 PLN 68.022
Region de Bruxelles-0.274 12/11/2040 EUR 52.909
National Grid Electr0.010 3/26/2036 GBP 74.820
Espirito Santo Finan3.125 12/2/2018 EUR 0.622
NAK Naftogaz Ukraine7.625 11/8/2026 USD 18.904
Muenchener Hypotheke0.125 9/5/2035 EUR 66.590
Ukraine Government I7.750 9/1/2028 USD 18.167
Nykredit Realkredit 1.500 10/1/2053 DKK 66.734
Jain International T7.125 2/1/2022 USD 21.798
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
Cooperatieve Raboban0.500 10/30/2043 MXN 11.615
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.285
Siemens Financiering2.875 3/11/2041 USD 74.558
Transports Publics D0.450 12/29/2056 CHF 59.600
Ministeries Van de V1.500 4/11/2044 EUR 66.581
Jyske Realkredit A/S2.000 10/1/2053 DKK 74.275
Magyar Export-Import2.000 10/27/2027 HUF 65.399
Quintet Private Bank3.650 11/13/2023 EUR 4.460
Ministeries Van de V1.000 10/13/2036 EUR 71.152
MHP Lux SA 6.250 9/19/2029 USD 47.691
Standard Chartered B3.000 4/30/2036 AUD 70.628
British Telecommunic3.924 6/25/2042 GBP 70.519
Ukraine Government I7.375 9/25/2034 USD 16.710
Heimstaden Bostad AB2.800 5/4/2035 EUR 66.238
Metinvest BV 7.650 10/1/2027 USD 53.306
Solon SE 1.375 12/6/2012 EUR 0.745
Free and Hanseatic C0.010 11/5/2035 EUR 65.576
State of Rhineland-P0.375 3/10/2051 EUR 46.604
Caisse Francaise de 0.500 10/1/2046 EUR 52.677
Polski Fundusz Rozwo2.000 3/5/2030 PLN 71.376
Republic of Belarus 6.378 2/24/2031 USD 33.675
National Grid Electr1.625 10/7/2035 GBP 65.710
Credit Bank of Mosco4.700 1/29/2025 USD 25.835
Cooperatieve Raboban0.500 7/30/2043 MXN 13.176
Abengoa Abenewco 2 B1.500 4/26/2024 USD 0.570
GN Store Nord AS 3.200 11/26/2036 GBP 71.724
Telenor ASA 0.875 2/14/2035 EUR 69.994
State of Saxony-Anha0.500 3/24/2051 EUR 49.125
Aroundtown SA 3.250 11/12/2032 EUR 62.326
Kernel Holding SA 6.500 10/17/2024 USD 48.360
Prosus NV 4.027 8/3/2050 USD 62.983
Deutsche Bank AG 1.750 10/30/2028 USD 73.840
Romania Government B3.650 9/24/2031 RON 74.899
Credit Bank of Mosco3.875 9/21/2026 USD 30.480
Region de Bruxelles-0.765 7/15/2052 EUR 45.715
Region de Bruxelles-1.220 6/23/2053 EUR 54.667
BNG Bank NV 0.010 10/5/2032 EUR 72.721
Irish Bank Resolutio0.566 6/21/2016 EUR 0.679
Canton of Geneva Swi0.600 7/4/2046 CHF 73.855
Grand City Propertie2.000 10/25/2032 EUR 68.063
Stichting Afwikkelin5.143 EUR 46.000
Societe Du Grand Par0.875 5/10/2046 EUR 54.164
Interpipe Holdings P8.375 5/13/2026 USD 47.250
Landwirtschaftliche 0.010 11/26/2040 EUR 55.544
National Grid Electr1.608 8/24/2040 GBP 46.761
Ile-de-France Mobili1.275 2/14/2042 EUR 65.210
Offshore Drilling Ho8.375 9/20/2020 USD 2.689
Serbia International2.125 12/1/2030 USD 73.799
Incommunities Treasu3.250 3/21/2049 GBP 72.058
SES SA 5.300 4/4/2043 USD 74.841
SCF Capital Designat5.375 6/16/2023 USD 20.278
Credit Agricole Home1.500 9/28/2038 EUR 75.047
Paradigm Homes Chari2.250 5/20/2051 GBP 56.779
Pfandbriefbank schwe0.375 9/23/2043 CHF 70.965
Deutsche Bank AG 1.580 10/23/2031 EUR 74.251
Orange SA 1.200 7/11/2034 EUR 71.946
Bayerische Landesban1.550 2/13/2040 EUR 53.559
Havenbedrijf Rotterd1.100 3/23/2051 EUR 58.024
State of Bremen 0.450 2/24/2051 EUR 47.581
Aroundtown SA 2.970 9/26/2033 EUR 58.033
Eurogrid GmbH 0.875 11/20/2040 EUR 61.319
Takarek Mortgage Ban3.000 10/22/2031 HUF 63.600
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.514
Serbia International2.050 9/23/2036 EUR 58.655
State of North Rhine0.500 11/25/2039 EUR 62.670
Russian Foreign Bond5.875 9/16/2043 USD 60.762
CBo Territoria 3.750 7/1/2024 EUR 4.700
Dexia SA 4.292 EUR 2.874
Realkredit Danmark A2.000 10/1/2053 DKK 74.307
European Financial S1.450 9/5/2040 EUR 73.815
Raiffeisen-Landesban0.500 5/27/2041 EUR 58.623
Credit Suisse Group 4.875 5/15/2045 USD 72.528
Ukraine Government I11.670 11/22/2023 UAH 79.672
Hungary Government B4.750 11/24/2032 HUF 74.298
Schoeller Packaging 6.375 11/1/2024 EUR 72.137
Department of L'Eure0.515 5/25/2040 EUR 58.142
Havila Shipping ASA 7.010 1/2/2025 NOK 40.000
Niedersachsen Invest0.250 7/16/2035 EUR 68.810
City of Zurich Switz0.400 11/21/2046 CHF 70.457
Free and Hanseatic C0.250 2/18/2041 EUR 57.655
Master & Fellows of 3.068 4/28/2065 GBP 58.319
Romanian Government 3.375 1/28/2050 EUR 58.334
Erilia SA 1.570 2/25/2038 EUR 74.671
Serbia International1.500 6/26/2029 EUR 74.507
Romanian Government 3.875 10/29/2035 EUR 74.637
State of Saarland 0.050 11/5/2040 EUR 55.785
Land Berlin 0.125 6/4/2035 EUR 67.590
Banco Espirito Santo5.679 EUR 0.295
Ministeries Van de V1.863 2/28/2048 EUR 65.663
Takarek Mortgage Ban2.600 10/22/2028 HUF 69.500
Takarek Mortgage Ban3.000 1/28/2036 HUF 55.500
Republic of Ireland 0.995 2/24/2121 EUR 34.674
Muenchener Hypotheke1.420 4/20/2038 EUR 73.632
State of North Rhine0.800 7/30/2049 EUR 55.409
DekaBank Deutsche Gi1.100 11/25/2030 EUR 71.753
Hungary Government I3.125 9/21/2051 USD 60.129
Credit Suisse AG/Lon2.600 1/27/2032 USD 68.032
Nykredit Realkredit 1.000 10/1/2050 DKK 67.058
Gazprom PJSC via Gaz1.850 11/17/2028 EUR 59.690
State Agency of Road6.250 6/24/2030 USD 17.325
Region Wallonne Belg0.500 6/22/2037 EUR 63.206
Banco Santander SA 1.000 10/1/2033 EUR 71.369
Nederlandse Gasunie 0.750 10/13/2036 EUR 64.573
Malta Government Bon1.400 8/20/2046 EUR 59.154
Clarion Funding PLC 1.250 11/13/2032 GBP 70.017
Landesbank Hessen-Th1.383 3/28/2042 EUR 70.645
FNG Benelux Holding 5.000 8/28/2023 EUR 1.000
DZ Bank AG Deutsche 1.576 7/22/2030 EUR 74.055
Credit Suisse AG/Lon2.300 9/24/2031 USD 67.142
Evraz PLC 5.375 3/20/2023 USD 49.442
Abengoa Abenewco 2 S1.500 10/26/2024 USD 1.113
NRW Bank 0.500 6/17/2041 EUR 60.786
VST Building Technol7.000 6/28/2024 EUR 0.231
Canton of Geneva Swi0.250 6/15/2040 CHF 73.764
Ukraine Government I7.750 9/1/2029 USD 18.333
Russian Foreign Bond4.750 5/27/2026 USD 43.608
Free and Hanseatic C0.200 9/3/2049 EUR 45.258
Kommunekredit 0.875 11/3/2036 EUR 71.975
Nomura Bank Internat1.450 12/10/2041 EUR 61.742
Free State of Saxony0.010 12/17/2035 EUR 65.359
Free State of Bavari0.010 3/28/2036 EUR 64.675
UniCredit Bank Austr0.050 9/21/2035 EUR 64.675
Kommunekredit 0.500 7/30/2027 TRY 30.196
Hospices Civils de L0.597 11/24/2031 EUR 72.234
Abengoa Abenewco 2 S1.500 10/26/2024 USD 0.813
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Raiffeisen Bank Inte0.700 12/6/2029 EUR 74.209
Russian Foreign Bond4.375 3/21/2029 USD 41.485
Single Platform Inve1.220 8/24/2047 EUR 58.802
Ile-de-France Mobili0.950 5/28/2041 EUR 62.165
Grand Delta Habitat 1.285 11/6/2040 EUR 63.022
ESB Finance DAC 1.875 7/21/2035 GBP 70.717
LSEGA Financing PLC 3.200 4/6/2041 USD 75.190
Motability Operation2.375 7/3/2039 GBP 69.751
BPCE SA 4.979 EUR 68.610
Penarian Housing Fin3.212 6/7/2052 GBP 69.971
Nordea Kredit Realkr0.500 10/1/2053 DKK 65.460
State of North Rhine1.960 1/24/2079 EUR 66.587
Autonomous Community1.655 10/31/2050 EUR 58.616
PJSC Koks via IMH Ca5.900 9/23/2025 USD 7.825
Ville de Paris 0.450 10/20/2045 EUR 49.964
Comunidad Foral de N1.800 3/25/2042 EUR 69.223
City of Lausanne Swi0.540 11/6/2062 CHF 49.882
Altice France Holdin4.000 2/15/2028 EUR 68.182
Achmea Bank NV 0.250 9/29/2036 EUR 65.181
Caisse Francaise de 0.375 2/13/2040 EUR 59.226
Optivo Finance PLC 3.283 3/22/2048 GBP 68.760
Celtic Resources Hol4.125 10/9/2024 USD 12.324
Land Berlin 0.625 8/25/2036 EUR 69.987
Bank Nadra Via NDR F8.250 7/31/2018 USD 0.208
Italy Buoni Polienna2.150 9/1/2052 EUR 61.559
Pershing Square Hold3.000 7/15/2032 USD 73.164
Paragon Treasury Plc2.000 5/7/2036 GBP 68.965
Pfandbriefbank schwe0.250 10/6/2042 CHF 70.005
Ministeries Van de V1.000 1/23/2051 EUR 52.837
Foodco Bondco SA 6.250 5/15/2026 EUR 43.734
Privatbank CJSC Via 11.000 2/9/2021 USD 1.000
Batigere Grand Est S1.500 12/15/2051 EUR 59.131
ABN AMRO Bank NV 0.375 1/14/2035 EUR 69.980
UniCredit Bank Austr0.150 4/29/2033 EUR 70.281
Serbia International1.650 3/3/2033 EUR 64.061
Solarworld AG 9.691 2/24/2019 EUR 14.875
Barclays Bank PLC 5.000 11/1/2029 BRL 61.071
EVN AG 0.850 10/15/2035 EUR 66.428
Region de Bruxelles-1.500 4/5/2037 EUR 74.833
Pfandbriefbank schwe0.250 5/17/2040 CHF 72.606
Banque Cantonale de 0.100 11/1/2044 CHF 63.148
Kommunekredit 0.625 11/21/2039 EUR 64.884
Pershing Square Hold3.000 7/15/2032 USD 73.164
Nestle Hungaria Kft 1.750 5/31/2028 HUF 69.500
Sibur Securities DAC2.950 7/8/2025 USD 68.370
Romanian Government 4.000 2/14/2051 USD 69.011
Ministeries Van de V1.875 6/2/2042 EUR 73.666
Societe Generale SA 2.000 1/30/2036 USD 60.764
MFB Magyar Fejleszte4.600 10/24/2029 HUF 74.345
NRW Bank 0.420 2/8/2039 EUR 63.140
Kingdom of Belgium G1.400 6/22/2053 EUR 60.415
NRW Bank 1.200 3/28/2039 EUR 72.045
Ukraine Government I8.994 2/1/2026 USD 18.606
Single Platform Inve1.448 7/25/2053 EUR 60.631
Republic of Ireland 1.425 9/18/2119 EUR 47.114
Magyar Export-Import2.500 5/23/2029 HUF 66.928
Russian Foreign Bond2.875 12/4/2025 EUR 39.464
Borets Finance DAC 6.000 9/17/2026 USD 42.913
JAB Holdings BV 4.500 4/8/2052 USD 74.031
Prosus NV 2.778 1/19/2034 EUR 72.218
State of Bremen 0.500 5/6/2041 EUR 60.163
Ministeries Van de V1.500 7/12/2038 EUR 73.606
Societe Generale SA 11.000 6/15/2035 USD 67.450
VTB Bank OJSC Via VT6.250 6/30/2035 USD 22.822
ALROSA Finance SA 4.650 4/9/2024 USD 11.457
Norddeutsche Landesb0.900 7/5/2032 EUR 71.095
Region of Centre-Val0.711 11/2/2036 EUR 67.964
Grand City Propertie2.081 8/8/2034 EUR 72.919
Deutsche Wohnen SE 2.000 3/28/2034 EUR 68.727
Gemeente Bergen OP Z0.440 9/20/2044 EUR 54.708
Novolipetsk Steel Vi1.450 6/2/2026 EUR 68.525
Aegon Bank NV 0.375 6/9/2036 EUR 66.907
Kreditanstalt fuer W1.000 10/19/2050 EUR 59.998
MMK International Ca4.375 6/13/2024 USD 26.437
Ukraine Government I15.840 2/26/2025 UAH 68.986
Haya Holdco 2 PLC 11.698 11/30/2025 EUR 38.681
Republic of Belarus 7.625 6/29/2027 USD 41.846
Credit Suisse AG/Lon2.920 5/8/2034 EUR 66.360
Alfa Bank AO Via Alf5.950 4/15/2030 USD 3.030
Banca Popolare di Vi2.821 12/20/2017 EUR 0.396
Tennor Finance BV 5.750 6/17/2024 EUR 70.000
DZ Bank AG Deutsche 0.180 6/18/2031 EUR 73.616
Transmission Finance2.701 10/16/2037 EUR 73.247
Blend Funding PLC 2.467 6/16/2061 GBP 51.379
Sovcombank Via SovCo7.750 USD 3.379
Gazprom PJSC via Gaz3.897 EUR 52.376
DLR Kredit A/S 1.000 10/1/2050 DKK 68.583
Ramfort GmbH 6.750 3/15/2026 EUR 72.386
Societe Generale SA 10.000 6/28/2034 USD 58.250
Diebold Nixdorf Dutc9.000 7/15/2025 EUR 66.088
LSF9 Balta Issuer SA3.000 12/31/2030 EUR 61.413
British Telecommunic3.883 6/25/2039 GBP 72.976
Finmek International7.000 12/3/2004 EUR 2.193
Abengoa Abenewco 1 S6.000 6/10/2022 EUR 0.434
Muenchener Hypotheke0.250 5/2/2036 EUR 66.246
Southern Housing Gro3.500 10/19/2047 GBP 71.051
DZ Bank AG Deutsche 0.500 2/24/2031 EUR 72.378
State of Brandenburg0.125 1/26/2046 EUR 48.478
Societe Generale SFH0.280 9/14/2032 EUR 74.013
La Banque Postale Ho0.250 2/12/2035 EUR 68.011
Russian Foreign Bond5.625 4/4/2042 USD 63.504
International Financ0.500 6/29/2027 ZAR 67.322
Romanian Government 2.000 4/14/2033 EUR 66.238
Metinvest BV 5.625 6/17/2025 EUR 56.000
Swissgrid AG 0.050 6/30/2050 CHF 51.584
Orbit Capital PLC 3.500 3/24/2045 GBP 73.181
Pfandbriefbank schwe0.500 1/25/2044 CHF 72.796
Kreditanstalt fuer W1.100 9/16/2051 EUR 61.544
Romanian Government 2.000 1/28/2032 EUR 68.985
Transcapitalbank JSC10.000 USD 61.415
BPCE SFH SA 0.375 3/18/2041 EUR 57.768
Ukraine Government I6.876 5/21/2031 USD 16.991
Malta Government Bon1.500 10/22/2045 EUR 59.690
Raiffeisen Landesban0.375 11/13/2034 EUR 69.796
Region de Bruxelles-1.400 3/11/2054 EUR 52.421
Futureal Development4.000 3/23/2031 HUF 64.000
Italy Buoni Polienna0.950 6/1/2032 EUR 74.461
Ideal Standard Inter6.375 7/30/2026 EUR 54.825
HSBC Holdings PLC 0.950 12/9/2032 EUR 73.697
Caisse des Depots et0.398 12/15/2050 EUR 42.008
Credit Agricole SA 4.400 2/24/2042 AUD 65.252
ACCIONA Financiacion3.000 12/2/2039 EUR 72.367
Sidetur Finance BV 10.000 4/20/2016 USD 0.394
Kelag-Kaerntner Elek1.150 4/16/2041 EUR 59.963
St Galler Kantonalba0.100 10/10/2041 CHF 67.672
Grenke Finance PLC 0.819 2/15/2030 EUR 64.994
Ville de Paris 0.831 2/23/2056 EUR 41.905
Free and Hanseatic C0.400 11/23/2051 EUR 46.185
State of Rhineland-P1.500 4/25/2052 EUR 66.442
Hylea Group SA 7.250 12/1/2022 EUR 0.300
DLR Kredit A/S 1.500 10/1/2053 DKK 71.568
Muenchener Hypotheke0.400 8/11/2031 EUR 71.702
Hacienda Investments5.350 2/8/2028 USD 49.980
CDC Habitat SEM 0.853 2/15/2041 EUR 59.940
Region Provence-Alpe1.574 6/8/2037 EUR 74.025
SNCF Reseau 1.500 5/29/2037 EUR 74.938
Del Monte Finance Lu6.625 5/24/2006 EUR 1.000
Land Thueringen 0.100 7/9/2035 EUR 67.101
Luzerner Kantonalban0.250 8/28/2040 CHF 71.376
City of Lausanne Swi0.600 11/30/2056 CHF 58.100
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.514
La Banque Postale Ho0.640 1/27/2042 EUR 62.868
Region Wallonne Belg1.600 3/29/2039 EUR 71.171
Sibur Securities DAC3.450 9/23/2024 USD 62.081
Sibur Securities DAC4.125 10/5/2023 USD 62.597
Channel Link Enterpr3.848 6/30/2050 GBP 67.499
Nordea Kredit Realkr2.000 10/1/2053 DKK 74.272
Raiffeisenlandesbank0.375 1/15/2035 EUR 68.539
Region Wallonne Belg1.865 5/10/2051 EUR 64.656
HYPO NOE Landesbank 1.605 8/23/2046 EUR 69.931
Affinity Water Finan0.230 11/22/2042 GBP 67.922
Credit Agricole Ital1.750 1/15/2038 EUR 74.563
Region de Bruxelles-0.592 12/10/2061 EUR 34.093
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Sanctuary Capital PL2.481 11/12/2037 GBP 70.639
Sberbank of Russia V5.125 10/29/2022 USD 32.667
Communaute Francaise1.040 7/19/2101 EUR 42.043
HSE Finance Sarl 5.625 10/15/2026 EUR 51.500
Credit Agricole Ital1.000 1/17/2045 EUR 57.298
Island Offshore Ship5.680 6/30/2024 NOK 30.000
Orbit Capital PLC 3.375 6/14/2048 GBP 69.921
Kreditanstalt fuer W0.890 3/10/2041 EUR 66.559
Compact Bidco BV 5.750 5/1/2026 EUR 74.946
Realkredit Danmark A0.500 10/1/2043 DKK 74.224
State of Rhineland-P0.375 7/20/2048 EUR 47.571
Portugal Telecom Int6.250 7/26/2016 EUR 0.285
Societe Generale SA 25.260 10/30/2025 USD 14.540
Windreich GmbH 6.500 7/15/2016 EUR 2.780
Romanian Government 3.500 4/3/2034 EUR 74.183
Region of Pays de la0.877 10/28/2041 EUR 62.371
Endo Luxembourg Fina6.125 4/1/2029 USD 74.500
Severstal OAO Via St3.150 9/16/2024 USD 4.564
Land Thueringen 0.200 9/12/2039 EUR 59.618
AXA Home Loan SFH SA0.125 6/25/2035 EUR 66.055
HSE Finance Sarl 8.404 10/15/2026 EUR 53.889
Land Baden-Wuerttemb0.125 11/19/2040 EUR 56.444
Spain Government Bon1.900 10/31/2052 EUR 63.010
Region Wallonne Belg1.000 9/16/2059 EUR 42.624
Jyske Realkredit A/S1.500 10/1/2053 DKK 66.723
Thames Water Utiliti2.060 11/12/2030 USD 74.090
Bank of Valletta PLC3.750 6/15/2031 EUR 71.288
Nationwide Building 0.485 7/11/2044 CHF 69.471
State of Bremen 1.000 5/27/2039 EUR 69.450
Jyske Realkredit A/S0.500 10/1/2050 DKK 65.462
Abengoa Abenewco 1 S6.000 6/10/2022 EUR 0.434
Sairgroup Finance BV4.375 6/8/2006 EUR 1.964
Kantonsspital St Gal0.300 9/30/2036 CHF 73.557
Credit Suisse AG/Lon3.200 3/24/2032 USD 70.498
State of Bremen 0.150 9/14/2040 EUR 56.639
Joh Friedrich Behren7.750 11/11/2020 EUR 30.050
Republic of Ireland 2.045 3/22/2075 EUR 70.961
Bayerische Landesban1.850 3/5/2031 EUR 72.651
DZ Bank AG Deutsche 1.055 3/11/2031 EUR 70.310
Bellis Finco PLC 4.000 2/16/2027 GBP 70.854
La Financiere Atalia6.625 5/15/2025 GBP 67.585
UBS AG/London 6.380 6/7/2023 USD 9.690
Assistance Publique 1.099 4/6/2071 EUR 38.457
Credit Suisse AG/Lon5.100 6/8/2041 USD 71.803
State of North Rhine1.850 3/18/2089 EUR 56.384
Romanian Government 4.625 4/3/2049 EUR 72.487
Norwegian Air Shuttl7.500 11/10/2023 USD 73.375
City of Lausanne Swi0.050 9/28/2054 CHF 47.881
BASF SE 1.025 8/13/2048 JPY 68.997
Frigoglass Finance B6.875 2/12/2025 EUR 27.989
Nederlandse Watersch1.900 1/31/2035 AUD 69.590
Landesbank Hessen-Th9.968 11/16/2033 EUR 71.200
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 58.705
ESB Finance DAC 2.000 4/17/2044 EUR 67.446
Autonomous Community2.300 5/24/2049 EUR 68.389
Credit Bank of Mosco7.500 10/5/2027 USD 20.563
Pfandbriefbank schwe0.250 3/15/2041 CHF 71.616
Land Berlin 0.050 8/6/2040 EUR 55.639
SAir Group 0.125 7/7/2005 CHF 11.375
Orbit Capital PLC 2.000 11/24/2038 GBP 63.651
Credit Suisse AG/Lon11.500 9/25/2023 CHF 55.240
Jyske Realkredit A/S1.000 10/1/2053 DKK 60.265
Eurochem Finance DAC5.500 3/13/2024 USD 58.469
JAB Holdings BV 3.750 5/28/2051 USD 64.818
Ile-de-France Mobili0.200 11/16/2035 EUR 64.659
Ville de Paris 0.650 11/25/2070 EUR 33.170
Societe Generale SA 26.640 10/30/2025 USD 8.000
German Pellets GmbH 7.250 7/9/2018 EUR 1.507
State of Bremen 0.102 2/7/2033 EUR 72.853
Kommunekredit 0.010 5/4/2034 EUR 68.703
Kreditanstalt fuer W0.980 2/9/2042 EUR 67.772
Bpifrance SACA 1.046 5/25/2050 EUR 52.539
Region de Bruxelles-1.100 6/22/2066 EUR 45.666
Unibail-Rodamco-West2.000 12/5/2033 EUR 70.836
State of Saarland 1.108 5/18/2046 EUR 63.444
Phosagro OAO Via Pho2.600 9/16/2028 USD 55.500
Sovcombank Via SovCo3.400 1/26/2025 USD 2.185
Nobel Bidco BV 3.125 6/15/2028 EUR 69.917
Deutsche Bahn Financ1.850 11/23/2043 EUR 69.681
Wrekin Housing Group2.500 10/22/2048 GBP 59.578
Laboratoire Eimer Se5.000 2/1/2029 EUR 72.489
Northern Electric Fi2.750 5/24/2049 GBP 64.732
Walliser Kantonalban0.010 3/12/2035 CHF 74.588
DNB Bank ASA 1.185 1/14/2038 EUR 66.663
Finance and Credit B9.250 1/25/2019 USD 0.001
City of Bern Switzer0.040 10/2/2070 CHF 41.939
Wingholding Zrt 3.500 5/20/2030 HUF 72.220
Bulgaria Steel Finan12.000 5/4/2013 EUR 0.216
State of Brandenburg0.750 8/8/2036 EUR 71.425
NRW Bank 1.150 9/16/2051 EUR 61.922
Assistance Publique 1.750 11/27/2041 EUR 71.530
Region of Ile de Fra0.610 7/2/2040 EUR 59.407
Region de Bruxelles-0.562 12/23/2065 EUR 29.017
Canton of Geneva Swi0.500 10/31/2056 CHF 63.682
Dtek Renewables Fina8.500 11/12/2024 EUR 40.076
Caisse Francaise de 0.010 10/19/2035 EUR 63.735
DekaBank Deutsche Gi0.400 1/29/2035 EUR 70.896
Virgolino de Oliveir10.500 1/28/2018 USD 0.809
OGX Austria GmbH 8.500 6/1/2018 USD 0.486
Deutsche Telekom AG 3.500 4/15/2041 AUD 70.696
Deutsche Pfandbriefb3.100 9/7/2046 USD 68.094
UniCredit Bank AG 0.010 1/21/2036 EUR 64.542
Societe Nationale SN1.280 3/27/2120 EUR 32.714
MMB SCF SACA 0.010 9/20/2031 EUR 74.052
SNCF Reseau 0.350 7/25/2047 EUR 73.992
State of Brandenburg0.500 11/21/2039 EUR 62.855
Caisse Francaise de 0.625 1/20/2042 EUR 59.862
Elecnor SA 3.025 9/30/2035 EUR 74.751
Nordea Kredit Realkr1.500 10/1/2050 DKK 72.895
Canton of Geneva Swi0.050 8/27/2041 CHF 69.263
Ukraine Government I7.375 9/25/2034 USD 16.747
Societe Generale SA 3.920 12/9/2036 AUD 70.412
Concessio Estacions 3.520 12/31/2037 EUR 74.893
German Pellets GmbH 7.250 11/27/2019 EUR 1.507
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Corporate Commercial8.250 8/8/2014 USD 0.308
Societe Generale SA 8.760 9/5/2025 USD 73.000
Hemso Fastighets AB 2.615 11/30/2043 EUR 69.458
Nykredit Realkredit 1.000 10/1/2050 DKK 70.097
Muenchener Hypotheke0.550 2/18/2046 CHF 61.710
Credit Agricole SA 3.750 6/9/2040 AUD 67.476
Elia Transmission Be1.560 1/30/2044 EUR 71.026
Ukraine Government I9.790 5/26/2027 UAH 52.185
Landesbank Baden-Wue4.984 1/30/2034 EUR 70.710
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 59.579
French Republic Gove0.750 5/25/2053 EUR 50.201
Raiffeisen Landesban0.250 3/4/2036 EUR 65.477
Morhomes PLC 2.508 2/19/2051 GBP 56.665
Land Baden-Wuerttemb1.125 7/25/2036 EUR 74.758
Agence Metropolitain0.750 5/25/2034 EUR 73.870
Region of Pays de la1.200 3/15/2035 EUR 74.260
Norddeutsche Landesb1.560 10/20/2038 EUR 64.850
Ukraine Government B19.750 5/21/2025 UAH 72.716
Republic of Ireland 0.835 7/8/2080 EUR 38.711
Basque Government 1.300 4/30/2035 EUR 73.894
Deutsche Bank AG 0.710 9/24/2031 EUR 70.734
Kommunekredit 0.375 2/3/2045 DKK 53.157
Romanian Government 3.375 2/8/2038 EUR 67.907
Cordia International3.000 7/27/2030 HUF 62.000
Stelius Befektetoe Z3.100 9/17/2030 HUF 66.500
Senivita Social Esta6.500 5/12/2025 EUR 3.530
DekaBank Deutsche Gi7.650 3/10/2023 EUR 28.710
Romanian Government 2.875 4/13/2042 EUR 56.907
Credit Agricole Ital0.750 1/20/2042 EUR 57.677
Landesbank Hessen-Th0.350 5/27/2031 EUR 72.303
ALROSA Finance SA 3.100 6/25/2027 USD 7.994
Autostrade per l'Ita3.625 6/9/2038 EUR 72.600
Bayerische Landesban1.820 5/12/2031 EUR 72.030
Mondelez Internation1.250 9/9/2041 EUR 61.845
Europejskie Centrum 12.950 4/14/2023 PLN 72.558
Evan Group PLC 6.000 7/31/2022 EUR 19.000
Caixa Economica Mont5.738 EUR 51.630
Serbia Treasury Bond1.500 3/26/2033 EUR 73.728
DLR Kredit A/S 1.000 10/1/2053 DKK 71.580
Region of Veneto Ita2.556 12/7/2046 EUR 74.099
Raiffeisenlandesbank1.650 8/23/2046 EUR 70.384
Morgan Stanley & Co 1.105 6/18/2041 EUR 59.548
Credit Suisse AG/Lon0.875 5/21/2031 EUR 62.250
Credit Bank of Mosco8.875 USD 19.698
Communaute Francaise0.782 2/8/2061 EUR 38.628
Single Platform Inve0.946 5/25/2036 EUR 66.968
Gold-Zack AG 7.000 12/14/2005 EUR 4.201
Societe Generale SA 27.300 10/20/2025 USD 14.100
Portugal Telecom Int5.242 11/6/2017 EUR 0.694
United Kingdom Gilt 1.125 10/22/2073 GBP 40.041
Wirtschafts- und Inf0.500 8/28/2046 EUR 50.959
Ville de Paris 0.750 11/30/2041 EUR 59.111
State of Brandenburg0.050 8/10/2040 EUR 55.728
National Grid Electr1.690 9/16/2041 GBP 53.743
Ukraine Government I15.840 2/26/2025 UAH 68.986
State of Lower Austr0.460 10/8/2049 EUR 46.073
DZ Bank AG Deutsche 1.850 2/19/2049 EUR 72.554
Hemso Fastighets AB 2.680 7/10/2035 AUD 69.074
Kreditanstalt fuer W0.620 1/14/2050 EUR 51.454
Nordea Kredit Realkr0.500 10/1/2053 DKK 63.350
Region de Bruxelles-0.444 3/19/2057 EUR 34.421
ING Bank NV 2.250 2/26/2036 USD 71.506
Thames Water Utiliti2.442 5/12/2050 GBP 51.467
Caisse Francaise de 1.640 7/10/2048 EUR 70.082
Stadt Graz 1.878 10/31/2046 EUR 71.725
Air Berlin Finance B8.500 3/6/2019 EUR 0.241
State of Lower Austr1.800 3/9/2043 EUR 73.590
Romanian Government 2.124 7/16/2031 EUR 71.083
BOA Offshore AS 0.409 7/17/2047 NOK 2.344
Pfandbriefzentrale d0.250 6/12/2040 CHF 72.532
Norske Skog Holding 8.000 2/24/2023 USD 0.006
Grupo Antolin-Irausa3.500 4/30/2028 EUR 74.198
Sairgroup Finance BV6.625 10/6/2010 EUR 1.964
Regie Autonome des T0.938 5/25/2050 EUR 50.954
Nordea Hypotek AB 0.793 10/22/2032 SEK 74.190
Societe Generale SA 9.000 10/31/2034 USD 65.000
SiC Processing GmbH 7.125 3/1/2016 EUR 0.659
Depfa Funding III LP2.056 EUR 59.528
Abengoa Abenewco 2 B1.500 4/26/2024 USD 0.570
Single Platform Inve1.060 4/1/2042 EUR 62.154
DZ Bank AG Deutsche 1.070 10/6/2042 EUR 65.761
Land Thueringen 0.375 12/1/2051 EUR 45.787
Kernel Holding SA 6.750 10/27/2027 USD 40.594
Single Platform Inve1.840 7/25/2053 EUR 67.843
Alno AG 8.000 3/21/2019 EUR 14.500
Lloyds Bank PLC 0.500 7/26/2028 MXN 57.026
Societe Nationale SN1.400 5/18/2120 EUR 34.915
Kingdom of Belgium G2.750 6/10/2071 USD 67.591
Landesbank Hessen-Th0.700 1/6/2032 EUR 73.500
Ministeries Van de V0.634 11/19/2060 EUR 35.259
Uralkali OJSC Via Ur4.000 10/22/2024 USD 19.366
City of Lausanne Swi0.680 3/11/2058 CHF 57.722
Rena GmbH 7.000 12/15/2015 EUR 0.055
Kreditanstalt fuer W1.201 9/13/2051 EUR 63.984
BNP Paribas SA 3.700 10/4/2039 AUD 63.871
Jain International T7.125 3/31/2026 USD 27.547
Credit Bank of Mosco7.625 USD 19.503
Phosphorus Holdco PL10.000 4/1/2019 GBP 1.436
Republic of Austria 2.100 9/20/2117 EUR 68.808
Yarlington Treasury 3.410 9/18/2057 GBP 68.390
Single Platform Inve2.085 1/24/2044 NOK 71.280
Single Platform Inve3.505 8/6/2046 AUD 68.186
Deutsche Pfandbriefb0.710 9/10/2031 EUR 69.728
Anglian Water Servic1.760 11/13/2035 GBP 66.522
Steilmann SE 7.000 9/23/2018 EUR 1.429
Nordea Kredit Realkr1.000 10/1/2053 DKK 60.296
Ahtium PLC 9.750 4/4/2017 EUR 0.726
Banco Santander SA 0.790 9/30/2031 EUR 71.711
Societe Generale SA 2.300 4/20/2048 EUR 71.114
Purple Protected Ass2.100 4/15/2060 EUR 46.100
Vasakronan AB 1.130 5/27/2042 JPY 68.900
Mondelez Internation0.625 9/9/2032 EUR 73.372
Assistance Publique 2.000 5/25/2053 EUR 65.957
Praktiker AG 5.875 2/10/2016 EUR 0.001
Societe Generale SFH0.570 3/15/2036 EUR 69.072
Caisse Francaise de 0.125 2/15/2036 EUR 64.244
Assistance Publique 1.750 6/25/2039 EUR 74.710
Ukraine Government I9.790 5/26/2027 UAH 52.185
BNG Bank NV 10.010 6/17/2025 TRY 61.926
Bayerische Landesban0.970 2/14/2033 EUR 71.741
Region de Bruxelles-0.658 1/7/2041 EUR 58.062
Richter Gedeon Nyrt 1.750 6/4/2031 HUF 68.500
Erste Jelzalogbank z3.500 5/23/2029 HUF #N/A N/A
Pfandbriefbank schwe0.250 4/25/2042 CHF 70.569
Region Auvergne-Rhon0.892 10/21/2041 EUR 60.009
HOCHTIEF AG 2.300 4/26/2034 EUR 70.630
Polyus Finance PLC 3.250 10/14/2028 USD 60.684
NRW Bank 1.400 3/19/2070 EUR 57.112
Odea Bank AS 8.606 8/1/2027 USD 73.500
Deutsche Telekom AG 4.125 7/23/2049 USD 72.860
Land Berlin 0.625 7/15/2039 EUR 64.945
Romanian Government 2.625 12/2/2040 EUR 56.235
Region Wallonne Belg1.225 9/2/2120 EUR 35.014
French Republic Gove1.250 5/25/2038 EUR 74.238
Kommunekredit 0.500 6/19/2039 DKK 62.860
Malta Government Bon2.000 7/10/2051 EUR 62.760
DZ Bank AG Deutsche 1.550 6/27/2041 EUR 73.373
BNP Paribas SA 1.590 2/23/2051 EUR 59.740
Malta Government Bon1.000 8/23/2035 EUR 71.854
ACCIONA Financiacion1.900 6/28/2034 EUR 69.165
Avanti Communication9.000 10/1/2022 USD 14.363
Land Thueringen 0.375 11/14/2034 EUR 71.108
Single Platform Inve0.745 2/15/2047 EUR 52.490
Credit Suisse AG/Lon3.500 3/28/2032 USD 73.426
Leonteq Securities A10.000 3/15/2023 CHF 62.880
DZ Bank AG Deutsche 2.000 12/29/2031 EUR 72.340
Societe Generale SA 24.000 11/8/2024 USD 53.400
Landesbank Baden-Wue4.984 2/20/2034 EUR 70.550
Hemso Fastighets AB 3.020 9/14/2048 SEK 65.774
Nomura Bank Internat1.071 1/28/2032 EUR 73.819
Scottish Hydro Elect1.429 10/20/2056 GBP 73.590
Novolipetsk Steel Vi4.700 5/30/2026 USD 70.521
State Savings Bank o11.996 1/19/2024 USD 32.486
Ukraine Government I11.670 11/22/2023 UAH 79.672
DLR Kredit A/S 0.500 10/1/2050 DKK 67.845
Single Platform Inve1.548 10/31/2050 EUR 61.444
Centre Hospitalier R0.800 6/28/2041 EUR 59.773
Societe Du Grand Par1.149 4/8/2069 EUR 44.631
Swedbank Hypotek AB 1.500 7/13/2048 EUR 69.170
Stadt Graz 1.824 10/31/2047 EUR 67.924
Privatbank CJSC Via 10.875 2/28/2018 USD 6.722
Ukraine Government I6.750 6/20/2028 EUR 16.054
Region de Bruxelles-1.144 1/14/2056 EUR 44.981
Engie SA 2.750 11/20/2045 EUR 73.038
State of Brandenburg0.300 10/4/2049 EUR 46.881
Anglian Water Servic0.850 12/23/2040 JPY 74.533
Ministeries Van de V2.317 7/3/2045 EUR 72.307
Banque Federative du2.460 6/7/2032 AUD 74.761
Erotik-Abwicklungsge7.750 7/9/2019 EUR 0.779
New World Resources 4.000 10/7/2020 EUR 0.010
Aareal Bank AG 1.741 1/12/2045 EUR 64.939
BAE Systems PLC 3.000 9/15/2050 USD 66.645
Autonomous Community1.931 4/4/2042 EUR 69.872
Erste Group Bank AG 7.250 3/3/2026 EUR 36.400
Erste Group Bank AG 1.200 2/11/2040 EUR 60.892
Ville de Paris 0.850 8/4/2051 EUR 47.513
Societe Du Grand Par1.923 5/25/2066 EUR 57.142
United Utilities Wat0.387 10/5/2057 GBP 55.317
BPCE SA 2.250 3/13/2040 AUD 51.110
Regie Autonome des T0.875 8/18/2080 EUR 35.027
Agence Metropolitain0.800 7/1/2040 EUR 61.485
Swissgrid AG 0.125 6/30/2036 CHF 72.392
Hemso Fastighets AB 1.130 10/31/2039 EUR 65.895
DLR Kredit A/S 0.500 10/1/2053 DKK 66.083
Agrokor dd 8.875 2/1/2020 USD 15.000
VTB Bank PJSC 5.000 USD 38.000
Barclays Bank PLC 3.900 2/15/2042 AUD 72.022
German Pellets GmbH 7.250 4/1/2016 EUR 1.507
Romanian Government 1.750 7/13/2030 EUR 71.885
CDC Habitat SEM 1.700 3/21/2039 EUR 71.676
Canton of Ticino 0.400 6/27/2044 CHF 71.178
Italy Buoni Polienna1.700 9/1/2051 EUR 56.104
Lukoil Securities BV3.875 5/6/2030 USD 71.000
Kingdom of Belgium G1.170 5/12/2121 EUR 35.596
PIK Securities DAC 5.625 11/19/2026 USD 41.750
CDC Habitat SEM 1.043 5/12/2036 EUR 68.295
Assistance Publique 1.183 4/16/2050 EUR 54.385
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.009
State of Bremen 0.550 2/4/2050 EUR 50.044
BPCE SFH SA 1.586 2/1/2047 EUR 68.703
Grupo Isolux Corsan 1.000 12/30/2021 EUR 0.157
BNG Bank NV 1.627 4/25/2046 EUR 66.019
MMC Norilsk Nickel O2.550 9/11/2025 USD 73.514
Cie Generale de Navi0.350 12/29/2056 CHF 61.702
Free and Hanseatic C0.300 9/16/2050 EUR 45.664
City of Lausanne Swi0.230 11/1/2060 CHF 44.220
Single Platform Inve1.108 2/15/2041 EUR 63.051
Agrokor dd 9.125 2/1/2020 EUR 15.000
VTB Bank PJSC 13.000 RUB 40.200
MOL Hungarian Oil & 1.100 9/22/2030 HUF 54.500
GTC Magyarorszag Zrt2.250 12/7/2030 HUF 64.590
Single Platform Inve0.767 2/15/2041 EUR 58.805
MFB Magyar Fejleszte2.900 10/22/2031 HUF 59.599
Officine Maccaferri-5.750 6/1/2021 EUR 17.000
Moby SpA 7.750 2/15/2023 EUR 58.583
Caisse Francaise de 1.110 9/21/2046 EUR 67.250
Land Thueringen 0.250 3/5/2040 EUR 59.005
Proximus SADP 1.500 5/14/2040 EUR 63.428
Grand Delta Habitat 1.500 6/2/2045 EUR 61.211
Autonomous Community1.744 7/1/2061 EUR 51.946
Credit Agricole Corp2.610 7/27/2050 USD 57.431
Ville de Paris 1.165 6/9/2053 EUR 50.410
Caisse Francaise de 0.726 10/29/2039 EUR 63.574
Carmila SA 1.890 11/6/2031 EUR 69.789
NRW Bank 0.800 10/22/2060 EUR 48.635
Nederlandse Watersch0.877 6/24/2054 EUR 54.638
Banco Santander SA 2.280 2/28/2039 EUR 70.818
Bayerische Landesban0.380 1/22/2031 EUR 71.948
Landesbank Hessen-Th1.000 8/27/2035 EUR 66.172
Kreditanstalt fuer W1.115 5/17/2041 EUR 65.654
Charm Finance PLC 3.509 4/12/2048 GBP 72.320
Republic of Belarus 6.200 2/28/2030 USD 32.000
SNCF Reseau 1.425 8/14/2119 EUR 36.993
Bayerische Landesban0.500 12/2/2030 EUR 73.266
Republic of Ireland 0.740 9/22/2078 EUR 36.949
Vnesheconombank Via 6.025 7/5/2022 USD 6.219
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
Peine GmbH 2.000 7/5/2023 EUR 44.500
Raiffeisenlandesbank0.200 6/9/2036 EUR 65.360
Akademiska Hus AB 2.305 5/16/2040 SEK 74.534
Landesbank Baden-Wue1.050 7/17/2034 EUR 69.895
Region Bretagne SCI 0.815 6/12/2040 EUR 60.063
Depfa Funding II LP 6.500 EUR 58.500
BPCE SFH SA 1.210 6/15/2039 EUR 71.130
State of Bremen 0.400 8/20/2049 EUR 48.407
SNCF Reseau 1.100 10/27/2036 EUR 71.748
Nederlandse Watersch1.675 4/26/2046 EUR 72.101
State of Saxony-Anha1.223 5/4/2046 EUR 68.311
Kingdom of Belgium G0.459 7/23/2079 EUR 25.506
Basque Government 1.750 4/22/2050 EUR 59.945
Bazalgette Finance P0.010 8/5/2036 GBP 74.875
Romanian Government 1.375 12/2/2029 EUR 73.630
UniCredit SpA 0.725 11/27/2030 EUR 67.329
Hypo Vorarlberg Bank0.741 10/16/2036 EUR 51.699
Royal Schiphol Group2.890 10/25/2034 AUD 70.928
Junta de Castilla y 1.270 10/31/2044 EUR 58.613
NatWest Markets PLC 1.250 12/4/2034 EUR 67.709
LFA Foerderbank Baye0.125 9/30/2038 EUR 60.246
Lloyds Bank PLC 2.170 8/28/2038 EUR 73.222
Caisse des Depots et2.205 9/28/2041 AUD 62.015
Raiffeisenlandesbank0.810 10/20/2031 EUR 71.807
La Financiere Atalia5.125 5/15/2025 EUR 67.466
Deutsche Bahn Financ0.232 3/17/2032 EUR 74.701
Agence Francaise de 0.537 7/16/2040 EUR 61.906
Single Platform Inve0.419 2/15/2040 EUR 55.960
ING Bank NV 2.830 9/28/2051 USD 66.373
Centre Hospitalier R1.500 4/27/2050 EUR 67.824
TBI Bank EAD 5.250 7/30/2031 EUR 49.853
Kreditanstalt fuer W0.680 11/12/2039 EUR 71.297
BNP Paribas SA 0.685 8/26/2030 EUR 74.561
National Treasury Ma1.560 2/16/2122 EUR 51.609
Single Platform Inve3.770 3/3/2046 AUD 73.680
Ukraine Government B19.700 8/6/2025 UAH 72.187
Agence Francaise de 1.862 2/25/2054 EUR 73.098
United Utilities Wat1.474 8/24/2031 USD 72.378
Turkey Government In5.750 5/11/2047 USD 67.740
Parnassia Groep BV 1.210 12/1/2033 EUR 72.544
Muenchener Hypotheke0.125 11/19/2030 EUR 74.296
Landesbank Baden-Wue0.500 11/25/2030 EUR 74.731
Autonomous Community1.138 11/22/2052 EUR 47.166
BNP Paribas SA 1.150 11/20/2034 EUR 70.536
getgoods.de AG 7.750 10/2/2017 EUR 0.527
Cooperatieve Raboban0.500 1/31/2033 MXN 36.753
Heta Asset Resolutio7.500 12/31/2023 ATS 1.541
Region de Bruxelles-1.710 5/5/2047 EUR 64.422
Erdoel-Lagergesellsc1.200 6/4/2043 EUR 61.339
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 61.881
Societe Du Grand Par2.062 3/19/2070 EUR 68.355
French Republic Gove0.500 5/25/2040 EUR 61.952
Norwegian Air Shuttl7.500 11/10/2023 USD 73.375
Agence Francaise de 1.715 10/27/2037 EUR 74.027
Kreditanstalt fuer W1.270 6/29/2051 EUR 65.677
Autonomous Community1.850 5/13/2061 EUR 53.095
SAir Group 5.500 7/23/2003 CHF 11.302
Region Wallonne Belg1.805 1/24/2040 EUR 70.557
United Kingdom Gilt 1.250 7/31/2051 GBP 51.497
State of Brandenburg0.300 11/17/2045 EUR 50.756
Wellis Magyarorszag 3.000 2/26/2031 HUF 67.074
Dyadya Doner OOO 13.500 4/25/2023 RUB 10.300
Societe Generale SA 8.000 10/31/2034 USD 71.500
Kuntarahoitus Oyj 1.150 4/1/2051 EUR 62.391
Caisse des Depots et3.000 11/8/2051 AUD 67.314
DZ Bank AG Deutsche 0.840 10/27/2031 EUR 73.141
Spain Government Bon1.200 10/31/2040 EUR 65.026
Grand City Propertie2.500 6/27/2039 EUR 59.732
Ukraine Government B19.600 4/2/2025 UAH 73.093
State of Lower Austr1.000 9/15/2121 EUR 29.970
Deutsche Pfandbriefb1.340 10/16/2051 EUR 66.424
Credit Suisse AG/Lon3.220 2/8/2032 AUD 71.615
CDC Habitat SEM 1.060 5/22/2036 EUR 68.570
Assistance Publique 0.634 8/27/2045 EUR 51.406
DZ HYP AG 0.050 1/31/2031 EUR 74.729
Assistance Publique 1.073 4/16/2045 EUR 58.323
Single Platform Inve0.740 4/1/2042 EUR 57.438
Caisse des Depots et1.900 5/17/2047 EUR 68.212
Land Berlin 0.100 1/18/2041 EUR 55.634
Muenchener Hypotheke0.250 10/31/2044 CHF 66.683
Assistance Publique 0.490 9/30/2040 EUR 57.155
Societe Wallonne de 0.948 10/23/2051 EUR 45.775
Single Platform Inve1.340 4/4/2042 EUR 67.617
Single Platform Inve1.675 2/15/2041 EUR 71.958
Credit Suisse AG/Lon4.450 6/28/2023 USD 9.300
DekaBank Deutsche Gi7.050 4/28/2023 EUR 57.180
Intelsat Jackson Hol9.750 7/15/2025 USD 0.495
Assistance Publique 1.053 5/25/2052 EUR 50.270
Sveriges Sakerstalld1.378 7/13/2046 SEK 62.511
Eurohold Bulgaria AD8.000 12/29/2026 EUR 71.457
Deutsche Bank AG 2.330 2/11/2043 EUR 72.235
Single Platform Inve0.908 2/15/2041 EUR 60.767
Ile-de-France Mobili1.586 2/23/2052 EUR 62.405
Vasakronan AB 2.256 4/12/2044 EUR 71.753
Purple Protected Ass2.060 3/30/2061 EUR 52.045
Assistance Publique 0.683 3/19/2041 EUR 58.736
ING Bank NV 2.220 1/20/2036 USD 71.371
Assistance Publique 0.750 12/3/2041 EUR 59.574
Agence France Locale0.570 9/20/2040 EUR 60.134
Agence Metropolitain0.500 7/7/2035 EUR 65.828
BNG Bank NV 0.630 7/11/2067 EUR 39.113
ING Groep NV 0.975 2/14/2034 EUR 62.372
City of Bochum Germa0.010 11/18/2030 EUR 74.837
Nederlandse Watersch0.996 11/4/2049 EUR 58.414
Kingdom of Belgium G1.600 6/22/2047 EUR 68.023
Communaute Francaise0.626 8/24/2040 EUR 58.888
Department of Loiret0.478 10/30/2040 EUR 56.846
Steilmann SE 6.750 6/27/2017 EUR 2.184
Cooperatieve Raboban0.500 11/30/2027 MXN 61.142
Nederlandse Watersch1.551 11/24/2061 EUR 62.395
Landeskreditbank Bad1.862 4/6/2062 EUR 69.240
HPI AG 3.500 EUR 0.500
Golden Gate GmbH 6.500 10/11/2014 EUR 36.000
DZ HYP AG 1.430 10/26/2046 EUR 64.814
Banque Federative du1.590 2/5/2031 USD 73.673
Credit Suisse AG/Nas3.750 10/20/2036 USD 67.794
Landesbank Hessen-Th0.650 10/18/2034 EUR 64.897
A-TEC Industries AG 2.750 5/10/2014 EUR 0.100
Cooperatieve Raboban1.460 6/1/2040 EUR 72.547
City of Amsterdam Ne1.515 2/26/2044 EUR 71.308
United Utilities Wat0.359 10/5/2048 GBP 59.322
Assistance Publique 0.750 11/30/2039 EUR 61.697
Kreditanstalt fuer W0.470 10/14/2033 EUR 74.931
Credit Agricole Corp2.800 2/23/2041 AUD 64.778
HSBC Bank PLC 0.500 6/23/2027 MXN 62.804
Kreditanstalt fuer W0.955 4/6/2040 EUR 68.990
Batigere Grand Est S1.400 8/31/2050 EUR 56.422
Italy Buoni Polienna0.950 3/1/2037 EUR 63.359
Region Hauts-de-Fran0.402 2/18/2043 EUR 51.820
Kantonsspital Baden 0.350 9/30/2036 CHF 74.071
Virgolino de Oliveir10.875 1/13/2020 USD 36.000
Norske Skog Holding 8.000 2/24/2023 USD 0.006
Communaute Francaise1.581 1/23/2120 EUR 44.813
Banco Santander SA 0.010 10/1/2032 EUR 64.841
Region de Bruxelles-1.810 3/22/2053 EUR 61.767
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.003
Municipality of Utre0.950 3/2/2037 EUR 72.243
Region de Bruxelles-1.029 1/14/2048 EUR 52.952
Ukraine Government I12.520 5/13/2026 UAH 55.499
Norske Skogindustrie7.125 10/15/2033 USD 0.010
Spain Government Bon0.850 7/30/2037 EUR 66.498
Ukraine Government B19.750 11/5/2025 UAH 71.758
Caisse Francaise de 1.555 2/12/2042 EUR 73.413
Muenchener Hypotheke1.000 4/18/2039 EUR 69.848
Russian Agricultural8.500 10/16/2023 USD 13.160
BNG Bank NV 2.300 3/3/2036 AUD 70.295
SNCF Reseau 2.581 10/30/2047 SEK 74.358
Assistance Publique 1.810 11/17/2043 EUR 70.348
Region Wallonne Belg2.057 10/19/2043 EUR 70.394
Region de Bruxelles-0.556 12/23/2064 EUR 29.474
Rio Forte Investment4.000 7/22/2014 EUR 2.833
Single Platform Inve0.559 2/15/2047 EUR 49.657
BPCE SA 2.820 12/18/2039 AUD 56.909
Elli Finance UK PLC 8.750 6/15/2019 GBP 57.445
de Volksbank NV 1.552 4/12/2040 EUR 75.090
Societe Nationale SN2.457 12/23/2050 USD 63.531
Societe Generale SA 23.510 6/23/2026 USD 11.500
UniCredit Bank AG 6.600 7/20/2028 EUR 18.190
Gazprom PJSC 14.680 10/21/2043 RUB 71.000
Appeninn Holding 3.500 11/22/2029 HUF 65.500
Sberbank of Russia V5.250 5/23/2023 USD 32.842
Societe Generale SA 3.110 10/28/2041 AUD 60.873
Region de Bruxelles-1.310 12/15/2069 EUR 42.964
Metropolis of Grenob0.700 11/18/2033 EUR 73.706
Banco Santander SA 0.180 7/6/2031 EUR 74.925
Bazalgette Finance P0.688 6/27/2050 GBP 64.822
LSF9 Balta Issuer SA3.000 12/31/2030 EUR 61.413
Communaute Francaise2.000 4/14/2076 EUR 64.264
Societe Generale SA 3.100 4/22/2036 AUD 66.584
Societe Generale SA 1.137 1/26/2037 EUR 67.257
Land Thueringen 1.100 7/3/2047 EUR 63.312
BNP Paribas SA 3.580 7/23/2040 AUD 70.529
Region Occitanie 1.238 3/2/2039 EUR 69.149
Rusal Capital DAC 5.300 5/3/2023 USD 41.119
Raiffeisen Bank Inte0.370 2/3/2033 EUR 56.040
CDC Habitat SEM 0.814 2/15/2040 EUR 60.406
Societa di Progetto 3.375 12/31/2038 EUR 72.904
Norddeutsche Landesb0.600 11/18/2030 EUR 73.779
Deutsche Pfandbriefb1.000 12/2/2030 EUR 73.347
Landesbank Baden-Wue0.430 12/9/2030 EUR 73.692
Slovenska Sporitelna4.820 EUR 74.213
Municipality of Arnh0.605 2/24/2040 EUR 63.388
Erste Group Bank AG 0.770 11/13/2033 EUR 65.357
BPCE SA 1.980 10/6/2030 AUD 70.460
Credit Agricole Corp0.100 10/21/2030 EUR 72.374
Region Wallonne Belg0.050 10/26/2032 EUR 69.399
Landwirtschaftliche 1.365 3/10/2042 EUR 72.303
Landesbank Hessen-Th0.700 1/12/2037 EUR 62.500
Raiffeisen Schweiz G8.340 3/7/2023 EUR 63.510
Credit Suisse AG/Lon11.250 7/19/2023 CHF 55.400
CPI Hungary Investme2.250 8/7/2030 HUF 55.000
OTP Munkavallalok I 4.500 7/14/2031 HUF 68.970
Mifa Mitteldeutsche 7.500 8/12/2018 EUR 2.000
Banque Federative du2.687 10/23/2023 EUR 57.440
MS Deutschland Betei6.875 12/18/2017 EUR 0.206
TransFin-M PAO 9.400 2/4/2027 RUB 61.000
Bilt Paper BV 10.360 USD 1.294
Bazalgette Finance P0.074 5/16/2049 GBP 59.547
Aktia Bank Oyj 0.500 3/30/2031 EUR 70.546
Single Platform Inve1.850 11/5/2040 EUR 72.171
Grenke Finance PLC 2.040 4/16/2029 EUR 74.923
State of Lower Austr0.815 9/22/2056 EUR 45.944
Ukraine Government I12.520 5/13/2026 UAH 55.499
State of Hesse 0.450 9/23/2044 EUR 56.084
Nederlandse Watersch1.437 3/4/2042 EUR 71.399
Department of Girond0.846 4/29/2039 EUR 64.231
ING Bank NV 0.335 4/21/2036 EUR 65.950
DZ HYP AG 1.536 10/24/2039 EUR 74.253
Single Platform Inve1.860 2/15/2041 NOK 66.244
Grand City Propertie2.600 2/25/2034 EUR 68.676
Societe Generale SA 2.630 3/2/2036 USD 66.477
State of Saxony-Anha0.475 9/30/2050 EUR 50.304
Region de Bruxelles-1.040 5/3/2061 EUR 40.582
Societe Generale SA 1.700 1/19/2031 USD 73.599
Agence Francaise de 0.368 1/12/2046 EUR 51.689
Credito Padano Banca3.100 EUR 35.897
Jyske Realkredit A/S0.500 10/1/2043 DKK 74.290
Italy Buoni Polienna2.450 9/1/2050 EUR 67.583
State of Brandenburg0.375 1/29/2035 EUR 70.886
Norddeutsche Landesb1.600 4/14/2037 EUR 67.764
Luzerner Kantonalban6.000 7/6/2023 EUR 52.260
Nomura Bank Internat9.260 1/10/2027 USD 75.010
Erste Jelzalogbank z2.500 10/22/2028 HUF 67.850
Russian Federal Bond0.250 7/20/2044 RUB 12.000
Landesbank Baden-Wue1.500 4/24/2039 EUR 65.410
Autonomous Community1.646 7/30/2060 EUR 50.480
Erste Group Bank AG 1.170 1/28/2037 EUR 64.771
Credit Agricole SA 3.610 4/20/2036 AUD 66.788
Cooperatieve Raboban1.850 3/29/2049 EUR 59.690
SAir Group 4.250 2/2/2007 CHF 11.299
ING Bank NV 2.900 6/23/2051 USD 67.633
Societe Generale SFH0.360 9/14/2033 EUR 72.292
Single Platform Inve1.023 2/15/2046 EUR 56.838
Muenchener Hypotheke0.568 6/15/2032 EUR 73.120
SAir Group 2.125 11/4/2004 CHF 11.302
Serbia Treasury Bond2.250 2/26/2041 EUR 65.461
Credit Suisse AG/Lon1.450 12/20/2030 EUR 69.218
Rikshem AB 2.137 1/29/2036 EUR 71.742
Minicentrales Dos SA0.010 6/6/2047 EUR 66.382
Republic of Ireland 1.250 10/8/2121 EUR 42.291
Gemeente Bergen OP Z1.390 3/7/2039 EUR 74.458
Flamingo Lux II SCA 5.000 3/31/2029 EUR 73.656
DZ Bank AG Deutsche 1.470 1/20/2042 EUR 63.276
Turkiye Ihracat Kred12.540 9/14/2028 TRY 61.083
Raiffeisenlandesbank0.725 8/27/2041 EUR 61.438
Region Wallonne Belg0.970 6/24/2043 EUR 56.953
BNG Bank NV 1.980 4/19/2040 SEK 74.500
Region Wallonne Belg0.037 10/22/2031 EUR 74.369
Single Platform Inve1.440 7/18/2042 EUR 65.420
Assistance Publique 1.987 8/11/2042 EUR 73.936
Alliander NV 1.125 4/8/2035 EUR 68.322
Credit Suisse AG/Lon1.352 4/8/2034 EUR 72.108
Barclays Bank PLC 1.382 11/27/2045 EUR 48.260
City of Amsterdam Ne1.350 3/29/2038 EUR 74.770
Landesbank Hessen-Th1.500 10/1/2036 EUR 62.200
Bank Vontobel AG 9.500 6/2/2023 CHF 75.600
Bank Julius Baer & C9.300 4/27/2023 USD 62.800
Landesbank Hessen-Th0.850 7/17/2035 EUR 70.000
Skandinaviska Enskil10.150 1/15/2025 SEK 72.990
Caisse des Depots et1.150 2/3/2042 EUR 61.998
Raiffeisen-Landesban0.520 2/4/2033 EUR 73.963
CDC Habitat SEM 1.150 4/30/2037 EUR 68.353
LR Realkredit AS 1.000 10/1/2050 DKK 65.549
Vasakronan AB 2.400 6/20/2044 SEK 66.703
Land Baden-Wuerttemb1.150 4/5/2049 EUR 66.941
ABN AMRO Bank NV 0.500 12/12/2039 EUR 62.207
Region de Bruxelles-0.450 12/22/2056 EUR 33.712
La Veggia Finance SA7.125 11/14/2004 EUR 0.287
Slovenia Government 0.125 7/1/2031 EUR 73.933
National Grid Electr2.920 9/30/2044 AUD 62.892
Region Hauts-de-Fran0.691 7/9/2042 EUR 56.696
Grand Delta Habitat 1.425 2/26/2048 EUR 58.635
Lloyds Bank PLC 2.450 7/20/2048 EUR 71.331
Cassa Depositi e Pre1.089 12/15/2031 EUR 74.514
Assistance Publique 1.125 4/16/2047 EUR 56.737
Uliving@Essex Issuer0.100 8/31/2058 GBP 68.639
State of Lower Austr1.886 3/2/2048 EUR 70.677
Communaute Francaise1.760 1/26/2043 EUR 67.517
Polyus Finance PLC 4.700 1/29/2024 USD 60.001
Kreditanstalt fuer W0.816 12/19/2050 EUR 52.366
DZ Bank AG Deutsche 1.200 11/25/2050 EUR 55.812
NTRP Via Interpipe L10.250 8/2/2017 USD 15.229
Deutsche Bank AG 1.725 1/16/2045 EUR 48.383
Veneto Banca SpA 6.411 EUR 0.345
Turkey Government In4.875 4/16/2043 USD 63.784
Skandinaviska Enskil7.450 1/15/2025 SEK 71.760
WEB Windenergie AG 5.250 4/8/2023 EUR 0.010
FLUVIUS System Opera0.810 4/8/2033 EUR 67.697
Kommunekredit 0.991 3/9/2037 EUR 72.910
Region de Bruxelles-1.286 12/17/2046 EUR 58.410
Single Platform Inve1.040 6/25/2044 EUR 58.372
Lehman Brothers Trea4.984 10/5/2035 EUR 0.100
MMC Norilsk Nickel O2.800 10/27/2026 USD 71.000
Nomura Bank Internat1.130 4/23/2036 EUR 64.750
BPCE SA 3.000 11/18/2036 AUD 63.269
Deutsche Telekom AG 3.500 9/6/2039 AUD 71.949
Credit Suisse AG 0.500 12/16/2025 BRL 69.781
National Grid Electr2.710 10/4/2034 AUD 71.399
Sovcombank Via SovCo8.000 4/7/2030 USD 5.574
State of Hesse 0.227 8/20/2049 EUR 48.242
Ukraine Government B4.000 1/25/2024 USD 56.460
State of Brandenburg0.050 2/28/2033 EUR 71.654
Landesbank Hessen-Th0.400 9/17/2031 EUR 71.898
BPCE SA 2.250 3/13/2040 AUD 51.596
DZ Bank AG Deutsche 0.350 2/25/2030 EUR 74.291
Assistance Publique 0.666 3/19/2040 EUR 60.353
Republic of Ireland 1.230 5/29/2120 EUR 41.086
Batigere Grand Est S1.800 8/12/2050 EUR 63.088
National Grid Electr2.020 3/12/2032 AUD 72.740
Societe Generale SA 3.310 11/29/2033 AUD 73.216
Ministeries Van de V1.564 11/12/2046 EUR 63.548
SAir Group 5.125 3/1/2003 CHF 12.300
BPCE SFH SA 0.430 5/7/2040 EUR 58.728
Parnassia Groep BV 1.470 12/1/2045 EUR 51.510
Single Platform Inve1.842 2/15/2044 EUR 70.543
Erste Group Bank AG 1.065 5/17/2041 EUR 57.355
BPCE SA 0.500 10/21/2034 EUR 67.881
Ministeries Van de V1.603 3/1/2038 EUR 75.182
Landesbank Hessen-Th0.750 12/17/2035 EUR 63.173
State of Mecklenburg0.239 11/17/2070 EUR 33.280
Orient Express Bank 2.000 USD 18.043
Societe Generale SA 0.831 11/25/2031 EUR 69.568
Autonomous Community1.089 10/31/2049 EUR 50.394
Aareal Bank AG 1.068 2/18/2050 EUR 60.477
Deutsche Wohnen SE 1.700 12/5/2036 EUR 66.516
Hypo Vorarlberg Bank0.570 8/26/2030 EUR 70.718
UkrLandFarming PLC 10.875 3/26/2018 USD 1.751
NRW Bank 1.510 3/7/2046 EUR 70.453
Serbia Treasury Bond2.300 3/18/2047 EUR 60.272
Malta Government Bon2.600 9/27/2047 EUR 74.700
Landesbank Hessen-Th1.750 2/16/2037 EUR 63.900
UBS AG/London 14.750 3/29/2023 CHF 26.800
BNP Paribas Issuance1.560 2/2/2039 EUR 51.090
DZ Bank AG Deutsche 1.000 2/8/2035 EUR 68.268
Kommunekredit 1.062 9/9/2041 EUR 67.975
Single Platform Inve1.715 2/15/2041 EUR 72.175
Region Occitanie 1.339 3/21/2042 EUR 65.740
Minicentrales Dos SA0.010 6/6/2047 EUR 59.346
Caisse des Depots et1.460 1/24/2052 EUR 58.147
Credit Bank of Mosco7.121 6/25/2024 USD 23.487
DZ Bank AG Deutsche 0.700 3/2/2034 EUR 71.874
MMC Norilsk Nickel O6.625 10/14/2022 USD 72.031
Bankinter SA 1.200 6/5/2035 EUR 72.458
Specialfastigheter S1.280 9/20/2049 SEK 53.524
Norddeutsche Landesb1.090 11/15/2043 EUR 64.476
Swedbank Hypotek AB 1.490 8/15/2038 EUR 74.361
Deutsche Wohnen SE 2.125 9/26/2033 EUR 70.114
Purple Protected Ass1.580 5/25/2060 EUR 42.381
Single Platform Inve1.250 5/10/2044 EUR 61.336
United Kingdom Gilt 1.750 1/22/2049 GBP 61.320
Communaute Francaise0.749 9/16/2080 EUR 46.047
Vasakronan AB 2.130 5/27/2041 SEK 68.235
Societe Generale SA 2.000 2/26/2033 USD 72.301
Basque Government 2.000 4/30/2059 EUR 59.088
Landesbank Hessen-Th1.340 6/4/2042 EUR 60.883
Comunidad Foral de N1.450 5/8/2040 EUR 66.447
Communaute Francaise2.100 6/30/2067 EUR 63.364
DZ Bank AG Deutsche 1.000 2/18/2032 EUR 65.934
SNCF Reseau 2.029 1/22/2048 EUR 69.523
Region Wallonne Belg2.160 2/23/2044 EUR 71.474
Frigate Luxembourg S2.000 8/1/2032 EUR 59.713
Single Platform Inve0.887 9/20/2039 EUR 62.140
Kreditanstalt fuer W1.087 1/21/2050 EUR 64.420
Deutsche Wohnen SE 1.250 7/31/2031 EUR 73.659
Corner Banca SA 8.000 6/21/2023 CHF 55.480
Hunland Feed Kft 2.880 7/21/2031 HUF 65.730
DZ Bank AG Deutsche 2.696 6/24/2026 EUR 73.090
DNB Boligkreditt AS 0.980 6/20/2044 EUR 62.968
Windreich GmbH 6.500 3/1/2015 EUR 2.780
Prosus NV 1.985 7/13/2033 EUR 68.229
ABN AMRO Bank NV 1.171 4/4/2044 EUR 63.901
Muenchener Hypotheke1.230 2/11/2042 EUR 69.539
Nederlandse Watersch0.750 10/4/2041 EUR 62.355
Banque Federative du0.376 10/15/2031 EUR 69.078
Region Wallonne Belg1.135 10/10/2069 EUR 44.489
ABN AMRO Bank NV 0.450 12/12/2036 EUR 66.882
Societe Nationale SN2.820 4/28/2036 AUD 74.630
Ministeries Van de V1.874 3/28/2058 EUR 60.191
Single Platform Inve0.750 8/15/2050 EUR 49.230
Intelsat Jackson Hol8.500 10/15/2024 USD 0.495
Italy Buoni Polienna0.150 5/15/2051 EUR 64.436
Kommunekredit 1.375 5/18/2046 SEK 64.598
Landeskreditbank Bad2.500 5/21/2036 AUD 69.562
Batigere Grand Est S2.030 5/29/2070 EUR 69.947
Centre Hospitalier U1.160 9/6/2039 EUR 55.700
Novolipetsk Steel Vi4.000 9/21/2024 USD 65.445
Parnassia Groep BV 1.430 12/1/2043 EUR 53.937
Gecci Investment KG 6.000 10/1/2027 EUR 25.339
BNP Paribas SA 0.500 9/29/2029 AUD 69.736
Kommunekredit 0.100 9/30/2033 DKK 69.534
Dublin Port Co 2.406 9/30/2049 EUR 70.412
Agrokor dd 9.875 5/1/2019 EUR 15.000
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
Raiffeisen Bank Inte10.000 3/24/2023 EUR 29.340
Landesbank Hessen-Th1.600 6/12/2035 EUR 68.100
Landesbank Hessen-Th0.500 2/14/2035 EUR 68.400
Kreditanstalt fuer W1.171 7/19/2051 EUR 63.859
GB Social Housing PL3.814 4/9/2047 GBP 70.784
French Republic Gove0.500 6/25/2044 EUR 56.272
HSBC Continental Eur2.025 3/19/2049 EUR 60.098
Rhaetische Bahn AG R0.050 8/3/2050 CHF 58.667
Region de Bruxelles-1.419 6/22/2045 EUR 64.223
Heta Asset Resolutio2.290 12/31/2023 EUR 1.500
Communaute Francaise1.815 3/26/2049 EUR 65.255
Vasakronan AB 0.950 3/22/2039 JPY 72.084
ASCE Group OJSC 7.000 6/11/2031 USD 60.875
Kreditanstalt fuer W1.143 4/15/2050 EUR 64.305
Hellas Telecommunica6.054 1/15/2015 USD 0.014
Pfandbriefbank schwe0.375 6/15/2046 CHF 68.337
United Kingdom Gilt 1.500 7/22/2047 GBP 58.587
SNCF Reseau 2.622 9/24/2049 USD 68.890
Credit Agricole Corp1.190 2/26/2040 EUR 62.614
Alfa Bank AO Via Alf5.500 10/26/2031 USD 3.443
CDC Habitat SEM 1.170 5/4/2037 EUR 68.578
Caisse des Depots et1.548 8/9/2038 EUR 73.266
Region Wallonne Belg1.246 5/12/2070 EUR 46.633
ING Bank NV 2.410 3/16/2031 AUD 77.858
French Republic Gove1.500 5/25/2050 EUR 66.019
Kuntarahoitus Oyj 1.011 1/27/2037 EUR 73.408
Kuntarahoitus Oyj 1.400 3/5/2061 EUR 64.065
Hypo Vorarlberg Bank1.520 7/8/2050 EUR 44.276
State of North Rhine0.463 8/8/2033 EUR 74.250
Nationwide Building 1.481 12/8/2037 EUR 74.212
Land Baden-Wuerttemb0.375 7/20/2048 EUR 48.025
DZ Bank AG Deutsche 1.840 12/21/2048 EUR 68.152
Akademiska Hus AB 0.850 2/17/2033 SEK 71.499
Liga Bank eG Regensb0.010 1/29/2036 EUR 61.442
Department of Girond0.461 12/3/2032 EUR 74.852
Ukraine Government B3.900 10/5/2023 USD 68.295
DZ Bank AG Deutsche 1.000 2/13/2042 EUR 64.913
National Grid Electr1.151 2/20/2040 EUR 58.746
Hypo Vorarlberg Bank0.860 10/24/2034 EUR 56.966
Veneto Banca SpA 6.944 5/15/2025 EUR 0.065
DZ HYP AG 1.033 12/6/2049 EUR 59.736
Veneto Banca SpA 6.950 2/25/2025 EUR 0.065
Autonomous Community1.255 10/31/2048 EUR 53.200
Credit Agricole Corp10.500 2/16/2027 TRY 64.425
BNP Paribas SA 0.500 11/16/2032 MXN 34.226
Penarian Housing Fin3.212 6/7/2052 GBP 70.367
Landesbank Hessen-Th1.000 3/17/2036 EUR 61.100
VTB Bank PJSC 3.750 EUR 38.000
SG Issuer SA 0.263 2/20/2025 EUR 21.730
Landesbank Hessen-Th4.984 2/11/2037 EUR 63.200
Credit Suisse AG/Lon5.000 3/29/2023 USD 9.990
VON Der Heydt Securi1.000 4/30/2031 EUR 67.676
RENE LEZARD Mode Gmb7.250 11/25/2017 EUR 0.400
Malta Government Bon2.400 8/13/2052 EUR 67.150
Malta Government Bon1.200 5/13/2037 EUR 68.720
DZ HYP AG 0.205 6/5/2040 EUR 55.530
Pescanova SA 5.125 4/20/2017 EUR 0.319
Citigroup Global Mar1.000 1/21/2036 EUR 65.761
Commerzbank AG 2.565 5/15/2043 EUR 74.272
Landwirtschaftliche 0.984 2/4/2042 EUR 67.114
Nykredit Realkredit 1.182 1/17/2034 EUR 71.247
Ministeries Van de V0.875 6/3/2045 EUR 52.557
Norddeutsche Landesb1.150 7/23/2036 EUR 63.875
Commerzbank AG 2.350 2/24/2042 EUR 75.211
Communaute Francaise1.340 7/1/2054 EUR 53.180
Societe Du Grand Par1.955 4/16/2069 EUR 62.052
Office Public De L'H1.700 12/22/2060 EUR 66.969
HSBC Continental Eur0.900 3/2/2035 EUR 62.126
de Volksbank NV 1.531 12/20/2038 EUR 73.744
AXA Home Loan SFH SA0.250 5/26/2032 EUR 73.904
Housing & Care 21 3.288 11/8/2049 GBP 69.120
Natixis SA 0.300 6/25/2048 USD 30.632
State of Saarland 0.500 3/15/2051 EUR 49.583
Credit Bank of Mosco5.150 2/20/2024 EUR 27.993
DNB Boligkreditt AS 1.545 5/18/2038 EUR 74.836
Single Platform Inve0.678 2/15/2041 EUR 57.314
UniCredit SpA 1.490 10/23/2035 EUR 66.612
Prosus NV 2.031 8/3/2032 EUR 71.013
Jyske Realkredit A/S0.500 10/1/2053 DKK 63.357
Hemso Fastighets AB 2.975 10/25/2038 SEK 75.051
Credito Padano Banca3.100 EUR 36.136
EnBW International F2.080 1/21/2041 EUR 64.394
Swedbank AB 0.350 9/22/2031 EUR 68.198
Portugal Obrigacoes 1.000 4/12/2052 EUR 49.141
NRW Bank 0.185 8/17/2033 EUR 72.180
Intelsat Jackson Hol9.750 7/15/2025 USD 0.495
Grupo Isolux Corsan 6.000 12/30/2021 EUR 0.253
Purple Protected Ass1.480 11/30/2060 EUR 43.356
Nationwide Building 1.336 2/26/2041 EUR 71.323
Republic of Ireland 1.320 11/28/2119 EUR 38.747
Cie de Saint-Gobain 3.000 12/23/2049 EUR 72.036
Credit Agricole Corp0.650 11/5/2034 EUR 65.257
Purple Protected Ass2.085 10/27/2060 EUR 48.158
State of Rhineland-P0.100 10/1/2040 EUR 57.781
niiio finance group 4.000 5/31/2026 EUR 45.000
DekaBank Deutsche Gi3.300 4/28/2023 EUR 71.690
Societe Generale SA 8.000 1/31/2033 USD 74.800
Credit Suisse AG/Lon9.500 3/8/2023 USD 65.380
Credit Suisse AG/Lon4.530 7/12/2023 USD 9.200
Quintet Private Bank6.050 5/26/2026 USD 63.200
UBS AG/London 12.000 3/22/2023 CHF 11.880
TransFin-M PAO 9.150 2/4/2027 RUB 61.000
Magyar Telekom Telec1.450 11/26/2027 HUF #N/A N/A
Duna Aszfalt Ut Es M2.990 10/17/2029 HUF 61.000
Credit Suisse AG/Lon3.110 3/3/2032 USD 70.818
A-TEC Industries AG 5.750 11/2/2010 EUR 0.100
HSBC Continental Eur2.040 3/29/2049 EUR 60.297
Lehman Brothers Trea4.984 3/16/2035 EUR 0.100
Region Auvergne-Rhon1.090 4/8/2037 EUR 69.428
UBS Group AG 2.370 2/25/2036 USD 70.061
Region Wallonne Belg1.220 6/12/2050 EUR 53.837
Natixis SA 2.955 5/28/2050 USD 66.812
DLR Kredit A/S 1.000 10/1/2053 DKK 66.803
Assistance Publique 0.800 3/23/2046 EUR 53.114
Aktia Bank Oyj 0.550 3/17/2031 EUR 71.000
Ministeries Van de V1.095 6/3/2055 EUR 47.125
BPCE SA 2.550 6/9/2035 AUD 61.506
Cie de Saint-Gobain 1.875 5/3/2035 EUR 72.132
Autonomous Community1.950 5/24/2041 EUR 70.164
Hemso Fastighets AB 2.127 4/18/2039 EUR 66.947
Caisse des Depots et1.382 3/16/2045 EUR 61.426
ABN AMRO Bank NV 0.250 12/12/2032 EUR 73.842
Kuntarahoitus Oyj 1.005 11/4/2060 EUR 55.328
Cooperatieve Raboban2.250 9/15/2047 EUR 67.115
Vasakronan AB 3.300 1/14/2042 AUD 67.947
Societe Du Grand Par2.100 2/14/2069 EUR 59.909
Credit Agricole SA 3.270 10/5/2041 AUD 56.716
Credit Suisse AG/Lon2.100 3/31/2031 USD 67.885
Kreditanstalt fuer W0.980 6/28/2051 EUR 61.546
Grand City Propertie2.800 2/25/2039 EUR 63.118
Land Berlin 0.150 2/22/2036 EUR 66.151
National Grid Electr2.500 7/24/2035 AUD 67.893
Republic of Austria 0.850 6/30/2120 EUR 39.479
Alfa Bank AO Via Alf5.900 USD 2.566
BNG Bank NV 1.040 11/28/2047 EUR 58.898
Nederlandse Watersch1.428 11/14/2046 EUR 67.855
Denmark Government B0.250 11/15/2052 DKK 49.695
Communaute Francaise1.520 7/22/2069 EUR 52.527
Deutsche Pfandbriefb1.850 9/20/2032 EUR 74.122
HYPO NOE Landesbank 1.700 9/22/2032 EUR 75.374
Muenchener Hypotheke1.543 11/16/2048 EUR 69.295
Nederlandse Watersch1.650 5/27/2061 EUR 62.701
State of Lower Austr1.750 5/2/2047 EUR 69.161
Single Platform Inve1.660 12/16/2036 EUR 73.098
Single Platform Inve0.835 10/14/2061 EUR 44.602
State of North Rhine1.467 6/12/2045 EUR 70.017
Barclays Bank PLC 3.100 12/13/2044 AUD 61.141
Wirtschafts- und Inf0.060 8/31/2034 EUR 67.796
Collectivite Europee0.181 10/9/2032 EUR 72.975
Agence Francaise de 2.360 1/30/2045 AUD 61.247
Cooperatieve Raboban0.500 12/29/2027 MXN 59.976
Societe Generale SA 20.000 2/29/2024 USD 10.250
Zurcher Kantonalbank24.800 4/12/2023 USD 40.080
UBS AG/London 13.250 4/14/2023 USD 53.950
UBS AG/London 7.250 5/3/2023 EUR 71.750
Opus Global Nyrt 2.800 10/29/2029 HUF 69.500
Takarek Mortgage Ban1.750 12/22/2026 HUF 72.800
Citigroup Global Mar2.930 9/15/2025 EUR 50.010
Landesbank Baden-Wue3.150 3/24/2023 EUR 50.230
Barclays Bank PLC 2.000 10/8/2042 EUR 59.207
Landwirtschaftliche 0.400 7/29/2036 EUR 68.155
Agence Francaise de 1.656 4/4/2054 EUR 69.091
Region Auvergne-Rhon1.150 4/8/2039 EUR 67.029
Single Platform Inve1.250 8/15/2051 EUR 57.997
LBI ehf 6.100 8/25/2011 USD 10.166
BNP Paribas SA 3.750 6/12/2040 AUD 72.115
Landshypotek Bank AB1.815 2/25/2041 SEK 71.404
Ville de Paris 0.963 6/8/2050 EUR 49.675
Cie de Financement F0.975 8/11/2046 EUR 61.859
Chelyabinsk Pipe Pla4.500 9/19/2024 USD 21.363
SAir Group 6.250 4/12/2005 CHF 11.302
Societe Du Grand Par0.576 10/29/2052 EUR 41.452
Norddeutsche Landesb0.600 2/24/2031 EUR 72.996
Raiffeisenverband Sa1.853 2/5/2049 EUR 71.932
HSBC Continental Eur2.200 2/19/2049 EUR 63.103
Single Platform Inve0.363 2/15/2041 EUR 53.671
Caisse Francaise de 1.093 10/14/2051 EUR 59.709
Caisse Francaise de 1.428 2/19/2049 EUR 69.173
Credit Suisse AG/Lon1.500 3/19/2029 USD 72.502
BPCE SA 2.255 3/12/2040 AUD 50.849
Saastopankkien Kesku0.860 1/18/2036 EUR 59.627
NRW Bank 1.182 8/7/2050 EUR 56.856
DekaBank Deutsche Gi0.230 4/22/2031 EUR 73.914
CNH Industrial Finan2.200 7/15/2039 EUR 72.507
BNG Bank NV 0.632 7/12/2066 EUR 39.791
Norddeutsche Landesb1.100 7/5/2032 EUR 72.408
Region Provence-Alpe0.569 10/1/2038 EUR 62.147
Banco Santander SA 1.000 1/14/2034 EUR 68.053
Landesbank Hessen-Th1.370 9/22/2031 EUR 71.074
Getin Noble Bank SA 11.000 8/30/2024 PLN 56.722
Region Auvergne-Rhon0.645 4/9/2040 EUR 58.370
Kreditanstalt fuer W0.820 4/15/2050 EUR 60.737
Single Platform Inve1.080 5/25/2066 EUR 46.563
Kommunalkredit Austr0.570 9/15/2037 EUR 64.520
JAB Holdings BV 2.000 12/19/2039 EUR 71.116
United Kingdom Gilt 0.250 7/31/2031 GBP 74.879
DZ Bank AG Deutsche 0.660 11/23/2035 EUR 65.956
Banque International0.480 11/13/2030 EUR 69.350
City of Gothenburg S1.990 2/20/2045 SEK 71.896
Republic of Croatia 1.000 11/27/2034 EUR 71.208
Banca Popolare di Vi9.500 10/2/2025 EUR 0.380
MFB Magyar Fejleszte1.900 4/22/2026 HUF 74.782
Societe Wallonne de 0.904 10/23/2047 EUR 47.429
Stichting Afwikkelin8.450 8/20/2018 USD 43.625
Ville de Paris 2.017 5/25/2052 EUR 65.846
Vajda-Papir Gyarto K3.500 5/17/2031 HUF 69.600
Credit Suisse AG/Lon6.900 3/20/2023 USD 2.220
Societe Generale SA 20.000 4/3/2025 USD 14.100
Credit Suisse AG/Lon21.500 3/15/2023 USD 63.330
Landesbank Baden-Wue10.000 1/26/2024 EUR 47.090
Landesbank Hessen-Th0.850 2/18/2036 EUR 59.650
GVC George's Venture2.500 12/18/2030 HUF 69.610
Banco Santander SA 2.011 4/12/2039 EUR 67.060
Global Ports Finance6.500 9/22/2023 USD 23.469
Transports Publics N0.320 10/28/2037 CHF 69.453
Italy Buoni Polienna2.800 3/1/2067 EUR 67.068
ABN AMRO Bank NV 1.070 3/3/2041 EUR 67.485
Premium Green PLC 1.610 9/30/2030 AUD 72.696
Land Thueringen 1.127 4/2/2049 EUR 62.382
Basque Government 2.350 4/11/2049 EUR 70.994
Communaute Francaise1.820 3/27/2049 EUR 65.245
DZ Bank AG Deutsche 1.000 1/24/2035 EUR 74.899
Region Bretagne SCI 0.815 6/12/2040 EUR 61.765
Region Auvergne-Rhon0.805 7/26/2039 EUR 62.501
Societe Generale SA 3.820 4/26/2039 AUD 68.755
State of Bremen 0.936 9/28/2046 EUR 62.223
Deutsche Bahn Financ2.005 6/7/2039 SEK 71.949
State of North Rhine1.491 8/23/2066 EUR 58.995
State of North Rhine1.641 8/11/2066 EUR 61.958
Oberoesterreichische1.014 9/16/2049 EUR 48.588
Communaute Francaise1.115 7/11/2039 EUR 63.965
Free and Hanseatic C1.095 6/13/2046 EUR 65.057
Credit Mutuel Arkea 1.165 9/23/2039 EUR 62.313
Societe Generale SA 2.880 9/10/2034 AUD 67.311
Steilmann SE 7.000 3/9/2017 EUR 1.429
UBS AG/London 2.630 9/3/2044 AUD 61.401
Nomura Bank Internat1.138 12/19/2039 EUR 56.878
SNCF Reseau 2.777 7/29/2115 EUR 70.069
Berlin Hyp AG 0.440 10/29/2035 EUR 61.288
Aktia Bank Oyj 0.850 12/21/2040 EUR 51.319
Kreditanstalt fuer W1.000 4/27/2041 EUR 67.833
Hungary Government B4.000 4/28/2051 HUF 54.483
Purple Protected Ass1.565 12/23/2060 EUR 60.385
Purple Protected Ass1.518 1/25/2061 EUR 62.445
Credit Suisse AG/Lon0.900 12/20/2031 EUR 59.811
Single Platform Inve0.780 2/15/2040 EUR 60.048
Landesbank Baden-Wue0.500 2/3/2032 EUR 72.878
Norske Skogindustrie7.125 10/15/2033 USD 0.010
Bayerische Landesban1.820 3/12/2031 EUR 72.181
Purple Protected Ass1.570 4/30/2061 EUR 51.735
Single Platform Inve1.103 5/25/2052 EUR 53.617
Nederlandse Watersch0.932 12/2/2060 EUR 47.894
Single Platform Inve0.940 10/4/2041 EUR 59.261
NRW Bank 0.533 1/21/2041 EUR 61.199
Region de Bruxelles-1.100 5/25/2051 EUR 52.835
Republic of Ireland 1.180 5/25/2087 EUR 45.757
Swissgrid AG 0.200 6/29/2040 CHF 66.909
Caisse des Depots et0.945 5/19/2051 EUR 51.016
Santander Internatio2.770 7/2/2035 USD 71.243
NRW Bank 0.106 8/17/2050 EUR 47.189
Hospices Civils de L0.380 8/28/2030 EUR 74.299
Purple Protected Ass1.598 2/5/2061 EUR 63.472
Bayerische Landesban0.280 10/9/2030 EUR 73.222
Societe Generale SA 5.050 11/25/2036 USD 50.200
Pfandbriefbank schwe0.250 1/24/2041 CHF 71.952
HYPO NOE Landesbank 1.810 1/16/2034 EUR 73.618
Banque et Caisse d'E1.000 1/4/2042 EUR 66.795
Deutsche Bank AG 0.500 9/16/2031 EUR 73.046
Landesbank Hessen-Th1.806 5/11/2037 EUR 71.656
Wirtschafts- und Inf0.208 1/28/2043 EUR 52.323
City of Amsterdam Ne0.490 12/16/2036 EUR 67.341
DNB Boligkreditt AS 1.474 5/22/2037 EUR 74.279
Single Platform Inve1.083 2/15/2041 EUR 62.617
DNB Boligkreditt AS 1.594 1/29/2043 EUR 72.059
Rikshem AB 1.910 11/16/2032 NOK 74.878
Landesbank Saar 0.835 2/19/2035 EUR 68.088
Groupe Hospitalier B1.070 4/16/2041 EUR 74.644
Nederlandse Watersch1.180 2/23/2037 EUR 74.475
Intesa Sanpaolo Bank3.102 11/19/2035 AUD 68.800
Nationwide Building 1.420 4/23/2041 EUR 72.870
Region Wallonne Belg1.150 9/2/2120 EUR 33.356
Aareal Bank AG 0.625 9/16/2030 EUR 73.173
Comunidad Foral de N0.550 10/22/2035 EUR 65.551
Virgolino de Oliveir11.750 2/9/2022 USD 0.815
Landesbank Baden-Wue7.000 4/28/2023 EUR 77.780
Anselma Issuer SA 2.174 12/31/2038 EUR 48.580
Corner Banca SA 8.000 5/10/2023 CHF 70.430
KESZ Holding Busines2.800 6/17/2031 HUF 67.440
Credit Suisse AG/Lon11.000 9/5/2023 CHF 72.030
Credit Suisse AG/Lon4.600 3/31/2023 USD 9.630
DekaBank Deutsche Gi6.000 7/19/2023 EUR 65.440
Banque Cantonale Vau7.300 9/16/2024 CHF 19.270
Vontobel Financial P4.000 7/18/2023 EUR 56.720
MOL Hungarian Oil & 1.900 4/12/2031 HUF 57.300
SkyGreen Buildings K3.000 12/29/2030 HUF 63.700
DZ Bank AG Deutsche 5.000 3/24/2023 EUR 62.080
Deutsche Bank AG/Lon13.750 6/20/2026 TRY 39.714
Citigroup Global Mar1.370 7/27/2051 EUR 55.317
City of Zurich Switz0.250 11/24/2051 CHF 63.104
Banque et Caisse d'E0.880 2/10/2037 EUR 72.023
Bazalgette Finance P0.174 5/16/2049 GBP 64.536
DZ Bank AG Deutsche 0.760 9/15/2033 EUR 73.020
Credit Suisse AG/Lon2.000 9/30/2030 USD 68.965
Region Wallonne Belg1.300 6/16/2068 EUR 44.368
Berlin Hyp AG 0.030 7/22/2030 EUR 73.975
Region Occitanie 0.727 11/16/2037 EUR 65.808
Landesbank Hessen-Th1.000 6/18/2035 EUR 66.615
Nederlandse Watersch1.208 1/23/2042 EUR 68.380
Banco Santander SA 0.180 7/8/2031 EUR 74.813
Autonomous Community1.900 5/24/2039 EUR 72.732
Landesbank Hessen-Th0.650 11/13/2034 EUR 64.727
Communaute Francaise1.187 9/16/2069 EUR 51.383
Communaute Francaise0.584 9/17/2039 EUR 57.443
Landesbank Hessen-Th0.750 9/18/2034 EUR 65.952
HSBC Continental Eur1.140 8/26/2049 EUR 47.641
BNG Bank NV 2.011 12/18/2045 EUR 75.078
Credit Suisse AG/Lon3.880 10/31/2036 USD 66.758
Decipher Production 12.500 9/27/2019 USD 1.500
DZ HYP AG 1.528 3/12/2040 EUR 72.733
Grand Delta Habitat 1.820 3/18/2050 EUR 64.188
Goldman Sachs Intern2.200 3/29/2048 EUR 70.333
Region de Bruxelles-0.650 2/15/2061 EUR 34.304
DZ Bank AG Deutsche 1.000 1/13/2032 EUR 73.777
V-Bank AG 4.000 EUR 70.906
Nederlandse Watersch1.850 2/11/2059 EUR 67.895
Credit Agricole SA 1.000 4/6/2035 EUR 68.640
Pfandbriefzentrale d0.200 5/22/2042 CHF 69.592
Region Auvergne-Rhon0.800 5/22/2040 EUR 59.961
Nomura Bank Internat1.415 1/27/2042 EUR 61.451
BNG Bank NV 2.000 9/5/2058 EUR 66.215
Single Platform Inve1.010 3/20/2051 EUR 53.982
DZ Bank AG Deutsche 0.750 5/4/2033 EUR 73.727
Pfandbriefzentrale d0.450 2/11/2042 CHF 73.892
NRW Bank 0.300 9/29/2033 EUR 72.894
Credit Bank of Mosco3.100 1/21/2026 EUR 24.228
HSBC Continental Eur1.875 5/23/2036 EUR 74.228
Assistance Publique 0.791 8/27/2051 EUR 46.496
Societe Nationale SN2.910 1/27/2051 AUD 65.583
Muenchener Hypotheke0.120 8/13/2030 EUR 74.484
DZ HYP AG 0.300 8/21/2035 EUR 66.327
Muenchener Hypotheke1.185 5/5/2059 EUR 57.051
DZ Bank AG Deutsche 0.190 1/14/2031 EUR 70.667
United Kingdom Gilt 1.750 9/7/2037 GBP 74.522
Thomas Cook Group PL6.250 6/15/2022 EUR 0.325
Centre Hospitalier d1.580 2/11/2061 EUR 68.818
Kreditanstalt fuer W0.683 2/22/2051 EUR 56.753
Centre Hospitalier B0.950 2/5/2041 EUR 50.918
ABN AMRO Bank NV 1.585 1/21/2039 EUR 74.403
Hypo-Bank Burgenland0.810 9/17/2031 EUR 71.883
Single Platform Inve2.160 2/15/2044 EUR 74.728
Jyske Realkredit A/S0.500 10/1/2053 DKK 65.334
Deutsche Bank AG 1.050 9/1/2031 EUR 73.244
Credit Agricole Corp2.110 7/6/2037 EUR 75.127
Brussels Municipalit0.336 12/15/2035 EUR 65.337
Deutsche Bank AG 1.750 4/9/2035 EUR 71.046
Agence France Locale0.586 6/20/2034 EUR 69.646
Vnesheconombank Via 5.942 11/21/2023 USD 7.745
Wirtschafts- und Inf0.200 12/2/2043 EUR 51.683
Kommunekredit 0.869 11/12/2043 SEK 59.332
Hungary Government I1.500 11/17/2050 EUR 49.493
Agence Francaise de 2.302 10/25/2044 USD 64.394
Ringkjoebing Landbob1.100 10/30/2035 EUR 66.206
Landesbank Berlin AG2.058 11/4/2031 EUR 73.320
Hypo-Bank Burgenland1.010 10/29/2049 EUR 59.762
Single Platform Inve0.695 6/25/2039 EUR 60.548
Hypo Vorarlberg Bank1.590 8/25/2050 EUR 44.986
Aktia Bank Oyj 0.800 2/26/2036 EUR 59.918
Natixis SA 2.420 9/29/2035 AUD 66.689
Nederlandse Watersch1.870 11/8/2057 EUR 71.493
City of Hanover Germ1.580 11/17/2042 EUR 74.147
Belfius Bank SA 0.125 6/19/2034 EUR 68.669
Landesbank Hessen-Th0.900 7/12/2034 EUR 72.000
Barclays Bank PLC 1.580 4/12/2039 EUR 71.300
DekaBank Deutsche Gi2.200 3/24/2023 EUR 68.760
DekaBank Deutsche Gi3.250 4/6/2023 EUR 73.540
GTC Magyarorszag Zrt2.600 3/17/2031 HUF 65.640
Futureal Development3.500 11/16/2036 HUF 51.000
AutoWallis Nyrt 3.000 4/15/2030 HUF 64.480
Vorosko Kereskedelmi4.750 1/25/2032 HUF 68.000
MOL Nyrt Kueloenlege4.950 1/26/2032 HUF 70.580
SALVATOR Vermoegensv9.500 EUR 7.900
Communaute Francaise1.010 7/19/2051 EUR 49.951
DZ Bank AG Deutsche 1.250 2/23/2037 EUR 71.374
Russian Foreign Bond5.100 3/28/2035 USD 41.165
Landesbank Hessen-Th2.180 3/17/2042 EUR 72.718
Nederlandse Watersch0.964 6/11/2059 EUR 52.119
AlphaNotes ETP Dac 0.050 12/22/2029 USD 68.823
Region Auvergne-Rhon0.530 9/29/2036 EUR 64.721
Single Platform Inve0.800 12/20/2040 EUR 59.484
Credit Agricole Corp3.200 3/19/2041 AUD 67.970
Credit Agricole Corp11.640 3/24/2027 TRY 66.790
Vodafone Group PLC 4.600 8/9/2046 USD 75.190
Lloyds Bank PLC 2.580 3/28/2039 SEK 72.433
Berner Kantonalbank 0.100 9/30/2039 CHF 67.619
LR Realkredit AS 0.500 10/1/2040 DKK 74.350
Landesbank Hessen-Th0.300 9/17/2030 EUR 74.513
Single Platform Inve1.000 7/8/2034 EUR 70.038
Hypo Vorarlberg Bank0.400 12/22/2031 EUR 63.313
Landesbank Baden-Wue1.100 5/7/2040 EUR 62.747
Caisse des Depots et2.940 3/2/2051 AUD 66.764
Landesbank Hessen-Th0.550 4/9/2031 EUR 74.022
Region Auvergne-Rhon0.650 5/18/2038 EUR 62.565
DZ Bank AG Deutsche 0.500 3/12/2032 EUR 68.494
UBS AG/London 1.860 2/28/2049 EUR 68.288
DZ Bank AG Deutsche 0.710 10/20/2031 EUR 72.240
Bayerische Landesban0.650 10/13/2031 EUR 73.651
Landshypotek Bank AB1.680 1/20/2042 SEK 68.747
Single Platform Inve2.290 7/19/2038 NOK 72.850
Region de Bruxelles-0.930 5/3/2051 EUR 48.486
Uliving@Essex2 Issue0.100 8/31/2063 GBP 64.271
Ile-de-France Mobili1.000 12/2/2043 EUR 59.642
Landesbank Hessen-Th0.900 6/10/2036 EUR 63.906
Nordea Hypotek AB 2.250 10/15/2048 SEK 71.590
Agence Francaise de 2.330 2/10/2041 AUD 64.197
Kingdom of Belgium G0.650 6/22/2071 EUR 39.153
BNG Bank NV 0.562 6/7/2051 EUR 55.275
Raiffeisenbank AS 6.989 EUR 74.713
Single Platform Inve0.955 2/15/2041 EUR 60.837
Hemso Fastighets AB 2.418 11/30/2038 EUR 70.493
Hypo Tirol Bank AG 0.565 2/5/2031 EUR 74.335
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.009
Muenchener Hypotheke0.886 3/26/2043 EUR 62.083
Swedbank Hypotek AB 1.669 2/27/2043 EUR 72.975
Region Auvergne-Rhon0.697 8/2/2036 EUR 66.711
Kuntarahoitus Oyj 1.557 3/29/2052 EUR 73.681
Royal Schiphol Group3.090 7/1/2034 AUD 72.731
Deutsche Pfandbriefb0.500 11/18/2030 EUR 70.349
Single Platform Inve0.656 9/20/2050 EUR 46.725
Cattles Ltd 8.125 7/5/2017 GBP 0.027
Agence France Locale0.330 12/20/2040 EUR 56.680
Nederlandse Watersch1.000 11/24/2050 EUR 57.282
Region Auvergne-Rhon0.493 10/23/2037 EUR 61.950
Santander Internatio1.700 12/12/2049 EUR 42.536
Region Wallonne Belg1.717 2/2/2038 EUR 74.769
AlphaNotes ETP Dac 1.000 9/15/2032 USD 65.847
DZ Bank AG Deutsche 0.300 5/30/2035 EUR 67.322
DZ Bank AG Deutsche 0.500 9/22/2031 EUR 74.812
Bulgaria Government 1.375 9/23/2050 EUR 54.056
Single Platform Inve1.163 5/25/2066 EUR 48.236
Hypo Vorarlberg Bank1.020 1/17/2035 EUR 57.567
Romanian Government 3.375 1/28/2050 EUR 58.270
Northland Resources 4.000 10/15/2020 USD 0.271
AK BARS Bank Via AK 8.000 7/13/2022 USD 31.000
ABN AMRO Bank NV 1.290 3/25/2037 EUR 74.120
Leonteq Securities A7.000 3/29/2023 CHF 55.370
Luzerner Kantonalban6.720 5/12/2023 USD 66.030
Societe Generale SA 16.000 2/29/2024 USD 8.250
Tranzit-Food Baromfi2.000 6/23/2028 HUF #N/A N/A
Landesbank Baden-Wue1.250 4/24/2039 EUR 65.230
EFG International Fi9.000 8/24/2023 USD 65.760
SG Issuer SA 0.300 2/16/2032 EUR 47.580
SG Issuer SA 0.021 8/15/2033 EUR 65.330
DekaBank Deutsche Gi3.000 6/2/2023 EUR 63.410
Vontobel Financial P6.000 3/24/2023 EUR 67.710
Sberbank of Russia P0.010 11/3/2026 RUB 71.000
Credit Suisse AG/Lon9.000 4/22/2024 USD 25.500
Rosseti Kuban PJSC 10.440 11/21/2025 RUB 75.000
Credit Suisse AG/Lon1.400 11/4/2025 CHF 43.120
Pick Szeged Szalamig2.000 12/6/2029 HUF 62.760
United Kingdom Gilt 0.625 10/22/2050 GBP 42.198
Petromena ASA 9.750 5/24/2016 NOK 0.607
Purple Protected Ass1.600 9/8/2056 EUR 51.513
Espirito Santo Finan4.227 10/27/2024 EUR 0.979
Irish Bank Resolutio4.000 4/23/2018 EUR 33.250
Municipality of Leva0.750 11/17/2036 EUR 66.296
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 41.654
Frankfurter Volksban0.100 7/15/2031 EUR 71.538
DZ Bank AG Deutsche 0.850 2/10/2032 EUR 72.928
Region Auvergne-Rhon0.543 9/28/2036 EUR 64.808
Portugal Obrigacoes 1.150 4/11/2042 EUR 62.970
Region Nouvelle-Aqui0.814 11/22/2044 EUR 55.064
Kreditanstalt fuer W0.613 6/10/2040 EUR 60.207
Bank fuer Kirche und0.800 11/12/2035 EUR 67.482
Norddeutsche Landesb1.350 10/20/2038 EUR 62.574
Societe Nationale SN3.190 4/19/2041 AUD 73.029
Credit Agricole Corp3.100 4/28/2041 AUD 66.894
DLR Kredit A/S 0.500 10/1/2050 DKK 66.219
Credit Suisse AG/Lon4.430 9/25/2035 USD 73.024
Region de Bruxelles-0.845 9/30/2059 EUR 41.628
State of Rhineland-P0.600 10/24/2046 EUR 54.543
Region Wallonne Belg0.808 6/24/2038 EUR 62.954
Norddeutsche Landesb1.420 4/28/2039 EUR 62.119
SCF Capital Designat3.850 4/26/2028 USD 20.461
Region de Bruxelles-0.500 6/22/2040 EUR 57.203
DZ Bank AG Deutsche 0.780 3/5/2030 EUR 72.061
Saechsische Aufbauba0.300 2/18/2042 EUR 52.536
ING Bank NV 1.550 6/23/2039 EUR 74.826
La Banque Postale Ho1.427 2/11/2039 EUR 73.385
Berlin Hyp AG 0.010 11/28/2031 EUR 74.431
Single Platform Inve1.850 2/15/2041 NOK 66.071
Banco Santander SA 1.020 1/4/2034 EUR 70.871
NRW Bank 1.000 6/24/2051 EUR 59.143
BPCE SA 2.730 10/5/2036 AUD 60.950
Heta Asset Resolutio5.030 12/31/2023 EUR 1.500
Single Platform Inve1.762 5/25/2066 EUR 58.139
Banque International1.500 1/20/2037 EUR 71.055
Bayerische Landesban0.770 6/18/2032 EUR 70.695
Akademiska Hus AB 2.600 11/20/2047 SEK 74.752
Caisse des Depots et1.438 5/24/2051 EUR 59.001
Caisse des Depots et1.780 1/15/2048 EUR 66.528
United Kingdom Gilt 1.625 10/22/2071 GBP 50.904
LFA Foerderbank Baye0.160 1/2/2040 EUR 58.321
Centre Hospitalier U0.490 12/1/2036 EUR 65.448
UniCredit SpA 1.050 1/23/2031 EUR 74.533
Banque International0.670 6/29/2030 EUR 71.820
Stadshypotek AB 1.444 4/19/2038 EUR 74.439
AB Financial Product2.468 7/30/2040 EUR 56.749
Muenchener Hypotheke0.420 11/16/2033 EUR 68.779
Kreditanstalt fuer W0.990 2/12/2051 EUR 61.322
Agence Francaise de 1.955 11/21/2053 EUR 74.805
Region Wallonne Belg0.250 12/29/2036 EUR 62.068
Nomura Bank Internat1.150 10/6/2036 EUR 64.301
National Grid Electr3.350 6/10/2036 AUD 73.818
State of Lower Austr0.080 9/22/2031 EUR 74.670
Barclays Bank PLC 0.500 10/1/2031 TRY 11.305
Region Wallonne Belg1.550 4/28/2120 EUR 44.918
Banque International0.500 10/22/2029 EUR 74.169
Credit Agricole CIB 0.540 9/20/2033 EUR 68.419
Bayerische Landesban0.520 11/26/2031 EUR 72.410
Region Bretagne SCI 0.544 12/7/2036 EUR 65.981
Region de Bruxelles-2.410 8/23/2063 EUR 69.558
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Credit Agricole Corp2.500 2/20/2048 EUR 73.966
Caisse Francaise de 1.668 2/23/2043 EUR 74.714
Hypo Vorarlberg Bank1.022 7/31/2034 EUR 58.821
Raiffeisenverband Sa1.500 2/1/2038 EUR 73.272
SpareBank 1 SMN 0.190 11/6/2030 EUR 69.255
BPCE SA 1.920 12/9/2030 AUD 69.457
Astana Finance BV 7.875 6/8/2010 EUR 16.000
Landesbank Saar 0.540 11/18/2033 EUR 67.943
Norddeutsche Landesb0.600 12/9/2030 EUR 73.054
State of Lower Austr0.550 11/13/2080 EUR 28.542
Nederlandse Watersch0.190 11/2/2050 EUR 44.264
Gebr Sanders GmbH & 8.750 10/22/2018 EUR 9.375
Caisse Francaise de 0.510 11/19/2040 EUR 59.798
Batigere Grand Est S1.485 10/25/2039 EUR 66.660
Credit Industriel Et1.550 5/15/2035 EUR 74.272
Telia Co AB 3.000 9/25/2064 EUR 70.518
Ville de Marseille 0.711 11/29/2033 EUR 73.896
Pfandbriefzentrale d0.050 10/6/2043 CHF 65.519
Single Platform Inve1.117 5/25/2066 EUR 48.022
Landesbank Hessen-Th2.400 6/9/2036 EUR 59.550
DekaBank Deutsche Gi3.510 4/28/2023 EUR 64.660
Credit Suisse AG/Lon7.500 3/29/2023 CHF 69.930
SG Issuer SA 1.500 1/24/2034 EUR 69.570
UBS AG/London 6.850 7/25/2023 USD #N/A N/A
Mercedes-Benz Manufa1.500 3/16/2027 HUF 70.000
Leonteq Securities A7.000 9/13/2023 CHF 56.670
DZ Bank AG Deutsche 1.370 12/28/2029 EUR 68.310
VTB Bank PJSC 8.585 USD 25.000
Rosselkhozbank JSC 10.100 RUB 75.000
COFIDUR SA 0.100 12/31/2024 EUR 34.000
Landesbank Hessen-Th1.200 5/17/2034 EUR 73.500
Societe Generale SA 10.000 4/28/2034 USD 65.550
WEB Windenergie AG 3.750 9/26/2026 EUR 0.010
Landesbank Hessen-Th1.350 4/26/2034 EUR 74.200
OR PJSC 11.500 7/28/2024 RUB 3.830
Dr Wiesent Sozial gG7.000 EUR 0.002
UniCredit Bank AG 4.150 5/8/2023 EUR 67.850
Banco Santander SA 0.020 7/23/2031 EUR 73.689
Barclays Bank PLC 2.325 1/2/2041 USD 69.940
IBP Markets Ltd 5.000 GBP 50.909
Republic of Ireland 0.810 7/10/2079 EUR 38.446
Republic of Austria 0.100 7/10/2040 EUR 57.295
Hypo Vorarlberg Bank1.020 7/15/2041 EUR 45.986
Kreditanstalt fuer W1.208 6/17/2051 EUR 66.254
ABN AMRO Bank NV 1.950 12/7/2048 EUR 73.730
Credit Suisse Group 2.455 7/4/2034 EUR 65.804
Department of L'Eure1.110 6/18/2039 EUR 67.115
Single Platform Inve1.233 6/25/2044 EUR 63.579
Landesbank Baden-Wue0.400 12/1/2031 EUR 73.025
Grand Delta Habitat 1.750 10/28/2061 EUR 69.667
Region Provence-Alpe0.753 1/5/2037 EUR 67.603
Societe Publique d'A2.003 9/27/2044 EUR 72.146
Autonomous Community1.442 10/26/2049 EUR 55.611
Citigroup Global Mar2.000 3/21/2037 EUR 74.449
Assistance Publique 1.502 5/9/2044 EUR 67.635
Caisse des Depots et1.474 6/5/2049 EUR 60.193
Region de Bruxelles-0.759 9/20/2049 EUR 47.521
Deutsche Pfandbriefb0.857 9/18/2037 EUR 54.136
Cie de Financement F1.730 5/13/2046 EUR 71.498
BPCE SA 1.850 10/30/2030 AUD 69.488
Credit Agricole SA 1.150 12/24/2030 EUR 74.534
Citigroup Global Mar1.240 2/18/2040 EUR 61.843
DZ Bank AG Deutsche 0.550 3/23/2033 EUR 70.908
Brussels Municipalit0.832 3/29/2041 EUR 60.238
Banque International0.510 2/10/2031 EUR 68.325
Kreditanstalt fuer W0.650 2/24/2041 EUR 63.994
Region Wallonne Belg1.240 5/28/2069 EUR 42.688
United Kingdom Gilt 0.500 10/22/2061 GBP 32.488
HYPO NOE Landesbank 1.655 2/21/2034 EUR 71.954
Single Platform Inve0.810 4/1/2042 EUR 57.879
Allgemeine Sparkasse0.480 5/24/2033 EUR 73.202
Citigroup Global Mar1.200 8/25/2041 EUR 59.526
Single Platform Inve1.170 7/8/2034 EUR 72.672
Grand Delta Habitat 1.500 9/1/2047 EUR 53.477
Nederlandse Watersch1.500 3/10/2042 EUR 71.221
Communaute Francaise1.380 11/7/2046 EUR 59.512
Credit Agricole CIB 0.500 2/23/2033 EUR 69.222
BNG Bank NV 2.000 2/19/2038 AUD 65.546
Single Platform Inve1.460 5/25/2052 EUR 58.992
Landesbank Hessen-Th0.400 1/21/2031 EUR 73.650
Hemso Fastighets AB 0.473 2/18/2030 EUR 73.425
NRW Bank 1.000 2/26/2050 EUR 60.348
Luzerner Kantonalban0.500 7/26/2041 CHF 73.954
Dolphin Drilling ASA4.490 8/28/2019 NOK 0.644
Communaute Francaise2.350 8/18/2062 EUR 70.128
Landesbank Saar 0.650 11/19/2035 EUR 65.162
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 54.852
UBS Group AG 2.210 11/24/2035 USD 69.130
Region Bourgogne-Fra0.270 12/7/2035 EUR 65.589
Credit Agricole CIB 0.400 12/4/2032 EUR 67.879
Single Platform Inve0.924 2/18/2049 EUR 51.698
BNP Paribas SA 1.395 2/12/2035 EUR 69.286
Region of Centre-Val0.712 12/3/2039 EUR 61.475
Operateur de Reseaux2.850 2/3/2045 EUR 74.626
Natixis SA 2.950 10/28/2034 AUD 72.167
Raiffeisen-Landesban0.766 9/17/2031 EUR 71.825
Slovenia Government 0.488 10/20/2050 EUR 42.801
Commerzbank AG 1.046 12/18/2034 EUR 69.164
Commerzbank AG 1.430 1/23/2040 EUR 64.327
Penarian Housing Fin3.212 6/7/2052 GBP 70.690
Landesbank Hessen-Th1.650 5/27/2030 EUR 10.652
Erste Group Bank AG 4.500 11/2/2025 EUR 59.000
DekaBank Deutsche Gi4.000 6/9/2023 EUR 60.820
OR PJSC 13.500 10/22/2025 RUB 9.620
SG Issuer SA 11.170 7/20/2025 SEK 35.420
Leonteq Securities A10.000 3/29/2023 USD 71.720
Danske Bank A/S 6.600 1/9/2027 SEK 74.680
UBS AG 9.000 3/31/2023 USD #N/A N/A
UBS AG/London 7.500 6/22/2023 USD 70.200
Zurcher Kantonalbank12.000 3/17/2023 CHF 54.390
OR PJSC 16.000 11/26/2025 RUB 18.100
Leonteq Securities A10.000 7/21/2023 CHF 62.230
STAVMAT Epitoanyag K3.000 7/20/2031 HUF 67.100
OR PJSC 16.000 11/22/2025 RUB 22.940
Leonteq Securities A5.200 11/29/2023 CHF 70.450
MET Hungary Solar Pa3.800 12/2/2031 HUF 72.050
Bank Vontobel AG 13.000 3/18/2024 CHF 70.500
Landesbank Baden-Wue5.100 8/25/2023 EUR 58.920
Credit Suisse AG/Lon18.250 3/14/2023 CHF 36.280
Credit Suisse AG/Lon13.300 11/29/2023 USD 38.430
Metal Hungaria Holdi3.000 11/17/2030 HUF 62.500
Credit Suisse AG/Lon9.750 4/27/2023 USD 53.990
SG Issuer SA 1.750 3/17/2034 EUR 72.050
Vontobel Financial P2.858 1/4/2024 EUR 56.120
OR PJSC 12.000 11/14/2024 RUB 0.090
SG Issuer SA 2.250 10/28/2029 EUR 69.340
Erste Group Bank AG 6.750 5/31/2024 EUR 79.800
Landesbank Hessen-Th0.500 8/9/2034 EUR 73.300
Communication Techno5.250 1/27/2032 HUF 65.000
Societe Generale SA 8.000 5/28/2027 USD 40.860
NRW Bank 1.276 2/15/2042 EUR 70.462
Landesbank Baden-Wue0.200 4/16/2031 EUR 72.757
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Landesbank Hessen-Th0.600 3/18/2031 EUR 73.883
Kingdom of Belgium G0.675 7/7/2080 EUR 30.415
Romanian Government 4.000 2/14/2051 USD 68.903
Region de Bruxelles-1.250 1/10/2060 EUR 46.368
BPCE SFH SA 1.229 4/12/2049 EUR 62.248
Credit Suisse AG/Lon1.400 12/20/2030 EUR 68.241
Agence Francaise de 1.805 2/18/2049 EUR 72.059
Hungary Government B3.000 8/21/2030 HUF 69.432
Lehman Brothers Trea2.875 3/14/2013 CHF 0.100
Republic of Ireland 1.100 11/12/2096 EUR 40.253
NRW Bank 1.341 2/17/2039 EUR 73.858
Astana Finance BV 9.000 11/16/2011 USD 15.250
Region Provence-Alpe0.785 6/18/2040 EUR 61.832
Hypo Vorarlberg Bank0.405 3/18/2030 EUR 72.035
Single Platform Inve1.480 7/25/2053 EUR 61.947
Communaute Francaise2.041 4/12/2069 EUR 63.993
DZ Bank AG Deutsche 1.598 10/11/2050 EUR 61.306
Cie de Financement F1.630 5/26/2046 EUR 69.847
HYPO NOE Landesbank 2.950 6/7/2046 EUR 75.463
Communaute Francaise1.120 7/19/2038 EUR 65.560
NRW Bank 0.473 6/23/2049 EUR 55.249
Communaute Francaise0.788 8/30/2049 EUR 48.100
Credit Suisse AG/Lon0.500 1/8/2026 BRL 69.265
Italy Buoni Polienna2.700 3/1/2047 EUR 73.275
Rio Forte Investment4.750 11/10/2015 EUR 2.387
Vasakronan AB 1.770 10/26/2033 NOK 71.820
SpareBank 1 SR-Bank 1.650 2/24/2042 EUR 58.110
Credit Agricole Corp3.020 4/22/2036 AUD 72.167
Region de Bruxelles-0.609 12/3/2049 EUR 44.831
Caisse des Depots et0.820 3/10/2050 EUR 49.185
Single Platform Inve2.080 4/30/2045 EUR 71.710
Landeskreditbank Bad0.730 10/4/2050 EUR 53.411
Citigroup Global Mar2.950 9/29/2041 AUD 71.436
Republic of Poland G1.250 10/25/2030 PLN 69.071
BPCE SA 1.850 2/8/2036 EUR 74.114
Societe Generale SA 2.060 3/12/2031 USD 75.396
DZ Bank AG Deutsche 0.470 6/24/2030 EUR 73.981
Region of Pays de la0.334 3/9/2033 EUR 73.165
Kreditanstalt fuer W0.953 1/24/2042 EUR 67.433
NRW Bank 1.180 3/3/2051 EUR 63.695
Natixis SA 2.800 3/3/2041 USD 70.539
Kuntarahoitus Oyj 1.449 3/1/2061 EUR 65.731
Nomura Bank Internat1.380 1/19/2037 EUR 66.735
Single Platform Inve0.915 2/15/2043 EUR 58.943
KPNQwest NV 10.000 3/15/2012 EUR 0.655
Kreditanstalt fuer W1.208 3/10/2051 EUR 66.190
Morgan Stanley & Co 3.470 1/27/2042 AUD 66.134
Home Invest Belgium 1.850 1/15/2032 EUR 73.324
Landeskreditbank Bad1.017 3/15/2061 EUR 52.754
Cooperatieve Raboban1.099 6/28/2051 EUR 60.088
Bausparkasse Wuesten1.830 4/3/2043 EUR 75.159
Nederlandse Watersch1.486 4/24/2052 EUR 65.361
Bank of Ireland Mort1.501 3/29/2038 EUR 74.401
Raiffeisen-Landesban1.470 5/3/2069 EUR 55.778
Region Bourgogne-Fra0.945 5/20/2039 EUR 65.297
Ukraine Government I8.994 2/1/2026 USD 18.543
Santander Consumer B8.090 NOK 56.529
Arkea Public Sector 1.642 5/18/2043 EUR 73.279
Region de Bruxelles-1.000 4/21/2051 EUR 50.635
Pfandbriefbank schwe0.125 8/17/2040 CHF 70.601
Single Platform Inve1.370 7/25/2053 EUR 59.216
Bausparkasse Wuesten0.485 6/25/2040 EUR 59.367
Landesbank Baden-Wue0.490 5/28/2031 EUR 73.111
Citigroup Global Mar0.200 1/19/2031 EUR 71.371
SAir Group 6.250 10/27/2002 CHF 11.302
Bayerische Landesban1.680 12/18/2037 EUR 68.448
Raiffeisenlandesbank0.658 9/29/2031 EUR 71.138
Landesbank Hessen-Th0.600 4/9/2035 EUR 63.326
Landesbank Baden-Wue0.140 10/20/2031 EUR 71.245
Region Wallonne Belg2.168 7/26/2047 EUR 69.916
Caisse des Depots et1.920 6/15/2048 EUR 66.923
Ile-de-France Mobili1.200 4/8/2050 EUR 54.820
Ville de Paris 0.963 12/6/2051 EUR 49.274
DZ Bank AG Deutsche 0.500 3/2/2038 EUR 59.246
State of North Rhine1.650 5/16/2047 EUR 71.641
Region de Bruxelles-2.344 2/14/2053 EUR 70.285
Kommunalkredit Austr1.183 6/2/2031 EUR 65.959
Ville de Marseille 1.712 12/6/2039 EUR 74.396
Agence Francaise de 2.114 9/8/2034 AUD 71.618
NIBC Bank NV 0.410 1/27/2031 EUR 68.191
Regie Autonome des T0.953 5/24/2052 EUR 53.801
State of Lower Austr0.585 10/11/2049 EUR 47.999
Lloyds Banking Group0.995 2/15/2038 JPY 74.128
Vacse AB 2.067 4/20/2034 SEK 74.466
Banque International0.775 11/18/2032 EUR 61.536
Barclays Bank PLC 1.235 11/27/2040 EUR 50.950
Landeskreditbank Bad0.170 12/10/2035 EUR 66.899
Region Bourgogne-Fra0.300 12/3/2040 EUR 54.421
Region de Bruxelles-0.283 10/24/2033 EUR 69.662
Sveriges Sakerstalld0.928 11/7/2034 SEK 71.509
Agrokor dd Via Aquar4.921 8/8/2017 EUR 14.625
Specialfastigheter S1.180 12/2/2044 SEK 55.621
HSBC Continental Eur1.410 12/12/2039 EUR 59.244
Batigere Grand Est S1.550 11/14/2039 EUR 67.338
Communaute Francaise0.785 8/24/2050 EUR 47.287
Landesbank Hessen-Th0.650 10/1/2031 EUR 73.156
NRW Bank 1.245 9/7/2060 EUR 57.770
Landesbank Hessen-Th0.700 10/29/2035 EUR 63.021
Emissionszentrale fu0.100 11/2/2038 CHF 74.274
Kreditanstalt fuer W1.000 10/20/2050 EUR 61.805
Natixis SA 3.210 1/29/2050 AUD 63.558
Petromena ASA 10.850 11/19/2018 USD 0.622
Agrokor dd 9.125 2/1/2020 EUR 15.000
Single Platform Inve1.051 4/1/2042 EUR 61.184
Espirito Santo Finan5.125 5/30/2016 EUR 0.528
Cooperatieve Raboban1.300 3/28/2039 EUR 72.914
Single Platform Inve1.600 2/15/2041 EUR 69.452
UBS AG/London 5.520 4/29/2041 USD 47.270
Leonteq Securities A7.600 3/9/2023 EUR 29.460
Otthon Centrum Holdi3.000 4/19/2031 HUF 68.500
UBS AG/London 7.000 4/21/2023 USD 37.050
BNP Paribas Issuance3.400 1/23/2024 EUR 72.450
UniCredit Bank AG 15.050 4/28/2023 EUR 41.550
DZ Bank AG Deutsche 4.050 6/23/2023 EUR 52.090
UBS AG/London 8.750 7/12/2023 USD 59.150
Leonteq Securities A8.000 3/8/2023 CHF 55.100
DZ Bank AG Deutsche 3.900 3/24/2023 EUR 62.240
Landesbank Hessen-Th1.000 4/30/2035 EUR 66.700
Nordea Bank Abp 4.100 7/20/2023 SEK 50.835
Landesbank Hessen-Th1.000 12/28/2035 EUR 62.150
UBS AG/London 7.750 4/29/2024 CHF 69.250
WEB Windenergie AG 6.250 EUR 90.000
Duna House Holding N3.000 9/2/2030 HUF 72.830
MetMax Europe Zrt 3.000 12/11/2030 HUF 65.700
Pannonia Bio Ltd 2.400 9/18/2029 HUF 65.480
LP Portfolio Vagyonk2.640 1/8/2030 HUF 69.100
Santander Internatio1.150 4/8/2041 EUR 51.424
Credit Suisse AG/Lon2.100 3/15/2037 EUR 55.158
Landesbank Baden-Wue0.200 5/7/2031 EUR 72.632
Single Platform Inve1.840 11/5/2040 EUR 72.865
Caisse des Depots et1.365 11/2/2051 EUR 57.394
Single Platform Inve1.830 11/5/2040 EUR 72.735
Single Platform Inve0.465 2/27/2035 EUR 64.393
Region de Bruxelles-1.065 6/22/2047 EUR 55.123
de Volksbank NV 1.630 1/14/2039 EUR 74.874
NRW Bank 0.120 2/24/2033 EUR 72.986
Societe Generale SA 5.400 11/17/2037 USD 49.180
Republic of Ireland 1.020 9/10/2086 EUR 41.588
Citigroup Global Mar1.010 12/1/2034 EUR 67.746
Region Occitanie 0.728 11/16/2037 EUR 65.017
Deutschsprachige Gem1.004 7/1/2036 EUR 70.873
Landesbank Hessen-Th1.150 11/24/2036 EUR 65.932
Muenchener Hypotheke0.867 2/25/2047 EUR 61.453
Norske Skogindustrie2.000 12/30/2115 EUR 0.113
Vasakronan AB 1.870 6/3/2039 EUR 55.617
State of North Rhine1.267 9/16/2051 EUR 62.584
Communaute Francaise1.363 4/16/2040 EUR 65.848
HSBC Continental Eur1.200 9/26/2039 EUR 57.195
Canton of Neuchatel 0.100 10/29/2049 CHF 58.658
Landesbank Hessen-Th1.050 5/28/2036 EUR 65.367
Landesbank Hessen-Th0.750 4/9/2035 EUR 64.676
Caisse des Depots et1.290 5/5/2051 EUR 56.534
Region Wallonne Belg2.100 6/26/2048 EUR 72.199
Barclays Bank PLC 7.830 7/26/2038 MXN 67.044
Swedbank Hypotek AB 1.565 8/17/2043 EUR 71.861
Standard Chartered B3.040 1/18/2042 USD 73.380
Norddeutsche Landesb0.675 2/25/2033 EUR 67.444
DZ Bank AG Deutsche 0.520 6/23/2031 EUR 71.439
Credit Agricole Corp0.310 2/24/2033 EUR 67.660
Communaute Francaise1.617 2/7/2039 EUR 69.908
Heta Asset Resolutio4.875 12/31/2023 EUR 1.500
Swedbank Hypotek AB 1.445 3/29/2038 EUR 74.036
Region Provence-Alpe0.394 9/1/2036 EUR 65.037
Bank of Ireland Mort1.574 3/31/2043 EUR 71.484
Landesbank Hessen-Th1.150 6/23/2036 EUR 66.270
Banque et Caisse d'E1.220 5/26/2041 EUR 70.343
Santander Consumer B8.090 NOK 57.504
Caisse des Depots et0.916 1/20/2051 EUR 52.082
Land Berlin 0.500 6/19/2047 EUR 55.991
Raiffeisen-Landesban0.550 1/20/2031 EUR 72.916
Caisse des Depots et0.678 7/23/2040 EUR 58.710
Autonomous Community1.550 5/11/2051 EUR 55.591
Bayerische Landesban1.440 11/3/2033 EUR 73.228
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 57.075
Erdoel-Lagergesellsc1.824 10/18/2038 EUR 73.801
Bank of Ireland Mort1.548 4/17/2043 EUR 71.089
Barclays Bank PLC 1.450 9/24/2038 MXN 25.205
BNG Bank NV 2.280 10/17/2048 SEK 73.949
NRW Bank 0.550 7/23/2035 EUR 69.424
Hungary Government I1.625 4/28/2032 EUR 72.630
DZ Bank AG Deutsche 0.800 2/2/2037 EUR 66.712
Oberoesterreichische0.705 1/29/2036 EUR 60.556
Swedbank Hypotek AB 1.595 11/20/2043 EUR 71.143
Liga Bank eG Regensb0.760 12/8/2036 EUR 65.365
Societe Du Grand Par2.145 11/26/2068 EUR 61.685
Regie Autonome des T1.900 6/26/2048 EUR 72.219
Bayerische Landesban0.760 12/1/2031 EUR 74.025
Department of L'Eure0.643 8/31/2041 EUR 57.452
Standard Chartered B0.520 1/22/2041 JPY 61.070
Norddeutsche Landesb2.000 1/31/2035 EUR 73.395
Akademiska Hus AB 1.252 2/13/2043 SEK 58.603
Santander Internatio1.320 8/8/2039 EUR 55.876
BPCE SFH SA 0.843 7/19/2044 EUR 58.915
Cie de Financement F0.900 7/18/2058 EUR 49.743
Deutsche Apotheker-u1.770 12/21/2046 EUR 75.225
NRW Bank 0.650 7/20/2037 EUR 70.495
Muenchener Hypotheke1.750 12/19/2046 EUR 73.600
BNP Paribas SA 3.950 7/11/2039 AUD 70.683
Kreditanstalt fuer W0.210 11/18/2037 EUR 61.541
Credit Agricole Corp11.550 1/28/2026 TRY 72.693
Landeskreditbank Bad0.610 11/17/2050 EUR 53.412
DLR Kredit A/S 0.500 10/1/2053 DKK 64.384
Metropole de Lyon 0.466 12/7/2046 EUR 47.096
Caisse des Depots et1.005 11/5/2050 EUR 51.984
Region de Bruxelles-0.976 11/4/2058 EUR 41.909
HSBC Continental Eur1.300 10/23/2039 EUR 58.202
Rio Forte Investment3.900 7/10/2014 USD 2.900
Aargau Verkehr AG 0.270 11/29/2049 CHF 69.956
HSBC Continental Eur0.800 12/13/2034 EUR 63.078
DekaBank Deutsche Gi1.080 12/9/2039 EUR 64.623
Single Platform Inve1.200 11/15/2037 EUR 67.354
Societe Wallonne de 1.066 9/18/2046 EUR 50.489
Kreditanstalt fuer W1.075 12/20/2049 EUR 64.056
Lloyds Bank PLC 2.637 1/16/2040 AUD 65.609
Rikshem AB 2.900 1/23/2035 AUD 71.180
Lehman Brothers Trea11.750 3/1/2010 EUR 0.100
Lehman Brothers Trea6.250 9/5/2011 EUR 0.100
Region Auvergne-Rhon1.832 5/6/2042 EUR 72.131
Landesbank Hessen-Th1.000 3/6/2035 EUR 64.500
UBS AG/London 18.000 4/8/2024 CHF 68.500
Landesbank Hessen-Th1.300 9/2/2036 EUR 60.800
Wingholding Zrt 3.000 9/22/2031 HUF 61.900
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
Landesbank Hessen-Th1.400 3/5/2036 EUR 62.700
Opus Global Nyrt 3.200 4/29/2031 HUF 71.000
Greenergy Holding Va3.000 9/21/2031 HUF 65.676
Leonteq Securities A30.000 9/1/2023 CHF 55.700
Landesbank Hessen-Th1.500 3/10/2037 EUR 65.800
Raiffeisen Schweiz G5.500 2/7/2024 CHF 75.460
UBS AG/London 7.250 12/29/2023 CHF 66.350
Landesbank Hessen-Th4.984 1/26/2037 EUR 64.600
Landesbank Hessen-Th1.000 9/3/2035 EUR 64.350
Russian Railways JSC12.770 5/30/2040 RUB 50.010
Societe Generale SA 20.000 8/31/2023 USD 9.250
Credit Suisse AG/Lon14.750 8/18/2023 USD 58.880
Senivita Social Esta8.500 6/30/2025 EUR 0.020
SG Issuer SA 2.100 8/23/2033 EUR 21.410
DekaBank Deutsche Gi3.350 4/8/2024 EUR 67.510
Societe Generale SA 18.000 8/1/2024 USD 17.500
DekaBank Deutsche Gi3.100 7/21/2023 EUR 59.700
DekaBank Deutsche Gi2.100 8/11/2023 EUR 68.870
UBS AG/London 16.250 7/7/2023 USD 73.200
Raiffeisen Schweiz G6.700 9/6/2023 USD 56.500
Bank Julius Baer & C7.000 9/12/2023 USD 74.050
Landesbank Hessen-Th1.000 10/14/2036 EUR 61.750
Credit Suisse AG/Lon17.250 3/14/2023 CHF 72.930
Bank Vontobel AG 8.500 6/26/2023 EUR 69.700
Infogroup Holding Kf3.000 5/20/2031 HUF 65.050
UBS AG/London 15.000 4/14/2023 USD 62.300
Mostotrest PJSC 0.010 7/29/2026 RUB 63.840
DekaBank Deutsche Gi3.250 8/11/2023 EUR 71.430
Corner Banca SA 8.000 10/11/2023 CHF 37.400
Leonteq Securities A18.000 5/2/2023 CHF 39.200
Raiffeisen Bank Inte10.000 5/31/2024 EUR 76.440
Hell Energy Magyaror3.000 7/28/2031 HUF 68.300
Raiffeisen Bank Inte7.500 9/1/2023 EUR 52.870
OR PJSC 12.600 9/28/2025 RUB 5.600
BNP Paribas Issuance3.300 7/1/2030 EUR 63.180
Market Epito Zrt 2.950 10/22/2029 HUF 68.000
B+N Referencia Ipari2.900 12/20/2029 HUF 68.100
DZ Bank AG Deutsche 1.598 10/11/2050 EUR 65.720
VTB Bank PJSC 7.600 4/2/2031 RUB 64.000
Erste Group Bank AG 7.500 11/29/2024 EUR 56.550
UniCredit Bank AG 4.900 5/22/2023 EUR 70.730
Pongs & Zahn AG 8.500 EUR 0.002
Landesbank Hessen-Th1.000 3/13/2035 EUR 65.800
OR PJSC 11.000 12/29/2024 RUB 3.070
Erste Group Bank AG 7.750 9/30/2024 EUR 67.950
Baromfi-Coop Termelo2.700 11/20/2026 HUF 70.100
Russian Railways JSC9.390 2/28/2040 RUB 50.010
Single Platform Inve0.950 2/15/2044 EUR 58.204
Credit Agricole Corp2.750 12/12/2034 AUD 71.972
Kreditanstalt fuer W1.142 2/15/2042 EUR 70.001
Landesbank Hessen-Th0.900 5/12/2036 EUR 63.995
Landeskreditbank Bad0.812 12/16/2060 EUR 46.833
Raiffeisenlandesbank1.480 2/17/2042 EUR 71.230
Muenchener Hypotheke1.275 2/11/2042 EUR 69.984
Assistance Publique 1.665 4/10/2049 EUR 63.182
Landesbank Hessen-Th1.000 4/28/2036 EUR 64.967
Landesbank Baden-Wue0.300 8/9/2030 EUR 74.133
Landesbank Baden-Wue0.150 8/11/2031 EUR 71.721
Caisse Francaise de 0.865 2/17/2042 EUR 63.173
Credit Suisse AG/Lon2.000 5/17/2029 USD 73.204
Barclays Bank PLC 2.800 10/28/2036 USD 74.779
Landesbank Baden-Wue0.200 7/30/2030 EUR 75.007
Republic of Ireland 1.210 10/27/2111 EUR 40.951
Morgan Stanley & Co 3.100 10/28/2041 AUD 62.559
Credit Suisse AG/Lon1.200 12/20/2030 EUR 67.069
Citigroup Global Mar2.000 3/25/2039 EUR 71.281
Societe Generale SA 1.040 3/25/2041 EUR 58.692
BNG Bank NV 0.772 8/5/2050 EUR 51.739
Region de Bruxelles-0.640 7/20/2045 EUR 50.959
Credit Agricole CIB 0.810 11/1/2033 EUR 69.922
Wirtschafts- und Inf0.650 2/8/2039 EUR 66.504
Espirito Santo Finan5.050 11/15/2025 EUR 0.622
Caisse des Depots et0.859 3/2/2041 EUR 59.787
Muenchener Hypotheke1.495 10/5/2050 EUR 63.258
National Grid Electr2.037 2/15/2039 EUR 71.615
BNP Paribas SA 2.400 6/14/2048 EUR 73.789
Credit Industriel Et0.900 2/4/2041 EUR 59.253
Credit Agricole CIB 0.550 8/11/2031 EUR 73.354
Kuntarahoitus Oyj 0.185 8/2/2033 EUR 72.224
Landesbank Baden-Wue1.300 6/21/2049 EUR 58.005
Canton of Neuchatel 0.300 7/19/2039 CHF 74.305
Heta Asset Resolutio3.177 12/31/2023 EUR 1.541
DZ Bank AG Deutsche 1.030 2/23/2034 EUR 74.766
Bayerische Landesbod0.700 6/12/2037 EUR 67.461
NRW Bank 1.244 4/6/2051 EUR 64.161
LBI ehf 2.250 2/14/2011 CHF 10.125
Kreditanstalt fuer W1.175 4/14/2051 EUR 65.665
Natixis SA 1.350 6/26/2039 EUR 65.423
Landesbank Hessen-Th1.448 9/17/2038 EUR 74.106
Nederlandse Watersch0.700 10/25/2050 EUR 52.098
ING Bank NV 2.550 10/15/2031 AUD 77.492
Credit Industriel Et1.170 1/28/2037 EUR 68.845
Region Provence-Alpe0.393 8/26/2036 EUR 65.651
Landeskreditbank Bad1.236 5/22/2045 EUR 66.593
DZ Bank AG Deutsche 0.650 12/22/2036 EUR 65.067
Landesbank Hessen-Th0.850 9/2/2036 EUR 63.114
Credit Agricole SA/L1.770 4/26/2035 EUR 74.460
Cie de Financement F1.270 4/26/2039 EUR 70.827
Swiss Confederation 0.500 5/30/2058 CHF 72.514
BPCE SFH SA 1.186 5/9/2039 EUR 69.266
Cie de Financement F1.101 5/17/2039 EUR 68.740
Single Platform Inve0.950 2/5/2033 EUR 72.813
Deutsche Bank AG/Lon0.500 10/18/2038 MXN 16.313
Vasakronan AB 2.777 4/12/2039 SEK 74.149
Salzburger Landes-Hy1.270 9/14/2035 EUR 73.749
DZ Bank AG Deutsche 0.800 9/16/2031 EUR 72.621
Caisse Francaise de 1.141 9/21/2046 EUR 63.081
Region Wallonne Belg1.305 9/29/2041 EUR 64.669
Ringkjoebing Landbob1.875 6/6/2039 EUR 67.994
O1 Properties Financ0.500 9/27/2028 USD 5.235
Danske Bank A/S 0.805 8/12/2036 EUR 68.814
La Banque Postale Ho1.202 4/29/2039 EUR 70.389
HSBC Continental Eur2.890 9/11/2039 AUD 65.864
Cie de Financement F1.300 6/28/2036 EUR 73.745
Caisse des Depots et1.106 9/30/2049 EUR 53.478
Wirtschafts- und Inf0.138 8/23/2044 EUR 49.312
Landesbank Hessen-Th1.235 12/10/2049 EUR 63.492
Norske Skogindustrie7.000 12/30/2026 EUR 0.010
Deutsche Pfandbriefb0.765 9/12/2036 EUR 55.065
DekaBank Deutsche Gi1.850 3/20/2045 EUR 66.062
Communaute Francaise0.961 1/7/2047 EUR 56.427
Caisse des Depots et2.700 4/28/2041 AUD 68.070
Department of Loiret0.550 12/18/2045 EUR 49.733
Renovables Atlasol S2.200 12/31/2038 EUR 71.798
BNP Paribas SA 3.310 2/27/2040 AUD 62.888
Metropole de Lyon 0.376 12/22/2044 EUR 48.622
BNG Bank NV 1.603 3/19/2048 EUR 67.773
Sparekassen Bredebro3.750 4/15/2031 DKK 70.336
Metropole de Lyon 0.500 12/28/2048 EUR 44.798
Raiffeisenlandesbank2.310 2/27/2040 EUR 66.963
Metropole de Lyon 0.500 12/28/2049 EUR 43.518
SR-Boligkreditt AS 1.570 10/4/2038 EUR 74.809
Rikshem AB 3.250 5/31/2041 AUD 66.585
Landesbank Baden-Wue0.300 6/18/2031 EUR 73.071
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 63.829
DZ Bank AG Deutsche 1.000 1/12/2032 EUR 73.760
Communaute Francaise2.177 8/17/2068 EUR 65.930
Societe Generale SA 3.700 10/23/2037 USD 72.514
Nederlandse Watersch0.781 10/18/2050 EUR 53.545
Berlin Hyp AG 1.057 2/21/2059 EUR 56.717
Hamburgische Investi0.380 2/24/2042 EUR 58.819
Kreditanstalt fuer W0.175 3/8/2032 EUR 74.229
KPNQwest NV 8.875 2/1/2008 EUR 0.680
Muenchener Hypotheke1.860 8/17/2048 EUR 73.236
Landesbank Baden-Wue0.360 7/9/2030 EUR 74.664
Landesbank Baden-Wue0.230 7/9/2031 EUR 72.471
Ville de Paris 1.720 8/23/2047 EUR 67.925
Goldman Sachs Intern2.520 3/3/2036 USD 70.257
Region de Bruxelles-1.532 8/16/2038 EUR 72.526
City of Amsterdam Ne1.359 2/26/2044 EUR 69.019
Lloyds Bank PLC 2.280 1/29/2044 EUR 70.792
Credit Agricole Corp3.200 3/11/2036 AUD 74.123
Banco Santander SA 2.010 3/7/2034 EUR 75.425
MMB SCF SACA 1.500 3/1/2039 EUR 73.984
Italy Buoni Polienna1.500 4/30/2045 EUR 57.762
Region de Bruxelles-1.510 3/15/2039 EUR 71.435
Single Platform Inve1.301 6/25/2044 EUR 61.542
Agence Francaise de 1.833 2/26/2052 EUR 71.251
Barclays Bank PLC 3.020 3/26/2051 USD 67.321
Landesbank Baden-Wue0.250 11/8/2030 EUR 74.981
Single Platform Inve3.000 6/21/2047 USD 71.329
Vasakronan AB 2.277 3/11/2039 EUR 60.337
Landesbank Baden-Wue0.300 3/17/2033 EUR 68.107
Landesbank Hessen-Th0.900 3/4/2032 EUR 74.559
Landesbank Hessen-Th0.820 12/17/2035 EUR 63.934
Caisse des Depots et1.902 9/11/2048 EUR 67.722
Citigroup Global Mar1.300 1/31/2037 EUR 67.395
Landesbank Baden-Wue0.200 3/26/2031 EUR 72.882
Region de Bruxelles-0.900 6/28/2046 EUR 53.220
Agence Francaise de 1.760 2/19/2047 EUR 72.878
Landesbank Hessen-Th0.950 4/9/2036 EUR 64.540
Credit Agricole SA 3.450 3/4/2041 AUD 56.163
Deutsche Bank AG 0.700 10/7/2031 EUR 70.663
HYPO NOE Landesbank 2.080 10/5/2037 EUR 70.328
Communaute Francaise1.920 8/8/2048 EUR 67.273
Landesbank Hessen-Th0.350 1/20/2031 EUR 73.119
Assistance Publique 1.800 4/10/2048 EUR 66.248
Landesbank Hessen-Th0.510 3/10/2032 EUR 70.805
Deutsche Bank Luxemb2.386 4/27/2029 EUR 74.415
Natixis SA 2.700 5/18/2036 USD 73.949
Natixis SA 2.520 8/24/2036 AUD 65.913
Deutsche Bank AG 0.650 6/3/2031 EUR 71.458
BNP Paribas SA 3.590 7/20/2040 AUD 66.482
Saastopankkien Kesku0.975 8/18/2034 EUR 63.391
Lehman Brothers Trea4.050 9/16/2008 EUR 0.100
Societe Wallonne de 0.913 7/31/2040 EUR 53.708
Deutsche Bahn Financ1.520 7/3/2035 SEK 72.746
Norddeutsche Landesb1.410 7/7/2037 EUR 64.373
Specialfastigheter S2.205 10/11/2038 SEK 74.411
Nederlandse Watersch1.370 3/23/2065 EUR 54.375
BNG Bank NV 1.880 4/24/2048 EUR 71.602
Region Bourgogne-Fra0.841 5/12/2037 EUR 68.195
Kuntarahoitus Oyj 1.220 3/27/2060 EUR 60.404
Societe Generale SA 2.750 3/12/2040 AUD 57.823
Societe Nationale SN2.931 1/14/2051 AUD 66.100
Region of Centre-Val0.552 5/12/2033 EUR 74.904
Region Provence-Alpe1.547 11/29/2038 EUR 71.770
Nederlandse Watersch1.674 11/27/2047 EUR 73.001
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.721
State of Rhineland-P0.872 10/31/2036 EUR 72.620
DZ Bank AG Deutsche 0.420 2/17/2033 EUR 70.227
Societe Generale SA 2.050 2/22/2031 AUD 70.713
Landesbank Baden-Wue0.100 3/5/2031 EUR 72.342
Kreditanstalt fuer W0.680 2/23/2051 EUR 57.830
Credit Agricole Corp1.830 2/4/2031 AUD 74.025
BPCE SFH SA 1.558 1/17/2039 EUR 74.648
NRW Bank 1.022 12/23/2041 EUR 67.069
Single Platform Inve1.120 7/25/2045 JPY 67.063
Landesbank Hessen-Th0.580 6/11/2031 EUR 73.378
Deutsche Bank AG 2.010 12/10/2052 EUR 63.926
Goldman Sachs Intern2.076 7/27/2036 EUR 74.950
Santander Internatio1.365 1/28/2061 EUR 39.653
Region Wallonne Belg0.850 1/26/2071 EUR 35.140
La Banque Postale Ho1.475 12/17/2038 EUR 73.958
BPCE SFH SA 1.529 12/14/2038 EUR 73.879
Kommunekredit 1.000 4/23/2035 SEK 73.811
NRW Bank 0.605 12/14/2033 EUR 74.941
Region Hauts-de-Fran0.361 2/18/2041 EUR 54.777
Deutsche Bank Luxemb1.560 10/6/2028 EUR 74.235
Republic of Ireland 2.000 6/29/2063 EUR 65.290
DZ Bank AG Deutsche 1.000 12/1/2031 EUR 73.995
UBS AG/London 0.120 5/25/2040 MXN 13.312
Single Platform Inve1.425 5/25/2052 EUR 59.950
State of Saxony-Anha1.808 5/15/2048 EUR 74.108
Cooperatieve Raboban0.500 8/21/2028 MXN 56.469
Single Platform Inve1.150 5/25/2066 EUR 48.722
French Republic Gove0.750 5/25/2052 EUR 51.474
Landesbank Hessen-Th0.850 3/12/2035 EUR 65.757
Credit Mutuel Arkea 0.730 10/14/2036 EUR 55.850
Willhem AB 1.824 10/18/2038 SEK 64.665
Ville de Rennes 0.505 10/22/2034 EUR 70.066
Italy Buoni Polienna1.450 3/1/2036 EUR 69.946
BPCE SA 2.450 2/24/2035 AUD 61.309
Bayerische Landesban3.180 2/16/2038 EUR 66.366
Nederlandse Watersch2.032 1/23/2058 EUR 74.834
Communaute Francaise1.652 1/26/2038 EUR 72.104
Communaute Francaise1.675 1/24/2039 EUR 73.353
DNB Boligkreditt AS 1.533 1/27/2042 EUR 70.696
HSBC Continental Eur2.220 1/24/2048 EUR 63.136
Grupo Isolux Corsan 0.250 12/30/2018 EUR 0.157
BPCE SFH SA 1.403 1/13/2039 EUR 72.252
Kingdom of Belgium G0.400 6/22/2040 EUR 59.402
Single Platform Inve1.090 11/30/2033 EUR 71.957
Kreditanstalt fuer W0.951 9/9/2050 EUR 56.091
Single Platform Inve0.700 9/20/2041 EUR 57.414
Oberoesterreichische0.763 12/15/2050 EUR 54.716
Metropole de Lyon 0.540 12/7/2050 EUR 43.054
LFA Foerderbank Baye0.250 9/30/2039 EUR 59.987
LFA Foerderbank Baye0.010 12/15/2033 EUR 69.875
BPCE SA 2.285 12/3/2035 AUD 58.153
Metropole de Lyon 0.462 12/7/2045 EUR 48.467
BPCE SA 2.315 11/19/2035 AUD 58.475
Ministeries Van de V0.600 11/19/2055 EUR 35.932
Credit Agricole CIB 0.900 10/25/2031 EUR 74.242
Caisse des Depots et0.750 11/6/2048 EUR 49.971
Societe Generale SA 2.900 10/24/2039 AUD 59.668
BPCE SFH SA 1.775 3/11/2042 EUR 74.302
Kreditanstalt fuer W0.788 11/4/2039 EUR 67.277
Nationwide Building 0.750 5/8/2035 EUR 71.474
ABN AMRO Bank NV 1.425 4/17/2045 EUR 66.764
HSBC Bank PLC 10.300 12/10/2024 TRY 71.263
Kreditanstalt fuer W1.030 12/6/2049 EUR 63.332
Santander Internatio1.180 12/5/2034 EUR 62.922
Nederlandse Watersch1.200 11/26/2049 EUR 61.694
Kreditanstalt fuer W0.885 11/14/2039 EUR 68.134
Single Platform Inve1.156 2/12/2041 EUR 63.336
Communaute Francaise0.800 8/24/2049 EUR 49.526
Raiffeisen Bank Inte0.430 9/9/2030 EUR 70.342
Caisse des Depots et1.075 9/15/2050 EUR 53.209
Landesbank Baden-Wue0.590 10/7/2032 EUR 70.249
Berlin Hyp AG 0.130 9/29/2032 EUR 72.458
Region of Pays de la0.448 12/20/2039 EUR 59.543
Nederlandse Watersch1.080 10/26/2050 EUR 58.057
NRW Bank 0.090 10/26/2032 EUR 73.550
UniCredit Bank AG 0.310 10/15/2035 EUR 66.587
Hungary Government B3.000 4/25/2041 HUF 51.329
Communaute Francaise1.367 1/20/2070 EUR 55.557
LBI ehf 7.431 USD 0.001
Lehman Brothers Trea4.600 10/11/2017 ILS 0.100
Banco Espirito Santo10.000 12/6/2021 EUR 0.329
Pescanova SA 8.750 2/17/2019 EUR 0.319
Agrokor dd 8.875 2/1/2020 USD 15.000
Landesbank Hessen-Th2.400 3/22/2052 EUR 73.308
Single Platform Inve1.785 2/15/2041 EUR 73.414
Raiffeisen Switzerla7.000 5/3/2023 CHF 48.920
Zurcher Kantonalbank19.000 4/6/2023 CHF 78.260
DZ Bank AG Deutsche 0.950 12/30/2030 EUR 74.560
Raiffeisen Schweiz G7.000 9/20/2023 CHF 58.900
Societe Generale SA 16.000 7/3/2024 USD 19.130
Landesbank Hessen-Th2.000 3/10/2037 EUR 69.600
Luzerner Kantonalban12.200 7/17/2023 CHF 76.510
Raiffeisen Schweiz G9.000 3/10/2023 CHF 48.440
Landesbank Hessen-Th1.100 3/12/2036 EUR 62.900
Societe Generale SA 12.000 7/14/2026 USD 22.880
Luzerner Kantonalban3.500 8/30/2023 USD 55.840
Raiffeisen Schweiz G7.000 3/17/2023 CHF 67.710
Leonteq Securities A9.000 5/8/2023 CHF 66.760
Metal Hungaria Holdi3.500 11/16/2031 HUF 68.000
Swissquote Bank SA 20.000 8/29/2023 CHF 71.370
Credit Suisse AG/Lon9.500 3/7/2023 CHF 34.630
VTB Bank PJSC 3.750 EUR 38.000
Landesbank Hessen-Th1.500 10/20/2036 EUR 61.500
Zurcher Kantonalbank18.100 4/26/2023 CHF 62.340
Credit Suisse AG/Lon1.000 12/20/2027 EUR #N/A N/A
DZ Bank AG Deutsche 1.400 12/30/2030 EUR 74.320
Region of Chelyabins6.000 12/17/2027 RUB 62.060
Kardan NV 6.325 2/21/2021 ILS 3.000
Skandinaviska Enskil5.050 1/15/2025 SEK #N/A N/A
DZ Bank AG Deutsche 1.140 12/30/2030 EUR 72.380
Single Platform Inve0.815 4/1/2042 EUR 56.800
Single Platform Inve1.413 3/20/2051 EUR 59.559
Single Platform Inve1.235 12/20/2050 EUR 56.851
Landesbank Hessen-Th1.150 3/9/2037 EUR 65.606
Kuntarahoitus Oyj 1.197 4/6/2051 EUR 64.893
Kommunekredit 2.180 7/16/2040 AUD 62.317
Erdoel-Lagergesellsc1.281 9/30/2036 EUR 70.757
LFA Foerderbank Baye0.250 3/19/2037 EUR 65.410
Single Platform Inve0.901 2/15/2041 EUR 60.933
Rena GmbH 8.250 7/11/2018 EUR 0.055
Region Wallonne Belg1.222 6/24/2080 EUR 43.086
Hypo Vorarlberg Bank0.480 3/26/2031 EUR 67.792
Lehman Brothers Trea4.984 11/2/2035 EUR 0.100
UBS AG/London 3.327 11/23/2025 EUR 58.500
Caisse des Depots et1.930 3/6/2048 EUR 69.988
Citigroup Global Mar2.500 2/25/2036 USD 73.232
Goldman Sachs Intern2.500 7/26/2048 EUR 74.723
Communaute Francaise2.500 7/6/2087 EUR 70.704
Muenchener Hypotheke1.692 11/6/2051 EUR 65.964
Banque International0.750 4/15/2031 EUR 69.474
Department of L'Eure0.959 11/25/2037 EUR 68.330
DekaBank Deutsche Gi0.370 12/16/2030 EUR 75.724
Bank fuer Kirche und0.770 10/12/2035 EUR 67.343
Nationwide Building 1.618 1/28/2041 EUR 73.671
Department of Val d'0.207 10/10/2032 EUR 73.176
Danske Bank A/S 0.910 10/17/2039 JPY 71.889
Municipality of Eind1.246 10/18/2046 EUR 64.907
Lloyds Bank PLC 1.920 4/16/2044 EUR 66.600
State of North Rhine1.513 7/27/2065 EUR 60.294
Region de Bruxelles-0.540 9/13/2044 EUR 50.903
Caisse des Depots et1.114 9/20/2049 EUR 54.805
Kuntarahoitus Oyj 1.350 7/21/2046 EUR 71.232
LR Realkredit AS 0.500 10/1/2050 DKK 64.621
BNP Paribas SA 2.840 8/26/2039 AUD 58.603
La Banque Postale Ho1.379 4/4/2040 EUR 71.560
Region de Bruxelles-0.844 12/22/2047 EUR 49.927
Department of Girond0.556 4/29/2033 EUR 74.669
Pfandbriefbank schwe0.375 1/24/2042 CHF 72.715
DekaBank Deutsche Gi1.585 12/28/2035 EUR 62.689
Landesbank Baden-Wue0.290 8/6/2031 EUR 71.426
Muenchener Hypotheke0.105 2/17/2031 EUR 73.245
Deutsche Bank AG 0.510 9/16/2031 EUR 70.768
Landesbank Hessen-Th0.750 2/4/2032 EUR 73.725
KPNQwest NV 7.125 6/1/2009 EUR 0.680
Single Platform Inve1.510 2/13/2043 EUR 66.301
Standard Chartered B2.470 2/24/2036 USD 73.464
Region de Bruxelles-1.620 2/8/2044 EUR 66.914
Citigroup Global Mar1.010 10/28/2035 EUR 66.286
Single Platform Inve0.833 2/15/2041 EUR 59.623
Bank fuer Kirche und0.450 7/1/2031 EUR 74.223
Single Platform Inve0.780 4/1/2042 EUR 57.524
Heta Asset Resolutio5.270 12/31/2023 EUR 1.500
Sparebank 1 Oestland1.575 2/28/2034 EUR 67.438
Italy Buoni Polienna0.600 8/1/2031 EUR 74.322
Muenchener Hypotheke1.000 5/7/2035 EUR 70.582
Communaute Francaise1.760 2/22/2038 EUR 75.041
Landesbank Baden-Wue0.360 12/30/2030 EUR 73.088
Bank fuer Kirche und0.660 3/17/2036 EUR 65.635
Bank fuer Kirche und0.600 6/9/2036 EUR 64.599
Region Wallonne Belg0.638 6/21/2047 EUR 45.698
Single Platform Inve1.200 11/1/2040 EUR 63.905
Assistance Publique 0.647 7/17/2040 EUR 62.237
Deutsche Pfandbriefb1.020 7/29/2030 EUR 74.463
Caisse des Depots et1.140 2/25/2037 EUR 71.857
Landesbank Hessen-Th0.510 3/10/2032 EUR 70.805
Senvion Holding GmbH3.875 10/25/2022 EUR 0.192
Muenchener Hypotheke1.300 5/7/2061 EUR 57.707
Region Occitanie 0.766 10/7/2041 EUR 58.882
Banque et Caisse d'E1.270 5/7/2045 EUR 70.196
Norddeutsche Landesb0.650 3/10/2031 EUR 72.603
Cooperatieve Raboban2.360 9/25/2047 EUR 68.555
Credit Agricole Corp1.300 2/2/2061 EUR 48.263
Muenchener Hypotheke1.666 8/7/2042 EUR 74.213
Hypo Vorarlberg Bank0.175 9/10/2029 EUR 73.551
Ville de Marseille 1.688 12/6/2038 EUR 73.324
State of North Rhine0.200 1/27/2051 EUR 43.423
Norddeutsche Landesb0.400 8/23/2030 EUR 73.477
Barclays Bank PLC 2.070 12/18/2035 USD 64.351
Bibby Offshore Servi7.500 6/15/2021 GBP 11.625
Luminis SA 1.800 9/2/2059 EUR 44.158
Grupo Isolux Corsan 6.000 12/30/2021 USD 0.253
Arkea Public Sector 1.344 1/26/2037 EUR 74.764
Caisse des Depots et2.766 8/9/2049 USD 69.406
Single Platform Inve0.428 2/15/2040 EUR 56.062
DZ Bank AG Deutsche 0.180 12/7/2032 EUR 71.522
Region Wallonne Belg0.150 5/10/2035 EUR 64.271
Santander Internatio1.100 12/7/2040 EUR 51.864
Societe Wallonne de 0.883 11/21/2044 EUR 49.301
Region Auvergne-Rhon0.250 10/23/2034 EUR 66.509
Batigere Grand Est S1.600 11/14/2044 EUR 62.835
Single Platform Inve1.870 11/21/2044 EUR 68.296
Vasakronan AB 1.310 12/10/2040 EUR 48.278
BPCE SFH SA 1.344 2/18/2041 EUR 74.332
Region Wallonne Belg1.727 3/29/2038 EUR 73.966
Batigere Grand Est S1.540 11/4/2041 EUR 64.747
Communaute Francaise0.771 8/25/2050 EUR 46.866
NRW Bank 0.610 9/7/2040 EUR 62.888
Oberoesterreichische0.315 9/14/2035 EUR 66.482
Caisse des Depots et0.696 9/14/2040 EUR 58.645
SpareBank 1 SR-Bank 0.970 10/9/2040 EUR 49.794
NRW Bank 0.360 10/15/2035 EUR 68.947
Banque International0.750 10/13/2030 EUR 70.735
Banque International0.550 10/13/2030 EUR 69.736
Single Platform Inve0.462 2/15/2040 EUR 56.954
National Grid Electr2.226 12/19/2039 GBP 62.277
BNP Paribas SA 1.000 1/23/2040 MXN 20.151
ECM Real Estate Inve5.000 10/9/2011 EUR 15.375
ECM Real Estate Inve5.000 10/9/2011 EUR 15.375
Lehman Brothers Trea5.250 4/1/2023 EUR 0.100
Elli Investments Ltd12.250 6/15/2020 GBP 52.250
Nederlandse Watersch1.900 3/15/2052 EUR 72.115
Nordea Bank Abp 0.620 10/14/2026 SEK 54.110
Banque Cantonale Vau5.000 5/17/2023 CHF 29.250
KESZ Holding Busines4.100 11/17/2031 HUF 72.500
Sberbank of Russia P0.010 9/21/2028 RUB 62.400
4iG Nyrt 2.900 3/29/2031 HUF 68.720
Anselma Issuer SA 1.574 12/31/2038 EUR 49.730
UBS AG/London 10.750 2/2/2024 EUR 60.650
Ebis OOO 12.000 4/9/2024 RUB 2.150
UBS AG/London 7.500 7/12/2023 CHF 57.550
Leonteq Securities A13.000 4/21/2023 CHF 60.610
Golfino AG 8.000 11/18/2023 EUR 0.010
Takarek Mortgage Ban3.000 8/21/2030 HUF 66.500
Aragon OOO 24.000 3/16/2029 RUB 62.000
Kometa 99 Elelmiszer5.000 2/21/2032 HUF 74.200
Leonteq Securities A12.000 5/22/2023 CHF 73.980
Raiffeisen Bank Inte7.500 7/7/2023 EUR 51.030
Landesbank Baden-Wue3.000 5/26/2023 EUR 55.070
Societe Generale SA 0.705 11/12/2035 EUR 62.660
Societe Generale SA 12.500 9/12/2024 USD 54.870
DZ Bank AG Deutsche 2.000 12/30/2030 EUR 74.620
Societe Generale SA 23.000 5/1/2023 USD 43.000
Landesbank Baden-Wue4.984 2/20/2034 EUR 71.540
Landesbank Hessen-Th1.300 2/27/2035 EUR 65.500
Rosbank PJSC 0.030 4/30/2024 RUB 60.050
Rosbank PJSC 0.010 4/30/2024 RUB 60.050
BNP Paribas Emission15.000 3/23/2023 EUR 75.600
Progress Etteremhalo3.000 9/18/2030 HUF 66.300
DekaBank Deutsche Gi0.440 3/26/2031 EUR 75.973
Harp Issuer PLC 1.400 2/14/2032 USD 69.155
Ville de Paris 1.165 6/9/2053 EUR 50.463
Region of Pays de la0.924 11/4/2044 EUR 56.713
Norddeutsche Landesb0.650 12/3/2031 EUR 71.363
Ville de Paris 0.921 5/26/2053 EUR 46.728
Muenchener Hypotheke0.620 7/22/2033 EUR 68.896
Romanian Government 2.875 4/13/2042 EUR 56.714
Citigroup Global Mar1.010 4/20/2036 EUR 64.513
VTB Bank OJSC Via VT6.250 6/30/2035 USD 22.822
de Volksbank NV 1.210 3/28/2036 EUR 74.808
Caisse des Depots et1.617 3/18/2049 EUR 63.246
Nationale-Nederlande1.432 3/21/2039 EUR 72.854
State of North Rhine2.150 3/21/2119 EUR 64.936
Landesbank Baden-Wue0.450 11/8/2030 EUR 74.637
Portugal Obrigacoes 0.900 10/12/2035 EUR 71.670
Region de Bruxelles-0.910 1/31/2053 EUR 46.283
Societe Generale SA 2.710 7/8/2035 AUD 64.747
Kuntarahoitus Oyj 1.200 4/1/2060 EUR 60.711
Single Platform Inve1.920 11/5/2040 EUR 73.371
Merrill Lynch BV 3.090 10/25/2036 AUD 70.409
Hypo Vorarlberg Bank0.920 7/8/2036 EUR 52.737
NRW Bank 1.085 10/26/2041 EUR 67.460
Allgemeine Sparkasse0.200 3/22/2033 EUR 71.402
Oberoesterreichische0.445 3/28/2036 EUR 66.889
Landesbank Hessen-Th0.810 8/1/2035 EUR 64.665
United Kingdom Gilt 1.125 1/31/2039 GBP 64.897
Slovakia Government 2.000 10/17/2047 EUR 68.943
Single Platform Inve0.885 7/24/2036 EUR 65.863
Landesbank Baden-Wue0.580 3/2/2033 EUR 69.201
KPNQwest NV 7.125 6/1/2009 EUR 0.680
SpareBank 1 Boligkre1.490 12/14/2038 EUR 73.537
Oberoesterreichische0.600 5/26/2031 EUR 71.399
BPCE SFH SA 1.536 12/21/2038 EUR 73.857
Lehman Brothers Trea1.750 2/7/2010 EUR 0.100
Banque International2.160 6/27/2039 EUR 74.459
Merrill Lynch BV 2.650 8/4/2036 AUD 66.579
Landesbank Baden-Wue0.905 4/1/2041 EUR 59.401
Citigroup Global Mar2.505 6/12/2035 USD 74.624
Department of Girond0.707 6/23/2035 EUR 71.003
Region de Bruxelles-1.065 6/12/2058 EUR 43.785
Department of Girond0.900 12/15/2039 EUR 63.697
Goldman Sachs Intern3.200 3/16/2041 AUD 63.404
Citigroup Global Mar2.700 6/1/2035 USD 76.408
Landesbank Baden-Wue0.060 9/1/2031 EUR 70.968
Republic of Austria 0.700 4/20/2071 EUR 42.134
Sihltal Zuerich Uetl0.250 4/30/2036 CHF 73.907
Single Platform Inve1.155 5/25/2052 EUR 54.807
Credit Agricole CIB 0.850 11/19/2033 EUR 69.996
City of Lausanne Swi0.600 7/6/2050 CHF 63.569
Natixis SA 3.600 11/11/2041 AUD 70.051
Communaute Francaise1.700 4/15/2049 EUR 63.301
Communaute Francaise1.925 4/18/2059 EUR 62.287
Comunidad Foral de N2.100 4/30/2044 EUR 70.175
BNP Paribas SA 3.080 8/28/2039 AUD 60.953
Communaute Francaise0.886 6/22/2057 EUR 43.236
DekaBank Deutsche Gi1.340 8/22/2036 EUR 68.849
DNB Boligkreditt AS 1.080 5/16/2039 EUR 68.141
Aareal Bank AG 1.800 7/21/2036 EUR 72.655
Credit Agricole Corp0.900 10/1/2034 EUR 67.140
Communaute Francaise1.000 10/8/2069 EUR 41.390
Ukraine Government I7.750 9/1/2028 USD 18.541
Communaute Francaise1.140 9/20/2059 EUR 45.712
Communaute Francaise1.728 4/11/2049 EUR 66.840
Communaute Francaise1.725 4/23/2049 EUR 66.773
Ukraine Government I7.750 9/1/2025 USD 20.487
Ukraine Government I7.750 9/1/2029 USD 18.643
Communaute Francaise0.948 10/11/2059 EUR 44.048
Bayerische Landesban1.690 4/23/2037 EUR 69.531
Vasakronan AB 3.100 9/9/2039 AUD 66.380
Societe Publique de 1.272 8/23/2036 EUR 71.260
DZ HYP AG 1.300 7/18/2041 EUR 67.005
Getin Noble Bank SA 12.650 4/28/2023 PLN 52.643
Landesbank Hessen-Th0.610 9/27/2032 EUR 69.935
BPCE SFH SA 1.295 6/8/2037 EUR 73.178
Citigroup Global Mar1.230 8/20/2039 EUR 62.388
DZ Bank AG Deutsche 2.240 8/22/2034 USD 73.206
National Grid Electr3.120 12/10/2039 AUD 67.646
BPCE SFH SA 1.375 3/22/2038 EUR 73.375
OP Corporate Bank pl1.400 3/16/2035 EUR 66.283
Kingdom of Belgium G2.150 6/22/2066 EUR 71.867
Landesbank Hessen-Th0.450 9/5/2031 EUR 72.512
Banque International0.675 10/29/2030 EUR 70.455
Communaute Francaise1.972 9/25/2050 EUR 66.764
Merrill Lynch BV 2.580 8/11/2036 AUD 65.966
Credit Agricole CIB 1.750 3/3/2037 EUR 74.048
Communaute Francaise1.170 7/5/2049 EUR 53.824
BNP Paribas SA 1.450 11/17/2041 EUR 63.937
Grand Delta Habitat 1.630 3/6/2045 EUR 63.194
Goldman Sachs Intern2.050 3/19/2036 EUR 74.040
Banque International0.800 12/22/2032 EUR 61.091
Landesbank Baden-Wue0.060 1/20/2031 EUR 72.426
Citigroup Global Mar3.200 4/27/2051 AUD 68.178
Landesbank Hessen-Th0.490 2/28/2035 EUR 62.585
DZ HYP AG 1.505 3/12/2038 EUR 74.533
Muenchener Hypotheke1.500 9/27/2038 EUR 73.803
NRW Bank 1.235 12/16/2061 EUR 56.385
Banque International1.000 2/18/2036 EUR 57.841
ABN AMRO Bank NV 1.575 1/25/2040 EUR 72.980
Credit Agricole Corp11.190 3/12/2027 TRY 65.821
Region de Bruxelles-1.500 2/15/2039 EUR 71.801
Landwirtschaftliche 0.210 9/30/2033 EUR 72.635
DZ HYP AG 0.180 3/10/2031 EUR 72.639
BPCE SA 2.320 3/4/2036 USD 64.102
Landesbank Hessen-Th0.650 10/6/2031 EUR 73.172
Republic of Ireland 1.230 6/23/2121 EUR 40.849
Erste Group Bank AG 0.560 9/29/2033 EUR 63.931
Nederlandse Watersch1.790 1/29/2049 EUR 72.447
Bayerische Landesban0.745 12/15/2031 EUR 74.020
Region de Bruxelles-1.225 6/21/2070 EUR 40.834
Landesbank Baden-Wue0.580 3/2/2033 EUR 69.201
Lehman Brothers Trea1.950 11/4/2013 EUR 0.100
Caisse des Depots et1.900 9/14/2048 EUR 70.191
DekaBank Deutsche Gi0.250 1/31/2031 EUR 74.611
Lloyds Bank PLC 2.520 9/4/2038 SEK 71.935
SpareBank 1 SR-Bank 1.020 10/8/2036 EUR 57.499
Oberoesterreichische0.610 1/28/2037 EUR 67.991
NRW Bank 0.528 10/21/2033 EUR 74.628
HSBC Continental Eur2.150 3/14/2049 EUR 62.005
Landesbank Baden-Wue0.550 11/9/2032 EUR 70.421
Kreditanstalt fuer W1.267 3/22/2051 EUR 67.109
Deutsche Bank AG 0.700 2/6/2032 EUR 71.391
Citigroup Global Mar2.900 3/15/2041 USD 70.500
Communaute Francaise1.840 3/1/2049 EUR 68.767
Hypo Tirol Bank AG 0.740 5/29/2040 EUR 62.773
Landesbank Hessen-Th0.700 2/24/2032 EUR 73.065
Societe Generale SA 0.570 6/30/2031 EUR 72.536
Hypo Vorarlberg Bank0.500 6/23/2031 EUR 66.096
ABN AMRO Bank NV 1.355 2/21/2039 EUR 71.583
BNP Paribas SA 2.700 2/21/2049 EUR 74.064
SG Issuer SA 0.600 3/7/2033 EUR 70.368
Kreditanstalt fuer W1.271 5/20/2051 EUR 66.176
Credit Agricole CIB 0.440 8/30/2033 EUR 67.691
Kommunalbanken AS 1.870 4/16/2048 EUR 74.824
Landesbank Saar 0.890 9/4/2034 EUR 69.588
Arkea Home Loans SFH1.534 3/31/2043 EUR 71.584
Single Platform Inve2.000 2/1/2039 EUR 74.624
UniCredit Bank AG 0.610 5/2/2033 EUR 70.419
Credit Agricole SA 3.000 1/19/2041 AUD 52.339
State of North Rhine1.550 6/16/2048 EUR 69.420
Nederlandse Watersch1.577 12/9/2039 GBP 65.150
Single Platform Inve1.080 5/17/2033 EUR 72.912
Caisse des Depots et1.015 7/22/2050 EUR 52.263
Muenchener Hypotheke0.190 7/23/2030 EUR 72.838
Berlin Hyp AG 0.895 7/20/2050 EUR 59.064
Batigere Grand Est S1.550 8/12/2041 EUR 65.147
Grand Delta Habitat 1.500 9/1/2049 EUR 59.192
Region Occitanie 1.282 5/25/2040 EUR 67.627
State of North Rhine0.463 8/1/2033 EUR 74.299
Agence Francaise de 1.911 10/26/2048 EUR 74.868
SG Issuer SA 0.900 4/7/2036 EUR 68.014
Landesbank Baden-Wue0.500 12/8/2031 EUR 72.660
Banque International1.020 3/25/2040 EUR 51.891
Landesbank Baden-Wue0.260 5/28/2031 EUR 72.917
Ministeries Van de V1.392 11/12/2041 EUR 63.189
Getin Noble Bank SA 12.650 4/29/2024 PLN 27.008
Region of Pays de la1.704 10/23/2040 EUR 70.084
Barclays Bank PLC 3.070 5/19/2036 NZD 73.725
Communaute Francaise1.397 7/18/2059 EUR 50.720
Communaute Francaise0.392 1/22/2041 EUR 53.342
Landesbank Hessen-Th1.000 2/11/2037 EUR 64.430
BNG Bank NV 1.790 1/21/2049 EUR 69.644
Credit Agricole CIB 0.490 9/13/2033 EUR 68.050
Communaute Francaise0.750 2/4/2061 EUR 37.883
Vasakronan AB 2.162 5/4/2040 SEK 66.620
BNP Paribas SA 1.130 5/26/2036 EUR 65.885
BNG Bank NV 1.900 7/11/2058 EUR 67.189
Caisse des Depots et1.270 10/1/2051 EUR 55.842
Muenchener Hypotheke0.335 2/10/2031 EUR 72.396
HSBC Bank PLC 2.230 9/6/2047 EUR 59.987
Kreditanstalt fuer W0.600 2/16/2051 EUR 54.657
ING Bank NV 1.445 7/6/2038 EUR 74.371
Norddeutsche Landesb0.940 1/13/2032 EUR 73.180
Agence Francaise de 1.950 11/19/2053 EUR 73.995
State of North Rhine2.000 4/16/2038 SEK 74.434
ACCIONA Financiacion3.000 10/23/2035 EUR 74.868
Credit Agricole CIB 0.730 6/2/2033 EUR 69.317
Muenchener Hypotheke0.750 5/27/2031 EUR 74.663
Akademiska Hus AB 2.185 11/21/2038 SEK 74.653
Aktia Bank Oyj 1.050 9/9/2041 EUR 53.369
Communaute Francaise1.917 12/14/2045 EUR 67.660
DZ Bank AG Deutsche 0.300 2/12/2032 EUR 72.245
SNCF Reseau 2.455 6/22/2047 SEK 73.896
Republic of Ireland 2.000 6/29/2064 EUR 65.261
Landesbank Baden-Wue0.080 2/12/2031 EUR 72.372
NRW Bank 0.600 1/28/2051 EUR 51.094
Bayerische Landesban1.650 11/28/2033 EUR 74.990
DekaBank Deutsche Gi1.300 4/23/2035 EUR 70.373
DNB Boligkreditt AS 1.634 2/13/2043 EUR 71.292
Landesbank Hessen-Th0.900 9/4/2034 EUR 67.364
Caisse Francaise de 1.466 2/1/2038 EUR 74.241
Caisse des Depots et1.098 7/31/2049 EUR 54.011
Communaute Francaise1.674 2/5/2038 EUR 73.985
BNG Bank NV 1.920 2/12/2048 EUR 73.040
Single Platform Inve0.932 2/15/2041 EUR 59.980
Single Platform Inve1.593 10/31/2050 EUR 62.122
Nederlandse Watersch0.260 11/10/2036 EUR 65.113
Caisse des Depots et0.913 11/20/2050 EUR 50.421
Kuntarahoitus Oyj 1.005 12/7/2060 EUR 55.774
Deutsche Pfandbriefb0.320 12/9/2030 EUR 68.868
Ville de Marseille 0.509 12/17/2041 EUR 56.200
Kreditanstalt fuer W0.880 12/7/2050 EUR 59.747
Kreditanstalt fuer W0.918 10/11/2050 EUR 60.428
Ministeries Van de V0.400 11/20/2043 EUR 51.187
Kreditanstalt fuer W0.902 11/16/2050 EUR 60.162
Raiffeisen Bank Inte0.290 11/11/2030 EUR 68.629
Autonomous Community0.810 10/31/2040 EUR 57.626
Region de Bruxelles-0.720 10/17/2051 EUR 43.895
SG Issuer SA 2.910 10/29/2034 AUD 69.386
Single Platform Inve0.785 3/20/2039 EUR 61.414
Kuntarahoitus Oyj 0.875 11/14/2034 SEK 74.228
Region de Bruxelles-0.808 1/31/2050 EUR 45.297
New World Resources 8.000 4/7/2020 EUR 0.098
Kreditanstalt fuer W0.660 11/12/2039 EUR 66.073
Batigere Grand Est S1.610 10/23/2040 EUR 66.858
Batigere Grand Est S1.600 11/14/2039 EUR 68.283
Landesbank Hessen-Th0.800 2/26/2035 EUR 65.418
Commerzbank AG 1.219 12/12/2039 EUR 62.267
Region de Bruxelles-1.036 1/7/2060 EUR 42.336
Landesbank Hessen-Th0.800 1/16/2035 EUR 65.641
Landesbank Saar 0.743 12/3/2032 EUR 71.875
Batigere Grand Est S1.709 11/4/2042 EUR 65.812
Region de Bruxelles-0.731 8/25/2060 EUR 36.102
Communaute Francaise0.818 8/28/2050 EUR 47.787
Landesbank Baden-Wue0.590 9/22/2034 EUR 65.439
Standard Chartered B0.500 9/11/2040 JPY 61.595
Wirtschafts- und Inf0.101 9/8/2033 EUR 70.842
DZ Bank AG Deutsche 0.750 9/21/2035 EUR 67.176
Sveriges Sakerstalld0.649 9/18/2032 SEK 73.846
Deutsche Pfandbriefb0.613 9/30/2032 EUR 64.877
Banque International0.680 10/9/2030 EUR 70.563
Nederlandse Watersch0.230 10/22/2035 EUR 67.056
Societe Wallonne de 0.894 10/23/2045 EUR 48.700
Societe Generale SA 1.290 12/19/2034 EUR 70.616
Norddeutsche Landesb1.350 2/3/2038 EUR 62.520
Lehman Brothers Trea3.400 9/21/2009 HKD 0.100
Windreich GmbH 6.750 3/1/2015 EUR 2.780
Windreich GmbH 6.250 3/1/2015 EUR 2.780
Air Berlin Finance B6.000 3/6/2019 EUR 0.241
DZ Bank AG Deutsche 9.250 4/28/2023 EUR 40.220
ENVIEN Magyarorszag 2.500 5/18/2031 HUF 66.380
Bank Vontobel AG 7.200 1/19/2027 EUR 42.100
Baromfi-Coop Termelo3.000 7/19/2031 HUF 66.700
Flextronics Internat3.600 12/6/2031 HUF 66.000
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 62.500
Landesbank Hessen-Th1.000 3/20/2035 EUR 63.150
Landesbank Hessen-Th1.000 9/13/2034 EUR 65.900
SG Issuer SA 5.000 5/30/2029 EUR 47.560
Agrar Mezogazdasagi 2.900 8/24/2031 HUF 65.450
EFG International Fi6.120 7/11/2024 EUR 67.770
Hell Energy Magyaror2.700 12/18/2029 HUF 61.600
Landesbank Hessen-Th1.150 7/19/2034 EUR 72.100
MASTERPLAST Nyrt 2.100 12/21/2027 HUF 73.000
Sberbank of Russia P0.016 3/15/2032 RUB 73.500
BNP Paribas Issuance5.000 11/5/2024 EUR 32.120
Eltex Kft 3.500 12/21/2028 HUF 71.200
Axial Javito Kereske2.000 9/23/2030 HUF 59.686
Zalaco Sutoipari zrt3.500 7/24/2030 HUF 65.387
Szinorg Universal zr3.000 5/15/2030 HUF 62.306
Hypo Tirol Bank AG 0.670 7/21/2031 EUR 73.901
Single Platform Inve1.785 7/30/2042 EUR 70.524
Credit Agricole CIB 0.580 4/6/2033 EUR 68.029
IT Holding Finance S9.875 11/15/2012 EUR 0.015
Raiffeisenlandesbank0.620 9/29/2031 EUR 70.886
Credit Agricole Corp15.700 10/7/2026 TRY 74.872
Caisse Francaise de 1.670 12/7/2048 EUR 70.837
Romanian Government 2.750 4/14/2041 EUR 57.000
Ministeries Van de V1.053 6/3/2050 EUR 51.677
Centre Hospitalier R2.060 6/25/2049 EUR 73.573
Romanian Government 3.875 10/29/2035 EUR 74.630
Region de Bruxelles-1.922 4/24/2059 EUR 56.551
SAir Group 2.750 7/30/2004 CHF 11.375
Netherlands Governme0.500 1/15/2040 EUR 67.198
UBS AG/London 1.600 4/18/2049 EUR 64.199
Ukraine Government I7.750 9/1/2026 USD 18.447
HYPO NOE Landesbank 2.520 8/5/2041 EUR 71.671
Raiffeisenlandesbank0.810 9/18/2034 EUR 64.185
State of North Rhine0.880 7/12/2040 EUR 67.179
Commerzbank AG 1.400 7/21/2031 EUR 74.497
Raiffeisen-Landesban0.060 10/3/2031 EUR 72.697
French Republic Gove1.750 5/25/2066 EUR 64.918
Republic of Austria 1.500 11/2/2086 EUR 55.639
Credit Agricole Corp10.320 7/22/2026 TRY 67.826
ING Bank NV 0.465 4/21/2041 EUR 60.843
Spain Government Bon1.000 10/31/2050 EUR 50.841
Region Wallonne Belg1.250 4/30/2055 EUR 49.643
Region de Bruxelles-1.020 4/30/2060 EUR 40.766
Region Wallonne Belg1.930 10/20/2039 EUR 74.982
Deutsche Bank AG 2.530 10/7/2036 USD 68.278
Kingdom of Belgium G1.700 6/22/2050 EUR 67.624
Caisse Francaise de 1.720 11/6/2047 EUR 71.969
Sweden Government Bo1.375 6/23/2071 SEK 54.695
Caisse des Depots et2.730 3/2/2041 AUD 68.574
Kommunekredit 2.200 9/27/2041 AUD 61.345
Cie de Financement F1.887 1/31/2049 EUR 71.657
UBS AG/London 2.350 12/17/2048 EUR 73.653
Landeskreditbank Bad0.605 6/16/2036 EUR 71.466
Barclays Bank PLC 2.560 3/9/2036 USD 73.547
Teksid Aluminum Luxe12.375 7/15/2011 EUR 0.122
Kreditanstalt fuer W0.826 10/22/2041 EUR 65.900
BNP Paribas SA 1.300 1/28/2037 EUR 67.813
Lehman Brothers Trea5.220 3/1/2024 EUR 0.100
UniCredit Bank AG 0.030 3/17/2031 EUR 75.022
Credit Agricole CIB 0.550 3/17/2033 EUR 68.211
Single Platform Inve1.700 9/18/2037 EUR 73.787
Berlin Hyp AG 0.460 10/7/2031 EUR 72.987
Region of Centre-Val0.725 12/12/2039 EUR 61.585
SNCF Reseau 2.490 6/12/2047 SEK 74.440
Republic of Austria 0.750 3/20/2051 EUR 54.642
Region de Bruxelles-1.750 1/17/2048 EUR 65.991
Belfius Bank SA 0.190 1/28/2031 EUR 71.321
French Republic Gove0.500 5/25/2072 EUR 36.476
Ukraine Government I7.253 3/15/2035 USD 17.002
Single Platform Inve1.000 7/15/2036 EUR 67.146
State of North Rhine0.950 1/10/2121 EUR 36.579
Nederlandse Watersch1.610 12/4/2052 EUR 67.457
Bayerische Landesban1.716 1/8/2037 EUR 70.019
Caisse des Depots et1.000 2/26/2051 EUR 51.786
Landshypotek Bank AB0.750 2/16/2033 SEK 72.947
Berlin Hyp AG 0.375 9/29/2031 EUR 72.364
UNEDIC ASSEO 0.100 5/25/2034 EUR 68.690
Spain Government Bon1.450 10/31/2071 EUR 45.653
Finland Government B0.125 4/15/2052 EUR 43.532
Agence Francaise de 1.954 11/13/2053 EUR 74.019
Oberoesterreichische0.655 1/25/2036 EUR 60.110
Republic of Austria 1.850 5/23/2049 EUR 74.778
Municipality of Eind1.785 5/30/2047 EUR 73.129
Credit Agricole CIB 0.440 9/6/2033 EUR 66.948
Region de Bruxelles-0.875 6/22/2057 EUR 40.829
Credit Agricole Corp2.000 11/23/2032 USD 75.353
Department of L'Eure0.442 10/25/2045 EUR 48.340
Region de Bruxelles-0.453 12/7/2055 EUR 34.608
Department of Bouche0.432 2/1/2046 EUR 47.801
Credit Agricole CIB 0.390 12/16/2032 EUR 67.713
Region Wallonne Belg0.828 8/28/2048 EUR 49.271
City of St Gallen 0.140 9/16/2044 CHF 67.708
Department of Bouche0.500 10/5/2043 EUR 52.204
Collectivite Europee0.487 10/9/2045 EUR 49.070
Credit Agricole Corp1.920 10/16/2032 USD 73.088
Department of Loiret0.500 10/30/2042 EUR 53.642
Department of Bouche0.482 10/20/2045 EUR 48.952
Erste Group Bank AG 0.880 2/12/2035 EUR 63.910
United Kingdom Gilt 1.250 10/22/2041 GBP 62.166
Irish Bank Resolutio6.750 11/30/2013 BGN 33.294
Lehman Brothers Trea7.500 2/14/2010 AUD 0.100
Single Platform Inve1.350 1/26/2034 EUR 74.363
Landesbank Baden-Wue2.400 11/24/2023 EUR 75.440
UBS AG/London 10.500 4/28/2023 CHF 70.800
UBS AG/London 8.750 4/28/2023 CHF 52.250
Raiffeisen Bank Inte8.250 5/11/2023 EUR 62.010
Leonteq Securities A7.000 5/3/2023 CHF 53.070
Corner Banca SA 6.000 5/3/2023 CHF 69.740
TMK PJSC 7.350 2/28/2025 RUB 96.000
Landesbank Hessen-Th1.800 6/9/2036 EUR 63.750
UBS AG/London 13.000 5/6/2024 USD 44.650
UBS AG/London 11.000 5/5/2023 CHF 42.750
UBS AG/London 5.250 5/5/2023 CHF 75.500
Luzerner Kantonalban6.000 5/10/2023 CHF 53.980
Vontobel Financial P7.750 6/1/2023 EUR 86.890
Luzerner Kantonalban5.880 7/6/2023 CHF 52.230
Luzerner Kantonalban6.780 7/6/2023 USD 51.480
Sberbank of Russia P0.010 6/22/2028 RUB 63.300
Bank Julius Baer & C4.000 6/26/2023 CHF 74.000
Landesbank Baden-Wue3.100 7/24/2026 EUR 72.000
BNP Paribas Emission3.000 4/21/2026 EUR 62.050
Credit Suisse AG/Lon4.200 4/21/2023 EUR 50.260
Raiffeisen Bank Inte11.082 9/20/2023 EUR 71.750
Raiffeisen Bank Inte8.311 9/20/2023 EUR 64.080
Raiffeisen Bank Inte9.696 9/20/2023 EUR 59.570
Raiffeisen Bank Inte11.082 9/20/2023 EUR 56.440
Raiffeisen Bank Inte5.541 9/20/2023 EUR 63.450
Raiffeisen Bank Inte6.926 9/20/2023 EUR 61.790
Raiffeisen Bank Inte8.311 9/20/2023 EUR 60.570
DZ Bank AG Deutsche 21.500 4/28/2023 EUR 61.060
DZ Bank AG Deutsche 5.250 6/21/2023 EUR 54.820
DZ Bank AG Deutsche 8.500 3/22/2023 EUR 73.070
Bank Vontobel AG 7.250 7/11/2023 EUR 70.400
Bank Vontobel AG 10.250 10/9/2023 CHF 71.200
Bank Vontobel AG 15.000 4/12/2023 CHF 55.200
Bank Vontobel AG 8.750 10/9/2023 CHF 54.800
UniCredit Bank AG 10.800 5/10/2023 EUR 35.270
Banque International11.000 7/12/2023 EUR 58.090
UBS AG/London 18.000 4/15/2024 USD 71.000
Leonteq Securities A5.000 10/12/2023 CHF 74.800
Vontobel Financial P10.250 5/16/2023 EUR 74.200
EFG International Fi20.000 4/13/2023 USD 38.070
Bank Julius Baer & C11.750 4/18/2023 USD 76.100
Landesbank Baden-Wue1.600 4/28/2023 EUR 56.980
Landesbank Baden-Wue3.600 4/28/2023 EUR 48.270
Landesbank Baden-Wue5.250 4/28/2023 EUR 43.930
Landesbank Baden-Wue10.000 4/28/2023 EUR 70.540
Landesbank Baden-Wue3.300 4/28/2023 EUR 74.780
Landesbank Baden-Wue6.500 4/28/2023 EUR 41.510
Landesbank Baden-Wue2.000 4/28/2023 EUR 71.480
Landesbank Baden-Wue3.000 4/28/2023 EUR 67.470
Raiffeisen Schweiz G10.000 10/11/2023 CHF 65.120
Zurcher Kantonalbank9.400 10/11/2023 EUR 65.070
Zurcher Kantonalbank6.600 4/11/2023 CHF 75.660
Bank Vontobel AG 8.250 4/13/2023 CHF 72.500
Bank Vontobel AG 5.755 5/15/2023 CHF 52.800
Raiffeisen Schweiz G13.500 4/11/2023 CHF 55.810
Raiffeisen Schweiz G10.000 7/11/2023 CHF 44.100
Raiffeisen Schweiz G14.800 4/11/2023 CHF 41.310
UBS AG/London 17.400 4/14/2027 SEK 64.740
UBS AG/London 14.250 4/8/2024 USD 74.600
UBS AG/London 14.500 10/6/2023 CHF 72.850
UBS AG/London 13.000 4/6/2023 CHF 63.500
Banque Cantonale Vau13.400 10/6/2023 CHF 75.510
UBS AG/London 10.750 4/8/2024 CHF 73.250
Zurcher Kantonalbank11.000 4/6/2023 CHF 65.800
Zurcher Kantonalbank10.000 4/6/2023 CHF 71.240
Credit Suisse AG/Lon7.000 4/6/2023 CHF 63.230
Raiffeisen Schweiz G7.500 8/23/2023 CHF 68.430
Zurcher Kantonalbank2.550 8/26/2024 CHF 39.310
Landesbank Hessen-Th1.250 8/25/2036 EUR 61.400
Erste Group Bank AG 4.500 8/31/2025 EUR 75.550
Raiffeisen Schweiz G7.000 3/24/2023 CHF 65.470
Raiffeisen Schweiz G8.500 3/24/2023 CHF 70.300
Raiffeisen Schweiz G7.000 3/24/2023 CHF 70.500
Raiffeisen Schweiz G8.500 3/24/2023 USD 28.820
Raiffeisen Schweiz G8.000 3/24/2023 CHF 51.970
Banque International10.000 3/28/2023 CHF 36.230
Basler Kantonalbank 10.000 3/29/2023 CHF 35.390
EFG International Fi12.000 3/29/2023 USD 38.120
Raiffeisen Bank Inte5.368 3/22/2023 EUR 71.140
Raiffeisen Bank Inte8.051 3/22/2023 EUR 66.700
Raiffeisen Bank Inte9.393 3/22/2023 EUR 60.450
Raiffeisen Bank Inte10.735 3/22/2023 EUR 57.270
Raiffeisen Bank Inte12.077 3/22/2023 EUR 55.130
Raiffeisen Bank Inte9.393 3/22/2023 EUR 75.560
Raiffeisen Bank Inte10.735 3/22/2023 EUR 71.940
Raiffeisen Bank Inte12.077 3/22/2023 EUR 69.270
Leonteq Securities A8.000 8/2/2023 CHF 56.320
Landesbank Baden-Wue2.000 8/22/2025 EUR 75.530
Sberbank of Russia P0.010 8/3/2028 RUB 61.500
DekaBank Deutsche Gi3.100 8/30/2024 EUR 74.310
Vontobel Financial P4.250 8/22/2023 EUR 40.990
Sintekom TH OOO 13.000 1/23/2025 RUB 69.890
UniCredit Bank AG 3.400 9/2/2024 EUR 57.580
UniCredit Bank AG 3.600 9/2/2024 EUR 33.300
Landesbank Baden-Wue3.100 8/28/2026 EUR 75.620
BrokerCreditService 8.000 1/30/2024 USD 62.170
Landesbank Hessen-Th1.000 9/16/2036 EUR 60.700
Goldman Sachs & Co W5.000 6/21/2023 EUR 55.100
Goldman Sachs & Co W4.000 6/21/2023 EUR 58.090
Vontobel Financial P17.500 6/23/2023 EUR 39.430
UBS AG/London 7.500 3/17/2023 CHF 21.980
UBS AG/London 12.250 3/17/2023 CHF 55.550
UBS AG/London 9.750 3/17/2023 CHF 36.900
EFG International Fi6.500 3/22/2023 USD 67.220
DekaBank Deutsche Gi2.050 4/12/2024 EUR 42.210
Corner Banca SA 10.080 3/22/2023 CHF 51.170
DZ Bank AG Deutsche 0.320 12/30/2030 EUR 73.940
Vontobel Financial P5.150 3/19/2025 EUR 49.040
Leonteq Securities A8.000 3/22/2023 CHF 62.630
EFG International Fi7.000 3/23/2023 USD 7.450
UniCredit Bank AG 3.650 10/29/2024 EUR 67.200
BNP Paribas SA 1.275 10/2/2023 USD 22.900
Raiffeisen Schweiz G8.250 10/4/2023 CHF 74.590
Sberbank of Russia P0.010 10/5/2026 RUB 72.200
Raiffeisen Schweiz G8.500 7/5/2023 USD 69.400
BNP Paribas SA 1.259 10/2/2023 USD 23.660
Sberbank of Russia P0.010 10/5/2028 RUB 62.100
Sberbank of Russia P0.010 10/7/2026 RUB 75.000
DZ Bank AG Deutsche 14.400 3/24/2023 EUR 76.240
Bank Julius Baer & C22.000 3/29/2023 CHF 77.000
Bank Vontobel AG 8.000 12/27/2023 EUR 73.600
Bank Vontobel AG 15.000 9/25/2023 CHF 64.600
Bank Vontobel AG 18.500 6/26/2023 CHF 65.200
UBS AG/London 9.750 7/1/2024 CHF 59.700
Bank Vontobel AG 12.030 6/23/2023 EUR 35.100
Bank Vontobel AG 5.508 3/24/2023 CHF 36.700
Bank Vontobel AG 5.507 9/25/2023 CHF 26.100
Raiffeisen Switzerla6.700 5/10/2023 CHF 53.570
Zurcher Kantonalbank10.000 5/19/2023 CHF 55.080
Zurcher Kantonalbank9.100 5/11/2023 CHF 58.870
UniCredit Bank AG 7.300 6/14/2024 EUR 34.410
Landesbank Hessen-Th1.850 6/16/2036 EUR 63.600
UniCredit Bank AG 5.300 6/14/2024 EUR 75.350
Bank Vontobel AG 6.508 5/8/2023 CHF 54.300
UniCredit Bank AG 4.350 6/14/2024 EUR 65.060
DekaBank Deutsche Gi2.600 6/9/2023 EUR 74.820
Landesbank Baden-Wue3.150 6/26/2026 EUR 72.770
Leonteq Securities A8.000 5/17/2023 CHF 56.410
Raiffeisen Schweiz G6.500 11/17/2023 CHF 58.660
Banque International10.000 5/16/2023 EUR 40.160
Raiffeisen Schweiz G6.200 11/15/2023 CHF 46.520
Raiffeisen Schweiz G8.000 8/15/2023 CHF 76.900
Raiffeisen Schweiz G9.000 5/12/2023 CHF 50.910
Raiffeisen Schweiz G6.200 11/15/2023 CHF 73.850
Raiffeisen Schweiz G7.500 11/15/2023 CHF 54.460
Raiffeisen Schweiz G6.500 11/15/2023 CHF 73.490
UniCredit Bank AG 7.400 12/9/2024 EUR 62.870
UBS AG/London 6.750 5/18/2023 USD 48.900
UBS AG/London 8.500 5/17/2023 CHF 71.650
UBS AG/London 6.000 11/17/2023 CHF 76.950
UBS AG/London 7.500 11/17/2023 CHF 68.250
UBS AG/London 8.000 5/17/2023 CHF 30.950
UBS AG/London 8.000 11/17/2023 CHF 72.750
UBS AG/London 8.250 11/20/2023 USD 72.200
UBS AG/London 10.250 5/17/2023 CHF 58.650
VTB Bank PJSC 0.010 10/14/2026 RUB 74.990
Landesbank Hessen-Th0.750 11/17/2036 EUR 63.300
UniCredit Bank AG 4.550 12/22/2025 EUR 71.110
Basler Kantonalbank 7.000 11/17/2023 CHF 64.980
Basler Kantonalbank 12.000 5/17/2023 CHF 59.960
Landesbank Hessen-Th0.500 12/23/2036 EUR 60.600
HC Finance OOO 10.500 11/11/2024 RUB 60.100
EFG International Fi12.000 5/17/2023 CHF 30.610
EFG International Fi9.000 5/17/2023 CHF 60.700
Leonteq Securities A10.000 5/18/2023 USD 55.710
Bank Vontobel AG 5.750 11/6/2023 CHF 62.000
Bank Vontobel AG 8.500 11/6/2023 CHF 58.000
Bank Vontobel AG 6.250 5/12/2023 CHF 63.900
Bank Vontobel AG 6.000 11/17/2023 CHF 73.500
Societe Generale SA 11.000 11/22/2024 USD 41.760
Sberbank of Russia P0.010 11/13/2026 TRY 69.900
Leonteq Securities A8.000 11/22/2023 CHF 71.870
Corner Banca SA 7.000 11/22/2023 CHF 71.890
Credit Suisse AG/Lon7.000 12/17/2026 EUR 61.480
Leonteq Securities A11.000 5/22/2023 CHF 52.980
Sberbank of Russia P0.010 11/23/2026 RUB 68.500
Raiffeisen Schweiz G4.400 11/22/2023 CHF 70.980
Raiffeisen Schweiz G8.800 5/19/2023 USD 64.590
Raiffeisen Schweiz G7.500 11/22/2023 CHF 63.920
DZ Bank AG Deutsche 5.000 3/20/2023 EUR 64.920
DZ Bank AG Deutsche 8.750 3/20/2023 EUR 60.370
Zurcher Kantonalbank7.500 5/12/2023 CHF 74.570
Zurcher Kantonalbank10.500 5/16/2023 CHF 63.310
DZ Bank AG Deutsche 6.400 3/24/2023 EUR 71.470
DZ Bank AG Deutsche 10.600 3/24/2023 EUR 62.710
DZ Bank AG Deutsche 12.500 3/24/2023 EUR 43.050
DZ Bank AG Deutsche 10.100 3/24/2023 EUR 67.310
DZ Bank AG Deutsche 12.000 3/24/2023 EUR 76.430
DZ Bank AG Deutsche 16.300 3/24/2023 EUR 66.070
DZ Bank AG Deutsche 6.900 3/24/2023 EUR 74.850
DZ Bank AG Deutsche 13.700 3/24/2023 EUR 72.090
DZ Bank AG Deutsche 6.000 3/24/2023 EUR 55.660
UniCredit Bank AG 6.450 6/21/2023 EUR 48.110
EFG International Fi4.500 2/12/2024 USD 48.470
DZ Bank AG Deutsche 1.080 12/30/2030 EUR 73.960
DekaBank Deutsche Gi1.000 3/17/2025 EUR 70.190
Landesbank Baden-Wue3.200 3/27/2026 EUR 72.020
DZ Bank AG Deutsche 0.610 12/30/2030 EUR 72.980
DZ Bank AG Deutsche 0.570 6/25/2030 EUR 74.060
DZ Bank AG Deutsche 8.400 3/24/2023 EUR 66.790
DZ Bank AG Deutsche 10.900 3/24/2023 EUR 45.860
DZ Bank AG Deutsche 13.500 3/24/2023 EUR 31.770
DZ Bank AG Deutsche 17.700 3/24/2023 EUR 27.400
DZ Bank AG Deutsche 13.400 3/24/2023 EUR 72.620
DZ Bank AG Deutsche 17.000 3/24/2023 EUR 65.170
DZ Bank AG Deutsche 10.000 3/24/2023 EUR 68.690
DZ Bank AG Deutsche 11.800 3/24/2023 EUR 76.010
DZ Bank AG Deutsche 7.200 3/24/2023 EUR 75.640
DZ Bank AG Deutsche 1.370 12/30/2030 EUR 73.600
WEB Windenergie AG 4.500 EUR 0.010
Landesbank Hessen-Th9.968 9/21/2033 EUR 71.400
Vontobel Financial P5.000 3/26/2024 EUR 70.020
Societe Generale SA 14.000 4/3/2024 USD 14.625
Landesbank Baden-Wue4.300 3/24/2023 EUR 57.590
Landesbank Baden-Wue4.300 3/24/2023 EUR 68.600
Landesbank Baden-Wue2.200 3/24/2023 EUR 58.040
Landesbank Baden-Wue3.700 3/24/2023 EUR 51.840
SG Issuer SA 1.500 10/19/2033 EUR 70.340
Landesbank Baden-Wue2.300 3/24/2023 EUR 68.210
Landesbank Baden-Wue3.250 3/24/2023 EUR 62.410
Landesbank Baden-Wue4.050 3/24/2023 EUR 23.460
Landesbank Baden-Wue3.150 3/24/2023 EUR 39.120
Landesbank Baden-Wue2.650 9/22/2023 EUR 61.080
Vontobel Financial P3.000 9/5/2023 EUR 72.310
Citigroup Global Mar16.200 3/17/2023 EUR 61.510
Landesbank Hessen-Th0.700 4/1/2031 EUR 73.150
Koks PAO 9.200 8/16/2023 RUB 60.050
Leonteq Securities A6.000 9/20/2023 CHF 70.540
Leonteq Securities A10.000 3/17/2023 CHF 55.190
Corner Banca SA 9.000 3/17/2023 CHF 56.630
Leonteq Securities A9.000 9/20/2023 CHF 61.070
UBS AG/London 9.750 3/15/2023 CHF 12.840
Bank Julius Baer & C9.600 9/20/2023 CHF 73.700
Landesbank Baden-Wue3.000 9/25/2026 EUR 74.830
Landesbank Hessen-Th1.500 10/27/2036 EUR 58.350
DZ Bank AG Deutsche 0.510 6/25/2031 EUR 73.920
UBS AG/London 10.000 3/23/2026 USD 35.330
DZ Bank AG Deutsche 0.440 6/25/2031 EUR 72.290
Leonteq Securities A5.000 9/22/2025 CHF 72.240
EFG International Fi6.500 3/24/2023 USD 48.970
Landesbank Baden-Wue3.500 6/27/2025 EUR 73.330
Raiffeisen Switzerla6.250 9/25/2023 CHF 68.020
Landesbank Hessen-Th0.750 4/28/2031 EUR 72.950
Vontobel Financial P17.750 3/29/2023 EUR 33.300
DZ Bank AG Deutsche 0.860 12/30/2030 EUR 74.450
UniCredit Bank AG 5.750 2/26/2024 EUR 72.530
Vasutvillamosito Kft3.000 2/3/2031 HUF 65.000
Landesbank Baden-Wue4.000 6/28/2024 EUR 56.670
Landesbank Baden-Wue5.100 6/28/2024 EUR 51.520
Landesbank Baden-Wue7.000 6/28/2024 EUR 47.010
Landesbank Baden-Wue8.000 6/28/2024 EUR 45.500
Bayerische Landesban1.000 3/22/2024 EUR 64.160
BNP Paribas Issuance7.980 1/20/2025 SEK 75.460
Raiffeisen Schweiz G7.000 9/20/2023 CHF 75.190
Raiffeisen Schweiz G7.500 3/17/2023 CHF 52.920
Basler Kantonalbank 8.000 3/22/2023 CHF 65.750
EFG International Fi8.000 3/22/2023 USD 57.760
Landesbank Baden-Wue6.000 9/22/2023 EUR 72.570
Landesbank Baden-Wue10.000 9/22/2023 EUR 60.860
Leonteq Securities A7.000 4/26/2023 CHF 52.250
DZ Bank AG Deutsche 1.350 12/30/2030 EUR 74.440
Raiffeisen Switzerla8.000 3/22/2023 CHF 56.860
Landesbank Baden-Wue4.000 6/27/2025 EUR 74.880
Sberbank of Russia P0.010 3/25/2026 RUB 73.400
Sberbank of Russia P0.010 3/27/2028 RUB 66.300
Vontobel Financial P15.350 3/29/2023 EUR 39.290
UniCredit Bank AG 4.000 4/21/2025 USD 68.870
UniCredit Bank AG 1.550 7/18/2031 EUR 69.740
Raiffeisen Switzerla7.000 4/19/2023 CHF 66.620
Landesbank Baden-Wue3.060 4/26/2024 EUR 66.350
Landesbank Baden-Wue13.000 9/22/2023 EUR 55.110
EFG International Fi5.000 4/26/2023 USD 74.750
Raiffeisen Switzerla7.200 4/26/2023 CHF 68.780
Landesbank Baden-Wue3.350 4/28/2023 EUR 47.690
Landesbank Baden-Wue2.150 4/28/2023 EUR 51.470
Landesbank Baden-Wue5.200 4/28/2023 EUR 50.500
Landesbank Baden-Wue3.350 4/28/2023 EUR 57.910
Landesbank Baden-Wue7.000 4/28/2023 EUR 39.060
Landesbank Baden-Wue3.800 4/28/2023 EUR 51.280
Landesbank Baden-Wue4.200 4/28/2023 EUR 61.570
Landesbank Baden-Wue3.000 4/28/2023 EUR 66.910
Landesbank Baden-Wue2.000 4/28/2023 EUR 73.420
Landesbank Baden-Wue6.100 4/28/2023 EUR 70.960
Landesbank Baden-Wue4.200 4/28/2023 EUR 71.690
Landesbank Baden-Wue5.000 4/28/2023 EUR 61.920
Landesbank Baden-Wue4.000 4/28/2023 EUR 65.610
Landesbank Baden-Wue3.000 4/28/2023 EUR 69.810
Landesbank Baden-Wue3.000 4/28/2023 EUR 72.250
Landesbank Baden-Wue5.250 4/28/2023 EUR 25.810
Landesbank Baden-Wue3.150 4/28/2023 EUR 30.090
Landesbank Baden-Wue2.300 4/28/2023 EUR 37.440
Landesbank Baden-Wue6.250 4/28/2023 EUR 65.190
Landesbank Baden-Wue4.500 4/28/2023 EUR 71.630
Landesbank Baden-Wue6.000 4/28/2023 EUR 62.400
Landesbank Baden-Wue4.000 4/28/2023 EUR 73.750
Landesbank Baden-Wue5.700 4/28/2023 EUR 44.340
Landesbank Baden-Wue4.350 4/28/2023 EUR 48.220
Landesbank Baden-Wue3.000 4/28/2023 EUR 53.360
Bank Vontobel AG 6.503 4/24/2023 EUR 41.200
Bank Vontobel AG 7.252 4/24/2023 CHF 48.400
UBS AG/London 13.500 4/29/2024 USD 46.880
Raiffeisen Schweiz G5.850 10/4/2023 CHF 67.350
Landesbank Baden-Wue3.650 3/24/2023 EUR 61.120
Landesbank Baden-Wue6.200 3/24/2023 EUR 42.640
Landesbank Baden-Wue3.000 3/24/2023 EUR 73.220
Landesbank Baden-Wue4.200 3/24/2023 EUR 68.960
Landesbank Baden-Wue6.000 3/24/2023 EUR 73.170
Landesbank Baden-Wue6.200 3/24/2023 EUR 67.080
Landesbank Baden-Wue3.200 3/24/2023 EUR 73.340
Landesbank Baden-Wue4.300 3/24/2023 EUR 69.130
Landesbank Baden-Wue2.000 3/24/2023 EUR 74.470
Landesbank Baden-Wue4.900 3/24/2023 EUR 74.120
Leonteq Securities A11.000 4/4/2023 CHF 67.910
Leonteq Securities A7.000 10/4/2023 CHF 57.940
Leonteq Securities A10.000 4/4/2023 CHF 57.050
Leonteq Securities A7.400 10/4/2023 CHF 68.820
Leonteq Securities A8.000 10/4/2023 USD 64.100
Raiffeisen Schweiz G9.500 4/4/2023 CHF 69.100
Leonteq Securities A8.090 10/4/2023 CHF 44.370
DZ Bank AG Deutsche 1.620 6/25/2031 EUR 69.150
DekaBank Deutsche Gi4.500 9/1/2023 EUR 24.040
DekaBank Deutsche Gi3.650 8/30/2024 EUR 30.270
EFG International Fi8.000 8/9/2023 CHF 54.790
DekaBank Deutsche Gi4.000 9/1/2025 EUR 32.010
Bank Vontobel AG 7.000 2/5/2024 CHF 54.900
Sberbank of Russia P0.010 8/6/2026 RUB 74.110
BrokerCreditService 3.500 4/30/2024 USD 53.000
Raiffeisen Schweiz G6.400 8/9/2023 CHF 70.310
Landesbank Baden-Wue2.250 3/24/2023 EUR 66.640
Landesbank Baden-Wue4.900 3/24/2023 EUR 57.660
Landesbank Baden-Wue3.500 3/24/2023 EUR 54.650
Landesbank Baden-Wue8.650 3/24/2023 EUR 36.690
Landesbank Baden-Wue6.200 3/24/2023 EUR 58.550
Landesbank Baden-Wue8.900 3/24/2023 EUR 49.100
Landesbank Baden-Wue6.250 3/24/2023 EUR 70.180
Landesbank Baden-Wue5.500 3/24/2023 EUR 65.740
Landesbank Baden-Wue3.000 3/24/2023 EUR 70.220
Landesbank Baden-Wue4.150 3/24/2023 EUR 66.370
Sberbank of Russia P0.010 10/3/2028 RUB 69.700
Landesbank Baden-Wue2.000 3/24/2023 EUR 54.350
Landesbank Baden-Wue3.350 3/24/2023 EUR 50.850
Leonteq Securities A10.000 4/4/2023 USD 56.450
Corner Banca SA 8.000 4/4/2023 CHF 73.110
Corner Banca SA 7.000 10/4/2023 CHF 70.950
Raiffeisen Switzerla9.000 7/6/2023 USD 56.930
UBS AG/London 4.750 7/26/2023 CHF 67.300
UBS AG/London 7.000 7/26/2023 CHF 50.100
UBS AG/London 7.000 1/26/2024 CHF 67.300
UBS AG/London 7.750 7/26/2023 CHF 68.100
UBS AG/London 9.750 7/26/2023 CHF 34.100
Raiffeisen Schweiz G8.200 12/6/2023 CHF 64.300
Landesbank Baden-Wue4.000 1/2/2026 EUR 63.140
BNP Paribas Emission11.000 12/21/2023 EUR 67.820
BNP Paribas Emission16.000 3/23/2023 EUR 73.880
BNP Paribas Emission18.000 3/23/2023 EUR 73.950
BNP Paribas Emission8.000 3/23/2023 EUR 65.860
BNP Paribas Emission11.000 3/23/2023 EUR 61.900
BNP Paribas Emission8.000 12/21/2023 EUR 69.310
BNP Paribas Emission12.000 12/21/2023 EUR 76.780
BNP Paribas Emission14.000 6/22/2023 EUR 75.760
BNP Paribas Emission16.000 6/22/2023 EUR 76.320
BNP Paribas Emission9.000 12/21/2023 EUR 77.120
BNP Paribas Emission14.000 3/23/2023 EUR 77.060
Bank Julius Baer & C7.400 9/18/2023 EUR 72.900
Landesbank Baden-Wue6.600 6/23/2023 EUR 74.080
Landesbank Baden-Wue8.500 6/23/2023 EUR 70.540
Landesbank Baden-Wue7.600 6/23/2023 EUR 70.520
Landesbank Baden-Wue9.500 6/23/2023 EUR 70.090
Landesbank Baden-Wue4.100 7/28/2023 EUR 51.390
Landesbank Baden-Wue2.500 8/25/2023 EUR 56.970
UniCredit Bank AG 6.900 3/24/2023 EUR 77.570
UniCredit Bank AG 8.600 3/24/2023 EUR 73.800
UniCredit Bank AG 12.700 3/24/2023 EUR 75.550
UniCredit Bank AG 16.000 3/24/2023 EUR 69.730
UniCredit Bank AG 10.600 3/24/2023 EUR 70.410
Vontobel Financial P20.500 6/23/2023 EUR 45.010
Vontobel Financial P14.000 6/23/2023 EUR 49.300
Vontobel Financial P19.500 6/23/2023 EUR 76.240
Vontobel Financial P8.500 6/23/2023 EUR 56.080
Vontobel Financial P14.000 6/23/2023 EUR 76.670
Vontobel Financial P16.500 6/23/2023 EUR 73.370
DZ Bank AG Deutsche 24.900 6/23/2023 EUR #N/A N/A
DZ Bank AG Deutsche 19.400 6/23/2023 EUR 73.160
DZ Bank AG Deutsche 24.200 3/24/2023 EUR 69.760
UniCredit Bank AG 14.300 3/24/2023 EUR 72.520
UniCredit Bank AG 17.800 3/24/2023 EUR 67.170
UniCredit Bank AG 13.700 3/24/2023 EUR 76.880
Vontobel Financial P23.000 6/23/2023 EUR 71.910
Vontobel Financial P21.000 6/23/2023 EUR 73.920
Vontobel Financial P15.000 6/23/2023 EUR 75.500
Vontobel Financial P17.500 6/23/2023 EUR 72.430
Vontobel Financial P16.000 6/23/2023 EUR 74.550
Vontobel Financial P21.000 6/23/2023 EUR 32.010
BNP Paribas Emission9.500 12/21/2023 EUR 66.700
BNP Paribas Emission12.000 12/21/2023 EUR 63.650
BNP Paribas Emission14.000 6/22/2023 EUR 76.700
BNP Paribas Emission6.500 3/23/2023 EUR 70.470
BNP Paribas Emission7.500 12/21/2023 EUR 73.030
BNP Paribas Emission12.000 12/21/2023 EUR 77.870
BNP Paribas Emission14.000 3/23/2023 EUR 77.650
BNP Paribas Emission9.000 3/23/2023 EUR 65.900
BNP Paribas Emission16.000 3/23/2023 EUR 56.850
BNP Paribas Emission18.000 3/23/2023 EUR 56.920
BNP Paribas Emission18.000 6/22/2023 EUR 67.250
BNP Paribas Emission14.000 12/21/2023 EUR 71.820
BNP Paribas Emission13.000 3/23/2023 EUR 75.530
BNP Paribas Emission7.500 3/23/2023 EUR 72.370
BNP Paribas Emission9.500 3/23/2023 EUR 72.450
BNP Paribas Emission12.000 3/23/2023 EUR 66.380
BNP Paribas Emission15.000 3/23/2023 EUR 61.290
BNP Paribas Emission17.000 3/23/2023 EUR 61.370
BNP Paribas Emission7.000 12/21/2023 EUR 76.680
BNP Paribas Emission8.500 12/21/2023 EUR 73.900
BNP Paribas Emission10.000 12/21/2023 EUR 69.680
BNP Paribas Emission13.000 12/21/2023 EUR 67.230
BNP Paribas Emission9.000 3/23/2023 EUR 73.850
BNP Paribas Emission12.000 3/23/2023 EUR 67.280
BNP Paribas Emission14.000 3/23/2023 EUR 67.360
BNP Paribas Emission8.000 6/22/2023 EUR 73.740
BNP Paribas Emission10.000 6/22/2023 EUR 74.300
BNP Paribas Emission12.000 6/22/2023 EUR 68.480
BNP Paribas Emission10.000 12/21/2023 EUR 72.050
BNP Paribas Emission9.000 3/23/2023 EUR 74.280
BNP Paribas Emission13.000 3/23/2023 EUR 69.530
BNP Paribas Emission18.000 3/23/2023 EUR 65.420
BNP Paribas Emission12.000 12/21/2023 EUR 72.620
BNP Paribas Emission14.000 3/23/2023 EUR 70.260
BNP Paribas Emission16.000 3/23/2023 EUR 70.340
BNP Paribas Emission20.000 3/23/2023 EUR 63.080
BNP Paribas Emission14.000 6/22/2023 EUR 73.360
BNP Paribas Emission8.000 12/21/2023 EUR 76.380
BNP Paribas Emission12.000 3/23/2023 EUR 76.980
BNP Paribas Emission16.000 3/23/2023 EUR 72.370
Bank Julius Baer & C9.900 6/16/2023 USD 77.200
Bank Julius Baer & C7.700 6/16/2023 USD 70.200
Landesbank Baden-Wue6.200 6/23/2023 EUR 70.050
Landesbank Baden-Wue6.800 7/28/2023 EUR 44.270
Landesbank Baden-Wue10.000 7/28/2023 EUR 39.550
Leonteq Securities A20.000 3/28/2023 USD 69.530
Corner Banca SA 18.800 3/28/2023 CHF 62.180
Leonteq Securities A15.000 6/28/2023 USD 61.670
UBS AG/London 5.250 5/31/2023 EUR 70.300
Landesbank Baden-Wue3.350 6/26/2026 EUR 75.550
DZ Bank AG Deutsche 21.000 6/23/2023 EUR 71.750
DZ Bank AG Deutsche 4.500 6/21/2023 EUR 73.430
Raiffeisen Schweiz G16.500 3/28/2023 CHF 69.010
Raiffeisen Schweiz G8.700 12/28/2023 CHF 66.930
Zurcher Kantonalbank9.500 3/10/2023 CHF 44.950
Credit Suisse AG/Lon10.500 3/21/2023 USD 65.840
Raiffeisen Schweiz G7.200 6/1/2023 CHF 56.290
DekaBank Deutsche Gi3.100 6/28/2024 EUR 75.180
Sberbank of Russia P0.010 6/2/2028 RUB 74.000
Erste Group Bank AG 5.500 6/30/2025 EUR 76.550
UniCredit Bank AG 4.050 7/1/2024 EUR 53.060
UniCredit Bank AG 5.250 7/1/2024 EUR 21.440
UBS AG/London 5.250 5/31/2023 CHF 53.700
UBS AG/London 7.750 5/31/2023 CHF 72.300
Leonteq Securities A7.000 6/7/2023 CHF 71.000
EFG International Fi4.500 2/26/2024 USD 47.180
SG Issuer SA 1.600 9/21/2033 EUR 72.550
Societe Generale Eff5.600 9/4/2023 EUR 81.010
Landesbank Baden-Wue2.500 8/25/2023 EUR 53.380
DZ Bank AG Deutsche 0.630 12/30/2030 EUR 73.890
UniCredit Bank AG 4.550 9/28/2023 EUR 54.440
SG Issuer SA 1.800 7/6/2033 EUR 73.830
Landesbank Baden-Wue2.700 9/22/2023 EUR 60.790
Landesbank Hessen-Th1.750 7/14/2036 EUR 63.300
DZ Bank AG Deutsche 5.100 6/23/2023 EUR 55.290
DZ Bank AG Deutsche 6.500 3/22/2023 EUR 72.990
Bank Julius Baer & C15.250 3/29/2023 CHF 36.800
UBS AG/London 14.000 3/23/2023 USD 69.600
UBS AG/London 12.750 3/25/2024 CHF 71.000
UBS AG/London 11.750 3/23/2023 CHF 72.850
Zurcher Kantonalbank18.000 3/23/2023 CHF 71.840
Bank Vontobel AG 19.000 3/13/2023 EUR 37.300
UBS AG/London 14.250 3/23/2023 CHF 72.200
UBS AG/London 13.500 3/23/2023 USD 75.300
Vontobel Financial P16.250 9/22/2023 EUR 69.820
DZ Bank AG Deutsche 10.500 6/21/2023 EUR 60.850
Vontobel Financial P12.000 3/24/2023 EUR 52.540
Vontobel Financial P8.500 3/24/2023 EUR 76.660
Vontobel Financial P22.000 3/24/2023 EUR 28.370
SG Issuer SA 7.740 7/20/2025 SEK 57.270
Vontobel Financial P4.200 6/16/2023 USD 55.970
Vontobel Financial P5.100 6/16/2023 USD 54.380
Leonteq Securities A10.000 4/18/2023 USD 41.260
Nordea Bank Abp 2.000 2/3/2027 SEK 70.630
Raiffeisen Switzerla7.400 7/14/2023 CHF 72.740
Raiffeisen Switzerla6.000 1/17/2024 CHF 73.390
Leonteq Securities A7.000 12/13/2023 CHF 66.040
UBS AG/London 7.750 8/2/2023 CHF 67.900
DZ Bank AG Deutsche 4.250 3/22/2023 EUR 58.350
DZ Bank AG Deutsche 6.500 3/22/2023 EUR 58.440
DZ Bank AG Deutsche 17.800 3/24/2023 EUR #N/A N/A
DZ Bank AG Deutsche 14.500 6/23/2023 EUR #N/A N/A
DZ Bank AG Deutsche 13.200 9/22/2023 EUR #N/A N/A
DZ Bank AG Deutsche 7.250 3/22/2023 EUR 26.490
DZ Bank AG Deutsche 8.250 3/22/2023 EUR 64.330
Societe Generale SA 14.000 1/10/2025 USD 72.800
Leonteq Securities A7.000 1/17/2024 CHF 73.440
Credit Suisse AG/Lon8.250 4/11/2023 USD 64.500
Corner Banca SA 8.000 12/13/2023 CHF 74.860
Leonteq Securities A10.000 3/10/2023 CHF 62.720
UBS AG/London 11.750 8/2/2023 EUR 74.600
DZ Bank AG Deutsche 6.500 3/22/2023 EUR 68.780
UBS AG/London 16.750 8/31/2023 USD 70.250
DZ Bank AG Deutsche 1.580 12/29/2031 EUR 73.220
Leonteq Securities A9.590 6/9/2023 CHF 60.730
EFG International Fi6.370 3/6/2023 USD 72.150
Banque Cantonale Vau5.400 12/6/2023 CHF 36.010
Leonteq Securities A15.000 6/13/2023 CHF 53.120
Corner Banca SA 15.000 3/10/2023 CHF 41.860
Landesbank Baden-Wue4.500 12/22/2023 EUR 67.810
Landesbank Baden-Wue3.400 12/22/2023 EUR 71.050
UBS AG/London 7.500 5/3/2023 CHF 64.950
UBS AG/London 16.250 5/3/2023 USD 42.100
UBS AG/London 12.500 6/8/2023 CHF 64.850
UBS AG/London 8.500 12/8/2023 EUR 75.250
UBS AG/London 6.750 6/8/2023 CHF 62.650
UBS AG/London 7.500 6/8/2023 CHF 62.850
SG Issuer SA 2.100 12/6/2033 EUR 49.120
UBS AG/London 11.250 8/31/2023 CHF 61.100
Zurcher Kantonalbank7.500 7/10/2023 USD 66.440
Leonteq Securities A9.000 7/14/2023 CHF 71.080
Raiffeisen Switzerla20.000 9/6/2023 CHF 47.360
Leonteq Securities A8.200 1/17/2024 CHF 62.330
UBS AG/London 8.750 6/8/2023 CHF 71.750
DZ Bank AG Deutsche 9.750 9/20/2023 EUR 47.400
BNP Paribas Emission3.000 3/23/2023 EUR 55.090
Landesbank Hessen-Th1.500 1/20/2037 EUR 63.000
DZ Bank AG Deutsche 5.500 3/20/2023 EUR 71.450
Landesbank Baden-Wue3.750 2/27/2026 EUR 73.860
Leonteq Securities A9.000 3/9/2023 CHF 65.050
Zurcher Kantonalbank9.000 7/10/2023 CHF 76.800
Sberbank of Russia P0.010 12/7/2026 RUB 71.600
Ebis OOO 14.500 11/25/2025 RUB 2.320
Goldman Sachs Intern0.060 1/13/2025 EUR 58.100
Bank Vontobel AG 10.500 6/30/2023 CHF 24.400
UBS AG/London 5.250 6/8/2023 CHF 62.250
UBS AG/London 9.500 12/8/2023 USD 58.400
UBS AG/London 18.500 6/8/2023 USD 43.850
UBS AG/London 7.750 12/8/2023 CHF 59.350
Goldman Sachs Intern0.100 1/13/2025 EUR 23.600
Goldman Sachs Intern0.070 1/13/2025 EUR 68.150
Landesbank Hessen-Th4.984 1/14/2037 EUR 62.150
BNP Paribas Emission3.000 3/23/2023 EUR 52.600
Landesbank Baden-Wue5.600 12/22/2023 EUR 64.810
Basler Kantonalbank 7.600 4/13/2023 CHF 55.030
UBS AG/London 21.000 9/7/2023 CHF 46.700
Landesbank Baden-Wue3.400 6/27/2025 EUR 73.960
UBS AG/London 5.000 4/14/2023 CHF 70.450
Raiffeisen Switzerla10.000 4/16/2024 USD 56.450
Citigroup Global Mar2.560 4/29/2025 EUR 71.440
Banque Cantonale Vau7.500 4/14/2023 CHF 28.380
UniCredit Bank AG 1.120 1/20/2031 EUR 67.750
Raiffeisen Switzerla6.500 4/12/2023 CHF 51.930
Bank Vontobel AG 5.005 10/9/2023 CHF 51.700
DZ Bank AG Deutsche 8.750 6/21/2023 EUR 47.020
UBS AG/London 6.250 4/14/2023 CHF 50.950
UBS AG/London 12.750 4/14/2023 CHF 37.800
Zurcher Kantonalbank7.300 4/18/2023 CHF 66.840
Bank Vontobel AG 15.000 6/19/2023 CHF 58.900
Bank Vontobel AG 28.500 9/18/2023 CHF 61.900
Bank Vontobel AG 6.008 4/11/2023 EUR 72.000
DZ Bank AG Deutsche 11.750 9/20/2023 EUR 47.470
UBS AG/London 11.250 4/14/2023 CHF 50.300
UBS AG/London 9.000 4/14/2023 CHF 51.200
LP Portfolio Vagyonk2.800 11/30/2030 HUF 64.400
DekaBank Deutsche Gi2.400 5/17/2024 EUR 57.130
UBS AG/London 8.250 4/21/2023 CHF 40.350
UBS AG/London 10.500 4/21/2023 CHF 13.920
EFG International Fi5.700 4/26/2023 USD 36.410
UniCredit Bank AG 0.900 7/18/2031 EUR 71.920
Landesbank Baden-Wue3.260 4/28/2023 EUR 64.970
Bank Vontobel AG 7.501 10/16/2023 CHF 52.800
UBS AG/London 6.750 4/21/2023 CHF 68.600
EFG International Fi5.800 4/26/2023 EUR 11.470
Leonteq Securities A4.500 10/23/2023 CHF 47.860
Sberbank of Russia P0.010 4/22/2026 RUB 75.600
Bank Julius Baer & C18.700 9/15/2023 USD 73.800
Bank Vontobel AG 10.000 9/11/2023 CHF 67.800
Leonteq Securities A9.000 3/29/2023 CHF 54.450
Vontobel Financial P15.800 3/30/2023 EUR 42.030
Bank Julius Baer & C6.550 5/10/2023 CHF 70.900
UBS AG/London 7.000 5/19/2023 CHF 59.400
Societe Generale SA 0.973 4/13/2023 USD #N/A N/A
UniCredit Bank AG 0.740 1/20/2031 EUR 72.420
UniCredit Bank AG 1.560 1/20/2031 EUR 71.540
Landesbank Hessen-Th1.400 1/13/2037 EUR 63.300
Sberbank of Russia P0.010 11/27/2026 RUB 71.600
Leonteq Securities A11.210 6/6/2023 CHF 16.740
Vontobel Financial P16.750 9/22/2023 EUR 70.990
Bank Vontobel AG 8.000 5/26/2023 CHF 31.600
Bank Vontobel AG 8.500 6/5/2023 CHF 61.800
Raiffeisen Switzerla7.700 1/10/2024 CHF 67.990
Leonteq Securities A6.100 12/6/2023 CHF 68.550
Bank Vontobel AG 8.250 11/27/2023 EUR 70.500
Bank Vontobel AG 9.000 6/5/2023 CHF 61.100
Leonteq Securities A14.000 7/7/2023 CHF 64.360
Raiffeisen Schweiz G15.200 3/7/2023 CHF 53.970
Raiffeisen Schweiz G7.300 3/4/2024 CHF 64.320
Bank Julius Baer & C10.000 8/7/2023 USD 57.000
Leonteq Securities A6.000 2/7/2024 CHF 64.010
Credit Suisse AG/Lon9.000 5/2/2023 CHF 35.730
Vontobel Financial P10.000 3/24/2023 EUR 56.660
Vontobel Financial P6.000 3/24/2023 EUR 57.040
Raiffeisen Bank Inte7.500 2/7/2024 EUR 67.770
Raiffeisen Switzerla9.300 8/4/2023 USD 64.580
Raiffeisen Schweiz G9.000 8/4/2023 CHF 69.590
Bank Vontobel AG 7.500 2/5/2024 CHF 73.700
Bank Vontobel AG 10.750 5/8/2023 CHF 63.500
Bank Vontobel AG 12.250 8/4/2023 EUR 32.500
Sberbank of Russia P0.010 12/22/2026 RUB 73.100
Raiffeisen Schweiz G7.200 6/21/2023 CHF 75.370
DekaBank Deutsche Gi3.200 7/21/2025 EUR 72.580
UBS AG/London 9.250 6/23/2023 USD 52.650
UBS AG/London 8.000 6/23/2023 CHF 43.850
UBS AG/London 7.750 6/23/2023 CHF 37.050
UBS AG/London 7.250 6/23/2023 CHF 65.800
Raiffeisen Schweiz G7.900 7/28/2023 CHF 69.950
Bank Vontobel AG 6.000 4/28/2023 CHF 71.000
Bank Vontobel AG 5.000 7/28/2023 CHF 74.200
Bank Vontobel AG 11.000 1/29/2024 CHF 67.500
UBS AG/London 16.120 5/14/2027 SEK 75.730
Sberbank of Russia P0.010 2/1/2029 RUB 68.200
Societe Generale SA 10.000 1/31/2024 USD 59.350
Bank Julius Baer & C7.250 5/5/2023 EUR 44.900
Zurcher Kantonalbank5.100 1/31/2025 CHF 49.440
Bank Julius Baer & C4.600 4/4/2023 CHF 69.400
Bank Julius Baer & C8.400 4/4/2023 CHF 58.900
Bank Vontobel AG 15.000 6/30/2023 CHF 26.400
Landesbank Hessen-Th1.500 2/10/2037 EUR 63.450
MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000
Leonteq Securities A25.000 9/12/2023 CHF 70.360
VTB Bank PJSC 0.010 3/25/2026 RUB 73.370
Sberbank of Russia P0.010 2/4/2027 RUB 68.800
Landesbank Hessen-Th1.000 3/9/2037 EUR 66.000
Corner Banca SA 11.000 5/8/2023 CHF 73.050
Leonteq Securities A9.000 8/7/2023 CHF 38.630
DZ Bank AG Deutsche 2.120 12/29/2031 EUR 73.120
Vontobel Financial P7.500 3/24/2023 EUR 61.170
Vontobel Financial P9.000 3/24/2023 EUR 56.590
Vontobel Financial P17.500 3/24/2023 EUR 69.230
Vontobel Financial P15.500 3/24/2023 EUR 72.350
Vontobel Financial P14.500 3/24/2023 EUR 55.420
Vontobel Financial P12.500 3/24/2023 EUR 58.610
Vontobel Financial P6.500 3/24/2023 EUR 71.560
Vontobel Financial P5.000 3/24/2023 EUR 77.420
Vontobel Financial P8.500 3/24/2023 EUR 66.540
Vontobel Financial P10.000 3/24/2023 EUR 62.250
Vontobel Financial P16.500 3/24/2023 EUR 52.200
Vontobel Financial P19.000 3/24/2023 EUR 69.720
UBS AG/London 6.500 8/23/2023 CHF 70.250
UBS AG/London 8.250 8/23/2023 CHF 61.500
UBS AG/London 11.750 8/23/2023 CHF 38.050
UBS AG/London 10.000 8/23/2023 CHF 59.350
Vontobel Financial P14.500 3/24/2023 EUR 74.210
Vontobel Financial P16.000 3/24/2023 EUR 71.670
SG Issuer SA 6.500 1/20/2025 SEK 72.020
SG Issuer SA 8.410 1/20/2027 SEK 57.830
Credit Suisse AG/Lon8.000 3/22/2023 CHF 69.940
Landesbank Baden-Wue5.000 12/22/2023 EUR 74.080
Landesbank Baden-Wue9.500 12/22/2023 EUR 62.780
Landesbank Baden-Wue7.750 12/22/2023 EUR 68.020
Landesbank Baden-Wue6.000 12/22/2023 EUR 55.770
Landesbank Baden-Wue8.100 12/22/2023 EUR 53.000
Landesbank Baden-Wue6.300 12/22/2023 EUR 57.630
Landesbank Baden-Wue3.000 12/22/2023 EUR 70.580
Landesbank Baden-Wue3.100 12/22/2023 EUR 35.980
Landesbank Baden-Wue4.150 12/22/2023 EUR 52.400
Landesbank Baden-Wue3.000 12/22/2023 EUR 69.600
UBS AG/London 5.750 12/29/2023 CHF 67.100
UBS AG/London 9.500 6/29/2023 CHF 34.350
UBS AG/London 6.500 12/29/2023 USD 58.650
UBS AG/London 16.000 12/29/2023 USD 64.150
UBS AG/London 10.250 6/29/2023 CHF 72.700
Vontobel Financial P7.710 3/30/2023 EUR 74.810
Credit Suisse AG/Lon8.500 3/24/2023 USD 54.850
Leonteq Securities A7.000 1/5/2024 CHF 73.050
Leonteq Securities A11.000 3/30/2023 CHF 52.210
Leonteq Securities A8.000 6/30/2023 CHF 72.230
Leonteq Securities A9.000 6/30/2023 CHF 51.420
Bank Julius Baer & C9.600 3/30/2023 USD 65.200
Leonteq Securities A12.000 3/30/2023 CHF 23.870
DZ Bank AG Deutsche 6.250 3/20/2023 EUR 43.740
Raiffeisen Switzerla6.500 1/3/2024 CHF 72.470
Raiffeisen Switzerla9.000 6/30/2023 USD 67.510
VTB Bank PJSC 0.010 11/25/2026 RUB 68.450
Biznes Nedvizhimost 10.800 12/18/2026 RUB 62.000
Luzerner Kantonalban5.000 6/28/2023 CHF 60.200
Zurcher Kantonalbank9.000 6/28/2023 CHF 72.120
SG Issuer SA 2.000 12/22/2036 EUR 60.750
UniCredit Bank AG 3.700 1/27/2025 EUR 67.150
Raiffeisen Schweiz G6.000 12/27/2023 CHF 70.010
UBS AG/London 5.500 1/12/2024 CHF 59.600
Glavtorg LLC 14.500 12/12/2024 RUB 5.280
Landesbank Baden-Wue2.500 7/24/2026 EUR 72.120
EFG International Fi14.000 6/28/2023 CHF 34.220
Landesbank Baden-Wue5.900 12/22/2023 EUR 39.310
Landesbank Baden-Wue4.600 12/22/2023 EUR 42.090
Landesbank Baden-Wue2.400 12/22/2023 EUR 49.880
Landesbank Baden-Wue4.200 12/22/2023 EUR 60.130
Landesbank Baden-Wue2.600 12/22/2023 EUR 65.870
Landesbank Baden-Wue7.500 12/22/2023 EUR 71.400
Landesbank Baden-Wue3.100 12/22/2023 EUR 62.080
Landesbank Baden-Wue2.300 12/22/2023 EUR 64.080
Landesbank Baden-Wue9.200 12/22/2023 EUR 72.410
Landesbank Baden-Wue7.000 12/22/2023 EUR 30.170
Landesbank Baden-Wue2.500 12/22/2023 EUR 55.890
Landesbank Baden-Wue4.500 12/22/2023 EUR 64.530
Landesbank Baden-Wue2.200 12/22/2023 EUR 76.140
UBS AG/London 8.500 6/29/2023 CHF 60.100
UBS AG/London 4.750 12/29/2023 CHF 67.500
UBS AG/London 6.500 12/29/2023 CHF 70.100
UBS AG/London 6.750 6/29/2023 CHF 67.750
UBS AG/London 6.000 6/29/2023 CHF 60.000
Banque Cantonale Vau12.360 6/27/2023 CHF 72.480
Leonteq Securities A8.000 6/30/2023 CHF 71.200
Leonteq Securities A8.000 6/30/2023 USD 58.250
DZ Bank AG Deutsche 5.000 3/20/2023 EUR 50.570
VTB Bank PJSC 0.010 12/6/2024 RUB 80.020
Erste Group Bank AG 5.250 1/31/2026 EUR 55.550
Erste Group Bank AG 12.750 2/4/2027 EUR 73.800
UBS AG/London 7.250 6/22/2023 CHF 67.650
UBS AG/London 7.250 12/22/2023 CHF 77.700
UBS AG/London 8.000 12/22/2023 USD 57.950
Corner Banca SA 14.000 3/27/2023 CHF 49.200
Bank Vontobel AG 11.000 6/27/2023 CHF 75.400
Raiffeisen Schweiz G6.000 12/27/2023 CHF 69.470
Raiffeisen Schweiz G10.000 3/23/2023 CHF 36.490
UBS AG/London 6.250 1/12/2024 CHF 70.500
UBS AG/London 9.000 7/12/2023 EUR 61.450
UBS AG/London 6.500 1/12/2024 CHF 67.200
Landesbank Hessen-Th1.100 7/23/2036 EUR 62.050
Goldman Sachs & Co W7.000 6/21/2023 EUR 69.560
Landesbank Baden-Wue4.000 7/25/2025 EUR 34.190
Barclays Bank PLC 2.550 6/19/2024 USD 71.777
VTB Bank PJSC 0.010 4/8/2026 RUB 71.010
UBS AG/London 8.250 6/22/2023 CHF 67.800
UBS AG/London 6.250 12/22/2023 CHF 60.950
UBS AG/London 10.000 6/22/2023 CHF 59.750
UBS AG/London 10.250 6/22/2023 CHF 52.550
UBS AG/London 7.500 6/22/2023 CHF 58.950
UBS AG/London 5.250 12/22/2023 CHF 75.850
Bank Julius Baer & C12.000 3/23/2023 EUR 71.850
Leonteq Securities A8.000 3/27/2023 CHF 35.800
Leonteq Securities A7.000 6/27/2023 CHF 70.520
Leonteq Securities A7.000 12/27/2023 CHF 71.610
Credit Suisse AG/Lon8.000 3/21/2023 CHF 72.400
Bank Vontobel AG 10.000 3/24/2023 EUR 53.600
Bank Vontobel AG 10.250 3/24/2023 CHF 46.100
Bank Vontobel AG 11.250 3/24/2023 CHF 46.300
Bank Vontobel AG 5.500 12/27/2023 CHF 60.600
Sberbank of Russia P0.010 12/11/2026 RUB 68.720
Raiffeisen Switzerla9.000 6/27/2023 USD 58.550
UBS AG/London 5.250 1/12/2024 USD 67.050
UBS AG/London 9.500 1/12/2024 CHF 68.000
Leonteq Securities A8.000 6/27/2023 USD 52.410
Raiffeisen Bank Inte10.000 2/12/2024 EUR 36.960
Bank Vontobel AG 7.250 6/12/2023 CHF 30.600
EFG International Fi9.800 6/21/2023 EUR 15.530
Vontobel Financial P3.500 7/3/2023 EUR 44.600
UBS AG/London 8.250 6/16/2023 CHF 50.200
Goldman Sachs & Co W6.000 6/21/2023 EUR 69.310
Credit Suisse AG/Lon8.750 5/25/2023 CHF 71.660
Landesbank Baden-Wue3.000 3/22/2024 EUR 74.810
Landesbank Baden-Wue4.100 3/22/2024 EUR 71.400
Landesbank Baden-Wue3.000 3/22/2024 EUR 68.690
Landesbank Baden-Wue4.200 3/22/2024 EUR 63.980
Landesbank Baden-Wue5.600 3/22/2024 EUR 60.220
Landesbank Baden-Wue5.000 3/22/2024 EUR 71.640
Landesbank Baden-Wue5.000 3/22/2024 EUR 74.160
Credit Suisse AG/Lon10.500 5/25/2023 EUR 66.440
Landesbank Baden-Wue4.300 3/22/2024 EUR 73.640
Landesbank Baden-Wue5.600 3/22/2024 EUR 74.740
Vontobel Financial P11.000 3/24/2023 EUR 69.600
Vontobel Financial P8.750 3/24/2023 EUR 69.480
Bank Julius Baer & C15.400 3/8/2023 USD 53.800
Landesbank Baden-Wue6.000 3/24/2023 EUR 75.450
UBS AG/London 7.640 4/20/2026 SEK 65.030
Leonteq Securities A12.000 3/7/2023 CHF 70.670
DZ Bank AG Deutsche 4.800 3/20/2023 EUR 50.090
Leonteq Securities A17.000 3/7/2023 CHF 35.210
Landesbank Baden-Wue3.460 3/22/2024 EUR 75.230
UBS AG/London 4.000 8/3/2026 SEK 65.420
Vontobel Financial P22.500 6/23/2023 EUR 60.120
Vontobel Financial P15.000 9/22/2023 EUR 67.400
Landesbank Baden-Wue7.200 8/23/2024 EUR 48.280
Bank Vontobel AG 21.000 8/21/2023 EUR 72.300
Landesbank Baden-Wue9.200 8/23/2024 EUR 46.040
Landesbank Baden-Wue5.500 8/23/2024 EUR 52.420
Vontobel Financial P15.250 9/22/2023 EUR 74.260
Credit Suisse AG/Lon10.000 8/22/2023 CHF 56.270
Leonteq Securities A28.800 8/25/2023 CHF 72.130
Raiffeisen Switzerla16.800 8/29/2023 CHF 73.620
Zurcher Kantonalbank8.000 6/21/2023 CHF 54.790
UBS AG/London 6.800 6/15/2026 USD 64.060
VTB Bank PJSC 0.010 4/22/2026 RUB 72.000
Leonteq Securities A23.000 8/29/2023 CHF 46.210
Vontobel Financial P10.000 6/23/2023 EUR 70.660
Vontobel Financial P18.000 6/23/2023 EUR 67.250
Vontobel Financial P16.500 6/23/2023 EUR 62.750
Vontobel Financial P15.000 6/23/2023 EUR 69.870
Vontobel Financial P24.000 6/23/2023 EUR 53.290
Vontobel Financial P8.000 6/23/2023 EUR 72.290
Vontobel Financial P16.000 6/23/2023 EUR 60.370
Vontobel Financial P18.500 6/23/2023 EUR 58.360
Vontobel Financial P12.000 6/23/2023 EUR 65.580
Vontobel Financial P6.500 6/23/2023 EUR 76.420
Vontobel Financial P14.000 6/23/2023 EUR 62.810
Vontobel Financial P19.000 6/23/2023 EUR 68.800
Vontobel Financial P16.500 6/23/2023 EUR 71.570
Vontobel Financial P17.000 6/23/2023 EUR 68.420
Vontobel Financial P16.000 6/23/2023 EUR 69.420
Vontobel Financial P11.000 6/23/2023 EUR 76.420
Vontobel Financial P10.000 6/23/2023 EUR 77.970
Vontobel Financial P19.500 6/23/2023 EUR 59.650
Vontobel Financial P6.500 6/23/2023 EUR 75.970
Vontobel Financial P12.500 6/23/2023 EUR 65.150
Vontobel Financial P14.000 6/23/2023 EUR 63.470
Vontobel Financial P8.500 6/23/2023 EUR 71.050
Vontobel Financial P7.500 6/23/2023 EUR 73.430
Vontobel Financial P10.000 6/23/2023 EUR 68.970
Vontobel Financial P15.000 6/23/2023 EUR 70.780
Vontobel Financial P17.500 6/23/2023 EUR 60.790
Vontobel Financial P18.500 6/23/2023 EUR 60.310
DZ Bank AG Deutsche 4.750 9/18/2023 EUR 66.480
Vontobel Financial P16.500 6/23/2023 EUR 74.500
Vontobel Financial P13.500 6/23/2023 EUR 76.350
Vontobel Financial P16.000 6/23/2023 EUR 74.700
Vontobel Financial P14.500 6/23/2023 EUR 74.910
Vontobel Financial P14.500 6/23/2023 EUR 67.940
Vontobel Financial P18.000 6/23/2023 EUR 71.170
Vontobel Financial P15.500 6/23/2023 EUR 73.570
Vontobel Financial P17.000 6/23/2023 EUR 72.410
Vontobel Financial P19.500 6/23/2023 EUR 71.320
Vontobel Financial P17.000 6/23/2023 EUR 73.260
Vontobel Financial P20.500 6/23/2023 EUR 61.550
Vontobel Financial P19.000 6/23/2023 EUR 62.910
Vontobel Financial P16.000 6/23/2023 EUR 66.130
Vontobel Financial P17.500 6/23/2023 EUR 64.520
Vontobel Financial P13.000 6/23/2023 EUR 69.900
Vontobel Financial P9.500 6/23/2023 EUR 77.000
Vontobel Financial P12.000 6/23/2023 EUR 72.240
Vontobel Financial P10.500 6/23/2023 EUR 74.440
Leonteq Securities A15.500 6/13/2023 CHF 74.900
Swissquote Bank SA 15.200 6/13/2023 CHF 51.100
Swissquote Bank SA 25.000 6/13/2023 CHF 59.050
Banque Cantonale Vau6.850 6/7/2023 CHF 65.700
Leonteq Securities A21.000 6/13/2023 CHF 57.320
DZ Bank AG Deutsche 7.500 9/20/2023 EUR 64.170
DZ Bank AG Deutsche 10.500 6/21/2023 EUR 75.110
UniCredit Bank AG 11.000 3/24/2023 EUR 45.070
UniCredit Bank AG 9.900 3/24/2023 EUR 46.810
UniCredit Bank AG 14.600 3/24/2023 EUR 40.660
UniCredit Bank AG 13.300 3/24/2023 EUR 42.020
UniCredit Bank AG 8.100 3/24/2023 EUR 50.730
UniCredit Bank AG 8.900 3/24/2023 EUR 48.690
UniCredit Bank AG 12.100 3/24/2023 EUR 43.490
Bank Julius Baer & C9.750 6/14/2023 CHF 45.450
Raiffeisen Schweiz G15.000 6/14/2023 CHF 73.220
Raiffeisen Schweiz G14.500 6/14/2023 CHF 54.500
Sberbank of Russia P0.010 1/26/2027 RUB 68.900
UBS AG/London 6.000 8/9/2023 CHF 68.950
UBS AG/London 10.500 8/9/2023 CHF 71.300
UBS AG/London 9.250 8/9/2023 USD 61.650
Credit Suisse AG/Lon8.000 4/18/2023 CHF 31.140
UBS AG/London 9.000 8/9/2023 CHF 54.750
UBS AG/London 8.500 8/9/2023 CHF 73.800
Corner Banca SA 10.000 7/24/2023 USD 62.050
Raiffeisen Schweiz G7.100 1/24/2024 CHF 73.650
Leonteq Securities A9.000 4/21/2023 USD 49.630
Sberbank of Russia P0.010 1/15/2027 RUB 68.100
UBS AG/London 13.000 6/2/2023 CHF 67.150
Leonteq Securities A12.000 4/24/2023 USD 56.020
Leonteq Securities A15.000 4/21/2023 CHF 41.080
Leonteq Securities A14.000 4/21/2023 CHF 50.630
*********
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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
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.
* * * End of Transmission * * *