/raid1/www/Hosts/bankrupt/TCREUR_Public/230508.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, May 8, 2023, Vol. 24, No. 92
Headlines
F R A N C E
BISCUIT HOLDING: EUR490M Bank Debt Trades at 22% Discount
CASINO GUICHARD-PERRACHON: Fitch Lowers LongTerm IDR to 'CCC-'
CASSINI SAS: EUR141M Bank Debt Trades at 16% Discount
COMETE HOLDING: EUR342M Bank Debt Trades at 16% Discount
FINANCIERE LABEYRIE: EUR455M Bank Debt Trades at 39% Discount
G E R M A N Y
NIDDA HEALTHCARE: S&P Rates New Term Loan 'B'
TELE COLUMBUS: Fitch Affirms B- LongTerm IDR, Alters Outlook to Neg
I R E L A N D
CANYON EURO 2022-1: S&P Assigns B- (sf) Rating to Class F Notes
HARVEST CLO XXIII: Fitch Hikes Rating on Class F Notes to 'B+sf'
I T A L Y
CENTURION BIDCO: Moody's Rates New EUR385MM Sr. Secured Notes 'B2'
CENTURION NEWCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
U N I T E D K I N G D O M
ATLAS FUNDING 2023-1: Moody's Gives B3 Rating to GBP2.3MM F Notes
ATLAS FUNDING 2023-1: S&P Assigns BB (sf) Rating to Class F Notes
BREW BY NUMBERS: Files Notice to Appoint Administrators
HIGHWAYS 2021: S&P Affirms 'BB+ (sf)' Rating on Class E Notes
LESKO PARK: Fall in Demand of Park Homes Prompts Administration
PHILIPS TRUST: Building Societies Urged to Compensate Customers
TATA STEEL: Finances of UK Business Face "Material Uncertainty"
TAURUS 2021-5: S&P Affirms 'B- (sf)' Rating on Class F Notes
UK: 28 Contractors, Specialists Enter Administration in April
VMED 02 UK LTD: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
X X X X X X X X
[*] BOND PRICING: For the Week May 1 to May 5, 2023
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F R A N C E
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BISCUIT HOLDING: EUR490M Bank Debt Trades at 22% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Biscuit Holding
SASU/FR is a borrower were trading in the secondary market around
77.8 cents-on-the-dollar during the week ended Friday, May 5, 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.
CASINO GUICHARD-PERRACHON: Fitch Lowers LongTerm IDR to 'CCC-'
--------------------------------------------------------------
Fitch Ratings has downgraded Casino, Guichard-Perrachon S.A.'s
(Casino) Long-Term Issuer Default Rating (IDR) to 'CCC-' from 'B-'.
Fitch also downgraded Casino's senior secured instrument's
long-term rating to 'B-/RR1' from 'BB-/RR1', and senior unsecured
and subordinated debt's long-term rating to 'C/RR6' from
'CCC/RR6'.
Fitch has also placed the IDR and senior secured instrument rating
of Casino on Rating Watch Negative (RWN).
The 'CCC-' IDR reflects Fitch's view of a sharply increased
probability of a debt exchange leading to a material reduction in
terms for existing creditors that could be considered a distressed
debt exchange (DDE) under Fitch's Corporate Criteria.
Fitch expects to resolve the RWN on completion of the consent
solicitation, which could pave the way to an out-of-court
conciliation process and may lead to some form of debt
restructuring, or on a decision by the company to accept a
conditional equity offer from EP Global Commerce a.s. (EP)
requiring a coercive reduction of its senior unsecured debt.
KEY RATING DRIVERS
Conditional Equity Offer: Fitch views the proposal by EP to provide
an aggregate amount of EUR1.1 billion of equity as potentially not
creditor-friendly as it will lead to a material senior unsecured
debt reduction by way of debt repurchases at onerous terms and
conversion into equity, which could be considered as a DDE under
Fitch's corporate criteria.
Consent Solicitation Invokes Risks: The consent solicitation
procedure for 24 April to 19 May may lead to an out-of-court
conciliation process with the creditors and a possibility of a
court-invoked deferral of debt payments during the conciliation
process. Although Fitch currently views such a scenario as a low
probability, it could lead to principal and/or interest not being
paid in full, which Fitch may views as a 'default-like' process
under Fitch's criteria. Such a scenario may be commensurate with a
'C' rating.
Uncertainty Over Group Structure: Casino's recently announced plans
related to a merger with Teract have not been incorporated in its
analysis due to uncertainty over their execution. Fitch also
anticipates that recovery expectations for some of Casino's
instruments within the existing restricted group could be affected
under Fitch's criteria if the project raises additional debt for
the newly combined entity. A deterioration in terms for one or more
set of financial instruments in that instance would be deemed as
DDE. However, this has also not been factored into its forecasts.
Disposal Plan in Progress: In 2023, Casino has continued to
monetise assets, including a disposal of most of its Assai stake in
March 2023 for over EUR700 million. Fitch incorporates a total of
EUR1.8 billion in disposals in 2023-2024 in its forecast, with all
proceeds to be used to repay upcoming debt maturities. Fitch sees
credit upside from a greater debt quantum reduction from debt
repurchases in the open market, but this is not incorporated in its
forecast. Fitch also now assumes a higher possibility for a debt
exchange offer, which, combined with ongoing consent solicitation
process could be treated as DDE under Fitch's corporate criteria.
Slower Deleveraging: A slower profitability turnaround than Fitch's
previous expectations has been driven by weaker recent trading
performance. Weaker free cash flow (FCF) generation than its
previous forecast is only partially offset by greater-than-expected
debt reductions from bond repurchases. Fitch now sees net adjusted
debt/EBITDAR falling to 6.0x by 2024, compared with 2023 in its
previous forecast.
Successful debt reduction through repayment or repurchases remains
critical for the rating trajectory. Fitch assumes no cash dividend
payment to the parent Rallye until at least 2025 as the board is
committed to deleveraging Casino's balance sheet.
Parent-Subsidiary Linkage: Fitch uses its Parent and Subsidiary
Linkage (PSL) Rating Criteria to assess Casino's rating scope, its
relationship with its main shareholder Rallye, and its partially
owned operations in Latin America. Fitch views Rallye as a 'weaker
parent', given its leverage and limited other assets, and assess
the legal ring-fencing of Casino as 'insulated' as defined in its
PSL Rating Criteria. Combined with 'porous' access and control,
this results in Casino's rating being based on its Standalone
Credit Profile (SCP).
Limited recourse to cash flows from their Latin American
operations, and their expected disposal leads to Fitch
deconsolidating the business for the rating analysis under its
Corporate Rating Criteria.
Corporate Governance Risks: Although the existing debt
documentation limits Casino's cash being channeled to Rallye, Fitch
continues to believe that the long-term interests of Casino's
shareholders are not aligned with those of debtholders, because
dividends from Casino remain a key source of funds for debt
repayment for Rallye. Casino's chief executive is also chairman and
controlling shareholder of Rallye.
However, Casino's financial policy has become less
shareholder-friendly in recent years, with no dividends paid to
Rallye in 2020-2022 and none incorporated in its forecasts.
DERIVATION SUMMARY
Fitch applies its Food-Retail Navigator framework to assess
Casino's rating and position relative to its peers'. Casino has a
smaller business scale and more limited geographic diversification
than international retail chains, such as Tesco PLC (BBB-/Stable).
Casino's IDR is positioned weakly relative to retailers in the 'B'
category such as Market Holdco 3 Limited (Morrisons, B+/Stable), WD
FF Limited (Iceland, B/Negative) and Picard Bondco S.A.
(B/Negative), due to weaker FCF generation, and higher execution
risks looming over the business transformation deemed necessary for
successful refinancing.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Like-for-like sales growth in French retail of 0.5% in 2023 and
6%-7% thereafter as price increases are partially offset by volumes
declining 6% in 2023, stable in 2024 and then growing by around
1.5% in 2025
- French retail growth of 2% in 2023-20256 from franchise
expansion
- EBITDA margin gradually improving to 5.7% by 2025 on cost-saving
measures (with half of the savings anticipated by the company to be
achieved by then)
- One-off restructuring costs of EUR130 million in 2023
- Working-capital inflow of EUR190 million, mainly reflecting the
normalisation of hypermarkets and supermarkets' inventory surplus
at end-2022
- Capex at 2.3% of sales to 2025
- Asset sales of EUR0.9 billion in 2023 (of which EUR0.7 billion
have been completed) followed by EUR0.9 billion in 2024
- No dividends or M&A-related cash outflows
Fitch's Key Assumptions on Recovery Ratings:
The recovery analysis assumes that Casino would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated in case of default. Fitch has assumed a 10%
administrative claim in the recovery analysis.
Fitch has assumed that Casino's debtholders would get additional
value from Latin American assets of about EUR1.2 billion. This
additional enterprise value (EV) takes into account the reduced
stake in Assai after the disposal made in March 2023.
Fitch has applied a distressed EV/EBITDA of 5.0x, in line with
comparable businesses and reflecting the maturity and
characteristics of Casino's businesses under the restricted group
(ie excluding Latin American operations).
In its bespoke GC recovery analysis Fitch considers an estimated
post-restructuring EBITDA available to creditors of EUR650 million.
This is sufficient to cover a cash debt service cost of around
EUR320 million, estimated cash taxes under a stressed scenario of
about EUR30 million and a sustainable level of capex of around
EUR300 million to maintain the viability of Casino's business
model, representing a 9% discount to 2022 Fitch-adjusted EBITDA.
Its GC assumptions would result in an outstanding recovery rate for
Casino's senior secured debt leading to a Recovery Rating of 'RR1',
indicating a 'B-' instrument rating. The waterfall analysis output
percentage on current assumptions is 96% for this debt class.
Following the payment waterfall, its assumptions result in no
recoveries for the senior unsecured notes issued by Casino and the
perpetual bonds (hybrids), which are treated as debt, leading to an
'RR6' and 'C' with an output percentage of 0% for both
instruments.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Clarity over Casino's capital structure with the removal of the
prospect of debt restructuring, which would constitute a DDE under
Fitch's criteria
- Adequate liquidity with freely available cash and credit lines
comfortably supporting debt service at least over the next 24
months
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Actions that would signal inevitable balance-sheet restructuring,
which Fitch would view as a DDE, or prevent timely debt service
- Liquidity erosion with increasing prospects of a liquidity crisis
in the next 12 months
LIQUIDITY AND DEBT STRUCTURE
Adequate, But Deteriorating, Liquidity: At end-2022, Casino had a
EUR2 billion undrawn secured revolving credit facility (RCF), but
with availability limited to EUR270 million due to a 3.5x secured
leverage covenant. It also had EUR434 million cash on its balance
sheet.
Fitch expects the main source of liquidity for debt repayment to be
proceeds from planned asset sales, which should be sufficient to
cover upcoming maturities in 2023 and 2024. Liquidity support from
FCF remains contingent on Casino's profitability turnaround and its
ability to unwind working capital investments of 4Q22 and 1Q23.
Casino's debt maturity profile remains concentrated with the
biggest maturities in 2024 and 2025.
ISSUER PROFILE
Casino is a major French food retailer with core operations in
France and Latin America (mainly Brazil and Colombia, but also
Argentina and Uruguay).
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch bases its forecasts on the restricted group of assets in
France and deconsolidate business in Latin America for the
calculation of its financial ratios.
ESG CONSIDERATIONS
Casino has an ESG relevance Score of '4' for Governance Structure
due to recent debt restructuring at its parent Rallye and related
remaining uncertainties around debt servicing sources, as well as
due to key- person risk. This has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Casino, Guichard-
Perrachon S.A. LT IDR CCC- Downgrade B-
Subordinated LT C Downgrade RR6 CCC
senior secured LT B- Downgrade RR1 BB-
senior
unsecured LT C Downgrade RR6 CCC
CASSINI SAS: EUR141M Bank Debt Trades at 16% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Cassini SAS is a
borrower were trading in the secondary market around 84.5
cents-on-the-dollar during the week ended Friday, May 5, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR141 million facility is a Term loan that is scheduled to
mature on March 28, 2026. The amount is fully drawn and
outstanding.
Cassini SAS operates as a holding company to acquire the entire
equity capital from current parent Comete Holding SAS. The
Company's country of domicile is France.
COMETE HOLDING: EUR342M Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Comete Holding SASU
is a borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Friday, May 5, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR342 million facility is a Term loan that is scheduled to
mature on March 28, 2026. The amount is fully drawn and
outstanding.
Comete Holding SASU operates as a holding company. The Company,
through its subsidiaries, provides commercial services. The
Company's country of domicile is France.
FINANCIERE LABEYRIE: EUR455M Bank Debt Trades at 39% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Financiere Labeyrie
Fine Foods SASU is a borrower were trading in the secondary market
around 61 cents-on-the-dollar during the week ended Friday, May 5,
2023, according to Bloomberg's Evaluated Pricing service data.
The EUR455 million facility is a Term loan that is scheduled to
mature on July 30, 2026. The amount is fully drawn and
outstanding.
Financiere Labeyrie Fine Foods sells seafood products. The Company
prepares shrimp, duck items, salmon, sushi, trout, and foie gras.
Labeyrie Fine Foods serves customers worldwide. The Company's
country of domicile is France.
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G E R M A N Y
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NIDDA HEALTHCARE: S&P Rates New Term Loan 'B'
----------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
German pharmaceutical company Nidda Healthcare Holding GmbH's
(Stada) proposed term loan.
The term loan will be issued by Nidda Healthcare Holding GmbH, the
Germany-based main operating entity of the group. It will likely
amount to EUR250 million and rank pari passu with, and benefit
from, the same security package as the existing outstanding senior
secured debt. The proceeds will be used to repay the EUR257 million
senior secured notes due September 2024, and to cover related
transaction fees.
The transaction is therefore leverage neutral and will further
improve the company's debt maturity profile. It has no large
refinancing needs until 2025 when the remaining EUR237 million of
senior unsecured notes issued by Nidda BondCo are due. In October
2022, the company lengthened its debt profile to refinance the bulk
of its senior unsecured debt due in 2024. Similarly, in early 2023
the group privately placed EUR500 million to partially refinanced
its 2025 senior unsecured notes. During March 2023, the company
also rolled over its committed revolving credit facility.
The company expects solid 2022 financial results. Stada has
reported a total revenue base of about EUR3.8 billion and S&P
Global Ratings-adjusted EBITDA of about EUR885 million, translating
into adjusted leverage (gross debt to EBITDA) of 6.6x.
S&P said, "Our base case for 2023 includes expected sales and
EBITDA of about EUR4 billion and EUR915 million-EUR925 million. We
believe the company's performance will remain resilient and mostly
contain current inflationary pressures, translating into adjusted
(gross) debt to EBITDA of about 6.0x-6.5x."
TELE COLUMBUS: Fitch Affirms B- LongTerm IDR, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch Ratings has revised Tele Columbus AG's (TC) Outlook to
Negative from Stable, while affirming its Long-Term Issuer Default
Rating (IDR) at 'B-' and senior secured debt rating at 'B'. The
senior secured debt's Recovery Rating is 'RR3'.
The Outlook change to Negative reflects TC's weak underlying
performance as significant investments resulted in negative free
cash flows (FCF), while facing a strategic challenge of adapting to
a new regulatory regime. The latter is likely to see its bulk TV
revenue come under pressure from mid-2024. A EUR75 million equity
injection at end-2022 has helped short-term liquidity but is
insufficient to achieve significant deleveraging and finance mass
fiber upgrades over the medium term.
Inability to procure fresh financing in 2023, in the absence of
other cash-preservation measures, would result in a thin liquidity
buffer, which could exacerbate refinancing risks ahead of key debt
maturities from October 2024, resulting in negative rating
pressure.
KEY RATING DRIVERS
Bulk TV Revenues Face Uncertainty: The amendments to the German
telecommunication law with effect from mid-2024 are likely to put
bulk TV revenue for mass provision of basic TV programming under
pressure. Under the new law, housing associations will no longer be
able to pass on bulk TV fees to end users by including them in
monthly rental charges.
TC will therefore have to establish direct customer relationships
with all its TV users who should explicitly consent to continue
paying for linear TV programming. The current low price of bulk TV
service provision of below EUR10 per month should simplify this
migration but customers that do not actively use this service may
consider to stop paying for it.
TV Revenue Important: Revenue from analogue TV accounted for 37% of
TC's 2022 total revenue. With the contribution margin at above 80%,
a reduction in this revenue stream would inevitably lead to a
commensurate EBITDA contraction. The impact may be mitigated by
up-selling efforts at the time of establishing direct contract
relationships for its remaining customers.
Negative FCF Pressures Liquidity: Fitch estimates that the company
may need additional liquidity by 2024, unless it dramatically
reduces capex from the 2022 level and/or finds other solutions to
improve its liquidity such as net cost savings or asset
divestments. Fitch expects liquidity to be addressed along with a
debt refinancing.
Under its fiber strategy, TC plans to spend EUR2 billion over
2021-2030 to upgrade its infrastructure to fiber, implying over
EUR200 million capex per year. This significantly exceeds the
current organic EBITDA generation (TC estimated its normalised 2022
EBITDA at EUR182 million corresponding to approximately EUR140
million EBITDA after leases).
Focus on Monetising Existing Infrastructure: Fitch expects TC to
back-load and optimise its capex on fiber upgrades, with more focus
on customer capex related to migration of bulk TV customers to
higher-priced services leading to more visible and quicker revenue
gains. However, flexibility to downsize or postpone capex on
already committed projects may be limited.
Fiber Upgrade Benefits: Fiber upgrades may position TC as a
provider of higher-quality services than its peers, support its
competitive standing and improve the outlook for wholesaling TC's
fiber infrastructure to other telecoms operators and B2B customers
who value service quality. However, fiber upgrades do not lead to
growth in territorial coverage and homes passed.
Modest Overall Growth: Fitch expects TC to continue demonstrating
strong growth in broadband revenue, likely in the high single
digits annually, supported by growth in the number of internet
connections and up-selling as customers increasingly opt for higher
speed enabled by fiber and DOCSIS 3.1 upgrades. However, such
growth overall may be insufficient to fully compensate for TV
revenue pressure, at least in 2023-2025.
Diminished Financial Flexibility: In a high interest-rate
environment, TC is potentially facing significantly higher interest
payments on its assumption that its entire debt is fully refinanced
including its EUR650 million senior secured notes that currently
pays a coupon of only 3.875% per year. By its estimates, interest
payments may consume over a half of TC's EBITDA after extending
debt maturities and this would limit flexibility to finance capex
internally.
TC faces refinancing risk over the next two years, with a EUR462
million term loan maturing in October 2024, and EUR650 million of
senior secured notes in May 2025. Fitch expects TC to address its
refinancing reasonably ahead of maturity, the failure of which will
put negative pressure on the rating.
Shareholder Support: TC's principal shareholder Kublai has
demonstrated strong support for the company with EUR550 million
fresh equity in 2021-2022. This has allowed TC to significantly
improve its liquidity and fund capex. However, Fitch would view any
additional equity injection as a positive event risk and do not
currently factor it in the ratings.
High Leverage: Fitch expects TC's leverage to remain high, at above
7x net debt/EBITDA in 2023-2026 (Fitch estimates it at 8.4x at
end-2022). Deleveraging is likely to be slow, primarily driven by
gradual EBITDA recovery.
DERIVATION SUMMARY
Unlike many of its larger cable peers, TC only has presence in few
German regions with access to approximately 9% of German households
overall. As a result, it has a significantly smaller operational
scale than most nationwide cable peers who benefit from a larger
footprint and sustained strong FCF. However, its market shares in
those territories compare well with those of nationwide operators
while at end-2021, 92% of its customers were tenants in apartments
blocks with a typically superior efficiency profile.
Unlike many of its cable peers (including all peers below), TC does
not have any mobile operations and cannot offer bundled services.
Cable companies VMED O2 UK Limited, UPC Holding BV and Telenet
Group Holdings N.V are rated 'BB-' due to lower leverage, solid
financial profiles, as well as stronger market positions and FCF
generation. VodafoneZiggo Group B.V. has a similar strong operating
profile and slightly higher leverage, and as a result is rated
'B+'.
High leverage, tight liquidity, limited visibility of FCF
generation improvement and ongoing strategic challenges are
constraints on TC's ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- On average double-digit declines of analogue TV revenue in
2024-2025 on the back of the new telecom law
- High single-digit broadband revenue growth in 2023-2025
- EBITDA margin (after leases) gradually recovering to above 34% in
2024-2025 from an estimated low 30% in 2022
- Capex at above 40% of revenue in 2023-2025
- Low cash tax payments at EUR3 million per annum in 2023-2025
- Recurring one-off costs of EUR5 million, in turn reducing EBITDA
- No acquisitions or divestments in 2023-2025
- No dividend payments to 2025
KEY RECOVERY RATING ASSUMPTIONS
- The recovery analysis is performed for the existing debt
structure without considering potential debt repayments
- The recovery analysis assumes that TC would be considered a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated
- A 10% administrative claim
- Its GC EBITDA estimate of EUR120 million reflects Fitch's view of
sustainable, post- reorganisation EBITDA upon which Fitch bases the
valuation of the company. Fitch would expect a default to come from
heavier-than- currently envisaged revenue pressure on bulk TV
customers migration and/or capex overspend without a commensurate
increase in broadband customers and revenue
- An enterprise value (EV) multiple of 5.5x is used to calculate a
post-reorganisation valuation and reflects a conservative mid-cycle
multiple underlining the company's strategic challenges
- Loans at operating subsidiaries of EUR3 million will have
priority over senior secured instruments
- Fitch estimates the total amount of secured debt for claims at
EUR1,112 million, comprising EUR462 million senior secured term
loans and EUR650 million secured notes
- Fitch estimates expected recoveries for senior secured debt at
53%. This results in the senior secured debt being rated at 'B',
one notch above the IDR, with 'RR3'
RATING SENSITIVITIES
Factors that could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Stabilisation of operating performance accompanied by stable
subscriber metrics as well as EBITDA growth
- EBITDA gross leverage sustainably below 6.0x
- Adequate financing and liquidity to fund the fiber rollout
Factors that could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- EBITDA gross leverage above 8.0x on a sustained basis without a
clear path for deleveraging
- Continuing strategic challenges leading to lower revenue and
EBITDA visibility
- Pressure on liquidity and slow progress with refinancing along
with persistently weak interest coverage
LIQUIDITY AND DEBT STRUCTURE
Tight Liquidity: TC's liquidity is primarily cash on its balance
sheet as it has no available credit facilities. As of end-2022 the
company had EUR102 million of cash helped by a EUR75 million equity
contribution in late 2022. Fitch estimates additional liquidity
requirements by 2024, assuming continued high capex and no
significant EBITDA recovery.
ISSUER PROFILE
TC is a cable operator in Germany with strong positions in eastern
regions. Overall, the company's network provides access to nearly
9% of German households. Its footprint is 3.2 million connected
households with 2 million subscribers.
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
----------- ------ -------- -----
Tele Columbus AG LT IDR B- Affirmed B-
senior secured LT B Affirmed RR3 B
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I R E L A N D
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CANYON EURO 2022-1: S&P Assigns B- (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Canyon Euro CLO
2022-1 DAC's class A loan and class A to F European cash flow CLO
notes. The issuer also issued unrated subordinated notes.
Under the transaction documents, the rated notes 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
years after closing, while the non-call period will end two years
after closing.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which we consider to be
bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,813.70
Default rate dispersion 610.72
Weighted-average life (years) 4.49
Obligor diversity measure 112.99
Industry diversity measure 20.96
Regional diversity measure 1.33
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P'a CDO evaluator B
'CCC' category rated assets (%) 3.30
'AAA' weighted-average recovery (%) 37.34
Floating-rate assets (%) 94.75
Weighted-average spread (net of floors; %) 4.04
Weighted-average covenant coupon (%) 5.26
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.
Asset priming obligations and uptier priming debt
Under the transaction documents, the issuer can purchase asset
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 actual weighted-average spread (4.04%), and
the covenanted weighted-average coupon (5.26%). We also assumed the
actual weighted-average recovery at all rating levels. 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-2,
and E notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we 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 loan and class A and D-1 notes can withstand stresses
commensurate with the assigned ratings.
"Until the end of the reinvestment period on May 4, 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. This is the
collateral manager's first European CLO transaction, although they
have considerable experience in the European market and have issued
numerous CLO transactions in the U.S.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned rating levels.
"We consider that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F debt.
"For the class F notes, our credit and cash flow analysis indicates
the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we applied our 'CCC'
rating criteria, resulting in a 'B- (sf)' rating on this class of
notes."
The ratings uplift (to 'B-') reflects several key factors,
including:
-- The class F notes' available credit enhancement, which is
similar to that of other CLOs we have rated and that were recently
issued in Europe.
-- The portfolio's average credit quality, which is similar to
other recent CLOs.
-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.51% (for a portfolio with a weighted-average
life of 4.49 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.49 years, which would result
in a target default rate of 13.92%.
-- S&P does not believe there is a one-in-two chance of this note
defaulting.
S&P does not envision this tranche defaulting in the next 12-18
months.
S&P said, "In addition to our standard analysis, to indicate how
rising pressures among speculative-grade corporates could affect
our ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to E debt 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)
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:
-- The production of controversial weapons, or the production of
or trade in components or services designed to facilitate the
functioning of controversial weapons;
-- Any industry with activities that evidence severe weaknesses in
business conduct and governance in relation to the UN Global
Compact Principles;
-- Marijuana related businesses (including the sale of, trade in,
cultivation of and marketing of Marijuana);
-- Hazardous chemicals, pesticides and wastes, ozone depleting
substances, endangered wildlife;
-- Subprime lending or payday lending activities;
-- Weapons or firearms;
-- Thermal coal extraction;
-- Pornography or prostitution (more than 5% of revenues);
-- Tobacco or tobacco related products (more than 5% of
revenues);
-- Gambling (more than 5% of revenues); or
-- Extraction of fossil fuels from unconventional sources (more
than 5% of revenues).
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, no specific adjustments have
been made in our rating analysis to account for any ESG-related
risks or opportunities.
Environmental, social, and governance (ESG) corporate credit
indicators
S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."
Corporate ESG Credit Indicators
ENVIRONMENTAL SOCIAL GOVERNANCE
Weighted-average credit indicator* 2.04 2.24 2.90
E-1/S-1/G-1 distribution (%) 0.00 0.00 0.00
E-2/S-2/G-2 distribution (%) 90.21 74.40 15.29
E-3/S-3/G-3 distribution (%) 2.19 15.38 74.98
E-4/S-4/G-4 distribution (%) 1.00 3.62 0.50
E-5/S-5/G-5 distribution (%) 0.00 0.00 2.62
Unmatched obligor (%) 6.60 6.60 6.60
Unidentified asset (%) 0.00 0.00 0.00
*Only includes matched obligor.
Ratings List
CLASS RATING* AMOUNT SUB (%) INTEREST RATE§
(MIL. EUR)
A AAA (sf) 224.00 39.00 Three/six-month EURIBOR
plus 1.80%
A-Loan AAA (sf) 20.00 39.00 Three/six-month EURIBOR
plus 1.80%
B AA (sf) 44.80 27.80 Three/six-month EURIBOR
plus 2.73%
C A (sf) 20.80 22.60 Three/six-month EURIBOR
plus 4.15%
D-1 BBB+ (sf) 20.80 17.40 Three/six-month EURIBOR
plus 5.58%
D-2 BBB (sf) 5.60 16.00 Three/six-month EURIBOR
plus 6.32%
E BB- (sf) 18.50 11.38 Three/six-month EURIBOR
plus 8.01%
F† B- (sf) 13.50 8.00 Three/six-month
EURIBOR
plus 13.00%
Z NR 10.00 N/A N/A
Sub. Notes NR 39.50 N/A N/A
*The ratings assigned to the class A (notes and loan) and B notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C, D-1, D-2, 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.
†Class F is a delayed drawdown tranche, which is not issued at
closing.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
HARVEST CLO XXIII: Fitch Hikes Rating on Class F Notes to 'B+sf'
----------------------------------------------------------------
Fitch Ratings has upgraded Harvest CLO XXIII DAC's class D, E, and
F notes and affirmed the class A to C notes. The Outlooks are
Stable.
Entity/Debt Rating Prior
----------- ------ -----
Harvest CLO
XXIII DAC
A XS2112469791 LT AAAsf Affirmed AAAsf
B-1 XS2112470021 LT AAsf Affirmed AAsf
B-2 XS2112470450 LT AAsf Affirmed AAsf
C XS2112470708 LT Asf Affirmed Asf
D XS2112471185 LT BBB+sf Upgrade BBBsf
E XS2112471425 LT BB+sf Upgrade BBsf
F XS2112471854 LT B+sf Upgrade Bsf
TRANSACTION SUMMARY
Harvest CLO XXIII DAC is a cash flow collateralised loan obligation
(CLO) mostly comprising senior secured obligations. The transaction
is actively managed by Investcorp Credit Management EU Limited and
will exit its reinvestment period in October 2024.
KEY RATING DRIVERS
Reinvesting Transaction: The transaction will exit its reinvestment
period in October 2024 and the manager can reinvest unscheduled
principal proceeds and sale proceeds from credit impaired and
credit improved obligations also after the reinvestment period,
subject to compliance with the reinvestment criteria. Given the
manager's ability to reinvest, its analysis is based on a stressed
portfolio testing Fitch-calculated weighted average life (WAL),
Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread, weighted average coupon and fixed-rate asset share
to their covenanted limits.
The transaction has four matrices, based on 10% and 0% fixed-rate
obligation limits and top 10 obligor concentration limits of 15%
and 23%. Fitch analysed the matrix specifying the 15% top 10
obligor concentration limit, as the transaction currently has a
14.1% concentration. When analysing the matrix, Fitch applied a
haircut of 1.5% to the WARR as the calculation in the transaction
documentation is not in line with the latest CLO criteria.
Stable Asset Performance: The rating actions reflect the shorter
WAL and therefore a shorter risk horizon, as well as the stable
asset performance. The transaction is currently 0.80% above par. It
is passing all collateral quality tests, all portfolio profile
tests and all coverage tests. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is 1.76% according to the
latest trustee report versus a limit of 7.50%. There are no
defaulted assets in the portfolio.
'B/B-' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors in the 'B'/'B-' category. The
WARF, as calculated by Fitch under the updated criteria, was
25.56.
High Recovery Expectations: Senior secured obligations comprise
96.91% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, was 61.11%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.06%, and no obligor represents more than 1.72%
of the portfolio balance.
MIR Deviation: The class B and C notes' ratings are one notch below
the model-implied rating (MIR). The deviation reflects the
remaining reinvestment period until October 2024, during which the
portfolio could change significantly, due to reinvestment or
negative portfolio migration and limited deleveraging prospects as
less than 2.5% of the portfolio balance is maturing in 2024.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes and would lead to downgrades of one notch for the class C, E
and F notes and two notches for the class D notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, C and F notes display a
rating cushion of one notch.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed portfolio would lead to downgrades of up to three
notches for the rated notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch-stressed portfolio
would lead to upgrades of up to three notches for the rated notes,
except for the 'AAAsf' rated notes, which are at the highest level
on Fitch's scale and cannot be upgraded.
During the reinvestment period, based on Fitch-stressed portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, allowing the notes to withstand
larger than expected losses for the remaining life of the
transaction. After the end of the reinvestment period, upgrades may
occur on stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
for losses on the remaining portfolio.
DATA ADEQUACY
Harvest CLO XXIII DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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.
=========
I T A L Y
=========
CENTURION BIDCO: Moody's Rates New EUR385MM Sr. Secured Notes 'B2'
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the proposed EUR385 million backed senior secured notes due 2028 to
be issued by Centurion Bidco S.p.A. (Engineering or the company).
The outlook is negative.
Proceeds from the issuance of the new backed senior secured notes
will be used, together with cash on balance sheet, to repay in full
and cancel the EUR385 million senior secured bridge facility and
related accrued interest. Engineering fully drew-down the senior
secured bridge facility in 2022 in order to fund the acquisition of
Be Shaping the Future S.p.A. (Be), which was completed in December
2022.
RATINGS RATIONALE
The new backed senior secured notes due 2028 are rated at the same
level as Engineering's existing B2 corporate family rating (CFR),
reflecting the size of the company's EUR195 million super-senior
backed revolving credit facility (RCF) as well as the large amount
of payables that characterize the company's business model.
The B2 instrument rating assigned to the new backed senior secured
notes also reflects their pari passu ranking with Engineering's
existing EUR605 million backed senior secured notes due 2026 and
the EUR38 million backed senior secured term loan due 2026, as well
as the security package provided to the senior secured lenders,
which is limited to pledges over shares, bank accounts, and
intercompany receivables.
Engineering's B2 CFR is supported by (1) the company's leading
market position in parts of the Italian IT services market; (2)
Engineering's long history and strong technical know-how; (3) an
attractive Italian IT services market with growth potential; and
(4) relatively high switching costs for the company's services, as
well as good customer retention.
Concurrently, the rating is constrained by (1) Engineering's
limited geographic diversification and significant customer
concentration; (2) strong competition in the Italian IT services
market; (3) Engineering's high Moody's-adjusted leverage of 7.6x as
of December 31, 2022 and the execution risk associated with an
improvement in the company's financial metrics over the next 12
months to levels consistent with a B2 CFR, also considering
historical corporate governance issues; and (4) the possibility of
delayed deleveraging due to future debt-funded acquisitions or
shareholder-friendly actions, including a repayment of the PIK
notes issued outside the Centurion Bidco S.p.A. restricted group.
RATIONALE FOR A NEGATIVE OUTLOOK
The negative outlook reflects Engineering's weakly positioned CFR
at B2, due to high leverage following the acquisition of Be as well
as the execution risk associated with the company improving its
Moody's-adjusted leverage to below 6.0x over the next 12 months on
a sustainable basis and delivering Moody's-adjusted free cash flow
(FCF) generation in the mid-single digits as a percentage of
Moody's-adjusted debt. The outlook also reflects the risk that the
company could continue to adopt an aggressive financial policy that
could keep its financial metrics outside the range that is
consistent with a B2 CFR.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Upward rating pressure is unlikely at this stage but could arise in
time if Engineering continues to grow in size and scale; the
company's Moody's-adjusted leverage ratio falls below 4.5x on a
sustained basis while the company continues to deliver solid
operating performance and maintains strong liquidity, including an
improvement in Moody's-adjusted FCF/debt towards the high single
digits in percentage terms on a sustainable basis.
The outlook could be stabilised if Engineering successfully
delivers significant revenue and EBITDA growth such that
Moody's-adjusted leverage improves to below 6.0x on a sustained
basis, with Moody's-adjusted FCF/debt also sustained in the
mid-single digits, while maintaining at least adequate liquidity. A
stabilisation of the outlook would also require there are no
recurring corporate governance related issues going forward.
Downward rating pressure would likely arise if it becomes apparent,
over the coming quarters, that Engineering will not be able to
deliver the significant growth in revenue and EBITDA required to
reduce Moody's-adjusted leverage to below 6.0x as of December 31,
2023. The rating could also be downgraded if FCF generation does
not improve towards mid-single digits on a sustainable basis; or if
liquidity were to deteriorate, including if the company were to
witness a deterioration in its cash balance from current levels; or
if the company pursues additional debt-funded acquisitions or
shareholder-friendly actions, including the refinancing of the PIK
notes raised by Engineering's parent. The rating could also be
downgraded should corporate governance issues surface in the coming
quarters.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Founded in 1980, and headquartered in Rome, Engineering is a
leading provider of IT services, software development and digital
platforms, supporting clients in their digital transformation
projects in Italy. The company provides software and IT related
services and consultancy to companies across a diverse set of
sectors including telecommunications, healthcare, energy and
utilities, financials, industrials, and public administration. The
company reported revenue of EUR1.4 billion and company adjusted
EBITDA of EUR208 million (including adjustments for the impact of
IFRS 16) as per published 2022 audited financial statements.
CENTURION NEWCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on IT service provider Centurion Newco SpA (Engineering) and its
'B-' issue rating on its senior secured notes.
S&P said, "The stable outlook reflects that we expect Engineering's
organic revenue to increase by more than 5% in 2023-2024, bolstered
by the digitalization tailwind and the Italian National Recovery
and Resilience Plan. Additionally, we expect the company's adjusted
EBITDA margin to increase by 300 basis points (bps)-400 bps in 2023
thanks to lower provisions, exceptional costs, cost saving
initiatives, and synergies. This should result in adjusted debt to
EBITDA reducing meaningfully to less than 10x (8x excluding
payment-in-kind [PIK] debt) in 2023 from about 14x (pro forma) in
2022, which would position the company well in the current rating.
"The bridge loan refinancing has no impact on credit quality. We
expect Engineering's proposed EUR385 million senior secured notes
will have similar conditions as the existing bridge facility,
ranking at the same seniority as the existing notes. As a result,
we see no impact on the company's capital structure and credit
quality."
Conclusion of the internal investigation and the auditor's sign off
has improved reporting integrity. The company's internal
investigation revealed no material findings in the other segments,
other than the EUR20 million revenue, EUR10.9 million EBITDA, and
EUR46 million current asset overstatement as of 2022. The auditor
has also signed off the company's 2022 annual report with
unqualified opinion. S&P said, "As a result, we think Engineering's
credit metrics in 2022 demonstrate its underlying credit quality,
unlike previous years' metrics, which the company is unable to
restate retrospectively. We think the company's strengthened
control and risk management processes could help it avoid similar
issues in the future. However, we will not revise upward our
assessment of the company's governance until it has built a more
solid track record of managing its business operations."
Weak credit metrics and acquisition strategy constrain short-term
rating upside. Engineering's adjusted debt to EBITDA on a pro forma
basis was about 14x (12.1x excluding PIK) in 2022, compared with
our previous estimate in December 2022 of about 11x. This is
largely due to much higher non-cash provisions of about EUR50
million. Our adjusted EBITDA is after provisions, exceptional
costs, and capitalized development costs. The company expects the
provisions and exceptional costs to materially decrease in 2023,
leading to sound leverage reduction. S&P said, "That said, we think
its ongoing aggressive acquisition strategy could lead to
persistently high exceptional costs. The acquisitions will also
likely require further debt to fund the transactions, limiting
Engineering's long-term deleveraging prospects. Furthermore, we
think the company's increasing interest burden, capital
expenditure, and working capital needs to support revenue growth
will constrain its cash flow, leading to limited FOCF of EUR30
million-EUR50 million in 2023-2024 (close to breakeven after lease
payments), with FOCF to debt of less than 3%. We think these
factors would limit rating upside in the next 12 months."
S&P said, "The stable outlook reflects that we expect Engineering's
organic revenue to increase by more than 5% in 2023-2024,
underpinned by the digitalization tailwind and the Italian National
Recovery and Resilience Plan. Additionally, we expect the company's
lower provisions, exceptional costs, cost saving initiatives, and
synergies to boost the adjusted EBITDA margin by 300 bps-400 bps in
2023. This should result in adjusted debt to EBITDA meaningfully
reducing to less than 10x in 2023 from about 14x (pro forma) in
2022."
Downside scenario
S&P said, "We could lower the rating if the company significantly
underperforms our current base case due to a weak macroeconomic
environment or increasing competition in the fragmented IT services
market. We could also take this action if Engineering has
difficulties integrating acquired businesses, or fails to contain
exceptional costs, leading to sustained negative cash flow or
liquidity pressure."
Upside scenario
S&P could raise its rating if Engineering reduces its adjusted debt
to EBITDA to sustainably below 9x, with FOCF to debt of above 3%,
underpinned by a material reduction of provisions, exceptional
costs, or operational outperformance.
ESG credit indicators: E-2, S-2, G-4
===========================
U N I T E D K I N G D O M
===========================
ATLAS FUNDING 2023-1: Moody's Gives B3 Rating to GBP2.3MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Atlas Funding 2023-1 PLC:
GBP261.3M Class A Mortgage Backed Floating Rate Notes due January
2061, Definitive Rating Assigned Aaa (sf)
GBP19.8M Class B Mortgage Backed Floating Rate Notes due January
2061, Definitive Rating Assigned Aa3 (sf)
GBP10.7M Class C Mortgage Backed Floating Rate Notes due January
2061, Definitive Rating Assigned A2 (sf)
GBP6.1M Class D Mortgage Backed Floating Rate Notes due January
2061, Definitive Rating Assigned Baa2 (sf)
GBP4.6M Class E Mortgage Backed Floating Rate Notes due January
2061, Definitive Rating Assigned Ba3 (sf)
GBP2.3M Class F Mortgage Backed Floating Rate Notes due January
2061, Definitive Rating Assigned B3 (sf)
Moody's has not assigned a rating to the subordinated GBP4.6M Class
R Mortgage Backed Fixed Rate Notes due January 2061 and the GBP2.3M
Class X Mortgage Backed Floating Rate Notes due January 2061.
RATINGS RATIONALE
The Notes are backed by a pool of Buy-to-Let (BTL) mortgage loans
originated by Lendco Limited. This represents the third issuance
under the Atlas label for Lendco Limited.
The portfolio of assets amount to approximately GBP305 million as
of March 31, 2023 pool cutoff date. The deal will benefit at
closing of a reserve fund comprised of a liquidity reserve fund and
a general reserve fund and will be equal to 1.5% of Classes A to F.
At closing the total credit enhancement for the Class A Notes will
be 15.75%.
The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity. Since Moody's assigned provisional ratings for this
transaction, the note coupon assumptions and swap costs have been
updated by the issuer. As a result, the definitive rating for the
Class F notes, B3 (sf) is higher than the provisional rating for
Class F notes, (P)Caa3 (sf).
The ratings announced also incorporate the correction of a prior
error. In determining the provisional ratings, an error was made
in the calculation of the probability distribution used in Moody's
cash flow modeling. While the correction of this error had a
negative impact on some of the ratings, this was offset by the
increase in available excess spread resulting from the updates to
the transaction.
According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio, an amortising liquidity
reserve sized at 1.5% of the Classes A to F Note balance and a
fixed-floating swap. However, Moody's notes that the transaction
features some credit weaknesses such as an unrated servicer. This
weakness is mitigated by the inclusion of BCMGlobal Mortgage
Services Limited ("BCMGlobal") as a back-up servicer, who can
continue to service the mortgages given a 60-day notice period.
BCMGlobal also have prior experience servicing Lendco Limited's
mortgage book.
Moody's determined the portfolio lifetime expected loss of 1.7% and
Aaa MILAN credit enhancement ("MILAN CE") of 17.0% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.
Portfolio expected loss of 1.7%: This is higher than the UK BTL
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) the collateral
performance of Lendco Limited's originated loans to date, as
provided by the originator and observed in previously securitised
portfolios; (ii) the borrower and regional concentration, which is
higher than the average BTL UK RMBS transaction and (iii) the
current macroeconomic environment in the United Kingdom and the
impact of future interest rate rises on the performance of the
mortgage loans.
MILAN CE of 17.0%: This is higher than the United Kingdom BTL RMBS
sector average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
borrower and regional concentration, which is higher than the
average BTL UK RMBS transaction; (ii) limited seasoning of the
loans; and (iii) the weighted average current loan to value of
69.59% which is slightly higher than in comparable transactions.
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that would lead to an upgrade of the ratings include
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes.
Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of a currency swap
counterparty ratings; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.
Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.
ATLAS FUNDING 2023-1: S&P Assigns BB (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Atlas Funding
2023-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
notes. At closing, the issuer also issued unrated class X and R
notes and RC1 and RC2 residual certificates.
Atlas Funding 2023-1 is an RMBS transaction that securitizes a
portfolio of GBP304 million buy-to-let mortgage loans secured on
properties in England and Wales. The loans in the pool were
originated between 2018 and 2022 by Lendco Ltd., a non-bank
specialist lender. The collateral comprises loans granted to
experienced portfolio landlords and private property investors,
none of whom have had a county court judgement in the two years
before origination.
The transaction benefits from liquidity support provided by a
reserve fund (broken down into a fully funded class A liquidity
reserve fund used to mitigate any senior expenses and interest
payment shortfalls on the class A notes) and an unfunded general
reserve fund on the closing date (used to mitigate any senior
expenses shortfalls and interest on the class B-Dfrd to F-Dfrd
notes). The general reserve fund will be topped up during the
transaction's life from the available revenue receipts. In addition
to the reserves, the issuer can also use principal to pay senior
fees and interest on the notes, subject to certain conditions.
Product switches and further advances are permitted under the
transaction documentation until the step-up date, subject to
certain conditions. Product switches are permitted up to a limit of
7.0% of the aggregate amount of the current balance of the
portfolio as of the closing date. Further advances are permitted up
to a limit of 3.0% of the aggregate amount of the current balance
of the portfolio. Both product switches and further advances are
only permitted subject to compliance with the respective
eligibility criteria.
Credit enhancement for the rated notes comprises subordination and
excess spread.
The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average (SONIA), and the loans, of which
most pay a fixed rate of interest until they revert to the
SONIA-based floating rate.
Atlas Funding 2023-1 used the notes' proceeds to purchase and
accept the assignment of Lendco's rights against the borrowers in
the closing portfolio. The noteholders will benefit from the
security granted in the security trustee's favor.
Counterparty, legal, operational risk, or sovereign risk do not
constrain S&P's ratings.
Ratings
CLASS RATING* CLASS NOTIONAL (GBP. MIL)
A AAA (sf) 261.33
B-Dfrd AA (sf) 19.81
C-Dfrd A (sf) 10.67
D-Dfrd BBB+ (sf) 6.10
E-Dfrd BBB- (sf) 4.57
F-Dfrd BB (sf) 2.29
X NR 2.29
R NR 4.57
RC1 residual certs NR N/A
RC2 residual certs NR N/A
*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, and the ultimate
payment of interest and principal on all the other rated notes.
S&P's ratings also address timely receipt of interest on all the
rated notes other than the class A notes when they become the most
senior outstanding notes.
NR--Not rated.
N/A--Not applicable.
BREW BY NUMBERS: Files Notice to Appoint Administrators
-------------------------------------------------------
Darryl Chamberlain at 853 reports that Brew By Numbers could enter
administration just two years after the brewery moved into the
Morden Wharf development in Greenwich, it emerged on May 5.
The company filed a notice to appoint administrators on May 5, 853
relays, citing the trade website Just Drinks. The notice gives
Brew By Numbers ten days in which no creditor can take any legal
action against it for outstanding debts, 853 notes.
Just Drinks reported that the May 5 filing was the third such
notice the brewery had made in just over a month, suggesting that a
deal to restructure or sell the company was in progress, 853
relates.
According to 853, soaring rents and increased prices for raw
materials have proved crippling for many small breweries.
Brew By Numbers was founded in Bermondsey in 2011 and has kept a
tap room in what became the area's "beer mile".
HIGHWAYS 2021: S&P Affirms 'BB+ (sf)' Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)', 'AA (sf)', 'A+ (sf)',
'BBB+ (sf)', and 'BB+ (sf)' credit ratings on Highways 2021 PLC's
class A, B, C, D, and E notes.
Rating rationale
S&P said, "The affirmations follow our review of the transaction's
five key rating factors (the securitized assets' credit quality,
legal and regulatory risks, operational and administrative risks,
counterparty risks, and payment structure and cash flow
mechanisms).
"The affirmations reflect our updated view of the transaction's
credit and cash flow characteristics. The transaction is backed by
eight motorway service areas (MSAs), which we have classified as
retail assets. We believe that the retail sector is still under
pressure due to the cost of living crisis, which could negatively
affect consumer spending habits, affecting retailers."
However, due to the nature of these assets, this transaction is
benefiting from key structural changes, such as the growing market
share of electric and driverless vehicles and the increasing
popularity of 'staycations'.
The transaction's credit indicators show an overall stable
performance since closing. Vacancy levels have remained at 0% since
closing for the assets and rental income is increasing in line with
S&P's expectations. The transaction's performance is in line with
S&P's assumptions, and there has been no deleveraging.
S&P has therefore affirmed its ratings.
Transaction overview
The single loan is secured on eight MSAs, of which seven are
located in England and one in Scotland. The total rentable area for
the properties is 41,563 square meters.
The MSAs are leased to Welcome Break Group Ltd. or Welcome Break
Ltd., the second largest MSA operator in the U.K. Each MSA
generally offers a café or restaurant, a retail outlet, a hotel,
and a petrol station. Welcome Break has strategic partnerships with
well established brands, such as Starbucks, Subway, Burger King,
and Tossed. Part of their operations derives from hotels, with most
being franchises of Days Inn or Ramada.
As of February 2023, the properties' reported market value was
GBP444.70 million, 4.67% less than the reported market valuation in
August 2021 of GBP466.50 million. The reported securitized
loan-to-value (LTV) ratio increased to 59.47% from 56.70%. A cash
trap event occurs if the securitized LTV ratio reaches 64.31%.
Since closing, this cash trap event has not been triggered.
Market vacancy for this property type is extremely low. No MSAs
have closed since opening in the 1950s.
The property portfolio's weighted-average unexpired lease term
until first break marginally decreased to 22.8 years from 23.8
years since closing. Over the same period, gross rental income has
increased to GBP20.16 million from GBP19.67 million. This is as a
direct result of the annual 'step up' until Dec. 31, 2026. The rent
will then be reviewed from Jan. 1, 2027, annually based on the
increase in the consumer price index plus 1% subject to a minimum
annual increase collar of 2% and a maximum annual increase cap of
3%. If the tenant opts to renew the lease on Jan. 1, 2046, the rent
will be reviewed on a five-yearly basis, based on upwards-only open
market rent.
The interest-only loan is due to mature in December 2023. The loan
has three one-year loan extension options subject to the
satisfaction of certain conditions. The loan is interest-only in
its entire term. The extension options can be exercised in December
2023, December 2024, and December 2025. S&P expects the loan
maturity date to be extended to December 2023.
S&P said, "To calculate the S&P net cash flow (NCF), we have
maintained the approach we adopted at closing as the property
portfolio has not changed since. At closing, we underwrote to the
2026 aggregate rent of GBP23.45 million. The rent payments are
fixed on an annual 'step up' basis until Dec. 31, 2026. We still
maintain that this level of rent is sustainable over the long-term,
since over the past seven years we reviewed (except for the
COVID-affected years), the portfolio was able to generate enough
EBITDAR to cover the stepped-up rent.
"We also applied a capitalization rate of 6.0% (the same as at
closing) against the S&P NCF and deducted 5.0% of purchase costs to
arrive at our S&P Value of GBP355.01 million, which is the same as
at closing."
Table 1
Loan and collateral summary
REVIEW DECEMBER 2021 APRIL 2023
Data as of December 2021 February 2023
Securitized debt
balance (mil. GBP) 264.5 264.5
Securitized
loan-to-value ratio (%) 56.70 based on 59.5 based on
market value market value
Gross rental income (mil. GBP) 19.67 20.16
Vacancy rate by area (%) 0.00 0.00
Market value (mil. GBP) 466.50 444.70
(August 2021) (December2022)
Table 2
Key assumptions
REVIEW DECEMBER 2021 APRIL 2023
S&P Global Ratings vacancy (%) 5.00 5.00
S&P Global Ratings expenses (%) 5.00 5.00
S&P Global Ratings
net cash flow (mil. GBP) 21.16 21.16
S&P Global Ratings
value (mil. GBP) 335.05 335.05
S&P Global Ratings cap rate (%) 6.00 6.00
Haircut-to-market value (%) 28.18 24.66
S&P loan-to-value ratio
(before recovery rate adjustments; %) 78.94 78.94
Other analytical considerations
S&P said, "We also assessed whether the cash flow from the
securitized assets would be sufficient, at the applicable ratings,
to make timely payments of interest and ultimate repayment of
principal by the floating-rate notes' legal final maturity date,
after considering available credit enhancement and allowing for
transaction expenses and external liquidity support.
"Our analysis also includes a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since closing and is commensurate with the ratings."
Rating actions
S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly, and the payment of
principal no later than the legal final maturity date in December
2031.
"In our view, the transaction's credit quality has remained stable
since closing. We believe the physical retail sector's ongoing
structural shift to online shopping will not impact this
transaction due to the nature of the assets.
"The S&P Global Ratings LTV ratio has remained stable at 78.94%. We
therefore affirmed our 'AAA (sf)', 'AA (sf)', 'A+ (sf)', 'BBB+
(sf)', and 'BB+ (sf)' ratings on the class A, B, C, D, and E notes,
respectively.
"Based on the credit metrics alone, our rating on the class E notes
could be higher. However, this class does not benefit from support
from the liquidity reserve. We therefore do not believe that its
credit risk is commensurate with an investment-grade rating."
LESKO PARK: Fall in Demand of Park Homes Prompts Administration
---------------------------------------------------------------
Paul Grinnell at Peterborough Telegraph reports that a manufacturer
of park lodges in Peterborough that employed about 50 staff has
been placed into administration.
Workers at Lesko Park and Leisure Homes, based at The Links,
Bakewell Road, Orton Southgate, met administrators from ReSolve
Advisory Limited on May 5 who outlined what action would be taken
next, Peterborough Telegraph relates.
The company's decline has been blamed on a "dramatic fall" in
demand for park homes, Peterborough Telegraph discloses.
According to Peterborough Telegraph, a spokesperson for Lesko said:
"The company has experienced difficult trading conditions in recent
times due to a dramatic fall in the demand for park homes.
"After exploring every possible option, regrettably there was no
alternative but to place the company into administration.
"Insolvency practitioners from ReSolve Advisory Limited are
appointed as administrators and are assessing the options for the
business."
PHILIPS TRUST: Building Societies Urged to Compensate Customers
---------------------------------------------------------------
Jeff Prestridge at Financial Mail On Sunday reports that a number
of leading building societies are being urged to compensate
customers who have lost money as a result of being pushed into
unsuitable financial products provided by a third party -- Philips
Trust Corporation -- which failed last year.
The Mail on Sunday understands that the All-Party Parliamentary
Group on Personal Banking and Fairer Financial Services is urging
the City regulator to press building societies caught up in the
debacle to pay up. They include Leeds, Newcastle and Nottingham,
as well as smaller players such as Cambridge and Saffron, The Mail
on Sunday discloses.
The parliamentary group took evidence from building society
customers who have lost money as a result of Philips' plunge into
administration, The Mail on Sunday relates. According to those
present, the evidence was "damning" with customers -- nearly all
elderly -- pushed into inappropriate products, The Mail on Sunday
notes.
Building society customers were drawn into Philips' net in the
late-2010s when they were encouraged at branches to take out wills
-- and trusts that would protect their assets (their home and
investments) from future care fees and inheritance tax, The Mail on
Sunday relays.
Originally, these were provided by sister companies The Will
Writing Company (TWWC) and Family Trust Corporation (FTC) -- with
the building societies receiving commission on each sale they made,
The Mail on Sunday states.
But when TWWC went bust in 2018, Philips took over, and big
problems began to emerge, The Mail on Sunday recounts. It started
levying extra charges while customer calls went unanswered,
according to The Mail on Sunday. Philips plunged into
administration just under a year ago -- weeks after the MoS raised
concerns over its health, The Mail on Sunday relates.
Since last May, administrators at Kroll Advisory have been poring
over Philips' financial entrails, trying to unravel customers'
assets from the mess, according to The Mail on Sunday.
It's a process that is proving costly, with customers having to
make four-figure contributions towards getting their homes removed
from the trusts set up by Philips, The Mail on Sunday notes.
Those who hold investments in the trusts have been warned that they
are unlikely to get back the sums they put in because of the poor
quality of the holdings, The Mail on Sunday discloses. Any
repayments to customers could take until 2026 to be completed, The
Mail on Sunday says.
TATA STEEL: Finances of UK Business Face "Material Uncertainty"
---------------------------------------------------------------
Nick Edser and Peter Gillibrand at BBC News report that Tata Steel
has warned that the finances of its UK business face "material
uncertainty" given market conditions and the level of government
support.
Tata said a stress-test of its European arm to assess the impact of
a downturn had flagged concerns for the UK unit, BBC relates.
However, Tata Steel UK said it expected trading to pick up later
this year, BBC notes.
According to BBC, the Department for Business said the government
is providing support to protect the steel industry from "unfair
trade and energy costs".
The UK business of India's Tata Steel employs about 8,000 people,
with half at the Port Talbot steelworks in Wales.
In results published last week, Tata said that earnings at Tata
Steel Europe -- which includes the UK business -- fell by more than
60% in the year to March 31, BBC discloses.
It added it had carried out tests to assess the potential impact of
an economic downturn in Europe, given factors such as higher
inflation and interest rates, BBC relays.
These tests found the outlook for the UK business would be
"adversely impacted", but it added it was continuing to "implement
various measures aimed at improving its business performance and
conserving cash", BBC notes.
In July last year, Tata Steel said it would make a decision over
the future of the its UK business in the next 12 months, BBC
recounts.
One uncertainty hanging over Tata Steel UK is what level of help it
could get from the government, BBC states.
The company is still in talks with the UK government over support
to switch away from existing steelmaking processes to ones that
emit less carbon, according to BBC.
TAURUS 2021-5: S&P Affirms 'B- (sf)' Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on all classes of
notes issued by Taurus 2021-5 UK DAC.
Rating rationale
S&P sid, "The affirmations follow our review of the transaction's
credit and cash flow characteristics. In our view, the property
portfolio's performance has improved since closing, when the sector
was heavily affected by the COVID-19 pandemic. This is in line with
our expectations, as we anticipated that the impact would be
temporary."
Transaction overview
S&P said, "The transaction is backed by GBP263.2 million of a
GBP2.36 billion senior loan. The senior loan includes a GBP169
million capital expenditure (capex) facility. At closing, we
assumed the capex facility would be fully drawn. Bank of America
N.A., London branch and three other lenders originated the GBP2.36
billion senior loan in February 2020, as part of the financing of
Blackstone Inc.'s acquisition of iQ Student Accommodation, one of
the U.K.'s largest student housing providers.
The senior loan had an initial two-year loan term along with three,
one-year extension options. The first of these options was
exercised in 2022, taking the maturity date to May 15, 2023. The
second extension option can only be exercised under certain
conditions, including that the senior loan is not in default and
that hedging requirements are met.
The senior loan is secured by 43 purpose-built student
accommodation (PBSA) properties, totaling about 21,000 beds, across
England and Scotland.
Portfolio performance
The portfolio's performance has improved since closing in November
2021. At the time, the pandemic was still constraining occupancy
rates for the 2021/2022 academic year. The reported occupancy rate
was 78.7% as of Sept. 24, 2021, compared with above 95%
pre-pandemic.
Average occupancy has been increasing quarter on quarter. It was
83.0% in the first quarter of the 2022, and increased to 84.0%,
88.4%, and 95.4% over the following three quarters. At the same
time, net rental income also increased to GBP161.3 million from
GBP126.0 million during 2022.
Credit evaluation
S&P said, "We consider the portfolio's net cash flow (NCF) is
GBP150.6 million on a sustainable basis. This is based on a fully
let rent of GBP207.8 million, adjusted by 6% for vacancies and 23%
for nonrecoverable expenses.
"We have not changed our NCF assumptions since closing--they
represent our long-term view. So far, reported net rental income
has exceeded our NCF for only two quarters.
“We applied the same 6.0% capitalization (cap) rate against this
S&P Global Ratings NCF, resulting in a gross value of GBP2.5
billion."
At closing, S&P deducted a total of GBP48.6 million from this
value. This included:
-- Downtime, because the actual vacancy rate was higher than our
assumed vacancy rate;
-- Required capex; and
-- Credit for the undrawn capex facility.
S&P said, "Our updated analysis reduced this deduction to GBP34.1
million because there is now no downtime deduction and the required
capex and the amount of the undrawn capex facility are lower.
"We then deducted 5% purchase costs to arrive at our S&P Global
Ratings value of GBP2.37 billion, which is in line with our value
at closing. It represents a 31.9% haircut to the October 2022
market value of GBP3.5 billion."
Table 1
Loan And Collateral Summary
AT CLOSING IN REVIEW AS
NOVEMBER 2021 MAY 2023
Data as of 2020/2021* Feb 2023†
Total term loan balance (bil. GBP) 2.19 2.19
Total capex facility including
undrawn (mil. GBP) 169.0 169.0
Total senior loan balance (bil. GBP) 2.36 2.36
Senior loan-to-value ratio (%) 71.5 67.4
Total revenue (mil. GBP) 99.0 210.2
Vacancy rate (%) 21.3§ 4.6
Net operating income (mil. GBP) 63.0 161.3
As-is market value (bil. GBP) 3.3 3.5
Date of market value June 2021 October 2022
*For the academic year that was affected by the COVID-19 pandemic.
§As of Sept. 24, 2021.
†For the fourth quarter of 2022.
Table 2
S&P Global Ratings' Key Assumptions
AT CLOSING IN REVIEW AS
NOVEMBER 2021 MAY 2023S&P
Global Ratings fully
let rent (mil. GBP) 207.8 207.8
S&P Global Ratings vacancy (%) 6.0 6.0
S&P Global Ratings expenses (%) 23.0 23.0
S&P Global Ratings net
cash flow (mil. GBP) 150.6 150.6
Deduction for downtime and
capex (mil. GBP) (48.6) (34.1)
Purchase costs (%) 5.0 5.0
S&P Global Ratings value (bil. GBP) 2.36 2.37
S&P Global Ratings cap rate (%) 6.0 6.0
Haircut to as-is market value (%) 28.3 31.9
S&P Global Ratings
loan-to-value ratio
(before recovery rate adjustments; %) 100.1 99.6
Other analytical considerations
S&P Said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized assets would be sufficient, at the applicable rating,
to make timely payments of interest and ultimate repayment of
principal by the legal maturity date of the fixed-rate notes, after
considering available credit enhancement and allowing for
transaction expenses and external liquidity support."
As of the February 2023 interest payment date (IPD), the available
liquidity facility was GBP8.0 million and there had been no
liquidity drawings.
However, there were interest shortfalls to the class F
notes--GBP22,659 on the November 2022 IPD and GBP23,629 on the
February 2023 IPD. These amounts relate to issuer fees that were
invoiced incorrectly and put through the transaction waterfall.
U.S. Bank Global Corporate Trust Ltd., the cash manager, has
indicated it is working on rebilling these invoices. It expects to
resolve these shortfalls by the next IPD.
S&P's analysis also included a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks has been
unchanged since closing and is commensurate with the ratings.
Rating actions
S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly, and the payment of
principal no later than the legal final maturity date of May 2031.
"In our view, the property portfolio's performance has improved
since closing, when the sector was heavily, but temporarily,
affected by the pandemic. This is in line with our expectations.
"Therefore, we adjusted our S&P value only minimally and our S&P
Global Ratings loan-to-value (LTV) ratio of 99.6% remains close to
the LTV at closing. We affirmed our 'AAA (sf)', 'AA- (sf)', 'A
(sf)', 'BBB (sf)', 'BB- (sf)', and 'B- (sf)' ratings on the class
A, B, C, D, E, and F notes, respectively.
"For the class F notes, even though they do not pass our 'B' rating
level stresses, we affirmed our 'B- (sf)' rating. In our view, the
repayment of interest and principal on this class does not rely on
favorable economic and financial conditions."
UK: 28 Contractors, Specialists Enter Administration in April
-------------------------------------------------------------
Ben Vogel at Construction News reports that a total of 28
contractors and specialists fell into administration in April -- 10
fewer than in March but still a higher total than all but two
months last year (February and November 2022).
This means there have been 112 contractor casualties in the year to
date, 26% higher than the 89 in January-April 2022, Construction
News notes.
The trend is in line with expectations, said Chris Davies, managing
director of DRS Bond Management, a surety brokerage that helps
construction firms provide financial insurance to third parties
such as clients, Construction News discloses.
"Time is increasingly running out for zombie companies that were
kept on life support by government-backed Covid loans," he told
Construction News. "I expect levels of administrations to remain
higher than last year throughout 2023, but they should begin to
level off in [the fourth quarter]."
Data from Creditsafe also showed that 500 construction businesses
appointed a liquidator or entered voluntary liquidation in April,
compared with 483 the month before, Construction News states.
According to Construction News, RSM UK Restructuring Advisory
partner Gareth Harris predicted that liquidation numbers would fall
away following a "clear out" as business-support measures expire
that were introduced during the Covid pandemic. "They'll still
remain relatively high in historic terms, but away from the peak we
see now."
A handful of the companies that collapsed in April were large
enough to have to file turnover figures with Companies House,
Construction News relays.
Mr. Davies, as cited by Construction News, said that inflation was
now baked into the supply chain.
"Most prudent contractors have caveated their tender submissions
and included significant contingencies on fixed-price projects," he
noted.
There will still be "an elevated level" of administrations in the
next four months before a calmer 2024, added Mr. Davies. Mr.
Harris agreed, expecting that legacy cost-of-living factors will
contribute to an uptick in business failures over the summer,
Construction News relates.
VMED 02 UK LTD: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed VMED O2 UK Limited's (VMO2) Long-Term
Issuer Default Rating at 'BB-' with a Stable Outlook.
VMO2's rating considers the company's well-established market
position and strong operating profile in the UK telecoms market,
including its leading position in UK mobile and Fitch-estimated
in-franchise leadership in fixed broadband.
VMO2's full-year operating performance reflects the benefit of
inflation-adjusted pricing in mobile services offset by challenges
in the fixed and B2B segments driven by competition, a weakened
macroeconomic environment and a lower tariff uplift on the fixed
base. However, strong EBITDA growth has resulted in solid operating
cash flows, which are required to support necessary investments.
The Stable Outlook reflects its expectation that leverage will be
managed at the higher end of VMO2's 4-5x leverage target. Fitch
expects this to be consistent with Fitch-defined EBITDA net
leverage at or just above its 5x downgrade threshold. This will be
balanced by EBITDA growth, primarily driven by inflation-linked
price increases and continued successful extraction of synergies.
KEY RATING DRIVERS
Stable Operating Performance: Revenue and EBITDA were broadly in
line with its expectations in the first full year following the
formation of the joint venture between VM and O2. Total revenue
growth was flat as an increase in mobile service revenue, supported
by an 11.7% price increase, was offset by declines in handset sales
and fixed-line and B2B revenues. This was an improvement compared
with a 2021 pro-forma decline of 1.1%. Critically, the realisation
of synergies benefited a strong EBITDA margin (Fitch-defined)
expansion of 240bp, in spite of a muted top line performance and
higher energy costs.
Positive trends in mobile post-paid and fixed-line subscription net
increases, in its view, position VMO2 to benefit from further
inflation-adjusted price increases.
Synergies Progress, Supports FCF: VMO2 achieved over 30% of its
annual run-rate synergies target of GBP540 million (targeted by
mid-2026), which Fitch estimates contributed at least GBP160
million to pre-dividend free cash flow (FCF; Fitch-defined). Fitch
believes VMO2 is making good progress on its synergy plan and
estimates another GBP200 million will be achieved in 2023. Fitch
forecasts pre-dividend FCF margin to reach mid-to-high single
digits by 2025, supported by price rises and synergies.
FCF also includes its estimates of the costs to achieve synergies
of around GBP250 million over 2023-2024. This includes mobile
backhaul and IT integration, including the transition of the legacy
Virgin MVNO onto the O2 network.
Fixed Pricing Actions, Better Visibility: VMO2 has joined its
competitors in introducing inflation-adjusted pricing on its
fixed-line services. A 13.8% discretionary price increase from
April 2023, versus 6.5% in 2022, will be followed by contractual
increases of CPI+3.9% from 2024. This is an imperative step to
address consistent declines in fixed-line average revenue per user
(ARPU), driven by front book discounts and package optimisation, as
well as to ultimately support investment. The transition to a set
pricing framework provides better revenue visibility.
Churn has so far remained stable across the sector. Service quality
and convergent products will play an increasingly important role in
customer acquisition and retention given fixed line price increases
in challenging macroeconomic conditions.
Network Competition: The UK has a number of alternative networks
(AltNets) deploying and selling greenfield fibre alongside VMO2 and
Openreach. Network overlap is highest in urban areas, although
penetration remains a challenge. Fitch estimates VMO2 has built
fibre to 1.9 million new homes in 2022. It plans to build to
another 1.5 million homes in 2023 with half greenfield (funded by
NexFibre) and the remaining on the existing cable network, which
covers 54% of the UK.
In its view, the speed at which VMO2 can expand its fibre footprint
and achieve sufficient penetration is critical in effectively
defending competitive threats and capitalising on opportunities
associated with a future proof network. At GBP100 per home passed,
the cost of overhauling its existing network should be lower than
AltNet build costs. This provides a competitive advantage in a high
interest rate environment.
Financial Policy Drives Leverage: Fitch expects VMO2 to utilise FCF
and debt-funded distributions when managing its company-defined
EBITDA net leverage close to 5x. This is roughly equivalent to a
Fitch-defined metric of 5.2x in 2022 (5.0x adjusting for cash
outside the banking group). Fitch forecasts the same for 2023,
following the management's commitment to distributions of GBP1.8
billion-2.0 billion, before reducing to around 5x.
Fitch views the capital allocation policy as transparent and
disciplined, supported by business fundamentals. However, if
leverage remains consistently above its downgrade sensitivity over
the longer term, it will be inconsistent with the rating downgrade
threshold at 'BB-' and could lead to a negative rating action.
DERIVATION SUMMARY
VMO2 has larger absolute scale than other European cable operators
with strong mobile franchises such as VodafoneZiggo Group B.V.
(B+/Stable) in the Netherlands or Telenet Group Holding N.V
(BB-/Stable) in Belgium. It has a stronger share of the UK mobile
market than UPC Holding BV (BB-/Stable) has of the Swiss mobile
market. The UK mobile market is more structurally challenging than
some European markets, with four facilities-based mobile operators,
a number of strong broadband operators offering convergent offers,
and content with sports, in particular, as a strong driver of
consumer preferences.
The merger with O2 UK makes VMO2 a stronger competitor to incumbent
BT Group plc (BBB/Stable). However, the latter benefits from wider
broadband coverage, a stronger B2B presence and significant
wholesale operations, which would allow BT more leverage capacity
at any given rating level. VMO2's leverage thresholds are the same
as for Telenet and UPC, reflecting good cash flow visibility and a
stable financial policy.
KEY ASSUMPTIONS
- Low single-digit revenue growth with CAGR 1.1% 2023-2026
supported by revenue synergies from cross selling opportunities and
contractual back book price rises on fixed and mobile, but offset
by front book ARPU pressure and continued challenges within B2B;
- EBITDA margins at 36%-38% in FY23-FY26 driven by the gradually
increasing impact of synergies;
- Capex of about GBP2.0 billion in 2023 and then capex to revenue
including synergies of 19% in 2024 falling to 18.5% in 2026;
- Fitch splits costs to capture (CtC) between operating expenses
and capex and treat all CtC as non-recurring below FFO. Fitch
expects remaining CtC totalling GBP150 million in 2023 and GBP96
million in 2024;
- GBP2.0 billion dividend payment in 2023, with excess cash flow
distributed via dividends such that the closing cash balance is
about GBP50 million per year thereafter
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch-defined EBITDA net leverage below 4.3x on a sustainable
basis
- A more conservative financial policy with strong and stable FCF
generation, reflecting a stable competitive and regulatory
environment
- (Cash from operations - capex)/total debt above 7.5% on a
sustainable basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch-defined EBITDA net leverage consistently above 5.0x
- EBITDA interest cover expected to remain below 4.5x on a
sustained basis
- A material decline in key operating and financial metrics,
reflecting intensified competitive pressures or material deviation
from the stated financial policy
-(Cash from operations - capex)/total debt consistently below 3.0%
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: VMO2's reported year-end cash balance was GBP46
million. However; liquidity is supported by strong forecast
pre-dividend FCF and an undrawn revolving credit facility of GBP1.4
billion. This will provide VMO2 with sufficient cover for any
short-term liabilities due in 2023. Other than short-term
uncommitted vendor-financing debt, the majority of the company's
third-party debt is long dated with maturities from 2026. VMO2's
floating-rate debt is hedged with derivative instruments.
ISSUER PROFILE
VMO2 is the second-largest convergent telecoms operator in the UK
providing services across mobile, broadband internet, fixed-line
telephony and broadcasting services to consumers and businesses. At
end-2022, VMO2 generated GBP10.4 billion of transaction-adjusted
revenue and GBP3.7 billion of transaction-adjusted EBITDA.
SUMMARY OF FINANCIAL ADJUSTMENTS
VMO2 utilises off-balance-sheet factoring facilities in its working
capital management. Fitch has not adjusted its metrics for these
facilities due to lack of disclosure and its assessment that they
are not material to the rating. If this changes, an adjustment
could be made in future.
Fitch only considers cash reported in the audited accounts at VMED
O2 UK Holdings Limited and, therefore, exclude cash held outside
the banking group.
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
----------- ------ -------- -----
Virgin Media
SFA Finance
Limited
senior secured LT BB+ Affirmed RR2 BB+
Virgin Media
Bristol LLC
senior secured LT BB+ Affirmed RR2 BB+
Virgin Media
Secured Finance
Plc
senior secured LT BB+ Affirmed RR2 BB+
Virgin Media
Vendor Financing
Notes IV
Designated
Activity
Company
structured LT B+ Affirmed RR5 B+
VMED O2 UK
Limited LT IDR BB- Affirmed BB-
VMED O2 UK
Holdco 4 Limited
senior secured LT BB+ Affirmed RR2 BB+
Virgin Media
Vendor Financing
Notes III
Designated
Activity
Company
structured LT B+ Affirmed RR5 B+
VMED O2 UK
Financing I plc
senior secured LT BB+ Affirmed RR2 BB+
Virgin Media
Finance PLC
senior
unsecured LT B Affirmed RR6 B
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 1 to May 5, 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 73.645
Credit Suisse Grou 4.500 USD 22.500
ING Groep NV 4.250 USD 64.798
Barclays PLC 4.375 USD 69.265
Atento Luxco 1 SA 8.000 02/10/2026 USD 31.498
Fuerstenberg Capit 5.625 EUR 53.030
Aroundtown SA 0.375 4/15/2027 EUR 66.742
Allianz SE 3.875 USD 66.289
Metalcorp Group SA 8.500 6/28/2026 EUR 15.333
UniCredit SpA 4.450 EUR 73.545
CaixaBank SA 3.625 EUR 65.219
NatWest Group PLC 4.600 USD 69.850
Deutsche Bank AG 1.375 2/17/2032 EUR 73.706
La Banque Postale 3.000 EUR 64.348
Altice France Hold 8.000 5/15/2027 EUR 72.939
Movida Europe SA 5.250 02/08/2031 USD 73.549
Aroundtown SA 1.625 EUR 27.000
SBB Treasury Oyj 0.750 12/14/2028 EUR 56.330
Deutsche Bank AG/N 3.742 01/07/2033 USD 71.879
La Financiere Atal 4.000 5/15/2024 EUR 69.957
Swedbank AB 4.000 USD 73.704
Allianz SE 2.625 EUR 69.220
Intermediate Capit 2.500 1/28/2030 EUR 63.343
Unicaja Banco SA 4.875 EUR 67.658
Aroundtown SA 2.125 EUR 31.867
Raiffeisen Bank In 6.000 EUR 74.965
Credit Suisse Grou 5.100 USD 23.375
Grand City Propert 1.500 EUR 34.388
Tullow Oil PLC 7.000 03/01/2025 USD 61.686
Intesa Sanpaolo Sp 4.125 EUR 70.116
Vedanta Resources 9.250 4/23/2026 USD 60.314
Allianz SE 2.600 EUR 67.398
ING Groep NV 4.875 USD 74.853
Raiffeisen Bank In 4.500 EUR 56.647
Boparan Finance PL 7.625 11/30/2025 GBP 65.242
Coruripe Netherlan 10.000 02/10/2027 USD 70.794
CPI Property Group 1.500 1/27/2031 EUR 51.116
Aroundtown SA 1.450 07/09/2028 EUR 61.818
DEMIRE Deutsche Mi 1.875 10/15/2024 EUR 61.732
Gazprom PJSC Via G 2.250 11/22/2024 EUR 74.787
Kernel Holding SA 6.500 10/17/2024 USD 63.197
Hidrovias Internat 4.950 02/08/2031 USD 71.030
InterCement Financ 5.750 7/17/2024 USD 67.861
Russian Railways V 2.100 10/02/2023 CHF 62.739
Allianz SE 3.200 USD 70.224
Julius Baer Group 3.625 USD 63.973
Commerzbank AG 4.250 EUR 72.532
Tele Columbus AG 3.875 05/02/2025 EUR 70.662
EnfraGen Energia S 5.375 12/30/2030 USD 61.870
CECONOMY AG 1.750 6/24/2026 EUR 68.770
MorphoSys AG 0.625 10/16/2025 EUR 61.298
Simpar Europe SA 5.200 1/26/2031 USD 73.813
Deutsche Bank AG/N 3.729 1/14/2032 USD 73.906
Heimstaden Bostad 3.248 EUR 60.472
Landesbank Baden-W 0.375 2/21/2031 EUR 72.956
Aareal Bank AG 0.750 4/18/2028 EUR 74.592
Intesa Sanpaolo Sp 4.198 06/01/2032 USD 73.473
B2W Digital Lux Sa 4.375 12/20/2030 USD 20.250
Aroundtown SA 3.375 EUR 43.998
Heimstaden AB 4.250 03/09/2026 EUR 69.594
Diebold Nixdorf Du 9.000 7/15/2025 EUR 49.948
Aragvi Finance Int 8.450 4/29/2026 USD 68.014
Fastighets AB Bald 1.250 1/28/2028 EUR 71.234
Erste Group Bank A 4.250 EUR 74.279
Kleopatra Holdings 6.500 09/01/2026 EUR 56.898
CPI Property Group 3.750 EUR 32.887
Banco de Sabadell 5.000 EUR 69.701
SCOR SE 5.250 USD 72.686
Fastighets AB Bald 2.873 06/02/2081 EUR 65.923
Financiere Immobil 6.000 1/30/2025 EUR 11.293
Audax Renovables S 4.200 12/18/2027 EUR 65.567
Teva Pharmaceutica 4.100 10/01/2046 USD 66.456
Vonovia SE 1.625 09/01/2051 EUR 47.466
LEG Immobilien SE 0.400 6/30/2028 EUR 73.835
Market Bidco Finco 5.500 11/04/2027 GBP 74.842
Vodafone Group PLC 5.125 06/04/2081 USD 71.514
Schoeller Packagin 6.375 11/01/2024 EUR 70.987
ATF Netherlands BV 7.078 EUR 45.997
Metro Bank PLC 5.500 6/26/2028 GBP 65.045
Belfius Bank SA 3.625 EUR 70.279
Gazprom PJSC Via G 4.364 3/21/2025 EUR 72.504
Ocado Group PLC 3.875 10/08/2026 GBP 73.555
Kenbourne Invest S 4.700 1/22/2028 USD 57.872
Aroundtown SA 2.875 EUR 32.478
Bellis Finco PLC 4.000 2/16/2027 GBP 69.282
VEON Holdings BV 3.375 11/25/2027 USD 69.250
Carnival PLC 1.000 10/28/2029 EUR 50.458
JSM Global Sarl 4.750 10/20/2030 USD 20.500
Banco Santander SA 4.125 EUR 74.774
DIC Asset AG 2.250 9/22/2026 EUR 63.074
gategroup Finance 3.000 2/28/2027 CHF 69.091
Russian Railways V 0.898 10/03/2025 CHF 49.239
Air France-KLM 0.125 3/25/2026 EUR 16.960
Aggregate Holdings 6.875 11/09/2025 EUR 35.650
Gazprom PJSC via G 3.897 EUR 52.551
Kernel Holding SA 6.750 10/27/2027 USD 56.879
CPI Property Group 1.625 4/23/2027 EUR 70.108
Atos SE 1.000 11/12/2029 EUR 65.997
Romanian Governmen 4.625 04/03/2049 EUR 75.174
Atrium Finance PLC 2.625 09/05/2027 EUR 72.720
UBS Group AG 4.375 USD 65.750
United Kingdom Gil 1.250 10/22/2041 GBP 66.748
Samhallsbyggnadsbo 2.624 EUR 35.863
SBB Treasury Oyj 1.125 11/26/2029 EUR 53.748
CNP Assurances 4.875 USD 72.682
Aroundtown SA 4.750 GBP 33.998
British American T 3.750 EUR 74.127
Erste Group Bank A 3.375 EUR 71.947
Heimstaden Bostad 2.625 EUR 48.511
Romanian Governmen 4.125 03/11/2039 EUR 74.297
AI Candelaria Spai 5.750 6/15/2033 USD 70.695
Constellation Auto 4.875 7/15/2027 GBP 74.686
Russian Railways V 3.125 CHF 11.000
UBS Group AG 0.875 11/03/2031 EUR 73.573
French Republic Go 0.750 5/25/2052 EUR 55.467
CPI Property Group 4.875 EUR 39.427
United Kingdom Gil 1.125 1/31/2039 GBP 68.989
Aroundtown SA 5.375 3/21/2029 USD 75.015
Frigoglass Finance 6.875 02/12/2025 EUR 27.000
Citycon Oyj 4.496 EUR 56.567
Italy Buoni Polien 1.500 4/30/2045 EUR 61.052
Gazprom PJSC via G 1.500 2/17/2027 EUR 66.891
Altice France Hold 6.000 2/15/2028 USD 62.742
ams-OSRAM AG 2.125 11/03/2027 EUR 67.813
Heimstaden Bostad 3.625 EUR 49.287
Grand City Propert 0.125 01/11/2028 EUR 71.223
Castellum Helsinki 0.875 9/17/2029 EUR 65.812
UBS Group AG 0.625 2/24/2033 EUR 70.402
Vivion Investments 3.500 11/01/2025 EUR 66.750
Gazprom PJSC via G 2.950 1/27/2029 USD 63.375
NAK Naftogaz Ukrai 7.375 7/19/2022 USD 26.870
Rallye SA 4.000 2/28/2032 EUR 1.877
Korian SA 1.875 EUR 28.746
Samhallsbyggnadsbo 1.000 08/12/2027 EUR 66.445
Trinseo Materials 5.125 04/01/2029 USD 62.011
NatWest Group PLC 4.500 GBP 73.577
Gazprom PJSC Via G 4.250 04/06/2024 GBP 71.816
Balder Finland Oyj 1.000 1/20/2029 EUR 66.485
Altice France SA/F 5.500 10/15/2029 USD 74.308
Heimstaden AB 6.750 EUR 47.014
Hungary Government 3.125 9/21/2051 USD 62.850
Gazprom PJSC via G 3.250 2/25/2030 USD 72.000
Ubisoft Entertainm 0.878 11/24/2027 EUR 71.573
VTR Finance NV 6.375 7/15/2028 USD 38.860
Russian Railways V 2.200 5/23/2027 EUR 54.614
Maxeda DIY Holding 5.875 10/01/2026 EUR 75.227
Wintershall Dea Fi 3.000 EUR 74.994
Grand City Propert 2.500 EUR 40.288
Mime Petroleum AS 10.250 11/10/2026 USD 50.000
Nostrum Oil & Gas 5.000 6/30/2026 USD 70.792
Gazprom PJSC via G 4.599 USD 57.500
VF Ukraine PAT via 6.200 02/11/2025 USD 60.201
CPI Property Group 1.750 1/14/2030 EUR 57.470
La Financiere Atal 5.125 5/15/2025 EUR 66.945
Orpea SA 2.625 03/10/2025 EUR 27.315
VIC Properties SA 3.000 5/28/2025 EUR 60.000
United Kingdom Gil 1.625 10/22/2071 GBP 57.594
Ukraine Government 6.750 6/20/2028 EUR 16.250
IOG Plc 12.146 9/20/2024 EUR 50.000
Rothesay Life PLC 5.000 GBP 66.027
Gazprom PJSC via G 3.000 6/29/2027 USD 69.893
Romanian Governmen 2.875 4/13/2042 EUR 59.299
Intesa Sanpaolo Sp 4.950 06/01/2042 USD 65.300
MHP SE 7.750 05/10/2024 USD 54.889
BAWAG Group AG 5.125 EUR 70.990
Pro-Gest SpA 3.250 12/15/2024 EUR 74.150
MRG Finance UK PLC 8.750 10/26/2023 EUR 61.925
Korian SA 0.875 03/06/2027 EUR 42.726
Metinvest BV 8.500 4/23/2026 USD 63.040
Russian Railways V 0.840 03/12/2026 CHF 48.165
Gazprom PJSC via G 1.850 11/17/2028 EUR 59.713
Gol Finance SA 8.000 6/30/2026 USD 50.268
Grupo Antolin-Irau 3.500 4/30/2028 EUR 71.884
Aroundtown SA 1.625 1/31/2028 EUR 65.794
Voltalia SA 1.000 1/13/2025 EUR 27.827
HSBC Bank PLC 5.401 USD 98.586
Wirecard AG 0.500 09/11/2024 EUR 14.157
Republic of Italy 3.875 05/06/2051 USD 72.049
Accor SA 0.700 12/07/2027 EUR 45.579
Altice France SA/F 5.125 7/15/2029 USD 73.754
Ukraine Government 7.253 3/15/2035 USD 16.822
Heimstaden Bostad 3.375 EUR 50.254
Rothschild & Co Co 5.500 USD 66.872
Vonovia SE 0.750 09/01/2032 EUR 66.531
Vonovia SE 1.000 6/16/2033 EUR 65.170
Diebold Nixdorf Du 9.000 7/15/2025 EUR 49.948
Heimstaden AB 9.316 SEK 66.667
Dignity Finance PL 4.696 12/31/2049 GBP 61.313
Development Bank o 6.750 05/02/2024 USD 39.667
Endo Luxembourg Fi 6.125 04/01/2029 USD 75.500
GOL Equity Finance 3.750 7/15/2024 USD 56.000
Signa Development 5.500 7/23/2026 EUR 59.000
Ageas SA/NV 3.875 EUR 70.934
Agps Bondco PLC 1.500 7/26/2024 EUR 69.451
Heimstaden Bostad 0.750 09/06/2029 EUR 65.706
UBS Group AG 3.179 02/11/2043 USD 71.942
Samhallsbyggnadsbo 1.125 09/04/2026 EUR 71.877
Heimstaden AB 4.375 03/06/2027 EUR 69.189
Romanian Governmen 4.000 2/14/2051 USD 63.097
Altice Finco SA 4.750 1/15/2028 EUR 73.629
Electricite de Fra 3.375 EUR 74.782
Nobel Bidco BV 3.125 6/15/2028 EUR 70.413
EP Infrastructure 1.816 03/02/2031 EUR 67.701
Rothesay Life PLC 4.875 USD 74.146
BPCE SA 2.125 10/13/2046 EUR 71.438
State of North Rhi 0.950 01/10/2121 EUR 41.166
Jyske Bank A/S 3.625 EUR 71.335
VGP NV 2.250 1/17/2030 EUR 68.529
Romanian Governmen 2.000 1/28/2032 EUR 71.200
CPI Property Group 2.750 1/22/2028 GBP 68.430
Heimstaden Bostad 3.000 EUR 53.336
Agps Bondco PLC 2.250 1/14/2029 EUR 35.485
Ukraine Government 15.840 2/26/2025 UAH 69.861
Ukraine Government 7.750 09/01/2024 USD 21.634
NAK Naftogaz Ukrai 7.625 11/08/2026 USD 19.797
Herens Midco Sarl 5.250 5/15/2029 EUR 66.375
VGP NV 1.500 04/08/2029 EUR 67.817
Romanian Governmen 2.625 12/02/2040 EUR 58.440
SATO Oyj 1.375 2/24/2028 EUR 75.355
Russian Foreign Bo 7.500 3/31/2030 USD 64.653
Credit Agricole SA 4.750 USD 76.875
Gazprom PJSC Via G 4.950 02/06/2028 USD 72.500
Heimstaden Bostad 1.000 4/13/2028 EUR 74.398
Abengoa Abenewco 2 1.500 10/26/2024 EUR 0.099
Nykredit Realkredi 1.000 10/01/2050 DKK 74.377
Hungary Government 1.750 06/05/2035 EUR 68.831
Samhallsbyggnadsbo 2.625 EUR 36.468
Hungary Government 0.500 11/18/2030 EUR 71.043
Rallye SA 4.371 2/28/2032 EUR 2.206
SPP-Distribucia AS 1.000 06/09/2031 EUR 64.368
CPI Property Group 4.875 EUR 41.545
TotalEnergies SE 2.125 EUR 72.323
University of Oxfo 2.544 12/08/2117 GBP 55.804
Romanian Governmen 2.750 4/14/2041 EUR 59.442
Zenith Finco PLC 6.500 6/30/2027 GBP 74.859
Enel SpA 1.875 EUR 71.908
Republic of Italy 4.000 10/17/2049 USD 76.121
TenneT Holding BV 0.500 11/30/2040 EUR 66.027
Eurovita Assicuraz 6.000 12/22/2025 EUR 73.433
BAT International 2.250 09/09/2052 GBP 40.752
SCF Capital Design 5.375 6/16/2023 USD 18.904
Russian Railways V 4.375 03/01/2024 USD 54.818
WM Morrison Superm 4.750 07/04/2029 GBP 63.088
Aegon NV 0.496 NLG 68.715
Liquid Telecommuni 5.500 09/04/2026 USD 67.161
Banco Comercial Po 4.000 5/17/2032 EUR 70.459
Fnac Darty SA 0.250 3/23/2027 EUR 67.858
Korian SA 2.250 10/15/2028 EUR 68.159
Evraz PLC 5.375 3/20/2023 USD 50.222
Russian Railways V 7.487 3/25/2031 GBP 54.503
Spain Government B 0.850 7/30/2037 EUR 70.200
Italy Buoni Polien 1.800 03/01/2041 EUR 69.472
NAK Naftogaz Ukrai 7.125 7/19/2024 EUR 18.294
Gazprom PJSC via G 1.540 6/30/2027 CHF 62.504
Chrome Holdco SASU 5.000 5/31/2029 EUR 73.295
Citycon Treasury B 1.625 03/12/2028 EUR 71.354
United Group BV 3.625 2/15/2028 EUR 71.340
Serbia Internation 1.650 03/03/2033 EUR 66.189
EDP - Energias de 1.875 3/14/2082 EUR 74.705
Mutuelle Assurance 3.500 EUR 72.988
United Kingdom Gil 1.750 7/22/2057 GBP 63.400
Altice France SA/F 4.250 10/15/2029 EUR 73.792
Metinvest BV 5.625 6/17/2025 EUR 63.515
Delivery Hero SE 1.000 1/23/2027 EUR 71.096
HSE Finance Sarl 5.625 10/15/2026 EUR 49.367
Flamingo Lux II SC 5.000 3/31/2029 EUR 73.125
Credit Mutuel Arke 0.875 03/11/2033 EUR 74.615
United Kingdom Gil 0.875 1/31/2046 GBP 55.771
BNP Paribas SA 5.285 USD 84.310
Citycon Oyj 3.625 EUR 47.945
Canary Wharf Group 3.375 4/23/2028 GBP 69.775
Balder Finland Oyj 2.000 1/18/2031 EUR 64.166
Heimstaden Bostad 1.375 7/24/2028 EUR 73.594
Ukraine Government 4.375 1/27/2032 EUR 16.694
Vonovia Finance BV 2.750 3/22/2038 EUR 69.101
Mallinckrodt Inter 10.000 6/15/2029 USD 53.910
Vonovia SE 0.625 3/24/2031 EUR 70.565
Lloyds Banking Gro 3.369 12/14/2046 USD 67.096
Raiffeisenbank AS 1.000 06/09/2028 EUR 74.202
Idorsia Ltd 2.125 08/04/2028 CHF 63.329
Raiffeisen Bank In 1.375 6/17/2033 EUR 69.933
Direct Line Insura 4.750 GBP 71.823
Union Fenosa Prefe 4.640 EUR 71.695
Rothschild & Co Co 3.110 EUR 67.167
Digital Intrepid H 0.625 7/15/2031 EUR 69.884
BUPA Finance PLC 4.000 GBP 64.119
Nykredit Realkredi 1.000 10/01/2053 DKK 73.560
Serbia Internation 2.050 9/23/2036 EUR 60.805
Vonovia SE 0.625 12/14/2029 EUR 74.503
Romanian Governmen 1.750 7/13/2030 EUR 73.897
Mime Petroleum AS 13.500 3/21/2083 USD 10.000
Neoen SA 2.000 06/02/2025 EUR 44.989
MHP Lux SA 6.950 04/03/2026 USD 50.460
Phosagro OAO Via P 3.050 1/23/2025 USD 62.319
Orpea SA 0.375 5/17/2027 EUR 39.355
R-Logitech Finance 10.250 9/26/2027 EUR 25.000
Glencore Capital F 1.250 03/01/2033 EUR 73.347
TotalEnergies Capi 3.127 5/29/2050 USD 74.610
Muenchener Rueckve 1.000 5/26/2042 EUR 70.986
Prosus NV 3.832 02/08/2051 USD 62.912
Royalty Pharma PLC 3.550 09/02/2050 USD 68.204
BNP Paribas SA 4.500 USD 74.625
United Kingdom Gil 1.750 1/22/2049 GBP 66.887
BNP Paribas SA 4.625 USD 74.750
Altice France Hold 4.000 2/15/2028 EUR 63.122
CBRE Global Invest 0.900 10/12/2029 EUR 67.830
BNP Paribas SA 0.625 12/03/2032 EUR 72.945
Ukraine Railways V 8.250 07/09/2026 USD 20.375
Gazprom PJSC via G 3.500 7/14/2031 USD 59.649
SCF Capital Design 3.850 4/26/2028 USD 18.961
CBRE Global Invest 0.500 1/27/2028 EUR 72.906
HSBC Bank PLC 5.460 USD 98.369
United Group BV 4.000 11/15/2027 EUR 73.333
Prosus NV 4.987 1/19/2052 USD 74.049
Corestate Capital 3.500 4/15/2023 EUR 14.958
Orpea SA 2.000 04/01/2028 EUR 27.810
Abengoa Abenewco 2 1.500 10/26/2024 EUR 1.363
Ukraine Government 7.750 09/01/2028 USD 18.156
Romanian Governmen 3.375 02/08/2038 EUR 70.084
Vonovia SE 1.500 6/14/2041 EUR 55.029
Grand City Propert 6.332 EUR 58.001
ADLER Real Estate 3.000 4/27/2026 EUR 71.760
Republic of Austri 1.500 2/20/2047 EUR 75.625
Tinkoff Bank JSC V 6.000 USD 44.429
Hungary Government 2.250 4/20/2033 HUF 60.591
Nexity SA 0.250 03/02/2025 EUR 58.115
United Utilities W 1.750 02/10/2038 GBP 66.484
Kojamo Oyj 0.875 5/28/2029 EUR 71.066
Logicor Financing 2.000 1/17/2034 EUR 60.621
Standard Profil Au 6.250 4/30/2026 EUR 60.373
United Kingdom Gil 1.625 10/22/2054 GBP 61.465
Laboratoire Eimer 5.000 02/01/2029 EUR 73.574
Aroundtown SA 3.000 10/16/2029 GBP 62.765
Foodco Bondco SA 6.250 5/15/2026 EUR 43.785
UNIQA Insurance Gr 2.375 12/09/2041 EUR 73.239
Eustream AS 1.625 6/25/2027 EUR 74.699
Novolipetsk Steel 1.450 06/02/2026 EUR 68.000
VTB Bank OJSC Via 6.950 10/17/2022 USD 7.552
Mithra Pharmaceuti 4.250 12/17/2025 EUR 59.729
Lar Espana Real Es 1.843 11/03/2028 EUR 71.144
United Group BV 5.250 02/01/2030 EUR 70.809
Republic of Belaru 6.378 2/24/2031 USD 33.333
Haya Holdco 2 PLC 11.698 11/30/2025 EUR 39.985
Slovenia Governmen 0.488 10/20/2050 EUR 49.516
DDM Debt AB 9.000 4/19/2026 EUR 60.000
Hexagon Housing As 3.625 4/22/2048 GBP 73.080
Sweden Government 1.375 6/23/2071 SEK 61.221
EP Infrastructure 2.045 10/09/2028 EUR 77.683
Berkeley Group PLC 2.500 08/11/2031 GBP 69.794
Triodos Bank NV 2.250 02/05/2032 EUR 74.052
Blackstone Propert 1.625 4/20/2030 EUR 70.195
National Gas Trans 1.125 1/14/2033 GBP 67.598
Assicurazioni Gene 1.713 6/30/2032 EUR 74.717
Slovenia Governmen 0.688 03/03/2081 EUR 47.850
Sagax Euro Mtn NL 0.750 1/26/2028 EUR 73.444
Phosagro OAO Via P 2.600 9/16/2028 USD 61.421
Delivery Hero SE 1.500 1/15/2028 EUR 63.728
Iceland Bondco PLC 4.375 5/15/2028 GBP 72.983
Metalloinvest Fina 3.375 10/22/2028 USD 55.283
Societe Generale S 5.375 USD 72.460
Ideal Standard Int 6.375 7/30/2026 EUR 54.813
CTP NV 1.500 9/27/2031 EUR 65.196
Digital Intrepid H 1.375 7/18/2032 EUR 71.264
Agri Resources Gro 8.000 3/17/2026 EUR 14.477
HSBC Bank PLC 5.251 USD 98.594
Sagax Euro Mtn NL 1.000 5/17/2029 EUR 69.005
Corestate Capital 1.375 4/15/2023 EUR 13.450
Logicor Financing 0.875 1/14/2031 EUR 63.074
Gecina SA 0.875 1/25/2033 EUR 74.626
Credit Agricole SA 2.811 01/11/2041 USD 67.149
Akelius Residentia 0.750 2/22/2030 EUR 72.360
TotalEnergies SE 3.250 EUR 73.403
Ukraine Government 9.750 11/01/2030 USD 18.522
Shell Internationa 3.000 11/26/2051 USD 72.938
Czech Republic Gov 0.050 11/29/2029 CZK 73.954
Medtronic Global H 1.625 10/15/2050 EUR 61.205
Russian Foreign Bo 5.625 04/04/2042 USD 63.127
Balder Finland Oyj 1.375 5/24/2030 EUR 62.955
Compact Bidco BV 5.750 05/01/2026 EUR 71.765
Ocado Group PLC 0.750 1/18/2027 GBP 67.153
Nordea Bank Abp 3.750 USD 71.050
Odea Bank AS 8.606 08/01/2027 USD 72.612
State of North Rhi 2.150 3/21/2119 EUR 71.732
Republic of Belaru 6.200 2/28/2030 USD 34.500
Agps Bondco PLC 3.250 08/05/2025 EUR 39.770
Vnesheconombank Vi 6.800 11/22/2025 USD 5.437
Ukraine Government 8.994 02/01/2026 USD 0.186
Vonovia Finance BV 1.000 1/28/2041 EUR 50.714
Republic of Belaru 7.625 6/29/2027 USD 43.052
Republic of Belaru 6.875 2/28/2023 USD 38.024
NPC Ukrenergo 6.875 11/09/2028 USD 16.928
Just Eat Takeaway. 0.625 02/09/2028 EUR 64.860
Credit Agricole SA 2.811 01/11/2041 USD 67.453
National Gas Trans 1.375 02/07/2031 GBP 74.864
Heimstaden Bostad 1.625 10/13/2031 EUR 63.448
Thermo Fisher Scie 1.625 10/18/2041 EUR 70.937
Barclays PLC 3.330 11/24/2042 USD 71.688
Electricite de Fra 1.000 11/29/2033 EUR 72.648
CPI Property Group 5.800 SGD 44.114
Perrigo Finance Un 4.900 12/15/2044 USD 70.570
VTB Bank PJSC Via 9.500 USD 17.000
Agps Bondco PLC 2.250 4/27/2027 EUR 37.703
Verbund AG 0.900 04/01/2041 EUR 69.052
Realkredit Danmark 1.000 10/01/2050 DKK 74.378
Merlin Properties 1.875 12/04/2034 EUR 67.936
Prosus NV 4.027 08/03/2050 USD 64.734
Sberbank of Russia 5.125 10/29/2022 USD 32.467
NE Property BV 2.000 1/20/2030 EUR 71.379
Republic of Poland 2.000 03/08/2049 EUR 67.888
Acef Holding SCA 1.250 4/26/2030 EUR 69.363
Tinkoff Bank JSC V 11.002 USD 38.000
ICADE 0.625 1/18/2031 EUR 73.712
Prosus NV 2.031 08/03/2032 EUR 71.187
CTP NV 1.250 6/21/2029 EUR 68.973
Dtek Renewables Fi 8.500 11/12/2024 EUR 38.495
Muenchener Rueckve 1.250 5/26/2041 EUR 75.508
John Lewis PLC 4.250 12/18/2034 GBP 64.713
Arrival SA 3.500 12/01/2026 USD 31.250
Barclays Bank PLC 5.359 USD 88.633
Societe Generale S 3.625 03/01/2041 USD 64.802
Russian Railways V 1.195 04/03/2028 CHF 48.125
Russian Foreign Bo 5.250 6/23/2047 USD 40.000
HOCHDORF Holding A 2.500 CHF 31.004
Romanian Governmen 1.375 12/02/2029 EUR 75.372
Czech Republic Gov 1.950 7/30/2037 CZK 73.353
Ukraine Government 6.876 5/21/2031 USD 16.611
Metinvest BV 7.750 10/17/2029 USD 50.500
E.ON SE 0.875 10/18/2034 EUR 74.177
Societe Du Grand P 1.000 11/26/2051 EUR 53.313
Altarea SCA 1.750 1/16/2030 EUR 69.799
Wellcome Trust Ltd 2.517 02/07/2118 GBP 56.359
National Gas Trans 1.625 1/14/2043 GBP 53.235
Delivery Hero SE 2.125 03/10/2029 EUR 61.373
Deutsche Bahn Fina 0.625 12/08/2050 EUR 51.929
Aedifica SA 0.750 09/09/2031 EUR 68.723
La Poste SA 0.625 1/18/2036 EUR 68.284
Ozon Holdings PLC 1.875 2/24/2026 USD 57.987
ALROSA Finance SA 3.100 6/25/2027 USD 6.440
Solocal Group 9.957 3/15/2025 EUR 67.750
Gazprom PJSC via G 2.950 4/15/2025 EUR 72.196
Mobile Telesystems 5.000 5/30/2023 USD 28.000
Digital Dutch Finc 1.000 1/15/2032 EUR 71.076
Moby SpA 7.750 2/15/2023 EUR 58.346
Vonovia Finance BV 1.125 9/14/2034 EUR 62.368
Allianz SE 3.200 USD 71.781
Lendlease Europe F 3.500 12/02/2033 GBP 66.051
Intesa Sanpaolo Vi 2.375 12/22/2030 EUR 74.378
Orsted AS 1.500 2/18/3021 EUR 73.180
MMC Norilsk Nickel 2.800 10/27/2026 USD 73.000
Delivery Hero SE 1.000 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 EUR 69.901
Electricite de Fra 2.000 12/09/2049 EUR 61.326
Hungary Government 3.250 10/22/2031 HUF 69.498
Royalty Pharma PLC 3.300 09/02/2040 USD 72.813
Russian Foreign Bo 4.250 6/23/2027 USD 38.750
Vodafone Group PLC 3.000 08/12/2056 GBP 62.166
Maisons du Monde S 0.125 12/06/2023 EUR 46.896
Russian Foreign Bo 4.750 5/27/2026 USD 38.750
EQT AB 0.875 5/14/2031 EUR 68.108
Bigben Interactive 1.125 2/19/2026 EUR 69.178
Credit Bank of Mos 3.100 1/21/2026 EUR 25.056
LEG Immobilien SE 1.500 1/17/2034 EUR 68.016
Sweden Government 0.500 11/24/2045 SEK 67.710
Vonovia Finance BV 1.000 07/09/2030 EUR 75.366
NIBC Bank NV 3.715 USD 76.487
BNP Paribas SA 2.824 1/26/2041 USD 67.710
Iren SpA 0.250 1/17/2031 EUR 75.447
Electricite de Fra 4.500 12/04/2069 USD 74.126
Finland Government 0.125 4/15/2036 EUR 69.504
Channel Link Enter 3.848 6/30/2050 GBP 71.586
Banque Federative 1.125 11/19/2031 EUR 74.676
Amprion GmbH 0.625 9/23/2033 EUR 74.866
BP Capital Markets 1.467 9/21/2041 EUR 66.586
Imperial Brands Fi 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 EUR 72.852
DSV Finance BV 0.875 9/17/2036 EUR 68.603
Storebrand Livsfor 1.875 9/30/2051 EUR 71.755
Slovenia Governmen 1.175 2/13/2062 EUR 58.500
Mallinckrodt Inter 10.000 4/15/2025 USD 69.128
WPC Eurobond BV 0.950 06/01/2030 EUR 74.554
Nostrum Oil & Gas 7.000 2/16/2025 USD 25.219
Holcim Finance Lux 0.625 1/19/2033 EUR 71.214
Slovakia Governmen 2.250 06/12/2068 EUR 72.383
BNP Paribas SA 2.824 1/26/2041 USD 66.992
Vienna Insurance G 1.000 3/26/2036 EUR 69.056
Societe Du Grand P 0.700 10/15/2060 EUR 39.830
Air Berlin PLC 8.250 4/19/2018 EUR 0.466
Nykredit Realkredi 0.500 10/01/2053 DKK 68.252
Wuestenrot & Wuert 2.125 09/10/2041 EUR 70.773
alstria office REI 1.500 11/15/2027 EUR 72.428
Suek Securities DA 3.375 9/15/2026 USD 30.000
Rallye SA 3.400 2/28/2032 EUR 2.337
Home Credit & Fina 8.800 USD 5.349
Imerys SA 1.000 7/15/2031 EUR 74.250
Euroboden GmbH 5.500 11/18/2025 EUR 47.524
Offentliga Hus I N 10.266 SEK 71.491
Barclays Bank PLC 3.415 12/28/2040 EUR 72.115
Credit Suisse AG/L 2.300 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
Siemens Financieri 0.500 09/05/2034 EUR 74.921
Deutsche Bahn Fina 0.875 6/23/2039 EUR 68.875
Euroclear Investme 1.375 6/16/2051 EUR 74.524
Prologis Internati 1.625 6/17/2032 EUR 76.579
Stichting Afwikkel 11.250 EUR 46.427
Nederlandse Waters 0.125 09/03/2035 EUR 69.806
PREOS Global Offic 7.500 12/09/2024 EUR 25.100
NRW Bank 0.100 07/09/2035 EUR 70.091
Cardea Europe AG 7.250 12/08/2023 EUR 33.250
Aroundtown SA 4.750 3/27/2032 USD 62.000
DNB Bank ASA 5.360 USD 74.649
Coruripe Netherlan 10.000 02/10/2027 USD 70.218
GTLK Europe Capita 4.349 2/27/2029 USD 20.385
Vesteda Finance BV 0.750 10/18/2031 EUR 73.689
Caisse des Depots 1.552 8/16/2038 EUR 74.588
State of North Rhi 1.550 6/16/2048 EUR 73.662
Selina Hospitality 6.000 11/01/2026 USD 47.338
BAT International 2.000 3/13/2045 EUR 55.152
Flagship Finance P 1.875 7/14/2061 GBP 51.488
LEG Immobilien SE 1.625 11/28/2034 EUR 63.689
Deutsche Bahn Fina 0.625 4/15/2036 EUR 71.532
UNEDIC ASSEO 0.250 7/16/2035 EUR 70.836
Intu Debenture PLC 5.562 12/31/2027 GBP 40.418
RTE Reseau de Tran 1.125 07/08/2040 EUR 69.570
Sovcombank Via Sov 3.400 1/26/2025 USD 2.204
State of North Rhi 1.750 10/26/2057 EUR 71.861
Sovcombank Via Sov 8.000 04/07/2030 USD 5.506
Places For People 2.500 1/26/2036 GBP 73.442
Senvion Holding Gm 3.875 10/25/2022 EUR 0.200
Engie SA 1.250 10/24/2041 EUR 63.614
National Grid PLC 0.750 09/01/2033 EUR 72.783
Tritax Big Box REI 1.500 11/27/2033 GBP 67.477
Cyprus Government 2.250 4/16/2050 EUR 71.249
La Poste SA 0.625 1/18/2036 EUR 68.558
Orpea SA 2.200 12/15/2024 EUR 27.391
GTLK Europe DAC 5.125 5/31/2024 USD 29.672
Russian Foreign Bo 1.125 11/20/2027 EUR 37.344
ABN AMRO Bank NV 1.115 03/03/2042 EUR 69.031
Enel Finance Inter 0.875 6/17/2036 EUR 67.102
Shell Internationa 0.875 11/08/2039 EUR 63.799
Societe Du Grand P 1.000 2/18/2070 EUR 41.957
Cardiff University 3.000 12/07/2055 GBP 73.789
Hungary Government 2.250 6/22/2034 HUF 57.927
Blend Funding PLC 2.922 04/05/2054 GBP 67.517
Enel Finance Inter 1.250 1/17/2035 EUR 73.591
Prologis Internati 0.750 3/23/2033 EUR 68.132
Societe Du Grand P 1.700 5/25/2050 EUR 67.731
Rusal Capital DAC 5.300 05/03/2023 USD 41.885
Samhallsbyggnadsbo 7.000 7/24/2023 SEK 57.940
City of Lugano Swi 0.150 11/28/2070 CHF 44.850
Clarion Funding PL 3.125 4/19/2048 GBP 70.935
State of North Rhi 1.750 07/11/2068 EUR 66.094
Kreditanstalt fuer 0.050 9/29/2034 EUR 72.714
Nordea Kredit Real 1.000 10/01/2053 DKK 73.727
Thames Water Utili 2.375 4/22/2040 GBP 64.605
Kenbourne Invest S 4.700 1/22/2028 USD 57.985
Unibail-Rodamco-We 1.750 07/01/2049 EUR 56.862
Societe Nationale 1.000 5/25/2040 EUR 66.245
Novo Banco SA/Luxe 3.500 01/02/2043 EUR 71.753
EYEMAXX Real Estat 5.500 9/24/2024 EUR 3.087
Hannover Rueck SE 1.375 6/30/2042 EUR 72.164
Mondelez Internati 1.250 09/09/2041 EUR 65.251
GTLK Europe Capita 4.949 2/18/2026 USD 20.103
Volkswagen Interna 1.500 1/21/2041 EUR 66.370
Fresenius Finance 0.875 10/01/2031 EUR 74.415
Linde PLC 1.000 9/30/2051 EUR 55.870
Karlou BV 7.750 6/18/2024 USD 11.526
Engie SA 1.375 6/21/2039 EUR 68.791
Aragvi Finance Int 8.450 4/29/2026 USD 68.169
Yorkshire Water Fi 2.750 4/18/2041 GBP 71.832
Idavang A/S 9.857 11/11/2025 EUR 66.568
Societe Nationale 0.875 2/28/2051 EUR 49.423
Wendel SE 1.375 1/18/2034 EUR 72.527
Societa di Progett 3.375 12/31/2038 EUR 75.746
Regiao Autonoma Ma 1.141 12/04/2034 EUR 73.152
Unibail-Rodamco-We 2.250 5/14/2038 EUR 71.984
Canton of Geneva S 0.050 8/27/2041 CHF 72.526
SRV Group Oyj 4.875 EUR 52.500
Nordea Kredit Real 1.000 10/01/2053 DKK 68.851
Cyprus Government 1.250 1/21/2040 EUR 63.847
Aggregate Holdings 5.500 5/17/2024 EUR 37.255
Tinkoff Bank JSC V 6.000 USD 44.429
Vnesheconombank Vi 6.025 07/05/2022 USD 6.267
Sanctuary Capital 2.375 4/14/2050 GBP 61.676
BNG Bank NV 0.875 10/24/2036 EUR 75.960
Deutsche Bahn Fina 1.375 4/16/2040 EUR 71.971
Simpar Europe SA 5.200 1/26/2031 USD 73.481
ABN AMRO Bank NV 1.125 4/23/2039 EUR 74.436
Nordea Kredit Real 1.000 10/01/2050 DKK 70.158
Electricite de Fra 1.875 10/13/2036 EUR 75.148
Herens Midco Sarl 5.250 5/15/2029 EUR 66.292
Vedanta Resources 9.250 4/23/2026 USD 61.021
Heineken NV 1.750 05/07/2040 EUR 73.782
Movida Europe SA 5.250 02/08/2031 USD 73.576
Greene King Financ 6.357 3/15/2036 GBP 75.743
Jyske Realkredit A 1.500 10/01/2053 DKK 73.415
Intelsat Jackson H 8.500 10/15/2024 USD 0.497
Digital Dutch Finc 1.250 02/01/2031 EUR 75.175
Realkredit Danmark 1.000 10/01/2053 DKK 68.762
OGX Austria GmbH 8.375 04/01/2022 USD 0.108
SABIC Capital I BV 3.000 9/14/2050 USD 71.058
Ukraine Government 9.990 5/22/2024 UAH 70.787
Tresu Investment H 8.012 01/02/2025 EUR 44.590
Allianz Finance II 0.500 11/22/2033 EUR 74.543
Offshore Drilling 8.375 9/20/2020 USD 2.038
Zurich Finance Ire 1.625 6/17/2039 EUR 73.582
Platform HG Financ 1.625 08/10/2055 GBP 49.507
Blend Funding PLC 2.467 6/16/2061 GBP 55.623
Erste Group Bank A 0.500 01/12/2037 EUR 69.392
National Grid Elec 2.000 4/17/2040 GBP 63.478
A2A SpA 1.000 11/02/2033 EUR 73.374
HOWOGE Wohnungsbau 1.125 11/01/2033 EUR 73.042
Russian Federal Bo 6.100 7/18/2035 RUB 70.371
Covivio SA/France 0.875 1/20/2033 EUR 69.549
European Financial 0.700 1/20/2050 EUR 56.003
BNG Bank NV 0.805 6/28/2049 EUR 57.015
Deutsche Bahn Fina 0.750 7/16/2035 EUR 73.620
Raiffeisen-Landesb 0.500 5/27/2041 EUR 62.079
GlaxoSmithKline Ca 1.625 05/12/2035 GBP 72.326
National Grid Elec 2.000 9/16/2038 GBP 65.411
Cadent Finance PLC 2.250 10/10/2035 GBP 70.892
Bulgaria Governmen 0.100 8/17/2031 BGN 69.643
Credit Suisse AG/L 2.000 9/30/2030 USD 74.717
Societe Nationale 1.000 1/19/2061 EUR 42.762
Gecina SA 0.875 6/30/2036 EUR 66.297
TechnipFMC PLC 3.750 10/07/2033 EUR 70.926
Credit Agricole It 0.750 1/20/2042 EUR 61.248
Pozavarovalnica Sa 3.750 11/07/2039 EUR 73.560
InterCement Financ 5.750 7/17/2024 USD 67.531
Shell Internationa 3.125 11/07/2049 USD 74.796
Scandinavian Airli 0.625 CHF 13.281
MMK International 4.375 6/13/2024 USD 25.921
Cie de Financement 0.600 10/25/2041 EUR 63.915
ABH Financial Ltd 2.700 06/11/2023 EUR 15.116
Kernel Holding SA 6.750 10/27/2027 USD 57.036
Solocal Group 9.957 3/15/2025 EUR 68.013
Diageo Finance PLC 1.250 3/28/2033 GBP 73.981
Latvia Government 1.375 5/16/2036 EUR 73.724
Tennor Finance BV 5.750 6/17/2024 EUR 70.000
M2 Asset Managemen 7.110 02/04/2026 SEK 73.135
AI Candelaria Spai 5.750 6/15/2033 USD 70.807
Yorkshire Water Fi 1.750 10/27/2032 GBP 74.967
Andorra Internatio 1.700 10/13/2041 EUR 69.429
AstraZeneca PLC 2.125 08/06/2050 USD 63.516
Housing & Care 21 3.288 11/08/2049 GBP 74.322
EnBW International 0.500 03/01/2033 EUR 73.506
Becton Dickinson E 1.213 02/12/2036 EUR 71.930
Syngenta Finance N 4.375 3/28/2042 USD 77.201
TMK OAO Via TMK Ca 4.300 02/12/2027 USD 53.620
Nostrum Oil & Gas 5.000 6/30/2026 USD 70.792
Saleza AS 9.000 07/12/2021 EUR 0.203
Telefonica Emision 1.957 07/01/2039 EUR 74.944
Russian Foreign Bo 1.850 11/20/2032 EUR 38.355
Unibail-Rodamco-We 2.000 5/29/2037 EUR 73.219
VTR Finance NV 6.375 7/15/2028 USD 38.722
Credit Suisse AG/L 20.000 11/29/2024 USD 10.360
Swissgrid AG 0.050 6/30/2050 CHF 53.550
BAWAG PSK Bank fue 0.375 3/25/2041 EUR 61.150
Alpine Holding Gmb 5.250 07/01/2015 EUR 0.504
Aroundtown SA 2.700 10/31/2028 EUR 63.668
Snam SpA 1.000 09/12/2034 EUR 71.818
Lehman Brothers UK 3.875 EUR 18.750
KTG Agrar SE 7.125 06/06/2017 EUR 2.001
WD Invest Sarl 1.900 10/02/2024 EUR 11.750
ABN AMRO Bank NV 0.375 1/14/2035 EUR 73.360
Hidrovias Internat 4.950 02/08/2031 USD 71.139
Deutsche Lichtmiet 5.250 09/01/2025 EUR 2.110
Saltaire Finance P 2.711 05/09/2052 GBP 73.194
British Telecommun 3.625 11/21/2047 GBP 72.385
Claranova SE 5.000 07/01/2023 EUR 0.500
Ukraine Government 19.600 04/02/2025 UAH 72.474
Ukraine Government 7.253 3/15/2035 USD 16.750
Orpea SA 2.130 07/03/2024 EUR 28.376
Jyske Realkredit A 1.000 10/01/2053 DKK 73.859
VEON Holdings BV 3.375 11/25/2027 USD 68.269
BPCE SA 5.205 EUR 68.529
Joh Friedrich Behr 6.250 6/18/2024 EUR 7.000
Bayer AG 1.000 01/12/2036 EUR 69.551
Societe Du Grand P 0.300 09/02/2036 EUR 66.782
UkrLandFarming PLC 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
Avangardco Investm 10.000 10/29/2018 USD 0.103
O1 Properties Fina 0.500 9/27/2028 USD 5.318
GN Store Nord AS 1.970 03/03/2036 EUR 60.422
Vedanta Resources 6.125 08/09/2024 USD 61.039
UNEDIC ASSEO 0.100 5/25/2034 EUR 72.082
Novo Banco SA/Luxe 3.500 3/18/2043 EUR 71.793
Home Group Ltd 3.125 3/27/2043 GBP 73.765
Virgolino de Olive 11.750 02/09/2022 USD 2.760
Intesa Sanpaolo Sp 4.375 01/12/2048 USD 70.240
Motability Operati 2.375 07/03/2039 GBP 72.637
National Grid Elec 1.625 10/07/2035 GBP 67.793
Sovcombank Via Sov 7.750 USD 3.323
Realkredit Danmark 1.000 10/01/2053 DKK 73.560
Aroundtown SA 2.970 9/26/2033 EUR 48.780
Aster Treasury Plc 1.405 1/27/2036 GBP 69.471
Lithuania Governme 0.750 7/15/2051 EUR 48.386
Northern Powergrid 2.250 10/09/2059 GBP 57.396
Nordea Kredit Real 1.500 10/01/2053 DKK 73.417
UK Municipal Bonds 1.625 8/26/2060 GBP 47.715
Credit Suisse AG/L 20.000 10/10/2023 CHF 30.170
Avanti Communicati 9.000 10/01/2022 USD 14.364
Credit Suisse AG/L 0.875 5/21/2031 EUR 70.939
SNCF Reseau 0.750 5/25/2036 EUR 72.499
Investor AB 1.500 6/20/2039 EUR 72.302
Ukraine Government 7.375 9/25/2034 USD 16.750
Jyske Realkredit A 0.500 10/01/2050 DKK 70.468
Terragon AG 6.500 5/24/2024 EUR 5.000
Privatbank CJSC Vi 10.250 1/23/2018 USD 3.498
DSV Finance BV 0.750 07/05/2033 EUR 74.127
Finland Government 0.500 4/15/2043 EUR 63.450
JAB Holdings BV 3.750 5/28/2051 USD 68.110
Perrigo Co PLC 5.300 11/15/2043 USD 72.212
Realkredit Danmark 1.500 10/01/2053 DKK 73.375
B2W Digital Lux Sa 4.375 12/20/2030 USD 19.250
Hellas Telecommuni 6.054 1/15/2015 USD 0.014
Altice France Hold 8.000 5/15/2027 EUR 72.955
TF Bank AB 9.437 SEK 57.235
City of Lausanne S 0.600 11/30/2056 CHF 62.788
Diebold Nixdorf Du 9.000 7/15/2025 EUR 45.250
Deutsche Bank AG 0.687 10/11/2049 EUR 42.902
EYEMAXX Real Estat 5.500 7/22/2025 EUR 19.389
Orpea SA 2.750 06/03/2033 EUR 27.437
Uralkali OJSC Via 4.000 10/22/2024 USD 18.205
Assura Financing P 1.625 6/30/2033 GBP 69.980
Cadent Finance PLC 3.125 3/21/2040 GBP 72.742
Banco Espirito San 7.125 11/28/2023 EUR 0.555
Beyond Housing Ltd 2.125 5/17/2051 GBP 59.316
Abengoa Abenewco 2 1.500 10/26/2024 USD 1.327
Nestle Finance Int 0.375 12/03/2040 EUR 61.346
Italgas SpA 0.500 2/16/2033 EUR 73.065
Bayerische Landesb 1.550 2/13/2040 EUR 52.926
Fuerstenberg Capit 3.905 EUR 52.462
Vnesheconombank Vi 6.800 11/22/2025 USD 5.437
Chancellor Masters 2.350 6/27/2078 GBP 62.181
Paragon Treasury P 2.000 05/07/2036 GBP 72.110
Engie SA 1.000 10/26/2036 EUR 69.910
University of Sout 2.250 04/11/2057 GBP 60.196
Gazprom PJSC Via G 4.950 02/06/2028 USD 72.005
GN Store Nord AS 3.200 11/26/2036 GBP 74.425
City of Lausanne S 0.680 03/11/2058 CHF 61.523
Peabody Capital No 3.250 9/14/2048 GBP 72.602
State of Bremen 1.000 5/27/2039 EUR 73.188
Ile-de-France Mobi 1.275 2/14/2042 EUR 69.385
Bilt Paper BV 10.360 USD 1.253
Orange SA 1.200 07/11/2034 EUR 75.150
Croatia Government 1.250 03/03/2040 EUR 64.365
Barclays Bank PLC 5.460 USD 88.754
Banco Santander SA 0.100 2/27/2032 EUR 75.667
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
Landesbank Hessen- 0.500 1/19/2037 EUR 71.492
Nykredit Realkredi 0.500 10/01/2050 DKK 68.260
Deutsche Lichtmiet 5.750 12/01/2023 EUR 11.267
Cie de Financement 0.010 10/29/2035 EUR 67.441
ABN AMRO Bank NV 0.625 1/24/2037 EUR 72.094
Eurotorg LLC Via B 9.000 10/22/2025 USD 69.009
Region Hauts-de-Fr 0.691 07/09/2042 EUR 60.428
Deutsche Lichtmiet 5.250 02/01/2027 EUR 2.840
Linde PLC 0.375 9/30/2033 EUR 74.200
Accent Capital PLC 2.625 7/18/2049 GBP 67.520
Lithuania Governme 1.625 6/19/2049 EUR 63.996
Kuntarahoitus Oyj 0.050 09/10/2035 EUR 69.822
Malta Government B 1.500 10/22/2045 EUR 62.740
Motability Operati 1.500 1/20/2041 GBP 60.879
City of Zurich Swi 0.400 11/21/2046 CHF 73.743
Telefonica Emision 1.864 7/13/2040 EUR 71.443
Jyske Realkredit A 1.000 10/01/2053 DKK 68.850
Banco Espirito San 5.725 EUR 2.270
Credit Suisse AG/L 9.750 4/27/2023 USD 61.750
European Financial 0.700 1/17/2053 EUR 52.696
ESFIL-Espirito San 5.250 06/12/2015 EUR 0.111
Eni SpA 1.000 10/11/2034 EUR 74.952
Southern Gas Netwo 1.250 12/02/2031 GBP 73.437
SNCF Reseau 2.000 02/05/2048 EUR 72.742
Caisse Francaise d 0.625 1/20/2042 EUR 63.405
WPP Finance 2013 2.875 9/14/2046 GBP 61.489
Dexia Credit Local 4.433 EUR 2.498
Region de Bruxelle 1.220 6/23/2053 EUR 57.604
Petrobras Global F 4.500 02/04/2033 EUR 65.091
ABN AMRO Bank NV 0.400 9/17/2041 EUR 61.126
City of Lausanne S 0.600 07/06/2050 CHF 69.235
State of Saxony-An 0.500 3/24/2051 EUR 52.651
Metropolitan Housi 1.875 7/28/2036 GBP 69.619
Nordea Kredit Real 1.500 10/01/2053 DKK 69.722
Hampshire Trust Ba 7.250 05/10/2028 GBP 72.099
BNG Bank NV 0.250 11/22/2036 EUR 68.360
State of Bremen 0.400 8/20/2049 EUR 51.972
Espirito Santo Fin 6.875 10/21/2019 EUR 0.010
Unibail-Rodamco-We 2.000 4/28/2036 EUR 74.603
Region de Bruxelle 1.121 05/11/2071 EUR 43.705
Nykredit Realkredi 0.500 10/01/2053 DKK 66.177
Catalyst Housing L 3.125 10/31/2047 GBP 71.146
Societe Du Grand P 0.576 10/29/2052 EUR 43.474
Air Berlin PLC 5.625 05/09/2019 CHF 0.400
Turkiye Is Bankasi 8.100 12/03/2029 USD 73.505
Boparan Finance PL 7.625 11/30/2025 GBP 65.503
European Financial 1.375 5/31/2047 EUR 71.189
Grand City Propert 2.000 10/25/2032 EUR 62.724
Mallinckrodt Inter 10.000 6/15/2029 USD 54.000
PJSC Koks via IMH 5.900 9/23/2025 USD 7.501
Land Securities Ca 2.750 9/22/2059 GBP 62.728
University College 1.625 06/04/2061 GBP 52.783
Cellnex Finance Co 3.875 07/07/2041 USD 74.474
adidas AG 0.625 09/10/2035 EUR 71.555
Banco Espirito San 5.905 EUR 0.295
Stonewater Funding 1.625 09/10/2036 GBP 68.831
Alno AG 8.500 5/14/2018 EUR 17.060
Realkredit Danmark 0.500 10/01/2050 DKK 70.318
Northern Electric 2.750 5/24/2049 GBP 69.043
Credit Bank of Mos 7.121 6/25/2024 USD 23.480
Yandex NV 0.750 9/13/2022 USD 69.375
Holcim Finance Lux 1.375 10/08/2036 EUR 64.163
Nykredit Realkredi 1.500 10/01/2053 DKK 69.702
Junta de Castilla 1.275 04/07/2049 EUR 57.400
City of Lausanne S 0.050 9/28/2054 CHF 53.278
Rallye SA 1.000 2/28/2032 EUR 1.483
Optivo Finance PLC 3.283 3/22/2048 GBP 73.108
Landwirtschaftlich 0.625 10/31/2036 EUR 73.869
State of North Rhi 0.500 1/15/2052 EUR 51.642
Kreditanstalt fuer 1.000 10/19/2050 EUR 63.914
Clarion Funding PL 1.875 09/07/2051 GBP 51.664
ABN AMRO Bank NV 1.125 4/23/2039 EUR 74.441
Luzerner Kantonalb 0.160 12/23/2043 CHF 69.191
Nationwide Buildin 0.500 05/05/2041 EUR 63.057
Cirio Holding Luxe 6.250 2/16/2004 EUR 1.458
Phosagro OAO Via P 3.050 1/23/2025 USD 62.000
State of North Rhi 1.450 2/16/2043 EUR 74.972
Kreditanstalt fuer 0.375 5/20/2036 EUR 72.212
South Eastern Powe 1.750 9/30/2034 GBP 72.628
Canton of Zurich 0.100 6/23/2045 CHF 71.383
Societe Generale S 9.000 12/22/2034 USD 70.000
Steilmann SE 6.750 6/27/2017 EUR 2.184
Nationale-Nederlan 0.050 11/12/2040 EUR 58.267
European Primary P 1.732 11/09/2055 GBP 52.235
Abengoa Abenewco 2 1.500 10/26/2024 USD 1.018
Prosus NV 4.027 08/03/2050 USD 65.042
Liquid Telecommuni 5.500 09/04/2026 USD 66.872
Banca Popolare di 9.500 9/29/2025 EUR 0.380
Cadent Finance PLC 2.625 9/22/2038 GBP 69.525
Autonomous Communi 1.255 10/31/2048 EUR 56.564
Italy Buoni Polien 2.800 03/01/2067 EUR 70.546
Citizen Treasury P 3.250 10/20/2048 GBP 75.402
Bellis Finco PLC 4.000 2/16/2027 GBP 69.958
Prosus NV 4.987 1/19/2052 USD 73.941
Elli Finance UK PL 8.750 6/15/2019 GBP 56.562
Pfandbriefbank sch 0.250 10/06/2042 CHF 72.659
Ministeries Van de 0.125 10/15/2035 EUR 67.551
Espirito Santo Fin 9.750 12/19/2025 EUR 0.622
Ukraine Government 12.520 5/13/2026 UAH 56.539
ING-DiBa AG 1.000 5/23/2039 EUR 72.813
MHP SE 7.750 05/10/2024 USD 55.152
Joh Friedrich Behr 7.750 11/11/2020 EUR 5.000
Alitalia-Societa A 5.250 7/30/2020 EUR 0.333
Muenchener Hypothe 0.010 11/02/2040 EUR 58.318
Guinness Partnersh 2.000 4/22/2055 GBP 53.712
Deutsche Wohnen SE 1.300 04/07/2041 EUR 56.017
Richemont Internat 1.625 5/26/2040 EUR 74.581
Ocado Group PLC 3.875 10/08/2026 GBP 73.863
Gazprom PJSC via G 2.950 1/27/2029 USD 58.000
Realkredit Danmark 1.000 10/01/2053 DKK 63.221
Yuksel Insaat AS 9.500 11/10/2015 USD 0.764
New World Resource 4.000 10/07/2020 EUR 0.254
Ukraine Government 15.840 2/26/2025 UAH 69.861
European Financial 1.750 7/17/2053 EUR 72.061
Espirito Santo Fin 5.050 11/15/2025 EUR 0.622
Parnassia Groep BV 1.210 12/01/2033 EUR 75.644
DWR Cymru Financin 1.375 3/31/2033 GBP 73.879
Credit Agricole It 0.125 3/15/2033 EUR 71.595
M Objekt Real Esta 6.000 7/22/2024 EUR 56.823
Region de Bruxelle 0.444 3/19/2057 EUR 34.947
Ville de Paris 1.200 6/25/2039 EUR 72.413
Banco Espirito San 6.875 7/15/2016 EUR 19.250
Ministeries Van de 0.875 3/21/2046 EUR 58.878
Raiffeisenbank AS 0.700 11/15/2031 EUR 74.816
EDOB Abwicklungs A 7.500 04/01/2012 EUR 1.537
City of St Gallen 0.140 9/16/2044 CHF 70.333
Grupo Antolin-Irau 3.500 4/30/2028 EUR 72.523
Zurich Finance Ire 1.600 12/17/2052 EUR 70.611
Transports Publics 0.450 12/29/2056 CHF 64.437
Kairos Global Solu 1.900 07/03/2035 USD 72.834
Realkredit Danmark 0.500 10/01/2053 DKK 68.233
Swissgrid AG 0.125 6/30/2036 CHF 74.365
Agence Francaise d 0.500 5/31/2035 EUR 72.554
Caisse Francaise d 0.010 10/19/2035 EUR 66.989
La Poste SA 1.000 9/17/2034 EUR 74.937
Ukreximbank Via Bi 9.750 1/22/2025 USD 70.175
Concessio Estacion 3.520 12/31/2037 EUR 72.685
Aareal Bank AG 0.625 9/16/2030 EUR 63.224
Credit Suisse AG 0.500 12/16/2025 BRL 68.801
Annington Funding 2.308 10/06/2032 GBP 73.411
Ile-de-France Mobi 0.200 11/16/2035 EUR 68.350
Credit Agricole SA 1.400 7/28/2031 EUR 76.014
Malta Government B 1.000 8/23/2035 EUR 74.599
London & Quadrant 2.750 7/20/2057 GBP 61.709
Canary Wharf Group 3.375 4/23/2028 GBP 69.198
Nykredit Realkredi 1.000 10/01/2053 DKK 63.210
Nordea Kredit Real 0.500 10/01/2050 DKK 70.380
Region de Bruxelle 0.562 12/23/2065 EUR 30.652
Clarion Funding PL 1.250 11/13/2032 GBP 72.465
Nederlandse Waters 0.375 9/28/2046 EUR 54.999
German Pellets Gmb 7.250 11/27/2019 EUR 1.345
Credit Suisse AG/L 3.220 02/08/2032 AUD 73.496
Platform HG Financ 1.926 9/15/2041 GBP 65.990
Deutsche Bank AG 1.580 10/23/2031 EUR 70.568
Prosus NV 3.832 02/08/2051 USD 62.796
SCC Power PLC 6.000 12/31/2028 USD 48.719
Hungary Government 3.125 9/21/2051 USD 62.750
Cooperatieve Rabob 0.010 11/27/2040 EUR 57.644
Cooperatieve Rabob 0.500 7/30/2043 MXN 15.807
BNG Bank NV 0.125 07/09/2035 EUR 70.607
Nederlandse Waters 0.500 4/26/2051 EUR 51.381
Muenchener Hypothe 1.000 4/18/2039 EUR 73.626
Cooperatieve Rabob 0.500 10/30/2043 MXN 14.605
LiveWest Treasury 2.250 10/10/2043 GBP 67.282
Notting Hill Genes 3.250 10/12/2048 GBP 71.900
Alfa Bank AO Via A 5.500 10/26/2031 USD 0.014
Saltaire Finance P 1.527 11/23/2051 GBP 54.195
Dexia SA 4.292 EUR 2.753
Fastighets AB Bald 1.293 03/03/2031 EUR 56.684
Action Logement Se 0.500 10/30/2034 EUR 73.120
Salerno Pompei Nap 2.800 1/19/2045 EUR 71.663
Credit Suisse AG/L 5.200 11/27/2023 USD 9.010
Petrobras Global F 4.750 04/02/2038 EUR 51.677
London & Quadrant 2.000 10/20/2038 GBP 66.033
Region de Bruxelle 1.400 03/11/2054 EUR 53.798
Vier Gas Transport 0.500 09/10/2034 EUR 68.529
Jain International 7.125 02/01/2022 USD 21.952
Pfandbriefzentrale 0.200 5/22/2042 CHF 72.361
Caisse Francaise d 0.375 2/13/2040 EUR 62.698
Telenor ASA 0.875 2/14/2035 EUR 73.106
Virgolino de Olive 10.500 1/28/2018 USD 2.757
Cooperatieve Rabob 0.500 10/29/2027 MXN 64.504
Veneto Banca SpA 9.878 12/01/2025 EUR 0.478
Havila Shipping AS 8.190 01/02/2025 NOK 40.000
Deutsche Wohnen SE 0.500 04/07/2031 EUR 68.733
Bankinter SA 1.200 06/05/2035 EUR 74.870
Veneto Banca SpA 6.411 EUR 0.345
Anchor Hanover Gro 2.000 7/21/2051 GBP 56.582
Russian Federal Bo 7.100 5/15/2041 RUB 72.690
State of North Rhi 0.500 11/25/2039 EUR 66.317
WM Morrison Superm 2.500 10/01/2031 GBP 45.901
Severn Trent Utili 0.010 12/16/2055 GBP 52.393
City of Lausanne S 0.540 11/06/2062 CHF 54.214
Caisse Francaise d 0.500 10/01/2046 EUR 56.281
Lehman Brothers UK 5.750 EUR 7.000
State of North Rhi 0.375 09/02/2050 EUR 50.356
Region Wallonne Be 0.650 1/16/2051 EUR 48.277
Ile-de-France Mobi 0.950 5/28/2041 EUR 66.173
State of North Rhi 0.600 06/04/2041 EUR 64.967
Stobart Finance PL 2.750 05/08/2024 GBP 73.504
Russian Federal Bo 7.000 7/30/2036 RUB 74.830
Zenith Finco PLC 6.500 6/30/2027 GBP 74.250
LSF9 Balta Issuer 3.000 12/31/2030 EUR 61.699
Transcapitalbank J 10.000 USD 51.984
Ville de Paris 0.450 10/20/2045 EUR 54.203
MMC Norilsk Nickel 6.625 10/14/2022 USD 72.250
Free State of Saxo 0.400 05/12/2036 EUR 71.907
Aktia Bank Oyj 0.500 3/30/2031 EUR 74.587
Action Logement Se 0.750 7/19/2041 EUR 62.534
Abengoa Abenewco 2 1.500 4/26/2024 USD 0.228
Autobahnen- und Sc 0.100 7/16/2035 EUR 70.907
CRC Breeze Finance 6.110 05/08/2026 EUR 74.378
Credit Suisse AG/L 9.000 4/22/2024 USD 27.550
FF Group Finance L 3.250 11/02/2021 CHF 5.150
VF Ukraine PAT via 6.200 02/11/2025 USD 60.226
CCEP Finance Irela 1.500 05/06/2041 EUR 68.231
Metinvest BV 8.500 4/23/2026 USD 62.824
Credit Suisse Inte 9.500 3/24/2026 UAH 55.220
Nordea Kredit Real 0.500 10/01/2050 DKK 68.480
State of North Rhi 0.750 8/16/2041 EUR 66.499
Credit Suisse AG/L 2.100 3/31/2031 USD 73.873
Privatbank CJSC Vi 10.875 2/28/2018 USD 6.586
SCF Capital Design 5.375 6/16/2023 USD 18.904
Manchester Airport 2.875 9/30/2044 GBP 67.612
Windreich GmbH 6.500 03/01/2015 EUR 2.780
Mallinckrodt Inter 10.000 4/15/2025 USD 68.730
Ministeries Van de 1.000 1/23/2051 EUR 56.749
Free State of Saxo 0.010 12/17/2035 EUR 68.789
Jyske Realkredit A 0.500 10/01/2050 DKK 68.309
State of Schleswig 0.200 8/15/2039 EUR 63.321
Realkredit Danmark 0.500 10/01/2050 DKK 68.287
Free State of Bava 0.010 1/18/2035 EUR 71.227
Raiffeisenlandesba 0.500 1/22/2035 EUR 73.192
State of North Rhi 1.000 10/16/2046 EUR 65.543
Schoeller Packagin 6.375 11/01/2024 EUR 70.992
Realkredit Danmark 1.500 10/01/2053 DKK 69.606
Rhaetische Bahn AG 0.050 08/03/2050 CHF 60.677
City of Bern Switz 0.040 10/02/2070 CHF 45.000
UBS AG/London 6.500 10/02/2024 USD 58.750
Autonomous Region 1.095 9/27/2036 EUR 70.814
Canton of St Galle 0.200 11/28/2041 CHF 75.295
Orpea SA 2.000 08/09/2029 EUR 27.375
Onward Homes Ltd 2.125 3/25/2053 GBP 56.288
Single Platform In 0.950 02/05/2033 EUR 76.153
MHP Lux SA 6.950 04/03/2026 USD 50.718
Solarworld AG 9.691 2/24/2019 EUR 14.875
Blend Funding PLC 3.508 05/04/2057 GBP 74.304
Metinvest BV 7.750 10/17/2029 USD 50.000
MVM Energetika Zrt 3.250 09/03/2031 HUF 65.000
Altice Finco SA 4.750 1/15/2028 EUR 73.686
Solon SE 1.375 12/06/2012 EUR 0.745
Deutsche Pfandbrie 0.906 03/04/2050 EUR 65.019
Region Auvergne-Rh 0.892 10/21/2041 EUR 62.309
Banca Popolare di 2.821 12/20/2017 EUR 0.396
Land Berlin 0.350 09/09/2050 EUR 49.906
Russian Foreign Bo 7.500 3/31/2030 USD 64.653
Havila Shipping AS 7.440 01/02/2025 NOK 42.167
Communaute Francai 0.625 06/11/2035 EUR 72.178
New World Resource 8.000 04/07/2020 EUR 0.088
Kommunekredit 0.500 6/19/2039 DKK 66.425
Uliving@essex3 LLP 2.720 8/31/2066 GBP 50.771
City of Lausanne S 0.230 11/01/2060 CHF 48.689
Raiffeisenlandesba 1.650 8/23/2046 EUR 74.164
Kommunekredit 0.875 11/03/2036 EUR 75.600
Raiffeisenlandesba 0.375 1/15/2035 EUR 71.870
Kommunekredit 0.125 9/26/2040 EUR 60.104
Aegon Bank NV 0.375 06/09/2036 EUR 70.301
Kommunekredit 0.625 11/21/2039 EUR 68.531
Credit Suisse AG/L 3.880 10/31/2036 USD 75.625
Espirito Santo Fin 3.125 12/02/2018 EUR 0.622
Kommunekredit 0.010 05/04/2034 EUR 72.025
FNG Benelux Holdin 5.000 8/28/2023 EUR 1.000
Metalloinvest Fina 3.375 10/22/2028 USD 53.000
Offshore Drilling 8.375 9/20/2020 USD 2.038
Endo Luxembourg Fi 6.125 04/01/2029 USD 74.500
Deutsche Bank AG 2.400 2/26/2028 USD 76.750
Jyske Realkredit A 1.500 10/01/2053 DKK 69.692
Clarion Funding PL 1.875 1/22/2035 GBP 71.547
Ukraine Government 4.375 1/27/2032 EUR 16.863
Romanian Governmen 2.875 4/13/2042 EUR 59.468
Depfa Funding II L 6.500 EUR 60.327
Windreich GmbH 6.500 7/15/2016 EUR 2.780
Heimstaden Bostad 2.800 05/04/2035 EUR 62.330
LBI ehf 6.100 8/25/2011 USD 10.250
Lehman Brothers UK 5.125 EUR 18.750
Orpea SA 3.144 12/22/2025 EUR 27.757
MHP Lux SA 6.250 9/19/2029 USD 49.039
Basque Government 1.375 10/31/2070 EUR 44.313
Assistance Publiqu 1.750 11/27/2041 EUR 75.667
BAWAG PSK Bank fue 0.625 6/19/2034 EUR 75.599
Gazprom PJSC via G 3.897 EUR 52.551
Hylea Group SA 7.250 12/01/2022 EUR 0.310
DLR Kredit A/S 0.500 10/01/2050 DKK 71.433
Gemeente Bergen OP 0.440 9/20/2044 EUR 58.306
Ministeries Van de 1.500 04/11/2044 EUR 70.484
Evraz PLC 5.250 04/02/2024 USD 52.226
Motability Operati 2.125 1/18/2042 GBP 66.953
Nederlandse Waters 1.625 1/29/2048 EUR 75.127
Tele Columbus AG 3.875 05/02/2025 EUR 70.655
Ukraine Government 7.750 09/01/2027 USD 18.036
Gazprom PJSC via G 4.599 USD 53.000
Nationale-Nederlan 0.050 9/24/2035 EUR 68.210
Norwegian Air Shut 7.137 02/07/2023 SEK 86.439
Region Wallonne Be 1.050 6/22/2040 EUR 67.487
Cirio Finanziaria 8.000 12/21/2005 EUR 0.478
Italy Buoni Polien 2.150 09/01/2052 EUR 65.063
Landesbank Hessen- 0.550 11/27/2030 EUR 75.003
Muenchener Hypothe 0.125 11/19/2030 EUR 75.455
Region Wallonne Be 0.500 6/22/2037 EUR 67.004
Pfandbriefzentrale 0.050 10/06/2043 CHF 68.309
National Grid Elec 1.608 8/24/2040 GBP 49.787
VST Building Techn 7.000 6/28/2024 EUR 0.120
Deutsche Bank AG 1.725 1/16/2045 EUR 43.712
Republic of Irelan 1.425 9/18/2119 EUR 53.394
Metinvest BV 5.625 6/17/2025 EUR 64.347
Chrome Holdco SASU 5.000 5/31/2029 EUR 73.433
J&T Banka AS 7.000 EUR 65.045
Standard Chartered 3.000 4/30/2036 AUD 69.028
Banco Espirito San 6.900 6/28/2024 EUR 19.251
State of Rhineland 0.375 7/20/2048 EUR 52.016
French Republic Go 0.750 5/25/2053 EUR 53.986
Credit Suisse AG/L 8.000 4/18/2023 CHF 8.600
VIA A11 NV 4.490 9/30/2045 EUR 75.456
Caisse Francaise d 0.125 2/15/2036 EUR 67.492
BAWAG PSK Bank fue 0.010 11/19/2035 EUR 66.331
Barclays Bank PLC 2.700 06/01/2032 USD 73.441
Sovcombank Via Sov 7.600 USD 2.743
Societe Generale S 3.920 12/09/2036 AUD 71.015
Land Thueringen 0.100 07/09/2035 EUR 70.448
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.175
UniCredit Bank AG 0.010 1/21/2036 EUR 67.861
Eastern Power Netw 1.875 06/01/2035 GBP 72.338
Nykredit Realkredi 1.000 10/01/2050 DKK 70.010
Deutsche Wohnen SE 2.000 3/28/2034 EUR 67.970
Republic of Irelan 0.740 11/27/2120 EUR 30.584
NRW Bank 1.250 5/13/2049 EUR 69.236
UniCredit Bank Aus 0.050 9/21/2035 EUR 67.930
Department of L'Eu 0.515 5/25/2040 EUR 61.843
Credit Suisse AG/L 4.550 5/24/2023 USD 9.605
London & Quadrant 3.125 2/28/2053 GBP 68.037
Ukraine Government 9.750 11/01/2030 USD 18.333
Island Offshore Sh 8.950 6/30/2024 NOK 30.000
Raiffeisen Bank In 0.700 12/06/2029 EUR 75.960
Single Platform In 4.020 07/01/2052 EUR 56.825
Orpea SA 2.300 03/06/2025 EUR 26.913
Republic of Belaru 5.875 2/24/2026 USD 44.200
Yarlington Treasur 3.410 9/18/2057 GBP 70.157
Credit Suisse AG/L 16.000 9/20/2023 CHF 41.340
Kingdom of Belgium 1.400 6/22/2053 EUR 64.769
Investitionsbank B 0.050 03/02/2035 EUR 70.614
BAE Systems PLC 3.000 9/15/2050 USD 69.647
State of Lower Sax 0.050 03/09/2035 EUR 70.913
Raiffeisenbank AS 6.989 EUR 68.021
CB First Investmen 8.000 EUR 73.906
Niedersachsen Inve 0.250 7/16/2035 EUR 72.275
Manchester Airport 2.875 3/31/2039 GBP 73.237
LIB-Landesimmobili 0.620 7/15/2041 EUR 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
Finmek Internation 7.000 12/03/2004 EUR 2.193
Sairgroup Finance 4.375 06/08/2006 EUR 1.964
Land Thueringen 0.125 1/13/2051 EUR 45.570
NAK Naftogaz Ukrai 7.625 11/08/2026 USD 19.773
Kommunekredit 0.375 02/03/2045 DKK 57.062
Canton of Neuchate 0.100 10/29/2049 CHF 62.132
Region Wallonne Be 1.805 1/24/2040 EUR 74.605
MFB Magyar Fejlesz 4.600 10/24/2029 HUF 75.072
Russian Foreign Bo 4.375 3/21/2029 USD 38.750
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Spain Government B 1.900 10/31/2052 EUR 67.153
Caisse Francaise d 1.110 9/21/2046 EUR 71.610
Agrokor dd 9.875 05/01/2019 EUR 15.000
Nordea Kredit Real 0.500 10/01/2053 DKK 68.402
Emissionszentrale 0.150 09/09/2041 CHF 74.300
Eurohold Bulgaria 8.000 12/29/2026 EUR 72.960
Bayerische Landesb 0.250 3/21/2036 EUR 70.672
State of Bremen 0.150 9/14/2040 EUR 60.146
Development Bank o 6.750 05/02/2024 USD 40.371
Banque Federative 0.376 10/15/2031 EUR 74.028
La Financiere Atal 5.125 5/15/2025 EUR 66.916
Suek Securities DA 3.375 9/15/2026 USD 30.000
Nordea Kredit Real 1.000 10/01/2053 DKK 63.248
Sovcombank Via Sov 7.750 USD 3.323
Raiffeisen Landesb 0.375 11/13/2034 EUR 72.917
State of North Rhi 0.800 7/30/2049 EUR 59.151
Canton of Ticino 0.400 6/27/2044 CHF 74.636
Romanian Governmen 1.750 7/13/2030 EUR 73.980
Single Platform In 1.117 5/25/2066 EUR 55.144
Credit Suisse AG/L 4.530 07/12/2023 USD 9.540
Cirio Finance Luxe 7.500 11/03/2002 EUR 2.530
Societe Generale S 3.100 4/22/2036 AUD 66.158
Evan Group PLC 6.000 7/31/2022 EUR 29.000
Frigoglass Finance 6.875 02/12/2025 EUR 27.000
Metropolitano de T 1.229 7/30/2036 EUR 71.742
Abengoa Abenewco 1 6.000 06/10/2022 EUR 0.432
Region de Bruxelle 1.500 6/22/2070 EUR 51.335
Ukraine Government 7.750 09/01/2028 USD 17.917
Bromford Housing G 2.554 3/17/2054 GBP 61.345
Depfa Funding III 2.056 EUR 59.247
Paradigm Homes Cha 2.250 5/20/2051 GBP 61.151
Notting Hill Genes 2.000 06/03/2036 GBP 70.593
MFB Magyar Fejlesz 4.200 4/20/2033 HUF 68.751
de Volksbank NV 0.375 9/16/2041 EUR 60.144
Senivita Social Es 6.500 05/12/2025 EUR 3.610
KTG Agrar SE 7.250 10/15/2019 EUR 2.001
Sberbank of Russia 5.125 10/29/2022 USD 32.467
Land Baden-Wuertte 0.125 11/19/2040 EUR 59.996
Midland Heart Capi 1.831 08/12/2050 GBP 54.543
Credit Suisse AG/L 7.200 7/30/2024 USD 59.470
niiio finance grou 4.000 5/31/2026 EUR 35.500
United Kingdom Gil 1.500 7/22/2047 GBP 63.909
OGX Austria GmbH 8.500 06/01/2018 USD 0.108
Land Thueringen 0.200 09/12/2039 EUR 63.125
State of Lower Sax 0.250 4/15/2036 EUR 70.464
Romanian Governmen 4.000 2/14/2051 USD 71.142
Lehman Brothers UK 6.900 USD 3.986
Credit Suisse AG/L 4.450 6/28/2023 USD 9.590
LiveWest Treasury 1.875 2/18/2056 GBP 52.935
SAir Group 0.125 07/07/2005 CHF 10.750
Intelsat Jackson H 9.750 7/15/2025 USD 0.497
Alpine Holding Gmb 5.250 06/10/2016 EUR 0.504
Muenchener Hypothe 0.010 10/19/2039 EUR 60.044
Credit Suisse AG/L 1.000 9/24/2035 EUR 61.150
Single Platform In 1.220 8/24/2047 EUR 63.756
Credit Suisse AG/L 6.400 8/25/2023 USD 8.930
Malta Government B 1.800 8/28/2051 EUR 63.346
Interpipe Holdings 8.375 5/13/2026 USD 48.500
Bank Nadra Via NDR 8.250 7/31/2018 USD 0.208
Iceland Bondco PLC 4.375 5/15/2028 GBP 73.625
Barclays Bank PLC 0.500 1/28/2033 MXN 39.175
German Pellets Gmb 7.250 07/09/2018 EUR 1.345
Sidetur Finance BV 10.000 4/20/2016 USD 0.394
Muenchener Hypothe 0.400 08/11/2031 EUR 74.378
Region of Pays de 0.877 10/28/2041 EUR 65.261
DZ HYP AG 0.375 11/10/2034 EUR 73.938
Intelsat Jackson H 8.500 10/15/2024 USD 0.497
Luzerner Kantonalb 0.250 8/28/2040 CHF 73.656
La Financiere Atal 6.625 5/15/2025 GBP 66.372
Land Berlin 0.125 11/24/2045 EUR 52.139
Abengoa Abenewco 1 6.000 06/10/2022 EUR 0.432
Prosus NV 2.778 1/19/2034 EUR 73.308
Irish Bank Resolut 0.566 6/21/2016 EUR 0.679
Landesbank Hessen- 10.396 11/16/2033 EUR 75.900
Serbia Internation 1.650 03/03/2033 EUR 66.220
Vacse AB 2.067 4/20/2034 SEK 73.760
BPCE SFH SA 0.375 3/18/2041 EUR 61.323
Ukraine Government 9.790 5/26/2027 UAH 52.887
Cooperatieve Rabob 0.500 11/30/2027 MXN 64.335
Nationale-Nederlan 0.375 03/04/2041 EUR 61.762
State of Saarland 1.108 5/18/2046 EUR 68.084
Republic of Poland 1.750 4/25/2032 PLN 70.839
Metinvest BV 7.650 10/01/2027 USD 58.386
Virgolino de Olive 10.500 1/28/2018 USD 2.757
State of Bremen 0.550 02/04/2050 EUR 53.720
Hungary Government 1.500 11/17/2050 EUR 51.473
NRW Bank 0.500 6/17/2041 EUR 64.523
Autonomous Communi 2.300 5/24/2049 EUR 72.167
Romanian Governmen 2.000 1/28/2032 EUR 71.179
Intesa Sanpaolo Sp 4.700 9/23/2049 USD 73.778
UBS AG/London 2.350 12/17/2048 EUR 75.648
BNP Paribas SA 1.590 2/23/2051 EUR 68.041
Ville de Paris 0.831 2/23/2056 EUR 45.292
State of Mecklenbu 0.239 11/17/2070 EUR 36.468
Single Platform In 0.960 7/22/2038 EUR 67.498
Ramfort GmbH 6.750 3/15/2026 EUR 60.843
Ukraine Government 6.876 5/21/2031 USD 17.072
Vnesheconombank Vi 5.942 11/21/2023 USD 7.784
Credit Suisse AG/L 11.500 9/25/2023 CHF 18.970
Thames Water Utili 2.442 05/12/2050 GBP 53.751
Sairgroup Finance 6.625 10/06/2010 EUR 1.964
Parnassia Groep BV 1.200 12/01/2051 EUR 65.753
Russian Foreign Bo 5.250 6/23/2047 USD 40.000
Land Thueringen 0.250 03/05/2040 EUR 62.515
Unibail-Rodamco-We 2.000 12/05/2033 EUR 73.158
Russian Foreign Bo 5.100 3/28/2035 USD 41.025
Societe Generale S 8.000 8/16/2023 USD 60.200
Cooperatieve Rabob 0.500 12/29/2027 MXN 63.137
Ministeries Van de 1.000 10/13/2036 EUR 74.899
DZ Bank AG Deutsch 1.576 7/22/2030 EUR 75.707
CPI Property Group 2.696 3/21/2027 EUR 74.412
Signa Development 5.500 7/23/2026 EUR 58.219
Havenbedrijf Rotte 1.100 3/23/2051 EUR 61.634
Laboratoire Eimer 5.000 02/01/2029 EUR 74.039
Single Platform In 1.050 6/25/2044 EUR 64.202
State of Brandenbu 0.300 10/04/2049 EUR 50.372
Pfandbriefbank sch 0.500 1/25/2044 CHF 75.619
Kingdom of Belgium 0.459 7/23/2079 EUR 31.127
Region Wallonne Be 1.246 05/12/2070 EUR 49.124
Credit Suisse AG/L 1.660 02/02/2035 EUR 69.086
Pfandbriefbank sch 0.375 6/15/2046 CHF 71.538
Russian Foreign Bo 5.875 9/16/2043 USD 61.135
Abengoa Abenewco 2 1.500 4/26/2024 USD 0.228
Credit Suisse AG/L 8.000 11/20/2023 USD 61.000
UBS AG/London 6.850 7/25/2023 USD 9.810
T-Centrum CZ AS 11.890 10/30/2024 CZK 69.000
Region Hauts-de-Fr 0.402 2/18/2043 EUR 55.411
UBS AG/London 16.500 10/26/2023 CHF 27.180
Flamingo Lux II SC 5.000 3/31/2029 EUR 73.050
Raiffeisen Bank zr 11.597 EUR 67.058
Lehman Brothers Tr 13.500 11/28/2008 USD 0.100
United Group BV 3.625 2/15/2028 EUR 71.464
Nestle Hungaria Kf 1.750 5/31/2028 HUF 69.500
Bank Gospodarstwa 2.000 11/03/2036 EUR 72.720
Bpifrance 1.046 5/25/2050 EUR 54.851
CDC Habitat SEM 0.853 2/15/2041 EUR 57.617
Muenchener Hypothe 0.125 09/05/2035 EUR 69.992
Landesbank Baden-W 0.500 02/03/2032 EUR 72.233
Ukraine Government 7.750 09/01/2025 USD 19.783
Luzerner Kantonalb 0.150 10/07/2044 CHF 67.872
Credit Suisse AG/L 1.600 11/27/2030 USD 73.419
Orbit Capital PLC 3.375 6/14/2048 GBP 74.534
Jyske Realkredit A 0.500 10/01/2053 DKK 66.227
Pfandbriefbank sch 0.250 1/24/2041 CHF 74.589
National Grid Elec 1.151 2/20/2040 EUR 62.578
Single Platform In 0.915 2/15/2043 EUR 63.736
Jyske Realkredit A 1.000 10/01/2053 DKK 63.225
Ukraine Government 7.750 09/01/2026 USD 17.750
Romanian Governmen 3.375 1/28/2050 EUR 61.089
Ideal Standard Int 6.375 7/30/2026 EUR 54.437
Societe Wallonne d 0.883 11/21/2044 EUR 54.405
Gecci Investment K 6.000 10/01/2027 EUR 29.787
Sibur Securities D 2.950 07/08/2025 USD 67.136
Kingdom of Belgium 1.170 05/12/2121 EUR 42.108
Credit Suisse AG/L 1.400 2/21/2032 EUR 73.207
EVN AG 0.850 10/15/2035 EUR 70.342
Credit Suisse AG/L 0.500 01/08/2026 BRL 68.315
Societe Generale S 1.900 1/15/2031 AUD 71.664
Muenchener Hypothe 0.250 05/02/2036 EUR 69.704
Credit Suisse AG/L 6.250 10/31/2025 USD 9.680
State of Rhineland 1.500 4/25/2052 EUR 70.654
Tonon Luxembourg S 9.250 1/24/2020 USD 1.721
Region de Bruxelle 0.556 12/23/2064 EUR 32.660
Land Baden-Wuertte 0.375 7/20/2048 EUR 52.953
UBS AG/London 13.000 9/30/2024 CHF 73.100
Region Wallonne Be 1.865 05/10/2051 EUR 70.628
Deutsche Bank AG 2.270 3/28/2030 EUR 76.880
Ukraine Government 7.750 09/01/2029 USD 17.877
Barclays Bank PLC 1.750 9/29/2032 USD 70.621
Deutsche Telekom A 3.500 4/15/2041 AUD 74.906
Pfandbriefbank sch 0.250 5/17/2040 CHF 75.142
Swissgrid AG 0.200 6/29/2040 CHF 68.600
Altice France SA/F 4.250 10/15/2029 EUR 73.980
Caisse de Refinanc 0.250 02/07/2035 EUR 71.665
Samhallsbyggnadsbo 2.750 04/03/2040 EUR 77.984
AXA Bank Europe SC 0.250 06/09/2040 EUR 61.078
Lukoil Capital DAC 2.800 4/26/2027 USD 74.942
Ukraine Government 12.520 5/13/2026 UAH 56.539
Euronext NV 1.500 5/17/2041 EUR 69.179
Gazprom PJSC via G 3.500 7/14/2031 USD 59.649
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Alfa Bank AO Via A 5.950 4/15/2030 USD 2.076
Master & Fellows o 3.068 4/28/2065 GBP 62.585
Region de Bruxelle 1.813 1/22/2048 EUR 72.091
NRW Bank 1.250 3/21/2044 EUR 72.401
UniCredit SpA 0.725 11/27/2030 EUR 69.137
NRW Bank 1.150 9/16/2051 EUR 65.616
Parnassia Groep BV 1.260 12/03/2046 EUR 70.972
Societe Generale S 9.640 09/12/2024 USD 59.800
Officine Maccaferr 5.750 06/01/2021 EUR 16.625
Deutsche Bank AG 2.530 10/07/2036 USD 66.232
Republic of Belaru 6.378 2/24/2031 USD 33.375
Orpea SA 2.770 12/18/2028 EUR 27.000
Societe Generale S 15.760 8/13/2026 USD 54.227
Deutsche Bank AG 1.750 10/30/2028 USD 74.790
National Grid Elec 1.690 9/16/2041 GBP 56.291
Spain Government B 1.200 10/31/2040 EUR 68.737
Societe Generale S 1.113 7/17/2031 EUR 75.080
Ile-de-France Mobi 1.000 12/02/2043 EUR 63.609
Deutsche Bahn Fina 1.850 11/23/2043 EUR 71.885
Portugal Obrigacoe 1.150 04/11/2042 EUR 67.747
Kuntarahoitus Oyj 0.940 06/09/2064 EUR 64.423
Intesa Sanpaolo Sp 1.400 02/08/2031 GBP 74.176
Kommunekredit 2.200 9/27/2041 AUD 65.477
State of Rhineland 0.375 03/10/2051 EUR 50.138
Single Platform In 1.610 2/15/2043 EUR 74.380
Land Berlin 0.625 8/25/2036 EUR 73.580
Muenchener Hypothe 0.250 10/31/2044 CHF 69.651
Autonomous Communi 1.850 5/13/2061 EUR 56.725
Bank of Valletta P 3.750 6/15/2031 EUR 70.775
United Group BV 5.250 02/01/2030 EUR 70.786
Grenke Finance PLC 0.819 2/15/2030 EUR 67.488
Bulgaria Steel Fin 12.000 05/04/2013 EUR 0.216
State of Bremen 0.936 9/28/2046 EUR 64.415
St Galler Kantonal 0.100 10/10/2041 CHF 70.206
SNCF Reseau 2.029 1/22/2048 EUR 73.812
Free and Hanseatic 0.010 11/05/2035 EUR 69.002
Societe Generale S 14.300 12/06/2023 USD 58.400
Societe Generale S 1.137 1/26/2037 EUR 71.138
Parnassia Groep BV 1.470 12/03/2046 EUR 54.082
Ministeries Van de 0.634 11/19/2060 EUR 37.027
Kreditanstalt fuer 0.816 12/19/2050 EUR 56.505
Bulgaria Governmen 1.375 9/23/2050 EUR 55.865
State of Bremen 0.500 05/06/2041 EUR 63.734
Romanian Governmen 3.375 1/28/2050 EUR 61.015
Landesbank Hessen- 0.650 10/18/2034 EUR 64.395
Sberbank of Russia 5.250 5/23/2023 USD 32.963
Region Bretagne SC 0.815 06/12/2040 EUR 63.558
Republic of Irelan 1.200 4/15/2120 EUR 44.253
Nostrum Oil & Gas 8.000 7/25/2022 USD 25.513
Credit Agricole SA 3.750 06/09/2040 AUD 70.446
Caisse Francaise d 1.640 07/10/2048 EUR 74.356
Norske Skogindustr 2.000 12/30/2115 EUR 0.113
Alno AG 8.000 3/21/2019 EUR 14.500
State of Hesse 0.227 8/20/2049 EUR 51.689
VTB Bank PJSC Via 9.500 USD 17.000
Deutsche Pfandbrie 4.120 11/03/2031 EUR 58.742
Land Thueringen 1.100 07/03/2047 EUR 68.875
Ukraine Government 7.375 9/25/2034 USD 16.809
Single Platform In 0.950 7/25/2047 EUR 60.790
Banco Santander SA 2.280 2/28/2039 EUR 74.098
Bayerische Landesb 1.820 05/12/2031 EUR 73.708
Nederlandse Gasuni 0.750 10/13/2036 EUR 69.619
Credit Suisse AG/L 12.500 02/01/2024 CHF 34.420
SAir Group 5.500 7/23/2003 CHF 10.637
Cooperatieve Rabob 1.460 06/01/2040 EUR 76.502
Nordea Kredit Real 0.500 10/01/2053 DKK 66.211
Ville de Paris 0.963 06/08/2050 EUR 54.581
Ukraine Government 3.900 10/05/2023 USD 68.449
Ville de Paris 0.750 11/30/2041 EUR 63.000
Single Platform In 1.233 6/25/2044 EUR 68.102
Gazprom PJSC via G 3.250 2/25/2030 USD 68.376
Batigere Grand Est 1.400 8/31/2050 EUR 52.401
Prosus NV 2.031 08/03/2032 EUR 71.101
Ukraine Government 7.750 09/01/2025 USD 19.583
PIK Securities DAC 5.625 11/19/2026 USD 44.038
Dtek Renewables Fi 8.500 11/12/2024 EUR 38.499
State of Lower Aus 1.886 03/02/2048 EUR 75.908
Serbia Internation 2.050 9/23/2036 EUR 60.753
Places For People 2.500 05/03/2039 EUR 70.218
Deutsche Lichtmiet 5.750 01/01/2023 EUR 2.760
Norske Skogindustr 7.000 12/30/2026 EUR 0.010
J&T Banka AS 9.000 EUR 75.593
Regie Autonome des 0.640 8/13/2041 EUR 65.700
Societe Generale S 10.000 6/28/2034 USD 72.000
Air Berlin Finance 6.000 03/06/2019 EUR 0.319
State of Lower Aus 0.460 10/08/2049 EUR 49.552
Compact Bidco BV 5.750 05/01/2026 EUR 72.201
BASF SE 1.025 8/13/2048 JPY 73.213
Nederlandse Waters 0.877 6/24/2054 EUR 53.400
DLR Kredit A/S 1.500 10/01/2053 DKK 74.531
Ukraine Government 15.840 2/26/2025 UAH 69.861
Region of Centre-V 0.711 11/02/2036 EUR 71.685
Harp Issuer PLC 1.400 2/14/2032 USD 70.211
Kingdom of Belgium 0.650 6/22/2071 EUR 43.061
Single Platform In 1.023 2/15/2046 EUR 61.950
Polyus Finance PLC 3.250 10/14/2028 USD 59.879
Single Platform In 0.811 6/28/2039 EUR 65.513
Communaute Francai 2.300 4/25/2089 EUR 73.772
Aareal Bank AG 1.880 4/15/2030 EUR 72.685
Pfandbriefbank sch 0.250 3/15/2041 CHF 74.269
Batigere Grand Est 2.030 5/29/2070 EUR 66.891
Nationwide Buildin 0.485 07/11/2044 CHF 72.238
Affinity Water Fin 0.230 11/22/2042 GBP 71.237
DLR Kredit A/S 1.000 10/01/2053 DKK 74.948
Ile-de-France Mobi 0.675 11/24/2036 EUR 70.836
Credit Suisse AG/L 10.250 2/28/2024 CHF 37.370
Republic of Belaru 7.625 6/29/2027 USD 42.819
Single Platform In 0.559 2/15/2047 EUR 54.343
Commerzbank AG 1.046 12/18/2034 EUR 70.694
State of Brandenbu 0.600 10/13/2051 EUR 53.605
State of Lower Aus 0.815 9/22/2056 EUR 48.972
Deutsche Pfandbrie 1.340 10/16/2051 EUR 70.230
Mobile Telesystems 5.000 5/30/2023 USD 28.000
Portugal Telecom I 6.250 7/26/2016 EUR 0.285
Romanian Governmen 2.000 4/14/2033 EUR 68.827
Region Wallonne Be 1.600 3/29/2039 EUR 75.932
Alfa Bank AO Via A 5.900 USD 2.608
Finance and Credit 9.250 1/25/2019 USD 0.001
Wingholding Zrt 3.500 5/20/2030 HUF 72.920
Praktiker AG 5.875 02/10/2016 EUR 0.001
Phosagro OAO Via P 2.600 9/16/2028 USD 61.421
State of Brandenbu 0.750 08/08/2036 EUR 75.007
Barclays Bank PLC 5.000 11/01/2029 BRL 61.099
Free and Hanseatic 0.200 09/03/2049 EUR 48.761
Region Wallonne Be 1.250 6/22/2071 EUR 51.476
Barclays Bank PLC 1.382 11/27/2045 EUR 68.684
DLR Kredit A/S 0.500 10/01/2053 DKK 67.125
State of Saarland 0.050 11/05/2040 EUR 59.357
A-TEC Industries A 8.750 10/27/2014 EUR 0.100
VTB Bank OJSC Via 6.250 6/30/2035 USD 22.845
ESB Finance DAC 1.875 7/21/2035 GBP 72.334
Gazprom PJSC via G 1.850 11/17/2028 EUR 59.713
Orpea SA 3.000 11/25/2041 EUR 27.175
Caixa Economica Mo 5.738 EUR 51.030
Aareal Bank AG 1.741 01/12/2045 EUR 66.279
Norddeutsche Lande 1.600 08/01/2039 EUR 65.016
Ukraine Government 7.750 09/01/2024 USD 21.862
HSBC Bank PLC 0.500 11/25/2025 BRL 70.567
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
Single Platform In 3.000 6/21/2047 USD 72.641
Russian Foreign Bo 5.625 04/04/2042 USD 63.127
Region Occitanie 0.766 10/07/2041 EUR 62.664
Grand City Propert 2.800 2/25/2039 EUR 53.571
British Telecommun 3.924 6/25/2042 GBP 75.097
Deutsche Pfandbrie 2.490 2/21/2033 EUR 74.390
Ile-de-France Mobi 1.586 2/23/2052 EUR 66.750
Ukraine Government 9.790 5/26/2027 UAH 52.887
BOA Offshore AS 0.409 7/17/2047 NOK 2.479
Italy Buoni Polien 0.950 03/01/2037 EUR 66.664
Magyar Export-Impo 2.500 5/23/2029 HUF 68.280
Ville de Paris 0.850 08/04/2051 EUR 51.261
Eurochem Finance D 5.500 3/13/2024 USD 58.707
BNP Paribas Issuan 0.700 6/25/2039 EUR 64.381
Single Platform In 1.413 3/20/2051 EUR 64.857
UniCredit Bank AG 6.600 7/20/2028 EUR 5.970
Phosphorus Holdco 10.000 04/01/2019 GBP 1.451
Ministeries Van de 1.564 11/12/2046 EUR 67.846
CNH Industrial Fin 2.200 7/15/2039 EUR 74.308
State of North Rhi 1.960 1/24/2079 EUR 71.025
Region Bourgogne-F 0.270 12/07/2035 EUR 69.207
Alliander NV 1.125 04/08/2035 EUR 72.595
Erdoel-Lagergesell 1.200 06/04/2043 EUR 65.111
Nobel Bidco BV 3.125 6/15/2028 EUR 70.397
Jyske Realkredit A 0.500 10/01/2053 DKK 68.277
Credit Bank of Mos 7.500 10/05/2027 USD 20.535
Credit Suisse AG/L 4.460 7/26/2023 USD 9.466
Deutsche Pfandbrie 0.640 09/10/2030 EUR 69.246
Region de Bruxelle 1.100 6/22/2066 EUR 49.817
UBS Group AG 2.210 11/24/2035 USD 67.916
Land Berlin 0.125 06/04/2035 EUR 71.033
Barclays Bank PLC 2.070 12/18/2035 USD 66.577
DNB Boligkreditt A 0.980 6/20/2044 EUR 66.590
Region de Bruxelle 1.620 4/30/2049 EUR 64.906
Gazprom PJSC via G 1.500 2/17/2027 EUR 66.891
Grand Delta Habita 1.285 11/06/2040 EUR 60.858
Stichting Afwikkel 5.143 EUR 46.375
Societe Generale S 11.000 6/15/2035 USD 70.430
WEB Windenergie AG 4.500 EUR 0.010
State Savings Bank 11.996 1/19/2024 USD 34.250
Erotik-Abwicklungs 7.750 07/09/2019 EUR 0.779
Corporate Commerci 8.250 08/08/2014 USD 0.308
Aareal Bank AG 1.125 6/28/2030 EUR 66.843
MMK International 4.375 6/13/2024 USD 25.921
Societe Du Grand P 2.062 3/19/2070 EUR 65.110
Anglian Water Serv 1.760 11/13/2035 GBP 69.127
Premium Green PLC 1.650 3/28/2031 AUD 73.318
Land Berlin 0.500 6/19/2047 EUR 59.569
Tonon Luxembourg S 12.500 5/14/2024 USD 0.001
Landesbank Baden-W 5.198 3/14/2034 EUR 75.010
SiC Processing Gmb 7.125 03/01/2016 EUR 0.650
BPCE SFH SA 0.500 1/23/2035 EUR 73.549
BNG Bank NV 2.000 2/19/2038 AUD 71.368
Altice France SA/F 4.000 7/15/2029 EUR 73.620
Hamburgische Inves 0.380 2/24/2042 EUR 62.503
Credit Suisse AG/L 2.100 3/15/2037 EUR 70.208
State of Saarland 0.500 3/15/2051 EUR 52.816
Landesbank Baden-W 1.000 08/12/2039 EUR 65.990
Erdoel-Lagergesell 1.281 9/30/2036 EUR 74.382
State of Brandenbu 0.375 1/29/2035 EUR 74.333
Deutsche Bank AG/L 0.500 10/18/2038 MXN 18.526
Norwegian Air Shut 6.510 NOK 71.875
Bazalgette Finance 0.688 6/27/2050 GBP 71.141
Polski Fundusz Roz 2.000 03/05/2030 PLN 74.090
Haya Holdco 2 PLC 11.698 11/30/2025 EUR 39.985
Realkredit Danmark 0.500 10/01/2053 DKK 66.191
NRW Bank 1.200 3/28/2039 EUR 75.836
UBS AG/London 7.000 1/26/2024 USD 68.050
Cie de Saint-Gobai 1.875 05/03/2035 EUR 75.609
Russian Foreign Bo 2.875 12/04/2025 EUR 39.464
DXC Capital Fundin 0.950 9/15/2031 EUR 72.743
State Agency of Ro 6.250 6/24/2030 USD 16.297
Hypo Vorarlberg Ba 6.125 EUR 75.050
New World Resource 4.000 10/07/2020 EUR 0.254
Banco de Sabadell 3.150 3/30/2037 EUR 72.052
Hamburg Commercial 4.000 7/18/2033 EUR 67.671
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Societe Generale S 1.100 2/20/2034 EUR 71.902
Landwirtschaftlich 0.010 11/26/2040 EUR 59.128
Batigere Grand Est 1.500 12/15/2051 EUR 54.669
German Real Estate 3.000 EUR 75.010
Lehman Brothers Tr 4.050 9/16/2008 EUR 0.100
Societe Nationale 1.280 3/27/2120 EUR 40.936
Romanian Governmen 2.750 4/14/2041 EUR 59.487
UniCredit Bank Aus 0.150 4/29/2033 EUR 73.277
Assistance Publiqu 1.099 04/06/2071 EUR 41.826
Credit Suisse AG/L 0.900 12/20/2031 EUR 70.258
Vasakronan AB 1.130 5/27/2042 JPY 72.341
Stelius Befektetoe 3.100 9/17/2030 HUF 66.500
COFIDUR SA 0.100 12/31/2024 EUR 32.150
Rio Forte Investme 4.000 7/22/2014 EUR 3.328
Aareal Bank AG 0.660 6/26/2028 EUR 74.491
Region de Bruxelle 1.472 4/29/2044 EUR 68.917
Muenchener Hypothe 1.010 08/06/2044 EUR 58.826
Natixis SA 0.300 6/25/2048 USD 30.146
Odea Bank AS 8.606 08/01/2027 USD 70.948
Assistance Publiqu 1.125 4/16/2047 EUR 60.534
Region de Bruxelle 1.620 02/08/2044 EUR 69.296
Raiffeisen Schweiz 13.000 07/04/2023 CHF 65.620
Foodco Bondco SA 6.250 5/15/2026 EUR 43.785
Lukoil Securities 3.875 05/06/2030 USD 71.195
Heimstaden Bostad 2.800 05/04/2035 EUR 62.737
Espirito Santo Fin 5.050 11/15/2025 EUR 0.622
BNP Paribas SA 1.180 8/17/2023 USD 40.320
Agence Francaise d 0.368 01/12/2046 EUR 54.879
Credit Suisse AG/L 5.800 7/26/2023 USD 8.920
Republic of Irelan 0.995 2/24/2121 EUR 39.661
Credit Suisse AG/L 8.250 04/11/2023 USD 71.110
Deutsche Telekom A 3.500 09/06/2039 AUD 76.147
Deutsche Telekom A 4.125 7/23/2049 USD 75.850
Nederlandse Waters 1.900 1/31/2035 AUD 74.097
Bayerische Landesb 1.690 4/23/2037 EUR 74.297
DZ Bank AG Deutsch 1.070 10/06/2042 EUR 69.176
Pfandbriefbank sch 0.125 8/17/2040 CHF 73.175
CDC Habitat SEM 1.060 5/22/2036 EUR 67.610
Region de Bruxelle 0.592 12/10/2061 EUR 37.608
Republic of Austri 2.100 9/20/2117 EUR 76.319
Aareal Bank AG 1.850 3/20/2035 EUR 77.156
Pershing Square Ho 3.000 7/15/2032 USD 74.747
DLR Kredit A/S 0.500 10/01/2053 DKK 69.334
Region of Veneto I 2.556 12/07/2046 EUR 73.383
United Group BV 4.625 8/15/2028 EUR 73.289
Centre Hospitalier 1.580 02/11/2061 EUR 72.492
MMC Norilsk Nickel 2.800 10/27/2026 USD 72.789
Italy Buoni Polien 2.450 09/01/2050 EUR 70.897
Pfandbriefbank sch 0.375 9/23/2043 CHF 73.812
ALROSA Finance SA 3.100 6/25/2027 USD 6.440
Region of Ile de F 0.610 07/02/2040 EUR 63.275
Republic of Belaru 6.200 2/28/2030 USD 33.910
Communaute Francai 1.120 7/19/2038 EUR 68.829
Nykredit Realkredi 1.000 10/01/2050 DKK 73.182
SCC Power PLC 6.000 12/31/2028 USD 48.719
Assistance Publiqu 1.502 05/09/2044 EUR 71.520
Banca Popolare di 9.500 10/02/2025 EUR 0.380
Caisse Francaise d 0.726 10/29/2039 EUR 67.370
Single Platform In 0.745 2/15/2047 EUR 57.290
Kreditanstalt fuer 1.000 10/20/2050 EUR 65.581
Societe Generale S 12.000 09/05/2024 USD 51.700
Communaute Francai 0.749 9/16/2080 EUR 49.370
Kreditanstalt fuer 0.980 6/28/2051 EUR 65.255
Landesbank Hessen- 0.450 09/05/2031 EUR 72.224
BNG Bank NV 10.010 6/17/2025 TRY 52.383
Deutsche Bank AG 1.750 04/09/2035 EUR 65.755
EnBW International 2.080 1/21/2041 EUR 67.548
Single Platform In 0.800 12/20/2040 EUR 63.920
United Group BV 4.000 11/15/2027 EUR 73.231
NRW Bank 0.765 12/10/2036 EUR 73.915
Natixis SA 3.630 6/14/2039 AUD 68.903
State of Brandenbu 0.050 2/28/2033 EUR 74.943
Muenchener Hypothe 0.550 2/18/2046 CHF 63.746
Kreditanstalt fuer 1.100 9/16/2051 EUR 65.502
Societe Generale S 2.000 1/30/2036 USD 59.469
Credit Suisse AG/L 9.500 1/26/2024 CHF 50.140
Credit Suisse AG/L 11.750 9/29/2023 CHF 22.530
Skandinaviska Ensk 10.150 1/15/2025 SEK 66.330
Republic of Belaru 5.875 2/24/2026 USD 43.475
Free and Hanseatic 0.400 11/23/2051 EUR 49.706
Air Berlin Finance 8.500 03/06/2019 EUR 0.259
Region Wallonne Be 1.220 06/12/2050 EUR 58.046
Deutsche Pfandbrie 1.000 12/02/2030 EUR 70.135
Credito Padano Ban 3.100 EUR 35.968
Deutsche Bank AG 2.330 02/11/2043 EUR 64.017
Region de Bruxelle 1.800 8/17/2048 EUR 71.067
Pfandbriefbank sch 0.250 4/25/2042 CHF 73.029
Basque Government 1.000 10/31/2050 EUR 51.116
Kingdom of Belgium 1.600 6/22/2047 EUR 72.657
Sustainable Capita 5.623 06/09/2024 USD 67.910
Aves Transport 1 G 5.250 11/20/2024 EUR 10.000
Assistance Publiqu 0.634 8/27/2045 EUR 55.028
Turkey Government 5.750 05/11/2047 USD 69.217
Single Platform In 0.776 1/23/2051 EUR 54.263
Free State of Bava 0.010 3/28/2036 EUR 67.871
GTC Magyarorszag Z 2.600 3/17/2031 HUF 66.600
Region de Bruxelle 1.144 1/14/2056 EUR 52.858
Rena GmbH 7.000 12/15/2015 EUR 0.054
Raiffeisen Schweiz 20.000 08/11/2023 CHF 29.690
Luzerner Kantonalb 2.900 10/27/2025 EUR 65.120
Golden Gate GmbH 6.500 10/11/2014 EUR 36.000
Steilmann SE 7.000 9/23/2018 EUR 1.429
Single Platform In 0.887 9/20/2039 EUR 66.363
Landesbank Baden-W 1.080 7/16/2035 EUR 67.740
Region de Bruxelle 1.710 05/05/2047 EUR 64.906
State of Brandenbu 0.050 08/10/2040 EUR 59.181
Nomura Bank Intern 1.130 4/23/2036 EUR 68.330
Caisse des Depots 1.548 08/09/2038 EUR 75.707
Caisse des Depots 0.398 12/15/2050 EUR 45.445
Land Thueringen 1.127 04/02/2049 EUR 66.484
Societe Generale S 5.400 11/17/2037 USD 42.980
BPCE SA 2.730 10/05/2036 AUD 59.806
Region Occitanie 1.282 5/25/2040 EUR 71.577
Belfius Bank SA 0.125 6/19/2034 EUR 71.940
Comunidad Foral de 1.800 3/25/2042 EUR 72.441
Quintet Private Ba 3.650 11/13/2023 EUR 9.410
Cooperatieve Rabob 0.500 8/21/2028 MXN 59.572
Dublin Port Co 2.406 9/30/2049 EUR 73.945
Standard Profil Au 6.250 4/30/2026 EUR 61.000
Credit Suisse AG/L 6.750 9/23/2024 USD 61.940
Credit Agricole SA 1.000 04/06/2035 EUR 72.343
Kardan NV 6.325 2/21/2021 ILS 3.100
Batigere Grand Est 1.709 11/04/2042 EUR 62.870
Region de Bruxelle 1.819 1/22/2048 EUR 71.594
Ukraine Government 8.994 02/01/2026 USD 18.166
Communaute Francai 1.340 07/01/2054 EUR 56.968
Land Berlin 0.150 2/22/2036 EUR 69.641
Romanian Governmen 2.625 12/02/2040 EUR 58.564
DZ Bank AG Deutsch 1.055 03/11/2031 EUR 71.929
Single Platform In 1.680 10/22/2036 EUR 76.708
Ukraine Government 19.750 11/05/2025 UAH 70.249
Swissquote Bank SA 29.720 12/05/2023 CHF 43.900
Region de Bruxelle 1.310 12/15/2069 EUR 47.088
SG Issuer SA 0.900 04/07/2036 EUR 69.900
Purple Protected A 2.100 4/15/2060 EUR 45.087
Banco Santander SA 1.000 1/14/2034 EUR 72.765
Comunidad Foral de 0.550 10/22/2035 EUR 69.476
VTB Bank PJSC 13.000 RUB 54.000
Norwegian Air Shut 7.500 11/10/2023 USD 73.375
Credit Bank of Mos 7.625 USD 24.894
Societe Generale S 12.000 9/14/2023 USD 45.862
Societe Generale S 12.264 11/02/2023 USD 16.400
Raiffeisen Schweiz 6.000 7/19/2023 CHF 68.690
Banco Santander SA 0.010 10/01/2032 EUR 69.175
Deutsche Bank AG 0.710 9/24/2031 EUR 66.705
Commerzbank AG 1.219 12/12/2039 EUR 63.452
Credit Bank of Mos 4.700 1/29/2025 USD 25.766
Deutsche Pfandbrie 0.857 9/18/2037 EUR 49.722
UBS AG/London 1.600 4/18/2049 EUR 66.027
Banque Cantonale d 0.100 11/01/2044 CHF 65.886
NRW Bank 1.000 2/26/2050 EUR 63.952
Barclays Bank PLC 2.320 01/11/2041 USD 58.255
Deutsche Wohnen SE 2.125 8/31/2033 EUR 73.784
Deutsche Pfandbrie 2.000 07/09/2032 EUR 72.250
Commerzbank AG 2.565 5/15/2043 EUR 69.595
BPCE SFH SA 1.210 6/15/2039 EUR 74.688
Banque Federative 1.590 02/05/2031 USD 74.784
Aareal Bank AG 1.576 2/23/2032 EUR 63.846
State of Lower Aus 1.000 9/15/2121 EUR 35.593
Assistance Publiqu 0.791 8/27/2051 EUR 49.941
Novolipetsk Steel 4.700 5/30/2026 USD 71.085
United Utilities W 0.387 10/05/2057 GBP 60.070
Assistance Publiqu 1.053 5/25/2052 EUR 53.851
Single Platform In 1.163 5/25/2066 EUR 54.052
Kelag-Kaerntner El 1.150 4/16/2041 EUR 61.413
ING Bank NV 0.465 4/21/2041 EUR 64.497
Societe Generale S 0.690 4/21/2033 EUR 74.025
Credit Suisse AG/L 8.000 6/28/2023 USD 9.300
UkrLandFarming PLC 10.875 3/26/2018 USD 1.808
HSBC Continental E 1.140 8/26/2049 EUR 62.495
Norske Skog Holdin 8.000 2/24/2021 EUR 0.006
Morhomes PLC 2.508 2/19/2051 GBP 59.979
Sovcombank Via Sov 8.000 04/07/2030 USD 5.506
Romanian Governmen 3.375 02/08/2038 EUR 70.067
Single Platform In 1.013 12/20/2050 EUR 58.378
Norwegian Air Shut 6.510 NOK 71.875
Hemso Fastighets A 1.800 05/05/2032 EUR 72.582
Region Auvergne-Rh 0.493 10/23/2037 EUR 65.593
Maxeda DIY Holding 5.875 10/01/2026 EUR 75.022
German Pellets Gmb 7.250 04/01/2016 EUR 1.345
Societe Generale S 3.110 10/28/2041 AUD 57.440
Ukraine Government 19.590 12/04/2024 UAH 74.126
Single Platform In 0.780 04/01/2042 EUR 62.200
Credit Suisse AG/L 2.711 5/18/2036 EUR 74.193
MS Deutschland Bet 6.875 12/18/2017 EUR 0.161
Landesbank Hessen- 0.600 1/17/2035 EUR 72.500
Communaute Francai 0.788 8/30/2049 EUR 51.905
Lloyds Bank PLC 0.500 7/26/2028 MXN 60.089
Tonon Luxembourg S 9.250 1/24/2020 USD 1.721
UBS AG/London 1.860 2/28/2049 EUR 70.192
Landeskreditbank B 0.610 11/17/2050 EUR 56.915
Grand Delta Habita 1.500 06/02/2045 EUR 57.843
Grand City Propert 2.600 2/25/2034 EUR 60.741
Region Auvergne-Rh 1.150 04/08/2039 EUR 71.012
Kreditanstalt fuer 1.267 3/22/2051 EUR 71.172
State of Lower Aus 0.550 11/13/2080 EUR 32.518
Natixis SA 2.420 9/29/2035 AUD 65.381
Societa di Progett 3.375 12/31/2038 EUR 75.746
Credit Agricole It 1.000 1/17/2045 EUR 60.930
Pershing Square Ho 3.000 7/15/2032 USD 74.747
Raiffeisen Switzer 3.000 11/28/2023 USD 71.090
Erste Group Bank A 1.200 02/11/2040 EUR 68.428
Municipality of Le 0.750 11/17/2036 EUR 71.983
Zurcher Kantonalba 6.000 4/14/2023 CHF 26.920
Berlin Hyp AG 0.030 7/22/2030 EUR 74.423
BNP Paribas SA 1.000 11/05/2036 EUR 68.501
Nederlandse Waters 0.750 10/04/2041 EUR 66.098
Sanctuary Capital 2.481 11/12/2037 GBP 73.709
Single Platform In 1.870 11/21/2044 EUR 73.429
Comunidad Foral de 2.100 4/30/2044 EUR 73.094
Nostrum Oil & Gas 7.000 2/16/2025 USD 26.035
Credit Agricole SA 3.000 1/28/2041 AUD 54.031
Region Auvergne-Rh 0.805 7/26/2039 EUR 66.406
Muenchener Hypothe 0.568 6/15/2032 EUR 74.883
Hemso Fastighets A 3.020 9/14/2048 SEK 71.329
Romanian Governmen 2.000 4/14/2033 EUR 68.765
Single Platform In 1.082 3/17/2039 EUR 68.378
Lukoil Capital DAC 3.600 10/26/2031 USD 70.632
Credit Suisse AG/L 4.700 7/19/2023 USD 9.690
Single Platform In 0.835 10/14/2061 EUR 49.485
Single Platform In 1.085 6/20/2050 EUR 60.224
Single Platform In 0.532 2/15/2044 EUR 56.564
Free and Hanseatic 0.300 9/16/2050 EUR 49.110
Single Platform In 0.605 9/20/2042 EUR 59.996
Credit Suisse Grou 5.100 USD 26.919
Portugal Obrigacoe 1.000 04/12/2052 EUR 53.914
Credit Suisse AG/L 5.880 6/28/2023 USD 9.000
Single Platform In 0.950 2/15/2044 EUR 62.983
Landesbank Hessen- 1.500 8/14/2035 EUR 67.200
Banque Federative 2.687 10/23/2023 EUR 9.040
Societe Generale S 10.000 4/28/2034 USD 65.550
Batigere Grand Est 1.550 11/14/2039 EUR 65.275
State of Brandenbu 0.500 11/21/2039 EUR 66.526
Deutsche Wohnen SE 1.700 12/05/2036 EUR 64.587
Single Platform In 1.600 2/15/2041 EUR 74.415
Severstal OAO Via 3.150 9/16/2024 USD 4.561
Republic of Irelan 1.320 11/28/2119 EUR 43.575
Avanti Communicati 9.000 10/01/2022 USD 14.364
Bayerische Landesb 1.850 03/05/2031 EUR 74.342
Single Platform In 1.150 5/25/2066 EUR 55.860
HSBC Continental E 2.040 3/29/2049 EUR 76.104
Region de Bruxelle 1.528 04/05/2049 EUR 65.403
UBS AG/London 24.500 4/18/2023 USD 34.150
Land Thueringen 0.375 12/01/2051 EUR 49.250
Credit Suisse AG/L 10.000 07/12/2023 CHF 12.980
Single Platform In 3.770 03/03/2046 AUD 65.965
GTC Magyarorszag Z 2.250 12/07/2030 HUF 65.480
Single Platform In 0.754 9/20/2039 EUR 64.519
BPCE SA 2.250 3/13/2040 AUD 48.027
Uralkali OJSC Via 4.000 10/22/2024 USD 18.205
Portugal Telecom I 5.242 11/06/2017 EUR 0.694
Kingdom of Belgium 0.558 9/24/2077 EUR 34.640
Takarek Mortgage B 3.000 10/22/2031 HUF 63.600
Credit Suisse AG/L 7.250 5/24/2023 CHF 63.700
United Kingdom Gil 0.625 7/31/2035 GBP 70.792
Centrosolar Group 7.000 2/15/2016 EUR 2.505
BNG Bank NV 1.627 4/25/2046 EUR 73.374
Spain Government B 1.450 10/31/2071 EUR 49.296
NRW Bank 1.000 6/24/2051 EUR 62.758
Landesbank Baden-W 0.500 10/18/2039 EUR 64.960
Landesbank Baden-W 1.250 6/26/2039 EUR 66.800
Single Platform In 0.785 3/20/2039 EUR 65.507
Intesa Sanpaolo Sp 2.500 10/14/2031 USD 76.830
Vasakronan AB 1.655 09/05/2039 SEK 65.639
NRW Bank 1.020 08/01/2049 EUR 56.708
Banque Internation 2.160 6/27/2039 EUR 61.418
JAB Holdings BV 3.750 5/28/2051 USD 68.569
Credit Bank of Mos 7.121 6/25/2024 USD 23.480
Credit Agricole SA 4.400 2/24/2042 AUD 66.184
DekaBank Deutsche 14.820 06/01/2023 EUR 59.420
Instabank ASA i 10.100 06/09/2033 NOK 72.675
Prosus NV 1.985 7/13/2033 EUR 68.630
MOL Hungarian Oil 1.900 04/12/2031 HUF 56.400
Landesbank Hessen- 1.383 3/28/2042 EUR 74.600
Single Platform In 1.220 04/01/2039 EUR 70.192
NRW Bank 0.106 8/17/2050 EUR 50.539
Saechsische Aufbau 0.300 2/18/2042 EUR 55.735
Pescanova SA 5.125 4/20/2017 EUR 0.319
French Republic Go 1.750 5/25/2066 EUR 69.780
Credit Agricole SA 3.270 10/05/2041 AUD 67.329
Rosbank PJSC 0.030 4/30/2024 RUB 60.050
Virgolino de Olive 11.750 02/09/2022 USD 2.760
State of North Rhi 1.491 8/23/2066 EUR 63.672
Hypo-Bank Burgenla 1.010 10/29/2049 EUR 63.810
DekaBank Deutsche 0.400 1/29/2035 EUR 74.289
Societe Du Grand P 1.923 5/25/2066 EUR 60.860
Turkiye Ihracat Kr 12.540 9/14/2028 TRY 45.204
Premium Green PLC 1.610 9/30/2030 AUD 74.829
Region de Bruxelle 0.765 7/15/2052 EUR 48.386
Region Bretagne SC 0.815 06/12/2040 EUR 65.563
Societe Generale S 2.300 4/20/2048 EUR 75.315
Regie Autonome des 0.875 8/18/2080 EUR 39.577
Autonomous Communi 1.138 11/22/2052 EUR 50.612
Region Wallonne Be 2.168 7/26/2047 EUR 74.315
Ukraine Government 6.750 6/20/2028 EUR 16.553
Russian Foreign Bo 4.750 5/27/2026 USD 38.750
State of Rhineland 0.375 04/01/2041 EUR 62.768
Slovenska Sporitel 4.820 EUR 67.982
Proximus SADP 1.500 5/14/2040 EUR 66.715
DekaBank Deutsche 1.100 11/25/2030 EUR 73.340
Credit Suisse AG/L 11.000 09/05/2023 CHF 19.920
Bank Vontobel AG 12.300 4/26/2023 CHF 13.200
Deutsche Pfandbrie 1.850 9/20/2032 EUR 70.563
Credit Industriel 0.900 02/04/2041 EUR 63.817
DZ Bank AG Deutsch 1.000 2/13/2042 EUR 67.269
State of Lower Aus 0.585 10/11/2049 EUR 51.718
Danske Bank A/S 0.805 08/12/2036 EUR 72.305
Deutsche Pfandbrie 0.613 9/30/2032 EUR 61.632
Borets Finance DAC 6.000 9/17/2026 USD 48.071
Alfa-Bank AO 11.750 RUB 60.000
Norske Skogindustr 7.000 12/30/2026 EUR 0.010
BNP Paribas Issuan 3.300 07/01/2030 EUR 64.580
Credit Suisse AG/L 16.300 12/26/2023 USD 53.980
SCF Capital Design 3.850 4/26/2028 USD 18.961
Italy Buoni Polien 0.150 5/15/2051 EUR 64.776
Banque Cantonale V 7.300 9/16/2024 CHF 27.290
Mifa Mitteldeutsch 7.500 08/12/2018 EUR 2.000
Banco Espirito San 10.000 12/06/2021 EUR 0.555
Global Ports Finan 6.500 9/22/2023 USD 44.948
Region Auvergne-Rh 0.250 10/23/2034 EUR 69.928
JAB Holdings BV 2.000 12/19/2039 EUR 73.595
Telia Co AB 3.000 9/25/2064 EUR 76.073
Peine GmbH 2.000 07/05/2023 EUR 44.500
Premium Green PLC 1.650 3/28/2031 AUD 72.913
DekaBank Deutsche 1.585 12/28/2035 EUR 63.110
Saastopankkien Kes 1.445 6/23/2035 EUR 73.538
Senvion Holding Gm 3.875 10/25/2022 EUR 0.200
Banque Internation 1.020 3/25/2040 EUR 60.664
Raiffeisen Landesb 0.250 03/04/2036 EUR 68.852
UniCredit SpA 1.490 10/23/2035 EUR 68.889
Banque Internation 1.215 03/05/2040 EUR 62.739
Ile-de-France Mobi 1.200 04/08/2050 EUR 59.919
Landesbank Baden-W 0.500 11/25/2030 EUR 74.451
Region Wallonne Be 2.100 6/26/2048 EUR 72.311
Caisse des Depots 0.678 7/23/2040 EUR 60.975
Credit Bank of Mos 8.875 USD 24.875
BNP Paribas SA 3.310 2/27/2040 AUD 66.109
NRW Bank 1.400 3/19/2070 EUR 61.687
Land Berlin 0.050 08/06/2040 EUR 59.129
Single Platform In 0.462 2/15/2040 EUR 61.271
Communaute Francai 0.626 8/24/2040 EUR 62.416
VON Der Heydt Secu 1.000 4/30/2031 EUR #N/A N/A
Golfino AG 8.000 11/18/2023 EUR 0.016
Metal Hungaria Hol 3.000 11/17/2030 HUF 62.500
Communaute Francai 1.040 7/19/2101 EUR 45.603
Ukraine Government 12.520 5/13/2026 UAH 56.539
Kreditanstalt fuer 0.890 03/10/2041 EUR 70.146
Pick Szeged Szalam 2.000 12/06/2029 HUF 63.130
Land Thueringen 0.375 11/14/2034 EUR 74.444
Virgolino de Olive 10.875 1/13/2020 USD 36.000
Batigere Grand Est 1.600 11/14/2044 EUR 59.512
Vilogia SA d'HLM 1.500 08/07/2034 EUR 72.192
Agrokor dd 8.875 02/01/2020 USD 15.000
Steilmann SE 7.000 03/09/2017 EUR 1.429
NRW Bank 0.473 6/23/2049 EUR 58.783
Orient Express Ban 2.000 USD 16.406
Gebr Sanders GmbH 8.750 10/22/2018 EUR 9.375
Kommunekredit 0.500 7/30/2027 TRY 27.141
Raiffeisen-Landesb 0.180 10/10/2034 EUR 69.041
Bayerische Landesb 3.180 2/16/2038 EUR 66.786
Commerzbank AG 1.250 6/28/2034 EUR 72.277
Landesbank Hessen- 0.400 1/21/2031 EUR 73.547
Credit Agricole SA 1.150 12/24/2030 EUR 75.887
ABN AMRO Bank NV 1.575 1/25/2040 EUR 76.587
Department of L'Eu 1.110 6/18/2039 EUR 70.981
Ukraine Government 9.990 5/22/2024 UAH 70.787
Vasakronan AB 2.400 6/20/2044 SEK 66.950
Credit Suisse AG/L 9.000 05/03/2023 CHF 72.890
Malta Government B 2.000 07/10/2051 EUR 66.820
Credit Suisse AG/L 8.000 4/14/2023 CHF 63.360
Ville de Paris 2.017 5/25/2052 EUR 72.081
Citigroup Global M 2.000 3/25/2039 EUR 75.001
Magyar Export-Impo 2.000 10/27/2027 HUF 66.080
Muenchener Hypothe 1.285 4/19/2039 EUR 75.036
Societe Du Grand P 2.145 11/26/2068 EUR 65.990
NRW Bank 1.155 9/21/2050 EUR 65.753
Deutsche Bank AG 0.650 06/03/2031 EUR 72.551
Italy Buoni Polien 2.150 03/01/2072 EUR 58.815
Societe Generale S 2.970 4/15/2036 USD 65.973
BNP Paribas SA 1.450 11/17/2041 EUR 67.906
Caisse des Depots 1.290 05/05/2051 EUR 60.598
Landesbank Baden-W 0.550 2/19/2031 EUR 73.992
DZ Bank AG Deutsch 2.000 12/29/2031 EUR 74.240
Slovenska Sporitel 4.490 EUR 57.501
Norddeutsche Lande 1.100 10/13/2034 EUR 69.463
National Treasury 1.560 2/16/2122 EUR 58.341
Pannonia Bio Ltd 2.400 9/18/2029 HUF 65.760
Societe Generale S 10.000 6/28/2034 USD #N/A N/A
Swedbank AB 0.350 9/22/2031 EUR 71.999
Veneto Banca SpA 6.950 2/25/2025 EUR 0.466
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Rena GmbH 8.250 07/11/2018 EUR 0.054
Norske Skog Holdin 8.000 2/24/2023 USD 0.006
Premium Green PLC 1.630 12/30/2030 AUD 74.057
GB Social Housing 3.814 04/09/2047 GBP 74.559
Land Berlin 0.625 7/15/2039 EUR 68.581
Single Platform In 1.000 10/31/2040 EUR 65.792
DZ Bank AG Deutsch 1.840 12/21/2048 EUR 71.081
Single Platform In 0.363 2/15/2041 EUR 58.147
Single Platform In 0.955 2/15/2041 EUR 65.422
Eurogrid GmbH 0.875 11/20/2040 EUR 66.167
Single Platform In 1.050 3/17/2039 EUR 68.008
Argentum Capital S 0.500 11/30/2033 EUR 67.780
Region de Bruxelle 1.419 6/22/2045 EUR 64.296
BPCE SFH SA 1.229 04/12/2049 EUR 66.015
Banque Internation 3.320 5/24/2042 EUR 73.187
Norddeutsche Lande 1.280 09/02/2039 EUR 62.041
Landeskreditbank B 1.862 04/06/2062 EUR 74.339
Bank Vontobel AG 12.000 02/05/2024 CHF 32.800
Credit Suisse AG/L 10.250 5/22/2023 EUR 69.340
Region Wallonne Be 1.000 6/22/2045 EUR 58.369
Caisse des Depots 0.606 9/30/2039 EUR 65.137
Single Platform In 0.465 2/27/2035 EUR 67.484
Nationale-Nederlan 1.400 3/18/2039 EUR 76.349
Batigere Grand Est 1.550 08/12/2041 EUR 62.566
Kingdom of Belgium 0.675 07/07/2080 EUR 36.546
Pfandbriefzentrale 0.020 1/30/2040 CHF 72.227
Instabank ASA i 11.810 NOK 67.897
Nederlandse Waters 0.230 10/22/2035 EUR 70.514
Assistance Publiqu 0.490 9/30/2040 EUR 60.851
Raiffeisenlandesba 0.200 06/09/2036 EUR 63.930
Greenergy Holding 3.000 9/21/2031 HUF 65.725
Caisse Francaise d 1.093 10/14/2051 EUR 63.450
Wirtschafts- und I 0.208 1/28/2043 EUR 54.807
CPI Hungary Invest 2.250 08/07/2030 HUF 55.000
Bilt Paper BV 10.360 USD 1.253
SAir Group 2.750 7/30/2004 CHF 10.750
Department of Bouc 0.810 12/16/2041 EUR 62.944
International Fina 0.500 6/29/2027 ZAR 68.593
Muenchener Hypothe 0.886 3/26/2043 EUR 65.849
Single Platform In 0.815 04/01/2042 EUR 61.176
SAir Group 6.250 10/27/2002 CHF 11.135
Santander Consumer 8.090 NOK 56.321
Credit Agricole SA 3.450 03/04/2041 AUD 58.270
Bayerische Landesb 3.450 7/15/2036 EUR 75.600
Landesbank Baden-W 0.460 12/30/2030 EUR 73.454
Lithuania Governme 0.500 7/28/2050 EUR 44.206
Deutsche Bahn Fina 0.232 3/17/2032 EUR 76.058
DNB Bank ASA 1.185 1/14/2038 EUR 70.602
Single Platform In 0.720 3/20/2051 EUR 53.966
UniCredit SpA 1.050 1/23/2031 EUR 76.011
Credito Padano Ban 3.100 EUR 36.208
French Republic Go 1.500 5/25/2050 EUR 70.662
Single Platform In 0.656 9/20/2050 EUR 52.210
Communaute Francai 2.177 8/17/2068 EUR 70.590
Brussels Municipal 0.384 6/15/2035 EUR 70.485
French Republic Go 0.500 5/25/2040 EUR 65.933
DZ Bank AG Deutsch 0.530 7/26/2033 EUR 69.216
Credit Suisse AG/L 6.500 7/19/2023 USD 9.230
Landesbank Hessen- 2.000 3/16/2037 EUR 68.200
Landesbank Baden-W 3.330 4/28/2023 EUR 61.980
UBS AG/London 7.000 4/21/2023 USD 41.350
Natixis SA 3.800 5/28/2039 AUD 70.916
Parnassia Groep BV 1.470 12/01/2045 EUR 55.426
Single Platform In 0.780 2/15/2040 EUR 64.391
Communaute Francai 1.600 6/22/2047 EUR 67.571
Landesbank Baden-W 0.500 7/24/2030 EUR 75.221
NRW Bank 0.420 02/08/2039 EUR 66.577
Uliving@Essex2 Iss 0.100 8/31/2063 GBP 68.880
Single Platform In 1.140 3/26/2040 EUR 68.243
A-TEC Industries A 2.750 05/10/2014 EUR 0.100
Hellas Telecommuni 8.500 10/15/2013 EUR 0.173
Societe Generale S 2.050 2/18/2031 AUD 72.155
Single Platform In 1.010 3/20/2051 EUR 58.826
Hacienda Investmen 5.350 02/08/2028 USD 53.530
Department of Giro 0.846 4/29/2039 EUR 68.014
Single Platform In 1.865 2/15/2046 EUR 74.272
Norddeutsche Lande 1.350 10/20/2038 EUR 64.095
Kreditanstalt fuer 1.201 9/13/2051 EUR 67.915
Batigere Grand Est 1.485 10/25/2039 EUR 64.627
Landesbank Hessen- 1.370 9/22/2031 EUR 71.981
Agence Francaise d 2.360 10/17/2044 AUD 67.275
Windreich GmbH 6.750 03/01/2015 EUR 2.780
BNP Paribas SA 0.500 9/29/2029 AUD 75.935
Berlin Hyp AG 1.157 12/09/2039 EUR 55.225
Cooperatieve Rabob 0.500 1/31/2033 MXN 40.196
Norske Skog Holdin 8.000 2/24/2021 EUR 0.006
Societe Du Grand P 1.955 4/16/2069 EUR 65.294
SNCF Reseau 1.425 8/14/2119 EUR 39.875
Nederlandse Waters 0.260 11/10/2036 EUR 68.609
Landesbank Saar 0.540 11/18/2033 EUR 70.046
Elia Transmission 1.560 1/30/2044 EUR 73.643
Single Platform In 1.030 03/11/2039 EUR 68.024
United Kingdom Gil 0.625 10/22/2050 GBP 46.899
Wirtschafts- und I 0.500 8/28/2046 EUR 54.349
Kreditanstalt fuer 1.171 7/19/2051 EUR 67.760
Agence Francaise d 1.656 04/04/2054 EUR 73.998
Region Auvergne-Rh 1.090 04/08/2037 EUR 73.154
Kreditanstalt fuer 1.115 5/17/2041 EUR 69.712
HSBC Bank PLC 2.230 09/06/2047 EUR 73.341
Cooperatieve Rabob 2.360 9/25/2047 EUR 71.009
CDC Habitat SEM 0.814 2/15/2040 EUR 58.421
Landesbank Hessen- 1.340 06/04/2042 EUR 64.578
Santander Consumer 8.090 NOK 57.275
HSBC Bank PLC 0.500 6/23/2027 MXN 66.025
LBI ehf 7.431 USD 0.001
Kommunekredit 0.100 9/30/2033 DKK 71.202
LFA Foerderbank Ba 0.050 9/29/2034 EUR 71.560
Cie de Financement 0.975 08/11/2046 EUR 65.780
Norske Skogindustr 7.125 10/15/2033 USD 0.010
Norske Skogindustr 7.125 10/15/2033 USD 0.010
Credit Suisse AG/L 13.300 11/29/2023 USD 40.520
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
Societe Generale S 16.000 07/03/2024 USD 32.010
Region de Bruxelle 1.029 1/14/2048 EUR 55.260
UBS Group AG 2.490 03/04/2036 USD 69.844
Kreditanstalt fuer 0.980 02/09/2042 EUR 71.520
Raiffeisen Schweiz 7.000 9/20/2023 CHF 58.680
Societe Generale S 2.060 03/12/2031 USD 74.290
Single Platform In 2.230 3/17/2039 NOK 74.820
Landesbank Hessen- 1.000 4/28/2036 EUR 64.037
Deutsche Bank AG 2.480 12/10/2035 EUR 70.885
Bayerische Landesb 1.820 03/12/2031 EUR 73.853
Citigroup Global M 7.200 5/24/2023 SEK 74.000
State of Saxony-An 2.173 07/03/2028 EUR 60.000
Single Platform In 1.200 11/15/2037 EUR 71.028
BNP Paribas SA 1.395 02/12/2035 EUR 72.996
Credit Mutuel Arke 1.165 9/23/2039 EUR 65.203
Region de Bruxelle 1.922 4/24/2059 EUR 62.590
Veneto Banca SpA 6.944 5/15/2025 EUR 0.466
SAir Group 5.125 03/01/2003 CHF 10.637
Norddeutsche Lande 0.900 07/05/2032 EUR 73.339
BPCE SFH SA 0.843 7/19/2044 EUR 62.431
Single Platform In 0.457 2/15/2046 EUR 53.372
Single Platform In 1.180 04/01/2039 EUR 69.786
Malta Government B 1.400 8/20/2046 EUR 62.347
Deutsche Bank AG/L 0.500 04/05/2038 MXN 24.615
Autonomous Communi 1.515 6/21/2051 EUR 58.224
Single Platform In 0.428 2/15/2040 EUR 60.327
Caisse Francaise d 0.510 11/19/2040 EUR 63.230
Societe Du Grand P 1.149 04/08/2069 EUR 44.139
Single Platform In 0.523 05/07/2041 EUR 59.532
Landesbank Hessen- 0.250 11/26/2029 EUR 76.627
Basque Government 2.350 04/11/2049 EUR 74.531
Deutsche Bank AG 0.500 9/16/2031 EUR 74.097
Norddeutsche Lande 1.090 11/15/2043 EUR 66.156
Deutsche Bank AG 2.825 2/25/2043 EUR 69.833
Barclays Bank PLC 1.340 02/01/2051 EUR 63.460
Societe Generale S 24.000 11/08/2024 USD 45.200
Ville de Paris 0.963 12/06/2051 EUR 52.392
Agence Metropolita 0.500 07/07/2035 EUR 69.721
Single Platform In 1.200 11/01/2040 EUR 68.468
Single Platform In 1.105 1/18/2040 EUR 67.940
VTB Bank PJSC 5.000 USD 49.000
Banque et Caisse d 1.230 4/26/2046 EUR 70.594
Vorosko Kereskedel 4.750 1/25/2032 HUF 68.000
UniCredit Bank AG 0.900 3/24/2036 EUR 67.030
MOL Nyrt Kueloenle 4.950 1/26/2032 HUF 71.780
Single Platform In 0.940 10/04/2041 EUR 64.281
Single Platform In 1.850 2/15/2041 NOK 69.258
Malta Government B 2.400 8/13/2052 EUR 71.620
ING Bank NV 2.830 9/28/2051 USD 67.124
Sparekassen Bredeb 3.750 4/15/2031 DKK 71.197
Purple Protected A 2.060 3/30/2061 EUR 50.095
Deutsche Wohnen SE 1.250 7/31/2031 EUR 72.692
Credit Suisse AG/L 1.400 11/04/2025 CHF 42.070
SALVATOR Vermoegen 9.500 EUR 7.900
Raiffeisen Switzer 17.000 1/16/2024 CHF 42.750
Landesbank Baden-W 0.500 09/05/2039 EUR 65.720
DeltaCredit Bank J 1.000 10/30/2025 RUB 95.000
Virgolino de Olive 10.875 1/13/2020 USD 36.000
Kreditanstalt fuer 0.680 11/12/2039 EUR 74.417
Communaute Francai 0.584 9/17/2039 EUR 60.921
Elli Investments L 12.250 6/15/2020 GBP 52.250
Ministeries Van de 1.392 11/12/2041 EUR 66.952
Polyus Finance PLC 4.700 1/29/2024 USD 65.000
Region Wallonne Be 2.057 10/19/2043 EUR 74.462
Premium Green PLC 1.630 12/30/2030 AUD 74.057
Nordea Bank Abp 1.305 03/01/2034 EUR 75.788
BPCE SA 2.315 11/19/2035 AUD 57.811
Single Platform In 0.751 11/06/2047 EUR 55.703
ACCIONA Financiaci 3.000 12/02/2039 EUR 76.108
LFA Foerderbank Ba 0.125 9/30/2038 EUR 63.727
DLR Kredit A/S 1.000 10/01/2053 DKK 69.964
Single Platform In 1.013 12/20/2050 EUR 57.350
Societe Generale S 0.831 11/25/2031 EUR 71.057
French Republic Go 0.500 6/25/2044 EUR 60.548
Region de Bruxelle 1.810 3/22/2053 EUR 66.149
Nykredit Realkredi 1.182 1/17/2034 EUR 73.247
Single Platform In 0.946 5/25/2036 EUR 70.555
Regie Autonome des 0.953 5/24/2052 EUR 63.250
DZ Bank AG Deutsch 9.250 4/28/2023 EUR 32.310
Societe Generale S 3.310 11/29/2033 AUD 73.785
Landesbank Baden-W 4.700 10/27/2023 EUR 59.770
UBS AG/London 8.250 4/21/2023 CHF 50.350
Landesbank Baden-W 0.327 05/07/2038 EUR 65.060
Landesbank Baden-W 0.650 2/25/2031 EUR 75.958
Caisse des Depots 1.617 3/18/2049 EUR 67.377
Standard Chartered 3.040 1/18/2042 USD 72.754
Department of Loir 0.478 10/30/2040 EUR 60.539
Lehman Brothers Tr 2.875 3/14/2013 CHF 0.100
Akademiska Hus AB 1.252 2/13/2043 SEK 63.295
Mondelez Internati 1.250 09/09/2041 EUR 65.351
Single Platform In 1.156 02/12/2041 EUR 67.972
PJSC Koks via IMH 5.900 9/23/2025 USD 7.501
Minicentrales Dos 0.010 06/06/2047 EUR 66.500
NRW Bank 1.245 09/07/2060 EUR 61.933
Heta Asset Resolut 3.635 12/31/2023 EUR 1.506
SAir Group 4.250 02/02/2007 CHF 10.637
Vasakronan AB 1.870 06/03/2039 EUR 49.640
Single Platform In 1.108 2/15/2041 EUR 67.691
HSE Finance Sarl 5.625 10/15/2026 EUR 49.701
Landesbank Hessen- 0.350 3/18/2031 EUR 72.707
Anselma Issuer SA 1.574 12/31/2038 EUR 46.230
DZ Bank AG Deutsch 0.250 1/21/2033 EUR 74.935
Autonomous Communi 1.931 04/04/2042 EUR 73.699
Region Auvergne-Rh 0.543 9/28/2036 EUR 68.367
Kreditanstalt fuer 1.000 4/27/2041 EUR 71.457
Kuntarahoitus Oyj 1.150 04/01/2051 EUR 67.729
Espirito Santo Fin 4.213 10/27/2024 EUR 0.925
Norddeutsche Lande 1.600 4/14/2037 EUR 69.541
ING Bank NV 2.900 6/23/2051 USD 68.065
SG Issuer SA 3.100 5/18/2028 EUR 67.880
Duna Aszfalt Ut Es 2.990 10/17/2029 HUF 61.000
Pescanova SA 8.750 2/17/2019 EUR 0.319
Turkey Government 4.875 4/16/2043 USD 65.048
Mox Telecom AG 7.250 11/02/2017 EUR 2.270
SNCF Reseau 1.100 10/27/2036 EUR 75.593
Region de Bruxelle 0.944 6/22/2057 EUR 43.273
Region de Bruxelle 1.375 4/29/2039 EUR 69.993
Thomas Cook Financ 3.875 7/15/2023 EUR 0.578
Stadt Graz 1.824 10/31/2047 EUR 73.859
Premium Green PLC 1.610 9/30/2030 AUD 74.829
Commerzbank AG 1.400 7/21/2031 EUR 73.029
Nederlandse Waters 1.900 3/15/2052 EUR 76.321
Kreditanstalt fuer 0.830 12/09/2050 EUR 64.112
Single Platform In 1.593 10/31/2050 EUR 67.018
ING Bank NV 0.335 4/21/2036 EUR 69.416
Romanian Governmen 4.625 04/03/2049 EUR 75.067
Batigere Grand Est 1.345 4/18/2032 EUR 75.817
Land Thueringen 1.000 3/29/2039 EUR 74.940
Region Bretagne SC 0.544 12/07/2036 EUR 68.142
Commerzbank AG 2.350 2/24/2042 EUR 70.247
State of Brandenbu 0.125 1/26/2046 EUR 51.945
Norddeutsche Lande 0.750 8/26/2031 EUR 74.707
Landeskreditbank B 0.605 6/16/2036 EUR 74.908
Credit Suisse AG/L 10.500 5/25/2023 EUR 67.170
Raiffeisen Schweiz 20.000 11/07/2023 CHF 36.500
Landesbank Hessen- 2.000 04/09/2035 EUR 66.200
Parnassia Groep BV 1.430 12/01/2043 EUR 57.723
Hamburg Commercial 4.000 03/06/2034 EUR 66.661
Deutsche Pfandbrie 0.500 11/18/2030 EUR 67.266
Comunidad Foral de 1.450 05/08/2040 EUR 68.725
Landesbank Hessen- 0.500 3/25/2032 EUR 70.524
Lehman Brothers Tr 4.680 12/12/2045 EUR 0.100
Deutsche Bahn Fina 2.005 06/07/2039 SEK 75.565
Landesbank Baden-W 0.210 2/26/2031 EUR 69.867
Landesbank Baden-W 0.905 04/01/2041 EUR 58.250
Saastopankkien Kes 0.860 1/18/2036 EUR 67.243
Assistance Publiqu 0.683 3/19/2041 EUR 62.496
Credit Agricole CI 0.440 09/06/2033 EUR 71.523
Societe Generale S 1.700 1/19/2031 USD 72.685
Standard Chartered 2.140 1/29/2036 USD 72.188
Zurcher Kantonalba 14.400 6/13/2023 CHF 34.150
Daniella Kereskede 3.000 7/30/2030 HUF 66.180
Societe Generale S 8.000 10/31/2034 USD 73.000
Landesbank Baden-W 0.750 08/12/2039 EUR 66.610
Hemso Fastighets A 1.130 10/31/2039 EUR 65.347
Batigere Grand Est 1.610 10/23/2040 EUR 64.498
AK BARS Bank Via A 8.000 7/13/2022 USD 31.000
Department of Giro 0.650 12/17/2038 EUR 66.368
Agrokor dd 9.125 02/01/2020 EUR 15.000
Grupo Isolux Corsa 6.000 12/30/2021 EUR 0.253
Municipality of Ar 0.460 9/20/2049 EUR 52.486
Region Wallonne Be 1.135 10/10/2069 EUR 48.553
Thomas Cook Group 6.250 6/15/2022 EUR 0.691
Communaute Francai 1.760 1/26/2043 EUR 71.565
Region Wallonne Be 2.160 2/23/2044 EUR 75.579
Uliving@Essex Issu 0.100 8/31/2058 GBP 72.953
Landesbank Hessen- 0.900 06/10/2036 EUR 62.948
Aareal Bank AG 0.300 12/11/2030 EUR 60.190
State of North Rhi 1.513 7/27/2065 EUR 64.962
State of North Rhi 1.650 5/16/2047 EUR 75.878
Bayerische Landesb 0.700 06/12/2037 EUR 70.919
Caisse des Depots 0.323 06/04/2035 EUR 70.537
Region Auvergne-Rh 0.800 5/22/2040 EUR 63.763
National Grid Elec 2.037 2/15/2039 EUR 75.286
DZ Bank AG Deutsch 1.200 11/25/2050 EUR 58.723
Societe Nationale 1.400 5/18/2120 EUR 35.603
UBS AG/London 14.500 10/06/2023 CHF 55.350
Credit Industriel 0.805 9/21/2033 EUR 74.796
UBS Group AG 2.370 2/25/2036 USD 68.662
Luzerner Kantonalb 6.000 07/06/2023 EUR 59.290
Flextronics Intern 3.600 12/06/2031 HUF 66.000
Republic of Irelan 1.250 10/08/2121 EUR 48.063
Credit Suisse AG/L 7.000 5/19/2023 CHF 64.590
Credit Suisse AG/L 8.250 4/13/2023 CHF 72.700
Leonteq Securities 5.000 4/20/2023 EUR 37.600
UniCredit Bank AG 1.120 5/14/2057 EUR 56.546
UBS AG/London 7.000 7/21/2023 CHF 66.050
Citigroup Global M 1.240 2/18/2040 EUR 65.392
Berlin Hyp AG 1.057 2/21/2059 EUR 61.047
BNP Paribas SA 3.580 7/23/2040 AUD 74.077
Credit Agricole Co 1.190 2/26/2040 EUR 67.181
Caisse des Depots 1.270 10/01/2051 EUR 59.909
Lehman Brothers Tr 0.500 12/20/2017 AUD 0.100
Municipality of Ar 0.605 2/24/2040 EUR 67.168
Deutsche Bank AG 1.050 09/01/2031 EUR 69.132
Heta Asset Resolut 4.350 12/31/2023 EUR 2.094
Lehman Brothers Tr 1.750 02/07/2010 EUR 0.100
Lehman Brothers Tr 6.000 10/24/2008 EUR 0.100
Norwegian Air Shut 7.500 11/10/2023 USD 73.375
Lehman Brothers Tr 5.198 3/16/2035 EUR 0.100
MMC Norilsk Nickel 2.550 09/11/2025 USD 73.495
La Veggia Finance 7.125 11/14/2004 EUR 0.287
Moby SpA 7.750 2/15/2023 EUR 58.346
State of Saxony-An 1.223 05/04/2046 EUR 68.525
Single Platform In 0.780 03/05/2039 EUR 65.369
Single Platform In 0.870 6/20/2043 EUR 62.398
UBS AG/London 8.250 05/10/2023 CHF 52.350
Assistance Publiqu 2.000 5/25/2053 EUR 70.127
Single Platform In 1.490 3/20/2051 EUR 65.190
Norddeutsche Lande 1.560 10/20/2038 EUR 66.406
Norddeutsche Lande 1.050 11/17/2036 EUR 64.252
Landesbank Saar 0.130 8/24/2033 EUR 74.005
Rosbank PJSC 0.010 4/30/2024 RUB 60.050
BNP Paribas SA 1.150 11/20/2034 EUR 73.738
Department of Loir 0.790 11/22/2039 EUR 66.263
DZ HYP AG 1.226 8/25/2036 EUR 68.445
Bibby Offshore Ser 7.500 6/15/2021 GBP 11.625
Region of Centre-V 0.712 12/03/2039 EUR 65.235
SAir Group 6.250 04/12/2005 CHF 10.637
Grupo Isolux Corsa 1.000 12/30/2021 EUR 0.157
MMC Norilsk Nickel 6.625 10/14/2022 USD 72.250
Caisse des Depots 1.382 3/16/2045 EUR 65.145
NRW Bank 0.510 9/23/2039 EUR 66.266
Deutsche Bank AG 3.500 4/14/2048 EUR 75.758
Decipher Productio 12.500 9/27/2019 USD 1.500
Russian Agricultur 8.500 10/16/2023 USD 26.571
Region de Bruxelle 0.845 9/30/2059 EUR 43.906
Region Hauts-de-Fr 0.643 07/09/2040 EUR 63.239
Republic of Irelan 0.810 07/10/2079 EUR 43.764
DZ Bank AG Deutsch 0.190 1/14/2031 EUR 73.648
Purple Protected A 1.598 02/05/2061 EUR 67.933
Single Platform In 0.725 03/07/2039 EUR 64.377
Communaute Francai 1.115 07/11/2039 EUR 67.578
Department of Bouc 1.100 07/08/2039 EUR 70.751
Kreditanstalt fuer 0.680 2/23/2051 EUR 61.589
Bayerische Landesb 0.030 10/22/2035 EUR 68.072
Batigere Grand Est 1.800 08/12/2050 EUR 58.855
Single Platform In 0.873 5/25/2052 EUR 54.642
Department of L'Eu 0.959 11/25/2037 EUR 72.122
United Kingdom Gil 0.500 10/22/2061 GBP 37.175
Credit Suisse AG/L 9.500 12/29/2023 CHF 51.550
DZ Bank AG Deutsch 6.000 7/28/2023 EUR 74.160
OTP Munkavallalok 4.500 7/14/2031 HUF 70.010
Landesbank Baden-W 5.370 5/26/2023 EUR 70.070
Credit Suisse AG/L 7.250 4/20/2023 CHF 72.780
Muenchener Hypothe 1.495 10/05/2050 EUR 64.940
Leonteq Securities 20.200 11/14/2023 CHF 33.780
Kreditanstalt fuer 0.693 02/08/2050 EUR 52.747
Landesbank Hessen- 0.750 04/09/2035 EUR 64.016
BNP Paribas SA 1.660 2/26/2031 USD 74.736
Nederlandse Waters 0.436 10/22/2040 EUR 63.374
Landesbank Hessen- 0.850 11/19/2035 EUR 63.518
ECM Real Estate In 5.000 10/09/2011 EUR 15.375
A-TEC Industries A 5.750 11/02/2010 EUR 0.100
Erste Jelzalogbank 2.500 10/22/2028 HUF 69.110
UBS AG/London 6.000 06/06/2023 USD 9.830
Heta Asset Resolut 3.248 12/31/2023 EUR 1.506
Kuntarahoitus Oyj 1.400 03/05/2061 EUR 69.633
Assistance Publiqu 0.666 3/19/2040 EUR 64.101
Credit Suisse AG/L 12.400 9/25/2023 EUR 23.520
Single Platform In 1.000 07/08/2034 EUR 73.314
Kreditanstalt fuer 0.650 2/24/2041 EUR 67.595
Agence France Loca 2.550 3/20/2036 AUD 73.772
Barclays Bank PLC 3.130 04/09/2051 USD 65.191
Single Platform In 1.120 7/25/2045 JPY 70.655
Sovcombank Via Sov 3.400 1/26/2025 USD 2.204
Santander Internat 1.365 1/28/2061 EUR 52.138
Axial Javito Keres 2.000 9/23/2030 HUF 59.308
VTB Bank PJSC 7.600 04/02/2031 RUB 70.080
Landesbank Baden-W 1.750 5/15/2039 EUR 67.910
Credit Agricole Co 2.930 8/20/2039 AUD 69.510
Cie de Saint-Gobai 3.000 12/23/2049 EUR 74.760
Ringkjoebing Landb 1.100 10/30/2035 EUR 68.834
International Bank 8.250 10/09/2024 USD 60.375
UniCredit Bank AG 2.250 10/14/2039 EUR 74.650
Cooperatieve Rabob 2.090 12/27/2047 EUR 66.763
Region de Bruxelle 0.540 9/13/2044 EUR 53.014
Communaute Francai 1.363 4/16/2040 EUR 69.616
CDC Habitat SEM 1.700 3/21/2039 EUR 69.834
Bayerische Landesb 3.500 7/28/2036 EUR 72.084
DZ HYP AG 1.300 7/18/2041 EUR 70.106
LR Realkredit AS 1.000 10/01/2050 DKK 68.482
City of Amsterdam 1.515 2/26/2044 EUR 75.313
Nederlandse Waters 0.190 11/02/2050 EUR 47.508
Landeskreditbank B 1.025 04/01/2061 EUR 57.506
Aareal Bank AG 0.520 4/18/2031 EUR 59.869
Landesbank Hessen- 2.000 03/10/2037 EUR 71.350
Landesbank Hessen- 1.650 5/27/2030 EUR 13.492
Landesbank Hessen- 0.850 09/02/2036 EUR 62.143
Deutsche Bank AG/L 0.500 8/23/2038 MXN 23.431
Autonomous Communi 1.950 5/24/2041 EUR 74.508
Region de Bruxelle 1.020 4/30/2060 EUR 44.776
Single Platform In 1.500 3/20/2051 EUR 66.966
Republic of Poland 1.250 10/25/2030 PLN 72.018
Region de Bruxelle 0.650 2/15/2061 EUR 37.370
Banque et Caisse d 1.000 01/04/2042 EUR 70.111
State of Bremen 0.500 6/14/2034 EUR 75.634
Communaute Francai 1.787 6/14/2044 EUR 71.132
State of Bremen 0.102 02/07/2033 EUR 76.333
Stichting Afwikkel 8.450 8/20/2018 USD 43.625
Region of Pays de 0.448 9/25/2040 EUR 61.537
Republic of Irelan 0.740 9/22/2078 EUR 42.144
Hypo Vorarlberg Ba 1.590 8/25/2050 EUR 58.659
Hypo Vorarlberg Ba 0.570 8/26/2030 EUR 75.627
Aktia Bank Oyj 0.800 2/26/2036 EUR 67.487
Caisse des Depots 0.696 9/14/2040 EUR 60.960
Takarek Mortgage B 2.600 10/22/2028 HUF 69.500
SG Issuer SA 7.740 7/20/2025 SEK 60.400
Region Wallonne Be 1.225 09/02/2120 EUR 37.963
HSE Finance Sarl 8.404 10/15/2026 EUR 50.896
Autonomous Communi 1.550 05/11/2051 EUR 58.673
Societe Generale S 2.050 2/18/2031 AUD 72.225
Societe Nationale 2.503 1/14/2041 AUD 67.114
Region Auvergne-Rh 0.530 9/29/2036 EUR 68.283
Single Platform In 2.050 09/01/2044 NOK 69.874
Kommunalkredit Aus 0.570 9/15/2037 EUR 67.110
Credit Bank of Mos 3.875 9/21/2026 USD 30.698
Region de Bruxelle 1.225 6/21/2070 EUR 44.891
Societe Generale S 0.650 6/23/2035 EUR 74.380
Standard Chartered 0.520 1/22/2041 JPY 65.078
Region of Centre-V 0.924 11/02/2043 EUR 61.790
Commerzbank AG 1.430 1/23/2040 EUR 63.725
Single Platform In 0.880 1/15/2040 EUR 66.614
Single Platform In 1.840 7/25/2053 EUR 74.037
Single Platform In 0.740 04/01/2042 EUR 62.061
Credit Suisse AG/L 25.000 10/20/2026 USD 5.520
Harp Issuer PLC 1.400 2/14/2032 USD 70.739
Raiffeisen Bank In 0.370 02/03/2033 EUR 63.057
Wirtschafts- und I 0.192 1/28/2042 EUR 56.605
Landesbank Baden-W 4.960 7/28/2023 EUR 56.220
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.003
UniCredit Bank AG 15.050 4/28/2023 EUR 34.350
State of North Rhi 1.641 08/11/2066 EUR 66.827
Deutsche Bank AG 0.510 9/16/2031 EUR 71.809
Norddeutsche Lande 2.000 1/31/2035 EUR 70.993
Single Platform In 1.110 1/22/2040 EUR 68.263
Communaute Francai 1.500 2/13/2045 EUR 66.340
Autonomous Communi 1.442 10/26/2049 EUR 56.360
Santander Internat 1.700 12/12/2049 EUR 45.058
ABN AMRO Bank NV 0.450 12/12/2036 EUR 70.302
Chelyabinsk Pipe P 4.500 9/19/2024 USD 22.601
Landesbank Hessen- 1.050 10/24/2031 EUR 75.694
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Single Platform In 0.932 2/15/2041 EUR 64.603
Republic of Irelan 0.835 07/08/2080 EUR 44.065
Landesbank Hessen- 0.750 1/21/2036 EUR 62.180
DZ Bank AG Deutsch 1.550 6/27/2041 EUR 76.039
Norddeutsche Lande 1.100 07/05/2032 EUR 74.658
Commerzbank AG 1.150 6/28/2034 EUR 71.578
Landesbank Saar 0.835 2/19/2035 EUR 70.278
Republic of Irelan 1.230 5/29/2120 EUR 46.743
Santander Internat 1.100 12/07/2040 EUR 63.324
DZ Bank AG Deutsch 1.850 2/19/2049 EUR 74.960
Kreditanstalt fuer 0.820 4/15/2050 EUR 64.597
Region de Bruxelle 1.500 2/15/2039 EUR 75.851
Vasakronan AB 1.770 10/26/2033 NOK 73.438
Societe Nationale 2.457 12/23/2050 USD 67.631
Natixis SA 2.955 5/28/2050 USD 64.538
Ministeries Van de 1.095 06/03/2055 EUR 50.107
UBS Group AG 2.300 12/03/2035 AUD 69.270
Luzerner Kantonalb 16.900 4/19/2023 CHF 54.450
Bank Vontobel AG 16.000 12/27/2023 CHF 36.200
Zurcher Kantonalba 7.100 10/06/2023 CHF 45.240
Aareal Bank AG 0.380 9/16/2031 EUR 57.524
Aareal Bank AG 0.255 9/17/2029 EUR 66.358
UBS AG/London 0.120 5/25/2040 MXN 16.262
Caisse des Depots 0.950 2/17/2051 EUR 54.748
Credit Suisse AG/L 11.250 7/19/2023 CHF 17.550
Credit Suisse AG/L 8.500 03/11/2024 CHF 48.800
OTP Munkavallalok 4.500 7/14/2031 HUF 70.010
Wirtschafts- und I 0.450 12/01/2038 EUR 66.950
CDC Habitat SEM 1.170 05/04/2037 EUR 67.413
Cooperatieve Rabob 2.250 9/15/2047 EUR 69.535
United Utilities W 0.359 10/05/2048 GBP 63.634
BNG Bank NV 0.680 03/04/2050 EUR 51.290
Norddeutsche Lande 0.850 07/07/2031 EUR 75.728
City of Hanover Ge 1.560 05/03/2048 EUR 75.552
Natixis SA 2.500 03/04/2036 USD 73.909
Denmark Government 0.250 11/15/2052 DKK 54.081
Hypo Vorarlberg Ba 0.741 10/16/2036 EUR 62.930
Region de Bruxelle 0.283 10/24/2033 EUR 71.408
DZ Bank AG Deutsch 4.050 6/23/2023 EUR 39.140
Landesbank Baden-W 5.198 1/30/2034 EUR 74.820
Appeninn Holding 3.500 11/22/2029 HUF 61.700
IT Holding Finance 9.875 11/15/2012 EUR 0.015
Kreditanstalt fuer 1.087 1/21/2050 EUR 68.199
Landesbank Hessen- 2.400 06/09/2036 EUR 63.250
NRW Bank 1.180 03/03/2051 EUR 67.540
Landesbank Baden-W 0.570 6/22/2032 EUR 70.553
LFA Foerderbank Ba 0.160 01/02/2040 EUR 61.908
Banque Internation 1.190 1/18/2041 EUR 61.170
United Kingdom Gil 1.250 7/31/2051 GBP 56.817
Deutsche Bank AG 0.600 10/08/2030 EUR 74.845
Bank Vontobel AG 15.000 6/30/2023 CHF 18.300
Luzerner Kantonalb 6.720 05/12/2023 USD 70.150
Landeskreditbank B 1.017 3/15/2061 EUR 56.934
NIBC Bank NV 0.660 7/14/2031 EUR 70.318
Danske Bank A/S 5.300 7/15/2023 SEK 39.340
Lehman Brothers Tr 3.600 3/19/2018 JPY 0.100
Russian Railways J 12.940 2/28/2040 RUB 99.300
DeltaCredit Bank J 1.000 5/18/2026 RUB 79.030
Rosbank PJSC 0.020 4/30/2024 RUB 60.050
Raiffeisen Switzer 16.000 01/03/2024 CHF 39.700
Richter Gedeon Nyr 1.750 06/04/2031 HUF 68.500
Landesbank Baden-W 0.700 09/05/2039 EUR 64.490
Landesbank Baden-W 0.150 09/11/2039 EUR 63.780
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
UBS AG/London 2.630 09/03/2044 AUD 58.761
Kreditanstalt fuer 0.885 11/14/2039 EUR 71.702
Raiffeisenlandesba 1.500 10/21/2039 EUR 69.684
Region Wallonne Be 1.000 9/16/2059 EUR 45.623
Centre Hospitalier 0.800 6/28/2041 EUR 63.570
Nomura Bank Intern 1.138 12/19/2039 EUR 60.733
Agrokor dd 8.875 02/01/2020 USD 15.000
NatWest Markets PL 1.250 12/04/2034 EUR 71.990
SAir Group 2.125 11/04/2004 CHF 11.135
HSBC Bank PLC 2.102 1/30/2047 EUR 73.789
Bayerische Landesb 1.716 01/08/2037 EUR 74.784
Ukraine Government 7.750 09/01/2027 USD 17.558
Natixis SA 2.900 1/29/2040 AUD 60.956
DZ Bank AG Deutsch 1.000 2/18/2032 EUR 67.725
Hemso Fastighets A 2.127 4/18/2039 EUR 62.014
BPCE SA 3.000 11/18/2036 AUD 62.069
Elli Finance UK PL 8.750 6/15/2019 GBP 56.562
Phosphorus Holdco 10.000 04/01/2019 GBP 1.451
SNCF Reseau 1.475 3/30/2065 EUR 52.385
Communaute Francai 1.380 11/07/2046 EUR 63.502
Santander Consumer 8.090 NOK 56.321
Agence Metropolita 0.800 07/01/2040 EUR 65.280
BNG Bank NV 0.772 08/05/2050 EUR 54.526
Caisse des Depots 1.438 5/24/2051 EUR 63.155
Landesbank Hessen- 2.435 02/06/2048 EUR 75.319
Deutsche Wohnen SE 2.500 7/21/2034 EUR 73.758
Deutsche Wohnen SE 2.125 9/26/2033 EUR 69.453
Wirtschafts- und I 0.200 12/14/2045 EUR 50.586
Bayerische Landesb 1.600 7/21/2036 EUR 74.379
Region de Bruxelle 0.930 05/03/2051 EUR 51.785
Barclays Bank PLC 2.000 05/07/2036 MXN 22.418
Kreditanstalt fuer 0.613 06/10/2040 EUR 63.833
Kreditanstalt fuer 0.730 1/21/2050 EUR 63.031
BNG Bank NV 0.630 07/11/2067 EUR 40.749
Republic of Austri 0.750 3/20/2051 EUR 59.233
Kreditanstalt fuer 1.208 6/17/2051 EUR 70.452
Credit Agricole Co 2.400 5/17/2048 EUR 58.482
Aareal Bank AG 1.250 1/30/2029 EUR 74.094
Autonomous Communi 1.655 10/31/2050 EUR 62.209
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 60.307
Kreditanstalt fuer 0.620 1/14/2050 EUR 55.351
Societe Generale S 2.650 1/26/2032 USD 75.559
Kuntarahoitus Oyj 1.078 05/06/2039 EUR 75.853
Societe Du Grand P 2.100 2/14/2069 EUR 64.650
Single Platform In 1.850 11/05/2040 EUR 77.090
Oberoesterreichisc 0.285 11/06/2042 EUR 57.667
Assistance Publiqu 1.073 4/16/2045 EUR 62.152
Aktia Bank Oyj 0.430 12/02/2030 EUR 74.808
Ministeries Van de 0.875 06/03/2045 EUR 56.269
FLUVIUS System Ope 0.810 04/08/2033 EUR 71.210
Swissquote Bank SA 28.000 10/31/2023 CHF 37.410
Ukraine Government 4.000 1/25/2024 USD 59.757
Ukraine Government 19.750 5/21/2025 UAH 71.830
UBS AG/London 7.000 4/13/2023 CHF 68.050
Republic of Irelan 1.020 09/10/2086 EUR 47.246
Hunland Feed Kft 2.880 7/21/2031 HUF 66.740
Credit Suisse AG/L 8.750 5/25/2023 CHF 71.520
DekaBank Deutsche 7.050 4/28/2023 EUR 44.540
Erste Group Bank A 1.065 5/17/2041 EUR 64.611
Single Platform In 1.000 7/15/2036 EUR 70.276
Dolphin Drilling A 4.490 8/28/2019 NOK 0.644
Vasakronan AB 2.050 5/28/2044 EUR 53.887
Banque Internation 0.480 11/13/2030 EUR 73.017
Landesbank Hessen- 0.750 12/17/2035 EUR 62.400
Landesbank Hessen- 1.300 06/04/2035 EUR 68.681
SpareBank 1 SR-Ban 1.650 2/24/2042 EUR 69.925
State of Brandenbu 0.300 11/17/2045 EUR 54.681
Landesbank Hessen- 1.300 3/25/2032 EUR 77.142
State of North Rhi 1.850 3/18/2089 EUR 65.915
Vasakronan AB 3.300 1/14/2042 AUD 62.528
Single Platform In 1.083 2/15/2041 EUR 67.359
Mitsubishi UFJ Inv 7.193 12/15/2050 EUR 44.561
Erste Group Bank A 0.880 02/12/2035 EUR 71.211
Landesbank Hessen- 0.450 11/18/2030 EUR 74.483
VTB Bank OJSC Via 6.250 6/30/2035 USD 22.845
Baromfi-Coop Terme 3.000 7/19/2031 HUF 65.800
Banque Cantonale V 5.400 12/06/2023 CHF 7.410
Landesbank Baden-W 13.590 8/25/2023 EUR 60.450
Nederlandse Waters 1.675 4/26/2046 EUR 76.386
Kreditanstalt fuer 0.600 2/16/2051 EUR 58.443
Banque Internation 0.510 02/10/2031 EUR 72.386
Landesbank Hessen- 0.750 3/18/2036 EUR 61.823
ACCIONA Financiaci 1.900 6/28/2034 EUR 72.088
Premium Green PLC 1.050 9/15/2035 EUR 71.429
Kreditanstalt fuer 0.990 02/12/2051 EUR 65.093
VTB Bank PJSC 3.750 EUR 48.000
Landesbank Baden-W 0.290 08/06/2031 EUR 70.978
Novolipetsk Steel 1.450 06/02/2026 EUR 68.000
Kreditanstalt fuer 1.270 6/29/2051 EUR 69.678
Region de Bruxelle 0.900 6/28/2046 EUR 54.379
Housing & Care 21 3.288 11/08/2049 GBP 72.624
Nordea Bank Abp 0.620 10/14/2026 SEK 57.730
Landesbank Hessen- 0.250 6/24/2030 EUR 74.571
VTB Bank PJSC 9.369 USD 33.000
Banque Internation 1.300 1/15/2041 EUR 62.324
Autonomous Communi 1.744 07/01/2061 EUR 55.153
Societe Generale S 0.570 3/15/2036 EUR 72.453
OPUS TIGAZ Gazhalo 2.800 3/24/2031 HUF 64.000
Societe Generale S 10.000 1/31/2024 USD 59.350
Societe Generale S 2.680 10/20/2031 AUD 74.647
DZ Bank AG Deutsch 0.440 1/21/2036 EUR 62.459
Hell Energy Magyar 3.000 7/28/2031 HUF 67.400
Swissquote Bank SA 18.400 9/26/2023 CHF 69.670
Basler Kantonalban 11.000 10/31/2023 CHF 54.320
Baromfi-Coop Terme 2.700 11/20/2026 HUF 69.900
Szinorg Universal 3.000 5/15/2030 HUF 62.313
HPI AG 3.500 EUR 0.500
DEPFA PLC 3.620 1/26/2034 EUR 0.010
Alteo Nyrt 3.150 10/28/2029 HUF 61.300
Gold-Zack AG 7.000 12/14/2005 EUR 4.286
Landesbank Hessen- 1.500 8/23/2034 EUR 70.700
Spain Government B 1.000 7/30/2042 EUR 63.775
Caisse des Depots 0.750 11/06/2048 EUR 53.188
Societe Generale S 2.900 10/24/2039 AUD 57.570
Erste Group Bank A 0.770 11/13/2033 EUR 72.290
Landesbank Hessen- 0.450 12/18/2029 EUR 77.578
Batigere Grand Est 1.540 11/04/2041 EUR 62.104
Kreditanstalt fuer 0.788 11/04/2039 EUR 70.846
Carmila SA 1.890 11/06/2031 EUR 73.506
Batigere Grand Est 1.600 11/14/2039 EUR 66.197
Region Provence-Al 0.753 01/05/2037 EUR 71.126
UBS AG/London 2.700 9/16/2044 AUD 59.605
CaixaBank SA 0.150 11/22/2027 EUR 73.882
DZ HYP AG 1.430 10/26/2046 EUR 68.067
Landesbank Hessen- 0.450 1/16/2030 EUR 77.277
Landesbank Hessen- 0.800 1/16/2035 EUR 65.057
Agence France Loca 0.586 6/20/2034 EUR 74.625
Region Auvergne-Rh 0.697 08/02/2036 EUR 70.288
State of Hesse 0.450 9/23/2044 EUR 60.226
Norske Skog Holdin 8.000 2/24/2023 USD 0.006
Specialfastigheter 1.280 9/20/2049 SEK 56.740
Hamburg Commercial 3.000 7/17/2035 EUR 56.682
Vasakronan AB 2.256 04/12/2044 EUR 75.730
DekaBank Deutsche 1.300 4/23/2035 EUR 73.654
Nationwide Buildin 0.750 05/08/2035 EUR 75.107
Credit Agricole Co 1.300 02/02/2061 EUR 53.311
BPCE SFH SA 1.586 02/01/2047 EUR 72.634
French Republic Go 0.500 5/25/2072 EUR 40.456
Hemso Fastighets A 2.615 11/30/2043 EUR 63.534
DZ Bank AG Deutsch 0.550 3/23/2033 EUR 74.520
Assistance Publiqu 0.630 7/30/2042 EUR 59.497
Kreditanstalt fuer 0.955 04/06/2040 EUR 72.671
Natixis SA 2.930 7/29/2051 AUD 50.879
Single Platform In 1.051 04/01/2042 EUR 65.949
Assistance Publiqu 1.810 11/17/2043 EUR 74.488
BPCE SA 2.550 06/09/2035 AUD 61.072
Region Auvergne-Rh 0.650 5/18/2038 EUR 66.296
Landesbank Hessen- 1.350 5/15/2034 EUR 71.529
Assistance Publiqu 1.665 04/10/2049 EUR 67.187
Landesbank Baden-W 0.220 08/09/2029 EUR 76.429
Credit Suisse AG/L 1.200 12/20/2030 EUR 74.384
Credit Suisse AG/L 14.250 1/18/2024 CHF 35.220
Single Platform In 1.448 7/25/2053 EUR 66.036
MFB Magyar Fejlesz 2.900 10/22/2031 HUF 60.493
Zurcher Kantonalba 11.500 03/01/2024 CHF 43.580
Deutsche Bank AG 2.010 12/10/2052 EUR 54.042
Merrill Lynch BV 2.510 8/25/2036 USD 70.505
Landesbank Hessen- 1.000 04/03/2035 EUR 66.000
Landesbeteiligunge 1.450 6/15/2046 EUR 65.136
Sibur Securities D 3.450 9/23/2024 USD 65.617
Hypo Vorarlberg Ba 0.920 07/08/2036 EUR 64.985
BNP Paribas SA 1.050 3/29/2036 EUR 68.961
Nederlandse Waters 0.781 2/28/2050 EUR 57.841
Regie Autonome des 1.070 4/28/2050 EUR 56.638
Cooperatieve Rabob 1.850 3/29/2049 EUR 61.908
Ministeries Van de 0.400 11/20/2043 EUR 54.722
Ville de Paris 1.165 06/09/2053 EUR 54.100
National Grid Elec 2.500 7/24/2035 AUD 73.046
Muenchener Hypothe 1.543 11/16/2048 EUR 73.405
Places For People 2.320 05/03/2034 EUR 75.543
Nederlandse Waters 1.370 3/23/2065 EUR 58.479
Caisse des Depots 1.900 5/17/2047 EUR 72.414
Societe Generale S 3.040 1/19/2032 AUD 76.735
AB Booster Capital 2.000 03/08/2032 USD 71.120
CDC Habitat SEM 1.150 4/30/2037 EUR 67.195
Lehman Brothers Tr 0.500 12/20/2017 USD 0.100
Lehman Brothers Tr 4.600 10/11/2017 ILS 0.100
Tonon Luxembourg S 12.500 5/14/2024 USD 0.001
AlphaNotes ETP Dac 0.050 12/22/2029 USD 70.559
National Grid Elec 2.226 12/19/2039 GBP 64.866
Region de Bruxelle 0.731 8/25/2060 EUR 39.206
Societe Generale S 9.800 07/10/2025 USD 66.250
Credit Suisse AG/L 10.250 06/09/2023 USD 67.070
Erste Group Bank A 9.500 3/29/2024 EUR 63.000
Landesbank Hessen- 0.700 01/12/2037 EUR 65.900
Landesbank Hessen- 1.000 10/14/2036 EUR 65.300
Sberbank of Russia 0.016 3/15/2032 RUB 73.730
Caisse des Depots 1.075 9/15/2050 EUR 57.109
Heta Asset Resolut 3.106 12/31/2023 EUR 1.506
Credit Agricole Co 10.500 2/16/2027 TRY 59.836
Aktia Bank Oyj 0.690 02/04/2036 EUR 65.858
Credit Agricole Co 11.190 03/12/2027 TRY 61.303
Landeskreditbank B 2.500 5/21/2036 AUD 72.665
Credit Agricole Co 11.640 3/24/2027 TRY 62.318
Raiffeisen Switzer 10.000 4/16/2024 USD 60.930
VTB Bank PJSC 10.000 RUB 55.000
Hypo Tirol Bank AG 1.090 1/21/2041 EUR 65.791
Credit Suisse AG/L 4.000 12/04/2025 EUR 70.750
National Grid Elec 2.920 9/30/2044 AUD 68.315
State of Saxony-An 0.475 9/30/2050 EUR 53.966
Single Platform In 1.100 6/25/2044 EUR 64.429
Wellis Magyarorsza 3.000 2/26/2031 HUF 61.470
Wirtschafts- und I 0.245 2/25/2036 EUR 69.445
Hungary Government 4.000 4/28/2051 HUF 58.116
Region de Bruxelle 1.040 05/03/2061 EUR 44.861
Societe Generale S 20.000 2/29/2024 USD 8.080
Single Platform In 1.155 5/25/2052 EUR 59.663
Landesbank Baden-W 0.430 6/18/2030 EUR 74.924
Credit Agricole SA 3.000 1/19/2041 AUD 54.206
UBS AG/London 10.250 08/04/2023 CHF 74.350
Societe Generale S 2.700 3/25/2036 USD 63.934
Single Platform In 0.840 6/20/2043 EUR 61.635
United Kingdom Gil 1.500 7/31/2053 GBP 59.712
Wirtschafts- und I 0.500 12/01/2038 EUR 67.469
Kreditanstalt fuer 1.143 4/15/2050 EUR 68.157
Assistance Publiqu 0.800 3/23/2046 EUR 56.792
UBS AG/London 12.250 03/11/2024 CHF 56.300
Landesbank Hessen- 0.730 02/11/2032 EUR 73.659
Single Platform In 1.370 7/25/2053 EUR 64.432
Barclays Bank PLC 2.300 8/31/2036 USD 69.606
Single Platform In 1.910 8/15/2036 NOK 73.811
KESZ Holding Busin 2.800 6/17/2031 HUF 68.440
Russian Railways J 12.940 2/28/2040 RUB 99.300
Rosbank PJSC 0.040 4/30/2024 RUB 60.050
Deutsche Bank AG/L 13.750 6/20/2026 TRY 16.452
MOL Hungarian Oil 1.100 9/22/2030 HUF 54.500
Zurcher Kantonalba 20.000 1/23/2024 CHF 44.340
Raiffeisen Schweiz 18.000 12/05/2023 CHF 38.030
Nederlandse Waters 0.996 11/04/2049 EUR 62.414
Agence Francaise d 2.302 10/25/2044 USD 67.964
BNP Paribas SA 0.500 11/16/2032 MXN 37.592
ABN AMRO Bank NV 0.500 12/12/2039 EUR 65.583
Commerzbank AG 0.850 8/15/2029 EUR 75.352
DekaBank Deutsche 1.080 12/09/2039 EUR 68.895
Single Platform In 0.924 2/18/2049 EUR 56.168
Grupo Isolux Corsa 0.250 12/30/2018 EUR 0.157
Region de Bruxelle 1.750 1/17/2048 EUR 70.321
Agence Francaise d 2.360 1/30/2045 AUD 67.149
Communaute Francai 1.520 7/22/2069 EUR 57.957
Deutsche Bank AG 0.700 10/28/2031 EUR 67.554
Societe Generale S 4.740 3/24/2030 USD 74.119
Landesbank Hessen- 1.150 12/22/2036 EUR 64.717
SG Issuer SA 2.910 10/08/2034 AUD 69.816
Elli Investments L 12.250 6/15/2020 GBP 52.250
Republic of Austri 0.100 07/10/2040 EUR 61.356
Hemso Fastighets A 0.473 2/18/2030 EUR 71.275
Kreditanstalt fuer 1.271 5/20/2051 EUR 70.162
DNB Boligkreditt A 1.594 1/29/2043 EUR 76.860
Landesbank Hessen- 1.050 1/20/2037 EUR 63.835
BPCE SA 2.320 03/04/2036 USD 64.428
Bayerische Landesb 0.350 12/23/2030 EUR 75.145
Aareal Bank AG 1.800 7/21/2036 EUR 74.391
Societe Generale S 2.200 12/17/2040 USD 65.754
Municipality of Gr 1.404 07/01/2041 EUR 76.094
Rusal Capital DAC 5.300 05/03/2023 USD 41.885
Republic of Irelan 2.000 6/29/2063 EUR 71.571
Landesbank Hessen- 0.900 03/04/2032 EUR 74.362
Berlin Hyp AG 0.625 6/30/2031 EUR 69.961
Region Auvergne-Rh 0.645 04/09/2040 EUR 62.123
Hungary Government 1.625 4/28/2032 EUR 74.337
Autonomous Communi 1.089 10/31/2049 EUR 53.550
Single Platform In 1.650 06/03/2038 EUR 75.676
City of Amsterdam 1.359 2/26/2044 EUR 72.961
Specialfastigheter 2.375 6/25/2048 SEK 76.059
Wirtschafts- und I 0.170 12/09/2041 EUR 60.067
Landesbank Baden-W 0.410 12/28/2029 EUR 76.026
Brussels Municipal 0.336 12/15/2035 EUR 68.769
Raiffeisenlandesba 2.070 6/18/2049 EUR 72.107
Ukraine Government 9.990 5/22/2024 UAH 70.787
Ministeries Van de 0.600 11/19/2055 EUR 39.656
Swedbank Hypotek A 1.500 7/13/2048 EUR 71.246
Autonomous Communi 0.810 10/31/2040 EUR 61.155
Landwirtschaftlich 1.365 03/10/2042 EUR 76.227
Landesbank Hessen- 1.000 02/11/2037 EUR 63.346
Region Occitanie 1.339 3/21/2042 EUR 69.724
Austrian Anadi Ban 6.000 7/19/2032 EUR 72.344
Single Platform In 1.762 5/25/2066 EUR 64.358
SG Issuer SA 8.410 1/20/2027 SEK 48.870
Norddeutsche Lande 1.310 3/23/2039 EUR 62.480
Credit Suisse AG/L 12.750 03/04/2024 CHF 38.170
Landesbank Baden-W 10.000 1/26/2024 EUR 40.550
Kommunekredit 2.180 7/16/2040 AUD 65.213
NIBC Bank NV 0.410 1/27/2031 EUR 69.835
Credit Suisse AG/L 0.800 10/15/2031 EUR 70.159
UBS AG/London 21.000 09/07/2023 CHF 39.350
Societe Nationale 2.910 1/27/2051 AUD 65.936
Landesbank Hessen- 1.600 3/22/2034 EUR 74.639
Landesbank Hessen- 1.510 04/03/2036 EUR 69.708
AlphaNotes ETP Dac 1.000 9/15/2032 USD 68.695
BNP Paribas Issuan 6.000 1/23/2024 EUR 52.300
Erste Group Bank A 1.230 5/29/2033 EUR 76.195
Banque et Caisse d 1.270 05/07/2045 EUR 72.337
Caisse des Depots 1.930 03/06/2048 EUR 71.574
Communaute Francai 1.815 3/26/2049 EUR 69.104
Caisse des Depots 1.760 3/18/2049 EUR 69.220
Intesa Sanpaolo Ba 3.102 11/19/2035 AUD 67.287
Norddeutsche Lande 0.950 07/01/2036 EUR 63.613
Russian Foreign Bo 2.875 12/04/2025 EUR 39.464
Kreditanstalt fuer 0.400 08/12/2040 EUR 65.286
Caisse des Depots 0.571 2/18/2041 EUR 63.157
Deutsche Bank Luxe 1.560 10/06/2028 EUR 70.616
Lithuania Governme 2.100 5/26/2047 EUR 75.143
Region de Bruxelle 0.500 6/22/2040 EUR 59.957
Region de Bruxelle 0.256 2/26/2035 EUR 69.507
Lehman Brothers Tr 5.500 6/22/2010 USD 0.100
UniCredit Bank AG 0.310 10/15/2035 EUR 69.911
Kommunekredit 1.336 10/01/2032 AUD 74.913
Banque Internation 0.680 10/09/2030 EUR 74.262
Region of Pays de 0.448 12/20/2039 EUR 63.130
HSBC Bank PLC 0.500 12/22/2025 BRL 69.896
Single Platform In 0.853 3/20/2040 EUR 65.186
Credit Mutuel Arke 0.730 10/14/2036 EUR 63.751
Region Wallonne Be 0.050 10/26/2032 EUR 73.031
NRW Bank 0.800 10/22/2060 EUR 52.544
Landesbank Hessen- 0.750 3/25/2031 EUR 75.322
KPNQwest NV 10.000 3/15/2012 EUR 0.635
Region Wallonne Be 1.150 09/02/2120 EUR 36.692
UBS AG/London 10.000 3/23/2026 USD 34.410
Rosselkhozbank JSC 10.100 RUB 75.000
VTB Bank PJSC 11.250 RUB 53.000
EFG International 6.120 07/11/2024 EUR 47.950
Russian Federal Bo 0.250 7/20/2044 RUB 11.257
SunDell Estate Nyr 3.250 11/12/2030 HUF 68.000
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Pescanova SA 6.750 03/05/2015 EUR 0.319
Communaute Francai 0.782 02/08/2061 EUR 42.062
Banque Cantonale V 5.000 5/17/2023 CHF 40.290
Single Platform In 1.535 5/25/2052 EUR 67.996
DZ Bank AG Deutsch 0.500 05/04/2034 EUR 71.322
Bank Julius Baer & 10.000 08/07/2023 USD 72.850
Landesbank Hessen- 0.500 12/23/2036 EUR 64.250
Grand Delta Habita 1.750 10/28/2061 EUR 67.058
Landesbank Baden-W 0.660 11/09/2034 EUR 66.044
Region Occitanie 0.776 10/06/2041 EUR 62.802
Akademiska Hus AB 0.850 2/17/2033 SEK 74.150
Credit Agricole CI 0.500 2/23/2033 EUR 74.058
Eltex Kft 3.500 12/21/2028 HUF 69.400
Norddeutsche Lande 0.625 04/08/2031 EUR 74.289
Single Platform In 0.419 2/15/2040 EUR 60.132
GSP-Finance LLC/Ru 9.430 3/27/2028 RUB 70.000
NRW Bank 1.244 04/06/2051 EUR 68.082
Republic of Irelan 1.230 6/23/2121 EUR 46.477
La Banque Postale 0.640 1/27/2042 EUR 66.260
Credit Suisse AG/L 5.800 07/12/2023 USD 8.000
Region de Bruxelle 1.065 6/22/2047 EUR 57.534
Credit Suisse AG/L 13.750 4/13/2023 USD 68.070
Single Platform In 0.830 09/06/2041 EUR 63.494
Single Platform In 0.810 04/01/2042 EUR 62.560
Credit Agricole CI 1.160 10/25/2036 EUR 71.987
Credit Industriel 2.250 1/28/2036 USD 70.512
Single Platform In 1.340 04/04/2042 EUR 72.438
Barclays Bank PLC #N/A N/ 04/12/2039 EUR 71.850
SG Issuer SA 2.250 10/28/2029 EUR 70.030
Skandinaviska Ensk 5.050 1/15/2025 SEK #N/A N/A
OOO SPV Structural 0.010 09/01/2023 RUB 66.740
VTB Bank PJSC 8.400 5/21/2030 RUB 72.000
DZ Bank AG Deutsch 1.598 10/11/2050 EUR 64.550
Erste Group Bank A 0.940 5/22/2034 EUR 72.392
BPCE SA 0.500 10/21/2034 EUR 71.952
SAir Group 2.750 7/30/2004 CHF 11.135
Rio Forte Investme 3.900 07/10/2014 USD 3.328
Rio Forte Investme 4.750 11/10/2015 EUR 3.328
LSF9 Balta Issuer 3.000 12/31/2030 EUR 61.699
Caisse des Depots 1.630 12/28/2046 EUR 68.254
Credit Agricole Co 11.340 02/12/2026 TRY 68.049
Luminis SA 1.800 09/02/2059 EUR 45.020
NRW Bank 1.245 11/04/2051 EUR 66.535
Credit Agricole CI 0.850 11/19/2033 EUR 74.602
Landesbank Baden-W 0.350 12/07/2029 EUR 76.583
Kreditanstalt fuer 0.935 12/16/2039 EUR 72.229
BNP Paribas SA 3.180 7/23/2034 AUD 68.676
Akademiska Hus AB 2.080 4/17/2045 SEK 73.079
National Grid Elec 2.710 10/04/2034 AUD 76.514
Societe Generale S 3.330 7/26/2034 AUD 71.719
Caisse des Depots 0.916 1/20/2051 EUR 55.863
Berlin Hyp AG 0.349 12/10/2031 EUR 72.380
Assistance Publiqu 0.647 7/17/2040 EUR 63.361
Landesbank Hessen- 0.700 3/27/2035 EUR 63.672
DNB Boligkreditt A 1.634 2/13/2043 EUR 75.241
Centre Hospitalier 1.160 09/06/2039 EUR 58.742
Cooperatieve Rabob 1.485 09/03/2041 EUR 75.781
Finland Government 0.250 9/15/2040 EUR 63.470
Nederlandse Waters 1.125 07/08/2050 EUR 62.968
Kreditanstalt fuer 0.689 6/18/2040 EUR 68.963
Natixis SA 3.220 07/05/2034 AUD 74.699
Single Platform In 1.510 2/13/2043 EUR 71.303
Communaute Francai 2.100 6/30/2067 EUR 67.923
Republic of Irelan 2.000 6/29/2064 EUR 71.210
Barclays Bank PLC 0.940 08/02/2049 JPY 69.065
HSBC Continental E 0.900 03/02/2035 EUR 74.335
Vasakronan AB 2.162 05/04/2040 SEK 70.365
Landesbank Hessen- 0.360 12/02/2030 EUR 73.781
Muenchener Hypothe 0.867 2/25/2047 EUR 65.086
Vasakronan AB 0.914 5/27/2030 EUR 65.720
Nomura Bank Intern 0.400 12/03/2030 EUR 74.428
Agence France Loca 0.330 12/20/2040 EUR 60.734
Credit Agricole Co 3.200 3/19/2041 AUD 69.742
Region de Bruxelle 1.506 2/21/2039 EUR 74.846
Department of Giro 0.412 11/26/2037 EUR 65.902
Italy Buoni Polien 1.700 09/01/2051 EUR 59.450
Hungary Government 3.000 8/21/2030 HUF 71.085
Landesbank Baden-W 1.300 6/21/2049 EUR 56.037
Vasakronan AB 3.270 6/26/2034 AUD 74.380
Aktia Bank Oyj 0.965 12/11/2040 EUR 61.429
Ville de Paris 0.395 12/18/2045 EUR 51.659
Nederlandse Waters 0.781 10/18/2050 EUR 57.074
Region Occitanie 1.238 03/02/2039 EUR 73.039
MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000
IBP Markets Ltd 5.000 GBP 52.409
Kingdom of Belgium 2.750 06/10/2071 USD 72.435
UBS AG/London 7.750 06/09/2023 EUR 66.950
UBS AG/London 8.900 8/24/2023 USD 9.860
Deutsche Bank AG 0.700 02/06/2032 EUR 72.687
Single Platform In 0.930 07/02/2041 EUR 65.300
NRW Bank 1.085 10/26/2041 EUR 71.179
Natixis SA 3.000 10/18/2051 USD 64.453
Credit Suisse AG/L 11.500 7/26/2023 CHF 62.820
BNP Paribas SA 1.660 03/04/2031 USD 74.876
Kuntarahoitus Oyj 0.815 2/24/2061 EUR 57.279
Swissquote Bank SA 27.000 8/15/2023 CHF 69.420
Raiffeisen Schweiz 11.800 4/19/2023 CHF 53.970
Agrar Mezogazdasag 2.900 8/24/2031 HUF 66.480
Single Platform In 1.060 04/01/2042 EUR 66.900
UBS AG/London 7.310 5/13/2024 USD 9.720
UBS AG/London 6.000 07/07/2023 EUR 56.550
UBS AG/London 7.000 09/01/2023 CHF 30.950
Mercedes-Benz Manu 1.500 3/16/2027 HUF 70.000
OR PJSC 16.000 11/22/2025 RUB 28.200
Assistance Publiqu 1.183 4/16/2050 EUR 58.096
Basque Government 2.000 4/30/2059 EUR 64.154
ABN AMRO Bank NV 1.597 6/26/2043 EUR 74.685
Communaute Francai 1.820 3/27/2049 EUR 69.107
Kuntarahoitus Oyj 0.870 10/11/2050 EUR 66.357
CDC Habitat SEM 1.043 05/12/2036 EUR 67.374
Region Wallonne Be 1.250 4/30/2055 EUR 53.343
DZ HYP AG 0.050 1/31/2031 EUR 75.693
Region de Bruxelle 0.910 1/31/2053 EUR 48.846
Caisse des Depots 1.018 2/16/2051 EUR 55.938
AB Financial Produ 2.468 7/30/2040 EUR 61.161
Hypo Vorarlberg Ba 1.520 07/08/2050 EUR 58.255
State of Lower Aus 1.750 05/02/2047 EUR 73.042
Nomura Bank Intern 1.415 1/27/2042 EUR 64.989
DNB Boligkreditt A 1.488 12/14/2038 EUR 76.851
Societe Generale S 2.650 2/25/2030 USD 75.541
Grand Delta Habita 1.820 3/18/2050 EUR 59.976
Department of Loir 0.500 10/30/2042 EUR 57.287
Lehman Brothers Tr 16.000 11/09/2008 USD 0.100
Bulgaria Steel Fin 12.000 05/04/2013 EUR 0.216
NTRP Via Interpipe 10.250 08/02/2017 USD 5.356
Irish Bank Resolut 6.750 11/30/2013 BGN 33.374
Lithuania Governme 0.300 02/12/2032 EUR 70.428
Societe Wallonne d 0.948 10/23/2051 EUR 50.921
Lehman Brothers Tr 7.250 07/08/2014 EUR 0.100
Hellas Telecommuni 6.054 1/15/2015 USD 0.014
Lehman Brothers Tr 7.375 9/20/2008 EUR 0.100
Wirtschafts- und I 0.250 09/08/2037 EUR 66.029
Luminis SA 2.120 05/03/2029 EUR 72.026
Cie Generale de Na 0.350 12/29/2056 CHF 64.390
Metal Hungaria Hol 3.500 11/16/2031 HUF 68.000
UBS AG/London 5.250 12/15/2023 CHF 74.100
Senivita Social Es 8.500 6/30/2025 EUR 0.020
Anselma Issuer SA 2.174 12/31/2038 EUR 45.080
Societe Generale S 9.000 6/15/2023 USD 35.800
Nationwide Buildin 1.573 05/07/2041 EUR 76.489
Nationwide Buildin 1.420 4/23/2041 EUR 76.839
Hungary Government 3.000 4/25/2041 HUF 54.685
Communaute Francai 2.000 4/14/2076 EUR 69.193
Norddeutsche Lande 1.450 05/10/2039 EUR 63.954
Autonomous Communi 1.250 10/31/2040 EUR 66.251
Agence Francaise d 2.330 02/10/2041 AUD 70.000
Kommunekredit 1.375 5/18/2046 SEK 70.899
Department of Bouc 0.558 3/15/2035 EUR 73.866
Republic of Austri 0.700 4/20/2071 EUR 47.157
Credit Agricole Co 0.700 4/15/2033 EUR 73.294
Vasakronan AB 1.000 6/15/2041 EUR 38.651
Banque Cantonale V 12.360 6/27/2023 CHF 63.940
Nomura Bank Intern 1.450 12/10/2041 EUR 65.363
AutoWallis Nyrt 3.000 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 72.898
NRW Bank 0.200 03/01/2034 EUR 74.433
Nordea Bank Abp 4.600 1/20/2029 SEK 71.625
Wirtschafts- und I 0.250 08/11/2039 EUR 62.770
Nordea Bank Abp 4.000 1/20/2029 SEK 74.375
Muenchener Hypothe 1.692 11/06/2051 EUR 67.740
National Treasury 1.190 10/07/2101 EUR 47.611
Castellum AB 3.125 EUR 64.944
Credit Suisse AG/L 13.700 9/25/2023 USD 23.040
Kommunekredit 0.342 09/01/2042 EUR 60.181
Credit Agricole Co 14.280 11/05/2026 TRY 70.686
Single Platform In 1.440 7/18/2042 EUR 70.328
DZ Bank AG Deutsch 0.710 4/30/2035 EUR 70.991
Kuntarahoitus Oyj 0.040 02/09/2034 EUR 72.887
Region Provence-Al 0.623 10/15/2035 EUR 72.547
Landwirtschaftlich 0.400 7/29/2036 EUR 71.690
Kreditanstalt fuer 1.208 03/10/2051 EUR 70.224
Landesbank Baden-W 0.760 3/31/2036 EUR 63.340
BNP Paribas SA 1.400 06/04/2041 EUR 67.246
Region of Chelyabi 6.000 12/17/2027 RUB 62.070
Basler Kantonalban 8.000 8/18/2023 CHF 46.830
UBS AG/London 16.000 12/29/2023 USD 68.500
Landesbank Baden-W 0.590 12/07/2035 EUR 63.528
Landesbank Hessen- 0.350 1/20/2031 EUR 74.795
Wirtschafts- und I 0.421 3/17/2039 EUR 65.166
Region de Bruxelle 1.286 12/17/2046 EUR 58.881
Citigroup Global M 0.660 8/25/2033 EUR 70.856
Aktia Bank Oyj 1.050 09/09/2041 EUR 62.099
DZ Bank AG Deutsch 0.210 02/04/2033 EUR 74.356
SG Issuer SA 1.600 9/21/2033 EUR 75.410
Swissquote Bank SA 13.230 2/27/2024 CHF 41.030
Landesbank Baden-W 0.500 12/23/2039 EUR 65.000
Landesbank Baden-W 0.500 1/17/2040 EUR 64.790
Aranynektar Termek 3.500 04/03/2030 HUF 58.102
Landesbank Baden-W 1.500 4/16/2039 EUR 70.980
MARSO Ltd 2.300 12/17/2029 HUF 68.380
Meta Wolf AG 6.750 03/10/2005 DEM 0.120
Landesbank Baden-W 1.000 6/26/2039 EUR 68.030
BNP Paribas Issuan 1.560 02/02/2039 EUR 52.820
UBS AG/London 7.320 8/23/2023 USD #N/A N/A
Credit Agricole Co 0.650 11/05/2034 EUR 69.924
Northland Resource 4.000 10/15/2020 USD 0.271
Agrokor dd 9.875 05/01/2019 EUR 15.000
Deutsche Pfandbrie 0.903 11/19/2029 EUR 73.000
Kreditanstalt fuer 0.660 11/12/2039 EUR 69.765
Bibby Offshore Ser 7.500 6/15/2021 GBP 11.625
Hypo Vorarlberg Ba 0.860 10/24/2034 EUR 67.885
DekaBank Deutsche 1.340 8/22/2036 EUR 72.366
Willhem AB 1.824 10/18/2038 SEK 67.980
Vasakronan AB 3.100 09/09/2039 AUD 62.599
Transports Publics 0.320 10/28/2037 CHF 72.529
NRW Bank 0.300 9/29/2033 EUR 76.327
HSBC Continental E 0.800 12/13/2034 EUR 74.442
Barclays Bank PLC 3.100 12/13/2044 AUD 54.769
Lehman Brothers Tr 4.200 12/03/2008 HKD 0.100
Single Platform In 1.548 10/31/2050 EUR 66.245
Laurel GmbH 7.125 11/16/2017 EUR 7.750
New World Resource 8.000 04/07/2020 EUR 0.088
Agrokor dd 9.125 02/01/2020 EUR 15.000
Nederlandse Waters 1.610 12/04/2052 EUR 71.805
Grupo Isolux Corsa 1.000 12/30/2021 USD 0.157
Grupo Isolux Corsa 6.000 12/30/2021 USD 0.253
Hypo Vorarlberg Ba 1.022 7/31/2034 EUR 69.811
Caisse des Depots 1.780 1/15/2048 EUR 70.076
Ukraine Government 7.750 09/01/2029 USD 18.074
DNB Boligkreditt A 1.640 9/28/2043 EUR 75.532
LR Realkredit AS 0.500 10/01/2050 DKK 67.267
Landesbank Hessen- 1.070 05/05/2031 EUR 76.658
Land Baden-Wuertte 1.150 04/05/2049 EUR 69.975
Netherlands Govern 0.500 1/15/2040 EUR 71.711
Communaute Francai 0.948 10/11/2059 EUR 47.525
Municipality of Ei 1.134 10/18/2066 EUR 67.798
Single Platform In 1.150 8/17/2033 EUR 76.386
Landesbank Hessen- 1.100 7/31/2034 EUR 68.872
BNP Paribas SA 3.700 10/04/2039 AUD 67.774
ABN AMRO Bank NV 1.425 4/17/2045 EUR 70.359
State of Hesse 0.100 10/01/2037 EUR 64.989
Norddeutsche Lande 1.910 11/10/2036 EUR 71.974
Caisse des Depots 0.945 5/19/2051 EUR 54.776
Societe Generale S 2.920 2/21/2035 USD 68.863
Hemso Fastighets A 2.680 07/10/2035 AUD 67.832
Caisse des Depots 2.766 08/09/2049 USD 72.658
Erste Group Bank A 1.110 6/17/2035 EUR 72.774
Landesbank Hessen- 1.000 08/07/2034 EUR 67.957
Transports publics 0.500 6/27/2041 CHF 74.032
Region Wallonne Be 1.300 6/16/2068 EUR 48.890
Cooperatieve Rabob 1.520 09/07/2043 EUR 73.997
Hypo Vorarlberg Ba 0.410 05/06/2031 EUR 72.850
Region Wallonne Be 1.165 6/29/2059 EUR 51.059
ABN AMRO Bank NV 1.565 09/07/2043 EUR 73.327
Saastopankkien Kes 1.500 06/12/2035 EUR 73.986
Arkea Home Loans S 1.534 3/31/2043 EUR 75.618
Assistance Publiqu 1.800 04/10/2048 EUR 70.353
Credit Agricole Co 2.610 7/27/2050 USD 56.627
Hamburgische Inves 0.372 2/22/2041 EUR 63.822
Berlin Hyp AG 0.500 03/04/2030 EUR 73.629
BPCE SA 2.614 03/04/2036 AUD 60.020
Banque Internation 1.250 2/18/2041 EUR 62.109
Grand Delta Habita 1.500 09/01/2049 EUR 55.237
Landesbank Baden-W 0.580 03/02/2033 EUR 68.717
Ville de Paris 0.758 8/20/2060 EUR 41.960
Swedbank Hypotek A 1.595 11/20/2043 EUR 75.167
Caisse Francaise d 1.718 03/04/2049 EUR 75.752
Region de Bruxelle 1.467 03/01/2039 EUR 71.284
Kreditanstalt fuer 0.480 11/19/2040 EUR 65.532
LFA Foerderbank Ba 0.250 9/30/2039 EUR 63.456
Kommunekredit 1.062 09/09/2041 EUR 71.790
BPCE SA 1.920 12/09/2030 AUD 71.307
DZ Bank AG Deutsch 0.700 4/29/2036 EUR 71.720
DekaBank Deutsche 2.140 5/18/2046 EUR 74.727
Bayerische Landesb 0.770 6/18/2032 EUR 73.022
BPCE SA 2.285 12/03/2035 AUD 57.469
DZ Bank AG Deutsch 0.740 11/02/2035 EUR 70.365
Berlin Hyp AG 0.118 3/18/2030 EUR 75.882
Region de Bruxelle 1.000 4/21/2051 EUR 54.542
Landesbank Hessen- 1.620 2/13/2034 EUR 74.456
Ville de Paris 1.165 06/09/2053 EUR 54.818
Erste Group Bank A 0.520 11/02/2033 EUR 70.572
Lloyds Bank PLC 1.765 8/17/2037 EUR 72.218
Free and Hanseatic 1.095 6/13/2046 EUR 69.373
Oberoesterreichisc 0.763 12/15/2050 EUR 58.081
BNG Bank NV 1.880 8/16/2048 EUR 75.500
Alfa Bank AO Via A 5.500 10/26/2031 USD 0.014
Landesbank Baden-W 0.350 1/20/2031 EUR 72.589
Ministeries Van de 1.053 06/03/2050 EUR 55.691
Landesbank Hessen- 0.650 9/16/2036 EUR 60.141
Saastopankkien Kes 1.652 5/14/2035 EUR 75.805
Communaute Francai 2.105 7/23/2068 EUR 68.119
Caisse Francaise d 1.720 11/06/2047 EUR 76.248
Citigroup Global M 3.330 5/18/2050 USD 72.761
Kreditanstalt fuer 1.175 4/14/2051 EUR 69.706
Region de Bruxelle 1.535 04/05/2049 EUR 65.529
State of North Rhi 1.293 2/25/2041 EUR 75.865
UBS AG/London 16.250 07/07/2023 USD 64.450
UBS AG/London 9.500 4/13/2023 EUR 63.600
Single Platform In 1.080 7/18/2036 EUR 71.927
Department of Bouc 0.668 04/01/2042 EUR 60.547
LFA Foerderbank Ba 0.250 3/19/2037 EUR 69.185
Raiffeisen Switzer 14.000 2/13/2024 CHF 37.280
UBS AG/London 8.440 5/26/2027 SEK 72.650
UBS AG/London 7.500 4/13/2023 CHF 73.650
UBS AG/London 13.750 4/17/2023 CHF 50.600
Bank fuer Kirche u 0.660 3/17/2036 EUR 67.889
Barclays Bank PLC 3.020 3/26/2051 USD 63.917
Zurcher Kantonalba 15.030 6/13/2024 USD 65.910
Deutsche Pfandbrie 0.500 7/23/2029 EUR 72.459
DZ Bank AG Deutsch 4.000 6/23/2023 EUR 69.750
Hypo Vorarlberg Ba 1.020 7/15/2041 EUR 58.900
Swissquote Bank SA 24.170 01/05/2024 CHF 44.930
Credit Suisse AG/L 8.500 05/10/2023 USD 73.600
Citigroup Global M 1.370 7/27/2051 EUR 58.568
Commerzbank AG 0.900 10/07/2030 EUR 72.201
Single Platform In 1.250 10/18/2035 EUR 74.469
Morgan Stanley & C 1.105 6/18/2041 EUR 63.051
BNP Paribas SA 1.130 5/26/2036 EUR 69.370
Single Platform In 1.250 8/15/2051 EUR 63.158
Bank Vontobel AG 12.000 06/10/2024 CHF 36.500
BPCE SFH SA 1.344 2/18/2041 EUR 74.184
Lehman Brothers Tr 8.280 3/26/2009 USD 0.100
UniCredit Bank AG 0.010 11/02/2033 EUR 71.117
Slovakia Governmen 2.000 10/17/2047 EUR 71.564
UniCredit Bank AG 0.030 2/28/2033 EUR 73.266
Bank of Ireland Mo 1.548 4/17/2043 EUR 75.944
Landesbank Baden-W 0.800 2/19/2031 EUR 75.619
BPCE SFH SA 1.512 4/20/2043 EUR 73.216
Getin Noble Bank S 11.170 6/28/2024 PLN 33.891
Deutsche Bank Luxe 2.386 4/27/2029 EUR 71.694
Societe Generale S 1.510 12/20/2044 EUR 65.084
Societe Generale S 1.290 12/19/2034 EUR 74.356
LBI ehf 6.100 8/25/2011 USD 10.250
Kreditanstalt fuer 0.250 10/06/2036 CAD 52.048
Zurcher Kantonalba 7.000 07/12/2023 CHF 64.690
Takarek Mortgage B 3.000 1/28/2036 HUF 55.500
Busy Bee Finance P 5.000 6/28/2029 EUR 65.000
IEC Optima Ltd Co 15.000 10/29/2024 RUB 3.800
Standard Chartered 0.500 09/11/2040 JPY 65.572
Romania Government 4.250 4/28/2036 RON 73.826
Landesbank Baden-W 8.800 7/28/2023 EUR 72.670
BNG Bank NV 0.562 06/07/2051 EUR 59.563
Croatia Government 1.750 03/04/2041 EUR 69.774
Single Platform In 1.250 05/10/2044 EUR 66.220
STAVMAT Epitoanyag 3.000 7/20/2031 HUF 66.200
Muenchener Hypothe 0.105 2/17/2031 EUR 74.473
SkyGreen Buildings 3.000 12/29/2030 HUF 59.700
Societe Generale S 1.900 1/21/2031 USD 73.393
Societe Generale S 12.500 09/12/2024 USD 54.870
Nederlandse Waters 0.130 09/06/2033 EUR 74.578
Kometa 99 Elelmisz 5.000 2/21/2032 HUF 73.100
Otthon Centrum Hol 3.000 4/19/2031 HUF 69.500
Single Platform In 1.270 5/15/2035 EUR 74.386
Nederlandse Waters 1.650 5/27/2061 EUR 67.207
Natixis SA 2.300 12/24/2035 AUD 63.722
Landesbank Baden-W 0.520 12/09/2031 EUR 71.824
Single Platform In 1.235 12/20/2050 EUR 62.579
Raiffeisenlandesba 0.835 10/20/2036 EUR 72.438
Zurcher Kantonalba 7.500 4/13/2023 CHF 70.240
Landesbank Hessen- 0.650 10/06/2031 EUR 74.956
State of North Rhi 0.200 1/27/2051 EUR 46.743
Bank Julius Baer & 5.000 4/25/2023 CHF 71.600
Zurcher Kantonalba 11.229 4/18/2023 CHF 23.020
Zurcher Kantonalba 18.000 4/14/2023 USD 64.890
Gazprom PJSC 14.680 10/21/2043 RUB 70.000
Gazprom PJSC 14.680 10/21/2043 RUB 70.000
Bank Vontobel AG 29.500 1/22/2024 CHF 50.500
Citigroup Global M 8.200 3/21/2024 SEK 55.590
Credit Agricole Co 1.500 05/10/2034 EUR 73.660
Progress Etteremha 3.000 9/18/2030 HUF 65.300
Landesbank Baden-W 5.198 2/13/2034 EUR 75.160
Credit Suisse Grou 6.250 USD 4.500
State of Rhineland 0.600 10/24/2046 EUR 58.087
Credit Agricole Co 15.700 10/07/2026 TRY 69.760
DZ HYP AG 1.033 12/06/2049 EUR 63.531
Republic of Austri 1.500 11/02/2086 EUR 62.226
Land Berlin 0.100 1/18/2041 EUR 59.157
BNG Bank NV 0.043 9/17/2033 EUR 73.251
Deutsche Pfandbrie 0.765 09/12/2036 EUR 50.847
Credit Suisse Grou 7.500 USD 6.000
NRW Bank 0.550 7/23/2035 EUR 73.309
Bayerische Landesb 0.400 7/15/2031 EUR 74.091
Republic of Austri 0.850 6/30/2120 EUR 44.008
Aareal Bank AG 0.570 08/07/2029 EUR 68.254
Italy Buoni Polien 1.450 03/01/2036 EUR 73.502
de Volksbank NV 0.831 7/19/2038 EUR 70.131
Landesbank Baden-W 0.400 05/06/2030 EUR 74.983
Romanian Governmen 2.124 7/16/2031 EUR 72.942
Region of Centre-V 0.725 12/12/2039 EUR 65.350
UniCredit Bank AG 0.610 05/02/2033 EUR 72.500
Romanian Governmen 2.124 7/16/2031 EUR 72.938
Credit Agricole Co 5.400 1/31/2028 BRL 69.614
Raiffeisenlandesba 1.174 07/11/2034 EUR 74.689
DZ Privatbank SA 0.360 4/29/2031 EUR 75.292
Nykredit Realkredi 1.000 10/01/2053 DKK 68.760
Norddeutsche Lande 1.200 8/20/2035 EUR 66.790
Agence France Loca 0.550 6/20/2040 EUR 64.381
Czech Republic Gov 1.500 4/24/2040 CZK 63.372
Bazalgette Finance 0.174 5/16/2049 GBP 69.257
DZ Bank AG Deutsch 0.500 03/12/2032 EUR 76.109
Landesbank Hessen- 0.560 03/12/2031 EUR 75.398
Region de Bruxelle 0.750 6/24/2042 EUR 59.405
Societe Generale S 1.290 2/27/2040 EUR 66.964
Nomura Bank Intern 0.400 11/05/2030 EUR 75.285
Societe Generale S 5.375 USD 72.210
Credit Agricole Co 2.750 12/12/2034 AUD 76.450
Landeskreditbank B 0.170 12/10/2035 EUR 70.317
Landesbank Baden-W 0.250 5/27/2037 EUR 65.861
Societe Generale S 2.050 12/02/2035 USD 59.314
Credit Bank of Mos 5.150 2/20/2024 EUR 28.552
Landesbank Baden-W 0.460 10/28/2030 EUR 73.928
Landeskreditbank B 0.700 03/11/2041 EUR 65.239
Swedbank Hypotek A 1.565 8/17/2043 EUR 76.047
Norddeutsche Lande 0.600 1/14/2031 EUR 74.849
Commerzbank AG 1.200 2/25/2036 EUR 64.706
Credit Suisse Grou 4.500 USD 3.138
Barclays Bank PLC 4.150 04/05/2039 AUD 71.550
Agence Francaise d 1.600 7/25/2043 EUR 75.732
Agence Francaise d 1.600 7/27/2043 EUR 75.730
Russian Foreign Bo 5.100 3/28/2035 USD 41.025
Landesbank Baden-W 0.430 12/09/2030 EUR 73.421
Region de Bruxelle 1.500 08/02/2038 EUR 72.492
Cie de Financement 1.101 5/17/2039 EUR 72.438
Leonteq Securities 12.000 05/11/2023 CHF 22.310
Leonteq Securities 10.000 7/21/2023 CHF 63.430
UBS AG/London 0.010 8/20/2024 EUR 69.350
Hellenic Republic 1.875 1/24/2052 EUR 60.717
Credit Suisse Grou 9.750 USD 0.250
NRW Bank 0.835 9/24/2041 EUR 68.279
SG Issuer SA 0.300 2/16/2032 EUR 48.620
Credit Suisse AG/L 7.750 1/24/2025 USD 73.250
HSBC Trinkaus & Bu 11.900 4/28/2023 EUR 36.580
Zurcher Kantonalba 7.500 07/10/2023 USD 66.490
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 62.500
Credit Suisse AG/L 14.750 8/18/2023 USD 67.790
MET Hungary Solar 3.800 12/02/2031 HUF 68.250
UniCredit Bank AG 3.000 08/03/2023 EUR 69.510
SG Issuer SA 4.000 6/22/2026 EUR 59.440
UBS AG/London 6.500 8/18/2023 CHF 70.000
UBS AG/London 8.750 08/04/2023 CHF 44.200
UBS AG/London 11.750 08/04/2023 USD 58.550
UBS AG/London 6.750 09/08/2023 CHF 66.850
UBS AG/London 7.750 8/18/2023 CHF 68.050
UBS AG/London 12.250 4/13/2023 CHF 9.750
UBS AG/London 7.250 10/13/2023 CHF 68.150
UBS AG/London 7.750 9/15/2023 CHF 69.900
UBS AG/London 7.250 9/22/2023 CHF 59.550
Leonteq Securities 12.000 05/02/2023 USD 21.390
UBS AG/London 14.750 4/14/2023 USD 50.700
UBS AG/London 7.750 8/18/2023 CHF 66.950
Bank Vontobel AG 7.500 4/24/2023 CHF 68.400
UBS AG/London 7.250 4/27/2023 CHF 70.700
UBS AG/London 8.000 10/27/2023 CHF 67.250
Landesbank Baden-W 3.250 10/27/2023 EUR 61.630
Landesbank Baden-W 6.200 10/27/2023 EUR 23.460
Landesbank Baden-W 9.000 10/27/2023 EUR 21.540
Landesbank Baden-W 3.150 10/27/2023 EUR 72.780
Landesbank Baden-W 7.350 10/27/2023 EUR 53.890
Sberbank of Russia 0.010 11/02/2026 RUB 70.500
Raiffeisen Schweiz 12.250 05/02/2023 CHF 21.180
Basler Kantonalban 10.000 05/10/2023 CHF 72.010
Basler Kantonalban 7.000 11/10/2023 CHF 73.490
Bank Vontobel AG 6.500 10/02/2023 CHF 66.200
UBS AG/London 7.250 05/03/2023 EUR 64.200
UBS AG/London 7.250 11/03/2023 CHF 52.200
Sberbank of Russia 0.010 10/23/2026 RUB 72.300
Leonteq Securities 9.000 05/08/2023 CHF 67.130
Bank Vontobel AG 8.500 11/03/2023 CHF 46.400
Leonteq Securities 9.000 05/09/2023 CHF 54.070
Leonteq Securities 6.000 11/08/2023 CHF 70.780
Landesbank Baden-W 4.200 6/27/2025 EUR 72.440
UBS AG/London 12.750 4/14/2023 CHF 31.400
UBS AG/London 9.000 4/14/2023 CHF 37.650
LP Portfolio Vagyo 2.800 11/30/2030 HUF 60.200
DekaBank Deutsche 2.400 5/17/2024 EUR 53.430
DZ Bank AG Deutsch 0.810 12/30/2030 EUR 74.080
SG Issuer SA 1.050 11/20/2025 EUR 20.040
DZ Bank AG Deutsch 1.140 12/30/2030 EUR 73.600
DZ Bank AG Deutsch 0.880 12/30/2030 EUR 72.280
Nordea Bank Abp 2.000 12/29/2025 SEK 61.000
UniCredit Bank AG 5.800 01/12/2024 EUR 42.320
MetMax Europe Zrt 3.000 12/11/2030 HUF 64.900
UniCredit Bank AG 4.000 1/26/2024 EUR 66.970
DekaBank Deutsche 2.000 01/12/2024 EUR 72.130
EFG International 4.900 12/15/2023 USD 51.910
EFG International 6.200 12/18/2023 USD 12.270
MASTERPLAST Nyrt 2.100 12/21/2027 HUF 73.000
Landesbank Hessen- 1.000 1/21/2036 EUR 63.900
Landesbank Baden-W 2.000 10/24/2025 EUR 74.530
EFG International 6.000 12/22/2023 USD 25.740
DZ Bank AG Deutsch 2.340 12/30/2030 EUR 71.980
DekaBank Deutsche 1.000 1/20/2025 EUR 37.700
DekaBank Deutsche 2.500 02/02/2024 EUR 48.400
TMK PJSC 7.350 2/28/2025 RUB 61.000
Landesbank Hessen- 1.800 06/09/2036 EUR 67.250
UBS AG/London 13.000 05/06/2024 USD 35.830
UBS AG/London 5.250 05/05/2023 CHF 66.550
Sberbank of Russia 0.010 05/10/2028 RUB 76.500
Corner Banca SA 8.000 05/10/2023 CHF 69.360
Landesbank Hessen- 1.850 6/16/2036 EUR 67.200
UniCredit Bank AG 4.350 6/14/2024 EUR 69.910
DekaBank Deutsche 4.000 06/09/2023 EUR 56.640
Landesbank Hessen- 1.000 9/13/2034 EUR 69.500
TransFin-M PAO 9.150 02/04/2027 RUB 61.000
Bayerische Landesb 1.000 3/22/2024 EUR 76.310
Landesbank Hessen- 1.000 3/20/2035 EUR 65.550
UniCredit Bank AG 3.450 04/02/2024 EUR 48.610
Ingrad AO 11.000 2/27/2030 RUB 63.000
Landesbank Baden-W 2.500 8/25/2023 EUR 55.140
SG Issuer SA 8.300 7/21/2025 SEK 62.200
DekaBank Deutsche 3.100 8/30/2024 EUR 69.890
DekaBank Deutsche 3.650 8/30/2024 EUR 25.750
UniCredit Bank AG 3.600 09/02/2024 EUR 32.790
BrokerCreditServic 3.500 4/30/2024 USD 53.000
BrokerCreditServic 8.000 1/30/2024 USD 62.170
Landesbank Baden-W 2.300 4/28/2023 EUR 40.560
Landesbank Baden-W 6.250 4/28/2023 EUR 61.780
Bank Vontobel AG 6.750 7/14/2023 CHF 63.700
Landesbank Baden-W 4.850 9/22/2023 EUR 68.000
BNP Paribas Issuan 3.400 1/23/2024 EUR 30.200
Bank Vontobel AG 7.000 6/15/2023 CHF 73.300
Raiffeisen Schweiz 6.400 08/09/2023 CHF 65.820
Leonteq Securities 8.000 08/02/2023 CHF 50.290
Societe Generale S 1.624 4/19/2035 EUR 75.480
Bank Vontobel AG 7.750 12/11/2023 CHF 55.100
Leonteq Securities 7.000 12/20/2023 CHF 69.590
Raiffeisen Schweiz 8.250 6/16/2023 CHF 71.430
Sberbank of Russia 0.010 12/21/2026 RUB 69.400
UBS AG/London 5.000 07/12/2023 CHF 73.400
UBS AG/London 6.000 07/12/2023 CHF 63.700
UBS AG/London 6.250 07/12/2023 CHF 69.300
Luzerner Kantonalb 7.000 12/16/2024 USD 71.190
Erste Group Bank A 5.250 1/31/2026 EUR 51.700
UBS AG/London 6.250 12/22/2023 CHF 64.250
UBS AG/London 5.250 12/22/2023 CHF 74.400
Leonteq Securities 6.000 12/27/2023 CHF 77.240
Sberbank of Russia 0.010 12/11/2026 RUB 70.800
UBS AG/London 6.250 01/12/2024 CHF 65.200
UBS AG/London 9.000 07/12/2023 EUR 56.350
SG Issuer SA 2.270 02/04/2032 EUR 60.760
DNB Boligkreditt A 1.080 5/16/2039 EUR 71.829
Landesbank Hessen- 0.730 12/06/2030 EUR 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 63.889
Norddeutsche Lande 0.350 12/11/2030 EUR 73.660
DZ Bank AG Deutsch 0.500 12/21/2035 EUR 67.405
Purple Protected A 1.480 11/30/2060 EUR 42.244
Caisse des Depots 1.620 3/19/2049 EUR 67.426
Landesbank Baden-W 0.880 5/29/2034 EUR 68.298
Landesbank Baden-W 0.900 5/28/2035 EUR 66.348
Landesbank Hessen- 1.020 5/14/2032 EUR 73.914
Landesbank Hessen- 1.200 02/09/2052 EUR 70.119
Norddeutsche Lande 1.150 7/23/2036 EUR 65.520
Hypo Vorarlberg Ba 0.375 11/04/2030 EUR 73.817
HYPO NOE Landesban 1.790 8/18/2037 EUR 72.532
Agence Francaise d 1.722 2/27/2047 EUR 76.039
Kuntarahoitus Oyj 1.005 11/04/2060 EUR 60.659
Agence Francaise d 1.833 2/26/2052 EUR 76.224
DNB Boligkreditt A 1.557 09/11/2042 EUR 74.995
Caisse des Depots 0.930 11/09/2050 EUR 54.525
BNG Bank NV 1.840 6/26/2048 EUR 74.896
Landesbank Hessen- 0.680 4/30/2030 EUR 77.693
BPCE SFH SA 1.390 03/11/2039 EUR 75.168
Landesbank Hessen- 1.485 03/07/2034 EUR 73.198
Region Wallonne Be 0.150 05/10/2035 EUR 67.933
Landesbank Hessen- 0.980 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 Generale S 3.700 10/23/2037 USD 68.456
DZ Bank AG Deutsch 0.660 04/01/2036 EUR 68.378
Landesbank Saar 0.710 12/06/2035 EUR 67.905
Landesbank Hessen- 0.400 03/04/2030 EUR 76.560
Muenchener Hypothe 1.003 03/09/2060 EUR 56.851
Landesbank Baden-W 0.640 2/26/2036 EUR 62.378
BNG Bank NV 1.603 3/19/2048 EUR 71.832
Berlin Hyp AG 0.750 03/04/2050 EUR 61.095
Landesbank Baden-W 0.340 03/04/2030 EUR 73.813
Landesbank Hessen- 0.400 02/04/2031 EUR 75.281
Communaute Francai 1.917 12/14/2045 EUR 72.652
Bayerische Landesb 0.450 02/12/2031 EUR 74.831
BPCE SA 2.255 03/12/2040 AUD 47.794
Cooperatieve Rabob 0.540 08/03/2040 EUR 62.590
Landesbank Hessen- 0.510 03/10/2032 EUR 70.720
BNG Bank NV 1.801 12/13/2048 EUR 73.953
Natixis SA 2.810 7/24/2050 AUD 49.804
BNG Bank NV 1.870 11/26/2048 EUR 75.437
Goldman Sachs Inte 2.200 3/29/2048 EUR 74.235
Nederlandse Waters 1.486 4/24/2052 EUR 69.608
BNG Bank NV 1.885 11/26/2048 EUR 75.427
Landesbank Hessen- 0.900 07/08/2036 EUR 67.706
DZ Bank AG Deutsch 0.600 2/19/2036 EUR 68.349
Caisse des Depots 1.820 11/26/2048 EUR 70.847
Muenchener Hypothe 0.190 7/23/2030 EUR 75.575
Landesbank Baden-W 0.770 6/23/2036 EUR 63.232
Berlin Hyp AG 0.895 7/20/2050 EUR 62.774
Grand Delta Habita 1.630 03/06/2045 EUR 59.861
Goldman Sachs Inte 2.050 3/19/2036 EUR 77.152
Caisse des Depots 1.790 3/13/2048 EUR 70.548
Landesbank Baden-W 0.300 05/07/2030 EUR 75.272
Caisse des Depots 1.015 7/22/2050 EUR 56.136
Caisse Francaise d 1.670 12/07/2048 EUR 75.135
Landesbank Hessen- 1.806 05/11/2037 EUR 75.319
Agence France Loca 0.570 9/20/2040 EUR 64.272
Getin Noble Bank S 12.650 4/29/2024 PLN 29.921
Norddeutsche Lande 0.700 03/12/2036 EUR 61.588
Landesbank Hessen- 0.750 8/14/2034 EUR 65.759
Landesbank Hessen- 0.510 03/10/2032 EUR 70.720
Region de Bruxelle 0.690 6/22/2050 EUR 45.460
Caisse des Depots 1.815 11/27/2048 EUR 70.764
Department of Bouc 0.872 12/18/2037 EUR 70.999
Landesbank Hessen- 0.810 9/28/2034 EUR 65.960
Single Platform In 0.678 2/15/2041 EUR 61.884
Norddeutsche Lande 0.940 1/13/2032 EUR 75.291
Landesbank Baden-W 0.680 6/22/2034 EUR 66.665
Getin Noble Bank S 11.950 04/04/2024 PLN 43.561
Specialfastigheter 1.120 2/19/2044 SEK 60.408
Bayerische Landesb 0.630 3/19/2032 EUR 73.817
Communaute Francai 1.976 02/05/2048 EUR 72.480
Nederlandse Waters 0.810 07/08/2050 EUR 57.940
Muenchener Hypothe 1.002 2/21/2050 EUR 63.066
Kommunalkredit Aus 1.183 06/02/2031 EUR 74.232
DZ HYP AG 1.528 03/12/2040 EUR 76.572
Deutsche Bank AG/L 12.780 3/16/2028 TRY 51.940
BNG Bank NV 1.890 11/14/2048 EUR 75.531
Agence Francaise d 0.537 7/16/2040 EUR 64.713
Norddeutsche Lande 1.050 8/13/2032 EUR 73.546
Landesbank Hessen- 0.400 2/26/2030 EUR 76.618
Norddeutsche Lande 1.130 02/10/2039 EUR 60.610
Credit Agricole CI 0.730 06/02/2033 EUR 73.953
Credit Agricole Co 2.480 03/04/2036 USD 70.775
Banque Internation 0.600 08/06/2030 EUR 74.428
Landesbank Hessen- 0.560 6/16/2031 EUR 74.909
BNG Bank NV 1.880 4/24/2048 EUR 75.687
Frankfurter Volksb 0.050 08/04/2030 EUR 74.496
Kuntarahoitus Oyj 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 Hessen- 0.750 10/14/2036 EUR 61.033
Bayerische Landesb 0.970 2/14/2033 EUR 74.566
Region de Bruxelle 0.875 6/22/2057 EUR 41.980
DZ Bank AG Deutsch 0.900 03/02/2035 EUR 73.279
Kreditanstalt fuer 0.301 10/15/2034 EUR 75.012
Landesbank Baden-W 0.150 9/20/2030 EUR 72.675
Landesbank Hessen- 0.350 10/13/2031 EUR 72.908
DekaBank Deutsche 0.780 10/18/2035 EUR 71.136
Landesbank Hessen- 0.750 11/14/2034 EUR 65.065
Norddeutsche Lande 1.000 10/13/2036 EUR 63.600
HYPO NOE Landesban 2.520 08/05/2041 EUR 76.954
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
DZ Bank AG Deutsch 0.800 11/06/2034 EUR 72.732
NORD/LB Luxembourg 0.542 9/30/2037 EUR 67.496
Natixis SA 2.530 8/30/2036 AUD 64.123
Ville de Rennes 0.505 10/22/2034 EUR 73.889
HSBC Continental E 1.300 10/23/2039 EUR 71.829
Cooperatieve Rabob 1.650 8/24/2036 EUR 75.028
Banque Internation 0.520 10/25/2029 EUR 76.367
Lehman Brothers Tr 6.700 4/21/2011 USD 0.100
Lehman Brothers Tr 3.000 09/12/2036 JPY 0.100
Lehman Brothers Tr 5.250 04/01/2023 EUR 0.100
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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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contact Peter Chapman at 215-945-7000.
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