/raid1/www/Hosts/bankrupt/TCREUR_Public/230403.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, April 3, 2023, Vol. 24, No. 67
Headlines
B E L G I U M
AZELIS FINANCE: Fitch Assigns BB+ Final Rating on Sr. Unsec Notes
B U L G A R I A
EUROHOLD BULGARIA: Fitch Puts 'B' LongTerm IDR on Watch Negative
F R A N C E
ALMAVIVA DEVELOPPEMENT: Fitch Affirms IDR at 'B', Outlook Stable
PAPREC HOLDING: Moody's Ups CFR to Ba3 & Alters Outlook to Stable
G E R M A N Y
COLOUROZ INVESTMENT 1: EUR50M Bank Debt Trades at 58% Discount
FLINT GROUP: $31.8M Bank Debt Trades at 32% Discount
IHO VERWALTUNGS: Upsized Notes No Impact on Moody's 'Ba2' Ratings
NAPA MANAGEMENT: $610M Bank Debt Trades at 27% Discount
SCUR-ALPHA 1503: Fitch Gives B(EXP) FirstTime IDR, Outlook Positive
SCUR-ALPHA 1503: Moody's Assigns B2 CFR, Rates Sr. Secured Debt B2
SCUR-ALPHA 1503: S&P Assigns Preliminary 'B' ICR, Outlook Stable
TELE COLUMBUS: EUR525M Bank Debt Trades at 21% Discount
I R E L A N D
BARINGS EURO 2023-1: Fitch Gives 'B-sf' Final Rating on Cl. F Notes
BARINGS EURO 2023-1: S&P Assigns BB- (sf) Rating to Class E Notes
BOSPHORUS VIII: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
PALMER SQUARE 2023-1: Fitch Gives BB-sf Final Rating on Cl. E Notes
PALMER SQUARE 2023-1: Moody's Assigns Ba3 Rating to Class E Notes
TRINITAS EURO IV: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
TRINITAS EURO IV: S&P Assigns B- (sf) Rating to Class F Notes
I T A L Y
BANCA POPOLARE: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
BANCO DI DESIO: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
L U X E M B O U R G
ARVOS BIDCO: $100M Bank Debt Trades at 51% Discount
MATADOR BIDCO: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
MATADOR BIDCO: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
N E T H E R L A N D S
DUTCH PROPERTY 2022-CMBS1: S&P Ups Rating on F Notes to 'B- (sf)'
ICL FINANCE: EUR250M Bank Debt Trades at 21% Discount
S P A I N
BANKINTER 10: S&P Affirms 'CCC- (sf)' Rating on Class E Notes
OBRASCON HUARTE: Moody's Affirms 'B3' CFR, Alters Outlook to Stable
SANTANDER HIPOTECARIO 2: S&P Raises Class E Notes Rating to B+(sf)
U N I T E D K I N G D O M
AQUILA FACILITIES: Bought Out of Administration via Pre-pack Deal
DOUGLAS ARMS: Put Up for Sale Following Liquidation
GARENNE CONSTRUCTION: Put Into Liquidation Following Insolvency
MARKET BIDCO: EUR1.30B Bank Debt Trades at 16% Discount
NORFOLK FEATHER: Workers Win Legal Dispute Over Pay Awards
PLATFORM BIDCO: EUR600M Bank Debt Trades at 16% Discount
SUMMERFIELD HEALTHCARE: Goes Into Liquidation
VIASAT TECHNOLOGIES: Fitch Affirms LT IDR at 'B+', Outlook Positive
WEST-END WINDOWS: Enters Liquidation, 17 Jobs Affected
X X X X X X X X
[*] BOND PRICING: For the Week March 27 to March 31, 2023
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B E L G I U M
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AZELIS FINANCE: Fitch Assigns BB+ Final Rating on Sr. Unsec Notes
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Fitch Ratings has assigned Azelis Finance NV's EUR400 million
five-year senior unsecured notes a final senior unsecured rating of
'BB+' with a Recovery Rating of 'RR4'. The notes are 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.
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 free cash
flow (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 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+/Rating Watch Negative) 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: 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 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 issuance diversifies 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 issuance.
ISSUER PROFILE
Azelis is a specialty chemicals distributor headquartered in
Belgium with operations in 63 countries.
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.
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 Prior
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Azelis Finance NV
senior
unsecured LT BB+ New Rating RR4 BB+(EXP)
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B U L G A R I A
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EUROHOLD BULGARIA: Fitch Puts 'B' LongTerm IDR on Watch Negative
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Fitch Ratings has placed Eurohold Bulgaria AD's (Eurohold)
Long-Term Issuer Default Rating (LT IDR) and senior unsecured
rating of 'B' on Rating Watch Negative (RWN). The senior unsecured
bond has a Recovery Rating of 'RR4'.
The rating action follows the Romanian insurance regulator's (ASF)
announcement on 17 March 2023 that it has withdrawn the insurance
license of one of Eurohold's large subsidiaries, Euroins Romania
Asigurare-Reasigurare S.A.'s (Euroins Romania; 'CC'/Rating Watch
Evolving) and appointed an interim administrator, and that it
intends to open bankruptcy proceedings for Euroins Romania.
KEY RATING DRIVERS
Reputational Risk: The RWN on Eurohold reflects the increased
reputational risk for the whole Eurohold group, expanding beyond
the insurance subsidiaries to holding company and other business
segments, which may adversely impact the group's operations and its
access to funding. Eurohold's main business segment is the
utilities business in Bulgaria, following a largely debt-funded
acquisition of the Bulgarian assets of Czech utility company CEZ,
a.s. in 2021. As a result of the acquisition, Eurohold's dominant
business changed to utilities from insurance.
Events of Default: Fitch understands that the withdrawal of a
license for Euroins Romania, one of Eurohold's key insurance
subsidiaries, as well as the appointment of the administrator
qualify as events of default under Eurohold's Eurobonds of BGN96
million (about EUR49 million) outstanding in the market as of
end-December 2022.
Fitch understands that Eurohold is in discussions with bondholders
about the consequences of the situation with Euroins Romania. On 29
March 2023, Eurohold launched the consent solicitation in relation
to its EUR70 million bonds due in 2026, of which EUR41 million is
outstanding. Eurohold is seeking noteholders' consent to waive
historical, present or future events of default relating to Euroins
Romania, as well as consent to exclude Euroins Romania from the
definition of a "material subsidiary" under the events of default
under the bond documentation.
Liquidity Dependent on Bondholders' Decision: Currently Eurohold's
holding company's liquidity is manageable unless bondholders
request early repayment of the bonds. The holding company's next
large debt maturities are in 2026.
In case of need, Eurohold assumes that it may obtain additional
liquidity from its largest shareholder Starcom Holding AG or from
subsidiaries other than Euroins Romania.
License Suspension; Administrator Appointed: The ASF has withdrawn
Euroins Romania's insurance license and appointed the Insured
Guaranteed Fund (Fondului de Garantare a Asiguraților) as the
interim administrator of Euroins Romania. This means that Euroins
Romania is no longer under control of its direct owner, EIG, and
ultimately under the control of Eurohold. As a result of recent
events, Fitch downgraded Euroins Romania's Insurer Financial
Strength Rating (IFS) to 'CC' from 'B+' and placed it on Rating
Watch Evolving (RWE).
Potential Bankruptcy Trigger: The ASF's decision to withdraw
Euroins Romania's license and its intension to call for its
bankruptcy reflects the regulator's opinion that Euroins Romania's
Solvency II (S2) capital funds would fall RON2.17 billion (about
EUR441 million) below the S2 capital requirement and RON1.75
billion (about EUR355 million) below the minimum capital
requirement. These actions have materially raised the probability
that Euroins Romania could default on its obligations, in its
view.
Reinsurance Contract in Doubt: The gap in capitalisation is
primarily driven by the ASF de-recognising an intra-group
reinsurance contract between Euroins Romania and EIG Re, another
subsidiary of Eurohold. Fitch's insurance analysts assumes that EIG
Re will continue to pay claims under the affected reinsurance
contract. However, under the reinsurance terms, EIG Re has the
right to withdraw from the contract without having any obligation
for payments if Euroins Romania's license is withdrawn. The
majority of Euroins Romania's business is motor third-party
liability, a large portion of which is reinsured due to its
long-tailed nature.
Regulator Decision Contested: Eurohold has announced that it
intends to appeal the ASF decision at court because it regards the
reinsurance contract in question as valid. Independent actuarial
investigations by EIOPA and EIG's minority shareholder, European
Bank for Reconstruction and Development (AAA/Stable), about the
validity of the reinsurance contract have already been launched and
are expected to conclude by end-March.
RWN on Insurance Companies: Fitch's insurance analysts expect the
overall impact on EIG's credit profile to be limited, although
heightened reputational risk might result in further credit
weakness. The RWN on EIG's Bulgarian insurance companies relates to
the potential for further adverse consequences from the actions of
the Romanian regulator, specifically reputational damage or
indications of deteriorated corporate governance within the EIG
group.
DERIVATION SUMMARY
Eurohold Bulgaria is smaller than other rated European utilities,
such as Energa S.A. (BBB+/Stable) or Bulgarian Energy Holding EAD
(BB+/Stable), although it is one of the largest utilities in
Bulgaria. The company is focused on distribution of energy and
supply. Historically, its EBITDA was more volatile than that of
many peers, but the Fitch case assumse stabilisation of EBITDA
after the acquisition of CEZ assets, supported by cash inflow from
regulated distribution EBITDA.
Compared with peers, the company's deconsolidated credit profile
(after excluding insurance business) is weaker due to high
leverage. Eurohold's integrated business structure and strategic
position in the domestic market make the group comparable with some
central European peers such as Poland's Energa. However, Eurohold
operates in a more volatile and less transparent regulatory
environment than Energa, has higher leverage and its results are
less predictable with some corporate governance issues.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
Key Recovery Rating Assumptions
- The recovery analysis assumes that Eurohold would be liquidated
in bankruptcy
- Fitch assumes a 10% administrative claim
Liquidation Approach
- As a holding company and including the ring-fenced insurance
assets, the liquidation estimate reflects Fitch's view of the value
of balance sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors
- 0% advance rate applied to cash as it may be already gone upon
bankruptcy
- 50% advance rate applied to net inventory
- 80% advance rate applied to trade receivables
- 60% advance rate applied to property, plant and equipment
- 80% advance rate applied to additional value from the insurance
businesses
With these assumptions, its waterfall generated recovery
computation (WGRC) for the senior unsecured notes of Eurohold is in
the 'RR4' band, indicating a 'B' instrument rating. The WGRC output
percentage on current metrics and assumptions was 36%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch could downgrade the ratings if the group's business and
financial profile is not consistent with the current rating after
Fitch assesses the full impact of the Euroins Romania's license
withdrawal on the group's situation.
- Liquidity crunch in a scenario of Eurohold's bondholders
demanding early repayment of debt and lack of sufficient
liquidity.
- Net debt to EBITDA of the deconsolidated group (excluding the
insurance business's EBITDA and net debt) above 6x on a sustained
basis, for instance due to more aggressive financial policy, higher
distributions to shareholders and lower profitability and cash
generation.
- Significant weakening of the business profile with lower
predictability of cash flows may lead to a tighter leverage
sensitivity or a downgrade.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch could affirm the ratings if the group's business and
financial profile is consistent with the current rating after Fitch
assesses the full impact of the Euroins Romania's license
withdrawal on the group's situation.
ISSUER PROFILE
Eurohold is a public company. It is majority-owned by Starcom
Holding AD (50.65% at end-2021), which is ultimately owned by three
individuals. The remaining shares are publicly listed on the stock
exchange. The group core activity is energy and insurance.
SUMMARY OF FINANCIAL ADJUSTMENTS
Eurohold's consolidated profile has been adjusted by
deconsolidation of the insurance business, i.e. excluding the
insurance business's EBITDA and net debt when calculating the main
financial ratios of the issuer.
ESG CONSIDERATIONS
Eurohold has an ESG Relevance Score of '4' for Group Structure due
to a fairly complex group structure, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.
Eurohold has an ESG Relevance Score of '4' for Financial
Transparency due to lower financial transparency than EU peers and
qualified audit opinion, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
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Eurohold
Bulgaria AD LT IDR B Rating Watch On B
senior
unsecured LT B Rating Watch On RR4 B
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F R A N C E
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ALMAVIVA DEVELOPPEMENT: Fitch Affirms IDR at 'B', Outlook Stable
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Fitch Ratings has affirmed Almaviva Developpement's Long-Term
Issuer Default Rating (IDR) at 'B'. The Outlook is Stable. Fitch
has also affirmed Almaviva's senior secured debt at 'B+' with a
Recovery Rating of 'RR3'.
Almaviva's 'B' IDR reflects its regionally focused operations and
high leverage profile, with lease-adjusted debt/EBITDAR projected
to remain just below 7.0x. This is counterbalanced by a supportive
regulatory framework with high barriers to entry, reflected in
solid profitability for a hospital operator.
Fitch projects limited rating headroom under current sensitivities.
However, the Stable Outlook reflects Fitch's expectations that
Almaviva will maintain or grow its leading local market positions,
with steady top line growth, despite some current softness in
profitability and pressure on free cash flow (FCF) margins, leading
to a static leverage profile under its rating case.
Almaviva Developpement directly owns the hospital operator Almaviva
Sante, while Almaviva Developpement's real estate is owned and
managed by Almaviva Patrimoine (the PropCo). Almaviva Developpement
and the PropCo are sister companies owned by the acquisition
vehicle, Almaviva Holding.
KEY RATING DRIVERS
Well-Positioned Regional Operations: Almaviva is well-positioned in
demographically and economically attractive regions of France,
including Greater Paris and the south-east, despite a smaller
nationwide presence. Fitch expects Almaviva to be able to maintain
its competitive edge as a regional operator, based on its dense
hospital network, integrated service offering, extended end-to-end
patient care and the ability to recruit and retain best-in-class
medical practitioners. The group operates in a regulated sector
with high barriers to entry, requiring strong technical and
investment expertise.
Supportive and Evolving Regulation: Fitch believes that Almaviva
benefits from a supportive and stable regulatory environment in
France, with private providers critical for meeting national
hospital demand and service quality. The French government is
committed to adequate sector funding, including the availability of
additional funding to the private sector, and a positive tariff
outlook based on a three-year agreement signed in February 2020
with growing importance of quality-based indicators. This increases
business visibility and benefits market constituents including
private operators.
Regulated tariffs increased by 6.9% in March 2021, mitigating
inflationary pressures, but the increase was modest at around 1% in
March 2022. Fitch expects that the next three-year tariff
agreement, currently under review, will remain constructive.
However, there are uncertainties about the reimbursement levels in
the upcoming tariff negotiations in France in the current
inflationary environment, which will ultimately define the
trajectory of Almaviva's profitability.
Profitability to Align with Peers: Fitch expects Almaviva's EBITDA
margin to decline to 11% in 2023 due to short-term inflationary
pressure including high energy costs and wage increase. In the
medium term, Fitch believes that its EBITDA margins are likely to
remain around 11%-12%, aligned with most peers in the sector. Fitch
sees limited headroom for structural profitability improvement,
given personnel-intensive operations and a high share of outsourced
or externally acquired products and services tied to business
volumes. Fitch views effective cost management without compromising
service standards as an essential competitive differentiation and
as critical as a stable regulatory framework.
Low FCF Generation: Its rating case forecasts negative FCF in FY23,
driven by lower profitability, higher interest rates and increased
capex related to site development and IT infrastructure. Fitch
anticipates marginally positive FCF generation from 2024, which
indicates limited headroom at the 'B' IDR. Persistently negative
FCF would signal higher operating risks and could put the ratings
under pressure. Almaviva's FCF generation has been volatile,
disrupted by various acquisition-related charges, pandemic-related
cash movements and bouts of capital intensity for equipment,
services roll-out or real estate development.
Limited Leverage Headroom: Fitch projects that leverage will remain
high at slightly below the negative sensitivity of 7.0x
lease-adjusted debt/EBITDAR until 2026, due to tight organic EBITDA
expansion. The high indebtedness is mitigated by Almaviva's
defensive operating risk profile. Fitch estimates that any organic
deleveraging achieved on the back of economies of scale will be
used to fund additional bolt-on acquisitions and development
capex.
M&A to Continue: The rating assumes that the French private
hospital market will continue to offer attractive acquisition
opportunities, although the pace has slowed as the bulk of small
and medium-sized acquisitions in the regions have already been made
by leading groups, with four operators controlling over 60% of
French private hospital capacity. Fitch factors in smaller
individual clinic additions in Almaviva's core or adjacent regions,
to the extent these can accommodated by Almaviva's internal cash
flows and its sponsor's equity co-founding, with limited headroom
for debt-funded M&A.
DERIVATION SUMMARY
Fitch rates Almaviva under the framework of the ratings navigator
for healthcare providers. The sector peers tend to cluster in
'B'/'BB' range, driven by the traits of their respective regulatory
frameworks influencing the quality of funding and government
healthcare policies, as well as companies' operating profiles,
including scale, degree of service and geographic diversification,
and patient and payor mix. Many sector constituents pursue dynamic
debt-funded M&A strategies given the importance of scale and
limited room for organic return maximisation.
In this context, Almaviva's 'B' IDR reflects its medium-sized
regional operations with lower business scale and narrow geographic
diversification against larger Fitch-rated US-based hospital
operators such as Tenet Healthcare Corp. (B+/Stable), Universal
Health Services, Inc. (BB+/Stable) and Community Health Systems,
Inc. (B-/Negative). The quality of US regulation with a complex,
politicised and unpredictable environment, varying patient/payor
mix and Medicare/Medicaid payment policies for individual service
lines weigh heavily on their ratings.
Among its European peers, Fitch views the French regulatory regime
as more beneficial for private hospital operators given the
freedom-of-choice principle, mitigating Almaviva's narrow
geographic focus. The Finnish provider of healthcare and social
services, Mehilainen Yhtyma Oy (B/Stable), is exposed to more
restrictions, particularly based on the recently amended healthcare
reform limiting the participation of private healthcare operators
in certain public-pay services. The private mental care and
rehabilitation specialist Median B.V. (B-/Stable) operating in
Germany and the UK has higher leverage and lower profitability than
Almaviva.
All 'B' healthcare service providers show weak credit metrics
expressed in highly leveraged balance sheets following a history of
debt-funded acquisitions, with total adjusted debt/ operating
EBITDAR of 6.0x-7.0x and tight operating EBITDAR / interest paid +
rent of 1.5x-2.0x.
Given the proximity of hospital services to lab-testing service
companies, which Fitch also regards as social infrastructure
assets, and which are subject to a similar triennial tariff
agreement in France, Fitch has compared Almaviva's 'B' rating with
Laboratoire Eimer Selas (B/Stable) and Inovie Group (B/Stable).
Both lab-testing companies have higher leverage of 8.0x, given
their stronger operating and cash flow margins and their
non-cyclical revenue pattern with high visibility due to sector
regulation. These features justify a 0.5x higher leverage tolerance
for their 'B' IDRs compared with Almaviva.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that Almaviva would be reorganised as
a going-concern (GC) in bankruptcy rather than liquidated given the
company's main asset is embedded in its brand and its established
position as one of the leading private hospital operators.
Fitch has assumed a 10% administrative claim.
Fitch estimates Almaviva's GC EBITDA assumption at around EUR50
million, which includes pro forma adjustments for cash flows added
via acquisition and expected asset transfers between Almaviva and
the PropCo in 2022. The GC EBITDA is based on a stressed scenario
reflecting adverse regulatory changes, the company's inability to
manage costs or retain medical practitioners leading to
deteriorating quality of care.
An enterprise value (EV)/EBITDA multiple of 6.0x is applied to the
GC EBITDA to calculate a post-reorganisation EV. The choice of this
multiple is based on precedent M&A EV/EBITDA for peers of 10x-15x,
with recent activity at the upper end, and is in line with European
sector peers' multiples.
The multiple is lower than Mehilainen Yhtyma Oy's 6.5x, given the
latter's national leadership in Finland with increasing
diversification abroad, broader diversification across healthcare
and social care service lines and larger scale, whereas its
regulatory regime is less supportive for private sector operators
in Finland.
After deducting 10% for administrative claims, its waterfall
analysis generates a ranked recovery for Almaviva's senior secured
term loan B (TLB) in the 'RR3' category, leading to a 'B+'
instrument rating, which includes the pari-passu ranking revolving
credit facility (RCF) of EUR80 million that Fitch assumes will be
fully drawn prior to distress. The senior secured TLB and RCF rank
after Almaviva's structurally super senior bank loans of about
EUR25 million. Fitch also assumes the financial leases of EUR34
million at Almaviva level will remain available during and
post-distress and will not crystallise as a debt obligation.
The above results in a waterfall generated recovery computation
output percentage of 63% based on current metrics and assumptions,
the same as the last review.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Successful implementation of Almaviva's business plan, including
effective cost management, leading to sustained EBITDA margin
growth and positive FCF after capex
- A more conservative financial policy reflected in total adjusted
debt/EBITDAR below 5.0x on a sustained basis
- EBITDAR/gross interest + rents above 2.0x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Adverse regulatory changes or challenges in the strategy
implementation with EBITDA margins declining to below 10%
- Negative or neutral FCF margins on a sustained basis
- Tightening liquidity headroom with increased use of the company's
RCF
- Total adjusted debt/EBITDAR above 7.0x on a sustained basis
- Diminishing financial flexibility reflected in EBITDAR/gross
interest + rents weakening below 1.5x
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Fitch regards Almaviva's liquidity as
satisfactory. Fitch expects negative FCF generation in 2023 due to
lower profitability and high capex plans, but Fitch forecasts the
company will generate marginally positive FCF from 2024. However,
ambitious capex and M&A plans could put liquidity under pressure.
In its liquidity analysis, Fitch has excluded EUR20 million from
cash, which Fitch deems to be restricted for daily operations and
therefore not available for debt service. The EUR80 million RCF is
currently undrawn.
The debt structure is concentrated. However, the company has
long-dated maturities with the RCF/TLB coming due in 2027and 2028,
respectively. The company also has hedges in place for a majority
of the TLB till 2026, which mitigates interest cost pressures as
rates rise.
ISSUER PROFILE
Almaviva is the fourth-largest French private hospital group
operating 42 clinics mainly in two French regions, Île-de-France
(greater Paris area) and Provence-Alpes-Côte d'Azur in the
south-east. The group also operates clinics in Corsica.
ESG CONSIDERATIONS
Almaviva Developpement has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to its operating environment being
subject to sector regulation, as well as budgetary and pricing
policies adopted by the French government. Rising healthcare costs
expose private hospital operators to the risk of adverse regulatory
changes, which could constrain companies' ability to maintain
operating profitability and cash flows. This has a negative impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Almaviva
Developpement LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
PAPREC HOLDING: Moody's Ups CFR to Ba3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term Corporate
Family Rating of Paprec Holding to Ba3 from B1, its Probability of
Default rating to Ba3-PD from B1-PD, and the ratings on the
company's backed senior secured notes to Ba3 from B1. The outlook
has changed to stable from positive.
RATINGS RATIONALE
The upgrade to Ba3 reflects Moody's expectations that Paprec will
maintain a financial profile commensurate with the rating agency's
ratio guidance for the Ba3 rating level over at least the next
18-24 coming months. The improved credit profile results from a
broader diversification across the waste treatment value chain,
including more value added businesses in the group's scope of
activities, like waste-to-energy and hazardous waste treatment,
complemented with a more conservative financial policy based on a
management targeted net debt to EBITDA of between 2.5 and 3.5
times.
Over the first nine months of 2022, Paprec reported a solid
operational performance, illustrated by 7% EBITDA growth, despite a
drop in commodity prices, limited visibility on macroeconomic
trends exacerbated by the Ukraine conflict, as well as elevated and
volatile electricity prices and more generally higher than expected
inflation which increased the group's cost structure. Moody's
expects the EBITDA growth to continue, supported by gains in market
share and the contribution of newly acquired businesses, both in
France and Spain.
The group's net debt slightly decreased over the period, as a
combination of the group's solid performance and the EUR150 million
ORAs (Obligations Remboursables en Actions – Bonds redeemable
into shares) subscribed by Vauban in March 2022 which are 50%
equity accounted under IFRS. Moody's notes that the ORAs will be
fully converted into shares at the latest by June 2023.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectations that Paprec's
EBITDA based metrics will continue to strengthen over the next
18-24 months, being consistent with the Ba3 rating guidance, which
includes an Adjusted debt/EBITDA below 4.5x on a sustainable basis.
The credit metric strengthening will derive from (1) continued
commercial development, with a balanced mix of new public and
private customers; (2) sustainable EBITDA margins, resulting from
margin protecting clauses in most contracts and a significant
portion of variable costs, (3) favorable sector momentum driven by
stricter environmental regulations in France and pressure on
industrial and commercial groups to process and manage their waste;
and (4) Moody's expectation that M&A operations will remain
limited.
More generally, Paprec's Ba3 rating continues to reflect (1) the
group's strong presence and diversification in waste treatment in
its domestic market as well as its well-spread network of
collecting and processing sites across France, which creates
barriers to entry; (2) the earnings diversification provided by the
sound and growing municipal waste division since the acquisition of
Coved in April 2017, supplemented with robust waste-to-energy
activity development, mainly contracted with municipalities; (3)
the underlying positive structural dynamics, supported by stricter
environmental regulations which will keep favoring recycling or
incineration of waste, at the detriment of landfilling; and (4) the
limited exposure of earnings to volatile raw material prices, as a
result of protective indexation clauses in most of its waste
collection contracts, except those for metal recycling.
These positive factors are balanced by (1) the group's relatively
high leverage (defined as Moody's-adjusted gross debt/EBITDA); (2)
its dependence on the economic and regulatory environment in
France, representing over 90% of its sales in 2021; (3) the
environmental and reputational risks related to its landfill
activities (around 6% of revenue), which are under increased
regulatory scrutiny; and (4) its exposure to fluctuations in
volumes driven by the prevalence of industrial customers (c. 60-70%
of revenue).
STRUCTURAL CONSIDERATIONS
Paprec's Ba3 CFR is assigned at the holding company level. As of
the end of March 2023, Paprec's capital structure comprised
EUR1,025 million of senior secured notes, a EUR4.1 million Company
Saving Plan, a EUR114 million State-guaranteed loan and a EUR230
million super senior revolving credit facility (RCF), all of which
are issued/borrowed at the same holding company level. Although the
senior secured notes rank pari passu with the RCF in the ordinary
cause of business, the RCF has priority in case of collateral
enforcement. The Ba3 rating assigned to Paprec's senior secured
notes is in line with the company's CFR despite the relative
ranking of its senior secured notes as set out in the intercreditor
agreement, whereby the notes are contractually subordinated to the
RCF with respect to the collateral enforcement proceeds, reflecting
expected modest subordination. However, any significant increase in
the amount of super senior outstandings in the capital structure
could result in a notching of the senior secured notes.
The notes and the super senior RCF benefit from the same guarantor
package, including relatively limited upstream guarantees from some
of Paprec's operating companies (excluding Coved), representing
only around 57% of the company's 2022 EBITDA. Both the senior
secured notes and the RCF are secured, on a first-priority basis,
by the same collateral, essentially comprising pledges on stock,
bank accounts and intercompany receivables of a number of Paprec's
operating companies.
The capital structure is covenant-lite, with only a springing
covenant in the RCF protecting creditors, albeit with ample
capacity. This covenant is tested on a semi-annual basis only if
RCF outstandings are equal to or greater than 50% of the overall
commitment.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if leverage defined as Moody's
adjusted gross debt/EBITDA reduces below 4x on a sustainable basis.
In addition, Moody's would expect the group to maintain positive
free cash flow generation and an adequate liquidity profile.
Paprec's ratings could be downgraded if leverage was expected to
remain sustainably above 4.5x; if free cash flow generation turns
negative over a prolonged period of time; or if its liquidity
profile weakens.
The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.
Headquartered in Paris, France, Paprec Holding is a pure-play
integrated waste management company, which is mainly focused on the
collection, landfilling, incineration and recycling of nonhazardous
and hazardous waste from private and municipal entities, mostly in
France. Over the first nine months, the group reported revenue of
EUR1,757 million and EBITDA of EUR292 million.
=============
G E R M A N Y
=============
COLOUROZ INVESTMENT 1: EUR50M Bank Debt Trades at 58% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
1 GmbH is a borrower were trading in the secondary market around
42.5 cents-on-the-dollar during the week ended Friday, March 31,
2023, according to Bloomberg's Evaluated Pricing service data.
The EUR50 million facility is a Payment-In-Kind Term loan that is
scheduled to mature on September 21, 2024. The amount is fully
drawn and outstanding.
ColourOz Investment 1 GmbH manufactures paint products. The
Company's country of domicile is Germany.
FLINT GROUP: $31.8M Bank Debt Trades at 32% Discount
----------------------------------------------------
Participations in a syndicated loan under which Flint Group GmbH is
a borrower were trading in the secondary market around 68.3
cents-on-the-dollar during the week ended Friday, March 31, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $31.8 million facility is a Term loan that is scheduled to
mature on September 7, 2023. The amount is fully drawn and
outstanding.
Flint Group GmbH manufactures products for printing and packaging.
The Company offers flexography, washout solvents, commercial
coatings, heatset inks, offset blankets, pigments, letterpress, and
digital printing products. The Company's country of domicile is
Germany.
IHO VERWALTUNGS: Upsized Notes No Impact on Moody's 'Ba2' Ratings
-----------------------------------------------------------------
Moody's Investors Service said that IHO Verwaltungs GmbH (IHO-V,
Ba2 stable) would upsize the recently issued Ba2-rated EUR500
million senior secured notes due in 2028 by additional up to EUR300
million. IHO-V will use the additional proceeds to further reduce
upcoming debt maturities in 2025. The upsizing will not
meaningfully change the credit quality of IHO-V, as higher interest
will largely be offset by benefits from the longer-dated maturity
profile. Hence, IHO-V's Ba2 ratings with a stable outlook are
unchanged, while the ratings remain weakly positioned.
IHO-V will use the up to EUR300 million new issuance proceeds as
well as the originally issued EUR500 million to largely redeem its
EUR800 million senior secured notes due in 2025. Even though
IHO-V's gross debt remains unchanged, Moody's estimates that the
company's cash interest costs will increase by around EUR40 million
per annum on a pro-forma basis for the entire up to EUR800 million
issued, reducing its interest coverage to well below 2.0x in 2023
from 2.1x in 2022, a level below Moody's minimum guidance of 2.0x
for the Ba2 rating category.
Despite the increase in interest costs and reduced interest
coverage, and even with Moody's expectation of lower dividend
payments from Continental AG (Baa2 stable) and Schaeffler AG (Baa3
stable) this year (around EUR340 million based on the proposed
combined distributions, versus EUR363 million received in 2022),
IHO-V's liquidity remains solid. As of January 31, 2023, IHO-V's
cash position amounted to EUR115 million and it had access to
EUR640 million available under its EUR800 million revolving credit
facility (RCF). These cash sources comfortably exceed IHO-V's cash
needs over the next 12-18 months, which are mainly holding costs,
interest and income tax payments totaling around EUR240 million
annually. Furthermore, the refinancing improves IHO-V's debt
maturity profile, addressing sizeable maturities in 2025. The next
debt maturity is the RCF due in December 2024.
Headquartered in Herzogenaurach, Germany, IHO Verwaltungs GmbH
(IHO-V) is a holding company that owns 75% of the share capital
(and 100% of voting rights) in Schaeffler AG, and 36% and 39.9% of
the share capital in Continental AG and Vitesco Technologies Group
AG, respectively. These assets are all leading automotive suppliers
in Europe. IHO-V is ultimately owned through a holding structure by
two members of the Schaeffler family.
NAPA MANAGEMENT: $610M Bank Debt Trades at 27% Discount
-------------------------------------------------------
Participations in a syndicated loan under which NAPA Management
Services Corp is a borrower were trading in the secondary market
around 72.9 cents-on-the-dollar during the week ended Friday, March
31, 2023, according to Bloomberg's Evaluated Pricing service data.
The $610 million facility is a Term loan that is scheduled to
mature on February 18, 2029.
NAPA Management Services Corporation offers practice management
services. The Company provides accounting, billing, consulting,
medical personnel contracting, healthcare analyzes, financing,
human resources, information technology, insurance, marketing, and
operational support services.
SCUR-ALPHA 1503: Fitch Gives B(EXP) FirstTime IDR, Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has assigned SCUR-Alpha 1503 GmbH (Champion) a
first-time expected Issuer Default Rating (IDR) of 'B(EXP)' with a
Positive Outlook. It has also assigned an expected senior secured
rating of 'B+(EXP)' to the proposed EUR2.9 billion seven-year term
loan B (TLB) to be raised by Champion and the co-borrowers AI
Montelena Bidco LLC (USA) and AI Montelena (Netherlands) BV. The
Recovery Rating is 'RR3'.
The proceeds from the TLB will fund Champion's acquisition of the
engineering material businesses of Royal DSM N.V. and LANXESS AG.
Private equity sponsor Advent International will own 60% of the
joint venture company ultimately controlling Champion. LANXESS will
own the remaining 40% and will provide additional liquidity support
in the form of a preferred equity instrument. The transaction will
also be funded by payment-in-kind (PIK) notes to be issued outside
the senior secured restricted group by holding companies indirectly
controlling Champion.
The expected IDR reflects Champion's high EBITDA gross leverage,
which Fitch expects to trend down from 6.8x in 2023 to below 5.0x
by 2026 as the company delivers synergies and benefits from growing
demand from key automotive and electronics sectors. Champion will
have the scale and financial flexibility to invest in new
compounding capacity to capture market growth. The rating also
captures Champion's robust business profile as a top three global
producer of polyamide with competitive vertical integration and a
meaningful offering of specialised products.
The Positive Outlook reflects a clear deleveraging trajectory,
which could be accelerated upon successful delivery of synergies
ahead of its base case.
KEY RATING DRIVERS
Global Polyamide Specialist: Champion will have critical mass as
the third-largest polyamide producer behind Celanese and BASF and a
strong global footprint, especially in Europe and Asia, with 18
plants. It benefits from well-invested assets coming from
investment-grade chemical companies, a record of reliable supply,
and long-lasting customer relationships. Champion's scale will
enable investment in innovative materials addressing long-term
trends.
High Opening Leverage: The transaction will be funded by
significant debt, mainly composed of a EUR2.9 billion equivalent
TLB with little amortisation until maturity in seven years. Fitch
expects EBITDA growth to support a reduction of EBITDA gross
leverage from 6.8x in 2023 to below 5x in 2026, assuming Champion
achieves about two-thirds of the EUR150 million identified
synergies. Based on its forecasts of positive free cash flow (FCF)
and no acquisitions or dividends, Champion would not need to incur
any meaningful incremental debt. Additional debt related to the
transaction in the form of PIK notes will sit outside the senior
secured restricted group.
Automotive, Electronics Exposure: Champion will have strong
positions in the key end-markets of mobility, electrical and
electronics (E&E). This exposes the company to volume risk when
these markets face downturns, as in 2020 when automotive production
fell. However, this is mitigated by long-standing relationships
with large customers, given product specification in the production
lines of automotive or electronics producers. Moreover, increased
penetration of polyamide 6, Champion's key product, over polyamide
66 has cushioned automotive weakness and is not expected to
reverse, given structural supply issues for competing materials and
product specification.
Growing Markets: Fitch expects Champion's specialty and performance
materials volumes to grow in low-to-mid single digits annually,
driven by the recovery of automotive production, the continuation
of metal replacement by lightweight and heat resistant materials
such as polyamide, and increased capacity in compounds. Moreover,
increased demand for electronics, including within mobility for
charging infrastructure, will provide growth opportunities for
Champion's products.
Presence Across Value Chain: Champion will benefit from robust
vertical integration into key polyamide feedstock caprolactam
through a plant that is among the most competitive in Europe and
through an existing long-term supply agreement with Fibrant.
Champion's presence in the value chain extends to polyamide
compounds and specialty materials, which offer more stable margins
over raw materials than commoditised resins. Champion's product
offering is narrower than BASF's or Celanese's, but about 20% of
sales and a greater portion of its contribution margin is derived
from high-performance specialty products with value-based pricing.
Specialisation Stabilises Margins: Fitch believes that Champion's
strategy to increase its exposure to polyamide compounds and
specialty materials will enable the company to maintain more stable
margins given the differentiation of the products. Therefore, Fitch
expects increased compound capacity to result in contribution
margin per tonne gradually improving. This will reduce the exposure
to volatility in raw material costs, which affected margins in
2022, when the company was only able to pass through 70% of cost
inflation.
DERIVATION SUMMARY
Compared with Nouryon Holding B.V. (B+/Stable), Champion is
smaller, has weaker diversification and less stable cash flows due
to exposure to more volatile sectors. Fitch expects Nouryon's
leverage to be lower than Champion's.
Compared with Nobian Holdings 2 B.V. (B/Stable), Champion is
larger, more geographically diversified and positioned in sectors
with greater growth potential. However, Fitch expects Nobian's
leverage to be lower, and it benefits from strong barriers to entry
and contractual cost pass-through mechanisms for a large part of
its products.
Compared with Italmatch Chemicals S.p.A (B/Stable), Champion is
significantly larger, has stronger vertical integration, a similar
end-market exposure and Fitch expects it to have lower leverage.
However, Italmatch is more focused on specialty chemicals, which
translates into lower cash flow volatility.
Compared with Roehm Holding GmbH (B-/Rating Watch Negative),
Champion has similar scale, end-market diversification and vertical
integration. However, Roehm faces greater execution risk through
the construction of its new plant, has more exposure to commodity
price volatility, and higher leverage.
KEY ASSUMPTIONS
- Volumes to grow by 4% CAGR in 2022-2026
- EBITDA margin at 16% on average in 2022-2026
- Capex of 3-4% of sales
- No dividends or M&A
Recovery Analysis Assumption
The recovery analysis assumes that Champion would be reorganised as
a going-concern (GC) in bankruptcy rather than liquidated.
Its GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV).
The GC EBITDA of EUR400 million reflects a weak macro environment
negatively affecting volumes in key cyclical end markets such as
auto and E&E sectors, and a competitive environment driving prices
down.
Fitch uses a multiple of 5.0x to estimate a GC EV for Champion
because of its leadership position and partial integration in the
value chain that translates into moderate volume and margin
volatility. It also captures the company's diversified business
profile and modest scale.
Fitch assumes other debt of EUR30 million to be structurally senior
and its revolving credit facility (RCF) to be fully drawn and to
rank pari passu with the senior secured term loans.
After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) for
the senior secured instruments in the 'RR3' band, indicating an
expected 'B+(EXP)' instrument rating. The WGRC output percentage on
current metrics and assumptions was 54%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDA leverage below 5x or FFO leverage below 6x on a sustained
basis
- EBITDA interest coverage above 2.5x on a sustained basis
- Achievement of cost savings in line with management's
expectations and continued positive FCF generation
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- As the Outlook is Positive, Fitch does not expect negative rating
action, at least in the short term. However, if the company fails
to deleverage in line with the positive sensitivities Fitch would
revise the Outlook to Stable.
The following would lead to negative rating action:
- EBITDA leverage above 6.5x or FFO leverage above 7.5x on a
sustained basis
- EBITDA interest coverage below 1.5x on a sustained basis
- Weakening pricing power negatively affecting margins at times of
raw material inflation
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Champion's opening cash balance of EUR200
million and undrawn RCF of EUR375 million will ensure sufficient
liquidity to fund changes in working capital. Moreover, Fitch
expects the company to maintain positive FCF and have little debt
amortisation in the coming years. Debt at the senior secured
restricted group level will mainly be composed of EUR2.9 billion of
TLB expected to mature in 2030 with only a minimal part amortising
annually. The RCF will mature six months before the TLBs. Fitch
notes that while finance documents restrict the payment of
dividends, some payments will be allowed and could be used to pay
dividends or repay PIK notes located outside the senior secured
restricted group.
ISSUER PROFILE
SCUR-Alpha 1503 GmbH is a joint-venture between private equity
sponsor Advent International (60%) and German chemical group
LANXESS AG (40%) specialized in the production of high-performance
engineering polymers.
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
----------- ------ --------
AI Montelena
(Netherlands) BV
senior secured LT B+(EXP) Expected Rating RR3
AI Montelena Bidco
LLC (USA)
senior secured LT B+(EXP) Expected Rating RR3
SCUR-Alpha 1503
GmbH LT IDR B(EXP) Expected Rating
senior secured LT B+(EXP) Expected Rating RR3
SCUR-ALPHA 1503: Moody's Assigns B2 CFR, Rates Sr. Secured Debt B2
------------------------------------------------------------------
Moody's Investors Service assigned a B2 long term corporate family
rating and B2-PD probability of default rating to SCUR-Alpha 1503
GmbH (Champion). Moody's also assigned B2 instrument ratings to
Champion's EUR2.9 billion equivalent (USD and EUR tranches) senior
secured term loan B (TLB) and its EUR375 million senior secured
revolving credit facility (RCF). The outlook is stable.
Proceeds from the debt issuance, along with an implied equity
contribution of EUR3 billion (EUR1.8B from Advent International),
PIK notes of EUR676 million and preferred equity of EUR200 million
from Lanxess AG (Baa2 stable) will be used to finance the
acquisition of Royal DSM N.V.'s (DSM, A3 stable) DEM (engineering
materials) business and Lanxess AG's HPM (high performance
materials) business, pay related fees and expenses, and add cash to
the balance sheet.
RATINGS RATIONALE
The combination of DSM's DEM business and Lanxess AG's HPM business
will create a top three player (estimated 2022 pro forma revenue of
EUR3.7B) in the engineering materials market with the potential to
deliver significant cost synergies and some revenue synergies. Both
firms are among the top 10 engineering materials producers, with
global footprints and diverse customer bases. Nevertheless, the
company faces execution and integration risks including IT
integration, headcount reductions and manufacturing optimization in
combining two organizations with a global presence. Furthermore,
the newly created entity begins this process with a very highly
leveraged balance sheet in an environment of significant economic
and financial markets uncertainty. Within the three years after
closing, the group expects to spend about EUR75 million in one-time
integration costs to achieve run-rate savings around EUR125 million
per year.
Pro forma for the new financing arrangement, Moody's estimates
Champion to have debt-to-EBITDA ratio around 6.75x and interest
coverage below 2.0x as of December 31, 2022 which leaves the
company weakly positioned for the B2 rating category. The rating
agency expects that over the next 12-18 months the company's
debt-to-EBITDA ratio will decline below 6.0x and it will have
EBITDA interest coverage above 2.0x. Leverage may increase over the
first half of 2023 because of the weak macro-economic environment,
which will hurt demand from some of Champion's end-markets, only
partly mitigated by lower input costs. The aforementioned metrics
include the rating agency's standard adjustments and adjustments
for certain other non-recurring items. At holding companies above
the rated group and not formally included in Moody's metrics sit
payment-in-kind (PIK) notes (EUR676 million) and preferred equity
(EUR200 million). Moody's expects that EUR500 million of the
proceeds of the PIK and preferred equity will be downstreamed into
the restricted group as a shareholder loan which the rating agency
expects will qualify for equity treatment. Moody's expects the
remainder of the proceeds (approximately EUR376 million) to be
downstreamed as equity into the restricted group.
Champion's (1) top three market position in the growing engineering
materials market, (2) good operational and revenue diversification
across the Americas, EMEA and APAC with backward integration, (3)
strong portfolio of branded products with long standing customer
relationships and (4) good pro forma liquidity following the
financing supports its B2 CFR. However Champion's (1) very high
starting point leverage, (2) the integration and execution risk
associated with combining two entities with a global presence, (3)
concentration in the mobility segment (around 47% of pro forma
revenue), (4) a relatively complex capital structure with PIK notes
and preferred equity raised outside of the restricted group, and
(5) low visibility of historical financial data due to the
combination of two carve out entities, all constrain the rating.
LIQUIDITY PROFILE
Champion's liquidity is good. Pro forma for the financing, Moody's
expects the company to have around EUR200 million of cash on hand
and access to an undrawn EUR375 million RCF. In combination with
forecast funds from operations, these sources are expected to be
sufficient to cover capital spending, working capital movements and
general cash needs.
STRUCTURAL CONSIDERATIONS
Moody's rates the TLBs and the RCF B2, in line with the CFR because
these debt instruments represent the largest debt instrument in
Moody's waterfall analysis. The TLBs ranks pari passu with the
RCF.
SCUR-Alpha 1503 GmbH (Champion), AI Montelena (Netherlands) BV and
AI Montelena BidCo LLC are all borrowers of the EUR2.9 billion
equivalent senior secured term loans B (USD and EUR tranches). The
borrowers also have available a EUR375 million RCF.
ESG CONSIDERATIONS
Champion will be co-owned by Advent International (60%) and Lanxess
AG (40%). Moody's expects the board to be primarily composed by
representatives from Advent International and Lanxess AG, as well
as some independent members. The rating agency expects Lanxess AG
to remain an anchor shareholder at least over the next three years.
Champion's high starting leverage demonstrates a high tolerance for
financial risk. The concentrated ownership allows Advent
International to drive decision making which creates the potential
for event risk and decisions that favor shareholders over
creditors, such as dividend recapitalizations and debt funded
mergers and acquisitions. However, Moody's expects the company to
focus on integration of and improvement in the operations rather
than sizeable acquisitions or shareholder returns over the next
couple of years following the transaction. The rating agency also
considers the formation of the business (a dual carve out
combination) to result in a lower level of visibility regarding
historical financial performance.
RATING OUTLOOK
The stable outlook on the rating reflects Moody's that the company
will make substantive progress on the integration plan and achieve
leverage, interest coverage and liquidity characteristics
commensurate with the B2 rating category.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade of Champion's ratings
include: (i) debt/EBITDA decreasing below 5.0x on a sustained
basis; (ii) EBITDA/Interest coverage comfortably above 2.5x on a
sustained basis; (iii) retained cash flow/debt consistently in the
low-double digits in percentage terms; (iv) FCF/debt consistently
in the high single digits on a percentage basis and; (v) a public
commitment to a defined and more conservative financial policy
which would result in metrics remaining more conservatively
positioned even when considering the potential for shareholder
returns.
Factors that could lead to a downgrade of Champion's ratings
include: (i) debt/EBITDA remaining above 6.0x by year end 2024;
(ii) FCF turns materially negative or liquidity deteriorates; (iii)
EBITDA/Interest coverage below 2.0x on a sustained basis (iv)
delays or disruptions to the integration which result in
operational challenges or cost overruns with a material financial
impact or; (v) the enactment of more aggressive financial policies
which would favor shareholder returns over creditors.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemicals
published in June 2022.
COMPANY PROFILE
SCUR-Alpha 1503 GmbH (Champion) is a Germany-based chemical
producer specializing in the production of engineering materials
with core end markets in mobility and electronics. The company was
formed by the carve-out of Royal DSM N.V.'s (A3 stable) DEM
(engineering materials) business and Lanxess AG (Baa2 stable)
contributing its High-Performance Materials (HPM) business into a
newly formed joint venture. The company is 60% owned by the private
equity firm Advent International and 40% by Lanxess AG.
SCUR-ALPHA 1503: S&P Assigns Preliminary 'B' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Champion's holding company SCUR-Alpha 1503 GmbH
and preliminary 'B+' issue rating to the proposed senior secured
loans.
The stable outlook reflects S&P's expectation of moderate volume
growth and stable EBITDA margins this year, with debt to EBITDA set
to swiftly improve to below 8x (below 7.5x without PECs) in 2024,
driven by a rise in EBITDA, and free operating cash flow (FOCF)
increasing to above EUR100 million per year from EUR80
million-EUR100 million estimated in the remainder of 2023.
As announced in May 2022, private equity firm Advent International
and specialty chemicals company Lanxess AG are creating a global
pure player in polyamides (Champion) by combining the acquired DEM
with Lanxess' HPM business. The deal combines complementary assets
from two blue-chip companies into a newly formed joint venture, to
be 60% owned by Advent and 40% by Lanxess. The transaction is
expected to close in April 2023.
The preliminary 'B' rating reflects the highly leveraged capital
structure at transaction close. This primarily consists of the
EUR2.9 billion proposed TLB, as well as a large chunk of
subordinated debt including EUR676 million of PIK notes, and EUR200
million of PECs to be provided by Lanxess. S&P views the PIK notes
as debt given their third-party ownership. As Lanxess is the
minority shareholder of the group and has a soft put option to exit
the business in about three years at the earliest, we view the PECs
as debt. This translates into adjusted debt to EBITDA of nearly
9.0x in 2023 (8.5x without PECs), based on our forecast of EUR430
million-EUR450 million of adjusted EBITDA in 2023 (after one-off
integration costs). This is a high initial leverage for the 'B'
rating, indicating limited rating headroom at closing, and we
anticipate solid FOCF and dedicated deleveraging in the next
one-to-two years.
S&P said, "We expect to see swift deleveraging in the next
one-to-two years driven by increased EBITDA, especially thanks to
swift synergies post-merger. Despite challenging macroeconomics, we
expect moderate volume growth of 3.5%-5.0% and a gradual
improvement in EBITDA margins over 2023-2025, given the gradual
recovery in auto production with expected restocking and recovery
in China and higher electric vehicle (EV) penetration globally. The
company's strong positioning in end markets with good growth
potential (EVs and electrical and electronics [E&E]), focus on
higher-margin specialty products with sustainability benefits, and
especially the swift generation of tangible cost synergies, will
lead to rapid deleveraging driven by rising EBITDA. We expect our
adjusted EBITDA to strengthen to above EUR500 million in 2024 and
approach EUR600 million in 2025. Consequently, our adjusted debt to
EBITDA would decrease to below 8.0x (below 7.5x without PECs) in
2024 and about 7.0x (about 6.5x without PECs) in 2025.
"Our assessment of Champion's financial risk also reflects its
solid FOCF profile. We expect FOCF of EUR80 million-EUR100 million
in the remainder of 2023 post transaction closing (only nine
months) and above EUR100 million from 2024. This is driven by a
focus on more efficient working capital management, a normalizing
trend in raw material prices, and limited capital expenditure
(capex) for Champion's well-invested asset base. The company
estimates that it will require EUR110 million-EUR120 million of
annual capex on average, most of which (about 55%) relates to
maintenance. Discretionary growth capex is about 40% of total capex
and will be spurred by construction of additional compounding lines
in existing sites. Accordingly, Champion should have some
flexibility to scale down capex, especially the discretionary part,
if needed. Champion's financial risk profile is constrained by
private-equity firm Advent's majority ownership, which could result
in more aggressive financial policies, notably in terms of leverage
tolerance and incentives to maximize shareholder returns. However,
we understand that Advent does not intend to take any dividends in
the foreseeable future and aims to deleverage Champion through
EBITDA growth and cash flow generation. Furthermore, we expect that
management will focus on integrating the two large carve-out assets
and realizing synergies in the next few years. Mergers and
acquisitions (M&A) will most likely be limited to small bolt-ons,
if any.
"Our assessment of Champion's business risk profile is supported by
its leading market position as the global No. 3 and largest pure
player in engineering materials." With about EUR3.8 billion of
revenue and S&P Global Ratings-adjusted EBITDA of EUR510 million in
2022, the combined group will become the third largest engineering
materials provider globally, behind DuPont/Celanese and BASF.
Champion has strong market shares for its key products including
polyamide compound (PA6; 18% market share) and specialty materials
like high temperature polyamide (HTPA; 24%) and thermoplastic
co-polyesters (TPC; 20%). In addition, in China, the company's
largest market in Asia-Pacific (19% of sales), Champion is among
the top three in the PA6 market in the auto industry, serving
global original equipment manufacturers (OEMs).
The deal combines complementary well-invested businesses from two
blue-chip companies (DSM and Lanxess). The engineering materials
portfolios of DEM and HPM are complementary. DEM has a strong
presence in Asia-Pacific, especially China, electronics,
sustainable grades, and various high-margin specialty materials
(including the heat-resistant polyamide PA4X). HPM has strengths in
global mobility applications with long-term relationships with
global OEMs, advanced engineering know-how, and a backward
integration (caprolactam) for PA6, providing an attractive cost
position for its European production. S&P factors in significant
synergy potential with the majority being tangible cost savings to
be achieved in one-to-two years. Management estimates synergies of
EUR125 million-EUR150 million with full run rates achieved within
about 24 months post-closing.
The company benefits from favorable growth prospects driven by
secular megatrends including EV penetration. Champion has a strong
presence in applications for e-mobility and light-weighting in
auto, proliferation, and miniaturization of connected devices in
E&E. It is well positioned to benefit from above-GDP growth
potential driven by secular megatrends including EV growth with
higher content of polymers used per vehicle, higher demand for
polymers used for EV batteries and surrounding infrastructure like
charging, E&E growth spurred by 5G networks and digitalization, as
well as the substitution of metals with plastics due to increasing
requirements for light-weighting and lower carbon dioxide (CO2)
footprints.
The main constraints to the business risk profile include the
company's relatively large exposure to volatile auto markets,
partly compensated by the sector's good growth potential and EV
growth. The company serves diverse end markets, including auto,
E&E, industrials, food and water, and medical. However, Champion's
exposure to the auto sector, which is cyclical and volatile, is
significant at 47% of sales. This was evidenced by the volatility
in production volumes over 2019-2022. In addition, fluctuations in
volumes in the performance materials division are also driven by
restocking and destocking effects, adding to the volatility of the
business. Although this concentration is a weakness, it is partly
compensated by good growth potential in the auto market, with our
forecast of 4%-5% expansion in global light vehicle production in
2023 and 2024. Continuously increasing EV penetration also provides
the company with major growth opportunities.
The business is also constrained by a relatively narrow focus on
polymer value chains and a concentration on the PA6 compound,
despite a broad range of products in the portfolio. The company has
a broad and fairly well diversified portfolio ranging from raw
materials (caprolactam and glass fiber) and base resins to
specified polymer compounds and high-margin specialty materials.
However, it is focused on polymer value chains, especially PA6,
with the PA6 compound representing about 34% of sales. Despite
clearly prioritizing captive use, the intermediates division, which
produces commodity products and is exposed to volatile global PA6
and feedstock prices, still contributes a significant portion of
revenue (28% in 2021) and earnings (25% of contribution margin),
resulting in more volatile performance for the group compared to
its specialty business.
S&P Said, "The final ratings will depend on our receipt and
satisfactory review of all final documentation and the final terms
of the transaction. The preliminary ratings should therefore not be
construed as evidence of final ratings. If we do not receive final
documentation within a reasonable time, or if the final
documentation and final terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise the ratings. Potential changes include, but are not limited
to, utilization of the proceeds, maturity, size and conditions of
the facilities, financial and other covenants, security, and
ranking.
"The stable outlook reflects our expectation of volume growth and a
stable EBITDA margin in 2023, given a gradual recovery in auto
production with potential restocking and higher EV penetration
despite a global economic slowdown. From high initial leverage
post-closing and very limited rating headroom, we expect adjusted
debt to EBITDA will swiftly improve to below 8.0x (below 7.5x
without PECs) in 2024, driven by EBITDA growth amid swift synergy
generation. We also expect solid FOCF of EUR80 million-EUR100
million in the remainder of 2023 post transaction close and above
EUR100 million per year from 2024."
S&P could lower the rating if:
-- Leverage does not reduce below 8.0x adjusted debt to EBITDA
(below 7.5x excluding PECs) by 2024. This could occur if demand
weakens considerably due to a global recession with increasing
pressure on margins, or if the realization of synergies is delayed
with significant cost overruns for implementation;
-- FOCF weakens significantly without prospects of a swift
recovery; or
-- A more aggressive than expected financial policy drives up
leverage, including significant shareholder returns and/or large
debt-financed M&A.
S&P could raise the rating if:
-- Profitability increases as a result of successful integration
and synergy generation and earnings become more resilient due to a
continuous shift to higher-margin specialty products;
-- Leverage sustainably improves to below 6.0x adjusted debt to
EBITDA (below 5.5x excluding PECs);
-- Shareholders show a strong commitment to maintaining leverage
at a level commensurate with a higher rating; and
-- The company maintains solid FOCF exceeding EUR100 million per
year.
ESG credit indicators: E-2, S-2, G-3
S&P said, "Environmental and social factors are an overall neutral
consideration in our credit rating analysis of Champion. As a
specialty chemicals producer focusing on engineering materials,
Champion's scope 1 and 2 emissions amounted to about 0.8 million
tons (mt) of CO2 equivalent (eq.) in 2021. This corresponds to
about 0.7 kg CO2 eq. per kg (/kg) produced, which is relatively low
for the chemical industry. Champion will benefit from even lower
CO2 emissions through green product innovations. For example, its
Akulon B-MB (PA6) emits only 1.4 kg CO2/kg compared to the industry
average (6.7 kg Co2 eq./kg). We understand that the company is
committed to be 100% climate neutral by 2040. Key measures in the
medium term include increasing the sourcing of renewable
electricity and developing more bio and/or recycle based
alternatives in the product portfolio."
Governance is a moderately negative consideration, as it is for
most rated entities owned by private-equity sponsors. S&P believes
the company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns.
TELE COLUMBUS: EUR525M Bank Debt Trades at 21% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Tele Columbus AG is
a borrower were trading in the secondary market around 79.1
cents-on-the-dollar during the week ended Friday, March 31, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR525.2 million facility is a Term loan that is scheduled to
mature on October 15, 2024. About EUR462.5 million of the loan is
withdrawn and outstanding.
Tele Columbus AG provides cable services. The Company offers cable
television programming, telephone, and internet connection services
to homeowners and the housing industry. Tele Columbus operates
throughout Germany.
=============
I R E L A N D
=============
BARINGS EURO 2023-1: Fitch Gives 'B-sf' Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Barings Euro CLO 2023-1 DAC final
ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Barings Euro
CLO 2023-1 DAC
Class A-1
XS2583345744 LT AAAsf New Rating AAA(EXP)sf
Class A-2
XS2583345827 LT AAAsf New Rating AAA(EXP)sf
Class B-1
XS2583346478 LT AAsf New Rating AA(EXP)sf
Class B-2
XS2583346551 LT AAsf New Rating AA(EXP)sf
Class C
XS2583346635 LT Asf New Rating A(EXP)sf
Class D
XS2583347013 LT BBB-sf New Rating BBB-(EXP)sf
Class E
XS2583347104 LT BB-sf New Rating BB-(EXP)sf
Class F
XS2583347286 LT B-sf New Rating B-(EXP)sf
Subordinated Notes
XS2583347799 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Barings Euro CLO 2023-1 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 have been used
to fund an identified portfolio with a target par of EUR400
million. The portfolio is managed by Barings (U.K.) Limited. The
CLO envisages a four-year reinvestment period and an eight-year
weighted average life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
22.91.
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 of the identified portfolio is 63.73%.
Diversified Portfolio (Positive): At closing, the matrix is based
on a top 10 obligors limit of 20%, and maximum fixed-rate asset
limits of 15%. The transaction also includes a one-year forward
matrix based on the same limits as the closing matrix, but with a
one-year reduction to the 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 four-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
stress 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 OC
tests and Fitch 'CCC' limit, together with a linearly decreasing
WAL covenant. In Fitch's opinion, these conditions reduce the
effective risk horizon of the portfolio during a 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
would result in a downgrade of one notch for the class E notes and
a downgrade to below 'B-sf' for the class F notes.
Based on the current portfolio, downgrades 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 current portfolio than the Fitch-stressed
portfolio, the rated notes display a rating cushion to a downgrade
of up to three notches for the class E notes, two notches for the
class B, D, and F notes, and one notch for the class C notes.
'AAAsf' rated notes are at the highest rating on Fitch's scale and
cannot have a rating cushion.
Should the cushion between the current 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
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 a one-notch
upgrade for the class C notes, an up to two-notch upgrade for the
class B and D notes, and an up to three-notch upgrade for class E
and F. 'AAAsf' rated notes are already at the highest rating on
Fitch's scale and cannot be upgraded.
During the reinvestment period, based on the Fitch-stressed
portfolio upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period,
upgrades, except for the 'AAAsf' notes, may occur in case of stable
portfolio credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover for losses in the
remaining portfolio.
DATA ADEQUACY
Barings Euro CLO 2023-1 DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
BARINGS EURO 2023-1: S&P Assigns BB- (sf) Rating to Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Barings Euro CLO
2023-1 DAC's class A-1, A-2, B-1, B-2, C, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.
The class F notes is a delayed draw tranche with a maximum notional
amount of EUR14 million and a spread of three/six-month Euro
Interbank Offered Rate (EURIBOR) plus 10.50%. They can only be
issued once and only during the reinvestment period with an
issuance amount of EUR14 million. The issuer will use the full
proceeds received from the sale of these notes to redeem the
subordinated notes. Upon issuance, the class F notes' spread could
be subject to a variation and, if higher, is subject to rating
agency confirmation.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,720.99
Default rate dispersion 599.43
Weighted-average life (years) 4.58
Obligor diversity measure 115.77
Industry diversity measure 18.58
Regional diversity measure 1.29
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.00
Covenanted 'AAA' weighted-average recovery (%) 35.34
Covenanted weighted-average spread (%) 4.00
Covenanted weighted-average coupon (%) 4.25
Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the rated notes will switch to semiannual payments. The portfolio's
reinvestment period will end four years after closing.
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (4.00%),
the reference weighted-average coupon (4.25%), and the covenanted
minimum 'AAA' weighted-average recovery rate (35.34%) as indicated
by the collateral manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our assigned ratings are
commensurate with the available credit enhancement for the class
A-1, A-2, B-1, B-2, C, D, E, and F notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class B-1, B-2, C, D, and E notes could withstand stresses
commensurate with the same or higher ratings than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
these notes.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and is managed by Barings (U.K.) Ltd.
Environmental, social, and governance (ESG) credit factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average." For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to the following: An obligor involved
in:
-- The marketing, manufacturing or trade of illegal drugs or
narcotics;
-- The marketing, manufacturing or distribution of opioids;
-- Payday lending;
-- Development, manufacturing and supply of assault weapons and
munitions;
-- Alcohol or tobacco production;
-- Trading, for commercial purposes, endangered, or critically
endangered species; or
-- The development of genetic engineering or genetic
modification.
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 S&P's 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* 2.06 2.15 2.80
E-1/S-1/G-1 distribution (%) 0.75 0.00 0.00
E-2/S-2/G-2 distribution (%) 75.75 73.25 21.75
E-3/S-3/G-3 distribution (%) 6.00 6.00 57.25
E-4/S-4/G-4 distribution (%) 0.00 3.00 2.00
E-5/S-5/G-5 distribution (%) 0.00 0.25 1.50
Unmatched obligor (%) 10.00 10.00 10.00
Unidentified asset (%) 7.50 7.50 7.50
*Only includes matched obligor.
Ratings List
CLASS RATING AMOUNT INTEREST RATE (%) CREDIT
(MIL. EUR) ENHANCEMENT(%)
A-1 AAA (sf) 231.80 3mE + 2.20 39.00
A-2 AAA (sf) 12.20 5.00 39.00
B-1 AA (sf) 37.00 3mE + 3.00 28.50
B-2 AA (sf) 5.00 6.50 28.50
C A (sf) 22.00 3mE + 4.00 23.00
D BBB (sf) 24.00 3mE + 6.23 17.00
E BB- (sf) 18.00 3mE + 7.17 12.50
F* B- (sf) 14.00 3mE + 10.50 9.00
Subordinated NR 45.70 N/A N/A
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
*The class F notes is a delayed drawdown tranche not issued at
closing.
BOSPHORUS VIII: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Bosphorus CLO VIII DAC final ratings, as
detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Bosphorus CLO
VIII DAC
Class A
XS2583331280 LT AAAsf New Rating AAA(EXP)sf
Class B
XS2583331363 LT AAsf New Rating AA(EXP)sf
Class C
XS2583331793 LT Asf New Rating A(EXP)sf
Class D
XS2583331959 LT BBBsf New Rating BBB(EXP)sf
Class E
XS2583332254 LT BB-sf New Rating BB-(EXP)sf
Class F
XS2583332338 LT B-sf New Rating B-(EXP)sf
Sub Notes
XS2583332411 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Bosphorus CLO VIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
second-lien loans and high-yield bonds. Note proceeds were used to
purchase a portfolio with a target par of EUR300 million. The
portfolio is actively managed by Cross Ocean Adviser LLP. The
collateralised loan obligation (CLO) has a 4.5-year reinvestment
period and an 8.5-year weighted average life test (WAL).
KEY RATING DRIVERS
Above Average Portfolio Credit Quality (Positive): Fitch places the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor of the identified portfolio is
23.6.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 65.0%.
Diversified Asset Portfolio (Positive): The transaction has one
matrix effective at closing corresponding to 10 largest obligors
concentration and fixed-rate asset limits of 20% and 5% of the
portfolio, respectively. There is also one forward matrix
corresponding to the same top 10 obligors and fixed-rate assets
limits that will be effective one year post closing, provided that
the collateral principal amount (defaults at Fitch-calculated
collateral value) is at least at the reinvestment target par
balance.
The transaction also includes various concentration limits,
including maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has 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 (Positive): The WAL used for the transaction's
stress portfolio analysis was 12 months less than the WAL covenant.
This reduction to the risk horizon accounts for the strict
reinvestment conditions envisaged after the reinvestment period.
These conditions include passing the coverage tests, the Fitch
'CCC' maximum limit after reinvestment and a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. In 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 notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class F notes display a rating cushion of five notches and the
class D and E notes of four and three notches, respectively. There
is a one-notch rating cushion for the class C notes, two-notch for
class B and no rating cushion for the class A notes.
Should the cushion between the identified portfolio and the stress
portfolio be eroded due to manager trading or negative portfolio
credit migration, a 25% increase of the mean RDR across all ratings
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of up to four notches for the
rated notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to five notches for the notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded.
During the reinvestment period, based on Fitch's stress portfolio
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, meaning the notes are able to
withstand larger than expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses on the remaining portfolio.
DATA ADEQUACY
Bosphorus CLO VIII DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
PALMER SQUARE 2023-1: Fitch Gives BB-sf Final Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch has assigned Palmer Square European Loan Funding 2023-1 DAC
notes final ratings, as detailed below.
Entity/Debt Rating
----------- ------
Palmer Square
European Loan
Funding 2023-1 DAC
A XS2593621647 LT AAAsf New Rating
B-1 XS2593621993 LT AAsf New Rating
B-2 XS2593622298 LT AAsf New Rating
C XS2593622454 LT Asf New Rating
D XS2593622611 LT BBB-sf New Rating
E XS2593622884 LT BB-sf New Rating
Subordinated Notes
XS2593623007 LT NRsf New Rating
TRANSACTION SUMMARY
Palmer Square European Loan Funding 2023-1 DAC (the issuer) is an
arbitrage cash flow collateralised loan obligation (CLO) that is
being serviced by Palmer Square Europe Capital Management LLC
(Palmer Square). Net proceeds from the issuance of the notes have
been used to purchase a static pool of primarily secured senior
loans and bonds, with a target par of EUR400 million.
KEY RATING DRIVERS
'B+/B' Portfolio Credit Quality (Neutral): Fitch places the average
credit quality of obligors in the 'B+'/'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 23.02.
High Recovery Expectations (Positive): Senior secured obligations
make up around 97.5% of the portfolio. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate of the current portfolio is 65.8%.
Diversified Portfolio Composition (Positive): The largest three
industries comprise 35.2% of the portfolio balance, the top 10
obligors represent 10.4% of the portfolio balance and the largest
obligor 1.1% of the portfolio.
Static Portfolio (Positive): The transaction does not have a
reinvestment period and discretionary sales are not permitted.
Fitch's analysis is based on the current portfolio and stressed by
applying a one-notch reduction to all obligors with a Negative
Outlook (floored at 'CCC'), which is 9.68% of the indicative
portfolio. After the adjustment for Negative Outlooks, the WARF of
the portfolio would be 23.73.
Deviation from MIR: The one-notch deviation from the model-implied
ratings (MIR) for the class B and C notes and two-notch deviation
for the class D and E notes reflects the limited cushion on the
Negative Outlook portfolio at the MIR and uncertain macro-economic
conditions that increase risk.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to downgrades of up to three
notches for the rated notes.
Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better WARF of the identified portfolio compared with the Negative
Outlook portfolio and the deviation from the MIR, the class B and C
notes display a rating cushion of one notch, and the class D and E
notes two notches.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch's portfolio
based on Negative Outlook stress would lead to upgrades of up to
five notches for the rated notes, except for the 'AAAsf' rated
notes, which are at the highest level on Fitch's scale and cannot
be upgraded.
Upgrades may occur in case of a stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover for losses on the remaining portfolio.
DATA ADEQUACY
Palmer Square European Loan Funding 2023-1 DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
PALMER SQUARE 2023-1: Moody's Assigns Ba3 Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Palmer Square
European Loan Funding 2023-1 Designated Activity Company (the
"Issuer"):
EUR272,000,000 Class A Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)
EUR32,600,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)
EUR5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)
EUR17,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)
EUR21,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)
EUR18,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Ba3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a static CLO. The notes are collateralized primarily
by broadly syndicated senior secured corporate loans. The portfolio
is fully ramped up as of the closing date.
Palmer Square Europe Capital Management LLC (the "Servicer") may
sell assets on behalf of the Issuer during the life of the
transaction. Reinvestment is not permitted and all sales and
unscheduled principal proceeds received will be used to amortize
the notes in sequential order.
In addition, the Issuer will issue EUR28,590,000 of Subordinated
Notes due 2032 which are not rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
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.
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 Servicer's investment decisions and management
of the transaction will also affect the debt's performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR400,632,693
Diversity Score: 62
Weighted Average Rating Factor (WARF): 2700
Weighted Average Spread (WAS): 3.88% (actual spread vector of the
portfolio)
Weighted Average Coupon (WAC): 4.10% (actual spread vector of the
portfolio)
Weighted Average Recovery Rate (WARR): 44.73%
Weighted Average Life (WAL): 4.48 years (actual amortization vector
of the portfolio)
TRINITAS EURO IV: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Trinitas Euro CLO IV DAC's notes final
ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Trinitas Euro
CLO IV DAC
A XS2585854297 LT AAAsf New Rating AAA(EXP)sf
B1 XS2585854453 LT AAsf New Rating AA(EXP)sf
B2 XS2585854610 LT AAsf New Rating AA(EXP)sf
C XS2585855005 LT Asf New Rating A(EXP)sf
D XS2585855187 LT BBB-sf New Rating BBB-(EXP)sf
E XS2585855427 LT BB-sf New Rating BB-(EXP)sf
F XS2585855690 LT B-sf New Rating B-(EXP)sf
Sub-ordinated
XS2585855773 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Trinitas Euro CLO IV DAC is a securitisation of mainly senior
secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine and second-lien loans.
Note proceeds have been used to fund a portfolio with a target par
of EUR350 million. The portfolio is actively managed by Trinitas
Capital Management, LLC. The CLO has an approximately 4.6-year
reinvestment period and an approximately 8.5-year weighted average
life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.55.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 64.72.
Diversified Portfolio (Positive): The transaction has four Fitch
matrices. Two are effective at closing and corresponding to a top
10 obligor concentration limit at 20%, a fixed-rate asset limit at
5% and 12.5%, and an 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 in the
portfolio, including the top 10 obligor concentration limit at 20%
and the maximum exposure to the three largest (Fitch-defined)
industries at 43%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has also a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL modelled is 12 months less
than the WAL covenant. This reduction to the risk horizon accounts
for the strict reinvestment conditions envisaged by the transaction
after its reinvestment period. These include, among others, passing
both the coverage tests and the Fitch 'CCC' maximum limit, as well
as a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. Fitch believes
these conditions would reduce the effective risk horizon of the
portfolio during the stress period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A, B, C
and D notes and would lead to a downgrade of one notch for the
class E and F notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class C notes display a rating
cushion of one notch, the class B and D notes two notches, and the
class E and F notes three notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the 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 of Fitch-stressed portfolio
would lead to upgrades of up to five notches for the rated notes,
except for the 'AAAsf' rated notes, which are at the highest level
on Fitch's scale and cannot be upgraded.
During the reinvestment period, based on Fitch-stressed portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, allowing the notes to withstand
larger than expected losses for the remaining life of the
transaction. After the end of the reinvestment period, upgrades may
occur on stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
for losses on the remaining portfolio.
DATA ADEQUACY
Trinitas Euro CLO IV DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
TRINITAS EURO IV: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Trinitas Euro CLO IV
DAC's class A to F European cash flow CLO notes. At closing, the
issuer issued unrated subordinated notes.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,671.56
Default rate dispersion 581.97
Weighted-average life (years) 4.66
Obligor diversity measure 121.46
Industry diversity measure 21.58
Regional diversity measure 1.22
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.57
Covenanted 'AAA' weighted-average recovery (%) 37.40
Covenanted weighted-average spread (%) 3.85
Covenanted weighted-average coupon (%) 3.75
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.
Asset Priming Obligations And Uptier Priming Debt
Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk, where a distressed obligor could either move
collateral outside the existing creditors' covenant group or incur
new money debt senior to the existing creditors.
In this transaction, current pay obligations are limited to 5% of
the collateral principal amount. Corporate rescue loans and uptier
priming debt are limited to 5%.
Rationale
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.85%),
the reference weighted-average coupon (3.75%), and the actual
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of ratings. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"Until the end of the reinvestment period on Nov. 15, 2027, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's documented counterparty replacement and remedy
mechanisms is adequately to mitigate its exposure to counterparty
risk under our current counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"The CLO is managed by Trinitas Capital Management LLC. Under our
"Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F notes. Our credit and cash flow analysis indicates that the
available credit enhancement for class B to F notes could withstand
stresses commensurate with the same or higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our ratings assigned
to the notes.
"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)
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
weapons of mass destruction, illegal drugs or narcotics, opioids,
pornographic or prostitution, child or forced labor, payday
lending, electrical utility limitations, oil and gas limitations,
oil life cycle, tobacco, adversely affect animal welfare, genetic
engineering or modification, beaching or breaking of ships, illegal
logging operations, civilian firearms limitations, hazardous
chemicals limitations, oil extraction limitations, private prisons
limitations, unbonded asbestos fibers limitations, of soft
commodities limitations, and trading coal limitations. 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."
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* 2.07 2.09 2.91
E-1/S-1/G-1 distribution (%) 0.86 1.29 0.00
E-2/S-2/G-2 distribution (%) 78.90 77.80 15.59
E-3/S-3/G-3 distribution (%) 6.68 5.92 65.10
E-4/S-4/G-4 distribution (%) 0.00 1.43 3.75
E-5/S-5/G-5 distribution (%) 0.00 0.00 2.00
Unmatched obligor (%) 9.98 9.98 9.98
*Only includes matched obligor
Ratings List
CLASS RATING AMOUNT INTEREST RATE CREDIT
(MIL. EUR) ENHANCEMENT (%)
A AAA (sf) 213.50 3mE +1.75% 39.00
B-1 AA (sf) 26.80 3mE +3.00% 28.49
B-2 AA (sf) 0.00 6.40% 28.49
C A (sf) 19.30 3mE +4.25% 22.97
D BBB- (sf) 21.90 3mE +6.00% 16.71
E BB- (sf) 14.90 3mE +7.11% 12.46
F B- (sf) 10.50 3mE +9.73% 9.46
Subordinated NR 30.00 N/A N/A
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
=========
I T A L Y
=========
BANCA POPOLARE: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banca Popolare dell'Alto Adige's
(Volksbank) Long-Term Issuer Default Rating (IDR) at 'BB+' and
Viability Rating (VR) at 'bb+'. The Rating Outlook on the Long-Term
IDR is Stable.
KEY RATING DRIVERS
Small Bank in Wealthy Region: Volksbank's ratings reflect a
geographically concentrated franchise in the wealthy province of
Bolzano, in northern Italy, and a less diversified business model
than higher-rated peers', resulting in below-average profitability
and cost efficiency. They also reflect its ample capital buffers
relative to regulatory minimum requirements, despite its small
equity size, and adequate funding from a stable deposit franchise.
While improving, asset quality remains weaker than domestic
industry average.
Regional Franchise, Modest Revenue Diversification: Volksbank is a
traditional commercial bank with regional franchise with some
competitive advantage in home territories but market shares at
national level of less than 0.5%. The bank's revenues are largely
dependent on interest income and will benefit from higher interest
rates. However, fee-income is skewed towards commercial banking
activities with less-developed wealth management and bancassurance
businesses than similarly rated domestic peers. Fitch expects
Volksbank to expand its assets under management and distribution of
insurance products through cross-selling leveraging on renewed
partnerships but volumes and profit contribution will remain
modest.
Moderate Credit Risk, Large Sovereign Exposure: Volksbank's credit
underwriting is sufficiently conservative but may change over
economic cycle to achieve growth in target business segments.
Investment guidelines result in large sovereign risk exposure. Risk
controls are commensurate with the bank's business profile and
Fitch acknowledges progress to strengthen them. However, they still
lack depth and sophistication compared to larger or higher-rated
peers', especially in some non-financial risks such as cyber and IT
risks.
Above Average Impaired Loans: Volksbank's impaired loans ratio
reverted to below its levels ahead of the acquisition of Banca
Popolare di Marostica thanks to benign default rates and continued
de-risking, through workout and small portfolio sales. However, the
ratio (5% at end-2022) remains above the domestic industry average
and high internationally. Impaired loan coverage provides adequate
mitigation. Fitch expects Volksbank's asset quality to revert its
positive trend in 2023, when the impact of high inflation, interest
rates and economic slowdown become apparent. However, deterioration
should be manageable given the bank's more conservative risk
appetite than in the past and exposure to wealthy territories.
Profitability Needs Structural Improvement: Volksbank's modest
operating profitability reflects limited business diversification
and its small size making it difficult to achieve economies of
scale. Fitch expects profitability to benefit from higher interest
rates, which should offset higher loan impairment charges and
inflationary pressure on costs in 2023. Fitch also believes that
Volksbank operating profitability can structurally improve over the
medium-term on growing fee-based activities and investing in
digitalisation, but execution risk remains, especially if Italy's
economic growth slows down more than currently envisaged.
Sound Capital Ratios, Small Equity Base: Volksbank's common equity
Tier 1 (CET1) ratio of 14.9% at end-2022 had ample buffers over
regulatory requirements. Fitch expects the capital ratios to
slightly improve over the rating horizon, on normalised operating
profitability and sufficiently conservative dividend payouts.
However, Volksbank's small equity base heightens concentration risk
and vulnerability from large holdings of Italian government bonds
(390% of CET1 capital at end-2022).
Largely Deposit-Funded: Volksbank's funding relies mainly on a
stable and growing base of deposits from loyal local customers.
Funding is less diversified and the ability to access the debt
market at times of volatility more uncertain than at larger
domestic peers. Volksbank's use of ECB funding is high but not
motivated by actual liquidity needs, similarly to domestic peers.
Refinancing risk is manageable, as the bank maintains healthy
buffers of liquid assets.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Volksbank's ratings have headroom to absorb expected modest asset
quality deterioration. However, the ratings could be downgraded if
the economic slowdown, combined with raising rates and inflation,
results in the impaired loans ratio rising above 8%, especially if
it results in capital encumbrance by unreserved impaired loans
increasing substantially on a sustained basis. A downgrade would
also occur if the bank's structural operating profitability
deteriorates materially.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
There is limited scope for an upgrade given Volksbank's moderate
business profile, unless it manages to improve operating profit
above 2% of risk-weighted assets (RWAs) on broader business
diversification and structurally reduces its impaired loans ratio
below 4%, while maintaining a CET1 ratio at least close to current
levels.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
SHORT-TERM IDR
Volksbank's Short-Term IDR of 'B' maps to a 'BB+' Long-Term IDR
under Fitch's rating correspondence table.
DEPOSITS
Volksbank's long-term deposits rating of 'BB+' is in line with the
bank's Long-Term IDR. This is because Volksbank has no binding
resolution requirement in excess of its ordinary capital
requirements and unsecured debt buffers that are junior to customer
deposits at end-2022 were below the 10% of RWAs required to grant
an uplift above the Long-Term IDR under Fitch's criteria. The
rating also reflects that the bank is unlikely to reach the
required quantum of debt buffers in the future, particularly since
it is not bound by regulatory requirements.
The short-term deposit rating of 'B' is in line with the bank's
Short-Term IDR and 'BB+' long-term rating under Fitch's rating
correspondence table.
SUBORDINATED DEBT
Volksbank's subordinated debt is rated two notches below the VR for
loss severity to reflect poor recovery prospects. 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.
GOVERNMENT SUPPORT RATING (GSR)
Volksbank's GSR of 'no support' ('ns') reflects Fitch's view that
although external extraordinary sovereign support is possible, it
cannot be relied upon. Senior creditors can no longer expect to
receive full extraordinary support from the sovereign in the event
that the bank becomes non-viable. The EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that
requires senior creditors participating in losses, if necessary,
instead of or ahead of a bank receiving sovereign support.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The deposit ratings are primarily sensitive to changes in the
bank's Long-Term IDR. The deposit ratings could be upgraded if the
buffers of unsecured senior and junior debt being issued and
maintained by the bank increases above 10% of RWAs, or if the bank
receives and maintains compliance with binding resolution buffers
in excess of regulatory capital requirements.
The rating of Tier 2 debt is primarily sensitive to changes in the
bank's VR, from which it is notched. The rating is also sensitive
to a change in the notes' notching, which could arise if Fitch
changes its assessment of their non-performance risk relative to
that captured in the VR.
An upward revision of the GSR would be contingent on a positive
change in the sovereign's propensity to support the bank. Fitch
believes this is highly unlikely, although not impossible.
VR ADJUSTMENTS
- The capitalisation and leverage score of 'bb+' has been assigned
below the 'bbb' category implied score due to the following
adjustment reason: Size of Capital Base (negative);
- The funding and liquidity score of 'bb+' has been assigned below
the 'bbb' category implied score due to the following adjustment
reason: Non-Deposit Funding (negative).
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 to the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Banca Popolare
dell'Alto Adige
S.p.A. LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
Viability bb+ Affirmed bb+
Government Support ns Affirmed ns
long-term
deposits LT BB+ Affirmed BB+
subordinated LT BB- Affirmed BB-
short-term
deposits ST B Affirmed B
BANCO DI DESIO: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco di Desio e della Brianza S.p.A.'s
(Desio) Long-Term Issuer Default Rating (IDR) at 'BB+' with a
Stable Outlook and Viability Rating (VR) at 'bb+'.
KEY RATING DRIVERS
Small Franchise, Moderate Risk Appetite: Desio's ratings reflect
its geographically concentrated franchise and business model, which
is less diversified than higher-rated peers despite ongoing
improvements. The ratings also reflect its moderate risk profile
and strengthened risk governance, resulting in improved
asset-quality metrics, sound capitalisation and an adequate funding
and liquidity profile.
Second-Tier Domestic Bank: The bank's exposure towards small
corporate clients results into borrower and sector diversification.
Despite the strong relation with its customers resulting in some
competitive advantage locally, Desio's pricing power is very
limited due to fierce competition from larger banks.
Good Execution Record: Over the past two years, Desio has exceeded
its business and financial targets. The acceleration of its
de-risking strategy resulted in higher profitability and excess
capital that the bank could deploy for organic and inorganic
growth. The acquisition of 48 branches from BPER Banca expanded
Desio's client base, which should result in cross-selling
opportunities of wealth and insurance products, in line with the
bank's strategy.
Large Sovereign Bonds Exposure: Desio's loan underwriting is
focused in the wealthy region of Lombardy, and largely towards
SMEs. It has resulted in modest borrower and sector concentrations
and limited new inflows of impaired loans. The bank also largely
completed its de-risking strategy thanks to portfolio sales ahead
of its the original targets. Risk-governance evolves with business
expansion and is in line with standards for banks with similar
business profile. Investment guidelines result in substantial
appetite for Italian sovereign bond holdings, although this has
been decreasing.
Improved Asset Quality: Desio's impaired loan ratio of about 3.4%
at end-2022 (end-2021: 4%) compares well with the domestic industry
average. The decline was due to a combination of impaired loan
sales, workout and conservative underwriting resulting in low
default rates. Desio's large exposure to SMEs and small businesses
leaves its asset quality particularly vulnerable to the expected
economic slowdown with high inflation and rising interest rates.
However, Fitch expects the bank to mitigate asset quality pressures
with further portfolio sales and effective workouts, resulting in
an impaired loan ratio of about 4% by 2024.
Positive Profitability Prospects: The bank's revenue stream is well
diversified with an increasing contribution of fees from the sale
of assets under management and insurance products, including
through the recently acquired branches. Fitch expects this trend to
continue in tandem with higher net interest income, resulting from
rising interest rates and manageable pass-through to customer
deposits. These will underpin operating profit stabilising slightly
below 1.5% of risk-weighted assets (RWAs) by 2024, despite
inflationary pressure on operating costs and growing loan
impairment charges (LICs). However, higher LICs could be mitigated
by the bank's large overlay set aside since 2020.
Adequate Capitalisation, Small Size: Desio's common equity Tier 1
(CET1) ratio of 14.8% at end-2022 is underpinned by good internal
capital generation and conservative dividend distribution. The
ratio has an ample buffer over regulatory requirements, providing a
good cushion to absorb potential external shocks, and should
benefit from improved internal capital generation and the adoption
of Advanced Internal Ratings-Based models.
Capital encumbrance by unreserved impaired loans is low as a result
of its de-risking and good loan loss allowances. However, the small
size of the equity base leaves the bank vulnerable to concentration
risk arising from its large holdings of Italian government bonds
accounting for 2.5x CET1 capital at end-2022.
Stable Funding and Liquidity: The bank's funding is supported by a
stable and granular customer deposit base accounting for a robust
66% of total funding at end-2022. Diversification into wholesale
funding sources is limited and largely in the form of covered
bonds. After an EUR800 million repayment in 2022, ECB funding still
weighted for 19% of the total funding, which is high but similar to
other domestic banks. ECB funding maturing over 2023 and 2024 will
be replaced with covered bonds, securitisations and retail bonds.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The ratings could be downgraded if Desio increases its risk
appetite, for example due to a loosening of underwriting standards
to pursue business growth, leading to a material deterioration in
its asset quality and causing significant capital erosion,
including through higher-than expected capital encumbrance from
unreserved impaired loans.
In particular, the ratings could be downgraded if the impaired
loans ratio exceeds 8% and the CET1 ratio falls below 13% without
prospects of recovering in the short term.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Given its business profile, rating upside is currently limited.
Positive rating momentum would require a significantly broader and
stronger franchise able to generate operating profit sustainably
above 2% of RWAs in the medium term. A CET1 ratio consistently
above 15%, with low encumbrance by unreserved impaired loans, and
an impaired loan ratio below 4% on a sustained basis would also be
required for an upgrade.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
SHORT-TERM IDR
Desio's Short-Term IDRof 'B' maps to a 'BB+' Long-Term IDR under
Fitch's rating correspondence table.
DEPOSITS
Desio's long-term deposit rating is in line with its Long-Term IDR.
Despite depositor preference regime in Italy, Desio does not meet
the conditions under its criteria to allow for a rating uplift
given the absence of binding resolution requirements in excess of
its regulatory capital requirements and no outstanding qualifying
subordinated and senior debt to meet the 10% of RWAs threshold,
which Fitch does not expect to change. Desio's funding strategy
prioritises long-term secured debt issuance, which are not
loss-absorbing.
The short-term deposit rating of 'B' is in line with the Short-Term
IDR and its rating correspondence table for a long-term rating of
'BB+'.
GOVERNMENT SUPPORT RATING (GSR)
Desio's GSR of 'no support' (ns) reflects Fitch's view that
although external extraordinary sovereign support is possible, it
cannot be relied upon. Senior creditors can no longer expect to
receive full extraordinary support from the sovereign in the event
that the bank becomes non-viable. The EU's Bank Recovery and
Resolution Directive (BRRD) and the Single Resolution Mechanism
(SRM) for eurozone banks provide a framework for resolving banks
that requires senior creditors participating in losses, if
necessary, instead of or ahead of a bank receiving sovereign
support.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The deposit ratings are primarily sensitive to changes in the
bank's IDRs.
The deposit ratings would be upgraded if the bank's IDRs were
upgraded. The long-term deposit rating is also sensitive to an
increase in the buffers of senior and junior debt, for example, if
binding resolution buffers were imposed and maintained by the
bank.
An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.
VR ADJUSTMENTS
The capitalisation and leverage score of 'bb+' has been assigned
below the 'bbb' category implied score due to the following
adjustment reason: Internal capital generation and growth
(negative).
The funding and liquidity score of 'bb+' has been assigned below
the 'bbb' category implied score due to the following adjustment
reason: Non-deposit funding (negative).
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
----------- ------ -----
Banco di Desio
e della Brianza
S.p.A. LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
Viability bb+ Affirmed bb+
Government Support ns Affirmed ns
long-term
deposits LT BB+ Affirmed BB+
short-term
deposits ST B Affirmed B
===================
L U X E M B O U R G
===================
ARVOS BIDCO: $100M Bank Debt Trades at 51% Discount
---------------------------------------------------
Participations in a syndicated loan under which Arvos BidCo Sarl is
a borrower were trading in the secondary market around 49.2
cents-on-the-dollar during the week ended Friday, March 31, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $100 million facility is a Term loan that is scheduled to
mature on August 29, 2023. The amount is fully drawn and
outstanding.
The Company's country of domicile is Luxembourg.
MATADOR BIDCO: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Compania Espanola de Petroleos, S.A.'s
(CEPSA) Long-Term Issuer Default Rating (IDR) at 'BBB-' and Matador
Bidco S.a.r.l's Long-Term IDR at 'BB'. The Outlooks are Stable.
The affirmation and Stable Outlooks reflect its view that CEPSA's
credit profile remains commensurate with the 'BBB-' rating
following the recently completed disposal of upstream assets in the
UAE. Fitch expects the company to maintain EBITDA net leverage
below the revised negative rating sensitivity of 1.5x (2.0x
previously).
CEPSA's rating is also supported by a diversified business profile
and a strong market position in the Iberian Peninsula. The rating
is constrained by the company's smaller size and less diversified
upstream and downstream divisions than some of its peers,
meaningful exposure to the European downstream sector, and volatile
refining margins. Matador's 'BB' rating is derived by notching down
from CEPSA's, in line with Fitch's Investment Holding Companies
Rating Criteria.
KEY RATING DRIVERS
Divestment Affects Scale: The divestment of CEPSA's UAE to
TotalEnergies SE (AA-/Stable) completed in March 2023 will reduce
upstream segment output and reserve base. The transaction therefore
has a negative impact on CEPSA's scale of operations. CEPSA will
also be predominantly downstream focused in the near term compared
with a more diversified business profile before the transaction,
which will be offset with diversification into new products in the
longer term. Consequently, Fitch expects CEPSA to maintain tighter
leverage metrics following the transaction to account for lower
debt capacity.
Low Emission Business in Focus: CEPSA plans to focus on biofuel,
green hydrogen, sustainable aviation fuels and further development
of its retail network, according to the company's latest strategic
update. Capex for the key low emission projects will total EUR2.9
billion in 2023-2027 or 40% of total spending with investments in
green technologies increasing annually. EBITDA generation from new
projects will be relatively small in the short to medium term,
increasing after 2027.
Fitch views the strategy as positive in light of the expected
changes in the energy mix, but note that the expected gradual
growth of cash flows from sustainable activities is subject to
execution risk.
Strong Refining Margins: CEPSA recorded refining margins of
USD9.6/bbl in 2022, up from USD3.7/bbl in 2021. Higher margins were
mainly due to strong middle distillates crack spreads on the
reduction of imports to Europe from Russia. Fitch assumes refining
margins will remain favourable in 2023, albeit lower than in 2022,
supported by the ban of imports of fuels to Europe from Russia
since February 2023. High energy prices and global additions to net
refining capacity expected in 2023 remain key risks to the refining
segment's results in 2023 and 2024, in its opinion.
Matador's Rating Notched Down: Fitch applied its Investment Holding
Companies Rating Criteria to assess Matador. Matador's 'BB' IDR has
been derived by notching down twice from CEPSA's rating to reflect
the structural subordination and higher leverage at the holdco.
Fitch expects Matador's debt service coverage ratio to remain
within its rating sensitivities over 2023-25. Gross proportionate
leverage may temporarily exceed its expectations for the rating in
2023 and 2024, returning to lower levels in 2025, supporting the
affirmation. The holdco is required to maintain a cash sweep and
hold additional liquidity according to the loan documentation.
DERIVATION SUMMARY
MOL Hungarian Oil and Gas Company (BBB-/Negative) is CEPSA's
closest European peer with a comparable business profile in terms
of refining capacity and pre-transaction level of vertical
integration. Pre-transaction CEPSA had a longer reserve life and
slightly larger refining capacity of 486kbbl/d than MOL's 380kbbl/d
but these were counterbalanced by MOL's slightly larger upstream
production of 92kboe/d than CEPSA's 83kboe/d in 2022. Following the
disposal, CEPSA will have higher exposure to more cyclical refining
business than MOL.
CEPSA's reported 2022 EBITDA excluding the UAE assets totalled
EUR1.7 billion with a 49%, 37% and 23% contribution from
downstream, upstream and chemical segments, respectively (72%
downstream and 28% upstream on a comparable MOL reporting basis).
MOL's 2022 EBITDA totalled EUR4.6 billion with 53%, 48% and 4%
coming from downstream (including consumer services), upstream and
gas midstream segments.
HF Sinclair Corporation (HFC; BBB-/Stable) was formed following the
acquisition of Sinclair by HollyFrontier Corporation. Downstream
accounts for around 80% of HFC's EBITDA on a through-the-cycle
basis, while the remaining 20% is generated by the chemical
business. HFC's ratings reflect its profitable refining system;
exposure to more insulated inland refined product markets;
improving macro environment for refiners; size, scale, and
diversification benefits from recent acquisitions; and improving
renewable identification number profile. HFC operates seven
refineries with a total capacity of 678kbbl/d and its fuel retail
network is of comparable scale to CEPSA's. Fitch expects debt to
EBITDA of between 1.0x and 2.0x for HFC's rating.
KEY ASSUMPTIONS
- Fitch oil price assumption of USD85/bbl in 2023, USD65/bbl in
2024, and USD53/bbl thereafter.
- Downstream volume recovering back to 2019 levels from 2022.
- Steady normalisation of refining margin assumed from 2023 after
exceptionally high margin in 2022.
- Gradual increase in capex to implement the energy transition
strategy.
RATING SENSITIVITIES
CEPSA
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Material improvement in the business profile through
diversification coupled with low leverage
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA net leverage consistently above 1.5x
- Consistently negative free cash flow (FCF) after dividends
Matador
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on CEPSA
- Sustained decline in proportional FFO gross leverage to below
2.5x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on CEPSA
- Sustained increase in proportional FFO gross leverage to above
4.0x
- Revision of the financial policy by CEPSA amid challenging market
conditions, resulting in a drop in dividends, leading to less than
2.0x debt service coverage ratio or use of the debt service reserve
account
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: As of end-December 2022, CEPSA's liquidity
position was solid with readily available cash of EUR476 million
and undrawn committed credit facilities of EUR3.3 billion. This
comfortably covered marginal short-term debt of EUR0.9 billion.
Fitch forecasts positive pre-dividend FCF generation over the
forecast horizon. The well-spread debt maturity schedule also
effectively mitigates liquidity risk.
Matador is required to maintain a cash sweep and hold additional
liquidity according to the loan documentation.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Matador's IDR is notched down from CEPSA's IDR.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Compania Espanola
de Petroleos, S.A. LT IDR BBB- Affirmed BBB-
senior
unsecured LT BBB- Affirmed BBB-
CEPSA Finance,
S.A.U.
senior
unsecured LT BBB- Affirmed BBB-
Matador Bidco
S.a.r.l LT IDR BB Affirmed BB
senior secured LT BB Affirmed RR4 BB
MATADOR BIDCO: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Matador Bidco S.a.r.l.
(Matador) to negative from stable. At the same time, S&P affirmed
its 'BB-' long-term issuer credit rating on Matador and its 'BB-'
issue rating on the company's term loan B; the '4' recovery rating
on the loan is unchanged.
The negative outlook reflects S&P's outlook on CEPSA, as well as
the limited headroom on the rating that we foresee beyond 2023.
S&P said, "Our outlook revision on Matador stems largely from the
outlook revision on Matador's investee, CEPSA. We believe that
CEPSA's decision to sell a significant portion of its Abu Dhabi
exploration and production assets will make its business less
diversified and more volatile for the next few years. We understand
CEPSA is planning to use a sizable portion of the proceeds of that
sale for dividend distribution, and therefore expect its funds from
operations (FFO) to debt to be well below the level commensurate
with the 'BBB-' rating in 2023, and recover to just about 40% in
2024. This expectation led us to revise CEPSA's outlook to
negative. Because Matador's credit quality is linked to CEPSA's
stand-alone credit profile (SACP), we revised also our outlook on
Matador to negative.
"Expected one-off dividend distribution by CEPSA will boost
Matador's credit metrics in 2023, but we anticipate much lower
headroom thereafter.We expect some exceptional and large dividend
distribution by CEPSA following the recent disposal. This should
enable Matador to reduce the debt thanks to the existing cash flow
sweeps mechanism. However, beyond 2023, we expect dividend
distributions to adjust to the reduced size of the business and
market conditions, resulting in payouts close to a contractual
minimum of EUR350 million annually over the next few years. We
recognize CEPSA's strong commitment to protect its investment-grade
rating, and therefore expect that the company will have limited
flexibility to increase dividends meaningfully. We assume that
Matador's leverage will be about 4x and interest coverage about 3x
in 2024, both close to rating thresholds.
"Our rating on Matador continues to reflect supportive corporate
governance and financial policy, the private ownership structure,
and partial control over dividends. We assess the company's
corporate governance and financial policy as positive.
Private-equity sponsor Carlyle, via Matador, shares control of
CEPSA with Abu Dhabi's Mubadala Investment Co. Matador holds 38.4%
of CEPSA. It has some influence on most key decisions, including
those related to yearly dividends. Any changes to financial and
dividend policies require the approval of both shareholders,
although Carlyle has only minority representation on CEPSA's board.
In that context, we believe that Matador will have more control
over dividends than peers in other similarly structured
transactions. An annual CEPSA dividend of about EUR120 million is
sufficient for Matador to cover its liquidity needs.
"The negative outlook reflects our outlook on CEPSA, as well as the
limited rating headroom we foresee beyond 2023.
"We expect sizable dividends in 2023 (including planned exceptional
distribution) resulting in debt leverage of about 2x, but EUR350
million-EUR400 million thereafter, equivalent to about 4x in
2023-2024."
S&P could lower the rating if:
-- S&P lowered CEPSA's SACP;
-- Matador's interest coverage ratio fell below 3x; and
-- Matador's debt to EBITDA rose to over 4x over a prolonged
period.
S&P would revise the outlook on Matador to stable within the next
24 months if CEPSA's FFO to debt improved toward 40% sustainably in
2024, and it saw Matador's credit measures to be sustainably within
the current rating range; that is, leverage between 3x and 4x and
interest coverage above 3x.
ESG credit indicators: E-4, S-2, G-2
Environmental factors are a negative consideration in S&P's credit
rating analysis of Matador based on its stake in its sole asset,
CEPSA. As Europe's seventh-largest refiner, Matador is exposed to
high volatility in refining margins and the steady and gradual
structural decline for refined products in Europe, notably driven
by energy transition regulations on biofuels and an increasing
share of renewables in the energy mix. However, the company has
complex refineries and a well-diversified business along the oil
and gas value chain, limiting the overall impact. CEPSA has
international exposure in its upstream segment, notably in Algeria,
but there have so far been no significant governance issues that
have emerged from those jurisdictions.
=====================
N E T H E R L A N D S
=====================
DUTCH PROPERTY 2022-CMBS1: S&P Ups Rating on F Notes to 'B- (sf)'
-----------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB
(sf)', and 'B (sf)' from 'AA- (sf)', 'A (sf)', 'BBB+ (sf)', 'BB
(sf)', and 'B- (sf)' its credit ratings on Dutch Property Finance
2022-CMBS1 B.V.'s class B, C, D, E, and F notes, respectively. At
the same time, S&P affirmed its 'AAA (sf)' rating on the class A
notes.
Rating rationale
S&P said, "The rating actions follow our review of the
transaction's five key rating factors (credit quality of the
securitized assets, legal and regulatory risks, operational and
administrative risks, counterparty risks, and payment structure and
cash flow mechanisms). Since closing, the issuer received
approximately EUR4.1 million in scheduled amortization and EUR90.5
million in prepayments, together accounting for 40.8% of the
initial principal balance."
Moreover, the transaction pays sequentially from the outset, so the
repayments increased credit enhancement for all classes of notes
except the most junior class.
None of the remaining loans are currently delinquent or in
default.
Transaction overview
At closing, Dutch Property Finance used the issuance amount to
purchase a portfolio of 65 commercial mortgage loans and to fund a
committed liquidity reserve account. The collateral pool comprises
granular Dutch assets. The portfolio is split into risk groups, of
which 17 remain of the original 19.
The issuer benefits from each of the mortgage loans' security
package, which typically includes first ranking charge over the
property (all loans are first lien), any underlying leases, rental
income and associated claims, as well as parent companies'
guarantees in some cases.
Portfolio performance
As of the latest investor report (January 2023 interest payment
date):
-- The pool has an average loan size of EUR2,806,024.
-- 13.6% of the loans are interest-only mortgage loans.
-- Current weighted-average loan-to-value (LTV) ratio is 49%, down
from 50% at closing.
-- The weighted-average current interest rate is 4.06% versus
3.64% at closing.
-- No. of loans came down to 49 from 65.
-- No. of obligor groups fell to 17 from 19 when compared with
closing.
Of the original 19 obligor groups, S&P found that two have fully
repaid and all except one borrower group have amortized partially,
either from scheduled amortization or from prepayments.
The total property value of the underlying assets has declined
slower than the debt so that the weighted-average LTV of the pool
is now 48.8%, down from 49.9% at closing. Very few of the remaining
properties report an updated valuation since closing, however.
As of the most recent report, none of the loans report any arrears
or are in default. The remaining loans now have a shorter
weighted-average remaining term of 4.9 years, primarily due to
prepayment in the underlying pool, compared with 6.4 years at
closing. The weighted-average seasoning has also decreased to 5.90
years from 7.25 years and the longest maturity is now in 2045.
While S&P is seeing some increases in loan count concentration
within the pool, this does not affect its analysis because it gives
very little diversity credit in our CMBS ratings and none beyond 10
effective loans.
Loan concentration
AT CLOSING (%) CURRENT (%)
Largest loan 10.8 12.2
Top 5 35.0 38.2
Top 10 53.0 60.1
Credit evaluation
S&P said, "In our analysis, we evaluated the loan's underlying real
estate collateral in order to generate an "expected case" value.
This value constitutes the S&P Global Ratings value that we
determine for each property--or portfolio of properties--securing a
loan (or multiple loans) in a securitization. It primarily results
from a calculation that considers each property's net adjusted cash
flows and an applicable capitalization (cap) rate.
"We determined the loan's underlying value, focusing on sustainable
property cash flows and cap rates. We assumed that a real estate
workout would be required throughout the tail period (the period
between the maturity date of the latest maturing loan and the
transaction's final maturity date) needed to repay noteholders, if
the respective borrowers defaulted."
Loan And Collateral Summary
CURRENT AT CLOSING
S&P Global Ratings NCF (mil. EUR) 20,322,028 28,396,539
S&P Global Ratings value (mil. EUR) 210,239,530 332,061,218
S&P Global Ratings blended cap rate(%) 8.20 8.13
Haircut to reported market value (%) (34.5) (33.8)
Class F S&P Global Ratings LTV
before recovery rate adjustments (%) 72.0 75.5
NCF--Net cash flow.
LTV--Loan to value.
On a like-for-like basis, S&P's value is more or less unchanged.
S&P Global Ratings' net cash flow (NCF)
S&P said, "Our property-level cash flow analysis derives what we
believe to be a property's long-term sustainable NCF. In our
analysis, we considered provided rental levels and operational
statements, third-party appraisal reports, relevant market data,
and assessments of the various properties' competitive positions.
"The servicer does not report NCF but only gross rental income. Our
pool-wide estimated NCF is 28% lower than at closing while our
combined S&P Global Ratings LTV is 72% and the debt has reduced by
41%."
Other analytical considerations
S&P said, "Our rating analysis includes an analysis of the
transaction's payment structure and cash flow mechanics. We assess
whether the cash flow from the securitized assets would be
sufficient, at the applicable rating levels, to make timely
payments of interest and ultimate repayment of principal by the
legal maturity date for each class of notes, after taking into
account available credit enhancement and allowing for transaction
expenses and external liquidity support."
The transaction maintains a EUR3.6 million liquidity reserve, which
was funded through the issuance of the class A notes.
S&P said, "We also analyzed the transaction's counterparty
exposure. The maximum rating achievable for this transaction under
our current counterparty criteria is 'AAA (sf)' based on the
replacement provisions of the account banks.
"Our analysis also included a full review of the legal and
regulatory risks and operational and administrative risks. Our
assessment of these risks remains unchanged since our previous
review and is commensurate with the ratings assigned."
Rating actions
S&P's ratings in this transaction address the timely payment of
interest, payable quarterly, and the payment of principal no later
than the legal final maturity date.
S&P said, "Per the transaction documents, interest on the notes can
be deferred if the issuer does not have sufficient income, except
for the then most senior class (currently the class A notes).
However, our ratings address timely payment of interest and do not
address the deferral mechanism. We have analyzed the issuer-level
cash flows in line with our CMBS criteria and found that both the
class A and B notes would receive interest in full and not defer,
even in the most stressful environment."
The issuer has applied substantial amortization and prepayment in
the transaction since closing--approximately 41% of the original
securitized loan balance--to the class A notes only, thereby
increasing credit enhancement for all classes of notes. Therefore,
the relative credit risk for these classes of notes has improved,
which we reflected in S&P's rating action.
The credit enhancement of the class B notes is now higher than that
of the class A notes at closing, and that of the class C notes is
higher than that of the class B notes at closing. At the same time,
our opinion on the creditworthiness of the underlying properties
has remained unchanged on a like-for-like basis. For the class F
notes, the rating change is of a smaller magnitude as for the more
senior classes because we consider the credit risk of the riskiest
loans in the pool when determining the rating.
CLASS CLOSING C/E CURRENT C/E POOL
BALANCE (%) BALANCE (%) FACTOR(%)
(EUR)* (EUR)*
A 176,700,000 24.5 81,977,900 41.2 46.4
B 20,610,000 15.7 20,610,000 26.4 100.0
C 11,027,000 11.0 11,027,000 18.5 100.0
D 11,026,000 6.3 11,026,000 10.6 100.0
E 8,705,000 2.6 8,705,000 4.3 100.0
F 4,063,000 0.9 4,063,000 1.4 100.0
Z 2,000,000 0.0 2,000,000 0.0 100.0
Total 234,130,000 139,408,900 59.5
*Excluding liquidity reserve.
C/E--Credit enhancement.
ICL FINANCE: EUR250M Bank Debt Trades at 21% Discount
-----------------------------------------------------
Participations in a syndicated loan under which ICL Finance BV is a
borrower were trading in the secondary market around 79.4
cents-on-the-dollar during the week ended Friday, March 31, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR250 million facility is a Term loan that is scheduled to
mature on September 3, 2026. The amount is fully drawn and
outstanding.
ICL Finance B.V. manufactures and supplies chemical products. The
Company's country of domicile is the Netherlands.
=========
S P A I N
=========
BANKINTER 10: S&P Affirms 'CCC- (sf)' Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Bankinter 10, Fondo
de Titulizacion de Activos's class B and C notes, Bankinter 11
Fondo de Titulizacion Hipotecaria's class C notes, and Bankinter
13, Fondo de Titulizacion de Activos's class C and D notes. At the
same time, S&P affirmed its ratings on Bankinter 10's class A2, D,
and E notes, Bankinter 11's class A2, B, and D notes, and Bankinter
13's class A2, B, and E notes.
The rating actions follow S&P's full analysis of the most recent
information that we have received on Bankinter 10, Bankinter 11,
and Bankinter 13 and the transactions' current structural features,
such as credit enhancement and reserve fund levels.
Arrears in all the three transactions are low, and below 1.5% of
the current pool balance. Overall, delinquencies remain well below
our Spanish RMBS index.
S&P said, "After applying our global RMBS criteria, the main
changes since our previous reviews are a marginal decrease of the
expected losses. This is due to decreases in both the
weighted-average foreclosure frequency (WAFF) assumptions and
weighted-average loss severity (WALS) assumptions in each
transaction (to the extent they are not already at the floor that
we consider in our analysis). Across the three transactions, the
decrease in the WAFF is mainly driven by a slight improvement in
the overall arrears and a reduction in the effective loan-to-value
(LTV) ratio, while the lower WALS reflects the seasoning of the
assets, which supports a low indexed current LTV ratio."
Credit Analysis Results - Bankinter 10
RATING WAFF (%) WALS (%) CREDIT COVERAGE (%)
AAA 6.04 2.00 0.12
AA 4.20 2.00 0.08
A 3.28 2.00 0.07
BBB 2.56 2.00 0.05
BB 1.79 2.00 0.04
B 1.25 2.00 0.03
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Credit Analysis Results - Bankinter 11
RATING WAFF (%) WALS (%) CREDIT COVERAGE (%)
AAA 6.55 13.93 0.91
AA 4.73 10.31 0.49
A 3.83 5.37 0.21
BBB 3.11 3.43 0.11
BB 2.35 2.40 0.06
B 1.82 2.00 0.04
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Credit Analysis Results – Bankinter 13
RATING WAFF (%) WALS (%) CREDIT COVERAGE (%)
AAA 8.09 4.62 0.37
AA 5.58 2.72 0.15
A 4.32 2.00 0.09
BBB 3.32 2.00 0.07
BB 2.26 2.00 0.05
B 1.53 2.00 0.03
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Since S&P's previous reviews, Bankinter 10's class A2, B, C, and D
notes' credit enhancement has increased to 17.8%, 13.6%, 8.9%, and
5.0%, from 14.6%, 11.1%, 7.3%, and 4.0%, respectively, as the
transaction deleveraged. Similarly, Bankinter 11's class A2, B, C,
and D notes' credit enhancement has increased to 19.0%, 13.4%,
7.9%, and 4.3%, from 14.4%, 10.3%, 6.2%, and 3.7%, respectively, as
the transaction deleveraged. The reserve funds in both transactions
are not at their target level (90.6% and 79.9% of target,
respectively). Each transaction will continue to pay sequentially
until its reserve fund is topped up to its required level.
Bankinter 13's class A2, B, C, and D notes' credit enhancement has
increased to 12.8%, 9.9%, 6.8%, and 4.1%, from 11.2%, 8.3%, 5.2%,
and 2.6%, respectively, as the transaction deleveraged. The reserve
fund for this transaction is at its target level and so the
transaction is now paying pro rata.
S&P said, "Following our review, for Bankinter 10, we raised our
ratings on the class B and C notes to 'AAA (sf)' and 'AA+ (sf)'
from 'AA+ (sf)', and 'AA (sf)', respectively. For Bankinter 11, we
raised our rating on class C notes to 'AA+ (sf)' from 'AA (sf)'.
For Bankinter 13, we raised our ratings on class C and D notes to
'AA+ (sf)' and 'A (sf)' from 'AA (sf)' and 'BBB (sf)',
respectively. These notes could withstand stresses at higher
ratings under our credit and cash flow analysis. In our analysis,
we also assessed a scenario with no benefit given to recoveries on
assets that have currently defaulted, which these notes are able to
withstand.
"In all the three transactions, we have affirmed our 'AAA (sf)'
ratings on the class A2 notes. We have also affirmed our 'AAA (sf)'
ratings on Bankinter 11 and Bankinter 13's class B notes.
"Although credit enhancement for Bankinter 10 and Bankinter 11's
class D notes has increased, they still fail our cash flow 'B'
stresses. We have affirmed our 'B- (sf)' ratings on these classes
of notes, as we believe that the payments on these notes will be
met under the current economic conditions.
"We consider that Bankinter 10's class E notes are still vulnerable
to nonpayment and are dependent upon favorable business, financial,
or economic conditions to meet their financial commitments.
Therefore, we affirmed our 'CCC- (sf)' rating on these notes.
"In February 2021, we lowered our rating to 'D (sf)' on Bankinter
13's class E notes, because we believe the class E notes' interest
shortfall that occurred in January 2021 reflects structural
weaknesses, which we expect to persist in the longer term. We have
therefore affirmed our 'D (sf)' rating on this class of notes as
our analysis is unchanged and the shortfall continues to increase.
"Our ratings in these three transaction are not constrained by the
application of our criteria in relation to operational, sovereign,
counterparty, and legal risk."
Ratings List
CLASS TO FROM
BANKINTER 10
A2 AAA (sf) AAA (sf)
B AAA (sf) AA+ (sf)
C AA+ (sf) AA (sf)
D B- (sf) B- (sf)
E CCC- (sf) CCC- (sf)
BANKINTER 11
A2 AAA (sf) AAA (sf)
B AAA (sf) AAA (sf)
C A+ (sf) AA (sf)
D B- (sf) B- (sf)
BANKINTER 13
A2 AAA (sf) AAA (sf)
B AAA (sf) AAA (sf)
C AA+ (sf) AA (sf)
D A (sf) BBB (sf)
E D (sf) D (sf)
OBRASCON HUARTE: Moody's Affirms 'B3' CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has affirmed Obrascon Huarte Lain S.A.'s
("OHLA") B3 long term corporate family rating and its B3-PD
probability of default rating. Concurrently, Moody's has affirmed
the B3 instrument rating of the EUR487 million backed senior
secured notes due 2026 issued by OHL Operaciones S.A.U., a wholly
owned subsidiary of OHLA. The outlook for OHLA and OHL Operaciones
S.A.U. has been changed to stable from positive.
RATINGS RATIONALE
The outlook change to stable from positive reflects OHLA's
persistently negative free cash flow (FCF) generation and weaker
immediately available liquidity amid approaching debt maturities
with the 50% of OHL Operaciones S.A.U.'s outstanding EUR412 million
backed senior secured notes due in March 2025, followed by the
remaining half in March 2026. The agency estimates that OHLA's FCF
(on Moody's-adjusted basis) was negative by over EUR50 million in
2022 (including some customer payments delayed to early 2023)
driven by high interest and income tax payments, which combined
were about 60% of the company's-reported EBITDA, exacerbated by
working capital consumption. OHLA would have to pay higher interest
compared with its current fixed 5.1% (cash component) on existing
backed senior secured notes if the company were to refinance its
current capital structure. This would further limit its FCF and
result in weaker interest cover, which are already strained by its
relatively low profitability. The company's future FCF also highly
depends on working capital dynamics.
Moody's recognises OHLA's plan to reduce its debt load before
refinancing using the proceeds from the planned disposal of
non-core assets, such as Canalejas Project, Services business unit
and Centro Hospitalario Universitario de Montreal (CHUM). If
executed as planned, OHLA would reduce its debt load by up to a
half and will increase its chances to refinance at better terms.
However, there are execution risks to the timing of the disposal
and valuation of these non-core assets.
The affirmation of OHLA's B3 rating reflects the company's positive
track record of consistent debt reduction over the last two years
and its ability to improve profitability despite high inflationary
pressure in 2021-22. These resulted in OHLA's leverage reduction to
around 5.0x Moody's-adjusted debt/EBITDA in 2022 (pro forma for the
tender offer in February 2023) from 5.5x in 2021 (both gross of
IFRS fair value adjustment on debt). Moody's forecasts OHLA's
leverage to remain at or below 5.0x Moody's-adjusted debt/EBITDA
over the next 12-18 months. This forecast does not take into
account potential sale of the non-core assets and use of their
proceeds for further debt repayment.
The B3 rating is supported by (1) management's commitment to reduce
business risk, with a focus on the cash conversion of projects; (2)
a sizeable short-term construction order backlog of EUR5.8 billion
as of December 31, 2022, covering around 26 months of construction
revenue, with a balanced split of the construction order book
between its core geographies of the North America (49%), Europe
(30%), Latin America (20%) and other (1%); and (3) relative
resilience of the public infrastructure sector to economic
downturns and strong demand for infrastructure projects in the US,
one of OHLA's key regions.
OHLA's credit profile is constrained by (1) Moody's expectation of
moderately negative FCF in the next 12-18 months, partly due
investments in working capital to support growth; (2) weak interest
coverage due to an increasing PIK interest component from September
2023; (3) relatively thin margins which provide minimal cushion for
underperformance or any unexpected incremental costs; and (4)
relatively limited liquidity.
LIQUIDITY
OHLA's liquidity is currently limited. As of December 31, 2022, the
company had around EUR280 million in cash on hand, excluding cash
sitting at joint-ventures and associates (EUR189 million) and cash
used as collateral (EUR176 million), which is not necessarily
immediately available to the parent. Moody's expects the cash
balance together with expected funds from operations of around
EUR40 million over the next 12 months to be sufficient to cover
working capital needs, capital spending of around EUR50 million
(including lease payments) and short-term debt maturities of around
EUR27 million (excluding mandatory repayment under the asset sale
regime). The nearest material debt maturity is March 2025, when 50%
of OHL Operaciones S.A.U.'s EUR412 million outstanding backed
senior secured notes fall due.
However, OHLA's liquidity could become tighter if the company does
not reduce its working capital outflows from high historic levels
(which in part was a result of unprofitable legacy projects) or if
it cannot access cash located at its joint ventures.
OHLA does not have any committed long-term revolving facilities,
which limits room for underperformance in its regular construction
business or larger seasonal working capital swings than currently
anticipated by Moody's. The current liquidity assessment does not
include the proceeds from potential disposal of Canalejas (with a
book value of around EUR182 million as of end-December 2022),
Services business unit and CHUM, albeit Moody's recognises that
these could provide some liquidity buffer.
STRUCTURAL CONSIDERATIONS
OHL Operaciones S.A.U., is an indirect wholly owned subsidiary of
OHLA and is the issuer of the EUR487 million backed senior secured
notes (EUR412 million outstanding following the tender offer in
February 2023), 50% of which are due in March 2025 and the
remaining in March 2026, which represent the bulk of the debt
capital structure and are therefore rated in line with the CFR. The
notes are guaranteed by operating subsidiaries that generate at
least 90% of the group's revenue and benefit from a customary
security package, including pledge over shares in certain
subsidiaries, certain bank accounts and intercompany receivables.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectation that over the next
12-18 months OHLA will continue to improve its earnings generation
on the back of its sizeable order backlog, solid demand for
infrastructure projects, particularly in the US, and management's
focus on achievement of target margins by monitoring of strict
bidding requirements and cost control. As a result, the company is
expected to maintain its leverage at or below 5.0x Moody's-adjusted
debt/EBITDA and preserve adequate liquidity, despite moderately
negative FCF. The stable outlook also assumes that OHLA timely
addresses its debt maturities and that over the next 12-18 months
it achieves good progress with its planned assets disposal that
would further reduce its debt load ahead of refinancing.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings could arise if OHLA (1) demonstrates
a track record of profitable growth with Moody's-adjusted EBITA
trending towards EUR100 million; (2) maintains its leverage below
5.0x Moody's-adjusted gross debt/EBITDA on a sustainable basis; (3)
increases Moody's-adjusted EBITA/interest expense above 1.5x on a
sustained basis; (4) consistently generates positive FCF; (5)
improves its liquidity; and (6) addresses its debt maturities well
ahead of due date.
Downward pressure on the ratings could arise if OHLA's (1) leverage
exceeds 6.5x Moody's-adjusted debt/EBITDA on a sustained basis; (2)
interest coverage falls below 1.0x Moody's-adjusted EBITA/interest
expense; and (3) liquidity weakens, including because of
persistently negative FCF or if debt maturities are not adequately
addressed.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Construction
published in September 2021.
COMPANY PROFILE
Headquartered in Madrid, Obrascon Huarte Lain S.A. (OHLA) is one of
Spain's leading construction groups. The group's activities include
its core engineering and construction business (including the
industrial division); and the development of concessions in
identified core markets in Europe, North America and Latin America.
In 2022, OHLA generated around EUR3.3 billion in sales and EUR114
million in company-reported EBITDA.
OHLA's main shareholders are the Mexican Amodio family (26%) via
their investments in Forjar Capital S.L.U. and Solid Rock Capital
S.L.U, Simon Davies via Sand Grove (15.5%), Tyrus Capital (10%) and
other financial institutions (around 12%). The remaining shares are
in free float, traded on the Madrid and the Barcelona Stock
Exchanges.
SANTANDER HIPOTECARIO 2: S&P Raises Class E Notes Rating to B+(sf)
------------------------------------------------------------------
S&P Global Ratings took various rating actions in Fondo de
TitulizaciOn de Activos, Santander Hipotecario 2 and Fondo de
TitulizaciOn de Activos, Santander Hipotecario 3.
The rating actions reflect its full analysis of the most recent
information we have received for each transaction and their current
structural features.
S&P said, "The overall effect of applying our global RMBS criteria
is a decrease of our expected losses due to reduced
weighted-average foreclosure frequency (WAFF) and weighted-average
loss severity (WALS) assumptions. Both transactions followed the
same trend, as the WAFF decreased driven by the lower original
loan-to-value (LTV) ratio. In addition, our WALS assumptions
decreased due to the lower current LTV ratio. The main driver for
the reduced LTVs is the updated data received, where all properties
backing the loans are now reported, as we previously received
information regarding the main property only."
Santander Hipotecario 2
Table 1
Credit Analysis Results for Santander 2
RATING WAFF WALS CREDIT COVERAGE
AAA 12.79% 8.83% 1.13%
AA 8.70% 6.31% 0.55%
A 6.65% 3.39% 0.23%
BBB 5.03% 2.26% 0.11%
BB 3.33% 2.00% 0.07%
B 2.13% 2.00% 0.04%
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
The class A, B, C, D, and E notes' credit enhancement has increased
to 53.83%, 36.98%, 26.48%, 10.28%, and 3.91% from 38.30%, 25.90%,
18.10%, 6.20%, and 1.50%, respectively, due to the notes' fully
sequential amortization. This transaction features an amortizing
reserve fund, which was funded by the class F notes' issuance at
closing. The reserve fund was depleted in 2009 but started building
up again in 2018 and now stands at EUR12 million (versus the target
of EUR17.6 million).
S&P said, "Arrears increased slightly to 0.72% as per the January
2023 investor report compared to 0.55% at our previous review.
Overall delinquencies remain below our Spanish RMBS index.
"Cumulative defaults represent 3.39% of the closing pool balance.
The interest deferral triggers for the class B to E notes are not
at risk of being breached because they are set at 17.0%, 12.5%,
10.0%, and 7.0%, respectively, and we do not expect that this level
will be reached in the near term."
Santander Hipotecario 3
Table 1
Credit Analysis Results for Santander 3
RATING WAFF WALS CREDIT COVERAGE
AAA 16.00% 25.15% 4.02%
AA 10.89% 20.23% 2.20%
A 8.33% 12.42% 1.03%
BBB 6.30% 8.66% 0.55%
BB 4.17% 6.32% 0.26%
B 2.67% 4.48% 0.12%
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Credit enhancement continues to increase for the senior notes and
decrease for the most junior notes due to the
undercollateralization present in the structure.
The class A1, A2, and A3 notes' credit enhancement has increased to
13.75% from 8.95%. These classes are paying pro rata because loans
in arrears for more than 90 days were above 1.5% of the outstanding
balance of the performing assets, and this trigger is
nonreversible. At the same time, the class B, C, D, and E notes'
credit enhancement has moved to 0.33%, (7.72%), (19.92%), and
(24.67%) from (1.56%), (7.87%), (17.42%), and (21.13%),
respectively. This transaction features an amortizing reserve fund,
which the class F notes' issuance funded at closing. It has been
fully depleted since October 2008.
Arrears have decreased to 0.87% as per the January 2023 investor
report compared to 1.11% at S&P's previous review. Overall
delinquencies remain below its Spanish RMBS index.
Cumulative defaults represent 8.85% of the closing pool balance.
The interest deferral triggers for the class E and D notes are
already breached. The interest deferral trigger for the class C is
not at risk of being breached because it is set at 11%, and S&P
does not expect that this level will be reached in the near term.
Rating rationale
S&P said, "For both transactions, our operational, sovereign,
counterparty and legal risk analyses remain unchanged since our
previous reviews. Therefore, the ratings assigned are not capped by
any of these criteria.
"Additionally, we are no longer stressing commingling risk since we
believe that in a resolution scenario a bail-in would be a credible
strategy and borrowers would continue to make payments to the
collection account held by Banco Santander S.A.. Therefore, we
consider commingling risk during the notification period to be
mitigated. Commingling risk during the accumulation period is also
mitigated in our view, given the daily transfer of collections to
the transaction accounts.
"We affirmed our 'AAA (sf)', 'AAA (sf)', and 'AA+ (sf)'ratings on
Santander Hipotecario 2's class A, B, and C notes as the available
credit enhancement is commensurate with the currently assigned
ratings.
"We raised to 'AA (sf)' and 'B+ (sf)' from 'A (sf) and 'B- (sf)'
our ratings on Santander Hipotecario 2's class D and E notes. These
classes of notes could withstand our cash flow stresses at higher
ratings than those assigned. However, these ratings consider the
uncertain macroeconomic environment, the impact of increased
interest rate scenarios, and the notes' overall level of credit
enhancement, including the partially funded reserve fund.
"Santander Hipotecario 2's class F notes have been defaulting on
their interest payments since the July 2009 payment date. We have
therefore affirmed our 'D (sf)' rating on this class of notes.
"We affirmed our 'A+ (sf)' ratings on Santander Hipotecario 3's
class A1, A2, and A3 notes. Despite the lower credit coverage and
increased credit enhancement, we have considered the uncertain
macroeconomic environment. In particular, we tested the sensitivity
of the transaction to increased defaults as well as to an
increasing interest rate scenario. Given that the swap notional is
based on the transaction's performing balance--which is
decreasing--we believe that these tranches are more sensitive to an
increased interest rate environment as interest rate risk is not
fully mitigated in the structure.
"Our cash flow analysis also indicates that the available credit
enhancement for the class B and C notes in Santander Hipotecario 3
is not sufficient to withstand our cash flow stresses at the 'B'
rating level. We performed a qualitative assessment of the key
variables for the transaction, in particular we considered the
evolution of the credit enhancement and the transaction's stable
performance. The class B notes would be able to pass our 'B' rating
scenario if we assume a steady state scenario, in which the issuer
would be able to meet its payment obligations on the class B notes.
We therefore affirmed our 'B- (sf)' rating on the class B notes.
"Under these same criteria, we consider repayment of the class C
notes to depend on favorable business, financial, and economic
conditions. Additionally, the class C notes are partially
undercollateralized and its credit enhancement remains negative.
Finally, although we consider that the issuer's financial
commitments may be unsustainable in the long term, it might not
face a credit or payment crisis within the next 12 months. We
therefore affirmed our 'CCC- (sf)' rating on the class C notes."
Santander Hipotecario 3's class D, E, and F notes have not made
their interest payments since the July 2014, July 2013, and April
2008 payment dates, respectively. S&P therefore affirmed its 'D
(sf)' ratings on these tranches.
Ratings List
CLASS RATING TO RATING FROM
FONDO DE TITULIZACION DE ACTIVOS, SANTANDER HIPOTECARIO 2
Ratings raised
D AA (sf) A (sf)
E B+ (sf) B- (sf)
Ratings affirmed
A AAA (sf) AAA (sf)
B AAA (sf) AAA (sf)
C AA+ (sf) AA+ (sf)
F D (sf) D (sf)
FONDO DE TITULIZACION DE ACTIVOS, SANTANDER HIPOTECARIO 3
Ratings affirmed
A1 A+ (sf) A+ (sf)
A2 A+ (sf) A+ (sf)
A3 A+ (sf) A+ (sf)
B B- (sf) B- (sf)
C CCC- (sf) CCC- (sf)
D D (sf) D (sf)
E D (sf) D (sf)
F D (sf) D (sf)
===========================
U N I T E D K I N G D O M
===========================
AQUILA FACILITIES: Bought Out of Administration via Pre-pack Deal
-----------------------------------------------------------------
Business Sale reports that an industrial cleaning services firm
based in West Yorkshire has been acquired out of administration in
a pre-pack deal.
Sean Williams and Leonard Curtis were appointed joint
administrators of Wetherby-based Aquila Facilities Ltd on March 14,
with the acquisition completing upon their appointment, Business
Sale relates.
The company, an industrial cleaning specialist and supplier, had
suffered from reduced turnover as a result of COVID-19 lockdowns
and restrictions, Business Sale states. Following the reopening of
UK businesses post-lockdown, demand for labour increased, leading
to the company experiencing staffing issues, Business Sale notes.
According to Business Sale, cost issues ultimately led to some of
the company's contracts becoming loss-making. It was marketed for
sale prior to the appointment of administrators, with the sale
subsequently completing upon their appointment, minimising creditor
claims and securing a total of 18 jobs, Business Sale relays.
"This is an excellent result given the difficult circumstances the
company faced. There was an imminent danger of the company running
out of cash and ceasing to trade, which would have been a
significantly worse result for stakeholders,” Business Sale
quotes Leonard Curtis' head of the Yorkshire and North East region
Sean Williams as saying. "We worked with the company to ensure the
company had sufficient working capital to meet critical payments --
and a sale out of administration was possible, which importantly
resulted in all jobs being retained."
In the company's most recent accounts at Companies House, for the
year ending August 31 2021, its fixed assets were valued at
GBP18,336 and current assets at GBP681,716, Business Sale
discloses. However, at that time, the company owed close to
GBP960,000 to creditors, with its net liabilities standing at
GBP265,427, Business Sale notes.
DOUGLAS ARMS: Put Up for Sale Following Liquidation
---------------------------------------------------
Zoe Phillips at The Scottish Sun reports that a "very popular"
hotel near King Charles' Scottish home is up for sale after falling
into liquidation due to spiralling energy costs.
According to The Scottish Sun, offers over GBP395,000 are being
sought for The Douglas Arms Hotel on High Street in Banchory, Royal
Deeside, after it fell into liquidation.
The property features a mix of accommodation with a quality lounge
bar/bistro, cafe bar, and terrace.
There are also eight letting bedrooms and a separate private flat.
Property firm Graham & Sibbald described it as "a wonderful
opportunity to acquire and re-establish this once busy hostelry in
a very popular locality", reports The Herald, The Scottish Sun
notes.
It added: "Following on from the problematic and difficult trading
conditions, for two years, during the Covid pandemic, the
significant increase in energy costs, pre-Christmas 2022, made the
trading business unsustainable, which signalled the decision [to]
place the business into a voluntary liquidation process.
"The hotel for sale has a prominent main street location on
Banchory's High Street.
"The hotel can attract many passers-by on the main A93 Aberdeen to
Balmoral and Braemar Road. Banchory is a busy community on the
River Dee, only some 18 miles from the City of Aberdeen -- where
there is the International Airport.
"This sale offers the opportunity for the hotel to be re-developed
as a good owner-driven hotel business."
GARENNE CONSTRUCTION: Put Into Liquidation Following Insolvency
---------------------------------------------------------------
John Fernandez at BBC News reports that The Garenne Construction
Group in the Channel Islands has been placed into liquidation.
According to BBC, the company has been found to be insolvent,
meaning it cannot pay its debts, so is set to be closed.
It follows the collapse of Camerons Construction earlier this year,
BBC notes.
Geoff Jacobs and David Standish, from Interpath Advisory, and Linda
Johnson and Leonard Gerber, of KPMG Advisory, have been appointed
as joint liquidators, BBC relates.
"Following the closure of Camerons, the insolvency of GCGL [Garenne
Construction Group Ltd] has been precipitated due to the various
guarantees it provided which have been called upon," BBC quotes
Mrs. Johnson, from KPMG, as saying. "Anyone with an interest in any
subsidiary entity should make immediate contact with the
liquidators."
The group, which operated in Guernsey and Jersey, also provided
administration functions for a number of companies, including AFM
and Rabeys, BBC states.
It is unclear what the liquidation means for them, BBC states.
MARKET BIDCO: EUR1.30B Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Market Bidco Ltd is
a borrower were trading in the secondary market around 84.2
cents-on-the-dollar during the week ended Friday, March 31, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR1.30 billion facility is a Term loan that is scheduled to
mature on November 4, 2027. The amount is fully drawn and
outstanding.
Market Bidco Ltd was an entity formed by funds managed by private
equity company Clayton, Dubilier & Rice, LLP, to acquire
supermarket giant Wm Morrison Supermarkets Plc. The Company's
country of domicile is the United Kingdom.
NORFOLK FEATHER: Workers Win Legal Dispute Over Pay Awards
----------------------------------------------------------
Eastern Daily Press reports that workers who lost their jobs when a
Norfolk company, which used to supply feather pillows to Harrods,
went into liquidation have won their battle for pay awards.
According to EDP, more than 40 staff at the Norfolk Feather Company
workforce, based in Diss, were told they were out of work in
October last year, when the company suddenly closed its doors.
In a letter to employees at that time, director Jo Landy said the
directors had taken the decision to cease trading and place the
company into creditors' voluntary liquidation, and accordingly had
to terminate their employment, EDP relates.
A group of almost 30 former workers made a claim against the
company, on the grounds that bosses had not consulted trade union
representatives about the proposed dismissals, EDP discloses.
An Employment Tribunal found that a protective pay award should be
paid to the affected employees who were dismissed as redundant in
October 2022, EDP states.
That means the claimants will each be entitled to 90 days' pay, EDP
notes.
Before it went into liquidation, the company made luxury feather
and hollowfibre pillows and duvets for a range of retailers,
including Harrods, EDP recounts.
But a report to creditors said problems that contributed to the
company's closure included a shortage in feather supply from China,
due to the coronavirus pandemic and bird flu, according to EDP.
However, hopes of further investment or support loans to keep it
afloat did not materialise and the business was deemed "no longer
viable".
At a shareholders' meeting last November, a resolution was passed
to voluntarily wind up the company, with Thomas Guthrie and John
Rimmer of BRI Business Recovery and Insolvency appointed
liquidators.
More than 130 creditors were listed for big and small sums. The
total owed to them was calculated at more than GBP2.5 million.
PLATFORM BIDCO: EUR600M Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Platform Bidco Ltd
is a borrower were trading in the secondary market around 83.8
cents-on-the-dollar during the week ended Friday, March 31, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR600 million facility is a Term loan that is scheduled to
mature on September 23, 2028. The amount is fully drawn and
outstanding.
Platform Bidco Ltd is a UK entity incorporated in April 2021 for
the acquisition of Valeo Foods Group Ltd, an Irish headquartered,
leading producer and distributor of branded and non-branded ambient
food products. The Company's country of domicile is the United
Kingdom.
SUMMERFIELD HEALTHCARE: Goes Into Liquidation
---------------------------------------------
Michele Paduano at BBC News reports that patients said they were
owed money after a private healthcare company went into
liquidation.
Summerfield Healthcare, based in Shrewsbury, said on its website it
had ceased trading, BBC relates.
According to BBC, Summerfield Healthcare's website stated the
company was in liquidation and that liquidators would be appointed
in the next 14 days.
VIASAT TECHNOLOGIES: Fitch Affirms LT IDR at 'B+', Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has affirmed Viasat, Inc.'s and Viasat Technologies
Limited's Long-Term Issuer Default Ratings (IDRs) at 'B+'. The
Rating Outlook is Positive.
Viasat's rating reflects strong revenue growth prospects for fiscal
2024, following moderate growth from continuing operations in
fiscal 2023. Growth prospects are balanced against moderate
leverage for the rating, but high capital intensity and FCF
deficits, as the company funds its satellite build program. In
calendar 2023, two high-capacity satellites are expected to be
launched, the first in April and a second satellite about six
months later. A third satellite will follow in calendar 2024. The
major boost in capacity provided by these satellites should lead to
a slower rate of satellite deployment in future years, leading to
improved FCF. Fitch believes an upgrade is possible following a
successful launch and deployment for the first of these
satellites.
KEY RATING DRIVERS
Solid EBITDA Growth: Revenues from continuing operations grew 4% in
the first nine months of fiscal 2023 (ending December 2023), due to
the continuing recovery of the satellite services business, growth
due to acquisitions, and higher commercial networks revenue.
Through the first nine months of fiscal 2023, satellite services
revenues grew 4%, compared with the 37% growth in fiscal 2022.
Growth has been slower as the company has been shifting capacity
away from fixed broadband to the inflight connectivity (IFC)
service in anticipation of capacity needs in early calendar 2023,
and as it continues to add aircraft using its service.
Inmarsat Merger: Viasat plans to merge with Connect Topco Limited
(Inmarsat) in a cash and stock transaction that is anticipated to
close in mid-2023, following regulatory reviews in the United
Kingdom and the European Commission. The merger will further
diversify Viasat's revenue, and increase the amount of recurring
revenue in Viasat's revenue mix.
Fitch believes Viasat's proposed merger with Inmarsat will be
neutral to its credit profile. Fitch estimates the transaction will
cause gross leverage to rise to approximately 4.9x (net EBITDA
leverage of 4.3x) at FYE 2024. Even with the increased leverage,
Viasat's metrics will approach Fitch's positive sensitivity
threshold for gross leverage in FY 2025. Continued expected
positive operating momentum and improved FCF prospects once the
second ViaSat-3 satellite is launched will lead to relatively rapid
delevering thereafter.
Leverage Expectations: Fitch estimates Viasat's EBITDA leverage
will approximate 4.7x at FYE 2023 (net EBITDA leverage of 2.1x),
with net EBITDA leverage much lower, reflecting the proceeds from
the sale of the tactical data link business (TDL or Link 16) as an
increase in debt is only partly offset by approximately 20% EBITDA
growth. Gross leverage and net leverage were 4.1x and 3.6x,
respectively, at FYE 2022.
FCF Deficits from High Capex: Viasat is in the midst of a high
capex period, as it is building three third-generation,
high-throughput satellites at a total cost of $2 billion or more.
The first, ViaSat-3 (Americas), is expected to be launched in April
2023, which, when placed into service following in-orbit testing,
is expected to boost revenue as the satellite's utilized capacity
grows. Capex is expected to remain high as ViaSat-3 (EMEA) is
launched about six months later. ViaSat-3 (APAC) is expected to
follow six to nine months after the EMEA satellite. The company has
indicated as a frame of reference that on a stand-alone basis,
positive FCF may follow about three quarters after the launch of
the second ViaSat-3 satellite.
Execution Risk: Viasat is in the construction phase of a
three-satellite constellation that will require the company to
execute on the construction phase of the satellites, as well as on
growth strategies once the satellites are in service to sustain
EBITDA and cash flow growth. The company is expected to benefit
from a strong revenue backlog, as well as the additional global
markets opened up by the ViaSat-3 satellites. Once completed, the
three satellites will provide approximately eight times the
capacity of Viasat's existing fleet.
Revenue Backlog: Viasat had a $1.7 billion backlog from continuing
operations at Dec. 31, 2022 (up 2% over the prior year). The
company does not include amounts in backlog if the company does not
have purchase orders. The backlog does not include anticipated
purchase orders for commercial aircraft IFC systems or service
revenues under agreements.
At the end of December 2022, the company provided in-flight
internet services to 2,110 active commercial aircraft. In addition,
the company anticipated another 1,200 aircraft would be put into
service under existing agreements. A majority of the company's
contracts can be terminated at the convenience of its customers for
little or no penalty.
Strong Competitive Position: Viasat benefits from vertical
integration, which drives cost efficiencies. The company operates
from a strong competitive position within certain business
segments, primarily the satellite services segment (fixed
residential broadband and IFC) where existing competitors may have
weaker financial profiles or technology positions. Its share in the
North American narrow-body market has grown significantly over the
past several years.
The company is expected to face competition in satellite services
from low-earth orbit (LEO) satellite networks in development.
Viasat is expected to have a material advantage in cost/ bit of
capacity and leveraging its existing business platform, while being
disadvantaged in terms of latency. In the Government Systems and
Commercial Networks segments, Viasat has a relatively strong
competitive position with its product portfolio, but faces
competition from higher rated companies with stronger and more
diversified businesses.
DERIVATION SUMMARY
In the Government Systems and Commercial Systems segments, Viasat
competes against higher rated companies that have access to much
greater resources. In the Government Systems segment, there are
numerous competitors, but major competitors in the manufacture of
defense electronic against which Viasat competes include BAE
Systems plc (BBB+/Stable) and Collins Aerospace.
In the Commercial Networks segment, the company also competes
against much larger companies, including Airbus SE (BBB+/Stable),
General Dynamics, L3Harris Technologies (BBB+/Negative) and MAXAR
Technologies.
In the satellite services business, as a provider of communications
infrastructure, comparable businesses to Viasat would include
Intelsat Jackson Holdings S.A. (B+/Positive) and several companies
unrated by Fitch, such as Telesat Canada and SBA Communications.
Unlike some of these companies, Viasat provides services directly
to consumers in its satellite services segment. SpaceX is also
providing services directly to consumers. Given Viasat's vertically
integrated strategy, which not only includes satellite services,
but the development and manufacture of equipment, its EBITDA
margins are lower than the pure service providers. Fitch believes
the company's vertical integration provides a competitive advantage
over pure services providers.
In the in-flight connectivity segment, Viasat competes against
Intelsat, which acquired GoGo Inc., Anuvu (formerly Global Eagle
Entertainment), Panasonic Avionic Corporation, SpaceX and others.
KEY ASSUMPTIONS
- Fitch assumes revenue declines in FY 2023 due to the sale of the
Link 16 business which is being reported as a discontinued
operation. Stand-alone, Viasat revenues grow in the high single
digits in FY 2024 and thereafter, although a higher than expected
(by Fitch) take-up rate of IFC services following the satellite
launches could lead to some upside.
- Fitch calculated EBITDA margins for Viasat on a stand-alone basis
are in the low 20% range for FY 2023 as certain costs have
increased prior to the launch of ViaSat-3 satellites.
- Pro forma for Inmarsat, FY 2023 revenues exceed $4.2 billion and
EBITDA approximates $1.4 billion.
- Over FY 2024-2025, capex for the combined company totals over
$2.5 billion, with a peak in FY 2024.
- The first ViaSat-3 launch is completed in April 2023; Fitch
assumes the pacing is in line with Viasat's guidance of the second
satellite following six months later, with the third satellite to
follow.
Fitch contemplates a scenario in which default is the result of one
or a combination of a number of scenarios, such as revenue and
EBITDA pressure from new or existing competitors that have managed
to reduce Viasat's cost advantage in the satellite business, delays
in satellite launches, or an increase in competition in the
government systems business. Fitch assumes Viasat would be
successfully reorganized.
Recovery assumptions are based on the company's strong cost
position, with very low space capital costs in millions of U.S.
dollars per gigabits per second (Gbps)and high capacity and strong
backlog in its three business segments, and patterns of consistent
adjusted EBITDA growth in the mid-teens over the past decade. These
strengths are balanced against the execution risk posed by its
planned satellite launches, including the potential for delays, and
the longer-term development of competitors.
Under this scenario, Fitch estimates a going-concern EBITDA
run-rate of $380 million, which is approximately $145 million below
Fitch projected EBITDA for fiscal 2023.
Fitch included 20% of the potential value from satellites under
construction, which had a book value of $2.14 billion as of Dec.
31, 2022 and would provide significant liquidation value, even if
materially discounted. Fitch believes some value can be reasonably
included, as the first of its high-capacity satellites near
completion and launch.
Fitch assumes Viasat will receive a going-concern recovery multiple
of 6.0x EBITDA under this scenario, which is supported by the
following: Comparable Reorganizations: In the 2022, Industrial,
Manufacturing, Aerospace and Defense Bankruptcy Enterprise Values
and Creditor Recoveries case study, Fitch noted that the three
aerospace and defense defaulting companies had exit multiples
between 4.8x and 6.9x.
The 2022 Telecom, Media and Technology Bankruptcy Enterprise Values
and Creditor Recoveries case study includes SpeedCast International
Limited, a satellite communications and network service provider.
Speedcast emerged from bankruptcy in early 2021 with a multiple of
8.7x.
Unlike Viasat, SpeedCast did not own its own satellites and had a
less diversified revenue stream. A significant percentage of its
customers are in the maritime and oil and gas industries, and faced
headwinds and impacts from the coronavirus pandemic that greatly
affected its liquidity position.
Fitch forecasts a going-concern valuation of $2.7 billion and
recovery multiple of 6.0x, which results in a post-reorganization
enterprise value of $2.44 billion, after the deduction of expected
administrative claims (10%). Viasat's first-lien debt, assuming a
fully drawn revolver, is fully recovered, leading to a 'BB+'/'RR1'
rating, and the recovery on the unsecured debt equates to a
'B+'/'RR4' rating.
Although the Ex-Im facility is at an entity that generates only 1%
of revenues, Fitch assumes that the facility is fully recovered as
under the "best interests" test whereby the recovery on a class of
claims in a going-concern reorganization would be no less than it
would be under a Chapter 7 liquidation. The Ex-Im facility is
secured by significant collateral value as the satellite at that
entity provides approximately two-thirds of the company's capacity
that supports an approximately $1.2 billion (fiscal 3Q23
annualized) revenue stream for satellite services.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA debt leverage sustained below 5.0x, combined with the
successful launch and deployment of service on the first ViaSat-3
satellite.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA debt leverage sustained above 6.0x;
- Material delays or issues with respect to anticipated satellite
launches, or delays in achieving revenue and EBITDA growth from
future satellites.
LIQUIDITY AND DEBT STRUCTURE
Liquidity: Viasat's liquidity is relatively strong given
availability on its revolver and available cash balances, and is
partly offset by FCF deficits. At Dec. 31, 2022, cash and cash
equivalents amounted to $182 million. Pro forma cash was
approximately $1.5 billion after the receipt of $1.8 billion in net
proceeds from the January 2023 sale of the Link 16 business and
after the repayment of the year-end outstanding amounts on the
revolver.
At Dec. 31, 2022, Viasat had approximately $157 million of capacity
on its $700 million revolver, after $68 million in LOCs. The
company used a portion of the proceeds from the sale of the Link 16
business to repay all-then outstanding borrowings on the revolver,
thus increasing availability on the revolver to $632 million.
Viasat also has financing commitments for an additional $1.6
billion of new debt in connection with the pending acquisition of
Inmarsat. The debt may be a mix of secured and unsecured debt. The
company was not required to reduce the financing commitment
following the sale of the Link 16 business.
Viasat also had $59 million outstanding under an Ex-Im credit
facility, a senior secured direct loan facility put in place
primarily to fund the construction, launch and insurance of the
ViaSat-2 satellite.
The company is required by the terms of its senior secured credit
facilities to have insurance on 75% of the net book value of
certain covered satellites. The company has in-orbit insurance on
the ViaSat-2, ViaSat-1, WildBlue-1 and the Anik F2 satellites.
ISSUER PROFILE
Viasat, Inc. is a vertically integrated technology provider, with
an end-to-end platform of high-capacity satellites, ground
infrastructure and user terminals. The company provides cost
effective and high-speed broadband solutions through a broad market
consisting of enterprise, government and consumer users.
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
----------- ------ -------- -----
Viasat, Inc. LT IDR B+ Affirmed B+
senior secured LT BB+ Affirmed RR1 BB+
senior
unsecured LT BB- Affirmed RR4 BB-
Viasat
Technologies
Limited LT IDR B+ Affirmed B+
senior secured LT BB+ Affirmed RR1 BB+
WEST-END WINDOWS: Enters Liquidation, 17 Jobs Affected
------------------------------------------------------
Andrew Arthur at BusinessLive reports that a Bristol-based windows
and doors manufacturer has gone into liquidation after almost 50
years in business.
West-End Windows is based in the Novers Hill trading estate in
Bedminster, and employs 17 staff. The family-run firm was founded
by Bill Carr in 1975, with Garry Carr and his wife Pauline taking
over in 1989.
South West-based chartered accountants and business advisers PKF
Francis Clark said Lucinda Coleman and Stephen Hobson were
appointed joint liquidators on March 16, BusinessLive relates.
According to BusinessLive, Mark Roach, associate director at the
accountant's business recovery team, said West-End Windows had "an
excellent reputation” but had suffered in recent times due to
"significant increases" in material costs, the Covid-19 pandemic
and a loss of customers with "similar issues".
Mr. Roach added: "Sadly it was not possible to rescue the company
as a going concern and there was no alternative to liquidation.
Our focus now is on realising the assets of the company in order to
deliver a return to creditors."
===============
X X X X X X X X
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[*] BOND PRICING: For the Week March 27 to March 31, 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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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The TCR Europe subscription rate is US$775 per half-year,
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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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