/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/230410.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 10, 2023, Vol. 24, No. 72 Headlines F R A N C E BISCUIT HOLDING: EUR490M Bank Debt Trades at 26% Discount CGG SA: Fitch Hikes LongTerm IDR to 'B', Outlook Stable G E O R G I A GEORGIA CAPITAL: S&P Affirms 'B+' Long-Term ICR, Outlook Negative G E R M A N Y FORTUNA CONSUMER 2023-1: DBRS Finalizes CCC Rating on F Notes WITTUR INT'L: Moody's Cuts CFR to Caa3, Alters Outlook to Negative I R E L A N D CAIRN CLO III: Moody's Hikes Rating on EUR8MM Class F Notes to Ba2 JAZZ PHARMACEUTICALS: Fitch Affirms BB- LT IDR, Outlook Pos. TIKEHAU CLO IX: Fitch Assigns 'B-sf' Final Rating on Class F Notes TIKEHAU CLO IX: S&P Assigns B- (sf) Rating to Class F Notes N O R W A Y HURTIGRUTEN GROUP: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR P O R T U G A L TRANSPORTES AEREOS: Moody's Ups CFR to B2 & Alters Outlook to Pos. R U S S I A SQB INSURANCE: Fitch Assigns 'BB-' IFS Rating, Outlook Stable S P A I N RMBS SANTANDER 7: Moody's Cuts Rating on EUR530MM B Notes to Caa1 RURAL HIPOTECARIO IX: Moody's Ups EUR28.5MM C Notes Rating to B2 RURAL HIPOTECARIO X: Moody's Ups Rating on EUR53.6M C Notes to Ba1 TDA CAM 9: Moody's Raises Rating on EUR48MM Class B Notes to Ba3 TDA IBERCAJA 5: Moody's Ups Rating on EUR4.8MM Cl. D Notes to Ba3 S W E D E N ROAR BIDCO: Moody's Lowers CFR to B3 & Senior Secured Debt to B2 U N I T E D K I N G D O M ASSET ACADEMY: Goes Into Administration, Owes GBP3 Million CHESHIRE 2020-1: Moody's Affirms B1 Rating on GBP8.214MM E Notes CTBO LTD: Bought Out of Administration by Founder ENTAIN PLC: S&P Affirms 'BB' Long-Term ICR, Outlook Stable INEOS ENTERPRISES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable JUPITER MORTGAGE 1: Moody's Affirms B3 Rating on Class F Notes MIZEN DESIGN: High Court Clarifies Grounds for Challenging CVA NLH LOGISTICS: Enters Administration, 27 Jobs Affected ROYAL MAIL: Says Workers Want to Drive Firm Into Administration SATUS 2021-1: Moody's Ups Rating on GBP8.7MM Class E Notes to Ba1 TAURUS 2021-1: DBRS Confirms BB(low) Rating on Class E Notes TORO PRIVATE II: Moody's Appends 'LD' Designation to PDR X X X X X X X X [*] BOND PRICING: For the Week April 3 to April 7, 2023 [*] Bruno Cova Joins Greenberg Traurig's EU Restructuring Group - - - - - =========== F R A N C E =========== BISCUIT HOLDING: EUR490M Bank Debt Trades at 26% Discount --------------------------------------------------------- Participations in a syndicated loan under which Biscuit Holding SASU/FR is a borrower were trading in the secondary market around 74.2 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR490 million facility is a Term loan that is scheduled to mature on February 14, 2027. The amount is fully drawn and outstanding. Biscuit International produces snacks and confectionery products. The Company manufactures a wide range of label biscuits and other related products. The Company's country of domicile is France. CGG SA: Fitch Hikes LongTerm IDR to 'B', Outlook Stable ------------------------------------------------------- Fitch Ratings has upgraded CGG SA's Long-Term Issuer Default Rating (IDR) to 'B' from 'B-', and its USD500 million and EUR585 million notes due 2027's senior secured rating to 'B+' from 'B'. The Recovery Rating on the notes is 'RR3'. The Outlook on the Long-Term IDR is Stable. The upgrade reflects CGG's development of a good operational record as an asset-light company while maintaining strong EBITDA margins of around 35%-40%, continuing manageable leverage at below 3.0x and sound liquidity. The rating will continue to be constrained by volatility in cash flows, manageable but high gross debt, and lingering uncertainty around the commercialisation of CGG's non-core low-carbon business lines. KEY RATING DRIVERS Strong Niche Market Position: CGG is well-positioned within the seismic data processing and equipment sub-sectors, with a leading position in the geo-science and equipment businesses and a competitive multi-client library focused on high-demand, mature basins and selective high-quality exploration areas. The latter attract more stable customer demand than data for frontier exploration areas. CGG is also building out nascent low-carbon business lines. CGG's technological sophistication and continued R&D spending allow it to retain premium pricing over many of its competitors, allowing for stable Fitch-adjusted EBITDA margins of around 35%-40% through the cycle. Asset-Light Strategy: Since 2020, CGG has transitioned to an asset-light business model with a more flexible cost and capex base than peers in the contract drilling and marine data acquisition businesses. This, alongside a cost-reduction initiative implemented over the last two years, should help reduce volatility in cash flows through the cycle. Favourable Market Trend: Fitch expects oil & gas producers to continue to increase spending on exploration and development throughout 2023, following historically low capex observed in 2020 and 2021, and due to reserve replenishment globally. This is reflected in CGG's backlog increasing to over USD440 million at end-2022 from around USD318 million at end-2021. Cash Flow Volatility Remains: Fitch expects upstream oil & gas capex to remain volatile, as many market participants have committed to prioritising cost discipline and shareholder returns over growth, in turn weakening the relationship between hydrocarbon prices and upstream capex budgets. In addition, CGG's backlog is fairly short-term, covering up to six months of revenue at any given point, which limits revenue visibility and exposes the company to project delays or cancellations as well as market conditions, resulting in continued volatility in the timing and amount of cash flows. Shearwater Agreement Event Risk: Under its commercial agreement with Shearwater for the disposal of CGG's marine acquisition business, CGG may be required to take back possession of the vessels should either CGG fail to pay idle vessel compensation of around USD22 million annually, as well as agreed day rates, or should Shearwater become insolvent. Such a trigger event could result in CGG's business model reverting back to its asset-heavy form and certain debt obligations being assumed by the company. While CGG has sufficient financial resources to comfortably meet its obligations under the agreement, Fitch does not have strong visibility over Shearwater's financial standing. Fitch continues to view the possibility of a trigger event as an event risk. Its rating assumes the agreement expires in January 2025 at which point the risk will fully abate and free up approximately USD40 million-USD50 million of annual cash flow, bolstering CGG's free cash flow (FCF) generation. High but Manageable Debt: Total gross debt of around USD1.1 billion has been little changed since CGG completed its refinancing in 2021, aside from a small asset financing facility arranged in 2022. Fitch views debt levels as manageable but high, and while its cash balance is substantial and EBITDA gross leverage is on a declining trend to below 3.0x from 2024, proactive management of long-term maturities is key to shoring up CGG's headroom ahead of its bond maturities in 2027. DERIVATION SUMMARY CGG is rated one notch below KCA DEUTAG ALPHA LIMITED (KCA; B+/Stable), owing to its similar run-rate EBITDA size (taking into account KCA's acquisition of Saipem assets), with KCA's lower-margin and asset-heavy business profile more than offset by its much larger backlog providing more revenue visibility. KCA also has a higher-quality customer base with strong contractual relationships with price-inelastic national oil companies in Oman, Saudi Arabia, and Kuwait. CGG is rated one notch above Nabors Industries, Ltd. (Nabors; B-/Stable). Despite Nabors' larger size and scale and stronger cash flow generation, its liquidity (excluding cash trapped in its Saudi JV) is weaker with higher refinancing risk. It is under pressure to reduce debt following its recent distressed debt exchange in 2020. KEY ASSUMPTIONS Key Assumptions within its Rating Case of the Issuer: - IFRS revenue of USD976 million in 2023, increasing to USD1.2 billion in 2025 on recovering oil & gas capex and ramp-up of beyond-the-core (low-carbon business) initiatives - IFRS EBITDA of USD378 million in 2023, increasing to over USD500 million in 2025, in line with revenue growth. Low-margin sensing & monitoring to decline as a share of revenues, and beyond-the-core initiatives to increase profitability - Capex of USD230 million-USD250 million per year to 2025 - No dividends or voluntary debt reduction to 2025 KEY RECOVERY ANALYSIS ASSUMPTIONS - The recovery analysis assumes that CGG would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated - Its GC EBITDA assumption of USD250 million is predicated on a significant and sudden loss of demand for multi-client and geo-science services, on the back of a sustained period of very low hydrocarbon prices, followed by modest recovery and cost initiatives. The rebound would be on the back of a recovery in the market spurring renewed exploration and production (E&P) spending, albeit at lower levels than in 2021 - An enterprise value (EV) multiple of 4x is applied to the GC EBITDA to calculate a post-reorganisation EV, which reflects the oilfield services sector's cash flow volatility and the company's moderate scale - CGG's USD100 million revolving credit facility (RCF) is assumed to be fully drawn. The revolver facility is super senior to senior secured bonds in the debt waterfall - CGG's new asset financing debt of USD10.5 million at end-2022 is structurally senior to other debt - After deducting 10% for administrative claims, Fitch's analysis resulted in a waterfall-generated recovery computation (WGRC) for the senior secured notes in the 'RR3' band, indicating a 'B+' instrument rating. The WGRC output percentage on current metrics and assumptions was 70% RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -Increase in size with EBITDA of USD500 million through the cycle - EBITDA gross leverage at below 1.8x on a sustained basis, with gross debt of USD750 million or lower - Successful transition to non-oil-and-gas activities, with meaningful cash flows and EBITDA contribution Factors that could, individually or collectively, lead to negative rating action/downgrade: - EBITDA gross leverage above 2.8x on a sustained basis - Failure to maintain EBITDA margins above 30% on a sustained basis - Deteriorating liquidity with EBITDA interest coverage declining below 2x or increasing near-term refinancing risk - Triggering of the step-in agreement with Shearwater LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: As of end-2022, CGG had USD250 million of readily-available cash and cash equivalent on its balance sheet, excluding USD47.5 million of trapped cash mainly in China. Fitch also projects CGG's Fitch-defined FCF to become positive from 2023. This compares well with no material debt maturities until 2027. Fitch does not include any further cash inflow from divestments not yet closed or any outflow due to dividends over 2023-2025. ISSUER PROFILE CGG is a small oilfield services company providing seismic data processing services and equipment for seismic data acquisition. 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 ----------- ------ -------- ----- CGG SA LT IDR B Upgrade B- senior secured LT B+ Upgrade RR3 B ============= G E O R G I A ============= GEORGIA CAPITAL: S&P Affirms 'B+' Long-Term ICR, Outlook Negative ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' long-term issuer credit and issue rating on Georgia Capital JSC (GC) and its debt. The negative outlook reflects the possibility of more than a one-notch downgrade if GC fails to enact the refinancing of its $300 million bond in the next six months. Positive momentum in the Georgian economy and business environment should continue to support GC's asset valuations, dividend payments, and ultimately its leverage over 2023-2024. Georgia's economy experienced an extraordinarily positive 2022, thanks to a marked uptick in the tourism business and the influx of migrants and capital from Russia since the start of the Russia-Ukraine conflict. This resulted in its real GDP growing by about 10.1% in 2022. For 2023, we expect growth will weaken to 3.2% due to the less favorable external environment and tightening financial conditions. As a result, GC's portfolio value, which relies on all assets incorporated in Georgia, increased by 4% in 2022 (if adjusting for the net effect of the disposal of 80% equity in GGU at the beginning of 2022), totaling Georgian lari (GEL) 3.2 billion by Dec. 31, 2022. The portfolio value recovered strongly from the 12.4% drop in first-quarter 2022 (adjusted for the GGU disposal) as a result of the Russian-Ukraine war. Recovery was, to a large extent, driven by the Bank of Georgia (BoG)'s strong share price appreciation (the bank is 20.6% owned by GC and its only listed asset, representing 26% of total portfolio value), which was up 56.2% on Dec. 31, 2022. The value of GC's private portfolio modestly declined by 1% as of Dec. 31, 2022, (adjusted for the GGU disposal), mainly explained by a normalization in the health care businesses following the pandemic. We expect private asset values will be supported by the resilience in the Georgian economy in the near term. As a consequence, the group's LTV ratio continued to improve and reached 13.3% on Dec. 31, 2022, compared with 19.9% at the end of 2021 (pro forma the net proceeds from the partial sale of its GGU stake and subsequent shareholder loan to its energy business). S&P said, "We expect cash dividend income and the sale of some of GC's BoG shares to offer organic deleveraging opportunities. The resilient performance of GC's assets will translate into its cash adequacy ratio improving to 2.0x-2.2x in 2023 from 1.3x in 2022, based on the forecast dividend inflow of GEL125 million-GEL135 million ($46 million–$50 million) in 2023, up from GEL94 million in 2022. The BoG's board proposed a total dividend of GEL7.65 per share for 2022, compared with GEL3.81 for 2021. The bank also recently announced an increase in its share buyback program by up to GEL148 million (in 2022 it completed GEL112.7 million). We understand GC will gradually sell shares in the BoG, reducing its stake back to 19.9% (it increased to 20.6% on Dec. 31, 2022). We expect this will lead to an approximate inflow of $23 million. We anticipate GC will continue to focus on its deleveraging and do not forecast it will carry out material shareholder distributions or investments in 2023, at least until the refinancing of its notes has been secured. Based on this, we expect GC's net cash inflow to be $50 million–$55 million in 2023. "While leverage should remain defensive, GC has not yet secured the refinancing of its notes due in March 2024, which in our view is credit negative. The group enjoys a solid cash position since its disposal of 80% of Georgian Global Utilities JSC (GGU) at the beginning of 2022, for which it received $180 million. Now, one of GC's strategic priorities is to deleverage the holding. "In addition to the $65 million bond buyback during 2022, GC repurchased $51 million of bonds outside that tender at 93%-97%, which we do not deem as distressed given current market prices. As a result, its outstanding debt maturity, excluding the repurchased GC bonds, reached $249 million on Dec. 31, 2022. Although at this stage we do not anticipate an immediate liquidity crisis, we forecast GC's cash and liquidity funds (excluding the repurchased GC bonds) will not be sufficient to cover the bond due in 2024. As a result, we now assess the holding's liquidity as less than adequate. We understand GC intends to refinance the bonds in the local market. Positively, Georgian Renewable Power Operation's (previously owned by GGU) closing of a $80 million green secured bond in October 2022 validates the group's access to the local market. However, we understand the refinancing has not been formally agreed on as of yet." The negative outlook reflects the possibility of more than a one-notch downgrade if GC fails to enact the refinancing of its $300 million bond in the next six months. S&P said, "We could downgrade GC by more than one notch if it fails to finalize the refinancing of its bond maturing March 2024 over the next six months. We could take a negative rating action in a shorter time frame if we believe the company's access to debt markets has worsened. Under this scenario, we might see the ratio of liquidity sources to expected uses over the next 12 months deteriorating well below 1.0x; with arising concerns for a potential near-term liquidity crisis. "We would also downgrade GC if the company undertakes any repurchases, exchanges, consent solicitation, or other liability management activities regarding its 2024 note that we deem distressed, which we do not expect." S&P could raise the rating if: -- GC secures refinancing for its maturities, ensuring ample liquidity buffers on a permanent basis; -- Its LTV ratio remains defensive and materially below 30%; and -- The company's cash adequacy ratios remain healthy and sustainably above 1.0x. ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of GC because all its investments concentrate in a single emerging market. Furthermore, we believe the holding's risk tolerances and liquidity management are quite aggressive because its 2024 maturity has not yet been addressed. Environmental and social factors are overall neutral considerations in our credit rating analysis of GC and its investee companies. The group's major sector exposure is represented by a retail pharmacy (23% of the adjusted portfolio value) and hospitals (13%), which we assess as having low environmental and social risks." ============= G E R M A N Y ============= FORTUNA CONSUMER 2023-1: DBRS Finalizes CCC Rating on F Notes ------------------------------------------------------------- DBRS Ratings GmbH finalized its provisional ratings on the following notes issued by Fortuna Consumer Loan ABS 2023-1 Designated Activity Company (the Issuer) as follows: -- Class A Notes at AAA (sf) -- Class B Notes at AA (sf) -- Class C Notes at A (high) (sf) -- Class D Notes at BBB (high) (sf) -- Class E Notes at BB (high) (sf) -- Class F Notes at CCC (sf) DBRS Morningstar also discontinued its provisional rating of BBB (sf) on the Class X Notes at the Issuer's request and did not rate the Class G Notes also issued in this transaction. The finalized ratings of the Class D and Class E Notes are one and two notches higher, respectively, than the provisional ratings previously assigned due to the updated collateral pool, the overall lower notes margins, and the now subordinated position of Class X Notes interest and redemption amounts in the pre-enforcement interest waterfalls. These changes result in higher available funds to pay deferred interest on the subordinated notes and improved the cashflow analysis of the Class D and Class E Notes in the respective rating stress scenarios. DBRS Morningstar also revised its expected default rate for the portfolio to 13.3% after consideration of the final collateral pool and the potential portfolio migration over the scheduled revolving period; however, this revision did not affect the ratings assigned. The ratings on the Class A and Class B Notes address the timely payment of scheduled interest and the ultimate repayment of principal by the legal final maturity date. The ratings of the Class C, Class D, Class E and Class F Notes address the ultimate (but timely when most senior) payment of interest and the ultimate repayment of principal by the legal final maturity date. The transaction is a securitization of fixed-rate, unsecured, amortizing consumer loans granted to individuals domiciled in Germany and brokered through auxmoney GmbH (auxmoney) in co-operation with Sud-West-Kreditbank Finanzierung GmbH (SWK) as the nominal originator. CreditConnect GmbH (CreditConnect), a fully owned affiliate of auxmoney, will act as the initial servicer. The ratings are based on the following analytical considerations: -- The transaction's capital structure, including form and sufficiency of available credit enhancement; -- Credit enhancement levels that are deemed sufficient to support DBRS Morningstar's projected cumulative net loss assumptions under various stressed scenarios; -- The ability of the transaction to withstand stressed cash flow assumptions and repay investors; -- DBRS Morningstar's operational risk review of SWK and auxmoney's capabilities with regard to originations and underwriting; -- CreditConnect's capabilities with regard to servicing; -- The transaction parties' financial strength regarding their respective roles; -- The credit quality, diversification of the collateral, and historical and projected performance of auxmoney's portfolio; -- DBRS Morningstar's sovereign rating on the Republic of Germany, currently at AAA with a Stable trend; and -- The consistency of the transaction's legal structure with DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology. TRANSACTION STRUCTURE The transaction has a scheduled revolving period of 12 months with separate interest and principal waterfalls for the available distribution amount. After the end of revolving period, the notes will be repaid sequentially, except for the Class X Notes that will start redemption during the revolving period prior to other classes of notes unless there is a breach of an early termination event. The transaction benefits from an amortizing liquidity reserve funded at closing by the issuance proceeds of the Class X Notes, which is only available to the Issuer in restricted scenarios where the interest and principal collections are not sufficient to cover the shortfalls in senior expenses, interests on the Class A Notes and, if not deferred, the interest payments on other classes of rated notes. The excess reserve amount during the pre-enforcement period will be part of the interest available amounts. Principal available funds may be used to cover certain senior expenses and interest shortfalls which would be recorded in the transaction's PDL in addition to the defaulted receivables. The transaction uses excess available revenue amount to cure PDL debits and also includes interest deferral triggers on the subordinated classes of rated notes, conditional on the PDL debit amount and seniority of the notes. The Issuer entered into an interest rate cap at closing to mitigate the interest rate mismatch risk in the transaction between the fixed rate collateral and floating rate notes. The cap notional amount is based on the outstanding amount of the floating-rate notes and certain prepayment and default assumptions. COUNTERPARTIES Citibank Europe plc (Citibank Europe) is the account bank for the transaction. DBRS Morningstar has Long-Term Issuer Rating of AA (low) on Citibank Europe, which meets its criteria to act in such capacity. The transaction documents contain downgrade provisions relating to the account bank consistent with DBRS Morningstar's criteria. BNP Paribas SA (BNP Paribas) is the interest rate cap provider for the transaction. DBRS Morningstar has a Long-Term Issuer Rating of AA (low) on BNP Paribas, which meets its criteria to act in such capacity. The transaction documents also contain downgrade provisions consistent with DBRS Morningstar's criteria. Notes: All figures are in euros unless otherwise noted. WITTUR INT'L: Moody's Cuts CFR to Caa3, Alters Outlook to Negative ------------------------------------------------------------------ Moody's Investors Service downgraded the long term corporate family rating to Caa3 from Caa1 and Probability of Default Rating to Ca-PD/LD from Caa1-PD of Wittur International Holding GmbH ("Wittur" or "the company"), a German elevator components manufacturer. Concurrently, Moody's downgraded the instrument ratings on the company's debt facilities, including the ratings on the backed senior secured first-lien term loan B due 2026 and backed senior secured first-lien revolving credit facility (RCF) due 2026 to Caa2 from B3, and the rating on the backed senior secured second lien term loan due 2027 to C from Caa3, issued by Wittur Holding GmbH, a direct subsidiary of the group. The outlook for both entities changed to negative from stable. Moody's appended a limited default designation ("/LD") to the PDR. The "/LD" designation follows the change in terms under the company's second lien term loan that now allows for interest payment which was originally due in February 2023 to be deferred to June 2023. The missed interest payment on the second lien term loan extending beyond the applicable grace period is considered a default on this instrument under Moody's definition. Moody's will remove the "/LD" designation from the company's PDR in 3 business days. The rating action follows Wittur's announcement of full-year 2022 results on March 23, 2023, during which the company disclosed that the interest payment on the backed senior secured second lien term loan due 2027 issued by Wittur Holding GmbH was agreed to be deferred from February 2023 to June 2023. Furthermore, the company has appointed external advisors and is negotiating with the second lien lenders. RATINGS RATIONALE The downgrade of CFR to Caa3 reflects Wittur's weaker than expected Free Cash Flow (FCF) generation and deteriorated liquidity profile. Its capital structure is unsustainable owing to its very high leverage and related high interest expense even at current interest rates, which despite improved reported EBITDA in 2022 compared to 2021, has resulted in a negative FCF with no visibility as to a possible recovery considering the challenging economic environment. The downgrade of PDR to Ca-PD/LD reflects Moody's view that Wittur's probability of default, including the potential for a distressed exchange-type of restructuring, is very high over the near term. In Moody's view, the hiring of advisors at a time when FCF generation remains negative and liquidity has weakened creates a high probability of a debt restructuring which could result in losses for Wittur's creditors. Such a debt restructuring could be considered by Moody's a distressed exchange, which is a form of default under the rating agency's definition. The Caa3 CFR reflects (1) the company's high financial leverage, with a Moody's-adjusted (gross) debt/EBITDA estimated at around 15x as of year-end 2022, (2) its unsustainable capital structure, reflected in its weak interest coverage of Moody's adjusted EBITA / Interest below 1.0x in 2022 and weak prospects for recovery in 2023 in a high interest rate environment and given Wittur's exposure to a slowdown of construction activities in China, and (3) its sustained negative Moody's adjusted FCF (after interest paid), which keeps straining liquidity. Wittur's credit profile remains supported by (1) its leadership positions in key markets, which provide scale advantages and translated into solid profitability historically; (2) long-standing relationships with major elevator manufacturers; and (3) positive sector fundamentals, such as population growth, increasing urbanization, outsourcing and positive effects of tightening regulations, support the rating. LIQUIDITY Wittur's liquidity is weak. With a cash balance of around EUR67 million as of end December 2022 and only EUR12 million availability under its EUR90 million RCF due 2026, the company's liquidity position has materially weakened in 2022, because of the weaker than expected operating performance and increased net working capital. In Q1 2023, the company and its stakeholders agreed on the following measures: (1) the receipt of a EUR10 million of shareholder loan from its majority shareholder, Bain Capital; and (2) the deferral of the second-lien interest payment of around EUR12 million from end of February 2023 to June 2023. These measures enable the company to limit its liquidity shortfall in the first few months of the year, when the seasonal working capital consumption of the company is the highest. Nevertheless, while these actions temporarily alleviate pressure on liquidity, the rating agency forecasts that the company's cash balance may decrease over the coming quarters owing to the risk of negative free cash flow (FCF) generation. Sustained negative FCF generation, only EUR67 million in cash and EUR12 million of availability under its EUR90 million RCF due in 2026, the use of short-term credit lines, with majority of them in China (total drawings of around EUR54 million at December-end 2022), access to some may be curtailed given the deterioration in credit quality, could strain liquidity to a point that it becomes increasingly tight in the next 6-12 months. ESG CONSIDERATIONS Governance considerations have been a key driver of the rating action reflecting the lack of meaningful support offered by Wittur' shareholders, although the EUR10 million shareholder loan provided in Q1 2023 enhanced the company's liquidity position, it did not meaningfully reduce the company's excessive leverage which creates a high probability of a debt restructuring. Moody's Governance Issuer Profile Score (IPS) remains G-5 (very highly negative) and the company Credit Impact Score remains CIS-5 (very highly negative). STRUCTURAL CONSIDERATIONS The Caa2 rating on the first lien secured term loan and RCF is one notch above the CFR, reflecting the presence of a junior debt cushion, equal to around 25% of the total financial debt. Conversely, the C rating on the second lien term loan is two notches below the CFR, reflecting the very small recovery expectation for this debt instrument in a default scenario. RATIONALE FOR NEGATIVE OUTLOOK The negative outlook reflects the increasing likelihood of a near term default owing to a debt restructuring that could lead to substantial losses for the company's financial creditors. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Wittur's ratings is currently unlikely and would require greater clarity regarding the company's future capital structure and liquidity position, as well as some evidence of improvement in operating performance. The ratings could be further downgraded if expected recovery rates for lenders are lower than Moody's current expectations. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Manufacturing published in September 2021. COMPANY PROFILE Wittur International Holding GmbH is as a private-equity-owned manufacturer of elevator components, based in Germany. Wittur produces and sells elevator components such as automatic elevator doors, lift cars, safety components, drives, elevator frames and complete elevators to customers that include major multi-national corporations as well as independent companies. In 2022, Wittur generated EUR950 million in sales and company-adjusted EBITDA of EUR92 million (10% margin). Wittur is owned by funds advised by Bain Capital Europe Fund IV L.P. and Canada's Public Sector Pension Investment Board ("PSP Investments"), which acquired a 32% stake in Wittur from Bain Capital in March 2019. ============= I R E L A N D ============= CAIRN CLO III: Moody's Hikes Rating on EUR8MM Class F Notes to Ba2 ------------------------------------------------------------------ Moody's Investors Service has upgraded the ratings on the following notes issued by Cairn CLO III DAC: EUR16,500,000 Refinancing Class D Senior Secured Deferrable Floating Rate Notes due 2028, Upgraded to Aa1 (sf); previously on Apr 14, 2022 Upgraded to Aa3 (sf) EUR22,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2028, Upgraded to Baa2 (sf); previously on Apr 14, 2022 Upgraded to Baa3 (sf) EUR8,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2028, Upgraded to Ba2 (sf); previously on Apr 14, 2022 Upgraded to Ba3 (sf) Moody's has also affirmed the ratings on the following notes: EUR181,500,000 (Current outstanding amount EUR43,838,332) Refinancing Class A Senior Secured Floating Rate Notes due 2028, Affirmed Aaa (sf); previously on Apr 14, 2022 Affirmed Aaa (sf) EUR28,000,000 Refinancing Class B Senior Secured Floating Rate Notes due 2028, Affirmed Aaa (sf); previously on Apr 14, 2022 Affirmed Aaa (sf) EUR20,000,000 Refinancing Class C Senior Secured Deferrable Floating Rate Notes due 2028, Affirmed Aaa (sf); previously on Apr 14, 2022 Upgraded to Aaa (sf) Cairn CLO III DAC, issued in March 2013 and last refinanced in October 2017, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Cairn Loan Investments LLP. The transaction's reinvestment period ended in October 2019. RATINGS RATIONALE The upgrades on the ratings on the Class D, E and F notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in April 2022. The Class A Notes have paid down by approximately EUR78.5 million (43.2%) since the last rating action in April 2022 and EUR137.7 million (75.8%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated February 2023 [1] the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 222.8% 174.3%, 147.8%, 122.8% and 115.7% compared to March 2022 [2] levels of 160.4%, 141.5%, 129.0%, 115.4% and 111.2%, respectively. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. In particular, Moody's assumed that the deal will benefit from a shorter amortisation profile than it had assumed at the last rating action in April 2022. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR162,515,531 Defaulted Securities: EUR0 Diversity Score: 22 Weighted Average Rating Factor (WARF): 3323 Weighted Average Life (WAL): 3.29 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.63% Weighted Average Recovery Rate (WARR): 45.52% Par haircut in OC tests and interest diversion test: 1.92% The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2021. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in June 2022. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes's performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes's performance. Additional uncertainty about performance is due to the following: Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. JAZZ PHARMACEUTICALS: Fitch Affirms BB- LT IDR, Outlook Pos. ------------------------------------------------------------ Fitch Ratings has affirmed Jazz Pharmaceuticals plc's (Jazz) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the 'BB+'/'RR1' debt ratings on Jazz and its subsidiaries' secured credit facilities and secured notes and the 'BB-'/'RR4' debt ratings on Jazz Investments I Limited. The Positive Outlook is supported by the expectation of steady revenue growth from Jazz's neuroscience and oncology franchises and growing CFO and FCF emerging from an increasingly diversified portfolio of products. These strengths are primarily offset by the expectation of material corporate development activity to reach Jazz's Vision 2025 revenue targets, increased competition for its key products, and its current, albeit declining, product concentration. Further positive momentum in the rating will depend heavily on several key factors including the possibility for meaningful incremental revenue and EBITDA resulting from an acquisition along with the amount of acquisition-related debt. Following any material acquisition, Fitch would evaluate Jazz's ability and willingness to return leverage to levels consistent with Fitch's rating sensitivities within 24 months. KEY RATING DRIVERS Innovative Biopharmaceutical Company: Jazz has demonstrated a solid track record of launching innovative products in the fields of neuroscience and oncology over the past three years that Fitch expects to continue to deliver sustainable growth at margins greater than 40%. Fitch believes that Jazz's commercial success is the result of an effective R&D capability that should continue over the near to medium term with its pipeline investments in cannabinoids and oncology. Revenue Growth and Diversification: Jazz's revenue growth is reflective of its solid track record of new product launches (five key launches in 2020 and 2021) and acquisition of GW Pharmaceuticals. Coupled with the addition of Epidiolex to its portfolio through the GW Pharmaceuticals acquisition, Jazz is on track to report at least 60% of its net product sales in 2023 coming from newly approved or acquired products. Effective Deleveraging: Following the combination with GW Pharmaceuticals, Jazz's leverage peaked on a pro forma basis in the range of 5.5x-6.0x - gross EBITDA leverage (gross debt to EBITDA). However, Jazz is expected to bring its EBITDA leverage to approximately 3.5x by year-end 2023, excluding the effects of any material corporate development activity. Jazz's effective deleveraging creates significant financial flexibility for the pursuit of additional debt-funded corporate development activities that may still be consistent with its current or potential higher rating. Growth Through Acquisition: Fitch anticipates that Jazz will continue to pursue a steady level of investments in companies or assets to build out its portfolio of products but will remain largely focused on areas of significant unmet needs and targeted therapeutic conditions. The acquisitions of Celator Pharmaceuticals and GW Pharmaceuticals, and expenditures on IPR&D (approximately $695 million in 2020 and 2022 combined) demonstrate the company's willingness to increase financial leverage to continue to grow revenues and cash flows. As a result, Fitch anticipates that financial leverage may rise and fall as the company continues to explore and invest in adjacent therapeutic categories. Fitch's forecast includes significant amounts of IPR&D investments and acquisitions over the forecast period. Oxybate and Epidiolex Competition: Fitch anticipates that Xyrem and Xywav, as well as Epidiolex will face increased competition over the near to medium term. However, Fitch is also factoring into its forecast meaningful royalty revenues from authorized generics of sodium oxybate. In addition, non-oxybate products intended for the treatment of EDS or cataplexy in narcolepsy, including new market entrants, even if not directly competitive with Xyrem or Xywav, could have the effect of changing treatment regimens and payor or formulary coverage of Xyrem or Xywav in favor of other products. DERIVATION SUMMARY Jazz's 'BB-' IDR and Positive Outlook reflect its leadership position in the sale and development of products to address sleep and movement disorders and its growing business in oncology, including hematologic malignancies and solid tumors. In addition, the rating reflects Jazz's significant cash flow generation and its expanding pipeline of therapeutics. The combination with GW Pharmaceuticals adds additional leadership in the sale of products to address epilepsy, increases Jazz's scale, and has already diversified its revenue and cash flow sources. Those strengths are primarily offset by the competitive challenges to the Oxybate franchise and its leveraged growth strategy, which may cause leverage to exceed Fitch's negative rating sensitivities for relatively short periods. Jazz's credit profile compares favorably to other biopharmaceutical companies with comparable revenues. It has greater revenue diversification and significantly less litigation claims and expenses compared to Mallinckrodt Pharmaceuticals or Endo International. In addition, Jazz has lower financial leverage and more growth momentum compared to Teva Pharmaceutical Industries Limited (BB-/Stable). Parent-Subsidiary Relationship: The IDRs are rated on a consolidated basis as discussed in Fitch's Parent-Subsidiary Linkage Criteria using the weak parent/strong subsidiary approach, open access and control factors based on the intercompany guarantees of secured debt and the entities operating as a single enterprise with strong legal and operational ties. Hybrid Instruments: Fitch has treated the two exchangeable notes as 100% debt in its ratio calculations. According to Fitch's Corporate Hybrid and Rating Criteria, optional convertibles (whether the option is with the issuer, instrument holder or both) will be treated as debt in all cases, unless the instrument has other features as described in the criteria report and which are conducive to equity credit. This is not the case for the two exchangeable notes because they have stated maturities and require interest payments with no deferral features. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Organic revenue growth rate of approximately 5% over the 2023-2026 forecast and total growth of 8% inclusive of assumed acquisitions; organic growth driven primarily from increased sales of Epidiolex, Xywav and Zepzelca; - Adjusted gross margins of approximately 85% and adjusted EBITDA margins of approximately 40%-43% over the forecast, which include charges for IPR&D investment of $300 million in 2024-2026; - Effective tax rate of approximately 17%; - Effective interest expense increases with the rise in SOFR and ranges between 5%-8% over the forecast period; - Working capital changes are assumed to range from 1% -4% of revenue over the forecast; - Capex is assumed to be approximately 1.5% of revenues over the forecast; - A large acquisition is factored into the forecast in 2024 that helps Jazz reach its Vision 2025 revenue target; gross EBITDA leverage peaks at approximately 5.4x, but returns to below 4.0x within 24 months thereafter with payment of debt; - Common dividends or share repurchases are not assumed. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Stability of the revenue streams from the existing products comprising the oxybate and oncology segments; - Total EBITDA leverage sustained below 4.0x and CFO - CapEx / total debt with equity credit greater than 10%. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Loss of Oxybate revenues without offsetting growth in other products; - A large debt-funded transaction or significant investments in IPR&D that causes total EBITDA leverage to be sustained above 4.5x and CFO - CapEx / total debt with equity credit less than 5%. LIQUIDITY AND DEBT STRUCTURE Good, Steady Source of Liquidity: Jazz is expected to possess good liquidity to support its operating activities, capital expenditures, product acquisitions and in-licensing activities and debt service. Jazz's primary sources of liquidity are expected to be CFO and a $500 million revolving credit facility. Absent material investment in new products or in-licensing, business combinations, or share repurchases, cash balances would be expected to build materially. The effective interest rate is expected to remain high as a result of the increase in SOFR and is assumed to range between 5% - 8% depending on assumed debt levels. Manageable Long-Term Debt: Jazz has a modest level of required principal payments compared to forecast FCF. As a result, Fitch believes Jazz will have significant flexibility to continue to pay down its term loan B rapidly; in addition, Jazz's target leverage ratio was 3.5x on a net basis for 2022, which Fitch believes will be exceeded comfortably in 2023, absent any material new IPR&D investments or leveraged acquisitions. ISSUER PROFILE Jazz Pharmaceuticals plc is a global biopharmaceutical company that develops medicines for people with serious diseases, often with limited or no therapeutic options. The company has a diverse portfolio of marketed medicines and novel product candidates, from early- to late-stage development, in neuroscience and oncology. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch made adjustments to add back stock-based compensation, transaction and integration related expenses, and acquisition accounting inventory fair value step-up, and operating lease interest expense (treated as an operating cost) to earnings before interest, depreciation, amortization and taxes. ESG CONSIDERATIONS Jazz has an ESG Relevance Score of '4' for Exposure to Social Impacts due to pressure to contain healthcare spending; a highly sensitive political environment; and social pressure to contain costs or restrict pricing. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of '3'. This means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Jazz Investments I Ltd. senior unsecured LT BB- Affirmed RR4 BB- Jazz Financing Lux S.a r.l. senior secured LT BB+ Affirmed RR1 BB+ Jazz Pharmaceuticals Public Limited Company LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Jazz Pharmaceuticals, Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Jazz Pharmaceuticals UK Holdings Limited LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Jazz Securities Designated Activity Company senior secured LT BB+ Affirmed RR1 BB+ Jazz Financing Holdings Limited LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Jazz Pharmaceuticals Ireland Limited LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Jazz Financing I Designated Activity Company LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ TIKEHAU CLO IX: Fitch Assigns 'B-sf' Final Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Tikehau CLO IX DAC final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Tikehau CLO IX DAC Class A Loan LT AAAsf New Rating AAA(EXP)sf Class A Notes XS2577137685 LT AAAsf New Rating AAA(EXP)sf Class B Notes XS2577137842 LT AAsf New Rating AA(EXP)sf Class C Notes XS2577138063 LT Asf New Rating A(EXP)sf Class D Notes XS2577138220 LT BBB-sf New Rating BBB-(EXP)sf Class E Notes XS2577138576 LT BB-sf New Rating BB-(EXP)sf Class F Notes XS2577138733 LT B-sf New Rating B-(EXP)sf Subordinated Notes XS2577138907 LT NRsf New Rating NR(EXP)sf TRANSACTION SUMMARY Tikehau CLO IX DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Tikehau Capital Europe Limited. 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 Average Portfolio Credit Quality (Neutral): Fitch considers the average credit quality of obligors to be in the 'B'/'B-' category. The Fitch weighted average rating factor of the identified portfolio is 25.6. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is62.7%. Diversified Asset Portfolio (Positive): The transaction includes four Fitch matrices with two effective at closing. The latter two correspond to a top 10 obligor concentration limit of 25%, with two fixed-rate asset limits of 7% and 12.5%, and an 8.5-year WAL. The other two, which correspond to a 7.5-year WAL with the same top 10 obligor concentration limit and fixed-rate asset limits at closing, can be selected by the manager at any time one year after closing as long as the portfolio balance (including defaulted obligations at Fitch-calculated collateral value) is above the reinvestment target par amount. The transaction also includes various other concentration limits, including the maximum exposure to the three-largest Fitch-defined industries in the portfolio at 43%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has a 4.5-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash-flow Modelling (Positive): The WAL used for the transaction's stress portfolio analysis is 12 months less than the WAL covenant at the issue date, to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include, among others, passing the coverage tests, the Fitch weighted average rating factor and the Fitch 'CCC' bucket limitation test post reinvestment, 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 notes and would lead to downgrades of one to two notches for the class B to E notes, and below 'B-sf' for the class F 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 metrics and shorter life of the identified portfolio, the class B to F notes display a rating cushion of one to two notches. Should the cushion between the identified portfolio and the stress 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 class A to D notes and below 'B-sf' for the class E and F notes. Factors that could, individually or collectively, lead to positive rating action/upgrade: A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of the Fitch's stress portfolio would lead to upgrades of up to four 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 further. 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, leading to the ability of the notes to withstand larger than expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may occur in case of a stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses on the remaining portfolio. DATA ADEQUACY Tikehau CLO IX 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. TIKEHAU CLO IX: S&P Assigns B- (sf) Rating to Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned credit ratings to Tikehau CLO IX DAC's class A Loan and class A to F European cash flow CLO notes. At closing, the issuer also issued unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period will end approximately four and a half years after closing, while the non-call period will end one and a half years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior-secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which is in line with S&P's counterparty rating framework. Portfolio Benchmarks CURRENT S&P weighted-average rating factor 2,829.83 Default rate dispersion 458.71 Weighted-average life (years) 4.91 Obligor diversity measure 121.09 Industry diversity measure 25.67 Regional diversity measure 1.23 Transaction Key Metrics CURRENT Portfolio weighted-average rating derived from our CDO evaluator B 'CCC' category rated assets (%) 2.88 'AAA' weighted-average recovery (%) 37.01 Floating-rate assets (%) 90.00 Weighted-average spread (net of floors; %) 4.17 S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. At closing, the portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior-secured term loans and senior-secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs." Asset priming obligations and uptier priming debt Under the transaction documents, the issuer can purchase asset priming (drop down) obligations and/or uptier priming debt to address the risk of a distressed obligor either moving collateral outside the existing creditors' covenant group or incurring new money debt senior to the existing creditors. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (4.16%), and the covenanted portfolio weighted-average recovery rates for all rated notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis show that the class B, C, D, E, and F notes benefit from break-even default rate (BDR) and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on the notes. The class A notes and class A loan can withstand stresses commensurate with the assigned ratings. "Until the end of the reinvestment period on Oct. 20, 2027, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A loan and class A to F notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A loan and class A to E notes based on four hypothetical scenarios. The results are shown in the chart below. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance (ESG) factors S&P said, "We regard the exposure to ESG credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to the following industries: nuclear weapon programs; carbon intensive electrical utilities; prostitution; and payday lending." Specifically, the documents prohibit assets from: -- Any obligor involved in the development, product, maintenance of weapons of mass destruction. -- Any obligor that is involved in the trade of illegal drugs or narcotics, including recreational cannabis. -- Any obligor that generates any revenues from manufacture or trade in pornographic materials or content, or prostitution-related activities. -- Any obligor that generates any revenue from payday lending. -- Any obligor which is an electrical utility where carbon intensity exceeds 100gCO2/kWh, or where carbon intensity is not disclosed, it generates more than (i) 1% of its electricity from thermal coal, (ii) 10% of its electricity from liquid fuels (oils), (iii) 50% of its electricity from natural gas, or (iv) 0% of its electricity from nuclear generation. Any utilities with expansion plans that would increase their negative environmental impact are also excluded. -- Any obligor that generates more than 5% of revenues from the sale or manufacture of tobacco or tobacco products, including e-cigarettes, or any obligor that is classified as "tobacco" by S&P Global Ratings and GICs. -- Any obligor that generates more than 1% of revenues from (i) sale or extraction of thermal coal or coal-based power generation; (ii) sale or extraction of oil sands; or (iii) extraction of fossil fuels from unconventional sources (including Artic drilling, shale oil, and shale gas--or other fracking activities). -- Any obligor that generates more than 10% of revenues from the sale or production of civilian firearms. -- Any obligor that generates more than 50% of its revenue from trade in, production, or marketing of opioid manufacturing and distribution. Accordingly, since the exclusion of assets from these industries and areas does not result in material differences between the transaction and our ESG benchmark for the sector, S&P has made no specific adjustments in its rating analysis to account for any ESG-related risks or opportunities. Environmental, social, and governance (ESG) corporate credit indicators S&P said, "The influence of ESG factors in our credit rating analysis of European CLOs primarily depends on the influence of ESG factors in our analysis of the underlying corporate obligors. To provide additional disclosure and transparency of the influence of ESG factors for the CLO asset portfolio in aggregate, we've calculated the weighted-average and distributions of our ESG credit indicators for the underlying obligors. We regard this transaction's exposure as being broadly in line with our benchmark for the sector, with the environmental and social credit indicators concentrated primarily in category 2 (neutral) and the governance credit indicators concentrated in category 3 (moderately negative). Corporate ESG Credit Indicators ENVIRONMENTAL SOCIAL GOVERNANCE Weighted-average credit indicator* 2.05 2.09 2.92 E-1/S-1/G-1 distribution (%) 0.50 0.00 0.00 E-2/S-2/G-2 distribution (%) 72.36 71.97 13.67 E-3/S-3/G-3 distribution (%) 4.75 4.64 58.82 E-4/S-4/G-4 distribution (%) 0.00 1.00 2.75 E-5/S-5/G-5 distribution (%) 0.00 0.00 2.38 Unmatched obligor (%) 12.42 12.42 12.42 Unidentified asset (%) 9.97 9.97 9.97 *Only includes matched obligor. Ratings List CLASS RATING* AMOUNT SUB (%) INTEREST RATE§ (MIL. EUR) A loan AAA (sf) 123.00 39.00 Three/six-month EURIBOR plus 1.80% A AAA (sf) 121.00 39.00 Three/six-month EURIBOR plus 1.80% B AA (sf) 38.00 29.50 Three/six-month EURIBOR plus 3.25% C A (sf) 23.00 23.75 Three/six-month EURIBOR plus 4.30% D BBB- (sf) 27.00 17.00 Three/six-month EURIBOR plus 6.40% E BB- (sf) 20.00 12.00 Three/six-month EURIBOR plus 6.91% F B- (sf) 11.00 9.25 Three/six-month EURIBOR plus 10.05% Sub. Notes NR 35.15 N/A N/A *The ratings assigned to the class A loan, A, and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. =========== N O R W A Y =========== HURTIGRUTEN GROUP: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook on Hurtigruten Group AS (Hurtigruten) to stable from negative and affirmed the 'CCC+' issuer credit rating. At the same time, S&P affirmed the 'B-' issue rating on the EUR300 million bond issued by Explorer II AS and the 'CCC+' ratings on the existing TLB and RCF. The stable outlook reflects S&P's expectation that Hurtigruten will continue recovering from the COVID-19 pandemic. 2023 will be the first year of full cruising operations without pandemic-related restrictions and S&P expects this to lead to positive EBITDA for the first time in three years. The stable outlook also reflects the group's improved liquidity position and reduced maturity risk following the refinancing. The outlook revision follows Hurtigruten having secured refinancing of its EUR130 million term loan C (TLC) and EUR46.5 million term loan D (TLD) due in June 2023, and the maturity extension of the EUR85 million RCF and EUR655 million term loan B (TLB) by two years. On Feb. 21, 2023, the group announced it reached an agreement to refinance at par its existing EUR130 million TLC and EUR46.5 million TLD maturing in June 2023 with a new five-year EUR200 million term loan. The new term loan was officially issued on April 4, and the net proceeds were used to repay the existing TLC and TLD. The company also announced on March 15, 2023, that it has received 100% support from its SFA lenders to extend the maturity of its existing EUR85 million RCF to February 2026 and its EUR655 million TLB to February 2027. As a result, Hurtigruten alleviated its near-term refinancing risk and lengthened its weighted debt maturity profile to 4.2 years, from 3.0 years before the transaction. Therefore, the company now has no instruments maturing before 2026, except the senior secured Explorer II AS Bond, maturing in February 2025--but this has direct security against the MS Fridtjof Nansen and MS Roald Amundsen vessels. As part of the transaction the group will receive additional shareholder support of EUR80 million. As of December 2022, the group received a total of EUR95 million from shareholders in the form of subordinated shareholder loans. Following the transactions, the group will also receive EUR80 million of additional shareholder liquidity, of which EUR25 million was provided in February following the initial announcement--resulting in total EUR175 million of shareholder support to date. S&P views shareholder support as key for the business' continuous operations and overall liquidity. S&P said, "With this in mind, we revised our liquidity assessment from weak to adequate. Postrefinancing, we assess the company's liquidity as adequate, from weak previously. This is supported by EUR25 million-EUR30 million of cash on the balance sheet, about EUR80 million additional cash injection from shareholders, and no significant short-term debt maturities. We consider such liquidity as sufficient to service uses over the next 12-24 months. However, we believe the group's liquidity position remains fully reliant on shareholder support to finance business-as-usual disbursement, including interest expenses and large capital expenditure (capex) commitments." 2023 will be the first year since the beginning of the pandemic where the group will operate without restrictions. The group's operations were severely affected by the pandemic, as it did not have all its vessels in operation until June 2022. As of December 2022, the group reported revenue of EUR577 million, up from EUR223 million in 2021. Its reported EBITDA improved, but remained negative at minus EUR37 million compared with minus EUR104 million in 2021. S&P said, "We forecast Hurtigruten's operations will continue to recover from the lingering effects of the COVID-19 pandemic, and that 2023 will be the first full year of rebound. Hurtigruten enters this year with solid customer booking trends for the season, along with increasing occupancy rates and rising booking yields, although marginally affected by the increase in operating expenses. Therefore, we expect Hurtigruten's performance will improve and forecast revenue growth of 44%-45% in 2023 and 13%-14% in 2024. We anticipate the group's EBITDA margin will turn positive for the first time in three years, reaching 14%-15% in 2023 and 17%-18% in 2024. However, we consider that mounting inflationary pressure and compression of discretionary spending in the group's key markets, such as the U.K. and Germany, could weigh on the travel leisure industry, but in our view Hurtigruten's value proposition and target customers would protect the group's revenue generation even despite the cost-of-living crisis." S&P said, "Hurtigruten's unsustainable capital structure and high leverage constrain our rating. Although the group extended its debt maturities, we think it still has an unsustainable capital structure--with forecast S&P Global Ratings-adjusted leverage metrics above 10.0x (excluding debt-like shareholder instruments) for 2023, and weak cash generation as a result of squeezed margins, high interest payments, and commitment to high capex. On Dec. 31, 2022, the company's cash and deposits stood, pro forma the equity injection, at EUR100 million-EUR110 million, markedly lower than the outstanding financial debt of EUR1.5 billion. Therefore, we view Hurtigruten's ability to meet its new maturities as highly dependent on favorable business, financial, and economic conditions, and structural improvements in cash flow generation. "The stable outlook reflects our view of gradual recovery in top line and earnings, that would offset the effects of challenging market conditions, and inflationary pressure on operating expenses. It also reflects our forecast of the group's improving liquidity position following the refinancing transaction and equity injection from shareholders. In our base case, we expect the company will achieve sales growth of 44%-45% in 2023, on the back of 2022 affected by pandemic-related restrictions, and about 13% in 2024, and EBITDA margins turning positive at 14%-15% in 2023 and 17%-18% in 2024. However, the rating remains constrained by Hurtigruten's high leverage metrics, as we expect adjusted debt to remain above 10.0x (excluding debt-like shareholder instruments) in 2023. "We could downgrade Hurtigruten if it is unable to show sufficient operating performance recovery during the next few months, which could lead to a new deterioration of its current liquidity position. "We could also lower the rating if the group undertook a debt exchange offer that we deem distressed under our methodology or if it undertook a balance sheet restructuring." A positive rating action would be contingent on the group building a track record of earnings recovery, such that adjusted debt to EBITDA reduced toward 8.0x and free operating cash flow after leases turned positive on a sustainable basis. Environmental, Social, And Governance ESG credit indicators: To E-3, S-4, G-3; From E-3, S-5, G-3 S&P said, "Social factors are a now negative consideration in our credit rating analysis of Hurtigruten, from very negative previously. The pandemic markedly disrupted the group's operations and financial position, with a full shut-down of its operations lasting over 12 months. We believe Hurtigruten's operating performance is now recovering from the unprecedented effect of the pandemic, with 2023 the first year where all vessels are in operation. We also think the group will continue to benefit from positive booking momentum along with increasing occupancy rates and rising booking yields and fewer late sales and short-term cancellations. However, we consider that the cruise sector remains sensitive to health and safety issues, and cyber-attacks, which could result in future business disruption. Moreover, uncertainty regarding macroeconomic conditions and the cost-of-living crisis could continue to impact Hurtigruten's revenue generation. "Environmental factors are a moderately negative consideration in our analysis. We note the increasingly strong focus of regulators and environmental bodies on the cruise industry's greenhouse gas emissions and pollution. That said, a large portion of Hurtigruten's fleet already uses cleaner fuels (such as biodiesel and ultra-low sulphur marine gasoil) and hybrid technology, which places it somewhat ahead of the industry. Governance factors are also a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects generally finite holding periods and a focus on maximizing shareholder returns." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Health and safety =============== P O R T U G A L =============== TRANSPORTES AEREOS: Moody's Ups CFR to B2 & Alters Outlook to Pos. ------------------------------------------------------------------ Moody's Investors Service has upgraded TRANSPORTES AEREOS PORTUGUESES, S.A.'s (TAP or the company) corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. The rating on TAP's EUR375 million senior unsecured notes due 2024 has been upgraded to B2 from B3. Concurrently the Baseline Credit Assessment has been upgraded to b3 from caa1. The outlook on all ratings has been changed to positive from stable. RATINGS RATIONALE The upgrade of TAP reflects both the strong improvement in operating profitability of the company since Moody's last upgrade in April 2022 and the concomitant improvement in credit metrics. Moody's expects passenger traffic recovery in 2023 to remain supportive of a further improvement in TAP's credit profile hence the positive outlook. TAP has achieved a strong operating performance in 2022 supported by its leisure customer base and its exposure to both the North Atlantic and the Brazilian route, which have been two buoyant routes during the course of 2022. In 2022 TAP increased capacity as measured by Available Seat Kilometers (ASK) to 87% of 2019 levels and its load factor reached pre-pandemic level at 80%. This is a stronger recovery than larger rated peers such as Deutsche Lufthansa Aktiengesellschaft (Ba2 stable) or Int'l Consolidated Airlines Group, S.A. (Ba2 stable). Coupled with a strong pricing (Revenue per ASK was 21% above 2019 level and up 29% y-o-y) and a good cost control (Cost per ASK up 13% versus 2019 and down by almost 2% excluding fuel cost) the strong traffic recovery led to a record profitability for TAP. The company posted an estimated Moody's adjusted EBIT margin of 8.5%, well in excess of the margin of 2.9% posted in 2019. The recovery in earnings and the material equity injection that TAP has received from the Portuguese government (Baa2 stable) as part of its EU-approved restructuring program also led to a significant improvement in credit metrics of TAP. Moody's adjusted Debt/EBITDA improved from -25.9x in 2021 to an estimated 4.6x in 2022. Current gross leverage compares also favorably to pre-pandemic levels with a Moody's adjusted Debt/EBITDA of 6.8x in 2019. The lower gross leverage is also achieved in the context of a much stronger liquidity profile with TAP holding EUR916 million of cash on balance sheet at December 31, 2022 versus EUR426 million in 2019. TAP should continue to benefit from positive market conditions in 2023. Despite an inflationary and weakening economic environment the passenger traffic recovery is expected to continue. Booking trends remain currently positive from both volume and yield perspectives. In common with the rest of the industry TAP is continuing to experience a robust price environment, enabling it to pass on a large proportion of fuel and other cost increases. This is driven by strong pent-up demand, excess savings post-pandemic and capacity discipline. Whilst the market is vulnerable to a weakening of yields, Moody's expects that the strong price environment has more to run, through the summer peak in 2023, even though it may not fully match the pricing seen in the third quarter of 2022. Beyond the factors discussed above TAP's B2 CFR is supported by the company's (1) strategic location in Lisbon with a strong market share at the capacity constrained Lisbon hub, (2) competitive cost structure compared to other European network airlines largely supported by lower personal costs, and (3) strong market share in European – Brazilian routes with five exclusive routes to Brazil. On the other hand, the rating is constrained by TAP's (1) small size of the operated fleet and the concentrated route network if compared to larger network carriers, (2) volatile and weak historical operating performance even after the partial privatization in 2015, (3) low profitability prior to the pandemic if compared to peers, and (4) negative free cash flow generation driven by high lease expenses. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook is underpinned by Moody's expectation that TAP will continue to benefit from a recovering passenger traffic with a strong yield environment. This should enable TAP to maintain a gross debt/EBITDA below 5.0x and to move towards positive free cash flow generation. LIQUIDITY TAP's liquidity is adequate. The company had EUR916 million of cash on balance sheet at December 31, 2022. TAP will receive another two cash injections of EUR343 million each in December 2023 and December 2024 from a EUR1 billion capital increase from the Portuguese government. These two injections will further strengthen the liquidity profile of TAP. TAP's liquidity buffer should be sufficient to cover modest low triple digit negative Moody's free cash flow per annum Moody's expects over the next two years mainly as a result of high lease payments. TAP will also face debt maturities of close to EUR600 million with a EUR200 million maturing in 2023 and the B2 rated EUR375 million senior unsecured bond maturing in 2024. STRUCTURAL CONSIDERATIONS Most of TAP's capital structure is unsecured and ranks pari passu with the EUR375 million senior unsecured notes. There is approximately EUR115 million of debt that is secured by certain contractual rights. Moody's treats trade payables as unsecured claims in line with the EUR375 million senior unsecured notes due to the absence of an all asset pledge security package for the secured debt instruments. In light of the relatively low percentage of secured debt in the capital structure, the rating of the senior unsecured notes is in line with the CFR at B2. The recovery of the corporate family rating is assumed to be 50%. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure would build on TAP's rating if its gross debt/EBITDA would be maintained sustainably below 5.0x, EBIT margin would remain above 8% on a sustainable basis and TAP would generate consistent positive free cash flow. On the contrary gross debt/EBITDA of TAP increasing sustainably above 6.0x, persistent negative free cash flow generation, a deterioration in the group's liquidity profile, (FFO+Interest)/Interest reducing towards 2.0x and EBIT margin below 5%, would put negative pressure on the ratings. PRINCIPAL METHODOLOGIES The methodologies used in these ratings were Passenger Airlines published in August 2021. COMPANY PROFILE Headquartered in Lisbon, Portugal, TRANSPORTES AEREOS PORTUGUESES, S.A. (TAP) is a small Portuguese network carrier. TAP has been a member of the Star Alliance since 2005 and carried close to 14 million passengers and reported close to EUR3.5 billion of revenue in 2022. As of December 2022, the company's fleet was composed of 93 aircraft, which included 22 Airbus wide-bodies (of which 19 NEOs), 55 Airbus narrow-bodies (of which 32 NEOs) and 16 regional planes (Embraer). TAP is wholly owned by the Government of Portugal. =========== R U S S I A =========== SQB INSURANCE: Fitch Assigns 'BB-' IFS Rating, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned Uzbekistan-based Joint Stock Company Insurance Company SQB Insurance (SQB Insurance) an Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating (IDR) of 'BB-'. The Outlooks are Stable. SQB Insurance's ratings mainly reflect its ownership by Uzbek Industrial and Construction Bank Joint-Stock Commercial Bank (UICB, Long-Term IDR: BB-/Stable). Its standalone credit quality reflects the insurer's moderate company profile, weak capital position, adequate financial performance and high investment risk. KEY RATING DRIVERS Ownership Credit-Positive: SQB Insurance's Long-Term IDR is aligned with UICB's Long-Term IDR of 'BB-', its sole shareholder, to reflect Fitch's view of the importance of SQB Insurance to UICB and strong integration of operations and management oversight. Moreover, its view is supported by its expectation that UICB will continue developing the insurance business, and provide support to SQB Insurance, if required. This approach results in a two-notch uplift to SQB Insurance's IFS Rating from Fitch's assessment of SQB Insurance's standalone credit quality of 'b'. Moderate Business Profile: Fitch ranks SQB Insurance's business profile as moderate compared with other Uzbek insurance companies. This is mainly due to its moderate competitive positioning and diversification and less favourable business risk profile. SQB Insurance is a medium-sized non-life insurer, which wrote UZS72 billion of gross written premiums (GWP) in 2021, making it a top 13 non-life insurer in Uzbekistan with a market share of 2.4%. The insurer's business mix is skewed to financial risks insurance (insuring bank loans), which accounted for 49% of GWP in 2021. SQB Insurance was established by UICB in 2018 to form a financial group providing a full range of financial services to Uzbek customers. SQB Insurance relies heavily on business generated by UICB. However, SQB Insurance has increased the share of business sourced outside the banking group, which was reflected in a moderately declining share of UICB's business in 9M22. Weak Capital Position: Fitch assesses SQB Insurance's capital position as weak. Its capital position, as measured by Fitch's Prism Factor-Based Capital Model (FBM), scored below 'Somewhat Weak', with high asset risk contributing most to the insurer's target capital. SQB Insurance's regulatory solvency margin stood at 131% at end-2022, down from 190% at end-2021, following higher minimum capital requirements. Fitch however expects SQB Insurance to maintain its regulatory capital position in excess of the minimum. Adequate Financial Performance: Fitch views SQB Insurance's earnings as adequate. Fitch calculated net income return-on-equity increased to 25% in 2022 from 20% in 2021, supported by strong investment result. However, underwriting result was negative, as reflected in a combined ratio of 115% in 2022. Overhead expenses weigh on the company's profitability, as it is actively growing its business, while not having gained a sufficient premium base. High Investment Risk: Fitch assesses SQB Insurance's investment-and-asset risk as high. The insurer's investment portfolio is dominated by fixed-income instruments in the form of bank deposits, mainly placed with state-owned and large private banks rated in 'B' and 'BB' rating categories. However, Fitch views the asset portfolio as fairly well-diversified by issuer and very liquid. Fitch also believes that, like for its local peers, SQB Insurance would find it difficult to achieve better diversification by type of instruments or issuer due to narrow investment opportunities available on the local capital market. 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. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - An upgrade of UICB's Long-Term IDR Factors that could, individually or collectively, lead to negative rating action/downgrade: - A downgrade of UICB's Long-Term IDR - An adverse change in the propensity of UICB to support SQB Insurance Entity/Debt Rating ----------- ------ Joint Stock Company Insurance Company SQB Insurance LT IDR BB- New Rating LT IFS BB- New Rating ========= S P A I N ========= RMBS SANTANDER 7: Moody's Cuts Rating on EUR530MM B Notes to Caa1 ----------------------------------------------------------------- Moody's Investors Service has downgraded the rating of Class B notes in FONDO DE TITULIZACION RMBS SANTANDER 7 ("RMBS Santander 7"). The rating action reflects worse than expected collateral performance and the unpaid interest accumulated in Class B notes. Moody's affirmed the rating of the Class A notes that had sufficient credit enhancement to maintain their current rating. EUR4770M Class A Notes, Affirmed Aa1 (sf); previously on Jul 14, 2021 Definitive Rating Assigned Aa1 (sf) EUR530M Class B Notes, Downgraded to Caa1 (sf); previously on Jul 14, 2021 Definitive Rating Assigned B3 (sf) Maximum achievable rating is Aa1(sf) for structured finance transactions in Spain, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by the increased key collateral assumptions, namely the portfolio Expected Loss (EL) assumption due to worse than expected collateral performance, and the unpaid interest on Class B notes. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio reflecting the collateral performance to date. The performance of the transaction has deteriorated since 2022. Total delinquencies have increased in the past year, currently standing at 2.36% of current pool balance, compared to 1.75% as of February 2022. The default definition in this transaction is more than 90 days in arrears. Cumulative defaults currently stand at 1.67% of original pool balance up from 1.02% as of November 2021. Moody's increased the expected loss assumption to 4.0% as a percentage of current pool balance from 3.0% due to the deteriorating performance. The revised expected loss assumption corresponds to 4.4% as a percentage of original pool balance, compared to original assumption of 3.5%. Moody's has also assessed loan-by-loan information as a part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has maintained the MILAN CE assumption at 12%. Unpaid interest on Class B notes: Class B has not received interest payments since August 2022. The cumulative amount of unpaid interest for Class B is approximately EUR4.4 million as of February 2023, and will keep increasing in the next payment dates. This is due to the lack of excess spread and the interest due on Class B ranking subordinated to the replenishment of the reserve fund. Such reserve fund will only become available to cover interest payments on Class B once the Class A is fully repaid. In the meantime, unpaid interest on Class B will keep growing without accruing interest on interest. The reserve fund is currently at 88.3% of its target, as it is used to cover the written-off amounts of defaulted loans given the lack of sufficient excess spread. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2022. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. RURAL HIPOTECARIO IX: Moody's Ups EUR28.5MM C Notes Rating to B2 ---------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of five notes in RURAL HIPOTECARIO IX, FTA. The rating action reflects the stronger than expected performance of the collateral. EUR1021.7M Class A2 Notes, Upgraded to Aa1 (sf); previously on Jul 23, 2021 Upgraded to Aa2 (sf) EUR210M Class A3 Notes, Upgraded to Aa2 (sf); previously on Jul 23, 2021 Affirmed A1 (sf) EUR29.3M Class B Notes, Upgraded to Baa3 (sf); previously on Jul 23, 2021 Affirmed Ba1 (sf) EUR28.5M Class C Notes, Upgraded to B2 (sf); previously on Jul 23, 2021 Affirmed B3 (sf) EUR10.5M Class D Notes, Upgraded to Caa2 (sf); previously on Apr 29, 2013 Downgraded to Ca (sf) Maximum achievable rating is Aa1 (sf) for structured finance transactions in Spain, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by decreased key collateral assumptions, namely the portfolio Expected Loss (EL) and MILAN CE assumptions due to better than expected collateral performance. The Class B Notes rating is constrained by the exposure under the swap. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio and MILAN CE reflecting the collateral performance to date. The performance of the transaction has continued to be strong since the last rating action. Total delinquencies have remained stable in the past year, with 90 days plus arrears currently standing at 0.58% of current pool balance. Cumulative defaults currently stand at 5.13% of original pool balance and remain broadly unchanged from a year earlier. Moody's decreased the expected loss assumption to 2.85% as a percentage of current pool balance due to the good performance, which corresponds to 2.90% expressed as a percentage of original pool balance down from the prior assumption of 3.3%. Moody's also assessed loan-by-loan information as part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has decreased the MILAN CE assumption to 11.5% from 13%. The credit enhancement available in the transaction has remained largely stable since the last rating action, due to the pro-rata amortization of the notes. For instance, the credit enhancement for the Class A notes decreased to 12.25% from 13.17%, and for Class B notes to 8.34% from 8.70% since the last rating action. The non-amortizing reserve fund led to the increase in the credit enhancement available for Class D notes to 3.14% from 2.38% since the last rating action. While the notes are currently paid pro rata, upon the pool factor decreasing below 10% of original pool balance, this will trigger sequential amortization. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2022. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. RURAL HIPOTECARIO X: Moody's Ups Rating on EUR53.6M C Notes to Ba1 ------------------------------------------------------------------ Moody's Investors Service has upgraded the ratings of three notes in RURAL HIPOTECARIO X, FTA. The rating action reflects the increased levels of credit enhancement and stronger than expected performance of the collateral. EUR1788.8M Class A Notes, Upgraded to Aa1 (sf); previously on Feb 17, 2020 Downgraded to Aa3 (sf) EUR37.6M Class B Notes, Upgraded to A2 (sf); previously on Feb 17, 2020 Downgraded to Baa2 (sf) EUR53.6M Class C Notes, Upgraded to Ba1 (sf); previously on Feb 17, 2020 Affirmed B2 (sf) Maximum achievable rating is Aa1 (sf) for structured finance transactions in Spain, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by decreased key collateral assumptions, namely the portfolio Expected Loss (EL) and MILAN CE assumptions due to better than expected collateral performance, and an increase in credit enhancement for the affected tranches. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio and MILAN CE reflecting the collateral performance to date. The performance of the transaction has continued to be strong since the last rating action. Total delinquencies have remained stable in the past year, with 90 days plus arrears currently standing at 0.67% of current pool balance. Cumulative defaults currently stand at 3.76% of original pool balance marginally up from 3.71% a year earlier. Moody's decreased the expected loss assumption to 2.71% as a percentage of current pool balance, which corresponds to 2.30% expressed as a percentage of original pool balance down from the prior assumption of 2.60%. Moody's also assessed loan-by-loan information as part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has decreased the MILAN CE assumption to 11.8% from 13.5%. Increase in Available Credit Enhancement The non-amortizing reserve fund led to the increase in the credit enhancement available in the transaction. For instance, the credit enhancement for the most senior tranche affected by the rating action increased to 15.58% from 14.10% since the last rating action. While the notes are currently paid pro rata, upon the pool factor decreasing below 10% of original pool balance, this will trigger sequential amortization. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2022. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. TDA CAM 9: Moody's Raises Rating on EUR48MM Class B Notes to Ba3 ---------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of class B and C notes in TDA CAM 9, FTA ("TDA CAM 9"). The upgrades reflect better than expected collateral performance and the increased levels of credit enhancement for the affected notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. EUR250M Class A1 Notes, Affirmed Aa1 (sf); previously on Aug 6, 2021 Affirmed Aa1 (sf) EUR943.5M Class A2 Notes, Affirmed Aa1 (sf); previously on Aug 6, 2021 Affirmed Aa1 (sf) EUR230M Class A3 Notes, Affirmed Aa1 (sf); previously on Aug 6, 2021 Affirmed Aa1 (sf) EUR48M Class B Notes, Upgraded to Ba3 (sf); previously on Aug 6, 2021 Upgraded to B2 (sf) EUR28.5M Class C Notes, Upgraded to Caa1 (sf); previously on Aug 6, 2021 Upgraded to Caa3 (sf) Maximum achievable rating is Aa1 (sf) for structured finance transactions in Spain driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The upgrades are prompted by decreased key collateral assumptions, namely the portfolio Expected Loss (EL) and MILAN CE assumptions due to better than expected collateral performance, as well as an increase in credit enhancement for the affected tranches. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio reflecting the collateral performance to date. The performance of the transaction has continued to improve since the last rating action in August 2021. Total delinquencies have decreased since then, with 90 days plus arrears currently standing at 0.18% of current pool balance. Cumulative defaults currently stand at 16.09% of original pool balance almost unchanged since 16.01% as of last rating action. Moody's decreased the expected loss assumption to 4.09% as a percentage of current pool balance from 4.16% due to the improving performance. The revised expected loss assumption corresponds to 8.4% as a percentage of original pool balance. Moody's has also assessed loan-by-loan information as a part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has decreased the MILAN CE assumption to 13.8% from 14.8%. Increase in Available Credit Enhancement: The reserve fund has replenished to 41.07% of its target level from 21.68% as of the last rating action and this, in combination with sequential amortization, has resulted in increased credit enhancement for the notes. For instance, the credit enhancement for class B increased to 13.01% from 9.77% during this period. The interest of class B notes is and will remain deferred to a position ranking junior to the class A notes repayment in the priority of payments until the class A notes have repaid in full. Also the interest of class C notes will remain deferred to a position ranking junior in the priority of payments until the class A and B notes have been repaid in full. Interest payments on class B and C notes rank senior to reserve fund replenishment. The rating action took into consideration the notes' exposure to relevant counterparties, such as servicer, account banks or swap providers. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2022. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. TDA IBERCAJA 5: Moody's Ups Rating on EUR4.8MM Cl. D Notes to Ba3 ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of fourteen notes in four Ibercaja Spanish RMBS transactions. The rating action reflects the increased levels of credit enhancement of the affected Notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. Issuer: TDA IBERCAJA 2, FTA EUR870.3M Class A Notes, Affirmed Aa1 (sf); previously on Jul 21, 2021 Affirmed Aa1 (sf) EUR19.3M Class B Notes, Upgraded to A2 (sf); previously on Jul 21, 2021 Upgraded to A3 (sf) EUR6.3M Class C Notes, Upgraded to Baa1 (sf); previously on Jul 21, 2021 Upgraded to Baa3 (sf) EUR4.1M Class D Notes, Upgraded to Baa2 (sf); previously on Jul 21, 2021 Upgraded to Ba1 (sf) EUR4.5M Class E Notes, Upgraded to B2 (sf); previously on Apr 24, 2013 Downgraded to Ca (sf) Issuer: TDA IBERCAJA 3, FTA EUR960M Class A Notes, Affirmed Aa1 (sf); previously on Jul 21, 2021 Affirmed Aa1 (sf) EUR32.5M Class B Notes, Upgraded to A2 (sf); previously on Jul 21, 2021 Upgraded to Baa3 (sf) EUR7.5M Class C Notes, Upgraded to Baa3 (sf); previously on Jul 21, 2021 Upgraded to B1 (sf) EUR7M Class D Notes, Upgraded to Caa3 (sf); previously on Sep 22, 2014 Affirmed Ca (sf) Issuer: TDA IBERCAJA 4, FTA EUR819.4M Class A2 Notes, Affirmed Aa1 (sf); previously on Jun 27, 2022 Affirmed Aa1 (sf) EUR14M Class B Notes, Upgraded to Aa1 (sf); previously on Jun 27, 2022 Upgraded to Aa3 (sf) EUR28M Class C Notes, Upgraded to A2 (sf); previously on Jun 27, 2022 Upgraded to Baa1 (sf) EUR11.2M Class D Notes, Upgraded to Baa3 (sf); previously on Jun 27, 2022 Upgraded to Ba3 (sf) EUR7M Class E Notes, Upgraded to Ba2 (sf); previously on Jun 27, 2022 Affirmed Caa1 (sf) Issuer: TDA IBERCAJA 5, FTA EUR1002M Class A2 Notes, Affirmed Aa1 (sf); previously on Jun 29, 2018 Upgraded to Aa1 (sf) EUR32.4M Class B Notes, Upgraded to A2 (sf); previously on Jun 29, 2018 Upgraded to Baa2 (sf) EUR10.8M Class C Notes, Upgraded to Ba1 (sf); previously on Jun 29, 2018 Upgraded to B1 (sf) EUR4.8M Class D Notes, Upgraded to Ba3 (sf); previously on Jun 29, 2018 Affirmed Caa2 (sf) Maximum achievable rating is Aa1 (sf) for structured finance transactions in Spain, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by an i.) increase in credit enhancement for the affected tranches driven by the fully funded non-amortizing reserve fund ii.) better than expected performance of the underlying pools leading to lower revised expected loss assumptions for each of the four pools iii.) reestablishment of positive levels of interest rates allowing the transactions to benefit from the guaranteed margin received under the swap agreements and iv.) reduction of Milan CE for one transaction. Furthermore, decreasing pool factors towards ten percent of original balance will trigger sequential amortization in next IPDs for some of the transactions. Following a sequential amortization trigger event, CE levels supporting the tranches are expected to further increase. Pool factors for all four transactions are low due to seasoning and are at 10.1%, 14.5%, 15.2% and 18.7% for TDA IBERCAJA 2, FTA ("IBERCAJA 2"), TDA IBERCAJA 3, FTA ("IBERCAJA 3"), TDA IBERCAJA 4, FTA ("IBERCAJA 4") and TDA IBERCAJA 5, FTA ("IBERCAJA 5") respectively. All transactions are now paying the notes based on a pro rata allocation of principal. This is because the reserve fund is fully funded at target floor and all asset performance triggers are met due to good asset performance. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio reflecting the collateral performance to date. The performance of all four transactions has continued to be stable and strong. Total delinquencies have remained stable in the past year, with 90 days plus arrears currently standing at 0.4%, 0.1%, 0.2% and 0.3% of current pool balance for IBERCAJA 2, IBERCAJA 3, IBERCAJA 4 and IBERCAJA 5, respectively. Cumulative defaults currently stand at 0.7%, 1.1%, 2.1% and 2.2% of original pool balance and unchanged from a year earlier for IBERCAJA 2, IBERCAJA 3, IBERCAJA 4 and IBERCAJA 5, respectively. Moody's decreased the expected loss assumption to 1.18%, 1.11%, 1.34% and 1.32% as a percentage of current pool balance from 1.58%, 1.60%, 1.90% and 1.76% due to the good performance. The revised expected loss assumption corresponds to 0.40%, 0.63%, 1.10% and 1.20% expressed as a percentage of original pool balance for IBERCAJA 2, IBERCAJA 3, IBERCAJA 4 and IBERCAJA 5, respectively. Moody's has also assessed loan-by-loan information as a part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has decreased the MILAN CE assumption to 6.0% for IBERCAJA 3 from and maintained the MILAN CE assumption of for IBERCAJA 2 at 6.5%, IBERCAJA 4 at 7.2% and IBERCAJA 5 at 7.2%. Increase in Available Credit Enhancement All four transactions have non-amortizing reserve funds. All transactions benefited from the relative increase of the reserve fund as a percent of the capital structure, thereby increasing the available credit enhancement for all tranches, in spite of transaction amortising pro-rata. For instance, the credit enhancement as of the last available reporting date for the most senior tranches affected by the rating action increased since the last rating action as follows to 7.4% from 6.0% on July 2021 for Tranche B of IBERCAJA 2, to 5.1% from 4.5% on July 2021 for Tranche B of IBERCAJA 3, to 12.9% from 12.4% on June 2022 for Tranche B of IBERCAJA 4, to 5.7% from 4.4% on June 2018 for Tranche B of IBERCAJA 5. Moody's assessed the exposure to the respective swap counterparty for each of the transactions. Moody's analysis considered the risks of additional losses on the notes if they were to become unhedged following a swap counterparty default. Moody's concluded that the ratings of following notes are constrained by the swap agreement entered between the issuer and the swap counterparty: Tranche B, C and D for IBERCAJA 2; Tranche B and C for IBERCAJA 3; Tranche C and D for IBERCAJA 4. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2022. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. =========== S W E D E N =========== ROAR BIDCO: Moody's Lowers CFR to B3 & Senior Secured Debt to B2 ---------------------------------------------------------------- Moody's Investors Service has downgraded the corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD of Roar BidCo AB ("Recipharm" or "the company"). At the same time, Moody's has downgraded to B2 from B1 the instrument ratings of the company's EUR1,115 million backed senior secured first-lien term loan B ("TLB"), due in 2028, and the SEK3,000 million backed senior secured revolving credit facility ("RCF"), due in 2027. The outlook on all ratings remains stable. RATINGS RATIONALE The downgrade of Recipharm's rating is mainly driven by the lower-than-expected financial performance since the first-time rating of March 2021. This has led to a deterioration of Recipharm's key credit metrics, including profitability margins, leverage, free cash flow (FCF) generation and liquidity. The company was weakly positioned in the B2 rating category, therefore there was little capacity to underperform. The company's Moody's-adjusted gross leverage closed at 10.3x in 2022 with a substantial negative Moody's-adjusted FCF of around EUR145 million as the company accelerated its growth capital expenditure initiatives on its biologics offering. Over the next 12-18 months, Moody's expects that Recipharm's key credit metrics will gradually improve, supported by the company's cost pass through initiatives, including the implementation of contractual cost passthrough mechanisms, continued penetration from the company's biologics business unit, and the company's leading positions in lyophilized, blow-fill-seal and advanced delivery systems, which exhibit higher profitability than more commoditised products in the oral solids segment. At the same time, the company has a cost optimisation project in place that should further improve its cost base and support profitability margin improvements. The rating agency forecasts that Recipharm's Moody's-adjusted gross leverage will decrease below 7x during 2024, and that its Moody's-adjusted FCF will improve over the next 2 years but will remain negative and only turn positive in 2025. The rating agency also expects continued adequate liquidity and that its Moody's-adjusted EBITA to interest expense ratio will improve to 1.4x, over the next 12-18 months. The improvement on the company's credit metrics and operating performance will depend on the company efficiently executing its operating and financial strategy, including a ramp-up of its biologics offering and improving market penetration from its higher margin products, such as vaccines, sterile fill and finish products and advanced delivery systems, and cost optimisation projects, in order to cope with the high inflationary environment. RATING OUTLOOK The stable outlook reflects Moody's expectation that gross leverage, as measured by Moody's-adjusted gross debt to EBITDA will decrease gradually below 7x by the end of 2024, and the company will maintain a good operating performance, improve profitability margins and maintain adequate liquidity and interest coverage. The outlook assumes that management will not embark on any material debt-funded acquisitions or dividend recapitalisations. However, the rating is weakly positioned in the rating category and further negative deviations from forecasted metrics could put downward pressure on the rating's outlook. LIQUIDITY PROFILE Recipharm's liquidity is adequate and is supported by EUR111 million of cash balances at the end of 2022, around EUR176 million of undrawn RCF, and debt maturities that do not fall due until 2027. Over the next 12-18 months, Moody's forecast that the company's capital expenditure will decrease to around 7.5% of revenue (from 13.6% in 2022) and that its Moody's-adjusted FCF will improve but will remain negative, supported by the company's partial interest rate hedging in place until February 2024. Moody's understands that the company will enter into a non-recourse factoring arrangement to support liquidity and will use proceeds to partially repay RCF drawings during 2023. Under the Senior Facility Agreement, RCF lenders benefit from a springing net first-lien leverage covenant set at 9.99x and tested on a quarterly basis when the backed senior secured RCF is drawn by more than 40%. Moody's expects the company to maintain a large capacity under this covenant, if tested. STRUCTURAL CONSIDERATIONS The B3-PD PDR is at the same level as the CFR, reflecting an assumed family recovery rate of 50% given the existence of first-lien and second-lien bank debts in the structure. The EUR1,115 million backed senior secured first-lien TLB and the SEK3.0 billion backed senior secured RCF rank pari passu with each other, together with trade payables and UK pensions. The GBP228 million second-lien term loan ranks as junior debt in the waterfall. The B2 rating of the EUR1,115 million backed senior secured first-lien term loan B and the SEK3.0 billion backed senior secured RCF, one notch above the CFR, considers the waterfall structure. Both facilities are guaranteed by Recipharm AB and its subsidiaries, which together must account for at least 80% of the group's consolidated EBITDA. The company's capital structure does not include any other shareholder instruments within the restricted group. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could materialise if Moody's-adjusted gross debt/EBITDA decreases below 6.0x on a sustained basis; the company's Moody's-adjusted FCF/debt trends towards 5%, its Moody's-adjusted EBITA/interest expense increases towards 2x; and Recipharm maintains a good operating performance and at least an adequate liquidity, while improving its profitability margins. Downward rating pressure could develop if the company fails to demonstrate a steady improvements in Moody's-adjusted leverage towards 7x, and on its profitability margins and cash flow generation; or liquidity were to weaken, with Moody's-adjusted EBITA/interest expense decreasing below 1x. Any debt-funded acquisitions that were to lead to a further deterioration in credit metrics or an evidence of more aggressive financial policies, would also exert pressure on the rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. COMPANY PROFILE Headquartered in Stockholm, Sweden, Recipharm provides manufacturing and development services to companies in the pharmaceutical industry. The company operates more than 30 manufacturing sites in the UK, Sweden, France, Germany, Spain, Portugal, Israel, Italy, US and India. It is focused on the core business of development and manufacturing of prescription drugs in a wide range of dosage forms. Recipharm generated EUR1.2 billion in revenue and EUR161 million of company-adjusted EBITDA in 2022. The company has been majority-owned by EQT Partners since 2021. =========================== U N I T E D K I N G D O M =========================== ASSET ACADEMY: Goes Into Administration, Owes GBP3 Million ---------------------------------------------------------- Richard Castle at StokeonTrentLive reports that a company that was fronted by Homes Under the Hammer star Martin Roberts has plunged into administration, with all its staff laid off. Mr. Martin hosts the BBC show, alongside co-hosts including Dion Dublin, and often visits Stoke-on-Trent to film auction buyers flipping cheap properties in the city. And now Asset Academy, in which BBC Martin and his wife, Kirsty, had shares, has gone under, carrying debts topping GBP3 million. A string of complaints have emerged from customers claiming they paid cash and heard nothing back have emerged. The company held training sessions to help investors succeed, charging customers for seminars or mentoring. According to its website, Mr. Martin was an "advanced speaker" who shared his expertise of buying at auction. Quantuma Advisory was appointed as the firm's administrators at the end of March. CHESHIRE 2020-1: Moody's Affirms B1 Rating on GBP8.214MM E Notes ---------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of 3 notes in Cheshire 2020-1 plc. The rating action reflects the increased levels of credit enhancement for the affected notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. GBP190.112M Class A Notes, Affirmed Aaa (sf); previously on Aug 13, 2020 Definitive Rating Assigned Aaa (sf) GBP10.561M Class B Notes, Upgraded to Aa1 (sf); previously on Aug 13, 2020 Definitive Rating Assigned Aa3 (sf) GBP5.868M Class C Notes, Upgraded to A1 (sf); previously on Aug 13, 2020 Definitive Rating Assigned A3 (sf) GBP5.868M Class D Notes, Upgraded to Baa1 (sf); previously on Aug 13, 2020 Definitive Rating Assigned Baa3 (sf) GBP8.214M Class E Notes, Affirmed B1 (sf); previously on Aug 13, 2020 Definitive Rating Assigned B1 (sf) GBP8.215M Class F Notes, Affirmed Caa3 (sf); previously on Aug 13, 2020 Definitive Rating Assigned Caa3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranches. The performance of the transaction slightly deteriorated, with 90 days plus arrears currently standing at 4.55% of current pool balance up from 3.51% last year. The cumulative losses on original balance currently stand at a 0.30%. As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio reflecting the collateral performance to date. As a result Moody's has maintained the expected loss assumption as a percentage of original pool balance at 4.51%. Moody's has also reassessed loan-by-loan information as a part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has maintained the MILAN CE assumption at 20%. Increase in Available Credit Enhancement Sequential amortization and non-amortizing reserve fund led to the increase in the credit enhancement available in this transaction. The reserve fund is made of the Class A liquidity reserve fund and a general reserve fund. The general reserve fund is the difference between the reserve fund and the Class A liquidity reserve. As the liquidity reserve amortises over time, the general reserve fund will be built up via the waterfall. The general reserve will be available to provide liquidity and credit enhancement for Class A to Z notes, and is sized at 1.4% of the Class A to Z notes. For instance, the credit enhancement for Class B notes affected by the rating action increased to 22.56% from 15.90% since closing. The credit enhancement for Class C notes increased to 18.08% from 13.40% since closing, and the credit enhancement for class D notes increased to 14.65% from 10.90% since closing. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2022. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. CTBO LTD: Bought Out of Administration by Founder ------------------------------------------------- Tom Keighley at BusinessLive reports that audio visual services provider CTBO Ltd has been acquired out of administration by its founder after it suffered financial difficulties. Ten jobs have been secured in the move which saw the Sunderland-based firm sold to CCC Technologies Limited where Anthony Booth is also a director, BusinessLive discloses. CTBO was formed in 2015 and provided audio-visual services to resellers across the UK and Europe, including engineers that can work as part of a virtual team on behalf of other companies. The firm went on to expand into providing network infrastructure and electrical services including installation of cabling and wireless access points in buildings and has worked with clients across the country. Administrators SFP were appointed to the business earlier this month after what was said to be several years of trading difficulties, BusinessLive relates. According to BusinessLive, SFP said that in 2019, CTBO began to experience poor cash flow and had taken a number of measures to reduce costs. The financial difficulties were exacerbated by the pandemic and put the firm at risk of insolvency, BusinessLive notes. Directors entered the business into a company voluntary arrangement (CVA) in March 2020 -- a measure that allows the payment of creditors over a designated period, BusinessLive recounts. But administrators say the company continued to struggle and accrued post CVA debts, BusinessLive relays. The most recent accounts for the business, to the end of April 2021, show it owed GBP536,582 to creditors and had GBP422,775 owed to it, and in cash, according to BusinessLive. Directors sought the advice of insolvency specialists before the business was valued and marketed before being sold to CCC Technologies Limited earlier this month, BusinessLive relates. ENTAIN PLC: S&P Affirms 'BB' Long-Term ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term issuer credit and issue ratings on Entain PLC and its senior secured debt but acknowledge that rating headroom has reduced. The stable outlook reflects S&P's view that the company will return to organic growth and substantially reduce leverage by 2024, with continued strong free operating cash flow (FOCF) of above GBP300 million and rapid growth in 2024 leading to FOCF to debt remaining above 10%. Entain's retail business rebounded in 2022 following the unwinding of COVID-19 pandemic restrictions. Total group revenue reached GBP4.3 billion, expanding 12.2% on the back of the recovery in the retail business, while online remained flat after a strong 2021. Topline growth and the integration of the newly acquired businesses translated into S&P Global Ratings-adjusted EBITDA margins of 19.8% for 2022, with total EBITDA at the higher end of our previous expectations. S&P Global Ratings-adjusted margins do not include the contribution from the BetMGM joint venture, which it accounts for as an equity associate. Nevertheless, debt-funded M&A such as the acquisition of Supersport, led to increasing leverage, with S&P Global Ratings-adjusted debt to EBITDA at 3.7x. S&P said, "We expect regulatory and inflationary pressures to result in falling S&P Global Ratings-adjusted EBITDA.In our view, new measures from the U.K. Gambling Act white paper, ahead of which the group has already made several proactive changes, will result in an about 10% decline in net gaming revenue (NGR) for the U.K. online business--in line with management expectations. In addition, wage inflation and some integration costs from new acquisitions are expected to drag EBITDA margins under 19%, which is below our previous expectation. We forecast this will result in S&P Global Ratings-adjusted leverage of about 4.0x in 2023, with funds from operations (FFO) to debt at about 15%-17% and FOCF to debt close to 10%. We expect a sharp recovery with debt to EBITDA falling toward 3.0x in 2024--absent major M&A activity and/or any major shareholders distributions--as the group integrates new acquisitions and benefits from synergies including the recently announced transactions with TAB New Zealand and acquisition of sports media company 365Scores." The current macroeconomic environment could pose a risk to the company's performance. High inflation and cost-of-living pressures across some key markets--such as the U.K., Italy, and other eurozone countries--are expected to hit discretionary spending and consumer sentiment during 2023, which could affect the company's sales and margins. This is partially mitigated by Entain's increasing geographical diversity following recent M&A and expansion into other geographies, such as the U.S, although S&P notes the group aims to be EBITDA positive in the U.S. in second-half 2023. From a translation perspective, based on the group's net hedged position, S&P understands that a weakening British pound relative to the euro and U.S. dollar would be moderately negative for reported leverage metrics, with a larger share of pound-reported earnings relative to pound-denominated debt, after hedging. The latest refinancing transaction provides the company with an improved debt maturity profile. The group proactively managed its upcoming debt maturities in fourth-quarter 2022, and has fully refinanced its EUR1.125 billion term loan B3 (TLB-3), initially maturing in 2024, through an amend and extend of EUR800 million and $375 million add-on to the $1 billion TLB issued in October 2022. The EUR1.125 billion TLB-3 has now been fully repaid and the transaction was leverage neutral. The U.S. sports betting and wagering market represents an attractive growth engine for the group and its operation is expected to be EBITDA positive in second-half 2023. S&P said, "We note Entain, through BetMGM, held a company reported share of about 13% of the U.S. online sports betting market in 2022, behind Flutter at about 40%-50%. On a combined sports betting and gaming basis, the group estimates its market share at about 20% in the U.S. states in which it operates. The largest players in this market continue to work toward breaking even, generating profits in states that were earlier to legalize gaming and sports betting, and investing in new states as they open. We acknowledge that legalization in additional states may take longer than expected, and competition could increase with new or existing entrants, resulting in higher marketing and bonus spending that may slow Entain's path to profitability. In our view, legalization in material states such as California could delay the second-half 2023 breakeven timing indicated in the February 2023 trading update. The review of the U.K. Gambling Act 2005 could prove material for the sector and it is expected to significantly affect the company's operations in its main market. The potential negative effects of any measures stemming from the review of the act remain a risk to Entain, like many U.K.-exposed gaming companies. The timing of any release and implementation of measures is uncertain in the current climate but it could become clearer in the coming months, with a government minister recently indicating the U.K. Gambling Act White Paper may come as early as in the next few weeks (April or May 2023). Key aspects likely to have been considered include greater affordability measures, some form of initial deposit or spending caps subject to enhanced verification checks, bans or heavier restrictions on very-important-person programs, GBP2 online slot stake limits or similar restrictions, various degrees of sport advertising bans, and greater collective measures to identify and prevent gaming harm to individuals categorized as young or vulnerable. The scale, effect, and disruption arising from the review remain uncertain, but could be significant if enacted, with our base case being that substantive measures are likely to be implemented in the 12 months following release of any paper. Despite the uncertain timing of the U.K. Gambling Act White Paper's release, industry players, including Entain, have been implementing safer gaming measures in the U.K. over the past few quarters. S&P expects the U.K. Gambling Act White Paper to have a negative effect on revenue and EBITDA and result in a drop in margins in the U.K., although offset by other geographies (which represent more than 50% of the group's revenue). S&P said, "The stable outlook reflects that, while leverage will remain elevated in 2023, we expect S&P Global Ratings-adjusted debt to EBTIDA to fall sharply toward 3.0x in 2024 as the group fully integrates its latest acquisitions and absorbs regulatory changes in geographies such as the U.K. (following the release of the U.K. Gambling Act White Paper expected in 2023), Germany, and The Netherlands. It also reflects Entain's market-leading positions, strong brands, and geographical and product diversification, which should provide operational stability to generate FOCF of more than GBP300 million in 2023 and increasing thereafter, resulting in FOCF to debt above 10% at all times. Nevertheless, we acknowledge the group's tighter rating headroom." S&P could lower the rating if: -- Entain cannot generate FOCF to debt of above 10% over a sustained period. S&P believes this may represent a deterioration in financial flexibility and cash generating capacity given its view FOCF, and specifically FOCF relative to the debt capital structure, as a key analytical support for the rating. This is because it demonstrates Entain's ability to generate a cash flow surplus after fixed and mandatory commitments and provides financial flexibility. -- Following the drop in EBITDA margins expected in 2023, the group cannot stabilize its operations and integrate the newly acquired business in such a way that it doesn't slow EBITDA generation, leading S&P Global Ratings-adjusted leverage to increase above 4.0x or FFO to debt to remain below 20% for a prolonged period. This could occur, for example, due to a material adverse macroeconomic environment, negative regulatory changes in several of the group's markets, material debt-financed M&A, or shareholder returns. Although unlikely at this stage given the pressure on the credit metrics over the next 12 months, S&P could raise the rating if: -- The group reduces and sustains adjusted leverage below 3.0x, commensurately supported by a track record of metrics being maintained below the threshold. The group's medium-term net leverage target of 1.0x-2.0x translates to S&P Global Ratings-adjusted leverage of about 2.2x-3.2x. -- S&P Global Ratings-adjusted FOCF to debt is consistently above 15%, and net cash flow is supported by minimal below-the-FOCF-line items such that discretionary cash flow after all operational and fixed commitments is meaningful and creates significant financial flexibility. -- The group continues to improve the strength of its business. This would be evidenced by margins increasing above 20% and material organic revenue and EBITDA growth, for example, through improving scale and diversification, and dominant market positions in key markets. Furthermore, this would be shown by the group consolidating its U.S. position over time as a leading profitable player in that market. ESG credit indicators: E-2, S-3, G-3 Social factors are a moderately negative consideration in S&P's credit analysis of Entain. Like most gaming companies, Entain is exposed to regulatory and social risks and the associated costs related to increasing player health and safety measures, prevention of money laundering, and changes to gaming taxes and laws. Recent regulatory changes in Germany effectively reduced Entain's German business EBITDA about GBP110 million in the absence of offsetting measures. A pending review of the U.K.'s Gambling Act 2005, with White Paper recommendations potentially released in 2023, represents another possible near-term risk. There are current investigations by the U.K.'s HM Revenue and Customs into the group's disposed Turkish operation as well as by Australian regulators into various compliance requirements regarding the group's Australian operations. Furthermore, Entain recently reached a settlement with U.K. regulators regarding compliance failures, among other issues, relating to its U.K. operations. S&P does not factor material license risk or further sanctioning from this process into our ratings, and holistically regarding all ongoing investigations we incorporate a degree of risk into our preexisting business and financial assessments of the group. Entain has a commitment to operate exclusively in regulated markets by year-end 2023 and strengthen its processes and accountability. INEOS ENTERPRISES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Ineos Enterprises Holdings Limited's (IE) 'BB-' Long-Term Issuer Default Rating (IDR). Fitch has also affirmed senior secured ratings of 'BB+' for INEOS Enterprises Holdings II Limited's euro term loan B (TLB) and INEOS Enterprises Holdings US Finco LLC's US dollar TLB. Fitch has removed all ratings from Rating Watch Negative (RWN). The Outlook on the IDR is Stable. The Recovery Ratings on the debt instruments are 'RR2'. The RWN resolution follows confirmation that IE's envisaged acquisition of MBCC's Admixture business has been cancelled. The rating reflects IE's moderate yet growing scale, robust EBITDA margins and business diversification, which are balanced against a complex group structure, an aggressive M&A strategy, and potential opportunistic dividends. KEY RATING DRIVERS Excellent Performance Continues: In 2022, strong performance in pigments, composites and chemical intermediates more than offset weaker contribution from the solvents segment. While 2022 overall was a strong year, performance in 2H22 moderated, particularly in solvents due to higher energy costs in Europe. Fitch forecasts 2023 EBITDA at slightly above 2021 levels as margins normalise from peak levels in 2022. Moderate Scale, Niche Segments: IE's operations are dispersed across small- to medium-scale plants with limited integration or intra-group operational overlaps. With moderate albeit expanding scale due to M&A-driven growth, the group holds leading positions in certain niche markets, including among the top-two titanium dioxide (TiO2) producers in the US and top-three global niche positions in its composites business. It also has strong regional leadership in most products. Strong Diversification but Cyclical Exposure: Pigments, composites, solvents and intermediates offer diversification across regions and markets. Diversification provides earnings stability as medical and personal hygiene of solvents offset pressures in the construction and automotive markets of pigments and composites. While the group's markets are diverse, Fitch identifies concentration, particularly in pigments and composites, which jointly contribute roughly two-thirds of consolidated EBITDA and are exposed to the construction market. Leverage Broadly Stable: Fitch forecasts EBITDA net leverage to have slightly increased to 2.6x in 2022 from 2.3x in 2021 following the acquisition of ASHTA. Fitch projects EBITDA gross leverage to remain between 2.5x and 3.5x and EBITDA net leverage at between 2x and 3x over 2023-2026. Additionally, Fitch expects interest coverage to weaken in 2023 before it recovers in the following three years. DERIVATION SUMMARY IE, Ineos Group Holdings S.A. (IGH, BB+/Stable) and Ineos Quattro Holdings Limited (BB/Stable) are independently managed subsidiaries of INEOS Limited. All three companies have good operational, regional and product diversification. Unlike IGH and Ineos Quattro, IE has smaller scale and is only a regional leader in niche chemical markets, but with modestly higher margins. IE's direct pigments peer is US-based Kronos Worldwide, Inc. (B+/Stable), which is twice as large in pigments by capacity but with weaker margins and product concentration. Closest peers in specialty chemicals are W. R. Grace Holdings LLC (B+/Negative), H.B. Fuller Company (BB/Stable), and Ingevity Corporation (BB/Stable), all medium-sized specialty producers with market leadership in niche segments. In the remaining two commoditised segments, IE's peers either include much larger OCI N.V. (BBB-/Stable) with good regional and product diversification, or similar-scale but single-site petrochemical manufacturer, Petkim Petrokimya Holdings A.S. (B/Negative). IE's profitability during normal economic conditions combines an EBITDA margin of 25% in TiO2, high teens in composites and low teens in other areas, leading to an overall 14%-16% margin. This is above that of H.B. Fuller, Petkim and Kronos, but lags other chemical peers'. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenues roughly flat in 2023, recovering to mid-single-digit growth in 2024, before moderating to 2026 - EBITDA in 2023 decreasing to slightly above 2021 levels, and rebounding towards EUR500 million by 2025 - Capex averaging EUR125 million per year over 2023-2026 - Stable shareholder distributions to 2026, in line with previous years' RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Significant improvement in scale or a record of more conservative financial policies underpinning EBITDA net leverage at below 2.0x on a sustained basis Factors that could, individually or collectively, lead to negative rating action/downgrade: - Aggressive M&A or shareholder distributions leading to EBITDA net leverage above 3.0x on a sustained basis - Protracted market pressure translating into EBITDA margins at below 14% on a sustained basis LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: IE's cash balance as of end-9M22 stood at EUR321 million. The majority of IE's debt matures in 2026 with overall modest amortisation over 2023-2026. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- INEOS Enterprises Holdings US Finco LLC senior secured LT BB+ Affirmed RR2 BB+ INEOS Enterprises Holdings Limited LT IDR BB- Affirmed BB- INEOS Enterprises Holdings II Limited senior secured LT BB+ Affirmed RR2 BB+ JUPITER MORTGAGE 1: Moody's Affirms B3 Rating on Class F Notes -------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of 5 notes in Stratton Mortgage Funding 2021-2 PLC and JUPITER MORTGAGE NO.1 PLC. The rating action reflects the increased levels of credit enhancement for the affected notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. Issuer: JUPITER MORTGAGE NO.1 PLC GBP2327.031M Class A Notes, Affirmed Aaa (sf); previously on Mar 11, 2021 Definitive Rating Assigned Aaa (sf) GBP178.453M Class B Notes, Upgraded to Aa2 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Aa3 (sf) GBP42.829M Class C Notes, Upgraded to A2 (sf); previously on Mar 11, 2021 Definitive Rating Assigned A3 (sf) GBP49.967M Class D Notes, Affirmed Baa2 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Baa2 (sf) GBP57.105M Class E Notes, Affirmed Ba2 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Ba2 (sf) GBP49.967M Class F Notes, Affirmed B3 (sf); previously on Mar 11, 2021 Definitive Rating Assigned B3 (sf) GBP42.829M Class G Notes, Affirmed Caa3 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Caa3 (sf) Issuer: Stratton Mortgage Funding 2021-2 PLC GBP1236.843M Class A Notes, Affirmed Aaa (sf); previously on Mar 11, 2021 Definitive Rating Assigned Aaa (sf) GBP88.346M Class B Notes, Upgraded to Aa2 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Aa3 (sf) GBP23.047M Class C Notes, Upgraded to A2 (sf); previously on Mar 11, 2021 Definitive Rating Assigned A3 (sf) GBP26.888M Class D Notes, Upgraded to Baa2 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Baa3 (sf) GBP38.411M Class E Notes, Affirmed Ba3 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Ba3 (sf) GBP26.888M Class F Notes, Affirmed B3 (sf); previously on Mar 11, 2021 Definitive Rating Assigned B3 (sf) GBP19.206M Class G Notes, Affirmed Caa3 (sf); previously on Mar 11, 2021 Definitive Rating Assigned Caa3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranches. The performance of the transaction continued to be stable, with 90 days plus arrears currently standing at 5.32% and 5.06% of current pool balance compared with 5.27% and 5.22% a year ago, for Stratton Mortgage Funding 2021-2 PLC and JUPITER MORTGAGE NO.1 PLC respectively. The cumulative losses on original balance currently stand at a 0.24% and 0.35% for Stratton Mortgage Funding 2021-2 PLC and JUPITER MORTGAGE NO.1 PLC respectively. As part of the rating action, Moody's reassessed its lifetime loss expectation for the portfolio reflecting the collateral performance to date. As a result Moody's has maintained the expected loss assumption as a percentage of original pool balance at 4.25% for both deals. Moody's has also reassessed loan-by-loan information as a part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has maintained the MILAN CE assumption at 20% for both deals. Increase in Available Credit Enhancement Sequential amortization and non-amortizing reserve funds led to the increase in the credit enhancement available in this transaction. For both deals, the reserve fund is made of the Class A and B liquidity reserve fund and a general reserve fund. The general reserve fund is the difference between the reserve fund and the Class A and B liquidity reserve. As the liquidity reserve amortises over time, the general reserve fund will be built up via the waterfall. The general reserve will be available to provide liquidity and credit enhancement for Class A to Z notes. For instance, in Stratton Mortgage Funding 2021-2 PLC the credit enhancement for the most senior tranche affected by the rating action increased to 20.47% from 15.25% since closing. In JUPITER MORTGAGE NO.1 PLC the credit enhancement for the most senior tranche affected by the rating action increased to 18.29% from 13.75% since closing. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2022. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. MIZEN DESIGN: High Court Clarifies Grounds for Challenging CVA -------------------------------------------------------------- Louise Jennings and Isabelle Moisy of Taylor Wessing, disclosed that the High Court has clarified the grounds for challenging a CVA for guarantee creditors. Background Mizen Design/Build Ltd's (Mizen) directors proposed a CVA stating that this would lead to a better result for unsecured creditors than the likely alternative, administration. The CVA compromised guarantee creditors' ability both to bring a claim against Mizen and to call upon their performance guarantees against Mizen's parent company (the Parent Guarantor). Peabody Construction Ltd (Peabody), a guarantee creditor, successfully challenged the CVA on the grounds of material irregularity and unfair prejudice. Decision The Court held that: * Despite the lack of direct disclosure obligations on the Parent Guarantor in Mizen's CVA, insufficient information to guarantee creditors regarding their position in relation to the guarantor, and the absence of a full explanation as to how the guarantee creditor's claim figure was reached, constituted material irregularity. * Peabody was unfairly prejudiced as a guarantee creditor on the basis that the class of guarantee creditors' votes had been swamped by the votes of creditors who would be paid in full. The justification that it was necessary to compromise the guarantee creditors to prevent ricochet claims against Mizen did not justify the compromise of the guarantee creditors in this way. Key takeaways * Companies must ensure that CVA proposals seeking to compromise guarantee liabilities contain sufficient information regarding the guarantors to enable guarantee creditors to reach an informed decision. * Where a CVA is approved by the votes of unimpaired creditors, the court will consider all the circumstances and may find a CVA to be unfairly prejudicial even if the proposal can be justified and offers a better return than the likely alternative. NLH LOGISTICS: Enters Administration, 27 Jobs Affected ------------------------------------------------------ Neil Hodgson at TheBusinessDesk.com reports that almost 30 jobs have been lost after a Crewe-based haulier entered administration. NLH Logistics is situated at Marshfield Bank Employment Park and has a Wrexham depot. It employed a total of 27 staff. However, insolvency practitioners at Daresbury-based Dow Schofield Watts were appointed to NLH Logistics on March 17, TheBusinessDesk.com relates. Its website says it is a family-run firm with more than 20 years' experience in the logistics sector. Established in 1991, the company says it has provided a local and long distance transport service to many companies. According to TheBusinessDesk.com, John Carpenter and Ben Barrett of Dow Schofield Watts Business Recovery are the administrators of the business. Ben Barrett said: "We can confirm that NLH Logistics was placed in administration on March 17. "The company had ceased to trade before that date. "We are currently trying to establish the position with regard to the company's assets and whether they may be recoverable for the benefit of creditors." ROYAL MAIL: Says Workers Want to Drive Firm Into Administration --------------------------------------------------------------- Oliver Gill at The Telegraph reports that Royal Mail bosses have accused striking workers of plotting to bankrupt the company and force it back into the hands of the taxpayer, amid a deepening row after talks collapsed. Directors criticised union leaders for saying they were "'becoming more comfortable' with the risk of administration" during discussions to agree a new pay deal, according to a letter leaked to the Telegraph. It comes after negotiations with the Communication Workers Union (CWU) collapsed on Wednesday, April 5, paving the way for a fresh wave of walkouts that risk delaying deliveries for millions of households, the Telegraph notes. According to the Telegraph, sources said that Royal Mail management is increasingly concerned the CWU wants to drive the businesses' UK delivery arm into administration in the hope it would be nationalised as an interim measure, potentially avoiding a radical overhaul required to make the company profitable. The letter -- sent by Royal Mail directors to CWU general secretary Dave Ward -- warned the union that nationalisation is not guaranteed if strikes put the company's finances under unbearable pressure, the Telegraph notes. Instead, a court would appoint a government administrator which would then "have to take a series of actions that none of us want to see happen". It is likely that the administration would be a short-term fix in which the Government's Insolvency Service would unilaterally ram through reforms to balance the books at Royal Mail, according to the Telegraph. SATUS 2021-1: Moody's Ups Rating on GBP8.7MM Class E Notes to Ba1 ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of four Notes in SATUS 2021-1 PLC ("SATUS 2021-1") and one credit protection deed tranche in Motor Securities 2018-1 Designated Activity Company ("Motor 2018-1"). The rating action reflects the increased levels of credit enhancement for the affected Notes. Moody's affirmed the ratings of the Notes that had sufficient credit enhancement to maintain their current ratings. Issuer: SATUS 2021-1 PLC GBP210.8M Class A Notes, Affirmed Aaa (sf); previously on Nov 26, 2021 Definitive Rating Assigned Aaa (sf) GBP26.4M Class B Notes, Upgraded to Aaa (sf); previously on Nov 26, 2021 Definitive Rating Assigned Aa2 (sf) GBP21.9M Class C Notes, Upgraded to Aa2 (sf); previously on Nov 26, 2021 Definitive Rating Assigned A2 (sf) GBP11.8M Class D Notes, Upgraded to A3 (sf); previously on Nov 26, 2021 Definitive Rating Assigned Baa3 (sf) GBP8.7M Class E Notes, Upgraded to Ba1 (sf); previously on Nov 26, 2021 Definitive Rating Assigned Ba2 (sf) GBP13.3M Class F Notes, Affirmed B3 (sf); previously on Nov 26, 2021 Definitive Rating Assigned B3 (sf) Issuer: Motor Securities 2018-1 Designated Activity Company GBP18.8M Tranche C CPD, Affirmed Aaa (sf); previously on Aug 15, 2022 Affirmed Aaa (sf) GBP18.8M Class C CLN Notes, Affirmed Aa3 (sf); previously on Aug 15, 2022 Affirmed Aa3 (sf) GBP30M Tranche D1 CPD, Upgraded to Aaa (sf); previously on Aug 15, 2022 Upgraded to Aa1 (sf) GBP30M Class D1 CLN Notes, Affirmed Aa3 (sf); previously on Aug 15, 2022 Upgraded to Aa3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranches. Increase in Available Credit Enhancement Sequential amortization led to the increase in the credit enhancement available in both transactions. In SATUS 2021-1, the credit enhancement for Classes B, C, D and E Notes increased to 42.5%, 25.1%, 16.4%, 9.9% from 19.8%, 11.5%, 7.5%, and 4.5%, respectively, since closing. In Motor 2018-1, the credit enhancement for the Tranche D1 CPD increased to 20.4% from 10.4% since the last rating action in August 2022. Key Collateral Assumptions As part of the rating action, Moody's reassessed its default probability and recovery rate assumptions for the portfolio reflecting the collateral performance to date. The performance of both transactions has continued to be stable since closing, with 90 days plus arrears currently standing at 0.17% and 2.11% of current pool balance for SATUS 2021-1 and Motor 2018-1, respectively. Cumulative losses currently stand at 2.70% and 0.95% of original pool balance for SATUS 2021-1 and Motor 2018-1, respectively. For SATUS 2021-1, the current default probability is 12% of the current portfolio balance and the assumption for the fixed recovery rate is 40%. For Motor 2018-1, the current default probability is 3.25% of the current portfolio balance and the assumption for the fixed recovery rate is 40%. Counterparty Exposure The rating actions took into consideration the Notes' exposure to relevant counterparties, such as servicer, account banks or swap providers. Moody's considered how the liquidity available in the transactions and other mitigants support continuity of Note payments, in case of servicer default, using the CR assessment as a reference point for servicers. In SATUS 2021-1, the junior reserve fund provides liquidity support for Classes C, D, E and F Notes only when they become the most senior class. Therefore, the rating of the Class C Notes is constrained due to the lack of liquidity support before the Notes become the most senior class in the event of servicer disruption. In Motor 2018-1, the proceeds from the issuance of the Notes have been deposited respectively in the senior cash deposit account and in the junior cash deposit account, both of them in the name of the issuer and held at Cash Deposit Account bank Santander UK plc (A1/P-1 Bank Deposits). The ratings of the Class C CLN Notes and Class D CLN Notes are constrained by the Cash Deposit Account bank exposure taking into account the replacement trigger. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in November 2022. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include: (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, (3) improvements in the credit quality of the transaction counterparties, and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include: (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the Notes' available credit enhancement, and (4) deterioration in the credit quality of the transaction counterparties. TAURUS 2021-1: DBRS Confirms BB(low) Rating on Class E Notes ------------------------------------------------------------ DBRS Ratings Limited confirmed its ratings on the following classes of Commercial Mortgage-Backed Floating-Rate Notes due May 2031 issued by Taurus 2021-1 UK DAC (the Issuer): -- Class A notes at AAA (sf) -- Class B notes at AA (low) (sf) -- Class C notes at A (low) (sf) -- Class D notes at BBB (low) (sf) -- Class E notes at BB (low) (sf) The trends on all ratings remain Stable. The rating confirmations reflect the transaction's stable performance over the last 12 months. The transaction is the securitization of a GBP 340.1 million senior commercial real estate loan sponsored by funds managed by Blackstone Inc. (Blackstone) and secured by 45 light-industrial and logistics assets located in the United Kingdom with a large concentration in London and the South East. At issuance, the Issuer purchased the senior loan from the loan seller, Bank of America Europe DAC, using the proceeds from the note issuance and the issuer loan provided by the loan seller. The issuer loan was sized at 5% of the senior loan amount in order to satisfy risk retention requirements. The senior loan margin directly mirrors the weighted-average coupon on the notes; therefore, there is no excess spread in the transaction. However, the senior loan margin is capped at 2.29%. The senior loan has refinanced Blackstone's acquisitions since the first quarter in 2020. In particular, it refinanced the original portfolio of 38 assets (the United IV sub portfolio) that were acquired before October 2020 and seven assets that were acquired between November 2020 and December 2020 (the add-on portfolio). The entire 45-asset pool is known as the United V portfolio and is integrated into Blackstone's logistics platform Mileway. In conjunction with the senior loan, AustralianSuper Pty Ltd advanced a GBP 85.0 million mezzanine facility, which was subordinated to the securitized senior facility. The mezzanine facility was redeemed in full during the first quarter in 2022. In September 2021, part of one of the properties, Sheffield Business Park, was sold and the disposal proceeds were applied in partial prepayment of the senior and mezzanine loans. GBP 2.5 million was then applied pro rata against the notes (95%) and against the issuer loan (5%) on the February 2022 interest payment date. Since then, no further sale has occurred. The senior loan balance stands at GBP 337,656,000. The two-year senior loan with initial maturity on 15 May 2023 has three one-year extension options to 15 May 2026, which can be exercised if certain conditions are met, namely that no event of default is continuing and hedging is in place. The expected initial notes' maturity date is on 17 May 2023, or any subsequent year depending on the loan maturity being extended. The senior loan is fully hedged with a cap agreement, which has a cap strike rate of 1.5%. For each note interest period occurring on or after the expected note maturity date the note Sterling Overnight Index Average (SONIA) component of the rate of interest payable on the notes will be capped at 4% per annum, subject to a floor of zero. Following a new valuation of the portfolio by Knight Frank LLP (Knight Frank) as of 28 October 2022, the valuation of the aggregate market value of the 45 properties in the portfolio has increased by 2.5% to GBP 537.2 million from GBP 523.8 million in January 2021. However, the loan-to-value has slightly increased to 62.9% from 61.4%, because it was previously based on a valuation including a portfolio premium capped at 5% of GBP 549.6 million as of September 2020. The new valuation prepared by Knight Frank does not include any premium. DBRS Morningstar did not change its underwriting assumptions from issuance. In particular, DBRS Morningstar maintained its net cash flow (NCF) assumption of GBP 22.7 million, which, based on a capitalization rate of 6.3%, translates to a portfolio value of GBP 362.8 million, i.e., a 32.5% haircut to the current portfolio market value. The property portfolio's and loan's performance has been improved since issuance. The vacancy rate decreased to 6.6% from 8.4% at issuance, remaining well below DBRS Morningstar's 10% underwritten level. The net rental income has increased over the last year to GBP 28.4 million (as of November 2022) from GBP 26.3 million (as of November 2021). The debt yield ratio has increased to 8% from 7.4% at issuance, remaining substantially above the cash trap level of 6.1%. Similarly to other Blackstone loans, there are no financial default covenants applicable prior to a permitted change of control. As of February 2023, the senior loan is fully compliant with its cash trap covenants and DBRS Morningstar does not foresee any breach in the upcoming quarters. To cover potential interest payment shortfalls, Bank of America, N.A. London Branch provided the Issuer with a liquidity facility of GBP 11.4 million at issuance. The liquidity facility covers the Class A, Class B, and Class C notes as well as the corresponding portion of the issuer loan. The current liquidity facility balance stands at GBP 11.3 million. The coverage provided by the liquidity facility is for 20 months based on a 1.5% cap strike rate and for 11 months based on the 4% Sonia cap. The coverage provided by the liquidity facility is deemed to be commensurate with the ratings of the respective covered notes. The final legal maturity of the notes is in May 2031, five years after the fully extended loan maturity date. DBRS Morningstar believes that this provides sufficient time to eventually enforce the senior loan collateral and repay the noteholders, given the security structure and the jurisdiction of the underlying loan and properties. Notes: All figures are in British pound sterling unless otherwise noted. TORO PRIVATE II: Moody's Appends 'LD' Designation to PDR -------------------------------------------------------- Moody's Investors Service has appended a limited default "/LD" designation to Toro Private Holdings II, Limited's (Travelport) Caa2-PD probability of default rating, changing it to Caa2-PD/LD to reflect the company's distressed exchange. Concurrently, Moody's has assigned a Caa3 rating to Travelport Finance (Luxembourg) S.a.r.l.'s new junior priority first lien backed senior secured term loan. Travelport's Caa2 corporate family rating and Travelport Finance (Luxembourg) S.a.r.l.'s B3 rating on the priority lien senior secured term loans are unchanged. The outlook is negative. These rating actions follow a $200 million equity injection from current owners Elliott Private Equity and Siris Capital, as well as the completion on March 30, 2023 of a debt exchange on 100% of Travelport's senior secured first lien term loan totaling over $2.0 billion. This exchange was completed at par but terms of the newly-borrowed instrument provide Travelport with the option to pay the entire interest margin in-kind until the end of 2024. "In Moody's view, these transactions constitute a distressed exchange, which is an event of default under Moody's definitions, reflected in the /LD designation Moody's have appended to Travelport's PDR. The transactions are key governance factors. They combine default avoidance and losses for creditors because a liquidity injection was necessary to address the March 31 interest payment while the magnitude of the cash-to-payment-in-kind (PIK) interest conversion and the size of the underlying interest obligation is large." says Frederic Duranson, a Moody's Vice President - Senior Analyst and lead analyst for Travelport. RATINGS RATIONALE The Caa3 rating on the new junior priority first lien backed senior secured term loan borrowed by Travelport Finance (Luxembourg) S.a.r.l., totaling just over $2.0 billion and maturing in May 2026, is in line with the Caa3 rating on the backed senior secured first lien term loan it replaces in its entirety. The rating reflects the instrument's lien subordination to Travelport's sizeable $2.0 billion priority first lien senior secured term loans (rated B3) which rank ahead of it in the event of security enforcement. The Caa2 corporate family rating (CFR) continues to reflect first and foremost the company's unsustainable capital structure in Moody's view because the debt exchange and resulting greater capitalisation of interest into debt will reduce the pace of deleveraging in an already unsustainable debt structure. The rating agency forecasts Moody's-adjusted gross debt/EBITDA to remain above 10x by the end of 2024, in spite of Moody's-adjusted EBITDA reaching over $400 million in 2024 from around $200 million and over 20x adjusted gross leverage in 2022. With very high levels of debt and leverage at that stage still, Travelport will need to address the February 2025 maturity of its priority lien senior secured term loan. Refinancing risk therefore remains very high in Moody's view. Moody's assumes that Travelport will elect to pay interest in-kind as much and for as long as allowed by its credit agreements. Under these assumptions, Moody's forecasts that Travelport will be around breakeven on free cash flow (FCF, after interest and lease payments) in 2023 and 2024, which supports the company's credit quality. The company maintains the option to pay more interest in cash. It would reduce cash generation and liquidity but lower PIK interest and would benefit leverage. However, in Moody's view, it is unlikely to bring leverage to a sustainable level before the 2025 maturity. Travelport's credit strengths include (i) its position as the world's third largest global distribution system (GDS) company, operating in a highly consolidated industry, (ii) its geographic and customer diversification, and (iii) its track record of selling non-air booking products and services. However, Travelport faces competition from companies with much stronger credit quality and airlines, travel aggregators and meta search sites present the risk of disintermediation. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Travelport has environmental and social exposures in relation to carbon transition risk in the air travel industry that the company serves. However, governance factors are most negative for Travelport's credit quality. It reflects an aggressive financial policy, characterised by elevated leverage put in place by the new owners pre-pandemic, which contributed to a debt restructuring and a debt add-on in 2020. The company's two distressed exchanges and ensuing losses for creditors are clearly negative governance considerations. Owners have supported the company through liquidity injections but had previously taken credit negative actions. LIQUIDITY Moody's now views Travelport's liquidity as adequate. It reflects the significant improvement thanks to (i) the immediate receipt of $200 million cash equity from the company's sponsors, and (ii) around $100 million cash savings in 2023, per Moody's estimate, as a result of the greater ability to pay interest in-kind despite a 175 basis point interest margin increase in the new junior priority first lien backed senior secured term loan. The rating agency had previously sized Travelport's liquidity needs between the fourth quarter of 2022 and early 2024 to over $200 million. While Travelport retains the option to pay interest in cash, Moody's expects that the company will prioritise maintaining adequate liquidity and a sufficient cash balance to cover its debt servicing obligations at least until the February 2025 maturity of its priority first lien senior secured term loans. Travelport's cash balance at the end of February 2023 was $40 million and Moody's forecasts around breakeven FCF after interest in the next 24 months. RATING OUTLOOK The negative outlook primarily reflects the very high refinancing risk in relation to the February 2025 maturity on around half of Travelport's debt while Moody's expects that the capital structure will remain unsustainable by then. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure would arise if (1) booking volumes and yields continue to recover and Travelport's revenue and EBITDA growth is sustained, and (2) Travelport's capital structure becomes sustainable, including as a result of a reduction in leverage to pre-pandemic levels, or if Moody's believed that refinancing risk on Travelport's February 2025 debt maturity receded significantly and (3) the company maintains adequate liquidity. Moody's could downgrade Travelport's ratings if renewed pressures on the travel market appeared, leading to a significant slowdown in the company's recovery in credit metrics and liquidity requirements exceeded Moody's expectations. Furthermore, Moody's could downgrade ratings if the risk of an additional distressed exchange increased and prospects of recovery on the company's debt weakened. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Business and Consumer Services published in November 2021. COMPANY PROFILE Headquartered in Langley, UK, Toro Private Holdings II, Limited (Travelport) is a leading travel commerce platform that provides distribution, technology and other solutions for the global travel and tourism industry including airlines and agents. In 2022, the group reported net revenue of $1.3 billion and company-adjusted EBITDA of $247 million. Travelport is majority-owned by financial investors Siris Capital and Elliott Private Equity. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week April 3 to April 7, 2023 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- ------- ----- Credit Suisse Grou 7.500 USD 4.250 Credit Suisse Grou 3.000 CHF 3.480 Credit Suisse Grou 6.375 USD 1.917 Credit Suisse Grou 7.250 USD 3.575 Casino Guichard Pe 4.498 03/07/2024 EUR 50.657 Credit Suisse Grou 5.250 USD 3.600 Deutsche Bank AG 4.789 USD 72.450 Credit Suisse Grou 5.625 SGD 3.777 Deutsche Bank AG 4.500 EUR 68.168 Credit Suisse Grou 3.875 CHF 3.356 Credit Suisse Grou 0.625 1/18/2033 EUR 64.624 Deutsche Bank AG 4.625 EUR 66.844 Credit Suisse Grou 7.500 USD 5.250 Deutsche Pfandbrie 5.750 EUR 70.598 Credit Suisse Grou 9.750 USD 3.700 Credit Suisse Grou 0.650 09/10/2029 EUR 73.821 Deutsche Bank AG 7.125 GBP 74.403 Credit Suisse Grou 6.250 USD 4.500 Credit Suisse Grou 7.500 USD 25.000 UniCredit SpA 3.875 EUR 70.733 UBS Group AG 4.375 USD 71.946 Casino Guichard Pe 5.250 4/15/2027 EUR 30.198 Credit Suisse Grou 3.500 CHF 3.207 HSBC Holdings PLC 4.600 USD 75.101 BNP Paribas SA 4.500 USD 73.703 Casino Guichard Pe 6.625 1/15/2026 EUR 31.454 Credit Agricole SA 4.750 USD 74.374 Nordea Bank Abp 3.750 USD 77.893 Vivion Investments 3.000 08/08/2024 EUR 71.264 Standard Chartered 4.300 USD 72.553 Casino Guichard Pe 3.992 EUR 6.767 Credit Suisse Grou 5.250 USD 26.500 Credit Suisse Grou 7.250 USD 26.500 Casino Guichard Pe 3.637 EUR 6.758 EFG International 5.500 USD 71.412 AT Securities BV 5.250 USD 29.000 Casino Guichard Pe 3.580 02/07/2025 EUR 29.518 Credit Suisse Grou 6.375 USD 24.000 Casino Guichard Pe 4.048 08/05/2026 EUR 24.293 ING Groep NV 3.875 USD 71.974 Banco Santander SA 3.625 EUR 65.508 Vedanta Resources 6.125 08/09/2024 USD 60.379 BNP Paribas SA 4.625 USD 73.759 Vedanta Resources 8.950 03/11/2025 USD 66.692 Standard Chartered 4.750 USD 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4/30/2026 EUR 74.797 BPCE SA 3.582 10/19/2042 USD 68.001 NGD Holdings BV 6.750 12/31/2026 USD 61.315 Nexity SA 0.875 4/19/2028 EUR 42.145 Novolipetsk Steel 4.700 5/30/2026 USD 71.000 STERIS Irish FinCo 3.750 3/15/2051 USD 73.606 Fuerstenberg Capit 2.522 EUR 53.857 Aroundtown SA 3.625 04/10/2031 GBP 60.276 SAS AB 6.900 SEK 5.000 Aroundtown SA 2.912 9/20/2030 EUR 58.390 Credit Suisse AG/L 3.800 9/29/2023 USD 1.011 Logicor Financing 1.625 1/17/2030 EUR 70.500 Agps Bondco PLC 2.750 11/13/2026 EUR 38.229 Agps Bondco PLC 1.875 1/14/2026 EUR 39.265 Bank Gospodarstwa 2.250 7/21/2033 PLN 66.386 State Agency of Ro 6.250 6/24/2030 USD 17.322 Diebold Nixdorf Du 9.000 7/15/2025 EUR 45.250 Ukreximbank Via Bi 9.950 11/14/2029 USD 30.876 Severstal OAO Via 3.150 9/16/2024 USD 4.561 Russian Agricultur 8.500 10/16/2023 USD 26.571 Metinvest BV 7.650 10/01/2027 USD 58.727 Rallye SA 4.000 2/28/2032 CHF 2.801 Segro Capital Sarl 0.500 9/22/2031 EUR 68.840 PB International B 7.625 12/31/2025 USD 41.100 Ireland Government 0.400 5/15/2035 EUR 74.838 MHP Lux SA 6.250 9/19/2029 USD 48.059 Cofinimmo SA 0.875 12/02/2030 EUR 69.933 Hacienda Investmen 5.350 02/08/2028 USD 53.530 Sirius Real Estate 1.750 11/24/2028 EUR 68.306 ALROSA Finance SA 4.650 04/09/2024 USD 10.302 Thermo Fisher Scie 2.000 10/18/2051 EUR 66.055 LEG Immobilien SE 1.000 11/19/2032 EUR 69.976 Polyus Finance PLC 3.250 10/14/2028 USD 59.879 United Group BV 4.625 8/15/2028 EUR 73.545 Evraz PLC 5.250 04/02/2024 USD 52.226 Sibur Securities D 3.450 9/23/2024 USD 65.617 Utmost Group PLC 6.125 GBP 74.869 Vonovia Finance BV 0.500 9/14/2029 EUR 74.486 LEG Immobilien SE 0.875 3/30/2033 EUR 67.719 Credit Suisse AG/L 1.250 2/22/2029 USD 74.328 Berlin Hyp AG 0.375 4/21/2031 EUR 74.102 Alfa Bank AO Via A 5.950 4/15/2030 USD 2.076 Abengoa Abenewco 2 1.500 4/26/2024 EUR 0.973 Sberbank of Russia 5.250 5/23/2023 USD 32.963 Credit Suisse AG/L 1.500 3/19/2029 USD 67.745 Holcim Finance Lux 0.500 4/23/2031 EUR 75.580 Mutuelle Assurance 2.125 6/21/2052 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1.750 3/18/2033 EUR 73.174 Just Group PLC 5.000 GBP 65.257 Klepierre SA 0.875 2/17/2031 EUR 75.235 Prosus NV 2.778 1/19/2034 EUR 73.611 Fresenius SE & Co 1.125 1/28/2033 EUR 73.634 Barclays PLC 3.811 03/10/2042 USD 71.927 Market Parent Finc 6.750 10/01/2029 GBP 60.178 Euroboden GmbH 5.500 10/01/2024 EUR 51.794 Nykredit Realkredi 1.500 10/01/2053 DKK 73.377 Standard Chartered 4.750 USD 73.625 Intesa Sanpaolo Sp 4.700 9/23/2049 USD 77.078 Borets Finance DAC 6.000 9/17/2026 USD 48.071 Quant AB 8.654 11/15/2025 EUR 68.080 Unibail-Rodamco-We 0.875 3/29/2032 EUR 70.125 Deutsche Telekom A 1.750 12/09/2049 EUR 66.912 BMW Finance NV 0.200 01/11/2033 EUR 74.966 Simon Internationa 1.125 3/19/2033 EUR 67.099 DXC Capital Fundin 0.950 9/15/2031 EUR 72.241 Audax Renovables S 2.750 11/30/2025 EUR 71.380 Russian Foreign Bo 4.375 3/21/2029 USD 38.750 Enel Finance Inter 0.875 9/28/2034 EUR 70.849 Ageas SA/NV 1.875 11/24/2051 EUR 71.978 UBS Group AG 3.179 02/11/2043 USD 71.135 Republic of Austri 0.250 10/20/2036 EUR 69.997 Hellenic Bank PCL 10.000 EUR 70.620 MMC Norilsk Nickel 2.550 09/11/2025 USD 73.495 Ireland Government 0.550 4/22/2041 EUR 65.281 Berner Kantonalban 0.100 9/30/2039 CHF 70.621 Republic of Croati 1.000 11/27/2034 EUR 72.876 Bank Gospodarstwa 2.125 06/05/2030 PLN 74.643 Deutsche Bahn Fina 1.125 5/29/2051 EUR 58.605 Medtronic Global H 1.500 07/02/2039 EUR 72.389 Eurochem Finance D 5.500 3/13/2024 USD 58.707 Jyske Realkredit A 1.000 10/01/2050 DKK 74.528 Bank Gospodarstwa 2.375 11/27/2040 PLN 56.905 La Financiere Atal 6.625 5/15/2025 GBP 66.500 Ukraine Railways V 7.875 7/15/2028 USD 19.654 Groupe des Assuran 1.850 4/21/2042 EUR 72.945 Nostrum Oil & Gas 8.000 7/25/2022 USD 25.513 Credit Suisse AG/N 3.658 02/10/2026 USD 70.000 OGX Austria GmbH 8.500 06/01/2018 USD 0.108 GOL Equity Finance 3.750 7/15/2024 USD 56.500 Chesnara PLC 4.750 08/04/2032 GBP 72.435 Hera SpA 0.250 12/03/2030 EUR 75.742 JT International F 3.300 9/14/2051 USD 63.627 United Utilities W 1.875 06/03/2042 GBP 61.164 VTB Bank OJSC Via 4.073 10/24/2024 CHF 16.000 Northern Powergrid 3.250 04/01/2052 GBP 74.685 Slovakia Governmen 0.375 4/21/2036 EUR 63.768 Royalty Pharma PLC 3.350 09/02/2051 USD 65.451 National Grid Elec 0.872 11/26/2040 EUR 59.937 State of North Rhi 1.375 1/15/2120 EUR 50.106 Vedanta Resources 8.950 03/11/2025 USD 66.957 Vnesheconombank Vi 5.942 11/21/2023 USD 7.784 Sibur Securities D 2.950 07/08/2025 USD 67.136 Societe Generale S 4.027 1/21/2043 USD 67.179 BICO Group AB 2.875 3/19/2026 SEK 69.862 BAT International 4.000 11/23/2055 GBP 57.929 NIBC Bank NV 3.089 EUR 74.057 EnBW Energie Baden 2.125 8/31/2081 EUR 70.187 Unibail-Rodamco-We 1.375 12/04/2031 EUR 75.130 Kreditanstalt fuer 0.875 07/04/2039 EUR 72.733 JSM Global Sarl 4.750 10/20/2030 USD 20.250 Blackstone Propert 1.750 03/12/2029 EUR 74.635 Hungary Government 2.000 5/23/2029 HUF 69.194 Altice France SA/F 4.000 7/15/2029 EUR 73.539 Cellnex Finance Co 3.875 07/07/2041 USD 74.485 Rallye SA 5.250 2/28/2032 EUR 2.315 Thomas Cook Group 6.250 6/15/2022 EUR 0.691 Barclays Bank PLC 5.235 USD 88.710 Smurfit Kappa Trea 1.000 9/22/2033 EUR 74.467 Close Brothers Fin 1.625 12/03/2030 GBP 73.042 Credit Bank of Mos 3.875 9/21/2026 USD 30.698 Wellcome Trust Ltd 1.500 7/14/2071 GBP 43.696 BP Capital Markets 1.104 11/15/2034 EUR 74.100 NIBC Bank NV 2.850 2/21/2040 EUR 68.500 Orange SA 1.375 09/04/2049 EUR 66.840 Koninklijke Luchtv 0.750 CHF 23.100 Vonovia Finance BV 1.625 10/07/2039 EUR 57.459 Alfa Bank AO Via A 6.950 USD 2.608 Hacienda Investmen 5.075 2/15/2023 USD 45.107 Republic of Poland 4.000 4/25/2047 PLN 78.629 Republic of Poland 2.000 10/25/2046 EUR 69.725 Severn Trent Utili 2.000 06/02/2040 GBP 63.651 Lukoil Capital DAC 2.800 4/26/2027 USD 79.500 State of North Rhi 1.450 1/19/2122 EUR 51.701 NET4GAS sro 3.500 7/28/2026 EUR 69.324 Orsted AS 2.500 2/18/3021 GBP 68.836 CK Hutchison Group 2.625 10/17/2034 GBP 72.382 Credit Bank of Mos 5.150 2/20/2024 EUR 28.552 Bulgaria Governmen 1.500 6/21/2039 BGN 55.951 Unibail-Rodamco-We 1.750 2/27/2034 EUR 75.385 Brit Insurance Hol 3.676 12/09/2030 GBP 74.677 Becton Dickinson E 1.336 8/13/2041 EUR 63.457 Rickmers Holding A 8.875 06/11/2018 EUR 1.845 Intelsat Jackson H 9.750 7/15/2025 USD 0.497 Societe Generale S 4.027 1/21/2043 USD 66.879 Ziton A/S 11.952 10/03/2024 EUR 57.157 Nats En Route PLC 1.750 9/30/2033 GBP 74.727 DNB Bank ASA 5.203 USD 74.138 Bank Gospodarstwa 0.500 07/08/2031 EUR 71.793 Nats En Route PLC 1.750 9/30/2033 GBP 74.659 CNP Assurances 1.875 10/12/2053 EUR 71.978 Sovcombank Via Sov 7.600 USD 2.743 Oscar Properties H 10.640 07/05/2024 SEK 52.644 Russian Foreign Bo 5.875 9/16/2043 USD 61.135 FIGEAC-AERO 1.750 10/18/2028 EUR 23.968 DH Europe Finance 1.350 9/18/2039 EUR 70.210 UNEDIC ASSEO 0.500 5/25/2036 EUR 70.769 Standard Chartered 4.300 USD 69.000 Credit Bank of Mos 7.500 10/05/2027 USD 20.535 Tullow Oil PLC 7.000 03/01/2025 USD 62.150 Cooperatieve Rabob 0.625 2/25/2033 EUR 74.557 Banco Santander SA 5.348 EUR 0.287 Prosus NV 1.985 7/13/2033 EUR 68.866 Samhallsbyggnadsbo 6.419 SEK 60.000 Ekosem-Agrar AG 2.500 7/31/2029 EUR 18.445 BNP Paribas SA 1.250 7/13/2031 GBP 72.000 Nordea Kredit Real 1.000 10/01/2050 DKK 74.547 Engie SA 1.875 EUR 73.844 Grand City Propert 2.081 08/08/2034 EUR 63.030 publity AG 5.500 6/19/2025 EUR 57.936 Utmost Group PLC 4.000 12/15/2031 GBP 74.047 CM.com NV 2.000 09/09/2026 EUR 63.866 Marston's Issuer P 6.532 7/16/2035 GBP 74.333 Enel Finance Inter 1.125 10/17/2034 EUR 73.078 esure Group PLC 6.000 GBP 67.918 Mitsubishi UFJ Inv 6.538 12/30/2099 EUR 4.750 DNB Bank ASA 5.385 USD 74.532 Interpipe Holdings 8.375 5/13/2026 USD 48.757 EYEMAXX Real Estat 5.500 4/26/2023 EUR 1.306 Air Berlin PLC 6.750 05/09/2019 EUR 0.510 Wales & West Utili 1.875 5/28/2041 GBP 62.093 Atento Luxco 1 SA 8.000 02/10/2026 USD 29.689 TenneT Holding BV 1.125 06/09/2041 EUR 73.070 TotalEnergies Capi 1.535 5/31/2039 EUR 74.330 Medtronic Global H 1.750 07/02/2049 EUR 64.130 Czech Gas Networks 0.875 3/31/2031 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9/24/2031 USD 74.123 Wessex Water Servi 1.250 01/12/2036 GBP 62.076 Altice France SA/F 5.125 7/15/2029 USD 73.806 Junta de Castilla 1.270 10/31/2044 EUR 62.116 Hellenic Republic 2.085 7/25/2057 EUR 33.957 K2A Knaust & Ander 8.808 SEK 67.758 AXA Logistics Euro 0.875 11/15/2029 EUR 74.236 Greene King Financ 6.077 12/15/2034 GBP 74.765 Southern Housing 2.375 10/08/2036 GBP 74.290 RWE AG 1.000 11/26/2033 EUR 74.072 Credit Suisse AG/N 3.750 10/20/2036 USD 66.446 Lukoil Securities 3.875 05/06/2030 USD 68.750 Derwent London PLC 1.875 11/17/2031 GBP 73.055 Orange SA 0.625 12/16/2033 EUR 74.870 Annington Funding 2.924 10/06/2051 GBP 55.941 GTLK Europe Capita 4.650 03/10/2027 USD 21.894 Saxa Gres Spa 7.000 08/04/2026 EUR 48.352 Cadent Finance PLC 2.750 9/22/2046 GBP 62.345 Intelsat Jackson H 5.500 08/01/2023 USD 0.497 JAB Holdings BV 2.250 12/19/2039 EUR 70.680 Cooperatieve Rabob 0.750 6/21/2039 EUR 69.372 Altice France Hold 6.000 2/15/2028 USD 62.901 LEG Immobilien SE 0.750 6/30/2031 EUR 72.548 OMV AG 1.000 07/03/2034 EUR 76.561 Ilija Batljan Inve 10.087 SEK 45.144 Credit Bank of Mos 8.875 USD 24.875 Gol Finance SA 8.000 6/30/2026 USD 50.206 BPCE SFH SA 0.010 1/29/2036 EUR 66.409 Shell Internationa 1.750 09/10/2052 GBP 49.794 Desenio Group AB 8.785 12/16/2024 SEK 49.950 Abengoa Abenewco 2 1.500 10/26/2024 USD 1.327 Talanx AG 1.750 12/01/2042 EUR 74.081 Ilija Batljan Inve 6.587 12/15/2024 SEK 65.044 Polyus Finance PLC 4.700 1/29/2024 USD 65.000 Credit Bank of Mos 7.625 USD 24.894 TotalEnergies Capi 1.618 5/18/2040 EUR 72.044 Hera SpA 1.000 4/25/2034 EUR 73.456 Annington Funding 3.935 07/12/2047 GBP 70.916 PIK Securities DAC 5.625 11/19/2026 USD 44.038 Debenhams PLC 5.250 7/15/2021 GBP 0.166 Thomas Cook Financ 3.875 7/15/2023 EUR 0.578 Sovereign Housing 2.375 11/04/2048 GBP 63.481 Nestle Finance Int 0.875 6/14/2041 EUR 67.519 Rallye SA 3.250 2/28/2032 CHF 3.051 BASF SE 1.625 11/15/2037 EUR 76.021 A2A SpA 0.625 10/28/2032 EUR 72.480 Novo Banco SA/Luxe 3.500 2/19/2043 EUR 71.577 FF Group Finance L 1.750 07/03/2019 EUR 5.000 Russian Foreign Bo 2.650 5/27/2036 EUR 37.832 Credit Suisse Grou 2.455 07/04/2034 EUR 75.658 Chelyabinsk Pipe P 4.500 9/19/2024 USD 22.601 Orange SA 0.750 6/29/2034 EUR 73.247 EWE AG 0.375 10/22/2032 EUR 73.755 Prologis Internati 3.000 2/22/2042 GBP 72.469 Saderea DAC 12.500 11/30/2026 USD 41.886 Societe Du Grand P 1.625 04/08/2042 EUR 73.013 Travelex Financing 8.000 5/15/2022 EUR 0.482 Lukoil Capital DAC 3.600 10/26/2031 USD 68.750 JDE Peet's NV 1.125 6/16/2033 EUR 73.769 Orpea SA 2.564 11/30/2027 EUR 26.891 State of North Rhi 1.950 9/26/2078 EUR 70.638 Finland Government 1.375 4/15/2047 EUR 75.622 BP Capital Markets 0.933 12/04/2040 EUR 61.415 Chancellor Masters 0.250 6/27/2068 GBP 62.578 BNP Paribas SA 2.000 9/13/2036 GBP 67.140 DH Europe Finance 1.800 9/18/2049 EUR 68.316 Societe Generale S 3.625 03/01/2041 USD 64.977 Unibail-Rodamco-We 1.375 5/25/2033 EUR 72.349 Credit Bank of Mos 4.700 1/29/2025 USD 25.766 GTLK Europe Capita 4.800 2/26/2028 USD 22.235 Vodafone Group PLC 3.375 08/08/2049 GBP 70.380 Ukraine Government 9.790 5/26/2027 UAH 52.887 Covivio SA/France 1.125 9/17/2031 EUR 75.734 Eurotorg LLC Via B 9.000 10/22/2025 USD 69.009 Medtronic Global H 1.375 10/15/2040 EUR 69.614 Alfa Bank AO Via A 5.900 USD 2.608 Allied Irish Banks 12.500 6/25/2035 GBP 55.690 Schlote Holding Gm 6.750 11/21/2024 EUR 24.139 GTLK Europe Capita 5.950 4/17/2025 USD 26.750 Credit Bank of Mos 5.550 2/14/2023 USD 22.532 Credit Suisse AG/L 5.250 9/21/2032 USD 72.773 Immigon Portfolioa 8.813 EUR 9.750 Proximus SADP 0.750 11/17/2036 EUR 67.731 Investor AB 0.375 10/29/2035 EUR 67.519 Jyske Realkredit A 1.000 10/01/2050 DKK 70.142 Novo Banco SA/Luxe 3.500 1/23/2043 EUR 73.756 Gol Finance SA 7.000 1/31/2025 USD 49.075 Realkredit Danmark 1.000 10/01/2050 DKK 70.015 Nykredit Realkredi 0.500 10/01/2050 DKK 70.318 Banque Federative 2.975 EUR 77.155 EnfraGen Energia S 5.375 12/30/2030 USD 61.782 Abengoa Abenewco 2 1.500 10/26/2024 USD 1.018 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10.875 3/26/2018 USD 1.808 European Financial 0.050 1/18/2052 EUR 41.526 Holcim Sterling Fi 2.250 04/04/2034 GBP 73.872 Latvia Government 1.875 2/19/2049 EUR 69.373 Hyde Housing Assoc 1.750 8/18/2055 GBP 50.586 Credit Suisse AG/L 7.730 6/15/2028 ZAR 74.712 Stichting Afwikkel 6.250 10/26/2020 EUR 43.625 BPCE SA 3.582 10/19/2042 USD 67.895 Celtic Resources H 4.125 10/09/2024 USD 11.753 RTE Reseau de Tran 1.125 09/09/2049 EUR 61.689 BAE Systems PLC 3.000 9/15/2050 USD 70.053 Trinseo Materials 5.125 04/01/2029 USD 61.020 Credit Suisse AG/L 4.200 1/29/2024 USD 9.816 Bourbon Corp 11.652 EUR 0.880 Scottish Hydro Ele 2.250 9/27/2035 GBP 73.934 Northern Powergrid 1.875 6/16/2062 GBP 51.288 Cie Generale des E 0.625 11/02/2040 EUR 65.067 Aeroports de Paris 1.125 6/18/2034 EUR 74.552 Genfit SA 3.500 10/16/2025 EUR 25.130 Kernel Holding SA 6.500 10/17/2024 USD 63.251 Scottish Hydro Ele 2.125 3/24/2036 GBP 71.986 Bromford Housing G 3.125 05/03/2048 GBP 74.003 SCOR SE 1.375 9/17/2051 EUR 71.035 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Social Chain AG /T 5.750 04/07/2024 EUR 56.000 Alpine Holding Gmb 6.000 5/22/2017 EUR 0.504 OGX Austria GmbH 8.375 04/01/2022 USD 0.108 Canton of Geneva S 0.500 10/31/2056 CHF 68.668 Penarian Housing F 3.212 06/07/2052 GBP 74.290 Market Bidco Finco 5.500 11/04/2027 GBP 74.583 Korian SA 3.350 6/29/2028 EUR 74.744 La Banque Postale 0.250 02/12/2035 EUR 71.319 Global Ports Finan 6.500 9/22/2023 USD 44.948 Southern Housing 3.500 10/19/2047 GBP 75.528 Credit Suisse AG/L 15.250 3/20/2024 CHF 47.530 Hellas Telecommuni 8.500 10/15/2013 EUR 0.173 Intesa Sanpaolo Sp 2.625 03/11/2036 GBP 69.905 DWR Cymru Financin 2.375 3/31/2034 GBP 75.002 NET4GAS sro 2.745 1/28/2031 CZK 45.261 La Financiere Atal 4.000 5/15/2024 EUR 70.437 Boparan Finance PL 7.625 11/30/2025 GBP 65.092 East Slope Residen 0.100 2/28/2062 GBP 68.648 Aroundtown SA 3.250 11/12/2032 EUR 53.170 European Financial 1.200 2/17/2045 EUR 70.244 Russian Foreign Bo 4.250 6/23/2027 USD 38.750 NPC Ukrenergo 6.875 11/09/2028 USD 16.432 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63.853 Land Berlin 0.625 1/26/2052 EUR 54.039 Hamon & CIE SA 3.300 1/31/2035 EUR 46.109 United Kingdom Gil 1.125 10/22/2073 GBP 46.103 Agence Francaise d 0.375 5/25/2036 EUR 68.477 TBI Bank EAD 5.250 7/30/2031 EUR 49.938 Credit Suisse AG/L 1.000 12/20/2027 EUR 0.270 Region de Bruxelle 0.274 12/11/2040 EUR 56.189 State of Bremen 0.450 2/24/2051 EUR 51.100 Del Monte Finance 6.625 5/24/2006 EUR 1.000 Free and Hanseatic 0.250 2/18/2041 EUR 61.271 Iberdrola Finanzas 1.000 02/02/2037 EUR 71.089 Credit Suisse AG/L 9.000 05/02/2023 CHF 10.000 de Volksbank NV 0.125 11/19/2040 EUR 58.811 Stichting Afwikkel 6.625 5/14/2018 EUR 43.625 Privatbank CJSC Vi 11.000 02/09/2021 USD 1.000 Credit Suisse AG/L 7.700 08/03/2028 ZAR 72.752 Muenchener Hypothe 0.250 3/29/2041 CHF 73.703 Canton of Neuchate 0.350 7/14/2050 CHF 66.172 Orbit Capital PLC 2.000 11/24/2038 GBP 66.745 Martlet Homes Ltd 3.000 05/09/2052 GBP 70.583 Wrekin Housing Gro 2.500 10/22/2048 GBP 63.664 Grand City Propert 2.500 6/27/2039 EUR 50.431 Ukraine Government 19.700 08/06/2025 UAH 70.869 Argenta Spaarbank 0.500 10/08/2041 EUR 61.981 DAH Holding GmbH 7.250 9/28/2018 EUR 0.718 City of Zurich Swi 0.250 11/24/2051 CHF 67.265 UBS AG/London 3.327 11/23/2025 EUR 58.500 Futureal Developme 4.000 3/23/2031 HUF 64.000 Societe Generale S 8.000 5/28/2027 USD 63.000 AXA Home Loan SFH 0.125 6/25/2035 EUR 69.370 Celtic Resources H 4.125 10/09/2024 USD 11.753 Pfandbriefzentrale 0.250 06/12/2040 CHF 75.230 Kleopatra Holdings 6.500 09/01/2026 EUR 58.500 Regie Autonome des 0.938 5/25/2050 EUR 54.609 Constellation Auto 4.875 7/15/2027 GBP 74.630 Achmea Bank NV 0.250 9/29/2036 EUR 68.528 DLR Kredit A/S 1.000 10/01/2050 DKK 71.476 ALROSA Finance SA 4.650 04/09/2024 USD 10.302 Ville de Paris 0.650 11/25/2070 EUR 34.536 Intelsat Jackson H 9.750 7/15/2025 USD 0.497 Affinity Water Fin 3.278 8/22/2042 GBP 74.766 Altice France Hold 4.000 2/15/2028 EUR 63.291 Stadt Graz 1.878 10/31/2046 EUR 76.531 State of Hesse 0.750 08/04/2036 EUR 75.172 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7/27/2031 HUF 60.800 Caisse des Depots 3.000 11/08/2051 AUD 67.563 Societe Generale S 13.320 8/16/2024 USD 65.200 Landesbank Hessen- 0.750 02/04/2032 EUR 73.522 UBS AG/London 7.000 7/26/2023 CHF 42.050 Credit Agricole SA 3.610 4/20/2036 AUD 69.172 Grand Delta Habita 1.425 2/26/2048 EUR 54.915 HSE Finance Sarl 8.404 10/15/2026 EUR 50.896 Landeskreditbank B 0.842 05/03/2041 EUR 69.688 Raiffeisen-Landesb 1.470 05/03/2069 EUR 59.999 Region of Chelyabi 6.000 12/17/2027 RUB 62.060 UBS AG/London 16.300 01/08/2024 EUR 20.240 Landesbank Baden-W 9.250 10/27/2023 EUR 47.790 OR PJSC 13.500 10/22/2025 RUB 10.120 Kuntarahoitus Oyj 1.300 04/08/2061 EUR 67.617 Republic of Irelan 1.210 10/27/2111 EUR 46.631 Brussels Municipal 0.832 3/29/2041 EUR 63.531 Norddeutsche Lande 0.825 8/30/2033 EUR 69.432 Single Platform In 1.785 7/30/2042 EUR 74.917 Malta Government B 1.200 5/13/2037 EUR 70.860 Ville de Paris 0.921 5/26/2053 EUR 50.533 Landesbank Hessen- 1.400 1/13/2037 EUR 66.950 OR PJSC 16.000 11/26/2025 RUB 18.110 Leonteq Securities 30.000 4/25/2023 CHF 38.870 UBS AG/London 8.530 04/03/2024 USD 6.587 Skandinaviska Ensk 6.000 1/15/2025 SEK 66.040 DeloPorts LLC 0.010 11/14/2025 RUB 69.020 WEB Windenergie AG 3.750 9/26/2026 EUR 0.010 OR PJSC 12.000 11/14/2024 RUB 5.220 Rosseti Kuban PJSC 10.440 11/21/2025 RUB 75.000 RENE LEZARD Mode G 7.250 11/25/2017 EUR 0.400 OR PJSC 11.500 7/28/2024 RUB 3.920 Ebis OOO 13.000 08/11/2023 RUB 1.910 Russian Railways J 11.990 10/15/2040 RUB 50.000 Landesbank Baden-W 0.400 11/08/2039 EUR 64.270 Deutsche Bank AG/L 0.750 11/14/2029 EUR 76.460 Landesbank Baden-W 0.500 12/02/2039 EUR 65.460 Single Platform In 1.260 1/22/2049 EUR 63.018 Assa Abloy AB 0.650 8/28/2034 EUR 72.666 Agrokor dd Via Aqu 4.921 08/08/2017 EUR 14.625 State of North Rhi 1.267 9/16/2051 EUR 66.610 Region de Bruxelle 0.808 1/31/2050 EUR 48.879 Societe Generale S 1.230 1/30/2035 EUR 73.832 Specialfastigheter 1.180 12/02/2044 SEK 59.246 Landwirtschaftlich 0.210 9/30/2033 EUR 76.031 Region de Bruxelle 1.036 01/07/2060 EUR 46.488 Getin Noble Bank S 12.800 11/09/2023 PLN 50.620 Kreditanstalt fuer 1.030 12/06/2049 EUR 67.104 Erste Group Bank A 1.010 10/07/2041 EUR 63.771 National Grid Elec 3.120 12/10/2039 AUD 73.272 Bayerische Landesb 1.680 12/18/2037 EUR 73.384 Getin Noble Bank S 11.990 1/31/2024 PLN 55.558 Deutsche Bank AG 3.050 02/02/2037 EUR 74.624 Landesbank Baden-W 0.520 03/07/2031 EUR 74.079 SNCF Reseau 2.622 9/24/2049 USD 74.176 La Banque Postale 1.202 4/29/2039 EUR 74.069 ESB Finance DAC 2.000 4/17/2044 EUR 71.353 Penarian Housing F 3.212 06/07/2052 GBP 74.595 Region Occitanie 0.792 11/23/2043 EUR 59.814 HSBC Bank PLC 10.300 12/10/2024 TRY 75.916 Communaute Francai 1.000 10/08/2069 EUR 45.665 State of Rhineland 0.872 10/31/2036 EUR 76.316 Getin Noble Bank S 12.500 11/30/2023 PLN 35.253 Credit Bank of Mos 3.100 1/21/2026 EUR 25.056 Deutsche Bahn Fina 1.520 07/03/2035 SEK 76.220 Landesbank Baden-W 0.460 01/07/2031 EUR 74.183 BPCE SA 2.450 2/24/2035 AUD 61.003 Deutsche Apotheker 1.715 2/13/2037 EUR 73.935 Municipality of Ut 0.950 03/02/2037 EUR 75.954 Erste Group Bank A 0.950 05/05/2035 EUR 71.464 Communaute Francai 1.397 7/18/2059 EUR 54.611 Caisse des Depots 2.700 4/28/2041 AUD 69.668 Landesbank Hessen- 2.400 3/22/2052 EUR 77.953 BNP Paribas SA 3.950 07/11/2039 AUD 73.975 BNP Paribas SA 3.750 06/12/2040 AUD 75.988 BNG Bank NV 2.000 09/05/2058 EUR 70.971 Region Bretagne SC 0.642 6/16/2037 EUR 69.534 BPCE SA 2.250 3/13/2040 AUD 48.539 Landesbank Baden-W 1.000 12/15/2031 EUR 75.052 Kuntarahoitus Oyj 0.858 2/22/2051 EUR 65.771 Muenchener Hypothe 0.120 8/13/2030 EUR 75.568 DNB Boligkreditt A 1.530 12/21/2043 EUR 74.437 Bazalgette Finance 0.074 5/16/2049 GBP 64.401 Ville de Paris 0.760 5/25/2066 EUR 38.043 Credit Mutuel Arke 1.555 5/14/2035 EUR 73.910 Banco Santander SA 2.011 04/12/2039 EUR 72.281 Single Platform In 1.375 7/25/2053 EUR 64.643 Kreditanstalt fuer 0.880 12/07/2050 EUR 63.468 Autonomous Communi 1.646 7/30/2060 EUR 54.323 Lloyds Bank PLC 2.280 1/29/2044 EUR 73.325 Samhallsbyggnadsbo 2.875 EUR 34.292 State of Hesse 0.375 04/09/2040 EUR 61.817 Landesbank Hessen- 1.350 3/16/2037 EUR 66.527 Kingdom of Belgium 1.700 6/22/2050 EUR 72.380 Hypo Vorarlberg Ba 0.400 12/22/2031 EUR 70.992 Landesbank Baden-W 0.490 12/11/2030 EUR 73.787 Vasakronan AB 1.700 6/28/2044 EUR 49.443 Muenchener Hypothe 1.172 10/30/2047 EUR 69.087 Kuntarahoitus Oyj 1.200 7/21/2061 EUR 65.142 Agence Francaise d 1.634 7/31/2043 EUR 76.224 DZ HYP AG 1.965 7/19/2058 EUR 76.728 Regie Autonome des 1.820 7/18/2048 EUR 80.476 Landesbank Hessen- 1.150 03/09/2037 EUR 64.554 Ebis OOO 14.500 11/25/2025 RUB 2.480 Landesbank Baden-W 0.820 02/01/2039 EUR 58.766 Oberoesterreichisc 0.445 3/28/2036 EUR 70.145 Zurcher Kantonalba 15.400 6/13/2023 CHF 34.650 Muenchener Hypothe 0.375 8/27/2031 EUR 74.303 Leonteq Securities 9.000 6/20/2023 CHF 71.010 Bayerische Landesb 0.020 1/28/2031 EUR 73.667 Single Platform In 3.505 08/06/2046 AUD 59.884 Landesbank Hessen- 1.000 03/09/2037 EUR 66.800 Landesbank Hessen- 3.000 03/10/2037 EUR 67.900 OR PJSC 12.600 9/28/2025 RUB 5.700 Sberbank of Russia 0.010 02/01/2029 RUB 72.000 Landesbank Hessen- 0.500 2/24/2031 EUR 74.684 Credit Suisse AG/L 1.299 09/07/2032 EUR 69.807 Zurcher Kantonalba 12.750 01/12/2024 CHF 39.320 Centre Hospitalier 0.490 12/01/2036 EUR 69.119 OR PJSC 11.000 12/29/2024 RUB 3.680 Citigroup Global M 1.000 9/30/2036 EUR 68.034 Brussels Municipal 0.892 3/29/2041 EUR 64.478 Leonteq Securities 11.000 5/13/2024 CHF 37.560 Leonteq Securities 23.200 10/10/2023 CHF 73.710 UBS AG/London 10.000 6/22/2023 CHF 63.350 Ireland Government 1.500 5/15/2050 EUR 71.039 Caisse des Depots 1.410 5/21/2049 EUR 63.833 Norddeutsche Lande 0.850 12/07/2035 EUR 63.607 Bank fuer Kirche u 0.450 07/01/2031 EUR 75.419 DZ Bank AG Deutsch 0.780 03/05/2030 EUR 73.534 Landesbank Baden-W 1.000 12/15/2031 EUR 75.052 DZ Bank AG Deutsch 0.800 3/20/2035 EUR 72.245 Banque et Caisse d 0.900 08/06/2042 EUR 68.861 State of North Rhi 0.200 7/17/2034 EUR 73.953 Landesbank Baden-W 1.000 12/15/2031 EUR 75.052 Region de Bruxelle 0.640 7/20/2045 EUR 53.986 Spain Government B 1.000 10/31/2050 EUR 54.245 Credit Agricole Co 10.800 3/24/2026 TRY 66.092 Landesbank Hessen- 0.400 04/01/2030 EUR 76.259 Landesbank Baden-W 0.395 1/29/2031 EUR 73.141 DZ Bank AG Deutsch 1.470 1/20/2042 EUR 65.759 BNP Paribas SA 2.670 3/13/2030 AUD 75.886 Saastopankkien Kes 0.975 8/18/2034 EUR 71.224 Landesbank Hessen- 0.350 04/08/2030 EUR 75.896 Bayerische Landesb 0.590 5/27/2031 EUR 75.383 Societe Generale S 2.710 07/08/2035 AUD 64.705 Credit Agricole Co 2.105 10/22/2035 USD 68.217 Cattles Ltd 8.125 07/05/2017 GBP 0.027 LBI ehf 7.431 USD 0.001 Department of Bouc 0.450 10/15/2041 EUR 58.397 Credit Agricole Co 9.450 03/08/2027 TRY 57.079 Department of L'Eu 0.643 8/31/2041 EUR 61.191 Kreditanstalt fuer 1.075 12/20/2049 EUR 67.843 Marseille Provence 1.000 1/15/2038 EUR 72.647 Berlin Hyp AG 0.130 9/29/2032 EUR 75.594 Landesbank Hessen- 0.700 9/25/2034 EUR 65.028 Lehman Brothers Tr 6.650 8/24/2011 AUD 0.100 Lehman Brothers Tr 4.350 08/08/2016 SGD 0.100 Lehman Brothers Tr 5.103 6/22/2046 EUR 0.100 Communaute Francai 0.818 8/28/2050 EUR 51.532 Natixis SA 2.180 8/24/2035 USD 71.811 Lehman Brothers Tr 5.198 10/05/2035 EUR 0.100 Wirtschafts- und I 0.101 09/08/2033 EUR 74.282 Landesbank Hessen- 2.000 4/16/2036 EUR 62.750 Futureal Developme 3.500 11/16/2036 HUF 51.000 Bank Julius Baer & 14.000 05/05/2023 USD 73.350 Erste Group Bank A 4.500 10/01/2025 EUR 42.800 Ringkjoebing Landb 1.875 06/06/2039 EUR 71.041 Lloyds Bank PLC 2.637 1/16/2040 AUD 68.247 Single Platform In 0.750 8/15/2050 EUR 53.951 UBS AG/London 5.520 4/29/2041 USD 50.260 Societe Du Grand P 0.875 05/10/2046 EUR 58.038 Landesbank Baden-W 0.400 07/02/2031 EUR 72.027 Finland Government 0.125 4/15/2052 EUR 48.529 Kreditanstalt fuer 0.160 2/16/2036 EUR 69.672 NRW Bank 0.642 02/09/2051 EUR 57.616 Nederlandse Waters 0.955 2/13/2051 EUR 59.230 Communaute Francai 0.392 1/22/2041 EUR 60.987 Vajda-Papir Gyarto 3.500 5/17/2031 HUF 70.700 Republic of Irelan 1.180 5/25/2087 EUR 51.764 Reneszansz Kofarag 3.200 04/09/2031 HUF 73.000 Landesbank Hessen- 0.550 04/09/2031 EUR 73.836 Kreditanstalt fuer 0.683 2/22/2051 EUR 60.556 Kreditanstalt fuer 0.080 2/15/2034 EUR 74.334 Banque Cantonale V 7.500 4/14/2023 CHF 35.290 Vasakronan AB 2.130 5/27/2041 SEK 68.236 SG Issuer SA 0.600 03/07/2033 EUR 73.046 VTB Bank PJSC 0.010 04/08/2026 RUB 72.500 Single Platform In 0.833 2/15/2041 EUR 64.245 Societe Generale S 0.570 6/30/2031 EUR 73.686 Department of Loir 0.915 11/23/2043 EUR 61.585 Single Platform In 1.340 05/10/2044 EUR 67.811 UBS AG/London 11.000 7/21/2023 USD 21.800 Leonteq Securities 19.000 6/29/2023 USD 59.770 Oberoesterreichisc 0.610 1/28/2037 EUR 71.349 NRW Bank 1.100 11/26/2041 EUR 71.895 Sberbank of Russia 0.010 10/05/2028 RUB 64.400 Deutsche Pfandbrie 0.710 09/10/2031 EUR 66.463 UBS AG/London 9.000 09/08/2023 EUR 69.550 UBS AG/London 11.750 11/10/2023 CHF 69.400 Kuntarahoitus Oyj 1.150 9/24/2051 EUR 68.497 Luzerner Kantonalb 6.780 07/06/2023 USD 59.080 Caisse des Depots 0.642 02/12/2041 EUR 59.543 Slovakia Governmen 1.000 10/13/2051 EUR 51.739 Landesbank Hessen- 1.350 4/16/2036 EUR 66.350 Norddeutsche Lande 1.000 05/12/2036 EUR 64.237 Gazprombank JSC 6.400 12/28/2030 RUB 70.000 Landesbank Hessen- 0.520 3/31/2031 EUR 73.710 BLT Finance BV 12.000 02/10/2015 USD 10.500 Goldman Sachs Inte 0.098 1/13/2025 EUR 16.950 BPCE SA 2.160 10/06/2031 USD 74.689 ING Groep NV 0.975 2/14/2034 EUR 70.210 Caisse des Depots 1.150 02/03/2042 EUR 64.778 Raiffeisen Schweiz 14.400 05/02/2023 CHF 74.010 Berlin Hyp AG 0.110 1/20/2031 EUR 73.210 Kreditanstalt fuer 0.826 10/22/2041 EUR 69.577 Kreditanstalt fuer 0.699 10/20/2036 EUR 74.929 Deutsche Bank AG 0.610 9/30/2031 EUR 72.535 Sveriges Sakerstal 1.378 7/13/2046 SEK 67.127 Takarek Mortgage B 3.000 8/21/2030 HUF 66.500 Swissquote Bank SA 17.200 2/13/2024 CHF 39.250 Pharmacy Chain 36. 10.000 11/30/2029 RUB 60.350 Bayerische Landesb 2.350 2/23/2024 EUR 62.680 SG Issuer SA 6.940 1/20/2025 SEK 68.200 Bayerische Landesb 1.100 1/26/2024 EUR 61.860 Dr Wiesent Sozial 7.000 EUR 0.002 DVM Construction F 3.000 7/29/2030 HUF 62.100 HYPO NOE Landesban 1.605 8/23/2046 EUR 73.874 DLR Kredit A/S 0.500 10/01/2050 DKK 69.538 Natixis SA 3.000 8/28/2049 AUD 52.608 Municipality of Ti 0.470 11/14/2034 EUR 75.247 Bayerische Landesb 1.020 11/12/2035 EUR 69.553 Deutsche Pfandbrie 3.100 09/07/2046 USD 67.089 Bank fuer Kirche u 0.600 06/09/2036 EUR 66.855 Deutsche Bank AG 2.267 8/25/2034 EUR 71.096 Vnesheconombank Vi 6.025 07/05/2022 USD 6.267 Region de Bruxelle 0.658 01/07/2041 EUR 61.800 DNB Boligkreditt A 1.230 11/18/2039 EUR 72.727 Gol Finance SA 7.000 1/31/2025 USD 49.115 Banque et Caisse d 1.068 5/18/2041 EUR 72.258 Landesbank Baden-W 0.610 11/03/2031 EUR 73.014 HSBC Continental E 1.200 9/26/2039 EUR 70.746 OP Corporate Bank 1.400 3/16/2035 EUR 74.347 Wirtschafts- und I 0.400 11/23/2039 EUR 64.539 Bayerische Landesb 0.900 11/29/2035 EUR 68.011 Muenchener Hypothe 0.030 1/14/2031 EUR 74.174 Region Occitanie 0.728 11/16/2037 EUR 68.185 Raiffeisen-Landesb 0.060 10/03/2031 EUR 75.704 Societe Generale S 5.050 11/25/2036 USD 44.374 BPCE SFH SA 1.597 2/13/2042 EUR 75.885 Santander Internat 1.320 08/08/2039 EUR 67.326 Muenchener Hypothe 0.300 1/27/2031 EUR 75.081 LFA Foerderbank Ba 0.010 12/15/2033 EUR 73.270 BNG Bank NV 0.632 07/12/2066 EUR 41.482 Caisse des Depots 2.160 12/07/2050 AUD 56.028 Department of Bouc 0.530 7/30/2035 EUR 72.703 Bayerische Landesb 1.500 7/14/2036 EUR 72.813 Bank of Ireland Mo 1.574 3/31/2043 EUR 76.353 Landesbank Hessen- 0.950 04/09/2036 EUR 63.619 Bayerische Landesb 0.280 10/09/2030 EUR 74.948 BNG Bank NV 1.790 1/21/2049 EUR 73.720 Credit Industriel 1.170 1/28/2037 EUR 73.111 Banque Internation 2.120 8/20/2040 EUR 59.484 Deutsche Apotheker 0.800 12/21/2035 EUR 66.507 Rikshem AB 2.137 1/29/2036 EUR 75.119 Nederlandse Waters 1.208 1/23/2042 EUR 72.299 Kommunekredit 0.869 11/12/2043 SEK 65.187 Caisse des Depots 1.980 08/08/2048 EUR 71.687 Santander Internat 1.192 12/07/2045 EUR 60.754 Region Provence-Al 1.547 11/29/2038 EUR 75.838 Kuntarahoitus Oyj 1.005 12/07/2060 EUR 60.965 Banque Internation 0.675 10/29/2030 EUR 74.266 Landesbank Hessen- 0.600 04/09/2035 EUR 62.667 Landesbank Hessen- 0.800 4/15/2036 EUR 62.177 Goldman Sachs Inte 3.200 3/16/2041 AUD 65.942 Region de Bruxelle 1.036 6/29/2049 EUR 52.159 Office Public De L 1.700 12/22/2060 EUR 72.470 Metropole de Lyon 0.500 12/28/2048 EUR 48.202 Renovables Atlasol 2.200 12/31/2038 EUR 70.636 Muenchener Hypothe 0.050 7/15/2030 EUR 75.720 BNG Bank NV 1.935 11/02/2048 EUR 76.326 Landesbank Hessen- 1.350 04/06/2034 EUR 72.891 NRW Bank 1.048 10/11/2041 EUR 70.728 Single Platform In 0.950 5/17/2038 EUR 68.197 Societe Generale S 1.040 3/25/2041 EUR 62.430 Norddeutsche Lande 0.750 1/15/2032 EUR 73.677 Landshypotek Bank 1.680 1/20/2042 SEK 73.635 Credit Agricole Co 8.520 12/15/2023 USD 65.650 Bank Vontobel AG 12.000 4/26/2023 CHF 55.500 Single Platform In 0.700 9/20/2041 EUR 62.103 EFG International 7.200 10/06/2023 USD 61.000 NRW Bank 0.600 1/28/2051 EUR 54.681 Single Platform In 0.860 6/15/2039 EUR 65.975 Leonteq Securities 16.000 04/12/2023 CHF 57.500 EFG International 7.800 10/06/2023 USD 61.400 NRW Bank 1.235 12/16/2061 EUR 60.790 Zurcher Kantonalba 10.500 5/16/2023 CHF 68.320 Banque Internation 0.530 09/02/2030 EUR 74.224 Zurcher Kantonalba 17.000 09/04/2023 EUR 59.570 Zurcher Kantonalba 13.500 11/10/2023 CHF 39.100 Kommunalkredit Aus 1.055 10/06/2031 EUR 72.955 Single Platform In 1.690 7/25/2053 EUR 71.276 Landesbank Hessen- 1.750 4/14/2037 EUR 71.263 Brussels Municipal 0.892 9/29/2041 EUR 63.673 Leonteq Securities 20.000 11/28/2023 CHF 34.230 Deutsche Pfandbrie 0.312 4/16/2029 EUR 72.546 Single Platform In 2.085 1/24/2044 NOK 67.951 UBS AG/London 8.000 5/17/2023 CHF 8.850 Region de Bruxelle 0.796 07/02/2042 EUR 60.027 Landesbank Hessen- 0.750 11/17/2036 EUR 66.600 Norddeutsche Lande 0.900 07/05/2033 EUR 70.307 Leonteq Securities 12.000 10/10/2023 CHF 26.260 GVC George's Ventu 2.500 12/18/2030 HUF 70.360 Dyadya Doner OOO 13.500 4/25/2023 RUB 25.010 Landesbank Hessen- 1.000 1/13/2037 EUR 63.326 Banque Federative 0.125 11/06/2030 EUR 75.400 SpareBank 1 SMN 0.190 11/06/2030 EUR 73.172 Caisse Francaise d 0.865 2/17/2042 EUR 66.891 Single Platform In 0.901 2/15/2041 EUR 65.680 Single Platform In 0.767 2/15/2041 EUR 63.474 Hypo Vorarlberg Ba 0.480 3/26/2031 EUR 73.797 Cooperatieve Rabob 1.315 2/28/2039 EUR 74.831 Societe Wallonne d 0.913 7/31/2040 EUR 58.601 Caisse des Depots 0.820 03/10/2050 EUR 52.960 Saastopankkien Kes 0.870 7/28/2031 EUR 75.765 Kingdom of Belgium 0.400 6/22/2040 EUR 63.349 Hungary Government 3.000 10/27/2038 HUF 56.478 BNG Bank NV 1.897 10/30/2048 EUR 75.674 Belfius Bank SA 1.561 4/27/2043 EUR 75.018 Erste Group Bank A 0.570 8/14/2032 EUR 73.565 Kuntarahoitus Oyj 0.726 01/08/2060 EUR 48.726 Landesbank Baden-W 0.550 2/21/2031 EUR 73.978 Credit Agricole Co 1.920 10/16/2032 USD 74.578 State of Lower Aus 0.400 10/13/2050 EUR 48.677 Astana Finance BV 7.875 06/08/2010 EUR 16.000 Lehman Brothers Tr 14.900 9/15/2008 EUR 0.100 State of Rhineland 0.100 10/01/2040 EUR 61.411 Oberbank AG 0.230 10/07/2041 EUR 59.588 SpareBank 1 SR-Ban 0.970 10/09/2040 EUR 60.859 Collectivite Europ 0.487 10/09/2045 EUR 52.620 Ukraine Government 7.750 09/01/2026 USD 18.114 Aareal Bank AG 1.068 2/18/2050 EUR 64.132 Credit Agricole Co 2.650 1/29/2035 AUD 75.622 BPCE SA 2.820 12/18/2039 AUD 53.946 Landesbank Hessen- 0.450 02/05/2030 EUR 77.111 Saastopankkien Kes 0.840 10/22/2035 EUR 67.323 Lehman Brothers Tr 23.300 9/16/2008 USD 0.100 Credit Agricole Co 0.100 10/21/2030 EUR 76.038 Hypo Vorarlberg Ba 1.020 1/17/2035 EUR 68.609 Hypo Vorarlberg Ba 0.390 10/21/2030 EUR 74.295 BPCE SA 1.980 10/06/2030 AUD 72.413 Lehman Brothers Tr 2.500 12/15/2011 GBP 0.100 Landesbank Baden-W 0.540 10/07/2031 EUR 71.934 Teksid Aluminum Lu 12.375 7/15/2011 EUR 0.122 DZ Bank AG Deutsch 0.750 9/21/2035 EUR 70.705 LBI ehf 2.250 2/14/2011 CHF 10.250 Lehman Brothers Tr 5.198 11/02/2035 EUR 0.100 BNP Paribas Issuan 7.980 1/20/2025 SEK 70.370 Leonteq Securities 11.000 4/28/2023 CHF 48.950 UBS AG/London 8.250 11/19/2026 EUR 69.890 UBS AG/London 9.250 08/09/2023 CHF 69.400 Landesbank Baden-W 3.850 10/24/2025 EUR 55.290 Heta Asset Resolut 2.864 12/31/2023 EUR 1.558 Lehman Brothers Tr 6.720 12/29/2008 EUR 0.100 Norske Skogindustr 2.000 12/30/2115 EUR 0.113 Deutsche Pfandbrie 0.480 5/19/2031 EUR 65.468 Norddeutsche Lande 0.950 6/16/2033 EUR 70.799 Region de Bruxelle 1.100 5/25/2051 EUR 56.233 Region Nouvelle-Aq 0.630 11/22/2039 EUR 64.274 Bank fuer Kirche u 0.800 11/12/2035 EUR 69.709 Bank fuer Kirche u 0.770 10/12/2035 EUR 69.557 Single Platform In 1.450 9/14/2040 EUR 72.260 Muenchener Hypothe 0.805 4/16/2036 EUR 67.387 Landeskreditbank B 0.547 2/18/2041 EUR 63.324 Credit Agricole Co 3.100 4/28/2041 AUD 68.521 Citigroup Global M 1.000 3/19/2041 EUR 60.086 Landesbank Baden-W 0.350 04/08/2037 EUR 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76.566 Lehman Brothers Tr 7.600 3/26/2009 EUR 0.100 Lehman Brothers Tr 7.550 12/29/2008 USD 0.100 Eika Boligkreditt 1.112 5/16/2039 EUR 72.216 Landesbank Hessen- 1.000 11/20/2030 EUR 77.426 Department of Bouc 1.368 05/06/2044 EUR 67.619 Single Platform In 1.075 6/26/2052 EUR 59.345 City of Amsterdam 0.490 12/16/2036 EUR 70.964 Deutsche Bank AG 2.784 04/03/2034 EUR 75.855 Lehman Brothers Tr 6.850 12/22/2008 EUR 0.100 BPCE SFH SA 1.186 05/09/2039 EUR 72.915 Assistance Publiqu 0.750 12/03/2041 EUR 63.636 Landesbank Hessen- 0.610 9/27/2032 EUR 69.847 Nationwide Buildin 1.336 2/26/2041 EUR 74.951 Barclays Bank PLC 2.000 06/12/2029 TRY 27.685 Region of Pays de 0.729 05/12/2036 EUR 71.067 Landesbank Hessen- 0.620 1/16/2035 EUR 63.468 Kreditanstalt fuer 0.210 11/18/2037 EUR 65.040 BPCE SFH SA 0.430 05/07/2040 EUR 62.133 DZ Bank AG Deutsch 0.660 11/23/2035 EUR 69.462 Landesbank Hessen- 0.400 12/17/2030 EUR 73.866 Landesbank Saar 0.720 6/29/2035 EUR 68.558 Kreditanstalt fuer 0.902 11/16/2050 EUR 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11/09/2060 EUR 56.911 Norddeutsche Lande 0.720 3/17/2031 EUR 75.230 Agence France Loca 0.210 12/20/2035 EUR 68.777 Landesbank Hessen- 0.250 12/09/2030 EUR 73.011 Landesbank Hessen- 0.700 2/19/2035 EUR 63.939 Kreditanstalt fuer 0.220 11/19/2035 EUR 71.338 Single Platform In 2.230 04/04/2040 NOK 73.760 HSBC Continental E 2.025 3/19/2049 EUR 75.893 BPCE SFH SA 1.385 3/18/2039 EUR 75.713 Region de Bruxelle 1.510 3/15/2039 EUR 74.630 Cooperatieve Rabob 2.255 9/20/2047 EUR 69.598 Landesbank Hessen- 0.550 05/07/2031 EUR 75.015 Region de Bruxelle 1.643 11/16/2043 EUR 69.885 Landesbank Hessen- 1.050 11/17/2060 EUR 58.398 Banque Internation 0.775 11/18/2032 EUR 70.226 DNB Boligkreditt A 1.550 09/01/2042 EUR 75.418 Landesbank Hessen- 0.670 4/24/2030 EUR 77.686 Landeskreditbank B 0.730 10/04/2050 EUR 56.878 Region Wallonne Be 1.550 4/28/2120 EUR 48.954 Sparebank 1 Oestla 1.575 2/28/2034 EUR 76.233 DZ Bank AG Deutsch 1.250 2/23/2037 EUR 74.712 Landesbank Hessen- 0.700 12/28/2035 EUR 61.876 Societe 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1.220 3/27/2060 EUR 65.537 Landesbank Hessen- 0.650 09/03/2031 EUR 73.271 Societe Generale S 3.020 01/11/2032 AUD 76.486 Landesbank Hessen- 0.250 04/08/2030 EUR 75.310 Hypo Tirol Bank AG 1.530 04/10/2043 EUR 74.412 Landesbank Saar 0.425 2/14/2031 EUR 75.650 Landesbank Baden-W 0.380 02/12/2031 EUR 72.607 Single Platform In 1.860 2/15/2041 NOK 69.430 Credit Agricole Co 2.800 2/23/2041 AUD 66.355 Getin Noble Bank S 12.000 5/31/2024 PLN 47.012 SG Issuer SA 3.300 9/26/2034 ZAR 45.014 SG Issuer SA 2.700 11/28/2034 ZAR 40.951 SG Issuer SA 3.000 10/10/2034 ZAR 43.111 Region de Bruxelle 0.758 3/27/2037 EUR 69.803 Landesbank Hessen- 0.750 9/17/2035 EUR 62.999 Norddeutsche Lande 1.400 8/17/2037 EUR 65.767 NRW Bank 1.033 1/27/2042 EUR 70.325 Landesbank Hessen- 0.700 2/24/2032 EUR 74.916 Norddeutsche Lande 1.000 09/10/2032 EUR 73.163 Norddeutsche Lande 0.675 2/25/2033 EUR 69.699 Landesbank Hessen- 0.730 8/13/2032 EUR 71.082 NRW Bank 0.591 3/19/2040 EUR 68.815 Citigroup Global M 2.650 3/17/2040 USD 70.199 Caisse des Depots 1.730 12/21/2048 EUR 69.334 Natixis SA 2.720 5/27/2036 USD 75.229 Region de Bruxelle 1.250 01/10/2060 EUR 50.723 Region de Bruxelle 0.730 2/25/2050 EUR 49.371 DZ Bank AG Deutsch 0.800 8/20/2035 EUR 71.054 Landesbank Hessen- 0.200 02/05/2031 EUR 72.139 DZ Bank AG Deutsch 0.300 02/12/2032 EUR 75.437 Deutsche Bank AG 2.315 3/31/2031 EUR 75.819 Single Platform In 0.803 3/20/2041 EUR 63.379 Lehman Brothers Tr 6.000 9/20/2011 EUR 0.100 Lehman Brothers Tr 3.400 9/21/2009 HKD 0.100 Lehman Brothers Tr 4.000 10/12/2010 USD 0.100 ECM Real Estate In 5.000 10/09/2011 EUR 15.375 Lehman Brothers Tr 7.000 10/22/2010 EUR 0.100 Lehman Brothers Tr 8.000 10/23/2008 USD 0.100 Lehman Brothers Tr 4.800 11/16/2012 HKD 0.100 Lehman Brothers Tr 3.500 12/20/2027 USD 0.100 Cie DU Chemin de F 0.280 11/29/2052 CHF 58.277 NRW Bank 0.360 10/15/2035 EUR 72.531 Lehman Brothers Tr 11.000 12/20/2017 AUD 0.100 Lehman Brothers Tr 11.000 12/20/2017 AUD 0.100 Lehman Brothers Tr 0.500 12/20/2017 AUD 0.100 Lehman Brothers Tr 0.500 12/20/2017 AUD 0.100 Lehman Brothers Tr 9.300 12/21/2010 EUR 0.100 Lehman Brothers Tr 0.500 12/20/2017 USD 0.100 Kreditanstalt fuer 1.027 10/26/2050 EUR 61.713 Lehman Brothers Tr 6.000 03/04/2015 USD 0.100 Lehman Brothers Tr 3.500 6/20/2011 EUR 0.100 Nederlandse Waters 1.080 10/26/2050 EUR 61.751 Lehman Brothers Tr 6.450 2/20/2010 AUD 0.100 Berlin Hyp AG 0.055 10/16/2030 EUR 73.502 Lehman Brothers Tr 6.600 5/23/2012 AUD 0.100 NRW Bank 0.612 10/21/2050 EUR 57.082 Lehman Brothers Tr 16.000 10/28/2008 USD 0.100 Lehman Brothers Tr 7.000 4/24/2009 USD 0.100 Lehman Brothers Tr 16.200 5/14/2009 USD 0.100 Muenchener Hypothe 0.270 10/19/2035 EUR 69.430 Norddeutsche Lande 0.650 11/18/2030 EUR 75.666 Lehman Brothers Tr 10.600 4/22/2014 MXN 0.100 Lehman Brothers Tr 10.000 5/22/2009 USD 0.100 Lehman Brothers Tr 7.600 03/04/2010 NZD 0.100 Lehman Brothers Tr 13.500 06/02/2009 USD 0.100 Lehman Brothers Tr 5.550 03/12/2015 EUR 0.100 Lehman Brothers Tr 12.400 06/12/2009 USD 0.100 Lehman Brothers Tr 10.000 6/17/2009 USD 0.100 Lehman Brothers Tr 11.000 07/04/2011 USD 0.100 Lehman Brothers Tr 5.500 07/08/2013 EUR 0.100 Lehman Brothers Tr 0.500 07/02/2020 EUR 0.100 Lehman Brothers Tr 3.100 06/04/2010 USD 0.100 Lehman Brothers Tr 5.375 02/04/2014 USD 0.100 Lehman Brothers Tr 11.000 2/16/2009 CHF 0.100 Lehman Brothers Tr 10.000 2/16/2009 CHF 0.100 Lehman Brothers Tr 1.000 2/26/2010 USD 0.100 Lehman Brothers Tr 8.000 3/21/2018 USD 0.100 Muenchener Hypothe 0.580 10/14/2035 EUR 68.359 Lehman Brothers Tr 8.000 3/19/2012 USD 0.100 Lehman Brothers Tr 7.600 1/31/2013 AUD 0.100 Lehman Brothers Tr 10.000 10/23/2008 USD 0.100 Lehman Brothers Tr 10.000 10/22/2008 USD 0.100 DZ Bank AG Deutsch 0.700 11/02/2035 EUR 69.976 Department of Bouc 0.482 10/20/2045 EUR 52.499 Lehman Brothers Tr 4.600 08/01/2013 EUR 0.100 Lehman Brothers Tr 10.442 11/22/2008 CHF 0.100 Landesbank Hessen- 0.318 10/02/2029 EUR 77.578 Kaupthing ehf 4.350 10/20/2008 EUR 0.250 Lehman Brothers Tr 5.100 05/08/2017 HKD 0.100 Lehman Brothers Tr 3.350 10/13/2016 EUR 0.100 Lehman Brothers Tr 4.000 5/30/2010 USD 0.100 Lehman Brothers Tr 2.250 05/12/2009 USD 0.100 Lehman Brothers Tr 2.500 8/23/2012 GBP 0.100 Lehman Brothers Tr 3.000 8/13/2011 EUR 0.100 Lehman Brothers Tr 5.200 3/19/2018 EUR 0.100 Lehman Brothers Tr 1.680 03/05/2015 EUR 0.100 Lehman Brothers Tr 5.000 4/24/2017 EUR 0.100 Landesbank Hessen- 0.700 11/02/2034 EUR 64.734 Landesbank Hessen- 0.700 9/29/2034 EUR 64.983 Landesbank Hessen- 0.900 10/22/2035 EUR 64.159 Lehman Brothers Tr 4.100 06/10/2014 SGD 0.100 Ferrovie Luganesi 0.280 12/31/2044 CHF 72.417 Landesbank Hessen- 0.250 11/12/2030 EUR 73.266 Lehman Brothers Tr 4.000 01/04/2011 USD 0.100 DZ Bank AG Deutsch 0.500 10/21/2032 EUR 75.216 Lehman Brothers Tr 0.500 12/20/2017 AUD 0.100 Lehman Brothers Tr 0.500 12/20/2017 AUD 0.100 Lehman Brothers Tr 8.000 12/31/2010 USD 0.100 Lehman Brothers Tr 0.500 12/20/2017 USD 0.100 Lehman Brothers Tr 0.500 12/20/2017 USD 0.100 Oberoesterreichisc 0.650 10/15/2035 EUR 67.215 Lehman Brothers Tr 6.300 12/21/2018 USD 0.100 Lehman Brothers Tr 4.000 03/10/2011 EUR 0.100 DZ Bank AG Deutsch 0.600 11/16/2035 EUR 68.600 Lehman Brothers Tr 7.500 2/14/2010 AUD 0.100 Aktia Bank Oyj 0.635 10/16/2035 EUR 65.913 Bayerische Landesb 0.800 10/16/2036 EUR 65.846 Lehman Brothers Tr 3.450 5/23/2013 USD 0.100 Lehman Brothers Tr 5.500 4/23/2014 EUR 0.100 Lehman Brothers Tr 9.000 05/06/2011 CHF 0.100 Lehman Brothers Tr 6.000 5/23/2018 CZK 0.100 Lehman Brothers Tr 4.000 5/17/2010 USD 0.100 Lehman Brothers Tr 2.480 05/12/2009 USD 0.100 Department of Bouc 0.500 10/05/2043 EUR 55.812 Nederlandse Waters 0.448 10/08/2040 EUR 63.542 Petromena ASA 10.850 11/19/2018 USD 0.622 Lehman Brothers Tr 14.900 11/16/2010 EUR 0.100 Lehman Brothers Tr 8.800 12/27/2009 EUR 0.100 Lehman Brothers Tr 11.000 12/20/2017 AUD 0.100 Banque Internation 0.750 10/13/2030 EUR 74.440 Societe Generale S 2.190 10/14/2035 USD 60.881 Lehman Brothers Tr 13.000 2/16/2009 CHF 0.100 Lehman Brothers Tr 7.000 2/15/2010 CHF 0.100 Banque Internation 0.550 10/13/2030 EUR 73.258 Lehman Brothers Tr 6.000 3/18/2015 USD 0.100 Lehman Brothers Tr 11.750 03/01/2010 EUR 0.100 Lehman Brothers Tr 7.150 3/21/2013 USD 0.100 Lehman Brothers Tr 13.000 7/25/2012 EUR 0.100 Lehman Brothers Tr 18.250 10/02/2008 USD 0.100 Lehman Brothers Tr 1.500 10/12/2010 EUR 0.100 Oberoesterreichisc 0.350 10/09/2041 EUR 60.371 Landesbank Hessen- 0.610 04/12/2034 EUR 65.474 Lehman Brothers Tr 5.200 11/09/2011 EUR 0.100 Department of Bouc 0.457 10/08/2040 EUR 60.384 Lehman Brothers Tr 16.000 10/08/2008 CHF 0.100 Oberoesterreichisc 0.641 10/13/2035 EUR 67.138 Landesbank Hessen- 0.120 2/19/2030 EUR 75.050 Kuntarahoitus Oyj 0.130 09/02/2033 EUR 74.781 Norddeutsche Lande 1.520 02/11/2038 EUR 66.244 Landesbank Hessen- 0.850 03/12/2035 EUR 65.119 Region Wallonne Be 0.591 02/10/2040 EUR 62.226 Landesbank Hessen- 0.750 2/17/2034 EUR 67.071 Barclays Bank PLC 1.645 06/03/2041 USD 69.473 Landesbank 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Landesbank Hessen- 0.950 02/12/2035 EUR 66.236 Norddeutsche Lande 1.440 1/15/2038 EUR 65.269 Deutsche Apotheker 0.620 12/19/2030 EUR 76.354 Lehman Brothers Tr 5.120 4/30/2027 EUR 0.100 Lehman Brothers Tr 7.750 2/21/2016 EUR 0.100 Aktia Bank Oyj 0.990 1/15/2035 EUR 70.741 Lehman Brothers Tr 0.500 06/02/2020 EUR 0.100 Lehman Brothers Tr 16.000 12/26/2008 USD 0.100 Lehman Brothers Tr 13.432 01/08/2009 ILS 0.100 Societe Wallonne d 0.904 10/23/2047 EUR 52.613 Lehman Brothers Tr 4.300 06/04/2012 USD 0.100 Lehman Brothers Tr 1.460 2/19/2012 JPY 0.100 Norddeutsche Lande 1.470 12/23/2037 EUR 65.688 Lehman Brothers Tr 11.250 12/31/2008 USD 0.100 Lehman Brothers Tr 13.000 12/14/2012 USD 0.100 Lehman Brothers Tr 4.820 12/18/2036 EUR 0.100 Lehman Brothers Tr 1.000 05/09/2012 EUR 0.100 Oberoesterreichisc 0.420 10/22/2030 EUR 75.018 Lehman Brothers Tr 15.000 06/04/2009 CHF 0.100 Lehman Brothers Tr 17.000 06/02/2009 USD 0.100 Lehman Brothers Tr 5.000 11/22/2012 EUR 0.100 Lehman Brothers Tr 3.000 06/03/2010 EUR 0.100 Lehman Brothers Tr 2.000 6/28/2011 EUR 0.100 Lehman Brothers Tr 7.600 5/21/2013 USD 0.100 Lehman Brothers Tr 11.000 07/04/2011 CHF 0.100 Lehman Brothers Tr 2.500 8/15/2012 CHF 0.100 Lehman Brothers Tr 7.500 5/30/2010 AUD 0.100 Lehman Brothers Tr 4.100 8/23/2010 USD 0.100 Lehman Brothers Tr 8.000 12/27/2032 JPY 0.100 Lehman Brothers Tr 0.010 9/20/2011 USD 0.100 Lehman Brothers Tr 10.000 06/11/2038 JPY 0.100 Societe Wallonne d 0.894 10/23/2045 EUR 53.877 Lehman Brothers Tr 0.500 08/01/2020 EUR 0.100 Lehman Brothers Tr 16.800 8/21/2009 USD 0.100 Lehman Brothers Tr 14.100 11/12/2008 USD 0.100 Lehman Brothers Tr 2.300 06/06/2013 USD 0.100 Lehman Brothers Tr 4.000 06/05/2011 USD 0.100 Credit Agricole Co 10.150 02/05/2025 TRY 73.847 Credit Agricole Co 1.100 12/16/2034 EUR 73.012 BNP Paribas SA 1.000 1/23/2040 MXN 23.584 Lehman Brothers Tr 8.000 5/22/2009 USD 0.100 Lehman Brothers Tr 12.000 07/04/2011 EUR 0.100 Landesbank Baden-W 0.440 10/19/2035 EUR 71.909 Lehman Brothers Tr 7.750 01/03/2012 AUD 0.100 Lehman Brothers Tr 13.150 10/30/2008 USD 0.100 Lehman Brothers Tr 6.000 08/07/2013 EUR 0.100 Lehman Brothers Tr 6.250 09/05/2011 EUR 0.100 Lehman Brothers Tr 4.500 03/06/2013 CHF 0.100 Lehman Brothers Tr 3.850 4/24/2009 USD 0.100 Lehman Brothers Tr 5.750 6/15/2009 CHF 0.100 Lehman Brothers Tr 4.000 4/13/2011 CHF 0.100 Lehman Brothers Tr 10.000 3/27/2009 USD 0.100 Lehman Brothers Tr 0.250 7/21/2014 EUR 0.100 Lehman Brothers Tr 2.000 10/28/2010 EUR 0.100 Lehman Brothers Tr 8.000 08/03/2009 USD 0.100 Lehman Brothers Tr 5.500 6/15/2009 CHF 0.100 Astana Finance BV 9.000 11/16/2011 USD 15.250 Credit Agricole Co 11.400 10/28/2025 TRY 70.294 Lehman Brothers Tr 11.000 12/19/2011 USD 0.100 Landesbank Hessen- 0.600 10/28/2032 EUR 69.505 Landesbank Hessen- 0.700 07/07/2034 EUR 65.619 Heta Asset Resolut 3.177 12/31/2023 EUR 1.558 Lehman Brothers Tr 15.000 3/30/2011 EUR 0.100 Norddeutsche Lande 1.000 10/26/2035 EUR 65.273 DZ Bank AG Deutsch 1.250 9/30/2060 EUR 58.271 Lehman Brothers Tr 0.250 10/19/2012 CHF 0.100 Bayerische Landesb 0.420 11/05/2030 EUR 75.877 DZ Bank AG Deutsch 0.600 9/30/2033 EUR 73.774 Lehman Brothers Tr 3.700 06/06/2009 EUR 0.100 Lehman Brothers Tr 4.500 08/02/2009 USD 0.100 Lehman Brothers Tr 7.500 10/24/2008 USD 0.100 Lehman Brothers Tr 5.000 10/24/2008 CHF 0.100 Lehman Brothers Tr 4.000 11/24/2016 EUR 0.100 Lehman Brothers Tr 7.585 11/22/2009 MXN 0.100 Landesbank Hessen- 0.700 08/08/2034 EUR 65.382 Lehman Brothers Tr 6.000 2/14/2012 EUR 0.100 Lehman Brothers Tr 7.000 2/15/2012 EUR 0.100 Lehman Brothers Tr 6.600 2/22/2012 EUR 0.100 Lehman Brothers Tr 3.500 10/31/2011 USD 0.100 Lehman Brothers Tr 3.500 10/24/2011 USD 0.100 Norddeutsche Lande 0.800 10/26/2032 EUR 71.140 Lehman Brothers Tr 6.750 04/05/2012 EUR 0.100 Lehman Brothers Tr 5.000 05/02/2022 EUR 0.100 Landesbank Hessen- 0.700 10/29/2035 EUR 62.259 Lehman Brothers Tr 0.800 12/30/2016 EUR 0.100 Banca di Cividale 2.440 6/30/2036 EUR 73.123 Purple Protected A 2.085 10/27/2060 EUR 47.018 Landesbank Baden-W 0.590 10/07/2032 EUR 69.766 Landesbank Baden-W 0.690 10/08/2035 EUR 63.654 Muenchener Hypothe 0.790 12/21/2035 EUR 68.310 Lehman Brothers Tr 4.690 2/19/2017 EUR 0.100 Lehman Brothers Tr 3.860 9/21/2011 SGD 0.100 Lehman Brothers Tr 9.000 6/13/2009 USD 0.100 Lehman Brothers Tr 7.250 10/06/2008 EUR 0.100 Lehman Brothers Tr 8.000 5/22/2009 USD 0.100 Lehman Brothers Tr 7.000 4/14/2009 EUR 0.100 Lehman Brothers Tr 7.750 1/30/2009 EUR 0.100 Lehman Brothers Tr 11.000 6/29/2009 EUR 0.100 Lehman Brothers Tr 1.500 10/25/2011 EUR 0.100 Lehman Brothers Tr 7.500 9/13/2009 CHF 0.100 Societe Generale S 2.370 9/17/2035 AUD 61.373 Lehman Brothers Tr 4.000 4/24/2009 USD 0.100 Lehman Brothers Tr 9.000 3/17/2009 GBP 0.100 Lehman Brothers Tr 7.000 11/28/2008 CHF 0.100 Lehman Brothers Tr 10.500 08/09/2010 EUR 0.100 Norddeutsche Lande 0.700 10/21/2030 EUR 76.225 Sidetur Finance BV 10.000 4/20/2016 USD 0.394 Landesbank Hessen- 0.500 10/23/2030 EUR 74.999 Landesbank Hessen- 0.750 10/21/2033 EUR 67.935 Muenchener Hypothe 0.490 9/17/2032 EUR 73.284 Societe Wallonne d 1.066 9/18/2046 EUR 55.812 Lehman Brothers Tr 8.500 07/06/2009 CHF 0.100 Lehman Brothers Tr 8.000 4/20/2009 EUR 0.100 Region Wallonne Be 0.828 8/28/2048 EUR 53.121 Lehman Brothers Tr 2.300 6/27/2013 USD 0.100 Heta Asset Resolut 5.730 12/31/2023 EUR 1.506 Heta Asset Resolut 5.920 12/31/2023 EUR 1.500 KPNQwest NV 8.875 02/01/2008 EUR 0.636 Communaute Francai 0.771 8/25/2050 EUR 50.986 Barclays Bank PLC 1.000 8/31/2034 EUR 74.627 LBI ehf 8.650 05/01/2011 ISK 10.250 LBI ehf 5.080 03/01/2013 ISK 10.250 Single Platform In 1.842 2/15/2044 EUR 75.979 DZ Bank AG Deutsch 0.350 2/28/2035 EUR 70.837 Lehman Brothers Tr 2.000 5/17/2010 EUR 0.100 Landesbank Hessen- 0.650 10/01/2031 EUR 73.041 Lehman Brothers Tr 1.950 11/04/2013 EUR 0.100 Heta Asset Resolut 5.030 12/31/2023 EUR 1.506 Lehman Brothers Tr 5.220 03/01/2024 EUR 0.100 Region de Bruxelle 0.557 08/07/2048 EUR 48.243 Communaute Francai 0.785 8/24/2050 EUR 51.012 Heta Asset Resolut 5.270 12/31/2023 EUR 1.500 Landesbank Hessen- 0.850 9/23/2033 EUR 68.964 Communaute Francai 0.800 8/24/2049 EUR 53.274 Lehman Brothers Tr 2.370 7/15/2013 USD 0.100 Lehman Brothers Tr 6.000 12/06/2016 USD 0.100 Kaupthing ehf 5.082 12/01/2008 EUR 0.250 Lehman Brothers Tr 3.025 1/31/2015 EUR 0.100 Municipality of Al 0.210 9/14/2035 EUR 70.889 Lehman Brothers Tr 4.500 03/07/2015 EUR 0.100 Lehman Brothers Tr 4.250 3/13/2021 EUR 0.100 Lehman Brothers Tr 6.000 3/17/2011 EUR 0.100 Lehman Brothers Tr 0.500 2/16/2009 EUR 0.100 Lehman Brothers Tr 0.750 3/29/2012 EUR 0.100 Kuntarahoitus Oyj 0.250 6/28/2040 CAD 41.852 Lehman Brothers Tr 7.000 07/11/2010 EUR 0.100 Lehman Brothers Tr 6.000 7/28/2010 EUR 0.100 Landesbank Hessen- 0.750 10/15/2035 EUR 62.821 Lehman Brothers Tr 4.150 8/25/2020 EUR 0.100 Raiffeisen-Landesb 0.766 9/17/2031 EUR 75.676 Petromena ASA 9.750 5/24/2016 NOK 0.607 Natixis SA 2.350 9/17/2035 AUD 64.808 Lehman Brothers Tr 3.000 08/08/2017 EUR 0.100 Landesbank Hessen- 0.320 10/15/2029 EUR 77.462 Commerzbank AG 0.660 9/16/2030 EUR 76.905 Norddeutsche Lande 1.000 10/12/2032 EUR 72.939 Landesbank Hessen- 0.570 9/14/2032 EUR 69.630 Lehman Brothers Tr 4.500 12/30/2010 USD 0.100 Lehman Brothers Tr 6.000 7/28/2010 EUR 0.100 Lehman Brothers Tr 4.870 10/08/2013 USD 0.100 Heta Asset Resolut 4.875 12/31/2023 EUR 1.505 DZ Bank AG Deutsch 0.570 12/30/2030 EUR 74.480 Vontobel Financial 5.150 3/19/2025 EUR 37.840 DZ Bank AG Deutsch 0.440 6/25/2031 EUR 73.850 Sberbank of Russia 0.010 1/15/2027 RUB 70.200 Raiffeisen Schweiz 6.300 07/12/2023 CHF 70.260 Goldman Sachs & Co 7.000 6/21/2023 EUR 70.370 Leonteq Securities 5.600 7/19/2023 CHF 70.750 Luzerner Kantonalb 7.500 08/09/2023 CHF 15.650 Kalita OOO 15.000 09/12/2023 RUB 3.090 Landesbank Hessen- 1.000 4/30/2035 EUR 70.700 Landesbank Hessen- 1.000 04/09/2035 EUR 67.900 Landesbank Baden-W 5.600 12/22/2023 EUR 71.040 Landesbank Hessen- 1.750 2/16/2037 EUR 67.500 Landesbank Baden-W 3.750 2/27/2026 EUR 69.350 Societe Generale S 14.000 01/10/2025 USD 72.800 Leonteq Securities 8.200 1/17/2024 CHF 54.740 Leonteq Securities 5.000 1/17/2024 CHF 78.250 Raiffeisen Switzer 6.000 1/17/2024 CHF 66.230 UBS AG/London 10.750 02/02/2024 EUR 49.200 Luzerner Kantonalb 8.260 7/17/2023 CHF 69.520 SG Issuer SA 1.500 10/19/2033 EUR 73.610 Landesbank Baden-W 2.600 9/22/2023 EUR 61.230 SG Issuer SA 1.750 11/09/2033 EUR 75.200 Landesbank Baden-W 2.650 9/22/2023 EUR 59.050 Vontobel Financial 3.000 09/05/2023 EUR 71.180 Landesbank Hessen- 1.000 03/06/2035 EUR 67.100 AKB Peresvet ZAO 0.510 2/14/2032 RUB 15.100 UBS AG/London 8.000 05/03/2023 CHF 65.150 UBS AG/London 6.750 05/10/2023 CHF 70.650 Bank Vontobel AG 12.000 05/09/2023 EUR 46.300 Zurcher Kantonalba 5.000 05/08/2023 CHF 76.420 Leonteq Securities 8.000 05/12/2023 CHF 67.370 Corner Banca SA 10.000 5/15/2023 USD 54.040 Corner Banca SA 10.000 05/12/2023 CHF 68.240 Bank Vontobel AG 9.000 05/12/2023 CHF 66.800 Banque Internation 10.000 5/16/2023 EUR 43.590 Raiffeisen Schweiz 6.200 11/15/2023 CHF 68.900 Raiffeisen Schweiz 7.500 11/15/2023 CHF 57.520 Raiffeisen Schweiz 6.500 11/15/2023 CHF 69.720 UniCredit Bank AG 7.400 12/09/2024 EUR 61.700 UBS AG/London 6.750 5/18/2023 USD 51.700 UBS AG/London 7.500 11/17/2023 CHF 73.800 UBS AG/London 10.250 5/17/2023 CHF 53.550 UniCredit Bank AG 4.550 12/22/2025 EUR 72.760 Landesbank Baden-W 2.600 4/28/2023 EUR 54.920 SG Issuer SA 9.180 1/20/2025 SEK 53.310 SG Issuer SA 8.700 1/20/2025 SEK 52.560 Landesbank Hessen- 1.750 08/04/2036 EUR 66.700 Societe Generale S 12.000 7/14/2026 USD 22.880 Leonteq Securities 10.000 07/12/2023 CHF 39.340 EFG International 8.700 7/13/2023 EUR 11.430 DekaBank Deutsche 3.100 7/21/2023 EUR 56.080 Goldman Sachs & Co 6.000 6/21/2023 EUR 58.390 Goldman Sachs & Co 7.000 6/21/2023 EUR 55.770 Goldman Sachs & Co 5.000 6/21/2023 EUR 62.590 Goldman Sachs & Co 3.000 6/21/2023 EUR 74.710 UBS AG/London 6.250 6/15/2023 CHF 61.700 UBS AG/London 6.000 12/15/2023 CHF 59.800 Raiffeisen Schweiz 5.700 12/13/2023 CHF 66.480 Raiffeisen Schweiz 9.000 6/13/2023 USD 69.770 UBS AG/London 15.250 10/20/2023 USD 59.850 Zurcher Kantonalba 9.000 4/21/2023 CHF 70.680 UBS AG/London 11.000 4/29/2024 CHF 68.700 UBS AG/London 8.750 06/08/2023 CHF 73.700 Landesbank Hessen- 1.500 1/20/2037 EUR 66.700 UBS AG/London 16.250 05/03/2023 USD 42.800 UBS AG/London 12.500 06/08/2023 CHF 59.650 Vontobel Financial 5.100 6/16/2023 USD 67.310 Bank Vontobel AG 5.000 12/11/2023 CHF 68.400 Basler Kantonalban 9.000 6/22/2023 CHF 66.260 Danske Bank A/S 3.725 01/09/2027 SEK 73.770 Kalita OOO 13.000 9/21/2025 RUB 3.650 UniCredit Bank AG 10.700 02/03/2025 EUR 60.820 UBS AG/London 7.250 11/10/2023 CHF 51.950 UBS AG/London 9.750 05/10/2023 USD 63.100 Leonteq Securities 9.000 05/11/2023 CHF 54.070 Deutsche Bank AG 4.210 10/29/2031 EUR 73.880 Bank Vontobel AG 7.500 6/19/2023 CHF 68.300 UBS AG/London 9.250 6/23/2023 USD 57.500 Vontobel Financial 4.150 7/18/2023 EUR 52.960 Vontobel Financial 4.000 7/18/2023 EUR 58.130 Bank Vontobel AG 6.500 6/26/2023 CHF 45.400 Landesbank Baden-W 4.200 6/23/2023 EUR 63.650 Landesbank Baden-W 2.000 6/23/2023 EUR 74.510 Landesbank Baden-W 3.350 6/23/2023 EUR 42.090 Landesbank Baden-W 5.300 6/23/2023 EUR 66.060 Landesbank Baden-W 3.500 6/23/2023 EUR 69.510 Landesbank Baden-W 2.700 6/23/2023 EUR 46.810 Landesbank Baden-W 2.550 6/23/2023 EUR 39.700 Landesbank Baden-W 4.250 7/28/2023 EUR 63.870 Landesbank Baden-W 4.100 6/23/2023 EUR 61.060 Landesbank Baden-W 3.500 6/23/2023 EUR 63.230 Landesbank Baden-W 2.250 6/23/2023 EUR 68.630 UBS AG/London 9.900 07/01/2024 EUR 58.780 Landesbank Baden-W 2.600 1/26/2024 EUR 65.830 SunDell Estate Nyr 3.650 07/09/2031 HUF 69.500 DekaBank Deutsche 2.300 08/09/2024 EUR 72.670 Landesbank Baden-W 3.260 4/28/2023 EUR 72.510 TransKomplektHoldi 9.500 11/02/2028 RUB 60.100 Citigroup Global M 13.200 12/18/2023 SEK 50.700 SG Issuer SA 0.263 2/20/2025 EUR 21.300 Leonteq Securities 6.000 02/07/2024 CHF 64.460 Opus Global Nyrt 3.200 4/29/2031 HUF 71.000 Landesbank Baden-W 3.100 4/28/2023 EUR 56.490 Landesbank Baden-W 3.350 4/28/2023 EUR 35.790 Landesbank Baden-W 5.200 4/28/2023 EUR 49.280 Landesbank Baden-W 4.500 4/28/2023 EUR 74.650 Landesbank Baden-W 3.000 4/28/2023 EUR 67.700 Landesbank Baden-W 2.400 11/24/2023 EUR 74.220 Raiffeisen Bank In 8.250 05/11/2023 EUR 52.880 Corner Banca SA 6.000 05/03/2023 CHF 60.910 UBS AG/London 13.750 8/16/2023 CHF 56.150 UBS AG/London 10.500 8/16/2023 CHF 11.900 Landesbank Baden-W 3.000 5/26/2023 EUR 52.760 Vontobel Financial 5.000 3/26/2024 EUR 68.150 Landesbank Hessen- 1.400 03/05/2036 EUR 64.750 UniCredit Bank AG 5.300 04/08/2025 EUR 71.120 Erste Group Bank A 7.250 03/03/2026 EUR 30.500 Takarek Mortgage B 1.750 12/22/2026 HUF 72.800 Landesbank Baden-W 4.000 01/02/2026 EUR 63.090 Sberbank of Russia 0.010 12/07/2026 RUB 71.110 Bank Julius Baer & 10.200 5/30/2023 EUR 0.850 Raiffeisen Schweiz 8.000 10/18/2023 CHF 50.350 Bank Vontobel AG 5.000 7/28/2023 CHF 76.500 Raiffeisen Schweiz 7.900 7/28/2023 CHF 49.450 Leonteq Securities 11.000 4/28/2023 CHF 43.550 UBS AG/London 9.750 8/16/2023 CHF 65.550 UBS AG/London 8.000 8/16/2023 USD 67.900 UBS AG/London 9.500 8/16/2023 CHF 71.100 Zurcher Kantonalba 5.100 1/31/2025 CHF 19.940 EFG International 4.500 2/26/2024 USD 45.220 Landesbank Hessen- 1.000 06/12/2035 EUR 70.300 Leonteq Securities 10.000 04/12/2023 CHF 62.470 Landesbank Baden-W 3.200 3/27/2026 EUR 70.990 VTB Bank PJSC 11.250 05/06/2037 RUB 53.000 EFG International 9.000 06/07/2023 EUR 59.300 Landesbank Hessen- 1.800 07/07/2036 EUR 67.050 Landesbank Baden-W 3.200 6/27/2025 EUR 73.290 DekaBank Deutsche 3.100 6/28/2024 EUR 71.300 Bank Vontobel AG 7.756 06/06/2023 EUR 35.200 EFG International 7.000 06/09/2023 CHF 69.540 UBS AG/London 8.250 06/09/2023 CHF 63.350 Leonteq Securities 14.000 7/25/2023 CHF 59.790 Societe Generale S 25.260 10/30/2025 USD 14.540 Societe Generale S 26.640 10/30/2025 USD 8.000 Federal Grid Co Un 6.600 10/02/2035 RUB 73.300 Landesbank Hessen- 0.800 11/26/2035 EUR 65.250 EFG International 4.900 11/10/2023 USD 57.330 Societe Generale S 16.000 11/30/2023 USD 13.700 Landesbank Baden-W 1.600 4/28/2023 EUR 49.200 Landesbank Baden-W 3.600 4/28/2023 EUR 41.510 Landesbank Baden-W 6.500 4/28/2023 EUR 35.440 Leonteq Securities 22.800 4/19/2023 CHF 48.280 Leonteq Securities 22.800 4/19/2023 CHF 50.910 Corner Banca SA 11.400 7/19/2023 CHF 16.960 Zurcher Kantonalba 7.500 04/12/2023 CHF 69.940 Leonteq Securities 17.000 4/19/2023 CHF 57.790 EFG International 10.600 06/01/2023 USD 61.300 Bank Vontobel AG 8.500 6/26/2023 EUR 75.400 Russian Railways J 11.990 5/30/2040 RUB 50.000 Kraus-M ZAO 10.000 12/10/2026 RUB 60.050 Raiffeisen Schweiz 8.400 8/23/2023 CHF 54.870 Sberbank of Russia 0.010 8/21/2028 RUB 62.900 Raiffeisen Bank In 8.000 04/08/2024 EUR 61.110 DekaBank Deutsche 3.300 4/28/2023 EUR 75.700 Landesbank Baden-W 4.300 3/22/2024 EUR 74.820 Landesbank Baden-W 3.000 3/22/2024 EUR 74.070 Landesbank Baden-W 4.200 3/22/2024 EUR 68.910 Landesbank Baden-W 5.600 3/22/2024 EUR 71.200 Citigroup Global M 2.500 5/16/2031 EUR 69.920 Societe Generale S 12.000 1/20/2037 USD 62.650 UBS AG/London 11.250 7/26/2023 EUR 72.300 UBS AG/London 7.000 1/26/2024 CHF 62.150 UBS AG/London 7.500 7/26/2023 CHF 62.650 UniCredit Bank AG 4.750 2/16/2026 EUR 73.880 Goldman Sachs Inte 0.070 1/13/2025 EUR 60.050 Bank Vontobel AG 20.000 05/02/2023 CHF 58.300 UBS AG/London 11.250 05/04/2023 CHF 13.040 Leonteq Securities 12.000 08/09/2023 CHF 58.550 TKK OOO 17.171 12/31/2033 RUB 60.100 Citigroup Global M 12.000 2/13/2024 SEK 60.740 Landesbank Baden-W 5.198 2/20/2034 EUR 73.750 Landesbank Baden-W 5.198 2/20/2034 EUR 74.730 EFG International 4.500 02/12/2024 USD 46.560 Landesbank Baden-W 3.100 7/24/2026 EUR 70.930 Basler Kantonalban 15.000 7/27/2023 EUR 59.580 Landesbank Baden-W 9.850 4/26/2024 EUR 67.820 Landesbank Baden-W 4.000 4/26/2024 EUR 43.110 Landesbank Baden-W 2.900 4/26/2024 EUR 60.790 Landesbank Baden-W 8.600 4/26/2024 EUR 75.010 Erste Group Bank A 9.000 1/31/2024 EUR 65.900 Landesbank Baden-W 5.198 1/30/2034 EUR 73.870 Landesbank Baden-W 5.198 1/30/2034 EUR 76.730 Landesbank Baden-W 3.000 4/28/2023 EUR 68.630 Landesbank Baden-W 6.500 4/26/2024 EUR 68.940 Landesbank Baden-W 3.000 4/26/2024 EUR 66.190 Landesbank Baden-W 6.750 4/26/2024 EUR 37.140 Landesbank Baden-W 5.100 4/26/2024 EUR 75.620 Bank Vontobel AG 8.250 7/26/2023 EUR 68.100 Societe Generale S 15.000 11/30/2023 USD 30.200 DekaBank Deutsche 2.800 10/20/2023 EUR 44.420 Landesbank Hessen- 1.000 12/28/2035 EUR 65.600 Landesbank Baden-W 3.400 8/23/2024 EUR 17.020 Bank Severnyy Mors 8.500 RUB 75.000 EFG International 4.900 11/24/2023 USD 52.630 EFG International 4.900 12/04/2023 USD 49.860 BNP Paribas SA 1.259 10/02/2023 USD 23.660 Goldman Sachs & Co 5.000 6/21/2023 EUR 73.460 Goldman Sachs & Co 7.000 6/21/2023 EUR 65.370 Goldman Sachs & Co 13.000 6/21/2023 EUR 53.450 Goldman Sachs & Co 6.000 9/20/2023 EUR 70.100 Luzerner Kantonalb 9.050 10/12/2023 CHF 74.740 DZ Bank AG Deutsch 1.980 12/29/2031 EUR 71.500 Landesbank Baden-W 6.000 12/22/2023 EUR 59.750 Landesbank Baden-W 3.100 12/22/2023 EUR 58.060 Landesbank Baden-W 8.100 12/22/2023 EUR 42.890 Landesbank Baden-W 6.100 12/22/2023 EUR 65.890 Landesbank Baden-W 7.000 12/22/2023 EUR 25.660 Landesbank Baden-W 4.500 12/22/2023 EUR 62.120 UBS AG/London 9.500 6/29/2023 CHF 10.780 UBS AG/London 8.500 6/29/2023 CHF 61.700 UBS AG/London 10.250 6/29/2023 CHF 56.700 Leonteq Securities 7.000 01/05/2024 CHF 72.910 Leonteq Securities 8.000 6/30/2023 CHF 63.190 Raiffeisen Switzer 6.500 01/03/2024 CHF 64.900 Biznes Nedvizhimos 10.800 12/18/2026 RUB 62.010 Luzerner Kantonalb 5.000 6/28/2023 CHF 65.370 Landesbank Hessen- 5.198 02/11/2037 EUR 66.600 Landesbank Hessen- 1.500 02/10/2037 EUR 67.100 Zurcher Kantonalba 5.700 6/30/2023 CHF 77.840 Raiffeisen Schweiz 10.400 11/02/2023 CHF 19.480 Zurcher Kantonalba 7.000 10/26/2023 CHF 77.350 Raiffeisen Switzer 6.000 01/10/2024 CHF 76.460 Corner Banca SA 20.000 05/02/2023 CHF 54.940 Leonteq Securities 18.000 05/02/2023 CHF 43.640 Leonteq Securities 20.000 05/02/2023 CHF 31.090 UBS AG/London 9.000 7/26/2023 CHF 11.040 UBS AG/London 7.750 4/29/2024 CHF 74.950 Basler Kantonalban 4.400 8/16/2023 CHF 64.580 EFG International 10.600 8/23/2023 EUR 29.630 Landesbank Hessen- 1.150 9/22/2036 EUR 64.500 Landesbank Baden-W 2.500 12/22/2023 EUR 74.910 Sberbank of Russia 0.010 5/23/2028 RUB 74.800 UniCredit Bank AG 5.250 12/01/2023 EUR 41.880 Epito-Es Epuletkar 3.000 11/11/2030 HUF 65.500 Societe Generale S 0.705 11/12/2035 EUR 65.120 Vajda-Papir Gyarto 3.500 11/16/2030 HUF 66.900 Mostotrest PJSC 0.010 7/29/2026 RUB 66.130 EFG International 7.500 5/19/2023 CHF 11.660 DekaBank Deutsche 3.250 08/11/2023 EUR 68.550 Erste Group Bank A 0.100 9/30/2032 EUR 69.150 Raiffeisen Switzer 7.050 5/23/2023 CHF 14.050 UBS AG/London 16.000 03/11/2024 CHF 59.350 UBS AG/London 12.250 03/11/2024 EUR 69.450 Bank Vontobel AG 5.507 9/25/2023 CHF 8.400 DekaBank Deutsche 4.300 4/26/2024 EUR 65.260 Landesbank Baden-W 4.000 4/23/2027 EUR 68.520 Raiffeisen Bank In 9.696 9/20/2023 EUR 67.710 Raiffeisen Bank In 9.696 9/20/2023 EUR 52.690 Raiffeisen Bank In 8.311 9/20/2023 EUR 65.430 DZ Bank AG Deutsch 21.500 4/28/2023 EUR 43.290 UBS AG/London 18.000 4/15/2024 USD 72.200 Landesbank Baden-W 10.000 4/28/2023 EUR 74.200 Landesbank Baden-W 2.000 4/28/2023 EUR 53.940 Leonteq Securities 13.600 08/09/2023 CHF 71.110 Leonteq Securities 15.500 11/06/2023 CHF 70.140 UBS AG/London 17.250 05/04/2023 CHF 36.300 Raiffeisen Bank In 5.541 9/20/2023 EUR 68.640 Bank Vontobel AG 10.250 10/09/2023 CHF 55.500 Bank Vontobel AG 15.000 04/12/2023 CHF 56.200 Bank Vontobel AG 10.000 8/16/2023 CHF 65.900 BNP Paribas Emissi 4.000 02/11/2026 EUR 75.250 UBS AG/London 8.750 03/11/2024 USD 68.300 UBS AG/London 14.000 03/11/2024 USD 73.000 Landesbank Hessen- 5.198 03/08/2034 EUR 75.100 Leonteq Securities 11.000 08/09/2023 CHF 69.090 Landesbank Baden-W 5.198 3/14/2034 EUR 73.790 ENVIEN Magyarorsza 2.500 5/18/2031 HUF 67.370 Bank Vontobel AG 5.755 5/15/2023 CHF 46.300 Quintet Private Ba 6.050 5/26/2026 USD 72.090 Bank Julius Baer & 10.000 6/15/2023 CHF 14.400 Leonteq Securities 8.500 06/06/2023 AUD 69.250 Leonteq Securities 8.800 12/07/2023 CHF 68.460 DZ Bank AG Deutsch 1.030 12/30/2030 EUR 74.180 SG Issuer SA 1.500 12/30/2032 EUR 46.100 DekaBank Deutsche 1.000 12/23/2024 EUR 67.180 Pannon Work Szemel 3.000 10/30/2030 HUF 64.800 Rosselkhozbank JSC 0.010 12/24/2023 RUB 65.000 Societe Generale S 1.580 9/16/2024 USD 3.690 Landesbank Baden-W 5.198 2/20/2034 EUR 75.500 Raiffeisen Switzer 10.500 07/11/2024 USD 15.030 UBS AG/London 15.000 8/31/2023 CHF 73.550 Vontobel Financial 22.000 6/23/2023 EUR 73.040 Vontobel Financial 16.750 9/22/2023 EUR 66.110 Luzerner Kantonalb 3.500 8/30/2023 USD 55.140 Raiffeisen Schweiz 7.000 9/20/2023 CHF 74.690 Basler Kantonalban 7.000 9/22/2023 CHF 65.700 Leonteq Securities 9.000 8/24/2023 CHF 60.400 BNP Paribas Emissi 5.300 09/01/2023 EUR 65.450 Landesbank Baden-W 8.400 7/28/2023 EUR 52.510 Landesbank Baden-W 5.700 7/28/2023 EUR 68.540 Landesbank Baden-W 3.500 7/28/2023 EUR 76.790 Landesbank Baden-W 4.750 7/28/2023 EUR 71.880 Landesbank Baden-W 5.000 7/28/2023 EUR 69.650 Landesbank Baden-W 7.600 7/28/2023 EUR 73.360 Landesbank Baden-W 4.650 7/28/2023 EUR 70.980 Leonteq Securities 7.000 1/31/2024 CHF 14.870 Leonteq Securities 15.000 4/28/2023 CHF 58.710 Basler Kantonalban 12.000 5/17/2023 CHF 55.810 EFG International 12.000 5/17/2023 CHF 26.320 Bank Vontobel AG 5.750 11/06/2023 CHF 54.600 Bank Vontobel AG 8.500 11/06/2023 CHF 70.000 Bank Vontobel AG 6.000 11/17/2023 CHF 75.900 Leonteq Securities 8.000 11/22/2023 CHF 67.830 Corner Banca SA 7.000 11/22/2023 CHF 67.430 Raiffeisen Schweiz 7.500 11/22/2023 CHF 65.380 Bank Vontobel AG 10.750 5/22/2023 CHF 36.600 Bank Vontobel AG 14.000 5/22/2023 CHF 55.300 UBS AG/London 8.000 11/24/2023 CHF 65.200 Sberbank of Russia 0.010 11/24/2026 RUB 74.000 UBS AG/London 5.250 11/24/2023 CHF 74.300 UBS AG/London 6.500 11/24/2023 CHF 65.150 UBS AG/London 6.750 11/24/2023 CHF 51.600 Landesbank Baden-W 5.250 5/26/2023 EUR 25.960 Landesbank Baden-W 2.850 5/26/2023 EUR 61.660 Landesbank Baden-W 4.000 5/26/2023 EUR 67.390 Landesbank Baden-W 8.450 5/26/2023 EUR 52.200 Landesbank Baden-W 11.050 5/26/2023 EUR 44.950 Landesbank Baden-W 8.250 5/26/2023 EUR 64.990 Landesbank Baden-W 4.600 6/23/2023 EUR 70.520 Landesbank Baden-W 4.350 6/23/2023 EUR 73.480 Landesbank Baden-W 2.150 5/26/2023 EUR 69.450 Landesbank Baden-W 6.000 5/26/2023 EUR 54.930 Landesbank Baden-W 6.200 5/26/2023 EUR 34.120 Landesbank Baden-W 4.850 6/23/2023 EUR 72.570 Zurcher Kantonalba 6.000 5/17/2023 CHF 75.340 TransFin-M PAO 9.400 02/04/2027 RUB 61.000 Landesbank Hessen- 1.000 07/10/2035 EUR 70.400 Landesbank Hessen- 1.600 06/12/2035 EUR 71.900 Landesbank Hessen- 0.850 7/17/2035 EUR 73.600 TKK OOO 10.900 12/31/2033 RUB 60.100 Societe Generale S 8.000 11/30/2032 USD 71.000 DZ Bank AG Deutsch 7.200 6/23/2023 EUR 59.450 DZ Bank AG Deutsch 5.100 6/23/2023 EUR 42.090 Bank Vontobel AG 8.250 11/27/2023 EUR 66.200 EFG International 20.000 05/11/2023 USD 67.460 Landesbank Baden-W 10.500 5/26/2023 EUR 75.540 Landesbank Baden-W 3.600 6/23/2023 EUR 55.870 Landesbank Baden-W 6.300 6/23/2023 EUR 73.160 Landesbank Baden-W 3.800 5/26/2023 EUR 41.990 Landesbank Baden-W 12.000 5/26/2023 EUR 29.930 Leonteq Securities 22.000 05/12/2023 CHF 61.500 Leonteq Securities 10.000 8/16/2023 CHF 32.900 Goldman Sachs & Co 6.000 6/21/2023 EUR 61.540 Bank Julius Baer & 7.000 09/11/2023 USD 65.600 Vontobel Financial 18.000 9/22/2023 EUR 63.140 Landesbank Baden-W 3.200 1/22/2027 EUR 71.850 UBS AG/London 9.750 08/09/2023 CHF 75.050 Vontobel Financial 24.500 9/22/2023 EUR 63.730 Vontobel Financial 21.000 9/22/2023 EUR 67.550 Vontobel Financial 20.500 9/22/2023 EUR 55.740 Vontobel Financial 14.500 9/22/2023 EUR 60.630 Vontobel Financial 10.500 9/22/2023 EUR 66.600 Vontobel Financial 9.500 9/22/2023 EUR 68.410 HSBC Trinkaus & Bu 16.500 6/23/2023 EUR 74.950 HSBC Trinkaus & Bu 6.000 12/22/2023 EUR 42.920 HSBC Trinkaus & Bu 8.800 4/28/2023 EUR 40.290 DZ Bank AG Deutsch 11.100 9/22/2023 EUR 37.200 UBS AG/London 4.520 09/07/2023 USD 9.546 Vontobel Financial 20.500 9/22/2023 EUR 67.290 Vontobel Financial 17.500 9/22/2023 EUR 70.360 EFG International 9.100 9/20/2023 EUR 34.310 Bank Vontobel AG 10.500 7/21/2023 CHF 49.800 Landesbank Baden-W 2.250 7/28/2023 EUR 53.510 Landesbank Baden-W 7.400 7/28/2023 EUR 26.080 Landesbank Baden-W 5.000 7/28/2023 EUR 64.810 Landesbank Baden-W 6.750 7/28/2023 EUR 65.440 Leonteq Securities 8.000 7/28/2023 USD 62.750 Leonteq Securities 11.000 7/28/2023 CHF 46.720 Citigroup Global M 12.379 11/13/2023 SEK 47.950 DZ Bank AG Deutsch 23.400 6/23/2023 EUR 67.460 Basler Kantonalban 6.000 9/15/2023 CHF 73.890 Landesbank Baden-W 2.650 10/27/2023 EUR 66.310 DekaBank Deutsche 2.350 9/27/2024 EUR 63.550 HSBC Trinkaus & Bu 11.200 6/23/2023 EUR 65.040 HSBC Trinkaus & Bu 7.300 9/22/2023 EUR 71.900 UniCredit Bank AG 10.300 9/27/2024 EUR 56.600 HSBC Trinkaus & Bu 10.200 12/22/2023 EUR 64.370 HSBC Trinkaus & Bu 20.100 6/23/2023 EUR 31.570 HSBC Trinkaus & Bu 14.000 12/22/2023 EUR 35.440 DZ Bank AG Deutsch 21.900 9/22/2023 EUR 13.820 Vontobel Financial 15.500 6/23/2023 EUR 73.640 EFG International 10.000 9/20/2023 USD 34.050 Vontobel Financial 15.000 9/22/2023 EUR 23.850 SG Issuer SA 6.500 1/20/2025 SEK 69.270 Bank Vontobel AG 14.000 02/05/2024 CHF 27.200 Landesbank Baden-W 7.250 9/22/2023 EUR 66.460 Landesbank Baden-W 2.500 8/25/2023 EUR 56.280 Corner Banca SA 8.200 8/30/2023 CHF 48.910 Landesbank Baden-W 3.200 11/24/2023 EUR 61.850 Landesbank Baden-W 4.100 11/24/2023 EUR 46.590 Landesbank Baden-W 1.250 8/25/2023 EUR 37.200 Landesbank Baden-W 4.600 8/25/2023 EUR 55.910 Landesbank Baden-W 2.800 8/25/2023 EUR 62.700 Landesbank Baden-W 2.700 8/25/2023 EUR 66.190 Leonteq Securities 30.000 5/31/2023 CHF 52.900 Landesbank Baden-W 6.100 11/24/2023 EUR 61.260 Landesbank Baden-W 9.400 11/24/2023 EUR 60.360 Landesbank Baden-W 5.200 8/25/2023 EUR 34.120 Landesbank Baden-W 6.000 8/25/2023 EUR 66.400 Landesbank Baden-W 6.200 8/25/2023 EUR 65.030 Landesbank Baden-W 4.800 8/25/2023 EUR 70.880 Leonteq Securities 10.000 08/11/2023 CHF 51.330 Basler Kantonalban 5.500 8/25/2023 CHF 76.030 UniCredit Bank AG 5.800 6/21/2023 EUR 67.380 Vontobel Financial 18.500 6/23/2023 EUR 44.790 Vontobel Financial 16.000 6/23/2023 EUR 62.440 UBS AG/London 6.500 8/23/2023 CHF 66.150 UBS AG/London 8.250 8/23/2023 CHF 60.700 Bank Vontobel AG 12.250 08/04/2023 EUR 26.000 Leonteq Securities 24.000 08/11/2023 CHF 63.620 DZ Bank AG Deutsch 14.400 6/23/2023 EUR 67.330 Landesbank Hessen- 10.396 8/24/2033 EUR 76.300 Landesbank Baden-W 11.750 11/24/2023 EUR 35.720 Bank Julius Baer & 12.000 08/11/2023 CHF 19.250 Landesbank Baden-W 3.000 2/27/2026 EUR 74.020 UBS AG/London 17.750 6/29/2023 CHF 50.600 UBS AG/London 16.250 01/04/2024 CHF 53.150 Vontobel Financial 24.000 6/23/2023 EUR 49.940 Vontobel Financial 15.000 6/23/2023 EUR 47.390 Vontobel Financial 10.000 6/23/2023 EUR 70.930 Vontobel Financial 10.000 6/23/2023 EUR 75.320 Leonteq Securities 8.000 03/11/2024 CHF 20.050 UBS AG/London 11.250 06/01/2023 CHF 58.650 Landesbank Baden-W 8.500 9/22/2023 EUR 29.420 Landesbank Baden-W 4.500 9/22/2023 EUR 45.530 Landesbank Baden-W 7.100 9/22/2023 EUR 72.610 Pharmacy Chain 36. 10.500 06/04/2030 RUB 60.350 Leonteq Securities 25.000 09/12/2023 CHF 49.500 Bank Vontobel AG 5.250 5/28/2024 CHF 66.100 Banque Internation 6.000 11/30/2023 CHF 71.230 UBS AG/London 9.000 06/01/2023 CHF 64.000 Zurcher Kantonalba 8.500 2/23/2024 CHF 74.590 Banque Internation 14.000 09/01/2023 EUR 75.500 Raiffeisen Schweiz 5.800 8/25/2023 CHF 69.390 Vontobel Financial 7.700 8/30/2023 EUR 52.410 Leonteq Securities 7.800 11/29/2023 CHF 69.080 Leonteq Securities 10.800 5/26/2023 EUR 62.950 Leonteq Securities 7.800 11/29/2023 CHF 65.140 Sberbank of Russia 0.010 10/05/2026 RUB 73.000 Leonteq Securities 7.000 10/04/2023 CHF 50.140 Sberbank of Russia 0.010 10/03/2028 RUB 70.600 Landesbank Hessen- 1.500 10/01/2036 EUR 65.700 VTB Bank PJSC 10.000 RUB 53.000 Zurcher Kantonalba 12.000 6/20/2023 CHF 16.830 Vontobel Financial 17.000 9/22/2023 EUR 73.340 Vontobel Financial 17.500 9/22/2023 EUR 72.490 Vontobel Financial 23.000 6/23/2023 EUR 67.380 Vontobel Financial 17.000 6/23/2023 EUR 73.940 Vontobel Financial 20.500 6/23/2023 EUR 70.030 Vontobel Financial 18.000 6/23/2023 EUR 72.960 Vontobel Financial 15.500 9/22/2023 EUR 74.810 Landesbank Baden-W 0.590 9/22/2034 EUR 65.061 NRW Bank 0.610 09/07/2040 EUR 66.451 Lehman Brothers Tr 4.000 2/28/2010 EUR 0.100 Raiffeisen Bank In 0.430 09/09/2030 EUR 72.782 Lehman Brothers Tr 3.820 10/20/2009 USD 0.100 Landesbank Baden-W 0.560 9/22/2033 EUR 67.189 IT Holding Finance 9.875 11/15/2012 EUR 0.015 Minicentrales Dos 0.010 06/06/2047 EUR 59.375 Lehman Brothers Tr 3.630 03/02/2012 EUR 0.100 Oberoesterreichisc 0.315 9/14/2035 EUR 69.773 Norddeutsche Lande 1.570 09/09/2038 EUR 65.974 Lehman Brothers Tr 4.100 5/20/2009 USD 0.100 EDOB Abwicklungs A 7.500 04/01/2012 EUR 1.537 Landesbank Hessen- 0.664 11/01/2032 EUR 70.005 DZ Bank AG Deutsch 0.300 8/31/2035 EUR 69.223 [*] Bruno Cova Joins Greenberg Traurig's EU Restructuring Group --------------------------------------------------------------- Global law firm Greenberg Traurig, LLP added Bruno Cova as European co-chair of its Restructuring & Insolvency and Compliance groups. Mr. Cova joins as shareholder and is based in Milan. London-based Shareholder John Houghton, who joined the firm in September 2021 and previously served as the head of restructuring at the London office of Latham & Watkins, along with Berlin-based Shareholder Claudia Hard, will join Cova as Co-Chairs of the European Restructuring & Insolvency Practice. "During these times of disruptive economic and geopolitical change around the globe, this is a rare and timely opportunity to welcome someone with Bruno's unique combination of top-tier reputation, decades of experience with complex companies and situations, talent, and character, and who so well fits the collaborative Greenberg Traurig culture. With about 500 lawyers in Europe and fast-growing capabilities in our 34 U.S. markets, the Middle East, Latin America, and Asia, Bruno and team further enhance multiple global practices, from Restructuring & Insolvency, to Compliance, Litigation, and Investigations, to M&A, Private Equity, and Real Estate," Greenberg Traurig Executive Chairman Richard A. Rosenbaum said. Mr. Cova joins Greenberg Traurig from Willkie Farr's Italian affiliate, Delfino & Associati, where he was a member of that firm's executive committee. He was formerly the head of Paul Hastings' Milan office, where he practiced for 14 years. He is a renowned lawyer with a very diverse career, having worked in the public sector as officer in the Italian Navy, chief compliance officer of the European Bank for Reconstruction and Development, and chief counsel to Parmalat's Administrator; as general counsel for Eni E&P and Fiat; and as a private practitioner in London and Milan. This broad experience allows Cova to provide his clients with a mix of skills that go well beyond technical legal advice. For this reason, he is often called to advise in "bet-the-company" or delicate situations, such as restructuring matters, corporate governance issues, and how to address alleged wrongdoing. Mr. Cova focuses his practice on complex transactions such as cross-border acquisitions and restructuring of distressed companies. He also regularly advises international corporations and financial institutions in dealing with corporate governance and legal risks issues, devising internal controls or contractual mechanisms to minimize those risks, investigating legal and compliance problems, and defending clients before regulatory authorities or in the context of criminal investigations. Mr. Cova joins with a team of two professionals including Juljan Puna as counsel and Massimo Contesso as senior associate. "The addition of Bruno is another step forward in supporting the growth of the European team and of the Milan office, relying on the qualities of high-caliber professionals who will further strengthen our practice and its position as a leading advisor for complex transactions and projects worldwide," said Greenberg Traurig Milan Co-Managing Shareholders Mario Santa Maria and Luigi Santa Maria. "I am delighted to join such a dynamic firm," Mr. Cova said. "I am looking forward to working with colleagues of the quality and commitment of Greenberg Traurig's lawyers in Milan and around the world." Mr. Puna regularly advises domestic and international entities, both private and public, in innovative and sophisticated M&A and restructuring transactions, as well as corporate governance matters and compliance with golden power legislation. He also has significant experience in real estate, having advised international and domestic clients in first-of-kind transactions in the Italian market. Clients seeking advice from Puna often operate in the financial, real estate, automotive, energy, and insurance sectors. His practice includes virtually all stages of transactions, as well as day-to-day general corporate and regulatory needs of clients. Mr. Contesso focuses on white collar crimes as well as national and international civil and commercial litigation. Besides focusing on matters relating to compliance and corporations' administrative liability, Contesso collaborates in conducting internal investigations for domestic and international clients, evaluating whistleblowers' complaints, and anti-bribery and anti-corruption assessments. Greenberg Traurig Santa Maria is the result of the combination of Greenberg Traurig, LLP with its long-term ally, Santa Maria Studio Legale Associato -- a renowned legal boutique, founded in 1970 by Alberto Santa Maria in Milan. Greenberg Traurig Santa Maria is the fifth GT office in Europe and the 40th office in the world and comprises more than 50 lawyers. About Greenberg Traurig Greenberg Traurig, LLP -- http://www.gtlaw.com-- has more than 2650 attorneys in 44 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI "Highly Recommended Law Firm" for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 250. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA's Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. 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